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TWO
SECTIONS—SECTION
OISTB
INCLUDING
Bank &
Railway & Industrial Section
Railway Earnings Section
COPYRIOHTEP IN 1S2«
BY WILLIAM B. DANA COMPANY, NEW
VjoftK.
Issued
Weekly
$10.00 Per Year
VOL 110.
Electric
Bankers' Convention Section
Quotation Section
State and
CHARTERED
FARMERS'
NEW
Wl,lla38 Front St?NY.Crty^6™'
YORK, APRIL 17, 1920.
HARVEY FISK & SONS
1122
TRUST
&
©f ISWlork
NEW YORK
capital
UNITED STATES BONDS
YORK
NEW YORK CITY BONDS
AND OTHER CHOICE
OF
$0,000,000.08
undivided profits.$2,100,000.08
475 Fifth AvenuS) at 41 at Straat
MANAGEMENT
$5,000,000.08
surplus
tft, 18. 20 and 22 William Straat
NEW
NO. 2860.
Tlie Iihcrly¥aiioiial Bank
32 Nassau St.
COMPANY
S, 1870.
#inancfal
Jfinanctal
LOAN
City Sectio®
ENTERED AS SECOND-CLASS MATTER JUNE S3, 187», ATTHE P03T OPPICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH
Jflnantlal
THE
Railway Section
ESTATES
Correspondents in all countries
in Scandinavia
Special facilities
INVESTMENT SECURITIES
CARE OF SECURITIES
DOMESTIC AND FOREIGN
Harris, Forbes & Co
BANKING
Pine
Street,
LETTERS
The New York Trust
EXCHANGE
FOREIGN
OF
COMMERCIAL
CREDIT
YORK
27 Austin Frlara, LONDON, E. C.
Ino.
BOSTON
HARRIS
26 Broad Street
ACCEPTANCES
FORBES & CO..
HARRIS.
Company
LETTERS
William
Corner
NEW
ft
TRUST
SAVINGS BARM
CHICAGO
for munici¬
corporations and
Act &a fiscal agents
palities
5th Avenue and 57th Street
deal
and
in
munici¬
Government,
pal. railroad and public utility
PARIS
LONDON
BONDS FOR
INVESTMENT
Capital, Surplus and Undivided
List on Application
Profits,
Cable Address SABA. NEW YORK
$14,000,000
Established 1892
Member Federal Reserve System
and
York
New
Clearing
Established
John
House
1874.
L. Williams & Sons
Edward B.Smith &Co
BANKERS
Established 1810*
Main Streeti
Comer 8th and
RICHMOND, va.
Baltimore Correspondents:
E. LANCASTER WILLIAMS
Member New York and
The
Philadelphia
Stock Exchanges
ft
CO..
Inc.
Mechanics
and
Metals
National Bank
NATIONAL BANK
GARFIELD
Fifth
Avenue
OF THE CITY OF NEW
Corner Fifth Ave. and 23rd St., New York.
Surplus, $ i ,000,000
Capital. $ 1.000,000
quel w. POOR, President.
HORACE
F. POOR,
Vice-President.
JOHN W. PEDDIE, Vice-President.
ARTHUR W. SNOW, 2d V.-Pres.&Cashiei
RALPH
New York
Philadelphia
YOBB^
Building
T. THORN, Asst. Cashier.
The Chase National Bank
Capital
•
-
-
of the
-
City of New York
broadway
57
Surplus and Profits
•
Deposits, Dec. 31,1919
•
•
$12,000,000
$274,000,000
$15,000,008
21,785,008
$62,174,008
Capital
•••-••
Surplus and Profits
Deposits (Fab. 28, 1920)
OFFICERS
Chairman of the Advisory Board
of the Board of Directors
A. Barton Hepburn,
Albert H. Wiggin, Chairman
THE
Foreign Exchange
AMERICAN EXCHANGE
Trust
Department
Department
Edward R. Tinker, V.-Pres.
Cart J.
NATIONAL BANK
President
Gerhard M. DahJ, V.-Pres.
Reeve Schley, V.-Pres.
Schmid lapp, V .-Pres. A If red C. Andrews, Cashier
Eugene V. R. Thayer,
Samuel H. Miller, V.-Pres.
DIRECTORS
Bond Department
Henry W. Cannon
Edward R. Tinker
A. Barton Hepburn
Henry B. Endlcott
Edward T. Nichols
Albert H. Wiggin
NEW YORK
Resources
over
Newcomb Carlton
Frederick H. Ecker
Letters of Credit
Guy E. Tripp
James N. Hill
Daniel C. Jackllng
Foreign Exchange
John J. Mitchell
Carl J.
$175,000,000
Charles M. Schwab
Gerhard M. Dahl
Samuel H. Miller
Andrew Fletcher
Eugene V. R. Thayer
William B.
Francis Ralston Welsh,
FIRST NATIONAL BANK
PHILADELPHIA, PA.
ft. LAW,
President
of Banks, Bankers,
favorable terms,
correspond with those
changes or opening new
contemplate
making
accounts.
its
Trust
Department,
the
Bank
offers
facilities as
LIGHT AND POWER COMPANIES
109-111
Wm.
Thompson
ACCOUNTS
Corporations, Firms or Individuals on
Through
OF RAILROAD, GAS AND ELECTRIC
1
RECEIVE
and shall be pleased to meet or
who
BONDS
CHARTER NO.
WE
Schmldlapp
SOUTH FOURTH STREET
PHILADELPHIA
Mortgages and Indentures o
Trust, Depositary under reorganisation and oths
agreements. Custodian of securities and Fiscal Ageu
for Corporations and Individuals, Executor under
Wills and Trustee under Testamentary Trusts, Trus
tee under Life Trusts.
FOREIGN EXCHANGE
Trustee under Corporate
DEPARTMENT.
/
THE
II
CHRONICLE
3nt>ejstmtat Rousts ante ©tab
[VOL. 110
tce
foreign exchange
I P. MORGAN & CO, Maitland, Coppell & Co,
Wail Street, Corner of Broad
52 WILLIAM STREET
NEW YORK
KIDDER, PEABODY & CO.
MEW YORK
BSEXSL
&
CO.,
PHILADELPHIA
Act
Corner of 5th and Chestnut Streets
executed for all Investment Securities.
PS
MORGAN, GRENFELL&CO., LONDOH
lit Exchange,
Letters
No. 22 Old Broad Street
Telegraphic
of Credit
&
PARIS
CO.,
ITifc-S. National
Provincial
&
Union
Messrs. Mallet Freres &
Securities bought and sold on Commission.
available In
Travelers,
Commercial and Travellers
Letters of Credit
Cie, Paris,
Agents for the Bank of Australasia.
Cable Transfers,
for
of
Banco Nacional de Mexico,
And its Branches.
Foreign Exchange, Commercial Credits.
Letters
Bank
England, Ltd., London,
14 Piace Vendomo
vg&reul&r
MEW YORK
Transfers,
on
HARJES
17 Wafl St
BOSTON
agents of Corporations and negotiate anu
Loans.
at
•ssu*
MORGAN,
115 Devcnshlre St
on
all
TRAVELERS'
parts of the world.
LETTERS 03F CREDIT
Available throughout the United States
BASING BROTHERS & CO. LTD,
LONDON
BROWN BROTHERS & CO.
Philadelphia
NEW YORK
Bostw*
Belmont & Co.
August
43 EXCHANGE
ALEX. BROWN & SONS, Baltimore
"»W
'»
■'■■■■■111
■
■■■■"■ MI
■>■■■
.
New
Member*
PLACE, NEW YORK.
York
Stock
Exchange.
—WWMB
■■mil
Agent* and Correspondent* of the
Investment
Messrs.
Securities
Foreign Exchange
Deposit
and
ISSUE LETTERS
for
Accounts
Commercial
ROTHSCHILD,
London
Paris.
OF
CREDIT
J. & W.
Travelers
Seligman & Ca
Available In all parts of tha world.
Credits
Draw bill* of Exchange and make Telegraphic
Transfer* to EUROPE, Cuba, the other
West Indies and Mexico.
Travelers' Credits
Execute orders for the purchase and sale of
Bonds and Stocks.
N?_54 Wall Street
NEW YORK
I
BROWN, SHIPLEY & CO.
Lawrence Turnure & Co.
LONDON
64-66 Wall
StewavUle Kane
Street,
New York
T. Suffcrn Taller
James G. Wallae®
Investment securities bought and sold on com¬
mission.
Travelers'
out the United
Central
credits,
available
through¬
States, Cuba, Puerto Rico, Mexico,
and Spain.
Make collections
America
in and issue drafts and cable transfers
TAILER&CD
above
on
countries.
Bankers:
London
Midland
London
Bank,
Paris Bankers:
Joint
City
&
Limited.
Heine
&
Co.
10 Pine Street, New York
33
HEfBELBACH, ICKELHEIMER & CO.
investment Securities
37 William Street.
MEMBERS
N.
Y.
STOCK
Execute orders for
Winslow, Lanier & Co.
53 CEDAR
NEW
7
d&S&o&t®
Received
Allowed
on
Bought
§ut\iect
to
Defiosits,
and
purchase and sale of
Plttsbuigk
Member*
Stocks and Bonds.
Draft,
fnteres
New
York
Stock
and Pittsburgh
Exchange*
Schulz & Ruckgaber
ST Pine Street
on
ComrViftslon
New York
HUTH & COMPANY
Investment Securities
Foreign Exhange
I?©reign Exchange, Letters of (Credit
Commercial
Credit*
Issued
in
Dollars,
Pounds
FOREIGN
BONDS
Commercial Credits
Bonds for
London Agents, Messrs. Goschens A Cunliffe
Foreign Exchange
%Mestment
New
York
Checks and Cable Trans¬
fers
Produce
Exchange Bank
And
-
$1,000,000.00
....
Surplus and Undivided Profits
York
Pittsburgh
Foreign
Transfers.
Exchange
YORK
BOSTON
bought
and
1,456,775.01
Letters of Credit fck? Travelers
sold.
Cab*$j Transfers.
24 BROAD
New York
-
Telephone John 6214
Gable
&
CO.
ALDKED
& CO
STREET, NEW YORK
INVESTMENT SECURITIES
FOREIGN
40
Wall
New
Street
Yo r*
DEPARTMENT
EXCHANGE
MESSRS. PIERSON & CO.
fe
30 Pine Street
on
Europe.
INVITED.
BOISSEVAIN
COMMERCIAL
Foreign Exchangt
HUTH
parts of the world.
Merpbers of the New York Stock Exchange.
"tnmerclal Credits.
FREDK
London, and
Commercial and Travelers' Letters of
Credit available in all
ACCOUNTS
John Munroe & Co.
on
CO,
Branches throughout Manhattan
Capital
Kean, Taylor & Co.
&
the Continent of
Broadway, Corner BEAVER ST.
SSUNR^E
AND
SECURITIES
INVESTMENT
Sterling, Francs, Guilders. Peseta*, etc.
New
New York
(►available in all parts of the world.
Securities
Sold
•
Investment Securities
Issue Commercial and Travelers' Credits
BANKERS.
V
-
-
Arcade BIdg.
1
EXCHANGE.
Foreign Exchange Bought and Sold,
STREET
YORK
Pine St.
Union
Fiscal Agents for
Publi: Utility and Hydro-Electrt«.
CO..
Paris
Amsterdam, Holland.
Companies
APE. 17
1920.]
THE CHRONICLE
m
Snfetftfcnetti ana Jhnannal Senses
Lee, Kiggisson & Co.
G
60
INVESTMENT SECURITIES
Congress Street
CHICAGO
BOSTON
Montgomery Street
421 Chestnut Street
SAN FRANCISCO
Boston
PHILADELPHIA
MEMBERS
New York
Members of New York and Chicago
Chicago
NEW
Stock Exchanges
Higgmson Ct Co.
YORK STOCK
EXCHANGE
Commercial Paper
Securities
£0, Lombard St.
London, E. C.
bought
and
sold
commission
on
Foreign Exchange
I
Commercial
Hornblower & Weeks
Travelers'
&
available
42
YORK
137 So. La Salle Street
14
& HAGEN
Wall Street
60
NEW
'Investment Bankers
Co. MlLLETT, R0E
Goldman, Sachs
in
all
52 WILLIAM ST.
Letters
of
parts
the
NEW YORK
Credit
of
world
<5
BROADWAY, NEW YORK
RAILWAY
Investment Securities
EQUIPMENT
BONDS
SHaorfc Tarina
A<s<s®ptsnni<c©$
MEMBERS
NEW
Mam
OJJkmt National City Bank Buildmf
Uptown Office s Fifth Avenue and 43rd St
YORK, BOSTON AND
CHICAGO STOCK
EXCHANGES
EVANS, STILLMAN & CO.
Correspondent Offices in 50 Cities.
'principal
Direct wires to all
Members New York Stock
markets
60
Boston
Providence
•'
'
'
YORK
Robinson & Co.
•
.
•
Underwriters & Distributors
1888
V:-'
G-:--
Industrial
FOREIGN
:
Bonds
Public
.■
&
Preferred
U. S. Government Bonds
.V'.
Investmen t Securities
Stocks
Utility Securities
Equipment Trust
GOVERNMENT
Certificates
26
Exchange Place
New
Yo^
Members New York Stock Exchange
BONDS
are
NEW
Portland
'
'
•
Established
BROADWAY
Chicago
.
Detroit
Exchange
Counselman & Co.
selling considerably
below
tbelr normal
Investment Bankers
valueldue to the unprecedented fall In Foreign
Exchanges.
point to
an
Present
indications,
however,
ADAMS ST..
CHICAGO
advancing tendency and a return
t© normal would
yield unusual profits.
Write for our suggestions and Circular
Bond &
65
W.
112
F
B.
I. M. TAYLOR & CO. Bonbright & Company
BROADWAY,
NEW
Incorporated
Incorporated
Goodwin
25 Nassau Street
YORK
INVESTMENTS
PHILADELPHIA
Telephone 4600 Bowling Oreen
4
New
Yorl
BOSTON
CHICAGO
DETROIT
7 Wall Street
LONDON
Ibazier &■ Gh.
Sc Sansom
Broad
Bonbright & $0/
Cleveland
Philadelphia
Streets
Boston
PARIS
William P. Bonbright & Co.
New York
Pittsburgh
PHILADELPHIA
New
Baltimore
York
Pittsburgh
Washington
Underwriters
Distributors
Wilkes-Barre
Lebanon
Howe, Snow,
Corrigan & Bertles
HALSEY, STUART & CO.
Incorporated—Successors to
N. W.
RAPIDS,
DETROIT
YORK
H. F. BACHMAN
MINNEAPOLIS
& CO.
Government,
BIRMINGHAM
JACKSONVILLE
CHARLOTTE
1866
Municipal, Railroad
and Public Utility Bonds.
Fiscal Agents for
INVESTMENT
BANKERS
Cities and Corporations
Members N
1425 Walnut
.
Y. and Phila. Stock Exchanges
61 Broadway
St.,
NEW
PHILADELPHIA
HOLTZ &
YORK
BONDS
HARPER
&
INVESTMENT
BANKERS
BUILDING
WALNUT STREET ABOVE BROAD
LASALLE STREET
GOVERNMENT BONDS
TURNER
STOCK EXCHANGE
CHICAGO,
RAILROAD AND FOREIGN
FOR INVESTMENT
CO.
INVESTMENT
19 SOUTH
ATLA5TA
Klf ORLEANS
MILWAUKEE
LOUIS
T.
Preferred Stocks
'
Established
h.
Short Term Notes
MICH.
PHILADELPHIA
BOSTON
ST.
GRAND
HALSEY & CO. CHICAGO
CHICAGO
KEW
Bonds
Investment Bankers
PHILADELPHIA
Members
Philadelphia Stock Exchange
Colgate, Parker & Co,
49 Wall
Street,
New York
[VOL. 110.
CHRONICLE
THE
IV
financial
Jfitratnial
jfttumtisl
WETm^NCE
Power and
Eleotrio
Light Enter¬
established
prises with records of
ESTABROOK & CO.
Stock
and
Proven Power and
BONDS
Dealers
Investment
company
&
chase
SECURITIES
INVESTMENT
We offer
Bankers
York and Boston
Exchanges
Members New
earnings.
Light Securities
Correspondence Solicited
15 State Street,
BOSTON
-
NEW YORK
24 Broad Street,
BOSTON
19 CONGRESS ST.,
SPRINGFIELD
BALTIMORE
PROVIDENCE
ELECTRIC BOND & SHARE CO.
(Paid Up Capital and SurpIus$23,500,000)
NEW YORK
71 BROADWAY,
emerson & co.
e. s.
E. HOWARD GEORGE & CO, be.
MUNICIPAL AND RAILROAD
BONDS
Investment Bankers
Investment Securities
BOSTON, MASS.
II Stmt. Street
For Conservative Investment
R. L.
35
Day & Co.
BOSTON
STATE ST.
Congress St., Boston
New York
Correspondents
Richardson, Hill & Co.
REMICK, HODGES & CO.
EstaUUM 1879
PARKINSON & BURR
Investment Securities
Members of the New York and
Boston Stock
M CoBfNM
Exchanges
I Wall Street
St.
BOSTON
Bangor
Portland
53 State Street
NEW YORK
BOSTON
^
Mem Dent
Boet.il Stock Exchange
New Ymrk Stock Exchange
Arthur Lipper & Company
New Street end Exchange Plan
NEW YORK
Cochrane, Harper&Co.
Investment
SECURITIES BOUGHT AND
Securities
SOLD
JO State St.,
111
COMMISSION
ON
Breach Office
83.mb.re
Broadway
Waldorf-Astoria Hotot B. f
H.Y. Stock Exchange
Investment
NEW YORK
BOSTON
IN
DEALERS
INVESTMENT SECURITIES
W. F. Ladd & Co.
IV. Y. Cotton Exchange
8 Kan A8d Street. ». Y
TX.YJOottM * Sugar Exoh.
Securities
Saratoga Springe. H. Y
Philadelphia Stock Excb.
Atlantic City, H. J.
Chicago Board of Trads
Wen End. It. J.
Long Beach. IV. Y.
BONDS
New York
Qaker, Ayling & Young
George Pick & Company
BOSTON
Investment Securities
ESTABLISHED 1865
PHILADELPHIA
f8
6 Nassau
KOHIG
BROTHERS
Chicago
St., N. Y.
MEMBERS NEW YORK STOCK EXCHANGE
&
GO.
16 Exchange Place, NEW YORK
Deal in
Underlying Railroad Bonds
and
■
Tax-exempt Guaranteed & Preferred
Commercial
and
Travellers'
Railroad & Telegraph Co.
C.
No.
66
BROADWAY,
Members
New
England
Yielding 6^% to 8%
Street
NEW
YORK
Philadelphia
sesf
lontos
RECTOr
Miscellaneous Securities
in all Markets
J. MURRAY WALKER
Devonshire
ROTTERDAM
York,
TELEPHONE
and
CSSfi&ANDSCHE HANDEL- MAATSCHAPPl
New
Chicago Stock Exchangee
Industrial Securities
I30N1G BROTHERS, LONDON
I. HUDSON & CO.
Stocks
Letters of Credit
,
West Adams Street
PRIVATE
WIRES
TO
PRINCIPAL
CITIB
APR. 17
1920.]
THE
Canadian
Government and
CHRONICLE
BANK OF MONTREAL
CEatabliahad 181T)
Municipal
CAPITAL
Bonds
REST
•
paid
We invite corre^oondence regard¬
-
-
$545,304,809
SIR VINCENT MEREDITH, Bart., President
Sir Frederick Williams-Taylor.
yield from
General
6% to 6%%
CAPITAL
Assistant General Manager, H. V.
Manager.
New York Office. 18
F. B. FRANCIS,
64 WALL STREET
[Agents.
STEPHfeNSONj *
Agents
Ineorporatad
14 Wall Street. New York
Buy and Sell Sterling and Continental Kb*
change and Cable Transfers.
CoUeotftoas
made at all points.
Chicago Branch. ST-Xf South La Salla St.
Spokane. Wash.
Mexico City
San Francisco—British-American Bank
owned and controlled by Bank of Montreal)
Travelers' Cheques and Letters of Credit limi
available in all parts of the world.
Banking and Exchange business
description transacted with Canada.
Foreign Exchange bought and cold.
Commercial credits issued available
*
F. Jen*.
Exehange Plana
]
1
C. L. FOSTER,
C. J.
B. Y. HUB DEN
W. T. OLIVER
w. a. BOG
Wood, Gundy & Co.
818,086,881
...818,068,888
President, Sir Edmund Walker,C.V.O., t t. iv, n^>
General Manager, Sir John Alrd.
NEW YORK AGENCY
Writ* for descriptive circular
BANK
HEAD OFFICE. TORONTO
PAID UP
REST.
Head Office—Montreal
ing Canadian Government and
to
-
CANADIAN
OF COMMERCE
20,000,000
•••••»■•••
-
THE
$20,000,000
up
TOTAL ASSETS
Municipal Bonds
V
ef
eveff
In any part ef the world
LONDON OFFICE—2 Lombard Street.
Mwtftd
TorMto
London
•
Offioee, 4T Threadneedla St., E
Waterloo
Place, Pall Mall, S.
C
W.
The
Paris, Bank of Montreal (Franca)
CANADIAN
lTPlace
Vendome
Paid
& Cerporetien
Capital
Reserve Fund &
Assets.
$6,000,000
Undivided Profits
7,739,000
143,000,000
Sir Edmund Osier,
Clarence A. Bogert,
President
Bank,
Limited
General Manager.
(Incorporated 1832)
PAID UP
CAPITAL..
RESERVE
FUND
...*9,799,688
AND
UNDIVIDED PROFITS OVER...18,890,886
TOTAL ASSETS OVER
820,808,081
Head Office, Halifax, N. S.
A CO.
New
York
Agency, 51 Broadway
O. S. Howard. Agent
Broadway, NEW YORK
London
Msntrsai
Topeitte
Scotland,
THE BANK OF NOVA SCOTIA
Up
Total
V4
England,
of
TORONTO
request
A. E. AMES
O.
The Dominion Bank
HEAD OFFICE,
w
of
Bank
Lloyd's
Government, Munlolpef
Lifts
Bank
The
C. C. CASSELS, Manager.
SECURITIES
I,
BANKERS2IN GREAT BRITAIN
Jones,
CANADIAN AND
Manager
FOREIGN
BOUGHT AND
EXCHANGE
Cuba. Jamaica, Porto Rico, and In Boston, Chi¬
cago and New York.
Commercial and Travelers'
Credits Issued, available in all parts ef the world.
Bills on Canada or West Indian
points favorably
negotiated or collected by our branches In ths
United
SOLD
New
Canadian
Government, Provin¬
cial, Municipal and Corporation
TRAVELERS'
AND
LETTERS
Toronto, Ont.
300 branches throughout Canada, Newfoundland.
Branch, 73 Cornhill
L.
S.
General Manager's Office,
Correspondence invited.
Agency, 52 Wall Street.
F.
H.
COMMERCIAL
OF CREDIT
States.
York
Patterson, Agent.
CorrespondentsfLondon Joint City A Midland
Bonds v";v
n
Great Britain
Bought—Sold—Quoted
(Roy*" rfank
of Scotland.
GREENSHIELDS & CO.
THE
Members Montreal Stock Exchange
Dealer* in Canadian Bond Issue*
IT St.
i
Canadian
ROYAL BANK OF CANADA
John Street. Montreal
Established 1848
Government, Municipal
Capital Paid Up
ALL
Canadian War Loans
Sold
Bought
THOMSON
NESBITT,
&
Quoted
Dommkm Securities
COMPANY, LIMITED
XXX St. James Street
Mercantile Trust Bldg.
1404 C. P. R. Bldg.
.
•
Montreal
.
CORPORATION- LIMITED
Hamilton
TORONTO.
Toronto
•
AVOriTREAl-.JLOrtDOn.ErtQ
Montreal Tramway 5s, 1941
Canadian Car & Foundry 6s, 1939
Rio de Janeiro Tramway 5s, 1935
Principal
Payable
Interest
and
In
New
York
and Canada
All
Canadian
Issues
Dealt
Head Office
Montreal
SIRIHERBERT S. HOLT. President
E. L. PEASE, Vice-Pres. * Man. Dtreeto*
O. E. NEILL. General Manager
930 Branches thoughout CANADA and
FOUNDLAND,
DOMINICAN
Daly &
R. A.
Co.
CANADIAN
GOVERNMENT, MUNICIPAL
RkOO
SPAIN—Barcelona, Plaza de Catalans, 8.
LONDON OFFICE—Princes Street. E. 0. 8
NEW YORK AGENCY—83 William St.
F. T. WALKER. J. A. BEATSON. B. b.
MelNBRNEY and J. D. LEAVITT, Agents.
FRENCH AUXILIARY: The Reyal Bank nf
Canada (France). PARIS. 28 Rue du
Quatre-Septeinbre.
t
CANADIAN
Bunk of Toronto Building
INVESTMENT SECURITIES
TORONTO, ONT.
W. GRAHAM BROWNE & CO.
222 St.
Offerings on Request
Correspondence Invited
Jamet Street
MONTREAL
R. C. Matthews & Co.
Oosrespoadenoe Solicited
Members Montreal Stock Exchange
Private
McDonagh, Somers & Co.
Dominion
CANADIAN BONDS
Guaranteeing C. N. R.
4% BONDS
Quebec, &c.
420-1-x & 426 Transportation Building
MONTREAL, CANADA
C. F. R. Bldg.
Yielding 7%
Principal & Interest Payable in New York
Canadian
Principal and Interest
York
Thornton Davidson & Co. Lti
Transportation Bldg,
81 St. Peter St.
Sparks St.
Due 1930
TORONTO
CANADIAN BONDS
Payable In New
Building
CANADA
province of manitoba
Wires
New York, Toronto,
Bank
TORONTO,
Thornton Davidson & Co.
88
NSW-i
HAITI.
AND CORPORATION BONDS
Canadian Securities
;
PORTO
oosta
RICA
and
VENEZUELA.
BRITISH an4
FRENCH WEST INDIES, BRITISH
hon¬
DURAS and BRITISH GUIANA.
Montreal, Can
Lewis Bldg.
in CUBA,
REPUBLIC,
ARGENTINE—Buenos Aires,
BRAZIL—Bio de Janeiro.
URUGUAY—Montevideo.
In
TRUAX, HIGGINS CO.
817,608,98
18,899,996
638,998,996
Reserve Funds
Total Assets.
and Corporation Bonds
ISSUES
Montraal
8uebec
ttawa
Municipal Eondi
Beufht—Sold—Quoted
iCmilius
FINCKE, BANGERT & CO
Established 1891
Franklin Bank Bldg., Philadelphia
BOSTON
NEWYOJUt
Jarvis & Co.
INVESTMENT BANKERS
Jarvis
Bldg.,
TORONTO, CAN.
[Vol. 110
CHRONICLE
THE
vi
Jforelgn
Australia
New
and
Zealand
BANE
LIMITED
LIMITED
with which has been amalgamated tho Lsaftra
WALES
NEW SOUTH
BARCLAYS BANK
LONDON JOINT CITY & MIDLAND
BANK OF
(J5-H1)
Provincial & South Western Bank, Ltd.
(MaTABLIDBBD 1817.)
Paid-up Capital
RMwrt Fund
Reserve
——
—
Liability
of
1916—8888,181,247
K.B.E.,
RUSSELL FRENCH,
General Manager,
$40
BRANCHES and AGENCIES In
the
Australian Statas. New Zealand,
Fill, Papua
(New Guinea), and London.
The Bank tran*aete
every deeeripttao of Australian Banking Business.
Waal and ether Produo* Credits arranged.
Paid-up Capital
42,086,000
HEAD
1,855,000,000
Deposits
and
over
1,409 branches in England and Walee
Agents in all banking towns throughout
the
AUTHORIZED CAPITAL—.
ISSUED
|», THREADNEEDLE
STREET. E.C. 2
<7,090,99*
£296,089,121
DESCRIPTION OF BANKING
EVERY
Incorporated 1869
Address
BRANCH OFFICES:
FOREIGN
The Foreign
•
m
BRANCH OFFICE:
SHIPPING
Old Broad St,, London, E, G» 8*
88 6 66,
Total Capital and Reserve*——<10,070,000
LONDON COUNTY WESTMINSTER
Brancbee in VICTORIA. 39 la
SOUTH WALES, 19 to QUEENSLAND,
AND PARR'S BANK LIMITED
|6 to SOUTH AUSTRALIA, 2? to WESTERN
AUSTRALIA. 3 to TASMANIA and 44 in NEW
ESTABLISHED
Foreign Banking Business of
IBALAND.
Bead Office. U CORN HILL, LONDON. E.
Every Description Undertaken
Manager—W. J, Became.
Deputy-Chairmen:
0Sr Montagu Turner.
Rt.
■'v
Hon, R.
Authorised
Sydney
68 WALL STREET
Incorporated in New South Wales.
Surplus
810,000,000
India
and
Letter!
Office,
Head
New
South
Panama
Santo Domingo
London
I-ombard
Lane,
Paaee de Grade. 8 A 18
Gran Via f
MADRID: Avenlda del Oende de Penalver, 21*2*
Established 1879
AFFILIATED IN FRANCE'
Street, E. C
India,
Leaden Ooonty * Westminster Bank (Paris). Ltd.
PARIS:
22. Place Vendom*
ROBERT BRUNNER
LYONS:
BORDEAUX:
MARSEILLES:
NANTES:
Banker and Broker
78
Authorised and Subscribed- ..II.IN.MI
Qapftal paid Up-.
£75e,eet
SiMrra Liability of Shareholders.
£75#te06
tMim Fund end Undivided Profit*...
£780.794
York
rue
la
de
BRUSSELS,
Loi
Cable Address:
Rennurb.
All cheques on the Ulster Bank will be collected
for Customers of this Bank, free of Commission.
Burma, Ceylon, Strait* Bottle*
Malay State*, China, and Mauritius,
R. A. Edlundh, 64 Wall Street
Agency,
NATIONAL BANK OF INDIA limited
........
Telegraphlo Address. UuIbco, London.
Capital Paid Up—.
Reserve Fund
RATES
6
3,000,000
STERLING.
HEREBY
INTEREST
are
Per
as
that
for
the
money
follows:
Cent.
Days'
"Clermont"
fRglish Scottish and Australian Bank, Ltd
Head Office: 88 Lombard St., London, E. C. 8
Per Cent.
CHRISTOPHER R. NUGENY. Manager.
The
Subscribed Capital
£1,078.876
0
9
Paid-up Capital
639.437 10
•
Further Liability of Proprietor*.
639,437 10
§
Reserve Fond—
660,000
0
•
Remittance* made by Telegraphic Transfer,
Bills Negotiated or forwarded for Collection
Banking and Exchange business of every £»,
Excha:
•eriptioa transacted with Australia.
*
M. J ANION • Manage
National
Discount
BANKING CORPORATION
FaW op Capital (Hong Kong Currency).—$16^)00,000
Reserve Fond/In Gold
$16.000,0001$36,000,000
I la Silver—$11,006,000/
Reserve Liabilities »f Proprietor*
16,000.000
GRANT DRAFTS, ISSUE LETTERS OF
CREDIT,
NEGOTIATE OR COLLECT RILLS PAYABLE IN
...
CHINA,
JAPAN. PHILIPPINES. STRAITS SET¬
TLEMENTS, INDIA.
WADE QARD'NER, Agent, 86 WaB St.
Arsene HENRY
le Baron HOTTINGUER
Raoul MALLET
Albert MIRABAUD
Pyrame NAVILUS
Felix VERNES
LONDON, E. C.
Mem. ths Eari of BESSBOBOUGH.O. V.O.;O.P
E. W. H. BARRY
Ylsceunt GO SO HEN
Sir John P. HEWETT. G.O.S.I.
Lord HILLINGDON
Hen. HERBERT A. LAWRENCE
Lord ORANMORB and BROWNE
Sir W. LAWRENCE YOUNG. Bart
Cable Address—Natdi* London.
Subscribed Capital...
$21,133,823
Paid-up Capital..
Reserva Fund
4,238,226
....
2,300,000
NOTICE is hereby given that the RATES OF
INTEREST allowed for money on
as
FRANCE.
PARIS, T.
rue
Meyerbeer (IXo)
MARSEILLES, 38,
Deposit
St. Ferreol
LONDON, 26, Throgmorton Street B. C.8.
MANCHESTER. 28 Pall Mall.
are
NEAR-EAST.
follows:
CONSTANTINOPLE
4% per annum at call.
434% at 7 and 14 days notice.
Approved Bank & Mercantile Bffls discounted.
Money received on deposit at rates advertised
time to time; and for fixed periods upon
specially agreed terms.
Loans granted on ap¬
proved negotiable securities.
firom
PHILIP HAROLD
rue
ENGLAND.
($5=£l STERLING.)
Hong Kong & Shanghai
PARIS.
Mem. lo Baron de NEUFLI2UB
Charles de OEBJAT
le Oemte Adrfen de GEBMINY
LONDON
Company, Limited
35 CORNHILL
—
or
Georges HEINE
Notloa, 554
posit at rates advertised from time to time, and
grants loans on approvod negotiable securities.
•
Capital: £10,000,000
Pre, 230.000,000 half paid up.
GENERAL COMMITTEE (Paris ft London
GIVEN
allowed
Tho Company discounts approved bank and
mercantile acceptances, receives money on de¬
America
Cable Adrese:
Call
At 3 to 7
GUATEMALA,
Central
OF
deposit
on
IS
Imperial Ottoman Bank
3,000,000
....
....
86—£1
At
BANKERS
UNDERTAKEN
Capital Authorised ft Subscribed $10,000,000
NOTICE
~~
Correspondents throughout ths World
88 CORNHILL.
and exchange business.
Clermont & Co.
dom and hat
of London, Limited
dead Office:26. Blshopsgate, London, E. C.
tranche* to India. Banna, Ceylon, British East
Attica. Uganda and at Aden and
Eanxlbar.
Capital—<8,000,000
Paid-up Capital....—f1,300,600
Reserve Fund.
fl,860,000
The Bank conduct* every description of banking
The Bank it represented by Branches or Agents in tit
the Principal Cities and Towns of the United King¬
EXECUTOR AND TRUSTEE DUTIES
lank ore to the Government in Britlee East
Africa and Uganda,
Subscribed
37, Rue de la Republlque
22 * 24, Oonrs de ITntendanoe
29 Rue Oannebiere
6. Rue Lafayette
AFFILIATED IN IRELAND:
ULSTER BANK LIMITED
Belgium
The Union Discount Co.
—
41. Place de Mtle
114 and 116. Bns Beyale
SPANISH BRANCHES:
BARCELONA:
BILBAO:
Capital
Blanche* in
_
BELGIAN BRANCHES:
ANTWERP:
BBU88EL8:
Lyon*
Head Office
15 Gracecburch Street, London
Hew
Settlements
Wales
The Mercantile Bank of India Ltd.
wast*. Federated
Ae-
.....1204,847,729
Joint General Manager*
San Francisco
London Office:
Birchln
19,
ether
HEAD OFFICE: 41, LOTHBURT, EX. I.
Java
Philippine Islands
Remittance! cabled.
Sydney.
Straits
Japan
*f
Credit are ksraed by the London Branch on this
Head Office. Branch©* and Agencies of the Bank
la Australia and elsewhere.
Bills on Anetralmelt
negotiated er collected.
and
F. J. Berthorpe. J. O. Robertson. W. H. losto
Foreign Branch Office: 82, Cornhlll, E.C. f
Branches In:
China
demand,
Deposit
300,000
f6.040.00f
aa
(31st Dec.. 1919.)
_
Current,
NEW YORK CITY
Undivided Profits—
Capital and
2,040,081
2,000,061
Reserve Fund
Reserve Liability of Proprietor!
payable
6,868,711
9,719,09*
counts...
Paid-up Capital——————il.COO.OOi
£38,000,OH
——
Reserve
Established 1834.
Drafte
Capital
Paid-up Capital
laternational Banking Corporation
LIMITED
ft. Hugh Tennant. mm
McKenna, Chairman,
Commercial Banking Company
of
1336
IN
Walter Leaf. Esq.
Chairman:
C.
Assistant Manager—W. A. Lalng
THE
E. C., England
London,
18, Tyrrel Street, Bradford,
Fund—<2.670,060/gether £8.070,000
Proprietors—.<8,000,000
Manager,
168, Fenchurch Street,
Dal© Street, Liverpool.
8,
Authorised and lMued--.----.----fT.6OO.C0O
BUSINESS TRANSACTED
St,, London, E»C« 8,
68 A 66, Old Broad
f aoltal—
fit Bank hae 41
£14,213,231
OFFICE:
OVERSEAS BRANCHi
Liability
<20,ON,993
....
9, Threadneedlo Street, London, E.C, 8,
TEE UNION BANK 9F AUSTRALIA Limited
eserve
....
CAPITAL
DEPOSITS
SYDNEY
IsJrre
oi
Said-up Capital fl,600,0001 To-
world
RESERVE FUND
HEAD
UOROE STREET
Established 16IT
OFFICE:
54, Lombard St., London, E, C., Eng.
42,086,000
London Office
Hud Off!,,
178,368,000
Reserve Fund
$86,000,000
Aggregate Assets 80th Sept.
Sir JOHN
$226,000,000
Authorized Capital
«?2 S22 SK
16,000,600
Subscribed Capital
Proprietor*—20,006,006
WADE, Managor.
•
PERA
•
Agencies In EGYPT, GREECE.
STAMBOUk
PALESTIMS
MESOPOTAMIA, SYRIA. CYPRUS,
and In different parts of the
Ottoman Empire.
Branches In the Near East
GENERAL
BANKING
BUSINESS
APE. 17
1920.]
THE
CHRONICLE
foreign
VII
Jforelgn
Jfotefgn
SPERLING & CO.
I
NATIONAL
Basildon House, Moorgat® S%=
Capital
Public Utility
Hydro-Electric Companies
63,000,000
frs.
Deposits
frs.1,700,000,000
Head
Capital, fully paid
£3,000,008
Reserve
Office:
£1,663,27$
6
SPERLING & CO., INC.,
Fund
LONDON
PARIS
YOBK AGENTS
Office—Cairo.
Established
under
Egyptian La*
June, 1898, with the exoluslve right U
Issue Notes payable at sight to be&ret
frs. 300,000,000
Surplus
and
NEW
Head
Banque Nationale de Credit
AGENTS FOB
FISCAL
EGYPT
of
London, £• C.
BANK
270]Branches In France
AND
AGENCY
KING
7
WILLIAM
ST.,
LONDON, E. C., 4, ENGLAND.
139 BBOADWAY.
4 Branches In the Rhenish Provinces
THE
BANCA COMMERCIALE ITAUANA
Head
GENERAL
MILAN
Office
BUSINESS
BANKING
UNION BANK OF ENGLAND
SSI,100,009
Paid-up Capital...—
NATIONAL PROVINCIAL AND
SiMtrrt Funds.——....Ill.S40.9e0
Limited
NEW
IN
AGENCY
YORK.
BROADWAY
140
s*fidoiB Office. 1 OLD BROAD STREET. B.
London Office af the
Acetic? and
0®9t End
Italian State Railways. 13 Waterie® Place.
Swiss Bank Corporation
La Chaax-fle-Fondj
94 Branches !n
Italy, at all
the
principal points In the Kingdom
"Representatives In New York and
soar
Rio
Ay res,
Santos,
San
Janeiro.
de
Paulo.
Socteta Commercial®
Tripoli.
&c.
STAKDA2D BUNK GF SOUTH AFRICA, Ltd
LONDON. E. C.
HEAD OFFICE.
f50,000,000
$81,200,000
Paid-up Capital & Reserve Fund $18,812,500
Total Resources
$808,125,415
West
End
and
Agencies
throughout
ieutb Africa.
MACINTYRE.
H.
W.
Wall
68
15, BISHOPSGATE, LONDON, ENGLAND
with
numerous
Capital paid up, . . $20,000,000
Surplus,....... $6,200,000
Deposits,
$165,000,000
England
Wales
& CO.
RIGGENBACH
BANKERS
ZURICH
PLEASE WRITE FOR OUR FINANCIAL AND
COMMERCIAL REVIEW 1918.
Specialists for
Union De
Suisses
Banqnes
Formerly Bank In Winterthur
FOREIGN EXCHANGE BUSINESS
est. 1862
Cable Address "Riggenbank."
Toggen burger Bank est. 186S
Agent
and CO.'S
London
Capital, fully paid
-
Frs. 60,000,000
-
•
"
•
15,000,000
BANK,
Correspondent—Barclays Bank. Ltd
Irotterd amschIT
bankvereeniging
Zurich,
LIMITED
St. Gall,
Winterthur,
ZURICH, (Switzerland)
Basle, Geneva,
rounded 1715
Lausanne
Frs. 51,600,000
Capital Paid up and I
and
19
other
of BANKING
6TSS7 DESCRIPTION
BU8I-
Amsterdam
Rotterdam
The Hague
Branches.
CAPITAL FULLY PAID.F.75,000,006
/
Fund
NESS
Sn
Offices
and
11c Regent Street
Waterloo Place S. W. 1
Reserves
Seeerve
$$1,819,968
Head Office:
Branch..
New York
St.,
representing The Bank of New South
with branches throughout Australasia.
LEU
$87 .$14.999
-
-
—.....
Branches
350
Vales
FUND
Capital...—
Authorized
Subscribed Capital
Alse
RESERVE
Acents
d'Orlente.
Over
London Office, 43 Lothhury, E. C. 2
the Banque Francalae et I fallen ne
I'Amerique du Sud.
Sqsboi
'
-
CAPITAL
Bnle, Zurich, SL Gsn, Geneva, Lntana,
Regent St., 8. W.
errefpondents tc the Italian Treasury.
tm Italy" of
PAID-UP
$191,579,999
CAPITAL
SUBSCRIBED
C.
Manager: E. Console.
Documentary Credits.
Bills Collected.
TRANSACTED.
F.25.000.00B
RESERVE FUND
Foreign Exchange.
film of Exchange
Negotiated and Collected
COLLECTIONS
Travelers' Letters of Credit, &c.
Drafts and Letters of Credit Issued.
Telegraphic Transfers
PETROLEUM BANKING & TRUST GO. S. A
A parted o
(P.
O.
No.
B®x)
LETTERS OF CREDIT
Effected.
Booking and Travel Department.
FOREIGN EXCHANGE
The NATIONAL BANK
Offers
Kong,
American
made
and
Paris,
the
United
BANK QF BRITISH WEST AFRICA, LTD,
Ovar 400 Branches in Africa
$5*3xfl
Banker? Association
banking facility.
and Drafts sold
every
collections
Mexico
of the
States,
Payments and
on all parts of
London. Hong
Paid-UpTCapital and
Reserves
-
•
-
•
$20,009,000 00
Barcelona and Madrid.
Offers to American banks and bankers Its superior
facilities far the extension of trade and
merce
CREDIT
SUISSE
SHARES
STOCKS AND
of SOUTH AFRICA, Ltd.
468, Tamplco
Tamaullpas. Mexico
Membert
PURCHASE AND SALE OF
New York Agency
Established 1856
com¬
between this country and Africa,
R.
E.
-
•
10 Wall St.
Authorized Capital
—$10.008,0C|
Subscribed Capital —
2'55f'22S
Capital (Paid Up)
2.909,908
Surplus and Undivided Profits.—. ,1.295,566
Branches throughout Egypt, Mofocoo,
West Africa and the Canary
Islands.
Haad Office, 17 6c 18 Leadenhall St., London, E. G.
Manchester
Office, 106-1S8 Portland Street
Liverpool Office, 25 Water Street
a. a. APPLEBY, Agent. 0 Wall Street, New Yuri.
Ionian
Limited
Bank,
Incorporated by Royal Charter.
every
banking facility for transactloai
with Greece, where it has been mtabUstaed fos
80
years,
and has Branches throughout the
SAUNDERS, Agent.
Often
Capital paid up__frs. 100,000,000
Funds. _frs.
Reserve
30,000,000
Royal Bank of Scotland
Incorporated by JReyal Charter. 1727.
Paid-up Capital...
HEAD OFFICE
Rest and
Zurich, Switzerland
......
.L £85,548,828
...
-
Geneva, Glaris, Kreuzlingen, Lugano,
Lucerne, Neuchatel, St. Gall.
In
Ac.,
Egypt.
LONDON. E. C. «.
THE COMMERCIAL IANK OF SCOTLAND,
Established
St. Andrew Square, Edinburgh
Cashier and General Manager: A. K. Wright.
Berne, Franenfeld,
Cairo,
House.
M°0r'a"
£1,882,276
Deposits
Head Office
Branches at Basle,
Alexandria,
Head Office: Basildon
£2,000,900
Undivided Profits......
^ATao^at
London Office
...
$ Bishopsgate,
E.C. S
Manager: Wm. Wallace.
Glasgow Office
Haad
.£5,800,06
Capital (Subscribed);
Paid up—
—
£29 each £5 paid—£1,250,99
600.000 "B" shares of £1 each fully pald_.£
See.StC
250,000 "A" shares ol
Exchange Square
Agent: A. Dennletoun.
Lid
1810
Offica— EDINBURGH
£1,750,900
Deposlte.—£39,971.191
MAGNUS IRVINE, See.
London Office—62 Lombard Street, E. O. 8.
Reserve
61,000,000
A.LEX. ROBB, Gen. Mgr.
170 Branches Throughout
GENERAL
BANKING
BUSINESS
Foreign Exchange
Documentary Business, Letters of Credit
Scotland.
Glasgow Offica—118 Buchanan
Every Description of British, Colonial and
Foreign Banking Business Transacted.
Correspondente Invited,
Drafts. Circular Notes and Letters of
Street.
Credit Issued
and every description ef British, Colonial and Fetutgn
Banking and Exchange business transacted.
,
New Twk Agent*—A merlon*
Exchange Nat. Bank
CHRONICLE
THE
VIII
[VOL. 110.
JSanfetttf anU IBttfotv* out*ibt JJeto Port
ST.
CHICAGO
CHICAGO
LOUIS
TILDEN
& TILDEN
Incorporated
Dodge & Ross,
A. G. Edwards & Sons
INVESTMENT
(INCORPORATED)
INVESTMENT BANKERS
Member*
Si.
CHICAGO
Bonds and Preferred Stocks
Louis Stock Exchange
ts w*ii St
St.
t&S Olive
*08 SO. LA SALLE STREET
Specializing in
New York Stock Exchange
SCOTT
Public
INVESTMENT SECURITIES
and
Service
Industrial
W.
111
Corporations
MUNICIPAL
1
111 West Monroe
CORPORATION
a STITT
of
NEW YORK
tr. louis
BONDS
St.
Monroe
CHICAGO
Street,
CHICAGO
BONDS
)
INDUSTRIAL
PREFERRED STOCKS
GBE"LEBBAANUK,liQNS
TIMBER
AMD TRUST COMPANY
Pima
County, Arizona
Total Bonded Debt
of
$2,000,000
Individual*
and
31deat Banking House in Chicago.
issue)
332 so. Michigan Av., Chicago
Write for Bond Circular C 25.
$64,645,232
(incl. this
underlyingasset?
% CHICAGO FIRST MORTGAGE BONDS
Suitable for Estates/ Trustees
1944
AiMiited Valuation, 1919
Capital and Surplus,
8
Road Bonds
Due Serially 1925 to
expert verification
l&euthaast Corner La Salle and Madison Sts.
GENERAL
BACKING
$100,000
BONDS
based always upon
CINCINNATI
A Stats Bank
2,525,515
Population—38,765
Legality approved by Hon.
C.
B.
Wood,
A. O.
WILKES COUNTY, N. C.
Slaughter & Co.
'
.
110 WEST MONROE STREET
of Wood & Oakley, Chicago. III.
5H%
ROAD BONDS
CHICAGO, ILL.
Price*
to
Yield
5.25%
Full obligation.
(1-3 Real)
/New York Stock Exchange
Assessed valuation
(New York Cotton Exchange
I New York
BOND DEPARTMENT
Coffee
Bonded
Exchange
Debt
$7.281,481
•..
682.00$
...
Population
/New York Produce Exchange
asamhot*(Chicago Stock Exchange
35.083
Pr'ce
very
attraotlva.
iChicttgo Board of Trade
Mississippi Valley Trust Co.
(Minn. Chamber of Commerce
1st. Louie Merchant*' Exchange
^Winnipeg Grain Exchange
ST. LOUIS
The
Frovident Saving*
Bank & Trust Co.
CINCINNATI, OHIO
French & Co.
Radon,
8«ra6ei> Smith
Charles W. Macro
.
I Cincinnati Stock Exchange
CHICAGO
.
INVESTMENT SECURITIES
Investment Bonds
ST.
CINCINNATI
LOUIS, MO.
INVESTMENT SECURITIES
itembere New York Stock Exchange
Hember» St. Lottie Stock Exchange
N.
ST.
Broadway '
St.
39 South La
Salle
ROAD 5% BONDS
ifir-
Philadelphia
St.
Stock
100
and
Interest
Louie
Weil, Roth & Co.
LOUIS
Loula
Greenwood County, S. C.
Street
Chicago
Now York
ST. LOUIS SECURITIES
Member*
Offlfl®
Powell, Garard & Co.
1
MARK C. STEINBERG & CO.
300
HALL
&
[New York Stock Exchange
Members {Chicago Board of Trade
111 Weit Monro# Straat
SMITH, MOORE & CO.
509 OLIVE ST.
ROBERTS
Investment Securities
WllKam H. Burg
CHAS. S. KIDDER & CO.
Exchange
Investment Bankers
Bsubiixhed
STIX & CO
NEW YORK
CINCINNATI
CHANNER & SAWYER
INVESTMENT SECURITIES
1898
Union Trust Bldg.,
103 South La Salle St.
CHICAGO
CINCINNATI. OHIO
Investment Securities
Ohio Securities—Municipal Bonds
809 OLIVE ST.
ST.
LO&IS.
TAYLOR. EWART & GO.
INVESTMENT BANKERS
LOUKIVILLK
VVW\j*S.
;
108 South La Salle Street
Municipal, Railroad and Public
Munlfliual
828-830-833 Walnut St.
CINCINNATI. OHIO
and
DAM HC
BONDS
Corporation
EDGAR
FR I ED LAN DER
DEALER
John W. & D. S. Green
116 South Fifth St.,
SHAPKER, WALLER & CO
184 SOUTH
Louisville. Ky.
Dealers In
all high-grade securities.
18(8.
Both telephones 55.
LA
SALLE STR
Henning Chambers & Co.
curitle*,
|
Main Street, LOUISVILLE* KY.
CINCINNATI
OHIO
SPRINGFIELD.
High Grade Investment Se*
,
INVESTMENTS
Member New York Stock
Exchange
wJst
IN
Securities
ILL.
«
Job Burnham & Co.
04
Cincinnati
CHICAGO
Continuously in Brokerage business
since
IN
SECURITIES
IRWIN, BALLMANN & CO.
Utility Bonds
INVESTMENT SECURITIES
LOUISVILLE. KY.
DEALERS
INVESTMENT
CHICAGO
JOHNSTON & COMPANY
Paul Jones Bldg.
New York Stock* and Bonds
Convertible
Note
Issue*, Bands, Bank Share*,
Unlisted Securities.
41
South
La
Salle
CHICAGO
Matheny, Dixon, Cole & Co.
Rldgely-Farmers Bank
SPRINGFIELD,
Illinois
Bids*
ILLINOIS.
Municipal Bonds
and
St.
First
Mortgage
Farm
Loans*
APE. 17
1920.]
THE
CHRONICLE
IX
Panfeeta ants Peckers ©utsfbe iJtks gotfe
PITTSBURGH
MiCHIQAN
LYON, SINGER & CO
EJoo&a, &taran & Ctrtoarbe Co.
INVESTMENT BANKERS
Members Detroit Stock Exchange
MICHIGAN
Commonwealth
Bldg.,
PITTSBURGH
Inquiries
Solicited
Carried
Securities of Pittsburgh District
Pennsylvania Municipal Bonds
Geo. W.
Eberhardt & Co
OLIVER BUILDINQ.
•10
In
AH
Congress BIdg.,
A. J.
Markets.
Conservative
on
Members of Detroit Stock
Exchange
Stacks
Margins.
INVESTMENT SECURITIES
DETROIT, MICH.
Hood &
PENOBSCOT BUILDING.
DETROIT, MICH»
Members
Company
(Established 20 Years)
PIYYSBUROf!
Charles A. Parcells & bo.
Detroit Stock
Richard Brand
Stocks, Bonds, Grain
BOUGHT—SOLD—QUOTED
Members New York Stock Exchange
Member* Pittsburgh Stock
Exchange
Specialize InLMlchlgan Stocks and Bonds
Company
MICHIGAN SECURITIES
and Provisions
Member* Chicago
A.
E,
Board
of
Trade
323 Fourth
Ave.,
Boyle & Company, Inc.
Successors
to L. J.
MATTERS
Securities
inquiries.
1721-3 Dime Bank
DETROIT
BIdg. '
Pittsburgh
WHITTLESEY, McLEAN & CO.
Investment Securities
Municipal Bonds Corporation Bond*
Suite
FINANCIAL
Pittsburgh, Pa.
Securities
Special*}
A
CHILDS, KAY & WOODS
Union Arcade
1618,
Dime
Bank
DETROIT
W.
Preferred Stocks
Building
Telephone Cadillac 6050
*
Active Members of Detroit
Stock Exchange
MICHIGAN
8054-86 58 Penobscot.
HAMLIN & CO,
Motor Stocks,
Publio^Utilities & Oils
Penobscot Bldg..
WARING,
DETROIT, MICH
LERCHEN
Members Detroit Stock
Exchange
806-168 Penobscot
Bldg.,
DETROIT
& COMPANY
Michigan Municipal Bo
Loeal
Members
8TOOK
PITTSBURGH
ohjhago
MXOHANGB
STOCK
BOARD
TRADB
Corporation
Bonds
and
DETROIT
MICHIGAN
KAY & CO.
Inc.,
ids
INVESTMENT
Stocks
GRAND
BANKERS
Penobscot BIdg.
Members Detroit Stock Exchange
BXOHANGB
OF
Michigan Securities
Burdick-Thomas Company
PITTSBURGH, WL
YORK
DETROIT
and
All
1010
Bldg.,
Motor Stocks
A.
Members Detroit Stock Exchange
DAWES & CO., INC.
Arcade
I1IW
We invite your
GORDON, FORTIER & CO.
Pittsburgh, Pa.
Branch Office:
Nations! Bank of West Virginia Building
Wheeling. W. Va
Union
Detroit
MASTEN & CO.
Members New York Stock Exchange
Boston Stock Exchange
Pittsburgh Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
New York Cotton Exchange
F. N.
PENOBSCOT BUILDING,
Specializing
Exchange
DETROIT, MICH.
Members Detroit Stock
Exchange
RAPIDS
W. Carton Dick & Company DANSARD-HULL-BUMPUS COMPANY GEORGE M. WEST & COMPAQ
INVESTMENT BONDS
4T Congress St.,
190-886 UNION
Established
INVESTMENT SECURITIES
ARCADE BUILDING
West
1893
INVESTMENT BANKERS
DETROIT
UNION TRUST BLDG.
PITTSBURGH, PA.
DETROIT, MICBL
Membert Detroit Stock Exchange.
Members Detroit Stock Exchange
■INNEAPOLI8
FENTON, CORRIGAN & BOYLE
JUSTUS F. LOWE COMPANY
llcKnlght Building
A. W. Wallace &
Company
Investment Bankers
Ohlcags
Detrelt
INVESTMENT BANKERS
Grand Rapid*
MINNEAPOLIS
Underwrite and distribute entire Issues
Specialising In
MINNESOTA CORPORATION ISSUES
WB WILL BUY
Minnesota & Ontario Pow. lftH
Powell
River
Company lit 8e
of Industrial and Publlo
KEANE,
HIGBIE
&
IT CR1SWOLD
ST.
DETROIT, HIC8B,
Tel. Cherry 2800
CO. Allen G. Thurman & Co.
Bankers and Brokers
MUNICIPAL BONDS
Sed Rlrer Lumber Extended 7Is
Co. let
Inneapolis St. Ry.
WELLS-DICKEY COMPANY,
Psnobscot Bldg.
Utility securities
DETROIT
Hmespdb
Listed
and
Ground
Unlisted
Floor,
GRAND
C, M. DEAKIN & CO.
BUFFALO
We Offer
Preferred
Specialists in
with Common
Bonus
Bonds
Bldg.
RAPIDS, MICH.
Saginaw
Muske
bk
Correspondents
VAN EMBURGH 8c ATTERBURY. New York
CLEMENT.
Slocum, Eckardt & Company
Ellicott Square,
JOHN
T.
Buffalo, N. Y.
8c
Government, Municipal
and Corporation Bonds
SPECIALISTS IN
Buffalo and Western
BIdg.
CO..
Investments
408 Gr. Rap. Sav. BIdg.
Detroit
Grand Raptde
1852-54 Penobscot
Detroit U the market for
Building,
DETROIT, MICH.
Rao
-
Paige
■
Ford
Continental & Packard
WEBB, LEE & CO.
JOEL STOCKARD & CO.
Members/Detroit Stock Exchange
Member* Detroit
New York Securities
T. LESSER
\Chicago Board of Trade
Stock Exchange
DETROIT. MICH,
Correspondents
THOMSON
&
McKINNON
330 Penobscot
NEWARK, N. J.
CONSERVATIVE
IRVING
F. C. ANGER & CO.
Chicago
DETROIT MOTOR STOCKS
STEELE
BUFFALO, N. Y.
|
OUBTI8
Western New York Securities
S01-I Dime Bk.
420
and
Trust
Members Detroit Stock Exchange
Loews' Buffalo Theatres
8%
Flint
Stocke
Michigan
INVESTMENT SECURITIES
Big. National Union Bank Big.
DETROIT, MICH.
JACKSON, MICH.
Harris, small & lawsgn
List upon request
STOCKS AND BONDS
F. M. CHADBOURNE &CO.
FIREMEN'S
476 Ellieott Square
BUFFALO. N. Y.
INSURANCE
NEWARK,
BUILDING,
N. J.
INVESTMENT SECURITIES
44
CONGRESS ST.,
DETROIT
W.
[VOL. 110
CHRONICLE
THE
X
J?orfe
ffanktzi anti JScrfttts ©atstfbe
Howard Throckmorton
CALIFORNIA
Pacific Coast Securities
SECURITIES
Bond* Municipal
& Company
AND
Of MUNICIPALITIES
Government
CORPORATIONS
.Corporation
having substantia!
San Francisco
earning
and
INVESTMENT SECURITIES
awteto
power
Commerelal Building
Alaska
Quotations
Boettcher, Porter
BONDS
Information Furnished on
and
WILLIAM R. STAATS CO.
LOS ANOELBS
SeouFitlei
Pacific Coast
SAN
Established 1868
PASADENA
FRANCISCO
WESTERN SECURITIES
CO.
SUTRO&
COLORADO
DENVER
Sugar Stocka
a
Specialty
INVESTMENT. BROKERS
Members
San Francisco
fc.
UP Monuom.ry St.
ggftajgg
GREGG, WHITEHEAD & CO \
BROWN A CO.
F. M.
Investment Bankers
Blankenhorn-Hnnter-Dulin
DENVER
Company
DEALERS IN
rORTLAWP, ORg.
Municipal and Corporation
BONDS
800 Sansome Street*
Corner California
SAN FRANCISCO.
MUNICIPAL
CORPORATION
ANDDISTRICT
D/^TvIPlQ MORRIS BROTHERS, Inc.
DV/1NLAJ THE PREMIER MUNICIPAL BOND HOUSB
CAPITAL ONE MILLION DOLLARS
CALIFORNIA
and
Government
California Securities
SAN FRANCISCO
LOS ANQELES
SAN
PASADENA
DIEGO
Established
Morris Building
No. 8*
Aronson and Company
specialise in California
Municipal & Corporation
Bonds
Quarter Century
PORTLAND* OREGON
-
Central Building
-
SEATTLE. WASH.
COMPANY
&
HALL
California
Los*Angele8,
Municipal
our a
We
INVESTMENT BONDS
BONDS
LB TAB Li BH
CLEVELAND
CO 1012
Local
THOMAS
DRAKE, RILEY
The Gnndling-Jones Company
LEWIS
and
Paelfle Coast Securities
PORTLANB,
KUILCINQ
ORKQOH
Building
Van Nuys
LOS ANGELES
DULUTH, MINN.
STOCKS-BONDS-NOTES
MINNESOTA SECURITIES
Private Wireg Coast to Coast
Correspondents Logan an Bryan
CLEVELAND
BANGOR BUILDING*
Railroad* Municipal and
Corporation Bonds
A. H. Woollacott & Co.
OTIS
& COMPANY
Etocb, Bonds* Grain* Cotton
>88-868 I. W. Hellman Building
CLEVELAND
Branch
Duluth* Minnesota
,
Detroit*
Offices:
W. ML Prindle & Company
LOS ANGELES
818 Superior Avenue, N. B.
Cincinnati*
Bo umbuc, Akron. Youngstown, Omaha,
Colorado Springs.
enter*
Members of New York, Cleveland,
Chicago Board of Trade.
INDIANAPOLIS
California Securities
I
QUOTED
SOLD
TORRANCE* MARSHALL & CO.
Fletcher American Company
Ohio Securities
BOUGHT
INDIANAPOLIS
Chicago,
Detroit and Columbus Stock Exchanges.
New York Cotton Exchange.
CALIFORNIA
LOS ANGELES
WORTHINGTON, BELLOWS & CO.
UmberilNev
York
Stock
Exchange
\ Cleveland Stock Exchange
CLEVELAND
Guardian Building
A.
E
LEWIS
&
Write
CO.
Municipal* Public Utility* Railroad and
Corporation
BONDS of tha PACIFIC COAST
Bonds
Stocks
SHORT TERM
Acceptances
Unincorporated
BUFFALO
Niagara Life Bids.
809 Euclid Ave*
us
-
for bids
Indianapolis
or
$1,500,000
or
offerings
oo any
Indiana Security.
Statistical Information Furnished
Loa Anx.lai. CaL
^
NOTES
RITTER COMMERCIAL TRUST
CLEVELAND
SMorltir Bide.
Capital
R. H. MOULTON & COMPANY
Tltla Insurance Building*
LOS ANQELES
American
San
Natl Bank
Bids..
INDIANAPOLIS
ZZusinnati
MUNICIPALS
CALIFORNIA
BREED, ELLIOTT & HARRISON
Francisco.
Detroit
Chicago
Mil wau tees
Investment Securities
Municipal Bonds
Traction, Gas and Electric
CLEVELAND SECURITIES
Akron
Rubber Stocks
Roland T. Meacham
Member Cleveland Stock
Lighting Bonds and Stocks
MAX I. KOSHLANB
Pacific Coast Securities
The Union Trust
Member
tan
Prandsce Stock
and Bead Exchange
Exchange
Building, Cleveland
Hunter Glover & Company
SAN FRANCISCO
Bonds
and
Short Term Notes
Stocks
Indianapolis Bank Stocka
Local Public Utility Bonds
Indiana Municipal Bonds
CHAPMAN DE WOLFE CO.
SSlrSSS Mentgeetery Street*
SAN
Investment
NEWTON TODD
nd Bonds
and Quotations on
all
Paclf&s
Coast Securities.
CLEVELAND
Bought and Sold
^
FRANCISCO. CALIF.
Stocks
Information
Company
DEPARTMENT
INDIANAPOLIS
Mills Building
Guardian
BOND
Members San Francisco
Stock & Bond Exchange
Local Securities and
Indiana Corporation
415 Lemcke Bldg.,
Bonds a Stocks
INDIANAPOLIS
aPR. 17 1920.]
THE CHRONICLE
XI
£5anfetr« anti brokers ©uttftt Jltto gorfc
MARX
& COMPANY
BONDS
STOCKS
BANKERS
SHORT-TERM NOTES
BIRMINGHAM,
Southern
435. CHESTNUT ST.
Municipal
US
PHILADELPHIA
ALA.
...
Graham. Parsons & Co.
'Parsly Bros. & Co.
and
Corporation Bonds
BROADWAY
NEW
YORK
Investment Securities
BANKERS
14X1 CHESTNUT STREET
Deal in and Purchase
PHILADELPHIA
CHATTANOOGA
Issues
Members
Philadelphia Stock Exchange
of
MUNICIPAL BONDS,
LEWIS BURKE & CO.
BONDS, NOTES
AND
PREFERRED STOCKS
of
Established 1865.
LOCAL AND SOUTHERN
SECURITIES
ium BoUdlns
RAILROADS, UTILITIES
410 Chestnut St.
Philadelphia
Government,
Municipal, Railroad
HOUSTON
of
ESTABLISHED VALUE
BANKERS
CHATTANOOQA
Cable Addrees "Graco,'*
and
Members New York and Philadelphia
Specialists in Texas Securities
8109k Exchanges.
Humble Oil & Refining Co.
Higgins Oil & Fuel Co.
&m.0ark$£o.
HOUSTON. TEXAS
JOSEPH W. GROSS
BANKERS
(American Bankers Assn.
Bankers
Philadelphia
Publie Utility Securities.
SHERWOOD & KING
Texas
AND
INDUSTRIAL CORPORATIONS
BIORE1ST& C3£&.
Assn.
Houston Cotton Exchange
321
Chestnut St.,
Hydro-Electric Securities
Philadelphia
IACON
14X1
CONTINENTAL
TRUST
C0MPAN1
CHESTNUT
Eitablished 1837
STREET
miLADELPHIA
PA.
Members New York and
Southern Municipal Bonds
AND
Guaranteed Stocks
Stock
AUQUSYA
Philadelphia
Exchanges
WANTED.
MACON
GEORGIA
\
$10,000 00 Georgia RR. & Banking Co.
4s, 1947
$15,000 00 State of Georgia 4tts, 1945
100 shares Georgia RR. & Banking Co. stock
SPARTANBURG. S. C.
JOHN W. DICKEY
A. Ma LAW & CO„
DEALERS
Inc.
Members Philadelphia Stock
Exchange
AUGUSTA, GA.
INVESTMENT BANKERS
IN
Land Title Building
Stocks and Bonds
Canthorn
Textiles
a
PHILADELPHIA
WM. E. BUSH & CO.
Specialty
SOUTHERN
VA.
SECURITIES
COTTON MILL STOCKS
Frederick Peirce
BONDS
MOTTU
& CO.
Established
Telephone Rector 5$4t
Augusta, Ga.
SPARTANBURG. S. C.
NORFOLK.
New York
A
FOR
INVEST
V*Oe
MILWAUKEE
MENT
1893
14X1
lOtPOLK, VA.
NEW
60
YORK,
Broadway
INVESTMENTS
Cheetnut Street.
Philadelphia
EDGAR, RICKER A CO.
8««t Water and Mason Streets
MILWAU
3E. WIS.
$800,000.00
/
City of Bayonne, N. J., Water 5
Specializing!
4X1 Chestnut Street
Successors to
Second Ward Securities Co.
Established 1876.
Second Ward Savings Bank
Mstkijal, Railroad tod Corporitiea Isstfs
Toledo and
Ohio
TOLEDO. OHIO
105 S.
La
KANSAS
CITY
Bldg.
W. C. Sylvester Inv. Co.
MILWAUKEE
Securities
Bulldlna.
Philadelphia
Telephone. Lombard 719
David Bo bison Jr. A Sens.
Gardner
Due April 1,1926
returnlng.5.10%
M. M. FREEMAN & CO.
TUCKER, ROBISON & CO
Bankers
Dated April 1.1920.
Price 102.05 & Int.
WISCONSIN CORPORATION ISSUES
TOLEDO
Salle St.
Investment Bonds
CHICAGO
Kansas City Securities
Graves, Blanchet & Thornburgh
Specialists in
Wisconsin
MUNICIPAL BONDS
9X9 Baltimore
Kansas City. Ra
Municipals
and
STREET & COMPANY
High Grade Investments
GARDNER BUILDING
TOLEDO, OHIO
•
unicipal it Corporate Bonds
Local Securities
COLUMBUS
CLAUDE MEEKER
Missouri
Kansas City
SAINT PAUL
Pi E. MAGRAW
MONTGOMERY
lfUNlOIPAh AND CORPORATION
Inva.tm.nt Securiti..
BONDS
Sr—l.M.t la Cltl.. SmtIm Ihbu
Oecmnardal
•
8
East
Breed
VI Rreadway,
St^
.
_
COLUMBUS, O.
NEW YORK CITY
I
I
B. W.
Paper
Recal Securities at the Twla Oftiee
Glebe Building
ST.
PAUL. MIBB,
SOUTHERN
Strassburger
INVESTMENT
MantgamerVf Ale
SECURITIES
[vOL. 110.
CHRONICLE
THE
XII
jfinzntM
Simmia I
We Own and Offer:
Subject to Prior
Sale:
$100,000
Clovis, New Mexico
Board of Education of
SH% SCHOOL
Dated January 1, 1920
A
Standard Gas & Electric
BUILDING BONDS
Opt. January 1, 1940
Company
1, 1950
January
Due
Assessed valuation, lilt---Total bonded debt.—.
ei
Cumulative! 8%
I'non
Full Circular on
Present
Request,
high income and profit
possibilities
ties.
Bonds
■
Earnings
dend
k
exceed twice divi¬
now
requirements.
booklet CC-11
Ask for
Vickers
BONDS
H. M. Eyllesby
« W.ll St.
Tel. H.n. 66T0
1797.
se¬
'
DENVER
H. Mountague
this strong
on
curity offer unusual opportuni¬
Chanute & Company
Investment
Founded
Stock
Preferred
---
Population (estimated)8*®®"
Price: 103.70 and interest yielding 5.20%
Bosworth,
Safety
with
Yield
10%
••/Incorporated
111
.
& Cot
vj:-rc
-"V..'''•
j-;:
Broadway,Wewl/orh,
State St.
Chicago
(Boston
JOWeybossetSt.
30
708 S.La Salle St.
GUARANTEED STOCKS
Seasoned
(providence
Investments
Mortgage Bond Co.
Bank of Manhattan Co.
30 Pine Street
-
Co.
Lawyers Title & Trust
New York
Bonds of German Cities
DILLON
M,
FRANK J.
Liberty Bonds
/
_
Argentine Government 5a
NEW YORK, N. Y<
fl Broadway
French Govt. 4s & 5a
Italian Government 5a
We
Specialize In
PEERLESS TRUCK &
Central New York Securities
Japanese Govt. 4a & 4-^a
$100 and $500 Bonda (all kinds)
MOTOR
Registered Bonda
6s, 1925
Consolidated Water
1st St
Water
Consolidated
2d
JK™ !?" * EJlCSC.Rpf- "
Utlca Electric Light A Power
.
1st .
l<
,
& Power Co.
1st is
MemtKW New Tort . „ ExchMW
Stock .
—
{
|
SSI
Utice, New
mnan
100'°
Hartshorne & Battelle
carbon steel
ah issues
York
Common &
KIELY
Royal Typewriter Stock
Bought—Sold—Quoted
Preferred
A HORTON
n. y.
40 Wall St.,
Phono John 6330
ALFRED F. 1 NGOLD&CO.
Ne« Je'Se* M™CiPal BOndS
Glover & macGregor
246 Fourth Ave.,
Descriptive List on Riaueit
Member*
Oalvert
Building,
j g
Baltimore
PITTSBURGH, PA.
Amer. Wat. Wks. & Elec.
(New Yerk 8teckT Exchange.
\ Bel time re Steak Exchange.
Rector till
T4 Broadway, N. Y.
W. W. Lanahan & Co.
w«fc.
Tel. Broad 7740
25 Broad St.
EAST COAST FISHERIES
BANKERS
Genesee Street
T'h B°wK
-
iohaw&V alley investment Corp. I
INVESTMENT
v
M
,
_
B,o.dw.y> N" V"
Otic Steera 4 Moh.wk V.l. Cot. Co..
Watertowu Lt.
LLLANiU
"WARE
6s
Railroad Bonds
_
.
R| PREL & COMPANY
newark. n. j.
n cliwton street
5s, 1934
Penna. Tank Line 6s
West Penn Power deb. 6s
West Penn Traction Ssf
1960
Wo Specialize in
TiUvhoni 8t. Paul 677$
COAL AND COKE
latin /*««#» of Securities N$gotiat$i
Securities
We
Pennsylvania
Virginia.
located in
and
West
Buy and Sell
NEW ENGLAND MILL
Stocks
TK& !£
8. Lancaster Williams & Co., Inc.
POND
MATTERS FINANCIAL
INVESTMENT SECURITIES
Pittsburgh, Pa.
Union Arcade
COMPANY
Succeesore
te
CONRAD B. SHEVLIN CO.
Ill Deronahire Street
BOSTON, MASS.
Telephone Ft. Hill 846-847
Equitable Building,
SAt-TIMORE
.
.
.
.
MARYLAND
all foreign securities
Bought & Sold
Havana Tobacco 5s
Twin Falls Salmon River L. & W. 6a
PROCTER & GAMBLE CO.
INDIAN REFINING CO.
Twin Falls Oakley Land & Water 6a
gosepft isialkcy Si jiotis
« Brfe? Nm
■"JCTr-k
North Denver Irrigation 6s
Rutland
Railroad
Pfd.
Empire Lumber 6s
Bitter Root
Westheiraer & Company
jit.dib.ri of th.
New
York
Stock
Exchange
Cincinnati
Stock
Exchanga
of
Trad#
Chicago
Board
Baltimore
Stock
BALTIMORE, MD*
..
^
••
,
o
Member*
Valley 6s
Hecker-Jones-Jewell
1
Milling 6a
Sen Sen Chiclet 6s
United Lead Deb.
5a
Emmett Irrigation 6«
Cleveland & Erie Ry. 1st 5a
g-%
Henry D* Boenning & COe
Exchange
CINCINNATI. OHIO
we wish to buy highGRADE PENNSYLVANIA TAX-FREE SECURITIES*
PWfcwfofpWa Stock Bxchenon
FRANK P. WARD
/
Direct Private Telephone to
BerdeB Bree.i It. Y.
/:
88 Pins Street
New Terk
APR. 17
XIII
chronicle
the
1920.]
Current J^onti SngtUriea.
Detroit Edison Bonds, all issues
Amer. Waterworks & El. 5s, 1934
Grand Trunk Pacific Western 3s, 1962
Anglo Amer. Oil 71/^s> 1925
Michigan United Railways 5s, 1936
Woodward Iron 5s, 1952
C. C. C. & St. L. 6s, 1929
Erie & Suburban
Jones &
Burroughs
Ry. 5s, 1941
Edison
Detroit
Packard
Stock
Co.
Pfd.
&
Com.
Steel & Tube of Am. Pfd..
Goodyear T. & R. Com. & Pfd.
Western
Knitting Mills.
Merrill, Lynch & Co.
1952
120
i.
Broadway, New York
Traders Telephone 7683 Rector
Rapids,
Telephone 6070 Rector
Phila. Elec. 6s, 1922
Smith Corp. A.
& Pfd.
Products
Godchaux Sugar
Laughlin 5s, 1939
Penna. RR. 7s, 1930, w.
Motor
Stock
Mach.
Add.
Mich. Nor. Power 5s, 1941
Parr Shoals Power 5s,
Hydraulic Steel Com.
Arch
American
Chic. By Products 7s
Detroit, Cleveland \ Youngstown and Grand
Private uAres to Chicago,
O. 6s, 1922
Texas Co. 7s, 1923
Ward Baking 6s,
Western Elec.
1947
IN
WE DEAL
7s, 1925
Texas Pacific Coal & Oil
Central
Morton laclieribr gcIl & Co.
Scrip
Fajardo Sugar
Dayton Power & Lt. Pref.
Aetna Explosives 6s
PITTSBURGH
DETROIT PHILADELPHIA
CHICAGO
Dividend
Aguirre Sugar
Guantanamo Sugar
42 Brood Strict*
Tob.
American
Carbon Steel
•
,
•
\
•>'
v
_
i
•
Bristol £ bauer,
1.20 BROADWAY;
C. C. Kerr & Co.
* Wall St.. N.
Phone 6780 Rector
Y.
Public Utility
Armour & Co. 6s, 1920-24
Bonds & Stocks
Bankers
Chase
THEODORE L. BRONSON & CO.
Wall St.
New York
St.
Broad
BABCOCK, RUSHTON & CO.
Brooklyn
York Stock Exchange
Members New
Members
Trust
National
SECURITIES
Oil
&
Safety Car Htg. & Ltg.
Com. &
Aero
TUBBY
Pref.
Members
Telephone 1111 Broad
0
at
to
1
Oil
Investors
request
L
Issue*
Dealers In Standard Oil Securities
25 Broad St.. N. Y.
nam 4660-1-2-3-4 Broad.
Coal
Dul.
'Phone 8300 Hanover
Prov.
Alberta
6s,
1933
1928
Prov. of Saskatchewan 4s, 1923
Cuban Govt.
424s» 5s & 6s
Elec.
Sec.
Ontario Lt.
5s,
1931
1946
Western States Gas & El. 5s & 6s
Water &
Penna.
Industrial
Dept.
& Pr. 6s,
Power
American
Power 5s,
Chicle
Co.
American Wholesale
1923
Borden's
Mortgage Bond 4s, 1966
Hudson Navigation 6s, 1938
Merchants Coal 1st Joint 5s, '24
1940
Stock Dept.
Co.,
Corp., pfd.
com
Foundry 8% pfd.
Trading Corp.
Central
Carib
Lehigh Valley Coal Sales
Safety Car Htg. & Ltg.
1925
1934
Bank Stock
Standard Oil Dept
Dept.
Buckeye Pipe Line
Chesebrough Mfg.
Guaranty Trust
Bankers
Trust
National City Bank
Mech. & Met. Nat'l Bank
Ohio
Oil Co.
Standard Oil of New York
Standard Oil of
Indiana
BAKER,
CARRUTHERS & PELL
Miscellaneous Securities, Standard Oil Stocks
New York
Phones 5161 to 5169 Hanover
Bonds, Bank Stocks,
& COMPANY
Members N. Y. and Phila.
120 Broadway.
1948
and Canadian
Securities
MILLER
5s,
Appalachian Power 5s, 1941
Title Guarantee & Trust
All
Cuban
& 6s
1922
Valley Gas & Elec. 5s, 1922
Laurentide
National Conduit & Cable 6s, '27
Corn Products Refining 5s,
5s,
1925
Dev. of Ontario 5s,
of
Nor.
Acker Merrall & Condit 6s,
Power 5s
Elec.
Great Western Power 5s & 6s
1945
& Atlantic 5s
Elk Horn Coal 6s,
Riordan Pulp & Paper 6s
Elec.
6s,
RR. 4s
Shore
So.
Industrial Bond
& OH
Bell Tel. of Canada 5s,
Line
States
States
California
E.Tenn.V.&G. cons.5s,'56&5s,'30
Securities
AS Exchange Place
Air
Miss.
1st 5s
Georgia Carolina & North. 5s
Macon Terminal 5s, 1965
DUNHAM & CO.
Investment
Central
Little Miami
Lone Star Gas
Midland Securities
New England Fuel Oil
Penna. Coal & Coke
Port Lobos Petroleum
Savannah Sugar
Stern Bros. Preferred
Texas Pacific
Northern
Ry. Memphis div. 5s
L. & N. So. & Nor. Ala. 5s, 1963
So.
Seaboard
Fajardo Sugar
Quantanamo Sugar
Gulf Oil Corporation
6s
Pacific of Mo. extend. 4s, 1938
Western
2016
United Light & Rys. 5s, 6s, 7s
Standard Gas & Elec. 6s, 1926-35
Wabash & Michigan 4s
N. & W. New River 6s & gen.
Dept.
Telephone of Can. 7s, 1925
American Gas 6s,
Real Est. 5s
Pacific of Mo. St.L.
Lake Erie &
Central Agulrre Sugar
Chlids Common
Bell
Atlantic & Yadkin 4s
Cinn.
CARL H. PFORZHEIMER & CO.
tfxchamrs
NEW YORK
Public Utility
Bond Dept.
Railroad
on
a EIRE
Yerk Sfeek
f ufiJiJMi > a
Will be mailed
on
Standard
New
25 iWed Streev
STANDARD
Summary
Boston
UNLISTED
Surety
Pacific Coal
Curtiss
and
7 WALL STREET
NEW YORK
Bank
National
Equitable Trust
Texas
fMkbr
New
York, Chicago
Stock Exchanges
HOME INS. BLDG.,
CHICAGO
National Bank
Citizen
Tel. Rector 7580
N. Y.
Chicago Rwys. 1st 5s, 1927
Peoples Gas 5s, 1947
NOBLE&CORWIN
15
10
Theodore C. Corwln
M«urk A. Noble
Local to New York
and
NEW YORK
Phono: Rector 4594
Stock Exchanges.
'Phone 7500 Rector, N. Y.
15 Broad
Street,
Philadelphia Phone, Locust 572,
Bait. Phone, St. Paul 9389
THE CHRONICLE
XIV
Current
F.
[VOL. 110.
inquiries
WANTED
J. LISMAN & CO.
Lynn & Boston 5s
Bijou Irrigation District 6s
East Chicago & I ndiana Harbor 5s
Clinton Water-Works Co. 5s
Members New York Stock Exchange
61
BROADWAY, NEW YORK
Bridge Co. 1st 4s Middle States Water-Works 5s
Emmett Irrigation District 5s
Chicago Lake Shore & Eastern 4^s
Jamaica Water Supply Co. 5s
Chic. St. Paul Minn. & Omaha deb. 5s
Joplin Water-Works 5s, 1940
Florida East Coast Railway 1st 4J^s
Lewiston Brunswick & Bath 6s
Atchison & Eastern
WE DEAL IN
Great Northern Railway of
Canada 4s
Racine Water Co. 5s
St.
Grand Trunk Western Railway gtd. 4s
Green
Joplin
Manila
Co.
Water
Bay
Union
Depot
Railway
due
4^s,
Railroad—Southern
Philippine
6s,
1st
1st
City Water Chattanooga 6s
1940
Lines
Company
Joseph Water 5s, 1941
Wichita Water Co. 5s
1940
4s
H. C. SPILLER & CO.
4s
INCORPORATED
17 Water
Terminal Association of St. Louis Bonds
St.,
corner
63 Wall
Wichita
Union
Terminal
Wisconsin Central
Co.
Devonshire St./BOSTON
Street, NEW YORK
4%s
Refunding 4s
CUBA
AND ALL RAILROAD AND STEAMSHIP SECURITIES
CANE
SUGAR
Descriptive Circular
WOOD, STRUTHERS & CO.
Investment
5 Naftsau
Securities
on
Reguest,
SUTRO BROS. & CO.
120
Street
CORPOR'N
10-Yr. 7% Conv. Deb. Bonds.
BROADWAY, NEW YORK
Members
of
New
York
Stock
Exchange
SfEW YORK
Cuban Cane Sugar Conv. 7s, 1930
Goodrich 7s, 1925
Anglo-American 7 K*
Kennecott
Copper 7s, 1930
Western Electric 7s
Underlying
Davies, Thomas & Co.
MemOere AT.
S
Nassau
Railroad
Y. Stock Exchang*
St.,
CONNELL
&
NICHOLS
111 Broadway
New York
Bonds
New York
Telephone: Rector 5467
an 1
622
Telephone Rector 5526
Canadian Pacific 6s, 1924
Argentine Govt. 5s, Loan 1909
Columbia Gas & Elec. 5s, 1927
Empire Gas & Fuel 6s, 1926
Puget Sound Lt. & Trac. 7s, 1921
Midvale Steel 5s, 1936
Consolidation Coal 5s, 1950
Tenn. Coal & Iron 5s, 1951
Indiana Steel 5s, 1952
49 Wall
SPECIALISTS IN RAILROAD
CORPORATION
Evansville &
Stret
BONDS.
AND
LIST
OTIVR
OF
OUR
RENT MARKET OFFERINGS ON
REQUEST.
Northern Union Gas 5s, 1927
Telephone Hanover 8317
Light & Htg. Co.
Penn
Mary Coal Co. 1st
Empire Gas & Fuel Co.
5s,
5s,
6s,
Cincinnati Gas Transport. 5s,
'
McKinley & Morris
a .WALL ST.. N. V.
T*l.
ITS.
Public Serv.
1939
1926
1933
Second Ave. Cons. 5s, 1948
PHILADELPHIA
Duquesne Light 6s,
Shaffer Oil &
1949
Refining 6s, 1929
Virginia Ry. & Power 5s, 1934
Southern California Edison
6s, 1944
WANTED
Buffalo Susquehanna
Gilbert J. Postley
Preferred
7 Wall Street
NEW YORK
Telephone Rector 9697
American
Typefoundry 6s, 1937
Duquesne Lighting 6s, 1949
J. S. FARLEE & CO.
Latrobe Connellsv.
S6
BROADWAY
Members American Bankers♦ Association.
BAUER, STARR & CO.
U5 BROADWAY
N. Y. CITY.
LAND
WE
WILL
TITLE
BLDG.,
PHILADELPHIA
Rector 7416
Rochester
C, & C. 6s, 1931
Lehigh Power Securities 6s, 1927
Members New York State Bankers' Association.
Private wire connections
BUY
Railway & Light 5s, 1954
Cincinnati
Gas & Electric
Alabama Power 5s, 1956
5s,
1956
Brooklyn Edison 5s, 1949
WE
WILL
Detroit Edison 5s,
Detroit Edison 5s,
SELL
1940
1933
Madison River Power 5s, 1935
Illinois Northern Utilities 5s, 1951
EARLE A.
MILLER
& CO
SPECIALISTS IN PUBLIC UTILITY SECURITIES
'
ft
|
DIRECT PRIVATE WIRE
CONNECTION WITH CHICAGO
TELEPHONE RECTOR 8060-1-2-3
111
BROADWAY
Pennsylvania Utilities 5s, 1946
Corp. of L. 1.5s, 1943
1932
SAMUEL K.PHI LLIPS&CO.
507 Chestnut St.
Indianapolis 6s
Safety Boiler
International Cigar Machinery
Nassau & Suffolk Ltg. 5s, 1945
Heine
Marion
Braden Copper 6s, 1931
Bristol Gas & Elec. 5s, 1929
Delaware Lack. & West. Coal
VILAS & KICKEY
NEW YORK
Taylor & White
43 Exchange PL
N. Y.
Tel. Hanover 427-8-9
APE. 17
XV
CHRONICLE
THE
1920.]
Ctttrtnt 5&mti Snqnirie*
Kings County Elev. RR. Co. 4s, 1949
American Finance & Securities 6s
Atl. Ave. RR. Co.
Guanajuato Reduction & Mines 6s
Bway. & 7th Ave. RR. Con. 5s, 1943
Guanaj. Pow. & Elec. 6s & Stock
Bklyn. City RR. Co. 1st 5s, 1941
Kings Co. Elec. Lt. & Pr. P.M. 6s, '97
Central
Mexico
Light & Power 6s
Bklyn. Union Elev. RR. 5s, 1950
Lexington Ave.&Pavonia Ferry 5s,'93
Central
Mexico
Lt.
Preh
Pow.
&
Bklyn.*5s, 1931-34
Central Union Gas Co. 1st 5s, 1927
Michoacan Power 6s
Cleveland Akron & Col. 1st 5s,
1927
Emp:re Lumber 6s
Cleveland Akron & Col. Con. 4s, 1940
National Securities 6s
Dry Dock E. Bway. & Battery 5s,
Racine Water 5s
Edison El.
Chattanooga
Water 6s
Water 5s
N. Y. & Westch. Lt. Co. Gen.
4s, '04
(Tenn.)
N. Y. & Westch. Lt. Co. Deb. 5s,
Ilium. Co. N. Y. 5s,
1995
N. Y. Gas & El. Lt. Ht. & Pr. 4s, 1949
1939
Northern Union Gas Co. 1st 5s, 1927
'54
& Pref.
Carnegie Ewen
Wm.
(111.)
2
Tel. Rector 3273-4 and 3294
We
HOTCHKIN & CO.
Telephone
53 State
Slain
Boston, Mass.
460
1951
1932
Birmingham Water 5s (Ala.)
Peoria
Nassau Elec. RR. Co. Cons. 4s,
New Amsterdam Gas Co. Cons. 5s, '48
Edison El. Ilium. Co. Bklyn. 4s,
(Wis.)
New Hamp. Elec. Rys. Com.
Kings Co. El. Lt. & Pr. 1st 5s, 1937
St.*
Specialize in the
Securities of the
Argentine Govt. 5s, 1945
French Govt.
Chicago & East. 111. RR.
(Victory) 5s
Evansville & T. H. RR.
Mo. Kansas & Texas
French Govt. 4s
Ry.
Maryland Ry.
Western
Amer. Lt. & Trac.
Wall Street, New York
Municipals 1
German
Denver & Rio Grande RR.
Evansville & Indianap.
Central Petroleum
Pacific Gas & Electric
BULL & ELDREDGE
Western Power
Members of the New York Stock Exchange
20 BROAD
Tel. Rector 8460
ST., N Y.
Specialists in short term securities.
System
Indiana & 111. Coal Corp.
Kirby Lumber Com. & Pref.
Wm. C. ORTON & CO.
Specialist Reorganisation Securities
Broad St., New
15
MacQuoid
5
Members Netc York Stock Exchange
YEAR
Tel. Rector 9970.
St., N. Y.
NOTES
CONV.
7%
EXCHANGE
FOREIGN
To Net Over 7.60%
.
14 Wall
Tel. T160-M Broad
York
Southwestern Bell Tel.
& Coady
Bought and Sold on Order
Description upon request.
Currency
Hocking Valley Products 1st 5s, 1961
Cleveland Short Line 1st 4j^s, 1961
N.
Y.
CHARLES W.HILL & CO.
Members New York Stock Exchange
Connectng RR. 1st 4}/£s, 1953
Nassau
Elec.
Ry. cons. 4s, 1951
Detroit United Ry. 1st 4J^s, 1932
2 Wail
Lehigh Valley Coal Sales Co.
Seligmaim
Tol. Broad WO
Consolidation Coal Co. Securities
4j^s & 5s
Cole Motor Co.
Joint Stock Land Bank
Specialists in Railroad Terminal Bonds
Tel. Broad 7064
Consolidated Gas, Electric Light &
Power of Baltimore Securities
Elk Horn Coal Corp.
5s (all issues)
Bought—Sold—Quoted
Inquiries Solicited
Fixtlay & Davenport
N. Y.
&
Members New York Block Exchange
SO Broad St. N.( Y.
Federal Farm Loan
Chic. Memph. & Gulf 1st 5s, 1940
80 Broad St.,
Shuman
Tel. Rector 4454
St., N. Y.
Bonds
Checks
Securities
Bait. & Annapolis Securities
Wash.
J. HARMANUS FISHER & SONS
1874.)
BALTIMORE. MD.
(Established
AND""
WE
OFFER
To
Members Nsw Tack
6s, 1929
on
application.
Pine
SURETY"
J. S. Bache & Co.
Members New York Stock
Joseph Gilman
t4
New York
yield 6.25%.
Price
INVESTMENT SECURITIES
St.
N. Y.
6691-4 John
New York
Baltimore
LIBERTY REGISTERED
Buffalo
Chicago
BONDS
Pittsburgh
Cleveland
New Orleans
Rochester
St. Louis
Syracuse
Philadelphia
Troy
Kansas City
Boston
Rectef
Indianapolis Trac. & Term. 5s, 1933
Danville Champ.
& Decatur 5s, 1938
Bloomington Dec. & Champ. 5s, 1940
INDIAN REFINING
NEWBORG & CO.
Phone 6810
T4 Broadway
CORRESPONDENTS
Cincinnati
Albany
& CO.
DODGE
S.
R.
Exchange
' Tel., 6400 Broad
BRANCHES and
City
Exchange.
"NATIONAL
Stock Exchange
Specialists.
14 Wall St.
ST.
Members Baltimore Stock
CHMELTZER.
ST. LOUIS MERCHANTS BDGE
"1st
SOUTH
Springf. (111.) Coal Min. Co. 5s, 1923
Com. & Pfd.
Chic. Peo. & St. L. Pr. Lien
4sj^, 1930
Members New York Stock Exchange
60
PROCTER & GAMBLE
BROADWAY, N. Y.
Telephone 4390 Bowling Green
PRIVATE
E. D.
Stock & Scrip
WIRE TO ST. LOUIS
MURPHY
81 WALL ST.
Telephone 7353 Hanover
J
International Gt. North. 7s, 1922
International Gt. North. 5s, 1914
Det. Tol.
& Ironton Adj. 5s, 1954
Weatherf. Min. Wells & N. W. 5s, '30
Underg.El.Ry.ofLondonInc.6s,'48
Illinois 5s, 1937
Meridian Terminal 4s, 1955
Chic. & East.
Georgia Midland 3s, 1946
Ft. Smith & Western 4s, 1954
Hudson & Manh. Com. & Pref.
Hudson
Companies Preferred
111. Cent. Railroad Securities 4s
Liggett & Myers 5s & 7s
Chic., Ind. & Louisville 4s
Lorillard
Marq-Lake Erie & Det. Riv. 4j^s
Western New York & Penna. 5s
Seattle
Pere
Central Vermont 4s
Natl.
Akron, Canton & Youngstown 6s
Fort St. Union Depot 4^8
Fla. Cent. & Pen. 5s—1930 & 1943
West
Telepone Rector 2920
72
Trinity Place, New York
SAM'L
Phone 5380-1-2-3
/
Broad
Conduit & Cable 6s
Kentucky Coal 5s
Spring Valley Water
N.
Y.
4s—1923
Shipbuilding 5s
Cities
Pfd.
Argentine Internal 5s, small
Cuban Govt. 4}^s & 5s
Dominican Republic 5s
Cuba Stock
Spanish Bk. Isle of Cuba
4^8 & 6s
Const. & Dry Dock 6s
American
Oregon RR. & Nav. 4s
St. Louis Bridge 7s
Seaboard Air Line 6s
New Haven 4s—1922
National Bank of
WOLFF & STANLEY
(P) Co. 5s
Consolidation Coal
Stock
Mexican
Rio
Govt.
5s
de Janeiro Tram.,
Lt. & Pr. 6s
GOLDSGHMIDT
25 Broad Street
CHRONICLE
THE
XVI
[VOL. 110.
Jfinantial
jfimtttial
Jfftrancial
©
ALL.
F©RE!GN
Cuban,
and
A
CHECKS
Investmen
BO KIDS
M
other
'
Cuyamel Fruit Company
CURRENCIES
International
High Grade Short Time
G?
■
Mexican
•
We Recommend As
V
Canadian,
Marine Equipment Serial
N
era
ir
<
Gold
Securities
Bankers & Brokers
•Can You Answer
120
any
New York
Broadway
is
1. What
French
the
CORRESPONDENTS
All
or
them?
to
July 1922
Net
to
7%
Circular with Full Details
j
of
rate
of the
ex¬
Hibernia
Securities
{.he Bonded Debt
City of Frankfort?
3. When are the Italian 5s of
1918 due?
and
many
other
Company
Incorporated
Hibernia Bank Building
Toronto
These
Request
upon
the yield on a
Italian Bond at
current
2. What is
PRIVATE WIRES
1921
Price
change ?:£.V;'
Important Foreign Capitals
Montreal.' %
Them?
of the following questions
could you answer
Telephone Rector 6834
Maturing Monthly
March
customers were to ask
If your
Kuczynski & Co.
Notes
New Orleans
vital
questions answered In our new
booklet:
"Foreign
Bond
BOUGHT AND SOLD
Bay State Film
Sent
Statist
free
upon
•
Requtti*
30 Years
-
El Favor Mines
Unlisted
R.A. SOICH&CO.
Oil, Mining, &
in
Industrial Securities
10 Wall St,
G.F.Redmond A Co., Inc.
19 STATE ST.,
Tel. Rector 5280-92
N.Y.
Export Banking
BOSTON, MASS.
Direct Private Wire to New York,
Tel. Main 3133—Fort HUI 920
Scott & Stump
Specializing in
INVESTMENT SECURITIES
Stock Exchange
Russian Govt. Bonds
Building,
and
PHILADELPHIA
Pbenee: Locust 648S, $481. $482.
Keystone:
Currency
Foreign Govt. Securities
0481
Race 2797
INTIMATE
F. HALL & CO.
CHAS.
Tel. 5810 Rector.
20 Bread 81.. N
STOCKS AND BONDS
bought and cold for each,
or
carried
aoqulred
ca
trlea
Inquiries Invited.
FINCH
&
TA|R BELL
Members New York Stock
8$ BROADWAY.
BERTRON, GRISCOM & CO., INC.
Exchange
^
INVESTMENT
NEW YORK
PHILADELPHIA
NEW YORK
the
world
round
out
0OT
M
Ag«aey,
Lynch &M?dermott
-»
2 WALL SI. NY— Tel RECTOR 2515
3*®r
—
New
Tel. 757 John
Jersey
CUTWATER & WELLS
48 Exchange Place
Tel. 28 Montgomery
BROADWAY, NEW YORK
use
PAPER
New York
Nebraska Power 5s, 1949
Carolina Power & Light 5s, 1938
Nebraska Power Preferred
Southwestern
Power
& Light Pref.
Light Preferred
Power
&
American Power &
Sales Representatives Wanted
SAFETY
Broadway
American
135
Broadway
New York City
Texas Power &
McSHERRY
L.N. Rosenbaum & Co.
it
George La Monte & Son
81
Securities
Jersey City. N. J.
CO.
and
FOR THEIR CHECKS
Leonard F. Hepburn
Preferred ft Common Sharoe
broad
Qfifl/ °{ th« B«nks in
oU/O
NATIONAL
MANUFACTURING
service
Inquiries Invited
80 BROADWA?
Augusta-Aiken Ry. & Elec. 5s, 1935
Augusta-Aiken Ry. & Elec., Pref.
Augusta-Aiken Ry. & Elec., Com.
Sen Sen Chiclet 6s, 1929
Queens Boro. El. Lt. & Por. 5s, 1928
Eisemann Magneto, Pfd. & Com.
a
comprehensive in every detail.
"BANJC.UMITE3
ALFRED R. RISSE
St., N. Y.
eoun-
transacting business abroad.
Canadian Securities
BouQhir^Soldr^^uoied
34 Pine
the
themselves, is essential when
PANaX)^SOUTH AMERlgSN'
Govt.5% lnt.Loan of 1311
Telephone 8204 Broad
exported*
of
years
Our 23 branches in South America, 8 effleos
Russ.Govt.5%% lnt.Lo&n,due'2&
Russ.Govt.6%% ext.Loan,due'lS
French
ef
In Europe and direct connections throughout
Land Title Building
40 Wall Street
Italian Govt. 5% Int.Loan of 'H
SECURITIES
by
actual residence in
and
conservative terms.
Inactive and unlisted securities.
1
KNOWLEDGE
the needs and habits of the people,
Y,
St.
Maurice
Bonds
Paper
Co.,
Ltd.
and Stock
PAUL & CO.
Members Philadelphia Stock Exchange
Chestnut Street
PHILADELPHIA
H.
85
Light Preferred
Light Common
L. NASON
Devonshire St.
W. H.
& CO.,
BOSTON
Goadby &Co.
Member. Now York Stoo
1421
NO. 74 BROADWAY
Exchange
NEW YORK
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[VOL. 110.
CHRONICLE
THE
XVIII
jfleetlngg
jffnsBtfal
■
THE
NEW YORK NEW HAVEN &
HARTFORD RAILROAD CO.
COMMERCIAL BANK OF LONDON
To the Stockholders:
Notice is hereby given that the Annual Meet¬
ing of the Stockholders of the New York New
& Hartford Railroad Company will be
held in the Assembly Hall of the Hotel Garde,
corner of Meadow Street and Columbus Avenue,
New
Haven,
Connecticut,
on
Wednesday,.
April 21st, 1920, at 12 o'clock noon, for the followfng purposes:
LIMITED
Authorised
Issued
-
£5,000,000
-
£2,250,000
Capital
Capital
-
-
Haven
To consider and take appropriate
1.
action upon
York
Railroad Company for
the year ending December 31, 1919, and all
acts
described
therein or reported at said
meeting.
the Statement of the affairs of the New
New Haven & Hartford
DIRECTORS:
The Right Hon. Sir
The
Charles Edward
Clarence Charles
Right Hon. The Earl of March, D.S.O.
Stanley J. Passmore
(Chairman)
Ilatry, Managing Director
Hob House, Bart., P.O.
Sir
Peter Haig-Thomas
To elect
2.
Pelham-Clinton
Francis William Towle, C.B.E.
Henry William
opened and
every
? v,
description of Banking Business
made to customers on approved
or
assumed
undertaken; safe custody
of dividendsi;
which
periods, at rates
application.
DEPOSITS received at call, or for fixed
tained
ARTHUR
J. J.
on
H.
-
;!
BONDS negotiated
COUPONS AND DRAWN
KING. 1
be
may
ascer¬
United
of the
-r
To consider and act upon any and all ques¬
tions and matters arising under the Transport¬
4.
Joint
[General Managers.
SPEARS,
President
the
(a) Section 1 of the Act entitled "An Act mak¬
ing appropriations for the support of the
Army for the fiscal year ending June 30th,
1919, and for other purposes.
Approved
August 29th, 1916;
(b) The
Federal Control Act.
Approved
March
21st,
1918;
(c) The
agreement
between
the DirectorGeneral of Railroads and the Company made
April 26th,
1919, providing for compen¬
sation to be paid to the Company during
the term of Federal control.
GRANTED TO COMMERCIAL AND
INDUSTRIAL UNDERTAKINGS
PURCHASE AND SALE OF SECURITIES
of securities; also the receipt
by
under
States
THE
ation
1920,
Act,
February
approved
1920, including the settlement of matters
6 AUSTIN
FRIARS, LONDON, E. C. 2
OFFICE
United
The
OF
Gas
Improvement
Company
Broad and Arch Streets,
Philadelphia, March 3rd, 1920.
Meeting of the Stockholders of
The United Gas Improvement Company will be
held at the office of the Company, Northwest
Corner of Broad and Arch streets, Philadelphia,
on Monday, May 3rd, 1920, at 12.00 o'clock noon,
for the purposes of electing a President and six
Directors, to serve for the ensuing year; of
considering and acting upon the subject of a
proposed increase In the authorized capital stock
of the Company from 1,221,456 shares of the
N.
Investment
The
Securities
W.
9or.
Annual
$50 each, to 1,521,456 shares of
of $50 each, all of which Increase
shall be Seven Per Cent Cumulative Preferred
Stock, also entitled to preference on liquidation
to
the par value thereof and accrued unpaid
dividends, to be redeemable In whole or In part
at $55 per share and accrued unpaid dividends,
par value of
the par value
have the same
to
voting rights
as
the Common
Stock, and to have such other rights, privileges,
R.C.Megargel&Cg.
27 Pine Street
-
New York
preferences and limitations as may be determined
at
said meeting; of authorizing the issue of
122,060 shares or said Preferred Stock to be issued
and disposed of by the Board of Directors at such
time or times and upon such terms and conditions
as said Board shall approve, provided, however,
that said shares shall first be offered to the stock¬
holders pro rata for subscription
at par; the
balance of the authorized shares of said Preferred
Stock to be issued from time to time, but only
when and as authorized at a subsequent stock¬
holders* meeting; and of transacting such other
business as may properly come before the meeting.
The stock transfer books will be closed from
3.00 P. M.. April 21st, until 9.00 A. M.. May
4th, 1920.
By order of the Board of Directors,
G.
Hollister,White & Go.
/.
'•
v
•
mcoflPot?*rco
::
/A
Investment Securities
i
W.
CURRAN.
ELECTRIC RAILWAY,
LIGHT & POWER COMPANY.
Notice of Annual Meeting of Stockholders
HAVANA
May 20,
STREET, NEW YORK
60 Congress St.
Boston, 9, Mass.
North American Bldg.
Philadelphia, Pa.
Slantefe
WORTHY YOUR ATTENTION.
Finance
Meritorious
Enterprise.
turer of Soap and Soap Powders (in
twelve
Southern City) seeks financial
Will pay good dividend on money
Bank and business references ex¬
years
backing.
invested.
changed.
Box 82,
icle,
Manufac¬
Business
Commercial & Financial Chron¬
Front Street, New York, N. Y.
care
138
THE
UNIVERSITY OF LONDON.
The Senate invite applications for the Sir
Ernest Cassel Chair of Banking and Cur¬
rency,
tenable at
the
London
School
of
Economics
and
Political
Science.
Salary
£1,000 a year.
Applications (12 copies) must
be received not
later than first
post
on
1 June, 1920, and addressed to the Academic
Registrar,
University
of
London,
South
Kensington,
S.
W.
7,
England.
Further
may be obtained from Professor
Cunliffe,
Secretary of the American
Uni¬
versity
Union,
Columbia
University,
New
York City.
Rail¬
Power Company will be held on
third Thursday in May, 1920,
at the principal office of the
Company, No. 15 Exchange Place, Jersey City,
State of New Jersey, registered with the Registrar
and Transfer Company, the agent in charge thereof
being at No. 15 Exchange Place aforesaid, for
the election of three Directors each to hold office
for three years, and for the transaction of such
other business as may properly come before the
meeting, including the considering of and voting
upon the approval and ratification of the reports
20th,
To consider and act upon a proposition to
ratify, confirm and approve of the execution by
the officers of this Company of an equipment
Di¬
trust agreement with Walker D.
Hines,
rector-General
of
Railroads,
covering
the
allocation by him to this Company of cars and
locomotives at a cost not to exceed $4,813,930
and the issue by
To
6.
thLs Company of its equipment
therefor not to exceeed said
I
certificates
trust
amount.
transact
properly
other business which
before said meeting.
may
any
come
the purpose of this meeting the transfer
of the Company will be closed from the
For
books
close of business March 31, 1920, and
re-opened
April 22,1920.
on
Haven, Connecticut, this 31st
day of March, 1920.
By order of the Board of Directors.
ARTHUR E. CLARK, Secretary.
Dated at New
NOTICE—TO THE
MINNEAPOLIS
MARIE
STE.
is
STOCKHOLDERS
OF
ST. PAUL & SAULT
RAILWAY COMPANY: Notice
THE
hereby given that the regular Annual Meeting
of the Stockholders of said Company
Office
General
the
at
of
the
will be held
First
Company,
National-Soo Line Building, in the City
of Min¬
neapolis, State of Minnesota, on Tuesday, May
18th, 1920, at 10:00 o'clock In the forenoon, for
the election of Directors and the transaction of
such
business as may come before the
Each share of stock is entitled to one
other
meeting.
Stockholders may be represented In person
vote.
by proxy duly appointed fn writing.
Stock¬
at the close of business Satur¬
or
holders of record
day, April 17th, 1920, will be
said meeting.
entitled td vote at
EDMUND PENNINGTON,
(Signed)
G. W. WEBSTER, Secretary.
Minneapolis, Minn., April 12th, 1920.
Light &
May
Federal
President.
Annual Meeting
of the Stockholders of the Havana Electric
way,
5.
1920.
Notice is hereby given that the
92 CEDAR
Secretary.
28th,
arising-
control, the refunding of this
Company's indebtedness due the United States,
the guaranty to this Company of compensation
after the termination of Federal control, the
making of a new loan or loans, and the acqui¬
sition of control of any other carrier subject
to said Act by lease, purchase, consolidation,
or
otherwise; also to consider and act upon
any proposed execution and issue of bonds,
debentures, notes or other evidences of indebted¬
ness, for the purpose of obtaining additional
equipment by means of equipment trust or
otherwise, for the purpose of funding this
Company's indebtedness, or for any other
lawful purpose and of securing the same by
mortgage or pledge of this Company's rights,
property and franchises.
of
out
tfUetina*
^financial
'
To consider and act upon any and all questions
matters relative to the possession,
use,
control and operation of the Company's rail¬
road and system of transportation taken over
and
BILLS discounted and advances
security.
SPECIAL FACILITIES
>
Board of Directors for the ensuing
year.
3.
CURRENT ACCOUNTS
transacted.
a
at
or
the
12 o'clock
noon
the Officers and Directors and of all the acts
Board of Directors and
Annual
Meeting of the Stockholders of the corporation.
The Stock transfer books will be closed from
and
proceedings of the
of the Executive Committee since the last
April
24th,
1920,
to
May
20th,
inclusive.
1920,
both
-
Dated this 8th day of April, 1920.
By order of the Board of Directors,
H. KRAEMER, Secretary.
Inspiration Consolidated Copper Company.
NOTICE OF ANNUAL MEETING.
Notice is hereby given that the Annual Meeting
of the Stockholders of the Inspiration Consoli¬
will be held at the office
242 Water St., Augusta, Maine,
Monday, the 26th of April, 1920, at 2 o'elock
P. M., for the transaction of any and all business
dated Copper Company
of the company,
on
that may come
election
The
Corporations negotiated
confidentially.
THE
PIERCE-ARROW
The
ST. PAUL. MINN.
annual
held at its
closed,
but
MOTOR
CAR
meeting
of
CO.
OF
_
the stockholders o*
Company will bo
Motor Car
principal office, 1695 Elmwood Ave¬
Buffalo, N. Y., on Tuesday. April 20, 1920,
for the purpose of electing nine
Directors for the ensuing year, and for the trans¬
nue,
at 2 o'clock p.m.,
come
Pioneer Bldg.
be
OF
ANNUAL
MEETING
STOCKHOLDERS.
Pierce-Arrow
action
JACOB BACKER, FINANCIAL BROKER
not
By order of the Board of Directors.
J. W. ALLEN, Secretary.
New York, March 25, 1920.
The
in Banks and
will
only those stockholders of record at the dose of
business, viz. (3 o'clock P. M.) on Friday, April
9th, 1920, will be entitled to vote at said meeting.
NOTICE
SALE OF THE CONTROL
before the meeting, including the
of directors.
Books
Transfer
of such
other
business
as
may
properly
before said meeting.
E.
C.
PEARSON, Secretary.
Buffalo, N. Y.. March 15. 1920.
APB. 17
1920.]
THE
CHRONICLE
Jfinanctall
XIX
iftaandal
HABIRSHAW ELECTRIC
CABLE COMPANY
Factories
and
Yonkers, New York,
at
Bridgeport, Conn.
Executive
Offices
Y.
N.
at
City
8% First Preferred Stock
Largest independent manufacturers
of insulated wires and cables in the
]Vn. /oo.
United States.
Present earnings at the rate of over
six times annual dividend require¬
IljrJHrilabdplpNsrti
ments.
Especially recommended
as
PinyiDELPHjfi
(3-1)
sound
a
Investment.
1
•
1/
'
Price, Par $100 Per Share
Dividenda
Quarterly
To Net
Write
iod'Dollarsi
8%
to-day for
me
Circular
Special
the toil and
industrial stacks.
Street, Hartford, Conn.
Indies
Atlantic Gulf & West
Steamship Lines
Topping
daily.
plant
200,000
with
represent
may
planning of months and
years
The Philadelphia National Bank
satisfaction to its depositors.
During this period of time the bank has grown to
world-wide proportions while serving
of
i
station
for
capacity
Pumping
tankers
per
production
capacity
30,000
barrels
the
loading of
of 6,000 barrels
hour.
Pipe line capacity when completed 60,000
barrels daily.
Parent company has contracted for tank¬
having deadweight tonnage of more
than 172,000 tons.
ers
city,
state
and nation.
Tl^HEREVER
*
*
the interests
Philadelphia National Bank
a
check is sent,
it carries with it the responsi¬
bility, prestige and influence of
one
of the oldest
banks in the country.
Moore,
Leonard &
Lynch
Members New York & Pittsburgh
Stock Exchanges
Frick Bldg.
111 B'way
New York
PHILADELPHIA
Ritz-Carlton
Pittsburgh
Philadelphia
BANK
Quarter
Rates
PHILADELPHIA, PA.
Bond Values Tables
Showing the yields
on
rates of
454%, 454%, 554%, 554%
Prom 4 to 6% progressing by .05, Including the
eights, maturity 6 months to 50 years.
Book
contains special Tables for VICTORY
also
Investment Bankers
LIBERTY LOAN 354 and 454% notes.
Single
copy
NOTICE
price $5.00.
the
publications
I
and
Houses of Issue
fsittattjcial gublfsMttg ffixr.
Controlling
•
...
of
A
Boston
;
investment
Montgomery Rollins,
17 Joy
Street,
BOSTON,
MASS.
sixteen
over
bonds
and
years,
preferred
lines,! desires to
house
of
high
outlet
$400,000
in
New
investors who
City of
East
All
Orange, N. J.
Prices
to
yield 4.80%
B.J.Vanlngen&Co.
52 Broadway
'
has been giving
Controlled by
Estimated potential
barrels daily.
living in-
business transaction.
T^OR 117
Oil Corp.
a
It is the finished product of
years.
a
Atlantic Gulf
which
strument
Specialist for eighieen years on the best dividendpaying New England and New York State
36 Pearl
BANK CHECK is
A
THOMAS C. PERKINS
New York
dealing
New
England
investment
extend
their
would
among
like to
have
a
an
the most conservative
purchase for permanent investment.
correspondence
Station,
seasoned
'
established
York connections with
that
standing
confidential.
Address X. Y. Z., care
Street
in
wishing to
stocks,
make
1
.
banking house,
New York.
Chronicle, P. O. Box 3, Wall
[Vol. 110.
THE CHRONICLE
xx
Jffnanrtal
United States Government
Victory Notes
Liberty Bonds
We
ties
keep
a
it
June 15,
a
a
3rd
4th
5th
5th
a
a
a
1942
15, 1947
June
Nov. 15,
1942
Vi
a
it
Sept.15,
1928
il
a
May 20, 1923
May 20, 1923
it
it
it
it
15, 1938
Oct.
it
a
a
it
4.95%
4.90%
5.25%
5.50%
5.40%
5.10%
6.10%
a
a
a
4M%
4M%
4 M%
3%%
4%%
3%%
4 Vs%
1947
Nov. 15,
1st
<<
a
a
4%
2nd 4%
1st 4M%
Yield about
15, 1947
Due June
3 Yflo
2nd
supply of the above securi- '
hand for immediate delivery
on
I
i
features
shall
and high
be
glad
yield
tax-exempt
We
to us most attractive.
seem
particulars
further
give
to
their
request.
on
Kidder, Peabody & Co.
17 Wall St.
115 Devonshire St.
NEW YORK
BOSTON
WEST
VIRGINIA
COMPANY
PITTSBURGH
&
RAILWAY
NO. 12.
The Board of Directors has declared a dividend
(1H) per cent on the Pre¬
ferred
Stock of the Company for the quarter
ended March 31, 1920, payable May 31, 1920, to
Stockholders of record at the close of business
of
and
one
on
one-half
May 6, 1920.
MOORE, Secretary.
Pittsburgh, March 27, 1920.
H.
DETROIT
C.
GREENE
No.
CO.,
&
17 Battery Place, New
payable April 1, 1920, at the office of the Com¬
pany,
60 Federal St., Boston, Mass., to all
of record at the close of business
March 26, 1920.
stockholders
WINNSBORO
MILLS,
HENRY C. EVERETT, JR., Treasurer.
payable June 1st, 1920, to Stockholders
of record May 15th at 12 o'clock noon.
A. E. Peters, Secretary.
Detroit, Mich., April 8, 1920.
LOCKWOOD,
GREENE
& CO.,
Boston, Mass.
The
stock
of
Winnsboro
The Board of Directors has this day declared
quarterly cash dividend of One Dollar (SI.00)
and a quarterly Stock Dividend of
Cent (3%) on the Common Stock of
this Company, payable in Common Stock of this
Company, both payable May 1, 1920, to stock¬
holders of record at the close of business April 17,
will
payment of the cash dividend and
of Common Stock, or a Warrant
be
LOCKWOOD.
The
Managers,
upon the
preferred stock of Lancaster Mills has been de¬
clared payable May 1, 1920, at the office of the
quarterly dividend
of
\%%
the New England Trust Com¬
Boston, Mass., to all stockholders of
record at the close of business April 14, 1920.
LANCASTER MILLS,
J. DEVEREUX WINSLOW,
pany,
CO.
Quarterly Dividend of TWO DOLLARS
($2.00) PER SHARE on the Eight Per Cent
Preferrd
Stock
of
this
Company
has
been
declared,
payable
May
15,
1920, to stock¬
holders of record at the close of business May 1,
1920.
F.
SEAMAN, Secretary.
1920.
A.
York, April 6,
Telegraph Co.
19,
COMPANY.
Dividend of two per cent. ($1.00 per share)
the COMMON Stock of this Company, for
A
the
quarter ending March 31, 1920, will be paid
April 30, 1920, to stockholders of record as of
April 2, 1920.
H.
F.
New York, March 24,
BAETZ.
1920.
Treasurer.
an
dividend
extra
June
1,
May 1, 1920.
1920,
of $1 00 per
to
FRANK
J.
FAHEY, Treasurer.
Boston, April 14, 1920.
Fort Worth Power &
1920.
On account of the annual meeting
the transfer
Tuesday, March 30, 1920, both days included.
G. D. MILNE, Treasurer.
Light Company
Preferred Stock Dividend No.
books will be closed from Saturday, March 20, to
The regular
35.-
quarterly dividend of one and three-
quarters per cent on the Preferred Stock of Fort
Worth
Power & Light Company has been de¬
clared, payable May 1, 1920, to stockholders of
ELECTRIC
^MANUFACTURING
of $2 50 per share
share, pay¬
stockholders of record
regular quarterly dividend
able
A dividend of Two Dollars per share will be
paid on Thursday, April 15, 1920, to stockholders
of record at the close of business on Friday,
March
Board of Directors have to-day declared
The
and
FEDERAL SUGAR REFINING
WESTINGHOUSE
Secretary.
Gillette Safety Razor Company
a
Secretary.
A
FRANCIS,
M.
ELECTRIC BOND AND SHARE CO.
COMMON STOCK DIVIDEND NO. 44.
New York, April 14, 1920.
The regular quarterly dividend of two (2%)
per cent on the Common Stock of ELECTRIC
BOND
AND
SHARE COMPANY has been
declared, payable April 15, 1920, to stockholders
of record at the close of business April 14, 1920.
H. M. FRANCIS, Secretary.
Treasurer.
KELLY-SPRINGFIELD TIRE
BOND
STOCK
H.
of
GREENE & CO.,
Boston, Mass.
American Telephone &
on
26, 1920.
MILLS.
mailed.
Dated, New York, April 6, 1920.
F. A
SEAMAN,
New
the
been
transfer agents,
in
representing a fractional
share of Common
Stock, or both, in payment of the Stock Divi¬
dend
hap
Mass., to all stockholders of
Office
a
Certificate
AND SHARE CO.
DIVIDEND NO. 60.
April 14, 1920.
The regular quarterly dividend of one and onehalf (IH%) per cent on the Preferred Stock of
ELECTRIC BOND AND SHARE COMPANY
has
been
declared, payable May 1, 1920, to
stockholders of record at the close of business
April 19, 1920.
ELECTRIC
HENRY C. EVERETT, JR., Treasurer.
CO.
per share
Three Per
upon
Mills
declared, payable April 1, 1920, at the office of
the transfer
agents, the New England
Trust
WINNSBORO
1920.
Checks
day
cent.
New York,
record at the close of business March
a
voted a distribution equal to five per
(5%) of its Capital Stock, being three per
(3%) for dividend and two per cent. (2%)
for Amortization, payable on April 27th, 1920, to
stockholders of record on April 17th, 1920.
W. C. LANGLEY, Treasurer.
this
cent.
PREFERRED
1 %%
of
dividend
quarterly
Preferred
Managers
STOCK
PREFERRED
Company, Boston,
TIRE
York City
April 13, 1920.
DIVIDEND NO. 221.
Amortization Distribution No. 11,
The Board of Directors of this Company have
The quarterly dividend of 2% upon the Com¬
mon stock of Winnsboro Mills bas been declared,
Office of
64.
quarterly dividend of Two Dollars per share,
being at the rate of eight per cent per annum, on
the Capital Stock of this Company, has been
KELLY-SPRINGFIELD
NEW YORK & HONDURAS
ROSARIO MINING COMPANY.
Managers,
Boston, Mass.
COMMON STOCK.
UNITED RAILWAY.
Dividend
A
declared
Office of
LOCKWOOD,
DIVIDEND
PREFERRED
©tofoenb*
SMbfoen&a
Dfbifcenb*
THE
l
The
COMPANY
regular quarterly dividend of one and one-
half per cent. (1H%) on the Preferred Shares of
this Company, and the regular quarterly dividend
three-quarters per cent. (1 % %) on
the Common Shares of this Company will be paid
of
one
record at the close of business April 20, 1920.
T. B. YARBROUGH, Treasurer.
NATIONAL
'
May 1,1920, to stockholders
of business
April 21, il920.
of record at the close
Transfer Books will
not close.
PIERRE
April 13, 1920.
J.
SMITH, Treasurer.
COMPANY.
N. Y., April 15, 1920.
dividend of one and three-
LEAD
.
111 Broawday,
and
A regular quarterly
?uarters per cent onday been declared payable
the Preferred Stock of this
iompany has this
June
15, 1920, to stockholders of
close of business, May 21, 1920.
FRED R. FORTMEYER,
record: at the
Treasurer.
APR. 17
1920.]
THE CHRONICLE
XXI
jffnanctal
A New York
Registrar
iHE
Trust Service
its
denced
a
tion
no
stock
New
the
York
registered by
a
service
It is
expeditious transac¬
of certain
on
qualified registrar.
corporations which aids
in the
listed
market unless it is
complete
Company renders
by the fact that
be
can
fiduciary facilities, this
to
a
registrar of securities is evi¬
for
Corporations
friHrough
importance of having
important
the
issue
phases of modern business.
duty of the registrar to
that there is
see
the
unauthorized
no
over-issue of securities of
or
companies for which it acts.
Some of these services, such
as
The
those of transfer agent,
and trustee, are
widespread distribution of se¬
curities
registrar, disbursing agent,
described in
the public and the
among
c
necessity for surrounding their issu¬
this series ofadvertisements.
ance
with every
safeguard, has made
this service of
great
importance.
4
This company,
through its Regis¬
Department,
tration
Hi
serves
a
large number of representative
corporations.
to
describe in
sonal
and
call,
or
We shall be pleased
detail, through per¬
by mail, the
scope
advantages of this service.
Guaranty Trust Company of New York
.
Fifth
Avenue
Office
Fifth Avenue & 43 rd
Street
140
Broadway
Madison
Avenue
Grand Street Office
Office
268
Madison Avenue & 60th Street
Capital & Surplus $50,000,000
Resources
over
Grand
Street
$800,000,000
©foifcen&s
KAUFMANN DEPARTMENT
STORES, Inc.
Common Stock Dividend No. 2
James Talcott, Inc.
General Offices
Pittsburgh, Pa., April 14, 1920.
The Directors have this day declared a Dividend
225 FOURTH AVENUE
of SI.00 per share on the Common Stock, payable
May 1,
1920, to all holders
NEW YORK
of record April 20,
CITY
1920.
Cheques will
be! mailed.
ISAAC
Idaho
Preferred
FOUNDED 1854
(
KAUFMANN, Treasurer.
Pow&r
Stock
Agents,
Company
Dividend
No.
14.
The regular quarterly dividend of one and threequarters (1 % %) per cent on the Preferred stock
of the Idaho Power Company has been declared,
payable May 1, 1920, to Preferred stockholders
of record at the close of business April 21, 1920.
A, E. JANSSEN, Treasurer.
ATLANTIC
REFINING
COMPANY.
3144 Passyunk Avenue.
Philadelphia, Pa., April 14, 1920.
At a meeting of the Board of Directors held
April 3, 1920, a dividend of SI.75 per share was
declared on the Preferred Stock of the Company,
payable May 1, 1920, to stockholders at the close
of business April 15,1920.
Checks will be mailed.
W. D. ANDERSON, Secretary.
THE
Factors and
Manufacturers
Correspondents! for
and
Merchants
in
the United States and Abroad,
Entire Production of Textile Mills Sold and Financed.
Accounts Guaranteed and Discounted,
CABLE
ADDRESS
QUOMAKEL
CHRONICLE
THE
XXII
[VOL. 110
Jffnantfal
COMPANY
THE WILLYSand Subsidiary Companies
Consolidated Balance Sheet, December 31, 1919.
ASSETS
Property Account
:
Land
$1,059,901
14,769,983
13,496,009
6,682,624
419,144
216,712
_.
Buildings
Machinery and Equipment..
Tolls, Dies, Patterns and Drawings (depreciated values).
Furniture
and Fixtures
Automobile and Truck
Leasehold
Equipment in Service.
..
33
57
86
56
85
09
$36,644,376 26
Totals
$1,697,829
4,344,508
241,087
27,293
78
44
92
61
32
312,359 03
249,234 83
$2,757,730
19,114,492
13,737,096
6,709,917
608,403
45
87
06
05
189,258 47
95,646 94
249,234 83
,844,858 67
$43,489,234 93
Renewals of Plant and Equipment other than for Tools»
Dies, &c., shown net above..
6,145,562 63
-
-
Balance
-
Good Will, Patents, Trade
Together
Property
Investments
Deduct—Reserve for Depreciation and Accruing
—-
-
Marks, &c
$37,343,672 30
14,059,932 21
—
Total Property Investment
Investments in and Advances to Controlled Companies not
Current Assets
Branch House
Factory
Property
Land, Building, Plant and Equipment—
$51,403,604 51
17,664,800 17
Wholly Owned
:
Stocks of Raw and Worked Materials, Supplies,
Cars on hand and in transit (book values)
Unassembled Parts, Service Stock and
Balance Due from
European Distributing Agent
Accounts Receivable, less Reserves.
Notes Receivable (Distributors' and other Notes).......—...—
Guaranty Securities Corporation Certificates of Beneficial Interest in Customers'Deferred
—
7,549 00
Installment Notes
Investment in Liberty Bonds.
1,143,849 00
9,217 40
Liberty Bonds purchased for Employees, less payments thereon
Miscellaneous Investments
Cash in Banks and
on
$38,716,624 25
425,806 83
3,905,951 91
1,521,829 63
875,966 23
12,266,861 17—58,873,655 42
Hand
Deferred Charges to Future Operations:
Prepaid Interest, Insurance, &c.
791,147 54
$128,733,207 64
LIABILITIES
Capital Stock:
Authorized—
7% Cumulative Preferred Stock
7% Cumulative Convertible Preferred Stock
Common Stock.
$10,000,000 00
15,000,000 00
1
50,000,000 00
..
$75,000,000 00
Issued and
Outstanding—
7 % Cumulative Preferred Stock
7% Cumulative Convertible Preferred Stock
I
$8,893,600 00
14,044,800 00
Common Stock
$41,613,900 00
6,981 25
Scrip Certificates in respect of fractional shares of Stock
Together
Less—Employees' Stock Subscriptions Unpaid
$41,620,881 25
2,093,136 23
Purchase Money Obligations :
Real Estate Mortgages assumed
Total Capital
Current Liabilities:
23,000 00
Obligations
$62,489,145 02
Notes
Payable
Payable
Salaries and Wages Accrued
Dealers' Initial Payments
Taxes and Interest Accrued, Reserve for Repairs under Guarantee, &c
Preferred Stock Dividend, declared Payable January 1 1920
Accounts
Reserve Funds
For
39,527,745 02 $62,466,145 02
I
...
$30,360,000
9,220,000
1,123.089
706,878
708,269
401,422
00
98
60
01
36
00—42,519,659 95
:
Contingencies—
Balance at December 31,1918
$1,000,000 00
;
Deduct—Proportion of Expenses incidental to Strike applied thereagainst (Balance of Strike Expenses charged off to Profit and Loss
Account)
-
1,000,000 00
For Redemption of Preferred Stock
$1,749,720 00
78,172 00— 1,827,892 00
Surplus arising from Redemption of Preferred Stock..
Surplus:
-y.
Balance at January 1, 1919
Add—Net Profits and Income for the year ending December 31, 1919, as per
attached
$26,340,885 88
-
Statement
1,735,268 23
.......
Together
Deduct—
r
Dividends Paid and Declared—
On Preferred
Stock.
; •<.
"
,
Stock.
On Common
$1,632,732 50
1,629,857 50
_
..
Provision for Redemption of Preferred Stock.----.---.-...
Expenses of Developing and Perfecting New Models for future delivery
written off
$28,076,154 11
-
..—
$3,262,590 00
745,512 00
2,171,54144
■
~
6,179,643 44
;
21,896,510 67
$128,733,207 64
ntingent Liability, in respect of Discounted Sight Drafts with Bill of Lading attached, $757,803
08.
APB. 17
1920.]
THE" CHRONICLE
XXIII
Jfinandal
THE WILLYS-OVERLAND
COMPANIES—'(Concluded.)
COM^ANY~ANETsUBSiDIAR^
~
THE
COMPANY
and
Subsidiary Companies
INCOME ACCOUNT
■
For the Year
ending December 31, 1919
all companies for the year, after deducting repairs and main¬
bad and doubtful accounts receivable and proportion of ex¬
penses incidental to strike not covered by contingency reserve, but before deducting
expenses of developing and perfecting new models
Net earnings and income of
tenance of the properties,
—
$6,808,73728
1,471,671 23
Deduct—Interest Paid
—-J—-—
Balance
Deduct;
-
Reserve for Accruing
$5,337,066 05
—
:
-
Renewals and Depreciation during period of operations
$1,894,687 11
1,707,110 71
Provision for Tool Replacements——
3,601,797 82
Net Income for the year
carried to Surplus Account...
United States Worsted Company
Louisville & Nashville
Railroad Company
Broadway-
Empire Building, 71
New York, March
23d, 1920.
GENERAL MORTGAGE
In
General
Company the following one
accordance with the terms of the
Mortgage
of this
(117)
bonds, repre¬
all the outstanding Bonds Issued under
day been drawn for the
Sinking Fund, viz.:
hundred
and
seventeen
senting
this mortgage, have this
13
9394
12128
14646
17490
19853
45
9618
12204
14741
17570
19871
127
9813
12246
14793
17647
7771
9930
12333
14899
17712
7778
9952
12502
15056
18116
7835
10050
12528
15463
18253
7915
10255
12555
15484
18277
18326
7925
10271
12664
15501
8055
10361
12792
15565
18333
8160
10557
12957
15791
18351
8343
10663
13042
16191
18486
8404
10848
13252
16197
18529
8483
10917
13491
16242
18575
8556
10919
13494
16285
19012
8605
10927
13645
16488
19069
8671
11083
13765
16721
19193
8685
11158
13885
16762
11290
14081
16940
11350
14359
17010
11484
14506
17026
11640
14605
17087
11996
14613
17207
12019
14624
17300
19615
meeting
April 13, 1920, passed the following vote:
:
that all shares of the Company's second preferred stock which
be offered, on or before June 10, 1920, for exchange into common stock now
held in the Treasury for that purpose (in accordance with the stockholders' vote
passed March 21, 1914), be accepted and held in the Treasury for cancellation
at some future time, and that ten shares of common stock be issued in exchange
for each share of second preferred stock so offered, to the persons thereto entitled,
"VOTED
may
and that the
common
stock transfer books be closed from the close of business
on
June 10, 1920, to the
The par value of
opening of business on June 16, 1920."
second preferred stock is $100.00 per share. The par value
of common stock is $10.00 per share.
Each outstanding share of second pre¬
ferred stock can be exchanged for ten shares of common stock and, if the exchange
is made prior to the close of business on June 10, 1920, the stockholder will be
entitled, on June 15, 1920, to a stock dividend of five shares of common stock.
Should a second preferred stockholder fail to exchange his stock into common
stock on or before June 10, 1920, he could not participate in the stock dividend.
No dividend will be paid on second preferred stock until after the stock
dividend has been paid to common stockholders, and it is, therefore, suggested
that those desiring to exchange their stock for common stock do so at an early
date.
.
In order to make the
exchange, it will be necessary to send your stock cer¬
tificates to the Old Colony Trust Company (Transfer Department), 18 Court
Street, Boston.
The certificates should be endorsed for transfer to the United
States Worsted Company and should be signed by the owner exactly as his or
her name appears on the face of the certificate.
19488
9324
on
19464
9140
held
by their
19403
9061
April 13, 1920.
;
;
In order to carry out the wishes of the stockholders as expressed
vote at the special meeting held on April 10, 1920, the Directors at a
19325
8896
Street, Boston, Mass.
19302
8838
Federal
157
19300
8716
$1,735,268 23
The interest
on
the
same
will
cease
CHANNING W.
Treasurer.
mum
i
June 1st,
1920, and the principal of the bonds, plus ten per
cent,
SERVICE
premium, will be redeemed at this office on
and after that date.
w. j.
1
SOUTHER,
Mcdonald,
Assistant
Treasurer.
In
these
financial
days of uncertainty and anxiety, affiliation with
institution
conduct of any
of
distinction is
a
valuable
asset
in
a
the
business.
The
Investment Securities
Underwritten
& Distributed
of
banking history of our country presents no finer example
unremitting service to legitimate business than The Chemical
National Bank.
>
To
this
splendid
Federal Securities
service
success
38 South Dearborn Street
CHICAGO
be
attributed
in
a
large
measure
which it has been closely identified.
We
Corporation
can
are
seeking
new
business
on
our
record
dtffe
(fHjrmiral Natuhtal lank
of Kpui
$ork
RESOURCES, $144,000,000.00
W. C. Langley & Co.
Investments
IIS
Broadway, New
Member* New
York City
Yortgtock Exchange
the
of the business interests with the growth of
Established
1824
THE
XXIV
CHRONICLE
[VOL. 110.
^Financial
HOW THE MID-WEST IS HELPING THE WORLD
THE Mid-Western Empire of production, greatestcenter
whose grain
and business
capital is Chicago, is the
of the
market
supply meat
sides.
to
Vast
smelt
to
world.
It
America and
supplies of
them
has
are
here.
ores,
the
cattle, hogs and sheep to
a large part of the world be¬
easily accessible and the fuels
Colossal iron and steel and
cement
of the district millions of tons of structural
Tiinber grown here is converted here
by huge
mills into billions of feet of lumber.
Furniturey
plants
pour out
materials.
all other household and
and
personal necessities
exported in enormous quantities.
are
clothing and
produced here
Banking facilities for financing the production and distribution
of these products to the ends of the earth are here in Chicago!
Our
the
business
ever
banking service, foreign and domestic, has kept pace with
increasing productive activity of the Great Mid-West.
^CONTINENTAL^
COMMERCIAL
BANKS
CHICAGO
RESOURCES
uiii
MORE
THAN
111
500
MILLION
DOLLARS
Ape. 17
THE CHRONICLE
1920.]
xxv
^financial
During 1919 this
7,000,000 tires
motor
In
or
vehicle in
manufactured nearly
approximately one tire for every
company
use
in this country.
spite of the fact this massive production,
exceeding by far the effort of
unequal
was
any contemporary,
the demand.
to
Indeed it has been necessary for us
advance
to
our
output
continuously
of tires much above the
1919 rate.
In this there is the natural
gratification that such
clearly defined, universally accepted leadership
1
brings.
But
beyond it, beyond the pride of it and the profit
of it, there is
a
greater
reward whiph
we
prize.
thought of work well done
and of the honor it does to the humblest and
It is the wholesome
highest of
As
it
■■
expressed in the popularity of Goodyear Tires
that world of good will which is our
measures
most
us.
valued possession.
The
Goodyear Tire & Rubber Company
Offices Throughout the World
[Vol. 110.
THE CHRONICLE
xxvi
Jffnantial
/
25,000 Shares
McCord Manufacturing
established
Company, Inc.
1909
Common Stock, Without Par Value
Dividends Free From Normal Federal
Fort Dearborn Trust & Savings
Income Tax
Continental & Commercial Trust & Savings Bank,
Bank,
Chicago, Transfer Agent
Chicago,
Application will be made to list this stock
on
Registrar
Chicago and Detroit Stock
Exchanges
^
^
Common Stock, Without Par Value (Authorized and Issued) 125,000
We summarize herewith from
facts
regarding this
BUSINESS:
a
letter
Shares
by Mr. A. C. McCord, President, the
company:
The McCord
Manufacturing Company, Inc., is the largest ex¬
the country of Radiators for Automobiles, and
Gaskets for Engines.
It owns the Racine Manufacturing Company,.
Automobile Body manufacturers; the
Russel^Motor Axle Company, man¬
ufacturers of Truck Axles, and McCord & Company, manufacturers of
Motor Castings and railroad Journal Boxes.
The consolidated companies
are an important part of
the motor car industry of this country, whose
products are standard equipment for a large number of nationally known
automobiles, trucks, tractors and railroad passenger and freight cars.
clusive manufacturer
in
PLANTS:
Located at Detroit, Mich.; Chicago, 111.; Racine, Wis.; WTyandotte,
Mich., and at Walkerville, Canada.
Total floor space, 1,186,000 square
feet; employes, 3.500.
EARNINGS:
Average annual net earnings for last four years over $804,900.
$15,000,000, estimated earnings for 1920
$1,500,000, or about $12.00 per share on common stock.
On current volume of business of
are
ASSETS:
share
Net tangible assets are $4,523,536, equal to more than $36.00 per
common stock.
on
MANAGEMENT:
Business
continue in active
DIVIDENDS:
by present management, which will
'
Continuous dividends
cepting in 1913.
AUDITS
established
charge.
on
Present rate, $4.00
common
per
stock
annum
paid since 1909,
payable quarterly.
ex¬
AND
APPRAISALS:
The books of the Companies have been
by Ernst & Ernst and properties appraised by American Appraisal
Company.
audited
Price $43.00 Per Share
Merrill, Cox & Co.
Fort Dearborn Securities Co.
76 West Monroe Street,
76 West Monroe Street,
Chicago, Illinois
Chicago, Illinois.
The statements contained herein are\not guaranteed, but are. based upon
we
believe to be accurate and reliable, and upon
which
we
information and advice which
have acted in purchasing these securities.
APR. 17
THE CHRONICLE
1920.]
XXVII
jHnantial
~
$7,500,000
Associated Simmons Hardware
anies
Five-Year 7% Secured Gold Notes
Dated
May 1, 1920
Due May 1, 1925
Interest payable January 1
of
and July 1 in Chicago, St. Louis and New York.
$1,000 and $500, registerable
102 in 1921, 101H in 1922,
as to
principal only.
Callable
on any
101 in 1923, 1003^ in 1924 and at 100
Coupon Notes in denomination
interest payment date at 102H in 1920,
on
January 1, 1925.
INTEREST PAYABLE WITHOUT DEDUCTION OF THE FEDERAL INCOME TAX, NOT IN EXCESS OF 2%
TAX
REFUND
IN
THE
STATE
OF PENNSYLVANIA
CONTINENTAL AND COMMERCIAL TRUST AND SAVINGS BANK,
FIRST
From
a
letter
NATIONAL
BANK
IN
ST.
LOUIS,
CHICAGO, TRUSTEE
CO-TRUSTEE
of Wallace D. Simmons, President of the Simmons Hardware Company and
one
of the Trustees
of the Associated Simmons Hardware Companies, we summarize as follows:
The Associated Simmons Hardware Companies own practically
the entire capital stocks
(except directors' shares) of the Simmons Hardware Company, St. Louis, and of other affiliated
companies, including distributing corporations located in New York, Philadelphia, Toledo,
Minneapolis, Sioux City and Wichita.
These stocks will be deposited with the Trustee as
collateral security for these notes.
the world.
The net worth
Hardware Company in 1874 from
The business is the largest and most extensive of its kind in
has
been
increased
$200,000 to
since
of the
annual dividends from the earnings of current
years
have been paid
interruption.
