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firtanti,a1
Dv.
INCLUDING
Bank & Quotation Section
Railway Earnings Section
VOL. 109
t*iIu
lirontrie
Railway & Industrial Section
Bankers' Convention Section
Electric Railway Sectiol
State and City Section
SATURDAY, SEPTEMBER 20 1919
Thronicle
NO. 2830
Week ending September 13.
Clearings at
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
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
NOTICE.-On account of the fluctuations In the
rates of exchange,
remittances for European subscriptions and advertis
ements
must
be
made
In New York funds.
1919.
1918.
Inc. or
I Dec.
1917.
1916.
%
$
$
Chicago626,444,231 490,446,2821 +2/.2
481,805,6661 406,039,191
Cincinnati
65,342,342
60,720,649
+7.6
40,337,05
2
34,575,200
Cleveland
111,353,260
85,432,197 +30.3
82,423.00
8
5'3,897,1
75
Detroit
80,577,499
61,349,761 +31.3
55,297,132
51,569,930
Milwaukee
32,051,528
:40,560,731
+4.6
27,062,263' 23,365,041
Indianapolis._ _ - 19,755,000
16,055,000 -1-23.0
15,304,00
0
11,839,919
Columbus
14,390,200
11.502,600 +25.1
10,428,900
10,022,200
Toledo
14,403,703
Subscription includes following Supplem
11,715,168 +22.1
12,994,975
lu,626,480
entsPeoria
4,798,484
4,594,151
+4.4
BANK AND QUOTATION (monthly) 1 RAILWAY AND
4,810,352
3,500,000
Grand Rapids_ _ INDUSTRIAL(semi-annually)
6,423,747
5,2.8,772 +21.7
RAILWAY EARNINGS(monthly)
4,746,634
ELECTRIC RAILWAY
4,783,083
Dayton
4,931,595
4,883,708 +1.0
STATE AND CITY (semi-annually) BANKERs' CONVENT (semi-annually)
2,960,840
3,438,865
ION (yearly)
Evansville
5,047.005
4,680,672
+7.8
3,051,683
2,367,967
Springfield, II1_ _ _
2,686,509
Terms of Advertising-Per Inch Space
2,138,414 +25.0
1,922,074
1,621,274
Fort Wayne__ 2,075,071
1,291.621 +60.7
Transient matter per inch space (14 agate lines)
1,374,373
1,730,466
Youngstown _ _ - 5,436,734
$4
20
4,974,536
+9.3
4,471,084
Two Months
3,259,661
(8 times)
Canton
3,600,000
33 00
2,466,485 +46.0
3,637,290
ArTiohnIgriisths N:
2,799,013
(1 rn
Ordinary Business Cards
me
es?
2,648,942
44 00 Rockford
1,963,025 +34.9
1,809,144
1,132,389
10,387,000
75 00 Akron
5,412,000 +91.9
5,323,1.00
4,370,000
Twelve Months(52 nines)
Quincy
2,009,254
130 00
1,346,957 +49.2
1,205,212
954,758
CHICAGO OFFICE-39 South La Salle Street,Telepho
Bloomington ___ 1,593,970
1,426,372 +11.7
ne Majestic 73961,273,016
1,011,523
Lexington
LONDON OFFICE-Edwards & Smith,1 Drapers'
1,671,573
1,124,353 +48.7
Gardens, E. C.
881,678
642,756
South Bend
1,200,000
1,12,,490
+6.4
WILLIAM B. DANA COMPANY,
1,102,954
938,243
Mansfield
1,800,983
Publishoro,
1,286,49(3 +40.0
947,409
734,838
Front, Pints and Depeyster Ste., Now York.
Decatur
1,509,881
1,182,746 +27.7
838,443
739,413
Springfield, 0_ -1,812,705
1,177,032 +53.9
1,523,614
1,199,655
lima
Published every Saturday morning by
1,136,844
900,000 +26.3
WILLIA
735,000
700,000
Jacob Seibert Jr., President and Treasurer; Arnold M B. DANA COMPANY. Danville
575,000
525,000
+9.5
500,000
G.
Dana,
509.131
Vice-P
resident
and
Lansing
Secretary. Addresses of both, Office
1,100,000
880,147 +25.0
of the Company.
1,174,103
1,123,859
Jacksonville, Ill_ _
704,220
518,739 +35.9
457,501
345,690
Ann Arbor
400,000
303,000 +32.0
300,000
245,000
Adrian
CLEARING HOUSE RETURNS.
110,540
103,577
+6.7
101,118
75,716
Owensboro
The following table, made up by telegraph, kc., indicates
863,745
810,612
+6.5
646,999
that
the
total
401,338
bank
clearings of all the clearing houses of the United States for the
Tot. Mid. West 1,028,741,558 818,268,593 +25.7
week ending to-day
771,446,520 640,553,724
have been $9,545,042,858, against $7,963,939,514 last week
and $6,586,374,551
the corresponding week last year.
San Francisco..._ 146,911,591
88,781,175 +65 5
92,289,712
85,847,697
1.05 Angeles
48,572,000
25,613,000 +89.6
26,432,000
30,376,600
Seattle
47,450,788
Clearings-Iteturns by Telegraph.
41,387,015 +14.6
25,769,163
18,204,436
Per
Portland
43,035,18
6
Week ending Sept. 20.
29,892,71
9 +44.0
1919.
16,968,57,
1918.
15,169,571
Cent.
Spokane
14,451,822
9,221,984 +56.7
7,000,000
5,276,014
Tacoma
5,608,554
New York
6,026,195 -6.9
$4,562,435,439 $2,841,732,241
4,401,295
2,568,244
+60.5 Salt Lake City- 17,707,484
Chicago
13,532,167 +30.9
558,293,027
14,000,000
459,824,645
11,158,49
4
+21.4
Oakland
9,694,728
PhiladelPhia
5,972,149 +62.3
445,343,787
5,156,706
5,423,688
342,800,150
+29.9 Sacramento
6,488,093
Boston
3,406,690
366,678,579
+90.5
3,806,996
247,180,247
2,629,769
San
+48.3
Diego
2,584,153
Kansas City
2,114,927 +22.2
230,161,280
2,360,661
174,477,774
2,302,602
+31.9 Fresno
4,300,742
St. Louis
2,859,022 +50.4
168,522,985
1,958,532
145,663,712
1,613,327
+15.7 Stockton
2,463,523
San Francisco
1,528,966 +61.2
160,668,572
1,901,769
1,498,075
112,730,305
San
+42.5
Jose
1,963,008
Pittsburgh _
1,000,000 +96.3
164,066,128
997,659
1,082,010
103,680,606
+58.2
Pasadena
1,438,043
Detroit
793,470 +81.3
102,564,126
1,089,204
1,051,499
63,531,079
+61.4 Yakima
1,964,621
Baltimore
1,117,360 +75.8
89,845,065
946,994
580,933
60,936,941
+47.4 Reno
819,120
571,067 +56.0
New Orleans
60,992,684
565,000
50,678,673
558,074
+20.4 long Beach
1,902,629
907,292 +109.7
727,575
672,083
Eleven cities, 5 days
$6,909,571,672 51,603,236,373
Total Pacific
357,428,085 234,725,198 +52.3 206,371,843
+50.1
146,013,116
Other cities, 5 days
1,095,478,922
950,104,761
+15.3 Kansas City
273,845,805 219,276,764 +24.9 147,399,072
106,194,1
59
Total all cities, 5 days
$8,005,050,594 $5,553,341,134
Minneapolis
56,043,994
57,005,029 -1.7
44,387,886
+44.1 Omaha
30,845,698
All cities, 1 day
1,539,992,264
72,048,593
55,451,532 +29.9
1,033,033,417
35,277,014
27,539,011
+49.1 St Paul
19,714,111
16,165,642 +22.0
15,007,011
13,178,449
-r.t.t nil cities far week
$9,545,042,858 $6.586.374.551
25,917,534
27,443,223 -5.6
-1-44 0 Denver
18,409,573
14,673,022
St Joseph
18,287,790
16,479,609 +11.0
14,182,122
The full details for the week covered by the above will be given
9,872,668
next Saturday. Duluth
7,562,202
13,034,790 -41.9
7,336,422
We cannot furnish them to-day, clearings being made up by the clearing
7,887,023
11,730,354
houses Des Moines
9,629,038 +21.9
8,095,208
6,329,446
at noon on Saturday, and hence in the above the last day of the week has
Sioux
10,918,37
City
0
to he in
8,942,074 +22.1
7,138,960
all cases estimated, as we go to press Friday night.
4,553,575
Wichita
16,010,901
11,110,933 +44.1
Detailed figures for the week ending Sept. 13 show:
7,744,470
5,651,338
Lincoln
5,000,000
4,340,333 +15.2
3,965,017
3,236,971
Topeka
4,360,169
3,574,697 +22.0
2,827,460
1,895,143
Week ending September 13.
Cedar Rapids.._ _
2,977,368
1,919,591 +55.2
2,557,968
1,817,104
Clearings atFargo
3,812,472
4,336,584 -12.1
2,158,067
1,813,806
Inc. or
Colorado Springs
1,260,115
881,748 +42.8
1,084,989
1,055,608
1919.
1918.
Dec.
Pueblo
886,368
1917.
874,536
+1.4
754,695
1916.
660,228
Fremont
1,124,919
844,292 +33.2
587,501
537,566
$
$
Waterloo
1,600,000
%
$
1,569,414
+2.0
2,215,198
$
1,829,482
4,284,959,648 3,294,880,342 +30.0 3,245,291
New York
Helena
2,079,378
1,856,757
,242 3,234,537,322
+12.0
1,739,211
1,607,914
432,059,728 380,105,342 +13.6 291,385,3
Philadelphia. _ _
2,256,393
2,526,871 -10.7
84 246,427 311 Aberdeen
1,500,624
983,366
147,577,601 113,312,058 +30.2
Pittsburgh
Hastings
1,030,220
599,791 +71.9
69,327,599
601,112
62,561'
899 Billings
422,725
84,162,918
Baltimore
64,848,149 +29.8
1,498,831
42,544,671
1,162,228 +28.9
1,366,945
38,748
'
661
863,769
36,263,62
24,767,36
3
7 +46.5
Buffalo
18,565,869
639,965,8
Tot
0th,
West
87
15,841,37
459,025,4
0
76 +17.6 326,336,525 244,048,071
4,531,498
4,225,684
Albany
+7.2
4,648,113
4,888,390
15,106,611
13,850,317
Washington _
+9.1
10,282,241
171,114,109 143,389,103
8,544,117 St Louis
0,496,873
7,692,141 +26.1
138,725,994 107,155,654
Rochester
6,806,249
54,275,706
46,369,801 i-17.0
6,236,916 New Orleans_ _ - 4,460,214
33,838,264
3,934,732 +13.4
Scranton
25,119,144
2,487,726
16,000,000
22,667,774 ---29.4
3,289,097 Louisville
4,094,788
17,859,535
4,631,374 -11.6
Syracuse
16,586,193
4,304,780
22,578,49
Houston
7
22,077,98
3,087,954
6
1-2.3
15,200,000
2,666,727
2,810,095
Reading
+5.0
14,292,782
2,800,148
Galvesto
9,819,977
n
2,307,579
7,255,872 A-35.3
Wilmington
3,050,289 +18.0
5,600,000
3,600,000
6,214,234
3,120,537
9,227,734
2,628,618 Savannah
11,693,285 ---21.1
Wilkes-Barre. _ _ _
12,231,575
2,846,859
1,750,000 +60.3
9,871,303
1,823,530
67,750,28
Richmon
8
d
1,702,883
53,156,16
3
A-27.5
32,473,345
3,704,848 +50.1
5,560,969
Wheeling
18,557,22
2
3,948,827
16,648,57
Fort
Worth
5
2,805,131
11,862,877 i-40.3
12,106,752
Trenton
3,388,407
3,386,123
+0.1
9,470,583
2,603,419
64,526,528
3,241,144 Atlanta
52,952,835 A-21.9
33,196,520
1,500,000
1,433,294
York
+4.7
21,582,254
1,159,228
Memphis
18,373,28
6
982,743
11,328,34
1 A-62.2
8,855,528
2,343,048
2,197,923
+6.6
8,334,897
Erie
1,963,294
15,623,797
1,485,692 Nashville
16,103,366 --3.0
9,384,036
Greensburg
1,000,000
1,e47,327 -20.5
7,662,627
892.857
9,169,285
600,000 Norfolk
7,875,620 + 16.4
5,648,639
Binghamton
1,015,000
903,200 +15.8
3,970,817
887,300
Augusta
4,752,633
888,900
4,246,485 +11.9
3,987,597
1,399,290
1,864,162 -24.9
Chester
3,611,981
1,314,433
14,548,500
1,303,492 Birmingham
6,812,243 +113.6
3,053,110
800,000
Altoona
687,500 +15.9
2,675,308
625,000
3,267,925
583,025 Knoxville
2,550,469 +28.1
2,796,145
2,295,712
2,412,949 +15.9
Lancaster
2,207,126
2,172,256
Chattano
6,720,813
1,761,647
oga _ _
4,871,192 +38.0
149.997 +10.7
396,162
4,517,805
Montclair
2,407,925
479,499
3,000,000
420,423 Charleston
3,459,559 -13.3
2,211,421
1,832,712
Total Middle_ 5,052,198,770 1,977,900,835 +27.0 3,719,434,192 3,644,874
2,038,578
1,460,495 +39.6
1,340,861
,314 Mobile
1,125,473
Jacksonville
8,222,075
6,233,822 +31.9
4,119,628
2,500,000
344,865,262 279,000,840 +23.6 240,1112,095
Boston
Little
9,252,101
Rock
5,219,907
+77.3
4,044,511
186,433,957
3,305,341
10,943,500
10,532,400
+3.9
Providence
Oklahom
15,813,32
a
9,464,200
0
10,691,678 +47.9
7,702,495
10,23(3,600
4,969,124
6,914,88(1 +16.5
Hartford
8 054,998
5,000,000
6,873,317
1,800,000 +172.8
2,159,274
8,736,7/5 Macon
7,284,401
7140,029
5,243,159 +36.2
New lIaven
1,250,000
4,991,0,8
2,242,427 -44.2
3,100,000
4,461,688 Austin
2,800,000
2,708,441 -11.4
Portland
2400,000
321,249
2,500,000
521,467 -38.4
250,722
2.300,198 Vicksburg
283,139
4'707,085
Springfield
3,773,262 +24.4
538,265
3,477,814
983,018 -45.3
570,189
3,883,465 Jackson
461,385
Worcester
3822,192
3,613,d20
+5-3
Tulsa
9,963,447
2,529,618
7,981,565 +24.8
6,575,401
4,027,16u
3,478,021
2,098,241
Fall River_ ___ _
+3.0
3,675,690
2.160 525
1,476,787
2,487,603 +47.8
1,763,141
1,605,446 Muskogee
1,402,798
New Bedford
1,770,568
1775,467
+0.3
_
31,428,650
1,598,992
25,553,200 +23.0
14,865,681
1,617,299 Dallas
12,458,716
Lowell
1,326,965 -17.1
Shreveport
1100
,,
000
2,400.000
1,110,424
1,650.300 +45.5
1,304,792
1.126,329
Holyoke
+0.8
700,000
694,677
706,686
954,932
Total Southern 597,301,028 495,498,156 +20.6 389,432,528 301,621,
Bangor
160
635,128
624,343
1-1.7
792,338
637,911
7,963,939,514 6,303,742,057 +26.3 5,689,884,957 5,242Total all
,
.-.....
...
..,-, I On •It 071i Qin 540 9q11 MI enn
Tot. New Eng_
3,678,979
Outside
3.008,861
,866
N. Y
,
,715 +22.3 2,444,593,714 2,007,994,863
1106
THE CHRONICLE
[VoL. 109.
The expansion infprojected building construction
work observable in the returns for July that carried
THE FINANCIAL SITUATION.
outlay involved to a higher level than previously
the
The unions in the iron and steel trades affiliated reported in any monthly period in the history of the
with the American Federation of Labor have taken United States, is supplemented by evidences of even
matters into their own hands, and the strikes in the greater projected work in the building returns for
trades referred to are to take place as previously August. In other words, the contemplated operascheduled, on Monday next—that is if the calcu- tions for this latest month overtop the earlier one by
lations of the leaders of the unions as to the prob- nearly 24 million dollars, which is, consequently, by
ability of any considerable body of men responding that amount a new high monthly record. This outto the call are not sadly astray, and the strike does come is in conflict with expectations entertained early
not prove an abortion. The President had asked in August, as it was feared that labor unrest, high
the men to defer the strike until the holding of the prices, &c., would serve to interfere considerably with
conference between capital and labor which he has further new planning. In fact, as we intimated a
arranged for next month, but these leaders would month ago, the resort to the closing down of local
not be restrained in their self chosen task of assisting material dealers' yards indefinitely was seriously conthe unfortunate and oppressed workers in the steel sidered as a step to check "snow-balling," or suctrade. The most singular feature about this con- cessive wage advance demands in the building trades
templated strike is that, if current indications are of New York. Even as August ended fears on that
not altogether misleading, these steel workers do score had not entirely ended, but now it would seem
not appear to be at all keen for the assistance which that cause for uneasiness has largely, if not wholly,
the Federation leaders are so freely proffering and been dispelled.
also seem to be wholly unconscious that they are
This conclusion we reach from a study of recent
either unfortunate or oppressed. Perhaps this is developments as set forth in the Dow Service Report
because their wages during the last three years of Monday last. That report ,indicates that the
have been doubled and they feel flush as a conse- stabilization of wages, a truce on strikes and general
quence.
peace in the building trades of New York has now
It may well be that in the end it will be found that been made possible, through a conference at Albany
the arbitrary and defiant course of the Federation of of employers, workers and others called by the
Labor in precipitating the strike will prove a blessing Governor. As outlined by the Dow Service, a
in disguise. It is certainly well to have the issue so referendum has been formulated and referred to all
clear cut and well defined. The only point involved the building trades unions which provides in effect
is the right of an outside agency to step in and "or- (1) for minimum wages for mechanics of $8 and for
ganize" workers who apparently have no desire to helpers and laborers of $6 for an eight-hour day,
be organized—at least, not in the way proposed. It commencing Jan. 1 1920; (2) a further increase May
is also encouraging to know that the steel corpora- 1 if the cost of living has not been lowered; (3) all
tions are prepared to accept the challenge and fight agreements, except with upholsterers, must expire
the matter out to the end. If so fought, there can be June 30 1921, and any contemplated changes to be
no doubt as to the outcome. There can be only one submitted to the Board of Business Agents at least
result, namely the utter defeat of the strikers. And four months before expiration of existing agreehaving been defeated in a cause so completely devoid ments; (4) refusal to work with men not recognized
of merit, the result cannot but be beneficial to the by the Board not to be considered a violation of the
industrial world as a whole. The lesson will be a agreement; (5) provision against calling of strikes
wholesome one for both employer and employed. until matters in dispute are submitted to the Board.
It will teach the latter that a causeless strike cannot Incidentally, action on the closing of yards has been
succeed if the former has the courage to oppose it, deferred until the machinery of conciliation can be
and it will teach the employer that the only way to placed in operation. It now remains, therefore, to
deal with such a strike is uncompromisingly to resist see how the plan will work out.
it at every point.
Indicating how universal has been the expansion
Hitherto, because of the interference of Govern- in contemplated building, we note that for August
ment on behalf of labor and particularly union labor, only 11 of the 171 cities included in our compilation
mere strike threats have been sufficient to secure show any decline from a year ago, and in no case is
for the worker all his demands, even though they the falling off worthy. of special reference. On the
might be unwarranted and unjustifiable. This has other hand, however, gains of unusual size are in
made labor bold and reckless, to the undoing of trade. evidence at many cities of prominence. In this
It was time that a stand should be made in defense category we mention New York, Baltimore, Cleveof the rights of the employer, who has been the real land, Detroit, Kansas City, Boston, Cincinnati,
oppressed party.
San Francisco, Minneapolis, Denver, Richmond,
Those directing the affairs of the steel concerns Buffalo, Duluth, Atlanta, Newark, Oklahoma City,
are rendering a public service and fighting a great Hartford, Albany, Akron, New Bedford, Worcester,
battle on behalf of the industrial activity of the New Haven, St. Louis, St. Paul, Grand Rapids,
country in the standithey have taken. Itjs to be Los Angeles, Philadelphia, Washington, Pittsburgh,
E5ed they will not flin-ckno matter what the pressure Seattle, Dallas and Fort Worth, while at some of the
from Washington.
smaller towns the percentages of gain are even
In our opinion, more:good in the way of industrial heavier. Altogether, the 171 cities from which we
peace is to come from this strike in the steel trades have returns for August 1919 furnish an aggregate of
than from the prospective conference between capital $164,052,287, against $45,281,807 in 1918. For
and labor towhick,the President attaches so_ much Greater New York the result is $45,734,175, against
importance.
only $5,097,295 a year ago, with all the boroughs
sharing in the increase, but Manhattan contributing
SEPT. 20 19191
THE CHRONICLE
most largely to it. Exclusive of this city, the total
for the country is $118,318,112, against $40,184,512,
with the exhibit the most favorable as regards percentages in the Southern group.
For the eight months, this year's projected operations in Greater New York, due to the decided
stimulation of construction work in August, are the
heaviest as regards intended outlay since 1916,
$100,907,023 comparing with $44,488,039 in 1918
and $78,345,674 in 1917. Outside of this city the
increase over a year ago is 29914 million dollars
($599,461,148 contrasting with $300,181,492), and
for the • country as a whole (171 cities) the total of
contemplated expenditures involved at $750,368,171
exceeds the previous record of 1916 by 523
4 millions
and compares with $344,669,531 in 1918 and 550
millions in 1917. Of the various groups into which
our returns are segregated the Middle West and
Southern make the best showing, although all
exhibit very satisfactory activity.
Returns from Canada have been rather slow in
coming in, but such as are at hand indicate further
revival in projected building in the Dominion. This
is particularly true of Eastern localities, Montreal,
Toronto, Hamilton and London showing especially
heavy gains over a year ago. As regards the
West,August witnessed a noticeable spurtin Winnipeg.
1107
Affairs, as a member of the Peace Conference, was
the subject of much discussion in Conference circles,
and there was said to have been an equal amount of
curiosity and speculation as to the identity of his
successor. A definite announcement on this point
was not made until several days later when it became known that Sir Eyre Crowe, Assistant Under
Secretary of State for Foreign Affairs, had been
selected to serve as the sole representative of Great
Britain at the Peace Conference, and it was stated
that he would have the rank of Ambassador. Lloyd
George went to Paris for a conference with Premier
Clemenceau and Frank L. Polk, head of the American
peace delegation. He did not stay very long, because of the pressing demands made upon him by the
political situation at home. Thursday morning
announcement was made in a Paris cablegram that
the Supreme Council had arrived at a definite decision
on the Bulgarian treaty and that it would be presented yesterday without ceremony, twenty days
being given to reach a decision.
The claim was made in a special Paris dispatch
early in the week "that largely as a result of a determined fight by the Italians, representatives of
Germany, Austria and Bulgaria will attend the
International Labor Conference in Washington in
October." According to the dispatch the Italians
Gold mining operations in the Transvaal fail to declared that unless the enemy nations were permitted
show any tendency toward the increase in output that to send delegates, their country would refrain from
was rather expected to follow the action of the British doing so also.
Treasury early in July in removing the prohibition
against the sale of the metal anywhere except in EngA member of the American delegation to the
land. On the contrary the cable indicates that the Peace Conference was quoted as saying that the
yield for August 1919 not only showed a moderate length of Col. E. M. House's stay in Paris was incontraction as compared With July, but was actually definite, but that the chief purpose of his coming
the smallest for the month mentioned since 1910. It was to attend a final meeting of the committee on
is evident, therefore, that either the ore being mined mandates, with which he had been working in London
is of lower grade or there is deficiency or less efficiency during July and August, and which will be held in
in the labor force. The latter is likely the truer ex- Paris in the near future, according to present explanation as there has been more or less difficulty pectations.
in the labor situation for some little while—more as
regards conditions than number. In fact, on Aug. 27
Apparently, although the Peace Conference auththere were advices from Johannesburg of an unsatis- orities decided not to interfere in the Fiume situation,
factory outlook in the gold industry, it having to do unless it got beyond the power of the Italian authoriwith discrimination in the matter of pay between ties to control, they were nevertheless keeping a
semi-skilled natives and semi-skilled Europeans. The close watch on developments, following Gabriele
latter, backed by the trades unions, receive a higher d'Annunzio's coup. At least that was the distinct
wage, according to the Director of Native Labor, and impression conveyed in a special Paris cablegram
he further intimated that the artificial line thm es- Thursday morning. The *opinion was expressed in
tablished must go, as otherwise grave trouble would another message from that centre that the latest
be inevitable, and a standing army be unable to keep developments in Fiume would delay the final adthe natives at work. Specifically the August 1919 pro- journment of the Peace Conferen.ce, and even the
duction of the mines was 706,669 fine ounces against taking by its members of a brief vacation after the
740,210 fine ounces last year and 756,628 fine ounces signing of the Hungarian and Bulgarian peace treain 1917 and 781,150 fine ounces in 1916. Further- ties. Toward the close of the week the information
more, the yield for the eight months of 1919 aggre- from the French capital still indicated that consistent
gates only 5,579,650 fine ounces against 5,732,743 efforts were being made to hurry the remaining work
in 1918, and makes a much poorer comparison with of the Conference as much as possible. London sent
earlier years back to and including 1912, only except- word that rumors were in circulation at that centre
ing 1914, the result for which was a little under the to the effect that Lloyd George and some other
current total.
British authorities were in favor of having the Peace
Conference transferred from Paris to London, but
Although the advices have been conflicting, as apparently nothing definite could be learned as to
they have been for many months, regarding nearly whether such a plan was actually under way.
every phase of the European situation, apparently
the leaders at the Peace Conference are making an
Thursday night copies of the Bulgarian treaty
effort to complete their work at a comparatively early were made public in Washington by the State Dedate. The resignation, a little more than a week ago, partment. The document was presented to the Bulof Arthur J. Balfour, British Secretary for Foreign garian peace delegates yesterday morning at 10:40
1108
THE CHRONICLE
[VOL. 109.
tches
Last week London received several dispa
g to a
ent
o'clock at the French Foreign Office. Accordin
frequ
r
rathe
sented through Bolshevist sources claiming
re
cablegram from that centre, each Power repre
captu
the
and
s
tive defeats of Admiral Kolchak's force
of
end
in the Peace Conference had one representa
the
at
Just
ers.
the of large numbers of his soldi
r
inde
present. Premier Clemenceau, President of
rema
"the
that
t
repor
ite
ly. He the week came a defin
n
Peace Conference, presided and spoke brief
regio
the
in
,
army
ern
south
of the of Admiral Kolchak's
was followed by General Theodoroff, head
eviki."
the of Aktinbinsk, has surrendered to the Bolsh
that
was
Bulgarian peace mission. His plea
taken durpeople, Altogether it was claimed that the soldiers
Bulgarian Government, and not the Bulgarian
the advices
that the ing the week numbered 45,000. This week
t from
was responsible for the war. He added
direc
the re- from London and Washington and those
these
people, nevertheless, were willing to share
of
any
e
, they Omsk have not seemed to corroborat
the
sponsibility, "but feel that in no way have
from
ms
egra
cabl
them to assertions. In fact, most of the
committed such a crime as will compel
that
show
to
ed
seem
given leading European centres have
st
accept servitude." The Bulgarians were
the Admiral Kolchak was making distinct progress again
on
ns
vatio
twenty-five days "to present obser
camnew
more
or
one
had
he
that
d the his enemies and
treaty terms." Frank L. Polk represente
sh paigns well under way.
Briti
new
the
e,
Crow
Eyre
United States and Sir
affair
plenipotentiary, Great Britain. The whole
War,
the
Winston Churchill, British Secretary for
was over in twenty minutes. In a general way
there
that
red
decla
he
h
Many issued a statement in whic
sh
treaty follows the plan of the Austrian pact.
of had been no change in the policy of the Briti
tion
excep
clause are actually identical, with the
and
a,
Russi
uate
evac
s
troop
its
, aerial Government to have
names, "such as the League of Nations, labor
this
it was suggested in one London cablegram that
s."
grave
and
war
of
ners
navigation, penalties, priso
on
k
attac
the might be done through the Baltic, after an
Briefly, the treaty provides for the reduction of
In
n.
regio
c
armes Petrograd, instead of through the Arcti
uBulgarian army to 20,000 men and her gend
resol
a
d
passe
sub- Glasgow the Trades Union Congress
to 10,000; the surrender of her warships and
nt
rnme
Gove
the
uld
"sho
Allies; tion calling for drastic action
marines which are to be broken up by the
l of
a refuse the demands of the congress for the repea
Slavi
Jugoof
the recognition of the independence
s
troop
sh
Briti
draw
with
to
State the conscription law, and
and the return of property taken from that
the
ing
strat
demon
ly
clear
eby
ther
Allies from Russia,"
during the war; the ceding of Thrace to the
in
ier strong feelings of organized labor in Great Brita
front
her
of
on
icati
modif
for future disposition; the
the
week
en- toward these two questions. During the
at four places in favor of Serbia and the comp
a
of British War Office made official announcement of
sating of that nation for coal stolen; the payment
tsyn
Tsari
s
at
force
ive victory over the Bolshevist
$450,000,000 in gold as reparation for damages, and decis
ral Denikine, involving the capture of 9,000
Gene
vsk
by
-Lito
the renunciation of the treaties of Brest
men, 11 guns and 100 machine guns.
and Bucharest.
er of
Grand Duke Michael Alexandrovitch, broth
Paris to
the former Russian Czar, was reported in
quarhead
s
hak'
a time have arrived safely at Admiral Kolc
The statements of Walter C. Bullitt, for
inite
an
indef
for
there
on, at ters and to have decided to stay
attached to the American Peace Commissi
Com- period.
hearings recently before the Foreign Relations
ed
stirr
inly
certa
on,
ingt
Wash
in
mittee of the Senate
has been
d
cause
The most sensational development in Italy
and
on,
Lond
and
Paris
in
up a hornet's nest
poetthe
io,
particularly the operations of Gabriele d'Annunz
no end of comment and denunciation,
from
tches
dispa
to
tary of aviator, in Fiume. According
hin the latter centre. Both Assistant Secre
detac
h
"wit
ago
ed in Paris Rome, he arrived there a week
State Polk and Colonel House, who arriv
mawith
ded
provi
i,
ardit
comment ments of grenadiers and
from London about a week ago, refused to
claimed
tary chine guns and armed automobiles." It was
Secre
did
as
upon the statements in any way,
s from
order
of
tion
viola
"in
n
take
in northern that the step was
been
of State Lansing, who is on a vacation
had
es
rbanc
distu
no
that
but
much the Government,"
New York. The British unquestionably were
last
d
French. reported. Premier Nitti, in a statement issue
more upset °vet the incident than were the
6th
the
of
r
sh Sunday, "announced that the Commande
It will be recalled that the policy of the Briti
disand
cept
the Army Corps had been ordered to inter
Government with respect to Russia has been
ed
refus
had
they
that
ge arm D'Annunzio's troops, but
cause of much severe criticism of the Lloyd Geor
in
tion
situa
The
s."
order
other to obey the Commander's
Ministry. British Government officials and
he
and
ous,"
"seri
as
Nitti
by
ibed
speak Fiume was descr
prominent men in London did not hesitate to
m- characterized the poet-aviator's coup as follows:"No
unco
y
highl
s
term
in
ments
of Mr. Bullitt's state
char- worse service could be rendered to the cause we are
plimentary to him. In official circles he was
e's defending and have defended."
acterized as an "unmitigated liar." Lloyd Georg
in a disof
On Monday the announcement was Made
pack
answer, characterizing his testimony as "a
"prohad
io
nunz
D'An
of patch from Geneva that
lies," was said to have summed up the views
tions
Condi
."
Italy
with
e
ed a union of Fium
British diplomats, but the "Westminster Gazette" claim
edly
decid
be
to
red
decla
were
ago, in the former country
addressed the Premier directly a few days
been
have
to
ted
repor
were
s
ul, disturbed. Shop
asserting that "Bullitt's testimony calls for a caref
ent."
The
."
closed "as a protest against the new arrangem
ments
state
fic
speci
with
reasoned refutation,
to
said
was
ge
to Up to that time, however, no dama
British papers continued throughout the week
s.
eeper
the
shopk
of
ly the have been done to the property
discuss this matter, some of them, notab
day
same
the
Rome
to According to a dispatch from
"Times," charging that Lloyd George's reply
d D'Anselfa
to
some of the inhabitants of Fiume had joine
Bullitt was "too general to be satisfactory
s in
circle
rence
Confe
e
nunzio's forces. In Peac
governed people."
zed
cteri
chara
been
have
to
Paris he was reported
SEPT. 20 1919.]
THE CHRONICLE
1109
as a "mutineer," but it was said that the Supreme March 31 1919.
The claim is made in the docuCouncil had decided not "to interfere in the situa- ment that of
the 92,000,000 marks expended, only
tion unless it developed that Italy was unable to 18,000,000 were
disbursed legally, and that "the other
handle it alone." The next morning Paris was 74,000,000
were squandered." Denouncing the acts
said to have received reports that D'Annunzio had of the Councils in
severe terms, the Finance Minister
26,000 troops in Fiume and that the British and asserted that "the
Empire suffered greatly and was
French forces, numbering only about 1,500, had left mulcted of sums
for which it is difficult to account,
the city, "lowering their flags at D'Annunzio's to say nothing
of recovering."
request."
Fears were reported to have been expressed in
A special correspondent of a New York newspaper
Paris that "the Nitti Government may fall because who lived in Germany
for some time before the war,
of the Premier's denunciation of D'Annunzio." and who traveled through
the country for several
Signor Tittoni, realizing the seriousness of the situa- months after the signing
of the armistice, recently
tion, decided to return to Italy at once. It became returned after a stay of some
two months in Holland
known about the same time, through dispatches and London. In a cablegr
am to his paper he indifrom Rome and other Italian centres, that the cated an unevenness of
conditions in the German capGovernment of that country had imposed a strict ital and in the parts
of Germany through which he
censorship on "all news concerning the military traveled on his return
trip, such as might have been
events at Fiume." It was stated that the special expected. On the
whole he was inclined to think
officer appointed to take charge of the censorship that a majorit
y of the changes that had taken place
was "armed with authority to sequestrate all edi- in the last two
months "denote a conspicuous imtions of newspapers contravening the Government provement in general
conditions." The most strikorder." Toward the close of the week it was claimed ing, in his judgme
nt, was "undoubtedly the notein cablegrams from the Italian capital that still worthy evidence of
greatly increased and increasing
more of the citizens of Fiume were siding with industrial product
ivity." He noted also "a much
D'Annunzio and "are determined to destroy the saner spirit through
out the country." Many kinds
town should resistance prove impossible." Geneva of food he said were
still scarce and extremely high
claimed to have reports from Fiume that "the in Berlin, but white
bread had made its appearance
British and American contingents in the city were in the form of small
rolls, costing 12c. each in the
jeered and hissed by the population as they marched shops and 24c. in the restaur
ants. The writer was
to their warships." According to cable advices surprised to find a notable
increase "in the amount
direct from Rome yesterday morning D'Annunzio and quantity of articles
on sale everywhere in Berwas still holding the city of Fiume and it was stated lin." Railroad transportation
, he declared, had
that General Badoglio, Deputy Chief of Staff of the deteriorated seriousl
y in the last few months, chiefly
Italian Army, had "issued a proclamation reminding because
of the great and general scarcity of coal.
the troops that the time limit for their return to the
Further reports were received during the week indiarmistice zone would expire to-day." (Thursday.)
cating a better realization on the part of the German
people of what is needed to build up their country.
Philipp Scheidemann, former German Premier, It was declared
that "workmen are again beginning
in a speech at Cassel a week ago, while asserting that to work, to
disapprove strikes and to understand that
"the present party situation was neither happy nor only increas
ed production can save Germany, and
lasting," confidently expressed the belief that "Ger- that this
cannot be achieved by an eight-hour day."
many was determined to remain a republic," but According
to the dispatch also many workmen were
that there was great and grave danger of a restoration "beginning
to see that higher wages alone will not
of a monarchy in Russia," where,he added,"Bolshe- improve living conditi
ons, owing to the increase in
vism has strikingly prepared the ground for reaction." the cost of living."
In some centres the workers were
Referring to the Peace Treaty he said: "I never reported
to be demanding a ten-hour day under
would have signed the treaty; now it is signed, how- police protect
ion, if necessary. In still another
ever, and we must endeavor to fulfill the conditions message from
Berlin the definite statement was made
undertaken."
that the railway workers of Wurtemberg had voted
In a Berlin dispatch on Monday it was stated that "to work ten hours
overtime a week in order to facilithis speech had "elicited most emphatic contradictions tate the transportation
of coal," wiile the workers in
from the elements which he denounced as conspiring the lignite fields
at Bernburg, Saxony, had agreed
against the Government." A high military officer "to work Sunday
s to insure a fuel supply for nearby
was reported as saying that "the Spartacides have communities."
their own drilling grounds in certain forests," and
predicted that "a SpartaCide revolt will break out
Announcement was made in a Berlin dispatch a
after the harvest is gathered." In some political week ago
that Gustav Noske, Minister of Defense,
circles the opinion was expressed that Scheidemann's the followi
ng day (Sunday) would launch a vigorous
denunciation of Gustav Noske "lends some point campai
gn against gambling places in Berlin. It was
to reports of coming changes in the Government, claimed that his
order would stipulate that violations
by which it will be strengthened on a broader basis." of it would
be punishable by fines or imprisonment
and "that there would be no loopholes to anybody."
Evidently Matthias Erzberger, Minister of Finance,
On Thursday morning the assertion was made in a
has little or no use for the Workingmen's and Soldiers' Berlin cablegr
am that Gustav Noske was "under
Councils, a Soviet organization that was active in heavy fire" and
that the present Government is
Germany for some time following the signing of the threatened with a
spa. It was claimed that the
armistice, and that was organized at a considerably Majority Socialist
Party "is splitting into Scheideearlier date. He presented a report covering its mann and Noske
groups." The same day Berlin nt
operationsifrom the beginning of the revolution to I word thatIthe Govern
ment authorities were consider-
1110
THE CHRONICLE
[VOL. 109.
the past year "has been the
ing starting 'an aerial postal service between that nificant development ofpublic
opinion, which, when
centre and Copenhagen.
A delayed cablegram from Berlin, received last
evening, stated that the Germans had sent a note
to the Allies, "stating formally that she would
accede to the demands for alterations in the German
Constitution."
creation of an active
fully organized, will be a strong support to a representative Government in this country" (China).
If it accurately portrayed actual conditions, it
was easy to see by reading a dispatch from Vienna
last Monday that the leading business men of that
city were greatly concerned for the future of their
country, "unless a strong Central Government can
weld it into a more harmonious whole." The continued drop in the value of the crown and the fear
of famine were spoken of as the two most strikingly
adverse factors in the situation. The Central
Government, it was stated, in its frantic efforts to
cope with the food and fuel situations, had issued
a decree expelling from the country all persons not
legally residents. The decree was to take effect
to-day. An absurd situation was set up by the
Minister of Finance, who placed an embargo preventing aliens from removing their money from the
banks, thus making it impossible for foreigners who
were ordered to leave the country to take their
savings with them. The industrial situation in
Austria was pictured as bad, it being claimed that
"strikes prevailed in all trades, even professions."
It was said that the physicians of the Public Health
Department threatened to go on strike, "claiming
that their pay amounts to 6,000 crowns a year,
while lamp lighters receive 11,000 and street car
conductors 14,000." The task of citing similar
complaints in this country would be an extremely
easy one. Dr. Karl Renner, Chancellor of the
Austrian Cabinet, was quoted in an interview on
Wednesday as expressing the opinion that a parliamentary crisis would be averted and that the
Coalition Cabinet would be maintained.
M. Viviani, in the course of a discussion of the
Peace Treaty in the Chamber of Deputies on Thurday, is said to have concluded "with an impassioned
appeal to the Deputies of all parties to ratify it at
the earliest moment possible." Premier Clemenceau
was reported to be in favor of an early ratification,
but because of the continued opposition to the undertaking, it was declared that "the outlook for a speedy
conclusion of the debate is more gloomy than ever."
At Thursday's session of the Chamber Jean Longuet,
leader of the Minority Socialists, savagely attacked
the treaty, describing the peace for which it provides
as "one of injustice and violence." His speech is
said to have created the biggest disturbance in the
Chamber that has occurred since the discussion of
the Peace Treaty began on August 26th.
It was easily apparent at the beginning of the
week that Great Britain was determined to clear up
the Irish situation, so far as the Sein Fein were concerned, and,in fact,to wipe them out of the Emerald
Isle. In a speech in Belfast Viscount French clearly
stated the attitude of the Government and asserted
that "it would not hesitate to resort to drastic steps
to maintain law and order in Ireland." This pronunciamento was followed by a proclamation "suppressing the Sein Fein Parliament and Sein Fein
organizations . throughout Ireland." Its headquarters in Cork, Belfast and Londonderry, as well as
in Dublin, were raided, the result including the arrest
of "two prominent Sein Fein members of the House
of Commons and the seizure of large quantities of
documents and some arms and explosives." In
Dublin the idea was said to have been held that "the
British Government now intends to treat the entire
Irish Republic movement as seditious and as being
The statement apparently was published in sev- aimed at the overthrow of the King's authority."
eral papers in Tokio about a week ago that the The announcement of the suppression of the "Cork
United States Government had sent a memorandum Examiner," one of the leading newspapers of Ireland,
to the Japanese Government, requiring, among was taken as further evidence of the determination
other things, a pledge as to "the exact date for the of the authorities to check the Sein Fein, or so-called
'return of Shantung to China and the withdrawal republican movement. The specific charge against
of the Japanese troops." On Wednesday the this paper was that it printed a full page prospectus
Japanese Foreign Office characterized the report of a proposed loan of the Republic.
that such an article had been published in the JapanPolitically the week in Great Britain started with
ese paper as "a Honolulu yarn." According to
Tokio dispatches the following morning the Privy the issuance of a message to the people by Premier
Council will take up the Peace Treaty within a few Lloyd George on "The Future," copies of which,
days, and when it is ratified Japan is expected to it was stated, would be distributed free of charge
undertake immediately negotiations with China throughout the country. In contrasting what he
with regard to Shantung." In a Washington dis- termed the old world with the new, he declared that
patch the same morning denial was made in official the former was "a world scarred by slums, disgraced
circles that any such memorandum as indicated by sweating; a world, where side by side with work
above had been sent to Japan, and it was asserted there was waste of the inexhaustible riches of the
there had been "no exchanges of record between earth, partly through ignorance and want of foreWashington and Tokio since the formal statement thought,and partly through inexcusable selfishness."
Continuing,he declared that"the old world must and
made to Foreign Minister Uchida on Aug. 2."
will come to an end ," and added that "it should be
Dr. Paul S. Reinsch, United States Minister to the sublime duty of all, without thought of partizan
world,
the
new
of
up
building
the
China, who recently resigned and was reported to ship, to help in
have its just reward and indolence
have left for home last Monday, was quoted in a where labor shall
want."
dispatch from Pekin as saying that "China is in a alone shall suffer
been expected, the publication
have
might
As
diffiof
spite
in
and,
strong position economically,
comment in political circles. Curiosity
culties, the underlying financial strength of the coun- caused much
rather more by the novel medium made
try is:promising." In his judgment the most sig- was aroused
SEPT. 20 1919.]
THE CHRONICLE
use of by the Premier than over the:statements which
the publication contained. The following caption
which appeared under the title attracted special
attention: "A Government statement of national
needs and of the national policy." Among the
contributors, in addition to Lloyd George, were Sir
Auckland Geddes, Minister for National Service and
Reconstruction; Sir Eric Geddes, Minister Without
Portfolio, and Viscount Milner, Secretary for the
Colonies. As the week advanced political opponents
of Lloyd George became more and more concerned
over the new publication and were asking who paid
the cost of getting it out and distributing it free of
charge, and also raised the query as to whether the
Premier had decided to become independent of the
newspapers and to have an organ of his own.
1111
mentary Committee of that body. ;It was claimed
that the best showing that the radical element could
make was the election of only five out of a total of
seventeen members. This result was spoken of, furthermore, as a distinct setback to direct action."
Alfred G. Gardiner,in an article on the forthcoming
work of Lord Grey as British representative at Washington, declared "It is hardly too much to say that
upon his success or failure hang the destinies of two
hemispheres." He said that "in Lord Grey we are
sending to America the best mind of the Nation," and
added that "in the general chaos of affairs there is still
one hope of world reconstruction. It is the British
people and the American people working together
loyally for a common policy of appeasement.
The International Brotherhood Congress opened
Trading in the Funding Loan and Victory Bonds
a four-days session in the City Temple in London began in London on
Monday. The volume of busion Monday. The chief purpose of the gathering was ness was not as
heavy as had been expected, accord"to attempt to- draw together the classes of the ing to London
advices, but it was declared that the
various nations and generally to support the League buying
was sufficient ot absorb all the offerings.
of Nations." Messages were read from Sir Robert That day
the Funding loan issue closed at 78@7831
Borden, Premier of Canada, General Jan Christian ex
-dividend, and the Victory issue at 85@854 with
Smuts, Cardinal Mercier, and John W. Davis, the dividend
on. The bonds were offered for subAmerican Ambassador. Mr. Davis sounded the key- scription
originally at 80 and 85 respectively.
note in his message when he said "the great need of
the world is to hold before mankind the truth of their
Thursday morning the British iron trade was
brotherhood, and make it a living vital force among said to be consider
ably disturbed over the order of
nations."
the executives of the workers to strike at the end of
Apparently the publication of the pamphlet called the week because
of the refusal of their demand for
"The Future" was only preparatory to a speech that an increase
in wages of 15 shillings a week.
Lloyd George made Wednesday evening before the
The stock market was more or less irregular
Brotherhood Congress. Having been enthusiastic- througho
ut the week.
ally received, he assured his hearers at the outset that
he would not inject politics into what he had to say,
The British Treasury statement for the week ending
declaring that "if I made a political pronouncement
September 13, showed that the outgo was again
I should feel that I was outraging the hospitality of slightly
above the income, with the result that the
the Brotherhood." Outlining his ideas for the future Exchequ
er balance was further reduced to £4,110,000,
of Great Britain, he said: "I am looking forward against
£4,134,000 a week ago, a decline of £24,000.
to seeing waste in all forms disappear and a new The
week's expenses totaled £22,315,000 (against
Britain springing up—a really free land, free from
£29,929,000 for the week ended September 6); while
poverty,from the tyranny of mankind over mankind.
the total outflow, which includes repayments of
Some people seem to think that I have accepted the
Treasury bills, advances, and other items, was
position of leading counsel for the old order. Rather
£72,635,000, comparing with £91,629,000 the prethan that, I would throw up my brief to-morrow."
vious week. Receipts from all sources were £72,611,Strongly urging a spirit of co-operation on the part
000. This compares with £91,563,000 a week ago.
of England the "Great Commoner," with deep feeling,
Of this total, revenues brought in £21,425,000,
said: "Only the spirit of comradeship and co-operaagainst £23,463,000 and savings certificates £1,000,tion can effect the desired changes, a spirit of deep
000, against £900,000. Advances yielded £15,500,000
sympathy with suffering and with the brotherhood of
against £12,000,000. From the new funding loan a
valor exhibited during the war. Having overcome
total of £106,000 was received, against £3,306,000,
gigantic obstacles don't let us quake or quarrel before while
Victory bonds contributed £210,000, against
smaller obstacles."
£1,009,000 the week previous. New issues of Treasury bills amounted to £34,338,000. Last week the
The election of Arthur Henderson, the labor leader,
total was £50,885,000. Repayments are still far
to the House of Commons from Widnes, Lancashire, below
the amount sold; consequently Treasury bills
was spoken of as "a severe blow to the Coalition Gov- outstand
ing were again augmented, and now aggreernment,"• and was said to have "renewed speculation
gate £876,702,000, in comparison with £856,961,000
as to the probability of another general election." last
week. Net temporary advances are still declinMr. Henderson, in the course of an interview in ing,
the total now being £348,577,000, a reduction for
London shortly after his election was announced, was the week of
£18,500,000.
quoted as saying that his victory was "an emphatic
condemnation of the Coalition Government's policy
Official discount rates at leading European centres
and of the cynical political compromises upon which continue
to be quoted at 5% in London,Paris, Berlin,
the Government rests." As an indication of the re- Vienna
and Copenhagen; 53/2% in Switzerland; 6%
vulsion against extremism in Great Britain, even on in Sweden,
Norway and Petrograd, and 4% in
the part of the labor element, special attention was Holland
and Spain. In London the private bank
directed to the result of the voting at the Trades rate has
not been changed from 3 7-16@33/
2% for
UnionCongress at Glasgow for members of the Parlia- sixty days and 3 9-16@3
%% for ninety days. Call
1112
THE CHRONICLE
[VOL. 109.
Further losses in gold-651,000 mks. in total coin
money in London remains as heretofore at 33"8%.
re shown
So far as can be learned, no reports have been received and bullion and 936,000 mks. in gold—we
t
statemen
its
in
Germany
of
Bank
by cable of open market discount rates at other by the Imperial
e
a
shrinkag
d
registere
notes
Treasury
7.
Sept.
as of
centres.
of 27,860,000 mks., while notes of other banks were
The Bank of England this week reports a nominal contracted 4,053,000 mks. Bills discounted showed
and deloss in its gold item, namely £22,073. Note circu- the huge reduction of 2,424,067,000 mks.,
decrease
a
was
There
mks.
4,000
of
2,479,74
posits
total.
hence
;
£226,000
lation, however, was reduced
s
reserves increased £204,000. There was a further in investments of 16,655,000 mks., in other securitie
of
84,280,on
circulati
expansion in the proportion of reserve to liabilities, of 62,162,000 mks. and in note
of 557,000
which have advanced to 23.03%, comparing with 000 mks. Among the increases was a gain
00
of
29,133,0
s
liabilitie
other
in
and
22.76% last week and 17.90% a year ago. A sub- mks. in advances
renow
are
holdings
gold
total
Bank's
The
stantial decline was shown in public deposits-0,- mks.
949,000, while Government securities were reduced ported at 1,102,314,000 mks. as contrasted with
of
£2,134,000, although other deposits gained £2,458,- 2,348,268,000 the amount held in the same week
g.
precedin
year
the
mks.
6,000
of
gain
2,403,47
and
1918,
a
d
s)
registere
securitie
000. Loans (other
£1,425,000. The Bank's stock of gold aggregates
Saturday's statement of New York associated
£88,243,187. Last year the total on hand was
greater
£70,995,727 and in 1917 £54,723,762. Reserves banks and trust companies, which is given in
made
issue,
this
of
section
nt
a
subseque
and
in
detail
total £25,791,000, against £30,047,452 in 1918
subreduced
were
loans
that
in
,
showing
now
is
better
ion
a
£32,508,022 the year before. Circulat
reserves
surplus
and
e
aggregat
both
while
y
last
275
stantiall
£59,398,
with
s
80,901,000, which compare
d the
year and £40,665,740 in 1917. The total of loans is increased. Net demand deposits registere
but
,000,
$169,783
£84,722,000. In the corresponding week of a year almost sensational increase of
al
incident
funds
of
return
ago they totaled £99,547,120 and £96,461,654 the this was explained by the
and
banks
the
s
to
payment
year preceding that. Clearings through the banks to the recent income tax
000
for the week were £553,960,000, as against £574,140,- was partially offset by a shrinkage of $72,231,
deent
Governm
S.
(U.
deposits
ent
We
in Governm
000 a week ago and £402,569,000 last year.
against
,000,
$181,609
being
now
deducted
ons:
posits
append a tabular statement of comparis
$253,840,000 the previous week). The loan item
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1915.
1916.
1917.
1918.
1919.
declined $10,192,000, while net time deposits inSept. 22.
Sept. 20.
Sept. 19.
Sept. 18.
Sept. 17.
creased $1,535,000. Other changes were a reduc80,901,000 59,398,275 40,665,740 35,972,870 31,622,635
Circulation
tion of $1,226,000 in cash in own vaults (members
20,128,000 38,133,386 40,764,744 52,992,848 108,738,385
Public deposits
89,645,537
104,185,085
128,236,171
129,955,039
91,821,000
Other deposits
of the Federal Reserve Bank) to $97,205,000 (not
Govt. securities__ _ _ 19,522,000 56,567,714 58,145,320 42,187,627 31,313,057
135,576,805
counted as reserve) an increase of $35,716,000 in the
Other securities_ _ _ _ 84,722,000 99,547,120 96,461,654 96,102,911
Reserve notes dt coin 25,791,000 30,047,452 32,508,022 37,056,500 49,727,541 reserves in the Reserve Bank of member banks to
Coln and bullion_ _ _ 88,243,187 70,995,727 54,723,762 54,579,370 62,900,176
$588,055,000, and a gain of $306,000 in reserves in
Proportion of reserve
25%
19.23%
23.57%
17.90%
23.03%
to liabilities
es) to
5% own vaults (State banks and trust compani
5%
5%
5%
5%
Bank rate
(State
ies
depositor
other
$10,737,000. Reserves in
$234,000
reduced
were
of
es)
gain
banks and trust compani
The Bank of France reports a further
447,001 francs in its gold item this week. The to $11,279,000. The gain in aggregate reserves
to
Bank's aggregate gold holdings now amount to totaled $35,788,000, thus bringing the total
year.
last
,000
$518,010
9,594
against
5,437,41
as
with
,000,
ng
$610,071
5,573,300,525 francs, compari
francs last year and with 5,317,555,742 francs the Reserve required was expanded $22,132,920; hence
year previous; of these amounts 1,978,278,416 francs the increase in surplus was cut to $13,655,080.
were held abroad in 1919 and 2,037,108,484 francs in This, however, carried the total of excess reserves
since
both 1918 and 1917. During the week Treasury de- on hand to $45,681,280, the largest total held
$24,954,
with
s
compare
and
posits were augmented to the extent of 48,046,075 the week of Aug. 16,
period
nding
correspo
the
in
hand
francs, while bills discounted were increased 38,934,- 220, the amount on
on
983 francs. Silver, on the other hand,fell off 839,994 of 1918. These figures for surplus are based
the
of
banks
for
member
13%
and
of
francs,
3
reserves
legal
francs, advances decreased 1,475,55
in
general deposits were reduced 30,383,623 francs. Federal Reserve system, but do not include cash
last
y
Note circulation took a favorable turn, a contraction vault held by these banks which on Saturda
of 16,642,050 francs being registered. The total out- amounted to $97,205,000. Circulation is now $35,standing now aggregates 35,661,027,965 francs, con- 928,000, an increase of $46,000.
trasting with 29,788,149,540 francs last year and
The story of the local money market for this week
with 20,956,056,325 francs in 1917. Just prior to
simple one and therefore does not
the outbreak of war in 1914, the amount outstanding is an exceedingly
an attempt at elaboration. Some
was only 6,683,184,785 francs. Comparisons of the require or justify
made financial preparation
bankers
various items in this week's return with the state- time ago Western
of unusually large
moving
and
ng
ment of last week and'corresponding dates in 1918 for the harvesti
d drought in
continue
long
a
ately
Unfortun
crops.
and 1917 are as follows:
ly heavy
abnormal
an
and
West
the
of
sections
T.
various
BANK OF FRANCE'S COMPARATIVE STATEMEN
Status as of
damStates
Southern
Changes
Eastern
and
East
the
in
rainfall
Sept. 18 1919. Sept. 19 1918. Sept. 20 1917.
for Week.
Francs.
Francs.
proFrancs.
total
the
Francs.
Gold Holdings-the crops sufficiently to cut down
447,001 3,595,022,109 3,400,311,109 3,280,447,257 aged
Inc.
In France
4 2,037,108,484
2,037,108,48
6
the
1,978,278,41
that
change.
probable
No
even
Abroad
duction materially. It seems
would
447,001 5,573,300,525 5,437,419,594 5.317,555,742
than
Inc.
ions
preparat
Total
319,767,351
260,135,145 interior banks made larger
293,907,006
839,994
Dec.
Silver
570,728,641
824,222,148
929,729,640
of
Bills discounted.. _ _ _ Inc. 38,934,983
1,112,290,218 have been necessary to handle the bumper yields
837,810,790
8
1,274,069,41
1,475,553
Dec.
Advances
25
20,956,056,3
40
29,788,149,5
inIthe
Note circulation._ Dec. 16,642,050 35,661,027,965
early
d
predicte
were
32,373,023 the leading grains that
356,155,605
87,722,591
Treasury deposits_ _Inc. 48,046,075
8 2,723,200,355
General deposits__ _Dec. 30,383,623 2,742,663,545 3,005,650,40
summer. As a consequence, for several weeks money
SEPT. 20 1919.]
THE CHRONICLE
has been coming to this centre to be loaned for the
account of interior institutions. This explains the
easier tendency of the local money market last week
and perhaps the week before. This week the still
more abundant supply is said by local bankers to
have been due to receipts from other sources. The
local demand, both for financing operations and
speculative transactions in the stock market, has
been only moderate, relatively speaking. The question of financing the requirements of Europe is being
agitated a little more actively than it has been for a
month or more, but still appears to be in a largely
indefinite shape, so far as a comprehensive plan is
concerned. It is probable that a general strike of nonunionized steel workers would have a temporary influence upon the money market. As a matter of fact,
authorities in the steel trade do not look for the threatened strike to be a general success.
1113
No changes in rates, so far as our knowledge goes,
have been made the past week by the Federal
Reserve banks. Prevailing rates for various classes
of paper at the different Reserve banks are shown
in the following:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
. .
•2
..i ..i
CLASSES
OF
DISCOUNTS AND LOANS.
4
Discounts—
Within 15 days,incl. member
banks' collateral notes_ _ _ 4
16 to 60 days' maturity _ 45(
61 to 90 days' maturlty.._l 414
Agricultural and live-stockpaper,91 to l8odaysincL_l 5
Secured by U. S. certlficate
of indebtedness—
Within 15 days, including
member banks' collateral
notes
4
Secured by Liberty bonds and
Victory Notes—
Within 15 days, including
member banks' collateral
notes
4
Secured by U.S. Government
war obligations16 to 90 days' maturity
434
Trade Acceptances15 days maturity
4
10 to 90 days' maturity
434
11
i
IiIiIII
-
4 4 43( 434 434 434 4 415 434 414 434
434 43( 434 434 434 434 454 45% 5 44 5
454 434 434 434 44 434 434 5 5 5 5
5
5
534 5
5
53,4 534 534 534 5% 514
4
4
4
4
4
4
4
4
4
43(4
4
4
4
4
434
43(4
4
43454
434
As to specific rates for money, call loans this week
434 414 434 434 430414 434 414 434 434 434
ranged between 4 and 6%,which compares with5@
4 4 434 435 434 434 4 414 414 434 434
414 434 434 434 414 414 434 414 431 414 431
7% last week. Monday 6% was the high, 5% the
I Rates for discounted bankers' acceptances maturing within 15 days, 4%; within
low, while renewals were at 532%. On Tuesday 16 to 60 days, 414%, and within 61 to 90 days, 434%.
Applies only to member banks' collateral notes; rate of 434% on customers'
the maximum receded to 5%, the low to 4% with paper.
I Rate of 414% on member banks' collateral notes.
the renewal basis. There was no range on Note 1. Acceptances purchased in open market, minimum rate 4%.
4
Note 2. Rates on paper secured by War Finance Corporation bonds, 1% higher
on commercial paper of corresponding maturities.
Wednesday, 4% being the only rate quoted all day. than
Note 3. Whenever application is made by member banks for renewal of 15-day
paper, the Federal Reserve banks may charge a rate not exceeding that for 90-day
Thursday's range was 4@6%, while renewals were paper
of the same class.
for commodity paper have been merged with those for commercial paper
negotiated at 5%. On Friday 5% was the only ofRates
corresponding maturities.
rate quoted and constituted the high, low and ruling
figure for the day. These figures are for both mixed
Sterling exchange experienced another setback this
collateral and all-industrials, the two classes of colweek, and though fluctuations were less radical than
lateral ruling similarly throughout the week. For
at the Continental centres, losses of nearly 5 cents
fixed maturities very little change was noted. Funds
were recorded, which brought the quotation for
were in larger supply, interior banks having again
bankers' sight bills down to within IA point of the
come into the market with large supplies of funds,
previous low level, or 4 123/
2. While the slump was
but business was light, since borrowers are now looksomewhat
of
a
disappointment
to those who had
ing for lower rates in the near future. Nominally,
the
expected
improvement
attending
the passage of
5%@6% is still quoted for mixed collateral loans and the Edge Bill in the Senate
last
week
would be
6% for industrial money, for all periods from sixty
maintained, it was pointed out that the sterling
days to six months. So far as could be learned,
market had ruled relatively steady, when compared
however, no trades were put through under 6% and
with the demoralized conditions existing at practically
whatever business is passing is mainly for the shorter
all the Continental exchanges, and as sterling particimaturities. In the corresponding week of 1918 time
money was quoted at 6% for sixty days to six months. pated in the general upward reaction on Wednesday
Commercial paper rates ruled firm and without following the new arrangement between J. P. Morgan St Co. and the Guaranty Trust Co. with the
/
1@53/
change from 51
2% for sixty and ninety days' Belgian Government, the net loss for the week was
endorsed bills receivable and six months' names of
less than 2c. in the pound.
choice character. Names not so well known still
Nothing further has as yet developed with regard
require 532%. A good demand was reported for
actual arrangements for financing America's
to
high grade names, but trading is still restricted by
foreign
trade, and although it is understood that
the inadequate supply of bills.
efforts are being put forth by members
strenuous
Banks' and bankers' acceptances have shown a fair
Committee friendly to the measure, to
House
of
the
degree of activity and transactions in the aggregate
the
Bill and other kindred legislation
have
Edge
reached quite substantial proportions. It is anbefore
end of the session, it is plain that
the
passed
nounced that the bills created by the acceptance
bills is being held up by the
these
action
all
of
on
financing of the California dried fruit crop will
Senator.
Treaty.
Peace
Edge is credited with the
likely ,be placed on the market on Monday, and will
statement
that
he
is
unalterably
opposed to the
in all probability reach a total of $15,000,000 to
placing
embargo
of
an
on
our
exports,
and is again
$20,000,000. Brokers report a perceptible broadenurging
strongly
the
necessity
extension
of
of
the
ing in acceptance operations within the last day or
foreign
credits
to
foreign
the
nations,
of
purchase
two, and attribute the improvement to Secretary
goods
their
and
the
increase
production,
of
as
the
announcement
Glass's
that no further offerings of
loan certificates will be made until Oct. 1 at the best means of restoring trade to the normal. He also
earliest. Quotations continue at the levels previously made a strong plea for the early ratification of the
Peace Treaty, as the one essential for the stabilizacurrent. Loans on demand for bankers' acceptances
of business conditions throughout the world.
tion
have not been changed from 43%. Detailed rates
Another instance of the pressing need of some method
follow:
Spot Delivery
Delivery of financing the purchase of materials by the weaker
Sixty
Ninety
Thirty
wiThin
Days.
Days.
Days.
30 Days. nations of Europe is seen in the situation occupied
4%0414 434044 4%04
Eligible bills of member banks
4% bid
Eligible bills of non-member banks__ _4 X04% 4%0434 4%04
Offi4% bid by leading manufacturers of railway supplies.
Ineligible bills
534@434 540434 534(4434
6 bid
cials of these companies are on record as stating that
1114
THE CHRONICLE
[VoL. 109.
the market is full of orders which could be quickly land's ordinary buying rate on account of the drop in
filled if there was any way of securing payment. exchange.
They point out that the companies cannot accept
Renewed demoralization prevailed in the Conforeign bonds and as no banking arrangements have
refusof
exchanges during the early part of the week,
necessity
tinental
the
yet been made, they are under
conresult of the appearance on the market of a
these
of
the
as
number
A
and
present.
ing orders for the
cerns are faced with a prospect of substantially cur- positive avalanche of bills of all descriptions, chiefly,
tailing their production because of the lack of foreign however, against shipments of foodstuffs, prices
tumbled precipitately until the incredibly low quotabusiness.
A dispatch from London under date of Sept. 16 tion of 9 24 was reached for French francs. This
states that the value of the rupee has again been compares with 8 553/b at the close of last week,5 183/i
raised, this time to 2s. The decision to again raise the pre-war level, and constitutes a depreciation of
the value of the rupee came as a surprise, though it over 40%. Italian exchange broke to 10.17 for sight
had been predicted for some time, when silver rose bills, also the lowest ever recorded,and a depreciation
to above 5s. per ounce. This makes the fourth ad- of approximately 50% from normal rates. New low
vance this year, and is held to be mainly for the records were likewise established in German marks,
purpose of preventing East Indians from melting which fell to 3.10, Austrian kronen to 1.40 and
Belgian francs to 9 02. Early in the week lower
rupees for sale as bullion.
exsterling
cabled quotations from abroad served to accelerate
So uncertain is the probable course of
downward movement, while the action of certain
pracare
financiers
the
and
bankers
change, that leading
tically unanimous in refusing to venture upon any speculative interests who were offering exchange in
predictions as to what the market is likely to do next. liberal amounts added to the general confusion. It
Indications are that for the present at least dealings was also reported that several large London banks
will continue to be featured by sudden sharp reces- turned sellers for a time. As a result, movements
sions, followed by almost equally sharp rallies, but were highly erratic and trading nervous and
this may be changed almost overnight in the event of excited. Transactions attained substantial proporsome decisive action in the way of adequately sup- tions.
porting our export trade.
On Wednesday Premier Delacroix announced
Dealing with quotations in detail, sterling exchange that the Belgian Government had concluded an
on Saturday of last week was firm and higher, with agreement with J. P. Morgan & Co., and the Guar2, cable transfers to anty Trust Co., whereby the firms just named are
demand up to 4 173@4 173/
2. On to become the fiscal agents of the Belgian Treasury
4 153@4 153/
to
days
sixty
and
183
4 18@4
Monday the market was a shade easier and rates in the United States, and will be charged with the
declined fractionally to 4 17@4 173/2 for demand, task of placing Belgian loans in this countrjy and
4 17M@4 183 for cable transfers, and 4 15@4 153/2 also assist the Belgian Treasury in all other financial
for sixty days. Prices broke sensationally on Tues- operations. While full details of the duties perday, and under the pressure of an enormous volume taining to the appointment are not as yet available,
of offerings, demand bills were forced down to it is understood that the Guaranty Trust Co. and
1@4 143, cable transfers to 4 1314@4 15 and Morgan firm will act as financial advisers to the
4 12Y
1@4 123;trading was excited and Belgian Government in all matters dealing with
sixty days to 4 10Y
nervous. Wednesday's movements were erratic in loans and credits in the United States. It will not
the extreme; after early weakness when rates fell to mean, necessarily, that all future loans to Belgium
within % of the previous low, there was a sharp will be placed by these two concerns, but the preupturn with a rapid advance of more than 2 cents, sumption is that all Belgian business if not actually
cable handled by them, is likely to at least pass through
2@4 14
and the range for demand was 4 123/
their hands. In the opinion of bankers, this ar103/2@
4
days
sixty
and
153,
133@4
4
transfers
2. Further improvement was shown on Thurs- rangement is in reality a new departure, since while
4 123/
day, and demand bills were advanced to 4 1491@ J. P. Morgan & Co. have for a long while acted as
4 1514, cable transfers to 4 153/2@4 163, and sixty the fiscal agents of both the British and French
days to 4 12Vi@4 133. Friday's market was quiet treasuries, in neither Case, it is alleged, has there
but steady, and for the first time in weeks only one been a formal arrangement such as that just con2 for demand, 4 163 cluded with Belgium, and this consequently created
rate was quoted, viz., 4 153/
for cable transfers and 4 133 for sixty days. Closing a favorable impression. It in fact brought about
quotations were 4 133, for sixty days, 4 153/ for a pronounced recovery and prices subsequently
demand and 4 163 for cable transfers. Commercial rallied from 2 to 30 points. Rumors were current
sight bills finished at 4 153, sixty days at 4 123, that these two concerns had also been formally
ninety days at 4 113', documents for payment (sixty appointed fiscal agents for the French Government,
2. but this could not be confirmed. Kowever, it led
days) at 4 12, and seven-day grain bills at 4 143/
Cotton and grain for payment closed at 4 153'. Gold to extensive short covering on the part of large specushipments for the week included only $830,000 for lators, on the ground that much of the selling presSouth and Central America, $1,000,000 for Spain, sure which has been so strongly in evidence of late
from the Sub-Treasury, while from San Francisco would be removed. Some authorities take the view
arrangements have been made to ship $150,000 to the that this latest development may possibly go a good
West Indies, $100,000 to China and $3,000,000 to way toward expediting the arrangements for muchJapan, making a total of $5,080,000 for the week. needed credits in this country
A feature which attracted some attention was the
An interesting development recently has been the
purchase of $4,250,000 in South African gold for ship- decision promulgated by the Treasury Department
ment from London to this country. The price is said that hereafter customs duties upon imports from
to have been 90s. 43/2d. per ounce, including the France and Germany are to be assessed at the actual
commission, and was 15% above the Bank of Eng- value of the foreign currency of these countries
SEPT. 20 1919.1
TEE CHRONICLE
rather than the normal or standard valuation. This
will do away with the depositing of large sums of
money which have to be ultimately returned and
will undoubtedly open up many lines of imports that
could not stand the payment even as a deposit of
the heavier duties, and tend to greatly stimulate
imports. Recent advices from Basle state that an
American company with a capital of $100,000,000
is being organized in Poland with a view of extending
credits to Polish cities so that they may meet their
necessities, especially in the construction of canals,
water plants, &c. Further rumors were placed in
circulation this week concerning the activities of
American bankers in Germany, and it was rumored
that the Guaranty Trust Co. had sent a special
representative to that country for credit negotiations.
The rumor,was quickly denied.
1115
With regard to South American quotations very
little change has been noted and the rate for checks
on Argentina remained at 423 and cable transfers
at 423/
2, unchanged. For Brazil the check rate
continues to be quoted at 254 and cable remittances at 253/
2. Chilian exchange has not been
changed from 9%, and Peru from 50.125®50.375.
Far Eastern rates are as follows: Hong Kong,
85@853/
2, against 84@84%
3 ; Shanghai, 131@
1313/
2, against 132@1323/
2; Yokohama, 50%@503
4,
against 50%@51; Manila, 483
%@49 (unchanged).
Singapore, 50@503 (unchanged); Bombay, 44%@
45, against 433 @4332, and Calcutta (cables),
44%@45, against 433@4332. Advices from Lon:
don state that the restrictions in force since Jan. 1917
on applications for India Council drafts have been
removed; also that the fixed rates at which exchange
banks did business have been withdrawn. Tenders
The official check rate in Paris finished at 37.00, will now be at competitive exchange
rates, subject to
which compares with 35.55 last week. In New York a minimum to be announced
by the Bank of England
sight bills on the French centre closed at 8 95, against at the time of allotment.
8 5532; cable remittances at 8 93, against 8 543/2;
commercial sixty days at 8 97, against 8 5732, and
The New York Clearing House banks, in their
commercial sixty days at 9 01, against 8 613/ a week operations with
interior banking institutions, have
ago. Belgian francs, which for the first time since gained $2,952,000
net in cash as a result of the
the outbreak of the war have this week ruled higher currency movements
for the week ending Sept. 19.
in the local market than French exchange—pre- Their receipts
from the interior have aggregated
sumably on prospects that a $50,000,000 Belgian $8,939,000, while
the shipments have reached $5,credit is to be arranged in the near future—finished 987,000. Adding the
Sub-Treasury and Federal
at 8 87 for checks and 8 85 for cable transfers. Last Reserve operations
and the gold exports, which toweek the close was8 53 and 8 513/
2. The final figures gether occasioned a loss of $119,681,000,the combined
on German reichsmarks were 3 80 for checks and 3 85 result of the flow
of money into and out of the
for cable transfers, as against 3 85 and 3 95 the week New York
banks for the week appears to have been
previous. Austrian kronen finished at 1 65 for a loss of $116,729,0
00, as follows:
checks and 1 70 for cable transfers, in comparison
Week ending Sept. 19.
with 1 80 and 1 85 last week. Closing quotations
Into
Out of
Net Change in
Banks.
Banks.
Bunk Holdings.
for lire were 9 95 for bankers' sight bills and 9 93 Banks' interior movement
$8,939,000
$5,987,000 GalnS2,952,000
and Federal Reserve
for cable remittances, as against 9 78 and 9 76 a Sub-Treasury
operations and gold exports
22,901,000 142.582,000 Loss119,681,000
week ago. Exchange on Czecho-Slovakia finished Total
31,840,000 148,569,000 Loss116,729,000
the week at 3 35@3 25 (unchanged),on Bucharest at
The following table indicates the amount of bullion
4 60@4 50 (unchanged), on Finland at 4 10, against in
the principal European banks:
4 20@4 10, and on Poland at 6 40@6 30(unchanged)
Sept. 18 1919.
the week before. Greek exchange is still quoted at Banks of
Sept. 19 1918.
Gold.
Silver.
Total.
Gold.
Silver.
5 52 for checks and 5 50 for cable transfers.
Total.
i
E
£
I
I
I
In the neutral exchanges changes in rates were England _ _ 88,243,187
88,243,187 70,995,727
70,995,727
Franco a__ 143,800.884 11,720,000155,520,884 136,012,444 12,760,000148,772,444
relatively unimportant, while dealings were again of Germany
- 55,115,800
990,200 56.106,000117,415,550 5,907,950123,323,500
..._ 129,650,000 12,375,000142,025,000 129,650,000 12,375,000142,025.000
minimum proportions. Swiss francs were about Ruesta
Aus-Hun.c 10,927,000 2,352,000 13,279,000 11,008,000 2,289,000 13,297,000
Spain
96,410,000 25,729,000 122,139,000 87,581,000 25,936,000113,517,000
steady, while guilders were maintained at or near Italy
32,204,000 2,976,000 35,180,000 37,228,000 3,077,000 40,303,000
Netherrda 52,632,000
483,000 53,115,000 59,040,000
600,000 59,640,000
last week's closing figures. Spanish pesetas, how- Net. Bel. h 10,641,000 1,399,000
12,040,000 15,380,000
600,000 15,980,000
Switelani. 18,635,0
07) 2,582,000 21,217,000 15,339,000
15,339,000
ever, were weaker, closing at a slight net decline Sweden__ 16,685,
16,685,000 14,574,000
14,574,000
Denmark. 10,382,000
167,0001 10,549,000 10,493,000
131,000 10,624,000
for the week, and the Scandinavian exchanges were Norway__ 8,170,000
8,170,000 6,756,000k
6,755,000
irregular, Christiania and Stockholm remittances Total week 673,495,871 60,773,200736,269,071 711,469,721 63,675,950775,145,671
Prey. week 673,951.864 60,019,950733.971,814710,485,416 63,736,800774,222,216
ruling steady and slightly higher, while Copenhagen a Gold holdings of the Bank of France
tills year are exclusive of £79,131,137
held abroad.
exchange closed lower.
No figures reported since October 29 1917.
c Figures for 1918 are those given by "British Board of Trade Journal" for
7 1917.
Bankers' sight on Amsterdam finished at 37 3-16, Dec.Figures
h
for 1918 are those of Aug. 6 1914.
against 3738; cable transfers at 37%, against
37 3-16; commercial sight at 37%, against
THE DEBATE ON THE TREATY.
36 11-16, and commercial sixty days at 36 9-16,
We are stating, it seems to us, an opinion which is
against 36 11-16 the week preceding. Swiss francs entertained by the great body of intelligent American
finished at 5 58 for bankers' sight bills and 5 56 for citizens when we say that the history of the American
cable transfers. Last week the close was 5 60 and participation in the Treaty of Peace is something
5 58. Copenhagen checks closed at 21.80 and cable which inspires regret to-day, and will be regarded
remittances at 21.95, against 22 95 and 23 10. with something like painful emotitms in the future.
Checks on Sweden finished at 24 50 and cable trans- Historians will no doubt be able in later years to
fers at 24 65, against 24 35 and 24 50, while checks see more clearly than we can see at present the reasons
on Norway closed at 23 25 and cable transfers at for the disappointed expectations, the largely un23 40, against 22 95 and 23 10 on the week previous; realized ideals and the ill-tempered political recrimi.
Spanish pesetas finished at 18 90 for checks and nation, which have marked numerous stages of the
18 97 for cable remittances. This compares with episode so far as our own country was concerned
19 10 and 19 15 a week ago.
Some of the causes, however, though not the who
1116
THE CHRONICLE
[VoL. 109.
explanation of them, are apparent to every one the scale. But whether the authority of our Government in the discussion would have been greater
to-day.
or less if a group of eminent and experienced Ameriby
made
were
mistakes
grave
very
That certain
President Wilson in the matter, it is impossible to can statesmen or diplomats—well-known to the
deny. Events have proved it. It will be readily European world—had been in charge of our interests
admitted that the task of imposing, on the European at Paris, with the President at Washington always
appeal
delegates to the Paris Conference, the American in the background in the event of necessary
perfor
or
instructions
fresh
for
delegates
the
by
have
to
ought
conceptions of how a treaty of peace
—this
Conference
the
to
declarations
cabled
sonal
difficulty.
exceptional
of
been drawn up, was one
ourThe attitude of America differed widely and inevi- will perhaps remain a matter of debate. For
cannot
we
events,
tably from that of its allies. The United States selves, and in the light of actual
would
had not suffered economically, financially or phys- help feeling that the prestige of the Presidency
the
by
was
it
than
higher
left
been
ically from the contest with Germany as its European in any case have
at
or
Paris
at
whether
Conference,
the
to
allies had suffered. On the contrary, while the sequel
.
Washington
European Entente nations had been prostrated in
If Mr. Wilson made mistakes, it is impossible to
an industrial way as a result of the German invasion
the fact that the Senate opposition majority
ignore
finanbeen
we
had
of western and southern Europe,
the example. The Foreign Affairs
followed
has
United
to
the
transfer
resultant
the
by
cially enriched
in what
States of the financial and commercial leadership Committee has placed itself repeatedly
posiimpossible
an
Americans
practical
to
of the world. Our continental allies, notably seemed
majority
the
what
evident
been
not
has
It
tion.
France, were left in harassing doubt as to whether
repeatedly
Germany, with her manufacturing resources un- of that Committee wanted. It has so
Wilson's
Mr.
to
opposition
of
ground
its
changed
in
emerge
actually
injured by the war, might not
in compublic
the
leave
to
as
Treaty
the
on
policies
interin
the
advantage,
economic
a position of great
real
the
what
national competition of the future, over its antag- plete confusion of mind concerning
declarations
excited
The
was.
onists whose mills, agricultural lands and coal fields ground of opposition
had been so far devastated by the invader as to of some of its members,that we were being surrendered
prevent their return to their former productivity to the domination of the colored races or the Roman
Catholic Church, were made only to be withdrawn
during many years.
suppressed. Objection to the acquisition, even
or
attithe
These considerations strongly influenced
of China's Shantung concessions by
temporary,
European
the
tude,not only of the delegates from
by very many citizens outside
shared
was
Japan,
Govthe
whom
to
people
Governments but of the
dealing
ernments were responsible, and who could upset the Foreign Affairs Committee. But its
declaration
firm
a
them politically. They foreshadowed and in large with that question, not through
measure justified the insistence of the delegates from of our Government's understanding of Japan's pledge
the European Entente Powers on far harsher terms to turn back to China the German province conto Germany than our own people would have ex- quered by its fleet and army, but through the mere
acted. But this very fact made necessary the highest crossing out of the name "Japan" from every clause
degree of statesmanship on our part in the delibera- of the treaty referring to the recipient of Germany's
the
tions at Versailles. It would seem to have required, surrendered authority, and the substitution of
people
familiar
to
shock
a
caused
in the light of all diplomatic history, an American name "China,"
was,
Peace Delegation of great diplomatic experience and with the good form of diplomatic usage. It
committee
of
the
member
Republican
a
indeed,
recognized international calibre; a delegation, moreover, whose character would itself be guarantee to who described this mode of procedure as a gratuitous
the American people, even of the Anti-Administra- "slap in the face" at one of our allies.
That the majority was honestly opposed to some
tion party, for the presumptive wisdom of its defor
cisions. These requirements clearly indicated the ne- clauses of the Treaty, notably in the provisions
feeling
the
expressed
it
cessity of organizing the American Delegation from the League of Nations; that
that
well-known American statesmen, with a fair repre- of a considerable part of our people in insisting
reserved
be
event
any
in
should
sentation of both political parties. Appeal to pre- certain privileges
cedent was likely to be misleading; the situation outright to the United States as a member of such
was itself unprecedented. The official participa- a League, and that certain obscure or ambiguous
tion of ex-Secretary Root, for instance, would have clauses of the Treaty should be formally interpreted i
meant to our people infinitely more than that of in the light of our institutions and traditions—al
Colonel House, and unquestionably more than that this may be readily admitted. But the perfectly
proper character of such an attitude gave all the
of ex-Ambassador White.
We do not profess to know what reasons peculiar more reaspn for a consistent, straightforward and
to the occasion, if any, may have prompted Presi- statesmanlike dealing with the matter;for a clean-cut
dent Wilson in his actual selection. But it is im- policy which the people could understand and appossible to overlook the fact that his selection of prove. In particular, the report of the opposition
his colleagues on the Peace Delegation repeated the majority on the committee should have been a docuexperience of many previous episodes of his Presi- ment of a gravity and responsibility suited to a very
dential career, in.the seeming preference to surround great occasion.
We certainly fail to see that this requirement was
himself with advisers not chosen from the higher
order of statesmanship, while trusting to his own fulfilled by the insinuation in their report to the Senindividual judgment to guide that of the other and ate—at a moment when the economic and political
situation of Europe is what we know it to be—that
less important conferees.
the pressure for early ratification of the Peace was
presence
the
of
It is true that the unusual incident
artificial, being due to efforts "by certain great bankExecuChief
American
the
of
at a foreign conference
tive may have been regarded as a make-weight in ing firms which had a direct pecuniary interest in
SEPT. 20 1919.]
THE CHRONICLE
securing an early opportunity to reap the harvest
which they expected from the adjustment of the
financial obligations of the countries which had been
engaged in the war." It was surely not fulfilled
by the sarcastic remark that the British Premier
must have been "remiss in omitting to suggest that
prompt action by the Senate of the United States in
adopting the covenant of the League of Nations
would immediately lower the price of beef," or by
the assertion that our allies must take our participation in the Treaty as we see fit to make it, for the
reason that "without us their League is a wreck and
all their gains from a victorious peace are imperilled."
This is the kind of utterance which suggests temper
rather than statemanlike conviction. It is not the
sort of Congressional history which our people will
remember with pleasure in the future.
But neither, we suspect, will they take pleasure in
recalling Mr. Wilson's speeches on his present tour;
which have repeatedly failed to retain the character
of dignified statesmanship, and which have contained much more of mere recrimination than belongs to public utterances of a Chief Executive.
Such episodes as the calling of a young Philadelphia
newspaper man as witness before the Foreign Affairs
Committee, to betray confidential communications
made to him by American delegates, was not the kind
of business in which one likes to see a Congressional
committee on international affairs indulge; especially
when the Bolshevist proclivities of the young gentleman should have been known to everybody. But
then, why should President Wilson and his advisers
have attached just such a person to their official
delegation at Paris, admitted him to their confidence,
and sent him to Russia, with the outward semblance
of authority from our Government, to meet
Lenine and Trotsky? •
Fortunately, there remains a middle body of both
political parties in the Senate, which has given signs
of being mindful both of the dignity of the Senate
and of the necessity for safeguarding America's just
interests in the Treaty. We shall hear more from
them in the open Senate debate which has now
begun. These Senators, we imagine, are likely to
find the American people behind them as the debate
proceeds and the nature of the Senatorial ratification is determined.
ATTORNEY-GENERAL PALMER'S UNUSUAL
COURSE IN SEEKING INDICTMENT
OF MEAT PACKERS.
Speaking to a conference of mayors and local
prosecuting officers in Gov. Smith's office in Albany
on Wednesday, Attorney-General Palmer indulged
in a denunciation of the Chicago packers which almost matched the efforts of the Federal Trade Commission itself in the same direction. He repeated
the charge that the Big Five are not merely packers
of meats,but that they have barred the people from
every way of escaping the burdens of prices on meats
through turning to other food, because they have
corralled other products, having established control
of eggs, cheese, canning vegetables and fruits, "and
a sufficient proportion of the rice to dominate the
market." And now, he said, these criminals are
going to be indicted. There has been so much talk,
and these men have so long been held up as a bogy,
that people may think there is nothing new on foot
now, but there is something new: this "is nothing
short of a proceeding against a conspiracy to control
1117
the table of the American citizen," and the conspiracy "will be broken up if there is power enough
left in the Government of the United States to do it."
Well, the packers are either criminals who have
managed thus far to escape punishment, or they are
unjustly accused; at least, they have been accused
without trial, and it is time that trial came and
determined. The "Chronicle" has pointed out that
the always admitted presumption of innocence is
usually strong in their case, as to any provable infraction of the law at least, because these are astute
men of business and have long known that the storm
over high prices would seek them out as an especially
bad trust; they have also been for many years an
object of denunciation by sensational journals.
They must be presumed to have at least sedulously
aimed to keep within the law and to have held themselves in readiness for an investigation which they have openly challenged. They have reasoned on
the subject in public advertisements, and have shown
analyses of their expenses and their profits, which
have been long open to investigation. If their
assailants have had the proofs for their sweeping
accusations, they have been very tardy in proceeding; however, Mr. Palmer says all is now in readiness, and that conviction will follow the impending
indietment.
We await the procedure, but there is something
which should be said before that begins. It is customary for the prosecuting officer, after the jury
is impaneled and the indictment read, to sketch
what he proposes to prove against the respondent
at the bar; in so doing, he is allowed great freedom
in language, and he usually leaves the temporary
appearance of undeniable guilt, this being a part
of his business as prosecutor. It is not customary,
however,for a prosecuting officer to begin an advance
trial of a case in the newspapers by a bitter denunciation of men who, at the time he speaks, do not
even stand indicted. After a jury is impaneled, as
free from bias as practicable, it is customary for the
Court to warn them against any sources of impressions from the outside, to deny them the journals
of the day, and to either keep them in charge of a
court officer during the trial or, if they are allowed
to go to their homes, to warn them against speaking
with anybody about the case. Such care is taken,
in the interest of justice and in defense of the rights
of the person accused, to prevent any outside opinion
from reaching the jury; it is certain that if a clamoring crowd surrounded the building, crying for conviction and vengeance, this would be made a strong
point in the endeavor to obtain a re-trial.
But now, says Mr. Palmer, "there was never before in any Government agency so complete a collection of the data which bears upon the activities
of this giant combination as there is to-day." Perhaps this is so; the trial should determine. But he
immediately adds that "when it has been laid before
a jury the wrath of the American people will compel a
verdict of conviction." What is this language but
an attempt to prejudice the whole case and to bring
upon the jury that may be selected a pressure of
popular "wrath" that shall "compel" their verdict?
The verdict is not to be left to follow irresistibly
from the evidence produced,but it is to be compelled
by the force of "wrath" raging outside the courtroom. In this Mr. Palmer forgets or lays aside his
status as prosecuting officer of the United States,
and falls into the role of the blatherskite orator.
1118
THE CHRONICLE
[Vol- 109.
Possibly it will appear, later, that he has overshot to have this demonstration and that through its
his mark.
stern teachings Europe is on the road to economic
recovery, if she ever gets peace.
MR. HOOVER WARNS AGAINST SOCIALISM—
This warning comes in a situation which should
STANDARD OF LIVING THE QUOTIENT
make us give it serious heed. The "enormous disOF PRODUCTION.
tance that we of America have grown away from
Speaking, on Tuesday night, to a body of men Europe" has been caused by (and has expressed
whose professional occupation presumably makes itself in) the unequaled opportunity here for inthem practical rather than visionary, Mr. Herbert dividual freedom and initiative and by utilizing that
Hoover, with the authority of one who bases on con- opportunity into a prodigious growth which by its
ditions which he has seen deductions which have very swiftness has brought in dangerous stresses.
painfully and tragically been forced upon him, said The country has developed because it reduced Govmuch which is of great timely importance to this ernment close to the minimum of control, but in
country as a warning lesson. Bad as was the old the last twenty years there has been an increasing
despotism in Russia, all except a small minority drift away from that happy minimum and now there
had living comforts and the people were able not are many who are trying to push us steadily towards
only to achieve support but to make the country the maximum. We are now menaced by forces
the greatest exporter in the world. Now socialism, that would retrace the "distance" which Mr. Hoover
"brought in over-night at the hands of a small mi- sees and would shake our whole structure by "nanority of intellectual dilettante and criminals," tionalizing" industries. On Wednesday a former
has had two years to bring the elysium of communism. Senator told the Chicago Chamber of Commerce
The picture Mr. Hoover draws is terrible: two-thirds that the President "will soon announce the doctrine
of the railways and three-fourths of the rolling stock of socializing coal, oil, and the national road and
out of commission; the whole population in the worst water highways, that these may be taken control
famine of centuries; starvation and disease taking of by the whole people for themselves as the people's
off hundreds of thousands monthly; the capital's property." Ordinarily, this man would not deserve
population shrunk from nearly 2,000,000 to only much notice, yet his advance announcement of a
600,000; the streets flowing with blood from indis- broadened Plumb plan for bringing in universal
criminate slaughter; attempts to artificially force happiness does suggest a query whether he is speakexertion and industry after the chaos had stopped ing without some knowledge of the President's mind.
both. With abundant natural resources and with
At least, it is certain that centralizing control and
a long habit of industry, "the sole deficiency is hu- extending the Government hand to every human
man effort," and that effort is now destroyed by being and every human movement drains away inthe loss of order and stability.
dividual strength; when that is gone the country
Mr. Hoover has returned with two dominant con- (which is only the sum of its individuals) can no more
victions: first, "that this whole socialistic philosophy remain substantial than putting together minus
of Europe is bankrupting itself in the extraordinary quantities in algebra can produce a plus. Mr.
lowering of productivity," second, a greater appre- Hoover brings up very sharply and appropriately
ciation "of the enormous distance that we of America the indispensable factor of abundance when he bids
have grown away from Europe in the century and a us "see a vivid confirmation in Europe of the fundahalf of our national existence." During the war, he mental economic principle that the standard of
says, economic effort was stimulated by patriotism living is the direct quotient of the amount of comand by bringing women into industry, but this was modities produced." Absolutely so, for this is only
"of constantly decreasing efficiency" even during another form of stating a law of arithmetic that the
the war,and now Europe has turned again to socialism only way to increase a quotient is by reducing the
in two phases, Bolshevism, "which coMmunized divisor or by increasing the dividend. In the madproperty overnight," and then the "legislative na- ness to which self-seeking leaders and temporizing
tionalization of industry." As an example of falling politicians have led our friends the self-styled "workproductivity, he cites the coal output of Europe, ing" people of the country, they are impelling themdropped from an annual rate of 600 million tons at selves as well as all the rest of us who they think do
the date of the armistice to recently only 450 mil- not "work" towards hunger and other privation by
lions. All the various sorts of socialism he finds to trying to reduce the divisible total while they combe based on one common misconception "that the plain of the smallness of the substantial quotient; they
productivity of the human being can be maintained keep up an outcry over scarcity yet fight abundance
under the impulse of altruism and the selection of by trying to cut down production. But Mr. Hoover
the particular human for his most productive per- tells them (and all of us) that "we must procure a
formance can be made by some super-imposed maximum production of the industrial machine if
bureaucracy; their weakness is the disregard of the we wish to keep our population alive or if we wish to
normal day-to-day primary impulse of the human see an increase in the standard of living of our peoanimal—that is, self interest for himself or for his ple."
We need not, he says, overlook or misunderstand
family and home, with a certain addition of altruism,
varying with his racial instinct and his degree of in- the lesson of Europe and "plunge our own population into these miseries and into a laboratory for
telligence."
These theorists, added the speaker, also fail to experiment in foreign social diseases." Other intake into account "that there is but one sufficiently vestigators before him have warned us of the results
selective agent for human abilities in that infinite of Socialism abroad, and now he comes fresh from
specialization of mind and body necessary to main- close and demonstrative observation. On the subtain the output of the intricate machinery of pro- ject of the increased production needed Mr. Hoover
duction, and that is the primary school of compe- made further strong points: as that its maximum
tition." He believes it was necessary for the wonl d must stand on "the fundamental fact" of the ab-
SEPT. 20 1919.]
THE CHRONICLE
solute interdependence of every section and set of
workers and on maximum exertion by every individual in his place "and on the reduction of waste
both nationally and individually." All he said
of a better division of work and results beyond
profit-sharing "to the broad issue of the whole
social product" is general in terms yet it agrees with
the distinct movement, years old on the part of
employing capital and now more wisely formulated
and more cordially pressed than ever, towards a
subsfantial as well as genuine partnership between
labor and the saved-up fruits of labor which are so
mistakenly denounced as selfish "capital."
It is not undue anxiety nor is it undue statement
to say that the country is struggling with its own
disruptive forces. We need reason, we need oldfashioned sense, we need patience and forebearance.
We need to speak calmly and move carefully. We
must make our firm stand on principles, but up to
waiving or weakening those we can discuss differences and try anew to get together.
REGARD FOR THE CONSTITUTION—
ANNIVERSARY DAY.
An event of this week, not to be overlooked in the
pressure of so many exciting events, has been the
first (not, we hope, the last) celebration of Constitution Day. Wednesday was the 132d anniversary
of the attestation of the Constitution as a completed
document, and through a quietly pushed work by
the National Security League and like organizations
the subject has been so stirred and in so many States
that a very considerable number of State Executives
have issued proclamations concerning it, in 45 States
directors and county directors have been appointed
for it, and over 20,000 meetings are said to have
been held on Wednesday.
Several of those were held here, the chief of them
in the evening at Carnegie Hall, at which the most
prominent speaker was former Senator Root. Considering that only a very little advertising had been
done and that the occasion offered nothing of the
"show" order to draw a crowd, the audience was
encouragingly large. Its evidently substantial character, inferable from the lack of interest (in the common sense of that word) in the subject itself, was a
further suggestion for encouragement. The demeanor of the audience, the close attention given
by it, and the points made which drew from the hall
a response clearly unusual in discrimination and sincerity, are still further encouragement in a time when
every note of encouragement obtainable is needed
and welcome.
Mr. Root, as did other speakers, appealed not
only for respect for the Constitution, but for the
spirit which will insist that it be followed and will
quickly and firmly stand for it when it is challenged.
The document, said Mr. Root, "settles things," and
to wipe out or depart from the rules and leave everybody disputing brings a condition in which "there is
no peace or security for anybody in living his life."
But no stage in the meeting was quite so unmistakable
as the response to his declaration that a written
constitution like ours "limits the powers of the men
who govern,"this being "the vital thing for the preservation of liberty." He did not put his application
into direct terms, yet it was evidently understood.
Yielding to war emergency probably too far, yet in
circumstances when nobody could see what lay ahead,
Congress almost effaced itself for the sake of getting
1119
greater efficiency of action by concentrating power
under one man; and now, since human nature is
human nature and influences all, Congress finds
resistance and even internal difficulty in resuming
the constitutional powers it waived, and the one to
whom the status of virtual autocrat was temporarily
granted is unwilling to give up an atom of his great
enlargement. So it is that he is now engaged in
trying to arouse the country to support him in trying to negative the power of "advice" and real participation which the Senate constitutionally has in
the matter of treaty-making and limit its part to
"consent," whereas "advice and consent" are distinctly prescribed. All excess tends naturally to
continue and increase itself, and all departures from
the correct line make return to it difficult.
Yet all excess tends also to defeat and end itself,
by the natural law of reaction, and in this natural
law we partly find our present ground of hope. It
is time the Constitution were read, and were made
a part of the curriculum of education, from the
common school to the university; we might almost
say it is time the document were recalled (or should
we say brought?) to the attention of the people of
this country. It has been left on the shelf, even in
the Executive Mansion in Washington. It has been
derided and denounced as antique, as non-elastic, as
confining the energies of the people, as practically
impossible of amendment; the nonsense uttered about
it is only less surprising than the general popular
indifference to it and ignorance about it.
We may hope that this is about to change; that
admiration of the foresight of the founders will henceforth increase (and remain) along with a more binding
regard for the wholesale and saving lines it marked
out for national development. We may carry our
confident hope one step farther, for we may reasonably assume that a political foundation so uniquely
and so wisely laid will resist the present assaults
upon it.
OUR POLICE FORCE—GUARDIANS OF LAW
AND ORDER.
We do not pay the soldier for the risk he takes,
for the sacrifice he makes. We demand it of him.
If needs be we conscript him. And even while we
do it we declare we are making war to end all war.
And at a time when the machinery of peace hangs
in the balance we hear a cry in England that it shall
not become a conscript country. And to the soldier we give our pride and praise. Never more than
now. At the command of the people made through
the power of Government he went down into the
valley of shadow and laid his life on the altar of
country. Coming home a victor, bringing the
laurels of hard-won battles, and the memories of
comrades fallen, we honor him—nor could any
emolument pay for his service, nor does he ask that
the attempt be made.
It is different with the civilian officer engaged and
sworn to preserve law and order. There is no open
foe arraigned against him. There is no compulsory
enlistment. And yet he runs great danger to his
person and life. Secret evil-doers who prowl by
night hate him and are arrayed against him. At all
times he is within the pale of bitter passions that
break out against sOciety and the community. And
well might he be paid an added tithe for the risk he
runs; as, indeed, well may the railroad conductor
and locomotive engineer be paid an added wage,
1120
THE CHRONICLE
for the risk of a broken rail or a possible defect in
the machinery operated for the care and safety of
the people. But the policeman is in a class by himself. He is a sworn officer of the law, acting under
oath, though the safety of the community that employs him be in his keeping with all the risk that
this implies.
It is doubtful if this class of our public servants
is properly appreciated. We do not enter into the
question of pay, more than to indicate that something is due to men who incur danger in their peculiar form of service. These men who constitute
"the force" perform daily innumerable acts of kindness that must be acknowledged though they cannot
be requited. In the rushing life of a great and
maybe careless city, it may seem a little thing to
take an aged and bewildered woman, or a little
child, by the arm, and lead them across the street
safe from the crowding traffic that endangers the
most alert, but it is done times without number.
It may seem a little thing, when 'tis known, that an
"officer" shall speak a word of warning to those
incompetents in the dark alleys and byways who
readily yield to the compulsion of evil, but it is done,
times without number, and the lives of honest citizens are made safer thereby. Now and then, when
the mob spirit breaks loose, and the riot call is sent
in, we read, in the security of our homes, of the
peril these men meet, who almost never fail no
matter what danger arises. And though we pay
them more than others by comparison out of the
municipal fund we cannot reward them save by
honoring them in our appreciation and goodwill.
But it follows that a public service that cannot be
• adequately paid for by a wage measurement is above
and beyond the ordinary methods of these days
which seek to increase wages and control the hours
of labor. These men who "walk the beat" are
the supreme guardians of law and order. They are
stern and most often unyielding. They are not
respecters of persons, as all must testify who watch
the "traffic squad" at their work. They have but a
modicum of discretion accorded them. Perhaps
there was a time when a part of them were in cabal
with crime. But those days are gone in most cities
of the country, and we do not believe they exist now
in this metropolis. Watching an annual "parade"
down Fifth Avenue one will not listen to criticism
without protest. These splendid marching columns
are the soldiers of peace, domestic peace, without
which it is idle to talk of any other. And as they
are thus sworn to a high and necessary service they
may not desert.
We are ourselves derelict who do not stop to consider the service these men perform. Until society
is perfect they will be needed, and while law and
order obtain they should be respected. If these
men volunteer to work for pay it does not follow
that they do not know and appreciate the service
they do perform. And can they, so honoring their
calling, put it upon the plane of self-seeking strikers
who themselves often destroy the good order of
society? Sober thought and proper respect must
answer in the negative. And. we believe it will.
We do not expect to read again of Boston's recent
condition. As these men face a hidden and subtle
danger daily, they must come to balance their selfesteem against enforced advantage.
fvoL. 109.
For the rest, the business community, especially
in a city made up of a conglomerate population as is
New York, should not fail to be the friend of these
municipal guards, and take unto itself the task of
examining into their grievances if any exist that full
justice may be done. Faithful to duty, protecting
property as well as persons, in troubled times such
as we are passing through, even while they rise
above methods now so much in vogue with "labor,"
they may still ward off an evil day of which we do
not know. And while they shall have at most a
consciousness of service bravely performed, they
should not pass out of the view of those who are insist
benefited thereby.
THE MAGIC TRIANGLE:GOVERNMENT,LABOR,
CAPITAL.
In the maze of economic discussion in which we
are enmeshed at the present time, it is often averred
that a solution of our difficulties lies in the full cooperation of three elements, or forces, Government,
Labor and Capital. They are referred to as "the
triangle"; again, it is believed they constitute the
rightful parties to a possible tripartite agreement.
Unfortunately, looseness in the use of terms is here,
as elsewhere, the undoing of all argument and of
theoretical plans. Is this triangle equilateral? Are
labor and capital so constituted as to be able to enter
upon contracts made between equal powers. Can
Government become a third signatory to a contract
in which it has no inherent right or interest? What
do these terms we so freely use really mean?
Now, Government, or the fiction of "The State,"
is not the people, though it represent and exercise
the power of the people. Labor is not merely the
small percentage, known as organized labor, but all
labor. Capital is not only stored-up labor, but
natural resources owned, varied and varying in form.
How can these three dissimilar elements, or possible
contractual powers, approach a mutual agreement upon equal terms? Using the "representative system"
and acting through "committees," how can an
"understanding" be reached between parts or parties
that have no original base of common or of similar
powers, no definable rights, no similar, equal or
statable interests?
The President has called a "conference" between
"labor and capital," at which, we presume, the
"Government" is to be represented. But what can
it avail? These terms are all vagaries, unless it be
that of Government—and some would avow this
is now the greatest vagary of all. The possession
of the power of, and the right to exercise and bestow, labor, is a workingman's capital. Capital
in its multiplied forms awaits the touch of labor
to give it real value. The Government, in a republic, is a servant, not a master, a convenient
official system to express the will of the people—
including both capitalists and laborers, so-called—
producers and consumers; makers and transporters.
Such a conference can consider principles of industrial relations, it may even suggest contracts.
In the same way labor may present its interests, if
all labor be properly represented, as may so-called
capital. The people may be represented by Government officials, if they have previously been empowered to act. But when this conference has considered economic difficulties and so-called right relations for these three alleged interests, will that settle
the question as to whether or not railroad employees
SEPT. 20 1919.]
THE CHRONICLE
1121
are to have representation on some Governme
ntal
We are not disregarding the alleged "third part
Commission created to "regulate" railroads,
y
repre- in interest, the people." But we insis
t that their
sentation that will give to them, by mutu
al agree- rights should be protected and their
interests cenments entered into, a share in "managem
ent" of served after the necessary prote
ction afforded to
property they do not own, and a share
in profits so-called capital and labor, to
be free to contract
on capital they are not possessed of, and
a voice as aforesaid. This eternal running
to Government
in the determination of wages when they
are not to pass laws to alleviate unrest is
the prolific cause
legally or rightfully their own employer
s? Or will of delay in readjustment and
of increasing turmoil.
such a conference be able to provide a way
by which The Government cannot be an equal
party in intersteel manufacturers shall recognize unio
ns and be est in these manufacturing and
transportation concompelled to deal by "collective barg
aining" with tracts without ignoring agric
ulturists as part of the
labor interests, so-called, outside their
own plants, people, part of labor. If it can
supervise to a degree,
when no union can make or sign a contr
act, and the it cannot sign. And if it cannot
sign, it cannot repreFederal Government has nothing to do
with it?
sent all the people, nor can it stand outside
and give
Why do we continue to slosh around
in the fog to both employer and employee its protection
under
when it is char that we have got to prote
ct private a contract these two have freely made.
ownership of property if we recog
niz e and maintain
We appear sometimes to be stark mad over
it, and that when we do so, we must
the
acknowledge its powers and purposes of representative
republican
primal freedom to contract, whic
h means that the government. "Labor" is forever knoc
king at the
employer is to continue to contract
with the employee, doors of legislatures and Congress, as
a recent report
according to his rights and inter
ests, just as the on laws lately secured will show. Now
comes the
employee is free to enter into such
contract or not promise of some new plan for "wages,"
as if after a
as it shall appeal to his own rights and
interests. contract is freely made between employer and
emThere is no government at stake, there
is no peo- ployee there can be any adjustment the
courts are
ple's rights at issue, save as they indiv
idually are not already empowered to make. How
can wages
free to use, or refuse to use, the agencies
of our in- exist at all without an employer to
pay
them,
dustrialism.
and free to 1,gree to pay them according
to free
Perhaps it is here that we reach the chief
diffi- contracts?
culty in our loose conception of "the
triangle."
This Plumb plan for railroad "management"
under
Committees to act in certain capacities are
creatures Federal ownership where employees (a small part
of
of law. Employers and employees, if it
were pos- the people), shall share the profits, and when
they
sible to bring all similarly engaged in a singl
e in- have had enough, the bone of lowered freight rates
dustry together,could so act. They certa
inly,as far is to be thrown to the people, how ridiculous
it is!
as "proper relations" go, can so act inside the
plant. The President's Commission plan of tripartite conBut the people, even by means of a "repr
esentative trol, a Commission drawn from three dissi
government" cannot so act in the sense
milar
that they sources, how woefully inefficient it would prove
to be!
can become actually or tacitly a party to
a contract, When Government once more returns to its
sworn
for their interests are so diverse as to
prohibit unity, duty and purpose of protecting the peopl
e in their
even if there was a way they could_ enter
into this industrial freedom, when it recognizes the invio
triangle of co-operation. Take the railr
oads, and no lability of contracts, and (as it did recently in
Calisuch triangle is possible—and the
consummate fornia) actually protects railroads in running
the
failure of the Inter-State Commerce
Commission, roads (under private ownership as now unde
r public
which so long attempted to adjudicate
,equalize and control) and when the people give ear to empl
oyer as
control rates, is proof patent. How
can a thousand to employee in sanctioning each in his indiv
idual freebuilders, part of the people, enter
into a contract, dom to contract, we shall be on the road to
industrial
so-called, in which steel producers and
structural steel peace and prosperity. And it must be done—for
:there
workers are equal signatories and profi
t-sharers, is no safe half-way ground between constant inter
if such a thing could be? And if they shou
ld or could, ference and socialism. The square on the hypo
tenuse
what would become of the interests of
the remainder may be equal to the sum of the squares on
the other
of the people?
two sides, but the squaring of the circle is a
difficult
This industrial triangle and tripartite
agreement is proposition, and an equilateral triangle, in huma
n life
a myth, a delusion and a snare. It
is a distortion and labor, is hard to discover.
of the powers, purposes and uses of
government.
Are the people to have no protection as "thir
It is a subtle way of confiscating capital
d
under guise party" in interest in this unending
squabblelbetween
of law. It is an underhand means of givin
g to labor "labor" and "capital," with "labor"
so-called (union labor in fact) an adva
doing most of
ntage it does the talking at present. Surely!
The people protect
not rightfully possess, and if carried
out tends to themselves by interacting forces
of a free industrialconstitute the employee his own
employer without ism. It has been enough for
a hundred and forty
a dollar invested. It is just an easy way
of talking years—save where Government has inte
about a problem simple in itself but
rmeddled too
complicated by .much. We are even now officially
asked to eat less
fanciful theory and fomented
unrest. If we had in order to bring down the cost
of living, or at least
half the thought for the preservation of capit
al in its "economize." And the push and pull of
the multirights and interests as we have for the "pro
tection" tudinous forces of industrial life bring
the
low levels
of labor, we would recognize that "a contr
act is a of price, the actual cooperation imbedded
contract," that it can only exist betw
in comeen parties petition, and an industrial energy
and momentum
capable of signing, and that until soviets and socia
l- capable of paying wages, and wages comm
ensurate
ism plunge the United States into Russian deca
dence with the cost of commodities. But we are so
obsessed
and disaster, there will always be employers and
em- with "Governmental" control and regul
ation that
ployees in industrial enterprise, each prote
cted in every time "labor" mashes its finger we
ask Governthe freedom to contract by the Government.
ment to put on a bandage.
1122
THE CHRONICLE
[VOL. 109.
T CO.
.1. P. MORGAN & CO. AND GUARANTY TRUS
FINANCIAL AGENTS IN UNITED STATES OF
BELGIAN TREASURY.
GuarSURY
Advices to the effect J. P. Morgan & Co. and the
CONTINUED OFFERING OF BRITISH TREA
al agents
BILLS.
anty Trust Co. of New York had become financi
ry bills of the Belgian Treasury in the United States were contained
The usual offering of ninety-day British Treasu
a dis- in cablegrams to the daily papers from Brussels Sept. 17,
on
Co.,
&
n
Morga
P.
J.
by
week
this
of
was disposed
bills these advices stating:
The
•
ing.
prevail
ly
recent
count basis of 532%, the rate
Belgian Government had
Premier Delacroix announced to day that the
15.
Sept.
Trust
dated1
are
with J. P. Morgan & Co. and the Guaranty
erinvreat glten4; and
giscnssions
concluded an agreement
l agents of the Belgian
Co. of New York by which they become the financia
of a strong group of banks,
Treasury in the United States. At the head
loans in the United States,
they will be charged with placing all Belgian
ns, the Premier said.
and will assist the Belgian Treasury in all other operatio
CONTINUED OFFERING OF FRENCH TREASURY
BILLS.
has
in
While no official announcement of the appointment
Another block of the French Treasury bills, offered
appointees, it has been conmarket
the
as
by
city
0,000,
this
in
$50,00
of
t
made
amoun
been
an
to
up
the market
e as the firmed at-the offices of both. Regarding the announcement
conditions justify and on much the same schem
Morgan the "Journal of Commerce" on Sept. 18 said:
P.
British Treasury bills, were disposed of by J.
& Co.and the Guaranty
limited
is
week
one
any
in
g
Confirmation of the appointment of J.P.Morgan
offerin
The
y, as
& Co., this week.
as the financial agents of the Belgian Treasur
city
this
of
Co.
in
Trust
Those
2%.
5
is
ay a the offices here.
to $5,000,000. The rate on the bills
outlined in the above dispatch, was obtained yesterd
ment
appoint
the
ng from
It was stated that full details of the duties dependi
this week's offering are dated Sept. 19.
understanding is that the Guaranty Trust
S
REDUCTION IN CREDITS ADVANCED TO ALLIE
BY UNITED STATES.
•
from
The following advices from Washington are taken
18:
Sept.
of
l"
Journa
the "Wall Street
States Government made
Two of the Allied countries to which the United
reducing their indebtedness.
advances have made a beginning as regards
$7,500,000.
France
and
Great Britain has paid back $22,500,000
was $4,316,000,000 and
The total amount advanced io Great Britain
loan to all Allies is $9,687,France got $3,047,794,000. The aggregate
272,568.
been reduced by less
In other words, our total loans to the Allies have
than one-third of 1%•
TS
SUGGESTION THAT ALLIES SECURE JOINT CREDI
IN UNITED STATES.
secure
With regard to proposals whereby the Allies would
New York
a large joint credit in the United States the
n Sept.
"Tribune" in a special copyright cable from Londo
18 said:
n Allies may soon
had not been received, but the
of the Belgian GovernCo. and Morgan firm will act as financial advisers
loans in the United States.
ment in all matters bearing upon credits or
loans to Belgium
future
all
This will not necessarily mean, it was said, that
arise which would make it
will be handled by the two, as conditions might
, but the presumption
desirable that a loan be floated by other agencies
by them, will at least pass
is that Belgian business, if not actually done
through their hands.
it appears that the arrangeFrom such information as could be obtained,
tes a new departure
ment entered into with the Belgian Treasury constitu of acting as fiscal
reputation
here. J. P. Morgan & Co. have enjoyed the
served as such in practice,
agents of the British Treasury, and,in fact, have
hed a similar relationship
if not in name. The same firm has also establis
yesterday, has there been
with Prance, but in neither instance, it was said
exists with Belgium.
a formal arrangement such as that which now
ement yesterday as eviThe banking community received the announc
into being in conection with,
dence that the group of institutions called
credit had temporarily
the Paine-Webber option for handling a Belgian
n. It was recalled that.
at least, been eliminated ,as a factor in the situatio
way the regular Belgian
while the l'aine-Webber negotiations were under
.7. P. Morgan & Co. and the
group, which operated under the leadership of
the Belgian Government.
Guaranty Trust Co.. suspended discussions with
hed by Belgium for a loan,
Subsequently both groups have been approac
be handled by the regnow
which, on the basis of yesterday's news, will
Suggestions are being made to-day that the Europea
the United States. Sometake joint action toward securing a large credit in
g itself in French finanthing of the panicky feeling which has been revealin
manifested in England.
now
cial circles over the decline of the franc is
standards is going to
Europe is asking itself when the collapse of pre-war
end.
the franc worth about
With the German mark worth less than four cents,
periously close to $4,
twelve, and even the once standard English pound
of some fixed internathere is an increasing demand for the establishment
tional standard of value.
ssing position. HavFrance, of course, is finding herself in an embarra
condition more than
ing Germany for her only debtor, she feels the present
ng to give serious and
the rest of Europe. But British financiers are beginni
it all will end.
worried consideration to the question where
favorable to Germany
The fact that the present state of affairs reacts
goods adds to England's infor
turning
to which French merchants are
is worth little more than
terests in the plight of France. The French franc
nine pence with the result
the British six pence, instead of the normal
that the French cannot buy goods here.
the situation "will end
The financial expert of "The Evening News" says
their means, and not bewhen the countries concerned are living within
yond them.
but are accumulating
"When they are not only living within their means,
to become normal. Even then
savings," he Adds,"then exchanges will tend
set up an international standthere will be wild movements, unless we can
it wasn't merely a picture
ard of value as was gold before the war. When
es did not stray far from
of international debts payable in gold, exchang
the erspective countries."
the rates corresponding to the gold value of
te on the field of
Minitser Viviani's speech picturing France as "destitu
ation in England. Great
finance," has received sympathetic consider
her own house in order. The
Britain, however, is first taking steps to put
drastic steps taken to-day by
latest development along these lines were the
program.
the Air Ministry to cut down the air building
ular group.
,000 will be arranged
The prospect is that a Belgian credit of $50,000
but various propositions
lated,
contemp
is
offering
te
immedia
No
shortly.
negotiations is such that a deare under consideration and the progress of
how much Belgium will require
cision in the near future is probable. Just
be in excess of what is
is still uncertain, but $50,000,000 would hardly
The Belgian Governneeded to tide the country over for the time being.
of the situation to determent is understood to be making a careful canvass
States and, with full data
mine how much it will require from the United
in hand, will be able to proceed accordingly.
TENDERS FOR RUPEES ON ACCOUNT OF INDIAN
GOVERNMENT.
asked asked up to Sept. 17 by the
week
this
were
s
Tender
for the
agency of the Bank of Montreal, at 64 Wall Street,
on
purchase of immediate telegraphic transfers in rupees
sum
a
for
nment
Gover
Indian
the
of
t
accoun
on
Calcutta
not exceeding 4,000,000 rupees—the same as in the past
retwo weeks. Total tenders for 6,185,000 rupees were
ers
tender
ful
success
of
bid
e
averag
the
and
week
ceived this
was 42.5018 cents per rupee.
the New
With regard to the Paine-Webber negotiations
ing to say:
York "Times" of the 18th inst. had the follow Guaranty Trust
& Co. and the
Incidentally, the appointment of Morgan
to a conclusion the competition
Co. as financial agents for Belgium brings
bankers for the Belgian business
between two powerful groups of American
head of what has long been known
The two institutions named stand at the
banks. The other members of the
as the "Belgian group" of American
Peabody & Co., Lee, Iligginson &
group are Harris, Forbes & Co., Kidder,
group in the past has had the
Co., and the National City Bank. This
g arranged in the United States.
handling of practically all Belgian financin
for the purpose of floating
Several months ago another group was formed
t of the Boston and
a $100,000,000 loan for Belgium. John H. Blodget
obtained an option from
New York brokerage firm of Paine, Webber & Co.
in the United States, and
the Belgian Finance Minister to float such a loan
with New York financial
upon his return to this country last June, acting
consisted of the Central
interests, organized a banking syndicate which
William Salomon & Co., all
Union Trust Co., the Equitable Trust Co. and
the Old Colony Trust Co. of
of New York; the First National Bank and
Union Trust Co. of Pittsburgh,
Boston, the Mellon National Bank and the
. The Chase Securities
and the Continental & Commercial Bank of Chicago
group originally, but, it is said,
Co. of New York was also included in this
has subsequently withdrawn.
to most financial interMr. Blodgett's option came as a distinct surprise
Belgian financing would, as
ests here, where it had been assumed that any
n group." There was a good
a matter of course, be handled by the "Belgia
what developments would
deal of speculation in financial circles as to just
the Blodgett group failed to exerfollow, but nothing came of the matter as
expire. That was on July 20
cise its option and the option was allowed to
last.
BELGIUM'S NEED OF NEW LOANS.
On Sept. 10 a Brussels cablegram said:
discussing the financial situation
M. Delacroix, Minister of Finance,
there was a necessity for the floatin the Chamber of Deputies to-day said
taxes. The Minister said the
ing of new loans and the imposing of special
00,000 francs, exclusive of a
national debt had reached a total of 12,968,0
l Bank for the payment of
sum of 5,800,000,000 francs owed to the Nationa
Belgium.
7,500,000,000 marks in circulation in
U. S. BANKS IN BELGIUM.
VALUE OF RUPEE RAISED TO TWO SHILLINGS
10
the Department of Commerce at Washingto
s
Sept.
advice
rce"
In
Comme
of
al
"Journ
A special cable to the
Collins, Trade Commissioner at Brussels,
T.
Harry
ton,
said:
were no branches
,
as a surprise
reports that where before the war there
The decision to raise the value of the rupee to 2s. came
when silver first rose above of American banks in Belgium, the following American
although it had been expected some time back,
year. The main purpose
s:
5s. an ounce. This is the fourth advance this
banking organizations are now established in Brussel
from melting rupees for sale as bullion.
is to prevent Indians
and encourages
A higher rupee benefits the Lancashire cotton industry
exports to India, but discourages India' exports.
of New York,52 Rue des ColonAmerican Foreign Banking CorporatiOn
ies; Manager, Edgard Molitor.
SEPT. 20 1919.]
TiiE CHRONICLE
Guaranty Trust Co. of New York, 158 Rue
Royale; Manager, Edward
de Lima.
National City Bank of New York, 1 Rue
Brialmonte: Manager, Paul
Grosjean.
The National City Bank, here reports, is also
establishing a branch at
Antwerp, 2 Longue Rue de l'Hopital. The
American Express Co. has
enlarged its banking facilities and has moved
to a central location in the
city of Antwerp, 87 Place de Mein. A branch
will be opened in Brussels
In the near future. All of these banking
establishments, it is stated, are
organized and equipped primarily to assist in
developing commercial relations between the United States and Belgium.
CANADA'S SIXTH VICTORY LOAN
.
The Canadian Government has decided
upon $300,
000 as the minimum amount for the Sixth Victo 000,ry Loan
about to be floated. The bonds, of 5 and 15
year maturities,
will bear 53/2% interest and will be issued at
par, in denominations of $50, $100, $500 and $1,000.
All bonds, it is
stated, will be taxable. Press advices
from Montreal on
Sept. 14 had the following to say regar
ding the loan:
For a time
it was felt in professional circles
that the loan would have to be
sold on a straight business basis, just,
as provincial and large municipal
issues are placed—through banks
and bond houses. All doubt as to the
details of selling the bonds has been
cleared up with the Government's
decision that the financing of Canada
's war and after-war expenditures is
still a public duty, not merely a matter
of selling bonds to regular bond
buyers. Last year more than 1,000,
000 Canadians subscribed $700,000,000
to the fifth loan, when only $300,0
00,000 was asked for. This fact is pointed
out as making the success of the present
Although the Government is asking loan absolutely certain.
for $300,000,000 for the coming
Joan, the selling forces of the loan
organizations will have to sot their objective at a much higher notch. The
Government will probably need $400,000,000 to facilitate the European
credit that has so far kept Canadian Industries running, and to pay its
account with the United States to reduce
the high premium on New York funds,
which is Proving such an expensive
luxury.
Since Nov. 1915 the Dominion Govern
ment has asked the Canadian
people for $750,000,000 in five separa
te loans, and has taken $1,348,000,000
of $1,680,000,000 offered by the
public. This means that the Government
has returned to the people $332,0
00,000, or actually more than the amount
for which it now asks. This amoun
t should all be available when the
time comes.
•
FLUCTUATION OF NEW YORK FUNDS IN CANA
DA.
As to the fluctuations in New York funds in Cana
da and
the bearing which the forthcoming Canadian Victo
ry loan
may have thereon, the "Wall Street Journal" of
yesterday
said:
1123
EMBARGO ON GOLD EXPORTS BY JAPA
N.
The following is taken from the New York
'Tribune" of
Sept. 13:
Japanese bankers in this city are becomi
ng much disturbed over the effects
of the edict of the Japanese imperial govern
ment in placing an embargo
on gold imports. This order, which
was not known here until yesterday,
has been in force since last July and
was issued by the Japanese government shortly after the United States lifted
the restrictions on gold exports.
Representatives of Japanese banks here
said that the ban on gold imports
was decided upon by Japan in a spirit
of friendly co-operation with the
Treasury Department at Washington.
In view of the desire on the part
of.
the Japanese banks to withdraw funds
on deposit In New York it was
thought that the export movement might
develop into too large proportions
to suit this government.
As a result of the embargo on shipments
of the metal to Japan funds to
the credit of that government and Japane
se banks have been piling up
here until it is now estimated that they
have reached a total of
$250,000.000,
or an increase of approximately $100,0
00,000 in the last three months.
Because of the high money rates now prevail
ing in Japan Japanese bankers
in New York are anxious to take advant
age of
that their government will soon lift the import that condition and believe
Lan, at least to some extent.
Of the $250,000,000 Japanese credits on
deposit here it is estimated that
$200,000,000 belong to the government and
the remaining $50,000,000 to
private institutions. In view of the depreci
ation in foreign moneys Japan
has been asking for payment in dollars
for goods sold outside the United
States, and this helped to increase her deposit
s in
The Japanese government has been a liberal this country.
investor in the Liberty bond
issues and in the United States Treasu
ry certificates of indebtedness, the
total investment in those securities being
placed by competent authorities
yesterday at $50,000,000.
Japanese funds have been accumulating
when the trade balance between the Unitedhere ever since early in the war,
States and Japan began to run
heavily in favor of the latter. For a
time gold shipments were made to
Japan in order to settle the balance
due that country, but the American
government put an end to that movem
ent by putting an embargo upon
goid exports in the fall of 1917.
COMMITTEE NAMED TO INVESTIGATE
DEFAULT
OF ECUADOR.
It is announced that Thomas W. Lamont,
chairman of
the Foreign Securities Committee of the Inves
tment Bankers' Association of America, has appointed the follo
wing committee to investigate the default of,the Government
of Ecuador in connection, principally, with its guara
nty of the
Guayaquil & Quito Railroad Company bonds:
H.L. Stuart,
of Halsey, Stuart & Co., chairman; Charles
E. Mitchell,
National City Co.; Clarence Dillon, William A.
Read & Co.;
and Albert H. Wiggin, ex-officio.
New York funds in Canada have been subjec
t to wide fluctuations
during the past fortnight. On September
3,the rate in Montreal was quoted FINL
AND SECURES .£6,000,000 LOAN FROM GREA
$39.064 premium on thousand dollars. A declini
ng movement set in
T
thereafter, which culminated last Monda
BRITAIN—NEGOTIATES FOR LOAN IN
y, when the rate touched $29.68
U.
75.
S.
In the last few days a rapid recovery
has occured, and on Thursday the
Announcement that Finland had secured a loan
quotation crossed $40 premium, being
of L6,000,quoted $40.6250.
' In explanation of these wide swings
, local representatives of Canadian 000 from Great Britain and that negotiations for a loan
to
banks assert that the earlier decline was
mainly produced by the announce- Finland in this country were in progr
ess was made in the
ment of the new Canadian Government
loan. In view of the pre- following state
mium on New York exchange, the issue 53i%
ment issued in this city on the 18th inst. by
is an attractive offering, from the
American standpoint, promising to net
an investor on this side of the border Akseli Rauanheimo, director of the Finnish Gover
nment
about6%. The exchange market
discounted the possibility of a heavy flow Information Service:
of American funds to Canada for invest
ment in bonds. But the selling was
The Finnish Minister at Washington, A.
overdone, and an upward reactio
H. Saastamoinen, has received
n followed. That the fluctuations
should a cablegram from the Finnish government confir
have been so violent is due to the
ming the report that the
narrowness of the market for the exchan
ge. loan agreement between Finland and England has
It requires no large amount of buying
been signed by both paror selling to cause a sharp upturn or ties. The amoun
decline in the rate.
t of the loan which Finland has secured
from England is
£6,000,000.
In addition to the above the Finnish govern
ment is negotiating for a
GERMAN MARKS REACH LOWEST POINT
loan in America, which loan would promote trade
relations between Finland
IN HISTORY and
America.
—CONFERENCE OF GERMAN BANKERS.
The national debt of Finland before the world
war
was only 197,000,000
A Cologne cablegram to the daily papers,
h marks. During the war she contracted
Sept. 16, said: Finnis
no foreign loans. This
loan from England is the first since the termina
Marks dropped twenty points
tion
on the Cologne Bourse to-day, reaching
of the war.
The state owns one-third of the entire
what is said to be the lowea point
area of Finland, and the govin Germany's history. Foreign exchange ernmen
t has possession of the very bestforest lands
on this Bourse to-day was as follows
in
:
that well timbered
country. In addition the government owns
The English pound equalle
the Finnish railroads, 2.285
d 121 marks.
miles, and extensive industrial plants.
One hundred French francs
equalled 342 marks.
One hundred Dutch gulden
The plans of the Government of Finland
equalled 1,060 marks.
to raise a loan
A further decline was reported on the 17th,
Berlin press in Great Britain were referred to in these columns Aug. 23,
advices of that day, in announcing
this and the calling of a Page 731
conference of bankers to devise
means to check the decline,
saying:
WITHDRAWAL OF BRITISH EMBARGO
ON AMERICAN
As a result of a further drop of 100
points in the exchange rate on the
COTTON.
German mark in some neutral countri
es, and with the view of evolving a
plan to check the decline which threltenes
The Department of Commerce at Washington
disaster to Germany. Dr.Mathias
, announoes
Erzberger, Vice-Premier and Financ
e Minister, called an "exchange confer- the receipt of a cablegram from
Consul General Hollis,
ence" at the Finance Ministry to-day.
Londo
n,
Sept.
10, reporting the withdrawal of the
The chief causes of the continued fall
of the mark and all factors onBritish
nected with it were discussed from
export embargo on American cotton.
every angle.
Dr. Erzberger dwelt at length and with
emphasis on the disastrous effect
which he said the open frontier in the West
in the occupied area was having
on the German fiscal policy. Experts present
at the conference agreed that
the "hole in the West" must be stopped up and
the western customs frontier
established as the first step to prevent a further
decline of the German mark.
All speakers at the conference argued that France
, England and Amer:ca
should realize this because, it was asserted, it was
in the interest of those
countries as well as of Germany, the German
reasoning being that If Germany is plunged into economic ruin and cannot meet
her obligations abroad,
France and Britain will inevitably suffer in a proport
ional degree, and this
would have a direct detrimental effect upon Americ
a.
It was again pointed out that America has profite
d little from the "hole
in the West," since practically nothing has been
shipped through the sector occupied by the Americans on the duty-free or
duty paper basis, as his
been done in the French and British sectors.
The conference decided to call on the leading
Germa
perts of finance and exchange to help devise a means n bankers and exto prevent a further
decline.
J. P. MORGAN AGAINST THE GUARANTY
OF WAR
DEBTS.
A statement denying reports that J. P. Morgan is
in
of a plan whereby the United States should guara favor
ntee the
war debts of foreign nations, was issued on Sept.
behalf of Mr. Morgan, by Thomas W. Lamont, a 18, in
member
of the firm of J. P. Morgan & Co. The following
is Mr.
Lament's statement:
The views attributed to Mr. J. P. Morgan (who is
at present abroad)
by Mr. Henry A. Wise Wood,in a letter to the "Eveni
ng Mail" of Sept. 16.
are precisely contrary to those which Mr. Morgan
holds. Mr. Wood's
letter has, I am told, been sent for publication to
several other newspapers
and circularized among members of Congress. The
letter declares that a
certain Mr. O'Neill,connected with the Manchester
(England)"Guardian..!
1124
THE CHRONICLE
[VOL. 109.
of the only effective remedy are becoming more clearly defined. While
the gratification of a general desire to possess more of the comforts and
luxuries of life and the demand for more hours of leisure and recreation has
undoubtedly contributed to higher costs, it Is recognized that the primary
cause of the great advance in prices and wages during the past four and a
half years is the terrible destruction of life and property and the consumption of liquid wealth occasioned by the world war.
There has been a vast expansion of credits, not only in this country but
throughout the civilized world, and workers have manifested since the
suspension of hostilities a desire to relax from the rigors of the war-time
regime, from drastic economies and deprivations, and they are at the same
time demanding shorter working hours and more pay. Because of this
and of the impairment of productive capacity, there has been a curtailment
of production and higher costs in the processes of distribution, which have
driven prices up to a higher level than was reached during the closing months
of the war.
Much has been said about the reduced purchasing power of the dollar,
is
and according to index figures frequently referred to by economists, it
clear that when expressed in terms of staple articles of commerce the value
of the dollar is only about half what it was five years ago. But it is true,
nevertheless, that in terms of the currency of many foreign countries, inAt the instance of Representative Tinkham, one of those cluding
all of the recent belligerents, the value of the dollar has increased,
latter's
the
,
addressed
was
letter
to whom Mr. Wood's
and while a drastic contraction of currency and credit would no doubt be
the price level, as expressed in terms of dollars,
communication was read into the Congressional Record. followed by a reduction in
is certain that a lower price level brought about in this manner would be
On the same day a resolution was introduced by Representa- accompanied
by decreased production. A drastic change would, moretive Tinkham, authorizing the Secretary of State and the over, undoubtedly result in much financial distress and in a grave economic
in seeking a remedy for prosont high prices we should bear
Secretary of the Treasury and the Governor of the Federal situation, and before
and after the entrance of this country into the war
in mind that
Reserve Board to transmit to Congress information as to there was an urgent need on the part of governments of the Allied world
extension
the
to
relative
any exchanges, formal or informal,
for goods of all kinds for quick delivery and in largo volume and that price
consideration. There was also competition between this
of foreign credits or loans, or codversations relative thereto. was a minor
buying by governments and purchases by private individuals who failed
The following is Mr. Wood's letter as printed in the "Con- to contract their expenditures at a rate commensurate with the growing
expenditures of the various governments.
gressional Record."
warNew York, Sept. 13 1919.
We are now passing through a, period of general relaxation from the
has resulted in an increased deHon. George Holden Tinkham, Congressional Office Building, Washington, time regime of personal economy, which
during
purchases
their
restricted
who
mand for commodities by individuals
D. C.
with export demand.
Sits—The following incident may throw some light upon the cause of the the war but who are now buying in competition
in
so
pronounced
is
incomes and increased wages have led to a heavy demand for arwhich
of
nations,
Accrued
• advocacy of the projected league
have
ticles not of prime necessity, with the result that labor and material
influential financial circles. I relate it precisely as it occurred:
The increased volume of
Early last May there called upon me at my office a Mr. J. J. O'Neill, been diverted from essentials to non-essentials.
of the financial operations of
whose engraved card described him as London manager of the Manchester credits in this country is the inevitable result
make vast expenditures for the
"Guardian," of Manchester, England. Mr. O'Neill, who was a stranger our Government, which was called upon to
establishments and to extend
to me,immediately introduced the subject of the league of nations and took maintenance of its own military and naval
with it in the war. From April
me to task because of my opposition to that project. Upon inquiring of assistance to the governments associated
indebtedness of the United
him why an Englishman should be in this country instructing an American 1 1917 to Aug. 1 1919, the interest-bearing
and one-half billion dollars, an
in the latter's national duty, and receiving no clear answer, I asked him States increased hy about twenty-fmrr
savings of the people, and the sucbluntly what was the actual purpose of his visit to the United States. He amount greatly in excess of the normal
Treasury was due to the patriotic
replied that he was here upon a mission connected with the internationaliza- cess of the financial operations of the
were willing to anticipate their
tion of the war debt. I asked him if he meant me to understand that he support given by all classes of citizens who
and also by the ability and
was here upon the business of inducing the United States to guarantee the future savings by borrowing from the banks,
These expanded credits, howwar debt of the nations recently at war,including that of Great Britain and willingness of the banks to make the loans.
out of current savings, and
that of Germany. He said that he was. I told him that he would find ever, should be reduced as rapidly as possible
whether viewed from
little sentiment in this country favorable to such a project. This seemed the most effective remedy for present conditions,and save. Reasonable
to surprise hiss. He said that I was the first American he had met who an economic or financial standpoint, is to work goods and services may
money,
did not favor it. I then asked him who he had seen, and he replied that economies should be exercised in order that
satisfaction of demand for
upon the previous day he had seen Mr.J.P. Morgan,and that Mr.Morgan be devoted to the liquidation of debt and to the
s and luxuries. Inextravagance
in
indulgence
to
than
rather
plan.
necessities
had expressed himself as being in favor of the
necessary, and it is most imWhether this was or was not a correct statement of Mr.Morgan's position, creased production of essential articles is
of production and
processes
the
I have no means of knowing. But it might be valuable at this time to portant that there be no interruption in
inquire publicly what plans, if any, are afoot to induce Europe's proposed distribution.
because of
Our exports increased enormously during the war period, and
new partner, the United States, to assume the obligations of the financially
as expressed in dollars, increased
hard-hit members of the projected co-partnership, who are about to open the continual rise in prices their value,
In
May 1917,
abroad.
sent
of
goods
volume
the business of pooling their troubles under the title of the league of nations. in greater proportion than the
to its co-belligerHENRY A. WISE WOOD,
the Government of the United States began to make loans
Yours, very truly,
billion dollars,
ents. The total amount of these loans will soon reach ten
and final limit.
which, unless ihe laws are amended, will be the ultimate
our
export probtreasury,
public
of the financial aid given by the
W. P. G. 11:.!_4.4. _DIO, ON RESTRICTION OF CREDITS. Beacuse
and transportalems during the war period were limited to the production
m0-"lghould Exports Be Restricted As a tion of the goods, and the burden of financing was borne by the nation as a
-Using as his-the
of Government credits, the question of
Means of Reducing the Pfaii-nt High Cost of Living?" W. whole. With the exhaustion
one of prime importance, and in considering
become
has
exports
financing
P. G. Harding, Governor of the. Federal Reserve Board, the problem we should first of all reconcile ourselves to the idea that it is
at least
in addressing the West Virginia Bankers' Association at neither practicable nor desirable to export to European countries
we have done for the past three or four years. It is
White Sulphur Springs on Sept. 12 stated that it is neither on as large a scale as
in
settle
to
unable
are
countries
not practicable for the reason that these
practicable nor desirable to export to European countries cash for &large an adverse trade balance, nor can we continue to extend
desirable, because with the
on as large a seal as we have done for the past three or four them credits for so large an amount. It is notcontinue
indefinitely to send
limitations upon our production we could not
years. Mr. Harding contends that it is not desirable since so
a scarcity at home,
causing
goods to Europe without
of
volume
a
large
we could not continue to send so large a volume of goods to which would result in even higher prices and more unsettled labor con•
us so much concern.