Total
assets,
after deducting all indebtedness except this issue, will be $22,236,733, or
nearly three times the amount of the issue.
times this
note
Valuable
will
Simmons
$14,000,000, entirely from earnings.
over
For forty-five years
without
incorporation
Net working capital will be $17,789,019, or 2.37
issue.
intangible assets, including "Keen Kutter" and other trade marks and good¬
on the balance sheet at $1.00.
carried
are
Quick assets of IK times this issue and all current obligations shall be maintained.
Real
of companies wholly controlled aggregate but $184,000, and restrictions are
placed against the creation of further mortgages.
'
estate mortgages
Earnings
charges, but after Federal taxes were $2,124,229, and
have averaged $2,179,275, or four times interest charges on these notes.
in 1919 before interest
for the last five years
Management has been in
th#
same
hands for twenty-three
years
and
no
change is
con¬
templated.
Price 98 and accrued interest,
All
yielding about 7l/i%
legal matters will he approved by Messrs. Mayer, Meyer, Austrian and Piatt, Chicago. Balance
Sheet and Earning Statements certified by Price, Waterhouse and Company.
Tempor¬
ary
negotiable receipts will be delivered, exchangeable for definitive notes
when, as and if issued and received by us.
Continental & Commercial Trust and Savings Bank
Chicago
Halsey, Stuart & Co.
First National Bank
Chicago—New York
St. Louis
The above statements are not
|
guaranteed, but are based upon
to be accurate and reliable, and upon
information which we believe
which we have acted in the purchase
of these notes.
[VOL. 110.
THE CHRONICLE
XXVIII
jfittmtial
Issue
New
$3,000,000
Spicer Manufacturing Corporation
Cumulative Preferred Stock
<•
Par value $100
Dividends payable quarterly on the
October.
Redeemable as a whole or
first days of January, April, July and
in part, at the option of the Company,
on any dividend date, after three years from issue, on not less than 30 days'
notice, at 110 and accrued dividend.
Guaranty Trust Company of New York,
Transfer Agent.
The Chase National Bank, New York, Registrar.
the Normal Federal Income Tax
Dividends Exempt from
Outstanding
$3,000,000
3,000,000
313,750 Shs.
Capitalization:
I
Authorized
6% Serial Gold Notes
$3,000,000
Preferred Stock 8% Cumulative (Par $100)__ —10,000,000
Common Stock (no par value)..
600,000 Shs.
,
C.
Mr.
A.
of
President
Dana,
the
Spicer Manufacturing Corporation, has
summarized his letter to the Bankers re¬
garding this Preferred Stock, as follows:
The
Spicer Manufacturing Corporation
is the
largest manufacturer of universal
joints and propellor shafts for auto¬
mobiles in the United States.
The combined
the
most
companies form one of
and important
motor parts industry in the
substantial
units in the
United States.
Net
tangible assets amount to more
$226 for
and net
than $6,800,000, equivalent to
each share of Preferred Stock,
quick assets, plus investment in Salis¬
bury Axle Common Stock, after de¬
ducting reserve for Federal taxes,
Serial Notes and all other indebtedness
It
owns
the entire
Sheldon Axle &
of the
capital stock of the
Spring Company, one
largest manufacturers of axles,
Manufacturing Corpora¬
and the Parish
tion,
one
of the largest manufacturers
of frames for automobiles
in
the
to
acquire the entire
and trucks
contracted
stock
of the Salisbury Axle Company, of
Jamestown, N. Y., a large manufac¬
country,
turer of axles for
and has
pleasure
The combined net
after
common
outstanding, amount to over $3,100,or over $100 per share.
000
Beginning with January, 1921, a sink¬
ing fund will be established to retire in
each year for five years not less than
3% of the largest amount of Preferred
Stock outstanding, and thereafter at
least 5% of such stock outstanding.
Application will be made to list this
Preferred
Stock
cars.
the
on
New
York
earnings of the several companies, for the last four fiscal years,
depreciation, compiled
as
stated in the President's letter, were as follows:
1916
Net earnings before taxes..
.$1,570,551
Net income after taxes & all charges 1,390,551
Net
Stock
Exchange.
1919
1918
1917
$2,083,313 $3,495,817 $3,147,093
1,314,878
1,458,523 1,613,383
earnings for the above period, applicable to dividends on the Preferred Stock,
averaged $1,444,333,
or over
6 times the amount required to pay dividends on
the
Preferred Stock.
The hooks of the Company have been audited by Messrs. Price fWaterhouse & Co.
Legal
proceedings in connection with the issue are being passed upon by Messrs. Beekman,
Menken &
Having sold
more
Griscom.
than $2,000,000 of the above issue,
we
offer
the unsold balance at
100 and Accrued
Dividend, yielding 8.00%
Cassatt & Co.
Merrill, Lynch & Co.
120
Philadelphia
Broadway, New York
LOS ANGELES
All statements herein are based on information
data upon
'
'
which
we
NEW YORK
BALTIMORE
PITTSBURGH
DETROIT
CHICAGO
SCRANTON
regard as reliable, and while we do not guarantee them, they are the
which we he we relied in the purchase of these securities.
*
t
"I
•
Are. 17 1920.]
THE
CHRONICLE
XXIX
^Financial
■
FOREIGN EXCHANGE
Transfer
COMMERCIAL CREDITS
Agent of the State of New York since 1818
Member of the Federal Reserve System
hartered
1799
BANK OF THE
MANHATTAN
COMPANY
Statement of Condition at the close of business,
April 12, 1920
RESOURCES
Loans & Discounts.
U. S. Govt. Bonds & Ctfs.
Other
LIABILITIES
$112,496,292.73
_
—
Securities
Capital
$5,000,000.00
10,352,233.50
Surplus
12,500,000.00
7,970,313.84
2,885,714.84
Bank Premises
Undivided Profits
Reserve for Taxes
Due from Banks
10,421,821.54
Acceptances
Exchange for Clearing House.-.
79,103,105.10
3,646,494.20
555,021.59
Deposits—
Other Cash Items
Individuals
7,612,918.54
Customers' Liability Under
Com.
Credits
Cash
Banks
...
&
Sav.
11,621,682.87
Bills
$167,119,527.34
Trust
Companies
10,995,817.44
-
$27,716,504.70
Banks.—
$5,364,765.37 200,200,797.41
Payable & Rediscount
19,529,456.70
$253,459,900.40
$253,459,900.40
BOARD
12,028,130.50
——^
-
OF DIRECTORS
J. E. ALDRED
WALTER JENNINGS
ARTHUR G. MEYER
JAMES SPEYER
STEPHEN BAKER
RAYMOND E. JONES
JOHN C. MOORE
CARL F. STURHAHN
B. H.BORDEN
G. HOWLAND LEAVITT
CHARLES E. POTTS
WILLIAM S. TOD
MICHAEL ERIEDSAM
HENRY K. McHARG
SAMUEL SLOAN
GEORGE ZABRISKIE
GEORGE McNEIR
WILLIAM SLOANE
OFFICERS
PRESIDENT
STEPHEN BAKER
FIRST
VICE-PRESIDENT
RAYMOND E. JONES
VICE-PRESIDENTS
EDWIN
B. D. FORSTER
P.A.ROWLEY
HARRY T.
S.
LAFFEY
JAMES McNEIL
FRANK L. HILTON
D. H. PIERSON
V. W. SMITH
HALL
CASHIER
O. E. PAYNTER
ASSISTANT CASHIERS
W. F. MOORE
H. M. BUCKLIN
GEORGE S. DOWLING
JOHN S. BAKER
W.A.RUSH
E.S.MACDONALD
I. S.
O.G.ALEXANDER
GREGORY
Uptown Office
31 Union
Square
New York
City
MAIN
OFFICE
40 Wall Street
New York
City
/
[Vol. 1|10.
THE CHRONICLE
jffnandal
Federal Income Tax Exempt
We
own
and offer the unsold balance of the following High Grade
These bonds
are
exempt from
all Federal Income Taxes and
from taxation within the state of issue.
Investments for^Savings
States.
We
are
sell
Due
$55,000 New Haven, Conn., S. D. 5s. 1945
Municipal Bonds.
exempt
some are
Many of these
are
Legal
Banks and Trustees in the Eastern
prepared at all times to buy and
Municipal Bonds.
Yield
4.65%
Due
$242,000 Boston, Mass. 4s
7,000 New Haven, Conn.,S.D.43^8 1924-30
4.65
65,000 New Britain, Conn., 43^8--. 1922-37
4.65
10,000 Winchester, Mass. 4s
5.00
1920-44
25,000 Quincy, Mass. 4s
4.70
5.00%
1923-25
37,000 Fitchburg, Mass. 4s
30,000 No. Hempstead, N. Y., 4.80s .1921-30
Yield
1923-25
5.00
___1927
5.00
1925
5.00
5.00
.1930
4.70
.1925
4.70
20,000 Lynn, Mass. 4s
1925
.1935
4.70
25,000 Milford, Mass. 4s
1930-34
5.00
72,000 New Haven, Conn. 4s
.1928-36
4.75
26,000 Flint, Mich. 4^8 and 4J^s... 1923-31
5.00
74,000 New Britain, Conn. 4s
.1923-27
4.75
20,000 St. Paul, Minn. 5s
1923
5.00
79,000 Lawrence, Mass. 4s
.1920-33
4.75
1921
5.00
.1936
4.75
21,000 Eastwood, N. Y. 5s
.1935-45
4.75
24,000 Hartford, Conn. 4^8
.1933
4.75
7,000 Providence, R. I. 4s
.1945
4.75
10,000 Memphis, Tenn. 5s
.1928
4.80
5,000 Beaumont, Tex. 5s
15,000 Grand Rapids, Mich. 4s
.1931
4.80
10,000 Saginaw, Mich. 4s
17,000 Waterbury, Conn. 4s
.1927
4.85
62,000 Massac County, 111. 5s
T__1940
32,000 Cambridge, Mass. 4s
.1924-36
4.85
11,000 Portsmouth,
Va. 5^8
1950
90,000 St. Louis, Mo. 4s
.1929
4.85
40,000 Seattle,
Mass. 33^8
.1930
4.85
35,000 Indianapolis, Ind. 4s
.1924
4.90
53,000 Ipswich, Mass. 4s
.1924
4.90
90,000 Everett, Mass. 4s
.1929-31
4.90
60,000 Fall River, Mass., 4s
.1927-29
22,000 Springfield, Mass. 3s
8,000 Biddeford,
Me.
8,000 Waterville, Me. 33^8
Mass. 4s_
10,000 Newton,
33,000 Boston, Mass. 33^8
20,000 Taunton,
-
4.90
110,000 Chelsea, Mass. 4s
5,000 Atlantic County, N. J. 5s
500,000 Port of Tacoma, Wash. 5s_.1947-55
20,000 Woonsocket, R. I. 4s
5.00
.__1933
5.00
1931
5.00
1938
5.00
1941-54
5,000 Dubuque, la., 4s
5.10
_1924
Wash. 5s
5.10
5.125
5.15
1931-39
5.20
85,000 Montgomery Co., O. 5^s
1922-31
5.20
90,000 Birmingham,
Ala. 5s
1929-30
5.25
28,000 Stanly County, N. C. 5^8-1922-24
5.25
400,000 Robeson County, N. C. 5^8.1930-45
5.25
37,000 Brevard County, Fla. 5s_--.-1943
5.40
50,000 Seabright, N. J. 6s_
5.50
10,000 Jackson, Mich. 4j^s
.19^3-34
4.90
50,000 Portsmouth, N. H. 4s
.1924
4.90
.1929-31
4.90
.1922-58
5.00
138,000 Cumberland Co., N. C. 6s—1922
6.00
.1923
5.00
110,000 New Bern, N. C. 6s._
6.00
|102,000 Burlington, Vt. 4s.
13,000 Des Moines, la., 5s___
& 30,000 Chicago, 111. 4s_-
27,000 Greenville, N. C. 6s_
____1926
1921-43
.1922
'
I"
Complete circulars
on
the above will be sent
upon
request.
R. M. GRANT & CO
31 Nassau Street New York
Boston
St. Louis
Portland, Me.
Chicago
5.50
APE. 17 1920.]
THE
CHRONICLE
XXXI
Jffnancfal
$36,225,000
(TOTAL ISSUE)
any
Equipment Trust of 1920
SEVEN PER CENT
EQUIPMENT TRUST GOLD CERTIFICATES
GUARANTY TRUST COMPANY OF NEW YORK, Trustee
(Philadelphia Plan)
Issued
by the Trustee under
an
Equipment Trust Agreement dated April 15, 1920.
Payable to Bearer, with Optional Registration
Denominations $1,000
Dated
Serial Maturities of $2,415,000
April 15, 1920.
as
to Principal
and $500.
per annum,
April 15, 1921, to April 15, 1935,
both inclusive.
Warrants for the semi-annual dividends at the rate of 7% per annum mature
Certificates and dividend warrants payable at the office of the Trustee.
I
The title to the
to The New York
j
by governmental authorities having jurisdiction.
Issue subject to approval
equipment is to be vested in the Trustee, and is to be leased by the Trustee
Central Railroad Company at a rental sufficient to pay
and dividend warrants
of its
April 15 and October 15.
as
obligation for the entire rental,
determine, severally, to
one or more
the certificates
That Company in turn, and without impairment
they mature.
may
make sub-leases of such of the equipment as it may
of the following New York Central Lines, viz.:
The
Michigan Central Railroad Company.
The
Cleveland, Cincinnati, Chicago and St. Louis Railway Company.
The
Pittsburgh and Lake Erie Railroad Company.
The Toledo and Ohio Central
The several
Railway Company.
obligations of such sub-lessees to make payments on account of such equip¬
ment if leased to them
or
any
of them,
are
to be assigned respectively to the Trustee as
provision for the payment of the certificates.
The certificates
to represent
are
further
v
slightly le33 than 75
per
cent, of the cost of
standard
equipment, the remainder being paid by The New York Central Railroad Company.
We
will be
are
advised by
A. H. Smith, Esq., President, that the total cost of the equipment
approximately $48,318,300, and will consist of the following:
9,244 steel box, coal and other freight train cars.
265 steel coaches and other passenger
196
SUBJECT TO
train
cars.
freight, passenger and switching locomotives.
ISSUE AS PLANNED AND
TO PREVIOUS SALE, WE OFFER ALL
MATURITIES AT 100 AND INTEREST TO YIELD
Payment to be made
on or
7%.
about April 21, 1920, at the office of J. P. Morgan & Co.,
in New
York funds.
Temporary certificates
or
trust receipts will be delivered
exchangeable for definitive certifi¬
cates when received.
J. P.
FIRST
NATIONAL
New York
BANK,
MORGAN & CO.
THE NATIONAL CITY COMPANY,
New York
GUARANTY TRUST COMPANY OF NEW
YORK
,
HARRIS, FORBES & CO.
As all
of the above Certificates have been sold, this advertisement appears as a
matter of record only.
/
THE
XXXII
[VOL.110.
CHRONICLE
Jffttattrial
We
own
and offer with
recommendation
our
a
large number of
con¬
servatively issued Government, Municipal, and Corporation Bonds,
a few of which are listed below:
and Investment Preferred Stocks,
GOVERNMENT AND MUNICIPAL BONDS
v
■■••/,.'Vv
PerCent
yV;
Maturity
Issue
Cook County, Illinois, 4!/2S
Oneida County, Idaho, Road
-
--
..1922 to
May 15,
Jan. 8,
1925 to
1924
1929
5s___
Hays County, Texas, Road 5s_.
1957
Harrison County, Texas, Road 5s
1953
United Kingdom of Great Britain & Ireland SV^s.Nov. 1, 1922 At
United Kingdom of Great Britain & Ireland
_Aug. 1, 1929 At
Republic of China 6s
Nov. 1, 1921 At
City of Bordeaux 15-Year 6s
Nov. 1, 1934
City of Lyons 15-Year 6s
Nov. 1, 1934
City of Marseilles 15-Year 6s._
Nov. 1, 1934
...
....
...
_
.
...
__
Yield
5.00
5.15
5.20
5.20
Market
Market
Market
7.05
7.05
7.05
CORPORATION BONDS AND NOTES
Consolidated Rendering Co. First Mortgage
July 1, 1941
Mar. 1, 1945
5.75
6.00
6s__Feb. 1, 1934
July 1, 1934
6.30
6.40
July 1, 1941
Feb. 1, 1933
6.50
6.70
5s
Chicago Junction Railroad Co. First 4s
Southern California Edison Co. Gen. & Ref.
Iowa Electric Co. First 6s
Knickerbocker Ice Company First 5s
Wisconsin Ry., Light & Power Co. First
5s___
Brunswick-Balke-Collender Co. 6s
Jan. 1, 1925
7.00
Pennsylvania Railroad 10-Year 7s_
Apr. 1, 1930
7.00
1925
7.50
Associated Simmons Hardware Co.'s 5-Year 7s....May 1,
Corp. Equipment 6s.
Mar. 1, 1921-26
7.50
Western Electric Company, Inc. 5-Year 7s
Apr. 1, 1925 At Market
Anglo-American Oil Company, Ltd., 5-Year 7*/2S -Apr. 1, 1925 At Market
The B. F. Goodrich Company 5-Year 7s
.Apr. 1, 1925 At Market
Richland Public Service Company 2-Year 7s
Mar.15,1922
8.00
General Am. Tank Car
PREFERRED
[ The Glidden
STOCKS
Company 7 Per Cent Preferred
Stock.r.
7.00
.7.10
The H. W. Gossard Co. 7 Per Cent Preferred Stock
Penick & Ford, Ltd.,
Incorporated 7 Per Cent Preferred Stock..—7.30
.7.35
7.50
Per Cent Preferred Stock..7.50
Godchaux Sugars Inc. 7 Per Cent Preferred Stock.
Texas Power & Light Company 7 Per Cent Preferred
Utah Power & Light
Company 7
Securities
are
Offered Subject to
Stock
Prior Sale
Safety of Principal Is Our First Consideration
Financial
TV
Ditimctria' I
INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers' Convention Section
State and
VOL. 110.
Week ending
PUBLISHED
1920.
WEEKLY.
$10 00
For Six Months
6 00
European Subscription (including postage)
European Subscription six months (including postage)
Canadian Subscription (including postage)
remittances for European
of the fluctuations in
13 50
7 75
$11 50
the
rates
subscriptions and advertisements
of exchange,
must be made
in New York funds.
Cincinnati
Cleveland
i
(semi-annually)
Electric Railway
(semi-annually)
Bankers' Convention (yearly)
....
Milwaukee
Indianapolis
Columbus
Toledo
5,813,240
Business Cards, twelve months
"
"
six months (26
175 00
100 00
B.
DANA
Majestic7396.
made up by telegraph, &c.. Indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
been $9,649,146,591, against $8,821,594,223 last week and $6,760,437,679
1,876,705
1,290,007
1,000,000
+28.2
.
.
1,230,000
1,659,134
,
641,387
746,724
2,093,812
1,105,314
1,130,770
—32.5
1,183,819
791,667
+49.5
1,150,603
987,295
285,098
981,549
+ 17.2
Tot .Mid .West- 1,077,477.982
145,355,492
69,375,000
3,773,194
3,195,528
6,840,000
1,932,189
4,521,737
1,811,892
—
—
370,358 + 166.8
100,362 + 184.1
873,326,461
+23.4
824,091,770
792,096,049
117,376,551
37,217,000
+23.9
+ 86.4
36,295,913
+ 37.1
28,559,146
+37.4
14,662,056
10,093,522
+20.2
4,840,179
10,577,437
5,756,258
3,108,312
2,081,949
6,526,000
Owensboro
4,539,471
12,402,456
1,451,988
1,419,158
1,377,187
1,107,840
1,430,687
3,754,868
1,312,390
1,022,658
1,198,984
491,626
957,373
1,346,034
881,221
1,166,231
375,000
70,187
17,617,505
12,478,973
—
Mansfield
Adrian
610,284,055
40,581,195
74,233,994
66,466,194
24,535,273
13,302,000
11,475,900
11,984.524
4,750,000
4,976,365
50,747,632
39,252,513
Quincy
Jacksonville, 111.
1917.
4,438,493
8,209,054
95,817,196
29,738,000
34,377,118
25,615,868
13,308,181
8,144,609
4,426,479
6,337,292
3,170,714
2,366,732
1,202,765
87,006,627
31,761,000
23,313,314
18,317,261
12,366,271
6,702,575
2,700,000
5,118,379
2,468,214
2,704,314
1,625,069
1,705,077
1,588,585
2,085,304
+72.5
+60.0
+2.6
3,529,948
1,349,583
+26.9
950,000
+30.0
1,304,453
+27.2
+2.9
623,047
+ 30.8
+85.2
670,617
1,270,370
1,296,357
1,234,534
1,315,019
3,952,996
1,349,392
1,138,246
1,031,745
425,617
649,064
894,019
724.124
959,496
362,768
157,645
week last year.
Francisco-
1920.
1919.
$4,587,705,871
$3,434,547;276
Week ending April 17.
—
Los Angeles
Per
Clearings—Returns by Telegraph.
Cent.
Seattle
———
Portland
New York
550,536,008
ChicagoPhiladelphia
+33.6
457,434,265
261,788,830
433,876,358
+20.4
+65.8
Boston
304,521,333
260,492.617
+ 39.9
Kansas City
202,484,012
156,226,172
163,755,434
+23.7
133,419,089
+ 17.1
St. Louis
San Francisco
133,884,623
—
99,404,135
81,891,798
136,995,707
Pittsburgh
Detroit
*115,000,000
+34.7
+ 67.3
+28.4
Baltimore
79,952,615
89,558,412
49,312,839
+ 62.1
New Orleans
67,250,007
39,054,537
+72.2
Salt Lake City-
Spokane
Tacoma
Oakland—
Sacramento
——
San Diego
Pasadena
Stockton
Fresno
San Jose
Yakima
Eleven cities, 5 days
+ 30.7
+ 36.5
1,619,197 + 303.1
+ 87.1
2,472,276
+44.3
1,459,341
+84.2
1,025,000
816,441
+3.9
613,010
1,551,983
3,085,148
1,979,289
1,968,472
+98,.8
998,772
816,598
689,171
602,434
827,626
+39.2
231,843,570
200,312,515
+43.8
200,248,273
29,919,534
59,833,249
13,361,004
22,522,939
17,011,096
9,882,638
10,059,167
9,161,145
3.854,031
4,672,653
3,089,482
1,860,950
2,526,541
133,252,968
36,713,360
34,950.711
14,285,646
15,561,570
14,545,340
7,990,027
5,829,885
6,014,119
5,258,442
4,167,510
2,444,848
2,641,374
2,087,000
1,109,531
$6,828,432,706
$5,07Q.659,232
+ 34.7
1,270,416,204
801,248,716
+58.6
$5,871,907,948
888,529.731
+ 37.9
Kansas City
262,670,857
182,642,143
+74.5
Minneapolis
91,316,149
70,479,933
54,349,476
Other cities, 5 days..
Total all cities, 5 days
$8,098,848,910
1,550,297,681
All cities, 1 day
Total Pacific-
Omaha
Total all cities for week
$9,649,146,591
+42.7
$6,760,437,679
St.
330,268,962
.———
Paul
St.
be given next Saturday.
them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence
in the above the last day of the week
has to be in
estimated, as we go to press Friday night.
Week ending
1920.
1919.
April
llo.
—
—
985,151
Pueblo
1917.
S
$
%
•
+41.9
$
$
344,405,905
344,753,029
Helena
Billings-.-
77,196,459
78,329,787
Aberdeen
+47.3
55,067,503
45,668,195
Hastings
Buffalo
44.182,046
21,241,446 + 108.0
19.174,149
16,576,229
Washington
Albany
18,279,985
4,833,702
10,933,151
15,439,489
4,401,823
-t-18.4
12,664,529
+9.8
4,030,698
4,614,055
St. Louis
+ 31.6
6,812,
New
3,440.558
Louisville
+49.3
+0.8
+ 32.3
+ 30.3
+ 6.5
—19.9
+76.2
+ 32.1
749,344
782,950
781,361
883,052
622,774
2,027,447
+ 18.3
2,410,713
2,310,590
—13.0
1,639,970
1,499,5801
+42.7
+20.7
1,118,166
1,078,626
2,784,713
1,627,798
825,000
1,479,693
543,978 +269.6
2,009,356
+47.1
523,275
523,961
+52.4
397,188,798
294,951,348
+ 6.9
138,017.457
41,492,663
933,411
11,245,321
8,305,333
—
+20.4
913,374
865,699
730,996
2,010,082
1,5 3,007
1,786,413
——
+ 44.5
68,497,638
100,859,372
Waterloo
+ 18.3 3,049,833,184 3,381,569,569
+45.1
1,074,840
2,397,297
Fremont.
4,783,148,022 4,042,868,439
386,185,590
519,500,758
116,818,664
168,822,027
6,359,391
3,976,482
2,507,632
2,573,563
1,390,500
—0.6
10,056,999
9,801,951
9,360,545
5,772,981
4,805,104
3,052,792
2,355,558
3,214,445
788,883
748,196
5,815,456
Colorado Springs.
1918.
17,373,957
11,800,000
\ 13,974,000
—
Topeka
Cedar Rapids
or
Dec.
.
Wichita
Fargo
Inc.
16,476,460 +216.2
+ 13.9
18,462,418
17,274,431
14,596,242
Des Moines
Sioux City
Lincoln—
Clearings al-
39,157,546 + 133.2
+29.7
21,023,985
Joseph-..—
Duiuth
figures for the week ending April 10 show:
273,214,0{jl9
52,097,951
—
Denver
♦Partly estimated.
The full details for the week covered by the above will
We cannot furnish
+34.4
1,502,147
848,196
Long Beach
+28.8
3,538,094
2,105,633
1,887,783
—
+23.6
+9.1
2,377,885
4,624,952
—
Reno.
Baltimore
7,190,000
2,356,646
+3.8
San
Philadelphia
Pittsburgh
3,699,075
+84.5
+20.0
Ann Arbor
have
York
+ 11.5
+ 33.3
Lima
CLEARING HOUSE RETURNS.
New
5,216,585
5,720,003
+71.0
1,500,000
Danville
cases
4,901,488
+75.7
1,800,000
1,929,433
2,225,832
1,600,000
2,140,690
4,480,646
1,764,122
South Bend--—-
Saturday
28,940,879
13,370,000
11,473,600
10,941,205
Lexington
Springfield, Ohio
512,518,763
54,286,477
82,222,842
54,949,838
—1.3
+ 14.7
2,872,071
1918.
+48.0
2,126,506
Canton
morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treasurer; Arnold G. Dana, Vice-President and
Secretary.
Addresses of both. Office of the Company.
Detailed
+ 13.7
4,840,898
Decatur
all
+23.9
2,835,019
Lansing
the corresponding
+23.9
5,026,409
Bloomington
COMPANY, Publishers,
Front, Pine and Depeyster Sts., New York.
The following table,
+46.7
Rockford
Fort Wayne
London Office—Edwards & Smith, 1 Drapers' Gardens, E. C.
WILLIAM
Akron
%
+ 7.0
+ 15.8
+35.5
Youngs town
$6 30
(52 times) per inch
times) per inch
Chicago Office—39 South La Salle Street, Telephone
5,892,423
4,522,144
3,859,890
4,484,166
8,290,000 K
7,945,604
6,600,937
5,001,314
15,298,000
3,295,456
Rapids—
Dayton
Evansville
Springfield, 111-—
Terms of Advertising—Per Inch Spavje
per inch space (14 agate lines) for each insertion
Transient matter
every
Dec.
520,911,932!
57,192,941
96,709,707
72,000,000
30,745,876
14,654,000
13,140,100
11,095,040
66,257,432
131,063,492
105,622,156
38,107,804
18,158,000
14,895,100
16,425,830
Detroit.---
Grand
Railway and Industrial
(monthly)
Railway Earnings (monthly)
State and City (semi-annually)
ation
Published
1919.
609,213.594
Chicago
Peoria———
Subscription includes following Supplements—
Bank and
10.
Inc. or
Subscription—Payable in Advance
account
April
Clearings at—
For One Year
NOTICE.—On
City Section
NO. 2860
SATURDAY, APRIL 17, 1920
Jglxc (Pxrmiiclx
Terms of
Railway Section
Tot.Other West
589,685,718
387,011,735,
162,240,912
71,486,987
13,374,138
28,789,764
151,799 ,485
47,788 ,845
17,698 ,525
14,435 ,820
3,551 ,950
47,937 ,398
12,870 ,003
48,506 ,102
16,831 ,863
5,463 ,190
Scranton
5,507,560
3,790,805
+ 45.3
7,060,805
3,406,067
Syracuse.
4,740.263
4,416,127
4,297,471
Houston
5,330,298
4,026,870
2,684,084
+ 17.7
Reading
+98.6
3,111,718
3.525.035
Galveston
6,500,000
Wilmington
4,022,959
3,247,288
+23.9
3,012,939
3.589,636
Richmond
Wilkes-Barre
2,100,000
+40.9
1,885,816
1,801,467
Fort
3,517,226
+ 69.1
3,963,510
3,502,995
57,571,708
21,212,000
67,884,760
Trenton
2,958,175
5,946,460
3,928,935
2,812,983
+41.2
2,509,897
2,499,317
Memphis
York
2,533,407
1,437,239
+ 76.3
11,435,710
1,520,983
Savannah..
+70.8
155,001,431
53,241,722
24,002,150
13,500,000
4,600,000
38,814,603
10,275,981
36,314,794
12,760,169
6,631,573
Lancaster
5.329,518
3,0" 4,592
+73.3
3,388,514
2.816,149
Nashville
22.200,000
17,746 ,376!
+25.1
14,791,269
Erie
3,088,538
2,107,672
+46.5
2,267,982
Norfolk..
10,143,026
1.486.400
955,000
+55.6
989,000
fcirmingham
7,276,606
3,235,587
Altoona
1,109,841
847,001
+ 32.1
741,084
735,683
Jacksonville...
8,628 ,891!
+64.9
Greensburg
1.320,000
1,200,000
+ 10.0
1,126,410
962.064
Augusta
Chester
1,836.559
1,400,200
+ 31.2
1,362,087
285,312 + 107.5
376,844
19,323,161
14,231,167
6,263,097
7,915,767
3,959,676
2,658,671
5,001,0 JO
12,622,581
14,789,000
8,237,046
2,500,000
450,000
8,656 ,692!
11,061 ,073
+ 17.2
Binghamton
1,985,170
1,085,000
Rochester
Wheeling
Montslair
592,198
Total Middle.
.
1
1
5,700,290,154 4,677,244,494
/
|
.
94
1,486,940
487,882
+21.9 3,603,775,061 3,923,048,005
Orleans
Worth.
Atlanta
26,169,124
-
Chattanooga
Knoxvllle
Mobile
Charleston
362,665,326
12.259,200
Boston
Providence
Hartford--
-
New.-Haven
11,987.855
6,636,034
Springfield
5,239,865
Portland
2,640.000
Worcester
4,691,300
3,105,441
Fall River
—
279,478,387 ,+29.8
9,805,100
+25.0
8,206,499
+46.1
6,103,211
+ 8.7
'
3,730,532
2.400,000
3,377,056
1,834,750
1,498,878
266,933,306
11,406,390
8,143.175
227,048,842
5.083,299
10,559,800
9,668,330
5,284,402
4,484.286
3,000,000
3.100,000
Jackson
+38.9
3,670,666
3,545,160
Tulsa
+69.3
2.383,659
+41.1
2,498,597
1,235,478
2,189,011
1,680,130
1,142,962
2,114,870
1,384,901
800,000
979,698
653,197
+22.5
733,236
803,452
1,277,130
—23.3
875,884
763,799
414,504,490
319,326,481
+29.8
309.627.548
270.270,174
Bangor
>'
Total New Eng
-----
—
Austin
3,663,948
+ 10.0
Lowell
Holyoke—
Macon
+40.5
New Bedford
961,741
Little Rock
Oklahoma
+44.0
Vicksburg—--
Muskogee
Dallas
Shrevcport
9,33 ),014
+49.6
—24.4
+99.4
+83.0
+20
+ 64.8
+ 39.9
+55.2
+74.7
2,505 ,850 +149.2
4,969 ,441!
2,707 ,851!
1,773 ,107i
+59.3
+46.2
+50.0
2,700 ,000
+85.2
4,490 ,615 +181.1
10,554 ,637; +40.1
1,900
,0001+333.5
7,000 .000
431
269!
—64.3
+4.3
5,300,297
3,946,100
4,281,434
3,328,325
1,710,007
3,000,000
3,739,498
8,603,995
1,950,000
3,500,000
422,414
849,291
573 ,312
+48.1
716,445
13,185,960
4,289,462
41,189,079
5,000,000
7,963 ,453
+ 65.6
8,208,929
2,737 ,91
20,162,884
10,680,634
4,433,549
23,393,337
11,072,771
27,445,706
12,186,101
7,761,949
11,090,058
5,810,741
2.940.672
4,830,163
3,729,090
3,587,147
2,596,714
1,275,000
2,548,940
3,732,499
6,416,025
1.595.673
3,486,298
340.035
497,107
8,409,561
1,575,078
.
+56.7
2,362,844
23,337 ,867
+76.5
17,388,957
2,560 +89
+95.3
2,406,343
489,211 ,719
+34.8
461,251.473
374.255,346
+25.2 5,827,778,220
5^854,933,437
__
11,637,194
1,610,000
'
Total Southern
Total all
659.366,917
8,821,594,223 7,019,334,589
Outside N. Y._ 4.038,446 ?01 2.976,466,550
+35.7 2.777.945.036 2,473,363,868
[Vol. 110.
CHRONICLE
THE
1562
recognize the facts of the situation and be guided
accordingly, with the result that he was now offer¬
SITUATION.
THE FINANCIAL
week has been the
The transcendent feature of the
drop in bond prices, with sensational weakness in
U. S. Government securities.
In the eritire history
of the Government bond market since
the day when
joined with the Allies in the war
the United States
against Germany, there has been no such utter collapse
prices of Government bonds as has
in the
ing
these certificates of indebted¬
blocks of
new
ness,
bearing 5% interest and another 5J^%.
one
This official action put a new
income basis
on
Gov¬
obligations and the decline in the outstand¬
ernment
ing issue of Government bonds was merely conform¬
to this
ance
The
occurred
income basis.
n^w
why borrowers have to pay such high
rates—the Government as well as private
reason
interest
this
concerns—is of course that investment capital is
shrinkage having been recorded the present week.
scarce.
But why is investment capital scarce?
As
On Wednesday of last week the Fourth Liberty Loan
usual in such cases, there is quite a number of con4}^s still sold close to 90, transactions having occurred
tributary causes.
One, however, is generally lost
at 89.94; yesterday these same bonds sold down to
sight of and yet is the most potent of all.
86.50, being a drop within this short period of 3
because profits
Or if we take the Victory Notes 4%s, the loss is Capital for investment is scarce
which would ordinarily be available for investment
hardly less striking.
These notes on Wednesday
in reproductive enterprise are being devoured by very
of last week sold at 97.94, yesterday dealings were
within
the
last
With this great drop in the value
recorded at 95.90.
of
days, the greater part of
ten
bonds there has
Government
come
naturally
a
shrinkage in all other classes of high grade bonds.
We
be
ways
because necessarily when
down, there will al¬
this is natural,
say
Government bonds
an
move
up or
adjustment of values to the new basis in
appealing to substantially
of other bonds
the
case
the
same
If it be asked what accounts for this sudden
great
slump in Government bond prices, the answer is not
The immediate
difficult to furnish.
surface, though it
and
weekly
bankers
(ours
among
advertisement
a
the number) pub¬
powerful group of
10-year 7% secured gold bonds running
The bonds
April 1 1930.
time that investment
the financial
public
were
offered at
It has been known for
and accrued interest.
capital
was
hard to obtain and
was
damage done to their credit
would have to pay pretty
stiff terms in order to get
of the accommodation of which they
in need.
stand
high
But that
status of
have to pay
the
sorely
so
railroad system of the
a
Pennsylvania
7% for the
par
some
also prepared to hear that the
railroads because of the
any
of
offering for sale $50,000,000 Pennsylvania
Railroad
until
the
on
not have been apparent to
may
papers
the
lished
lies
Last Saturday morning the daily
persons.
many
cause
Railroad should
required by it and this,
money
excess
profits taxes and surtaxes.
significant that the collapse in bond prices
concurrently with a repetition of the state¬
It is rather
has
come
relief from these burdensome excess
ment that no
profits and surtaxes can be expected at the present
session of
Congress.
Such a result would be
fraught with the greatest menace to an already
think that in imposing high sur¬
stripping the rich and
Our Congressmen
taxes
they
That
may
easy
for
But the damage
be so.
supposed fortunate beings, but to
these
to
with which it is
that
of
them to part.
is not
merely
are
well-to-do
the
deli¬
extremely sensitive monetary situation.
and
cate
bodies of investors.
income and
onerous
ourselves.
When
from
we
take,
man
a
as
with
happens to be the case, $31,190
income of $100,000 or take
an
$730,000"out of every $1,000,000 income that may
come
to
money
Mr. Rockefeller
without
up
in
used
new
taking just
capital
are
so
much
be used
which would otherwise be
investments.
Inasmuch as
benefit)
$6,000,000,000
excess
we are
to pay for taxes (and therefore to
now
incomb and
readily be seen
collected in
profits and surtaxes it can
what is the main source of the lack
of investment
capital, from which spring the high rates of interest
that have to be paid by borrowers in order to secure
such
capital.
Expenses will have to be teduced and
released before
too, on an obligation running for ten years, came as a
several billion dollars of these taxes
decided revelation.
any
As it
piece
came
happened,
of
a
that
moreover,
of the kind.
news
was
not the only
Simultaneously their
can be counted
will confront the coun¬
unless this is speedily done.
improvement in that respect
A
upon.
try
public offering of equipment certificates of
another railroad system
of the
same
high order
as
Advices from the Transvaal
the
Pennsylvania Railroad, namely the New York Central
to furnish
Railroad
in the
Company.
This
was
for
an
$36,225,000 and the rate of interest
These
also 7%.
Central carry serial maturities running from
April 15 1921 to April 15 1935 and
for
aggregate of
was
equipment trust gold certificates of the New
York
were
purchase at 100 and interest the
available
same
the
as
high grade obligations of the foregoing de¬
scription thus obtainable to yield
Government bonds,
low
figures, lost
ness,
and
values
an
a
measure
adjustment to
inevitably followed.
ment
was
daily
papers on
so
large
a
return,
though already ruling at
large
a
indications of
any
a
very
of their attractive¬
still lower basis of
The downward
move¬
accelerated by the announcement in
the
Monday that the Secretary of the
ruary
the like
period
decreases
a year ago,
placing
new
issues of Treasury
now
wisely decided to
are
years
important
back to and
including 1915, only excepting 1918 when an ac¬
workings, due to the
phenomenally heavy rains, interfered with satis¬
factory operation.
Furthermore, the yield for the
first
quarter of 1920 in the world's leading gold fields
is the smallest for the
of course, a
period in six years.1
time when the need of
to
be
so
This is,
disappointing outcome, especially at a
urgent.
new
supplies of gold is felt
With the native labor problem re¬
cently showing much improvement
to
in
and there
compared with earlier
different
4^[%, had
diem than did Feb.
but the product is somewhat smaller than for
better outcome had been
success
March, it is true, reveals
yield of the metal.
somewhat heavier output per
Treasury, who latterly had been having rather in¬
Certificates at
gold fields fail as yet
substantial improvement
cumulation of water in the
Pennsylvania Railroad issue.
With
very grave menace
an
appreciably
hoped for, but according
reports from the Rand this favorable development
has been more than offset
by the decline in the grade
Apr. 17
■
of
THE CHRONICLE
encountered in most of the mines.
ore
this
1920.]
presages
output
in the
as
Whether
gradual but steady contraction in
a
of Australia it is, of course,
case
yet too early to determine.
as
Specifically, the March production
fine ounces,
against 712,379 fine
the three months reached
tor
against 2,025,166 fine
of
therefore,
1920,
with 1919,
with
2,002,869 fine
decline in output in the
22,297 fine ounces as contrasted
and it is 67,353 fine
the high
ounces
For the first quarter
ounces.
less than 334,881
no
in 1919, and
the
Transvaal stands at
and
707,036
was
ounces
fine
record of 1916.
compared
Elsewhere, too,
falling off in gold production is to be reported;
a
we
find it reflected in the returns from Rhodesia and
West
Africa,
well.
It is
and from Australasia and India
as
evident, consequently, that present indi¬
point to a further reduction of the gold yield
cations
of the
world in
pensions for the -quarter
than in the
1920.
■
in Indiana
commercial
although showing
than in
failures
statement
for
March,
total of defaults much greater
a
February, and but little under January, is
nevertheless the best for the period since statistics
in monthly form were first compiled in 1894.
The
volume of
liabilities, too, while greater than in either
of the two
for
preceding months of 1920, is the smallest
March
since
1907.
Furthermore,
the record for the quarter
to go
back fully forty
years
for
as
each in
for
the
The
interval in
volume of business
same
done with its
now
attendant risk.
which
fu'rnishes
the
the basis for
month
of
was
only
solvents
March,
remarks, shows that
our
1920, the number of in¬
covering
566,
indebtedness
one
in
one
Canadian compilation of failures for March
three
months
ended
March
is
31
also
For the three months the
gratifying exhibit.
ber of defaults
was
the smallest in
over a
a
num¬
quarter of
a
century and the amount involved the lightest since
1912.
Specifically the disasters numbered 209 for
$4,327,184, against 217 for $4,769,637
288 for
$5,137,042 in 1918 and
$15,636,915 in 1915.
a year
earlier,
less than 798 for
no
In the manufacturing division
evidence of
was
stress in the Province of
some
Quebec, and in lesser degree in Ontario, but in the
Dominion
under
as
those
whole the liabilities
a
of
1919.
were
moderately
Among traders, however,
a
better situation than at any time since 1907 is dis¬
closed, and the debts of agents, brokers, &c.,
comparatively small amount.
a
cover
No banking
sus¬
pensions have been reported for the first quarter of
outcome identical with the like period of
an
back to 1911 when these
was one
for $549,830.
Owing to the railroad strike and the increased
shortage of newsprint which it caused, only limited
relatively speaking, could be given to foreign
space,
in
news
the
dealt with
Messrs. R. G. Dun & Co.'s statement of failures
for
$170,000.
any
twenty years, notwithstanding the
over
much greater
in Cali¬
one
Illinois, Missouri, Nebraska and Texas, all
the
1920,
quarter is actually less than for the
ap¬
inconsequential amounts, complete the list.
and
corresponding period and the aggregate of liabilities
for
$800,000 of the total,
cover
Two in New York and
years
few defaults in
an
Minnesota
have
we
numerous
and represented
Virginia $300,000, and
concerns
as
ended March 31,
much less
were
year
fornia $400,000, one in
there
The
preceding
preciably smaller amount, the comparison being be¬
tween $1,915,000 and $5,068,000.
Two suspensions
from 1918,
ounces
ounces, as
1563
of
daily
The leading topic
newspapers.
during the first half of the week
the situation in the Ruhr
Valley, and
was
more
still
specifi¬
cally the occupation of several important German
cities
by
French
then that
even
There
troops.
an
indications
were
understanding would be reached
$12,699,325, against 629 for $13,595,471 in 1919 and
1,142 for $17,672,381 in 1918.
The manufacturing
between Great Britain and France that would pre¬
division
two
makes
a
very
with
liabilities
year
in two decades,
branches
is
the
of
favorable exhibit for March
smallest
for
the
period of
any
and the showing in trading
similar
character,
though disasters
agents, brokers, &c., covered indebtedness of
among
almost 6 million
dollars,
or
clude any
possibility of
Powers.
student of
that the
to the
As
Ruhr
1,627 defaults, these comparing with $35,-
among
821,052 and 1,904
in
1918
and
last totals
period.
a year ago,
$105,703,335, and 7,216 in 1915—the
being the least favorable
For the three months,
facturing failures make
a
both number and amount
many
from
$49,780,300, and 3,300
years.
The
most
record for the
for March,
manu¬
satisfactory exhibit,
being the smallest in
liabilities
$15,239,195 in
as
on
1919
to
show
a
very
contraction
$9,875,544
in
1920.
Among traders the number of insolvencies is the small¬
est
on
record for the
and the
same
opening quarter of
The aggregate
with
any year,
is to be said of the volume of debts.
of liabilities at $9,493,413
$12,393,411 last year, with most
compares
branches
any
time
That the German Government did not intend to
out
of 1920 the total of insolvent
thoughtful
no
Valley would be allowed to eventuate
period.
For the first quarter
fact,
independent action of France with respect
permit this action
indebtedness reported is but $29,702,499, distributed
break between those
that way.
close to half of the month's
■
of
European affairs has believed at
aggregate liabilities, and above the normal for the
.
an open
matter
a
in
effort to
an
the part of France to
due
reparation
Dr. Wilhelm
which
note
a
on
secure
Charge d'Affaires in Paris,
handed to Premier Millerand.
declared that "Germany
for the consequences
fort."
According
Bureau
"the
to
note
von
was
pass
was
with¬
indicated
Mayer, German
reported to have
It
was
said to have
will hold France responsible
of violent incidents in Frank¬
a
dispatch from the
handed the French
Wolff
Government
by the German Government maintained that the
occupation of German territory was unjustified and
not
anticipated by the
caused
numerous
Germans
and
Treaty of Versailles, and
incidents, including the killing of
the
wounding
of others."
On the
hand, the note, it was claimed, asserted that
other
"the sending
Valley
was
of the German troops into the Ruhr
not an act inherited
dictatorship."
from the
von
Kapp
It was added that "on April 5 there
sharing in the better exhibit.
In the group embrac¬
ing brokers, agents, &c., indebtedness of $10,333,542
contrasts with only $8,188,446 last year, the increase
Ruhr Valley."
being ascribable to important failures in the States of
Cambon, French Ambassador at London, had been
New
instructed to present to
York, Illinois and Washington.
Banking
sus¬
were
43,000 German soldiers and not 160,000 in the
It became known late last Friday
night that" Paul
the British Government the
T&E
1564
Pertinax, the political editor
Germany."
acted
Lloyd George
the occupation of German terri-
without
In another London dis¬
warning."
ported to have been drafted at the Cabinet
has forgiven the policy adopted
never
alternative for her in the
patch its author said that the reply, which
Lloyd George, in which he said that "Mr.
on
no
and of her denial of the statements that she had
ory
Paris," wrote for his paper a savage
of the "Echo de
was
circumstances except
French
by Great Britain with regard to the
to France
invasion of
attack
France that there
of the French Government to the notes sent
response
[Vol. 110.
CHRONICLE
was re¬
meeting,
"less harsh in tone than the former British com¬
was
by France since January of being independent with
the Entente.
He has bided his time, and he thinks
munication."
it is
Sunday, "Great Britain's disapproval of the act of
now
come."
moderate
Cabinet, the day before, had "considered the Ger¬
man
situation in
Word
general, and the French advance in
rule
The correspondent declared that "not
particular."
district at
increasing responsibilities in the neutral zone, ex^
of
by
here with
newspapers
ceased
workmen
xecutive
same
day that "the
throughout the Ruhr
to-day [last week Friday], when the
noon
Committee
and
Barmen
hailed
from Dusseldorf the
came
the
opposed to the policy
are
is
expressions of satisfaction."
the
only the British, but the Italian, Belgian and
United States Governments
of
cablegram from Berlin
a
occupying cities in the neutral zone east
Rhine
the
of
this morning stated that the
week ago
a
France in
York
special London cablegram to the New
A
"Times"
According to
Elberfeid,
Dusseldorf,
at
Hagen relinquished authority to the
added that "it Government officials in compliance with the peace
that Thurs¬ terms of the Bielefeld and Munster agreements."
day's communication giving the British official view The belief was expressed that "committees of order
of the French advance into Germany, was made will be organized with probably much the same
chiefly to prevent any possible damage to the Anglo- personnel in these places as soon as the Reichswehr
'orces evacuate.
A central co-ordinating agency is
French alliance, on which the hope of the world is
centred, and in no wise with the purpose of exciting planned as soon as feasible." A special correspond¬
public opinion here or in any other country."
The ent of the New York "Times," in cabling from
correspondent declared, moreover, that "the views Duisburg said that "it is difficult to forecast the course
expressed were those of the entire British Cabinet of events in this region during the next few days.
cept under extreme provocation," and
is announced in authoritative quarters
and not those of any
A
There is
individual Minister."
special Paris correspondent of the New York
"Times"
in
a
dispatch to his1
published last
paper
Sunday, conveyed the impression that the situation
between France and Great Britain
as
Valley incident
was
susceptible to serious develop¬
He declared "I
ments.
Millerand
is
George to
a
the Ruhr
over
am
determined
cerned maintain
an
danger in the Ruhr district, political Germany is so
Lloyd
He added
April 19."
on
on
the
one
backs
the other,
definite split between the French and British
In his dispatch the next
result."
Berlin
The
it."
his
Powers, unless by the time it
representative shall have retaken
place in the Committee of Ambassadors."
cial attention
was
called
Spe¬
by the correspondent to the
and
a
to
come
to
of
All troops not
end.
an
be withdrawn.
tion
an
quoted
as
having
"military action in the Ruhr Basin is about
begin next Monday, April 19.
was
In the course
early
gaining strength."
in the week Chancellor Mueller was
said that
Allies for
At that time it
the next
paper
declaration before the National Assembly
fact that the San Remo conference is scheduled to
reported that "the French Premier will make
dispatch to his
South
Bavaria
neighboring States, is reported in dispatches
of
meets the British
cope
correspondent of the New
Germany, centring in Munich and affecting
received here to be
ference of the Allied
a
stronger
a
hardly
day declared that "a secession movement in
that he will not
con¬
even
Cabinet than Hermann Mueller's could
day he said that "Premier Millerand let it be known
participate in the San Remo
that
difficult
and
complicated
York "Tribune" in
the British Premier
Governments may
A cablegram
momentarily the Government has defeated the Red
balance,for unless the French Premier
a
con¬
from Berlin stated that "though
to the same paper
the
down,
less
He added that "generally
speaking the position is stationary."
with
or
or
attitude of great reserve regard¬
their intentions."
ing
that "the future of the Entente is thus thrown into
hand,
more
Premier
force
showdown at the San Remo Inter-allied
on
and
rumors
informed that Premier
to
Conference,, which begins
wealth of
a
tradictory information, but the various parties con¬
"Negotiations
are
indispensable will
going
on
with the
three months' extension of the conven¬
a
Aug.
1919.
The occupation of
the chief
shortly."
As opposed to these state¬
the report
from Frankfort that "the
cities will end
important statement in the Chamber of Deputies
ments
to-morrow
French, in the opinion of observant Germans, appear
be
[Monday] in reply to questions which will
proposed regarding the attitude of the French
Government
sailles
toward
Treaty."
the
The
newed their attacks
enforcement
the
crisis
"Times,"
of the
tions
first
for
settling down here for
taken
re¬
them
up
Lloyd George, blaming him
have
a
protracted stay.
offices and
They
fitting
also
instance,
Ver¬
newspapers
chiefly for the Anglo-French misunderstanding.
London
to be
have
Northcliffe
on
of
came
attributed
The
"this
magnitude in Anglo-French rela¬
entirely to the momentous blunder of the Prime
Minister."
over
numerous
are
carefully with requisitioned furniture and
taken over a handsome villa formerly
occupied by
a
banker."
Paris advices
Monday morning stated that "Lloyd
George's reply to the French explanations of the
occupation
neutral
Frankfort
of
zone
was
other cities
and
in the
handed to Premier Millerand this
"
Before
leaving London
for the San Remo
at
a
was
brief
a
week
other
answer
to the French
regard to the occupation of Frankfort anc
German
note, it
this morning
meeting of the British Cabinet, at which i
said that "an outline of the
note with
ago
conference, Lloyd George presidec
was
cities
claimed,
conciliatory,
was
was
discussed."
regarded
"notwithstanding
on
the
The
French
the whole
insistence
morning [Sunday] by Lord Derby, the British Am¬
bassador."
It
was
"this
added that
evening the
French Premier delivered to the British envoy
answer
made
his
of
by the
admitted
that
Government
to
the
text
of
representations
Although it was
British Cabinet."
"the
the
neither document has
as
been made
of
French Foreign Office at what is
public, satisfaction
was
expressed by the
considered
an
ex-
Apr. 17
1920.]
THE
CHRONICLE
pected change of tone in the British note, which is
taken
indicate that there will be
to
diplomatic relations.
been reached for
rupture of
V
outstand¬
.
might have been expected, Premier Millerand
announced
in
the
afternoon that "I
after
Chamber
am
of Deputies
Tuesday
happy to tell the Chamber that
loyal interchange of notes by the French and
a
British Governments they are in accord in
that, if there has been
divergence
a
declaring
to the
as
means
to be taken with
regard to recent questions, they
recognize the full necessity of an intimate, cordial
agreement for the settlement of the grave questions
pending with Germany,
rest of the world."
gram
that
It
as
was
well
those with the
as
reported in
a
Paris cable¬
to the New York
"Times" Wednesday
morning
according to the terms of the settlement "the
British Government commits itself
forcement of the treaty,
to the
anew
especially the clauses
Government agrees to
slight extension of the
a
were
pre¬
per¬
mission, to the German Government, 4o maintain
limited number of
troops in the neutral zone,"
and it was added that " as soon as the
a
supplementary
troops have been withdrawn by the Berlin Govern¬
troops will quit Frankfort, Darm¬
stadt,
Two
days before the
special
Berlin
corre¬
spondent of the "Sun and New York Herald" de¬
clared
that
considered
hinges
"while
the
Franco-British
closed, it is understood that
the willingness of France to
on
incident
an
is
agreement
prove
her in¬
tentions
by evacuating the occupied zone, leaving
the question of how
many troops will be allowed to
remain in the Ruhr
region for the next three months
for protective
purposes, to be settled by the Supreme
Council at San Remo."
The claim
tions
on
was
siderably upset
Exchange at that
in
the
were con¬
Monday "by the Government's
on
announcement in the
securities
centre
morning
possession
that all foreign
papers
of
Germans
must
be
given
up for delivery to the Entente Powers in com¬
pliance with Article 298 of the Peace Treaty, and that
German
would be compensated at the rates
owners
prevailing January
ratified."
most
It
cases
were
members of the
10
last,
when
the
treaty
explained that "as these
was
was
rates in
lower than the current
prices, the
Exchange worked themselves into a
frenzy because the Government had
made
not
its
intention known
as
of
previously, and Cabinet members,
well as the Stock
Exchange directors, were accused
having profited by selling stock at much higher
prices."
Reports
were
received from Frankfort and
Hamburg that the bourses
closed for the
that "a
same
panic such
at those centres "had been
reasons."
as
had
The accounts stated
never
been known before
developed, and though business
opened, immense blocks of stock
among
them
many
by Article 298."
been restored it
lost
their
to
was
close
After
a
officially
offered for sale,
were
semblance
not affected
of
order
reported that "those who had
had
panied by
haustion
a
completely finally succeeded in
majority of the brokers and directors
decided not to note transactions at all and
the
Exchange
temporarily."
Some
New
a
York
are
He added that "another
as
all-around rise in prices and by the
an
of
scribe the
necessaries."
some
Continuing
to
situation, the correspondent declared
"there is little
or
ex¬
de¬
that
coal and .there has not been
no
single briquette to be had.
a
The price of leather has
increased enormously.
exist.
Men's shoes simply do not
food, the whole position is decidedly
As for
than
worse
children
a
year
At least 25% of Berlin's
ago.
underfed."
are
V A
dispatch sent out from Paris Thursday evening
stated that "the German Government has
decided to
place guards around the Government and other pub¬
buildings, and has sent for 15 large tanks and
lic
20 armored cars,
because of
rumors of a new
attempt
Government for the purpose of
forming an alliance with Soviet Russia to declare war
to
overthrow
France."
on
the
Advices to this effect
been received from Berlin
of
of
the
upon
against
According to
evening,
word
danger of
a new
ment
had
come
internal
enemies,
Paris cablegram last
a
from
Berlin
that
"the
uprising against the Ebert Govern¬
apparently has passed for the time being."
Announcement
Berlin
made earlier in the week in
was
a
dispatch of the arrest of Major-General Baron
Luettwitz,1 commander
von
said to have
their adherents to register for
republic
in hand."
arms
were
during the day, and to have
"the Social Democrats have issued
appeal calling
an
Kapp revolt.
He
of the rebel forces in the
said to have been captured in
Pomerania, where he had been in hiding. .
was
The first official announcement of the total sub¬
scriptions to the French Victory Loan
known last
amount
Monday, when it
was
made
was
stated that the
was
Marsal,
15,730,000,000 francs, "of which 6,800,was in new money."
M. FrancoisMinister of Finance, explained that "the
railroad
strike
000,000 francs
coming
in the subscription period
takings."
He pointed to the fact
"4,000,000,000 francs had been subscribed at
had slackened the
that
the end of 1919 for the Credit National of the liber¬
ated
regions and 1,000,000,000 francs for the Credit
Foncier."
paper
He
currency
warned the
people that "the
will not let
us
excess
rest there and
that
loans of various types to attract
every class
of citizens must be considered."
The Minister im¬
other
parted the further information that "the
loan
new
subscriptions included 8,000,000,000 francs in Nation¬
al
Defense
in
National
000,000
bonds,
francs
in
than
550,000,000
francs
obligations and about
375,-
more
Defense
French
rentes."
It
developed
that "the Bank of France collected nearly 4,000,000000 francs.
Subscriptions totaling 275,000,000 francs
84,000,000 francs from the
from abroad and
came
colonies."
The
not
heads
"assembling
and it
was
securities that
not
was
were
the
some important raw
copper," but admitted that, on the
other hand, "the fall in the mark has
been accom¬
made in Berlin advices that condi¬
the Stock
of
good sign is the drop in price of
materials such
defense
A Paris
"badly
of this incident
occurrence
recovering their spirits."
regards the outcome
victory."
been
"Times" cabled that -"financial circles in
Berlin
stated also that
a
have
to
correspondent
Hanau, Homburg, and Duisburg." The
correspondent said that "the French Government
as
reported
handled."
en¬
scribing the disarmament of Germany, which particu¬
larly affect France." It was said that "the French
ment the French
the directors
A basis is believed to have
friendly consideratoin of
ing relations."
As
no
15G5
in
the
cabled accounts stated that "in the debate
Chamber
on
new
taxes,
M. Dumont,
Budget Reporter, urged the Chamber to
new
cost
taxes
vote
the
the
rapidly, declaring that each day's delay
the budget a million francs."
The estimates
"the Government's reve¬
under the new taxes will be increased 8,500,000,said to indicate that
were
nues
It
000 francs."
the fresh
receipts of theatres,
stafed that "among
was
of 10% on the gross
taxes is one
circuses, hippodromes, race
music halls,
tracks and
bicycle races."
According to cable advices also
"the House evidently is anxious to hasten the vote,"
expected on April
24."
The financial statement presented to the
Chamber showed that "the revenue from taxes on
and it
was
added that "this may be
monopolies in France for March
192,000 francs, and increase of
over the budget estimate."
amounted to 859,263,000,000 francs
days 100 Sinn Feiners were inmates
Prison in
the preparations that
patches yesterday outlining
have been made for
the San Remo conference next
week of the Supreme
Council of the Peace Conference.
expected that many phases of the Treaty of
Some of the advices
Versailles will be dealt with.
indicated that the conference
would attempt to go
After
Defense of the Realm Act.
a
few days they
hunger strike.
Last Monday the Irish
Labor Executive issued a manifesto to the workers of
went
on
a
Ireland calling for a general
"in
strike the following day
sympathy with the hunger strikers."
He said
for the greater part, fellow workers
comrades in our trade unions, have been forcibly
that "these men,
and
taken from their homes and families
without
we
iVom London, Paris and Rome came cable dis¬
For some
of the Mountjoy
Dublin, having been placed there under the
the United States is no exception.
course,
only
that
of supreme
and imprisoned
He added that "as trade unionists
charge."
have
weapon
It is
[Vol. 110
THE CHRONICLE
1566
left,
weapon
one
general strike, a
a
be used seldom, and only in times
may
Such
crisis.
an
occasion has now arisen."
Wednesday morning that it was
London sent word
unofficially reported that "a decision to modify the
Irish
of
treatment
prisoners
under
arrested
Defense of the Realm Act has been reached
the
by the
notwithstanding Andrew Bonar
British Government,
Law's statement in the House of Commons yester¬
opposi¬ day." According to the report the men were "not
to be released, but will receive certain concessions."
According to advices from Berlin, Great
The general strike of protest actually went into effect
Britain and Italy "favor a policy of greater leniency
on Tuesday, according to the advices from Dublin.
toward Germany."
One Paris correspondent said
The London correspondent of the New York "Tri¬
that the German Peace Delegation at that centre was
as
far
revising the treaty in spite of French
as
tion.
Council will bune" sent rather an alarming account of the situa¬
tion resulting from the strike.
He claimed that
express recognition of the extreme urgency of some
form of treaty revision, if Germany is to be made directly and specifically it involved "the complete
strong enough economically to comply with the stoppage of trains and street cars and the closing of
shops, banks, hotels, bars, schools and courts of
reparation clauses of the pact."
°
law," while at Mountjoy Prison where the 100 men
entertaining the hope that "the Supreme
Europe the state¬
From several different sources in
ment
or
suggestion
United States, should
take
credits
international
actively the question
large scale. Samuel
up
a
on
Vauclain, President of the Baldwin Locomotive
M.
extensive business tour in Europe,
Paris dispatch yesterday morning
having said that "what is needed, and needed
Co., who is
on an
qubted in
was
as
of the
by themselves, or with the assistance
there
of
that the stronger nations
came
a
quickly, is the extension of credits for manufactured
articles and
raw
materials to those European coun¬
"more
held
were
than 20,000 people were kept at
bay all day by tanks, machine guns
and barbed wire
According to his statement they
had "gathered to pray for the dying political prisoners
within."
He also asserted that "the situation thus
entanglements."
created
approached
critical stage to night" (Tues¬
a
A cablegram from Dublin on Wednesday said
that the strike was still in effect "with added tense¬
day)
ness
It
are
.
fears of serious
developments."
added that "60,000 workers
in Dublin alone
and
was
on
increased
strike and
a
feeling of pronounced excitement
capital." The hunger
another has done,
by the prisoners having been released.
In an
Associated Press cablegram from Dublin dated Wedesjoint credit on the part of the Allies for the purpose
day announcement was made that 89 of the Mount¬
of liquidating their war indebtedness and said the
amount ought to be 500,000,000,000 francs.
He joy prisoners had been released, apparently un¬
conditionally.
It was said also that "the Prisons
was said to have placed the wealth of the Allies at
tries
Antonin Dubost,
requiring them."
French
a
prevailed
throughout
the
Senator, revived the question of international credits
in the French Senate on Thursday.
He urged a
strike
approximately three trillions of francs and to have
Board has received an order
that henceforth under
suggested "issues at 4% with full amortization in
the Defense of the Realm Act
prisoners are to receive
99
ameliorative treatment from the
According
years."
would be
the plan
to
balance
the
levies
essential materials such
on
"nations
services."
public
Premier, who
was
to the San Remo
be
obtained
resources,
and
also
expected to furnish 2% of their natural
to
M.
in Paris
a
as
from tax
coal, metals
Venizelos, the Greek
few days ago on his way
conference,
was
quoted
saying
as
that Armenia will have to be financed for the next
eight
years
and that the total amount that will be
required during that period will probably be a little
that
more
$50,000,000.
He
reported to have
was
expressed the opinion that America would be willing
to take one-fifth of the
i
total.
:
•
•
.
a
trial for
a
as many
date of their arrest
According
specific offense."
dispatch yesterday morning the military
carried out many raids the day before,
Dublin
forces there
arresting about 100 persons.
Andrew Bonar Law,
Government leader, speaking Thursday
the British
in
London
relative
strikers from
to
had not been released
in
an
last
the release
of Irish hunger
Mountjoy Prison, declared that they
earlier dispatch.
unconditionally
A report
as
came
announced
from Dublin
evening that 40 political prisoners, "both con¬
victed and unconvicted,"
had
gone on a
hunger strike.
Included! in the number were said to be "nine who
I'
_.
their
until
to
apparently ended,
.
participated in the original strike."
It
would
hand if
a
seem
that the
single week
nouncement of from
many
were
one
were
near
at
to pass without the an¬
to half
countries in Europe.
millenium
a
dozen strikes in
as
In that particular, of
Sir Auckland
Geddes, the newly appointed British
Ambassador to the United States,
left London
a
and Lady Geddes,
week ago yesterday for
Washington.
Apr.
17
1920.]
THE CHRONICLE
The "Pall Mall
land's
Gazette,"commenting
mission, said that "he
Sir Auck¬
on
office at
assumes
a
Following the action of the Bank of France
announcement
ago,
moment
when the relations between the two
great
London
English
speaking
minimum
nations
distinctly uneasy."
Referring to "the Peace Treaty problems, Ireland and
economic complexities
and to the fact that they
are
present different aspects on this side of the Atlantic
than
the
on
other," the
newspaper
also observed that
"it will be Sir Auckland's difficult task to place
position in all these matters
our
frankly before the
so
American Government that whatever his conclusions
no
in the United States will question our
good
one
faith and
The
honesty of purpose."
demands
of
made
now
employees
made
"The miners will get
pound
new
England has raised its
to 7%.
The previous
6% had been in effect since Nov. 6, last.
Seven per cent is the highest rate which has been
quoted since Aug. 1 1914, at the outbreak of the war,
of
rate
when the rate
10%.
marked up,
was
On April 13 it
of Finland had
was
first to 8%, then to
announced that the Bank
increased its rate of discount from
Aside from these changes, official dis¬
7% to 8%.
count rates at
leading European centres continue
to
In London the
private bank rate has also been ad¬
now
its estimates
as
£7,000,000
men
Petrograd; 7% in Sweden, and 4J^% in Holland.
vanced, and is
quoted at 6J^@6}4% for sixty
ninety day bills, comparing with 5^@5%% a
and
week
Call money in London
ago.
follows:
firmer, at
was
against 3^% last week.
10-
a
An increase of
the
as
week demand; the dockers
per
of
discount
bill if all the
£35,000,000 if they take
shilling raise; the railway
result of the
wage
Going somewhat into
up
Bank
of
will be
conceded, and all the offers
accepted."
are
detail the newspaper
few days
a
per annum
Kingdom's
are
the
rate
week
quoted at 5% in Berlin, Vienna and Switzerland;
5^% in Norway, 6% in Paris, Copenhagen and
"Evening Standard" of London
added to the United
that
a
by cable this week from
comes
be
estimated that "£90,000,000
ago
1567
the
Bank
gold totaling £304,707 was shown by
England statement this week, thus
of
£10,000,000, the
confirming the
workers'
here that the recent exports of the metal to this side
mean between the employers' and
estimate; the postal workers £2,500,000; the
car
men
£2,000,000, if their demands are
street
granted."
It
was
stated also that "in addition to
this the farm
laborers, bus
and
are
engineers
figuring
they will put in claims."
journeymen tailors
men,
the amounts for which
on
The
March
Total
though there
was
£60,894,711
in
£68,672,230.
of
the
an
of
all
the
British
Board
things considered.
increase
imports,
over
total
of
Al¬
March 1919 of
expanded
exports
The exports for the first three months
year
were
considerably
than
more
double
those of the
corresponding period of last year, while
imports fell far short of doubling, the amount for
1920
being £520,679,000, and for 1919 £347,363,742.
The
and
following table gives the figures for March
the
three
months
ending with March in the
circulation
March
3 Months to March 31—
1920.
Imports.,
1919.
1920.
.
1919.
£166,667,000 £105,772,289 £520,679,000 £347,363,742
103,699,000
53,108,496
295,543,000
147,366,120
exports
Re-exported
27,031,000
...
8,949,274
75,099,000
18,629,028
Total exports....£130,730,000
£62,057,770 £370,642,000
Excess of imports
£43,714,519 £149,986,000 £181,368,594
£35,886,000
were
advanced
week
a
£165,995,148
some source as
a
to
substantial
excess
amounted
For
of
outgo
to
the
decrease
of
£3,930,000.
Loans (other securities)
reduced, no less than £13,659,000.
likewise
were
Gold stocks
now stand at
£112,449,580, as against
£85,234,983 in 1919 and £60,997,206 the year before.
Circulation stands at
£106,018,000/
with
year
£76,213,226 last
Reserves total
and
with
loans
one
as
and two
was
during the
income,
£240,078,000.
same
period
period
and in 1918 £105,950,-
a year ago
with
contrasted
£311,029,000
Receipts from all
were
£234,440,000.
cates
£950,000 and advances the large
000,
held.
sources
Of this
sum
a
were
£175,173,-
this, the volume of Treasury
has been reduced to £1,043,398,000.
Exchequer balance has been reduced to £3,731,as against £9,369,000, the amount previously
Temporary advances
total
now total £263,837,000,
floating debt has been reduced to
£1,307,235,000.
We
tabular statement of comparisons for the
BANK
England statement:
OF ENGLAND'S COMPARATIVE
STATEMENT.
1919.
1918.
1917.
1916.
April 14.
April 16.
April 17.
April 18.
April 19.
£
£
£
£
£
106,018,000
Public deposits..—
76,213.226
47,884,995
38,111,715
34,031,995
19,315,000
27,709,840
39,951,682
54,768,321
59,179,358
116,563,412 138,231,685
Other deposits..—122,888,000
124,538,598
86,645,806
Govt, securities
55,118,000
56.114,144
58,312,832
37,574,695
33.188,046
Other securities
79,891,000
78,304,624
105,950,822
124,043,796
24,881,000
27,472,068
31,562,211
35,402,978
42,382,784
Coin and bullion—112,449,580
85,234,983
60,997.206
55,064,693
57,964,779
Proportion of
reserve
87,905,576
>
to liabilities
17.50%
19%
17.70%
19.74%
29.10%
7%
5%
5%
5%
5%
Bank rate
of £72,-
In consequence of
while the
earlier.
£29,040,-
000, against £29,248,000 in the week preceding.
append
The Bank of France in its
New issues of Treasury bills amounted to
£111,035,000, while the repayments
The
week
a
The amount of gold securing these notes is
narnply
expenses
yielded £50,455,000, savings certifi¬
bills outstanding
respectively,
1920.
advances and other items
revenues
000.
against £27,472,068
years ago,
Treasury notes outstanding total £308,958,000,
a
while the total outflow
total
000,000.
compares
£79,891,000, in comparison
aggregate
£78,304,264
822.
as
£24,881,000,
£31,562,211
This
and £47,884,995 in 1918.
Reserve notes & coin
£50,354,000,
including Treasury bills,
repaid
over
eleven-day
to liabilities
contracted
Circulation.
£5,638,000.
reserve
17.50%, compared with 14.98%
19% last year.
Public deposits
and
ago
Other
material contraction in the deposit
£5,663,000, other deposits declined
£10,820,000 and Government securities registered a*
were
Tresaury statement of national financ¬
ing for the eleven days ending April 10, disclosed
yet unknown.
augmented—£1,097,000—note
different items of the Bank of
The British
bankers
among
having been reduced £792,000.
changes included
while
two years:
British
reserves
items, while the proportion of
(
statement
favorable,
was
entertained
have been drawn from
was
Trade
belief
a
further small
this week.
now
The Bank's total
amount to
francs
were
week,
gold holdings, therefore,
5,585,740,175 francs, comparing with
5,545,817,523 francs last
francs the year
in 1919 and
weekly statement reports
gain of 481,000 francs in its gold item
year
and with 5,377,742,387
before; of these amounts 1,978,278,416
held abroad in 1920, 1,978,308,484 francs
2,037,108,484 francs in 1918.
bills discounted
francs, advances
rose
were
increased
During the
51,488,614
3,192,732 francs and general
deposits
member
augmented to the extent of 220,787,462
the other hand, silver fell off 1,751,433
were
On
francs.
[Vol. 110.
THE CHRONICLE
1568
banks with
$541,353,000, and
aggregate reserve
the Federal Reserve Bank to
consequently a reduction in the
of $18,700,000, bringing the total
Cash in own vaults of members of
deposits were reduced 190,to $566,056,000.
546,051 francs.
Note circulation registered a con¬
the Federal Reserve Bank increased $3,936,000 to
traction of 3,012,540 francs, bringing the total out¬
$94,718,000 (not counted as reserve), while reserves
standing down to 37,504,293,806 francs, which con¬
of State banks and trust companies in own vaults
trasts with 33,975,177,900 francs last year and with
expanded $490,000 to $13,188,000, and reserves in
26,231,771,480 francs in 1918. Just prior to the out¬
other depositories of State banks and trust com¬
break of war, in 1914, the amount outstanding was
panies were augmented $212,000 to $11,515,000.
As
only 6,683,184,785 francs.
Comparisons of the va¬
a result of the reduction in deposits reserve require¬
rious items in this week's return with the statements
ments were brought down and the loss in surplus was
of last week and corresponding dates in 1919 and
cut to $10,042,600.
This, however, brought the
1918 are as follows:
francs, while Treasury
total of
FRANCE'S COMPARATIVE
OF
BANK
—Status
Changes
No change
Abroad
Total
481,000
245,306,814
2,222,500,098
3,192,732
Dec.
Silver
Advances
Inc.
1,823,060,561
3,012,540 37,504,293,806
circulation-Dec.
Treasury
5,585,740,175
1,751,433
51,488,614
Inc.
.
Bills discounted.—Inc.
Note
3,607,461,759
1,978,278.416
481.000
Inc.
deposits-Dec.
General deposlts„Inc.
190,546,051>
220,787,462
271,532.872
3,424,976,031
3,567,509,038
1,978,308,484
hand down to $11,777,100,
correspond¬
surplus are
based on legal reserves of 13% for member banks of
the Federal Reserve system, but not including cash
of
1919. April 18 1918.
Francs.
Francs.
Francs.
Gold Holdings—
excess reserves on
with $43,017,270 in the
which compares
as
April 15 1920. April 17
for Week.
In France
STATEMENT.
The above figures for
ing week of 1919.
Francs.
3,340,633,902
2,037,108,484
5,545,817,523 5,377,742,387
311,287,573
255,575,678
899,925,516 1,441,244,019
1,231,796,720 1,114,873,473
33,975,177,900 26,231,771,480
44,057,636
41,974,805
3,020,012,977 3,213,506,201
in vault to the amount of
banks
the
on
$94,718,000 held by these
Beyond a fall in
Bank, due
Saturday of last week.
ratio at the Federal Reserve
reserve
by
fund, there was
received simultane¬ nothing especially striking in the week's changes of
mainly to
reduction in reserves, in turn caused
a
heavy losses in the gold settlement
been
have
statements
Two
Germany,
one
other issued
as
in rediscounts
of March 31.
In the earlier statement,
crease
with
changes included an in¬
in total coin and bullion
608,000 marks in notes of
counted
augmented
were
of 4,929,000 marks,
and of
Bills dis¬
other banks.
128,486,000 marks, ad¬
securities 511,142,000 marks.
Note circulation expanded 842,477,000 marks and deposits 69,125,000 marks.
Gold
declined 14,000 marks, investments fell off 80,617,000
marks, while other liabilities were reduced 87,176,000
vances
7,858,000 marks and other
shows changes of
The statement of March 31
more
drastic character, chief among
be mentioned
expansion of
an
no
which
a
may
less than 4,114,-
increase in
deposits of 3,369,564,000 marks, and a gain in note
circulation of 1,822,668,000 marks.
Gold was in¬
creased 104,000 marks and total coin and bullion
6,151,000 marks.
Treasury notes expanded 360,116,000 marks, investments 129,465,000 marks and
826,000 marks in bills discounted, an
securities
other
decreases of
926,377,000
marks.
There
were
1,444,000 marks in notes of other banks,
12,472,000 marks in advances and 273,975,000 marks
other liabilities.
Gold stocks are now reported
market
may
world
the
that
week,
the
rates
figures
one
on
were
are
correspondingly
If
high.
one
specifically to the local money market
could only say that the tendency of
was upward and that high
call loans
touched nearly every afternoon, par¬
ticularly during the last half of the
Yester¬
period.
10%, the
highest in over a month, although, of course, higher
quotations have been recorded before the close fre¬
quently. Brokers reported difficulty yesterday in
securing even small amounts of money at the quoted
day the opening and renewal rates was
One broker said early in
rates.
he had had
dropped
market
the total was 25,490,480,000 marks and in 1918 11,977,800,000 marks.
from 8 to
9%.
to
8%.
Shortly before the close
Business in the time
about as restricted as it has been
few special loans were arranged at
was
A
for months.
before 10
morning, but had not been able to
the accommodation.
rate
the afternoon thac
order in for $50,000 since
an
the
o'clock in
000,000 marks last year and 2,407,520,000 marks in
1918.
The Bank's note circulation stands at 45,-
Clearing House Bank statement,
rates
to refer
this
loanable funds the
demand, and
is much smaller than the
over
money
The New York
j
market from week to week.
is that the supply of
conclusion
the
year ago
in other rediscounts.
bought by the Bank in the open
discussion of the
Whatever
be said, the natural and really only possible
secure
A
gain of $49,267,000
was a
Government securities in comparison
Very little is to be gained from a
at
169,789,000 marks.
increased
reduced $7,901,000.
was
local money
in
1,091,453,000 marks, which compares with 1,916,-
borrowings
reduction of $23,368,000
a
were
marks.
far
on
The amount of bills
278,960,000 marks in Treasury notes,
of
Members'
institution.
that
the Imperial Bank of
under date of March 23, and the $25,899,000; that is, there
ously by cable this week from
The higher rates for call money here,
particularly toward the end of the week, were attrib¬
uted in speculative circles to the rather heavy shift¬
for April 15 disburse¬
ing of accounts in preparation
later page ments and to withdrawals by the Government.
These shiftings are to be expected at every interest
of this issue, made a rather unusual showing and,
and dividend payment period and represent only a
contrary to general expectations, both loans and
temporary condition of the market.
The tight
deposits were lowered.
This came as a surprise to
those who, in viepw of the week's heavy financial money that we have had for a long time, and that is
operations, had been looking for entirely different apparently in prospect for an indefinite period is
results.
The loan item was reduced $46,463,000 and due to conditions much deeper seated and much
net demand deposits declined $68,120,000 to $4,- farther reaching than developments from day to
which is given
172,128,000,
not
in
There
complete form
Government deposits
included.
small
more
In
net
time
expansion, namely
was
a
of $63,130,000 day
deposits there
was
a
$282,000 to $251,974,000.
loss of $19,402,000
on a
in the reserves of
ial
or
of
a
special character.
Until there is
a
mater¬
change in these, primary and underlying condi¬
tions of the money
uine
ease.
market
we
cannot look for gen¬
The advances in foreign bank rates
that
Apb. 17
1920.]
THE CHRONICLE
being made show that the heads of those institu¬
are
tions realize the actual monetary
position and that
they have decided to place the situation squarely
would-be
before
borrowers.
In spite of the
high
and the upset conditions generally,
financial institutions report
satisfactory results from
1569
of-town institutions
demand
for
quoted at 5%.
in the market.
were
bankers'
offerings of securities in the local market.
practically unchanged.
-Spot
Ninety
•
Eligible bills of member banks
Delivery
6
@6%
@5%
7
This compares
Irregularity has been
10%
the maximum, with the low and ruling
6%.
On Tuesday and Wednesday call rates
levels
advanced to
during the earlier days of the week
of 6@10%
week
a
On Monday
ago.
was
7%
12%, while renewals
each day, and this
on
A further increase took
high went
up
to 15%.
the renewal
also
was
place
was
basis.
mixed collateral
without differentiation.
and the
On
the
of
outflow
week's
was
and
Funds
10%, the mini¬
These figures
all-industrial
were
in scant
unchanged.
be
can
held to be partly responsible.
were
Offerings
~
learned
tained of any
loans
supply
important
was an
For fixed maturities the situation remains
as
were
operations, though the heavy
South America and extensive
gold to
corporate financing
also the low.
Friday rates
calling of loans by banks
factor in
nego¬
Thursday when the
The minimum was 8%, which
8% and 12% the high figure.
apply to
were
on
still firm and the renewal rate
mum
continue
light,
practically
and
far
so
little expectation is enter¬
very
material increase in the supply of loan¬
in
able
funds
still
quoted for all maturities from sixty days to
the
six months for
future.
near
Eight
per
is
cent
regular mixed collateral and 8Yi% f°r
all-industrial money,
Commercial
with
very
rates
paper
little business passing.
firm and fraction¬
were
week's
for
demand,
Monday
require
A
Names less well known
range.
7%, against
6%@7%
heretofore.
as
ready market is reported for the best
fair volume of business is
a
choice
quoted at 6%@7%, against 6^2@
@M%> the previous
now
of
name^
names
and
weakness.
Later on,
have
Federal
Reserve banks
which
during the past two weeks increased to 53^%
the rate
on
loans to member banks secured
by bankers'
was
On
a
of
recovery
Thursday short covering operations produced a
of strength and activity, but at the
close the market
The action of the Bank of
official
minimum
The higher rate
was
by the San Francisco Reserve Bank
The
made effective
April
on
following is the schedule of prevailing rates
12.
now
in effect:
RATES
OF
IN
THE
EFFECT
|
FEDERAL
APRIL
15
RESERVE
BANKS
day collateral notes)
Federal
ness.
Mies.
Otherwise
secured,
on
from
actual
6% to 7%,
rates—having
rates for
Treasury bills announced the day previous—
accepted
was
with
indubitable evidence that higher
as
conditions must
money
be faced and
now
previous expectations.
a
prove a
It is not
will have any
a
was
in line
7% rate is
handicap to trade, it will probably
salutary effect
whole.
While
on
trading conditions
as
a
thought likely that the higher rate
deterring effect
upon
the shipment of
gold to America.
Consul-General Skinner's
cablegram from London
Wednesday outlining the plan of the British Gov¬
talcing
received
was
comprises,
as
up
with
part of the Anglo-French loan
keen interest
here.
In
brief, it
has already been announced, the buying
of certain dollar securities previously deposited
up
Plan
Treasury, and is to be carried out under
as
Plan
B, which is
modification of
a
A, announced at the time of the placing of the
This consisted of
loan.
an
agreement whereby the
Treasury undertook to purchase
on
any
suitable dollar
current New York Stock
being figured at the exchange rates for the day.
Agricultur¬
Bankers''
Trade
al
and
live¬
secured by— Acceptances Acceptances stock paper
discounted
maturing
maturing
Treasury
Liberty
certificates bonds and
of indebted¬
Victory
Bank of—
England in raising its
rate
Exchange quotations, the sterling price to be paid
1020.
Discounted hills maturing within SO
days (including member banks' 15-
point
3.98.
was
already been largely discounted by the advance in
security at prices based
DISCOUNT
Reserve
discount
while without marked effect
what is known
5J/£%.
The highest
touched for demand this week
cisco has likewise raised the rate
from 5 to
quieted down and final quotations
slightly under the best.
were
acceptances, the Federal Reserve Bank of San Fran¬
this class of Joans
buyers and there
as
than 4 cents in the pound.
more
sudden spurt
with the
on
figured conspicuously in the
however, several of the largest
institutions re-entered the market
ernment for
addition to the
In
92}^
Heavy selling by London
ago.
tions from that centre,
on
being put through.
two sharp
14J^c. off from the high point of
or
week
a
one or
prices down to 3
banks, accompanied by materially lower cable quota¬
have
months'
time again touch the $4 00 level, while
breaks occurred which carried
likely to
six
and
now
bid
fairly well maintained, the quotation did
were
not at any
bills
character
7
@6 H
dealings in sterling exchange and although
ally higher, with sixty and ninety days' endorsed
receivable
6% bid
T
of the features of the
one
a
tiated at
6M bid
6H @5M
@GH
with
were
30 Days.
6
6H @5J4
@6H
within
Days.
rates in detail, call loans ranged
money
during the week between 6 and 15%.
rate
Thirty
Days.
6Ji@6
7
Delivery
Sixty
Days.
Ineligible bills
range
be
Detailed rates follw:
Eligible bills of non-member banks
Referring to
on
to
The undertone has ruled firm and
rates for money
recent
Loans
continue
acceptances
for
member
banks.
within
90 days.
Among the
exercised
developments of the week which
news
favorable
influence
was
the
announce¬
91 to 180
day 8.
ment
by Andrew Bonar Law in the House of Com¬
and
V:
unsecured.
a
that
mons
the
critical
situation
existing in Anglo-
*
Boston
New
5
York_.
5H
Philadelphia.
5
Cleveland...
5
Richmond...
5X
5
6
0
6
5
6
5
0
ft
6
6
5
6
0
5
0
6
5H
6
5
6
Atlanta
5
5^
6
m
0
5
oH
6
5H
6
0
Bt?
5
5H
0
5
0
0
Louis
Minneapolis
Kansas City.
AH
*
0
5H
5H
0
5
5M
0
5
0
0
5
5H
6
BH
5^
6
Dallas
0
0
Ban Francisco
5
5M
6
5M
6
0
.
Note.—Rate on paper secured by War Finance
tbe rate
on
Corporation bonds 1 % bigber tban
commercial paper shown In column 3 of figures above.
also
news
from
Washington that the joint resolution to declare war
0
Chicago
French relations had been cleared up,
with
Germany at
the House.
Senate
was
an
end had succeeded in passing
Later, however, it developed that the
showing
a
disposition to shelve this
movement and revert once more to
and
much-bandied-about
Peace
new
the unfortunate
Treaty, in
a
fresh
attempt to whip it into a shape sufficiently accep¬
Banks'
and
bankers'
acceptances were in fairly
good demand during the earlier part of the week, but
with the stiffening in the call loan
market, dealings
table to all
in acceptances were
with demand at 3
less active.
Both local and out-
parties to permit of its final ratification.
Dealing with the day-to-day rates, sterling
change
on
Saturday of
a
week
ago was a
ex¬
shade easier,
96%@3 97cable transfers at
3
[VOL. 110
THE CHRONICLE
1570
97%@3 98% and sixty days 3 9334@3
Monday there was a sharp recession in rates
mand bills fell to 3
cable transfers
94. On partly
and de¬ francs
92%@3 95%—a loss of 4%c.—
93@3 96% and sixty days to
to 3
covering operations. French and Belgian
also phenomenally weak, the former
on
were
losing 113 points, to
fell
latter
to
low of 17.145, while the
Here also
a new
16.12,
130 points off.
or
and sub¬ material recoveries were shown later in the week,
stantially lower quotations from abroad were mainly although in some cases the final range was still far
below that of the preceding week.
responsible for the break. Rates fluctuated irregu¬
As explained last week, the continued and alarming
larly on Tuesday, and although recoveries were noted
weakness in lire is attributed not only to Italy's
at the close, the day's range was somewhat lower
than that of the day before, at 3 92%@3 9434 for unfavorably financial and economic condition, but
to the fact that the British Government has been
demand, 3 93@3 9534 f°r cable transfers and 3 89%
curtailing her credits to Continental countries. This
@3 92 for sixty days; trading was spotty with specu¬
has also, in all probability, had much to do with the
lative operators prominent in the day's business.
On Wednesday better buying both for foreign and heavy losses in French exchange, although the recent
3
88%@3 9234; selling by London banks
about advances of nearly
domestic account brought
.2 cents in the
pound,
that demand moved up to
so
95%@3 97, and
93%; a factor in the im¬
provement was the expectation that the Bank of
England would raise its minimum discount rate on
the following day.
This belief was confirmed and
on
Thursday the Bank of England announced an
crease of 1% to 7% for the official rate of discount
and sterling exchange rates responded by a further
3
95@3 96%, cable transfers to 3
sixty days to 3 92%@3
advance
3
3
to
95%@3 98
3 96%@
demand,
for
98% for cable transfers and 3 93%@3 95% f°r
with demand
Friday's market was quiet but steady,
slightly easier at 3 95%@3 96%, cable
transfers at 3
96%@3 97%, and sixty days 3 93@
sixty days.
Closing quotations were 3 93 for sixty days,
3
9434-
3
95% for demand and 3 9634 f°r cable transfers.
finished at 3 95, sixty days
Commercial sight bills
at 3
90, ninety days at 3 88, documents for payment
political strain
undoubtedly
was
It is stated that the latter
an
important factor.
development has caused the
postponement of certain private credit arrangements
negotiation, pending
this
franc has been
M. Max
an
of
course
satisfactory conditions in
more
equally
there having been
severe,
a
time to 67.40 to the pound sterling.
one
Touching
in
were
In London the depreciation of the
respect.
drop at
which
bankers
American
with
the depression in French exchange,
upon
Loewy of the Paris Information Service, in
interview
a
few days ago,
is said to have made the
statement that while the credit
been
have
bankers
American
arrangements with
postponed
until the
political outlook has cleared up, they are in no wise
disrupted and will be resumed at the earliest possible
He also stated that the advance in the
moment.
Bank of France's official discount rate from 5 to
has
two-fold
a
6%
First, the great industrial
reason:
activity in France respecting reconstruction in the
liberated regions
which is creating an abnormally
No ad¬ large demand for credit and the necessity for the
ditional gold has been received this week, beyond the Bank to protect itself against undue enlargement of
credit facilities, and second, the fact that the discount
$10,000,000 reported as arriving on the SS. Phila¬
rate was unduly low when compared with that of other
delphia late last Friday, Since the close of last week
countries and that consequently foreign bills were
a total of approximately $25,000,000 gold coin has
coming into the French market and thus depriving
been engaged for shipment to Argentina, $5,100,000
(sixty days) 3 90%, and seven-day grain bills 3 94.
Cotton and
grain for payment closed at 3 95.
forward
went
mainder will
by Wednesday's boat, and the re¬
probably
additional $1,000,000
go on
has been withdrawn for Java,
less
striking.
urgently needed at home.
ruled
marks
Berlin
initial transactions,
$500,000 for Cuba and $300,000 for Mexico.
were
other branches of exchange
Movements in
An
to-day's steamer.
of funds that
France
and
an
strong
were
the
in
advance to 1.96—11 points
scored, although strangely enough with the
in other currencies later in the week a
recession in marks took place, bringing the quotation
up—was
In the Continental
exchanges, declines of unparal¬
leled violence followed by
taken
have
tional
bordering
As
a
as sensa¬
conditions
result,
demoralization prevailed for
upon
and movements
that
recoveries equally
place.
were
greatly confused,
so
awhile
much
so
Trading
for legitimate business purposes was not particularly
active, but speculative interests added materially to
the depression and general confusion by persistent
short selling on all weak spots.
Exchange on Rome
quoted rates were often widely apart.
after
weak
a
losses of
as
opening,
much
again
slumped wildly and
10 points at a
as
time
were
regis¬
recovery
to
1.63
for checks.
Speculative activity
marks
was
quite extensive, large amounts at times
Some surprise
changing hands.
the reports
No explanation
buyers of marks.
this
could
rumor
be
or
or
owning
Powers
will be notified
26.64, which is 197 points lower than last week's ex¬
be
gained when it is stated that it now takes nearly
five times
-as
and 20.45 points below the normal
as
many
it did before the
lire to
war.
pay
for
an
American dollar
On Tuesday, however, fol¬
Government.
carrying out
Versailles.
This
one
and
Advices from
spectacular rally, aggregating
times,
quently
bringing
a
the
further
no
recovery
less than 334
cen¬
Subse¬
to 21.02 took place,
quotation
to
23.30.
ing of
by
the
first
step
quotations
Budapest
paper money,
on
toward
over
owners
on
the
Jan. 10 of this year.
announce
that the re-stamp¬
ordered recently by the Govern¬
April 20, however, bearers of
not been
pro¬
directly interested
month.
which has
fine of 15%
ment, is to be prolonged until the end of this
After
a
of the provisions of the Treaty of
compensation made to present
justment of differences between France and Britain
was a
be
soon
rights
Alliedjor
The securities will then be turned
basis of market
the^occupation of the Ruhr Basin, there
shares,
securities with the
to the Allied or Associated Powers
lowing official announcement of the amicable ad¬
over
will
or
from
dispatch
company
situated in territories of the
clamation to list those shares
Some idea of the extent of the collapse may
over
confirmation of
other securities relating to property,
interests
Associated
of 5.19.
or
obtained.; A
Berlin states that Germans
bonds
expressed
was
that English bankers have been heavy
tered, until the quotation early in the week broke to
treme low record
held
was
responsible for much of the firmness and trading in
money
re-stamped will be liable to
a
Apr. 17
1920.]
THE CHRONICLE
of the value of the
currency
1571
for the delay in com¬
pliance with the edict of the Government.
Accord¬
unchanged.
ing to latest official figures,
states that Finance Minister
have
been
re-stamped
billion
seven
crowns
The Minister of
date.
to
Finance has made public a statement
showing that
Hungary's national debt aggregates 55,800,000,000
crowns, that the deficit last year was 13,000,000,00
and that
crowns
total
revenues were
expenditure.
only one-third of the
although for Peru the
The official London check rate in Paris finished at
in
with
comparison
New York
sight bills
63.20
last
week.
In
the French centre closed at
on
rate remains at
4.85@4.90,
dispatch from Buenos Aires
Salaberry has formally
Argentine short
term 6% loan
$50,000,000, one-half of which is held here and
of
the other half
maturity.
He
American
by London bankers, will be paid at
further states that a loan from
and
British
bankers of
£25,000,000 has
arranged, subject to amortization in ten
Far
65.53,
press
announced that the
been
:
IA
Eastern
rates
are
as
follows:
years.
Hong Kong,
94%@95, against 98@98%; Shanghai, 130%@131,
139@140; Yokohama, 47%@48%, against
47%@47%; Manila, 49@50, against 49%@51;
against
16.37, against 16.02: cable transfers at 16.35, against
16.00; commercial sight at 16.41, against 16.06, and
Singapore, 47%@48%, -against 45@46; Bombay,
47%@48%, against 49@50, and Calcutta, 47%@
commercial
48%, against 49@50.
week.
sixty days at 16.48, against 16.13 last
Belgian francs finished at 15.37 for checks
and
15.35 for cable transfers.
was
14.82 and
14.80.
Last week the close
Closing quotations for Ger¬
checks were 1.63 and cable transfers
1.65, in
comparison with 1.74 and 1.75 the previous week.
man
For Austrian kronen the final
range was 00.51 for
checks and 00.53
for cable
remittances,
The New York
Clearing House banks, in their
operations with interior banking institutions, have
gained $3,364,000 net in cash as a result of the
movements for
currency
Their
receipts
from
the
the
week ending April 16.
interior
have
aggregated
against
$9,328,000,
while
00.55 and 00.56 last week.
Italian lire finished the
$5,961,000.
Adding the Sub-Treasury and Federal
week at 22.52 for bankers'
sight bills and 22.50 for
cable transfers.
week ago.
a
at
This compares
Exchange
1.63, against 1.57;
1.82;
on
with 24.52 and 24.50
Czecho-Slovakia closed
on
Bucharest at 1.78, against
on
Poland at 59, against 66, and
5.68, against 5.64
exchange
on
Friday of
weak and
was
as
a
a
Finland at
on
week
was
announced,
in contrast with 8.80 and 8.78 the
previous
As
regards the neutral exchanges,
has
more
less in
or
been
Reserve operations and the
noted.
quotation.
little of
very
Movements
have
reached
gold exports and imports,
a
loss of $100,145,000, the
into and out
appears
been
a
loss of
Week
$96,781,000,
ending April 16.
to have
follows:
as
Into
Out of
Net Change in
Banks.
Banks.
Bank Holdings.
Banks' Interior movement
$9,328,000
Sub-Treas. and Fed. Res. operations
and gold exports and Imports
29,606,000
Total
$38,934,000
The
been
sympathy with fhe fluctuations at
have
combined result of the flow of money
of the New York banks for the week
further decline to 8.92 for
checks and 8.90 for cable remittances
interest
shipments
which together occasioned
Greek
ago.
the
in
$5,964,000 Gain
$3,364,000
129,751,000 Loss ICO,145,000
$135,715,000 Loss
96,781,000
following table indicates the amount of bullion
the
principal European banks:
the former
confined
belligerent centres, but rate changes were
largely to a (few points in either direction.
The volume of business
that quoted rates
so
more
than nominal.
though closing
a
in
are
many
instances hardly
Guilders ruled about
shade lower.
Swiss francs
steady,
were
firm
Scandinavian •' rates
case
Gold.
Silver.
Total.
moved
of Stockholm
remittances, further advances
were
irregularly,
and
England-. 112,449,580
France
a._
Germany
54,567,450
-
Russia *
Aus-Hun..
Spain
Italy
144,298,470
recorded at the
Silver.
Total.
....
129,650,000
10,944,000
98,109,000
32,194,000
£
112,449 ,580 85,234,983
9.680.000 153,978 ,470 142,700,361
1,841,900 56,409 ,350 95,601,800
12,375,000 142,025 ,000 129,650,000
2.369.0001 13,313 ,000
25,157,000 123,266
35,198 ,000
52,868,000
884,000
63,752 ,000
Nat. Bel. h
10,657,000
1,103,000
11,760 000
Switz'land.
21,149,000
14,603,000
3,489,000
24,638 000
14,503 ,000
Denmark.
12,597,000
186,000
Norway
12,783 ,000
>
8,122,000
._
Total week 702,108,600
Prev. week 701,760,263
a
11,600,000
,000' 90,448,000
3,004,000
Netherl'ds.
Christiania
close.
Gold.
£
Sweden...
practically unchanged, while Spanish pesetas,
after early weakness, rallied and closed at a
slight net
though in the1
April 17 1919.
of-
passing continues restricted,
and
advance.
April 15 1920.
Banks
8,122 ,000
35,350,000
55,662,000
85,234,983
12,440
),000165,140,361
1,025
>,500
728,000
15,380,000
16,719,000
16,004,000
10,385,000
8,201,000
60,088,900 762,197 ,400712,936,144
69,996.750761,757 ,013710,443,351
96,627,300
12,375
>,000142,025,000
2,369 ,000 13,969,000
25,7811,000116,229,000
3,000,0001 38,350,000
600,000
56,390,000
15,980,000
2,622 ,000
19,341,000
137,000
16,004,000
10,522,000
8,201,000
61,077.500774,013,644
61,287,950771,731,301
Gold holdings of the Bank of France this year are exclusive of £79,131,137
held abroad.
Bankers'
sight on Amsterdam finished at 37,
against 37%; cable transfers at 37 %, against 37%;
commercial sight at 36 15-16, against 37 9-16, and
commercial sixty days at 36 9-16, against 37 3-16 last
week.
Swiss exchange closed at 5 55 for bankers'
sight bills and 5 53 for cable transfers.
the
close
finished
was
at
5 52
18.15
and
and
5 50.
Copenhagen checks
cable
against 18.75 and 18.90.
remittances
Checks
at 22.30 and cable transfers
Last week
on
18.30,
Sweden closed
22.45, against 22.00 and
22.15, while checks
on Norway finished at 22.00 and
cable transfers 22.15, against 20.00 and 20.15 thk
preceding week.
was
as
The final
range
for Spanish pesetas
17.45 for checks and 17.55 for cable
against 17.75 and 17.85
a
transfers,
week earlier.
South American quotations have shown
what easier
tendency and the check rate
closed at 43.18 and cable transfers
parison with 43% and 43.50.
there has been
27.25
for
no
cable
a
some¬
Argentina
43.35, in
com¬
For Brazil, however,
change from 27.125 for checks and
transfers.
weaker and finished at
on
Chilian exchange
22%, against 23% a week
was
ago,
*
No figures reported since October 29 1917.
h Figures for 1918 are those of August 6 1914.
THE COURSE OF
There has
THE
FOREIGN EXCHANGES.
possibly been
no
period since the
war
began when the market for European exchange has
been
so confused as it has been
during the past few
weeks, and particularly in the present week.
While
sterling, after having touched 3.18
on
Feb. 4,
was
scoring the remarkable advance which brought it to
4.06% on April 5, exchange on France and Italy was
falling in the
rapidly
as
very same
interval almost
or
quite
sterling had advanced; the New York
as
ex¬
change market's valuation of the franc declining from
6% cents in the first week of February to nearly 5%
cents this week, and its valuation of the Italian lira
from 5 cents to 3.
Simultaneously with these contra¬
dictory movements in exchange
the Entente
countries,
our
the markets of
on
exchange
on
had fallen to 1 cent per
weeks
of
Tuesday.
the
year,
Berlin, which
German mark in the early
had recovered to 2 cents last
»
THE CH
1572
f
■
Some of the influences
at work in
causing these
obvious enough. We
British Government's declaration, of a
contradictory movements were
have had the
$500,000,would be
paid off; followed by shipment of more than $51,000,000 gold from London to New Yorks and by
month ago,
that England's portion of the
Anglo-French maturity next October
000
of American securi¬
the increased sale in our market
ties held in
for offsetting the pressure
measures
London
Here were not only
England.
practical
of bills drawn on
against the excess of merchandise exports
England, but the important
from the United States to
psychological influence of a declaration that interna¬
would be met.
In the case of France, which is responsible for half
tional obligations
had no such
the
exchange had been left to the influences
the
of
Anglo-French
assurance
French
and
both
dominant
maturity,
we
remittance of gold; therefore,
no
that
on
exchange market and on
England's in the earlier weeks of the present year.
It has been intimated in the cablegrams that both
Italian
and
French
adversely by recall
exchanges have been affected
or
restriction of credits granted by
England to those markets; and, in fact,
Paris
the rate for
London, which was quoted at
centimes to the pound sterling a year
exchange
27 francs 90
on
[VOL. 110
iONICLE
r-1
11
1
■
■
i,i,ii 1,11
i—
.
.
,
=
■
For the
same
reason
the premium would fall on a Union
victory and rise on a Union defeat.
It was tacitly
assumed that the one, by shortening the war, would
bring nearer the prospect of gold resumption, whereas
the other would tend to prolong the war and probably
to increase the paper money issues.
During Eng¬
land's paper money depreciation in the French war of
a century ago, it is recorded that gold at London fell
from 105 shilling^ per ounce to 89 shillings on Na¬
poleon's first abdication in 1914, rose again to 107
shillings on his return from Elba, and fell to 783^
shillings after the Battle of Waterloo, and that the
foreign exchanges moved correspondingly, notwith¬
standing the fact that England's outstanding paper
currency hardly changed at all in volume.
But on the other hand, nothing is more certain
than that when the old par of exchange and the old
templated further issue of legal tenders.
"gold point" have disappeared because of
suspension
gold payments, the excess of exchange bills drawn
of
against
given market, over exchange bills drawn
a
in favor of
it, will be
a
powerful influence in causing
progressive depreciation of the rate. There would be
no automatic limit on such depreciation, as there was
when
gold
was
freely obtainable for export. The
bargaining of sellers and
fixed by the
rate must be
began, went buyers, and the influence of speculation4 will be
as
high as 67.40 this week.
There was also the extremely powerful. But the balance of exchange
of merchandise, offset by sale of securities or creation
possibility that French exchange had been adversely
ago,
and at 40.90 when the present year
affected
disagreement among the Entente
by the
governments, regarding the French occupation of the
German cities.
Such an influence is conceivable,
though it would not explain the even more
fall of the rate
on
particular influences have been
weight, the movement of the foreign
exchange markets remains, as it is likely long to re¬
main,
one
economic
larger
of the most complicated phenomena in
The relative importance of its
history.
causes
credits in
new
will undoubtedly be a matter of eco¬
long after normal conditions shall
foreign market, will be an un¬
a
questionable influence.
These
elementary principles; they
are
far towards
clearing
In
ent situation.
Italy.
But when all these
allowed their due
rapid
of
for it is
one
up
some
do not go
the perplexities of the pres¬
respects they increase them;
singular fact of the recent movement
of
that it has occurred when neither the
merchandise trade balance not the paper
the exchanges
adverse
currency
inflation
was
growing worse.
issues of the Bank of France,
The note
for instance, though
they increased 6,600,000,000 francs
during the cal-
further increased by
804,280,520 francs up to Mar. 11 1920, have been
have eventually been restored in international finance.
reduced by 960,529,780 francs since that date to
At the present time there is wide divergence of
opinion, even among economic experts, as to which April 15 1920. The excess in February of ex¬
of several possible causes is the real or the controlling ports over imports in our trade with France was
nomic controversy
cause.
by
The state of the foreign
one group
and
of
reasoners
exclusively to th6 inflation
European currencies; by
it is ascribed almost as exclusively to
depreciation
another group,
exchanges is ascribed
of the
the adverse balance in the trade of the recent
pean
Euro¬
belligerents with the rest of the world.
hardly in accordance with either reason or
It is
experience to attribute the movement exclusively to
any
single influence.
That the suspension of gold
payments on their currency by the belligerent States
was the fundamental cause for the fall of exchange
rates
beyond the "gold point" which had traditionally
andar
year
1919,
and
were
$32,466,000 less than a year ago
for the
a
and the excess
July showed
eight months beginning with last
of $190,400,000.
decrease
Yet it was this very
period which was marked by the fall in exchange on
Paris to much the worst level of depreciation ever
reached.
In the case of
England the amount of the
war-time
"currency notes"
of March
was
outstanding at the end
£20,000,000 less than at the
beginning
and smaller than at the corresponding
1919, and the total excess of her imports over I
of the year
date in
her exports
during the first three months of the year,
reported by the British Board of Trade this week,
had decreased from £181,o68,000 in 1919 to £160,-
as
So long as the
could be redeemed at its face in gold, 037,000 in 1920.
These changes do not seem to have been regarded
rates could not go beyond the point at which gold
as a primary cause of the recovery in sterling; which,
could be delivered in a foreign market against a bill of
as we have seen, was affected by altogether different
exchange, after paying the expenses and losses of
limited the
decline, nobody denies.
paper currency
transportation.
of
It is technically true that the extent
depreciation below the "gold point" of a
bill of
expedients.
It is in fact impossible to explain the
exchange on the basis of these recent
movements of
in trade or currency. The condition of
markets, notably the rates on Conti¬
exchange, when it could not command gold on pre¬
changes
sentation, would be governed by the increasing or
the exchange
decreasing probability of early return to gold pay¬
nental Europe, can
ments.
In
our
Civil War,
the actual premium on
gold, which measured the depreciation of the cur¬
rency,
would invariably advance
on news
of
a con-
hardly be accounted for except
by assuming that the recent depreciation is the cumu¬
lative effect of the unprecedented paper currency
inflation during the war
and during 1919, of the un-
Apr. 17 1920.]
THE CHRONICLE
precedentedly adverse balance
heaped
up
on
ex¬
to
1573
try to hammer home the thought that unless
we
change of merchandise with the outside world, and
do have national economy we are sure to encounter
of
stress
the
large financial obligations create^ by
very
those trade conditions
the
the markets from which
on
ble
European belligerents obtained their goods.
The whole situation lends peculiar interest to the
project of
,
consider
international financial conference to
an
the
problem.
memorial
of
means
dealing with this formidable
earlier
stated
As
in the
signed by statesmen and financiers of the
countries to which the Continental
in debt
are
met
trade account,
on
belligerent States
the situation
can
be
only by organized and extensive grants of long-
term credit to the indebted countries.
be
to
in the
year,
ought
"the minimum absolutely
only to
granted
But it
necessary" to "restore productive processes," and it
distinctly declared that there could be "no social
was
economic future" for any country
or
"which adopts
permanent policy of meeting its current expenditure
a
by
not
within the compass
has
It
been
in finance that will
of its receipts from taxation."
con¬
alone in view
terest—not
of the movement of the
for tax
ills,
I
markets
long heralded budget ?
innumerable for all
panaceas
of returned railroads
has the
in chaotic condition.
costs from
our
We have
NECESSITY
It is idle to
OF
NATIONAL
preach personal
save
wasteful, extravagant and
expenditures is
a
democratic rule.
ECONOMY.
and remain
economy
To ask the citizen to pe-
prive himself in order to
to pay taxes due to
governmental
unnecessary
grevious
in
wrong
a
system
But in all democracies the
of
people
must blame themselves for their misfortunes which
from within.
the
on
There
knowing voices raised
are
subject of national
economy
which do not
hesitate to
ations and
expenditures
politicians
We
are
so
the bulk of the people heed ?
or even
consequences.
tors
literally
are
we
countries,
our
13% below
par
in
impregnable financial
one
alLthe world—with
in
Liberty bonds selling
our
land and selling nowhere
our own
Our valiant Congress is in session con¬
else at all!
are
no
are
bottom to
discussion of
of
we
have
from
mere
so
flirted with
to believe that there is
come
our resources
?
Can
we
conjure untold
braggart indifference?
regardless of their merits
were
it
Legion,
Is it the Treasury?
or
a
Interchurch
movement
billion in three years
that
Some persons
now
?
setting forth to raise
a
patriotic electorate
become indifferent to
now
millions
feed
to
starving peoples
many
bil¬
a
few hundred
on
the brink of
anarchy, to feed impoverished numbers that they
may
work, produce, exchange and have
peace?
his
brief
What is to
be
not
a
basis of
Is it the petty profiteer, "getting while the
getting is good,"
for
there any
or
hour
the foolish spendthrift luxuriating
in
"better
living conditions"?
bring about this national
that
United States be
of
the
economy
potency called "public opinion"?
if it
Is
concerted effort anywhere among the people
changed the
we
can
expected to
go
back to the parsimony
told, be forward-looking, have
are
we
mirage in the desert of
a
Democracy?
thel whole world to be democratized ?
cherish
saving
sneered
"cheap"
"cheap" goods.
are
a
the
have
greatest
to
political
can
on
earth—verily
What relation has plain
especially among
economy,
anyhow?
any sane man
believe Congress is going
while the people continue to
it about—how
are
at
speech and two-thirds of the
diamonds! of the world,
save
Once
sneer
through, knowing
country
hope of the world."
How
we
"cheap" prices, at a "cheap" country.
little bit disordered and doubtful, but
friends who have free
to
Now
wages,
arithmetic
s'
can we
the bed¬
million by million?
expenses,
at
will "trust to luck" to get us
"the
Why is not
How
noble idealism and get down to
our
rock of
Times
wor^l re¬
the munificent and benevolent
"fathers," to the piffle of petty colonies?
must,
we
Is it
Have
recoil in horror before the
How
actionary.
part of it, demanding
having already given independently
lions,
But for what?
"Let Congress do it"?
content,
we
Is it the
demerits. Once we
now it is "save till
or
"give till it hurts,"
pinches."
Is it
payment of from two to four billions?
a
told to
sneering phrase "Let George do it," to that smug
we
And who is writing it, at the present
Congress?
American
the
people indicated what and how much
to-morrow, we suppose?
we
pensions (readjustments
afford at this time to expend for these things,
we can
yet far from the bare fact of necessity
people ?
Is it
Have the
us.
"vision,"—even if it be
Have
annual expendi¬
compensation to soldiers and sailors) rise before
con¬
Who is to write the balance sheet of the nation if
not the
universal military
almost
impending dangerous financial
of money
time?
talking "national
our
Universal military training and
tures been lowered.
We
may
told in dollars and cents.
sums
"bankrupt"
by
surrounded
the
own
con¬
an
billions that
in mind.
In the excited imagination of some of our instruc-
be important and
issues, that, though they
dition, they
How much
be reduced.
can
enmeshed in theorizing and
tributory to
subtracted
national joy-ride in the aftermath of war,
on a
regardless of
point to possible disaster unless appropri¬
do
and
_________
indifferent to national.
come
never
former resources,
economy," but how much have
THE
resources
Our principal debts
?
tinuously, and "both parties"
of the world.
remote,
"speeding" along the highway of over-confi¬
are
dence
on seas
bare, stark, cold figures of
war
our
and
peace
functioning admirably, but who
liabilities of income and outgo
are
cor¬
Who
talk politics domestic and politics
we
have
we
prosperity, of the white sails of trade
able situation which has
money
surely bring disaster unless
our
have ideals golden and glittering of
we
at
in practically all the great
reform,
foreign,
rock
few weeks,
in¬
figures pur fixed and floating debt?
against the high cost of living, we appeal
We cry out
foreign exchanges, but in view of the equally remark¬
developed, during the past
popu¬
ways,
tell in final
can
ference would
bp called in May. Whenever it is con¬
vened, the discussion cannot fail to be of vital in¬
Where is
rected?
We
supposed that this international
business and social
our
different, apathetic, to conditions and to practices
which
or
vainglorious in the conceit of inexhausti¬
lar income, to go
bring its current expenditure
cannot
or
storm?
riches, inflated with the idea of measureless
our
continuous inflation of its circulation,"
a
"will
if not
Are we,
can any sane
man
spend?
Turn
believe the people
going to save while the freebooters of world-
reform
are
riding their evangels of inter-some-thing-
or-other
movements,
decade?
Where is
to bring the millenium
Utopia?
in
a
Where is that "fools1
paradise" some say exists? The people rule—everything possibly but themselves!
Elevated after, a
generation of negation to full
power
in
a
republic,
embarrassed with the awful burden of an
awful war,
money'
patriotically supported by unlimited men and
with credit and cash, rose,
let us say, to the occasion, scattering billions on a
cost-plus basis to the four winds of necessity, but
how can the mad rush of expenditures be stopped by
party in power, both
a
paltry
so
a
millions?
method
Are
taking actual count of mere
wealthy in our own right?
as
not yet
we
hyperbole and rhodoBay that we do.
The point remains that
"rousing the people" to the necessity of curbing
campaign contributions is a bagatelle to stirring
the people to some emphatic declaration on the neces¬
sity of stopping some of these hugh expenditures now
on
their way to consummation.
Absolutely, no re¬
public can permanently endure while the people are
Perhaps
in
indulge
we
montade.
theoretical but
apathetic to national economy—not
actual.
Talking
reasonable
or
the wild vague
the nation.
selfish
on
of the current
any
to
while politicians in office quail be¬
bent
classes
credit readjustment,
that starvation which
reform,
tax
helpfulness
breeds anarchy,
fore
(by
aggrandizement
of bonuses, wage-equalities,
means
fears of future wars) will never save
The
themselves.
Wearing old clothes to save a hundred dollars and
complacently letting hundreds of millions run riot,
of
Maybe
would
people must first
It is time for the
will not do it.
bull
[Vol, 110.
THE CHRONICLE
1574
financial
inordinate
people to take this
by the horns.
power
(including
us
eers) denouncing profiteering in others, we might
remember
gium
^how, when England and France and Bel¬
attacked, less than six years back, we
their uncompromising necessity
were
turned
Americans
into
profitable trade in things at our own prices,
a
and then
out
how,
promptly and not| entirely with¬
very
of
excuse
some
example set, organized labor
an
caught the movement, took advantage of the em¬
ployers' advantage and profiteered in its turn most
and
honest
would if
to
tion to
general; but
so
we
The Lever law does
provide for determining and
proclaiming maximum prices for "any commodity in
locality" and for fine and imprisonment for
any
been much of
fixing of "fair" prices, with more or
specific warrant of statute for so doing, the
less
Lever law claims
"the successful
prosecution of the war,"
foods, feeds and fuel, and instrumentalities affecting
on a
not
we
prominent
The
in Brook¬
corner
squadron" whose present occupation
They inquired the price of
told it
were
going
?
a
was
$45.
over
inquiry
may
also be broadened, and be put
scarcity has put
tal
of
us
have
bureaus
scheme
all
control,
abundance and
pur
on
utterly foreign
the story runs, that the cost price
$23, they arrested the dealer for
He was released on a moderate bail,
as
went home rather
depressed in spirits, did not
tion the incident to his
family, and
men¬
the following
on
were
not
are
large margin for upkeep,
did only what
cost of $23 is
and profit, yet
expenses
all formerly did and thousands
do, charging what the market will bear.
his own, to wear,
hang
up
against
need, dispose of without price, or at
Nobody
was
is the article itself
umbrella,
the chance of
or wear
rain,
trench and declare
a
Necessity knows
their own; so
compelled to
essential;
an
or
the price,
depend
one may
his oldest coat,
time
price he
any
pay
The
a
or
venture
remember the soldier in the
If anybody insists that
no
law, and emergencies make
much is indisputable.
The right of
ownership does not include the right to wantonly
destroy, for to destroy is to
the total stock.
might inflict
wrong
others by depleting
It does not include
a wrong upon
misuse, for that
others; but it does include
the right of disposal on one's own terms to
who will meet them.
There
in the social state
may
one
sone
o
anybody
limiting condition;
monopolize
an
insists that
to
refuted,
article
nor can
he refute another who
There is
no
evidence that we
gained anything by trying to control prices of
commodities, and
we
do know that the tendency of
interferences with natural law
an
regu¬
prices have been pushed up by the effort
pull them down.
have
only this
kept them from soaring out of reach
injurious
We need
by statute is always
one.
now more
industry, less quarreling, more
production, and greater abundance as the result of
As well try to enact crops
those.
ute without
cultivating them,
either in pleasant
spirit superior to storms.
any
We know that prices
peak and just about to turn down, they
at their
do not turn.
he cannot be
a
we can¬
prevented from rising, and while we still
few weeks, that they
breakfast.
addition of $22 to
somehow, yet
on
receive fresh assurances, every
lative effort has
an
former
our
the whole of it rendered
practical service.
morning committed suicide instead of going down to
It is true that
to
former freedom of action, has been
have gotten
we
considerable
allowances, and governmen¬
regulated those allowances; the
not feel confident that
of this garment was
Hoarders and extortion¬
of being such) have been
fined, in scores or hundreds of instances;
those accused
(or
accepted;
glance what his goods had cost him, and
the line of warrant through
deeper grounds as well.
on
him at
profiteering.
a neces¬
<
according to the ancient custom of retailers, to show
having found,
Clothing is
questionable, and in trying to keep down their prices
-
chasing of traders who ask or receive too much
his
for
only
were
nevertheless, but whether raincoats are such is
Having previ¬
ously deciphered the marks which this man used,
on
"ne¬
supply and distribution.
raincoat, and
nor
only; the
their
for their merchandise.
could get.
food
consider
to
cessities" it undertook to conserve, as a course
attacked and
of
but while there has
either asking or receiving more;
Federal "flying
was
might restrain the inclina¬
join in the outcry of virtuous indignation.
ers
still
or
could; not that greed and the readiness
lyn lately had among his callers two agents of the
article
do it,
sary,
A retail merchant
man
be half
us
us
the need of others is taken off the list of sins
use
because
THE BANE OF PROFITEERING.
this
of
almost all
that
admit
we
emergency
a
Let
savagely, and has not yet stopped.
are
a
all of
we are
in purchasing power if we actually
more
counted them.
is the
And yet, while
of the most abominable of profit¬
some
national so-called "depreciated" dollars
our
gain
save
for subsistence and take advantage of the
necessary
helplessness of others.
results
supply and demand.
or
into being by stat¬
to hope to escape,
as
unpleasant, the law of
Abundance will pull
prices
down, against all the would-be profiteers that sheer
greed
can
influence; scarcity will drive prices up,
though government agents visited
morning.
that
press
every
dealer every
Though it sound paradoxical, the truth is
regulating has large
power
to diminish or sup¬
trade and production, but no really demon¬
strable
power
able time.
to regulate it, at least for any
consider¬
Apr. 17
We
ought
after
now,
disorders better and to
our own
liberating
thousands
There
of
the
for
present
ranks
of
they do not
our
consumers?
They
transportation, they impede distribution, they
menace
the
loss
perishable foods, they openly threaten to
of
public with
scarcity through the
more
destroy everything unless they
and
they
are
so
pushing towards
are
Our worst
public
menace
danger to-day is the lawlessness which would
shatter order and
of
way,
destruction which would involve
a
themselves with all others.
and
have their
can
out of reason that they
gone
interrupt the complex machinery
society that will
allowed to do
itself without serious jars if
run
Stop nosing after
so.
trader here and there who may
whose prices are
competitors.
ments
them
little avid yet
a
subject to check by those of his
Practice
otherwise.
or
be
individual
an
economy,
by "overalls"
Aim at lower
sheer comp ulsion.
only
ones
women
And
though it is
"the
man
than the claptrap of putting
more
itself and in those who sustained it
abnegation the world
and
treasure
the
never
man
and there followed doubts of the old
extent denial of its
can
the question
escape
promised mankind
And if
so
tidings
answer
must not those who
the immediate advent of
First
and
of
most
accordingly), that what
law
ute
and
enough
(and
remember
all,
need
we
now
executory
ears.
then
act
is enough stat¬
to
power
restore
liberty of operation to natural laws—just this, and
no
more.
'
•
..
We cannot
of
OF
PUZZLE
OF
CAUSE
THE
HIGH PRICES.
Every
man
prices.
has his
own
and in
a
way a
a
problem.
But he cannot
consideration, for the fact is
ing his thought to inquiry.
burden of
cause
upon
cause
its
escape
present, challeng¬
ever
He
of high
into the economic
go
may
throw the whole
"the war," and devote his mind
intensively to "making ends, meet," and if he does
he
will
where
not
go
wrong
to conceive of present
We have had
war.
in either
us
so
No matter
case.
attempts at analysis lead
our
it is impossible
prices occurring without the
periods of stress after periods of
the
grew
so
tions
with "labor"
And yet
immediately
war, enormous as
But the
high prices.
ceeded
train
a
and
some
to the
cause.
doubt
war
war
sense
this
great
general
a
war
average.
perceive that the costs of
are, are
not the sole cause of
drew after it
of conditions
prices, and in this
originating
we
they
on
the
that
war
enter
it
also
not
true
of
were
they have yet reached
cost
And from this
of opportunity—that now
and in the glowing light of
right all
Was this
wrongs.
called—with those organiza¬
Was this not true
political forms such
new
those
dissatisfied
And
and
was
as
it
sometimes
that
new
and
denies this
ing
a
Not
Without
an
even a
orderly, but to what extent
That the
no more
"labor leader"
engulfing and shatter¬
this advance would have come slowly and,
war,
more
of strikes have in¬
pressure
prices.
now.
We know
independent States?
secured by
wages
new
we
do not know.
free States would have come, we can
assert than
we can now
affirm that they are
permanently free and independent.
Nor is it pos¬
growing civili¬
sible to believe the solid accretion of
a
zation would have been overturned
anywhere,
has been in certain
that have not failed to try to
force and
So that
butchery.
indubitable
cause
of
(since trade, always tending to lower
peace
for its full operation) is in short
opportunity by
"the turmoil"—and the seizure of
the dissatisfied to
economic affairs,
The actual
causes
compel
as
war
well
being
a new
as
state of social and
political.
over,
the great war, these
And the
imbedded in conditions continue.
primary affecting the physical give way before the
climax.
we
labor, third the
it
sustain themselves by
an
secondary affecting the social and political.
As
as
places, by ideal political theories,
cumulative,
itself, first there is the waste of materials,
second the diversion and waste of
men
to magnify the
Socialists, Bolshevists and Anarchists?
pro¬
into
as
remains the great
These conditions
grew
seeking to advance wages?
price, needs
other than
100%
so
of those enthusiasts for
under
conditions
sense
the ideal is the time to
not
high prices
any
The minds of
cause.
by the convulsion
prosperity, but it is unreasonable to believe prices
would have advanced
era," Utopian in
potential though concealed,
secondary,
creased costs and
idea of the
Perhaps he does not
intricacies of the
"new
a
directly connect this with the economies
high prices, but it is
creation of
MASTER
THE
proclaimed the glad
oppressed peoples who demanded of the outcome the,
''
.
none
not too much
evils of former industrial conditions.
into people's
This
and
character ?
in the confusion of affairs
so
some
at the bar of history for promising
halt, and then begin to decline.
din the doing
the doer,
upon
life, and to
was
now,
disturbed
Let government
shaken,
purpose was
the outcome of the struggle ?
as
means
begin publicly to practice thrift and reduction of
were
continued into the aftermath,
know
we
Life
principles and practices.
perception
as
security
toward life and its
the "dream" took hold
overcome,
sublime self-
Yet while this is true, at the
time the citadels of social
poise of the
a
witnessed before.
poured into the effort "without
are
counting the cost."
same
peace.
above the dollar," we do see in the conflict
land) really intend that prices shall lower they will
waste, as well
world at
a
fighting making the great "sacrifice."
of the
When the public (and this
emphatically the housekeepers and
on
for the ideal of
man,
And in this
move¬
prices by seeking
determinedly, and paying high
peoples fighting
imminent and deadly peril, for political
an
liberty of
seek hiding.
even
against
rights, for the preservation of civilization, for the
production
non-producing
It is the vision of
transcendent.
natural
certainly profiteers by the thousand, and
are
bold that
halt
a
begin to call off
we
1575
part of
use
Is it not
un¬
of prosecutors, detectives, and other "agents,"
army
thereby
so
that
common sense
peace
normal, to begin to
instead of artificial remedies.
practical
of de facto
over a year
and of desire to return to the
derstand
CHRONICLE
THE
1920.]
So that
perceive how powerful a factor in the high cost of
living is this unrest in the human mind,
classes and
prompting
peoples to undertake what is fast proving
impossible—the making perfect of the world in
interruption and disorganization of normal produc¬
the
tion, transportation and consumption, and fourth the
a
confusion of normal economic and
might conclude, dismiss the question, as perhaps
does the busy man who works and trades.
For as
Another
cause,
we
attending condition, which is
no
less
a
And here
domain without specific definition or
is the changed outlook of peoples.
enter
limit.
political forces.
In
a
one
way
the vision rises glowing, alluring,
day
we
or
by
some
artificial device.
Here then we
attempt further exploration into causes we per¬
ceive how mixed, intferwoven,
Not
a
single
cause can
and confused they
are.
be said to contribute alone to
THE CHRONICLE
1576
this condition of
Nor is it possible to
high prices.
effect
the
measure
of any
which
cause,
one
One fact,
itself into the general condition.
merges
soon
however, is apparent: high price is confined to no one
product,
the
of
people, and not alone to the peoples
Countries that suffered no physical
war.
loaned not
as
from
now
Countries that
experience the
price.
dollar to other nations
a
Countries that "made money" suffer
phenomenon.
well
those that lost.
fined to any one
"High price" is not con¬
continent, but, in varying degree,
And if
exists in all.
have
we
other measurement
no
by which to estimate the gigantic size of this
if
war,
great
be sensed in the fact that it affected all
may
the
strangely enough, it
of autocracy,
OSTRACIZING SOCIALISM—FOOLISH LEGISLA¬
TIVE
It is
fritter
to
was
the growing pressure
rather than the rising force of democ¬
PROPOSITIONS.
bad habit of most of
a
the greater part of the session
away
trivialities which
days
or
have felt and
being
cases
so
subject they
roll-call.
names on
haj been
largely
It is not necessary to
suasion, by slow moulding to accepted thought and
charge
now
And hence there is admonition against
opinion.
pecting too much of idealism
however
or
of
witnessing
repeated,
idealism, in political
Remote then
be,
the
We
agency
economic conditions.
high price
can
we
trace here
on
economic
Tak¬
political.
upon
find it, it is composed (it will
as we
always be) of political States.
While trade overleaps
political boundaries it cannot
escape
These in confusion and
necine strife
crushing
political laws.
affords
First,
us
occupied
weeks
many
together with the
encompassing the
innumerable
causes
for high
did
The five
their
denied
are
wish,
men
as
special
a
of
its
election.
going to destruction
must, for all
any way.
we can
are
.
thus sapped
use,
the world
We will work when
extort, and spend while
we
for to-morrow civilization perishes!"
One may not aver
in this misconceived and im¬
in accusing
cause
of the
high price of foodstuffs.
political forms (empire
trade-resumption
or
a
Yet it changes
democracy),
interfering
by
over
League of Nations is
with
presses upon
•
commercial
action under economic laws, and actually contributes
might be said that
unchallengeable
of
no
do that
can
to his
considerable;
the
be turned
own
whole
dividual
in
after
cult is
and
licensed
the
liberty and
pay.
And eventually to set
inevitable outcome of the
success
un¬
of labor organizations,
spurious economic rule and political form of
/syndicalism."
As
a
consequence
of . this
social
disaster to mankind, no one will dispute, the world
over we
have
on
top of the inordinate and irreplace¬
at
a
a
place
quarter-century, and
to almost
reasons,
creature that is able to recognize an emblem
make
absurd if
an
we
under
x-mark
it,
we
hopelessly
are
try to make them mark in our way and
These
not
in theirs.
fore
only brambles
are
can
political brambles; there¬
represent their notions and
desires, and it is vain to expect them to choose oaks.
Disloyalty in
any or
vote
all of these five would have
ground for exclusion, if the charge
and
was
clearly proved;
an
really
but the
unfit party,
so
fairly
were
charge
was
directed against the party.
The
claim that Socialists put party above country
are
thus unfit to
too broad to be
alone?
not
of
that the ouster
and
participate in government is almost
admitted; but if they do,
"My country, right
or
wrong," is
are
a
they
motto
unanimously condemned; "my party, right or
wrong," is
one
seldom uttered openly yet only too
Is it any wonder
Is it strange that
officials
come a
will make each in¬
mass
well proven to be the actual rule of many
high?
with
notion that they ought
a vague
underproduction.
are
any
cross-purposes,
able waste of war—the condition of
prices
is; if
dissatisfaction
in
giving the ballot, for partisan
membership in
an
definite and
But they have been allowed
happy.
it
an
position he accomplishes
general elections for
our
of
more
a
bottom-up and that then will
tried
what must be
give
can
only
agreeing
claim
to pass on the qualifications
power
as
demand in the face of known and immutable laws
to work less for
reason
can
authoritative statement of what socialism
been
plentious production that they shall be permitted
party instead of
legislative body
No Socialist
party.
a
men
producing that state of mind which makes
a
specific individuals, and in the court of
every
positively that agitation
the attempted formation of a
constitution;
anywhere except at the polls, however wrongly it may
exercised.
As
the
"Chronicle"
has
already
to
capital
of the
power
be
readjustment in which the
"What's the
The
is absolute, and apparently without review
property, attacked by fantastic schemes of equality,
purpose.
men
is natural and quite within
hesitates.
and of
intoxicating
need
unrestricted in the
is
members
the power
earthly things and in
of energy
proceeding that had
not
Assembly to be "the" judge of the "qualifications"
that it is oppressed
Both labor and
by
reason
rights, to appeal to their constituents; but they
seemingly
Second,
in the
was
were overcome
plainly foreshadowed from the first.
was
(or has been) futile, that it is woefully underpaid,
by so-called capital.
number
liquors to increase it, and the turning-out of the
was
feeling has been born that work is
a
a
error
war,
credit the probably loose
which characterized the entire
pointed out, the
It is the "state of mind"
prices.
up
the proceed¬
night of that vote; yet the absence of
politic procedure
scarcity of products, contribute sharply and directly
to price.
This, however, is more physical than
latter, that
the
on
peoples—the normal
is disordered—and the risk of trade
social.
it
flux, with the added inter¬
so many
interchange of goods, following the stoppage of
to
on
flung out that abundant Uquor
Assembly Chamber and
may seem
suffering from
now
dependent
principles and these dependent
ing the world
immoderate
to
of
Yet how quickly
effect—trade
and
be
may
as
cause
find world-economics
we
it
are,
reaction
well
as
this
as
world-politics.
cause
political
any
ex¬
comprehensive and upright which promises
swiftly universal reform.
can,
the session in Albany
than wasted
worse
to their
answering
are
This year,
Side.
we
they
some
And we ings which led to the tumultuous vote of about 4 to 1
that peace and plenty, dwelling ousting the five Socialist Assemblymen from the East
should learn from this
is
in
away,
and sleepy that they scarcely
worn
what
on
anxious to get
are
together under political forms change them by per¬
to
more paper
hours at the close, when
the members have lost most of what seriousness
may
on
than negatively
worse
jam the work of adding
few
a
sometimes
are
harmful and then
statutes into
legislative bodies
our
which precipitated the catastrophe.
racy,
too
heralded
causes
people is insufficient to explain "high
prices."
know
the world.
But
of the local and specific
one
before
no one
destruction suffer
as
any
[Vol. 110
and
legislators.
executive
Leaders of organized labor
Apr. 17
THE CH 10NICLE
1920.]
1577
1
openly give notice that they will not submit to laws
and courts that do not have their
they
approval and that
the test for candidates to the
The
Presidency and the next Congress; they put their
organization and its demands before all else, before
we
unfit to
avowing such purposes are
governing, and shall we disfran¬
that
say
share in
men
chise all who accept
membership under leaders who
exhibit such aims and
not, if
publish such avowals?
Why
consistently to aim to exclude from the
we are
supposed to be especially
characterized by selfishness of aim, feebleness of
mind and lack of understanding of liberty and of
polls
body of
any
persons
American ideals and
do this
to
country;
we
know
we
opportunities? We shall not try
to unionism that
as
puts "labor" above
could not, and
we
dare not make the attempt;
of
one
the State
a
batch of bills in
a
specifying
politician
would
subversive
are
particular
the
also
An¬
Socialists from holding
prohibit
a
or
judicial
any
secret service in
Attorney-General's office; another would require
public school teachers through the State to affir¬
their loyalty before being permitted
Still another would amend the "penal law
prove
to teach.
in relation to
public meetings" by requiring the au¬
dience to rise and repeat a
American flag
This last
humorist
literal wording
that
taken it
has
seriously enough
committee report,
a
which
might make it "apply to
an
says
word of English."
a
sacred feeling
its
under¬
The report justly adds
"patriotism should spring
now
to
audience
which might not
one
abundantia cordis
ex
and cannot be engendered by mere lip service;
is
a
legislator at the folly of the times, yet the
of deaf mutes and to
a
would become
a
what
parrot-like
the
the last hours of
rush of
session
a
probably
go
never
have been offered.
All these
The five Socialist Assembly¬
thus.
had they been seated, would have taken them¬
men,
selves
regular
of the
managers
"outlaw" strike.
as an
convey
unions
The
men
a
formulate
not
give
who attempt
sons
at their
them
of
notice of intention, not
a
no com¬
They do not give
opportunity to hear and discuss their
They do
case.
even
warning
they abandon their duty and walk off.
or on
seriously by introducing
Instead
New York-bound Erie express in a
a
bridge
a
or an
embankment and in the
God-given right not to work), they quit at Port
Jervis station and shunted the train
much
on a
regard for others they did show.
of them assaulted
some
of
siding; so
Later, when
train and stoned the en¬
a
fitting the punishment to the crime of others who
persist in working.
This is
an
outlaw affair because the managers
trol; the evil has gotten
flagration gets
away
from them,
fight
now
is
to
preserve
the
the leaders of the
great railway brotherhoods, discovering that
recognized labor organizations,"
four
say
"recognized" have lost recognition.
the
as a con¬
from him who starts the first
away
"The
blaze.
little
brotherhood chiefs unite in
the outbreak in the
a
These four
public declaration that
Chicago terminals intended to
destroy Chief Lee's brotherhood of trainmen and had
the ulterior aim of
forming
one
big union of all railway
These four are the same Chiefs who
about grandiloquently in Washington in 1916,
stalked
terrorizing Mr. Wilson and Congress with unqualified
all carrying and put the country into
threats to stop
a
state of
under
They
siege.
the
Sherman
were
Act,
avowed themselves to be.
Washington, and
as
not dealt with sternly,
the conspirators they
was no firmness in
There
in the country—just the old
none
impatience at being inconvenienced; so the "settle¬
ment"
came once more,
in the Adamson law, and the
train of natural consequences
has been following, to
a
The
number of bills,
general stopping of transportation and distri¬
threatened then has come
bution with which we were
on
us
now,
ceivably
one
by
member from
a
some measure
and
as
fully
not starve,
it
as
York will
notwithstanding that the truckmen who
carrying perishable stuffs from receiving
distributing points (partly by automobile) have
caught the poisonous infection in the air and say
they will get quickly enough anything they may
Queens ?
demand, because their revolt "will tie up New
THE "OUTLAW"
STRIKE AS THE SEQUEL TO
UNCHECKED LABOR
days
with labor
ago
to
UNIONISM.
anew among
the dominant
intervening
traffic
points
York.
and
then
It has been
topic of the week, and the sidewalks on
Cortlandt Street
whom the
the railway
yardmen in Chicago; it quickly
struck all the roads entering New
are
still crowded with commuters
closing of the Hudson Tubes has driven to
the overloaded
ferry.
Freight movement has
jeen
largely halted, although trains bearing essentials
been
rushed
on
a
preferential
schedule
food
and
York's
supply tighter than hell."
One of the
the continuous drama of trouble
showing itself
was
boatmen here and the
extended
con¬
We shall not be miracu¬
lously fed by manna from above, yet New
to
than the Lusk batch and this
in
can ever come.
ents; but could they have offered anything wilder
have
who
usually start and regulate and settle have lost con¬
have been
very
so
night (as they might have done in the exercise of the
unfit and crude like themselves and their constitu¬
Ten
per¬
railway travel that they will do
risk; when and where the infection hits
own
deserting
tunnel
some
worthy propositions usually fail, but many go to
dust that should
will
it
this hour.
recital."
In
on as
employees.
like the satirical thrust of
seems
one
condemn it in
stand
pledge of allegiance to the
and the republic it represents.
Association
Bar
Passenger travel has gotten
deeper meaning than they realize in denouncing this
principles, doctrines,
public office; another would create
matively
aa—tf
carriers
as
gineer into helplessness, they took the usual course
suggestion.
a
this action must be taken.
division in which
the
a
Albany would direct
policies" of the Socialist party
dangerous,
other
know that
Attorney-General to get from the courts
determination whether "the
or
we
there is not
anywhere but would shiver at such
Yet
■■
again proved themselves
plaints and make no demands.
the life of the country.
Shall
■
could.
demands of "labor"
even
in emergency.
intend to make subserviency to the selfish
now
next
automobiles have
1
reasons
why famine will not come is
that there is still food
enough for subsistence and
the public to taking hold of
meeting its own wants.
Great Britain showed this,
and set us a needed example, when the attempted
emergency
will
arouse
general railway strike there was met by a
popular
rally and persons and merchandise were moved by
volunteer workers and by using any available direct
means
to
the
end,
even
the forgotten old "high
wheel" bicycle of forty years ago
and ridden into
usual garb
being brought out
London by staid citizens in their
and wearing their fashionable hats.
Led
plucky executive, Kansas offered us another
example and lesson by going after and getting coal
when the labor lords who deemed themselves pdisby
[Vol. 110.
THE CHRONICLE
1578
a
in
come
campaign
a
Americans
veto
che
on
campaign
already announced.
they cared not how deeply .
hunger,
And in this past week
of intention to make
command obeyed and
the test in the
have had the emergency
pledge of submission to labor
a
campaign; but it is
now
clear that the
answered
perhaps the example improved by commuters who
the challenge by manning "indignation
cannot be delivered.
specials," with men of business and wealth donning
overalls and doing their bit by helping stoke on the
locomotives.
Trains were needed, trains should run,
and trains did run.
The volunteer response is not
revolutionists
weakened; it will hold out while needed, and the same
avowedly acting for itself only and without
offer
help stirs and will further stir the "white collar"
spirit is shown by the university students whose
of
majority of the people everywhere.
It has become increasingly plain in the last eight
is whether
Have not the "borers" and the
already destroyed,
organized labor, always acting and
be felt for it when the issue seemed to
labor and
unfeeling corporations by
tion thai will not
At
least,
quickly subside.
we may
still feel
their way.
they will work their
own cure
Let every
use
longer directing, but are being borne along.
for by them
his living,
hath
he
but only if and while he can
maniacal
which all union domination naturally
He cannot do that now; the
control them.
radicalism to
tends has risen and the
retain appearances
while they try to deal with the
spirit they have raised, which has
beyond obeying them
A handbill
has been thrown
broadcast in the streets, to take root
where it
can,
struggle to the death is now
the "workers" and the "capitalists."
declaring that
between
American
just indigna¬
a
>
self-destructive;
excess are
by inevitable reaction.
patience
to his own share
as
stint his indignation,
suffering; not
properly directed; stand fast
his
on
own
feet at his
post of duty, and believe that no ragings of men
own
turn back
retard the movement of pro¬
even
or
:
;:r'
gress.