Europe without causing a scarcity at home which would ditions than those which are now givingupon
the resources of all European
The war has levied an enormous tax
result in even higher prices and more unsettled labor con- countries,
the
by
expended
sums,
and there is nothing to show for the vast
ditions than those which are now giving us so much concern. belligerents, which have gone up in smoke. • It is necessary that these
those
that
henceforth conserve their resources in order that they may
reason
the
for
says,
should
e,
he
countries
And it is not practicabl
themselves as rapidly as possible, give employment to their
countries are unable to settle in cash for so large an adverse rehabilitate
The
idle populations, and work themselves back to a self-sustaining basis.
balance, nor can we continue to extend them credits for so governments of these countries are doing all in their power to discourage
extravagant expenditures, and it is
large an amount. Mr. Harding in referring to the fact that a demand for luxuries and to prevent
an ,
that they do not regard a severe decline in their exchanges as
many exporters believe that the United States should con- evident
the belligerent countries increase
in
unmixed evil. Low exchange rates
tinue for a while longer its war time policy of extending automatically the cost of all goods imported into these countries and operate
.
credits to the Allies in order that we may have a ready mar- to reduce consumptionwhich
has been for centuries the commercial unit of
The pound sterling,
a few
ket in those countries for our goods expresses it as his opinion value
throughout the world, was pegged during the war and up to
that the sooner the idea is abandoned the better, for, he months ago at a discount of about 2%;that is to say,the British Government
sterling
the United States Government, bought
says, "I see no indication of a willingness on the part of the out of loans made to it by
Governat a fixed rate of $4.76-7-10 per pound. But the British
exchange, and
Congress of the United States to grant further credits bills
ment Is no longer making any attempt to stabilize sterling
have fallen rapidly.
nor do I believe that it is for the best interest of our country since its support has beeh withdrawn sterling billsrecent
date the cable
quoted as low as $4.12, and on a
that war policies be continued in times of peace. Mr. They have been
time bills is, of
and
sight
York was $4.1534. The rate for
New
in
rate
Harding also refers to the expansion of credits in this coun- course, lower than ths rate for cable transfers. As the par value of the
that there is a depreciation
try and in urging that these expanded credits be reduced a- pound sterling Is $4.860,the present rate meansy,
American exporter
on every pound sterling. Consequentl if an
rapidly as possible out of current savings states that the of 71cgoods
against the shipment in
bills
to Liverpool and draws sterling
ships
most effective remedy for present conditions is ,to work and the' customary way for, say, /10,000 sterling and wishes to convert his
as he would under normal
bills into dollars, he would receive, not $48,660,
save. His speech in full follows:
parity with the dollar, but ho would
The high cost of living, which is the most serious problerdconfronting conditions with the pound sterling on a
of $7,116 represents a loss in exthe American people at the present time, Is not merely a local question nor receive only $41,550. This difference
freight rates and insurance, and this
a national one, but is a world-wide condition. While various factors have change without reference to ocean
of the goods, the exporter, or
contributed to the existing situation, its fundamental cause is being better loss must be borne either by the producer
If borne by the consumer it will tend
understood every day, and the principles which must govern the application by the consumer on the other side.
stated to Mr. Wood that Mr. Morgan was in favor of a plan by which the
United States should guarantee war debts of foreign nations.
On the contrary, Mr. Morgan believes, as do all of his partners, that to
have the United States guarantee foreign debts would be as unsound and
unwise economically for the foreign nations as it would be for the United
States.
Last Spring general publicity was given to a plan tentatively suggested
In Paris by a British economist. According to this plan, Germany should
make a bond issue,in order to obtain funds for the purchase of raw materials
in America, and Great Britain, France, the United States and the other
allied nations should guarantee this bond issue. This suggestion, which
was purely informal, was, as the newspapers stated at the time, laid tentatively before the American financial delegates at Paris. My colleagues
and I immediately took the ground that no proposition implying the guaranty in any way by the United States offoreign indebtedness could,or would
be, considered.
Any question, such an the internationalization of war debts, is of far too
great importance to be made the subject of idle rumor. I cannot, however,
find that any attempt was made by the writer of the letter, to obtain by
inquiry from him or from some of his partners, Mr.Morgan's actual opinion.
SEPT. 20 1919.]
THE CHRONICLE
1125
to bring about economies and reduce the amount of
goods consumed. If has already passed the
Senate and has gone to the House, authoriz
borne by the exporter, the loss will be immediately
es the
transferred to the pro- Federal incorporation,
under the supervision of the Federal Reserve
ducer in the shape of a lower price paid for his goods.
Board,
of
banks and corporations engaged prinipall
The same observations apply to shipments made to France
y
in
foreign
banking or in
and Italy, financing exports. Our
and will apply to tho Germanic countries as soon as trade
shipping facilities have been greatly increased; an
those countries shall have been re-otablished. Exchange relations with American merchant marine has been established, and our goods can
be
rates
are
far sent to the four corners of the earth, througho
more demoralized in all these countries than they are in
ut all the seven seas. in Ameriinstance, French francs, of which normally 5.18 make a England. For can bottoms under the protecting aegis of the American flag.
dollar, have deThe opportunity is ours—an opportunity
clined to a point where there are required about 8.32 francs
greater than we ever dreamed
to be the equiva- of—to become a powerful
lent of a dollar.
factor in world financing and world trade.
Surely
we
will grasp this opportuniry. We must
This means that on every purchase made by a Frenchm
take
advantage of the worldan in terms of wide demand for the
dollars he must pay 3.14, or about 60c additional, or, as
products of our fields, our mines, and our factories
stated in another sending whatever may
,
be desired to those countries which are able
way, the American dollar is at a premium of60% in France.
to pay
cash, and sending the articles most needed
The Italian lire is normally worth the same as a franc, but
to those requiring credit.
instead of
The
controversy between capital and labor will receive
5.18 lire being equivalent to a dollar, 9.72 lire are required
serious considera, so that the tion at the conference
Italian purchaser of American goods has to pay 4.54 lire additiona
which has been called to meet in Washington
in
l
dollar's worth of goods he buys. This is equivalent to a premium on each October, and let us hope that the whole question will be approached in a
of nearly broad American spirit, that
90% on each dollar.
wise counsels will prevail and that the differences will be ironed out and adjusted fairly
The German mark, normally worth about 24c, was recently
and impartially. In the
quoted at language of the Litany—from
4.35 cents. Consequently, the German who buys goods in
all false doctrine, heresy and schism, Good
terms of dol- Lord deliver us.
lars will pay in exchange nearly six times what he would have
had to pay
Let us realize that crops cannot be grown, coal
before the war. •
cannot be brought above
the ground, metals cannot be fabricated nor textiles
I do not wish to be understood as minimizing the importance
woven without capital
of main- and without work, that capital
taining and extending our legitimate export trade, but I wish to
is entitled to a just return and that the
point out laborer is worthy of his hire,
that in dealing with Europe other considerations must govern
that increased production and greater econothan mere mies are the only correctiv
es for the present high cost of living and are
profit and volume of business. Europe must have the equipmen
t and the essential if we wish to have
a surplus of goods to send abroad, that shorter
goods which are necessary to restore its productive capacity and
to bring hours coupled with higher
it back to a self-sustaining basis, and as the adverse exchange
pay tend inevitably to reduce production and
rates reflect increase costs, and
that the
its inability to pay in gold or to offset its imports by exports,
it follows flag which waved triumpha American Union, which is represented by the
that temporary credits on a very large scale must be provided.
nt on the battle fields of France, is the supreme
Ordinary union and is the one to
banking credits will not avail, for these credits cannot well be
which we owe paramount allegiance.
beyond six months, a period manifestly too short for the restorati extended
normal rates of exchange. Longer credits are required, runningon of more
from one INTERNATIONAL
to three years, which cannot properly be extended by the
TRADE CONFERENCE CALLED BY
banks, which have large deposit liabilities payable on demand.commercial
U. S. CHAMBER OF COMMERCE.
These credits must be extended with a definite object in
The completion of plans for the International Tade Conhabilitation of the countries to which they are extended—and view—the rethe American
people should co-operate with the governments of these
countries in pre- ference to be held at Atlantic City from Sept. 30 to Oct. 3
venting large purchases of luxuries on credit. The credits
granted should by invitation of the Chamber of Commerce of the
United
be used for the purchase of essential articles necessary for the
preservation States, is announced
of life and the restoration of a normal capacity for production.
by Homer L. Ferguson, President of
Suppose a large farmer or manufacturer, a good moral risk,
has become the Chamber and President of the Newport News Shipinvolved in financial difficulties and that he has applied
to a group of building and Dry Dock Company. The Executi
bankers to whom he is already indebted, for an extension
ve Comand for some mittee having
further advances in order to enable him to work back to solid
the arrangements in charge includes:
ground.
Any
banker participating in this additional credit would expect
A. C. Bedford, Chairman; Delos W. Cooke, Joseph
the borrower
H. Dufrees, John H.
to apply the amount to the necessities of his business,
and if he should Fahey, James A. Farrell, Edward A. Filene, Thomas W. Lamont, Ivy L.
divert the proceeds to the purchase of expensive jewelry,
Lee, Alfred E. Marling, Edward G. Miner, William
automobi
les
Fellowes Morgan,
and
planolas, he would become the object of just indignati
on and could expect Lewis E. Pierson, R. Goodwyn Rhett, George Ed. Smith, Ernest T. Trigg,
no leniency at the hands of his creditors.
Harry A. Wheeler, Theodore Whitmarsh and Owen
D. Young.
It happens that the necessary material and supplies
of which Europe
This Committee has appointed a General Committee
stands in need at the present time come within the
class of commodities of
of more than 100 of the leading business men of the country.
which we normally produce a surplus available for
endeavor to increase our production of these articlesexport. We should Reports
from representatives of the Chamber of Commerce
and to send them
over without stint up to the limit of the credits provided
,
neither encourage nor permit, as far as our power lies, these but we should who have been in contact with Government officials, bankers
peoples already
and business men of Europe emphasize it is said the import
so heavily in our debt to become further indebted to us for the
purchase
of non-essentials and luxuries.
ance
of the Conference, to which previous reference was made
The field is broad. and we should not, neglect our opportunity
to
our trade to those more fortunate countries which have relied extend in these columns Sept. 6, page 934.
hitherto
mainly upon Europe for their finer goods. Some of the Europea
Mr. Bedford, Chairman of the Executive Committee,
n neutrals, such as Spain, tho Netherlands, and the Scandinavian
countries, are authorizes the following statement:
able to pay in cash for the goods they buy, and in the Orient. Japan
is preResults of great importance in their bearing on foreign
pared to pay cash. The South American countries are about to
trade and reconenter struction will, I am sure, come
from the gathering of leading business men
upon an era of great prosperity, and their markets offer a most attractiv
e
and
bankers of the United States and representaives of
outlet for our more expensive articles for manufacture. We should,
Great Britain,
there- France,Italy and Belgium,at the Internati
fore, be prepared to sell to any nation any goods Per which
onal Trade Conference at Atlantic
that nation City on the 30th of this month.
may be able to pay in cash, but the point I wish to emphasize is
this: where
The delegates from the countries with whom we are
we sell on credit we should exercise a wise discretion as to the
associated in the
character war have been appointed and
are now studying the subject and preparing
of the articles sold.
the
facts
and
views
they
will
present.
I ant aware that many exporters believe that the Governm
The French and Italian governments
ent of the have manifested deep interest.
United States should continue for a while longer its war
Elliot H. Goodwin, General Secretary of
-time policy of the Chamber of
Commerce, and Edward A. Filene of Boston are in Europe
extending credits to the nations lately associated with
us in the war in in the interests
of the Conference. We are in constant cable and letter
order that we may have a ready market in those countries
for our goods. Communication with
them as they are with the foreign governments and
1 think, however, that the sooner this idea is abandoned the
better, for I commercial interests. Out
of this preparatory exchange of views will
see no Indication of a willingness on the part of Congress of the
United States come thorough understanding
of an preparation for a conference which can
to grant further credits, nor do I believe that it is for the
best interest of then take up in earnest
some of the most important problems with which
our country that war policies be continued in times of peace.
Our Gov- the world is faced to-day.
ernment is the people's Government, and its revenues are derived
entirely
It has become clear that there is small hope of actual reconstru
from the people. It can raise money only by taxes levied upon
ction of
the peonle wcrld trade until those most concerne
or by the sale of interest-bearing obligations, which must be
d meet together with the determinasubscribed for tion to find solutions of these
Iv the people, and eventually paid by the people. While
problems
.
it is true that
Following the Conference the foreign delegations will make
the maintenance and development of our export. trade affects
a tour of the
the prosperity principal cities east of
the Mississippi. This will afford further opporof the people as a whole, it is also true, nevertheless, that a
comparatively tunity for acquaintance
and discussion between our business men and those
small portion of the people are more directly concerned and
benefited than of other countries. The
arrangements for this tour, in charge of Delos
are the masses of the people.
W. Cooke, cover a month's travel.
There is an abundance of wealth in this country, there
is plenty of orThe programme committee of the conference, headed by John
ganizing ability and no lack of business acumen, and I think
H. Fahey
that we should of Boston, has enlisted
reach the conclusion as speedily as possible that the
experts in every line of business having important
development of our relation to our foreign
foreign trade, apart from such incidental assistance
trade,
as
well
as
men
familiar
with
condition
s peculiar
as the Government to the nations
that were associate
may properly give, is a matter of private initiative and
individual enter- cludes a formidable list of topics d during the war. The programme inprise.
on which the best brains of all the countries
to be represented at the conference will be concentrated
While the liquid wealth of Europe has been greatly reduced
in an effort to solve
because of the those difficulties which
drains made upon it by the war, the fixed wealth and
must be met before satisfactory international trade
material resources, relations can be
are not vitally affected. I have no doubt that even
restored.
in those countries
Stress will bo laid upon those problems peculiar to
which suffered most there are abundant resources to
the readjustment
secure any credits period in
foreign
which may be needed for the purchase of necessary
articles, and our Gov- countries concernetrade. These include the economic needs of the various
ernment is offering ample facilities
d during the next two years; emergency measures
to those desiring to arrange to send to essary
necduring the readjustment period for the promotion of trade
Europe the things most needed. While the direct
and the
credits which this Gov- movemen
t of raw materials; the possibilities of pooling and allocatin
ernment may grant to foreign governments
g
are limited to an aggregate products
, equipment and
of ten billion dollars, of which only a few hundred millions
remain unused, tion of business enterpristransportation; possible measures for the associathe War Finance Corporation, the stock of which
es here and in Europe to strengthen backward
owned by the United countries; reciproca
is
l measures affecting investments of capital to secure
States Treasury, is empowered to make advances up to
one billion dollars equal advantages
and avoid duplication of effort; methods for stabilizi
to assist export transactions. National banks having a capital
ng
and
surforeign exchange; the elimination of unfair practices and
plus of not less than one million dollars are authoriz
a basis for the reed, under regulations instatement of
prescribed by the Federal Reserve Board,
commercial treaties.
to subscribe to the extent of
10% of their capital and surplus to the capital stock
of banks or corporations
organized under the laws of the United
States, or of any Stem thereof, and NATIONAL INDUSTRIAL CONFE
principally engaged in foreign banking,
RENCE IN CANADA.
and a bill has recently passed both
Houses of Congress and Is now in the
A national conference of representatives of capital, labor
hands of the President which will
permit any national bank, regardless of its
size, to subscribe to the extent and the public opened at Ottawa, Canada
on Sept. 15. The
of 5% of its capital awl surplus to the capital stock
of corporations prin- conference in kind
and purpose is similar to that which has
cip ally engaged in such financial operations as may
be necessary to promote
the export of goods, wares and merchandise from the
United State or any been called by President Wilson for Oct. 6 at Washington.
of its dependencies. Another measure, known as the 'Edge BM,"
which The questions of a minimum wage and uniform workin
g day
1126
THE CHRONICLE
.
are among the chief, ones discussed at the opening sessions
ce
A message from Premier Borden was read at the conferen
are the
on Sept. 15. The three groups in the conference
Col.
includes
which
group
a
and
es
employers, the employe
;
David Carnegie,labor committee member,London, England
the
of
s
member
ents;
Governm
al
Provinci
of
representatives
and
Royal Commission on Industrial Relations; educationists
and other publicists.
ur
In discussing the demands of labor for a maximum 44-ho
was
week, Melville P. White, representing the employers
quoted in special Ottawa dispatches to N. Y."Sun" as having
spoken on Sept. 16 as follows:
are more than
I believe that the average hours oflabor throughout Canada
to a maximum of fortyfifty a week. We are asked to consider a reduction
a correspondfour. This would mean a cut of six hours a week,or 12%,and
ing benefit
ing reduction in output. Can there be found any real compensat involves
which
to the people of Canada through an act of the Legislature
such startling consequences?
it means an
If the hours are reduced from fifty to forty-four hours a week
rate of wages
increase in overhead charges of about 13%, and if the same
or a total of
Is to be paid for forty-four hours as for fifty, that adds 13%,
that produce
13% increase in net cost. Apply this schedule to all industries
of living
necessities and you get a definite and direct increase in the cost
to the consumer, who,by the way,is largely the worker himself.
production so
The matter of foreign trade is so important and the cost of
efficiency
vital in its maintenance that I urge again the necessity for greater
we have to
and more work. The obligation is positive; we cannot escape it;
have to make every
Put forth much greater effort than ever before and we
citizen realize it.
[VOL. 109.
on
"we hold the world's great reservoir of credit in our possessi
but without adequate outlet through which it may flow."
there
He therefore expresses the belief that "in some way
must come to be, if we are to do the job rightly, a great cora
porate unit or units, . . . with great capital, say,
nations,
of
s
securitie
the
take
shall
which
dollars,
billion of
ses,
provinces, cities, corporations, private and public enterpri
in various parts of the world, and then, secured by these
debenand by its own vast financial strength, shall issue its
comtures to be sold all over the United States on a basis of
There
alike."
s
investor
large
and
small
for
return
mercial
Mr.
should be Government supervision of this organization,
Redfield states, "or possibly Government participation,
out
certainly with the Government's approval." He points
to
that "through this service a three-fold profit will come
reward the capital and the labor of this country." "There
is, first, the direct interest return from the investment;
ns
second, the business normally arising from the operatio
is
ent
investm
the
which
in
ses
enterpri
or
s
concern
of the
which
in
country
the
of
ent
enrichm
made; and, third, the
ns so
those operations proceed by reason of those operatio
better
now,
nt
importa
is
what
and
buy,
to
able
better
that it is
"
able to pay its share of the vast sums owed us from abroad.
Mr. Redfield's statement in part follows: .
adequate organizaWhen peace has come we need what we have not, an
In a relatively
tion for furnishing the credits which the world requires.
do this now and will
small and in a scattered way individual institutions
e to reinadequat
quite
is
done
all that can thus be
PROMINENT MEN APPOINTED BY PRESIDENT— continue so to do, but
the world-and
the productive power of America so that It shall enrich
lease
INAT
PUBLIC
SENT
WILSON TO REPRE
in our possession, but
itself. We hold the world's great reservoir of credit
DUSTRIAL CONFERENCE, OCT. 6.
without adequate outlet through which it may flow.
to be, if we are to do
come
must
There ought to be, and in some way there
Among the twenty-two names of the men whom President the job rightly, a great corporate unit or units, either under Government
ion, certainly with the
Wilson has asked to represent the general public at the Indus- supervision, or possibly Government participat
say a billion of dollars,
capital,
great
with
and
approval,
innt's
are
6
Governme
Oct.
on
trial Conference to be held at Washington
cities, corporations,
which shall take the securities of nations, provinces,
then,
dustrial leaders, agriculturists, economists, educators and private and public enterprises, in various parts of the world, and
own vast financial strength shall issue its debensocialists. Judge Elbert H. Gary of the U. S. Steel Corpora- secured by these and by its
return
l
of commercia
tures to be sold all Over the United States on a basis
will not be suffition, Bernard M.Baruch,former chairman of the War Indus- for
small and largo investors alike. The billion dollars
Oil
d
Standar
the
of
Jr.,
ler,
raised.
be
Rockefel
must
D.
tries Board, John
cient. Probably several billions
of service to the
Through this means tho savings of America can be made
interests, Dr. Charles W. Eliot, President Emeritus of Harcome to reward the
world, and through this service a three-fold profit will
by
public
made
was
names
of
list
The
direct interest
es.
the
first,
appointe
are
vard,
capital and the labor of this country. There is,
normally arising from.
President Wilson at San Francisco on Sept. 17. Besides these return from the investment; second, the businesswhich
the investment is
the operations of the concerns or enterprises in
already mentioned are the following:
country in which those operations
Fixing made, and third, the enrichment of the
able to buy, and
bettor
is
it
Robert S. Brookings of St. Louis, former Chairman of the Price
proceed by reason of those operations, so that
Committee of that organization:
now, is better able to pay its share of the vast sums owed
is
important
what
Vermont,
of
Spargo
John
and
benefits labor and
Charles Edward Russell of New York
us from abroad. In this country the reaction directly
larger. If we can
Socialist leaders.
capital, and labor most of all, for its share will be the
n.
of commerce
industry,
of
0.E. Bradfute, Xenia, Ohio, President Ohio Farm Bureau Federatio
world,
catch this vision so that men of the banking
United States a
Ward Burgess, Nebraska.
In all its forms, can unite in such a work, we can make the
rer.
manufactu
cotton
Ga.,
y to the happiness
Puller R. Callaway, La Grange,
power for good throughout the globe and add immensel
Thomas L. Chadbourne, New York.
and possessions of our own people
constructive.
and
dignified
Charles G. Dawes, Chicago.
both
be
A part in such an enterprise would
existing means of
H. B. Endicott, Milton, Mass.
A necessary factor in it is credit information. The
Haration,
Administr
Business
of
School
commercial life, and
• Edwin F. Gay, dean graduate
credit knowledge are insufficient. Credit arises from
knowledge must
vard University.
that life is a changing, growing thing, therefore, credit
it is the fruit. It
George R. James, Memphis, Tenn.
itself change and grow with the mercantile life of which
not from hastily obThomas D. Jones, Chicago.
must arise from actual knowledge of transactions,
and partial judgA. A. Landon, Buffalo.
tained opinions. It must not depend upon individual
have records
therefore,
E. T. Meredith, Des Moines,Iowa, editor "Successful Farming."
but upon ascertained facts. It must,
ments,
that credit not o.nlY
Gavin McNab, San Francisco.
coming from the sources of transactions of such a kind
misuse it, beL. D. Sweet, Carbondale, Col.
may not be misused but that there may be no tendency to
both as a
Louis Titus, San Francisco.
cause it will be known that knowledge exists whore it can act
•
.
Feiss,
Cleveland
L.
Paul
helper and a check.
then knowlThese three things we need, first peace, then organization,
To each of the above the President sent the following
who would put
edge. When these are once had, he would be a bold man
the
called
he
which
for
purpose
the
forth
ty is open
telegram setting
limits to our usefulness and our growth. The door of opportuni
conference and stating that there would be 22 representatives
of organized labor and organized employers:
purpose of
I have called a conference at Washington for Oct. 6 for the
y of formudiscussing the labor situation in the country and the possibilit
and
lating plans for the devek pment of a new relationship between capital
representatives
labor. I beg that you will accept appointment as one of the
o repreof the general public in that conference. There will be twenty-tw
tives of
sentatives of the public and an equivalent number of representa
sincerely
. I
various bodies of organized labor and organized employers
hope that it will be possible for you to undertake this very important
service.
now, it will not always stay so.
In denying that he had been offered the directorship
of the Foreign Credit Clearing House Mr. Redfield said:
in a Now York
There is no basis in fact for the statement published
the executive head of a
paper to-day (Sept. 10) that I have been selected as
such organizano
am
I
as
informed,
foreign credit clearing house. So far
on behalf of
tion exists, no one is authorized to extend such an invitation
to me.
any organized body, and no such invitation has, therefore, come
and none
made,
One lan hardly accept or decline a proposition until it is
with
dence
correspon
some
and
one
interview
has been made. I have had
foreign
Mark 0. Prentiss in connection with the plan for the •so-calied
been
approved
has
trade clearing house, and I am informed that the idea
. So far as my
by prominent men of affairs to whom it has been submitted
be said than was
can
further
nothing
however,
,
own action is concerned
matters which have
stated by me last week, that I am considering several
stage.
been suggested to me, none of which has reached a decisive
The list of names from which President Wiltsn selected
the above was prepared by Secretary of the Treasury Glass,
Secretary of the Interior Lane, former Secretary of Commerce Redfield and Secretary of Agriculture Houston at a
meeting at the White House on Sept. 5. The conference
The New York "Sun" of Sept. 10 had the following to
was called on Sept. 4, as noted in the "Chronicle" Sept. 6, say with regard to the subject:
as
Three thousand manufacturing exporters throughout the country,
page 933.
banking institutions, are interested
GREAT CORPORATE UNIT FOR FOREIGN CREDITS
URGED BY WILLIAM C. REDFIELD.
William C. Redfield, who recently resigned as Secretary
of Commerce, issued a statement on Sept. 10 in advocacy of
a great corporate unit or units for furnishing credits for foreign
trade. At the same time Mr. Redfield stated that he had
received no offer to become the executive head of the so-palled
Foreign Credit Clearing House, which it was reported had
been chartered under the laws of New York and was in
process of organization here. Mr. Redfield contends that
well as a score or more of international
laws of New
in the new corporation, which has boon chartered under the
as its name
York with a nominal capitalization. The corporation will be,
credit of pursignifies, a clearing house through which data regarding the
exAmerican
by
chasers in every country of the world may be obtained
scope and its sponsors
porters at a nominal cost. It is of exceptionally wide
shall have begun to
predict a tremendous success immediately after it
next year.
function, which probably will be at the first of
of Public RelaDirector
Mark 0. Prentiss, resident Vice-President and
the chief figures in the
tions of the National Surety Co., who was one of
(Sept. 01 that its
formation of the new corporation, declared yesterday
Mr. Prentiss has conferred with many
possibilities are almost unlimited.
tho plan and has
on
of the leading exporters and bankers of the country
nt in nearly every
received unqualified endorsement of the arrangeme
instance.1
SEPT. 20 1919.j
THE CHRONICLE
"WO are having daily conferences with some of
the most representative
men in the United States," Mr. Prentiss said
yesterday, "duscussing the
personnel and selecting the directors and deciding
when they shall get
together for formal organization, which will be probably
within the next
three weeks."
The workings of the plan, as pointed out by Mr.Prentiss
, are not involved
nor do they require an extensive organization circling
the globe. All exporters who desire the service which the clearing
house will give may
become members of it by the payment of a nominal
fee, which it is expected
will be tentatively $100. In addition they will
be required to pay a small
percentage, probably less than 1%, of the amount
represented in any
transaction. In that way the new corporation will
be made self-sustaining
and conceivably may be made a good investment
for its stockholders.
All members of the clearing house will be required to
lay before it a record
of their foreign transactions that the credit of the
purclysers abroad with
whom they have business may be established. When
that credit shall have
been fixed all applications for credit received by
the member exporters may
be referred to the Foreign Trade Clearing House
where it will be looked up
and stamped with approval or rejection, which, it
is pointed out, will not
constitute a guarantee of the credit in a strict
sense, but it will amount
almost to a guarantee in that it will be made
only after very careful and
exhaustive examination of the application under
consideration.
The three points wherein the new clearing house
probably will prove of
inestimable value, and which Mr. Prentiss
pointed out yesterday, are:
1. The assurance to the exporter that his
bill is reasonably certain of
payment. By having all credit application
passed through a single central
organization, the possibility of a purchase
r buying to the limit of his credit
from four to five exporters at the same time
is eliminated. Thus the markets of the world are opened to American trade
with as little credit risk as is
possible to attain.
2. The clearing house will be of value
to the foreign buyer in that it will
make it unnecessary for him to establish
his credit with every exporter
with whom he does business. Under
the present plan he must satisfy
every concern from which he buys as to
his credit, a cumbersome and costly
method.
3. Through its investigations of
the many individuals and firms in a
given country, the clearing house will
be able to furnish to the Federal
Government and to investment bankers informat
ion as to the credit of an
entire country or municipality at any
time application for a loan may be
made.
Once the Foreign Trade Clearing House is function
ing properly, the
National Surety Co. will inatigurate a new
department through which it
will guarantee or insure all foreign credits passed
on and accepted by the
clearing house. In that regard Mr. Prentiss declared
yesterday:
"For some time I have been urging my associate
s in the National Surety
Co. to undertake guaranteeing foreign credits and I
have pointed out to
them the tremendous public service it would be.
We are now favorably
inclined toward it, although all are agreed that it will
not be a
insurance venture. We of the National Surety Co. are consider profitable
ing inviting
all of the surety companies in the United States
to confer on this subject in
the hope that the combined resources of all may be employe
d in guaranteeing
by surety bond the payment of all foreign credits passed
by the Foreign
Credit Clearing House. 'rho credit we can put at the disposal
of the exporter at less than 1%, will be enormous in volume, amounting
to perhaps
billions, rather than limiting him to his usual line of discounts at
.5 or 6%."
Mr.Prentiss refused to divulge the names of those who are being
chosen for
directors of the new clearing house. He declared that perhaps
a score had
accepted designation and others were to be invited. Ile
admitted that a
large number of the heads of great international banks
and large manufacturing exporters had indorsed the enterpri
se and were co-operating in its
organization. In addition to Secretary Redfield
, he said, among those who
have expressed their approval of the plan
are Edward N. Hurley, chairman
of the United States Shipping Board; Eugeniu H.
Outerbridge, formerly
s
president of the Chamber of Commerce of the State of Now
York, and John
McHugh, vice-president of the Mechanics and Metals
National Bank and
chairman of the American Bankers Association's foreign
commerce committee.
RESERVE BOARD CALLS FOR NEW METHOD
REPORTING RESERVES OF MEMBER BANKS. OF
Attention to a new method of reporting reserves of
member banks, effective Oct. 1, is called by the Federal
Reserve
Bank of New York in a circular issued under date of
Sept. 13.
At the instance of the Fedearl Reserve Board, the
Bank
announces, the reserves of banks in reserve and central
reserve cities will be calculated on a weekly average basis,
while those of banks in other cities will be calculated on
a
semi-monthly basis. We quote the circular herewith:
FEDERAL RESERVE BANK OF NEW YORK.
Circular No.207 (superseding Circulars Nos.43 and
103)•
September 13 1919.
New Method of Reporting Reserves Effectiv
e Oct. 1 1919.
To All Member Banks in the Second Federal Reserve
District:
Dear Sirs:—SInco the inauguration of the
Federal Reserve System the
reserves of member banks in this Federal Reserve
district have been calculated by this bank on the basis of monthly
averages, but in other districts a number of other plans, some
on a semi-monthly, some on a weekly
and some on a daily basis, have been
in operation. The Federal Reserve
Board now feels that the time has arrived,
after a trial of these various plans,
to follow throughout the system a uniform
balances, and has accordingly adopted method of calculating reserve
the following basis, effective
Oct. 1 1919:
For banks in reserve and central reserve cities:
a weekly average.
For banks in other places: a semi-monthly average.
Beginning Oct. 1, therefore, we will
request our member banks—
(1) In the Boroughs of Manhattan, Brooklyn and
Bronx, in New York
City, and in the cities of Albany and Buffalo,
to send us a weekly report, and
(2) In all other places to send us a semi-monthly report showing
the net
deposits each day from which the average
required reserve has been calculated.
We send herewith a supply offorms A and B for use in reportin
g. Form A
contains the report, which should be mailed to us weekly
or semi-monthly,
as the ease may be. Form B. which
indicates the method to be used in
computing reserves, is not to be mailed to us but may
be of use to member
banks in obtaining the correct figures to report on Form
A.
We have also prepared an analysis sheet by the use of which those
member banks which so desire may readily determine each
day their exact
available reserves. Copies of this analysis sheet, together with
a brief
explanation describing its operation, will be sent on request.
Very truly yours,
J. II. CASE, Deputy Governor.
1127
(NOTE—Deficient Reserves. The regulations
of the Federal Reserve
Board prescribe a penalty on deficient reserves
of 2% above our 90-day
discount rate, which is at present 43% %.
A penalty of 6 %, therefore,
for deficiencies in reserve will be calculat
ed on the basis of the above reports and will be assessed monthly.)
NEW YORK FEDERAL RESERVE BANK'S STAT
EMENT
AS TO STATES IN WHICH CHECKS MAY
BE COLLECTED AT PAR.
A statement showing the States in which checks
may be
collected on all banks at par and giving in detail
by Reserve
districts the number of member and non-me
mber banks on
which check collections may be made ar par and
the number
of non-member banks on which checks cannot
be so collected, was issued as follows by the Federal Reserv
e Bank
of New York on Sept. 17:
The Federal Reserve banks exercise the
functions of clearing house to
afford both the public and the various banks
of the country a direct, expeditious and economical system of check
collection and settlement of bal.
ancos.
The Federal Reserve Bank of New York made
a statement to-day showing
the States in which checks may be collected
.:on all banks at par and giving
in detail by Federal Reserve districts the
number;ef member and nonmember banks on which checks may be collected
at:par and the number of
non-member institutions on which checks
cannot be so collected.
. The number of banks on the par list is at
present over 21,500,of the 29,000
banks in the United States, and is steadily increasi
hg. During the present
calendar year a monthly average of more
than 330 nonrpar remitting banks
have been added to the par list, the total for
the first eightlmonths aggregating 2,757. These changes from non-par points
to par;points are taking
place at the rate of 4,000 a year. It is probable
that at least 95% of the
checks which a member bank in this district handles
would be upon banks
on the par list.
Checks are now collectible at par on all banks
in the following;Stats:e
Connecticut, Delaware, Maine, Maryland, Massachu
setts, Pennsylvania,
New Hampshire, New Jersey, New York, Vermont
, Nevada, Idaho and
Utah.
The detailed figures by Federal Reserve Districts
, as of Sept. 1, are as
follows:
District—
Boston
Now York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Banks on which
Non-member banks
checks can be collected ion:which checks canal par.
not be collected
Member.
Non-member.
acpar.
429
241
741
317
570
418
835
953
--139
572
396
1,036
427
346
1,245
1,354
3,168
968
528
1,706
913
896
1,481
1,365
1.014
2,529
727
748
334
885
680
915
151
8,904
12,803
7,471
CLOSING OF SUBSCRIPTIONS TO TREASURY GEN
TIFICATES T-9 AND T-10 IN ANTICIPATION OF TAXES.
SuGscripiions to the offering of Treasury Certificates of
Indebtedness, Series T-9 and T-10, acceptable in payment
of taxes, were closed by the Treasury Department on Sert.
10; preliminary reports, it is announced, indicating sub..
scriptions approximating $750,000,000. The offering was
referred to in our issue of Saturday last, page 1033. The
Federal Reserve Bank this week made public the following
announcement by the Treasury .Department:
Secretary Glass announced that subscriptions for Treasury certifica
tes
of indebtedness, dated Sept. 15 1919 (series T-9, bearing interest
at 4%%.
maturing March 15 1920, and series T-I0, bearing interest at
43%%, maturing Sept. 15 1920) closed at the close of business on Sept.
17. At the
time of closing subscriptions were being filed in great numbers
and amounts,
and final reports have not yet been received, but preliminary reports
indicate that the aggregate subscriptions up to the time of closing approxi
mate
$750,000,000. This magnificent response to the altered program
announced on Sept. 8 is very gratifying to the Treasury.
N. Y. FEDERAL RESERVE BANK ON EXCHANGE AND
CONVERSION OF 4% COUPON LIBERTY BONDS.
We print elsewhere in to-day's issue of our paper Treasury
Department Circular No. 158, giving the rules and regulations governing the exchange and conversion of 4% Coupon
Liberty bonds. The circular covers the question of the
exchange of the outstanding 4% bonds of the Second Liberty
Loan and First Liberty Loan Converted which have no coupons'attached for interest accruing after November 15 1919,
and December 15 1919, respectively. The Federal Reserve
Bank of New York, as Fiscal Agent of the United States,
yesterday (Sept. 19) sent to the banks and trust companies
in this district an extra copy of the Circular together with its
own circular calling attention to the particular provisions
respecting the presentation of bonds for exchange and conversion. The following is the circular issued by the Reserve
Bank:
THE CHRONICLE
f VeL 109.
dates, respectively, the 4g% bonds so issued will:be exchangeable, accord•
ing to their terms, for like bonds with all subsequent coupons attached.
not
If, on the other hand, the 4% coupon bonds now outstanding are
ly,
respective
1919,
15
Dec.
and
1919,
presented for conversion until Nov. 15
September 19 1919.
at 43i%
the bonds Issued upon conversion will not begin to bear interest
Bonds.
Liberty
Cottron
4%
of
on
Conversi
e
and
12Achang
ly, and will have
per annum until May 15 1920 and June 15 1920 respective
To all Banks, 'Dust Companies and Savings Banks
exchangeno coupons attached. The 4g% bonds so issued will likewise be
in the Second Federal Reserve District.
t coupons
all
subsequen
with
bonds
like
and after said dates for
on
able
there
that
d
announce
recently
has
nt
Departme
Dear Sirs:-The Treasury
only such
in coupon attached, but holders of 4% bonds so surrendered who receive
are approximately $750,000,000 face amoun t of4% Liberty bonds
% bonds will have received no coupon covering the 4% interest accruing
Loan
ly.
form outstanding, and as it is assumed that all holders of 4% Liberty
respective
privilege, on their bonds after Nov. 15 1919, and Dec. 15 1919,
bonds will desire to avail themselves of the present conversion
and of the
Holders of 4% coupon bonds of the Second Liberty Loan
regulations
Treasury Department Circular No. 158, prescribing rules and
bonds for conversion
issued and is First Liberty Loan converted who fail to present their
been
has
bonds,
4%
of
n
conversio
and
exchange
the
for themgoverning
before Nov. 15 1919, and Dec. 15 1919, respectively, could secure
enclosed herewith.
4% interest accruing after said dates, to
the
covering
coupops
the
selves
provisions
Important
like bonds
We particularly invite your attention to thefollowing
which they mighf be entitled by exchanging their 4% bonds for
the bonds so reset forth more fully in the circular:
.with all subsequent coupons attached, and then covering
Liberty
First
and
Loan
Liberty
Second
the
of
bonds
coupon
4%
Holders of
would put such holders
n privilege, ceived into 4 % bonds. This procedure, however,
Loan Converted, desiring to avail themselves of the conversio
ence, first, of exchanging their 4%
inconveni
the
to
bonds
coupon
4%
of
15
1919,
December
and
then of conshould present their bonds before November 15 1919
1920 bonds for like bonds, with all subsequent coupons attached,
attached, and
respectively, and receive 43% coupon bonds with the May or June
bonds verting such 4% bonds into 4g% bonds without coupons
for
dates
latter
the
after
ble
exchangea
are
which
attached,
coupon
all subsequent
finally, of exchanging such 43 % bonds for like bonds, with
with all subsequent coupons attached.
the same time impose upon the United
at
would
and
attached,
coupons
1919,
15
November
after
All 4% Liberty Loan coupon bonds presented
unnecessary expense of engraving and preparing 4% bonds with
and December 15 1919 for exchange for bonds with all subsequent coupons States the
t coupons attached.
attached will, unless otherwise expressly indicated in writing by the holder all subsequen avoid expense to the United States and inconvenience to
for
In order to
be deemed to be presented for conversion into 43 % bonds a. well as
of 4% coupon Liberty Bonds, and in order to make the necessary
exchange, and a definitive 43 % bond with all subsequent coupons attached holders for the payment of the 4% interest accruing after November 15
special provision
or
check
a
with
tcgether
1920
15
March
about
will be delivered
ed,
may be 1919,and December 15 1919,respectively, on the coupon bonds surrender
the excoupon covering the interest at 4% per annum to which the holder
begins to the following rules and regulations are hereby prescribed governing Loan
entitled up to the interest payment date from which the new bond
Liberty
Second
the
of
bonds
change and conversion of 4% coupon
bear interest at 43-1%•
, and of the First Liberty Loan converted:
and of the
As all registered bonds are in permanent form and need not be exchanged
(1) Holders of 4% coupon bonds of the Second Liberty Loan
bonds
the Treasury Department strongly urges holders of temporary coupon
who desire to avail themselves of the converconverted
Loan
Liberty
First
form.
Novemto exchange them into bonds in registered
sion privilege should present them for conversion promptly, before
Yours very truly,
be deemed
ber 15 and December 15 1919, respectively, and in that event will such conR. H. TREMAN,
upon
to present their bonds for conversion only, and will receive
Deputy Governor.
15 1919,
version bonds bearing interest at 44% per annum from November
covering inattached
coupons
with
ly,
and December 15 1919, respective
% bonds
terest to May 15 1920, and June 15 1920, respectively. The 44
TREASURY CIRCULAR REGARDING CONVERSION OF issued upon such conversion will be exchangeable by their terms on and after
all subwith
bonds
%
LIBERTY BOND 4s.
May 15 1920, and June 15 1920, respectively, for 4(
attached.
coupons
sequent
conand
e
exchang
the
ng
Liberty Loan and of the
Rules and regulations governi
(2) Holders of 4% coupon bonds of the Second
s of the converversion of 4% coupon bonds of the Second Liberty Loan and First Liberty Loan converted who desire to avail themselve
conversion before Nov.
for
present their bonds
to
date
neglect
under
but
issued
privilege,
were
sion
ed,
convert
Loan
of the First Liberty
temporarily retain
15 1919, and December 15 1919, respectively, should
that the
of Sept. 8, by Secretary of the Treasury Glass. The their
4% coupon bonds until the Treasury Department announces Liberty
points
of the First
extension of the conversion privilege,Secretary Glass
4%% coupon bonds of tho Second Liberty Loan and
are
maturity
to
interest
with coupons attached covering
out, is still open; notwithstanding the extension of the privi- Loan converted
1920),
for delivery (which it is expected will be about March 15
available
of
amount
face
n and exchange
lege, he says, approximately $750,000,000
and then present their 4% bonds promptly for conversio presented on
bonds
4% Liberty bonds in coupon form remain outstanding into such 43. % bonds. All 4% coupon Liberty
ly, for
respective
1919,
15
after November 15 1919 and December
unconverted. Attention is called to the fact that of these or
unless
into bonds with all subsequent coupons attached will,
exchange
uo
have
bonds
4%
deemed to
coupon bonds the Second Liberty Loan
otherwise expressly indicated in writing by the holder, be
and
exchange
for
as
% bonds, as well
coupons attached for interest accruing after November 15 be presented for conversion into 4%date
when the 43(% bonds with all subpending the
suspense
in
held
have
be
bonds
will
4%
ed
convert
Loan
1919 and the First Liberty
the 4%%
sequent coupons attached shall be available for delivery. With
bonds,
no coupons attached for interest accruing after Dec. 15 1919. coupon bonds issued upon such conversion and exchange of 4% coupon
special
a
receive either
They are, he states, exchangeable on and after the respective holders of the surrendered 4% bondsofwill
may
discretion
his
in
Treasury
the
an interest check, as the Secretary
and covering
dates for like bonds with all subsequent coupons attached or
prescribe, payable on the appropriate interest payment date
issued
inthe
bonds
to
up
but if presented for conversion before then the
the interest at 4% per annum to which they may be entitled
the new bonds begin to bear interest at
dates.
which
said
from
from
date
1%
payment
at
terest
interest
bear
will
43
on
conversi
upon
% per annum.
ly, 4% bonds
If, however, he states, the 4% coupon bonds now outstand- 4(
(3) After Nov. 15 1919 and Dec. 15 1919, respectiveconverted, with
Loan
ing are not presented for conversion until Nov. 15 1919 and of the Second Liberty Loan and of the First Liberty
for the 4% bonds
all subsequent coupons atttiched, will be issued in exchange
,
Dec. 15 1919 the bonds issued will not begin to bear interest for
are expressed to be exchangeable, if specifically requested
they
which
vely.
respecti
1920
15
for delivery before March
at 43% until May 15 1920 and June
but it is not expected that they will be available
it
which
of
the conversion privilege,
He adds that "the 44% bonds so issued will likewise be 15 1920. In view of the extension ofbonds
will desire to avail themselves,
all is assumed all holders of 4% Liberty
exchangeable on and after said dates for like bonds with
all subsequent coupons attached
with
bonds
preparing the 4%
of
work
the
so
bonds
4%
of
bonds with all
subsequent coupons attached, but holders
has been subordinated to the work of preparing the 4%%
•
surrendered who receive only such 4M% bonds will have subsequent coupons attached.
Loan and of
Liberty
Second
on
Important.-The 4% registered bonds of the
not be exreceived no coupon covering the 4% interest accruing
Loan converted are in permanent from and need
Liberty
First
the
respectnow outstanding are.
their bonds after Nov. 15 1919, and Dec. 15 1919,
changed for other bonds. Holders of4% coupon bonds
into
exchange
y
their coupon bonds for
vely." The following is the circular issued by Secretar therefore, strongly urgedoftoforpresent
coupon bonds with all subsequent coupons atregistered bonds instead
Glass:
receive registered bonds upon exNo. 137, dated tached, and in that event will promptly
conversion
Under the provisions of Treasury Department circular
Holders of such 4% coupon bonds who present them or
privichange.
the
1919,
10
June
ted
supplemen
and
receive registered
March 7 1919, as amended
Loan and as well as for exchange into registered bonds will promptly
payment
interest
the
lege of converting 4% bonds of 1927-42 of the Second Libertyinto
% 434% bonds, bearing interest at 4%% per annum from
4% bonds of 1932-47 of the First Liberty Loan converted and ending date next succeeding the date of presentation for conversion, in accordance
1919,
7
March
beginning
bonds was extended for the period
Any 4% interest acon six months' with the terms of the extended conversion privilege.
to which
on such date as may be fixed by the Secretary of the Treasury
cruing after November 15 and December 15 1919, respectively,
registered bonds
public notice.
into
so surrendered for exchange
bonds
such
of
holders
to
the
Pursuant
force.
in
now
is
This extension of the conversion privilege
n are deemed, for may be entitled, will be paid to the holders by check.
or
its terms, 4% Liberty bonds presented for conversio
The coupon bonds without coupons attached, presented for exchange by
to be converted on
payable,
interest
of
amount
the
g
computin
of
must be exchangeable
the purpose
the date of presenta- conversion under the provisions of this circular
attached.
coupons
the semi-annual interest payment date next succeeding
t
per annum to their terms for like bonds with all subsequen
coupon Liberty bonds
tion for conversion, and interest is payable at the rate of 4% Accordingly,
Rules and regulations governing the exchange of
date.
with appropriate forms
such next succeeding semi-annual interest payment
maturing on for like bonds with all subsequent coupons attached, Department circular
coupons
all
n,
conversio
for
presented
are
bonds
coupon
Treasury
when
be detached and will be prescribed in due course in a further
or before such next succeeding interest payment date must
bonds issued upon which will shortly be announced.
or amend at any time or
collected in ordinary course when due, and the coupon
withdraw
may
Treasury
The Secretary of the
annum only from such
conversion bear interest at the rate of 4g % per
provisions of this circular.
respects the respective from time to time any or all of the
other
In
date.
payment
of the Treasury.
interest
al
Secretary
semi-annu
CARTER GLASS,
tho coupon bonds
coupon bonds issued upon conversion are identical with
privin
conversio
original
the
before
issued upon conversion of 4% bonds
"WORK AND SAVE CAMPAIGN" URGED BY ATTORlege expired, on Nov. 9 1918.
approxiNotwithstanding the extension of the conversion privilege,
NEY-GENERAL PALMER AT 8TATE
reform
coupon
in
mately $750,000,000 face amount of 4% Liberty bonds
Liberty
Second
the
FOOD COST CONFERENCE.
bonds
coupon
these
main outstanding unconverted. Of
accruing after Nov.
ce called by Governor Smith to consider
conferen
The
Loan 4% bonds have no coupons attached for interest
bonds have no coupons
15 1919, and the First Liberty Loan converted 4%
ating the work of State and Federal agenco-ordin
of
means
dates,
said
after
and
_attached for interest accruing after Dec. 15 1919. On
for
terms,
their
cost of living met at Albany on Sept.
to
the
g
according
ble,
reducin
cies in
respectively, these bonds are exchangea
for conwas Attorney-General A. Mitchell
speaker
l
like bonds with all subsequent coupons attached, but if presented
principa
The
17.
n will bear inversion before said dates, the bonds issued upon conversio
the Governuaent's campaign
ing
conduct
is
who
and,
ly,
Palmer,
respective
terest at the rate of 4%% per annum from said dates,
conupon
ring rte arraigned Ithe 14r
issued
ng
!profitee
outstandi
against high prices and
llke other 43(% coupon Liberty bonds now
interest accruing
in "c onspiracyto control
jare
d
'declare
version of 4% bonds, will have no coupons attached for
'he
who
packers,
meat
after said
after May 15 1920, and June 15 1920, respectively. On and
Circular No. 209.
FEDERAL RESERVE BANK
OF NEW YORK
SEPT. 20 1919.]
THE CHRONICLE
the table of the American citizen" and who besides 75%
of the meat produced and distributed in America "control
in sufficiently large proportions to be a menacing factor to
the people, nearly all of the substuitutes for meat which
go on the American table," namely, butter, eggs, cheese
and rice. Mr. Palmer emphasized the great need of economy and thrift, lack of which he said was in large measure
the reason for abnormal prices. "Our people," he said,
"seem to be engaged in a perfect saturnalia of extravagance.
. . . they hare entered upon an era which is nothing
less than an orgy of extravagant expenditure." He urged
that the people "start and push to a finish a.'Work and
Save' campaign . . . to stop extravagance and idleness." "Ask your preachers to talk it from the pulpit."
was his admonition, "ask your teachers to say it in the
schools, ask your Chamber of Commerce to advertise it."
Regarding remedial measures in connection with the fight
against high prices Mr. Palmer spoke as follows:
I do not know whether you agree with it but I think there are two things
which are vitally important that ought to be upon the statute books. The
first is that every article that goes into storage ought to carry the date at
which it goes in, plainly stamped upon the product, and also the price at
which it goes in so that when it comes out and enters the channels of trade
the consumer will know how old it is and how much it was worth when it
started to go on its career.
'The second thing: I think that every necessity of life which is in a form
which will permit it to be done should have plainly marked upon it the
selling price when it left the manufacturer or the producer. I tell you,
my friends, if you walk into a shoe store to buy a pair of shoes and pick up
a shoo and find upon its sole plainly stamped 'this shoe cost when it left the
producer $3 75,' I will be damned if you will pay $18.
The need of peace—industrial peace, as well as political
peace—was also brought out in Mr. Palmer's speech. On
this point he said:
1129
Fair Price committees further said that "if in the judgment
of the committee a price is too low, it should not be touched.
It is only prices which are too high with which we are concerned. It is of the utmostlimportance that prices:be lowered, and the co-operation of every agency, State:andlFederal,
is earnestly desired to procure ,this result." lItegarding the
ascertainment and determination of a _reasonable :charge
the Attorney General said "the _original cost is one factor
to be considered, the replacement value is another, and all
the facts and circumsta,ces surrounding ithe (transaction are
proper elements entering into.;,•the problem." TheDnessage
in full follows:
Washington, Sept. 4.
To All Fair Price Cornmittees:—Reports have come to the department
from a few places that fair price committees have raised prices. The purpose of this campaign is to reduce the cost of living, not to increase it. Fair
price committees should not at any place, or under any circumstances.
increase prices. If in the judgment of the committee a price is too low, it
should not be touched. It is only prices which are too high with which we
are concerned.
A further question has been raised as to whether the current sale price
should be based on original cost or replacement value. Under the Food Administration original cost was the test. The regulations, however, have
been rescinded, and we now merely have left the statutory prohibition
against any unject or unreasonable charge. This is a question to be decided by the court in any particular case. In ascertaining what is a reasonable charge the original cost Is one factor to be considered, the replacement
value is another, and all the facts and circumstances surrounding the transaction are proper elements entering into the problem. Fair price committees must use their beet judgment in such cases, without narrowing the
question to any one factor.
It is of the utmost importance that prices be lowered, and the co-operation
of every agency, State and Federal, is earnestly desired to procure this
result.
A. MITCHELL PALMER,
Attorney General.
In.
..making public the above, Attorney General Palmer
gave out a memorandum relative to a conferen.coo
mittee of governors, representing the National Conference
of Governors recently held at Salt Lake City, with President
Wilson and himself, on Aug. 29. The memorandum which
is practically a_summary of the progress made by the Federal
Government in itssampaign to curb the cost of livingiAT
that it had been agreed at the conference,that_thelgovern.ors
of all the States should work in harmony with the Federal
Four propositions were agreed upon at the Conference to Food Administrators who are commonly theichairmen of
the main Fair Price committees. It also said that apparently
aid in the food cost campaign. They were:
The creation of a clearing Muse comprising the State superintendent of the "high peak in prices" has been passed and "that the
banks, and State commissioner of health and the State commissioner of downward tendency has set in." The memorandum of
farms and markets to secure co-operation between these departments for
the Attorney General referring to the aforementioned conthe enforcement of already existing laws that may tend to reduce the cost
ference follows:
of living through the release of surplus cold storage holdings.
What the world most needs, it seems to me, to bring about proper results
in those lines is peace, and not political peace alone, not the kind of peace
that everybody is talking about at Washington, though that is vitally
necessary. We should some time soon get to an end of discussion and have
the world's war stopped forever. But there must be peace and industry and
that peace can be had if our authorities, State and local and'national everywhere, make industry understand that its problems arc being worked upon
in the way that the fathers intended all problems to be solved, and that they
will be solved in the common interest of all, and in the meantime an armistice must be carried forward—and—kept in effect. We can do much to bring
about that kind hf a temporary peace, at least.
The following was agreed upon:
That every agency of the Federal and State Governments should co-operate in the campaign. An essential feature of the campaign is the ascertainment of prices that are fair. These may differ somewhat in different communities, and therefore local fair price committees are necessary. The
Governors were notified that the Government had already invited the former Food Administrators (who, it is understood, were appointed tilion7fie
recommendation of the Governors) to organize such committees. --tre7;
were selected because of their experience with the similar committees during
the Food Administration. Pursuant to this request committees have beeii;
and are being, organized in all the States except Illinois, Maine, Ma
-WThe first proposition for a clearing house comprisin—gg e land, Kansas, Michigan, Missouri, New Hampshire, IthochrIsl, Utah,
three State commissioners was recommended in a report Vermont and Wyoming. In the other States, with one or two exceptions,
the work is in charge of the Federal Food Administrators. The excepsubmitted by former Governor Martin H. Glynn and John tions
are in those States which had a State organization with which the
H. Finley, Commissioner of Education who were recently Department of Justice has formed a working arrangement. These fair
appointed by Governor Smith a special committee to in- price committeemen are serving without compensation.
those States in which an organization has been perfected the Governvestigate the cost of living. It was explained in Albany orsInare
requested to invite the Federal Food Administrator into conference
advices of Sept. 17 to the N. Y. "Times" as follows:
so that an effective plan of co-operation and athorough understanding may
be reached. In those States in which no organization has been perfected
The object of the plan, which the Governor said he would put
into effect
the Governor is requested to recommend to the Attorney-General a suitable
immediately, is to enable the authorities to check up the amount and
charperson who can represent both the Federal and State authorities in the
acter offood in storage through the warehouse receipts upon which
the banks
organization of fair prices committees, such person to be known as Fair
and trust companies loan their money. It is suggested that the
superinPrice Commissioner.
tendent of banks can through special reports made to him, bring
to light
The jurisdiction of the Fair Price Committees will include foods, feeds,
the operations of profiteers and food hoarders, who may be punished
under fuel and wearing apparel. Whether
all of these subjects shall be investithe present laws. The commissioners conclude that if the three
state gated
is a matter for each local committee to determine for itself according
departments are co-ordinated, and if in this work the aid of the
Federal
Reserve Board can be obtained, a "potential agency for reducing the cost to its own requirements, although in the larger cities it is hoped that the
activities of the committee will cover the entire subject, and doubtless the
of living will be created."
Chairman in such communities will appoint sub-committees dealing with
The appointment of State Superintendent of Banks, the different
commodities.
George I. Skinner, Health Commissioner Herman M. Biggs
It is suggested that on every committee there should be a wholesaler and
and Farms and Markets Commissioner Eugene H. Porter a retailer, a representative of organized labor, of the housewives and as
many representatives of
community at large as the local Chairman may
as a Food Control Clearing House Committee was an- consider advisable. It isthe
important that the committees be so constituted
nounced by Governor Smith on Sept. 19.
as to command the confidence and respect of the community. Dealers
should be invited to accept the prices suggested by the committee, and the
consumers should be urged to insist upon these prices or refuse to buy.
ATTORNEY GENERAL PALMER WARNS FAIR PRICE
"Make profiteering unpopular," should be the motto of the campaign.
At present the law does not punish the individual profiteer and does not
COMMITTEES AGAINST ADVANCING PRICES
include wearing apparel within its prohibition. Amendments have already
—CONFERENCE OF GOVERNORS WITH
Passed the House and are now pending in the Senate to remedy these two
PRESIDENT.
defects of the Act. If and when these amendments are adopted profiteerAs a result of information received by the Department of ing, either individually or collectively, in any of the commodities above
named will be a Federal offense and subject to prosecution by the DepartJustice indicating that local Fair Price committees in a few ment of Justice.
All United States attorneys and the Bureau of Investigation of the Deplaces have raised the prices of necessaries, Attorney General
partment of Justice are at present actively engaged in this campaign and
Palmer in an official communication sent out on Sept. 4 are
anxious to co-operate with the fair price committees and the State auannounced that "Fair Price committees should not at any thorities.
was recognized as fundamental that permanent relief must come
It
place or under any circumstances, increase prices." The
normal channels. That there must be united effort to secure the
message which was sent in the form of instructions to all through
maximum production from the farm, forests, fisheries, and factories
Investigation of the proposal submitted by Jerome B. Cooper, Jefferson
county district attorney, who suggested a special session of the legislature
to enable an amendment to the general business law and which would Make
the taking of excess profits a misdemeanor. A net profit of 25% is fixed.
A statewide campaign to amalgamate pub'ic opinion as the governing
force in backing up the work of fair price committees to be appointed
every community in the State.
To stop idleness and curtail extravagance through the inauguration of a
"Work and Save" campaign which ultimately would result in the
adjustment of the now existing diference between supply and demand.
1130
THE CHRONICLE
that there must be economy of consumption; that there must be care exercised in purchasing commodities.
The widest publicity of the progress of the campaign is important.
It is believed that the high peak in prices is passed, that the downward
tendency has set in, and that co-operation of all Federal and State efforts
will bring about a gradual return to a normal basis and enable us to avoid
the economic perils that now confront the country.
There are no funds available to compensate the members of the fair price
committees. In fact, it is exceedingly doubtful whether in any case they
are men who would accept compensation. There is a very limited fund,
however, from which some clerical assistants may be provided. In those
States where such assistance is indispensable, the names of the employees
the positions to be filled, and the salaries to be paid should be furnished the
Department of Justice so that appointments may be made here if it is found
possible to do so.
The above memorandum was sent to all fair price committees it was stated at the time of its issuance. The
Committee of Governors—seven in number—which conferred with President Wilson and Mr. Palmer on Aug. 29
was composed of F. D. Gardner, of Missouri, Chairman;
Thomas E. Campbell, Arizona; C. E. Milliken, Maine;
J. A. A. Burnquist, Minnesota; William C. Sproul, Pennsylvania; R. A. Cooper, South Carolina, and Lieutenant Governor W. W. McDowell, Nevada, representing Governor
Stewart.
Following the conference members of the Committee were
reported to have predicted a 25% reduction in prices of
necessaries before the winter. They went into executive
session in Washington and thereafter gave out a statement which said:
[VOL. 109.
I happened to be in New York that day,and when we talked of the loss in
car fares it is only a very small part of it. The real loss came from the fact
that the whole city of New York was tied up practically for twenty-four
hours and the wheels of industry in every line of endeavor had to shut down
when the car line shut down.
No patriotism is just as necessary to-day as it was when the fighting was
actually going on. About that I think there can be no question. It needs
care and treatment more than it did during the war. Everybody was excited at that time and we were prepared to meet anything that came. Now
the general popular belief is that the war is over and conditions will automatically cure themselves in a short time. That we know is impossible.
Now, the thing is, are we able in this State, are we big enough, are we
patriotic enough, have we got enough force, to be able to cure the situation.
It will require sacrifice from every citizen, but it is a sacrifice in the interest
of the whole people in the finish.
Governor Smith was followed by James P. Holland,
President of the N. Y. State Federation of Labor, who said
that "no body of citizens of this State would welcome more
heartily a condition of affairs that would obviate the necessity for strikes than those assembled in the labor organizations that compose the New York State Federation of Labor."
The plan for the State labor board as proposed by Governor
Smith was reported in the N. Y."Sun" in a special dispatch
from Albany as follows:
The idea of the Governor, as outlined by him during the conference, is to
have the memders of the board spend most of their time in Albany and be
prepared to go immediately to any part of the State where industrial disputes may be pending, with the object of bringing together employees and
employers and preventing strikes. The board will serve without pay and
will be without the backing of any statute law, but the Governor said that
he proposed to place behind it every moral resource of his office and of the
After our meeting with the President and the Attorney-General certain State.
"I propose, if possible," he said, "to make certain that when a majority'
facts are clear:
First—That all the people of the nation and all organizations should of the board has spoken the decision will be observed. To a largo degree
Immediately co-operate for the purpose of increasing production of the the present high cost of living can be attributed to the fact that there is a
serious shortage of the commodities that people need in their everyday
necessaries of life.
Second—That economy in consumption and care in purchasing the neces- life, and this is due in no small part to lack of production. Strikes hinder
production just in proportion to the time lost by the workers who strike,
saries of life are equally important with production.
Third—That every agency of the Federal and State Governments should and there is not a single one of these disputes which cannot be settled before
they mean a decrease in production."
co-operate forthwith to prevent profiteering.
The Attorney-General has assured us he will pursue, under existing and
The same advices also said:
proposed laws, all profiteers.
The conference lasted more than four hours and was attended by repreThe suggestion of the Attorney-General that a fair price commissioner
be appointed in each of the States, and fair price committees in the different sentatives of the State Reconstruction Commission, who suggested the idea.
localities of the States, upon the nomination of the Governors, was indorsed. besides the representatives of capital and labor. Among those present who
While the Attorney-General expressed a desire to rely upon the assistance participated in the discussion were Charles Bernheimer of the New York
of community efforts in the direction of the elimination of profiteering, Chamber of Commerce, Allen E. Beals of the Building Trades Employers
through local fair price committees, he gave assurance that when such efforts of New York, T. lIarvey Ferris of Utica, Otto M. Eidlitz of New York.
were not forthcoming and results were not satisfactory his Department Edward A. Keller of Albany, president of the State Association of Builders;
R. J. Caldwell of New York, Industrial Commissioners James M. Lynch
will handle these questions directly.
The Attorney-General was assured that every State agency which could and Francis Perkins and Charles P. Steinmetz of the Generla Electric
Company
of Schenectady.
be of service in this emergency was placed at his command and he was at
One unusual feature of the conference was a speech by Charles P. Steinliberty to call for any information and assistance he desired from the
metz, known as the electric wizard, who represented the General Electric
State authorities.
He is a socialist.
The National Association of Attorney-Generals at its Company.
"I am a Socialist because I believe that, in years to come capital will be
12th annual session at Boston on Sept. 3 adopted a resolu- unnecessary," declared Mr. Steinmetz. "But now, and for a long time
tion looking toward giving the effective assistance of the hence, both capital and labor are necessary. IL is our duty to bring these
natural enemies together.
fail
Association to the Federal Attorney-General in his campaign is no doubt which one." If we in this one of them has to go,and there
against high prices. It provided for the appointment by its
President of a special interim committee of five, of which he
shall be a member and ex-officio its Chairman, "to propose
uniform legislation for the purpose of preventing the taking
of extortionate and unreasonable profits in the sale and furnishing of food, clothing and other necessities of life; the
curbing of profiteering and the effecting of a general reduction
of the high cost of living."
It also provided that the committee meet at the earliest
possible time "at some convenient city, to take up its labors
and, if found expedient, meet with the United States Attorney-General at Washington, D. C., for the purpose of
working out plans for co-operation along the lines indicated
between the State and Federal authorities."
STATE LABOR BOARD TO PREVENT STRIKES THE
RESULT OF CONFERENCE OF CAPITAL
AND LABOR.
A labor arbitration board, composed of three members
representing the employers, three the employees and three
the people of the State,was agreed upon as the most practicable means of preventing strikes and lockouts, riy the conference held at Albany on Sept. 16 at the request of Governor Smith. There were present representatives of capital,
labor and the public. The Governor in addressing the conference spoke of the imperative need of increased production
to replace the material losses of the war, saying: "Now patriotism is just as necessary to-day as it was when the fighting
was actually going on. . . It needs care and treatment.
. . It will require sacrifice from every citizen, but it is
a sacrifice in the interest of the whole people in the finish."
He was quoted in part as follows:
Shortly after the conference ended, the State Federation
of Labor submitted the following list of candidates for members of the Labor Board:
James P. Holland, State president; Charles Shay, Emanuel Kovellesky,
William Kehoe, Nellie Kelly, Joseph Mullaney, Joseph E. Kahne, Peter G.
Brady, John Imhoff, George King, Theobald Guerem, Edward A. Bates,
Thomas D. Fitzgerald, W. D. Ferguson, Martin Schiberling, John T.
O'Brien, J. M. Hanlon, J. M. Lynch', Paul McNally, Michael Collins.
Charles Burns, Charles J. Cullen, J. J. McKenna, Hugh Frayne and Edward J. Deering, all representing various labor unions in the State.
PRESIDENT WILSON'S CONFERENCE WITH LABOR'
LEADERS OF THE NORTHWEST.
President Wilson, while in Seattle on Sept. 14 on his
Western tour, in behalf of the League of Nations, held an
hour's conference with labor leaders of the Washington State
Federation. of Labor, at the request of the latter. The
labor men set before the President, it was reported, the
causes of the labor unrest in their State, among which the
chief was said to be profiteering and high prices. The request for a meeting was made to President Wilson some
days before he reached Seattle, and it was announced there
on Sept. 11 that the President had made known he would
see the labor leaders when he reached that city. The
meeting was reported in staff correspondence from Seattle
on Sept. 14 to the New York "Tribune" as follows:
Labor leaders of Seattle and the State of Washington, with James A.
Duncan, an extreme radical in the delegation, spent an hour with President
Wilson at the New Washington Hotel this afternoon between 2 and 3
o'clock and urged that the Federal Government, if it.,wishes to allay industrial unrest, take immediate steps to curb the operations of the profiteer.
L. W. Buck, Secretary and Acting President of the State Federation of
Labor, told the President that labor leaders were put in jail while profiteers
were allowed to go on making profits.
The delegations consisted of Mr. Buck, Mr. Duncan, who is Secretary
of the Central Labor Council of Seattle, and C. R. Cottrell, Secretary of the
There is no question about the fact, that as long as we quarrel among State Triple Alliance, which includes railway men, laborers and farmers.
ourselves it puts the period of relief just that many months or years away.
The conference afterward was described by one of those present as "unNow I hold that there is not a single one of these disputes that cannot exciting." Mr. Buck did most
of the talking. lie called the attention!of
be settled before they mean a decrease in production. The strike on the the President, and said that profiteering
was at the bottom of it that while
railroads in New York only lasted a single day,and if there were some means the laboring man was obtaining high wages the cost of living
ate it all up.
or some method of bringing these men together before the precipitate
Mr. Buck told of the resentment of laboring men over the imprisonement
trouble, just look at what that would mean to New York.
ment of their reprebentatives on charges of seditious activity, and brought
SEPT. 20 1919.]
THE CHRONICLE
up the cases pf Deb% Mooney and Billings, but it is understood that he
did not bring up the cases of Hulett M. Wells and Samuel Sadler, Seattle
men locked up on McNeil Island near Seattle, charged with sedition.
The President told the delegation it was easier to bring forward grievances
than it was to supply remedies. The threatened nationwide strike set for
Oct. 8 out of sympathy for Thomas J. Mooney was discussed and it is
understood that the President advised the delegation to defer strike accion
until after Oct.6, the date set for the industrial conference in Washington.
The activity of the labor leaders is ascribed by Seattle business men to
the President's utterances in his Billings, Mont., speech, when Mr. Wilson
said:"God speed the agitator so long as there is a wrong to correct."
Duncan was a prominent figure during the big strike in Seattle last Feb-.
ruary, when Mayor Ole Hansen used summary measures to suppress the
I. W. W.
In reporting that other requests for conferences had been
received by the President from labor men, press dispatches
of Sept. 15 from on board the President's special train said:
Prompted by the success of radical labor leaders in Seattle, where three
such leaders obtained a conferece with President Wilson, the first of the
kind since the President left Washington, labor leaders in many cities along
Mr. Wilson's itinerary in California, Nevada and Colorado are sending
requests to the President for dates to discuss unrest and the high cost of
living.
1131
the Executive Council. to proclaim the existence of a national emergency
whenever, in his judgment, such course is necessary to protect the welfare
of the Government and people of the United States, and by authority of his
proclamation he shall have power to suspend specifically mentioned strikes
until the period of the National emergency has ended. The President of the
United States shall officially state the terms under which the strike or strikes
shall be suspended, and such terms shall be binding upon the employers and
employees involved. The President and Executive Council shall co-operate
with the President of the United States in'reaching an agreement for enacting into law measures for the punishment of violatorslof this provision.
Sixth Proposition—No general strike involving more than a single industry, and tending to cause hardship to the public, shall be ordered by any
authority othe• than that of the Executive Council of the A. F. of L. No
general strike in a single industry shall be ordered without the unanimous
endorsement of the Executive Council of the A. F. of L.
Seventh Proposition—The Executive Council shall have power to remove
from office, for cause, any elected or appointed officer of any International,
or of any State federation, or local union, or affiliated organization, and such
removed officer may not again hold any office whatever in any body affiliated
with the A. F. of L., except through the relief of his incapacity by the
Executive Council, or through the order of a National Convention.
The statement accompanying the above said:
The United States is confronted by a perilous situation which is without
precedent, and if industrial conditions are not very soon changed for the
better there will be widespread misery among the people of the United
States and those of the war-stricken European countries.
The situation is so serious that the foundations of our free democratic
form of government are threatened. In our opinion the one way to relieve
the world of its troubles is to provide Europe with the goods and machinery
necessary to reconstruct her demolished industries, give employment to
her hundreds ofthousands ofidle men,and set her on her feet economically.
The principal trouble in the United States is caused by the high cost of
living, which in its.ttun is due to the lack of all commodities sufficient to
meet the demand. The best thought of the country is unanimously of
the opinion that the cost of living can be reduced only through intensified
increased production—production so abundant that not only the needs of
our own country but the needs of the Europeans who have not the machinery
to produce for themselves may be met with the greatest possible speed.
No thoughtful man will deny that production in the United States has
been retarded very largely by labor strikes. We will not deny, in fact.
we unhesitatingly affirm that very many strikes were necessary to bring
unjust employers to terms, but we also strongly assert that there have been
a great many strikes which were uncalled for and which should not have
been ordered. We hold that during these dark times the union which
goes on strike without Provocation of the most extreme nature is guilty
of moral treachery to the Government and people of the United States
and of inhuman conduct toward the struggling people of Europe's helpless
countries.
Strikes which are not provoked by unbearable conditions are always the
result of hot-headed action on the part of unions, or of incompetent bungling
leadership, or of the efforts of agitators of the Socialist-I. W.W.-Bolshevist
type. So many unjust and unnecessary strikes have been called since the
armistice was signed that they are largely responsible for the decreased
production which is keeping the cost of living high and cutting the value
of wages in half.
This being the case, we recommend to the President and executive council
that they exercise all the power they possess either morally or under trade
union laws, and take steps immediately to cancel and suspend all strikes
now in progress in the United States, and to prevent the calling of future
strikes except in such circumstances as, in the opinion of the President
and executive council. render it imperatively necessary to use the strike
weapon; that the truce shall be on the basis of the status quo; that the
period of the truce shall be during such reasonable time as President Wilson
may require to effect a reduction of the cost of living.
We further recommend that any and all trade unions which cannot be
reached and punished by the constituted authority of the President and
executive council, and which refuse to be bound by the spirit of the truce,
be branded by vote of the executive council as traitors to the cause of trade
unionism and to the people and Government of the United States.
That notice be served on all employers that any individual, firm or corporation which attempts to take advantage of organized labor's attitude
to serve its own interests at the expense of labor,shall be branded as a public
traitor and declared the perpetual enemy of labor with whom there shall
never be a compromise or agreement.
Only such action as we have recommended can, in our opinion, result
In the increased production without which the industries of the country
cannot resume their prosperity and the cost of living cannot be reduced.
URGE THAT PRESIDENT BE MADE MEMBER OF
AMERICAN FEDERATION OF LABOR WITH
POWER TO SUSPEND STRIKES.
An amendment to the constitution of the American Federation of Labor, whereby the President of the U.S."shall automatically become a member of the A. F. of L.," and with the
consent of four members of the Executive Council of that
organization shall have power in a period of National emergency to suspend strikes, is one of the seven propositions submitted by John F. Pierce and Isadore Epstein, chairman and
secretary, respectively, of the League of A.F. of L. Members
for Partnership and Industrial Democracy, to Samuel
Gompers, President of the Federation. It will be recalled
that Messrs. Pierce and Epstein, following their report, as
a special committee of the N. Y. State Federation of Labor,
in which they urged the suspension of all labor strikes not
"imperatively necessary" for a period of six months and declared "it is labor's duty and should be its pleasure to produce
as much in 8 hours as it formerly produced in 10" were removed from the committee by James P. Holland, President
of the State Federation, who said the committee, which had
been appointed by him "to discuss the high cost of living"
had "overstepped its bounds." The committee's report appeared in the "Chronicle" .of Sept. 6, pages 935 and 936.
Subsequently, Messrs. Pierce and Epstein wrote a letter to
President Holland defending their advocacy of the plan to
suspend strikes, stating that they would continue to urge the
adoption of the plan set forth in their report. (Chronicle,
Sept. 13, page 1035). In accordance with their expressed
intention they have formed the League of A.F.of L. Members
for Partnership and Industrial Democracy,referred to above,
and in behalf of the League whose membership is already 30
unions, they have submitted to Samuel Gompers the 7 proposed amendments to the constitution of the Federation of
Labor.
Besides the amendment already cited there is another suggested to authorize the President of the Federation of Labor
by proclamation to suspend any or all strikes affecting the
public welfare. In their petition to Mr. Gompers, Messrs.
The report made to the President of the State Federation
Pierce and Epstein state "that production in the U. S. has
of Labor recently, urging suspension of strikes, was rebeen retarded, very largely by labor strikes."
They
condemn the "many unjust and unnecessary strikes" pudiated by the Central Federated Labor Union, a local
that have been called since the signing of the armistice and labor organization, in a resolution which the delegates
say these "are largely responsible for the decreased production adopted unanimously at a meeting on Sept. 12.
which is keeping the cost of living high and cutting the value
of wages in half." They therefore repeat the recommenda- MEAT PACKERS AT ANNUAL CONVENTION OFFER
CO-OPERATION WITH GOVERNMENT—OPPOSE
tion that the officers of the Federation of Labor "take steps
FEDERAL LICENSING LEGISLATION.
immediately to cancel and suspend all strikes now in progress
in the U.S. and to prevent the calling of future strikes, except
The Institute of American Meat Packers at its first annual
in such circumstances as ....render it imperatively necessary convention, in Atlantic City, adopted resolutions on Sept. 16
to use the strike weapon." The amendments to the constitu- offering to co-operate with the Federal Government in
tion of the Federation pof Labor offered by Messrs. Pierce and sifting the truth of charges against certain packers which are
Epstein were made public on Sept. 16, and are:
now being investigated by Federal attorneys in Chicago,
First Proposition—The President and Executive Council of the A.
F. of L. and urging that a "thorough investigation of the problems
shall be elected by direct vote of the membership, instead of by
delegates to of the producer, packer and distributing agencies . . .
annual conventions. All executive, legislative and administrative
officers
be made" before enactment of such legislation as the Kenyon
of Internationals, State Federations and local unions shall be elected in
like
manner.
and Kendrick bills for Federal licensing of the packing inSecond Proposition—Secrecy of the ballot shall be insured by adoption
of dustry. The resolution in which the members
of the Institute
what is known as the Australian Ballot Law.
offered to aid the Government in its Chicago probe, was as
Third Proposition—No salary shall be paid to any local union official
during the pendency of a strike by his union.
follows:
Fourth Proposition—The President of the A. F. of L.shall have authority
to suspend any strike or all strikes by proclamation whenever in his judgment
the welfare of the Government or people of the United States or of any State
or municipality requires such action.
Fifth Proposition—The President of the United States shall automatically
become a member of the A. F. of L. without vote, and an advisory member
of the Executive Council without vote, and remain such during his term of
office. Ile shall have authority, bY and with the consent of four members of
The United States Department of Justice has recently instituted in Chicago criminal prosecutions, the ostensible purpose of which is to ascertain
the truth as to certain charges against members of the packing industry,
and it is believed by the meat packers of this country that such charges
are utterly unfounded; therefore, be it resolved, that the members of the
Institute of American Meat Packers hereby offer to the properly accredited
officials of the United States Department of Agriculture all possible aid and
co-otaeratiou in its efforts to ascertain the truth as to these charges, to th
•
1132
THE CHRONICLE
end that the public may be given, the actual truth as to the worth and
economic soundness of the meat-packing industry.
The resolution against Federal regulation of the packing
industry declared that the principles of the Kenyon and
Kendrick bills were "impracticable, un-American and destructive of the efficiency and successful operation of one
of our country's most important industries." It further
says:
[VOL. 109.
Having won its fight for the repeal of the daylight-saving.law, the national Board of Farm Organizations, through the twenty or more organizations united with it, is going to make an intensive drive for the right of
collective bargaining, Every representation and every Senator will be
tabbed, card indexed and canvassed.
All will be told that the farmers, irrespective of party inclinations end
affiliations, expect them to vote right on matters affecting agriculture.
MISSOURI FARMERS' ASSOCIATION'S ATTITUDE
TOWARDS LABOR'S AND TRAINMEN'S DEMANDS.
FARMER SCAPEGOAT OF CONDITIONS.
The declaration that they "look with profound alarm upon
the disposition of certain classes of organized labor to threaten
and terrorize the Nation, because, forsooth, the present
high cost of living is not to their liking" is contained in a
The author of the above resolution, Thomas E. Wilson, resolution adopted by the Missouri Farmers' Association at
who is Chairman of the Institute of American Meat Packers, its annual convention, held at Sedalia on Sept. 2, 3 and 4.
•
issued a statement on Aug.30 at the request of the Institute, The resolution says:
living costs are high we frankly admit—and yet considering that.
in which he set forth five things needed to aid the public in forThat
four long year the entire civilized World has been engaged In a stusecuring the cheapest meat prices and treat the packers pendous
effort of destruction rather than production—these things are
fairly. These are:
not to be wondered at. But when in such circumstances Labor insists
That before Congress undertakes to enact any such radical, revolutionary
and destructive legislation, a thorough investigation of the problems of the
producer, packer and distributing agencies should be made by an unfettered,
unbiassed and non-partisan economic commission—a commission which will
perform its duties, without any thesis in mind which it wishes to prove,
and which commission can and will discover what abuses and evils, if any,
exist in the industry,and what remedies,if any,are essential to correct them.
In such an undertaking the Institute of American Packers hereby pledges
its earnest and active co-operation, with Congress or any agencies which
may be authorized to conduct such an inquiry.
1. An accounting commission, composed of recognized, certified public upon resorting to tha ptrike—thus adding to the paralysis and confusion and
accountants, divorced from politics, to audit the packers' books every year •still further curtailing the efficiency of industry—it makes a bad matter
and make public an understandable report. Any transgression discovered worse and we submit that as law abiding citizens they have no moral or
should be punished under the Sherman Act, the Clayton Act and other legal right to visit such calamity upon the rest of society.
corrective laws already existing.
Stating that "the Missouri Farmers' Association
2. A non-political investigative body to examine the Meat industry from
calf to steak, and give out the facts ascertained, with recommendations for friend of organized labor so long as its demeanor deserves
improvements.
the approval of men who have in view not merely the just
3. An advisory conference committee, comprising both packers and producers, with consumers and the Government both represented, try to rights of all useful members of society but who also believe
stabilize somewhat the relation between supply and demand; that is, to that they are the custodians of the Nation for the children of
try to anticipate the demand for meat products and influence the production rich and poor who will be compelled to abide here after the
and shipment of livestock accordingly.
4. A definite determination as to whether producers and other groups present generations have passed from the scene of action,"
are hurt or helped by packers' interest in'stockyards. If such interest is the resolution continues in part:
helpful, it should be continued; if hurtful, it should be eliminated.
But notwithstanding this friendly attitude on the part of the termer, we
5. Some special agency, composed of recognized economists, to report beg to remind the lenders of Organized Labor that this
is a Republic "of,
on the causes of the high cost of living.
for, and by the people"—and that so long as this remains true the Nation
cannot and will not submit to the arrogance of a class or classes who assume
to tell the Government and the rest of us what we may or may not do.
As a direct case in point, we resent the recent demand of the Railway
FOOD RATIONING RESTORED IN GREAT BRITAIN— Trainmen
that the Railroads of the Nation be turned over to the employees
BEEF PRICES UNDER CONTROL.
on a profit sharing basis. To begin with, such a proposal would involve
Washington dispatches of Sept. 8 reported the receipt of a an added National debt of something like 20 billions of dollars on top of
the vast debt which we have inherited as a result of the great World war.
cablegram from the American Consulate-General at London Secondly,
it would permanently plunge into politics the several million
saying: "Food contzol reimposed on bacon, ham and lard, employees concerned in the operation of the carriers—and remembering
the
which the Brotherhoods employed in the passage of the somethods
and rationing reimposed on foodstuffs."
called Eight Hour Law when they gave Congress so many hours in which
According to previous cable advices, to the Department of to do their bidding, we may get a fairly accurate insight into the future,
Commerce, the British Food Controller will retain control of should these great properties be placed within their hands. On the contrary, looking back upon the results of Government control since our
beef prices throughout the coming winter.
entry into the war, we demand the return of the railroads to private ownership as soon as practicable under conditions which will assure the highest
efficiency of operation, which will preserve the vital spark of private competition; which for all future time will protect the public against spurious
FARM INTERESTS DISSATISFIED WITH ONLY THREE railroad
stocks on the one hand and upon the other relidve the passenger and
REPRESENTATIVES IN OCT. 6 CONFERENCE—
shipper from paying rates upon values which do not have a sound and
tangible existence.
TO ENTER POLITICS.
is the
In protesting against "the farmer being made the scapeFollowing the publication of the names of the twenty-two
men selected by President Wilson to represent the public goat of existing conditions," the resolution said:
With reference to the high cost of living which might be more correctly
at the Industrial Conference that has. been called by the
the cost of high living, we assure the President and the Federal
President for Oct .6 at Washington, the National Board termed
Congress that the members of the Missouri Farmers' Association will
of Farm Organizations has expressed dissatisfaction with gladly do everything in their power to the end that the menace of the present
the fact that only three of the appointees were representative situation may be removed as speedily as possible. We however protest
the farmer being made the scapegoat of existing conditions, merely
of the agricultural interests of the country. These three against
because he is unorganized and therefore helpless. The recent proposal
are 0. E. Braclfute of Xenia, 0., President of the Ohio Farm to force the sale of flour to a $1.50 per bushel basis accomplished not the
Bureau Federation; L. D. Sweet of Carbondale, Colo. slightest vestige of good in the interest of the consumer—its only effect
being to wipe out some millions of dollars of just premium margins for the
and E. T. Meredith of Des Moines, Ia., Editor of "Success- farmer.
In this connection, we submit to the Nation that if the farmer
ful Farming." The officials of the National Board have should insist upon a price for his products, based upon the wage scales
enacted
by
the average branch of Organized Labor—that at least 50%
urged members of Congress to ask for an increase in their
would in consequence be added to the price which the farmer receives at
number of delegates. On Sept. 19 it became known that this time. The average
American farmer has an investment of over
Representative W. D. Upshaw of Georgia had sent a tele- $11,000 in land and equipment. He toils from one season to another with
not
the
against drouths, floods or pestilence—and in
slightest
protection
gram to President Wilson stating that the list of represenaddition, when he works
12 to 16 hours per day, he raises no shout.
tatives selected by the President had* brought "great dis- for "time and a half for from
overtime," nor does he ask society to guarantee
him
anything
the
year's
when
arduous labor is at an end.
appointment to agricultural leaders." He further said:
In thorough fellowship with your purposes to work out plans in that
conference that will guarantee industrial peace and enduring prosperity
on a basis of absolute fairness to every interest, allow me to respectfully
urge that the number of representatives of the farms so fundamental to
everything else be materially increased. No possible harm can come from
this recognition, and it will greatly hearten these sons and daughters of
the soil all over America, who are conducting the biggest business in the
world.
In making known that the organized farm interests intended to go into politics as a "bipartisan, inter partisan or
non-partisan" body, the National Board of Farm Organizations issued from Washington on Sept. 18 this statement:
Men in public life have been warned that the National Board of Farm
Organizations has decided to become a fighting force. This notice was
served on them at the final session of the Congress, at 1731 I Street. No
longer satisfied to be merely an educational body, imparting information
to its members on all matters affecting their interests, the board is going
Into politics, but in the larger sense.
It will not go into party politics but, like the Anti-Saloon Leagtie, will
operate through all parties. It will be bipartisan, interpartisan or nonpartial's.
From every outward appearance, as we have said, the farmer has been
singled out as the scapegoat in the present agitation against alleged excessive
living costs. For a number of months the farmer has been selling cattle
and sheep below actual production cost, while during the last two weeks
there has been a drop in packers droves of hogs which is utterly unjustified
by any honest operation of the Law of Supply and Demand—and we respectfully call the attention of the Agricultural Committees in Congress
to this situation. If, by any chance, in its zeal to placate the demands of
Labor the Government is contributing to this demoralization of the hog
and cattle market by influencing the foreign buying, then we protest
against such a procedure and warn those responsible for it that if, as a result,
the farmers of the Country permit their feedlots to become empty, the
consumers of the Nation will be compelled to "pay the fiddler later on."
The farmer doesn't complain so long as he is not compelled to supply food
at a positive loss—but this he cannot do and escape financial disaster.
The association also went on record as follows with regard
to the bill providing to regulate the packing industry:
With reference to the pending legislation concerning the meat packing
industry, we confess we have no great confidence in its efficiency, should
it be enacted into law—believing as we do on the one hand that political
panaceas rarely ever accomplish what is promised for them and, on the
other, that the hour has come when through a sane and powerful Nation,-
SEPT. 20 1919
THE CHRONICLE
wide organization, the farmer must take from the Packers the power which
they have so long exercised in the market. In short, that the farmer is
entitled to "Production cost, together with a reasonable profit for the fruits
of his sweat and toil" and that hence there can be but one lasting and permanent solution of this controversy—viz., the right of the farmer to have
something to say about what he shall receive for his Live Stock, even as
the manufactilrer, merchant, banker and Organized Labor claim for themselves the right to fix a price on the things the farmer buys from them.
We desire to go upon record in this convention for the principle that the
• American market belongs to the American farmer, should it become necessary during the next few years to invoke the instrumentality of the tariff
against the importation of food from countries which have cheap lands and.
which employ peon or peasant labor—reminding Congress that if It was
fair for many years following the Civil War for the American manufacturer
to invoke a protective tariff against the "pauper labor of Europe," in order
to protect the American workingman, that it will be equally fair when
applied to conditions which may involve the very existence of American
Agriculture.
FARMERS WARNED OF DANGER IN RAPIDLY RISING
LAND PRICES.
Profits made by speculators in farming lands, especially
in the Corn Belt, have produced what in some sections,
according the the U. S. Department of Agriculture, is almost
a frenzy of trafficing in farms that portends serious results.
Of the dangers of this activity farmers are warned in a
statement issued by the Bureau of Farm Management,
United States Department of Agriculture, which says:
1133
"Indeed there are indications that in many
parts of the northern States
even before the present 'boom,'land prices
were higher than earnings on the
investment justified, because the prices reflected
the anticipated further
increase of land prices. Farm Management
surveys have shown average
cash rentals to yield net returns of only from
two to three per cent of the
average estimated prices of the land. If a
steady and gradual increase in
land prices would result in over-capitalizing
land to this extent there is
great danger that in a period of such rapid
advance of land prices ashes
occurred in the past six months, the
speculative profit made from this
Increase will to some extent be added to the
price of the land, resulting in a
still greater over capitalization. There is no
'bear' side to the land market
once a period of speculative activity is under
full headway. Such an activity, if well developed, runs its own course
until it collapses. Such has
been the case in former land booms.
"It is very clear that with the return of normal
conditions, the farmer who
purchases a farm at the prices which have
recently been paid for farms in
some sections is likely to find it exceedingly
difficult to earn a reasonable
return on his investment, and if he buys the farm
on a small cash payment,
as occurs in many cases, paying from five and a
half to six and a half per
cent. interest on his indebtedness, the result may
prove positively disastrous.
Hidden Evils in Profits.
"It is true that the farmer who already owns his
farm and who takes
advantage of the advance of land prices to sell.
often appears to have made
a handsome profit. However,if he intends to continue
farming in the same
locality he is likely to find that he must pay as
much or more than he received to obtain another farm of the same quality.
In fact, in a number of
cases farmers have been forced to pay from
$10,000 to $15,000 to rebuy the
same farm which they had previously sold at
an apparently large profit.
It is true the farm owner may sometimes improve
his position by selling at
the present high prices and rebuying In another
State where prices of farms
have not increased In the same proportion for farms
of equal quality. How
ever, this involves migration with the resulting
separation from friends,
relatives, and established associations. Others
areselling out and retiring.
This may be to the advantage of the individual who
succeeds in unloading
his farm at a high figure, but as pointed out above,
it may prove disastrous
to the next buyer, especially if a large element of
credit enteres into his
purchase.'Moreover, the opportunity to sell at high
prices is undoubtedly
Inducing many good farmers to leave the farm
at an earlier age than is
necessary merely because the increase in price of
the farm has assured them
a good living as retired farmers.
"With the return of normal conditions, considerabl
e disaatisfactionl s
likely to result if farmers find that they are
unable to secure a reasonable
return on their investment in land at 'boom'
prices. It should be pointed
out that the present marking up of land
prices on the basis of abnormal
earnings is analogous to the watering of stock
by a corporation which has
been earning a large return on its initial
investment. The corporation
which claims that its products should sell
at a price sufficiently high to pay
dividends on this watered stock has been
sharply criticized. The question
naturally arises, therefore, whether logical claim
can be made when normal
conditions are restored to Interest on the
land prices which will result from
the present 'boom.' Increased prices due to
substantial improvements
in the farm itself or to progress in community
advantages, including good
roads, schools, churches, are to be sharply
distinguished from those which
result from an artificial marking up of the
prices of land. Yet,it may be
difficult for the purchasers of farm land to see the
distinction if the prices or
farm products should fall."
Farm land prizto in the Corn Belt have increased in recent months wIth
unprecedented rapidity. In most of Iowa and the principal corn-producing
counties of central Illinois, representative farms probably have been sold,
and are being sold at increases averaging at least $75 to $100 an acre since
last spring, and may far greater increases have been noted. The tendency
has spread into northern Missouri, eastern Kansas, eastern Nebraska,
eastern North and South Dakota,southern Minnesota, and western Indana,
and it is thought probable that it will appear in districts still more distant
of the changes now taking place:
"Large numbers of people dwelling in cities and towns who are no
farmers have been making large profits buying and selling farms. In numbers of cases bankers, merchants, real estate men, and persons in other
occupations have made profits of from $10,000 to $30,000 on single transactions. This tendency represents in effect a process of transforming the
ownership of portions of rural wealth to persons who are not farmers. In
one form or another toll will be levied on the farming industry to pay interest
on these speculative profits. Wealth that should constitute a permanent
basis of rural well being is being subtracted from the resources of rural
communities, and this is true even though farmers nominally may own the
farms when the process is completed.
"However, it must be clear that the higher prices of farm lands in the
regions affected will tend to make it more difficult for tenants to acquire
land. Assuming no change in the minimum percentage of initial payment
required, this intitial payment necessarily will be higher, because of the
higher total value. This difficulty in the way of acquisition of ownership
by the tenant is likely to be all the greater for some years, because those
agencies which lend on farm mortgages have not been disposed to increase
the amount per acre loaned on first mortgages in proportion to the advance
STEEL UNIONS IREFUSE COMPLIANCE WITH
in land prices. Thus, in Iowa the standard maximum has been about
$15,000 per quarter section, or about $94 per acre. Recently, a few loan
PRESIDENT WILSON'S REQUEST TO DEFER!
companies have been disposed to increase the amount loaned to as much
as
STRIKE.
$125, but probably a majority are still governed by the smaller maximum.
A much larger margin than before remains to be accounted for by cash
The National Committee forrthe Organization of Steel
payment or by second mortgage.
Workers, of the American Federation of Labor, sent a letter
"Certainly temporary evil results of speculation in land are becoming
apparent. In the Corn Belt most sales during the past six months have to President Wilson on Sept. 18, in answer to the President
's
involved the immediate payment of only a small per cent, of the purchase request that the strike
of steel workers scheduled for Sept.
price at the time of sale, the remainder of the cash payment to be made
on 22 lie deferred. It said:
"Delay is no longer possible. ...
March first, next, at which time the buyer is to receive possession
of the
farm. In a large number of cases the farm subsequently is sold
We regret that for the first time your call upon organized
several
times. As a result no one knows who will be the owner on March first,
and labor cannot meet with favorable response. .
.. Win or
tenants are unable to make contracts for next year. Consequently,
many
tenants will be unsettled and uncertain in their plans for the coming year. lose, the strike is inevitable and will continue until industrial
"On the other hand, if the farm is now occupied by the former owner, despotism will recede from the untenabl
e position now
he can make no plans for the farm and is inclined to neglect the improve- occupied
by Mr. Gary." The letter to the President
ments and the preparation of the fields for next year's crops.
was
"The method of selling the land several times over with reference to sent by the National Committee, from Pittsburgh, where
settlement on March first, contains certain elements of danger. The seller the representatives of 24 unions
of the steel industry in
in each case depends•on the settlement by his buyer. The latter in
turn
becomes a seller and depends on the settlement to be made by his purchaser conference on Sept. 17 and 18, voted down a motion on the
latter day to rescind the !action ttaken at (Washing
In order to make his own cash payments on March first. There
are unton ion
doubtedly some persons in the chain of transactions who are
unable to Sept. 10 calling the strike. The motion to pOstpone
complete their settlements on March first unless they succeed
the
in selling strike, was taken, it was
stated, out of deference to President
again. 'Preliminary observations are convincing that such persons
are in
the minority. However, the farmer who sells should be exceedingly
Wilson.
After its defeat the conferees adopted another
careful
to ascertain whether his purchaser is depending on resale for
settlement or motion affirming the Washington decision.
whether he can complete the purchase out of other resources
The request to
available. defer the strike
Caution in this respect will greatly reduce the immediate
was made by President Wilson in a wire
dangers of the
speculative tendency. Banks also should be cautious in
extending their on Sept. 10 to Samuel Gompers, President of the American
credit to patrons for the purpose of speculation. The
Commissioner of Federation of Labor. It became known
Banking of one of the States affected declares that there is danger
at Cleveland and
that country banks especially may find themselves possessed next spring of a largo Pittsburgh on Sept. 15 that letters had been received
at
amount of paper which really rests on non-liquid security. In
fact, the both cities from Mr. Gompers—in the former place by the
bankers of the regions affected can do much to prevent the natural
tendency Miners Convention and in the latter
toward speculation in a period of rising land prices from getting
by M. E. Tighe, Presientirely
out of bounds.
dent of the Amalgamated Association of Iron, Steel and
Unfair Speculation Cited.
Tin Workers—urging that the workers "conform with the
"It is desirable to call attention to certain speculative
practices now wish expressed by the President." Similar communicabeing employed which are entirely unfair in character. Certain
corpora- tions were said to have been addresse
d by Mr. .Gompers
tions have been formed with limited liability for the purpose of
enabling the
promoters of those corporations to speculate in farm land in the
representatives of all the unions concerned. Cleveland
name of the to
corporation without incurring personal liability for their
purchases. A press dispatches referring to the letter said:
still mere reprehensible practice is being followed. Certain shrewd
persons
Mr. Gomper's reasons are set forth in his letter of Sept. 11
are purchasing land in the name of some'dummy' who is personally
to John Fitznot good patrick, chairman of the national
committee for organizing Iron and steel
for the obligation. The dummy subsequently resells the land to the
actual workers. Transmitting President
Wilson's request, Mr. Gompers then
speculator, though still retaining the liability. In case the
speculator wrote as follows:
fails to resell, the dummy will be unable to fulfill the obligation.
At best
"I want to express the hope that something can be done,
the farm will revert to the former seller, who may have lost the
without injury
opportunity to the workers and their cause, to endeavor
to conform with the wish exto make an advantageous bonafide sale.
"However the most fundamental question involved is whether the present pressed by the President; that even though the corporations may endeavor
to provoke the men to action they may hold themselves in
land 'boom' is justified by the future earning power of the farms.
leash and under
self-restraint, consciously demonstrating their stamina and
willingness t
1134
THE CHRONICLE
[Vol, 109.
abide by the justice of their cause and that their rights will be finally pro- In fear and prevent them from the exercise of their own free will, coerced
tected."
Into signing statements that they are not members nor will become members
of any labor organization, and threatened with eviction, black-list, denial
The 12 demands of the workers are:
of credit, and starvation.
1. Right of collective bargaining.
8. That a forced decline of the market would be imposed so as to wipe
2. Reinstatement of men discharged for union activities.
out their holdings in stock, which they were induced to purchase in years
3. An eight hour day.
past. Threats to move the mills and close them up indefinitely.
4. One day's rest in seven.
9. That an organized propaganda for vilification of the American Federa5. Abolition of the twenty-four hour shift.
tion
of Labor, spreading rumors that the strike will be delayed and that
6. Increase in wages sufficient to guarantee American standard living.
7. Standard scales of wages in all trades and classifications of' workers. such delay is only a sell-out.
10. Showing no opposition to the men joining dual organizations. As a
8. Double rate of pay for all overtime, holiday, and Sunday work.
result of this propaganda, the I. W.4V. is making rapid headway in some
9. Check-off-system of collecting union dues and assessments.
of
the districts.
10. Principles of seniority to apply in maintenance, reduction and in11. That the real reason for opposition to organized labor representation
crease of working forces.
on behalf of the men who have grievances is that the steel industry is pre11. Abolition of company unions.
paring to cut wages and to lower the standards to pre-war times and to re12. Abolition of physical examination of applicants for employment.
turn to a condition that encouraged the padrone system, so prevalent in
In their letter to President Wilson the committee set forth that particular industry.
Mr. President, delay is no longer possible. We have tried to find a way
eleven reasons that make it impossible to postpone the strike.
but cannot. We regret that for the first time your call upon organized labor
Among them are: The men have been "persecuted" for cannot
meet with favorable response. Believe us, the fault is not ours.
trying to organize themselves; they have been denied the If delay were no more than delay, even at the cost of loss of membership
right of free assembly and free speech; and they have been in our organizations, we would urge the same to the fullest of our ability,
notwithstanding the men
firmly set for an immediate strike. But delay
intimidated and discharged because of union sympathies. here means the surrenderare
of all hope. This strike is not at the call of its
The letter of the Steel Workers Committee to President Wil- leaders, but that of the men involved. Win or lose, the strike is inevitable,
and will continue until industrial despotism will recede from the untenable
son follows:
position now occupied by Mr. Gary.
Hon. Woodrow Wilson, Washington, D. C.
We have faith in your desire to bring about a conference and hope you
Dear Sir—Answering your request through Samuel Gomper, President will succeed therein. We fully understand the hardships that meanwhile
l
American
that
the
date
of
Federation
of
Labor,
the
will follow, and the reign of terror that unfair employers will institute.
strike of the stee
of the
industry of this country be postponed from Sept. 22 next, the date hereto- The burden falls upon the men, but the great responsibility therefor rests
fore fixed until after a conference called by you to meet in Washington upon the other side.
on Oct.6 next, we respectfully make the following report:
Sincerely sad patriotically yours,
For years there has been great unrest among the steel workers of our
JOHN FITZPATITICK, Chahman.1
country because of the unusual, un-American and despotic industrial conWILLIAM 0. FOSTER.
ditions. Finding no redress in individual efforts, the men naturally sought,
DAVID J. DAVIS. I
by the example of other workers through their organizations, to associate
H. M. HARRISON.
themselves for collective defence. Oppression growing beyond endurance,
J. E. McCADDEN.
•
the call for assistance to redress grievances came from every quarter of the
At the meeting of the Steel Organizing Committee at Pittsindustry to the St. Paul convention of the American Federation of Labor,
burg on Sept. 17 the following unions were represented:
held in June 1918.
•
A committee consisting of representatives of the crafts engaged in this Blacksmiths, boilermakers and iron •shipbuilders, brick and
industry were ordered to an did make an investigation. They found the
field overripe for organization. The enrollment of membership grew by clay workers, bricklayers, plasterers and masons, bridge and
leaps and bounds, relief from their oppression was eminent and, yet, out structural iron workers,foundry employees,iron, steel and tin
of patriotic consideration to our cause, they endured the continued suffer- workers, machinists, metal polishers, mine, mill and smelter
ing without cessation of their labors to the end that despotism abroad might
workers, molders, pattern makers, plumbers and steamnot gain thereby aid and comfort.
Immediately after the armistice was declared, the men insisted upon fitters, quarry workers, railway car men,seamen, sheet metal
having their wrongs righted. They were persuaded, however, to wait un- workers, stationary firemen, steam and operating engineers,
til the Atlantic City convention of the American Federation of Labor, held
in June 1919. Following a report made to that convention, Mr. Gompers steam shovel and dredgemen and switchmen.
sought a conference with Mr. Gary, Chairman of the Finance Committee
After the adjournment of the meeting on Sept. 18, Chairof the United States Steel Corporation, on that subject in the hope of man Fitzpatrick was quoted as having said:
avoiding a grave industrial conflict.
We are going to socialize the basic industries of the United States. This
Mr. Gompers, whose constructive patriotism is beyond any question,
was denied even the courtesy of a reply. Then, the men insisted upon is the beginning of the fight. We are going to have representatives on the
action an following authorization for taking a vote upon a strike, begin- board of directors of the Steel Corporation. President Wilson has promised
inng with July 20 and ending Aug. 20 this year, 98% of the men voted for that, in effect, in his program for the placing of industry on a better basis.
Under the direction of the men who now control the industry the workers
a strike.
Following the vote taken, a committee representing the crafts involved have been reduced to such condition that they cannot live wholesome,clean
went to Mr. Gary for the purpose of obtaining a conference in the hope of lives and cannot find the means of feeding their starving children. There
avoiding the strike. Mr. Gary refused to see the committee or deal with Is no justification of such conditions in the United States and they will not
any one of them. The committee, still desirous of avoiding the conflict, be tolerated.
laid the entire matter before the Executive Council of the American FederaA letter was sent by Judge Elbert H.Gary, Chairman of the
tion of Labor. Mr. Gompers and the Executive Council endorsed the
actions of the men. Nevertheless, in the hope of averting a conflict an U. S. Steel Corporation to the presidents of the subsidiary
appeal was made to your honor.
companies of the Corporation on Sept. 16, stating its position
Mr. Gary, obstinate in his denial to grant relief, caused such a great un- in relation to the strike and declaring it
could not countenance
rest as to necessitate calling a meeting of the Presidents of the twenty-four
'crafts involved. After a thorough, calm, and deliberate review and study the principle of the "closed shop" which "means that no man
of the entire situation, taking into consideration all the consequences that can obtain employment in that shop except through and on
would naturally flow therefrom, these twenty-four Presidents, representing
the terms and conditions imposed by the labor unions" and
over 2,000,000 organized men, endorsed the strike and set Sept. 22 as the
date therefor. The date was deferred to Sept. 22 against the best interests which "would signify decreased production, increased cost of
of the strike solely in the hope that Mr. Gary and his associates might in the living, and initiative, development and enterprise dwarfed."
meantime reconsider their position so as to avoid the othwerise inevitable
Judge Gary's letter, a copy of which was made public on
conflict.
In a meeting called on Sept. 17 at Pittsburgh of the representatives of Sept. 17 by the Carnegie Steel Co. at Pittsburg, reads as
the aforesaid crafts for the purpose of devising ways and mean of conduct- follows:
ing the strike your communication through Mr. Gompers requesting that
Not long since I respectfully declined to meet for the purpose of discussing
the date of the strike be postponed was received. Two days of consideration were given to the same. Every one present desired, if it were possible matters pertaining to labor at our various plants a number of gentlemen
to comply with your request for postponement would have been gladly representing certain labor unions. They claim this furnishes cause for complaint and have stated that they intend, if possible, to prevent a continuagranted were it not for the following facts:
1. Mr. Gary has asserted that his men need no trained representation tion of operations at our mills and factories.
I deem it proper to repeat in a letter what heretofore has been said to you
in their behalf in presenting their grievances, notwithstanding that they
can neither economically, by lack of means, nor intelligently, by lack of verbally. I entertain no feeling of animosity toward the gentlemen personally and would not hesitate to meet them as individuals, but I did not
schooling, cope with him or his representatives.
2. That ever since the men started to organize a systematic persecution and do not consider it proper to confer with them under the circumstances.
The declination was made for two reasons: First, because I did not believe
was instituted, beginning with discharge and ending with murder, recalling
to us vividly the days of Homestead and the reign of despotism in Russia. the gentlemen were authorized to speak for large numbers of our employees,
3. Through the efforts of the representatives of the steel industry offi- whose interests and wishes are of prime importance; secondly, because a
cials in various localities have denied the men free assembly and free speech. conference with these men would have been treated by them as a recognition
Instances are too numerous where meetings have been suppressed, men of the "closed shop" method of employment. We do not combat labor
arrested, tried on various unfounded charges, excessive bail required and unions as such. We do not negotiate with labor unions because it would indicate the closing of our shops against non-union labor; and large numbers of
cruel punishment imposed, all without warrant in law and justice.
4. As one of the many examples in the city of McKeesport, a meeting our wbrkmen are not members of unions and do not care to be.
The principle of the "open shop." is vital to the greatest industrial
held by the men within their constitutional rights was broken up and men
arrested and thrown into jail, charged with riot and held to the excessive progress and prosperity. It is of equal benefit to employer and employee.
bail of $3,000 each, while one of the hirelings of the steel industry arrested It means that every man may engage in any line of employment that he
for the murder of a woman speaker at ]3rackenridge, Penn., is being held selects and under such terms as he and the employer may agree upon; that
under bail of but $2,500. Another patent example is Hammond, Ind., he may arrange for the kind and character of work which he believes will
where four defenseless union men were charged upon and killed by hired bring to him the largest compensation and the most satisfactory conditions,
detectives of the steel industry, and witnesses in behalf of the survivorS have depending upon his own merit and disposition.
The "closed shop" means that no man can obtain employment in that
been so intimidated and maltreated that the truth of the killing was supshop except through and on the terms and conditions imposed by the labor
pressed.
unions.
He is compelled to join the union and to submit to the dictation
5. Guns and cannon have been planted in mills, highly charged electric
of its leader before he can enter the place of business. If he joind the union
wires have been strung around the premises.
6. Armed men in large numbers are going about intimidating not only the he is then restricted by its leader as to• place of work, hours of work (and
workers but everybody in many communities who show the slightest indi- therefore amount of compensation) and advancement in position, regardless of merit; and sometimes, by the dictum of the union leader, called out
cation of sympathy with the men.
7. Men have been discharged in increasingly large numbers day by day. and prevented from working for days or weeks, although he has no real
Threats and intimidations are resorted to for the purpose of putting the men grievance, and he and his family are suffering for want of the necessities of
SEPT. 20 1919.]
THE CHRONICLE
life. In short, he is subjected to the arbitrary direction of the leader, and
his personal independence is gone. Personal ambition to succeed and
prosper is stifled.
This country will not stand for the "closed shop." It cannot afford
it. In the light of experience, we know it would signify decreased production, increased cost of living, and initiave, development, and enterprise,
dwarfed. It would be the beginning of industrial decay, and an injustice
to the workmen themselves, who prosper only when industry succeeds.
The "open shop" will generally be approved by them, for this permits
them to engage in any employment, whether they are or are not memers
of a labor union.
It is appropriate to further emphasize what has been said many times
in regard to our employees. Every one, without exception, must be treated
by all others justly and according to merit. In accordance with our established custom, one of our workmen, or a number of our workmen from
any department, will continue to be received by the management to consider adjustment of any question presented.
It is the settled determination of the United States Steel Corporation
and its subsidiaries that the wages and working conditions of their employees shall compare favorably with the highest standards of propriety
and justice. MisrePresentations have already and will hereafter be made;
unfavorable criticisms may be indulged in by outsiders, especially by those
who have little knowledge of the facts; our employees may be threatened
and abused in the effort to influence them to join the unions against their
own desire; but, whatever the circumstances may be, we should proceed
with the conduct of our business in the usual way and should give evidence
to our employees that we mean to be fair with them.
1135
At the opening of the investigation before the sub-corn
mittee on Aug. 26 into the increased price of coal, it was disclosed by Harry N. Taylor, President of the National Coal
Association, that a bill had been prepared for submission to
Congress providing for the nationalization of the coal mines.
That this proposed nationalization of mines, and the efforts
of the miners looking to the adoption of a six-hour day and a
five-day week, with an increase in wages, were, together with
a shortage of cars and labor difficulties, among problems
which unless solved, were likely to lead to a coal famine the
coming winter, was brought out in the testimony offered at
the hearing on Aug.26. Mr. Taylor,in testifying stated that
what the miners want is not only that the Government should
own the properties, but that the mines should be turned over
to them for operation. The Philadelphia "Record" of Aug.
27,from which this is learned, also says:
He insisted that the more radical of the miners appeared to be gaining
control in certain districts, and that there was a serious danger that these
elements would make an earnest effort for the institution of something
approaching Soviet methods in conducting the properties.
Fear was expressed by Taylor that at the miners' convention, Sept. 8.
in Cleveland, and at the joint conference of miners and operators in Buffalo,
A rejoinder to the above letter by the steel workers' or- Sept. 25, action might be taken to further endanger production.
He told the Committee that the strikes in Illinois, Kansas and Missouri
ganizing committee was made in the form of a public statewere in violation of the Washington agreement, which provided for the
ment issued at Pittsburgh,[on Sept.18,before the resumption continuous operation of the mines until peace definitely is established.
of the unions' conference at that place. Declaring Judge The conduct of the strikes in the Middle West, he said, was in many cases
by radical elements. He said it was known generally in the
Gary's statements were based on false premises, the com- influenced
industry that an attempt would be made at the Cleveland meeting to put
mittee said: "There is one and only one question at issue, through a nationalization program with a six-hour day, a five-day week
at that is the question of a conference." The statement and an increase in wages.
The possible conversion of the coal-price hearing into an investigation
follows in full:
of the efficiency of the Railroad Administration was indicated during the
In his letter of Sept. 16 to the Presidents of the subsidiary companies of testimony of John Callahan, Traffic Director of the Coal Association.
the United Steel Corporation Judge Gary avers that he had two reasons Both Callahan and J. D. Morrow, Vice-President of the Association, had
in mind when he refused to meet with the American Federation of Labor supplemented the statements of Taylor that a car shortage was the most
committee, which called upon him recently requesting a conference for the important single factor in delaying delivery.
purpose of presenting grievances of his employees.
Aside from "a labor combine to force up the cost of production," Mr.
First, he did not believe that the committee was authorized to speak Taylor said the operators faced "a buying combine to force down the prices."
for large numbers of the employees.
"That buying combine," he explained, "is the United States Railroad
Second, a conference with the committee would have been treated by Administration, which takes about 30% of the output. It is backed by—
in effect a part of—the United States Government.
them as a recognition of the "closed shop" method of employment.
If these are the real reasons actuating Judge Gary. surely they are not
"The coal operator would be put in jail if he combined to keep up prices;
Gary
conflict.
Judge
labor
great
a
sufficient to plunge the industry into
but the United States Government, through the Railway Administration,
presents a false premise and then declares that he will stand or fall upon this is not prohibited from forming a buying combination to put up costs.
false ground.
"The prices paid by the Railroad Administration are very much below
The committee that waited upon Judge Gary were the selected repre- the prices fixed as fair by the Fuel Administration, and in some cases are
the
for
conference
pura
requested
they
And
below cost."
sentatives of the employees.
pose of establishing the principle of collective bargaining and some practical
Mr.Taylor was also quoted as stating that a man.picking
method of redressing grievances.
Judge Gary denied their authority to represent the employees and refused slate is now paid $5 at many mines, while it is common for a
to meet them in conference. The only way left for the employees to con- miner to make $15 a day.
vince Judge Gary that the committee does represent the great body of the
Denial that a combination exists among bituminous coal
employees of the United States Steel Corporation is to cease work until the
corporation agrees to meet their representatives in conference. This the operators to fix prices was registered on Aug. 26 by J. D.A.
employees have decided to do on Monday morning, Sept. 22.
Morrow, Vice-PrPsident of the National Coal Association,
It is unfortunate that the employees are compelled to resort to a strike
in order to prove the authority of their selected representatives to present who told the Committee that such a combination would be
their grievances. But as there is no other way, the proof, in the form of a impossible if attempted. The Associated Press quotes Mr.
strike, will effectually remove all doubt in Judge Gary's mind.
Morrow as follows:
In the second place, Judge Gary sets up the question of the "closed shop,"
Of the 5,000 separate bituminous coal producers in the United States.
which has absolutely no basis whatsoever in the present controversy. It
2,294, approximately 45%, hold membership in the National Coal Associais simply dragged in here by Judge Gary as a bugaboo to becloud the real
tion. They produce about 60% of the total output of bituminous coal in
issue.
country.
There is one and only one question at issue, and that is the question of the
Charges that the National Coal Association is a combination to maintain
a conference. The employees have exhausted every avenue of approach to
prices are without foundation in fact.
the corporation for the purpose of securing a conference, and every avenue
The National Coal Association represents these operators and looks after
has been closed to them. Their last and only hope is to strike, and now the
of general concern, such as transportation and
employees declare that they will cease work on next Monday morning until their interests in matters
traffic questions, standardization of cost accounting, co-operation with
such time as the corporation will meet their representativeo in confereve
Governmental agencies and similar activities. There is nothing secret
for the purpose of establishing humane and reasonable methods of dealing
about its business. Its files and records are open to the Committee or
with the very vital problems which affect their lives, their homes,and their
any other duly accredited agency of the Government at any time.
future.
Mr. Morrow said bituminous coal prices had declined since the armistice,
JOHN FITZPATRICK.
and in general were lower than the prices fixed by the Fuel Administration.
D. J. DAVIS,
Fuel Administration prices were intended to prevent the charging
These
WILLIAM HAMMON,
of undue prices for bituminous coal and to limit the profits which the mine
W. Z. FOSTER.
operators might make," he said. At the same time they included fair
Judge Gary was quoted on Sept. 17 as having said on the profits.
"The cost of producing bituminous coal is higher now than it was a year
preceding day that not more than 15% of the corporation's ago,
due to the fact that the mines then were operating six days a week,
employees, according to his indormation, had joined the and in many cases are now operating only four days per week and in some
mines
union. A canvass of the men of the Gary Mills of the Steel cases only three days a week. The overhead expense of maintaining
goes on just the same whether coal is produced or not. When these inCorporation at Gary, Indiana, was claimed, on Sept. 18, creased
costs are considered in connection with the general decrease in prices,
to have indicated that 82% of the men opposed the proposed it is clear that profits of bituminous coal operators are materially less than
strike. At the Pittsburgh mills of the Steel Corporation, a year ago."
The investigation undertaken by the Committee on Aug.
on Sept. 19,it was reported that great numbers of the workers
were wearing buttons with the inscribtion: "I won't strike." 26 was called for in a resolution introduced by Senator
Frelinghuysen, and adopted as follows by the Senate on
Aug. 15:
Whereas, For several years the price of coal to the consumer has from
SENATE INQUIRY INTO INCREASED COAL PRICES. time to time been largely increased; and
Whereas, For a period this increase in price was attributed to existing war
Before the Senate Inter-State Commerce sub-committee
conditions; and
which is investigating the increased price of coal, Walker D.
Whereas, In spite of the fact that since the armistice was signed, Nov. 11
Hines, Director General of the Railroads, recently urged re- 1918, normal peace conditions have prevailed, the price of coal has conrise, without any apparent economic or other proper reason
tention by the Government of sufficient "war power" to con- tinued totherefore,
be it
therefor;
conditions
are
normal
until
restored. He suggested
trol prices
Resolved, That the Committee on Inter-State Commerce, or any subon Sept. 4 four means of preventing undue increases in coal committee thereof, be instructed to make inquiry into the cause or causes
which have brought about the enormous increase in the market price of coal,
prices in the coming winter, namely:
and to that end obtained full data regarding freight rates, wages profits,
Funds to permit an accurate estimate of the coal produced.
Accurate estimates of the amount of coal that is necessary.
Publicity of the cost of coal at the mines and to the retail dealer.
Extension of the Lever bill, giving full government control of fuel,for the
coming winter.
Pr
•
and other matters bearing upon the question under consideration, with a
view to determining who or what may be responsible for such increase in
price, whether due to economic causes, and therefore proper and right, or
whether due to manipulation or profiteering on the part of miners,shippers,
or dealers in coal.
1136
THE CHRONICLE
Resolved, further, That the Committee on Inter-State Commerce, or any
sub-committee thereof, be authorized and directed to subpoena witnesses
and compel their attendance, to send for persons and papers, and do such
further acts as may be necessary to secure any and all information desired
In the furtherance of said inquiry.
Resolved further, That the Committee on Inter-State Commerce shall
report its findings to the Senate, together with such recommendations as
may be pertinent and advisable, with a view either to Congressional or
Executive action, in order to remedy existing conditions or the punishment
of any individual or corporation deemed guilty of unlawful acts.
Resolved further, That the expense of the aforesaid inquiry be paid out of
the contingent fund of the Senate.
[VoL. 109.
At the same time the organizations in the two industries would retain
complete autonomy of action and would rely upon help of the other party
to the compact only when its help was greatly needed.
The fact that the railroads' cannot run without coal and the coal miners
cannot w6rk without coal cars makes the proposed dual alliance most
logical, leaders say.
The miners' wage demands to bo presented to operators of the central
competitive field Sept. 25 will set Nov. 1 as the date for termination of
the present contract.
Senator Frelinghuysen of New Jersey is Chairman of the
sub-committee conducting the investigation; the other mem-•
bers of the committee are Senators McLean of Connecticut
and Elkins of West Virginia, Republicans; and Senators
Myers of Montana and Wolcott of Delaware, Democrats.
A resolution proposing "the formation of one big union
of the workingmen and women of the U. S. whose principal
demands shall be 5 days a week, 6 hours a day . . . old age
pensions and pensions for those physically unable to work"
was defeated on Sept. 17. The resolution was offered by
delegates of the coal miners of Washoe, Mont. A resolution
urging immediate ratification of the peace treaty without
amendment or reservation which was introduced by Secretary-Treasurer William Green on Sept. 18 was also defeated
as was a succeeding resolution to place the convention on
record against the League in its present form.
At the convention opening, Acting President John L.
Lewis read his annual report, which was summarized in
Cleveland press dispatches of Sept. 9. The dispatches said:
PLUMB PLAN INDORSED BY MINE WORKERS' CONVENTION—ALLIANCE WITH RAILMEN
•
PROPOSED.
A resolution supporting the principle of "democratic adActing President John L. Lewis in his report to the convention of the
ministration" of the coal mines and the railways, whereby
United Mine Workers of America to-day discussed the greatly increased
the workers will have "equal representation in the manage- cost
of living and the improbability of any sweeping reduction through
ment, under a system of nationalization" and also proposing "belated" Federal action as a preface to his recommendation for a cancellation
of
the Washington wage agreement in the bituminous field not later
"formulating an alliance whereby the organized workers in
than Nov. 1 and the negotiation of a new wage scale, to be enforced, in case
these two great basic industries may act jointly on all matters of
failure to reach a satisfactory settlement by that time, by a general strike
where the interest of the workers in these industries may be of miners throughout the entire jurisdiction of the United Mine .Workers
America. The basis of the proposed agreement should be that outlined
of
advanced by joint action," was adopted by the international
by the
policy meeting held at Indianapolis in March, calling for the
convention of the United Mine Workers of America at Cleve- six-hournational
day and five-day week and "substantial" wage increases.
•
In other parts of his report he discussed difficulties with the United
land on Sept. 13. The resolution was adopted just after the
States
Railroad
Administration,
resulting from the efforts of Directorsconvention delegates had listened to an address by Glenn
General McAdoo and Hines to secure coal for railroad use below the rate
E.Plumb,father of the Plumb plan for nationalization of the' fixed by the United States Fuel Administration;
expressed fear that the
railroads. The resolution it is stated refers to the great success of such efforts would tend to force down miners wages; strongly
condemned
policies
the
and principles of the I. W.W.and similar organizapower possessed by the combination of British labor known tions, and declared
against any compromise with elements seeking to spread
as the "Triple Alliance" composed of mine, rail and transport such doctrines in the United Mine Workers' organization.
.
He reported on damage actions brought against the United Mine Workers'
workers, and declares that any effort to improve the condiorganization,
which
is
inspiring efforts to secure from Congress an amendtions of labor in America must be through a similar alliance ment to the Clayton Anti-Trust
Act to prevent the possibility of such suits
of the workers in the great industries. The mine workers' against labor unions.
He further recommended an effort to secure tariff legislation to cope
convention attended by 2,000 labor delegates opened on
with
problem of Mexican fuel oil, which is entering into serious compeSept. 9. On Sept. 11 the convention voted in favor of the titionthe
with American coal, and on account of its cheapness and the ease with
six-hour working day and the five day week, approving at which it may be delivered at seaboard, Great Lakes and Mississippi River
points, contains a threat to the prosperity of those engaged in the coal inthat time the nationalization of the mines as a general prin.- dustry.
An import duty of at least a dollar a barrel was desired to meet
siple. The convention on Sept. 11 also adopted a resolution this competition.
Opening with a reference to the war accomplishments of the miners,
condemning the U. S. Railroad Administration for its fuel
who had patriotically met every demand for increased production for war
policy and according to the press advices of the same date Industries
and furnished 80,000 men to the
armies, President
"deploring that government agencies, using the power of their Lewis passed to the war-time negotiations withAmerican
the United States Fuel Adoffice, should endeavor to introduce a policy of price slashing ministration and the efforts to secure modification of the Washington wage
which had quickly proved inadequate to meet actual increases in
which would inevitably force down the wages of miners. The award,
the cost of living. These efforts had been successful in the anthracite field,
;Ricers were instructed to use every effort to make railroads where increases offrom 25 to 40% had been granted but all efforts to secure
corresponding ameliorations to the bituminous scale had failed. Production
pay the same price for coal as other businesses."
1919 had fallen off markedly, he said, the output during the first seven
Cleveland press dispatches of Sept. 13 reported the action in
months having been 91,000,000 tons loss than in the same months of 1918.
of the miners' convention on the Plumb plan and the proposal This reduction was accompanied by extensive non-employment for miners.
The "astonishing increase," in the cost of the necessities of life, felt by
for alliance of rail and mine workers as follows:
The United Mine Workers' Convention to-day indorsed the Plumb plan
for nationalization of railroads, pledged the support of the miners' organization to secure its enactment and invited the railroad brotherhoods to
join with them in an alliance for joint action, later to be extended into an
economic alliance with labor organizations in other basic industries. The
convention's action was almost unanimous.
Assurances were given that the railway organizations which last year
showed themselves averse to the idea of a conference for co-operation with
the miners, were now ready to act with them.
The resolution of the convention read:
"Resolved, That this convention instruct the resident officers and the
international executive board to endeavor to bring about a conference with
the railway workers' organizations for the purpose offormulating an alliance
whereby the organized workers in these two great basic industries may act
jointly on all matters of mutual interest, such as the democratic administration of these industries, with the workers having equal representation
In the management, under a system of nationalization; and on all other
matters where the interest of the workers in these industries may be advanced by joint action; and be it further
Resolved, That in the conference above suggested consideration be given
to further alliances between organizations of labor in the basic industries
with a view to strengthening the economic power of labor in the fight that
is now being waged and which is destined to continue until the working
people of America have been granted that measure of industrial democracy
'to which they are so justly entitled."
The preamble recites that the worldwide unrest is not the creation of
Bolsheviki or anarchists, but in the main the justifiable revolt of workers
against "evil and well-nigh intolerable conditions." It calls attention to
the economic power wielded by the British "Triple Alliance" of miners,
railway men and transport workers, which, it declares, is able to paralyze
the industrial life of Britain and is using its strength to eradicate evil conditions of employment in the industries which it represents, and argues that
any similar effort in the United States must be nationwide in its scope.
the miners with particular severity owing to their life in isolated communities far from centres of distribution necessitated immediate action to
enable mine workers to meet it.
The committee on policy already in March had drawn up a series of
recommendations, which he enumerated, but no wage movement had been
thought advisable this summer, owing to the industrial depression. The
time for action had now come. In no way responsible for the failure of the
Senate to ratify the Treaty of Peace and thus officially terminate the
Washington wage agreement, the United Mine Workers should no longer
be considered bound by that agreement.
He therefore recommended that the convention terminate the Washington
agreement not later than Nov. 1; that in the event of no satisfactory basic
agreement being reached by that date there be no sectional settlements
by districts, but that there be "a complete cessation of mine operations
throughout our entire jurisdiction; and that any satifsactory basic agreement reached in the central competitive field automatically affect all outlying districts.
Acting President Lewis in discussing on Sept. 11 the possibility of a nation-wide strike, of which there has been some
talk, declared that while "our organization can tie up more
than 75% of the coal.mines of the country," he was confident tha 'when the miners' representatives meet the mine
owner 4; IBuffalo on Sept. 25 their demands will be conceded. In referring to and quoting his remarks on that day
Cleveland press dispatches said:
That the convention in progress here will tack solidly his recommendations for abrogation of the Federal wage agreement and order more than
500,000 miners out on strike by Nov. 1 unless a new agreement is reached,
In reporting further on the plan for a dual alliance of the Is a foregone conclusion, Lewis said to-day.
"I am optimistic, very optimistic," Lewis said when asked for his opinion
workers Cleveland press dispatches of Sept. 14 in part said:
regarding a probable settlement of the points at issue.
Joint action in wage demands is one of the purposes of the proposed
"I feel confident that when we meet the operators on the 25th of this
alliance between the railroad brotherhoods and the united coal miners, month, we shall reach a satisfactory agreement for the central
competitive
officials of the United Mine Workers in convention here said to-day. The district—which comprises the four States in which the bulk of
the coal
proposed team work is to extend throughout the whole breadth of economic is mined and naturally there will be no came for a strike.
relations, according to their plan.
"We are going along on prepared lines. We are sure of our ground,
When the committee of miners' officials to beappointed this week meets power and the justice of our demands, and are pursuing a logical,
dewith a committee from the railroad brotherhoods Oct. 1, probably in fined course.
Cleveland, they will be instructed to work out a plan of co-operation on
"Our organization can tie up more than 75% of the coal mines of the couneverything that both groups want.
try. We can call out 500,000 men and with them will go 100,000 unorganized
SEPT. 20 1919.]
THE CHRONICLE
miners who realize we are carrying on their fight, and that our needs represent their needs."
Lewis refused to comment on the proposal to form a "triple alliance"
composed of the miners, transportation workers and freight handlers. He
indicated, however,the plan will receive attention on the convention floor.
But he also said, "We feel we are strong enough in ourselves. We do
not need outside help to secure that which we believe we are rightfully
entitled to."
PRESIDENT WILSON SAYS POLICE UNIONS"SHOULD
IN NO CASE BE COUNTENANCED OR PERMITTED."
President Wilson expressed his sentiments on the unionizing of policemen in a wire to Louis Brownlow, President of
the Board of Commissioners of the District of Columbia on
Sept. 18 by saying that "I am desirous, as you are, of dealing
with the police force in the most just and generous way, but
I think that any association of the police force . . . of
any great city," whose activities are likely "to endanger
the public peace - or embarrass the maintenance of order,
should in no case be countenanced:" The message which
was sent by the President from Dunsmuir, Cal., was read by
Commissioner Brownlow to the Senate Committee on the
District of Columbia, which is considering a resolution to cut
off the pay of policemen of that place, who are members of a
recently organized union affiliated with the American
Federation of Labor. The resolution was introduced in the
Senate on Sept. 8 by Senator Myers of Montana ("Chronicle," Sept. 13, page 1037). The President's telegram to
Mr. Brownlow follows:
I hope that you understood my brief telegram of the other day. I am
quite willing that you should tell the Senate committee that my position in
my conversations with you was exactly the same as I have expressed
recently in speeches here in the West, and, of course, I am desirous, as you
are, of dealing with the police force in the most just and generous way, but
I think that afty association of the police force of the Capital City, or of
any great city, whose object is to bring pressure upon the public or the
community such as will endanger the public peace or embarrass the maintenance of order, should in no 'case be countenanced or permitted.
WOODROW WILSON.
President Wilson had on Sept. 10 requested Commissioner
Brownlow to postpone any action on dismissing the men who
had formed a union, until after the Industrial Conference,
Oct. 6, as noted in these columns last, week, page 1037.
The testiomny of Mr. Brownlow before the Senate Committee on Sept. 18 was reported in Washington advices of the
same date to the New York "Times," which in part said:
Commissioner Brownlow said he had talked twice with the President upon
the proposal of the Washington policemen to affiliate with the American
Federation of Labor, to which Mr. Brownlow has objected.
According to Mr. Brownlow, when Samuel Gompers visited the District
of Columbia Commissioners to consult with them upon the present police
difficulties in this city, Mr. Gompers said that the Federation had for some
ten years refused to issue charters to police unions, and that this course
had not been changed until the Atlantic City convention of the American
Federation of Labor decided in June last to issue such charters. Since
then,said Mr. Brownlow, there had been thirty-six or thirty-seven requests
by police unions for charters, of which thirty-three had been granted.
Senator Phelan of California asked if the affiliation of the police with
the American Federation of Labor would be discussed at the industrial
conference called by the President for Oct. 6. Commissioner Brownlow
said he did not know that this would be done, but assumed the subject
would be taken up, as tho President some time ago asked a postponement
Of the court proceedings which had been brought in the District.
1137
and which had asked that a proposition trend the strike,
by deferring enforcement of the order against unionizing of
the policemen until after the Industrial Conference of Oct.
6 at Washington, be accepted. This proposition was made
by Samuel Gompers, President of the American Federation
of Labor, in a communication to Mayor Peters of Boston
on Sept. 12. Mr.. Gompers had endeavored to solve the
strike situation by recommending to the Boston authorities
.the plan which President Wilson had requested the Commissioner of the District of Columbia—who had also been confronted with the problem of policemens' unions—to adopt
namely, to defer any action against the men until after
the Oct. 6 conference ("Chronicle," Sept. 13, page 1037).
But as Governor Coolidge explained to Mr. Gompers (in a
telegram given below) the President's plan was inapplicable
to the Boston case inasmuch as in that city the men had
actually struck, while in the District of Columbia • the
policemen had not left their posts. The conference of
Sept. 15 of Police Commissioner Curtis, representatives of
the Central Federated Union (a local labor body), the
American Federation of Labor and the Policemens' Union,
was unsuccessful as far as the men were concerned. The
recruiting of a new police force was started shortly after the
conference. To M. J. O'Donnell, President of the Central
Federated Union and Frank H. McCarthy of the American
Federation of Labor, Police Commissioner Curtis sent the
following letter after the Sept. 15 conference:
I have heard whatever you may have wished to say to me concerning the
matters with which I have officially dealt and am required to deal.
The action which I have taken is the only one I could take under the law
and the obligation of my office. I shall be guided in further official action
by the same requirements of the law in every particular.
It is always to be remembered that. I exercise only those authorities which
the law of the Commonwealth has imposed upon me. I could not, even if
I would, permit any other consideration to control or direct my action.
Efforts were made during the strike and, it is reported, are
still being made to bring about a general strike in Boston to
aid the policemen in getting back their positions. The
Boston firemen made plain in a statement issued on Sept. 16
that "the firemen never have voted to strike, will not vote to
strike and will not strike." The statement came from the
officers of Local 19, International Association of Firefighters, of which the Boston men are members, after a
conference with Guy Oyster, Secretary to Samuel Gompers.
The plan for the ending of the strike, which was suggested
by Samuel Gompers, was contained in correspondence made
public by Mr. Gompers on Sept. 12. He had addressed
Mayor Peters, under the impression that he and not Governor •
Coolidge was in charge of the strike situation. The correspondence was as follows:
To Frank McCarthy, Organizer, American Federation of Labor, 30 Wheatland
Street, Boston.
I have just sent the following telegram to Mayor Andrew J. Peters of
Boston:
New York City, Sept. 12 1919.
The Hon. Andrew J. Peters, Mayor of Boston.
No than, or group of men, more genuinely regrets the present Boston
situation than does the American Federation of Labor. You have undoubtedly been apprised of President Wilson's suggestion to the Commissioners of the District of Columbia, who adopted a similar regulation to that
adopted by the Boston authorities, ordering policemen not to become
members or retain membership in a union affiliated with the American
Federation of Labor. The President requested that such an order be held
in abeyance and the whole matter remain in status quo until after the conference which he has called for Oct. 6 for the consideration of all matters
affecting the relations between workers and employers and workers' standards. The Commissioners of the District of Columbia complied with the
President's request.
I therefore appeal to you and to the authorities who issued the order that
its enforcement be deferred until after the President's conference. I am
telegraphing the representative of the American Federation of Labor in
Boston, Mr. Frank McCarthy, to appeal to the policemen's union to cooperate and return to their posts just as if the order had not been issued at
all upon information that the enforcement of the order has been postponed
to await the outcome of the Presidential conference.
SAMUEL GOMPERS,
President, American Federation of Labor.
I strongly appeal to you and to the policemen to co-operate to have
the
spirit and purpose of the above telegam carried out and that the policemen
will whole-heartedly do their full duty in the premises. Please give this
your immediate attention.
SAMUEL GOMPERS,
President, American Federation of LabOr.
BOSTON POLICEMEN WHO STRUCK REFUSED
REINSTATEMENT.
•
The 1,500 policemen who went on strike at Boston on
Sept. 9 were officially removed from the service on Sept.
13 by Police Commissioner Curtis, when on the advice of
State Attorney-General Wyman, he declared that the policemen by their action had forfeited their positions. As noted
in last week's issue, page 1037, the policemen struck because
of the suspension of 19 patrolmen found guilty by the
Police Commissioner of violating a department order prohibiting their joining of a union. By leaving their posts
they caused outbreaks of mob violence which resulted in
several deaths and a great number of injuries as well as
considerable destruction of property. Their action also
caused the calling out of all the State troops. The policemen's strike was condemned as an unjustifiable act by
Governor Coolidge of Mass., who from the State House at
Boston on Sept. 12 declared: "The men are deserters. This
is not a strike. These men were public officials. We canLater Mr. Gompers repeated his message to Governor
not think of arbitrating the Government or the form of law.
Coolidge.
There can be no opportunity for any compromise in respect
•
On the following day Governor Coolidge replied by teleto either."
Following his decision on Sept. 13 declaring the positions graph as follows:
Under the law the suggestions contained in your telegram are not within
of the 1,500 policemen who had struck, vacant, and
the authority of the Governor of Massachusetts, but only of the Commie
discharging the 19 suspended patrolmen, Police Commis- sioner
of Pollee of the City of Boston. With the maintenance of discipline
sioner Curtis on the same day at the request of Governor In his department I have no authority to interfere. He has decided
that
C oolidgei "in his own behalf" agreed to meet a labor delega- the men have abandoned their sworn duty and has accordingly declared
their places vacant. I shall support the Commissioner in the execution
tion which had just previously conferred with the Governor, of law and the maintenance of order.
1138
•
THE CHRONICLE
!VOL 109
On Sept. 13 Mr. Gompers sent the following wire to Gov- NEW YORK FIREMEN DECLARE "STRIKE UNDER
ernor Coolidge
ANY CIRCUMSTANCES WOULD BE AKIN
New York City, Sept. 13 1919.
TO MUTINY."
Hon. Calvin Coolidge, Governor of Massachusetts, Boston, Mass.
While at the present time in Boston and several other cities
Your telegram received. While I am not a responsible public official, I
assure you that I am as much concerned in the maintenance of law and it is reported and in some cases evidenced by facts that there
order as any one possibly could be. The question at issue is not one on
among policemen and firemen and other
law and order, but the assumption of an autocratic and unwarranted po- is serious unrest
sition by the Commissioner of Police, who is not responsible to the people civil service employees there is a notable contrast presented
of Doston, but who is appointed by you. Whatbver disorder has occurred in the attitude of the firemen of the country's financial
is due to his order in which the right of the policemen to organize has been
centre—New York. A resolution has been adopted by their
denied—a right which has heretofore never been questioned.
My appeal to you as Governor and to the Hon. Andrew J. Peters, Mayor association characterizing as "deplorable" the situation creof Boston, was not to sustain lawlessness but to honorably adjust a mu- ated by the action of "the forces of public safety" who
tually unsatisfactory situation in accordance with a suggestion by the Presithat
dent of the United States in a similar case. Nothing but good can result "have sought recourse to strike." It says "we believe
from favorable action upon my suggestion. May I not further appeal to any attempt of an organized effort on the part of such force
you, to Mayor Peters, and the Police Commissioner to take a broad view
to engage in a strike under any circumstances would be akin
of the entire situation and thus give the opportunity for cool, deliberate
to:mutiny and desertion of posts in time of danger;which would
consideration when the passions aroused shall have subsided?
SAMUEL GOMPERS,
. . . be an unlawful proceeding and a crime against civilizaPresident American Fedration of Labor.
tion and government." The resolution which was adopted
Governor Coolidge on Sept. 14, replying to Mr. Gompers' at a recent meeting of the Uniformed Officers Association
wire of the preceding day, pointed out as noted further above of the New York Fire Department was made public on Sept.
that the case of the Boston men and that of the men of the 15, copies being sent to Mayor Hylan and other municipal
District of Columbia was wholly dissimilar. He said:
officers. It read as follows:
Boston, Sept. 14.
Replying to your telegram, I have already refused to remove the Police
Commissioner of Boston. I did not appoint him. He can assume no position which the courts would uphold except what the people have by the authority of their law vested in him. He speaks only with their voice. The
right of the police of Boston to affiliate has always been questioned, never
granted, is now prohibited.
The suggestion of President Wilson to Washington does not apply to
Boston. There the police have remained on duty. Here the Policemens'
Union left their duty, an action which President Wilson characterized as a
crime against civilization.
Your assertion that the Commissioner was wrong cannot justify the wrong
of leaving the city unguarded. Thatfurnished the opportunity; the criminal
element furnished the action. There is no right to strike against the public
safety by anybody, anywhere, any time.
You ask that the public safety again be placed in the hands of these same
policemen while they continue in disobedience to the laws of Massachusetts
and in their refusal to obey the orders of the Police Department. Nineteen
men have been tried and removed, others having abandoned their duty.
Their places have under the law been declared vacant on the opinion of the
Attorney General.
I can suggest no authority outside the courts to take further action.
I wish to join and assist in taking a broad view of every situation. A
grave responsibility rests on all of us. You can depend On me to support
you in every legal action and sound policy. I am equally determined to
defend the sovereignty of Massachusetts and to maintain the authority and
jurisdiction over her public officers where it has been placed by the Constitution and laws of her people.
CALVIN COOLIDGE,
Governor of Massachusetts.
After receipt of Governor Coolidge's wire of Sept. 13,
stating that he would support Police Commissioner Curtis
in executing the law, Mr. Gompers on the same day published
this statement respecting the position of the American Federation of Labor on the unionizing of policemen:
The unionizing of policemen is not of the seeking of the American rederation of Labor. Their voluntary organization and insistent demand for charters is the natural reflex of futile individual attempts to improve working
conditions. Therefore the American Federation of Labor was and is called
upon to meet a situation created by incapable, negligent or autocratic municipal authorities. When men are underpaid or made to work under bad
conditions they seek redress. Unable to right their grievances or obtain
better working conditions from their immediate superiors, they look for redress elsewhere. This was the case in Boston.
When policemen accept charters from the American Federation of Labor
it is with the distinct understanding that strike action will not be resorted
oaths
to, and no obligation is assumed which in any way conflicts with their
sane advice
or duty. In the American Federation of Labor they are given
and counsel. Out of it, or affiliated with some un-American or irresponsible
and
orkanization, a situation might develop which would cause real concern
even
for which the American Federation of Labor does not care to accept
remote responsibility by refusing to take them in and guide them aright.
was,
Unfortunate and regretable as the strike of the Boston policemen
and
surely sound public opinion will make the authorities in Boston admit
policethe
which
in
situation
The
it.
share their own full responsibility for
them
men find themselves today was provoked and practically forced upon
by the autocratic action of Police Commissioner Curtis, who at any time
exnaturally
is
as
might have honorably settled the dispute by such action
pected of a public official in his responsible position.
Even now, vested with individual, autocratic authority, with which oven
the Governor states that he has no power to interfere, he declares the places
of approximately 1,400 policemen vacant. Surely there is some weight of
justice in Boston that will prevent this individual, whose vision and interests
from
probably do not extend beyond the scope of the Boston police area,
the
openly antagonizing the great American labor movement and making
difficult,
most
lines
work of its officers to lead along sound and progressive
if not impossible.
.the authorities give no consideration to the human side of the question
i If
whator:to the advice and suggestion which I had the honor to make, then
ever betide is upon the head of the authorities responsible therefor.
SAMUEL GOMPERS.
Whereas, The Uniformed Officers' Association, Fire Department, City
of New York, comprised of 643 officers of the ranks of Deputy Chiefs of
department, Chiefs of battalion, Captains and Lieutenants. believe that in
this period of world reconstruction and industrial unrest which in other
communities has affected Civil Service employees of the Government, that
it is necessary for us to take cognizance of these conditions, and for the
interest of the people and all concerned, to plainly and unqualifiedly mako
known our sentiments relative to this deplorable situation, whereby the
forces of public safety have sought recourse to strike; and
Whereas, We appreciate that there may be possible circumstances where
workers in private employ, whether affiliated with organized labor bodies
or not, may, as a means of last resort, be compelled to seek relief in their
•
material conditions through the medium of strikes; and
Whereas, The members of the uniformed force of the Fire Department,
we
believe that any
safety,
public
of
a
as
force
serving
being public officials
attempt or an organized effort on the part of such force to engage in a strike
under any circumstances would be akin to mutiny and desertion of posts
in time of danger,.which would not only result in an undue menace to the
lives and property of the citizens of the city, but would also be an unlawful
proceeding and a crime against civilization and government; and
Whereas, We believe the people of this city, whom we serve as public employees, shall, at all times, through their legally elected representatives and
by lawful procedure in accordance with the provisions of the laws and government of this country, provide for the proper administration of our department,and in recognition and appreciation of the service we render will
at all times consider and decide with justice all matters affecting our material
conditions and welfare; therefore be it
Resolved. That we, as officers of tho Fire Department of the City of New
York,hereby pledge to the officials ofthe city and to our employers,the people of the city, that we shall stand faithful to the trust imposed in us and
to our oath of office, unswerving in our devotion to duty as members of the
uniformed force of the Fire Department,to protect and preserve our city and
Government,our department and the lives and property of the community,
and be it further
Resolved, That these resolutions be spread upon the minutes of this meeting and the records of this Association,that copies beforwarded to Honorable
John F.Hylan, Mayor; Honorable Thomas J. Drennan, Fire Commissioner;
John ICenlon,Chief of Department; to the Board of Estimate and Apportionment, and to the public press, to the end that the sentiments of the officers
• of the Fire Department be known to all concerned or interested, and that
there shall never be any question as to our undivided loyalty to the people
and to the Government of our city and nation.
GEORGE T. PAGE OF AMERICAN BAR ASSOCIATION
ON AMERICANIZATION OF FOREIGN POPULATION—D. CHAUNCEY BREWER'S COMMENTS.
It seems not inopportune to note that at the recent
meeting in Boston (Sept. 3) of the American Bar Association,
not only did Elihu Root insist that respect for law and order
was the issue of the hour, but Judge George T. Page of
Illinois, President of the Association, emphasized the necessity of the education of the foreign-born population regarding
the fundamental principles of our Government. The need
of Americanization of the foreign population of the United
States, better education of the native-born residents as to
the meaning of government and the harmonizing of the
interests of capital and labor were among the measures
urged by Mr. Page. In speaking before the meeting, Mr.
Page referred to the fact that "there never was a time when
there has been such unrest among all our people or such
uncertainty as to what action that unrest will produce,
and what the consequences of it will be, as exists now."
In a specially prepared article, the "Christian Science
Monitor" of Sept. 4 gives at length the remarks of Mr.
A message of congratulation to Governor Coolidge of Page and we take therefrom the following, in which he dealt
Massachusetts for his "prompt and vigorous action for the with the issues caused by our foreign population:
restoration of orderly and lawful government in Boston,"
The difficulties that are, to my mind, fundamental and which threaten
was sent on Sept. 12 by Governor Milliken of Maine. Ile said: the life of our Government itself, are just as open and as obvious as the
We are watching you with intense interest, because we believe that the
maintenance of free institutions in America depends upon the firm and courathe
geous handling of every crisis like the existing desertion and mutinyof
for
Boston police force. There is no room under our form of government
or
forcible coercion of the people or the constituted authorities by any class
group.
causes that worked for prohibition and women suffrage.
First—The first and a most dangerous difficulty is that wo have set
up a melting pot under which we built no fires, or if we did, we let them
go out many years ago. As a consequence, most of our great body Made
up of foreigners are, oven if they had any such desire, wholly incapable of
even becoming students of our form of Government.
SEPT. 20 1919.]
THE CHRONICLE
1139
• Second—Our fathers established a Government with the source of all
In closing the interview Mr. Brewer called attention to the formation of
power back of it in the people, to secure, as stated in our Declaration of the Order and Liberty Alliance, organized during
the war as a subsidiary of
Independence,"The right to life, liberty, and the pursuit of happiness."
the league, for the purpose of impressing not only upon foreigners but
Our second great difficulty is (leaving out of consideration the operations upon the people of the United States the fact that their
liberties are deof the molting pot necessary to condition the millions of foreign-born oven pendent upon the maintenance of an orderly Government.
This society
to become students of our form of Government), that we have left a people which has among its advisory council many eminent
members of the Amerwho have grown very numerous under a Government which has become ican Bar Association, is now endeavoring, through its
Freedom's
Classics
large and complicated, wholly ignorant and untaught as to the meaning of and Freedom's Messages, to popularize the
underlying democratic ideals
"life, liberty, and the pursuit of happiness" under a constitutional Govern- which were enunciated by the founders of the
Republic and the great men
ment and wholly ignorant as to the quantity and quality of responsibility who have followed in their footsteps.
that rests upon the individual. There have been permitted to grow up
unrestricted and unrestrained, conditions that have not taught democracy;
SENATE PASSES BILL FOR PENALIZING PROFITEERbut that unless destroyed, will make a democracy impossible.
The third, and possibly an unsurmountabie difficulty in the way of the
ING—APPROPRIATIONS BILL REPORTED
realization of a true democracy, is that we are trying to construct a democTO HOUSE.
racy without using some of the essential elements.
To make a real democracy, there must be surrender, compromise, and
The bill amending the Food Control Act of Aug. 10 1917
service by everybody. That condition does not exist under our Govern- and providing penalties
for profiteering in wearing apparel,
ment now,and never will exist while we have, as we do have, large bodies of
men who have and use the power or the money to influence and mold, for containers of foods, feeds and fertilizers was passed by the
selfish purposes to a large extent, the destinies of our nation either through Senate on Sept. 12 without a record vote. Except for a
the Government, or in spite of it. The latter condition belongs to an rider tacked on
before the final vote, providing penalties
aristocratic and not to a democratic form of government—and if the latter
character of influence is wielded, it is just as destructive of democracy, for profiteering in rents in the District of Columbia, the
whether wielded by so-called Capital or by so-called Labor.
bill passed the Senate in much the same form it passed the
IF It is within the knowledge of almost every one who has been in the
large factories of this country that no one can work his way through any House on Aug. 22 (Chronicle, Aug. 30, page 833). The
considerable factory unless he has either a guide or the ability to speak amendment of the Senate Committee on Agriculture and
several foreign languages.
Forestry which would have given power to determine fair
The disposition to give the place of their nativity preference over the
interests of their adopted country, was forcibly illustrated within two and reasonable prices to Fair Price committees appointed
weeks of the time of the writing of these words by men who, in order to through the Department of Justice, was rejected by the
emphasize their advocacy of Irish freedom, saw fit to hiss the name of Sentite on Sept. 12. The determining
of what is -an excessive
the President of the United States, As I write these lines, men in an
Industry making machinery necessary have, in gathering in this year's charge will be left to a jury. The rent profiteering rider is
harvest, struck, and sent a committee to confer with the management. applicable only to the District of Columbia. A separate
Four out of the six members of that committee were not citizens of this 'measure, known as the Ball
Bill, whose purpose was precisely
country.
One of the first things to be done in this connection is for the Government the same as the rider, had previously been reported by the
terse° to it that no applicant shall have bestowed upon him the honorable Committee on the District of Columbia. The rider, if
badge of citizenship in this country and given the power of the ballot and retained, would
be effective for four years after passage.
the protection of our Government unless he shows, by unquestionable proof,
that he has the knowledge and capacity to understand our American institu- The title of the bill amending the Food Control Act was
tions, our American scheme of government, a fixed and well-grounded amended by the Senate on Sept. 12 to read as follows: "A
determination to renounce allegiance not only to every foreign potentate
bill to ,amend an Act entitled 'An Act to provide further
and power, but to every foreign "Ism" and scheme of government not
reconcilable with our own, and, lastly, unless he shows a moral spirit and for the national security and defense by encouraging the
purpose to adopt our scheme of government as laid out in the constitutions production, conserving the supply and controlling
the disof our States and of the nation without any reservation whatever.
tribution of food products and fuel,' approved Aug. 10 1917,
Unless we are able and willing to start now and do these things that are
obviously necessary to make the large foreign part of our population fit and and for other purposes." Attorney-General Palmer, who
willing to understand what a real democracy is, and ready and willing is conducting the Federal Government's campaign
against
to do the service, to make the sacrifices and to accept the compromises
necessary to make and maintain a democracy, then we will continue to high prices, was credited with having said on Sept. 10 that
fail to get any useful and usable product from our melting pot, because the penalties of the new measure (when the measure is
we persist in ignoring the obvious.
adopted by both Houses) would apply to persons who are
Our obvious neglect to take the necessary steps to Americanize our
great foreign population is only a part of our neglect. All our people should found guilty of having violated the provisions of the Fbod
have proper instruction as to the meaning of the citizen's right to "life, Control Act before the penalizing clauses became law as
liberty, and the pursuit of happiness" under our Constitution. All the
well as those after passage of new amending measure. On
people should be taught the quantity and quality of responsibility that rests
this point Washington press dispatches of Sept. 10 said:
upon each individual.
Attorney-General Palmer made it clear to-day that the Department of
A commentary on that part of Mr. Page's address which Justice
is watching closely dealers suspected of profiteering or hoarding,
has to do with foreigners in the United States has been ob- and that prosecutions will result
when Congress passes the amendment to
tained by the "Christian Science Monitor"from D.Chauncey the food control law.
The question was raised whether the penalty would operate to punish
Brewer, President of the North American Civic League for violations
committed before the penalty was made a part of the statute.
Immigrants and of the Order and Liberty Alliance—organ"Certainly it will," Mr. Palmer returned with energy. "Profiteering
izations which aim to instruct foreigners in the requirements and hoarding were made crimes by the law two years ago. The mere fact
adding the penalty after the law was passed doesn't mean that violators
of American residence and citizenship; the "Monitor" in pre- of
of the law from the time it became effective cannot be punished."
senting Mr. Brewer's comments says:
It is Mr. Brewer's thought, and he speaks as the recipient of daily infor-
mation from 30 or 40 foreign-speaking agents of the league scattered through
the various industrial sections of the country, that Mr. Page kept well
within the facts when he called attention to the status of our foreign population. It is his conviction that between 35,000,000 and 40,000,000 of the
population of this country are either foreign-born or of foreign parentage,
and that the great majority of this number neither have any interest in
the United States nor in the ideals of this democracy. He finds little encouragement in the fact that national and State Governmentsihave recently
made sincere efforts to correct this situation, and explains the negative
character of the results by the following facts:
1. That the so-called foreign population lacks in itself any understanding
of the fundamental basis upon which this Republic was founded.
2. That many of the adults—as in the case of the Russians—are too Ignorant, or, as in the case of the great mass of radicals, too embittered, to
make corrective work along the line of preparation for citizenship practicable.
3. That the American people have permitted foreign-speaking emissaries,
in tho form of professional men, bankers and padrones to so exploit 80%
of this large foreign population in the past that it is now prejudiced and
difficult of approach.
4. That unwise promoters of the so-called Americanization movement
have antagonized the foreign colonies in place of winning their confidence
by offending racial pride and making the word "Americanize" repellent.
5. That the foreign population is handled in blocks by radical leaders
frequently in foreign pay, under mischievous guidance.
Referring to President Page's allusion to conditions of the foreign-speaking
men in the army, it is Mr. Brewer's belief that the American people are still
far from understanding the problem which division officers in camps and
cantonments had to meet when the draft levies of the great cities were turned
over to their charge.
As chief of the foreign-speaking soldier section of Military Intelligence,
Mr. Brewer is in a position to speak authoritatively, but prefers at present
to withhold any further comment than to say that mobilization presented
a situation of immense gravity which might well have had a serious bearing
upon the military activities of the Nation. Ile expressed much satisfaction
in this connection at President Page's warning against overzeal in pushing
unfit foreigners into American citizenship. Ile asserts that many great corporations, with mistaken economic views, have forced their employees to
assume the franchise—thus preparing, in his opinion, for their own wrecking
and the undoing of the communities in which they are located.
The deficiency appropriation bill for the present fiscal
year, with provisions for funds for the Department of Justice
and other Governmental agencies fighting high prices, was
reported to the House on Sept. 11.from the Appropriations
Committee. The House Committee declined to put in the
measure the large sums asked for by the Departments of
Agriculture, Labor and Commerce while granting practically
all the funds asked for by the Attorney-General. In reporting the action and the attitude of the House Committee
with respect to the appropriations bill, Washington advices
of Sept. 11 to the N. Y."Times" said:
Requests for appropriations by the Departments of Labor, Commerce
and Agriculture for investigations and special reports intended to aid in
bringing about a reduction in the living costs where refused, the committee
taking the position generally that the inquiries proposed were not essential
and only meant the creation of more positions.
In general, the committee reasoned that the cost of living could be reduced in only one way—that is, the successful prosecution of the retail
and wholesale profiteers. Accordingly, the entire amount requested by
Mr. Palmer for his investigations and prosecution was granted. The bill
carries $1,579,000 for the Department of Justice, of which amount $1,000.000 is for the detection of crime and the enforcement of the law, while
the Attorney-General is empowered to spend $200,000 for special attorneys
and the same amount for United States Marshals.
There are two other appropriations recommended by the committee in
connection with the high cost of living program, one an item of $150,000 for
the Federal Trade Commission to be used in investigating the six basic
industries. The first investigation which will be undertaken by the commission, it was announced, would be that of the steel industry. The Treasury Department receives an additional appropriation of $50,000 for the
employment of more Secret Service operatives.
Appropriations refused by the committee for the high cost of living
crusade were as follows:
Department of Agriculture, $502,000 for investigation of the warehouse
situation and making weekly reports of the amont of foods in storage.
Department of Commerce, $485,000 for gathering statistics and explaining to the public how to cook fish cheaply.
Department of Labor,$475,000 for gathering statistics on retail trade and
reports on labor conditions.
1140
THE CHRONICLE
HOUSE RESOLUTION REQUESTING INFORMATION
FROM POSTMASTER GENERAL CONCERNING
APPOINTMENT OF POSTMASTERS.
Following the resignation of Charles M. Galloway and
Herman W. Craven as members of the Civil Service Commission and the alleged violation by the Postmaster General
of the executive order of March 31 1917, a resolution was
introduced in the House on Sept. 11 and adopted on that day
calling for certain information from the Postmaster General
regarding appointments of postmasters in first, second and
third class post offices. The resolution which was introduced
by Representative Lehlbach of New Jersey, chairman of the
Committee on Reform in the Civil Service, was passed by a
vote of 245 to 211. It was in the form of a privileged report
from Mr. Lehlbach's committee. In submitting the resolution Mr. Lehlbach pointed out that the executive order of
March 31 1917 "places it under the jurisdiction of the Civil
Service Commission to conduct examinations and make the
ratings" of eligibles for appointment to first, second and third
class post offices. "It makes it mandatory on the Postmaster
General" said the sponsor of the resolution, "to submit the
highest name on that list for appointment." In referring to
the resolution Mr. Lehlbach said: "The purpose of this inquiry is to ascertain how widespread throughout the country
is a condition that is detrimental to the efficiency of the Post
Office Department, and which is the result of the willful and
contumacious refusal of the Postmaster General to obey the
order of the President of the United States." He further
said:"This is the situation. If the ratings fixed by the U. S.
Civil Service Commission do not suit the Postmaster General,
he submits them for rerating . ... and if the Civil Service
Commission has the temerity to insist upon its ratings, he
refuses to carry out the executive order and submit the highest name on that list for appointment—in direct violation of
the executive order."
In announcing his resignation and the fact that it had been
accepted by the President, Charles M. Galloway, a member
of the Civil Service Commission, issued a statement on
Sept. 6, declaring that "my resignation was forced because
I would not co-operate with Postmaster General Burleson in
debauching the Civil Service and making a sham of the merit
system." On Sept. 9 Mr. Burleson issued a statement denying the charges of Mr. Galloway, and stating that "at no
time has the Postmaster General addressed a communication
to the Civil Service Commission with a view of improperly
controlling a post office appointment."
The resolution adopted by the House on Sept. 11 calls on
the Postmaster General to furnish the House first with a list
of all the postmaster vacancies since the Presidential order
was issued March 31.1917; second, a list of those vacancies
that have been certified to the Civil Service Commission for
the purpose of finding the most capable appointee; third, a
list of certifications to the Department by the commission
as the result of the examinations of the men eligible for appointment, with the dates when such certifications were received; fourth, a list of names and the offices to be filled,
submitted by the Postthaster General to the President in
accordance with the order of March 31 1917.
Wm,. 109.
are applicable to the war-time prohibition law which took effect
July 1 last, to Constitutional prohibition which takes effect
January 1920 and to the production ,and distribution of
industrial alcohol. The chief provisions of the bill as summarized in Washington dispatches of Sept. 5 to the N. Y.
"Sun" were as follows:
Intoxicating liquor is defined as any beverage containing one-half of 1%
of alcohol or more.
Control is reposed in the Commissioner of Internal Revenue, who will enforce both wartime and constitutional prohibition, backed up by the Department of Justice and the Federal courts.
Any.bullding, boat or other place where liquor is kept for sale or is sold
is declared a nuisance, and upon being denounced as such its keeper is subject to fine and imprisonment.
Medicinal preparations made in accordance with the formulae of the
United States Pharmacopoeia, patent and proprietary medicines, toilet and
antiseptic preparations and flavoring extracts are exempted.
Doctors of medicine are permitted to prescribe liquor as medicine by obtaining a permit to do so.
Special permission is given for manufacture and distribution of sacramental wines.
Home made cider and root beer is permitted to be manufactured.
Plants producing industrial alcohol are required to register with the Commissioner of Internal Revenue, and the premises must be bonded.
Provision is made for storage of industrial alcohol in bonded warehouses
and for its withdrawal from them.
The above is a summary of the features of the bill as passed
by the Senate. On July 14 an amendment to the section of
the bill which defines as M of 1% the maximum alcoholic
content of beverages whose manufacture and sale would not
be prohibited by the bill under the War Time Prohibition
Law was introduced in the House by Representative Dyer of
Missouri. The amendinent would have changed the language of the bill from "not more than M of 1" to "not more
than 2k" but was defeated, as was another amendment of
the same character offered on July 14 by Representative Pell
of New York, which would have struck out the words:
"which contain M of 1% or more alcohol by volume" and
insert in lieu thereof "which are by a jury decided to be in
fact intoxicating." Upon the question of what content of
alcohol in "fact" is intoxicating, a nation-wide contest of the
prohibition and anti-prohibition forces has been waged for
several months.
The contention of the brewers has been that 29% beer
is in fact not intoxicating and could by test in court be so
proven. On this question numerous conflicting decisions
have been handed down in the Federal District Courts of the
leading cities in cases brought by the Federal Government
against brewers and liquor dealers.
Some of these Court decisions have sustained the argument
of the defendants that beer containing more than 3. of 1%
but not intoxicating is not prohibited under the War Time
Prohibition Law, while others have interpreted the law as
meaning to prohibit all beer with an alcoholic content exceeding 32 of 1%, regardless of whether such beer is or is not
intoxicating. The majority report of the House Judiciary
Committee on the War Time and Constitutional Prohibition
Laws presented by its chairman, Representative Volstead of
Minnesota to the House on June 30, stated that determining
what is an intoxicant "is a question of fact and not law, and
as such is clearly within the province of Congress.... Congress is given power to enforce this amendment by appropriate legislation; to do that it must necessarily determine its
scope and meaning. The right to define the power conferred
on it by the Constitution has been exercised by Congress ever
since we had a Government."
A definite statement on the question of how long the War
Time Prohibition Act which took effect July 1 last would
be in force, was made by Attorney-General Palmer on
Aug. 27. The termination of the period of war time prohibition depended, Mr. Palmer said, on the ratification of the
peace treaty with Germany and the proclamation of peace
by the President. If the treaty is not ratified before January
1920, the War Time Prohibition Act will remain in force until
the Constitutional Prohibition Law which takes effect in that
month replaces it. On June 28 President Wilson, in a statement given in these columns July 5, p. 32, said when demobilization was completed he would take action to repeal
the war-time prohibition law. According to the latest statement of Attorney-General Palmer "the status of demobilization, as it affects prohibition cannot even be considered prior
to the formal declaration of peace, which only may follow the
ratification of the treaty."
SENATE PASSES PROHIBITION ENFORCEMENT BILL
—WAR TIME PROHIBITION TILL
PEACE PROCLAMATION.
The bill providing for the enforcement of the War Time
Prohibition Law and the Constitutional Prohibition Law,
which was passed by the House on July 22, was passed with
sundry amendments by the Senate on Sept. 5 without a
record vote. The bill is H. R.6810 and its author is Representative Volstead, of Minnesota, chairman of the House
Committee on Judiciary. The bill as passed by the Senate
differed in no important features from the measure passed by
the House on July 22. It was favorably reported to the
Senate by the Senate Judiciary Committee in practically the
same form that it had passed the House, the main point of
difference in the passage of the bill by the two branches of
Congress being that in the House there was heated and extended debate over its provisions, and the "dry" forces controlled the action of the House in making the bill more
HOUSE PASSES BILL GIVING $150 WAGE INCREASE
drastic in some features than it was in original form as reTO POSTAL EMPLOYEES—POST OFFICE
in
the
while
30;
ported by the House Committee on June
CLERKS OPPOSE UNIONS.
Senate the debate on the bill was limited and the attitude of
the annual wages of employees of the Post
in
An
it
more
increase
making
for
of
disfavor
one
the members was notably
joint resolution adopted
drastic. The bill is now in conference. It passed the House Office Department is authorized by a
increase applies to all
flat
The
4.
on
Sept.
House
which
sections
the
by
three
into
divided
is
It
100.
to
287
by a vote of
SEPT. 20 1919.]
THE CHRONICLE
postal workers except certain auxiliary clerks and substitute
carriers who shall receive under the bill 60 cents an hour.
It is retroactive to July 1 1919. The author of the resolution is Representative Madden of Illinois.
On Sept. 4 Representative Goldfogle of New York, a
member of the Committee on the Post Office and Post
Roads submitted a minority report dissenting from the
report of the majority approving the annual increase of
$150. Mr. Goldfogle declared that "such an increase will
be grossly inadequate in amount and unscientific and unmethodical in its allotment and distribution." A resolution which he introduced and which would give to post office
employees an increase of 35% in wages (except substitutes
who are to receive at the rate of 80 cents per hour) is now
pending.
The Goldfogle resolution was endoresd by the United
National Association of Post Office Clerks at their annual
convention on Sept. 5 at Atlantic City. The convention
an Sept. 4 went on record as opposed to the $150 annual
increase proposed in the joint resolution passed by the
House; it also rejected the proposal of affiliation with the
American Federation of Labor and all other plans of unionization. Demands for a minimum or initial salary of $1,800
for letter carriers and 80 cents an hour for substitutes were
embodied in resolutions adopted by the convention of the
National Association of Letter Carriers on Sept. 3 at Philadelphia.
The Congressional Joint Commission on Postal Salaries
(authorized in section 3 of the Post Office appropriation Act
of Feb. 28 1919) began a series of hearings in this city on
Sept. 9. It had before it officials of the New York Letter
Carriers Association and the New York Post Office Clerks
Association. Peter J. Vandernoot, President of the former
told the Commission that the average expenses of postal
employees were $1,647 annually, while the average yearly
pay was $1,045.
PRESIDENT WILSON RECOMMENDS EXTENSION
OF BAN ON IMMIGRATION—ANTI-IMMIGRATION BILL INTRODUCED IN HOUSE. •
In a message to Congress on Aug. 25 President Wilson
recommended that the Act of May 22 1918, which makes
possible the exclusion of undesirable aliens from this country by a system of passport control and which would cease
to be effective on proclamation of peace be extended so as
to be applicable .till one year after the formal proclamation.
"Information from agents of the Government in foreign
countries," the President said, "indicates that as soon as
the restrictions on travel are removed many persons will
seek admission to the United States" who are not only
undesirable as future citizens "but persons whose origin
and affiliations make it inadvisable that they should be
permitted to enter the United States." The President in.
his message asked Congress to appropriate $750,000 for
carrying out the provisions of the bill the remainder of the
fiscal year. His message follows:
To the Senate and House of Representatives:
I transmit herewith a communication from the Secretary of State,
suggesting that the passport-control Act of May 22 1918, be extended
for one
year after peace shall have been concluded between the United
States and
the Central Powers of Europe, and that ample appropriations
be made
for an efficient execution of that Act and the regulations made
under it
during the remainder of the fiscal year. This recommendation
brings
up for our consideration a very important question of policy which
has
an intimate relation to the welfare of the country.
Information from agents of the Government in foreign countries
indicates that as soon as the restrictions on travel are removed many
persons
will seek admission to this country, and that among the number
are not
only persons undesirable, from the point of view of becoming future citizens, but persons whose origin and affiliations make it inadvisable
that they
should be permitted to enter the. United States.
The Act of May 22 1918, which makes possible the prevention of
undesirable individuals from departing for the United States, will
automatically cease to be operative upon the establishment of a condition of peace.
Individuals will then be free to come here for whatever purpose
they choose,
and many will come for purposes which we cannot approve, and which may
Indeed be dangerous to the country and to its institutions.
The immigration officials enforcing the immigration laws at the ports
of the United States will not be able successfully to prevent the entry of
all Improper and dangerous persons because of the impracticability of developing a system of intelligence and investigation abroad to work in sufficiently close relationship to the immigration in the United States to be
thoroughly effective in distinguishing between those individuals whose
right to admission would be injurious to the country. The experience
gained during the war shows that an efficient system of passport control,
administered by the Department of State through the diplomatic and consular officers in foreign countries, can be depended titian to exclude practically all persons whose admission to the United States would be dangerous or contrary to the public interest.
If the Congress concur in the view that the national welfare requires that
thaclass of persons to which I have alluded should not enter this country,
it is my belief that the simplest and most effective method that can be
adopted would be to continue the system of control now being carried on
1141
by the Department of State working in close co-operation with the Commissioner-General of Immigration.
It is obvious that effectiveness of control can only be obtained through
supplementing the regular diplomatic and consular personnel with a sufficient number of reliable and capable men and such men as would be useful
can be had only through the payment of adequate compensation. The
Secretary of State estimates the expenditure required for the remainder
of the current fiscal year at $750,000, including a number of adIonal
employees in the Department of State who would be charged to supplement
the administrative organization now maintained there. I quite agree
with the view that it is entirely useless to make any outlay upon this work
unless sufficient money is provided with which to make control effective.
It would be most unwise to permit the public to rest on the impression that
an effective control was being exerted over persons seeking admission to
this country, when in fact, owing to inadequate personnel and an inefficient administration of the law, dangerous persons were freely crossing our
boundaries.
It is important that I should add that the increase in the number of
persons desiring to come to the United States has already almost overwhelmed the existing organization abroad, and that it is very doubtful
whether the system of control can be kept in operation for more than a few
weeks longer without additional appropriation.
With the relaxation of restrictions upon transportation which are gradually taking place, the burden of examining applicants passport viasas will
become so great as to be entirely beyond the number of officers whose employment existing appropriations make possible. Therefore, it is of the
utmost importance that if the Congress should be decided, as I hope it
may, that the public interest requires that the existing system of control
should be maintained and extended it will enact the necessary legislation
Preferably by joint resolution and make ample appropriation at the earliest
possible moment.
WOODROW WILSON.
The White House, Aug. 25 1919. '
A bill providing for restriction of immigration to the
United States for a period of two years and for deportation
of undesirable aliens was introduced by Representative
Johnson of Washington in the House on Aug. 20. It was
referred to the Committee on Immigration and Naturalization, of which its author is the chairman.
HENRY FORD LIBEL SUIT.
The libel suit brought by Henry Ford against the Chicago
"Tribune" resulted in the jury in the Circuit Court at Mount
Clemens, Mich., awarding to Mr. Ford on Aug. 16 the sum
of six cents, in addition to the costs of the trial. Mr. Ford
had sued the newspaper for $1,000,000. He alleged that
his good name, credit and reputation had been injured by
an editorial article appearing in the "Tribune" issue of
June 23 1916, which was entitled: "Ford Is Ail Anarchist."
The article it was claimed by the defendant was prompted
by the plaintiff's manifest pacificism and his opposition to
sending American soldiers to the Mexican border at about
the time the article was published. The chief counsels for
Mr. Ford and the "Tribune" were respectively Alfred Lucking and Elliot G. Stevenson. Opening statements in the
case were made by counsel of the defendant on May 16.
Judge James G. Tucker presided throughout the hearings.
The verdict was returned on Aug. 14 at 8.15 p. m. after the
jury had been deliberating for 10 hours and 20 minutes
during which it was stated it took nine ballots. Mt.Clemens
advices in the New York "Sun" of Aug. 16 in stating that
the amount of costs that Mr. Ford may receive in addition
to the 6 cents damages will not exceed $50, said:
Under a Michigan law where nominal damages are awarded, not more
than $50 costs can be assessed against the losing party.
Alfred Lucking, senior counsel for Mr. Ford, said this morning (Aug. 15
that little attention had been given to the matter of costs and that until
he had looked up the law covering the case, he could not say how much the
plaintiff could expect to receive. Among other attorneys, however, the
opinion was held that in cases where damages awarded amount to less than
$50, the costs collectible may not exceed the judgment awarded. In this
event Mr. Ford could demand only six cents costs from the "Tribune."
SECRETARY BAKER DENIES PRINCIPLES OF PLUMB
PLAN HAVE BEEN APPLIED TO OPERATION
OF ROCK ISLAND ARSENAL. •
Secretary of War Baker, following the publication of
correspondence between the War Department and representatives of the employees of the Rock Island Arsenal harness
shops, which were interpreted in some quarters as indicating that the management of the shops was in the hands of
the workers, announced on Sept. 2 that "the management of
the plants is undisturbed—the Government operates them,
and the authority of the commanding officer is as complete as
it has always been." In the correspondence which was made
public on Aug. 31 the system at Rock Island had been described as being "the first recognition of the principle of
democracy as applied to the manufacturing industry,"
and the Plumb Plan League and advocates of the Plumb
plan which is for the nationalization of industry had seized
upon the opportunity to assert that the War Department had
applied the Plumb Plan principle to Rock Island. Secretary Baker's statement denying• these assertions read as
follows:
1142
THE CHRONICLE
The publication of the correspondence between representatives of arsenal
employees and the Secretary of War has led to widespread misunderstandng
of the situation. The War Department has encouraged the formation of
committees of its employees in the arsenals, which committees consult
freely with the men and act in an advisory capacity to the management
on questions of shop conditions, production and wages. By this means
hearty co-operation has been secured, and complete sympathy between
the management and the employees has resulted.
The authority of the management,however,is wholly undiminished by the
advisory relation of the committee—the management of the plant is undisturbed—the Government operates them, and the authority of the commanding officer is as complete as it has always been.
The whole purpose of the steps which have been taken is to bring about
understanding and good feeling, but not in any sense to part with either
the responsibility or the authority of the Government in the management
of these industrial enterprises.
[VOL. 109.
better when they share in the responsibilities of the industry and in the rewards of their own labors. There is no fear that American workingmen
are not capable of participating in the management of industry.
"After we have a few more experiments like that reported by the War Department people will begin to realize that they have been thinking down a
blind alley in these matters. Give the American workingman both authority and responsibility and let him go ahead.
"Of course the application of industrial democracy has to be determined
by the conditions which surround the individual industry. No advance ever
takes place in a day."
The material given out by the War Department consisted of a letter
written to Secretary Baker by the arsenal employees' representatives in
the arsenal orders branch of the office of the Chief of Ordnance, a memorandum submitted by the employees' representatives with their letter to
the Secretary and Secretary Baker's reply in indorsement of what had been
done. The development of the arsenal orders branch in the office of the
Chief of Ordnance, and of representation of employees of the manufacturing
arsenals in an advisory capacity in connection therewith is not explained
in the correspondence given out by the War Department.
On the same day, following a conference with Secretary
Baker, General Charles C. Williams, Chief of Ordnance of
the War Department, reiterated Mr. Baker's announcement
The letter which Messrs. Cornick and McCort, the emdeclaring: "The policy is that the Government is respon- ployees' representatives, sent to Secretary Baker was quoted
sible for the management of these arsenals, and it intends in part by the "Times" as follows:
to cling to that responsibility."
Primarily the employees feel that yourself and General C. C. Williams are
General Williams sent the following telegram to Col. interesting yourselves in them in a vital significant way, that is, concerning
stability of their positions, rather than in paternalistic ways such as have
Harry B. Jordan, commandant of the Rock Island Arsenal: the
been tried with questionable results in so many instances during the past.
Referring to the statement in many papers that the harness shop at Rock
Island Arsenal had been turned over to workers, the Secretary of War informed me personally that he had no intention of allowing interference in any
way with the authority and responsibility of the management in conducting
affairs at the arsenals. You are authorized to give publicity to this statement.
On the preceding day, Sept. 1, which was the day after
the correspondence between the War Department and the
workers' representatives had been given to the press,the War
Department in explanation of its policy at Rock Island
issued this statement:
With the signing of the armistice, the arsenal emloyees faced a situation
raising grave doubts as to the security of their employment since the products which they had been engaged in turning out were, of course, for use
in the war with Germany. Having well-functioning organizations in existence in several of the War Department arsenals, and with members of
these organizations conversant to an unusual degree with production problems, the employees designated representatives to take up the subject with
the Secretary of war and Chief or Ordnance. The outcome was the approval
of the suggestion that an arsenal orders branch be established in the office
of the Chief of Ordnance to secure orders from other departments of the
Government for such things as the Government needed and the arsenals
were equipped to manufacture. The experience of the War Department in
securing the employees' assistance and devotion by according them a large
measure of control over the conditions of production and labor in the arsenals
naturally led to creating an advisory committee of employees' representatives in the arsenal orders branch. Employees' representatives actively
assist in the work of this branch,in figuring costs when bidding for work,&c.
The Plumb Plan League on Sept. 1 issued a statement
relative to the War Department correspondence. It said
the "Government's experiment in industrial democracy at
Rock Island Arsenal is. a happy and timely illustration of
the truth of one of the basic principles for which we are
contending." It further said "the War Department report
gives conclusive proof" of the increased efficiency derived
from participation of labor in control of management "by
showing the extraordinary results that have been obtained
at Rock Island under workingmen's control." The statement was quoted at length in the following accounts which
are taken from Washington dispatches of Sept. 1 to the
N. Y. "Times":
What was done at the Rock Island arsenal, as announced by the War Department yesterday, was described in the correspondence and
made public by the War Department as being "the first recognition of the
principle of democracy as applied to the manufacturing industry." The
documents made public by the War Department comprised a letter written
by Secretary Baker on Aug. 23 to R. L. Cornick and James L. McCort,
employees' representatives in the ordnance department in Washington,
expressing Secretary Baker's "pleasure in the results which have been attained," and further stating Mr. Baker's "hope that the policy which has
already been productive of so much good will be successfully pressed."
The celerity with which the Plumb plan leaders have seized upon the
announcement which was given out officially at the War Department
yesterday cannot be otherwise interpreted than as an effort to make
it appear that the Government itself has been won over to the Plumb
plan in what has been done at Rock Island. Coincidental with the
interpretation by Mr. Plumb of the Rock Island experiment as being
nothing more nor less than an application of the principles of the Plumb plan
for nationalization of industry, the statement issued here tonight by Manager Keating of the Plumb Plan League takes the same view of the Rock
Island experiment. The statement in part follows:
"The report given out by the War Department of the results of the Government's experiment in industrial democracy at Rock Island Arsenal is a
happy and timely illustration of the truth of one of the basic principles for
which we are now contending. We maintain that the participation of labor
in the control of management will serve greatly to increase efficiency. The
War Department report gives conclusive proof of this by showing the extraordinary results that have been obtained at Rock Island under workingmen's control.
"In advocating the Plumb plan we are dealing with a great natural monopoly. which, under private ownership, has been managed with incredible inefficiency in an attempt to maintain a fictitious competition. If in the field
of legitimate competition, as in the case with the Rock Island Arsenal, the
Government has demonstrated the success of industrial democracy, it is
fair to assume that the same principle will be even more successful when applied to a monopolistic enterprise like the railroads.
"This principle of industrial democracy is nothing but old-fashioned, bedrock Americanism. If a man is worthy of a vote in the political field he is
worthy of a voice in the field of economic life.
f "We have to return to fundamental Americanism and rescue the human
actor of co-operation in industry. Of course, men will work harder and
They realize that their status is now in the process of change. They no longer
feel like mere employees,simply bent on holding down a job quite apart from
their conception of life, for no other purpose than the earning of wages, the
only crude means available to them for securing the necessaries and perhaps
a little of the better things of life. They are beginning to see that they are
on their way towards becoming partners in a large enterprise.
It has been very gratifying to us to note, many times, that the necessity
on the part of the men for economical production is well understood. For
Instance, at Watervliet Arsenal recently during the noon day rallies which
were being held, the appeals of the speakers who were from the workers,
were for efficiency. At Watertown some of the men stated that in the ininterest of the workers that their abilities were limited when it came to
functioning on employees' committees, handling grievances, &c., for, they
said that that was not their fort. They did not feel able to confront the
management in sufficiently forceful ways while prosecuting cases of such
a nature.
But, they said, they clearly saw their opportunity in the chances which
now existed for functioning on production committees. Their abilities,
they felt, lay in that direction and they most enthusiastically welcomed
the circumstances which promise them these new opportunities for self
expression. At Frankford and Rock Island instances have occurred where
the employees have gotten after individuals who have not been doing as
well as they might.
JAMES SPEYER ON CUMMINS RAILROAD BILL AS.
AFFECTING INVESTORS.
The failure of the Cummins railroad bill to provide effective guarantees and assure a definite and stable return on
railroad securities is criticized by James Speyer in a communication which he has addressed to the New York "Times"
and which appeared in last Sunday's issue of that paper
(Sept. 14). In writing from the viewpoint of the investor
Mr. Speyer states that it will not make much difference as.
to whether there are to be regional systems or not, or how
closely new issues of securities are to be supervised, the
essential problem being how to re-establish and maintain
railroad credit. Owners of railroad securities, Mr. Speyer
asserts, must be reasonably assured of their income under
strict Government control. They are, he argued with great.
force, entitled to ask the Government authorities "to take.
steps to restore the true value of railroad securities, because
it is very largely due to mistaken policies of the past. . .
that railroad credit generally has been well nigh destroyed."'
The following is Mr. Speyer's communication in full:
New York, Sept. 13 1919.
To the Editor of the New York Times:
Your issue of Sept. i0 contains an article by Mr. Victor Morawetz, in
which he clearly points out the principal shortcoming of the Railroad bill.
recently introduced by Senator Cummins, viz., its "failure to provide a
workable way" for assuring to the railroad companies not only a fair but
a continuing and certain return on the capital now invested and to be invested in the future.
The bill contains many now and admirable provisions, which should go
a long .way toward stabilizing conditions, but it is a sad disappointment
in that it fails to provide effectively for the re-establishment and maintenance of railroad credit. Perhaps this is not so astonishing when one remembers that even some individual railroad managers seem to attach
greater importance to operating details, regional systems, competition, &c..
than to the fundamental financial questions Involved.
After all, the fundamental requirement which has to be met is railroad.
credit—required not only for the payment of wages to the employees and
for the fixing of transportation costs, but also to enable the railroad companies, whether there be 200 or 20 of them,to get the funds to meet existing
obligations and for future improvements and extensions necessary for the
development of particular sections, and for our country as a whole in the
keen competition for foreign trade.
While Senator Cummins states that "it is the duty of the Government
to see that adequate transportation is furnished the people of the United
States at the lowest possible cost consistent with fairness to the capital
invested," his bill does not provide with any definiteness how to ascertain
and maintain this "fairness" or how to determine the "capital invested." .
It would not be so difficult to determine the "capital invested," although
physical valuation of a given date, taken by itself, would not be a just
criterion. It is more difficult to determine what is to-day, or what will be
to-morrow,a "fair" return. Ten years ago 4% was considered a fair return.
To-day 6% might be so considered. What will it be in ten or twenty years
from HOW' But it is not so much the "return" itself as the reasonable
assurance of the maintenance of this fair return that is required. Admitting
that an agreement could be arranged between the borrowers (the railroad
companies) and the lenders (our investors, large and small) as to what con-
SEPT. 20 1919.]
THE CHRONICLE
1143
stitutes a "fair" return to-day, the bill does not contain any assurance of world,"We understand
the treaty to mean what it says," I think that is
the maintenance of this return when determined, except through the chang- work of supererogation
, but I do not see any moral objection to it.
ing judgments and decisions of changing Government bodies to fix what
But anything that qualifies the treaty, anything that is a condition to our
they might consider "just and reasonable rates."
ratification of it, must be submitted to all the others, and we must go over
As Mr. Morawetz points out, this is the very method that has been tried this process again. This process,
which took six months of intensive labor,
and found woefully wanting. The principal reason why investors have lost which took six months of very
difficult adjustment and arrangement, which
confidence in railroad securities is because no definite rule is prescribed by quieted jealousies,
which allayed suspicions, which set aside controversies,
law for fixing what is a "just and reasonable rate" to accomplish the desired
which brought about the most extraordinary union of minds that was ever
results. Whether it is possible to fix by law such a rule seems doubtful, brought
about in so miscellaneous an assembly divided by so many interests
but it is certain that the bill does not even attempt to do so. Therefore, —ail that must be
gone over again. And in the meantime the world must
the uncertainty as to the future net income and "return" would remain, wait and its unrest grow deeper,
and all the pulses of life go slower, waiting
and the lack of confidence of the investing public in railroad securities to
see what is going to happen, all because the United States asks the other
would be bound to continue.
Governments of the world to accept what they have.already acceptedlin
During the last decade or so repeated and successful efforts have been different language.
made by interested parties te increase wages, and by others to prevent an
That is all that it amounts to. I mean all that the reasonable reservaincrease in rates, but not much effective consideration has been given by our
tions amount to. Some of them amount to staying out altogether, some
Government bodies as to how to help the owners "to make both ends meet."
of them amount to a radical change of the spirit of the instrument, but I am
Due to this and to onerous rules and regulations of Governmental authorispeaking now of those which some men of high conscience and of high public
ties, formerly solvent, honestly managed railroad companies have become
purpose are seriously pressing in order that there may be no misunderstandinsolvent. Innocent investors have suffered heavy shrinkage of their investing. You can avoid a misunderstanding without qualifying the terms of the
ment and have frequently been deprived of the moderate income on their
document, because,as I have said and shall say again and again, America is
savings at the very time when they urgently needed it and when in fairness,
at liberty as one of the voting members of the partnership to state how she
on account of the higher cost of living, they were as much entitled to an inunderstands the articles ot co-partnership.
creased income as was labor.
Attempts are still being made to becloud the railroad problem by creating
In his speech at Couer d'Alene the President reiterated
a "smoke screen" and to hide behind it the true facts and intentions, viz., by
laying stress on real or pretended mistakes or cases of abuse of trust by a few the points here emphasized. President Wilson also stated
of those who have been connected with railroad management in the past, in his Spokane speech that "at every point in the Covenant
the persistent, unwarranted attacks on legitimate investment and property where it was necessary to do so,
I insisted upon language
rights are to be excused. Surely the mistakes or misdeeds of a few (who,if
really guilty, should be punished) are no more of an excuse for unfair treat- which would leave the United States free." During the
ment of railroad investors than would the mistakes or abuses of a few labor course of his remarks the President further said:
leaders be an excuse for denying to railroad employees the increase in wages
My present point is to dissociate the League of Nations from the present
to which they appear entitled.
speaker. I did not originate it. It is not my handiwork. It has originWhen the Government took over the railroads the law specifically pro- ated out of the consciences and thought
of men who wanted justice and peace
vided and tried to define "just compensation for the owners" for the use of for generations. And my relation to it
is Just what my relation ought to
their properties, but, even so, the owners of very few of the railroads con- be to every public question—the
relationship which a man bears to his
sider that they have been offered or have received this "fair compensation" fellow citizens when he tries to interpret
their thought and their consciences.
for their use while the Government had full control and management thereof. That is what I conceive
to be my part in the League of Nations. I admit
The depreciation of railroad securities has been a heavy blow to millions of the distinguished history
of the Republican party. I do admit that it7has
individual owners and to savings banks and life insurance companies, and been the
creator of great constructive policies, and I should be very
should, and can, be remedied. The largo amount of funds annually needed sorry to see it
lose the prestige which it has earned by such policies. I should
for the maintenance and development of our transportation system cannot be very sorry to
have any man feel that there is any embarrassment in
be obtained to any sufficient extent, if at all, until there are provided definite supporting a great
world policy because he belonged to a great constructive
and stable guarantees of income and of return on capital to be invested in party and that party
an American party—a party of that people which
the future.
has done the most advanced thing in the world, and that people which.
It will not make much difference how many railroad systems there be, God helping it,
will lead and save the world.
whether there be "regional systems" or not, or how closely now issues of
securities will be supervised, or how much of any surplus will go for improving the conditions of labor (which I, for one, would like to see done), or PRESIDENT WILSON
ON SIX VOTES ACCORDED
whether there are two representatives of labor and two of the Government
GREAT BRITAIN UNDER LEAGUE COVENANT.
on each board, &c. The essential problem remains how to re-establish and
maintain railroad credit. Owners of railroad securities should not be deThe statement that "the only thing that seems to me weak
pendent for their income on what the present or future members of the
Transportation Board or Interstate Commerce Commission may consider, about the League is that a unanimous vote will sometime
from time to time the capital invested to be or what is a "fair return," or be difficult to get and the danger is not action, but inacwhat they may think from time to time, to be "just and reasonable rates" tion," was made by President
Wilson in the speech which
expected by them to produce this return. They must be reasonably assured
he delivered at Spokane on Sept. 12. The President was
of their income under strict Government control.
The owners of railroad securities—men and women, all voters—are en- speaking with reference to the greater vote which it
is
titled to ask the Government authorities, both Federal and State, promptly claimed
is accorded Great Britain than the United Stater
to take stops to restore the true value of railroad securities because it is very
largely due to mistaken policies of the past, to mistakes of commission and under the Covenant, and his remarks with respect thereto
omission of Government bodies, that railroad credit generally has been well- follow:
nigh destroyed.
There is another matter; I have forgotten who it was that said it, but
.
I
The proposed bill does not provide effective guarantees and does not
wouldn't mention his name if I remembered it—that this covenant was an
assure a definite and stable return on railroad securities, outstanding and arrangement
for the dominance of Great Britain. They base that upon
to be issued.
the fact that in the assembly of the council six units of the British Empire
I believe that when this matter is once thoroughly understood by Our legisare represented, whereas the United States is represented as only one
lators, and its importance for all classes thoroughly appreciated, American
unit. Alike, in the assembly and the council, the vote of the United States
common sense and love of fair play will prevail, as they have in similar
crises is an absolute veto. We can always veto, always offset with one vote, the
•in the past. It is one of the most urgent problems for the prosperity
of the British six votes. I must say that I look with perfect philosophy upon the
country as a whole, and should be fairly solved before the properties are
re- difference in number.
turned to their owners.
The justification for the representation of more than one part of the
JAMES SPEYER.
British Empire was that the British Empire is made of semi-independent
pieces, as no other empire in the world is. You know how Canada, for
example, passes her own tariff laws, does what she pleases to inconvenience
PRESIDENT WILSON ON INTERPRETATIVE RESER- the trade of the mother country.
The only thing that seems to me weak about the League is that a unaniVATIONS.
mous vote will sometimes be very difficult to get, and the danger is not
President Wilson this week reached the Pacific Coast in action, but inaction. The danger is not that they will do something
we
his tour of the country in the interest of the Peace Treaty do not like, but that, upon some critical occasion, they won't do anything.
Article 10 again and read Article 11. Article 11 makes it the right
and the League of Nations. In the past two issues of the of Read
any member of the League, however weak and small, to call attention
"Chronicle" we have given extracts from the various speeches to anything anywhere that is likely to disturb the peace of the
world and
made by him sine() the start of his campaign begun at Colum- draw it into debate, draw it into the open, draw it where everybody can
the facts, and talk about it. It is the only time, my fellow countrybus on Sept. 4, and a record of some of his utterances during know
men, in the history of the world where the weak and oppressed and restive
the past week is furnished by us the present week. Two peoples have been given a hearing.
The League of Nations makes every secret agreement of every-kind inspeeches were made by the President in the State of Washvalid. In every direction the safeguards of this Treaty are thrown around
ington on September 12—one in Spokane and the other in those
who are oppressed.
Coeur D'Alene--in both of which he had something to say
I leave the verdict with you, and I beg, my fellow citizens, my Republican
fellow citizens, that you will not allow yourselves for the moment.
regarding the interpretative reservations. In his remarks
as I do not allow
for one moment, as God knows my conscience, to
in Spokane, the President, it is learned from the account of think of 1920 whenmyself
thinking about the redemption of the world.
his speech in the New York "Times," said in part:
We cannot honorably put anything in that treaty which Germany
has
signed and ratified without Germany's consent, whereas it is perfectly
easible, my fellow-countrymen, to put interpretations upon that
treaty,
which its language clearly warrants, to notify the other Governments of the
world that we do understand the treaty in that sense.
It is perfectly feasible to do so and perfectly honorable to do that, because, mark you, nothing can be done under this treaty through the instrumentality of the Council of the League of Nations except by unanimous vote.
The vote of the United States will always be necessary, and it is perfectly
legitimate for the United States to notify the other Governments beforehand
that its vote in the Council of the League of Nations will be based upon such
and such understanding of the provisions of the treaty.
And the treaty is not susceptible of misunderstanding. I do not object
to painting the rose or refining fine gold; there is not any phrase in the
covenant of the League of Nations that can legitimately be said to be of
doubtful meaning, but if the Congress of the United States wants to state
the meaning over again in other words and say to the other nations of the
PRESIDENT 1VILSON PICTURES UNIVERSAL DISORDER IF UNITED STATES DOES NOT ENTER
NEW WORLD ARRANGEMENT.
There "will be no reform in this world in a generation"
President Wilson predicted in an address at Couer d'Alene
on Sept. 12 "if the conditions of the world are not now
brought to settled order." In part the President spoke as
follows:
We are facing a decision now in which we cannot afford to make a mistake. We must let ourselves be deceived as to the gravity of that decision
or as to the implications of that decisoin. It will mean a great deal now,
but it will mean infinitely more in the future.
If you believe in progress—if you profess reform, if you believe in purl,yins politics and enlarging the purpose of public policy, then you have
1144
THE CHRONICLE
got to have a world in which that will be possible. And if America does not
enter with all her soul into this new world arrangement, progressives might
as well go out of business, because there is going to be universal disorder,
as there is now universal unrest.
And if the order of Europe is upset, do you think America is going to be
quiet? Have you not been reading in the papers of the intolerable thing
that has just happened in Boston? When the police of a great city walk
out and leave that city to be looted, they have committed an intolerable
crime against civilization.
And if that spirit is going to prevail where is your program? How can you
carry a program out when every man is looking out for his own sefish
interests and refuses to be bound by any law that regards the interests of
the other.
There will be no reform in this wonl for a generation if the conditions of
the world are not now brought to settled order. And they cannot be
brought to settled order without the co-operation of America.'
I can tell you that the only people they depend upon to bring the world
to settled conditions are the American people. I send that challenge out to
the conscience of every man in America, if he knows anything of the conditions of the world, and really loves justice, and purposes just reform, he
must support the treaty with Germany.
I do not want to say that and have It proved by tragedy. For if this
treaty should be rejected, if it should be impaired,'then amidst the tragedy
of the things that would follow, every man would be converted to the things
that I am now uttering.
There are a great many things ne-ding to be reformed in America. We
are in clanger at this present moment of minorities trying to control our
affairs.
If you think that you can afford to live in a chaotic world, then speak
words of encouragement to the men who are opposing this treaty. But if
you want to have your own fortunes held steady, if you want to keep your
own boys at home after this terrible experience, you will see that boys
elsewhere are kept at home. Because America is not going to refuse, when
the other catastrophe comes, again to attempt to save tho world. We went
Into this war promising every loving heart in this country, who had parted
with a beloved youngster that we were going to fight a war which would
make that sacrifice unnecessary again.
[VoL. 109.
The total of all battle deaths in all of the wars of the world from the
years 1793 to 1914 were something under 6,000,000. So that in all the wars
of the world for more than one hundred years fewer men died than have
been killed updn the field of battle in the last five years. These are terrible
facts and we ought never to forget them.
We went into this war to do a thing that was fundamental for the world,
and what I have come out upon this journey for is to ascertain whether
the country has forgotten it or not. 1 have found out already. The country has not forgotten it, and will never permit any man, who stands in
the way of the fulfillment of these great pledges ever to forget the sorrowful
day when he made the attempt.
America alone cannot underwrite civilization. All the great free peoples
of the world must underwrite it, and only the free peoples of the world
can join the League of Nations. Germany is for the present excluded.
because she must prove that she is self-governing. She must prove that she
has changed the process o her constitution and the purpose of her power.
When she has proved these things, she can become one of the partners,
guaranteeing that civilization shall not suffer again these intolerable things.
The League is not only a union of free peoples to guarantee civilization;
it is something much more than that. It is a League of Nations to advance
civilization by substituting something that will make the improvement of
civilization possible.
I call you to witness that our civilization is hot satisfactory. It is an
industrial civilization, and at the heart of it is an antagonism between
those who labor with their hands and those who direct labor. You cannot
compose those differences in the midst of war and you cannot advance
civilization unless you have a peace of which you make the fullest use
of these elements of civilization together into a common partnership in
which every man will have the same interest in the work of his community
that those have who direct the work of the community. We have got
to have leisure and freedom of mind to settle these things.
This was a war against autocracy, and if you have disordered, if you
have disrupted, populations, if you have insurgent elements in your populations, you are going to have autocracy, because the stronger is going
to seize the power as it has seized it in Russia.
I want to declare that I am the enemy of the rulership of any minority, however constituted. Minorities often have been right, but they cease
to be right when they use disorderly means.
I believe for my part that the League of Nations covenant is 98% in
suranco against war. I take it you want some insurance against war.
Even if it were only a 10% insurance it would be worth while.
There is a provision for the constant, regular international discussion of
labor problems, no matter where they arise in the world,for the purpose of
lifting the whole level of labor conditions, for the purpose of safeguarding the health of women and children, for the sake of bringing about those
international conditions with regard to labor upon which the happiness of
mankind so much depends.
PRESIDENT WILSON ON COST OF • WAR IN MONEY
AND MAN POWER.
Figures as to what the war cost those engaged against
Germany were presented by President Wilson in an address
at Tacoma on Sept. 13, in which he reported a grand total
of direct war cost of $186,000,000—"an incredible sum," he
said, "to save civilization." The cost in deaths arising from PRESIDENT WILSON PREDICTS ACCEPTANCE OF
the war was also dealt with in the President's speech • in
TREATY.
which he declared that "all the great free people of the
President Wilson delivered two
13,
Sept.
on
Seattle,
In
the
to
up
In
leading
civilization."
world" must underwrite
dinner and the other at the
public
a
at
one
discourses,
war cost the President referred to Belgium and Italy as
arena. During the President's visit to the city he reviewed
having underwritten civilization, and said:
the fleet assembled in the Pacific waters. In one of his
The shadow of the war is not lifted from us, and we have just come out
at Seattle the President stated that only America
speeches
Death.
of
of the depths of the Valley
I thought it might be useful if I remind you of a few things, lest we now could lend the influence that would steady the world,
forget. It is so easy with the strong tides of our life to be swept away and he predicted condidentially that the treaty would be
from one situation into another, to forget the real depths of meaning which
accepted and the nation's pledges thus fulfilled.
lie underneath the things that we are merely touching the surface of.
Therefore, I thought it would not be impertinent on my part if I asked
permission to read you the concluding passage of the address in which I
requested the Government of the United States to accept Germany's
challenge of war.
"We shall fight," I said, "for the things we have always carried nearest
our hearts, for democracy, for the right of those who submit to authority
to have a voice in their own Government, for the rights and liberties of
small nations, for a universal dominion of right, of such a concert of free
peoples as will bring peace and safety to all nations, and make the world
itself at last free. To such a pass we can dedicate our lives and our fortunes, everything that we are, everything that we have, with the pride of
those who know that the time has come when America is privileged to spend
her blood and her might for the principles that gave her birth, of happiness
and of peace which she has enjoyed. God helping her, she can do no
other."
That is the program we started out on. That is the program which all
America adopted, and shall we now falter at the very critical moment when
we are finally to write our name to the standing pledge which we then took?
I want to remind you many other nations were put under a deeper
temptation than we. It would have been possible for bale, helpless Belgium at any time to make terms with the enemy. Belgium knew that resistance was useless. Belgium knew that she could get any terms of advantage from Germany that she pleased, if she would only submit. And at
the cost of everything that she had Belgium did nothing else than under
write civilization. I do not know anywhere in history of a more inspiring
fact than that.
Belgium lies prostrate because she fulfilled her pledge to civilization.
Italy could have had her terms at the hands of Austria at almost any
periods of the war, particularly just before she made her final stand at the
Piave River, but she would not compound with the enemy. She, too,had
underwritten civilization. And this passage which I have read to you,
which the whole country accepted as its pledge, is but an underwriting of
civilization.
But in order to let you remember what the thing cost, just let me read
you a few figures. If I did not have them on official authority I would
deem them incredible. Here is what the war cost those who were engaged
against Germany:
Great Britain and her dominions, $38,000,000,000; France, $26,000,000,000; the United States, $22,000,000,000; Russia, $18,000,000,000
Italy, $13,000,000,000, and the total, including Belgium, Japan and other
smaller countries, $123,000,000,000.
It cost the Central Powers: Germany,$39,000,000,000; Austria-Hungary,
$21,000,000,000; Turkey and Bulgaria, $3,000,000,000; a total of $63,000,000,000; a grand total of direct war cost of $186,000,000,000—an
incredible sum to save civilization.
Now the question is, are we going to keep safe? The expenditures of the
United States were at the rate of $1,000,000 an hour for two years, $1,000,000 an hour, including the night time, for two years. Battle deaths,
(and this is the cost that touches our hearts), were: Russia, 1,700,000;
Germany, 1,600,000: France, 1,385,000; Great Britain, 900,000; Austria,
800,000: Italy, 364,000; the United States, 50,300; a total of all belligerents
of 7,450,200 men dead on the field of battle.
The total wounded for the United States Army was 230,000, excluding
hose, of course, who were killed.
PRESIDENT WILSON QUOTES SENATOR LODGE AS
FAVORING UNION OF NATIONS.
A statement attributed to Senator Lodge in which he
declared that "nations must unite * * * to preserve
peace and order" was brought to the attention of a gathering
at Portland, Ore., addressed by President Wilson on Sept. •
15, and in quoting the remarks credited to the Senator, the
President not only observed that he entirely concurred in
the Senator's conclusions but expressed the hope that he
would have the latter's co-operation in bringing about the
desired result. In his reference to the Senator's remarks,
the President said:
I found quoted in one of your papers the other day a passage so appropriate that I do not know that I can do better than read it as the particular
thing that it is found necessary to do—"nations must unite as men unite,
in order to preserve peace and order. The great nations must be so united
as to be able to say to any single country,"You must not go to war," and
they can say that effectively whop the country desiring war knows that the
force which the united nations apply behind peace is irresistible. In
difference between individuals the decision of a court is final, because in the
last resort the entire force of the community is behind the court decision:
in differences between nations which go beyond the limited range of arbitral
questions, peace can only be maintained by putting behind it the force of
united nations determined to uphold it and prevent war."
That is a quotation from an address said to have been delivered at Union
College in June 1915, a year after the war began, by Henry Cabot Lodge
of Massachusetts. I entirely concur in Senator Lodge's conclusion, and
I hope I shall have his co-operation in bringing about the desired result.
In other words, the only way we can prevent the unspeakable thing
from happening again is, that the nations of the world should unite and
put an irresistible force behind peace and order.
There is only one conceivable way to do that, and that is by means of a
League of Nations.
I don't find any man anywhere, rash or bold enough to say that he does
not desire a League of Nations. I only find men hero and there saying
that they do not desire this League of Nations. And I want to ask you to
reflect upon what that means. When this Covenant was drawn up in its
first form, I had the occasion, for me a very happy occasion, to return for
a few weeks to this country, in March last. I brought the Covenant in its
first shape; I submitted it in an intimate conference to the Foreign ltelations Committee of the Senate of the United States; or, rather, to the two
committees of the two houses, the Foreign Relations Committee of the
Senate and the Committee on Foreign Affairs of the House. We discussed
all parts of the document. Many suggestions were made. I took all of
those suggestions back to Paris and the Conference of the League of Nations adopted every one of the suggestions made.
No counsels were listened to more carefully or yielded to more willingly
In that Conference than the counsels of the United States.
SEPT. 20 1919.]
THE CHRONICLE
Some things were put into thd Covenant which personally I did not
think necessary, but which they had no objection to putting in explicitly.
, For example, take the Monroe Doctrine. What is the Monroe Doctrine? The Monroe Doctrine is that no national shall come to the Western
Hemisphere and try to establish its power or interfere with the self-government of people in this hemisphere. Very well, that is the doctrine of
the Covenant. No nation shall anywhere extend its power or seek to interfere with the political independence of the peoples of the world. And
inasmuch as the Monroe Doctrine had been made the universal doctrine,
I did not think that it was necessary to mention it particularly, but when
I suggested that it was the desire of the United States that it should be
explicitly recognized, it was explicitly recognized. The Monroe Doctrine
is left intact and the United States is left free to enforce it.
11•11M•11..
PRESIDENT WILSON SAYS WE MUST DECIDE
WHETHER WE ARE TO LEAD WORLD.
Two speeches were the order of the day during President
Wilson's visit to Portland, Ore., on Sept. 15; in one of these,
at a luncheon, he declared that "Whether you will or not,
our fortunes are tied in with the rest of the world, and the
choice that we have to make now is whether we will receive
the influences of the rest of the world and be affected by
them, or dominate the influences of the world and lead it."
The President also declared that "every drop of blood in
me gets up and shouts when I think of the opportunity that
America has." This declaration came during the course
of the following remarks:
1145
A further reference to Ireland and the Peace Conference
is contained in the President's statement quoted below.
PRESIDENT WILSON DECLARES GREAT BRITAIN
CANNOT OUTVOTE U. S.—OTHER QUESTIONS
ANSWERED.
In addition to the statement issued by him on the 17th relative to Ireland and the Peace Conference, President Wilson
on Sept. 18, at San Francisco, issued a further statement in
answer to questions submitted to him by a San Francisco
League of Nations organization. In this statement the
President declares that Great Britain could not outvote the
United States in the League; that foreign Governments could
not under the Covenant order American troops abroad;
that the League would have a powerful influence toward
restoration of Shantung to China; that the United States
could not be obligated by Article X. to aid Great Britain in
suppressing a revolt in Ireland, and that under Article XI.
there would be created a new forum for questions of selfdetermination. The following is the President's statement
setting out the questions and his answers thereto:
1. Will you state the underlying cons:deration which dictated an awarding of six votes to the British Empire in the assembly, and is It true that
Great Britain will outvote us in the League of Nations and thereby control
What are you to be—boys, running around the circus tent and peeping the League's action?
Answer—The consideration which led to assigning six votes to self-governunder the canvas? Men declining to pay the admission and sitting on the
ing portions of the British Empire was that they have in effect, in all but
roof and looking in on the game? Or are you going to play your responsible
foreign
policies, become autonomous self-governing States, their policy
part in the game, knowing that you are trusted as a leader and umpire,
in all but foreign affairs being independent of the control of the British
both?
dissimilar from it. But it is not true
If you are going to put into the world this germ. shall I call it, of Ameri- Government and in many respects
that the British Empire can outvote us in the League of Nations and therecan enterprise and American faith and American vision, then you must
fore control the action of the League, because in every matter except the
be the principal partners in the new partnership which the world is forming.
admission of new members in the League, no action can be taken without
I take leave to say, without intending the least disrespect at anybody, that
the concurrence of' a unanimous vote of the representatives of the States
consciously or unconsciously, a man who opposes that proposition either
which are members of the Council, so that in all matters of action the
has no imagination or no knowledge or is a quitter. America has put her
States is necessary and equivalent to the
hand to this great enterprise already in the men she sent overseas and their affirmative vote of the United
united vote of the representatives of the several parts of the British Empire.
part was the negative part merely.
The
united votes of the several parts of the British Empire cannot offset
Every drop of blood in me gets up and shouts when I think of the opor overcome the vote of the United States.
portunity that America has. I come of a certain stock that raised caine
2. Is it true that under the League of Nations foreign countries can order
in the northern part of the island of Great Britain under the name of covenanters. They met in a church yard and on the top of a flat tombstone the sending of American troops to foreign countries?
Answer—It is not. The right of Congress to determine such matters
they signed an immortal document called the solemn league, and covenant,
which meant that they were going to stand by their religious principles in is in no wise impaired.
3. What effect will the League of Nations have in either forwarding or
spite of the crown of England and the force of England and every other
hindering the final restoration of Shantung to China? What effect will
influence, whether of men or the devil, so long as any of them lived.
Now I have seen men of all nations sit around a table in Paris and sign the League of Nations have in preventing further spoliation of China and the
a solemn League and Covenant. They have become covenanters and I abrogation of all such special privileges now enjoyed in China by foreign
countries?
remain a covenanter.
Answer—The League of Nations will have a very powerful effect in forWe are going to see this job through, no matter what influences of evil
warding the final restoration of Shantung to China and no other instruwithstand it.
mentality or action can be substituted which would bring that result about.
The authority of the League will under Article X. be constantly directed
PRESIDENT WILSON ON 'IRELAND AND PEACE toward safeguarding the territorial integrity and political independence of
China. It will, therefore, absolutely prevent the further spoliation of
CONFERENCE.
China, promote the restoration in China of the several privileges now long
According to President Wilson "the case of Ireland was enjoyed by foreign countries, and assure China of the completion of the
not hoard at the Peace Conference because the Peace Con- process by which Shantung will presently be returned to her in full sovIn the past there has been no tribunal which could be resorted
ference had no jurisdiction over any question of that sort ereignty.
to for any of these purposes.
which did not affect territories which belonged to the de4. Is there anything in the League of Nations Covenant or the Peace
feated Empires." This is one of the answers made by the Treaty which directly or indirectly in any manner imposes on the United
States any obligations, moral or otherwise, of the slightest character to
President in reply to a series of questions sent to him by support
•
England in any way in case of revolt in Ireland?
the San Francisco Labor Council. The statement in which
Answer—There is not. The only guarantee contained in the Covenant is
those who framed the Covenant were
. the President replies to the queries relative to the contentions against external aggression, and interfere
with what they regarded as the
scrupulously careful in no way to
of Ireland is the first public pronouncement by him as to the sacred
self-determination.
rights of
interpretation of the League of Nations Covenant as it
5. What effect, if any, will the League of Nations covenant have in
furthering the cause of Irish freedom?
affects that country. The President's statement was issued either hindering ornot
possible for the Peace Conference to act with regard
Answer—It was
on Sept. 17, on which day he was a speaker at San Fran- to the se'f-determination of any territories except thos • which had belonged
cisco, and was made public from his special train. We to the defeated empires, but in the covenant of the League of Nations it has
time in Article XI. a forum where all claims of selfgive herewith his statement embodying both questions and set up for the first
determination, which are likely to disturb the peace of the world or the good
answers:
understanding between nations upon which the peace of the world depends,
1. tinder the Covenant, does the nation obligate itself to assist any mem- can be brought
ber of the League in putting down a rebellion of its subjects or conquered
peoples?
Answer. It does not.
•
2. Under the Covenant, can this nation independently recognize a Gov- DISSENTING REPORT ON PEACE TREATY FILED BY
ernment whose people seek to achieve or have achieved their independence
SENATOR McCUMBER.
from a member of the League?
on the Peace Treaty with Germany
report
individual
An
The
Answer.
independent action of the Government of the United States
in a matter of this kihd is in no way limited or affected by the Covenant was filed with the Senate on Sept. 15 by Senator P. J.
of the League of Nations.
McCumber (Republican), of North Dakota. Senator
3. Under the Covenant, are those subject nations or people only that are
mentioned in the Peace Treaty entitled to the right of self-determination McCumber voted with the Democrats on committee amendor does the League possess the right to accord a similar privilege to other ments and reiervations, and did not join in the Republican
subject nations or peoples?
presented by Senator Lodge on Sept. 10,
Answer. It was not possible for the Peace Conference to act with regard majority report
to the self-determination of any territories except those which had belonged which latter was published in our issue of Saturday last,
to the defeated empires, but in the Covenant in the League of Nations it page 1044. In submitting his report, Senator McCumber
has set up for the first time in Article XI a forum to which all claims of
self-determination which are likely to disturb the peace of the world or the states that he was "unable to agree with my Republican.
good understanding between nations upon which the peace of the world associates, either in their sentiments toward the League of
depends, can be brought.
Nations or in the conclusions reached by them in reference
4. Why was the case of Ireland not heard at the Peace Conference, and
to proposed amendments or reservations. I find it equally
what is your position on the subject of self-determination for Ireland?
Answer. The case of Ireland was not heard at the Peace Conference be- difficult for me to work in harness with the Democratic
cause the Peace Conference had no jurisdiction over any question of that Party on any subject. Therefore, I have felt it incumbent
sort which did not affect territories which belonged to the defeated empires.
My position on the subject of self-determination for Ireland is expressed upon me to make a wholly independent report, expressing
n Article XI of the Covenant, in which I may say I was particularly in- my views upon the treaty."
t(rested, becauft it seemed to me necessary for the peace and freedom of
Senator McCumber in his report says: "The instrument is
Ike world that a forum should be created to which all peoples could bring
not as complete and as binding as the Constitution of a
any matter ',which was likely to affect the peace and freedom of the world.
1146
THE CHRONICLE
State or nation. It still leaves to each nation the right
of withdrawal, and depends to a great extent upon the moral
sentiment of each nation to comply with its own obligation
or the enforcement of such obligation upon a recalcitrant.
,member. It is a mighty step in the right direction. Every
sentiment of justice and morality is on its side. Some of its
provisions are yet crude and un6ertain of application. But
the whole purpose is most noble and worthy." The report
in full follows:
It has always been understood that the purpose of a report from any
Senate committee was to briefly explain the object of a bill or treaty reported and the reasons for any amendments thereto. And this has been
the general rule adopted by all committees in reporting any matter to the
Senate. The majority of the Committee on Foreign Relations have deviated from this rule in reporting this treaty. The great purposes of the
Covenant upon which 27 nations, the great and small of the world, studied
and labored for six months in an attempt to furmulate a plan that would
tend to insure good fellowship among the nations of the world and prevent
another such catastrophe as we have just passed through,have not been
even alluded to. Not one word is said, not a single allusion made, concerning either the great purpose of the League of Nations or the methods
by which those purposes are to be accomplished.
Irony and sarcasm have been substituted for argument, and positions
taken by the press or individuals outside the Senate seem to command more
attention than the Treaty itself. It is regrettable that the animosity which
centres almost wholly against the League of Nations provisions should have
been engendered against a subject so important to the world's welfare.
It is regrettable that the consideration of a matter so foreign to any kind
of partisanship should be influenced in the country as well as on the floor
of this Senate by hostility toward or subserviency to the President of the
United States. No matter how just may be any antagonism against President Wilson, the aspirations and hopes of a wounded and bleeding world
ought not to be denied because,under our Constitution, the Treaty must
first be formulated by him.
The purpose of this Treaty is, first, to settle the score of this unprovoked
war, this murder of practically a score of millions of the best people of the
world, that the ambitions of an autocratic sovereign, with his Junker following, might be satisfied at the expense of the liberty of the other nations
of Europe; second, to secure an agreement among all of the great nations of
the world, a compact with and between them all, to combine their councils
to prevent another such tragedy and to henceforth assure the settlement
of international disputes by arbitration or other peaceful method.
As the United States, though somewhat belated, performed an important
part in bringing the war to a successful close, and as the United States
must be one of the signatory powers to the Treaty of Peace, one can scarcely
understand his studied effort on the part of a majority of the Committee
to eliminate the United States as a factor in determining any question
relating to the final settlement of this conflict. Neither can one understand why a country whose whole history has been devoted to the advocacy
of the peaceful settlement of international disputes is suddenly to have its
policy reversed and to become, in effect, an opponent of the only means
that has ever been attempted to assure world peace, namely, an agreement,
not between two nations or between two groups of nations that they will
settle their difficulties by arbitration, but an agreement among all nations
that they shall not resort to war without first submitting their controversies either for arbitration or discussion, to a council of all; that no naticn
shall begin a war of aggression against another without such submission,
and that if such recalcitrant nation does attempt a war of aggression and
wrong the other nations to the compact will prevent the consummation of
such felonious policy.
There has been wri.ten into this compact a great underlying principle
which Is the very soul of the agreement, that the same code of morality
which governs people in their relations to each other in every highly organized State of the world shall govern nations in their relations to each
other; that no nation shall rob another nation of its territory or its independence; that no nation shall have the right to murder the people of another
nation for the selfish purpose of extending its own domains.
No statesman, no philosopher, has ever yet given a single reason why
nations, which are but collections of individuals, should not be governed
in their international relations by the same code of ethics that governs
the peoples of communities or States in their internal relations.
For the first time in the history of the world this great advance Step is
attempted. The whole issue s whether nations can so dim:nate their selfish desires, so restrain their national avarice, as to accord equal justice
to all people. As in the Community, every individual assumes to assist
in the enforcement of law, in the protection of the life, liberty, and property
of every other citizen, so in this international code of ethics each nation
assumes to do its part in guarding the international rights of every other
nation. As in every State, a forum has been provided for the settlement
of individual disputes, and no individual is allowed the right to disregard
the law of its community, so in this international court a forum is provided
for the settlement of international disputes, and each nation is forbidden
to determine when it may commit an act of aggression against another
nation until it has at least brought its case into this forum for consideration
and settlement if possible.
The instrument is not as complete and as binding as the Constitution
of a State or nation. It still leaves to each nation the right of withdrawal,
and depends to a great extent upon the moral sentiment of each nation to
comply with its own obligation or the enforcement of such obligation upon
a recalcitrant member. It is a mighty step in the right direction. Every
sentiment of justice and morality is on its side. Some of its provisions are
yet crude and uncertain of application. But the whole purpose is most
noble and worthy. And, as in our American Constitution, we were compelled, in order to form a more perfect union, to depend upon the right of
amendment, so in this great world constitution experience will undoubtedly
necessitate many changes in order to make a more perfect instrument that
will work for the benefit of humanity. All of these noble and lofty purposes have been ignored in the majority report or treated with sarcastic
disdain or jingoistic contempt.
Most of the amendments proposed are those which eliminate the United
States from any part in the conclusion and the settlement of this great oar,
in which we took a most noble and conspicuous part. They not only seek
to isolate the United States as a world power front the rest of the civilized
nations of the world, but to compel this country to abandon its allies and
fail in its duties.to consummate the purposes for which the war was fought. •
The necessity and duty of the United States to assist in the remapping
of continental Europe and western Asia, the creation of a new Poland and
Czechoslovakia, the revision of the boundaries of Italy and Greece, and
the expulsion of tho Turk from Europe have been urged on the floor of the
Senate in eloquent words by some of those who joined in this majority
report. If it was our duty to assist in bringing about this result, how inconsistent our attitude in now saying that it is not our duty to extend to
[VOL. 109.
these countries which we brought into being the hand of protection until
they can stand without our assistance. The purpose of the proposed
Committee amendment is to relieve ourselves of any further duty In protecting these children born of the exigencies of this war; and to compel those
who suffered most in this awful conflict, who are staggering to-day under
wounds that are almost fatal, to perform that duty without any assistance
from us. To my mind such attitude is most selfish, immoral and dishonorable.
It is asserted in the majority report:
"In regard to amendments generally it should be stated at the outset
that nothing is more groundless than the sedulously cultivated and constantly expressed fear that textual amendments would require a summoning
of the Peace Conference, and thereby cause great delay. There will be
no necessity of summoning the Peace Conference, because it is in session
now in Paris, with delegates fully representing all the signatory nations,
as it has been for six months, and it seems likely to be in session for six
months more."
No one,so far as I know, has asserted that delegates of this Peace Conference are not still in Paris. They are there for the purpose of carrying
out certain provisions that are in the Treaty itself. It required six months
of arduous labor to bring the minds of all the signatory nations to a point
where they could sign this Treaty. It was important that every provision
in the Treaty should satisfy every signatory member. The Treaty has
been consummated. The hundreds of experts and advisers who assisted
in making the Treaty have returned to their homes. Only the skeleton
form of the Conference remains.
What is claimed by the opponents of these amendments is that they
would require a reconsideration of the whole Treaty because they present
a new and different Treaty. And, realizing the difficulties which had to be
overcome in order to secure the assent of these 27 nations, .we cannot fail
to recognize the added difficulties and uncertainties that would arise in a
resubmission of the whole question to the Peace Conference.
Let us take the first amendment: It is proposed to increase the vote of
the United States more than sixfold. The Committee report says:
"But if Great Britain has six votes in the League Assembly, no reason
has occurred to the Committee and no argument has been made to show
why the United States should not have an equal number."
If the United States is to have its votes increased sixfold, certainly France
and Italy will insist upon like additional representation and voting power.
And undoubtedly every other member will ask the same. The unit of
representation provided in the League is that of the nation, without reference to size or importance. Any other basis would have been impossible.
The situation growing out of this great world conflict is unique. Every
nation that declared it was at war with Germany is made a party to this
Treaty, though such nation never furnished a soldier or gun or a single
dollar to maintain the war. Hedjaz, with a population scarcely as largo as
the City of Washington,has the vote of a nation. Panama, with a population scarcely larger, has a vote. Flunduras and Uruguay, each with a
population approximating half a million, have the same power as Great
Britain or France or tho United States in the Assembly. None of them
did anything to carry on the war. Canada, on the other hand, with a
population of nearly eight and a half million people, and which fought
valiantly through all the long years of the war, losing hundreds of thousands of soldiers, imposing a mighty burden upon her people for centuries
to come, asks that she be given a vote in the Assembly, not in the Council,
carrying the same power that you give to black Liberia, or Haiti, or Hedjaz.
Australia and New Zealand, who suffered likewise, and whose sons achieved'
great victories in defense of the great world principle which was at stake,
asks that there be some forum in which they may have a separate vote,
equal to that of these nations which did absolutely nothing to maintain
this war. While they may be said to be parts of the British Empire, they
are, nevertheless, self-governing and independent domains. The tie is
one of friendly good will and interest rather than of dependency. To all intents and purposes these countries are independent, self-governing nations.
They were given a voice only in the Assembly, distinct from that of Great
Britain. They ought to have been given this voice in that forum. That
forum decides nothing in disputeamong nations unless the nations themselves
are willing to have the cause transferred from the Council. The United
States is in no danger from any one of them, because, first,she must assent
to the transfer of a dispute to the Assembly, and she will not do so unless
she feels that her rights will be equally protected in the Assembly; second,
in every dispute affecting the Western Hemisphere these self-governing domains of Great Britain have always showed a disposition to side with the
dominant country in this hemisphere—the United States. On the other
hand, the European countries could complain with far greater reason that
the United States will so dominate every nation in the Western Hemisphere
as to have a voting power that would overrule the influence or power of tho
older nations than that the British Empire would have a voting power that
would overrule the purposes and interests of this country. These nations
in the Western Hemisphere which declared war against Germany did so to
please the United States rather than for any effect their action might have
on the results of the war. France or Italy or Great Britain could with as
much reason say that the United States in every contest with a European
nation will control Cuba and Panama and practically every Central and
South American State. But these countries know as we know that all
disputes between great nations will be settled in the Council and not in the
Assembly.
But there is a third reason why the attempt to increase our voting strength
is unnecessary and improper.
It is the British Empire that is represented in the council where every
dispute will be settled; and no self-governing dominion or part of that
empire has separate representation in the council. And even if we should
agree, which we need never do, to transfer any dispute with Great Britain,
or with any of her self-governing colonies or dependencies, to the assembly,
it would be the British Empire and not the separate parts which would be
a party to the dispute. In other words, a dispute with the dominant member is a dispute with each part of the empire, and a dispute with any part
is a dispute with the whole, so that even if the dispute between the United
States and Great Britain or any part of the British Empire were transferred
to the assembly, the votes of that empire and each member would be
excluded the same as our own. This is the construction given by the President, and, I think, is the only logical construction. But lest there might
be any misunderstanding, the construction which we claim can be declared
by an appropriate reservation in form such as reservation No. 6 attached
hereto.
Neither can there be any objection to a reservation which In proper
language declares that in withdrawing from the League the United States
must be the solo judge whether all its obligations have been
The only objection to reservation No. 1 is the manner in which it is
expressed. As worded, it would indicate to the world that this country
assumed the right to withdraw whether its obligations were fulfilled or not.
If, as stated in the majority report, the United States has never broken
an international obligation, why use language that would indicate a zight
to do so? It would be far better and far more appropriate to declare that
the United States would be the solo judge as to whether her obligations
SEPT. 201919.]
THE CHRONICLE
under the treaty had been fulfilled at the time of her withdrawal than to
indicate a right to disregard her obligations.
The second reservation recommended by a majority of the committee is
objectionable, for several reasons. First, it is an amendment pure and
simple, and an amendment of the most important article in the League of
Nations. Its purpose is to take the United States as a power for the peace
of the world out of the League entirely. Our disinterestedness, our freedom
from the ordinary jealousies that affect the European mind, our power,
and our resources place us in the front rank of influence in this council of
nations. We are the keystone of the arch upon which must rest the superstructure of a successful League of Nations. So situated we ought not
only to be willing but eager to help a distracted world which so needs the
moral assistance of our membership and the potential assistance of our
known power. Second, it places this country in a false and wrong position,
an attitude of encouraging powerful countries to inflict or impose any
wrong upon weaker nations, by our declared policy of non-intervention.
The better policy and the right policy is to let the world understand that
in all probability the United States will not stand idly by and allow a
great wrong to be perpetrated by one country against another. Third,
that policy of non-intervention is asserted in a dictatorial and offensive
way. It is not couched in the language which should govern friendly
nations in answering proposals one to another.
Under my construction, and I think under the construction of the greater
number of those who have studied this League of Nations provision, the
question of interference and extent of interference, if any, must finally be
decided by the Congress when the occasion arises, and no obligation rests
upon the United States to interfere in any way unless its Congress shall so
decide at such time. This committee reservat!on should be modified so
as to place this country in a proper attitude toward the world, to let the
world know that the United States is against international crime, and that
she can be counted upon to throw the weight of her great moral influence
in favor of right and justice, leaving to the Congress to determine whether
and to what extent it will intervene when the occasion arises. A substitute
reservation (No.2 annexed) will be offered to place our country on the moral
side of these great questions, but leaving the matter wholly in the hands of
the Congress.
In considering the Shantung amendment the majority report reads:
"The majority of the committee were not willing to have their votes
recorded at any stage of the proceedings in favor of the consummation of
whay they consider a great wrong."
In this instance and, it seems to me, in many others, the committee
would prefer to express an idle sentiment rather than accomplish a result
for the good of China. This declaration is not necessary, because there
need be no conflict between a sentiment favorable to China and an act
which will unquestionably relieve China from an embarrassing situation in
which she has placed herself. If the committee amendment is adopted,
Japan is thrown out of the. League, or, more accurately, kicked out of it,
by the United States. China is made to break her treaty with Japan.
Japan outside the League is, of course, relieved, so far as the League is
concerned, from any obligation to make good her treaty with China for a
return of Shantung; and China is in no position to insist upon the fulfillment of a treaty which she, with the assistance or by the act of the United
States, has abruptly and unceremoniously broken. We are met, therefore,
in this Shantung proposition • with a practical question. If China keeps
her agreement and becomes a member of the League and Japan becomes a
member of the League, then Japan must keep her counter agreement with
China, and that counter agreement is to return the German concessions
to China. This can be made clear by a brief statement of the facts.
In 1898 Germany secured from China a 99 years' lease on both sides of
the entrance of Kiaochow Bay; a concession on both the northern and
southern side of the entrance to the bay, wherein Germany could exercise
administrative rights; certain islands in 'the bay and islands lying to the
seaward; and the right to construct two lines of railway in Shantung.
When the war broke out and Japan took her place by the side of the
Allies, the project allotted to her was the seizure of the German forts and
all German rights in China. This she accomplished in a few months.
China rendered her no assistance whatever in accomplishing this result.
Shortly thereafter, and on May 25 1915, Japan secured a treaty from
China whereby China agreed that Japan should acquire the German leasehold and interest rights which Germany had theretofore held. Granted
that China would have preferred to have had the Germans ousted without
having the Japanese substituted for. them. But China could not do it,
and would not make the attempt. Japan could do it and did do it, and at
no little cost in blood and treasure. Whatever Japan took she took from
Germany and not from China, and long before China became even a paper
ally. However, China received a very valuable advantage in her treaty
with Japan over what she held under her treaty with Germany, because as
a part of the treaty, and as a part of the consideration. Japan agreed as
follows:
"When, after the termination of the present war, the leased territory of
Kiaochow Bay is completely left to the free disposal of Japan, the Japanese
Government will restore the said leased territory to China under the following conditions:
"1. The whole of Kiaochow Bay to be opened as a commercial port.
"2. A concession under the exclusive jurisdiction of Japan to be established at a place designated by the Japanese Government.
"3. If the foreign Powers desire it, an international concession may be
established.
"4. As regards the disposal to be made of the public buildings and
properties of Germany and the conditions and procedure relating thereto,
the Japanese Government and the Chinese Government shall arrange the
matter by mutual agreement before the restoration."
That the whole of Kiaochow Bay was to be opened as a commercial port
is in no way injurious to China. It simply means that all nations of the
world may carry on trade relations with China through that port as through
other ports. It is the open-door policy.
The concession mentioned under No. 2 is simply the right to have a
place, the same as Great Britain, France, Italy, Belgium, and other countries have, where the Japanese may maintain a residence district under
her control.
The third is a like concession, where the nationals of any number of
Powers, if such nationals desire it, may reside.
611
The fourth pertains only to buildings and properties belonging to the
German.Government, of no important value, and concerning which there
could be little ground for dispute.
There is nothing in these conditions to which any just complaint could
be made, unless it be that the grant is to Japan and not to some other
nation.
Now, what great advantage does China secure by this treaty? She
secures the right of immediate return of these German concessions to her
at the close of this war, when the treaty shall become obligatory and the
said concessions are left to the free disposal of Japan. That does not mean
any time, ten years hence, or five years, or three years, or oven one year
hence. It means that as soon as the treaty is signed Japan shall begin the
process of returning the leased territory to China. If Japan should fall to
1147
do this, she will have been the first nation in the League to break her
treaty agreement, both with China and with the League of Nacions, because, under the League of Nations, she is "held to a scrupulous respect
for all her treaty obligations." Her failure to comply with her treaty
obligations would be a cause for war. On complaint of China the matter
would have to go to the council of the League of Nations. If, in defiance
of the recommendation of that council, Japan still refused to comply with
her treaty, she would be outsed from the League of Nations and the nations
would be compelled to maintain the rights of China. But this is on the
assumption that China herself comes before the I,eague with clean hands
and unbroken covenants. If, however, we compel her by this amendment
to break her treaty, she cannot insist upon Japan performing the conditions
of a treaty which she herself has repudiated. Japan, being forced out of
the League, will be under no obligation to conform to any of its provisions.
To-day she holds the German rights, which in effect control the Shantung
Peninsula, by both the right of conquest and a treaty with China. If we
break China's treaty, we will be in no position to compel Japan to yield
that right of conquest. Great Britain, France and Italy. by reason of their
treaty obligations, whereby they agreed that Japan might hold what she
had taken from Germany, can bring to bear upon her no pressure. China
will then be at the mercy of Japan. We will not go to war against Japan
to settle a quarrel between Japan and China.
Our true as well as practical course is to say to China. "Keep your own
record clear and your covenants unbroken." Then the League of Nations
can properly say to Japan, "You must keep your record clear and your
covenant unbroken; and your covenant is to return the Shantung German
leasehold to China immediately after your power to do so has come into
existence by tbe adoption of this treaty."
By this process China will not only secure all the rights which she con.ceded to Germany, with these minor conditions which I have mentioned,
but will also be assured hereafter against any further attempt on the part
of any nation to obtain unconscionable rights over her or to dismember her
empire.
The declaration by the majority of the committee that the German
rights were taken from one faithful ally and handed over to another ally is
far from a correct statement of the case. The German rights were not
taken from China. They were taken from Germany. Nor was China
an ally of ours in any sense, eithet when Japan took the German rights
from Germany or when she transferred those rights to Japan. In fact, she
never beeame an ally except on paper, and that about two years later.
There is but one proper way to proceed, and that is not to break agreements but to insist upon nations keeping their agreements. And that is
China's salvation in this case.
To the substance of some of the propoied reservations there can be no
serious objection. But against the manner in which they are asserted I do
most earnestly protest. They are couched in a defiant, discourteous, and
overbearing manner, and seem intended to express a jingoistic spirit that
ought to be eliminated from American statesmanship.
I placed in the "Record" some days ago certain reservations which I
think should be adopted in lieu of those which have been presented by the
majority of the committee. These proposed. reservation& introduced by
me into the "Record" cover subjects not referred to in the reservations
adopted by the committee. I shall make them a part of this report.
The reservations referred to read as follows:
"1. That whenever the two years' notice of withdrawal from the League
of Nations shall have been given by the United States, as provided in
Article 1, the United States shall be the sole judge whether all its international obligations and all its obligations under this covenant shall have
been fulfilled at the time of withdrawal.
"2. That the suggestions of the council of the League of Nations as to
the means of carrying (he obligations of Article 10 into effect are only
advisory, and that any undertaking under the provisions of Article 10. the
execution of which may require the use of American military or naval
forces or economic measure, 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 of the
treaty.
"3. The United States reserves to itself the right to decide what questions are within its domestic jurisdiction and declares that all domestic and
political questions relating to its internal affairs, including immigration,
coastwise traffic, the tariff, commerce, and all other purely domestic questions are solely within the jurisdiction of the United States and are not by
this covenant submitted in any way either to arbitration or to the consideration of the council or the assembly of the League of Nations or to the
decision or recommendation of any other Power.
"4. '1 he United States does not bind itself to submit for arbitration or
inquiry by the assembly or the council any question which in the judgment
of the United States depends upon or involves its long-established policy
commonly known as the Monroe Doctrine, and it is preserved unaffected
by any provision in the said treaty contained.
"5. That in advising and consenting to the ratification of said treaty
the United States understands that the German rights and interests,
renounced by Germany in favor of Japan under the pro ilsions of Articles
156;157 and 158 of said treaty, are to be returned by Japan to China at
the termination of the present war by the adoption of this treaty, as provided in the exchanged notes between the Japanese and Chinese Governments of date May 25 1915.
"6. That the United States understands and construes the words'dispute
between members' and the words 'dispute between parties' in Article 15
to mean that a dispute with a self-governing dominion, colony, or dependency represented in the assembly is a dispute with the dominant or principal member represented therein, and that a dispute with such dominant
or principal member is a dispute with all of its self-governing dominions,
colonies, or dependencies, and that the exclusion of the parties to the dispute provided in the last paragraph of said article will cover not only the
dominant or principal member, but also its dominions, colonies and depenP. J. McCUMBER.
dencies."
_
APPEAL TO SENATE FOR RATIFICATION OF TREATY
BY LEADING AMERICANS.
A petition for the immediate ratification without amendment of the Treaty of Peace with Germany has been addressed to every member of the Senate by 250 leading Americans, Republicans and Democrats, in a non- partisan effort
to secure prompt action on the Treaty. The text of the
appeal and the names of those signing it were made public
by the League to Enforce Peace on Sept. 14. The petitionors represent forty States, and include'ex-President of the
United States William H. Taft, ex-Attorney-General George
1.148
THE CHRONICLE
W. Wickersham, President A. Lawrence Lowell of Harvard
Judge George Gray of Delaware, Samuel Gompers of the
American Federation of Labor, Luther Burbank, Lyman
Abbott, John Burroughs, Alton B. Parker, Oscar S. Straus,
Jacob H. Schiff, Henry P. Davison, Eugene Delano, Darwin
P. Kingsley, President of the New York Life Insurance
Company, Thomas W. Lamont, Thomas A. Edison, Roger
W. Babsom and numerous others including Governors,
former Governors, Senators, &c. The petition in pleading
for immediate ratification of the Treaty states that "the
world is putin imminent peril of new wars by the lapse of each
day," and the Senate is beseeched "to give the land peace
and certainty by a ratification which will not keep us longer
n the shadows of possible wars, but give the whole world
the light of peace." The following is the text of the appeal:
In the Senate at Washington, now that the Committee on Foreign Relations has reported the Treaty, the lines are sharply drawn between the immediate ratification of the Treaty of Peace with Germany and its amendment with a reassembling of the Conference and a reopening of negotiations that would bring great delay and prolonged uncertainty in settling the
great issues of the peace. No partisan plea can be made. Party lines are
already broken.
Standing at a distance from the conflict in the Senate Chamber, we
plead for immediate ratification without delay. Our land requires it. A
state of nervous strain, tension and unrest exists, manifesting itself in disturbances which in some cases have no self-evident connection with the
war, but which are, in fact, its aftermath. The world is put in imminent
peril of new wars by the lapse of each day. Dissensions between us and
our former allies are being sown. We firmly believe and solemnly declare
that the States and cities in which we dwell desire immediate peace.
The waging of war steadied and united the American people. Peace will
bring prosperity and prosperity content. Delay in the Senate, postponing
ratification in this uncertain period of neither peace nor war, has resulted in
Indecision and doubt, bred strife and quickened thecupidity of those who
sell the daily necessities of life and the fears of those whose daily wage
no longer fills the daily market basket.
We beseech the Senate to givethe land peace and certainty by a ratification which will not keep us longer in the shadows of possible wars, but give
the whole world the light of peace. Reservations in the nature of clarifications in the meaning of the treaty, not inconsistent with its terms, will not require the reopening of the negotiations with Germany and with our associates in the war, which we all and each united to win.
But there Is no possibility of doubt that amendment of the treaty, as is
now proposed by the Senatv Committee on Foreign Relations, would require negotiation and a reopening of all the questions decided at Paris.
Months of delay would follow. The perils of the present would become the
deadly dangers of the near future. All the doubt engendered would aid the
plots for violent revolution in this and other lands. The issues here and elsewhere between capital and labor, the conspiracy of speculator and profiteer
would all grow and become more perilous.
This cannot be. The American people cannot, after a victorious war,
permit its Government to petition Germany, which has accepted the
treaty, for its consent to changes in the treaty. Yet if the United States
should amend the treaty for its own purpose and policy, Germany would
have full right to ask for concessions.
Germany has agreed to make no claim in regard to enemy property
seized in this country to an amount of $700,000,000. Our recent foe could
ask for a reopening of this issue and of the Lusitania claims. It could raise
every question open before hostilities in regard to submarine warfare and
the treatment of its nationals in this country. All the provisions for our
trade in Germany raised by the economic clauses of the treaty, many of
them vital to our industries and our farms, as in dye patents, dye supplies
and fertilizers, the working of the Reparation Commission which superintends the trade of all with Germany, could all be brought up by Berlin
for readjustment by our negotiators, acting for the United States alone and
no longer associated with other victorious Powers or supported by a vieUnions American army on the German border.
Peace itself, and peace of the world, is delayed until ratification comes.
And any amendment postpones peace. Germany and England alone of the
principal Powers have ratified. The other principals necessarily await our
action, Influential and powerful as we are to
-day in the world's affairs. The
ravages of war on more than a score of fighting fronts are continued by
any needless delay. Let the Senate give the world peace by ratification
without amendment.
Even thtfamendment for which most can be said, the provision in regard
to Shantung, will secure nothing which cannot be gained if China, backed by
the powerful advocacy of the United States, addresses itself to the machinery for righting international wrongs and meeting just claims created b7"tre
League between nations.
China after eighty years of oppressive treaties and despoiled rights, by
which all the great Powers have profited directly or indirectly, has for
the first time, in this Covenant and treaty, the means and method to secure
justice and the removal of the oppressive economic interference of stronger
nations whose citizens are within her gates, protected by a long succession
of international agreements. Moreover, it should be remembered that the
clause regarding Shantung was made upon the statement by Japan that
she will return the territory to China and, therefore, upon that condition,
compliance with which promise the League can require.
The peace of the present and the righteousness of the future can be best
secured by the ratification of the Covenant and treaty without amendment.
Let the Senate take no action that will give any party to the treaty, and especially Germany, ground for maintaining that the ratification of the United
States is not complete and that changes requiring a resumption of conference
and negotiations have been made in it.
LLOYD GEORGE APPEALS FOR "HELP IN THE BUILDING UP OF THE NEW WORLD"—LEAGUE OF
NATIONS MOVEMENT IN BRITAIN.
In a message to his countrymen, Premier Lloyd George
appeals to:them to honor the promise given to the hundreds
of thousands of gallant young men who fought for the new
world and who died to establish it. "The old world," he
says, "must and will come to an end" and "it should be the
sublime duty of all, without thought ,of partisanship, to
[VOL. 109.
help in the building up of the new world, where labor shall
have its just reward and indolence alone shall suffer." The
Premier's message was distributed free throughout Great
Britain on Sept. 15, but appeared in the daily papers here
on Sept. 14. It was printed in Great Britain in a new publication, entitled "The Future," which is described as
"national publication issued with Premier Lloyd George's
authority." Lloyd George will inaugurate, it is said, a
campaign in behalf of the League of Nations on Oct. 1
when he will speak at the Guildhall, London, on that subject. He is to continue the campaign throughout the country until Nov. 11. In London dispatches of Sept. 11 the
Associated Press said:
It is expected by the promoters that the movement will extend to other
countries, and that Nov. 11 will be made "League of Nations Day," which
also is "Armistice Day."
Those who will take part in the campaign in the British Isles are Lord
Robert Cecil, Sir Robert Ashton Lister, Sir William H. Seager, and other
members of Parliament.
Speaking before the International Brotherhood Congress
at London on Sept. 17, Lloyd George declared:
Never was a League of Nations more needed. I fear the welter of warring nations will continue unless there is a strong hand like the federated
powers to insist upon peace. I see no hope for the world exCept in such a
strong League.
The Premier's message of Sept. 13 to 'the British people
follows:
Millions of gallant young men have fought for the new world. Hun- •
dreds of thousands died to establish it. If we fall to honor the promise
given them, we dishonor ourselves.
What does the new world mean? What was the old world like? It was
a world where toil for myriads of honest workers, men and women, purchased nothing better than squalor, penury, anxiety, wretchedness; a
world scarred by slums, disgraced by sweating, where unemployment,
through the vicissitudes of industry, brought despair to multitudes of
humble homes; a world where, side by side with want there was waste of
the inexhaustible riches of the earth, partly through ignorance and want
of forethought, partly through intrenched selfishness.
If we renew the lease of that world, we shall betray the heroic dead.
We shall be guilty of the basest perfidy that ever blackened a people's fame.
Nay, we shall store up retribution for ourselves and our children.
The old world must and will come to an end. No effort can shore it up
much longer. If there be any who feel inclined to maintain it, let them
beware lest it fall upon them and overwhelm them and their households
in ruin.
It should be the sublime duty of all, without thought of partisanship,
to help in the building up of the new world, where labor shall have its just
reward and indolence alone shall suffer want.
"The Future" in which the above message was published
in Great Britain is said to be the product of a Government
propaganda department. Among the contributors to the
first edition z4ere: Mr. Lloyd George, Sir Auckland 0.
Geddes, Minister for National Service and Reconstruction;
Sir Eric Geddes, Minister without portfolio; Dr. Christopher
Addison, President of the local Government Board; Viscount Milner, Secretary for the Colonies; Sir Worthington
Evans,Home Ministerfor the Colonies; George Nicoll Barnes.
Minister without portfolio, and others.
MINE .AND RAIL WORKERS IN GERMANY TO INCREASE COAL OUTPUT BY WORKING
LONGER HOURS.
In the face of a prospective coal shortage in Germany the
workers in the mines and on the railways transporting the
coal in parts of Germany have agreed to work Sundays and
overtime. Press dispatches of Sept. 13 from Berlin reported!'
The railway workers in Wurttemberg have voted to work ten hour:
overtime a week in order to facilitate the transportation of coal.
The workers in the lignite fields at Bernburg,Saxony,have agreed to work
Sundays to insure a fuel supply for nearby communities.
The coal supply which Germany agreed under the treaty
of Versailles to deliver France in the next six months was
recently reduced from 43,000,000 to 20,000,000 tons("Chronicle," Sept. 6, page 950). The inter-Allied coal commission
formed in the early part of August went to Upper Silesia
recently to stimulate coal production in that district, which
is said to be one of the most important coal basins in Germany.
TURKEY GIVES ASSURANCES AGAINST OUTRAGES
ON ARMENIANS.—U. S. MANDATE
PROPOSED.
Following recent protests of the American - Government
against massacres of Armenians in Turkey, the Government
of the latter country has replied to the U. S. Government
that it will take all possible measures for maintenance of
order and security. This was announced in London press dispatches of Sept. 12 based on advices from Constantinople,
the dispatches stating that "Turkey has replied to the message from President Wilson demanding that disorders cease
in that country." An informal note was recently presented
to the Government at Constantinople by Rear Admiral
Mark L. Bristol, U.S.N., American High Commissioner in
SEPT: 20 1919.]
THE CHRONICLE
would not
Turkey, stating in effect that the United States can misAmeri
An
res.
massac
ian
Armen
ued
contin
tolerate
arrived
sion appointed to study conditions in the Near East
ted to .the
at the Turkish Capitol about Sept. 1 and presen
"in event of the
Ottoman authorities a note declaring that
twelfth article
the
Asia
in
ians
Christ
of
renewal of massacres
security
ofl,President Wilson's program dealing with the
ssed."
suppre
be
will
ries
territo
sh
Turki
purely
of
ity
and integr
s R. Crane
On Aug. 29 a committee composed of Charle
ed to Paris from the
and Hence C. King which had return
n of the conditions
igatio
invest
ive
extens
after
Near East;
American peace
the
to
n
thereo
there, submitted its report
and King were
Crane
s.
,Messr
of
views
The
tion.
delega
follows:
as
Press
ated
Associ
the
to
day
given on that
out Turkey favoring
nt through
Apparently there is a majority sentime
means for rehabilitating the country, and exforeign mandates as the best
are favored, the commisFrench
the
n, where
xept in portions of Lebano
be an overwhelming sentiment for a Uhited
sioners assert, there seems to
States mandate.
ion favor the British mandate,
x
The Druse and Greek orthodo populat
The desire for American direction, the
except for small minbrities in Syria.
a did in Cuba and the Phillreport says, seems to be based on what Americ
pines.
that the United States
Messrs. Crane and King expressed the opinion
with very small forces.
could maintain both in European and Asiatic Turkey
have Prince Feisal (son of
They said the desire seemed general in Syria to
aspirations of the Syrians
the Ku* of the Hedjas) as King and the national
based on President Wilson's fourteen points.
ted widely in Syria
A joint British-French declaration, which was circula
be allowed to work out
in November, 1018, promising that the people should the Syrians are relyion, and
their own government, made a marked impress
they will not be prevented
ing firmly upon this promise as a guarantee that
from a free expression of their will.
not necessarily advise
The American commissioners said their report does
, but it is believed from their
a United States mandate for all of Turkey
, much more than
opinion
discussions they have reported that, in their
d in the American mandate,
Armenia and Constantinople should be include
if the United States decides to accept it.
is managing
Davis Arnold, of Providence, R. I., who
in the Near
Relief
for
ttee
Commi
director of the American
American
an
of
need
the
East, in giving his opinions on
returned
had
he
ry
count
h
kwhic
(from
y
mandate for Turke
in Paris
Press
ated
Associ
the
by
d
3 weeks before) was quote
s:
follow
as
part
in
27
Aug.
of
dispatches
mandate for all
States should accept the
For humane reasons the United
Americans could police both European and
Turkey. I believe 100,000
country in order for two years or until local
Asiatic Turkey and keep the
400,000 to 500,000 Armenians now in
conditions are stabilized. From starve or be killed if the British leave
edly
Russian Armenia will undoubt
g to act as a police force, as Armenia is being
without other foreigners enterin
ns, Turks, Tartars and Kurds.
oppressed equally by the Georgia
ans on all sides, persecute them and will
These people hem in the Armeni
The 40,000 children now being fed by
not permit food to reach them.
foreign police force is provided. Even
America must inevitably starve if no
workers lost 20% of their foodstuffs in
with British protection, the relief
half million Armenian fugitives
transportation. There are probably another
but cannot do so.
home,
return
to
want
who
Russia
n
in Souther
1149
for
St. John's and Iberville, Quebec, that it was unnecessary
as
the Canadian Parliament to ratify the treaty inasmuch
King
the
ty
Majes
his
by
given
been
had
y
alread
n
icatio
"ratif
e, to which we
as representing the whole British Empir
belong."
H
RATIFICATION OF GERMAN TREATY BY SOUT
AFRICA.
The House of Assembly of the Union of South Africa has
on
ratified the German Peace Treaty signed at • Versiilles
June 28. Press dispatches from Cape Town of Sept. 11 in
reporting the fact, said:
the Legislature the
Lieut. Gen. Smuts, the Premier, discussing before
the treaty be approved,
Peace Treaty on Wednesday,said he did not ask that
but merely that it be ratified.
of the treaty which
The Germans had been told that if there were parts
ng modification in
could not be carried out, they had the means of obtaini
es would becountri
the League of Nations, in which he foresaw the enemy
come members at not distant date.
the charge of bad faith
Gen. Smuts defended President Wilson against
President Wilson had done
regarding his Fourteen Points. He declared that
most of all toward restoring peace.
ESCITE
SUPREME COUNCIL ADOPTS PLAN OF PLEB
LEM.
PROB
HEN
TESC
OF
NT
LEME
SETT
FOR
g disA plebescite to determine whether the Teschen minin
ignty
the
sovere
under
come
will
e,
Europ
estern
northw
trict, in
by the Suof Poland or Czecho-Slovakia was agreed upon
The
preme Council of the Peace Conference on Sept. 11.
for
ies
Some
countr
two
the
en
betwe
e
disput
in
area has been
by the Supreme
time and as a result of the plan adopted
to Poland. In
revert
bly
proba
,
stated
is
it
will,
it
l,
Counci
e had been
disput
the
of
ment
settle
the
that
making known
reached Paris press dispatches of Sept. 11 said:
question of the Teschen mining district.
A plan for the settlement of the
and Czecho-Slovakia, was adopted by the
in dispute between Poland
It was agreed that a plebescite be
Supreme Council at to-day's session.
proposed by the Polish and Czecho-Slovak
jointly
as
,
district
the
in
taken
delegates.
in peace conference circles as meaning
The decision is generally interpreted
, inasmuch as the Poles are in the majorthat Teschen will revert to Poland
event provision will be made to protect the
ity in this district. In this
a.
economic interests of Czecho-Slovaki
most difficult problems which the SuThis agreement solves one of the
there was danger of serious trouble
time
one
At
faced.
has
preme Council
The delegates of Czecho-Slovakia apbetween the Poles and the Czechs.
ent. They will depart from Paris for
parently are satisfied with the settlem
representative here.
Prague on Saturday, leaving only one
Bones,
it
On Sept. 4, the Supreme Council had before Dr.
the posiforth
set
who
er,
n
Minist
Foreig
k
-Slova
Czecho
the
g distion of his country with regard to the Teschen minin
*testitrict. On the following day, Sept. 5, it received the
Polish
ki,
N.
Dmows
R.
and
ewski
Pader
er
Premi
mony of
representatives at Paris. Subsequently, on the same day, the
on Sept. 9, Supreme Council again gave audience to Dr. Benes to allow
A joint resolution was introduced in the Senate
providing him to reply to the statements of the Polish delegates.
looking to the maintenance of peace in Armenia and
ttee
Commi
the
to
ed
referr
was
aid for that country, which
Senator Hitch- JUDGE GARY URGES RESUMPTION OF BUSINESS
on Foreign Relations. It was introduced by
WITH GERMANY. LABOR QUESTION
cock for Senator Williams.
AND GOVERNMENT CONTROL.
AN PEACE
GERM
FIES
RATI
NT
"from an economic standpoint, considering
IAME
that,
PARL
view
DIAN
The
CANA
icance the question:ofibenefit to ourTY.
signif
TREA
of paramount
e business relationsIwith Germany
apresum
tion
a
resolu
to
ed
adopt
ought
5
we
Sept.
,
e
on
selves
The Canadian Senat
expressed bytElbert H. Gary,
was
panyaccom
the
once"
with
at
along
and Austria
proving the German Peace Treaty
of the United StatesiSteel CorporaBoard
House
The
28.
the
June
of
on
man
lles
Chair
Versai
at
gned
ing protocols,t,si
amendment to tion, in addressing at Boston, on Sept. 4, the annual meeting
of Commons on Sept. 12, after defeating an
the of the American Bar Association. "Thereiare at least two
Article X of the League of Nations covenant approved
we should liberally
Singun.
Borde
er
Premi
by
tion
good reasons," Judge Gary said, "why
treaty, adopting a resolu
an
goods. We desire
Austri
and
n
Germa
uced
of
g
introd
was
buyin
which
the
resume
larly, the amendment to Article X,
wants, and, besides, the purchases
S.,
own
N.
our
rne,
y
Shelbu
suppl
and
s
to
Queen
for
r
them
membe
ng,
Fieldi
by W.S.
article re- will have a decided influence in re-establishing the rates of
was very similar to the amendment to the same
U.S.S. international exchange. We should seek and fully reciprocate
the
to
ported by the Foreign Relations Committee
of the friendship of all other nations whenever itiis compatible
vote
a
by
ed
defeat
was
ment
ng
amend
Fieldi
Senate. The
be neutral as
s:
with principle. We should, if practiCable,
102 to 70. It read as follow
respect and
heir
tion):
(of
to
on
have.t
are
ratifica
we
if
resoluti
ies
the
to
countr
added
bo
between all other
That the following words
in no way assents to any impairbe uniformlyi.honest, digshould
on
positi
That in giving such approval this house
Our
ence.
confid
s
but
declare
on,
ty of the Domini
ch.
ment of the existing autonomous authori
of the forces of Canada shall take in
nified, kind, impartial and in all respects above reproathe
that the question of what part, if any,
for
a
is
as
time
occaIt
times
all
able.
at
ned
be
profit
be
determi
to
will
one
is
it
ned,
and
This is right
any war, actual or threate
their representatives in
ation of the
sion may require by the people of Canada through
exercise of patience and wisdom and the applic
Parliament.
g with world
in
dealin
virtue
and
ety
propri
of
ideals
n
t
sessio
highes
The Canadian Parliament was called into'special
shire, the session affairs."
d to be
by the Governor General, the Duke of Devon
The labor question, at present, Judge Gary:declare
at that
opening on Sept. 1. In addressing the Parliament
ial to
is
essent
e
labori
becaus
first,
st,
intere
nding
urgency of proceeding "of comma
it is
e
becaus
ly,
time the Governor General said:"The
second
and
y,
virilit
peace.... economic growth and
immediately to the consideration of the treaty of
s to enlist the
leader
ed
ppoint
self-a
by
t
sough
tently
I
persis
to renewed labors which
en in agitation for the substihas compelled me to summon you
The Governor General sympathyand support of workm
hope will not be of long duration."
the rule of law and reason."
for
force
of
rule
the
of
his
e
tution
becaus
n,
sessio
declared he had called Parliament into
ought not to be rati- Continuing he said:
. These agiadvisers were of the opinion the treaty
"It is commonly designated as Bolshevism
point was made in
The
al.
d States. I have heretofied without Parliament's approv
Unite
the
in
d
succee
not
will
tators
for
r
membe
Demers,
the House on Sept. 5 by Marie Joseph
1150
THE CHRONICLE
fore spokenZon this subject and will not repeat. However,
it may be observe<that the antidote for this poison is plenty
of work at reasonable rates of compensation when compared
with the Cost of living; healthful, safe and agreeable working
conditions, opportunity for workmen to advance in positions
according to merit; and a chance to invest their savings in
the business with which they are connected. The employers
must not and will not give the employees good ground for
complaint, and intelligent public sentiment will exercise a
controlling influence in preventing a return to barbarism.
Employers and employees are under equal responsibility to
the general public, of which they are' an important part, to
assist in maintaining industrial neaceiandfprosperitY.”
Turning to.the question ofiGovernment control or management Judge:Garyk-said:
There are reasons why Governmental management will no tbe successful.
To reach the highest efficiency in the development and operation of any
enterprise there must be personal, pecuniary incentive to succeed. There
must be indiv*dual attention, thought and decision which ponders over the
difficult and complicated problems by day and night and then solves them
with a view of securing personal benefits for self or principals represented.
Whatever is everyone's business is no one's business—a common expression,
but applicable. There must be a motive for economy in administration;
for perfecting and maintaining a complete organization, skilled, honest and
faithful; for such treatment of employees as will tend to secure loyalty and
efficiency in service; for everything that makes for success; and for discarding or rejecting whatever is calculated to impede, obstruct or minimize it.
This means, in great measure, pecuniary profit to those who assume the
risks of business, though the assertion is ventured that the private individual in general charge of a large concern, if right minded, is as much interested in and as faithful and loyal to the public welfare as a duly elected
public official. Again, there is always danger that partisan politics, if
brought into the control or management of business, will have an adverse
effect upon the results.
He also said:
Proceeding on the assumption that large capital is desirable and necessary for the safety and legitimate progress of the nation, and yet that it must
be controlled against possible harm, we are confronted with what has appeared to many to be a difficult problem. It should be met and solved now
if we are going to conserve our vitality and strength; if we are not to Weaken
or neutralize it at this juncture in world affairs when we are called upon to
pay enormous debts, to finance our own necessities and to assist our neighbors across the seas, to maintain a state of preparedness against possible,
though not probable, future wanton attacks, and to aid in maintaining the
peace of the world to the extent of using force, if and when necessary, all
of which will require billions of money. Can we hold our position, and are
we to be included in clear thinking, wisely concluding peoples? Shall we
profit by the experience of the past and by the example of others?
Is there any solution of these problems? I am talking to men who are
more competent than I to answer. Still, the general proposition is ventured
that whenever it is practicable and effective, resort should be made to the
prevention of threatened or possible harm, without destroying the property
or business in question, and which can, if preserved, be of substantial bonefit to the community and to the nation. This principle has sometimes been
invoked by the courts so far as it was believed the provisions of the law
permitted. Why not have the law so framed and administered as to allow
the courts to cover the whole subject by injunction, rather than by the destruction of property or business? If capital is proceeding or threatens to
proceed improperly, it can be restrained by injunction and the order enforced in the regular way. A court of equity should have, if necessarY,
enlarged powers of preventive remedy, unlimited by statutory provisions.
If there is to be punishment inflicted it should be upon the individuals who
are reprehensible, and not upon the owners, as stockholders or otherwise,
of the properties involved, who are in no respect responsible for misconduct.
If it be said that preventive measures are too late after there has been
established unreasonable concentration of capital, which naturally and necessarily includes the power to do harm, or that in the administration of affairs
pertaining to organization or management there is involved too much detail
or complication for practical hearing and determination by a court, then it
might be answered that there should be no objection to the whole matter of
previous assemblage of capital by corporations, form of organization, or
management of affairs being subjected to the consideration and decision of
a competent non-partisan tribunal, consisting of men selected for their
peculiar qualification defined by the creative law, having adequate jurisdiction and powers, subject, however, to appeal and a final determination by a
Federal Court concerning certain defined and vital questions relating to
monopoly and restraint of trade. Federal incorporation or license is desirable. It might and probably would satisfactorily solve the problems relating to concentrated wealth in control of corporations.
It is to be remarked that with reference to this whole subject and all other
matters mentioned for future determination, full publicity and knowledge
of all the facts and conditions in detail, will furnish the most effective
remedy for defects, inconsistencies or wrongs.
RESUMPTION OF TRADE WITH HUNGARY—REGULATIONS GOVERNING IMPORTS AND EXPORTS.
The War Trade Board Section of the Department of State
announces that, effective Sept. 2 1919, the resumption of
trade and communication between the United States and
Hungary has been authorized, and that to effect such authorization the General Enemy Trade Licenses referred to
in W. T. B. R. 802 July 14 1919 has been amended by deleting the words "Hungary or" from paragraph 2 of the
limitations upon said General Enemy Trade License. In
its announcement of Sept. 2 the Board said:
Exports from the United States to Hungary will be controlled by individual export licenses, but such licenses will be issued freely upon application, except with respect to the following commodities whose exportaton
to Hungary will be restricted for military reasons:
Aircraft of all kinds, including aeroplanes, airships, balloons and their
component parts, together with accessories and articles suitable for use in
connection with aircraft.
(Vol,
109.
Apparatus which can be used for the storage or projection of compressed
of liquified gases, flame acids, or other destructive agents capable of use
In warlike operations and their component parts.
Armor plates.
Armored motor cars.
Arms of all kinds, including arms for sporting purposes and their component parts.
Barbed wire and implements for fixing and cutting same.
Camp equipment.
Camp equipment, articles of, and their component parts.
Clothing and equipment of a distinctively military character.
Electrical appliances adapted for use in war and their component parts.
Explosives, especially prepared for use in war.
Field glasses.
Gases for war purposes.
Guns and machine guns.
Gun mountings, limbers and military wagons of all descriptions.
Harness or horse equipment of a military character.
Implements and apparatus designed exclusively for the manufacture of
munitions of war, or for the manufacture or repair of arms or of war material for use on land or sea.
Mines, submarines and their component parts.
Projectiles, charges, cartridges and grenades of all kinds and thek component parts.
Range finders and their component parts.
Searchlights and their component parts.
Submarine sound signaling apparatus and materials for wireless telegraphs.
Torpedoes.
Warships, including boats and their component parts of such a nature
that they can only be used on a vessel of war,
It is to be understood that the exportation of the following articles, viz.:
Barbed wire and implements for fixing and cutting the same, articles of
camp equipment and their component parts, clothing and equipment of a
distinctively military character, electrical appliances for use in war and their
component parts, military wagons of all descriptions, and harness or horse
equipment of a military character, is forbidden only on account of the
military use to which such articles can be put. If exporters have information showing that the articles are destined for civil purposes, the same
should be submitted with the applications for export licenses.
Imports into the United States from Ilungary may take place under
General Import License PBF No. 37 (W. T. B. R. 825 issued Aug. 15
1919) which has been revised and extended, effective Sept. 2 1919, so as to
permit the importation from Ilungary, without individual import licenses,
of all commodities except those specifically enumerated in paragraphs
1, 2 and 4 of said W. T. B. R. 825, paragraph 3 of said ruling being hereby
canceled and withdrawn.
THE COMING CONVENTION OF THE AMERICAN
BANKERS' ASSOCIATION.
It was stated this week in an announcement bearing nn
the coming convention of the American Bankers' Association,
that General John J. Pershing, and Ambassador J. J. Jusserand have been invited to deliver addresses at the convention.
It is also the belief that David R. Francis, Ambassador to
Russia, will deliver an address. The speakers' committee
has received acceptances from P. P. Claxton, Commissioner
of Education, Washington, D. C.; Henry P. Davison, of
J. P. Morgan & Company, New York City; John Barrett,
Director-General, Pan-American Union; Senator Albert B.
Cummins, Washington, D. C. and Dr. Irving Fisher of
Yale University. The National Bank Section of the association, has also ext 3nded invitations to Carter Glass, Secretary of the Treasury, and John Skelton Williams, Comptroller of the Currency.
The convention, as is known, will be held during the week
of Sept. 29 and the registration of representatives of St.
Louis banks, trust companies and investment banking houses
for attendance at the convention was started on Sept. 15th.
The registration of St. Louis bankers will be conducted by
mail and all requests should be sent to A. C. White, Manager,
St. Louis Clearing House Association, chairman of the Hotel
Committee. The Hotels Statler, Jefferson and Planters
have been designated as "Headquarters Hotels." Several
hundred reservations have also been made at other downtown
hotels and clubs. The Hotel Committee will have representatives at the three hotels and at Union Station to greet
the visitors and see that they are given accommodations.
TOPICS TO BE DISCUSSED BEFORE SAVINGS BANK
SECTION AT A. B. A. CONVENTION.
The savings bankers of the country, for their eighteenth
annual convention to be held in St. Louis, Mo., Sept. 29, 30
and Oct. 1, announce a program replete with such important
topics as "Savings," "Liquid Investments," "Legislation,"
both State and Federal, "Mortgage Loans" for insurance
companies as well as banks,"Municipal Credit," "Americanization," "Thrift," "Taxation," and especially the problems
resulting from extensive "Tax Exemptions," also two topics
of the most immediate moment: first, "Amortization of
Mortgage Loans" as a measure for improving the status of
both borrowers and lenders during the readjustment period;
second, "The Railroad Problem"—of special importance to
all savings depositors as there are known to be over 50,000,000 of railroad bonds held by the mutual savings banks
for their depositors, and other savings institutions hold an
SEPT. 20 1919.]
THE CHRONICLE
amount running into the billions. The speakers include
such recognized authorities as George E.Roberts,of the National City Bank, Robert S. Lovett, President of the Union
Pacific RR., and Luther M. Walter, counsel to the Natiinal
Association of Owners of Railroad Securities, who follow an
address by Senator Cummins on the railroad situation;
Howard F. Beebe, of Harris, Forbes & Co., on municipal
credit andits new aspects, Jerome Thralls, of the Discount
, Corporation of New York, on acceptances; Kingman Nott
Robins, of the Associated Mortgage Onvestors, on the effect
upon the general securities market of more tax-exempt instrumentalities of the Federal Government. Previous to
the annual meeting of the 30th and Oct. 1, on the 29th the
section has arranged for a "Conference of Savings Bankers,"
with sessions both morning and afternoon. The morning
session, presided over by Raymond R. Frazier, President
of the Washington Mutual Savings Bank of Seattle, will
consider a special report on "Amortization of Mortgage Loans" by a committee of which John J. Pulleyn, President of the Emigrant Industrial Savings
Bank of New York,is chairman, and Milton Harrison, executive manager of the New York State Savings Banks Association, is secretary. In the discussion of the report,the viewpoints of the economist will be presented by Ralph Ingalls;
of the trust companies by George Woodruff, president of the
Woodruff Trust Company of Joliet, and of the savings bank
by H. E. Boynton, of the Portsmouth Savings Bank. Mr.
Robert F. Maddox of Atlanta, president of the American
Bankers Association, will be among the distinguished guests
of the savings bank section at the luncheon which follows.
Frederic B. Washburn, president of the Franklin Savings
Bank of Boston, will discuss savings bank investments on the
29th, at the second session of the conference, following which
there will be a round table discussion with suggestions already received from members of such.topics as: segregation
of savings deposits in commercial banks,guaranty of deposits,
postal savings developments, taxation of banks, deposits by
aliens, farm loan exemptions, various questions connected
with the large deposits of Liberty bonds, etc. The officers of
the savings bank section are: President, Victor A. Lersner;
comptroller of the Williamsburgh Savings Bank of Brooklyn;
Vice-President, S. Fred Strong, treasurer of the Connecticut
Savings Bank of New Haven; and the executive committee
includes Messrs. Joseph R. Noel of Chicago, W. S. Webb
of Kansas City, John R. Haven of Denison, Texas, Myron
T. Herrick of Cleveland, B. F. Saul of Washington, W. A.
Sadd of Chattanooga, S. H. Beach of Rome and Messrs.
Pulleyn, Washburn and Frazier, already mentioned.
1151
The proposal to increase the capital of the Fifth National
Bank of this city from $250,000 to $1,000,000 was ratified
by the stockholders on Sept. 18. The new stock (par $100)
is to be disposed of at $150 per share.
The Public National Bank of this city, which has made
two increases in its capital during the year, plans still another
increase. A meeting of its stockholders will be held on
Oct. 20 to take action on the proposal to issue another
$500,000 of new stock, raising the capital from $1,500,000
to $2,000,000. Stockholders of record on Dec. 1 will be
permitted to subscribe to the new issue at par on the basis
of 33 1-3% of their holdings. Since September of last year
the capital has been increased from $750,000; at that time
the amount was raised to $1,000,000; early the present year
an addition of $250,000 was made to it, thus bringing it up
to $1,250,000; in June last, the amount was increased from
$1,250,000 to $1,500,000.
Theodore H. Banks, Vice-President of the American Exchange National Bank of this city has been elected a director
succeeding John S. Browning, whose death occurred on
Aug. 31.
Henry C. Lawrence, senior member of the Stock Exchange house of Cyrus J. Lawrence & Sons, died on Sept.
13 at the age of 60. Mr. Lawrence had been a member of
the Board of Governors of the Stock Exchange since 1890.
He was born in June 1859, was educated in France and in 1888
he became a partner in the firm of Cyrus J. Lawrence &
Sons, of which he remained a member until his death.
He was a collector of art and was a member of the Century
Association, being a member of the Committee of Admissions; the National Art Club, and the City Club. He was
also a member of the Municipal Art Commission of the
City of New York.
At a meeting of the Executive Committee of the Guaranty
Trust Co. of New York this week, N.D.Putnam, Treasurer,
was appointed a Vice-President; Hugh R.Johnston, Assistant
Secretary, was appointed Treasurer, and Arthur B. Hatcher,
Assistant Treasurer, was made an Assistant Vice-President.
The appointment by the Executive Committee of Irving
J. Greene as Assistant Secretary of the company at its
Brussels office is also announced. Mr. Greene entered the
service of the company in March 1916. He was sent to the
Paris office in Sept. 1916 add in August of this year he was
transferred to the Brussels office.
The growth of the Italian Discount & Trust Co., 399
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
of which George P. Kennedy is President, is
Broadway,
No bank or trust company stocks were sold either at the
evidenced by the Sept. 12 statement of the financial condiStock Exchange or at auction this week.
tion of that institution. The statement shows deposits of
A New York Stock Exchange membership was reported $19,631,145 05, an increase during the past three months of
posted for transfer this week, the consideration being stated more than $9,000,000. Resources are $21,363,570 33, which
as $90,000,an unchanged figure from the last preceding sale. 'represents an increase during the same period of more than
$9,200,000. The company has been in business only ten
It is proposed to increase the capital of the Citizens months.
National Bank of this city from $2,550,000 to $3,000,000 by
At a meeting of the board of directors of the Mercantile
the issuance of 4,500 additional shares to be offered to shareholders for cash at par $100. A meeting to act on the proposi- Bank of the Americas on Sept. 18, Jacob Bloom was elected
Treasurer. The Mercantile Bank of the Americas also
tion will be hold by the stockholders on October 22.
announces the opening of a branch of the Banco Mercantil
David H. G. Penny, Vice-president of the National Bank Americano de Colombia at Bucaramanga, which makes the
of Commerce in New York, in charge of the For6ign Depart- ninth branch of its affiliate in Colombia.
ment, sailed on the Aquitania on Sept. 18 to confer with the
European representatives of the bank. Mr. Penny, who
Little bits of tradition which go to make up the illustrated
joined the National Bank of Commerce in New York in announcements of the Merchants National Bank of this
February of this year, was formerly assistant director of the city, Raymond E. Jones, President, and illuminating side
Federal Reserve Board's foreign exchange division and is lights on the financial histciry of this country and the old
widely known as an authority on foreign exchange.
names of some of the best merchants of New York, will be
of
the
Office Bureau of published monthly in the "Chronicle." This old institution,
Clarence F. Pritchard, manager
the Government Loan Organization for the Federal Reserve in which Alexander Hamilton, the great American financier
Bank of Now York has resigned to become director of em- figured, says in part:
No.42 Wall Street the Merchants' Bank opened its doors for business
ployment of the National Bank of Commerce in New York. on"At
June 2 1803, organized by merchants for merchants under articles of
He began his new duties on Sept. 15. In its announcement agreement drawn up by Alexander Hamilton. It had as stockholders
391 of the prominent mercantile men of New York City, under the Presiconcerning the appointment the bank says:
and a distinguished board of directors, composed
dency of Oliver Wolcott;
Mr.Pritchard, who was formerly with the Pritchard Publishing Company,
of Richard Varick, Peter J. Monro, Joshua Sands, Thomas Storm, William
took charge of the Office Bureau in July, 1917, shortly before the beginning
W. Woolsey, John Howe, John Kane, Joshua Jones,,Robert Oilchtist,
of the Second Liberty Loan campaign. He had charge of the employment of W. Van Zandt, Jr., Isaac Bronson, James Roosevelt, John Swartwout,
workers in the last four loan drives and in addition had charge of the accountHenry J. Wyckoff, Isaac Hicks and Henry A. Coster."
ing division of the organization's Publicity Department.
When the Federal Reserve Bank took over the War Savings Committee
A profit sharing plan for the employees of the Yorkville
for this district last January 1, he was appointed manager of the newlycreated School Bureau. He was the originator of the "Penny School Sav- Bank of this city has been formulated, in order, it is anwhich
has since been adopted by schools throughout
ings Book" thrift plan,
nounced, that the officers and clerks, whose services largely
this State.
contribute to the prosperity of the bank, may have a sub.
1152
THE CHRONICLE
[VOL. 109.
stantial interest in that prosperity. Provision therefor is Lecturer for that body. He will enter upon his new duties
made in the following resolution, adopted at a meeting of the at once.
directors on August 7:
Resolved, That, after deducting from the net earnings of. the Bank for the
The Detroit Avenue Savings & Trust Co. of Cleveland
year ending December 31st 1919, as determined by the Board of Directors,
a sum equal to 7% on its capital, surplus and undivided profits, shown by on July 1 ast was discontinued and absorbed by the Skate
the books of the Bank at the close of business, December 31st 1919, there Banki
Trust Co. of that city. Reference was ma to
shall be set aside as salaries for officers and clerks at that time in its employ, the
rchase of this company in these columns in our June
a sum equal to 30% of the balance of such net earnings. Said sum shall be
In addition to the salaries paid to said officers and clerks for the year 1919,
and shall be distributed in amounts based ratably on the salaries paid the
respectively during the year 1919, exclusive however, of compensation p
them for overtime, at such times and in such manner and percentage d
g
the year 1920 as the Finance Committee shall determine, and the Finance
Committee is hereby authorized to formulate and adopt such rules and regulations a.s to it may deem necessary or proper to carry out the terms of this
resolution.
John J. Arnold has resigned as Vice-President of the First
National Bank of Chicago to become General Manager of
the international business department of the Bank of Italy,
in San Francisco. It is stated that Mr. Arnold's decision to
leave Chicago for the Pacific Coast was influenced by the
In pursuance with the foregoing resolution the Finance
belief the California climate would be more agreeable. Mr.
Committee formulated the following plan of distribution, as
Arnold became connected with the First National Bank in
set out in a pamphlet issued by the bank:
The amount paid to each officer or clerk shall be in the same proportion 1891, shortly after he came from Canada. He was advanced
to the amount to be distributed, that his or her salary received during the successively to the posts of assistant bookkeeper, head acyear the profits were earned, bears to the total salaries paid during that countant, chief clerk, assistant manager in charge of the
period.
The distribution of profits to those who entered the employ of the Bank foreign exchange department, then manager and finally viceduring the year that such profits were earned, will be on a basis of salary president. He is chairman of tile Illinois Bankers' Associaactually received and not on a yearly rate of salary. Those who ent d the tion Committee on Foreign Trade and is well known as
a
Bank's employ during the year following that in which the profi
ere writer and
speaker •on international questions.
earned, will not share in such profits; but if the plan continues in ef
whereas the employe's share in the Bank's profit will begin to accrue on the
date of his employment, he will not receive payment on account thereof until
the following year.
The distribution will be made as follows:
One-fifth on or about March 15th
One-fifth on or about Sept. 15th
One-fifth on or about June 15th
Two-fifths on or about Dec. 15th
At the beginning of each year an announcement will be made giving the
amount of the employees' portion of the earnings of the previous year resulting from the operation of the plan and the percentage of salaries to which
employees will be entitled.
Any officer or clerk who severs his or her connection with the Bank, for
any reason whatsoever, during the year 1920, will only share in such profits
up to and including the last distribution period prior to his or her severing
such connection.