JAPANESE
"
COMMERCIAL
'
a
on
It
AND
FINANCIAL
DEVELOPMENTS.
now grown
which might
Party of America,"
written in Petrograd,
have been
Violence and
of the world's
several important respects,
In
they able to exorcise it.
nor are
"by the Central Executive Committee of
Communist
the
go on
can
lie between
The union leaders seek in vain to
vealing itself.
evil
"boring from within" is re¬
for
that the world will
sure
ferences, that Mr. Gompers and his near associates
no
now
a care
and the laws of the universe will silently make
trades, in the coal mines, and all the futile attempts
country into calm by industrial con¬
He believes in strikes and disturbances,
as a
The other question arising
campaign?
to smooth the
are
the least,
at
or,
others, has not replaced the sympathy which used to
steel
months* in the course of trouble in the iron and
solid, and though it might be sold it
seriously impaired, the influence of labor
factor in this
a
of organized labor,
program
labor vote is not
very
we
it should) put
Mr. Gompers has given notice
pensable left the people to suffer cold and
we
because it will (or, if
year,
still sound at core,
are
after making due
allowance for radical dilterences in government
in social
conditions, the effects following the
tion of the
war
and
cessa¬
with Germany upon finance, produc¬
tive industries and
foreign
commerce
in Japan have
closely resembled those experienced in this
more
In
country than in any of the countries of Europe.
calls the brotherhood chiefs and the leaders of the
these respects may
Federation of Labor reactionaries and enemies who
large profit realized by the makers and dealers in all
have
manner
already betrayed the piners and are ready to
join the capitalist
This is the
oppressor.
cry
for
of
war
be mentioned the falling-off of the
supplies; the dissatisfaction and
active resentment
even
against those held responsible for
increasing the high cost of living
"demonstration" and "revolution", for tearing down
keeping
all
(and this includes the producers of food, the farmers);
that
equality
A
exists
now
vague
operative form.
retail
building universal
union,"
suggested
conference
a
and general to
ever
on
take
a
by
encounters
in
so
far
practical difficulty in
it
line.
It
they declare
themselves
are
on
might check their
people must
cowardly
now see
what is arrayed against them
also, how their
of
selves.
awake
We
we
supineness and
convenience
have
monstrosity to attacking them; it is the
Americans
If
own
present
Soviet, it is "revolution," and
loving
The American
have
we
busy and comfort-
brought
it
upon
our¬
are
not
awake
now,
nothing
can
us.
were
obvious
betrayed in 1916,
shared the
Perhaps it is
a
betraying by
a
our
boon to have the
campaign
year,
and
blind indifference.
more
general attack
well
shipping in¬
as
sudden and great increase in the
suffrage; and other of the
popular features of
a
more
"world made free for
democracy."
One
ways
of
the amusing
in which the
selves in the two
in
what
exhibitions of the different
feelings
may
manifest them¬
countries occurred not long since
some
time carrying on a controversy
with
they termed "profiteering boarding-house keep¬
The
ers."
The
same
The students of Waseda University had
Tokyo.
agitation culminated in
a
decisive battle.
students, several hundred strong, met in the
college compound, where they were harangued by
embryonic
men
orators.
Then,
led by drummers and
carrying lighted lanterns, they visited the of¬
fending boarding-house keepers and forced them to
sign
contracts
which
they,
night.
we
wages
demand for
been for
offsetting factors in this wide-spread
preference
raised the
coun¬
by appealing
arrogance
against sanity and order.
and must see,
the
v'
are some
rebellion
war upon
berth sides of the fighting
to their fears.
There
and
higher
the
reasonable de¬
and shorter hours on the part
as
laboring classes; and the general social unrest
number entitled to
be; it would at least remind these
can
maniacs that when
try they
of the
to what will be the fate of
increase of
mands for
directly home, and it might well be tried,
as
as
recent
concrete
except in small villages; but it i3 manifestly just,
it would go
uncertainty
enormous
dustry; the extravagant
getting concerted action and in identifying the offend¬
ers
the
Wednes¬
A retaliatory boycott of strikers by
dealers
up or even
the grave
"middle-class
Chauncey M. Depew at
day, is too
all
then
•
the ruins.
on
counter
Mr.
and
To
us
less than silly.
doing?the
satisfactory for the future.
shouting
same
"banzai,"
this kind of procedure
seems
Yet in China it is the
things but with far
After
dispersed for the
more
little
same
class,
reprehensible
accompaniments, who form the main obstacle to
an
Apr. 17 1920.]
adjustment of
Senate
our
fashion.
way
one
is
CHRONICLE
of the chief problems with which
been
has
It
students
THE
dealing in rather bungling
information
our
that
the
a
Chinese
the
principal influence standing in the
of the Governments of Japan and Peking settling
are
America and
a
More
really important
Commerce.
This
showed that,
report
preceding, 9,463
persons,
5,936
during the
men
and 3,527
had been rendered idle by the closing
women,
duction of work in 453 factories.
was
55,387 in all, 40,231
number of
factories
the
the
The greater
me¬
engineering, dyeing and weaving, chemical
and industrial
factories
and factories for food
and
products.
The
company
existing
policy of the Japanese Government toward
rather than the floating of
concerns
new
The total amount of
much exceeded
women;
being 2,376.
since January has been the great "boom in
promotion,77 although the larger part of the
capital called for has been for the extension of already
year
figure
proportion of these factories is represented by
chanical
help each other's
they cannot help but ad¬
so
welfare."
own
ones.
at that time
and 15,156
men
their
vance
tiere is
international rela¬
Nations should endeavor to
welfare, and in doing
or re¬
The total
since the conclusion of the armistice
drink
a
report of the Department of Agriculture and
month
our
Perhaps the most notable economic feature of the
the facts embodied in
are
Japan arise out of the fact that
lack of moral observance in
tions.
peaceably the problem of Shantung.
recent
1579
stock
January's capitalization
yen.
Of the 214 new joint-
billion
a
companies capitalized, 99
companies while 58
laneous
In view of the transition from
concerns.
to peace
it
was
were manufacturing
trading and other miscel¬
were
expected that
decline, but just the
enterprises would
new
has been the
reverse
war
The
case.
unfavorable criticism is represented
by the opinion
(the "Jiji") that this is evidence of inflation and its
accompaniment of reckless speculation, which is in¬
these and other labor troubles remains very hesitating
directly encouraged by the Government's taking
and
effective steps to regulate the price of
commodities;
and that the Bank of
Japan has kept its interest rates
so low and lent
money without restraint to
equivocal.
them,
There is back
them,
ox
little of disregard fo
very
mixed with
or
the interests of the
Empire; almost nothing of the "Red"
vistic character.
ception
so
There is not
or
Bolshe¬
much of the
even
ployer and
namely that the interests of
employed
antagonistic.
are
prevalent the country through.
are
still to be
has been the
eight-
an
willingness to work
was
a
few hours extra whenever the
unusually busy.
The two most
at issue be¬
now
and the efforts of the
more
advanced of the labor leaders after Western methods,
are
the character of the
the
legalized holidays and number of hours required
for
full
a
ment
working day.
permitted labor unions, and
On the first point,
satisfactory to both parties
of
matter
wages
rather
distant
But
increase
considerable progress.
a
The artizans
are
larger offices have fol¬
lowed Western custom and closed oil
in many
making de¬
weekly instead ot fortnightly rest day.
The banks and most of the
Sunday.
But
Japanese industries the hours of labor
decidedly excessive.
reasonable reduction
a
and standardization of hours would
probably much
improve, without greatly reducing, the output.
quote the "Japan Advertiser":
?ost of
To
"Whether and when
living will shrink is another matter, about
which it is difficult to be
hopeful.
We
stage described by Benjamin Franklin
our
are
And the employers have
still to realize the truth that
the
a
of
and reduction of hours have, together, made
mands for
still
adjust¬
still to be
seems
future.
an
whistle.7
Militarism
has
been
are now
as
a
in the
'paying for
terribly
ex¬
pensive whistle.77
From another and
higher point of view, the labor
United
as
political troubles,
they affect the relations between the
States
and
Japan,
Baron Shibusawa to the
have been referred
good
sense
by
and expert wis¬
dom of
modern
examples.
By 1916 the population of the
island had increased from
million
to
slightly
The agricultural
products, which
and tea, have reached
100 million
industries
of
self-supporting.
The terror of the
head-hunters
has
other sorts
relatively infrequent.
tion
to
almost
an
tropical
proves
are
been
vegetable
suppressed,
unlimited
and
upon
morality.
.
.
.
The
day of real
be established
The present troubles between
the island
products,
with bright prospects for the de¬
copper,
velopment of petroleum.
centuries of failure
The
success
by the Chinese,
may
certain amount of failure in
a
here, after
be contrasted
Korea, which is,
however, largely due to the past and present baleful
influences
having their rise
in the
foreign
same
source.
The finances of the Japanese Government, ,as
judged from the adequacy of income for the proposed
expenditure, are in exceptionally satisfactory condi¬
tion.
This
Minister
of
made
was
1920-21 in the House of
ing
on
clear
by Baron Takahashi,
Finance, who outlined the budget for
Representatives at its meet¬
the 22d of January.
Both
000,000
yen.
ordinary^and 232,000,000
while
The
revenue
yen
extraordinary.
increase of expenditure over
as
necessary
in
and
expen¬
is divided into 1,043,000,-
/expenditure is 752,000,000
523,000,000
revenue
estimated at 1,275,-
000 yen
last
men
peace can
of
While, in addi¬
to be rich in mineral resources, especially gold,
coal and
with
savage
and crimes
development of semi-
fruit
business
from."
rep¬
porcelain,
earthenware and bamboo ware, render Formosa in
all respects
crease
until
half
principally rice,
hat-making,
says
be heard
are
dollars, and these, together with the
resentative
things,77
to
a
annual value of nearly
an
provement of communications.
peace can never come
two and
over
nearly three and three-quarters million.
men of the
highest business morality. "The
politicians have had their chances and have muddled
the Baron; "now it is time for the
Japanese Govern¬
Here, her colonial
system has been thoroughly in line with the best
diture for the next fiscal year are
troubles and other economic and
especially
of the
success
ment in the Island of Formosa.
sugar
important points
tween the Government
com¬
the commendable
typical development
practice of workmen, where
matters of
old-
largely
Some odd| results of
A
seen.
refreshing to turn from these
plaint to review briefly the facts which demonstrate
day has been established, showing the greatest
factory
It is
em¬
The
fashioned conception of master and servant is
hour
specu¬
lative enterprises.
widely and injuriously present in Europe
and this country,
this fact
con¬
no
yen
extraordinary,
yen
ordinary and
This shows
year:
it
was
a
large
explained
for the national defense and the im¬
ordinary
revenue
The bulk of this in¬
is found in the increase in
taxes, especially income taxes.
The increase in im¬
port duties, as compared with the previous financial
year,
is much less striking.
In providing
jbhe ex-
THE CHRONICLE
1580
traordinary revenue the sale of Government proper¬
ties and the
crease;
war
profit tax register the principal in¬
while other items show a decline.
produced pretty general satisfaction
A bill that has
passed, which suspends the levy of import
has been
duties
cotton yarns,
on
and beef.
eggs
It
was
expected that this measure
might have the tendency to check
these
beans,
cotton fabrics, soya
speculation in
necessaries; to what extent the expected effect
will be realized remains to be seen.
Like all
measures
there is
a
of gov¬
ernment, at all times, and in every country,
but
especially at this time in the other first-class nations
who are more sorely suffering from the financial
of
amount
vast
waiting to be distributed
The
the
to build
1
profits stil
excess
capitalized.
are
condition
obviously in
which exists in
although the attitude toward them is
favorable, if not
Government.
The
large
more
more
wise, than is that of
our
Nippon Yusen Kaisha is planning
boats for the service
passenger
between America and
The
Japan and China.
same
is seeking aid from the Government for the
establishment of
the
or
rather dubious
this country;
more
war
shipping interests of Japan
same
company
for raising the expenses
[Vol. 110.
a
"round-the-world service." Under
impression that it will be
Siberian railway
a
long time before the
is re-established and the route to
Europe through Russia made safe and adequate,
complaints are not lacking they are proposing fast and commodious ships closely
with regard to the scheme of the Japanese Govern¬ connecting for the crossing of the Pacific and Atlantic,
with rapid train connections across the American
ment.
They are chiefly directed against the failure
Continent.
A new and fast Japan-China line of
to put a sufficient share of the burden upon the rich;
passenger service has been inaugurated to sail be¬
for the lack of more efficient measures to reduce the
cost of living; and for the proportion of revenue spent tween Nagasaki and Shanghai as the terminal stations.
The program of the Kawasaki dockyards calls for
upon the defense of the country, as compared with
effects of the great war,
education, the housing of the poor and other similar
matters.
There is little or no evidence, however, of
any
tendency towards the wild schemes for the
virtual
private property prevailing over most
confiscation of
ofJEurope and not without foothold and sources
of
the construction of no'fewer than
within the next two years.
varies from 9,300 to
ports show a notable increase for 1919, over
those of
"After meeting all foreign loans and
indemnity obligations secured by the maritime and
other Chinese customs, including the reorganization
previous
years.
loan of 1913 and also
with the
same
servancy
and harbor works, &c., it has been pos¬
over to the Government during the year
of
eral 4,794,920
taels for service and domestic loans.
and great
success
in the thus
industry in the United States.
The
reached its climax in February
By January the freight rate on
from Japan to Europe had fallen from
The resumption
cargo
about 400
From the amount released the
over to the Inspector-Gen¬
easy
and March of 1919.
providing for the cost of collec¬ general
Government has handed
for
"armistice slump"
sundry fixed appropriations for river con¬
22,684,123 tael3.
to be built during
grossly enlarged shipping industry is not, however,
without certain overshadowing dangers in Japan, as
tion and
sible to hand
are
the next year.
The prospect
the principal Chinese
9,700 tons each, and thirty ships
totaling nearly 300,000 tons
growth in this country.
In China the collections of
fifty big freighters
The size of these steamers
shillings to 300 shillings.
British, Dutch and Norwegian shipping service in
was one cause.
Both Great Britain
the Far East
and Holland reduced the
freight rate and this oc¬
to the Japanese
difficulties
additional
casioned
On general
competing lines.
cargo
the rate from
foreign loans and customs dependent on the Japan to New York fell from 300 to 130 shillings.
customs revenue require an annual distribution of On the Indian run a decline of about 30% occurred.
The ships built during the war were somewhat too
7,000,000 sterling; at the present rate of exchange the
The
sterling annu¬ hastily constructed, while the older ships were sub¬
that if silver maintains its price, jected to every severe use. Labor troubles are also
hindering the shipping trade; but it is hoped, with a
a considerable margin of unpledged revenue is at the
better grade of confidence than can be felt in this
disposal of the Chinese Government."
revenue
will produce about 20,000,000
Thus it is
ally.
seen
In the Far East
in
1919
as
elsewhere the calls for capital
exceptionally high,
were
even
enormous.
Between 1915 and 1919 the amount for stock
rose
from
less
than
nearly two billion
pal and
interest
There
was a
million
yen
to
boom in munici¬
other public issues. But the centre of
in 1919's capital-payment record is the
remarkable
year
yen.
two-hundred
capital
expansion of the banks.
During the
1919, but even more in the opening months of
1920, the banks and many of the more successful of
the
manufacturing enterprises have been distributing
their increased
capital in the form of liberal stock
dividends—a process
the Far East
as
which has not been checked in
it has been in this country by taxing
stock dividends under the fiction that they are to
that
country,
will
they
be satisfactorily settled.
is, however, a growing shortage of seamen, and
is not confined to officers and engineers, but
There
this
extends also to the
the
sea
wages.
for service
Lack of
common seamen
on
who
are
leaving
land, attracted by the better
cargo, or
"one-sided cargo" is also
affecting profits, and this is especially true between
Japan and China.
The Shanghai
run
is
a
notable
example of this embarrassment to the shipping trade.
The
opening of coast trade to foreign ships, if carried
out, is feared by those inclined to
and
slower
pessimistic outlook;
quite confident that the older
Japanese steamers could combat any
although others
are
possible prices for the
run up
and down the Yangtze
River.
It is not strange, then, th^t no little difference of
But meantime, a net decline
In view exists in expert circles with regard to the future
Feb. 1919 the grand average of dividends was up prospects of the shipbuilding industry and the
to 24.05% per annum; the average price of securities shipping trade in Japan, which, so far as the Far
East is concerned, represents about all the native
on the market of the Tokio Exchange was 171.44 yen.
be^treated
in the
The
as
income.
yield of securities continues to take place.
corresponding month of this year, the grand
average
grand
interests.
For
example, Mr. Sukesada Kudo, Man¬
of dividends had fallen to 20.88 and the
aging Director of the Mitshubishi shipyard, while
of prices for the securities yielding
believing that the shipbuilding prosperity of Japan
average
the dividends has risen to
255.23jyen.
Evidently
will continue for
some
time, cautions against excessive
Apb. 17 1920.]
optimism and
a
THE CHRONICLE
urges measures to
sounder basis.
Among the
put this industry on
for taking
reasons
ultimately favorable view, the fundamental
the
increased activity in the
will
be necessary
vastated
great
is
one
carrying trade which
for the rehabilitation of the de¬
of
countries
efforts of
an
Europe.
The
supply of materials and their superior technical
skill."
The
one great
advantage still belonging to
Japan is the relative cheapness of wages, but that
is
rapidly disappearing.
showed
an
of
fall
price
of
considerable increase
a
amount.
largely the
Japanese
cause
of
goods increased in
and other foodstuffs
the
result.
The
has contributed to
reduction
customs duties is another
abolition
or
working in the
cause
of
same
direction.
ing in the world's
States still
continues to
be
Japan's
The total value of exports to North
America for 1919 approximated
three-quarters of
a
billion yen; transactions in silk and silk
yarn were
the most costly items.
Indeed, one of the leaders in
this form of
"the
trade, resident in New York, has called
bond
which
Japan together."
the exports
ties
the
United
States
and
work, but
are
unable to
"the working people"
taking
are
over
classified under that
not
buy.
Indeed,
article
an
title, feel
Japan's silk
on
during the last
year has this significant para¬
"The outlook for the export trade is hopeful
prospect
every
of further increase this
year
because of the labor trouble in America and other
countries."
Returns
published
by the
Finance
Department
trade with China
last year reached 738,000,000 yen; 432,000,000
yen
exports and 306,000,000 yen imports.
Despite the
anti-Japanese boycott, which caused extensive loss
Japanese trade, particularly exports, tfie result
leading Japanese
remarks:
not
"The
paper
yen over
this
portion
China
are
substituted
boycott
Japanese
a
products
imported
amounted to about
harmful
.
.
goods imported
The
into
living in China."
into
Japan
last
The
year
34% of the total exports from
China; 47% of the exports from China
were
shipped
by Japanese merchantmen.
Japan's
commerce
considerably
armistice.
a decidedly promis¬
and yield of the more
acreage
There
were
added
half acres) to the
a
paddy fields, 79,440 cho to the upland farms, during
the
1918.
year
This
result
reached
was
by the
reclamation of waste land and the cultivation of
land
formerly left wild.
the
results
At the
of
It
beginning of this
colonies,
not until last year
was
this enterprise
had
under
year
that
began to be realized.
Japan, exclusive of her
cultivation
5,245,562 cho of
paddy fields and 6,040,755 cho of upland farms.
The
report of this year—though still "unofficial" in
February—seems to promise a sufficiency of rice
present annual demand; and the plans for
promoting agricultural undertakings in Manchuria
render the outlook for
cost of
much
considerable reduction in the
a
living decidedly hopeful.
than with us,
more
and
In the Far East,
even
than in
more
Europe, the increased cost of living, and the lack of
a
corresponding increase in the wages of most^bf the
laboring classes, is
valid
a
of unrest.
cause
FRANCE
AND
THE
RHINE
CITIES—CORREC-
TION OF ERROR.
,•
Queens, N. F., April 12 1920.
Editor Commercial and Financial Chronicle:
Dear
Sir:—In
Cities,"
article
your
on
"France
and
the
Rhine
(issue of April 10):
state
you
"The cities of Germany which were seized
by the revolu¬
tionary mobs, then attacked by the German Government's
own troops, and
finally occupied by the French army, lie
fairly close to the east bank of the Rhine, some distance
below
Cologne, and
the Dutch and
are
therefore at
no
great distance from
Belgian frontier."
Kindly consider the following: The French have occupied
Frankfurt, with a number of smaller places.
declined
in
the Ruhr district.1
They were not
revolutionary mobs, and could not "then be
attacked by the German Government's own
troops."
They
are not some distance below
Cologne, and at no great dis¬
seized
are
not
by
tance from the Dutch and
Belgian frontier, but, on the
contrary, they are far above Cologne and far from either the
Dutch
about
at
or
the
Belgian
frontier.
centrally located between the
Saarbruecken, and the
Eger;
Likewise it is
Roughly,
eastern border
about
with
European countries has
since
the
conclusion
Nippon Menkwa Kaisha,
or
of
the
stock of the
Japan Cotton Trade Co.,
Frankfort
South
Germany
of
Prussia,
Bavaria, near
midway between
together with
occupied by the French.
is
western limit of
the
frontier in the north and the Swiss in the south.
every
other
Dutch
It lies in
city recently
This whole district does
not even
abut the Ruhr
basin, but is separated from it by a sparsely
inhabited, rather poor, region of woods in which there is
hardly^any ^industry.
Yours^very truly Jj
J
The article
was
in
error
in
W.
T.
stating that the French
occupied the cities which had been seized by the
The occupied cities were not
revolutionary forces.
in the Ruhr
of
district, and
were
not in the immediate
the
revolutionary demonstration about
Essen, but were selected by the French army as a
area
The increase of the capital
These cities
shortage of supplies which leads
increase in the cost of
Chinese
is
.
necessaries, and these imports cannot be
by Chinese products. The boycott
naturally occasions
an
boycott
makes the following sensible
anti-Japanese
of
the previous
absurd
only to Japan but also to China.
greater
to
134,000,000
On the continuance of
year.
a
increase of
an
hand, there has been
ing increase in the
Darmstadt and
show that the value of Japanese
to
some
belonging to Japan, but the
sulphur and petroleum have decreased.
amounts of
compensated for the falling
export of silk and silk products to Europe.
the expensive products which so many millions who
shows
There has been
commerce.
A somewhat remarkable rise in
to North America since the middle of
In this country
with
important
to its compet¬
increase in the amounts of iron and coal that
have
been mined in fields
the year has more than
graph:
more
principal obstacles
for the
United
best customer.
trade
of the
28,113 cho (one cho equal two and
and beans
off in the
one
important agricultural products.
ability of the Japanese people to buy high-priced
A great decrease in the export of rice
silk
paucity of Japan's yield of the
exports of
foreign goods.
The
The
minerals is
quantative
than foreign goods in Japan.
Another
1 the increase of imports is the increased
same
new branches for the
manufactured products in
Europe, and foif
the expansion at home of the raw-silk
department.
sale of
over
more
cause
funds will be used to establish
was a
This rise in price is
in
yen is expected
correcting this tendency. The
in
imports
decrease in exports, there was
the
year
to 25,000,000
yen
effect
While there
excess
about 90,000,000 yen.
in values.
of
On the other
Thp foreign trade balance of Japan for the
1919
10,000,000
be
to
"magnificent
Great Britain and America have to their
^dvantage their far greater facilities in regard
to the
from
1581
counter-demonstration to the German
army's
violation of the
area
alleged
Treaty in entering the prohibited
of the Lower Rhine district.
February—
FEBRUARY.
the last month of Government
was
231,017
+287
0.12
$421,180,876 $348,749,787
+$72,431,089
410,492,305
321,632,325
+ 88,859,980
20.77
27.62
$10,688,571
Operating expenses......
United States,
operation of the railroads of the
1919.
$27,117,462 —$16,428,891
60.58
231,304
Miles of road
Gross earnings
February
Inc. (+) or Dec. (—)
Amount.
%
-
1920.
196 Roads—
RAILROAD GROSS EARNINGS FOR
110
[Vol
THE CHRONICLE
1582
...
Net earnings
whole
While, as already stated, there were special reasons
series.
It is proper to say, however, that there are the present year to account for the further rise
special reasons to account for the present year's in expenses, significance
nevertheless attaches
unfavorable outcome in no way connected with to the higher expenses owing to the long series of
Government control.
Unusually severe winter additions to the expense account in preceding years.
weather was encountered, in sharp contrast with
In February 1919 notwithstanding the winter was
the extremely mild weather of last year, and com¬ extremely mild and comparison was with weather in
parable only with the weather of 1918 when the 1918 of exceptional severity, accompanied by snow
country was still in the midst of war.
Tempera¬ blockades, railroad embargoes and freight congestion
tures were perhaps not quite so low as in February
of great intensity, expenses increased so heavily that
and it
was
also
of the poorest of the
one
1918, but the fall of snow was
immensely .heavier
with railroad operations cor¬
and the interference
In this city 173^ inches of
the North
Feb. 4-5-6-7, and the blockade
respondingly greater.
fell in the storms which swept over
snow
Atlantic States on
of the
call,
living here will re¬
worst in the city's history.
city streets, as every, one
of the very
was one
encumbered
snow
subsequent
on
came
snow
piles of accumulated
city streets for five or six
month, and
the
of
days
of
fall
Further
the
weeks.
a
gain of $61,656,597 in
loss of $1,191,014
and the work of
duplicated at other points
clearing tracks and removing snow
entailed heavy extra
outlays, besides which ordinary
enormously increased. On
depth of the snow over large areas,
1917)
our
in gross
In the
tables registered
vania failed to earn bare
operating expenses.
We
1906.
ceding
by
of
England States there is
not a single road that-does not show a heavy deficit
below running expenses, while in the Middle States
only a few minor roads managed to earn expenses.
In the Middle West the
years
there
here
situation
are
numerous
running expenses ran very much
was
better, but
instances
where
heavier than the
understand
it will not be difficult to
why with business active and traffic
large and with gross receipts consequently increasing
the addition to revenue should again—as on so
previous occasions during Government opera¬
and control—have proved insufficient to take
many
of the great
hard
to
additions to expenses.
Nor will
comprehend why the net revenue,
already small in the previous year, should have
heavily
reduced.
Stated
in
brief,
been
further
gross
earnings for all the roads which are obliged
monthly returns with the Inter-State Com¬
to file
merce
no
Commission, comprising for February 1920
less than 231,304
crease
in gross
miles of line, record an in¬
earnings of $72,431,089, or 20.77%.
proved yet
heavier, aggregating $88,859,980, or 27.62%.
Ac¬
cordingly there is a loss in net in amount of $16,428,891, reducing the amount of the net (above
operating expenses) to only $10,688,571.
This
last barely suffices to pay the month's proportion
of the year's taxes.
In other words, not a dollar
apparently was earned towards the average monthly
rental of $75,000,000 which the Government has
stipulated to pay as compensation for the use of
But
the
owing to the refusal
days to give out monthly
augmentation
in
expenses
the roads.
The following are the
monthly totals
Earnings.
Year
1906
1907
1908
1909
1910
1911
1912
1913
1915
1917
1918
Increase or
Year
Year
Increase or
Given.
Preceding.
Decrease.
Given.
Precedin g.
Decrease.
$
Feb.
Year
$
1
$
$
.
95.625,938 +25,102,733 33,486,634
30,669,082
26,154,613
174,423,831 161,085,493 +13,338,338 49,194,760
202,825,380 174,574,962 +28,250,418 56,976,253
199,035.257 202,492,120 —3,456,863 49,888,584
218,031,094 197,278,939 +20,752,155 57,411,107
232,726,241 218,336,929 +14,389,312 59,461,341
209,233,005 233,056,143 —23,823,138 39,657.965
210,860,681 212,163,967! —1,303,286 51,257,053
267,579,814 209,573,963 +58,005,851 79,929,463
271,928,066 269,272,382
+2,655,684 58,964,299
285,776,203,260,627,752 +25,148,451 27,305,808
351,048,747 289,392,150 +61,656,597 27,623,406
421,180,876'348,749.787 +72,431,089 10,688,571
120,728,671
...
123,920,810 115,123,660
+8,797,150
123,389,288 141,102,297—17,713,009
...
...
...
...
...
...
...
...
...
...
...
...
...
...
19,937,363 + 13,549,271
32,319,683 —1,650,601
34,919,215 —8,764,602
37,311,587 + 11,883,173
49,241,954 + 7,734,299
56,920,786 —7,032,202
49,135,958 +8,275,149
57,458,572 + 2,002,769
59,553,012 —19,895,047
39,274,776 + 11,982,277
51,043.120 +28,886,343
80,331,661 —21,367,362
56,250,628
28,814,420
27,117,462
—28,944,820
—1,191,014
—16,428,891
in 1906, 94 In 1907; in 1908 the return
were based on 151,580 miles of road; in 1909, 232,007; in 1910, 239,725; in 1911
242,640; in 1912, 237,082; in 1913, 240,986; in 1914, 244,925; in 1915, 246,186; in
1916, 245,541; in 1917, 249,795; in 1918, 238,891; in 1919, 232,957; in 1920, 231,304.
Note.—Includes for February, 101 roads
For
the
separate roads the results accord very
In the gross earn¬
and some of them are
for large amounts, while decreases are scarce.
In
the net, on the other hand, though gains are not
lacking, some of them, too, for considerable amounts,
closely with the general totals.
ings increases
are numerous
the losses
much
lowing
we
are
more
conspicuous.
In the fol¬
show all changes for the separate roads
$100,000, whether increases
for amounts in excess of
or
decreases, and in both gross and net.
PRINCIPAL
CHANGES
IN
GROSS EARNINGS IN FEBRUARY.
Tnrrpnsp*
11ZCT6CLS6S.
Atch Top & Santa
New York Central
Fe (3)_$4,904,129
Illinois Central...
$804,65*2
Texas & Pacific
63,210,468 Wabash
3,168,584 MinnStP&SSM
722,832
690,610
658,209
635,549
621,729
621,408
Chi StPM&O..
Southern Pacific (7)
Union Pacific (3)
3,082,646
3,013,805
Erie
Baltimbre & Ohio
2,760,732
Yazoo & Miss Valley
Chic Burl & Quincy
Chic R I & Pacific (2)
2,737,268 Mo Kan & Texas
2,416,471 Hocking Valley
Missouri Pacific....
Pennsylvania (3)
Louisville & Nashville
Chicago & North West
Southern Ry_
Cleve Cin Chi & St L
Phila & Reading
Chi Milw & St Paul
Atlantic Coast Line
St Louis-San Fran (2)
Chesapeake & Ohio
Northern Pacific
Great
Northern
Michigan
Central
Seaboard Air lane
for The two years:
Net
Gross Earnings.
Year.
1920
In these circumstances
be
these earlier years,
of the roads in those
figures for publication.
1919
gross revenues.
it
totals, but for the pre¬
give the results just as registered
mileage of the country being always unrepre¬
some
1916
care
we
tables each year—a portion of the rail¬
our own
1914
tion
increase of $2,655,684
1911, for 1910 and for 1909
for
use
the Inter-State Commerce
Not
only that, but in the New
even
an
a
were
on
as
accom¬
contraction of $21,367,362 in the net.
following we give the February totals back
but
sented in
tems
even
$28,944,820 loss in net, while the year before (Feb.
account of the
quite unusual.
Such leading sys¬
the New York Central and the Pennsyl¬
were
panied by $54,093,271 addition to expenses, leaving
road
carried
results
$25,148,451 gain in gross
showed
pilation
running expenses were
embargoes had to be placed on traffic and altogether
the conditions under which transportation had to be
a
In other words for February 1918 our com¬
worse.
to
The situation here was
converted into
In February of the
preceding,
immediately
years
gross was
in the net.
Pittsburgh & Lake Erie
Denver & Rio Grande
St Loui Southwest (2)
(2)
2,388,199
Grand Trunk West
a2,269,882
Nash Chatt & St L
2,156,718
Wheeling & Lake Erie...
2,117,449 Florida East Coast
1,971,771 Mo Kan & Tex of Tex
1.773.231 Tol & Ohio Central
1,725,603 Western Maryland
1,682.555 Central of Georgia
1,599,581
1,453,354
Mobile & Ohio
Norfolk & Western
1,440,333
Kansas City Southern
1,277,771
Lehigh Valley
1,042,981 Pere Marquette
983,886 Chicago & East 111
890,947 Colorado & Sou(2)
878,335 Toledo St L & West
830,415 Western Pacific
809,395 Chi Great Western
589,977
585,383
539,230
526,347
520,224
493,326
472,323
439,452
434,624
406,539
405,398
404,078
402,717
345,828
331,182
328,720
...
314,872
311,684
310,706
APH. 17
1920.]!
THE CHRONICLE
Increases.
Virginian.
$297,705
Yncrpn<t0<t
Chi Torre Haute & S E__
Internat & Gt Nor
Minn & St Louis
El Paso & Southwest
287,113
282,835
263,110
St L Merch
Ind Harbor Belt
■Cin New Or! & Tex Pac_.
242,347
226,443
224,944
202,424
Ga Sou & Fla
Cin Ind & West
Mo Okla & Gulf.
1
Wich Falls & NW
186,176
Detroit Tol & Iron
Chicago & Alton
New Orl & Northeast
Louis & Ark
Del Lack & West
180,594
171,525
170,222
163,403
160,913
158,137
155,440
154,786
151,316
145,293
Chicago Ind & Louisville^
Gr Rap & Ind
Central
RR of N J
_.
Kanawha & Mich
N Y Ont & West.
Buffalo Roch & Pitts
Delaware & Hudson
Belt Ry of Chicago
New Orl & Tex & Mex (3)
130,343
128,710
126,189
120,423
113,349
111,267
Bdge & Term.
_
110,308
104,406
Decreases.
Maine Central
Central New
$247,327
149,987
111,720
England
Can Pac Lines in Maine.
_
Representing 3 roads
our compilation
NET EARNINGS IN
Increases
FEBRUARY.
Decreases.
Top & Santa Fe (3).$5,202,194
1,615,101
1,136,074
Cleve Cin Chi & St L
1,048,103
Atlantic Coast Line
947,566
Hlinois Central
877,212
Baltimore & Ohio.
676,522
New York Central
Boston & Maine
_6$2,098,249
498,364
1,894,573
1,721,185
(2)-_._
1,357,126
Lehigh Valley
1,229,506
Dela Lack & West
1,003,780
Great Northern
842,743
Chicago & North West
796,276
Central RR of New Jersey
729,239
Norfolk & Western
598,414
Long Island
>'
501,271
Denver &.Rio Grande
460,916
Maine
Southern
414,889
354,593
Pere
Southern Ry
Chi R I & Pac (2)..
573,402
566.068
.i
Chesapeake & Ohio
565,519
Florida East Coast
Pacific
...
(7)
St Louis-San Fran (2)
Seaboard Air Line
Chicago & East 111
Hocking Valley
St Louis Southwest (2)
NYNH&H
Erie
Central
491,654
Mo Kan & Tex of Tex
486,174
431,856
412,476
338,845
332,541
261,600
244,188
223,329
219,177
206,758
201,824
184,670
184,668
170,900
167,141
166,137
Marquette
Wabash...
343,622
314,680
300,674
Central New
England
Western Maryland
Philadelphia & Reading..
Wheeling & Lake Erie
274,109
272,364
243,540
Texas & Pacific
236,832
N Y Chi & St L
Tol & Ohio Central
New Orleans & Northeast
227,037
217,487
198,099
N Y Susq & West
Mo Kan & Texas
Virginian
Central of Georgia
Western Pacific
Toledo St Louis & West..
Det Tol & Ironton
Monong Connect
Central Vermont
Delaware & Hudson
Chicago & Alton
San Ant & Ar Pass
New Orl Tex & Mex
194,421
181,687
177,170
174,515
171,494
143,832
142,610
123,767
106,133
103,832
100,624
Mobile & Ohio
Cumberland Valley
Kansas City Southern
Kanawha & Mich
Louis & Ark
MinnStP&SSM
.
Decreases
Pennsylvania (3)
Louis & Nash
Chi Burl & Quinc.v
Grand Trunk West
Dul Miss & North
__
160,085
157,083
Nash Chatt & St L
Chi Gt Western
Chi Ind & Louis
Union
RR of Pa..
New York Phila & Norf..
Buff Roch & Pitts.......
Det & Tol Sh Line
133,927
136,483
122,777
122,291
119,730
103,277
102,033
100,053
Groups IV. and V. combined Include the Southern States south of the Ohio and
the Mississippi
Rap Tran__
Representing 45 roads
in
our
compilation..$^2,697,118
and
Nebraska,
Kansas City, also all of
together with Colorado north of
Denver.
v
Montana, Wyoming
line parallel to the State line
a
'
,
.
/
i
:
Indian
of
Territory, Missouri south of St. Louis and Kansas City, Colorado south
Denver, the whole of Texas and the bulk of Louisiana, and that portion of
New Mexico north of
a
line running from the northwest corner of the State
Santa Fe and east of
a
line running from Santa Fe to El Paso.
through
Group X. Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona and the western part of New Mexico.
As
11992200
'
the movements of the
concerns
leading staples,
larger grain
Western roads had the advantage of a
movement and Southern roads that of
At the Western
movement.
a
larger cotton
primary markets, the
receipts of wheat for the four weeks ending Feb. 28
16,582,000 bushels against 13,451,000 bushels
were
in the
corresponding four weeks of 1919; the receipts
24,047,000 bushels against 12,522,000 bushels;
the receipts
of oats 17,909,000 bushels against
13,951,000 bushels and the receipts of rye 2,765,000
of
corn
11992200
bushels
against 2,234,000 bushels.
The receipts of
only 2,204,000 bushels against 5,613,000
bushels, but the aggregate receipts for the whole five
barley
were
cereals combined
was no
less than
in the four weeks this year
in the four weeks of
63,507,000 bushels
against 47,771,000 bushels
February last
are
shown in the table
we
now
The details
year.
of the Western grain movement in
usual form
our
present:
WESTERN FLOUR AND GRAIN RECEIPTS.
Four weeks end.
Flour.
lng Feb. 28—
Wheat.
(bbls.)
(bush.)
Corn.
(bush.)
Oats.
Barley.
(bush.)
(bush.)
Chicago—
1920
937,000
388,000
....
1919
2,231,000
2,765,000
7,759,000
3,792,000
6,841,000
4,345.000
-'J
Milwaukee—
Bye.
(bush.)
938,000
710,000
1,972,000 1,076,000
..
1920
44,000
416,000
1,255,000
1,275,000
49,000
555,000
306,000
988,000
403,000
1,179,000
215.000
472,000
156,000
1,434,000
3,849,000
880,000
1,840,000
3,174,000
2,350,000
80,000
77,000
15,000
51,000
204,000
182,000
115,000
203,00
Toledo—
vania
1920
pany $1,034,069 decrease and the P. C. C. & St. Louis $1,586,342 decrease.
b These figures merely cover the operations of the New York Central
itself.
Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the whole going to form the New
York Central System, the result is a.loss of $576,517.
show
losses in
the
net.
The
Southern, the
South Western and the Pacific sections
are
able to show better net
On account of the
1919
are
than
a
the
year
ones
ago.
weather, Group I, com¬
prising the New England States, Group II, made up
of the Middle States, both show for 1920 heavy
deficits below the expenses, and Group III, con¬
sisting of the Middle Western roads, has less than
a million dollars net above
operating expenses, not
including taxes.
Our summmary by groups is as
severe
follows:
1920
77,000
BY GROUPS.
Group—
1920.
February—
$
Group 1 (7 roads), New England
Group 2 (38 roads). East &
13,596,338'
Middle...103,690,01?
1919.
Inc. (+)orDec. (—).
S
$
'•*
13,996,400
—400,062
%
2.89
1919
12,000
92,813,043
+10.876,970 11.72
52,586,81^;-,42,531,475
+10,055,337 23.64
Groups4&5 (36roads), Southern
64,064,078 ' 61,581,698
+12,482,380 24.20
Groups 6 & 7 (30 roads). Northwest...
89,804,241
73,250,735
+16,553,506 22.60
Groups8& 9 (46 roads), Southwest... 74,424,010
56,205,312
+18,218,689 32.41
Group 10 (10 roads). Pacific Coast
18,371,115
+4,644,269 25.28
421.180,876 348,749,787
+ 72,431,089 20.77
Net Earnings
Mileage
February—
Group No. 1
1920.
6,669
1919.
1920.
1919.
$
$
6.670df5,021,117
Group No. 2
28,868
28.854dfl4985.122
Group No. 3
21,738
21,732
Groups Nos. 4 <fe 5-
996,495
df517,637
$
%
184,000
231,000
3,000
2,000
1,232,000
409,000
64,000
309,000
69,000
19,000
1920
256,000
1,000
19,000
1919
40,000 1,103,000
1,077,000
15,000
32,000
354,000
679,000
665,000
2,112,000
517,000
;
1919
•
Duluth—
Minneapolis—
•
1920
v
.,
■
6,636,000
5,711,000
1919
10,000
1,254,000
1,785,000
4,069,000
1,293,000
1,799,000
1,365,000
1,036,000
1,274,000
4,594,000
2,747,000
796,000
Kansas City—
1920
941,000
836,000
1,124,000
1919
2,632,000
2,089,000
Omaha & Indianapolis—
1920
Total of All—
1920
1919
.
-
1,762,000 16,582,000 24,047,000 17,909,000
858,000 13.451,000 12,522,000 13,951,000
2,204,000 2,765,000
6,613,000 2,234,000
Jan. 1 to Feb. 28—
Chicago—
1920
2,247,000
1919
1,117,000
4,379,000 17,179,000 15,221,000
6,877,000 12,002,000 11,776,000
4.997,000 2,636,000
123,000
122,000
935,000
2,168,000
1,327,000
727,000
3,651,000 1,610,000
1,098,000
379,000
3,234,000
2,893,000
2,146,000 1,515,000
Milwaukee—
....
2.822,000
938,000.
3,325,000
3,484.000
—2,096.429
7,362,000
5,896,000
454,000
1919
351,000
389,000
67.78
38,768
7,705,892
5.121,886
+2.584,006
50.45
66,539
5,956,667
9,138,093
—3,181,426
34.81
Groups NOS.8&9
53.550
53,501
11,891,211
6,244,744
+5,646,467
93.62
Group No. 10
14,942
14,953
4,144,545
2,680,086
+1.464,459
54.65
10,688.571 27,117,462 —16,428,891
60.58
121,000
62,000
308,000"
68,000
492,000
374,000
867,000
195,000
402,000
408,000
169,000
403,000
422,000
i
1919
„
29,000
Cleveland—
1920
1919
■
20,000
103,000
316,000
649,000
6,000
3,000
715,000
587,000
220,000
194,000
5,795,000
4,731,000
2,100,000
1,220,000
100,000
07,000
410,009
69,000
661,000
12,289.000
1,000
49,000
111,000
73.000 3,483,000
503,000 2,331,000
19,255,000
11,906,000
2.587,000
2,392,000
2,714.000
565,300
1,785,000 1,585,000
4,361,000 1,334,000
11,276,000
3,248,000
1,794,000
3,014,000
5,949,000
2,997,000
2,800,000
2,914,000
9,430,000
5,109,000
9,759,000
5,416,000
Peoria—
1920
Duluth—
Minneapolis—
Kansas City—
1.357.366 —16.342,488
3,092,924
7,510,000
5,317,000
Toledo—
1919
—4,503,480
39,002
1919
*
24,000
2,000
Omaha & Indianapolis—
Total of All—
1920
29,000
3,596,000
1,334,000
1919
Inc.(+)orDec.(—).
Groups Nos. 6 & 7— 66,535
-.231.304 231,017
57,000
>'
309,000
243,000
1919
Total (196 roads)
137,000
132,000
135,000
80,000
■
Detroit—
Group 3 (29 roads). Middle West
23,015,384
122,000
St. Louis—
Gross Earnings—
or
138,000
55,000
Peoria—
1919
Section
194,000
333,000
Cleveland—
1920
SUMMARY
51,000
Detroit—
1920
When the roads are arranged in groups or geo¬
graphical divisions, according to their location, every
group, as would be expected, records an increase
in gross, but four out of the seven geographical divi¬
Total
f
St. Louis—
Pennsylvania
which
.
and Missouri north of St. Louis and
1919
sions
River
Groups VI. and VII. combined include the northern penlusula of
Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois, all of South Dakota and North Dakota
1919
Staten Island
•
o$10,975,392
2,968,682
Chi Milw & St P
(3)..
West Jer & Sea Shore
Representing 48 roads
in our cOmpilation__$19,185,042
Group III. Includes all of Ohio and Indiana, all of Michigan
except the northern
peninsula, and that portion of New York and Pennsylvania west of Bufralo and
Pittsburgh.
Groups X'lll. and IX. combined include all of Kansas, Oklahoma, Arkansas and
$509,034
•
Atch
Union Pacific (3)
Missouri Pacific
England States.
the extreme northern portion of West Virginia.
in
possible to those
IN
New
Group II. Includes all of New York and Pennsylvania
except that portion west
Pittsburgh and Buffalo, also all of New Jersey, Delaware and
Maryland, and
passing through
given in the statements furnished by the companies {themselves.
a This is the result for the Pennsylvania
RR;, together with the Pennsyl¬
vania Company, and the Pittsburgh Cincinnati Chicago & St.
Louis, the
Pennsylvania RR. reporting $578,498 increase, the Pennsylvania Com¬
pany $923,810 increase and the P. C. C. & St. L. $767,574 increase.
b These figures cover merely the operations of the New York Central
Itself.
Including the various auxiliarly and controlled roads, like the
Michigan Central, the "Big Four," &c., the whole going to form the New
York Central System, the result is a gain of $7,855,638.
CHANGES
of
east of
Representing 99 roads in
our compilation
$70,413,773
Note.—All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission,
Where, however, these
returns do not show the total for any system, we have combined the
sepa¬
rate roads, so as to make the results conform as
nparly as
PRINCIPAL
NOTE.—Group I. Includes all of the
$140,062
Cumberland Valley
Alabama Gt Sou
1583
1919
4,183,000 43,409,000 49,326,000 38,574,000
5,552,000 7,469,000
2,249,000 43,006,000 42,181,000 38,391,000 14,265,000 7.953,000
other
livestock movement, on the
The Western
considerably smaller than
the receipts
for
21,020-car¬
loads against 25,393; at Kansas City 9,424 against
10,906 and at Omaha 7,982 aganist 10,661 carloads.
As to the Southern cotton movement, the shipr
ments overland in February 1920 were 206,014 bales
against 211,995 bales in 1919; 173,093 bales in
1918 and 146,638 bales in 1917.
At the Southern
outports the receipts were 672,332 bales in February
1920 against 390,790 bales in 1919; 423,933 bales
in 1918 and 302,064 bales in February 1917, as will
hand, appears to have run
of last year. At Chicago
the full month this year were only
in February
be
by the following:
seen
RECEIPTS
[VOL. 110.
THE CHRONICLE
1584
SOUTHERN PORTS IN FEBRUARY
FEBRUARY 28 1920, 1919 AND 1918.
COTTON AT
JANUARY 1 TO
OF
FROM
AND
November
5
from
Treasury Bills had been increased by
14 from
to
tablished this week, cabled
London
on
February.
Ports.
1920.
Galveston
Texas City, Ac
Orleans
New
Mobile
1,360
52,127
57,629
Brunswick
10.000
500
9,500
Charleston
156,257
9,845
5,114
22,213
Savannah
4,780
Wilmington
32,272
Norfolk.
6,581,
5,146i
28,7111
27,195
4,975!
153,395
9,000
30,054
to-day by
which has been hanging
over the market.
It was considered bound to come in view of the inflated
credit position and the Continental financial situation, especially regarding
exchanges, and may possibly stabilize the latter.
It probably will not,
however, affect American exchange.
Any further unsettling of exchange
regarding the United States is not expected until large bills fall due in the
The increase in the minimum rate of
the Bank of
INSTEAD.
New York
Financial Chronicle,
and
Commercial
Editor
965,861
988,204
SUGGESTED
TAXES
INCOME
FROM
56,554
1,748
BONUS—EXEMPTION
SOLDIERS '
PROPOSED
THE
7,545
15.649
672.332 390,790 423,933 1,573,928
Total
City, N. Y.
Legion
American
"The
article
Sir:—Your
Dear
which appeared in the April 3d issue
"Chronicle" was read with a good deal of interest.
Bonuses",
ex-service
an
man
and
of the
Being
think it strange to hear me say
you may
with the sentiments as set forth in
cited article.
That article should be widely circu¬
that I heartily concur
the above
a
is
The proposed bonuses are
economic readjustment, and it
extravagance was halted.
throughout the nation.
lated
vicious impediment to our
such
that
time
near
Instead of burdening the
nation with increased taxation,
is
of the fact that Congress
view
in
intent on "giving
so
something"-to the service men, the thought
mind that
some
has come to
legislation might be passed along the lines
from the Income Tax; viz: exempt
ex-service men's incomes up to $3,500 for a period of years,
of
exempting service
say
5
or
course,
than the proposed bonus plan.
autumn for the payment
passing
If there is anything
what it is worth.
it, it might be pushed along the proper channels to some
sensible
beg
results.
Thanking
you
for
your
in line with other
recently advanced. The
of interest on
Treasury bills to 6M % is to attract funds from banks to the Bank of Eng¬
land on the Government account against maturing short-dated indebted¬
ness, which totals a big figure, and to check fresh borrowing.
The burden of the 7% rate on the trade of the country, which is just
expanding, will be great.
Trade and finance, however, are expected
deflation
conditions in the prices
x
The
MATURING
T
ARGENTINES
SHIPMENTS TO ARGENTINA.
LOANSr-GOLD
figured in the
of the week.
news
We have on several occa¬
recently referred to the deliberations
sions
of approxi¬
15 next, has
proposed payment of the Argentine loan
mately $50,000,000 which matures on May
respecting the
thereto having
appeared in our issue of March 20, page 1137. Among this
week's reports bearing on the loan, the following dispatches
come to the daily press from Buenos Aires April 12:
maturing loan, the last item with regard
$50,000,000, half of which is held
bankers, will be paid upon Its
maturity on May 15, according to an announcement by Domingo Salaberry,
the Finance Minister.
Senor Salaberry, who returned from a visit to New
York yesterday, did not state, however, where the funds for payment of
Argentine short-term 6% loan of
The
by New York bankers and half by London
the loan would be obtained.
"La Razon" says to-day
that the Finance
from British and American bankers
In ten years.
Government
Minister has arranged a loan
of £25,000,000, subject to
amortization
believed will be used to meet the various
obligations maturing within that period, including possibly
This sum, it is
the loan maturing on May
The next
15.
following additional advices
day, April 13, the
from Beunos Ay res:
arranged direct with the British Govern¬
received through the press
were
The Argentine
ment for funds to
Government has
enable Argentina to liquidate the
$50,000,000 loan matur¬
in New York, President Irigoyen disclosed in a
message to the Senate to-day.
The President mentioned this arrangement
in connection with an urgent request that the Senate immediately approve
the measure of the lower House by which Argentina would loan to England,
ing May 15 and payable
France and
purchase of food products, which has
Italy $200,000,000 for the
pending for two years.
been
The President urged
approval of the measure in order to
"realize this
co-operation." President Irigoyen's message is generally
interpreted as indicating that the British Government, in agreeing to care
for the $50,000,000 maturing loan, obtained the President's assurance that
policy of economic
he would hasten the
It is
loan to the Allies.
pointed out here that the Allies
will spend the proceeds of their loan
there will be no
Argentina, which means that
in
actual transfer of funds
which Great Britain will pay
disclosed, other than that it
from the country.
Details of the manner in
off the loan in the
United States have not been
conditions."
will be under "advantageous
When issued, the loan was
New York
half in pounds sterling, but
transferred
the British share has been
States.
Still later, a
Rieker.
half in dollars and
explained in banking circles that
the United
truly,
Frederick C.
•
hope that necessary
toward normalizing
TO
RELATIVE
PLANS
vo
very
yesterday in raising the rate
to settle down to the new conditions, in the
it is
Yours
is to bring the rate
bank rates have
The Belgian and other
action of the Bank of England
indulgence, I
remain,
to
commodities.
of food and
One reason for the present move
centres.
It is, of
merely^a suggestion on my part, and I am
it along to you for
in
men
It would appear that this is a far more reason¬
10.
able proposition
discount from 6 to 7 %
England has removed the uncertainty
of commodoties and the cost of living.
288,061
39,772
355,531
18,591
13,524
136,511
21,500
26.524
57,352
87j
2,367
930
684
Newport News. Ac........
65,778
277.986
advices to
April 15 said:
1918.
|
346,733
509.017
131.392
321,902
57,927
9.290
220.018
38,500
182,340
24,081
77.094
8,524'
1,946
73.303
Pensacola, Ac
1919.
| 1920.
{ 1919. | 1918.
bales 207,323 104,453 111,601
19,459
51,025 47,179
120,688 138,753 161,689
14,263
9.246
14,054
1.
On April
rate es¬
the daily papers from
the Bank.
As to the higher discount
6%.
of credit will follow and so assist
Since January
Preliminary to this week's
the rate of interest on
6%.
to
advance in the Banks discount rate,
April 15, in the
dispatch from Buenos Aires,
"Tribune" of yesterday (April
16), said:
British Government will loan Argentina
five-year loan of that amount due to l^ew
York bankers on May 15, is in reality a sort of triangular transaction by
which Great Britain pays off half of the $100,000,000 she owes Argentina,
it is learned from an authoritative source.
The latter debt was contracted
*The
arrangement whereby the
$50,000,000 to pay off the 6%
(tiuxxmt
%umis vcu& discussions
CONTINUED OFFERING OF BRITISH
TREASURY
by
BILLS.
*
was
It
offering of ninety-day British Treasury bills
The usual
disposed of this week by J. P. Morgan <£ Co. on a dis¬
count basis of
time past.
Great
6%, the rate which has been in effect for some
The bills in this week's offering are dated April 12.
Britain with Argentina in
is
understood that in view
FRENCH
TREASURY
AT
I
The French ninety-day Treasury
this week
the rate
on a
was
BILLS CONTINUED
6^%.
discount basis of
bills were disposed of
6M>%—the figure to which
advanced several weeks ago; it
time been 6%.
for
some
are
dated April 16.
$100,000,000 debt.
interpretation, the British arrangement to accom¬
Argentina in paying off the
to
Contrary to previous
Britain Is concerned,
speedy approval by
the Senate of the proposed $200,000,000 credit to Great Britain, France
and Italy.
It is learned from authoritative sources that even should the
Senate's sanction be given. Great Britain would not be likely to accept the
credit, owing to modifications made in the original terms.
It is indicated
she would be glad to turn over her share of the credit to France and Italy,
the urgency
if these nations so
had previously
The bills in this week's offering
gold to the
agreed with the Argentine
to
with
ON
of Great Britain's shipping
Minister in London
ship $50,000,000 for the account of Argentina, which will stand as a
British loan to this country at 5% until January next, when, unless other
arrangements are made, it is expected Great Britain will charge the sum
United States. Great Britain
modate Argentina
RATE
1918 in the form of a credit for the
purchase of wheat.
In
has nothing to do, so far as Great
of President Irigoyen's request for
desire.
reporting that
shipped
or
a
total of $25,000,000 in gold had been
engaged for Argentine since the close of last
week, the "Wall Street Journal'ipf Tuesday of
this^week,
April 13, said:
BANK
OF
ENGLAND
ON
INCREASES
DISCOUNT RATE
Gold coin to the amount of $15,350,000 has
Sub-Treasury for shipment to South America.
TREASURY BILLS.
a
The Bank of England increased its
6% to 7% on April 15.
The
rate
discount rate from
had been
raised last
total of $25,000,000 gold coin
Of this amount
so
far
been
withdrawn"from the
week
Since the close of last
Argentine.
steamer.amL$19,850,000Ja
has been shipped or engaged for
$5,100,000 went by Saturday's
engaged for Wednesday's steamer.^
fegfcjfc.
Apr. 17
Some of the bankers
movement say
to
Argentine on the present
London, although the orders
who are shipping gold to
it is being done for account of
Aires.
York, which last week was as low as 1.0150
checks, is quoted at 1.02 Argentine pesos for the United States dollar,
advance resulting from the present gold engagements.
ship
are
coming from Buenos
Argentine exchango on New
for
the
1585
THE CHRONICLE
1920.)
provides.
The Federal Reserve Board wanted to
boost the loan rate as a measure
of protection against speculative interests,
Reserve Law
Federal
but
Government wanted low rates and forced
the
the Reserve Board to
said. At present, therefore, there are $26 in loans
$1 in the bank's vaults, and there are only $4 more in the pyra¬
keep its hands off, he
for every
mid
possible.
urged,that before the bubble bursts and business collapses,
high that it will stop further inflation.
The speaker
the rate be put so
VANDERLIP ON CURRENCY
A.
F.
FALSE
Frank A. Vanderlip,
INFLATION AND
PROSPERITY.
LOAN BOARD.
sailed from Seattle, Wash., April 10,
with those who accompany him, are
be the guests of the Japanese Welcome Association at
informal discussion of problems confronting America and
Inadvertently in onr issue of a week ago, page 1485,
City Bank of New York,
for
to
an
Japan, where he,
include Lyman J.
Gage, former Secretary of the Treasury; Henry W. Taft,
George Eastman, Darwin P. Kingsley, Dr. Jacob Gould
Schurman, Seymour L. Cromwell, Vice-President of the
Those in Mr. Vanderlip's party
Japan.
New York Stock Exchange;
Julian Street, and L. L. Clarke,
On his way to the
of New York.
In
a
as
indicated in these columns Feb. 28, page 817.
Women's City Club, on
high cost of living to infla¬
Vanderlip, according to the Chicago "Tribune,
speech at Chicago, before the
April 2, in ascribing the present
tion, Mr.
said:
permitted banks to establish credit
caused the inflation. It simply added $15,000,000,000 to our purchasing medium.
This was the chief contributing
cause for putting prices up two and one-half times as high as in 1914.
They tell you lack of production caused all of the unrest and misery,
but inflation is the basic reason.
Because of high wages, labor lost the
connection between efficiency and the pay envelope!
To-day labor works
The Federal Reserve
of thirty times
at
system, which
their reserve,
efficiency.
60%
Inflation reached into
savings accounts and clipped every
dollar down to
policies to half their value. It caused untold
the classes with fixed incomes.
landlord a profiteer, but remember his dollars are worth
It rewrote insurance
40 cents.
suffering among
We called the
We talk of limiting the increase in rentals to cut
down rents.
But then we will discourage building and make the shortage
which encourages high prices more acute.
The railroads have been returned to their owners in a very bad state.
only 40 cents now.
in
appointemnt of Charles E. Lobdell as Com¬
the Federal Farm Loan Board, we stated that
referring to the
missioner of
assumed his duties as a member of
on April 5.
Mr. Joyce |has be¬
the Federal Farm Loan Board not the
William^ H.fJoyce has
the Federal Reserve
come
member of
a
Board
Board.
Reserve
REGULATIONS GOVERNING
IZEDiUNDER
Pacific Coast Mr. Vander¬
lip made several speeches relative to the inflation of currency,
which had also been the subject of comment by him in
February,
JOYCE MEMBER OF FEDERAL FARM
H.
WILLIAM
formerly President of the National
CORPORATIONS ORGAN¬
EDGE ACT.
RegulationsXgoverning the formation and
operation of
the Edge Act to engage in
foreign banking business were made public on March 24 by
the Federal Reserve Board.
The law was enacted last
December and its text was given in our issue of Jan. 31, page
421.
The law provides that not less than five persons may
organize such corporations, the capital of which is to be
not less than $2,000,000.
A majority of the stock is re¬
quired to be owned by citizens of the United States.
The
proposed corporations which are designed to promote foreign
trade are prohibited from transacting any business in the
United States except such as is incidental to its international
or
foreign business.
In making known the regulations,
W. P. G. Harding, Governor of the Federal Reserve Board,
corporations organized under
issued the
following statement:
The Federal Reserve
Board issues herewith its rules
and regulations, of
governing the organization and operation of
corporations under the provisions of Section 25 (a) of the Federal Reserve
which this circular
is a part,
Act.
Section 25 of the
amended by the Act of Sept. 7
Federal Reserve Act, as
and surplus of $1,000,000
in the stock of banks or
corporations chartered or incorporated under the laws of the United States
in Chicago on the same day, Mr. Vanderlip is reported as
or of any State thereof, and principally engaged in international or foreign
stating that the United States is bucking its way through an banking. At that time, however, Congress had not provided any means
for the Federal incorporation of foreign banking corporations in whose stock
era of false prosperity and that explosion would follow unless
it expressly authorized national banks to invest.
In the enactment of
vital changes were made in the industrial situation.
Special Section 25 (a) of the Federal Reserve Act, approved Dec. 24 1919, Congress
advices to the New York "Times" quote him as saying on has now provided a means for the incorporation of institutions for the pur¬
pose of engaging in international or foreign banking or other international
that occasion:
or foreign financial operations in whose stock national banks, as well as
There are three things upon which real prosperity must be based.
These individuals, firms and other corporations, may invest.
are ample fresh capital, efficient labor and an apprehension of sound econ¬
While the public discussions of the purpose of this law have emphasized
omic principles.
We are prosperous to-day in the face of all the three
the fact that it is to permit American investors by means of Federal corpora¬
fundamentals, and our prosperity is false as well as dangerous.
tions to assist in the reconstruction of Europe at a time when such assistance
Incomes to-day are larger than ever before.
Profits are larger. Yet is most vitally needed, nevertheless the real purpose is a broader one, that is,
fresh capital for business enterprise is less available than ever before.
The to provide for the establishment of a Federal system of international bank¬
chief reason for this is the Government taxes.
ing or financial corporations operating under Federal supervision with
About one-third of 1 % of the nation hold bonds and provide the capital
powers sufficiently broad to enable them effectively to compete with similar
for big industry.
To-day the Government ta.x reaches as high as 79% on
foreign institutions and to afford to the American exporter and Importer at
individual income.
The result is that a4^% tax free obligation equals a
all times a possible means of financing his foreign business.
Although it is
17% taxed obligation and that to-day $14,000,000,000 are tied up in 4H%
true that the immediate effect of the operation of corporations under the
enterprise®.
The main source of fresh capital has been dried up.
terms of this section may be greatly to aid in the extension of much needed
But even were the tax reduced, the situation would not be sound.
There long term credits to Europe, that effect is in reality only one incident to the
is labor.
I have talked with scores of big business men.
The consensus of permanent development of the American export market.
their opinions is that labor is to-day 60% efficient.
Congress, being mindful of the unusual powers conferred by this section,
Never before in the history of our country was there so much employment.
has placed upon the Federal Reserve Board the responsibility of making
And yet, despite this fact, our productivity is lower than it has ever been.
such regulations and restrictions as may be necessary to insure the con¬
The reason for this, or rather the reasons, are obvious.
Labor is unsatisfied. servative and prudent management of corporations chartered under its
You may say this is due to demagogues, to foreign-born agitators and so
provisions and to safeguard as far as possible the interests of the public with
forth and be quiet correct.
It is also due to fallacies which have crept into whom they may do business. The Federal Reserve Board, therefore, while
labor's mind, and it is also due to the fact that a class consciousness has
realizing the importance of making its regulations sufficiently liberal to en¬
arisen and that labor thinks its employers have been unfair.
able corporations operating under them effectively to compete with foreign
And labor thinks correctly on the subject.
Employers have been unfair institutions or State institutions doing a foreign business, has been impelled
and they must now make up for it by being fair in the face of labor's unfair¬
by the ordinary principles of banking prudence to impose restrictions which
ness.
Shop councils and different varieties of reform are necessary.
I it believes will ultimately do much to command the prestige and public
recommend for your attention the report of the Industrial Committee made
confidence upon which must depend the success .of every corporation of
in Washington, of which Mr. Hoover was a member.
But even with labor this character.
efficient and capital plentiful our prosperity would still be on a false bottom.
It is realized by the Federal Reserve Board that the organization and
The inflation of currency and of bank credit has more than anything been
operations of these corporations involve new principles and new fields of
I responsible for the 250% rise in prices in the last six years.
Wages have effort, and that experience may demonstrate that the regulations promul¬
not kept pace with prices and false inflation has added to the chaos.
gated herewith are in some respects too restrictive and in other respects too
Unrestrained extravagance is our national keynote, and the capital of the
liberal.
The Federal Reserve Board, therefore, in order to permit of the
smaller capitalists when it isn't dried up by taxes is being squandered in the
development of operations under the terms of this section in the manner
purchase of unproductive things.
contemplated by Congress, reserves the right from time to time to amend
At Fort Wayne, Ind., on April 3, Mr. Vanderlip also dis¬
Its regulations in such manner as experience and changing conditions may
They need between
In
an
cussed
three and four
billions.
address which he also
Where are they going to get it?
delivered before the City Club
present-day conditions, and
sought to show that the
the
present unrest is due principally to inflation; from
ac¬
count of what he had to say, as published by the Indianapolis
following:
we take the
old national banking law, Mr.
"News,"
Vanderlip said, provided that for
every $7 loaned, $1 must be kept in the bank's vaults, but the Federal
Reserve Law ^llows $30 of money to be loaned for each $1 in the bank's
vaults.
This has caused a tremendous inflation, ho believes, and the
balloon will break with disaster to the country's business, if a stop is not
called.
An increase in production will help the situation greatly, ho said.
Labor has come out of the war period dissatisfied and is giving scarcely
more than 60% efficiency for a vastly higher wage, said Mr. Vanderlip.
If labor were wisely led, he added, it would find 100% efficiency bringing
down the cost of living.
Mr. Vanderlip did not lay all the blame, or the
major part of it, on labor.
He said it is due to the unwillingness of the
Government to use the discount brake on expansion of loans which the
The
authorized national banks having a capital
more to invest, under certain circumstances,
1916.
or
dictate.
W.
W.
T.
The
P. G.
HARDING, Governor.
CHAPMAN, Secretary.
regulations are as follows:
BANKING
CORPORATIONS AUTHORIZED TO DO FOREIGN
UNDER THE TERMS OF SECTION
BANKING BUSINESS
25 (a)
OF THE
FEDERAL RESERVE
ACT.
Organization.
than five, may
for the purpose of
engaging in international or foreign banking or other international or foreign
financial 'operations or in banking or other financial operations in a de¬
pendency of insular possession of the United States either directly or
Whenever these regulations refer to a Corporation spelled with a capital O they
relate to a corporation organized under Sction 25 (a) of the Federal Reserve Act.
number of natural persons, not less in any case
corporation * under the provisions of Section 25 (a)
1. Any
form a
*
THE CHRONICLE
1586
through the agency, ownership or control of local institutions In foreign
countries or in such
dependencies
or
insular possessions.
State
[VOL. 110
foreigner or foreign corporation or corporations under foreign
in what manner and to what extent.
or
control and if so,
In the Case
Articles of Association.
2. Any persons desiring to organize a corporation for any of the purposes
defined in Section 25 (a) shall enter into articles of association (see
Board
Reserve
Form
151, which is suggested as
articles of association),
which shall specify in general terms the
not inconsistent with the law which the
corporation
may see
for the regulation of its business and the conduct of its affairs.
of association shall be signed by each person
objects
Organization Certificate.
1 "
assumed
••••■■•
.
by the corporation.
Second—The place or places where its operations are to be
Third—The place in the
carried on.
United States where its home offices is to be
located.
•
of its
Fourth—The amounts
Into which it shall be divided.
Fifth—The names and
capital stock and the number of shares
•
places of business
or
arrangement under which such firm or company will hold the shares or
of the shares if Issued or transferred to such firm or company in trust
any
for
or
in any way under the control of any foreign State or any foreigner or
foreign corporation
residences of persons execut¬
ing the organization certificate and the number of shares to which each
and to what extent.
manner
The board of directors may In any case before making any issue or transfer
of stock, require such further evidence as in their discretion
they may think
necessary in order to determine whether or not the issue or transfer of the
stock would result in a violation of the law.
The board of directors of the
Corporation shall refuse to issue or transfer any stock the issue or transfer
cause 50% or more of the total amount of stock issued or
outstanding to be held contrary to the provisions of the law or these regu¬
lations.
The decision of the board of directors in each case shall be final
and conclusive and not
subject to question by any person, firm or corpora¬
tion on any ground whatsoever.
If at any time by reason of the fact that the holder of
any shares of
the corporation ceases to be a citizen of the United
States, or in the
opinion of the board of directors, becomes subject to the control of any
foreign State or foreigner or foreign corporation or corporation under foreign
control, 50% or more of the total amount of the capital stock issued or out¬
standing is held contrary to the provisions of the law or these regulations,
the board of directors
may, when apprised of that fact, forthwith serve on
the holders of the shares in
question a notice in writing requiring such holder
within two months to transfer such shares to a citizen of the United
States,
to
or
has subscribed.
a
firm, company
or
scribing the same and all other persons, firms, companies and corporations
who or which may thereafter subscribe to or purchase shares of the
signing the organization certificate shall acknowledge
The persons
the execution thereof before a
who shall
capital
corporation to avail themselves of the advantages of this
of such
section.
judge of some court of record
or notary
certify thereto under the seal of such court or notary.
public
Thereafter
the certificate shall be forwarded to the Federal Reserve Board to be filed
in its office.
corporation approved by the board of directors as
eligible stockholder.
When such notice has been given by the board of
directors the shares fo stock so held shall cease to confer
any vote until
they have been transferred as required above and if on the expiration of
two months after such notice the shares shall not have been so
transferred,
the shares shall be forfeited to the
Corporation.
an
Sixth—The fact that the certificate is made to enable the persons sub¬
stock
corporation under foreign control, and if such
any
or
of which would
organization certificate (Federal Reserve Board No. 152) which
name
Company.
J>any is corporation or corporation under foreign control, and ifforeigner or
oreign or is not subject to the control of any foreign State or so, in what
The articles
intending to participate in the
3. All persons signing the articles of association shall under their hands
First—The
or
fit to adopt
corporation and when signed shall be forwarded to the
shall state specifically:
Firm
arrangement exists, the nature thereof, and (b) Whether such firm or com-
Federal Reserve Board in whose office they shall be filed.
make an
a
provisions
for which the corporation is formed, and may contain any other
organization of t$ie
Federal
satisfactory form of
a
of
(a) Whether the controlling interest in such firm or company is or is not
owned by citizens of the United States and whether there is or Is not
any
The board of directors shall prescribe In the by-laws of the Corporation
appropriate regulations for the registration of the shares of stock in accor¬
dance with the terms of the law and the regulations.
The by-laws must
also provide that the certificates of stock issued by the
corporation shall
contain provisions sufficient to put the holder on notice of the terms of the
law and the
regulations of the Federal Reserve Board defining the limita¬
tions upon the rights of transfer.
Title.
4.
Inasmuch
the
as
name of
the corporation is subject to
Federal Reserve Board, a preliminary application for that
be filed with the Federal Reserve Board
on
Federal Reserve Board Form 150.
This application should state merely that the organization of a
corporation
under the proposed name is contemplated and may request the approval of
that name and its reservation for a period of thirty days.
No Corporation
which issues Its own bonds, debentures or other such obligations will be
permitted to have the word "bank"
part of its title.
as a
as
a
part of its title.
poration whould indicate the nature
or reason
and should in
name
no
resemble the
case
extent that It might result in
identity, purpose, connections
the
the Cor¬
business contemplated
So far as possible the title of
misleading
of the
corporation to the
of any other
or
deceiving the public as to its
affiliations.
or
5. After the articles of association and organization certificate have been
a
been
preliminary permit to begin
business has been issued by the Federal Reserve Board, the association shall
become and by a body corporate, but none of its powers except
incidental and preliminary to Its organization shall be
has
been
permit
to
business.
commence
Before
the
Board will issue its final permit to commence business,
cashier,
that
such as
exerciesd until it
formally authorized by the Federal Reserve Board by a final
generally
together
each
with
at
least
director elected is
three
citizen
of
the
of the
directors,
United
Federal
Reserve
the president or
must
certify
(a)
(b) that j a
majority of the shares of stock is owned by citizens of the United States,
a
States;
by corporations the controlling interest in which is owned by citizens of
the United
firms
or
States, chartered under the laws of the United States,
or
in the articles of association at least
25% has been
subscription.
as
and when each is paid in,
6.
paid in cash and that
permitted to issue stock of
no
par
(a)
The par value of each share
corporation will be
If there is more than one class of
value.
stock the
name and amount of each class and the obligations, rights and
privileges attaching thereto shall be set forth fully in the articles of associa¬
Each class of stock shall be
so
named
as
nearly
unusual
as
abroad
of
possible what is its character and to put him on notice of any
Transfers of Stock.
Section 25 (a) provides in part that:
"A majority of the shares of the capital stock of
any such
by citizens of the United States."
issuable and transferable only on the books of the corporation upon approval
board
of directors.
Every application for the issue
be accompanied by an
desired to issue
or
(a)
or
transfer of
affidavit of the person to whom it is
transfer stock, stating:
In Case of an
Whether he Is
Individual,
citizen of the United States, and if a citizen
of the United States whether he is natural born or a citizen by naturaliza¬
tion; if naturalized, whether he remains for any purpose in the allegiance of
any foreign sovereign or State; (b) whetherthere is or is not any arrangement
under which he is to hold the shares or any of the shares which he desires
to have issued or transferred to him, in trust for or in any way under the
control of any foreign State, any foreigner, foreign corporation or any cor¬
poration under foreign control, and if so, the nature thereof.
or
is not
a
In the Case of a Corporation.
(a) Whether such corporation is or
is not
chartered under the laws of
United
States
or of a State of the United States.
If It is not, no further
declaration is necessary, but if it is, it must also be stated: (b) Whether the
controlling interest in such corporation is or is not owned by citizens of the
Umted
States, and whether there is
or is not any arrangement under which
or any of the shares if issued or trans¬
corporation, in trust for or in any way under the control of
»ny foreign State or any foreigner or foreign
corporation or any corporation
under foreign control, and if
any such arrangement exists, the nature thereof,
and (c) Whether such
corporation is subject to the control of any foreign
such corporation will hold the shares
ferred to such
with
the
Corporation.
is
indirectly through the ownership
accordingly provided that
other certificates of
or
con¬
Corporation
a
(b) under the laws of
ownership of
foreign country
any
other
any
any
colony or
or a
State, dependency
or
insular
is not engaged in the general business of buying or selling goods, wares,
merchandise
not
commodities in the United States; and, second, that it is
or
transacting any business in the United States except such
to its international
or
foreign business.
Federal Reserve Board,
of
banking,
any
or
more
than
stantial
or
more
than 15% of its
corporation engaged in the business
No corporation shall purchase
organized under
stock
any
the terms of Section 25 (a) or under
the laws of any State which is in substantial
holds stock
is incidental
10% of its capital and surplus in the stock of
other kind of corporation.
in any other corporation
any
as
Except with the approval of the
corporation shall invest
no
capital and surplus in the stock of
competition therewith
or
which
certificates of ownership in corporations which are in sub¬
competition with the purchasing corporation.
This restriction,
however, does not apply to corporations organized under foreign laws.
Branches.
10.
No corporations shall establish any branches except with the approval
of the Federal Reserve Board, and in no case shall any branch be established
in the United
States.£
|f Issue
of Debentures(Bonds and Promissory Notes.
11. Approval of the Federal Reserve
public
or
Board:
No Corporation shall make
private issue of its debentures, bonds, notes or other such
obligations without the approval of the Federal Reserve Board, but this
restriction shall not apply to notes
from banks
bankers
or
issued by the Corporation in borrowing
for temporary
not to exceed one year.
purposes
The approval of the Federal Reserve Board will be based solely upon the
right of the Corporation to make the issue under the terms of this regula¬
tion
and shall not be understood in any
Reserve Board has
an
investment.
way to
imply that the Federal
passed upon the merits of such obligations
Federal Reserve Board will consider the general
approved
The
or
character and scope of the businss of the corporation in
debentures, bonds, notes
or
determining
the
other such obliagtions of the Cor¬
Every application for the approval of any such issue by a
Corporation shall be accompanied by (1) a statement of the condition of
the
Corporation in such form and as of such date as the Federal Reserve
Board may require; (2) a
posed to
ties
In order to insure compliance at all times with the requirements of this
provision after the organization of the corporation shares of stock shall be
shall
or
or
Application:
corporation
the United States, chartered under the laws of the United States or of a
State of the United States, or by firms or companies, the
controlling inter¬
of its
foreign
or
States
poration which may be issued by it.
shall at all times bo held and owned by the citizens of the United
States,
by corporations the controlling interest in which is owned by citizens or
stock
United
corporation organized (a) under the provisions of Section 25 (a) of the Fed¬
eral Reserve Act;
to indicate to the investor
attributes.
est in which is owned
directly
it
amount of
7.
either
corporations and
invest in the stock
may
as
as
the
It is contemplated by the law that a Corporation shall conduct its busi¬
trol
any
shall be specified in the articles of association and no
tion.
9.
ness
}n accordance with law.
No corporation may be organized under the terms of Section 25
capital stock of less than $2,000,000.
its international
to
in
investments in the Stock of Other Corporations.
paid in in cash at least 25% of his stock
Capital Stock,
with
established
carry on the business of the
Thereafter the cashier shall certify to the payment of the
remaining installments
be
may
by
States, and (c) that of the authorized capital stock specified
each shareholder has individually
be Incidental
shall
as
Agencies
approval of the Federal Reserve Board for specific purposes, but not gen¬
erally to
companies the controlling interest in which is owned by citizens
of the United
except such
possession of the United States, provided, first, that such other corporation
made and filed with the Federal Reserve Board, and after they have
are
States
business.
dependency thereof; (c) under the laws of
Authority to Commence Business.
approved by the Federal Reserve Board and
No corporation shall carry on any part of its business in the United
8.
No Corporation
which has the word "Federal" in its title will be permitted also to have
word "bank"
Operations in the United States.
approval of the
approval should
or
or
secure such
collateral, if
detailed list of the securities by which it is
pro¬
issue, stating their maturities, endorsements, guaran¬
any,
and in general terms the nature of the transaction
transactions upon which they were based, and (3) such other data as the
Federal Reserve Board may from time to time require.
Advertisements:
No circular, letter, or
other document advertising the
issue of the obligations of a Corporation shaU state or contain any reference
to the fact that the Federal Reserve Board has
issue to which the
advertisement relates.
granted its approval of the
This requirement will be
en¬
forced strictly in order that there may be no possibility of the public's mis¬
construing such
a
reference
Board of the merits
ojj
to be an approval by the
Federal Reserve
desirability of the obligations as an investment.
Sale of
Foreign Securities.
12. Approval of the Federal Reserve Board:
No Corporation shall offer for
sale any foreign securities with its endorsement
or
guaranty
the approval of the Federal Reserve Board, but such approval
solely upon the right of the Corporation to make such
a
,
except with
will be based
sale under the terms
of this regulation and shaU not be understood in any way to imply that
Federal Reserve Board has approved or passed upon the merits
securities
as
an
Application:
accompanied by
the
of such
investment.
Every application for the approval of such sale shall be
a statement
of the character and amount of the securities
proposed to be sold, their endorsements, guaranties or collateral, if any,
and such other data
require.
as
the Federal Reserve Board may from
time to time
Ape. 17 1920.]
Advertisements:
No
THE CHRONICLE
circular, letter
sale of foreign securities by a
shall state
or
or
other document advertising
Corporation with its endorsement
or
th®
Board has granted its approval of the sale of the securities to which th
The proposed
v
Stock
Acceptances.
<■:
■
be
tion shall exercise its power to accept drafts or bills of exchange, if at the
time such drafts
bills
or
Maturity: No Corporation shall accept
maturity in
Reserve Board.
/■/
of
or
-/:/
amount aggregating at any time in
an
10% of the subscribed capital and surplus of the Corporation,
unless the transaction be fully secured or represents an
(2) Aggregates:
of un¬
Whenever the aggregate of acceptances
capital
be
fully secured, or (b) exceeds twice the amount of the subscribed capital and
surplus, all the acceptances outstanding in excess of such amount shall be
fully secured.
(The Corporation shall elect which ever requirement (a) or
outstanding at
time (a) exceeds the amount of the subscribed
any
and surplus, 50%
of all the acceptances in excess of the amount shall
(b) calls for the smaller amount of secured acceptances).
Reserves:
days
or
less
thirty
shall be maintained, and against all
all acceptances outstanding which mature in
Against
a reserve
of at least 15%
days a reserve
acceptances outstanding which mature in more than thirty
of at least
3% shall be maintained.
in liquid assets of any or all of
with other banks;
Reserves against acceptances must
the following kinds:
be
(1) cash; (2) balances
(3) bankers' acceptances, and (4) such
securities as the
Board may from time to time permit.
No Corporation shall receive
In the United States:
in the United States
of carrying
United States
where the Corporation has established agencies, branches, or where it
operates through the ownership or control of subsidiary corporations.
De¬
posits of this character may be made by individuals, firms, banks or other
corporations, whether foreign or domestic, and may be time deposits or
any
deposits except such as are incidental to or for the purpose
foreign countries or dependencies of the
out transactions in
on
demand.
tion.
panying the
the
copy
judgment and banking principles.
a
no
The total liabilities to a
and surplus, except
Corporation of
borrowed, including
the liabilities of the several members
of the amount of its paid-in capital
firm or corporation for money
company or
firm
time exceed 10%
Federal Reserve Board, pro¬
discount of bills of exchange drawn in good faith
with the approval of the
vided, however, that the
commercial or business
shall not be con¬
this paragraph. The
liability of a customer on accouht of an acceptance mad^by the Corporation
for his account is not a liability for money borrowed within the meaning of
this paragraph unless and until he fails to place the Corporation in funds to
cover the payment of the acceptance at maturity or unless the Corporation
against actually existing values and the discount of
paper
actually owned by the person negotiating the same
sidered
as
money
itself holds the
borrowed within the meaning of
acceptance.
Corpora¬
deposits
domestic and foreign, debentures, bonds, notes, guaranties, endorsements
and other such obligations shall not exceed at any one time ten times the
amount of the Corporation's subscribed capital, and surplus except with the
approval of the Federal Reserve Board.
In determining the amount of
the liabilities within the meaning of this paragraph, endorsements of bills
of exchange having not more than six months to run, drawn and accepted
The aggregate of the
Aggregate Liabilities of the Corporation:
tion's liabilities
outstanding
on
account of acceptances, average
by others than the Corporation, shall not
Operations Abroad:
regulations,
cifically set
usual in the
Except as otherwise
be included.
provided in the law and these
abroad not only the powers spe¬
forth in the law but also such indidental powers as may be
determination of the Federal Reserve Board in connection with
a
Corporation may exercise
other financial operations
shall transact business.
In the exercise of any
the transaction of the business of
In the countries in which it
of these powers
banking or
abroad a Corporation must be
country in which it is operating and by
guided by the laws of the
sound business
judgment and bank¬
ing principles.
Management.
ofa Corporation shall exercise their
officers, or employees with due
letter and the spirit of the law and these regulations.
shall, of course, be
of any of its directors,
officers, employees or representatives in the conduct of their official duties.
The character of the management of a Corporation and its general attitude
towards the purpose and spirit of the law and these regulations will be con¬
regulations the Corporation
any
application made
the
operation under rule 7 involving the clearing of special
transactions
of rules
nor
Each Corporation shall make at least two reports annually
the Federal Reserve Board at such times and in such form as it may"
Reportjs:
i
require.
Examinations:
examiners
Each Corporation shall be
examined at least once a year by
appointed by the Federal Reserve Board,
nations shall be
The cost of exami¬
paid by the Corporation examined.
Amendments to
Board from time to
at the time
they were assumed.
15, inclusive, involving the
exception is to be noted in the
will be cleared through the
and not
An
of Liberty bonds which
case
night clearing sheet balance and
as
at present
through the Day Clearing Branch of the Stock Clear¬
ing Corporation.
of each firm
were
Members and
one
responsible employee
invited to hear addresses
fundamental principles of the
on
the scope and
operation of the Stock Clearing
Corporation, delivered in the Governing Committee Room
of
the Exchange, by the President of the Corporation on
April 13 and 15.
/•■/
In making known the issuance of the Corporation's ByLaws and Rules, the official announcement given out on
the 12th inst. said:
previous announcement by Mr. Streit, the Chairman of the Com¬
A
the New York Stock Exchange, describing their
long and cheerful preparation by the Special
Committee on Clearances to¬
gether with the Counsel of the Exchange, forecast the appearance of these
By-Laws and Rules In the completeness of detail in which they were pre¬
sented to the Governing Committee of the Stock
that body.
Exchange for approval by
Apparently they provide for every possible contingency that
arise as between either clearing member and clearing
member,
or
as
itself, or as between clear¬
ing member and lenders of money who will at a
later date avail themselves
good faith under regulations in
effect
It is difficult to see wherein any possi¬
of the facilities of the Corporation.
bility of question can arise which has not already been taken care of.
A history
of the preparation of the By-Laws and Rules indicates the pains¬
achieve
but also
in a legal sense.
After the Sub-Committee of Clearing and Banking ex¬
perts had outlined a plan and prepared the forms that would be required
there began a series of conferences between counsel for the Exchange and
Mr. Streit, Chairman of the Committee to draft the plans into rules and
regulations.
This work was started on or about Feb. 1919.
Recent utterances of the Special Committee on Term Settlements of the
Acceptance .Council and of the Federal Reserve Bank have indicated the
importance of the present step taken by the Exchange both in relation to the
immediate advantages that will accrue and In relation to possible future
taking efforts of the Committee responsible for its structure, to
perfection not only in the practical operation of the organization
developments looking to an even more
lem of
new
economical and scientific settlement
and deliveration with which it has approached the prob¬
modernizing its methods and the study which has been given every
The
system.
care
feature before final adoption shows
of the need of
proceeding carefully.
the Exchange to be deeply sensible
The difficulties and dangers encount¬
machinery of modern finance
the Senate on "Rates of
Interest on Collateral Call Loans."
The report reads:
"It must be recog¬
nized that any alteration in the method of settlement on the Stock Exchange
ered in instituting changes in the complex
was
touched on in Governor Harding's Report to
is
step that will require
a
A realization of the
much time and thought."
problem involved was also shown in the report of the
speaking of the advantages which would
Acceptance Council which,
be
settlement by the Exchange, cautioned
it involves, however, changes of great importance both
offered by the adoption of a term
that "Inasmuch as
to banks and to members
of the Exchange it will require the most
careful
settlement
can not be put in operation until the new system of daily stock exchange
settlements through the Stock Clearing Corporation has been perfected and
study of the subject by the Committee and In any case a term
in
practical operation for a reasonable time."
Governor Harding's report
in
our
April 3,
page
referred to above, was given
1366.
The report of the Ameri¬
Acceptance Council will appear in a subsequent issue
can
of
issue of
our
paper.
The
Corporation is incorporated under
capital of $500,000, divided
the laws of New York with a
into
owned by the Stock Ex¬
New York
will be the Night Clearing Branch of the
5,000 shares, all of which are
The present Clearing House of the
operations of the Day
in the
building of the Stock Exchange; the Day Clearing will involve
two operations, viz., the clearing of security balances and
Stock
Clearing
Corporation;/the
Clearing Branch of the Corporation will be conducted
the clearing
Regulations.
amendment by the Federal Reserve
time, provided, however, that no such amendment shall
18. These regulations are subject to
prejudice obligations undertaken in
to
however, these additional rules will become effective.
Stock Exchange
Reports and Examinations.
to
8
At the earliest possible date thereafter,
clearing of loans.
change.
under the terms of these regulations.
17.
the
only with the clearing of stock balances and will not include
responsible for all acts of omission or commission
sidered by the Federal Reserve Board in acting upon
January
begins operations the latter part of this month, it will start
rights and perform their duties as directors,
For the purpose of these
issued in
Clearing House that have been
Stock Clearing Corporation
on
When
heretofore.
issued
16. The directors .officers or employees
regard to both the
April 7 1920/ The
between clearing member and the Corporation
General Limitations and Restrictions.
thereof, shall at
on
was
only present rules governing new conditions but codify the.
rulings of the Committee
sound business
in the liabilities of
Corporation
of By-Laws and Rules, the Secretary of
can
Outside the United States a
15. Liabilities of One Borrower:
approved by the Govern¬
Clearing Corporation says that the new By-Laws not
mittee on Clearing House of
any person, company,
the Exchange will
prepared by E. V..D. Cox, Secretary of the Corpora¬
In &letter to members of the Clearing House accom¬
Corporation may
receive deposits of any kind from individuals, firms, banks or other cor¬
porations unless such Corporation has any of its bonds, debentures, or other
such obligations outstanding.
In that event it may receive abroad only
such deposits as are permitted in the United States.
(See above.)
Reserves: Against all deposits received in the United States a reserve of
not less than 13% must be maintained.
This reserve may consist of cash
in vault, a balance with the Federal Reserve bank of the district in which
the head office of the Corporation is located, or a balance with any member
bank.
Against all deposits received abroad the Corporation shall main¬
tain such reserves as may be required by local laws and by the dictates of
Outside of the United States:
on
settled under Article XXV. of the Constitution
Deposits.
14.
booklet embodying
was
exportation or im¬
portation of commodities and is guaranted by a bank or banker
doubted solvency.
and
]
No acceptances shall be made for
(1) Individual drawers:
in
Federal
as
special meeting
a
booklet describing the
bill of exchange with a
V'
the account of any one drawer
excess
draft
of six months except with the approval of the
excess
Limitations:
any
a
effected, there has this week been made public the Cor¬
ing Committee at
other such obligations issued by it.
or
Besides
poration's By-Laws and Rules,
presented for acceptance it has outstanding any
are
STOCK
Stock Clearing Corporation of the New York
clearing of loans and stock balances
Federal
Reserve Board and subject to such limitations as it may prescribe no corpora¬
debentures, bonds, notes
Y.
N.
general description of the corporation, through which the
a
under the terms of Section 13 of the Federal
Reserve Act, provided, however, that except with the approval of the
OF
Exchange is scheduled to begin operations the latter
part of the present month.
13. Kinds:
Any Corporation may accept drafts and bills of exchange
drawn upon it which grow out of transactions of the kinds which form the basis
of eligible bankers' acceptances
CORPORATION
EXCHANGE TO FUNCTION AT END OF MONTH.
contain any reference to the fact that the Federal Reserve
advertisement relates.
CLEARING
STOCK
guaranty
1587
of loans, together with the clearing of special
transactions approved by the Stock Clearing Corporation.
Other facts relative to
the Corporation were furnished
follows in the descriptive
booklet issued by Secretary Cox;
as
THE CHRONICLE
1588
,
Purpose.
As stated In the Articles of
Each Clearing Member must send to the Stock Clearing Corporation no
,
Incorporation, are
as
later than 10:00
foHows:
provide members of the New York Stock Exchange and firms having
as partners members of the New York Stock Exchange for whom it mayact with facilities for clearing contracts between them and for delivering
stocks and securities to and receiving stocks and securities from each other
and for delivering stocks and securities to and receiving stocks and securi¬
ties from banks, bankers, trust companies and others and for procuring
the transfer of stocks and securities upon the books of the corporations or
associations issuing the same; »
To act for each of the members of the New York Stock Exchange
Exchange who
it as agent in
clearing contracts between the member or firm and other such members
and firms and in delivering stocks and securities to and receiving stocks and
securities from other such members and firms and in delivering stocks and
securities to and receiving stocks and securities from banks, bankers, trust
companies and others and in procuring the transfer of stocks and securities
upon the books of corporations or associations issuing the same and in re¬
ceiving from and paying to other such members and firms amounts payable
by or payable to such other members or firms in connection with the delivery
of stocks and securities to or the receipt of stocks and securities from such
other members or firms and in receiving the proceeds of loans and paying off
loans made by banks, bankers, trust companies and others on stocks and
securities;
be necessary
to carry out the foregoing purposes and to protect the
against loss in carrying out the same.
shown by
as
the security balance tickets.
Bond balances must not be listed with stock balances but must be listed
on
separate lists provided for that purpose.
These itemized lists must be accompanied by orders signed by
representaives of the Clearing Members authorizing the
Corporation
to credit the
Delivery of securities on Stock
the actual delivery of the securities.
upon
Clearing Corporation balance orders will be made direct between members
heretofore
as
(unless otherwise directed by the Stock
tion), but instead
Member making
to whom the
of payment
delivery will
a
being made
secure a
The
securities.
\
Transfers of accounts and deliveries of securities other than deliveries
on
security balance orders may be made through the Stock Clearing Cor-
pration when its approval has been obtained
Exchange will be
operations of the Day Clearing Branch of the Corporation
will be
Day Clearing will involve two operations, viz.: the clearing of security
the clearing of loans, together with the clearing
balances and
transactions approved
of special
and
new
of money will be
ments
of the lender.
the Stock
member of the Clearing House who buys
The lender will retain
delivered
of
If, however, he buys 1,000
one
plan, in the case suggested, the pro¬
the debt caused by the purchase of 1,000 shares of
that it will only
reduce
may
off to the Stock Clearing Corporation and, while the
changes in collateral will be effected.
When
for
.
or
loan is
will
will be assigned to
booths at the Stock
their
been completed.
paid off and until a new loan is made and the money
there¬
of the
for
under
they are turned over to the Clearing Member
security balance orders or for other special purposes
on
col¬
off and with checks for new loans to
transactions between the Stock Clearing
Corporation and each
^ill be settled at the close of business by delivery
payment of money due to or from the Clearing Member.
Clearing Member
securities and
the
Charges for services rendered are set out as follows
firm desiring to become a Clearing Mem¬
its application approved by the Stock
26.
Rule
by it to the fund known as the Clearing
in the
Charges for Services Rendered.
For the services rendered to Clearing Members as
Fund,
herein provided, such
Clearing Members shall pay compensation to the Stock Clearing
Clearing Fund.
tion,
The amount of the contribution from each Clearing Member to the
of
By-Laws and Rules;
Clearing Cor¬
poration and must sign the form of agreement prescribed by it and must
contribute the amount required
of a new
Corporation
received, the Stock Clearing Corporation will have possession
The day's
Any Exchange member or firm
Day Clearing Branch of the Stock Clearing Corporation must become a
A member
Stock Clearing
safeguards prescribed by the Stock Clearing Corporation.
who desires to use the facilities of either the Night Clearing Branch or
or
loan agreement,
loan and the borrower
new
They will remain at the booths until 2:30 p. m. or until
a
delivery
Exchange members and firms for whom the Stock Clearing Corporation
ber must have his
representatives
securities except insofar as
.
Clearing Members.
Clearing Member.
receive the amount of the
transactions for the day have
securities are there,
paid off and the new loans made and at the same time
Clearing Members.
lenders'
be made.
plan, the banks or other lenders will send the collateral to loans to be paid
acts will be known as
loan
and the Stock Clearing Corporation will,
lateral for the loans that are to be paid
Under the new
paying off the old loan before the new loan is effected.
the old loans will be
certain
Clearing Corporation where they will arive about 11:30 a. m. with the
loan is paid off which the broker wishes to reborrow,
intermediate credit from his bank for the purpose of
a
he must secure an
new
If not disapproved by the Stock Clearing
deliver the securities to the lender.
The
when
of the
Such agree¬
loans must be delivered to
hour after being delivered to it (subject to
deliver the securities direct to the lender or the
be necessary to provide for the payment of the difference.
must be
of the triplicates and two
to extensions of time), a return loan agreement or a new
loan agreement,
United States Steel, so
Such agree¬
off the loan and receive the collateral therefor and, in the case
pay
Clearing of Loans•
At present,
Clear¬
authorized representative
an
for account of the Clearing Member, in the case of a return
shares of United States Steel and sells 900 shares of Southern Pacific, no
ceeds of the delivery of the 900 shares of Southern Pacific will go to
as
one
making of
Clearing Corporation.
Corporation within
agreement will become operative
new
Forms of re¬
present.
to the Stock Clearing Corporation.
100 shares to receive and pay for the next day.
Under the
as at
provided by the Stock Clearing Corporation.
provisions
is effected.
the floor of the Exchange
be made out in triplicate and all three agreements
must
signed by the Clearing Member and also by
1,000 shares of United States Steel and sells 900 shares has a balance
economy
on
loan agreements to be executed by the
ments for return loans and for
Clearing of Security Balances.
a
diiectly between the lenders and borrowers
or
and trust compa¬
Members and the making of
Negotiations for loans will be made
triplicates will be
by the Stock Clearing Corporation.
Under the present system,
Clearing Members in con¬
ing Members and the banks bankers and trust companies or other lenders
conducted in the building of the New York Stock Exchange.
The
loans.
turn loan agreements
Day Clearing Branch.
The
application therefor.
on
The Stock Clearing Corporation will act for
nection with the paying off of loans from banks, bankers
Night Clearing Branch of the Stock Clearing Corporation.
the Clearing
delivery is made which will be filed with the Stock Clearing
Corporation and will confirm the charges and credits with respects to such
new
present Clearing House of the New York Stock
Clearing Corpora¬
heretofore,
as
receipt from the Clearing Member
nies and other lenders of money to Clearing
the
their accounts with the total
value of securities to be received, such credits and charges to be contingent
corporation
Night Clearing Branch.
authorized
Clearing
Stock
Clearing Members' accounts with the total value
of the securities to be delivered and to charge
and
firms having as partners members of the New York Stock
shall employ it upon terms and conditions satisfactory to
To enter into all such contracts and do all things that may
itemized lists of all security balances to be delivered
m.
a.
and to be received
To
or proper
[VOL. 110.
>
as
Corpora¬
follows:
for every 100 shares of stock
100 shares of stock received, plus five cents for every
(1) A charge will be made of five cents
Clear¬
ing Fund will be fixed by the Corporation which in determining such amount
regard to the volume of the Clearing Member's transactions.
delivered and every
will have
100 shares of the balances to be received and
The minimum contribution will be $10,000* and the entire fund will not
clearing sheet.
be less than
$10,000,000.
(2) A charge will be
Each Clearing Member will be subject to an
additional Uability equal in amount to his contribution to the
to make good
losses affecting the corporation.
the volume of his transactions in the present Clearing
delivered
reserve
tion to charge to
according to
every
make it advisable.
In the rules and regulations just made
and two cents for
the Day Clearing Branch
Corporation to credit to him for securities to be de¬
$1,000 which the Clearing Member directs
livered. by him on
security balance orders.
for every $1,000 of loans paid off
Member under agreements filed with
(4) A charge will be made of one cent
The Clearing Fund will be deposited by the Stock Clear¬
new
or
ing Corporation in New York banks and trust companies.
*
for every $ 1,000 which the Clearing
Branch of the Stock Clearing Corpora¬
him for securities to be received by him
of the Stock Clearing
Clearing
Member at any time that the volume or nature of his business seems to
balance in such
received.
Member directs the Day Clearing
experience of the Stock Clearing Corporation which will however,
the right to require an increase in the contribution of any
received, plus three cents for every entry of a
(3) A charge will be made of two cents
House if he has been
tions of Clearing Members will be readjusted from time to time
the actual
or
bonds to be delivered or
Afterwards the amount of the contribu¬
member of the Clearing House.
made of three cents for every separate entry on the
United States Government bonds
night clearing sheet of a transaction in
Clearing Fund
The amount of each Clear¬
ing Member's initial contribution to the Clearing Fwid will be based upon
a
delivered as shown on the night
loans made for the Clearing
the Stock Clearing Corporation.
public, the minimum contribu¬
tion is given as $5,000.
Supervision of Clearing Members.
DEVELOPMENTS GROWING OUT OF
The Board of Directors and Executive Committee wUl have the right at
any
The
Termination of Clearing Membership.
The Stock Clearing Corporation at any time in its discretion may cease
to act for a Clearing Member and a Clearing Member may at any
time
When
Clearing Member he wiU get back his
require the Stock Clearing Corporation to cease acting for him.
the
Corporation ceases to act for a
contribution to the Clearing
iMhd
after
any
share of the losses of the Stock
which such contribution is liable have been de¬
Clearing Member has paid all amounts due by him to the
Clearing Cgrporation for
ducted and the
Stock
Clearing
Corporation
and
of which further
aU transactions out
obligations to the Stock Clearing Corporation might arise
have been closed.
Anticipated Results.
expected that the operations of the Stock Clearing Corporation will
reduce the demand for day loans from the certifying banks by at least 65%
It is
and firms now maintaining
bank balances for the purpose of securing such
accommodation will be enabled to
reduce their bank balances.
Certifi¬
SUSPENSION OF
DEALINGSlINlSTUTZ MOTOR CAR CO
(
time to examine into the transactions of any Clearing Member.
resignation
as a
member of the New York Stock Ex¬
change of Allan A. Ryan, Chairman of the Board of the
Stutz Motor Car Company of Amercia, Inc., and the re¬
moval of
the stock from the Stock Exchange
Ryan's request, figured in the developments
week which have arisen as a
ings in
list, at Mr.
the current
result of the suspension of deal¬
the Exchange on March 31.
the stock by
Mr.
Ryan's request to the Exchange that his seat be sold was
addressed to the Governors under date of April 13, and
besides stating
therein that the action in suspending trading
in his opinion, "as unwarranted as
in the Stutz stock was,
it
was
unfair," Mr. Ryan alleged that in their deliberations
conclusions
the
Governors
of
the
Exchange
"were
cation will not be entirely
and
offset their contributions to the
unduly swayed by those who have an interest antagonistic
to me."
The following is his letter of resignation:
eliminated and reasonable bank balances will still
have to be maintained but it is expected that the reduction in the bank
balances which it will be necessary for Clearing Members to maintain will
Clearing Fund.
April 13 1920.
Day Clearing Branch Operations,
i^Nlght Clearing cash balances and security balances will be entered on a
separate sheet with footings showing the totals of transactions.
Ail such
"balance" sheets will be delivered by the Night Clearing
Clearing Branch on
the delivery day following
Branch to the Day
their receipt.
balance tickets will be given out at the Night Branch of the
Security
Stock Clearing
Corporation at 9:00 a. m. on the delivery day and will have the names
of members from whom and to whom the securities entered
be received or
delivered.
thereon are to
To the Governors
Gentlemen:
your
I
of the New York Stock Exchange:
Because of the
treatment which has been accorded me by
Committees and Board of Governors in the Stutz matter, I feel that
longer remain a member Of your institution.
can no
From the moment when you
have been
sions you were
to me.
started to take
up
the Stutz situation, I
impressed with the fact that in your deliberations and conclu¬
unduly swayed by those who have an interest antagonistic
of Governors are members of houses who. for them-
On your Board
Afb. 17 1920.]
selves
their customers,
or
stock; indeed,
an
THE
are
on your very
CHRONICLE
and have been right along short of Stutz
Committee having this matter In hand, there is
E. Whitney of H. N.
Post & Flagg, 38
active member who is
a partner of a firm that is not only short of a large
number of the shares, but continued to sell Stutz up to the last moment
that trading was allowed, and has as yet failed to make delivery of such
1589
Whitney & Sons, Mills Building; Arthur Turnbull of
Wall Street.
"Seven of the above named gentlemen categorically deny that either they
their firms, or their partners are, or have at any time, been interested
or
for themselves in the stock of the Stutz Motor
sales.
however, that several of the houses mentioned
I have always met your Committees frankly and in a fair spirit.
While
you have freely had all the help and information I could give, you in return
have given me none; but your Committee members have had access to all
sides and phases of the matter, even to the foreknowledge of your point of
lots for
view, your plans and your decisions.
and Carlisle, who are
Company.
It so happens,
customers to the following limited extent:
I
i
informed that members of your Board of Governors before whom
am
this matter has
come
and will again come for consideration and decision
were short for the account of
"One house short 240 shares for a customer's account.
300 shares for
Western correspondent.
a
out-of-town correspondents.
One house short
One house short two small odd
The other two, Messrs. Jacquelin
members of firms of odd-lot brokers, who have
no
customers among
the public, but deal only In odd lots for member firms,
interested in Stutz as of the (1st of April only to the extent of a few
were
have actually joined hands with an outside committee of firms all short of
shares) less than 1,000, either ower or owing on balance at the close of the
Stutz stock, who
day,
banded together for the sole and express purpose of
repudiating their Stock Exchange contracts.
are
In fact, it is only
candid for me to
say to you
that
fro^i your first interest
in the Stutz matter you have impressed me with the
mittees
of
idea that
your
Com¬
Exchange contracts and assisting the unsuccessful shorts to evade their
responsibility than of forcing
your
members to observe the obligations of
the commitments and of preserving the inviolability of agreements made
the floor of your
on
Exchange in strict accordance with all
Your action in suspending
as
unwarranted
you
under
it
as
was
trading in the Stutz stock
While I know of
unfair.
constitution, by-laws
your
or
was, in my
no
opinion,
regulations to take such action,
a gross
in¬
selling
: '
balance.
on
"The above denials were made in answer to the inference to be drawn
from press notices that
their action as Governors of the Stock Exchange
with respect to the Stutz situation was influenced by personal considera¬
tions." '
.:v.\ V' *
:
•
A statement
follows:
was
also issued by Potter Brothers & Co. as
.-V'V
v.-;-
A member of the firm of Potter Brothers & Co.
authority given to
still, if there be such authority, I protest that the action was
or
On that date Mr. Jacquelin's firm owed on
offered.
as are
balance 14 shares of Stutz Motors, while Mr. Carlisle's firm was actually
rules and
'
your
regulations.
happens in the normal course of their business of buying
long of the stock
intent upon finding some way of impairing the validity
were more
as
such odd lots
referring to Mr. Allan A.
Ryan's interview in the "World" this morning said that neither the firm
nor
any
of the members of the firm, nor the clients of the firm, were either
justice to every stockholder of the Stutz Company and a visitation upon
long or short of Stutz stock when the trading in the stock was suspended
them for the fault and the reckless speculation of men who had no interest
by the action of the Governors of the Stock Exchange.
in the Stutz
Company except to harm it by depressing the value of its
'shares.
coming forward with some fair plan which recognized
obligations.
Instead of this, there have
dicate yourselves by
the avowed sanctity of Exchange
all of a character intended to harass and in¬
jure me and the companies with which I am identified.
You started offi¬
cially an investigation in another security in which I am known to be
largely interested, the intimation being that in this security again I had
done something which merited investigation and possible criticism.
But
been repeated developments,
the
Last week's request of the Stock
V-'.
Patiently I awaited your further action, in the hope that you might vin¬
examination must have served
casual
most
And
so,
basis
from day to day, there emanate
official in character, then so closely related as to
be official sanction by reason of association with mem¬
from somebody, if not
have what seems to
statements, declarations and even threats,
fellow-stockholders and our companies, and all
bers of your Board of Governors,
all directed toward me, my
designed only to assist in extricating from their valid Exchange contracts
those who unsuccessfully attempted to depress the market value of our
securities.
f,r:; V^V-'v
.
So long as your
close of business
statements of
who have
a
stitution with its traditions
nation, I cannot, with self-respect, longer
March 1,
.
as
as
■■■,
Inc., stock:
as
the
Long—Number of shares; lor whose account, stating whether it is in the
customers, bpth members and non-members.
Short—Number of shares; for whose account.
Loans—Number of shares; to whom.
Borrowed Stock—Number of shares; from whom.
Failures to Receive—Number of shares; from whom.
Failures to Deliver—Number of shares; to whom.
Statements showing
decided
tion
the 14th inst. to
on
until
way.
the
completion of the investigation now under
the
Resolved, That action upon the request of Mr. Allan A. Ryan to
seat be deferred until the
account.
All Sales—Date, number of shares,
price, to whom, for whose account.
Borrowed.—Date, number of shares, from whom, whence-
turned.
>y''/y.
'Vi
-:■■■
-y-'■ry.V'C/-"■ /"'•<'•
v
America, Inc., is completed.
Wednesday's meeting the Exchange authorities
Prior to
All Receipts (other than on
Mr. Ryan's letter
April 13 1920.
is addressed to the Governing Committee of the Ex¬
change, which will meet Wednesday afternoon.
The constitution of the Exchange provides that the Governing Committee
corporation admitted to the
list.
Dealings in the stock of the Stutz Motor Company was suspended
upon Mr. Ryan's reiterated statement that the stock was cornered.
After the Exchange was informed that there was no longer a free and
open market in the stock it could not permit the public to trade upon its
suspend dealings in the securities of any
floor in the belief that there was a free and open
The suspension of
market.
Also
the committee having this matter in
and that the member of that committee to
charge is the Law Committee,
whom he refers if Mr. H. G. 8.
Mr. H. G. S. Noble is a member of the firm of De Coppet & Dore-
trading was suspended.
firm had 553 shares to
and
was
When dealings were suspended the
receive from 21 houses and 520 shares to deliver,
statement attributed to Mr. Ryan in which
sevejral Governors of the Stock Exchange were referred to as
being short of Stutz stock caused the issuance on the 14th
inst. of the following joint statements, according to the
"Times,"
York
through
Stock Exchange channels,
There appears
in the columns of the
Ryan:
"World" of April
14 the following
statement attributed to Allan
"I will supply
the names of the nine other members of the Board of
Wall Street gossip as being short, either for them¬
Governors mentioned in
selves or for their customers,
of the stock of the Stutz Motor Car Company
They are:
"Herbert T.
B. Jacquelin of the firm of Jacquelin & De Coppet, 65
Broadway; Allen L.
\
Lindley of Lindley & Co., 100 Broadway; J. P. Carlisle
43 Exchange Place; Donald G. Geddes of Clark,
of Carlisle, Mellick & Co.,
Jerome J. Danzig of Jerome J. Danzig & Co.,
Dominick of Dominick & Dominlck, 115 Broad¬
Dodge & Co., 51 Wall Street;
100 Broadway; Bayard
way;
information
in
connection! with
customers; what became of the same, whether exercised or
of shares, price, expiration date,
or
Fuller Potter of Potter, Choate & Prentiss, 5
received by
and what disposition
you;
was
date, number
made of them.
.V"■.
Respectfully,
E.
V.
D.
COX,
:.V
Secretary.
With regard to the above, the following letter was sent to
members of the Exchange
the Committee
on
by Wintbrop Burr, Chairman of
Business Conduct:
To the Members: The attention of the Business
been called to the following statement
Committee' has
Conduct
contained in
a
news
item in the
"Times" in relation to the request for information regarding
New York
Stutz Motor stock made by the Business Conduct Committee:
"It
was
kg
the belief that this exhaustive information was being gotten for
the benefit of the protective committee representing the shorts in
easel it
determined to carry the fight to the courts."
This
statement
is,
of
without foundation.
course,
The
information
Conduct Committee.
Another procedure on the part of the Exchange was the
proposal to amend the constitution relative to the suspension
of
dealings when
this
issue of the "Chronicle."
had
on
the
has been created.
a corner
Reference to
proposal amendment is made elsewhere in to-day's
on
Exchange list
the Curb
on
With the removal of Stutz stock
on
April 14, dealings therein were
the following day.
the 14th inst. that the market
on
It
was
pointed out
the Curb is not under
complete jurisdiction of the New York Curb Market
At the time of suspension of dealings in Stut*
Association.
stock by
the Stock Exchange, similar action was taken by
Over 300 shares, it is stated,
the Curb Market Association.
denying the alleged charges:
of America.
or
from the
long on balance 33 shares.
A newspaper
New
following
Date, number of shares, price, expiration date; issued or guaranteed for
yourselves
which Mr. Ryan
odd lot dealers, which firm purchased and sold Stutz Motor stock up
to the time
showing
called for is sought solely for the use of the Business
which he has entered into.
It is assumed that the Committee of the Exchange to
Noble.
statements
lapsed;.if exercised, by whom; purchased
was
dealings in no way affects the legal rights of any in¬
dividual upon contracts
mus,
purchases and borrowings)—Date, number of
shares, price, from whom, for whose account.
public the following with respect to Mr. Ryan's
New York,
as
|
loans).—Date, number of shares,
price, to whom, for whose account.
letter:
refers
;.'y■
All Stocks Loaned—Date, number of shares, to whom, when returned.
sell his
investigation now being had in regard to trans¬
actions in Stutz Motor Car Company of
may
price, from whom, for whose
Puts and Calls:
.
had made
March and April:
for the months of February,
All Purchases—Date, number of shares,
RYAN.
Governing Committee
postpone action on the resigna¬
resolution
following
opening of business Feb. 1,
follows:
All Deliveries (other than on sales and
In
.':•</
possible the following information regarding Stutz
April 1 and April 12 1920
All Stocks
delay.
soon
box, in loans, in transfer or loaned, including stock held for yourselves,
continue as a member.
Accordingly, I hereby request that my seat be sold without
vV-K:':
Yours very truly,
"
ALLAN A.
Feb. 1, March 1,
;,;y
Statements showing position in detail at
and your decisions, I cannot escape the
I respect your in¬
and its important place in the commerce of our
further request for
The following is this week's com¬
Motor Car Company of America,
v'
system is unjust and that, greatly as
your
a
on
to the stock
instructed by the Committee on Business Conduct to notify you
am
furnish
to
personal, financial interest at stake to take part in your
deliberations, your judgments
feeling that
followed by
was
as
Exchange for informa¬
position in Stutz stock at the
New York, April 12 1920.
I
deem the exigencies of a situation
men
April 7
position
the Members:
To
and regulations for their immediate execution as you
require, and so long as you permit
may
to their
munication sent to members by Secretary Cox:
body is responsible only to itself, and so long as you can
make your own rules
as
April 1 and April 12.
to persuade even your
members who have interests antagonistic to me that there was no
whatsoever for the intimation.
tion from members
Nassau Street; Howard
were
traded in
on
the Curb
on
the 15th, from 700 to 724.
yesterday (April 16) only 3 shares were
sold, representing three separate transactions.
The first
Up to
noon
sold at 700, the
second at 710 and the third at 700.
On
April 7 200 shares of the stock were sold at auction at
$701 per share.
On the 14th inst. there were also auction
purchase price being $700 per share*
sales of the stock, the
The elimination of the stock from the Stock
does not,
Exchange list,
it is stated, end the moratorium declared.
The
THE CHRONICLE
1590
this state¬
New York "Times" of the 15th inst. in making
which trading was permitted on the Stock
March 31, the last day
Exchange, are, It is asserted,
In other words, the
position as before yesterday's action.
same
of the shorts.
stock cannot be called and cannot be bought in at the expense
Exchange asking that the stock be
his letter to the
In
about March 31 last without prior
or
our
restrict them from trading in any other market,
On
April 5 last
sharos which are
applied to
we
payable
of valuable securities and rendered them wholly
tied up this large amount
While
we
shares
our
heard that you have taken any action on
holding the matter in abeyance you have, In effect,
I
stockholders.
your
awaited
stock
order of suspension involved, we nevertheless
further action in the hope that you would speedily restore our
your
to its
But inasmuch as this has not been done, we are
just privileges.
unwilling to suffer any longer this injustice to our stockholders.
«
While
we
this treatment of our securities, it is clear beyond a
designed to better our stockholders and did not in fact work to
not
was
their advantage.
of our
Board of Directors, we hereby respectfully request you at once to remove
stock from your
list and to consider
withdrawn
as
our
application for
the listing of the additional 20,000 new shares.
agreed to
dropping of the stock from the list, Mr. Ryan made the
following comment according to the "Times" of April 15:
I am
gratified that the Board of Governors of the New York Stock Ex¬
change has promptly acceded to the request of the Stutz Motor Car Com¬
pany
of America, Inc., that its shares be removed from the New York Stock
Exchange list.
As
a
result, the Stock Exchange's jurisdiction over these
shares ceases and there will be a return at once of a market that has been
New York Stock
also pleased to note that the President of the
I was
in Ms statement this morning, has expressly recognized the
sanctity and inviolability of Stock Exchange contracts upon which I have
stood and will continue to stand.
with respect to the "short" interest in the stock and that a
my statements
Each and
thorough investigation of the situation will disclose the facts.
of the houses mentioned
for their firm
were
their customers,
or
borrowers of the stock and, whether
actually representing "short" in¬
were
terests.
Concerning the failure of the Stock Exchange to seU my seat, until the
completion of the Investigation which its Board of Governors says is now
that any fair, unbiased and impartial investigation
say
will be welcomed by me.
However, I have yet to see
any
action
of the Governors of the Stock Exchange to eliminate from its
on
the part
deliberations,
judgments and decisions, those who either for themselves or their custom¬
ers,
a
represent "short" interests.
It is noteworthy that the
do anything, still, having the
brought to it for sale, and
contention and that of the
action in forbidding dealings in
Stutz shares.
prohibiting Stock Exchange houses
from dealing in Stutz stock is a belated attempt to repair the
damage done to the
My desire to
Still
another
some
Since that time, various lots have been offered for sale,
sales have been
if the loans of Stutz stock are called without any
that
had
the 12th inst.
been
issued
by Mr.
Ryan
the company will bring about a result
I made to the
have offered repeatedly
to do
one
a
every
fair thing in
my
power
sult of
persistent attacks
terest in the Stutz
down
was not
the
on
designed
created by
wero
that which they did not own.
a
at the expense
was
the
re¬
no
They hoped to force down the price
of every stockholder,
so as to
reap a great
profit
indeed they would have done but
as
same
privileges
My interest in the Stutz Company has never been that of
its largest stockholder.
I became interested in the
a
speculator.
company
and have given it
was
operating in
ous
effort and attention to bring it to its present high state of
a
and productivity.
comparatively small
way
when it
my continu¬
efficiency
Its condition to-day is splendid from every viewpoint,
and its earning power would more than justify the highest prices which the
stock has reached during the recent rise.
The welfare of this magnificent
property and of its stockholders has always been and stil lis my first
While I
was
recovering from
a
the stockholders who are not to blame for the present
privileges as
situation and are entitled to have their stock enjoy the same
any
very
I have, with some difficulty, been able to ascer¬
study it is ap¬
other listed security.
tain the houses who are short of the stock, and after some
parent to my mind that these
houses continued their short position long after
they knew where I stood and what I was doing; that they
and that they
was
afoot I determined to protect
legitimate
means
in
my
power.
purposely omitted to buy the stock when there was an open
the stock then
future development
some
had
not organize any
elf alone and
I bought on the floor of the Ex¬
buying pool
paid
or
syndicate of any kind.
my own money on
I could.
as
were
selling stock
were
borrowing the
same
I did
I bought for
the purchases I made.
Jwas buying was widely known, as I desired it should be.
people who
would enable them to escape the loss which they
In addition, they have
some excuse
for repudiating an Exchange contract,
my-
The fact that
Many of the
in large quantities
brokers.
I might have refusod to lend them stock, but by so
doing I should probably have precipitated a much more critical situation,
and because I did not wish to do
that, and also because the Committee of
the Stock Exchange specially
requested me to lend stock freely, I continued
eland Stutz stock on the floor of the
Exchange under regular Exchange
Erchan
rules.
and are willing to adopt
specious subterfuge or flimsy pretext that will enable them to dodge
legal and moral responsibility and evade the consequences of
I have only
a
the
many
suggestion
,
said that this result can be obtained.
In reply,
rights in the hands of the court and to ascertain whether
plain, clear contract for the loan of stock made on the floor of
is
their
their own acts.
both from brokers and legal
this to say, that while I am not courting litigation, I am quite
content to put my
the New
with its rules and regulations
strict accordance
solemn, binding obligation or a mere scrap of paper.
a
I withhold at this time a statement
of
my
opinion respecting the per¬
unsuccessfully endeavored to raid the Stutz
I do not consider that the fight has yet started.
stock.
on
I am anxious to
much difficulty as I can, consistent with my rights
as
the stockholders who have invested their money and
faith in me.
the strength of their
and those of
continued their invest¬
But I wish it to be understood
the company and the stockholders and will defend them
to the limit of my resources,
reasonable in making
an
and that, wMle I am prepared to be more than
adjustment if an adjustment can be had which
will solve the entire situation, still, if no
such adjustment is had, I am quite
just what has been attempted here and what has
been done.
A statement in which he advocated the
the Stock Exchange, came
incorporation of
from Mr. Ryan on the 15th inst.
In this statement he said in part:
Irrespective of my controversy with the New York Stock Exchange; Irre¬
Stock Exchange;
irrespective of the unfair treatment to the Stutz Motor
Company and its stockholders, I most certainly advocate the incor¬
Car
poration of the New York Stock Exchange to be governed by law for the
good of the investing public.
This is the present
The people who
consideration:
The issue is not confined to the Stock Exchange and myself nor to the
controversy between the Stutz
raiders."
There is
a
1.
Restoring
a
stockholders and the unsuccessful "short
great question of public policy involved which deserves
The recent occurrences have served to demonstrate the
importance of the points
upon
which I stood.
market to Stutz stockholders by ending the irresponsible
jurisdiction of the New York Stock Exchange.
2.
Insisting
upon
the recognition of the sanctity and inviolability of
a
Stock Exchange contract.
3.
from my
contracts and in strict accordance wit
Apparently they still,have this objective
banded together in the hope of finding
brought upon themselves.
in mind.
When I realized
the stock and the stockholders by
change, in strict accordance with its rules, such stock
hoped for official
be relieved of their Exchange contracts,
market for it in the belief that, if they could not batter down
serious thought.
serious illness these pernicious attacks
began without any provocation or instigation on my part.
difficulties,
privileges of the Exchange, this course would
and thereafter to deny it the
con¬
sideration.
what
the Exchange that any other listed security has.
retain jurisdiction of the
on
spective of the treatment of the Stutz Motor Car Company by the New York
for my ability to protect the company and its stockholders.
am
wMch was
It Is obvious that if the Exchange were merely to
stock until the unsuccessful "shorts" have been relieved of their
in¬
campaign for selling
buy the stock at ridiculous figures, in order thereby to
I
different settlement for each of the parties; that
settlement should be made by the Exchange Committee
undertaking to handle the situation, and that upon the settlement being
made the ban should be lifted from trading in the stock, so that it might
determined to profit by hammering
deliberately promoting
In substance, they meant that I was
prepared to stand upon my rights and to let the public and the courts know
It
me.
the stock by persons having absolutely
Company, who
Stutz stock and
nor
They
objection
settlement for all parties who owed me stock, instead
of making a separate and
such
which they justly merit.
There was no feeling behind them and no
could properly be taken to them.
prepared to make
that I will protect
the Stutz situation.
toward am adjustment, practically nothing has been done.
The Stutz situation
have
Exchange certain definite suggestions for settlement.
simple and fair.
were
ment
In this be said in part:
But despite the fact that I have freely given all the information at my com¬
and
It is my opinion
settlement being
reached, the stock will go even higher, and then the gentlemen who
avoid
For many days I have awaited patiently a solution of
mand
reported at much higher prices.
formance of the gentlemen who
market for Stutz stockholders and to protect their
statement
might be
firm did in fact mitigate the difficulties of
reached
and
unwarranted
and its stockholders.
company
secure a
Interests has been accomplished.
on
desire of protecting the stockholders, I adver¬
my
paid in cash a price Mgher than the stock ever
York Stock Exchange in
ban
bringing great loss to such of
Thereupon, although I was not obliged to
number
the Exchange.
experts, by which it is
This proposed
bitrarily suspended trading in Stutz stock on March 31.
of the
stated
This suggestion was ans¬
of shares, for wMch it
suspend trading only demonstrates their lack of authority when they ar¬
official removal
opinion,
my
embarrassed stockholders by buying in this manner a considerable
I have read with interest
Their
has not, in
stock, thereby depriving all the
market and perhaps
a
might need to realize.
as
by-laws of the Stock Exchange designed to give the Governors power to
Stutz company against the high-handed
the
Exchange Committee that I would be very glad to assist toward a
Stutz stockholders of
any
proposed amendment to the constitution and
amendment now emphasized the justice of my
feature of my
complete public
Prior to the suspension of trading in the stock I
wered by a suspension of trading in the
them
no
a
solution of the difficulties in which these so-called "shorts"
find themselves.
to the
detail,
.
The action of the Exchange up to the present
helped to
Stock Exchange agree¬
a
Indeed, I will welcome
interference in order thereby to
afoot, I have only to
of
no
The plainer the facts are made
investigation.
be grossly unfair to
and every dne of
I have already stated that I am prepared to prove each
every one
clearer will be my vindication.
have the
arbitrarily denied to the stockholders since March 31 last.
Exchange,
There is
good.
persistently sold it short and have been determined all along to depreciate
When informed that the Stock Exchange had
the
large lender of Stutz stock in the market, there are un¬
others who have loaned their stock just as I have and who
also relying upon the validity and solemnity
are
on
Therefore, pursuant to a resolution of the executive committee
our
a
am
tised that my firm would buy for cash such actual Stutz stock as
and purposes in
doubt that your action
shall not attempt to characterize your motive
the very
up to
many
settlement and would be reasonable in terms.
empowered to place any such ban on
believe that you are not
as
right
the last day, and notwithstanding that their selling con¬
on
ment to have their loans made
Although our company has complied with your rules
this application, so that
unmarketable for
additional
for the listing of 20,000
you
day and
every
Many of these
Some of these people failed to deliver the stock thus
contract which I hesitate to disclose.
April 15 to stockholders of record of April 5,
on
and regulations, we have not yet
our
injury
and its shareholders.
stock dividend.
as a
thereby effectually depriv¬
entire stock issue of any market and inflicting an incalcuable
upon our company
bought there
were
regular Stock Exchange agreement, they made no effort to carry
a
While I
floor.
shares
it out.
doubtedly
to
our
last minute of trading.
The effect of this
fit to suspend trading in our shares on your
many
mined to slaughter the stock, continued to sell it short
stockholders the right to trade on your floor, and yet to
saw
ing
Exchange beicause
people, however, confronted with this situation and being still deter¬
same
tract was
notice to our company you
was
deny
of the
continued to be bought as long as trading was allowed.
sold by them
dropped from the list Mr. Ryan said:
On
They made no
attempt to purchase the stock, as they could readily have done on the floor
Contracts that were entered into prior to and on
in the
short of Stutz stock learned many days ago and before the Exchange
were
interfered with its trading just what the situation was.
ment said:
on
[Vol. 110.
The reluctant
admission that the
Stock
Exchange had
right or |
authority to suspend trading in Stutz stock, which lack of right is shown
by the proposed amendment
4.
no
my
now to
acquire that right for the future.
Recognizing the first principel of justice that
right to sit
fight,
was
as a
judge in his
own
no
a
party in interest has
controversy, wMch principle, owing to
finally recognized at the Board of Governors' meeting yester¬
day when they for the first time excluded those who represented a "short"
interest.
It was stated yesterday that Senator Black, who had
planned to introduce a bill at Albany providing for incorpora-
Apb. 17
1920.]
THE
CHRONICLE
tion of the Exchange, had abandoned the plan because of
the belief that it could not be passed before the adjournment
of the
Legislature.
v
v
1591
That which the
Mr.
Exchange by this resolution refused to do, and which
Ryan complains of the Exchange for refusing to do, was to declare
that every member
of the Exchange who was
that Mr. Ryan might choose to ask,
A
lengthy statement in which its position in the controversy
clared insolvent by
presented
issued last night
was
as
follows by the Stock
''
Exchange:
'V ^
of the
The President
New York, April 16 1920.
*
.
York
New
suspending dealings in Stutz Motor stock, and
The Stock Exchange, in
The Governing Committee may suspend
dealings in the securities of any corporation previously admitted to quota¬
from
V..yy
;y
dealings in Stutz Motor stock, acted without
in suspending
Exchange,
The statement that the action of the Governing Committee was
In the interests of, or for the benefit of, the men who sold Stutz
equally untrue.
The facts
as
came
t
Stutz
Motor stock,
the company.
10,000 shares more than the total capital stock
of
Conduct Committee that there was a corner,
and
the Law Committee in the afternoon of the same day he stated $500 as his
settlement figure.
He was informed that even in case of a settlement the
question must be raised whether the stock must not be stricken from the
sufficiently distributed to provide a free and open
list because it was not
market.
He at once
in respect thereto,
would be taken
he would not settle for $500 and that his settling price
might be $1,000 or more.
The Business Conduct
the list, and that no action
-V-;:/>
■
Committee and the Law Committee at once re¬
ported the facts to the Governing
mittee
by unanimous
in Stutz Motor
Committee
which
Committee, and the Governing Com¬
action adopted the resolution suspending
Vj
stock. *;■
was as
April 5^ at his own request, came before
follows:
.
.
..
.
-
'
[This statement was published in our
The Law
dealings
•
the Law
of the Stock Exchange and undertook to lay before the Law
a proposition for the settlement of the Stutz Motor matter,
Mr. Allan A. Ryan on
Committee
stock
declared that unless he was assured that the
would be allowed to remain on
Stutz Motor
.
•
"..V:?
■
■
Issue of Saturday last, page 1482.Ed.J
with Mr. Ryan.
relating to
settled between the parties to those contracts,
all questions arising out of contracts
stock were to be
adopted the following resolution:
"The amount of piemium to be paid with respect to loaned
and
stocks is not
a matter of regulation by the Exchange.
In the judgment of the Law
Committee the Exchange will not treat failure to deliver Stutz Motor stock
due to inability of the contracting party under existing conditions to obtain
same as a failure to comply with his contract requiring action on the part
of the Exchange pending the determination of the question of his liability
other appropriate proceedings."
The purpose of the Governing Committee on suspending dealings in
Stutz Motor stock was the protection of the public.
The Committee
then knew there was a corner in the stock, which the public did not know.
Knowing that there was no longer a free and open market, it was bound to
suspend dealings in it for the protection of the public.
Information was
then before the Governing Committee that orders in small lots to sell the
stock were coming in from various parts of the country, obviously given
by action at law or
ignorant of the corner, which if executed, would have
placed the sellers at the mercy of Mr. Ryan.
The suspension of dealings
also afforded an opportunity to the parties to existing contracts to reach
by people who were
adjustment.
the action of the
Exchange in suspending dealings was dictated by a desire to benefit the
short interests.
The position of the Committee of the Exchange, and the
Exchange itself, was that the protection of the public required that the
Exchange should be free to strike the Stutz Motor stock from the list or to
suspend dealings in it, and the Exchange refused to entertin or to have
anything to do with the propositions made by Mr. Ryan, which involved
a settlement of the existing contracts, but only on the condition that the
Exchange would bind itself to allow Stutz Motor stock to remain on the list.
The settlement of the contracts for Stutz Motor stock was a matter
between Mr. Ryan and those who were obligated to deliver stock to him.
The question whether Stutz Motor stock, in view of the lack of distribu¬
tion, could be left upon the list with safety to the public, was a matter for
There is not a
the determination
The
word of truth in the statement that
of the Exchange.
legal
legal
existing contracts affected by the resolution of the
suspension of dealings in Stutz Motor
rights of the
stock did not affect the
Nor were the
parties under any existing contracts.
rights of the parties to
Law Committee, approved by the Governing
Committee, declaring that
the Exchange would not regard a failure to deliver Stutz Motor stock as a
breach of contract calling for action on the part of the Exchange, pending a
determination of the rights of the parties by action at law or by other
appropriate proceedings.
The Exchange has never treated
member to pay a claim which he disputes in good faith as a
a
the failure of
breach of con¬
pending the determina¬
tion of his liability by action at law or other appropriate proceedings.
Because the corner in Stutz Motor stock raised a question as to the liability
of the parties to contracts for the delivery of such stock, the Exchange, in
this resolution, declared that the parties should be left to have their rights
determined by action at law, by arbitration, or by voluntary agreement.
tract calling
for action on the part of the Exchange,
in
Donald G. Geddes is a member, had
either for themselves or for
Danzig & Co., of which Mr.
the same
position
as
;
'•»/■
....
forjthe^account
300 shares of stock
transaction *or!in Stutz Mo tor "stock.
of a Western correspondent.
int<$est in that
personal
had no
for any
i;
'■
.'-y'
">
''
borrowing for account of customers;
had any personal interest in
and neither the firm nor any of its members
-
■
which Mr. Howard F. Whitney is a member,
short 400 shares, which they were
the transactions.
v'v
■■
H. N. Whitney & Sons, of
due by
V. 'y'yy-y
;.
Motor stock whatsoever, either for themselves or
in'stutz
Post &
"v
.
^
of their customers.,,./
were
member,
Co., of which Mr. Fuller Potter is a member,
&
Potter Bros.
interest
a
They had no interest
either for themselves or for their cus¬
Dominick, of which Bayard Dominick is a member, was
Dominick &
short
Jerome"*J. Danzig is
Clark, Dodge & Co.
tomers.
•-
■
'V:y,
There was
to'another Stock Exchange house and to customers 130 shares.
Flagg, of which firm Arthur Turnbull is a member.
them
A like amount was either in their box or
due to them from correspondents.
Noble is a member,
contracts to
deliver and for stock borrowed, and there was due to them from 21 other
Stock Exchange houses 553 shares.
On balance they were long 33 shares.
Mr. Ryan has asserted that his purchases of stock of Stutz Motor stock
were solely for the purpose of protecting stockholders of the company against.
attacks made"by short selling.
The price of the stock on February 2 ranged from 130 to 134.
During
the whole of February there were only 15,500 shares sold.
On the first of
March the price was 113.
The volume of transactions in March was 74,800
shares.
The price rose from 113 on March 1 until March 25, when it ranged
from 245 to 282.
It rose 100 points during the following week and on March
Coppet & Dor emus, of which firnrMr. H. G. S.
De
are
odd-lot dealers.
On March 31 they owed 520shares on
31 ranged from 379 to 391.
The course of prices
of Stutz Motor stock in February
and March demon¬
the protection
Ryan's transactions were not necessary for
of the interests of the stockholders of the company.
strates that Mr.
The Committee on Business Conduct since
was
;;j;:.
stock
transactions in that
dealing in Stutz Motor
suspended has continued its investigations of the
stock.
••.
Exchange members and
notice requiring detailed
specific information as to all transactions during the month of February
March.
On the same day a request was sent to the Stutz Motor Co.
April 12 the Committee sent to all Stock
On
firms, including the firm of Allan A. Ryan & Co., a
and
and
list of its stockholders of record.
On April 13 a letter was
Mr. Ryan addressed to the Board
Governors in which he requested that his membership be sold.
,
requesting
a
received by the Stock Exchange from
of
April 15 the Committee on Business Conduct
On
Ryan & Co. a letter in reply to a
received from Allan A.
call for information sent out on
April 12,
resigned from the Exchange. The
only methods by which the membership of a member of the Exchange may
stating that Mr. Allan A. Ryan had
be terminated are
I.
A transfer of his
.y-'
v"
membership with the approval of
two-thirds of the
Committee on Admissions of the Exchange;
2.
upon
3.
The transfer of his
membership by the Committee on
Admissions
his death;
The transfer of his
his expulsion
,
an
_
whatsoever in Stutz Motor stock,
Committee declined to enter into negotiations
It held to the view that
On
shares\m*balance.
interest In Stutz Motor stock whatsoever,
was
fix the terms which would be proper for
of the Business Conduct Committee
At the joint meeting
settlement.
long 6
Clark, Dodge & Co., of which Mr.
no
that he alone was
and must take whatever steps
were necessary to do so.
The situation did not improve, and no effective
steps were taken by him to put an end to the corner.
At the meeting with the Business Conduct Committee on the morning
of March 31, Mr. Ryan stated the terms on which he was willing to settle.
Those terms were $750 a share.
The Exchange itself had no power to
position to put an end to the corner
settle the outstanding contracts or
named by
Jacquelin Is a
March 31, at the close of business, they
Neither the firm nor any of its members had any
■;(::/■
informed that the situation must not continue;
was
a
financial Interest on the short side of
each one of the ten houses
Jacquelin & De Coppet, of which house Herbert T. B.
for the delivery to them of stock aggregat¬
:\:^\'.y;''/vV
When he told the Business
in
The facts in respect to
Mr. Ryan are as follows:
Jerome J.
and that he and his family, friends and immediate
110.000 shares, or
ing
it will receive more Stutz Motor stock
say,
houses .than it is "under obligation to deliver.
Not one of these three houses has any
stock
and thereafter supported his statement with cor¬
details, which, if true, indicated that he owned 80,000 shares of
roborative
is to
their customers.
before the Committee he stated that Stutz Motor
associates owned or bad contracts
he
-V
forTtheir ownTaccount, except three firms whose
in'odd-lots, and""each one of these three firms is long
from other Stock Exchange
were
stock, called Mr. Allan A. Ryan, of the firm
Co., before it.
The fact is thatnot a single
Mr. Ryan were in any way whatsoever interested
stock
business It is to trade
stock short,
follows:
as
cornered, and then
was
Stutz *Motor
in
Committee of the Exchange, noting the character
of the trading in Stutz Motor
:■:
member, is an odd-lot house.
suspension of Stutz Motor stock are
The Business Conduct
When he
taken
:
to the
of Allan A. Ryan &
of ten firms named by
one
the market.
authority, is untrue.
is
i';''/
'
Ten members of the Governing Committee are named by Mr. Ryan as
of Stutz Motor stock; that
repeatedly made that the Governing Committee of the
The statement
and the
Governing Committee in respect to Stutz Motor stock'
belonging to firms short of Stutz Motor stock.
tion upon the Exchange, or it may summarily remove any securities
the list."
unanimous.
was
afterwards striking the stock from the list, acted under the following pro¬
"Section XXXIII, Article 4.
Governing Committee, of whom 33 were
present at the meeting of the Governing Committee on March 31,
action taken by the
vision of the constitution of the Exchange:
personal in¬
unqualifiedly false.
There are 42 members of the
"
Stock Exchange issued the following
Governing Committee In the action it has taken
in reference to Stutz Motor stock has been influenced by the
terests of its members is
statement on behalf of the Exchange;
price
under pain of being immediately de¬
the Exchange from membership.
The statement that the
is
party to a contract for Stutz
a
Motor stock should pay Mr. Ryan in settlement of the contract any
membership by the Committee on
Admissions upon
from the Exchange.
Committee on April 15 adopted the following
The Governing
resolution:
of Mr. Allan A. Ryan to sell his
uncil the investigation now being had in regard to transac¬
"Resolved, That action upon the request
seat be deferred
tions in Stutz Motor Car Co. of
The
resolution
of
the
Committee
on
April
15.
America, Inc., is
Governing
Stutz Motor stock remained
completed."
Committee suspending
in effect until the meeting
Prior to that meeting a
dealings in
of the Governing
resolution had been
offered to the Governing Committee
Co. of America, Inc., to show cause why
prepared by the Law Committee to be
calling upon the Stutz Motor Car
its stock should not be
upon
the Exchange.
stricken from the list of stocks
admitted to quotation
Just prior to the meeting, a formal
Motor Car Co. of America, Inc.,
ceived from the Stutz
request was re¬
asking that its
Committee, considering
that In view of the request of the company it would serve no purpose to give
the company an opportunity to show cause why its stock should not be
stricken from the list adopted a resolution striking it from the list at the
the list.
stock be stricken from
The Governing
meeting on April 15.
The Exchange has
controversies
nothing whatever to do with the settlement of the
the Exchange arising out of existing
between members of
stock. The settlement of those
for negotiation between the parties and
determination by the courts. The Exchange has
nothing to do with negotiations between the committee representing the
short interest in the stock, and' representatives of Mr. Ryan.
The only
Interest of the Exchange in past transactions in Stutz Motor stick is in the
question whether or not in those transactions there has been a violation of
its constitution or rules or of just and equitable principles of trade and
contracts for the
delivery of Stutz Motor
controversies is entirely a matter
if they do
not agree, to
business.
In this question it has a
The members of the
vital interest.
Governing Committee of the Exchange are
convinced that in all actions taken
firmly
in respect to Stutz Motor stock, they
[Vol 110.
THE CHRONICLE
159»
have been guided solely by a
sense
of their duty to the best
the public.
the Exchange and of
interests of
Checks from Federal Reserve Banks and Banking Institutions
The
*
Charles E. Hughes has been
retained to act with the law
Balljas advisoryjcounsel in behalf of
ProtectiveJCommittee formed last week to serve in the
interest of Stock Exchange houses having accounts short of
the stock.
Mr. Hughes' appointment was made known as
follows on April 13 by Charles A. Morse, of Clark, Childs
& Morse, Chairman of the ProtectiveJCommittee:
Federal
Reserve Bank
Federal Reserve banks
upon banking
as
well
as
collected at par.
the
it appears
that the committee
now
represents a majority^ all who are
James N. Rosenbergjof
to deliver Stutz stock.
undo* contract
counsel for the Protective
"April 13
1920.
Stock:
Such
who desire us to act fOr them.
a
If you
sign, fill our and return the same
by Federal Reserve districts.
on
Ball,rhave, with the committee's
"Our attorneys, Messrs. Rosenberg &
on
thor¬
advantageous, and the circumstances are such that the committee may con¬
Wednesday.
on
How Checks
Checks drawn
on
Will Be Handled.
member banks in this Federal Reserve district will be
return remittance form of letter for the use of the
with the remittance draft.
Checks drawn
on
non-memoer
banks in this district will be sent direct
endeavor
so
Special Routing Arrangements.
If it is desired to send checks for collection direct to other Federal Reserve
to conduct thelmatterjas to give all
banks or their branches,
actionjls'advisable in the
"While the form of authorization enclosed herewithjis such as to give the
find it feasible to do so, we shall take no final step without first having the
however,
we
seem
In order to secure effective results,
we act.
feel it essential that
have full authority to act
we
as
The Federal Reserve Bank of New York receives and forwards cash items
only under the following instructions:
Items of $10 or under—Do
in our
very
of
truly,
or over,
naming
Not Protest.
Items of $10 01 and over—Protest, if items do not bear on the face this
stamp "N.
"Yours
items of $500
Wire direct to this bank non-payment of
endorsement immediately preceding that of this bank, and giving reason
for non-payment.
best, subject to the limitations set forth in the autho¬
rization.
the necessary arrangements with the
Unpaid Checks and Protest Instructions.
generally by suggesting that!they confer with the com¬
committee ample power, it is needless for us to state that so far as we may
discretion may
the Federal Reserve Bank of New York should
be notified in order that it may make
other Federal Reserve banks and branches.
its counsel before taking any steps whatever.
approval of those for whom
be sent to
will be sent to the Federal Reserve bank of such district for collection.
immediate present by those who are under contractJto£deliver Stutz stock.
we answer
may
j'
Checks drawn on member or non-member banks in any other district
right to decline
opportunity to join with it.
"We have received various inquiries as to what
discretion,
other banks for collection.
accept authorization unless received at an early date, though the com¬
interests reasonable
A
remitting bank will be
This form should be returned
For these reasons
the committee feels obliged to announce that it reserves the
mittee will,, of course,
Saturday will be
Friday and
on
forwarded direct to the drawee bank for reimttanee on day of receipt.
ough-going co-operation should, in the committee's judgment, prove highly
proceed promptly.
The proceeds of four-
Tuesday.
Thursday will be availaole on Tuesday, and the
on
to the drawee banks for remittance, or in our
"The situation is one in which, for many reasons, immediate and
sider it necessary and desirable to
The schedule in
The proceeds of two-day items for¬
Saturday will be available
proceeds of four-day items forwarded
approval, retained Judge Charles E. Hudges to act with them as advisory
or
all points in the country in four
divisions, namely, one, two, four and eighty-day points.
enclosed with every outgoing transit letter.
counsel.
To these
based upon the mail time required fo
paying bank plus the mail time required for the paying
By averaging
it now
without delay.
mittee
are
subject to change, and for convenience it has been arranged by States rather
formal authorization from those
form is enclosed herewith.
wish the committee to act for you, please
available to
appropriate period indicated on the time sched¬
These periods
items to reach the
will be given but the pro¬
part of the reserve nor become
letter of April 10
having been received to warrant our proceeding in your interest,
becomes important to secure the necessary
as
the mail time it has been possible to include
available
"Dear Sirs: A sufficient number of responses to our
to
elapsed.
day items forwarded
ExchangeZunder contract to deliver Stutz
"To Member8 of the New York Stock
of Checks Will Be Available.
bank to remit to the Federal Reserve bank of its district.
warded
with the committee's approval,
Checks drawn on savings banks wil be
collection items.
meet checks drawn until the
than
to-day,
as
When Proceeds
Exchange, of which the following is a copy:
has
separately
For all checks so received credit entry at par
retained Judge
Charles E. Hughes to act as advisory counsel.
We have had a long and
exceedingly interesting conference with Judge Hughes.
A letter has to¬
day been issued by our committee to the interested members of the Stock
Committee
All such checks are received only for the credit of the
ceeds will not be counted
ule has
from other
par
from their member banks, checks drawn
respective Federal Reserve banks.
While I have not been able to calculate with entire accuracy
in Other Districts.
at
institutions and private bankers of this district which can be
firm of Rosenberg &
handled
York receives
of New
P. 1—120," or similar stamp containing the transit number
preceding bank endorser.
a
If it is desired that cash items be handled other than in accordance with
"CHARLES At'MORSE, Chairman.
the above instructions,
"JOHN W. PRENTISS.
they must be forwarded as collection items.
Any unpaid items received in any letters from the Federal Reserve bank,
"ANDREW J. MILLER.
unless held for protest,
'Protective Committee.' "
should be returned with the remittance for such
letter, the total unpaid items to be deducted from the footing of such
letter, and the net amount remitted,
so
that in each instance the remittance
plus unpaid items returned therewith, plus items, if any, held for protest
PROPOSED AMENDMENT TO CONSTITUTION OF N. Y.
STOCK
As
an
outgrowth of the alleged
TO
corner
CORNERS.
injthe^stockjof the
America, Inc., an amendment has
been proposed to the constitution of the New York Stock
Exchange.
The
amendment,
as
which
has
not
yet
cash items drafts drawn
as
been
a
Such protested
Restrictions
as
to
Endorsements.
To insure direct routing the Federal Reserve Bank of New York
free market has been re-established or the
respective
closed upon terms agreed upon between the parties thereto
or
upon terms determined by the Governing Committee to be just and
reasonable after the parties have been given an opportunity to be heard.
items bear the endorsement of
other
Federal
Reserve
special sub-committee appointed for the purpose, which shall report
the testimony, together with its conclusions
thereon, to the Governing
a
banks
bank located outside of this district.
have
adopted
similar
The
rules.
Sorting Checks.
In order to
expedite the forwarding of checks and the obtaining of prompt
credit therefor,
member banks are requested in the preparation of their
letters to sort their checks in to the following classes and list
a
each class
on
separate sheet:
(a) items drawn on members of the New York Clearing House.
lb)
Such hearing may be had either before the
Governing Committee, or before
a
does hot
accept checks drawn on a bank located outside of this district when such
by mutual consent, and may continue such suspension until in the judgment
are
savings banks in this district or protested
on
checks when forwarded for collection for the second time.
checks should be included in the member bank's collection letter.
change, the Governing Committee may suspend deliveries of such stock or
securities on contracts therein, subject to the rules of the Exchange, unless
of the Committee
succeeding letter, the amount
protest fees deing deducted from such letter.
The Federal Reserve Bank of New York does not receive for collection
follows:
Whenever it shall appear to the Governing Committee of the Exchange
that a corner has been created in a stock or security listed upon the Ex¬
transactions
Items held for protest should be
equal the amount of the letter.
of the
Stutz Motor Car Co. of
adopted, reads
will
returned with draft in payment of the next
EXCHANGE RELATIVE
Items drawn on other banks in the Boroughs of Manhattan (above
59th Street) and the Bronx and in Brooklyn.
Items drawn on one-day points.
(c)
id)
Committee, which
may act upon such report or in its discretion may accord
the parties further hearing.
1.
of
New
2.
>
Items drawn on two-day points, subdivided into:
A
letter containing
items drawn
upon
banks situated in the State
York.
A second letter containing items drawn upon banks situated in the
portion of New Jersey that is in this district, and Fairfield County, Conn.,
CIRCULAR OF NEW
ON
YORK FEDERAL RESERVE BANK
REGULATIONS
GOVERNING
CHECK
COL¬
and
3.
A third letter convering all the other items on the
two-day points
outside of this district.
LECTIONS.
(e) Items drawn on four-day points.
The Federal Reserve Bank of New York has taken
All letters received, classified as above, will be credited in full for
casion to issue
a circular, (No.
258) dated March 1, dealing
regulations respecting the collection of checks.
We give herewith the circular in full:
with
the
To all Member Banks in the Second Federal Reserve District
shown, and
or
credit.
errors
the collection of checks, together with some new rulings which have not
been issued in printed form—all of which supersede the
provisions of
on
No
member bank
is
required to
use
the check collection system.
It is requested that such
or past
bonds due
due, nor maturing
notes and drafts.
Federal Reserve District Number
All banking institutions in
own
this district
are
on
Checks.
requested to print on their
checks and the checks used by their depositors the figure "2" (signifying
figure in the
centre of the check.
A
member bank may send checks for collection without
charge through the
Federal Reserve Bank regularly,
occasionally, or not at all; or may collect
them through present
correspondents or in any other manner considered
advantageous.
Checks from
thejtotal
separate debit
Federal Reserve District No. 2), preferably in a large skeleton
this subject.
Use of Check Collection System Is Voluntary.
,
a
period required to collect any item enclosed.
regulations covering the relationship of member banks with this bank in
us
in listing or footing will be adjusted by
Checks received unsorted will be made available for the longest
letters should not contain coupons or
1
Dear Sirs.—You will find in the following pages the current rules and
previous circulars issued by
1
(/) Items drawn on eight-day points.
oc¬
Collectible
at Par through the Federal Reserve Bank of
New York.
Member banks and banking institutions remitting at par are entitled to
place the words, "Collectible at Par through the Federal Reserve Bank of
New York," on their own checks and the checks used
by their depositors.
Attention is called to the desirability of availing of this
privilege.
Banking Institutions in the Second Federal Reserve District.
The Federal Reserve Bank of New York receives at
par from its member
banks checks drawn
on
banking institutions (including private bankers) in
the United States which
Government Checks.
Member banks of this district, other than members of the New York
Clearing House Association,
may
inculde in their remittances to the Federal
can be handled at
par in accordance with "Federal
Reserve Interdlstrict Collection
System" par list published and distributed
final payment by the Treasurer of the United States, all
by. the Federal Reserve Board
rants and checks drawn on the
from
time to
time.®
Reserve Bank of New York for immediate credit
at
par,
but subject to
Governmentpwar-
Treasurer of the United. States.
TTZ
Apb. 17
THE CHRONICLE
1920.]
In New York City member banks may send
to final payment
It
subject
by the Treasurer of the United States.
The Government has for
any
many years
The
Government warrants and
checks to the Federal Reserve Bank through the Clearing House
following is the Clearing House announcement
NEW YORK CLEARING HOUSE.
exercised the right of returning at
April 10 1920.
time warrants and checks which for any cause have not been considered
United States, as
a
condition of receiving Government warrants and checks
the Treasurer of the United States from member banks or through the
New York Clearing House reserves
and return the
Dear Sir:—We hand you
at
same
was
any
a copy
of the rules and regulations regard¬
and which become effective May 1 1920.
House Committee April 6 1920,
convenience copies of the latest schedules of the Federal Reserve
referred to in Sections 4 and 6 are appended.
For your
the right to charge back any such item
time and unconditionally to the institution
below
ing collections outside of the city of New York, as revised by the Clearing
Bank of New York
r;:
V'.
.
from which it
received.
By order,
JAMES A. STILLMAN,
I
Conditions Governing the
'
Use of the System.
Chairman Clearing House Committee.
Every bank sending checks or other cash items to the Federal Reserve
Bank of New York
or
Reserve Bank of New York will act only as the
andfcare
assume no
collecting agent of the
responsibility other than for due diligence
direct to the bank on which they are drawn or, at
add' to,
right is reserved to withdraw,
time any or all of
previous notice.
or
amend at
any
time or from
the foregoing rules and regulations with or without
vA.
'.'- V;,
■v.'rrX:.' i;:
H.
> •
Av
Yours very truly,
J.
April 6 1920
(Effective Aug. 12 1918; amended Sept. 3 1918, Feb. 10 1919.
effective May 1 1920.)
Pursuant to
authority conferred upon it by the Constitution of the New
York Clearing House
Association-, the Clearing House Committee of said
regulations regarding collec¬
Association establishes the following rules and
discretion, to another agent for collection.
The
Regarding Collections Outside of the City of New York.
in forwarding such items promptly, and will be authorized to send
such items for payment
time'to
RULES AND REGULATIONS
conditions herein set forth and to
thereby specifically agreed that in receiving such items the Federal
sending bank, will
its
WILLIAM J. GILPIN, Manager.
to another Federal Reserve bank direct will be under¬
stood to have agreed to the terms and
tojhave
con¬
cerning the changes in the collection system:
good, and the Federal Reserve Bank of New York, as fiscal agent of the
on
1593
v
CASE, Acting Governor.
York (except
tions outside of the city of New
as to
items on clearing non-
Association or banks, trust companies or
others clearing through such members, and the rates to be charged for such
collections, and also regarding enforcement of the provisions hereof:
Sec. 1. These rules and regulations shall apply to all members of the Asso¬
members), by members of the
ciation, and to all banks, trust
companies or others clearing through such
countries of member institutions.
members, but not to branches in foreign
REVISED COLLECTION REGULATIONS OF NEW YORK
TO GO INTO EFFECT MAY 1.
CLEARING HOUSE
A
April 6 by the Clearing House Committee of the New York
made public on Monday last, April 12.
regulations as thus revised are to become
1.
According to the new schedule, "the
Clearing House,
The
was
rules and
new
effective
May
charge for checks and drafts drawn on banks, bankers and
companies located in Federal reserve cities, and cities
trust
Reserve Banks branches
where Federal
are
at
present
that is to
say,
for such items
said cities where immediate credit is given
on
which
items
become available
and for'such
day after receipt,
one
New York, from whatever source
of the banks' other
For checks or
Sec. 3.
and for all other items
for the
the
with the
' VA
drafts drawn on banks, bankers and trust companies
the charges shall be noc less than those prescribee
Checks
1%, and for such items available eight days after
Bank initiated its collection at par
for the collection of
of 1
checks
even on
policy the usual charge
upstate banks
was
l-10th
Under the present system the Clearing House banks
%.
collect checks on nearby cities with¬
charge, and it is estimated that 80% of the out-of-
at their discretion
may
out any
banks collected are on the discretionary list."
town
On
Arkansas
at the
items where credit is available
Federal Reserve Bank
on
the day of maturity is dis¬
cretionary; where credit is available one or two days after
maturity the charge is 1-40 of 1%; 1-20 of 1% where credit
is available three or four days after maturity and 1-10 of
1% where available later than four days after
A
maturity.
charge not less than 1-10 of 1 % is called for in the case
or other time obligations (not covered in the
all notes
of
provision relating to checks and drafts) payable elsewhere
than in New York; it is provided however "that for notes
other time obligations
or
purchased
or
discounted by
any
in New York City,
but with respect to which the maker, endorser or guarantor
or any bank, banker or trust company maintaining an ac¬
collecting bank, payable elsewhere than
count with
such purchase or
at the time of
be
to
New
written agreement
discount, that payment is
the collecting bank, gives a
provided in New York City on date of maturity in
York funds at par the charge shall be discretionary."
Since the last
previous change, Feb. 10 1919, the charge
to notes or
other obligations had in some cases been not
as
less than 1-8 of
1%.
Whenever the Federal Reserve Bank
Acceptances.
Discretionary
1-40
1-40
Angeles.
-1-20
San Francisco
1-20
1-10
-1-20
Discretionary
Los
Denver
1-40
1-40
Discretionary
'
Delaware
1-40
District of Columbia
1-40
♦Florida
ai-40 to 1-10
1-10
—1-40
Jacksonville
Discretionary
al-40 to 1-10
Discretionary
1-40
1-10
♦Georgia
1-40
1-10
1-20
Atlanta—
Idaho
Illinois
Chicago
—
1-40
Discretionary
.1-40
1-20
—1-20
Indiana
Iowa
|
♦Louisiana
New Orleans
on
list the charge for checks and drafts drawn
banks in such States will
new
schedule.
York "Times" of April
.
automatically conform to the
As to the new collection charges, the New
The cost of collections on
13 said:
all-par States, it was explained yesterday, is
all, but merely represents the interest on
In other words, a check deposited for
"eight-day" point, is charged for at the
rate of 1-10 of 1%, whereas if the check is agaiust a "two-day" point, the
collection cost is only 1-40 of 1%.
These rates have been adjusted so that
the collection charge represents about AlA% per annum on the amount
involved.
If this amount becomes available to the collecting institution
in two days, the charge is less than if it become available in eight days.
There are eleven States now not included in the all-par list.
They are
Alabama, Arizona, Florida, Georgia, Louisiana, Mississippi, North Caro¬
lina, South Carolina, Oregon, Tennessee and Wasnington.
Some of these
States have Reserve banks or branches of Reserve banks, so they are not
not
really an exchange charge at
the money
while it is not available.
collection and drawn on, say, an
entirely removed from
the par list.
1-10
1-10
1-10
1-10
1-10
1-10
1-10
1-10
1-10
1-10
1-10
1-40
1-40
Discretionary
1-40
1-10
1-20
Discretionary
—
al-40 to 1-10
Discretionary
"
Discretionary
1-40
1-40
Maryland
Baltimore
v
1-40
Massachusetts
Boston
-
Discretionary
7
_
Michigan
Detroit
1-40
1-20
Minnesota
^
.
St. Paul
44
1-10
Missouri
1-10
1-10
1-10
Discretionary
1-40
♦Mississippi
1-10
1-10
'
1-40
Minneapolis
1-10
Discretionary
1-40
:
1-20
Montana.-
Nebraska
Omaha
Nevada
New
al-40 to 1-10
1-40
Discretionary
1-40
1-40
1-1J
1-10
1-40
1-10
Kansas City
St. Louis
-
1-40
Discretionary
1-10
1-10
1-10
1-40
1-40
1-40
Discretionary
14
Jersey City
New Mexico
1-40
1-10
-.Discretionary
"
New York
Buffalo
1-40
Discretionary
i
14
New York CRy
1-20
1-10
—1-10
♦North Carolina
North Dakota
1-40
1-40
1-20
1-40
..1-40
1-10
Ohio
Cincinnati
Cleveland
Oklahoma..
Discretionary
14
1-40
1-40
♦Oregon
Portland
1-10
1-20
Discretionary
Pennsylvania
Philadelphia
Pittsburgh
Discretionary
1-40
Discretionary
44
Rhode Island
-
1-40
^
♦Tennessee
Memphis
1-40
Nashville
1-40
1-10
—'1-20
—1-20
—1-20
1-20
1-10
1-10
1-10
♦South Carolina
South Dakota—
Texas
Dallas
El Paso
Houston
...
Discretionary
44
1-40
Discretionary
,
1-40
Discretionary
.Discretionary
Vermont
1-40
Discretionary
—-1-10
Virginia
Richmond
♦Washington
—1-20
1-20
1-20
1-20
Seattle
Spokane
West Virginia.Wisconsin
—
Section
Section 6.
4
(B).
a
See
1-40
SDiscretionary
&
1-10
1-10
1-10
1-10
1-10
1-10
1-10
1-10
1-10
1-10
1-10
1-10
&Discretionary
1-10
1-10
1-10
1-10
1-10
1-10
1-10
1-10
1-10
1-10
1-10
1-10
1-10
1-10
/
1-10
1-10
1-40
1-10
1-40
Discretionary
1-10
1-10
al-40 and 1-20
1-10
I
1-10
1-10
1-40
1-40
Bankers'
,
Discretionary
Discretionary
44
1-10
Wyoming
♦See
1-40
al-40 to 1-10
1-10
1-20
Utah
Salt Lake City—
1-10
1-10
1-10
1-10
1-10
14
New Jersey
Hoboken-
>
1-40
1-40
Discretionary
Hampshire
<
fcDiscretionary
1-40
1-20
A.yAA
1-10
1-10
1-40
1-40
1-20
Kansas City
Kentucky
Louisville
-
1-10
>
1-40
1-40
1-20
Kansas
1-10 of 1%
1-10
1-10
1-10
1-10
1-10
1-10
1-10
1-10
1-10
1-10
1-10
1-10
1-10
1-10
1-10
1-10
1-10
Discretionary
1-40
Discretionary
Little Rock
California
—
adds to its par
Items.
al-40to 1-10 of 1%
1-10
1-20
-1-40
1-10
♦Arizona
Maine
acceptances the charge, for
All
Other
Bankers'
1-40
Birmingham
days after receipt, the charge shall be 1-40 of 1%; for such
1-20 of
Drafts
Companies.
-1-10 of 1%
States—
Alabama
Connecticut
receipt the charge shall be 1-10 of 1%."
It is pointed out
in the New York "Tribune" that "before the Federal Reserve
or
Drawn on Banks,
Bankers and Trust
*
subject to the provisions
5 and 6:
Colorado
days after receipt, the charge shall be
and deposited by or collected for the account
respective points in the following schedule,
of sections 4,
city of
received (but not checks, warrants, &c.,
customers), the charge shall be discretionary
collecting banks.
charge shall be discretionary; for such items available two
items available four
described as Collect¬
for the account of the
United States, the State of New York or the
Governments of the
Issued by said Governments
or
shall be governed by the
schedule showing when the proceeds of items will become
available, as published by the Federal Reserve Bank of
New York from time to time;
For all items deposited by or collected
2.
Sec.
hereafter be established,
may
parties to which the same so apply are hereinafter
ing banks.
schedule of check collection charges, as revised on
new
The
Acceptances
Schedule.
•
A
& See
located in Federal Reserve cities and cities where
trust companies
Federal Reserve Bank branches are at present or may
E.
banks, bankers
(A) The charge for checks and drafts drawn on
Sec. 4.
and
proceeds of
published by the Federal Reserve Bank of
time; that is to say, for such items on said cities
F.
where immediate credit is given and for such items
which become available
for such items
of 1%; for such
items available four days after receipt the charge shall be 1-20 of 1 %. and
for such items available eight days after receipt the charge shall be 1-10
day after receipt, the charge shall be discretionary;
available two days after receipt the charge shall be 1-40
G.
York shall add to its
thereon as such (the
t in the schedule under Section 3),
the charge for checks and drafts drawn on banks, bankers and trust com¬
panies located in such added State (except in cities having Federal Reserve
list as an all-par State any State not now listed
banks and their branches) shall thereupon be
specified in (A) of this Sec¬
to the said "Schedule showing when the proceeds of
available," as published by the Federal Reserve Bank
according
4,
items will become
of New York.
In
5.
Sec.
.
the charge upon any item at the rates
case
House member
by
or
that sum;
the collecting bank shall charge not less than
but all items received in any one deposit and subject to the same
rate may
be added together and treated as one item
for the purpose of
charges made
on
be paid
on
provided by Section 8 of the Clearing House rules and regulations
charges
Oct.
on
826; the only changes made therein since then were
1919 by adding Nashville and Houston,
22
and on
relating
out of town items.
on
The schedule of the Federal Reserve Bank of New York
referred to in Section 4 above, was
on
March
1
FEDERAL
Schedule
Showing
made public by the. bank
follows:
as
Proceeds
the
NEW
OF
BANK
RESERVE
When
YORK
Will Become
Items
of
Available.
(Superseding Schedule Issued June 1 1919.)
Immediate Credit.
When received by 9 a. m.
New York Clearing House
Checks and warrants
•
banks
Treasurer U. S. Washington
on
New York banks located above 59th Street as follows:
Public National Bank (Bronx
Republic Bank of New York
Broadway Central Bank
of March 1 1919, page
House
rules, and if brought to the attention of the committee will be dealt with as
and trust companies taken
by member or clearing non-member institutions the charge shall be governed
by the "Schedule showing when the proceeds of Bankers' Acceptances will
become available," as published by the Federal Reserve Bank of New York
from time to time; that is to say, for such items for which credit is available
at the Federal Reserve Bank of New York on the day of maturity the charge
shall be discretionary; where credit is available at said bank one or two days
after maturity 1-40 of 1%; where credit is available at said bank three or
four days after maturity 1-20 of 1%; where credit is abailable at said banks
later than four days after maturity 1-10 of 1 %,
(For schedule see page 6.)
[This chedule, which we omit, is the one issued on Feb. 26 1919 by the
Federal Reserve Bank of New York and which was published in our Issue
its revision
deposits is to offset and compen¬
out of town checks, is a violation of Clearing
determining the amount of exchange to be charged.
(A) On acceptances of banks, bankers
Clearing
non-member clearing through a member, with any
a
Bank of United States
Sec. 6.
returned unpaid, the
corporation, by the terms of which it is intended that
or
the rate of interest agreed to
sate for
above specified
does not equal ten (10) cents,
are
subject to the rules governing collection charges.
automatically fixed to corre¬
spond with, and be governed by, the charges
tion
are
individual, firm
(B) Whenever the Federal Reserve Bank of New
par
present non-par States are indicated by
collection charges,
be remitted.
Any agreement, expressed or implied, entered into by-a
to the
of 1%.
may
Stocks, bonds and coupons and drafts with bills of lading or collateral
attached,
items will become available,'* as
New York from time to
When items, subject to
charge
hereafter be estab¬
lished, shall be governed by the "Schedule showing when the
one
[VOL. 110.
THE CHRONICLE
1594
son
& Madi¬
Ave. Branches)
23d "Ward Bank and branch
Bronx Boro. Bank & branch
Westchester Avenue Bank
Bronx National Bank
John Nemeth State Bank
Chelsea
Alvino & Figlio
Exchange Bank
Cosmopolitan Bank
Perrera & Co.
Also:
Salvatore .d©
Ilarriman National Bank
Brooklyn banks
Bank of
as
office)
follows:
Mechanics
Coney Island
First National Bank of
Vita
Manufacturers' Trust Co, (West Side
Gotham National Bank
Bank
branches)
Brooklyn
of
Brooklyn
(and
v
Greenpoint National Bank
Montauk Bank
Homestead Bank
National City Bank
Kings County Trust Company
Peoples National Bank
Manufacturers Trust Company
March 1 by adding Los Angeles.l
Public Nat. Bank (Graham Av, and
Subdivision A
of this section purchased by member or clearing non-member institutions
payable elsewhere than in New York City shall be subject to a charge of not
less than 1-10 of 1%, provided, however, that for notes or other time
obligations purchased or discounted by any collecting bank payable else¬
where than in New York City, but with respect to which the maker, en¬
dorser or guarantor, or any bank, banker or trust company maintaining
an account with the collecting bank gives a written agreement at the time
of such purchase or discount, that payment is to be provided in New York
City on date of maturity in New York funds at par, the charge shall be
Boston
District No. 1
Baltimore
Branch'of No. 5
discretionary.
Philadelphia
District No. 3
Pittsburgh
Branch of No .' 4
Richmond
District No. 5
Buffalo
Branch of No. 2
(B) All notes
Sec. 7.
other time obligations not provided for in
or
The charges herein specified shall in all cases
time of deposit or not later than the tenth
ment, rebate
form,
be collected at the
day of the following
No collecting bank shall, directly or indirectly,
month.
interest
balances
on
or
otherwise,
allow any abate¬
make in any
therefor.
any
compensation
^v:,
v.
these rules
the collecting banks, it shall
Immediately report the facts to the Chairman of the Clearing House Com¬
Sec. 8.
In
case
any
member of the Association shall learn that
and regulations have been violated by any of
Association.
Upon re¬
ceiving information from any source that there has been a violation of the
same, said Chairman, or, in his absence, said Manager, shall call a meeting
mittee,
or,
in his absence, to the Manager of the
of the committee.
mine whether
a
The committee shall investigate the
facts and deter¬
In case the committee so
formal hearing is necessary.
concludes, it shall instruct the Manager to formulate charges and present
them to the committee.
A copy of these charges,
together with written
notice of the time and place fixed for hearing regarding
served upon the collecting
the same, shall be
bank charged with such violation, which shall
have the right at the hearing to introduce such relevant evidence
and sub¬
mit such argument as it may desire.
The committee shall hear whatever
relevant evidence may be offered by any person and whatever arguments
may
In
be submitted and shall determine whether the charges
it reaches the conclusion that they are,
case
are
conclusions.
sustained.
If the report of the Committee is approved by the Association,
the collecting bank charged with such violation shall pay to
sum
of $5,000, and in
any
collecting bank
case
the Association the
of a second violation of these rules and regulations,
also in the discretion of the Association be excluded
may
from using its privileges directly
from the Association.
or
indirectly, and, if it is a member, expelled
Resolved, That the foregoing rules and regulations are hereby established
and
adopted to take effect
RULINGS
I
AND
upon
FOREGOING
A.
the 12th day of August 1918.
INTERPRETATIONS
RULES
AND
Anthony Sessa & Son (and branches)
American Trust Co.
Federal Reserve
SOME
OF
Banks" in:
.District No. 4
Cleveland
Cincinnati
Branch of No. 4
_
.Branch of No. 7
Detroit
Atlanta
B.
The
Clearing
House rules
wise provided in the rules.
to meet
C.
A
ingenious
cases
A ruling has
.Branch of No. 6
Nashville
..Branch of No. 6
*Pennsylvania
Maine
Rhodejtlsland
♦Maryland
Vermont j
♦Massachusetts
♦Virginia
New Hampshire
♦Massachusetts
In District No. 9
St. Paul
St. Louis.
District No. 8
Branch of No. 8
Memphis
Louisville
..Branch of No. 8
Litle Rock
Branch of No. 8
Kansas City, Mo
District No. 1
Kansas City, Kan.In District No.
*
10
Branch of No. 10
Omaha
Except banks in cities referred to in'the
Four days after
Banks in:
♦Minnesota
District No. 11
Alabama
.Branch of No. 11
Arkansas
Mississippi
....Branch of No. 11
♦Georgia
♦Missouri
♦Florida
North
♦Illinois
♦Ohio!
Dallas..
El Paso
.....
Houston
New Orleans.Branch of No.
6
.....Branch of No. 10
Denver
Branch of No. 12
Spokane
Salt Lake City....Branch of No. 12
Portland, Ore
THE
firstjcolumn.
ir-
receipt.
Branch of No. 12
Branch of No. 12
Angeles
San Francisco
.Branch of No. 12
.
South
Indiana
Carolina
Iowa
♦Tennessee*
♦Kansas
West Virginia
♦Kentucky
Wisconsin
♦Michigan
Eight Days After Receipt.
Banks In
Arizona
North
♦California
House.
Oklahoma
♦Colorado
contemplate the
|
Carolina
.District NO. 12
South
♦Louisiana
♦Texas
Montana
Dakota
♦Oregon
Idaho
charging of collection
for evasion.
on
New Jersey
District No. 9
Minneapolis
This ruling is made comprehensive in order
been asked
P *New York
District of Columbia
Branch of No. 6
all out of town items, from whatever source derived, unless other¬
on
-
Delaware
District No. 6
...
Birmingham
Jacksonville
All rulings will be printed and sent to members and other institutions con¬
rates
Connecticut
District No. 7
Chicago
writing and addressed to the Clearing House Committee.
nected with the New York Clearing
byVa.'m.
when received
Two Days After Receipt.
All applications for rulings on regulations regarding collection charges
must be made in
Federal Reserve Transfer Drafts
Exchange Drafts
New York City—Balance of Manhattan,
Seattle
REGULATIONS.
^
One Day After Receipt,
Los
OF
(Montague Street branch)
When received by 3 p. m.
the committee shall call a
special meeting of the Association and report thereto the facts with its
branches)
Ridgewood National Bank
Municipal Bank
calendar
return for or on account of such charges or
or
whether of
Pitkin Ave.
(Brooklyn office)
♦Utah
Dakota
♦Nebraska
♦Washington
Nevada
the following:
suggestion that drafts be deposited in other than discretionary cities
Wyoming
4
New Mexico
with the correspondents of a New York Clearing House member in such
cities, to the credit of such member, the depositor to receive credit in the
New York institution at par immediately upon notification of such deposit,
and to be allowed to draw against such credits the same as against New York
funds:
It is held that this and similar
If
exceptions
were
cases
are
in contravention of Clearing
allowed the flood of cases would prac¬
tically nullify the rules.
case
of
-
TIME
SCHEDULE
INFORMATION.
bought
Four-day items forwarded Thursday will be available Tuesday, and those
forwarded Friday and Saturday will be
available^Wednesday.
To obtain quickest availability of funds, sort and list checks in accordance
paper
the broker should allow the charge
as part
of the purchase.
D
Except banks in cities referred to in the first column.
Two-day items forwarded Saturday will be available Tuesday.
House rules.
In the
*
with the foregoing time schedule, with a separate letter or total for each
separate time group.
Checks received unsorted will be madeXavallable
No exception is made to the general rules
governing collection charges
for items drawn "with
exchange," or bearing similar phrases, or when
for the longest period of any items
stamped "collectible
their branches will please notify us in
.
at
par through any Federal Reserve Bank."
Such
items must be charged for in accordance with the within named rates.
Counsel has ruled that checks
stamped "payable in exchange" are not
negotiable; therefore, such checks should not be accepted for deposit.
enclosed*.
Banks desiring to send checks direct t oother
order that
arrangements with the other Federal Res
erve
Federal"Reserve banks
we may
or
make the necessary
banks and branches.
Checks will be received and forwarded by the Federal
New York, subject to the following instructions:
ReserveJBank of
1
Am. 17 1920.
THE
■M*
1595
mw
mtrn
Wire direct to this hank non-payment of items of $500 or over,
TUM^ng
endorsement immediately preceding that of this bank, and
giving reason
for non-payment.
Items of $10
or
under-—DO NOT PROTEST.
Items of $10 01 and
over
PROTEST
flf items do not bear
on
the face this stamp
Checks with special instructions, protested checks forwarded for
pay¬
ment the second time and drafts drawn on
savings banks in this district
tion only.. ■
,■
■
i:,
Every bank sending checks
New York
or
They will be handled for collec¬
or
responsibility other than for due diligence and
a
items promptly, and will be authorized to send such items
for payment direct
on which
they are drawn or, at the discretion, to another agent for
to the bank
week ago,
GOVERNOR SMITH OF NEW
UP
Smith
of
YORK SIGNS BILL PER-
York
lowing the
tioned in
our
the aggregate amount
an
individual may deposit in a savings bank from $3,000 to
The bill
Higher rates were discussed
TO
DEPARTURE
USE
IN
OF
I think it may be said that credit difficulties and problems which have
cropped up in the use of bankers' and trade acceptances have their origin
departure from one of the foundation principles of acceptances.
an
or
represent a particular transaction,
and, whether It is permissible by law or not to do otherwise,
its face
on
The
acceptance, whether it be bankers* or
trade, is primarily intended to finance
some
bankers'
a
definite evidence of the transaction
it purports to represent...
;>v
time permitting
were
Issue of the Journal of the American Bankers' Association
and in addition to the portion of his remarks
qouted above,
also give the following from his discussion of the
subject:
it may have been necessary during the war to finance certain
revolving credits by the acceptance method, there is
we
no reason now
why
should not get back to the safe and historic method in acceptance prac¬
tice.
V
\y
■
I am very sorry to see finance
■'
An increase in the rediscount rate
...
v-;,-y.
Means of circumventing the expansion and at the same
the full employment of the Reserve system's
resources
the principal subjects of the Governor's discussions.
The "Journal of Commerce" in its advices from
ton under date of the 9th
Washing¬
inst., said in part:-
The effect of the recent rate increases sanctioned by the
Board upon the
tions put
liquidation of bank loans
was one
before the conference for discussion.
Federal Reserve
of the principal
ques¬
Reports from each of the
twelve Federal Reserve districts as to the effect of the advanced discount
rates upon
ernors,
:.
the subject are presented in the April
on
Reserve system is about to force
J.'"/-' -'.v
in that direction.
,
While
It is known, however, that the
prior to the first of the year apparently has not stopped the credit expansion
of Cleveland makes the assertion that:
principle to which I refer is that
privileges of the Federal
action.
doubled in amount since November.
ACCEPTANCES.
we
possible means of checking the increasing
The commercial paper rediscounted by the Reserve banks has almoBt
subject of credit prblems and acceptances, D. C.
Wills, Chairman of the Board of the Federal Reserve Bank
Mr. Wills' views
as a
situation created by the constant demand of member banks upon the re-
OPPOSED
acceptance should show
Press dispatches from
indication of the attitude of the bankers.
On the
In the
at Washington on April 7,
way
the 10th inst.
on
flow of commercial paper into the Reserve institutions, but there Was no
Savings Banks Association of the
some
WILLS
men¬
WASHINGTON OF GOVERNORS OF
brought under
were
concluded
discounting
C.
and the other Reserve banks
Washington in reporting the close of the conferences said:
State of New York.
D.
thus fob
Reserve Banks and members of the Federal Reserve Board,
introduced in the legislature Feb. 18
was
Y
The series of conferences of the Governors of the Federal
4.pril 12 signed the
on
were
instance of the
issue
FEDERAL RESERVE BANKS.
which
the
our
1485.
issue of Saturday last, page 1485.
CONFERENCES IN
Deposit Limit Amendment to Section 247, Article 1, Chapter
$5,000.
given in
taken by the Chicago Federal Reserve
course
weeks ago,
Bank two
369, Laws of 1914, increasing
at
March 31, and
on
secured by bankers' acceptances from 5 to 5^%
TO $5,000.
New
page
was
past week increased its rate on loans to member banks
MITTING SAVINGS BANKS TO ACCEPT DEPOSITS
Governor
April 10,
Its text
The Federal Reserve Bank of San Francisco has during the
'"Y'::.;'-' --V:'Y:
:.
April 3.
on
BANK OF SAN FRANCISCO.
in forwarding such
care
to in*
ADVANCE IN DISCOUNT RATE BY FEDERAL RESERVE
other cash items to the Federal Reserve Bank of
New York will act only as the
collecting agent of the sending bank, will assume
collection.
of
to another Federal Reserve Bank direct will be understood to have
agreed to the terms and conditions of its Circular No. 258, and to have thereby
Specifically agreed that in receiving such items the Federal Reserve Bank of
no
by the Senate
v-/.''":-
V
■"
or
present discount rates, and that the Board would put
the law into effect gradually.
The bill which the President
has just signed was passed by the House
4(N. P. 1—-120) or a similar stamp containing
I the transit number of a preceding bank
(endorser.
should not be included in cash letters.
that nothing would be done to disturb conditions
crease
ance
and
liquidation
a
were
submitted to the conference by the bank
gov¬
general picture of the present situation outlined for the gqid-
of the Board In planning further action to that end.
Operation of pending amendments to the Federal Reserve Act authorizing
progressive rates for large borrowings in the disbursement of the bank's
credit resources under the recently announced plan of the Board also was
discussed at length by the conference.
Recommendations were asked of
what should be the basis of the normal line in the
the bank governors as to
credit operations of each bank.
O ther questions
incident to the operation of the plan, upon which informa¬
tion was sought were the
resources,
capital and surplus of each member bank, the total
deposits and the reserve balance of the member bank; the loan ca¬
companies of various sorts operating and
pacity of the Federal Reserve Bank pro-rated among the member banks in
being organized to release the seller of goods not only from appearance on
the instrument, but also from liability in the transaction.
While this new
normal line should be uniform in all districts and at all seasons of the year;
method of financing is an acknowledgement of the liquidity and safety of
what scales should be used in applying the
the trade acceptance method,
since trade acceptances carry the liability
to be taken to control the
of the seller and also must show
as a
statement, It is
an
contingent responsibility
in his financial
evidence of weakness in the situation to depart from
regular trade acceptance form and method with all its safeguards to
cedure wherein
a
finance or discount company, or whatever it
not
offering
any
objection to
any concern
essary
The
Is called, Inter¬
obtaining capital direct
business and will be competently and honestly
legitimate and nec¬
managed.
panies mentioned that consists in "beating the devil around the stump"
a
technically eligible piece of presumably commercial
paper, and in doing so Ignores, overlooks or
the better
govern
repudiates the principles which
banking judgment of the United States has been trying to have
in those instruments and represent actual sales.
The purpose in creating this sort of paper is to use
it as
a
procedure of that kind that in the finality the currency of the country is
issued
on
the security of the rediscounts at the Federal reserve
bank?
Unofficially, and acting solely in a personal capacity as a citizen of the
United States, I much prefer to see the currency based upon a different
class of promises-to-pay than those where the seller of goods has
himself of
responsibility by conveying it for
a
Further discussing the control of credit by
took up the methods
the banks, the conference
employed by the various banks to ascertain the uses
member banks of credit facilities obtained from their Federal
made by
Reserve Bank, more particularly the uses made of bank
credit for specula¬
contrasted with the use of credits for productive purposes.
It is aimed by the board in7conforming to its policy as opposing the use
tive purposes as
of the credit facilities of the Federal Reserve system,
will be used for
speculation.
The bank
prevent the abuse
whereby the credit
governors were
asked to detail
the use of credits for productive purposes only, and
to ascertain what abuse has been made of credit in the hoarding of commodi¬
steps taken to ensure
ties in anticipation
of higher prices.
Additional laws for the improvement of the Federal reserve system and
basis for ob¬
taining credit, coupled with the intimation that rediscounting credit of the
Federal reserve bank may be extended on instruments of this character
when offered by a member bank.
Should it not occur to those who suggest
a
be settled before it can be put into use.
of bank credits for other than legitimate purposes, to
objection that is offered is to that part of the business of the com¬
tn order to make
nation-wide business; the practic¬
of essential business, and numerous other details of the plan which must
receipt, the insurer, the
from the people provided that concern Is engaged in
a
ability of discriminating effectively against non-essential business in favor
broker, to pass on securities to the public and the obligations to the banks.
am
made by the borrowers, who do
a
collector, the banker, the mortgagee/the advisor, and, incidentally, the
I
paper
progressive rate; necessary steps
absorption in the system of an excessive amount of
a pro¬
jects itself after the goods have left the hands of the producer and there¬
after becomes the supervisor, the holder of a trust
proportion to the reserve balances of each, whether or not the basis of a
absolved
substantial consideration to a
finance company which is neither a producer, seller, nor buyer of
goods.
its facilities were discussed.
views
as
The governors were asked to express their
to the desirability of an amendment to the
Federal Reserve Act
allowing the use of the 10% super-surplus fund in the payment of extra
dividends,
governors
as
has been suggested to the board for consideration.
The
also were asked to express their views as to the proper Federa
balances.
Another question discussed was that of whether or not it is desirable that all
Federal Reserve banks and branches adopt a uniform policy of paying out
new and redeeming unfit currency in view of the present insufficient sup¬
Reserve Board attitude as to the payment of interest upon reserve
plies of new currency.
Discussing bankers'
acceptances,
the conference heard the
governors*
question of whether bankers' acceptances are being created
for purposes not contemplated by the Federal Reserve Act, and whether
accepting banks are abusing the privilege.
The governors were asked
whether an import or export bill should bear specific details of the trans¬
lews upon the
PRESIDENT
WILSON
SIGNS BILL
AMENDING FED¬
ERAL. RESER VE ACT TO PROVIDE GRADUATED
certain
had
to
was
made known
on
the 15th inst. that President Wilson
signed the bill amending the Federal Reserve Act
so as
provide that the discount rates of the Federal Reserve
banks, "subject to the approval, review and determination
of
the Federal Reserve Board, may
be graduated
or pro¬
gressed on the basis of amount of the advances and discount
accommodations extended by the Federal Reserve bank to
the
borrowing bank."
It
was
stated yesterday (April 16)
that action by the Federal Reserve Board under the terms
of the
newly enactedJmeasure would be taken with care—
including the name of the ship, as is the custom in
means of preventing the abuse of warehouse
action upon its face,
RA TES OF DISCO UNT.
i
It
foreign countries;
destroying the usefulness of the paper; whether open
mafket purchases of bankers' acceptances by the Federal Reserve banks
be curtailed at this time with a view to taking more of such acceptances
acceptances, without
for rediscount; steps
taken to encourage the use of trade acceptances, and
credit conditions and other details incident to trade ac¬
ceptances offered for rediscount.
Discussing rates, the conference debated whether or not preferential
rates on Government secured paper should be discontinued, and whether
there should be a differential rate in favor of, or preference shown, paper
the requirements,
secured by receipts of
warehouses, operated under the Federal Warehouse
Act, or complying with the terms of that act in essential particulars."^
Supplemental topics for discussion included that of whether the Federal
market by
Reserve banks should assist in broadening the open discount
[Vol. 110
THE CHRONICLE
1596
and those countries, also came to an
the
tine Government has withdrawn a portion of the
propriety of Federal Reserve banks sending collection items direct to
member and non-member banks with instructions to remit to
the nearest
Federal Reserve bank for the credit for the sending reserve bank;
bank promissory notes secured by Government securities,
tions.
^\
|
STATE
-B111111B-1--11II11(111<<-1<1I-I-11^^
INSTITUTIONS
for
RESERVE SYSTEM.
B*
;
WAR
Resources.
$319,474
107,837
American Trust & Savings Bank, El Paso,
Tex.
.J.
to Farmers State Bank, Sprague, Wash
350,000
25,000
35,000
75,000
30,000
35,000
25,000
50,000
6,000
5,000
3,200
3.003,210
118,127
317,045
906,992
459,581
309,712
603,190
25,000
.
2,500
199,795
3,500
5,000
Y.
FEDERAL
BANK'S ALLOWANCE
RESERVE
OF
FOREIGN EXCHANGE DEPRECIATION.
While
the
figures
of
earnings
Bank of New York for the year
published in
which
our
issue of Jan. 31,
of
the
Federal
It
announced
was
poration had made
ending Dec. 31 1919
page
424, the annual report
made public last week has the
was
regarding the deductions
were
following to
say
account of depreciation in for¬
on
TO
April 15 that the War Finance Cor¬
on
advance of $1,843,000 to a banikng
an
corporation for the financing of cotton shipments to Czecho¬
slovakia.
The
Czechoslovakia Government is
is said,
recently bought 300,000 bales of cotton in this country.
SECRE¬
R. C. LEFFINGWELL RESIGNS AS ASSISTANT
TREASURY.
TARY OF THE
R. C.
th
Leffingwell has resigned
On
or
had consented to con¬
Secretary Houston had become familiar
with the duties of Secretary.
nounced
7,
He had, it is stated, indicated
his desire to retire in January, but
tinue in office until
May
effect
May 7 Mr. Leffingwell will have com¬
of service.
years
take
is named and shall be qualified be¬
successor
fore that date.
Assistant Secretary of
as
his resignation to
Treasury,
pleted three
Reserve
FUNDS
ADVANCES
SHIPMENTS
COTTON
CZECHOSLOVAKIA.
earlier, if his
N.
No operations
six months of the past year.
CORPORATION
FINANCING
Total
Farmers'State Bank, Halisville, Tex..
I
Liberty State Bank, Liberty, Tex
J Central State Bank, McKinney, Tex..
Moran State Bank, Moran, Tex
First State Bank, Munday, Tex
First State Bank, Slaton, Tex
District No. 12—
provided
received $4,500,000 aU of which
through this bank under the Peruvian agreement.
on
FINANCE
FOR
System in the week ending April 9:
I
District No. 5—
Capital. Surplus.
The Farmers Bank, St. George, 8. C
.$25,000
$9,000
District No. 8—
f- Commercial Bank of Bertrand, Bertrand, Mo. 30,000
800
District No. 11—
;
k
retains a substantial
Under the Bolivian agreement, which
deposit with us.
maximum deposit of $5,000,000 we
carried
deposit held by us for its
of this agreement, but still
terms
withdrawn during the first
were
The Federal Reserve Board at Washington makes public
the following list of institutions which were admitted to
the Federal Reserve
a
the
FEDERAL
TO
ADMITTED
amount on
was
''
■'
.
member
and other ques¬
credit under
The Argen¬
end during the past year.
offering to purchase bankers' acceptances for the account of member banks'
President Wilson, it was an¬
yesterday, had accepted Mr. Leffingwell's resigna¬
tion with
In his letter of acceptance the Presi¬
deep regret.
eign exchange, &c.:
dent said:
Deductions have been made from the total net earnings of the bank to
cover certain known items of
depreciation and to provide reserves for special
tary, you rendered service of surpassing excellence in a splendid spirit of
Thus the appraised valuation of the old buildings and founda¬
purposes.
tions on the property acquired during the year as
part of the site for the new
building, has been charged off in the amount of $900,031 72.
The loss in
value of the foreign exchange held by the bank as based on market rates
at the close of the year,
for, and
ment of
tax on
additional
an
a
Other charges are $169,514 40 to cover the
INTERNATIONAL
FINANCIAL
RESERVE
ARRANGEMENTS
BANK
OF
NEW
OF
YORK.
ments, the Federal Reserve Bank of New York, in its annual
or governments
which
were
nearly normal conditions
in
by way of preparation for
international
a
return
than
commerce
had
These arrangements were outlined in this report
The operations carried on in accordance with them during the
war.
1
year are summarized below:
Bank of England.—Transactions
terms of
with
the Bank of England under the
formal agreement have been very limited
during the past year.
our
We have opened a current account with them which
has, however, remained
inactive.
The Bank of England is
handling for our account the German
gold purchased from the United States Grain Corporation, described else¬
where in this report, which involves a
very considerable amount of work
their part.
Bank of France.—Operations between this bank and the Bank of France
have been very limited, being confined
largely to our opening a current
account with them and the occasional
receipt of funds by us for their credit.
Bank of Japan.—No active business has been transacted
during the past
with the Bank of Japan although it is expected that our relations
year
may
become
more
active in the
near
future.
Philippine National Bank.—Our relationship with the Philippine National
Bank has remained unchanged, there
being no need for active operations,
they have
a
branch in New York.
De Nederlandsche Bank.—Our relations with this institution
during the
more active and we now
perform for them many of
past year have become
the duties of
a
account with
us
New York correspondent.
They have opened
and also invest in bills in this market which
in portfolio for them.
The account which
we
are
current
a
held by us
opened with de Nederlandsche
Bank for the
purpose of receiving therein, for the use of the Treasury De¬
partment, the proceeds in guilders of the sale of wheat and other commodi¬
ties, has been closed out during the past year.
Norges Bank and Sverigcs Riksbank.—Both of these
accounts which were
opened at the request of the Treasury Department to effect disbursements
for the War
Department have been closed out, the former
1919, the latter
on
on
Sept. 24
April 10 1919.
De Favasche Bank.—In April 1919, a limited
arrangement was effected
between ourselves and de Javasche Bank whereby we agreed to hold United
States gold coin in custody for them, and open a current account in their
favor.
This arrangement is now in actual operation.
Bank of Spain.—This account was opened in Aug. 1919, at the
request
of the
Treasury, to receive therein the pesetas which
agent
of the
issued
Credit.
United
States
by the Treasury in
Operations
OF
MONTHLY
U.
AND
DAILY
OF
PUBLICATION
STATEMENTS.
TREASURY
S.
was
made
known
April
on
14 by Secretary of
to
retire
peseta
this
account
the
for
the
we
purchased
as
have
been
Spanish
confined
fiscal
Peseta
to
discontinued
on
fiscal
year
1920
such
The Public
available,
India.—Operations under the arrangement between the United States
and the British
Secretary
Printer, having previously declined to print the Treasury
pending
a
the ground that no appropriation was
on
finds it possible to resume the printing of these statements
now
further appropriation.
He does not expect to be able to print
back copies of the daily statement until a further appropriation
and
the
Treasury has
accordingly placed
where they will be open to inspection by the
10, Treasury Department,
public and the press.
The discontinuance of the statements
columns last week, page 1489; we
torially
was
noted in these
likewise commented edi¬
the omission in last Saturday's issue,
upon
is available
photostat copies of the daily
statement for the early part of April in Room
page
1456.
PRESIDENT WILSON RESUMES CABINET MEETINGS.
On
April 14, for the first time in
more
than
seven
President Wilson presided over a meeting of his
The main topic of
railroad workers.
the meeting
discussion
The
was
over an
ington prepared to function
confirmed
This
since he
tended
as
After
come
was
to Wash¬
their nominations
as
soon
by the Senate.
the first Cabinet session called by
was
hour.
the President telegraphed the members of the
newly appointed Railway Labor Board to
were
months,
Cabinet.
the nation-wide strike of
meeting lasted
taken ill last fall,
and it
the President
the first to be at¬
was
by Secretaries Colby, Payne, Meredith and Alex¬
ander, of the Departments of State, Interior, Agriculture,
and
Commerce.
Informal
times
meetings of the Cabinet had been held at different
during
the
winter
with
former
Secretary
Lansing
presiding; these meetings discontinued after the President
had learned
of
the fact and had requested Mr.
Lansing's
resignation because of his action in the matter.
HIGHER
INTEREST
RATES
ON
U.
S.
TREASURY
CERTIFICATES OF INDEBTEDNESS.
Interest at
5
and
5}4% respectively has been fixed by
Secretary of the Treasury Houston
transactions.
exhausted,
had been
Houston's announcement of the 14th inst. said:
certificates of indebtedness
connection with 250,000,000
through
daily and monthly Treasury statements,
daily and monthly statements
Prior to Jan. 1 1919, this bank made certain financial
arrangements with
as
RESUMPTION
April 3, because the appropriation for printing and binding
report made public last week, says:
for,! 1918.
in you.
was
Treasury Houston that publication would be resumed of the
Regarding the status of its financial arrangements with
existed during the
real
compensation will be to realize in all the years to come that you gave to
America all there
It
uU.
the Bank of England and other
foreign banks or Govern¬
more
large and important part in the
a
by the Federal Reserve Board for its
r*<
foreign banks
You have played
of $200,000 has been set aside for the establish¬
expenses'
on
patriotic devotion.
assistant secre¬
great task of winning the war, and it is my pleasure to add that your
Federal Reserve Bank note circulation for 1919, and $168,681 70
FEDERAL
volunteer and later in the important post of fiscal
a
amounting to $325,741 35, has also been provided
sum
self-insurance fund.
to cover the assessment to be made
to
As
on
two
new
issues of
Treasury Certificates of Indebtedness offered for subscrip¬
Government, by which American importers obtained rupees
through the Federal Reserve Bank of New York to pay for imports from
tion
India
have borne
were concluded on
May 12 1919, when the last sale was made.
The
total credits received
by this bank under the arrangement from Nov. 28
1917, when it went into operation, to
May 12 1919, were 202,500,000 rupees,
all of which
were
disposed of to
our
importers.
Argentina, Bolivia
and Peru.—Transactions under the
arrangements en¬
tered into between the United
States,
Argentine, Bolivian and Peruvian
Q overnments, for the stabilization of
exchange between the United states
April 11.
Recent issues of Treasury Certificates
4%% and Secretary Houston in making known
the decision to put the new certificates out on a higher
on
interest basis issued
an
announcement
saying: '
Secretary Houston said that recent changes in the situation which he
had had the advantage of discussing with the Federal Reserve
ernors' meeting in Washington during the past week,
Bank gov¬
has led him to the
Apr. 17 1920.]
THE CHRONICLE
1597
determination that it would be wise to meet the current requirements of
market conditions.
the
Government, enlarged
ernment bills at a
the
return
of the railroads
Certificates
rates.
of
to
by expenditures in connection with
are
private control, by the issue of Treasury
short maturity and bearing interest at higher
relatively
Acordingly he
months
they
as
announcing
was
maturity and 5J4%
an
issue of 5% certificates of three
certificates of 6 months maturity.
The certificates in the present offering
able in payment of taxes.
$250,000,000
terest from
Series
as
Both issues
or more.
April 15 1920; the
1920
will
and
issued at
5%%
at 5% is known
payable July 15 1920;
the
designated Series G 1920,
1920.
and will be due October 15
are
The following is Secretary
Houston's announcement of the
offering:
Sept.
24
1917,
interest,
offers for subscription, at par and accrued
amended,
as
through
Federal
the
Reserve
banks.
Treasury certificates
of
indebtedness, in two series, both dated and bearing interest from April 15
1920, the certificates of Series F 1920 being payable on July 15
interest at the rate of 5% per annum,
cent
and
$10,000
changes in the situation" which has for
In
denominations of
$100,000.
of the possessions of the United States,
or any
or
by any local
taxing authority, except (a) estate or inheritance taxes, and (b) graduated
additional income taxes, commonly known as surtaxes, and excess profits
war-profits taxes, now or hereafter imposed by the United States,
and
the income or profits of individuals, partnerships, associations, or
upon
%
The interest on an amount of bonds and certificates author¬
corporations.
ized
24 1917, and amendments thereto, the
by said act approved Sept.
principal of which does not exceed in the aggregate $5,000, owned by any
individual, partnership, association, or corporation, shall be exempt from
provided for in clause (b) above.
The certificates of these series do not bear the circulation privilege, and
the taxes
accepted in payment of taxes.
will not be
The right is
well
basis.
with
expect
either
or
before April
or
for
certificates allotted must be made
After allotment and
15 1920, or on later allotment.
interim receipts pending
delivery of the definitive certificates.
Any qualified depository will be
permitted to make payment by credit for certificates allotted to it for itself
upon
payment Federal Reserve banks may issue
which it shall be qualified in excess
notified by the Federal Reserve Bank in Its
and its customers up to any amount for
of existing deposits when so
district.
the
continue selling
to
increased
and
of interest
rates
will
undoubtedly
SUBSCRIPTIONS
Reserve banks are author¬
ized and requested to receive subscriptions and to make allotment in full
in the order of the receipt of applications up to amounts indicated by the
Secretary of the Treasury to the Federal Reserve banks of the Respective
districts.
4H%
Treasury
bills
to
"re¬
present
be weR
an
investors,
being floated
were
on
a
7%
certificates'
attractive short term
taken.
TREASURY
TO
CERTIFICATES,
SERIES E 1920.
of
$200,669,500
of
Indebtedness, Series E 1920,
the
of
Treasury
announced
3,
July 1
dated April
are
were
The
14.
in
and this offering
is noted in another item.
tions of $200,669,500 to
among
the
follows:
New issues,
on
Federal
Reserve
1920,
of the United States, Federal
were
Districts
as
1
Subscriptions
District.
'
Allotted.
.
Boston.
$11,253,500
York.
New
April 11,
The subscrip¬
Certificates Series E
several
April 9.
on
and will mature
announced
were
offering,
issue of April
our
closed
1920,
1
Certificates
announced by Secretary
April
They bear interest at 4 %%.
1920.
carrying 5 and ,524% interest
divided
were
on
The subscriptions
1371.
page
Houston,
j
Treasury
to
March 28, was referred to
on
The certificates
104,682,000
Philadelphia
13,500,000
Cleveland.
13,348,500
Richmond
3,127,000
Atlanta
„
4,101,000
Chicago
„
18,359,000
Louis—
St.
4,277,600
_..———
Minneapolis
Kansas
As fiscal agents
on
time caused Treasury
some
Federal Reserve
both series at any time without notice.
Paymet at par and accrued interest
on
the new
on
It is pointed out, however, that the new government
investment,
reserved to reject any subscription and to allot less than
the amount of certificates of either or both series applied for and to close
the subscriptions as to
the existing credit situation,
banking quarters it is pointed out that the Government could not
while attractive industrial and railroad issues
Subscriptions
interest, from all taxation now or hereafter imposed by the United States,
Stat$,
on
Secretary Houston laid the high rates
1920, with
The certificates of said series shall be exempt, both as to principal and
any
approximately
officials to consider changes in their financial program.
Applications will be received ay the Federal Reserve banks.
$5,000,
only
the Secretary to advance the rates of interest
semi-annually.
$1,000,
of which
Washington, last week, threw some light
and prompted
offerings of Treasury bills.
and the certificates of Series G 1920
Bearer certificates without coupons will be issued in
A%%,
estimated to have been sold.
being payable on Oct. 15 1920, with interest ay the rate of 5}4 % per annum
$500,
at
This issue having been
further issue of certificates, not acceptable in pay¬
offered, bearing a like rate of interest, of which about
a
It is believed that the conference of Federal Reserve Bank Governors,
very
The Secretary of the Treasury, under the authority of the act approved
are
interest
sold throughout the country.
ment of taxes, was
dated and bear in¬
one put out
be
bearing
were
failure
a
$200,000,000
at
F
certificates
are
certificate
tax
$200,000,000
will not be accept¬
Gov¬
of
could not very well receive banking support.
In spite of this
advice the Treasury Department went ahead and offered a 12 months
practically
The combined issue will be for
At that time bankers pointed out that issues
4M % rate, with the discount rate at the Federal Reserve
Bank 5%
6,265,000
L
City
5,929,000
Dallas
4,986,000
San
9,841,000
Francisco
Treasury
/
1,000,000
Total
$200,669,500
The combined issue will be for $250,000,000 or more.
Newspaper reports to the effect that the< present offering
differed from
banks
were
"in full" where¬
in part, caused the issuance of the
following statement by the Federal Reserve Bank of New
York,
on
\
April 13:
Newspaper stories in connection
with the current issues of Treasury
Treasury reserved the right to allot subscriptions at par, all will
Issues now offered, are incorrect.
be accepted on the two
A reading of the official announcement
of the 5% Series F maturing on
1920 will show that
The Treasury
reserves the right to reject any subscription and to allot less than the amount
of certificates of either or both series applied for and to close the subscrip¬
July 15 and of the 5H% Series G maturing on Oct. 15
the terms in this respect are
tions
either
to
as
identical with previous issues.
both series at any time without notice.
or
Though the Treasury has
indicated the amount of the issue will be
$250,000,000 or more, and Federal Reserve
to make allotment in
the
to
aggregate amount received
cause
banks have been authorized
close the subscriptions promptly when the
and notified to the Treasury reaches $250,000 amount are allotted it will be be¬
If subscriptions in excess of that
of the practical
difficulty in connection with the
country-wide sub¬
telegraphic reports rapidly enough to close the
the exact amount is reached.
of obtaining
scription
subscription
when
Among the comments created by the higher rate of interest
which the new certificates command, we quote the following
from the Nrw York
The
new
caught the financial community unawares.
It
expected confidently that 5% would be paid by the Treasury,
but the 5H%
rate was quite
those,
somewhat
dore, this city.
would
prove a
We
ance
than one might have expected, who
too sharp; that the Treasury could have
Department and predictions were made freely
that it
success.
and since
It will be attended
over
paper
and
rug
manufacturers, and
steamship and shipbuilding companies from all
the country.
The executive committee in charge of
the dinner includes J. S.
Alexander, James F. Bell, George
W. Blanchard, J. McE.
Bowman, J. Herbert! Case, Delos
W.
Cooke, Frank G. Crowell, James A. Farrell, John H.
Finley, Edward Flash, L. W. Forbell, H. J. Greenbank,
J. W. Hallo well, W. H.
Kemp,.Darwin P. Kingsley, A. E.
Marling, Gates W. McGarrah, J. G. Milburn, O. M. Mitch¬
ell, William Fellowes Morgan, Dwight W. Marrow, John
R.
Mott, D. R. McLennan, W. B. Poland, James H. Post,
William H.
Charles
Remick, Edgar Rickard, Herbert T. Robson,
M.
A.
Schwab, Edwin P.
Smith,
Shattuck, A. H.
Stillman, G. A. Tomlinson, Paul M. Warburg,
J. Ward Warner,
Theorode F. Whitmarsh, Arthur Williams
^
and G. A. Zabriskie.
ARGENTINE WHEAT AT RECORD PRICE.
The New York "Sun" of
dated Buenos Aires,
April 12:
Wheat sold at 20 pesos 50 centavos to
the highest prices in the
,
April 14 printed the following,
20 pesos 70 centavos
a
100 kilos,
last five years in the local market to-day.
The
export market has been active and firm in the last week, inferior offerings
from
the
"Wall
Street
Journal"
"La Epoca," commenting on
of
is the logical consequence
newspaper
Saturday's quotation of 20 pesos, says it
of the scarcity of wheat the world over.
The
adds;
on
"Advices from New York and London report there Is some concern In
offerings of certificates of indebtedness is not altogether a sur¬
Europe over the big deficit In the North American crop, which wili cause
That the Secretary of
that the rate on
the Treasury has increased the rates of interest
The banking element has maintained for several months
prise to bankers.
When
war
being placed as high as 18 pesos 70 centavos a 100 kilos.
take
April 12 the following:
the new
merchants,
men,
olficials of
There were
However, most bankers, including most
primarily distributors of securities, were pleased by the
likewise
testimonial to
president of the Food Administration Grain
tion and United States Wheat Director.
"got away" with a flat 5% rate
latest action of the
as
a
during the
by prominent lawyers, bankers, editors, publishers, insur¬
numerous
contended that the advance was
of those who are
It will be the occasion of
Corporation, president of the United States Grain Corpora¬
the low previous rate, it did not meet
approbation of the banking fraternity.
more
of the United States in honor of Julius H.
Thursday evening, April 22, at the Hotel Commo¬
unexpected, and, odd as it may seem after
all the howling that was done over
with the unanimous
men
on
Mr. Barnes' service to the country
James
"Times" of the 13th inst.:
offering of Treasury certificates—three-months bills at 5% and
six-months bills at 5H%
had been
business
Barnes
full in the order of the receipt of applications, it is
Treasury's intention
000.
Invitations have been issued for the dinner to be given by
the armistice
j
certificates of indebtedness to the effect that while in previous announce¬
ments the
DINNER TO JULIUS H. BARNES APRIL 22.
in that the Federal Reserve
authorized to make allotments
allot subscriptions
to
ones
previous offerings the Treasury reserved the right
in the
as
previous
Government certificates should be higher than AH%.
Assistant
Secretary
of the Treasury Leffingwell came to New
York in March for a conference
with bankers, he was
apprised of
money
Great Britain to look elsewhere for future
importations.
This
can
only be
Argentina, as Canada and Egypt are able to contribute only small quantities
to
fill| Great Britain's urgent requirements."
The price quoted
approximately $5.50 per bushel.
THE CHRONICLE
1598
REGULATION GOVERNING SALE AND DELIVERY OF
[VOL. 110.
substantial allotments on the basis of 14c., shipment to begin on March 8
and to be completed not later than the 25th Inst.
WHEAT IN CANADA.
The Canadian Wheat Board has
tion relative to
The
recently Issued
a
regula¬
July 31
buy
or
the dates
as
to which the Wheat Board will
up
provide ai purchaser for all wheat
provinces.
in the various
grown
The regulation (No. 59) provides that:
All wheat purchased by any milling licence© of
the board shall on de"
2.
Until July 31
purchaser
in the provinces of Manitoba, Saskatchewan, Alberta,
1920 the board will purchase or provide a
for all wheat grown
delivered by any milling licence© of the board, in store:
(a) The Canadian Government elevator at Calgary, Saskatoon or Moose
Jaw.
■■■
,
(
Cv
;
(b) A pxiblic terminal elevator at Fort William
or
Goderich, Ont.; The Western Canada Flour Mills Company, Ltd., Goder¬
Ont.;
Armour
Canadian
Grain
Pacific
Railway
Company,
Company, Ltd.. Depot Harbor,
McNichoI,
Port
Ont.;
Ont.; Midland Elevator
Co., Ltd., Midland, Ont.; Maple Leaf Milling Company, Ltd., Port
Colbourne, Ont.; Grand Trunk Railway Company, Tiffin, Ont.; Aberdeen
Elevator Company, Ltd., Tiffin, Ont.; Montreal Harbor Commissioners'
elevator, Montreal.
Provided that such milling licence© declares to the board, oh or before
July 15 1920 the quantity and grade of wheat intended to be delivered to
the board, in store in the elevators hereinbefore designated and on produc¬
tion of the proper documents of title, it will pay or cause to be paid to the
holder of such documents of title, the cash payment fixed by other regula¬
tions of the board, basis in store at
public terminal elevator at Fort William
Port Arthur, for the quantity1 and grade of wheat
NO
FIXED
PRICE FOR
MeNary'
Senator
President
SAYS THERE WILL
of Oregon received
Menocal
Cuba
of
SUGAR
CUBAN
April 9, at
on
CROP.
cablegram from
a
Washington,
stating that because of conditions in the Cuban
sugar
indus¬
try it would be impossible to put into fefect a fixed price,
that
the
American
could
consumer
not
expect
any
relief from present
high prices of sugar from the Cuban crop.
Senator MeNary, it was said, cabled President Menocal
several days ago, saying Cuban raw sugar was
bringing $14
hundred pounds in New York, and that, in view of the
prices charged, he feared "much profiteering is being done
a
Port Arthur.
The Goderich Elevator and Transit Co.,
(c) The following elevators:
or
BE
and
tmand bo delivered to the board.
ich,
PRESIDENT MENOCAL OF CUBA
delivery of wheat by milling licenses.
regulation, which became effective April 6, sets June 30
and
1.
the
the expense of the Cuban producers and the American
at
consumers."
a
He
unsteady.
added:
"Crop will be largely reduced by continuous lack of
Rumors had been current in Washington, according
to the press
dispatches, that the State Department had
into
tered
negotiations
with
the
en¬
Government to
Cuban
a part of the
sugar drop of that country at a special
price; these reports, however, proved to be unfounded.
secure
As
a
result of
charges that Cuban sugar was being imported
Orleans, and refined and sold there at a profit as
at New
for all wheat grown in the province of British Columbia delivered by any
$13 83
sugar was
was
rain."
represented by such
3. Until June 30 1920 the board will purchase or provide a purchaser
reply to Mr. MeNary, the President
April price for Cuban
hundred pounds, and that the market
documents of title, together with any assessments paid to the board thereon,
In accordance with the regulations of the board.
In his
of Cuba said the
Louisiana sugar
(which is permitted to be sold at higher
investigation of the matter was begun on April 3
milling licence© of the board, in store in the Canadian Government elevator,
prices),
Vancouver, provided such milling licence© declares to the board
by District Attorney Mooney and representatives of the
on or
before
June 15 1920 the quantity and grade of wheat intended to be delivered to
th
(board in store at the said elevator, and on production of the proper
d»»uments of title will
be paid to the holder of such docu¬
pay, or cause to
ments of
title, the cash payment fixed by other regulations of the board,
b*sis in store the Canadian Government elevator, Vancouver, for the quant ty
and grade of wheat represented by such documents of title, together with
paid to the board thereon, in accordance with the regula
any assessments
,iom of
the board.
an
Department of Justice.
Mr. Mooney announced that his
investigation would determine prices at which Cuban sugars
purchased and sold, and if the difference in
are
found to be above
was
the refiner
the
2-cent
margin
any
now
instance
permitted,
receiving the increase would be prosecuted for
profiteering.
4. Until June 30 1920, the board will purchase or provide a purchaser for
llwheat grown in the provinces of Ontario and Quebec, delivered by any
nilling licence© of the board, in store at the Montreal Harbor Commis-
GENERAL WAGE INCREASE OF 20% TO NEWS-PRINT
loners' elevator, Montreal, provided such milling licencee delivers to the
oard
on or
WORKERS.
before June 15 1920 the quantity and grade of wheat intended
Renewal of
cbe delivered to the board In store at the said elevator, and on production
Cfthe proper documents of title, will pay or cause to be paid to the holder
if such documents of title,
the cash payment fixed by other regulations
if the board, basis in store Montreal, for the quantity and grade of wheat
represented by such documents of title together with any assessments paid
to the
for another year, with a
general
EGGS
NATIONALIZED
April 8 Washington
BY
press
SOVIET
April 14.
Possibility of
STRIKE OF
TEAMSTERS AND
a
SETTLED—MEN
than
Simultaneously with the report from San Francisco
iian Sugar
a
Refining Co., announcement
}^eent to 15% cents
$15.30
a
Within
a
a
had been
hundred pounds by the
so
selling fine granulated
was
made here that
that
on
sugar at
Sugar Refining
on
cane
sugar
was
set
at
California-Hawaiin Co.
were
made by the American
April 15 this
16>£ cents
company was
a
pound.
The
This is the highest price yet named by
local refiners and is due it
vancing prices of the
On March
duced its
2
raw
was
any
said, to the constantly ad¬
sugars
one cent a
re¬
pound to 14
fine granulated. Regarding
the action of the Amercian Sugar Refining Co. at that time,
4'Financial America" had the following to say:
cents, less 2% for cash, basis,
The company is not taking any new
badness at the new levels at present,
owing to the accumulation of orders and weather conditions.
Other refiners
are
city
The
a
14c. less 2% for cash by the American Sugar
abandoned
their
reduced Its price to
on
accepting
some
14c.
on
business
business.
on
new
Refining Co. has caused
no
level owing to heavy oversales and a
a
week
fill them
as near as
possible before
The National company, however,
the 14c. basis.
still withdrawn and
market for
for
$5-a-week
a
$6 increase.
a
closed
a
wage
They
shop.
With
April 16 said:
of Teamsters,
Brotherhood
International
called
of Local 202,
early yesterday,
which
York City, was
settled last night at a meeting of representatives of the Mercantile Exchange,
the Butter, Cheese & Egg Dealers' Association, the State Industrial and
threatened to paralyze the distribution of foodstuffs in New
State Reconstruction Commissions and the teamsters'
organization.
Copeland, Commissioner of Health, also attended the gather¬
Dr. Royal S.
ing and pleaded with both sides to reach a speedy agreement in order that
the city might not be
who
are
faced with a food crisis.
members of the same organization
refused to haul produce until the
demands
old scale
a
were
a wage
a
week.
and who walked out in sympathy,
handlers' demands were satisfied.
The
By the settlement reached the handlers will get
They agreed to return to work on
week.
These
of $36 a week and a forty-four hour week.
the former-eight-hour day
forty-five-hour week basis and waived their demand for a closed shop.
In return the
to
for
$30
was
,
only 400 handlers involved in the strike, but the truckmen,
There were
employers agreed not to discriminate against union men and
permit the organization to conduct freely its work aong the strikers.
Present at the conference, which was held in the
addition to the
of the State Industrial Relations
Commission, and Mrs. Henry Moskowitz and
the
Governor's
officials,
as
Mercantile Exchange, In
representatives of the employers and employees, were John
A. Bealin and Colonel M. J. Reagan,
Reconstruction
Adjutant-Genera!
Commission.
The
attendance
Berry, of
of
these
well as the efforts of Dr. Copeland, it was declared, contributed
STOCK HANDLERS'
is accepting
The Federal and Warner companies are
tie not expected that the first-named will be in the
o
are to the effect tha
ltwo.
Private advices received from Kansas City
(the California and
Hawaiian company is making
STRIKE IN
JUDGE ALSCHULER
IS A
The former company, however, is not as yet
business at the
the part of the management to
new
granted
demand
union
business
The strike lasted less
April 15.
were
The strike of 1,400 teamsters and produce handlers, members
especially since the National Sugar Refining Co. on Monday (March 1)
desire
on
men
egg
pound in the price of refined sugars to the basis of
surprise in the trade, for such action has been anticipated for several day
any
strike involving
a
greatly to the settlement.
unchanged.
The reduction of lc.
accepting
of
employed in the butter and
reached
was
day.
a
bune"
and
Refining Co. has
CLOSED
OBTAIN
reference to the settlement of the strike the New York "Tri¬
$35
product.
the American Sugar
price for refined
also
April 15 advanced its price of
refined sugar lAa. a pound to 17c. less 2% for cash for fine
gTanulated.
PRODUCE HANDLERS
TO
increase, while they had Risked for
had been increased
pound by the American Sugar Re¬
week further advances
Sugar Refining Co.,
Nationa
sugar
The price for refined
fining Co.
cane sugar
on
hundred pounds by the California-Hawa¬
price of refined granulated
settlement
compromise
in this
ADVANCES IN PRICE OF SUGAR.
the
A
teamsters and porters
'
FAIL
SHOP.
decree apportioning the number of eggs to be delivered
April 8 that the basic price for refined
sai l to have
was
RUSSIA.
dispatches said:
to the Soviet from each section of the country.
advanced $1.30
strike
a
by the agreement.
Eggs have been nationalized in Soviet Russia, according to advices to
the State Department to-day from Viborg.
On March 3. it was stated,
Lenine Issued
leading
news-print manufacturers and the unions a4^a meeting in
been averted
On
increase of 20% for all
wage
classes of labor, was agreed to by representatives of
New York
board thereon, in accordance with the regulations of the board.
existing contracts in the news-print industry
A strike of livestock
FAILURE.
handlers, in
week at the Union Stock Yards,
April 1.
tration.
The
men
CHICAGO ENDED—
SAYS BONUS SYSTEM
progress
Chicago,
for less than a
was
called off
on
agreed to submit their demands to arbi¬
Judge Samuel Alschuler, who was appointed medi¬
by members of the U. S. Department of
ator in the strike
Labor,
April 8 declared that the bonus system for wage-
on
proved
failure
a
far as the labor
as
Continued reduction in the foreign
for the
Workingmen do not seem to regard the bonus as part of their pay,
If
and
the foreign holdings of common stock were
348,036, compared with 368,895 on Dec. 31 1919; the hold¬
employers do not get credit for all the money they
ings of preferred stock have been reduced in same period
much he gets an
ask one of the men from the yards how
you
138,566 shares to 127,562 shares.
from
hour, he will tell you, but won't refer to the bonus.
March 311919,
TIDEWATER COAL EXCHANGE ORGANIZED TO
'The
Tidewater
Philadelphia
will continue
Coal
Inc.,
Exchange,
organized at
was
.
President.
' •
■
It
was
•;
Algeria
Argentina
the
equallyJby the railroads on the one side and
operators and
shippers on the other.
Directors have been elected
as
Downey, E. S. Alden, W. A. Marshall, Le Baron S. Willard;
84
107
48
97
7
95
80
95
7
38
China
45~613
41,639
31,662
38,011
22
131
84
26
36
15
1
78
235
80
30
79
18
11
10
13
i
France
Gibraltar
Italy
Japan
Java
With
but
one
exception, all the bids submitted to the
next six
months,
Mexico
Peru
that of Archibald McNeil & Sons, of
price of $6 63 per gross ton, f. o. b.
coal at Baltimore, at a
Russia
Scotland
company's lighters at railroad coal docks, and the delivery
140,000 tons of coal at Philadelphia, at a price of $6 70
per gross
Spain
Turkey
Uruguay
West
of the Board for the six months
period has been estimated at 1,250,000 tons.
E.
STATES
UNITED
j
■
.........
■
.
Theodore E. Burton,
was
nominated
Total
April 13 as a member
Commission, to fill the vacancy
on
due to tbe resignation of Frank W.
Senator until
United States
Mr." Burton
Taussig.
He served in
1915.
the
51st, 54th, 60th and 61st Congresses, but resigned during
his
last
served
term
as
upon
He had also
Inland Waterways Commission,
election to the Senate.
Chairman of the
Australia
Belgium
was
for
a
President
time
the Merchants
of
National Bank of New York.
Bermuda
Brazil
While it
was
OF
announced
TRUST
ANTI
Chile
China
Colombia
Denmark
Egypt
England
France
Greece
Holland.
recent decision of the U.S.
India.
Ireland.
case
SUITS.
Morocco
in the
not-withstanding the
Supreme Court in the U. S. Steel
the Department of Justice would proceed
against all corporations alleged to be trusts, it has since
been
announced
that
a
postponement
until next Fall of
arguments in seven anti-trust suits now before the Supreme
Court has been decided upon.
known
made
on
March 30,
These later conclusions
when it
was
were
Norway.
Peru
Portugal
Russia.
Department of Justice to study the decision, against the
Scotland
Besides
were
pending.
by the Government under the Sherman Act
pany
Two
were
appealed by
tke
are
before the
Eastman Kodak Com¬
and the Associated Bill Posters and Distributors of the
United States and Canada, while the Government appealed
suits
against the American Can Company, Quaker Oats
Company, Southern Pacific and the Keystone Watch Case
companies.
These
cases
mediately after the court
will be reached for argument im¬
reconvenes
"75
"75
"75
154
140
20
20
250
20
Sweden
Wales
Total.
76
"75
^482
"549
"300
*516
Dale—
80
64
68
13
1,292
1,442
1,512
1,267
"10
39
30
30
45
315
3,228
4,049
3,690
1,952
1,568
Mar.
in the fall.
73
379
379
403
2,463
683
3,683
3,483
,
2,463
120
120
120
120
120
314
314
339
343
84
343
331
53
84
84
84
341
25
16
352
354
119
33,768
36*830
42"073
36,201
35,876
36,453
9
9
"23
33
23
237
24
120
31
30 1919
Sept. 30 1919
Dec.
31
Mar. 31
Mar.
June
82
25
27
105
105
55
30
30
30
78
35
78
178
140
140
37,703
37"936
39*779
50*429 147,453
23,663
25,896
3,865
25,763
27,863
35
55
57
50
50
40
32,524
1,330
3,761
3,796
65
£2,074
65
65
862
65
935
38
23,094
25,264
25,274
25,384
26,494
V
38
418
318
352
315
"450
*826
3*929
2,137
2,087
1,979
2,0'28
2,185
2,148
61
61
23
23
23
15
61
15
50
7
245
405
405
405
7
6
16
16
"'28
"26
"26
"3I
"27
302
302
50
7
—-
-—
'
28
....
6
"II
7
252
1,270
428
2,890
6
7
"33
734
12,256
171
229
220
220
1,270
1,370
2,672
l",305
880
710
421
1,156
2,707
1,136
2,848
1,136
3,043
1,130
2,695
100
788
863
-----
.....—-
15
6
6
"12
6
12
171
31
31
30 1917
30 1917.
31
25
35,126
Sept. 30 1916
Dec.
18
-£1,271
31
31
Mar. 31
June
30 1918
Sept. 30 1918
55
75
19
104
25
107
35
78
31 1915.
Dec.
44
105
24
"15
15„
114*
2,465
■
30
Sept.
9
34
"15
120
Mar.
June
-
119
Dec.
Mar.
~
105
-
30 1915
Dec.
■'
70
34
31 1914
30 1914
31
31
*805
70
1,649
100
33
100
49
100
33
24
1,038
1,131
1,259
220
100
45
1,145
1,952
100
127,562 138.566 148,225
Shares.
140,077 156,412 274,588
PREFERRED.
COMMON.
Dec.
3*435
125
555
348,036 368,895 491,580 484,190 502,632 696,631
West Indies
June
3
"lO
Switzerland
Turkey
Mar.
20.
1
39
3,364
Sept.
the so-called anthracite coal trust cases, which
argued last fall, appeals in six proceedings instituted
court.
Spain
June
Government in the Steel corporation case, and to review the
now
40
153
23
16
...
stated that the
decision to this end had been prompted by the desire of the
dissolution suits
11992654780
40
165
2; 551;
102
1,860
......
Serbia
Corporation
■
Italy.....
Japan
Luxemburg
Mexico
March 11 (referred to
on
"Chronicle" of March 27, p. 1247) that
280
8
125
8
Canada
Central America
Malta
POSTPONEMENT
1*735
279
British India...
Germany
appointed by President Roosevelt, and as a member of the
National Monetary Commission.
After his retirement from
the Senate he
*914
281
45
4
23
Algeria
Argentina
Azores
by President Wilson
"19
55
165
Austria-Hungary1
:
formerly U. S. Senator from Ohio,
of the United States Tariff
was
OF
TARIFF BOARD.
.
.
19
281
Preferred Stock—
MEMBER
AS
NAMED
BURTON
160
281
8
40
Indies
Africa
^THEODORE
69
59
65
160
Sweden
Switzerland
Wales
ton, f. o. b. at railroad coal docks.
The total fuel requirements
Serbia
.
1,178
-
Portugal
York, providing for the delivery of 120,000 tons of
New
628
229",185 234*365 238*.617
281
55
...
Norway
rejected by the Board on April 12.
were
The bid accepted was
of
Malta
Shipping Board, to fill its coal requirements for the
U. S.
612
891
959
2108,698
Ireland
COAL.
876
i
India.
FOR
28
26
1,059
Germany
REJECTS BIDS
BOARD
SHIPPING
STATES
118
73
165,220 166,387 172,453 173,074 192,250 355,088
-£7,842
28,607
29,700
30,059
34,328 50,193
England
Holland
UNITED
24
35*686
Denmark
Payne, William Boulton, J. H. Hillman, Telford Lewis.
7
24
32,115
Chile
George H. Francis, T. Larry Eyre, H. M.
F. Coale,
W.
38
532
2,639
America
Central
Philadelphia—
England—G. W. Anderson, E. Russell Norton.
Operators:
472
2,625
84
54
Canada.
C. F. Kerchner, C. W. Hendley; New
Lewis, Howard Adams,
John Ci
30
472
2,625
India
Jacobs, Medford J. Brown; Baltimore—
G. R. Gabell, W. L. Scott, C. H.
36
2,887
2,629
Bermuda
British
23
80
2,888
2,689
Brazil
follows:
5
150
23
"34
80
Austria-Hungary.
Belgium
Owen, Willis C. Townes, E. Kelly
New York—Charles A.
Shippers:
78
"43
"64
"78
2,888
2,688
Australia
tehould be borne
1915.
1920.
Africa
of the Exchange
expenses
Dec. 31 Dec. 31 Dec. 31 Dec. 31
1916.
1917.
1918.
1919.
15
23
75
89
81
Mar.31
Common Stock—
•
agreed that the
various occasions
on
U. S. STEEL CORPORATION.
Dec. 31
FOREIGN HOLDINGS OF SHARES OF
Rembrandt Peale, a member of President
Wilson's Bituminous Coal Commission, has been elected
Exchange.
/,
have
•
Railroads, transshipped and coal operators are interested
in the
we
on March 31 1914 they aggregated 1,285,636 shares;
foreign holdings of preferred stock, now at 127,562, com¬
pare with 312,311 shares on March 31 1914.
Below we
furnish a detailed statement of the foreign holdings at
various dates since Dec. 31 1915 to the latest period.
by the
April 30.
As
A year ago, viz.:
493,552, while the
were
the
Government, and which expire by Presidential proclamation
on
holdings
348,036,
permanently the bituminous coal pooling ar¬
rangements at North Atlantic ports put into effect
149,832.
were
common
pointed out, the shrinkage in foreign holdings, compared
with the period before the war, is very striking; while in the
case
of the common stock, the foreign holdings are now
The Exchange, it is understood,
April 7.
on
the
preferred
CON¬
AGREEMENTS.
TINUE COAL
April 8.
quarter ending March 311920, made public on
On that date
I honestly believe the
pay out.
holdings of shares of
Corporation is shown in the figures
the United States Steel
saying:
as
U. S. STEEL CORPORATION.
FOREIGN HOLDINGS OF
problem of
the stock yards was concerned.
Judge Alschuler, who is
reputed to be the sponsor of the bonus system, was quoted
had
earners
1599
THE CHRONICLE
Apb. 17 1920.]
Percent.
1,285,636
1,274.247
1,193,064
1,130,209
957.587
826.833
696,631
634,469
637,809
602.632
494.338
481,342
477,109
484,190
485,706
491,464
495.009
491,680
493,552
465.434
394.543
368,895
348.036
25.29
25.07
23.47
22.23
18.84
16.27
Date—
Mar.
31 1914
„
June
30 1914
312,832
8.68
Dec.
31 1914
31 1915
June
30 1915-
Sept.
30 1915—
309,457
308,005
303.070
297.691
274,588
262,091
8.69
Mar.
13.70 Dec. 31 1915
12.48 Mar. 31 1916
10.68 Sept. 30 1916
9.89 Dec. 31 1916
Mar.
31 1917
9.45 June
9.39 Sept.
9.62 Dec.
9.56 Mar.
9.66 June
9.73 Sept.
9.68 Dec.
9.71 Mar.
9.15 June
7.76 Sept.
7.26 Dec.
30 1917
9.72
n
PerCent.
8.67
312,311
Shares.
6.84 Mar.
^
171.096
156,412
151.757
142,226
8.55
8.41
8.26
7.62
7.27
4.75
4.34
4.21
3.94
30 1917
140,039
3.59
31 1917
31 1918
140,077
140,198
149,032
3.88
4.10
4.11
30 1918
3.90
4.13
30 1918
147,845
31 1918
31 1919
30 1919
148,225
149.832
146.478
30 1919
143,840
4.07
3.99
31 1919
31 1920
138,566
127,562
3.54
4.16
3.84
THE CHRONICLE
1G00
REGULATIONS
GOVERNING
ISSUANCE
THE
public coal, oil and oU-shale,
gas, phosphate and sodium lands, and
jthe
deposits of these minerals that have been reserved in lands to which a
OF
LEASES FOR COAL DEPOSITS UNDER MINERAL
LAND
LEASING
BILL—TEXT
limited title has passed, and the
leases
THE
OF
MEASURE.
the leasing of coal deposits under the recently
summary
Known coal
deposits under the regulations
hold only one lease in a State.
competitive bidding at
gas,
are to
Interior
be divided into leasing
a
Leases for the units are to be offered for
existence or workability of the deposits.
in all the
fixed by the Interior
coal deposits or to explore
March 15 and
March 27.
administration,
with
representatives of oil producers to consider the regula¬
tions
regarding oil and
of the law.
It
had reached
land leases and the administration
gas
made known
was
agreement
an
on
April 7 that the conferees
the tentative operating
on
drilling and producing
cover
The rules of the
Osage nation, it
on
regu¬
Government lands.
said, would be followed.
was
The bill
providing for the development of public mineral
lands, sometimes known as the oil land leasing bill, became
a law on Feb. 25, when it was
signed by the President.
The
Act opens up for
development oil lands in the West estimated
by the Geological Survey at
than 6,700,000
more
acres,
are
to be classified.
Phosphate lands are estimated at 2,700,000
with sodium and other mineral deposits equally as
Representative
conferees
the
oil
placed with the Secretary of the Interior.
leasing law is
On oil lands the
leasing rate will be 5% of the oil produced and this
demanded in oil
The Senate
Feb.
on
the
cash
or
be
When
it
Franklin
an
opinion.
reached
the
White
House
the
K.
Lane, then Secretary of the
The measure was returned by
the latter Feb. 16.
The
is
interesting
an
Sept. 3 1919 and the House
on
Oct. 30.
on
in conference three
before."
was
body;
been
announced Feb. 2 that the dead¬
an
agreement had been reached
provisions of the bill; subsequently (Feb. 10) the
conference report was adopted in the House
by a vote of
287 to 13.
The following day, as already
stated, the measure
all the
passed the Senate, action being taken there without
vote.
There
The bill
as
was
no
October.
It
same as
for
on
case
of
the coal mined by the lessee is to
No
The amount of the royalties
according to the known mineral value of the terri¬
tories leased.
was
In
a
statement issued
shortly after the bill
reported from the joint conference committee, Repre¬
sentative
Frank
W.
House, declared it
of proper
Mondell,
was
Republican leader in
resources up
and represented real constructive
For
more
than
ten
years
the
to this time,"
legislation.
He said:
question of providing legislation
would retain In the hands of the
Government the title to
the
the "greatest triumph of the cause
conservation of public
on
House
Public
"modeled
was
the
on
summarized
the
provisions
the
of
^
and
can
the absolute disposal by
named
resources
longer
the bill.
in
This bill
patents be issued deeding
away
the Government of the
is strictly
leasing bill.
a
these mineral
resources
of
the Government, except as to some valid claims now existing upon mineral
provided for in Section 37 of the bill.
oil, oil-shale, phosphate, sodium,
or
But apart from that, no longer
coal lands be deeded away by
the Government.
The bill provides for limited leases for coal lands,
for oil and oil-shale
lands/for phosphate lands, and for sodium lands, reserving to the Govern¬
royalties and rentals.
ton.
In the
In the
case
of coal the royalty is to be
case
of oil in what is known
"wildcat"
as
unknown territory, where oil is discovered by an applicant or a permittee,
the permittee pays 5% of the value of the production on his leasehold.
or
Then in known oil territory there is a limited lease for not exceeding 640
for which lease the lessee must pay not less than 12y2 % of the value
acres,
production, and in addition to that he has to pay a certain bonus
royalty, which bonus royalty will be determined by competitive bidding.
The bill gives the Government control
leases.
It provides for continuous,
and operation of the
over
the future operations of these
economical, and diligent development
leasehold, with provisions against waste, with
pro¬
visions guarding the safety and welfare of miners, with
provisions against
monopoly for selling the products at reasonable prices, and other matters of
that kind that
Mr.
to be inserted in the leases.
are
a
Sinnott, in the
had the
following to
The violation of any of
forfeiture of the lease.
course
of his remarks
on
Feb. 10, also
say:
Mr. Speaker, after this bill
passed the House, last October, I received
I sent
a
a copy
of that letter to Secretary Daniels and received a letter in reply from Secre¬
tary Daniels.
I have handed those two letters to the Clerk, and I should
like to have them read in my time.
Speaker—Without objection, the letters will be read.
The Clerk read
as
follows:
Washington, D. C., Nov. 8 1919.
Hon. Nicholas J. Sinnott, Chairman House Public Lands Committee, House
of Representatives, Washington, D. C.:
My Dear Mr. Sinnott:—I have just gone over the mineral-leasing bill
passed by the House.
While it contains some provisions with which
I am not in accord, in my opinion it is the best leasing measure that has
as
{)assed either House. On the whole, Tofollowsthe members of your Com¬
aid down by Theodore Roosevelt.
it you, the conservation principles
mittee, and to the House are due the thanks of the friends of conservation.
I have strong hope that the conference committee and the Senate will
in your good work.
Sincerely,
which
the remaining
yours,
(Signed)
THE
SECRETARY
My Dear Mr. Sinnott:—I
a
am
letter from Hon.
bill
as
OF
GIFFORD PINCHOT.
THE
NAVY.
Washington, Nov. 20 1919.
in receipt of your esteemed favor inclosing
Gifford Pinchot with reference to the
mineral-leasing
House.
I thank you very much for sending it to me.
that the naval reserves ought to be
I understand that is what was done in the bill that has
it passed the
I have insisted all
the way through
protected, and
passed the House.
Sincerey, yours,
_
be at least 5 cents per ton.
will vary
Sinnott
the patenting
mineral
provides for united leases of
Thus, for instance, in the
lands, the royalty
the
of
one
Committee
10, stated that it
follows:
that passed by
lands, of oil and oil-shale lands, of phosphate lands and
lands, reserving to the Government certain
royalties and rentals.
the
concur
sodium
coal
as
reported from conference and adopted by both
the House last
coal
record
debate in that body.
branches of Congress was much the
of
a
Oregon,
of
In brief, the bill does away with and repeals the present laws providing
months, Senator Smoot of Utah, Chairman
lock had been broken and
on
Feb.
on
Mr.
measure
The
of the Senate managers,
of
provisions
carefully drawn than heretofore.
letter from Mr. Gifford Pinchot concerning the House bill.
measure
then sent to conference at the request of the former
the conferees were appointed Nov. 1.
After it had
decided improvement over
a
bill that passed the House at the last session and the session
The Senate
disagreed to the House amendments and tha
will
fund
That
Lands, explaining the main provisions of the leasing bill in
the House
similar land leasing
This bill passed the Senate
one.
are more
Chairman
ttyese provisions will work
legislative history of this and
measures
Fund.
of the
11, in line with the action of the
to
sent
Interior, for
may
the Government may elect.
preceding day, adopted the conference report
measure.
was
as
The bill is
Sinnott
the
at least 5 cents per
Authority for administration of
bill
and
ment certain
extensive.
view of covering costs of
a
Reclamation
will
source
safeguarding the public interest
will
still
National
beneficiaries under the law.
approximately 30,000,000
acres
the
its predecessors because it is strictly a leasing measure, and its
lands
with 39,000,000
and
royalties to be divided between the States
produced, sufficient to reimburse them for the
the Government, with
prvide large amounts to carry on a systematic
development of the irrigation possibilities of the 17 Western States which
while proven coal lands under Government withdrawal total
acres,
both parties.
are
probably receive immediately about $5,000,000 accrued charges and it is
On March
conference at the Department of Interior
a
acres.
loss of taxing values;
delegations appointed by the Governors of five Western
began
sodium
valuable for
areas
royalties largely to be determined by public bidding, and under
believed that
on
and oil-
gas
comparatively small part of the public domain, it amounts
in which the minerals
issued by the Secretary of the Interior on
subsequently revised
a
million
The proceeds of the rents and
approved do not apply to Alaskan coal deposits.
were
the Department of the
and it is known that these withdrawn
in perpetual public ownership the phosphate and
favorable conditions to
Regulations governing the issuance of permits and leases*
for oil lands
at
areas
In such cases the person holding
Department.
The regulations as
withdrawn by
Under the provisions of the bill the minerals referred
to, and to a certain
extent the lands which contain
them, will be leased to citizens in limited
"
on
considered
ever
a
remaining public lands, and while the known
several
to
permits
permit who finds workable coal deposits may have a lease at the royalty
the
bill
than 50,000,000 acres
tonnage of more than 450,000,000,000
have been
acres
but
reserves
these minerals is
undeveloped lands where preliminary work is necessary to determine the
House
more
small part of the area in which oil and
likely to be found in paying quantities.
The bill
royalty fixed in advance, not less than 5 cents per
qualified citizens to search for unknown
on
estimated
an
valuable for oil or gas,
as
constitute
shale is
corporation may
The Secretary of the Interior is authorised to grant prospecting
acres,
leasing
sodium
Just what part of this area will be found to contain oil or
oil in shale, in paying quantities, is a matter of conjecture, but
or
nearly 7,000,000
and in the
ton, and awarded to the qualified person bidding the highest bonus.
lations to
and
It retains in public
areas
units of not exceeding 2,560 acres each, and one person or
States
did not
ownership the oil and gas in the entire remaining
public domain, of 700,000,000 acres, 330,000,000 of which are in Continental
Appalachian Forest Reserve.
31
greater or less
United States.
States, except in national parks, military or naval reservations
the
phosphate
public ownership the coal under
lands, containing
tons.
They provide for the disposition of all coal deposits owned by the United
to
coal,
gas,
It reserves in
April 2
on
a
measures
by Congress.
follows:
as
policy, to
a
the House is about to adopt is the first unqualified oil and
measure
oil-shale,
were
of the regulations regarding coal
advices from Washington
press
system of development under
a
Congress, and bills proposing such
The
enacted law
of
A
given in the
adoption of
supervised by the Federal Government, has been
satisfy the friends of real leasing legislation and failed to become law.
approved by John Barton Payne, Secretary of the Interior,
April 2.
and
degree, have passed both Houses several times, but the
prospecting for and
providing for the development of public mineral lands,
was
controlled
before
Rules and regulations governing the
on
[Vol. 110
Hon. N.
r
J.
Tr
(Signed) JOSEPHUS DANIELS.
_
Sinnott, House of Representatives,
Mr. Sinnott—Mr. Speaker, I think I can
Washington, D. C.
truthfully
of Mr. Pinchot and the friends of conservation
say
that the hopes
as^expressed
in his letter
have been realized in the conference report, and that the conferees have
concurred
in
the
good work of the House, for in
no
vital, fundamental
feature of the bill expressing the House
policy has the conference report
changed the House bill.
,
.
,
While I realize that numbers do not
necessarily count, yet it may be of
interest to the Members of the House to know that of the House amend¬
ments to the Senate
receded
fraud
on
some
bill, 11
were modified in a small way;
16 amendments,
4
or
that the House
5 of which merely related to the
provision of the bill, restoring the Senate fraud provision, which
THE CHRONICLE
many Members of the House, myself among them, thought were much
stronger than the House provisions.
Sixty House amendments
modification—accepted
as
were
accepted by the conferees in toto without
they passed the House.
I do not feel that it is
necessary to make an extended or elaborate
ex¬
planation of this oil-leasing bill.
This is the fifth time that this bill will
have passed the House if it does pass to-day.
The matter is very familiar
to most of the Members of the
to ask
House, and unless Members have questions
concerning the bill, I expect to
The statement submitted
conference
committee,
reserve
explaining the action of the
1.
As to
2.
The division of
maximum restrictions
on
said
The
charges by the Govern¬
provisions in Section 18
was
settled in
a way so as
no event
the
The Senate bill put 45% of the proceeds into
Fund and paid 45%
to the State.
area
thousand
all
of the workable deposits of coal within
will be exhausted, worked out,
or
a
tract
removed within
three years thereafter, the Secretary of the Interior may, within his discre¬
or
coal deposits, which,
thousand five hundred and sixty acres, through the same procedure
The House bill put
as
in
case
of
original lease.
an
That if, in the judgment, of the Secretary of the Interior, the
public interest will be subserved thereby, lessees holding under lease
areas
exceeding the maximum permitted under this Act may consolidate
not
their leases through the surrender of the original leases and the inclusion
and
new
a
lease of not to exceed two thousand five hundred
sixty acres of contiguous lands.
That where coal
Sec. 6.
phosphate lands aggregating two thousand
or
five hundred and sixty acres and subject to lease
as
The third point of difference between the Senate and the House was the
disposal of the proceeds.
shall the total
aggregate two
That upon satisfactory showing by any lessee to the Secretary
covered by his or its lease
to pre¬
holdings.
the Reclamation
modified lease exceed in
Interior that
of the
of such areas in
The conference agreed to the House provisions.
the integrity of the House safeguards against the disposal of excess
serve
in such
Sec. 5.
The second chief point \of difference between the Senate and the House,
to the relief
embraced
five hundred and sixty acres.
proceeds under Section 35.
no
lease of
finding by hiin that it will be for the
a
tiguous to those embraced in such lease, but in
and under the same conditions
The Senate bill limited the maximum charges by the Government for
coal to 20 cents per ton, for oil to 25% of the value of the
as
Secretary of the Interior, upon
two
maximum charges.
production.
a
including the coal area remaining in the existing lease, shall not exceed
were:
The relief provisions in Section 18.
3.
ment.
corporation holding
or
advantage of the lessee and the United States, secure modifications of his
or its original lease by including additional coal lands or coal
deposits con¬
Sec. 4.
con¬
association,
coal deposits under this Act
may, with the approval of the
or
tion, lease to such lessee an additional tract of land
The chief difference between the Senate and the House bills
House billcontained
That any person,
coal lands
the balance of my time.
by the House members of the
ferees, in part said:
the
Sec. 3.
1601
hereunder do not exist
contiguous areas, the Secretary of the Interior is authorized, if, in his
opinion the interests of the public and of the lessee will be thereby subserved,
to embrace in
Sec. 7.
single lease noncontiguous tracts which can be operated
a
single mine
as a
or
unit.
That for the privilege of mining
70% of the proceeds from past production and 60% of the proceeds from
future production into the reclamation fund and paid 20%
from past
production and 30% from future production to the State. - The compromise
lands covered by the lease the lessee shall pay to
reached in conference left intact the provisions of the House bill as to past
of offering the same, and which shall not be less than 5 cents per ton
production, to wit, 70% to the Reclamation Fund and 20% to the State.
thousand pounds, due and payable at the end of each third month succeed¬
As to future
royalties as
extracting the coal in the
or
the United States such
be specified in the lease, which shall be fixed in advance
may
of two
reached by splitting the differ¬
ing that of the extraction of the coal from the mine, and an annual rental,
between the House bill, 60% to the Reclamation Fund and 30% to
ence
payable at the date of such lease and annually thereafter, on the lands or
production,
a
compromise
was
the State, and the Senate bill 45% to the Reclamation Fund and 45% to
coal deposits covered by such lease, at such rate as may
be fixed by the
the State, thus giving the Reclamation Fund 52K% and the State 37H%
Secretary of the Interior prior to offering the
of the
than 25 cents per acre for the first year thereafter, not less than 50 cents
proceeds from future production.
N.
J.
SINNOTT,
ADDISON
J.
A.
T.
less than $1 per acre for each and every year thereafter during the continu¬
ance
ELSTON,
on
of the lease, except that such rental for any year shall be
the royalties as they accrue for that year.
the part of the House.
ACT
to
on
the
Representatives of the United Slates
of America in Congress assembled, That deposits of coal, phosphate, sodium,
oil-shale,
United
or
and lands containing such deposits owned by the
gas,
including those in national forests,
States,
acquired under the Act known
March
1
1911
but excluding lands
the Appalachian Forest Act, approved
as
(Thirty-sixth Statutes, page 961), and those in national
parks, and in lands withdrawn or reserved for military or naval uses or
purposes, except as hereinafter
the form and
to any
or
manner
provided, shall be subject to disposition in
provided by this Act to citizens of the United States,
the
of coal,
case
made
oil, oil-shale, or
reserves
from lands permitted,
of this Act ,
Provided, That
to municipalities:
gas,
thereof, and in
the right to extract helium from all gas produced
leased,
or
otherwise granted under the provisions
under such rules and regulations as shall be prescribed by the
Secretary of the Interior:
the Secretary
as
Provided further, That in the extraction of helium
continuous operation of the mine or mines,
And provided further, That citizens of another country,
or
privileges
corporations of this country, shall not by stock ownership,
stock holding,
stock control, own any interest in any lease acquired
or
can
That in order to provide for the supply of
Sec. 8.
needs for fuel, the Secretary of the
regulations
the
petition of
the
or
That
the
any
Secretary of the Interior is authorized to, and upon
qualified applicant shall, divide any of the coal lands
deposits of coal, classified and unclassified, owned by the United
States, outside of the Territory of Alaska, into leasing tracts of forty acres
each,
or
multiples thereof, and in such form
as,
in the opinion of the Secre¬
the coal in
exceeding two thousand five hundred and sixty
tary of the Interior, will permit the most economical mining of
such tracts, but in no case
acres
in any one
associations of individuals to prospect for, mine,
or
take for their
but not for sale,
use
payment of royalty for the coal mined or the land occupied, on such condi¬
tions not inconsistent with this Act
as
in his
Provided further, That in the case of municipal corporations
the Secretary of the Interior may
issue such limited license or permit, for
not to exceed three hundred and twenty acres
one
hundred thousand population,
more
than
one
he may by general regulations
as
adopt, to any qualified
Provided, That the Secretary is hereby authorized, in awarding
leases for coal lands heretofore improved and occupied or
faith,
consider
to
claimants:
and
to
claimed in good
recognize equitable rights of such occupants or
Provided further. That where prospecting or
pality of
one
located,
upon
coal deposits in
unclaimed, undeveloped area, the Secretary of the Interior may issue,
applicants qualified under this Act, prospecting permits for a term of
two years,
for not exceeding two thousand five hundred and sixty acres;
and if within said
the
period of two
years
thereafter, the permittee shows to
Secretary that the land contains coal in commercial quantities, the
permittee shall be entitled to
land in his
permit:
a
lease under this Act for all or part of the
And provided further, That
Act shall be approved or
no
lease of coal under this
issued until after notice of the proposed lease,
offering for lease, has been given for thirty days in
a newspaper
circulation in the county in which the lands or deposits are
provided further.
That
no
company
or
of this Act for any coal
deposits except for its
shall receive or hold more than
one
no
own use
provisions
for railroad purposes;
permit
issued
such company or corporation
or
lease for each two hundred
miles of its railroad line within the State in which said property
is situated,
exclusive of spurs or switches and exclusive of branch lines built to connect
the leased coal with the railroad, and also exclusive of parts of the
operated
mainly
sixty acres for a munici¬
municipal applicant
may
be
condition that such municipal corporations will mine the coal
conditions and dispose of the same without profit to
residents of such municipality
for household use:
That the acquisition or holding of a lease
this Act shall ba
no
And provided further.
under the preceding sections of
bar to the holding of such tract or operation of such
mine under said limited license.
Phosphates.
by power produced
otherwise
than
provided further. That nothing herein shall preclude such
by
a
railroad
steam:
And
railroad of less
than two hundred miles in length from securing and holding one
lease hereunder.
to any
permit or
applicant qualified under this Act any lands belonging to the United
States
upon
containing
such terms
bidding,
or
Sec. 10.
of phosphates,
deposits
as are
under
such restrictions and
herein specified, through advertisement, competitive
such other methods
general regulation
as
the Secretary of the Interior may by
adopt.
That each lease shall be for not to exceed two thousand five
hundred and sixty acres of
of the
-CV.;,".'
That the Secretary of the Interior is hereby authorized to lease
Sec. 9.
public land
land to be described by the legal sub-divisions
if surveyed; if unsurveyed, to be surveyed by
surveys,
the Government at the expense
with the rules and regulations
of the applicant for lease, in accordance
prescribed by the Secretary of the Interior
and the lands leased shall be conformed to and taken in accordance with
the legal sub-divisions of such survey;
surveys
deposits made to cover expense of
and any excess
corporation making
Provided, That the land em¬
lease shall be In compact form the length of which shall
shall be deemed appropriated for that purpose;
deposits shall be repaid to the person, association, or
such deposits or their legal
braced in any one
representatives:
not exceed two and one-half times Its
Sec. 11.
corporation operating a common
and such limitations of use shall be expressed in all permits arid leases
companies or corporations, and
or
of general
situated: And
carrier railroad shall be given or hold a permit or lease under the
to such
than one hundred
hundred and fifty thousand population or more, the land
therein under proper
exploratory work
is necessary to determine the existence or workability of
any
municipality of less than
leasing tract, and thereafter the Secretary of the Interior
leasing,^ and shall av ard leases thereon by competitive bidding or by such
applicant:
a
hundred and fifty thousand population;
to be selected within the State wherein the
motion, from time to time, offer such lands or deposits of coal for
other methods
for
and not to exceed one thousand two
hundred and eighty acres for a municipality of not less
■
own
opinion will safeguard the
Provided, That this privilege shall not extend to any
shall, in his discretion, upon the request of any qualified applicant or on
his
and
coal from the public lands without
and not to exceed two thousand five hundred and
Coal.
Sec. 2.
strictly local domestic
Interior may, under such rules and
he may prescribe in advance, issue limited licenses or permits
as
individuals
to
such that the lease
not be operated except at a loss.
thousand arid not
under the provisions of this Act.
Provided further, That the Secretary of the Interior
permit suspension of operation under such lease for not to exceed six
months at any one time when market conditions are
corporations:
delay in the delivery of gas produced from the well to the
provide in the lease for the
of coal, which in no case shall aggregate less than the amount of rentals
herein provided for:
may
substantial
the laws, customs, or regulations of which, deny similar or like
Provided,
herein contained requiring
payment of an annual advance royalty upon a minimum number of tons
from gas produced from such lands, it shall be so extracted as to cause no
to citizens
determine, unless otherwise
may
will be subserved thereby, in lieu of the provision
public interests:
purchaser thereof:
of the Interior
That the Secretary of the Interior may, if in his judgment the public interest
association of such persons, or to any corporation organized under
the laws of the United States, or of any State or Territory
the United States
period succeeding
provided by law at the time of the expiration of such periods:
public domain.
Be it enacted by the Senate and House of
oil,
casualties not attributable to the lessee, and upon
the date of the lease such readjustment of terms and conditions may be
the mining of coal, phosphate, oil, oil-shale, gas,
promote
or
the further condition that at the end of each twenty-year
[S. 2775.1
and sodium
mines, except when such operation shall be interrupted by
or
strikes, the elements,
[Public—No. 146—66th Congress.J
credited against
Leases shall be for indeterminate
periods upon condition of diligent development and continued operation
of the mine
Following is the full text of the law:
AN
which shall not be less
for the second, third, fourth, and fifth years, respectively, and not
per acre
SMITH,
EDWARD T. TAYLOR,
Managers
same,
or
width.
That for the privilege of mining or
extracting the phosphates
shall pay to the United
phosphate rock covered by the lease the lessee
States such royalties as may
be specified in the lease, which shall be fixed
by the Secretary of the Interior in advance of
shall be not less than 2 per centum
phates
or
offering the same, which
of the gross value of the output of phos¬
phosphate rock at the mine, due and payable at the end of each
sale or other disposition of the phosphates
third month succeeding that of the
or
phosphate rock, and an annual rental payable at the date of such lease
and annually thereafter on the area
may
covered by such lease at such rate
as
offering the lease,
for the first year thereafter,
be fixed by the Secretary of the Interior prior to
which shall be not less than 25 cents per acre
50 cents per acre for the second, third, fourth, and fifth years, respectively,
and $1 per acre
for each and every year thereafter during the continuance
that such rental for any year
of the lease, except
the royaltlos as
shall be credited against
Leases shall be for indeterminate
they accrue for that year.
of a minimum annual production, except when operar
interrupted by strikes, the elements, or casualties not attribut¬
and upon the further condition that at the end of each
periods upon condition
tion shall be
able to the lessee,
period succeeding the date of the lease such readjustment of
shall be made as the Secretary of the Interior shall
unless otherwise provided by law at the time of the expiration
twenty-year
terms
and conditions
determine
Provided, That the Secretary of
of such periods:
the Interior may permit
such lease for not exceeding twelve months
time when market conditions are such that the lease can not be
suspension of operation under
at any one
operated except at a loss.
That any
Sec. 12.
qualified applicant to whom
the Secretary of the
extract phosphates, or phosphate
rock, under the provisions of this Act shall have the right to use so much
of the surface of unappropriated and unentered lands, not exceeding forty
acres, as may be determined by the Secretary of the Interior to be necessary
for the proper prospecting for or development, extraction, treatment, and
Interior may grant a
lease to develop and
removal of such mineral
deposits.
Oil and Gas.
^
the Interior is hereby authorized, under
rules and regulations as he may prescribe, to
That the Secretary of
Sec. 13.
such necessary and proper
grant to any applicant
qualified under this Act a
prospecting permit, which
period not exceeding two years, to
prospect for oil or gas upon not to exceed two thousand five hundred and
sixty acres of land wherein such deposits belong to the United States and
are not within any known geological structure of a producing oil or gas field
upon condition that the permittee shall begin drilling operations within
six months from the date of the permit, and shall, within one year from and
after the date of permit, drill one or more wells for oil or gas to a depth of
not less than five hundred feet each, unless valuable deposits of oil or gas
shall be sooner discovered, and shall, within two years from date of the
permit, drill for oil or gas to an aggregate depth of not less than two thousand
shall give the
exclusive right, for a
discovered. The
Secretary of the Interior may, if he shall find that the permittee has been
unable with the exercise of diligence to test the land in the time granted by
the permit, extend any such permit for such time, not exceeding two years,
and upon such conditions as he shall prescribe.
Whether the lands sought
in any such application and permit are surveyed or unsurveyed the applicant
shall, prior to filing his application for permit, locate such lands in a reason¬
ably compact form and according to the legal sub-divisions of the public
land surveys if the land be surveyed; and in an approximately square or
rectangular tract if the land be an unsurveyed tract, the length of which
shall not exceed two and one-half times its width, and if he shall cause to be
erected upon the land for which a permit is sought a monument not less
deposits of oil or gas shall be sooner
feet unless valuable
than four feet
high, at some conspicuous
place thereon, and shall post a
application for
permit will be made within thirty days after date of posting said notice,
the name of the applicant, the date of the notice, and such a general descrip¬
tion of the land to be covered by such permit by reference to courses and
distances from such monument and such other natural objects and perman¬
ent monuments as will reasonably identify the land, stating the amount
thereof in acres, he shall during the period of thirty days following such
marking and posting, be entitled to a preference right over others to a
permit for the land so identified.
The applicant shall, within ninety days
after receiving a permit, mark each of the corners of the tract described in
the permit upon the ground with substantial monuments, so that the
boundaries can be readily traced on the ground,and shall post in a conspicu¬
ous place upon the lands a notice that such permit has been
granted and
description of the lands covered thereby:
Provided, That in the Territory
of Alaska prospecting permits not more than five in number may be granted
to any qualified applicant for periods not exceeding four years, actual
drilling operations shall begin within two years from date of permit, and
oil and gas wells shall be drilled to a depth of not less than five hundred
feet, unless valuable deposits of oil or gas shall be sooner discovered, within
throe years from date of the permit and to an aggregate depth of not less
notice in writing on or near
than two thousandfeet
said monument, stating that an
shall be sooner
Provided further, That
others to
unless valuable deposits of oil or gas
of permit:
discovered, within four years from date
in said Territory the applicant
a
shall have a preference right over
perpiit for land identified by temporary monuments and notice posted
or near the same for six months following such marking and posting,
on
and upon
In the
of the tract described
the ground with substantial monuments within one year
receiving a permit he shall mark the corners
permit upon
after receiving such
permit.
establishing to the satisfaction of the Secretary of
Interior that valuable deposits of oil or gas have been discovered within
limits of the land embraced in any permit, the permittee shall be en¬
Sec. 14. That upon
the
the
titled to
one
a
lease for one-fourth of the
land embraced in the
prospecting per¬
shall be granted a lease for as much as
of said lands, if there be that number of acres
Provided, That the permittee
mit:
hundred and sixty acres
the permittee, shall be in
compact form and, if surveyed, to be described by the legal sub-divisions
of the public-land surveys; if unsurveyed, to be surveyed by the Govern¬
ment at the expense of the applicant for lease in accordance with rules and
regulations to be prescribed by the Secretary of the Interior and the lands
leased shall be conformed to and taken in accordance with the legal sub¬
divisions of such surveys; deposits made to cover expense of surveys shall
be deemed appropriated for that purpose, and any excess deposits may be
repaid to the person or persons making such deposit or their legal repre¬
The area to be selected by
within the permit.
sentatives.
Such leases shall be for a term
of twenty years upon a royalty
in amount or value of the production and the annual pay¬
in advance of a rental of $1 per acre, the rental paid for any one year
of 5 per centum
ment
for that year, with the
Section 17 hereof. The permittee shall
also be entitled to a preference right to a lease for the remainder of the land
In his prospecting permit at a royalty of not less than 12 H per centum in
amount or value of the production, and under such other conditions as
are fixed for oil or gas leases in this Act, the royalty to be determined by
competitive bidding or fixed by such other method as the Secretary may
by regulations prescribe:
Provided, That the Secretary shall have the right
to be credited
against the royalties as they accrue
right of renewal as prescribed in
to reject any or all
That until the permittee
by him for sale
Sec. 16.
or
developed in the land, or the entrance of water
sands or oil-bearing strata, to the
Violations of the provisions of this
section shall constitute grounds for the forfeiture of the permit or lease,to
be enforced through appropriate proceedings in courts of competent juris¬
prevent waste of oil or gas
through wells drilled by him to the oU
destruction
other
shall apply for lease to the one
disposition.
That all permits
and leases of lands
boundaries of the lands
so
entered lands
be leased by the Secretary
such reasonable
of the Interior,
unless otherwise provided by law at the time of the expiration of such
periods.
Whenever the average daily production of any oil well shall not
exceed ten barrels per day, the Secretary of the Interior is authorized to
reduce the royalty on future production when in his judgment the wells
can not be sucessfully operated upon the royalty fixed in the lease.
The
provisions of this paragraph shall apply to all oil and gas leases made under
operations,
use
the same for successive periods of ten years upon
to renew
terms and
this Act.
conditions
will, in conducting
precautions to
be prescribed by the Secretary
■
Sec. 18.
all right,
relinquishment to the United States, filed in the
months after the* approval of this Act, of
That upon
possessed prior to July 3 1910, and
predecessor in interest under the
oil or gas bearing land upon which
title, and interest claimed and
continuously since by the claimant or his
pre-existing placer mining law to any
there has been drilled one or more oil or gas wells to discovery
the Executive order of withdrawal
embraced in
within
issued September 27 1909, and not
naval petroleum reserve, and upon payment as royalty to the
States of an amount equal to the value at the time of production
any
United
of oneeighth of all the oil or gas already produced except oil or gas used for pro¬
duction purposes on the claim, or unavoidably lost, from such land, the
claimant, or his successor, if in possession of such land, undisputed by any
other claimant prior to July 1 1919,shall be entitled to a lease thereon from
the United States for a period of twenty years, at a royalty of not less than
12 Yi per centum of all the oil or gas produced except oil or gas used for
production purposes on the claim, or unavoidably lost:
Provided, That not
more than one-half of the area, but in no case to exceed three thousand two
of a producing oil or
under the provision of this
section when the area of such geologic oil structure exceeds six hundred and
forty acres.
Any claimant or his successor, subject to this limitation, shall,
however, have the right to select and receive the lease as In this section
provided for that portion of his claim or claims equal to, but not In excess
of, said one-half of the area of such geologic oil structure, but not more
hundred acres, within the
gas
geologic oil or gas structure
field shall be leased to any one claimant
than three thousand two hundred acres.
All such leases shall be made and the
be paid for oil
production puiposes on the
amount of royalty to
produced, except oil or gas used for
and gas
the execution of such lease shall be fixed
by the Secretary of the Interior under appropriate rules and regulations:
Provided, however, That as to all like claims situate within any naval petrol¬
eum reserve the producing wells thereon only shall be leased, together with
an area of land sufficient for the operation thereof, upon the terms and
claim, or unavoidably lost, after
payment of royalties for past and future
in the
leasing of claims.
this provision
within six
may,
in his discretion,
production as herein
provided for
No wells shall be drilled in the
land subject too
jhundred and sixty feet of any
such leased weU
Provided, however. That
Avithout the consent of the lessee:
lealse
the President
the remainder or any part of any
such claim
which such wells have been drilled, and in the event of such leasing
said claimant or his successor shall have a preference right to such lease:
upon
And provided
further. That he may permit
by the claimant or his
sLxty feet theretofore
may
the drilling of
additional wells
suf&essor within the limited area of six hundred and
provided for upon such terms and conditions as he
prescribe.
No claimant for a lease who
knowledge
or
fraud or who had
fraud, or who has not
has been guilty of any
reasonable grounds to know of any
acted honestly and in
good faith, shall be entitled to any
of the benefits
of this section.
section provided,
all suits brought by the Government affecting such lands may be settled
and adjusted in accordance herewith and all moneys impounded in such
suits or under the Act entitled "An Act to amend an Act entitled 'An Act
to protect the locators in good faith of oil and gas lands who shall have
effected an actual discovery of oil or gas on the public lands of the United
States, or their successors in interest,' approved March 2 1911," approved
August 25 1914 (Thirty-eighth Statutes at Large, page 708), shall be paid
over to the parties entitled thereto.
In case of conflicting claimants for
leases under this section, the Secretary of the Interior is authorized to grant
leases to one or more of them as shall be deemed just.
All leases hereunder
shall inure to the benefit of the claimant and all persons claiming through
or under him by lease, contract, or otherwise, as their interests may appear,
subject, however, to the same limitation as to area and acreage as is pro¬
vided for claimant in this section:
Provided, That no claimant acquiring
any interest in such lands since September 1 1919, from a claimant on or
since said date claiming or holding more than the maximum alloAved claiment under this section shall secure a lease thereon or any interest therein,
but the Inhibition of this proviso shall not apply to an exchange of any
interest in such lands made prior to the 1st day of January 1920, which
did not increase or reduce the area or acreage held or claimed in excess of
said maximum by either party to the exchange:
Provided further. That no
Upon the delivery and acceptance
lease or leases under
of the lease, as in this
this section shall be
granted, nor shall any interest
association, or corporation for a greater aggre¬
the maximum in this section provided for.
whenever the validity of any gas or petroleum placer
therein, inure to any person,
gate area or acreage than
That
Sec. 18a.
claim under
pre-existing law to land embraced
withdrawal issued September 27
in
question
in the Executive order
1909, has been or may hereafter
of
be drawn
departmental or judicial
authorized at anytime within twelve
compromise and settle¬
such controversy upon such terms and conditions as may be
to be carried out by an exchange or division of land or division
on
behalf of the United States in any
proceedings, the President is hereby
months after the approval
of the
all reasonable
as may
General Land Office within six
the outer
and to the further condition that the permittee or lessee
his explorations and mining
exceeding six hundred and forty acres
ment of any
otherwise vested in private owners,
general regulations to
and in tracts which shaU
not exceed in length two and one-half times their width, such leases to be
conditioned upon the payment by the lessee of such bonus as may be accept¬
ed and of such royalty as may be fixed in the lease, which shall not be less
than 12
per centum in amount or value of the production, and the pay¬
ment in advance of a rental of not less than $1 per acre per annum there¬
after during the continuance of the lease, the rental paid for any one year
to be credited against the royalties as they accrue for that year.
Leases
shall be for a period of twenty years, with the preferential right in the lessee
in areas not
agreed upon,
adjoining lands
responsible bidder
qualified appHcants
of the Interior to the highest
by competitive bidding under
condition
permitted or leased, unless the
have been patented or the title thereto
of oil or gas situated within
producing "oil or gas field and the un¬
containing the same, not subject to preferential lease, may
That all unappropriated deposits
Sec. 17.
the known geologic structure of a
containing oil or gas, made
issued under the provisions of this Act, shall be subject to the
that no wells shall be drilled within two hundred feet of any of
or
injury of the oil deposits.
or
diction.
bids.
quarter
of the permit area heretofore provided for he shall pay to the United States
20 per centum of the gross value of all oil or gas secured by him from the
lands embraced within his permit and sold or otherwise disposed of or held
Sec. 15.
[Vol. 110.
THE CHRONICLE
1603
of this Act tq direct the
proceeds of operation.
fide occusuch lands
were
had previ¬
ously performed all acts under then existing laws necessary to valid locations
Sec.
19.; That any person who on
October 1 1919, was a bona
claimant of oH or gas lands under a claim initiated while
not withdrawn from oil or gas location and entry, and who
pany or
/
Apr. 17
1920.]
THE CHRONICLE
1603
thereof except to make discovery, and upon which discovery had not been
covered by his permit and that such land is chiefly valuable therefor the
made prior to the passage
permittee shall be entitled to a lease for one-half of the land embraced
expended
of this Act,, and who has performed work or
for the benefit of such locations an amount equal in the
on or
in the
prospecting permit, at
a
royalty of not less than one-eighth of the
aggregate of $250 for each location if application therefor shall be made
amount or value of the production, to be taken and described by legal
within six months from the passage of this Act shall be
sub-divisions of the public-land surveys, or if the land be not surveyed by
entitled to prospect¬
ing permits thereon upon the same terms and conditions, and limitations
permits provided for in this Act, or where any such
to acreage, as other
as
person
has heretofore made such discovery, he shall be entitled to a lease
thereon under such terms
the Secretary of the Interior may prescribe
as
unless otherwise provided for in Section 18:
Provided, That where such
prospecting permit is granted upon land within
ture of a
after
known geologic struc¬
any
producing oil or gas field, the royalty to be fixed in any lease there¬
granted thereon
portion thereof shall be not less than 12 H per
or any
centum of all the oil or gas
produced except oil
used for production
or gas
Provided, however, That the
purposes on the claim, or unavoidably lost:
executed at the cost of the permittee in accordance with the rules
survey
and regulations to
lands embraced within the limits of his permit
than
be held subject to lease,
advertisement,
througn
not
Provided, however, That
any
no
claimant for
permit or lease who
a
knowledgeior reasonable grounds
fraud, or who has not acted honestly and in good faith,
shall be entitled to any of the benefits of this section.
All permits or leases hereunder shall inure to the benefit of the claimant
wise,
as
their interests
Sec. 20.
In the
withdrawn
lands
may appear.
classified
or
as
agricultural, and not
as
mineral at the time of entry,
railroad
any
assigns, where assignment
grant, the
but not including
entryman
or
patentee,
or
made prior to January 1 1918, if the entry
was
of
not less
and may be leased by the Secretary of the Interior
competitive bidding,
exceeding
such other methods
or
by the lessee of such royalty of not less
than one-eighth of the amount or
value of the production as may be fixed
and the payment in advance of a rental of 50 cents per acre
for the first calendar year or
fraction thereof and $1 per acre per annum
thereafter during the continuance of
the lease, the rental paid for any
one
Leases may be for in¬
to be credited on the royalty for that year.
periods, subject to readjustment at the end of each twenty-
determinate
period,
year
as
two thousand five hundred and sixty acres; all leases to be
conditioned upon the payment
year
of lands bona fide entered
case
claimed under
other¬
royalty
general regulations adopt, and in such areas as he shall fix,
in the lease,
and all persons claiming through or under him by lease, contract, or
a
except such lands as are situated in said county of San Bernardino, shall
the Navy:
of
at
Lands known to contain such valuable deposits
enumerated in Section 23 hereof and not covered by permits or leases,
as are
he may be
to know
The
one-eighth of the amount or value of the production to be fixed by the
Secretary of the Interior.
provisions of this section shall not apply to lands reserved for the use of
has been guilty of any fraud or who had
be prescribed by the Secretary of the Interior.
permittee shall also have the preference right to lease the remainder of the
upon
such conditions not inconsistent herewith as may be
incorporated in each lease or prescribed in general regulation theretofore
issued
by the Secretary of the Interior, including covenants relative to
has been patented with the mineral right reserved, shall be entitled to a
mining methods, waste, period of preliminary development, and minimum
lease, as herein provided, in case of
production, and a lessee under this section may be lessee of the remaining
preference right to
permit and to
a
a
discovery; and within an area not greater than a township such entryman
and
holdings, not to exceed two thousand five hundred and sixty acres for the
Leases executed under this section
of making joint application.
purpose
and embracing only lands so entered shall provide for the payment
royalty of not less than 12
as
lands in his permit.
patentees, or assigns holding restricted patents may combine their
may
of a
such areas within the permit
per centum as to
not be included within the discovery lease to which the permittee
is entitled under Section 14 hereof.
Oil
shale belonging
right to use, during the
life of the permit or lease, a tract of unoccupied
non-mineral public land,
forty
not exceeding
acres
in area, for camp sites, refining works, and other
connected with and
corporation qualified under this Act any deposits of oil-
ProvisionsfApplicable
General
the proper development and
That the Secretary of the Interior shall reserve and may exercise
Sec. 26.
the authority to cancel any
such rules and regulations, not inconsistent
to
with this Act,
he may pre¬
as
lease hereunder shall exceed five thousand one hundred and
Sodium, Oil, Oil-Shale,
to Coal, Phosphate,
111 and Gas Leases.
to the United States and the surface of so much of the
required for the extraction and reduction of the leased minerals, under
no
necessary to
of the deposits covered by the permit or lease.
authorized to lease
public lands containing such deposits, or land adjacent thereto, as may be
scribe; that
permittee or lessee of lands
a
containing sodium deposits, and subject to the payment of an annual rental
'
Sec. 21. That the Secretary of the Interior is hereby
of such mineral land which may be
of not less than 25 cents per acre, the exclusive
purposes
Shale.
areas
Interior, in his discretion, may grant to
use
to any person or
That in addition to
Sec. 25.
included in any such prospecting permits or leases, the Secretary of the
prospecting permit upon failure by the permittee
due diligence in the prosecution
exercise
of the prospecting work in
accordance with the terms and conditions stated in the permit, and shall
such permit issued under the provisions of this Act appro¬
twenty acres of land, to be described by the legal sub-divisions of the public-
insert in every
land surveys, or if unsurveyed, to be surveyed by the United States, at
priate provisions for its cancellation by him.
the expense of the applicant,
in accordance with regulations to be prescribed
Leases may be for indeterminate periods,
by the Secretary of the Interior.
such conditions as may be imposed by the Secretary of the Interior,
upon
Sec. 27.
or
leases
and disposing of the oil or
extracting,
other minerals covered by
lease under this
a
section the lessee shall pay to the United States such royalties as
specified in the lease and
year,
annual rental, payable at the beginning of each
an
included in
at the rate of 50 cents per acre per annum, for the lands
the lease, the rentlal paid for any one year to
accruing for that
year;
be credited against the royalties
such royalties to be subject to readjustment at the
end of each twenty-year period by the Secretary of the Interior:
That for the purpose of encouraging the
royalty and rental during the first five
having
a
Provided,
production of petroleum products
from shales the Secretary may, in his discretion,
any person
shall be
years
of
waive the payment of any
Provided, That
lease:
any
valid claim to such minerals under existing laws on
January I 1919, shall, upon the relinquishment of such claim, be entitled
to
lease under the provisions of this section for such area
a
relinquished
section
That
to
no
as
shall not exceed the maximum
be leased to
claimant for
knowledge
a
individual
an
or
any
of the land
authorized by this
Provided, however,
lease who has been guilty of any
reasonable grounds to know of
or
area
corporation:
fraud or who had
fraud,
who has not
or
acted honestly in good faith, shall be entitled to any of the benefits
Provided further, That not more than one lease shall be
section:
under this section to any one person, association, or
of this
granted
corporation.
Sec. 22.
That any bona
within the geologic
claimant of oil or gas bearing
or
in interest,
prior to withdrawal had complied otherwise with the requirements of the
mining laws, but had made
withdrawal had
to
oil
or gas
on or
no
discovery of oil
or gas
in wells and who prior
made substantial improvements for the discovery of
for each location
or
had prior to the passage of this Act
expended not less than $250 in improvements
on or
for each location shall
be entitled, upon relinquishment or surrender to the United States within
one year
or
from the date of this Act,
or
within six months after final denial
withdrawal of applicant for patent, to a prospecting permit or permits,
lease
or
leases, under this Act covering such lands, not exceeding five
permits or leases in number and not exceeding an aggregate of
two
hundred and eighty acres in each:
tinder this Act whether
thousand
one
Provided, That leases in Alaska
result of prospecting permits or
as a
otherwise shall
be upon such rental and royalties as shall be fixed by the Secretary of the
Interior and specified in the lease, and be subject to readjustment at the
end of each twenty-year period of the lease:
the purpose of encouraging the production of
Provided further, That for
petroleum products in Alaska
the Secretary may, in his discretion, waive the payment of any rental or
royalty not exceeding the first five years of any lease.
No claimant for
knowledge
or
a
'
lease who has been guilty of any
fraud
■%%%£$$'>£
or^who had
reasonable grounds to know of any fraud, or who has not acted
honestly and in good faith, shall be entitled to
section.
any
of the
benefits^of this
./•'•• .y.•
or
hold any
tions
or
That
the
Secretary of the Interior is hereby authorized and
directed, under such rules and regulations
to any
qualified applicant
clusive
right
silicates,
or
to
prospect
a
as
he
may
prescribe, to grant
prospecting permit which shall give the ex¬
for chlorides,
sulphates,
carbonates,
borates,
nitrates of sodium dissolved in and soluble in water, and
ac¬
cumulated by concentration, In lands belonging to the United States for
a
period of not exceeding two
cluded in such
and
sixty
a
acres
years:
Provided, That'the area to be in¬
permit shall be not exceeding ^two thousand five hundred
of land in reasonably compact form:
Provided further.
That the provisions of this section shall not apply to
lands in
San Ber¬
nardino County, California.
Sec. 24.
valuable deposits of one of the substances enumerated
in
Section 23 hereof has been discovered by the permittee within the area
interest or interests as a member of an association or associa¬
stockholder of a corporation or corporations holding a lease
as a
which, together with the area embraced in
direct holding of a lease under this Act, or
any
other interest
as a
or
which, together with any
interests as a member of an association or
stockholder of
a
corporation
or
aggregate an amount equivalent to
associations or
corporations holding a lease under the
provisions hereof, for any kind of mineral leased
hereunder, exceeds in the
the maximum number of acres of the re¬
spective kinds of minerals allowed to any one lessee under this Act.
Any
interests held in violation of this Act shall be forfeited to the United States
by appropriate proceedings instituted by the
purpose
in the United States district court
Attorney-General for that
for the district in which the
thereof, is located, except that any ownership or
this Act which may be acquired by descent, wiU,
property, or some part
interest forbidden
in
judgment, or decree may be held for two years
acquisition:
and not longer after its
Provided, That nothing herein contained shall be construed
18, 18a, 19, and 22 or to prevent any number of lessees
be necessary for the purposes of
on
the business of a refinery, or
as
several Interests
constructing and carrying
provisions of this Act from combining their
far
may
of establishing and constructing as a common
railroads to be operated and used by them
jointly in the transportation of oil from their several wells, or from the wells
of other lessees under this Act, or the transportation of coal:
Provided
carrier
a
pipe line or lines of
for such purpose or purposes shall be subject
application to him for
permission to form the same:
And provided further, That If any of the
lands or deposits leased under the provisions of this Act shall be sub-leased,
trusteed, possessed, or controlled by any device permanently, temporarily,
directly, indirectly, tacitly, or in any manner whatsoever, so that they
form part of, or are in anywise controlled by any combination in the form
of any unlawful trust, with consent of lessee, or form the subject of any
contract or conspiracy in restraint of trade in the mining or selling of coal,
phosphate, oil, oil-shale, gas, or sodium entered into by the lessee, or any
agreement or understanding, written, verbal, or otherwise to which such
lessee shall be a party, of which his or its output is to be or become the
subject, to control the price or prices thereof or of any holding of such lands
by any individual, partnership, association, corporation, or control, in
excess of the amounts of lands provided in this Act, the lease thereof shall
be forfeited by appropriate court proceedings.
Sec. 28. That rights of way through the public lands, including the
forest reserves, of the United States are hereby granted for pipe-line pur¬
further, That any combination
approval of the Secretary of the Interior on
to the
ji
poses
for the transportation
of oil or natural gas to any applicant possessing
Section 1 of this Act, to the extent of the
qualifications provided in
ground occupied by the said pipe line and twenty-five feet on each
of the same under such regulations as to survey, location, application,
side
and
the Secretary of the Interior and upon the
express condition that such pipe lines shall be constructed, operated, and
maintained as common carriers:
Provided, That the Government shall in
express terms reserve and shall provide in every lease of oil lands hereunder
that the lessee, assignee, or beneficiary, if owner, or operator or owner of a
controlling interest in any pipe line or of any company operating the same
which may be operated accessible to the oil derived from lands under such
lease, shall at reasonable rates and without discrimination accept and convey
the oil of the Government or of any citizen or company not the owner of
use
any
That upon showing to the satisfaction of the Secretary of the
Interior that
structure of the same producing oil or gas field; no
the provisions hereof,
under
the
Sodium,
Sec. 23.
State; no person, association,
corporation shall hold any interest as a stockholder of another corporation
in more than such number of leases; and no person or corporation shall take
so
lands in the Territory of Alaska, who, or whose predecessors
any one
granted hereunder in any one State, and not more than one lease
to limit Sections
Oil Proviso.
fide occupant
such lease in
corporation shall take or hold, at one time, more than three oil or gas
under the
Alaska
f
-7
association, or corporation, except as herein
person,
lease during the life of
and
For the privilege of mining,
no
provided, shall take or hold more than one coal, phosphate, or sodium
including covenants relative to methods of mining, prevention of waste,
productive development.
That
as
may
be prescribed by
pipe line, operating a lease or purchasing gas or oU under the provisions
Provided further, That no right of way shall hereafter be granted
of this Act:
over
transportation of oil or natural gas except under
provisions, limitation, and conditions of this section.
said lands for the
and subject to the
THE
1604
That any
the regulations
comply with the provisions of this section or
Failure to
at
prescribed by the Secretary of the Interior shall be ground for forfeiture
of the grant by the United States district court for the district in which
the property, or some part
lease, occupation,
That
gas may
be sold at not less than the market price
department or agency of the United States.
any
oil,
oil-shale,
including
Sec. 37.
the
deposits of coal,
sodium,
phosphate,
lands and deposits described in the joint resolution entitled
permitted under
or use
royalty, oil, or
private sale to
and gas, herein referred to, in lands valuable for such minerals,
thereof, is located in an appropriate proceeding.
That any permit,
Sec. 29.
[VOL. 110.
CHRONICLE
of the Interior to
"Joint resolution
permit the continuation of
the right to .permit
authorizing the Secretary
such terms as he may determine to be just, for joint or several use,
such easements or rights of way, including easements in tunnels upon,
coal mining operations on
be necessary or
appropriate to the working of the same, or of other lands containing the
deposits described in this Act, and the treatment and shipment of the
disposition only in the form and manner provided in this Act, except as to
this Act shall reserve to the Secretary of the Interior
upon
1912
through, or in the lands leased, occupied, or used as may
products thereof by or under authority of the Government,
tained
Sec. 38.