August Zinsser is President of the institution. The other
officials are: Harry C. Hart and J. George Grill, Vice-Presidents; Ernest Wolkowitz, Vice-President and Cashier; and
Frederick Rath, Assistant Cashier.
Allen I. Balch, heretofore of the Discount Department of
the American Industrial Bank & Trust Co., of Hartford,
Conn., at the annual meeting of the stockholders of the-institution on Sept. 9 was elected Assistant Treasurer. Mr.
Balch has been with the institution since it began business in
1913, starting as a runner and being promoted successively
to bookkeeper, teller and to the discount department. At
the close of the meeting it was announced that work would be
commenced in December next on a new 15-story building
which the bank plans to rect at 983-989 Main St. The first
floor of the new building, we understand, is to be used exclusively by the bank and the remaining stbries devoted to
office suites. The officers of the American Industrial Bank
& Trust Co. now are: J. H. King, President; George Ulrich,
Vice-President,;George W. King, Treasurer, and William L.
Montague and Allen J. Balch, Assistant Treasurers.
'o commemorate the rounding-out of thirty years o
ban
by the Northern Trust Co. of Chicago, an artistic
brochu
n issued by the institution, entitled "Three
Decades of Banking," outlining its history from the time
of its organization in 1889 to the present day.
The Great Lakes Trust Company, of Chicago, has determined on a policy of establishing direct relations with
banks and business houses in foreign countries through connections to be established by men of its own staff visiting
those countries. Theodore S. Pallas, Assistant Manager
of the Foreign Department, will visit Greece for the purpose
of establishing connections between the Bank and banks and
business houses in Athens, Patras, Pireaus, Salonica, Constantinople and Smyrna. Mr.Pallas was formerly a Captain
in the Greek Army and came to this country as late as 1914.
R. N. Sims, for the past five years years Examiner of
State Banks for the State of Louisiana on Sept. 15 became
a Vice-President of the Hibernia Bank & Trust Co. of New
Orleans. In his new position, Mr. Sims will be very intimately connected with the out of town commercial and
banking business of the institution. Mr. Sims is a native
of Louisiana. In 1915 Governor Hall appointed him Examiner of State Banks in charge of the State Banking Department, where he served for the past five years. He was
a member of the Executive Council of the Louisiana Bankers' Association for fifteen years; in 1908 was elected VicePresident, and in 1909 served as President. He is Secretary and Treasurer of the National Association of Supervisors of State Banks,and is very active in that organization.
President Hecht of the Hibernia Bank & Trust Company
At a special meeting of the board of trustees of the Home
in announcing Mr. Sim's election said:
Savings Bank of Boston Robert F. Nutting was elected
"We feel that we are very fortunate in being able to secure the services
Assistant Treasurer.
of Mr. Sims, as his ability and judgment which have boon so conspicuously
displayed in his administration as Examiner of State Banks will prove•
On Sept. 12 Ephraim Tomlinson, formerly Vice-President mutually beneficial to the banks and to our out of town customers in
of the Camden Safe Deposit & Trust Co. of Camden, N. J., properly and competently extending our varied facilities to them."
The New York Agency of the National Bank of South
was elected President of the institution to succeed Edward
Africa, Ltd. (head office Pretoria) has announced the openL. Farr, resigned, but who, however, was made a Viceing of two new branches at Hofmeyr, in the Cape Province
President. At the same meeting Edmund E. Read Jr. was
and at the Strand, Cape Province.
elected Chairman of the board and Frank S. Norcross promoted from Assistant Trust Officer to Trust Officer. The
ENGLISH FINANCIAL MARKETS—PER CABLE.
changes are to take effect Oct. 1 1919.
The daily closing quotations for securities, &c., at London,
At the regular monthly meeting of the directors of the as reported by cable, have been as follows the past week:
London,
Sept. 13. Sept.15. Sept.16. Sept.17. Sept.18. Sept.19.
Red Bank Trust Co. of Red Bank, N. J., Henry Campbell
Week ending Sept. 19-Mon.
Sat.
Tues.
Wed. Thurs.
Fri.
was unanimously elected President.
Silver, per cm
d. 61
61U
613,
613i
62
Heyday 50N
50A
50M
5034
50A
At a regular meeting of the directors of the Colonial Trust Consols, 2A per cents
Holiday 04N
British, 5 per cents
94%
94%
94%
943
Co. of Philadelphia on Sept. 10 William R.Lyman and Frank British,
4% per cents
Holiday 87
87
86(
864
863
C. Eves were elected additional Vice-Presidents and I. H. French Rentes (in Paris), ____ 61.50 60.75 60.65 60.05
____
90.10
90.50
_......
Davidson Jr. was elected Secretary. A special meeting of French War Loan(InParis),tr.
The price of silver in Now York on the same day has been:
.the stockholders of the company will be held on Sept. 23
Silver In N.Y., per oz___cts_112%
113%
113%
113%
113%
114%
to vote on the proposal to amend the by-laws so as to change
the company's fiscal year to correspond with the clendar
TRADE AND TRAFFIC MOVEMENTS.
year and to change the date of the annual meeting to. the
LAKE SUPERIOR IRON ORE SHIPMENTS.—The
second Wednesday in January.
shipments of Lake Superior iron ore during the month of
August 1919 amounted to but 4,423,133 tons. This is a
The Title Guarantee & Trust Co. of Baltimore on Sept. 15 decline of 5,302,198.tons from the shipments of August 1918.
elected Warren S. Seipp of Baltimore a Vice-President of the These figures show the effect of the oro dock strike which
institution: Mr. Seipp has for several years past been continued during-I:the greater part of August. The strike
Deputy Grand Master of the Masonic Order and also Grand on the coal docks was also instrumental in retarding the ore
SEPT. 20 1919.]
THE CHRONICLE
1153
shipments. The movement for the season to Sept. 1 1919
Auction Sales.-Among other securities, the
aggregated 29,604,981 tons, contrasting with 39,334,264
following,
not usually dealt in at the Stock Exchange, were
tons in 1918 and with 36,523,554 tons in 1917.
recently sold
at
auctio
n in New York, Boston and Philadelphia:
•
Below we compare the shipments from different
ports for
By Messrs. Adrian H. Muller & Sons, New York:
August 1919, 1918 and 1917, and for the respective seasons Shares.
Stocks.
Shares. Stocks.
255 Merrimac Valley Power &
to Sept. 1:
Inc
1919.
Escanaba_tons. 336,334
Marquette.... _ _ 277,843
Ashland
375,245
Superior
939,979
Duluth
1,645,788
Two Harbors.._ 847,944
Tata
August
1918.
1,168,604
592,073
1,209,304
2,146,689
3,243,806
1,364,765
1917.
951,620
629,426
1,278,118
2,444,632
3,326,254
1,516,7'6
Season to Sept.1
1919.
1918.
1917.
2,757,897 4,011,481 4,089,19
1
1,169,569 2,276,092 1,899,062
3,320,090 4,582,950 4,425,912
6,426,447 9,197,933 8,202,216
11,466,924 13,156,893 11,999,021
4,464,054 6,109,356 5,908,152
4,423,133 9,725,331 10,146,786 29,604,981 39,334,264
36,523,554
Commercial an(MIts WinneonsB.ents
STOCK OF MONEY IN THE COUNTRY.-The following table shows the general stock of money in the country,
as well as the holdings by the Treasury and the amount in
circulation on the dates given:
Ilidgs., v. t. c
$20 lot
110 Rotary Ring Spin'g, $10 ea_155 lot
200 Alaska, Br. Col. Metals,
$1 each
1,500 Jim Butler Tonopah Mg.
$1 each
500 MoKinley-Dar'h-Savage
Mine of Colbot, LW.,
$1 each
500 Temiskaming Mg.,Ltd, $2,477 50
$1 each
lot
500 La Rose Mines, Ltd.,
$1 each
200 Tonopah Ext. Mg,$1 ea
50 Kerr Lakes Mines, Ltd.,
$5 each
500 Standard Silver-Lead
Mg., $1 each
125 The Mach.Tool Engineering
$5,000 lot
50 The Yerxa Co., pref
50 The Yerza Co., Common-..I163 lot
50 mills-Beebe Corp
100%
1,200 Clinical Film, Inc., pref
9,200 Clinical Film, Inc., com
lot
8,700 United Mines Co. of Ariz.,
$1 each
81-16
per
eh.
248 Atlas Yarn, common
$95 lot
Bonds.
$13,700 Superior Cal. Farms Land
adj. inc. 65, 1928
lot
33,000 La. Dbt Committee $4,300
forl
N. 0. Mob. & Chatt.
bonds certf. of deposit RR.8%
3,000 Pitts. Wheel.& L.E. Coal'8107
lot
45, certf. of deposit
1,000 Det. Tol. & Iron. adj.
1954, June 1914 coupons on_ 55,
%
I
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
8 per sh. Shares. Stocks.
$ per sh.
3 Fourth Atlantic Nat. Bank
265
10 Naumkeag Steam Cotton
5 Nashua Mfg., pref
202
1043
6 Boston Belt., pref
10 Merrimack Mfg., pref
3334
82
10 American Glue, pref
11 Nashua & Lowell RR
1485(
140
-Stock of Money Sept. 1'19- -Money in Circulation- 1 Boston Securities, pref
Bonds.
234
in U. S. afield in Treas. Sept. 1 1919. Sept. 1 1913.
Per Cent.
3 Draper Corporation, ex-div__ _ _140
$3,000 North Packing lc Provisio
n
6'Union Twist Drill, pref
$
3
9734
5s, 1925
Gold coin (including bullion
954
In Treasury)
2,044,727,731 372,942,06281,034,813,226 1,062,55
By
Messr
s.
Wise,
Hobbs
&
Arnol
8,390
d, Boston:
Gold certificates
439,542,803 754,811,369 Shares. Stocks.
Standard silver dollars
$
per
sh.
Shares.
308,145,759 64,882,795
Stocks.
81,114,285
$ per sh.
79,480,196 50 Nashawena Mills
Silver certificates
163
5 Laurel Lake Mills
160,424,058 344,696,913 10 U. S. Worsted
145
, 1st pref
Subsidiary sliver
8534 1 Gillette Safety Razor
243,188,017 10,006,826 233,181,191 221,282,
566 io U. S. Worsted, 20 pref
17834
Treasury notes of 1890..
56
20
Draper
Corp., ex-div
1,724,621
1,834,233 10 Pacifis Mills
140
United States notes
174
346,681,016 15,156,163 331,524,853 340,394,
592
Federal Reserve notes_ _ _0,764,832,415 42,041,668 2,561,563,449
By Messrs. Barnes & Lofland, Philadelphia:
2,090,318,055
Federal Res. bank notes
231,567,200 42,800,463 188,766,737
24,440,3
National bank notes
724,563,670 63,589,826 660,973,844 701,494, 25 Shares. Stocks.
$ per sh. Shares. Stocks.
562
8 Phila. Bourse, corn., $50 each__5$ Per sh.
534 20 Cafe de Ambassadeurs (Wash.)
) ,
Total
7,563,705,808 611,419,803 5,743,629,067 5,621,311.201 33 Mutual Trust,$50 each
48
preferred
1 Girard Nat. Bank
}$11
Population of continental United States estimated at 106,310,000.
402
6
Cafe
de Ambassadeurs, com
20
Drovers
1
Circulat
lot
Merch.
ec
ion
Bank,
$50 ea- 60
per capita, $54.03.
40 Abrasive Co., Bridesburg
2 Real Estate Trust, pref
108
a This statement of money held in the Treasury as assets of the
97
5 Fidelity Trust
does not include deposits of public money in Federal Reserve banks andGovernment
500
Bonds.
in national
Per
7 Finance Co. of Pa.,2d pref
banks and special depositaries to the credit of the Treasurer of the
104
$9,000 United Gas & Elec. coll. tr. cent.
United States
7 Finance Co. of Pa., 1st pref.__ _104
amounting to $925,216,375 16.
6s, 1945
4 East Pa. RR.,$50 each
b Includes $568,847,484 10 Federal Reserve Gold Settlement Fund
51
500 Parksburg Gas 1st 5s, 1929_ 65
1 Pa. Acad. of Fine Arts
deposited
50
with Treasurer of the United States.
35
10,000 Arizona Power 1st 6s,
1933.. 7954
c Includes own Federal Reserve notes held by Federal Reserve banks.
Note.-On Sept. 1 1919 Federal Reserve banks and Federal Reserve
against Federal Reserve notes $814,181,360 gold coin and bullion, agents held
Canadian Bank Clearings.-The clearings
gold certificates and $161,272,298 Federal Reserve notes, a total of $233,248,280
for the week
$1,208,650,938, endin
against $1,101,707,110 on Sept. 1 1918.
g Sept. 11 at Canadian cities, in compa
rison with the
same week in 1918, shows an increase in the
GOVERNMENT REVENUE AND EXPENDITURES
aggregate of
. 25.4%.
-Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
Week ending Sept. 11.
Government receipts and disbursements for August and
C earings atthe
two months.
Inc. or
1919.
1918.
Receipts.
Dec.
August 1919. August 1918. 2 Mos. 1919. 2
1917.
1916,
Mos. 1918
Ordinary$
Canada
$
-$
$
Customs
$
%
21,053,662
5
14,175,803 • 41,551,908
$
126,563,658 107,390,186 +17.9
30,013,692 Montreal
Intrnal Revenue:
86.044,443
Toronto
70,456,266
80,896,897
66,945,859 +20.8
Income and profits tax_
28,615,312
55,897,820
30,795,666
Winnipeg
72,658,726
44,960,058
43,097,376
26,525,575 +62.5
'Miscellaneous
31,733,7
83,736,124 223,855,697 528,292,043 Vancouver
29
35,151,398
14,832,551
12,834,418 +15.6
190 Dttawa
Miscellaneous revenue
104,727,062
9,441,074
22,645,000 157,548,718 189,684,
6,451,434
9,378,315
44,619,811
6,601,282 +42.1
5,748,611
Quebec
5,458,321
6,215,391
4,842,252 +28.4
Total
3,491.32
268,213,132 151,352,592 495,615,049
7
3,421,273
4,683,290
4,751,849 -1.4
792,609,736 Halifax
Panama Canal2,964,296
Hamilton
2,390,163
6,093,413
5,109,467 +19.3
Tolls, &c
4,633,034
325,699
899,439
John
3,866,887
705,485
3,180,206
2,352,445 +35.2
1,519,433 It.
Public Debt1,883,129
Calgary
1,523,822
6,653,904
5,313,83
7
First Liberty bonds
+25.2
4,980,376
369,387
Victoria
4,093,484
2,971,762
3,025,956
2,031,606 +46.3
Second Liberty bonds_
1,801,802
London
1,463,303
3,345,437
2,516,420 +32.9
962 Edmont
Third Liberty bonds._
2,265,115
411,730,234
1,668,298
on
5,225,28
7
3,212,16
927,921
5 +62.7
,335 Regina
Fourth Liberty bonds..__
5,016,170
2,505,69
0
2,031,09
5,017,50
9
4
4,504,216
3,017,773 +49.3
Victory notes
221,716,066
3,071,021
Brandon
2,623,297
645,561,723
718,322
568,151 +26.5
Ctfs. of indebtedness ..._1,225,761,520 821,508,900 2,600,26
562,284
Lethbric
534,612
lge
2,363
750,955
2,460,27
750,945 +0.0
2,500
War Say.& Thrift stamps
6,201,164 129,044,201
751,872
556,204
11,378,029 340,462,143 Saskatoon
2,123,074
1,551,395 +36.9
Postal Savings bonds_ _ __
1,695,131
1,195,808
Moose Jaw
103,140
917,719
1,191,837 -23.0
198,180 Brantfor
Deposits for retirement of
963,777
947,085
d
1,109,788
827,872 +34.1
national bank notes and
747,354
•
Fort William_
651,664
848,704
669,172 +26.7
Federal Reserve bank
562,995
New Westminster
507,691
601,909
564,062 +6.7
notes (Acts of July 14
392,922
Medicine Hat
295,733
421,133
395,460 +6.5
1890 and Dec. 23 1913)
2,721,470
465,067
9,840,857
Peterborough_ _ _ _
313,281
3,464,084
718,118
695,288 +3.3
10,181,517 Sherbro
652.681
483,844
oke
1,090,156
882,646 +23.6
Total
1,461,416,390 1,372,493,579 3,265,78
542,162
467,909
6,843 3,742,062,593 Kitchener
987,280
642.818 +53.6
572;571
Windsor
491,328
1,880,439
1,038,010 +81.1
Grand total receipts. _..1,720,955,221 1,524,745,611 3,762,10
7,377 4,536,191,762 Prince Albert__ _
444,545
233,447 +90.4
Disbursements.
Tntril Clannila
:tin 2A2 AM 253 4AR 242 -1-2.5.4 227.350
Ordinary552 109 nett
Checks and warrants paid
(less bal. repaid,
690,244,994 1,526,931,177 1,528,337,703
2,747,971,817
National Banks.-The following information
Int. on public debt paid__
19,582,327
a2,029,400
59,900,721
regarding
36,712,560 national banks
is from the office of the Comptroller
Total
709,827,321 1,524,901,778 1,588,238,424
of the
2,784,684,377 Currency, Treasury Department:
SpecialPanama Canal: Checks
APPLICATIONS FOR CHART
paid (less balances reER.
paid,&a.)
For organization of national banks:
1,694,477
1,108,500
1,906,945
2,839,172
Purchase of obligations of
Capital.
Loxley National Bank, Loxley, Ala
•
foreign Governments- 64,275,946 279,250,000
Correspondent: Percy Hall, Loxley,
$25,000
151,925,946 622,735,000
Purchase of Federal Farm
The Citizens National Bank of SomerseAla.
t, Ky
Loan bonds:
Correspondent: James Denton Somerse
100,000
t, Ky.
Principal
National Bank of Pontiac, Mich
250,000
3,500,0
Accrued interest
00
Corresp
200,000
ondent:
Geo.
A. Brown, Pontiac, Mich.
2,945
37,328
The First National Bank of Loysville, Pa
Total
25,000
Correspondent: Casper C. Nickel, Loysvil
55,970,423 280,611,445 153,832,891
le, Pa.
Public Debt629,111,500
The Middleville National Bank, Middleville,
Bonds, int.-bearing notes
50,000
Correspondent: John T. Molineux, Middlev N. Y
ille.
and certificates retired- 662,750,
The Evans National Bank of Angola, N. Y
888 142,165,830 2,140,320,812 1,617,243,134
One-year Treas. notes reCorrespondent: W. S. Harrison, Angola.
50,000
deemed (Sec. 18, Fed.
The Citizens National Bank of Freeport, N.
Reserve Act, approved
100,000
Correspondent: Stephen P. Pettit, Freepor Y
Dec. 23 1913)
The First National Bank of Emhouse, Texast.
4,785,000
Nat. bank notes and Fed.
Correspondent: H. R. Thomas, Emhous
25,000
e.
Reserve bank notes reThe Farmers & Merchants National Bank of
Charlottesville, Va.. ,I00.000
tired (Acts of July 14
Correspondent: R. 0. Walker, Charlottesville.
1890 and Dec. 23 1913)
The First National Bank of Haleyville, Ala
1,997,390
1,743,332
4,201,543
2,769,402
Correspondent: Oscar P. Drake, Haleyvi
25,000
lle.
Total
For conversion of State banks:
664,748,278 143,909,162 2,153,591,355
1,624,797,536
The Farmers & Merchants National Bank of Mounta
in View, Cal 50.000
Grand total disburs'mls_1,430,546,02
Conversion of The Farmers & Merchants State
3 1,949,422,386 3,895,662,669 5,038,593,414
Bank of Mountain View, Cal. Correspondent: Wilbur L. Camp,
Mountain]
Excess of total receipts
View.
over total disbursetn'ts. 299,409,198
The First National Bank of Mooreton, N. Dak
Excess of toal disburseConversion of the Mooreton State Bank.
25,000
Correspondent:
ments over total receipts
Robert T. Barber, Wahpeton, N. Dak.
424,676,775 133,555,293 502,401,651
The Buckingham County National Bank of Dillwyn
, Va
.0 Receipts and disbursements for June
50,000
Conversion of the Merchants & Planter
reaching the Treasury In July are Included
.
a Excess of credits.
Correspondent: Merchants dr Planters s Bank of Dillwyn.
Bank.
Total
$825,000
..113,817,09
6
1154
CHARTERS ISSUED.
Capital.
Original organizations:
$30,000
The First National Bank of Burlington, Colo
n.
Godsma
P.
Sidney
Cashier,
Wilson;
A.
y
President, Chalkle
25,000
Dak
So.
The First National Bank of Farmer,
Betts.
President, C. E. Simons; Cashier, C. W.
25,000
Dak
So.
Davis
of
Bank
The First National
W. Wulf.
President, Fred Boterman; Cashier, W.
Total
[VOL. 100.
THE CHRONICLE
380,000
CHARTER EXTENDED.
d, Va., until close of business
The American National Bank of Richmon
Sept. 19 1939.
DED.
EXTEN
REER
CHART
eld, Mass., until close of business
The Chapin National Bank of Springfi
Sept. 15 1939.
CHANGE OF TITLE.
Jamestown, Jamestown, N. Y. to
Swedish-American National Bank ofwn."
"American National Bank of Jamesto
INCREASES OF CAPITAL.
Amount.
of Malta, Mont.
Bank
l
Nationa
The First
$35,000
From $25,000 to $60,000
Okla.
The Farmers National Bank of Fort Gibson,
25,000
350,000
to
From $25,000
l Bank of De Leon, Tex.
The Farmers & Merchants Nationa
50,000
From $50,000 to $100,000
City, N. J.
The Ventnor City National Bank, Ventnor
75,000
From $25,000 to $100,000
Pa.
The First National Bank of Harrisville,
15,000
From $25,000 to $40,000
Wyo.
The First National Bank of Cheyenne,
100,000
0
$200,00
to
0
$100,00
From
of Boonville, Ind.
The Farmers & Merchants National Bank
25,000
From $50,000 to $75,000
•
$325,000
Total
CONSOLIDATION.
Angelo, Tex., and the Western NaThe Central National Bank of San
charter and title of "The Central
tional Bank of San Angelo, Tex., under
capital of $500,000. Combined capital
National Bank of San Angelo," with
Amount of increase, $150,000.
0.
$350,00
ation,
consolid
to
of banks prior
Name of Company.
Banks.
Atlantic National (guar.)
Chase National (guar.)
Chatham Se Phenix National (quar.)___ _
Citizens National (guar.)
Coal & Iron National (guar.)
Commerce. National Bank of (auar.)_
First National (guar.)
First Security (guar.)
Greenwich (guar.)
Hanover National (guar.)
Irving National (guar.)
Manhattan Co., Bank of the (guar.)
Mechanics (Brooklyn) (quar.)
Metropolitan (guar.)
Mutual (quar.)
New York, Bank of, N.B. A.(quar.)....
Park, National (guar.)
Seaboard National (guar.)
Trust Companies.
Bankers (guar.)
Brooklyn (guar.)
Central Union (guar.)
Columbia (guar.)
Empire (guar.)
Equitable (guar.)
Fidelity (guar.)
Franklin (Brooklyn) (guar.)
Guaranty (quar.)
Hudson (guar.)
Irving (guar.)
Lawyers Title & Trust (guar.)
Manufacturers, Brooklyn (guar.)
Metropolitan (guar.)
New York (quar.)
Peoples, Brooklyn,(guar.)
Title Guarantee & Trust (guar.)
When
Per
Cent. Payable.
2% Oct.
Oct.
4
Oct.
4
Oct.
3
Oct.
2
236 Oct.
*5
Oct.
*5
Oct.
Oct.
*4
Oct.
8
Oct.
3
$2.50 Oct.
Oct.
$1
*236 Oct.
*5
Oct.
Oct.
5
Oct.
6
Oct.
3
*5
5
*5g
4
*3
*5
214
3
5
2
2
131
2
8
4
5
Books Closed.
Days Inclusive.
1 Holders of rec. Sept. 27
1 Holders of reo. Sept.23a
1 Sept.21 to Sept.30
1 Holders of reo. Sept. 22
1 Holders of rec. Sept. 10a
1 Holders of rec. Sept.20a
1 *Holders of rec. Sept.30
1 *Holders of rec. Sept.30
1 *Holders of rec. Sept. 20
1 Sept.21 to Sept. 30
1 Holders of rec. Sept. 26
1 Holders of rec. Sept. 263
1 Holders of rec. Sept. 20a
1 *Holders of rec. Sept. 193
1 *Holders of rec. Sept. 24
1 Holders of rec. Sept. 22
1 Holders of rec. Sept.22
1 Holders of rec. Sept. 24
Oct. 1 *Holders of rec. Sept. 20a
Oct. 1 Holders of rec. Sept. 19a
Oct. 1 *Holders of rec. Sept. 223
Sept.30 Holders of rec. Sept. 22a
Sept. 29 *Holders of rec. Sept.20a
Sept.30 *Holders of rec. Sept. 20a
Sept.30 Sept. 23 to Sept.30
Sept.30 Holders of rec. Sept.29a
Sept.30 Holders of rec. Sept. 19
Sept.30 Holders of rec. Sept. 22
Oct. 1 Holders of roe. Sept. 26
Oct. 1 Sept. 14 to Oct. 1
Oct. 1 Holders of rec. Sept.20a
Sept.30 Holders of rec. Sept. 19
Sept.30 Sept.21 to Sept.30
Sept.30 Holders of rec. Sept. 29
Sept.30 Holders of rec. Sept. 22
Miscellaneous.
136 Oct. 1 Holders of rec. Sept. 15a
Advance-Rumely. preferred (guar.)._ _ _ Si
Sept.30 Holders of rec. Aug. 30
Ahrneek Mining (guar.)
Oct. 16 Holders of rec. Sept. 30a
$1
(guar.)
Co.
Air Reduction
Oct. 10 Holders of rec. Sept. 25
3e.
Allied Oil Corp. (guar.) (No. 4)
30a
134 Oct. 15 Holders of rec. Sept. 30a
Allis-Chalmers Mfg., pre,.(guar.)
Oct. 15 Holders of rec. Sept.
hai
s)
dividend
ted
DIVIDENDS.
Prof. (acct. accumula
Sept. 26a
rec.
of
Holders
15
Oct.
2
Agric. Chem., corn. (guar.)
134 Oct. 15 Holders o rec. Sept. 26a
ced for the Amer.
Preferred (quar.)
1 Holders of rec. Sept. 15a
The following shows all the dividends announ
Bank Note, pref (Tiara_ _ _ 750. Oct. 2
American
:
ations
Holders of rec. Sept. 13a
corpor
136 Oct.
future by large or important
American Beet Sugar, prof. (quar.)_ _ _
1 Holders of reo. Sept. 15a
Oat.
$2
italics.
in
printed
(guar.)
Magneto
are
American Bosch
Dividends announced this week
Holders of rec. Sept. 190
30
Sept.
134
Amer. Brake Shoe & Fdy., corn.(quar.)_
Sept.30 Holders of rec. Sept. 19a
3
Preferred (quar.)
Books Closed.
1
Holders of reo. Sept. 16a
Oct.
When
Per
134
(guar.)
American Can, preferred
Days Inclusive.
Oct. 1 Holders of rec. Sept. 15a
Cent. Payable.
Name of Company.
American Car & Foundry, cons. (quar.)_ 3
1 Holders of rec. Sept. 15a
Oct.
134
Preferred (guar.)
1)4 Oct. 1 Holders of rec. Sept. 20
American Chicle, preferred (guar.) ___
Railroads (Steam).
136 Oct. 1 Holders of rec. Sept. 15a
50e. Sept.25
(guar.)
Ashland Coal & Iron Ry.(guar.)
of rec. Sept. 19a American Cigar, preferred
Holders
1
134 Oct. 1 Holders of roe. Aug. 30a
Oct.
50o.
(quar.)
American Express
Beech Creek (guar.)
30
Sept.
to
16
Sept.
Oct. 15 Holders of rec. Oct. 5a
30
Sept.
336
1g
American Fork & Hoe, preferred
Buffalo & Susquehanna, corn.(guar.)._ _
236 Oct. 1 Holders of rec. Sept. 19
36 Sept.30 Sept. 16 to Sept.30
(iluar.)__
common
Elec.,
&
Gas
(extra)
Amer.
Common
Sept. 2a
rec.
of
Oct. 1 Holders of reo. June 20
Holders
1
Out.
1236
stook).
common
234
Common (payable In
Canadian Pacific, common (guar.)
136 Nov. 1 Holder of rec. Oct. 17
Oct. 1 Holders of rec. Sept. 2
2
Preferred (guar.)
Preferred
of rec. Sept. 190
Oct. 1 Holders of rec. Sept. 13a
Holders
134
25
Sept.
_
2
_
_
_
(quar.)
pref.
(quar.)
Leather,
Quincy
&
&
Amer. Hide
Chicago Burlington
Oct. 1 Holders of rec. Sept. 13a
2
1 Oct. 1 Holders of rec. Sept. Via
13,
(extra)
Preferred
talicago & North Western, corn. (qu.)
:8a
rec. Sept. 15a
Sept.
rec.
of
Oct. 1 Holders
2
corn, Sr of. (qu.) $1.20 Sept.30 Holders of
Preferred (guar.)
rec. Oct. la Amer. Internat. Corp.,
of
Nov. 15 Holders of rec. Nov. 8a
Holders
21
2
Oct.
134
_
_
.)
,cm.(gu.)
(guar
Eng.,Inc.
Fire
Amer. La France
Cleve. Cin. Chic. de St. L., pref.
Aug.z28a
rec. Sept. 19a
rec.
of
of
1
Holders
Oct.
Holders
20
•
Sept.
234
134
Preferred (guar.)
tDelaware & Hudson Co. (guar.)
Dec. 1 Nov. 22 to Dec. 1
i3l Nov. 1 Sept. 18 to Oct. 9
y, corn. (quar.). 1
Great Northern (guar.)
of rec. Sept. 24a Amer. Laundry Machiner
6 to Oct. 15
15
Holders
Oct.
6
Oct.
Oct.
134
134
Preferred (guar.)
Joliet & Chicago (guar.)
1;1 Oct. 1 Holders of rec. Sept. 15a
1 31 Sept.30 Holders of rec. Sept.23a American
Linseed, pref. (guar.)
Kanawha & Michigan (quar.)
Oct. 15 Holders of rec. Sept. 30a American Locomotive, common (quar.)_
1
1% Sept.30 Holders of rec. Sept. 13a
tKansas City Southern, pref.(guar.)
Sept. 8a
rec.
of
Holders
1
134 Sept.30 Holders of rec. Sept. 13a
Oct.
1
Preferred (guar.)
Lackawanna RR. of N. J. (guar.)
13a
Sept.:
rec.
of
Holders
4
136 Oct. 1 Sept. 16 to Sept.30
8736c Oct.
Manufacturing, corn. (quar.):Lehigh Valley, common (guar.)
Oct. 1 Sept. 16 to Sept.30
4 Holders of rec. Sept.:13a American
1%
Oct.
25
$1
(guar.)
Preferred
15
Preferred (attar.)
1X Oct. 1 Holders of rec. Sept. 15a Amer. Public Service, pref. (guar.)
131 Oct. 1 Holders of reo. Sept.
Manhattan Ry. (guar.)
19a
Sept.
rec.
of
Sept.30 Sept. 23 to Sept.30
334 Oct. 15 Holders
, common (guar.)._ _ 3
Minn.St. P.& 5.8. M..corn.& pref.._
of rec. Sept. 20a American Radiator
Holders of rec. Sept. 30a
15
Holders
1
Oct.
Oct.
_
2
134
(guar.).
lines__
corn.
leased
M.,
Machine,
S.
Seeding
Minn. St. Paul & S.
Oct. 1 Holders of rec. Sept. 22a Amer.
1% Oct. 15 Holders of rec. Sept. 30a
3
Preferred (guar.)
1
Newark & Bloomfield
234 Oct. 2 Sept. 16 to Oct. la
34 Sept.20 Holders of rec. Sept. 10a
American Sewer Pipe (guar.)
New London Northern (guar.)
of rec Oct.
Holders
1
1% Oct. 1 Sept. 13 to Sept.21
Nov.
134
(quar.).
A
Am.Smelters Securities, pref.
New York Central RR.(guar.)
13a
Sept.
rec.
of
Holders
1
134 Oct. 1 Sept. 13 to Sept.21
134 Oct.
Preferred B (guar.)
N. Y. Lackawanna & Western (quar.) _
Oct. 1 Holders of rec. Sept. 13a
134 Nov. 1 Holders of rec. Oct. 4a American Snuff,common (guar.)
Northern Pacific (guar.)
15
Sept.
rec.
of
Oct. 1 Holders of rec. Sept. 13a
Holders
1%
1
Oct.
_
750.
_
_
(guar.)
Preferred
Pittsb. Bessemer & L. Erie, common..
10a
of rec. Oct. la
Sept.
rec.
of
Oct. 1 Holders
corn.(guar.)._ _ _ 75e, Oct. 15 Holders of rec. Sept. lba
Pittsb. Ft. Wayne & Chic., corn.(guar.) 134
of rec. Sept. 10a Amer. Steel Foundries,
Sept. 30 Holders
Holders
7
Oct.
134
134
Preferred
Preferred (guar.)
24a
Oct.
rec.
to Oct. 1
21
o
1
Sept.
Oct.
*Holders
13
Nov.
134
.
"$1
American Stores, 1st & 2d pref. (quar.).
Reading Company, corn. (guar.)
500. Oct. 9 Holders o rec. Sept. 23a American Sugar Refining, corn. (guar.). 134 Oct. 2 Holders of roe. Sept. 2a
Second preferred (guar.)
2 Holders of reo. Sept. 2a
Oct.
34
Common (extra)
St. Louis-San Francisco
Oct. 1 Sept. 25 to Oct. 1
1% Oct. 2 Holders of reo. Sept. 2a
1
Preferred (guar.)(No. 111)
K.C. Ft. S. & M. pref. tr. Ws.(0.)._
Sept.30 Holders or rec. Sept. 20a
134 Oct. 1 Holders of rec. Aug. 30a American
2
surety (guar.)
Southern Pacific (guar.)
Sept. 15a
red.
of
Holders
1
Oct. 15 Holders of rec. Sept.20a
Oct.
2
2
_
_
Telco. & Teleg. (guar.)
American
24a
Southern Ry., M.& 0.stock trust certfs
Sept.
fee.
of
Oct. 15 Holders of rec. Oct. 4
$6
136 Oct. 1 Holders
Toronto Hamilton & Buffalo (guar.)
of rec. Sept. 2a Amer. Thermos Bottle
Holders
1
Oct. 1 Holders of rec. Sept. 15a
Oct.
136
234
(guar.)
(quar.)
pref.
American Tobacco,
Union Pacific, common
Oct. 15 Holders of rec. Oct. 10a
Oct. 1 Holders of rec. Sept. 2a Amer. Typo Founders, common (quar.).. 1
2
Preferred
Sept. 21 to Sept. 30
Oct. 15 Holders of rec. Oct. 10a
10
1%
Oct.
234
_
_
(guar.)
Cos.
(guar.)
Canal
&
Preferred
RR.
J.
United N.
75 Oct. 15 Holders of rec. Oct. 4a Amer. Window Glass Mach., pref. (414.). 1,4 Oct. 1 Holders of reo. Sept. 19
31
Warren RR
134 Oct. 15 Sept.d16 to Sept. 25
'31.25 Oct. 1 *Holders of rec. Sept. 15
American Woolen, corn. Sr pref. (guar.). 1%
West Jersey & Seashore
Oct. 1 Holders of rec. Sept. 19
Oct. 1 Holders of rec. Sept. 18a Ames,
2
Holden, McCready, Ltd.,pf.(qu.)
Wisconsin Central, preferred
Sept.26 Holders of coo. Sept. 11
So.
Argonaut Cons. Mining (guar.)
Oct. 1 Holders of roe. Sept. 15a
Arkansas Light & Power, pref. (quar.)_. 134 Oct. 1 Sept. 16 to Sept.30
Street and Electric Railways.
of reo. Sept. 16
Holders
1
Oct.
134
134
.
(quar.).
pref.
Armour & Co.. met.(guar.)
17
Asheville Power & Light,
Sept.
rec.
of
Holders
Oct. 15 Holders of rec. Oct. 1
ji
1
131 Oct.
Asbestos Corp. of Canada, Ltd., corn. (qu.)
Boston Elevated Ry., corn.(guar.)
Oct. 1
134 Oct. 15 Holders of rec.
134 Oct. 1 Holders of roe. Sept. 15
Preferred (quar.)
Brazilian Tr., L.& Power, pref. (quar.)_
Sept. 16
rec.
of
Oct. 15 Holders of rec. Sept. 25a
u
Holders
1
Oct.
134
d Oil (quer.)
Associate
Carolina Power & Light, pref. (Guar.)- — *1
20
Sept.
20
Sept.
rec.
rec.
of
of
*Holders
Oct. 1
*2% Sept.30 *Holders
Atlantic Coast Co.(guar.)
20
Ctn. & Hamilton Trac., corn. (guar.)._ _ _
1 Holders of rec. Sept. 10a
'134 Oct. 1 *Holders of rec. Sept.
Atlantic Gulf de W./. S.S. Lines. pf.(qu.) 1% Oct. 1 Holders of rec. Sept. 19
Preferred (guar.)
to Sept. 30
17
1
Sept.
Oct.
Oct.
134
._
1%
Atlantic Sugar Refineries, pf. (guar.)
Cincinnati Street Ry.(guar.)
75e. Sept.30 Holders of coo. Sept. 15
36 Oct. 1 Holders of reo. Sept. 15a Auto Sales Corporation, pref. (guar.)._
Cities Service, coin. & pref. (mthly.)_ _
Oct. 1 Holders of roe. Sept. 15a
25o. Sept.30 Holders of coo. Sent. 15
Preferred (extra)
Common (payable in common stock)_ 11
15a
1
Oct.
reo.
of
Holders
1
Nov.
1% Oct. 1 Sept.21 to Oct. 20a
34
Common and preferred (monthly)_ _ _
Avery Co., pref. (Guar.)
Oct. 1 Holders of roe. Sept.
Nov. 1 Holders of reo. Oct. 15a Babcock
2
(guar.)
Co.
Wilcox
de
Common (payable in common stock)_ I1
rec. Oct. 15
of rec. Sept. 18
of
Holders
Holders
1
1
Oct.
Nov.
1,4
36
1)
(No.
(mthly.)
(qu.)
Barnet Leather, pref.
Cities Service, cam. & pref.
Nov. 1 Holders of rec. Oct. 253
36 Nov. 1 Holders of reo. Oct. 15
Barnhart Bros.& Spind.lst & 2d pf.(qu.) 1% Oct. 1 Holders of rec. Sept. 17a
Corn. (payable in corn. stock)
51c. Oct. 1 Holders of rec. Sept. 154 Barrett Co., common (quar.).
Cities Service. Bankers'shares(monthly)
of rec. Sept. 13a
15 Holders of rec. Sept.25a
Holders
Oct.
1
4
3
1
.
t
c
O
134
Preferred (quar.)
Cleveland Ry. (guar.)
Oct. 15 Holders of rec. Sept. 30
Oct. 1 Holders of rec. Sept. 163 Bell Telep. of Canada (guar.)
1
Duluth-Superior Tract., pref. (guar.)._ _
1 Holders of roe. Sept. lba
Holders of rec. Oct. 1
Oat.
1
1%
Nov.
134
(guar.)
(guar.)
pref.
common
Co.,
Steel,
m
Duquesne Light
1% Oct. 1 Holders of roe. Sept. lba
Oct. 1 Holders of roe. Sept. la Bethlehe
B (quay.)
Common
Frankford & Southwark Pass. Ry.(qu.). $4.50
15
Sept.
reo.
of
1 Holders
134 Oct. 1 Holders of reo. Sept. 15a
136 Oct
Non-cumulative preferred (quar.)
Illinois Traction, pref. (guar.)
Oct. 1 Holders of roe. Sept. 150
Oct. 15 *Holders of rec. Oct. 1
*2
Cumulative convertible preferred (qu.) $1.25 Oct. 1 Holders of rec. Sept. 20a
Manchester Tr. Lt. de Pow. (guar.)
22a
Sept.
rec.
of
Holders
1
Oct.
134
Billings db Spencer Co. (guar.)
Manila Elec. RR.& Ltg. Corp.(quara_ _. 136 Oct. 1 Holders of reo. Sept. 10
Sept.30 Holders of rec. Sept. 200
25e.
(quar)...
pref.
L.,
de
(quar.)
Tract.
Ohio
Mines
Northern
Bingham
1 Holders of rec. Sept.303
753. Oct. 31 Holders of rec. Oct. 1
al (F.) Co.,com.and pref.(qu.) '1% Oct.
Blumenth
Philadelphia Co., corn. (quar.)
1
Oct.
rec.
of
Holders
1
134 Oct. 1 Holders of rec. Sept. 15a
$1.50 Nov.
Booth Fisheries, let preferred (guar.) -- 1% Dec. 16 Holders of roe. Deo. la
Six per cent, pref. stock
11 to Sept.30
1
Sept.
Oct.
$2n
(quar.)_
pref.
Milk,
d
Condense
Philadelphia Traction
Sept. 30, Borden's
Oct. 15 Sept. 14 to Oct. 14
20
134 Oct. 15 Holders of rec. Sept.
Philadelphia & Western Ry., pref. (guar.) *134
Borne. Serymser Co.(annual)
1
26
Sept.30 *Holders of rec.
134 Oct. 1 Holders of rec. Sept.
Brandram-Henderson, Ltd., pref. (quar.)_
Public Service Corp. of N. J., cons. (qu.). *2
of reo. Sept. 20
*Holders
30
Sept.30 Holders of rec. Sept.25,1
Sept.
(guar.)
Preferred (guar.)
Brighton Mills, common
30
25
roe.
Sept.
Sept.
of
rec.
of
Holders
Holdes
15
30
Sept.
Oct.
136
13.4
Preferred (guar.)
Republic Ry. & Light, pref. (guar.)
See note y below
Sept.30
Oct. 1 *Sept. 16 to Oct. 1
**3
Ridge Ave. Pass. Ry., Phila. (guar.)
British-American Tobacco, ordinary
Oct. 1
2;4 Sept. 30 Holders of coupon No.32
134 Oct. 1 Sept. 21 to Sept. la
e
Preferenc
Scranton de Wilkes-Barre Trac., pf. (qu.)_
of rec. Sept.24
rec.
of
Holders
Holders
1
Oct. 1
1;4 Oct.
Second & Third Sts. Pass. Ry.(quar.)- - $3
15a Brooklyn Union Gas (guar.)
Oct. 1 Holders of rec. Sept. 20a
134 Oct. 1 Holders of rec. Sept. 20
Brunswlck-Balke-Collender, pref.(quar.) 134 Oct. 1 Holders of rec. Sept. 20
Springfield (Mo.) Ry.& Lift., pref.(qu.) 136
Sept.
roe.
of
Holders
1
Oct.
13.4
Tri-City Ry. & Light, pref. (guar.)
Bucyrus Company, pref. (quar.)
Sept.30 Holders of rec. Sept.20
1 Holders of reo. Sept. 15
Twin City Rap. Tr., Mlnneap., pf.(qu.) 1.34 Oct.
Buffalo General Electric (guar.)
1 Holders of roc Sept. 20a
Oct. 1 Holders of rec. Sept. 15a Californi
1
a Elec. Generating, pref. (quar.).. 1% Oct.
United Light & Rys., common (quar.)_ _
15a
Sept.
rec.
of
Holders
Sept. 16 Holders of reo. Aug. 30a
1
dl 36 Oct.
First preferred (quar.).
California Packing Corp., corn. (quer.). $1
Holders of rec. Sept. 16
Oct. 1 Holders of rec. Sept. 15a
1
Oct.
13.4
134
(guar.)
pref.
Light,
&
(quar.)
Utah Power
Preferred
Oct. 1 Holders of roe. Sept. 20a Californi
134 Oct. 1 Holders of rec. Sept.20a
a Petroleum, pref. (guar.)_
Wash.Balt.& Annap.ELRR., corn. (qu.) $1
Sept.203
Oct. 1 Holders of roe. Sept.20a
._________ 750. Oct. 1 Holders of roe. Oct. 1
Prof.(account accumulated dividends) 2% Sept.22 Tinld.rs of reA. Sent. ba
Preferred (quar.) _
to
21
Sept.
1
Oct.
$1
$1.75
.
(guar.)
& Arizona Mining
Calumet
West End Street Ry., Boston, common
10
Sept.
rec.
of
Holders
134 Oct. 1
Yadkin River Power, pref.(guar.)
SEPT. 20 1919.]
THE CHRONICLE
Per
117hen
Cent. Payable.
1155
Books Closed.
Days Inclusive.
Per
Name of Company.
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Continued).
Miscella
Calumet & Ueda Mining (ouar.)
$5
Sept.20 Holders of rec. Aug. 25a Howe Sound neous (Continued).
Co. (guar.)
Cambria Iron
5e. Oct. 15 Holders of rec. Sept.30a
51
Oct. 1 Holders of rec. Sept. 15a Huntingt
on 1)evel. & Gas, pref. (qu.)_ _
Canada Steamship Lines, pref. (guar.)_ _
134 Oct. 1 Holders co rec. Sept. 15
154 Oct. 1 Holders of rec. Sept. 15
Hupp Motor Car Corp., pref. (guar.)._ _
Canadian Car & Foundry, pref. (guar.)_
154
Oct. 1 fielders of rec. Sept. 20a
Oct.
10
154
Holders of roe. Sept. 26a Imperial Tobacco Co. of
Canada, corn_ _
Pref. (extra, on acct. accum. (iivs.) _ _
134 Sept.26
Oct. 10 'Holders of rec. Sept.26a
Preferred
Canadian Crocker-Wheeler, corn. (qu.) _
3
Sept.30
Sept.30 Sept.20 to Sept. 30
Independent Pneumatic Tool (quay.) _ _ "5
Preferred (guar.)
Oct. 1 'Holders of rec. Sept. 20
134 Sept.30 Sept. 20 to
Sept. 30
Indiahoma Refining (monthly)
Canadian General Electric, corn. (qu.)_
Sc. Oct. 1 Holders of rec. Sept.21
2
Oct. 1 Holders of rec. Sept. 13
Extra
Preferred
10c. Oct. 1 Holders of rec. Sept. 21
334 Oct. 1 Holders of rec. Sept. 13
Indian Packing Corporation (qu.)(No.1)
Canadian Locomotive, corn. (guar.)
250. Oct. 14 Holders of rec. Sept.30
1% Oct. 1 Holders of rec. Sept.
Indianapolis W.1V Securities, pre!
Preferred (guar.)
I% Oct. 1 Holders of rec. Sept. 25
334 Oct. 1 Sept.21 to Sept. 30
25
Internat. Agric. Chem.,
Canadian Westinghouse Co., Ltd. (guar.) _
13.4 Oct. 15 Holders of rec. Sept.300
154 Oct. 1 Holders of rec. Sept. 19a International Banking pref. (guar.)___ _
Carbo-Hydrogen Co. of Amer., pref.(qu. 834c. Sept.30
Corporati
Oct. 1 *Holders fo rec. Sept. 20
holders of rec. Sept. 20a Internat. Buttonhole Sew. Mach.on _ _ *3
Cardenas Amer. Sugar, pref. (guar.) _ _ _ _
(quar.)
10c. Oct. 1 Holders of rec. Sept. 15
154 Oct. 1 Holders of rec. Sept.22
Internat. Harvester, common (guar.)_ _ _
Case (J. I.) Threshing Mach., pref.(qu.)
Oct. 15 Holders of rec. Sept.25a
Oct. 1 Holders of rec. Sept. 15
Internatio
nal
Salt
(guar.)
Celluloid Company (guar.)
Oct. 1 Holders of rec. Sept. 15a
2
Sept.30 Holders of rec. Sept. 16a International Silver, preferred
(quar.)___ _
Central Aguirre Sugar Co.(quar.)
134 Oct. 1 Sept. 18 to Oct. 1
234 Oct. 1 Holders of rec. Sept.20
Isle Royale Copper Co. (guar.)
Extra
50c Sept 30 Holders of roe Aug 30
10
Oct. 1 Holders of rec. Sept.20
Island
Creek
comnion
Coal,
(guar.)
Central Bond & Mortgage (guar.)
Si
Oct. 1 Holders of rec. Sept.26
154 Sept.30 Holders of rec. Aug.
Preferred (guar.)
Central Coal & Coke, corn. (guar.)
$1.60 Oct. 1 Holdesr of rec. Sept.26
*1% Oct. 15 *Holders of rec. Sept. 28
Preferred (guar.)
Oct. 1 Holders of rec. Sept.20a
*134 Oct. 15 *Holders of rec. Sept. 30a Jewell Tea,Inc., pref.(quar.)
30a
Jones Bros. Tea, Inc., common (guar.) _ *50c. Oct. 15 *Holders
Central Leather, preferred (guar.)
Oct. 1 Holders of rec. Sept. 10a
of rec. Oct. 1
Preferred (guar.)
Central Petroleum, preferred
*154 Oct. 1 *Holders of rec. Sept.23
234 Oct. 1 Holders of rec. Sept. 19
Kansas
Gas
Electric,
de
pref.
(guar
.)____
Central States Elec. Corp., prof.(guar.) _
Oct. 1 Holders of rec. Sept. 23
154 Oct. 1 Holders 01 rec. Sept.
Kayser (Julius) ets Co., corn. (guar.)
10
Centain-teeg Products Corp. 1st p1.(qu.) 1%
2
Oct. 1 Holders of rec. Sept. 22a
Oct. 1 Holders of rec. Sept. 20a
First and second preferred (guar.)
Second preferred (guar.)
2
Oct. 1 Holders of rec. Sept.22a
Iichiers of rec. Sept.200 Kaufmann Depart. Stores, pref.(su.). _ _
Chandler Motor Car (guar.)
Oct.
1 Holders of rec. Sept.20
6
Oct.
1
Holders of rec. Sept. 19a Kelly-Springfield Tire, prei. (quar.)___ _
Chesebrough Mfg. Co., Cons'd (quar.)
Oct. 1 Holders of roc. Sept. 15a
3
Sept.20 Holders of rec. Aug.
Extra
30a Kennecott Copper Corporation (guar.)_
250. Sept. 30 Holders of rec. Sept. Sc
50
Sept.
20
Holders
rec.
of
Aug.
30a
Capital
Chic. Ry. Equipment (guar.)
distribution
250. Sept.30 Holders of rec. Sept. 5a
*134 Oct. 1 *Holders of rec. Sept. 20
Kerr Lake Mines, Ltd.
Chicago Telephone (guar.)
$1
Sept.22 Holders of rec. Sept. 13
2
Sept. 30 Holders of rec. Sept.29a Keystone Tire
Chino Copper Co. (guar.)._
& Rubber, corn. (quar.)_ _
30c. Oct. 1 Holders of rec. Sept. 19a
75c
Sept.
30
Holders
rec.
of
Sept.
16a
Kirshbau
Cincinnati Gas dc Electric (guar.)
m (A.B.) Co., pref.(quar.)
*154 Oct. 1 *Holders of rec. Sept.20
154 Oct. 1 Sept.15 to Sept.21
Kolb Bakery, pref. (quar.)
Ctn. & Suburban Bell Telep. (guar.)
Oct. 1 Holders of rec. Sept. 13
2
Oct. 1 Sept. 24 to Sept. 30
Kresge (S. S.)Co., pref. (guar.)
Cincinnati Tobacco Warehouse
Oct. 1 Holders of rec. Sept. 15a
1
Oct. 15 'folders of rec Oct. 4
Kress (S. II.) & Co., cons. (quar.)
Citizens Gas of Indianapolis
1
Nov. 1 Holders of rec. Oct. 20a
$1.25
Sept.
29 Sept. 14 to Sept.28
City Investing, preferred (guar.)
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 20a
154 Oct. 1 Holders of rec. Sept.24
La Belle Iron Works, common (guar.)
Cleveland-Akron Bag (guar.)
Sept.30 Holders of rec. Sept. I5a
Sept.
154
30
Sept.
21
to
Soot.30
l'referred (quar.)
Extra
2
Sept.30 Holders of rec. Sept.
Sept.30 Sept. 21 to Sept.30
Lackawanna Steel, common (quar.)__ _ _
Cleveland Worsted Mills (guar.)
134 Sept.30 Holders of rec. Sept. 15a
10a
134 Sept.30 'folders of rec. Sept.20
Laurentide Co. (quar.)
Cluett, Peabody dr Co., pref. (quar.)___
3
Oct.
1 Holders of rec. Sept. 22
134
Oct.
Holders
1
of
rec.
Sept. 20a Le.iigh
Colorado Power, corn. (guar.)
Coal Sales (guar.)
52
Oct. 1 Holders of rec. Sept. 18
% Oct. 15 Holders of rec. Sept. 30a Library Valley
Bureau, common (guar.)
Colt's Patent Fire Arms Mfg.(guar.)
Oct. 1 Sept.21 to Sept.30
$1.25 Oct. 2 Holders of rec. Sept. 16a
Preferred (guar.)
Columbia Graphophone Mfg.,corn.(qu.)
2
Oct. 1 Sept.21 to Sept.30
25c Oct
1 Holders of rec. Sept. 10a Liggett
Common (payable in common stocp)_ _
Myers Tobacco, pref. (quay.)..
Oct. 1 Holders of rec. Sept. 15a
(x) Oct. 1 Holders of roc. Sept. 103 Lindsay&Light,
Preferred (guar.)
preferred (quar.)
154 Sept.30 Holders of rec. Aug. 30a
Holders of rec. Sept. 10a Livingston Oil Corp.(quar.)
Columbia Sugar (guar.)
3c. Oct. 1 Holders of rec. Sept.20
300. Oct. 1 Holders of rec. Sept. 20
Extra
Commonwealth Finance Corp., pref.(quar
2c. Oct. 1 Holders of rec. Sept. 20
Oct. 15 Holders of rec. Sept.30
Lone
Star
Gas (quar.)
ComPuting-TabulatIng-Recording (qu.)_
2
Sept.30 Holders of rec. Sept. 19a
1
Oct.
10
Holders
of
rec.
Sept.25a Loose-Wiles Biscuit, first pref. (quar.)__ _
Cons'd Gas, E.L.& P., Balt.. con).(qu.)
Oct. 1 Holders of rec. Sept. 16a
154
Oct. 1 Holders of rec. Sept. 15a Lorillard
Consumers Elec. L. & Pow., NO., pf.(qu.) 2
(P.) Co.,common (guar.)
3
Oct. 1 Holders of rec. Sept. 153
Sept.30 Sept. 10 to
Sept.
30
Preferred
Consumers Power (Mich.), corn. (guar.) 2
Oct. 1 Holders of rec. Sept. 15a
Oct. 1 Holders of rec. Sept. 19a MaeAndrews(quay.)
& Forbes Co., corn. (guar.). _ "234 Oct. 15 'Holders of
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 19a
rec. Sept.30
Preferred (guar.)
Continental Can, Inc., common (guar.) _
Oct. 15 'Holders of rec. Sept.30
Oct.
Holders
1
154
rec.
of
Sept.
20a
Mackay Companies, common (quay.)_ _
Preferred (guar.).
Oct. 1 Holders of rec. Sept. 6a
134 Oct. 1 Holders of rec. Sept.20a
____
Preferred (quar.)
Cosden & Co., common (guar.)
1
Oct. 1 Holders of rec. Sept. 6a
*1234c Nov. 1 *Holders of rec. Sept. 30
Magor Car Corporation, common (guar.). $1
Corn. (payable in.com.stock)
Sept.30 Holders to rec. Sept. 25a
1.1234c Nov. 1 *Holders of rec. Sept.30
Common (extra)
Creamery Package Mfg., corn. (quar.)_ __$2
Sept.30 Holders of rec. Sept.25a
134 Oct. 10 Oct. 1 to Oct. 10
Preferred
(guar.)
Preferred (guar.)
134 Sept.30 Holders of rec. Sept.25a
1% Oct. 10 Oct. 1
to Oct. 10
Manati Sugar, pref. (guar.)
Crucible Steel, common (guar.)
Oct. 1 Holders of rec. Sept. 15
3
Oct. 31 Holders of rec. Oct. 15a
Manhattan Elec. Supply, corn. (quay.)..
Crucible Steel, preferred (guar.)
1
Oct. 1 Holders of rec. Sept. 20a
Sept.30 Holders of rec. Sept. 16a
First
and second preferred (quay.) _ _ _
Cuba Cane Sugar, pref. (guar.)
134 Oct. 1 Holders of rec. Sept. 20a
154 Oct. 1 Holders of rec. Sept. 15a
Manhattan Shirt, preferred (quay.)
Cuban American Sugar,common (guar.) 234 Sept.30 Holders of rec.
I% Oct. 1 Holders of rec. Sept.20a
Sept. 15a
Preferred (quay.)
Sept.30 Holders of rec. Sept.30a
Sept. 30 Holders of rec. Sept. lt,a Manning, Maxwell & Moore, Inc. (quar.)
Maple Leaf Milling, common (guar
Cudahy Packing, common (guar.)
_
3
Oct. 18 Holders of rec. Oct.
6 Sept.26 to Oct. 5
Preferred (guar.)
Dayton Power & Light, pref. (guar.)
134 Oct. 18 Holders of rec. Oct. 3
134 Oct. 1 Holders of rec. Sept. 20a
3
Massachus
etts
Dodge Mfg.,common (guar.)
Lighting
pref.
Cos.,
(guar.)
*134 Oct. 15 *Holders of rec. Sept.25
134 Oct. 1 Holders of rec. Sept.
•
27a Mathieson Alkali Works, pref.(guar.)_ _ _
Common (extra)
1
154 Oct. 1 Holders of rec. Sept. 20a
Oct. 1 Holders of rec. Sept.
Preferred (quay.)
' 154 Oct. 1 Holders of rec. Sept. 27a May Department Stores, pref. (quar.L. _
Oct. 1 Holders of rec. Sept. 1.5a
134
Dominion Canners, Ltd., pref. (guar.)_ _ _
154 Oct. 1 Holders of rec. Sept. 22a McCrory Stores Corp., pref. (quay.). _ _ _
134 Oct. 1
20
Merchants' Despatch Transportation (0.) 234 Sept.30 'folders of rec. Sept. 20a
Dominion Glass, common (guar.)
1
Oct. 1 Holders of rec. Sept.
Holders of rec. Sept. 24a
Merck & Co., preferred (guar.)
Preferred (guar.)
2
134 Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept.
15
Morgentha
Dominion Iron & Steel, pref.(guar.)_ _ _ _
ler
Linotype (Guar.)
234 Sept. 30 Holders of rec. Sept. 17
I% Oct. 1 Holders of rec. Sept. 13
3a
Dominion Steel Corp., Ltd., corn. (qu.) 134 Oct.
Mexican Petroleum, common (quar.)__ _
234 Oct. 10 Holders of rec. Sept. 15a
1 Holders of rec. Sept. 5
Preferred (quar.)
Dominion Textile, Ltd., common (quar.)
2
2
Oct. 1 Holders of rec. Sept. 15a
Oct. 1 Holders of rec. Sept. 15
Michigan
Drop
Forge, common (monthly) _
Draper Corporation (quar.)______
15e. Oct. 1 Holders of rec.
_
3
Oct. 1 Holders of rec. Sept.
Sept. 16
Duluth Edison Elec. Co., pref. (quar.)___ _
134 Oct. 1 Holders of rec. Sept. 15a
134 Oct. 1 Holders of rec. Sept. 6a Michigan Light, preferred (quay.)
20
duPont(E.I.)deNetn.& Co.,deb.st. (qu.)
Michigan Limestone & Chem., pref. (qu.)_
134 Oct. 15 Holders of roe. Sept.30a
134 Oct. 25 Holders of rec. Oct. 10
Michigan
Stamping (monthly)
duPont(El.) deNem. Powd., corn.(qu.) 134 Nov. 1
1234c. Oct. 1 Holders of rec. Sept.
Holders of rec. Oct. 20a Michigan State Telephone
16
Preferred (guar.)
(guar.)
'134 Sept.30 *Holders of rec. Sept.
134 Nov.
22
Middle States Oil CorporationEastern Steel, corn. (In 4th L. L. bonds) 1234 Oct. 1 Holders of rec. Oct. 20a
15
Holders
of
rec.
Oct.
la
Eastman Kodak. common (guar.)
Monthly (No. 24)
be. Oct. 1 Holders of rec. Sept.
234 Oct. 1 fielders of rec.
20a
Aug. 30a Midland Securities (quar.)
Preferred (guar.)
23.4 Sept.30 Holders of rec. Sept. 5a
134 Oct. 1 Holders oi rec. Aug.
Edmunds Sr Jones Corp., common (qu.)_
Mill Factors Corp., Class A (guar.)
2
Oct. 1 Holders of rec. Sept. 20
50c Oct. 1 Sept.21 to Sept. 30a
Mohawk Mining (guar.)
Preferred (guar.)
$1
Nov. 1 Holders of rec. Oct. 11
134 Oct. 1 Sept.21 to Sept. 30
Eisenlohr (Otto) & Bros., pro .(quar.).. _
Montana Power, common (quar.)
134 Oct. 1 Holders of rec. Sept. 30
% Oct. 1 Holders of rec. Sept. 13a
20a
Preferred (quar.)
Elec. Storage Bat., com. & Pref. (qu.)._
134 Oct. 1 Holders of rec. Sept. 13a
2
Oct. 1 Holsters of rec. Sept. 15a
Electrical Securities, common (quar.)
Montgome
2
Oct. 1 Holders of rec. Sept.27a Mortgage- ry Ward & Co., prer. (guar.) 134 Oct. 1 'folders of rec. Sept. 20a
Preferred
Bond
Co.
(guar.)
13.4 Sept.30 Holders of rec. Sept.22
134 Nov. 1 Holders of rec. Oct. 22a Narragans
Elyria Iron & Steel, pref. (guar.)
ett Electric Ligoting (quar.)_ _ 51
1%
Oct. 1 'folders of rec. Sept. 13a
Endicott-Johnson Corp., corn. (quar.)_ _ 87%c Oct. 1 Holders of rec. Sept.22a Nashua Manufacturing, preferred (guar.) _
134 Oct. 1
Oct. 1 Holders of rec. Sept.25a
Preferred (guar.)
National Aniline & Chemical, pref. (qu.) 134 Oct 1 'folders of rec. Sept.20
Oct. 1 Holders of rec. Sept. 25a
134
Holders of rec. Sept. 15a
National Biscuit, common (guar.)
Fairbanks Company, pref. (quar.)
134 Oct. 15 Holders of rec. Sept. 30a
2
Oct. 1 Holders of rec. Sept. 20a
Famous l'layers-Lasky Corp. (quar.)_ _
Nat. Breweries, Ltd., corn. (guar.)_ _
134 Oct. 1 Holders of rec. Sept. 15a
52
Oct.
1
fielders
of
rec.
Sept.
22a National Cloak & Suit, common (quar.)
Farr Alpaca (guar.)
'2
134 Oct. 15 Holders of rec. Oct. 8a
Farrell (William) & Sons, Inc., pref.(qu.) $2.33 Sept.30 *Holders of rec. Sept.20
Nat. Enameling & Stpg., pref. (guar.). _
134 Sept.30 Holders of rec. Sept. 10a
Oct. 1 Holders of
Finance & Trading Corp., pref.(quar.)__ _
134 Oct. 1 Holders of roe. Sept.20a National Fuel Gas (guar.)
Oct. 15 Holders of rec. Sept. 30a
234
rec. Sept. 26a
National Grocer, common (quar.)
Firestone Tire & Rubber,corn. (guar.)._
2
Sept.30 Sept. 20 to
134 Sept.20 Holders of rec. Sept.
Sept.30
Firestone Tire & Rubber, pref. (quar.)_ _
10a National lee dc Coal, first pref. (quar.)._
134 Oct. 1 Holders of tee. Sept.
134 Oct. 15 Holders of
20a
rec.
Oct.
National
Fisher Body Corp., pref. (guar.)
1
Lead, common (quay.).
"154 Nov. 1 'Holders
154 Sept. 30 Holders of rec. Sept. 12a
of rec. Oct. 22
Foundation Co., common
National Licorice, preferred (quar.)_ _
85
134 Sept. 30 Holders of rec. Sept.23
Oct. 15 Aug. 9 to Aug. 14
Galena-Signal Oil, old dr new pref. (qu.) 2
National
011
N.Y
of
pref. (guar.)- - - - 20c. Oct. 15 'folders of rec.
Oct. in
General Amer. Tank Car. common (guar.)_ $1.50 Sept.30 Holders of rec. Aug. 30a Nat. Paper & Type, cons. & pref.(quay)
2
Oct. 15 Holders of rec. Sept. 30a
Oct. 1 Sept.21 to Oct.
First and second pref. (guar.)
1
National Refining, preferred (quar.)___ _
2
154 Oct. 1 Sept.21
Oct. 1 Holders of rec. Sept. 15a
to
Oct.
General Baking, prem. (quar.)
1
Nat
tonal
Sugar
Refining
(quar.)
134 Oct. 1 Holders of
154 Oct. 2 Holders of roe. Sept.
rec. Sept. 13
8
General Cigar, pref.(goat.)
National Surety (quar.)
3
Oct. I
134 Oct. 1 Holders of rec. Sept.24
General Chemical, preferred (guar.)_ _ _ _
Nevada Consolidated Copper (guar )__ _ 3754c Sept.30 Holders of rec. Sept. 19a
134 Oct. 1 Holders of
Holders of rec. Sept. 160
rec.
General Electric (guar.)
Sept.
17a
New
England
Telep. & Teleg. (guar.)..
154
2
Sept.
30
Oct.
15
'folders
Holders
of
rec.
Sept.
of reo. Sept. 15a New York Air Brake (quay.)
General Railway Signal, corn. & pf.
234 Sept.26 Holders of rec. Sept. 17
134 Oct. 1 Holders of rec.
3a
Geneva Cutlery, common
N. F. Title & Mortgage (guar.)
xv, Oct. 1 Holders of rec. Sept. 20
234 Oct. 1 Sept.25 to Sept. 20
Oct. 1
Preferred (guar.)
New York Transit (guar.)
4
2
Oct.
Oct.
15
1
Holders
Sept.
of
rec.
Sept. 20
25 to Oct. 1
Preferred (extra)
Niagara Falls Power, preferred (quar.)_ _
% Oct. 1 Sept.25
Oct.
134
15 Holders of rec. Sept. 30
Nibs-Belmont-Pond, common (quar.)_
Globe Oil (guar.).___
2
4%c Oct. 1 Sept. 16 to Oct. 1
Sept.20 Holders of rec. Sept. 2a
to
Goodrich (B. F.) Co., common (quar.)__
Nipisslng Mines Co., Ltd.(quar.)
30
1
25c. Oct. 20 Oct. 1 to Oct.
Nov. 15 Holders of rec. Sept.
Nov. 5a
16
Preferred (guar.)
North
American
Co.
(ouar.)
154 Oct. 1 Holders of rec. Sept. 19a
134 Oct. 1 Holders of rec. Sept. 15a
Goodyear Tire & Rubber, 1st pref. (guar.) _
Ogilvie Flour Mills C'o., Ltd. (guar.)
3
134 Oct.
Oct. 1 Holders of rec. Sept. 24
Goulds Manufacturing, common (guar.) 134 Oct. 1 Holders of rec. Sept. 15a
Bonus
15
Oct.
1
1
Holders of rec. Sept.24
Holders of
Preferred (guar.)
134 Oct. 15 Holders of rec. Sept.
134 Oct. 1 Holders of rec. Sept.20a Ohio Brass, preferred (guar.)
30a
rec.
Grasselli Chemical, corn. (guar.)
20a Ohio Cities Gas, pref. (quay.)
134 Sept.30 Sept. 16 to Sept.
134 Oct. 1 Holders of rec. Sept. 15a
Sept.30
Ohio Oil (quay.)
Common (extra)
% Sept. 30 Sept. 16
51.25
Sept.
30 Aug. 31 to Sept.24
to Sept. 30
Preferred (guar.)
Extra
$2.75 Sept.30 Aug. 31 to Sept.24
134 Sept.30 Sept. 16 to
Sept. 30
Ohio State Telephone, preferred (guar.)_ _ _
Gray dr Davis, Inc., preferred (guar.) _ _
134 Oct. 1 fielders of rec. Sept. 20a
154 Oct. 1 Sept.21 to
Sept.
Oklahoma Prod. & Refg. (guar.)
Great Lakes 7'owing, corn.(quar.)
12 Mc. Oct. 2 Iloldtrs of rec. Sept.
134 Sept.30 Sept. 16 to Sept. 30
19
Osceola
30
Preferred (guar.)
Consolida
ted Mining (guar.). _ _ $1
4.11x%
Sept.30 Holders of rec. Aug. 30
1 1 Sept. 16 to Oct. 1
Otis Elevator, common (quar.)
Great Western Sugar, common (guar.)
Oct.
134 Oct. 15 Holders of rec. Sept. 30
"Holders of rec. Sept.15
Preferred
Common (guar.)
(war.)
'10
134 Oct. 15 Holders of rec. Sept.
Oct. 1 *Holders of rec. Sept.
30
15
Ottawa Light, Heal & Power (quar.)
Preferred (guar.)
*134 001. 1 'Holders of rec.
I% Oct.
Sept. 15
Owens Bottle Machine,common (quay.) _ '750. Oct. 1 Holders of rec. Sept. 20
Guantanamo Sugar (guar.)
$1.25 Sept.30 'folders of
1 'Holders of rec. Sept. 21
rec.
Sept.
17a
Preferred
Harbison-Walker 'ferrite., pref. (guar.)_
(quay.)
134 Oct. 20
"13.4 Oct. 1 'Holders of rec. Sept. 21
Hart,Schaffner & Marx, Inc., pref. ((ltr.) 134 Sept.30 Holders of rec. Oct. 10a Paige-Detroit Motor Car (mthly)
30c. Sept. 15 Holders of rec.
Holders of rec. Sept. 20a Pan -Ain. Petrel. Transp.,
Hartford City Gas Light, corn. (guar.)
&
corn.(qu.) _ 51.50 Oct. 10 Holders of rec. Sept. 1
50e. Sept.30 Sept. 17
Sept. 15a
to
Sept.
30
Preferred
Preferred (guar.)
(quar.)_
50c. Sept. 30 Sept. 17 to
Oct. 1 Holders of rec. Sept. 15a
134
Sept. 30
Parish & Bingham Corp. (No. 1)
Haskell & Barker Car (quar.)
$1
*75c. Oct. 20 'Holders of rec. Sept. 30
Oct. 1 Holders of rec. Sept.
15a Parke, Davis & Co. (guar.)
Helme (Geo. W.) Co.,common (guar.) _ _
$1
Oct. 1 Holders of rec. Sept. 20
234 Oct. 1 Holders of rec. Sept. 12a Penmans,
Ltd., corn. (guar.)
Preferred (guar.)
154 Oct. 1 Holders of rec.
134 Nov. 15 Holders of rec. Nov. 5
Preferred (guar.)
Herulee Manufacturing, preferred (quar.)_
154 OCt. 1 Holders of rec. Sept. 12a
134 Nov. 1 Holders of rec. Oct. 21
Sept.
Pennsylva
20
Rubber,
nia
Hercules Powder, common (guar.)
common (guar.)_
% Sept.30 Holders of rec. Sept.
2
Sept.25 Sept. 16 to Sept.
15
24
Preferred (guar.)
Common (extra)
2
154 Sept.30 Holders of rec. Sept.15
Sept.25 Sept. 16 to Sept.
Pennsylvania Water & Power (quar.)_ _ _
24
Homestake Mining (monthly)
h34 Oct. 1 Holders of rec. Sept. 19a
50e. Sept.25 Holders of roe. Sept.
20a
Pettibone, Mulliken Co., first pref.(qu.) 134 Oct.
Howe Scale,common (guar.)
1
1 Holders of rec. Sept. 20a
Oct. 1 'folders of roe. Sept.
Second preferred (quar.)
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 20a
134 Oct. 1 Holders of rec. Sept.20a
20a Phelps, Dodge Corporation (guar.)
234 Oct. 2 Holders of rec. Sept. 22a
5134
154
13.4
13.4
154
134
134
134
134
134
134
134
134
154
13-4
134
134 Oc.,. 1
.) 154
154
134
*13.4
13.4
134
134
134
134 Oct.
.)_
13.4
THE CHRONICLE
1156.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
[VOL. 109.
approval of Director-General
* From unofficial sources. t Declared subject to the
has ruled that stock will not be
of Railroads. I The New York Stock Exchange
notice.
quoted ex-dividend on this date and not until further
British income tax. d Cora Transfer_books not closed for this dividend. b Less
g Payable in scrip
stock.
common
in
!Payable
stock.
rection. e Payable in
in Liberty Loan bonds. I Red
h On account of accumulated dividends. C Payable
bonds.
Cross dividend. m Payable in U. S. Liberty Loan 434%
n with tax cases.
n Less 4 cents per share for counsel fees in connectio
z One-twentieth of a share of common stock.
received in order in London
y Payable to holders of Coupon No. 74; all transfers
payment of dividend to transon or before Sept. 10 will be in time to be passed for
Miscellaneous (Concluded). •
Oct. 1 Holders of rec. Sept. 15a
2
Pierce-Arrow Motor Car, prof. (guar.)_ _
25c. Oct. 1 Holders of rec. Sept.26
Pond Creek Coal, corn. (guar.)
Oct. 31 *Holders of reo. Oct. 30
Prairie Oil & Gas (guar.)
.3
Oct. 31 *Holders of rec. Oct. 30
Extra
.3
Oct. 31 *Holders of rec. Sept. 30
Prairie Pipe Line (quar.)
Oct. 1 Sept. 16 to Sept. 30
2
Price Bros. (guar.)
Oct. 15 Sept.28 to Oct. 8
2
(guar.)._
pref.
8%
Co.
Gamble
&
Procter
Oct. 1 Holders of rec. Sept. 20a
500.
Providence Gas (guar.)
Oct. 1 Holders of rec Sept. 15
Provincial Paper MilLs,Ltd.,com.(quar.) 1
Oct. 1 Holders of rec. Sept. 15
ferees.
(guar.)
Preferred
to be quoted ex-div. Sept. 19.
15 Holders of rec. Oct. 1
Oct.
$1.25
z N.Y.Stock Exchange rules Del.& Hudson stock
Punta Alegre Sugar (guar.)
Oct. 15 Holders of rec. Oct. la
3
Quaker Oats, common (guar.)
la
of reo. Nov.
Holders
29
Nov.
14.6
Preferred (guar.)
Sept.29 Holders of rec. Sept. 6a
$1
Quincy Mining (guar.)
Banks
Sept.30 Holders of reo. Sept. 16a
2
Statement of New York City Clearing House
Railway Steel-Spring, common (guar.)
Sept.20 Holders of rec. Sept. 6a
1%
ent
statem
d
detaile
ng
followi
Preferred (quar.)
--The
ies.
16
Sept.
Compan
rec.
of
Trust
Holders
30
and
50c. Sept.
Ray Consolidated Copper (guar.)
g
House
Clearin
1 Holders of rec. Sept. 15
City
Oct.
York
New
30c.
the
.
of
on
(guar.)..
conditi
Machine
the
Hole
shows
Reece Button
10c. Oct. I Holders of rec. Sept. 15
the
Reece Folding Machine (guar.,
members for the week ending Sept. 13. The figures for
Oct. 1 Holders of rec. Sept. 20
Regal Shoe, pref. (guar.)
In the
results.
daily
the
of rec. Sept. 15
of
1
s
Holders
Oct.
average
the
134
are
.)
banks
pref.(quar
,first
e
separat
Remington,Typewriter
Oct. 1 Holders of rec. Sept. 15
Second preferred (guar.)
figures at end of the week are also given:
25c. Oct. 1 Holders of rec. Sept. 15a case of totals, actual
Reo Motor Car (guar.)
Oct. 16a
reo.
of
Holders
1
Nov.
134
RETURNS.
Republic Iron & Steel, com.(quar.)_
NEW YORK WEEKLY CLEARING HOUSE
1% Oct. 1 Holders of rec. Sept. 15a
Preferred (guar.)
of rec. Sept. 15
three ciphers 1,0001 omitted.)
is,
Holders
20
-that
Sept.
of
dollars
1
thousands
in
(monthly)
(Stated
Republic Oil de Refining
Oct. 1 Holders of reo. Sept. 20
Reynolds(R.J.) Tobacco,com.(quar.)_ 3
Oct. 1 Holders of rec. Sept. 20
3
Nat'l
Common Class B (quar.).
Reserve
Loans,
Net
Oct. 1 Holders of yea. Sept. 20
CLEARING
Preferred (quar.)
Time Bank
Net
with
30 Holders of rec. Sept.24
Sept.
Capital. Profits. Discount, Cash
HOUSE
CircaDeRlordon Pulp & Paper, Ltd., pref.(qu.)
Demand
15a
Legal
Sept.
in
InvestSept.30 Holders of rec.
MEMBERS
Royal Baking Powder,common (guar.)_ 2
Deposi- Deposits. posits, lotion.
144 Sept.30 Holders of rec. Sept. 153
(,000 omitted.) Nat'l, June 30 ments, Voult. tories.
Preferred (guar.)
15a
Sept.
reo.
of
30
1
Holders
&c.
June
134 Oct.
Week ending State,
Safety Car Heat.& Lighting (guar.) _ _ _
25o. Sept.20 Sept. 10 to Sept.21
Sept. 13 1919. Tr.Cos, June 30
St. Joseph Lead (auar.)
Oct. 10 Holders of rec. Sept. 30a
St. Louis Rky. Mt. & Par. Co., corn. (qu.) 1
Seot.20
reo.
of
Average. Average Average Average. Average Awe.
30 Holders
Members of
St. L. Rocky Mt. dr Pac. Co., pref.(qu.) 13( Sept.
$ IS
Nov. 1 Holders of rec. Oct. 25a
Santa Cecilia Sugar Corp., corn.(No. 1) 13( Nov. 1 Holders of reo. Oct. 25a Fed. Res. Bank
33,708 3,2191 786
524 5,344
53,124
5,867
2,0001
134
Bk of N Y,NBA
Preferred (guar.) (No. 5)
47
89,391
15
13,065
Sept.
rec.
of
1,782
Holders
88,910
150. Sept.25
Manhattan Co_ 2,5001 7,640 34,373
Savoy 011 (guar.)
24,056 1,900 1,761
650 3,410
Sc. Sept.30 Holders of rec. Sept. 30
Merchants' Nat f3,0001 13,041
Seamans Oil (guar.)
2,000
153,418
15a
3,5611
Sept.
22,591
rec.
of
9,590
160,405
1
Holders
12,392
Oct.
6,0001
Mech & Metals_
Sears, Roebuck & Co., prof. (guar.)--25,247
29,895 1,021 4,047
Oct. 15 *Holders of rec. Sept.30
America 1,5001 6,937
Shaffer Oil & Refin., pref. (qu.) (No. 1)
rec. Sept.300 Bank of City_ _ 25,0001 54,313 551,910 14,667 79,662 *615,750 29,112 1,426
of
Holders
20
Oct.
27c.
(guar.)
Shattuck Arizona Copper
58,049 6,650 439
rec. Sept. 260 National Nat_ _ 3,000 9,850 89,432 1,550 7,893
136 Oct. 10 Holders of
Chemical
147
Shawnigan Water & Power (guar.)
528
16,024
398 2,192
20,119
971
Sept.30 Holders of reo. Sept. 15
Atlantic Nat_ _ _ 1,000
294
Sherwin-Williams Co. of Can.. Prei.(q1.1.) 1% Oct. 1 Sept.21 to Sept.30
3,376
397
120
4,937
125
300
2
Nat Butch & Dr
Shredded Wheat, corn. (par.)
4,894
5,533
95,270
30
13,107
Sept.
to
21
1,720
1
Sept.
129,317
6,317
1)4 Oct.
Amer Exch Nat 5,000
Preferred (guar.)
276,761 4,695
393,126 3,219 36,394
1% Oct. 1 Sept.20 to Sept.30
Nat Bk of Comm 25,000 26,840
Simpson Creek Coal, pref. (guar.)
50
10,404
22,124 1,523 3,027
500 1,164
1% Oct. 1 Holders of reo. Sept. 13a Pacific Bank_ _
Sloss-Sheflield Steel & Iron, pref.(guar.) 5
93,729 10,050 2,931
30
11,629
Sept.
to
Sept.30 Sept.13
Phenix 127,000 h6,500 129,964 6,865
150
South Penn 011 (guar.)
125,360
Sept. 15a Chath & Nat.. 3,000 18,118 137,201 4,630 12,258
rec.
of
1
Holders
Oct.
(guar.)
Hanover
986
South Porto Rico Sugar,common
355
39,330
46,447 1,000 6,678
Oct. 1 Holders of rec. Sept. 15a Citizens' Nat__ 2,550 3,275
2
Preferred (guar.)
4
32,004
15
45,792 2,317 4,415
Oct. 1 Holders of rec. Sept.
Metropolitan__ _ 2,000 2,531
South West Penn. Pipe Lines (quar.)- 3
137,554 4,353
8,319 135,239 6,032 17,289
1% Oct. 1 Holders of rec. Sept. 15
Si
Corn Exchange_ 4,200
Southwestern Cities Electric, pref. (cuar.)_
693
23,826
662 3,123
45,423
20c. Sept.25 Holders of reo. Sept. 15a Imp & Traders_ 1,500 8,164
Spencer Petroleum Corp. (monthly)- -160,243 3,046 4,865
21,100
16 to Oct. 1
I
1,948
Sept.
209,832
19,999
Ott.
5,000
3
_
Park.
y)
(guar.)
National
SO
410
Standard 011 (Kentuck
9,241
1,237
432
8,794
1 Aug. 30: to Sept. 17
606
Oct.
1,000
3
East River Nat_
641
Standard 011 (Ohio)
17,369
051 2,509
22,178
Oct. 1 Aug. 301 to Sept. 17
1,000 4,139
1
Nat_
Extra
150,750 3,967 8,176
20,916
rec. Sept.200 Second
of
1,349
1
Holders
321,749
33,348
Oct.
10,000
134
_
First National_
Standard Parts, preferred (guar.)
125,950 1,032 1,430
Oct. 1 Holders of rec. Sept. 130 Irving National 16,000 17,563 125,625 3,429 18,443
6
Standard Screw,common (guar.)
197
565
13,208
690 1,768
13,680
414
Oct. 1 Holders of reo. Sept. 15
NY County Nat 1,000
Standard Textile Products, corn. (guar.) 2
6,661
1,038
15
Sept.
173
reo.
of
7,839
719
1
Holders
1,000
Oct.
13(
al Bk
Continent
Preferred, Classes A and B
1,100
20,955
295,303
4
38,557
Oct.
reo.
18,478 329,984 7,298
Oct. 20 Holders of
Chase National_ 10,600 g2,227
Steel Products,common (guar.)
18,623
22,052 1,164 2,468
g500
Oct. 1 *Holders of reo. Sept. 20
Fifth Avenue_
Steel (ft Tube Co. of Amer., pf. (gu.)
7,283
*$1
334 1,151
8,530
886
200
Oct. 15 *Holders of rec. Sept.30
Exch.
Comm'l
Stewart Manufacturing,corn.(quar.)
8,850
15
Sept.
437 1,407
748
*Holders of rec.
8,574
1
400
Nov.
12
4
ealth
(guar.)
Commonw
Preferred
15 210
19,079
2,582
rec. Sept. 17a
of
1,080
1
Holders
19,455
2,118
Oct.
1,000
$1
LincolnNational
Stromberg Carburetor (guar.)
395
39
12,034
17a
1,656
Sept.
reo.
of
476
1
Holders
13,265
$1.25 Oct.
1,000 1,377
_
_
Nat
Garfield
Stutz Motor Car (guar.)
248
365
8,444
315 1,120
10,753
398
Oct. 1 Sept.11 to Sept.30
250
2
National_
70
Swift & Co. (guar.)
83
52,80
8,519
1,062
Holders of rec. Sept. 120 Fifth
51,442
3.971
30
Sept.
234
Seaboard Nat.._ 1.000
Texas Co.(guar.)
74,142 13,227 1,976
549 10,106
91,627
134 Sept.29 Holders of rec. Sept. 15a Liberty Nat... 3,000 4,737
Texas Pacific Coal .3r Oil (quar.)
430 416
15,770
907 2,383
Holders of reo. Sept. 15a Coal & Iron Nat 1,500 1,388
25,717
29
Sept.
11
396
Special
452
17,721
584 2,317
17,020
Oct. 1 Holders of reo. Sept. 200 Union Exch Nat 1,000 1.288
4
Thompson-Starrett Co., preferred
27,533 5,997
865 3,968
2,473 45,690
Sept.30 Holders of rec. Sept. 16a Brooklyn Trust 1,5
2
Tide Water 011 (guar.)
260,621 12,355
35,587
1,070
of rec. Sept. 160
313,895
Holders
17,766
30
Sept.
15,000
2
Bankers Trust_
Extra
49,663 6,137
616 6,533
1% Oct. 1 Holders of rec. Sept. 19a U 5 Mtge & Tr_ 2,000 4,500 66,425
Tobacco Products Corp., pref. (quar.)_
30,019
$1.75 Sept.20 Holders of rec. Sept. Ca Guaranty Trust 25,000 29,479 537,636 3,812 67,696 *611,516
467
Todd Shipyards Corp. (guar.)
10,886
21
1,368
Sept.
to
348
16
Sept.
14,590
1
Oct.
1,300
50
1,000
_
Fidelity Trust..
Tonopah-Belmant Development (guar.)__
6,650
74,272
100
10,427
Sept.
rec.
of
1,125
Holders
81,493
1
Oct.
5
5,000 7,037
Trust
Columbia
Tonopah Extension (guar.)
1,916
28,749
100
31,073 1,072 2,857
Oct. 1 Holders of rec. Sept.
1,200 1,60
Peoples Trust.
Extra
58,508 2,138
506 7,785
88,985
75e. Oct. I Holders of rec. Sept.20
New York Trust 3,000 11,009
Torrington Co., common (guar.)
18,800 1,889
600 2,598
27,461
25c. Oct. 1 Holders of rec. Sept.20
1,000 1,389
Trust_
Franklin
Common (extra)
20,357 1,357
080 2,926
of rec. Sept. 5a
1
Holders
22,600
Oct.
729
2
1,000
(guar.)
corn.
r,
Trust_
Underwood Typewrite
32,323 1,299
593 4,242
of reo. Sept. 50 Lincoln tan Tr 2,000 4,440
1
Holders
44,688
Oct.
134
Metropoli
Preferred (guar.)
so
756
11,681
439 1,177
16,747
$1.25 Oct. 1 Holders of rec. Sept. 12a Nassau N, Bkin 1,000 1,242
Union Carbide & Carbon (guar.)
63,987 1,885
61,514 2,280 8,528
134 Sept.25 Holders of reo. Aug. 29
Irving Trust... 13,000 11,428 124,748 4,267 14,962 *149,456 9,699
Union Tank Car (guar.)
15a
Sept.
rec.
of
1
Holders
Oct.
1%
Farmers L & Tr 5,000 12,246
433
United Drug, common (guar.)
16,652
712 2,095
18,838
732
87340. Nov. 1 Holders of rec. Oct. 15a Columbia Bank 1,000
First preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 130
198,23836,083
1
United Dyewood Corp., corn.(guar.) _
04,027,13
130
567,535
Sept.
rec.
of
99,142
207,600 384,161 4,917,142
134 Oct. 1 Holders
Average
Preferred (guar..)
20a
234 Oct. 15 Holders of rec. Sept.30a
United Fruit (guar.)
c4,131,839 199,113 35,928
Oct. 16 Holders of rec Sept.
$1
condition Sept.13 4,914,063 97,205588,055 3,962,300198,351 35.882
actual
Totals,
United Gas Improvement (guar.)
la
Oct.
98,431 552,339
1).5 Oct. 15 Holders of rec.
Totals, actual co ndition Sept. 64,922,223 93,038 547,238 3,912,243 197,997 36,197
United Paper Board, preferred (guar.)_ _
16
Sept.
rec.
of
Holders
4
30
4,819,132
Oct.
Aug.
$1
condition
Totals, actual
United Shoe Machinery,common (guar.)
97,446 098,905 3,882,144 181,854 36,154
3734c Oct. 4 Holders of rec. Sept. 16
==
Totals, actual co ndition Aug.234,805,034
Preferred (guar.)
*50c. Nov. 1 *Holders of rec. Oct. 3
United Verde Extension Mining (quar.)
100
Sept.
Ba nk
rec.
of
serve
Re
Holders
30
Federal
Sept.
of
mbers
Me
134
Banks. Not
State
U.S. Bobbin & Shuttle, common (quar.) 5
17,451
983
10a
Sept.
reo.
2,296
of
17,118
Sept.30 Holders
600 1,092
Greenwich
Common (extra)
6,142
309
657
5,285
829
250
134 Sept.30 Holders of rec. Sept. 10a
Bowery
Preferred (guar.)
58
26,909
25,538 2,609 2,296
1,000 1,346
3.4 Oct. 18 Holders of rec. Oct. 2a
Exch.
Prod
Y
N
U. S. Food Products (guar.)
33,056 19,031
2a
Oct.
06,979 3,609 2,666
18 Holders of rec.
Oct.
1.031
2,000
134
State
Extra
to Sept.30
10
Sept.
30
Sept.
134
U. S. Gypsum, preferred (quar.)
30a
82,558 19,800
3,750 4,799 104,920 9,071 6,254
134 Oct. 15 Holders of rec. Sept.
Average
U.S. Industrial Alcohol, pref.(guar.).
1% Sept.29 Aug. 30 to Sept. 2
II. S. Steel Corp., common (guar.)
83,437 19,367
160
Sept.
6,466
yea.
9,083
of
104,579
Holders
30
Sept.13
$1.60 Sept.
Totals, actual co ndition
Utah Copper (guar.)
82,324 18,609
6,455
Sept.27 Holders of rec. Sept. 17
Totals, actual condition Sept. 6 105,769 8,657
Utilities Securities, preferred (guar.)_ _ _ _
82,016 17,961
Oct. 5
6,918
to
1
9,058
Oct.
103,772
15
Oct.
30
$5
Aug.
ndltion
co
Totals, actual
Victor Talking Machine, corn. (guar.)._
82,120 17,213
5
Oct.
6,113
to
1
9,036
Oct.
15
103,359
Oct.
15
Totals, actual condition Aug.23
Common (special)
Oct. 1 to Oct. 5
15
Oct.
134
Preferred (guar.)
nk
16a
Ba
Sept.
rec.
Reserve
of
Federal
Holders
of
1
Oct.
Members
2
N
ot
les.
Trust Compan
Virginia-Carolina Chemical,com.(extra)
808
26,455
981 3,016
43,116
134 Oct. 20 Holders of rec. Oct. 100 Title Guar & Tr 5,000 12,464
Vulcan Detinning, preferred (guar.)
570
15,092
797 1,489
23,980
Oct. 20 Holders of rec. Oct. 10a Lawyers T dr Tr 4,000 6,417
Preferred (account accumulated divs.)_ _ hl
rec. Sept.13
of
Holders
2
Oct.
2
Wabasso Cotton (guar.)
1,378
41,547
4,604
20
Sept.
rec.
1,778
of
67,096
*25c. Oct. 1 *Holders
9,000 17,831
Average
Waldorf System, Inc., com. (quar.)
*20c. Oct. 1 *Holders of reo. Sept. 20
1st preferred & pref.(guar.)
41,724 1,399
67,036 1,654 4,813
14,5 Oct. 1 Holders of rec. Sept. 200 Totals,actual condition Sept.13
Warren Bros. Co., 1st pref. (guar.)
42,693 1,384
200
Sept.
5,058
rec.
of
134 Oct. 1 Holders
condition Sept. 6 67,878 1,774
2d preferred (guar.)
42,901 1,326
1,634 4,018
of'rec. Sept.25a Totals,actual co nditlon Aug.
Holders
67,366
30
Sept.
_
Corp.com.
30
Totals, actual
West India Sugar Finance
25
44,345 1,474
4,913
Sept.
rec.
1,788
of
Holders
63,532
1
Oct.
Totals, actual condition Aug.23
West Kootenay Pow. ce Gas., Ltd., pf.(gu.) 134 Sept.23 *Holders of rec. Sept. 15
West Va. Coal & Coke, cons. (in L.L. bds.) *13
(14,151,236 218,705 36,083
Sept.230
568,293
rec.
109,991
of
5,089,158
Holders
30
Sept.
$2.50
106,833
Gr'd aggr, avge 220,350
Western Electric Co.. com.(guar.)
+38,681 +2,505 +7,739 +83,289 +881 +227
134 Sept.30 Holders of reo. Sept.23a Comparison, prey, week
Preferred (guar.)
1% Oct. 15 Holders of rec. Sept.20a
Western Union Telegraph (guar.)
Sept. 30
rec.
of
107,942 599,334 04,257,000 219,870 35,928
Holders
31
5,035,678
Oct.
$1.75
Sept.13
Gr'd aggr, act'l cond'n
Westinghouse Air Brake (guar.)
-10,192 -920 +35,482 +169,783 +1,535 +46
$1.25 Oct. 1 Sept. 17 . to Oct. 1
prev. week
Westmoreland Coal (guar.)
of reo. Sept. 15a Comparison,
Holders
1
Oct.
236
(guar.)
Weyman-Bruton Co., com.
3,852 4,087,217 218,344 35,882
1% Oct. 1 Holders of reo. Sept. 15a
aggr, act'l cond'n Sept. 6 5,095,870108,86256
217,264 36,197
Preferred (guar.)
Sept.30 Holders of rec. Sept. 15a Gr'd aggr, act'l cond'n Aug. 30 4,900,270 103,730 55,074 4,037,160200,541
$1
36,154
White Motor (guar.)
9,931 4,008,609
rec. Sept. 10a
of
108,27051
1
Holders
4,976,925
Oct.
134
23
Aug.
Gr'd aggr, act'l cond'n
206,008 35,863
Willys-Overland Co., pref. (quay.)
4,059,292
21
Oct.
581,106
rec.
of
104,742
Holders
1
Aug. 16 5,011,836
136 Nov.
cond'n
act'l
aggr,
Gr'd
Wilson & Co., Inc., com. (guar.)
1% Oct. 1 Holders of rec. Sept. 24
Preferred (guar.)
50c. Oct. 1 Holders of reo. Sept. 13
included in total footings, as follows
Wolverine Mining Co., (guar.)
* Includes deposits in foreign branches not
1% Oct. 1 Holders of rec. Sept.25
$46,493,000; Farmers' Loan
Woods Manufacturing, preferred (guar.)_ _
100 National City Bank,$99,640,000; Guaranty Trust Co.,in foreign countries as reserve
of
rea.Sept.
Holders
1
Oct.
1%
(guar.)._
in banks
Woolworth (F. W.) Co.. pref.
& Trust Co.,$37,473,000. Balances carried
$23,860,000; Guaranty Trust Co.,
.A (qu.) 154 Oct. 1 Holders of rec. Sept. 20a
Bank,
City
Worthington Pump & Mach., pf.
National
200
were:
Sept.
for such deposits
1)4 Oct. 1 Holders of rec.
Co., $6.837,000. c Deposits in foreign
Preferred B (guar.)
$17,624,000; Farmers' Loan & Trust deducted, $214,463,000. e U. S. deposits
234 Oct. 1 Holders of rec. Sept. 19
deposits
Yale & Towne Mfg.(guar.)
244 Oct. 1 Holders of rec. Sept. 19a branches not included. d U.S.payable, rediscounts, acceptances and other liabiliYoung (J. S.) Co., common (guar.)
Bills
190 deducted, $181,609,000.
134 Oct. 1 Holders of reo. Sept. 7.
g As of July 1 1919. h As of July 16
Preferred (guar.)
ties, $788,244,000. f As of July113 1919.
Sept.30 Sept. 6 to Sept.
$1
Yukon-Alaska Trust (guar.)
1919. jeto of July 24 1919.
BANKS
STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE
AND TRUST COMPANIES.
Reserve
in
Depositaries
Cash
Reserve
in Vault.
a
Reserve
Required.
Total
Reserve.
Members Federal
557,535,000 557,535,000 529,474,170
Reserve Bank
6,254,000 15,325,000 14,860,440
9,071,000
State banks*
4,504,000 6,282,000 6,232,050
1,778,000
Trust companies*_
-Total Sept. 13___ _ 10,849,000 568,293,000 579,142,000 550,566,660
Total Sept. 6_ - _ _ 10,745,000 560,554,000 571,299,000 539,685,420
Total Aug. 30--- - 10,995,000 540,403,000 551,398,000 532,027,700
10,735,000 544,188,000 554,923,000 534,012,280
Total Aug. 23
Surplus
Reserve.
28,060,830
464,560
49,950
28,575,340
31,613,580
19,370,300
20,910,720
Total
Total
Total
Total
Sept. 13
Sept. 6___ _
Aug. 30
Aug. 23_ _ _ _
9,083,000
1,654,000
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
588,055,000 588,055,000 543,112,460 44,942,540
530,340
6,466,000 15,549,000 15,018,660
208,400
4,813,000 6,467,000 6,258,600
10,737,000 599,334,000 610,071,000 564,389,720
10,431,000 563,852,000 574,283,01)0 542,256,800
10,692,000 558,074,000 568,766,000 535,729,530
10,824,000 519,931,000 530,755,000 531,567,690
45,681,280
32,026,300
33,036,470
def.812,690
*Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve banks Includes also amount of reserve required on net time deposits, which was as follows:
Sept. 13, $5,947,140; Sept. 6, $5,942,730; Aug. 30, $5,654,370; Aug. 2:3, $5,570,610.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
Sept. 13, 55,973,590; Sept. 6, $5,950,550; Aug. 30, $5,039,910; Aug. 23, 85,455,620.
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust
companies in Now York City not in the Clearing House, as
follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
Figures Furnished by Stale Banking Department.
Differences from
Previous week.
Sept. 13.
Dec.
$541,400
$813,134,900
Loans and investments
39,500
7,498,600 Inc.
Specie_
440,700
16,783,900 Inc.
Currency and bank notes
Inc.
4,295,000
173,175,200
Deposits with Federal Reserve Bank 04 New York
860,581,200 Inc. 4,616,800
Total deposits
Deposits, eliminating amounts due from reserve do
posltaries, and from other banks and trust corn
panics In N. Y. City, exchanges and U.S. deposits 787,234,000 Inc. 7,055,800
892,900
140,545,400 Dec.
Reserve on deposits
Percentage of reserve, 20.1%.
RESERVE.
- -Trust Companies-Stale Banks
573,025,300 13.56%
$22,344,500 14.02%
Cash in vaults
32,105,400
8.19%
13,070,200
5.96%
Deposits in banks and trust cos
835,414,700
Total
22.21%
$105,130,700
Trust Companies.
State Banks.
Capital as of June 30_
Su:plus as ol June 30_
Loans & investments_
Specie
Currency & bk. notes
Deposits with the F.
It. Bank (:), N. Y
Deposits
Reserve on deposits_ _
P. C. reserve to dep
Sept. 13
1919.
Differences from
previous week.
Differences from
previous week.
Sept. 13
1919.
$
$
$
105,550,000
26,000,000
175,548,400
45,708,300
674,742,500 Inc. 14,121,700 2,123,271,100 Inc. 3,461,200
9,200
10,823,900 Dec.
81,800
7,286,400 Dec.
657,600
21,466,400 Inc.
28,278,400 Inc. 1,691,000
63,033,000 Dee. 5,699,000 234,115,100 Inc. 15,389,200
779,798,100 Inc. 18,714,800 2,216,849,800 Inc. 40,968,400
117,645,800 Dec. 5,806,300 323,148,000 Inc. 18,493,300
0.3%
Inc.
17.6%
1.9%
20.1% Dec.
Non-Member Banks and Trust Companies.-Following is the report made to the Clearing House by clearing
non-member institutions which are not included in the
"Clearing House Return" on the following page:
Actual Figures.
Reserve
in
Depositaries
Cash
Reserve
in Vault.
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY
Week Ended Sept. 13.
Averages.
Membets Federal
Reserve Bank_
State banks*
Trust companies*._ _
1157
THE CHRONICLE
SEPT. 20 1910.)
19.52%
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers [000] omitted.)
1
Net 1Loans,
Nat'l
Net
Net
Reserve
Capital) Profits. DisCLEARING
Bank
with Derwin,. Time
counts, Cash
NON-MEMBERS
MenDeDeLegal
in
Nat.bks.June30 Invest-p
Week ending Statebks.Jne 30 ments, Vault. Depost posits, posits. lation.
tortes.
Sept. 13 1919. Tr.cos. June 30 &c.
'Average Averag Average Average Average Averaga
Members of
$
$
$
$
$
$
Fed'I Res. Bank.
180
117
279 1,831 12,395
Battery Park Nat_ 1,500 1,538 16,984
-385
10,667
249 1,51
608 11,973
200,
Mutual Bank
88
7,020
1,073
194
8,986
319
3001
New Netherland
_
5,094 1,470
17 1,082
954 7,508
500'
W It Grace & Co's_
6,447 5,106
313 1,108
651 11,664
200
Yorkville
385
232
6,265
831
650
8,953
400' 1,324
First Nat, Jer City
-- --565
7,398
47,889
7,44
1,702
66,068
5,396
3,1001
Total
i_
State Banks.
Not Members of the
Fed'l Reserve Bank.
-----2,728
154
350
450 2,957
100
Washington ITgts_
t000 f1,090 12,815 1,483 1,212 13,563
Colonial
_ - __
342
6,787
389
832
233 6,977
500
International
323
5,118
31
435
233 5,699
200
North Side, Bklyn
- -----665
1,400 2,007 28,448 3,100 2,071 28,196
Total
•
Trust Companies
Not Members of the
Fed'l Reserve Bank.
6,293 1,014
318
499
500 1,076 8,232
Hamilton Tr, Bkin
4,406 4,415
397
323
408 9,039
Mechanics, Bay'ne
200I
- -,---,___ _
10,699 5,429
71
827
7001 1 485 17,271
Total
---'
----I, 565
Grand aggregate__ 5,200: 8,889 111,787 5,629 10,228 *86,784 13,492
-5
+2,544 +326 +211 +2,043 -136
Comparison previo us week'
Or'd aggr, Sept. 6
Gr'd aggr, Aug. 3
Gr'd aggr, Aug. 23
Or"! aggr, Aug. 16
5,200
5,100
5,100
5,100
8,880 109,243 5,303 10,028
8,980108,4305,245 9,78
8,980 107,318 5,202 9,97.
8,980 105,367 5,352 10,353
84,741
84,17'i
83,057
85,181
13,628
13,544
12,734
12,790
570
584
574
568
* U. S. deposits deducted, $2,086,000.
Bills payable, rediscounts, acceptances and other liabilities, $7,625,000.
Excess reserve, $103,860 increase.
Banks and Trust Companies in New York City.-The
t As of Sept. 3 1919.
House
and
banks
Clearing
New
City
York
the
averages of
the
State
for
banks
combined
with
those
Boston Clearing House Bank.-We give below a sumtrust companies
and trust companies in Greater New York City outside of mary showing the totals for all the items in the Boston
the Clearing House, are as follows:
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week Ended-
$
130.005,000
134,143,000
130,736,900
135,497,500
134,131,300
138,428,700
139,041,500
134,432,800
141,466,900
136,791,200
133,474,700
136,878,600
137,691,300
134,955,500
134,566.80(1
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
131,288,300
134.27:3.500
000000Qq0CCCOOCCCOCCOOOCC
CCOC,COCC00000000C=.000QCCC
$
4,733,613,800
4,618,029,500
4,747,993,000
4,722,746,700
4,689,495,300
4,736,482,100
4,773,617,400
4,822,202,600
4,873,611,200
4,861,516,200
4,885,307,200
4,904,243,000
4,880,382,900
4,846,699,100
4,759,196,800
4,860,000,300
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
Sept. 13
1919.
Reserve iri
Depositaries
CtlCOCCOCOCCOW.CC=CC.C=CCOC.
•Total Cash
in Vault.
"000,,mcgctoomn.r...mCmoocnoco..omm,
OCOQ00000Q.Q.Q.0000000VQ000c0
C0000C00C00.0.000000CCQ0c0
.---
ooct.nmoNtococ,mcoo.mmummoo.N
Mar. 22
Mar. 29
April 5
April 12
April 19
April 26
May 3
May 10
May 17
May 2:3
May 31
Juno 7
Juno 14
June 21
Juno 28
July 6
July 12
July 19
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Aug. 30
Sept. 6
Sent. 13
Demand
Deposits.
• This item includes gold, silver, legal tenders, national bank notes and Federal
Reserve notes.
Changes from
previous week.
Sept. 6
1919.
$
2,000 4,757,000 4,730,000
4,759,000 Inc.
Circulation
Loans, dIsc'ts & investments_ 568,450,000 Dec. 1,516,000 569,966.000 545,788,000
Individual deposits, incl. U.S. 432,496,000 Inc. 11,124,000 421,372,000 420,726,000
115,951,000 Inc. 3,969,000 111,982,000 106,746,000
Due to banks
9,000 11,473,000 11,401,000
11,464,000 Dee.
Time deposits
39,311,000 Dec. 10,777,000 50,088,000 33,355,000
United States deposits •
592,000 17,610,000 15,757,000
18,207,000 Inc.
Exchanges for Clear. House
73,889,000 Inc. 3,600,000 70,289,000 69,461,000
Due from other banks
Cash in bank & in F. R.Bank 66,997,000 Inc. 1,914,000 65,083,000 63,439,000
and
bank
Reserve excess in
824,000 20,193,000 18,872,000
21,017,000 Inc.
Federal Reserve Bank.
* Formerly included under the head of 'Individual Deposits."
Philadelphia Banks.-The Philadelphia Clearing House
statement for the week ending Sept. 13 with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week ending Sept. 13 1919.
New York City State Banks and Trust Companies.Iniaddition to the returns of "State banks and trust companies in New York City not in the Clearing House," furnished
byithe State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of New York.
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661.
The provisions of the law governing the reserve requirements of State banking institutions as amended May 22
1917 were published in the "Chronicle" May 19 1917 (V.
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in
the computation of the reserves were given in the "Chronicle"
April 4 1914 (V. 98, p. 1045).
Aug. 30
1919.
Two ciphers (00) omitted. Members of
F.R.System
Capital
Surplus and profits
Loans, disc'ts & investm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S.deposits(not included)
Ree've with F'ed.Res.Bank
Ree've with legal deposit's
Cash in vault*
Total reserve & cash held_
Reserve required
P.Teaa. ref; & rash in vault
$30,275,0
82,416,0
775,734,0
24,111,0
117,413,0
143,166,0
519,986,0
6,079,0
669,231,0
Trust
Cos.
$3,000,0
7,784,0
29,966,0
657,0
19,0
260,0
22,628,0
22,888,0
56,158,0
14.470,0
70,628,0
52,344,0
18.284.0
3,108,0
901.0
4,009.0
3,331,0
678.0
Sept. 6
1919.
Aug. 30
1919.
Total.
$33,275,0
90,200,0
805,700,0
24,768,0
117,432,0
143,426.0
542,614,0
6,079,0
692,119,0
23,346,0
56,158,0
3,108,0
15,371,0
74,637,0
55,675,0
18.962.0
$43.275,0
90,357,0
815,251,0
25,680,0
112,713,0
141,287,0
534,664,0
6,034,0
681,985,0
30,464,0
55,002,0
2,738,0
14,452,0
72,192,0
55,004,0
17.188.0
$33,275,0
90,354,0
810,009,0
23,203,0
109,083,0
138,636,0
528,378,0
6,015,0
673,029,0
25,603,0
54,415,0
2,308,0
14,024,0
70,747,0
54,695,0
16.052.0
* Cash in vault is not counted as reserve for Federal Reserve bank members.
•
[VOL. 109.
THE CHRONICLE
1158
Federal Reserve
Member Banks of the Federal Reserve System.-Following is the weekly statement issued byofthe
the different items
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions
2523.
In the statement were given in the statement of Dec. 14 1917 published in the "Chronicle" Dec. 29 1917, page
AND OTHER
BANKS LOCATED IN CENTRAL RESERVE
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER
SELECTED CITIES AS AT CLOSE OF BUSINESS SEPT. 5 1919.
•
banks an increase in this ratio from 26.9 to 27.6% may be
York
New
the
Treasury
of
issue
the
recent
in
banks
Considerable investment by member
loan certificates and a corresponding increase in Government deposits. is noted.
Government deposits show an increase of 162.4 millions, this increase apindicated by the Federal Reserve Board's statement of condition on Sept. 5
parently representing to a large extent credits placed to Government account
of 779 member banks in leading cities.
by members subscribing to the Sept. 2 certificate issue. On the other hand
Holdings of U. S. bonds and Victory notes show but slight changes, while
increase in other demand deposits(net),99.8 millions,is slightly in excess
the
71.9
which
of
millions,
178.9
up
went
hand
on
certificates of indebtedness
the increase in loans and investments other than Government securities
of
War
banks.
millions represent the increase for the New York City member
and war paper. Reserve balances with the F. R. banks went up 16.3 milpaper on hand shows a reduction of 7.8 millions. Loans secured by stocks lions,
while cash In vault increased 19.7 millions.
and bonds increased 39.8 millions, in spite of a 3.4 million decline In this item
Accommodation at the F. R. banks, as measured by the amount of colshown for the New York City banks. Other loans and investments show an lateral
notes and customers' paper discounted for reporting banks,shows an
York.
New
in
largely
millions,
Increase of 56.6
increase for the week of 34.1 millions. Of the total discounts held on Sept.5
Aggregate holdings of Government war securities and war paper increased
by all F. R. banks the amount held for reporting banks was over 78%.
from 3,414.3 to 3,582.7 millions and constitute 23.5% of the total loans and
Investments of all reporting banks as against 22.8% the week before. For
1. Data for all reporting banks in each district. Three ciphers (000 omitted.
Dallas. San Fran. Total.
Boston. Now York Philadet. Cleveland. Richm'd. Atlanta. Chicago. St.Louis. Minneap. Kan. City
774
56
43
76
35
35
100
47
82
88
56
110
46
$7,120 $14,320 $18.923 $34,605 $269,393
$14,503 348,060 $11,597 $41,791 $25,849 $14,351 $20,615 $17,154
637,528
41,667
20,264
23,254
11,638
15,713
48,689
28,507
35,966
62,960
33,647
17,213 297,960
316,489
10,761
4,826
11,872
5.875
10,324
49,151
13,154
15,148
39,229
15,446
10,452 129.951
72,293 1,334,416
42,445
45,862
35,762
40,856
68,993 202,354
41,010
65,044 112,534
75,474 531,784
$86,458 $159,326 $2,557,826
$117,647 $1007755 $125,734 $256,514 $117,973 $125,810 $320,809 $84,047 $60,445 $95,303
24,164 1,294,285
6,742
20,440
12,784
27,753
92,554
28,399
41,867
63,736 705,596 164,300 105,950
25,525 108,057 2,955,836
73,302
31,234
46,109 345,457 135,568
207,937 1,386,503 193,832 293,810 103,502
593,087 8,425,939
164,188
441,243
248,727
276,520
1,185,512
284,082
303,574
777,155
473,679
618,236 3,059,936
61,704 1,342,058
21,232
47,158
26,948
43,005
27,723 178,089
35,510
90,286
63,741
77,430 664,177
365,330
20,423
9,711
14,771
0,202
10,195
67,145
13,293
16,712
33,679
20,112
24,452 125,635
10,902,347
525,830
191,691
467,282
266,632
326,599
1,309,652
257,139
338,789
819,768
077,461
749,940 4,971,564
1,921,540
209,339
30,783
80,461
56,652
100,895
93,417 116,465 449,568
22,495 297,353
111,227 351,894
686,443
9,731
28,540
31,632
11,111
23,310
72,467
27,567
16,401
158,939
41,142
67,532 295,021
32,172 1,147,401
13,960
33,393
16,200
35,003
58.026 118,950
59,295
97,330
25,267 511,155 146,150
207.80.
7.033
2.302
8.057
397
12.053
17.200
7.390
15.370
14.054
20.049
54.587 138.303
Throe ciphers (000) omitted.
Number of reporting banks
U.S. bonds to secure circulation
Other U. S. bonds*
U. S. Victory notes
U. S. certificates of indebtedness.._
'total U. S.securities
Loans secured by U. S. bonds, dm._
Loans secured by stocks and bonds_
111 other loans and Investments
..e8erve balances with F.It. bank....
Cash in vault
Net demand deposits
Time deposits
Government deposits
Bills payable with F. R.bank
Bills rediscounted with F. R. bank_
2. Data for Banks in Federal Reserve Bank and Branch Cities and All Other Reporting Banks.
AU Other
All F.R.Bank Cities. F. R. Branch Cities. Reporting Banks.
Chicago.
New York.
Sept. 5.
Sept. 5. Aug. 29. Sept. 5. Aug.29. Sept. 5. Aug. 29. Sept. 5. Aug. 29. Sept. 5. Aug. 29.
Three ciphers (000) omitted.
70
38,363
266,491
111,733
439,127
Number of reporting banks
U. S. bonds to secure circulation_
Other U. S. bonds*
U. 8. Victory notes
U. S. certificates of Indebtedness
Total U. S. securities
Loans secured by U.S. bonds,am
Loans secured by stooks and bonds
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.S. war secure. and war
paper, total loans .1c investl. %
Including Liberty bonds.
70
:38,363
267,927
111,375
417,181
44
1,419
18,717
'23,302
114,704
44
1,419
15,869
24,023
113,586
260
103,313
378,026
182,410
882,738
260
103,114
377,034
183,159
751,692
172
63,032
118.531
71,067
267,153
172
63,177
117,999
72,012
242,964
342
102,998
142,971
63,012
184,525
Total.
Aug. 29.
March 7.
771
774
774
342
264,375
269,252
269,393
102,961
675,632
637,332
637,523
142,349
319,232
316,489
64,111
160,904 1,334,416 1,155,560 1,994,256
$2,381,476 $2,934,263
$905,714 $831,846 $155,142 $154,897 $1544487 $1414999 $519,833 $496,152 $493,506 $470,325 $2,557,826
69,010 1,037,861 1,044,541 135,923 134,801 120,501 122,717 1,294,285 1,302,062 1,133,193
66,244
660,034 663,159
2,910,040
2,955.836
375,686
1,265,636 1,269,054 272,265 231,561 2,212,989 2,176,023 367,682 364,331 375,165
8,425,039 8,369.329 10,067,975
2,706,958 2,661,690 643,727 674,905 5,311,096 5,237,936 1,499.713 1,492,246 1,615,130 1,589,097
1,325,776 1,262,249
1,342,058
164,976
102,187
173,835
172,673
980,965
629,761 621,602 123,933 115,526 1,007,108
346,035
345,605
365,330
82,130
87,408
60,449
63,234
37,949 214,688 202,726
38,604
111,898 108,050
10,302,505 10,035,620
10,902,347
1,666,744
1,678,281
1,492,930
1,502,678
7,642,831
7,721,388
877,521
872,012
4,545,032 4,487,636
1,646,620
1,923,494
1,921,549
528,633
523,338
565,763
270,999 271,438 168,904 • 168,625 830,608 829,098 567,603
546,190
524,017
686,443
66,198
85,706
110,930
92,629
40,521 608,103 396,889
47,640
274,843 222,531
53,135 813,477 776,313 185,739 195,134 148,185 152,212 1,147,401 1,123,700 1,188,026
60,473
458,481 454,757
292,831
287,428
297,805
46,568
46,622
33,052
34,368
9,110 216,815 207,803
11,667
122,764 103,071
26.9
22.8
23.5
19.2
22.8
19.6
23.5
23.7
24.5
19.7
19.3
26.9
27.6
-Following is the weekly statement issued by the Federal Reserve Board on Sept. 12:
The Federal Reserve Banks.
depositary institutions account mainly for a net Increase of 91.4
Liquidation of 110.7 millions of war paper and a further gain of 51.1 mil- funds from
millions in the holdings of Treasury certificates.
lions in gold In transit or in custody in foreign countries are indicated in tho
deposits show a decline of 25.5 millions, while reserve deGovernment
Federal Reserve Board's weekly bank statement issued as at close of business posits went up 45.2 millions,and other deposits including foreign government
on Sept. 12 1919.
credits-35 millions. On the other hand the "float" carried by the Federal
of which items
As against the large reduction in the holdings of war paper the banks report Reserve banks and the gold held in custody abroad-both
from gross deposits-show increases of 10 1 and
increases of 18 millions In other discounts and of 7.3 millions in acceptances. are treated as deductions is
in net deposits. Fedmillions
5.9
of
a
decrease
result
The
51.1
millions.
and
Minneapolis
Louis
War paper holdings of the Cleveland, Chicago, St.
eral Reserve note circulation increased 9.5 millions, notwithstanding a subbanks include 45.4 millions of paper discounted for other Federal Reserve stantial reduction in Federal Reserve note circulation reported by the New
banks, while acceptance holdings of the Kansas City and San Francisco York Bank. The banks' aggregate liabilities on Federal Reserve bank notes
millions
banks are inclusive of 45.6 millions (as against 51.2 millions the week before) In circulation increased by 4.6 millions. Gold reserves went up 1.8
reserve ratio continues
purchased from other Federal Reserve banks. Temporary advances to the and total cash reserves-1.6 millions. The banks'
at
of
unchanged
50.4%.
Government by the New York and Chicago banks pending the receipt
for seven preceding
Thefiguresfor the system as a whole are given in the following table,and in addition we present the results
and liabilities separately
weeks,together with those of corresponding week of last year. The second table shows the resources
details regarding transactions
for each of the twelve banks. The Federal Reserve Agents'Accounts(third table following)gives
Reserve banks.
in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal
12 1919.
SEPT.
BUSINESS
OF
CLOSE
THE
AT
BANKS
RESERVE
FEDERAL
THE
COMBINED RESOURCES AND LIABILITIES OF
Sept. 121919. Sept. 5 1919. Aug.29 1919. Aug. 22 1919. Aug. 15 1919. Aug. 8 1919
RESOURCES.
'
Gold coin and certificates
Gold settlement fund, F. It. Board
Gold with foreign agencies
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
Total gold reserves
Legal tender notes,silver, dm
Total reserves
Bills discounted:
Secured by Govt. war obligations
All other
Bills bought in open market
Total bills on hand
U. S. Government bonds
U. 8. Victory Notes
U. S. certificates of indebtedness
All other earning meets
$
231.609,000
537,723,000
3
$
243,238,000 8244.231,000
542,310,000 563,640,000
$
260.507.000
579,480,000
8
250.651,000
591,206,000
8
262,745,000
618,636,000
Aug. 11019 July 23 1919. Sept.13 1918.
$
263,275.000
641,396,000
$
270,601,000
591,532,000
$
386,214,000
465,298,000
5,829,000
862,133,000 857,341,000
769,332,000 785,548,000 807,871,000 839,987,000 841,857,000 881,381,000 905,171,000 1,108,051,000 1,123,132,000
1,190,769,000 1,172368,000 1,142,589,000 1,127,028,000 1,118,894,000 1,084,047,000 1,071,307,000 124,967,000
44,086,000
108,71.6,000 109,336,000 116,328.000 107,270,000 121,836,000 119.328,000 111,997,000
2,024,559,000
2,095,151,000
2,068,867,000 2,067,052,000 2,066,788,000 2,074,285,000 2,082,587,000 2,084,756,000 2,088,475,000
53,173,000
65,872,000
67,852,000
67,362,000
69,136,000
69,188,000
68,416,000
69,818,000
69,632,001)
2,161,023,000 2,077.732,000
2,138,499,000 2,136,870,000 2.135,976,000 2,142,701.000 2,151,723,000 2,152,118,000 2,156,327,000
1,071,304,000
1,524,521,C00 1,835,233,000 1.609,206,000 1,563,048,000 1,522.992,000 1,603,583,000 1,612,639,000 1,616,210,000 541,943,000
251.392.000
230,317,000 212,185,000 205,838,000 211,262,000 220,347,000 225,535,000 235,300,000 375,556,000 739,750,000
374,791,000
381.241,000
374.375,000
362,911,000
363,138,000
362.005,000 354,667,000
2,243,158,000 1,852,997,000
2,116,843,C00 2,202,085,000 2,178,272,000 2,137,221,000 2317,714,000 2,215,359,000 2,222,730,000
29,863,000
27,086,000
27.094,000
27,095,000
27,098,000
27,098,000
27,096,000
27,096,0L0
27,096,000
286,000
280,000
280,000
274,000
209,000
198,000
192,000
197,000
212,028,000 . .33,777,000
217,982.000
229,724,000
295,727,000
237,847,000
243.411.000
250,223,000
341,655,000
81,000
2,482,558.000 1,916,418,000
2,188,786,000 2,479,601,000 2,448,977,000 2,402,375,000 2,440,813.000 2,472,458,000 2,468,086,000
Total earning assets
11,784,000
11.801,000
11,805,000
11,806,000
11,806,000
42,796.000
12,815,000
13,143,000
Bank premises
in
foreign
custody
in
or
transit
Gold in
85,258,000
89,631,000
102,748,000
107,119,000
168,232,000 107,119,000
countries
Uncollected items and other deductions
697,225,000
373,066,000 827,845,000 816,513,000 763,179,000 838,399,000 708,043,000 739.617,000 690.495,000
from gross deposits
1,405,000
10,613,000
10,735,000
10,803,000
11,313.000
11,382,000
11,580,000
11,343,000
11,160,000
5% redemp. fund agat. F. R. bank notes
13,013,000
9,898.000
9,386,000
9,816,000
9,503,000
9,905,000
9,995,000
9,511,000
11,007,000
All other resources
5,360,371,000 4,705,793,000
5,691,076,000 5,584.921,000 5,435,837,000 5,444.096.000 5,553,188,000 5,450,301,000 5,395,952,000
Total resources
LIABILITIES.
78,553,000
83,317,000
83,532,000
83,807,000
84,400,000
84,730,000
84,926,000
84,996,000
85,140,000
Capital paid in
1,134,000
81,087.000
81,087,000
81,087,000
81,087,000
81,087.000
81,087,000
81,087,000
81,087,000
Surplus
38,357,000 116,038,000 206,733,000
108,686,000
58,590.000
103,330,000
54,494.000
59,110,000
33,584,000
Government deposits
1,469,603,000
1,718,396.000
1,747,478,000
1,756,807,000
1,778.365,000
1,679,834,000
1,802,791,000 1,757,641,000 1,729,950,000
Due to members, reserve account
535,178,000 527,752,000
679,043,000 643,194,000 563,387,000 605,812,000 670,539,000 555,485,000 581,232,000 117,444,000 113,302,000
Deferred availability items
98,098,000 109,210,000 107,882,000 113,731,000
98,479,000
99,136,000
134,096,000
Other deposits, incl. for. Govt. credits
2,487,056,000 2,319,390,000
2,649,514.000 2,559,081,000 2,446,310,000 2,487,074.000 2,616,704,000 2,528,860,000 2,505,798,000 2,504.497.000 2,245,429,000
Total gross deposits
2,621,228,000 2,611,697,000 2,580,629,000 2,553,534,000 2,540,904,000 2,532,057,000 2.506,820.000
F. R. notes in actual circulation
27,672,000
193.840.000
200,945,00(1
205,318,000
F. R. bank notes in circulation-net liab. 228,169,000 213,565,000 219,815,000 215,795,000 209,709,000
33,615,000
16,565,000
17.770,000
19,172,000
20,384,000
21,876,000
23,070,000
24,495,000
25,938,000
All other liabilities
4,705,793,000
5.691,076,000 5,584.921.000 5.435.837,000 5.444.096,003 5,553388,000 5,460.301.000 5,895,952,000 5,366,371,000
Total liabilities
Year Treasury Notes.
•Includes
SEPT. 20 1919.]
THE CHRONICLE
1159
Sep,. 121919. Sept. 5 1919. Aug.29 1919. Aug. 22 1919. Aug. 15 1919.
Aug. 8 1919
Gold reserve against net deposit habit..
Gold res. agst. F. R. notes in actual circ'n
Ratio of gold reserves to net deposit and
F. R. note liabilities combined
Ratio of total reserves to net deposit and
F. R. note liabilities combined
Ratio of gold reserves to F. It. notes in
circulation after setting aside 35%
against net deposit liabilities
Aug. 1 1919 July 25 1919. Sept.13 1918.
43.3%
49.6%
48.1'31
48.77:
48.3%
49.1%
47.8%
48.7%
47.0%
47.8%
48.2%
43.1%
48.0%
47.9%
48.9%
48.7%
52.4%
50.4%
50.4%
50.7%
51.3%
50.9%
50.9%
50.5%
50.2%
53.7%
47.3%
48.8%
48.5%
47.5%
51.3%
47.2%
47.9%
49.2%
52.97
51.9%
°
(10.0%
60.1%
61.7%
60.7%
61.4%
61.4%
61.4%
01.2%
67.2%
Distribution by Maturities—
$
S
$
$
s
S
g
g
1-15 days bills bought in open market
$
99,219,000
I37,511,000
95,517,000
94,915.000
93,761,000
93,019,000
74,344,000
74,463,000 11172359,000
1-15 (lays hills discounted
1,443,535,000 1,517,100.030 1,519,814.000 1,488,314,000 1,439,073,000 1,541,882.00
0 1,521,353,000 1,532,918,000 j
1-15 days U. S. certif. of Indebtedness_ 121,321,000
28,686,000
21,743,000
22,839,000
87.335.000
23,628,000
19,229,000
16,601,000
1-15 days municipal warrants
7,182,000
16-30 days bills bought in open market
103,054,000 108,119,000
79,732,000
72,696,000
87,549,000
91,369,000
85,446,000
81,152,000 1,184,223,000
16-30(lays bills(liseounted
4t,019,000
54,803,000
53,870,000
47,316,000
63.535,000
53,405,000
88,439,000 103,924,000 f
16-30 days U. S. certif. of Indebtedness
11,659,000
10,5:36,000
12,066,000
11,751,000
6,146,000
5,000,000
6,015,000
4,111,000
16-30 (lays municipal warrants
4,414,000
31-60 days bills bought in open market
10,000
111,037,000 103,351,001) 137,296,000 145,246,000 154,529.000 152,212,000
165,047,000 146,190,000 1 294,595,000
31-60(lays bills discounted
166,070,000 147,351,000 152,545,000 144,035,000
99,241,000
97,7:38,000 103,937,000
99.788,000
31-00 days 12.8. certif. of indebtedness_
I
19,676,000
21,777,000
21,999,000
19,875,000
23.497,000
22,713,000
28,233,000
13,801,000
31-60 days municipal warrants
901,000
61-90 days 1)1115 bought in open market....
33,000
43,605,0011
40,6(13.000
45,577,000
50,051,000
38,533,000
44,641,000
49,954,000
73.751,000
61-90 days bills discounted
1 187,668,000
88,579,000
91,790,000
79,889,000
84,993,000
129,709,000
127,428,000
115,283,000 109,773,000
61-90 days U. S. certif. of Indebtedness
18,032,000
15,532,000
16,034,00(1
24,606,000
23,606,000
22,484,000
36,314,000
20,103,000
61-90 (lays Inunicipal warrants
1,716,000
Over 90(lays bills bought In open market
11,000
15,020,000
5,016,000
Over 90 days bills discounted
14,152,000
6,735,000
6,365.000
9,016,000
9,652,000
11,781,000
13,665,000
18,927,000
21,199,000
Over 90(lays certif. of Indebtedness
170,967,000 170,692,000 168,569,000 158,776,000 155,140,000 155,899,000
128,191,000
157,412,000
Over 90 days municipal warrants
19,564,000
Federal Reserve /Voles-16,000
—
---Outstanding
_ _—
2,830,146,000 2,794,100,000 2,767,166,000 2,748,740,000 2,734,254,000 2,725,263,000
Held by banks
203,913.000 1:32,40:3 000 186,537,000 195,206,000 193,350,000 193,206,000 2,715,374,000 2,723.601,000 2,388,863,000
208,551,000 219.104.000 143,434,000
In actual circulation
2,621,228,000 2.611,607,0002,580,629,000 2,553,534,000 2,510,904,000 2,532,057,00
0 2,500,820,000 2,504,497,000 2,245,429,000
Fed, Res. Notes (Agents Accounts)—
Received from the Comptroller
5,195,640,000 5.122,941.000 5,077,520,000 5,019,040,000 4,972,780,000 4,912,140,00 4,864,540,00
Returned to the Comptroller
0 4,829.860,000 3,153,080,000
1,062,997.000 1,937,783,000 1,906,862.000 1,872,902,000 1,831,709,000 1,787,679,000
0 1,741,197,000 1,700,712,000 533,070.000
Amount chargeable to Fed. Res. agent 3,232,613,000 3,185,154,00
0 3,170.653,000 3,146,138.000 3.141,071,000 3,124,461.000 3,123,343,000 3,129,148.00 2,620,010,00
In hands of Federal Reserve agent
0
0
402,497,000 391,055,000 403,492,000 397,398,000 406,817,000 399.198,000
407,969,000 405,547,000 231,165,000
Issued to Federal Reserve banks
2,830,146,000 2,794,100,000 2,767,166,000 2,748,740,000 2,734,254.000 2,725,263.00
Se
0
2,715,374,000 2.723,601,000 2,388,845,000
How
cured—
-By gold coin and certificates
--43,248,000 236,248,000 236,248,000 226,248,000 227,218,000 223,248.000
----2
221,248.000 221,248,000 217,240,000
By lawful money
By eligible paper
1,639,377,000 1,621,9:12,000 1,621,577,000 1,621,712.000 1,615,360.000 1,641.216.00
0 1,644,067,000 1,615,550,000 1,265,713,000
001(1 redemption fund
93,090,00)) 114,217,000
94,160,000 104,350,000
87.962.000
84,761.000
81,549,000
84,912,000
With Federal Reserve Board
65,788,000
851,431,000 791.703,000 812,181,000 706,430,000 803,681,000
776.035,000 768,510,000 801,891,000 819,104,000
Total
2,830,146,000 2,794,100,000 2,767,160,000 2.748,740,000 2,735,254.000
2,725,263,000 2,715,374,000 2.723,601.000 2,388,815,000
FIllethle nor delivered ro t• 11 nr,ent
9 n9. 00.3 nnn 9 11)7 191 OM 2.095 RAI n00.2 n19 9nr, MO
9 1117 451 1111n 9 150 991 nnn 0 140 955 nnn 2_171_374_00
1
1
1
n 1.797_546.000
WEEKLY STATEMENT OF RESOURCES AND LIABIVITIES OF F,ACII
OF THE 12 FEDERAL RESERVE
Two ciphers (00) omitted.
BANKS AT CLOSE OF BUSINESS SEPT 12 1919.
Boston. New
York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis.
Minneap. Kan City Dallas. San Fran.
Total.
$
$
$
$
$
$
$
$
$
$
$
118,884,0
645,0 10,504,0 2,371,0 7,856,0 23,868,0 2,524,0 8,340,0
153,0
8,452,0
11,942,0 231,609,0
128,740,0 40,565,0 69,183,0 30,982,0 9,366,0 95,383,C 11,979,0 30,052,0
10,217,0 7,779,0 38,593,0 537,723,0
—
277 621 0 41 210 0 76 687 0 33353,0 17,222,0 119,251,0
289,851,0 74,071,0 138,8:15,0 34,008,0 41,485,6 291,945,0 14,503,0 38,392,0 10,370,0 16,231,0 50,535,0 769.332,0
51,721,0 31,967,0 40,227,0 17,405,0 102,933,0 1,190,769,0
23,000,0 13,025,0
1,182,0 5,480,0 5,746,0 27,957,0 5,743,0
1.750,0 5,088,0 2,887,0
1,690,0 108,766,0
Total gold reserves
151,490,0 592,478,0 128,306,0 216,704,0 72,841,0 (11,453,0
439,153,0
74,967,0
72.109,0
61,685.0 36,523,0 155,153,0 2,608,867,0
Legal tender notes. silver. &a_ _
6,574,0
51,397,0
2:36,0
852.0
474,0
1,255,0
1,099,0
5,272,0
61,0
220,0 1,956,0
— - —----- -- — - — --- - _ _ _
236,0
69,632,0
Total reserves
161,064,0 643,875,0 128,542,0 217,556,0 73,315,0 65,708,0 440,232,0
80,239,0 72,170,0 61,905,0 38,479,0 155,394,0 2,138.499,0
Bills discounted: Secured by Government war obligations (a)- 108,671,0 611,442,0 179,199,0
110,435.0 73,246,0 75,946,0 137,833,0
All other
7,508,0
49,692,0 15,985.0 9,549,0 16,647,0 20.208,0 27,925,0 60,400,0 36,463,0 44,960,0 34,312,0 51,614,0 1,524,521,0
14,230,0 4,576,0 27,595,0
Bills bought in open market (b)_ 44,951,0
70,955,0
1,061,0 39.242.0 7,212,0 3,901,0 44,007,0 14,918,0 22,110,0 25,244,0 21,496,0 14,006,0 2:30,317,0
494,0 87,817,0 362,005,0
—
Total bills on hand
161,130,0 732,089,0 190,245,0 159.226,0
97,105,0 100,058,0 209,855.0 89,548,0 63,149,0 97,799,0 56,302,0 154,337,0 2,116,843,0
U. S. Government bonds
5:39,0
1,257,0
1,385,0
1,003,0
1,234,0
376,0
4,477,0
1,153,0
116,0 8,868,0 3,966,0 2.632,0
U. S. Government Victory bonds
27,096,0
9,0
50,0
5,0
128,0
U. S. certificates of indebtedness 21,471,0
192.0
92,752,0 27,231,0 21,402,0 9,695,0 12,964,0 103,642,0 17,068,0
8,013,0 11,802,0 7,200,0 8,415,0 341,655,0
—-—
—
Total earning assets
18:3,149,0 826,145,0 221,361,0 181,721,0 108,034,0 113,403,0
317,974,0 107,769,0 71,406,0 118,469,0 67,468,0 165,384,0 2,485,786,0
Bank premises
2,089,0
3,091,0
500,0
875,0
444,0
472,0 2,936,0
691,0
402,0
Gold In transit or in custody in
340,0
400,0
13,143,0
Foreign Countries
158,232,0
Uncollected Items and other de158,232,0
ductions from gross deposits._ 77,401,0 206,934,0
82,646 0 62 320 0 52 7480 37 024,0 109,915,0 57,559,0 19.807,0
79,131,0 39,785,0 47,793,0 873.066,0
5% redemption fund against
Federal Reserve bank notes.._
1,072,0
2,530,0
1,350,0
1,053,0
428,0
1,417,0
628,0
610,0
330,0
892,0
All other resources
483,0
500,0
11,343,0
419,0
2,312,0
1,143,0
795,0
1,522,0 1,452,0
672,0
56:3,0
.283,0
508,0
498,0
840,0
11,007,0
—-—
Total resources
425,167,0 1,844,025,0 139,012,0 1(14,320,0 235,641,0 218,757,0 373,040,0 217,481,0
163,996,0 261,307,0 147,053,0 370,311,0 5,691,076,0
LIABILITIES.
Capital paid In
7,034,0
22,0:30,0 7,757,0 9,361,0 4.225,0 3,373,0 12,059,0 4,005,0 3,026,0
Surplus
85,140,0
5,207,0
32,922,0 5,311,0 5,8(10,0 3,800,0 2,805,0 9,710,0 2.589,0 2,320,0 3,904,0 3,321,0 5,015,0
:3,957,0 2,029,0 4,577,0
Government deposits
81,087,0
5,803,0
163,0
1,693,0 2,706,0 4,690,0 2,130,0 2,542,0
4,198,0 2,745,0 4,609,0
Duo to members, reserve account 113,122,0 751,883,0 2,215,0
33,584.0
102,919,0
127,127.0
57,257,0
44,787,0
266,971,0
62,441,0
53,717,0 78,275,0 44,275,0 100,017,0 1,802.791,0
Deferred availability Items
59,295,0 152,174,0 72,8,10,0 55,086,0 45,273,0 30,265,0
86,830,0 46,039,0 14,184,0
All other deposits
5,845,0
7(1,891,0 7,051,0 6,518.0 3,784.0 :3,012,0 10,339,0 4,512,0 2,981,0 54,632,0 33,813,0 28,557,0 679,043,0
4,246,0 2,094,0 6,763,0 134,096,0
-- - —
—
—
-—
Total gross deposits
184,065,0 981,111,0 185,025,0
F'. It. notes in actual circulation_ 205,310,0 752,803,0 213,103,0 190,454,0 109,025,0 82,784,0 366,270,0 115,584,0 70.882,0 141,351,0 82,927,0 140,03(1,0 2,649,5)4,0
237,017,0 180,646,0 116,367,0 147,205,0 108,039,0 79,742,0 93 486,0 48,982,0 210,372,0
F. R. bank notes in circulation
2,621.228,0
—net liability
21,376,0
40,0)2,0 25,915,0 19,821,0 8,754,0 12,402,0 35,815,0 16,278,0 7
297,0 17,241,0 8,909,0 8,319,0 228,169,0
All other liabilities
2,199,0
8,997,0
1,931,0
1,807,0
1,191,0
1,026,0
2,827,0
986,0
729,0
1,368,0
585,0
1,992,0
—-—
25,938,0
— - — -- - — --- — —
Total liabilities
325,197,0 1,844,025,0 139,012,0
164,320,0 235.641,0 218,757,0 873,946,0 247,481,0 163,996,0 261,307,0 147,053,0 370,311,0 5,691,076,0
Ifemoranda—Contingent liability as endor ser on:
Discounted paper rediscounted
with other F. It. banks
7,000,0
95,000,0 8,110,0
(a) Includes bills discounted for
5,000,0
45.410,0
other F. R. banks, viz
3,000,0
92,410,0 5,000,0 15,000,0
acceptances
bankers'
bought fr on)other F. It. banks:
45,110,0
(0) Includes
RESOURCES.