And provided further. That
such lease:
of the lease,
That
Sec. 30.
no
Approved, February
of the lessee in
Provided further. That if
determined before the offering of
1
•
■
'
of the Interior
The lessee may, In the discretion of the Secretary of the Interior, be per¬
mitted at any time to make written relinquishment of all rights under
such a lease, and upon acceptance thereof be thereby relieved of all future
obligations under said lease, and may with like consent surrender any legal
sub-division of the area included within the lease.
Each lease shall contain
assigned or sublet, except with the consent of the Secretary
skill, and care In the operation of said property: a
reasonable diligence,
provision that such rules
of undue
waste as may be prescribed by said Secretary shall be observed, including
a restriction of the workday to not exceeding eight hours in any one day
for underground workers except in cases of emergency; provisions prohibiting
the employment of any boy under the age of sixteen or the employment
of any girl or woman, without regard to age, in any mine below the surface;
provisions securing the workmen complete freedom of purchase; provision
requiring the payment of wages at least twice a month in lawful money of
the United States, and providing proper rules and regulations to insure the
fair and just weighing or measurement of the coal mined by each miner,
and such other provisions as he may deem necessary to insure the sale of
the production of such leased lands to the United States and to the public
at reasonable prices, for the protection of the interests of the United States,
for the prevention of monopoly, and for the safeguarding of the public
welfare:
Provided, That none of such provisions shall be in conflict with
for the safety
Sec. 31.
of this Act may be
this Act, of the lease, or of the general
regulations promulgated under
this
provide for resort
appropriate methods for the settlement of disputes or for
remedies for
breach of specified conditions thereof.
authorized to prescribe
and all things
necessary to carry out and accomplish the purposes of this Act, also to
fix and determine the boundary lines of any structure, or oil or gas field,
Sec. 32.
That
the Secretary of the Interior is
and proper rules and regulations and to do any
necessary
for the purposes of
this Act:
Provided, That nothing in this Act shall be
other local authority
construed or held to affect the rights of the States or
to
including the right to levy
exercise any rights which they may have,
and collect taxes upon improvements,
output of mines, or other rights,
property, or assets of any lessee of the United States.
Sec. 33. That all statements, representations, or reports required by the
Secretary of the Interior under this Act
shall be upon oath, unless otherwise
specified by him, and in such form and upon such blanks as
of the Interior may
Sec. 34.
the Secretary
require.
That the provisions of this Act
of coal, phosphate,
shall also apply to all deposits
sodium, oil, oil-shale, or gas in the lands of the United
States, which lands may have been or may be
disposed of under laws re¬
serving to the United States such deposits, with the right to
prospect for,
here¬
mine, and remove the same, subject to such conditions as are or may
after be provided by Buch
laws reserving such deposits.
received from sales, bonuses,
royalties, and rentals under the provisions of this Act, excepting those from
Alaska, shall be paid into the Treasury of the United States and credited
to miscellaneous receipts; for past production 70 per centum, and for future
Sec. 35.
some
That 10 per centum of all money
royalties, and rentals shall be paid into, reserved, and
such bonuses,
appropriated as a
Congress, known as
the Reclamation Act, approved June 17 1902, and for past production
20 per centum, and for future production 37 y% per centum of the amounts
derived from such bonuses, royalties, and rentals shall be paid by the
part of the Reclamation Fund created by the Act of
Secretary of the Treasury after the expiration of each fiscal year to
within the boundaries of which the leased lands
or
the State
deposits are or were
located, said moneys to be used by such State or sub-divisions thereof for
public roads or for the support of public
schools or other public educational Institutions,
State may
direct:
/
account of business transacted
a
statement
forth
on
Feb. 26 relative
bill.
leasing
land
law.
His statement,
been in
Lane's
scope
and
in explaining these
points, said:
In the first
Mr.
evidently by the fact that there
misapprehension regarding the
the
,
place, it should be understood that the proven oil lands of
largely covered by claims of various kinds that have
the Government are
litigation for
and which claims must be submitted for
some years,
adjustment, within six months; until such claims are acted upon, none of
these lands can
lie
leased and then only to the extent to
which such claims
rejected.
are
In the next
place, under the Act when the Government grants a lease for
either oil or coal land, except
under the relief sections or as the result of a
permit, it will be by competitive bidding, of which ample notice will be
given to the public.
The only part of the Act which is self
a
person can
the
take
operative, and with respect to which
steps, leading to the acquirement of any right
any
before
regulations of the Department are issued or before the Department has
preliminary steps to offer the lands for lease, is that
taken the necessary
portion of Section 13 of the Act which provides for securing a preference
right for an oil prospecting permit, by posting a notice on the
and this applies only to lands not in the
oil field.
ground;
geologic structure of a producing
These regulations are in the hands
issued immediately after they are off
of the printer, and will be
the press.
"SEVEN SISTERS'' LAWS OF NEW JERSEY REPEALED.
the legislature of the
as
Provided, That all moneys which may accrue to the
United States under the provisions of this Act from
lands within the naval
petroleum reserves shall be deposited In the Treasury as
"Miscellaneous
anti-trust
The
by the New Jersey
enacted
legislation
Legislature in 1913 at the instance of Woodrow Wilson,
then Governor of the State, has been stricken from the
These acts of which there
statute books.
were seven, were
styled by the then Gov. Wilson as "Seven Sisters" and they
have since been known by that designation.
Three of
the
were
measures
Gov.
repealed during the administration of
who served
Edge,
Governor from 1917 to May
approved
as
The other four are repealed under bills just
1919.
by Gov. Edwards—on April 9.
The laws which are re¬
pealed under the bills signed April 9 are (1) that which de¬
(2) that relating to price fixing, (3) that pre¬
fined trusts,
scribing penalties upon persons organizing corporations to
restrain trade or create a monopoly, and (4) that which
required the consent of the Board of Public Utility Com¬
missioners to the merger of private corporations.
The
repeal bills just signed were introduced by Senator
four
Runyon in March; at
the time of the submission of the
repeal measures by him, the Philadelphia "Press" of March
17 had the following to say regarding his efforts looking
to
the "Seven Sisters" laws which had still
the repeal of
remained
production 52H per centum of the amounts derived from
the construction and maintenance of
been
the effect of
part thereof,
comply with any of the provisions of
Act and in force at the date of the lease; and the lease may
to
had
proceeding in the United States
district court for the district in which the property, or some
Is located whenever the lessee fails to
"
is situated.
That any lease issued under the provisions
forfeited and canceled by an appropriate
on
'
registers
*
the
of
called
was
and welfare of the miners and for the prevention
the laws of the State in which the leased property
provisions
statement
of this Act shall be
provisions for the purpose of insuring the exercise of
the
to
•
-
5 1920.
Franklin K. Lane issued
the said Secretary, during the life
herein pro¬
lease Issued under the authority
?
the Secretary of the Interior
under the provisions of this Act.
is authorized to issue such permits for easements
vided to be reserved.
until otherwise provided,
That,
and receivers of United States land offices
of the surface of
extracting and removing the deposits therein:
such reservation is made it shall be so
of this Act ?md thereafter main¬
the laws under which initiated, which claims
shall be authorized to prescribe fees and commissions to be paid
enacted, in so far as said surface is not necessary for use
v
in compliance with
be perfected under such laws, including discovery.
may
its lessees, or
law or laws hereafter
the lands embraced within such lease under existing
Statutes at Large, page 1346), shall be subject to
(Thirty-seventh
valid claims existent at date of passage
permittees, and for other public purposes:
Provided, That said Secretary,
in his discretion, in making any lease under this Act, may reserve to the
United States the right to lease, sell, or otherwise dispose
certain lands in Wyoming," approved August 1
the statute books:
on
Advocating the measures, Senator
at
Runyon said that the practices aimed
Jersey statutes are fully covered by the Federal Clayton
The force which the "Seven Sisters" legislation has has been super¬
by the New
Act.
Federal Statutes.
These acts have stood upon the statute
and there have been no prosecutions.
At the present
hinderence to the development of New Jersey's corpor¬
business.
Situated between New York and Philadelphia, New Jersey
seded by the
books since 1913,
time they present a
ation
geographically is a natural location for the incorporation of large concerns,
said Runyon.
The doubt thrown about the rights of corporations by the
anti-trust
legislation being on the statute books has deterred corporate
interests from
in
Runyon said the measures
seeking New Jersey Charters.
smacked of partisanship.
Democratic Leader Brown added his commendation of the Runyon
no
way
bills and the vote
in passage was unanimous.
-
receipts."
Sec. 36.
gas
That all royalty accruing to the United States
under any oil or
lease or permit under this Act on demand of the Secretary
of the In¬
The
following
Edwards
on
are
Upon granting any oil or gas lease under this Act,
during said lease,
the United
notice and
Chapter
and from time to time
STATE
the Secretary of the Interior shall, except
for the use of
States, offer for sale for such period as he may determine, upon
advertisement on sealed bids or at public auction, all royalty
whenever in his
judgment It is desirable to retain the same
AN ACT to
right to reject all bids whenever within his
purchase, or where the
unwise in the public
interest to accept the offer of the highest bidder, the Secretary of the
Interior, within his discretion, may readvertise such royalty for sale, or
sell at private sale at not less than the market price for such period, or
accept the value thereof from the lessee:
Provided, however, That pending
the making of a permanent contract for the sale of any royalty, oil or gas
as herein provided, the Secretary of the Interior may sell the current product
at private sale, at not less than the market price:
And provided further.
where the
accepted bidder fails to complete the
Secretary of the Interior shall determine that it is
NEW JERSEY.
penalties and punishment of corporations, firms and persons
free competition in commerce and all classes of business,
both intrastate
business and interstate business, engaged in and carried
on
judgment the interest of the
satisfactory bid is received or
143 Laws of 1920.
OF
and to promote
accruing or reserved to the United States under such lease.
Such advertisement and sale shall reserve to the Secretary of the Interior
the
approved by Gov.
repeal an act entitled "An act to define trusts, and to provide
for criminal
oil and gas
United States demands; and in cases where no
as
the 9th inst:
terior shall be paid in oil or gas.
thereafter
the repeal bills
by or through any
nineteenth,
one
Be it enacted by the
1.
An act entitled
corporation, firm or person," approved February
nine hundred and thirteen.
thousand
Senate and General Assembly of the State of New Jersey:
"An act to define trusts, and to
provide for criminal
penalties and punishment of corporations, firms and persons, and to promote
free competition in commerce and all classes of business, both intrastate
business and interstate
any
business, engaged in and carried on by or through
corporation, firm or person,"
approved
February nineteenth, one
hereby repealed.
thousand nine hundred and thirteen, be and the same is
2.
This act shall
take effect immediately.
Approved April 9, 1930.
Apr. 17
1920.]
THE CHRONICLE
Chapter 144 Laws of 1920.
STATE
OF
NEW
AN ACT to repeal an act entitled
titled
'
An
approved
for
act
JERSEY.
already
"A further supplement to the act
the punishment of crimes
February
nineteenth,
en¬
(Revision of 1898)"
thousand
one
nine
hundred
and
thirteen, and the amendments thereto approved.
Be it Enacted by the Senate and General Assembly of the State
of New Jersey.
1. An act entitled *'A further supplemeat to the act
entitled 'An act
.
for
the punishment
nineteenth,
thereto approved,
2.
of crimes
(Revision of 1898)/ "
approved February
thousand nine hundred and thirteen, and the amendments
one
be and the
same
OF
AN ACT to repeal an act entitled
was
Sullivan's
'A
act entitled
an
supplement
approved
was
June second, one thousand nine hundred and five,"
approveo Fi bruary
thousand
hundred
nino
and
thirteen.
Be it Enacted by the Senate and General
Assembly of the State of New Jersey.
1. An act entitled "An act to amend an act entitled 'A further
supple¬
ment to the act entitled
June fourteenth,
of
1898)/
nine
supplement
and
five,"
This
act shall
Approved
take
April 9,
approved
was
approved
nine hundred and thirteen,
2.
approved
effect
June
second,
and
to
thousand
one
An
1.
entitled
act
"A
concerning corporations
further supplement
thousand nine hundred and thirteen, be and the
2.
This act shall take
Approved April
9,
effect
March 1
and
'An act
approved February nineteenth
same
is hereby repealed.
"Seven Sisters" laws
signed by
as
given in
TENANTS
GRANTED
EXTENSION
AGAINST EVICTION UNDER
NEW
•'
,
Following the
to prevent
follows:
of hold-over, where a landlord has defaulted
case
the presiding judge
or
.
A judge called upon to determine whether
5.
payment of
on
other obligations, the tenant may deposit his rent with the clerk
or
not
or
a
tenant shall be
evicted is empowered to determine the amount of rent due and the money
damages.
The law granting the landlord a double penalty where
without consent of
7.
Pending
a
lessee
a
tenant holds
a
is repealed.
or owner
dispossess proceeding,
a
justice of the Municipal Court may
grant a maximum stay of six months.
8. A code provision is created harmonizing the dispossess proceedings
The
,l'
.
■
v
,
an
OF
limited to 25% a year.
are
on
the
■
i
rent profiteering tenants in New York City
were
part
of
a
landlord to provide water, light,
whatever other services are contracted for in the lease shall
heat, power
i
-
Wilful failure
11.
or
constitute
misdemeanor.
by the State Legislature of laws
passage
defenses allowed in summary proceedings may be set up
same
action of ejectment.
10: Rent Increases
LAWS
PREVENT PROFITEERING IN RENTS.
TO
as
of
summary
given in the
was
with the remedial legislation.
'
*
laws
The notice to vacate, now limited to 20 days, is extended to 30.
9.
YORK
April 1
on
A
message.
new
a
of the court
issue of
our
1913.
TIME
of the
In
in
NEW
special
a
3.
6.
was
here
papers
in
some
4.
taxes
immediately.
19 1913
series
a
passed by the State Legis¬
were
Where the agreement between landlord and tenant does not
specify
over
Feb.
on
measures
provisions of
2.
thireteen.
1920.
The full text of the
Gov. Wilson
The
the length of the lease it shall hold until October 1 next.
ninety-six," approved
to an act entitled
one
April 14 the
landlord seeks to eject a tenant on the plea that he is
objec¬
tionable he must satisfy the court that the tenant actually Is.
(Revision of 1896),' approved April twenty-first
thousand eight hundred and ninety-six,'
On
making the last of
March 26,
of the 8tate of New Jersey.
one
remedy the housing situation.
Governor signed two more bills,
1. When
hundred
nine
signature to ten
profiteering in New York
Mar. 31 in response to a request the Governor had
JERSEY.
thousand eight hundred and
one
nineteenth,
rent
on
'An'act concerning corporations (Revision of 1896)/ approved April
February
Mar. 31 attached his
on
designed to prevent
AN ACT to repeal an act entitled "A further supplement to an act entitled
twenty-first,
we are
bills
the
Be it Enacted by the Senate and General Assembly
recognizing the contentions
on Rent
Profiteering.
granting all motions of the committee's lawyers as they
not making unjust or unreasonable uses of the new law."
are
Governor Smith
daily
NEW
was
working
on
Laws of 1920.
146
OF
is
made
immediately.
Chapter
are
law
lature
1920.
STATE
The justices
they can,"
as
"The
thousand
thousand
one
is hereby repialed.
same
hitch.
hard
of twelve, i
one
February nineteenth,
be and the
a
as
adjourned.
court
(Revision
thousand eight hundred and ninety-eight
one
which
hundred
"An act for the punishment of crimes,"
after
of the lawyers representing the Mayor's Committee
know
thousand eight hundred and
which
bluffing and backing away
are
comment
uniformly and without
"An act to amend
crimes," approved June fourteenth,
one
woman
replied.
Turning to Justice Hoffman Mr. Sullivan moved that the cases be dis¬
on the ground of defects in the notices.
The motion was granted.
The courts
nineteenth,
excuse," the
some
missed
Mr.
JERSEY.
one
apartment for myself," she said, "one
apart¬
"I've got to give the Judge
further supplement to the act entitled "An act for the
punishment of
ninety-eight (Revision of 1988)/
one
ments?" asked the lawyer:
"The landlords
Laws of 1920.
NEW
"I'll tell the Judge that I want
for my son, a third for my daughter and the
fourth for my son-in-law."
Do you and your family intend to move
into these tenement
estimated that at least SI,000 was paid to landlords
by tenants in
Hoffman's court .yesterday because of the
large number of cases
settled on the basis of the old rent,"
|
STATE
an increase which was about what her tenants
had
She told Mr. Sullivan her
plan for gaining possession
Justice
Approved April 9, 1920.
145
25%,
received.
of the four tenement apartments in
question.
It
is hereby repealed.
This act shall take effect immediately.
Chapter
1605
rents more than
a
In his message to the Legislature on March 26, Governor
Smith urged the use of state funds to encourage
granted stays of from two to twelve months in eviction
loans
the building of
through
adequate workingmens' homes and
proceedings brought against them by their landlords in the
Several thousand cases were dismissed
by the courts because the papers presented in the actions
the creation of
Municipal Courts.
to
had been drawn up under the old laws and were therefore
tion to the legislation against rent profiteers.
defective. ■■■„The
courts.
from
placing of these loans.
laws confer extensive powers on the
new
ySome idea of the
the
which
reports of
of
scope
the laws
the court decisions
appeared in the N. Y. "Times"
on
be gained
may
based
April 13
as
thereon,
follows:
brought by landlords against tenants.
cases
disregard for
changed conditions
brought about by
presented papers in actions drawn
As the papers were
laws.
to dismiss the
Landlords with apparent
up
the
rent
new
laws,
against their tenants under the old
defective, the Justices had
alternative but
no
Disappointed by the setback,
settlements were made
In the Second District
landlords compromised the litigation
many
landlords
lost
on
report of the Housing Committee of the State Reconstruc¬
every
where
case
recommendation
the
over
by Justice Benjamin Hoffman
increased
an
rent
was
demanded.
of Assistant Corporation
demolition of old buildings there are nearly
could
not
cases
were
understand
dismissed.
the
new
that the number of available apartments
of January 1919, and
Justice Hoffman dismissed every case where the petition failed to specify
that the rent did not exceed 25%
the hold-over
proceedings Justice
from two to four months
in
the
time
granted
cases
Hoffman granted stays of eviction of
pare
unable to find apartments
the stays would be extended.
The law permits
laws, the court permitted the tenants to institute
new
cases
were
alleging the exaction of unreasonable
adjourned in order to give the tenants time to pre¬
/y'
for trial.
"The landlords still have
will not stand," said Mr.
a
caught
We have been
if.
\^
notion that the laws
Sullivan.
"They
say
are
up
the new
ones
of gouging will
go
merrily on."
One landlord shook his fist under Mr.
unconstitutional and
that in
a
short time they
nose
our
proceeding for years on an ostrich policy with relation to
attention in no
to
stop
I
am
me."
Justice
am
increasing my rent," he shouted, livid with
owner
cases
&
"What
rage.
going to get my money out of my tenants and nobody
'..,
Hoffman
/V,
/■'O"-.:'
rebuked
the enraged
not become Bolsheviks because
man,
saying,
v
dismissed.
can
":-
"Landlords must
the law does not suit them."
The property
had thirty tenants in court, all of whom he desired to evict.
were
The
the
do
experienced
v
A fashionably-gowned landlady, wearing expensive jewelry,
was
incensed
acute in New York
several weeks.
past
Other large cities have also
difficulty from' a shortage of homes and
some
It
from increased rents.
was
announced
on
March 30 that
Chicago bankers planned to lend $100,000,000 during the
present year to home builders in an effort to end the housing
shortage there.
A
meeting-conference of
mass
Jewish
trades
unions,
ganizations, fraternal
29 at Beethoven Hall,
formed for
a
648
consumers'
orders
or¬
congregations, said to
held in New York, March
210 Fifth Street, and an organization
of getting
said to have been discussed
10 advised tenants
were
Use
as a
relief from the high rents.
Mayor Hylan's Committee on Rent
landlords
324
general protest against exorbitant rents.
of the strike weapon was
at
from
tenants'
delegates
societies,
and
represent 800,000 individuals, was
Profiteering
on
April
whose leases expire in October and whose
asking that they sign new leases before May 1
exorbitant increases, the best course to follow in the cir¬
cumstances.
The committee said:
Such tenants should
willLng to renew their
the
with Mr. Sullivan because he would not consent to permit her to raise her,
we
•
step into the hall.
"Suppose I
of it ?
forcing itself
uncertai%terms, and I fear great suffering if
The*housing situation has been quite
for
and promised to
deal roughly with him, but the landlord did not accept the lawyer's invi¬
tation
by actual count, less
not take action
means
*
Sullivan's
are,
situation in the face, and now it has become such that it is
expect to have them declared unconstitutional and then that the same old
game
has not remained equal to that
constructed, due to old ones destroyed,
with the demand, but there
We have hidden our heads in the sand and refused to look tne
housing.
a
cases.
counter-claims against the landlords,
The
were
before Justice Hoffman, where the landlords attempted to
comply with the
rents.
In
year.
that the tenants might find time to seek new
so
stay of twelve months in these
In five
of the rent for the previous
The tenants were told that if they
quarters.
a
apartments available than a year ago.
In
The landloids appeared dazed,
laws.
that the rent demanded was not the same as the rent of the previous month
or
400 l«ss apartments than
In other words, there has been so little dwelling construction
year ago.
Counsel James D.
Sullivan, representing the Mayor's Committee on Rent Profiteering.
the first hour 200
and
said:
Figures presented in the report on New York City prove that by actual
on
on
In his message the Governor
tion Commission.
the basis of the old rent.
Court, presided
Almost every one of the 350 cases presented to Justice Hoffman was thrown
out
the Legislature took the form
cases.
with their tenants, by accepting moderate increases in rent, while in other
the
asked in addi¬
were
urging the adoption of recommendations made in the
have not
cases
These measures
The Governor's request to
of
The Municipal Courts were kept busy yeaterday throwing out thousands
of
housing commissions throughout the State
bring about greater efficiency and economy through wise
write to their
leases at
Mayor's Committee.
\
(a^Iords saying, first, that they "are
reasoni^^rpases
to be determined by
^
Second, that in cases landlords and tenants fail to come
the tenant
will endeavor to find similar rooms.
to"an
agreement
the court for a
the tenant will apply to
Third, falling to do bo
in any holdover proceeding
by the landlord after Oct. 1.
long stay of the warrant
prevent rent profiteering
to
sufficiently
that might be brought
»
Legislatures
passed by the State
The text of the new laws
situa¬
and remedy|the housing
tion follow:
for the
People of the State of New
i
> V ' *
laws of 1909, entitled An
real property, constituting chapter 50 of the Consolidated
amended by chapter 303 of the laws of 1918, is hereby
Section 1.
Act relating to
.Laws,"
last
as
,
follows:
Section 232 of chapter 52 of the
do enact as
amended to read as follows:
in New,York. An agreement
City of New York,
occupation of real estate in the
the
than twelve months, as the court,
more
for
which shall not
deemed to
particularly specify the duration of the occupation, shall be
continue until the first day of October next after the possession
commences
Sec. 2. This Act
i *
shall"take effect immediately.
willful violation of the
hearing it appears that the premises
York, represented in Senate and
People of the Slate of New
enact
Assembly,
and
prescribed by the court, judge or
justice; or that by reason of other facts such action will be warranted, the
court, Judge or justice may grant a stay as provided herein, on condition
that the terms upon which such stay is granted be complied with.
comply with the terms and provisions
Sec. 5.
and
Terms
is hereby amended by inserting therein, at the
section, to be section 2040, to read as follows:
The penal lav/
end of Article 182, a new
termsfof a lease. Any lessor of any
building, or part thereof, who is required by the terms, expressed or implied,
of any contract or lease to furnish water, heat, light, power, elevator service
or telephone service to any occupant of said building,
who wilfully or
intentionally /ails ',o furnish such water, heat, light, power, elevator service
or telephone service at any time when the same are necessary to the proper
•r customary use of such building, or part thereof, or any lessor who will¬
fully and intentionally interferes with the quiet enjoyment of the leased
premises by such occupant, is guilty of a misdemeanor.
Willful violation of the
Sec. 2040.
Sec.
the court, judge or justice may direct,
be reasonable; such deposit shall also
The amount of such deposit shall be determined by the
thereof shall be paid into court, in such
and in such
installments,
if any,
the State of New York, represented in Senate and
and shall be subject to the check of the clerk of the court
trust company
if there be one, or otherwise of the court, judge or justice.
Sec. 6.
Payment to landlord.—The clerk of the court, if there be one,
the judge or justice shall pay to the landlord or his duly
and otherwise,
such deposit, in accordance with the terms
authorized agent the amount of
the further order of the court.
of the stay, or
Sec. 7.
Waiver of Act.—Any
contained therein giving the
read as follows:
possession of real property by reason
Effect.—This Act shall take effect immediately, and shall be in
Kings,
objectionable,
evidence
Bronx,
Westchester,
unjust, unreasonable
oppressive agreements for rent of premises occupied for
dwelling
in cities of the first class or in cities in a county adjoining a
enact
York, represenlaled in Senate and Assembly
Section
1.
unreasonable and
Unjust,
payment of rent having been and being
tenants under stress of
now
have seriously
the
exacted by landlords from
affected and endangered the
and morals in certain cities of the State, and a
enact as
of the first class or in
a
or
is
first class or in a
city in
a
under which
Sec. 3.
and
which the same is sought to be recovered
it
existed
one
year
unreasonable
been increased more than 25%
prior to the time of the agreement
the rent is sought to be
unjust,
a
oppressive.
the
the
from instituting a separate action for
'
thereof.
This Act shall take effect immediately and shall be
in force until
1922.
1
Local.—New
York,
Kings,
Queens,
Richmond,
Westchester,
Bronx,
AN ACT in relation to summary proceedings to recover the possession of
property in cities of the first class or in cities in a county adjoining
city of the first class during the existing emergency.
The People of the Slate of New
do enact
Sec. 1.
existed one year
in this subdivision shall
the first day of November
as
follows:
adjoining
a
do enact
Sec. 1.
the State of New York, represented in Senate and
follows:
as
officers,"
to read
as
as
Sec. 3.
a
rooming house, upon the ground that the occupant is holding over
Sec. 2.
shall be
ceedings,
To issue or vacate a requisition to replevy, a
an
a
the period of the stay at the rate
immediately prior to the rendering of the
This Act shall take effect
petition,—The presentation of a petition in such a
election by the landlord to
jurisdiction thereof
terminate the tenancy which might
repeal Section 230
the conditions prescribed by this Act, stay
follows:
the issuance of
awarrant and
period,
of 1909, entitled "An Act
50 of the consolidated laws,"
This Act shall take effect immediately.
AN ACT to amend the Code of Civil Procedure, In relation to summary
proceedings to recover the possession of real property.
The People of the
Sec. 1.
State of New York, represented in Senate and Assembly,
follows:
Subdivision 1 of Section 2254 of the Code of Civil Procedure is
hereby amended to read as follows:
1.
Where the final order establishes that a lessee or tenant holds over,
default in the payment of rent or of taxes or assessments, he may
a
effect
a
stay by depositing the amount of the rent due, or of such taxes or
and interest and penalty, if any thereon due, and the costs
of clerk is not
also stay any execution to collect the costs of the proceeding, for such
to
repealed.
sion
in its or his discretion and subject to
Property Law, relating
receiving notice to quit.
relating to real property, constituting Chapter
assessments,
may,
the Real
Section 230 of Chapter 52 of the laws
establishes that the occupant is holding over and continuing in possession
of the demised premises, after the
expiration of his term, without permis¬
the court, judge or justice making such order, on
of
the State of New York, represented in Senate and Assembly,
do enact as
Sec. 1.
after
Discretionary stay.—Where the final order in such a proceeding
application of the occupant,
immediately.
liability of tenant holding over after
The People of
do enact as
court, judge or justice having by law
of the landlord,
of the warrant may be granted for not
shall make a deposit in court of the amount
fixed by the landlord for
final order, which
deposit shall be paid to the landlord or his agent by the clerk of the court,
to render judgment in an action, or to make a final order in a summary
proceeding, upon confession or upon the consent of both parties.
inconsistent herewith.
otherwise arise by operation of law.
Sec. 3.
proceedings, including a warrant in summary
provided that in summary
stay of the execution
a
the month
the intent thereof.
of
warrant of attach¬
chattel and an order of arrest; to grant or vacate
than 30 days, if the tenant
Sec. 2.
being emergency legislation, its provisions shall be liberally con¬
Effect
justices and
amended
amended by Chapter 650 of the laws of 1919, is hereby
follows:
stay of execution or of other
landlord, and shall govern such a proceeding
other Act the provisions of which are not
proceeding to
1915,
Municipal Court of the City of New
proceedings to recover possession of real property,
in possession-of the premises after the expiration of his
strued to carry out
1
•:
proceedings no stay shall be granted for more than five days except that in
addition to the foregoing, upon rendering of a final order in summary pro¬
is hereby
notwithstanding the provisions of any general or special Act inconsistent
herewith.
The relief hereby provided shall be in addition to relief provided
any
Assembly,
Subdivision 3 of Section 6 of Chapter 279 of the laws of
entitled "An Act in relation to the
city of the first class to recover the possession of premises occu¬
terra, without permission of the
by
relation
Municipal Court
proceedings for eviction of tenants.
to
The People of
AN ACT to
pied for dwelling purposes, other than a room or rooms in a hotel, lodging
This Act
This subdivision shall be in effect only until
1922.
AN ACT to amend the New York City
Application.—The provisions of this Act shall apply only to a
and continuing
is
This Act shall take effect immediately.
Sec. 2.
Sec. 2.
proceeding in a city of the first class or in a city in a county
or
over the rent as
preclude the tenant from interposing any defense
otherwise have.
that he,might
per centum
prior to the time of the presentation of the petition. Nothing
York, represented in Senate and Assembly,
summary
house
subdivision takes effect, unless
than the amount paid by the tenant
not been increased more than 25
has
more
Erie and Monroe counties.
real
a
preceding the default for which the proceeding is brought
for the month
of the rent for
a
in
petitioner alleges in the petition and proves that the rent of the premiset
ment, a warrant to seize a
fair and reasonable rent for the premises and
or
rocovery
occupied
hotel, lodging house
under
county adjoining a city of the first class,
lease or tenancy commencing after this
any
recovered, such agreement shall be
and
Nothing herein contained shall prevent the plaintiff from pleading
proving in such action
Sec. 4.
a
York, and repealing certain statutes affecting such Court, its
as
recovering judgement therefor
November
city in
public emergency existing
thereof, it shall be a defense
county adjoining a city of the first class
Where it appears that the rent has
the rent
presumably
subdivision 2-a, to read aa
prescribed in subdivision 2 of this section shall
the possession of real property in a city of the
rooming house, under a lease or tenancy for one year or less or
or
public welfare, health
oppressive.
Sec. 2.
of the Code of Civil Procedure is hereby amended
No proceeding as
Sec. 2a.
rooming houses, that such rent is unjust and unreasonable
and that the agreement under
over
Section 2231
Sec. 1.
follows:
occupied for dwelling purposes, other than a room or rooms in a hotel,
lodging house,
follows:
by inserting therein a new subdivision, to be
accruing under an agreement for premises in a city
action for rent
an
for
prevailing conditions whereby the freedom of con¬
in the judgement of the Legislature by reason
to
agreements
impaired and congested housing conditions resulting there¬
tract has been
from
oppressive
Bronx,
Slate of New York, represented in Senate and Assembly, do
The People of the
or
follows:
as
Westchester,
amend the Code of Civil Procedure, in relation to summary
described in the petition is no greater
city of the first class.
The People of the State of New
do
Richmond,
for dwelling purposes, other than a room or rooms
AN ACT in relation to defenses in actions based upon
purposes
hundred and twenty-two.
Queens.
proceedings to recover the possession of real property in cities of the
adjoining a city of the first class.
objectionable.
Erie and Monroe counties.
and
Kings,
be maintainable to recover
Richmond,
Queens,
York,
first class and in cities in a county
provision
This Act shall take effect immediately.
York,
public
Erie and Monroe counties.
landlord the right to terminate the time fixed
under such agreement, if he deem the tenant
establish to the satisfaction of the court that the tenant is
Sec. 2.
•
policy and void.
procedure is hereby amended
shall not be maintainable unless the landlord shall by competent
Local.—New
'
provision of a lease whereby a'lessee or
waives any provision of this Act shall be deemed against
tenant
Local.—New
Assembly,
of the termination of the term fixed in the lease pursuant to a
for occupancy
judge or justic
proceeding, and all such payments shall be deposited in a bank or
of each
AN ACT to
Section 2231 of the code of civil
A proceeding eeeking to recover
the court,
as
A separate account shall be kept of the amount to the credit
direct.
may
by adding thereto a new subdivision, to be subdivision 6, to
6.
the application for the stay, and
and conclusive in respect to the amount
of 6uch deposit, and the amount
,
follows:
as
Section 1.
include all rent unpaid prior to the
court, judge or justice at the hearing upon
Sec. 8.
proceedings to recover the possession of real property.
do enact
of his term or tenancy plus such
month immediately prior to the expiration
force until November first, nineteen
The People of
for the occupation of the premises
the stay, at the rate to which he was liable as rent for the
for the period of
procedure, in relation to summary
amend the code of civil
AN ACT to
only upon the condition that the
against whom the final order is made shall make a deposit In court
or such installments thereof from time to time, aa
of the entire amount,
immediately.
This Act shall take effect
2.
conditions of granting and continuing stay.—Such
stay shall be granted and continue effective
manner
follows
as
such other premises;
application is made in good faith and that he will abide by
that his
such determination shall be final
terms of a lease.
The
application for a
justice shall hear the parties, and if upon such
described in the petition are used for
dwelling purposes; that the applicant cannot secure suitable premises for
himself and his family within the neighborhood similar to those occupied;
stay, the court, judge or
period of the stay.
penal law, in relation to
AN ACT to amend the
Section 1.
justice, in its or his
or
additional amount, if any, as the court, judge or justice may determine to
under the agreement.
do
judge
deem proper.
may
Application for and granting of stay.—Upon
Sec. 4.
person
Duration of certain agreements
Sec. 232.
not
discretion,
that he has used due and reasonable effort to secure
certain agreements
ft
j'-'I•
York, represented in Senate and Assembly,
real property law, in relation to
occupation of real estate.
AN ACT to amend the
The
[Vol. 110.
CHRONICLE
THE
1606
of the
special proceeding, with the clerk of the court, or where the office
provided for, with the judge or justice who shall thereupon
demand, pay the amount deposited to the petitioner or his duly
authorized agent, or by delivering to the judge or justice, or the clerk of
upon
the court, his undertaking to the petitioner, in such sum
and with such
Apr. 17 1920.]
sureties
the
as
THE CHRONICLE
judge or justice approves, to the effect that he will
advices of
produces to the judge or justice satisfactory evidence of the
payment.
The Burlingame bill creates exemptions from the
application of the three
most drastic
This Act shall take effect immediately.
proceedings to
do enact
possession
recover
of real property.
of New York, represented in Senate
No
the
allegations,
setting forth
defense,
specifically
or
and established in like manner
ceeding
material
any
was the
subject of
an
If the court finds that
or
final order, determine the amount of
a
of the
petition,
a
due to the
the counterclaim.
on
If such answer be oral,
the substance thereof
shall be indorsed upon the petition.
Sec. 2.
for which
Buildings
4.
petitioner or
such other proper disposition as shall determine the
rights of the
parties, and may give affirmative judgment for the amount found to be
or
complete rebuilding ,for dwelling purposes and plans
filed with and approved by the Superintendent of
Department of Buildings having jurisdiction.
have been
or
Where at least four months prior to the termination of a lease for the
occupation of real property for
h's author'zed agent
immediately.
303 of the laws of 1882 re-entitled "An Act in
summary proceedings to remove monthly tenants in the
cities of New York and Brooklyn for
holding out," by Chapter 357
of the laws of 1889 in relation to notices to tenants.
do enact
Sec. 1.
State of New York, represented in Senate and Assembly,
follows:
as
Section
1
of
of the
laws
of
Chapter 857 of the laws of 1889, "An Act in relation
written
answer
serve
1882,
re-entitled by
to summary
proceedings
Sec. 1. No monthly tenant, or tenant from month to
month, shall here¬
after be removed from any lands or
buildings in the City of New Yoik on
the grounds of holding over his term, unless at
least 30 days before the
expiration of the term the landlord
in which
terminate the
to
premises
a
his agent serve upon the tenant in
or
precept in summary proceedings is now allow.ed
notice in writing to the effect that the landlord elects
tenancy, and that unless the tenant
Sec. 2. This Act shall take effect
from said
removes
tenant
a
to
an
People of the Stale of New York, represented in Senate and Assembly,
as follows:
Sec.
1531-a. When
a
upon
answer
defense
lease,
express
or
upon the
or
ground that such person holds over
a
defense
reserved in su ch lease,
counterclaim any state of facts
or
provisions of Title 2 of
which
Chapter 17, may
or
fendant
must, before the time for answering expires, appear before
the cleik of the court and state the facts constituting such defense and
latter must indorse the
Sec. 2.
The
same
briefly
on
the
the
taining
summary
a
If the
landlord
proceeding to
enacted anti-profiteering laws regarding rent.
Senator Lockwood
placed the following construction
on
the five exemp¬
tions created through the Burlingame bill:
Under these provisions the rent speculators could readily evade the law.
1.
rules adopted
2. The
by the Board of Justices fully and adequately
3. Another provision to evade the law and help rent speculators.
rules adopted
4.
in
fully protect
thirty days, out he
the
new
*
a
lease
is for two years or more the 25% Increase law
was or
In other words,
the tenant must
"Under this
to
It takes away the protection of
,
does not apply.
or
at end of lease.
If tenant does not accept
laws and leaves tenants at the mercy of the worst type of rent pro¬
Where
5.
goes
The
desiring to remodel in good faith.
owners
Requires four months' notice of increase.
fiteers.
an
increase in such
a case
must be paid
move.
bill," Senator Lockwood said to-night, "the good
we
sought
accomplish through the housing laws recently enacted would be nullified'
Those laws
astablishes he
or
the
purchaser of a building is about
seem
to
give general satisfaction and this bill should be beaten."
proceedings when
a
reconstructed for
receives
house for himself or the members of
building is sold to tenants
on
house.
ti|ne
about the
given to
a new
any
"test"
tenant to take effect
would be discussed by the board
case
introduced in the New York State Senate
not written
In
to
any
Legislature to prevent rent profiteering.
been
so
busy
on my
my
knowledge I have not
was
I haven't
intro¬
not
an
of apartments, tenement houses, and office
"
Charles
C.
the
also
of
Brooklyn,
and
anti-profiteering laws, declared that the
Burlingame bill, if it becomes
a
law, would defeat the
of the recently enacted legislation.
The fact is
form.
I have
to their meetings.
even seen a
striker.
I have
even
seen a
railroad since the strike
much consideration
Mr.
one
Palmer
what is
is
as
behind
the charges made
his efforts to reduce the cost of living.
using the
Department of Justice to break strikes
story, is as good as another for his purpose.
others who
of
on
are
are
and
I know that he and the
waving the red flag every time a body of workers goes on
doing more to create unrest and to
produce radicals than iany
Mr. Palmer is making
a
bid for the support
big business in his campaign for President.
1
Lockwood,
Chairman of the Joint Legislative Committee on Housing,
drafted
or
nothing but another of Mr. Palmer's brainstorms and entitled to about
or as
other force in the country.
Senator
railroad strike
attempted revolution, I will hazard a guess that they
strike
which is composed in
posted
intimately
the Real Estate Board of New York,
buildings.
as
book about the steel strike that I have hardly stirred
duced by Senator Burlingame of Brooklyn, at the request of
owners
was
Nor do I know anything of the issues involved, save what I see
that the strike is
passed by the
The bill
part
This goes for high official or low.
of the strikers; spoken to them
fact, to the best of
Although
on
April 15 designed to relieve certain classes of landlords'from
drastic provisions of the laws recently
in
in the papers, and, of course, I pay no attention to that.
TO AMEND RENT PROFITEERING LAWS.
was
bringing about the present
statement
emphatically that the author of the statements intended
deliberate falsifier.
a
are
more
Foster's
that I have nothing whatsoever to do with it in any shape or
began.
BILL
Mr.
from the house for weeks.
before action.
A bill
April 15 denied charges that
to indicate that I am in any way connected with the present
;,v'x/V;...-;
The justices agreed
on
by Attorney-General Palmer to the effect
strike.
I wish to state
under
of expiration of the lease which is the subject of the^ pro¬
ceedings.
CONNECTION
follows:
is
for premises has been
OF
STRIKE.
of the leaders in the steel strike
that he had been instrumental in
the co-operative plan.
long-term lease.
ikase
on
statement
a
FOSTER
Z.
RAILROAD
-
When the landlord has arranged in good faith for yearly increases
a
THE
Foster,
fall, in
railroad
his family, particularly if the building Is a private
When the
of last
had been made
cancellation clause with a bonus prom¬
use a
WILLIAM
BY
William Z.
replace with buildings for the essential purpose of housing.
When the landlord wishes to
poses
the posssseion of such real pro¬
of profiteering landlords, and make null and void the
recently
WITH
low rent because of the bonus.
who
preclude the landlord from main¬
nor
recover
bill, if enacted, would dethousands of tenants in New York City of protection from the
many
exactions
DENIAL
laws:
new
ised to the tenant is contained in the lease, if in such case a tenant
part of
one year
than 25% over the rent
Senator Burlingame said his bill had been introduced in good faith "to
families living, independently of each other.
In hold-over
the
more
improve the housing situation in New York City."
If the landlord proves the building is to be altered or
When
the rent existing
over
Municipal Court judges have adopted the following
to demolish it and
a
25%
The "Times" advices also said:
No stay should be granted the tenant—
a
a
agreement, either to the same
one year
unjust, unreasonable and oppressive,
the complaint.
This Act shall take effect immediately.
rules of action under the
new
apply
prior lease for
perty by reason of the non-payment of rent.
the ground that such person holds over after the expiration
set up as
may
a
be pleaded
counterclaim to a proceeding instituted under such title.
The court may render affirmative
judgment on such a counterclaim.
An
answer pleading such defense
may be oral or in writing.
If oral, the de¬
a.
a
prior to the presentation of the petition in summary
proceedings, shall not of itself create a presumption that such agreement is
action under this article is brought against a
an
in possession under the terms of
default by him in the payment of the rent
pursuant to the
as
to which
new
has been increased
or
as
before Oct. 1 1920, and the fact
protect co-operative or other purchasers.
follows:
of the term of such lease
after
as
on or
increase of rent under such
it existed
as
Article 1 of title 1 of
person or persons
expire
tenant or another tenant, is more than
Chapter 14 of the Code of Civil Procedure
hereby amended by adding at the end a new section, to be Section 153I-a,
implied,
(declaring
unreason¬
Senator Lockwood said that the Burlingame
do enact
as
the
as
of 25 % in the year preceding the
action) shall not
excess
agreement for the releasing of premises
prior to the agreement,
prive
is
said lease
be maintained unless it is proved that the rent has not been
can
increased in
immediately.
AN ACT to amend the Code of Civil
Procedure, in relation to action to
recover real property.
to read
his authorized agent a
renew
presumptively unjust,
on
Sec. 1.
or
able and oppressive), or Sub-Division 2A of the Code of Civil Procedure
the day on which his term expires the landlord will commence
summary proceedings under the statute to remove such tenant therefrom.
The
thirty days after this act
declining to
or
The provisions of Section 2 of Chapter 136, Laws of 1920
rent increases in excess of 25% in one
year,
that the
to read as follows:
a
within
or
the landlord
5.
hereby amended
law,
or
notice in writing
a
increased' rent required.
term of two years or more shall
same manner
upon
thereto, agreeing
monthly tenants in the cities of New York and Brooklyn for
holding over," and last amended by Chapter 649 of the laws of 1919, Is
to be served by
the landlord
one year or more,
added by Chapter 139, Laws of 1920 (which provides that ho action against
Chapter 303
to remove
the
of
setting forth the tenant's lease will be not renewed except at an increased
specified in the notice, and the tenant shall have failed within thirty
days after the service of such notice
relation to
The People of the
a term
shall have served upon the tenant
takes effect to make and
•
-
-
rent
This Act shall take effect
AN ACT to amend Chapter
substantially
property required, in good faith, for immediate and substan¬
tial reconstruction
render¬
make
due
3. To real
defense or
in part, it shall, upon
rent
or
co-operative basis
for their occupancy.
may be set up
though the claim for rent in such pro¬
as
action.
counterclaim has been established in whole
ing
allegation
building constructed
constructed for dwelling purposes, subsequent to April 1 1920.
2. The real property which in good faith has been or shall have been sold
or under contract of sale to tenants or others
upon a
in writing, denying generally
or
provisions of Chapters 136, 137 and 139, Laws of 1920, shall apply
of the following cases
,
1. To building or premises within a
statement of any new matter constituting a legal or
equitable
Such defense or counterclaim
a
counterclaim.
or
orally
may answer,
secure
'
Burlingame bill:
to any
his landlord, or any person in possession or
claiming possession of prem¬
thereof,
attempted in good faith to
Here is the text of the exemptions in the
Sec, 2244. Answer.-—At the time when the precept Is returnable without
as prescribed in an action before a justice of the
peace, or in a
district court in the City of New York, the
person to whom
it is directed
part
declaring rent increases in
suitable quarters but have not succeeded.
new
amended
Waiting
or a
one
a
satisfaction of the court that they have
Sec. 1. Section 2244 of the Code of Civil Procedure Is
hereby
as follows:
ises,
laws—the
new
"unjust, unreasonable
year
may
issue stays, not to exceed one year, to hold-over tenants who
prove to the
and Assembly,
to read
x>r
one
alllowing tenants to set that up as
follows:
as
in
and oppressive," the one
defense in summary ouster
proceedings or
proceedings for the recovery of rent, and the one under which courts
AN ACT to amend the Code of Civil
Procedure, in relation to summary
The People of the Stale
provisions of the
of 25%
cess
.
1607
Regarding the provisions of the Burlingame bill, Albany
April 15 to the N. Y. "Times" said:
pay the
or assessments, and interest and
penalty and costs within
10 days, at the expiration of which time a warrant
may issue, unless he
rent, or such taxes
Sec. 2.
\
pur¬
TERMINATION
OF
LONGSHOREMEN'S
STRIKE.
Settlement of the strike of deep-sea longshoremen
employed
by the United Fruit Co. in New York and other ports along
the Atlantic and Gulf coasts, was announced
The strike
began several weeks
ago,
on Apriljl5.
chiefly because of the
checkers, it was said. With
reference to the settlement of the dispute, the New York
"Journal of Commerce" on April 16 had the following to say:
of
employment
The
non-union
of the New York District
shoremen's Association.
;=
the men agreed to
return to work,
said, include the discharge of all men engaged by the company
"strike-breakers."
Wages and other terms of the new contract were
as
amicably agreed upon.
applied to the UnitedjFruit Co., followed
closely upon a settlement of the issues involving the New England Steam¬
ship Sound Lines, upon the piers of which the men also will return to work
to-day.
The issue between the unions and the Mallory, Southern Pacific
and other Atlantic Coast lines has not as yet been adjusted, but negotiations
are under way which, Mr. Riley said, may soon lead to a settlement.
The settling
of the strike, as
RWY. SYSTEMS
SOUTHERN
EXPLANATION AS TO
AVAIL OF GOVERNMENTS
STANDARD RETURN.
NOT
DECISION
TO
General Eastern Freight
Agent of the Southern Railway System, issued a statement,
in which he said, that "so much interest is being mamfested
and so many inquiries are being made concerning the South¬
ern
Railway's decision to decline the Governments six
months earnings quarantee, that I am led to correct an in¬
accuracy appearing in some papers recently."
The state¬
ment
extra
the
that
class
does not refer at
H % f°r improvements,
If we had rejected the
another list just as bad."
announced
Commission
Commerce
Interstate
23
tions
for
matter
Railroad
the
came
result of hearings which were
a
as
In the original
inate officials.
make nomina¬
Its decision in the
Labor Board.
of determining the status of the
the purpose
inations to the Labor Board the
called for
so-called subord¬
regulations governing nom¬
commission recognized only
employes' unions and protest was
the standard railway
on
railroad employes known as
of
"subordinate officials" would be entitled to
made*
Under the new regulations
including "subordinate officials" and other
by other classes of employes.
fourth group,
a
employes not identified with the regular unions, was per¬
mitted to submit nominations to the President.
The com¬
mission included
the
following
classes under
the term of
without limit,
all to the average return of
% with
provided by the Transportation act as a
Commission in fixing rates upon a valua¬
return, but refers entirely to the six
of rental made
Railroad Adminsitration during governmental oper¬
guide to the Interstate Commerce
tion that will produce that average
with authority to settle claims,
bind- the company to pay
or to
such authority after
and those
with or
claims, without securing
class shall include district claim agents
Claim Agents.—This
lower in rank, who are not vested
reporting to a superior officer.
Engineers of mechanics.—This class shall include civil engineers,
in rank to engineers of maintenance of way, chief engineers and
engineers,
gineers of
pline or dismiss subordinates.
Foremen.—This class shall include foremen of mechanics, shops,
subordinates,
dismiss
inferior
division
draughtsmen, engineers of maintenance of way and other en¬
mechanics, who are not vested with authority to employ, disci¬
bridges, etc., who are not
continued:
This decision
an
the
"subordinate officials":
April 7 J. E. Fitzwilson,
On
only thing we could have done.
the
was
The
,
Conditions of the agreement whereby
"It
nominations the President would have sent back
March
Mr. Riley
voting for the board after holding up
nominations for two days, said:
will
F.
Council of International Long¬
from Boston to Galveston, has been settled and the men
work this morning, it was announced here yesterday by J.
Riley, President
the action of the Republicans in
United Fruit
longshoremen against the
strike of 4,000 deep-sea
Co., in effect
return to
[Vol. 110.
fHE CHRONICLE
1608
tracks,
vested with authority to employ, discipline or
■'.
v
Supervisors of signals.—This class
shall include those who are employed
the grade of assistant supervisors
supervisors of signals with rank below
as
of
signals.
yard
discipline or dismiss
general yard masters at large and important
ation.
;.■'i
switching centres, where of necessity such yard master is vested with
Under the Transportation at the railway companies were given the option
responsibilities and authority that stamp him as an official.
of a Government guarantee for the six months following March 1, this
Train dispatchers.—This class shall include train dispatchers who are
guarantee to be the same as the "standard return "which the railways
secured from the Government while under Federal control.
To take not vested with the authority to employ, discipline or dismiss employes.
Storekeepers.—This class shaU include storekeepers or foremen of stores
advantage of this guarantee it was necessary that each company desiring
who are not vested with authority to employ, discipline or dismiss employes
to do so should qualify by March 15.
It is understood that a great majority
or to make purchases.
It does not include general storekeepers or assistant
of the railways
of the country have qualified and thus will be assured of
general storekeepers.
t
Government support until August 31, but the Southern has decided to
With regard to these classifications the Commission said
"go it alone" and will depend on the business to be found in its territory
and the resourcefulness of its organization to produce results which will
The above definitions include all of the classes of employees whose claims
equal or surpass the Government guarantee, which guarantee approximated
to recognition as "subordinate officials" were presented at the hearing,
4% for the Southern and which was considered inadequate.
In short it except travelling auditors and supervisory station agents. The traveling
means that until August 31, other lines will bo protected by a Government
auditors have a fiduciary relationship to the company.
Their duties and
paycheck and the Southern will be dependent entirely upon what it earns.
responsibilities vary, but all partake of the same specific relationship of
This decision has been reached with the full realization that with the
trust.
The supervisory station agents are those who have supervision of
present level of rates and scales of expense that it will bo necessary to secure
the work of other stat ion employees.
They cover the range from the station
substantial increases in freight and passenger business but our Management
where one employee other than the agent is employed, to the agents at the
Is confident of the ability of the Southern territory to furnish the increased
largest and most important points.
They are the official and responsible
business and the ability of the organization of the Southern to handle it
representative of the company in its relationships with the public and
in such a manner as to procure results which will surpass the benefits of
frequently in a legal sense.
Their compensation naturally varies with the
the proffered guarantee.
responsibilities of their positions.
It is not believed that either of these
classes can be consistently included within the term "subordinate officials-'
as that term is used in Title 3 of the Transportation Act, 1920.
RAILROAD LABOR BOARD APPOINTED BY PRESIDENT
months guarantee after
by the United States
masters who are not
employes.
In response to a
The
I
WILSON.
call from the President members of newly
under Section 304
selected Railroad Labor Board provided
the
of
Transportation
Act
(Esch-Cummins bill)
met in
April 16 in the office of DirectorSix of the nine members were present.
session at Washington on
Hines.
General
Henry Hunt was elected chairman.
The President's nomin¬
ations for the Labor Board transmitted to the Senate on
later.
The
Group—R. M. Barton of Tennessee, for three years; G. W.
Hanger
April 13 and confirmed by that body two days
Public
of the District of Columbia, for two years; Henry
Management
Elliott of Texas, for two years;
Labor
Group—Aloert
Locomotive
Missouri,
James J.
for three years; A.
department of A.
Brotherhood
of
O. Wharton of
F. of L., for two years;
Forrester, prasident of the Brotherhood
of
Railway and Steam¬
Freight Handlers and Station Employes, for one year.
Labor
Chicago.
of
of the
Phillips, vice-president
and Engineers,
railway employes'
ship Clerks,
The
Firemen
Baker of Ohio,
will
Board
maintain
permanent
offices
at
the court of
advices
because
of
the
the Railroad
the Inter-State Commrece
Commission to-day added a fourth nominating group of railroad employees
to the three already designated to make nominations.
This group included
representatives of labor to be named on
With only three
Labor Board
provided in the Transportation Act,
"subordinate officials" of the
As
fill, and
mission
carriers.
President Is confronted
with only three places to
of the Commission's action, the
consequence
a
with the situation
of having four sets of nominees
representation for one group will have to be left out.
The Com¬
"passed the buck."
,
Commission was required to make regulations
Under the Act, the
nominations for the Board.
covering
The Board is to be composed of nine members,
three the carriers and three the
regulations the Commission divided the organized em¬
ployees into three groups, one including the brotherhoods, one the shop
crafts and one the maintenance of ways and terminal employees.
The
Act also provides, however, that "subordinate officials" be represented in
the employee group, and it put up to the Commission the determination
representing labor or the employees,
public.
press
In original
of the class of employees that were
ordinate officials were
board only
The Board is the only body
they had confirmed the
men,
supervisors
subordinate officials.
the Commission determined that sub¬
in general ciaim agents, engineers of mechanics, fore¬
of signals,
keepers, who are not
yardmasters,
train dispatchers and store¬
vested with authority to employ, discipline or dismiss
employees.
This
group,
with organizations not represented by "organized
claimed the right of representation, and
"out¬
law" walk-out of the railroad yardmen and switchmen.
The board was
attacked as a "typical Wilson board of mediocrities" by members of both
ment of the strike and that early action
1
Herald" had the following to say:
adjusting the strike, they pointed out,
by the board would end the
in from the other three groups
group.
.
labor,"
the Commission, with nominations
and only three places to fill, formed the fourth
It is stated, however, that the other three groups represent
of the employees,
After the Senate had voted one Republican Senator, explaining
subject of nominations by
Washington
and although
the law does not provide that its decisions must be carried out the Senators
said that they believed public opinion would be behind the board's settle¬
parties.
the
Hearings recently were held and
railroad strike emergency.
that is charged with
Commerce Commission
"subordinate officials",
advices of March 23 to the "Sun and N. Y.
reporting the decision of the
In
on
added:
Senators declared after the vote that
Dispatchers,
Grand United Order of Locomotive
Railway Expressmen.
the Presi¬
dispatches said that
the nominees were subjected to severe criticism alike from
Democratics and Republicans in the debate on the floor.
The
Order of Railroad Telegraphers.
Brotherhood of Railway Clerks, American Asso¬
Firemen of Amer¬
Porters' Union, Skilled and Unskilled Laborers (Railway), Order of
three
Washington
Employees,
ciation of Engineers,
reporting the confirmation by the Senate of
dent's appointments,
Station
Agents and Signal Men,
pending nearly a year.
In
Federation of Railroad Workers,
road
Its first work after considering the present
take up the wage question which has been
strike will be to
thus authorized to submit
following/labor organizations:
was
Supervisors of Mechanics, International Association of Railroad Store¬
keepers, Colored Association of Railway Employees, Brotherhood of Rail¬
Under the Transportation Act the Board is
last resort in disputes between the roads and
their employes.
which
group
International Benevolent Industrial Association, Ameri¬
Order of Railroad Station Agents,
American Train Dispatchers' Association, The Road Masters' and Super¬
visors' Association of America, National Order of Railroad Claim Men,
Railroad Yard Masters of America, International Association of Railroad
Its members will receive each an annual salary
$10,000.
new
Railway Men's
can
Hunt of Ohio, for one year.
for three years; J. H.
William L. Park of Illinois, for one year.
Group—Horace
vested with authority to employ,
It does not include
nominations comprises the
ica,
composed of the following:
Board is
class shall include yard masters and assistant
Yard masters.—This
March 1, of the standard return
■'
.
which may be the President's cue,
1
90%
Apr. 17
1920;]
RESOLUTION
THE CHRONICLE
DECLARING
PEACE
WITH
and thereupon and until the President shall have
proclaimed the receipt
of such notification, commercial
intercourse between the United Statse
and Germany and the making of loans or
credits, and the furnishing of
financial assistance or supplies to the German
Government or the inhabitants
of Germany, directly or indirectly,
by the Government or the inhabitant of
the United States shaU, except with the license of
the President, be pro¬
hibited.
'
,
.7'.;'
GERMANY
'
~
PASSES HOUSE.
The joint resolution
declaring at an end the state of war
existing since April 6 1917 between the German Government
and the United States
sentatives at
agreed to by the House of Repre¬
was
Sec.
Washington
on April 9 by a vote of 242 to
Representatives voted "present"—Representa¬
tives Longworth of Ohio and Bell of
Georgia; both were
paired, the former (who was for the resolution) being paired
150.
taken.
for and
The vote whereby the resolution was
two
a
day's debate, in which
against the resolution figured.
debate the
said in
"Journal of
the
of
The debate raged all day over the
House leader
Claude
began
o'clock
*
The
debate
11
at
Kitchin
marked throughout by sharp
making the
yesterday
morning and occupied all the time of the House for
was
more
[April
than
81
12 hours.
partisanship, except for those
each
on
side who broke away from party lines to join the opposition.
The debate was unusual in that it consisted largely of a
symposium of
prepared statements, few members speaking extemporaneously.
The usual
interruption of speakers also was lacking and the House sat hour after hour
through the flood of oratory with perfunctory applause for the most part and
strict party division governing even that.
Toward the close of the debate, both sides were reduced to speeches of a
half minute's length in order to give opportunity to all who wished to get
into
the
"Congressional
Record."
House
The
apparently, from the bank of the Speaker's gavel
in
middle
the
of
derived
as
rolling oratorical sentence.
a
clapping came from the opposing faction in each
much
it cut off
pleasure,
after
man
man
Ironic cheers and hand-
case.
voting for the adoption of the resolution, 22
Democrats; of the votes registered in opposition to
the resolution two
cast
were
by Republicans, viz:
Repre¬
sentatives Fuller of Massachusetts and Kelly of Michigan.
Before the final vote
tion
taken
was
a
the question of adopting the resolu¬
on
motion by Representative Flood of Vir¬
ginia to recommit the resolution to the House Committee
Foreign Affairs with
on
to 171 yeas;
the
of
the whole by
was
rejected by the
vote of 222 nays
a
three Democrats voted with the Republicans
were
motion
the only Republicans to vote in
recommit.
to
mit motion reads
as
support of
Representative Flood's
recom¬
follows:
of the armistice
Foreign Affairs with instructions to the Committee to report the same
all
which
or
were
acquired by
or are
in
The peace resolution, which had been drafted
by Republi¬
members of the House Committee on
Foreign Affairs,
can
was introduced in the House
by the Chairman of the Com¬
mittee, Representative Porter, on March 31, and was re¬
ferred to the Committee
1, by
the preamble
changed from the form
and all after the enacting clause and insert
1254, in
page
ratify the
decision
April
as
framed by the Republican members.
the
was
reference to the failure of the Senate to
our
peace
treaty
on
reached, at
an
March 19.
On March 26, the
informal conference of members
House Foreign Affairs Committee and
Republican
leaders to limit the peace resolution to a declaration that
war with
Germany had ended. The resolution was
reported
to the House
Foreign
on
Affairs
the 1st inst.
by
Committee.
a
strict party vote of the
Representative
Huddleston
(Democrat), refused to vote; the other Democrats
on
the
Committee voted in opposition to the report.
The Associ¬
ated Press on the 1st inst. reported Republican leaders as
stating that the
important wartime acts and powers
automatically with passage of the
more
which would be repealed
resolution included:
Wartime prohibition, Lever Food and Fuel Control Law with provisions
against profiteering, Espionage Act, Selective Service Law, authorization
for loans of ten billion dollars to Allies, complete control
authorization
zation of
for
President
to
use
armed
Labor
licensing the
department, control
cretion of the President
to
forces
over
all shipping,
prevent
to
interference
use of
explosives, authori¬
system of priority shipments, authorization of
a
in
service
The
joint resolutions of Congress which have been passed
on
The intention to permit a peace resolution to
originate in
the House, was made known in these columns March
27,
following the enacting clause the following:
That all Acts and
Foreign Affairs, which
on
vote of 12 to 6, reported it to the House, slightly
a
patents,
over
while in the service and authorization of
forthwith with the following amendment:
Strike out
signed Nov. 11 1918,
otherwise; and all fines, forfeitures, penalties, and seizures imposed or
by the United States are hereby ratified, confirmed, and maintained.
or
with interstate or foreign commerce,
That House Joint Resolution No. 327 be recommitted to the Committee
on
to the House
or
the possession of the United States by reason of its
participation in the war,
negative, while Representatives Fuller and Kelley
Michigan
the
amendment
an
House in committee of
in
more
Sec, $. That nothing herein contained shall be construed as a waiver
by
United States of any rights, privileges, indemnities,
reparations, or
advantages to which the United States has become entitled under the terms
of
Of the 242
were
prohibition
the
constitutionality of the resolution,
ex-Speaker Clark and former
It
foregoing
wilfully violate the
made
fight.
*
shall
shall be in force shall
upon conviction be fined not
documents, or any vessel, together with her tackle,
apparel,
furniture, and equipment, concerned in such violation, shall be forfeited
to the United States.
v
10th instance
part:
*
articles
In its account of the
Commerce"
whoever
same
imprisoned for not more than two
years, or both; and the officer, director, or agent of
any corporation who
knowingly participates in such violation shall be punished by a like fine,
imprisonment, or both, and any property, funds, securities, papers, or other
adopted
speeches
numerous
That
than $10,000, or, if a natural person,
with Representative Kitchen, who suffered a stroke of
paralysis at the conclusion of a speech in opposition to the
resolution, delivered just before the vote on the resolution
concluded
4.
whenever the
Two
was
1609
an
embargo
war
on
an
employment
housing of
men
imports in the dis¬
.
trading with the Enemy act would be continued until Germany agree
The Emergency Shipping act, the Overman
provisions of the resolution.
since April 6 1917, and which by their terms are to be effective only for the
act
period of the war, or for the present or existing emergency, or until
desires, and the act creating the War Finance Corporation and the Capital
of peace
treaty of peace, are hereby repealed; and all such acts
a
and resolutions which
for
by their terms are to be effective only during
specified period after such war,
a
treaty
should be ratified, or until the proclamation by the President of
the ratification of
or
the ratification of such treaty are
any
such present or existing emergencd
the ratification of such treaty, or the proclamation
or
a
hereby repealed,
by the President of
beginning
as
The peace
on the
date of the final passage of this resolution.
resolution
9th inst. reads
as
adopted by the House
as
Issues Committee
/
■
the
on
April 6
permitting
trade with Germany, and
Imperial German Government and the
on
conditions the resumption of reciprocal
for other
purposes.
Whereas, The President of the United States, in the performance of his
Constitutional duty to give to the Congress information of
Union
ment
,
the state of the
has advised Congress that the war with the Imperial German Govern¬
has
ended:
Resolved by
the
x
•
Senate and House of Representatives of the
of America in Congress Assembled, That the state of
between the Imperial
a
declaration of peace.
report after quoting the resolution, said:
The authorities
on
international law agree that there are three ways of
terminating war between belligerent States:
First,
by
a
treaty of
peace
second, by the conquest and subjugation of one of the belligerents by the
other; third, by the mere cessation of hostilities
so
long continued that it is
war
may
be terminated in three different
ways:
Belligerents may (1)
abstain from further acts of war and glide into peaceful relations without
'
*
Terminating the state of war declared to exist
1917, between the
United States
six months after
April 6 Chairman Porter presented to the House the
majority report of the Committee on the resolution; this
War
RESOLUTION
to distribute executive powers as he
evident that there is no intention of resuming them.
follows:
fH. J. Res. 327.1
JOINT
'expires
power
On
which repeal shall be
effective at the end of the specified period, such specified period being con¬
strued
giving the President the
United Slates
declared to exist
German Government and the United States by the
joint resolution of Congress approved April 6 1917, is hereby declared at
expressly making peace through a special treaty, or (2) belligerents may
formally establish the condition of peace through a special treaty of peace,
or (3) a belligerent may end the war through subjugation of his
adversary.
(Oppenheim, International Law, vol. 2, p. 322.)
There are three ways of terminating hostilities between States, namely,
(1) by a mere cessat ion of hostitlies of both sides, without any definite under¬
standing supervening; (2) by the conquest and subjugation of one of the
contending parties by the other so that the former is reduced to impotence
and submission; (3) by a mutual arrangement embodied in a treaty of peace
whether the honors of war be equal or unequal.
Under the first mode the relationships between the parties remain in a
condition of uncertainty, and, owing to the numerous difficulties involved,
combatant States have very seldom resorted to this method of withdraw¬
ing from the war without arriving at some definite and intelligible decision.
(Phillipson, Termination of War and Treaties of Peace, p. 3.)
It is certain that
a
condition of
war can
be raised without
an
authorita¬
■
an
end.
Sec. 2.
|
That in the
interpretation of
any
provision relating to the date
of the termination of the present war or of the present or
gency
in
Acts of Congress, joint resolutions,
any
President containing provisions
of the
war
or
contingent
of the present or
upon
existing
or
existing
emer¬
proclamations of the
the date of the termination
emergency,
the date when this
resolution becomes effective shall be construed and treated as the date of
the termination of the war
standing
any
any
provision in
or
of the present or
any
emergency, not
Sec. 3.
existing
That with
ernment and its
unless within
a
secure
forty-five days from the date when this resolution becomes
Government shall duly notify the President of the
United States that it has declared
a
termination of
States and that it waives and renounces
claim, demand, right,
or
or
on
tjie
war
with the United
behalf of itself and its nationals
benefit against the United States or its na¬
they would not have had the right to assert had the United
States ratified the Treaty of Versailles, the President
shall have the power .and It shall be his duty, to
of the United States
prjoclaim the fact that the
German Government has not given the notification
sion
hereinbefore mentioned
of
peace
The armistice
a
was
signed Nov. 11 1918, nearly 17 months ago, and while
treaty of peace between the
Imperial German Government and the United
signed at Versailles on June 28 1919, it has not been ratified by
Senate of the United States, but, on the contrary, it has been returned
States
the
reciprocal trade with the German Gov¬
nationals, and for this purpose, it is hereby provided that
effective the German
tionals that it
war or
emergency.
view to
History is full of such occurrences.
What period of suspen¬
war is necessary to justify the presumption of the restoration of
has never yet been settled, and must in every case be determined with
reference to collateral facts arid circumstances.
(Mr. Seward, Secretary
of State, July 22 1868, Dip. Cor., 1868, vol. 2, pp. 32 to 34, cited Moore's
International Law, vol. 7, p. 336.)
v
being made.
with¬
Act of Congress or joint resolution providing
other mode of determining the date of the termination of the
of the present or
any
existing
tive declaration of war, and, on the other hand, the situation of peace may
be restored by the long suspension of hostilities without a treaty of peace
was
to the President after an adverse vote upon the
question of its ratification.
The usual and normal method of terminating the war status
failed of
accomplishment'it becomes the plain duty of
the admitted fact that the war
There has been a
any
is ended.
complete suspension of hostilities oh both sides without
intention of resuming them.
Congress is clearly exercising
which are within its constitutional rights in
the condition
powers
recognizing and declaring that
describe^. by the writers on international law which are above
quoted has now arrived, and thait the war is at an end.
tion of
having thus
Congress to declare
As, by the resolu¬
April 6 1917, Congress officially recognized the fact that
been thrust upon us. so now it becomes the
war
had
duty of Congress to give official
general wel¬
publicans, 7 Democrats and 1 Independent voted for its
imperatively demands that all uncertainty upon
adoption, while 152 Democrats, 1 Republican, 1 Prohibi¬
Moreover, the
ended.
recognition to the fact that the war is
fare of the United States
shall cease, and that the extraordinary war powers
vacated and set aside.
this subject
[Vol. 110.
CHRONICLE
THE
1610
of the Gov¬
tionist
and
1
duration of the war are still in full force and
constitutional rights
drastic and could
has, in fact, long since
effect and
necessities*, but since the war
ceased, the justification for these laws no longer exists.
Some of the war laws were to be operative only during the war; some were
to continue for certain periods after the war in order to give an opportunity
to adjust and wind up business undertaken under war powers and not com¬
be justified only as war
continue in effect for limited
Each of these laws fixes as the date of the
of the President's proclamation announcing
pleted when the war ended; others were to
periods and various purposes.
termination of the war the date
the
Section 2 of this resolution proposes
proclamation the date when this resolu¬
ratification of the treaty of peace.
in lieu of the date of the President's
tion becomes effective as the date of the
termination of the war.
legislation will be precisely
The effect of this resolution on all of the war
the effect that the ratification and
proclamation of the treaty would have
they will
that were to
continue in effect for a time after the ratification and proclamation of the
treaty of peace will continue in effect for the specified time after the passage
of this resolution.
The resolution, therefore, has no effect upon existing
laws other than the effect that the ratification and proclamation of the
ceased with the President's
On the other hand, laws
treaty would have had.
provides for the resumption of
Section 3
reciprocal trade relations be¬
period of 45 days and further
provides that such reciprocal trade relations shall be permanently estab¬
lished when the President has ascertained and announced that Germany
has declared a termination of the war and has made the waivers and re¬
nouncements on behalf of itself and its nationals which are specified in said
section.
The placing of these conditions on the permanent resumption of
trade with Germany is a reasonable exercise of the power vested in Congress
Germany and the United States for a
tween
"to regulate commerce with foreign
by the Constitution
making certain legislation contingent on a fact to be
nations."
in the case of Field v. Clark (143 U. 8., p.
649).
penalty for violation of section 3 whenever the pro¬
hibition provided by that
section shall be in force.
United States has become
Section 5 maintains the rights to which the
entitled under the terms of the armistice or by reason
in the war or otherwise,
and ratifies, confirms, and
of its participation
maintains all fines,
forfeitures, penalties, and seizures imposed or made by the
United States
of the war.
on account
Flood,
Smith
filed by Representative Flood on the
minority report, signed by Representatives
The
Linthicum, Goodwin, Stedman, Con ally and Thos. F.
of New
York,
7th inst.
was
In part
to declare peace.
To fix the date of the termination of
2.
the
war or
the present existing
emergency.
To make
An attempt to preserve
a
Government.
something but of the wreck of American rights
The preamble states that
the President of the United States, in
formance of his constitutional duty to give to Congress
the per¬
Imperial
At no time and under no circumstances has the
course
of
to an end."
an
address to Congress, used the
But he spoke of
of the technical
ceased.
315.)
President made any such
signing|of the armistice the President, in
It is true that on the
words, "the war thus
actual hostilities, as every one knew, and not
He meant that active hostilities had
state of the war.
It takes
a
(Higo v. United States, 149 U. S.,
had not ended, and will not end
treaty to end a war.
Hostilities had
ceased, but the
until it is terminated in
a
war
The drafters of the reso¬
constitutional manner.
lution and the members of the Committee on Foreign Affairs who
for it knew that this
on
the
of negotiating
Several months
the
wore
a
voted
Indeed, after the President's address
case.
1918,
a
was
from Virginia,
the
treaty and bringing about a
basis for this reso¬
of
insincerity and sharp practice.
The President never declared that the tech¬
nical state of war, which this
resolution undertakes to declare at an end,
end, and the Supreme Court of the United States has re¬
cently declared that what the President had done did not announce the
Distilleries &
Warehouse Companies, U. S. Sp. Ct. Opinion, Dec. 15, 1919.)
This resolution contains some provisions that are within the power of
legal determination
of the war.
(Hamilton v. Kentucky
So far as it seeks to declare peace, and
direct the President to issue a proclamation to the Ger¬
Congress, and others that are not.
so
far
man
as
it seeks to
Government, it trenchas upon the treaty-making powers,
and is not
within the power of Congress.
United States citizens and residents from commercial
intercourse with Germany or its nationals and provides penalties for the
So far
as
it prohibits
violation of such restriction, it is valid.
So far as it attempts to repeal war
legislation, it is, of course, within the power of Congress.
The method of making peace is by treaty.
Therefore, when the treatymaking power was conferred on the President
and Senate, the power to
make,peace was conferred on them.
Hostilities with Germany long ago
The House resolution
Government under presidential pro¬
one way
in
and there is
which this can be accomplibhed with safety to the interest
and its nationals in the circumstances, and that is through
the constitutional methods provided by our form
of
Government^
special rule was reported by the Rules Com¬
mittee providing for six hours' debate on the peace resolu¬
tion on Thursday, the 8th inst. and five hours on Friday,
the 9th inst.; the special rule limiting debate was adopted by
the House on the 8th inst. by a vote of 214 to 155; 206 Re¬
On April 7 a
was
presented to the Senate on April
Foreign Relations Committee.
12 and referred to the Senate
On the 14th inst. Senator McCormick offered to the Senate
a
substitute resolution for that of the House and
inst. it
Senators that the Knox resolution
of that agreed to
WILLIAM
the 15th
(which
we
stated in our
rewritten) be adopted in place
by the House.
WILLIAMS
MARTIN
AS
NAMED
COMMISSIONER.
INTERNAL REVENUE
The
on
reported that it had been urged by some of the
was
issue of March 27, was to be
nomination of William Martin Williams of Mont¬
Ala., to be Commissioner of Internal Revenue, was
by President Wilson on March 17.
The
Senate confirmed the nomination on March 23.
Mr.
Williams was named to succeed Daniel C. Roper, whose
gomery,
sent to-the Senate
Roper's in¬
It is stated
that in his letter of resignation to President Wilson, he
gave as the reason therefor his desire to "re-enter private
life to pursue my personal plans."
The resignation was
accepted by the President with "great regret," and appre¬
ciation was expressed in the President's letter for Mr. Roper's
April
resignation became effective
tention to resign
distinction."
with
been Commissioner of Internal
Mr.
Mr.
Williams,
the
mended
Department
for
Mr.
his
new
successor,
Agriculture
of
Mr. Roper had
Revenue since Sept.
Roper's
post
of
was
the
1917.
solicitor
was
and
by Secretary of
recom¬
Treasury
Agriculture.
head of the Bureau of Internal Revenue, Mr.
direct the work of
difficult
"for many years in
Government
the
to
1.
became known on Feb. 27.
positions and always
As
Williams will
collecting millions of dollars in taxes and
charge jointly with the Department of Justice
Mr. Williams had been solicitor
prohibition enforcement.
Department of Agriculture since 1917 and prior to
of the
that
practiced law in New York and Montgomery, Ala.
With the retirement of MrJ Roper, Claude Callan, assistant
time
Commissioner
the
in
and
bureau
charge
was
of
income
tax collections,
succeeded by Paul
left
M. Myers, chief
clerk of the Treasury Department
SAMUEL S. CONOVER ON
WEALTH OF NEW YORK'S
WHOLESALE COMMISSION DISTRICT.
Samuel S.
Conover, the President'of the Fidelity
Trust
Company of New York City, has compiled from various
authoritative sources the first reliable approximation of
the great
sale
wealth which is concentrated in New York's whole¬
district located between Cortlandt and
commission
Canal streets, west of
The results of his investi¬
Broadway.
gation disclose that, from the standpoint of actual wealth
involved, the much more widely advertised and well known
"Wall Street District" must look to its laurels.
The esti¬
mate made
by Mr. Conover places the total gross annual
commission district at no less
sales of New York's wholesale
than
The compilation is based
$2,400,000,000.
ments from the
mercial bodies,
ceased; trade with Germany is going
clamation; nothing remains except to make a technical peace;
of this country
ordered on the said House joint
motion, except one motion to
recommit.
leading
merchants, &c., embracing
state¬
a mass
this being the first time that such
and figures have ever been
facts
on
district's various trade organizations, com¬
of detail information and
forward under licenses issued by the
but
as
resolution to final passage without intervening
times for nine months.
By quoting this statement of the President as the
to an
That at the conclusion of the general debate
Mr. Flood.
condition of peace.
occupied in negotiation, and the treaty that resulted
the subject of discussion there at various
come
said resolution until 5 o'clock post¬
on
previous question shall be considered
lution, the authors of the resolution lay themselves open to the charge
had
shall continue
commission went abroad for the
in due and proper course, submitted to the Senate of the United States,
was,
and
was
11th day of November,
purpose
comes
Fri¬
Friday April 9 1920, the time to be controlled, one-half by the
on
also will have
German Government has ended.
assertion.
Germany and for other
gentleman from Pennsylvania, Mr. Porter, and one-half by the gentleman
information of the
Union, has advised Congress that the war with the
state of the
war
of reciprocal trade with
Houston, who formerly was Secretary of
which this resolution destroys.
the
That general debate
meridian
for
treaty of peace with the German
3.
4.
House
House joint resolution
declared to exist April 6 1917, between the
a
That the House joint resolution shall be read in extenso.
day April 9 1920.
services
this report said:
The purpose of this resolution is to terminate the state of war between
the United States and the Imperial German Government—in other words
1.
the adoption of this resolution the
J. Res. 327, being
That the House shall meet at 11 o'clock antemeridian on
purposes."
In
the President, this paragraph follows precedents
Section 4 provides a
"terminating the state of
ascertained and an¬
established in
previous acts of Congress and especially section 3 of the act of Oct. 1 1890
(the McKinley Tariff Act), which was sustained by the Supreme Court
nounced by
upon
Imperial German Government and the United States; permitting on con¬
ditions the resumption
proclamation; under this resolution
with the date of its passage.
cease
I
[House Resolution 511-1
Resolved, That immediately
shall proceed to consider H.
period of the war would have
Laws that were to be in force for the
had.
The
adoption.
its
following is the special rule limiting debate:
Many of these laws are extremely
still suspended.
are
President for the
extraordinary powers upon the
The laws conferring
opposed
Independent
ernment shall be
assembled covering this
important business and distributing centre.
The fact that
Fidelity Trust Company is located in the heart of the whole¬
sale
commission district at Chambers and Hudson streets
and that the business relations of the company
touch the
aided
Mr.
numerous
intimately
business and commission firms therein,
Conover in obtaining access to fairly accurate
figures and facts.
Approximate annual
various individual trades
are as
follows:
gross
sales in the
Ape. 17 1920.]
THE CHRONICLE
Cotton fabric
$1,500,000,000
Fruit and produce
400.000,000
dependent person is under eighteen
Butter,
Sec.
cheese, poultry
eggs,
306,500,000
;
150,000,000
Paper
7,000,000
$2,438,500,000
In
explaining the estimate, Mr. Conover
The city's wholesale commission district is quite as
Important a factor
as is its much more advertised
neighbor, the
Wall Street district.
It does much of its business in structures built 75 years
and its many diversified mercantile lines
ago
:
only half
area
mile square.
a
are
Nevertheless, its
of age
3.
or
is incapable of self-
This act shall take effect immediately.
was
stated
on
April 9 that the New York State Attorney
General had ruled that
includes any person
a
resident of New York, for 1919,
who took
residence in the State
up
between Jan. 1 1920, and March 15 1920.
Hence,
any one
who moved into the State between those dates is liable for
says:
in the nation's economic life
■
It
75,000,000
Groceries
years
support because mentally or physically defective.
(Estimated value of goods arriving at New York)
Boots and shoes
1611
crowded together in an
1919 income tax, as
if he had lived here during 1919. A bill
pending to amend this feature and confine the definition
is
of residents to those who lived in the State in the tax
year.
gross annual cash turnover
is nearly two and
a half billions of dollars.
It provides 14,000,000 people
throughout the Eastern States with their daily food; contains the largest
wholesale fruit and produce market in the world; and sells
67% of the na¬
tion's entire cotton crop after fabrication.
Although, 200 years
free from the township
Anthony Rutgers received most of the district
ago,
on
condition that he drain it, the land in the district
is assessed at $140,395,300 to-day.
district
ness
ever
built upon a swamp.
its northern half
ago
It is the only two billion dollar busi¬
was an
Between two and three centuries
impassable marsh in which tb$ straying cattle
of the early Dutch and English colonists were
In the eighteenth century,
frequentl/lost.
although regarded
as
a
Revolutionary times, became the city's leading place of worship, made
the district increasingly fashionable.
In 1850 Chambers street
several costy marble
was
;-
lined with hotels, shops, theatres and even
residences, and the late Commodore Vanderbilt
structed the first Hudson River railroad station
and
Hudson streets.
on
the
The
con¬
of Chambers
corner
Around that important freight transportation
ter¬
ABOUT
BANKS,
TRUST
sale at the Stock
made at 230 in
was
stocks
The last previous sale of the
February.
No trust
sold.
were
&c.
was a
Exchange of four shares of National Bank
of Commerce stock at 240.
stock
COMPANIES,
only public transaction in bank stock this week
Shares.
suburb, the district
contained such historic municipal institutions as the First Colhmbia
College
and Vauxhall Garden.
The fact that St. Paul's Chapel, after the big fire
of
ITEMS
BANK—
New York.
company
v
f"
Low.
High.
Close.
Last previous sale.
240
4 Nat. Bank of Commerce
240
240
Feb. 1920—
230
Two New York Stock Exchange memberships" were re¬
ported posted for transfer this week, the consideration,being
given as $101,000 and $102,000 respectively.
The last
preceeding sale
was
at $101,000.
minal and its tracks then grew up what has since become one of the wealth*
r
4
lest wholesale mercantile districts in the world,
William M.
GOV. SMITH OF NEW YORK SIGNS BILL AMENDING
STATE INCOME
LAW AS
TAX
Haines, heretofore Assistant Cashier
TO
£'■
NON-RESIDENTS.
v'.
o
It has been decided
by the East River National Bank of
bond department which will be under
"
The bill
as
on
amending the New York State income tax law
to non-residents
April 14.
emptions
was
signed by Governor Smith at Albany
The bill grants to non-residents the
as
allowed
are
of
residents
to
the
same ex¬
State.
of the
Citizens National Bank of this city has been elected a VicePresident of the Chatham & Phenix National Bank.
this city to establish a
the
supervision of the Vice-President of the Bank, Irving
S. Metzler.
As
have heretofore pointed out the passage of the bill by the
Senate on March 29 followed the handing down of the de¬
cision of the United States Supreme Court on March 11
we
An addition of $1,000,000 to the capital of the Gotham
Bank of this city, thereby increasing it from
National
$500,000 to $1,500,000, w^is authorized at a meeting of the
declaring invalid the provision in the State income tax law stockholders of the bank on April 8.
The new stock is to
denying to non-residents the exemptions accorded to resi- f be offered to stockholders at $190 per share and to the public
dents.
It will also be recalled (as reported in our issue of
at $210 per share, $500,000 being offered to
present stock¬
April 3 page 1381) a bill amending the law as to the provi¬ holders and a like amount to the public.
A year ago the
sions
applying to non-residents had been passed by the
Senate
March 9 and the
on
Assembly
16, however, the Senate adopted
bill from
as
the
a
on
March 11;
on
March
resolution recalling the
Governor, because the bill, it
the
on
proportion of income earned within thei
State to total income from all
text of the bill
Below
sources.
we
give the
since passed by the Legislature and approved
as
by the Governor
on
April 14; the part in italics is
new,
while
the matter shown in brackets is the old law omitted.
The Bank of the Manhattan Company announces that the
11,900 shares of its capital stock offered to its stockholders
at $100 per
personal income tax provisions and making
purpose
of arranging and completing
Bank, have been fully sub¬
a
Section 1. Chapter sixty-two of the laws of nineteen hundred and nine,
entitled "An act in relation to taxation, constituting chapter sixty of the
is hereby amended by inserting in article sixteen, as
hundred and nineteen,
twenty-seven of the laws of nineteen
two new sections, to be sections three hundred
fifty-one-a and three hundred and fifty-one-b, to read
Sec.
March 29,
was
referred to in these
April 3.
non-residents of the
follows.
by chapter six hundred and
effective
personal income tax a debt
The People of the State of New York, represented in Senate and Assembly,
consolidated laws,"
This offer expired at 3 o'clock on April 12 1920,
scribed.
due to the State.
added
share for the
the merger with the Merchants
columns March 29 and
To amend the tax law, in relation to the application to
The
1920.
The merger
AN ACT.
do enact as
capital from $200,000 to $500,000.
stated,
was
it then stood, allowed only partial exemption to non-resi¬
dents based
bank increased its
proposed capital of $1,500,000 is to become effective Oct. 1
as
351-a. Reimposilion of tax against nonresidents.
and
England's devices to meet the present exchange and credit
situation "are
issue of its
says
Company, of this city, in the current
fortnightly trade review, "American Goods and
Foreign Markets."
It adds:
England's recent shipment of about $50,000,000 in gold to this country,
and
follows:
The tax provided for
challenge to the enterprise of America,"
a
the Guaranty Trust
the
possibility of further shipments, will appear to many
conviction of
a
as
"the
great international trading nation that the maintenance of
in section three hundred and fifty-one of this chapter upon and with respect
any
to
credit in markets where it is England's purpose to set up lasting, invaluable
income
derived from
profession
or
all property owned and from
every
business,
trade,
occupation carried on in this State by natural persons not residents
specific gold reserve is of lesser importance than the maintenance of
trade
connection^."
...
.
"This is no adventure Into uncharted
Her history is the history of the uso of every
of the Slate, is hereby reimposed with respect to the taxable income for the cal¬
financial
endar year nineteen
means
to promote
are
challenge to the enterprise of America.
during the
year
hundred and nineteen and for any taxable year ending
nineteen hundred and nineteen, and for each
year
thereafter.
Such tax shall be levied, collected and paid for the year nineteen hundred and
nineteen,
and returns with respect thereto shall
be filed on or
before June
thirtieth, nineteen hundred and twenty, unless the time shall be extended
provided in this article.
Sec. 351-b.
interest
Every tax imposed by this article, and all increases,
thereon, in addition to being
a
tax
for
England.
British trade.
Her devices to meet the present situation
herself invites the confidence of others.
known
as
the progress
to
The
England's confidence in
more
clearly the facts become
Europe is making toward
a
return to normal
conditions, the wiser appears the present British policy, and the clearer
appears
\
Tax a debt.
and penalties
as
a
seas
to the
the obligation of America to
use
of credit
resources
assume a
broader view with respect
abroad.
y
against property,
business, tradei profession or occupation, as in this article provided, shall also
become, from the time it is due and payable,
or
persohs liable to
Sec. 2.
a
personal debt from the person
the same, to the State of New York.
pay
Section three hundred and sixty-two of such chapter, as
added by
chapter six hundred and twenty-seven of the laws of nineteen hundred and
nineteen, is hereby amended to read
as
follows:
I
Sec. 362. Exemptions. The following exemptions shall be allowed to any
[resident]
1.
taxpayer:
In the
dollars,
or
of
case
in the
with husband
or
a
single
case
person, a
of the head of
wife,
a
personal exemption of
a
family
or a
one
thousand
married person living
personal exemption of two thousand dollars.,
A
husband and wife living together shall receive but one personal exemption
[may
f
separate returns,
they
the personal exemption of two thousand dollars
be taken by either or j shall be equally divided between them,
2. Two hundred dollars for each
dependent
upon
Bowery Savings Bank,
that institution
had
a
on
was
Few New York bankers have
April 12.
longer term of service with
Mr. Knox.
He started
as
in the service of
elected Vice-President of
one
institution than has
Clerk in the Bowery Savings
a
,
of two thousand dollars against their aggregate, net income; and in case
make
William E. Knox, for thirty-five years
the
person
(other than husband or wife)
and receiving his chief support from the taxpayer, if such
Bank May 25 1885
until his latest
and worked
up
through various positions
promotion from Comptroller to Vice-Presi¬
dent.
He is
a
gifted speaker, and is frequently called
address bankers'
of the most
gatherings.
upon
Mr. Knox is regarded
to
as one
progressive savings bankers in the United States,
»
1612
An announcement has been
(par $100
received by cable from the head
a
shareholders for the loss resulting from
sate
share.
The in-
Bank; T. Schenck \Remsen,
Vice-President of i the Nassau
ofBrooklyn,
and trustee of the Flatbush Sav-
National Bank
ings Bank; Thomas W. Joyce, Chief Executive of J.
P.
Morgan & Co.; Henry J. Davenport, President of the Home
The cable to F. C.
adversaries in the Great World War.
per
formerlyjVice-President
and Manager of the Riker-Hegeman Drug Stores; Everett if.
Terry, of Case & Terry, and a trustee of the Flatbush Savings
special dividend of 20% to compen¬
the reduction
in dividends early in the war period.
The extra dividend
is also intended to be a peace dividend celebrating the rati¬
fication of peace between Great Britain and her principal
poration had declared
share) being fixed at $150
per
corporators include GeorgeJRamsey,
South American Bank Ltd., that the cor¬
office of the Anglo
[Vol. 110.
THE CHRONICLE
I
Harding, the New York Agent, at 60 Wall St., reads as fol¬
Title Insurance
lows:
Bank; George H. Gray, head of Howard C. Pyle & Co.;
At
an
interim at the rate of 12% per annum
on
paid up
been paid up to the extent
of only £4 per share.
In addition to the above
special additional dividend as being
suitable means of celebrating the
Britain
measure
compensating shareholders for the loss resulting
of Watson7~.Cristella~'& Swift, anid Clarence F.
Corner, of the law firm of Davenport & Co.; Mr. Corner is
from the reduction
also counsel to the
incorporators.
It will be recalled that such reduction
period.
in dividends early in the war
—
contraction in profits arising from the dis¬
turbed conditions and partly to a considered conservation of funds in view
of the then uncertain outlook.
The board therefore declares a special
dividend at the rate of 20% per annum less tax, being ten shillings per share,
less tax on the old shares and one shilling and three pense per share less
tax on those issued in October last making a total interim dividend on the
two classes of shareslG
shillings
and'2
This dividend will be payable on
shillings per share less
At the*sixtieth annual
Bank
October at £5 per
were
only £2 had been paid up by last Dec. 31 1919.
The Anglo
South American Bank has benefited largely from the ex¬
pansion of the export business in South America where it
maintains more branches than any other foreign banking
trustees
Brooklyn
Trust Co., of this city,
that Charles A. Cole has been
announce
ant
the
of
Secretary.
appointed
an
Assist¬
Mr. Cole graduated from Columbia Univer¬
sity in 1913, was with the Standard Statistics Co. for
At
about
and then went with the National Bank of Commerce
New York, where he became head of the Bond-Statistical
Department.
Bank and the Union National Bank & Trust Co.
cial
Albany on April 7 the proposal to
ratified.
was
plans
in
Co.,
Trust Co. Club composed
Company employees was organized at the office of the
U. S. Mortgage & Trust Company,
The Club will have control
Treasurer, T. G. B. Cortelyou.
athletic activities of the Company.
the
of
Manufacturers
Trust
Company, of Brooklyn, last night enjoyed a well organized
not end up
was
with the close of the day's work and did
which
the
busses to
out
until the small hours of this morning.
served in the
dining
A dinner
and undivided
were
A box of candy
represented.
buted to each lady
Trust Co. of
Albany.
At
special meeting of the stockholders of the New York
Albany, N. Y., on April 15 it was
a
State National Bank of
voted to increase the
The
15
All
distri¬
was
with the compliments of the Company,
joyed.
Each employee
attracted
so
a
light
supper
and dance
much attention for the Manufacturers Trust
Company during the recent Victory Loan Campaign.
at $200
$100 share and of the $1,000,000 thereby
per
amount to the
added to the capital and
«
Fidelity Trust Co. of Buffalo has announced the ap¬
The
pointment
of
H.
Drollinger formerly of the Bankers
F.
of New York
tions.
announces
A. E.
Rankin, formerly advertising manager of the Hart &
new
as
capacity of Manager of the Foreign Department.
Mr. Van Damm will be located at the New York office of
the Company
and will co-ordinate the work of the Foreign
He has up to the present
Assistant Manager of the Foreign Department in
the
Guaranty Trust Company of New York, Overseas Divi¬
sion.
Co. of Boston, Mass., on
tary to the president, was
April 7, Miss Sadie Alkins,
Important
interests
in
Brooklyn
Brooklyn under the
name
of
are
a new
identified with
a
trust company
in
of the Midwood Trust Co.
The
proposed institution is to be located in Flatbush, at the north¬
west
corner
company
of Flatbush Ave. and Dorchester Road.
is being former with
a
a
paid-in surplus of $250,000, the selling price of the stock
secre¬
Miss Alkins, it is stated, is the first woman to
'
♦
At
meeting of the directors of the First National Bank
a
of Erie,
of the
Pa.,
bank,
on
Feb. 25, John R. McDonald, Vice-President
elected President to fill the
was
vacancy
caused
by the death of William Spencer; J. C. Spencer, Cashier,
a
son
of
William Spencer,
named Vice-President and
was
Harry H. Leet, Assistant to the President,
*
An
application for
Bank of
made Cashier.
a
charter for the Frankford National
Philadelphia has been made to the Comptroller of
The
increased
new
bank will have
It will represent
Bank of Frankford.
was
was
♦—-
from
a
The latter has
$100,000
to
a
capital of $250,000
conversion of the Oxford
a
capital which recently 1
$250,000.
officers of the Oxford Bank will be in
The
present
charge of the succeed¬
ing national bank.
♦
The
capital of $500,000 and
..Ov.
elected assistant secretary of the
office in any Boston bank.
an
(in $50 shares).
movement for the establishment
■
meeting of the directors of the Cosmopolitan Trust
a
the Currency.
4
•,,,
♦
v/
At
Departments in the three offices.
time been
manager
Hegeman Mfg. Co. of Hartford, as publicity manager.
that beginning April 15 1920 the com¬
the
in
and of
Co.
institution.
will specialize in handling Foreign Business transac¬
Mortimer Van Damm will be employed with it
business
Trust
Nathan S. Jonas, President of the Manufacturers Trust
Company,
like
a
Stockholders have until July 1 to
surplus. |
complete their payments.
hold
pany
It is proposed to
additional shares to stockholders of record April
realized $500,000 will be
was en¬
the little flag emblem which
wore
capital from $500,000 to $1,000,000.
surplus is to be similarly increased.
and, after the performance the party adjourned to the Im¬
perial Restaurant where
The National Commercial
profits, $850,000.
organization, being, as indicated, the successors to the Union
were
by the Manufacturers Trust Company orchestra.
the officers
.will
capitalization of $1,250,000, surplus of $2,000,000,*
a
of the Main Office following
room
transported in' a number of
the Orpheum Theatre to the strains of jazz poured
participants
surplus ,*$1,500,000,^and
The consolidated banks
profits, $800,000.
issue 5,000
frolic which began
capital
capital stock of the National
present
Commercial Bank is $1,000,000,
undivided
President, M. A.
Hopkins; Vice-Presidept, J. C. Foley; Secretary, R. B. Ward;
employees
The
55 Cedar Street, yester¬
day, the following officers being elected:
hundred
of the Union
formed in January to facilitate the consolid¬
was
continuing institution after consolidation.
The Union National Bank & Trust Co. is only a temporary
The United States Mortgage &
Two
which represents a conversion
$250,000.
have
the
as soon as
The Union National Bank & Trust Co. has a
ation.
of
into effect
go
issue of Jan. 3 the Union National Bank
our
Co.
Trust
will
of
the two institutions
approved by the Comptroller of the Currency.
are
Trust
The merger
merge
Bank will be the
—-♦
of the various social and
•
.
meeting of the stockholders of the National Commer¬
a
year,
of
y-' '
'"'-V
':■■■.> '
&
The
1st Wice-Pres., Jacob tH.
W.TB.fSchryver;
tickle.
A. Lee
;
As stated
V
'
9J the j following "officers awere ^re-elected:
fApril
.
150,000 shares issued last
share, plus £4 premium and of this amount
institutions.
meeting offthe Rhinebeck Savings
Strong; 2ndjVice-Pres., CharlesjFerris, and Treas. and Sec.,
tax'reepectively.
April 30.
shares mentioned
new
on
PresidentM.
•
The
in
♦—
due partly to a temporary
was
a
In¬
Co.; Robert J. Reid, of|Reidf&2Snyder ;]Harold"D.,Wat son,
attorney,
ratification of peace between Great
adversaries in the recent war and of in some
and her principal
Vranken, of Pinckney, Van Vranken & Co.;
Co.; Arthufr D. Pinkham, of F. J. Hutchinson &
vestment
the board has resolved to distribute a
a
Porter, President of the United Button Co.;
Edward S. Bancroft, President of the Home Mortgage
nine pence per share
last which latter on Dec. 31 had
the new issue made in October
A.
John K. Van
share prior to Dec. 31 1919, and
to the extent of £5 per
less tax
less income tax, being
the shares of the bank which were
six shillings per share less tax on
William
April 7 the directors
meeting of the board of directors held on
a
declared
Co., and trustee of the Flatbush Savings
At
a
Bank of
meeting of the directors of the Southward National
Philadelphia, Pa.,
on
April 8, Earl H. Wert, Cashier,
Apr. 17
1920.]
THE
and Morton J. Klank, Assistant
Presidents of the bank.
Cashier,
CHRONICLE
elected Vice-
were
The title of cashier will be retained
by Mr. Wert.
Charles Rebstock of the National Bank of
Commerce in
St. Louis, has announced he will
give $5,000 in prizes to the
employees bringing in the greatest volume of business this
«
The contest for
year.
At
a
meeting of the directors of the Liberty National
Bank of Pittsburgh, Pa., on March
31, J. S. M. Phillips
elected
was
Cashier, effective April 5, 1920.
Mr. Phillips
has been active in
banking and commercial affairs in Pitts¬
burgh for nearly twenty years and will give it is stated,
his entire time and attention to the interests of the
National Bank.
At
of
Liberty
.
meeting of the directors of the Dime Savings Bank
on March 30, T. W. Palmer Living¬
a
Detroit, Mich., held
stone, Assistant Cashier,
elected Cashier of the bank
was
fill the office which became vacant
Charles A.
of
appeared in
is
a son
Warren last fall,
our
to
through the resignation
reference to
issue of Dec. 20 1919.
of William
which latter
Cashier Livingstone
Livingstone, President of the bank.
The Kim bell Trust & Savings Bank,
Chicago, has increased
its
capital stock from $100,000 to $200,000.
The bank
began business in February of last year under a State charter,
succeeding
the
private
banking
house
of
Raymond
G.
Kimbell & Co., at 3538 Fullerton Ave., and at that time
had deposits of $460,000.
Since then the deposits have risen
to
more
than
State
Bank,
Chicago, is made as follows:
Boos, President; Emil Jenisch, L. S. Vognild and
Buell S. Rogers, Vice-President; G. A.
Bruechmer, Cashier;
Albert S.
The directors
are
H.
William
Eekart,
the officers and Leapold J.
Ganschow,
Arnstein, Walter
Isaac
Grossman, Albert
H. Hollander, Charles Perlman, C. A. Ritter, Martin Wein¬
berger, Otto Zobler and Morris B. Zoub. The bank opens
business at 2749 W. Division St., on April 17, with a capital
of $100,000 and a
surplus of $15,000.
Mr. O'Connor
erly Discount Teller and Mr.
Other appointments are:
Goddard,
Michaelson,
form¬
was
prize the personnel of the bank will be divided into teams
on the experience of the individuals
composing them,
the older exmployees
forming one group and those having
lesser experience
composing a second group. A banquet
for the officials and
employees of the bank will be given by
Mr. Rebstock at the conclusion of the contest.
The National Bank of Columbus, Ga., has
changed its
to the First National Bknk of
Columbus.
The
name
change, which
capital
or
7 777-'-777
Chief
Clerk.
President
the Illinois Bankers'
of
Scotland,
of the highest Masonic
one
,.777-y7Y':;7.X777.7':7A:77
'777777, 7:7}:-.'',7.7
'
♦
The newly organized Lake Shore Trust and
Richmond, Virginia, the
thereby being increased from $600,000 to $1,000,The plans to enlarge the
capital were ratified by the
000.
stockholders
"boulevard
the
link"
Bridge.
occupied pending the erection of
the boulevard.
week
follows:
as
Savings Bank,
Ohio Street just north
These quarters will be
a
handsome bank building
The bank's roster
announced this
was
F. H. Rawson, Chairman board of direc¬
tors; C. B. Hazelwood, President; W. S. Tipton, Vice-Presi¬
dent; T. Phillip Swift, Cashier; Frank K. Hayes, Assistant
Cashier.
The directors are well known in Chicago business
J. C. Cox, John B. Drake, William C. Kelley, Robert
men;
R.
McCormick, Arthur Meeker, F. H. Rawson, Edward P.
Swift, S. E. Thomason, Bertram M. Winston, C. B. Hazel-
The bank will have
wood, and Mellen C. Martin.
of $300,000
and
a
a
capital
Wisconsin,
D.
anounce
Sproesser,
the death of their President,
Currency
the
a
to
on
*7ffV77777;777777./ 77 77777'777777-C
to
$750,000, effective April 1.
The new stock was author¬
by the shareholders on March 24. With its capital
of $750,000 the bank has a
surplus of $500,000.
Under the
Comptroller's call of Feb. 28 1920 the bank reported de¬
posits of $12,390,840, and total
of
resources
$14,204,000.
Frank Roberts is President and E. N. Hazzard is
Cashier.
777* ?7<:'
^77777-7
Fidelity National Bank of Spokane, Wash., has added
$150,000 to its capital, the amount thereby being increased
from $250,000 to $400,000 on April 1.
The additional stock
ratified by
was
the stockholders
value of the stock is $100 per
was sold at $170
per share.
on
March
9.
The
par
share, and the additional stock
THE ENGLISH
GOLD AND
SILVER MARKETS.
reprint the following from the weekly circular of
Montagu & Co. of London, written under date of
Samuel
Mar. 18 1920:
GOLD.
a
The Bank of England gold reserve against its note issue is
£115,209,920,
decrease of £2,450,095 as compared with last week's
return.
A fair
gold
came
into the market and
South America.
31,000,000
are
was
taken for the Straits Settled
Engagements of gold amounting to £500,000
reported in the "Times"
having been made in New
York for shipment to Cuba and the East Indies
respectively.
On the other
hand, $1,250,000 have been received from London.
The Transvaal
as
gold
output for February 1920 amounted to 625,330 fine ounces,
with 670,503 fine ounces
for January
compared
as
1920 and 636,728 fine
for
ounces
February 1919.
A telegram was dispatched from Delhi on March 13 to the
bill is being introduced with regard to the nature of the
securi¬
ties in which investments of currency reserve are
permitted.
At present the
a
fiduciary reserve—which is allowed up to 10,000 lacs—consists of 8.250
lacs in British Government, and the balance in Indian Government
securi¬
ties.
The object of the new proposal probably is
that, if desired, British
can be sold in London and the
Government securities
equivalent invested
in Indian Government securities
or vice versa.
The fact that gold smuggling
is taking place on a large scale is revealed by the
following extract from the
"Times of India" under date of 28th ult.
"On Monday the Karachi
Customs officials seized 23,000 British and Turkish
sovereigns being im¬
ported into India from the Gulf in a dhow.
The coins were carefully con¬
cealed in packages of dates and were only discovered
by a Customs official
probing the package of dates with
tact
with
were
something hard.
long steel needle, which
a
The dates
came
into
con¬
being unpacked bundles of gold
discovered."
$100; the stock
are:
April 3.
was
a
Bank
of
Faribault,
a
of the Security Bank.
capital of $200,000 in shares of
per
share.
The
Lynn Peavy, President; Alson Blodgett, Jr.,
Vice-President;
Geo.
E.
Kaul,
Cahsier,
and
Peavy and Louis Peavy, Assistant Cashiers.
4
commenced when
we
considerably.
last addressed you,
was
advances until 77d. and 76Md. were recorded
and forward
delivery respectively).
The rally, which had
continued with sharp daily
on
the 22d inst.
Roger
W.
ceived.
(for cash
This strong rebound, however,
was
to the arrival from the East of considerable
causes,
the dip in the price last week
The institution is
disposed of at $150
The market this week has varied
orders to buy at best which had emanated from the other side
charter by the Comptroller of
the National system
National bank it has
officers
a
Security National
Minn., began business
conversion
capital became effective April 1.
new
ized
owing, amongst other
7-'V: '■ 7; ';7 7'";,;■7'"
Following the issuance of
As
The
Louisiana, at
capital from $500,000
"7; 77777 77
i
March twenty-seventh.
on
[7',. v! ^ 7 ■ 7v'•A >' 7
the
(par
disposed of to the existing stock¬
share and 1,000 shares were sold at
SILVER.
/r7vo777:''
♦
■■
The directors of the Merchants National Bank of Water-
town,
18 1920; of the additional stock
were
The Calcasieu National Bank of Southwest
Lake Charles, La., has increased its
coin
surplus of $75,000.
7;7-.
William
Feb.
holders at $100 per
effect that
on
on
$100), 3,000 shares
and
of Chicago, will open for business on May 3, in its temporary
offices at Michigan Boulevard and
of
•::: r77:'-77;7-7;'7'. ■; \
amount
ments and
7':-;
March 18
on
change in either the
no
the officials of the bank.
77 7 ^7 v---77: --biv vv/:
amount of I
bodies.
:
There is
An addition of $400,000 has been made to the
capital of
the Planters National Bank of
appointed Treasurer of the Provincial Grand Lodge
of the Royal Order of
ratified by the stockholders
was
became effective April 1.
Karl D. Falk, Auditor; Charles
Association and Chairman of the State Bank of Chicago,
has been
In
graded
We
A.
1.
equal chance of winning
an
a
C. Hall, Manager transit department and 0. T. Henriksen,
Manager Collection Department.
Leroy
business started April
The
The directors of the National Bank of the Republic,
Chicago, have elected Thomas H. O'Connor and Harold M.
Michaelson, Assistant Cashiers.
new
employees will have
7777:'7-7^77**v.-7-77fo7777-77' -7:-7777':7' ^ 77
.
Official announcement of the directors and officers of the
Division
order that all
$425 per share.
$1,500,000.
^777'777','V
new
1613
as soon
(65^d. cash and 66d. two months)
as
was re¬
Cable delays caused them to arrive at a time when the prices were
mounting and the orders
were
filled at
a
figure possibly
a
full tenpence
more
than the buyers expected.
On the completion of these orders the heavy
tendency of the market reasserted itself, and there has been a
daily retror
cession in price until to-day, when a slight reaction occurred of
both quotations.
The amount of silver
is quite substantial
and is likely to remain
tion of silver money, in small
now
so.
££d. liii'
changing hands in the market
We welcome the demonetiza¬
denominations.(the melted product of which
is the present mainstay of our market).
These sales strongly assist the
establishment of those lower prices so much to be desired, for the
exchanges
with Eastern countries—whence
so
much food and
obtained—are affected closely by the price of silver.
to
raw
material has to be
Further, we are glad
have the principle clearly established that it is immaterial—from the
4
If some mem¬
and published
letters would have to be remodelled.
We have remarked in former letters
that the price in London rules almost always below that of America—
sometimes far below—and have anticipated that when Continental demand
again revives—now checked by adverse exchanges—buyers will not over¬
look this circumstance.
It has been a special cause for gratification for
some time past .that so large has the market here become and so much does
the Far East cling to its intimate connections with this country, that
London is really governing the price in New York.
This was cabled
specifically by the "Times" correspondent in that city under yesterday's
date: "Silver reacted sharply in sympathy with London advices and the
rise in exchange, commercial bars being quoted 5%c. lower at 123H-"
This is as it should be, for the North American continent has sufficient
distinction In being the chief source of silver production—a pre-eminence
which renders it less suitable as a market than London, where the interests
of neither buyers nor sellers can predominate.
The Paris correspondent
of the "Times" draws attention to the illegal but practical step, taken by
tradesmen in the latter part of the war period, of issuing their own small
currency in the form of cardboard counters, bearing the shop stamp and
a
value which was
accepted mutually throughout the neighborhood.
At
Chamber of Commerce paper coupons are to be issued
In Lacs of
above-mentioned
money issued by private individuals.
This emergency currency is to be
replaced eventually by State coins in nickel as soon as the Mint can cope
with the task.
The urgency of the reform is evident when we add that
among other remarkable substitutes, small packets of postage stamps have
circulated as exchange media in the French metropolis.
It is of great sig¬
nificance that so conservative a country as France with regard to finance
should cease using silver for so high a denomination as a franc.
The stock
in Shanghai on the 13th inst. consisted of about 34,900,000 ounces in sycee,
$14,600,000, and 120 lacs of silver bars and U. S. dollars, as compared
and half-franc values
franc
in substitution for the
$13,000,000, and 100 lacs of silver
bars and U. 8. dollars on the 6th ult.
The Shanghai exchange is quoted
at 7s. 3d. the tael.
Quotations for bar silver per ounce standard:
with about
32,700,000 ounces in sycee,
Two Mos.
Cash.
Mar.
20
Mar.
22
Mar.
23
Mar.
24
Mar.
73d.
Average
76^d.
7o^d.
71^d.
Bank
rate
73.229d. 73.312d.
—_—___—6%
__
gold, per ounce, fine__107s. 3d.
Bar
3Kd. and 3%d. above those
fixed
this week the circular written
under
date of Mar. 18 1920:
is £117,660,015,
The lesser
amount of gold on offer this week was acquired for South America, the
Straits Settlements, the United States and the trade at prices more or less
approximating the parity of the American exchange.
New York reports
that $2,100,000 in gold have been engaged for shipment or shipped to South
gold reserve against its note issue
another substantial increase,
on
Securities (Indian
4464
110
1560
8250
1560
8250
1560
8250
i
Government)
Securities (British Government)
inst. amounted to 83 lacs
inst. consisted of about 32,700,000 ounces in sycee, $13,000,000, and 100 lacs of silver bars andU. S.
dollars, as compared with about 31,600,000 ounces in sycee, $12,000,000,
and 80 lacs of silver bars and U. S. dollars on the 28th ult.
The Shanghai
exchange in quoted at 7s. 2d. the tael.
Quotations for bar silver per ounce
The
coinage during the week ending 15th
The stock in Shanghai on the 6th
of rupees.
standard:
"
13
Mar.
15
Mar.
16
Mar.
__70d.
70^d.
___70)4d.
WVsd.
65%d.
12—
Mar.
17
The
■
■
68.708d. 69.021 d.
Average
Bank
6%
rate
delivery are respectively
quotations to-day for cash and forward
l%d. and 2d. below those fixed a week ago.
as
daily closing quotations for securities, &c., at
reported by cable, have been as follows the past
Wed.
Consols, 2)4 per cents
Holiday 46 )£
Holiday 88 Vi
88)4
79?4
57
88.50
Holiday 7934
British, 4)4 Per cents.._
French Rentes (in Paris)__fr.
56.90
57
French War Loan(in Paris) fr.
downward movement which was so
marked a feature of
preceding we^k.
The lowest point was reached yesterday—65?^d.
66d. for cash and forward delivery respectively—several pence under
and
CASH
March 31
silver, spot supplies seem to be on
are
set out in the
the increase,
doing previous to the war. The
silver coin and bullion into India
during the last three years (in ounces):
Straits
774,154
90,570
225.000
7,788.547
832,678
1,125,000
37,925,986
677,359
100,819
2,599,446
410,635
Settlements
11,066.633
350,914
4,165,592
355,324
52,653,343
16,111,490
Canada
Australia.
Zealand
45,115,188
1,493,435
2,172,067
299,844
Hongkong
New
1918-19.
1917-18.
1916-17.
Ceylon
V
•
v.:.:"-:-;:,
GOLD.
LIABILITIES.
assets.
$
■
-/j $
416,832,255 19
1,731,488,230 93
■
■
Gold coin
Gold bullion
576,554,509 00
fund,
Fed'l Reserve Board—1,189,108,285 60
Gold reserve.....
152,979,025 63
Gold certifs. outstanding
settlement
Gold
Note.—Reserved against $346,681,016
notes of 1890
of TJ. S. notes and $1,680,799 of Treasury
56,981,083
Maskat
_________
10,454
27,520
6,671
31,688,341
180,075
SILVER
DOLLARS.
LIABILITIES.
ASSETS.
$
Sliver dollars
_____
134,307,864 00
31,386,675
76,354,361
Territory
Persia.
China (ex
1,015,275
Hongkong and Macao)____ 52,799,340
713,309
Japan
United States of America.
Other countries
2,309,069
825
In
These statistics are
First,
as
silver
LIABILITIES.
229,678,665 89
13,317,983 00
Federal Reserve notes.
37,215,502 50
9,157,115 00
38,521,267 38
_
Fed. Res've bank notes.
National bank notes
15,352,453 00
2,491,722
7,087,624
2,598,696
18,581,478
Subsidiary sliver coin—
Minor coin
Deposits In
well
as
other countries close to the Indian frontier, must
also have partici¬
pated in the extraordinary movement of silver into the hands of
Government during these
remarkable
years.
56
87
47
25
17,290,823 48
etc.)..
Fed'l Land
5,500,000 00
special de¬
account of
of certificates of
36,884,000 00
the Indian
U.S.
14,578,321 27
14,188,372 20
in
and
other
1,170,045 93
of
29,448,666 28
vv
Deposits for:
Redemption
■
of
notes
Reserve
Fed'l
of
(5%
2.18,278,554 89
Fed'l
7,667,540 00
(5% fund)
of
bank
na¬
notes
17,478,179 63
(5% fund)
of
addi¬
circulating
tional
notes, Act May 30
9,670,260 98
_
170,160 00
1908
of
cur¬
coin, etc
Exchanges
rency,
Treasury:
ment
insolv¬
of
creditors
Retirement
Philippine
To credit Treas.,
1
the
Postmasters, clerks
tional
positaries:
Government officers.
7,5S5,914 90
of
Currency, agent for
Redemption
Dep. in national banks:
To credit Treas., U. S.
To
credit
of
other
Deposits
Savings System
(5% reserve)
Reserve bank notes
foreign de¬
To credit Treas.,
tal
Comptroller
Redemption
positories
in
Board of trustees, Pos¬
fund)______
Deposits in
Deposits
12,940,563 52
29,623,195 17
courts, etc_-_.--_«
115,618,428 84
banks
serve
out¬
standing
Depos. of Gov't officers:
Post Office Dept
ent banks
(unsorted
Unclassified
checks
Treasurer's
dollars
(see above)——_.___
United States notes
regards the
this amounts to 426,116,132—equal to there
quarters of the world's production during the period.
The yearly average
is no less than fifty-six times the average Government imports of the two
preceding years.
"We may add that during these last mentioned years the
average import on private account was 51,760,903 ounces as compared
with an average of 7,135,082 during the three succeeding.
It is fairly ob¬
vious that the people of India must have attempted to nullify the depriva¬
tion of private imports by freely melting down currency for their industrial
needs.
Second, notice should be taken of the wonderful way in which
every available source of supply was ransacked to make up this total.
Even
the Maria Theresa currency of Arabia, the local coin of Persia, and the
currency reserves of the United States of America.
Third, extract the
figures relating to China and a total of 146,009,900 ounces is reached.
This
is an enormous withdrawal from the currency of China, even though that
country is one which calculates in vast figures.
Surely here we lay our
finger upon one reason why China has loomed so largely in the silver market
during the past year.
Although statistics are not yet available, it may be
taken for granted that a large proportion at least of this exported metal
has been replaced and much gold has been imported in addition.
Fourth,
examine the table for omissions.
The considerable imports into India
overland have been left out.
Doubtless the silver recorded as from Persia
was received oversea and not through Baluchistan.
Afghanistan, Thibet, as
134,307,864 00
ASSETS.
Avail, gold (see above)_
Available
sales
remarkable in many respects.
1,680,799 00
13,317,983 00
general fund
GENERAL FUND.
banks
grand total of the three years;
119,309,082 00
dollars
silver
Total
134,307,864 00
Total.
Deposits In Federal Re¬
63,293,065 180,207,995
certifs\ outstand'g
Available
indebtedness
56,869,156
Foreign countries
Silver
Treas. notes of 1890 out.
3,846,963
31,338
secured by silver dollars In the
Treasury notes are also
outstanding.
Certif'd checks on banks
8,018,074
158,651
2,148,320,486 12
Treasury.
currency,
Turkey
299,678,665 89
gen'l fund
Total
2,148,320,486 12
Total
Silver bullion..
British Empire._____
taken
are
United States
LIABILITIES.
CURRENT ASSETS AND
quantities than it had been in the habit of
_____
•
items stood
The figures
following.
the daily statement of the
from
following figures represent the imports of
.
11754
8
Treasury for March 31:
difficulties connected with the circulation of
notes upcountry have been reduced.
Saturation point might be reached
temporarily, but it is probable that China will absorb silver in much larger
United Kingdom
has been:
CURRENT LIABILITIES.
AND
this rather suggests that the
Aden, &c___
88.55
holdings of the Government as the
The cash
the
parity with New York.
To-day some support came from that quarter, and
a smart rally ensued of 214d. in both quotations.
In considering the posi¬
Government account
57.25
88.50
this market for sale, the coyness
the
on
87
7954
57.10
119)4
119
120
cts.120)4
Avail, gold In
tion of China with regard to
87
79)4
price of silver in New York on the same day
The
.
4554
4554
46
87 H
79?i
56.99
88.50
4634
British, 5 per cents.
67M
68
103s. 7d. 103s. 7d
102s. 7d. 103s. 5d. 104s. lOd. 104s.
Gold, per fine oz____
Fri.
Thurs.
69>£
69)4
d. 69
Silver, per oz
Tues.
Mon.
Sat.
London,
week:
13. Apr. 14. Apr. 15. Apr. 16,
Apr. 10. Apr. 12. Apr.
London,
Week ending Apr. 16.
of China and the uncertainty created by the vacilla¬
the United States exchange combined to continue, though to a
lesser degree, the
CABLE.
ENGLISH FINANCIAL MARKETS—PER
The
of buyers on account
tions of
fine__110s. 2d.
Bar gold, per ounce,
,r-:
of melted coin sent to
68Md.
68Kd.
18—
Mar.
70^d.
70y2d.
70**d.
68^d.
66d.
silver.
The large amounts
Two Mos.
Cash.
Two Mos.
Cash.
Mar.
this occasion of £2,310,435.
America.
4204
366
India
Gold coin and bullion out of
entirely
gold.
The Bank of England
464
India
Silver coin and bullion out of
TREASURY
We have also received
18274
3890
Gold coin and bullion in India
Silver In N. Y., per oz
a
Mar. 15.
18244
3864
4130
Silver coin and bullion in India
respectively
forward delivery are
week ago.
quotations to-day for cash and
The
72^d.
72%d.
25
71d.
____70^d.
72%d.
—-77d.
75J^d.
71 yd.
19
Mar.
Two Mos.
Cash.
Mar. 7.
18303
3899
Feb. 29.
Rupees—
Notes in circulation
the end of the month
for
RETURNS.
INDIAN CURRENCY
point of view of value—of what token money is composed.
bers of Parliament saw this more clearly, many speeches
110.
[Vol
THE CHRONICLE
1614
15,100,783 47
U.S.
339,463,603 79
251,622,538 19
Govern-
3,353,426 29
officers
591,086,141 98
Total.
Net balance
591,089,141 98
Total.
credit of disbursing officers and agencies to-day wa*
$1,352,351,893.65.
Book credits for which obligations of foreign Governments are
held by the United States amount to $100,736,629.05.
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes are
paid into the Treasury as miscellaneous receipts and these obligations are made
under the acts mentioned a part of the public debt.
The amount of such obligations
to-day was $32,004,722.
Note.—The amount to the
FINANCIAL
STATEMENT
(Formerly Issued
The
OF
U.
S.
NOV.
30
1919.
"Statement of the Public Debt.")
following statement of the public debt and Treasury
cash holdings of the
as
as
of Nov. 30 1919:
United States
are as
officially issued
Ape. 17 1920.]
THE CHRONICLE
1615
CASH AVAILABLE TO PAY
MATURING OBLIGATIONS.
TRADE
Balance held by the
Treasury of the United States as per
daily
Treasury statement for Nov. 30 1919
$666,107,671 55
Deduct—Net excess of disbursements over
receipts in Nov. reports
subsequently received
.
$617,308,686 03
Settlement warrants, matured int.
onilg'ns and checks outstanding:
Treasury warrants
*
Matured interest obligations*
orders
the books of the
subsidiary corporations as of
1920 to the amount of
9,892,075 tons.
This is
an increase
of 389,994 tons over the
amount on hand on
Feb. 28 last and a gain of no less than
4,461,503 tons over
the unfilled tonnage a year
ago at this time.
The current
100,170,574 64
„
Disbursing officers' checks
69,392,610 65
_I.442,219,555
20
1
1
'
'
•
,
'
f
.
*
The unpaid interest due on
Liberty Loans Is estimated in
plete reports have not been received.
on
figures
$617,308,686 03
,
cases
where
the largest since Sept. 30 1917.
following we give comparisons with previous months:
are
In the
com¬
^
INTEREST BEARING
(Payable
on or
DEBT.
Interest
Amount
Amount
Issued.
Retired.
S
Outstandimi
$
46,526,100'
Q.-F.
162,315,400
43,825,500
Deo.
9,502,081
Nov. 30
31
!■
599,724,050
118,489,900
Aug.
_.Q.-F.
2s, of 1918-38
54,631,980
Q.-F.
30,000,000
'
3s, of 1961
Q.-M.
3s, Conversion bonds
4j^s, certfs. of indebtedness.*.
2s, certfs. of indebtedness
3}4s. First Liberty Loan
4s, 1st Lib. Loan, conv
J.-D.
48,954,180
June
30
1919—
25,947,400
May
Apr.
31
1919—
1919—
Mar.
31
3,462,207,000
Feb.
28
1919—
1919—
315,201,300
1,410,074,400
147,094,550
403,660,150
3,492,150
576,734",900
2,859,750,500
Jan.
31
1919—
50,000,000
28,894,500
25,134,300
J.-D.
4^8,
1st Lib. Loan, conv
J.-D.
4^s, 1st Lib. Loan, 2d conv.-J.-D.
4s, 2d Liberty Loan
.M.-Nf. 3,807,865,000
4Ks, 2d Lib. Loan, conv
M.-N.
4&s, 3d Liberty Loan
4^s, 4th Liberty Loan
371,379,600
M.-S.
4,175,450,050
A.-O. 6,964,537,500
J.-D.a4,493,296,476
349,480,650
370,634,050
Victory Lib Loan
48, War Savings & Thrift Stamps,
Series 1918-19.b
Mat bl,125,028,151
2Ms, Postal Savings bonds (1st to
series)..*
J.-J.
31
Mar.
1,448,821,185
Old debt matured at various dates
prior to Jan. 1 1891
and other items of debt matured at various
dates
subsequent to Jan. 1 1861.
•
Certfs. of Indebtedness, at various int.
rates, matured
Loan of 1908-18
Jan.
Deo.
Nov.
30
1915—
Oct.
31
1915.*. 6,165,452 July
Sept. 30
Aug. 31
July
31
June
30
Mar. 31
Feb.
Jan.
00
899,720 26
1,980,000 00
697,220 00
28
31
7,827,368
7,932,164
7,852,883
31
7,189,489 Aug.
1912.. 6,163,375
1912— 5,957,073
31
1912—
1915— 4,264,598 Feb.
29
1912..
31
1912..
Mar.
1915— 4,255,749 Deo. 31 1911—
4,345,371 Nov. 30 1911—
1915— 4,248,571 Oct.
31 1911—
1914— 3,836,643 Sept. 30 1911—
1914- 3,324,592 Aug. 31 1911—
31
Feb.
31
5,304,841
5,454,201
5,379,721
5,084,765
4,141,958
3,694,327
3,611,315
3,695,985
3,584,088
3,361,087
3,113,154
28 1915—
Jan.
31
Nov. 30
31
Sept. 30
Aug. 31
1914- 3,461,097 July
31
1911—
1914— 3,787,667 June 30 1911—
1914— 4,213,331 May 31 1911—
1914- 4,158,589 April 30 1911— 3,218,700
1914.. 4,032,857 Mar. 31 1911.. 3,447,301
1914- 3,998,160 Feb. 28 1911—
May 31
April 30 1914— 4,277,068
Mar. 31 1914— 4,653,825
Feb. 28 1914— 5,026,440
Jan.
31 1914— 4,613,680
Deo. 31 1913.. 4,282,108
NOV. 30 1913— 4,396,347
Oot.
31 1913— 4,513,767
1917—11,383,287
1917—11,886,591
1917—12,183,083
1917—11,711,644
1917—11,576,697
1917—11,474,054
7,594,381
6,551,507
1915- 5,317,618 June 30 1912.. 5,807.349
1915— 4,908,455 May 31 1912.. 5,750,986
1916- 4,928,540 April 30 1912— 5,664,885
1915— 4,162,244 Jan.
30
00
1913.. 7,656,714
31
1915— 4,678,196 Mar. 31
31
00
28
31
June
31
31
5,807,317
6,324,322
1913.. 6,978,762
1913.. 7,468,956
April 30
July
April 30
00
Total matured debt outstanding on which interest has
ceased
Feb.
Oct.
May
00
30
1913—
1916— 9,331,001 Deo. 31 1912..
29 1916— 8,568,966 Nov. 30 1912..
31 1916— 7,922,767 Oot.
31 1912..
31 1915— 7,806,220 Sept. 30 1912..
Deo.
30
30 1913—
31 1913..
Mar. 31
1918— 9,058,404
1918— 9,288,453
28
Tons.
1916—11,547.286 Sept. 30 1913— 5,003,785
1916-11.058,542 Aug. 31 1913.. 5,223.468
1916—10,015,260 July 31 1913— 5.399.356
Sept. 30 1916— 9,522,584 June
Aug. 31 1916— 9,660,357 May
July 31 1916— 9,593,592 April
June 30 1916— 9,640,458 Mar.
May 31 1916- 9,937,798 Feb.
April 30 1916— 9,829,551 Jan.
May
31
June
...
31
Oct.
31 1917— 9,009,675
Sept. 30 1917— 9,833,477
Aug. 31 1917.-10,407,049
July 31 1917—10,844.164
25,877,183,472
v
$1,000
19,800
13,050
385,600
10,690
Oct.
31
1918— 9,477,853
Deo. 31 1917— 9,381,718
Nov. 30 1917
8,897,106
Feb.
902,336,066
11,453,100
Funded loan of 1907, matured July 2 1907
3,400,543
Jan.
31
Deo.
31
1911.. 3,110,919
1910.. 2,674,750
1910— 2,760,413
Nov. 30
Oot.
31 1910.. 2,871,949
Sept. 30 1910.. 3,148,106
Aug. 31 1910— 3,537,128
July 31 1910- 3.070.931
©nramevcial amllUiscellaitcotts Moms
$4,007,080 26
Breadstuffs
figures
brought from page 1658.-—The
by us from figures collected by
Exchange. The receipts at Western
lake and river ports for the week
ending last Saturday and
since Aug. 1 for each of the last three
years have been:
DEBT BEARING NO INTEREST.
statements below are prepared
the New York Produce
presentation.)
Obligations required to be reissued when redeemed:
—
1918—
Sept. 30 1918—
Aug. 31 1918— 8,759,042
July 31 1918— 8,883,801
June 30 1918— 8,918,866
May 31 1918— 8,337,623
April 30 1918— 8,741,882
6,593,903,450
(Payable on presentation.)
United States notes
1918—
31
Jan.
222,692,085
Funded loan of 1891. continued at
2%. called for re¬
demption May 18 1900, int. ceased Aug. 18 1900..
Funded loan of 1891, matured Sept. 2 1891
Loan of 1904, matured Feb. 2 1904
Less gold reserve
1918..
30
Oct.
3,825,969,400
11,453,100
on
31
Nov.
MATURED DEBT ON WHICH INTEREST HAS
CEASED.
(Payable
30
Dec.
4,493,296,476
Aggregate of int. bearing debt....27,326,004,657
Refunding certificates, matured July 1 1907
5,578,661
4,892,855
4,282,310
4,800,685
5,430,572
6,010,787
6,684,268
7.379,152
8,124,663
8,353,298
8,297,905
9,418,500
3,471,625,500
t315,201,300
1,989,455,550
J.-J.
6,109,103
1919—
5,677,800
4,052,600
50,000,000
28,894,500
Q.-J.
.J.-J.
31
31
1919—
July
2s, of 1916-36
16th
9,892,075
1920..
1920— 9,285,441
Dec. 31 1919— 8,265,366
Nov. 30 1919— 7,128,330
Oct.
31 1919— 6,472,668
Sept. 30 1919— 6,284,638
Nov. 30 1919.
646,250.150
1920.-
28
Jan.
v
S
Q.-J.
Panama Canal Loan:
Tons.
30
Feb.
-
Payable.
2s, Consols of 1930
4s, Loan of 1925
Tons.
Mar.
after specified future
dates.)
Title of Loan—
MOVEMENTS.
March 31
$5 525,945 54
„„
Balance free of current obligations
TRAFFIC
Corporation on Saturday, April 10
1920, issued its regular monthly statement
showing unfilled
48,798,985 52
__
AND
UNFILLED ORDERS OF STEEL
CORPORATION.—
The United States Steel
_
..$346,681,016 00
152,979,025 63
$193,701,990 37
Obligations that will be retired
on
Receipts at—
presentation:
Old demand notes
National
bank
notes
Federal
Reserve
bank
assumed by the United States on deposit
of lawful money for their retirement
Wheat.
Corn.
Oats.
Barley.
....
$32,831,064 50
6,843,312 04
...
Rye.
bbls.mibs. bush. 60 lbs. bush. 56lbs. bush. 32 lbs.
bushASlbs. bushMlbs.
Chicago
78,000
201,000
609,000
675,000
97,000
79,000
Minneapolis..
1,013,000
87,000
21.6000
195,000
184,000
Duluth
325,000
10,000
26,000
237,000
notes
Fractional currency
Flour.
$53,012 50
and
Milwaukee..
Toledo
c Total gross debt...
Deduct—Balance free of current obligations
d Net debt
143,666
179,000
107,000
48.000
68,000
10,000
33,000
280,000
~1~,666
"8* 000
342,000
6,000
584,000
606,000
439,000
163,000
36,000
734,000
18,000
200.000
321,000
504,000
2,725.000
633,000
1,451,000
243,000
57*,000
Peoria.......
55,000
Indianapolis.
*
Of this total $101,131,500 bear
4*4 % Interest.
total $56,926,300 bear various rates of interest.
t Of this
c
The total gross debt Nov. 30 1919
$26,116,051,951 89, and the
on
27,000
222.000
24,000
197,000
389,000
312,000
Samewk. 1919
Same wk. 1918
435,000
326,000
2,884,000
3,849,000
6,300,000
3,180,000
2,465,000
1,180,000
4,335,000
7,444,000
905,000
.
the basis of daily Treasury statements was
net amount of
484,000
2,766,000
.
Total wk. 1920
k.4^
This amount represents the
receipts by the Treasurer of the United States on
account of principal of notes of the
Victory Liberty Loan to Nov. 30 1919.
b On basis of cash receipts and repayments by the Treasurer of the United States
33.000
Kansas City..
Omaha.
25,672,400,376 65
a
7,000
_
St. Louis
.26,114,619,931 85
442,219,555 20
.
,
40,000
56,000
Detroit......
Total debt bearing no Interest
outstanding.*,..*..,..-—..233,429,379 41
public debt redemptions and receipts in
transit, &c., Nov. 30 1919 was $1,432,020 04.
d No deduction Is made on account of
obligations of foreign Governments or
other Investments.
■
Since Aug. 1—
1919-20
15,948,000 370,481,000 150,079,000 165,180,000 25,597,000
27,445,000
1918-19
11,907,000 375,137,000
156,830,000 224,066,000 66,464,000 37,666,000
11,948,000 147,168,000 181.145,000 254,706,000 44,577,000 21,417,000
1917-18
•
.
Issues of Soldiers' and Sailors' Civil Relief bonds
Total issue to Nov. 30 1919
was
are not
•
included in the above:
$193,500, of which $100 had been retired.
TREASURY CURRENCY HOLDINGS.—The following
compilation made
Holdings in
Sub-Treasuries.
from
Receipts at—
Flour.
the
daily Government state¬
ments, shows the currency holdings of the Treasury at the
beginning of business on the first of January, February,
March and April 1920:
up
Total receipts of flour and grain at the seaboard
ports for
the week ended Apr. 10 1920 follow:
Jan. 1 1920.
Feb. 1 1920.
$
$
Mar.
1
1920. Apr.
1
1920.
New York—.
Corn.
Oats.
Barley.
Rye.
Bushels.
Bushels.
Bushels.
Bushels.
64,000
35,000
.
Baltimore
576,000
52,000
43,000
Portland, Me.
Philadelphia
246,000
NewportNews
NorfolkNew Orleans
Wheat.
Bushels.
\
Barrels.
50,000
222,000
83*,000
38*",000
119,000
126,000
36,000
497,000
"2",000
188,000
737,000
80,000
125,000
'
233,000
2,000
3.000
382,042,539
69,426,780
19,792,932
Net silver coin and bullion
Net United States notes..
Net national bank notes..
'
Net Fed. Reserve notes..
Net Fed. Res. bank notes
Net subsidiary silver...__
Minor coin, &c___—
Totafcash in Sub-Treas
39,774,944
45,550,983
59,808,709
2,455,945
26,014,424
644,867,256
365,779,472
64.555
369,324,662
72,819,916
25,953,688
27,086,405
35,641,195
56,959,135
5,263,797
33,802,701
39,080,686
6,700,805
23,544,875
588,791,309
152,979,026
*544,272,359
152,979,026
78,031,376
~~5~, 000
St. John.....
Boston
2,000
24,000
132,000
Totalwk.1920
SinceJan.1'20
303,000
6,114,000
1,796,000
27,555,000
322,000
5.668,000
11.381,000
127,000 1,562,000
3,874,000 13,212,000
Week 1919...
729,000
SinceJan.1'19
9,637,000
5,799,000
49,176,000
253,000
3,757,000
999,000
20,472,000
574,000
5,703,000
Less gold reserve fund...
152,979,026
674,251,280
152,979,026
Cash balance in Sub-Treas
491,888,230
521,272,254
435,812,283
391,293,333
650,269,000
flO,399,856
352,678,000
3,500,000
102,117,859
50,980,000
4,500,000
157,325,423
115.618,429
28,377,385
11,665,441
28,169,865
11,992,713
30,474,003
14,188,372
9,591,507
9,670.261
40,042,820
40,162,578
3,861,585
25,291,452
40,065,610
2,389,761
16,641,329
23,858,633
3,353,426
14,578,321
Dep. in special depos'ries:
Account certs, of indebt
Dep. in Fed. LandBanks.
Dep. in Fed. Res. banks..
62,000
371,000
105,000
Galveston
$
382,657,692
31,899,461
15,352,463
38,521,267
37,215,503
9,157,115
7,087,625
22,381,243
18,107,739
65,313,090
39,633,047
73,000
Montreal....
Net gold coin and bullion.
$
a
31,884,000
on
.
74",666
163", 656
"5,000
647,000
To credit disb. officers.
Cash in Philippine Islands
2,687,556
Dep's. in Foreign Depts..
18,942,839
Exports from—
Wheat.
Corn.
Flour.
Oats.
Bushels.
Bushels.
Barrels.
Bushels.
New York
—_
278,162
83,000
Boston
Includes Mar.
987,415,460
37,369
35,000
26.oo5
Baltimore
1.000
2,000
3,000
707,714,306
311,931,709
591,080,142
339,463,604
725,770,078
395,782,597
Mobile
Rye.
Bushels
90,010
180*666
213*666
87,000
728,000
7.934.000
244,060
Barley.
Peas.
Bushels Bushels
20,400
1,344
*0,666
38,000
1453000
2,000
Newport News
1,048,883,728
323,113,650
13",000 Ye'ooo
150",000
251,622,538
1, $18,581,478 25 silver bullion and $22,381,242 51
Ac., not included in statement "Stock of Money."
5,500
17,000 202,000
Philadelphia
Galveston
St. John.N.B
Available cash balance.
•
3,000
5,500,000
Norfolk
Net cash in banks, SubTreasuries
1,314,230,307
Deduct current liabilities.
326,814,847
12~665
1,000
through bills of lading.
Portland, Me.—
Total
GOtOOO
The exports from the several seaboard
ports for the week
ending Apr. 10 are shown in the annexed statement:
Dep. in national banks:
To credit Treas. U. S_.
28",000
-
33*000
1,000
minor
coin
Total week
Week 1919
....
144",000
132,000
"5,666 "2.666
"12",000 eb'ooo
672,162
6,960.949
43,500 394,369
72,615 614,250
424,000 1918010 124.400
615,649 318,347 457,696
1,344
30,911
these exports for the week
The destination of
[Vol Hit
CHRONICLE
THE
1616
FOR CHARTER.
APPLICATIONS
and since
'
Capital.
Conversion of State banks:
The First National Bank of Rosemount, Minn
Exports for Week
Corn.
Week
Since
Week
Since
Week
Since
Apr. 10
July 1
1919,
Apr. 10
July 1
Apr. 10
July 1
1920.
1920.
1919.
1920.
1919.
Barrels.
and
Barrels.
Bushels.
Bushels.
Bushels.
Bushels.
Since
July 1 to—
200,000
5,879,856
8,421,942
36,900
Kingdom.
United
310.981
Continent
So. & Cent. Amer.
17,000
15,000
245,500
120,606*.
1,239,806
53,207
780,134
4,530j
15,000
148,316
"195,0251
IIIIII
5,219
394,369:16,558,663
614.250 11.938,251
672,162 131,977,950!
5,960,949 106,342.414'
43.500
3,344,823
72.615
4,615.969
58
Brit. No. Am. Cols.
Other countries.
14,488
—
Total
Total 1918-19
shipments of wheat and corn for
The world's
25,000
The Oceanic National Bank, Boston, Mass
25,000
Y.
' 200,000
—c.
Correspondent, Hon. Thomas J. Boynton, 417 Old South Bldg.,
Wash
Correspondent, J. H. Sexsmith, Metaline Falls, Wash.
The First National Bank of Metaline Falls,
3.970
the week
July 1 1919 and 1918 are
ending Apr. 10 1920 and since
$25,000
Correspondent, Guy Roberts, Toledo, Oregon.
of Agra, Kans
Correspondent, Robert Addie, Agra, Kans.
The National Bank of Long Beach, N. Y
Correspondent, Charles L. Affel, Long Beach, N.
The Farmers National Bank
2,256,793
22,000
6,500
50,566,078
81,091.711
868,685
West Indies—
472,162
;
$25,000
Conversion of the State Bank of Rosemount.
Correspondent, F. A. Ruhr, Rosemount, Minn.
Original organizations:
The First National Bank of Toledo, Oregon
1
Wheat.
Flour.
Boston.
25,000
50,000
The First National Bank of North, S. C
Correspondent, E. C. Johnson, North, S. C.
Jennings, Okla
Correspondent, E. D. Crow, Jennings, Okla.
First National Bank in South Sioux City, Neb
Correspondent, J. M. King, South Sioux City, Neb.
25,000
The First National Bank of
25,000
$425,000
Total
Sales.—Among other securities, the following,
usually dealt in at the StocJf Exchange, were recently sold
Auction
Corn.
Wheat.
Since
Week
Since
Since
Apr. 10.
July 1.
July 1.
Apr. 10.
July 1.
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels'.
Danube
....
7,2bY,666 156",855",000 67,968,666
Australia
1,168,000
...
102,252",000 24","397",000
3,900,000
41,748,000
80,205,000
5.623,000
India
3,025,000
1,750,000
3,328,666
11.730,000! 502,491,000*338.984,000
4,002,000 106,502,000
35,646,000
—
l",9l"l", 000
Oth. eountr's
Total
points of accumulation at lake and
Apr. 10 1920 was as follows:
at principal
granary
seaboard ports
GRAIN
STOCKS.
bush.
bush.
bush.
bush.
bush.
955,000
71,000
116,000
880,000
143,000
23,000
30,000
2,000
3,000
States—
New York
Philadelphia
718,000
244,000
102,000
158,000
Baltimore
613,000
375,000
347,0p0
964,000
176,000
107,000
1,000
Boston
New Orleans
5,000
Galveston—
-
--
-
-
435,000
59,000
1,705,000
29,000
13,000
908,000
407,000
8,006
Newport News
322,000
373,000
-
6,899,000
271,000
83,000
196,000
78,000
921,000
728,000
23,000
23,000
184,000
30,000
8,250,000
1,167,000
2,869,000
1,339,000
670,000
Buffalo
572,000
401,000
152,000
22,000
7,801,000
137,000
2,529,000
4,539,000
1———
Toledo
Detroit
Chicago
afloat
par.
—
ex-stock
1,769,000
Duluth
Minneapolis
_
_
^
_
35,000
8,015,000
—
„
336,000
9,496,000
City
81,000
413,000
Omaha
-
-
29,000
------
•'
114,000
67,000
660,000
633,000
4,000
1,800,000
Indianapolis
'---H.'-
827,000
126,000
2,000
279,000
......
—
772,000
'
29,000
312,000
930,000
306,000
62,000
-
-
-
-
-
—
92,000
8,788,000 9,265,000 3,819,000
8,533,000 18,467,000 2,730,000
20,995,000 17,386,000 13,173,000
18,000 bushels New York, 102,000
Boston: total, 120,000 bushels, against 5,000 bushels In 1919; and barley, New York,
80,000; total, 80,000 bushels, against 78,000 In 1919.
Canadian—
1
Montreal509,000
16,000
431,000
4,000
69,000
Ft. William & Pt. Arthur. 9,144,000
3,221,000
—
1,760,000
Other Canadian...
1,538,000
452,000
400,000
Total April 10 1920
44,281,000
5,504,000
3 1920
44,787,000 5,669,000
Total April 12 1919
77,015,000 2,681,000
Note.—Bonded grain not Included above: Oats,
Total April
—
..-.——
Total April 10 1920-
..11,191,000
16,000
..11,228,000
17,000
4,000
4,000
4,104,000
3 1920.
Total April 12 1919.
4,216,000
5,442,000
Total April
..42,742,000
61,000
-44,281,000
5,504,000
16,000
2,129,000
2,023,000
6,000
671,000
8,788.000 19,265,000
4,104,000
4,000
3,819,000
2,129,000
Summary—
American
...........
.a 1,191,000
Canadian
1920.
Total April
3 1920.
Total April 12 1919.
Total April 10
-55,472,000
..56,015,000
.119,757,000
By Messrs. Wise, Hobbs & Arnold, Boston:
5,520,000 12,892,000 19,269,0001
5,686,000 12,749,000 18,471,000
2,742,000 26,437,000 17,392,000
5,948,000
4,753,000
13;844,000
Stocks.
$ per sh.
Gas
«
B4ec., pref_.______—-.. 73
Shares.
|
$ per sh.
Bk., Boston247%
Carp't.pref. 97 %
5 Fairhavan Mills, com
218
15 Butler Mill, corn. —____.217%
22 Arlington Mills
169
20 Mass., Cotton Mills
-.165
20 Nashua Mfg., com
134
10 Hartford
Auto - Motive
48
Parts, prof., $50 each
219 rights Charlestown Gas &
Shares.
Stocks.
56 Commonwealth
2 rights 1st Nat.
25 Bigelow Hart.
10 Berry, Inc., pref
_
9
100 Mass. Lighting Cos', com.
8
2 American Mfg., com.. —166
3 Collateral Loan Co...
each.__ 1,425
25 Bigelow Hart Carpet, pf__ 97%
10 Merrimack Mfg., com
125%
25 Lancaster Mills, com__
142%
5 West Point Mfg
348%
10 Esmond Mills, pref
..101%
4 Nashua & Lowell RR.....120
100 Eliot Hall (Jamaica Plain).
2
6 Essex. Co
195
15 Amer. Glue, com
32%
15 Bost. Wor. Hose & R.,com.202%
3 Dwight Mfg., $500
By Messrs,. Barnes &
Shares.
$ per sh.
Stocks.
Shares.
Mfg., com.,
166%
Mfg., pref—._ 86%
Bost.
Ltg. Prop.
-77%
74%-
1 American
2 American
30 North
pref.
Quincy Mkt. C. S. & W.,
81
pref.
5 Lawrence Gas
98%
122 rights Charlestown Gas &
Elec.
—50c.
43 Mass. Lighting Cos., pref.73-80
3 Boston Wharf
86
40 Manchester Trac. Ltg. &
5
Power
4 Old Colony Lt. &
—102-102%
P., pref. 81
Lofland, Philadelphia:
$ per sh.
Stocks.
$ per sh.
$50 ea.
5%
Land & Impt.,
Slocks
Shares.
10 Locust Gap Impt.,
225
103 Third National Bank
5 Northern Trust Co
94%
Co., Boston:
215%
190%
Pepperell Mfg__
Mills
Per cent.
Bonds:
$1,000 Summerset Hotel Trust
1st 4s, 1921...
$ per sh.
,...195%
5 Lyman
pref—— 86%
100%
Associates-.153%
Mfg.,
2 American
3 Ludlow Mfg.
5
By Messrs. R. L. Day &
Stocks.
39
2-3 Hood Rubber, com
50c.
Elec.
12 Franklin Co
401,000
——. —
6%
of dep..20%
ctf.
10,000 Estate of Long Beach
6s, ctf. of dep
30%
7,000 Greeley Sq. Realty 1st
ref. 5s, 1930
70
15,000 Mexican Coal & Coke
bonds, certf. of dep
$52 lot
100,000 Financial News, Inc.,
coll. tr. 6s, 1925.
$5,000 lot
$700 per sh
_
div., no
par
$700 per sh
50 Claridge Co., Inc., pref.$130 lot
79 1st Nat. Bank of Jersey
City
..386
5 Riser Land Co
250
Shares.
113,000
300,000
......
Milwaukee
Peoria
Barley.
Rye.
Oats.
Corn.
Wheat.
United
comprising the stocks in
supply of grain,
visible
The
Kansas
no
RR.
Avenue
certfs.,
Recv'rs
23.2 Stutz Motor Car of Amer.,
Inc.,
Argentina...
$50,000 2nd
132 Stutz Motor Car of Amer.,
Inc., (carries div. of 20%
Russia
Per cent.
Bonds:
Per cent.
Stocks.
Shares.
7,921,000
2,500,000
102,000
3.361,000 263,520,000 220,620.000
North Amer.
New^ York, Boston and Philadelphia:
York:
By Messrs. Adrian H. Muller & Sons, New
Since
Week
in
at auction
1918-19.
1919-20.
1918-19.
1919-20.
Exports.
not
20 Haverford
501
$50 each
40
Bank—360
250% 213 Internat. Lumber & Dev.,
$50 each.
$70 lot
10 9th Nat. Bank, full paid
receipts
375 % 2,100 Ajax Bull Frog Mg.,
$1 each$2 lot
150 rights
to subscribe Ken¬
50 Am. Marine & Canal Pro¬
sington Nat. Bank @ $100-20-21
peller, $10 each.
—$2 lot
20 Germantown Trust
200-201
1 Automobile
Co-op. Assn.
60 rights
to
subscribe Real
of Am., $5 par..
2
Est. T. I. & T. @ $250- 73
50 The Cuba Eastern RR—$2 lot
20 Central Trust & Savings,
20 The Deis Pump (D. C.)._$2 lot
$50 each
85%-85%
50 Hollister Crude Oil., Ltd.,
15 Wayne Junction Trust—,_ 80
$i each
—$2 lot
5, Peoples
Nat.
Fire Ins.,
$50 each
20% 400 Pa. Oil Creek Petrol., $2
each
$2 lot
23 Phila. Bourse, com., $50
50 Raystown
Branch
Coal,
each
—7%-8%
10
Philadelphia Nat.
13 1st Nat. Bank of Phila
-
—
Banks.—The following information regarding
national banks is from the office of the Comptroller of the
National
Currency, Treasury Department:
CHARTERS
ISSUED.
■
.
$25,000
N. D.
President, Paul M. Brown; Cashier, G. N. Burnson.
The First National Bank of Geyersville, Cal
Conversion of the Bank of Geyersville, Cal.
President, C. B. Shaw; Cashier, H. E. Black.
Original organizations:
The First National Bank of Aurora, Colo
Succeeds the Aurora State & Savings Bank of Aurora,
President, D. H. Staley; Cashier, T. F. Gilligan.
25,000
25,000
Colo.
100,000
National Bank of Casper, Wyo
Bank of Casper.
President, M. J. Burke; Cashier, W. J. Bailey.
The First National Bank of Elbert, Colo
President, R. J. Eisner; Cashier, A. N. McAuley.
The Security National Bank of Lawton, Okla
.
President, W. W. Brunskill; Cashier, Scott L. Reeburgh.
The Commercial National Bank of Rockford, 111
-
-
25,000
-
Bank of Watertown, Mass
Bank of Milford, Del
of New Wilson, Okla.
The First Nat. Bank of Poughkeepsie, N. Y
The Fourth-Atlantic Nat. Bank or Boston, Mass—
The Nat. Newark & Essex Bkg. Co. of Newark, N.J
The Sturgis National Bank, Sturgis, Mich
The First National Bank of Freman, S. D
The Central National Bank of Albany, Ala
The Fulton National Bank of Atlanta, Ga—
The First National Bank of Milledgeville, Ga
The Farmers
&r<Merchants National Bank of
Headland, Ala
$500,000
of Capital when
increased.
25,00O,a®'
150,000
500,000
500,000
35,000
10,000
100,000
250,000
25,000
10,000
$300,000
121,600
50,000
250,000
2,000,000
2,500.000
100,000
35,000
200,000
750,000
75,000
60,000
VOLUNTARY LIQUIDATION.
purchased by the Peoples State Bank of Custer City, Okla.
Clearings.—The clearings for the
93
92
week
April 8.
1920.
Montreal
Toronto
—
Vancouver
Quebec
Hamilton
St. John
London
Calgary
Victoria
.....
Dec.
%
...
Brandon
1917.
1918.
S
$
108,718,415
95,463,233
37,968,620
13,570,479
10,565,626
6,158,588
4,166,558
7,372,671
2,905,136
3,814,508
7,138,904
2,110,551
4,909,573
Edmonton
Regina
1919.
$
Canada—
Halifax
The Peoples State National Bank of Custer City, Okla.
Capital. $25,000
To take effect April 5 1920.
Liquidating Agent, J. H. Hobrecht.
Assets
Per cent.
$400 Phila., City, 4s, 1941.—
2,000 Altoona. City, 4s. 1940.
Week ending
Ottawa
$1,765,800
Total
Copper
Clearings at—
200,000
$100,000
60,800
The First Nat. Bank
Canadian Bank
Winnipeg
Increase.
The First National
$2 lot
;$2 lot
each
Bonds:
ending April 8 at Canadian cities, in comparison with the
same week in
1919, show an increase in the aggregate of
100,000
Taylor.
Amount
The Union Market Nat.
$50
100 United
B.
Inc. or
Succeeds the Citizens State
Total
$25
19%-19%
Stetson, com
325%
15 Smith Kline & French,pref. 94%
35 Phil. Wareh. & C. S. 115-115%
1 John
14.6%.
The Cioizens
President, E. A. Wettergren; Cashier, J. D.
pref.,
each
Capital.
.
Conversions of State banks and trust companies:
The Live Stock National Bank of Hettinger, N. D
Conversion of The Hettinger State Bank, Hettinger,
Bourse,
25 Phila.
3,418,600
631,166
$
58,601,623
+ 18.6
94,054,721
67,676,368
49,849,166
10,546,615
6,448,697
4,394,805
3,763.674
5,213,839
2,472.730
2,599,261
7,024,958
2,422,635
4,140,319
3,363,611
+ 1.6
3,887,058
580,188
+8.8
+0.2
636,897
950,760
492,731
715,303
—0.1
2,018,129
1,497,466
+ 6.2
102,331,556
81,272,866
32,394,907
11,714,291
7,544,175
+ 17.2
5,226,619
+ 17.8
+17.5
+ 15.8
+ 40.0
3,800,496
+ 9.6
5,148,175
+43.2
2,462,573
3,045,743
5,478,013
2,143,521
4,139,628
+ 18.0
+25.2
'
+ 30.3
—1.5
44,630,470
46,941,249
5,036,410
4,300,597
3,612,771
2,055,245
4,390,867
1,680,437
1,763,325
5,756,758
1,350,457
2,329,406
2,306,631
760,086
758,775
Saskatoon
1,873,656
Brantford.
1,345,067
1,875,680
969,753
+ 38.8
903,044
700,000
Moose Jaw
1,623,091
1,402,142
+ 15.8
1,467,023
805,163
618,588
+ 30.2
980,349
385,469
547,186
472,414
+ 15.9
635,801
421,146
418,826
435,875
710,136
—3.9
482,619
922,164
+29.9
685,992
Sherbrooke
1,016,704
915,484
+ 11.0
Kitchener
1,290,984
2,373,510
412,291
782,583
+ 65.0
1,149,339
410,966
+ 10.7
+ .03
327,375
322,301,356
281,148,160
+ 14.6
275,566,753
Lethbridge
Fort William
New Westminster
Medicine Hat
—
Peterborough
Windsor
Prince Albert
Total
Canada.
878,929
664,192
-
—
-
-
—
200,498
517,015
448,419
500,236
481,160
-------
191,737,892
Apr. 17
THE
1920.]
1617
CHRONICLE
GOVERNMENT REVENUE AND EXPENDITURES.
receipts and disbursements for
March 1920 and 1919 and for the nine months of the fiscal
1919-20 and 1918-19 are as follows:
years
.0231.1919.
iteF
Receipts.
Ordinary—
S
'18-'I9.
Feb
S
122,039,446
$
231,553,886
$
17,876,270
34 377,634
Customs.....
Preferred..........................
9 mos. '19-"20. *9
Internal revenue:
918,879,464 1,129,821,269
3,018,206,114
1,888,777,647
117,251,480
118,240,897
27,861,311
31,555,382
1,115,644,639
444,590,507
914,257.992
338,733,133
1,098,369,889 1,297,493,818
4,809,995,146
3,263,808,268
Income & profits tax.
revenue-
Total...
Panama Canal—
Tolls,
Amer. Thermos Bottle
Amer. Tobacco, com. (in Class B com.)
American Wringer, preferred (quar.)
—
Lead & Smelt., pf. (quar.).
Anaconda Copper Mining (quar.)
Arkansas Natural Gas—
5,133,793
3,973,939
355,128
670,735
Arlington Mills (payable in stock)
(quar.)—
Special
Associated Dry
ordinary
4,813,969,085
1,099,040,624 1,297,848,946
3,268,942,061
'■
Public Debt—
First Liberty bonds.._
Second Liberty bonds..
2,664,346
v
40
...
440
Third Liberty bonds
Fourth Liberty bonds.
*2X
*3X
n 30
May
1
Sept.
1
*k75
_
a969
1,045
1,001,320
1,236,664
40
450
450.537
5,075,356
935,433,200
6,959,021,868
1.027,440.188
324,092
Ctfs. of indebtedness.. 1,698,522,500 1,141,433,000 11,408,497.469 14,946,954,800
War-savings securities.
6,063,359
10,143,082
62,223.206
761,777,144
Postal Savings bonds._
—.....—
189,400
289,260
Victory notes
.....
Deposits lor retirement
Aug. 16
Holders of
'Holders of
Gooijls, common (No. 1).
Aug.
1*4
$1.50
1
July
15
Apr.
15
Holders ol
rec.
Apr,
May
1
Holders of
rec.
Apr.
2
15a
19
SI
May 24
Apr.
18
to
May
hi
Apr.
Apr.
18
to
May 16
to
Apr, 20
May 19
Apr.
9
1
Holders of
rec.
Apr.
8a
hi
24
May 25
*e50
♦15c. Apr.
*3c.
1
30
May
1
Holders of
rec.
May
IX
Mine
1
Holders of
rec.
May
8a
May
1
Holders of
rec.
Apr.
15a
IX
May
Apr. 21
to
1
1 ♦Holders of rec
Apr.
30
Atlas Tack (quar.) (No. 1).............
Barnhart Bros. & Spindler—
First and second preferred
:
Preferred
(quar.)...................
(quar.)..
(quar.)
*75c. May
Holders of
rec.
Apr. 26a
*2
May
1 ♦Holders of
rec.
Apr. 20
*1X
May
1 ♦Holders of
rec
Apr. 20
Holders of rec.
May 15
Holders of rec.
May
1
May 15 ♦Holders of rec.
May
1 ♦Holders of rec.
to
Apr. 18
1
62XC. May
20,204,522
1,706,682.480 1,154,516,783 12,517,322.528 23,626.346.185
—
April 21
Carbon Steel, 2d preferred
Central Leather, com. (quar.).
6-1:,
July
14
May
2
April 26
Common (payable in common stock)..
Preferred B (monthly)
Cities Service, Bankers' Shares (mthly.)
Disbursements.
Clinchfield Coal,
Ordinary—
077,279,795
64,902,729
3,966,865.286 11,986,765,028
664,923,312
309,882,850
common (quar.).......
Preferred (quar.)...............
Cluett, Peabody & Co., Inc., cm. (qu.).
Commonwealth-Edison (quar.)..
Consolidation Coal (quar.)
524,055,847 1,042,182,524
4,631,788.598 12,296,647,878
Continental Oil (payable in stock)
warrants
paid
(less
balances
repaid, <fec.)_
Int. on public debt paid
436,166,875
87,888,972
Continental Candy Cornnration (ouar .).
Total
Corn Products Refg., com.
Common (extra)
Special—
Panama Canal: Checks
paid
(less
balances
repaid, Ac.)
Purchase of obligations
1,48*4,712
1,051,198
8,667.287
10,737,902
Governm'ts
12,000,000
322,350,000
387,720,914
2.819.984,800
of foreign
(quar.)_
Loan bonds:
14,000,000
228,064
36,400,000
453,647
537,540,559 1,379.811,786
5,028,176,798 15,164,224,227
Principal
Accrued interest
Crucible Steel, common (quar.)..
Common (payable in common stock)..
Bonds, interest-bearing
retired.2,410,316,618 1,213.709,092 13,285,930,064 11,731,645,659
Act,
ap¬
19,150,000
proved Dec. 23 1913)
Nat. bank notes and
retired
(Acts of July
14 '90 A Dec. 23 *13)
17,227,039
2,246,985
2,025,985
16,671,263
,
18.331,333,902 26,931,691,149
Receipts and disbursements for June reaching the Treasury In July are included.
Counter entry
Payable.
Delaware Lackawanna A Western (quar.)
HH
1H
April 20
Holders of
rec.
Mar. 30a
April 20
Holders of
rec.
April
5a
Holders of rec.
Apr
3a
5
14
iquar.)
Holders of rec. April 30a
June
♦$30
...
1
IX
1*4
Mahoning Coal RR., common
May
1
April 30
Holders of
rec.
April 20a
Apr.
Holders of
rec.
Mar. 29a
♦C$200 April 30 ♦Holders of
rec.
April 10
IX
25c.
1
Apr.
20
Apr. 20
62 Xc. May
1
Holders of rec. Apr.
Holders of
rec.
Holders of
reo. Mar.
5a
5a
Apr.
31a
1
12Xc. May
3
April 30
Holders of rec. Mar. 31a
April 30
Holders of rec. April 15a
/50
3X
*e25
1
May
Holders of
April 22
1 ♦Holders of
May
15
1
25c. April 20
April 15a
rec.
April 30
to
Apr. 25
rec.
Holders of rec. May 31a
Apr. 22
Holders of rec. April
30
la
Holders of
12
to
Apr.
May
1
10c. May
1
Holders of rec. April 15
May
1
April 16
May
1
Holders of
rec.
April 20a
2X
July
1
Holders of
rec.
May 31a
May 31a
/._■
(quar.)
Electrical Securities, pref. (quar.)
Esmond Mills, common
1
Holders of
1
Holders of
3
May
1
Holders of
2
April 15
May
1
1M
vi ay
1
*2
May
1
May
1 ♦Holders of
May
1
Holders of rec.
Apr. 23
April lo
Holders of
April 19
rec.
rec.
May
1 ♦Holders of
rec.
April 23
rec.
April 15
April 16a
May
1 ♦Holders of
Holders of
1
Holders of
1
1*4
IX
May
rec.
April 15
2
May
1
Holders of
rec.
2X
May
Holders of
1
May
1 ♦Holders of
Holders of
May 15
rec.
April 20
rec.
Apr. 19
April 15
........
....
Famous Players-Lasky Corp., pref. (quar.)
♦2
13
rec.
rec.
April 20a
1*4
Preferred
May
1
Holders of rec. Apr.
IX
(quar.).
May
1
1
Holders of rec. Apr.
$2.50 May
Holders of
rec.
21a
Apr. 21a
20a
1*4
May
1
Holders of
rec.
Apr. 20a
IX
June
16
Holders of
rec.
May 31
rec.
Apr. 20
rec.
Apr.
rec.
Apr.
(quar.)
1*4
May
May
May
Holders of
1
Holders of
1
1 ♦Holders of
Gen
vi ay
1
Holders of rec. Mar. 31a
IX
May
1
Holders of rec""Apr.
*1*4
*1*4
June
Chemical,
com
(pay. In com. stk.)
General Cigar, Inc., common (quar.)
Preferred
(quar.)
Debenture preferred
(quar.)
General Electric (quar.)...........
General Motors Corp., old common
New com.
IX
May 31
Holders of
rec.
May
May
Holders of rec.
Pittsburgh A West Virginia, pref. (quar.)
n
(quar )
Western Pacific RR. Corp., pref. (quar.)
I
i
April 23
Holders of rec. Apr.
Mar. 20
to
30a
6a
April inn
Holders of reo. April 17a
Old
com
New
(payable In
new
Com. stk.)
.
\
..
May
1
Holders of
2
June
1
Holders of rec. May
15a
1*4
May
l
Holders of rec. April
1
7
X
(quar.J.¬
preferred (quar.)....
Green A Coatee Sts. Pass. Ry.,Phila.(qu)
$1.30 April 17
rec.
April 15
Mar. 24
to
Apr.
April 24
to
May 20
April 24
to
May 20
/20
15
2X
May
1
(m)
..............
(quar.)..
Montreal Tramways (quar.).
...
-
Philadelphia Co., common (quar.)..—
Six per cent preferred...
West Penn Power, pref. (quar.)
West Penn Trac. A Water Pow., pf.
5a
reo.
Apr.
6a
IX
May
1
Holders of
rec.
Apr.
5a
1*4
May
1
Holders of rec. Apr.
6a
$2.50 June
1
Holders of
rec.
May
1
June
1
Holders of
rec.
May
May
5a
Seven per cent debenture stock (qu.).
Gillette Safely Razor (quar
$1
(qu )
May 16
Holders of reo.
1X
July
1
Holders of rec. June 21a
Grasselli Chemical (payable In com. stk.) f20
Harbison-Walker Rcfrac,. oref
IX
(ouar.).
1
Holders of
rec.
April 15a
Apr.
20
Holders of
reo.
Apr.
Hlllman Coal & Coke, pref. (quar.)
Apr.
25
Apr.
1M
Holders of rec. April
Ingersoll-Rand Co., common (quar
2X
$1.50
Inspiration Consol. Copper (quar.]
International Motor (payable in stoi__ elOO
International Nickel, preferred (quar.)..
IX
IX
5
May
1
Holders of
rec.
April 30
July
1 ♦Holders of
Hodgman Rubber, preferred (quar.)
Holly Sugar Corp., preferred (quar.)...
com.
...
Miscellaneous
Advance-Rumely Co., preferred (guar.)
*1X
rec. June
14
........
Chicle, com. (quar.)
Cigar,| common (quar.)
May 15
Holders of
rec.
May
2
April 30
Holders of
rec.
April 10a
1
(quar.)
American Beet Sugar, common (quar.)..
May
May
Holders of
rec.
Apr.
75c.
2
1
1
la
20
Holders of rec. April 15a
23 ♦Holders of
Kelly-Springfield Tire, common (quar.)
Common (payable in common stock).
Preferred (quar.).......,
........
Kelsey Wheel, Inc., pref. (quar.)
Kress
(S. H.)
&
Co., com
(ouar.)
Lancaster Mills, preferred (quar.)
Lawrence Petroleum (monthly)....
Stock dividend.......
*2
..........
Lawton Mills Corpotation (quar.)
1
May
If
Holders of rec. Apr.
Holders of rec. Apr.
20
Mar. 31
2
1
Holders of
rec.
April 17
Holders of
rcc.
Apr.
9
IX
Apr. 24
Holders of
rec.
Apr.
9a
Amer. La France Fire Eng.. com. (quar.)
2X
May 15
Holders of rcc. May
3a
Massachusetts Cotton Mills
(quar.)
(quar.)..
stock)..
1
Juno
1
May 23
to
June
I
Massachusetts Gas Cos., com.
2X
May
1
April 16
to
April 25
Miami Copper
f2X
May
1
to
April 25
May
(quar.)..
Mid vale Steel & Ordnance (quar.)..
$1
Midwest Oil (quar.)
Midwest.Reflnlng (quar.)
♦2
$1
(quar.).
American Radiator, common (quar.)...
(quar.)
i.
American Shipbuilding, com. (quar.)..
Common (extra)
Preferred (quar.)
IX
$1
IX
1*4
1
to
April 25
June 30
June 22
to
June 30
May 15
May
1
May
8
to
May 15
Holders of rec. April 15a
2X
May
1
Holders of
rec.
April 15a
1*4
May
1
Holders of
rec.
April 15
Extra
Mohawk Mining (quar.)
May
May
May
1
1*4
$1.25 April 30
Apr. 24
50c. May
15 X
1
3
May
1
April 19
1*4
Apr.
3
(quar.).
May 10
1*4
May
19
1
Holders of rec. May
la
14
Holders of rec. Apr. 15
Holders of rec. Mar. 26
Holders of.rec Apr. 15a
Holders ol rec. April 20a
Holders of
rec.
April 19a
Holders of rec. Apr.
Holders of rec. April
Holder! of rec. Apr.
Holders of rec. Apr.
Holders of rec. Apr.
23a
3
8
17
1
15
Holders of reo. May
la
Holders of reo. June 10a
May
1
Holders of
rec.
April 17a
May
1 ♦Holders of
rec.
April 15
May
1
50c. May
1
Holders of rec. April 15a
Holders of rec. April 15a
1
Holders of
50c. May 16
...
of rec. April 2oa
1
1
1
May
(quar.)
era
May
1*4
IX
e5
1
Middle States Oil Corporation
Hoi-
Holders of rec. April 17a
Holders of rec. April 17a
20a
5
April 16
April 16
1
Holders of rcc. Apr.
April 17
Common (payable in common
9a
Holders of rec. April 20 j
rec.
Amer. Laundry Machinery, com.
Apr.
1
Holders of
(quar.)
rec.
1
1
Preferred
Holders of
Holders of rec. April 10a
May
May
I
24
May
5
American Ice, com. (quar.).i
16a
Apr
l
Lincoln Motor, Class A
Common (extra).
Apr.
rcc.
1*4
Lima Locomotive Works, pref.
Incorporated (quar.)—
C.
Loose-Wiles Biscuit, 2d pref. (special)...
Maple Leaf Milling, common (quar.)...
rec.
Holders of
2
17
Loew's
Holders of
Holders of reo. April 10a
1
1
May 16
15
American Glue, common.
May
May
Apr.
(quar.).
1
May
Holders of rec. Apr.
rec.
26
Holders of rec. April 15
•>
May
fi
1
**4 Apr.
April 30
1*4
$1
May
(quar.)
1
May
Apr.
10
ADr. 24
16
to
1 ♦Holders of rec. April 15
26c. May
%2
IX
Amer. Dist. Teleg. of N. J. (quar.)
May
May
1M
(quar.)..
Kayser (Julius) & Co., lstifc 2d pf. (qu.
Banks.
Corn Exchange (quar.)
1
IX
Goodrich (B. F.) Co., common (quar.)..
Preferred
(quar.)
Indiana Pipe Line (quar )
20
1
5a
Holders of rec. Apr.
Hupp Motor Car Corp.,
May
5a
Holders of
Holders of rec. April 21
rec.
Holders of reo. Apr.
Holders of rec. Apr.
1
Holders of rec. April 20
Holders of
1
1
1
1
Holders of rec. April
5a
May
May
May
May
Holders of rec. Apr.
25l
Anr.
May
May 15
April 30
May 15
rec.
IX
IX
la
la
Holders of
(m)
2X
April 30
$1.50 May
1
1*4
May
1
rec. June
Holders of rec. Mar. 20a
(payable In new com. stk.)
May
75c.
14
24
(quar.)
Six per cent debenture stock (quar.)..
3
15
24
♦Holders of reo. May 24
1 ♦Holders of
Apr.
3
Havana Elec. Ry., Light A Pow., com..
1
July
2
25c.
common
Extra
Railways-
.
April 23a
April 23
April 23
(quar.)
(quar.)........
Preferred
Holders of rec.
rec.
Anril 13
Preferred
31a
15
Holders of rec. April 14
Holders of rec. April 19
rec.
April 22a
Amer. Light A Traction, com.
Apr.
Holders of
rec.
(quar.)
May
rec.
Holders of
Holders of
Amer. Gas A Electric, pref.
April 30a
rec.
rec.
1
1
1
Bank Note, com.
1
June
1
May
May
(quar.)
Milwaukee Elec. Ry. A L., pf.
Holders of rec.
July
July
20a
May
1*4
1H
.
Carolina Power A Light, com.
Detroit United Ry. (quar.).
Holders of rec. Apr
IX
1
10
Apr. 20a
rec.
May
Northern
Electric
1
Holders of
1*4
1
common
May
Holders of rec. Apr.
3
19
n,r
1
May
*12Mc May
Elk Basin Petrol (quar.)
May
Par Pie iqnar.).
26
IX
(quar.)
Edison Elec. Ilium, of Boston (quar.)....
Electric Bond & Share, Common (quar.)..
May
Pere Marquette, prior pref.
Apr.
May
Apr.
rec.
to
5
2X
Common (extra)
Common (extra)
1
Preferred
20
IX
IX
1 H
1*4
214
Preferred
April 26
'Holders of rec. April 15
duPont(E.I.)de Nem.&Co., deb. (quar.)
duPont (E.I.) de Nem. Pow..com. (qu.).
New York Chicago A St. Louis, 2d pf..
American
♦2
Holders of rec. April 21a
IX
Norfolk A Western, adj. pref. (quar.)..
Amer
1
Fulton Motor Truck (payable in stock).... el 00
General American Tank Car (in stock).... V300
Great Northern (quar.)
Amer.
1
May
Fort Worth Power & Light, pref. (quar.)..
Days Inclusive
(Steam).
Atch. Topeka A Santa Fe, corn, (quar.).
Clev Cin Chic A Si
Louis, pref. <qu.»
ritr-il
When
Cent.
Name oj Company.
Railroads
Preferred
May
May
Preferred
Duqucme I li*h»
May$10
May 15
Fisk Rubber, 2d pref. (quar.)
Books Closed.
Per
and
April 15
April 15
April 15
rec.
Fajado Sugar (quar.)
following shows all the dividends announced for the
by large or important corporations:
Dividends announced this week are printed in italics.
Street
Holders of
1*4
future
Readlne Conov
**4
2
*1*4
1*4
Preferred
The
C
1
Eureka Pipe Line (quar.)
Fairbanks Company, 1st pref. (quar.)
(deduct).
DIVIDENDS.
x or|-
53 Xc May
Dominion Coal, pref. (quar.)
Dominion Oil (monthly)
Elgin National Watch (quar.)
Grand totaldisburse'ts.2,949,883,162 2,595,767,862
New
1
Dodge Steel Pulley, preferred (quar.)
Preferred
2,412,342,603 1.215.956.077 13,303,157,103 11,767,466,922
Total..
•
1
June
Preferred
Fed. Res. bank notes
*
rec.
Holders of reo. April 15a
1
May
2
Preferred
(quar.)
Durham Hosiery Mills, pref. (quar.)..
Eastman Kodak, common (quar.)
One-yr. Treasury notes
redeemed
(sec.
18,
Res.
2
July 26a
April 9 a
Dominion Steel Corp., pref. (quar.)
Public Debt—
Fed.
May
rec.
April 15
May
*X
Diamond Match (quar.)
Dome Mines (quar.)
Total ord'y A special
notes A ctfs.
1
Holders of
Holders of
30
May
*X
VIM
X
Cosden & Co., com. (no par val. Btk.)_.
Com. ($10 par value):
Cudahy Packing, preferred
Detroit & Cleve. Nav. (payable in stock)..
Purchase of Fed. Farm
Apr. 24
Cities Service—
Common and preferred (monthly)
receipts...2,805,723,104 2,452,365,730 17,331,291,613 26,895,288,246
May
8
April 20a
May 1
Holders of rec. Mar. 31
2
Chicago Pneumatic Tool (quar.)
13,447,341
702,237
1,772,039
and Dec. 231913)...
April 21
1
1*4
'
Ltd.pref erred..
3a
May
1*4
*2X
*1*4
Burns Brothers, common (uqar.)
Brothers
Tune
4
Bond & Mortgage (quar.).
Brown Shoe, pref. (quar.)
Butler
■
(quar.)
Bigelow-Hartford Carpet, com. (quar.)...
(Acts of July 14 1890
and
9
Apr.
May 29
IX
Canada iron Foundries
Checks
rec.
1*4
Fed. Res. bank notes
Grand total
April 15
rec.
First preferred (quar.).
-i....—.
Second preferred (quar.).....
Preferred
of nat'l bank notes &
Total
19
Apr.
April 25
Atlantic Refining, preferred (quar.)......
Atlas Powder, preferred (quar.)...
and
Panama Canal
Days Inclusive.
'
:
Preferred (account accum. dividends).
Preferred (account accum. dividends).
Art Metal Construction
<fcc
Total
...
Amer. Zinc,
Miscellaneous
Miscellaneous
Books Closed.
Payable.
(Continued)
Miscellaneous
American Sumatra Tobacco, com. (quar.).
-■
When.
Per
Cent.
Name of Company.
—The details of Government
400. July
$1.60
*
May
m
rcc.
AprllJLOj
When
Ctrl
Company.
-Statement of New York City Clearing
Books Closed.
Payable.
Days Inclutiv*.
Pit
Name of
(Concluded).
Miscellaneous
$1
Mull Ins Body Corp., (Quar.)._
...
May
July
New Cornelia Copper
Holders of rec,
April 17a
Apr. 17a
Holders of rec. June 30
17
May 29
m
*1A
Holders of rec. May
May
1%
(quar.)........
National Breweries, preferred (qjaar.)..
National Lead, -preferred (quar.)
Holders of rec.
1
1
15
May
2
IA
Preferred (guar.)
National Biscuit, common (quar.)
Holders of rec. April 15
1
June
15 ♦Holders of rec. May 21
-2
Apr.
♦el00
Nicholson File (payable in stock)
Holders of rec. Apr.
27
i
April
April 20
to
V5
May
1 ♦Holders of
1 ♦Holders of
Holders of
May 15
May
$1
25c.
(quar.)...
♦$1.25 July
2
May
Apr. 10 1920.
Feb. 28
Prairie Pipe Line fquar.)
i.i.....
Producers & Refiners Corp., common..
rec.
Apr.
15a
Apr.
l.ra
Fed. Res. Bank
Bk of NY, NBA
21
Manhattan
Average.
%
J
6,866
f4,405 fl4,095
6,000 12,652
1,500
7,289
Mecb & Metals
Bank of America
105
607
Amer Exch Nat
NatBkof Co mm
5,000
25,000
39,3281
Holders of rec. Mar. 31a
Holders of rec. Mar 31a
Pacific Bank...
1,000
1,697,
Chatb & Phenlx
7,000
3,000
7,238
19,389,
3,784
2,910
8,776
..
Holders of rec. April
10
Citizens' Nat
..
15
Metropolitan
7,128
Imp A Trad Nat
May
1
Holders of rec. Apr.
National Park..
5,000
May
1
Holders of rec.
East River Nat.
1,000
Second National
May
1
1,000
10,000
May
Apr.
1 ♦Holders of rec. Apr. 15
Holders of rec. May
la
May 2P
May
Holders of rec.
14
Apr. 14
April 15
Holders of rec. A prll 24a
Holders of
1
Holders Of rec. April
rec.
6
May
1 ♦April 21
to
Holders of rec. Mar
Apr. 30
IA
May
*12>^C May
Corn Exchange.
First National.
_
1,881
36,101
5,400
3,726
15,296
20,846
1,078
1,837
6,133
5,564
33,751
146,005
39,208
7,271
20.749
742
1,424
3,909
21,896
69
11,225
470
1,556
4,41
33,84
24,150
266,605
135,899
15,253
8,318
814
145
2,949
23,043
16,634
1,793
1,249
5,576
43,822
934
3,374
6,000
9,121
1,000
351
731
2
Chase Nat Bank
1,000
15,000
21,73
391,501
590
2,34
1,100
3,254
774
April 15
20c. April 26
Holders of rec. Mar. 31a
Holders of
rec.
April 15a
Standard Motor Construction
25c. May
3
Holders of
rec.
April
Steel Co. of Canada, ordinary (quar.)..
Preferred (quar.)......
1A
1A
May
May
1
1
Holders of rec. April 10
Bankers
Holders of
USMtgeATr.
2,000
Steel Products
(quar.;..
a
Apr.
20
Guaranty Trust
25,000
18,54
4,803
31,757
Stewart Mfg., preferred (quar.)...
2
May
1
Holders of
1,000
1,367
May
5,000
7,453
20,420
9,200
9,252
19,245
15,132
16,642
50,392
92,977
23,855
25,307
43,483
301,455
60,306
515,858
13^035
85,555
May
hi,500 hi,900
34,664
11,256
88,403
1,204
26,053
24,023
41,005
491
Savage Arms Corn
common
.
(extra*...
....
(quar.)..
200
96
April 30
Commonwealth.
400
79
April 25 ♦Holders of
rec.
Mar. 31
Lincoln Nat
...
1,000
2.10
May
Holders of
rec.
April 15a
Garfield Nat...
1,000
1,43
May 10 ♦Holders of
Holders of
Apr. 20
rec.
53
rec.
Holders of
rec.
Apr. 28
10
Apr. 10
Fifth
2
_
Apr.
1
20
2
Southern Oil & Tramp., pref.
(quar.)
Spencer Petroleum (monthly)..
common
..
Commercial Ex.
rec.
1A
♦IK
1A
....
Preferred
Fifth Avenue
Holders of
1
15 ♦Holders of
April 15
May
*1A
Sears, Roebuck & Co., common (quar:)...
Shaffer Oil & Ref., pref. (quar.)
Simmons Co., preferred (quar.)
Sloss-Sheffield Steel & Iron, com. (quar.)
Smith (Howard) Paper Mills, com (qu.)
rec.
♦2
Savannah Sugar Ref., pref. (quar.)....
33 1-3
rec.
Apr.
5
April 10
5o
Holders of rec. Apr.
15a
National.
1,000
Seaboard Nat..
1,000
4,301
Liberty Nat___
Coal & Iron Nat
Union Exch...-
5,000
1,600
1,000
1,500
7.11
1,51
1.4
Brooklyn Trust.
Trust.
rec.
Apr.
Holders of
rec.
April 19a
Columbia Trust
Holders of
rec.
Peoples Trust-
(quar.)...
First and second pref. (quar.)
Texas Chief Oil (monthly)
2
5
1
May 15
Holders of rec.
15a
May
la
IA
April 20
Holders of
April
5
Franklin Trust.
Texas United Oil (monthly)...........
2
May
15
Holders of rec. May
1
Lincoln Trust—
June
15
Holders of rec. June
1
June
15
Holders of
1
Metropolitan Tr
Nassau N.Bklyn
Superior Steel,
IA
com.
2
Monthly....
Extra
A
Thompson (John R.) Co. (stock dlv.j.* e33 1-3 April 20
50c. Apr. 20
Times Square Auto Supply, com
Preferred (quar.)...
Apr. 20
1A
Union Bag & Paper (payable in stock)... h50
$1.50 April 24
Union Oil Co. of Calif, (quar.)...
rec.
rec.
Apr.
June
April 12
Apr.
Apr.
Apr.
..
to
to
Apr.
9
9
2.5
20,000
Fidelity Trust
3,000
1,000
1,000
2,000
1,000
3,000
5,000
New York Trust
925
3,355
442
Columbia Bank
1,326
550
1,310
993
2,747
2,226
559
357
1,834
.
468
6,869
10,098
786
2,426
642
2,581
743
4,709
1,042
980| 32,564
42",117 1~,430
1,744
550
'mm
5,875
6,573
26
12,511
•
mmmm
151
8",336
25
639
8,451
2,808
2,279
1,046
373
9,012
797
3,448
3,629
4,046
1,372
9,229
14,728
2,742
540
197
mmmm
247
540
69
3,433
1,957
533
411
424
397
4,981
13,040
33,938
64,803
23,978
24,475
29,858
13,190
68,208
♦128,451
20,655
689
50
90
5,930
9,075
27.099
3,674
+
4,927
774
395
1,184
23,426
'"61
3,354
210
1,243
2,155
100
982
mmmm
7
49,475
♦476,209
11,468
79,526
4,313
mmmm
140
1,534
10,076
73,965
120,423
mmmm
4,580
1,100
6,276
500
139
295
4,933
16,792
51.750
561
443
311.801
21,287
8,296
9,444
18,941
14,784
13,102
48,958
76,545
14,961
19,140
32,187
244,630
843
17,503
mm
120
383
1,320
1,642
10,633
774
1,000
6,770
2,778
k2,000 kl ,560
Irving Trust Co.
Farm Loan & Tr
5,717
213,190
8,4681
21,07
Continental—__
la
13,477
2,708
1,498
124,221
139,128
58,111
Irving Nat Bk—
N Y CountyNat
Holders of rec .Apr.
1
May
._
5,959
133,585
350,165
28,695
24a
17
April 24a
1
25c. May
.....
1,054
3,000
2,000
4,620
1,500
rec.
140,548
30,212
♦625,440
77,056
17,454
4,024
98,097
276,977
25,001
105,202
144,713
39,432
37,262
148,771
29,844
167,276
10,733
20,157
175.800
123,301
12,430
152
Nat Butch & Dr
1 ♦Holders of
18,911
300
Holders of rec. May 15a
3
9,139
505
1
Hanover Nat
165,450
$
4,871
10,195
3,170
98,861
4,059
June
Holders of rec. April 10
12,446
10,768
2,301
Atlantic Nat
3
2,862
72,771
9a
»pril 30
130,635
956
Holders of rec. Anr.
April 30
5,475
1,063
2-
IA
(quar.)
BapulpaRefining (quar.)...
Circm
%
37,260^
713
14,265|
Apr.
April 30 ♦Holders of rec. April 17
Holders of rec. Mar. 3la
April 30
%
%
S
33,843
1H
Preferred
Average Avge.
Average Average
55,314
106,513
21,114
National City..
Chemical Nat-
\m
Santa Cecilia Sugar Corp., common....
Average.
De
lories.
577,916
9a
C100
Republic Iron A Steel, common (quar ),
Russell Motor Car, com. & pref. (quar.)..
posits. lotion
10,004
Holders of rec. Apr.
3
....
Deposits.
57,025
Holders of rec. Apr.
Holders of rec. April 20a
2'1
2
■
Deposi
3,000
1,006
1
1
Apr.
i*,
Vault,
25,000
May
May
*1A
Preferred (quar.)
Quaker Oats, preferred (quar.)
Queen City Cotton Co. (quar.)....
Demand
%
2,000^
Co.
17>^C May
May
*IA
com.(qu.)
bank
Net
Legal
dec.
Members of
Holders of rec.
12J4C May
.....
Time
with
in
ments,
Feb. 28
Nafi
Reserve
Cash
i
Tr.Cos.,Feb. 2S
Holders of rec. Apr. 10a
1
1 ♦Holders of rec. June
6
15 Holders of rec. May
3<
20
3
....
1
Apr. 24
3
■
Stock dividend..
(,000 omitted.) Nat'l,
Week
ending State,
rec.
5
Prairie Oil & Gas (quar.;
Extra..*
Invest
1*4
.
Public Service Corp. of Nor. 111.,
Loam,
Profits. Discount,!
IA
1H
ia
......
......
Capital
IA
Preferred
(quar.)
Phillips-Jones Corp., pref. (quar.)_._..
Pittsburgh Coal of Pa., com. (qua
Preferred (quar.)
Pittsburgh Steel, preferred (quar.)
Plant (Thomas G.) Co., preferred...
Preferred
Apr.
Apr.
$1
Penmans, Ltd., common (quar.)...—...
Extra
1 ♦Holders of rec. June 21
rec. Apr. 24
July
*1
Parish & Bingham Corp. (quar.)..
Peerless Truck & Motor (quar.)......
Holders of rec. Mar. 3la
April 25
Pacific Coast Co., first preferred (quar.)..
(quar.)...
Net
HOUSE
MEMBERS
*el00
common
CLEARING
Holders of rec. Mar. 31
2
HOUSE RETURNS.
CLEARING
17
-Apruii*
April 20
1A
Second preferred (quar.)...,.........
WEEKLY
YORK
(Stated An thousands of dollars—that is. three ciphers 1,000) omitted.)
mmmm
•
25C.
Nlplsslng Mines Co. (quar.)..,.-.
Northern States Power, pref. (quar.)..,
Packard Motor Car.
NEW
7
♦25c. May 24 ♦Holders of rec, May
Holders of rec. Apr. 17
3
Apr. 27
...
Pacific Development Corp.
House Banks
Companies.—The following detailed statement
shows the condition of the New York City Clearing House
members for the week ending Apr. 10.
The figures for the
separate banks are the averages of the daily results.
In the
case of totals, actual figures at end of the week are also given:
and Trust
f"
Preferred
[Vol. 110.
THE CHRONICLE
1618
381
6,405
2,050
2,534
1,737
1,109
1,216
973
50
1, )35
11,925
259
mmmmmmm
$1
Extra
2
Union Oil of Wichita, Kan., pref. (quar.)
Holders of rec.
Holders of rec.
April 24
May
*1A
June
1
United Alloy Steel Corporation (quar.)..
United Drug, 1st pref. (quar.)
$1
Holders of
1
Union Tank Car, common & pref. (quar.).
April 20
....
Stock
3A
♦4
10a
April 10a
Apr. 24a
5
"Holders of rec. May
Holders of rec. April
5a
1
Holders of rec. May
May
1
May 10
15a
Holders of rec. April 13a
95,950 559,814 c4,061,026 216,494 36,106
ndition April 10 4,943,324
94,718 541,353 c4,034,377 216,34735,905
90,782 560,75,5c4 .107,34 "3,030,36,525
93,937 555,864 3,987,340 223.85336,120
Totals, actual
co
Totals, actual
Totals, actual
co ndition
4,994,542
co nUitioj*
State Banks.
Mar. 27
4,926,277
Not Me rubers o( Federal Re rerve Bo
United Verde Extension (quar.)
60c. May
1
Holders oi rec. Apr.
5a
U.S. Food Products Corn., com. (quar.)
U. S. Glass (quar.)
\A
Apr.
19
1
April 26
50c. April 26
Holders of rec. Apr.
April 30
Holders of rec. April 15a
Holders of rec. April 15a
19,767
5,689
1,838
30,091
143
4,376
2,084
31,789
34,038
119,097
11,217
6,014
87,336
34,181
122,612
11,331
10,845
10,858
5,914
88,561 34,398
84,900 33,852
84,988 33,672
5,683
Totals, actual co ndition April 10
Totals, actual co ndition April 3
1,878
839
1,000
2,000
1,456
4,050
2,515
1,751
2a
2
341
3,603
1,508
N Y Prod Excb.
■ik
723
18,889
5,740
27,517
66,951
g800
250
Greenwich Bank
Bowery Bank.
6200
dividend
221,925413,663 4,967,333
Average
Holders of rec. April 15a
i
87Ac. May
tune
1A
Second preferred Omar.)...—
United Electric Securities, preferred......
United Fuel Gas (quar.)
rec.
April
Extra
...
.....
U. S. Rubber, common (quar.)
First preferred (quar.)......
2
U. S. Worsted, com. (pay. in com. stock)..
Vacuum Oil
rec. June
15
May
May
Holders of
(o)
1
1
♦3
May 29
......
♦2
May 29
50c.
1
May
May
1A
April 20
MA
April 20
f5
1A
May
1
June
1
Holders of rec. April 20
Holders of rec. May 15
e*5
May
1
Holders of
Ventura Consol. Oil Fields (quar.).....
Va.-Carolina Chern.,
com.
(quar.)
Vulcan Detlnning, preferred (quar.)
Preferred (account accum. dividends).
Waldorf System, com. (pay. in com. stk.)
Preferred
(quar.)
Waldorf System, Inc. (payable in stock)..
Warner (Chas.) Co. of Del.—
First and Becond preferred (quar.)
1A
1
Holders of rec. April 10
1
Holders of
rec.
Apr.
15a
Holders of rec. April 15a
Holders of rec. April 15a
Holders of
April 22
$1
Apr.
rec.
Apr. 20
rec.
2a
la
Apr.
30
25c. May
1
co ndition
117,110
116,899
Mar.27
N oi Mem 'rersofFed era1 Res
Trust Compan ies.
983
44,945
Title Guar &Tr
5,000 12,9061
911
5,994
26,923
4,000
Lawyers T & Tr
5,757
5,495
o.r.ve
Bo
968
1,818
30,880
17,810
284
3,644
18,901
71,868
1,894
5,462
48,690
1,252
Totals, actual co ndition April 10
Totals, actual co ndition April 3
72,377
71,124
Mar. 27
71,954
1,857
1,853
1,883
5,601
5,546
5,414
49,190
48,008
48,776
1.161
9,000
Average—
oo ndition
1,229
1,210
$1.25 May
1
Holders of
Gr'd aggr, avge 234,975 438,2485,158,298109,061 571,290 d4,197,052 2 51.92736,106
7,216; —221
+ 19,317
1,891
v. week
+7,520;+3,233
Holders of rec. April 20a
rec.
Apr. 21a
t Declared subject to the approval of Director-General
J The New York Stock Exchange has ruled that stock will not be
Bouroes.
quoted ex-dlvldend on this date and not until further notloe. a Transfer books not
closed for this dividend,
b Less British Income tax.
d Correction.
• Payable In
stock.
Totals, actual
Mar. 31a
Holders of rec. Apr.
Holders of rec. Apr.
30
$1.75
Willys-Overland Co., common (quar.)..
Wll6on & Co., common (quar.)..
of-Railroads.
Average...
Totals, actual
Westinghouse Elec. & Mfg., com. (qu.)
Westinghouse Air Brake (quar.)
From unofficial
Bank....
Holders of rec. April 17a
—
Extra
*
April 30
Holders of rec. April 17a
State
/ Payable In common stock.
a Payable In scrip.
I Payable In Liberty Loan bonds.
h On account of accumu¬
lated dividends.
Comparison, pre
aggr, act'lcond'n April 10 5,136,313107,906 552,868 e4,172,128 251.97435,905
—68,120
+282 ——620
—46,463.+4,426 -19,190
Comparison, pre v. week
Gr's
Gr's aggr.
act'lcond'n
Gr'd aggr, act'lcond'n
Gr'd aggr, act'lcond'n
Gr'd
aggr,
act'lcond'n
April 3 5;182,776103,480
Mar .27 5 ,115,130106,678
Mar.2< 5,092,204107,636
Mar. 13 5,131,469,110,674
572,058
566,773
531,516
565,934
4,240,248 251,692 36,526
4,121,104 258,687:36,125
4,158,146 256,68535,910
4,139,!852 2i52,43i;36,155
{& k Payable in Class B
common stock.
I On account of accumulated dividends and being for period from Feb. 11915 to
f
Nov. 1 1915.
m
One-fourth of
one-fortieth of
n
W
a
a
share of
share
new no par
value
common
stock
old common and
on new common.
Payable in Class B capital stock.
one share of new common for every two shares
Dividend is
o
on
outstanding.
»
Includes deposits
in foreign branches not Included In total footings, as follows
National City Bank, $141,916,000; Guaranty Trust Co., $88,603,000; Farmers' Loan
& Trust Co., $19,386,000.
Balances carried in banks in foreign countries as reserve
for such deposits were; National City Bank, $38,757,000, Guaranty Trust Co.,
$7,740,000, Farmers' Loan & Trust Co., $3,095,000.
c Deposits in foreign branches
not included,
d U. S. deposits deducted, $66,392,000.
e U. S. deposits deducted,
$63,130,000.
Bills payable, rediscounts, acceptances and other liabilities, $999,900,000.
k As of Mar. 4 1920.
f As of Mar. 29 1920.
g As of Mar.
10 1920.
Boston
Clearing House Banks.—We give below a sum¬
showing the totals for all the items in the Boston
Clearinghouse weekly statement for a series of weeks:
h As of
April 5 1920.
mary
STATEMENTS OF RESERVE POSITION OF CLEARING
BOSTON CLEARING HOUSE MEMBERS.
AND
previous week.
Apr. 3
1920.
March 27
192(j.
S
$
$
$
April
Circulation
10
3,363,000
Loans, dlsc'ts & Investments. 571,868,000
Individual deposits, tncl. U. S 433,510,000
Due to banks
113,375,000
Time deposits.
17,133,000
United States daposlts.
.♦
5,668,000
Exchanges for Clearing House 20,720,000
Due from other hanks
64,496,000
Cash in hank & In F. R. Bank
74,025,000
..
Reserve excess
in
bank
Federal Reserve Bank
•
Changes from
Inc.
Dec.
Inc.
Inc.
Inc.
Inc.
Inc.
Inc.
Ino.
1920.
3,228,000
3,238,000
125,000
4,799,000 576,667,000 583,684,000
14,845,000 418,665,000 423,034,000
2,370,000 111,005,000 109,975,000
16,875,000
219,000 16,914,000
3,476,000
1,840,000
3,828,000
1,802,000 18,918,000 17,921,000
2,302,000 52.194,000 49,900,000
1,244,000 72,781,000 72,050,000
and
Averages.
Cash
Reserve
in
Members, Federal
74,000
26.418,000
Formerly included under the head of ^Individual Deposits.*:
25.025.000
Vault.
$
Reserve banks
State banks*
Trust
companies*
Total April 10
11,217,000
1,894,000
Reserve
a
in
Total
Reserve
Surplus
Depositaries
Reserve.
Required.
Reserve.
s
S
$
$
559,814,000 559,814,000 534,428,200
6,014,000
17,231,000
15,720,480
5,462,000
7,356,000
7,303,500
25,385,800
26,948,820
30,807,830
18,125,580
32,627,440
3
13,111,000 571,290,000 584,401,000 557,452,180
12,712,000 573,181,000 585.893,000 555,085,170
Total Mar. 20
12,771,000 553,429,000 566,200,000 548,074,420
Total Mar. 13
12,878,000 578,047,000 590.925,000 558,397,560
Total April
26,344,000 Deo.
HOUSE BANKS
TRUST COMPANIES.
1,510,520
52,500
APR. 17 1920.]
THE CHRONICLE
ActuaL Figures.
Cash
Reserve
Members Federal
Reserve banks
State banks*
Total
Reserve
Required.
Reserve.
%
S
%
Total April 10
EL Total April
Totat Mar.
3_...
27
Total Mar. 20
•
554,278,900
562.936.300
547,684,060
552,421,000 df7.975.000
Not members of Federal Reserve Bank.
This la the reserve required on net demand deposits In the case of State banks
a
10
NEW
Banks.
YORK
CITY.
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:
Trust Companies.
Differences from
1920.
11,777,100
21,819,700
31,829,940
552,868,000 566,056,000
12,698,000 572,058,000 584,756,000
12,741.000 566,773,000 579,514,000
12,930.000 531,516,000 544,446,000
April
$
10,393,580
1,304,020
79,500
jte- i
fe
IN
Week Ended
April 10 1920.
13,188,0 J
...
TRUST COMPANIES
State
Surplus
Reserve.
541,353,000 541,353,000 530,959,420
11,331*000
5,914,000 17,245,000 15,940,980
1,857,000
5,601,000
7,458.000
7,378,500
Trust companies*...
AND
T
in
$
BANKS
b
Depositaries
Vault.
in
STATE
Reserve
1619
Capital
Surplus
as
of Nov. 12
as
of Nov. 12
previous week.
27,400,000
50,520,000
740,513,800 Inc.
6,008,100 Dec.
34,143,500 Inc.
Loans A investments.
Specie
Currency & bk. notes
April
10
Differences pros
previous week.
1920.
104,700,000
179,330.000
9,626,200 1,999,054,700 Deo.
405,600
11,071,100 Inc.
1,547,500
19,452,300 Inc.
3,726,700
371,600
555,200
Deposits with the F.
R. Bank of N. Y..
71,767,700 Inc.
Reserve
deposits.
P. C.reserve to dep..
on
2,956,400
211,618,500 Dec.
5,374,800
7,166,700
400,200
0.3%
891,280,800!Inc. 24,249,500 2,073,223,800 Dec.
134,184,100.Inc.
9,975,200, 292,065,700 Deo.
19.9%'Inc.
1.5%l
17.3% lino.
Deposits.
_
April 10, $6,494,820, April 3, $6,727,020, Mar. 27, $6,688,260, Mar. 20, $6,654,000.
b This is the reserve
and
trust
companies,
required
on
but In the
includes also amount of
reserve
Non-Member
net demand deposits In the case of State banks
case
of
required
members of the
on net time
Federal
deposits, which
Bank
Reserve
was as
follows:
April 10, $6,490,410, April 3, $6,498,900, Mar. 27, $6,715,623. Mar. 20, $6,660,870.
Banks
non-member
institutions
"Clearing House Return"
State Banks
and
Trust Companies Not in Cleaning
Banking Department reports weekly
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
House.—The
{Figure* Furnished by State Banking Department.)
Differences from
previous week.
4,925,800
Inc.
54.100
Apr. 3
...
Specie.
Currency and bank notes.
..
....
.
18,752,400
76,744,600
862,088,500
Inc.
Net
Week ending
April 10
1920
Res.
Bank.
Inc.
9,037,400
Dec.
935,400
8,333,100
I'
Mutual Bank
200
691
600
675
Deposits In banks and trust cos.
?77,038,700
33,928,600
14.05%
6.19%
Time
Bout
De¬
De¬
drew-
posits.
posit*.
Vault.
500
1,017
200
670
First Nat, Jer City
400
1,346
3,403
6,957
23.05%
$110,967,300
20.24%
H Banks and Trust Companies in New York City.—The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
COMBINED) RESULTS OF BANKS AND TRUST
GREATER
COMPANIES
Not Members of
Fed'l
Loans and
Demand
Deposits.
*
Totat Cash
1,726
1,382
328
18
636
404
1,234
673
761
12,313
9,044
3,442
7,403
7,319
67,476
1,818
7,620
51,151
194
Reserve
100
444
1,332
337
3,502
14,866
6,423
2,045
600
6
—
13
Deo. 20..
Deo.
27
Jan.
3
Jan.
10
Jan. 17—
Jan.
4an.
24.
31............
...........
Feb.
7
Feb.
14
Feb. 21
Feb.
28....
Mar.
6
Mar.
13
—
...
Mar. 20..—
Mar. 27..
April 8..
Apr. 10
*
5,965,254,400
5,911,523,100
5,977,547,400
6,002,477,800
6,085,367,900
1,200
2,113
24,791
Fed'l Reserve Bank
Hamilton Tr.Bkln.
600
1,023
Mech Tr, Bayonne
200
437
Total..........
700
1,461
Total......
142,616,300
698,288,400
4,893,718,700
4.977,633,400
4,874.397.000
4,978,225,000
146,126,200
673,870,700
144,328,600
Comparison prevlo
147,113.100
4,997,475,100
4.946,748,500
4,979,339.100
4,930,832.900
136,692.800
135,734.500
180.482,500
4.959,253.200
4,922,639,900
134,336,100
138,651,200
5,887,539,200
5,871,844,300
5,871,656,000
5,890.723,400
4,883,820,600
4.837,357,300
4,881,252.700
135,817,600
136,837,300
4,883,920,600
4,990,480,100
137,498,800
4,915,902,800
132,585,200
129,262,500
134,487,200
5,891,763,200
5,884,557.500
5,934,438,800
5,946,884,600
This Item includes gold, silver,
4,979,072,300
4.997.453,900
768
3,621
16,229
6,057
"367
3,223
2,431
25,907
367
9,226
604
378
10,105
290
534
7,577
5,344
4,787
730
150,519,400
671,113.200
675,721.600
682,179,300
1,446
■
....
955
S
1
■'
19,391
894
912
12,921
5,742
9,532 111,658
—4,954
5,935
10,963
13,654
—132
+ 564
a89,979
—3,451
—582
+9
5.500
9.800 116,612
6,067
10,399
14.236
685
9.633 117,504
9.633 1118,088
9,633 118,429
6,248
10,186
93,430
94,310
10,472
10,967
95.879
14,326
14.277
685
6,363
6,430
97,666
14,047
577
5,300
us
week
Mar, 27
6,500
Gr'd aggr, Mar. 20
5.500
Gr'd aggr. Mar. 13
5,600
656,641,800
729,999,100
664,736,800
703.777.800
6,190,394,500
6,148,908,100
6,091,136,800
6.027.329,800
6,009,316,400
5,932,509,000
594
»•
700,844,200
152,867,900
217
448
mmmum
Depositaries.
4,957,903,600
"455
7,545
Trust Companies
Not Membere of the
Gr'daggr
Deo
733
6,217
the
Gr'd aggr, April
Deo.
194
179
Bank
600
IN
Reserve in
in Vault.
$
88
340
Colonial Bank
NEW YORK.
Investments.
$
11,630
State Banks
Grand aggregate..
IVeek Ended—
Average Average
%
%
1,881
International Bank
$39,493,600
latiou
189
16,909
12,430
Bank of Wash Hts.
Total
Nof'l
tories.
11,999
3,844
13,471
8,823
—Trust Companies—
15.34%
7.71%
Net
DemanO
Legal
Deposi¬
*
YorkvlUe Bank...
—*—State Banks
Net
with
in
$
$
New Netherland..
Total
$26,287,100
13,206,500
$
1,554
RESERVE.
Cash in vaults
Reserve
1,500
KfcPercentage of reserve, 20.9%.
.
the
omitted.)
Average Average 1 Average Average
Battery Park Nat.
Inc.
in
page:
Cash
Statebks.Feb 28 ments,
Ac.
Tr.cos. Feb. 28
Members of
Fed'l
Dis¬
counts,
28 Invest¬
Nat.bks.Feb
W R Grace A Co's
800,401,900
150,460,900
included
Lohns,
Capital. Profits.
NON-MEMBERS
744,600
241,100
Dec.
not
the following
HOUSE.
Inc.
7,828,800
Deposits with Federal Reserve Bank of New York
Total deposits
;
Deposits, eliminating amounts due from reserve de»
posltarles, and from other banks and trust comf* pan lea In N. Y. City, exchanges and U. 8. deposits
deposits.
788,586,600
Companies.—Follow¬
(Stated «» thousands of dollars—that is, three ciphers 1000
CLEARING
Loans and Investments
on
on
are
RETURN OF VON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
follows:
Reserve
which
State
SUMMARY OF STATE 'BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
Trust
and
ing is the report made to the Clearing House by clearing
....
594
591
U. S. deposits deducted, $527,000.
a
Bills payable, rediscounts, acceptances
Excess reserve, $765,580 increase.
and otber liabilities
$11,234,000.
Philadelphia Banks.—The Philadelphia Clearing House
the week ending Apr. 10 with comparative
642,654,000
figures for the two weeks preceding, is as follows.
Reserve
673,921,100
requirements for members of the Federal Reserve system
647.225,300
are 10% on demand deposits and 3% on time deposits, all
679,329,400
649,253.400
to be kept with the Federal Reserve Bank.
"Cash in
679,267,600^ vaults" is not a
part of legal reserve.
For trust companies
688,403,300
not members of the Federal Reserve system the reserve
729,909,700
required is 15% on demand deposits and includes |"Reserve
and Federal
with legal depositaries" and "Cash in vaults."
statement for
667,361,800
137,477,500
134.062.200
legal tenders, national bank notes
Reserve notes.
Week ending April 10 1920.
^New York City State Banks and Trust Companies.—
In addition to the returns of "State banks and trust
Eanies inState York City Department, the House" furnished
the New Banking not in the Clearing Department also
y
statement covering all the institutions of this
class in the City of New York.
presents
a
For definitions and rules under which the various items
made up, see "Chronicle," V. 98, p. 1661.
The provisions of the law
governing the reserve
ments of State banking institutions as amended
April
Two ciphers (00) omitted.
com-
are
require¬
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 com¬
putation of the reserves were given in the "Chronicle"
April 4 1914 (V. 98, p. 1045).
Membersof
Trust
F.R. System Companies
Capital..
Surplus and profits
Loans, dlso'ts A lnvestm'ts
Exchangee for Clear. House
$32,975,0
87,458,0
788,669,0
28.570,0
Due from banks
124,668,0
142,479,0
517,131,0
$4,000,0
11,536,0
34,479,0
668,0
16,0
263,0
21,348,0
659,610,0
21,611,0
Bank deposits
Individual deposits
Time
deposits..
U.S.deposits (not Included)
Res've with Fed. Res.Bank
"54,440,0
Res've with legal deposit's.
Cash In vault*
"l3,468*,0
Total reserve and cash held
Reserve required..
67,914,0
60,843,0
Excess res. A cash in vault.
17.071,0
•
March 27
192$.
$36,975,0
98,994,0
823,148.2
29,238,0
124,684,0
142,742,0
538,479,0
7,220,0
688,441.0
8,568,0
$36,975,0
98,995,0
820,485,0
23,746,0
134,497,0
138,385,0
541,793,0
$36,975,0
98,443,0
818,220.0
23,062,0
121,593,0
136,798,0
624,496,0
7,334.0
668,628,0
1,064,0
51,015,0
54,446,0
......
Total deposits
3
1920.
Total.
3,462,0
909,0
4,371,0
3,156,0
1,215,0
7,108,0
887,286,0
6,347,0
50.782,0
3,462,0
14,377,0
72,285,0
4,827,0
2,204,0
13,486,0
69,095,0
53.999,0
62,993,0
18,286,0
16,102,0
13,655,0
66,874,0
62,886,0
13,988,0
Cash in vault is not counted as reserve for Federal Reserve bank members.
Member Banks of the Federal Reserve
Board
System.—Following is the weekly statement issued by the Federal Reserve
giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items
in the statement of Dec. 14 1917, published in the "Chronicle" Dec. 29 1917, page 2523.
in the statement were given
STATEMENT SHOWING PRINCIPAL RESOURCES AND LIABILITY ITEMS OF
SELECTED
CITIES
AS
AT
CLOSE
^Increases of 60.7 millions in Government deposits and of 105.2 millions
in other demand deposits, in connection with the issue of
a
new
series of
Treasury certificates and payments of interest and dividend checks falling
due on April 1 are indicated by the Federal Reserve Board's statement of
condition on April 2 of 811 member banks in selected cities.
Treasury certificate holdings show an increase for the week of 53.2 mill¬
ions, largely at the member banks in New York City, while other Govern¬
ment securities on hand show a slight decline.
Loans secured by Govern¬
ment war obligations, inclusive of paper, held under rediscount by the
Federal Reserve banks, declined 3.1 millions.
Loans secured by stocks and
bonds declined 34.3 millions, the banks outside of New York City reporting
by far the larger portion of the decrease:
All other loans and investments,
including paper held under discount by the Reserve banks, show a reduction
of 1.5 millions for all reporting banks, and of 60.4 millions in New-York
City, the decrease at the New York banks being accompanied by a large
OF
MEMBER
BANKS
BUSINESS
LOCATED
IN CENTRAL RESERVE AND OTHER
APRIL 2 1920.
reduction in the banks' borrowings from their Reserve bank.
Total loan,
and investments snow an increase of 12.9 millions for all reporting banks
but a decrease of 22.2 millions for the New York City members.
In connection with the large Increases in demand, including Goveromnet
deposits the banks' reserve Balances with the Federal Reserve banks in¬
creased by 22.9 millions, the New York City banks reporting an increase
under this head of 7.3 millions, as against a reduction or 6.1 millions shown
for the member banks in Chicago.
•
Total accommodation at the Federal Reserve banks shows a reduction
for the week of 66.5 millions, larger reductions under this head for the New
York member banks being offset to some extent by increases reported by the
Chicago banks and by banks outside of Federal Reserve bank and branch
cities.
War paper held under discount for reporting members by the
Federal Reserve banks shows a reduction from 1,202.1 to 1,144.3 millions,
while other discounted paper declined from 912.1 to 903.4 millions.
,
_
THE CHRONICLE
1620
1.
Three
ciphers
(000)
Data
omitted.
Number of reporting banks
O. 8. bonds to secure circulation
reporting
banks in each
Cleveland.
Philadel.
Richm'A
57
116
46
...
all
for
New York
Boston.
92
district.
Atlanta.
82
[Vol. 110.
Three ciphers
(000) omitted.
St. Louis. Minneap. Kan. City
Chicago.
47
107
35
11,347
41,842
26,502
14,015
21,181
17,176
7,170
15,0 00
19,573
34,605
268,720
26,882
58,992
34,629
28,694
63,226
10,105
17,739
61,736
591,724
1,870
22,888
5,112
3.677
12,902
198,515
10,625
8,116
17,619
30,550
540,829
29,770
51,116
68,608
139,793
1,599,788
7,732
79,717
10,574
21,050
8,698
6,608
36,869
18,883
264,993
48,567
29,802
18,507
16,226
63,903
U. 8. securities..
53,710
630,637
97,370
151,686
88,336
65,543
185,179
48,040
27.462
Total
bills
811
47,248
...
Loans and
Total.
238,679
CT. 8. certificates of Indebtedness...
Victory notes
.
66
13,061
14,120
3,706
13,038
8.
L
44
14,034
..
Other U. 8., lncl. Liberty bonds...
U.
San Fran
Dallas.
84
35
Investments, exclusive of
redlHOOuntcd
with
F.
R.
and other banks:
558,314
73,409
194,618 1,344,255
94,534
41,866
by stocks and bonds.
198,773
338,776
105,405
All other loans and Investments.
754,208 3,873,264
592,070
901,487
Loansaoc. by U. 8. waxobligat'n.
Loans sec.
Total
150,248
41,478
158,425
28,886
79,006
35,296
4,09,519
303,134
551,294
251,892
563,603 2,513,515
387,5£j6
112,497
466,112
64,500
406,098 1,749,727
355,787 1,226,788 17.034,520
28,025
81,177
1,436,756
360,002
10,217
27,263
19,245
9,991
24,382
30,723
1,184,149
144,891
3,158,943
911,381 11,091,640
lnol.
loans A Investments
rediscounts with F. R. banks.. 1,075,945 6,406,470 1,038,461 1,486,483
623,173
657,462
381,035
705,798
66,306
17,617
100,474
37,021
35,628
197.958
45,539
24,208
32,325
18,157
13,458
65.289
10,135
8,448
51,424
14,604
778,676 5,283,374
409,449
132,957
83,722
6,770
658,466
873,876
361,153
5,290
351,869
298,293 1,431,435
357,143
250,903
456,841
243,740
100,808
144,336
606,757
119,682
64,273
97,675
44,867
478.057
489
2,219
1,349
7,496
2,824
1,549
1,939
1,585
5,707
120,939
25,872
334,444
85,149
64,657
37,819
39,722
106,366
29,691
11,355
26,290
26,926
31,966
820,257
419
250
2,650
85
3,704
36,423
155,170
13,892
9,782
4,384
12.522
10,830
3,761
4,392
426
2,260
323,977
83,395
192,995
70,135
37,058
44,498
31,404
37,669
246,191
67,768
29,439
60,786
14,622
53,882
899,707
R. Bank.
Reserve balanoee with F.
Cash in
vault...
....
78,791
Net demand deposits
Time deposits^_
_
.
—
Government deposits
690,205
23,778
....
118,711
26,596
613,910 11,598,526
2,586,610
Bills payable with F. R. Bank:
8oc. by U.S. war obligations
300
Another
R. Bank:
Bills redlscounted with F.
Sec. by U. 8. war obligations
Allotber
Data for Banks In Federal Reserve Bank and Branch Cities and All Other Reporting Banks.
2.
AU Other
New York.
All F.R.Bank Cities. F. %R. Branch Cities
Chicago.
Total.
Reporting Banks.
Three cipher $ (000) omitted.
April 2.
March 26
April 2.
March 26
April 2.
March 26
April 2.
March 26
April 2.
March 26
March 26. Apr. 4 '19
April 2.
50
97ft
97Q
196
195
337
337
811
811
773
U.S. bonds to secure circulation.
$37,551
$37,551
$1,438
$1,438
$100,227
$100,180
$70,804
$70,926
$97,689
$97,386
$268,720
$268,492
$268,883
Other U. 8. bonds, lncl. Lib. bds.
206,807
205,143
28,572
29,771
327.926
143,327
119,509
120,249
591.724
592,093
646.365
72
Number of reporting banks
50
.
68,753
67,270
13,415
14,658
328,888
102,454
102,174
52,765
143,918
53,476
43,296
44,158
198,515
199,808
248,492
204,571
28,361
29,756
389,086
339,462
95,448
94,405
56,295
53,686
540,829
487,643
561,603
514.535
71,786
75,623
920,655
869,742
362,344
362,815
316,789
315,479 $1,599,788 $1,548,036 $2,757,031
525,259
528,214
77,532
77,453
919,064
922,433
150,309
148,936
114,776
110,818
0. 8. Victory notes
U.S. certificates of Indebtedness.
Total U. 8. securities
and Investments,
Loans
73
excl.
1,841,783
of
bills redlscounted with F. R.
banks:
Loans sec. by U. 8. war obllg.
1,184,149
1,187,187 al,106,752
Loans sec. by stocks and bonds. 1,189,641 1,195,845
346,993
362,385 2,257,502 2.280,626
484,897
487,814
416,544
424,772
3.158,943 3,193,212 I
a
All other loans and Investments 3,413,445 3,473,838 1,055,321 1,046,780 7,054,141 7,091,048 2,162,171 2.144.361 1,875,328 1,857,712 11,091,640 11,093,121 J 10,218.294
Total loans A Investments
lncl
5,689,948 5,712,432 1,551,632 1,562,241 11151362 11163849 3,159,721 3,143,926 2,723,437 2,713,781 17,034.529 17,021,556 14,358,813
rediscounts with F. R. banks
Reserve balances with F. R. bank
Cash In vault
Net demand deposits
Time
deposits
634,611
641,906
107,738
104,175
4,769,240 4,643,557
;
...
143,836 1,050,596 1,038,837
215.064
171.096
205,253
1.267,552
169,828
1.413,918
1,436,756
35,610
204,277
206.455
72.282
70.158
83.443
83,241
349,579
360,002
359,854
993.001 8,084,658 7.991.061 1,770,018 1,750,624 1,743,850 1,751.632 11,598,526 11.493.317 10.097,465
270,823 1,162,964 1,169,''45
854.554
847,264
569.092
567,750 2,586,610 2,584,959
1,691,971
36,144
303,385
299,718
Government deposits
137,686
957,608
271,698
81,119
21,637
5,080
4,919
104,868
40,462
8,094
294,603
332,439
53,045
59,638
543,976
592,187
184,824
6,509
7,977
7,205
120,939
199,206
91,457
86,187
877,580 11,140,253
54,176
452,831
Bills payable with F. R. Bank:
Secured by U. 8. war obllgat'ns
All other
4,075
550
3,778
820,257
3,704
16,877
17,960
323,977
324,543
124,063
22,543
120,272
93,422
80,514
899,707
903,702
14.0
14.0
12.3
12.3
14.8
14.5
320
595
2,834
279,859
284,040
27,241
205,226
7,656
177,549
682,222
702,916
9.5
9.7
15.6
15.2
...
-
8,448
Bills redlscounted with F. R. B'k
Secured by U. 8. war obllgat'ns
151,401
173,198
All other
6.804
154,787
245,542
17.6
276,737
Ratio of U. 8. war securities and
•war
to
paper
Investments
a
total
loans
t>«r cent
.
and
18.4
.
.
Exclusive of rediscounts with Federal
The Federal Reserve
Reserve banks.
Banks.—Following is the weekly statement issued by the Federal Reserve Board
S£ Moderate liquidation of bills discounted and bought, accompanied by a
corresponding reduction In deposits, also
a
further gain in gold reserves is
indicated in the Federal Reserve Board's weekly bank statement issued
at close of business
April 9 1920.
on
the week under review
was
2.9 millions, compared
with
an average
weekly
Increase in note circulation of 11.8 millions for the previous four week and
of 29.3 millions for the week immediately preceding.
The banks' reserve
ratio shows
rise from 42.9 to 43.3%.
fe As against an increase of 9.4 millions in war paper, other discounts on
hand show a reduction of 42.4 millions, acceptances—a reduction of 1.8
a
millions, and Treasury certificates—a reduction of 5.6 millions.
Total
earning assets of the Reserve banks, as a consequence, were 40.4 millions
less than the week before.
p Of the total of 1,410.1 millions of war paper on hand, 678.7 millions, or
48.1%, were secured by Liberty bonds, 295.8 millions, or 21%, by Victory
notes, and 435.6 millions, or 30.9%, by Treasury certificates, as against
51, 21 and 28% of 1,400.7 millions of war paper reported the week before.
Combined Resources
and
Liabilities
Apr. 9 1920
of
the
April 2
for
the
a
Federal Reserve note expansion for
Philadelphia, Richmond, Chicago and. St. Louis banks, while
by the Cleveland, Atlanta, Kansas City and San Fran¬
York and
acceptances held
All classes of deposits show declines for the week:
Government deposits
by 1.6 millions, reserve deposits by 48.1 millions, and other deposits, in¬
cluding foreign government credits, by 31.1 millions.
On the other hand
the "float" carried by the Federal Reserve banks and treated as a deduction
from gross deposits declined 48.7 millions.
The result Is a reduction of
net deposits by 32.1 millions.
The banks' aggregate liabilities on Federal Reserve bank notes in circula¬
tion show a further reduction of 6.4 millions.
Since Jan. 9, when the decline
in Federal Reserve bank note circulation set in, the banks' liabilities on
account of these notes show a reduction of 68.9 millions, as against an
increase of 165.8 millions shown for the same period In the banks' liabilities
on
Federal Reserve note circulation.
26 1920. Mar.
19
at
the
'20. Mar. 12 1920
Close
Mch. 6
1920
of
Feb.
Business
April 9 1920
Feb. 20
1920. Apr.ll
$
27 1920
$
i
RESOURCES.
$
$
$
April 9:
cisco banks comprise 3.2 millions of bills acquired from the New
Boston banks, as against 5.7 millions shown the week before.
Federal Reserve Banks
1920^Mar.
on
Discounted paper held by the Boston. New York, Cleveland, Minneapolis,
Francisco banks includes 88.2 millions of paper discounted
Dallas and San
$
$
$
Gold coin and certificates
183,117,000
154,237,000
159.660,000
169.978.00P
206,877,000
$200,973,000
Gold settlement fund, F. R. Board..
368,724,000
171,585,000
379,558,000
\
$
180,162.000
363,132,000
388,271,000
391,649,001'
389,332,000
385,594,000
396.138.000
Gold with foreign agencies
112,781,000
112,781,000
112,781,000
112,781,000
112.781.00<
112.822,000
112,822.000
1919.
112.822.000
,
335,162,000
610,196,000
*
Total gold held by banks
604,622,000
663,924.000
945.358,000
630.150.000
660,712,000
682.316.000
709,913,000
674,408,000
705,293,000
1,173,125,000 1,169,137,000 1,186,829,000 1,161,695,000 1 142 576 00» 1,138,690.000 1,145.479,000 1.150,798,000 1,082,444,000
119,743,000
117,198,000
119 380.000
117,776,000
112,174,000
115,078,000
116.064,000
109,083,000
116.071,000
Gold with Federal Reserve agents
Gold redemption fund
Total gold reserves
...
.....
Legal tender notes, silver, <fco_
Total reserves
1,957,490,000 1,950,259.000 1,934,755,000 1,934,581,000 1,936.364.0.00 1,937 077,000 1,966,836,000 1,969,814,000 2,142,880,000
129,816,000
130.169,000
122,400,000
125,745,000
116.379,000
69,109,000
120.360,001
117,553,000
65,626,000
2,087,306,000 2.080.428,000
Sills discounted:
Secured by Govt, war obligations
All
£,057,155,000
2.060,326,000 2,156.73 1,000 2 054,630 000 2.083,215.000 2,035,440,000 2,211,989,000
1,410,069,000 1.400,664,000 1,441,015,000 1,353,509,000 1,515.959.000 1 520.494.000 1.572,980,000 1,525,203,000 1,767,459,000
957.469.00J
999,849,000 1,008,215,000
854,172,000
888 194 000
907,48700
880,531.000
200,465.000
833,321,000
422,241,000
424,041.000
218,590,000
513.854,000
504.172,000
531,367,000
532,703.000
t
451,879.000 463,232,000
other
dills bought In open market
Total bills on hand
2,789,779,000 2,824,554,000 2,901,109,000 2,670,913.000 2,927.618.000 2.922,542,000 2,984,878,000 2,890.227.000 2,186.514,000
26,798,000
26,7*9,0. 0
26,798,000
26,797,000
26.775,000
26.775.000
26,775,000
27,136,000
26,775.000
O. S. Government bonds
68,000
SJ. B. certificates of Indebtedness
68,000
68,000
68.000
68,000
68,000
68,000
63.000
339,919,000
U. S. Victory Notes
345,550,000
263,056,000
437,119,000
267.461,000
266.567,000
267,511,000
268,610,000
All other earning assets
Total earning assets
Bank
premises...
Uncollected
from
3,156.564,000 3,196,970,000 3,191,031,000 3,104,897,000 3,221,922,000 3.215 952.000 3,279,232,000 3,185,675.000 2.399,383,000
12,104,000
12.009,000
11,990,000
11,793,000
11.771 000
11,791,000
11,226,000
11,144.000
10,558,000
items and other deductions
gross
f % redemp
185,7Il"000
22,000
...
Total resources
793,615,000
835,676,000
768,788.000
966.609,000
817.926,000
12,481,000
13,689.000
13,851,(00
4,474,000
13,900.000
4,907,000
14,387,000
5,802,000
deposits
fund agst. F. R. bank notes
AU other resources
5,645,000
5,485,000
6,067,872,000 6,143,246,000 6,047,771,000
6,163057000 6,127.735,00'
LIABILITIES.
Capital paid In
...
Surplus
Government deposits
Due to members, reserve account
Deferred availability Items
Ether deposits, lnol. for. Govt, credits..
Total gross deposits
*. R. notes in actual circulation
V. R. bank notes In circulation—net liab.
All other liabilities
Total liabilities
91,160,000
91,284t000
'91,059,000
90,958,000
120,120,000
120,120.000
120,120,000
10.416.000
27,711,000
58,027,000
55.324,000
1,850,960,000 1,899,063,000 1.867,125.000 1,850,106,000 1,886,929,000
675,412,000
668,752,000
643.063,000
546,696,000
575.497,000
100,605,000
131,714,000
100,969,000
100,160.000
98.286,000
3.681,000
3,851,000
636,384,000
6,988,000
7,332,000
6,162,457,000 6,416,356.000 6,278,487,000 5,272,634,000
120,12 1,000
8,777,000
4.174,000
90,871,000
120,120,000
859.704,000 1.026,726,000 1,029.653.000
16.226,000
12,276,000
12,724.000
90.966,000
90.702,000
81,750,000
90,531,000
49,466,000
120,120,000
133,913,000
169,972,000
75,587,000
858.184,000 1,871,961,000 1.828,891,000 1,628,693,000
618,509.000
487,153,000
810.402,000
815,606,000
91.525,000
128,481,000
95,026,000
95,366. X)0
120,120,000
120,120,000
83 879 000
1
2,535,754,000 2,609.945.000 2,541,692,000 2,652165000 2,616,036,000 2,652,097.000
2,911,302,000 2.815.450.000 2,414,299,000
3,080,217.000 3,077,323,000 3,048,039,000 3,047,133,000 3,039,750,300 3 030 010.000
3,019,984,000 2,977,124,000 2,548,588,000
190,157,000
196.694,000
201,392,000
'211,132,000
220,738,00(
229,167,000
151,560,000
237,131,000
240.858.000
60,464,000
47,980,000
45,469.000
42,149,000
40 097 000
40,190,000
26,971,000
37.117,000
34,404,000
6.067,872,000 6,143,246,000 6,047,771,000
6,163657000 6,127.705,000 6.162.457,000 0,416,356,000 6J278.487.000 5,272,634,000
Apb. 17 1920.]
THE
April 9 '20.
Ratio of gold reserves to net deposit and
F. R. note liabilities combined
Ratio of total
Apr.
CHRONICLE
1631
4 1920. Afar.26 1920. Afar. 19 1920. Mar. 12 1920. March 5 1920 Feb. 27 1920. Feb. 20 1920. Apr. 11 1919.
ma#;-*?
40.4%
40.2%
40.1%
40.9%
40.0%
40.2%
40.1%
41.3%
49.5%
43.3%
42.9%
42.7%
43.5%
42.5%
42.6%
42.5%
42.7%
51.1%
48.0%
47.4%
47.1%
48.3%
47.0%
47.1%
47.1%
47.4%
62.4%
deposit and
reserves to net
F. R, note liabilities combined
Ratio of total reserves to F. R. notes in
circulation
after
36%
aside
setting
against net deposit liabilities
$
?
$
$
Distribution by Maturities—
$
J;
$
$
9
$
98,706,000
1-16 days bills bought in open market—
126.422,000
103,750,000
135,779,000
137,609,00:
133,499,000
139,153,000
127,119,000
78,832,000
1-15 days bills discounted
1,423,906,000 1,391,720,000 1,425,695,000 1,273,870,000 1,499,923,000 1,523,738 000 1,570,405,000 1,511,016,000 1,731,817,000
1-16 days U.S. oertif. of Indebtedness. .
78,676,000
13,143.000
8,881,000
85,596,000
5,772,000
149,461,000
10,131,000
29,375,000
4,876,000
1-15 days municipal warrants....
16-30 days bills bought In open market—
16-30 days bills discounted
10-30 days U. 8. oertif. of indebtedness.
16-30 days municipal warrants
"73,770",000
~85,246~55O
*88,629*,000
80,871",555
102,348,555
121
985:555
113",915:555
117",033:555
50,859,000
201, 49,000
235,060.000
294,355,000
237,731,090
207,039,000
194,746,000
205,442,000
219,421,000
3.5 0,000
2,500,000
4,300,000
3,500,000
2,000,000
2,600.000
7,568,000
11,570,000
57,467,000
1,611,000
81-60 days bills bought in open market—
81-60 days bills discounted
81-60 days U. S. oertif. of indebtedness..
185,719",000
171,259*055
17~l",71l",66o
178,535",555
180,533,555
ffiSSffi
l"9"7",400,555
197,367:555
492,013,000
514,251.000
464.333,000
471,517,900
453,624,000
425,383,000
5,500,000
4,700,000
3,500,000
7,000,000
433,193,000
6,500
433,705,000
3,540,000
6,500,000
19,337,000
78,501,000
103,634,000
3,624,000
.
81-60 days municipal warrants
61-90 days bills bought in open market—
61-90 days bills discounted
61-90 days U. 8. oertif. of Indebtedness..
61-90 days municipal warrants
64","046",655
~6"3",~78~6",55O
64",420.560
"6*6,226",555
"87","792",555
94,858:555
84,'273:555
"78.150:555
"lO,"398,000
226,436,000
238,214,000
245,221,000
207,765,000
246,527,000
241,654,000
52,742,000
5,882.000
4,097,000
4,743,000
3,540,000
4,040
228,496,000
4,000,000
188,067,000
10,614,000
4,000,000
3,749,000
'
Over 90 days bills bought in open market
Over 90 days bills discounted
24,134,655
21",268:555
"l9,626,606
"16,798*000
"16,333",555
"l5",357:555
"15",463:555
"14",637:555
"i^2,264~,000
243,589,000
Over yQ days oertif. of Indebtedness
246,072,000
245.083,000
245,915,000
244,790,000
240,284 000
240,562,000
227,931,000
147,352,000
Over 90 days municipal warrants
Federal Reserve Notes—
3 270
Outstanding—.,;...................... 3,327,614,000 3,307,064,000 3,289,312,000 3,292,819,000 3,281,343,000
247,397,000
Held by banks
In actual circulation..^.............
229,741,000
241,273,000
245,686,000
721,000 3,254,806,000 3,221,789,000 2,724,097,000
244,665,000
175,509,000
234,822,000
240,711,000
241,593,00^
3,080,217,000 3,077,323,000 3,048.039,000 3,047,133,000 3,039,750,000 3,030,010,000 3,019,984,000 2,977.124,000 2,548,588,000
Fed. Res. Notes (Agents Accounts)—
6,657,640,000 6,621,220.000 6,584,660,000 6,557,760,000 6,535,360,000 6,484,940,000 6,399,320,000 6,372,900,000 4,268,400,000
2,959,248,000 2.932,397,000 2,912,649,000 2,891,492,000 2,868,248,000 2,841.910 000 2,814,520,000 2,791,937,000 1,143,348,000
Received from the Comptroller
Returned to the Comptroller...
Amount chargeable to Fed. Res. agent 3,698,392,000 3,688,823,000 3,672,011,000 3,666,268,000 3,667,112,000 3,643,030,000 3,584,800,000 3,580,963,000 3,125,052,000
372,309,000
329,994,000
Issued to Federal Reserve banks...... 3,327,614,000 3,307,064,000 3,289.312,000 3,292,819,003 3,281,343,000 3,270,721,000
How Secured—
3,254,806,005
255,151,000
246,148,000
In bands of Federal Reserve
Agent
:
381,759,000
254,531,000
By gold coin and certificates
By lawful money
370,778,000
254,901,000
373,449,000
382,699,000
254,621,000
385,769,000
250,151,000
251,05100,0
400,955,000
359,174,000
3,221,789,000 2,724,097,000
235,747,000
241,148,000
,
2,f54,489~5o5
By eligible paper
Gold redemption fund.
With Federal Reserve
2,
112,194,000
806,400,000
I|oard...........
£37,9 27", 5o5 2,102,483",660 2,131,124*,555 2,138,767,555 2,132,031:555 2,l"d9,327",555 2,0"70",99i~,555
97,766,000
816,470,000
104,227.000
98,662,000
827,981,000
811,982,000
99,672,000
792,753,000
97,788 000
97,804,000
785 751,000
1,641,654,000
84,538,000
102,890,000
806,760,000
762,158,000
801,527,000
3,327,614,000 3,307,064,000 3,289,312,000 3,292.819,000 3,281,343,000 3,270,721,000 3,254,806,000 3,221,789,000 2,724,097,000
Total.........................
ffllgible paper delivered to F.R. Agent— 2,715,965,000 2,748,071,000 2.837,877,00012,611,443 ,QO0 2.873.394.000 2,860.454.000 2.930,572,000 2.834,158,000 2,111,610,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE
Two ciphers (00) omitted.
Boston.
New York.
Phila.
RESOURCES.
9
9
9
11,412,0^
Gold coin and certificates
Gold Settlement Fund, F. R. B'd
Gold with Foreign Agencies
05,412,0
1,014,0
27,142,0
9,023,0
Cleveland. Richmond
9
2,444,0
10,147,0
51,282,0
12,366,0
9,248,0
5,526,0
37,179,0
70,677,0
90,824,0 143,445,0
20,336,0
43,751,0
7,290,0
15,880,0
4,026,0
629,0
San Fran.
%
f'Total.
%
183,117.0
7,151,0
8,055,0
2,933,0
10,378,0
29,925,0
5,188,0
368,724.0
664,622,0
5,301,0
3,045,0
17,113.0
46,939,0
6,954,0
26,215,0
35,092,0
18,139,0
45,491,0
34,069,0
126,0
36,966,0
32,875,0
91,004,0 1,173,125,0
4,516,0
2,803,0
98,807,0 306,414,0 71,006,0
7,912,0 / 4,842,0
1,319,0
60,410,0
74,0
70,574,0
1,085,0
63,817,0 145,299,0 1,957,490.0
129,816,0
691,0
482,0
69,465,0 100,126,0 314,326,0
75,848,0
60,484,0
77,659,0
1 54,508.0 145,781,0 2,087,306,0
68,447,0 143,625,0
33,911,0
27,494,0
33,322,0
41,816,0 263,222,0
70,500,0
9,597,0
42,543,0
5,261,0
75,450,0
195,166,0
Gold with Federal Reserve agents 110,899,0
Gold redemption fund...
20,590,0
314,749,0
409,0
5,002,0
Total gold reserves—.......... 185,665,0
Legal tender notes, silver. Ac
6,343,0
536,915,0 138,963,0 214,531,0
104,905,0
584,0
1,203,0
69.089,0
641,820,0 139,547,0 215,734,0
192,008,0
24,420,0
Dallas.
9
9
37,211,0 107,827,0
55,960,0 171,644,0
5,636,0 26,943,0
54,176,0
.............
8,894,0
24,257,0
4,060,0
9
9
7.786,0
41,390,0
Total reserves
9
69,986,0
13,421,0
58,364,0
10,960,0
9
CLOSE OF BUSINESS APRIL 9 1920
St. Louis. Minneap. Kan.City.
29,150,0
6,413,0
8,233,0
27,000,0
Chicago.
%
34,531,0
Total gold bold by banks..
12 FEDERAL RESERVE BANKS AT
Atlanta.
376,0
8,804,0
112,781,0
1
119,743,0
Bills discounted: Secured by Gov¬
ernment war
——
bought in
Total bills
open market (b).
band
on
....
95,695,0
681,209,0 168,828,0 111,059,0
68,065,0
obligations (a).
All other
Bills
180,887,0
20,852,0
163,848,0
184,612,0
561,0
U. S. Government bonds
U. S. Government Victory bonds
U. S. certificates of Indebtedness
Total earning
Bank
Resets
49,634,0
59,813,0
35,691,0
56,737,0
11,499,0
8,298,0
61,211,0
50,0
114,013,0
34",580:6
10,0
26,362,0
15,665,0
54,359,0 1,410,069,0
957,469,0
69,062,0
422,241,0
79,249,0
66,904,0 202,670,0 2,789,779,0
3,966,0
2,632,0
26,798,0
9,306",6
12,881,6
339,919,0
P* » 68,0
39",645:6
10,483,6
17,24"r,6
13",mo
85,897,0 132,369,0
213,817,0 1,041,464,0 245,706,0 244,635,0 125,498,0 124,343,0 512,080,0 132,402,0
800,0
640,0
2,116,0
650,0
1,157,0
1,156,0
500,0
3,226,0
premises
42,407,0
23,659,0
838,0
3,0
>
17,260,6
879,0
75,298,0 109,051,0
8,868,0
116,0
925,944,0 209,740,0 217,430,0 107,003,0 108,561,0 467,958,0 114,008,0
1,153,0
141,0
4,477,0
833.0
1,235,0
1,457,0
1,386,0
5,0
28,639,0
36,940,0
3,972,0
80,170,0 218,183,0 3,156,564,0
12,104,0
068,0
231,0
530,0
464,0
24,471,0
75,456,0
67,783,0
39,028,0
793,615,0
.400,0
86,0
996,0
562,0
1,465,0
12,481,0
228,0
1,442,0
369,0
6,802,0
Uncollected items and other de¬
ductions from groBs deposits.
redemption
fund
against
Federal Reserve bank notes
_
59,043,0
145,260,0
62,357,0
70,733,0
65.877,0
1,132,0
417,0
3,122,0
845,0
1,300,0
344,0
831,0
451,0
340,0
409,0
31,364,0 114,710,0
67,533,0
483,0
877,0
167,0
836,0
872,0
319,0
•%
■
..
All other resources........
.
':Total
resources
....
..........
467,574,0 1,835,727,0 449,754,0 533,429,0 252,340,0 257,033.0 944,945,0 267,840,0 171,868,0 287,172,0 195,133,0 405,057,0 6,067,872.0
,v*
LIABILITIES.
Capital paid in
7,207,0
Surplus
8,359,0
8,805,0
9,945,0
9,089,0
548,0
444,0
281,0
181,0
Government deposits
Due to members, reserve aooount 115,688,0
45,101,0
Deferred availability items
5,514,0
All other deposits
166,851,0
Total gross deposits
F. R. notes in actual circulation. 267,284,0
F. R.
bank
—net
8,198,0
23,737,0
45,082,0
notes
liability.
in
720,474,0 104,880.0 128,354,0
55,818,0
109,712,0 48,518,0
6,142,0
44,485,0
7,755,0
..,
.....
Total IlaDlllties
....
Memoranda—Contingent liability
14,425,0
3,448,0
38,860,0
17,379,0
75,447,0 156,013,0
82,352,0 101,846,0
99,308,0 156,328,0 2,535,754,0
79,987,0 221,947,0 3,080,217,0
4,161,0
3,188,0
14,292,0
3,724,0
3,569,0
401,0
860,0
642,0
475,0
58,344,0 265,699,0
27,016,0 72,927,0
68,508,0
61,582,0
39,211,0
3,952,0
11,210,0
2,748,0
10,027,0
2,180,0
3,520,0
3,030,0
821,0
6,030,0
7,539,0
19,502,0
3,483,0
15,828,0
8,639,0
10,914,0
30,829,0
10,830,0
5,917,0
3,724,0
1,812,0
1,861,0
8,180,0
2,110,0
1,395,0
16,893,0
2,091,0
8,059,0
1,229,0
9,461,0
3,752,0
as
endors eron:
20,050;0
19,852,0
22,948,0
88,177,0
25,327,0
820,0
820,0
banks....
on
(a) Includes bills discounted
190,157,0
50,464,0
467,574,0 1,835,727,0 449,754,0 533,429,0 252,340,0 257,033,0 944,945,0 267,840,0 171,868,0 287,172,0 195,133,0 405,057,0 0,067,872,0
bills purch. for
foreign correspondents
16,188,0
16,188,0
18,000,0
(t) Inoludes bankers' acceptances | bought fr
10,000,0
4,948,0
20,570,0
26,850,0
om
M
«p—
for
other F. R. banks, vls_._.
'
-mm
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS
Federal Reserve notes:
Boston.
%
88,177,0
2,371:6
820,0
2,371,0
447,0
112,0
261,0
their endorsement
Two ciphers (00) omitted.
7,809,0
other F. R. banks:
With their endorsement
Without
3,644,0
91,160,0
120,120,0
8,777,0
2,554,0 *&
62,157,0 120,588,0 1,850,960,0
575,412,0
34,340,0
24,604,0
100,605,0
1,990,0
8,582,,
12,679,0
875,115,0 161,434,5 190,495,0 104,428,0 88,509,0 349,513,0 112,313,0
835,554,0 248,332,0 304,348,0 126,920,0 147,493,0 529,452,0 134,702,0
Discounted paper redlsoounted
with other F. R. banks
Conting. llabil.
57,509,0
42,981,0
4,213,0
6,116,0
1,276,0
87,177,0
63,974,0
3,586,0
3,561,0
4,695,0
circulation
All other liabilities
other F. R.
4,721,0
5,820,0
294,0
New
York.
%
Phila.
S
Cleveland. Richmond
*
9
m
m.
-»
mmmrnm'm
m
AT CLOSE OF BUSINESS APRIL 9 1920,
Atlanta.
Chicago.
9
9
9
9
9
Dallas.
San Fran.
Total.
9
St. Louis. Minneap. Kan.City.
9
9
155,380,0 433,060,0 0,657,040,0
555,360,0 316,880,0 327,040,0 944,200,0 314,660,0 160,080,0 218,720,0
60,185,0 164,292,0 2,959,248,0
226,414,0 1,046,373,0 279,669,0 215,388,0 157,016,0 119,521,0 369,581,0 146,547,0 68,405,0 105,857,0
Received from Comptroller... 551,000,0 2,115,640,0 565,620,0
Returned to Comptroller
Chargeable to F. R. Agent
In hands of F. R. Agent
324,586,0 1,069,267,0 285,951,0 339,972,0 159,864,0 207,519,0 574,619,0 168,113,0
17,880,0 14,380,0
25,520,0 28,143,0 55,015,0
46,300,0
124,400,0. 27,300,0
91,675,0 112,863,0
4,730,0
7,895,0
95,195,0 268,768,0 3,698,392,0
370,778,0
7,010,0
11,606,0
278,286,0
944,867,0 258,051,0 314,452,0 131,721,0 151,904,0 556,739,0 153,733,0
83,780,0 108.133,0
83,590,0 261,758,0 3,327,014,0
900,0
14,999,0
2,480,0
2,500,0
3,528,0
9,499~,0
3,460,0
50,000,0 162,145,0 40,931,0
95,944,0 385,095,0 106,794,0
Issued to F. R. bank, less amt
returned to F. R. Agent for
redemption:
Collat'l security tor outst'g notes:
Gold coin and otfs. on hand...
Gold
redemption fund
Gold Set'm't Fund, F. R. B'd.
95,000,0
Eligible paper, mln'm required 107,387,0
Total
278,280,0
of eligible paper deliv¬
184,012,0
ered to F. R. Agent
278,280,0
F. R. notes outstanding
...
3,106,0
33,860,0
5,810,0
19,468,0
254,531,0
112,194,0
18,300,0
18,234,0
71,541,0
800,400,0
49,711,0
71,167,0
50,715,0 170,754,0 2,154,489,0
944,867,0 258,651,0 314,452,0 131,721.0 151.904,0 556,739,0 153,733,0
83,780,0 108,133,0
83,590,0 261,758,0 3,327,614,0
212,803,0 104,610,0 108.501,0 467,518,0 113,998,0
944,867,0 258,651,0 314,452,0 131,721,0 151,904,0 550,739,0 153,733,0
r
4,411,0 27,287,0 19,031,0
4,801,0
10,104,0
62,482,0 109,625,0
83,780,0 108,133,0
83,690,0 261,758,013,327,614,0
194,743,0
32,025,0
20,006,0
16,420,0
11,435,0
95,000,0
100,000,0 79,389,0
030,118,0 167,827.0 171,007,0
1,751:6
42,000,0
87,970,0
Amount
F. R. notes held by bank
11,002,0
F. R. notes in actual circulation. 267,284,0
%
923,946,0'169,537,0
109,313,Oj 10,319,0
835,554,0 248,332,0 304,348,0 126,920,0
147,49^,0
529,452,0
134,702,ol
8,831,0
13,052,0
2,717,0
1,428,0
6,287,0
I
-
82,352,0 101,846,0
66,904 ,Q
3,603,0
191,363,0!2J15,965,0
39,8ll.0|
79,987,0'221,947,0
217.397.0
3,080,217,0
THE CHRONICLE
1622
J&imXitxs7
Wall Street,
State
(QnzztU.
Friday Night, April 16 1920.
of unfavorable week-end bank statements,
of both
the
system—a
and
Railroad
including those
Clearing House banks and the Federal Reserve
day-to-day increase in call loan rates from 8 to
15%—and with sterling exchange selling from 3 to 10 points
hesitating,
irregular and generally soft.
An important event of the week has been an advance in
the Bank of England's official rate from 6 to 7%.
The
latter is a rate infrequently announced in the history of that
institution and probably has never before been adopted
when, as now, the Bank's reserve had actually increased
and its percentage of reserve was substantially larger than
it recently was.
This is a time, howeverv,when a good
many events are happening for which there is no precedent
and perhaps this is simply one of them.
Business at the Exchange has averaged well above the
million 'share mark in volume,
although chiefly in the
hands of professional traders, and has included little else
than the most highly speculative issues.
Therefore the
irregular movement to higher or lower quotations has little
significance.
Canadian Pacific is exceptional in a net loss
of Shi points, although Reading has covered a wider range.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Steel and Rubber.
United
States
Sales
Par. Shares
$ per
American Express...100 3,500 134
Am Safety Razor
25 19,500 11%
Ann Arbor, pref
300 22%
100
DaUg Record of Liberty Loan Prices. Apr.
First Liberty Loan
Assets Realization
10
Atlantic Refining
Preferred
100
100
Baldwin Locomo, preflOO
Brunswick Terminal. 100
Case (J I) pref
..100
Chic & E Ills tr recta....
Preferred trust rects..
C St P M & Omaha. .100
Crex Carpet
100
DuluthSS&Atl
100
General
Chemical... 100
Preferred
100
Gen Cigar deb pref.. 100
Gen Electric rights
Homestake Mining.. 100
Indlahoma Refg
5
Int Motor Truck.no par
1st preferred
100
2d
preferred
100
Int Nickel pref
100
Int Paper, pref
100
9,200
5
3%b, 15-30 year, 1932-47
Kress (8II) & Co
100
100
Liggett & Myers rights..
Maxwell Motor
Certfs of deposit
1st preferred
22%
14
6% Apr 15
3%
Apr 14 1400 Apr 12
1,200 107% Apr 16 109 % Apr 12
400 101
Apr 14 101 " Apr 12
7 % Apr 12
200| 7
Apr 13
20d 97% Apr 15 97 % Apr 15
200
9% Apr 15
9)4 Apr 13
100
9
9
Apr 12
Apr 12
500 63
Apr 13 63
Apr 13
170 62
Apr If 62
Apr 16
100
4% Apr 13
4)4 Apr 13
200 160
Apr 16 160
Apr 16
400 94
Apr 12 95
Apr 16
1,100 86
Apr 13 87
Apr 15
3
12,600
2% Apr 13
Apr 10
200 60 H Apr 13 60 % Apr 14
9,600
8)4 Apr 12
9% Apr 15
2,000 148 ' Apr 15 163 % Apr 10
900 78M Apr 15 80
Apr 10
1,200 69 % Apr 10 70
Apr 10
100 87
Apr 12 87
Apr 12
34 100
Apr 15 100 / Apr 15
100 100
Lorillard (P) rights.
Manatl Sugar
Apr 14
19% Apr 16
22% Apr 14
98
200
16%
7
9,700
10042,825 137
100
800 36X
16 100
Apr
Apr 16
14
Apr
Apr 13
Mar 1570
96
Feb
Jan
Mar
Feb 101
4
Jan
Feb
Mar
66
Mar
Feb
62 %
5%
Apr 192
Apr 100
Jan
85
Feb
Apr
8%
102%
94%
3%
Feb
2%
51
71
Jan
Mar
Jan
9%
Feb 170
Apr
Apr
Apr
72
Feb
84
Jan
60
Feb
71
Apr
Feb
Apr
Jan
83%
98
Apr
98
Apr
14%
Apr 16
Jan
18
Jan
Apr
9
7
Apr 15
Certfs of deposit...
100
2d pref ctfs of deposit
M St P&SS Marie.. 100
200
27
500
70 % Apr
300
94.90
94.40
93.30
95.00
94.50
93.30
315
597
1,021
271
322
1,017
f High
(Low.
88.96
88.70
87.80
87.70
87.40
86.80
88.70
87.88
87.20
87.40
86.70
86.02
[Close
88.80
88.50
87.70
87.50
86.88
86.76
162
550
431
214
429
237
f High
91.44
91.10
90.80
90.58
90.50
90.30
4s, convertible, 1932-47
(Low.
7
[Close
Total sales in $1,000 units
91.00
90.80
90.40
90.50
90.10
90.00
91.44
91.00
90.50
90.40
90.16
1942
year oonv,
Total sales in $1,000 units
Second Liberty Loan
23
Apr
65
Apr
22 % Apr
11
Apr
16
100
151
41
114
92.30
92.06
91.80
91.70
91.58
91.00
(Low.
[Close
92.00
91.58
91.40
91.48
91.10
91.00
92.10
91.60
Total sales in $1,000 units..
Third Liberty Loan
(High
744
2,124
1,381
1,788
2,022
3,037
91.30
91.30
90.90
90.60
90.50
90.40
y4% s of 1st L L oonv,'32-'47{ Low.
91.10
90.90
90.30
90.40
90.16
90.00
1 Clow
91.10
90.98
90.30
90.60
90.30
60
295
226
101
155
64
f High
89.04
88.88
88.00
87.70
87.44
86.96
88.84
87.88
87.20
87.40
86.74
86.60
(Close
88.90
87.88
87.60
87.44
86.76
86.76
978
2,471
2,626
1,812
1,270
\ High
(Low.
[Close
89.28
88.90
88.00
87.82
87.50
87.00
88.92
88.04
87.46
87.42
86.70
86.50
88.92
88.06
87.82
87.54
86.76
86.74
1,418
3,288
3,472
5,315
5,653
5,938
Liberty Loan
4j*soll928
Total sales in $1,000 units
Fourth Liberty Loan
4%b ot 1933-38
Total sales In $1,000 units
Fourth Liberty Loan
(Close
2
97~58
97~ 50
97~20
97.02
95~50
96.12
97.46
97.22
97.00
96.48
96.00
95.90
97.28
96.08
96.00
97.56
97.00
96.50
1,182
1,445
1,016
2,030
2,930
97.46
97.20
97.00
96.50
96.10
3%a,conv gold notes, '22-23 (Low_
97.48
97 22
96.96
96.44
96.00
95.98
[Close
Total sales in $1,000 units.
97.52
97.34
97.10
96.48
96.00
96.08
210
433
1,405
1,348
1,209
1,730
Mar
Feb 151%
Feb 38
Apr
Jan
Apr
recorded in French and Italian exchange and new low levels
established.
Neutral exchange ruled dull and nominal.
To-day's (Friday's) actual rates for sterling exchange were 3 93 @3 94 %
for sixty days, 3 95H @3 96% for checks and 3 96% (®3 97% for cables.
Commercial on banks, s'ght, 3 95@3 96^; sixty days, 3 90@3 91%; ninety
days, 3 88@3 89%, and documents for payment (sixty days),
3 91%.
Cotton for payment, 3 95@3 96M, and grain for
Jan
Jan
20
Feb
30%
73% Apr 15
63
Feb
80
Mar
14
10
Feb
29
Mar
14
65
Apr
72
Jan
Sterling Actual—
High for the week
20
Apr
22%
Apr
Low for the week
Exchange at Paris
on
London, 65.53 fr.; week's range, 63.40 fr. high and
67.40 fr. low.
The range for
foreign exchange for the week follows:
800
100
100
91
Apr
13
91
Apr
13
87
Mar
94%
Jan
High for the week...
15.98
par
800
22
Apr 15
23
Apr
22
Apr
23
Apr
Low for the week
17.26
100
100
84
Apr 15
84
Apr
15
15
84
Apr
84
Apr
Apr
98%
Jan
Germany Bankers' Marks—
High for the week
Feb 160
Apr
Low for the week
85
High for the week
1st preferred
Remington, 2d pref.. 100
Standard Milling
100
Preferred
100 97 M Apr
900 142
Apr
100 85
Apr
100
Texas Co rects 60% paid
16
450 196
Un Dyewood, pref... 100
Apr
Apr
100
TRANSACTIONS
AT
DAILY.
96
THE
Apr 16
WEEKLY
Sloth.
Shares.
April 16 1920.
Monday
1,080,970
Thursday
Friday
1,542,714
1,010,9S2
premium.
$441,000 $4,478,000
891,000 ,11,002,000
1,010,500
11,763,000
1,157,500 13,351,000
1,658,500
14,773,000
1,649,000
16,693,500
1,821,000
1,518,000
1,600,500
$9,678,500
Sales at
Jan
Bond*.
6,517,211 $581,200,600
Total
96
Jan
EXCHANGE
Bonds.
92,027,200
Week ending AprU
16.
$6,807,500 $72,060,500
Jan. 1 to AprU 16.
New York Stock
Exchange.
1920.
Stocks—No. shares-__
Par value
Bank shares,
1919.
6,517,211
5,118,066
$^88,200,600 $481,147,600
1920.
1919.
84,487,509
56,986,155
$7,531,946,50)
$5,729,440,855
$.00
$11,500
$400
$45,200
$52,979,000
4,088,000
$877,103,300
147,401,500
$697,203,200
Ac., bds.
$72,060,500
6,807,600
RR. and misc. bonds..
9j678,500
8.421,000
182,828,500
133,310,500
$88,546,500
$65,488,000
$1,207,33^,300
$965,259,700
par
Bonds.
Government
State,
i
mun.,
'
bonds.
Total bonds
1.65
Domestic Exchange.—Chicago, par.
St. Louis, 15@25c. per $1,000
discount.
Boston, par.
San Francisco, par.
Montreal, $85 per $1,000
134,746,000
36 15-16
....
Cincinnati,
Outside
1,666,000
1.98
1.63
Amsterdam Bankers' Guilders—
Low for the week.
Slates
96,827,500
114,571,500
144,298,400
1,288,880
17.13
1.96
Jan
United
96,806,000
1,108,985
I
Apr
Bonds.
Tuesday
Wednesday
,15.85
Apr 204
YEARLY
$1,220,000
1,853,000
15.87
17.15
,
Feb 210
& Foreign
$43,670,000
Cables.
3 98%
3 93
Feb 325
Slate, Mun.
Par Value.
484,680
STOCK
Checks.
3 98
3 92%
Apr
Apr
96
16
Apr
Sixty Days.
3 953^
3 89%
Paris Bankers' Francs—
Mar
Railroad,
Ac.,
Week ending
Saturday
96
YORK
AND
Apr
Apr 14 196
Apr 15 158
Apr 16 240 '
15 199
12 435
NEW
85
13
Apr
Apr 15 204
100 199
110 355
Receipts full paid
Tex Pac Land Trust. 100
16
97%
Apr 12 120
85
16
Apr
97 % Apr
10 160
13
^
payment,
To-day's (Friday's) actual rates for Paris bankers' francs were 16.48(5)
16.53 for long and 16.41 @16.47 for short.
Germany bankers' marks are
not yet quoted for long and short bills.
Amsterdam bankers' guilders were
36 11-16@36 9-16 for long and 36 15-16 for short.
12
12
3 90 %@
3 95(^3 96%.
Rels(Robt) & Ca.no
100
3,772
Foreign Exchange.—Sterling showed some irregularity,
though rates were fairly well maintained.
In the Conti¬
nental exchanges, however, spectacular weakness was again
62 %
Apr
98.00
98.00
97.52
12
27
1,664
(Close
63 %
Apr 14
90.26
Total sales In $1,000 units
Victory Liberty Loan
f High
35%
Apr
91.50
98.00
J_
J
Victory Liberty Loan
[ High
4ws conv gold notes,'22-23(Low.
Feb
Feb
56
91.10
83
Total sales in $1,000 units
Feb
59)4 Apr 13
12
91.60
4%B,lat, LL 2d conv,'32-47( Low.
47%
47%
13
91.70
f High
Pitts Steel, pref
Peoria & Eastern
99.56
12:
f High
Third
22)4 Apr 10
65
Apr 14
20 % Apr 15
10
Apr 13
100
4,900
93.98
94.80
95.50
Mar
94
Feb
69 ^ Apr
36
Apr
no par
Apr. 16
96.66
Feb
160
88
30
Nunnally(The)Co
94.82
96.70
4a, 10-25
Mar
Feb
3%
11
Jan
55
Mar
Jan
4%
58%
11%
Apr 100
100
Norfolk & West, pref 100
95.32
96.96
Total sales In $1,000 units
Mar
Apr 118
100
Southern...100
96.60
96.82
Second Liberty Loan
Apr
100
100
Norfolk
6%
107% Apr 114
93%
Feb 102%
8%
Feb
5%
Apr 10 151 % Apr 14 108
Apr 12 37
Apr 13
18%
Apr 12 30
Apr 12
18%
12
Apr
Feb
Feb
1350
16% Apr 14
9
13%
27%
16 100
Apr
98
l^Apr. 14t'Apr. 15
12 Apr.
96.98
(Low.
Total sales in $1,000 units
Highest
Apr
Apr
115^
22 1350
Kayser (Julius) <fe Co.100
10Upr.
96.96
[Close
$ per share
share.
$ per share. $ per share.
Feb 175
Mar
Apr 15 151
Apr 10 95
Apr
■
f High
Range since Jan. 1.
Lowest.
Highest.
Apr 15
101 to 101%, and the
Liberty Loan issues.
4%B0t 2d L L conv,'27-'42 [Low.
Range for Week.
Lowest.
State bonds
.
the Board include $6,000 2s, reg., at
various
for
Week
of
Bonds.—Sales of Government bonds at
Third Liberty Loan
STOCKS.
sales
the Board this week.
There is prac¬
tically nothing to mention in connection with the railway
and general bond market except to say that it has been
exceptionally weak.
Every active issue has declined and
a long list of well-known bonds are from 1
% to 2 points oj
more
lower than lasU week, including Atchison, Ches.
Ohio, St. Paul, Rock Island, Mo. Pac., No. Pac., U. S.
lower than last week, the stock market has been
Week ending AprU 10.
Bonds.—No
have been reported at
Railroad and Miscellaneous Stocks.—Under the influ¬
ence
[Vol. 110.
37%
36 9-16
37
37%
37%
par.
in sugar issues and Stutz
only enlivening features to
"Curb" marked trading this week.
Business w$s dull and
price changes with few exceptions of little interest.
Good
prospects for the sugar trade are reported as responsible for
the buying of these shares.
Cuban-Amer. Sugar, new stock,
"w. i.," rose from 54 to 64, reacted to 57 and closed to-day
at 59.
Central Teresa Sugar was active and improved
from 6% to 8%, reacting finally to 7%.
Santa Cecilia Sug.
com. from 18% reached 23% and finished to-day at 21.
A
few transactions were recorded in Central Aguirre Sug.
down from 115 to 113.
Attention was drawn to the opening
of trading in Stutz Motor Car stock on the "Curb" on
Thursday since its removal from the Exchange. Sales were
not large, transactions in only two round lots being reported
lat 700 and in small lots up to 724.
The range to-day was
from 700 to 710, with the close at the low
figure.
Initial
transactions were also reported in the Amer. Tob. new
B stock, "w. i.," down from 152 %| to 140. ; General
Asphalt
Market.—Trading
Motor Car stock
were
about the
weakened from 98% to 96, recovered to 100% and ends
Oil shares moved within narrow limits on
small volume of business.
Guffey-Gillespie com. was
com.
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA
BALTIMORE EXCHANGES.
*
AND
the week at 98.
a
Boston
i
Philadelphia
Baltimore
Week endlno
April 16 1920.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Shares
Bond Sales
18,370
[
$167,700
28,607
27,520
52,377
116,350
254,000
51,150
51,850
36,739
34,014
197,627
Shares
Bond Sales
Bond Sales
$54,500
3,090
$11,700
7,517
356,700
123,450
5,828
38,000
3,117
3,120
4,317
16,700
24,000
7,788
15,000
6,151
7,852
$656,050
40,419
148,300
124,600
early loss of a point to 30 3^ sold up to 3334,
to-day at 3234.
Simms Petroleum lost 2%
points to 26 and closed to-day at 26%.
Pronounced activity
in Bigheart Prod. & Ref. advanced the price from 1134 to 13
with a final reaction to 1234Texas Pacific Coal & Oil lost
13 points to 87.
Southwestern Bell Telep. 7% bonds were
introduced to trading and sold up from 9714 to 97% and at
97 finally.
Penn. RR. new 7s, "w. i.," were
heavily
traded
in down from 10C34 to 99% and at 100 finally.
with the close
Shares
4,395
6,716
active and after
34,000
10,000
1,448
31,000
$817,550
20,920
$155,400
New York Stock Exchange—Stock Record, Daily,
OCCUPYING THREE
For record
Weekly and Yearly
1623
PAGES
of sales during the week of stocks usually inactive, see
preceding
page..
PES S3 ARB
AND LOW BALM PMICBS—PER SHAItB. NOT PBR CENT.
HIGH
YORK
Saturday
Monday
3 per short
Tuesday
Friday
the
April 13
Wednesday
April 14
Thursday
April 12
April 10
April 15
April 16
$ pet share
$ per share
$ per share
$ per share
Shares
82*4
8234
81%
82
81
81%
78%
78i4
7812
78%
78%
81%
78%
82
78%
78%
78
*6%
8
*6
8
*6%
8
*6%
8
88
88
87
87
81%
,
*86
87
87
3358
3358
325s
33%
33%
33%
33
45%
45%
45
45
45
45
16
16%
15%
15%
45%
14%
*1112
12i2
1558
11%
12
121% 122%
15*2
122i2 123
55
"*812 " 9~
55
36'4
3634
523s
5234
52
85
85
85
85
14%
33%
11
*11
88
33%
45%
14%
45%
15
87%
33%
33%
6,600 Baltimore A Ohio...
45
700
Do
prei
5,200 Brooklyn Rapid
45%
15%
: 11%
12
119% 121
*55
*8%
8%
56%
8%
120
; 8%
*8
8%
51%
*84
117% 117% *113
117% *113%
343g
35%
33%
3434
3578
*74
*73
7512
74%
74%
Feb IS
6
Aprl6
Line RR..100
84
Feb 11
27% Feb 13
100
42
100
Transit.. 100
700
Certiiloates of deposit
100
6,600 Canadian Pacific
11%
55%
76
500 Atlantic Coast
121
55
Year 1919
Feb 13
10% Feb 10
7
3
Jan
115% Feb 11
47
Feb 13
7
1,300 Chesapeake A Ohio......100
600 Chloago Great Western—-100
300
Do
pre?
100
7,400 Chicago Mtlw A St Paul..100
Do
4,500
prei
100
1,100 Chicago A Northwestern.-lOO
100
Do
pref...
——100
100
23,400 Chic Rook Isl A Pao
7% preferred—
...100
600,
1,600
6% preferred
100
Feb 13
21
Feb
Lowest
13
30% Feb
6
45% Feb 13
S
per
share
86% MarlO
82
Jan
3
8% Feb 24
93
Jan
Highest
S per share
Highest
400 Atlanta Birm A Atlantic.. 100
15%
*23%
24%
23% 23%
|23%
36%
38
36%
36%
36% 37%
*53
52%
54%
52
54%
54%
85
85
85
85%
85%
84%
85%
*113
117% *113% 117% *113% 117%
117
34%
36
3434
34%
34%
3434
35%
75
75
74%
75
74%
73%. 73%
63%
63%
63% 64
63%
*63% 64%
35%
8,400 Atoh Topeka A Santa Fe._100
Do
pref.
100
1,800
6%
56%
8%
23%
36%
54%
23
23
25i2
36i2
52%
355s
33%
45%
78
89
*87
82%
77%
*55
55%
8%
89
Lowest
S per share
76
Feb 11
Par
Railroads
81%
6
SHARE
Mange for Previous
EXCHANGE
81%
78%
7
*6%
120% 121%
121% 121%
8*2
*24
11
12
*11
563s
8i2
25
*24
STOCK
Wee\
$ per share
PER
Range since Jan. 1.
On basis of 100-share lots
STOCKS
for
I per share
104
May
80% Dec
76% Dec
6
Mar
89
Jan
15% July
7
87% Dec
107
38% Feb 24
49% Feb 24
28% Dec
38% Dec
17
10
55% May
59% May
33% July
28% July
170% July
68% May
Marl5
13% Maris
134
Jan
3
Dec
s
5i
Dec
126%
Dec
59% MarlO
10% Feb 20
51% Dec
27% Feb 28
42% Marll
21
61% Marll
7%
Jan
Dec
34% Dec
48% Dec
12
May
July
30% May
62% July
70
July
85
Nov
105
116
Dec
133
May
Jan
75
Feb 13
113
Feb 13
120
23% Feb 13
64% Feb 13
41
Mar 8
22%
Jan
32% Jlcy
78
Feb 21
68
Dec
91% MarlO
Jan
6
64%
*45
49
63%
*44%
65
65
*65
"50%
12%
14
21%
16
78%
78%
*65
52
*65
66%
*64%
3834
38
*9
10
31
90
90
*28%
89%
4%
414
1534
17
47
*45
6%
1234
*6%
13%
12%
13%
22
13%
*21
21
95%
185
*175
7%
13%
13%
21%
12%
13%
15
15
15
78%
39%
10%
77%
78%
37%
10%
39
10
10%
11
32
34
*31
35%
*31
8934
4%
15%
1634
8834
8834
89
89
88
92
*4
4
89%
4%
*88
4% ;
14%
14%
14%
14%
14%
15
16%
16
17
16%
16%
*16%
17%
47
*44
47
4
*45
47
4%
*44
47
"44%
*103
106
*100
105
*43
50
*45
50
*45
50
*45
15
*14
8%
14i2
14%
8%
*13%
"Si*
44
43%
43%
16
5%
*19
31%
*19
20
*19
21
*94i2
78*8
96
*90
95
7778
77
4134
27%
42
4078
78%
4134
28
27
27%
49
73
79
*75
"4l"
..
534
71
2934
19
19
800 N Y Ontario A Western...100
94
94
94
94
94
78%
40%
79%
78
79
78%
78%
40%
40%
41
40%
41%
27
28%
27
27%
27
27
100
1,000 Norfolk A Western
100
4,800 Northern Pacific
18,521 Pennsylvania.
50
8,500 Pere Marquette v 10.
.100
Do
prior pref v t 0—100
200
Do
prei v t c
...100
72
72
72
29%
31%
30%
30%
31%
82%
77
*75
8
8
1534
97%
22%
56%
41%
98%
22%
56%
15%
97%
*57
42%
r
3434
21%
21%
41%
41%
43%
41%
"l5"
7%
56%
42
16
14%
23
*33%
6534
66
11
*64%
10%
25%
*24%
25%
118
11
8%
26%
10%
*57%
58%
41%
42%
*33%
119% 120%
119%
119% 120%
65%
10%
10%
*24%
25%
8%
8%;
25%
26%
*64
17
10%
10%
i
I
*63
65
*10%
11%
*10%
*24%
8%
25%
25%
8%
26%
24%
8%
64%
25
*16
10
10%
30
30
30
30
30%
29%
30
"29"
64
64
64
64
64
64
64
*60
*28
31
*28
12
*11%
11
12
19%
*16%
19
*27
32
5
39
Apr
53% De«
44
Apr
72 *
24
Dec
41% Junt
80
75
Dec
88% Marl 3
73% Dec
84% Junt
93% Junt
32% Mar 9
36
33
33% Mar 9
15% Feb 13
23% Jan 14
36
16%
20
11%
16%
31
10%
17
*28
Mar 26
Jan
13
MarlO
Deo
33% Doc
Sept
38% Feb
39% May
27%
July
34
Feb 20
20
Dec
37
May
18
Feb 24
10%
Dec
Feb 11
30
Feb 21
23
23% Junt
37% Junt
12
July
21
6% Feb 11
12% Feb 13
88% Feb 13
Do
pref
Do
preL
18
Feb 13
.100
50
Feb 13
1100
25
Feb 13
100
12
Feb
21
9
25% Feb 24
10%
Jan
9% Feb 19
18% Mar 1
105% Jan
3
26% Mar 1
58% Marl 8
47
Mar22
—
13% July
Mar
35
Jan
26
29% Dec
25% July
60
Junt
125% MarlO
119% Aug
138% May
64%
100
100
20% Feb 11
14% Feb 11
8% Feb 13
1434 Feb 13
20% Feb 13
54% Feb
5
8% Feb
5,000 Western Maryland (n#w)—100
I
Do
2d pref
100
4,400 Western Paclfio..——
100
—
100
—
11%
10%
10%
16%
17
1,100
9% Feb 13
16
Feb 11
3,200,Wheeling A Lake Erls Ry.100
17%
pref
Do
100
26
Feb
25
...100
Wisconsin Central
32
25% July
Dec
May
—.100
pref
Jan
5
1
Do
27%
72% May
70% July
10
2,600 Wabash
5,400Do
pref A—.4
600
Deo
11
7% Feb 11
pref B
May
52%
3
29% Jan
Do
33
Jan
20% Feb 13
pref
Junt
Dec
17% Mar20
15% Feb 28
100
Do
23% July
115
20%
91% Nov
28% Feb 11
110
Feb 13
100
.—..100
pref..—.,
Dec
24
69% Jan
Do
Dec
6% Dec
12
Feb 20
10% Feb 19
Apr 16
5
200
64
*16
48% May
33% De«
70
Dec
64% Feb 11
500 United Railways Invest...100
29%
64
31
Jan
Mar
July
May
80% Marll
32% Mar26
100
500
20
19
30
*16%
51
39% Dec
12% Jan
99%
Feb 11
8,700 Union Pacific
10%
*16
*28
56
19
24%
112% May
21% Feb 11
70
Feb 11
500 Twin City Rapid Transit—100
35%
120
64%
11%
24%
8%
25%
64%
19
Feb
Feb 27
100
600
10%
Doc
32
jTol St L A W trust receipts..
.1
Preferred certificates dep..
15
37%
Dec
77
08
46% Mar 8
50
Feb 11
trust ctfs..100
A
600|
Do
pref
—
15,600 Texas A Pacific
23
*33%
95
11
Preferred
400 Third Avenue
*10
*18
16% Nov
MarlO
Marl8
MarlO
23% Feb 13
Feb 10
62
33,800 Southern Paclfio Co......100
14,500 Southern Railway——
100
16
15
23
MarlO
21%
I00t8
84%
48?2
100
400
734
30%
*15
6
800 Seaboard Air line—..
27
98%
2234
*13
17
10
Feb 13
Apr
St Louis Southwestern——100
Ye"
97%
22%
23%
*11
37%
119
8%
10%
*25
8
40
8%
*14"
27
56%
26
11
:
8
58
25%
20
84%
30
3434
99%
11
30%
64%
83%
*35
Ye"
97%
22%
33%
119%
9%
*22
26%
8
15%
98%
22%
6534
8
*12"
Ye""
98% 100%
22%
23%
57%
57%
22
*18
*17
85
Feb
500
26%
26%
8
10%
83
77
16
88
36% MarlO
88% Feb 11
40
Feb 11
700 Pitta Cin Chic A St Louis..l00
700
*14"
*l6"
10%
*75
77
23% Feb 11
100
3,600 Pittsburgh A West Va
100
200
Do
prof
100
29,300 Reading
,—.5'
Do
1st pref
6
300
Do
2d pref.
5
7,000 St Louis-San Fran tr ctfs.. 100
32%
16%
*75
100
preferred—.—100
14,200 N Y N H A Hartford
72
30%
32%
15%
8%
49
72%
30
32
8%
32%
72
21%
118
33% July
93%
*12
66
83% June
40% July
22%
66
66% Dec
23% Sept
53% July
21%
119
Mar
Sept
14
50
4%
70
21%
33
58% Junt
Dec
28% Apr
25% Dec
22%
36
11934
July
38% July
31%
21%
3378
16%
25% July
32%
22%
15
37% Dec
24% July
31%
21%
24
47% Feb 20
77% MarlO
36% Marll
Feb
8% Jan
22% Nov
33%
31%
36
35%
*18
Feb 11
Jan
4%
Nov
35%
*15
36
4% Fob 13
39% Feb 11
64% Feb 13
2334 Feb 13
31% Feb 28
49% Feb 24
7% Mar29
9%
60% Dec
*35%
*10
Feb 19
40
3£%
15
18
Marll
85%
36
1478
8% Feb U
21
Feb 11
Marl 2
35%
23
Feb 21
62
*35%
147g
11
50
37
*18
52% Mar20
18% Mar 9
Feb 13
Aprl3
*30
75
*72
*10
37% Dec
Feb 13
6
May
Feb 16
36
42%
5%
6
9
57
60% Junt
122% May
88
Jan
50
83%
42
39-% Feb
40% Dec
104% Aug
43
*35%
5714
100
47% MarlO
112% Jan
5
First preferred
37
5714
Feb 11
98
Second
*35%
23
Dec
50
100
200
36
2234
40
200
*355s
"osij "99"
Nov
48% Mar 1
100
3ts Mar
55
75%
26%
Dec
13
50
82
8
10
19% Feb 24
100
*52
*35
26i2
4% Marl3
16% Marl5
*47
36
8
85% Dec
9% Feb 13
13% Feb 13
43% Jan
9
40% Feb 13
55
30
84
26%
93% MarlO
3% Feb 13
47%
82
"l7"
80% Feb 13
100
30
*35
*15"
100
Manhattan Ry guar..
14
Apr 16
Aprl4
47%
84
22%
11
34
*52
36
22i2
52% July
12% July
40% July
104
May
9%Jun«
31% Junt
25t4 May
24
Jan 24
55
*35
83%
Dec
Jan
31
49
79
7
30
7
28
23% July
49
30
2934
76
*76
100% May
Jan
Sept
Feb 13
Feb 24
*50
93%
77%
41%
27%
27
30%
Dec
300 N Y Chloago A St Louis.. 100
44..
5%
40%
72%
20
40%
73
30
75%
31%
"""2OO
8%
July
20% May
July
33
17% Feb 24
32
44%
*13
49
72
31
15
8
15% Feb 24
25
May
24
*46
32%
93%
78%
2978
50
*14
6% Feb
12% Dec
15% July
50
32
50
*46
72
*48
15
8%
16% Feb 24
May
217
47%
*29
!
50
*14
3% Apr
84% Marl 3
41% Marl9
72
71%
3158
*48
1§
8%
3
Jan
9
33
Nashville
300 Louisville A
MarlO
9
58% July
51% May
116
12% Feb
71%
71%
32%
52
43%
195
91% Dec
172% Mar
Par
...—
105
43%
99% Marl3
68% Feb 11
.....100
Preferred
1,200 Illinois Central..—
3,600 lnterboro Cons Corp ..No
Do
2,300
pref
2,300 Kansas City Southern
Do
pref
1,800 Lehigh Valley..—.
4%
19
16
100
Iron Ore properties..No par
9 00 Gulf Mob A Nor tr ctls...100
15
Feb
Jan
18% Dec
13% Dec
72%
71
315s
6,500
500
27
100
8,100 Great Northern pref
105
9% Feb 13
17% Feb 13
....100
77%
43%
43%
104% 104%
Feb 11
Do
pref trust ctfs."
100
800 Nat Rys of Mex 2d pref... 100
1,600 New Orl Tex A Mex v t c__ 100
100
8,500 New York Central
71%
32
4%
9
3,100
71
58
*
Feb 10
Feb 13
100
..i
1st pref
2d pref
38
11
89% Feb 13
100
pref
Do
Mar 8
6
41
40
47%
32%
77%
37%
Do
'
100
Grande
4334
44
40
47%
165
Denver A Rio
40
43%
41
*52
Feb
4334
44%
40
*30
Deo
41
44
32'2
31% May
48
45
44
44%
57
Dec
51% Mar25
43
26%
4434
50
19
47% Feb 16
42
100
25%
*41% ~41~%
*54
Feb 11
1st pref ..........100
2d pref—
26%
26%
43%
5%
40%
*31
20
Do
26
26%
*46
Sept
27
26%
72
63
13%
2634
70%
Feb 24
16
26
5%
68
*13%
16
27
5%
Feb 11
Mlaneap A St L (new) ....100
4,375 Missouri Kansas A Texas. 100
Do
100
pref..
——..100
9,200 Missouri Paoiflc trust etfs.100
27
57S
63
100
..
8%
13%
8%
834
8%
*1334
Do
54% Junt
74
July
300
35%
14%
16%
Feb
3,200 Erie
Do
1,300
1534
30
9%
32
6,100
21%
30
105
&
13%
20%
15
Marl5
""466
7%
1234
13%
76%
37%
10%
105
*14
1234
13%
*20-%
*14-%
14%
44
i.
13%
77
106
8%
*1334
7%
20%
55
185
7%
38%
44
14%
*175
185
6
pref
100 Colorado A Southern
96
*6%
14%
76%
*105
43%
96
95%
37%
9
1434'
1634
*175
185
6%
1234
98%
30
9
*28
*95%
July
Feb
Delaware Lack A Western..50
24
73
42
100
400 Delaware A Hudson......100
66
135s
21%
15%
77%
3834
*14%
7634
3834
*45
66
7%
1234
1358
2114
17
*63 '
June
55% Aug
100
50
*175
14
4%
*44
190
*6%
1534
52
*175
7
*15
*45
*95
190
21
66%
98
7
*13i2
*45
*95
96%
*180
*12i2
53
24
96i4
*45
84
66% Mar 1
400 Clev Cin Chic A 8t LouIb-100
50%
52
62%
Feb 11
200
6834
63%
54
Do
64
6
Feb 11
3
13% Marl8
63
Dec
74% Mar
Jan
15% July
Jan
7%
34% July
Dec
13% July
27|
10% Feb 24!
15
31
20%
Deo
38
14
Doc
26% July
Apr
14% July
Feb 24!
20% Feb 19,
12% Feb 24
7%
9%
18
May
30% July
July
20% Feb 19'
32% Apr
7
17
Feb
26
66
52%
Feb
61% Jan
18% Sept
28% Sept
41% May
Mar29!