3
Gold coin and certificates
(3,070,0
Gold Settlement Fund, F. R. B'd 61,884,0
_
Total gold held by banks
67,954,0
Gold with Federal Reserve agents 73,:318,0
Gold redemption fund
13,218,0
3
With/Int their endorsement_
25.023_0
20_534.0
45.557.0
*Includes Government overdraft of 8162,000.
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS
AT CLOSE OF BUSINESS SF,PT. 12 1919.
Two ciphers (00) omitted.
Boston. New York. Phila, Cleveland. Richmond
Atlanta. Chicago. Si. Louis Minneap Kan.City. Dallas. San Fran
Total.
Federal Reserve notes:
$
8
$
$
S
$
$
$
$
i
$1
Received from Comptroller__ 385,900,0 1,753,000,0 144,780,0
$
$
405,660,0
Returned to Comptroller
146,095,0 780,315,0 194,921,0 131,598,0 246,640,0 250,000,0 718,720,0 236,100,0 138,330,0 179,120,0 109,200,0 328,140,0 5,195,610,0
10:3,758,0 69,593,0 207,160,0 87,234,0 43,207,0 67,096,0 40,106,0 91,862,0 1,962,997,0
--- —
—
—
—
—
--— —
— —
Chargeable to F. R. Agent
239,805,0 972,685,0 249,859.0 274,062.0
In hands of F. R. Agent
27,300,0 131,000,0 20,780,0 25,920,0 142,882,0 180,405,0 511,560,0 148,816,0 95,173,0 112,024,0 69,094,0 236,278,0 3,232,643,0
28,958,0 59,209,0 32,920,0 20,630,0 13,375,0 12,640,0 17,065,0 6,700,0
402,497,0
Issued to F. R. Bank,less amt.
.
returned to F. R. Agent for
,
redemption:
212,505,0 841,685,0 223,079.0 248,142,0
113,924,0 121,196,0 178,6,10,0 128,186,0 81,798,0 99,381,0 52,029,0 229,578,0 2,830.146,0
Dollat'l security for outst.03 notes:
Gold coin and Ws. on hand_
183,740,0
35,125,0
2,500,0
13,052,0
8,831,0
213.248,0
001(1 redemption fund
1:3,318,0
16,114,0 11,182,0 1:3,710,0 3,008,0
1,985,0 8,921,0 3,791,0 2,115,0 3,867,0 3,390,0 11,689,0
93,090,0
Gold Set'm't Fund, F. R. B'd. 60,000,0
00,000,0 62,889,0 90,000.0 31,000,0 37,000,0 283,024,0 50.930,0 16,800,0 36,360,0
5,184,0 91,244,0 854,431,0
Eligible paper, min'm required 139,187,0 551,8:31,0 140,003,0 109,301,0
79,916,0 79,711,0 186,695,0 73,465,0 49,831,0 59,157,0 34,624,0 126,645,0 1,639,377,0
—
—
—
212,505,0 841,685,0 223,079,0 248,1,12,0 113,924,0 121,196,0
Total
178,640,0 128,186,0 81,798,0 99,384,0 52,029,0 229,578,0 2,830,146,0
kmount of eligible paper deity— —
—
-—
161,1:30.0 731,681,0 150,140.0 157,358,0 92.112,0 87,494,0 209,724,0
ered to F. It. Agent
212,505,0 841,685,0 223,079,0 248,142,0 113,924,0 121,196,0 478,640,0 82,582.0 47,339,0 97,799,0 56,302,0 142,024,0 2,025,994,0
?. R. notes outstanding
128,186,0
7,189,0
3'. R. notes held by bank
88,702,0 9,976,0 11,125,0 5,278,0 4,829,0 31,375,0 20,147,0 81,708,0 99,384,0 52,029,0 229.578,0 2,830,146,0
2,036,0 5,898,0 3,047,0 19,206,0 205,918,0
--- —
— -— — —
o n ....t...),, ..00nt .0,000nttnn 205.316.0 752.893.0 213.10) n 237
017 n 105 (14(10 116 nfl7 11 447.2115.0 108.039.0 79.74211 93.48(1.0 48.952.0
210.372.0 2.162.225.0
1160
rim. 109.
THE CHRONICLE
•
points and Inter. Met 43's nearly.a point. Inter.Mer. Mar.
6s have been strong and U. S. Steels are higher, notwithstanding the threatened strike scheduled for Monday next.
Wall Street, Friday Night, Sept. 141919.
United States Bonds.-Sales of Government bonds at
Itailroace_ 1 arici Miscellaneous, Stocks.-Thep
- 6ssf1317 the Board are limited to Liberty Loans of the various
of an extensive strike in the steel industry has been a domin- denominations. For to-day's prices of all the different issues
ant influence at the Stock Exchange throughout the week. and for the week's range see fourth page following.
During the early days there was strong hope that the matter
.15.1
would be postponed until after the conference called by Daily Record of Liberty Loan Prices. Sept.13.Sept Sept.18.Sept.17.Sept.18. Sept.19.
3Hig.
100.00
100.00
100.02 100.0' 100.02 100.02
Liberty Loan
President Wilson forearly Oct., but later this hope gradually First
Low_ 99.96 99.98, 99.96 99.96 99.90 99.98
3345, 15-30 year, 1932-47
Clo
99.98 100.00 100.00 99.9: 100.00 100.00
faded away.on the positive assertion by leaders of the move544
149
371
323
179
574
Total sales in $1,000 units
menk,that the strike would go into effect next Monday. Second
High 93.20 93.28: 93.21 93.1:. 93.50 94.00
Liberty Loan
93.02 93.04! 93.11 93.10 93.10 93.38
To-day's
-market waifirmer in toneiin the theory, doubtless, 4s, 10-25 year cony, 1942 iLow_
Close 93.16 93.041 93.1: 93.12 93.50 93.72
2471
328
442
655
946
463
Total sales in $1,000 units
that the matter has been pretty thoroughly discounted and Second
94.90 95.10 95.10
Liberty Loan
I High 94.80 94.80 94.8
that the whole country is not going into liquidation on account
Low_ 94.80 94.80 94.81 94.90 95.00 95.10
4s, convertible, 1932-47
94.90 95.06 95.10
Close 94.80 94.80 94.8
of it, any way. Prices generally have not fluctuated as
62
46
15
24
35
75
Total sales in $1,000 units
95.60 95.76
{High
95.28
95.30
95.2:
95.30
Third
Liberty
Loan
widely as sometimes in the recent past, and net changes are
434s 01 1828
Low_ 95.16 95.16 95.1. 95.20 95.22 95.48
Close 95.24 95.26 95.2: 95.28 95.60 95.66
about equally divided between higher and lower.
1,082 2,177 2,986 2,357 3,555 3,505
Total sales in $1,000 units
Among the exceptional features Am. Tobacco is conspicu- Third Liberty Loan
1 High 95.00 95.00 95.21 95.28 95.24 95.22
4348 of 1st L L cony,'32-'47( Low_ 94.86 94.90 95.01 95.02 95.06 95.14
ous for an advance of 47 points. Chandler Motors is 193/i
(Close 94.90 94.90 95.06 95.10 95.10 95.14
8.
215
134 1,457
13
169
Total sales in $1,000 units
points higher than last week, Am. Locomotive 73/i and Beth. Third
High 93.28 93.32 93.31 93.24 93.50 94.20
Liberty Loan
93.22 93.24 93.44
4345 of 2d L L cony,'27-'42 Low_ 93.10 93.08 93.2
Steel 5. On the other hand Am. Inter. Corp. has declined
Close 93.28 93.32 93.31 93.34 93.50 94.16
7, Atlantic G. & W. I. 5, Keystone T. & R. 5 and others
875 1,164 1,725
Total sales in $1,000 units
809 1,269 1,211
Fourth Liberty Loan
I High 03.30 93.34 93.34 03.30 93.56 94.10
from 3 to 4. U. S. Steel closed to-day 53 points lower than
4)4s 01 1933-38
(Low_ 93.18 93.18 93.21 93.20 93.22 93.36
(Clo., 93.28 93.24 93.28 93.28 93.56 93.92
it sold on Monday.
226 2925 3,24: 3,095 4,124 5,236
Total sales in $1,000 units
____
___ 100.60
Fourth Liberty Loan
-------100.60
_
High
The railway list has been unusually steady.
100.60
_
- 100.61
4Xs, 1st LL 2d conv,'32-47 Low_ _-------- 100.60
The following sales have occurred this week of shares not
---- 100.61
) Clos, ..-__
1
Total sales in $1,000 units
represented in our detailed list on the pages which follow:
Victory Liberty Loan
I High 99.80 99.94 99.91 90.90 tfilo; 99.98
Vaulters'
STOCKS.
Week ending Sept. 19.
Sales
for
Week.
azette.
Range for Wee/c.
Lowest.
Range since Jan. 1.
Highest.
Lowest.
Highest.
Par. Shares $ per share. $ per share. $ per share. per share.
Ajax Rubber, rights..___ 8,900 3X Sept 13 4 Sept 13 3% Aug 441, Sept
American Express.... _10
100 84 Sept 18 84 Sept 18 82% Apr 103
May
Beth Motors
No par 5,300 26% Sept 19 293. Sept 13 26% Sept 30% Sept
Cent & So Am Teleg_100
10110X Sept 19 110X Sept 19 107
Jan 120. June
Cluett, Peabody, pref100
100 109 Sept 18 109 Sept 18 103% Jan 110
Sept
Crex Carpet
10
Mar 79
July
100 604 Sept 10 603. Sept 16 48
Detroit Edison
100
100 119 Sept 19 119 Sept 19 99% Sept 119 7Sept
Fairbanks Co (The)_ _ _25
100 73 Sept 19 73 Sept 19 73
Sept 81% Aug
Fisher Body, pref _ _ -100
300 105 Sept 16 105 Sept 16 91
Feb 105
Sept
Gen Chemical, pref.. _100
100 103 Sept 16 103 Sept 16 102% Jan 108
Feb
Gen Cigar deben pref 100
100 95X Sept 18 953.' Sept 18 95X Sept 101
Aug
Homestake Mining_ _100
100 75 Sept 16 75 Sept 16 72
Aug 100
Feb
Kress(S H)& Co, pf_100
100z108 J. Sept19z108 X Sept19 105
Jan 110
Sept
Mathieson Alkali
50 400 34 Sept 13 40 Sept 15 25
Mar 40 May
Nat Rys Mex, 1st pf_100
100 16 Sept 16 16 Sept 16 16
Sept 16
Sept
Punta Alegre Sug rights.. 2,600 2X Sept 18 2X Sept19 234 Sept 434 July
Royal Dutch (Amer sh's)
100 99% Sept 15 993i Sept 15 7034 Jan 120% July
NY shares tr recta.._ _ _
500 94% Sept19 98% Sept 15 85% Aug 98% Sept
Sears, Roebuck, pref_100
100 x118 Sept 15z118 Sept 15 z118 Sept 120
Mar
Sloas-Sheffield, pref....100
15 97 Sept 19 97 Sept 19 85
Mar 97% July
Stewart-Warner Sp_ .100 7,300 118% Sept 19 123X Sept 17 86% Jan 12334 Sept
Stromberg Carb rights__ 13,867 8% Sept 15 16 Sept 16 8)4 Aug 16
Sept
Stutz Motor rights
2,800 3% Sept 18 4X Sept 13 34 Sept 434 Sept
Superior Steel, 1st p1.100
100 102 Sept 18 102 Sept 18 95% May 105 June
Un Cig Stores, pref...1 H
100 121 Sept 13 121 Sept 13 106
Feb 122
Aug
S Rubber rights
28,500 11 Sept 18 14% Sept 16 11
Sept 14% Sept
Wilson dr Co rights
10,300 1% Sept 13 1X Sept 16 1
Sept 234 Sep
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ending
Sept. 19 1919.
Stocks.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Railroad,
&c.,
Bonds.
Par Value.
485,150 $43,488,000
1,104,300 100,432,500
1,047,755 98,192,250
1,239,600 116,474,000
860,840 79,716,000
797,165 75,186,000
5,534,810 $513.488.750
Sales at
New York Stock
Exchange.
$508,000
1,195,000
1,112,000
1,418,000
1,552,000
1,275,000
$246,000
563,000
581,000
479,000
1,098,000
470,500
U. S.
Bonds.
$6,702,000
11,214,000
10,023,000
8,154,000
16,501,000
16,087,000
37.060.000 53.4-46.500 568,681,000
Week Ending Sept. 19.
1919.
State, Man.
& Foreign
Bonds.
1918.
Jan. 1 to Sept. 19.
1018.
1919.
Stocks-No. shares__
5,534,810
1,224,717
215.748.464
94 145480
1% Par value
$513,488,750 $114,938,750 $19,704,674,005 $8,787,891,765
Bank shares, par
$47,200
$15,800
Bonds.
Government bonds
$68,681,000 $33,336,000 $1,727,291,300
$776,716,500
State,mun.,drc.,bonds.
174,139,500
3,446,500
6,177,500
212,980,000
RR.and misc, bonds-.
7,060,000
5,130,500
196,085,500
373,665,000
it Total bonds
$79,187,500 $44,644,000 $2,313,936,300 $1,146,941,500
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week ending
Sept. 19 1919.
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. lBond Sates.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
13,367
23,539
22,448
20,615
16,728
20,458
$34,150
67,850
99,350
175,250
183,950
21,000
11,756
12,033
10,690
7,696
6,020
9,929
$2,000
18,400
30,200
31,800
22,000
25,000
7,906
10,852
5,206
11,109
19,436
6,955
85,000
33,500
29,300
42,500
17,000
44,000
Total
117.155
3581.550
58.133
3129.400
61.464
3171.300
State and Railroad Bonds.-Sales of State bonds at the
Board are limited to $7,000 New York Canal 43/2s at 1083/2
and $21,000 Virginia 6s at 62.
The market for railway and industrial bonds has been
exceptionally dull and narrow. High grade bonds are in
request and freely taken when offered and some of those of a
lower grade, including St. Louis & San Francisco, So. Pao.,
St4Paul 43s and Burlington 4s have advanced within the
week. The local tractions continue to be the weak features
of the:market. Inter. R. T. 1st 5s have:dropped over 2
4Xs, cony gold notes,'22-23 Low_
Close
Total sales in $1,000 units
Victory Liberty Loan
I High
3Xs. cony gold notes,'22-23 Low_
Clos,
Total sales In 11.000 units
99.72
99.78
1,083
99.76
99.76
99.76
5
99.74
99.84
3,486
99.90
99.72
99.80
336
99.82
99.91
1,849
99.96
99.86
99.8 i
243
99.82
99.8:,
1,303
99.9•
99.86
99.9•
170
99.88
99.92
2,715
100.00
99.90
99.96
2.873
99.90
99.96
501
99.96
99.90
99.94
3.041
Foreign Exchange.-The market for sterling ruled weak
throughout, though declines were less spectacular than were
those in the continental exchanges, where for a time a state
of demoralization existed. New low records were made for
francs, lire, marks and kronen, although later in the week
a partial recovery took place and the close was about steady.
Neutral exchange ruled irregular, but without essential
change.
To-day's (Friday's) actual rates for sterling exchange were 4 1334 for
sixty days,4 1535 for cheques and 4 1631 for cables. Commercial on banks
sight 4 1534, sixty days 4 1234, ninety days 4 1134 and documents for
payment (sixty days) 4 12. Cotton for payment 4 1534 and grain for
payment 4 1531.
To-day's (Friday's) actual rates for Paris bankers'francs were 9 0109 02
for long and 8 97©8 98 for short. Germany bankers' marks are not yet
quoted for long and short bills. Amsterdam bankers' guilders were 36340
36 11-16 for long and 37)4 037 1-16 for short.
Exchange at Paris on London, 37 francs; week's range,36.90francs high
and 38.10 francs low.
The range for foreign exchange for the week follows:
Sterling, Actual- Sixty Days.
Cables.
Cheques.
High for the week_ _ _4 1535
4 17 A
41834
Low for the week_ _ _4 1035
4 1334
4 1234
Paris Bankers' MarksHigh or the week_ _ _8 67
859
861
Low for the week...._9 30
9 22
9 24
Germany Bankers' Guilders3 9234
High for the week_ _ _
3 89
Low for the week_ _ _
3 15
3 10
Amsterdam Bankers' GuildersHigh for the week_ _ _ 36 13-16
37 3-16
3734
Low for the week_ _ _ 36 9-16
37
37 20
Domestic Exchange.--Chicago, par. St. Louis, 15©25c. per $1,000
discount. Boston, par. San Francisco, Par. Montreal, $37 50 per
$1,000 premium. Cincinnati, par.
Outside Market.-"Curb" trading this week was unsettled, and while there were some strong features, a generally heavy tone was in evidence most of the time. To-day
the market developed strength and many issues recovered
part of the earlier losses. General Asphalt corn, was conspicuous, advancing in the beginning of the week from 90 to
953/2, then dropping to 87, and advancing finally to 903/2.
United Retail Stores Candy was another active feature, and
after early fractional advance to 243/9, fell to 203/2, the close
to-day being at 2114. Madsion. Tire & Rubber, after a gain
of almost 3 points to 61%, broke to 573
4, then to-day
jumped to 65%, the final figure being 653'. Carbo-Hydrogen sold for the first time, the corn. down from 23 to 2%
and up to 3% and at 3% finally. Indian Packing gained
over 3 points to 29 but reacted to 263' and ends the week at
26%. Coca Cola moved up about 2 points to 403 and sold
finally at 39%. Tobacco Products Exports lost 23/i points
to 35 and recovered to 36. Vanadium Steel sold up from
403/i to 413/2, then down to 373
4, with to-day's transactions
up to 41. The close was at 3932. V. Vivaudou in its initial
trading sold up from 32 to 33, then reacted to 283/2, with a
final recovery to 293.. Oil shares were less active and
changes generally narrow. Sinclair Con. Oil, after an early
advance from 583/ to 60, declined to 573, the close to-day
being at 573
4. Sinclair Gulf was off almost 2 points to 573
/;
and ends the week at 57k. Midwest Refg. improved 4
points to 179, reacted to 167 and finished to-day at 169.
Shell Transport & Trading lost almost 23/i points to 68%.
Internat. Petrol. in the opening was up over 5 points to 303/i
but sank to 299, the close to-day being at 30. In mines
Nat. Tin was a feature, advancing from 43 to 6%, with the
close to-day at 63. Bonds dull and steady.
A complete record of "curb" market transactions for the
week will be found on page 1170.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
1161
OCCUPYING THREE PAGES
For record of sales during the week of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
=NM
Saturday
Sept. 13.
Monday
Sept. 15.
Tuesday
Sept. 16.
117ednesday
Sept. 17.
Thursday
Sept. 18.
$ per share
904 91
8118 8118
12
*10
*92
96
4018 4034
5934
*50
2612 2612
2312
*21
15034 152
5578 56
1012
*7
•1234 1512
------
$ per share
9018 92
81
*80
12
*8
9218 9278
404 4112
4073 4978
*26
2712
23
*20
152 154
5634 5778
*7
1012
*1234 1512
---- • --
$ per share
9012 01
*80
81
1118 1118
*9112 93
4014 4078
51
*50
253g 26
23
*21
15112 153
5614 5634
*112 1012
*1234 1513
---- ----
$ per share
00
9012
*8034 81
1012 1034
*9112 93
*4014 41
5018 5018
2514 2512
22
22
14918 15112
5014 5634
1012
*7
*1234 1512
---- ----
$ per share
8912 90
8034 81
*9
12
92
92
40
4014
51
*50
2434 2513
*20
23
14958 150
56
56
101
*7
*1234 1512
---- ---
Friday •
Sept. 19.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1918
Lowest
Highest
$ per share Shares
8934 90
5,400
81
81800
*8
11
400
9212
*92
700
40
40
4,300
*50
200
5012
2414 2458 2,700
*20
22
200
150 1504 15,700
5534 56
2,500
*7
1012
*1234 154
-- -- ......
Railroads
Par $ per share
$ Per share
* per Mare $ Per share
Atch Topeka & Santa Fe_100 88 Aug 8 104 May27
81 Mar 9934 Nov
Do pref
80 Jan 9212 Nov
100 8013 Sept 3 89 Jan 4
Atlanta Birm & Atlantic 100
6 Mar31 15% July24
5 Dec 1012 June
Atlantic Coast Line RE....100 9012 Sept 6 107 May29
8938 Apr 109 Nov
Baltimore & Ohio
100 3934 Aug18 5514 May27
484 Dec 82 Nov
Do prat
100 497g Sept15 5912 May27
53 Apr 6413 Nov
Brooklyn Rapid Tranidt-100 1838 Jan27 3318 July23
2533 Dec 484 Jan
Certificates of deposit
1938 Mar21 2814 July23
Canadian Pacific
100 14918 Sept17 1707 July10 135- KI-ai 1
74-78 Oct
Chesapeake de Ohio
100 5312 Aug21 6813 May17
4934 Jan 623s Nov
Chicago & Alton RR
100
714 Jan13 124 May15
7 Apr 11 Nov
Preferred
100 1012May 9 174 July17
104 Dec 18 NOV
Chicago & East Ill tr rects_-__
812 Aug 8 1313 July23
Preferredtr recta
---10 Sept 2 1711 July24 --6-- -.rill "i"
*812 934 -oi, --iii;
o" "ii7-4 "iii- 11-3; "io" WI; "io" 1i012 13,100 Chicago Great Western___100 74 Jan21 12 July17 8 Apr 11 Map- Nov
2533 2678 26
*2312 2434 2434 2434 2478 25
26
25
2512 2,900
100 2218 Aug21 307 May19
Do pref
1818 Apr 32 Nov
424 43
4314 4514 43
44
4212 4312 4134 43
41
4214 12,600 Chicago Milw & St Paul-100 3412 Feb15 5234 July17
874 Apr 544 Sept
6214 6312 6333 6634 6638 6334 6312 6358 6258 63
4,500
6253 63
100 6018 Aug21 78 July17
Do pref
6614 Apr 8653 Nov
9212 *9312 94
9312 9312 9334 9412 92
9212 9212 91
92
1,800 Chicago & Northwestern_100 91 Aug 8 105 May26
8912 Mar 107 Nov
*115 125 *115 125 *115 125 *115 125 *115 125 *115 125Do pref
100 1231 Aug21 133 Jan 17 125 July 137 Jan
254 263
2518 2512 2412 2514 2412 2412 2412 25
2478 25
100 221 Jan21 3214 July17
6,000 Chic Rock 181 &Pao
18 Apr 324 Nov
7212 72
72
7312 724 7212 72
7238 7233 7233 7233
*70
100 6814 Aug 8 84 June 0
800
5634 Jan 88 Nov
7% preferred
6118 6034 61
6078 6078 61
*6012 6112 6018 6018 61
8% preferred
1,100
81
100 11514 Aug21 73 July17
Jan 75 Nov
46
--- ____ ___ ____ .--_- ...... Chic St P Minn & Omaha_100 8518 May12 82 Jan 7
69 Sept 82 Dee
2:: :::: ___ _ _ _ _ _ _ _ ____ ____ ____ ______ Clev Cin Chic & St Louis_ _100 32 Feb17 5478 June 6
-- -28 Feb 40 Nov
*83 68--- -100 63 Sept11 74 July12
5834 May 70 Nov
D
f
-2212 I212 2134 2312 --------23 -203__
____
_100 1934 Jan22 3134 May 5
18 Apr 2712 Nov
8 -ii- -2-234 --- -_
I-AO Colorado & Southern
-- - „.. --- ----__
0
47 Apr 55 Nov
1 0 4814 Jan 3 5812 July24
D
Do 2
40 Apr 48 Dec
100 45 Feb 4 5113 May29
1s
dt PPrerel
*jai 16f*iiiii4 iiii- sioi- iiii" *jai' fiii- 10414 iiiii; *Tait iiii3-4 --- Roo' Delaware &Hanson
100 101
Jan20 118 May29 10013 Apr 11934 Nov
*178 186 .180 189 *178 186
180 180 *173 182 *180 183
100 Delaware Lack de Western__50 17213 Mar18 217 May 7 160 Apr 185 Sent
10
10
10
10
1038 1038 10
400 Denver & Rio Grande_100
11
*9
10
7 Nov
334 Jan 8 154 July14
214 Jan
17
1814 1712 1812 -F7- -1--2
i1
1658 1734 1612 1658 1614 1634 11,100
818 Feb 3 24 July14
100
5 Apr 1358 Jan
Do pref
*95 105 .95 105
*95 105
*95 105
*95 105 *95 105
Detroit United Ry
80 Apr 90 Jan
100 80 Feb24 105 Ma3'13
.3
4
*312 412 *4
414
4
*312 5
4
*312 5
100 Duluth 13 S & Atiantic____100
234 Febll
213 Feb
633 July15
4% Oct
*5
*5
10
10
*5
10
*5
10
10
*5
10
*5
438 May
Preferred_
82 Nov
100
538 Apr 8 Ills July21
16
1534 16
184 1614 1638 1578 1638 1558 1578 1512 1534 4,300 Erie
14 Apr 2353 Nov
100 15 Aug21 204 May19
2514 2578 2512 2534 25
25
25
2534 2434 25
*24
25
1,700
Do 1st pref
234 Jan 3812 Nov
100 234 Aug21 33 July18
18
•1612 18
18
18
18
100 1634 Aug18 23% July17
200
*17
1812 Jan 271 Nov
Do 2d pref
1813 *16
18 *18
18
8658 '8814 8812 8753 x8412 8532 85
8638 87
85
8414 85
4,700 Great Northern pref
100 8418 Aug R 10058 May27
Jan 10612 NOV
86
4414 44
44
4434 4334 448 43
4212 6,000
Iron Ore properties No par 3134 Jan 2 5234 July10
4412 4212 4318 42
2518 Jan 344 Nov
*712 11
*712 11
*712 10
*712 11
.712 11
*712 11
Gulf Mob & Nor tr ct18-100
714 Feb27 12% July25
8 Mar 10 May
•35
38
*35
38 .35
*35
38
*35
38
Preferred
38
38
*35
27 Mar 354 Dee
100 3114 Jan16 404 July18
---- *9312 9434 9312 9358 9378 93711 03
9318 *9214 94
700 Illinois Central
92 Jan 10512 Nov
100 90 Aug21 104 May18
-68 658
612 638
6
612 678
6
812 612
6
318 Mae24
633
3,700 lnterboro Cons Corp__No Par
94 June 2
913 Jail
434 Dec
*2114 22
2112 2112 21
19
2012 21
20
2114 21
21
3,000
Do pref
1714 Dec 4712 Jan
100 1118 Mar29 3114 June12
213 Feb13
Iowa Central
100
218 Jan
934 July21
512 Nov
;la- Ili- -iii2 -101-2 -1i1-2 -1-g1-z -iii8 -101g 70iii" iii" ;ii- "ill ---566 Kansas City Southern
1518 Apr 2414 Nov
100 1634 Jan30 2514 May19
52
*50
52
5018 504 *50
Do
300
pref
5012 5012 5012 5012 *50
52
45 Jan 5912 Nov
100 4913 Jan21 57 May21
1012 *013 1012
100 Lake Erie & Western
1012 *9
1012 *9
7 Feb26 14 July21
100
714 Oct 117s Nov
912 912 *978 1012 *9
*20
22
22
*20
*20
22 .20
•20
22
22
*20
22
Preferred
100 1612 Apr21 25 May19
18 Apr 25 Oct
4912 4934 4934 50
481 1 2,700 Lehigh Valley
4838 4838 48
5918 4953 49
49
50 477 Aug21 6038June 2
5353 Dec 8518 Nov
*108 109 *107 110 *108 110 *108 110
200 Louisville & Nashville__100 l0478 Aug19 12234 May17, 110 Jan 1243 Nov
10914 10914
108 108
*75
85
7634 7834
•75
*75
80
85
85 .75
85 •75
100 Manhattan Ry guar
Jan25; 80 Dec 10018 Dec
100 70 Mar28 88
1,000 Mlnneap & St L (new)._ 100
*1614 1714 *1618 17
16
16
16
17
*10
1612 1612 17
94 Jan21 2411 July171
713 Apr 157 NOV
8712 8712 ___
28478 8478
100 28478 Sept19 9814 May29, 804 Jan 9712 Nov
200 MinuStP&S8M
-1.2i2 "ill; 'firs -117g -la- -1-3-18 12% 1234 -1218 -1-2-1-2 124 1234 14,300 Missouri Kansas & Texas_100
453 Feb10 1653 July22
438 Jan
834 Nov
1818 1734 18
1814 18
*1734 1812
_
1812 1012 18
900
Do pref
812 Jan13 2518 July18
100
64 Jan 1312 Nov
2738 28
27
2712 28
29
4 28
254 -2-732714 7,000 Missouri Pacific trust etts-100 2234 Jan21 3878 July 9
2733 27
20 Jan 3158 Nov
47
47
4614 4614 1,600
4614 47
4618 4614 4634 4734 *4612 473
Do pref trust Ws
Jan 52 Nov
41
100 4534 Aug20 58% June 7
7
7
712 712
700 Nat Rya of Mex 2d pref_... 100
54 Feb 6 14 Marl()
458May 103 Nov
4 -5ii% I91-4 ..3934 421i 4114 43
4134 43
-583-4 01f1-iiis -40- 3,800 New Orl Tex & Mex v t c 100 2834 Apr10 45 July14
17 Apr 3612 Dec
7258 7312 73
7314 7212 73
72
7214 7212 7112 7258 3,400 New York Central
72
8712 Jan 8158 Nov
100 6914 Jan21 83%June 6
*2412 26
25
2512 2512 25
*2412 26
*2412 26
*2412 26
200 N Y Chicago & St L0'115_100 25 Apr19 3314 July10
1338 Oct 34 Nov
*58
65
*58
65
*58
65
*80
65
*58
*58
64
64
First preferred
100 83 A Drib 70 Apr 2
55 July 65 Nov
*46
48
48
48 .40
*46
*46
48
*40
48
*46
48
100 4214 Apr19 5312 July 7
Second preferred
40 Oct 48 Nov
333
32
3178 3213 3112 32
3138 32
3118 3112 31
3114 7,725 N Y N H & Hartford
27 Apr 4578 May
100 2534 Feb13 407 July17
20 .19
*19
21
20
*19
*19
20
*19
20
*19
20
1814 Jan 2453 Nov
N Y Ontario & Weetern__100 1812 Jan21 2414 July18
100 14:2 Aug26 20 May29
Norfolk Southern
14 Nov 2114 Deti
4 -55-4 166 "Oiis ii" -9878 16 --2;566 Norfolk & Western
-9912 Itiii 10634 IOC ioors 1163100 9834 Aug 8 11212May19 102 Jan 11214 Nov
8612 8678 8614 8634 8012 8634 86
8714 88
8612 87
8612 4,400 Northern Pacific
100 84 Aug 8 998 May27
8118 Jan 105 Nov
4338 43
4353 4378 43
43
43
4312 4278 43
4273 4318 7,800 Pennsylvania
4314 June 5018 Nov
50 4214 Aug27 4812 May19
*141 16
16
*13
48 Mar26 20 July17
*
16
*13
16
*14
16
*14
100
Peoria & Eastern
418 Apr
16
67$ Nov
18--------- --18
18
18
18
----1714 1713
18
100 1218 Jan21 2614 Junell
912 May 187s Nov
700 Pere Marquette v t c
5213 Apr 64 Nov
Do prior pref v t c.-100 56 Mar27 8734 July15
200
---- ---- ---- ---- ---- ---- ---- ---- 6111 6112 8158 6153
100 39 Apr 7 49 May21
Do
30 Apr 50 Nov
v t et
"6854 11" -iii- -711 ;iia- Vci- ;iiii. Vii" ,;66- 76" iiii" Vo: ---b00 Pitts anpref
2578 June 5813 Nov
Chic & St Louls_100 44 Apr29 72 Sept15
*324 3334 3313 3412 3412 344 3213 3212 3234 3234 33
2258 Jan 4038 Nov
33
100 304 Aug21 44% June 9
1,600 Pittsburgh & West Va
82
*79
*79
83
82
*79
*79
82
*79
82
82
*79
61
Do pref
Jan 82 Nov
100 7812 Aug18 8412June 7
8158 7934 8034 7858 80
7812 7914 80
50 747 Aug 8 93%June 6
7778 7834 7814 79
26,300 Reading
7018 Jan 9614 Oct
*34
36
*34
37
*35
36
50 344 Aug19 3812Feb 4
*35
*35
36
36
35 Jan 39 May
Do 1st pref
39 ;51 -31- *37
*37
39
*37
39
*37
39
Do 2d prof
*37
5 36 Apr30 3912 May16
39
35 Mar 40 July
1858 2038 1838 19
1813 1858 18
1818 18
18
93s Apr 1714 Dec
5,100 St Louis-San Fran tr ctfs100 1034 Jan21 273 July17
Preferred A trust etfs_100 22 Jan27 37 May 2
Apr 3318 Nov
"i8" 'II' "B- Id- -2: --_-_ ;iis" Ii- ;11K -iii" 'IF Ii" - 1,iiio St Louis Southwestern___ _100 144 Aug13 2333 June 9 21
19
Oct 25 Nov
25
26
2814
-2618 -i738 26
26
27
2612 27
2558 2614 13,400
100 25 Aug28 37% June10
Do pref
28 Oct 4013 Jan
934 934 ---- ---9
9
753 Feb13 12 July23
100
7 Apr 12 Nov
938 912 ----------------500 Seaboard Air Line
_
18
1818 ___ __ ---200
154 Apr 254 Nov
100 1534 Feb 3 2334 July17
Do pref 1664 102-12 10212 1037 10158 103
10014 1-02-1-z -564 iii6i4 -iiiis iii65-8 71,000 Southern Pacific Co
100 9234 Aug S 115 June 2
8018 Jan 110 Nov
25
2534 2412 25
*2414 25
2418 25
2412 2412 2418 2412 5,100 Southern RallwaY
2038 Apr 341k Nov
100 23 Aug 8 33 May19
61
8038 61
*6014 61
61
60
61
Do pref
2,720
5934 607 180
60
57 Jan 754 Nov
100 594 Aug21 724 May27
5012 5314 4912 5218 49
49
5012 5012 54
100 274 Jan21 704 July 2
5034 49
5014 53,900 Texas & Pacific
14 May 294 Dee
2112 *18
*20
21
21
21
*18
21
*18
21
...
100 Third Avenue
1214 Dec 2133 Jan
100 134 Jan 4 2558 July23
12
10
*9
10
12
*9
*10
1212 *9
12
-*El -1-2-100 Tol St L & W trust receipts_
5 May 1 1313 July29
4 June
74 Aug
25
*19
*19
25
25
•19
*19
25
*19
25
Preferred certificates dep_
10 Mar 4 2512 July25
*19
25
84 Mar 16 Aug
*40
49
*40
49
49
*40
*40
49
*40
49
*40
Twin City Rapid Transit_100 38 Jan16 60 June 3
49
32 Dec 6514 Jan
12212 12314 12278 123
12118 12312 12214 124
100 1194 Aug 8 13812 May29 109% Jan 1374 Oct
122 123
121 1224 6,800 Union Pacific
*684 6914 6818 6834 *6812 801, 6918 6913 6978 6978 6914 6914 1,000
100 6818 Sept15 7434 Mar 5
Do pref
69 Jan 7633 Nov
*10
12
*10
12
12
*10
*10
12
200 United Railways Invest
*934 1012
714 Jan 9 157* July 1!
100
434 Jan 12 June
98 10
23
23
*22
22
2233 2213 *22
2214 2012 21
1,200
Do prat
22
*20
100 15 Jan13 343 July 1; 104 Apr 20 May
-__
.
1014 1034 1018 1018
1018 1053 101
10
078 10
7 Apr 1134 July
2,400 Wabash
734 Jan20 1333 July23.
100
23014
3138
-3012
- 3012 3012 30
3014 3014 3014
3078 Dec 4412 Jan
Do pref A
301,, 2,700
3038 30
100 30 Aug20 38 May19
20
20
20
Do pref 13
1,000
1918 Dec 2612 June
100 19 Jan23 2512 July.0
20
-121
I2
1212
I234
1
2
-4 - 2
12% 1214 1214 -12- 1218 2,400 Western Maryland (raw) 100
1214
58 -His
953 Apr21 1478 July171 10 Dec 171g Feb
*22
24
24
*22
*20
24
24
*22
100 20 Sept18 3012 July 9; 20 Jan 32 June
20
20
*20
Do 21 pref
24200
23
*21
23
*21
*21
22
23
*21
100 17 Feb 3 28 Ju1y14! 13 Jan 2434 Nov
*21
23
*21
Western Pacific
23
53
53
*5314
54
*52
58
5412 *5312 5412 *53
*53
Do pref
5412
100
100 5218 Feb20 6112Jan 9; 46 Jan 00 June
15
1534 1612 1514 1614
1578 1434 1512 1414 15
13
163
29,000 Wheeling & Lake Erie Ry_100
754 Mar 5 1758 Sept 5:
8 Apr
1233 Nov
26
26
*2158 2512 .24
25
2514 2512 27
*23
26
26
1713 Apr 26 Nov
1,800
Do pref
100 17 Jan30 27 Sept15
40
*30
*30
40
40
*30
40
*30
30
30
100 Wisconsin Central
40
*30
2978 Dec 3934 Oct
100 30 Sept18 4178 hlay16
Industrial & Miscellaneous
I
40 '
*35
40
373 373
4012 40
*38
3912 38
37
38
400 Adams Express
12 Dec 80 Jan
100 2938 Apr26 64 May23
397 40
3812 4012 3853 3878 3612 3712 3,500 Advance Rumely
3912 41
39
39
21 Jan21 587 July 3' 11
Jan 2634 Nov
100
03978 6978 697 7053 70
72
72
70
6934 6934 6934 6934 1,100
Do pref
100 5613 Jan20 76 June 9i 257g Jan 627 Nov
91
91
90
289
9512
9312
894
88
884
9011 88
8812 17,700 Ajax Rubber Inc1
50 66 Jan13 113 Ju1y141 49 Jan 724 Dee
*258 3
3
234 234 *234 27
3
*234 3
414Jan 15!
234 3
1,500 Alaska Gold Mines
212 Aug 9
114 Apr
10
53s Nov
2
2
2
2
218 218 3,400 Alaska Juneau Gold Min'g.10
111 Apr
314 July14:
134 Jan 2
34June
-4i1.4 1553 -45r2 161-2 -452 17-34 4838 4812 4514 4712 44
4612 52,500 Allis-Chalmers Mfg
100 30 Jan21 50 July 7' 1734 Jan 37 May
95
9612 0612 0513 9513 95
97
97
95
95
*94
Do pref
1,300
95
724 Jan 8858 May
100 817s Jan23 97 Sept16
*97 100
974 98'
99
1,800 Amer Agricultural Chem_100 87 Sept 2 11334 May 1
991
78 Jan 106 Oct
97 8 97'8 *97
9714 08
99
4 _
98 *_-__ 98 - -------------98
100 95 Sept19 108 Mart5
*____ 98
1)0 wet
95
100
95
89% Jan 101 Aug
*44
48
49
58
*45
50
900 American Bank Note
50 33 Jan25 55 JulyI5. 3112 Mar 354 MAY
*48
50
-::: -- -- ---- --_ - - -----Preferred
4134 June 4213 Aug
50 42 Jan 2 4812 J une30
86
8612 -8514 86.1-2 -ii(-3F8 -88-78 6,100 American Beet Sugar
-ii.
7- 08-- -i/ li3-4 "iii" 16
100 62 Jan 3 984 July10
48 Nov 84 Feb
_
*8812 94
94
*90
*8813 94 *.. _ _ 94
*8812 94
Do pref
100 843 Jan13 95 May29 s82 Sept 9113 May
11812
114114
11412
1151- 1
112 11312 s114
113
200 Amer Bosch Magneto-No par 84'z May 7 126 July24
112
95
95 - ---- _-_--- ---- --- --100 Amer Brake Shoe & Fdry-100 90 May13 97 July17 -ir -Li; -sir
100 160 Jan 2 176 Sept 4 160 Dec 175
1175 175
Preferred
105
Jan
100 427s Febll 63 July 7
-iii- Ii38 -&ii1 --g.5-13 -54i8 -bifi - ii.- lila 5612 59% -blii2 09-5-3 117,200 American Can
3458 Jan 5033 May
10514 10514 1047 10534 *103 105 *10112 10578 *10234 10434 *10234 ---Do prof
8914 Jan 99 Dee
100 9878 Jan 8 10758Junel6
500
136 1367 x133 13478 132 13514 132 136
13214 13334 13112 133
23,100 American Car & Foundry_100 8418 Feb10 1385s Sept 4
8814 Jan 93 Dee
117 117
Do pref
100
100 113 Jan18 119 Julyll 106 Jan 115 Dee
-iii'Ws' ii3-4 "Li" ii- TO. I61-2 5514 5514 -57- -5-8-- 3,700 American Cotton 011
25 Jan 4433 Oct
100 395 Jan 2 6714 July14
93
*91
93
93
91
200
78 May 88 Dee
Do pref
100 88 Jan 7 93 Apr 3
•1118 1113 -11- 11-4
Hvg 11 11 91
11
2,100 Amer Druggists Syndicate_10 103* Jan24
8 "ii" If- -ii- -1-1-13 j
3018 37
Muar3
3658 3753 3514 3612 341 3614 3314 3412 33
344 9,250 American Hide & Leather_100 13% Jan 4 4141
- -22-1;Weil
31
7
1 "iii "Jan
July
127 12812 128 12934 127 12812 1264 12612 12218 125
1227 12312 8,900
50 Jan WS Aug
100 7114 Jan 2 136% July14
Do PreL.-.
•Bid and asked Priem: DO sales on this day. 1 Ex-rights. I Less than 100 shares. a Ex-div.and rights s Es dividend. 1 For fluctuations in rights. see Page 1160.
-iiii;
we-
New York Stock Record-Uontinued-Page 2
1162
For record of sales during the week of stocks usually inactive, see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Sept. 13.
Monday
Sept. 15.
Tuesday
Sept. 16.
Wednesday
Sept. 17.
Thursday
Sept. 18.
Friday
Sept. 19.
Sates
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1
On basis of 100-share tots
Lowest
Highest
PER SHARE
Range for Previous
Year 1918
Lowest
Highest
IN? share $ per share
Par $ per share
$ per share
$ per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Miscell.(Con) 100 3712 Aug21 7612J une 6
ills Jan 49
Oct
700 American Ice
45
4514 4514 45
46
45
49
49
*45
*45
48
.45
Oct
3834 Jan 61
100 5434 Jan20 7614 June 6
600 Do pref
*68
70
69
698 6934 6934 69
6812 69
6812 6812 *68
July11
5113 Sept 6012 Oct
11513
Feb
8
5233
International
Corp
100
Amer
71,400
99
97
10258
9714
10018
10018
10412 10512 2104 10512 10238 10412
Dec
4712
27
Jan
7
82
July
444
Mar
1
American
100
Linseed
7512 7934 30,100
7214 7212 7213 7412 7418 7612 7514 7678 7413 76
6914 Jan 92 Dec
100 85 Mar 1 98311Apr 15
200 Do pref
96
96
97
*95
97
*95
97
97
*9413 97
97
*96
5312 Jan 7134 May
100 53 Jan21 11034 Sept17
10112 11012 105 11034 105 10312 10514 10878 293,800 American Locomotive
99 10112 101 103
Jan 10238 Dec
July
2
295
100
Jan14
1093
4
100
20 Do prof
*10414 10612 *10414 107 *105 10512 *105 106 *10418 106 §105 105
___---_
July24 63 Aug 3 533
4
553
par
Grain___No
&
600
Amer
Malt
558
*54
5512
55
5413
57
*55
5612
*55
57
5412
3612
Sept
6
41
Sept18
par
Corp_no
11,900
Am
Ship
&
Comm
37
3612
3934 39
3978 3812 3932 3732 3814 3612 3812
39
89 May -id- Nov
Am Smelt Secur pref ser A-100 88 Sept 2 9412June12
90
*85
90
*85
90
*87
*85
90
*85
90
73 May PA Oct
7614 13,100 Amer Smelting & Refin1ng_100 6218 Feb 6 8934 July16
774 7838 7814 7912 -iii2 -iii4 751, 7734 758 7618 75
100 10212 Aug19 10958 July17 103 Sept 11014 Nov
300 Do pref
104 104
10334 104 "104 105 *104 106
*104 105 *104 106
85 Oct 107 Dec
100 105 Janll 140 Sept18
130 130 .4,800 American Snuff
12038 12038 .119 12213 12212 140
*117 12212 "117 121
100 93 July10 99 Janie §85 Aug 185 Aug
Do preferred
*95 100 *10014 10114
*9512 100 "95 100
*96 100
*9512 100
3812 3938 9,700 Am Steel Found tern otfs-3318 3314 May10 47 July 7 _
3934 4038 3918 391
40
41
393 401
3934 40
-par 94 SeptI9 9612 Aug14
No
temp
etis
9412
800
Pref
94
-------9418
9418
-------z95
95
9578 96
98 Jan 116 May
128 12834 129 1307s 4,600 American Sugar Refining__100 11114 Jan21 142 July 7
130 130
12934 13012 *129 131 - 129
100 1131z Jan 6 119 May24 10814 Mar 11413 Dec
300 Do pref
*117 119
--118 118 .117 119
118 118 *117 119
6034 Jan 145 May
100 73 Aug21 1204 June12
9214 8914 9138 48,200 Amer Sumatra Tobacco
9214 8912 --9213 8914 1297889
8318 91
8758 887
Jan 103 June
81
100 9212 Aug19 100 May12
Do preferred
94
*9212 954 *93
*9212 9512 *9212 0512 *9212 9512 *9238 95
9058 Aug 10314 Feb
Mar10
10034 1013 1004 10138 1014 10134 10112 10178 10114 10134 29758 9912 11,700 Amer Telephone & Teleg_100 9634 Aug14 10858 Sep119
1404
Jan 19834 Dec
191711
275
Feb
4
Tobacco
100
69,366
American
27212
26834
275
2623
4
257 265
241 256
22434 22434 225 243
9218 Sept 1004 Dec
100 9658 May14 106 Jan 6
200 Do pref (new)
*101 10212 *100 10212 102 102 *101 102 *101 102 *1001 10114
4478 Jan 6078 May
100 4514 Janie 137 July16
11512 11812 114 11678 114 11558 13,100 Amer Woolen of Mass
11718 118
12014 121.78 511712 120
92 Jan 9684 Dee
100 9438 Feb 8 11034 June 6
300 Do pref
10512 10512
10734 10734 *10314 107 *105 10613 *104 10712 105 105
2014 Apr 3938 Aug
584 5818 2,600 Amer Writing Paper pref 100 275s Jan 2 6878 Aug 4
5814 567 58
58
5858 59
59
5812 60
*58
11 Dec 2138 July
Jan31 29 July14
2212 2234 2214 2214 2112 2158 1,800 Amer Zinc Lead & Smelt_25 11
23
23
23
23
2278 23
July24
383
4 Dec 5314 July
40
65
Jan21
25
200
Do
pref
*58
60
60
*58
*5812 60
60
*58
60
5914 59% *53
59 Dec 17414 Oct
30,700 Anaconda Copper Mining _50 564 Feb 6 777 July16
7013 6858 6938 6714 6878 6612 6712 6638 67
6814 6934 69
4 Dec • 24 Nov
1
Jan 2
534 Aug12
10
212 258
212 212
258 358 --------------------3,000 Assets Realization
1858 Dec
12 May
Aug7
dia 1,200 Associated Dry Goods__100 1714 Jan 6 59
212 522
53
53
*5212 54
5234 5234 524 53
51 May 63 Dec
200 Do 1st preferred
100 61 Merle 82 Aug14
76
76
80
*75
78
78 "75
*70
*77
79
77
77
3618 Jan
3618
Jan
May13
8
8014
5818
Feb
100
Do
2d
preferred
100
7513
7512
*7512
7314
7814
7812
*7512
*7512
*7512 761 *7 1 761
Oct
54 Apr 71
94
300 Associated 011
100 68 Jan 2 9614 May 8
*90
94
95 ------ ---- 9314 9312 93
93 "90
*91
9734 Jan 12014 Feb
155 15814 5,600
100 92 Feb 8 188l2 June 7
100 At1
15614 169
DGo f r•Ic
160 162
efW / Bs Line
161 162
160- 165 - 160 163
Nov
6758
58
Jan
May
8
764
Jan29
64
pref
100
73
*70
73
*70
727
7278
74
*70
73
*70
74
*70
5618 Jan 10134 May
12812 13214 369,310 Baldwin Locomotive Wks_100 647 Jan29 13934 Sept15
12914 13612 135 13914 13312 13613 13012 13538 12712 133
85 Jan 110 Dec
100 103 Jan 2 145 July 7
500 Barrett Co (The)
128 128
128 12812 128 128 2127 127 *123 127 *123 125
June 10718 Dec
9912
May29
110
Feb10
119
preferred
100
*112
11.4
Do
114
*112
*112 114 *113 114 *11314 114 *11314 114
114 Jan20
218 May13
20
1,500 Batopilas Mining
112
112
112 112
*112 134 *112 134 *111 134
Dec -66 May
5512
July15
-66Jan20
1073
4
.__100
400
Steel
Corp.
Bethlehem
9012
9012
-6W4
16.14
9414
94.14
---- -- -_
5934 Nov 94 May
99 380,700 Do Class B common100 5538 Jan21 11014 July15
-52- -E78 ioir2 -96'14- 9314 9734 9514 9938 9418 9634 95
84 Dec 94 Sept
______
100 9012 Jan30 108 July21
Do preferred
____ ____ --__ ____ ----• ---- ---9612 Jan 10678 Apr
ini2.1-1-2-800 Do cum cony 8% pref._ 10158 Jan22 115 June 9
liii.4 1-1-4-1-4 zlHiz ifili
21
Jan 2813 Sept
174 Sept19 25 July24
5,500 Booth Fisheries
18
1814 177 1914 i9; -11ii ;ii-i- -1-i- -iii- Ida; 1718 18
pa0
r 97 AprI6 102 Aug 1
*98 101
Brooklyn Edison, Inc No 10
*98 101
*97 101
*98 101
__ --- *98 101
-99.1i Nov
May29
5"
Aug
73
92
Sept16
100
700
Brooklyn
Union
Gas
.
741
76
74
74
75
*70
73
73
*70
79
74
74
62 June 74 Nov
100 71 Feb 5 11212 July16
------------- ----100 Brown Shoe, Inc
96
96
*95
96
95 Jan 98 Apr
_ __ _ _ _
100 Do preferred
100 97 Aug18 101 May14
97
97
---1618 June
618 Jan
812 Mar22 1518 Aug 11
114 *1014 1114 1,900 Brunswick Term & ity Sec-100
*1014 11014 11
8 1008 1058 1018 11
- lois -1-(13
100 128 Aug21 166 Apr 23 108 Feb 614 Oct
132 132
500 Burns Bros
133 133 *132 135
132 132
13214 13214 *132 133
1278 July
1
Dec
Aug
Feb20
141z
518
54
&
Zinc
v
t
c.._5
8
10,100
Copper
1014
113
Butte
105
8
10
1158 117
117g 12
1112 1058 11
11
74 May 1812 Nov
2714
100 16 Jan27 3914 July30
*27
300 Butterick
27
27
30
*28
23
*27
31
*28
32
28
614 Jan 3313 May
2514 3,200 Butte & Superior Mining_ 10 167s Febll 3712 Julyll
2614 2514 2514 25
28
2614 2658 27
2634 2634 26
3638 4,500 Caddo Central 011 & Ref 100 30 Aug21 5414 May27
3612 37
36
3734 3814 3734 3858 3712 3712 3678 38
.
6- Nov
2 Jan -5
6834 14,500 California Packing...__No par 4814 Jan 2 7578 July24 -9.916978 6934 7118 6834 7012 68
69
69
69
6834 70
12
Jan 2478 Nov
100 2038 Jan 2 5434 Sept15
50-34 31,200 California Petroleum
515
8
485
8
5138
5312
504
534 5412 5352 5434 5234 54
Dec
7012
36
Sept17
Jan
6418
8658
Jan
2
100
8134 4,100 Do pref
8612 8512 8612 280
86
8518 86
8612 8612 8658 86
61 Dec 71 May
500 Calumet & Arizona Mining.10 5634 Mar15 8634 July24
7218 724 .__- 734
76
74
*73
*69
7412 7412 75
74
73 Jan 9212 Dec
Case (J I) Thresh M pf 0,1_100 9112 Jan14 101 Aug19
18 Nov 4112 Apr
100 2012 June20 45 July28
5iio Central Foundry
____ ____
"56- -3-6- - -_ -_ -- - -.. - - ---- - -- --- -5652 -307-2
---33 Nov 53 Apr
400 Do preferred
100 27 Apr 5 7414 July28
59
5978 -5934 -543;
11613
July24
543
4 Dee 733,2 Feb
5612
Feb
8
100
45,700
Central
Leather
E
14
- -.64i2 -813-4 -5iii2
9914 10012 10014 10212 -99i8 1-61-3i -iii- 1-6678
100 10412 Jan 7 114 July16 10112 Dec 108 Nov
Do prof
*107 111 *107 110 *107 110 *107 110 *107 10934 *105 10934
2914 Mar 39 Nov
Jan22 674 Julyll
11,300 Cerro de Pasco Cop___No par 31
5214 5312 5278 54
54
5418 5513 5518 5612 5412 5413 53
30 Oct 404 Nov
300 Certain-Teed Products_No par 3014 Apr12 5178 July16
40
40
40
40
40
40
6814 Jan 109 Dec
400 Chandler Motor Car
100 103 Jan18 293 Sept 9
286 286 *278 285
2861-2 *iio- Ed" iii :fir "280 295
88 June 7078 June
--- Chicago Pneumatic Tool-100 68 Apr10 8134 June27
1413 Apr 2434 Oct
25 1718 Jan21 2914 July14
3 -2
-3- -E1-4 11-,800 Chile Copper
-2572 -241-2 -2412 Wig -257g -14.12 -2334 iii -iaii -2-3;
3138 Dec 47 May
5 3218 Feb 6 5078 July16
4314 4012 4218 408 4118 8,900 Chino Copper
4434 4514 4458 45
x4334 444 43
45 Jan 6514 Nov
*7812 82
Ciuett. Peabody & Co....100 6038 Feb27 9512 July 2
*75
8112 *784 82
82
.80
82
*75
82
*75
3434 Jan 54 May
100 3434 Feb10 56 July14
3,300 Colorado Fuel & Iron
444 4314 45
44
4414 457
4458 46
46
46
4512 46
2834 Mar 4412 Dec
100 3914 Feb 1 65 July 7
6258 6134 617
7,000 Columbia Gas & Flee
62
6258 634 63
637
627 6332 6234 63
July14
30
Jan 3978 July
633
4
Jan
4
373
4
400
Computing-Tab-Recording
100
*54
58
58
*54
58
58
58
*5612
58
59
*5612 58
i
er
76
5% Jjuuniy
u3114 88 8
tZu
200 Consolidated Clgar____No par z78 ,
64
-- ____ *60
64
60
674 *60
60
*61
200 Do preferred
100
7814 7814 -7812 181-2 *78
80
*78 80*78 80
9314 3,400 Consolidated Gas (N Y) 100 8718 Jan27 1063s July15 -03-4 Yuji 16E4 Nov
;99- W.12 93
9314 94
94
94
9338 9434 93
94
712 Sept 13 June
57s Apr23 2112 July31
3,800 Cons Inter-State Call Mg__10
18
1714 17
*17
1712 1713 17
1712 1738 18
1758 18
6512 Oct 95 Feb
9213
8,200 Continental Can, Inc
95
5903
4
100 6512 Feb10 10334 June 7
93
9678
9414
95
9612
94
9614
938
9438
10414
June17
99
3
110
Jan
July 107 Dec
Do preferred
100
11 Sept19 1478 Aug 7
-1-3-,400 ContinentalCanclyCorp No par
-11is-8 -1-i1-4 -1112 -1/1-2 -1112 -1-i- -1112 -111-4 -1114
58
-W.* Dec
June12
44
75
-FOC)
Jan
3
400
Continental
Insurance
25
7434
75
747 747 *72
75
*74
75
75
*74
75
75
2978 Jan 5018 Nov
Jan21 9534 July26
40,100 Corn Products Refining-100 46
8612 8712 87
89
87
8812 858 8812 8412 8614 8514 87
300 Do pref
100 102 Jan23 10978 July25 29013 Jan 04 Dec
1064 10618 *106 107
107 107 *106 108 *106 108 *106 108
Jan 7471; May
52
18134 18512 181 18514 50,000 Crucible Steel of America.100 5218 Feb 7 19434 Sept 3
185 18812 18214 18812 183 190
183 188
Jan 9134 June
86
Jan 2 105 July 3
Do pref
100 91
34 Nov
203
8
2713
Apr
417
July
7
Jan27
par
14
,56
,
5
ii
Cuba
Cane
Sugar
No
'
5212
-521
-2
E7
8
id
4 -iii4 -3-3-1-2 -5ii8
-34i.2 iii -5ira -i41
7714 Dec 83 Feb
100 6912 Mar 1 6713 July 2
79
*7834 7912 1,000 Do pref
8012 8034
7834 7912 79
Cuban-American Sugar...100 150 Jan 8 269 Sept12 136 Aug 152 Jan
_
*250 270
__
*250 270 *Ho- 276" *Ho- 276- *250 270
90 June 96 Feb
200 Deere & Co pref
100 9334 Feb17 103 July28
- -- *100 101
_- 101
.100 101
101 101 .100 102 .100 101,12 *100
6 June 15 Nov
1614 May12
900 Dome Mines, Ltd
10 1053 Jan31
131 133
131 1334
11 13-1
"1314 131
1 131
3 133
48 Apr 5614 Oct
.100 106 - ---- -- ------- ----- ---- ----- ---- ----- ----------Electric Storage Battery..100 55 Feb 8 9614 Aug26
27
22
July16
43
Jan 3114 Nov
Jan23
50
34
Elk
Horn
Coal
341-2
Corp
- 34
35
42
35
35
3514 5&- -i 37 Mar 4311 Nov
47
Do preferred
50 40 Sept 5 49 July23
*38
4018 *_-__ 47
47 *___ _ 47
40
*4012 47
400 Emerson-Brantingham-_100 284 Aug 8 43 June27
30
*28
30
30
30
30
*30
31
30
30
30
30
100 94 June13 101 June26
Do preferred
*9212 9412
"9212 944 *92
95 .9212 9412 *9212 9412
50 80 June30 1214 July31
1,300 Endicott-Johnson
li 1-11105 10634 1(16 106
10512 107
-400
Do
preferred
100 10173 Aug21 105 July17
fa;
1044
103'z
10414
-----19,-4i4 1111-4 104 104
_
93 Aug21 123 July17
4,800 Famous Players Lasky No par
99
9814 100 - 99
102 10212 102 104
10012 1-0214 99 101
Oct
15
918 Feb20 2312 July15
1114
100 Federal Mining & Smelting 100
.11
14
*11
*13
*11
15
15
14
14
*14
15
27 Jan 4413 Oct
300 Do preferred
100 31 Aug21 4814 July14
34
331z *32
.32
334 32
3313 "31
32
*3012 3312 .32
26 Jan 43 June
No par 3814 Jan 8 145 Sept15
122 12232 6,500 Flaher Body Corp
125 125
133 14012 1424 145
125 14313 118 124
424 Aug21 4738 Sept16
4514 4634 4514 4612 4632 473
4534 4714 4514 4614 4478 4538 34,900 Fisk Rubber
3,600 Freeport Texas Co ....No par 4258 Aug18 6438 July14
47
47
48
4812 48
4814 48
4812 4734 4814 4714 477
3,800 Gaston W & W Inc...No par 254 Jan21 3834 Julyll -53-4 Oct -ii" Feb
2812 29
30
30
30
30
30
3012 2934 2934 2812 30
Jan 58 June
34
100 47 Jan 3 9578 July23
8134 18,600 General Cigar, Inc
7918 8234 80
80
8238 79
817 827
8134 8278 80
740 General Electric
100 1444 Feb 3 17378 July10 12734 Jan 15812 Oct
•165 166 *163 168
165 16614 "164 16612 §1637s 1631 16414 165
100 11812 Jan21 249 Sept 3 10634 Jan 164 Aug
237 23956 27,800 General Motors Corp
236 23718 23718 242
23712 24434 23718 243
1
7538 Oct 88 Feb
400 Do pref
100 82 Jan 6 95 Juno 3
907 907 *9012 9112
9118 9114 ----------91
91
*9114 92
1,610 Do Debenture stook.. _ _100 8212 Feb17 9434 Apr14
86
86
86
8634 86
865a 8638 8638 8612 -86 -8612 86
38
Jan "We Oct
19,900 Goodrich Co (B F)
100 5612 Jan10 8978 July 9
78
79
81
79
78
8118 82
81511 8318 8118 8212 78
9558 Dec 104 Dec
100 102 Aug 7 10912 Apr 16
*105 ____ ___
_
105 10512 10512 10512 10512 10512 2104 10412 4,900 Do pref
Oct
74
Jan 86
100 64 Apr21 80 Jan 3
100 Granby Cons M S & P
71
*68
*68
71
*68- -7-2 - 46812 71
6812 6812
3813 Jan 5814 Nov
100 Greene Cananea Copper..100 3878 Apr25 4713 July14
421; 4212 4212
4212 43
43
43
4234 4234 4234 427 -iii2 -5834
Dec
11112
Apr
June
2
4912
81
Feb
8
____
1,800
etfs...100
____
Gulf
States
Steel
tr
5912 6012
5918 60
1'1
'1
601 621
1
61
37 Mar 55 Dec
200 Hartman Corporation
100 5414 Jan 8 9634 July16
85
---------------- ---- ---- 8434 8434 84
*8512 86
_
34
Jan 4914 July
62'14 654 56314 6514 61
5 - 607 7212 6012 5112 27,500 Haskel & Barker Car._.No par 40 Feb 6 713ii July14
6 7-8
4212
July16
4118 Dec 5812 Oct
8
6
687
Feb
6018 6113 6114 617
6012 6114 587 6034 5858 5914 5814 5834 27,500 Inspiration COOS Copper-20
19 June
Jan
10
400 Internet Agricul Corp____100 1012 Jan 2 3734 July14
26
*25
27
2618 264 26
27
27
27 "26 . 2758 *26
Jan 65 June
38
100 48 Jan 4 9158 July14
300 Do pref
8258 8258 8212 8212 8312 8312
8112 83 "82
84
*8212 84
Oct 121 Nov
2,900 Inter Harvester (new)___ _100 1104 Jan21 14958 July 7 104
13213 13234 133 13314 132 132
130 13312
200 Do Preferred, new...._100 11414 Aug21 120 June23 107 Oct 11458 Dec
i19- 1-11- ---- -- -Jan 33 Oct
21
- 124,500 Int Mercantile Marine-100 214 Jan31 6734 Julyll
-46i2 -61-2; -Iiii4 -641-2 -tiii2 -di- -564 163-4 5814 5878 -L8i2 -d614
8333 Jan 12511 Nov
100 9234 Feb10 1284 May28
12138 12214 12214 12434 11958 12338 11734 1197 11534 11812 11634 1197 103,300 Do pref
27 Jan 35 Nov
8,000 International Nickel (The)..25 2412 Feb 3 337s June26
257 26
26
2558 26
2613 2534 26
2512 26
2512 257
2412 Jan 4513 May
5414 5434 7,900 International Paper
100 3014 Jan 3 71 July17
5612 5612 5612 5734 58
56
5434 557
5718 55
58 Jan 6513 Jan
300 Do stamped prof
76
76
78
100 62 Jan13 80 July22
*72
*76
75
*76
77
*75
77
76
76
Dec 4012 Nov
27
23
Mar15
48
Aug29
244
*24
25
600
100
.24
24
Tea.
Inc
Jewel
25
2512 *2412 25
2412
25
25
88 Apr 9714 Jan
70
• 100 Do preferred
*63
100 60 Aug29 91 Mar 6
*65
69
68
*63
*63
70
65
65
*65
69
100 31 June26 44 July16
3712 3,700 Jones Bros Tea, Inc
3738 3734 3738 3753 38
39
377 3834 3712 3734 37
Jan21 14278 Sept 4 "ii-- "Apr -5" Dec
25 68
13512 13512 13618 13812 13612 13712 13534 13634 135 13512 133 13512 5,800 Kelly-Springfield Tire
300 Temporary 8% preferred 100 10278 Aug21 10612 Sept 4
*10412 106
10512 10512 105 105 *10112 10512 *104 10512 *104 10513
2438 July -id - Oct
100 39 Jen24 109 Sept16
81
12,900 Kelsey Wheel, Inc
80
73
80
92 109
8834 9912 8012 86
8712 90
29 Mar 414 Nov
3514 6,300 Kennecott Copper.--No par 291s Febri 43 July15
3638 353.4 3658 3558 3558 3514 3534 3514 3514 35
36
6318 647
6138 25858 597 33,200 Keystone Tire & Rubber ..10 56 Sept 4 12613 July14
6114 6478 61
63
6118 6234 58
June 106 Nov
July25
83
10618
170
Jan20
100
Kresge (S S) Co
6513 Dec 91511 May
190 6211 Jan21 9314 July15
8- -iiii -if - -gait -iii- -ii- -i4-1- -ili- -8-6- -3-5-,ii3o Lackawanna Steel
-iii8 life "ii- -8.
28812
*
II
I
;
•Bid and asked pries.: no safes
mod ass preceding
no Ibis day
ii.*
1112
I Less •han 100 shares
t Ex-rights
a Ex-div ano rights.
s Es-dividend.
1 For fluctuations in rights see
New York Stock Record-Concluded--Page 3
1163
For record of sales during the week of stocks usually inactive, see third page preceding.
PER SHARE
PER SHARE
Range Since Jan. 1
STOCKS
Range for Preriou
Sales
Year 1918
On Oasts of 100-share lots
NEW YOGIC STOCK
* or
Wednesday
Thursday
EXCHANGE
Friday
the
Sept. 17.
Sept. 18.
Sept. 19.
Lowest
Lowest
Highest
Highest
Week
--$ per share $ per share $ per share $ Per share Shares Industrial&MIsc.(Con.) Par $ per share
$ per share a per share
per share
9,15
*45
56
*45
55
56
"45
Laclede Gas (St Imuls)____100 50 July 8 83 Jan21
56
82 July 90 Mar
3112 3112 30
31
30
30
Jan22 39 July14
Apr
21
2912 2912
24 Dec
12
800 Lee Rubber & Tire___No par
241 245 '241 24434 241 245 *220 242
Apr15 25014 Aug 8 16414 Aug 210 Dec
Liggett dr Myers Tobacco_ _100 201
1,800
112 112 *111 114
112 112 *211 214
100 107 Jan27 115 July15 10012 June 110 Nov
Do preferred
200
6918 7234 6912 7012 *68
70
1712 Jan 45% Dec
2,200 Loose Wiles Biscuit tr ctfs..100 4018 Feb17 81 July14
*112 118 "112 118
115 115
100 94 Feb 5 120 June20
Do 2d pref
53 Feb 96 Dec
100
22934 239
-21522934 241
22934 235
100 14734 Apr15 245 July23 14412 Aug 200 Mar
20,250 Lorillard(P)
*11014 121 *11014 11214 *11014 114
Jan28 115 July29
100 107
Do preferred
Jan 110 Nov
98
*75
77
*75
"76
77
__
*75
Mackay Companies
Jan22 79% May27
77
100 70
70 Dec 7812 Feb
*64
67
*64
*64
65
65
64
64
100 263 June 6 66 Julyll
Do pref
Jan 65 May
57
100
3014 3014 *3014 31
*3014 :3112 *3014 3112
25 28 Aug 5 3812 July17
-200 Manhattan Shirt
48
'47
4824 50
4738 4834 4738 4814 4618 4718 46
100 2634 Jan22 61 July28
2312 Jan
4212 Nov
4634 8,800 Maxwell Motor, Inc
8112 80
8031 7912 7958 7858 80
7712 78,
8 76
100 5054 Jan22 8412 July28
76/2 3,000
Do 1st pref
50 Dec 69% Nov
40
40
4018 4012 4012 4012 40
4038 3712 3813 37
100 1914 Jan 2 4612 June 3
19 May
Do 2(1 pref
32% Nov
37
3,300
*98 100
*93 101
*9812 10012 100 100
100 100
Jan 4 10978 June28
19 May 32% Nov
200 May Department Stores. 100 60
*10312 110 *10634 110 *10312 110 *10634 110
8312
"10634 110
100 104
Dec
Do preferred
Jan 2 110 May 2
Jan
47
20934 21414 221112 22012 21558 222
209 218
20714
206 21112 178,900 Mexican Petroleum
100 16234 Jan23 222 Sept16
Jan 194
Oct
79
*108 115
*107 112 *107 112 *107 112
100 105 Feb 7 112 Aug ti
Dec
Do pref
Jan
107
87
27
27 /738 27
27
2713 27
27
2612 263.1
Miami Copper
5 2134 Feb 7 3234 July17
2214 Dec 3318 Jan
1,800
5114 5134 5178 53
5114 5234 5018 52,
8 50
5012 498 505 46,100 Midvale Steel & Ordnance..50 4014 Feb 7 6214 July14
41
Dec 61 May
6214 6234 *6212 61
6278 63
6234 6234 6234 6234 6212 621,
100 6158 Aug29 83 July29
64 June 8112 Nov
000 Montana Power
3658 37
37
3812 3978 *37
39
39
36- 37
31312 3712 5,400 National Acme
50 2912 Jan 2 4312 July12
2634 Jan
33 May
47
4712 4718 49
4334 49
4618 4878 4512 4614 4612 474 4,700 Nat Aniline & Chem vtc.no par 4512 Sept18 49 Sept15
1,8978 8978
--- 8734 8734 *88
90
8918 90
8812 8918
100 8712 Sept 4 90 Sept18
Do preferrel v t c
950
---National Biscuit
100 107 Aug20 13334 June12
90 Aug ii612 Dec
Do preferred
100 115 Aug19 z121 Mar14 10614 Sept 114 Mar
77(4 787
80
V&37-4 -7733 7738 •7712 78
78
National
Suit.
Cloak
Jan22
70
&
783
.._100
4
92
July26
55 Sept 8712 Dec
700
'107 110 *103 107 *103 107 *10234 10314 *102 108 "105 107
Do preferred
100 10318 Feb26 10814 May26 100
Jan 104 Dec
16
16
16
16
1614
16
_
15% 15%
Feb 8 2434 July15
14
13 Nov
21% July
1,000 Nat Conduit dr Cable_No par
77
*75
771/3 7778 7734 79
'77 -7-81-2 75
7612 7612 1,900 Nat Enam'g & fitamp'g
75
5413 May
100
4518
Feb
8
8.458
Jan
June
3714
7
*10014 105 *10014 105 *10014 10034 '100 104 *100 101 "100 101
9912 Feb
100 93
Do prof
Jan15 104 May27
88 Nov
7934 80
8014 8038 8018 8014 80
8018 79
79 8 7938 8412 6,600 National Lead
Janll 87 July14
100 61
4314 Jan 694 Dec
•101 109 *101 110 "104 110 '104 110 *101 110,
"101 110
Do prof
100 102 Sept 8 112 July18
9934 Mar 10512 May
*1812 19
1834 1834 x18
1.318
1778 18
1778 17%
1731 1734 1,000 Nevada Consol Copper
5 1512 Mar18 21% July17
1612 Dec 21% May
112 119
11814 120
119 12314 123% 12512 12234 12578 12212 125
9813 Dec 139 May
22,100 New York Alr Brake____100 9114 Feb 3 129 July15
*4814 54
52
5212 5234 6034 54
5712 5212 5334 "50
57
100 1912 Feb 7 7034 July30
27 May
1812 Jan
4,700 New York Dock
58
58
58
58
63
6412 '60
63
61
(35
*60
63
Do preferred
100 4414 Mar13 75 July29
4813 Dec
42
Jan
1,100
6412 26473 6478 6212 6212 *63
63
62
65
6212 61% 61%
5712
Jarill
American
North
47
Nov
Co
100
67
July28
3712
1,500
Aug
76
76
7812 81% 78
8014 78
80
7512 7612 6,000 Nova Scotia Steel dr Coal_ _100 46
7612 77
Jan30 97 June 2
5218 Dec 70 r Aug
5312 5414 5312 5412 5314 6334 52,
8 53,
8 5218 5258 5112 5212 22,200 Ohio Cities Gas (The)
25 03534 Feb14 61% July10
Oct
3518 Mar 48
*53
5312 5312 5312
5:312 5312
5312 5312 *5312 55
25 43 Jan18 55 July25
500 Ohio Fuel Supply
Oct 4612 June
40
1012 1034 1012 1034
TO5-8 10% 1012 1018 10% z10
1014 22,950 Oklahoma Prod & RefinIng_5
8 Feb 3 1312 May10
_
*612 678 *613 678
612
612 *634
022 (334
638 612
678
512 Mar18 1012 May14
600 Ontario Silver Mining..._100
414 Jan
13 June
"55
57
56
5614 *5512 5612 '5512 5634 5514 56
*54
56
25 46 Mar 3 63 July29
500 Owens Bottle
44 Dec 7014 Aug
6634 6712 6712 68
(3714 6812 6712 6712 6714 (3711
4,700 Pacific Gas & Electric
100 8514 anal 754 July24
'37I 40
*38
3912 *38
3912 3818 3818 38
38
*3718 40
5 2912 Feb 8 4234 Julyl I
300 Pacific Mall SS
2312 Jan -io Dec
3312 3313
Oct
Jan21 4012 Aug15
500 Pacific Teleph & Teleg____100 22
1814 Dec 27
12133 12324
1-2V2 12114 12378 ii5- 12214 11614 11912 116 ffils 124,300
Pan-Am Pet & Trans
Jan21 s12412 Sept 15
50 87
6314 Oct 7214 Oct
Do prof
100 117
Jan22 20512 July23
Jan 12412 Oct
86
-712- 38 432 -4118 4214 40 -4-1-1-2 -59" -3-9.7-8 3734 39'2 _7,700 Penn-Seaboard St'l v t c No par 2712 Apr30 58 July18
4313
'42
4312 4118 *42
*42
41
44
4214 421i 42
42
800 People's 0 1. & C (Chic)._100 39 Anal 57 May26
39% Jan -J1- 14(-2.;
*3414 35
3414
3312 3112 33
3358 3418 3418 34% 3118
Jan 3 43 Apr 28
1,900 Philadelphia Co (Pittob)___50 30
Apr 364 Oct
21
5738 5834 59
61
5934 6214 6038 6314 6073 6314 6112 62% 114,100 Pierce-Arrow M Car_ _No par
5134 Nov
3814 Jan22 66% June 3
34
Jan
•106 103
"105 103
14 Jan 3 110 May29
Do
prof
101
100'
8934
Jan 101 Dec
2178 2214 -21-34 1271-2 2134 2214 -2
.154 2214
2112 -2
-i21
2112 10,600 Pierce 011 Corporation
25 16
Jan 2 3114 Apr 17
15 Sept 1918 Oct
6234 6234 6378 64
(3312 64
6314 64
6318 61
63
6334 2,300 Pittsburgh Coal of Pa
100 45 Feb 3 74% July29
42
Jan 6834 Feb
*90
99
*90
93
93
95 '90
*90
93
*90
"90
93
Do pref
100 8512 Mar17 98 May28
7934 Jan 85% Dec
*8934 98
*3914 95
*8914 95
*8914 95
*8934 95
Pittsburgh Steel prof
Jan
100 9012 Jan18 9912 May14
90
Apr 98
2234 23
225 23:28 2278 2338 2212 2278 2214 2212 2218 2312 11,800 Pond Creek Coal
10 1254 Feb 5 25 Septll
20 June
15 Nov
91
9112 91
93
941
9634 94
9212 90
96
93
9434 44,400 Pressed Steel Car
100 s59
Febll 9634 Sept17
73 Aug
55% Nov
pref
DO
10(3 July16
93 Apr 100 Aug
100 100 Mar 3
*UV - 82
82
82
82
;Tio- 85
"go- -811 ;i9- 85
600 Public Sere Corp of N J 100 80 July24 9134 Jan 7
Oct 10912 Mar
85
121 12112 *11912 12112 1207,3 121
121 122
119 1191* 119 119
1,400 Pullman Company
100 1118 Feb14 13212 July17 10018 Jan 13214 Nov
69
6958 6814 0912 67
6912 0512. 6738 66
67
6633 (37
Apr 4 72 July31
50 51
-9913 10012 97 100 10018 10112 9714 10112 9734 99)4 5,01)0 Punta Alegre Sugar
9714 99
19,600 Railway Steel Spring
4512 Jan
100 5.312 Feb10 10112 Sept17
78'z Dec
107 107 *10,114 110 "10414 110 *104 110 *10414 110 *10114 110
Do prof
100
100 104
Feb 4 112 June 3
95
Jan 10513 Dec
2418 2414
2418 24% 22334 2378 2312 23,8 23 2314 2212 23% 4,200
Ray
Mar
2712
Consolidated
19
4
Copper...10
May
1914
2624
Dec
July17
75
*70
*7112 7312 *72
75 .
72
75
70% 70,
8 7012 7118
400 Remington Typewriter v t 0100 68 AugIS 8634 July 3
'99 101
*9714 101
*98 100
'98 101
*99 101
Do 1st preferred v t c 100 9612 June24 101 July17
92
93
9238 9134 9214 9458 9112 9512 89,
8 92
89
- 13.1a;
101 7112 Jan18 10312 July15 ;i2738 Jan
*10534 107 .101 105 *101 105 '10418 10514 10412 10112 10318 -96/8 35,6(10 Republic Iron & Steel
101
Do pref.
100 100
300
Jan13 10812 July28
92% Jan 102% Sept
4514 4511 45
45
400 epublie Motor Truck_No par 45 Sept19 6118 July10
993-4
-158i8 -9-61
8 98
-6.11 - 9534 9814 9434 971 i
94
9511 93,400 Royal Dutch Co(N Y shares). 81
Aug 8 121 July17
4,141, 15
1438 1438 1412 1412 .14
1434
200 St Joseph Lead
10 1312 May27 17 July14
-8214 83
81
81
8012 8012 7978 8018 78
8012 77
78
2,100 Savage Arms Corp
100 5318 Jan 3 91% July10
5112 Dec 8082 May
2214 21
21
21
2154 20
1718 1814
1712 17% 1734 1912 7,100 Saxon Motor Car Corp
614 Mar21. 29 Aug 6
100
18 Nov
34!Aug
•200 205 '200 205 '200 205 '200 205
20014 20014 200 200
400 Sears, Roebuck & Co
100 16612 Feb13 218 JulY16 13334 June 76% Dec
1312 14
1412 1412 1412 1373 1414
14
1312 14
184 Feb
1312 1313 3,100 Shattuck Arta Copper__._ _10 10 Feb19
1914
213
July25
Dec
6014 6018 6038 6154 60
60-14 5878 6012 5734 5911
5734 5918 117,900 Sinclair 011 & Rens___.Vo pit 33,4 Jan 2 6934 May 8
Feb
2514 Apr 39
*6112 66
66
67
43612 6714 64
68
6512 64
"63
64
5,300 Sloss Sheffiel i Steel & Iron 100 4612 Feb10 77 July 7
7114 May
39
Jan
.87
*92 100
92
*9014 105
*9014 105 '9014 105
*9014 105
Do preferred
15
100 85 Marti 9712 July 3
81
Feb 931. July
*111 118 '111 118 *111 118
"115 116 "115 11512
So Porto Itleo Sugar pref_ 100 107
Jan27 117 Sept 6 102
Jan 110 Nov
*129 135 '129 135 '129- 1-35 - 132 132
*121 127
100 124
100 Standard Milling
Jan14 149
Apr 2
84
Jan 120 Dec
___
93 '85
"85
93
"85
93
93
*85
"85
93
preferred
Do
gg
2
Jan
MO'
9418
Jan
8512
80
June
June12
65
65,2 6618 71
7112 83
27314 79
71% 75
7112 7212 35,500 Stromberg-Carburet 1.No per
3634 Jan10 104 July24
1164 11758 11733 121
118 12012 116 12018 11434 11734 11318
11638 184,600 Studebaker Corp (The)._ .100 4534 Jan22 12434 June 2
,
t Nov
3378 Apr -"jil
*10112 10214
102 102
102 102
Do pref
Jan22 103 July28
600
100 92
8012 July 100 Nov
114 116
--- 116
116
--- all() 11212 1.5318 iff
108 109
3,300 StutzMotor Car of A rn'i Ma par 42 24 Feb14 12518 July21
37
Oct 66 Dec
42
42
42
42
40
42
Superior
Steel
100
Corp'n
32
Jan21
700
51%
June
3414
3
Mar 4553 May
13
1314 1312 1313 1:318 -15- -1-3-1-8 -15
1333 1314 1334
- 131.1 6,000 Tenn Copp & C tr ctfa_No per
1218 Mar17
1234 Dec 21 JUIY
1714 May 5
26712 27212 27112 27512 269 274
26912 27534 264 269
26312 266
24,500 Texas Comp:any (The)
100 181
Jan 2 292 May 9 13612 Jan 203
Oct
*237 245 *237 245
'237 245 "237
100 207
Tidewater 011
Jan 3 250 May12 178
Jan 20014 Dec
10038 10112 1011 1 10238 15554 1143-8 9934 10234 100 245 *232 240
10414 10054 10234 66,900 Tobacco Products Corp_100 7258 Jan29 115 June:10
4812 Mar 82% Dec
*103 10112 10634 108
109 110
109 110
109 110 "105 110
Do prof
3,203
100 99 July21 120 June.30 :8714 Mar 104% Dec
57
57 14 5512 5734 5534 5612 5633 5854
558 5758 5514 5612 95,000 Transcontinental OIL_ No par 42 14 Aug21 5938 Sept 5
O5313 5312 5912 621 1 61
6134 59
130,4
5812 5812 57
3l33 Oct 42 May
58
3714 Janll 6878 July30
3,800 Transue & Williams St _No par
*158 179
•170 179 "170 179 *170 179
Underwood Typewriter_ ..100 115
Jan 8 187 May27 100
Apr 112 Dec
91
'86
-i3f3- -id.- '82
91
*87
91
*85
91
Jan 3 100 July10
100 Union Bag & Paper Corp.100 75
65
Jan 80 May
*5012 52
-b-2-1-2 5218 5212 5114 5278 50
51
50
50
3,300 United Alloy Steel. ____,Vo par 3738 Jarill 5812 July28
3(3% Oct 44 May
200 200 •175 205 *175 210 "175 20014
•170 200
100 10714 Jan 2 22312 Aug 1
100 United Clear Stores
8314 Mar 108% Dec
14514 145,4 2150 150 *146 150 "146 150 "146 150 *175 20014
*146
150
200 United Drug
100 9012 Jan 8 175% July29
89 June gots Dec
5214 5224 '52
5234 (5178 5178 '52
5213 "52
5212 "52
5212
50 51) July18 58% May 9
Do 1s1 preferred
255
5012 Nov
46
Jan
•____ 152 *146 101 •146 151 •146 151 *146
151 "146 154
26 preferred
Do
Jan28 165 July29
100 91
77 June 8514 Dec
*175 180
18134 18934 18712 18712 184 184
18412 186 *18112 188
2,600 United Fruit
Feb10 196 June 9 11814 Jan 18812 Dec
100' 157
10214 101% 10112 106% 10334 10631 10212 107
10434 1073 10178 10838 406,500 Wilted Retail Stores _- No par 80% Aug21 11214 AtigI3
3138 3112 :1012 31
*3112 32
3134 32
30
3012 2912 30
1,800 II S Caet I Pipe & Fdy
Jan15 28(4 Aug 7
100 14
1118 Apr
19 May
•64
6712 64
67
"61
64
*64
67
*63
66
100 4212 Jan16 74% July 7
Do prof
100
41 Mar 4784 Feb
*2612 28
.27
;;;;;(3T2
23
2714 2714 "2434 28
Exnreas
U
S
100
1634
Feb
5
May
100
323
4
May24
1412
1812
Apr
8212 8114 8118 8718 86
8734 8414 8678 8312 8518 8:334
8514 74,800 II 5 Food Products Corp_ _100 643
Apr 8 8853 July31
131 138
136 13938 135 13734 133 13712 13212 13514 13214 13312
27,300 17 S Induatrial Alcohol__ _100 9714 Jan22 187 May27 ;9(i - Dec 137 May
•101 107 *103 107 *104 107 *103 107 "103 107
106 10612
200
lao prof
100 96% Jan 2 111 May23
94
Oct gg Mar
4434 4134 4434 4434 447 4734 4431 4634 44
44
44
45
5,100 U S Realty & Improvement 10f) 17,4 Jan 3 50% June 6
Oct
8 Mar 26
114 11412 114 116
114 11678 11334 115
11214 11412 11254 1131 2 33,500 United States Rubber 1..100 73
Jan21. 13858 June30
51
Jan 8012 Dec
11612 11612 *11512 11612 11512 11512 *115 116 "115 116
116 116
Do 1st pref.
Jan20 11912 July10 295
100 109
:101)
Jan 110 Dec
13834 70
6912 7014 6834 6912 6838 69
6814 6834 68
6834 9,200 U S Smelting Ref dr M
60 4314 Jan21 73 July17
3212 Apr 50% Oct
*4833 4933 4912 4912 "48
4912 "4812 4912 *48
4912 *4734 4912
Do pref
400
Jan18 50 Mar 2
42% Apr 47% Dec
50 45
10414 10518 105 10634 104 1058 103 10573 10218 10334
10112 10338 473,700 United States Steel Corp_100 8414 Feb10 11522'July14
86% Mar 11612 Aug
11418 11414 11118 11413 11433 1143 11312 114
11354 11358 11378 11378 2,100
Do pref
100 11318 Feb10 11712 July17 108 Mar 113% Dec
8618 8712 28478 8514 8333 8518 8158 83
857 '87
815 8234 24,400 Utah Copper.
Oct
10 6518 Feb 7 9712 JulyI6
71% Dec 93
1534 *15
1534 "15
1534 •15
•15
1534 15
15
'1434 1522
100 Utah Seenrittes v t o
100 13
Jan 2 2138 Junell
16% Nov
11 Sept
84
z81
818 81
8318 "82
8112 7978 801.2 "79
"82
80
Virginia-Carolina
3,300
Nov
51
._100
Chem_
9212
8014
Feb10
July14
3334
Jan
11412
4'114 115 *11412 115 *11412 115
•11312 11412 *11312
115 115
Do pref
1.00
Jan 7 11534 July 3
100 110
98
Jan 113% Dec
61
61
__.60
100 Virginia Iron C & C
7312 July
100 54 Mar31
74 May29
51)
Jan
571
2 57
5312 *55- -5-8-1; *55
5812 5712 -5812 65581-2 •56
5312
834 Jan
(300
Fargo
Wells,
Express
100
Apr29
53
6334
79
Sept
May23
8414 85
85
8518 8514-___
85
8512 8512 £8314 8314
900 Western Union Telegraph_100 sS314 Sept19 9213 May26
7714 Aug 95% Apr
*11138 114 "1115 11334 *11158 11334 11178 114
11334 11334 11258 11258
400 Westinghouse Air Brake__ _ _50 9412 Jan15 126 July 7
95 Dec 95 Dee
5512 54
5412 548 5158 5512 5412 5512 54
5114 538 5414 12,900 Westinghoile Elea & Mfg....50 4012 Jan21 5978 June 9
3812 Jan
47'l May
6312 62
6212 6314 26258 6414 62
63,2 6012 6118 6012 6012 10,400 White Motor
50 45
Jan 3 75 July 9
3634 Jan
49 Nov
3254 3318 3312 3412 3314 3414
3233 34
3134 3278 3134 3212 34,200 WIllya-Overland (The)
Nov
Jan22
2314
25
4014
30
June
1512
2
Jan
13
97
*95
*95
*9518 97
97
*9518 97
*9518 9(3
"9212 97
Do pref (new)_ _._ __WO 3734 Jan 7 9814 May 9
8914 Nov
75
Jan
84
81
84
8314 8312 33
8312 85
8014 8258 81
81
4,100 WIlionkCo,Ino, v t Of No par 6554 Jan20 1017 July 2
774 Dec
4514 Jan
*86 100
Do prererred
100 9613 Fe1)17 10412June16
9012 Sept 6912 Dee
'125 130
17- i2i'125 130 '127 129
124 125 *123 127
.
600 Woolworth (, W)
1
Feb 7 13638 May19 110 Mar 10312 Oct
1041 120
_ '11314
*11314 -___ *11314
Do pre(
11433June26
100
11712
July25
111
Oct 115 Sent
83
86
8614 88 I 8314 -13.7-4 8118 -84-12 80
82
81
-82- -24,700 Worthington P & M v t e._100 50
Feb13 88 Septi5
Jan 69 Aug
34
*9312 95
'9312 95
9334 "9312 95 I *9114 95
91
29114 9414
Do pre( A
400
Apr
100 83
Jan 0 98 Apr 24
91
Feb
85%
*78
783
79
7812 7812 7812 7812 787
*78% 79
x77
77
Da prof B..__.
600
_100 66
Jan 3 79 Junn26
70% July
59
Jan
• 1316 and asked prim; no Isles on this day
Lila than 100 shares
ca Ms die and Mimic
I E8-rigtne
1 For fluctuations In rights see 0 1160
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
onday
Sept. 13.
Sept. 15.
-$ per share $ per share
*40
60
*40
60
32
*31
*31
32
.
220 245
22714 215
*110 114 *110 114
71
70
71
71
*107 118 '107 118
230 23514 z231 23712
*112 114
*74
77
*74
77
65
*64
*64
67
.8012
3418
Tuesday
Sept. 16
Stock Exchange-Bond Re6ord, Friday, Weekly and Yearly
1164 New York
bonds.
Szehangs nsaltod of quoting bonds was Mamma and pries: ars nots--"and interest'-except for interest and defaulted
Jen. 1909 Os
BONDS
N. Y.STOOK EXCIIIANGE
Week Ending Sept 19
...
I
0
0-c a.
Pries
Friday
Sept 19
Wash's
Bangs or
Last Halo
11
oo
Range
Macs
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Sept. 19
Pries
Friday
Sept 19
West's
Bangs or
Last Sale
31
11
1,
Range
Sims
Jars. 1
Ask Low
Bid
High No, Low High
_ _ ..... 6178 59 July'19 ....- 59 .85
Oast Vermont let gu g 49_61920
87 Aug '19 -- 87 931e
87
83
Jhess & 0 fund es impt 58_1929
94
9173 9413 Sept'19 __ 9313 gets
1939
1st COM01 gold 55
D 100.00 Sale 99.90 100.02 2140 98.20 100.02
9658 104% Jan '17 -1939
Registered
8
8 -8.3i
7513 41 -727751 Salo 748
1992
General gold 4348
D 95.10 Sale 94.80 95.10 257 92.50 96.00
_ _8634 Mar'17 -____ 78
1992
Registered
N 93.72 Sale 93.02 94.00 3081 92.10 95.10
73
Sale
7818
A
20-year convertible 43.4s...1930
54
81
8588 4
5 -8
75
8
38
1 9
f"4
30-year cony secured 5s 1946 A 0 8413 Sale 8113
D 95.14 Sale 94.80 05.28 2077 93.70 96.60
7812
78 July'19 --- 78
88
75
1944
Big Sandy let 48
N 94.16 Sale 93.08 94.20 7053 92.78 95.33
7413 8234 8234 May'19 --- 8234 8234
Coal River fly 1st gu 48_1945
S 05.66 Sale 95.14 95.76 15662 94.70 96.60
7418 ___ 9834 Feb '16 -1940
Craig Valley 1st g 58
"afir
8714 --__ 69 June'19 ---69
1916
2 95.42 100.62
Potts Creek Br 1st 4e
D 100.60 Sale 100.60 100.60
74.4 76
80
7712 June'19 --- '75
R & A Div 1st con g 49_ _1989
0 93.92 Sale 93.18 91.10 20924 93.00 95.72
6953 ___ 71 Oct '17 --_- --__ -1989
2d consol gold 413
73% ____ 8813 Sept'16 --- _.._- ....Greenbrier Ry 1st gu g 49_1940 NI
D 99.96 Sale 99.72 99.98 10937 99.46 100.08
82% -..„ 113 Feb '15---Warm Springs V 1st g 5s_.1911
D 99.94 Sale 99.72 100.00 6668 99.46 100.48
2
4 -5310 4714 Sale 4714
488 12 -4711949
Chic & Alton RR ref g 38
J ---- ---- 9934 Sept'19 ---- 977s 9973
1 3314 40
3312 Sale 3312
3312
1950
Railway 1st lien 33.4s
J -- -- - 10014 Aug '19 -- 93 1001.4
Chicago Burlington & QuincyF 1057 ____ 106 Aug '19 --- 10158 10514
991* Aug '19 ---._. 9914 9912
A
1922
Denver Div 48
10834 106 Aug '19 .....- 10114 10614
F
72% Sale 7218
7212
2 713 7612
1949
Illinois Div 33.4s
F 901 _-__ 9814 Mar'19 -- 9814 9814
82
8314
5 8012 8578
8314
81
1949
_
_
____
4s
Illinois
Div
----99
---July'18
---N
9.058 9934
---Aug
'19
9953
0
9953
A
100
Iowa Div sinking fund 58_1919
M 88 ___ 881 Aug '19 ---- 8712 91
9934
1919 A 0 99% _-__ 993 Aug '19 ---- 99
91
Sinking fund 45
901 91 Mar'19 -- 91.
M 88
North.
_
__
Great
Joint
See
bonds.
100
--'15
_
Feb
F -------7911
.12.
... 081
1 ma8
93
:
1118
.
,..0
9
N _0_0
2 ____1 9113 9334
1927
Nebraska Extension 4s
1927 MN
Registered
Foreign Government.
27 -2-56-Sale
/ -3131;ii
973 1570 95% on
1958 MS 79
General 4s
Anglo-French 5-yr es Eater loan_ A 0 97'4 Sale 9734
93
8 77
Chic & E Ill ref & imp 45 g 1955 J J • ___ 3214 27 Aug '19 ---78
Sale 78
Argentine Internal 58 of 1909__ M s 78
30
- _.7
..8:31
_i
65; 29
3834
4 22
29
10212
53
dep..&
9812
Co
of
Mtg
9934
Tr
S
otfs
U
9913
998
Sale
N
M
6s__1919
Bordeaux (City of) 3-yr
98 July'19 ---- 98 104
60
12 54
1934 A0
1st consol gold 6s.
53
59
72's
Chinese (Ilukuang fly) 55 of 1911 J D 2 58
7514 Aug '19 ---- 75
80
1937 MN
1 9212 100
93
General consol 1st 55
Cuba-External debt as of 1904_ M 5 9012 95 93
--_- 7713 80 Aug '19 ---- 7014 80
1 9014 9334
US Mtg dc Tr Co ctfs of dep_
91
Exter dt 58 of 1914 ser A..1949 F A 9012 9718 91
8118 20 80
85
Guar Tr Co otfs of dep
1949 F A 803 8112 81
External loan 4346
9 -.--- ..... 75
13
73
-- 9
-5
334 Feb 4
-7
77
7
99[8 23 9634 Nis
Purch money 1st coal 5s__1942 P A -:..":"-.
Dominion of Canada g 5e-1921 A 0 98 Sale 9312
95
51 94 98%
Chic & Ind C fly let 5s___1936 J J .9 - 32 Mar'17 --- ---- ---1926 A 0 9434 Sate 9138
do
do
39
2
311i4
i
0
57
:;
57
Sale
,
f
MS
E
98
58
9513
20
1
4s__1959
95
9313 98 2
Chicago Great West 1st
9534
_1931 A 0 95
do
do
9813 Aug '19 -1 83 9253
Ohio Ind de Loulay-Ref 88_1947 J J 987 101
83
Japanese Govt-L loan 4;4E1_1925 F A 2 83 8313 83
J
93
1947
821s
1
gold
5s
Refunding
8312
8712
832
8212
2
1925 J J
Second series 410
(3'18
135
4 _8
2-- 854314
2 Apr '17 -....----- 854 854
89
8418 77 82
Refunding 4s Series C____1947 J J 8
Sale 82
do do "German stamp".. __ __ 82
73
11 67 80,2
/ 1st gu 48_1956 J J ...,,__. 7318 83 May'19
Ind eg Louis,
73 68
1931 j .3 0 67
Sterling loan 45
;
8
72
7713
79
4 -6
831-8
June'19 --:-..: -6
J
711
1021k
9773
59
9934
45____1958
Chic
Ind
Sou
&
50-yr
9912
8
997
1919 M N 9938
Lyons (City of) 3-yr Os
8313 July'19 -- 8312 8312
9934 100 9812 10213
Chia LS & East lst 4 As...._1969• D 8058
9934 Sale 9912
Marseilles (City of) 3-yr 66_1919 M N
J
L677
63
8
66
J
7912
_53
15
55
5312
el989
NI
4.9
A_
g
6114
&
ser
gen
52
StP
t
Ch
,3
Q
1899
Mexico-Eater loan L 56 of
4
16
6 63
7632
GI
61989 Q J .0... ....... 9253 Feb63'
52% 49 Sept'19 --- 49
Registered
1954 J D 45
Gold debt 48 of 1904
- -Ei""ar
5718
5734 --3
231 95 10014
98
81.980 J .7 5614 66
Goal gold 33.4s Ser B
Paris (City of) 5-year 8s......1921 A 0 91373 Sale 9614
84%
75
12
7513
77
J
J
7818
7512
61989
C
4;4s
83
Series
1
71
General
71
71
71
-S
M
Tokyo City 59 loan of 1912
7414
6614 20 65
a2014 A0 8512 Sale 65
Gen dc ref Ser A 4 As
II K of(It Brit & Ireland817a
7512 17 73
100
95 9884100%.
Gen ref cony Ser B 58-a2014 P A 7413 Sale 7414
1919 M N 100 Sale 997
13-year 534% notes
75
Sale
75
74
55
ID
817a
7153
99%
1032
9734
453
99
98%
Sale
434s
4
983
Convertible
1921 M N
5-year 534% notes
764
79
3 6
5
78
, 12
378
%
75
8
63
,
9712 442 9513 10134
7
6
1925 ID 76
Permanent 45
90-year gold bond 53.48_1937 F A 9678 Sale 96
63
68
70
J
J
1934
4s
-year
debenture
25
$5to£
basis
of
I:nese are prices on Os
93 9812 June'19
9812 9812
Chlo & L Sup Div g 5s____1921 J J
Div 5s___1926 J J .-.-- 100 92 Oct '16
Chi() & Mo
State and City Securities.
1. '
if ZI iiiia
974jfii 93 9734
9734 -'
98
1921 J J
Chic & P W lst g 58
S 973 9734 975 Sept'19 ---- 96
N Y City-43is Corp stock_1960 M
74
8 65
70
98
5 96
9712
M dr Puget Sd 1st gu 413_1949 J J 6918 Sale 69
1984 M 8 9758 ---- 9712
1,33s Corporate stock
J J 99 100
9914 Aug '19
9914 997k
9914
98
973
--4
1st
6s___1920
f
Div
s
Sept'19
Dubuque
8
975
978
0
A
19138
stook
41.4s Corporate
987
102
103t2
102
5
102
102
9912
J
J
8s_1924
1003
'19
1017
---Sou
Aug
Fargo
&
102
g
assum
i
&Xs Corporate stock July 1967 __ __ 1015a
Milw & Nor 1st ext 4548__1934 ID 79 ___ 89 May'19 -_- 8814 89
1965.3 D 10178 102 10112 Sept'19.--- 1001, 1027
53.48 Corporate stock
82
80 Aug '19 --- 80
82
8 100 10272
Cons extended 4148____1934 ID 79
214e Corporate stock__1963 M 8 10153 102 10158 102
9212
11
9212
1921 J J _„- 988 9714 July'19 --- 9834 9813
9034 9334
Wis & Minn Div g 5e
1959 M N 9213 9234
5% Corporate stock
9973
1920 J J 99 ---- 9953 June'19 ---- 99
Me Valley Div 1st 68
1958 M N 9212 9234 9278 Aug '19 --- 9012 931k
4% Corporate stock
93 93 Aug '10 --- 89 93
927 Aug '19 ---- 9012 9338
Chic dc N'west Ex 4s __1888-'26 FA 89
1957 M N 9213 93
4% Corporate stock
-.'18
Deo
8414
89
A
95
P
8
933
8
1888-1926
9258 30 905
Registered
4%Corporate stook mg.. 1956 M N 9214 9258 9253
8 -.if1 10012 10278
1987 MN 8514 6612 84 Aug '19 _ _ _ -E7General gold 33.4e
1013i
1957 M N 10153 102 10134
New 414s
1-1; 7012 Apr '19 ---, 89
2:8:: -7;8
7012
Registered
p1987 Q F 1957 M N 10153 102 10113 Sept'19 ---- 10058 10273
434% Corporate stook
r.
g
5
7
5
..
MN
8314
1 811k
1987
General 48
334% Corporate stock_ _1954 M N 821 ___ 82 Aug82
7173 Oct '18 --3
8
9812
1987 MN
'19 ---- 98
9812
Stamped 48
1901 M 5 98 2
X Y State--4s
20
98
99 Aug '19 ---- 9612 99
1987 MN 9713 Sale 97%
General 58 stamped
1961 J .3 98%
Canal Improvement 4s
9913
1879-1929 A0 102 109 104 May'19 ---- 1C1153 104
I/Inking fund 83
Canal Improvement 48_19132 J J 9813 ____ 9812 ..ug '19 --- 9814
4
10912 Apr '16 --AO
9634
96$
---'19
1879-1929
Apr
9812
4
9912
963
Registered
J
J
48_1960
Improvement
Canal
7 10634 10834
1879-1929 40 lir -974 9714 June'19
Sinking fund 58
Canal Improvement 43.0_1964 J J 1087s ___ 10812 10812
__ 102% Dec 'Is ---- _ _ _ _ _ _ _
1879-1929 AC *92% ..._ 96 Nov'18 :.-.--- -564 -17ir4
Registered
Canal Improvement 4348_1985 J .7 ---'2 -66G -siii"
97
1
10653
1921 * 0 97 sale 97
--108
108
___
58
4
Sept'19
4
Debenture
1083
$
M
43.0_1963
Highway Improv't
98
98 Mar'19 ---- 97
--1921 A0 -_- 98
---Registered
Highway Improv t 43.(s_1965 M S ___ ___ 10013 June'18 ---9612
1933 MN 9053 9614 90 Sept'19 --_- 90
Sinking fund deb 58
Virginia funded debt 2-3s 1991 J J ---- ---. 78% Dec '18 ---8814
96
MN
97
Nov'18
-.....
..
4
743
1933
62
62
21
62
65
Registered
62
Sc deferred Brown Bros etfe-.----10111
8012
Oct
'18
-M
Des Plaines Val 1st gu 4348'47
3 ig10713 June'19 -- iC70-1From Elk & Mo V let 8s__1933 A0
Railroad.
Man0 Bdc NW 1st 33.48_1911 J J ___ ....- 88 Jan '17 -_ --_- --5 5118 08
513
51995 Q J 51,2 53 5113
Ann Arbor 1st g 43
Milw & S L 1st gu 3348.._1941 J J
Atchison Topeka & Santa Fe8513
'
5 la
78.4 185 76
8 ge-p-tlio 7.7.7 156;
8 7-7_ 1005Y16.1Mil L S & West let g 8s___1921 M
1995 A 0 77 Sae 7713
Gen g 4s
Eat & Imps f gold 5s___1929 P A
1995 A 0 ---- -----7618 Sept'19.- 7818 82
Regletered
94:78 104
9
3 -......:: 10
rgt':119
S:pli
178 A
4
97
0
2 : 10
:
ii:
70 7353 72 Sept'19 ---- 72
Ashland Div 1st g 68_1925 MS
8034
51995 Nov
Adjustment gold 48
106067312 June'18 ---- -..-- -__
Mich Div let gold 88 1924
51995 Nov *___ 86
Registered
7814
7518
__
7913
Sept'19
M
78
---78
7012
5
MU Spar & N W let gu 48_1947
72
51995 M N 7012 7112 7012
Stamped _
98
1 6513 7813
6518
7258 6518
St L Pee & N W 1st gu 5s 1948 J I --- 9373 94 July'19 -- 93
1955.3 D 66
Cony gold 48
ou t 40 eo 1024
Chicago Rock Tel & Pao-1980 J D 90 10012 903.1
Cony 48 issue of 1910
7912
7 70
72/8
7218 7112
Railway general gold 45___1988 J J 71
East Okla Dly 1st g 4s__1928 M S 8614 8978 901 Sept'19 ---- 9013 9218
..121;1; '833 May'19 -- 70% 78%
76
1988 J J
74 July'19 ---- 74
Registered
Rooky Mtn Div 1st 4s___1965 J J 7053 80
6858
6712
83
66
7612
AO
81
1934
7514
76
Sale
19
76
4s
76
Refunding gold
Trans Con Short L 1st 48_1958 J J
. 7012 Mar'19 --- 7053 70%
of.. ..al;
.
1932 J J .
25
20-year debenture 5s
Cal-Arts let & ref 4;0"A"1982 M S ---- 8218 85 May'19 ---- 86
MS
1934
813
4348
let
&
RI
Ark
Louis
95
95
---June'19
95
95
s
S
B Fe Pres & Ph 1st g 5s___1942 M
1
90
60
9
1.38 17
72
98
1 9
1.
60
7312 13 78 854
1934 * 0 80% 95 6
7712
79
BoriC R & N lat g fis
All Coast L let gold 4s___51952 M S 78
83
4 80
80
80
81
ORIF&N Wlstgurs_1921 A0 9218 9812 9714 Fob '19 -- 9'714 9714
1984 J D 79
Gen unified 4;41i
J
--J
97
May'18
-_--89
-1;
7
.
9812
9612
5&_p1919
g
---83
gen
98
0
N
0811
&
June'19
Okla
Cho
Ala Mid 1st gu gold Se. ..1928 M
_
93 May'18 --..
1952• N
84
78 Oct '18 ---- ---- -Consol gold 5s
Bruns & W 1st gu gold 48_1938 J J 79
8 70 Aug '19 --- -jii" fsiA0 _:::: -0971923
5s
s
&
let
Des
Keok
-----Moines
11418
____
1297
--'15
J
Aug
J
76_1938
gold
1st
Charles & Say
6734 6312 Sept'19 __ 65
71
14 6312 7813
7214 71%
72
St Paul & K 1311 L lst 43,48'41 P A 67
01952 111 N 72
L & N coil gold 45
1 104 108
101
105 Aug '19 -.-- 105 1074
Chia St PM &O cons 80........1930 ID 10412 106 101
Say F & W 1st gold 58._1934 A 0 ____
• D
85 June'19 ...-- 85 85
3348_1930
July15
to
----105
reduced
88
Cons
0612
0
A
1934
lot gold 58
91 19
1,
tztv:16
1 A
9 --- 91
97
8534 25 8:178 8913
1930 MIS
Debenture 58
514
l 85
1925 J J
Belt & Ohio prior 33.45
___ _ _ _ _1930 J J idol; __
87
North Wisconsin let 8s
51925 Q J ------- 87 Feb '19 ---- 37
Registered
92%
MS
__
95
May'18
---697
41
71
1st
L
82%
Short
Superior
8913
58
l
g-c1930
71
0
A
51948
let 50-year gold 4s
818 5712
52
- 10
June'19 ---4
Chic T H & So East 1st 58 1980 J
__- 9234 Mar'17 ---- ---- -51948 Q J --------Registered
10414
7113'
63
2 10
63
0 10
83
20 7018 80
Chic & West Ind gen g 8E1_0932 Q M 10
71
1933 -- 7014 Sale 7013
10-yr cony 434s
65
2 61
63
6213
63
73
29 72
8213
1952 J J 62
72
Consol 50-year 4s
Refund cic gen 52 Series A.1995 J D 7112 72
8612 90 May'17 ......
9633 97 9533 g612
1937 J J 78
9618
Cm ii & D 24 gold 434s
1929 J J
Temporary 10-yr 8s
---- ---88 Mar'll ---- ---......
C Find & Ft W 1st gu 45 g 1923 MN
Pitts Juno 1st gold (18....-1922 J J ---- ----- 112 Jan '12 ---- ._ _--4112 Nov67'415388
8
769
2 7
f1g08
- -67
518
6
768
Day & Mich 1st cons 434s 1931 J J -T3
871s
8412 Sept'19 --- 82
P Juno & M Div 1st g 3;48 1925 M N 8178 85
71-60
4 -H118
2
78
3 65
65
Cloy Cin Ch & St L gen 4s 1993 ID
66
P LB & W Va Sys ref 48-1941 M N --_- 65
2
85
20 78
84
J
•
8814
80
10
1031
82
8112
8
817
8034
deb
20-year
414s
l
J
33.0_1925
gold
1st
Div
Southw
87
8113
8212
84
6
8212
8212
ID
1993
B.
3
__873
Series
4
Sept'19 ---- 873 8958
General Si
Cent Ohio R 1st cg 43.48_1930 M S 87%
8034 76
1' 76
76
811%
1939 J J *76
9571 July'19 --- 9512 9572
Cairo Div 1st gold 45
Cl Lor & W con 1st g 50-1933 A 0 _-_673 70
6978 70 June'19
CInW & M Div lat g 4s.._1991 J J 60
957 Sept'19 ---- 9512 96
Ohio River RR 1st g 56_1936 1 D 9534 96
Salo
6 67
08
67
N
6712
7814
NI
1990
88 Aug '19 ---- 88
911s
St L Div 1st coil tr g 4s
1937 A 0 8 18 1
General gold 5e
76
7412 Jan '19
7413 741s
1940 MS 73
Syr de Col Div 1st g 4s
Pitts Clay & Tol 1st g 86-1922 A 0 --- ----9918 Mar'18 ---- ---- -- -_ 84 Nov'18
71
J
1940
58
4s
3
g
607
Div
---1st
Val
607
W
3
Sept'19
W
607
5512
J
J
Tol ee Cln div 1st ref 45 A_1959
ig
99
I St L & C oonsol 88_1920• N
1937 M S 9314 10078 99 Mar'19 ---- 99
Buffalo R & P gen g Se
251.1 j
89
9
SoulpYt:119 ----' -8
52
4 -853513;
5312
51938 Q F 82.4 81
1 8412 88,4
8412
1st gold 4s
8112
1957 M N 78
Consol 4%s
9_
mi:44:15
2N
34
98
_i1_3 8
_9
1
8
.
1
27
0
9
8
F
Q
51936
8453
8453
53
84
84
---7218
Registered
July'19
1998 A 0
All & West 1st g 48 gu
Cin S & Cl cons 1st g 58_1928• J
Clear & Mall 1st gu g 58..1943 J J 89 ___ 1031s Feb '18 ---- - - - - --3105
371
15
57
10
3COO &I gen cons g 68_1934 J J 102 --_- 104 Aug '19 -_-_-_-.-. Roth & Pitts 1st gold 138_1921 F A 100 100 4 10018 Sept'19 ---- 10018 101
July'08 --Ind B & W 1st prof 4s........1940 AO 76
6ta ::::::
1922 J D 10014 103 10014 Aug '19 --- 10014 102
Consol 1st g Os
0 Ind di W 1st pref 58.....41938 Q
1982 A 0 87 8912 8678 Aug '19 ---- 8873 957
Canada Sou cons gu A 5s
- Aug '19 -- -id" -664
Peoria & East let cons 48_1940 AO 511 55% -511s
Car Clinch & Ohlo lst 30-yr 58'38 J D --- 8078 75 Aug '19 --- 75 82
31
12
-26
2753 -2
2712 2758
12
1990 Apr
Income 4e
Central of Oa 1st gold 58......191945 F A 9213 ___ 9734 Aug '19 ---- 9734 1007
86
83 Aug '19 --- 83 89
1 8618 94
Cleve Short L 1st gu 4;4s_ _ _1961 * 0 85
8613
1945 M N 86% Sale 8013
Consol gold 5s_
8914
83
9
A
P
84
85
8314
8353
958
g
Sou
&
1st
Colorado
4s..4
-1929
,
99
52
97
97
96'4
10-yr temp sesur 88 June 1929 __ __ 96
24 7714 807
79
7_34
!
.
_S
741k May'19 ---- 7412 7514
..8:!
7
1035• N .
Refund dc Ext 434e
Chatt Div pur money g 4s 1951 J D 7313 82
9834 99% 9834 Aug '19 .......:... 9834 9014
-- -Ft W & Den C let g 8s___1921 J
Mao es Nor Div 1st g 5E1_1946 J J 86 -- 90 May'18 --Conn & Pas Itly's let g 48-1943 * 0
1947 J J ___..__ 9753 June'17 -----------Mid Ga & AU Div 58
-t'19 _. 8.4
4 Sep
3534
1952 J J ....-- 83% -853Cuba RR 1st 50-year 68 g
1948 J J *90 __ 9134 Jan '19 ---- 9134 9134
Mobile Div 1st g ra
88
90
2
Del Lack & Western87
87
____
4
803
N
M
0en tRR & B of Ga coil g 5s_1937
1.13
73
70
pet:1
Suen
23
18
707
21_2 100
7.
.
8.
.115 100 105
-1436
100
Morris & Esti let gu 3)4s-2000 JO .
Sale 100
1987 J J 100
Canto( N J gen gold 5e
1007$ 1007s
1921 J J
N Y Lack & W lst 6s
102 102 Aug '19 ---- 10053 102
Registered
51937 Q J
4
.
99
e:1
101
g
n
ti
u
A
J
9534
14
358
8
9
A
P
:......-....
8
%
11
8
9
,
.
1923
100
Construction
Ss
99
'19
--Aug
Am Dock de Imp gu 5e___1921 J J 99 100 100
92% 92
Term & Improvt 4s____1923 MN
Leh es Bud Ely gen gu 58_1920 J 1 9614 --100 Apr '18 ---- ----e 3;4e Ann0 F
Warren let ref
---- ---- 1021. Feb '08
N Y & Long Br gen g 40_1041 M S 84% _-__ 10012 Jan '13 --*NO price Friday:latest Me week. •Dee Jae. 4DgsAprlj, •Dee May. •Doe Juno. I Due July. k Due Aug. •Due Oet. V Dee JIM r Due Doe a Option sale
Bid
Ask Low
High No. Low High
U. S. Government.
First Liberty Loan
33.48 1st 15-30 year__1932-'47 J
Second Liberty Loan
4s
1st L L cony.. 1932-'47 .1
1927-'42 M
2nd L L
4s
Third Liberty Loan
J
_1932-'47
cony_
L
L
4;is 1st
45is 2nd L L conv-1927-'42 M
1928 M
4;is 3rd L L
Fourth Liberty Loan
Ois 1st L L2nd cony 1932-'47 .3
1933-'38 A
4;is 4thLL
Victory Liberty Loan
1922-'23 J
43(e cony g notes
33is cony g notes. _1922-'23 J
d1930 Q
28 consol registered
41930 Q
28 consol coupon
1925 Q
Ls registered
1925 Q
de eoUpon
51938 Q
Pan Canal 10-30-yr 28
Pan Canal 10-30-yr 28 reg__1938 Q
1961 Q
Panama Canal 38 S
1981 Q
Registered
1914-34 Q
Philippine Island 4s
82 ,_
iii;
.6
.40.
103%
..
.
.
_air,
..... ....
BONDS
N. Y. STOCK EXCHANGE
Wock endinF Sept 19
1165
New York Bond Record—Continued—Page 2
SEPT. 20 1919.]
z
Pried
Friday
Sept 19
Wssk's
Bangs or
Last Said
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept 19
44:
Price
FrIdat/
Sept 19
Wears
Bangs or
Last Sal.
3
;
Rang.
Sines
Jan, 1.
High No, Low //1,71
Ask Low
Bid
Hies No. Low High
Ask Low
Bid
98 10214
_ 98 Sept'19
Len V Term Ry 1st gu 58_1941 A 0 9612
113 Mar'17
0
A
Delaware & Hudson1941
d
Registere
97
96
Sept'19
97
____
97
34 101 i6277i
1922
102
102
10152
1515;
1st lien equip g 4 As
_
_
8
coil
6s_n192
10-yr
1
RR
Lob Val
81
85,4
8114
8112 8114
80
97.4 100
1943
9912 100 100 July'19
1st & ref 45
Leh Val Coal Co 1st go g 56_1933 J9112 Sept'19 _-_- 905s 9534
9012 91
-1935
105 Oct '13
20-year cony be
J
1933 B
Registered
6934 7412 76 June'19 --- 7334 7812
1946
--- -J
J
Alb & Susq cony 330
1933
48
to
let int reduced
Apr '19 --- 10214 10234
10234
101
10232
76._1921
July'18
1st
85
-fdItems & Saratoga
M S 70
Y 1st guar g
Len &
Denver & Rio Grande1945 M S
Registered
5 65
7514
6512
0612 65
65
9812
93
9j
1936
1st eons g 4s
2 69
69
Long leld let eons gold 58_51931 Q J '93 -95 - 93 Aug'19
7612
69
71
6914
86
86
1936
Con.sol gold 430
51931 Q J 801e —__ 86
gold 46
consol
1st
80
76
May'19
80
80
75
80
74
1928
74
81
74
7112
Improvement gold be
D
J
1938
1
645
gold
6012
General
45
5812
Sale 57
58
8618
8618
1955
Mar'19
9512
8612
9158
d
l
o
S
1st & refunding be
M D
193
22 B
4gold 4 As
8734 Nov'16
1939
85
9914 Oct '06
75
Rio Or June let gu g 55
Fe
Gold
'11
Apr
6114
38
4
-751-6666
66
66
78
S
M
Rio Or Sou 1st gold 4s___ -1940
1949
4s
gold
Unified
39 July'17
84
76
1940
7038 7478 81 June'19
Guaranteed
1934 J D
2 6378 7312
Debenture gold 58
65
6412
6 II. 72
7712
72
72
--__ 7378 72
Rio Or West let gold 4s 1939
N
M
1937
1
55
deb
m
p
20-year
60
56
56
56
___ 56
77
67
07
67
Mtge & coil trust 45 A 1949
13 6512 70
8
49
94
19
Guar refunding gold 48
82 Dec '16
78
65
95 Jan '11
Del & Mack—let lien g 4s 1995
Registered
7512 July'16
94
92
1995
92 Aug'19
--__
87
Gold 4s
0
A
g
con
2
1st
Es_1935
13
NI
&
13
Y
N
77
7072 8414
7672 Sale 7672
92
92
9.112 92 Apr '19
Det Riv Tun Ter Tun 43411-1961
1927 M S 88
NY&RB 1st gold 5s
93,2 ---- 9634 June'18
9012 91
.7 85
91
9018 June'19
Dul MIssabe & Nor gen 58_1941
95
Nor Sh B 1st C012 g gu 58_01932 Q
91
89 -- _ _ 9312 Sept'19
8812
82
8212
85
821.
8112
Dul & Iron Range let 55...,_1937
1927
S
M
5s
g
let
Ark
Louisiana &
10512 Mar'08
2 9912 108
1937
9912
9912
Registered
N
7 .m
1 D
930
8412
Louisville & Nashv gen 68_193
83
83 June'19
83
78
97 10012
97 Sept'19
97 100
Dul Sou Shore & Atl g 5s... 1937
Is
96
Gold
91
8912 -- - - 93 Sept'19
19 82
8812
8314
Sale 8212
83
Elgin Joliet & East 1st g 56 1941
J
1940 J
Unified gold 4s
9814 10078
9978
9972
9.12 100
1920
9658 Jan '17
Erie 1st consol gold 7s
J
1940 J
Registered
8172 —__ 7812 Oct '18
/1-2 100
-61
-97
June'19
9712
-66N Y& Erie let ext g 48- —1947
N
M
1931
58_
gold
trust
l
Collatera
---- -- 9612 June'18
1910
931 9414
941s July'19
S818 91
2d ext gold Is
1 M
1930
B
B N
L Cln & Lox gold 4;0
9152 92
9152 --- 92 Sept'19
1923
10312 10512
104
106 104
3rd ext gold 44s
N 0 & M 1st gold 6s
9911 July'17
9652
951
100
1920
100
'19
Jan
100
4th ext gold Is
J
J
1930
2d gold 6s
9434 Nov'15
1928
914 7912 Jan '19
,
7912 7912
507
,11132 18
58
7
9
5th ext gold 4s
Paducah dr Mem Div 4s....1946 F A
9812 9812
9978 9812 Aug'19
97
9912 10114
9912
9912
NYLE&W let g fd 78_1920
M
68..1921
gold
1st
Div
Louis
7012
St
61
6134 6112 Sept'19
61
2 5114 57
prior...,1996
5134
5134
Erie let cons g
1980 M
26 gold 38
84 Dec '16
2 7212 79
7212
1996
7312 7212
73
Registered
Atl Knox & Cln Div 4s_ 1955 M N
5078 50 4912 5712
491; Sale 4912
9512 9512
9512 Sept'19
9512 100
let consol gen lien g 45_1996
D
J
_1946
let
58_
g
Nor
dr
July.,
Knox
At!
73 June'le
--_ 65
10112
10112 10112
1996
10052
Registered
S
M
g
1931
f
6s
775 83
Hender Bdge 1st
8512 82 Aug'19
82
8078
73
7114 7558 73 Aug'19
Penn coil trust gold 4s 1951
J
Central gold 0_1987 J
52
Kentucky
4378
44
44
4514
43
9218 9514
9378 95 Aug'19
50-year cony 4s Ser A 1953
13' 43
52
Lox & East let 50-yr Is gu 1965 A 0 91
4514
Salt 44
44
8712
855s
8652
1953
July'19
80
do Series B
S
23' 4572 55
47
L&N&M&Mletg4;01945 M
4632 46
45
73
62
6378 6232 Sept'19
6318 ___Gen cony 45 Series D. _1953
J
9 84
0512
L & N-South M joint 48..1952 J
87
84
8.112 87
95 Feb '05
1982
---Chic & Erie 1st gold 5s
J
Q
51952
d
Registere
9158 -__ 1007s Jan '17
95
-fig
July'19
95
__-Clot & Mahon Vail g ba_ _1938
2 101
.411N Fla & S 1st gu g 5s____1937 F A
9812 9512 Aug'19
8312
- 9778 May'16
Erie & Jersey 1st s f Os_ _1955
J
9578 101
N & C Bdge gen gu g 40_1945 J
00 ____ 98 May'19
10114 1015
118
1 10152 July'19
96
914 19
Genesee River 1st s f Os.,..1957
107 109
Pensac & Atl let gu g 66_1921 F A
112 10812 Sept'19
10811
9614 9612
9614
9614
68
g
1935
consol
Dock
Long
'18
N Ala eons gu g 5s___1936 F A
&
Jan
103
--_93
93
88
88 Aug'19
Coal & RR let cur gu (3s_ _1922
0
A
58_1963
-year
50
gu
eons
Gen
July'17
9012 ---- 10212
60
July'18
0
7
9
14
8
82
6
Dock & Impt 1st ext Is...1943
S
M
5
L & Jeff Bdge Co gu g 4s___194
Jan 18
85
____
8012
g
N Y & Green L gu 58...._1946
-6471-4 -78r4 Manila RR—Sou lines 45_ __1936 M NS ---- ---6414 71341 6412 Sept'19
77 Mar'10,---60
N Y Susq & W 1st ref 56....1937
Mex Internet let cons g 48_1977 M
55 110014 Dee '06
75 Nov'10 -1937
20 gold 430
1977 M S
Stamped guaranteed
s' 60 June'18
517
1940
9112 June'17
General gold Is
0
J
g
56_1925
f
s
t
'18
Dee
Term—le
97
Midland
--__
88
---_
July'19 -- 102 101
101
TOT1943
Terminal let gold 5s
D
J
1927
7s
Minn St Louis 1st
108 Jan '17
8212
9712 9914
9712 Apr
1940
Mid of N J let ext 5s
72
60
Pacific Ext 1st gold Os....192l A 0
5514 6278 60 July'19
80
74
59
74 Sept'19
i
478 17
74
9
Wilk & East 1st gu g 5s 1942
1934 M N
2312 Jan '17
1st consol gold be
4112 49
Sept'19
4534
43
S
M
Ev & Ind 1st cons gu g Os....1920
1949
98
95
1st & refunding gold 4s_
9514 Aug'19
9514 97
49
44 Sept'19 -- 44
Evansv & T II let cons 6s 1921
70% 70%
Aug'19
Ref & ext 50-yr be Ser A 19132 Q F
7014
---4
703
50
6012 Feb '15
1942
45
1st general gold be
J
108 Nov'll
Dee M & Ft D let gu 4s...1935 J
---80
;
E17512
7512
74
7512
_1923
68_
gold
1st
Mt Yemen
- -- - _
Iowa Central let gold 58..1938 J D
*75____ 05 June'12
4812
3 42
44
45
538 43
82
Still Co Branch let g 5s 1930
1951 M S 43
8038 85
Refunding gold 4s
8012 8012 Aug'19
78
89
Aug'19
811
833
s
8412
1959
J
B
1938
Florida E Coast 1st 44s
92 Aug '10
MStP&SSNIcong4sintgu_
—
1
9734
9634
July'19
91
904
18
9612
430_194
Fort St U D Co let g
6012 6012
let eons151938---Ef- ____ 6012 July'19
_ 92 Jan '17 -88
N
M
1941
48
f
Ft Worth & Rio Or let g 4s-1928
Terms
'18
Dec
Chic
80
1st
81
70
l
'
9352 June'19 -- -di- -dil
J
Galv Hone & Hen 1st 58._ 1933
& A Ist g 4s int gu_'26 J
9532 228 gs 907
M SS
9552 Sale 95
95 Dec '16 ---0
92
93
112 9
4 94
J 8
1949 J
9672
Great Nor C B & Q coil 48_1921
9434
Mississippi Central let 5s
9534 9434
04
51921
2
Registered
Texas
89
&
83
83
Kansas
83
Missouri
83
79
69
62
3414 64 Sept'19
8 67
12
4,
36
1990 J D 6
1st & ref 4413 Series A___1901
96 June'16
1st gold 4s
38
1961
29
36 Sept'19
Registered
g1990 F A
2
88 -gg12d gold 4s
85 --__ 8812 June'19
30
1933
2014
2014
-----Aug'19
4
223
N
M
St Paul M dr Man 48
1944
104 10812
1st ext gold fis
103 --__ 101 Sept'19
4812
-1933
4012
-Sept'19
4312
4012
37
Os
g
1st consol
20CI4 M
1st & refunding 4e
118 Apr '17
4612
1933
41
44 Aug'19
44
Registered
3
951
______
of
dep
eertfe
Co
9114
91
9114
Trust
9332
;
-907
34
29
30 Sept'19
--_- 30
Reduced to gold 448_1933
Gen sinking fund 4%s.. 1936 309 10212 May'10
1933
27
25
July'19
27
Registered
5 84
887k
84
St Louis Div let ref g 48..2001 A 0
-747-8 8412 84
1937
---30
Mont ext let gold 4e
'16
"ext"
notes
80
secured
80
b%
Sept'19
80
1937
7
Ap7.-'17.
---Registered
81
81
Dall & Waco 1st gu g 56_1940
-_---- 81 June'19
53
53
53 Sept'19
pacific oat guar 4s E.._ _ _1940
7414
Kan City dc Pac let g 4s 1990 F A
- 80 Nov'18
3
418
58
Il
4018 July'19 ---- 4018 50
0
A
E Minn Nor Div let g 48..1948
1942
5s
g
gu
1st
E
99
K
&
99
Mo
99 ---- 99 Aug'19
1922
7112
--__
'19
70
Apr
69
70
6712
N
M
Minn Union 1st g 138
2 103 10838
10114
M K & Okla let guar 58_1942
10432 _ _ _ _ 10414
1937
55
5512 Aug'19 -- 5052 58
52
Mont.() let gu g 13s
MK&TofTlstgug 5e 1942 M S
13614 May'06
1937 J .1
51 Deo '18 ---74
--__
Registered
D
J
58_1942
9412
g
gu
2
let
&
-661So
2
Sh
-971
Sher
941/
931s 98
1937 J J
50
50 July'19 ---- 50
40
let quer gold be
Texas & Okla let gu g 5s 1943 M S ---90 —__ 10934 Aug '16
Will & S F 1st gold 58..1938 J D
-51 - -66- Missouri Pacific (reorg Co)57 Sept'19
5211 67
8358 5778
Sept'19
8352
A
F
Green Bay dr W deb ate "A"____ Feb
1965
A
Set
12
58
8
(138 157
1st dr refunding
878
9,4
872 12
Feb
5 9078 9478
91
91
Debenturectle "13"
7312 8212
1st & refunding Is Ser Ba 1923 F A
7312 Aug'19
79
73
J
8478 92
8478 Sept'19
Gulf & 1 lst ref & t g bs__51952 J
83
let & refunding 58 Ser C 1926 F A 9
71
72
Sale 72
6312
J 72
8988
5
6011
7
8
12
2 10
8980
l3
9231! 5714
a
5814 118 57
Hocking Vol 1st cons g 430 1999 J
M
1975
General 46
7312 June'18
_
J
J
8
1999
100
98
9912
9918
d
Registere
Missouri Pao let eons g 88_1920 M N
7.3,s ---- 7312 Oct '18
58 Oct '18
S
M
Col & H V Ist ext g 4s___ -1948 AO
1945
48
loan
gold
-year
40
7614 7614
7614 Apr '19
7012 1955 FA
82 Apr '17
7212 80
Col & Tol 1st ext 48
1938 M N
---3d 7s extended at 4%
85 Dec '18
95
J 80
100 Feb '13
Houston Belt & Term 1st Is..1937 J
Boonv St L & S let Is gu_1951 F A
8414 8514 June'19 ---- 8514 88
J J 83
68
68
June'19
8412
68
6632
D
J
Illinois Central 1st gold 48._1951
1948
46
g
1st
---Cent Br II P
---- 92 Sept'17
1951 J J
8034 82
8034 Aug'19
7912 Registered
76
Pac R of Mo 1st ext g 4s 1938 F A
7212 ____ 7518 July'19 ---- 74
J
1961 J
89
89
4
89 May'19
8512 442J
J
let gold 348
38
Is___A9
gold
extended
2d
J 6618 ____ 84 Nov'15
1951 J
9232
9214 9712
Registered
BtLIrM&Sgencong5s 1931 A 0 9232 Sale 9232 July'14
-80
June'17
7238
____
AO
1951
413
3
gold
102
Extended 1st
Gen con stamp gu g 5s 1931 A 0 7412 Sale 7412
15 73
1951 AO
825*
745s
J
Registered
1929 J
Unified & ref gold 46
-gd- Juia5
1951 MS
807s Oct '17
1st gold 3s sterling
1929 J .1
Registered
S
•
1951
6 -13
7012
.63-4 7712
7012 Sale 6978
Registered
M N
1933
4e
g
let
15
Div
G
&
79
Riv
7278
7312
7272
-77
92
1952 AO -'7-11;
92
- 92 July'19
Collateral trust gold 45
1926 M S 9058
Verdi V I & W let g 56
9532 Sept'12
1952 AO
10014 10514
lows 151 10014 Sept'19
Registered
2 76
8414
Mob & Ohio new gold ea....1927 J D 9514 98,
76
78% 76
77
9812 9812
1956 MN
9812 July'19
8
let refunding 46
J
Q
51927
Os
gold
ext
let
Aug'19
71
6512 71
J
1952 J
88
88
68 July'19
Purchased lines 348
758
General gold 48
75
7
71.
7312 --ii 69
7014 Sale 6912
1953 MN
8652 91
8812 Aug'19
S
M A
L N 0 & Texas gold 4s
38 F
1947
Montgomery Div let g 58_1
7118
66 Aug'19 ---- 66
85
1953 MN
8678 87
Apr '19
87
Registered
D
J
1927
58
22
Div
St Louie
9134 9714
06
r7; Sale 9472
1034 J J
7:
3:
:
38. :4
801s 8112
73882..59713:148 8012 July'19
J :
16-year secured 5128
79
St L & Cairo guar g 48_, 1931
79
79 Aug'19 ---- 79
1050 J
9834 100
9912 July'19
9178 99
Cairo Bridge gold 45
01
Nashv Cbatt & St L 1st 58_1928 A 0 100 10414 11014 Mar'17
56
81
61
Aug'19 ---- 61
J
J
Litchfield Div let gold 38_1951 .1
3
68_192
g
let
Jasper Branch
68
6712 ____ 68 Sept'19
613
J
59
50
50 Mar'19
J
Loulsv Div & Term g 330 1953
Nat Rys of Nfex pr lien 446_1957 J
83 Aug '12
---1953 ii
35 Aug '16
Registered
1977 A 0
Guaranteed general 4s
1921 P A -6E1; --- 102 June'16
---8
'13
Feb
967
J
J
6
Middle Div reg 58
430_192
Nat of Mex prior lien
5814 Sept'18
1951 FA
21 Aug '18
B
A O
B
Omaha Div 1st gold 35
let consol 48
5712 65
J
62 Oct '18
J
(1834
03
65
6372
-ESt Louis Div & Term g 36_1951
New Orleans Term let 4s...1599531
J 65% 7018 651a Oct '18
J
1 94
9712
1951
94
95
94
94
D
J
330
1925
Gold
Tel & Mexico let 68
0
N
_
B
_
•
68
80
June'l0
6212
1951
50
55
59
Sale
57
Registered
1935 A 0 5812
Non-corn Income 58 A
ff 8052 Nov'10
1951 J J
SprIngf Div 1st g 330
RR—
79.3
Central
7912
York
New
743
; 85
10012
7012 May'19
1P A
9512
48—.195
108
96
9552
Sale
9572
g
let
N
Lines
M
1935
Western
Cony deb Os
92 Nov'10
1951 F A
8812 7814
6912 7012 6812 Sept'19
Registered
1998 F A
Consol 4s Series A
11712 May'10
7912 10 771s 86
1923 B D 9434
2013 A 0 7912 Sale 78
Miley & Car 1st Os
73
Ref &imp 434e "A" Riv_
7318
73 Mar'19 ---- 73
M
46..1932
gold
1st
Shaw
Carb &
gi 97 July'19 ---- 9412 9934 New York Cent & Ilud
J D 91
73
20 68
70
Sale 68
J 68
1997 J
Chic St L& N 0 gold 56..1951 B D 8714 _
Mortgage 3.4s
9512 Feb '19 ---- 9512 9518
1951
(3852 71
J ____ 7258 6852 July'19
Registered
1997 .1
Registered
D
J
July'18
8
6512
663
86
1951
78
80
Sale
79
80
N
Giold 34e
1934 M
Debenture gold 45
1951 B D
79 Nov'18
Registered
Registered
95
O
8558 85 Sept'19 ---- 85
08
62
6232
5
62
6652
61
A
N
M
F
Joint let ref Is Series A_1963 J
34
98
9
1
Lake Shore coll g 354s
---67
1951 JO 6834 7412 7012 Oct '18
59
6278 59 Aug'19
60
Memph Div let g 45
Registered
85 Nov'17 --__
1051 JO -- 77
6052 70
6112
6112 Sale 6112
A
Registered
F
8
98
9
9
19
gold
330_1
coil
Cent
4
Mich
'Aug'19 ---- 7712 793
7514 SI
7712
MS
1931
4s
g
75
Mar'17
gu
1st
Sou
A
F
1998
St Louis
Registered
J
8132 July'19 ---- 8014 82
7614 80
1950 J
46 -Ind III & Iowa let g 48
Battle Cr dr Slur let gu 38_1989 J D
96
95
9412 Sept'19 --__ 93
82
1919 MN
82
Aug'1982
8212 8512
J
1st & Great Nor 1st g 69
Beech Creek 1st gu g 48_1936 J
D -8012 8014 Aug'19 ---- 8014 82
J
4s-1959
1st
Clear
J
9534 Nov'16
&
1936 J
James Frank
d
Registere
8
10
5018
643
55
gi
5512
J
55
A
-__8818 --__ 101 Iday'16
J
J
1936
56
Kansas City Sou 1st gold 36-1950 AO
gold
guar
2d
78 Oct '09
1950
---J ---- -1936 J
Registered
Registered
7712 19 7578 88
76
7614 7572
Apr 1950 J J
Ref & Impt Is
Beech Cr Ext let g 346_51951 A 0 8453 --__ -Zi17 7312 81
/5
7378 Sale 7378
0• J
_-__
7534
D
J
1981
4s
g
Kansas City Term 1st 4s___196 J J -_ 8812 8.112 Sept'19 --- 8312 90
gu
lst
Ad
&
Cart
Lake Erie & West 1st g 58..1937 J
Gouv & Oswe let gu g 5e 1942 J D 9112 --__ -ga- MEWi5
78
J jg
8052 Feb '17
80
1941
80
2(1 gold 56
Moh & Mal let gu g 48..„1991 M S ---- -- 8912 Feb '16
857s
65 Aug'19 --_. 65
AO 60 ___
7114
1986 F A
North Ohio 1st guar g 5e 1945 J J
92
N .1 June R guar let 4s
---- 80
Aug'19
2
80
82
881
May'17
80
-1
Leh Val N Y let gu s 43411 .940
78
N Y & Harlem g 31.4e....2000 M N
951g
78 Sept'19 --__ 78
Q7l
1940 J J
--__ 9814 Aug'19
Registered
8012
2 71
N Y & Northern let g 58_1923 A 0 72
72
72
72
71
Lehigh Val (Pa) cons 41_2003 MN
801490
Sept'19
MN
8
8012
8014
775
2603
----General cons 4
Due July. a Due Sept. • Duo Oat. a Option sale.
a Due Jan, I Due Yeti. / Due June.
No Pries Friday; latest bid one asked Ole week.
•NO
BONUS
N. Y. SFOCK EXCHANGE
Week ending Sept 19
"
i.
t'2
,?.
rIca
FProav
Sept 19
Week's
Range or
Last Sale
i:".
re
Range
Since
Jan. 1.
HiThlro. Low High
s ow
id
N V Cent dr El R RR (Con)80
NY Pu 1st eons gu g 0_1993 A 0--------7814 Apr '19 ---- 78
-_ -- 113 May'15 --.Pine Creek rag guar 65- _ A932 J D 10-18
"It W &0 con let ext 58_51922 A 0 9612 ____ 9918 July'19 ---- -66Ws
7718
Rutland 1st con g 410.__1941 J J 70 --__ 7012 Sept'19 --- 67
Og dr L Chem let gu 48 g_ 1948 J J 54 . ._ 60 Aug '19 --- 60 6158
67 Feb '19 ---- 67 67
Rut-Canada let gu g 40.1949 J J 8214 85
101 Nov'16 ---- ____ ___
St Lawr cfg Adir 1st g 5s___1996 J J
1996 A 0 ---- ---- 103 Nov'16 --2d gold 8s_
Utica & Blk Riv gu g 4s-1922 J .1 9214 ____ 96 Aug '19 ---- 9538 96
74
70 Aug '19 ---- 70
1997 J D 70 __
Lake Shore gold 340
733s Nov'19 -- -- -- - ---74
1997 J D 69
Registered
1928 M S 8512 Salo 8512 . 8734 26 841. 90
Debenture gold 45
8338
2 8218 89
1931 M N 8358 Sic 8312
25-year gold 40.
93/s Ney'17 ---- ____ ____
1931 111 N ---- 87
Registered
_-_Ka A &0 R let gu 5s_1938 J J 701 - - - - De-0-'ig ------- ____ ___ _
1934 J J ---- ----10112
Mahon CI RR 1st 5s
Pitts A L Erie 2d g 5s _..a1928 A 0 9218 ____ 103 3 May'17 --- ____ _ ___
Pitts NicK A Y let gu 85_1932 J J 10238 ____ 1301 Jan '09 ---- -------___1934 J J -------12311 Mar'12 ---2(1 guaranteed (le
1931 mi s 9414 _ __ 9912 Aug '17 -- ____ ___ _
Michigan Central 55
1931 Q 51 9234 -_ 9812 Nov'18 ---Registered
81 Mar'19 ---- i2 - -iii 7438 81
4s
1940 1 J
87 Feb '14 ---- _ _ __
1940 .1 J --_- 81
Registered
J L & S 1st gold 340_1951 M S 7018 ---. 90 June'03 ---- -___ ____
1st gold 3)0
1952 51 N 6533 7278 7414 Aug '19 --703* 7414
8014 July'19 ---- 8014 85
20-year debenture 0_1929 A 0 ---- SO
84
80 Sept'19 ---- 80
N Y Chi de St L 1st g 48 1937 A 0 85 Ney'17
--- -------1937 A 0 -------Registered
6- ,
7238 73 Aug '19 ---- -7ii- "f8
70
1931 M N
Debenture 48
7212
7418
2 70
8112
West Shore 1st 4s guar. _2361 J J 73 74
2 7013 7833
7133
7214 7138
71
2361 J J
Registered
N Y C Lines ect tr 58_1919-22 M N 9912 ____ 9912 Feb '10 ---- 9912 0912
9838 July'17 -- ::-- ---Equip truet 410__1914-1925 J J 93 102
92
815g 82
5 -73 8634
N Y Connect 1st gu 410 A-1953 F A 80
NYNHA Hartford_
551s Aug '19 ---- 53
5612
1947 M
Non-cony deben 45
51
__- ____ 5012 July'19 ---- 50
S 5014
1947 M SNon-cony deben 310
52
1951 A 0 5014 ____ 50 Aug '19 ---- 50
Non-cony deben 310
5518 Aug '19 ---- 53 5678
5212 55
1955 J J
Non-cony deben 45
5912
55
1 49
1950 M N _--- 55 55
Non-cony deben 45
5012 50 Sept'19 ---- 4914 52
48
1956 1 J
Conv debenture 310
76
78
4 76 88
76
1948 J J 76
Cony debenture 6a
1930 F A --------50 Oct '17 ---- __ ___ _
Cons Ry non-cony 45
1954 J J 51 ____ 9112 Jan '12 ---- ____ ___ _
Non-cony deben 4s
____
----------------------____
July'18
Non-cony deben 4s___ _1955 J J --------60
1955 AO
Non-cony debet) 4s
492 Aug '19 -- -ii- "g(il;
1956 .2 j 49
Non-cony deben 4e
Harlem R-Pt Chou 1st 48,1954 NI N 7178 ____ 733t 1)ec '18 ---7912 Deo '17
B & N Y Air Line let 45_1955 F A --- 72
8
-1-3.- .72
------Cent New Eng let go 48_1961 j j ____ 59,34 60 Aug '19 1.---- -:5
---14)30 MS ____ _-_- ---Hartford St Ry 1st 4s
m
N
88 __
10612 May'15 -------- -_-_-_-_ -_---_-_
Housatonic It cons g 58._1937
87 July'14 ---1954 NI N 65
Naugatuck RR 1st 4s
---- -- Y Prey & Boston 48
1942 A 0 82 ---- 83 Aug '13 --_
,, ---- ---.. 4278 51
48
NYW'ches&B 1st ear I 440'46 .1 j 4414 4438 45
_-__-__
---_-_- ---0
A
4s
1st
1939
Terminal
Boston
--_-_New England cons Ste......,1945
j i
73 __ -70 Sept'17 --- ---A 8
---- -1945 j
Consol 4s
-40
Providence Scent deb 4s 1957 NI N ---_ 3934 40 June'19 ---- 40
Prey dt Springfield let 55.1922 J J 80 ____ 9978 Dec '13 ---___ _
___ ---1956 m s 6738 ___ 8838 Feb '14 ---- ---Providence Term 1st 4s
___ _
1943 J J
W & Con East 1st 410
8 son-Ci5;-Hi -H15 _6.64 _667,
N YO&W ref let g 48_41992 rs4 s -6E7
ivi
s
9212
_
June'12
65
---70
-------Registered $5,000 only. q1992
6014
1955 J D ---- 6012 6014
General is_
6912
6 63
6478 63
65
Norfolk Sou 1st & ref A 50_1961 F A 61
89
87
1 87
87
87
1941 MN 85
Nol & Sou 1st gold 58
1931 51A 10134 10712 10912 June'19 ---- 108 10912
Nod & West gen gold 6e
Improvement & eat g 68..1934 F A 10253 ____ 122 Nov'18 --2 ii-)3.12
1932 A 0 101 ____ 10412 Aug '19 ---- ,1New River 1st gold 65
8612
23 '77
78
Sale 77
cons g 0_1996 A 0 78
W Ry
N
794342
0 -_-_-_-_
16
9
70
J I::: 8
1996 AA O
Registered
Aug
4 -ii-.7-11Dly'l 1st lien dr gen g 4e_1944
. 84
8412
1932 .1 D -__- 0 8414 Feb '19 :72
10-25-year cony 45
1932 M S -----10-20-year cony 4s
---11714 May'19
ilia- 10i1;
1
1938 M 5100 Aug '19
10-25-year cony 410
icii1;
i -g,;le 10358 105
110 103 11014
10-year cony fle (w1) 1929
1 8278 85
8278
8278
Pocah C A C Joint 4s.__1941 i- -li 8C13s 83
97
Aug
'19 ---- 97 97
52 0 & T 1st guar gold 50_1922 J J
81
Selo VANE let gu g 0_1989 M N "'id- -gi- 76 Sept'19 ---- 76
Northern Pacific prior lien rail86
7712 123 76
1997 Q J 7712 Sale 76
way A land grant g 4s
Registered
1997 Q J 7534 7738 807s July'19 ---- 7914 82
6178
5634 57 50
a2047 Q F 5633 5634 5632
General lien gold 3s
a2047 Q F ---- 5538 5714 May'19 ---- 5714 5712
Registered
8238
1 8238 90
2047 J J --- 823.1 823s
Ref & imp 410 set A
76
76 Mar 19 ---- 76
80
St Paul-Duluth Div g 48....1996 J D 76
St PA NP gen gold (Is. _1923 F A 10012 102 1013* Aug '19 --- 10158 10412
10038
10038
-May'19
100/a
____
100
A
Q
Registered certificates 1923
9812
St Paul & Duluth 1st 5s 1931 F F 9108 ____ 97 Feb '19 ---- 97
7912 78 Dec '18 ---1st °onset gold 0
1968 J D 76
1948 Q M 60 --__ 3712 Dee '16 ---- ---- -Wash Cent 1st gold 48
5s
Nor Pao Term Co 1st g 68-1933 .1 J 10612 ____ 10712 Sept'19 --- 7 ii5.612 ili1i' 69.4 7978
7012
7012
72
71
1961 J J
Oregon-Wash let & ref 40
8412 Sept'19 ----1 8412 88
Pacific Coast Co let g 50_1946 1 D
Paducah k Ills lets 8 43-0 1955 J j ____ 93 1001s Feu '17
0
957s --nV.
Pennsylvania RR let g 48_1923 M N 90 ____ 953s Apr '19 ---- ---997s Apr '19 ---- 997s 9973
1919 M S ____ -ii_
Consol gold 58
9914 Feb '111 ---- 9914 9914
Registered
1919 Q M
981,1
218 8
9718
_i 871s June'19 ---I 8
2
1943 111 N -gilConsol gold 48
82 8912
84
1332_s 8512 84
1948 MI N __
Consol gold 40
8
933
927
8
93
A
F
1960
Consol 4145
1
7
9:
87
44 0
14
3, 80
5
.
2
6
.
.
1311.
02
8
s
1114
82
0 0
2114
138 88
82
D 0
1965 .J]I D
General 410.
1948
General 5t3
8713 Aug '19 ---- 8678 8712
111 H 84
Alleg Val gen guar g
M
F
A 82
N
514 _____ 87
4112
eupt.:1
Ja
8S
13 ::::
10
D R RH dr B'ge 1st gu 4e g 1936
- 2
2 -£3.i1-H1PlAlla Bait A W 1st g 48_1943
Jan '93
____ ____
Sothis Bay & Sou 1st g 58_1924 J J
J - 102J
Sunbury Ac Lewis lot g 0_1936
/631 ::::: -sii- Dec
7
::::::::
U NJ RR A Can gen 4e__1944 ri 9 '
Pennsylvania Co9812
1021 J j 9734 0778 0734 Sept'19 ---- 07
Guar 1st gold 410
98 July'19 ---- 9634 93
1921 j j 0614 97
Registered
_ 87 Feb '17 ____
Guar 3148 coil trust rag A_1937 M S 7214
iiGuar 3143 coil trust set B_1941 F A 7414 _--- 78 Jan '19 ---- -ii- -r
8114 July'17 --Guar 310 trust (Ws 0_1942 J D 7712 88
8634 Dec '16 _-- ---- -Guar 310 trust °tie D_1944 J D 7613 88
8512 8612 July'19 ---- -8-3-3-4 -3-634
Guar 15-25-year gold 48_1931 A 0 84
8512 Feb '19 --- 8514 87
50-year guar 4s Ws Eier E_1952 111 N 7734 86
1942 M N 8138 ____ 8238 July'19 --- 8134 823*
Cin Lab dc Nor gu 4s g
1935 NI N 8314 95 9014 May'17---CIA Mar let go g 4)4s
01 A P gen gu 440 sot A.1942 J J 8914 ---- 9634 MaY'18 ---- ---- ----- -1942 A 0 8914 --__ 104 Deo '15 -- ---Series B
---Int reduced to 340_1942 A 0 _-_- _-_- 9614 Feb '12
___
_Series C 3148
1948 m N ____ ___ 9018 Oct '12 -------- ---- 8814 Feb '17 --Series D 310
1950 F A
88 Apr '17 ----__ _ ___79
Erie & Pitts go g 340 B 1940 J .1 76
84
7014 May'19 ---- 7934 7934
1940 J J 76
Series C
87
Or It A I ex let gu g 4 ge..1041 J J 8334 ____ 87 June'19 --- 87
S 8558 ____ 8312 Apr '19 --__ 8312 8312
1943 M N
Ohio Connect let gu 4s
9714
_.
93 marl° ___ --- -- __
Pitta Y dr Ash let cons 55.1927 M
Tol W V dc 0 go 410 A 1931 J J ____ 93 4834 Apr '17 -__
- -1933 J J-- 9212 92 Dee '17 -----------Series B 440
8818 (00017 _-__
1942 M S 805s __
Series 045
P C 0 & St L gu 410 A 1940 A 0 9112 95 9112 Sept'19 ---- 91.3s 141-2
9234 Jan '19_
9214 9234
1942 A 0 9112 96
Series B guar
1942 M N 9112 ___ 99 June'17 ___
Series 0 guar
5
9058 Sept'19 ____ -66;
5 -66;
Series D 4s guar
1945 M N 905s 93
9 ____
033 ____ 9012 Sopt'18 ____ ____
Series E 31.4s guar gold _1949 F A
..-.-
•No price Frklay.latest bld and asked. d Due Sall.
[VOL. 109
New York Bond Record-Continued-Page 3
1166
BONDS
N Y STOCK EXCHANGE
Week ending Sept 19
Price
Friday
Sept 19
Week's
srl
Rafe
n Sae
Las
04
Range
Since
Jan, 1.
High No.'Low High
Ask'Low
Bid
P. C. C. A St. L (Con.)J 0 9058 ____ 91 Sept'18
Series F guar 48
Series CI 4e guar
1957 MN 9031 ____ 0058 Aug '19 ---- I 8812 01
91
91
91 Apr '19
1963 FA 9112 95
Series I cons gu 4158
,101 102
C St LA P 1st cons g 58..1932 A 0 9958 10034 101 June'19
100 1 100 June'17
Peoria dr Pekin Un 1st 68 g 1921 Q F
_-_- 87 Mar'10
24 gold 410
51921 141 N
90
9 I 83
86
8514, 81
84
Pero Marquette let Ser A 58.1956
7214
6 66
66
6514 6512 66
1950
1st Series B 4s
55
1 45
48
48
48
Philippine Ely 1st 30-yr 5 f 45 1937 AS 47
---9658 --- 99 Jan '18
1940
Pitts Sh dr L E let g 58
____
'17
Dec
9714
99
94
1st cense! gold 5s
1913
8634
50 80
83
83 Sale 8114
1997
Reading Co gen gold 48
8112
7812 7912 78 Aug '19 - 78
1997
Registered
85
81
'19
Aug
81
8118
A
Jersey Central cell g 4s__ _1951
_ --Atlantic City guar 4e g_ 1951
8 -6i-861
-01.9
8 Sop
5912 -67 -591St Jos & Grand Is' 1st g 4s _1947
St Louis A San Fran (reorg Co)64
Sale 57
J 57
5812 136 57
Prior lien Ser A 4s
1950 J
8 70
79
71
7034
J 7012 71
Prior Hen Ser 13 55
1950 J
98 6238 7138
61
Cum adjust Ser A 68-51955 AO 6314 Sale 6238
42 4012 56
50
Sale 4814
49
Income Series A 65
51960 Oct
J 0958 102 10318 June'19 ---- 102 106
St Louis & San Fran gen 68-1931 J
__-- 9138 9812
J
2(2
1931 J
General gold 5s.
138 M
78
16
lyt.1
SetP
_5_ 6
2.. . _6
St L & S E' RR cons e 45-19011
_-- 90 May 17
Southw Div 1st g 5s___-1947
10018 11 9912 10314
0958 1003 100
K C Ft S & NI cons g 68-1928
6 6378 7512
65
6134
65 66
K C Ft S A M Ry ref g 0_1936
8818 90
9012 ____ 90 Sept'19
KCANIRABletgu 56_1929
74
6414
6438 10 (14
6418 05
St L S W 1st g 0 bond ctfs__1939
63
5714
____I
Sept'19
63
8
597
____
2d g 4s income bond ctfs_p1989
5912 5'3 Aug '19 - _l 5712 651s
59
1932
Consul gold 45
583s 6412
- __
1st terminal A unifying 58_1951
812 J
59
6
8aer:114
3 9
.
-7_78 -5-3.3.
5
Gray's Pt Ter 1st gu g 5s-1947
4 6212 68
6212
64
-621; 61
SAAA Pass 1st gu g 4s
1943
72
3 66
66
Salo 66
66
Seaboard Air Line g 48
1950
74
11 64
Sale 64
66
61
Oold 4s stamped
1950
5314
4718 Sate 45
4718 18 44
01949
Adjustment 5s
60
51
13
51
Sale
52
51
1959
Refunding 4s
80
_ 7714 77 June'19 _-_ 74
Atl firm :10-yr 1st g 4s_e1933
76
7338 76 Apr '19 _--- 76
Caro Cent 1st con g 48_ _1919
34
100100i4
'19
10173
Apr
10014
Fla Cent dc Pen lst ext 68_1923
100 101 Dee '15
1st land grant ext g 5s 1930
92/2
9112 9212 June'19 ..-- 90
Consul gold 58
1943
9238 93 July'19 -- 9114 03
Ga A Ala ay let con 58_01945
94
88 ___- 0112 Apr '19 ---- 91
Ga Car dr No 1st gu g 58_1929
9514 May'19 ---- 9514 9614
9512
9518
Seaboard A Roan 1st 58_1926
Southern Pacific Co7978
7012 Sale 7038
7012 10 68
Gold 4s (Cent Pao coil)._k104))
--- ---- 00 Feb '14
k1949
Registered
141
877s
e 8:
aale
s,
87 1;8
18 )3
2 se07
3
84258
37
3
8- 8. 82
2 -2116
v8
7214 83
01929
20-year cony 48
259 9034 115
105
10378 Sale 10278
1931
20-year cony 55
Cent Pac let ref gu g 45_1949
7812
1949
Registered
8238 16 -gi- -8E4
8278 8338 8238
Mort guar gold 340_k1929
80
75 Aug '19 -- 75
Through St L 1st gu 48_1951
93 101 100 Oct '18 -----------OHASAMAPlet 581931
__
_
•
____
-'18
99
Jan
4
963
24 exten 55 guar
1931
95 Nov'18 -9218 102
Gila V G N let gu g 58 192(
4 -6i5i
86 -__ 9253 July'19 ---- "Er
1933
Hone E dr W T let g 58
86 ___ 100 Oct '16 _-__
1933
1st guar 58 red
i::: -iii- -6§14
7 1900-001581
92
91 0
1937
HATO lst g 58 int go
9458
93 Sept'19 ___ 93
9234 96
Gen gold Is Int guar
1921
94
94 Mar'19 --- 94
__
91
Waco & N W div let g 6s '30
____ __ _ _
8734 -95 - 93 Nov'18 1941
A&NWlsEgig5s.
2 i.ri...
4 Oct '171- -9:8
99
1921
Louisiana West 1st 6s
8
8 -665-(71i5Aug '10
Morgan's La A T let 68..1920
9.)18 ---- 10218 Oct 18
1938
No of Cal guar g 58
93 ---1 -6'2-5-8 -RIC
9312, 03
93
Ore A Cal 1st guar g 5s_...1927
9158 _- 9758 July,19 --- 9758 9758
1937
So Pao of Cal-Gu g 58
9012 9278 9212 June'19
So Pee Coast 1st go Is g-1937
72% 8
6
60.
334
7378 7212
65
7212
San Fran Tenni 1st 4s...._1950
85
85
85
1943
Tex dr N 0 con gold 58
Sale
July'19--77614
7658
77
8312
7614
1955
So Pac RR 1st ref 45
16
Salo 88
965s
89
88
1991
Southern-let cons g 5s_
---- 9178 10014 Aug '16 __
1994
Registered
16
88"
6iC16
6414
63
Sale
6314
Develop & gen 48 tier A.. 1956
6834
64 Aug '19 -_ 64
65
1938
Mob dr Ohio coil tr g 45
0013 July'19 -- 901$ 9114
-8012 87
Mem Div let g 410-5s_ _1990
1 6953 7412
6912
6912
74
70
St Louis div let g 4s
19)11
9272 July'19 ---- 9278 93
91
86
Ala(It Sou let cons A 5s 1943
8214 8834 8814 June'19 ---- 8713 8318
All dr Chart A List A 41011344
9014 Sept'19 ___. 9014 971s
94
90
let 30-year 58 Ser B
1944
74
7278 74 June'19 --- 74
66
All & Deny 1st g 4s
194)3
8112
543016 ---- ___ __ ___
20 4s
1918
-iii" ::::: 75 Feb '17 --_Atl & Yad let g guar 0_1949
97
95 Sept'19 -__ 95
98
90
E T Va A Ga Div g 5s.._1931)
2 8978 97
90
8958 9212 90
Cons 1st gold 56
1956
9514
92
__-- ---- 92 July'19
E Tenn reorg lien g 5e
1938
62
52
52 Jan '19
5212 55
Oa Midland 1st 3s
1946
10012 101
9614 101 10012 Aug '19
1922
Ga Pae Ry 1st g as
___ _ __ _
97 ____ 100 Oct '18
Knoxv A Ohio 1st g 68....1925
--_- -- _ _
9112 Oct '18
8514 97
Mob A Bit prior lien g 58_1945
05
05
65 Aug '19
65
Mortgage gold 48.
1945
9558 0534
9534 July'19
-931; 102
Rich dr Dan deb 58 stmpd_1927
71
69
69
June'19
6912
61
Rich dr Meek 1st g 58-.1948
99 1(1(1
9912 Apr '19
So Car dr Oa let g 5e
1919
10212 June'll
Virginia Mid Ser D 4-58_1921
8
1)318 -6-639638 July'19
9134 100
Series B 55.
1926
901i -__ 10412 Dec '16
Series F 55.
1926
9114
95
-iii
6698
July'19
1936
General 55.
8218 9018 8158 801)018
Vs A So'w'n 1st gu 5(3_2003
71 71
1st cone 60-year 50_1958
W 0 A W 1st cy gu 4s
1924
_87_30_1_4 -7
8 7
;
7512 ii1-2
7-'81-73
5
673
3 A114NplaarE1106
1718
7
Spokane Internat 1st g 55-1955
8212 ---- 89 May'19
Term Assn of St List g 410.1939
90
9312 Sept'19
1st cons gold 58
1894-1944
8 6
69
36
679
8111'
77
7212 7112
72
71
Gen refund e f g 4s
1953
92
92
9438 02 June'19
St L NI Bridge Ter gu g 58_1930
2 8'712 93
8812
8812
2000 3D 88,2 90
Texas A Pao let gold 5s
--_- _ - _ _
51 ---- 41 Sept'ld
2nd gold income 58
12000 Mar
--- -La Div B L let g 50 _
1931 J J 75 ---- 86 May'18
10612 Nov'04
A
W Min WANW let go 581930
2:
iii- -6
8038 96
92 Apr '19
Tol & Ohio Cent 1st go 541_1935
8514 87
8514 Aug '19
8012 96
11)35 A
Western Div let g Ss
8812 73 July'19
70
1935
General gold 56
312 7
70
7
312
76
7012 Aug '19
75
73
1990 A
Kan & NI let gu g 48
88
92
90
92 Sept'19
1
24 20-year 54
1927
34
36
36 Feb '19
____ 50
1917
Tol P & W let gold 4s _
7512 7612
7518 ---- 7512 Sept'19
Tol St LA SV pr lien g 310_1925
3 45
858 mane
13
56
278 5
35
5
46
19110 A
50-year gold 4s
A
1917
Coll trust 48 g Ser A
__
•
20
14
Aug
'18
-----__Trust co ate of deposit
__
7112 80 Apr '17 _--6 05
Tor Ham A Buff let g 48..51946
8014 Dee '18
Ulster A Del let cons g 58_1928 AD 8053 85
8678 58 Sept'17 _--__ _ --- -- - - -• -- 1952 A0
let refunding g 4s
2
68 821
,_72 -S9
1947 J J
Union Pacific let g 411
831' S
al78
85
e 85
2 Oct8'31182 ____
271s
1947 J J ---Registered
gti - -i.612
Sale 83
8-1
1927 J J
20-year cony 4s
7612
8312
5
13
1
87
7
let & refunding 48
g2008 NIB v112 7078 7613
10212
102
34
108
10312
Sale
10214
J
J
10-year perm secured 68_1928
2 7618 86
7618
Ore RR A Nay con g 48_1946 3D 764 7714 7618
9976 Sept'19 --- 9978 10112
Ore Short Line 1st g 6s___1922 FA 8072 100
9314
058 987s
83
_ 9
_i3
Sep011)
6332
88
93
1940 J J
1st consol g 5s
8312
8412 83
1929 S o 83
Guar refund is
12
--98
July'19
9614
9412
9318
J
J
1926
Utah dr Nor gold 68
89 Feb '18 ------- -8212 86
1933 J
1st extended 48
8.6.1-2 gli2
1
S012 Apr '19
1955 FA
Vandalla cons g 48 Ser A
8018 June'18
MN
1957
Consols 4s Series 13
iS""5E
Vera Ct I A P let go 4145_1934 J J 36 __- 35 May'19
Due Feb. g Due June. h Due July. t Due Aug. o Due Oct. p Duo Nov.
g Due Dec.
s Option sale.
New York Bond Record-Concluded-Page 4
SEPT. 20 1919.1
N
BONDS
Y. STOCK EXCHANGE
Week ending Sept 19
Price
Frklay
Sept 19
tr.
Virginian let 5e series A ..._ l 962 MN
N
Wabash let gold 5s
1939
1939 FA
3d gold 61
J
Debenture series B
1930 J
1921 M
let lien equips fd g 5e
let lien 50-yr g term 48_1954 J J
J
1941 J
Dot & Ch Ext let g 5s
Des Moines Div let g 48_1939 J J
1941 AO
Om Div let g 330
Tol & Ch Div let g 4s
1941 MS
FA
Wash Tonal let gu 3
let 40 yr guar 48
1945 FA
1952 AO
West Maryland let g 4s
West N VA Pa let g 58-1937 J J
1913 AO
Oen gold 45
Income 5s_.
p1943 Nov
Western Poe let ser A 5s-1946 MS
Wheeling & L E let g 5s-1926 AO
Wheel Div let gold 5s--1928 .1
Exten & Impt gold 5s__-1930 PA
Refunding 4 lie series A -1966 MS
1949 MS
RR let consol 4s
Wineton-Salem S B let 48_1960 J
J
Wis Cent 50-yr let gen 48.-1949 J
J
Sup & Dul div & term let 4s'36 MN
Street Railway
Brooklyn Rapid Tran g 55_1945 AO
2002 J .1
let refund cony gold 4s
3-yr 7% secured notes...3)1921 J
J
Certificates of deposit
Certificates of deposit stmp'd
tik City let cons 68._1916-1941
Ilk Q Co AS con gu g 55_1941
N
Bklyn Q Co & S let 5e
1941 J
1
Bkiyn On El let g 4-5e_ _1950 FA
Stamped guar 4-5a
1950 FA
Kings County E let C 4s 1949 FA
Stamped guar 48
1949 FA
Nassau Elea wow gold 48-1951 J
J
Jblcago Rye let be
1927 F A
Conn fly & L let & ref g 4lis1951 ./ J
Stamped guar 434s
1951 J
J
Dot United let cons g 4.4s._1932
J
Ft Smith Lt & Tr let g 5s._19343 rd
Hutt & alanhat be ser A
1957 FA
Adjust income 58
1957
N Y & Jersey 1st 5s
1932. FA
/nterboro-Metrop coil 4 Ws_1956 AO
Certificates of deposit
Interboro Rap Tran let 5s__1966
J
Manhat fly (N Y) cone g 48-1090 AO
Stamped tax'exempt
1990 AO
Attalla Elee fly & Lt 5 1 59.._1953 MS
attetropolltan Street RI,
Bway & 7th Av let e g 58_1943 JD
Col & 0th Av let go g 58....1993 MS
Let Av & P F let gli g 58-1993 M
Met W 8 El (Chic) let g 48-1938 FA
alllw Elea fly dr Lt cons g be 1926 FA
Refunding & eaten 414s._1931 .1
J
Montreal Tram let Ac ref 55.1941 J
J
New On Ely & Lt gen 44s._1935 .1 J
N Y Munich)fly lets f 58 A 1966 J
J
N Y Rye 1st R E & ref 4s
1942 ,f
Certificates of (iepoeit
30-year ad/ Inc ba
a1942 A "(5
Certificates of deposit
N Y State Rya let cons 434e 1962 MN
Portland Ry let & ref 5s ....1930 MN
Portld Ry Lt & P 1st ref 59_1942 PA
Portland Oen Mee let 58_1935 J
J
St Jos Ely L & P let g 5s__1937 MN
St Paul City Cab cone g 58.-1937
J
Third Ave let ref 48
J
1960 J
Ad)income Si
a1960 AO
Third Ave fly let g 58
1937 J
J
5s..1923 AO
Tr -City fly & Lt let
Undergr of London 4 lia
1933 J J
Income (le
1948
United Rya Inv be Pitts iss 1926
17
United Rye St L let g 45_---1934 J
J
St Louis Transit go 6s
1924 AO
United RI18 San Fr a 1 4e
1927 AO
Union Tr(N Y) ctfs del)______
Eqult Tr (N Y) inter ctfe____
Va Ry & Pow let & ref 5s....-1934
Gas and Electric Light
Atlanta 0 L Co let g 58__ _1947
Bklyn Un Gas let cons g 55-1945
Oincin Gas & Elee lstAcref 5e 1956 A
Columbia 0 &[31st 55
1927
Columbus 0am let gold 58..1932
Cknsisol Gascony deb 08_1920
Cons Gas[CLAP of Belt 8-yr 56'21
Detroit City Gas gold 58_1923
Detroit Edison let colt tr 58_1933
let & ref 58 ner A
51940
Eel 0 L N Y let cons g be_1032
Gas & Elea Berg Co is g 55_ A949
Havana Elea cense! g 5s___1952
Fludeon Co Gas let g 5s___1949
Kan City (Mo) Gas let g 55_1922 A
Kings Co El L & P g 5s
1937 A
Purchase money Os
1997 A
Convertible deb Se
1025
Ed El III Bkn let con g 45_1939
Lao Gas L of St LRef & ext 55'34 A
Milwaukee Gas L let 4e
1927
Newark Con Gas g be
1948
NYGELII&Pg 58
1948
Purchase money g 4e
1949
Ed Elea Ill let cons g 58-1995
Ny&Q El LAP let con g 58_1930
Pacific 0 & El Co-Cal 0 & ECorp unifying dr ref 5s
1937
Pacific 0 & E gen & ref 58 19,12
Pee Pow & Lt let & ref 20-yr
Se International Series., 1930
Pat & Passaic 0& El Ss__ _ _1949
Peop Gas & 0 let cons g 65_1913 A
Refunding gold 58
1947
Ch 0-L At Coke let go g 55 1937
Con 000 of Ch let gu g 581936
Ind Nat Gas Ac Oil 0-yr 581936
Mu Fuel Gas let gu g 58._1947
Philadelphia Co cony g 59_1922
Stand Gas AL El conve f Os....1926
Syracuse Lighting let g 58_1951
Syracuse Light & Power 58_1054
Trenton 0 & El let g 68_1940
Union Elea Lt & P 1st g 58_1932
Refunding & extension 58_1933 M
United Fuel Gas lets f Se.. _1936
Utah Power & Lt let be
1044
Utica Elea L AC P let g 15e-1950
Utica Gas & Else ref 5s
1957
Westchester Tag gold be_ _ _1950
I)
4ts
5413 55
3978
7312 7433
____ 7278
____ 70
---- 70
7212 74
7718
70
60
55
60
4()
7212 7312
73 _
7712
73
7012 7112
(33___
5758 -Sale
1512 16
90
31
Sale
2973 31
6212 Sale
65
66
72
62
75 ---63
60
68
58
5713 60
--__--.---___--_____ 8478
88
60
57
3712 4012
3
113
31 S
Sale
11
Sale
5534 59
7514
5
5112
5412
45 Aug'19
2
75
75
7478 Aug'19
7214 July'19
92 Dec '12
80 May'18
101 MaY'13 -4
7314
73
7413 Aug'19
60 Sept'19
62 Jan '19
50 June'19
7333 Sept'19
7012 Sept'19
77 July'19
7112 12
7013
81 Jan '14
5612
58 -Hi
8
1618
16
May'19
90
71
:12
3011
9
3153
313s
6218
6434 179
1
6512
6512
5
66
66
77 Mar'19
63 Aug'19
58
Aug'19
60 Sept'19
54 Dee '18
10012 June'17
8112 Dee '18
9712 July'17
37
673,
31 i July'19
57 July'19
373i
3734
1144
12
11
1173
55,4
5578
,
19
4:1
14 A tutig
7
65,8
9012 Feb '17
1
95 July'17
94
9238 10212 Mar'12
5214
5214
51
52
34
347s
Sale 34
June'19
____ 100
937s
3
9218 9378 9
e:19
70
9918 73 May'19
70
78 Sept'19
78
7412 Sale
7
5'
3
14
3 Sept'19
7
5314 56
50 June'17
50
33
-3-I.- 3312 33
3012 Sept'19
30
30
30
30
7634 7(3 July'19
9138
8413
53
43
75
7473
7214
76
53
86
79
7812
72
7134
57
62
50
7112
7012
77
7012
79(4
7918
68
62
55
81
88
77
8112
-6,1 -(1E14
1014
00
9012
277, 4334
2934 41 4
621s 7512
6512 7214
66
7412
77
77
(30
54
60
72
68
74
_
-_
5
11
171.3
5
61
55
:1713
3712
1012
11
52
7514
6212
61
63
49
45
1612
1612
62
7514
653s
-
---50 -6-6T,
25
4212
89
93
9314 07
73
73
6712 78
20 70
7612
4:112 55
2(1
22
22
9 22
7478
9514
851s 90
8978 9034 9123
84
8433 84
A
Range
Sines
Jan, 1.
Ask Low
Bid
Hiolf No. Low High
10 85
8718 Sale 87
88
9112
9212 00
8 8712 98
90
9014
8118 Sept'19
81
85
8113 89
_
90 Aug '1.8
•
9773
- 9712 July'19
9712 9712
6513 -__ 65 Sept'18
91 --__ 8814 Feb '19
8814 -/;
-3- ;
1
80 Aug '12
--_- 75
6618 67 Feb '19
-di- 67
72 _ - _ _ 74 Jan '19
74
74
70
7213 July'19
77
7218 7512
82 Aug '18
7614
4
5612 5734 5612
5712
-Ed- -di3 9218 100
9233 93
9234
923.1
___ 8373 70 Dee '18
--36 Oct '17
--__
8212 Sale 82
8212
8112 8612
915s 95
96 July'19
96
06
---- 95 100 Feb '17
9038 Mar'17
_
---- 64
58 Sept'19
5612 64
60
64
63 Aug'19
5914 6512
6713 7478 76 June'19
75
76
9812 6312
08
7 64
69
80
68
7813 7514 June'19
7214 77
103 Sept'15
8612 Sept'19 ---93 July'19 ---•
8912 8914 Aug'19 ---88
87 June'19 ---molt 101
IOW" Sale too
9814 Sept'19 ---9712 too
9012 ____ 9612 Aug'19 ---2
Sale 95
95
90
90-8 8912
89
2
94 Feb '18
-77. -8878 100 Feb '13
8714 89
A
87
87
8912 ____ 91 Sept'19
9153 ____ 9212 May'19
35 ____ 85 Aug'19
9912 Aug'19
96 100
14 98 ____ 98 Apr '19
'J
80
80 Sale 80
1
8812
8814 8812
85
8738 90
8812 July'19
1041! Apr '17
8612 88
8712
8712
A
69
7012 7012 Sept'19 -- ----_ 99
99 Mar'19 ---A
81
89
9612 Aug '17
36/s
:3613
3631
79
---8012 95
93
93
82
9212
87
87
wo 10534
9618 99
9618 9034
91
0612
8912 94
-gd- 87
90
91
9212 9212
85
94
9912 105
90
98
7978 84
8812 97
8714 89
-g3-3
63
98
04
7414
105
8978 9618
8 84
88
---- 8778 82 Apr '19
_ 100 July'17
98
9812 97 Aug'19 ---ii
6914 6912 6912
(3912
-- 80
88 July'19 ----- 100 100 Apr '17
89 Mar'17
75 May'19
82
91
91
9173
91
Sale 91
91
I) 84
9112 9712 May'17
7412
2
7412
9833 Oct '17
9378 00 Mar'19
82 July'19
0712 9712 Sept'19 ---A ____ 8414 85
851,4
9514 ---- 101 June'17
90
87
90 Feb '19
___- 88
90 May'19
*No who Friday:latast bid and asked
'tors
Range or
Last Sold
82
88
97 101
(3714 7712
85
88
-i
91
1
91
-i
96
4
9612
-741-2 -7412
90
82
94
85
92
82
98
90
-6(i" 95
90
92
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept 19
r.
a
4t
1
4.
Price
Friday
Sept 19
Bid
Miscellaneous
Adams Ex coil tr g 4s
1948
Alaska Gold M deb 613 A
1925
Cony deb Os series II
1926
Am SS of W Va 1st 58
1920
Armour & Co let real eat 434s '39
Booth Fisheries deb e f (3s__ _1926 A
Braden Cop M con tr e f (16_1931
Bush Terminal let 48
1952 A
Consol be
1955
Buildings 68 guar tax ex .1990 A
Chic C & Conn [lye s f Se__ A927 A
Chic Un Stat'n lot gu 4 tie A 1963
Chile Copper 10-yr cony 75_1923
Recto (part paid) eons,Os aer A A
Coll tr & cony 68 ser A
1932 A
Computing-Tab-Roe a f 6e.,1941
Granby Cons M S & P con 6s A 28
Stamped
1928
Great Falls Pow let et 58_ _1940
Int Mercan Marine e f 6s
1941 A
Montana Power let .5e A
1943
Morris & Co lets I 4 As__ _ _1939
Mtge Bonds(N Y)4sser 2..1966 A
10-20-year 58 series 3
1932
N Y Dock 50-yr 1st g 4s
1951
Niagara Falls Power let 5e 1932
Ref & geu fis
a 1932 A
Niag Lock & 0 Pow let be_ _1954
Nor States Power 25-yr 5e A 1941 A
Ontario Power N F let 55_1943
Ontario Transmission be
_1945
Pan-AmPet&Trlst conv6s'19-27
Pub Sony Corp N J gen 5e__1959 A
Tennessee Cop let cony 65..1925 14
Wash Water Power let 58_1939
Wilson & Co let 25-yr is I 66_1941
10-yr cony e f (Is
1928
A
0
0
0
A
0
A
0
14
0
1167
sek's
lance or
Last Sate
Ask Low
Pangs
Since
Jas. 1
-High No. Low High
21'1
5312 5853 Sept'19
55
5833 07
23
Sale 23
14 2073 35
23
23
20
20
20
20
35
_
8314 8.08 8312 • 8378
13 8313 - g34
__ 9512 90 Feb '18
9414 Sale 9114
28 -61196
2 -678118 8134 8134 Aug'19
8013 82
8112 8278 83 Sept'19
80
8553
Sale 81
81
82
7918 83
4012
- 58 Mar'18
81
85
83 Sept'19 --- 83
89
11714 118 118
11314
19 10534 128
8838 Sale 883s
(3912 34' 8212 95
881s Sale 88
90
88 8112 9434
88
Sale 83
5 8234 89
88
9812 102
97 Aug '19
9812
97
93
96
93
93
95
93
94
03
9314 Aug'19
9314 96
9714 230 9578 10534
9718 Sale 9612
8914 Sale 8873
90
9 8878 9578
87
8512 Sept'19 ----83
8813
83 Apr '14
---- 94 June'16
____ 6814 69 Sept'19 ---- 68
72
9114 95
96 July'19
9353 97
100.2 10178 10012 Sept'19 ---- 10012 10178
9133 94
9112
93
4 0112 9353
____ 8512 8512 Sept'19 ---- 8514 90
0012
-- 9012 Sept'19 ----; 89
9112
8212 84 June'17
80
185 -- _ - 15512 May'19
11214 15513
73
7513 7212
73
29 7212 80
9313 -- 9312
1 91
9312
96
9073 -- 9078 July'19 --,-1 90
95
9934 Sale 987s
13 9658 10138
9973
9712 Sale 9714
9733 144 9518 10454
Manufacturing & Industrial
Sale 97
Am Agile Chem let c 5s
9 97 101
971.2
1928 AO 97
Cony deben 5e
12, 9812 11212
103
1924 FA 102 10358 103
Am Cot Oil debenture 5s __ _1931 MN
86
89
89 Aug'19
8912
87
Am tilde & L let a f g 6s
_- 100 Aug'19
1919 MS
9934 10012
Am Sm & R let 30-yr 58 ser A '47 A0 8478 Sale 8173
8512 -iai 8413 93
Am Tobacco 40-year g 6s
1944 AO 119 __-- 11912'Aug'19
119 11912
(lo,d 4s
75 --- 78 Sept'19 ----' 7212 80
1951 P A
_
Am Writ Paper a I 7-6s..
11 88
88
80
1939 J J
9012
1st s 5i etre of deposit
9013 July'19
86
9014
Baldw Loco Works let 58_1940 MN 10012
10034
10034
100 10112
8612 _
Cent Foundry let s I 6s__ _ _1931 FA
8612
3012
78
8712
Cent Leather 20-year g 55..1925 A0 97,
4 Sale 9673
9734 18 9513 9312
Consol Tobacco g 45
74
80
7312 Dec '18
1951 FA
Corn Prod Reg s f g Se....1931• N 10018 10112 1001s Aug'19
"9913 101
let 25-year s f 6.9
1934 MN 1001s -- 1004 Sept'19
9012 t00%
Distil Sec Con cony let g 58_1927 AO 8814 ---- 8833
18 87
8834
0213,
E I du Pont Powder 4 lis
0334 10 9212 94
1936 J D 933i Sale 9334
General Baking let 25-yr 6a..1936 J D 8812 ---- 8812 July'19
88
8812
Gen Electric deb g 3lis
70
7214 73 Sept'19 - - 7112 77
1942 FA
Debenture be
97
9 95 101
95
9514
1952 MS 95
Ingersoll-Rand let be
96 Nov'18
J
1935 J
Tot Agile Corp let 20-yr be 1932 MN
83 -E1-2 8244 Sept'19
-761; -8514
lot Paper cony a f g
9314 -- 93 • 93
_ _1935
93
98
92
let & ref e f cony 58
89
87 Aug'19
Ss__serA _1947
8514 90
Liggett & Myers Tobac 7a 1944 A- -(-) 11078 11113 11073
11073
110 1337s
be
9034 9212 90
8 90
0112
1951 P A
95
Lorillard Co (P) 7s_
1944 A0 110 111 11078 Sept'19
10934 11312
9113 Sale 90
A
9238 21 90
1951
94
Nat Enam & Stamm; let 5E1_1929
96
9614 96 Aug'19
98
95
Nat Starch 20-year deb 54_1930
9312 -- 94
Aug 18
National Tube let be
9418
9534 Sept'19
"6:17;9913
1942
N Y Air Brake let cony 68 1928 14
1131 102 10114 Sept'19
9612 103
Pierce 011 5-year cony 68_01920
30512 11312 114
2 10014 145
114
10-year cony deb 6s
10412 105 10412
195 8334 11214
105
51924
Sinclair 011 & Refininglet a I 7e 1920 warrants attach
A
---- 12312 Aug '19
9818 15212
do without warrants attach
A ____
997a July'19
95 100
93,3 91
Standard Milling lot 5s____1930
91
Aug'19
95
91
102
The Texas Co cony deb 6s__1931
Sale 102
4
10253
10012 104
8314 ____ 3112 Aug'19
Union Bag & Paper let 58..1930
8112 8914
.1
Stamped
87 Dec '18
1930
--__ -Union Oil Co of Cal let be_ _1931
9412 95
9414 Sept'19
9378 9412
U S Realty & I cony deb g be 1924
7733 78
77
7812
7814 55, 60
10118 Sale 104
II 8 Rubber 5-year see 7s
1923
10413
10234 10478
8714 Sale 87
let & ref 68 series A
8712 80 8558 8954
1947
US Smelt Ref & M cony 68_1926
3' 8734 10514
A 10231 104 104
104
95
9512 9512
Va-Caro Chem let 15-yr 58_1923
9418 40 9518 9812
102 103 103
Cony deb 65_
51924 A
3 10014 104
103
9713 9714 971s
West Electric let Sc Dec
14' 9612 9914
1922
9714
6
Coal, Iron & Steel
9613 9634 9612
Beth Steel let ext Z5s
1926
31
9634
8978 90
let & ref be guar A
89
1942
71
8914
8558 Sale 8553
20-yr p m & imp 8 1 55._ _1936
8014 48'
85
Buff & Sim Iron 5 f bs
9134 9312 July'19
1932
Debenture 55
9113 --_- 90 Sept'19
01926
Catmint c M Co let go Se..1922
___ .- 101 Dec '14
Colo F & I Co gen a 1 5s____1943
A 8914 9011 9012 Aug'19
Col Indus let & coll be gu..1934
80
79
A
78
4
79
Cons Coal of MO let&ref 58_1950
8333 88
8312 Sept'19
Elk Horn Coal cony Os
98 Feb '19
1925
Illinois Steel deb 43.e
8338 848 84
6
1940 A
8438
95
94
Indiana Steel let 58
94
1952
9413 18
Jeff At Clear C & I 2d 5.e..__ _1926
Lackawanna Stool let g Se..1923 A
9634 97
97 Sept'19
9312 95
let eons 58 series A
95
1950
7
95
8612 8714 8612
Midvale Steel At 0 cony s f 591936
18
8714
Pleasant Val Coal let s t 58_1928
8012 ---83
Con
Poeah
Collier let a f 56_1957
847s 88 June'19
Repub I & S 10-30-yr be s 1.1940 A 0 9312 94
94
3
94
____ 77
St L Rock Mt & P 5e stmpd_1955
8034 Mar'19
Tenn Coal I & 1111 gen bs 1951
89
93 July'19 ---U S Steel Corp-J coup_41963
9873 Sale 9833
997s 158
tif 10-613-year balreg ____41963
10012 Aug'19
8631
Utah Fuel let s f be
1931
50
Victor Fuel let a 1 5s
70
70 Mar'19
1953
Va Iron Coal & Coke 1st g be 1949
841s 8512 8418 Sept'19
0
Telegraph & Telephone
Am Telco & Tel coil tr 4s
1929
Convertible 48.
1936
20-yr convertible 45-4s.,...1933
30-yr temp coll tr be
1946
7-year convertible 65
1925
Cent Diet Tel let 30-yr 58..1943
Commercial Cable let g 4s_2397
Registered
2397
Comb TAT let & gen 5a__ _1937
Keystone Telephone let be_ _1935
Mich State Teleph let 5s
1924
NY&NJ Telephone 5s g_ _1920
N Y Telep let & gen s f 4 4(1.1939
30-yr deben 5 1 (le __Feb 1949
Pacific Tel & Tel let be
1937
South Bell Tel At T let a f 59_1941
West Union coil tr cur 5e__ _1938
Fund & real set g 4 3.4L.- 1950
Mut Un Tel go ext 5s
1941
Northwest Tel gu 4 lie 2_ _1934
9512
87
80
9312
90
9712
92
8912
9012
91
88
7313
8212
95
8234
91
92
81
90
9814
8638
9812
96
86
86
98
99
01
8714 -A-141Z
9212 9614
8034 8034
913s 93
9858 10112
9914 10012
- - - --70
70
8413 875s
82
___
-87
8712
A 10013
9614
65
Sale 82
8253 26 80/2 86
84
80 May'19
77
80
8712 87
87
2 8512 91
Sale 871e
88
63 8512 94
Sale 10013
101
94 100 10453
98
0614 Aug'19
06
931
73 Nov'17 -_
6818 Jan '18
86
90
9212 Aug'19
921g 94
--- 88
98 Apr '16 -A -84
88
8118 Sept'19 -- 811s 9212
981s ____ 9812 Apr '19 -- 9812 9813
8614 Sale 3475
8614 62 8453 9112
9934 Sale 9918
100
36 9838 10112
88
8912 89
8933
7 89
9533
8733 8738 873s
88
3 85
0312
-_- 8612 864
8682
2 8612 94
-841s 8412 87 Sept'19
8512 92
---- 10112 Sept'171 ____
------94 Nov'16
--__
a Due Jan, Due ADM. e Due May, 0 Due June. 5 Duo July. k Due Aug. s Due Oct V Due Nov. I DWI Dec.
8 Opt on sale.
MAXI PRICES-:NOT PER CIIPITUM PRICES.
Saturday
Sept. 13
Monday
Sept. 15
Tuesday
Sept. 16
Wednesday
Sept. 17
Thursday
Sept. 18
Friday
Sept. 19
Sakai°,
the
Week
Shares.
12212 12212 12212
6414 6414 6414 6334 6113
90
90
90
90
90
82
82
85
32
3312 32
;5i
Last Sale 43 Aug'19
139 Aug'19
- *7_7_ fiti- Last Sale 12
140 *-_"
*..
Se t'19
47. _ - *60 -- Last Sale
47.-611
47:6-0 _
7
*5
I
7
*5
7
E
*5
5
I
V
*5
*5
Last Sale 18 June'19
20
19
20 *
*
_ 20 * _
*132Last Sale 134 June'19
*i55
*i5oi4
*i55
85
85
__
85 -8-6.- *-- - 85
*8312 35-13
*85 -87
Last Sale.70 Aug'19
*85-73
- *____ 73
*____ 73 *__ _ 73 ,*__Last Sate 100 Sept'19
*10113 109 *102 109 I*102 109 *101 109
5012 51
51
51
51
, 51
*51
*51
105 105 *10413 106 *10112 103
*10413 fos *10113 foo *10413 106
Last Szle 7212 Aug'19
75
*7212
75
*7213
75
*7212
*7213 75
65
65 I 65
65
67
67
63
*60
68
68
3113 3113 3114 3114
32
*3112 32
3234 32
32
3114 32
Aug'19
Sale
9912
Last
___
*35
*86 -- *85 _-_94
*87
Last Sale 100 Aug'19
90
90
90
- 90
*91
i8514
;55- 94__*17
;i61
.
4
*17
_
-22
-- *17
21
2-0
*17
•19
95
*36
*86 -95
93
*85
86 -8-6
95
*86
*85 -95
41
41
*4114 4234 4114 4113 41
41
41
4113 4113 41
49
*48
49
*43
49
49
*48
*48
50
50
49
49
*12212
*6512
*8812
_
*
123
67
90
85
[VoL. 109.
BOSTON STOCK EXCHANGE-Stock Record
1168
*12213
6512
*8812
*80
3214
12212 12212
123
65
6513 65
*8813 90
90
85
85 I *80
3312 3234 3318
12212
x64
*8812
*82
*32
112 112
113 113
812 858
9
9
101 10114 101 10178
121 121 *120 124
*801.4 8112 8014 8014
2014
*2012 2034 20
23
22
2212 *21
10
107s 1038 1034
*812 9
934 10
1412
1412 1413 14
614 634
612 612
1613 1513 1612
16
61
*60
60
60
14634 14634 *145 147
7513
*7513 7612 75
3134
*31
3034 31
38
39
3878 3914
------5
5
5
5
*412 512 -*412 -Ili
25
25
*25
26
25
25
26
*25
4534
4578 4512 4513 4513 4512 *45
45
678 7
718 714
718 714
714
*7
9
*9
938
9
9
9
938
•*9
9612 96
96
*96
96
96
*95
96
70
70
7012 70
71
70
*70
70
63
62
62
62
62
63
62
*62
141 *____ 141 *--- 111 *139 141
56
56
5512 56
57
*56
56
56
__
-55" 363-4 35 3612 -3512 36 - 3413 35
*8612 88
89
8812 89 _ *88
89
*88
173 175
17312 174
3912 40
3914 3938
-56r2
3958 4Q
*97
98
*97
98
97
97
98
*97
1514 1512
,015 1534 *15 1512 *15 1512 4213
4314
4132 4158 4112 4178 4114 4314
51
5112 5014 5114 *5014 51
5034 51
126 12634 12513 12612
121 12612 12313 126
70' 6912 69131 6934 70
70
6814 70
*114 134 *114
134 *114
134 *114
134
x5013 51
5013 51
5113 52
5113 52
*2658 27
27
2634 27
2634 2634 27
1658 1673 1634 1714
167s 17
1678 17
1813 1858 1853 1834 1833 1858 *1838 1813
3214
32
*32
3214 32
*31
33
*31
2034 2134 2058 2114
2034 21
21
21
77 *--- 77 *_-__ 77 *___ 77
*70
_-_- 68 *___. 68 *--- 69 *___ 69
*--__ 78 *-- 78 *-- -- 78 *_-_- 78
134
1$4, 134
*158
814 834
*858 9
101 10112 10018 101
*120 125 *120 125
82
82
81
81
20
20
21
*19
2213
*20
2212 *20
1078 1078 1034 11
834 978
818 9
1413 1413
15
*14
*618 613
612 614
16
*1512 1534 16
63
6212 *60
*60
14634 14634
147 147
7618 7612
76
76
3134
3134 *31
*31
3812 3812 3812 39
*112 2
*112 2
81
*78
81
*79
*45 .80 *.65 .85
43
*4112 43
*41
1512
1512 1513 *15
9
*8
*812 9
.50
1.25 .40 *__
420 420
*420 425
2378 2378 2414 26
*171,3 1712
18
18
5312
5234 5312 53
312
3
318
*3
1032 1072 1034 1073
1738 1712 1733 1713
434 434
*45s 512
*612 714
7
7
514 514 *5
514
*114 112
vs
i12
49
*4812 4914 *48
86
*84
86
.84
3314 3314 *3334 34
414
4
4
*4
158 158
*112 134
573 578
*57s 131s
4,334 5
4
4
*314 4
*314 4
714 714
*714 712
*914 934
9'8 914
834 834
813 813
71
*70
7012 70
418 418
412
*4
2513 2534 *2514 26
*1012 12
*1013 12
1813
1712 1712 18
78
7514 708 *75
1118
1112 1112 *11
1512 1512 1512 1558
*us
114 *118
114
212
212 *2
*2
43
*41
*42
44
63
63 .63
*60
2234 23
2212 23
71
*69
71
*69
60
6134 62
60
2134
2178 *21
*21
318
3
312
*3
*218 234 *214 3
*.25 .35 *.25 .35
7
7
712 712
312 312
*338 312
112 134
134 2
2
21
/
4 2e
2
*212 234 *212 234
10
*10
1034 10
334 *312 334
*3
313 313
*312 4
214
214 214
*2
26
*2578 27
*25
112
114 *1
1
•Bid and asked prices.
*112 2
*112 2
812 812
*813 9
10118 10134 10134 102
121 121
*8014 8112 8112 -81-12
20
2012 20
*20
21
21
1038 1034 51034 1-03-4
- *834 9
14 1414
14
14
512 614
*612 634
1512 1512 ---63
*60
145 115
145 145
75
7312
76
*75
*3034 3112 -- 39
3938 3912 -4-0
Last Sale 312 Aug'19
-26
*25
45
45
714
7
7
7
*9
938
-,-91
96
95
*95
70
70
70
70,4
63
62
62
62
Last Sale 141 Sept'19
5514
55
56
*55
Last Sale 30 Aug'19
--31
34
88
87 -87
*87
173 173
3812 3334
3812 39
96
07
-1.5"
-153
151
*15
4238 4278 4258 4334
50
4934 4978
50
12313 12538 123 12412
x69
69
6912 71
Last Sale 138 Sept'19
50
51
5014
50
*2638 2634 2634 27
1678 1078 1678 1734
1814 1814 51818 1818
*32
3214
2038 20,4 2013
20
Last Sale 77 Sept'19
Last Sale 68 Sept'19
78
78
STOCKS
BOSTON STOCK
EXCHANGE
Railroads
100
50 Boston 8c Albany
100
160 Boston Elevated
100
2 Do prof
100
6 Boston & Lowell
100
170 Boston & Maine
100
Do pref
100
Boston & Providence
Boston Suburban Elec._no par
no par
10 Do pref
Bost & Wore Elea pref_no par
Chia Juno Ry & US
100
16 Do pref
Concord & Mont class 4_100
100
Connecticut River
100
18 Fitchburg Prof
16 Georgia Ry Sc Elea stampd.100
100
Do pref
100
55 Maine Central
100
261 N Y N & Hartford
Northern New Hampshlre..100
Norwich & Worcester pref_100
100
30 Old Colony
100
25 Rutland pref
12 Vermont & Mass tohusetts_100
50
255 West End Street
4 Do pref
50
Miscellaneous
340 Amer Pneumatic Service__ 25
50
329 Do pref
1.00
1,521 Amer Telep & Teleg
tnufacturing____
65 Amoskeag
40 Do pref
95 Anglo Am Comm!Corp-no par
220 Art Metal C4nstruc Inc___ 10
2,353 Bigheart Prod & Refg-__ 10
870 Century Steel of Amer Inc_ 10
830 Cuban Portland Cement__ 10
10
3,570 East Boston Land
697 Eastern SS Lines Inc
25
7 Do pref
100
72 Edison Electric Illum
100
421 Fairbanks Company
25
120 Gorton-Pew Fisheries
50
3,385 Gray & Davis Inc
25
Internal Buttonhole S M__ 10
160 Internat Portland Cement_ 10
125 Do pref
50
no par
320 Internet Products
615 Island Oil & Trans Corp- 10
70 Loew's Theatres
10
180 McElwain(W El) 1st pref..100
618 Massachusetts Gas Cos
100
32 Do prof
100
Mergenthaler Linotype.,_.i00
2,936 Mexican Investment Inc.._ 10
10
Do pref
1,011 Mullins Body Corp___no par
45 New England Telephone., 100
306 Pulite Mills
4,030 Parish &Bingham Corp_no par
112 Plant (Thos G) prof
100
110 Reece Button-Bole
10
11,346 Root Sc Van Dervoort Class A
1,196 Stewart Mfg Corporation-2,073 Swift & co
100
810 Torrington
25
Union Copper L & M
25
2,946 united Shoe Mach Corp
25
360 Do pref
25
11,410 Ventura Consol Oil Melds_ 5
10
1,995 Waldorf System Inc
40 Waltham Watch
100
3,115 Walworth Manufacturing_ 20
100
Warren Bros
100
Do 1st pref
100
19 Do 2d pref
Range Steed Jan. 1.
Lowest
122 Sept 3
6,134 Sept19
90 Aug28
82 Sept18
28 Jan30
43 Aug25
135 Aug 12
50c Apr28
5 Sept16
18 Junel3
134 Apr17
81 Feb13
61
Apr30
100 Sept 6
50 Aug 5
9918 Mar15
70 Mar15
65 Sept18
257s Feb13
88 May10
95 Marll
90 Sept18
1738 Aug18
86 Sept17
40 M tr21
49 Sept12
Highest
145 Apr 3
8014 Apr 5
97 Jan28
95 Jan 3
3813 July29
50 Jan27
168
Jan 6
600 July 3
11
Jan14
30 Feb 7
Jan 4
135
90 Junel0
77 Jan 6
115 Apr 9
58 Jan 2
110 June24
7812 July29
83 Jan
4014 July29
9912 Aug 6
101 Apr15
105
Jan 3
23 May27
Janig
100
50 Apr 3
58 Junel3
550 fan 2
2 Aug14
212 tor 8
954 Aug14
97 Aug14 10512 May27
19 Feb15 145 July12
7812 fan 5 84 M tr22
1813 Septll 24's July25
1713 Jana 221a May 5
10 June16 1312 may19
712 Aug22 15,2 Mar17
10 Mar26 1831 May 6
412 Jan 4
618 June19
6 Jar122 19,2 July26
39 Apr111 75 July26
145 Sept18 172
Jan 2
5213 Jan21 84 July28
h2
31837
312 sAAje ngtr2114,1
1 38 M a y17
414 Mar26
Jan
19 Mar2OJ
6 Jan 2
858 Feb10
90 Jan17
6912 Sept 8
62 Sept 8
130 Feb10
53 Aug19
30 July 1
3212 Sept 6
87 Sept19
145 Feb24
34 Aug21
93 Jan 6
14 Jan 3
35 July 1
3218 Jan23
115 Jan30
5212 Jan13
450 May 7
44 Jan13
2614 Jan 2
734 Jan21
16 May19
28 Aug26
17 Mar24
15 Feb14
37 Jan 2
38 Jan23
5
24
8
212 J
Mua
n3y
er 1.
16
9
2
9'4 May 6
49 Aug13
938 Feb20
11
Jan15
99 Mar26
86 Jan 9
71
Jan13
149 June18
72 July17
3
33 4 Julyll
3912 Aug29
96 Mar10
188 July17
41 14 Sept 3
99 Mar29
16 MaY15
4334 Sept19
5412 July14
150 May 5
71 Sept18
212 June 2
55 May
31
Jan25
18 July 8
2113 July10
38 June16
25 July24
83 July14
72'2 May 2
80 July16
Range for Previous
Year 1918
Lowest
1221 Apr
37 Jan
9112 Doe
80 July
19 Jan
27 Feb
150 Apr
.50 Dec
1014 Mar
25 July
138 July
8212 Apr
73 Nov
104 Feb
53 Jan
106 Sept
Oct
70
7712 June
27 Feb
Oet
84
Jan
95
58812 June
Jan
20
80 Aug
Feb
37
Jan
47
40
4
9034
6012
76
11
Highest
146 Nov
80 Nov
98 Nov
104 Nov
40 Sept
60 Nov
170 Aug
3 June
15 June
3014 Nov
147 Apr
8512 Dec
80 Feb
125 Nov
65 Jan
11614 Jan
81 Feb
88 Nov
46 May
95 Nov
10012 Nov
11212 Dec
25 Jan
90 Oct
50 July
62 Apr
21 Mar
July
Sept 1532 Mar
Aug 10912 Oct
Jan 92 Nov
Jan 82 June
Feb z19
Dec
.-r4"Z7 'al;)5;
1713 May
1112 Nov
54 May
4 Jan
13 Mar
6 Nov
Oct 58 Mar
39
134 June 186 Nov
2712 June 6414 Nov
27 Aug 35 Aug
312 Mar
41 Oct
12 Apr
312 Aug
712 Oct
23 Nov
754 June 10 May
88 Sept 93 Nov
9114 Nov
57714 Jan
62 June 71 Nov
107 June 147 Nov
8212 July 10012 Oct
130 Feb 160 Nov
--61 -Aug 100 Feb
1372 Mar
Jan
11
Oct 4113 Nov
27
102 Aug 14614 Aug
Jan 56 Dec
45
45,3 Dec 60e Mar
4812 May
3812 July
2612 May
2434 Aug
9 Nov
Jan
5
..------
17
9
35
Nov
Feb
Dec
------
25 Sept
121 Feb
42 Apr
.....
•
Mining
134 Jan
13 June
213 July25
10 Adventure Consolidated... 25 .50 Apr22
134 134 *112 2
*112 2
*112 2
86 Nov
Dec
69
July29
91
Mar22
6213
*78 805 Ahmeek
80
25
*73
81
78
78
*78
.45 May
.15 July
114 July30
25 10e Apr30
Algomah Mining
Last Sale .95 Sept'19
*.65 .85 *.65 .90
4012 Dec 54 Feb
25 3313 May 1 52 July28
95 Allouez
4114 4114 4118 41 18
43
42
4312 43
Jan 1614 Aug
11
15
15
15
5 1034 Feb28 18 July30
680 Arizona Commercial
15
15
15
15
15
1034 May
9 Nov
7 Apr 9 1012 May12
20 Bingham Mines
10
9
5812 812
*8
9
*8
9
*8
.48 Nov
Oct
900
.20
Jah30
May14
200
.40
.40
10
Copper_
.40
750
.40
Butte-Balaklava
.50
.40 .40 *__
27 Calumet Sc Heels
410 410
25 350 Mar14 480 July17 425 Dec 470 Dec
414 420
416 420 *420 425
5
203
8
1214
Sept16
May
2618
6,179
1
253
4
25
26
Carson
Gold
Hill
26
2538
2512 2638
105 June 1413 Feb
25 12 Mar21 20 July28
55 Centennial
1712 *1718 1712 1714, 1714
1712 *17
*17
40 Dec 5112 Nov
25 39 Mar 5 62 July28
5313 5214 5234 5178 5214 1,639 Copper Range Co
5338 53
52
3 Sept
112 Apr
334 May14
2 Marl1
314 314
20
318 318 *31/1 312 1,310 Daly-West
318 318
672 Mar
434 Dec
434 Feb13 1134 July25
10
1012 1038 103s 1012 4,400 Davis-Daly Copper
1034 11
1038 11
812 Mar 12 Nov
21
Aug
9
Feb28
17
15
16
,
8
1,9230
8
1714
10
163
4
FranklinEastButte
Copper
Min
18
1712
17
1718
6 Feb
3 Jane
t31% July26
138May 9f
25
434 434 *434 5
434 434
*434 514
434 Dee 1018 Jan
July28
4 May 1
75 Hancock Consolidated
25
634 634 *634 7
*634 7
*634 7
Sep
Mar 300
15o
May21
73
4
Feb
20
200
47
8
25
82
5
47
8
12
t
47g
413 5
478
434 5
Jan
1
40 July
2 July26
25 500 Mar 8
IndianaMining
Ilelveta
*132 112 '133 112 *114 138 *114 112
4472 Dec 70 May
4 July28
42 Apr16 55,
1
27
10
0 Islp
4734 4818
*1713 49
anod Creek Coal
48
49
48
*48
Feb
84
Oct
8812
July30
7912
1
78
Apr12
85
85
86
*85
86
86
*85
*85
1912 Jan 29 July
137 Isle Royale Copper
25 24 Jan 2 41 July29
3314 3312 3312 3312 3314 3314 3314 3338
618 May 9
613 Oet
5 Jan
4 Jan17
5
414
413 *4
115 Kerr Lake
*4
4
4
414 414
134 May
23
8
July31
4
.80 Sept
Mar
99c
*112
25
50
134
Keweenaw Copper
158 158 *112 134
*112 134
8$4 May
334 Dec
738 July28
3 Jan25
25
300 Lake Copper Co
512 534 *5,2 7
534 578
*573 618
3
14 Mar
Jan
512
2
Apr16
July28
2
Copper
25
Salle
4
265
La
4
4
*312
412
412 413 *4
6 Feb
5
218 Apr23
414 July25
234 Dec
Mason Valley Mine
Last Sale 338 Aug'19
*314 4
*334 314
7 Jan
334 Sept
4 Feb 7 10 July28
25
180 Mass Consol
714 714
714 712
41
*714 734 *714 734
Nov
.65 Mar
2 Jan13 1314 June 2
30 m
122
Mayflower-Old
yfiloawner-Old Colony-- 25
914 3,4
9
918 938
918 913
o
914
44 Oct
.40 June
212 Feb24 10 July26
25
812 9
812 812
812 812
812 834
5012 Dec 6612 May
25 491z Feb 7 83 July28
63
69
67
673 Mohawk
66
70
6813 69
70
212 July
14 Aug
612 July28
1 Mar 8
25
485 New Aradian Copper
312 312 *353 454
4
4
4
4
2438
5 1134 Mar 5 2914 July31
849 New Cornelia Copper
2412 24
24
25
25
25
25
- Dec "Iii; Wit;
612 May 2 1212 July31 ..."6.34
165 New Idrla Quicksilver
5
1012 1034 *-___ 1012
12
*11
12
*11
Jan
12 Aug 20
20
46 New River Company
872 Febl1 2012 May22
*17
100
*1712 20
20
20
*19
*19
6312 Dec 80 Jan
100 5734 Mar 1 80 May23
*75
go
*76
79
*75
78
7 Do pref
*75
972 Apr
8% Jan
13'2 May12
Jan15
1114
84
5
103
4
450
1114
1114
Niplssing
Mines
1114
1118 -1-1-18 1118
1012 Dec 1732 May
9 Feb20 203s July23
7s
163
1614 16
15
2,665 North Butte
16
168
1512 1534 16
.95 Mar
.25 Feb
4 July30
1,
25 250 Apr22
Last Sale 114 Sept'19 -___ North Lake
114
114 *118
*118
12 June
Ps Dee
July29
414
Mar15
750
25
20
213
*2
*2
212
212
Mining
Oilloway
*2
2
2
Jan
4512
Dec
July28
32
5212
5
41
4112
25 3012 Mar
42
175 Old Dominion Co
*41
42
42
4114 42
4612 June 65 Jan
59
25 45 Mar17 73 July28
69
60
*59
5 Osceola
63
*59
63
*59
Feb
2014
Deo
Septll
1234
25
2312
8
Feb
1218
5
22
22
10
22
1,2957
2233
Creek Coal
ginPoundeCy
2314 22
23
59 Dec 78 May
52 Mar22 83 July28
66
66
68
68
69
69
71
*69
38 Dec 57 Jan
62
255 40 Mar 4 75 July29
86 St Mary's Mineral Land- 2
6134 6134 *59
62
62
4158
2612
July29
7 Jan 1534 Dec
Jan22
13
19
15
0 Senecami
212 2,8
2012 2012 19
CopperCorp--no pa
20
21
20
21
534 Jan
4,4 July30
234 Dec
214
112 Mar15
214 2a8
10
214 238
214 3
2 Jan
h Sept
June
6
3
,
2
Jan13
40c
*218
213
25
*213
212
15 South Lake
213 213 *213 212
Jan
.20
Dee
.10
503
Aug14
8c Janl 1
.20 .25
5
950 South Utah M Sc S
.25 .25
.25 .25
*.25 .35
872 Nov
4 Feb
4 Mar 8 1114 June 5
7
7
*vs 714 4.612 3145
718 *612 718
115 Superior
Sept
48
4
Aug
114
Mar28
414
June10
1
314
314 378
314 314
5S
Turipneirtlyor Sc& Boston Copper 10
69
10
3
'
8 314
4h Feb
2h Sept
514 June 2
113 Sept 9
25
*134 178
134
178 2
134 1%
.73 Dec 1% Aug
5 74c Apr 1 2% Sept17
158 1% 5,935 Tuolumne Copper
4
134 11;t
218 2%
2
2
4h Nov
May
114
June
2
9
352
May
134
8
150 Utah-Apex Mining
212 23'4 *212 278 *212 278 *212 234
7 Dee 12 Jan
712 Jan18 1234 July29
1
360 Utah Consolidated
938 958
912 912
938 958
953 10
Dec 3'A Apr
1
July30
5
Jan28
114
1
3,4 314 1,650 Utah Metal Sc TunneL
3,4 3,2
312 312
31s 3%
8 Jan
138 Deo
434 July28
114 Mar13
25
*3
4
*312 334
37 Victoria
334 334 *312 4
2 Jan
12 Nov
3 July23
*178 218
25 50c Jan 9
125 Winona
214 214 *178 2
*2
214
Jan
36
Dec
18
July31
31
5
25 15 Mar
*2412 26
26
5 Wolverine
26
*2578 27
*2578 27
4
3 Mao
.40
Mai,
1
25 400 Mar13 1% May27
Last Sale 114 Aug'19
112
Wyandotte
113 *1
*1
d Ex-dividend and rights. •Assessment paid, b Ex-stock dividend, hEx-rights. 8 Hz-dividend'. Is 11ali-Paid•
SEPT. 20 1919.]
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston Stock Exchange Sept. 13 to Sept. 19, both inclusive:
Friday
Sales
Last Wtek's Range
for
Sale.
ofPrices.
Week.
Price. Low. High.
Range since Jan. 1.
1169
Chicago Stock Exchange.-Record of
ctions at
Chicago Stock Exchange Sept.13 to Sept.19transa
both inclusive,
compiled from official sales lists:
Stocks-
"Tway
..)ales
Last Week's Range for
Sale.
ofPrices.
Week.
Par. Price. Low. High. Shares.
Range since Jan. 1.4...II
4
eq.
•••I
0%0,
01N.0.-O,fM0.4m
0,
xx
•1
IAMOONN,
VeMNO
WNt-N,...pc,
v>. "..Nri-ppmgmtm,gsrapprigas mspips tw44ig5,%
.4AA.t
High.
ONWNOMWm.
LOM ,
,
01,
Noo....
Low.
N.00
Low.
High.
AmericanUadiator prof 100
120 120
48 8534 Apr
Amer Shipbuilding_
100
124 128
175 100
Feb
Preferred
US Lib Loan 3%5_1932-47
100
99.74 99.90 $15,550 98.04 Feb 99.98
87
8734
20 8534 Apr
Armour & Co preferred.... 10254 102
1st Lib Loan 4s__1932-47
94.44 04.44 3,850 91.64 Jan 195.90 Sept
3,439
10434
98%
Aug
Mar
Booth
Fisheries, common
2d Lib Loan 4s_1927-42
92.84 93.04 11,250 92.04 Jan 94.80June
now
1st Lib L'n 4%5_1932-47
(no par) 1734
94.64 95.30 14,100 93.24 Jan 96.50 Jan
1734 19 .
265 17% Sept
Preferred
2d Lib L'n 4%s_ _1927-42
100 7734 773-4 7834
93.04 93.32 19,350 92.64 Aug 95.90 Jan
4' 7734 Sep
3d Lib Loan 4515._ _1928
95.04 95.42 50,300 94.40 Mar 90.50 Jan Bunte Bros
I % 11
245
954 June
4th Lib L'n 4%5_1033-38
93.04 93.46 218,750 92.84 Aug 96.50 Jan Chic City de C Ry pt sit core
1
1
800
% Jan
Preferre
d
Victory 45is_ _1922-23
14 . 14
99.54 99.98 38,350 99.34 Aug 100.04June
15% 3,355
654 Mar
Chic Pneumatic Tool_ _10.
Am Agric Chem 5s.._ _1924
101% 101%
1,000 100
7834
45 6054 Feb
7834
Jan 110% May Chic Rys part
Am Tel & Tel coll 4s_ _1929
et
"2"
87% 87% 2,000 82% Aug 87% Sept
8
8
100
5
Apr
Continental Motors
Convertible Os
1925
11
100 100
1134
1,000
1134 6,655
Sept 103% Mar Commonwealth-E
8% Apr
Atl G & W I SS L 5s_ _1059 81% 81% 82% 28,500 100
108 109%
735 107
79
Feb 84 May Cudahy Pack Codison.100
Aug
Chic June & U S Y 45..1940
com
_100
107 110%
73
73
2,000 73
720 100% Feb
Sept 77
Mar Deere & Co, pref
Fremont E & Mo V 65_1933
103 103
100
101 10154
1,000 103
140 -78
Sept 103
Apr
Sept Diamond Match
Mass Gas 4%5
1929
100 11434 114 115
90
90
4,000 8954 Apr 94
225 101
June
Mar
Hartma
n
Corporation- _100
454s
1931 85
85
85
85
1,000 83
150
5454 Feb
8534
Apr
87%
Mar
Hart,Schaff&Marx,com 100
Miss River Power
r 55_ _1951
76)4 77% 5,000 76
88
88
35
68
Sept 80 May
Feb
New River 5s_ _ _ _1934 80
1734 1734
80
80% 8,000 77 May 82 June Holland Amer Sugar
165 1254 Aug
Hupp Motor
Pond Creek Coal
65_1923 03% 93% 93%
'
10% 1154
1,500 92
1,160 1034 Sept
Jan 98% May Illinois Brick
Punta Alegre Sugar 65..1931
100
106 109% 48,000 87 May 114%
75
75
105 56
Feb
Swift & Co 1st Is
1944 933.1 92% 9334 7,000 92% Sept 98% July Libby(W I)
2634 2654 29
5,344 1954 Jan
June Lindsay Light
Ventura Oil cony
170 170
10
1234 1334
2,000 94
1,081
10% Aug
Jan 173
July Mid West'UM com_ _ _100
31
31
10 24
Feb
Preferred
51
100
52
20 49
Mar
Pittsburgh Stock Exchange.-Record of transa
Motor Co
45
46
250 33
at Mitchell
Apr
National Carbon pref_100
Pittsburgh Stock Exchange Sept. 13 to Sept. 19, ctions
123 124
100 118
Apr
both in- National Leather
20 17
17
19
13,697 17
clusive, compiled from official sales lists:
Sent
Pub Serv of No Ill, corn 100
85
85
74 85
Sept
Quaker Oats Co pref _100 9954 99
Friday
9934
470 99
Sales
July
•
Roo Motor
(o) 3034 30
Last Week' Range for
31
505 28% May
Range since Jan. 1.
Republi
Truck
c
46
Sale.
ofPrices.
200 45 May
4734
Week.
Sears-Ro
Stocksebuck,
com_ - _100
Par. Price. Low. High. Shares.
200 205
450 16834 Feb
Low.
High.
Preferred
100
120 120
100 118
Sept
Stewart Mfg
Amer Rolling Mill, com_25
61
(*)
51
20 45
49
44%
50
49
Apr
Apr
64%
Stewart
July
Amer Wind Glass Mao 100 120
-WarnerSp,com 100 119% 115 123
21,410
115
12154
84
Jan
765
79
Jan
157
July Swift de Co
Preferred
.100
123%
122%
100 92% 92% 94
127
16,6S2
115% Jan
125 7734 Jan 04% July
Rights
Arkansas Nat Gas,com.100 93
14
13% 17
2,801
79
5%
2,897
99
July
53
July
99
Sept
Swift
International
Preferred
.. _100
5654 56% 58
5,087 4134 Jan
60 75 May 120
Sept Thompson, common
Barnsdall Corporation_ _25 36% 119% 120
4034 40% 415-4 0,725 34
1,450 32 June 41
35
Aug
37
June Union Carbide & CarCarbo-Hydrogen, com_ _ _5
3%
2%
13,655
3%
25.4
Aug
3%
Sept
bon Co
Preferred
(no par) 79
78
813-4 9,725 56
5
454
3% 4% 2,665
Jan
334 Aug
4% Sept United Paper Bd, com_100
Carnegie Lead & Zinc_ _5
2434
25
165 17% Ja 4
6
50
6
6
Sept
734 Apr
Preferred
Columbia Gas & Elec_100 61%
68
100
68
100 64
61% 6154
Jul
20 39% Feb 65
Sept Wahl Co
Consolidated Ice, com_ _50
20
19%
20
1,450
5% 5%
30
1934 Sept
3
Jan
8 June Ward, Montg,
Exchange Nat Bank_ _50
10834 10834
10 105
65
July
10 60
65
Apr 05 May Western Stone & Co, pref.
Farmers Deposit N Bk_100
8
8
100
128% 139%
4
Jan
665 9634 Jan 13931 Sept Wilson & Co, common
Harb-Walk Re rao,com.100
_100
81
81
84
190 8154 Sept
120 120
112 June 120
200
Jan
Preferre
d
Preferred
100
100 100
100 102
45
95
Feb
102
102
Jan
99
10
102%
July
Rights
Tilden Brewing, coin_ _ _50
1
154
90
1
454 454
Sept
1,093
434
1% Jan
7 May Wrigley Jr, common
Preferred
75
7454 7634
1,065 7434 Sept
50 10%
10
10%
5% Jan 16
260
May
BondsL i Bello Iron Wks,com.100
105% 105%
Feb
0454
25
123%
July Chicago City fly 55_ _1927
Lone Star Gas
75
75
12,000
100 185
185 185 ' 40 170
743-t Aug
Jan 300 May Chic City & Con Rys 5s
Mfrs Light & Heat
'27
52
5254 19,00
41
50 5334 5334 5334
Apr
455 48% Jan 56
May Caicago Rys 55
Marland Petroleum
1927
73
73
3,000 72
5
Apr
734
7
6% Aug
734 14,535
7% July
Chic Rys Is, series "A"
Nat Fireproofing, com_ -50
57
57
1,000 55 May
8%
Jan 11% May Commonw-Edison
8%
230
5
9
Preferred
90
9054 9,000 90
50
16
Aug
16%
Jan 24 May Metr W Side El ext55_1943
225 10
Ohio Fuel 011
g 45'38
45% 45% 3,000 453-4 July
1
27
28
Jan 31
870 16
May Swift dr Co 1st g 5s_ _1944
Ohio Fuel Supply
93
93
25 53
10,500 92% Aug
53
53%
42%
1,245
Feb
WI!arm is On it fta
54%
July
1
OA
I
note en 1,4 4 rawi All
Oklahoma Natural Gas_ _25 36
XInr
34% 39
3,880 28% Jan 39
Sept
Oklahoma Prod & Re
(.) No par value.
_5
10% 10%
8% Mar 13% May
50
Pittsb Brewing, com...._ _50
8
754 834
350
Jan
•
2
10%
July
Preferred
Philadelphia Stock Exchange.-The complete
50
16
16%
250
Jan 20 June
7
Pittsb-Jerome Copper..._1 400
record
35o 52e 49,100
Jan 67e Aug of transactions at the Philadelphia Stock
8c
Plash dr Mt Shasta
Exchange from
1 500
500
520
Jan
10,400
21c
65e
Aug
Pittsb 011 & Gas
Sept.
13
to
100
Sept.
19,
both
14
inclus
14%
ive compiled from the
1,435
Jan 18% Juno
8
Pittsb Plato Glass, com.100
Jan 135
133% 134
300 116
July official sales lists, is given below. Prices for stocks
Riverside Eastern 011,com5
5
are all
5
5% 1,985
5% Sept dollars per share,
% Feb
Riverside West Oil, com_25 34
not
per
cent.
For
34
bonds the quotations
2,795
35
9 May 36
Sept
Preferred
25 24% 24% 24%
are
per
cent
June
230
of
2454
par
13%
value.
Sept
San Toy Mining •
1
10c
100 10c
6c Feb
4,500
13c May
Union Natural Gas_ _ _100
Friday
Sales
129 12954
Jan 135 May
76 122
U S Glass
100
Last Week's Range for
33
Range since Jan. 1.
33
Feb
30
25
40
May
West'houBe Air Brake_50 113
Sale.
Prices.
of
Week.
112%
181
113
93
Jan
124% June
Stocks-,
West'house Elm & Mfg_50 5334
Par. Price. Low. High. Shares.
53% 55
Low.
270 40% Jan 59% Juno
High.
West Penn Rys, pref__ _100
7934 79%
10 75% July 80% July Alliance In.surance
Bonds10 2154 213.4 22
46 19
Jan 2354 May
America
Plash Brewing 6s_ _..1949
n
Gas
100
55
5554
75
76 54 • Aug 74 June
75
25.000 52
Jan 7534 July American Milling
10
9
9
0
10
9 May 12% Apr
Am Ship & Commerce_ __ _ 37
37
3934 1,600 31
Baltimore Stock Exchange.-Record of transactions
Aug 44% Aug
America
n
Stores_
_
_
_no
par
33
3254 33
at Baldwin Locomot
935 203-4 Apr 3754 July
Stock Exchange Baltimore Sept.13 to Sept. 19,both
ive_ -100
134% 13634
405 6534 Jan 136% Sept
inclus
ive
,Preferr
ed
100
107
107
107
compiled from official sales lists:
14 10054 Jan 109% June
Elec Storage Battery-100 107
10434 x110 17,927 5154 Jan x110
Sept
General Asphalt
Wridn.
100 89
873-4 95
7,559 39
Jan 95' Ally
OM.
Preferre
d
100
135
132 140%
Last Week's Range for
618 76
Jan
14034
Sept
Range
Insuran
ce Coot N A
since Jan. 1.
_10
31
31
Sale.
376 25% Jan 34 June
ofPrices.
Week.
J G Brill Co
Stocks-•
100
Par. Price. Low. High. Shares.
57
57
10 19% Feb 6434 July
Low.
Keystone Telephone_
High.
50
14
14
10
8
Mar 18% July
Lake Superior Corp_ _ _100 21
Alabama Co
100 89
21
2134 2,940 17
89
Jan 2554 July
90%
260
Feb
69
Lehigh
96
Aug
Navigat
ion
2d preferred
50
68
100 74
6734 683-4
256 67
74
Apr 73
Jan
74
Feb
60
15
Lehigh
76
June
Valley
Atlantic Petroleum
50 4834 4834 50
10
303
47%
3%
Aug
3%
6054 June
3%
Jan
40
2
43.4 July Midvale Steel & Ord_ _ _50 50
Baltimore Tube
100 70% 70
50
5054
250 41
Jan 61% July
72
214
70
Jan
Ponnsyl
90
May
Mfg
Salt
Preferred,,..
50
82
82
100
35 80
July
87% 87%
2 71% Feb 93 Juno Pennsylvania
1 • 1,555 4254 Aug 8454 Feb
Canton Co
50 4334 43
43%
100
160 160
4834 May
Apr 160
4 160
Apr Penn Traffic
Celestine 011 v t
254
2%
2% 234
4
4.45
254 June
3.55 4.45 29,320 1.00 Mar
354 Mar
4.90 JulY Philadelphia Co (Pitta)
Chalmers 011 & Gas pref.5
334 334
155
3% Sept
Prof (cumulative 6%)_50 3451 34
334 Sept
Consol Gas,E L & Pow_100 105
3434
150
104 106
Jan
3154
37% Apr
173 103% Apr •111% May Plata Electric of Pa
Consolidation Coal_ ,_100
25
26
2534
3,018 24% Jan 26% May
85
86
, 71 78% Apr 02 June Phila It T vot tr recta__ _50 2634 26
Cosden de Co
2754 3,368 23
5 11%
11
Apr 2934 Juno
12% 23,863
0% Feb
1254 May Philadelphia Traction. 50
Preferred
66
66
5
10 x65% Sept 71
434
4% 4%
Jan
1,300
4
Reading
Jan
5
May
Davison Chemical_..no par
50
7934 8134
425 76
33
Aug
35
9334 June
Tonopah-B
155
30
Aug
40% Feb
elmont Devel _ 1
Elkhorn Coal Corp
2%
254 x351
• 50
2,812
254 Jan 3 15-16 May
3434 3434
Tonopah Mining
25 27 • Mar 43
July
IIouston Oil trust ctfs.. _100
1
23-4
234
1-16
3
1,269
114% 115
234 Jan
4 May
110 72% Jan 142
May Union Traction
50 3854 3834 3854
Preferred trust etfs_ _100
249 37
90% 90%
Jan 41
May
120
Jan 101
May United Gas Impt
Indiahoma Refining
50 67
6654 - 6854 9,161 6654 Sept 7454 Jan
10
934 10% 3,000 72%
to%
Corpora
June
Steel
5%
1J
Sept
S
tion_10
Monon Vali Trac
0
10254
10234
25 10
10654
1,180 8834 Feb 11554 July
10
10
100
Warwick
Iron
July
&
934
Steel_
10%
June
_10
Mt V-Wood Mills v t r_100
834 9
120
30
834 Jan
30
9
Apr
3 16
Jan 51% Aug Welsbach Co
Preferred v t r
100 54
52
100 95
210 40
5454
95
95
Apr 543-4 Sept
153 71
BondsFeb 100
Aug
Pennsyl Water & Power 100
85
85
90
Lib
2d
Jan
Ln
S
U
4%8_192
88%
7754
May
7-42
Shaffer Oil pref
92.90 92.90
$50 92.90 Sept 95.30 Jan
95, 95
100 05
Sept 95
3d Lib Loan 454s. -1928
Sept
United fly & Elec
94.90 95.22
150 94.36 Sept 96.38 Jan
50 17% 16% 17%
647 15
Mar 20% Jan
4th Lib Ln 4%5_1933-38
Wash Bolt & Annap_ _ _50
92.90 93.24 12,100 92.90 Sept 95.70May
25
25
320
24
Aug
Victory
June
29%
ha_
4
_1922-23
Wayland 011 & Gas
99.78 99.78 1,100 99.30 Sept 100.04June
5
434
4% 434
460
4% Aug Am Gas & Eleo 55 small.'07
314 Feb
Bonds85
85
300 83 June 8834 Jan
Baldwin Locom 1st 55_1940
Balt Electric atm! 5&J047 92
100 100
1,000 100 ' Apr 101
02
92
$1,000 02
July
Mar Etc° & Peo tr oils 45_ _1945 68
July 94
Boston Sand&Gravel 65'24
68
6834
9,0430
9654 9654
65
Mar 71
Jan
1,000 94 • Feb 96% Sept Lake Superior Corp 55 1924
68
Canton Co deben 55..1920
68
13,000
97
58 'Jan 74
97
Aug
4,000 97
Mar
Mar
do
small
97
1924
68
68
Consol G,EL&P 4%5_1935
500 58
82% 83' 16,000 82
Jan 68
Sept
Aug 85% Jan Lehigh C&N consol 4548'54
92
92
6% notes
3,000 92
985.4 98% 98% 4,000 97
Sept
95
Aug
Mar 98% Feb Lehigh Val Coal 1st 55_1933 100
100 100
Consol Coal refund 55_1950
85% 86
1,000 991% July 10054 Mar
3,000 85
Jan Lehigh Valley coil 6s..1928
101% 101% 3,000 101% Jan 102% Jan
Convertible Os
1923 9954 99% 9954 2,000 99% Aug 92
Gen consol 4545.- _2003
8054 80% 1,000 80
Cosden &Co ser A 65,1932 104% 102 104% 27,500 84% Sept 100% July
Sept 93
Feb
Jan 104% Sept Pennsylvania RR.
Series B Os
1932 104% 10134 10454 58,000 85% Jan 104%
General 55
Sept
1968
9154 9154 11,000 9034 Aug 08
Elkhorn Coal Corp 65_1925 98% 98% 9834 3,000 98
Jan
Feb 90% Juno
General 454s
1965
8234
3,000
Ga Car de Nor 1st 5s....1920
8254
8234
8234 Sept 8934 Jan
00% 9034
1,000 9034 Sept 96% Jan Peoples Pass tr etfs 45_1943
75
75
75
Md Electric fly 1st 55_1931
1,000
72
Mar
88
78
88
1,000 88
June
Sept 8934 May Phila Electric 1st 55..1966 93
93
Norf Ry & IA 58
9334 58,000 93
Sept 96
85
85
1949
8,000 85
July
Sept 9234 Feb
small
do
1066
United fly & I 45_ .
9334 94
1,200 933-4 May 9734 .Jan
_ _1949 7034 , 70% 70% 20,000 68% Aug 7634 Jan Reading gen 45
1997
81
81
Income 4s
1,000
80%
Aug 81334 1Jan
1949 5234 5234 5234 5,000 48
Apr 5554 Mar Spanish-Am Iron 65_ _ _1927
10034
10034
Funding 543
1,000
100
Aug
102
70
1,600 66% Aug 76
Aug
1936
70
Mar United Rye Invest 55.1926
75
75
do
1,000 623-4 Jan 783.4 July
small
1,000 6634 Aug 76
1936
683-4 6954
Mar W N Y & Pa gen 4s...1943
wit Ar lilohlrwr. Kia
61
61
III* K
6,000 61
Sept 69
1f1(1
100
Mar
5.000 100
Mar 101
Jan
z Ex-dividend.
Bonds.
1170
woL. 109.
THE CHRONICLE
a record of
New York "Curb" Market.-Below we give
Sept.13
from
market
security
outside
the
in
ions
the transact
Friday
to Sept. 19, both inclusive. It covers the week ending
afternoon.
attaches
It should be understood that no such reliability regularly
to transactions on the "Curb" as to those on the
organized stock exchanges.
, only
On the New York Stock Exchange, for instance
and they
,
business
in
engage
can
e
Exchang
the
of
s
member
y listed-that
are permitted to deal only in securities regularlfor
them have
ble
responsi
es
compani
the
where
s
is, securitie
before being
ments
require
t
stringen
certain
with
d
complie
taken to
admitted to dealings. Every precaution, too, is
reported
or
"tape,"
the
over
coming
ns
quotatio
that
insure
c.
authenti
are
day,
the
of
end
the
at
list
official
the
in
ons
restricti
no
are
there
hand,
other
the
on
"
"Curb,
the
On
one can
any
and
in
dealt
be
may
security
Any
r.
whateve
in the
meet there and make prices and have them included
records
daily
furnish
to
business
a
it
make
who
those
lists of
fictitious transacof the transactions. The possibility thatin
spurious securidealings
that
even
or
in,
creep
tions may
kept in mind,
be
always
hence,
should,
,
included
be
ties may
ances,
circumst
the
In
shares.
milling
regards
as
arly
particul
absolute
the
for
vouch
to
one
any
for
question
the
of
out
it is
and
trustworthiness of this record of "Curb" transactions,
we give it for what it may be worth.
Stocks.
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
Other 011 Stocks.
Aug 11% Aug
10 1055 10% 11% 11,800 10
Ajax 011 r
4% Apr
% Jan
1,200
2
2
1
Allen 011 r
134 June
July
54
615,000
1%
1-16
1
1 1 3-16
All.ed 011_ r
Apr
Aug
1
13.4 16,500
155
1%
Amalgamated Royalty_r_l
24 Se
1% Sept
38,700
234
134
1
Aritex 011 r
jsn
July
6
31
4
5-1
Jan
255
1,400
3%
3%
Atlantic Petroleum_r_ _5
34 Aug
35 3-16 12,70
3-16
1
Barnett Oil & Gas_ r
May
Mar
3
13,30'
9
8%
9
5
Boone 011.r
3% Sept 164%
3% 4% 28,400
4
1
Boston-Mex Petrol
Jan 83o Sept
740 67,500 180
Boston-Wyoming 011.r_ _1 71 c 70c 30% 4,400 26
Aug
29%
Brazos 011 Corp r (no par) 30%
July
2
324
Sept
1
800
1%
1
1
Burknett Van Cleave 011-5
1% May
% Aug
A 0,50 .
34
34
1
Can-Amer 0 dc G_r
Sept
5%
June
4%
4,900
5%
554
5
Circle 011_ r
Mar 63 June
51% 2,800 37
50
Commonwealth Petroi..r(t)
5% Sept '1634 June
535 6% 5,500
6%
10
Continental Refg
12% Sept
Jan
6%
70,000
12%
Cosden & Co. corn_ r---5 11% 11
July
64 June 11
755 834 5,10
5
Ertel 011_r
1 1-16 Aug
Sept
%
9,500
55
%
•
7-16
_1
Esmeralda 011 &
Apr
4
Jan
2
12,90
2% 3
5
Apr
Federal 011 Corp _r
8
35-6 Mar
43/2 5% 22,400
July
Glenrock 011 Corp _r___10
1%
Feb
15-16
2,000
1%
1-16
1
1
Globe 011
Sept
18c
Sept
7,000 160
16c 18c
Great Western Petrol_r_ 1
Aug 253( July
2134 4,700 18
June
Guffey-Gillespie 011_ r_ (t) 21% 20% 4ue 26,000 200 Sept
25c
Gulfport Oil & Ref.r_10e 35c
Junoc
1
66
Sept 13
133 95
95
95
95
100
Gum Cove 011_r
Mar 2335 July
10
200
17
17
May
Hercules Petrol Class A r 10
40%
Feb
10
% 8,300
'
20% 1934 2
Home Oil& Refg _r
40c Aug
32c 38c 48,750 30o Aug 144%
May
Home Petrol of Denver_ 10c 37e
Jan
75
200
114
112
100
Houston 011 com_r
54 Apr
155 1% 18.800 55o Feb
1
Hudson 011. r
5% June 10% Sept
9% 1034 6,300
5 10
July
Indiahoma Ref Co_r
35%
Jan
16%
5,100
35%
29%
July
Internat Petroleum_r__£1 30
12,850 30% Aug 39
36
35
50
Invincible 011_r
Jan
26,000
Sales
6%
7%
631
Friday
7
Oil & Tranap_r 10
Ma
May
Island
251
2
1.
Jan.
since
Aug
55
Range
7,000
%
Range
55
for
Last Week's
34
Week ending Sept. 19.
Aug
Lance Creek Royalties_r_l
% Aug
2,000
Week.
1
1
ofPrices.
Sale.
1
Little Sioux 011.r
4% July
Low.
1% June
High.
20,000
Shares.
2%
High.
2%
Low.
Price.
Par.
z2%
Stockspyt
s
Se
Livingston Oil Corp_r__ _1
54
5
0
1
3
Sept
7%
400
8
7%
3% July Livingston Ref Corp pf_r(1•) 21% 2134 23
Aug
1% Sept
1,100 20
4,500
1% 2
1%
1
10
Acme Coal_r
4*,{,, Mar
July Merritt 011 Corp.r
12%
Sept
Jan
154
6%
29,000
23,900
2%
12
1%
10%
11%
2
Aetna Explosives_ r(no par)
t
% SAeupg
1834
May Metropolitan Petroleum 25
June 065
500 10% May
18
59% 2,500 51
18
58
..10
Air Reduction r_ _(no par)
Mexican-Panuco
3
Aug 67% July
1% May
3,700 51
55
51
2% 3% 11,000
(t) 52
3
Allied Packers_ I'
Aug
37
July Middle States 011 Corp_r _1
18
Sept
Jan
28
2%
1,000
40
32
14
28
13%
10 28
Amer Writ Paper corn_ 100
New stock
May
la 116
July 13% July
4,900 124
167 179
7
12% 2,800
10
169
Autosales Corp com_ r _50
1% May
% Sept
July 3354 July Midwest Refining-r_ _ _50
4 4,800
809 27
30
28
34
50
Preferred r
-Texas 011_r____ I
Apr
Midwest
5%
Sept
4%
Mar
1
Aug
3%
1,500
90
3
4
3%
2%
4
1
Benford Auto Products_ r_5
9% Aug
634 Sept
7% Sept 11% July Morton Pet of Me.,
6% 7% 20,700
9% 4,240
9
7
955
Brit-Am Chem Corp__ _10
May North American 011-r- 5
2% May
27%
Sept
%
Aug
12,000
20%
1
1,800
%
23%
23
34
1
Brit-Am Tob ordinary...1
3% May
May Ohio-Rangers
1% Feb
July 28
1,500
234 2%
£1 23% 22% 23% 10,800 20
Ordinary bearer
7% Sept
Apr Okmulgee Prod & Refg__..5
634 Sept
3,300
300 12% Mar 30
21
20
100
Bucyrus Co_ r
Omar Oil& Gas new
July
Sept
7
8%
Apr
1%
Aug
7%
3,000
4,100
5
7%
7%
10
7%
5%
1
.r
Gas
&
Oil
Canopus Iron Corp
Orient
Sept
234 May
Sept
Sept
3%
2%
20.700
3%
% 1
2% 3% 13,700
3%
34
Carbo-Hydrogen Co corn 50
173-4 Apr
4% Sept Osage Nation 011 Synd_r _1
Sept
1155 Feb
4
6,400
2,300
15
4%
14%
3%
4
14%
5
10
Preferred
Aug
554 July Pennok Oil.,
Aug (12
Feb
6,000 58
2
3% 3% 1,900
5834 61
3%
61
25
Car Ltg & Power
Sept
854 Feb 16
11,000
4% Mar 15% May Phillips Petrol com_r (t) 15% 15% 16
900
8% 9
8%
Chalmers Mot Corp-r (t)
9% June
Sept Pittsb-Texas 0 & 0..r..--5
Aug
100
Sept
7
92
7,100
300
834
96
8
94
10
Chandler Motor w l_r-(t)
Jan
80 Aug 30c
Feb 49% Sept Producers de Ref_r
5,000
90
90
48% 48% 49% 13,000 35
1
Cities Seri/ Bankers shs
Aug Queen 011_ r
2% May
55 June
38% Sept 45
51 9-16 3,400
1
Coca-ColaCo v t or(no par) 39% 38% 40% 31,000
Aug
Ranger 011.r
700
July
Sept
45
June
55c
13%
2,100
1,90
c
20
16
55c 6
Colonial Tire &Rub-r (t) 18
Aug Red Rock 011 & Gas_r_100 60c'
Mar 24% June
Aug 52
6
1,500
10
47% 6,500 43
44
8
8
5
r
ColumblaGraPb M fg,w 1(t)
755 May
234 Apr
5,800
9% July 13% July Rickard Texas Co_
1,200
4% 5
435
1
.,
Petroleum
Conting Motors com_r_ _10 10% 10% 12
Ryan
Apr
Mar 65% July
124
Sept
38
107
5,800
500
55
107 109
53
Cudahy Packing_ r_ __ -100
4 %%54 MayJJuull yy
1% Aug Salt Crk Petroleum.r......25 63
6% Aug 38
% July
5,600
8,500
7%
1%
1
7
1
7
-100
._
Chemical-.
5
r__
Cu Mor
14% Aug Seaboard 011 de Gas_
55 7,700 7-16 Aug
13% 7,200 11 Sept
7-16
11
34
1
Ref
Dafoe-Eustice Co Inc..-(t) 11%
&
Oil
Sequoyah
Aug
AtIR
25
28%
Aug
7,300
1655
3354
32
32
Delatour Beverage_r __ _10 16% 16% 1755 2,000
Aug 50 Sept Slmms Petroleum r(no par) 57% 57% 60
22,100 4435 May 6434 July
1,200 38
48
44
DurhamHosiery comB.r _ 50 47
-(t)
Jan 64% May
Sept 99% Sept Sinclair Cons 011-r
1,200 98
57% 5734 59% 13,000 22
100 98% 98% 99
(t)
Preferred_r
Corp_r___
Gulf
May
Sinclair
7
July
Apr
14%
Sept
400 2%
7
100
7
6% 6%
7
655
Excello Tire & Rubber_ _10
ia
34 June
50
220 July 81
June 62 June Southern Oil & Trans_ _10
52,500
54
26c
2,700
56
22c
55%
26c
1
May
Farrell(Wm)& Son,Ine(t)
Southwest Oil_,
7
Sept
Sept
95%
Jan
2%
2,000
39
28,300
3%
2%
95%
3
r_5
Refg_
&
General Asphalt Corn., 100 90% 87
Prod
Sept
Sou.hwest
1834
Sept
July
142
Jan
83%
2,10
1734 18% 16,800 1355
135 142
100
Preferred _r
9% Aug Spencer Petrol Corp ____10 17%
% Mar *255 May
3 Sept
3% 3,300
3
134 *1% 31,825
3%
1%
1
General Tractor_ r_(no par)
14% Sept
15-16 Aug Stanton 011_ r
1,915 13% Sept
9-16 Apr
700
14% 1434 1434
1 15-16 15-16 15-16
.10
Grape Ola common
Pet_r
Tex
Star
Aug
1', June
7-16
.1 ail
1
tlo
% 7,00
600 1 1-16 Apr
1 1 7-16 1 7-16 1 7-16
34
1
Preferred
May
% Aug
10% Aug Texans 011 At Ref.,
May
800
6
10,100
9%
51
834
34
54
8%
par)
1
Heyden Chemical r(no
8% June
Sept
1455 July Texas NatPetr ol_r
5
200
455 Jan
5
5
Hupp Motor Car Corp-10 10% 1.,% 11% 18,100
6 June
1% Sept
5,700
25 Sept 50% July Texas Prod de Refg_&r_R 5
16,200
29
234
1%
25%
26%
r
(t)
Corp
I
Packing
Indian
14 May
31 July
May Texas-Ranger Prod
% 1,100
21% 3,800 10% Jan 35
34
34
1
Intercontinental Rubb_100 2055 19
655 Aug
354 July
Aug 10% July Team] Steer Oil_,
800
6
4% 4%
6% 6% 3,300
6%
Knickerbocker Motorsr 100
May
1
34 June
Jan 34% Apr Tex-Ken Oil Corp.,
142,100
19
1
1,000
28
15-16
27
27
10
r
_
Libby
1
Libby,McNeil&
155 Aug
Sept Texan Oil & Land_r
14 Aug
20 , 27% Feb 98
96
1% 1% 35,500
94
154
1
Lima Locom com_r_ _ _ 100
Corp_r
Oil
Sept
Trinity
41
Sept
Sept
65%
38%
Aug
45
3855 40% 37,500
MadisonTire&Rub,com (t) 65% 57% 65% 19,700
Aug
34
Sept Union 011 of Del_ r_(no par) 39%
1
54 Sept
44,000
9-16 54 50,900 50o June
% 1
34
1
Manhattan Transit _r_ - _20 11-16
SeptAug
Petrol_r
Tex
United
Sept
5146
July
7%
3-16
Jan
16,100
4
%
34
655 7% 55,500
6%
1
Marconi Wirel Tel of Am _5
Gas
Oil&
Vacuum
July
June
6
Feb 16
7
8% 10% 3,800
13% 3,000
13
Morris (Phillip) & Co_ AO
1% Sept
6,100
July 41% July Valverde 011 Prop_ r___(t)
1% 2
36% 1,500 30
36
10
Mullins Body Corp corn (*)
3% Aug
16
Sep
Jun 81% June Victoria 011_r
2,300 11
300 47
11 (12
58
11
53
5
r
National Ice & Coal_r_100
_
Oil
Vulcan
10% May
Aug
Sept
Sept 25
2%
5,800
17%
355
3,000
2%
19%
17%
2%
10
National Leather_r
Sept
West States0& Land_r 1
27
Sept
7%
Aug
2054
Sept
19,200
755
27
11,600
24
735
Nat Motor Bus Corp_ r_10
Sept White Eagle Oil de Ref r(t) 24%
Aug 10% Aug
1035 4,700 10
600 18% Sept 19
10
18% 19
National Rubber
1% May
x July
July Woodburn 011 Corp.r.w1(t) 10%
78
Jan
25
3,000
%
200
58
58
3-4
1
N Y Shipbuilding.. no par)
7% Apr "Y" 011 & Gria_r
2% Jan
4% 5% 2,200
4%
Nor Am Pulp & Paper ..(t)
July
Aug 46
3855 11,000 34
Otis Steel com_r_ (no par) 36% 36
Mining Stocks2 June
Sept
21
Aug
14%
4,90
21
13-16
34 15-1c 27,800 310 May
10 20% 20%
June
Overland Tire ..
Aug 34% July Alaska-Brit Col Metals. l
4,600 25
7-16 9-16 15,400 5-16 Aug 15-16 June
32
28
55
1
Parry (Martin) Corp-r-(t) 3
1%
May
49% July Alaska Mines Corp
1
Jan
6,030
18
1,10
134
44
1%
40%
1%
42
Feb
Peerless Tr & Mot Corp_50
Amer Hoed Min Corp w1.1
9-16
1
Sept
May
55
30
Apr
9,300
23
100
30
3
% 134 20.500
1
134
Pennsylv Coal & Coke_ r_50
% Mar
1% Apr America Mines_,
34 Mar
54 Feb
%
1-16 20,500
1
34
1
Perfection Tire & Rubb_r1
Aug Amer Tin & Tungsten_ r....1
13.4 May
% July
65
4,200
Aug
55
7-16
%
200
57
57
%
1
Phillips-Jones Corp w l_(')
Aug Arizona Silver_r
3c June 635t Mar
6,500
6 Sept 27
335c 4c
4c
8% 955 1,500
I
Pressman Tire & Rubb 10
840 July
35o Aug
Aug 20 June Atlanta Mines
125 12
36c 470 27,700
14
13
me 38c
10 13
Pyrene Mfg_r
Belcher-Divide_r
440 July
July
Aug
11
220
Aug
18,200
534
33o
250
12,240
7
6% 7
10c 27c
_r
Republic Rubber r (no par)
Extension
Belcher
16 Jan
Sept
15
Mar
12
%
9% Sept
% 17,900
5,700
9% 11
3-6
0-16
9%
RockawayRollIng Mills r(t)
Sept 360 Apr
43% Sept Big Ledge Copper Co----6
(lo
4,500
Aug
8c
37
7c
8.050
43%
8c
41
1
43
100
r
Root & Van Dervoort
Jjual y
Booth.,
July
76%
gb
t
e
i
F
A
4206
Aug
40,600
66
83c
72a
14,000
Dev-5 74c
Shell Transp & Trad -r _ £2 68% 68% 71
Jan 450 Sept
Aug 44% May Boston de Montana
18,100 270
1,400 24
39c 43c
34%
33
1 43c
n
Stand Gas & Elec corn.r.10
93c34
July Caledonia Mining
20%
Feb
10
2,100
4,600
X
mu
15%
X
51
1.5%
& Jerome Cop_r_l
Submarine Boat v t c (t)
234 Feb
6% July 15% July CalumetCopper
1 9-16 1% 2,400 1 5-16 Jan
Ltd...5
Co
June
Sweets Co of America r 10 12% 12% 12% 7,900
Canada
3-16
2
Mar
Jan
1,400 40% Jan 65%
58
56
1 1-6116 15-16 1 3-16 23,900 520
Silver_r
Aug
Swift International _ r_ -15 56
15
Aug
6,500 it
15
13
37% 16,600 25 June 4035 July Candalaria
35
10c
Tobacco Products Exp (t) 36
Aug Carrie Silver_ r
Sc Feb 15550 Mar
Feb 158
102
7c 23,650
6c
138 *140
6550
1
Jan
Todd Shipyards Corp (t)
Boy
6
Cash
Feb191
July
1
1,000 60% Feb 86
78% 81
134 11-16 1 3-16 7,900
5
Union Carbide de Carb r (t) 79
534 Jan
July Consol Ariz Smelt
8
1% Sept
5% July
2% 2% 8,100
7% 7% 2,000
255
& M.1
M
Gold
July
United Eyeglass Shops _ r6
Con
Cresson
Sept
Sept
334
1%
12%
18,725
Sept
14% 5,200 11
1% 2
1%
1
UntdPictureProdCorp_r(3) 14% 11
1% Mar
534 May
3% July Divide Extension_r
7-16 Jan
3% 4% :38.100
255 2% 10,500
2%
3%
Min.._ _1
United Profit Sharing_ _25c
Aug
1
254 May
1955 Aug 30% Aug El Salvador Silver
155 12,000
1%
1%
r1
Co
Min
Un Retail St's Candy-r-(t) 21% 2 55 24% 47,500
Sept
Croesus
15-16
Eureka
1
June
June
1
3
5,700
1% Jan
12,315
1% 1%
2% 3
2%
1 1 3-16
Feb
US Lt& lit Corp com_r_ 10
Forty-nine Mlning_r
Feb
45% Jae
3
2
Mar
39,50'
354 455 5,000
255 3
2%
10
3%
5
_r
May
U S Steamship
Gadsden
Aug
Feb
2%
49%
7,300
37%
Aug
2%
2%
2%
Explor'n_r _5
Vanadium Steel of Am r(t) 3955 3734 4155 23,500 28% Sept 33
Gate
ZIO1
Golden
Sept
July
190 33,700 lie
60,000
17o
10 19c
Jan
V Vivadou,Inc_r....(no par) 29% 28% 33
July Goldfield Consol'd
8,700 llo July 240
3,200 42% May 86
14c 15c
75
68
100 74
Mar
Warren Bros_r
Developl-r-10c 150
Mar
6% July Goldfield Florence_
9,000 35
354 May
57
53
4% 4% 8,000
4%
5
1
r
r
Wayne Coal
5
July Goldfield
Aug 7184
26
5,100
June
15%
434c
3%c
1,100
40
21%
21
Sc
)
21%
1
com_r__(*
MarApr
Weber & Ileilb
Aug Goldfield Merger_r
600 46% Sept 61
62c 69c 49,000 35c Aug
47% 4855
1 56c
July
1
WelchGrapeJuiceCo-w-(t)
Gold Zone Divide_,
Sept
20,550 80e
800 87c
46c5i
Grand Pacific Copper- 1 820
2340 Aug
1,700
2550 30
3c
1
RightsAug
Sept Great Bend _ r
Jan
Aug 36
% 5,700 410
100 23
36
%
1
1
U S Industrial Alcohol__ ...... 36
Hamilton M dc 8
8,100 lb o June 467% Apr
130
12c
13c
1
June
Jan
Hasbrouck Divide.,
1-16
4
5,050
554
4%
5
25c
Former Standard Oil
e May
4%
Hecla Mining
3% Mar 45
454 455 5,000
455
1
Subsidiaries
Feb
% July
Apr 40
May Howe Sound Co
0 Sept
50
19
Feb 137
7,600 2
10 88
98
290 31c
98
1 300
Galena-Sig 011 corn_ r__100
160 Mar
Butler.,
Sept
Jim
May
9%c
197
Jan
164
1,000
30
10o
185
10c
183
Illinois Pipe Line_r___100
Jan
8o
Extension
July
Jumb.
Apr
20
y
2
404
Jan
1,000
30 315
455c 4%o
370 375
25 370
1
Ohio 011-r
May Kewanus_ r
Mar 317
34 263
17c 21c 34,500 150 June
286 290
Prairie Pipe LIne_r--100
100 18c
r
May
Divide_
Knox
May
350
Apr
3,300
292
20
5-16 5-5
330 332
100
5
South Penn 011_r
55 Apr
July La'Rose Mines Ltd
Jan 319
20 258
% 7-16 6,000 1-16 Apr
290 292
7-16
1
Standard Oil (Calif)_r _100
July
July Louisiana Cons'd
Apr 798
95 668
35c 390 67,000 24o June 490
676 684
37c
676
-1
Standard 011 of N
Crescent.,
May
a
1%
MacNamar
Mar
July
34o
118
57o (14c 87,000
111% 109% 111% 9,600 109% Sept
Preferred
% May
MacNamara Mining __r _ _1 570
July
220 Feb
430
21,000
Jan
310
810
400
%
397
34
397
Y_r100
1
Standard 011 of N
May Magma Chief _r
Jan 490
30 395
445 446
100
Vacuum 011..r
SEPT. 20 1919.]
Mining-(Concl.)
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Marsh Mining_r
1
13c
McKinley-Darragh-Sav _ _1
Mother Lode new_ r
1 540
Nat Tin Corp_r
50e
6%
Nevada Ophir Min_r_10c 28c
Niphising Mines
5
103%
Nixon Nevada
1 22c
Onondago Mines Corp_r_ 1
334
Ray Hercules Min_r
5
2%
Red Warrior
1
Rex Consolidated Min_ _ _1
16c
Roper-Group M Co
1
%
St Croix Con Mines
I
Seneca Copp Corp_(no par)
Seven Metals Min.r
1
6-16
Silver Dollar Mr
1
%
Silver King of Arizona_ _ _1
Silver King Divider___.,1
14c
Silver Pick Cons(_r
1
9c
South Am Gold & Plat r 10
Standard Sliver-Lead_ _1
Stewart r
1
Sutherland Divide_r
1
10c
Tonopah Belmont 1)ev_r _1
Tonopah Divide_r
1
534
Tonopah Extension
1 2 9-16
Tonopah Mining
1 2 15-16
United Eastern
1
434
U S Continental Mines_r 1
lie
Victory Divide_r
1
Wash Gold Quartz
1
West End Consolidated...5
134
White Caps Extension_1(1e
White Cans Mining__10c
lfic
Wilbert Mining
1 7%c
Wilson Sliver Mines_r_i
t)ii
Yankee John
I
41e
Range since Jan. 1.
Low.
12%c 13%c 20,000
3c
Feb
65c 68c
4,300 45c
Jan
Sc 5%c
9,400
334c Mar
454 63% 55,800
3% Mar
28c
30c
8,500 15c
Apr
10% 11% 20,300
8% Jan
22c 25c
10,600 17o
Apr
3
4,700
334
3
Jan
2% 2% 10,950
1% Jan
5-16 % 9,500
% June
16c
18c
10,800
9c June
%
1
82,300
% Aug
9-16 9-16
750 9-16 June
19
20%
1,100 135i Feb
% 17,200
Si
3% Aug
% 1%
2,400
% Sept
%
1
29,000 13-32 Feb
12c
15c
19,700 12c Sept
9c
10c
5,500
40
Apr
3,700
83% 10
83% Sept
% 5-16
1,300
% Jan
22e
21c
4,200 14c Mar
9c
lie
17,000 . 9c Sept
334
200 2 9-16 Jan
334
5% 634 30,700 .50
Aug
23%
2%
5,200
15% Jan
2% 2 15-16
925
234 Jan
4% 4 9-16 4,230 3 3-16 Jan
11c
14e
11,400
do
Jan
25c
300
16,000 240 Aug
87e
Ole
1,700 71c
Apr
1%
134 6,600
1
Mar
3e 334c
5,000
20
Jan
15c
17c
11,700 10o
Jan
6%c 8c
17,500
5c
Jan
%
%
600
%
Aug
35e
41c
17,600 35c Sept
High.
13%c Sept
68c
Aug
5%cSept
63% Sept
50c May
15
May
480
Jan
3% May
3% July
A May
23c July
13% Aug
1
Aug
26
May
% July
1% June
1% May
37c Mar
14c
Apr
14% June
l
if. May
34c May
470
Apr
4
May
•12.3 Apr
334 May
4% Slay
534 Mar
190 May
53e June
94e Mat
3
May
7c
Apr
35e
Apr
1334c Aug
1% June
41e Sept
1171
New York City Realty and Surety Companies.
All prices now dollars per share.
Bid
Alliance R'Ity 60
Amer Surety_ 74
Bond & M 0. 248
City Investing 37
Preferred_- 82
Ask
70 Lawyers Mtge
79 Mtge Bond__
255 Nat Surety__
42 N Y Title &
86
Mortgage__
Bid
129
94
245
125
Ask
132 Realty Assoc
99
(Brooklyn).
255 U S Casualty_
US Title Guar
135 West & Bronx
Title & 51 G
Bid
Ask
112
185
60
120
200
70
150
170
Quotations for Sundry Securities
All bond prices are "and interest" except
where marked "f."
Standard 011 Stocks 15s1r Shot
RR. itquipments-PerCI.Basis.
Par Bid
Ask Baltimore & Ohio 4%5
5.75
Angle-American 011 new,. El 2112 2212
Buff Koch dr Pittsburgh 4A0 5.80 5 50
5 40
its
Atlantic
tigh Refining
100 1370 1390
Eq9ipment 4s
5.80 5 40
.26
32
Equipment Cs
6.80 5 40
Prof. new
107 109 Canadian Pacific 4
5 95 5 60
Borne-ScryMeer
'0
4700 490 Caro Clinchfield &
Ohio
_ 6 .50 6 00
Buckeye Pipe Line
Co1
Co_ _500
0
101
6.50 600
Chesebrough Mfg new.._100 310 325 Central of Georgia 43.4s
Chesapeake & Ohio
5.90 5 50
Continental 011
100 580 600
Equipment 58
5.90 5 50
Crescent Pipe Line Co... 50 .36 38
7.25 6.25
Cumberland Pipe Line.._100 170 180 Chicago & Alton 4)i5
Equipment 58
7.25 6.25
Eureka Pipe Line Co..__100 164 168
Galena-Signal Oil com_..100 91 98 Chicago & Eastern 111 53.4s.. 7.00 625
Chic Ind & Louisv 4%8
6.25
5 75
Preferred old
100 103 115 Chic St Louis &
5.75 6 40
Preferred new
105 108 Chicago & N W N 0 5*- _
43%s
5.60 5.25
Illinois Pipe Line
180 Chicago R I dr Pao
8.37 5 75
4345
Indiana Pipe Line Co....151 *1
17
00
5 102
Equipment 5s
6.37 5 75
International Petroleum_ El *2912 3012
6.50, 6.00
National Transit Co.._12.50 *2712 2812 Colorado & Southern tat__ Erie E.s
6.501 600
New York Transit Co_1002180 185
Equipme
nt 434s
6.50, 6 00
Northern Pipe Line Co.. 100 106 110
Hocking Valley 41213
6 00, 5.50
Ohio 011 Co
Bonds26 *368 372
Equipment 5s
$
6.00, 5 50
Penn-Mex Fuel Co
Allied Pack cony deb 6s 29 90
25 *73 75
893% 9134 120,000 893% Sept
Illinois
Central be
94
5.70, 5.35
Sept Prairie Oil dr Gas
Am T & T 6% notesr_1924
100 695 705
3 41,000 983% Jan
Equipment 4%s
9934 99%
5.70, 5 35
100% May Prairie Pipe Line
Anaconda Cop Min 6s r '29 98% 98% 983
100 287 290
% 15,000 97% Feb 100
Kanawha dr Michigan 434e.. 6.50' 5 75
May Solar Refining
Canada(Dom of) 534s_r '21
%
100
3
355
%
3
365
99
99
9,000 9934 July 99% July Southern Pipe
Louisville & Nashville 55_ 5.70 5.30
Line Co 100 164 168
5%fix
1929 9734
9734 97% 180,000 963% Aug 97%
Michigan Central 5s
5.87 5.65
South l'enu 011
July
C C C & St Louis 65_ _1929
100 328 333
95% 96
6,000 94% Aug
Equipment 130
5 87 5 65
98
Southwest Pa Pipe Lines_100 100 103
Aug
Interboro R T 7s____ 1921
82% 85% 71,000 82
Minn St P & 8 S M 4;is_ _ _ _ 5.70 5.35
833%
Aug 923% Feb Standard 011 (Califor
Laclede Gas Lt coil 78_1929
nia).100 288 292
Missouri Kansas & Texas 55_ 7.00 6 00
2,000 99
9934 99%
July 101
Mar Standard 011
Liggett & NI yers Tob 6s _'21
100% 100%
Missouri Pacific 58
2,000 99% Jan 100% May Standard Oil (Indiana). _100 710 720
6.75 6 00
Russian Govt 5%s_r_ _1921 40
(Kansas)._100 565 585
40
45
Mobile & Ohio 55
12,000 40
Sept
6.35 5 75
72
Feb
Standar
Southern Ity 6% notes1922
d 011 (Kentuc
455
06% 97
55,000 06
Equipment 43,4s
Aug 99% Mar Standard Oil (Nebras ky)100 520 465
6.35 6.75
Swedish Govt (5s J'ne 15 '39 08
ka)
.100
540
New York Central Lines Ss.. 5.87 5 65
9734 98% 160,000 973% Aug 100% June Standard 011
RwItzprI'd_ (Invt. of Al4R.9.0 04
of
New
676
Jer_100
680
933A 94 116.000 9334 Sent 9614 Jul,/
Equipment 43%s
5 87 5.65
Rights
N Y Central RR
5.95 5 75
Preferred wl
* Odd lots. t No par value. i Listed as a prospect. I Listed
100 11114'11134 NY Ontario & 4128
West 4%s.... 6.37 5.75
Exchange this week, where additional transactions will be found. on the Stock Standard Oil of New Y'k.100 397 400 Norfolk
o New stock
& Western 4%s_ _ 5.65 5 25
Standard Oil (Ohio)
c Unlisted. to When issued. 2 Ex-dividend. y Ex-rights.
515
525
100
Pennsylvania RR 43.4ti
z Ex-stock dividend. Swan & Finch
5.50 5 20
I Dollars per 1,000 lire. flat.
100 95 100
Equipment 4s
5.50 5.20
Union Tank Car Co___ _100 130 133
St Louis Iron Mt dr Sou 5*.. 7.00 8.00
Vacuum OH
100 438 443 StLouis & San Francisc
o 5s_ 7.00 6 00
Washington 011_
10 *40 45 ,Seaboard
Air Line 5s
6.37 5 87
Ordnance Stocks-Pet ,S hare.
6.37 5 87
Aetna Explosives pref__100 63 67 I Equipment 43.48
-"How we.can help you to 'sizo up' bond issues,"
Southern Pacific Co 434s-_
5.75
5.35
is the title of the American & British Mfg-100
2
4 Southern Railway
National City Company's monthly page advertisement
45.4a
6.00 5.60
Preferred.
appearing in this
100 43 44
Equipment 58
6.00 5.60
ssuo on the advertising page opposite our weekly statement of
Atlas Powder common__ _100 138 145
clearing house
Toledo & Ohio Central 40
6.50 5.90
Preferred
figures. Each month the company offers 60 to 75 issues of
100 8912 911,
bonds and short- Babcock de Wilcox
100 122 124
term notes which have been purchased by them on their
merits as invest- Bliss (E W)Co common_ 50 *325 375
Tobacco Stocks-Pot Si are.
ments. To determine their value, research departments
Preferred
50• 60 75
manned by a large
Par
Ask,
Canada
corps of experts who co-operate with 50 correspondent
American Cigar common_100 115 125
cities in securing Carbon Fdys & Forgings_100 190 195
Steel
common_..l00 108 112
facts regarding National City issues, are engaged with these
Preferred
100 85 95
facts in hand,
let preferred
102
_
100
Amer
this investment organization gains an impartial opinion which
Machine & Fdry_100 90 105
26 preferred
100 70 80 British-Amer Tobao
they are
ord._El *2212 23
glad to share with every bank in the country which wishes
to keep its funds Colt's Patent Fire Arms
Ordinary, bearer
El *2234 23
Mfg_
Invested to the best advantage. The National City C.o.
54
Conley Foil
maintains over duPont(E I) de Nernours 25
100 205 220
*52
10,000 miles e f plvate wires and invites bankers desiring
Johnson Tin Foil & Met_100 80 100
quick action to
& Co common
100 313 317
MacAnd
rews
&
Forbes..100 155 170
avail themselves of their investment facilities.
Debenture stock
100 90 9112
Preferred
Eastern Steel
100
89 Reynolds (it J) Tobacco 100 95 100
-Richardson, Hill & Co., 50 Congress St., Boston, are
_100 500 00
sending to their Empire Steel & Iron com_100 83
28 33
B
friends and customers a little pamphlet just compiled under
common
stock
100 450 550
Preferred
the direction
80
100
Preferred
100 112 115
of Frank B. Swain, manager of their statistical department,
Hercules
Powder corn__ _100 271/ 216
giving data
A dividend scrip
97 100
Preferred
perhaps not heretofore assembled in one place on various
100 107 110
B dividend scrip
securities.
97 100
Niles-Bement-Pond com_100 117 121
This mid-year manual deals with the industrial and
Young
(J
S)
Co
120
100
140
manufacturing corPreferred
100 95 100
Preferred
porations in which Now England capital is chiefly invested.
100 95 110
100 260 280
Covering the Phelps-Dodge Corti
companies in this class, it reviews in concise way tile financia
Manufac
Scovill
turing
100 305 415
a
l progress to Thomas
date of leading "unlisted" securities and also the more promine
Iron
60 .28 34
Short Term Notes-Per Cent.
nt "listed"
stocks. Net income is reported for each of the last five
450 Am Cot Oil 65 1924_ _M&S
100
years, after all Winchester Co com
2 9838 9834
charges, including provision for taxes. Earnings, per share,
1st
preferred
97
3r
g
are
Amer
Tel et Tel 68 1924 P&P,
similarl
y
figured as well as net tangible and net quick assets per share.
,
4
2nd preferred
65 Canadian Pac 8s1924.M&S 2 9912 99
9934100
of the textile companies, capitalization per spindle Is indicated. In the case Woodward
55 60
Del & Hudson 58 1920_ _ F&A 9914 991,
Preferred...............- 80
- Fed Sugar Rfg 68 1920__J&J 99 9914
Public Utilities
General Elm 68 1920_ _ _ _J&J 10034 101
Amer Gas & Eleo corn
50 1'117 121
8% notes (2-yr) 1919.J&I) 100(8
8
Preferred
4112 Great North 158 1920_ -M&S 99 1003
9938
Amer
Lt
&
Trao
22
corn
'
4
8
0
50
232 K C Term Ry 44s 1921_J&J 964 98
100
All prices now dollars per share.
Preferred
100 94 97
5s
Nov
15
1923_
_M&N
9934
It
100
Banks-N Y Bid
Amer Power & Lt com__ _100 57 63
Ask
Banks
Trust Co's
Bid
Ask
Bid
Liggett&SI yersTob(38•21J&I) 100 i10014
As k
America *_ _ 500:Irving (trusti
Preferred
1
New York I
70 73
N Y Cent 68 1920__M&S lb 9912 9934
Amer Exch___ 265 2-75 I
Amer Public Utilities com100 ---- 10 Penn
certificates) 350 360 Bankers Trust 450 460
Co
454s
1921_ _J&D lb 9714 97%
Atlantic
185
Preferred
Liberty
625 650 Central Union 455 462
3 29 Pub Set Corp NJ 78 '22.1ki&
27
100 3
ght corn 00
S 94 I 95
Battery Park_ 215 225 Lincoln
Carolina Pow&I.1
270 280 Columbia__ 360 370
40 Sloss-Shef S dr I as '29.F&
S 9412 96
Bowery*
425__ Manhattan *. 215
Cities Service Co com
Commercial__ 140
474
100
478
Souther
n Ity 651922_ _ _ M&S 9634 9714
145
Broadway Con 140
1-50 Mech & Met_ 410 420 Empire
Preferre
d
100 76,
295 305
4 7714 Swift&Co 68 1921_ _ _ F&A lb 100 10014
Bronx Hero*.el05
125 Merchants
Colorado Power corn__ _ _100 20 23 Utah
230 240 Equitable Tr_ 2
4:155
3,0 450
Sec Corp 88'22.M&S 15 S7 88
Bronx Nat._ _ 150
160 Metropolitan* 195
Preferred
____ Farm L & Tr- 445 452
100 96 102
Bryant Park* 145
155 Mutual*
Com'w't
h
425
Pow
Ry & Lt_ _100 21
Fidelity
24
220 230
Butch & Drov
__ Now Noth*__ 200 210 Fulton
Preferred
100 53 56
255
Industrial
27-Cent Mero___ 160
170 Now York Co 135
Else Bond & Share pref.._100 d92 95
145 Guaranty Tr_ 400 407
and Miscellaneous
Chase
'New York__ 450 470
515
Federal Light & Traction.100
Iru
vlinsg
o nT
12
9
American Brass
145
Chat & Phen_ 300 310 'Pacific *
100 223 228
Preferred
135
100 45 49
rust_ !See Irving
America
n Chicle corn_ _ _ _100 91
Chelsea Exch. 120
95
Great West Pow 551946_J&J 85 89
1'35 Park
740 7-6-(i I
12a5t Bank
IN
Preferred
100 82 86
chemical ---- 570 580 Prod Exch*
Mississippi Rim Pow com_100 12
ILaw Tit de Tr
400
14
America
135
n
Hardwar
e_
_
_100 160 163
Citizens
245
Preferred
Public
200 300 ILincoln Trust 175
100
50
Amer
185
Typefounders com_100 47 50
City
440 445 Seaboard ____ 575 625 Mercantile Tr 235
First Mtge 55 1951 _J&J
7812
Preferred
100 88 93
Coal & Iron_ _ 240 250 Second
Northern Ohio Elea Corp_(t)*d21
400 425 Metropolitan.. 344
24
Borden's Cond Milk com_100 104 107
Colonial
l'referred
350
____ State*
150
160 Mutual(West6512
Preferred
100
98 100
Columbia*.,__ 175
North'n
185 23(1 %%rare
States
6712
Pow
130
com_1
115
chester)_ _ _ 105 125
100 65
412
Carib Syndicate Ltd
25 *1600 1700
Commerce
244 248 Union Exch._ 188
Preferred
100 00 92
104 N Y Life Ins
100 138 145
Comml Ex*. 395 410 United States':170
North Texas Elm Co corn 100 50 54 Celluloid Company
& Trust___ 785 800
Columota Graphoph Mfg (t) *445 460
CommonPreferred
Wash Ms._ 275
N Y Trust_ 620
100 70 74
_
Preferred
100 9212 9312
wealth._ _ _ 210 220 Westch Ave_ 170
Pacific Gas & Eleolet pref 100 88 90
Scandinavian 400
Havana Tobacco Co _ _ _ _100
Continental._ 115
2
4
125 Yorkville'.
Puget
8d
Tr
L
&
P
Title
corn_ _100 --- - 1212
300 3-2-5
Gu & Tr 395 405
Preferred
100
16
8
Corn Exch•_ _ 415 420
Preferred
U S Mtg & Tr 430 440
100
57
1st g 58 June 1 1922__J-D /54
Cosmop'tan•_ 05
100
Republicref
Brooklyn
United States 885 910
15 Intercontinen Rubb com_100 19
21
Cuba (ilk of)_ 177
182 Coney Island* 140
Preferre
erredY
Rd
155 Westchester.... 130
Light
100 12 50 Internat Banking Co____100 160
140
East River__ 150
_ -__ First
South Calif Edison corn_ _1
200 215
48
7 01
101 8
International Salt
100 65 58
Europe
110
130 Greenpoint___ 150
Preferred
165
Brooklyn
104
let gold 58 1951
A-0 71
7212
Fifth Avenue* 1870
925 Hillside*
Standaerrrried
Gas & El (Del)_ 15
110 120 Brooklyn Tr_ 495 510
34 International Sliver pref _100
00 *
1
0
3
3
1
92 95
Fifth
200 220 Homestead*
Preferred
70
80 Franklin
com.10
1
43 Lehigh Valley Coal Sales. 50 *91
50
0 *44
230 240
First
93
1010 1050 Mechanics
PreferredTenneeseeIty L & P
,
__ 80
85 Hamilton ____ 260 270
6
Otis Elevator common_ _ _10C 11R 121
Garfield
200 210 Montauk'.... 85
100 10
95 Kings County 650 700
16
Preferre
d
100 88 92
Gotham
United Gas & Else Corp_100
190 200 Nassau
205 215 Manufacturers 170
3 Royal Baking Pow corn_ _100 140 150
Greenwich•_ 380
let preferred
National City 115
130 People's
100 17 22
285
Preferred
100 97 100
Hanover
26 preferred
705 810 North Side*__ 195 205 Queens Co___ 75
100
5 Singer Manufacturing...100 192 195
85
Harriman_ _ _ 365 380 People's
United Lt & Rye corn
137 147
_100 x41
43 Singer Mfg I.td
El d314 414
Imp & Trad__ 585 600
1st preferred
71
Texas Pac Coal & 011
100 700 1 730
Western
rr0l
ower common_1
68
00 z2
4
100
26
W'houseChurchKerr&Co 100, 150
• Banks marked with a (*) are State banks. t Sale at auction or
6
Preferre
at Stock Exd
100 7612 7812
Preferred
0 hange this week. 8 Includes ono-half share Irving Trust Co.
1001 75 I 8
I Now stock.
•Per share. b Basis. a Purchaser also pays
I/ CI-rights
accrued dividend. s New stock •
Flat price. n Nominal. z Ex-dividend. y Ex-ri
ghts. (t) Without par value.
CURRENT NOTICES
New York City Banks and Trust Companies.
iEO"
3-66
[VOL. 109.
THE CHRONICLE
1172
Investment anti 'Alaihead. gutelaignce.
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
two
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last
oolumns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric
railways are brought together separately on a subsequent page.
ROADS.
Week or
Month.
Current
Year.
Latest Gross Earnings.
Jan. 1 to Latest Date.
Latest Gross Earnings.
Previous
Year.
Current
Year.
Previous
Year.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
7,741,548 7,727,501 49,781,248 47,826,454
234.609 221.432 1,566,343 1,304,982 Missouri Pacific..___ July
Alabama & Vicksb_ July
320,724 299,927 1,896,509 1,648,246
July
75,359 2,819,896 2,269,097 Monongahela
Ann Arbor
91,166
lstwk.Sept.