14% Feb 20
Dec
7% Mar
22% Feb 20
17
Jan
33
25
Dec
Feb 24
Industrial A Miscellaneous
38
38
34
*42
43
42
*69%
70
69%
36%
43%
69%
*77
79
74%
2%
43%
2
2%
2%
44%
*82
2%
42%
*82%
83
3734
36
44%
70
43%
*69%
44%
69%
75
76
*2
3734
42%
75
75
42%
*69%
76%
1%
2%
42%
*34
40
71
76%
2%
2%
44%
2%
96
*88
93
47
*43"
47
*43
47
46
*44
46
*44
46
97
102
*85
92%
*85
91
121% 122
48% 49
97
97
144% 145%
93
*85
97%
92
119% 121%
47%
48%
97
*95%
142% 145%
119% 120
47%
*96
49%
97
141% 143%
"47%
50%
2
2%
43%
82%
*93
*90
92%
*90
*43
47
*43
47
*43%
*44
46
*44
46
*44
500
9934 10234
99
*85
121"
48%
*96
82
91
119
120%
4834
47
4834
97
143
14434
113% 113%
49%
50
96%
13%
13%
26
114% 114%
13%
24%
113
13%
25%
115
50
50
49
49
*63
66
63
13%
13%
24%
113
114%
47%
48%
24
"47%
48~
96%
14134 143
113
113
113
48
200
63
101% 10434
13%
13%
89
90%
100% 104
13%
13%
63
63
101
13%
102%
13%
92%
13%
13%
25
25
13%
25%
114% 11534
48
48%
*60
66
102% 104%
13%
13%
91
92%
89
91
90
*93
96
94
94
107
105
105
104% 108%
104% 104% *104
105% §103
103
*35
*93
96
*36
50
*35
50
24
69%
22 %
83
23
*81
82%
82%
69%
67%
106%
Sept
pref......——i—.100
Dec
60
39
Feb 13
50
45
Jan
*35
69
23
23
22%
83
*82%
683
67%
♦95
96
95
95
*95
96
*105
112
*102
112
*105
112
47%
47%
46%
47%
91
•
Bid and asked prioees
463
46%
'
22%
*82
6734
95%
*105*
46
50
23%
84
68%
95%
112
46%
91
no tales on this day,
Note
90
105
95
pref
8,700 Amer Druggists
*35
22%
*82
66%
*95
*105
50
*35
23%
22%
83
*82
68
67
95%
95%
112
*100
1184 Jan
9
18% Mar 1
45
22%
"7", 000
90% Mar 2
38
83
68%
95%
200
45%
46
91
91%
91%
91W
"4,066
Do
500
Feb 13
12% Feb 25
74
Feb
13
92% Feb 25
Feb 13
82
86
Jan
95
84%
July
Oct
Oct
May
143% Nov
Feb
107% June
Feb
148% Nov
Jan
113
68% Sept
Dec
84%
119
July
39%
Mar26
14
3
Jan
49
101%
42%
15% Jan
3
53% MarlO
68
Jan
Jan
84% May
30% Jan
122
55
42
*62
X98
Jan
147% Apr
116% Feb
54% Jan
Jan
2
120% Jan
3
Jan
67% July
88
Jan
93
10% Nov
13% Jan
71% Jan
Apr
14% Mar
43% July
142%
Oct
70% Junt
37% Aug
54% Jan
52% Feb
132%
Oct
44% Mar
89
Nov
76% Junt
14% Jan 22
95
Apr
7
99% Jan
27
85
Mar
98%
Apr
109% Apr
8
58
Jan
117%
Oct
Mar 9
100
Jan
109% July
63
Aug
107
30% Feb 13
44
Jan
2
39% Dec
Oct
30%Jan
5
Mar30
26
Deo
47%
83
79%
Dec
94% Junt
72
61%
Dec
89% July
100
Dec
109% July
Dec
140
Snuff
Pref temp ctfs
»
16% Feb 13
5
128% Jan
61% Jan
101
Feb 13
104
Jan
Jan
Sept
14
pref
o
6
93
Aprl6
97
113% May
Mar
103
56% Feb 13
Am Steel Found
I Less than 100 share#,
Feb 13
87
v
33
48% Apr
103%
Jan
4% Jan
3% July
51% Got
A Refining. 100
Comm Gorp.no par
Amer Smelting
American
110
46
Am Ship A
100 Am Smelt Secur pref ser
10,000
Feb
53
80,700 American Locomotive.....100
Do
110
pref
100
Amer Malt A Grain
No par
45%
t Ex-rlghta.
Do
5
39% Mar 1
85
Marl7
—.100
Syndicate. 10
Linseed.J......100
pref
....—100
Feb 13
Feb
124% Feb 25
112% Feb 26
100
3,400 American Cotton Oil
Jan 20
38'% Feb 25
100
pref
81%
45% Jan 28
74% Feb 13
.100
12,700 Amerioan Car A Foundry. 100
300
Do
pref
———.100
700
Jan
87
11,900 American Can
.
30
53% Jan
Z92
16,900 American
94
93%
94%
105% 10834
106% 108%
106% 108%
104
103% *102
104% *102
1% Dec
1% Jan
16
13%
101% 103%
Mar31
28
9134
63
113
5
2% Mar24
3
Jan
13%
101% 10334
46%
Jan
88% Jan
Jan
90
*62
60
July
Junt
July
95
13%
40
63
76
96%Jan
9234
93%
47
63
54
Jan
92
13
46
May
Jan
56%
12
Feb 11
90
113% 114%
64
21
Jan
Feb 11
80% Mar 1
3,900 American Hide A Leather. 100
Do
pref
—.100
4,100
100
2,000 American Ice
Do
300
pref
100
84,900 Amer International Corp.. 100
10
2,100 Am La France F E.i
*102
50
13%
1334
23% 24%
112% 113%
29% Apr
72
89
Preferred.,
Do
42% Apr
46% Mar29
82
American Bank
49
113
13%
1% Feb 11
1% Feb
4
36% Feb 26
7,900 Allls-Chalmers Mfg
100
Do
400
pref
100
7,300 Amer Agricultural Cbem—100
Do
Feb 13
65% Feb 13
50
10
800! Alaska Gold Mines...
200
141% 143%
25
65
2,600; Alaska Juneau Gold Mln'g.10
Do
25%
34% Feb
100
100
prof
100
10034 10334 108,200 American Beet Sugar
Do
*85
91
pref
100
"YSOO Amer Bosch Magneto —No par
103%
121%
Do
900 AJax Rubber Ino
46
2%
42%
.....100
Express
6,200 Advance Rumely
94%
90%
47
91
91
76%
*1%
90
91%
*45
92
*75%
90
*81%
91%
*44
*89
*
76%
900 Adams
38%
93%
43%
43
82%
96
69%
*81
2%
42%
91
43%
69%
4334
82%
94
2
2%
82%
91%
83
91
*90
3734
42%
70
1%
2%
43%
82%
9434
2
2%
36
43%
80
A.100
Feb
Jan
3
293% Feb 13
100%Jan
13
115% Jan
5
.....100
86
Feb 13
tem ctft.33%
39
Feb 25
60
No par
90
Mar
93%Jan
Ex-dJv. and rights,
a
4
Ex-dlvidend.
Mar22
19
• Full paid.
94
101%
1
33% May
91
Dec
Sept
New York Stock
1624
For record of rales during
Record—Continued—Page 2
the week of atocka
usually inactive, see second page preceding.
PER
B1GH AND LOW SALE PRICES—PER
Saturday
April 12
S per ehare
S per
135
137
114
*110
98%
98
275
*250
97
*95
270
274
*95
96
134% 137
131
*100
102
*100
*48
101
50
48%
18%
18%
58
"63%
63%
*67
47
50
18%
18%
19
68%
70%
168% 171%
68
*06%
66%
65%
67%
45
70
*67
69
*67
69
*66
70
*66
69
114
114
*114
117
115% 115%
170% 173%
130%
"T%
"*l"
67
67'
69%
66's
69
68%
*12%
72%
13
27
31%
30
140% 143%
*45
47%
138% 142
48%
48%
31%
128% 130%
"T%
128
126
130
128%
*104
1IJ*
30%
"98%
112
11
11%
60
26%
27
24
24%
9%
18%
26%
2234
80
81
81
9%
*9%
21
*19
72
*62
09
65%
157% 159
105
108%
55%
18%
37%
18%
36%
*91
10l2
60"
*54"
127
124
128%
9%
9%
9%
*54
125
9'4
10%
127%
978
27
22
23
22l2
2234
64
70%
81%
38%
70%
*64
68
64
8OI4
*80
39
*37
70
70l2
*64
69
87
95
*91
*35
36
35
35
36%
39
64%
48%
49%
62%
46%
48%
38%
68
63%
47%
40
91
----
03%
48
04
49%
*87
91
68%
68%
68%
36%
91
92
*86
90
3534
36%
39
63
64
*87
30%
94
30%
30%
36%
*91
*68
09
9%
7934
85
86
85
86%
88%
87%
*103
105
*103
105
105
103% 103% *103
53
53
53%
53%
54%
52%
53%
53%
157
158
155
164% 150%
158% 156l2 160l2
104
98
103
101% 107
103% 108
106%
18*a
I8I4
19
18%
18%
18%
18%
18%
94
124
38
85l2
38
71
*64
85%
157
99
1734
35
*90
39
62%
4718
6334
64
65%
4934
67l2
4812
90
6712
46%
*82
83
*82
83
*82
83
*82
83
87
85
85
86
80
84
86
84%
17%
17%
18
17%
18
17*8
17%
37%
38%
95%
36
18%
38%
30%
38
30%
37%
3612
40%
95is
17%
40%
95%
93
..
98% 100
*104
105
265% 271%
*96
97%
54%
55%
94
93%
92%
95%
103% 105%
105
260
206
97%
93
*82
272
207% 271
£257
266
97%
97%
97%
58%
57%
82%
82%
84
83
600
*585
590
97%
59%
83%
650
9734
9734
500
97%
580% *550
600
1,450
6,000
42
*40
42
*41
43
*37
40
47
500
25
*22
25
*23
24
*23
25
23
23
200
85%
*82
86
£82
82
200
-
-
*14%
100
100
100
85%
84
85
85
*87
88%
89
90
89%
15%
40
125
37%
26%
16
16
100
4.
•>
-
70
70
156
154
155
377%
361
372
37%
36
37%
87
-
75
74
75%
»
m
...
»
~
74%
128
36%
37%
25%
25%
15%
15%
70%
72%
153% 154%
358
369
35%
*80
70%
-»«-«■
37
84
74%
74%
88
69%
39%
128
•
88
_
86%
91
15
*36
38%
39%
127% 127%
37
36%
26%
25%
15%
15%
09
70%
152
153%
349
364%
34%
36%
114l2 115%
100
*11
—
39%
125% 125%
36% 36%
26
27%
15%
10%
68%
68%
39%
♦155
90
117% 117%
83
100
84%
125
*82
83la
90%
86
9158
11534 11534
9934 9934
85
8534
90% 91%
*10
15%
15%
*36
39
39%
130
127% 127% *127
36l2
37
36% 37%
25% 26%
25% 2634
15%
15%
70
70
"69% 71%
154
15334 15334
154%
363
355% 360% 358
35% 36%
35% 36%
*37
"74%
68%
71
70
46
*43
46
*44
*34
37
"34"
68
69
69
69
*88%
7234
3984
92
*89
94
46
*43
46
*43
45
35%
37
*35
36%
*35
37
35
35
69
69
69%
69
70%
*91
93
69%
73
168%
*90
74%
♦38
39
21% 22%
59
58%
*23% 24%
*80% 82%
135% 138
71%
*39
69
68
93
*90
74%
74%
39%
75%
21%
57%
21
57
58%
56
24
26
26
27
81%
40
85
86%
2434
86%
59
24
81
81
138
140
40
*38%
20%
55%
21%
139
23
142%
137
112
112
111% 111%
38% 3a%
96%
08%
22
22%
84% 87%
*74
96
38%
97%
84
21%
81%
84
76
36%
95%
21%
81%
75
75
47%
47
36
38%
97%
23%
22%
♦47
49
4612
15
15
15
16%
45%
16%
39
39
38
39
38
*22
25
23%
24
*23%
75
47
38
25
90
85
87
31%
32
31
31%
38
39%
81%
44%
34%
37%
78%
81
79%
34
37%
23%
134
135
*102
104
*70
93%
31%
77%
31%
39%
78%
87
79%
42
31%
41%
80%
••
-
34
34"
*33
34
165
165
*150
170
*162
167"
*102
16/
*102
107
103
103
*102
103
x20
35%
22
22
22
22
133% 135% *125
102% 102% *102
132
38
169
106
*100
106
*102
105
00
35
36
34
19%
*54%
19%
19%
,144% 144% *144
111
*64
70
*6312
64%
145%
*104
•
-
111
145% 154%
154
62
34
18%
59%
59%
*111
127
156% *150
159
127
*105
111
•105
111
*105
111
66
*65
75
*64
74
64
04"
41
—
m
-
Bid and aaked prices
-
-
64
64
*63%
64%
64
64
-
*40
43
*40
43
43
43
«
-
-
-
•
no sales on
this day
| Less than LOO snares
48%
3
20%
75% Jan
6
64%
69
19%
Mar26
101% Jan
108% Jan
61%Jan
0
5
3
164% Mar29
111% Apr
8
21% Jan
3
41% Jan
3
56% Mar
Fob
Jan
5012
104%
Jam
31
90
Nov
68
Apr
16%
DecJ
Feb
32%
...
54% May
87% Deo
56% Oct
86% 8ept
86% July
116% July
114
Judy
67%
141%
113%
29%
50%
July
Nov
Nov
July
July
Dee
106
Jan
3
40% Jan
44% Jan
2
3
Jan
9
65% Jan
5
50*4
92% Jan 14
70% Mar22
91%
Feb
Oct
Dec
75%
95%
54
Aui
75
106
67
83%
9
Apr
102% Jan 22
14%
105%
Aprl6
Aprl4
Jan
9
278% Apr
80% Feb
37% Nov
34«4 Feb
39%
59% Apr 14
85% Jan 21
600
Aprl3
Feb 17
45
20
Feb
„
Dec
Apr
Dec
7834
5%
SO1*
65% Feb
100% Oct
10% Sept
46
Jan
102
Jan
7
100
AUI.
£78
7
Jan
107
52%
Feb
91
Jan
Jan
69% Maii
20%
Jan
150
43% Nov
56
July
Oct
69
Oct
Oct
June
86% July
108% July
Oct
23
37% Nov
103% Juno
June
110
15%
Oct
99
Oct
109% July
261
Oct
105
July
55
Deo
87%
Deo
Oct
410
10%
Jan
1% May
23%
A
2
Deo
43V July
49
\ July
Mar25
39
6
29
Jan
2
24%
Deo
43
June
Aprl6
91
Jan
3
88
Dec
101
June
3
147
Jan
6
80
June
150
99% Apr 16
104
Jan
3
101*i
65% Feb 11
95
Jan
5
83
99
Mar
85
Feb
11
10
Jan
6
26% Jan
2
100% Feb 13
33
Feb
6
20% Feb 10
12
Feb 11
58% Feb 27
152
Aprl3
225% Feb 17
24% Mar 5
73% Feb 13
69% Feb 13
84
Feb 13
64% Feb 25
Mar
3
Feb 25
31% Mar 5
29% Feb 13
57% Feb 25
2
AprlS
16% Mar30
40% Apr
8
134% Mar20
48
Jan
410
Mar24
42
F
9
Dec
25
Dec
38% Jan
39% Nov
Deo
Dec
"95"
June
82%
Feb
94%
85% Jan
102'4 Jan
55t2 Jan
5
3
3
Apr
~66%
Jan
"93"%
Aug,
109%
Oct
Apr
Jan
4934 Jan
38% Jan
84% Jan
5
3
8
19
77% Apr 14
108
Jan
Aprl4
102
47% Dec
46% Deo
32% Dec
49% Feb
54% Jan
40
Feb
42%
10%
Feb
48
Jan
AprlS
142% Apr 13
110%
115
111
88%
7
Oct
Dec
71% July
120
June
Jan
67% July
128% May
337s June
82
Nov
3
51%Jan 27
62
Jan
80
July
34
Dec
65
Nov
11
21«4Jan
9
15
Dec
48
10
38%
Dec
91
Mar
36% Mar 1
79% Jan
100
22
AprlS
30
Tire
-25
Temporary 8% preferred 100
Kelsey Wheel, Inc.--L--.-100
Kennecott Copper
No par
Keystone Tire A Rubber...10
106
Feb 25
-.100
63
100
38
28
5
24% Dec
44
July
15212 Jan
5
68
Jan
164
Nov
105
Jan
21
4
95
Apr
9
34
7
27% Nov
5
38%
Feb 26
33% Apr
48% Jan
9134Jan
5
62%
Jan
Jan
8
43
33
Dec
Feb
11
27% Feb 13
24% Feb 13
Mar
Jan
13
Mar
47% July
89%
100%
Jan
92% Feb
20% Dec
30% Jan
Marl9
53% Nov
Dec
5
91
80
July
July
July
July
111%Jan
26%Jan
Feb
176
68%
37%
91%
149%
Jan
76% Feb 13
19% Feb 13
70% Feb 26
66
38% July
95% July
Oct
406% NOV
21%
90
Oct
Jan
3
Feb
Oct
55
64% July
~82
24
16
48% July
Jan
Jan
Feb
"23% Juiy
173
Feb
Jan
51% Jan
Mar22
Deo
144%
118%
27% Feb 11
110
Deo
July
Mar26
89*4 Jan
3
85% Jan
6
93
Mar29
27
112% Feb 17
123
47
Jan
13% Feb 13
Feb 11
107%
Dec
15
19% Jan
75% Jan
172
4334 Mario
2334 Apr 9
61% Apr
8
69
Aug
31%
36% Jan
50% Feb 13
13
Deo
91%
45% Jan
Wo par
5%
Jan
46
Apr 5
Steel
85%
Maris
101% Dec
110%
Jan
114%
Dec
43
Oct
Oct
July
126% July
107% Nov
83
Jan
40
Oct
6
21
Jan
100 Liggett A Myers Tobacco—100
Do
100
preferred
100
34%
19%
66
111
*104
«■
41
•
142' 144"
57%
*111
3584
19%
Feb
Deo
Jan
Jan
Jan
11
29% Jan 12
28% Jan
6
85%Jan 28
35
100 Laclede Gas (St Louis)
14,000 Lee Rubber A Tire
19%
59%
100
900
42
37
19%
39% July
37% July
100
preferred
700 Jones Bros Tea, Inc
38
*165
Jan
-100
-
Do
12,800
18,300
27,300 Lackawanna
35%
127
800
82
36%
16
14
3,800 Kelly-Springfield
104
170
0
33
£82
3,200 Jewel Tea, Inc
30%
39%
81%
34%
Oct
Jan
26
Jan
14%
*150
17
Jan
48
82
77
Apr
Feb
13
70
Do
31%
78%
May
9
28
stamped pref
100
4,500 Iron Products Corp.—Wo par
75%
86
19%
*111
...100
Paper
3084
40%
92
166
11% Jan
10
Aprl6
20% Feb 26
Feb
—
807
9
Jan
Mar
35%
77%
400
13
36
30%
38%
102
Dec
13
Feb 25
Sept
25
Dee
Dec
100% Jan
189
July
116
41
98
26
108
Jan
Dec
115
13
Jan
Oct
Oct
7
Feb
101
May
2% May
45
Dec
90
101%
Apr 1
Feb 27
76% Feb 13
Sept
Mar20
78
10% Mar 3
Jan
1%
26
Apr
96%
25
30
36
38
97%
110
July
Aug
Apr I
93% Mar22
20% Jan
5
4234 Apr 16
Feb 11
16% Feb 10
75
13
14%
*75
5
Feb
15
14
13
50
48
47
Feb
36% Feb
16
26,600 International
34%
*104
135% 137%
22
53
Feb
22%
75
19
36% Feb 11
86
84%
8584
75
33%Jan
100
-.
83%
§75%
44%
23
83
Feb 11
No par
Hart man Corporation
87
22
20
56
Gray A Davis, Inc
25
700 Greene Cananea Copper—100
1,400 Gulf States Steel tr ctfs—100
34"
87
96
15% Feb 11
87
36
25%
36%
Feb 26
31% Feb 26
92
500 Sendee Manufacturing
100
27,400 Hupp Motor Car Corp
10
12,800 Inspiration Cons Copper..-20
6,200 Internet Agrloul Corp
100
Do
2,700
preferred
100
16,900 Inter Harvester {new)
100
56
78
...100
39»4
20%
57%
25%
20
117% Feb 26
Granby Cons M 8 A P—-.100
46
3934
95
36
127
100
1
19%
55
100
Deb stock (6%).—100
deben stock (7%)—100
500
Do
Preferred, neto
100
17,600 Int Mercantile Marine
100
Do
26,400
preferred
100
18,700 International Nickel (The)-25
33%
*111
Do
Do
preferred
3934
21%
57%
2634
37%
20
53%
Do
80,700 Haskel A Barker Car
139%
34%
127
13,600 General Motors Corp
100
Do
74,300
temporary otfs..no par
75%
36
20
53%
1,600 Gaston W A W, Inc—No par
4,600 General Cigar, Inc
100
2,700 General Electric
100
73%
136
33%
♦111
50
76%
42
31%
37%
-
48
----
37%
23%
132%
*70
38%
44
*40
_
86
134% 132
133% 131
*101
•101% 105
*101% 105
87
10%
75
105
*132
*40
88
139%
-
"""306
77%
39%
21%
20%
56%
23%
39%
99%
84%
74%
93
71%
•m
37%
9612
22%
83%
74%
*43
...
12,200 Goodrich Co (B F)
Do
1,200
preferred
35%
*35%
"68%
preferred
—
93
94
102% Mar22
45% Feb 26
—
700
*86%
68%
♦43
13
Feb
Wo par
100
Cuban-American Sugar—100
Dome Mines, Ltd
10
Elk Horn Coal Corp.50
Do
preferred
50
Emerson-Branttngham
100
Do
preferred
100
Do
2,100
74%
71%
•
,7434
72
39% Feb 26
79% Feb 13
600
Do
preferred
100
17,900 Famous Players Lasky No par
5,700
Do
preferred (8%)
100
Federal Mining A Smelting 100
"l'ioo
Do
preferred
—100
500 Fisher Body Corp.
No par
5,500 Flsk Rubber.
25
4,600 Freeport Texas Co
No par
100
75
90
70%
74%
10
Feb
59% Feb 13
96% Mar 5
2,500 Endlcott-Johnson
84
93%
71%
12,500
*11
84
65
100
preferred
6,800
42
85%
Do
83
*21
110%
Feb 27
27% Feb 13
67,000 Consolidated Textile._-Wo par
6,800 Continental Can, Inc..—100
11%
27
85%
*74
4234
97
*10%
26%
115
112
85%
1734
11
85%
114% 115%
107% July
55% Feb 10
£76% Feb 13
26%
*82
119
Jau
Wo par
Do
preferred
100
"3",200 Consolidated Gas (N Y) —100
4,200 Cons Inter-State Call Mg.,10
82
*37
Feb
Jan
87% Marl!
10%
26«4
145* July
55%
6
83
10
Jan
55%
Feb
82
26
Oct
103~
3
96
17
53% 125,000 Cuba Cane Sugar
11
Deo
156%
7
9
5
56%
2612
35%
Jan
Apr
Apr 16
Feb
Feb
58
11
De«
Oct
14% Nov
102% Jan
1
22
Do
preferred
100
14% 47",566 Continental Candy Corp Wo par
100% 103% 160,300 Corn Products Refining„ 100
105
105
Do
1,500
preferred
100
262
266%
37,400 Crucible Steel of America. 100
26
20%
29
64%
77% Feb 27
81% Feb 26
104%
3
Mar
Mining.-10
Caddo Central Oil A Ref—100
California Packing
No par
California Petroleum
100
Do
pref
---100
Calumet A Arizona Mining. 10
"""666
75% Dec
17% Feb 11
114
11
pref
Consolidated Cigar
Oct
76% May
9
50% Mar25
134% Jan
A
111%Jan
6
1% Jan
5
32% Apr 9
Feb
56
580
19% Jan
30% Jan
65% Dec
148% Apr
15
"13%
97%
14
100
11
♦38
70%
105
Mar30
Feb
5
26
90
75%
105
105
12
25
103% Feb 13
46
Apr
6
7% Feb
11%
m
-
*88
•88
101i2 IOH2
3
8
15
62
27%
mm-mm
37%
14%
74% Jan
129
10%
43
♦80
105
105
56%
'
1212
105
56%
580
*100
192%
Jan
4
26
23%
85%
373
12%
12%
103% 105%
55%
550
23%
25%
12%
142
Feb
64
5
11%
42
37
270
97%
105
*100
105
12%
Jan
92
7
13
27
11%
24%
83%
*100
-
82
82% 83
540
t 540
mrntmm
.
13
12%
99% 103
104% 104%
13
68
5
Feb
Do
Nov
8
Jan
100
Aug
80% May
Jan
91
Iron
Deo
82
Feb
58%
Jan
75
93
25
5
65%
Jan
Mar
125
49% Feb
6,900 Chlno Copper
77% July
17%
9
18,000 Columbia Gas A Elec——100
27,000 Columbia Graphophone No par
83
54% Nov
61
176% Jan
5
5,300 Chile Copper
July
Feb 25
Jan
3,000 Cerro de Pasco Cop.--Wo par
13,900 Chandler Motor Car —-Wo par
9,500 Chicago Pneumatic Tool—100
July
65
Feb 11
Jan
100
Oct
29
Jan
Feb 26
15
pref
09
Jan
63
114
Do
Jan
11
40
102% Feb 24
100
Jan
27%
66% Apr 6
67% Jan
A
74% Jan 17
75% Jan
7
13
'
"12%
169% Dec
110%June
13
1,100 Colorado Fuel A
68
86
Feb
14
92
68
106
Jan
94%
107
100
*86
Dec
45%
Feb
100 Cluett,
36%
*85
Feb
7
2
105% Jan 29
61%Jan
3
21%Jan
9
59% Jan
0
93%
165% Jan
137
54% Feb 26
Oct
May
197% Jan
Feb
8%
conv
Peabody A Co——100
No par
13,900 Coca Cola
95
Dec
119
191%
Jan
200
18%
35%
Dec
95
148%
120% June
100
May
108% Mar
314% Oct
5
Jan
10
cum
Jan
90%
100% Marl8
283
97
100
101%
39
Aug
108
preferred
Do
9,500 Central Leather—
158
35%
Jan
73
100
4,200
1,000
1,500
1,700
71
39
common—100
113%
preflOO
69
36i8
*82
92
B
1,300 Butterick
3,400 Butte A Superior
86%
35l8
18
94%
Class
65% Mar27
111%
—100
5,400 Burns Bros—
3,700 Butte Copper A Zinc v t c..5
124%
9;
39
88"
■
10%
103% 103%
52% 52%
17%
"87"
Do
64% Mar 5
142% Aprl4
118% Jan 20
106% Mar22
105
Apr 12
No par
1,600 Booth Fisheries
Brooklyn Edison, Inc
100
Brooklyn Union Gas.-----100
22%
80%
3934
26
*80%
38%
70%
10%
22%
18
27
22%
81
39
70%
30%
99,900
27
18
26%
22%
80%
38%
70%
39%
64%
Batopilas Mining.——! -—-20
34,300 Bethlehem Motors.—Wo par
100
1,200 Bethlehem Steel Corp
98%
26%
18
36
Baldwin Locomotive Wks.100
1,100 Barnsdall Corp CI A——25
8,600 Barrett Co (The)-—-----100
Do
preferred
100
100
18
26%
39
Marl7
1st preferred
6% pref temp eertifs——50
47%
17
18
37%
Feb 13
353,566
133
18
26%
69
30%
54
43
pref—
100
Do
2d preferred—---100
165
100
1,000 Associated Oil-——
60
18
38%
-—100
pref
100% Apr 13
38% Feb 23
15% Feb 13
25
Do
-
—
"eo"
9%
81
*91
95
-
16
Aprl6
Feb 13
Do
104% 104%
*1
1%
30% 31%
"96%
95%
50
""300
11
123
23%
70%
105
-
18%
*04
87%
86%
•103
323a
9512
99
27%
37%
38%
3812
1 *70%
99%
9534
47%
Do
Do
11
9%
92
Feb
200
112
*54"
123" 126"
3012
Q^lo
PV18
"ill
84
27
130
"♦I"
Do
preferred
100
4,000
7,350 Amer Telephone & Teleg—100
14,000 Atl Gulf A W I S3 Line—100
Do
pref--—
100
68
67% 162,265 A T Securities Corp——no par
50
13
200 Autosales Corporation
4778 4778
1271a 129i2
30%
97%
97%
-
11%
"
126
125
"96%
112
'
*11
*
123% Feb 13
111% Apr 16
Feb 13
171%
139% 143
30
30%
mmm
-
*11%
"29%
66%
3 per share
28,100 Anaconda Copper Mining—50
100
200 Associated Dry Goods
141% 144%
100
1%
*66
1212
27
*V/U
*1
99%
96%
mm-'m
•55"
12is
*20
0.1
100%
112
170
16812 17212
Highest
f per share
77
1,100 Amer Writing Paper pref--100
4,500 Amer Zinc Lead A Smelt.--25
62
45
68
66
48%
130~
18%
56
172
■
>"*r
48"
1734
*51%
*67
144%
48%
*40~
pref———————100
Lowest
} per share
22,000 Amer Sumatra Tobacco---100
200
50
£61
1758
168
27
m~
143% 145%
*45
46
*20
13
*12
*
96
132% 134%
*5112
61%
08%
116
68
*95
Do
Highest
% per share
100 £225 Feb 13
3,800 American Tobacco-92% Mar 3
Do
pref (new)..——.100
300
112% Mar 3
46,300 Amer Woolen of Mass.----100
270
*44
70
*67
•66
270
*265
56
*67
116
270
057S
47%
*42
*68%
965s 1007*
103% 10412 ;
963s
700
99%
99
100
95% 98%
98
64
63%
47%
70
Year 1919
Lowest
Par
Indus. & Miscall. (Con)
38,400 American Sugar Refining—100
11134 112
56
54
63
117
136% 138«4
112
63
54
173%
112
1858
57
6312
*42
171
66%
60
18%
63%
117
96%
280
274
274
47%
*07
69
103
96%
02
69
♦66
99% 101%
103
*42
*54
45
45
112
112
97
*48
48%
18%
139% 142%
9512 9512
96
95%
96
*95%
131
13512
132
134%
130% 135%
*100
101
101
100% 100% *100
135%
18%
Shares
114
96%
96%
*260
$ per share
98% 101
102% 103
105
96%
96%
96%
*110
98%
97%
103
103% 104%
Week
$ per share
134
139
Range for Previous
On basis
EXCHANGE
April 16
137% 141%
138%
114
the
April 15
$ per share
$ per share
ehare
136
♦110
for
Friday
April 14
SHARE
PER
SHARE
Range since Jan. 1.
of 100-share lots
STOCKS
NEW YORK STOCK
Wednesday
Tuesday
April 13
Monday
April 10
Salee
NOT PER CENT.
SHARE
164% MarlO
207
10
195
Dec
250% Aug
103
25% Feb 11
109% Jan 31
36
Apr 12
107
57,600 Loew's Incorporated—.no par
4,300 Loft Incorporated.;
no par
1,700 Looee-Wlles Biscuit tr ctfs. 100
Do
2d preferred
—100
"3,966 Lo-lllard (P)
100
Do
preferred ——100
100 Mtokay Companies——100
Do
400
pref
—100
300 Mtlllnson (H R) A Co.no par
...
t Ex-rig lata,
a Ex-dlv. and rights.
17
Aprl2
Feb
6
45
Febll
112
Feb 11
38% Jan
Jan
28
Jan
3
70
Jan
3
115% Jan 19
183% Jan
2
110% Jan
8
142
Aprl3
105
Mar23
64
Febl6
61
Febll
69% Jan
7
64% Mar22
41
Aprl2
45
5 80% paid.
•
July
Jan
115
25%
40%
Dec
Feb
*27%
81
July
94
Feb
120
June
147% Apr
245
July
107
Jan
115
July
63
Dec
*63
June
Dee
79% May
66
July
Mar 26
Full paid.
» Old stock,
x
Ex-divldenS.
New York Stock Record—Concluded—Page 3
1695
For record of sales during the week of stocks usually Inactive, see third page preceding.
PER 83ARB
Ht&HAND LOW BALM PRICES—PER 83ARM, NOT PER CENT
Sales
for
Monday
Tuesday
Wednesday
April 12
April 13
April 14
Thursday
April 15
$ per tJiare
9 per share
S per share
$ per share
Friday
the
April 16
Shares
29
30%
3012
3012
29% 29%
2834 2834
27
29i4
2914
128
128
131% 134% 132% 133% *129
12812 130
110
*103
*102
104
*103
105
*102
*10212 105
198
204
205
208
199
197% 202
198% 207
94
24
33
47
;
66
87%
66%
38%
46%
37%
66%
8734
115
115
114
24%
31%
46%
64%
48
66%
37%
45l2
*3712
94
24
24%
35%
33%
47%
66
37%
45%
37%
66
37%
44%
37%
65%
*87
32%
37%
44%
37%
65%
118
*85
37%
66%
87%
38%
8,200
Mont
45
1,700
Mulllns
*37
38
.500
67
69
120
122
114
87%
100
*97
100
109
14%
107
12
11%
12
77%
78%
97%
79%
97%
99
91%
109
*107
*107
41%
40%
109
14%
109
41
11%
*78
97
90'
89%
14%
14%
107
107
86%
*107
14%
*14%
109
109
40%
40%
15
109%, *109
15
"l'ioo
110
1,000
2,200
52%
52
52
52
52
300
67
66
67
3,600
4234
43%
43
65%
42%
5334
70%
143
146
*135
60
*70
32%
32
61
31*4
62
71
71
50
50
4984
49%
*33
34
33
33
49%
*32
Y41*:.
104% 107%
98% 10234
41%
4184
33% 34
10434 113
101% 107%
*41
41
43%
43
42%
43%
54
54
53
53
5
5
5
8!
*8%
9
157
63
62
71
*69
50%
*32
3284
40
33%
~32% 33*% "32%
34
36
36%
35%
36
38%
39
38
38'
68
62
62
*60
90
*88
69%
66%
18%
91%
6734
68%
18%
9134
62
67%
71
100
"19
62
*18% "19
18%
20
84
87
50%
5334
109% 113%
*95%
99%
iff
90
300
69%
72%
109",400
"i§%
71%
18%
8,000
300
18%
61
61
*87
90
*19%
20%
62%
108
62%
118
1,800
4,075
107% 110
16%
16%
74
18
16%
17
78%
41%
75%
18
80%
41%
76
76
48
900
113% 114% 101 560
78% 79%
17%
18%
236% 239
243
*11
11%
80%
42%
"48"
49
112% 115%
16%
16%
80
238
17%
236
11
7984
42%
77%
80
74
233
48
49
48%
110% 114%
16% 16%
"77%
11
17%
233% 235
82%
41%
79%
76
80%
800
24,600
3,600
1,600
37,300
11
80%
11%
82%
42%
9,500
77%
18%
8*1%
38%
77
40% 167,600
78% 14,200
*93
98
*93
98
*93
98
*93
98
*93
98
280
293
303
303
302
310
*270
300
*270
300
115
*108
115
110
750
§736
750
*108
115
*108
§745** 758"
§760
785
110% 110%
50%
49%
101
104%
122% 125%
107
770
§760
107% 108%
49%
48%
103
107%
110
8734
109
109%
47%
48%
99
107
118
121%
100
56
58
45%
109%
48% 50%
101% 108
121% 125%
100
45
109% 109%
48% 50%
100
104%
118% 121%
*41
11%
44
II84
"57"
45%
45%
45%
*
*39
70%
71%
90
90
*88
2334
24%
62%
59%
209
22%
23%
24%
60
38
*88
95
60
60
*
:
-
12134 124%
34
35
47%
121
48%
124%
215%
78
79%
22%
22%
55
8%
47%
66%
93%
*97
100
63
65%
110% 113
*11134 112
69%
69%
66%
93%
*95
105%
112
112%
76%
77%
9%
9%
83
8984
75%
75%
*108
111
97
61%
64
110% 111%
111% 111%
*65% 69%
46%
105%
104
111% 112
75%
9%
86%
74%
58%
87%
76%
9%
112
5134
64%
23%
114
110
57
113" 1*14 "
52%
51%
64%
87
74
52
2334
85%
67
74
58%
24%
85%
73%
73
65
207%
72% 72%
93
*88
23%
33
47%
*138
"50% 50%
217% 224
82%
80%
1 22
22%
121
34%
48%
140
*49% 50
214% 219
22%
122
33%
49%
14,400
139% 139%
50
50%
216% 222%
100
300
33%
48%
68%
94%
*95
69%
98%
100
78
81%
21%
22
*21%
22%
55
"7% "7%
55
*54
56%
*6%
68
94%
*95
79 v
7%
112
69%
69%
*45%
46%
105% 106%
111% 112%
76
77%
10
10
89%
80%
7534
69
98%
96% 100%
*108% 110
58
58
74
29,800
39,500
1,700
400
4,700
70
70
68
111
111%
$0
*108% 110
97% 97%
63
87
114
113% *113
52
52
52%
62%
65
66% 1 64% 66%
23%
23% 24%
24%
*85
87
85% 85%
72
72
72% 72%
*113
75%
9%
*110
82
114
*110
85%
*85
82
92
*7nr9
•
125% 126%
73
Bid end Mked prices;
114
83%
130
145
138
*110
114
*110
83
*85
70%
no
85%
92
81%
141%
115
84%
140
*
82%
anlee on this day*
Febl3
87
Nov
Mar 3
125
Jaa
3
107
Aug
139
Oct
116
Jan
9
112
Dec £121
Mar
80
Jan
3
70
Jan
102%
Janl3
103
Dec
13
Apr 7
89%
102%
Jan 2
Jan 7
93%
Aprl2
64
3
102
63
Feb26
94%
Febl9
8
Feb 6
66% Feb25
Apr 5
72% Feb26
105
Mar 4
.
97
110
Jan
8%
45%
93
Dec.
Feb
Jan
Jan
Septt
3
21% July
145% Oct
70% July
75
47
Jan
67
July
July
5
46
Jan
97
June
50%
Jan
3
035%
Feb
61% July
Ohio Fuel Supply
25
Oklahoma Prod A Ref of Am 5
44
Febl3
55%
43
Jab
55
July
Mar
"ff%
Nov
Nov
149
Nov
Feb 19
Mining—.100
5
Feb 19
no par
120
Febl3
28
Feb26
41%
Aprl4
Jan 6
128
no par
Ontario Silver
25
61
Febl3
65
Jan
2
46
2
Elevator
Otis Steel
34%
Dec
Mar,
Mar
1
78
Jan
80
Mar
1
61%
Jan 5
70%
58%
Detf
44
Dec
31
Feb26
38%
Jan 9
29%
Feb?
75% July
42% July
100
37
Janl3
50
71%
..50
67%
Febl3
Feb 13
37
Febl8
Pan-Am Pet A Trans
R——
Parish A Bingham.....no par
Pton-Seaboard St'l
43
67
Jan
140%
9234
Dec
42
Dec
104% Dec
47% Nov
58
July
57
May
43
Apr
Jan
19%
Feb25
36%
Apr 8
27%
Apr
Feb 6
42
Feb
9
33
Dec
34%
42%
JanlO
30
Jan
62
Feb 13
Aprl4
91
Mar25
Pieroe-Arrow M Car..'.No par
Do
pref
..100
Pierce Oil Corporation
.25
48%
No par
pref...
100
15%
89
68
Mar 27
38%
101%
Jau
99
Oot
Jan
111
Oct
16
Jan
28% May
7
93
Dec
105% Oot
74% July
98
May
Febl3
82%
Jan 3,
1
Febl3
108%
23%
Jan 8
Jan 8
Febll
98
Jan
Mar
51%
Febl3
66
Apr 8
45
89
Feb25
85% Mar
16
Febll
91%
27%
Jan24
10
84
Febl3
11334
104%
Aprl2
Feb 2
.100
pref.
Steel Car—
10o
pref........
100
Public Serv Corp of N J..100
Pullman Company——..100
Punta Alegre Sugar
—.60
Railway Steol Spring—...100
Do
pref.
......100
Ray Consolidated Copper..10
Remington Typewriter v t c 100
Replogle Steel
....no par
Republic Iron A Steel
pref
100
...100
....
Republic Motor Truck.No
par
Feb
31%
*59
Feb
109
Oct
Oot
100
Mar
106
July
5
12%
Feb
65
68
Jan28
60
Dec
109
Febl3
124
MarlO
110
Nov
74
Feb25
118
Aprl4
51
Apr
89%
103%
Febll
Feb 5
106%
Apr 12
Feb
91% Jan
132% July
98% Dec
107% Nov
10634
Feb
112
Marl5
22%
Feb20
Jan 6
104
16
19
Mar
62%
FeblS
94
Jan
3
88
Aug
34%
84%
Feb26
46
Dec
Feb27
£97% Mar 15
37
Mar 4
93%
Febll
14%
Jan
Savage Arms Corp..
.100
Saxon Motor Car Corp No par
Soars, Roebuck A Co
100
64% Mar 5
Shattuek Arls Copper......10
Jan
Jan 7
Mar 3
100%
Royal Dutch Co (N Y shares).
St Joseph Lead..
.10
Shell Transp & Trading
£2
Sinclair cons Oil Corp
No par
Sloes-Sheffield Steel A Iron 100
Oct
Mar29
92
100
Pittsburgh Coal of Pa
Do
98
Dec
22
33
v to
41
Mar 18
11638 Apr 14
111% Aprl 4
47% Jan 6
People's GLAC (Chic)—100
Philadelphia Co (Plttsb)—50
Phillips Jones Corp
no par
Do
pref
100
Do
Oct
68
Pacific Teleph A Teleg
Do
39% Nov
74
Oct
5
Pacific Mail S3
Class
157
_®%
100
Pacific Development
Pacific Gas A Electric
Do
Apr 8
634 Mar 8
9% fApr 6
4%
13%
214
2
Febl3
FeblS
10% Febl3
73% Mar 2
34% Feb 6
64
Feb13
72% Aprl6
Jan 3
106% Janl3
55% Jan 2
1153s Apr 15
17% Aprl2
83% Apr 6
21% Janl3
243
Aprl4
12% Jan 5
90% Jan28
48% Jan 5
82% Jan26
68%
71%
124%
100
145
106% July
74% Nov
121
July
17
July
Aug
12% Dec
Jan
6% Mar
168% Feb
10
Feb
74
Deo
41%
Dec
40%
Nov
Jan
84
53%
June
27% July
105% oot
53% Deo
Jan
44% Sept
Feb
94%
29
Oct
Aug
230% Deo
19% July
81% Deo
64% Nov
89
Nov
97% July
Oct
100
89
Jan23
94
Marl8
85
Mar
South Porto Rico Sugar... 100
200
Febll
310
Aprl4
132
Jan
257
116
Jan
5
107
Jan
117
36%
45%
Jan
Jan
92
Jan
32
Jan
109% Oot
151
Oct
104% Nov
54% June
9*4
184
Dec
2
Jan
345
Jan 3
72%
Jan
115
June
120
June
preferred
110
Do
preferred
......100
Standard Oil of N J——100 §734
do
pref
non-voting—.100
Stewart Warn Sp Oorp_.nopar'
Stromberg-Carburet
.No
par
107
39
50
sept
Mar 25
113% Mar26
6
Febl3
Feb
61% Mar26
118% Apr 8
126% Apr 8
101% Jan31
60
Apr 8
...100
99
100
41
Feb25
Feb26
FeblS
Temtor Corn A F pref A no par
43
Mar 25
47
Apr 7
Mar26
9% Febl3
166% Febll
38
Mar26
Studebaker Corp
Do
(The)
pref
Superior 8teel Corp'n
..100
pref class B ____no par
Tenn Copp A C tr ctfs.No par
100
80%
Feb28
Aprl2 §850
Apr 15
38
..
61
FeblS
100
90
Transcontinental Oil.. No par
Transue A Williams 8t.N0 par
20
Aprl2
Feb 6
54%
Febl8
Do
Products
Corp.. 100
pref
13% Mar31
231
95%
106
38%
66%
Jan
;.
7
97%
Dec
Jan 6
Jan 3
34%
Dec
37%
Jan
Jan
Typewriter... 100
168
Feb14
200
Apr 15
115
Jan
Union Bag A Paper Corp.100
Union Oil
no par
87
MarlO
127
Apr 14
75
Jan
Underwood
United Alloy Steel.....No par
United Drug
.——100
27%
Febll
38
Jan
6
40% Febll
125% Feb 13
53
Jan
6
148
Janl4
Febl3
53
Jan 13
.....100
176
Febll
224
Apr! 4
United Retail Stores ..No par
64
Febl3
Do
1st preferred.......50
United Fruit
U S CaBt I Pipe A Fdy—-.100
Do
48%
15% Febl3
3
100
43
Feb
100
pref
Aprl6
Febl3
__
96%
25%
55%
37%
34% Dec
37% Jan
Jan
50
July
90%
157
Jan 3
80'8
Jan
Apr
Apr
Jan
14
3
7
42%
Jan
6
6
1«%
66
Feb
Apr
Dec,
Jan
United States
Do
1st
Do
Rubber
pref
...100
pref..
40
91%
110
Mar
Febl3
6934
Febl3
14334
116%
FeblO
700
...100
U S Smelting Ref A M—50
61%
Febl3
—60
44%
Feb 13
296,965
United States Steel Corp—100
£92%
4,000
10,000
.....100
100
Do
pref
100
WorthlngtonP AM v t C—100
Do
pref A
100
preferred
Woolworth (F W)
Do
Ex-rights,
orefB—
a Ex-dlr.
—
Feb27
109% Feb 13
68% Febl3
9
Mar
Jan
Jan
43%
Jan
May
60% June
139% Nov
119% July
78% Nov
50
Mar
45
Jan
Feb
116%
8034
12%
Jan28
Jan 3
111%
Dec
116% July
117% July
65%
Feb
97% July
Jan 2
Aprl6
Apr 14
Jan 7
8%
54%
Dec
Dec
62
51
Feb
110
Jan
Feb 13
80%
106% Mar 4
76
FeblS
112%
106
Jan
Oct
May
88%
69%
Feb13
Febl3
17%
73
109
91%
167
111
5
97
82
3
Oot
Jan
47% Mar27
Febl3
48% Febl4
Jan
175% July
58% May
109
42
98%
76
Apr 8
Mar31
89% Marl8
119
Jan
8
Jan
3
54
Mar
51% Nov
82
Sept
21% June
Deo
92% July
115% Oot
£88
Dec
79
May
62% May
July
94%
40%
Jan
Jan
126
59% June
48
Febl3
6518
49
Feb13
Feb26
69% Mar29
45
Jan
86
22%
32
Jan
3
23%
Jan
40% June
85%
Aprl3
93
Jan
5
Jan
5
87% Jan
65% Jan
95% Nov
98% May
104% July
__
64
Feb 4
93
Apr 6
120
Febll
111
Marl 3
67
FeblS
88
Feb25
100
and rights,
1
76
Janl3
Oct
119% Oct
38% Aug
74% July
32% May
Jan
90%
97
74%
197% Deo
July
45% Oct
58% July
100
Aug
£97%
...100
pref
100
U S Realty A Improvement 100
78%
62% Nov
215
Jan 8
U S Express—
17% May
Oot
Feb
Jan 6
Apr 8
Jan 6
r
July
108% May
24% July
88% June
104
May
94% Ool
112
July
Jan
103%
8", 166
92
Jan
116%
""300
Oct
Jan2S
6
83
91%
77%
77% Febl3
....
I Leas than 100 shares,
83
U S Industrial Alcohol
114
Nov
111% Mar 6
83,200
7,100
75
110
U 8 Food Products Corp.. 100
140%
70%'
Jan 6
Oct
43% July
58
Do
125% 12584
Sept
61
Do
pref
100
Utah Copper..
.10
1,100 Utah Securities v 10
100
97
299,890 Vanadium Corp
no par
76
18,000 Virginia-Carolina Chem... 100
77%
200
Do
109«4 109%
pref
...100
400 Virginia Iron C A C...
97% 97%
100
*59
68
800 Wells, Fargo Express
100
400 Western Union Telegraph. 100
87% 87%
113
113
500 Weetlnghouse Air Brake
50
5,900 Westinghouse Elec A Mfg..60
51%
51%
64%
66% 20,500 White Motor..
50
23% 23% 31,300 Willys-Overland (The)
25
Do
400
85% 85%
pref {new)
...100
75
*72
900 WllsonACo,Inc, v 10..No par
74%
9%
90%
""53"
Jan
45
49,700
69
46%
*45%
104% 105%
29%
Jan 3
7%
53%
"62"
62% "7",400
109% 112% 111,900
1.100
110% 110%
*45% 46%
104% 106%
111% 111%
74% 76%
9%
9%
89% 9534
-40"
Jan
Feb 4
Do
111
*58
7%
3,800
100
*109
£76
80
7%
69%
61% 62%
62%
63%
111% 115% £109% 114%
112
5,100
5
MarlO
Febll
Febl3
Tobacco
100
Nov
Mar25
Febll
14,100
94
72%
89%
Nov
July
July
60%
2:88%
Texas Company (The)
120
127
21%
Febl3
__
83
Oct
Sept
July
50
do
6 .666
44
51
40
Nov
45
preferred
26,100
300
86%
25
*85
110
12
204
73%
4,900
1,300
"
62
87
78
22
38
122
97
58%
87%
68%
95%
100
*45
104"
8
*88
5*6%
45%
200
55
7%
71%
"11%
12%
210
■■■■:•
62
34%
55
"l2"
205
45
It--.'
200
48%
22
38
60
34
81%
45%
185
47%
22
"55%
57%
*44%
*
124% 283,700
200
39,100
1,400
48%
78%
884
68%
95%
23%
143
*50
50%
210% 220%
65
94
34%
34
*138
211
124"
£55%
45%
"11% 12%
208% 211%
73
74%
11%
11%
205% 209%
70%
73%
206
59%
122
100
824
9,050
21,300
26,400
40
54
—100
Do
"""Boo
37% Apr 12
39% Febl3
£35% Feb 13
32
40%
—100
Do
North American Co
Pressed
70%
Jan 6
Jan 6
Jan 7
Oct
May
Nova Scotia Steel A Coal.. 100
Ohio Cities Gas (The).....25
52,300
120
71%
52%
69%
38% July
31% Nov
131%
118%
32%
Oct|
71%
Febi
62%
91% Feb
19% Feb
44% Mar
Do
109% 115% 195,400
103
104
103
101% 103%
102
103% 104%
13,400
*103
109% *100
200
109% *103
109%
"l9" "l9%
19% !
19%
19%
19%
18%
18%
2,400
86
86
89
85%
89%
85%
86%
4,900
87%
65% 71%
72% 250.400
53%
62% A';6lT 66%
69%
109% 11434
112% 114%
109% 111%
109% 114% 248,800
98% 98%
200
99%
99%
Nov
Jan 5
Jan 3
Pond Creek Coal
119
21
48%
"2",000
*65"
Dec
6
117%
108% 110
120
99
Jan
FeblO
90
£107% 115
Jan 6
26
Febl3
22
300
105
Feb 6
Feb 6
Feb26
Febl6
30
20
111
Marl 3
92
*88
120
118% 123
113
63%
88
21%
22%
42%
61%
....100
_
100
101% 101%
*65
70%
118% 119
107
114%
78
234
65
20
109% 112
49
IO584 107%
16%
17%
65
*88
90
62%
102% 102%
"19%
68
90
4,400
4,200
6,300
36
38%
*86
90%
108%
33%
34%
37%
20
6134
*88
♦65*"
70%
119% 120
97
108%
102
106%
300
100
21%
108% 11334
400
71,300
41
*60
92
40
264
New York Dock-
72
50%
110% 113% 293,200
Jan
13% Nov
Owens Bottle...
107% 110%
110
162%
Jan 5
3,800
650
Jan
Jan 3
17%
60
3,000
100
104
222
Feb28
Otis
34
Janl2
Febll
5
14
1,800
5,100
50%
107
161
33%Jan
30%
Nevada Consol Copper.
5
New York Air Brake—100
32
*32
41
33
36%
38%
38%
.100
71%
51
32%
110% 115%
107% 111
900
pref
60
71
51
900
16,800
.....100
31%
64
32%
12,600
5%
8%
8'
150% 151
149% 149%
32% 32%
32%
*88
62
600
,
39%
*88
43%
54
5
112% 116%
108% 11134
43
36%
75%
Do
66%
63
41%
*14%
109
Jan
Do
preferred
100
Nat Conduit A Cable.No par
National Lead
*106
Dec
60
100
40,700
89%
51%
32%
...100
.
U 300
51
143
100
100
c
preferred
National Cloak A Suit
100
63%
42%
53%
8%
Do
*96
51%
A
Do
preferred v t
National Biscuit
Nat Enam'g A Stamp'g—.100
Do
pref.—.
...100
87%
Aug
23
Nat Aniline & Chem vtc.no par
800
51
5
50
11%
66
5%
834
no par
77
53
62
"78*
"l",500
Body
11%
60
32
17
"
Ward&CoIllaCorp no par
National Acme.
Feb25
28
100
77
89%
109
100
200
65
*8%
231%
*97
73""
*51
8
*74
"73'
*45
*8%
49
500
1184
79%
97
2,700
6,122
121
53
5
21
87%
121
51%
55%
5%
18%
22*500
43%
53%
5
6634
71%
89
40%
52%
*47%
"38%
68%
114
87%
114
*97
89
37%
Febll
Jan 8
Apr 7
..100
Montana Power
$ per shore
135
Midvale Steel A Ordnance..50
£45
100
93%
800
38
*97
*97
65
% per share
28
.....5
Middle States Oil Corp
.10
38%
45%
37%
45%
100
1134
7734
47
65
Highest
% per share
23
no par
Do
pref.
Miami Copper
Lowest
117% Feb25
101% Mar27
.—25
Corp
Highest
t perehare
Par
May Department Stores.. 100
Do
preferred .........100
Mexican Petroleum
—100
*37
45
74
66%
43%
70%
34
74
65%
43%
143
32%
£46
1,600
95,000
17,000
67
76
99
*51
34%
47%
47
*70
*97
40%
61%
32%
*65
75
12
107
66%
37%
114
79
14%
500
24
*71
12
*107
99
24
75
*77%
89
*96
24
87%
117% 124
114
*72%
86,300
99
34%
47%
47
*65
88
115
Manhattan Shirt
24
24
Industrials: Mi sc. (Con.)
Martin Parry
104
203%
Lowest
800
2,600
Year
EXCHANGE
400
27
133%
*96
24
Range for PrsHous
Week
$ per share
29
29
STOCK
YORK
PER SHARE
Range since Jan. 1.
On basis of 100-*&or« lots
STOCKS
NEW
e Ic-div.
82%
98%
145
116%
95%
03%
Janl3
Apr 14
Jan 6
120
Feb
Jan27
50
Feb
Jan13
88
Jan
112% Dec
Oot
104% June
136% May
117% July
117
Oct
98% Oot
New York Stock
1636
,nnn
...
Exchange—Bond Record, Friday, Weekly ana defaulted bondi
Yearly
nr m*mn-nn
„
-
5
April
^0.
vrlctst
N. Y. STOCK EXCHANGE
High
No
Lou>
Week
Cent of N J gen gold
93.33
Sale 93 30
J
D
90,16
Sale 9000
91.44'
M
N
89.76
Sale 89 62
501 90.00 93.48
88.96,2023 83.62 92.90
conv g
M
86.76
Sale 86 62
S
91.50
Sale!91.00
93.3911036,
2 96.50 101.10
98.00
Sale 98.00
98.00;
O
86.74
Sale 86 50
89.28 25034. 83.50 93.00
J
D
96.00
Sale 95.90
J
Sale 96.00
97.'8'12375 95 90 99.40
97.52:6335 9 3,00 99 40
,
D
96.08
Q
J
10112
)Q
Q
J
F
105% 103
Q
r
I057s
Q
F
Pan Canal 10-39-yr 2a—
N
M
85
Q
M
85
Q
F
♦84
104%
Sale
"24
70%
*68% "77" *
201
141
81%
Mar'20
69%
73
"20
64%
65
44%
29%
49
38!
96
98
70%
78%
76
84
88%
92
Sale
73
75
65
70
82% May*19
Oct '19
78% Dec '19
6s—1940
80
101%
Potta Creek Br 1st 48—1946
64
69
101
R 4 A Dlv lat oon g 4s—.1989
60%
09%
2d oonaol gold 4s......1989
66%
Greenbrier Ry lat gu g 43.1949
Warm Springs V lat g 53—1941
"75"
44%
Sale
44%
44%
6
Railway 1st lien 3H«
1950
Chicago Burlington A Qulncy—
32%
Sale
31
34%
30
89%
87%
89%
87%
g
"77 "
—I
101
Craig Valley lat
95
75%
75%
65%
——
Coal River Ry lat gu 4a—1945
70
85%
88
l
'17
Jan
75
70%
86% Mar'17
72
68%
77%
75%
101
....
SOU Mar'20
87»2 Mar'20
*58
Sale
Ohio A Alton RR ref g 3a...1949
6
Mar'20i—-1
93U Mar' 19
99
July'lS
(Q
Q
90
70%
50
82%
6
89
105%*106%
106U Mar'20
............
88
1
High
97% 100%
97%
69%
06% 98%
Mar'20
105% 106%
106% Apr '20
101%:
Sale 101
101
Registered————1939
1992
1992
20-yaar convertible 4 ma—1930
30-year oonv secured 53—1946
Big 8andy lat 4a
1944
6
....
'20
Jan
88
Sale
Low
No.
High
97%
97% Mar'20
97%
97%
100
Apr '18
100% Jan *18
83
88
"69""
Jan
97%
70
72
5«—— .1939
Registered—.
A
...
...
82%
Qaneral gold 4Hs—
9 LOO 95.00
D
J
gj4s—1941
4s—<1920
fund A Inapt 5a—1029
gu g
1st conaol gold
'
2s conaol coupon.——
4s registered.............
coupon..
H
91.30 901 90 00 94.00
89.04 10321 86.62 92.83
Sale 90.00
notea.—lO:
notes—19:
3543
oonv g
<s oonaol registered
4s
90.23
iM
l\C*
lat L L conv.—19:
1MB ,2nd L L conv—191
4%s.3rdLL—
fourth Liberty Loan
4%a
1st L L 2nd conv 19;
1KB
4th LL
.19:
victory Liberty Loan
4548
D
J
99
93%
78%
N Y A Long Br gen
J3mt Vermont 1st
Oiesa A O
Third Liberty Loan
~97'4
5a ..1921
gu 58.1920
Leh A Hud ftlv gen
19!
19;
95%
11937
Am Dock A Imp gu
98.98 3513 93.30 100.40
Sale
97%
5s_—1987
Registered
D
Since
Range or
Last Sale
Ask Low
Bid
Range
Wtek'e
J
Friday
April 10
15
ending April
High
J
1st 15-30 year—19;
2nd L L
is
Price
BONDS
Since
U. S. Government,
3Hs
interest"—exceot far interest and
now—"and
Range
pint Liberty Loan
tecond Llboi ty Loan
is
1st L L conv
art
Jan. 1.
Week's
13
Ask Low
Bid
r.hanoed and
Hangs or
Friday
EXCHANGE
Week ending April IS
trtnt
Last Sale
Price
BONDS
N. Y. STOCK
hnn/tt
65
70
June'19
Jan
88% Sept'16
113
98
Feb *15
Feb'20!.
Ferefgn Gevernment.
Anglo-French 5-yr 6b Exter loan
Sale
O
A
Feb *15
99^ 3480
98%
70
8
70%
Sale
M
N
89%
Sale
D t
4512
Sale
45%
m
70
75
10
89
92%
43
42
50
78
34
77
80%
90
92%
J
77
77i2
77
M
8
91
92%
91% Apr '20
Feb '20
83 %
86
F
A
73" ~
73%
A
O
9714
Sale
73% Apr '20
97%
97%
V
A
do
A
do
A
do
"German
24
86
1st oonsol gold 6s
76
93%
97%
Chicago Great West 1st 4a„1959
Sale
77%
79
304
09
82
Chic Ind A Loulav—Ref 6s. 1947 J
Sale
76
78%
343
-
-
89
O
f
73
mm
76
20
Jan
Sale
62%
64% "441!
89
89
8
82
77
55%
71
89
92%
90
89
89%
12:
89
93%
33
33%
34
36%
14
29%
43
34
Sale
28%
30
li;
Sale
28%
88%
37
89%
57
J X
D
mm
90
t 62%
87%
Sale
54
61
88%
53%
89%
58%
454
35
93
N
93%
Sale
94%
96
195
A
86%
Sale
83%
88
308
O
90%
9,1%
Sale
89-4
92%
91%
93%
224
Sale
S
90
91%
A
O
90U
Sale
96
D
8
M
N
93%
96%
Sale
93%
97
86
87
M
N
86
87%
4% Corporate stock
1857 M
4%Corporate stock reg.,1956 M
New 454s._
1957 M
N
86
87%
N
8512
90%
91%
90%
97%
93%
97%
87%
83%
87%
85%
N
96
Sale
M
N
96
m
N
79
1961 M
8
95
92%
Apr 20
90%
97%
97%
93%
Apr '20
86 4
Mar'20
Mar'20
97%
97
93%
81% I 80
J
J
J
103
Canal Improvement 4 548.1965 J
J ♦100
highway Improv't 4548..1993 M
5
100
95
94
105
19
~~6
90
95%
95i4
90%
89% 93
95% 100%
"35
95% 100%
79% 81
80
105*
103
99
107% Jan '20
100% June* 18
78% Deo '18
99
107% 107%
.—.1955 J
9X% 100% 102
Registered—.
1880-1920
Registered
Registered
84
61%
Sale
85%
85%
12
1
85%
87%
Apr '20
65
69
72% Mar'20
76
Mar'20
72
76%
76
81
68
69
78
Keok A Dea Molue3 1st 6a 1923 A
92%
St Paul A K C 9b L lat
78
63
129% Aug *15
"64%
"92"%
80%
Sale
53
Sale
——11948 Q
J
J
D
J
v
61
Sale
83%
Sale
J
N
Boathw Dlv 1st gold 3548.1925 J
Cent Ohio R 1st o g 4548—1930 M
J
70
S
"so"
85
0
64"% *7*2%
82
61
Feb '20
59
61
61
62%
84
82%
Jan
120
■5
53
151
60
60
59
66%
60
69
81%
92
Mar'20
85
85
"9l"%
91
Mar'20
91
«l%
Spr A Col Dlv lat g 4a
90%
90%
lat gold 48
J
43
Sale
43
46%
45
53
89
89%
89%
80%
89%
92%
1946 J
1947 1
Mobile Dlv lat g 5s
...—.1940 J
Cent RR A B of Qa eoll g Sal 1937 Nl
83%
73%
O C C A I geu coua g 0a
Ind 3 A W lat prnf 4a
85
O Ind A W lat pref 5a...41938 Q
Peoria A East lat coas 4a. 1940 A
99% Feb "20
99% Mar'20
99% 100%
99%
O
80
82%
83
80%
87
94
95%
99% 100
D
75
75
Nov 19
A
90
94
Mar'20
76
80
77
78
77
88
89
88
88
88
94
65
76
89%
92%
74% May 19
90
M*yT8
J
J
♦85%
79%
Ian
80
Apr '20
«
Due Jan.
1934
1940
Sale
60
100%
56
81%
68
I
59
73
66%
102% 104
81% Apr'20
89
81%
87%
Nov'10!
95
May'18
78% 67% June'19
100
100
100
Sale
56
100
53
83
54%
103
81
May'17
Mar'll
81
'20
81
81
64%
07%
65%
6734
63
70
76%
Sale!
76%
73
77
76
85
76%
82%
62%
59%
69%' 75
61%
63
59%
61%
70
72
74i* jdD
61
Jan
8
!%l
84
71%
66%
77%
64
75
59%
61%
60%
77%
62
'19[
68
84
Nov'16
100
66%
82%
Mar'20j
101
Oct *19
77% Mar'20
*77%
82% Sept'19
93ta May'19
101-% 102% Oct '19
76% Nov'19
70%
*37%
—
A
70
O
53
54
56
Mar'10
51%
50
20%
21%
22
Mar'20
IS
27
82
82
Mar'20
82
88%
1929 F
4 Ha
80%
81
80%
82
80%
85%
70
Sale
70
71%
69
75
90
95
Feb '2J
95
98
70
73
Apr
Ft W A Dea O 1st g 8a...1921
Conn A Paa Ftiva lat g 4a...1943
50
72
—1962
—
.
70"
"70"
2
Y
5a——1923
♦»—
60
68
68
60
103% Mar'20
1935
lat g 4a
Construction
Oct '19;
90
Morris A Eis 1st gu 3 Hi—2 WO
N Y Lack A W lit 6s
1921
80
90%
84
80%
,Clave Short L latgu 4 Ha... 1961
Refund A Ext
85%
A
1990
Cuba RR lit 50^year 5s g
Del Lack A Western
'19
91%
.
Income 4a
Colorado A Sou
97% blue'17
N
68
78%
I
81%
73'4
Tar-" A fmomv
No price Friday; latest this week.
lat g
85
98%
J
O
11936 Q
11936 Q
5a .1923 i
73% Jan "20
O
D
cons
"07%
89
1940 M
85
87
J"
Registered.
Cln 3 A Ci
80%
58%
89
1920 1*1
0 I St L A O conaol 3s
s
1929
——
70%
64%!
62%'
May'19,
87%
87%|
97% Feb '19
W W Val Dlv lat g 48 ——1940 J
90% Mar'20
•S3
Aug '19
99% Mar* 18
72%
69%
61%
A M Dlv lat g 4a—1991 J
St L Div 1st coll tr g 4a...1990 M
93
N
I
|Sale! 62%
19
95
5a 8ertea B——1993 I
iSfold 4s
1939 J
General
83
71
Sale
Cln W
83
4
69%
76%
95
C ilro Div lat
77%/
"98% 10F
Sale
87%
Clev Cln Oh A 8t L gen 41—1993 J
29 year deb 4 Ha
1931 J
75
85
87%
71
Cln 0 A D 2d gold 4 Ha
1937 J
C Find A Ft W lat gu 4a g 1923 M
Day A Mich lat cons 4 Ha 1931 J
61
90
Oar Clinoh A Ohio lBt 30-yr 5a '38 1
Oantral of Ga lat gold 5s...pl945 F
Oonaol gold 5a...
1945 M
—
53
81% Mar'20
83%
61%
Ohio A Weat lad gen g 08—*1932 Q
Conaol 60-year 4a........1952 J
60
74
83%
1960 J
Ohio T H A So East lat 58
70
80%
79
99%
70%
100*%
72%
83%
63%
C1930 M
g
80
65%
Mar'20
72%
85
83% Nov'19
30
73%
99%
80
118
81
O
A
105
7212
..1930 m
5a
84%
O
Rooh A Pitts lat gold 6a..1921 ¥
Oonaol 1st g 68
1922 I
Canada Sou oona gu A 5a...1932 A
Debenture
70
J
-
99% Mar'20
99% Apr '20
99% 100
8ept'l9
58%
72% Apr *20
55 %
54%
O
99*4
99%
105% Nov'19
88
Jan '17
99% 101
Sale
N
99%
95%
Nuv'18
95%
98
F
85
84%
90%
97
Apr '20
;101% Oct *10
95
Chic St P M A O cons 08
.1930 J
Oona 8s reduced to 3Hs—1930 J
58%
1937 A
Omaol4 543
1957 m
Ail A West lat g 4a gu....1998 A
Clear A Mah lat gu g 5a1943 J
4Ha'41
81
*12
71
87%
5s....1952 5f N
78%
Pitts Clev A Tol lat g 68
1922 A
Tol A Cln dlv lat ref 4a A.1959 J
1937 M
coas g
Superior Short L lat 5a
D
—
Ch 0kl3 A G
Sale
♦72%
55%
97%
Mar' 19
North Wisconsin 1st 0s...1930 j
Apr '20
58%
112
P Juno A M Dlv 1st g 3 54s 1925 M
P L E A W Va Sysref 4s..1941 M
N
80%
60
Sale
10
July* 15
81
69%
J*
66%
Aug '19
105
O
J
64%
105
94%
96%
S
92%
107
~97 "
94%
Mar'20;
O
72%
J
*92% "93"
o
78
O
*71% ~30~"
96%
J
83
N
"92
" "6*8%
103
O
93
78
62
99% 100%
J
Railway general gold 4s
1933
Registered........ ..,.1988
Refunding gold 4s
—.1934
RI Ark A Louis lat 4Hs..1934
Burl C R A N lat g 5a
1934
O R I F A N W lat gu 5S-1921 A
~80""
...
86%
'19
Ohloago Rock la! A Pao—
73%
Jan *20
Oct
83%
73%
75%
74%
74%
92% Mar'20
74%
78
78
'20
Jan
99
99% 110
1943 J
Sale
77
65
Sept'19
98
Mich Dlv lat gold 68-1924 I
Mil Spar A N W 1st gu 4a .1947 m
74
"91%
98*4
59%
~97~~ "98""
Ashland Dlv lat g 63...1925 M
8
J
93%
96
93%
63%
95
N
93%
1
*13
93%
93%
94% Feb '20
—
95
D
65%
97*4
nil *96"
90%
81
June'19
96
99
Apr '20
109% Apr '16
99
84%
73%
O
J
84
79%
55
1
92% Apr *20
Sale
72%
74
1925 1
A1925 Q
1st g 58—1933 A
82
4
70
1
63%
70% Apr '19
71%
73
77% Dec '19
M
J
1st 50-year gold is......A1948 A
1929 J
1922 J
64%
26
86% Mar'20
92
Des Plalnea Val lat gu 4 Ha '47 M
Frem Elk A Mo V lat 0a -1933 A
89%
1 64%
73
62%
87%' 87%
St L Peo A N W 1st ga 5a
721*
65
77%
86%
82
~82~~
67
64%
69
91
Registered
....1921 A
Sinking fund deb 5a—
1933 31
69'2
20
35
66
70%
1921 A
64%
Apr
01%
66%
90%
1379-1929 A
1933
56
94%
62%
71%
1879-1929 A
Registered
74
77%
62
1987 M
1879-1929 A
1879-1929 A
5a....
"0%
78
4
19
77% Jan '20
82%
62
1987 M
Sinking fund 5a
Dsbenture
55%
95%
Stamped 4a...........1987 M
..
"t,
94% Feb '20
84%
V
.—1987 M
pl9S7 Q
General 4s
46
67
99% Oct *19
Chic A N'weat Ex 4a ...1886-'2fi F
General gold 3 Ha
Mar'20
81%
.....
71%
75
78
72
414a—..1934
S
Oharles A Sav 1st gold 7s.1936 J
LAN coll gold 4S
C1952 M
Sav F A W 1st gold 5s--1934 A
1st gold 5s
1934 A
J
f 6a.
1920
Fargo A 8ou aaaum g 6a-1924 J
s
s
Brunt A W 1st gu gold 4s.1938 J
•
61
"71%
I
Gen unified 4 54a....—..1964 J
Ala Mid lat gu gold 5a...1928 M
1951
Dubuque Dlv 1st
96%
65%
8
1
8 Fe PreB A Pb lat g 58—1942 M
Atl Ooaat L lat gold 4s
41952 M
10-yr temp aeour 6a June
Ohatt Dlv pur money g 4a
Mao A Nor Dlv lat g 58..
Mid Qa A Atl Dlv 5a
J
Ohio A P W lat g 5a
.1921
O M A Puget Sd lat gu 43.1949 J
"9
65%
D
Trana Con 8bort L lat 4s. 1958 J
Oal-Arli 1st A ref 4549"A"1962 m
Buffalo RAP gen g 5s
96
"43
~65~"
♦67
D
Oonv 4a Issue of 1910
1960 J
East Okla Dlv 1st g 4a...1928 m
—
56%
I
79
73% June 18
68
65%
Oeneral gold 5s
75
Sale
73%
58%
57% 53%
96
Sale, 96
93% Feb '20
97%
96% 97%
64
62% Apr 20
98% 99% Dec '18
1921
75%
65
65
41995 Nov
41995 M N
Ohio River RR 1st g 58...1936
73%
Permanent 4a
..—1925 J
25-year debenture 4a...—1934 1
MilLS A Weat lat g 08—1921 M
Ext A Imp s f gold 5s...1929 F
Sale'
con
65
82%
Sale
Ol Lor A W
64%
Sale
1932
—
72%
76
Temporary 10-yr 6s
65%
65%
.
97
77
O
Registered
1995 A
Adjustment gold 48—...41995 Nov
aefuud A gen 5fl Series A. 1995
64
4Hs
ManG B A N W 1st 3Ha.1941 J
Mllw A S L 1st gu 3 H8...1941 J
72%
Pitts Juno 1st gold 6s
60
58
Sale
1933
57
J
Gen A ref 8er A 4Ha——o2014 A
Gen ref conv Ser B 5«—12014 F
J
Convertible
49%
73
.
Sale
Sale
<1989
56
Apr '20,-—
O
—
74%
J
60%
Atchison Topeka A Santa Fe—Gen g 4s
....1995 A
72
58%
<1989
Gen'l gold 3 Ha Ser B
General 4 Ha series C
50
55
82
62
92% Feb '16
55%
55%
74%
74%
Apr '20
54
80
62
55
52
68
Mar'20
80
55
J
68
63
82
51
Q
68
Sale
Registered..
ftallread.
conv 454 s
75
68
62
Blnklng fund 0s
Mar'20
97
80%
....el989 Q
Registered
Nov'19
99
97
Oh M A StP gen g 4s aer A.«1989 J
General 5a stamped
9512 97
107% 103
57%
52
80%
'20,
May'19!
76% Deo 'IT
91
95% 100%
95%
37
53%
75
86
90
Mar'17
Jan
67%
77%
90%
89
70
80% Mar'20;
J
Wis A Minn Dlv g 53—1921 J
Wis Valley Dlv lat 6S--1920 J
86%
97
80
MUw A Nor lat ext 4 Ha—1934 J
J
Cons extended
85%
70
50
64%
Mar'20
lad A Loulav lat gu 4s*..1956
Ohio Ind A Sou 50 yr 4a
1950 J
J
Chic L 8 A East 1st 4 Ha
1969
96
100%
95% 100%
90%
70
1
50
52
99
Refunding gold 5a
1947
Refunding 4a Series O——1947 J
86
II
11
22
107% Jan '20
J
Os deferred Brown Bros ctfs.—
32
54%
53%
J
98% Aug '19
95% Mar'20
8
aigbway Improv t 4548..1985 m
Virginia funded debt 2-3s__199i }
95%
98i2 Aug '19
95
Canal Improvement 4a...I960 J
Canal Improvement 4548.1964 J
95
95
J
Canal Improvement 48—1961 i
Canal Improvement 4s...1962 J
89%
90%
90%
90%
50
Mar'20
97% Feb '13
M
Ohio A Mo Riv Dlv 68—1926 J
M
}
97%
Purch money lat coa! 68—1942 F
Chic A lad C Ry 1st 5s...1936 J
Chic A L Sup Dlv g 5a
454a Corporate stock....196
IN
264
92%
8512
70
50
70
66
92%
90% Feb '20
73
Sale
50
95
9014
10-yr
*68"
94
Sale
—
—1934
0 8 Mtg A Tr Co ctfs of dep.
Guar Tr Co ctfs of dep
Sale
S
Registered
9!
Qsneral conaol 1st 5a—...1937
98%
98%
M
Registered
29
96
State and City Securities.
Y City—454* Corp stook_19«
Bait A Ohio prior 3548
28%
21
93%
F
Rooky Mtn Dlv 1st 4a...1965
20%
2
91%
90%
N
F
A
•-year conv 654s ...
%
STktse art prises on tit basis of $5<C£
gold 4b.—
26
23
29;
F
Oonv
23
23
72
M
Stamped
23
25
37
89
M
Registered
26
22
95%
80
59
0 K of Gt Brit 4 Ireland-
419
81%
22
91%
97%
mm
A
Ann Arbor 1st g 4a
"75"
91%
H
J
(f Y State--4a...
15
9 )%
97%
M
454s Corporate stock.....
454 s Corporate stock—
88%
19
75%
90% Oct
Sale
77%
J t 7612
y "j
554s
75
Sale
M
ooav
88%
Sale
Sale
A t
Q
10-year
88%
75
Registered
1927
General 4s—......
...1958
Ohio A E 111 ref A imp 4s g—1955
0 8 Mtg A Tr Co ctfs of dep..
92
94
star
Gold debt 4s of 1904..
87%
.
See Great North.
91
O
do
71
Apr '20
78%
78%|
91%
O
do
Sterling loan 4s
81
9712
do
2-yr5%sgold notes Aug 1921
10-year 6%a
.......1929
f"
Japanese Govt—£ loan 4 HiJ.
Becond series 454a
Lyons (City of) 15-yr 6s
70%
78
Nebraska Extension 4s...1927
73
J
70%
Joint bonds.
71%
89%
.
98
1949
1949
93% 99
46%
89
J
Argentine Internal 6s ol 1909...
Denver Dlv 4a..——....1922
Illinois Dlv 3Xa
Illinois Dlv 4s
100
,.1Q?3
4 Die April, • Due May. #DueJune. ADueJuly. * Due Aug. f Due Oct.
66%
99% 100
92%
96%
90
Sale
<
68
68
Mar'20
99% Apr '29
97% Feb *20
90%
93
9 Due Nov. • Due Deo.
70%
99% 100%
.
.
11
*
97%
90%
97%
94
Option sale.
New York Bond Record—Continued—Page
Apr. 17 1920.]
BONDS
Price
Week's
Range
BONDS
N. y. STOCK EXCHANGE
Friday
April 16
Range or
Since
N. Y. STOCK EXCHANGE
Last Sals
Jan.1.
Week ending April 16
Bid
High
Ask Low
No.
Low
Week
Delaware A
j
1922 j
96
97l2
78%
96
96
96%
1943 iw
n
81
o
"8012
Sale
79% Apr '20
81%
76%
1935 a
80%
79%
85%
a
-
o
68U
72i2
687s Apr *20
68
72%
Alb A Sueq oonv 3 He1946
Renss A Saratoga 1st 7s..1921 m
n
100
104
1936
—.1936
Improvement gold 6s...-1928
1st
cons g
4s
Consol gold 4>4s_
J
60
Sale
60
62%
j
65
Sale
65
D
67%
Sale
a
j
let A refunding 5a...—-.1965 F
47
Sale
65
d
1940
j
1940
Bio Gr Weet 1st gold 48-1939
j
Mtge A coll trust 4s A..1949
Del A Mack—let lien g 48-1995
O
d
1995
d
Guaranteed
Gold
4s
70
—
77i2
61
"61%
75U
j
88
1937 a
5b_—1937 j
iw
n
.1920 m
N Y A Erie let ext g 4s_—1947 m
3rd ext gold 4 He
1923
m
4th ext gold is..———.1920 a
N Y L E A W 1st g
Erie 1st
4a prior...1996 j
1996 j
cons g
Registered
Gold
1922
Debenture gold 6s
58
67
49%
48
52
"89"
1937
Guar refunding gold 4s__.1949
67
67
65
63
68
Irt
6134
63%
63%
6334
62%
69%
90%
Louisiana A Ark 1st g 5s
95
i
96
98
95
98
n
74
82
80
Jan
'20
SO
80
Collateral trust gold 6s
92
Jan
'20
92
92
L Cln A Lex gold 4 His
95%
N O A M 1st gold 6s
51
Sale
99%
84
41%
41
Sale
42
73
"90"" IIII
88
49%
50
39
95
99
48%
52%
66
Sale
33%
41%
Sale
35
37
30
41
Kentucky Central gold 4s. 1987 J
Lex A East 1st 50-yr 5s gu 1965 A
39%
Sale
39%
41
36
.44
797,8
78
78
83
.1953
Series B
conv
1953 a
4s Series D
1982
m
e
g
6s
93%
95
m
1940 a
a
91
91
85
Jan
"9434
"81%
6s.........1933 j
99%
96
Sale
99%
Will A S F lBt gold 5S..1938 j
Green Bay A W deb ctfs "A"__
.
r
89%
89%
Registered
Registered
1951
Registered
1953 M
15-year secured 5%s.....1934 j
Cairo Bridge gold 4s
1950
99
Registered—..
Gold 3 He
1951
Registered
66
78
Mar'20
78
82%
83%
67
6778
84
Nov'16
68
Sept* 12
69
69
63-% Mar'20
63
64
Aug '19
87
Sale
89%
67
" *72 "
102
1951 J
Registered
S
1919 M
N
1st A Great Nor 1 at g 6s.
James Frank A Clear 1st 4s. 1959 j
Kansas city Sou 1st
gold 3s. 1950
J
"35
70%
80 \
69"" "(19
61%
51
52%
78
52
59
96%
97*8
67
1931
6s..1931
North Ohio 1st guar g 5e__1945
90
65
86
86
83%
78
rlday; latest old and asked this week.
Sale
53
55
97%
96%
96%
58
*
67%
78*4
83
68
June'19
83%
69%
69%
78
16
78
51
59
*19,
67%
75%
22
66
76%
2
75
81%
82
87%
87
Mar 20
85%
87
88
Mar'20
85%
94%
a
89
102
July'14
70
72%
80% Oct '17
1951 A
1953 J
64
86
99%
99% 100
91
93%
93
58
66
irt
A
bJDue Feb,
#v»ueJune.
Harlem
"70"" "76"
.-!
20,
*64" "72"
'20
83
86
Apr '20
Apr '20
99
102%
93
95%
69
Jan
56%
77% Mar'20
50
77
77%
78
Apr '20
75%
76%
71% Apr '20
69%
77%
78
74%
94
9612 Apr '20
94%
97*4
76%
104% 110% Mar'17
21
21
50
20
14
15
Sale
Jan
g
3l<s.._2000
6 Due July,
*»
n Due Sept.
23%
20
Mar'20
96% Feb '13
27%
*17% "30"'
*15" " "l5 "
'20
4
60*4
92%
62%
92%
63
92
92i2
2
92%
50%
Sale
50
51%
■78(
87
Sale
87
89
157i
72%
7534
63
67
68
67%
75%
Sale
75
6534
Sale
65%
71%
76
65%
64% Apr '20
73%
72%
"57%
58
65%
65%
59%
87
93%
8
66%
72
5
75
79
A
56%
6834
57 '
57
57
57
57%
57
75
Feb '20
70
03
64%
57
82%
76%
62
60
61%
49
" ~49 "
14
50%
8
64%
MarT7|
49
64%
72%
76%
76% Mar'2o
"
58
43%
78%
82% Jan *20
76%
65
96
49
17
...
N J June R guar 1st 4s. —1986 F
v A
11
56%
"73"
1977 A
1997 J
Registered
1997 J
M
Debenture gold 4s.—....1934
Registered. ^
1934 ws
Lake Shore coll g 3Hs..—1998 F
Registered
1998 F
F
Mich Cent ooll gold 3 Ha. .1998
Registered
.1998 F
j
Battle Cr A Stur 1st gu 3s. 1989
Beech Creek 1st gu g 4s.. 1936 J
Registered
1936 J
j
2d guar gold 6s........ 1936
Registered.. 1936 j
Beech Cr Ext 1st g 3He.61961 A
Cart A Ad 1st gu g 4a
1981 j
Gouv A Oswe 1st gu g 6s.. 1942 j
Mob A Mai 1st gu g 4s_. .1991 M
V
7*7% "7*9%
7834
83%
Mortgage 3His
79
89%
*6734 "67%
6734 Mar'20
80
lien 4 His.1926 j
2013
4
*18
Oct
78*4
New York Cent A Hud Riv-
Sept'19
e^Due Jan.
Deo '16
87
1938 M
Ref A Imp 4HB "a"
Aug 19
86
Aug'19
a
Const 1 4b Series A....... 1998 F
93
80% Feb '17
~85~%
"53"
1948 J
1st consol 4s
~
1941
139
Oonv dib 0B.. —1935
8834
an
69
No price f
82
Guarauteod general 4s
Oct '09
79
•
86
55%
New York Central RR—
'20
J*ov'19
78
5i%
66%
1940
79
—
76
'19
5
N O Tex A Mexico 1st Cs...1925 j
Non-cuin Income 5s A
1935 A
8i%
79
Registered.
Oct
3
92%
Mar'19
66
Leb Val N Y 1st gu g 4He—1940
Apr '20
69
62% Dec'19
2
Naahv Chatt A St L 1st 58—1928 a
Aug'19
75% Dec '19
93
!
69% Apr '17
38
60
"7l"%
77%
~95~"
28
Feb '20
82
New Orleans Term 1st 4s
Apr '20
69% Feb *20
65
•Nov'17
70
37
69%
St L A Cairo guar g 4s._-.1931 j
65% Jrty'lS
~71% "82""
39%
24
87%
Montgomery Div 1st g 5e.l947 f
Bt Louis Div 5s
1927 J
117% MaylO
68
36
25
80
General gold 4s
61%
Nov'10
67%
—
83%
91%
36%
Apr " 0
80
Nat of Mex prior
June'16
6878
2d gold Se
38
33
38
48
37%
Jasper Branch 1st g 8s...1923 J
Nat Rys of Mex pr lieo 4 Ho. 1957 J
63
"77"% "80%
"66"
35
32
29
27
72%
62""
"60 "
Apr 1950
23
"o
63
53
81%
.
City Term 1st 4s—1960
23
6334
52
Sale
Ref A Irnpt 5s
Kansas
26
23
Verdi V I A W 1st g 53... 1926 Irt
Mob A Ohio new gold 6s.... 1927 J
1st ext gold 6s
A1927 Q
95% Feb '19
Lake Erie A West 1st g 5s-.1937
24
76%
63*4
June'16
8978
67%
1950
Registered
21
Sale
Apr '20
73
"51%
25
64
Jan *20
88%
d
27%
Rlv AG Div 1st g 4s... 1933 Irt
""5 "87 " *93%
'20
Sale
90%
25
74%
68
80% Nov'16
79% May'19
O
Bt Louis Sou 1st gu g 4s
1931 M
Ind III A Iowa 1st g 4s......I960 J
25
Sale
"e "67%
Apr 20
"88%
"ei%
36
28%
84% '■82
Pac R of Mo 1st ext g 4s_.1938 F
2d extended gold 6s
1988 j
d
D
11
61% Feb '20
65
s
Memph Div 1st g 4s—.1951
36
29%
71
52
92
D
30%
Unified A ref gold 4a -1929 J
Registered
...1929 J
53
71%
d
22% Dec '19
30
Mar'20
88% ,87
StLIrM A 8 gen con g 5s
Dec '19
Jan
80
1951
29
83
Cent Br U P 1st g 4s
73% Nov'19
74
1951
30
Sale
88
1923
40-year Rold loan 4s.1945
3d 7s extended at 4%.... 1938 M
78
83%
Sept'17
"55"" "60%
56
Sale
Irt
83%
Deo *16
55
Sale
20
General 4s
1975 M
Missouri Pac 1st cons g 6s_.1920 M
Sale
*88% *92*4
90% Mar'20
95
82%
91
Nov'19
Missouri Pacific (reorg Co)-
76% Apr 19
Sale
94
44
76%
"25'
1st A refunding 5s Ser C—1926 F
73% Oct '18
Sale
88
37%
91
"36"
j
F
63
Joint 1st ref 6s Scries A.1963
93
80
1st A refunding 6s Ser Ba
67
60
D
Sale
71
27
lst A refunding 5s Ser A..1965 F
73
100
Sale
55
69
70%
39%
40%
76%
76%
91
Apr '20
51
65
65
66
73
"91%
70
42
38*4 Dec '19
10%
60
d
70
4334
42%
42
Apr '20
Mar'20!
34%
56%
734
58%
69
—1923
42
28
91%
1951
Carb A Shaw 1st gold 4a.. 1932 m
Chic St L A N O gold 5S..1961 j
60
45
58
91%
9
55
1951
51
1942 M
M K A T of T 1st gu g 58
65
8%
66
61%
95%
75
34%
8ber Sh A So 1st gu g 59-1942 j
Texas A Okla 1st gu g 58—1943 M
*9234 "94""
55% Mar'20
59%
1951
Believ A Car 1st 6s
M K A Okla 1st guar
91% Apr '20
"95%
69%
42
30
.1942 A
6s —1942 Irt
93%
73
Middle Div reg 6s
1921
Omaha Div 1st gold 3s... 1961
69%
55%
—
92% Apr '20
N
Bt Louis Div A Term g 3s. 1961
Gold 3 He
1961
Registered
1961
a
96
Louisv Div A Term g 3 Hs 1963
Registered
certfs of deposit
MoKAE 1st gug5s.
101% 106%
"80 " July'09
"87"
69%
40
86%
Kan City A Pac 1st g 4s...1990 F
95%
J
73%
Sale
25
78
71%
64
85
95
94
40
78
Mar'20
Feb '20
m
95t4 Feb '20
...
97
78
97
V*.
85
Jan
25
1936 J
Bt Louis Div 1st ref g 4s..2001
"
*
95
5% secured notes "ext1" *16
Dall A Waco 1st gu g 5s..1940 M
Trust Co
S
Litchfield Div let gold 3s. 1961
Western Lines 1st g 4a
Trust Co certfs of dep
"89"" *89 "
Nov'10
Mar'20
95
75
1st ext gold 5a—1944 M
1st A refunding 4a
2004 M
Gen sinking fund 4%s._
Mar'10
*20
85
68
Trust Co certfs of deposit...
Gen con stamp gu g
j
93%
81%
65%
76%
01990 F
2d gold 4s
<-
a
n
63
39%
M 8 8 M A A 1st g 4s Int gu.*26 J
Mississippi Central 1st 6e.—1949 J
Mo Kan A Tex—1st gold 4s 1990 j
83
72
69
81%
Apr '20
68
1941 M
"82 "
62%
Purchased lines 3 He
1952 J
L N O A Texas gold 4s... 1953 M
3Hs
I
95%
85%
~83% ~88%
10378 Apr '20
s
93%
81% Feb '20
65
92
Mar'20
*67"ZZZ
n
g
96
92
Registered
1961 M
Chllater&l trust gold 4s... 1952 a
Registered
—.1962 a
Irt refunding 4e—
1956 M
Bprlngf Div 1st
77
78
a
..1951 m
Irt gold 3s sterling
94%
73% June'18
1951 j
.....1961 j
Extended 1st gold 3^8.—1951
"93"
65
"*83%
93% Jan '20
83
67
42
.
"79% "83%
67%
67%
1961 j
97% May'16
98% Deo '19
45
......1938
5s
80%
Sept'19
67
Illinois Central 1st gold 4a..1951 j
1st gold 3 He
5
*86% "02 "
"9%
Houston Belt A Term 1st 5s .1937 J
Registered
6
99% 105%
j
Registered..—
1999 J
Ool A H V 1st ext g 4S—..1948 A
Ool A Tol 1st ext 4s
1966 F
cons
83
63
Feb
ctfs "B"
324
136% May1 Or,
Feb
Gulf A 8 11st ref A t g 68-61962 J
Hocking Val 1st cons s 4 He 1999 J
1st
1st Chic Term s f 4s
103%
Apr 17
~78~
.1937 J
65
89" "89""
67%
40/
Ser A..1962 Q
80
1937 J
82%
62
'20j
97
Refunding gold 4s
.1951 irt
oon g 4s int gu 1938 J
June'18
80%
104
87%
81%
82%
Mar'20
95
1927 j
M 9t P A 8 8 M
8684
87%
102% May'16
98%
101% 101%
72%
76
Feb '05
89
75
1934 M
80
"56"" *56"%
83% Feb '20
"86"
1837 J
lBt guar gold 5s
77
84
79
Registered
1937 j
Pacific ext guar 4s £....1940 J
E Minn Nor Div 1st g 48—1948 a
Minn Union 1st g 6s
1922 J
Registered
94%
94%
77
"80% "82"
\
Debenture
94%
~86% "89"
Registered....
1933 j
Mont ext lBt gold 4a...1937 j
74%
Dec '19
118
Registered...
1933 j
Reduced to gold 4^8-1933 j
76
96%
1921 A
Ref A ext 50-yr 6s
Feb '20
82
1933 j
51%
66
Apr '20
77
Des M A Ft D 1st gu 48—1935 j
Iowa Central 1st gold 5s.. 1938 j
Aug TO
94%
.......1961 J
Mont O 1st gu g 6s
Sale
"75" "767s
Jan
89
1st A refunding gold 4s.—1949 Irt
June'12
76
f g
Pacific Ext 1st gold 6s
65
Nov'll
56
"77"
49%
90%
78%
60%
Irt
1st consol gold 5s
53
Dec '19
92
h
Minn St Louis 1st 7s
75% Apr '20
♦54%
...11921 Q
1st A ref 4J*s Series A
1961 j
1st consol g
68
68
Registered—.—.
Registered
Feb *20
95
Great Nor C B A Q coll 48—1921 J
Bt Paul M A Man 4s
Nov'19
103
Galv Hous A Hen 1st 6s....1933 a
Midland Term—1st
23% Jan *17
95% Aug'19
77%
"97"% loo""
76%
98% 104
1977 M
5s. 1925 J
Stamped guaranteed
Dec '18
53
60
Ft Worth A Rio Gr 1st g 48.1928 J
.8—.1945
'19
95
Mex Internal 1st cons g 4a..1977 M
June'18
72
"72" IIII
IIII "95"
Bull Co Branch 1st g 5s.. 1930 a
Florida E Coast 1st 4 H*.—1959 j
Fort St U D Co 1st f .?*s—1941 j
L A Jeff Bdge Co gu g
100
Manila RR—Sou lines 4s...1936 Irt
60
97
Wilk A East 1st gu g 58..1942 j
91
Nov'19
65
40
64
1st general gold 5s
1942 a
Mt Vernon 1st gold 6s... 1923 a
91
90
100% 103
100
97%
97%
50% Mar'20
66
67%'
62
£111: *95 ~
SAN Ala cons gu g 5s.—1938 F
Gen cons gu 60 year 5s .1963 A
'18
89
'20
Feb *20
82%
62
..41952 Q
N Fla A S 1st gu g 5s——1937 F
N A C Bdge gen gu g 4 Hs.1945 J
100% Deo *06
60
25
n
Ev A ind 1st oods gu g 6a.. 1926 j
Evansv A T a 1st cons 6s._1921 j
60%
Pensac A Atl 1st gu g 6s..1921 F
Feb '20
81
a
o
"8834 "90""
Dec '19
85
j
2d gold 4 He
i
1937 r
General gold 5s ..—....1940 f
Terminal 1st gold 5s... 1943 Irt
*17
80%
75
L A N-8outh M Joint 48—1952 J
10278 108% Sept'19
Jan '18
93% 103
o
n
N
10678 Jan
LdbNdkMdsMlBtglHe 1945 M
Registered
8834 Mar'20
j
Dock A Impt 1st ext 6s. ..1943 j
N Y A Green L gu g 6s. —1946 Irt
Mid of N J 1st ext 5a
88
j
1935 A
Coai A RR 1st cur gu 6s.. 1922 m
N Y Susq A W Is tref 5s..l937
85
j
f 6s... 1967 j
Long Dock consol
Mar'20
j
Clev A Makon Vail g 5s-1938 j
Erie A Jersey 1st s f 6s...1955 j
Genesee River 1st
n
84%
88%
Hender Bdge 1st s f g 6s„1931 M
Sale
79% Mar'20
36%
37
79~ " "7984
36%
91%
100
76%
"89% "91 "
93% 95% Nov'19.
101% 101% 101% Mar'20
68%
76
72% Mar'20|
83
79% 82*4
Apr '20
Atl Knox A Nor 1st g 5s..1946 J
June'16
Jan
79% Jan
60%
97%
Atl Knox A Cln Div 48—1955 Irt
47
97
16
81% Sept'19
90% Mar'20
100
1980 M
2d gold 3s
78
76%
101% Apr '20
90%
St Louis Div 1st gold 6s..1921 1W
56
91%
Mar'20
97
90
103
1930 j
36%
74
Sale
77%
Paducah A Mem Div 48—1946 F
50
Dec '16
"72"% '75 '
Mar'20
91% Feb *20
1930 j
J
Dec '19
90% June'19
1940 J
2d gold 6s
Aug'19
73
~97~" IIII
1931 M
95%
95% Apr '20
94% Nov'15
98% Aug'19
50%
52%
85
*11
92
1931 M
72
Jan
86
Louisville A Nashv gen 68—1930 j
Gold 5a.
...1937 m
Unified gold 4s
..—1940 J
65%
*20
79
1927 M
85%
Jan
92
6s_ol932 Q
Registered
~737g
65% Mar'20
80
g gu
72
65
1949 frt
con
72
67
a
do
99% Oct '06
'20
65
89%
Nor Sh B 1st
-'i
Oct '19
60
60-year oonv 4s 8er A—1953 a
Gen
Jan
92
M
85%
..1996 j
ool! trust gold 4s.. 1951 f
Ohio A Erie 1st gold 6s
72
95%
68
853g Mar'20
97% Mar'20
Registered
Penn
70
65%
95
1st consol gen lien g 4s. 1996 j
:
68
85
88
"95"
73
~86*" "93"
60%
60%
74
June'19
98%
73
'20
N Y B A M B 1st con g 68.1935 A
N Y A R B 1st gold 5s
1927 M
105% Mar'08
s
Jan
"95% 103"
98%
91% Mar'20
86
Aug'19
76%
1949 IW
83
o
73
44
83
'13
85
1934 j
Registered
75% July'16
76%
76%
96% June'18
897s Apr '20
*70%
...
20-year p m dob 5s—
Dec '16
Oct
87%
1932 j
4s
Unified gold 4s
61
95.
Mar'17
95%
96%
98% Jan '20
"87% "93"%
M
78
j
d
1928 J
Id 78—1920 M S
5th ext gold 4s
75
75
July'17
82
o
Erie 1st consol gold 7fl
Ferry gold 4 He
49%
94
o
Elgin Joliet A East let g 5s..1941
43%
61
"71
n
g
49
Jan *20
94%
105
gold 5a__A1931 Q
1st consol gold 4s—.—.41931 Q
General gold 4s
.....1938 j
}
Sale
94
cons
61% Apr '11
49%
Dul A Iron Range let 5s——1937 A
Registered
38
Registered
Long Isld 1st
34
Det Rlv Tun Ter Tun 4^8—1961 frt
Dul Missabe A Nor gen 5s—1941 j
Dul'Sou Shore A Atl
63
39
79
75
j
Bio Gr Sou 1st gold 4s
47
Feb '20
9 ">%
72
Apr *20
1945 M
67%
72%
70%
62%
69
46%
60
39
Trust Co certfs of deposit...
Bio Gr Juno 1st gu g 5a.—1939
XX
28
68
High
70i8
78*4
95
109
1945 M
Leh A N Y 1st guar g 4s
Denver A Rio Grande—
No. Low
Apr '20
79% Mar'20
1933 j
1st int reduced to 4a
102% Apr '19
Since
Jan. 1.
113
94
68—1941
Registered
1941
Leh Val RR 10-yr ooll 6s—»1928
Leh Val Coal Co 1st gu g 5s_1933
Registered
—.1933
96%
High
71
69%
79
7784
...2003
4)^8
cons
Leh V Term Ry lBt gu 9
Hudson—
1ft lien equip g 4 He
1st A ref 4a
Ask Low
Bid
General
102% Feb >08
a
Last Sals
16
Bangs
I*
Rang* or
Friday
April
Lehigh Val (Pa) cons g 4s„2003
3Hb. 2000 f
10-year oonv 6b
16
Week's
Price
11
•So.
High
Delaware Lack A Weet—Concl.
Warren 1st ref gu %
ending April
1627
2
82%
82%
75%
75%
95*4 Nov'16
104
May'16
"54" iirr
—r
7534
61
66
0 Due Oct.
49
Nov'16
76% Jan *20
89% Feb *16
80
May* 17
a Option sale.
York Bond
New
1628
-
13
BONDS
Friday
Range or
April 16
•m
Last Sale
a
O
J
d
A
O
rna
J
J
mmmm
J
Rutland 1st con g 4LHa.
O
A
J "v"m
J
mmmm
~69%
mmmm
m m mm
mmmm
78% Apr '19
113
May*15
97% Mar'20
77
Oct '19
60
Aug *19
Q
mmmm
mmmm
mmmm
F
A
'mmmm
A
O
mmmm
10034
Q
F
mmrnrn
mmmm
mmmm
92V
923s
wig *97~%
m
mm
M N
mmmm
'bi~ "00""
mmmm
mmmm
"9134
65
6934
66%
J
D
93% Jan '20
m
mm
mmmm
3
66%
09
19
80%
8712
38
78
84l2
M
N
mmmm
J
J
J
Mabon C't RR 1st fis..
mmmm
J
0
A
"97%
J
J
95%
M
S
90%
Q
M
j
Michigan Central 6s...
Registered—......
J
j
mmmm
'
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
130% Jan '09
123% Mar'12
99% Aug *17
98% Nov'18
1950 J
Prior Hen Ser B 5a.
mmmm
Prior Hen Ser O 6s
Cum adjust Ser A 6s
1950 J
1928
mrnmm
mmmm
J
mmmm
mmmm
87
Feb '14
mmmm
~63%
64%
a
0
75
Sale
00% Mar'20
66%
67
75
70%
A
O
76
78%
77%
A
♦
Prior lien Ser A 4a
mmmm
NOV19
S
O
mmmm
mmm
"7334
mrnmm
Nov'17
67% Apr '20
65%
Debenture 4b........-1931 M
West Shore 1st 4s guar...2361 J
n
00%
67%
J
65
Sale
J
mmmm
69
fi
5
68
Registered
If Y C Lines eq
n
J
94%
a
Equip trust 4Ms--l?20-1926
Non-conv deben 4s......1947 m
Non-conv deben 3MS—..1947 M
Non-conv deben 3MB—.1954 a
1965 J
Non-conv deben 4s..
99%
99% Feb '19
94% Jan '20
68
76
76
Apr '20
51
Mar'20
■■■-■mmmm
J
IV Y Connect 1st gu 4Ms A.. 1953 F
IV Y N H A Hartford—
8
50
8
45%
O
45%
48
Apr '20
Mar'20
....
53
Mar'20
....
49
Mar'20
....
J
Sale
71%
mmmm'
53
50
mmmm
53
91% Jan '12
60
July'18
J
J
—-
6
72%
Oct
*17
Non-conv deben 4s
1955 A
1950 J
Non-conv deben 4a
U
mmmm
451s
4412
44%
4812
56
46
55
4412
66l2
50
7612
....
49
~62~"
B4N Y Air Line 1st4S..1966 F
a
64
j
50
48—1901 J
Hartford St Ry 1st 4b
1930 M
Cent New Eng 1st gu
mmmm
mmmm
1954 m
N
N Y Prov A Boston 4b
1942 a
0.
NYW'cheaAB 1st ser 14Ms'46 J
Boston Terminal 1st 48—1939 a
New England cons 6s
1945 J
Congo]
......1945 j
4s..
-
-
-
-
62
■
.mmmm
mmmm
mrnmm
mmm
mmmm
Providence Secur deb 48..1957 m
N
75
6
67%
W A Con East 1st
4MB—1943
01992 M
Registered 15,000 only..gl992 M
1955 j
General 4s..
Norfolk Sou 1st A ref A 5e_.1901 f
Norf A Sou 1st gold 58
1941 m
Norf A West gen gold 6s.—1931 m
S
8
mmmm'
39
75%
m
New River 1st gold 6s.—1932 a
N A W Ry 1st cons g 48—1990 a
O
103%
o
mm
mmmm
Dtv'l 1st lien A gen g 4S.1944 j
j
D
75%
48—1932 M
10-26-year conv 4MB—1938 M
10-year oonv 6a
..1929
s
mmmm
8
mmmm
Pooab C A C Joint 48—194) J
Q
Q
Q
66
57%
53
mmmm
122
mm
103
Feb'20
70
79
Oct '19
mmmm
74
mmmm
70%
72%
76% Nov*19
50%
Sale
50%
Guar 1st gold 4Mb"——1921
Registered...
..1921
Guar 3 Ms ooll trust? eg A.1937
Guar 3 Me ooll trust ser B.1941
-
J
....
Sept'19
Feb '17
Apr *19
a
D
75
Sale
d
84
Sale
78%
74%
83%
1
32* " "40"
S
81%
1
j
mmmm
mmmm
mmmm
66*58 ~W~8
mmmm
mmmm
00" "60 '
49
2
22
77%
03
50U
775g
104%
«...
41
6i"
70
103
"
80
mmmm
28
67
8
d
O
mmmm
mmmm
90
86% Mar'20
mmmm
j
65%
mmmm
*1949 J
01929 M
d
70
mmmm
mmmm
....
96%
mmmm
mmmm
76%
99%
mrnJm
o
mmmm
mmmm
n
mmmm
mmmm
a
mmmm
mmmm
j
70%
mmmm
j
70%
mmmm
j
76%
8
85%
973g
n
j
....
j
....
f
....
o
80%
o
80%
80%
n
....
a
28
91%
mmmm
mmmm
92
92
....
8712
87%
....
....
89
mrnmm
81% Mar'20
100
Oct
mmmm
90%
Apr!'20
mmmm
93
Apr'20
94
Mar'19
mrnmm
mmmm
85
Mar'20
mmmm
97
99
100% Oct *17
9834 Apr '20
91%
91%
mmmm
89
91
Apr '20
mmmm
91
93%
93%
96
90
Apr '20
mmmm
96
90
80%
87
92%^June'19
mmrnrn
68
Sale
68
j
....
85
Sale
80%
Sale
j
....
Ala Gt Sou 1st cons A 5s__ 1943 J
d
Atl A Charl A L 1st A 4Mb 1944 J
1st 30-year 5s Ser B....1944 J
j
j
86
1948 J
j
60%
1948 J
j
O
8
J
j
....
56
54%
mmmm
Sale
56
mmmm
1
...
10,
54%
68%
1
80
90
64%
3
68
67%
80
87
92% July-19
mmmm
76
78%
87%
02%
76% Feb '20
mmmm
mmmm
mm— —
1
85
60%
81% Mar'16
1
60
60%
65
j
91
95
91
85%
89
87% Mar'20
mrnmm
93%
92
mmmm
57
52
1946 a
44%
O
mm
m
08
Oct *19
mmmm
July'19
Jan
'18
j
50
60
65
8II4
147
mrnm
mrnmm
mm
—
1
....
9534
95%
69%
69%
73%
9734
95%
69%
71%
73%
mmmm
mmmm
mmmm.
1st cons 50-year 5a—1958 a
W O A W 1st cy gu 4s—1924 r
Spokane Internat 1st g 5a..1955
Term Assn of 8t L 1st g 4 Ms. 1939
1st eons gold 58—... 1894-1944
Gen refund a f g 4s
..1953
80*" "83%
77%
81
80
1931
W Mln W A N W 1st gu 5sl930
Tol A Ohio Cent 1st gu 5S..1935
Western Dlv 1st g 5s.—-1935
General gold 5a
1935
Kan A M 1st gu g 4s.....1990
La Div B L 1st g 5s
mmmm
mmmm
mmmm
8
mmmm,
S
'mmmm
N
J
O
A
J
j
A
o
F
a
j
J
j
J
F
a
60
95
104% Deo *16
93
90
82
60
64
79%
85%
81
Apr '20
86
85
Mar'20
mrnmm
65%
66
82%
87
85
79%
Sale
79%
80
55
55
—
mmmm
00%
mmmm
7912
86
D
82
a
O
89%
64%
60
....
A
mmmm
A
74
73
Apr '20
37% Dec *19
35
36
Feb '19
74
Mar'20
12%
18
Aug '18
Feb *20
mmmm
1947 J
...1947 J
A
Sale
78*4
J
A
mmmm
M
mmmm
mmmm
80
1
8
Sale
70%
A
97%
Sale
D
7434
97%
07%
r
A
72»4
97%
88%
79%
j
j
90
j
d
80
90
j
80
80
j
j
A
M
n
84
84
j
IJDue YiD. >
f Due
June.
A Due July.
* Due Aug.
0
Due Oct
89%
79%
71%
72
47%
mmmm
83
45
79%
98%
87»g
78%
91%
90% Apr '20
86
89
Due Not
*85%
*83*" ~88%
30
21|
118!
9,
2
14
42
80
mmmm
Feb *18
8034 Dec *19
80% Jun«Tl8
35
May'19
< Doe Dee
78%
mmmm
83%
71%
98%
67%
98%
89%
99
81*4
68
85%
"
mmmm
Sale
mmmm
66
82
1
82
Sept* 17
Sae
....
v
46%
85% Oct *18
Sale
j
90% Oct *19
——
....
83%
70%
r
*1
80
79%
....
J
80
74
mmmm
68
2
"9
18% Mar'16
82
mmm
74
42%
mmmm
45%
08
80
73
mmmm
35
65
80
82
78
mrnmm
50
7134
80
84%
80%
70
mmmm
45%
Sale
80
83%
80%
mmmm
....
....
A
85
mm,mm
Feb *20
89
mmmm
85
55
May'18
j
A
73%
79%
5212
27
mmmm
..
mmmm
4j
mmmm
mmmm
82%
85%
85
—
80% Feb *20
64%
Registered./
Mar'20
83% Mar'20
50
Union Pacific 1st g 4s
80
84
66
4
67
106% Nov'04
82
*6*8*" "75*"
m rn mm
mmrnrn
90
mmmm
O
*80% "80%
*60 " "70"
mmmm
83
..
d
mmmm
mmmm
mmmm
93% Mar* 17
75% Apr *19
D
mmmm
*89% "90*"
mmmm
75
mmmm
...1952 A
mmmm
Mar'20
9434
ctfs of deposit
Tor Ham A Buff 1st g 4s..11946 J
Ulster A Del 1st cone g 5a .1928 j
1st refunding g 4s.
*95** *95*"
mmmm
81% Sept'18
70
Mar'20
82%
" *60*"
mmrnrn
mmmm
mm mm
a
mmmm
60
mmmm
77%
O
mmrnrn
Feb '20
Jan '20
88%
7934
mmmm
97%
92% NOV'19
102% June'll
83%
1927 J
43—1917 J
lien g 3MB.1925 J
co
96
MOW
j
a
Trust
Aug '19
o
F
mmmm
1
——
A
2d 20-year 5s
Tol P A W 1st gold
Tol St L A W pr
100
90%
"99% loo"
mmrnrn
J
mmmm
80
mmmm
mmmm
8
mmrnrn
mmmm
89%
N
O
St L M Bridge Ter gu g 68.1930 A
D
Texas A Pae 1st gold 5s
2000 j
2nd gold income 5s.—<2000 Mar
....
5
General 5s
O
mmmm
85%
mmmm
99% Jan '20
97%
97%
91% Oct *18
96% 100
mmmm
*9*1 " "9214
1
91
97
mm m m
88%
60%
....
O
1956 M m
3
1938 m
1926 m
1926 m
1936 M
5a—2003 j
*76% "80%
86%
86%
80%
Series E 6a
87%
"55" "61%
80
j
...
80%
128
63
J
72lj
"71% "79%
80
63
j
05
J
39
82%
63%
....
1922 j
-
*68*" "73%
107
71%
73%
80%
83
85% Sept'19
56
57%
54%
65%
58.1945 J
Mortgage gold 4a.
1945 J
Rich A Dan deb 5s atmpd.1927 a
Rich A Meek let g 5a....1948 M
Virginia Mid Ser D 4-58.-1921 m
mmmm
91%
3
69%
July'19
Knoxv A Ohio 1st g 88—1925 J
mrnmm
"98% "99""
88%
801s
5
93
93
*8*5* " *8*5*"
j
Ga Pao Ry 1st g 6s—
11
*90% "e*3%
mmmm
mmmm
7184
Mob A Bir prior Hen g
*8*1% "86%
mmmm
*10
95
Dec '19
aTJue Jan.
Nov'18
70
60
*8*7* " "87""
99%
Feb'20
feb '20
Mar'20
91%
96% May'18
84
87
98%
85
May'10
9334 Apr *17
87% Nov'19
88% Sepfl7
1
mmmm
j
80
93
mmmm
78
"79% "8212
2
6684
mrnmm
mmmm
79% May'19
80% Mar'20
85*4 Nov'19
mrnmm
67%
1
Oct '18
95
95
mrnmm
j
Cons lat gold 5a.
6684
106
97
75
100
J
Atl A Yad 1st g guar 48—1949 a
E T Va A Qa Dlv g 58—1930 J
182
80
mmmm
mmmm
96% Feb '12
90% Oct *12
88% feb '17
75
Apr '20
66%
80
73
"76% *81%
26
77
o
77
*7*0*" "81*12
mmmm
65%
....
99%
101
67%
69%
87% Sept'16
j
Atl A Danv 1st g 48
2d 48.
14
Sale
Sale
mmmm
1994 J
8218
Dee *15
Mmrnrn
el
67%
Feb
mmm*.
09% Feb *20
104
....
■
90
76%
1955 j
83
77% Apr '20
j
65%
Sale
gold 58—1943 J
82ls
Nov'19
87
con
So Pao RR 1st ref 4s—
Southern—1st cons g 5s
83
Feb '20
80
O
82'
80
O
N
j
mmmm
100
92%
82%
82%
87%
*86% *88%
96% May'19
Sale
mmmm
93
So Pac Coast 1st gu 4s g—1937 J
San Fran Terml 1st 4s...1950 a
82
77
mmmm
)
mm— m
N
n
847g
93l2
79
66
N
Ore A Cal 1st guar g 5s—1927 J
80 Pac of Cal—Gu g 68—1937 M
74%
83%
70
mmmm
Morgan's La A T 1st 6s..1920 J
No of Cal guar g 6s—
1938 A
102
9534
9634
95%
95%
69% Mar'20
1921 J
Louisiana West 1st 6s
Va A So'w'n 1st gu
8334
mmmm
Waoo A N W dlv 1st g 6s *30 m
A A N W 1st gu g 5a
1941 J
Series F 5s
~92 " Deo" 15
mmmm
101
....
j
92l2
Jan '93
78
d
N
E Tenn reorg Men g 5s
Ga Midland lat 3a
73% Jan *20
71%
mmmm
No prloe Friday; latest bid and asked.
mrnmm
S
Hous E A W T 1st g 58—1933 m
1st guar 5s red
1933 m
833g
86i2
82% Jan '20
Apr *19
99% Nov'19
72%
88%
D
j
•
82
J
711<
mmmm
81%
mmmm
Mar'20
July'19
8078
Mar'20
o
n
Dec '15
81
93
9812
60*18 *66*14
80
38
84%
81
Feb *20
76
5434
30
10
45
64% Mar'20
82
80
10434
....
5
61%
4!
169
104
981a
99*"
69
60%
60%
61
41%
49
64%
65
....
37
mmmm
Registered
....1994 J
Develop A gen 4s Ser A...1956 a
Mob A Ohio coll tr g 4s... 1938 M
Mem Dlv 1st g 4Ms-5s._.1996 j
St Louis div 1st g 4s
1951 J
....
62
86%
43%
mmmm
J
J
A
73i8
mmmm
54%
"54%
26
67%
58%
60% Mar'20
55%
56
mmmm
1st land grant ext g 5a..1930 j
1943 j
1
83
60
8
*88% *56%
98% Jan *14 mrnmm)
101
3
82
-
60%
64%
64%
00
9,
60%
88
7534
84%
m
Sale
9
52%
54%j
mmmm
77
62
62%
Sept'lwj...J
J
Tex A N O
73*18 *78*12
O
95%
95%
65%
65%
64%
66%
78%
76%
d
J
S
H A T C 1st g 5s int gu... 1937 J
Gen gold 4s int guar
1921 a
mmmm
*78 ~
40-year guar 4s otfs Ser E.1952 m N
Gin Leb A Nor gu 4s g—1942 M n
CI A Mar 1st gu g 4 Ms—.1935 m N
M
Sale
mm-
97% 100
60% 70
86
87%
....
j
82%
m m
*
102
■b
Apr '20
mmmm
j
j
.1942 M
BeAes D 4s guar
1945 M
Series E 812s guar gold.1949 f
mmm
mmmm
68
....
N
J
1942 a
+
100%
....
n
Pitts Y A Ash 1st eons 68.1927 M
Tol W V A O gu 4MB A..1931 J
Beries B 4Ms—
1933 j
Beries C 4s
1942 M
P O C A St L gu 4MB A..1940 A
Feb '19
100% 106%
67
67%
73% .84%
81% 100%
943g 95%
79% 84
81%
79% 80
82%
86% Sale 86%
M
Erae A Pitts gu g
Series C
1940 j
Gr R AI ex 1st gu g 4MB.1941 J
Ohio Connect lat gu 4s... 1943 M
97
70% Oct '19
37% Deo '16
mmmm
64%
82
....1948 M
—1950 F
3 Ms B..1940 J
.
105
J
78%
01 a P gen gu 4Mb ser a.1942 j
Series B...
1942 A
Int reduced to 3 Mb—1942 A
.
70
8
M
-
90
-
60
A
Beries B guar
tJrtes C guar
70%
May'19
93
f
f
Beries D 3 Ms
Nov'19
70
76
M
J
Sale
j
*6*4 "
98% 'mm'mm 102% Mar'20
98% 100% 100% Jan '20
a
Guar 8Mb trust otfs 0—1942 J
Guar 8Mb trust otfs D...1944 J
Guar 15-25-year gold 4s—1931 a
BeriesCSMs.
56
80
a
m
44%
O
51%
74%
—
m
t
O
N
72%
71
F
j
mmmm
7034
f
j
1968 J
AUeg Vat gen guar g 4s...1942
D R RR A B'ge 1st gu 4s g 1936
FbUa Bait A W 1st g 49-1943
Bodus Bay A Sou 1st g 5a.l924
Banbury A Lewis 1st g 48-1936
UNJ RR A Can gen 48—1944
Pennsylvania Co—
A
2d exten 5a guar..
1931 J
Gila V G A N 1st gu g 58-1924 m
3412
mmmm
100%
j
N
General 5a
36%
GHASAMAPlat 681931 M
mmm-
mmmm
99
f
1943 m
1948 m
....—I960 F
1965 j
4Ms
General 4 MS
56
86
67%
9034 Dec *19
Sale
71%
j
54%
A
....
70
73
N
O
F
a
70
Sale
D
O
a
a
mmmm
71%
RR 1st g 4s—1923 m
a
D
48
'20
Jan
51
57%
Registered..
...1949 F
Mort guar gold 3Mb..*1929 J
Through St L 1st gu 4S.1964 a
Mar'20
71%
A
Conaoi
mmmm
63
1
20
63
61
44%
52
mmmm
mm~m
86
Bale
J
20-year oonv 5b_———1934 J
7712
76
mi
J
59
66
mm**m
9734
j
Registered.......
20-year oonv 4s.....
58
77%
j
D
54
....
75%
d
Pennsylvania
Conaoi gold 4s....
Conso! gold 4b
mmmm
73%
75%
77% Jan '20
m
D
5434
56%
397S 60%
100% 102
92%
2i 91
May U
j
Cent Pao 1st ref gu g 43—1949 F
72%
mm
Sale
n
1st conaoi gold 4s.
1968 j
Wash Cent 1st gold 4a
1948 Q
Nor Pao Term Co 1st g 0s—1933 j
51
59%
71%
87%
May'16
9734
60%
J
Gold 4s (Cent Pac coll)-*1949 J
Nov'10
77% Mar'20
98% Jan '20
73% Apr '20
St P A N P gen gold 6s...1923 f
Registered certificates.. 1923 Q
St Paul A Duluth 1st 58-1931 F
'mmmm
m-mmrn
77%
104%
97%
J
2
53
77%
Sale 103
J
j
Oregon-Wash 1st A ref 4s...1961 j
Paolfie Coast Co 1st g 5s
1940 j
Padueah A Ills 1st s f 4MB..1955 J
Apr " 0
mmmm
d
Registered......
1997
General lien gold 3s.—c2047
Registered
.....c2047
Ref A imp 4Mb ser A..—2047
St Paul-Duluth Dlv g 4S..1990
Mar'20
92% June'12
00
Apr '20
mmmm
99
mm
Northern Pacific prior Hen rail
way A land grant g 4b
1997 Q
Sept'17
58
73%
1932 j
0 O A T 1st guar gold Os.1922 j
Bcio V A N E 1st gu g 4S..1989 M
70
57%
mmmm
70%
conv
'
53%
66%
82%
147j
Southern Pacific Co—
....
40%
99% Dec '13
88% Feb *14
74% Dec '19
mrnmm
V/5^;:
A
10-20-year
m»
40
mmmm
mmmm
A
N
o
/
mmmm
*54%
Improvement A ext g 6a..1934 f
..1990 A
....
....
mmmm
103
10-25-year conv 4b
39
m <m m
74
A
Registered
Aug'13
mmmm
j
D
83
mmmm
33
j
N Y O A W ref 1st g 4s.
106% May'15
87
July'14
78
90
J
Consol gold 5s
.
54
....
■■mmmm''
Prov A Springfield 1st 5s. 1922 j
Providence Term 1st 4S...1950 M
J
m
Sale
39%
j
j
*61 "
J
D
....
o
j
79% Deo *17
mmrnrn
mmmm
mm
N
J
Ga A Ala Ry 1st con 5a..01945 J
Qa Car A No 1st gu g 5a..1929 J
Seaboard A Roan 1st 5a..1923 J
mmmm
'
i®
Naugatuok RR 1st 4s
NOV'19
54
53
S
Housatonlo R eons g 5S..1937 M
Oct" 19
08
64
■
—
82
—-
Fla Cent A Pen 1st ext 08.1923 J
mmkmm
J
N
Sale
6034
Sale
4334
45%
99% 100% 100% Mar 20
91
89% 90% 91
O
J
38
31
137=
59
O
A
Harlem R-Pt Cbes 1st <8-1954 M
85
A
51
133,
67
83%
61
51
78%
78
*60*" *6*0""
57%
65%
Sale
60%
451*
50
54
Sale
O
79
62
Sale
66%
84%
59%
44%
K C Ft S A M Ry ref g 48.1936 A
94i2
48
54
J
8134
74%
78%
6
J
mm
73
M
"75% *8*1%
44
78
:::: *62 ~ ~60" Feb" 20
J
98
75
——I
J
Income Series A 6s
11980 Oct
j
St Louis A San Fran gen 0S.1931 J
j
General gold 5a....
1931 J
J
St L A S F RR cons g 48—1996 J
KCAMRABlstgu 58.1929
St L S W 1st g 4s bond ctfs..1989
2d g 4a Income bond ctfs.yl989
Conaoi gold 4b——......1932
1st terminal A unifying 5S.1952
Gray's Pt Ter 1st gu g 58.1947
S A A A Pass 1st gu g 4s
1943
Seaboard Air Line g 48—1950
Gold 4a stamped.
...1950
Adjustment 5s.........01949
Refunding 4a——1959
Atl Blrm 30-yr lat g 4a..<1933
Caro Cent lat con g 4a...1949
|
93% Apr '20
97% Deo '17
753g
78%
7834 Jan *20
78
78
9784
9412
53
Mmrnrn
mmmm
....
72%
J
75% ..Sale
mmmm
O
mmmm
46
A
1955 J
48
.11955 A
J
J
O
N
74%
....
93%
Boutfaw Dlv lat g 68—1947 A
cons g 68.1928 m
71%
....
42
93%
K C Ft S A M
08
45% Feb *20
45
N
Cons Ry non-conv 4a....1930 f
Non-conv deben 4s
1964 J
mmmm
40
81
70i2
65
45%
J
Non-conv deben 4s.
1950 M
Coav debenture 3 Ms
1950 J
Conv debenture 0s...—1948 J
Non-conv deben 4s
mmmm
60
3
66 ig
o
2
5
42
75
--—
69
68%
60is
651*
....
65
—2301 J
tr 58.-1920-22 M
mmmm
77i2
85
Reading Co gen gold 4s
1997 j
Registered......
1997 j
Jersey Central coll g 4a...1951 A
I
Atlantic City guar 4s g—1951 J
St Job A Grand IbI 1st g 4s ..1947 j
St Louis A San Fran (reorg Co)
mrnmm
82
76
N
M
mmmm
mrnmm
M
1st gold 8Mb....—
mmmm
mmmm
93% 104% Deo '16
103
May'17
mmm
A
J
2d guaranteed 6s....
84% Nov'19
87%
71%
83
67»4
mmmm
81%
20
81%
mmmm
79%
81%
mmmm
42
86%
78
99
m'-mrn
Mar'16
43
9012
80%
June*17
Sale
J
79%
99
mmmm
100
gale
O
Sale
82%
"88% *88%
mmmm
82
J
78
High
82%
40
A
"81*
Low
5
mmmm
6734
J
70
s
No.
High
82%
82%
90% Aug '19
88% Jan '20
99
Apr '20
mm
93%
N
Since
Jan. 1.
87
82
93%
M
ms*mm
88
00%
69
Jan '20
69
70
84%
mmmm
Range
P
mm
mm
J
M
Debenture gold As..
As* Low
Bid
P. O. C. A St. L (Con.)D
Nov'10
J
Week's
Range or
Last Sale
April 16
N
Nov'10
D
m
10
Price
Friday
jjlj
M
Feb'20
J
mm
Week ending April
1
103
J
m
N. Y. STOCK EXCHANGE
No.
60
mmmm
BONDS
Sine*
mmmm
mmmm
101
60
J
A
80
78
53
J
J
97%
m
92%Jan '20
Rang*
Jan. I.
High
Ask Low
Bid
W Y Cent 4HH RR {Co*)—
||
Week')
Price
5
1 A.
Jsr. Y. STOCK EXCHANGE
Week ending April 16
[VOL. 110.
Record—Continued—Page 3
70%
81
97% 103
67% 81
98% 101
871s 98
78% 85
90% 92%
mmmm
mmmm
s
mmmm
U
Option sale.
April 17
Price
BONDS
tr
2d gold 68
Debenture series B
...1939 J
let lien equip a id g 5s
1921
lat lien 60-yr g term 4s.— 1954
Det & Cb Ext 1st g 5s
1941
Des Moines Dlv lat g 4s__1939
Om Dlv 1st g 3 >4 a
1941
TolACh Dlv g 4a
1941
Wash Terml lat gu 3 H*
1946
M
Western Pao 1st
S
1930 F
Refunding 4>$a aeries A—1966 M
1949 M
Winston-Salem 8 B lat 4s..1960 J
Wis Cent 60-yr lat gen 4a—1949 J
8up 4 Dul dlv 4
term let 4s
7734
9
7734
83
*95% '
68%
587*
Aug*12
55*2 Mar 20
69
'36 M
t
fr*
89
92
63
63
"49"
81%
93I2
A
"52
100
8P4
31
"80*7* *88*"
20
Feb'17
90%
92%
9038 Mar'17
S
52
533*
52%
52>*
J
62%
70
Sale
65
671*
70%
70
~50" "53"
673* Nov'19
65
S
J
N
'
1st refund oonv gold 4a...2002
65*
52%
52-s
56
52%
"65 " *71 "
67
Mar 20
70
63%
33%
237*
28
31
Mar'20
Jan
30
33%
'20
25
28
47%
Sale
46%
47%
39
50
Certificates of deposit
Certificates of deposit stmp'd
Bfc City 1st cona oa_.1916-1941
47
Sale
47
47%
Sale
39%
47
41
41
42
31%
45
70
70
Oct* 19
80
May'18
70
Bk Q Co 4 8 eon gu g 5a..1941
Bklyn Q Co 4 8 1st 5a
1941
Bklyn Un El 1st g 4-68—1950 F
Stamped guar 4-5s.
1956 F
Kings County E 1st
Stamped guar 4a
Hud 4 Manhat 5s
ser
A
N Y 4 Jersey lat 6s._
25
64%
64
64^2
64
Feb *20
77
60%
68
Saie
22
17%
90
Certificates of deposit..
30-year adj Ine 5a.
ol942 A
Certificates of deposit
PI Y State Rys 1st cona 4
Hs. 1962
Portland Ry 1st 4 ref 5a
1930
Portld Ry Lt 4 P lat ref 5a. 1942
18%
18
23
55
284
56
75
56
33
56
56
Sale
55%
47
347*
70%
69
26%
25%
6%
6%
49
f 6s
90
86
<7
17
86
93
73%
77%
75
75
5
74
797*
76
76
1
73
82
75
75
Apr '20
75
827*
58
Mar'18
73%
83'
75%
73%
"74% "77%
N
O
J
N
iir*-
81%
92%
96
96
N
87%
94
89
....
78
1984
193*
58
60
55
74%
60%
44%
57%
30
40
40
42
28%
J
89% l-lale
84%
28
27
7
6%
55%
6% Apr '20
55
647* Jan
55
94
90%
95
82
80
83
2.3%
84
91
887*
90
68
...
69%
7%
55
647*
O
A
n
88,
76
W
-
-
647*
80
29%
68
v
80
2934
68
72
64
103
75
91
94
1928 J
conv s f 6s
&
D
90
Sale
89
91%
0
917*
9634
90
93
90
943*
95%
96%
93
85
Saie
85
85
85
78%
117
Sale
78%
80%
78%
5s....1928
1924
Am Cot Oil debenture 5s
1931
Am 8m A R 1st 30-yr 5s ser A '47
Am Tobacco 40-year g 6s
1944
—
A
A
1951™
"82"
98
25
,
—
30
23%
30
24
30
64
65
74
Mar'20
8634
83
Mar 20
88
88
85
87
100%
Sale 100
97
N
J
S
s
"95%
88
June'19
10084
96%
85
Sale
99
99%
*81""
Nov'18
Sale
81
"80%
81%
99% Jan '20
86
81
104
102
84
84
84
103
103
103
103
110
83
83
83
83
88
9634
9634 Apr '20
93%
*
Purchase money 6a__
1997 A
Convertible deb 6a....... 1926 1*1
Q
85
90
O
99
98
98
96%
I06'
98
J
81%
77
89%
Feb '20
75
RYGELHAPg 5«
77
87%
n
D
83
D
75
79
61%
Sale
89%
*75% *77
77
77
Apr '20
87% Mar'20
82%
87%
87%
61%
Apr '20
63
19
*75*" "85%
Peop Gas 4 C lat
cons g
6a_1943 A
>
Ded'14
Sale
78%
91%
90%
78
84
90
93%
...*.
'927* ""*93*
92%
94%
87%
91
86
99%
82
83%
80%
85%
82
82%
"80% "82% *82%
o
86
88
87
J
69
73
Mar'20
67
U S Steel
s
Corp—fcoup
f 10-flO-year
Sslreg
s
dl963
J
M
N
_dl963 M N
Convertible
83
20-yr convertible 4^s
30-yr temp coll tr 6s
J
7
87
88
87
93%
Sale
96%
95% Mar'20
IIII *86'
87
88
88%
92%
J
....
69
84
82%
76%
72
93
92%
99%
99%
81%
247
80
95%
6
82%
'
86% Nov'19
70
Mar*19
82%
90
67
Mar'20
s
1931 M N
s f 5s
1953 j
Va Iron Coal ACo.elStg 5s 1949 m
Victor Fuel lat
-
61
62
78
82%
100
89
Sale
89%
75%
70
Sale
Mar'17
May* 19
8734
9734
90
88
857*
89
86
Apr '20
97% May*17
86
91
70
70
983*
"72"% *85
88%
67
80
Apr* 17
75
88
88%
607*
71%
70
" "70*
Ocf 17
84% Mar'2o
July'lg
78%
75%
77
s
03%
...
IVf
s
81
Bale
J
D
79
Sale
A
94
Sale
93%
96
90% Apr '20
73
Nov'17
.1933
1946
7-year convertible 6s
.1925
Cent Diet Tel lat 30-yr 68—1943 J
Commercial Cable 1st g 4s__2397 Q
D
J
J
2397 Q
J
58—1937 J
J
J
Keystone Telephone 1st 5s—1936
F
A
Mich State Telepb lat 5a.—1924
M N
N Y A N J Telephone 5a g—1920
M N
N Y Teiep lat A gen a f 4 >48.1939
30-yr deben a f 6§—Feb 1949
Pacific Tel A Tel lat 5a
1937 j" "J
J
J
South Bell Tel A T 1st • f 5«-1941
J
J
West Union coll tr cur 5s...1938
Registered
>
Cumb TAT 1st A gen
84%
*94% "94%
Fund A real eat g 4
M
N
Mut Un Tel gu ext 5s
84%
82
947* Mar'2
4b
j
1936 M
f
77%
82
Apr'19
105
July'17
88% Mar'20
61
61%
71% Apr '20
Telegraph & Telephone
Am Telep A Tel coll tr 48—1929 j
M
N
Northwest Tel gu
J
*27o prloo Friday ;la test bid and aiked. «Du«Jan. »DuoAprU. aDuoMay. # Duo Juno. i Due July.
Nov'19
78
f.1940
81
Trenton G 4 El 1st g
s
97%
89
86%
Feb '19
St L Roc. Mt A P 6s stmpd.1955
Tcnn Coal I A RR gen 5s..1951
Repub IAS 10-30-yr 5s
90%
D
United Fuel Gas 1st
f 58.1957
83
N
J
82%
79%
75%
j
s
86%
78%
N
f 6s.. 1930 J
92
6
21
97%
j
86
80
J
101
94%
74
88%
Sale
88
85
S
5s....1949 M
S
Union Elec Lt 4 P 1st g 5s—1932 M
Refunding 4 extension 58.1933 M n
98
85%
93%
Sale
J
D
1
951
89
J
Stand Gas 4 El eonv s f fls—1928 J
105
93
75
87
6584
^87%
Syracuse Lighting 1st g 5a._1951 J
B^aeuse Light 4 Power 5s..1954 J
100
2
72
82%
89
"80% 88"
N
90
15
83%
92%
61
S
6i—1922 M
'84%
81
75%
s
80
S
eonv g
74
100% 103%
60
74
s
Mar'20
O
Mu Fuel Gaa 1st gu g 5s—1947 M
o
Apr '20
1947 M
Philadelphia Co
37
75%
f 5sl936
conv a
81
Oh G-L 4 Coke lat gu g 5a 1937 J
Con G Co of Ch lat gu g 5a 1936 J
Ind Nat Gaa 4 Oil 30-yr 6al936 M
Refunding gold 5a__
86
85%
J
80
80
90%
Lackawanna Steel 1st g 58—1923 a
1st cons 5s series A—.
1950 m
90
73
~78" "sale
D
105%
90
84% Feb *20
D
N
78
N
91%
98
1952 M
1926 J
89
Pacific G 4 E 'Co—Cal G 4 E—
A
O
---■
89
J
6s International Series... 1930 F
Pat 4 Passaic G 4 EI 5a
1949 M
A
96
75
75%
89
A
A
Corp unifying 4 ret 5«—1937 M
Pacific G 4 E gen 4 ref 6a„ 1942 J
Pae Pow 4 Lt lat 4 ref 20-yr
D
Utah Fuel 1st a f 5s
104% Apr '17
75
A
91
90%
97%
96%
93%
99%
93%
93% July'19
"81% "84%
Pocah Con Collier 1st
Apr*19
83
101
Pleasant Val Coal 1st a f 5s. 1928
89% Mar'20
97%
79%
Hill "91%
Col Indus 1st A coll 5s gu_.1934 F
Cons Coal of Md IstAref 6s.1950 J
Elk Horn Coal conv 6a.——1925 J
Midvale Steel A O
84% Dec '19
92% Apr '20
84
84%
83%
Sale
D
A
5
22,
GO
j
S
89
2
947* Apr '20
74
Indiana Steel 1st 6s
101
953*
d
90
83%
98
1932 J
M
84%
102
93%
82%
Buff A Sueq Iron s f 6s
85%
81
93
"2"
Debenture 6s——..
al926
Cahaba C M Co 1st gu 6s.. 1922 j
Colo F A I Co gen s f 59—.1943 F
2
89%
Oct'19
Sale
•
M
96%
93%
111
Deo'18
95
93
O
J
4!
Feb '20
87%
Sale
82
£
77
84
90
95%
91
1047*
1017* Sale 101%
81% Sale
81
100% 101% 100
£
Jeff A Clear C A I 2d 5fl
84% Apr "20
Sepf 19
92% Dec *19
S
91
"90*34 "95"%
J
867*
89
907*
1047*
90
80%
J
J
J
89
91
89
90
6s. 1926
1940
93%
98
10134 105
83
Feb* 13
85
93%
Sale
1947
deb 4>*s
86%
102
85
N
Illinois Steel
84%
99%
99%
Mar 20
99
f 5s..—1926 J
95
99%
104
1942
A Imp a f 6s...1936 J
93
98
82
81
99*3*101%
97
78
188
70%
85
98
.1930 <*
s
67 *
18
80
83
Feb' 18
100
86%
142
Mar'20
n
O
87
94
D
84%
..—I
93
87
p m
88.
103
-
:
"91" "of*
Feb '20
Apr *20
Sale
86%
Va-Caro Chem 1st 16-yr 6s. 1923 J
Conv deb 6s
el924 A
West Electric 1st 5s Deo
1922 J
20-yr
9384 Sepf 19
91
100%
70
1
96% Dec '19
93
94
Hudson Co Gaa lat g 5a
1949 fw
Kan City (Mo Gas 1st g 58.1922 A
Klnga Co El L 4 P g 58—1937 A
82%
68% Sepf 19
9334
Gas 4 Eleo Berg Co c g 58—1949 Jt
Havana Elec conaol g 5s
1952 F
1948 J
Purchase money g 4a
1949 F
Ed Elec 111 1st eons g 5fl..1895 J
ITYAQ El L4P 1st con g 58.1930 F
81
100%
98% 100%
78%
83
68
1942
1st A ref 5s guar A
Sepf 15
82% Feb '20
97%
100"%
'20
96
1944
conv
81%
99%
1951
U S Smelt Ref A M
97
Deo'18
9834 Apr '20
787*.
787*
787*
99
*86 "
.————1951
Union Oil Co of Cal 1st 5S..1931
U S Realty AI conv deb g 5s 1924
U S Rubber 5-year sec 7s...1922
119
73
*667*
n
99%
89%
86%
93%
95
100% Jan
89
1947
National Tube 1st 5s
99
95%
1935
7s
99
100
95
97
73%
75
1952
Union Bag A Paper 1st 6s..1930
75%
96%
*79*" *83%
Mar'20
93%
"98"
119
82
97
73
Sale
7834
1925
1951
Liggett A Myers Tobac 7s_.1944
Lorillard Co (P
89
Sepf19
82
"75
70
93%
1942
let A ref 5s series A
26%
79%
O
76
Feb *20
87
Sale
97
Corn Prod Refg s f g 6s
1931
1st 25-year s f 5s
1934
Distill Sec Cor oonv 1st g 5s. 1927
E I du Pont Powder
4^s
1936
General Baking 1st 25-yr 6S.1930
5s
119
"78
Gold 4s
Am Writ Paper s f 7-6s
1939
Baldw Loco Wor.s 1st 5s—1940
Cent Foundry lat s f 6s
1931
02
68
26%
"85 ~
J
Milwaukee Gaa L lat 4a—1927 M
Newark Con Gas g 6s
1948 J
90
Industrial
Stamped
70
"74%
O
Ed El III Bkn lat con
g 4s. 1939 J
Use Gas L of St L Ref 4 ext 5s *34 A
94
9l" *98%
Sale
N Y Air Bra.e 1st conv 6a_1938
Standard Milling lBt 5s
1930
The Texas Co oonv deb 6s..1931
19
Mar'20
10-yr
Beth Steel 1st ext
93%
J
A
"~7\
91
5134
Gas and Electric Light
6s...1932 m
58*% "ee"
007* July'19
Coal, Iron & Stool
cons g
75
79%
O
887*
Apr *20
26%
Eq G L N Y lat
85
85
72
A
f 68.1941
93
82%
'20
1
84
June'17
Eqult Tr (N Y Inter ctfs
Va Ry 4 Pow 1st 4 ref 5a...1934 J
J
80
Mar'20
Jan
21
31
51% Nov'19
30
Detroit Edison 1st coll tr 5a.l933 J
1st 4 ref 6s ser A.......61940 M
72
62
83
887*
50
26%
26%
Oona Gaa EL&P of Bait 5-yr 5s'21 M
Detroit City Gas gold 58—1923 J
83
94
27
40
'2o
53%
337*
F
80
83
76
66%
91
'85* "88*
Mar'20
61
45
477*
„
Jan
Dec
29%
7s... 1925 Q
60
Oct'19
155% May'19
Nat Enam A Stampg 1st 68.1929
Nat Starch 20-year deb 6a—1930
Mfey'lw
26%
conv
85
79!'
-
mmmm
86
83%
60* *6*7%
91% Mar'20
94
6s
'20
Jan
73
28
6-yr
93
98% 101%
N
96%
87%
81%
June'18
60
947*
Int Paper conv s f g 6a
1st A ref b f conv ser A
Feb'17
July'17
60
United RRs San Fr a f 4s...1927 A
Union Tr (N Y ctfs dep
—
Conaol Gat
93
*8*9*"
80%
9
Sale
31
784
50
'20
55
J
90
Apr'14
94
Sale
O
40|
Mar'20
93%
32
Dec '19
46
Sale
....