967.707 1.302.331
135.039 245.126
July
Conn_
Monongahela
Atch Topeka & S Fe July
.14833620 14897205 93,250,466 87,319,566
675,750
695,906
136,762 156,248
July
Gulf Colo & S Fe_ July
1,740.137 1.569,781 10,596.970 10,443,194 Montour
11,173.656
10.738.918
2,119.002
1.677.520
July
L
St
&
Chatt
Nashv
3,350.495
3,055.108
498,840
553,819
Panhandle & S Fe July
182,740
205,766
9,393
8,457
wk
Sept
1st
Oregon
449,934 418,538 2,853,192 2,423,307 Nevada- CalAtlanta Birm St AU_ July
952.210 1429.330
131.950 216,344
215,620 220,388 1,550,968 1,325,341 Nevada Northern.._ July
Atlanta & West Pt.. July
674,991
949,038
149,393
107,873
July
_
Sh_
S.
&
Newburgh
1,978,178
July
570,708 477,324 2,496,594
Atlantic City
240,333 226,939 1,295.219 1,234,528
4,612,692 4,945,136 37,471,600 31,171,372 New On Great Nor_ July
Atlantic Coast Line_ July
590,289 580,690 3,686,057 3,457,682
16320565 17674458 96,080,417 86,666,074 New Orb & Nor East July
Baltimore & Ohio July
171.488 119,399 1.060,637 1,167.345
July
Mex....
&
0
N
Texas
B& 0 Ch Term.... July
210.134 189.446 1,006,789 1,011,221
827,016
718,349
83.937
114.035
Beaum S L & W.._ July
319,126 374.149 2,930,855 2,607,200
Bangor & Aroostook July
343,165 2,987.984 2.153.755
527,816
M
July
&
Browns
L
St
48,610
53,295
7,151
8,450
Central
Bellefonte
July
149012328
169998640
26282974
28185031
July
Central
York
355.156 385.393 1,943,229 2.209.736 New
Belt Ry of Chicago_ July
583,672 545,950 3.585.378 2.996,580
1,433.648 1,719,599 7,122,065 6,707,516 , Ind Harbor Belt.. July
Bessemer & L Erie_ July
792,568 898,559 5,222.361 4,982.875
Lake Erie & West July
669,221 1.958.761
85.925 360.848
Bingham & Garfield July
6.450,466 41,737.709 35.807,036
6.654.232
July
Central
Michigan
921.097
42,714
Birmingham South.. July
6,255.155 7.084.144 28,560,154 36.385.712
Cleve0 O& St L_ July
6,718,287 6,874,463 38,564,067 37,014,599
Boston & Maine... July
269,124 1.654,3821 1,435,221
244.912
July
North_
Cincinnati
13,383,899
Buff Roch & Pittsb_ 2d wk Sept 321,701 415.925 9,675,235
2,465,194 3,265,198 16,023,307 17,245,209
Pitts & Lake Erie.. July
224.345 205,055 1,231.096 1,284.058
July
Buffalo & Susq
928.985 1,189.990 4.899,442 5,199.029
Tol & Ohio &ent_ July
Canadian Nat Rys_ 2d wk Sept 2,017,960 1,593,343 59,697,283 52.531,646
,392,591 653.016 2.368.463 3.014,377
Kanawha & Mich July
131.290 130,381 1,703,389 1,447,084
Can Pac Lines in Me July
1.804.503 1,994,332 13,635.026 11.062.683
2d wk Sept 3,763,000 2,915,000 111320000 100814000 N Y Chic Sc St Louis July
Canadian Pacific
9,612,541 10048098 57,147,715 54,581,099
N Y N II & Hard July
July
541,427
Caro Clinch & 0
1,369.302 1,314,415 5.979.368 6,090.512
July
1,930,223 1,765,419 12,034,782 11,316,515 N Y Ont & Western July
Central of Georgia.. July
336,526 344,724 2,171,350 2,193,415
NY Susq & West_
4,352,061 4,842,299 24,549,467 23,928,463
Central RR of N J.. July
7,731,012 41,744,065 42,700.440
6.385,268
July
Western..
&
Norfolk
3,392,272
594,330 629,262 3.651,730
Cent New England.. July
518.522 508,531 3,499.748 3.144.887
July
Southern....
532,575 468,065 3,162.567 2,801,011 Norfolk
Central Vermont.... _ July
699,124
633,156
74,365 135,486
220.526 234.677 1,699,008 1,555,228 Northern Alabama.. July
Charleston & W Car July
8,679.735 8,475,039 54,249.960 50,498,274
July
6,665,250 6,972,839 41,443,383 37,013,813 Northern Pacific
Ches & Ohio Lines_ July
644.243
636,113
107.079
93,562
Minn & Internat.. July
2.220,875 2,362,867 14,301,866 13.481,618
Chicago & Alton.. July
694,787 649,844 3,436.286 3,050,059
13068386 13325718 81,553,470 75,423,314 NorthwesternPacific July
Chic Burl & Quincy.. July
677,295
697,233
114,266
119,024
June
Co
&
Land
Ry
Oahu
2,154,409 2,599,949 13,664,945 13,850,186
Chicago & East Ill July
378,218 482,058 2,781,295 3,195,797
July
1,857,564 1,712,829 11,669,630 10,123,320 Pacific Coast
Chicago Great West July
33753654 37869200 208379928 189992546
July
1.052.074 1.087.872 6.656,402i 5.661.080 Pennsylvania& RR...
Chic Ind & Louisv July
659,080
830.066
_
174,428 177,743
July
Atl_
Bait
Ches
325,130 309.456 2,013,876 1,858,827
Chicago Junction... July
503,056 524,561 3,144,828 2,784,518
Cumberland Vail.. July
12617448 12771465 81,710,902 68,688,222
Chic Milw & St Paul July
12,113,878
14,154,454
2,734,092
2,744,890
July
Island
Long
64,747.984
13321597 12888465 75,871,921
Chic & North West. July
495,266
716,662
156,635 139,603
Mary Del & Va... July
905.170 1.234,512
136,421 196,480
Chic Peoria & St L_ July
824,958 787,517 4,517,671 3,855,864
N Y Phila & Nor._ July
9.847,273 8,675,684 58,930,131 52,706,666
Chic R I & Pacific July
850,997
912,019
152,396
126,454
July
West..
&
Peor
Tol
374.592 322,957 2,551,097 2,447,914
Chic R I &.Gulf July
1,372,040 1,291,458 6,319,190 5,266,033
W Jersey & Seash July
2.352,012 2,312,485 14,992,392 12,965.344
Chic St P M & Om.. July
47,838,129
57,964,459
10094821
10344103
July
Co...._
Pennsylvania
2,548,644
339,192 555,284 2,186.489
Chic Terre H & S E July
758,146 733,402 4,293,912 3,862,489
Grand Rap & Ind July
266,853 265,905 1,647,857 1,716,205
Cinc Ind & West July
8,356,210 8,898,932 51,999,624 46,049,901
Pitts 00 & St L.. July
1,168,390 1,453,327 9,472,090 8,057,446
Cin N 0 & Tex Pac July
725.882
681,732
94.953 112.574
July
Un_
Pekin
&
Peoria
Colo St Southern_ _ _ 1st wk Sept 486,119 418,284 16635,434 13,854,746
3,061.499 2,673,971 18,699,575 14,867,616
977.488 585,978 5,967,404 4,097.929 Pere Marquette.....- July
Ft W & Den City July
534,529
612.608
111.609
101.416
July
Perkiomen
637,927
686,156
93,056
98,592
Trin & Brazos Val July
473,355
846.065
59.865 123,560
634,231 Phila Beth & N E... July
653.418
84,031
93.439
Colo & Wyoming.. July
6,602,516 8.836.862 40,252.120 44,409,406
July
1,000,359 1,076,102 8,270,180 8,169,683 Phila & Reading
July
Cuba Railroad
753.925
630.084
136,094
94,110
July1
&
Shawmut
Pittsb
18,491.919
3,258,572 3,338,008 19.197,558
Delaware & Hudson July
782.079
600.686
112,569 120.788
6,342,043 6,447.132 40.504.367 36,295.569 Pitts Shaw & North July
Del Lack & West.. July
747,571 1,065.306
105,380 208,590
2.840.669 2,446,227 16,939,257 15,965.472 Pittsb & West Va... July
Deny & Rio Grande July
1.301.752
1.457,128
255,032
197,537
July
Reading
Port
1.137,787
296,924 260,527 1,499,910
Denver & Salt Lake July
568.837
591.996
92.433
87.973
856,980 Quincy Om & K 0... July
881,205
161,252 145,726
Detroit & Mackinac July
711,509 573,301 4,701,293 3.418,186
313,390 377,253 2,029,978 1.586,334 Rich Fred & Potom July
Detroit Tol & Iront July
1.896,282
2,793,408
314,676
406,879
July
Southern....
1
Wash
102,762
209,760 156,143 1,330,671
Det & Tol Shore L... July
420,696 396,405 2,622,128 2,496,163
July
1,318,815 1.692.531 4,658,573 4,499.385 Rutland
Dul & Iron Range July
246,376 235,176 1,643,165 1,526,908
3.342.896 3,975,899 11,642,916 9,567,785 St Jos & Grand Islid July
Dul Missabe & Nor_ July
6,510,177 42,231,843 30,671,345
6,751,175
July
_
Fran:
Louis-San
St
90,718 103,438 3,128.763 3,082,748
Dul Sou Shore & Atl 1st wk Sept
614,563
792.544
94.488
124.457
Ft W & Rio Gran.. July
977.033
148.679 128.105 1,113.163
Duluth Winn & Pac July
833,661
830,135
112,182
172,785
July
Texas..
of
F
L-S
St
590,488
676,556
99,876
119,099
East St Louis Conn July
7,274.127
7.158.918
1.088.563
1,030,172
July
1,699,458 2,097,872 11,953,462 10,150,607 St Louis Southwest_
Elgin Joliet & East.. July
590,632 687.545 3,515.926 3,846.319
$t L SW of Texas July
896,157 1,270,026 7,135,586 8,581,989
El Paso & So West.. July
594,945
572,306
100.908 106,313
7,868,833 7,950,514 49,700,457 44,038,597 St Louis Transfer... July
July
Erie Railroad
400,491 353,149 2,341.349 2,261.958
855,384 1,011,585 5,807,845 5,549,899 San Ant & AranPass July
Chicago & Erie July
3,606,672 3.470,524 24,056,037 20.908.487
703,534 588,004 6,094,263 5,618,542 Seaboard Air Line July
Florida East Coast.. July
900.111
636.666
82.140 139.684
July]
616,952 South Buffalo
703,491
97.962
123.672
Fonda Johns & Glov July
14734601 14064271 90,736,529 80.964,418
695.882 Southern Pacific_ July
834,116
97,755
130,284
Ft Smith & Western July
2.578.392
2,204.805
398.827
329.133
July
Eastern..
Arizona
665,907
.043
484
146
,540
80.419
Galveston Wharf...._ July
1,929,826 1,826,767 12,041,982 11,767,439
Galv Harris & S A July
484,977 634.562 3,439,198 3,377.238
Georgia Railroad.... July
755,186 732,137 4,858.366 4.868.104
Hous & Tex Cent.. July
562,362
557.531
88.975 100,374
Georgia & Florida... July
193.880 138,551 1.294,671 1.114.754
July
Tex..
W
&
E
Eons
1,161.307
154,019 162.450 2,284,226
GM Trk L in New E July
368,960 397,521 2.338,369 2.412,200
Louisiana Western July
Grand Trunk Syst 2d wk Sept 1,647,304 1,415,000 43,970,213 36,823,165
676.707
703.375 4.321.367 4.499,629
July
Texas
&
La
Morg
9.850,066
1,874,295
12,111,080
1,878,237
July
Grd Trunk West..
722,183 663,607 4,462,343 4.190.810
Texas & New On.. July
10226746 9.281,590 57,498.930 48,339.017
Great North System July
11320 441 13362,232 70,372,554 66,496,843
251,377 200,068 1,495,379 1,318,563 Southern Railway.... July
Gulf Mobile & Nor.. July
906,083 847,476 5,853,540 4.751,922
Ala Great South.. July
237,417 274,014 1,368,093 1,489,820
Gulf & Ship Island_ July
1.240.775 1,353.269 8,377.471 8,038,852
July
Mobile & Ohio
1,321.945 1.548,034 5,850,239 6,726,090.
July
Hocking Valley
337.827 290,025 2,467.946 1,974,829
Georgia Sou & Fla July
9,026,105 10664110 59,379,932 58,175,231
Illinois Central........ July
730,755
951.226
133,185 107.459
South Ry in Miss_ July
1,172,190 1.042,559 7,929,953 7,277.121
Internat St Gil Nor_ July
564,178
578,012
95.869
112 883
686,493 Spokane Internat._ July
683,271
137,297 115,739
Kan City Mex & Or July
738.963
4,544,909
4,062.019
683.815
July
Seattle
&
Portl
675,461
Spok
585,278
94,625
98,732
K 0 Mex & 0of Tex July
980,091
216,964
1,291,413
218,134
July
T.._
R
1,286,013 1.118,610 8,243.195 8,334,874 Staten IslandGeorgia
Kansas City South.. July
89,927'
3,522
81,344
2,711
1st wk Sept
681.356 Tenn Ala &
792,146
121,262 101.987
Texark & Ft Sm..- July
1,540,463
304.116
1,441.665
199.706
July
Central
Tennessee
691.250
748.690
123,112 115,368
Kansas City Term... July
2.062,251
316,852
2,101,324
332.803
July
234,907 255.062 1.419.312 1.284,289 Ter RR Assn ofStL_
Lehigh & Hud River July
257.752 334.075 1,557,088 1,942,048
St L MerBridgeT July
312.729 471,175 1,904,237 2,223,777
Lehigh & New Eng.. July
1st wk Sept 758.873 584,824 23,182,706 17,022,502
5.731.596 6.730,464 35,056,879 33,925.985 Texas & Pacific_ _ _ July
July
Lehigh Valley
663.367 783,920 4.116,245 4 346,837
1,313,207 1,327,584 9,699,303 7,887,140 Toledo St L & West July
Los Ang & Salt Lake July
550,504
583.944
122.226 136.245
981.831 Ulster & Delaware_ _
178.759 131.818 1.194,747
Louisiana & Arkan_ July
July
9,064.459
8.732.058 58.516,715 48,760.658
Pacific
Union
1.667.680
297,405 286.162 1,979,866
Louisiana Ry & Nay July
3.152.983 2.873,404 20,208.926 18.028.711
Oregon Short Line July
8,894,919 9,508.722 59,354,090 52,503,516
Louisville & Nashy_ July
2.431,632 2.330,269 15.190,784 13.959.017
Ore-Wash RR&N. July
234,334 230,811 1.667.980 1,490.004
Loulsv Hend & St L July
696,018 781,600 4.453,654 3.631.400
July
1,522,556 1,684.843 9,679,022 8,753,001 Union RR (Penn) July
Maine Central
731,302
614.506
July
98,663 129.024
Utah
319,086
71,706
Midland Terminal May
July
285,743 225,674 1.818,445 1.397.183
Pac_
&
Shreve
Vicks
1,891,394
2,188,843
314,297 292.907
Midland Valley:....... July
6,242,708
6.140.977
1.175.052
1,031,118
July
771,356 Virginian RR
532,762
24,214
11,480
1st wk Sept
Mineral Range
4,214,715 4.781,052 26.945.567 24,641,882
July
1,128,932 988.856 7.150.685 6,354,235 Wabash RR
Minneap & St Louis July
1.205,223 1,415.524 7.968,386 8.046.491
3,875,750 3.308,999 22,855.674 16,846.587 Western Maryland.. July
Minn St P & S SM.. July
1,096.800 1.042,517 6,455.185 6.024.794
718,944 Western Pacific...... July
578,515
103,604 148,207
Mississippi Central.. July
194.670 183.718 1,496,746 1.319.204
July
Ala.._
of
Ry
Western
17,132,226
18,577,000
2,939,906
2,967.075
July
Tex
&
Kan
Missouri
1.403.599 1.559,023 7.089.876 7.091.763
2.025.905 1,775.074 13.397,214 10.524.844 Wheel & Lake Erie July
Mo K & T Ry of Tex July
548.882
76,906 1.129.057
202,543
Wichita Falls & NW July
838,156
134.808 126,217
Mo & North Arkan_ July
1.968.809 1.914.784 13.004.067 11.669,000
741:1931 1,030,203 Yazoo & Miss Valley July
130.751 170.069
Mo Okla & Gulf.... July
9
9
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
*Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$
$
$
+43,806 0.62
7,051,650 7.007.844
3d week June (14 roads)._ _
-54,827 0.59
4th week June (14 roads)____ 9,255,407 9,310,234
+406,284 6.46
let week July (12 roads)__-- 6,660.394 6,254,110
+841,122 11.29
2d week July (13 roads)._ 8,288,192 7,447,070
3d week July 114 roadl--__ 7,858,562 6,844,374 +1,014,188.14.81
4th week July 11 roads ____ 11,297.624 9,571,417 +1,726,207 18.03
+990,491 13.54
1st week Aug 14 roads ____ 8,306,915 7,316,424
+941,001 14.06
2d week Aug 11 roads)____ 7,633,498 6,692.497
+625,991 8.87
3d week Aug (11 roads).._... 7.683,102 7,057.111
+956,737 8.29
4th week Aug (14 roads).._ _ 12,493.853 11,537,116
+94i1.1:1(1 12.M4
8.487.457 7.539.327
1st week Sent (14 roads)____
of
our
any
in
totals.
roads
* We no longer include Mexican
*Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$
$
$
Mileage. Curr.Yr. Prev.Yr.
September..232,186 232.378 487.140,781 357,772,850 +129367,931 36.16
October .......230.184 230,576 484.824.750 377,867,933 +106956,817 28.30
November _232,274 232,259 438.602,283 356,438,875 +82,163,408 23.06
December _232,774 232,399 438,365,327 335,607,571 +102767756 30.62
January ___232,655 233,199 395,552,020 284.131.201 +111420,819 39.22
February __232.957 233,260 351,048,747 289,392,150 -61,656,597 21.81
226,086 225,631 375,772,750 365,096,335 -10,676,415 2.90
March
232,708 233,251 388,697.894 370.710,999 -17.986,895 4.85
April
233.931 234.339 413,190,468 378,058.163 -35,132.305 9.29
May
7.83
232,169 '232.682 424.035.872 393,265,898 -30,769.974 3.13
June
226.654 226.934 454.588.513 469.246.733 -14.658.220
July
SEPT. 20 1919.]
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of September. The table covers 14 roads and shows 12.58%
. increase in the aggregate over the same week last year.
First Week of September.
1919.
1918.
Increase. Decrease.
$
Ann Arbor
91,166
75,359
15,807
Buffalo Rochester & Pittsburgh..
278,524
415,925
137,401
Canadian National Railways_ _ _ 1,737,454 1,504,832
'232,622
Canadian Pacific
3,599,000 3,053,000 546,000
Colorado & Southern
486,119
418,284
67,835
Duluth South Shore & Atlantic..
90,718
103,438
12,720
Grand Trunk of Canada
Grand Trunk Western
1,422,955 1,346,536
76,419
Detroit Gr Hay & Milw___ _
Canada Atlantic
Mineral Range
11,480
24,214
12,734
Nevada-California-Oregon
8,457
9,393
936
Tennessee Alabama & Georgia..
2,711
3,522
811
Texas & Pacific
758,873
584,824 174,049
Total (14 roads)
8,487,457 7,539,327 1,112,732 164,602
Not increase (12.58%)
948,130
1173
Latest Gross Earnings,
Name of Road
or Company.
Month.
.
Third Avenue System.. June
DDEB&ERR__ May
42d St M&StN A Ry May
Union Ry Co(NYC)May
Yonkers Railroad.... May
N Y City Inter Ry_ May
Belt Line Railway.. May
Third Avenue
May
Twin City Rap Tran_ July
•
Virginia Ry & Power_ August
Wash Balt & Annap Juno
Westchester Electric.. May
Vniinestown & Ohio -Tilly
Jan. 1 to Latest Date.
Current Previous
Year.
Year.
$
1003,512
50,661
160.881
264,879
98.355
69.385
53,403
355,954
950,476
766,911
203,155
58,423
AA 91111
Current
Year.
$
$
870.856 5,343,071
40,461
235.887
149,763
718.728
237,919 1,133,435
72.069
382.228
60,725 • 299,080
54.282
244.199
330,733 1.651,857
8.16,958 6,293,157
665,657 5,915,564
242,955 1,175.052
50,632
245,346
22
2117
•
one 279
Previous
Year.
$
4.844,892
189.439
658,863
1.047.046
323.046
280,371
250,417
1.593,223
5,664,532
5,245,666
1,199.668
217.326
9.22 119
a Includes Milwaukee Light, Heat & Traction Co.
b Includes all sources.
f Earnings given in milrels. g Includes constituent or
subsidiary companies.
h Subsidiary companies only. 5 Lewiston Augusta & Watervill
e Street By..
earnings, expenses, &c., not included in 1919. k Includes
Tennessee By..
Light & Power Co., the Nashville By. & Light Co.. the
Tennessee Power
Co. and the Chattanooga Ry. & Light Co. 1 Includes both
elevated and
subway lines. 5 Of Abington and Rockland (Mass.).
Electric Railway and Other Public Utility Net EarnNet Earnings Monthly to Latest Dates.-The
table ings.-The followin
g table gives the returns of ELECTRIC
following shows the gross and net earnings with charges
and railway and other public utility
gross and net earnings with
Surplus of STEAM railroad and industrial
companies re- charges and surplus reported this week:
ported this week:
-Gross Earnings
-NetEarnings-Gross Earnings--Net Earnings
Current
Previous
Current
Current
Previous
Current
Companies.
Previous
Year.
Year.
Year.
Year.
Year.
Year.
Year.
Year.
$
$
$
$
£
E
L
L
Ala Power Co, Inc_a_ _ _Aug 236,830
Grand Trunk of Canada..July 1,237,300 1,096,000
269,049
128,793
127,997
Sept
233,300
1
to
Aug
31
240,600
3,115,280 2,673,162 1,695,506 1.514.684
Jan 1 to July 31
7,315,600 6,021,800
550,200
415,600 Western Power Co of Canada, Ltd
July
40,598
39,453
25,298
23,990
Aug 1 to July 31
ELECTRIC RAILWAY AND PUBLIC UTILITY
458,375
451,355
292,391
312,010
COS.
a Net earnings here given are after deducting taxes.
Roads.
Latest Gross Earnings.
Jan. 1 to Latest Date.
Gross
Net after
Fixed
Balance.
Earnings.
Taxes.
Charges.
Surplus.
Current
Previous
$
Month.
Year.
Year.
Cleveland Paines- July '19
73,896
32,075
13,018
19,057
ville & East RRTSys '18
57,657
21,644
11,772
9,872
-7 mos '19
381,653
Adirondack ElPow Co July
127,724
103,031
24,693
129,830 144,277
93
1,774
998,747
'18
Alabama Power Co.._ August
313,849
101,966
80,711
21,255
236,830 269,049 1,830,107 1,884,557
hAmer Pow & Lt Co. June
1200,6,17 1029,140 7.648.840 0,410,643 Columbia Gas &
Aug '19
804,071
344,281
Atlantic Shore Ry_ _ _ August
58,829 x110,750
27,515 23,262
120,544
Electric Co
121,863
'18
779,687
347,299
59,445 x151,797
Bangor Ry & Electric July
89,710 77.978
588,403
8 mos '19 7,709,114 3,801,033
519,099
470,022 x2,059,586
Baton Rouge Elec Co July
31,239 21,578
203.788
147,822
'18
7,660,977 3,882,974
Blackstone V G & El_ July
475,566 x2,338,738
208,813 201,055 1,423,043 1,332,306
bBrazilian Trac,L & P July
51070000 19465000 164033,000 /59158,000 Dayton Power &
Aug '19
208,924
68,269
48,708
19.561
Brock & Plym St Ry_ May
Light
Co
12.366
8.692
53.186
'18
185,153
38.931
57,736
• 41.643
16,093
gBklyn Rap Tran Sys May
3213.402 2761.039 14.254.505 12.460.574
8 mos '19 1,823,550
661,563
334,558
327,005
Cape Breton Elec Co.. July
48,749 44,532
326,162
'18
1,482,310
278,461
439,991
297,780
142,211
Cent Miss V El Prop.. June
34,523 28,767
199.257
161,056
Chattanooga Ry & Lt July
160.053 145.541 1.050,383 1.010,368 Detroit Edison Co Aug '19 1,227,634
236,922
143,965
92.957
Cities Service Co___ _ July
'18
1.011.279
1583,722
12,346,54
187,066
1789,253
0
121,431
65,635
13,265,503
Cleve Painesv & East July
8 mos '19 10,289,300 2,721,561 1,109,858 1,611,703
73,896 57,657
381,653
313,849
Colorado Power Co.._ June
'18 8,733,625 2,266,290
84,296 103,451
567,160
838,876 1,427,414
629,865
gColumbia Gas & Elec August
804,071 779,687 7,709,114 7,660,977 Havana Elec
Columbus (Ga) El Co July
Ry, July '19
794,768
406,359
101,555 97,806
152,668 x260.869.
712,071
689,834
Com'w'th 1, Ry & Lt July
Light
&
Pow
Co
'18
694,089
372,306
2039.149 1793,536 14,352.932 12,132,534
161,300 z219,476
Connecticut Pow Co_ July
7 mos'19 5,116,661 2,572,459 1,065,034 x1,065,03
99,400 78,499
696,697
4
540,125
Consum Pow (Mich)_ July
'18
4.614.174
2,508,064 1,128,458 x1,128,458
625.804 519,543 4.523.196 3,573.082
1Cumb Co(Me)P & L July
258,217 313.326 1.502.455 1,780,017 ICoystone Teleph Co Aug'19
Dayton Power & Lt_ _ August
139,631
49,702
29,062
20,640
208,924
185,153
1,823,550
1,482,310
gDetrolt Edison
'18
130,597
August
52,128
28,437
1227,634 1011,279 10,289,300 8,733,625
23,691
gDetrolt United Lines July
8 mos 19 1,061,022
344,992
233,785
111.207
2193,810 1680,380 13,115,278 10,693,170
Duluth-Superior Trac July
'18
1,067,558
443,322
229,182
214,140
169,469
142,904 1,103,233
989,567
East St Louis & Sub.._ July
340,177 377.497 2,410,326 2,293,437 Lake Shore ElecJuly '19
252,345
Eastern Texas Elec July
93,466
35,766
57,700
118,976 105.878
769,780
tric By System
644,000
'18
220,269
Edison El of Brock'n_ July
80,116
36,082
44,034
79,947 65.759
609.328
446,617
7 mos'19 1,442.541
jElec Light & Pow Co July
384,756
250,959
133.797
23,158 18,950
155,267
119,066
'18
gEl Paso Electric Co.. July
1,179,111
327,393
253.111
74,282
123,184 99,958
874,055
730,202
Pall River Gas Works July
64,726 63,066
405,969
400,488 Philadelphia Rap Aug '19 2,916,817
823,762
813,722
Federal Light & Trac. May
x53,523
Transit
303,040
Co
272,395
1,614.758
'18
2,676.465
1,457,250
818,842
803,976
Ft Worth Pow & Lt_ _ July
x63,592
104,719 100,550
712,085
8 mos '19 22,964,500 7,131,169 6,483,665 x1,001,594
737,559
Galv-Hous Elec
July
285,020 251,824 1,754,903 1,489,021
'18 20,444,555 7,041,968 6,406,258 x1,056.101
is Great West Pow Sys June
400,428
341.937
2.478.496
2.096,327.
Harrisburg Railways_ June
x After allowing for other income received.
128,634 117,572
775,573
623,769
Havana El Ry,L & P July
794,768 694,089 5,116,661 4,614,174
Haverhill Gas Lt Co_ June
29.389
25.436
177,246
Gross
159,914
Honolulu R T & Land Julyi
Net
Fixed Chas. Balance,
62,079 56,167
432,772
Earnings. Earnings. dt. Taxes. Surplus.
404,826
Houghton Co El L Co July
31,141 30,779
250,609
$
235,603
Houghton Co Trac Co July
$
$
22,327
29,510
173,238
194,115 Honolulu Rap Tran July '19
b Hudson & Manhat_ May
62,079 . 26,619
13,323
13,296
511.509 421,724 2,533.146 2,073.755
& Land Co
b Illinois Traction..” July
'18
56,167
24,731
12,679
11,962
1339,813
1189,276
9,595,911
8,283,416
7 mos '19
1 Interboro Rap Tran. May
432,772
192,1.67
92,112
100,055
4019,001 3524.432 19,341.036 17.539.101
Jacksonville Trac Co_ July
'18
404,826
175,020
88,881
86,139
82,406 71.731
591,421
500,716
Kansas Gas & Elec Co July
181,116 136,352 1,509,300 1,180,286 Virginia By &
Aug '19
Keokuk Electric Co_ _ July
766,911
307,848
183.653 x138,997
25,891 23,086
176.651
Power Co
'18
148,739
665,657
Key West Electric Co July
213,737
173,045
z54,154
19,006 18,423
131,995
2 mos '19 1,523,047
106,028
Lake Shore Elec Ry_ _ July
611,076
363,819 x275,600
252,345 220,269 1,442,542 1,179,111
'18 1,372.466
Long Island Electric.. May
492,607
349,772 x170,748
23,008
19.131
86,820
80.330
Louisville Railway__ _ June
346,565 314,432 2,014,593 1,780,161
z Are after allowing for other income received.
Lowell Electric Corp.. July
73,255 72,280
557,916
461,053
Manhat Bdgo 3c Line May
13,706
12,417
64,153
Subsidiary Companies of the General Gas 8c Electric Co.
57,575
a Milw El Ry & Lt Co July
1161,611 982,621 8,232,912 6,620,044
Mississippi Riv P Co_ July
196,693 191,141 1,308,543 1,284,142 Preliminary statement of operating revenue for the month of August 1919
Nashville Ry & Light July
261.471 248.491 1.839.315 1,560,222
and 1918 and comparison.
New England Power_ June
297.766 258,467 1,816,937 1.534,234
Newp N &II Ry,G & E July
Inc(+)orDec.(-).
262,538 204,947 1,584,384 1,149,796
System• 1919.
New York Dock Co.... July
1918.
Amount. %
449,797 486,6$7 3,031,959 3,058,854 Rutland
$55,210
N Y & Long Island May
$49,632
+$5,578 11.2
51,333
40,928
216,743
166,154 Northwestern Ohio
43,200
N Y & North Shore.... May
45,076
-1,876 4.15
14.031
Sandusky
13,618
.783
59
54.141
38,407
N Y & Queens Co...._ May
32,768
+5.639 17.2
99.561 83.921
419,551
358.846 Binghamton
39,727
New York Railways_ May
34,683
+5.044 14.5
1124.805 1017.842 5.177,210 4.679,714
Sayre
Northampton Trac June
10,843
10,445
+398 3.85
20.470
Jersey
New
19.615
125,977
108,999
27,963
Northern Ohio Klee_ _ June
25,416
+2,547 10.02
746.220 593,513 4.312,935 3,468,309
North Texas Electric_ July
278,076 251,535 1,836,645 1,812,466
Totals
$215,350
$198,020
Electric
Ocean
(L I)_ _ May
+$17,330
8.75
15,423 11,854
46,585
36,896
Pacific Power & Light July
185,911 154,809 1,183,512 1,035,636
Pensacola Electric Co July
45,919 44,388
324,547
270,142
Phlla & Western
July
64,447 57,704
407.695
241,373
Phila Rap Trail Co.... August
2916,817 2676,465 22,964,500 20,444.55
5
Portland Gas & Coke July
166,994 144,119 1,214,525
964,156
Port(Ore)Ry,L&PCo July
698.065 659,379 4.968.020 4.317,018
Republic Ry & Lt Co. July
488,131 453.240 3,494.168 3,261,149
Richmond Lt & RR.... May
47.268 39,705
206.186
167,111
St L Rocky Mt & Pac June
346,325 409,047 1,973,291
Financial Reports.-An index to annual reports of steam
2,548.396
Santiago El Lt & Tr_ June
62,209 55,718
365.713
325,078 railroad
Savannah Electric Co July
119.808 97,977
s, street railway and miscellaneous companies which
793,033
653,205
Second Avenue (Rec) May
80.957 77.890
327,578
312,004 have been published during the precedin
Southern Boulevard_ May
22,160 18.639
g month will be given
94.998
83.010
Southern Cal Edison.. July
1009,541 807,210 5,883,651 4,905,754
on the last Saturday of each month. This index will not
•Staten Isld Midland.. May
30,788 25.600
122,926
104.205
Tampa Electric Co.._ July
100,043 86,826
713,856
604,106 include reports in the issue of the "Chronicle" in which it is
Tennessee Power...._ _ July
160.561 197,650 1.282,841 1.212.336
k Tenn Ry, Lt & P Co July
published. The latest index will be found in the issue of
503.642 533.025 3.654,230 3.379,744
Texas Power & Lt Co July
259.792 234.491 1.881,508 1.715,063
Name of Road
or Company.
Current Previous
Year.
Year.
4
FINANCIAL REPORTS.
June 28. The next will appear in that of July 26.
1174
THE CHRONICLE
[Vol,. 109.
the Common stock of the CamControlled Co.-Your company owns all of earning
s for the year amounted
aguey & Nuevitas RR.Co., of which the net
the year 2 section houses,
to $616,866. This company has built during
o, and 4 miscelPastelill
at
se
warehou
sugar
large
1
,
cottages
'
10 laborers
track were rock ballasted.
laneous structures. Seventeen miles of3%
the Preferred
on
were declared
Dividends.-Half yearly dividends of
y have had a most
1919, and Aug. 1 1919. Wee
Results.-The properties controlled by your compan
stock of The Cuba RR. Co., payable Feb. 1 entire
Preof
holders
to
cash
stock).
in
n
paid
were
Commo
%
of
ds
33
of
the
owner
profitable year. Dividen
1919, while a dividend of also report of Cuba Company,
ferred stock of the Cuba Co. on Feb. 1 and Aug. 1 of
ENDING JUNE 30.
the Common stock.
OPERATIONS AND FISCAL RESULTS FOR YEARS
10% was paid in cash on Aug. 1 1919 to holders
to
ng
1915-16.
amounti
stock,
n
1916-17.
Commo
the
all
1917-18.
owns
y
1918-19.
-1
s
Railroads.-Your compan
Earning
Gross
958
net
The
below).
separate report
$3,245,504 $3,181,265 $2,039,227 $2,131,
158,000 shares, of the Cuba RR. (see
129,590
after charg- Passenger
1919,
30
109,230
June
ended
year
the
179,290
for
Co.
RR.
204,102
Cuba
of
the
earnings
Mail
taxes,
252,668
for
1
273,742
and
$400,37
tion
deprecia
357,625
347,928
ing off to operation $879,969 for
90
the net earnings of the Express and baggage
6,702,680 6,118,183 2,883.007 3,442,4
amounted to $2,197,320, to which must be added
89,274
147,355
5. All of the stock of the Freight
160,947,937
Camaguey & Nuevitas RR., which were 3616,86
erage
kllomet
Car
434,009
Co.
RR.
Cuba
698,471
the
993,554
1,026,978
Camaguey & Nuevitas RR. Co. is owned by Preferred shares of Compania Hire of equipment
203,732
193,848
335,281
525,448
Sugar Mills.-Your company owns 40,000
s
131,976
107,227
bonds. The operating results Antilla terminal
265,962
22,658
Cubana and $6,346,000 of 6% debenture
neous
its
Miscella
from
and
Mills
of this company from its Jatibonico & Jobabo Sugar
$6,815,697
year of the
fiscal
108
The
record.
$6,452,
on
,098
best
the
$11,645
been
have
,246
ent
$12,236
Land Departm
Total
report of the
company ends at Dec. 31 next, after which date the annual
Operating Expenses$656,971
725
company will be mailed to its stockholders. in June it is possible to state Maint. way & structures_ $2,215,170 $2,017,925 $1,112,
606,193
758,703
early
finished
crop
,572,058 1,313,335
However, as the sugar
nt_...1
equipme
of
g
Maint.
83
operatin
1,569,8
net
the
59
which
69 3,482,714 2,073,3
that the two mills made 590,426 bags, from
233,106
from the Land Conducting transport'n-- 3,944,1
earnings
the
256,626
added
1
be
362,980
must
which
to
98,
400,774
was
$3,181,2
profit
s
expense
from
General
profit
total
a
making
,
f
$84,605
of
343,343
400,371
Department, for six months only,
232,517
228,550
ly be increased by the earnings Taxes
264,558
393,471
operations of $3,265,903, which will ultimatehalf
Antilla terminals
of the fiscal year.
from the Land Department for the second 6%
ly
original
070
$3,298,
bonds
re
962
debentu
$4,529,
ia
Cubana
Of the $7,000,000 of Compan
$8,926,014 $7,784,855
Total
(48.40)
d [at par and int. on
(70.21)
(63.90)
(69.68)
held by the Cuba Co., $654,000 have been redeeme
Nov. 1 Ratio oper. exp. to gross027
due
and
$3,517,
1918
1
146
Nov.
$1,922,
are
dated
res
243
debentu
$3,860,
These
May 1 1919.
$3,310,231
trustee. See Net earnings
6,633
12,386
76,835
156,729
1933, denom. $1,000. Interest M.& N. at N. Y. Trust Co..
Other income
footnote to balance sheet. Ed.].
$3,523,659
30.
$3,466,960 $3,937,078 $1,934,532
INCOME ACCOUNT FOR YEARS ENDING JUNE
Gross income
$978,244
715
1915-16.
1,269,640 $1,311,488 $1,140,000
1916-17.
1917-18.
Int. on funded debt, &c
1918-19.
(6)600,000
(6)600,
000
772
(9)900,
,000
$7,739,
414
(6%)600
d dividend..___b
Preferre
487,869 $2,747,009 $3,814,
000
(6)720,
Gross receipts
33,718 3,169,678 2,811,324 4,543,147 Common dividends
Operating expenses
,415
a$1,225
7
$193,81
590
625
$1,725,
$3,196,
320
$1,597,
$54,150def.$422,699 $1,003,090
Balance, surplus
Net revenue
to the
720,060
60
on the common stock, in addition
60 Not stated
Dividend from Cuba RR
a In 1915-16 the company paid
year, dividends in
273,460 Not stated
tions in cash aggregating 6% for the
distribu
Int. on Co. Cub. bonds..
usual
viz.:
$2,000.loss,
35,747
29,125
000 out of profit and
4,230
Miscellaneous interest
common stock amounting to $5,000,
the common
and $3,000,000 June 30 1916, increasing
432 000 paid Jan. 3 1916from
$10,000,000 to $15,000,000.viz.: 3% paid Feb.1.
$331,900def.$422,699 $1,032,275 $3,952,
sheet
Gross income
balance
per
as
240,000
each,
240,000
3%
of
ds
240,000
dividen
nual
240,000
semi-an
interest
bond
two
re
s
Debentu
13 Include
nual dividends of 3%
138,8581
7,500}
1 1919, as against throe semi-an
ds
Income taxes (est.)
70.149 1919 and 3%, Aug.
161,429
1
paid Aug. 1 1917 and two dividen
General expenses
each on the pref. stares, viz.: 3% inincash
s, one on Feb. 1
175,000
warrant
175,000
-year
3
175,000
6%
175,000
payable
d
(7%)
Preferred dividen
of 3% each declared
00
)2,400,0
0,000(30
(20)1,60
800,000
Ordinary dividend (10)..
1918 and the other Aug. 11918.
GENERAL BALANCE SHEET JUNE 30.
,283
H.
def$890,600 def.$976,557df$1,144,154 sr$1,067
1919.
Balance
1918.
570
$6,925,
1919.
,682
5
Total p. and I. surplus.... $8,898,454 $9,795,155 $10,771
Liabilities-$
$
included
Assets00
years
10,000,0
former
0
In
OSH:10,00
lands.
of
stock...J
sale
72 Preferred
a Represents receipts from
Campania Cubana was formed Cost road & equip.50,456,982 49,256,1 Common stock.._ _15,800,000 15,800,000
receipts from sugar mills and plantation. The
and town- Republic of Cuba
ons
00
12,030,0
plantati
es,
000
properti
mill
-13,170,
sugar
the
5%
over
bonds,
took
M.
1,493,100 1st
Feb. 5 1918 and
0
6% treas. bonds!
properties pertainImpr. & equip. 58.. 4,000,000 4,000,00
sites of the Cuba Co., together with certain undeveloped
3,000,000
$7,070,560. These mills are Mar.& Ind. Co. of 111,805
notes
5%
year
3
ing to the sugar mills at a total valuation of
147,805
__
annual
stock
an
has
each
Cuba
and
Cuba,
0
co,
2,000,00
Jatiboni
and
2 year 6% noteslocated, one each at Jobabo
Camaguey & Nue.
equip. ctfs- 2,742,000 3,158,0000
capacity of 325,000 bags. See text above.
RR.stk. pledged 2,692,700 2,692,700 Trust
1,750,00
ng of 40,000 shares Common
Loans payable
The stock of the Campania Cubana consisti
&
Cuba
the
Camag.
to
to
issued
234
Adv.
was
value,
par
3,412
no
of
Traffic balances._
and 40,000 shares Preferred stock,
Nuev. RR. for
913,926
d in the foregoing paragraph.
657,877
pay.
ages
Accts.&w
Co. in exchange for the properties describe
On
Posof
1919.
15
consten
Jan.
to
164,625
said
stocks
of
239,684
either
on
paid
interest_
been
No dividends had
of Common
tellello terminals 692,883 1,329,636 Matured
300,750
Nov.30 1918 the Common stock was distributed to the holdersfor this pur- Material & supp.- 1,528,453 1,701,049 Int. on fund. debt. 329,250
600,000
stock of the Cuba Co. as a dividend, figuring in the accounts
839,154 Notes payable
2,237,495
220,322
Cash
taxes
pose at $30,560.
242,925 Reserve for
Agts.& conductors 278,360
adv.a1,673,953 1,974,438
BALANCE SHEET-JUNE 30.
Cuba,
of
Rep.
278,795
346,502
ls
000
Cos. & individua
5:000
00
1918.
43
6
b600,000
1919.
warr'ts_
div.
1918.
Scrip
400,961
1919.
AssetsTraffic balances... 300,406
Liabilities-0 The Cuba Co
2,500,000 2,500,000 Compania Cubana 448,805 1,586,36 Accrued taxes..- 498,027
stock__
Preferred
owned:
bds.
&
Stk.
0 Accr. Int. Republic
105,680
1,000 Ordinary stock.._ 8,000,000 8,000,00
1,000
25,944 Accrued items_ _ .... 101,8923 1,090,27
Cuba RR.pf.stk
6
Cuba tress. bds.
bonds._ 4,000,000 4,000,000
Depreen reserve__ 1,997,67
Corn, stock..A5,800,000 15,800,000 Deb. gold payable..
37,770 Expend. acct. of
24
300,000
Accounts
res.
0
Dividend
7,070,56
40,0001
506,333
stk
pf.
532,459
Co. Cub.
n dam
revolutio
600,000
payable..
Loans
services
For trat.
8% deb. bds. 6,346,000f
184,920 Bond & note disc_ 283,879
307,383
186,720
Bond interest
eferr2,520 to be adjusted
16,392
Property invest __ 1,113,372 1,106,733 Pref.
47,510
87,500 Deferred Items......D
87,500
.div. payable..
569,719
Deferred items.- 312,2056 4,005,31
1,076,232
Cash
0
800,000
5,501,14
payable..
div.
Ord.
29,241
Profit & loss surp.x
39,357
Individuals & cos_
1,059
---Miscellaneous
Aced Int. & scrip
54
60,503,4
20
in59,927,1
S.
U.
for
Res.
63,520
Total
warrants
59,927,120 60,503,454
25,600
Total
7,500
8,546 come taxes
services to be rendered. See
716
Miscellaneous ___
aCuban Government advances against
8,898,454 9,795,155
435,000 Profit and loss
Loans receivable..
text.
211,205
viz.: $300,000 issued Feb. 1
Due from Co. Cub
b Includes 6% 3-year dividend warrants,
98 25,232,004 1918 and $300,000 issued Aug. 11918.
24,480,1
Total
04
subsidy on Trinidad branch
25,232,0
of
98
ent
24,480,1
Total
x After adding $54,000 fourth installm Aug. 31 1919, from Placetas to
-V. 109, p. 477.
but deducting $300,000 pref. div. payable
d line from Tomento to
Trinida
on
ent
Temente; $98,992 first installm
d for year
The Cuba Railroad Company.
taxes erroneously collecte
Casilda: and $13,685 refund of income
destroyed by fire April 25
s
content
and
se
1919.)
30
June
storehou
on
ending
loss
Year
1916; $25,129
$180,000
and
(Reportfor the Fiscal
bridges,
and
ties
on
tion
additional deprecia
sub- 1919; $63,032
President G. H. Whigham, Sept. 2 1919, writes in
adjustment for reserve for taxes.-V. 108, p. 2433.
York.
stance:
Interborough Rapid Transit Co., New
the railroad were still maintained at
Results.-The operating expenses of
1919.)
30
the prevailing high prices of materials
June
ending
Year
a high level throughout the year by
Fiscal
(Report for
for locomotives for the year
and supplies and the high cost of labor. Fuel
nce:
858 the previous year. Charges
1 1919 wrote in substa
President Shonts Sept. operate
cost $1,660,291 as compared with $1,359,
es
niiliels.
M
made against
been
y
have
propert
of
tion
d on June 30 1919 was 100.72
deprecia
for
9
$879,96
length of road
amounting to
-The
Mileage.
year.
in operation
previous
track
the
6
total
with
d
$790,95
the
compare
1918, and
30
June
on
miles
operation during the year as now
85.16
value
[against
the
while
amounts to $1,936,475
ting with 276.49 miles].
The reserve for this purpose
's capital stock is carried on aggregated 330.42 miles, [contras (Total. 15.56 Miles)at which the Marine and Industrial Company
Opened for Operation During Year St. connection, Sedgwick Ave. to
by $36,000.
your balance sheet has been reduced
162d
and
cover
Ave.
to
n
July 1 1918-8th
0.41
charged against operatio
During the year $400,371 has beenyear,
Jerome Ave
as against $343,343 for the preto Bowling Green, con-3.57
the amount of taxes payable for the
Seventh Ave. line, Pennsylvania Station
stands at $498,027.
Ferry
vious year. The reserve for this purpose now
South
at
subway
old
amount
necting with
has been increased by the
0.88
St. (as shuttle)
Surplus Subsidies.-The surplus accounton
Clark St. line, from Chambers St. to Wall Central
account of the construction of
year
to 135th St. and
of the subsidies received during the
4.81
been made against surplus of $63,032 July 17 1918-Lexington Ave. from Grand
the Trinidad Lines, while a charge hasbridges
from
Haven
I'ark Ave., Mott
on the Trinidad Lines
149th St., Lexington
to cover depreceiation on ties and the period
of construction which in0.49
Jerome Ave. line, 135th St. and Park Ave. to
Foment.) to Casilda incurred during
line
Ave.
connection, from Grand
cluded the 1917 Revolution.
s RR.for the con- Aug. 1 1918-Lexington Ave. line, Park Ave.
0.19
Advances.-The advances to the Camaguey & Nuevita
during the year from
Central to old subway
Sq. and old sub way...._0.13
Times
struction of Pastelillo Terminals have been reduced
between
ion
connect
line,
.40
Seventh Ave.
3d
Ave....0
and
St.
3.
138th
$692,88
to
to
636
Ave.
$1,329,
y Bonds were
Pelham line,from 135th St. and Park
subways at 149th St. and
Sale of Cuban Bands.-The Republic of Cuba 6% Treasur
0.55
149th St. loops, connecting new and old
sold at a satisfactory price.
there
Lines
of the Trinidad
Mott Ave
138th St. to Hunts
Outstanding Obligatums.-On the completion
company's First Mort- January 7th 1919-Pelham line, from 3d Ave. and
2.70
were issued on this extra mileage $1,140,000 of the
outstanding.
Point Road station
1.43
Hall
Borough
to
St.
gage bonds, making a total of $13,170,000 of these bonds
Wall
from
line,
St.
-Clark
1919
15
April
on
hed
•
p.
establis
108,
2328)
(See offering V.
train service was
gold notes were redeemed on Nov.
on the
On the Manhattan Elevated, through
11918;
July
The $3,000,000 3-year 5% secured
Ave.
Jerome
secured
and
St.
6%
167th
issued $2,000,000 2-year
tho 6th and 9th Ave. lines to
1918,
17
July
Ave.
Jeromo
15 1918, and in their place there were
Road and
(V. 107,p. 1481)•
6th and 9th Ave. lines to Hingsbridge
and Jerome
gold notes due Nov. 15, 1920. notes
payable were redeemed while Equip- and on the 9th Ave. line, express trains, to Woodlawn Road
One June 1 1919, $600,000
$3,158,000 Ave. during rush hours, Jan. 2 1919.
from
year
the
during
reduced
been
have
ates
10, an inCertific
13,207,2
ment Trust
was $,
Operating Revenue.-Gross operating revenue
to $2,742,000.
the subway division
30 1918 amounted to $1,750,000, crease of $2,709,482, or 6.69%, the result of a gain onManhatt
Railway
an
Loans.-Loans payable, which June
from the Republic of Cuba of $2,791,760, or 12.78%, and a decrease on the
have been entirely paid off, while advances
from $1,974,438 to division of $82.278, or 0.44%.
990, or
$7,119,
of
against services to be rendered have been reduced
increase
an
,326,
Operating expenses were $26,233
, caused by an
$1,673,953.
and other improvements has been 37.25%, of which $5,218,717 was on the subway division
increase of 15.15
Improvements.-The work of track
an
d,
operate
tracks
passing
mileage
car
new
the
Six
in
51
the past year.
increase of 14,800,6
year, and the
carried on vigorously throughout
main line 30.38 miles of track in the number of miles of road operated at the close of the
s. On the Manand 5 business tracks have been built. In themiles
were supplied with rock continued tendency to increased cost of labor and material
ed increased
continu
have been relaid with 75 lb. rails, while 31.36 s RR.
the
renewed
reflects
273
were
of
31,901,
there
hattan division the increase
miles operated.
ballast. Including the Camaguey & Nuevita
6.16% of all ties in the track. cost of labor and materials and increase of 2,665,082 car
during the year 127,789 ties, representing
or 16.61%
with
6,
$624,42
replaced
were
of
length
in
feet
Taxes.-Taxes aggregated $3,134,157, a decrease
Thirty-nine bridges, aggregating 3,409,concrete or filling, while 68 bridges,
$767,236, or 46.51% as the
permanent work,either steel, masonry
the subway division showing a decrease of
increase
an
d.
division
hardwoo
native
Railway
with
an
replaced
were
Manhatt
the
aggregating 3,621 feet in length ments during the year aggregated $1,053,- result of dlmished net income;
the special franchise
[New construction and improve
of 3142,811, or 6.77%, the result of an increase in
1.
$156,520
stock
al
roiling
taxes.
974: addition
for traffic right through to and real estate
a decrease of 33,772,380.
New Line.-The Trinidad Line was opened
Gross Income.-Oross income was $14,447,029,division
y is already deriving considerable
of $1,660,201,
Casilda on Mar. 10, and your compan
the result of a loss on the subway of $2,112,
d
Line
,
or
Trinida
20.70%
the
on
ture
expendi
total
179, or 31.56
The
line.
By. div.
traffic from this new
d during the 14.40%, and a loss on the Manhattan an
19,or 34.67%
$4,700,7
of
increase
,368,
to date amounts to $3,824,671, of which $729,932 was expende
$18,257
were
ons
deducti
Income
year.
fiscal
past
Cuba Company.
(Report for the Fiscal Year ending June 30 1919.)
President G.H. Whigham,Sept.2 1919, writes in subst.:
SEPT. 20 1910.]
THE CHRONICLE
1175
Traffic.-The number of passenge
was 809,335,658, an increase
of 38,337,323, or 4.97%, the resultrsofcarried
INCOME ACCOUNT FOR YEARS ENDING
a gain on the subway division of
JUNE 30.
42,809,392, or 10.23%, and a loss on the Manhatt
1918-19.
Ry. div. of 4,472,069. Miles
1917-18.
1916-17.
or 1.27%. The gain on the subway division wasan
1915-16.
of
road
June 30___
100.72
the result of an increase Miles
85.16
81.48
of 110,936,477 in ticket sales atstations ofthe lines construc
65.00
of track June 30 __
330.42
ted and equipped Passenge
276.49
266.29
under contract No. 3, and a decrease of 68,127.
217.79
rs
carried
085 in the ticket sales at Gross
770,998,335 763,574,085 683,752
stations of the original subway lines,largely the result
.114
oper. revenue_ __ _$43,207,210 $40,497
of
the
readjus
,728
tment
$39,866
,146
of traffic following the opening of the letter "II" on
,528
Operating expenses
26,233,326 19,113,336 16,583,293 $35,891
Aug. 1 1918.
14,008,
Taxes
Maintenance.-37,292,197 was spent
3,134,157 3,758.583 2,871,385 2,341,6166
the year for maintaining
06
the structure, roadway, power houses, during
electrical equipment and rolling
Operating income_.. _ _$13,839,727 $17,625
stock. Included therein are items of mainten
,808 $20,411,468 $19,541,756
ance
Other
consisti
income
ng
reinforc
of
ing
and strengthening the elevated.
607,302
593,600
559,077
e, rebuilding stairways and plat580,831
forms, constructing coal storagestructur
bins with track connections, providi
Gross income
ng
proper accommodations at terminals and
$14,447,029 $18,219,408 $20,970,545 $20,122,587
stations
Int.
for
&
women
s.
f.
employe
on
city bonds
es.
Steel rails were renewed on 8.37 miles of track on
the Manhattan division, Int. on Co. 1st & Ref.5s_ $2,413,638 $2,384,538 $2,375,715 $2,380,620
and 23.27 miles on the subway division
95 4,327,177 3,572,515 3,043,630
and 18,730 ties were renewed on S. F. on Co. Ist&Ref.5s- 6,801,7
the Manhattan division and 34,638 on ,the
1,552,586
438,821
subway division.
Int.onManh.Ry.Con.4s_ 1,627,360
1,627,360
1,627,360
Gold Notes.-In Sept. 1918
1,604,556
company sold and delivered through the Int.on 3 year notes
860.915
War Finance Corporation andthe
Other interest, &c
J. P. Morgan & Co. $33,400,000
801,074
578,753
of I. R. T. Guar. div. 7% on Man309,597 - 180.453
Co. 3-year Secured Convertible 7% gold notes,
dated
Sept.
1 1918, the
bankers agreeing to purchase, under certain
hattan Ry.stock
4,200,000 4,200,000 4,200,000 4,200.000
terms and conditions, $20,900,000 at 95%% and int. The agreeme
nt on the part of the War Finance
Corporation was to advance to the compan
Total deductions
$18,257
y,
,369 $13,556,649 $12.085,187 $11,409,260
also
under
certain terms and Net income
conditions, the amount equivalent to the purchas
def.$3,810,340
e price of 9534% and int. Accruals
759 $8,885,358 $8,713,327
of notes to the face amount of $12,500
(see footnote *) 7,500,070 $4,662,
,000,
with
2,508,508
option
to
the
compan
217,296
y to
repurchase at 96M %&int. before Dec.1
178.688
1918.(SeeV.107,p.401, 1003, 1100.)
In Nov. 1918 there were sold to J. P.
Total
$3,689,730 $7,171,267 $9,102,654 $8,892,015
016,000 said notes, at 95M % and int.(V.Morgan & Co. an additional $6,- Dividends I.R.T
1,750,0
00(17M)
107,
6125000
To.
(20)7000,000(20)7000,000
The proceeds from the sale
the $39,199,000 1919.)
notes, viz., $37,642,280,
in accordance with the PublicofService
Balance, surplus
$1,939,730 31,046,267 $2,102,654 $1.892,
Commission's orders, were to be
applied as follows:
015
RESULTS BY DIVISIONS FOR YEARS ENDED
For equipment,contract No.3
JUNE 30.
$20,229,765
For Manhattan third tracking
1919
1918
11,771,387
For elevated extensions
Manh'n Ry. Subway
Manh'n Ry. Subway
3,250,127
For Manhattan power plant improve
Division.
Division.
Division.
Division.
ments
2,391,000 Passengers carried
348,188,600 461,147,058 352,660,669
418,337.666
Gross operating revenue$18,575,002 $24,632
Total
,208 $18,657,280 $21,840.448
Total operating expenses 11,855,
$37,642
,280
427 14,377,899 9.954,154 9,159,182
Sinking Fund.-The sinking fund
of 3i of 1% semi-annually on the First Taxes
2,251.982
882,175 2,109,172
& Ref. Mtge. 5% gold bonds
1,649.412
dated Jan. 1 1913 did not commence to accrue
until Jan. 11918,the first paymen
Income
from
oper'n__
$4,467,593 $9,372,134 $6,593,954 $11,031,854
t into the fund becoming due July 11918. Non-ope
rating income__
Additions and Betterments.-Additions
112,358
494,944
98,175
495,425
and betterments were made during
the year, including the company
Gross income
and equipment of new lines, to 's contribution toward the construction
the amount of $15,748,754.
Int. & sk. fd. on city bds $4,579,951 $9,867,078 $6,692,130 $11,527.279
$2,413,
638
$2,384,538
Cars.-225 new steel passenger cars were placed
on I. R. T. Co. 1st
in service on subway lines* Int.
& ref. M.5s
$1.225,607 $5,576,188 $1,078,060 $3,249,117
Power Plants.-The
tion of the new 60,000 Kw. turbo-generator, Sk. fd. on I. R. T. Co.
consisting of 3 elementinstalla
s of 20,000 Kw. capacity each, has been completed
1st & ref. M 55
375,611
in the 74th St. Power Station
1,176,975
111,835
326.986
together with condensers, washer, &c.
Int. on 3-yr. 7% notes
584,422
In the 59th St. Power
276,493
the last of the three 30,000 Kw. turbo- Miscel. rentals, &c
285,591
generators is being installeStation
120,812
259,492
119.748
boiler
d.
plant
The
Int.on
has
been
made
Man.Ry
more
.cons.
efficient
M.
by the installation of automatic stokers, superheaters,
1,627,360
Guar. div. on Man. Ry. 1,627,360
&c.
In furtherance of the consolid
of certain Manhattan and subway
Co. capital stock(7%) 4,200,000
substations and the interchange ofation
4.200,0
00
power,
up
Other
the
to
rent
present
deductio
time two of the
ns__
384,071
Manhattan substations have been shut down.
10,600
187.093
12.420
New Substation No. 11, 122 Park Row has been
Total
put
deducti
into
operatio
ons
n
$8,682,662 $9 574,706 $7 463,840 $6.092,809
replacing Substation abandoned to the City on condemnation
Net
income
of the propde,f$4,102.711
erty for Court House site. Four other substations
i292.371 def.i771,710 $5,434,470
have also been con- Dividends, I. R T
-(5%)$1,750,000- -(17%)$6,125,000structed and four more are being reconstructed to meet
contemplated power
demands. In the above substations 20 new rotary convert
Defiit
$5,560,340capacity of 80,000 Kw.have been added to the system. er sets, of a total *Accrual
$1,462,241
s
$5,895,025 $1,605,046 $2,306,819
$201,690
New Subway Construction.-During the year the Seventh
Avenue
Line
from
Balance, surplus
its connection with the original subway at Broadway and
--$1
,939
,730
45th St. to South
$1,046,267
Ferry and to Wall and William Sts. on the Clark St. Tunnel
*"Accruals under the provisions of contract No.
completed except station finish work which is 95% complet branch, was
3 and related certificates
ed. On the which, under the agreeme
Clark St. Tunnel Line from Wall St. to a connection with the
nts with the city, are payable from future
original subway ings." In other
earneast of Borough Hall Brooklyn, the construction work,
words, these are the sums accrued to the
includin
company under
g
track
inthe municipal contracts, but they are payable to
stallation, was practically completed except station finish
it
out of future earnwork which is ings: prior to
90% completed.
any participation of the city in thoseonly
earnings.-Ed.
The construction of the Eastern
Line from terminus of present
GENERAL BALANCE SHEET JUNE 30.
subway at Atlantic Ave. to Buffalo Parkway
Ave.,including Nostrand Ave.
Branch,
is about 93% and the station finish work 65%
1919.
1918.
Liabilitie
s
1919.
completed. The equipment
1918.
Assetsof this line, including the installation of contact
(Concluded)rail, track rail bonding
Fixed capital-192,462,966 176,724,460 3-year
drainage, telephone, emergency
cony. 7%
blockade signal, clock, lighting and, Investme
interlocking systems and stationalarm,
nts
_
24,324,0
99
28,388,9
02
gold notes..__ 39,199,000
equipment is in progress. The Livonia I. R. T. Co. 1st
Ave. Extension, from Buffalo to New
1st & ref. M.55_ 61,249,000
Lots Ave., is about 54% completed.
& ref. M.5s-..
Station finish work has not been started.
30,000
1st & ref. M. 5s
Trus. under coll. 61,454,864
The construction and equipment work on the Pelham
released
by
Bay Branch of the Adv.to assoc.cos. 6,419,060 1,870,30
Lexington Ave. Line from its connection
Bank.Tr.Co..
7
30,000
the Lexington Ave. subway Cash
at 135th St. and Park Ave. to Bancroft St.with
Whitlock Ave.is completed. Cash Manh. 3d 1,087,074 1,947,525 Manhattan Ry.
Station finish work 97% completed. Theand
dive. July 1-- 1,050,000 1,050.000
elevated
portion
from
track
Bancrof
(contra)
t
.
St. to Pelham Bay Park terminus is about 4%
8,325,000 I. R.T.Co.div.
completed and no equipment Cash for Manh.
work has been started.
July 1
875,000
power plant
Interborough Elevated Ezensions.-Wor
Int. on 1st & ref.
k
impta.(c
on the Webster Ave. Line which
ontra)
connects with the Third Ave. Line north
1,800,000
M.55, July 1.. 4,022,325 4,014,625
of Fordham Road and runs through Accts.& ills ree 1,408,183 6,098,87
Webster Ave. and Gun Hill Road to White
Due
2
for wages..
348,757
490,182
Plains Road where it connects Int. & diva. rec_
861,708
598,195 Acc'ts payable
with the elevated structure in
2,083,422 3,809,63
Material & supp. 4,612,302 3,864,95
Plains Road has practically been at a
standstill during the past year,White
2 Accrued taxes.._ 2,596,002 2,377,6515
owing
to
Special
the
deposits_
default
of
a9,177,5
the
contract
19
or
who
6,380,493 3d tracking cash
had the contract for the construction of
foundations and steel structure. Construction &
During the year, however, all the steel
liab. for adv.
equipm3 cash
work required for the structure has
been received and preparations are now
from general
funds
being made to proceed with the work.
b13,670,
589
4,940,341
fund
(contra)_
Preliminary Report of Stone & Webster,
8,325,000
Prepayme
nts_
274,797
Engineers.-After the discontinu320,747 Manhatt. power
ance of dividends on the stock of your Compan
Items awaiting
y on
house cash lia1 1919, and the
consequent default in the paymen
distribut
ion..
t of interest on theApril
_
8,991
Interborough-Metro15,598
bility for adv.
politan Co.4M % bonds, a Bondholders'
Protective Committee was formu- Secur. for volunfrom general
lated which Committee arranged for
tary relief fund
a thorough investigation of the Inter53,258
53,258 fund (contra)_
borough Rapid Transit Co.(subway and
1,800,000
Unamort'
d
debt
elevated lines) by Stone & Webster,
amortiz'n
Engineers, and Price, Waterhouse &
disc't & exp.- 9,954,733 9,242,242 Accr'd
Co., chartered accountants.
of capital_ _- 1,121,511 1.532,918
Since June 30 1919 advances in wages
Acc'is,
&c.,
pay.
have been granted aggregating
Manhattan Ry.
$4 800,000, for the year ending June
from future
30 1920.
equip. reserve
228,142
lStone & Webster's preliminary report
150,752
earnings
10,457,478
has been cited fully in V. 109, 13.
Int. on invest, of
67i, 776, 888, 1079.-Ed.]
Federal taxes_ - _
513,961
deprec'n
res184,219
142,528
Financial Status-Need of Increase
d
.Ry
M
.Co.2d M.
Fare.-The adverse operating conditions instead of lessening are
Total
336,771,584 250,570,891
becoming worse. The ratio of operating
bond. disc't
expenses to gross earnings has daily
LtabUUiesincreased from 38.50% in 1914 to
exp. amortiz'n
2,286
1,620
60.71% in Capital stock_ _ - 35,000,000 35,000,0
1919. In dollars and cents this
means an increase of $9,598,000. Two- 1st & ref.
00 Depr. res. under
thirds of this amount represen paymen
M.58.160,893,000 160,585,000
El. Ex. Cert def.251,255
t to labor which has been perma- Manhattan
280,151
nently placed on a higher level,ts
Ry.,
thus
Other
precludi
reserves..
..
ng any prospect of economy in
9,948
that direction.
lease account..
377,323
377,323 S.F.1st & ref.58_
944,515
802.925
The cost of service during the past year,
Accrued int. and
awaiting
including interest and sinking
fund on the money invested in the
rents not due_ 2,281,841 1,377,350 Items
propert
distribut
y
ion _ _ 1,271,203 1,187,689
actually under operation, ex- Bills payable_ -- 3,371,45
ceeded the net revenue by over
0
7,620,000 Deferred credits 10,457,478
$7,000,000, the loss being about equally Coupons due,not
divided between your Company and
Profit and loss 10,152,093 18,662,977
City. While there was an
presented........
in the gross of $2,709,482, operating the
149,253
107,500
expenses increased $7,119,990.increase
There Manhattan Ry.
was a decrease of $624,426 in taxes duo
mainly to a reduction in the excess
profits tax, but interest and rentals
diva.
unpaid__
72
65 Total
increased $4,700,719 as the result of new
336,771,584 250,570,891
subways and elevated lines placed in
operation during the year. There was
a Includes in 1919 special deposits to meet coupons
a decrease in net revenue of $8.473,099.
due,
not presented, $149.253,
to
meet uncollected dividends on Manhattan Ry.
Part of this decrease was due
war activities, both military and indus- July
$72, to meet dividend due
trial, and part to the opening oftonew
1 1919 on Manhattan Ry. stock, $1,050,000,stock,
lines, the interest on the Cost of con- on first
to meet interest due July 1 1918
struction of which had to be charged
&
ref.
mtge.
58, $4,022,325; Guaranty Trust Co., trustee first & ref. mtge.,
tialities of the new lines have not yet against earnings, although the poten- $333,301; U. S. 4X % Liberty bonds
(converted seconds), $1,120,950; U. S. 45i%
demonstrated. The increase in Fourth Lib. Loan bonds,
the operating expenses was also due been
$2,000,000; I. R. T. Co. first & ref. mtge. 5%
the payment of high wages and ingold bonds,
purchased for sinking fund,
creased cost of materials and supplies.toThe
due
July
1919; $463,860, and other special deposits,
increase
the
in
annual operatin
$37,759. b Includes in 1919 subway1 contribut
and maintenance pay rolls due solely to
ion cash, $4,637,855; Manhattan
increases in rates of pay betweeng third-tracking
July 1 1915 and Sept. 11919,the date of this
cash, $1,440,924; elevated extension cash,
$1,708,0
report, is $12,000,000.
Manhattan
power house
Owing to similar advances in
$116,711; and U. S. 454% certificat of indebted98;
tion costs due entirely to war con- contract No.cash,
ness account of
ditions, the amount required toconstruc
3, and certificates, $5.745,000.-LV. 109, es
equip
p. 1079,
now subways and elevated lines
and construct the elevated third tracks the
and extensions exceeded our original
estimate,for which money was provided,
Bethlehem Motors Corporation.
about $40,000,000. The greater
part of this sum was raised through the by
issue of $39,416,000 of Three-y
(Official Statement to the New York Stock Exchan
ear
7% Notes, dated Sept. 11918, for which
5%
ge.)
Bonds
were deposited as collateral to the amount of $61,587,000. These
The official statement made to the New York Stock
7% Notes were sold at 95
netting your Company $37,642,280, making the
Excost
of
the
money
about change as of Sept. 8 1919, in connection
%. While the payment of high interest rates
with the listing of
falls directly on your
Company, the City Is also indirectly affected
capital
the
stock
by
a
further
of
the
postpon
corpor
ement
ation,
of
interest on its bonds issued for construction purposes
will be found on subse.
quent pages of this issue. The statement
The present emergency is general through
out the country. It has been
contains the
met to a large extent in other States
initial
balanc
by
e
tempora
sheet
ry
and
emergen
many
cy
rates.
facts concerning the organiIn
the case of your company, the accumulated
surplus has been used up in an zation, properties, 8r.o.,
effort to sustain the unequal burden. We
of
this
new corporation, together
have tried every chantiel through
which such relief might rightfully be expecte
d, including an appeal to the with the income accounts and balance sheets of the
Legislature, and up to the present time
predewithout success.•
cessor companies.-V. 109, p. 1082.
THE CHRONICLE
1176
American Sumatra Tobacco Co.
Indian Refining Company, Inc.
(Semi-Annual Report for the Half-Year ending June 30 1919.)
Pres. Theodore L.Pomeroy, N.Y.,Sept. 12, wrote in sub.:
The company is now without bonded or mortgage indebtedness. The
sinking fund was sufficiently large on April 1 of this year to provide for the
redemption as of July 1 of all outstanding bonds. The company, therefore,
called all of its bonds for redemption on that date.
While the exact amount of taxes due the U. S. Government has not
been definitely determined, it was deemed advisable to reserve $500,000
from the earnings of the first six months ef the year against the accrual of
taxes for the current year.
During the first six months of this year the company has disbursed nearly
the
$1.000.000 in cash on account of U. S. Government tax and $285,000 forbeen
usual dividends on Preferred and Common stocks. There has also
spent approximately $350,000, principally on the refinery ahd distributing
stations for equipment necessary to maintain the company's position in the
refining and marketing of our products. The increased investment in inventories is occasioned by higher prices and much larger crude oil reserves.
A dividend of 1 % on the Preferred stock and 3% on the Common stock
has been declared, payable no Sept. 15 1919 to stockholders of record Sept.5
1919.
INCOME AND PROFIT AND LOSS ACCT.FOR SIX MOS.END.JUNE30
1917.
1918 .
1919.
$1.555.694 $1,580,206 $1,404,158
Not, after all charges
(335)105,000(335)105,000 (28)840,000
Preferred dividend
_
180,000
180,000
Common dividend (6%)
I00;060
500,000
Nom()
Reserve for prospective taxes
$795,206
3770.694
Surplus for half-year
BALANCE SHEET JUNE 30.
1919.
1918.
1919.
$
A ssets411,751 Cum.7% pref. stk. 3,000,000
498,370
Cash.
Accoun s receivle_ 1,452,777 1,604,955 Common stock_ _ _*3,000,000
Accounts payable_ 1,065,410
Adv.to sta'n agts_
1,500,000
83,017 Bank loans
saleemen, &c_ __ 129,256
4,942,089 3,453,254 Res've for taxes,&c 2,450,668
Inventories
313,430 Capital liabilities_
Liberty bonds__ _ 355,250
3,000 Miscellaneous
4,162
Miscellaneous
Res.oil depos,. &c. 1,444,416
Oil prop.,pipe lines,
Reserve for insur_
storage tanks,re1,766,030
6,682,480 6,603,063 Surplus
finery,&c
134,474
Sink. fund & Insur
215,149
Def. & susp. items 162,139
[VOL. 109.
$64,158
1918.
3,000,000
3,000,000
1,138,428
1,7romo
900,000
582,000
15,253
1,257,545
22,313
1,156,553
14,226.523 12,822,092
Total
14,226,523 12,822,092
Total
* The 31,500,000 unissued Common stock is subject to issue only for the
conversion of Preferred stock at the rate of two shares of Preferred for one
share of Common stock.-V. 109. P. 891.
Pierce Oil Corporation (of Va.), New York City.
(Fifth Annual Report-Year Ended Dec. 31, 1918.)
The report contains no remarks by the company.
(9th Annual Report-Year ended July 31 1919.)
Pres. J. Lichtenstein, N. Y., Sept. 8, wrote in substance:
In making any analysis of the earnings of the company,it is to be borne in
mind that of the Issuance of debenture bonds in July, all but $181,300
have been converted into Common stock, thus materially increasing our
capital.
available
The money derived from the issuance of these bonds was not
The benefits
to the business of the company until the latter end of July. future
operain
reflected
be
therefore,
should,
in
capital
from this increase
tions. We are now harvesting fine crops of tobacco with every prospect
for a good year's business.
dividend
[On Dec. 7 1918 $1,022,085 Common stock was issued as a stock a
further
of 15% on Common shares and on or about July 5 1919 there was
due
stock,
Common
outstanding
of
amount
the
in
increase of $5,696,900
of the
amount
like
a
of
1
to the exchange therefor within 30 days from June
par to shareholders
$5,878,200 10-year 7% convertible debentures[offered atCommon
stock on
of record May 20 1919, making the total outstanding
July 31 1919 $13,532,855. Compare V. 107, p. 404, 606, 2010; V. 108,
-Ed.!
75.
p.
109,
V.
2243;
2023,
p.
•
INCOME ACCOUNT FOR YEARS ENDING JULY 31.
1916-17.
1917-18.
1918-19.
$1,708,334 $3,731,633 31,780,364
Gross profits on tobacco sold
$284,429
0428,879
$254,625
Selling, &c., expenses
64,887
68,494
67,670
Cash discount on customers' accounts_
general
and
payable
notes
Discount on
21,139
19,605
93,973
interst charges (net)
87,500
150,000
Depreciation of buildings
23,981
bonds
Interest on 10-year debenture
• 59,903
50,000
21,380
Interest on 3-year notes
51,215
35,269
Amortization
200,000
1,000,000
22,560
Reserve for all taxes
44,390
Miscellaneous
$769,073
$713,850 $1,566,978
Total deductions
$1,011,291
$994,484
Balance
8,316
2,904
income
Other
$997,388 $2,164,655 $1,019,607
Net income
$769,906
$2,915,646 01,416,513
Previous surplus
a200,000
571,127
Reduction of inventory
Cr.5,545
Adjustments (net)
b208,000
Federal taxes •
-------137,445
137,445
Preferred dividend (7%)
(1035)105,000
Preferred stock dividend
0528,077
(10%)900,248(7,
Common dividend
(135)68,000
(15%)1,022,085
Common stock dividend
31,079 675 $2,915,646 $1,416,513
of A. Cohn & Co., Inc. b Ingoodwill
off
a Represents amount charged
345.306;
clused (a) Federal taxes 1917-18, excess of payment over reserve.
additional liability, $55,694;(b) Federal taxes, reserve 1918-19, $107,000.
Profit and loss surplus
BALANCE SHEET AS AT JULY 31.
1918.
1919.
1918.
1919.
COMBINED INCOME AND PROFIT AND LOSS ACCT. FOR CAL. YRS.
3
$
Liabilities(Including Subsidiary Companies.)
Assets1,963,500
stock...1,963,500
Preferred
7,278,750
&
equip-a7,629,428
Property
1916.
1917.
1918.
6,813,900
.d13,532,885
stock_
Pommon
753,721
b753,721
$6,057,864 $3,954,771 $3,637,509 Goodwill
Trading profits
1,000,000
479,243 3-year 5% notes
725,555
125,751 Cash
154,272
16,961
Other income
Accts. receivable__ 1,682,442 2,695,692 10-year 7% bonds_ 181,300
775,000
1,435,000
_
_
_
payable_
$6,074,825 $4,109,043 $3,763,260 Notes receivable__ 1,090,074 1,041,080 Notes
Total income
368,369
Accounts payable_ 135,087
146,742 U.S. Liberty Loan
280,469
314,639
Int. on floating debt
1,039,211
162,694
tax_
Fed'i
for
Res.
152,000
114,000
bonds
95,090
109,308
107,422
Bad debts
239,070
Dividend payable_ 407,000
191,711 Inv. in other cos_ 1,840,001
262,655
199,478
Other income digs.
2,083
2,115
716,268 Miscellaneous ____
1,111,656
91,304 Merchandise
933,445
1,108,810
Depletion and depreciation
36,800
38,540
reserve_
Insurance
54,234 Cash expense acc't
180,000
708,363
Provision for Federal taxes
265,560
reserve_
Deprec'n
1,796,745
3,638,549
crops
growing
of
733,108
717,968
746,742
debt
on
funded
Interest
1,079,674 2,915,646
226,605 Surplus
Live stock & supp. 244,954
15,709
Cr.5,118
Adjust. Fed. taxes
13,476
57
Miscellaneous
372,919
charges_
Deferred
$2,451,076
$1,609,489
period
$2,894,488
the
for
Netincome
19,203,355 15,153,580
Total
CONSOLIDATED BALANCE SHEET, DECEMBER 31,
19,203,355 15,153,580
Total
1917.
1918.
1917.
1918.
value), $7,448,194;
(book
and
buildings
estate
real
1919
a
_
in
$
Includes
A 33,43Capital stock_ _ _ -y19,184,850 17,485,750 stable equipment farm implements and packing house equipment, $132,738:
x Oil lands, lease
Accounts payable_ 2,346,800 2,612,402 furniture and fixtures, $7,492; automobiles and motor trucks, $41,005.
holds, pipe lines,
911,250
b Goodwill of A.Cohn & Co., Inc., 3600,000; Connecticut Tobacco Corp.,
&c.
22,265,576 22,438,370 Cap. stk. sub. cos.
2,414,700 2,741,412 $153,721. d An increase of Common stock by $5,696,900, became effective
Notes payable_
Refineries, distrib180,000 approximately as of July 5 1919.-V. 109, p. 983.
708,363
uting sta'ns, &c.10,545,207 10,582,769 Federal taxes
63,000
869,526 S. S. obligations_
1,036,426
Cash
975,871
Notes & accts. rec. 3,516,570 2,639,766 Car Trust obliglis 605,121
7,005,018 5,265,825 6% conv.s.f. dobsa 9,405,800 9,523,000
Inventories
American Seeding-Machine Co., Springfield, Ohio.
394,003 6% 5 yr. cony. g.
Int.,ins.,acc.,prep'd 231,496
1,975,000 2,000,000
notes
38,109
MIscell.investm'ts 105,064
(Report for Fiscal Year ending June 30 1919.)
Tank st'm'rsdrbarg 1,708,294 1,790,476 6% 2 yr. g. notes_ 114,800
2,438,145 1,991,022 Pipe line const. In. 1,000,000 1,000,000
Tank cars
B. J. Westcott, Sept. 10, wrote in substance:
Treasurer
630,418
273,455 Mtg.on t'k st'm'r_
Stable& gar.equip. 284,496
While the statement reflects a gratifying increase in gross revenue, same
11,186,611 8,693,561
409,238 Surplus
Iron bbls. dr drums 378,974
large measure by constantly increasing costs, particularly
in
offset
has been
61,105
56,780
Drill.tools& equip.
labor and selling and administrative expense,including taxes. Measured by
and prices, however, volume is still but 60% of normal,
conditions
pre-war
49,572,046 46,753,664
Total
49,572,046 46,753,664
Total
and it is believed the company's position is particularly favorable in this
a Payable at 105% of face value July 1 1924. x Includes capital stock period of readjustment of the world's industries, and that continuing imand advances to Mexican Fuel Co. and Midwest Producing Co. y Author- provement may reasonably be expected.
ized 1,320,000 shares of $25 each, $33,000,000; less, 39,405,800 held for conPhysical properties have been fully maintained and improved, as will be
version of 10-year 6% debentures; $2,468,750, 5-year 6% gold notes; $4,400 noted by reference to the items of property additions $108,612, and the
held in treasury; and $1,936,200 unissued.-V. 109, p. 780.
charges to depreciation and maintenance totaling $263,645, in addition
The shareholders voted on July 25 1919 to increase the authorized capital to which, and dividends paid, the cash working capital has been increased
stock from $33,000,000 to $68,000,000, the increase to consist of (a) 3294,421.
$15,000,000 8% Cum. Convertible Preferred stock recently sold to Lehman
There has been deducted from earnings and set up in reserve the full
Bros. and Goldman, Sachs & Co. subject to the option of exchange granted amount of all taxes including Federal Income and Excess Profits Tax accrued
the holders of the 6% convertible debentures. (b) $20,000,000 Class B.(non- to June 30 1919. The reserve for receivables lain ample amount to cover all
voting) Common stock, of which $15,000,000 will be held against the con- shrinkage in collection, including cash discounts and possible settlement
version of the Pref,shares and $5,000,000 that "is to be issuable for general allowances.
purposes."-V. 108, p. 2636, V. 109, p. 179, 483.
There are no hypothecated assets, discounted receivables, or contingent
Pursuant to this plan the holders of the $9,200,300 10-year6% Convertible liabilities of any character.
Gold Debentures of 1924 who desire to exchange their debentures for the new
The outlook for domestic business Is very good, and a very important
of proper foreign credits.
8% cumulative Convertible Preferred stock must deposit said debentures
Co., export trade is expected upon the establishment
accompanied by the coupon of Jan. 1 1920 with the Guaranty Trust
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
140 Broadway, N.Y.,prior to 3 p. m.Sept. 19. Debentures not so deposited
will be called and paid off on Dec. 31 1919. V. 109, p. 277, 584, 780.
1916-17. 1915-16.
1918-19. 1917-18.
$5,206,233 $4,562,246 $3,581,726 $3,682,905
Gross earnings
Ajax Rubber Co., Inc., New York.
4,083,388 3,508,792 2,858,981 2,989,275
Operating expenses
(Report for Half-Year ended June 30 1919.)
Net earnings
Dividends
1917.
1918.
1919.
31,886,730 $1,959,608 $1,257,461
(6%)488,528 (6)426,000(53,5)390,500
Net earnings
Interest
General taxes
Federal taxes
Income taxes
Depreciation, &c.
Pref. dividends (6%)
Common dividends
$1,122,845 $1,053,454 $722,745 $693,630
$1,039
$4,287
$24,123
$52,225
49,956
49,556
51,916
49,044
55,541
15,134
81,588
217,641
281,017
249,953
269,215
150,000
150,000
150,000
•
150,000
(5) 250,000 (5)250,000 (4)200,000 (4)200,000
$866,961
$1,398,202 $1,533,608
Balance, rusplus
Profit and loss surplus for the year 1918, $1,132,209; balance, surplus, for
the six months ended Juno 30, $1,398,202; total surplus, $2,530,411.
BALANCE SHEET JUNE 30 1918.
$867,206 $810,237 $656,156
Total deductions
1918.
1919.
1918.
1919.
$66,589
$255,639 $243,217
Balance, surplus
$
Liabilities-$
7,100,000
8,200,000
Stock
581,040
761,365
.Cash
BALANCE SHEET JUNE 30.
58,813 Accounts payable_ 1,697,720 1,267,989
Bills receivable_
1919.
1918.
1919.
Notes & loans pay- 2,900,000
Payment on Lib$
Assets$
4,015,000
175,923 Bills payable
234,923
erty bonds
Property account- 4,723,922 4,736,356 Preferred stock_ _ _ 2,500,000
Acc'ts & notes rec_ 4,877,150 4,979,223 Reserves:
584,791 Common stock _ _ 5,000,000
303,836
408,975 Cash
220,544 Plant deprec'n__
Deferred assets__ _ 100,175
25,309
249,550 Bills dr accts. rec._ 1,737,435 1,559,132 Accounts payable_
149,447
Bonuses
6,539,782 5,126,638
Inventories
3,470,821 3,387,406 Bills pay., banks- 300,000
80,037 Inventodes
Taxes and instil 1,136,447
1,874,875 1,874,874
Good will
42,062
pay-rollsAccrued
117,164
93,356
&c
advances,
30,725
Cash
debts
Bad
13,647
2,573
Investment acc't
108,896 Divs. pay., July 15 137,500
Liberty bonds_ _ _ 220,219
Cash discounts &
Plant, equip., &c_ 2,223,184 2,510,457
290,575
58,926 Reserves
64,748
93,535 Deferred items_
acc'ts reedy.
7,100
War savings stnips
2,327,891
Surplus
2,302,449
2,530,411
Surplus
10,623,338
10,623,338 10,552,070 Total
Total
16,614,026 15,518,260
16,614,026 15,548,260 Total
Total
V. 109, p. 74.
-r.
P. 777.
$618,635
$74,995
1918.
2,500,000
5,000,000
47,352
500,000
31,183
137,500
243,913
2,092,722
10,552,670
SEPT. 20 1919.1
THE CHRONICLE
1177
The Torrington Company, Torrington, Conn.
West Penn Traction & Water Power Company.
(Report for Fiscal Year ending Aug. 31 1919.)
(Report for 1918-Capitalization.)
John F. Alvord, President of the Torrington Company
The remarks in full of President A. M. Lynn, together
(of Maine) under date of Sept. 9 writes:
with the income and surplus accounts, will be found on pages
We present herewith the consolidated balance sheet and consolidate
d 2540-2543 of "Chronicle" for June 21. The balance sheet
profit and loss account of all the operating companies,
omitting, however, was printed on page 2524.
American Supplies Co., Ltd., and Coventry Swaging Co.,
Ltd., both British
corporations, and Los Pabricantes Unidos, which operates
The statement of capitalization for the system follows:
in Buenos Ayres,
South America. The reports of these companies have
not yet
and their profits, subject to heavy war taxes, cannot yet bebeen received CAPITALIZATION OF WEST PENN TRACTION de WATER POWER CO.
determined.
(PARENT CO.) AND SUBSIDIARIES.
Metalwaaren Gesellschaft, m.b.H., a German corporation
, is also omitted,
as no information in regard to it is yet obtainable.
Total Held to Retire -Owned byTotal
The preferred stock of The Torrington Company (of Maine) has
Auth. Prior Issues. 41111. Cos. Public.
Outst'g.
been
ex- (1)Parent Company- •
changed for preferred stock of The Torrington Company (of
$
$
$
$
Connecticut) Capital stock,common_ -22,500,00
$
except fifteen shares.
0
a15,898,700 6,156,000 22,054,700
Capital stock, preferred__ 8,500,000
The Maine Company still holds $6,999.000 par value of The
a4,649,500 3,405,200. 8,054.700
Torrington
Company (of Connecticut) common stock with
Total
31,000,000
20,548,200 9,561,200 30,109,400
a small bank balance of
$2,434 against its own common stock of $3,500,000
Subsidiaries (I) Majority stock owned by above
.
Parent Company:
West Penn Rys.Capital stock,common__ _10,000,000
b8,054,700
8,054,700
Capital stock, preferred_ _10,000,000
a281,800 7,083,500 7,365,300
[Old] W.P. Rys. 1st M__ 6,000,000
330,000
5,667,000
5,667,000
1916-17.
Connelsv. Sub. 1st M___ 175,000175,0
1915-16.
Dividends from sub. cos. x$573,087
00
175,000
$566,855 34287,069
$888,430 P. McK.& C. 1st Cons__ 3,500,000
Miscellaneous income_ _ _
88,000
c23,0
.0
2,889,000 2,912,000
122
287
49,806
12,778 Versailles Tr. 1st M
100,000
Rentals
d12,000
88,000
100,000
82,500
110,000 P. McK.& G. 1st M____ 1,500,000
Accounts receivable_ _ _ _
e1,127,000 k373,000 1,500,000
3,200
3,775 W.P. Tr. Co. 1st M_ _ _25,000,000 9,175,000 27,211,500 5,251,500 12,463,000
Loans to subsid's repaid_
140,000
23,000 [Old]W.P.Rys.Co.Reg.5s 6,000,000
g2,926,000
2,926,000
Latrobe St. Ry. 1st M
100,000
Total receipts
h100,000
100,000
$573,209
$567,142
$562,575 $1,037,983 McK.& Irwin bonds
200,000
Interest paid on bonds_ _
c150,000
150,000
$15,300
Total
62,575,000 9,593,000 19,886,000 21,527,000 41,413,000
Divs, on pref. (7%)
44
2,560
70,000
70,000
Electric
(2)
Railways-Entire Capital Stock owned by West Penn
Divs, on common
(16)560,000 (16)560,000 (16)560,000 (8)280,000
Railways,
Salaries & directors' fees
which operates the property under lease:
22,414
31,816
Pittsb. dc Alley. Vali.
Torr. Co. bds. purchased
31,000
396,000 Capital stock,common Tr. Co.
Investments
350,000
h350,000
850,000
105,772 First Mtge. bonds
Loans to sub. cos. repaid
350,000
h350,000
350,000
140,000
23,000
Taxes
Total
700,000
11.580
700,000
700,000
Oakdale & McDonald
Other expenditures
Ry.1,861
1,872
90,879
42,959 Capital stock,common Street 150,000
h150,000
150,000
First Mtge. bonds
Total payments
150,000
3573,485
h90,000
$564,432
60,000
$914,292
150,000
$964,848
Balance, sur. or def._
Total
300,000
def.$276 sur.$2,710 def.3351,717 sur.$73,135
240,000
60,000
300,000
Kitt.
Cash bal. end of year
dc
Leech.
Rys.
Co.
2,434
$86,018
$351,717 Capital stock,common__
x Dividends received from subsidiary,
h500,000
500,000
Torrington Co. (of Connecti- Kitt.& Ford City 1st 65.._ 500,000
50,000
ctit), viz.: Common stock 8 3-16%, on The
27,500
27,500
common
its
stock,
$573,043
and
Total
550,000
7% on pref. stock remaining unexchanged, $44; total, $573,087.
500,000
27,500
527,500
(3) Electric Railways-All or Majority Stock owned by West Penn
y Of this amount $2,710 is the balance of the Income Account
from,proRailways.
Allegheny
vious year. The remainder of the
Vail.
Street
Ry. Co.
Aug. 31 1918 ba1ance-383,308- was Capital stock,
disposed of in the transfer for the Conn.
common..__ 2,000,000
h2,000,000
Co.'s stock.
2,000,000
1st Mtge.30-year bonds.... 2,000,000
110,000 1,680,000 1,690,000
Total
THE TORRINGTON CO.(OF CONNECTICUT) AND SUB.
4,000,000
2,010,000 1,680,000 3,690,000
COS.'
CONS.
McKeesport & Dug.Bridge Co.
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING
JUNE 30.
Capital stock, common... 100,000
h85,000
15,000
100,000
Capital stock, preferred__ 200,000
1917-18.
Net oper. prof. of The Torrington Co. and its sub. 1918-19.
h171,800
28,200
200,000
First Mtge. bonds
150,000
cos.
150,000
150,000
a$2,982,69
6
$1,565,238
Total
450,000
Dividends from other corporations
256,800
193,200
450,000
8,939
Steubenville Bridge Co.
7,726
Capital stock,common
250,000
Total income
h13,250
11,750
25,000
$2,991,636 $1,572,964 Capital stock, preferred__
50,000
•
m26,500
Deduct-Admin. salaries and expenses
23,500
50,000
$98,071
$53,563 First Mtge. bonds
200,000
Interest paid on The Torrington Co. (of Maine)
200,000
200,000
Total
500,000
39,750
outstanding bonds
235,250
275,000
950
Wheeling Traction Co.
2,075
Capital stock, common_ __ 2,500,000
g2,319,200
Net profit for year
17,100 2,336,300
$2,892,615
$1,517,326
First
Mtge.
bonds (1901)_ 2,500,000
Less: Dividends paid;common
2,500,000 2,500,000
*3573,125 *3564,375 2d 30-year bonds, 1913_._10,000,000 4,650,000
g170,000
Preferred 7%
170,000
70,000
70,000 Pan Handle stk. pur. notes p324,610
n2,145
Subsidiary preferred 6%
307,385
309,530
7,200 Whg.Ildge.stk. pur. notes 162,566
Reserve for income and excess profits taxes
162,566
162,566
856,000
510,898 Car Trust notes, 1916
40,000
24,000
24,000
Car Trust notes, 1918_ _ _ _
125,000
Total deductions
100,000
100,000
$1,499,125
31,152,473
Total
15,652,176 4,650,000 2,491,345 3,111,051 5,002,396
Balance, surplus
$1,393,490
$364,853 (4) Electric Railways-All Stock owned
* In 1918-19 div. rate was 8 3-16%; in 1917-18, 8 1-16%.
by Wheeling Traction Co., which
operates the property under lease:
a Includes Canadian Co. for both years but in 1918-19 includes
the
Pan Handle Traction Co.
English and South American Cos. for the year
ended
June
30
1918,
after
Capital stock, CO1111110E1_ _ _ 500,000
deducting taxes paid by them amounting to $606,638.
r500,000
500,000
net results of First Mtge. bonds
500,000
these companies had not been determined when the reportThe
500,000
500,000
for the year endTotal
1,000,000
ing June 30 1918 was issued.
500,000
500,000
1,000,000
Steubenville & Wheeling Trac. Co.Capital stock, common..- 650,000
500,000
THE TORRINGTON CO. (OF CONN.AND ITS SUB.
500,000
CORPORA1st Cons. bonds,S.& W__ 650,000
117,000
TIONS CONSOLIDATED BALANCE SHEET,
s37,000
496,000
533,000
JUNE 30.
1st he, S. M.& 0. v. Tr_
150,000
117,000
117,000
AssetsTotal
1,450,000
1919.
117,000
1918.
537,000
613,000 1,150,000
Real estate and buildings,$882,392; machinery and
(5) Electric Railways-Operated by Wheeling Traction Co.:
equipment, $1,472,672; less reserves for depreWheeling db Western Ry. Co.
ciation, $435,320
$1,919,744 $1,825,543 Capital stock,common
300,000
300,000
Good-will, patents, &c.
300,000
1,942,538 First Mtge. bonds
500,000
Invest. in foreign subsidiaries, incl. bal. due on cur- 1,942,538
53,000
182,000
235,000
Total
800,000
rent acct.___,
353,000
182,000
635,000
a1,119,048
Bellaire S.-W. Traction Co.
1,072,913
Investments in other corporations
55,303
95,315 Capital stock, common
500,000
Inventories of material, supplies, etp
66,000
66.000
2,501,334
2,150,5?1 First Mtge. bonds
500,000'
Bills and accts. rec. less rat.1,092,79
15,000
50,000
65,000
3 1,040,581
Total
1,000,000
United States Liberty bonds
81,000
50,000
131,000
762,497
Wheeling
Bridge
464,179
Co.
United States certificates of indebtedness
300,000
205,000 Capital stock,common
500,000
t265,900
Cani
nds
t
70,350
336,250
36,888
200,000
9,887 First Mtge. bonds
Cash
200,000
200,000
994,484
Total
449,599
700,000
265,900
Deferred charges (prepaid insurance)
270,350
536,250
28,314
10,436 (6) Electric Railways-All Stock owned by West Penn Rys. Co.,
Cash for outstanding bonds and aced. interest
operated by
43,703
Wheeling Traction Co.:
Steubenville Railway Co.
Total assets
$10,752,940 $9,310,215 Capital stock, common - 10,000
Liabilitiesg10,000
10,000
1919.
1918.
Car Trust notes, 1916_ __. 12,600
Cap.stock: Com.,$7,000,000; Pref.,$1.000.000
6,300
6,300
$8,000,000 $8,000,000
Total
Prof. stock of subsidiary outstanding
22,600
10,000
6,300
16,300
120,000
Steub. Well. & Weir. Ry. Co.
Torrington Co.(of Maine): Bonds due Sept. 1
1918
38,000 Capital stock,common
Accounts payable
1,300,000
q1,300,000
1,300,000
341,525
276,464 First Mtge. bonds
Reserve for income and excess profits taxes
700,000
700,000
700,000
856,000
510,898
Total
Balance surplus
2,000,000
1,300,000
700,000
2,000,000
1,555,416
364,853
(7) Power Co.-Entire Capital Stock owned by West Penn Railways
Co.:
Total
West Penn Power Co.
0 $9,310,215 Capital
a In 1919 includes profits to Juno 30 1918.-V. $10,752,94
stock,common__ _10,000.000
ulO,000,000
109, p. 1086.
10,000,000
Capital stock, preferred_ _10,000,000
2,750,000 2,750,000
1st M.bonds,Ser. A & C-50,000,000
v13,723,000 13,723,000
2-year 7% Coll. notes_ _ __ 1,500.000
American Bosch Magneto Corporation.
1,500,000 1,500,000
Total
71,500,000
10.000,000 17,973,000 27,973.000
West Va. Power & Transmission Co.
(Report for Half-year ending June 30 1919.)
Capital stock,common__ _ 3,000,000
3,000,000
3,000,000
STATEMENT OF OPERATIONS JAN. 1TO
(8) Power Co.-Entire Capital Stock owned by West Penn Power Co.:
JUNE30 1919
Butler Light, Heat & Motor Co.
Net sales----------------------------------------------stock,common...
50,000
w50,000
Less cost of sales, incl., depreciation on equip., ins., taxes, &c.. 22,279,297 Capital
50,000
Allegheny db Pittsburgh Coal Co.
1,537,523
Capital stock,common_
1,000,000
1,000,000 _ - _-,.--- 1,000,000
Gross profit------------------------------------------$741,774 (9) Power Co.-Entire Capital Stock owned by West
Administrative & branch expe
Penn Rys. Co.
nses407,618
posited under 1st M. of West Penn Traction Co. (dated June 1 1910): and de
Hancock county Electric Co.
Not operating profit------------------------------------ $334,156
Capital stock,common_ _ _
12,000
12,000
12,000
BALANCE SHEET.
Brooke Electric Co.
Capital stock,
_ _
10,000
1,000
J'ne30'19. Sep.30'18.
1.000
Elec.
Wellsb.
Lt.,
commonJ'ne30'19.
Heatct
Pow. Co.
Sep.30'18
Assets$
'5
Capital stock,common...
$
50,000
50,000
50,000
731,941 510,344 Accounts payable_
Cash
First
Mtge.
bonds
250,000
141,9871
100,000 -,
100,000
Accounts receivable- 615,019 362,111 Acer.salaries & wag's
Total
300.000
150,000
150,000
Liberty bonds
678,910 651,719 Accrued taxes, ins. & 22,7051
2,779,904 3,021,686
Inventories
unearned interest_ 81,7691j 208,092 (10) Power Co.-Subsidiaries of W.Va.Power & Transmission Co.:
Common Cap. Stock of-1,501
Stocks in other cos_
Deferred credits_
28,0731
Pittsb. Hydro Elec.Co5,000
Investments _
91,003 Cap. stk. & surplusa5,03
x5,000
5,000
0,962 4,003,527 Parsons Electric Co
25,000
Property & plant.._ -2,230,950 2,363,301 7% serial gold notes
x25,000
25,000
Parsons Mill'g & Mere.Co.
20,000
Patents
500,000
x18,550
1
duo Jan. 15 1920_ 538,000
18.550
Fayette
Land
Co.
Imp.
Co
5,000
Tracings
250,000
y5,000
due Jan. 15 1921
5,000
Total
00,000
55,000
Prepaid expenses_ _ _ 60,306
53,550
Due Jan. 15 1922 590,00011,8
53,550
590,000
Allegheny Valley Light Co.
Mlecellane nu;
67,024 Federaltax reserve
100,000
stock,
Capital
common_
250,000
Deferred charges_ ... _ 73,935
x250,000
35,701 Ocher reserves
260.000
121,271
a Owned by American Water Works & Electric Co. b Owned by West Penn
Total
7,927,496 7,132,890
Total
7,927,496 7,132,890 Traction & Water Power Co. c Owned by W. P. Rys.
Co. d Owned by W. P.
Rys. Co. and deposited under Mtg. of P. McK. & Co. Co. dad Jan. 1 1901.
a Represents 60,000 shares of no par value.-V. 109, p. 777.
e Owned by W.P. Rys. Co. and $1,124,000Idepositedladco1l. toIW. P.
.Power
1
Co.
INCOME ACCOUNT OF THE TORRINGTON
CO. (OF MAINE)
FOR YEARS ENDED AUG. 31.
Receipts-1918-19.
1917-18.
1178
THE CHRONICLE
[VoL. 109.
expenses and taxes,
factors. The war conditions also materially increased
offset in part by slight increases in rates.
bagan construcCo.,
Light
&
Power
Plant Extensions Delayed.-The Utah
on an 11,000 K. W. unit at
tion, prior to America's entry into the war,
a 5,500 K.W.
and
plant,
Oneida
the
at
unit
W.
K.
the Grace plant, a 10.000
K. W. While considerable
unit at the Olmsted plant, a total of 26,500
best to defer this work,
progress had been made on this work, it was thought
With the return of
the company having ample power for the present.
to complete
normal business conditions it will undoubtedly be necessary
1479).
p.
107,
V.
(See
units.
generating
these
have
served
district
the
t
throughou
Outlook.-While business conditions
is, by reason of its
not yet been adjusted to a peace basis, the territory
natural regreat
its
of
character
diversified
the
great natural resources,
and the progressiveness
sources, the diversified character of its industries
in commercial
of its people, so fundamentally sound that the reduction
.
activity must be only temporary
of $3,300,sale
the
was
Financing.-The only financing of any moment
5% Bonds (of which $2,083,000 Utah Power & Light Co., First Mortgage
securing
agreement
an
under
deposited
000 had been previously issued and
Notes, which Notes
the company's $2,050,000 Two Year 6% Secured Gold
the same
of
stock
Prof.
3192,300
of
sale
the
and
were called for payment)
company-(V. 107,p. 2189:)-(V. 106, P. 2764).
notes of the allied
Securities in Hands of Public.-The stock, bonds and
companies in the hands of the public were as follows:
Bonds cfo
Capital
Notes
Stock
San Joaquin Light & Power Corporation.
Capitalization, Dec. 31 191800
$30,775,1
Utah Securities Corp.-Capital stock
(Report for Fiscal Year ending Dec. 31 1918.)
Ten-year 6% gold notes
7,568,500
Utah Power & Light Co. Pref. stock, 7% cum
23,566,000
President Wm. G. Kerckhoff says in substance:
Thirty-year let Mort. 5% gold bonds
*2,050,000
only 33.5 inches a
notes
gold
Results.-The rainfall in the season of 1917-18 waslow
secured
6%
Two-year
condition'
water
This
inches.
43.96
of
rainfall
normal
a
with
Co
compared
12,136,000
ately 16,000 h.p.), Utah Light &r Traction
bonds, 5%
gold
Mort.
Ref.
coupled with the large amount of new business (approxim
&
1st
Thirty-yea
d
744,000
of power in our Bakersfiel
necessitated the generation of a large amount
Utah L. & P. Co., 5% prior Lien gold bonds
purpose
this
1,113,000
for
used
of
fuel
cost
the
in
increase
bonds
an
gold
was
M.
There
Consol.
Steam Plant.
Utah L. & P. Co.,4%
a
1,440,000
amounting to $354,561 for the year. It was also necessary to purchase
Ry & P. Co.,5% 1st Mort. gold bonds
Consol.
486,000
large amount of power at a cost of $103,110.
Utah L. & R. Co., 5% consol. M. gold bonds
was obtained
Because of greatly increased operating expenses authority
June. Our revenues
$38,343,600 $49,807,000
to add to all bills a surcharge of 10% effective inshowed
Total
amount of
$88,150,600
were increased from this source $131,371. Resultstherefore,the
Total amount all securities
requested the
notes.
this surcharge to be inadequate. The company,increase.
*Funds deposited with Trustee for redemption of these
In Jan. 1919
the foregoing
on
charge
dividend
Railroad Commission to authorized a further
and
interest
annual
The aggregate
the Commission authorized an additional 5% surcharge, making the total notes and bonds and Pref. stock was $3,112,235.
from operation, intersurcharge 15% above the base rates,
Earnings.-A statement of gross and net earnings
ag compared with
now controlled by the Utah
011 advanced to $1 83 per barrel for the year 1918,operation,
charges eliminated, of all propertiescompared
arrangecompany
expensive
extremely
this
with 1917and 1916:
overcome
To
51c. oil in 1917.
of natural gas at Securities Corporation for the cal. year 1918,
1916
ments were made with the Midway Gas Co. for a supply
1917
1918
to approximately 77c.
a price of 14c. per 1,000 cu. ft., which is equivalent
$6,993,227 $6,586,592 $5,583,396
October, Gross earnings from operation
3.095,022
per barrel for oil. But this natural gas was not available until
3,498,366
3,750,185
operation
Net earnings from
after the summer peak load.
and labor
ROFIT & LOSS AND INCOME STATEMENTS.
Steam plant operations, together with advancing materialfrom
43.5% UTAH SEC. CORP.-P
31.
earnings
costs, increased the ratio of operating expenses to gross
(1) Profit and Loss Account September 10 1912 to December
total of $596,919.
1916.
1917.
to 57.05%. Operating expenses increased a
1918.
in
$209,270
of
reduction
a
was
operations
year's
the
of
The net result
$6,036,768 $5,365,445 $4.542,548
Interest and dividends
the net profit before charging depreciation. generating equipment for 1919 *Profit realized by redemption of
1,908,099
1,908,099
Prospects for 1919.-The demands on our
$19,518,000 Utah Sec. Corp. notes 1,908,099
with a full supply
1,641
will be largely in excess of the 1918 demands, and evenof
electrical energy Sale of securities
of water it will be necessary to produce a large amount
$6,450,648
$7,946,508 $7,273,544
is not less than * Total
In our steam plants. A careful survey shows that there
$620,910
$783.519
$935.403
to our lines.
Expenses and taxes
10,000 h.p. of new business waiting to be connected
4,365,676 3,894,009
4,865,179
(1) Approximately Interest on notes
The net earnings for 1919 will probably increase: for
inyear
ng
full
the
underwriti
on
effect
in
paid
n
being
Commissio
surcharge
10%
the
625,203
$100,000 acount of
631,144
631,144
additional
notes
stead of only 7 months;(2) approximately $110,000 account of the
by the Railroad Commission;
$1,514,782 $1,493,205 $1,310,525
5% surcharge which was recently allowed(Gross
Balance, surplus....
increase
probably
will
Date of
the
business.
of
new
ve
of
(3) $100,000 account
(2) Earnings of All Properties Now Controlled (Irrespecti
consumers. The amount
*150,000 to $350,000 by reason of connecting new
Acquisition) for Years ending Dec. 31taking on
1916.
1917.
will vary according as water power conditions permit or restrict
1918.
produce $100,000
new business. On a minimum basis new business should
for oil Gross earnings all sources (inter-co.
net.) (4) $150,000 account of saving effected by substituting gas
56,993,227 $6,586,592 $5,583,396
charges eliminated)
3,095,022
in
$460,000.
net,
increase
Total
as fuel.
3,750,185 3,498,366
Transmission Net earnings
29,724
82.707
Plant Additions.-These aggregated $1,500,048, notably:
$252.- Other income
progress,
in
on
work
constructi
;
$3,124.746
$1,035,869
g
3
system,
and distributin
5 $3.581.07
$3,760,18
earnings
not
net
work
Total
authorized
of
account
964; (this last item represents expenditures
and Utah Lt. & Trac.for Cal. Years(3) Earnings of Utah Pow. et Lt. Co.&
Co.
yet completed and distributed to appropriate accounts.)
-Utah Pow. Lt. Co.- -Utah Lt. & Trac.
fact that advances
1917.
1918.
Notes Receivable.-These increased $185,584, due to the
1917.
1918.
have been evidenced
5
$1,597,31
$1,602,000
made to the Midland Counties Public Service Corporation due
$5.574,805 $5,182,517
mostly to larger Gross earnings
1.133.307
1,142,893
by notes. Material and supplies increased $243,237,
Oper. expenses & taxes._ 2,622,529 2,521,910
Inventories.
$464.008
$459,107
$2,952,276 $2,660,607
and
Net earnings
376,258
Bonded Debt.-During the year $1,113,000 Series "0" 6% bonds
364,437
84,318
136,447
Also in Other income
$190,000 Series "A" 6% Debentures were sold (V. 106, p. 2650).
$840,266
$823,544
5
$2.744,92
.723
,088
$3
p.
2529).
108,
(V.
"B"
income
Series
Gross
1919 31000,000
784,920
786.317
many
that
fact
the
1,005,594
and
1,034,381
Notwithstanding adverse financial conditions borrowing, the company Bond int. and discount
23.924
54.095
533,433
675.644
Other interest (net)
corporations were compelled to resort to short term
$31,422
basis.
8 $1.205.898 def.$16,868
succeeded in selling its bonds on about a 6.70
$1,378,69
surplus
Balance,
than
more
$592,985,
of
474,054
518,727
Current Liabilities.-These show a net increase
pref. stock_ _
increase in plant account of Divs, on
518,385
offset, however, by the amount by which the and
345.590
do on 2d pref. stock_
debentures sold during
30.000
25,000
125.000
240.000
$193,048 exceeds the face amount of bonds
on
Depreciati
above.
as shown
$1,422
the year, and the increase in current assets of $437,233
$88,459 def.$41.868
on
$274,381
depreciati
deprec_
after
to
Balance,
charged
was
$236,233
of
sum
-The
Surplus and Reserve.
Yearson the
(4) Combined Net Income All Companies for Calendar
reserve during the year on the 6% sinking fund basis. Dividends
1916.
1917.
1918.
Calendar YearsProf. stock were paid regularly during the year.
•
incl...
Corp.,
Sec.
Utah
of
earns.
Gross
$1,031,476
$912,726
INCOME ACCOUNT FOR CALENDAR YEARS.
$906,080
it
sur. of sub. co's. accruing to
146.028
162,608
1916.
155,068
1917.
1918.
Exp.,incl. taxes, of Utah Sec. Corp
•
$78,392
$76,321
$79,820
incl.
Corp.,
Sec.
Utah
of
Municipal light
earns.
Net
555,376
$885,448
590,833
$750,118
692,561
Commercial light
sun of sub. co's. accruing to it,..... $751,012 deb.5,941
877,383
111.746
1,048,699
1,493,174
Electric power
34,617 Profit, redemption 10-year notes
36,912
36,879
Railway
to
150,786
Inc. from all sources accruing
181,354
197,944
$997,193
$744,176
Gas
$751,012
113,032
Utah Securities Corp
119,881
115,172
Miscellaneous
t. charges on 10-Year 6%
543,070
471,666
496.320
$2,615,549 $2,054,000 $1,809,586 Deduct-In
Gross earnings
notes
gold
736,976
895,636
1,492,556
$454,123
$272,510
$254,692
Expenses, taxes, &c
net income
Combined
$1,072,610
5
31.122,993 $1,158,36
Net earnings
28,877 BALANCE SHEETS DEC. 31 1918 (Compare 1917, V. 107, p. 1479.)
80,167
43,306
Other income
Utah Sec. Utah P. Jo Utah Lt. & Total, All
$1,166,299 $1,238,531 $1,101,487
Co's.e
Total income
Trac. Co.
Light Co.
Corp.
$504,211
Assets$568,899
$670,693
Bond interest
$24,634 370.851.116 $21,077,842 $59,815,520
&c__
,
Cr.12,774
investm'ts
Plants,
Cr.19,974
Deb.15,269
Other interest, &c. (net)
Trac.
$610,050 Guar. Utah Lt. &
$689,607
$480,337
12,226.000
BalanCe for depreciation, &c
bonds(contra)
$194,663
$222,840
$236,233
928,480
Depreciation
Advances to sub. cos..
None
500
932,806
00
(435)292,
(6%)390.0
235,956
•
674.018
dividend
23,210
Preferred
Cam
47.173 2.095.012
1,005.031
624.487
Notes & accts. receivleBALANCE SHEET.
79,472
interest
1917.
Accrued
1918.
1917.
935.588
1918.
127,266
808.322
Supplies
$
Liabilities$
6,735
1,687
Assets5,048
Preferred stock._ 6,500,000 6,500,000 Prepaid accounts
2,798,380
66,844
Rights,real estate,
2,731,537
expense
&
_ _11,000,000 11,000,000 Bond discount
2,111,323
30,482,748 28,940,177 Common stock .
1.793
plants, &c
12,486,000 11,179,000 Trust funds & spec. dep_ 10,615,180 2,108.108
154,439 Bonds
18.764
4,392
Treasury securities 197,500
14.371
291,823 Other assets
330,725
231,651 Bond interest, &c
218,063
Cash
62,653
.
411,476
payable..
Notes
$11.366,983 $91,352,031 $21,561,953 568.714,127
229,901
Total
415,485
receivable
Notes
174,903
406,531
payable_
Accounts
686,801
708,801
LiabilitiesAccts.receivable
184,027 First
$7,592,300
157,660
504,855 Pay rolls, &c
preferred stock......
748,092
Mat. it supplies
4,937,000
1,971,406 1,674,759 Second preferred stock__
Def. chgs., disc.do 1,757,153 1,658,793 Reserves
373,918
30,000,000 51,150.875 $1,256,020
0
373,918
surplus
a31.256.02
330,386 Capital
Common stock
Misc. disburs., &c, 249,730
1,139,857 • 1,295,921 Utah Pow.& Lt. Co.7%
Final surplus
7,568,500
cum. preferred stock_ _
8,272,000 b25.616,000 16,254,300 49,807,000
34,777,572 32,737,004 Funded debt
34,777,572 32,737,004 Total
Total
1,070,642
236,500
c7,504,082
payable
Notes
-V. 108, p. 2529.
541,745
85,047
427.081
10,917
Accounts payable
Utah Securities Corporation
Guar. Utah Lt. & Trac.
12,226,000
(contra)
Co.
bonds
1,135.977
Utah Power & Light Co.-Utah Light & Traction
251,534
892,242
150,177
Accrued accounts
131,329
218,143
(Report for Fiscal Year ending Dec. 31 1918.)
Dividends payable
124,102
17,538
104,789
r
Sundry liabilities
of
report
the
2,940,347
presents
Co.
Share
1,618,433
&
Bond
Electric
1,158,827
• 163,081
The
Reserves
4.138,465
1,947.725
subst.:
675,568
in
1.514.782
says
who
10,
July
Y.,
N.
,
Surplus
Mitchell
Z.
President S.
their gross
$11,366,983 $91.352,031 321,561.953 568,714,127
Total
Results.-During 1918 our operating subsidiaries increased
laws of Virginia
0 over 1917. This may be conearnings 6% and their net earnings 77
00 par value outstanding, issued underduo
$30,775,1
a
Stock,
existing.
Fob. 11944,
sidered satisfactory under the war conditions
at 51,256.020. b First mtge. 5% bonds,. deposited
by the war. for assets valued
with
$2,050,000
notes,
gold
secured
The territory served was, on the whole, adversely, affected
6%
0; 2-year
323,566,00
business
general
but
0.
of
stimulated
greatly
325.616,00
total
was
a
of entire issue; making
The copper mining industry
new industries, trustee for redemptio,n notes
Corp. e InSecurities
Utah
duo
payable
was less active. There was practically no building, andoffew
36,514,939
c Includes
years
few
last
the
the
.
normal
the
its
below
subsidiary
was
and
in
population
Corp.
growth
the
Securities
while
to the cludes balance sheets of the Utah
the latter company.
(in some cases there were decreases in population), due principally
t of Utah Power.& Light Co., and the sub. cos. of
moving of labor to more active war industry centres. The curtailmen
V. 107, p. 2195.
adverse
were
epidemic
influenza
virulent
the
and
industries
ial
non-essent
d under mtge. at 80% of
gold notes dated Feb. 1 1918. f 56,620,000 re-deposite
Co. gold notes dated Feb. 1
face value, $591,000 deposited as coll. to W.P. Power
Mtge. of W.P. Trac1918. g Owned by W.P. Rys. Co. and deposited under 1st
and deposited under 1st
tion Co. dated June 1 1910. h Owned by W.P. Rys.kCo.
$18,000 deposited
Includes
1905.
1
April
dated
Mtge. of [old] W. P. Rys. Co.
nd Ry. Co. bonds in
with Harrisburg Trust Co. to redeem $16,500 Westmorela
Co. m $26,500
,
Ry.
Street
Valley
Allegheny
of
treasury
in
Held
1
public.
hands of
Co. $500 deposited under let
owned by Steubenville WelLsburg & Weirton Ry.
$26,000 deposited under
Mtge. of West Penn Traction Co. dated June 1 1910.
n Owned by Wheeling Bridge
1st Mtge.of S. W.(S. W.Ry.Co. dated April 11911.
r Owned by Wheeling Traction Co.
Co. p $15,800 of notes have been retired.notes
Dec. 11918. s Owned by
dated
purchase
stock
to
collateral
as
held
$476,200
dated May 1 1905.
Wheeling Trac. Co.and $34,000 redeposited under S.dc W.mtge.
to Stock Purchase notes
Owned by Wheeling Trac. Co., $206,500 held as collateral
pledged to secure
$4,000,000
Co.
Rys.
P.
W.
by
Owned
u
1
1918.
dated Feb.
$6,000,000 pledged to
1st Mtge. bonds of W. P. Trite. Co. dated June 1 1910.
April 1 1905. v $8,500,000
secure 1st Mtge. bonds of (old] W.P. Rys. Co. dated
June 1 1958. w Owned
Series A 5% due March 1 1946: 55,223,000 Series C 6% due
bonds. z Owned by West
by W.P.Power Co. and pledged to secure its 1st Mtge.
P. Rys. Co.; $4,500
W.
by
owned
$500
y
Co.
on
Transmissi
&
Power
Virginia
by Allegheny Valley Street
owned by W. Va. Power & Transmission Co. z Owned V.
108, p. 2524.
By. Co.and deposited under its mortgage Feb. 1 1906. p.2471.
-V.108, p.2242.
See also statement to Pittsb. Stock Exchange, V.107,
SEPT. 20 1919.]
THE CHRONICLE
GENRAL INVESTMENT NEWS
1179
Chicago Terre Haute & South East. Ry.-Va
RAILROADS, INCLUDING ELECTRIC ROAD
S.
Alaska Government RR.-Appropriation.-
luation.
A tentative valuation by the I-S.C.Commiss
fixes the cost of reproduction at $22,347,890, and the present value, ion
depreciation at $17,561,158.
The !att.& figure is $5,639,182 less than theless
's total capital issues,
amounting to $23,200,340 and consisting company
$12,564,885 mortgage bonds,
$6,336,055 income bonds, and $4,300, of
capital stock. The stock has
never had a quoted value in the open 000
market.
company's property
account, as shown by its books, exceeds $24,000,The
000.
The House of Representatives on Sept. 6 voted an
authorization of an
additional appropriation of $17,000,000
to complete the construction of
road between Seward and Fairbanks.
Chicago & Western Indiana RR.-Notice as to Notes.
This amount is in addition to the
the
original $35,000,000. The road is now completed for
The company gives notice that the interest which became
a distance of about
227 miles on one end and 100 miles on the
on the
$15.000
other end with a gap between.
,000 6% Collateral Trust notes, due Sept. 1 1919, will due
The Senate Territories Committee on
be paid on
after Sept. 15 1919, upon presentation
of the coupons at the office of
favorably reported.-V. 109, p. 476. Sept. 11 ordered the House bill and
J. P. Morgan & Co., New York.
Holders of such notes who have deposited their notes
Birmingham Ry., Lt. & Power Co.-Wage Contrac
for extension (with
Sept. 1 1919, coupon attached) will receive
t.check for such interest from
A new three-year contract, effective Sept. 1,
has been signed by the Bankers' Trust Co. as agent.
company and the representatives of the
More than 75% of such notes have been deposited for extensio
mated Association at a
wage scale of 40, 45 and 50 cents an hour.Amalga
n. The
holders of the remaining notes are again
Under the new contract the
invited to deposit their notes for
first-year men receive 40 cents an hour,
extension with Bankers Trust Co., New York.
second-year men 45 cents and three-V. 109, p. 981. 774.
year men and men of longer service 50
cents
an
hour.
The
scale
under
the old contract was from a minimum of 31 cents
Cincinnati & Hamilton Elec. Ry.-Foreclosure Suit
to a maximum of 38 cents
increasing 1 cent a year.-V. 109, p. 981.
In reply to an inquiry we are informed that the $400,00
Boston & Maine RR.-Suit Dismis
due July 1 1918 are in default, principal and interest,from 0 1st Mtge. 6s
July 1 1918 and
•
the Trustee has brought suit in foreclosure jointly with
The full bench of the U. S. Supreme Court on sed.the Trustee of the
Sept:
15
dismisse
d
the
In equity brought by E. F. Brown
bill overlapping mortgage securing the issue of Southern Ohio
other stockholders, asking the Court
Traction Bonds
which
to review, annul or amend an orderand
suit
is
pending
in
the
Butler
County,
Ohio, Courts.-V.107, p. 291.
the Massachusetts P. S. Commission
permitting the reorganization of theof
compan
under
y
the
Act
of
the Legislature of 1915 which provided for
Cincinnati (0.) Trac. Co.-New Rates-2
acquisition of leased lines and the
funding of more than $13,500,000the
The company announces an increase in fares effectivMos. Earns.
debt.
e Oct. 1. This
In dismissing the bill to prevent floating
increase is in conformance with a provisio
the
reorgaiz
ation
of
the
n of the service-at-cost plan,
railroad, the which provides that
Court stated: "It needs no discussion to prove
if in any two months the income is insufficient to
the power of the Legislature
to authorize a public service corporation
meet the paymen of operating expenses, taxes
and fixed charges
Boston & Maine has been acting through in such financial straits as the shall be increasedt one-half
fare
cent. The new rates are as follows: the
a majority of its stockholders to
refund its valid indebtedness
Adults
tickets,
in
5 tickets for 35 c. cash fares, 7c.; children
the manner authorized."-V. 109, p. 476.
under 10 years172.
tickets, 33ic.
7c.•. strips of 4 tickets for 14 c.;children in arms
(infants) free;
all passenger; on trucks of inclined planes-tickets,
Brooklyn Rapid Transit & Constituent
3;ic.•, strips of 4
tickets for 14c.; cash fare, 4c.; transfer
Cos.-Earns. and
s will be given under present rules
June 30-Yearsregulations.
RevenueEarnings.-Statement shows the total earnings for
1918-19.
1917-18.
the two months
1916-17.
Transportation
1915-16.
July and August, under the
-cent fare, together with the cost of opera$32,550,540 $29,879,309 $28,992,111 $27,557
Miscellaneous
tion and the pro rata charges63
,279
to taxes and interest on capital invested:
722,790
627,188
511,908
391,493 Gross receipts
$1,352,306 Int. on equip. notes
Total
$6,867
$33,273,330 $30,506,497 $29,504,019 $27,948,772 Operating income
412,468 Interest on loans
7
100
0:18
27
2
ExpensesTaxes (except city)
"97,431 Return on capital
Maintenance of way......,$2,419
Rentals
208,060
City
franchis
$2,480,
,105
tax
e
439 $2,505,288 $2,485,421 Int. & sink. fund
58.967
Maint. of equipment_
50,525
2,921,824 2,632,885 2,496,349 2,508,370 -V.
Operation of power
109, p, 676.
I Deficit
$89,590
Operation of cars plant 3,815,513 2,667,809 2,041,617
1,725,308
396 8,044,547 7,583,622 6,942,972
Dulut
Damages & legal expense 10,946,
h
Street
Ry.-W
age
Increa
se.1,563,971
1,194,715
1,040,685
General expenses
925,121
The company has announced an increase in wages ranging
924,928
811,023
from 3 to 5
768,991
Freight & mail expenses_
797.652 cents an hour effective Oct. 1. This
places the minimum wage at 44 cents
311,798
280,100
304,666
Amer.Ry .Traf.Co .exp_
302,103 an hour, against a former minimum of 41 cents
an
hour.
221
Prior
288
to March
199
Taxes
6.961 1 1916, the rate was 22 cents an hour for beginners
2,446,900 2,443,652 2,351,104
and 28 cents for men
1,837,683 who had been in the company's employ
seven
or
more
years.
-V.
107. p.
Total
$25,350,656 $20,555,457 $19,092,521 $17,531,591 1192.
Not earnings
$7,922,674 $9,951,040 $10,411,498 $10,417,181
Georg
ia
Other income
Ry.
&
Power
Co.-Equipment Notes.509,724
407,729
427,815
438.706
The Georgia RR. Commission has authorized the compan
y to guarantee
the payment of $132,231 25 of equipme
Total income
nt notes to purchase 15 new street
$8,432,393 $10,358,769 $10,839,313 $10,855,887 cars
Fixed charges(net)
of
the
centre
-entrance type, delivery to be made about
8,011,474 6,246,715 5,644,074 5,244,055 109,
Nov. 1.-V.
p. 981.
Surplus
$420,92
4
$4,112,
054
$5,195,
Grand
239
Trunk
$5,611,
832
Dividends
Ry.-Agree to Arbitration.(3)2,233,659(6)4,467,318(6)4,467,318
Sir Alfred Smithers, Chairman of the board of director
s of the G. T. Ry.,
has agreed to submit to arbitration
Balance
the terms on which the system will be
$420,92
4
$1,878,
395
$727,92
1
Results of Temporary Operations of Lines Under
$1,144,514 transferred to the Dominion Governm
ent. Decision of the arbitration
Contract wth the City.
tribunal
will
June 30 Yearsbe
accepte
d
as
final
by
both sides.-V. 109, p. 887.
1918-19.
1917-18.
Total revenues
1916-17.
$15,710,096 $13,057,406 $11,371
Total deductions
Guayaquil & Quito Ry.-Guar. Default-Committee.11,378,416 $8,296,955 $7,012,,282
Company's preferentials
831
Thomas
W.
Lamont, chairman of the foreign securities committee,
6,886,201
5,166,201
4,608,823 Investment Bankers
of
Association of America, has appointed the followin
Total
g
committ
to investigate the default of the governm
Deficit in company's preferentials_ _ $17,264,617 $13,463,157 611,621,654 connectiee
ent
Ecuador
of
in
on, principally, with its guaranty of the Guayaquil &
_ $1,554,521
$405,751
Interest paid by city on its cost of conQuito RR.
3250,372 bonds: H. L. Stuart,
Halsey,
Stuart
&
Co.;
Charles
struction of property placed
City Co.; Clarence Dillon, William A Read & Co.; E. Mitchell, National
and Albert H. Wiggin,
eration plus sinking fund of in op1%_ _ _ 5,196,051
1,428,610 2,238,516 ex-officio.-V. 108, p. 1511.
Total deficit
Hudso
n
&
Manha
ttan
RR.-New President.$6,750,572 $1,834,361 $2,488,888
Vice-Pres. Oren Root has been elected Preside
Discontinue Transfers.nt to succeed Wilbur C.
Fisk, who was made Chairman of the Board.
New tariffs filed with the P. S. Commiss
-V. 109, p. 72.
ion
on Sept. 17 by the company
show that transfers between the elevated
lines of the system and the
Kansas City Southern Ry.-Dividend Conditional.Brooklyn Railway would be
nued on Oct. 16. On Aug. 2 theSouth
The usual quarterly dividend of 1% has been declared
pany began charging 2 centsdisconti
comfor transfers on its surface lines,
the Pref. stock,
but the city payable Oct. 15 to holders of record Sept. 30, "condition
objected to permitting the compan
onal on receipt of
tween sutface and elevated lines y to make this charge for transfers be- sufficient funds from the U. S. RR. Administration."-V.
109,
p. 575.
and
commiss
the
ion
still has the matter
under consideration.
Lewiston Augusta & Waterville St. Ry.-S
See also Nassau Electric RI-I.
below.-V. 109, p. 1079, 981.
The property and franchises of the company were sold old.California Western RR. & Navigation
Sept. 5 at Auburn, Me.. for $80,000 to a syndicate represenat auction on
ting the First
Co.-Bonds Of- Mortgag
e bondholders and the holders of the Refunding bonds.
fered.-Girvin & Miller, San Franci
The sale
subject to the approval of Associate Justice
Is
Los Angeles, are Court.
Merrill of the Maine Supreme
offering at par and int. First Mtge. sco and
It is stated that the company will be reorgani
zed.
bonds.
6%
An
adv.
says:
Turner
The
branch
of the system, about 12 miles of track, was sold for
An absolute first closed
e on propert appraised by the Railroad $30,000 (included in the
Commission at $1,724,900,mortgag
$80,000) exclusive of franchise. The branch line,
which is over twiceythe bondedd
ebt. Further it is said, will be discontinued,according to present plans.-V.109,
protected by a wide margin of earning
p.676.
s
over
interest charges and unconditionally guaranteed, both as to
Lewiston & Reedsville Electric Ry.-Bonds Extended.Lumber Co., probably the largest principal and interest, by the Union
redwood
In
reply
to
an
lumber
inquiry,
compan
y
we
on the Pacific
are informed that the $150,000 First Mtge. 5s
Coast, having assets several million
dollars in excess a all liabilities. which became due July 11919, have been extende
-V.100, P. 1436.
d to July 1 1929 at 6%,
the company assuming the income tax.-V. 96, p.
487.
Carolina Clinchfield & Ohio
Ry.-Notes Extended.For record it should be stated that
the holders of the $2,000,000 1st M.
5% notes, due July 11919, had the
option of receiving either cash
notes or an extension of said notes at
6% interest till July 11920.for their
accepting the extension received a
commission of 1%. The originalThose
of the notes duo July 1 1919 was $5,000,
issue
retired. The extension agreement allows000, of which $3,000,000 had been
the company to increase the outstanding amount from $2,000,000 to
$5,000,
increase should be found desirable.-V. 107. 000 in cash at any time such
p. 1384.
Central RR. of New Jersey
Los Angeles Ry. Corp.-Resumption of Service
.
Normal service is being given on this company's lines and those of the
Pacific Electric Ry. The employees of both compani
es
went
on
strike on
Aug. 16, demanding higher wages, &c. The Los Angeles
City Council's
Finance Committee went on record Sept. 3
as
being
of
the
opinion
"that It
would inure to the public good for the city to own, control
and operate the
street railways within its city limits." It recomme
nded that negotiations
be begun with the company looking to this end.-V.
109, P. 776.
Manhattan (Elev.) Ry.-Reduced Earnin
gs..-Report for 1918.See Intorborough Rapid Transit Co. under "Annual
In its pamphlet report for the calendar
Reports" above.
year 1918 Just issued the cor- -V. 108, p. 2123.
porate income account shows not income after
charges and taxes of $3,603,567, as compared with $6,776,072 for 1917.
The
Manil
Federal
a
Electr
operatin
ic RR. & Lighting Corp.-Offering of
g account
shows net operating income of $7,705,362, which
pensation of $8,417,071 as shown in the report, compares with the com- Notes.-Bonbright & Co. and J. G. White
& Co., New York,
or a loss for the Government of $711,709.-V. 108, P. 377.
are offering, at 98M and
int., yielding over 7.50%, by adv.
on another page, $1,500,000 Three-Year 7% Gold Notes,
dated Sept. 1 1919, due Sept. 1 1922, but redeemable as a
whole (or in part for the sulking fund) upon one month's
notice upon any interest date on or prior to Sept. 1 1921,
at
102 and int., and thereafter on any mt. date at 101 and int.
Chicago Rock Island & Pacific RR..-To Pay
Bonds
Compa
.re
last
week's
"Chron
The company informs us that the $5,500,000
icle," page 1079. .
Oct. 1 1919 of the Choctaw Oklahoma & Gulf Gen: (1st) 5% bonds duo
will be redeemed at
Montreal Light, Heat & Power Co.-Rates.maturity at the office of Girard Trust Co., Phila. RR.
The
method
of
financin
Beginni
g
ng from the
necessar
paymen
Chattanooga Electric Ry.-Bonds,--
In reply to an inquiry we have been informed -as follows: "No plan has
as yet been formulated to provide for the
0 Chattan
First 5s. due
Jan. 1 1919. We understand, however,$625,00
that these bondsooga
have been purchased at par and 6% int. from Jan. 11919,
.Co., of Baltimore."-V. 108, p. 2240, 1510. by.tho Safe Deposit & Trust
y for this
172.
t has not yet been determined -V.
109, p. 1079,
Chicago Surface Lines Co.-Gain in Revenue.-
'" The Chicago "Economist" of Sept. 13 says: "A gain in the revenue of
the Chicago Surface Lines has been scored as a
of the recent raise
In fares from 5 to 7 cents. Comparing the firstresult
week after the advance
with the latest week before the advance, there was
a
of 11.31% in
traffic and an increase of 23.42 in revenue. The increaseloss
in fares was 40%.
Generally speaking, street railroads of the country consider
they
are doing
well if they make a gain in revenue of 50% of the
in the rate of
faro, and this statement is considerably better. Theincrease
Increase in wages and other operating costs."-V. gain takes care of the
109, p. 577. 477.
Oct. meter readings, the
for electric current will
be 4.8 cents per k. w. h. net, instead of 5 cents price
as at present. The price of
gas remains at 85 cents for the first 7,000 cu.ft. and
80
cents for all in excess.
-V. 109, p. 376.
Nassau Electric RR.-Power Bills A First Lien.-
The company informed Federal Judge Julius M. Mayer on
Sept. 9 that
it is unable to pay bills aggregating $528,881 to the Brookly
n Rapid Transit
for power supplied during the past seventy-five days.
Judge Mayer made
an order that all power bills shall accrue as a first lien against
the properties
of the company, taking precedence over the mortgage bonds
of both the
Nassau Electric RR. and the old Atlantic Ave.
Co. He directed the
receiver and his counsel to appear before him onRR.
Sept.
22
with
a plan that
will embody a permanent remedy.-V. 109, P. 888, 270.
[vol.,. 109
THE CHRONICLE
1180
New York Central RR.-Notes Sold.-The entire issue
of $15,000,000 One-Year 6% Secured Notes, dated Sept. 15
1919, due Sept. 15 1920, which were offered by J. P. Morgan
& Co. at 99% and interest, to yield 6.40%, have been sold.
The Guaranty Trust Co. of New York has been appointed
trustee.-V. 109, p. 1080.
New York & North Shore Traction Co.-Suit.See Rapid Transit in N. Y. City below.-V. 109, P. 888.
New York Rys.-Transf. Discontinued-Lines Aband.-
See Rapid Transit in N. Y. City below.-V. 109. p. 1080. 888.
company has pendnot extended to a definite date; they are still unpaid;thein
the hands of the
ing negotiations through which it expects to pay notes
in Oct. Interest
early
payment
of
date
to
with
interest
public together
was paid to Aug. 1 1919.-V. 109, p. 477.
Republic Railway & Light Co.-Fare Increase.-
wn, Ohio, will
Under the service-at-cost plan street-car fares in Youngsto
charge. This is an
be advanced from 7 to 8 cents, with a 1-cent transfer
15 1919.Feb.
adopted
was
plan
the
since
increase of more than 100%
V. 109, p. 578.
burg (Fla.) & Gulf Ry.-City Votes Bonds.
St. Peters
issue for
A press report states that the city has voted a $250,000 bondtrack conthe purchase and improvement of the street railway, including
res to a
expenditu
other
struction amounting to about $28,500, besides
total of $75.000.-V. 108. p. 2242.
Norfolk Southern RR.-Earnings.--
sco-Oakland
Terminal Rys.-John S.
San Franci
1916.
1917.
1918.
Union Bank & Trust Co.
$5,753,644 $5,299,914 $4,939,172 Drum, President of the Savings
3,272,200
3,680,368
5,273.561
on Sept. 10 said in substance:
Smith
The system has been virtually managed by the trustees of F. M.
$480,083 $1,619,546 $1,666,972
Net earnings
$1,321,899 $1,443,568 since May 5 1913. 1916 an enabling act was passed by the Legislature for
Operating income
In November of
1,166,991
and the various bay cities,
Govt. comp. for lease of road
117,801 proposed resettlement of the franchise question
634,774
8,416
ative committees
Other income
through their mayors and councils, appointedarepresent
plan was agreed upon and
Finally
69 to work out details for now franchises.
$1,561,3
73
$1,956,6
7
$1,175,40
s. That valuGross income
866,516 the Railroad Commission was aksed to value the propertie
901,054
909,229
Int. on funded debt
ation pr)ceding is now pending.
189,342
715,935
217,751
. The first
decisions
&c.
two
rents,
Other int.,
Meanwhile the Railroad Commission rendered east side of the bay to 6
$505,611 of Sept. 19 1918, increased street car fares on the
$339,683
$48,427'
cents.
15
to
fares
ferry
Balance surplus
increased
1919,
11
cents and the second of Aug.
of between $700,000 and
108, P. 1275.
These two increases gave an additional amount
that of labor and
including
,
operating
of
cost
the
but
.
system,
the
to
Canceled
$800,000
Ohio Connecting Railway Co.-Bonds
amount. Since December 1917, or less than
list of the Philadelphia Stock supplies, fully absorbed this
over
On Sept. 9 there were struck off the regular
labor alone on the system has increased
f. 4% gold bonds, due 1943, pur- two years ago, the cost of about
Exchange $20,000 1st M. guaranteed s. sinking
2,000 employees, about 1,200 of whom
now
are
There
amount
$500,000.
fund, leaving the
chased and canceled for account of the
are platform men.
Railroad Commission,
listed at this date $1,877,000.-V. 107, p. 1385.
Now acting under the imperative directions of the effort
should be made
It has been felt that,as a community problem,thedone
on of Service.Pacific Electric Ry.-Resumpti
even before resetbe
to
is
This
to propose a plan of reorganization.
people.
See Los Angeles Railway Corporation above.-Y. 109, p. 776.
of the franchises will be considered by the
tlement
can be obtained
Power Co.-Sale.Even to-day it is a serious question whether moneysto
Pascagoula (Miss.) St. Ry. &
keep pace with
recently at receiver's sale to E. J. through the sale of new securities to enable the company
The property of the company was sold
furnish adequate
and
ies
for
communit
la
of
these
Pascagou
ent
of
developm
Ford
&
and
of
White
growth
firm
the
Ford, attorney, a member of the
exis
It
d by the court.
service.
$60,500. The sale has not yet been confirme
committee. It is of so
operated.-V.
This is something more than a reorganizationbe
pected that the property will be reorganized,and regularly
able from time to time
thoroughly representative a character that it willcondition
of the company.
109, p. 888, 371.
true
the
to
to give authoritative statements as
l ownershp
s Canceled.Before the problem is finally solved the question of municipa
Pennsylvania Company.-Bond
Stock
hia
Philadelp
the
front.
of
list
will come to the
universal
means
On Sept. 11 there were struck off the regular
country
"A," retired
The present status of the traction systems of the
weak.
Exchange $62,000 3 % Guaranteed Trust Certificates, Series
the amount listed bankruptcy for all traction companies, the strong as well as the
p
ownershi
and canceled by operation of the sinking fund, leaving
private
First,
open.
things
two
of
There has seemed but one
fares,
increased
at this date $4,033,000.-V. 108, p. 2630.
pay
with willingness of the community from time to time to
three methods;
all
or
.transfers,
on
a
or
limit
system
zone
the
Philadelphia Company.-ListedMay
of
adoption
on opera1 has listed $391,250 6% second,
municipal ownership with a fixed five-cent fare and deficits
The Philadelphia Stock Exchange since
making the total amount tion made up in tax rates. This implies that all would pay for the upkeep
Cumulative Pref. stock of the Philadelphia Co.,
e to
magnitud
this
which
for
such
of
purposes
benefit
the
of
common
a
record
as
Our
systems
the transportation
listed at this date $14,441,600.
we know that $314,500 of
p. 982.
additional stock was issued is not quite complete, but
Mtge. make it worth while to do it.-Y. 109,
First
$109,000
for
exchange
in
$100,800
as
follows:
issued
of it was
Notes.the city of Pittsburgh, $116,500 in
Savannah & Atlanta Ry.-Equipment company
5% bonds of Consolidated Gas Co. ofthe
to issue
People's Natural Gas & Pipeage
The Georgia RR. Commission has authorized the
exchange for $58,250 capital stock of
Heating
one locomotive
y
and
es
Alleghen
of
locomotiv
stock
3
capital
to
purchase
t
notes
$10,700
for
equipmen
of
$145,125
Co.,and $97,200 in exchange
crane.-V.106, p. 1231.
Co.-Y. 109, p. 173.
Calendar Years-Operating revenue
Operating expenses
elphia Rapid Transit Co.-Director-Earnings.
Ry. & Pow. Co.-Receivers.-
Philad
Springfield (0.) Terminal
S. Phipps,
Whysall, president
Jeremiah J. Sullivan Jr. was elected a director to succeed John
A press despatch from Columbus, 0.says that George
been named receiver.
of New York, resigned.
Cohunbus Marion & Bucyrus Traction Co. has
the
of
department.earnings
the
.-V.105.
in
appear
defaulted
been
fares)
has
-cent
5
bonds
(on
6%
earnings
Mtge.
Recent
Interest on the $250,000 First
-Y. 109, p. 888.
P. 291.
Tract.
Valley
Steubenville East Liverpool & Beaver
Quebec Railway, Light, Heat & Power Co.-Repor
C. Webster says:
President Lorne
for the year were $2,077,Earnings.-The gross earnings from operation
an increase of $279,768. The
621, as compared with $1,797,852, being
6, as compared with
$1,444,51
were
expenses
nce
maintena
operating and
,leaving a net revenue of $633,105,
$1,235,724, being an increase of $208,792
of $70,977.
as compared with $562,128, being an increase
including earnings on
After adding miscellaneous income, $27,723, not
deducting fixed charges,
Quebec & Saguenay Ry. Co.'s securities, andthere
remains a deficit of
taxes, depreciation on cars, &c., of $726,101,surplus
account to date of
865,274, leaving a balance to the credit of
$682,464.
St. Joachim and
between
railway
of
line
-The
.
Saguenay
&
Quebec
Sale of
Saguenay Ry. Co., one
Nairn's Falls under construction for the Quebec &
by the Dominion Governof this company's subsidiaries, has been acquired
4 1919, and the trustees
ment. This sale took place under date of March
ce with the bondaccordan
in
are now in possession of the funds for disposal
is now being continued
road
the
of
ion
construct
The
ons.
instructi
holders'
valuable source
a
prove
should
d,
complete
when
by the Government and,
Ry.,Lt.& Pow. Co.
of revenue for the Montmorency Division of the Quebec
30.
June
Balance Sheet
1918.
1919.
1918.
1919.
$
Liabilities.
$
$
Assets9,999,500 9,999,500
stock_
Capital
8
19,193,01
19
_19,212,3
nts_
Investme
11,045,000 10,797,000
Treas. bonds_ 1,487,800 1,611,600 Bonds
241,649
Bills payable_ 648,633
Advanced to
558,937
486,791
pay.,&c.
Accts.
1,635,728
conteled cos 1,734,834
530,116
223,218
loans_
527,899 Sundry
Gen.construe_ 531,817
177,677
108,995
Accrued int_
177,731
Bond disc't_ _
826,841
1,034,921
int_
&c.,
Def.,
97,037
247,762
Cash
62,876
Accrued chges.
Accts. & bills
676,208 General sus897,360
receivable
88,255
pense & res- 262,629
217,642
236,401
Stores & supp_
753,091
682,464
13,937 Surplus
Prep'd exp.,&c. 29,006
24,555,030 23,973,069
Total
24,555,030 23,973,069
Total
A comparative income account was published in V. 109, p. 1080.
tion Co.-Bonds, &c.-
5% sinking fund
Touching the initial $1,600,000 First Mtge. 30-year
0, a statement filed with
gold bonds of 1917 of the authorized $3,000,00
e to market
impossibl
being
the Pennsylvania authorities on May 19says: "It sums of money mentioned
the bonds, the persons entitled to receive certain
0 of bonds
$1,483,00
did
accept,
and
to
agreed
In the agreement of merger,
be pledged to secure sixat 85; the remaining $117,000 of the bonds willbeing
present
the
to
made
loans
,
such
$100,000
ng
aggregati
notes
month
company by the bondholders' committee."-V. 108, p. 481.
Ry.-Votes to Dissolve.
Swansea (Mass.) & Seekonk St.voted
to sell the property to
ers have
' It IS reported that the stockhold
assets and dissolve corporation at once. A
Directors.Tessier have been
J. N. Greenshields, 0. G. Greenshields and Julesand
Chas. Donohue,
elected directors to succeed L. G. Morin,J. T.Donohue
776.
1080,
P.
-Y.
109,
re-elected.
were
All other directors
Rapid Transit in N. Y. City.-
highest bidder, distribute
several
strike of the employees forced the management to cease operation
weeks ago.-V. 105, p. 2095.
Light & Power Co.-Capital Reduced.-
Tennessee Ry.,
the stockholders voted on
In reply to an inquiry we are informed that stock
from $50,000,000 to
April 1 last to reduce the authorized Preferred in order
to effect a saving
$10.250,000, the present outstanding amount,
974.
in the payment of State taxes.-V. 108, p. 1938, 1820, 1611,
Third Avenue Railway Co.-Earnings.June 30 YearsTotal operating revenue
Total operating expenses
Taxes
Operating income
Interest revenue
Gross revenue
Interest, rents, &c
Balance, deficit
-V. 109, p. 777.
1916-17.
1917-18.
1918-19.
$10,363,983 $10,234,989 $8,972,649
7,334,019 7,287,840
7,715,379
794,450
836,098
820,530
$890,358
$1,828,074 $2,063,972
164,925
158,847
156,323
3
$1,055,28
9
6
$2,222,81
$1,984,39
2,677,010
2,679,322
2,650,210
$665,814
$456,503 $1,622,326
& Light Co.-Franchise Discussion.-
Toledo Railways
and Henry L.
After a series of conferences between the city authorities
has been agreed
Doherty, principal owner of the company, the following
for municipal
providing
s,
one
ordinance
upon: Two separate and distinct
municipal supervision,
ownership and the other for service-at-cost underare
drafted to be
be
to
plan,
Tyler
nd)
(Clevela
the
as
known
generally
submitted to the voters in November.
the city, and Judge
Mayor Schreiber and Law Director Emery represent
ight have been inD. C. Bailey and Pres. Frank R. Coates of the Rail-L
they can to the city
structed by Henry L. Doherty to lend whatever aid
.
ordinance
the
drafting
in
officials
initiate to the voters
If an agreement is reached, the Rail-Light willisnot
now before the Council
its proposed ordinance (V. 109, p. 777), which
to
be voted upon will
plans
the
and
h,
Telegrap
and
e
Committe on Railways
modified Taylor
be:(1) The ouster ordinance; (2) municipal ownership; (3)
plan.
company turn
the
that
proposed
Schreiber
Mayor
es
During the conferenc
in payment mortgage bonds on the
over the lines to the city and accept
under which
a
with
franchise
protected
be
to
t
Rail-Ligh
the
utility itself,
defaulted in payment of the
the lines would revert to the company if the city
be added
would
made so a cent
bonds. Mr. Doherty said if a provision was that
20% of the purchase price
to the fare until enough money was raised soat
to turn
willing
be
time
that
could be paid down by the city, he would
bonds as payment, and a franchise
over the property, accepting mortgagecity
deal.the
complete
to
failed
the
if
under which it would operate
V. 109, p. 777, 477.
Sept. 17 by Harriet Watson, a
A suit was begun in the Supreme Court on
the order of P. S. Commissioner
taxpayer to have declared null and void &
Shore Traction Co. to
North
York
New
the
g
permittin
Nixon
Lewis
The plaintiff demands that writs
charge fares according to the zone system.acting
under the Commissioner's
be issued enjoining the company from
d to give each person paying
orders; also that the company be compelle
g the extra charge
indicatin
slip
a
more than 5 cents for a continuous ride
pending the final
and to pay the alleged overcharge to the clerk of the court
decree of the court.
the city of Now
between
By order of Federal Judge Mayer the contract
a transfer privilege between
York and the Now York Railways grantinglines,
d on Sept. 15.
terminate
surface
certain
the Staten Island Ferry and
to the effect that it will
The city of New York, however, posted notices
operation and
in
now
system
transfer
the
of
part
its
out
carry
continue to
if issued by
will accept for passage on the Staten Island Ferry transfers
the New York Railways.
notified the
16
on
Sept.
Rys.
York
New
the
of
receiver
•Job. E. Hedges,
abandoned tomporarilly by
P. S. Commission that the four lines ordered to-day
(Sept.
20).
operating
cease
would
Mayer
Judge
Federal
n to Louis Reidel,
The Board of Estimate on Sept. 18 granted permissio
motor buses over the lines
Manager of the Stewart Motor Corp., to operate
passengers
contract
to
the
.g
Accordin
Rys.
York
New
the
by
abandoned
Trinity & Brazos Valley Ry.-Receiver
buses are to be used in the
Tex., on Sept. 13, issued
are to be carried for 5 cents and more than 60given
Federal Judge James C. Wilson, of Fort Worth,
assurances that despite
receiver to succeed
Houston,
of
Hulen
A.
John
service. P.S.Commissioner Lewis Nixon has
will do everything an order appointing General
V.109, p. 677.
the attacks of the City Government made upon him he
1080,982, L. II. Atwell of Houston, resigned. Compare
in his power to expedite the operation of the bus lines.-V.109, p.
Transit & Light Co.-Notes Not Paid.-
Reading
l
re
due Aug.
tnaty.auve
that tt? Tne4
me gnopa
nfr
ngwer
oi=nw
InlaItia1irgrei
19 (about $2,450,000
Rys. Co. of London.-Pares.-
Underground Elec.
said: Fares on the underThe "Railway Gazette" of London on Aug. 29 on Sept. 1. The London
ground railways are to be still further increased
SEPT. 20 1919.1
THE CHRONICLE
"Traffic Combine," in making the announcement, state that "this will
include the adjustments in fares necessary to the scheme initiated in the
spring of this year to moot the increased costs in operating."-V. 109. p•
578.
United Railways Co. of St. Louis.-Fare Increase.-
The Missouri P. S. Commission on Sept.9 granted the company permission to increase fares, effective Sept. 20 for a period of six months, as follows: (a) The adult fares within the City of St. Louis from 6 cents to 8
cents for a cash fare, or 2 tickets for 15 cents, 7 tickets for 50 cents, or 50
tickets for $3 50, and to increase the children's fares from 2% cents to 4
cents for a cash fare, or 4 tickets for 15 cents, 14 tickets for 50 cents, or
100 tickets for $3 50. (b) The same rates that are to be paid in the city of
St. Louis are also granted on all lines of the company in St. Louis County,
including the line of St. Charles, where 5 cent adult and 2% cent children's fares are now in effect. That is, the same adult and children's
fares will be paid in each of the present fare zones on the County and St.
Charles lines as are to be paid in St. Louis.
The Commission finds that the increased wages recently granted to the
employees amounted to $2,826,337 per annum, the back pay to $666,306
and the increased power costs to $128,821 per annum,and that the increased
fares granted will about pay these increased costs and a return of 6% on a
valuation of $50,000,000 for the entire property, including the city, county
and St. Charles lines.
Earnings.-The Commission sets out that the revenue from city lines for
the year ending May 31 1919, amounted to $14,213,002. Operating expenses $11,510,209, leaving a net profit of $2,702,793. An increase
of 45% in wages has since been granted to the employees.
The county lines for the same period showed a deficit of $217,439. The
operating revenue for the county lines was $562,726 and the operating
expenses, 3780,165. The Missouri electric line earned a net profit on operations of $28,514, the revenue being $130,910 and the expenses, $102,394.
-V. 109, p. 982. 889.
Valley Rys. (Pa.).-Fare Increase-Valuation.-
The Penn. P. S. Commission, in a decision handed down on Sept. 11
by Commissioner Clemon, sustains the 7 cent fare of the company.
Complaints filed by Carlisle and West Fairview and by various residents
and
associations of West Shore towns were dismissed. The Commission values
the property of the system for rate-making purposes at $2,350,000
and
allows $310,571 for operating expenses, including taxes, with $36,976
annual depreciation, making an estimated net return of $113,953, on which
a seven cent fare is estimated to give a return of 4.85%.-V. 96, p. 64.
INDUSTRIAL AND MISCELLANEOUS,
Ajax Rubber Co., N. Y.-Stock Subscribed For.-
PrIchttt & Co. announce that all of the 36,000 shares of new
recently offered to stockholders and underwritten by them, have been stock,
taken
by tho stockholders.-Compare V. 109, p. 777.
Albers Bros. Milling Co., Seattle.-Pref. Stock Offered.-Cyrus K. Peirce & Co. and the William R. Staats Co. of
San Francisco and George H. Tilden & Co. of Seattle are
offering at par and int. from Aug. 15 $2,500,000 7% Cum.
Prof. (a. & d.) stock, par $100. An advertisement shows:
Dividends payable Q.-F. Redeemable at 105 during the first 5 years
and thereafter at 107 and divs. No mortgage without 75% of the Prof.
stock. 'Total net assets must be maintained at not less than $225 per share
and net quick assets at not less than $100 per share of outstanding Prof.
stock. After divs. on Pref. stock 25% of the net profits shall be used
to
buy and retire Pref. stock in the open market up to the call price.
CapitalizationAuthorized. Outstanding.
Preferred stock 7% Cumulative
$2,500,000 $2,500,000
Common stock
2,500,000
1,139,500
The proceeds of sale of this stock will be used to retire the bills payable,
• !eaving no indebtedness other than current accounts.
The net value of the assets, after this financing is
Average annual net earnings, applicable to dividends for $6,113,928.
six years after depreciation has been equivalent to over 2% times the dividend
requirements
on this issue. There are no mortgages on any of the properties. Part
of the Seattle property was purchased by contract, and there remains
$195,000 payable $15.000 per year, bearing 5% interest.
The company started in business in 1895, and was incorporated in
1003.
It owns and operates mills in Seattle, Tacoma, Bellingham, Portland,
Francisco and Los Anglees, and under lease operates mills in Ogden, San
besides owning and operating the steamers Northland and Rainier. Utah,
also have numerous country warehouses and maintain offices in New They
York
City, Kobe, Japan, and other centres. Their fine property
Oakland
is well known, and they have been successful in securing otherat
fine water
fronts. In 1908 the company had four mills with floor space of
135,000
sq. ft. and it has now nine mills with 1,326,420 sq. ft. Sales in
1908
totaled $5,000,000, and in 1918 had increased to $20,000,000.
1181
At a special meeting on Aug. 30 stockholders of the American Republics
Corporation voted on a proposition to acquire the Pennsylvania Tank
Car.
Co., the Pennsylvania Tank Line and the Petroleum Iron Works Co., this
plan amounting to a merger of the J. S. Cullinan oil and manufacturing
interests. The proposition for the taking over of the properties is as follows:
The American Republics Corp. to exchange
shares of its Pref.
stock (to be issued) for the entire capital stock 20,000
of the Pennsylvania Tank
Car Co., to wit: 10,000 shares each of $100, and the entire capital stock
of the Pennsylvania Tank Line, to wit: 10,000 shares each of $100 par
value (see that company below).
When the exchange of the 20.000 shares of the Pref. stock of the American
Republics Corporation for the entire shares of the two companies mentioned
is perfected, the American Republics Corporation will issue an additional
10,000 shares of its Pref. stock, dated Oct. 11919,
proper provisions
for dividend adjustment, and place this stock with amake
trustee, to be available
for exchange for the stock of the Petroleum Iron Works Co. of Ohio on
the basis of share for share of the present issued and outstanding stock of
that company. The privilege to exchange stock shall not be available
after Sept. 30 1919. Compare Galena Signal Oil Co. in V. 106,
p. 1233.
American Safety Razor Corp.-Stock sold.-Block,
Maloney & Co., New York, have sold at $18 per share,
400,000 shares of stock, par $25. A circular shows:
Company.-Will be organized under the laws of Virginia as a consolidation
of Gem Safety Razor Corp., Gem safety razor, est. in 1896; American Safety
Razor Co., Inc., Ever-Ready safety razor, est. in 1903, and shaving brushes,
Kampf() Bros. Star safety razor, est. in 1896, and shaving brushes. The
company will 'have an authorized and issued capital of $20,000,000,
par
$25. No Pref. stock or bonded debt.
Business, manufacture for domestic sale and export of safety razors and
blades and shaving brushes and shaving accessories. Plants, located at
llth Ave. and 24th St., N. Y Johnson and Jay Sts., subsidiary plant at
3303 Atlantic Ave., Brooklyn. Has a manufacturing blade plant in Toronto,
Can., and an assembling plant in London, England. The trade marks and
patents owned by the three consolidated companies are fully protected
in all
important countries of the world.
Statement of the Sales of Blades and Razors for Calendar Years.
Blades.
Razors.
Blades.
Razors.
1913
23,682,287
706,270 1917
57,824,233
1,561,319
1914
28,154,435
625,668 1918
*05,636,226 *3,108,858
1915
35,288,141
939.253 1919 (est.)_105,000,000
2,000,000
1916
51,967,207
1,229.363
* Include special war contracts wit the U. S. Government.
Net Earnings.-Estimated net earnings for 1919 based on the first 8
months and the unfilled orders on hand, $1,500000,
appropriating $750,000 to be spent in advertising. 1920, $2,000,000, after
Directors (and Officers).-George L. Storm (Chairman of Board & VicePres.), Benjamin Block, Frederick H. Hoffmann, Joseph Kaufman (Pres.),
Leon Schinasi, Milton Dammann (Sec.), Samuel P. Williams, Julius B. de
Mesquita (Treas.), Samuel Mundheim.
American Ship & Commerce Corp.-New Secretary.-
Captain Kermit Roosevelt has been elected Secretary of this company.
In addition to his duties as Secretary of the holding company,
Captain
Roosevelt will be actively identified with the business of its shipping
subsidiary, the Kerr Navigation Corp.-V. 109, p. 1081.
Austin, Nichols 83 Co.-New President:-
Charles W. Patterson has been elected President to succeed Harry Balfe;
who was made Chairman of the board.-V. 109. p. 890.
Autocar Co.-Bond Call.-
All of the 5% First Mtge. serial gold bonds dated
1 1916 have been
called for payment on Oct. 1 at 1023 % and int. atOct.
the Pennsylvania Co.
for Insurances on Lives & Granting Annuities, Phila.-V.
109, P. 679.
Barnsdall Corporation.-Initial Dividend.-
An initial dividend of 1%% has been declared on the stock,
payable
Oct. 15 to holders of record Sept. 30.-V. 109, P. 983,
679.
Barnet Leather Co., Inc.-Initial Pref. Dividend.
An initial quarterly dividend of 1%% has been declared on the
Preferred
stock payable Oct. 1 to holders of record Sept. 18.-V. 109,
p. 679.
(Ray H.) Bennett Lumber Co.-Offering of Pref. Stock.-
Glonny, Monro, Moll & Dixon, Buffalo, N. Y. recommend for
investment at 95% and div., yielding 7.4%, this conipany's
7% Cumulative
Preferred stock. Dividends payable Q.-J.
The company,incorporated in July 1913, succeeded to the wholesale and
retail lumber business, originally started in 1902 between
Headley and
Bennett. The original capital was $200,000 but since that time
has been
increased to $700,000 with $637,000 outstanding all paid in at par.
The
plant and property is located on the Niagara River in North Tonawanda,
N. Y. The total net assets of $847,504, including this issue,
amount to
$423 per share.
Bethlehem Motors Corporation.-Official Statement.Allied Oil Corp.-Organization, &c.-In a statement to
the stockholders dated Sept. 2 1919, President J. B. Levy The full official statement made to the New York Stock
Exchange
on Sept. 8 in connection with the listing of the
says in substance:
130,000 shares of capital stock of no par value, will be found
Organization.-OrganUed in Del. in 1917. Authorized capital
12,500,000 shares of Common stock, par $1, of which 9,583,462 shares are
on
subsequent pages of this issue. The new stock was
outstanding. has no Preferred stock and no funded indebtedness
. Divi- brought out by Allan A. Ryan & Co.,
dends have been paid at the rate of 12% p. a.(3% guar.)
who also placed the
since Jan. 11919.
Properties.-Owns the entire outstanding Capital stock of
stock
of the Stutz Motor Car Co., Stromberg Carburetor
(a) Consumers
Gas & Fuel Co., Texas; (b) Central Power & Light Co. of Texas;
(c)
Dalsa Co. of America, Inc., &c.-V. 109, p. 1082.
Oil Co. of Texas;(d) Allied Drilling Co.of Texas;(e) San Jacinto
Petroleum
Corp. of Delaware; (f) Alamo Petroleum Corp. of Deleware.
Butler Brothers, Chicago.-Balance Sheet.-The Central
Through its sudsidiaries, owns about 85,100 acres of oil and gas
leases in
Callahan, Coleman, Comanche, Corwin), Brewster,
Jack, Mc- Bond & Mortgage Co., Chicago, has issued a descriptive
Culloch, Mills, Palo Pinto, Parker, Runnels, SanEastland,
Saba,
Shackelford, circular showing:
Stephens, Taylor, Wichita, Wise and Young Counties, Texas.
Has 8 oil wells in the Ranger and Burkburnett
daily production
of 6,500 barrels, and 6 gas wells, with an open flowfields,
capacity of 40,000,000
Cu. ft. per day in the Mineral Wells gas field.
Properties include also 25 miles of pipe line
transportation of the natural gas to market, gas distributing plants for
and long term franchises in
Mineral Wells and Weatherford, Texas,
and 7 complete drilling outfits.
The natural gas lines are now serving Mineral
Wells, and artificial gas is
being supplied in Weatherford, but the latter system
is now being changed
to natural gas. Gas is sold to domestic
consumers on sliding scale rates
from 45 cents to 60 cents per 1,000 cu, ft.,
and industrial rates, which are
not at present regulated by franchise, average
15 cents per 1,000.
New Developments.-There are now being
14 additional oil wells,
13 of them in proven producing territory indrilled
the Ranger and Burkburnett
fields, and ono on a 2,000 acre lease selected
geological expert. There
Is also being drilled on proven gas territory, 5by
additional wells.
The development program embraces an additional
100 miles of pipeline,
and two largo pump stations, to connect the
gas fields near Desdemona in
Comanche County, near Lacasa in Stephens
County,
and near Mineral
Wells in Palo Pinto County, with Weatherford
Fort Worth, Texas.
The _proposed 16-inch lino to Fort Worth will haveand
capacity
a
of 50,000,000
Cu. ft. daily and will supply gas, under favorable contracts,
to Armour
' Co., Fort Worth Power & Light Co., Texas Railway
& Co., Swift,&
& Light
Co. and other large consumers.
When the improvements under way are completed, it is expected
that the
company will have available a daily production of 100,000,000
gas and contracts to purchase gas at the wells covering volume of Cu. ft. of
70,000,000
Cu. ft., with pipe-line capacity to market 50,000.000 cu. ft. daily.'Isi
The company will also construct two gasoline absorption plants with o.
capacity of 40,000,000 cu. ft., estimated to produce 15,000 gallons
gasoline daily, which has a market value on the ground of 15 cents perof
gallon.
Construction of those plants will be done under a contract with George
A. Burrell Co., whereby the latter will pay all expenses of construction
and
the company will receive 50% of the net earnings.
Earnings.-On the basis of present production, net earnings from oil
are at the rate of over $4,000,000 per annum. Earnings
from natural
gas and gasoline upon completion of the construction programme,
it is
estimated, will amount to $2,000,000 net per annum..
• Working Capital.-The net working capital on Dec. 31 1918,
amounted
to $31,676,555, an increase of $2,097,951 over the proceeding
year.
Comparative Balance Sheet Dec. 31.
1918.
1917. .
1918.
1917.
Assets$
LiabilitiesS
Real estate,
Capital stock_20,000,000 20,000,000
&c..- 7,786,503 7,655,759 Surplus
Accts. roc.--13,715,346 13,426,710 Notes payable15,270,232 11,831,544
5,640,104 6,303,646
Mat.& Sup.... 540,890
360.658 Real
loans_
438,180
472,350
Merchandise _20,117,092 14,434,029 Ac. &es.
bills pay 8,328,663
787,399
Cash
2,831,559 2,084,606 Reserve.
689,468
505,303
Bills receiv._ _ 2,799,731
Special reser.
1,102,531
Sales of stock
to emp.__ 2,295,457 2,490,945
Pension fund_
279,169
252,011
Liberty bonds
298,055
Total
50,366,647 41,002,773
Total_ _ _50,366,647 41,002,773
Dividends.-Dividends paid to date in 1-91
-9 amount to 11%%.Compare V. 108, p. 2530.
Calumet & Hecla Mining Co.-Production.-
Output (In lbs.)August 1919
August 1918
8 months in 1919
8 months in 1918
-V. 109, p. 77$. 680.
Cal. & Hec. Subsidia;',
.
Total.
4,136,818
3,449,, 3
7,586,601
5,197,541
5,520,979 10,718,520
33,284,837 31,974,397 65,259,234
96,217,799- 96,217,799
Carbo-Hydrogen Co.-Stocks on N. Y.
The Preferred and Common stock are now officiallyCurb.
listed on the New
York Curb.-V. 109, P. 890.
Chicago Varnish Co.-Offering of Bonds.-Central
Co. of Illinois, Chicago, are offering at prices rangingTrust
100 to 98 and int., to yield 6% to 6%%, according to from
maturities,
$400,000 First Mtge. Serial 6s. A circular shows:
American Republics Corporation.-Acquisitions.-The
Dated Aug. 1 1919. Due serially Aug. 1 1920 to
"Oil Trade Journal" of N. Y. on Sept.:19 [said:j dal
1929. Redeemable at
102 and int. on any int. date. Interest
payable Feb. 1 and Aug. 1 at
THE CHRONICLE
1182
Central Trust Co. of Illinois, trustee, without deduction for normal Federal
income tax not in excess of 2%. Authorized, $600,000. Outstanding,
and im-$400,000. Escrow bonds issuable only for permanent extensions
provements under careful restrictions. Denom.$100,$500 and $1,000(c5).
Secured by first mtge. upon fixed assets valued at 31,020.000.
Company founded in 1867 as a partnership under the name of Potwin &
Morgan up to Dec. 1883, when present company was incorporated. Plant
located at Elston and Webster avenues, Chicago, comprises 25 buildings of
brick structure, aggregate floor space, 133,000 sq. ft.
1918. 1919(5Mos.)
1917.
1916.
Earnings Cal. Years$679,375
$1,156,009 $1,294,417 $1,335,323
Net sales
42,034
81,789
47,790
Net, before int. & Fed.tax 147,134
48,163
88,100
55,016
153,424
Gross corporate income
Management.-0.H. Morgan, Pres.; James E. Bush, 1st V.-Pres.; R. K.
Buckman, 2d V.-Pres.; A. C. Morgan, Gen. Mgr.; Elisha Morgan, Soo.;
W. M.Turner, Treas.
Chino Copper Co.-Production (in lbs.).Month of August
Eight months to Aug. 31
-V. 109, p. 778.
1917.
1918.
1919.
5,065,818 6,824,127
3,321,857
29,209,030 51,666,412 • 53,939,598
Coca Cola Co.-Directors.-
Trust
The following directors have been elected: E. W. Woodruff, Pres.
C. Dobbs,
Co. of Georgia; E. W. Stetson, V. Pres. Guaranty Trust Co.; S.Pres.
Chase
C.H.Candler, Harold Hirsch, all of Atlanta; E. V. R. Thayer,
National Bank; W.C. Bradley, of Columbus, Ga.; Louis K. Liggett, Pres.
Louis K. Liggett Co.; W.E. McCaw,Pres. Procter & Gamble Distributing
Pres.
Co.; T. K. Glenn, Pres. Atlantic Steel Co.; James H. Nunnally,
Guaranty
Nunnally Co.; Robert W. Atkns, Boston; Merrill H. Gallaway,
elected
Trust Co., and W.C. D'Arcy, St. Louis. Mr. Chandler has been
Chandler,
Chairman of the Board, Mr. Dobbs President, and William
Jan. 1, the
Sec. & Treas. Dividends on the 7% Preferred stock will begin
payment including accruals from the time of organzation to that date.
V. 109, p. 1082.
Colgate & Co., Jersey City, N. J.-Obituary.-
Richard M. Colgate, President of this company, died at his home on
Sept. 17.-V. 108. p. 2531.
of William II. Armstrong in 800 acres of proven ground and 1,200 acres
of other land in the Rock Creek oil field of Wyoming. The purchase price
is said to have exceeded $1,000,000. The 65% interest in the property is
held by the Ohio Oil Co. Negotiations are understood to be under way
for the purchase of the remainder of the Armstrong holdings, the Elk
Basin Co. holding an option.
No official statement is yet available by the Elk Basin Petroleum Co.
but some announcement is expected shortly. Compare V. 109, p. 891.
Federal Adding Machine Corp., N. Y. City.-Pref.
Stock.-The company is offering at par ($10), with a bonus in.
Common stock, the unsold balance of its $2,500,000 8%
Cumulative Pref. stock, of which over 90% has been purchased. Dividends payable Jan. and July 15. A booklet
entitled "The Federal Book" published by the co. shows:
Incorporated under the laws of New Jersey Oct. 1 1917 for the purpose
of manufacturing office appliances--adding machines, typewriters and
other office labor-saving devices. The authorized capital of the corporation is $2,500,000 6% Cumulative Pref. stock and $7,500,000 Common stock (par $10).
Shortly after incorporation purchased from the White Adding Machine
Co., New Haven, Conn.. its plant, machinery and equipment, patents and
good-will, including their adding-listing machine and bookkeeping machine
(now known as the Federal "A" and Federal "B"). which they had been,
manufacturing for over four years.
The stockholders of the White Adding Machine Co. put nearly $1,100,000
cash into the development of these two types of adding machines, for which
they received about $282,000 of Federal Pref. stock and $4,500,000 of
Federal Common stock. The Common stock was all issued for patents
and good-will. After the purchase of the White Co. was concluded the
remainder of the Common stock was donated back into the treasury.were
The net assets (exclusive of patent valuation) as of April 30 1919
36,000
$882,366. The company has on its books orders for more than
adding-listing machines. The Colt's Patent Fire Arms Mfg. Co. Is making
the Federal adding machines at its Hartford, Conn., plant.
Directors.-Frederick M. Adler, William E. Burnham, J. B. DeBeltrand.
Clarence A. Earl, Col. Charles M. Jarvis, Major William H. Lyons, S.
O'Leary, Charles Wales, Rollin S. Woodruff,
Compania Cubana.-Status-Bonds.-
See Cuba Co. under "Financial Reports" above.
Continental Paper Co.-Bonds Called.-
Thirty-three First Mtge. 15-year 6% gold coupon bonds ranging in
number from 17 to 293 have been called for payment Oct. 1 next at par and
int. at Empire Trust Co.. N. Y.-V. 106, p. 1347.
Cosden & Co.-Stock Dividend.-
The directors have declared the regular quarterly dividend of 234% in
cash and also a dividend of 2%% in Common stock at par, on the Common
stock, both payable Nov.1 to holders of record Sept.30.-V.109,P.680.
Crowell & Thurlow Steamship Co.-Dividend.-
The directors have declared a quarterly dividend of $2 per share, payable
Sept. 30 to holders of record Sept. 20. This compares with $3 paid in June
and $I in March.-V. 108, p. 2531.
Crucible Steel Co. of America.-Dividend.
profits,"
A dividend (No. 2) of 3% has been declared "out of undividedholders
of
31 to
upon the Common stock of this company. payable Oct.
annual
the
in
Increase
an
mean
to
assumed
record Oct. 15. This is generally
rate from 6 to 12%. The initial dividend of 1%% was paid July 31.
-V. 109, p. 891.
Dodge Manufacturing Co.-Extra Dividend.-
The directors have declared an extra dividend of 1% on the Common
payable Oct. 1 to
stock In addition to the regular quarterly of 134 %,bothwas
paid in April
holders of record Sept. 27. An extra dividend of 1%
2632.
p.
108,
-V.
January.
in
2%
and July last and
Donner Steel Co.-New Bonds Authorized.-
$12,The stockholders on Sept. 8 authorized an issue of not exceeding
issue of $2,500,000
000,000 First & Refunding Mortgage bonds. An initial
future for the
of 6% bonds will, it is stated, be brought out in the near
purpose of financing improvements nearing completion, additional property
and to reduce current indebtedness of something over $4,000,000.-V.
109, p.891.
Durham (N. C.) Hosiery Mills.-Large Contract.-The
company as of Sept. 16 reports as follows:
stores for a
A contract has been closed with the F. W. Woolworth Co.
Initial orders
very large quantity of men's and women's cotton hosiery.and
December.
November
October,
in
delivered
are for 96,000 dozen to be
growing export
This outlet for Durham merchandise, as well as a rapidly
the recent
in
factor
a
was
distribution,
of
channels
new
other
and
business
refinancing of the Durham Hosiery Mills. In addition to the 11 mills now.
will
in operation, new plants with a largely increased production capacity
be constructed.-V. 109, p. 984, 891.
Eastern Dakota Electric Co., Watertown, S. D.
Offering of Bonds.-Chicago Trust Co., Chicago, are offering
at 97 and int. to yield 63/2%,by advertisement on another
page, $450,000 First Mortgage 6% bonds, dated Nov. 1
1917. Due Nov. 1 1927.
at 103 and
Interest payable M.& N.In Chicago or New York. Optional
Chicago Trust
int. on any int. date. Denoms.,$1,000, $500 and $100(0).
thereafter,
year
Co.and Lucius Teter, Trustees. On Mar. 1 1920,and each
amount shall
the company must pay the trustees a sum equal to whichever
preceding calendar
be greater of, first, 4% of its gross earnings during the outstanding
during
year, or, second, 1% of the greatest amount of bondsin bonds of the cominvested
the same period. This sinking fund must be
is
them
on
and
Interest
alive
pany. The bonds so purchased are kept
cumulative; accruing to the benefit of the sinking fund.
22.
Aug.
Watertown,
Data From Letter of Pres. Willis Todd, Dated Auth.
Outstanding.
Capitalization-.
$600,000
$600.000
Capital stock
450,000
1 ,200_Al00
First mortgage bonds
Balance may be
This Issue.-A first mortgage on entire property.and
improvements,
additions
permanent
of
cost
issued for 80% of actual
outstanding
when annual net earnings are twice interest charges on all bonds
for expenditures
including those proposed, except $50,000 that may be issued
Charges on
interest
the
times
3
are
earnings
already made when the net
all bonds outstanding, including this $50,000.
30 1919
Year
June
Fiscal
and
Earnings for Calendar Years 1917 and 1918
1918-19.
1918.
1917.
Earnings$152,351
$142,280
$129,499
Gross earnings
57,345
52,233
58,322
Net after taxes, &c.
27,000
Interest on $450,000 First Mortgage 6% Gold bonds
30.345
Balance surplus
YankCornpany.-Serves with electric light and power, Watertown and
favorHas
14,250.
at
estimated
ton, South Dakota, having a population
about 28 miles of
able contracts for street lighting in both cities. Owns
and 17 miles
pole line in Watertown, with 725 k. w. transformer capacity
capacity.
of pole line in Yankton, with 345 k. w. of transformer
reFranchises.-Operates under 20-year franchises, free of burdensome
strictions, the Watertown franchise having been granted in 1909, and the
Yankton in 1905.
Electric Auto-Lite Corp.-Change of Name, &c.
See Willys Corporation below.-V.109, p.681.
Electric Transmission Co. of Va.-Bonds Called.-
All of the First Mtge.6% gold bonds dated Dec. 15 1915 have been called
for payment on Oct. 1 at par and int. at the Chicago Title & Trust Co.,
Chicago, 111.-V. 102, p. 440.
Elk Basin Petroleum Corporation.-Acquisition.-
On behalf of this company, Carl H. Pforzheimer and Wilson, Cranmer &
Co. of Denver have purchased a half interest in the 35% working interest
[VOL. 109.
Federal Rubber Co. (of Mass.).-Annual Output.-
This company, $2,550,000 of whose $4,482,300 Common stock is owned
by the Fisk Rubber Co., reports:
1919 (est.).
1918.*
1917.
•
Annual Output597,300'
351,774
423,194
Cases
640,400
345,880
421,987
Tubes
426,006
315,478
365,788
Bicycle tires
Sundries & mechanical rubber goods_ $1,202,032 $1,737,117 $1,950,000'
* Production curtailed by Government restriction.-V. 108, p. 2126.
Firestone Tire & Rubber Co., Akron, Ohio.-Offering
of Preferred Stock.-National City Co., New York, are offering at 100 and div. by advertisement on another page
$10,000,000 7% Cumulative Preferred stock, par $100.
Dividends payable Q.-F. Callable as a whole or in part on any div.
date on 60 days notice at 110 and dirs. Beginning In 1921, not less than
of the
10% of the net income after providing for divs. on and redemption the
re6% Preferred, and dividends on the 7% Preferred, shall be used for
at a
market
open
the
in
obtainable
not
if
at
stock
110,
demption of this
lower price.
Capitalization Upon Completion of Present Financing (No Bonds).
Authorized. Outstanding.
$25,000.000 $3.500.000
Common stock
40.000,000 10,000,000
7% Preferred stock (this issue)
10,000.000 10.000.000
6% Preferred stock
Over 90% of the Firestone workers own stock in the company.
Akron, Sept. 11.
Dated
Firestone,
S.
H.
of
President
Letter
from
Data
History & Business.-Ineorp. In West Virginia in 1900, but in 1910 the
the
same name. Is
of
corporation
Ohio
an
to
business was transferred
one of the largest manufacturers in the world of rubber tiros and other
rubber goods. Owns two plants having a present daily production of 22.000
tires and 25.000 tubes. Plant No. 1. erected in 1910, was added to as
demand called for greater production. In 1915 ground was broken for
the
another separate factory, plant No. 2, which is used exclusively,for
production of 3%-inch tires and 3A-Inch tubes, used by over half the car
owners of the world. Additional equipment is being installed which will
Increase the output to 36,000 tires and 40,000 tubes a day.
Ground is now broken for another addition to the group of factory
buildings-a large plant to be occupied by the Firestone Steel Products
will
Co., where rims for pneumatic and solid tires and kindred products tires
be made. The company also manufactures carriage tiros, bicycle
and tire accessories of all kinds. Those plants, together with the building
In which rubber boots and shoes are made,occupy part of 200 acres of land
in the southern part of Akron, known as Firestone Park. which the company owns.
The company owns all the stock of the Firestone Steel Products Co.
and all of the stock of the Firestone Tire & Rubber companies organized
under the laws of Texas, Maine, West Virginia and England, to act as
selling agents. There are selling branches located in 63 of the leading
cities of the United States, and others in London, Paris, Buenos Aires
and Singapore.
Purpose of Issig..-The proceeds of this issue will bo used in part (I) to
defray the cost or installing additional equipment • which will Increase the
output of plant No. 2 from 10,000 to 16,000 tiros per day; (2) to enlarge
the output of cord tires In main plant; (3) to construct a new mechanical
building with up-to-date equipment and conveniences; (4) to build a new
plant for the manufacture of steel rims. and (5) to supply additional working
capital for the continuous expansion of the business.
Provisions.-(a) Company will maintain at all times net quick assets
equivalent to 125% and total net tangible assets equivalent to 200% of
both classes of Preferred stock outstanding; (b) company will not place
any mortgage or other lien upon its assets or issue any debenture bonds
maturing more than one year from their issue, or permit any of its present
or future subsidiaries so to do or authorize any additional stock with rights
equal or prior to the rights of the 7% Preferred stock, if the holders of 25%
or more of the outstanding shares of the 7% Preferred stock object thereto;
(c) 7% Preferred stock shall have no voting power except two consecutive
quarterly dividends are In arrears.
1911-12.
1913-14.
*1915-16.
1916-17.
1917-18.
Fiscal Yr.
Net sales ._$75,80l,507 $61.587,219 $44,135,326 $19.250,110 311.688,200
3,157,719 1,126,911
xNet earns.. 4.664,615 4,619,298 5,837,021
* Fifteen months-end of fiscal year changed from July 31 to Oct. 31.
x The net earnings are after Preferred stock dividends, interest charges.
Fed.and other taxes, and adequate provision for deproc. and other reserves.
The annual average of net earnings for the 8g years-1911 to 1918, incl.;
was $3.148.805, or over 4g times the annual 7% dividend charge on the
present issue of 7% Preferred stock. The annual average of the net earnings for the years ended Oct. 31 1918 was $4,652,592, or over 6M times the
dividend on the present issue of 7% Preferred stock.
For the 9 months, Nov. 1 1918 to July 311919, the not sales amounted
to $59.145.396, and for the month of August, which was the largest in the
company's history, the net sales were over $10,000,000.
Balance Sheet as of July 31 1919 (before giving effect to present financing).
LiabilitiesAssets$23,385.503 Preferred (6%)stock ___ _$10,000.000
Land, bldgs., &e
3,500.000
Miscoll. stocks & bonds.... 1,877,811 Common stock
Materials & supplies____ 20,747.572 Notes & trade accep.pay 13,317,585
1,918,077
4.282,712 Accounts payable
Cash
370,699
Notes & accts. receivle- 16,315,940 Accrued salaries & wages
accr_
1,607,762
taxes
&c.,
Federal,
614,379
Liberty Loan bonds
250,000 Depreciation reserve......- 5,502,695
Marketable securities.._
176,287 Wolf. work & pens. res... 1,236,059
Prepaid int. & insurance_
553.766
Duo from employees.._:._ *4,347,889 Ins, losses reserve
34,719,552
Surplus
Expenditures applicable
side)
(each
$72.726,195
Total
'728.102
_
_
to future operations_
* On account of purchase of Common stock and sundry advances.
The total net tangible assets as of July 311919, after giving effect to the
present financing and after deducting the outstanding amount of 6%
Preferred stock, amount to over $48.000.000.-V. 109. p. 984. 778. 681.
SEPT. 20 1919.]
THE CHRONICLE
Fisk Rubber Co.-Earnings.-
1183
Hedley Gold Mining Co.-No Dividend
Earnings to May 31 1919, Reported to N. Y. Stock Exchange.
The company has omitted the quarterly dividend usually paid at this
In June and March last a quarterly dividend of 10 cents was paid.
5 mos.'19.
Year 1918 time.statement
• Net sales
A
to the stockholders says in substance:
and
$16,924,658 $36,682,168
"On account of the high wages already paid and the demand for still
earning
s'
Net after mfg.
..&c
costs, deprec., int
1,983,401
3,760,280 higher
wages
as
well, and on account of the continued high cost of our
Dividends on old 1st Pref stock (now retired)_ _
307,047
631,750 supplies, President
Merrill and Superintendent Jones have recommended
Second Preferred
147,527
315,000
the board of directors that the mill should be closed this fall and that
Federal income and war taxes
396,680
1,253,427 to
development
work
at
the mine should be continued, using the surplus on
Sinking fund for retirement of old 1st Prof. shares_
589,659 hand for this development
work, instead of for the payment of dividends,
and
their
recommendation
Balance, surplus
has been approved by your board of directors."
$1,137,148
$970,444
Compare recapitalization, &c., in V. 108, p. 2436; V. 109, P. 581, 681. -V.108, p. 1168.
Also see Federal Rubber Co. below and in V. 108, P. 2126, and see Fisk
International Mercantile Marine Co.-No Plan for
output in V. 109, p. 778, 668.
of Accumulated Preferred Dividends.(H. H.) Franklin Manufacturing Co., (Automobiles), Payment
"Admitting that the earnings of the International Mercantile Marine
Syracuse, N. Y.-To Vote on New Issue of Pref. stock: during
the past three months had been 25 to 50% above the earnings for
The stockholders will vote on Sept. 30 on creating a new issue of $5,000,000 Pref. stock of which the company will offer for subscription $2,000,000
to the Common and Preferred stockholders (the $600,000 7% Preferred
stock retired on Sept. 1 at $110. (V. 109, p. 480) at $100. It is said there
will be no general public offering. Upon completion of present financing
the authorized stock will be $7,000,000 consisting of $5,000,000 Pref. and
$2,000,000 Common.
The "Syracuse Post" says: "The additional capital will be used for
the expansion program already under way in the construction of new buildings at a cost of $400,000 exclusive of machinery, and the acquisition of
a plant for the manufacture of bodies is among the possibilities.
"Stockholders will also vote to organize the die-casting department as
a separate corporation, the Franklin company to accept stock in the new
concern at the inventory value of the buildings and equipment now used
by the department, which employs 125 men.
"The Franklin company now employs over 4,200 persons, the largest
number in its history."-V. 109, p. 480.
Galena Signal Oil Co.-Purchase.-
the corresponding months of 1918, P. A. S. Franklin, President of the
I. M.M.,stated yesterday after a meeting with the directors and the finance
committee that no plans had been made to pay off all or any part of the
back dividends on the Preferred shares. He said that while the earnings of the company during the pastfew months had been 'very satisfactory,'
the monthly profits were not proportionately as high as thee recorded during
the first five months of the year." ("Journal of Commerce & Commercial
Bulletin" of Sept. 17.)-V. 108, p. 2634. 2531.
International Motor Truck Corp.-Plan Operative.-
The committee, Charles Hayden, Chairman, has declared operative the
plan of July 11 1919, more than 80% of the outstanding shares
of stock
of International Motor Truck Corp. and Wright-Martin Aircraft
having been deposited. It has also extended the time for deposits Corp.
up to.
the close of business Sept. 30 1919. Thereafter stockholders will not
be
entitled to participate in the plan. The Equitable Trust Co., 37 Wall St.,
is depositary. See plan in V. 109, P. 779.
Kennecott Copper Corp.-Production (in lbs.).-
Soo American Republics Corporation above.-V. 108. p. 1168.
1919.
1918.
1917.
Month of August
8,224.000 11,970.000 11,560,0004
47,747,560 90 942 000 91,716,000
The first quarterly dividend of $1.75 per share will be paid on the 8 months to Aug. 31
includes
This
the
production
from both the Alaska and So. America.
Debenture preferred stock on Oct. 1 to holders of record Spa. 24.-V. 109, (Braden Copper
Co.) properties in all years.-V. 109, P. 779, 376.
p. 475.
General Cigar Co., Inc.-Initial Div. on Deb. Pref. Stk.
Globe Oil Co.-Merger Plan.-
(S. S.) Kresge Co.-Sales.-
Pres. N. L. Barnes has made the following announcement by telegraph:
"Directors of the Globe Oil Co. met in joint session with directors
of the
Texlahoma Oil Corporation in Tulsa Saturday, Sept. 13, and it was agreed
by both boards to consolidate the properties. Sales of Louisiana properties
belonging to both companies amounted to over $5,000,000, and after the
consolidation the company will have assets of approximately $10,000,000,
against which there will be only $6,300,000 stock issued. Consolidation
will be effected by an exchange of Globe stock for Texlahoma Preferred and
Common. Notices giving full details as to the terms will be mailed to all
stockholders very shortly. It is considered that this consolidation will be
of groat benefit to both companies and the plan has been under consideration for several months.
The Globe Oil Co. was incorporated in Delaware on July 23 1917, and
we are informed has outstanding as against leaseholds of $4,295,928, equipment of $826,377, and other assets capital stock $2,845,053 in $1 shares,
and also an issue of First Mtge. First Lien 7% serial gold notes, denom.
$500 and $1.000; total authorized issue, $2,000,000. Of these notes,
$1,400,000 were placed early in 1919 by Babcock Rushton & Co. at an
average price of 97.26, the maturity dates being $210,000 Aug. 15 1919:
$225,000, Feb. 15 1920; $235,000, Aug. 15 1920; 8245.000, Feb. 15 1921:
$245,000, Aug. 15 1921; $240,000, Feb. 15 1922 but callable at prices
ranging from 100 to 102;,6. Interest F. & A. 15. Trustee, Fort Dearborn
Trust & Savings Bank, Chicago. Tax-free except as to Federal income tax
in excess of 2%. Sinking fund $45,000 monthly.
It is understood that same provision will be made for these notes in the
pending merger, but no details on this point are available. The report
that the notes had been called for redemption was erroneous.
The bankers in offering these notes said in brief: "Net earnings of Oklahoma properties alone during 1918 were at the rate of 7M times the average
annual interest charges of these 7% notes. This issue is for the purpose
of financing the recent purchase of oil producing properties in Louisiana
and to refund the floating obligations. The company has (a) 3,834
in Oklahoma and 1,200 acres in Louisiana, all in proven territory;acres
also
100,000 acres scattered throughout 23 counties in Texas. (b) 112 wells
settled production, of which 22 are located on the new properties in Louisiana. (c) Approximate daily production, 2,000 barrels.
Globe Oil Co. Balance Sheet of May 22 1919.
$147,600 Accounts payable
Cash in banks
$19,660
Cash to retire mtge. notes_ _ 135,000 Notes payable
2,007,210
3,787 Reserve for depletion
Other deposits
8,529
Liberty bonds
3,750 Capital stock outstanding_2,709
,957
Leaseholds
4,293.176 Surplus & undivided
profits
444,782
leaseholds
Equipment on
520,302
Furniture and fixtures_ _ _ _
5,983
Accts. & notes receivable
34,264
Miscellaneous
46,278
Total (each side)
$5,190,139
-V. 109, p. 1083.
(B. F.) Goodrich Co.-Offering of Preferred Stock.-Kissel,
Kinnicutt & Co., New York, Otis & Co,. Cleveland, A. B.
Leach & Co. and Hornblower & Weeks, New York, are
yielding about 6.70%, by advertisement
offering, at 104
on another page, $7,000,000 ($8,000,000 additional having
been sold to the stockholders under their rights to subscribe)
7% Cumul.Sinking Fund Pref.(a.& e.)stock. Bankers state:
payable -J.
Dividends
Q.
Listed on the New York and
stock
exchanges. Sinking fund provisions require the retirementCleveland
by
or
redemption annually at not exceeding 125 and dlvs. of 3% ofpurchase
the
largest
Preferred
stock which shall at any time have been outstanding.
amount of
Under this provision, from July 1 1914 to July 11919. $5,400,000
of the
Preferred stock has been retired. No mortgage without consent of 75%
of
both the Preferred and Common stock. Has equal voting power with
Common stock in case of default of four quarterly Preferred- dividends.
CapitalizationAuthorized.
Issued.
Common stock
$60,000,000 $60.000,000
7% Cumulatve Preferred stock
49,600,000 39,600.000
2-Year 6% Notes
. 15,000,000 15,000,000
Purpose of Issue.-This additional Preferred stock is issued to provide for
the retirement of $15,000,000 of 2-year 6% notes outstanding, making this
amount permanently a part of the working capital.
Assets.-After elimination of good-will, the balance sheet for Dec. 31
1918, corrected to show the effect of the present financing, shows net
tangible assets equal to over $205 per share a Preferred stock outstanding,
and not quick assets equal to about $149 per share.
Net Working Capital.-Net working capital increased over 270% from
1913 to 1018. After giving effect to the present financing, not working
capital will be over $58,900,000.
Earnings.-Earnings for the past six years (1018 earnings figures without
deduction for Federal taxes) have averaged more than 3 1-3 times
the
dividend requirement on the Preferred stock: 1918 earnings before Federal
taxes were over 5.6 times the dividend requirements. Results for the first
half of 1919, so far as can be calculated, indicate earnings for the year
will exceed those for 1918.-V. 109. D. 582. 480.
Month of August
Year to date
-V. 109. p. 891. 276.
1919.
1918.
1917.
$3,405,408 $3,068,703 $2,277,928
24,808,752 21,537,650 17,593,374
Latrobe (Pa.) Water Co.-Bonds.-
The company on May 8 filed notice in Pennsylvania of a plan to issue
$650,000 First Mortgage 6% Sinking Fund Gold Bonds, dated March 1
1919, due March 1 1949 (int. M. & S.). but redeemable, at option of
company, on or after Sept. 1 1922, at 103 and int. Latrobe Trust Co.,
Latrobe, Pa., trustee. Total auth. issue, $1000,000, none heretofore
been issued. Of the $650,000 bonds, $325,000 will be exchanged or held for
exchange, par for par, for a like amount of 5% First Mtge. gold bonds,
due Sept. 1 1932 (but callable at 105), and the proceeds of the remaining
$325.000 (including $230,000 to be sold at 923 and $95,000 to be held for
the present in the treasury), will be used to provide funds with which to,
construct a new reservoir and six miles of transmission mains.
The National Water-Works & Guarantee Co. of Scranton, incorporated
in New Jersey June 26 1902 with $1,000,000 of auth. capital
stock (par
$100), controls the Latrobe Co. by ownership of the entire capital stock and
guarantees the 1st M. bonds, princpial and interest.
Laurentide Co., Ltd.-Dividend.-
A quarterly dividend of3% has been declared on the
outstanding capital stock payable Oct. 1 to holders of record$9,600,000
Sept. 22. In July,
last a quarterly of 3% and an extra of 3% was paid.-V.109, p. 1084.
Loft, Inc.-Organized--350,000 Shares, No Par Value;
Oversubscribed.-Miller & Co., New York,announce that the
350,000 shares of stock, no par value, offered by them privately have been largely oversubscribed. The subscription
price was $12 50 per share.
The company was Incorporated in Deleware, Sept. 18 1919, with an
authorized capital of 650.000 shares no par value, and succeeded to a
company of same name,incorporated in Virginia, in 1916 (V. 103, p. 1795).
At last advices the company had 14 stores, 12 in Manhattan, one in Brooklyn and one in Newark, N. J. It is stated the company will open 8 more.
A new plant to take care of increased business, is under way, in Long Island
City. The company manufactures only for its own stores. It is said that •
the company starts with $1,200,000 cash mulatto.
Directors.-The board of directors will include N. J. Miller, H. F. Sinclair, Frank Steinhardt and B. Lissberger.-V. 108, P. 883.
Long Island Lighting Co.-Stock Increase.-
The stockholders on Aug. 26 voted to create a new issue of $3,000.000
Cumulative 7% non-voting Preferred stock, par $100. making the total
authorized Capital stock to consist of $3,000,000 Preferred and $3,000.000
Common.
It is understood that $500,000 of the Preferred stock will shortly be offere
to the public.-V. 109. p. 683.
Magor Car Corp.-Extra Dividend.-
An extra dividend of $2 has been declared on the Common stock in addition to the regular quarterly dividend of $1, both payable Sept. 30 to holders
of record Sept. 25. An extra of $2 per share has been paid on the Common
stock in each quarter since Jan. 1918.-V. 108. p. 2532.
Marconi Wireless Teleg. Co. of Canada, Ltd.-Stock.--
The shareholders have authorized a reduction in the capital stock from
$5,000,000 to $3,750,000 by reducing the par value of the stock from $5
to $2 50 per share and the issue of an additon al 500,000 shares of the
reduced par value at the discretion of the board for carrying on the business.
A. H. Morse has been elected a director to succeed E. J. Nally of New
York, retired.-V. 95, P• 179.
Miami Copper Co.-Output (in lbs.).1919.
1918.
1917.
Month of Aug
3,993.745 5,318,755
290,508
8 months to Aug 31
36,552,618 39,057,323 30,887,514
Preliminary figures.-V. 109. p. 683, 177.
Miami Valley Tissue Mills Co., Franklin, 0.-Offering
of Pref. Stock.-W.T. Hunter & Co., Cincinnati, are offeril
at 98 $150,000 7% Cumulative & Participating Pref.(a.&d.
stock, par $100. A circular shows:
Dividends payable quarterly; shall participate equally with the Common
stock in distribution of surplus net earnings to the extent of an additional
3% on the Prof. stock. Has no voting rights except in event of default of
four consecutive dividends. Redeemable at any div. date after 1921 at
110 and divs. No mortgage except by consent of 75% of the Prof. stock.
CapitalizationAuthorized.
Issued.
Common stock (par $100)
$250.000
$115.900
Preferred stock (par $100)
250,000
150,000
The company was incorporated under the laws of Ohio July 9 1919.
Greene-Cananea Copper Co.-Output.Copper (lbs.) Silver(ozs.) Gold (ozs.) Has taken over the plant, assets, &c.,of Meyer Brothers Paper Co.(incorp.
in 1911). Cincinnati, and has acquired the plant of the Srere Pulp & Paper
91,200,000
August 1919
179,470
880 Co., Franklin, 0. The Cincinnati plant
equipment is now in course
August 1918
5,000,000
155,940
1,250 of removal to the new mill at Franklin. and
Business, manufacture of tissue
8 months 1919
25,600,000
1,072,783
5,810 paper and tissue paper specialties.
8 months 1918
33,870,000
1,037,340
9,158
Balance Sheet Aug. 14 1919, After Giving Effect to Present Financing.
Official.-V. 109, p. 582, 176.
Asset
LiabilitiesGreenville (Me.) Water Co.-Bonds Called.Property account
847.384 Common stock
$115,900
This company has called for payment at par and interest the follovving Good-will, &c
20,000 Preferred stock
150,000
bonds at the Lincoln Trust Co., N. Y., bonds numbering 20-31, and 48 Current assets
210.495 Current liabilities
14,165
($1,000), and Nos. 53. 65,69 and 82(8500) on Oct. 1.-V. 107. P. 1195.
Suspense account
2,235 Total (each side)
8280,065 .,
THE CHRONICLE
1184
Michigan Stamping Co., etroit.-Offering of Preferred
Stock.-Bonbright & Co., New York, are offering, at 100
and div., $2,000,000 7% Cumulative Preferred (a. & d.)
stock, participating up to 9%. Par, $100.
Redeemable
Dividends cumulative from Sept. 1 1919, payable Q.-M. Oct.
13 1941,
to
as a whole or in part at 105 and div. on 10 days' notice up
accordance
in
div.
and
par
at
redeemed
be
to
is
on which date the issue
with the Michigan statute.
Data from Letter of Pres. John 11. French, Dated Detroit, Sept.17'19.
incorporatCompany.-Business established in 1901 as a partnership, was
1911. Manufactures
ed under the laws of the State of Michigan in Oct.
trade, such as
various lines of metal stampings largely for the automobile
stampings,
chassis frames,fenders, hoods,running boards,sheet metal body
metal stampings
step hangers, gasoline tanks, &c., as well as miscellaneousFord,
Chevrolet,
of various kinds for other trades. Customers include
Paige-Detroit, Jordan, Hudson, Packard, Master Trucks Inc., Republic
Motor, Allan Motor, Chandler, Vim Motor, &c.63.j acres. Plot of land
Plant located at Mack Ave., Detroit, covers
railroad
owned, about 36M acres. Owns approximately a mile of private
siding coming into the factory.. Also owns a gasoline switching locomotive.*
Outstanding
Capitalization on Completion of Present Financing. Authorized.
$2,000,000
Preferred stock 7% Cumulative Pattie.(par $100).._$2.000,000
1,300,000
1,300,000
Common stock, par ($10)
without
Financing,
Present
Assets as of July 31 1918, After Giving Effect to Mos. to July 311919.
Poolding Reserve for Accrued Federal Taxes for 7
Fixed assets: Land, buildings, machinery, equipment, &c., $1,-$1,122,324
278,704; loss depreciation, $156,380
real
Other assets: U. S. Govt. securities, $172,986; investments,
estate, land contracts, stock in other cos., &c., $501,640; less 422404
$252,223
contracts,
other
and
purchase
land
proceeds
Current assets: Cash on hand and on deposit,inclusive of
from sale of Preferred stock, $1,669,799; accounts receivable,
&c.,
taxes,
insurance,
prepaid
$691,692;
$407,449; inventory,
2,773,016
$4,076
Less: Current and accrued liabilities, including a reserve for 425,912
contingencies
other
Federal taxes and
2,347,105
Net current assets
$3,891,832
Total not assets
assets,
Net assets ($3,891,832) equal to $194 per share, and net current
outstanding.
($2,347,105) are equal to more than $117 per share of Pref.stock
Taxes.
Federal
befor2
but
Net Earnings after Allowing for Depreciation,
7Mos.1919.
1918.
1917.
1916.
1915.
1914.
$731,464
$497,148
$505,960
$276,615
$167,301
$119,333
dividend
Net earnings for 1918 were more than 33,6 times the annual
same basis,
requirements of $140,000 on this Preferred stock, and onorthe
at the rate of
were $731,464,
earnings for the first 7 months of 1919
nearly 9 times the annual dividend requirements.to enlarge the present
Purpose of Issue.-The proceeds are to be used
capital.
buildings and equipment and provide the necessary working
Com, stocks have
Preferred Stock Provisions.-(a) After the Prof. andany
one year, any
in
received dividends of 7% and 105', respectively,
the Prof. stock has
further cash divs. In such year shall be divided until
year. The Pref. stock
received 8% and the Corn. stock 11% for thattock
has received a total
will again participate in divs. after the Common
in such year are to be
of 20% cash divs. In any one year; any further divs.
Corn. stock 21% in
divided until the Pref. stock has received 9% and the
the present amount
on
based
be
always
shall
divs,
of
rates
The
year.
such
if holders of
mortgage
No
(b)
of $1,300,000 of Cora. stock outstanding.
power ex25% of the outstanding Pref. stock dissent. (c) Has no voting
fail
below
•
shall
110%
cept net assets
divicash
annual
paid
Dividend Record.-Since incorporation company
per annum and sisice
dends on its Common stock at the rate of at least 12%on
stock
Common
the
dividends
cash
monthly
Jan. 1 1919 has been paying
of 1%%. It is the present intention to continue at least the present div.
rate on the Common stock, thereby entitling the Preferred stock to 8%
per annum.-V. 103, p. 2082.
[VOL. 109.
Capitalization.-Auth., $25,000,000; outstanding (including this issue),
$7,500,000. No bonds.
Company.-Organized under the laws of Delaware to acquire the securities
and business of the Chicago Motor Bus Co., St. Louis Motor Bus Co.,
New Jersey Motor Bus Corp., and to form and operate motor bus companies
In leading American cities.
Chicago Motor Bus Co. was organized under the laws of Illinois to acquire,
consolidate and develop under one ownership the various motor bus lines
for which franchises have been granted in Chicago. Is successfully operating
50 double-deck buses along established routes. Owns two modern brick
and steel fireproof structures. During 1918 operated a total of 1,411,789
miles and carried 4,571,374 passengers. On the completion of 80 new
vehicles now under way, will have a fleet of 130 motor buses in passenger
service.
It is planned to start in St. Louis with an installation of 50 buses as soon
as they can be manufactured. The present plans contemplate a primary
equipment of 70 buses in Newark.
Purpose of Issue.-To provide funds to increase the equipment of the
cities.
Chicago Motor Bus Co. and install systems In several other large
From the proceeds of this offering, 200 additional motor buses will be put
in operation.
Earnings of Chicago Motor Bus Co.for Four Months ending Aug. 1, Represents
Results Obtained from an Average of 38 Buses on the North Side of Chicago.
Net for
Deprec'n
Net
Gross
Reserve. Dividend.
Earnings. Earnings.
$24,507
$18,880
$43,387
$227,901
1918
58,176
18,677
76,853
283,152
1919
Officers.-Roland R. Conklin, Pres.; Harold B. Weaver, Vice-Pres.,
New York; C. 0. Ball, Vice-Pros., Chicago; H. A. Conklin, Sec. & Treas.,
New York. Office. 1 Wall St., New York.
Minute Tapioca Co., Orange, Mass.-Preferred Stock.Estabrook & Co., Boston, New York, &c. recommend for
investment at 98 and div. this company's 7% Cumulative
First Pref. (a. & d.) stock. Par $100. Circular shows:
30 days'noDividends payable Q-J. Callable on any div. day at $110 on
to either 25%
tice. Beginning Feb. 1 1920, shall establish sink,fund equalcalendar
year,
preceding
of the net earnings after First Pref. divs, for the issued,
whichever is less,
or 10% of the total First Pref. stock at any time
without
mortgage
No
divs.
to be used for the purchase or call at $110 and
80% for 1st Pref. stock.
Authorized. Outstanding.
Capitalization$300,000
7% Cumulative First Preferred stock (par $100) _ $300,000
200,000
200,000
Common stock (par $100)
manufactured
Has
Corporation.
s
Massachusett
-A
Plants & Business.
prepared
of
manufacturer
and sold tapioca for 25 years. Is the largest
49,818
tapioca in the United States. Main plant at Orange, Mass., has
furnishes
sq. ft. of floor space. An additional plant recently acquired
increased floor space of 32,042 sq. ft.
to
Assets & Earnings.-Total net assets, as of April 30 1919, adjusted
First
show result of present financing, were $580,473 or $193 per share for
share.
Pref. stock; net quick assets $273,804 or 391'per
averNet earnings after depreciation for the 5 years ended Dec. 311918,
the Pref.
aged $34.959, equal to over 1 2-3 times the div. requirements on
1007.
p.
107,
-V.
stock.
National Water-Works & Guarantee Co.
See Latrobe Water Co. above.
Nevada Consol. Copper Co.-Mines Closed.-
The mines of this company were shut down during August on account of a
strike, consequently there was no production.-V. 109, p. 1084.
Ogilvie Flour Mills, Ltd.-15% Bonus on Common.-
The directors have declared a bonus of 15%, on the $2,500,000 Common
stock, along with the quarterly dividend of 3%, both payable Oct. 1 to
holders of record Sept. 24. In Sept. 1918 and 1917 a like amount was paid
extra.-V. 107, p. 1668.
Ohio State Telephone Co.-Discontinue Serv. Charge.-
The Ohio P. U. Commission has ordered telephone companies operating
In Ohio to discontinue after Oct. 1, the $3 50 service connection charge
authorized by Postmaster-General Burleson while the wires were under
Federal control.-V.108, p. 1169.
Okmulgee Producing & Refining Co., Tulsa, Okla.Offer of Even Exchange for Stock of Petroleum Corporation of
America.The Petroleum Properties Corporation of St. Louis by its President,
Burr E. Clements, under date of Aug. 18, offered to give in exchange for
the stock of this company "shares of stock of the Petroleum Corporation of
,
America which have a par value of $5 each, fully paid and non-assessable
of the
share for share," provided at least 51% of the outstanding stock
N. Y.,
Okmulgee company should be deposited with the Empire Trust Co.,
for purpose of such sale on or before Sept. 18 [extended to Oct. 1-Ed.].
Mr. Clements further said: "It is further understood that we will exchange
shares of the Petroleum Corporation of America up to all of your authorized capital stock."
Digest of Statement of Okmulgee Co. Directors, Dated Sept. 6 1919.
The Petroleum Corporation of America Is a Delaware corporation [incorporated March 14 19191, with a capitalization of $60,000,000 Common
stock, par value $5 per share, no Preferred stock, with an authorized bond
issue of $20,000,000, of which $2,500,000 has been issued [consisting of
First & Collateral Trust Mtge. sinking fund 7% 10-year gold bonds],
mortgage dated Aug.
of Am. and its sub. cos. own and have under con1919]'
The Petroleum Corp.
tract for purchase about 308,000 acres of oil and gas mining lands and leases
in the recognized oil and gas fields of Oklahoma, Texas, Kansas, Louisiana,
Arkansas, New Mexico, Colorado and California, with a daily production
to use
thereon of approximately 35,000 barrels, also the license and right
the Leete, Muehl and Ansonia cracking and refining processes in the State
La.
of Louisiana, and has now in course of construction a refinery at Gilliam,
It is also acquiring, in addition to the Okmulgee Producing & Refining
Co., the Penn-Wyoming Co., the Penn-Osage Oil Co. the South West
States OH Co., Ansonia Oil Co., Romax Oil Co., Well Diggers Oil Co. the
Richardson Oil Co., Alamo Oil Co. the Louisiana producing properties
of the Globe Oil Co., the Texlahoma,Oil Corp., Shamrock Oil Co., Boone
Co.
Oil Co., Texana Oil & Refining Co., Muuray Oil Co. and Planters 011 Pres.,
Directors and Officers of Petroleum Corp. of Am.-Alwyn Ball Jr.
Flint &
N. Y.; J. C. Hill, V.-Pres. & Gen. Mgr., N. Y.; Chas. R. Flint, of'
Co., N. Y.; E. B. Cadwell, of E. B. Cadwell & Co., 25 Broad St., N. Y.;
Edward A. Clark, banker, Boston; Roland E. Blaisdell, Treas., N. Y.;
George H. Gudebrod, of Gudebrod Bros. Silk Co., 225 Fifth Ave., N. Y.;
Clarence D. Inman, Secretary, N. Y.
Three of our directors, Wm. Sacks, J. A. Price, J. M. Mason, and our
general counsel, Wm. H. McClarin. have investigated the make up of the
Petroleum Corp. of Am., both as to property and personnel.-V.106,p.1235.
Pacific Tank & Pipe Co. (of Calif.).-Offering of Bonds.
-Carstens & Earles, Inc., San Francisco, are offering at
par and int., to yield 7%,$750,000 (closed) First Mtge. 7%
Mohawk Mining Co. (of Mich.), N. Y.-Prod. (lbs.).- sinking fund gold bonds, dated Sept. 1 1910, duo Sept. 1 1929.
1917.
1918.
An advertisement shows:
1919.
Month of Aug
8 months to Aug. 31
-V. 109, p. 780, 277.
922,209
8,762,548
711,129
7,099,261
949,849
8,771,153
(J. W.) Murray Mfg. Co., Detroit.-Offering of Pref.
Stock.-Keane, Higbie & Co. Detroit, are offering at par
Cumulative Pref.(a.&d.)
and div., to yield 8%,$500,006 8%
stock, par $100. A circular shows:
Interest payable M. & S. at San Francisco and New York, without de2%.
duction for any normal Federal income tax to an amount not exceedingdays'
Callable at 1023i and int. as a whole or in part on any int. date on 30 San
notice. Denom. $1,000 (c*). Savings Union Bank & Trust Co.,
Francisco, trustee. An annual sinking fund of $25,000 will reduce the
mortgage to 3500,000 by maturity.
Business.-Established in 1888. Is now probably the largest consumer
of lumber on San Francisco Bay. Owns and operates a modern woodworking plant for the manufacture of tanks, pipe, silos, food containers
and mill, work specialties, operating also under the names of the Mercantile
Box Co. and the National Mill & Lumber Co. Has a world-wide distribution for its products.
Assets.-Owns 92 acres of land situated on the Oakland estuary, valued
at $850,000 and carried on the books at $776,457; plant (occupying 22
to the now financing,
acres), 3797,467; net quick assets, after giving effectdebt.
$588,382; total, $2,162,306, or 2.9 times the bonded
Earnings.-The average earnings are in excess of.3i times its interest
charges.
of
A sinking fund of 5% of the total issue of Prof. stock (after payment
Prof. stock
Prof. divs.) is established to purchase and retire outstanding
in
or
whole
in
at $110 and divs. commencing Dec. 31 1920. RedeemableDividends paypart on any div. date after July 1 1919 at $110 and div.
able Q.-J.
Authorized. Outstanding.
Capitalization (No Bonds)$500,000
$1,000,000
Pref. stock, 8% cumulative (par $100)
00
0,0
2,000,000
)70
Common stock (par$10
purpose
The company was organized in April 1913 in Michigan for the
numbers
It
trade.
automobile
for
the
parts
metal
g
sheet
manufacturin
of
Parish & Bingham Corporation.-Initial Dividend.including
producers,
of
the largest
among its principal customers some
Hudson,
An initial dividend of 75 cents per Share has been declared payable
Chevrolet, Oakland, Studebaker, Chandler, Cleveland, Paige,
Tractor.
20 to holders of record Sept. 30.-V. 109, p. 893.
Oct.
and
Sampson
King
Essex,
Columbia,
Liberty,
Scripps-Booth,
The purpose of issue is to liquidate bank lines and to provide necessary
. Patchogue-Plymouth Mills Corp.-Offering of .Pref.
buildings and equipment for this increase in business.
Balance Sheet June 30 1919 (After Giving Effect to Present Financing). Stock.-Merrill, Lynch & Co. New York, are offering at
LiabilitiesCommon stock(no par value)
one share of'
Assets$500,000 100 and div. (with
$718,410 Preferred stock
Property accounts
Prof. purchased) $1,500,000
of
shares
four
every
for
$35
at
700,000
stock
Common
1,150,730
Current assets
379,358 8% Cumulative Prof. (a. & d.) stock. A circular shows:
4,452 Current liabilities
Deferred charges
294,233
$1,873,592 Surplus
Total (each side)
Dividends payable quarterly beginning Dec. 1 1919. Redeemable In
Sales. Net bef. Tax. Taxes. Net aft.Tax. whole or in part at $105 and div. upon 60 days' notice. A cumulative sinkCalendar Years$237,705
$4,731
$242,436
$1,052,225
$50,000 per annum must be sot aside semi-annually
1916
186,727 ing fund of not less1than
116,000
302,727
2,069,039
1920 for the redemption of this issue at a price not to
1917
92,631 beginning March
114,000
206,631
2,428,505
from normal Federal income tax.
Free
div.
1918
and
145,685 exceed $105
85,000
230,685
1,667,011
Authorized. Outstand'g.
1919 (6 months)
Capitalization (No bonds)-V. 105, p. 1002.
$1,500,000 $1,500,000
Stock
(par $100)
8% Cumulative Preferred
30,000 sh. 22,250 sh.
value)
par
(without
Stock
Common
National Motor Bus Corp.-Offering of Stock.-The
16, 1919 to acquire
Sept.
about
Corporation.-Organized In New York
g Co.(V. 109,
Boughton Co., New York, recently offered, at $7 50 a share, the business and assets of the Patchogue (L. I.) Manufacturin
Will be one of the
Mass.
Lawrenco.
of
Mills,
IL 1095), and of Plymouth
$3,500,000 stock, par $10. A circular shows:
p
SEPT. 20 1919.]
THE CHRONICLE
largest manufacturers of lace curtains and curtain net in the United States,
and the largest American manufacturer of wool and fibre and
re rugs
and matting. Will also care for the bleaching of about 85% all-fib
of the entire
volume of domestic embroidery manufactured in this country.
Numbers
among its customers practically all of the more important jobbers of carpets,
draperies, etc.,in this country and many large retailers and catalogue houses.
Purpose of Issue.-Proceeds will be used for the acquisition of the old companies and for additional working capital.
Combined Sales and Profits Figures for Calendar Years.
1916.
1917.
1918.
1919 (est.)
Sales
$3,112,130 $3,152,698 $3,519,268 $3,750,000
Net after taxes & deprec._ _ 343,451
179,982
309,231
300 000
Balance Sheet.-After giving effect to the new working capital provided
by this issue, the combined balance sheets as of June 30 1919, show net
quick
assets of $1,644,639 or $109 per share, and net tangible assets of $2,901,29
0
or $193 per share of Preferred.-V.109, P. 1085.
1185
200 barrels of oil in the shallow sand
the Beggs, Okla. ,field. This
sand is at a depth of about 2,100 ft. Theindeeper
sand in this field is around
2,700 ft., to which the company has additional wells
drilling. One of these
wells is expected to be finished within the
ten days. The deeper sand
produces wells of several thousand barrelsnext
a day each.
Recent development of the Beggs field is especially important as it shows
what can be accomplished by deeper drilling in Oklahoma
, and it indicates
that the other fields in that State will be re-drilled.
Beggs field is
located about 20 miles from Sapulpa, Okla. where theThe
Sapulpa Refining
Company's plant is located. A pipe line is
'now being built by Sapulpa
Refining Co. from Sapulpa to Beggs, 10 miles
which already have been
completed." Compare V. 109, p. 476, 179; V.of
108, p. 2130.
Scott-Powell Dairies, Inc., Philadelphia.-Offering of
Pref. Stock.-Naulty & Co., Philadelphia, are offering at
Peerless Truck & Motor Corp.-Control in Cleveland.- 923/i and div., yielding about 7.57%, $400,000 7% CumuCleveland interests in recent months have purchased control and moved lative First Pref. (a. & d.) stock, par $100. A circular shows:
the office to that city. The board of directors as reconstructed is reported
as follows: Walter C. Baker, T. W.Frech, William E. S. Griswold, E. W.
Harden, L. H. Kittredge, Roland T. Meacham, G. B. Siddall, W. H.
Staring, B. G. Tremaine, F. S. Terry, L. H. Treadway and Harrison
Williams. • President is B. G. Tremaine.-V. 108, p. 2532.
Dividends payable Q.-M. Callable in whole or
at 110 and div.
A sinking fund of 3% per annum (operating semi-annupart
ally) of the maximum
amount of the First Prof. stock at any time outstandi
ng shall be employed
In the purchase of First Pref. stock at $110 and divs.
unless purchased
at a lesser price in the open market. No mortgage without
consent of
three-fourths of the First Pref. stock.
Pennsylvania Tank Car Co.-Guaranty-Bal. Sheet.- Capitalization (No
Bonds)Authorize
d.
Outstandi
ng.
See Pennsylvania Tank Line below.-V. 104, p. 668.
First Pref. stock, 7% cumulative
$1,000,000
$400,000
Second Pref. stock, 7% cumulative
500,000
100,000
Pennsylvania Tank Line.-Offering of Equipment Trust Common stock
(without par value)
10,000 shs.
10,000 abs.
Company incorp. in Maryland; is one
Certificates.-Glover & MacGregor, Pittsburgh, are offering
the largest milk and ice cream
companies in Philadelphia; its predecessoof
r company, Scott-Powell Dairies'
at prices ranging from 99.76 to 97.42 and int., to yield Inc.,
of Pa., was a consolidation which took place in 1915 of the old
J. W.
6.20% to 6.40%, according to maturities, $480,000 6% car Scott Dairies, established in 1878, and the R. E.Powell Dairies, establishe
d
1875, and until Jan. 1919 had
equipment trust certificates, Series "K." Both the Penn- in
engaged solely in the sale and distribution of milk, when it engaged been
in the manufacture of ice cream. The
sylvania Tank Line and the Pennsylvania Tank Car Co. net value of the tangible property (excludin
g good-will, &c.), after giving
unconditionally guarantee the payment of both the principal effect to the present financing, is about $900,000.
Cal. Years- 1915(9mos.)
1916.
1917.
and interest. Dated Sept. 1 1919, due $60,000 each Mar. 1 Sales
1918.
.)
$677,742 $1,079,134 $1,264,339 $1,747,0461919(6mos
$1,119,635
1921 to 1928, inclusive. A circular shows:
Earnings
26,679
29,340
59,500
60,648
70,776
Interest payable M.& S. Callable at 102M as a whole on 30 days' notice. Ratio to dive. on
First Pref.stock_
Colonial Trust Co., Farrell, Pa.,trustee. Pennsylvania State tax refunded.
1.19
1.04
2.12
2.16
5.05
Harry W. Scott, Pres.; Blaine W. Scott, V.-Pres.;
Denom. $500 (c*).
Robert E. Powell Jr.,
These certificates are issued under the Philadelphia plan. The equip- • See.; Robert E.Powell. Treas.
securing
ment
this issue consists of 300 all-steel tank cars, of a capacity of
Scranton (Pa.) Electric Co.-Bonds.not less than 8,000 gals. The initial equity in the cars is over 30%.
The
The company on April I filed in Pennsylvania a statement
cars are leased to The Texas Co.on a basis in excess of$35 per month
per car. stance:
"First & Refunding Mtge.5% Gold Bonds, 1907, saying in subThe combined average earnings of both companies for the past three
due July 1 1937.
years
has been in excess of 30% per annum on the entire capital stock outstanding. Total auth. issue, $10,000,000; issued heretoforeof
, $6,137,000, of which
All of the capital stock of the Pennsylvania Tank Line and the Pennsyl- $5,409,000 are outstanding and $728,000 have been
retired;
vania Tank Car Co. is owned by the Petroleum Iron Works Co. of Ohio, $3,863,000. The company now purposes to issue and sell, atunissued,
par and
accrued interest, $659,000 of the bonds with which to
capitalized at $3,000,000, surplus over $1,000,000, and no bonded
debt.
reimburse the treasury, in part, for expenditures made for construction purposes
Balance Sheet, Pennsylvania Tank Line, March 31 1919.
from June 1
Feb.
1917
to
28
1919.-V.
108,
p.
1611.
AssetsLiabilitiesCash
$435,894 Accounts and bills payable $315,559
Shannon Copper Co., Boston.-Sale of Greenlee County,
Accounts receivable
337,026 Accr.rents,trust ctfs.&taxes 2,4
340
85
1:90
40
3 Arizona, Properti
Car equip't deferred pay'ts
es and Railway Stocks-Payment of By. Bonds.
16,168 Car trust certificates
Rolling stock owned
392,042 Deferred income
The stockholders will vote Sept. 24 upon the following
30,094
Rolling stock leased
matters,
wit:
4,061,476 Depr'n cars owned & leased 646,226 (1) the sale of all the company'
s mines, smelters, mills and reductionto
Rental reserves (ctfs. int.) 177,550 Provision for bad accounts
works
2,471 and extracted ores and appurtenant personal property in Greenlee
Def'd comm.& pre.pd.int_
County,
55,834 Rental leased equipment_- 1:0
Arizona; (2) the sale of all shares owned by the
0
0
3
2
00
:0
65
0
company of the capital
Car service contracts
500,000 Capital stock
stocks of Shannon Arizona Ry. Co., Clifton Northern
Ry.
Total (each side)
and Colorado
$5,975,990 Surplus
122,048 Mining Co.; (3) the sale of any interest in and to that Co.
certain judgment
Balance Sheet Pennsylvania Tank Car Co. of Ohio, March 31 1919.
or other claim held by the company against Coronado Mining
Co.;(4) discharging
or
making prevision for any and all liens or claims
AssetsLiabilitiesthe above
Cash
$88,759 Accounts and bills payable $214,971 mentioned properties of the company and the properties ofupon
said Shannon
Accounts receivable
636,916 Accr. taxes & royalties_ -.... 171,978 Arizona Ry. Co. and Clifton Northern Ry. Co.
Mdse., supplies, &c
928,576 Depreciation reserve
Digest of Statement by President N. L. Amster,
37,512
Boston, Sept. 8 1919.
Plant and equipment
217.023 Compensation reserve._ -When the armistice was signed the price of copper
3,318
Deferred charges
82,894 Capital stock
declined radically.
1,000,000 On account of the constantly mounting cost of operation
Total (each side)
$1,953,969 Surplus
and the low grade
the
ore
of
from
the
526,189
Metcalf property,
cost of producing copper was far
excess of the price then quoted inthe
Pending Purchase.-See American Republic Corporation in
the
open
market.
Your directors
decided to shut down. During the period when
above.-V. 104, p. 668.
around 15 cents, with little demand at that, the the price of copper was
company had to provide
some $80,000 to pay off accumulated
bills,
taxes
and wages (aside from
Penny (J. C.) Co.-Preferred Dividend.the amount we owed the selling agents), and to liquidate
these debts the
The directors, Sept. 16, declared out of current
was obliged to borrow $100,000.
a quarterly company
dividend (for the portion of the quarter from Aug.earnings
While we had been able to treat
19, to Sept. 30) of
the
low-grade
semi-oxidized ores at a
$.816 per share on the outstanding Preferred stock, payable Sept.
slight profit under ordinary conditions, the groat increase
30, to about by war activities
in cost brought
holders of record Sept. 27.-V. 109, P. 483.
made this quite impossible. We, therefore,
concluded negotiations for the sale of the properties
at Clifton and Metcalf
Philadelphia Electric Co.-Stock Listed.to the Arizona Copper Co., Ltd., for $600,000. In
addition thereto the
company has a claim of $25,000 due it from the Coronado
The Philadelphia Stock Exchange has recently listed $880,075 additiona
l
The directors further feel that in selling these propertiesMining Co.
capital stock of the Philadelphia Electric Co. issued less than $250
company
in exchange for a like amount of stock of Philadelphia Electric Co. thereof has been placed in a very sound financial condition, enablingthe
it to pay off
of New the balance of the Shannon Arizona Ry.
Jersey, and the remainder under resolution adopted by the
Co. outstanding bonds (guaranteed)
board
of
directors
amountin
g
to
Nov. 22 1918, making the total amount of said stock listed at
$87,000, PaY off the $100,000 loan made for the purpose
this date liquidatin
of
$29,199,200,. and reducing amount of Philadelphia
debts at the time the properties were closed down,
Electric Co. of N. J. a balance gofits
leaving
over $460,000.
stock listed at this date to $30,475.-V. 108, p. 1605.
In addition to this your company will still own, free
from all debt, the
mining properties at Gleeson and Yaeger Canyon.
Piedmont Power & Light Co.-Earnings.As soon as the sale is
consummated your directors will take
up
the
question
Year end June 30of
resuming
operation
1919.
at Gleeson and Yaeger Canyon and possibly the investigat
1918.
Gross earnings
ion of other
$221,853 $164,715 properties with a view to re-establi
shing the company as a producer and
Net after taxes
money
56,231
earner.
-V. 109, p. 78.
32,635
-V. 105, p. 2185.
Pierce Oil Corp.-Time Extended-Report.-
..The option to exchange $9,200,300 10-year 6% convertibl gold bonds o
1924 for new 8% Cumulative Prof. stock has been extended etill
and including Sept. 19. (Compare V. 109, p. 277, 780.) See annual report
on a subsequent page of this issue.-V.109. P. 780, 584.
Prairie Oil & Gas Co.-Extra Dividend.-
An extra dividend of $5 has been declared on the $18000,000
outstanding
capital stock in addition to the regular quarterly
dividend of 33, both
payable Oct. 31 to holders of record Sept. 310. This compares
in April and July and $5 in January.-V. 108, p. 1065. with $2 extra
Punta Alegre Sugar Co.-Dividends 10% p. a.- •
Shattuck-Arizona Copper Co., Inc., N. Y.-Prod.
--Month of August8 Months
Copper (lbs.)
Lead (lbs.)
Silver (ozs.)
Gold (ozs.)
-V.•108, p. 2636. 2130.
1919.
386,027
708,526
33,383
51.69
1918.
02,861
199,528
14,189
112.91
1919.
1,386,871
1,444,800
77,512
211.75
1918.
6,561,059
644,465
100,460
819.51
Sixth Street Realty Co., Cleveland.-Offeri
ng of
Bonds.-Worthington, Bellows. & Co., Otis
Guardian Savings & Trust Co. Cleveland, are& Co. and
at
par and int., yielding 7%,$325,600 First Mortgageoffering
Leasehold
7% gold bonds. A circular shows:
The board of directors has voted that (a)"there be appropriated out
of
scitalluesngsr on
earnings
as oofnM
eag
ei
sa
tald1114ande reserved for itnivpayme
nt of
c
netupon
19
a sum sufficient, in the opinion of the treasurer, to provide for the
Dated Aug. 11919. Denom. $1,000, $500 and
payment
during such period of dividends at the rate of 10% ($5 per share)
$100(c5). Due serially
per Feb. 1 1921 to 1930,incl. Int. payable F.& A.at the
annum, and further
Savings
& Trust Co., trustee. Redeemable on anyoffice of the Guardian
"That out of the sum above voted to be set aside for the payment
int. date in inverse
numerical
order
dividends there is declared upon the Common atock outstanding at of income tax, to at 103 and int. The company agrees to pay the Federal
the extent allowable by law, up to 4%.
the
close of business Oct. 1 1919 a dividend of 23i% ($1 25
per
The
bonds
share)
are
of
secured
the
by
a first mortgage on a leasehold
par value thereof, payable Oct. 15 1919 to stockholders of record at the
in a
close parcel of land at the southeast corner of St. Clair Ave. and Eastestate
of business Oct. 1 1.919."
Sixth St.,
fronting about 370 feet on St. Clair Ave.. Cleveland,
and a modern, fireNew Securities-To Retire Old Pref. Stock-Conversion Rights proof, standard construction, four-story
building in process of erection
thereon. The sum of $550.000, for constructi
The stockholders on Sept. 15 voted to retire the existing
on of the building, has been
$760,000 of deposited with the trustee.
Prof. stock and authorized an issue of $1,000,00 8% Cum. Prof.
The leased land has been appraised at $717,000
stock,
and
$740.000.
with a value of $50 par, per plan in V. 109, p. 893.
It was also voted to extend to the holders of the First Mtge.
Spencer House Realty Co., Indianapolis.-Offeri
vertible bonds and Collateral Trust 6% Convertible bonds the 6% Conprivilege
ng of
of at any time exchanging such bonds for Common stock upon the
basis Pref. Stock.-J. F. Wild & Co. Indianapolis, are offering.at
specified in said bonds respectively, without the notice now required
by
100
and
div.
$300,000 6% Pref. stock, par $100. A cirthe terms of said bonds. Accordingly any bondholder desiring to convert
n1ay at any time deposit his bonds with the Merchants National Bank
of cular shows:
Boston for purpose of conversion.-V. 109, p. 893.
Redeemable at 102% at any div. date after March
1 1925. Dividends
payable Q.-M. Secured by a first charge against Indianapo
Ray Consol. Copper Co.-Production (lbs.).lis real estate
appraised at o
vry
annear'
Net
s are approximately
1919.
1918.
nUaly(Itv
1917.
51%Tds
0 and stepacrkn rneCd
Month of August
3,895,000 6.625,000 7,749,509
consists of Pref. stock, authorized and issued,
400,0001 Common stock.
8 months to Aug. 31
31,800,000 59,147,559 62,842,798 authorized and issued, $150,000.
-V. 109, p. 781, 685.
Sapulpa Refining Co.-Operations Extended.-
The "Chronicle" has received the following, understood to be authoritative: "The company has completed a well with a daily productio
n of
Tube Co. of America.-Initial Dividend
.An initial quarterly.dividend of 1 % has been declared
on the recent
Issue of $17,500,000 79" Preferred 3j
stock, payable Oct. 1 to holders of
record Sept. 20.-V. IN, p. 1085.
1186
THE CHRONICLE
Stephens Fuel Co., Inc., N. Y. City.-Offering of Pref.
Stock.-Richardson, Hill & Co., Boston ,and Pyne, Kendall &
Hollister, Now York, are offering at par and div., by adv.
on another page, $500,0007% Cum.First Prof.Stk, par $100.
Dividends payable Q.-F. Redeemable in whole or in part at any time, on
30 days' notice, at $110 and divs. A cumulative sinking fund of 15% of net
earnings after taxes and First & Second Pref. divs. is established for purchase
or redemption of First Pref. at not over $110 and div. First Pref. stock
purchased or redeemed through the sinking fund shall be kept alive for the
purpose of receiving divs. for the benefit of the sinking fund.
Data from Letter of Pres. Olin J. Stephens, Dated N. Y., Sept. 2'19
Company.-A New York corporation, organized to take over the business,
assets and goodwill of the following retail coal companies operating in upper
Manhattan and the Borough of the Bronx, N.Y. City,which were established
in the years mentioned: Olin J. Stephens, Inc. (1853), G. Robitzek & Bros.,
Inc. (1879), Marco Bros., Inc. (1888), Henry Meyer Co. (1892). The
combined sales of these companies have averaged about 500,000 tons annually, included in this total being about 60% of the retail coal business of the
Bronx and a large proportion of the business of upper Manhattan. The
annual sales in tons 5 years average) in their order mentioned are as follows:
337,326, 73,969, 48,891, 44,567.
CapitalizationAuthorized. Now lss'd.
7% Cumulative First Preferred
$500,000
$1,000,000
7% Cumulative Second Preferred
1,500,000
1,017,700
Common Stock (no par value)
60,000 shs. 39,895 shs.
Purpose of Issue.-To provide increased working capital for the new co.
Properties.-All the plants are situated on navigable waterways, and so
distributed as to make deliveries possible at minimum cost. The location
of the receiving and distributing points of the new company is as follows:
Harlem River. 135th St.; Harlein River, 177th St.; Mott Haven Canal,
138th St. (four plants), Bronx River, Westchester Ave.; Bronx River, 173d
St.; Westchester River, Walker Ave., Westchester. Four of the nine
plants are subject to unassumed mortages of $275,000, these properties
being of an appraised valuation of $673,300. The remaining plants are
under lease. The company has an ample equipment of wagons and trucks
and repair and maintenance shops.
Earnings -The combined earnings are certified by Marwick, Mitchell,
Peat & Co.for the three years 1916-17-18, after making certain adjustments,
are reported to have averaged $169,904 per year, before charging off Federal
income and excess profits taxes, or about 4.8 times the annual dividend
requirements of the First Preferred stock outstanding.
Balance Sheet as of Aug. 11 1919, After Giving Effect to This Financtng.
LiabilitiesAssetsReal estate, blclgs, &c_ _ _ _ $683,247 First Preferred stock
$500,000
Leas
Leases, goodwill, &c
1,087,549 Second Preferred stock.._ 1,017,700
Cash
700,500 Corn. stock (no par value) 1,237,024
319,112
Coal on hand
319,112 Accounts payable
, Property reserve (surplus).
Supplies
45,276
Total (each side)
295,071
$3,119,112
Equipment
Net quick assets after this financing equal $140 a share, and total tangible
assets $340 a share for each share of First Preferred stock now Issued.
Provisions.-(a) No dividends shall be paid upon 2d Pref. or Corn. stock
which will reduce net quick assets below 125% of First Pref. stock outstanding. (b) Has sole voting power in event of default of four quarterly
divs., or of any sinking fund payment. .(c) No mortgage without 75% of
First Preferred stock.
Management.-The officers are: Pres., Olin J. Stephens; Chairman Board
of Directors, Ralph H. Perry; Vice-Presidents, Roderick Stephens, Julius L.
Marco and Edward Robitzek; Treas., Benjamin B. Marco; Sec., Alex J.
Fraser.
Directors.-The foregoing, and Arthur I. Robitzek, Milton Mayer,
William Marco, Lynn W. Thompson and Melvin G. Palliser.
Steuben Products Co., Inc.-Offering of Notes.Morris Brothers Co. Phila., are offering at prices ranging
from 99.05 to 93.40
'and int., according to maturities to
yield 7% $425,000 Collateral Trust & First Mortgage 6%
serial coupon gold notes. A circular shows:
Dated Aug. 1 1910, due $50,000 each Aug. 1 1920-28. Denom. of $1,000
and $500. Int. payable F. & A. at Republic Trust Co., Phila., trustee,
without deduction of the normal Federal income tax of 2%; Pennsylvania
State tax refunded; New York State tax free. Any series of notes subject
to call on 60 days' notice at par and interest.
Company.-Organized under the laws of N. Y.for the purpose of acquiring
through purchase of the capital stock and physical properties, the assets
and business of (1) Wayland (N. Y.) Canning Co.,Is
(2) Atlanta (N. Y.
Canning Co., (3) Cohocton (N. Y.) Canning Co., 4) Naples (N. Y.)
Canning Co., and sub-stations located at Wallace, N. Y. and Garlinghouse. N. Y. These companies have conducted a large vegetable and fruit
packing business for many years, the output consisting principally of peas,
corn, pork and beans, string beans, berries, spinach and apples. The purchase of other companies is contemplated, which will greatly increase the
business and earnings of this company.
The proceeds from this note issue will be used to retire current debt
and provide additional working capital.
Outsanding.
Authorized.
Capitalization,
$425,000
$425,000
Serial notes
500,000
500,000
Common stock
Security.-These notes are secured by a first mortgage on all of the fixed
assets comprising plants, warehouses, &c. and also the following additional
shares of Common stock: Naples Canning Co., 250; Marine Trust Co.,
110; Dudley M. Irwin, Inc., 500, valued at $156,750. There is also deposited with the trustee $251,000 par value of the outstanding stock of this
company, which is a majority of the authorized capital stock,and covenants
to deposit with the trustee In the case of an increase of the capital stock
a majority of such increase issued.
Earnings.-The companies purchased had gross sales in 1918 of $1,364,253;the Naples Canning Co.(50 7 of whose stock is owned) had gross sales
of $370,625, total gross sales, $1,734,878. The companies had net profits
without deduction of income tax of $233,005. Average annual net earnings of the Wayland, Cohocton and Atlanta plants for the past four years
amounted to $117,274.
Stewart-Warner Speedometer Corp.-Director.Joseph E. Otis, V.-Pres. of the Central Trust Co. of Illinois, has been
elected a director to succeed W.McM. Rutter, resigned.-V. 109, p. 886.
Submarine Boat Corporation.-Progress of Construction.
On Sept. 13 the corporation launched at its Newark Bay yard the 73d
fabricated cargo ship of the 150 which it is building for the U. S. Shipping
Board. Within the past 12 months it has delivered 60 or more completed
ships, and if no unforeseen obstacles arise the entire contract will probably
be completed by June 1920. A statement approved by the company
further says in substance: "The Submarine Boat Corporation has thus
hung up a record which it is believed has never,been exceeded here or
abroad. The shipyard belongs to the U. S. Shipping Board.
"In the submarine, end of the business the Electric Boat Co. now has
unfinished contracts on hand to the amount of about $30,000,000. In the
construction of submarine boats the Electric Boat Co. is working entirely
on business for the United States Navy, except for work being done on
machinery for some of its boats being built in Spain. Most of the work
for the navy is far advanced, but there are yet to 138 delivered three of the
largest submarines in the world, about 10 boats of the R type and 25 boats
of the S type. In addition to this, the company received a new order on
July 1 for six boats of the S type. The navy work is being handled on
the cost and percentage basis." (Boston "News Buroau.")-V. 109, P. 987.
Superior Steel Corporation.-Earnings.-Six Months Ended June 30 1919.
$3,056,041 Exp.. ord. tax, deprec., &c_$269,849
45,675
2,386,219 Federal tax reserve
Prof. stock sinking fund_ _ _ 82,500
$669,822
Gross profit
$325,066
Balance
53,268
Other income
306,023
Dividends
$723,090
Gross income
$19,043
Surplus
-V. 108. p. 2637.
Net sales
Cost of sales
Wm.. 109.
Swift & Co.-Outlook for Stock Div. if Decision Favorable.
The "Chicago Economist" of Sept. 13 says:
"If the U. S. Supreme Court renders a decision that stock dividends are
not taxable under the revenue law, Swift & Co. will raise its capital stock
from $150,000,000 to'$200,000,000 and an agreement will be entered into
with representatives of the Government under which the corporation will
never pay more than 8% on that capitalization. What right representatives
of the Government and of Swift & Co. have to enter into such an agreement
does not appear. . . .
"By this plan the corporation will relieve itself of the constant annoyance
of Government investigation and espionage, provided there is a sufficiently
clear understanding with the Government and good faith is kept. Room
for expansion will still exist. The Swift International stock is regarded by
many people as much the most valuable asset of that interest, and the
company, being foreign and having its property in foreign countries, is
outside the jurisdiction of the United States authorities. There is no limit
to the expansion of Swift International operations."-V. 109, p. 782, 686.
Temple Coal Co.-Bond Call.Thirty-one ($31,000) First and Collateral Trust Mtge. Sinking Fund
gold bonds of 1914 have been called for payment Oct. 1 at 101 and int.
at Penna. Co. or Insurances, &c., Philadelphia.-V. 106, p. 821.
Thompson (John R.) Co., Chicago.-Stock Dividends.
The Chicago "Herald & Examiner" on Sept 10 said in substance: John
It. Thompson, President, announced yesterday that his company plans
to cut a liberal "melon" if the U. S. Supreme Court decides stock dividends
are not taxable as income. Provided the decision, expected next month,
Is favorable, the Thompson Company will immediately declare a stock
dividend of 33 1-3%. This will increase the outstanding Common stock
from $4,500,000 to $6,000,000, and will leave considerably more than
$600,000 in the surplus account. Furthermore, Mr. Thompson stated, the
company's present rate of earnings are such that it is not improbable that
a year and a half hence the surplus account will be of such proportions that
a second 33 1-3% stock dividend can be declared.
Earnings.-Current earnings are improving monthly, the Aug. return
being about 10 times the Aug. 1918 earnings. For the full year 1919 it
is expected the net after Federal taxes will be about $1,000,000. During
the first 6 months of 1919 the return after Federal taxes was $394,347,
which after Preferred dividends was equivalent to 7.47 on the common,
an annual rate of 14.94.-V. 108, p. 2637.
Tonopah Belmont Development Co.-Div. Reduced.The directors have declared a dividend of 5% on the stock payable Oct.
1 to holders of record Sept. 15. This compares with 10% paid in April
and July last. The reduction is due to the labor strike now on at Tonopah.
-V. 108, p. 978.
Trans-Continental Oil Co.-Refinery, &c., Purchased.The company, it is announced, has purchased the Inland refinery just
completed at Fort Worth. Tex., with a capacity of 5 000 barrels a day,
and also has purchased of the United Producers Pipe Lino Co. their newly
completed pipe line which runs from the Inland refinery to the Duke and
Knowles pool with branches to the Ranger and Caddo fields, in all, 96 miles.
The pipe line, it is stated, has a capacity of 15,000 barrels a day and steel
tank storage capacity of 500,000 barrels, 300,000 of which are located at
the refinery and 200,000 along the pipe line. Compare statement to N. Y.
Stock Exchange in V. 109, p. 987, 1086.
Union Oil Co. (of Delaware).-Stock Overscribed.Montgomery & Co. Dominick & Dominick and Hayden, Stone & Co.
have announced that'
the issue of stock offered by them has been oversubscribed.-V. 100, p. 1086.
Union Tank Car Co.-Bids on Tank Cars.The company is reported to have inquired for bids on 1,000 tank cars
of 10,000 gallons capacity. The new cars it is said will cost $3,300 each.
-V. 109, p. 686.
Universal Film Mfg. Co., N. Y.-$810,500 Pref. Stock
Being Retired.Announcement was made recently that Preferred stock to the amoun
of $810,500 was being retired.
President Carl Laemmlo in a recent letter said: "I think we may all congratulate ourselves on being in such excellent shape as to do this thing.
When we stop to think that we are withdrawing nearly $1,000,000 worth of
stock at the very moment when we are expading our business, it is really
an occasion that permits self-congratulation."-V. 100, p. 738.
U. S. Food Products Corp.-Extra Div.-Directors.The directors have declared an extra dividend of 134% on the outstanding
of 1%, both
capital stock in addition to the regular quarterly dividend of
payable Oct. 18 to holders of record Oct. 2. An extra of 13.% has been
paid quarterly since April 1918.
E. V. R. Thayer and Oscar L. Gubelman have been elected directors to
succeed Thomas A. Clark and W. H. Kiernan.-V. 109, p. 80.
Utah Copper Co.-Production (lbs.).Month of August
8 months to Aug. 31
-V. 109, p. 782, 586.
1917.
1919.
1918.
8,640,000 19,920,947 18,796,012
74,319,863 131,113,596 136,212,947
(V.) Vivaudou, Inc.-Stock Sold.-.T. S. Bache & Co. and
S. M. Schatzkin, New York, announce the sale at $31 per
share of 150,000 shares, no par value. (See advertising
pages). The company manufactures and distributes perfumes, talcum powder, face powder, tooth paste and other
toilet articles, has an authorized and issued capital of 300,000
shares of no par value. Has no bonds or preferred stock.
J'. S. Bache & Co. and S. M. Schatzkin announce that the syndicate
which underwrote the 150,000 shares has been dissolved. Compare
V. 109, p. 895, 1086.
Vulcan Detinning Co.-Preferred Dividend.A quarterly dividend of 1 3i% has been declared on the Prof. stock and
also 1% on accumulations, both payable Oct. 20 to holders of record
Oct. 10: In April and July last 1% was paid on accumulations.-V. 109.
P. 895.
•
West India Sugar Finance Corp.-Dividend on Common
Stock for 1918 8% (previously 6%),in Future 7%.-
A dividend of 5% has been declared on the $2,000,000 Common stock,
payable Sept. 30 to holders of record Sept. 25, which makes a total of 8%
for the year ended Sept. 30, 3% having been paid last May or June. The
company confirmed the report that the directors have decided to place the
Common stock on a 7% p. a. basis, payable quarterly, Jan. April, July and
Oct. The company was incorporated in Connecticut Aug. 1 1913 and from
that time to date paid 6% per annum.-V. 109, p. 895.
Western Electric Co., Ltd., of Can.-Decreased Stock.The company has decreased its capital stock from $10,000,000 to $2,500,000.-V. 104, p. 78.
Willys Corp oration.-Offering of Preferred Stock.-John.
Burnham & Co., Chicago, Montgomery & Co., and Estabrook & Co., New York, &c., are offering at 100 and div., by
advertisement on another page, $15,000,000 8% Cumulative
Convertible Sinking Fund First Preferred Stock, par $100.
Dividends payable Q.-M. Redeemable as a whole or in part or for the
sinking fund on any date at 110 and divs. on 30 days' notice. Convertible
at option of holder into two shares of common stock upon 15 days' notice.
No mortgage or lien of the corporation or its subsidiaries, except purchase
SEPT. 201919.]
THE CHRONICLE
1187
money mortgages, may be created without the consent of 75%
this issue
Upon completion of
present financing, company will have no funded
Annual sinking fund payments (cumulative) ranging from 10%of
on the first debt except $225,000 the
purchase money obligation on its Bay City plant,
$3,000,000 of net earnings (after divs, on this stock) to 3% on the excess
payable in annual installments of $25,000.
over $6,000,000 are called for beginning in 1921. Has no voting power ex
cept in default offour quarterly div's on this stock or in sink,fund payments, Balance Sheet as of May 31 1919, Including the Proceeds of This Issue.
Land, buildings &c
Data from Letter of Pres. John N. Willys dated Sept. 13 1919.
$1,492,266 Preferred stock
$1,500,000
1,250,057 Common stock
Company -Electric Auto-Lite Corp.(V. 109,P.681) is changing its name Inventories
567,150
Accounts & notes rec. _ __ _
591,385 Pur. money obligation_ _ _
to Willys Corti., and is acquiring the New Process
225,000
Gear Corp., of Syracuse, Land contracts
rec.
21,702 Accounts payable
N. Y., and the Duesenburg Motors Corp., of Elizabeth, N. J.
433,644
Miscellaneous
invest._ ___
Contract, &c.-A purchase and sale contract with The Willys-Overland
26,550 Accrued items
107,074
Co. provides for the manufacture by the Corporation on a large scale of a Liberty bonds
125,151 Res.for Fed. Taxes(1918) 184,376
new light weight six cylinder automobile already developed and representing Cash
897,066 Surplus
1,430,747
Prepaid
taxes,
ins., &C-- the latest achievements of the automobile industry, including a spring sus43,815
Total (each side)
$4.447,092
Net assets of $3,497,897 are equal to over $233 per share of the Preferred
• pension which is a revolutionary improvement. This contract furl
hr pro- stock,
vides, among other things, that The Willys-Overland Co shall market
excluding any valuation for patents, trademarks, good will &c.
the
Profits.-The net profits applicable to dividends after deducting estisix cylinder cars through its sales organization, and a special unit organized
mated Federal taxes, and after depreciation, but before
for the purpose.
interest upon
Electric Auto-Lite Corp.(the Willys Corporation) is already an important debt which is to be retired amounted during the 354 years from Jan. 1 the
1919
manufacturer and marketer of farm and home lighting sets in the United to June 30 1919, to about $1,150,000 or an average of $328.000 a year, which
States. These sets, which are sold under the name of "Willys Light," are is equal to over 3 times the $105,000 annual dividend requirements
for
this Preferred stock.
rapidly obtaining a national reputation.
Preferred Stock Provisions.-(a) No mortgage without the consent of
Properties.-The properties comprise: (a) Factories and plants located
75% of the Preferred stock. (b) No cash dividend on the Common stock
In Toledo. Ohio,formerly operated under the name of the Electric Auto-Lite
Corp. Plants are located on land owned in fee, having an area of about 10 which would reduce net quick assets below 110% of the total Preferred
stock outstanding. (c) Has no voting power unless a quarterly dividend
acres. Factories of modern construction have a floor area of 422,000 sq. ft.
is in arrears for 60 days.
(b) The plant formerly operated by the New Process Gear Corp. at Syracuse,
N. Y. These factories, situated on a tract of over 7 acres owned in fee, are
Wright-Martin Aircraft Corp.-Plan Operative.modern and have a floor area of about 8 acres. (c) The properties of
See International Motor Truck Corp. above.-V. 109, p. 788. 287.
Duesenburg Motors Corp. at Elizabeth, N. J., to which large additions the
are
being made to facilitate the assembly of the Corporation's six cylinder car.
The 'property owned covers about 34 acres on which there is now a modern
building with a floor area of 200,000 sq. ft. Additions to this plant will give
CURRENT NOTICES
an area of over 1,000,000 sq. ft. of floor space. The Poughkeepsie, N. Y.,
plant acquired from the Duesenburg Motors Corp. was formerly that of the
-Mr. Jerome D. Greene, of the firm of Lee, Higginson & Co., at e
F. I. A. T. Company. The land owned at Poughkeepsie covers about 35
acres, on which there are factories with about 143,000 sq. ft. of floor space. luncheon of the American Manufacturers Retail Association at
the McSecurity Holdings.-The security holdings have a book value exclusive of Alpin Hotel yesterday,
commented that while the best informed persons
intangible assets of $21,369,720 and comprise, among others, 500,000 shares
wisely
hesitate
to
make
a
confident
analysis or to suggest a solution of the
(over 27%) par value $25 of the Common stock of The Willys-Overland Co.;
. 1,000,000 par value of the 7% Convertible Second Preferred Stock of the present economic difficulties, that "one thing is certain, and that is that
Flak Rubber Co., and 81,000,000 of the 7% Convertible Second Preferred there is no royal road to an early and
satisfactory readjustment."
stock of the Federal Rubber Co. Additional holdings are in 11 companies,
Mr. Greene went on to say that the fundamental necessity for a way
all of which are directly or indirectly connected with the supplying of parts
out of the world's difficulties is increased production, and that "the events
or machinery to the automotive industry.
of the last few years have demonstrated to the wage earners, as never before,
Capitaliz'n aft. pres. financing (no fund. debt)- Authorized. Issued.
8% Cum.Cony. Sink. Fund First Preferred stock_$15.000,000 $15,000,000
that labor is something of infinitely greater importance and dignity than
7% Cum. Cony. Second Preferred Stock
10,000,000 10,000,000 a place on a pay-roll, and that unless labor is productive, money,
which
Common stock (no par value)
5,000,000sh 4,450,000sh serves only as a medium of
exchange for different goods and services, is of
Note.-300,000 shares of Common stock are reserved for tho conversion of
the First Preferred stock,at the rate of two shares of Common for each share no more use than a barrel of gold would be to the solitary inhabitant of a
of First Preferred; 250,000 shares are reserved for the conversion of the desert island." . . . "The world is in the position of a manufacturing
Second Preferred, at the rate of 23 shares of Common for each share of plant that has been slowed down or diverted to
a different use from that
Second Preferred. Provision has been made for the deposit of cash to retire
the existing Preferred stock of the Electric Auto-Lite Corp. on or before for which it was intended. Everyone knows that in starting a now plant,
or reopening an old one, there would be a period of months or oven years
Jan. 2 1920. All funded debt will be paid off.
Purpose of Issue.-The proceeds of this financing are being used in the ex- before economical and productive operation is possible. To go through
pansion of the Elizabeth plant and to increase working capital.
that period requires faith, courage and capital,and capital requires credit.
Consolidated Balance Sheet, June 30 1919 after proposed recapitalization.
There is no alternative."
AssetsDeduct-Current Liabilities-The "Owners' Record of Liberty Bonds" is a folded sheet of
Land, bidge., &c.
heavy
$6,194,41 I
Notes Payable
$2,677,500 paper designed not only
for a convenient record of an investor's ownership
Goodwill, patents, &c.
1,635,401
U. S. Gov. advances
290,765
Investments (see above)
and also his purchases and sales of Liberty bonds, and for this purpose
21,369,720
Accounts payable, incl. acAdvances to other cos.
202,095
crued interest, taxes,
designed to fit in the small size safe deposit box; but likewise setting
forth
Inventories
4,065,698
dividends, &c
1,214,882 In clear tabular form the exemption features
of the several issues of these
Notes rec. & trade accept.- _ 527,681 First Preferred stock
15,000,0110 bonds converted
Accounts ree., less res.
and
unconverted.
1,955,153 Second Preferred stock
Copies
of
this
record are being dis10,000,000
Liberty bonds
1,014,024
tributed by the Equitable Trust Co., 37 Wall St., having been
prepared
Cash
11,857,503
Net assets in excess of First
for it by its income tax department. Franklin Carter Jr., Manager.
Deferred charges
440,508
and Second Pref. stock
-Sutro Bros. & Co. call attention to the possibilities of the
representing 5,000,000
stock of
Total
$49,292,194
shares of no par value_ --$20,109,047 Mexican Eagle Oil Co., incorporated in Mexico in
1908, to acquire the
Contingent Asset.-Duesenburg Motors Corp. has filed a claim against the oil concessions of S.
Pearson & Co., Ltd., of London. The Royal Dutch
U. S. Government for loss of profit due to cancellation of contract, amountand Shell companies have, it is reported, recently acquired a controlling
ing to $1,018,437 but this amount is not included in the current assets
and Interest in this important
per contra no reserve for taxes on this amount is included in tho liabilities.
property (V. 109. p. 377).
The company is a
Net tangible assets are $43,079.338 or $287 per share and net quick assets complete unit, having wells in Mexico with a present
estimated capacity
exceed $101 per share of First Preferred stock,exclusive of marketable securof
100,000
barrels
per
day,
with a potential capacity of 250,000 bbls. per day.
ities (see security holdings abovd), which equal $121 per share additional
taken at book values of their net tangible assets.
-The Metropolitan Trust Co. announces that there has been deposited
Earnings Cal. Yrs. 1916, 1917 and 1918 and FiveMonths Ended May 31.1919. with the noteholders' protective
committee of the Washington Utilities
Electric Auto-Lite1919(5 mos.) 1918.
1917.
1916.
Co., $1,306,000 of the total issue of $1.381.000 5% notes. The collateral
Gross profits
81,714,869 $2,679,332 $3,318,745
held to secure the notes, 27,500 shares of the Washington Railway & ElecNet before int. & Fed. taxes 1,344,088 2,248,438 2,944,906 83,294,400
3,061,920
tric Co. common stock, will be sold at the Exchange Salesroom, 14 Vesey
Nov Process GearNet borer int. & Fed. taxes 486,194
289,047
325,945
410,837 St., at 12:30 o'clock, on Wednesday, Sept. 24.
Together
1,830,282 2,537,485 3,270,852 3,472,757
-The balance of the 815.000,000 B. F. Goodrich Co. 7% Cumulative
Deduct-Int. on bank loans_
36,511
106,865
137,456
32,412 Sinking
Fund Preferred stock was offered to the public this week by the
Not before Fed. taxes
$1,793,771 $2,430,620 $3,133,396 $3,440,345 banking syndicate including Kissel, Kinnicutt & Co., A. B. Leach
& Co.,
Estimated Fed. taxes
178.000
84.000
383.000
597,000 Otis & Co. and Hornblower & Weeks, at 104%, yielding about
Div. requiremt. on 8% Pref. 500,000 1,200,000 1,200,000 1,200.000
6.70%.
The stockholders have already subscribed under their rights to $8,000,000
'Times earned /before Fed. tx.
2.02
3.58
2.61
2.87
latter Fed. ti.
1.87
3.41
2.29
2.36 of this issue. The advertisement appears on another page.
The above figures show the operating experience of the company,exclusive
-The National Bank of Commerce in New York has been appointed
.of the Duesenburg Motors'earnings (whose operations are being replaced by
the production of the now car), and any war earnings before deducting (for registrar of the first and second preferred stock and common stock of the
the calendar year 1918) the sum of 81,188,250 representing loss on sale of Now York Canners, Inc. The amount of stock outstanding
is: First prestock of Curtiss Aeroplane & Motor Corp., but after deducting liquidation
Kilv. from the Buffalo Copper & Brass Roiing Mills amounting to 8523,066. ferred stock, 15,000 shares of the par value of $100; second preferred stock,
8,500 shares of the par value of $100; common stock, 60,000 shares, no par
-V. 109, p. 987.
value.
Willys Overland Co., Toledo.-Allied Company.-The Guaranty Trust Co.of New York has been appointed trustee of the
See Willys Corporation above.-V. 109, p. 987, 788, 586.
Atlanta Terminal Co. First Mtge., dated Aug. 1 1919, securing an issue of
Wolverine Copper Mining Co.-Production (lbs.).not to exceed $2,500,000 p. v. 20-year 6% Gold Bonds, due Aug. 1 1959.
1918.
1919.
1917.
Month of August
402,822
334,547
452,703 and transfer agent of the voting trust certificates of the stock of the Coca
8 months to Aug. 31
2,936,082
3,241,350
3,619,832 Cola Co. and of the 'capital stock of V. Vivaudou, Inc.
-V.109" P. 987, 788.
-An investment yielding over 7.50% is
elsewhere in the
(C. R.) Wilson Body Co., Detroit, Mich.-Preferred "Chronicle" by Bonbright & Co., Inc., and J.advertised
G. White Co.. of this city.'
Stock Sold.-Lee, Higginson. & Co.,New York, &c. announce The now issue is $1,500,000 Manila Electric Railroad & Lighting
Corporathe sale at $95 per share by advertisement on another page tion 3-year 7% notes. Price, 9854 and interest.
of$1,500,000 7% Cumulative Prof.(a. & d.) stock, par $100. -A September list of municipal bonds has been issued by William R.
Compton Co., Government and municipal bond dealers. The list includes
Dividends payable Q-J. Callable as a whole on any div. date upon
30 bonds of communities in every section
days' notice at 110 and div. Sinking fund
of the *ountry, yielding from 4.6%
(first payment April 1 1921) of to
5.60%. Ask for list "C. C. 2."
20% of annual net profits after Pref, div.•, but in 1921, 1922 and 1923
the
payment need not exceed 7%,9% and 12% respectively of the Prof. stock
-Subscription
s
to
new
the
Standard Oil Co. of New Jersey 7% Cumulaoutstanding at the end of each preceding year; to be used for the
purchase tive Preferred Stock at $100 per share will be received by the Trust Departand retirement of Prof. stock at not exceeding $110.
ment of the Guaranty Trust Co. of Now York, up to and not later than
Data from Letter of Gen. Mgr. C. Haines Wilson, Dated Aug. 2.
3 o'clock Monday, Sept. 15.
Organization & Business.-Incorporated under the laws of Delaware
-The National City Co. of this city are offering for subscription,subject
July 15 1919, successor to the business and assets
of the C. R. Wilson Body to allotment, $10,000,000 Firestone Tire & Rubber Co.7% cumulative preCo. of Mich. Business established more than 40 years
under the name ferred stocks at 100 and accrued dividend. See advertisement on another
ago,
of the C. R. Wilson Carriage Co., which built carriage and wagon bodies. page for full particulars.
In 1898 began to make bodies for automobiles.supplying the first bodies
by the Ford and Cadillac companies. Business to-day is exclusively used
-F. S. Smithers & Co., 19 Nassau St., this city, have prepared a comcon- prehensive
fined to the manufacture of automobile bodies, both touring and closed,
analysis of all the Standard Oil companies in booklet form coverand it is now the second largest producer in the United States. Chief ing earnings, dividend payments, range of market prices and description of
customers are the Ford, Overland, Maxwell, Hupp, Paige, Oakland, Boo properties.
and Liberty motor companies.
-At 95 per share, Lee, Higginson & Co. sold a new issue of $1.500,000
The main plant is situated at Clay Ave., Detroit, with 368,756 sq. ft.
C. R. Wilson Body Co. 7% Cumulative Preferred stock, and publishes the
of floor space and about 100,000 sq. ft. additional under construction, on advertisement
in the "Chronicle" as a matter of record only.
land owned in fee. In addition has a wood-working plant at Bay City,
built in 1917, with 150,000 sq.ft. offloor space and 44 acres of land. Num-All of the issue having been sold, J. S. Bache & Co.and S. M. Schatzber of employees about 2,350.
kin, of this city, jointly are advertising in the "Chronicle" for record their
Purpose of Issue.-(1) To retire an existing issue of $750,800 8% Serial offering 150,000 shares of V. Vivaudou, Inc.
bonds to be called for payment on Nov. 11919; (2) For additions and better-Columbia Trust Co. has been appointed transfer agent for the common,
ments to plant to tho extent of $300.000; (3) For additional working capital.
first preferred and second preferred stock of New York Canners, Inc.
Capitalization-(of present financing)
Auth.
Outstanding.
Preferred stock, 7% Cumulative (this issue)- - $5,000,000 31,500,000
-Robert C. Mayer & Co., Equitable Bldg., New York, have issued a
Common stock
2,000,000
567,150 chart showing comparative statistics for nine of the leading coppers.
1188
THE CHRONICLE
141)P:iris
[VOL. 109.
anti Documents.
BETHLEHEM MOTORS CORPORATION
(Organized under the laws of Delaware)
OF ITS
OFFICIAL STATEMENT TO N. Y. STOCK EXCHANGE IN CONNECTION WITH THE LISTING
COMMON STOCK.
(Without nominal or par value.)
Total net sales for the year ending June 30 1919 were
New York, Sept. 8 1919.
since organBethlehem Motors Corporation hereby makes application $2,001,386 65. The earnings of the Company
to have listed on the New York Stock Exchange temporary ization have been as follows:
$5,215 01
(Net loss)
months to Dec. 31 1917
certificates for 130,000 shares (total authorized) of its Capital 13
22,390 51
(Net loss
6 months to June 30 1918
365,626 28
(Net profit)
Stock without nominal or par value, all of which is issued 12 months to June 30 1919
and outstanding, with authority to substitute permanent
The Company has paid the following dividends on its
engraved certificates on official notice of issuance in exchange Common Stock:
for outstanding temporary certificates therefor.
10%
Jan. 1 1918
107
Feb. 15 1918
All of said stock is fully paid and non-assessable and no
2
30
1918
Nov.
personal liability attaches to shareholders.
4
May 19 1919
the
under
8
June 4 1919
Bethlehem Motors Corporation was organized
laws of the State of Delaware (with a perpetual charter)
While there were dividends declared on the Common
June 30 1919 to acquire, and take over all of the outstanding Stock in January and February, 1918, still these were not
of
Capital Stock, and subsequently the assets and property,
actually paid until the latter half of the year when the Comthe Bethlehem Motors Corporation of New York and the pany was enjoying very satisfactory profits, in fact, profits
By
ia.
North American Motors Company of Pennsylvan
well in excess of the back dividends which had been declared,
uniting the management of the two companied their produc- but which had not been paid.
in
n
tive capacity has been increased. Through co-operatio
Prior to consolidation, the Company employed approxibuying, production and marketing the output, and the mately 350 people.
economies
resultant larger scale productions, very substantial
BETHLEHEM MOTORS CORPORATION.
have been effected, and a very considerable increase in the
rate of return on invested capital is contemplated. The
The
Bethlehem Motors Corporation was incorporated
the
all
of
North American Motors Company fabricated
laws of the State of New York (with a perpetual
the
under
in
the
n
. motors used by the Bethlehem Motors Corporatio
29 1916, with an authorized. Capital
November
charter)
of
production of complete motor trucks. The capacity
7% Cumulative Preferred Stook, con,
of
$1,000,000
Stock
such
the North American Motors Company, however, was
of the par value of $100 each; and
10,000
shares
of
sisting
as to lend itself very readily to the production of other vital 50,000 shares of Common Stock, without nominal or par
as
units in the construction of the completed truck, such
.
value.
transmissions, clutches, steering gears, etc. The fabrication
There was issued and outstanding $840,400 of said Preof these units in one plant effectuates a very marked saving ferred Stock, and 42,050 shares of said Common Stock,
in the total cost of the vehicle.
without nominal or par value.
The physical situations of the two plants lent themselves
For the above stock, namely, 8,404 shares of Preferred
very readily to the combination, inasmuch as they are both and 42,050 shares of Common, 40,000 shares of Stock of the
apart,
miles
35
but
ia,
situated in the State of Pennsylvan
Bethlehem Motors Corporation of Delaware were issued.
with excellent railroad and highway communication between,
The land on which this corporation is situated covers
Allenin
situated
being
n
the Bethlehem Motors Corporatio
ely 20 acres, in the City of Allentown, State of
approximat
Pottsin
Company
Motors
town, and the North American
Pennsylvania, located on the main line of the Central Railtown:
road of New Jersey, with a frontage of over 2,000 feet on
Article fourteenth of the certificate of incorporation pro- the railroad. The corporation owns a spur track approxivides as follows:
mately 1,100 feet long, situated on its own property, which
"Without assent or other action of the stockholders of this Corporation,
corpora- connects with the main line of the Central Railroad of
the Board of Directors may consent to the dissolution of any otherwith
any
tion or corporations, or the consolidation of any corporation
sale of New Jersey.
other corporation or corporations, or with this corporation, or the
the stock
The buildings are all new and of most modern construcall or any part of the assets of any corporation or corporations,
assets are tion, and comprise a wood-working plant, three-story office
of which corporation so to be dissolved or consolidated or whose
to be sold, is owned in whole or in part by this Corporation."
building, main assembly building, testing building, paint
The North American Motors Company of Pennsylvania shop and power-house. These buildings, together with the
• and the Bethlehem Motors Corporation of New York, the shipping platform and equipment cover approximately 175,• Capital Stock of both of which corporations is owned by the 000 square feet. In addition to the buildings, approximately
Bethlehem Motors Corporation of Delaware, will be dis- 20,000 square yards of concrete paving has been laid in the
solved as soon as the details can be completed for the actual factory yards. All the buildings are adequately covered
taking over of all their physical property and assets by the by insurance and enjoy the lowest rates available as they
are entirely equipped with the most modern sprinkler system
Bethlehem Motors Corporation of Delaware.
available. All machinery and other equipment is practically
.
ISSUANCE
PURPOSE OF
new and most modern in every way.
n
The 130,000 shares of the Bethlehem Motors Corporatio
The above mentioned land is owned in fee.
of Delaware have been issued for the purchase of $840,400
During the calendar year 1918 this corporation produced
of
shares
par value Preferred Capital Stock, and 42,050
motor trucks. The estimated production for the year
3,064
of
value,
Common Capital Stock, having no nominal or par
3,000.
is
1919
all
being
the Bethlehem Motors Corporation of New York,
The total net sales for the year ending June 30 1919 were
the outstanding stock, both Preferred and Common, of said $3,516,028 38. The earnings of the Company sinco organCorporation;for the purchase of $200,000 par value Common ization have been as follows:
Capital Stock, of the North American Motors Company of
OPERATING NET PROFITS AFTER FEDERAL TAXES.
Pennsylvania, being all the outstanding stock of said com- 13 months
$40,144 71
to Dec. 31 1917
89,401 70'
pany, of the par value of $100 a share: and for $1,000,000 6 months to June 30 1918 •
199,124 72
Company.
the
12 months to June 30.1919
in cash to provide operating capital for
$328,671 13
Total operating net profits
NORTH AMERICAN MOTORS COMPANY.
The Company has paid the following dividends on its 7%
Incorporated November 26 1916. State, Pennsylvania.
Charter, perpetual. Authorized. capital, $200,000. Issued Cumulative Preferred Stock:
7%
$36,750 00
Dec. 31 1917
and outstanding, $200,000. Par, $100 per share.
14V
9,36250
Apr. 8 1918
1164450
July 1 1918
PLANT.
14
14,798 00
Om. 1 1918
i4,80800
9 1919
This Company owns and operates a modern fireproof Jan.
1'%°
16,808 00
1
1919
Apr.
main
the
on
2%
16,808 00
steel and brick manufacturing plant, situated
June 30 1919
of
City
in
the
line of the Philadelphia & Reading Railroad
The rate of dividends on the Preferred Stock was increased
Pottstown, Pa., and enjoys a very advantageous labor September 20 1918 from 7% to 8%.
entirely
situation. The plant is completely equipped with
The Company has paid the following dividends on its
new and modern machinery, tools and fixtures for the produc- Common Stock, having no nominal or par value:
over
tion of motors. None of the machinery in the plant is
$100 per share
$3755000
Jan. 9 1919
two years old, and all of the fixtures are of the latest and
stock
$158,529.
of
classes
on
both
paid
dividends
by
Total
most approved design. The plant is adequately covered
Extraordinary deductions wore charged direct to surplus
insurance, and enjoys the lowest possible rate inasmuch as
during the period June 30 1918 to June 30 1919, and included
it is entirely equipped with a sprinkler system.
Bethlehem Sales Company
The land covers approximately four acres and is owned in all obligations of the Chicagovalues.
and depreciation of inventory
fee by the Company.
SEPT. 20 1919.)
THE CHRONICLE
The total amount charged to surplus during the period
was $174,230 35 representing largely materials charged as
useless or unfit for service, but the new model truck makes
possible the use of this material, and future accountings will
in all probability restore this amount.
Prior to the consolidation the Company employed approximately 450 people.
1189
CurrentTrade acceptances
Notes payable-Given for borrowed money
Accounts payable
North American Motor Company
Accrued accounts
$142,731 88
448,000 00
242,279 02
196,698 98
13,133 11
Reserve for Income and Excess Profits Taxes-Estimated..
1,042,842 99
10,000 00
$2.438,852 27
DEPRECIATION.
The policy as to depreciation under normal conditions
which it is the present intention of the Bethlehem Motors
Corporation of Delaware to pursue is as follows: 3% on
buildings, 10% on machinery and equipment,5% on sprinkler
systems, 10% on heating plant, 20% on office furniture,
25% on tools, dies, patterns, etc.
CONDENSED INCOME ACCOUNT NORTH AMERICAN MOTORS
COMPANY, POTTSTOWN, PA., FOR THE YEAR ENDED
JUNE 30 1919.
Sales _
$2,001,386 65
Cost of product
1,250,928 02
Gross profit on total business
General and administrative expenses, including provision for $750,458 63
taxes, interest and allowances for doubtful accounts and
inventories
384,832 35
Netiprofit after taxes
•
$365,620 28
CONDENSED INCOME ACCOUNT BETHLEHEM MOTORS
CORPORATION-OF NEW YORK-FOR THE YEAR
ENDED JUNE 30 1919.
Sales
$3,516,028 38
Cost of product
2,750,515 83
Gross profit on total business
General and administrative expenses, including provision for $765,512 55
taxes
566,387 83
Net profit after taxes, not including extraordinary charges
made direct to surplus
$199,124 72
SURPLUS ACCOUNT NORTH AMERICAN MOTORS COMPANY
POTTSTOWN, PA., FOR THE YEAR ENDED JUNE 30 1919.
June 30 1918 debit balance
$61,489 22
AdditionsNet profit for year ended Juno 30 1919, per statement of
income and expense
365,626 28
Appreciation of plant and property
10,741 09
$314,878 15
DeductionsDrvidends paid on Common Stock
44,000 00
BALANCE SHEET NORTH AMERICAN MOTORS COMPANY OF
POTTSTOWN, PA., JUNE 30 1919.
ASSETS.
Capital AssetsReal estate and buildings
5125,910 14
Machinery and equipment
461,426 57
$587,336 71
Less Allowance for amortization and
depreciation
203,747 08
8383,589 63
CurrentCash
Accounts receivable
Inventories at CostMat'l & motors
motors in proc $252,883 99
Finished motors..
36,947 64
Supplies
12.901 78
Less-Allowance for depre'n
$28,026 97
48,604 93
$302,733 41
25,000 00
U. S. Liberty Bonds-Less unpaid subscriptions and employees' payments ($45.700 00
of which have been pledged to secure notes
payable in the sum of $40.945 00)
Bethlehem Motors Corporation
Other AssetsU. S. Government and transportation claims
Less allowance for doubtful
277.733 41
40,193 46
196,698 98
591,257 75
$177,424 27
70,000
Life insurance-Cash paid
Account receivable-Employees
Consigned samples
2nd Mortgage Bonds ($36,000 00 pledged to
secure notes payable in the sum of $34,000 00 and $4,000 00 in the Treasury)
per contra
8107,424 27
4,199 75
3,23264
1,31890
40,000 00
156,175 56
Deferred ChargesPrepaid interest, insurance, expenses. etc
20,661 34
81,151,684 28
LIABILITIES.
Capital LiabilitiesCapital Stock-Authorized and issued
Surplus
$200,000 00
270,878 15
CurrentNotes payable-given for borrowed money unsecured_ _ _ - $235,000 00
Secured by U. S. Liberty
SURPLUS ACCOUNT BETHLEHEM MOTORS CORPORATION-.
Bonds in the sum of $45,.700 00
OF NEW YORK-FOR THE YEAR ENDED JUNE 30 1919.
40,945 00
Secured
by 2nd Mtge. Bonds
June 30 1918 balance
lathe sum of $36,000 00
$567,933 91
34,000 00
Additions309,945 00
Trade acceptances
10,506 85
Net profit for year ended June 30 1919, per statement of inAccounts payable
145,872 91
come and expense
199,124 72 Dividends payable
16,000 00
Accrued accounts
12.481 37
$767,058 63
DeductionsMortgage BondsDividends paid:
First Mtge. 6% 10-year 34,000 00 annum
Preferred Stock ______________________________________
74,866 50
due on March 1 of each year:
Common Stock
37,550 00
Authorized issue
$40,000 00
Extraordinary charges made direct to surplus
174,230 35
Less-Amount retired
8,000 00
Cost of financing Preferred Stock
20,765 00
832.000 00
Second Mortgage 6% 10-year, due Sept. 1 1928:
$307,411 85 Owned by co. per contra
$40,000 00
Surplus per balance sheet
459,646 78
In hands of publlc
24,000 00
Surplus per balance sheet
BALANCE SHEET BETHLEHEM MOTORS CORPORATION OF
NEW YORK, JUNE 30 1919.
ASSETS.
Capital AssetsReal estate and buildings
Machinery and equipment
$321,397 49
143,058 73
Less-Allowance for depreciation
Total authorized issue
494,806 13
64,000 00
Reserve for income and excess profits taxes, estimated
96,000 00
90,000 00
$1,151,684 28
$464,456 22
31,245 50
$433,210 72
CurrentCash
$93,646
33
Notes receivable
21,912 59
Account receivable-Customers $167,553 33
Less-Allowance for doubtful
5,000 00
162,553 33
Bank certificates of deposit
10,693 06
Inventories at CostRaw materials &
tr'ks in process$1,003,594 68
Finished trucks.. 117,258 70
8,161 94
Supplies
$1.129,015 32
Less-Allowance for depre'n
10,675 58
U. S. Liberty bonds-Loss unpaid subscrip- 1,118,339 74
tion and employees' payments
35,078 00
War Savings Stamps
420 00
1,442,643 05
Other AssetsU. S. Government and transportation claims_
$3,497
29
Expense advances
16,964 55
$20,461 84
Good-will
500,000 00
Deferred ChargesPrepaid advertising, interest, taxes, &c
42,536 66
$2,438,852 27
LIABILITIES.
Capital Lia bilitiesCapital Stock:
Preferred 8% Cumulative:
Auth. issuo_$1.000,000 00
Less159,600 00
Unissued
$840,400 00
Common-Authorized issue, 50,000 shares of no par value:
Issued-42,050
@FedFRASER