J
85%
81
62
20-year deb. 63
.Feb. 1940
Ingeraoll-Rand 1st 5s
1935
Int Agrlo Corp 1st 20-yr 5s_. J932
6
Mar'2o
72%
-.
n
85
81
N
26%
5%
10
Apr '20
51
J
91
85%
J
O
75
77
70
27
877*
m
99% 108%
86
817*
88
76%
89
Mar'20
6s—1939 J
26%
74
87
A
li
1
6s—1925 M
Gen Electric deb g 3 Via
Debenture 5s
77
July'19
Saie
45
*92 " "94"%
July'19
29
Bklyn Un Gas 1st cons g 58.1945
CIncIn Gaa 4 Elec IstAref 5s 1956
Columbia G 4 E 1st 5a.....I927
Columbus Gas 1st gold 68—1932
38
122
6s..1959 A
Cent Leather 20-year g 5s
Conaol Tobacoo g 4s
20
50
46
D
6
Dec '19
6s '19-'27 J
conv
Pub Serv Corp N J gen
Tennessee Cop 1st conv
Wasb Water Power 1st
Wilson A Co 1st 25-yr s
74%
N
90%
20%
55
09
Jan
78
....
Atlanta G L Co lat g 58—1947 J
Bklyn Edison Itic gen 5s A. 1949 J
73%
101% 101% 101
102
77% sale 77% V 78%
82% 84
84
84
92% 915
92%
92%
J
1932 A
Niag Loc. & O Pow 1st 58—1954 M
Nor States Power 25-yr 5s A 1941 A
Feb* 18
90%
89
J
a
68
15
30
64
—
United Rys Inv 5a Pitts las.. 1926 M
United Rya St L lat g 4a
1934 J
St Louis Tranalt gu 5a
1924 A
s
Ref A gen 6s
60
14%
Mar 20
68
....
1933 J
84%
807*
73%
"Jd"
Am Agrio Chem 1st
Conv deben 5a.
48
44% Mar'20
II— ~92%
1960 J
80%
mmmm
86
A
69
Deo* 19
Adj income 5b
......al980 A
Third Ave Ry 1st g 5s......1937 J
Tri-City Ry 4 Lt 1st a f 5s—1923 A
17
80%
O
Manufacturing
Oof 19
35
.
1948
70
60
73
185
17
25
Portland Gen Elec lat 5a. 1935 J
St Jos Ry L H 4 P 1st g 5a.. 1937 M
St Paul City Cab cons g 5S..1937 J
Income 6s
78
17%
523*
25
O
....
N Y Doc. 50-yr 1st g 4s
1951
Niagara Falls Power 1st 5s..1932
13
1
18
37
New Orl Ry 4 Lt gen
4>$s_. 1935 J
W Y Munlcip Ry 1st a 15a A. 1966 J
W Y Rya 1st R E 4 ref 4a... 1942 J
O
Mtge Bonds (NY 4s ser 2—1966
10-20-year 6ss eries 3
1932
54
351
Sale
75
Milw Elec Ry 4 Lt cons g 5a 1926 F
Refunding 4 exten 4Via.. 1931 J
Montreal Tram lat 4 ref 5s. 1941 J
20
13
-
102
O
68
142
Sale
557*
Col 4 9th Av 1st gu g 5s..1993 M
Lex Av 4 P F lat gu g 58—1993 M
1st g 4s..1938 F
■
60%
'2u
59%
23%
78
557*
Met W 8 EI (Chio
Undergr of London iVia
Jan
62%
a f 5S..1953 M
Metropolitan Street Ry—
Bway 4 7th Av let 0 g 5a_1943 J
28
60
12
17
Manila Elec Ry 4 Lt
Third Ave lat ref 4a.
62%
58
Sale
72
1990 A
80%
July 19
62
59
Certificates of Deposit.
Stamped tax-exempt
60
65
2234
Interboro Rap Tran 1st 5s„1966 J
Manhat Ry (N Y cona g 4a. 1990 A
Great Falls Pow 1st
Int Mercan Marine
Pan-AmPetATrlst
Mar 20
68
interboro-Metrop ooll 4 Ha. 1950
1928 M
1940 M
63
25
697*
1932
6s A '28 M
55
28
20
60%
1957
f 68..1941 J
s
con
Stamped
<60
613*
55
Apr
61%
1957
Adjust Income 6s
Computlng-Tab-Ree
Granby Cons MSAP
51
55
63%
1951
Chile Copper 10-yr conv 7s .1923 M
Coll tr A conv 6s ser A
1932 A
60
55
60
23
Det United lat cona g 4>*s—1932
Ft Smith Lt 4 Tr let g 6s... 1936
801*
Buildings 5s guar tax ex.. 1960 A
Chic C A Conn Rye s f 5s
1927 A
Chic Un Stat'n 1st gu 4 Via A 1963 J
61
64%
62
54%
Nassau Elec guar gold 4s. 1951
Chicago Rya lat 5a
1927
Conn Ry 4 L lat 4 ref g 4>*a 1951
D
..1955 J
Ontario Power N F 1st 5s__ 1943 F
Ontario Transmission 5s_.__ 1945 M
54
1949
58%
13
81
98
Braden Cop M coll tr s f 8s—1931 F
Bush Terminal 1st 4s
1952 A
G4
62U
~62~2 "Sa.e
g 4a.. 1949 P
Stamped guar 4>*s
»»*.
40% Dec '19
62%
62%
62% Mar'20
.
Armour A Co 1st real est 4 Via '39 J
Booth Fisheries dob s f 6s
1926 A
N
s f 6s
1941 A
Montana Power 1st 6s A...1943
Morris A Co 1st s f 4>*s
1939
8-yr 7% secured notes..111921
....
.1920 M
Conaol 5s
90% Apr
J
53
Oct'17
95
657*
Sale
*20
85
56% Apr '20
16% Apr '20
16%
17
19
16%
Apr '20
89
60
95
17%
Jan
81%
Oct'19
66
63
8
88
.
S
89
O
D
S
51
36
90
85%
95
S
"69*"
35
High
Nov'19
1926 M
887*
Sale
Mar'20
87
1925 M
66
"25"
J
1948 M
1
Sale
52%
95
III- ~88%
J
1967 J
14
797*
Conv deb 6s series B
Am SS of W Va 1st 5s
1
20
Aug'18
Sine*
Jan. 1.
Miscellaneous
51%
86
80
Adams Ex coll tr g 4s
Alaska Gold M deb 6s A
Oct'19
Apr
,
No. Low
High
Sale
*55*%
55%
82
O
80%
88% ,88%
80
74l2
A
Westchester Ltd gold 68—1960 J
7034 Nov'19
887g Mar'20
Atk Low
Rang*
Bond9 Sold
or
Last Sale
Lt—(Concl.)
Utlca Gaa A Elec ret 6a
76*2
58—1945
g
Aug'18
Range
16
Bid
Gas & Electric
Utah Power A Lt 1st 5s
1944 F
Utlca Eleo L A P 1st g 58—.1950 J
97% July* 19
"66% *69
Street Railway
«&»ooklyn Rapid Tran
7734
90
751*
J
1928 J
RR lat conaol 4s
7J
O
1926 A
Wheel Dlv lat gold 6s
Ex ten 4 Impt gold 5a
7734
A
A 6a ..1946 M
g 5s
91
"51*
z>1943 Nov
ser
85%
85
"751*
A
1943 A
Wheeling 4 L E lat
73
6
Week'*
Friday
April
16
High
22
85%
88
F
Low
78
85
63
S
No.
73
86
J
M
High
Price
Week ending April
75
i
A
N Y STOCK EXCHANGE
85
J
1629
BONDS
Since
Jan. 1.
733*
J
let 40-yr guar 4s
1946
West Maryland 1st g 4a,...1962
West N Y * Pa 1st g 6s
1937
Gen gold 4a
Income 6>
N
N
A
Rang*
Last Sale
Ask Low
Bid
1962 M
1939 M
—1939 F
Virginian 1st 68 series A
Wabaah 1st gold 6a
Week'*
April 16
16
April
Range or
Friday
fN Y STOCK EXCHANGE
Week ending
York Bond Record—Concluded—Page 4
New
1920.]
>48—1950
1941
4>4» g—1934
60
81
Apr '20
81
79%
95
78%
82.
88
85
85
77%
84%
81%
Sale
81% '
81%
82% Apr '20
76
' 78
,
70
Sale
97
92
83%
93%
99%
96
81%
85%
84%
*86*"
991*
13
77%
99%
81%
47
92
86%
61
83%
5
80%
88%
86%
70%
86%
74%
81%
*15
101% Sepf 17
94
pDueNov.
80%
69
80% "85
78%
83%
90%
'20
78%
94%
85
81%
77%
92%
8ate
77%
91
69
112
76%
68
Apr'16
99% Jan
98%
5
Apr '20
98
85
84
—!
Jan"18
68%
~78% *82*
J
kDueAtwr. aDuaOot.
68
Nov'10
Due Deo. « Option oale.
I
BOND*
BOSTON STOCK
1630
SHAKE PRICES—NOT PER CENTUM
Saturday
Monday
April 12
April 15
April 16
Next
[Vol. 110
Pag*
Kaugt for Presicus
Year 1919.
BOSTON STOCK
Week.
EXCHANGE
Friday
April 14
April 13
STOCKS
the
Thursday
Im
Range Since Jan. 1.
Sales/or
PRICES.
Wednesday
Tuesday
April 10
EXCHANGE—Stock Record
Lowest.
Highest
Lowest.
Shares
Highest.
Railroads
128
128
*128
130
65
65
05
64
33
*82
32
♦82%
31%
3134
*40
*40
44
*40
44
*40
*135
140
137
*135
140
*135
140
"32"
31
128
68
128
60
63l2
63%
82
63%
*31
~
44
*135
128
63%
64%
44
*82
•82
*32
128
128
128
*64
82
82
82%
14
30%
3134
31%
32
Mar'20
460
Last Su e 45
Last Sae 135
Apr'20
Last Sa e 10c
Dec'19
A
Boston
Albany...100
Elevated—...——100
-.100
Boston A Maine.—...100
Do
pref
iOO
Boston A Providence
100
Boston
Do
pre
...
...
119
"♦5"
"«"
"*5"
10
*8%
10
132
*127
'
♦
78
"IT
"l"
*8%
132
*127
"5*
10
6
132
-k 6
l6 " Mar"'20
80
*75
*75
*75
80
Oct'19
Mar'20
— —
'
■
—i—
71
32
32
32%
32%
85%
70
31%
1—
—
«■
-
*70
72
Last Sa'e
70
70
70
68i2
32%
32
33
32
31%
Last Sa'e 83
Feb 11
Jan
134
85%
"85%
*85"
86"
80"
"86~
86
10
22
•21
24
*20
23
*19
23
*19
23
22
*85
95
87
87
*85
87
*85
95
*86
*86"
"I"!
42
42
41
41
*41
42
41
41%
*42
41
42
54
54
53
54
*53
54
*53
54
54
38% July
40
Oct
50
Jan 28
143
Mar 15
130
Sept
168
""7"
Mar
*8
3% Nov
11
8
78
Jan 28
11
Mar
5
Jan 30
132
Jan
8
2% Nov
132
Oct
135
Jan
8
86
Jan
2
Feb
90
June
99% Mar
70
Mar
110
pre!——...
..
.
100
...
.
Maine Central
100
N Y N H A Hartford..
—100
"2
Apr
68
2
445
Jan
3
38
54
70
86
Mar 29
85
9
86
85
Old Colony
100
Rutland pref—.——100
76
Jan
15
Jan 20
100
Vermont A Massachusetts
Do
85
Apr
50
pref
59% Dec
25% Dec
Dec
Oct
86
30
Jan
Nov
Jan
Feb
,June
78% July
83
Jan
40% July
99% Aug
115
Oct
Mar 31
94
1
x71
15
82
3
6
38%
Sept
50
Apr
47
Sept
68
June
5
Dec
4% Feb 13
41
*
6
Jan
70c
Jan
25% Mar 11
87
Jan 31
Jan 24
1
50% Jan23
50
5
Mar
36% Mar 10
5
83
West End Street
Dec
84
"72 "Mar30
Jan 12
60
23% Feb 11
Norwich A Worcester pref .100
47
86
85
86
Jan
Feb 27
10c
130
Jab
28
45
6% Jan
100
Apr
Apr
6
Northern New Hampshire. 100
Apr'20
Mar'20
Last Sale 85
•85"
1,725
31%
97
39
no par
Do
33
68i2
32>8
80%
Dec
30
no pat
Do
Dec
85
87% Jan
37% Jan
pref..
10t;
Georgia Ry A Eleo stampd 100
80
Last Sale 10334
♦70
pre!
Boat A Wore Eleo pre
ChloJunoR
AUSY
Feb'20
Last Sa e 130
Do
Dec
02
Feb 18
Boston Suburban Eleo..no par
125
Last Sa e
*127
78
78
"IT
-i—
132
♦8%
*127
78
.
116
2
2
2
67% Jan
80
"
145
Mar 16
132
Feb 17
61% Feb 13
'Apr
Apr
4534 Jan
55% Jan
Dec
Dec
Oct
105
23
100
Jab
May
Jan
Miscellaneous
6
5%
*1%
5%
5*4
1%
*1%
1%
*6
7
♦6
7
96%
97%
97
96%
534
1%
6%
96%
162% 162%
160
*81%
*11
12%
*34
40
♦35
38
5%
1%
6%
♦1%
5%
1%
♦6
6%
96%
160
*81%
*11
81%
12%
534
166
165
81%
11%
11%
2
2
4*4
5%
12
11%
2%
134
5%
6
5%
5%
6
*5%
31
32
32
32%
26
26%
26
26
88
88
88
88
15212 152%'
31%
32%
152
152%
31
31%
96%
90%
*160
162
82
81%
5%
*5
5%
31%
25%
*80
32
26
88
151% 152
30% 3034
:>
5%
32%
2534
'
31%
2534
*80
88
151% 152
31
34%
*69% 72
*25%
26%
35% 36-%
25%
24%
25%
1,040
Eastern S3 Lines I no
89
*80
89
60
148
149
149
149
385
35%
36%
Last Sale 72
Apr'20
*25%
26%
*25% 2612
36
36
34%
35
34%
17
17
17
17
I7
17
10
17
16*2
27%
27%
27%
28%
27%
28
28
27%
75
*72
75
98
98
98
98
75
74%
75*4
01
6034
60%
*134% 135% *134%
45
45
45%
*46
48
*45
88
88
87
32%
32%
32
32
32
166
44
Mr
# »
45"
10%
*97
75
75
738
7%
31%
10%
97%
7534
3034
61
61
135
135
44%
44%
47
45
45
87%
33*4
87
8734
33
33
166
*42
75
61
•
7
31%
31%
31%
32%
42
41%
41%
7%
31
*10%
10%
97%
97%
75
76
60%
135
60%
135
*71
7%
30
10%
*95%
74%
60%
*135
36%
17
30
10%
10%
95%
74%
....
74%
60%
60%
15
1514
50%
*2512
4912
*2514
26I4
2314
23%
23
48
50
48% 48%
11912 120%
120
*69
71
4614
46
25
2514
17
17
*2184
2134
*37
3712
20i2
45
45
*45
47
10
88
87
87
107
32%
33
32%
33
32%
165
165
165
130
*41
42
40
40
50
71
4612
2514
17l2
22
38
16
119
120
72
72
2134
2I84
2134
38
56
20l2
*63
65
*37%
20%
22%
3,925
Waldorf System
37%
37%
262
20%
20%
760
*60
61
*60
64
61
62
40
62
*60
5
34
36
13%
7%
*12%
8%
360
29l4
27%
363
30
15l2
45
45l2
44%
10%
414
lll2
15
15
4
4
*5l2
6
3
3
*.70
1
*.70
50i2
50i2
8H2
*48%
80%
32
35
*412
1%
4%
♦1%
*4
2
Last Sale
*234
*2i2
*5
884
*2%
318
3
512
834
3
Last Sale
Last Sale
8%
*6
6
68
65%
11
14%
*3%
8%
"21
21
21i4
*7
2II4
7i2
*7
7i2
*24
26
*26
86
83
84
*1014
18%
11
10U
1934
19
IOI4
19%
*7
21
*.50
1
I
2%'
*2i4
*3312
34%'
125
50
420
1
50
162
46
79%
*414
4%
*1%
1%
4%
Apr'20
*2%
3
2%
Apr'20
5%
Apr'20
8
8%
6
135
29% Mar 17
6
Mar
21
*7
60
Feb
Jan 21
37
60
Feb
7
6
66
100
70
Jan
9
38
Jan
Jan
80
1«4 Feb 27
Jan ~
.50
Apr
2d pref..
Ahmeek
Mining
Consolidated.. 25
25
.......
Algomah Mining......... 25
AUoues
26
.....
...
5
Arlsona Commercial
Copper..
25
Bingham Mines......
Calumet A Hecla
1
Carson Hill Gold
Centennial
26
Copper Range Co........
26
20
10
10
Daly-West
... —
Davis-Daly Copper..
East Butte Copper Mln
Mar 20
Feb 11
42
11
Feb 11
1534 Jan
6% Mar 18
% Feb 4
Mar 9
334
17% Feb 13
12% Mar 30
41% Mar 10
3
Jan
3
9% Feb 13
11% Feb 11
pref
39
78
25
Isle Royale Copper...
Keweenaw
Feb 13
1
' 1
.......
30% Feb 26
6
...
Copper.....—
6
25
—
Mar
3% Mar
1
2
7% Jan
2
Apr 15
5
19
Feb 26
24
Jan
5
6
100
7% Jan
Mar 12
79
Feb 16
North
Lake
.
Mining
Old Dominion Co
Osceola
5% Feb 13
9% Feb 13
Feb 13
15
58
45
Mar
60
Feb 11
65
Jan
52
Mar
Feb 13
58
Jan
40
Mar
Feb 11
19
Jan
13
Jan
26% July
2
Jan
1% Mar
40c
Jan
14
H2
*li2
134
1%
*1%
610
Seneca Copper Corp...no par
8hannon
10
*2
212'
*238
2%
2%
2%
*2%
South Lake
*.15
.25.
*.15
.25
*.17
.20
.15
.15
200
South Utah M A 8
10c MarlO
14c Feb 13
5%
5%
5%
5%
180
5
5
5
5
965
Superior
25
Superior A Boston Copper 10
100
Trinity
8%
2%
3
*2%
8%
2%
3
*2%
1
H4
20
1%
18%
*84
*
II41
Bid and asked prioei
*1914
1%
o Ex-stock dividend,
1
*%
1%
19%
1%
8
2%
*1
*18%
*%
25
5
25
l%Mar
2% Jan 26
4
5
Jan
2% Apr 15
6
7
1:4
4% Feb 26
6% Jan29
VI
Mar
234 Jan 19
25o Jan 10
Jan
Tuolumne Copper
5
1% Apr 1
75c Apr 12
622
Utah-Apex
6
2% Apr 13
3
315
Utah
8
934 Feb 20
1,245
Utah Metal A Tunnel—
a 295
Victoria
1%
19
1%
2,030
Winona-——..—.—. 25
1
25
25
17
100
Wolverine-—
Wyandotte
s Assessment paid.
;
h Ex-rlghta.
1
1
25
30% Mar
4% Feb 11
3
i Ex-dlvldend and rights,
80c Jan 27
37% Jan
Jan
^Mar
2%
8%
2%
85
Mar
45
400
3
Apr
75c
44% Feb 13
14%
1%
2%
f3%i
1% 1%
19M 19%!
25c
25
26
14%
3i2
13% May
20*8 July
1*4 July
4% July
52% July
73
July
83
July
75
July
15
1%
Mining
Consolidated.-
Nov
Jan
Feb
2
14%
1,600
87
8%
9
3
Apr 12
2
Feb 11
15i2
2%
July
July
% Feb
*14l2
"*.75 "".85
12% Jan
20
57*4 Mar
6%
29% July
12% July
28
Oct
1% Jan
15
1%
Mar 24
83
Oct
July
30
1434
2%
0% May
8% Feb
27% Mar 27
87
Mar
1
14*4 Mar
July
26
26
St Mary's Mineral Land—
Qulncy
Mar 27
7%
25
25
56
V
2% Feb
49% Feb
8
21
100
6
16
252
.85
13% June
10
July
3
2
57
1%
10
Jan
II34 Jan
47
*2%
Feb
2
5% Jan
Jan 21
57
*.75
4
Feb 16
47
2%
8U
2i2
4%
7
57
.75
5% July
Apr
4
47
2l4
8I4
212
Apr
2%
Jan 21
Mar 22
57
.75
2
3
2
2
pref
July
Jan
Jan
Idrla Quicksilver
Oct
2
55*4 July
88% July
41
July
6% May
2*8 July
3
5
OJIbway
57
3%
9% July
734 May
7
3
72
New Cornelia Copper
Jan
24
6*4 July
Mar
Feb 11
1
135
1% May
May
Feb
50c Mar
42
Apr
78
Apr
4
20o
3*4 May
14% Oct
Aug
21
4% Apr
3% Jan
2% Apr 12
6
Feb
Feb
99o
Feb 13
*.50
47
Mar
Dee
July
July
5
3
North Butte.—
*134
3
60
Nlplsaing Mines
100
2
Mar 24
26
940
2i2l
8®sj
2%;
Jan
36%
62
2% Jan
25
7,522
.82:
5
Jan 19
3% Feb 10
Mohawk
19
.82
38
9
*z
10% May
May
July
90o
480
20
7
5
18
—
Mar
4Sa
Jan
1% July
July
July
"
62
Mar
8
4
2% July
July
91
12
3
% Jan 14
52% Apr 8
80% Feb 10
Island Creek Coal
12% May
72% May
July
139
5
Mar 26
60c
Jan
Mar
4% Apr
Feb 17
26
Indiana Mining
Nov
fl
20o
350
Jan
10
6% Mar 31
10
*214
*8ig
*23g
4% Mar
14% Jan
5
3
4% Feb 13
2% Feb 14
*46
*184
40% Jan 10
10% Jan 6
48% Jan
3
48
(
3
25
60
5
2
Jan
26
47
58s
2
9% Apr 15
40c Jan
409
Apr
32% Dec
10% Feb
26
...
*57
5U
Jan
Helvetia
Franklin..
62% Mar
10c
% Jan
Hancock Consolidated....
18%
512
5
2
77
31
10
10
...
75cMar 22
65
30c Mar 11
New Aradlan Copper...—
"""85
21% July
———100
1st pref
Do
May
16
Oct
48l2
512
7
July
July
48
6
Jan
23% Apr
20% Nov
25
60
6
Oct
Jan
31
7%
43
48
H2
25%
83
10
47
May
Feb 11
Mar 19
„
Feb
10%
19%
47
66
Aug
*46
50
74% Nov
Jan
2
Mar
25
Lake Copper Co
25
La Salle Copper.......... 26
""430
May
Jan
44
Jan
15
Kerr Lake
190
160
52%
MarlO
17
Do
Do
Jan
Jan
115
28
10
47
19
*58
*47
32%
Jan
Jan 12
Mass Consol..
7%
Apr'20
32%
15% Dec
49'% Apr
May
73
New River Company
*32
25% Apr
16
69% Oct
35% Dec
27% Nor
59% Oct
44% Jan 20
20
Feb 3
New
1
Dec
2
164
32%
July
30
2
6
125
Last Sale 2%
Jan
35
Mar
125
32%
2
33% Jan
85%
*.50
14
Jan
51
28
214
32%
Jan
20% Apr
85%
18%
16
65
31% Jan
r
26
1,640 Mayflower-Old Colony—. 25
40 Michigan
25
21
*26
4
55% Oct
99% Dec-
100
85""
7%
Jan
12% Feb 11
17
Feb 16
10
Mason Valley Mine
6
Nov
93
49
50
65%
66%
Feb'20
Feb
Aug
199"
34
_
34% Mar 30
176% Jan 19
47% Jan 6
99
Jan 12
43% Feb 13
25
Jan 31
55
"""166
145
3
73
6
Ino
"85"
.50
.50
*134'
32
620
32
32
6
28
*84
21
355
3,428
49
49
*78%
67
10
419
5%
2%
*.70
Last Sale 3
10,290
14%
3%
*4%
2%
32
*4%
478
178
27%
44%
4%
11%
Mai
36% Jan
67% Nov
Manufacturing. 20
Butte-Balaklava
26
14
4%
49%
80%
35
6,280
355
44
1
*80
9%
9%
Mar'20
*12
14
4%
11%
14%
*3%
5%
2%
190
27%
4%
11%
14%
3%
5%
2%
*12
80
12%
*352
44%
*4
,
30o
28%
*14
33
*12%
13
9%
Last Sale
.35
360
Apr'20
33
34
105
Oot
96
Feb 28
Warren Bros..........—100
Adventure
68
67
68
Last Sale %
.50
*34
784
Mar'20
68
70
July
Sept
65
25
Watch
Waltham
Walworth
72
54
83
133
pref
Do
Mar'20
Last Sale %
....
Do
Jan
47% Nov
32% Sept
120
Jan"
53
115% Feb 26
Ventura Consol Oil Fields.
223a
*
150
86
Jan
25
3,525
Mar
June
25
16%
Oct
Jan
99
71
100
25%
11
Jan
90
149
-.6
16%
Sept
Feb
Feb
6
Stewart Mfg Corporation
Swllt A Co
25%
9*g
35
Dec
23% Feb 25
13
Feb 13
40
Feb 14
.
90
Dec
60
3
Feb 13
United Shoe Mach Corp..
5%
28% Nov
8% Feb
130
89% Jan
482
25%
17%
22%
38
20%
5
49% J an
94
Tor ring ton
54% Nov
"68% Oci
Jan 20
6
Feb 13
Magneto
Dec
Jan
38*4 Nov
93% Nov
38
May
Jan
Feb
36
25
Dec
70
Feb 13
165
,.
Nov
79
172
83
85
22
1684
Jan
38
Parish A Bingham Corp.no par
100
34
24
138% Jan 21
35% Feb 13
47%
1,888
July
5
Mar
Feb 17
45%
75
6
Feb
46
~ Mar
11
15
25
19
110
101% Jan
44
"45"
2
95% Apr 16
6834 Feb 6
60
Feb 9
10
70
Jan
44
7
8hawmut 8S
70
6
Nov
84% Dec
21% Nov
26% Dec
13% May
47g Nor
15% Mar
0% June
6
8
Root A Van Dervoort Class A
17
...
1
Pacific Mills
Slrams
Apr
Sept
Jan
50
8
450
441
28
637
Oct
62% Jan
23%
25% Jan
8% Apr
125
Jan
Apr
Oct
6
2
2
6
80% Feb
210
895
120
138
31% Apr
16
22
Feb 20
4
25
47%
39
5
50
119
8
27% Feb 13
Mulllne Body Corp...no par
New England Telephone.. 100
Reece Button-Hole
Apr
Mar
25
255a
20l2
""""55
Jan
Deo
Apr
4% Mar
Plant (Thos Q1 pref
Apr'20
Dec
4%
22% Feb 27
10
Feb 2
73
Dec
6
Jan
36% Jan
84% Jan
29% Jan
23% Feb 25
*49%
*25i8
1634
38
10
Mexloan Investment Ino—
5
Dec
3
7
157
Apr 14
*15
16
50
26%
22
*47% 48%
119% 120
4434
25%
*60
100
Linotype...100
16
*49%
*15
46%
60
1st pref. 100
...
*25%
2134
46
205)5
10
Theatres
1,640 Ohio Body 4 Blower.—
8,065 Orpheum Circuit Inc
165
2012
*1314
*.30
1,295
45%
Last Sale 70
*350
Do
pref
Mergenthaler
47
50
100
10
Massachusetts Gas Cos,.. 100
13
88
2G14
2212
4834
pref..—.—
153
42
50
.no par
241
167
*15
Do
Products
Loew's
42
*25i2
2214
*48i4
Internat
MoElwaln (W H)
45
31%
Feb 28
155
*45
3134
67
Jan
7
2%
88
25% Mar 24
30% Feb 13
26
International Cement Corp...
Gray A Davis loo
17%
27
Feb 13
60
Gorton-Pew Fisheries
28
275
10%
95%
74%
60%
47
31%
par
no
152
31%
7
36% Jan
Apr 15
25
Elder Corporation
Fairbanks Company
148
Feb
6% Mar 23
3% Feb 14
27% Feb 13
19
Feb 11
83
Feb U
100
Edison Electric Ilium
Llbby, McNeill A Llbby.—10
3234
3134
31
pref..———i—100
Island Oil A Trans Corp..
137
*135
25
2,588
88
87%
32%
*54
*.25
10
Do
Manufacturing.....5
2,690
7
30%
46
44%
*44
60
*.75
1,643
166
*4l"
*1512
*6912
392
75
6%
7%
3034
137
30
825
27%
*71
75
29,472
17
27%
16%
28
Last Sale 95
|
10
25%
35%
30%
10
East Boston Land
Feb 11
108% May
78% Jan
18
Dec
5
Apr 16
12% Apr 14
3% Jan 3
1% Apr 13
2
Mar 20
Eastern
26%
*72
6
Dec
79
36
10
Century Steel of Amer Ino_
*80
7
26% Jan
10
Boston Mex Pet Trustees
50
Mar 16
Jan
Blgheart Prod A Refg
1,020
95
2%
Jan 13
19
Aug
2
9% Aug.
Apr
83
Art Metal Construo Inc.—
1,770
5%
514
9
7% Nov
Jan
Apr
56c
1
100% Mar 18
166
Apr 10
8
94% Jan
139% Mar
7934 Jan
Anglo-Am Comml Corp.no par
6,220
71
7%
pref.-..--...
5%
35%
73
2
Do
5%
35%
*69
31%
10%
*1%
10
36,730
Amoskeag Manufacturing—
♦5
*25%
7%
31%
10%
124
100
34
36%
73
350
Feb 10
Amer Telep A Teleg
7% Mar 15
1% Mar 31
Feb 24
5
512
26%
7%
717
11
1
50
pref
34'a
*5
72
3178
10%
82
25
...
Do
3238
35
7%
82
2
*25%
31%
10%
2,732
*H2
514
*70
*70
96%
12%
26%
3534
27%
95%
36
72
26
175
12
35%
*70
6%
36
*11%
*35
1%
4%
*6%
1234
11
38
1%
4%
10
Amer Pneumatic Service—
1212
11
*35
12%
2%
5%
Am OH Engineering...—
150
38
11
37
12%
1%
5%
654
12%
11
12%
5%
'1%
11
*36
11%
5%
♦13a
5l2
134
6i8
6%
9534
9678
16212 16212
82
8214
5%
*1%
1% Jan 10
Mar 17
Jan 23
1% Feb 14
3% Jan
5
2% Mar 22
3% Jan
8
Apr 14
2
7
Feb 17
23
1% Apr 14
§ Ex-dividend
Jan
Jan 10
!%Mar22
.»
Half-paid.
.vi
So
1%
7ic
Dec
Dec
1*4 May
7%
1%
Jan
Jan
1% Mar
50c
Jan
15
Mar
40c
Mar
4% July
3% June
50c
Aug
11% June
6
Nov
5% June
2% Sept
3% June
12*4 July
5
July
4*4 July
3
July
31
Jill*
Apk. 17 1920 ]
THE CHRONICLE
1631
Friday
Uutside Stock Exchanges
Sales
Last
Week's
Sale.
Stocks (Concluded)
RartQi
Low.
5#
4#
50
14#
Kay County Ga8._!_----1
Apr. 10 to Apr. 16, both inclusive:
Friday
50
2#
13#
2#
Indep Brewing, com
Preferred
Sales
Week's Range
of Prices.
Low.
Range
let Lib Loan 4a. .1932-47
since
La Belle Iron Wks, com.
High.
94.14 Mar
100.00
Jan
89.84 Mar
93.04
Jan
33,150
86.44
Apr
92.34
Jan
90.04 91.20
6,450
90.04
Apr
93.80
Jan
86.64 89.00
16,600
86.64
Apr
92.98
Jan
1,906
57#
5
"18"
Ohio Fuel Supply
25
Oklahoma Natural Gas. .25
91.04 92.38 194,100
86.24 89.20 124,800
91.04 Apr
94.96
Jan
Plttsb
86.24
Jan
96.04 97.60
,3d Lib Loan4#s...1928
4th Lib L'n 4#S. 1933-38
-.50
Preferred
18
99.30
Jan
1,100
93#
Apr
99#
Jan
Atl G <fc W ISSL5s._ 1959 rnmmm'mfm
75
75
8,000
75
Feb
81
Jan
82
83#
19,000
82
Apr
84#
Jan
41#
41#
94#
10,000
Erie 4s
Gt Nor—C B & Q
4s.
1921
1929
.
im
mm
m
m -
Jan
Jan
Pitts Plate
.
Glass,
com..
San Toy Mining.
Stand SanltMfg, pref__100
83#
10,000
83#
Apr
83#
Apr
89#
83#
89#
Transcontin'l Oil..(no par)
TJ S Glass......
100
89
Feb
93#
Jan
U S Steel
79
80
79
Feb
84
Jan
West'house Air Brake...50
113
West'se El & Mfg, com..50
West Penn Tr & W P. 100
52
Sale.
for
since
Jan.
1.
Week.
of Prices.
Low.
Range
Shares.
High.
Low.
High.
41
42
370
40
Feb
American Radiator....100
324
333
55
300
Mar
350
.........
85
1,036
78#
96#
15#
Mar
85
Armour & Co, pre!
Armour Leather.
81#
•
100
_......
Preferred
99#
15
16#
100
_
Beaver Board.
m
Booth Fisheries, new...(*)
(*)
Briscoe, common
Case
Mar
95
Feb
51
Jan
58
Mar
10
10
50
10
Feb
13#
Jan
675
62
Feb
75
Jan
m
4.
m
66#
84
mm
*
83
Jan
14#
Feb
17#
Mar
15
50
Feb
24#
Apr
98#
Feb
17
24#
10,805
75#
77#
335
73
49#
7#
50
200
8
285
6#
100
109#
115
6#
103
..
5
140
5
105
84
Feb
Apr
Mar
Apr
50
6
Jan
Feb
10#
8#
Feb
5
80
Feb
110#
Apr
Jan
5#
Feb
49#
4
50
4#
Feb
107#
287
11#
11#
1,910
11#
Mar
96#
97
35
96#
Mar
101
Feb
93#
Motors
10
11#
Cudahy Pack Co, com. 100 m'mm+.m'L
Continental
93#
50
93#
Mar
96
Jan
105
108
Apr
Jan
Feb
13#
Cohn.Inc—
.100
Preferred
100
Match
mmm
56
60
82
92
89
100
Kansas City Lt & Pow.(*)
20#
Preferred
....100
Quaker Oats Co, pref.. 100
Reo Motor
45
82
Apr
92
Jan
200
87
Feb
105
Jan
89
89
175
85
Feb
96
17#
22#
175 ;y!5-4-
Feb
Feb
18#
23#
Mar
20
83
84
80
78
Feb
89
Mar
32
32
25
32
Apr
35
Mar
30
31#
21,030
32
855
22#
6#
Feb
6#
Feb
7#
Jan
38
195
36
Feb
45#
Jan
Apr
.
-
mm
6#
m mm
42
42
30
116
116
-4
W
-
mm
«*''•'
Mar
Mar
13
Feb
2,475
Feb
35
36#
125
28#
35#
Apr
Ap
15#
32#
Apr
118
6,650
Jan
44
115
14
35#
41
'
z75
75
42
73#
Apr
88
50
88
Jan
90
Jan
Jan
Mar
Feb
Feb
79#
88
mm
1
94
mm'mmmrn
215
94#
94
Mar
98#
28#
Jan
Mar
27#
195
890
213
Feb
115
115
100
114
Mar
84
90
5,480
61
Feb
90
Apr
50
18
18#
17#
Feb
26#
Jan
...
.50
40
40
38
Feb
42#
Feb
26#
235
"115"
89
Common
48
49
100
Swift & Co
100
Swift International
25
com
Preferred
100
United Iron Works....100
1,832
116
6,380
mm
46
»
36
'mm-
105
Jan
55
Jan
41
49
Apr
Apr
Mar
52#
Feb
36
Jan
70#
8,130
61#
Feb
74#
Jan
63#
150
50#
Feb
70#
Mar
Apr
41
32#
5#
5
Apr
355
20
Feb
70
32
70
Mar
35#
40
450
35#
Apr
44
53#
22#
17,750
36#
Mar
22#
19
Feb
23
Apr
37#
38#
3,395
32#
Feb
40
Mar
20
35#
52#
150
28
70
(*)
Waldorf System, Ine
10
Ward, Montgomery & Co-
41
27
40#
(*)
23#
7.790
18
Feb
23#
20,500
6#
100
32#
6#
29
37#
22#
Western Knitting Mills#*)
Wilson & Co, com
.'(*)
Apr
53#
Apr
Jan
75
25
67
Feb
76
25
75
Feb
81#
Apr
Mar
67#
67#
67#
93
93
Commonw'th Elec 58.1943 mmi'm^rnm
83
83#
Morris & Co 4#3-_-.-..._
Swift & Co 1st s f g 5s. 1944
79
79
89#
89#
.
1927
mmmmrnm
■rn.mmmm
-
•:
mm*mmrn
Pat.
Amer Vitrified Prod,com 50
Alabama Co.__.__
100
Arundel Corporation
Atlan Coast L
£9
50
mm
Atlantic Petroleum..
10
Preferred.
......100
mm mm
Preferred
Bos( Sand
.
&
_
_
55
.1.100
Gravel
'1
•
*
Celestine Oil
..1
Cent Teresa Sugar
10
15#
$1,000
50
Feb
55
Jan
2,000
75
Jan
75#
Jan
i
Jan
Mar
_
_
_
... _
..
Apr
355
80
Feb
132
86#
57
76
Feb
93#
Jan
9 #
865
7#
Feb
Mar
5#
375
3#
Feb
10#
5#
105
5,024
44#
10
65
66
90#
94#
68
68
83#
83
83#
12#
12
14
14#
14#
"31"
31
31
90
90
86
86
-
mmm
~mm
.
m
~
m'm
'
~
94
Feb
65#
240
Mar
70
Jan
Apr
95
Jan
70
88
25
Jan
Mar
50
372
Apr
Jan
Mar
74
Feb
84#
11
Feb
15
Jan
90
14
Mar
20#
Jan
65
31
Apr
$5,000
2,000
90
'
1,755
.
36
Jan
Apr
98
Feb
,
Bonds—
AtlCL(Conn)ctf5-204s.*25
Bait Elect stamped 5s. 1947
CharlesConRyG&E5s.'99
Consol Gas gen 4#s._1954
1923
conv s
f 6s...
Mar
82
Apr
82
Apr
1,000
81#
Apr
83
Feb
78
78
Jan
95
Feb
95
95#
95#
95#
4,000
77#
93#
94#
81
95
6,000
12,700
Jan
95
Apr
96
98#
98
98#
10,000
98
Apr
76#
1950
Convertible 6s
86
1,000
82
76#
76#
2,000
-
*
"
78
6% notes-....-..-.....
7% notes.;.............
Consol Coal ref 5s
Mar
82'
mfmm m m
Consol G E L & P 4#s 1935
Do
5% notes........
Cosden & Co
86
82
82
*.
mm
m
mm -
5,000
96
Jan
92#
5,000
92#
Apr
98#
93#
92#
92#
92#
Apr
96
94
94
5,000
1,000
93#
Feb
Elkhorn Coal Corp 6s. 1925
Fairmont Coal 5s
1931
1942
United E L & P 4#s..l929
United Ry& El 4s
1949
1949
Income 4s
6% notes..
79
97#
92#
Davison Chemical 6s. .1932
No Bait Trac 5s
Mar
74#
97#
92#
m
Jan
Jan
100#
m'm
rnmmmmm
mm ~
Jan
Jan
Apr
Apr
Mar
Jan
86#
86#
1,000
86#
Apr
95#
86#
mmmmm
94
94
1,000
94
Apr
96
Jan
mmrnmmm
85
85
5,000
85
62#
63#
44#
m
63#
mm mm mm
mm'rn
mm
Wil & Weldon 5s.....1935
m
93#
44
;
23,000
Apr
Apr
85
Apr
60#
Mar
69
Jan
42
Mar
48#
Jan
89
89
1,000
86#
Mar
91
Feb
93#
94#
6,000
93#
Apr
98
Jan
22,000
Philadelphia Stock Exchange.—Record of transactions
Philadelphia Stock Exchange, Apr. 10 to Apr. 16, both
inclusive, compiled from official sales lists:
at
Friday
Jan
92#
Jan.
1.
High.
Week's Range
for
of Prices.
Week.
Stocks—
Par.
Alliance Insurance
American
10
Gas
Price.
v t c
100
50
45
mm m m
mimmrnm
Jan
40
Feb
Feb
141
Jan
4
12
155
27#
Mar
110
28
Mar
4
Apr
5#
37#
Jan
Jan
30#
56#
Apr
Feb
Apr
1,269
42
Mar
5
89
Feb
89
11
5
10
Feb
13
31
31
31
30
30
Mar
35
Feb
18#
18#
Jan
22
Mar
43#
18#
64#
44#
48
48
63
63
43#
'mm
mm
mm
69#
Jan
76
41#
40#
42
6,703
40#
Feb
43#
Mar
36#
Jan
33
33
33#
331
31#
Feb
24#
22#
25
3,213
24#
Apr
25#
Jan
23#
1,184
21#
56#
Feb
28
Jan
Apr
63
Jan
50
32
...50
U S Steel Corporation- 100
46
Jan
23
m.mm.rn-mm
Western NY4 Pa
15
Apr
17#
Apr
West
118
Jan
Feb
Westmoreland Coal
105#
Warwick Iron & Steel—10
Jan
50
Jersey & Sea Shore 50
50
Jan
Jan
24#
1#
11#
Jan
Feb
75
m»mmm-
39
Mar
50
65
1
Feb
Mar
47#
Mar
53
-1
26#
65
Feb
48
68
50
.
Feb
2
67#
Reading
Union Traction
61
40#
"
75
Tonopah Mining
United Gas Impt
657
302
Jan
67#
Tono-Belmont
Devel
15#
75
Jan
50
Philadelphia Traction...50
780
75
Jan
119
50
Apr
99
56#
Phila Rapid Transit
Mar
Apr
39
89
25
Phlla Electric of Pa
7
44
11
50
Pennsylvania
50
Philadelphia Co (Pitts)—
Pref (cumulative 6%)-60
Jan
21
215
9,256
30
50
Central
5
Jan
89
Pennsyl Salt Mfg
Mar
Feb
49
50
3#
Mar
Apr
28#
50
50
165
37#
91#
Feb
10
5,802
54
Lehigh Valley
Jan
4
Jan
56#
64#
Feb
Jan
......
Lehigh Navigation
Jan
45
23
Apr
50
29#
mmm m
50
Mlnehill & S H
3#
44
Feb
31
103
28#
m
100
55#
91#
20#
1,616
100
Lake Superior Corp
Jan
45
1.
High.
29#
m
50
Feb
54#
Jan.
100
Preferred
1#
35
91#
66
21#
54#
since
Low.
mrnmmmrn
Receipts full paid
135
20#
Range
Shares.
39
39#
118# 137
Jan
Jan
High.
44
m*mm mm
95
Apr
Low.
31
.......
.100
American Railways pref 100
American Stores
no var
1st preferred
45
135
Mar
Sales
Last
Sale.
104
118
8#
5#
M t V-Woodb Mills v t r 100
Feb
118
86
5#
Mar
118
Jan
Mar
Mar
17#
Apr
44
99#
15
88
27
90
16#
Jan
103#
Feb
170
110
Jan
Mar
230
7,685
1,715
25
32#
20#
90
8
Feb
32
9'^
Pennsyl Wat & Power .100
United Ry & Elec......50
Wash Bait & Annap
50
Preferred..
....50
Jan
9#
10
"~S6"
50
Jan
25
25
Preferred trust ctfs.-lOO
Central
11
Feb
27
Indiahoma Iiefg
•„
5
Kentucky Cos Oil.......5
Preferred vtr__.__.100
*
Feb
41#
Houston Oil Trust ctfs.100
Northern
1,14'
4#
Apr
8#
41
90
34
Jan
6#
41#
Feb
7#
Jan
27
115
30#
3.40
•««i
245
7#
Jan
43
—.
128
32#
1.90 Apr
1,175
88
4
50 ■X-k 'Sm
16#
4
2,566
44#
Preferred.
Feb
3#
2.00
Feb
Davison ChemicaL.no par
Elkhorn Coal Cor p.... .50
14
3#
Apr
4#
145
45
Jan
62
Feb
16
337
90
Jan
Feb
16
47#
2#
61
Feb
53
Feb
55
2
Mar
84
10
4
Feb
46
50
15
86
50
2
95
77
99#
""i"
70
46
Apr
62
95#
5
Northern
Corporation..25
Jan
Jan
4#
84
7
100
Cosden & Co pref...
10
Carbo-Hydrogen Co, com.5
Preferred
-.5
Apr
55
1.90
•
53
99# 100
Feb
2#
1,390
267
Consol Gas E L & Pow.100
Consolidation Coal
Insurance Co of N A
Low.
88
22#
Apr
Shares.
40
62
mmmmmm
Apr
Sales
High.
1,000
99
Feb
Feb
80
20
25
Preferred.. .4
Low.
4
Feb
36#
89
23#
23#
99# 100#
Preferred B
79
since
5
24
83#
Range
10
86
High.
25
Apr
Apr
270
37
Low.
2,7(5
-
Apr
89#
Week.
Shares.
99
;i
1.
Jan.
Range since
8#
9#
-
Apr
8,000
for
24#
-
79
18
Jan
55
Jan
9#
m
83
16,130
Harb-Walk Refrac, comlOO
118#
Feb
24#
_
5,000
•
27#
HabirshawEICable(no par)
Feb
10
Preferred
39
26
t
Jan
Commercial Credit pref.25
136
26#
5
107#
55
1.95
50
mmmrnmm
Carnegie Lead & Zinc
Apr
Feb
84
_
_
100
Arkansas Nat Gas, new. 10
Guffey-Gilles Oil..(no par)
Jan
37#
64#
48#
7#
Range
3#
,
M
pref.
Elec Storage Battery
Giant P <ri Cement
Amer Wind Glas Co, pf.100
Barnsdall
54#
75#
86
125
mm
100
Jan
Apr
Feb
107
205
9#
37
mm
3#
Baltimore Tube.......100
Cambria Iron
Week.
125
52
590
52#
90
mm
86
(Conn).. 100
53
Amer Wind Glass Mach 100
114
Apr
92#
1,000
7c
114
Oct
22#
100
of Prices.
Low.
High.
Apr
of Prices.
"is"
63
Mar
100
50
Sales
Price.
Feb
for
Price.
Par.
Stocks—
115
Sale.
Stocks—
93
Week's Range
Amer Rolling Mill, com.25
5c
4,000
22#
-f
72#
Last
■■■'<;;
6c
114
Week's
Apr
Sale.
■.
Apr
Last
93
(*) No par value.
Friday
J■■
Mar
Friday
1,000
3,000
$2,000
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange Apr. 10 to Apr. 16, both in¬
clusive, compiled from official sales lists:
:
18
172
Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange, Apr. 10 to Apr. 16, both in¬
Keystone Telephone
■
Jan
Mar
54#
75#
•\.
Ex-dividend.
Jan
13
159
51#
Indep Brewing 6s;.... 1925
J G Brill Co....
x
53c
75
113
Pittsb Brewing 6S....1949
Buff&SusqCorp pf
Bonds—
.
Jan
Jan
150
9#
Apr
79
Chic Pneum Tool 1st 5s '21
Jan
25c
14
63
Apr
40
79
mmrn
25
Chicago City Ry 5s.
Apr
Mar
Apr
70#
75
Wrigley Jr, com
Mar
Bonds—
Mar
1
20
18#
65#
Mar
108
62#
.... _
When issued.....
Apr
128
Feb
105
75
Mar
Feb
100
37#
50#
Feb
37#
275
46
105
50
Apr
66
mmm
Unit Paper Board, com. 100
Preferred
100
Vesta Battery Corp
Wahl Co
Jan
25,550
50#
242#
118#
Feb
44
68
50
t c
.1.
40
120
*
«
1,500
49#
42
m'm'i»'m
Union Carbide&Carbon.l©
25
119
44
mmm
120
22#
37
47#
119#
15
Temtor Prod C&F "A".(»)
'•
Feb
Mar
242#
26#
Stewart Mfg Co
(*)
Stewart Warner Speedom—
v
36
10
13#
31#
13#
32#
35#
(♦)
Shaw W W, com
Standard Gas & Elec
Rights
39
Mar
13
7,500
mmmmrn-
m'mm
100
Preferred
United Iron Wks
Apr
38
.
..10
Thompson, J R,
60
30#
6#
-
Mar
172
106# 106#
Corp, com...100
.
Apr
92
•
Sears-Roebuck, com...100
.....
Mar
36#
82
-
28#
125#
Feb
52
mmmmmm
...10
Orpheum Circuit, Inc
1
People's G L & Coke... 100
Pub Serv of N 111, com. 100
Mar
17#
Lindsay Light
National Leather
116
1,100
1,800
*>'
Libby, McNeill & Libby. 10
.10
Middle West Util, pref. 100
Mitchell Motor Co
(*)
Nat Carbon, pref (new) .100
25
36#
82
10
Illinois Brick
121
32#
10
Hupp Motor.
121
59#
Hartman Corporation.. 100
Hart ,8chaff&Marx ,com 100
Hoiland-Amer Sugar
mm
"36#
Elder Corporation
(*)
Godschaux Sugar, com. (*)
Great Lakes D & D
100
Preferred
84
17
7#
Chic Rys Part Ctf Series 2 rn'mmmrnm
Commonw'th Edison..100
105
67#
22#
-
Ch C & C Ry, pref
Chicago Elev Ry, pref. 100
Chicago Pneum Tool.
100
Decker(Alf) &
Mar
94
22#
75#
Diamond
Feb
Jan
50
■
preferred.!;..;
Chicago City Ry-
110#
17#
190
10 wi 'm'm
2d
4,230
Feb
57
(*)
100
100
(J I)
4,097
57
66#
100
Preferred
Bunte Bros.
99# 100#
rl6#
17#
95
94#
10
m
Apr
8
92
Jan
50#
um'm
94#
(*)
Jan
22#
22#
Apr
•
4#
114
114
Jan
New
1,515
clusive, compiled from official sales lists:
.(*)
Albert Pick & Co
8
Sales
Week's Range
Price.
Feb
6c
6c
Jan
Par.
Feb
37#
Jan
14
Mar
Stocks—
44
Jan
170
170"
100
76
Last
23
5,976
40c
85
Friday
Mar
720
5,248
7,500
Jan
Stock Exchange.—Record of transactions at
Chicago Stock Exchange Apr. 10 to Apr. 16, both inclusive,
compiled from official sales lists:
Mar
55#
52#
34
54#
41#
48c
Mar
Chicago
Apr
Feb
19#
34#
42c
81 #
!,
Feb
8c
69#
79
13#
17,750
4,000
1932
1,395
lie
19,000
3,000
.
18#
10c
83
Western Tel & Tel 5s.
Apr
Jan
76
4,000
3,000
9#
Mar
86
...
Mar
Mar
83
—
7
14#
75
•
800
88#
85
1944
Jan
9#
51#
83
Swift&Co 1st 5s
6#
23
75#
Mar
Apr
135
85
Apr
17,255
755
N E Telephone 5s
1932
Pennsylvania series B 5s..
61#
5
18
Miss River Power 5s.. 1951
Mass Gas 4 #s
45#
Feb
62
100
Apr
Feb
54
89
Pittsburgh Coal, com..100
Preferred
125
29#
61#
Pittsburgh Oil <fe Gas.. 100
85
41#
95#
91#
Apr
1.000
41#
93#
Apr
94#
82
Chic June & U S Y 5s. 1940
81,600
Apr
190
89
Plttsb Jerome Copper
1
Pittsb & Mt Shasta Cop.-l
-
Apr
47c
92.98
Apr
93#
—
-
2#
10c
Apr
96.04
93#
•
1922-23
Mar
Jan
52#
39#
7#
17#
8
Am Tel & Tel conv 68.1925
Victory 4#s
Jan
5#
14#
32#
53
39#
50
com
Jan
5#
18
<32#
Brewing,
Feb
310
35
8#
Preferred....50
86.44 89.00
8
6,315
125
Nat Fireprooflng, com..50
4Kb-1932-47
#3.1927-42
1st Lib L'n
323
2#
57
5
Ohio Fuel Oil
2d Lib Loan 4
2#
32#
120
High.
855
35
5
2d Lib Loan 4s.. 1927-42
Low.
5#
14#
57#
100
25
.50
123
Gas, new
Mfrs Light & Heat
1.
Jan.
Lone Star
Low.
94.54 96.78 $33,250
90.00 91.04
3,400
U S Lib L'n 3#s_.1932-47
.
for
Week.
High.
Shares
1#
102#
Marland Petroleum
Last
Sale.
Price.
Bonds—
Range since Jan. 1.
Week.
High
Boston Bond Record.—Transactions in bonds at Boston
Stock Exchange
for
of Prices.
Price.
Par.
56#
83#
58
214
84#
35
2
2#
1# 1 15-16
2,005
31#
32#
47
45#
104# 106
8#
8#
535
359
2,735
1,460
65
Feb
1 15-16 Mar
I#
Mar
88#
Mar
3 1-1 6 Jan
2#
Feb
31
Apr
37
Jan
45#
92#
Apr
57
Jan
Feb
108#
8#
Jan
66
8
Feb
12
12
12
20
10
Mar
12
Mar
mmmm+rn
39
39
10
35
Jan
40
Feb
mmmmm*
75
75
122
72
Feb
75
Jan
Jan
[Vol. 110.
THE CHRONICLE
1632
Friday
Last
Week's Range
of Prices.
k
Range
Sales
Sale.
Sale.
Elec & Peoples tr ctfs
do
small
4s '45
1945
79%
76%
ConB & coll tr 5s stpd '51
78
do
.
Jan
First preferred
83
Jan
Second preferred..
Apr
92%
Jan
98
Apr
100
Mar
27%
600
21%
22
900
18%
73%
73%
100
72
%
500
%
27
26%
ar
77
Feb
81
Jan
2%
Phillips Petroleum.r
88%
Apr
93
Jan
86
Apr
93%
Feb
5,000
61
Apr
66
Jan
Anglo-Amer Oll.r—
78%
8.0(H)
77%
Apr
81%
Jan
Ohio
98
98
3.000
98
Apr
101%
Jan
South PennOil.r
Apr
1%
Mar
1
Apr
20
Apr
H
Apr
3
Apr
24H
Feb
%
1,600
15
3
1,500
2
85%
'2%
Former Standard Oil
Subsidiaries
25%
£1
26%
6,300
341
...100
425"
344
30
318
Feb
305
341
25
Oll.r.
Standard Oli of N Y.r.lOO
Market.—Below we give a record .of
the transactions in the outside security market from April 10
New York "Curb"
April 16, both inclusive. It covers the
week ending Friday
305
10
290
Feb
406
445
787
377
Feb
800
5
Apr
that no such reliability attaches
the "Curb" as to those on the regularly
It should be understood
to transactions on
be dealt in and any one can
On the "Curb" any security may
meet there and make prices and
those who make it a business
to furnish daily records of the transactions. The possibility
that fictitious transactions may creep in, or even thafctlealings
in spurious securities may be included, should, hence, always
be kept in mind, particularly as regards mining shares.
In
the circumstances, it is out of the question for any one to
vouch for the absolute trustworthiness of this record of "Curb"
transactions, and we give it for what it may be worth.
have them included in the lists of
Last
High.
23,900
3,000
9%
0
12
140
9%
16%
84 %
2%
2%
12%
11%
4%
4H
;£1
3,500
Federal Oil
3%
3%
3M
5,000
Feb
8
8
8
50
Feb
.6
-
(no par)
Jan
Houston Oil corn
Hudson Oll.r.....
rnternat
11
9
38
40 M
42
44
17%
Jan
152%
Apr.
Tnvlnclble Oll.r
50
42%
12%
Jan.
Island Oil A Transport .10
m
1%
86
87
1,000
86
93
Jan
Lone Star
.25
34%
55
100
54
Apr
Mar
57
Mar
9
20
22%
20
22%
115
130
3%
22,000
22%
24%
6,200
150
115
6%
40%
'•'J. Y'g;' :''
79
9%
"25%
15,500
7,4.00
8%
41%
77
400
49
52
98
96
25%
24
27
'
5%
1%
2%
32
500
2
Jan
900
32
Mar
1,000
38
Mar
39
Feb
1%
4,000
43
Apr
7%
6,500
Feb
50
;
Jan
Oklahoma & Tex Petrol..5
45
Apr
Omar Oil A Gas.... ....10
Apr
Panhandle PrAltef com
54
6,200
35
76
Feb
130
Jan
5,000
6,500
5,100
21
Mar
34
Jan
7,000
Jan
1
Jan
14%
Mar
4.
Mar
500
13%
Mar
97
1%| Mar
2% Mar
33
Apr
29,000
18%
3,300
31
1,000
1%
2,200
19
(t)
Rolls-Royce of Am pf__10D
Root & Van com
..100
Santa Cecilia Sug new.-(f)
18
17
53
14,800
200
42
100
ns-
39
Jan
Texas Company
25
51 %
51%
Apr
42
Apr
Texas Puc Coal A Oll.r.
10
87
87
10
Apr
1
20%
Apr
Texas-Ranger Prod A R..1
Texon Oil A Land
1
1
18
Jan
8%
Apr
13%
12%
Mar
Feb
5%
5
5%
Jan
Western States Oi 1A
Mar
Jan
5%
2%
2%
'8,000
2
Jan
3.
Jan
White Eagle Oil A
2%
4
2%
Feb
4%
Jan
Willte Oil Corp. r.. (no
54%
Apr
■
20%
7,800
18%
1%
30
Feb
23
500
18
Mar
4
5,100
19,100
13%
100
75
47%
100
23%
9,000
143
28%
Feb
2,010
49%
210
29
1,400
Feb
3%
Mar
6
75
Apr
19
39%
(no par)
47%
v
28
Jan
Ref.r(t)
par)
Woodburn Oil Corp.r_.(t)
Jan
Mining Stocks—
Alaexa-Brlt Col MetalR—1
13%
Apr
America Mines.r
91
Jan
6
Arizona
17%
26%
Jan
Booth.r
37%
Mar
41%
Jan
Boston A Montana
49%
Apr
1,200
1
Dev..5
Butte ANY Copper-r—1
Caledonia Mlnlngj
1
2%c
9%c
9c
lie
10c
10c
13c
"14%
2%
10
6c
36
Mar
700
Apr
724
Apr
14
15
6,300
26,100
12%
Feb
19
Mar
Canada Copper Co
Ltd..5
1 7-16
2%
38%
Apr
Jan
Candaiarla Silver _r
1
Carson Hill Gold.r
3%
14%
30
34
111
118
200
(t)
m
204
%
70
Universal Paper Cup.r.10
1%
1%
UntdPlctureProdOorp.r(t)
United Profit Sharing,.26o
Un Retail Bt'§ Candy.r.(t)
5%
4
5
2%
15
2
14%
3
Jan
Mar
15
Mar
Cash Boy Consol
1
—1
27 %
14
28
Mar
38
Apr
Mar
118
%
151
Feb
222
70
2%
6%
2%
15
3%
32c
5,100
100
Feb
■
Mar
Apr
Mar
%
Jan
%
65
■:
78
Jan
Cortez
Sllver.r
Divide Extension
Jan
Dolores
Esperanaa
1
—1
—5
Apr
El Salvador Silver
18%
Jan
Emma
6,800
7,500
7,200
Jan
13
Mln.r—1
1
Forty-nine Mining.r
1
2%
Feb
Feb
Mar
3%
19
3%
Jan
Mar
Eureka Croesue
Eureka HoHy.r
Jan
% Mar
l%c Jan
17,100
17,400
20,200
10,600
12,400
12,600
9c
Mar
9c
Mar
5-16
Mar
4%c Jan
60c
400
17,900
%
30c
26%
31%
7%c 9Mc
2,150
20
18,100
6c
5
55c
3M
%
2M
2M
10
57c
H
2%
3%
12
1% 1 3-16 1 7-16
1%
Feb
1
2,900
%
2%
1 3-16
%
4,700
16,100
9-16
3
2%
Apr
Feb
Apr
%
M
57c
10
Apr
Feb
1%
3
Mln.r.l
1%
4
%
35c
1
1%
1 5-16
1%
Jan
4H
3,100
3
Silver—______—_
1,800
6,000
1%
8c
65c
1% 1 7-16
4%
88
Consol Copper Mines....5
Consol Virginia Sllver.r—5
760
14%
30%
a**. «•*» «#«•
59
1,600
15,600
1,800
500
43
14%
Times Souare Auto Sup r(t)
Preferred .r
.100
(t)
6%
"~32c~
6c
^
9-16
2%
Thllnket Pkg Corp.r.._(t)
112
60c
I
600
380
%
5Mc
62c
724
43
43
Swift International.r,._15
5-16
%
700
49%
Y*.
2% 141,400
1%
1%
Jan
11-16 Apr
19
3c
Mar
Apr
26
2c'
10c
Apr
Apr
5
900
750
Feb
"%" Alar
850
Big Ledge Copper Co..—5
23%
150
3,000
Mar
6%
1%
9,800
1
Belober-Dlvlde.r—
Feb
Mines.r
4,600
"'■?
30%
5M
1
Belcher Extension
Apr
Atlanta
1,300
24 M
1%
Mar
Mar
27%
Jan
500
12,000
28%
4%
1
Mar
13%
128
54%
%
%
23
2
-1
Sliver.r
Feb
Feb
29%
1M
Feb
1
24
—-1
29%
Mar
%
1
1
—.1
Whelan Oll.r.
43%
80
11,100
7
.
11-16
Landl
1
lOo
45
400
18%
C..6
1%
Vulcan Oil .r__15
3% :'k 3%
4
3%
39%
47%
Todd Shipyards Corp.r.
Victoria Oll.r
Apr
42%
18%
Sweets Co of Amer.r
Apr
mm
1%
1H
43
39%
(nd par)
t o_.(t)
m
Feb
50
Preferred _r
1 1-16
Feb
137
29
1
28
2%
M
1%
M
1
Feb
Mar
7,200
45,600
1
(t)
10
39
47%
138
Valverde Oil Prop.r...
500
75
"2l"
Trinity Oil Corp.r
Uulted Tex Petroi.r
Jan
1%
'
1
Jan
6%
37
11%
19
3,300
100
%
Apr
Jar
Feb
3
8,400
3,000
7,200
Feb
7-16 Jan
600
25
M
Apr
%
17%
100
IS
23
1,660
7,500
4,500
3%
100
5%
18
25
43
Splcer Mtg new.r
--(t)
Standard Gas & E1 com r 50
5M
Stelner Oil Corp.r.(no par)
5-16 Jan
9
2,700
10
42%
-
M
Superior OH Corp.(no par)
42
-
M
Apr
Feb
26
3,700
Texas Chief Oll.r
Apr
11%
-
Mar
20M
42
48
-
92
Spencer Petroi Corp....10
Stanton Oll.r
1
20M
20%
Mar
44
2.000
1
Jan
Feb
Republic Rubber.r (no par)
Roekaway Roll Mil!8-r.(t)
Apr
%
Jan
39
Relf (Robt) & Co com r
Apr
1%
1
63
4%
-
32
2%
29,200
28,800
25
28%
-
12%
%
Mar
1
4,900
28 K
11
Apr
6,400
«»
7-16
26
12
Mar
:
42
.
7-16
26%
10
r 1
13
5,400
(no par)
1
Skelly OH Go.r
8outh States Cons Corp
Apr
%
.
4,350
45
5%
Preferred, r
18,500
48
23
6%
V:
3%
3M
44 M
72
9%
3%
3%
45
Feb
20c
700
100
32%
2%
2%
4,900
%
in
Slmms Petroleum r(nc par)
Ryan
Apr
Feb
200
1
m
3
232
5,200
20 Mc
20c
RJekard Texas Oo_r___._6
200
11,700
8M
8
20c
Feb
3
Sequoyah Oil A Ref_.
Apr
31
Radio Corp of Amur,.*
1
Feb
6
41
37M
8 5-1
SO
400
v>
19%
13%
3%
3
39
Apr
300
2,000
Jan
18%
Feb
80
mm
Jan
Apr
Apr
80
Apr
Mar
16
Jan
2i2
Jan
,
IK
80
1%
4%
700
Petroleum.r
1
Salt Creek Produccr8.r..25
Feb
13
17
1,400
1,300
so
17%
.13%
5%
Jan
Feb
1%
16
Red Rock OH A Gas
20
2%
5%
16
Pennsylvania Gas, new. .10
Phillips Petrou com.r .(t)
Producers A Ref.r
10
2
1M
"~5%
1"
Apr
Apr
17
2%
100
r
Ranger Oil r
101
Feb
Feb
Oil
r (t)
i
Preferred .r
Pennok
Mar
7%
12%
32%
.
Feb
33
10
;
2%
1 3-16 Apr
3
Feb
2,000
2,300
41X
1,200
18
Pulp A Paper.(
4M
2
4,300
50
National Leatber.r-,-..10
3%
39
2,200
8%
Orpheum Circuit oom.r
4
32
13%
42
Oll.r...5
1 3-16
2
12%
22
3%
1 3-16
39
13%
10%
....
American
U
3%
1
1
Mar
33
97)^ 100
22
North
.
Feb
Feb
%
5
1
98
.(no pari
r
9
141
9,300
1,500
Oklahoma Nat Gas.r. ..25
43
Mitchell Motors.,(no par)
Oil.
1,100
2,050
%
Ohio Fuel Oll.r
Feb
15
Mldweet-Texae
15
167
13
162
Northern Texas Oll.r
30%
86
1
3-16
Jan
39
49%
164"
Feb
Jan
36%
......
16,000
Apr
37%
_._(t)
4%
29
25
50%
1%
4%
Feb
Jan
64
Feb
Apr
30
Metropolitan Petroleum.25
Mexican Panuco Oil
10
Midwest Refining .*....50
4%
2%
Feb
8%
50
1%
6,900
4M
4%
Feb
16
3,000
3,300
4%
91
300
30
18 M
Feb
50%
1
22
18
4%
55
50
.
19
18%
Morton Petrol of Me.r..
Hock Val Products...
.
21
Noble Oil & Gas
Holly Sugar com., (no par)
Hyuraulu; Steel, com.r. (t)
.
4M
Mar
13,600
6%
16
Mi
5
Petrol Corp.r
Jan
19
2%
17
4%
10
Metex
Jan
Feb
Kay County QftB.r_.__._l
Keystone Soletber ;*■__. .10
IJbby McNeH&Llbby r 10
Feb
Mar
9%
13
_
Mar
Mar
44%
100
(t)
Mar
1
31
4
Feb
19
...
30c
2,900
10
Feb
19
Intercontinental Ruhb,100 'Hi*»
7,000
27,000
2,100
92%
4%
Mar
31
2,900
37%
14,300
■
100%
5%
Apr
35c
1%
36 M
1M
200
45
Hercules Paper.r.. (no
116
Jan
Feb
39
42%
Heyden Cbem.r..(no
Apr
Apr
Feb
Ma'
1,865
54%
42%
43
1%
2%
30%
Apr
2
4%
15
Maracalbo Oil Explor.r.(t)
3%
8,700
Apr
10
Merritt Oil Corp...... .
24%
27
Feb
Mar
10
Jan
142
Apr
%
037
Magna Oil A Refining....1
Manhattan Oil-r. (no par)
Jan
Feb
90 %
1,600
6,000
22
100
64
1%
..
Feb
3,400
27%
2%
31%
_...
Jan
9%
Mar
2%
17
Gas.r
28%
•
Jan
2%
30c
1
28
Feb
Jan
Apr
2%
Feb
Feb
27,700
9%
25
Preferred
Mar VH'V.53;:'A-
1%
5,300
3,100
7%
9,500 ty 18
17,000 zvi7%
1,415 113
2%
31c
Jan
9-16 Apr
18,700
27,650
8
6M
Jan
Jan
10,080
39
King Petroleum Corp.r.. 1
Lance Creek Royalties.r. 1
50
Indian Packing Corp.r.
101M 108
H
M
105
£1
7-16
6
26 %
7,000
17,500
9-16
Mar
Feb
3
17,000
%
30M
100
__1
...
Petrol.r
32%
84 %
100
33 M
32%
11-16
Livingston Oil Corp.r... 1
3
4,300
3%
Jan
2%
8%
1,800
3%
14M
90
10
Glenrock Oll.r
Jan
.
40 M
90
36
.....100
49
Feb
I
Gibiland Oil com_r.(nopar >
Jan
Gen Asphalt, com.r...
Zlnc.r..
!4
%
Feb
43
r
1%
H
%
18
42%
Union Carbld & Carb
4H
7%
1M
27
59
v t
3,670
10,700
9M
35
-
(t)
Triangle Film Corn
3,400
Feb
Feb
Feb
Feb
Feb
..i
Conley Tin Foil
v
11%
Feb
121
Colombian Em'ld Synd n
Submarine Boat
9,500
Apr
113
r
13%
19
7%
Stutz Motor Car
3%
7%
5M
40
3,000
Apr
11,000
1%
Feb
16%
25M
500
8%
e%
Apr
8
10,800
3%
27%
9%
Petrol.r
20
400
Apr
3-16 Apr
25
Feb
J
Basin
40
9%
Apr
%
14%
5
Elk
Harvey Crude
Mar
Apr
1%
7%
Out ley -Gillespie OU-r-'-(t)
8%
30
"
Feb
3
800
60,000
Engineers Petrol Co.r...l
Esmeralda Oil A Gas.r.-.l
Duquesne Oll.r
Apr
140
Apr
Mar
3%
,
10
Apr
2,300
Apr
2%
10%
98,800
Feb
83 %
14M
6M
10
1%
Oll.r
Dominion
4
40,100
Mar
21
1,200
8,300
6,000
3,600
27
......
15
40%
Stewart Mfg
...5
Oosden A Co., com.*... .6
10
152%
28
27%
Cent Am Petrol Corp r (t)
Circle Oll.r
Jan
2%
Singer Mfg.r
"29"
Mar
Mar
60c
25,700
400
5-16
Jan
35o
31c
37,500
11,000
32,300
3-16
Carib Syndicate r new....
1%
20,700
4%
1 v%
13-16
%
Canadlan-Amer O & G.r. 1
29%
Central Teresa Sug coin.
Ranler Motor.r
13-16
Oll.r.. 1
Boston-Wyoming
83c
28
90
3%
13
1%
650
Cities ServBankers ehs r
r.
6
1
Petrol.r
1,500
"23%
LoorimoblJeCo.r
Oll.r
30
21%
21%
Steel._,i
Llg-Mar Coal.r......
Boone
Boston-Mex
24
Oar Ltg A Power_r
Preferred_r
Oil.r.l
Blgheart Prod & Ref
10
55
*
£1
Clove Auto Co. now..
Bull Bayou Homer
23
""8%
United
27%
87
Brit Amer Tob-ord
Nor Am
73c
27 %
84%
1
Bell
8%
10%
29%
Beaver Board Cos com.
Mercer Motors.
83c
..10
Atlantic Gulf Corp....100
Arkansas Nat Gag
23%
Austin, Nickols&Co, com (t)
^
35c
30
(t)
Atlantic Frult.r.
.i.
48c
30c
550
28
9%
.
43c
34c
Mar
42%
27
"uo"
Ordinary bearer,
44c
3,000
9%
40
2%
1
7
1 %
!
5%
3%
Royalty.r.l
Preferred.r
High.
TjOW.
5
2%
r
Oll.r
Grenada Oil Corp cl A. r. 10
2%
9%
....
r
Shares.
3%
Low.
......
.
1.
Jan.
Week.
3
Preferred...
since
Range
for
of Prices.
Price.
Par
Stocks—
Week's Range
Sale.
;
Oil.
Allied
Amalgamated
Fensland Oil
Sales
Friday
Week ending April 16.
Carbon
Alien
5
10
AJaxOil Class A.r
Anna
afternoon.
organized stock exchanges.
ian
Jan
85
Mar
600
Other Oil Stocks
to
Jan
Mar
20
15
\f
%
700
73c
Jan
Apr
1
95C
Jan
5%
31
Feb
Mar
%
%
%
95c
73c
5
5
Int Motor Truck.r
61
,
3%
1,000
27
21%
70
Mar ?
Mar
54
150
Jan
Jan
Rights—
77%
1927
.
99
Fet-
10
3%
15
Apr
Apr
89
(
64
Second preferred .r__ 100
.5
85%
61
63
World Film common
95
84
1
Reading gen 4s....... 1997
Spanish-Ain Iron 6s.
Jan
86
1966
small
Jan
102%
82%
Apr
Mar
1,000
21,000
2,1.00
86
Phila Electric 1st 5s.. 1966
19%
(n<> |»ar>
74%
1,000
11,000
8,000
2,000
78
Pub Service Corp N J 5s '59
Wills« Coro.onrri.r
95
84
2,200
Feb
3%
Feb
78%
98
Jan
16%
4%
24%
64
par)
...100
66
97
98
Apr
20
Wayne <"oa(
Apr
1,000
84
%
19
Will & Baumer Candle.r(t)
74%
84
Warren Bros.r
Jan
95
General 5s......... 1968
V VIvadou, Inc r (no
Jan
65
7.000
Phila Co 1st 5s stpd.,1949
Jan
Jan
99%
Apr
61%
74%
99.34
82
61%
500
.....
5
Tire.r
60
16,000
~~2%
10
10
...
Apr
Mar
96%
97
Lebigh Val Coal 1st 5s 1933
peat com.r. 10
Apr
76
800
1,000
79%
Gen consol 4%s_._.2003
Apr
96.26
95.000
97
Penna RR gen 4Ms.. 1965
5,400
Uzold
61%
Lehigh Valley coll 6s.. 1928
1%
Jan
Victory 4Ms
61
%
92.88
86.82
89.28 416.800
60
2,500
Jan
86.82
60
10%
94.60
4Ms *33-'38
96%
Jan
10 %
4H
12%
91.90
4th Lib Loan
77
Feb
86.00 Apr
51,200
97.56
2^
91.20 Apr
1928
06%
37,400
(7 S Steamship
D 8 Transport ,r
18,050
76
3%
Jan
27,100
96.26
Jan
2%
27
92.32
1922-23
*07
3%
47
3,500
88.52
Baldwin Locom 1st 5s. 1940
Feb
1,000
32
91.20
Amer Gas & Elec 5s sm
2%
52
31
86.50
3d Lib Loan 4%8-._
Feb
9,740
49
32
U 8 Distributing
88.70
2d
Feb
40%
3%
50
V 8 HlghSpeedSteelAToolt
U S Light &
97.02 $55,000
87.30
2d
55
Jan
2%
com.,.50
Jan
94.90
1.
since
Low.
Feb,
100.00
94,90 Apr
97.30 Apr
3%s.l932HT7
Lib Loan 4s.-1927-42
Lib Loan 4%S_'27-'42
Jan.
Jan
Range
for
Week.
Shares
90.10
'V. »'
U S Lib Loan
Price
Stocks (ConcLxded)-
High.
Low.
Week.
High.
TjOW.
Week's Range
of prices.
LowHigh.
Last
1.
cS
for
Price.
Bonds—'
Sates
Friday
4,500
2,200
36,600
17,410
2,500
21,500
21,000
18,600
68,950
18,500
Mar
Feb
Feb
Jan
Mar
Feb
Jan
4
Mar
3
Mar
52c
Mar
7-16 Mar
2%
Feb
2
Mar
10
Mar
1 1-16 Feb
9-16 Feb
1
Jan
Apr
Sales
Friday
Week
Last
Gadsden
Devel _r
Louisiana Con sol
4 3-16
18
23c
8%c
7c
3c
30
8c
9o
X
%
X
X
5%
5%
76c
30o
30c
10%
Ophir Silver Mlnee.r
1
Prince
2
20c
X
X
%
36%
Rand Mines Ltd
2
10c
IX
2
1%
1%
External 6s_r
Jan
%
78c
Jan
Jan
41c
Feb
Borne-Scrymser Co.....100
Jan
Buckeye Pipe Line Co...
Jan
100
105
100 (190
33
Jan
Feb
12%
Feb
23c
IX
Apr
Mar
7c
Apr
%
2c
14c
Jan
—
150
Canadian Pacific 4%s A 6s..
7.50
6.60
125
Caro Cllnohfield A Ohio oa_.
7.75
7.00
68
Central of Georgia 4%a._...
7.50
6.75
Preferred old
100
100
105
Chesapeake A Ohio
7.50
6.75
Preferred new....
100
95
100
7.50
6.75
Illinois Pipe Line
..100
Indiana Pipe Line Co
50
International Petroleum. £1
175
180
Equipment 6s
Chicago A Alton 4%s
*95
97
*38%
40
National Transit Co...12.50
*31
32
New York Transit Co...100
17 j
185
Northern Pipe Line Co.
102
105
25 ♦340
345
Jan
l%c Feb
1 15-16 Apr
Jan
3%
4%
Jan
Jan
,
Apr 2 15-16
3%
Jan
Jan
Mar
4%
7c
Mar
lOo
7c
Mar
29c
97c
Jan
Jan
Jan
Jan
97
Switzerland Govt 5%a.1929
„
„
98%
Texas Co 7% notes.r. 1923
Western Elec conv 7s.r '25
t No
lots
*52
56
7.75
6.75
640
645
Colorado A Southern 6s_...
7.75
6.75
Prairie Pipe Line.......100
235
240
Erie 6s
7.75
7,00
100
420
430
Equipment 4%s
Hooking Valley 4%a
7.75
7.00
Solar Refining
153
Jan
South Penn Oil
100
312
Southwest Pa Pipe Lines. 100
82
340
...
7.50
6.75
Equipment 5s
7.50
6.75
Illinois Central 5s
7.00
6.00
7.00
6.00
750
7.50
6.50
635
Louisville A Nashville 5a...
7.00
6.00
XX
500
Standard OH (Kentucky) 100
410
420
Michigan Central 6a.......
7.25
6.25
Standard OH (Nebraska) .100
520
530
7.25
6.25
Standard Oil of New Jer.lOO
760
780
Equipment 6s
Minn StP ASSM4%»
7.25
6.50
.100
108
108%
Missouri Kansas A Texas 6a
7.60
6.75
Standard Oil of New Y'k.100
423
428
Missouri Pacific 5s
7.50
6.75
Standard OH (Ohio)
490
505
Mobile A Ohio 6s
7.50
6.50
106
108
7.50
0.60
.100
96
100
New York Central Lines 9i..
7.50
0.50
100
122
126
7.60
6.50
100
101
Equipment 4%s
N Y Central RR 4%a
100
415
425
N Y Ontario A West 4%a...
Washington Oil......... 10
*35
40
IX
Feb
76% 126,000
75
Apr
89%
Jan
06% 299,000
40,000
95%
94
Feb
97%
Jan
93 %
Mar
96%
Jan
94
94
Mar
98%
Jan
99%
Mar
100%
Mar
93
Mar
3,000
93%
142,000
13,000
97M
15,000
85
Jan
Swan A Finch
101%
.an
Union Tank Car
Apr
Apr
82
26,000
Apr
89
Jan
99
Apr
96%
Apr
62
Feb
99%
23%
100%
97
Apr
Jan
Apr
Apr
86
Apr
93
Apr
99%
100
98%
98
100
Preferred
99%
96%
99%
2,000
99%
Feb
97
Preferred
Jan
76
Oo
Preferred
Vacuum OH
Feb
38
100%
Apr
97%
Apr
Jan
Mar
Apr
Mar
Ordnance Stocks—Per
found. oNew stock,
z Ex-stock dividend.
"
,
Chicago,
containing 10,000 sq. ft., and will move from the first floor of that building
before May 1.
The new quarters will be among the largest and best equip¬
ped in Chicago, and will have direct wires to the New York Stock Exchange.
Thomson & McKinnon have been in the present first-floor quarters since
the Rookery Bldg.,
organized in 1913.
their Chicago office that Edwin I. Gard¬
iner, Manager of its Wholesale Department in the West, has resigned to
become one of the managers of their Kansas City office.
Sydney Gardiner
has accepted the position of Manager of the Wholesale Department, Chicago
——Imprie & Co. announce from
6.75
7.00
6.00
4%s
7.00
Aetna Explosives pref._.100
Atlas Powder common..-10e
157
0.00
6.75
St Loula Iron Mt A Sou 6a..
8 00
7.00
85
87
St Loula A San Francisco 5a.
8 00
6.75
100
121
124
Seaboard Air Line 6a
8 00
6.75
50
460
500
Equipment 4%a
8 00
6.75
50 ♦60
Babcock A Wilcox
165
100
Preferred
80
Southern Paclflo Co 4"%a...
7.00
6.00
215
Southern Railway 4%8—...
7.50
6.50
Bliss (E W) Co oommon.
Canada Fdya A Forglngs.100
120'
130
100
100
100
110
70
77
25
*60
62
...100
320
340
100
85
90
Carbon Steel oommon... 100
1st
6.00
7.00
7.50
Equipment 4s
preferred.
2d preferred
7.50
Equipment 5s
6.50
Toledo A Ohio Central 4a...
7.25
6.50
Virginian Ry 6s
7.60
7.00
Fire Arms
Tobacco
Debenture stock
Empire Steel A Iron oom.lOC
Pieferred
100
are.
Par
Bid
American Cigar common. 10C
128
100
83
87
110
125
.
100
Eastern Steel
Sh
Stocks—Per
duPont (E I) de Nemours
of Chicago, has leased
Thomson & McKinnon,
of the third floor of
7.75
Reading Co4%s
76
Colt's Patent
NOTICES
Norfolk A Western
S hare.
65
Preferred
I Listed on the Stock
Equipment 4%s
Pennsylvania RR 4%a—.
Apr
A Co oommon
the firm was
...
615
Mfg
—The brokerage firm of
....
740
CURRENT
the entire south wing
Equipment 6s
Standard Oil (Kansas)... 100
It Correction.
1,000 lire, flat.
25
Prairie Oil A Gas
Standard Oil (Indiana).. 100
Exchange this week/where additional transactions will be
r Unlisted,
to When
issued,
x Ex-dividend,
y Ex-rights,
per
6.75
Standard Oil (California) .100
i Listed as a prospect.
value,
par
7.75
6.75
Apr
97% 480,000
11,000
71%
99% 100% 930,000
28
28
7,000
100
100
5,000
97.
95,000
97%
86%
39,000
86
98% 214,000
98%
97,000
98%
98%
Seneca Copper 8s
««_
6.00
Mar
96%
-
Southwest Bell Telep 7s '25
6.25
7.00
...100
Penn-Mex Fuel Co......
Jan
70
100%
1930
RR7swl.r
7.00
12c
96%
mmmim
Russian Govt 6%s.r„1919
7.00
7.50
20c
93
-
96%
-
7.00
8.00
Chicago A N W 4%a
Chicago R1A Pao 4%a
147
2 7-16
3c
7.00
8.00
Chlo Ind A Loulsv 4%8-.._.
Chlo St Louis A N O 5a
308
Apr
t%c Jan
Ohio Oil Co
8.00
Equipment 5s
Chicago A Eastern 111 5%«..
Southern Pipe Line Co.. 100
1%
1 7-16 Jan
100
...
.....
4%c Apr
X
Jan
82
Interboro R T 7s.r.__1921
6.00
7%c Jan
99%
Goodrich(B.F.)Co.7s wl 25
6.75
13,600
99% 100%
96%
1921
.—.
Equipment 6s
65
94
w
100%
««,••*
6.00
120
94
94
-
6.00
6.75
140
7c
Jan
6.75
6.75
Equipment 4s
50
Apr
3)4
7.75
Buff Rooh A Pittsburgh 4%:
100
Galena-Signal 011 com...100
41o
1%
Baltimore A Ohio 4%s_....
107
Eureka Pipe Line Co
Apr
2
230
Cumberland PipeLlna...100
Mar
%
Apr
*95
220
Basis.
RR. Equipments—PtrCt
*31
Jan
1%
50
97
Crescent Pipe Line Oo...
7c
38c
490
Continental Oil
Jan
30c
3-16 JaD
470
Preferred new
15-16 Jan
•'"-••3c '>• Jan
67
101
Jan
12c
3%c Apr
16%
65
Preferred
Jan
Mar
40c
62
16
oom
preferred
Jan
42
Jan
25
60
1st
Cheaebrough Mfg new...100
Feb
1 3-16Jan
Mar
sh.
23
lot
United Lt A Rys
200
6c
Per
10C
Western Power oommon. 10C
Alt.
Jan
Mar
Jan
95
95%
'-.V—
Public Utilities (Conel.)
I
Bid
Pa!
Jan
32c
75
-
Beth Steel 7% notes.. 1923
CCC&StLRy 6s.r.l929
t Dollars
97c
$
1924
Anaconda Cop Min 6s r '29
Anglo-Amer Oil 7%s.r_'25
Belgian Govt Ext 6s.r.l925
"and Interest" except where marked "f.*
Pe r Shar
Standard Oil Stocks
21,200
20c
1%
......
6% notes.r
Odd
Jan
4%c5%c
50
Amer Tel & Tel 6a.r_.1922
*
Quotations for Sundry Securities
All bond prices are
Equipment 4%a
Kanawha A Mlchlgau 4%b..
14c
15c
mm
170
78
335
Bonds-
Penn
X
13,790
11,700
2Xc2%c
2Xc
Allied Pack conv deb6s'r'29
82
150
Jan
26
Anglo-American OH new. £i
25
1375
Atlantic Refining.
100 1325
Preferred
100 107%110
6,460
25,000
28,900
8,375
12c
8X0
11c
Victory Dlvlde.r.
..10c
IX
Washington Gold Quartz. 1
1 13-16
West End Consol'd
5
White Caps
2)4
2
IX
3% 3 15-16
9c
11c
Feb
1-16
4c
1
%
Jan
X
36
3c
1
U 8 Continental Mlnes.r.l
Extension. 10c
White Caps Mining
10c
Wllbert Mining.........1
Yukon Gold Co.r.......6
Jan
%
21,700
13,000
7,700
25,070
3,670
3,625
75
Title A M G
Jan
9%
41c
Eastern
A
Feb
15c
Mar
12c
39c
Tonopah Extension
Tonopah Mining.r
Title
Mortgage..
25c
41c
1
Y
N
74c
4c
Tonopah Dlvlde.r
Nat
Assoc
Mar
4%CMar
10,620
2)4
160
86
Realty
Jan
6,200
1% 2 5-16
150
Weat A Bronx
75
75
4o
15c
6c
1 15-16
U S Casualty.
U 8 Title Guar
144
240
65
Preferred..
Mar
17,600
3,700
2%
1%
2%
IX
3%
207
138
230
City Investing
Jan
12c
X
6c
Tonopah Belmont Dev.r
200
Bond A M G.
Jan
4%
3-16 Jan
£-16
Sutherland Dlvlde.r....,
Surety..
Feb
Jan
X
1,500
19c
%
113
Mtge
20
6c
5c
5-16
Sunburst Cons Mlnes.r._l
United
10c
11c
Mining
105
78
Mar
5-16 Mar
5c
Piek Cons'd.r
Sliver
Standard Silver Lead
(Brooklyn).
73
27c
44,600
235,000
3%c
3%c
J
1
1
Silver King Divide, .r
97
Amer Surety.
l%c Jan
85c
52o
ill
92
Lawyers Mtge
Feb
12,000
3-16
Bit
Bond..
80
6o
5,800
38
X
Ask
135
82
4%c
share.
per
Bid
128
Alliance R'lty
Apr
800
7%c 8%.c
8c
1
Rex Consolidated Min
Roper Group Mining...
Silver King of Arliona.-.l
prices dollars
Ask
17 %
5,900
2,800
X
%
All
Bid
19c
3,200
2,000
10%
16c
16c
1
X
Success
5%
75c
75c
1
Min.r_.10c
Nlplsslng Mines.........6
Murray-Mog M Ltd
Cons
X
5-16
21c
18c
Apr
3 15-16 Jan
37,000
26,100
10,000
17,000
4,300
30c
19c
Mar
200
X
Feb
6c
1,100
14,200
10,300
10,000
14,200
8%c
3c
9c
10c
9,950
19
19C
Nevada Ophir
Nixon Nevada
4%
19
....1
Motherlode.r
lc
21c
X
Jan
%
10,800
1
.....1
15c
4c
2c
MaoNamara Mining.r__.l
Magma Chief.r
Marsh Mining.r
Jan
15c
lc
i
2%
40c
13c
8%c 9%c
5
1
La Rose Mines Ltd
Mar
Jan
lc
....10c
Knox Divide.r
Jan
Mar
3c
31c
Butler.r
3
2c
3c
24c
4 9-16
Mar
22c
3c
1
Jumbo Extension........1
Kewanus.r
L._
1
Jim
1
900
1
11c
9c
High.
1
•24c
1
1
Great Bend.r
1
Beela Mining...
25c
Honduras Amer Synd.r (t)
Goldfleld Merger _r
Gold Zone Divide.*
Low.
Shares
2,800
16,000
13,700
11,000
21,000
12c
New York City Realty and Surety Companies.
Week.
High
X
X
..>10
10c
Goldfleld Consol'd
Range Since Jan. 1.
for
Range
1
Golden GateExplor'n.r—6
Goldfleld
Low.
Price.
5
_r
s
of Prices.
Sale.
Mining (Concluded') Par.
1633
chronicle
the
1920.]
apb. 17
Preferred
88
Amer Machine A
~sr
Fdry..10(1
♦21%
Britlsh-Amer Tobao ord—£3
84
86
Hercules Powder com...IOC
220
230
21%
*21%
bearer_.£!
Brit-Am Tobao,
Ask
131
21%
325
350
100
100
103
100
Johnson Tin Foil A Met. 100
115
120
Nllee-Bement-Pond com. 100
Preferred
100
113
116
MacAndrews A Forbes..100
163
168
95
100
100
91
95
Phelps-Dodge Corp
100
flcovlll Manufacturing... 100
Thomas Iron
60
Winchester Co com.....100
220
235
600
I
445
Reynolda (R J) Tobacco. 100
B common stock
..100
575
430
475
500
1
*40
45
100
105
106%
450
500
100
125
135
100
97
101
90
100
70
73
46
49
80
90
Preferred.
1st
2nd
preferred
preferred
Woodward
....
..100
Iron
Conley Foil
Preferred..
Preferred
—
Young (J S) Co
100
Preferred
Cent.
SLort Term Notes— Per
Preferred....
Am Cot 011 68 1924..MAS 2
Banks and Trust Companies
New York City
All
Atlantic
3roadwayCen
Boro*.
145
Neth*„
205
215
Fulton
255
205
Yor
125
135
Guaranty Tr.
366
379
Elec Bond A Share pref._100
460
475
410
340
350
Commercial..
150
160
245
Empire...
300
Equitable Tr.
305
315
Farm L A Tr.
420
425
Fidelity
222
232
335
150
240
250
490
156
37
42
Gent Merc
220
;
"
New
New
York...
New
450
460
Obat A Phen.
300
310
Pacific •
125
135
Park
740
Chemical
*
135
Ohelaea Exch*
— —
404
Columbia
290
•
145
Chase
Central Union
410
160
.
Bryant Park*
Butch A Drov
..
Bankers Trust
400
■
Exch*..
5S0-
610
Prod
Citlsens
305
315
Public
390
Seaboard
...
375
....
City
250
Second
350
State*
200
Columbia*
180
200
Tradesmen's*
200
Commerce
227
230
23d Ward*...
160
Union Exch_.
180
United States*
'
m'm
450
Colonial *
175
Oomm'l
Ex*.
Common¬
wealth*.—
425
,
H'ts*..
Yorkvllle*
120
440
Cosmop'tan*.
125
Cuba (Bk of).
170
215"
—
—
East River...
"
Garfield
234
125
Life Ins
Trust...
720
740
600
615
Title Gu A Tr
A
385
395
410
420
830
850
States
Brooklyn
155
215
Brooklyn
165
Franklin
230
240
120
Hamilton
262
272
650
700
205
210
Tr.
Kings County
"
93
Manufacturers
90
95
People's
230
205
115
500
515
215
130
]
■
Hanover
Harrlman
365
Industrial*
....
96
99
98%
~
"94
96
91
93
9634
95%
97%
Pub Ser Corp NJ
8634
88
Sloaa-Shef S A I 6a '29.FAA
90
92
1922._. MAS
SwiftACo 6a 1921
FAA 16
92%
97%
98
1923......MAS
Utah Sec Corp 6s '22.MAS 16
98%l
1929—
LlggettAMyersTob8s'21JAD
Penn Co 4%a
1921—JAD 16
7a '22.MAS
Southern Ry 6s
Texas Co 7s
96%
93%
98%
85%
Industrial
4612
49%
First Mtge 50 1951...JAJ
75
76
Northern Ohio Elec Corp.(t)
*10
15
Amerloan Brass
100
45
50
American Chicle oom
aom.100
Preferred
...100
North Texas Elec Co oom 100
Preferred
100
Pacific Gas A Eleolst pref 100
Puget Sd Tr L A P'com__l00
Preferred .........J,. .100
Republic Ry A Light
1C0
Preferred
100
South Calif Edison com..100
Preferred
100
Standard Gas A El (Del). 60
Preferred
50
Tennessee Ry L A P com.100
Preferred------100
United Gas A Else Corp. 100
1st preferred.....
100
2d
preferred....
100
46
50
North'n States Pow
84%
I
and Miscellaneous
Preferred
228
100
100
223
...100
100
70
74
140
143
42
46
85
86%
Amerloan Hardware
66
70
Amer Typefounders oom.
65
69
70
100
75
1
90
85
100
112
110
85
Borden Company oom ..100
83
95
93
19
Preferred
100
16
Celluloid Company
100 150 160
54% 58
2%
1%
100
17% Havana Tobacco Co
16
11
5
56
Preferred
—.100
53
55
/50
1st g 6s June I 1922..J-D
84% 86
11% 12%
104
Interoontlnen Rubb oom. 100
100
67% 70
19
International Salt—
100
•18
70
72%
40
1st gold *6s 1951
A-O
*39
100
2
International Silver pref. 100 *98
1
92
*90
6
Lehigh Valley Coal Sales. 50
5
130
135
Royal Baking Pow oom.. 100
>
1
1
1
•
•
1
Preferred
■
1
t
1
1
160
t Sale at auction or at Stock Ex
one-hall share Irving Trust Co. t New stock.
with a (*) are State banks,
Mississippi Rlv Pow oom. 100
Preferred
100
14
9978 100%
87
12
99%
95
Laclede Gas 7s Jan
46
83
981
JAJ
Great North 6a 1920—.MAS
K C Term Ry 4%s 1921.JAJ
68 Nov 16 1923..MAN 16
100%
100
88
85
Singer Manufacturing...100
135
Preferred
Singer Mfg Ltd
Texas Pac Coal A OH
140
r
rf2%
£1
*90
10
5
95
'
week,
t Includes
y Ex-rights
Sx-dlvldend.
1/270
205
145
380
210
195
830
—
Y
87
810
this
N
\l
96%
Federal Sug Rig 6s 1924MAN
9
100
Preferred..
Preferred..
105
240
215
Banks marked
~
»
280
U S Mtg A Tr
450
350
375
80
173
960
ange
C.
N Y Trust...
190
110
163
940
♦
m mm
m
150
925
First...
Greenwich *__ 1/270
260'
'V
■'
205
130
Fifth
Gotham
mm'mm*
175
140
180
110
Fifth Avenue*
'
Brooklyn
160
Europe
Bank
Mutual (West¬
chester)
445"
110
127
300,
89
95
9534
General Elec 6s 1920
94
Great West Pow 5s 1946.JAJ
Irving
United
Wash
220
210
Continental*.
Corn Exch*..
Trust
Mercantile Tr
Metropolitan.
090
Coal A Iron—
...
Law Tit A Tr
Lincoln
360
385
160
Hudson
Irving Trust. /See
I Nat
'''mm
760
Federal Light A Traction .100
96
93
100
Del A Hudson 5s 1920.-FAA
m
390
385
105
..
Ask
Bit
New York
j 400
Lincoln..
I 280
155"" Manhattan *. J/235
125
i Mecb A Met. J/320
.
Bronx Nat...
570
5
1395
426
Trust Co'e
94%
95%
Anglo-Amer Oil 7%s '25 AAO
Canadian Pao 6s 1924.MA3 2
Preferred—
share.
Ask
212
;
Bronx
per
Bid
! 550
•
m
-
310
200
Bowery*
,
215
Battery Park.
Banks
■
■
123
Elec oom... 60 *120
40
60 *X38
178
Amer Lt A Trao oom
100 175
88
86
Preferred
100
63
60
Amer Power A Lt oom... 100
72
70
Preferred
100
8
mm'rn
Amer Public Utilities oomlOO
13" 15
Preferred..
100
37
35
Carolina PowALight com 100
388
Cities Service Co oom... 100 385
70
69
Preferred
....100
13
9
Colorado Power oom
100
98
92
Preferred.
..100
25
22
Com'w'th Pow Ry A Lt._100
51
48
Preferred
100
prices dollars
Atk
Banks—N Y 1 Bid
660
America •
295
Amer Exch
Amer Gas A
95
93%
6% notes 1922
AAO
Anaoonda Cop Min "29.JAJ
Public Utilities
93
Amer Tel A Tel 6s 1924. FAA
office.
*
Per
share,
/Flat price
n
b Basis,
Nominal,
accrued dividend,
Ex-rights.
d Purchaser also pays
z
Ex-dlvidend
v
e New
,
stock.
THE
1634
CHRONICLE
[VOL .110
Ipmstmmt mxct gjUtito&cl Intelligence.
RAILROAD GROSS
The
EARNINGS
earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained.
The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolamns 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.
following table shows the
gross
Latest Gross Earnings.
ROADS.
Week
Year.
Month.
r
Alabama
Ann
&
Vicksb.
Arbor.—
February
1st vvk Apr
Atch Topeka & S Fe February
Gulf Oolo & SFe. February
Panhandle & S Fe February
Atlanta Birra & Atl.
Atlanta & West Pt_
Atlantic City
Atlantic Coast Line.
Baltimore & Ohio..
February
February
February
Previous
Year.
$
Latest Gross Earnings.
ian. 1 to Latest Date.
Previous
Year.
ROADS.
Year.
Current
S.
Previous
Year.
Year.
S
.
February
9,442.930 7,054,732 19.938.158 13.865,364
240.802
611,53 J!
546,164
Monongaheia
February
317,563
176.939
466.990
388.454
242.661
Monongahela Conn. February
Montour
61.432
158.529
145.590
78.518
February
Nashv Chatt & St L February
2.883,360
1,903.612 1,369.382 4.063.303
Nevad a-Cal- Oregon 4th wk Mar
6,215
58,620
54,368
5,818
Nevada Northern
127,785
323.398
310.621
153,921
February
127.714
248.026
257,388
120.757
Newburgh & Sou Sh February
New Orl Great Nor. February
167,335
395.063
343.549
192,190
New Orl & Nor East February
451.358
1.384.018
957.052
653,782
N O Texas & Mex_. February
146,276
356,738
242.916
184,292
Beaum S L & W.¬ February
158,516
113,482
301,453
235,344
St L Browns & M February
430.870
368,626
1,038,807
769,335
New York Central.- February
23724048 20513579 53,921.339 45.335,185
Ind Harbor Beit. February
445.743
688,090
1,342.586
1.051.589
Lako Erie & West February
772,410
693.042
1,705.937
1.457.609
Michigan Central February
6,213.733 5,229.847 13.192.992 11.230,384
Cincinnati North. February
194.769
474,423
428.325
249,505
Clev C C & St L. February
6.743,754 4.970.523 14.121.013 10,318.404
Pitts & Lake Erie February
3,253.375 2,375.041
6,037.616
5.167,881
Tol & Ohio Cent. February
526.075
1,772.409
1.127,057
998.398
Kanawha St Mich February
382,741
221.828
722.727
489.793
N Y Chic & St Louis February
2.077.935 2,009,538 4.271.592
4,078.901
N Y N H & Hartf
February
6,915.961 6.954,768 17.229.037 14.291,541
N Y Ont & Western February
773.643
615,508 1,508,811
1,409,029
N Y Susq & West.. February
308,263
271,377
639,442
604.443
Norfolk & Western. February
6,237,717 5,832,320 13,072.912 11,932.333
Norfolk Southern- February
459,287 1,206,071
940,709462,480
Northern Alabama
116,820
115,149
265,667'
226.804
February
Northern Pacific
February
8,122.484 6,844.713 17,573,546 14,779,065
Minn & Internat. February
111,901
85,374
209,228.
162,211
Northwest Pacific- February
461,650
363,071
1,042,340
746,476
Pacific Coast
; February
372.707 3.502,064 3,768.915
525,306
26627154 26048657 56.667,127 56.526,140
Pennsylvania RR._ February
Bait Ches& Atl.. February
80,966
88,962
140.975
177,039
Cumberland Vail. February
374.408
987.900
855.455
504,7.51
Long Island.
1,318,686 1,402,620 2.975,25S
February
2,902,203
Mary Del & Va__ February
58,672
73,559
103.927
157.027
N Y Phita & Norf February
594.305
576,668 1,174,798
1,192,476
Tol Peor & West
130.114
112.116
310.705
273,848
February
W Jersey & Seash February
734,173
677,792
1,438,406
1.413.680
Pennsylvania Co
7,699.567 6,775,758 17.206.559 14,248.645
February
Grand Rap & Ind February
531.476
1,536.811! 1.046.255
701,698
Pitts CO & St L. February
7,410,094 6,642,520 17,990,606 14,019,794
Peoria & Pekin Un. February
196,490
166,665
91J68I
313,894
Pere Marquette
February
2,582,769 2,236,940 5,699,581 4,710.373
Perkiomen
154.919
204,052
February
75.416
95,532
Phila Beth & N E._ February
1 S3 049
157,682
74,485
67,766
Phila & Reading.
February
6,420.627 4.695.024 13,352,449 10,646,005
Pittsb & Shawmut— February
191 827
246,417
71,281
117,847
Pitts Shaw & North February
246,359
168,899
117,501
68,387
Pittsb & West Va__ February
323.027
220,567
98,312
159,912
Port Readings
February
470,028
245,591
362,161
171,171
77.867
217,843
Quincy Om & KC
94.738
163,350
February
Rich Fred & Potom. February
1.388,872
628.502
1,366.191
673,633
Wash Southern._ February
778,950
685,472
332,144
309,844
Rutland
797.186
625,849
313.194
298,285
February
St Jos & Grand Isl'd February
447,424
549.967
258,559
216.861
St Louis-San Fran.. February
7,200.865 5,797.250 14,224.034 11,600,991
Ft W & Rio Gran. February
196,413
340,594
155.062,
105,323
St LSFof Texas. February
193,591
274,344
139,868
91,126
St Louis Southwest. February
1,970,774
1,562.159
971,498 3,131,898
StLS Wof Texas February
971,697
689,909
471,175 1,452,288
St Louis Transfer.
194.330
116.547
262,616
February
94,708
San Ant & Aran Pass February
736.028
705,497
323,876
355.924
Seaboard Air Line- February
4,259,558 3,368,611 9,054,803 6,708,909
South Buffalo
171,960
304,211
85.413!
136,468
February
Southern Pacific
13033251 ill 068000 29,143,504 23,991,802
February
Arizona Eastern
369.867
370.881
369.8671
370.88!
January
Galv Harrjs & S A February
2,385.669
1,798.605 1.570,017 3,924.165
IIous& Tex Cent. February
894.555;
608,835 1,972,816 1,294,470
Hous E&WTex. February
457.807
366,037
173,059
240,628
Louisiana Western February
866.656
608,705
270,614
385,981
1,227,325
1,654.189
530.965
Morg La & Texas February
751,264
Texas & New Orl. February
729.571'
1,566.891
1,110,674
529.715
Southern Railway.. February
11479474 9.507,703 25,525,150 19,634,132
Ala Great South. February
1.548,756
864,226
735.517
1,783,244
Mobile & Ohio— February
2,353,261
1,544.656 1,138,117 3.135,374
775,423
486.939
366.516
1,048.857
Georgia Sou & Fia February
South Ry in Miss. February
296,520
374,773
152.626
151.163
138,412
119,272
256,430
Spokane Internat.- February
60,705
1,371.358
1,073,467
611.071
Spok Portl & Seattle February
520,384
Staten Island R T__ February
328,806
294,206
126.030
144.299
Tenn Ala & Georgia 4th wkMar
34,573
39,152
4,365
5,428
Tennessee Central- February
491,637
416,306
202,877
173.268
Term RRAssnofStL February
584,582
378.781
283,871
743,288
St L Mer Bridge T February
332.566
462,251
666,414
206,376
Texas & Pacific
4th wkMar 1,048,532
836,158 9,823,532 7,692,097
Toledo St L & West. February
1,640.273
1,087,577
826,827
511,955
Ulster &
64,926
68,624
155,916
126,613
Delaware4 - February
Union Pacific.
8.822.330 7,615,256 20,548,338 16,209.730
February
3.497,118:2,485,770 7,665,545
5,431,302
Oregon Short Line February
Ore- Wash R R & N February
2,674,54411,879,161 5,574,789 3.912,765
Union RR (Penn)
1,182,965
595,307
532.634
February
1,115,590
344,887
Utah—
175,573i
99,131
200,804
February
Vicks Shreve & Pac. February
737.037
346,7541
264,171
535,757
891.3141
593,609 2.190,301
Virginian RR
1,551,019
February
Wabash RR
4,043,925 3,321,093 9,157,840
February
7,062,811
Western Maryland. 1st wk Apr
200,016 4,554,413
3,513,168
364,6771
Western Pacific..— February
1,039,260
727,576[ 2,385,733 1,598,434
Western Ry of Ala- February
220,655!
199,347!
484.34.5
425.246
Wheel & Lake Erie. February
1,134,611
608,263 2,169,152 1,387,680
Wichita Falls & NW February
261,254
150,947i
462,330
282,602
Yazoo & Miss Valley February
2.421,344 1.789,615; 5,026,114
3,649,782
—
—
..
.
_
.
—
—
-
.
.
...
.
„
_
_.
Jan. 1 to Latest Dale.
Missouri Pacific
-
_
Year.
$
448.179
541.360
205.859
2IS.057
1.041,603
1,316.887
71,679
93,898
16790663 1256868- 36.908.633 25.597.22 >
2.858,530
4.,52 LI 90
1,931,170 1,418.517
769,511
1,304.339
366.073
f
535,568
739,954
963,903
353,429
400,100
433.651
521.717
217,687
i
247.190
February
February
B&OCh Term.. February
Bangor & Aroostook January
Bellefonte Central.. February
Belt Ry of Chicago-February
—
Current
or
Month.
511,459
485,483
215,919
221,618
6.558,805 4,959,224 13.378,944 10.847.065
13989717 11228986 31.333.385 24.561.103
408.53
230,761
103.074
}
193.458
470.484
470.484
591,175
591.17.5
16,487
7.175
i4.421
r
7,269
475.683
219.449
790,551
370,765
1,288.380
Bessemer & L Erie.-February
625,529 1.272.483
I
633,134
273.554
127,418
303,094
Bingham & Garfield February
j
150,913
114.875
72.982
57,972
Birmingham South.(February
37,834
Boston & Maine...(February
4,470.284 4.402,978 11.248,560 9,908,403
134.215
170,288
68,3.52
Bklyn E f) Terminal February
78,259
Buff Roch & Pitts..list wk Apr
4,146,930
212,434 4,904,743
350,649
357.097
431,537
Buffalo & Susq
164,286
February
205,038
Canadian Nat Rys.ilst wk Apr 1,831,118 1,457,144 23,379,065 21,670,259
Canadian Pacific..-1st wk Apr 3,617,000 2,921,000 45,983,000 38,691,000
Can Pac Lines in Me February
636.328
326,163
571,838
217,443
Caro Clinch & Ohio February
908.065
440.029
1,056.815
420,168
Central of Georgia.
3.204.806
Febr uary
4,391,968
1,980,625 1,546,001
Central RRof N J.. February
3,166.086 3,002,613 6,838,254
6.614,686
Cent New England. February
978.870
309,444
459.431
841,155
Central Vermont
February
378.942
366.504
798.801
915,449
Charleston & W Car February
586.242
495,014
307,321
237,035
Ohes & Ohio Lines.. February
6,236,381 4,796,048 12,656,891 10,828.118
2.048,701 1,823,758
Chicago & Alton
February
4,589,881
3,856,410
Chic Burl & Quincy. February
13216614 10479346 29,786,962 22,126.420
2.057,719 1,726,537
Chicago & East 111. February
3,819,753
4,990,136
Chicago Great West February
1,921,768 1,611,062 4,179,329
3,264,679
Chic Ind & Louisv— February
1,724.413
1,028,604
859,079 2,341,422
Chicago Junction.. February
251.631
566.435
289,306
637,370
Chic Milw & St Paul February
11595154 9,912,599 26,128.745 21,106.467
Chic & North West. February
11180934 9,063.485 24.273,996 18,859,326
Chic Peoria & St L. February
410.082
239,012
208,128
113.706
Chic R I & Pacific.. February
9.738,194 7,503,340 22,082,761 15,506,298
Chic R I & Gulf.. February
725.657
535,914
354.327
1,196.986
Chic St P M & Om
4.168.003
February
5.421.789
2.511.365 1,853.156
ChicTerreH&SB. February
432,003
869,164
639,330
291,940
Cine Ind & Western February
439,640
319,816
690,001
206,497
Cin N O & Tex P.February
3,277,656
2.806.018
1.521.344 1,294,901
Oolo & Southern.__flst wk Apr
490.150
420,935 7,461,349 6.243.019
Ft W& Den City. [February
942.808
844,7.59 2,043.840
1.618,545
Trin & Brazos Val February
139.809
241,353
98.141
313,822
Oolo& Wyoming
109.191
60,314
196,686
100,403
(February
Cuba RailroadFebruary
1,060,178 1,105,474 2,218.279 2,331.745
Delaware & Hudson (February
2.428.366 2,273.580
5,200.331
4,937,534
Del Lack & We§t
5.536,045 5.355,451 11.428,951 1 1.054 504
(February
Denv & Rio Grande February
2,933,714 2,103,299 6.354.556 4,671,764
Detroit & Mackinac February
134,788
258,101
204,450
103,664
Denver & Salt Lake February
263,404
165.243
509,074
301,927
Detroit Tol & Iront- February
739.508
646,769
388,187
283,782
Det & Tol Shore L.
February
365,830
116,751
160.707
303,112
Dul & Iron Range.. February
142,862
225,966
123,438
270,585
Dul Mlssabe & Nor. February
314,177
169,485
193,450
385,499
Dul Sou Shore & Atl 4th wk Mar
118,169
150,523
941,301
1,043,587
Duluth Winn & Pac February
200,329
169.328
384,784
336.076
East St Louis Conn. February
192.118
152,033
268,019
93,522
Elgin Joliet & East. February
3,799,211
1,847,007 3,578,971
El Paso & So West- February
2.625.188
1.011,243
2,092.075
Erie Railroad.
February
7.007,211 6.335.757 15,201,128 13,290.383
768.992
Chicago & Erie- February
804.896
1.767,344
1_.628.169
Florida East Coast. February
967.506
1,487,731
2,677,685
1,975.659
Fonda Johns & Glov February
96.754
80.378
205.274
173.883
Ft Smith & Western February
153,865
111,124
308.361
225.458
Galveston Wharf.
February
83,767
51.910
172.054
137,923
Georgia Railroad.
February
519.693
463,249
1,004,297
1.008.740
Georgia & Florida.
February
95,390
209.523
76,622
155,468
Grd Trk L in New E February
315.992
279,131
657.763
622,297
Grand Trunk Syst— 1st wk Apr 1,469,333 1,274,553
Grd Trunk West. February
1,914.854 1.329,471
3,756",864 2,952,935
Great North System February
7,252.816 6,209.835 17,404,752 15,084.235
Green Bay & West. February
93,457
90,488
209,112
211,737
Gulf Mobile & Nor. February
180.495
255.662
375.161
583,350
Gulf & Ship Island. February
198,984
108,099
466,104
343,965
Hocking Valley.... February
1.031.033
441.056
2.195.638
950,819
Illinois Central.... February
11093800 7,925.216 23,349,692 16,429.173
Internat & Grt Nor. February
1,316,520 1,029,407
3,045,096
2,135,143
Kan City Mex & Or February
131,944
72,679
281,519
133,470
K O Mex & O of Tex February
161,770
321,269
142.789
67,785
Kansas City South. February
1,538,382 1,134,304 3.037,377 2,397,955
Texark & Ft Sm._ February
150,808
110.975
308.580
209,083
Kansas City Terra.. February
117,896
97,076
244,715
204,746
Lehigh & Hud River February
138,599
336,099
187,361
393,767
Lehigh & New Eng. February
227,776
596,136
162,822
469,950
Lehigh Valley
*
February
4,504,277 4,101,560 9,991,754
9,164,125
Los Ang & Salt Lake January
1,631.850 1,300,741
1,631,856
1.300.741
Louisiana & Arkan
February
375,806
189,630
693,858
34.5822
Louisiana Ry & Nav January
313,762
273.244
313,762
273,244
Louisville & Nashv
10269714 8,256.212 10,269,714
January
8,256,221
Louisv Hend & St L February
246,725
219,767
498,067
458,455
Maine Central.—
February
1.024,380 1.271,707 2,628.726
2,688,122
Midland Valley
January
385.987
304,452
385,987
304,452
Mineral Range.
4 th wk Mar
19,726
25,624
164,331
248.119
Mlnneap & St Louis February
1,148,581
865,745
2,651,331
1,791,567
Minn Sfc P & S S M. February
3,481,254 2,790,644 6,973,456
5.965.999
Mississippi Central. February
58,956
67,901
134,770
142,607
Missouri Kan & Tex February
2,996,268 2,374,860 6,470.225
4,998,217
Mo K & T Ry of Tex February
2,235,263 1,741,939 4.819,961
3,482,092
Mo & North Arkan. February
143,597
94,764
311,141
234,648
Mo Okla&Gulf.— February
202,793
91,525
376,878
192,614
-
Week
Previous
Year.
$
Current
$
Current
or
.
__
—
———
...
....
AGGREGATE OF GROSS EARNINGS—Weekly and Monthly.
*
3d
Weekly Summaries.
week Jan
4th week Jan
1st week Feb
2d
week Feb
3d
week Feb
4th week Feb
1st week Mar
2d week Mar
3d
week Mar
(13
(14
(13
(14
(13
( 9
roads)
roads)
roads)roads)
roads)
roads)
(14 roads)
(14 roads)
(12 roads)
4th week Mar (10 roads).
st
week Apr
*We no
(10 roads).—.
Current
Year.
$
7,184,286
9,638,583
7.839,859
8,175,583
6,949.253
6,689,056
7,594,843
7,701,049
7,854,679
12,784,092
8,219,825
Previous
Year.
Increase
*Monthly Summaries.
%
Curr.Yr.
] Mileage.
7.029,507
8.861,350
6,689,392
6.960,586
6,736,316
5,278,306
6,487,501
6,764,941
6,948,321
10,419,611
6,617,762
+ 154,716
+777,233
+1.150,467
+1,215.017
+212,937
+1,410.750
+ 1.107,342
+936,108
+906,358
+2,364,481
+1,602.063
longer Include Mexican roads In any of our totals
or
Decrease.
.20
i
.77
.50
!
-.232,708
-233,931
—232.169
.45 ; July
-226,654
.16 j August
—233,423
.73 { September —232,772
October
.07
-233,192
.84 ! November -233.032
.04 i Decembers -233.899
.69
January—232,511
'< February
.21
231,304
April
May
June
-
-
.. -
—
Prev.Yr.
Current
Year.
Previous
Year.
S
388,697 894 370, 710,999
413,190, 468 378, 058.163
424,035, 872393, 265,898
454,588 513469, 246,733
469,868, 678 502, 505.334
495.123, 397(485, 870,475
508,023, 854 489, 081,358
436.436, 5511439. 029,989
451.991 330 440, 481,121
233,251
234,339
232,682
226,934
233.203
232,349
233,136
232,911
233,814
232,210 494,706 125392, ,927,385
231,017 421,180. 876 348, 749.787
Increase
or
Decrease.
+ 17.986.895
+35.132.305
%
4.85
9.29
+30,769,974 7.831
—14,658,220 3.13
—32,636,656 6 40
1.97
+9.252,922
+18,942,496 3 87
—2.593.438 0,59
+ 11,510,209
2.61
+101778760 25.90
+72,431,089 20.77
APE. 17
1920.]
THE CHRONICLE
1635
Latest Grc3S Earnings by Weeks.—In the table which
follows
of
we
The table covers
April.
increase in the
First Week of
'
Latest Gross Earnings.
1920.
April.
or
same
week last
Increase.
1919.
year.
Decrease.
ArLnr
Buffalo Rochester & Pittsburgh.
8
93,898
350.650
1,834,118
Canadian National Rys
Canadian Pacific
—
Colorado & Southern
3,617,000
490,150
$
71,679
212,435
1,457,144
2,921,000
420,935
$
22,219
138,215
376,974
696,000
8
Grand Trunk of Canada
1,469,333
1.274,553
194,780
364,676
Grand Trunk Western
260,016
St L Rocky Mt & Pac February
Santiago El Lt & Tr„ December
Second Avenue
8,219,825
Total (10 roads)..'
6,617,762 1,602,063
Monthly to Latest Dates.—In
"Rail¬
our
Section or Supplement, which accompanies
to-day18 issue of the u Chronicle,11 we give the February figures of
Earnings"
earnings of all steam railroads which make it a practice to issue
monthly returns
or
are
ment forfuU
required to do
by the Inter-State
so
following
give all statements that have
we
come
We also add the returns of the indus¬
.companies received this week.
week.
-Gross EarningsCurrent
Previous
Year.
Year.
--—Net Earnings
Current
Previous
Year.
Year.
94,126
193,591
clef 19,992
209,545
def33,469
def41,846
291,958
800.552
829,500
6S8.2S8
941,063
2,042.023
1,692.848
2.168.120
43,825
249.654
37,300
Gross Earnings
Companies.
e
Given
in
Gross
Fixed
Balance,
Income.
Income.
Charges.
Surplus
$
$
$
$
$
Pftilrnod prv
1,060,178
1,165,474
8,540,415
'19
7.298,170
228,070
328,204
2.038,678
1,612,128
11,761
13,385
94,475
102,106
RAILWAY AND
239,831
341,589
2,133,153
1,714,234
PUBLIC
Latest Gross Earnings,
136,033
103,798
105,983
812,787
854,357
235,606
L,320,366
859,877
COS.
UTILITY
Jan.
1
to Latest Date
Name of Road
Year.
Gross
Earnings.
Net after
Taxes.
$
Month.
Adirondack EI PowCo February
Alabama Power Co.. February
Atlantic Shore Ry
December
January
February
February
February
February
February
February
February
Year.
188.066
325,735
15,951
Previous
Year.
134,804
230.193
13,371
82,595
Current
Previous
Year.
Year.
283,576
499,334
380,582
629,959
184.106
105,284
184,039
171.773
82,595
164,436
433,748
105,284
81,841
78,755
542,249
Blackstone V G & El.
255,183
198,565
dBrazilian Trac.L & P
/"9381000 /7972000 /19036,000 /16494,000
95.154
94,196
45,114
42,964
Cape Breton Elec Co.
68,311
81.356
Cent Miss V El Prop.
39,265
33,063
151,063
218,485
108,200
81,704
Chattanooga Ry & Lt
Cities Service Co
2111,765 1737,276 4,017,546 3,590,874
551.860
691,043
Cleve Painesv & East December
57,982
41,730
1,060.971
908,280
Colorado Power Co.. October
109,350
91,485
1,402.312 1,188.807
1402,312 1188.807
^Columbia Gas & Elec January
208,462
266,256
Columbus (Ga) El Co February
124.451
86.677
Com'w'th P, Ry & Lt February
2476,027 2036,430 5,074,987 4,185,983
213,970
247,285
Connecticut Power Co February
122,228
103,288
Consum Pow (Mich). February
1,989,495 1,597,540
914,809
1140,561
414,720
fCumb Co (Me) P & L February
474,555
198,998
215,376
518,833
635,361
305,944
247,207
Dayton Pow & Light. February
cDetroit Edison
1821,937 3309.879 3.676.919 2,780,558
IFebruary
^Detroit United Lines November
2203,587 1606,536 22,422,746 17,278.782
290.597
316,083
148,651
141,929
Duluth-Superior Trac February
East St Louis & Sub.. December
423,985 406,855 4,258.919 4,215,887
247.973
214,159
Eastern Texas Elec__ February
103.194
117,325
185,132
225,999
Edison El of Brockton February
92,012
103,575
48,933
54,600
23,622
22,091
jElec Light & Pow Co February
248.030
306,435
151.460
120,067
gEl Paso Electric Co. February
118.373
141,069
Fall River Gas Works February
66.086
55,338
333.629
414,843
414.843 333,629
Federal Light & Trac January
225,371
323.079
Ft Worth Power & Lt February
105,490
152,445
526,629
464,640
Galv-Hous Elec Co.
252.847 222,153
February
441,425
496,221
441,425
496,221
g Great West Pow Sys January
1,301.116
1,604,339
153,169
135,264
Harrisburg Railways. December
1,429,514
1,747,557
Havana El Ry, L & P February
864,439 703,156
67,031
78,900
32,663
Haverhill Gas Lt Co. February
38,539
114,989
129,700
63.593
54,931
Honolulu R T & Land February
84.392
96,178
44,162
39,679
Houghton Co El L Co Feoruary
49,959
57,681
27,056
25,504
Houghton Co Trac Co February
5,012,703 4,007,905
Hudson & Manhattan October
558.452 387,371
3,355,830 2,814,271
b Illinois Traction.._ February
1626,096 1353,235
8,913,060 7,312,818
JlnterboroRap Tran__ February4, 468,9233 ,499,170
501,802
596,329
Kansas Gas & Elec Co February
283,829 248,148
51,850
57,429
25,141
27,253
Keokuk Electric Co.. February
38,443
41,491
19,355
18,854
Key West Electric Co February
230,447 200.636 2,611,756 2,189,325
Lake Shore Elec Ry._ December
195,766
223,499
24,714
16,693
Long Island Electric. October
3,537,234 3.707,689
332,207 333,899
Louisville Railway
December
182,213
215,743
Lowell Electric Corp. February
103,244
86,259
119,476
141,178
Manhafe Bdge 3c Line October
21,614
12,374
«Milw El Ry & Lt Co February
1452,175 1157.350 2,978.802 2,391,267
401,348 \355,218
174,079
195,671
Mississippi Riv P Co. February
A525.310
590,937
NashvilJe Ry & Light February
284,034 252,993
Nebraska Power Co.. December
232,650 192.899 2,407,120 fp%€30
636,754
898,063
New England Power. February
414,825 318,721
408,027
414,578
193,678 188,701
NewPN&HRy.G&E February
851.374
884,509
New York Dock Co.. February
435,451 410,918
420,251
46,759
480,896
N Y & LcDg Island.. October
42,636
127,545
118,067
15,580
N Y & North Shore.
October
12,829
805,675
945,253
108,846
83,675
N Y & Queens County October
New York Railways. October
953,075 934,683 11,289,033 9,329,746
1,370,129
Northern Ohio Elec.. February
869,220 673,935 1,751,233
474,291
601,324
North Texas Electric. February
291,322 229,801
144,001
185,458
11,071
Ocean Electric (L I). October
7,880
329,975
406,655
Pacific Power & Light I February
200,588 159,469
506,050
543,592
41,828
Pensacola Electric Co!Decernberj
50,756
619,151
732,301
58,864
57,863
Phil a & Western
i December
370,671
413,742
183,810
180,642
Portland Gas & CokeiFebruary
1,390,458
1,473,001
704,193 686,911
Port (Ore) Ry, L & P Co j February
899,488
899,488
Puget Sd Tr, Lt & P.!January|
1,356,256 1.027,502
659.848 497",573
Republic Ry & Lt Co February
Bangor Ry & Electric
Baton Rouge Elec Co
$
Fob '20
78,755
*19
'20
'19
81,841
I,114,279
942.247
14,302
27,731
444,551
335,374
Feb '20
'19
108,200
81,704
1,092.277
979,162
44,350
37,054
380,519
378.177
2,476,027
Pow, Ry & Light Co
'19 2,036,430
System
12 mos '20 26,853,903
'19 22,784,373
809,954
721,514
9,148,965
7,628,610
Bangor Ry & Elec
Co
mos
Chattanooga Ry &
*20
mos
'19
Feb '20
Commonwealth
Consumers Power
Feb '20
Fixed
$
603,162
800.652
1,704.084
1,413,739
2.902,015
37,300
Previous
Year.
$
c3,864,000
c8,147,000
Charges.
Balance E
Surplus.
$
21,805
20,645
255,557
240,445
.-'V
def7,503
7,086
188,994
94,929
20,544
23.806
21,273
252.758
15,781
127,761
136,393
241,784
6,536,267
6,159,414
258,698
180,912
2,612,698
1,469,196
154,310
149,211
1,707,010
1,645,929
204,904
198,466
2,614,602
1,941,044
def35,544
def 1,470
282,702
551,258
540,602
1,140,561
914,809
359,214
12 mos '20 II,900,345
*19
9,852,181
4,321,612
3,586,973
Cumberland County Feb '20
Power & Lt Co
'19
12 mos '20
'19
215,376
198,998
2,828,435
3,198,977
55,187
952,220
55,146
56.657
669,518
998.681
830,883
167,798
Feb '20
87,339
41,295
743,788
13,345
12,846
158,907
*75,003
*28,520
*591,875
576,280
148,115
*430,892
426.473
190,887
*242,281
351,010
872,536
190,241
381,584
*166,267
699,049
485,371
'19
Co (Michigan)
'
Ft Worth Power &
*19
152,445
105,490
12 mos *20
'19
Current
Company.
239,263
207.596
431,333
967,362
milreis.
.
Other
Taxes.
'19
Current
Year.
$
Braz Tr, L & P Co, Ltd_Febc9,381,000 c7,972,000 c4,984,000
Jan 1 to Feb. 29
cl9,036,000cl6,494,000cl0,094,000
before the deduction of taxes.
Net after
'20
1,514,749
Nci Earnings
Previous
Year.
$
;>
12
Gross
or
472,337
686,392
665.250
698,713
Electric Railway and Other Public Utility Net Earn¬
ings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
defl7,691
Earnings.
ELECTRIC
182,300
489,984
334,742
941,063
984,939
809,415
135,871
43,825
777,341
765,026
772,539
1,717,993
306,617
257 ,823
387,137
1,010,277
708,654
b Iucludes all sources.
f Earnings given in milreis.
g Includes constituent or subsidiary companies.
h Subsidiary companies only,
k Includes Tennessee Ry., Light & Power
Co., the Nashville Ry. & Light Co., the Tennessee Power Co. and the
Chattanooga Ry. & Light Co.
I Includes both elevated and subway lines.
) Of A bin g ton and Rockland (Mass.).
Light Co
b Net earnings here given are
Feb *20
102,948
December
12
Ht Louis San Francisco SystemStL Sail Fr of Tex.b_.Feb
139,868
Jan 1 to Feb 29
274.344
mos
714,256
20,728
125.425
68.478
Current
Roads.
8
860,163
28,401
53,502
Includes Milwaukee Light, Heat & Traction Co.
details regarding the February results for all the
in the present
trial
286,520
Edison. February
The reader is referred to that Supple¬
separate companies.
In the
Year.
358.946
68,530
86,778
(Rec) October
Wash Bait & Annap
Net increase (24.21%)
Commerce Commission,
Year.
Staten Island Midl'd. October
a
Net Earnings
Year.
Youngstown & Ohio. January
,
Western Maryland
way
Previous
Year.
104,660
Detroit Grand Haven & Mil.
Canada Atlantic
Current
Tampa Electric Co.. February
Tennessee Power
February
/fcTenn Ry, Lt & P Co February
Texas Power & Lt Co February
Third Avenue System. January
Twin City Rap Tran_ February
Virginia Ry & Power. February
69,215
to Latest Date.
Previous
Month.
Southern Cal
1
Ann
1
Current
Company.
10 roads and shows 24.21%
aggregate over the
Jan.
Name of Road
separately the earnings for the first week
sum up
1,496,029
1,300,058
Feb *20
864,439
703.156
1,747,557
1,429,514
Light Co
Havana Elec Ry
Lt & Power Co
2
mos
'19
'20
'19
347,677
19,602
65.599
Feb '20
130,423
*19
'20
'19
88,281
478,707
1,004,923
465,247
Feb *20
283,829
*19
12 mos '20
248,148
2,762,043
84,372
88,321
798,229
'19
2,241,968
Feb '20
'19
284,034
74,643
252,993
72,514
785,910
978,414
16,520
16,092
40.600
1,113,324
Huntington Devel
& Gas Co
12
Kansas Gas &
mos
Electric Co
Nashville Ry &
Light Co
12
mos
.
'20
3,290,011*
'19
2,988,074
743,697]
199,742
191,880
43.347
23,8.31
501,256
408,976
*503,699
*328,187
49,079
24,508
278,965
273,367
*42,446
*64,511
*299,954
*352,455
39.986
39,879
34,657
475,430
310,480
479,812
498,602;
*54,306
*580,025
*453,498
32,635
*58,544
Feb *20
'19
237,462
90,478
189,539
12 mos '20
2,498,575
78,484
884,237
'19
1,979,825
706,967
32,205
24,401
363,189
296,566
Feb '20
235,355
59,059
59,061
117,217
116,892
44,435
46,174
536,370
516,562
*557,543
*351,463
*34,173
52,290
*586,540
483,250
Nebraska
Power Co
*52.996
*18,323
*115,623
'19
150,332
2 mos *20
470,340
323,042
1111,675
1
77,375
232,124
184,376
Feb '20
'19
200,588
96,318
159,469
73,381
12 mos '20
'19
2,252,602
1,084,397
861,801
Feb '20
12 mos '20
'19
183,810
180,642
2,228,438
1,894,947
64,475
82,829
938,702
835,499
30,324
30,539
352,234
352,249
Feb '20
704,193
'19
'20
686,911
8,673,544
7,890,219
237,770
288,262
3,055,166
2,590,843
186.983
184.189
2,274,387
2,232,500
50,787
104,073
780,779
358,343
659,848
497,573
168,872
98,459
6,588,329
1,621,887
1,393,461
119,271
114,597
1,378,215
1,289,293
*32,760
*453,466
*252,775
75,824
78,539
499,380
788,453
*46,638
*45,816
*576,795
*406,493
Nevada-California
Electric Corp
*19
Pacific Power &
Light Co
1,890,769
*67,709
*52,750
*29,133
_
Portland Gas &
'19
Coke Co
Portland Ry, Lt &
Power Co
12 mos
'19
Feb '20
Republic Ry &
Light Co
'19
12 mos '20
*19
Tennessee Ry, Lt J
& Power Co
p
489,984
204,992
'19
'20
472,337
214,569
5,542,080
T9J 5.475.975
2,044,459
2,311,863
129,168
136,030
1,545,079
1,523,410
334,742
291,958
3,587,909
3,299,754
101,285
101,319
1,222.985
1,075,260
54,809
55,586
654,350
670,799
12 mos
lb*
Texas Power &
Light Co
5,631,117,
Feb '20
Feb *20
'19
12 mos
'20
'19
*53,466
'
*
After allowing for
_
Richmond Lt & RR— October
44.651
33,249
455.154
372.523
other income received.
FINANCIAL REPORTS
Financial
Reports.—An index to annual reports of steam
railroads, street railway and
miscellaneous companies which
published during the preceding month will be given
on the last Saturday of each month.
This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
March 27.
The next'wilRappear in that of April 24.
have been
THE
1036
1919.)
report afford the following data:
Report—Year ended
Annual
Advanced sheets from the
INCOME
CORPORATE
ACCOUNT FOR
Dec. 31
CALENDAR
[Vol. 110.
the Inter-State Commerce Commission will have settled the
question of
increased rates, for which proceedings have already been initiated, and if
the spirit of the Transportation Act be observed, the carriers will at least
be adequately protected against the abnormal increases in the costs of
Pacific Railway.
Northern
(23d
CHRONICLE
operation that have occurred in late years.
YEARS.
(V. 110, p. 720 to 732.
GENERAL STATISTICS FOR CALENDAR
YEARS.
'
1917.
1918.'
1919.
under contract with
United States Government...--$30,089,692 $30,089,692
Net income'(see Fed'l incomeacct.)
$31,379,665
Income from lease of road
288,419
288,453
288,43o
Miscellaneous rent income
612,275
£03,681
266,025
Misc. non-oper. physical property...
47,788
45,715
40,473
Separately operated properties.......
34,466
Dividend income
4,456,161
4,923,489
9,730,787
Income from funded securities.:....
529,206
954,258
287,762
Income from unfunded securities and
accounts
1,721,344
296,419
773,955
Income from sink. & other res. funds.
583,171
123,671
79,984
Miscellaneous income
2,322
^3.904
46,479
Compensation
—
...
.
Revenues
1,324,907
prior to Jan. 1 19X8-
$1,657,365
$888,425
51,332
10,026
51,332
10,o00
51,332
H>866
98
Rent for leased road.....
Miscellaneous rents.i....--Miscellaneous tax accruals.
93
12,153,442
90,116
lo0,970
258,182
12,253,146
-
—
funded debt...
—
Interest on unfunded debt
12,117,483
214,863
-
—
General corporate expenses.294,157
Miscellaneous income charges...
259,093
Balance to
21,237
17,360,000
$5,476,737
profit and loss.... — -
_
Detailed Freight Traffic
Calendar Years-—
$2,769,334 $12,142,686
17,360,000
568
Coal
revenue
_
Receipts (incl. Milk
1919.
revenue
on
Passenger Trains.)
1918.
$1,093,873
3,909,251
1917.
$920,569
4,315,090
1916.
$801,923
$835,509
3,712,295
3,551,119
OPERATING RESULTS FOR CAL. YEARS {Federal Data for 1919 & 1918).
Earnings—
Passenger...
Freight
"
1919.
1918.
$2,697,357
7,496,472
317,225
398,461
Mail and express
Miscellaneous..
Total
199,148
—
1917.
Operations—
Passengers carried, number
1,581,807
1,761,870
1,804,150
Passengers carried 1 mile
91,369,678
83,836,174
76,447,853
Rate per passenger per mile...
2.952 cts.
2.587 cts.
2.277 cts.
Freight carried (tons)...
5,165,934
6,153,261
5,729,517
Freight (tons) carried 1 mile
602,704,487 776,038,894 775,230,400
Rate per ton per mile
1.062 cts.
0.889 cts.
0.742 cts.
Earnings per freight train mile
$5.60
$4.42
$3.86
Earnings per passenger train mile...
$2.61365
$2.13421
$1.56103
Gross earnings per mile
$19,041
$18,658
$15,638
--------
2,20j,696
1,537,273
17,360,000
2,198,638
154,868
Depreciation of equipment...—...
Expenses prior to Jan. 1 1918...
Dividend (7%)
Miles operated
Milk
$1,518,089
Railway tax accruals (war taxes)
on
...
............$39,655,286 $38,222,307 $42,927,932
Gross income
Interest
993,027
1918.
569
1919.
569
.
1917.
$2,168,484
6,901,018
$1,741,046
5,755,296
295,083
1,373,453
275,063
1,550,440
.—$10,909,515 $10,895,005
.......
$9,164,878
Operating Expenses—
Maintenance of way, &c
Maintenance of equipment.
$1,748,084
2,658,789
108,687
5,016,228
272,258
$9,974,524
$920,482
298,574
$6,620,579
$2,544,299
316,623
$775,523
$621,908
"i.wi--.
58,758
$2,227,676
64,808
145,808
$921,331
Transportation expenses.
General expenses, &c
AND 1918 {.COMPARED WlTH
COMPANY'S FIGURES IN 1917.)
$1,013,043
1,524,323
113,189
3,729.855
240,169
$9,804,045
$1,105,470
329,947
Traffic expenses
$1,557,483
2,763,995
102,125
5,300,294
250,625
$680,666
$2,374,676
FEDERAL INCOME ACCOUNT IN 1919
Average miles operated............
6,592
6,599
Freight revenues.
$72,934,722 $78,534,344
Passenger revenues
Mail, express, &c
20,331,317
7,473,314
—
...
1917.
1918.
1919.
7327,771
15,646,778
7,319,953
Operating
Traffic expenses....
765,309
28,274,462
.......
13,305,808
Total operating expenses
—
1,233,124
28,531,413
1,506,026
.$76,179,714 $71,516,303 $53,297,861
.$24,559,639 $31,391,956 $34,927,865
7,482,648
6,499,718
6,022,303
23,940
5,610
9,138
Net revenue.........
Tax accruals
Un collectibles.
779,683
37,501,967
2,290,812
.........
$17,053,050 $24,886,629 $28,896,425
Operating income
Hire of freight cars-—credit balance._
Rent from locomotives and cars
Joint facility rent income.
_
$401,006
2,118,960
—
Separately operated properties—profit
Income from funded securities
Income from unfund. secure. & acc'ts
10,345
89,518
5,625
Miscellaneous income
Pacific Ity.
prior to Jan. 1 1918
$871,675
365,565
1,996,896
154,289
1,325,186
........
*
$12,809,779
These items represent payments
York,
Ontario
366
.....
on
unfunded debt-
-
debt...
funded
on
294
79,000
1,185,115
2,982
11,870
8,960
48,643
funded debt
__
Net income...
60,000
1,194,205
12,372
7,482
25,245
$933,974
Revenue and expenses prior to Jan. 1
dividend (5M%)
33,294
$805,573
91,955
210
1918.
210
Preferred
Common dividend
(see text)
(!%)_.
581,073
Balance, surplus
$319,397
$713,408
BALANCE SHEET DEC. 31.
11919.
Assets—
Im prove' ts
leased
Stocks
2,312,138
6,247,515
Bonds
Western Railway Co.
102,888
railway property
Invest.inaffil.cos.:
$1,228,429
Advances.
Other
1918.""
$
Road & equipm't.85,066,369
57,611
investments
Cash
a
188,906
Special deposits.
44,230jOther
unadjusted
28,900
1,218,239
49,286
29,0001
accounts, &c._.
1,205,936 Matured interest,
1,325,029
88,560
1,528,589 'Accrued
142,192
dividends
rents
80,288
82,442
and
unpaid...
interest,
33,529
62,061
319,054
321,551
2,116,460
7,347,949
Int.&divs.recelv.
605,875
60,121
Disct.on fund.dt.
310,332
322,202
York, April 5, wrote in substance:
operating income, therefore, for the six months' period will be $1,051,705,
being one-half the annual compensation fixed by the contract.
On Dec. 31 1919 there was due from the Railroad Administration on
t
111,835 Mortgage bonds..28,630,000 28,630,000
Equip, trust notes
791,000
093,000
2,312,138 Loans & bills pay.
135,000
835
6,269,156;Accts. & wages.._
25,857
57,61 l lnsur., &c., res'ves
280,392
280,392
188,942;Misc. accts. pay'lc
30,922
37,482
32,046
rents, &c
593,131 Acer.depr.,equip.
28,410 Profit and loss
Int.def.compen.
Government Guaranty Till Sept. 1 1920.—The board deemed it prudent to
accept the provisions of the Transportation Act of 1920, and the railway
1918.
%
UaMtitles—
U.S.RR. Admin.:
Compensation..
1919.
|
$
85,101,055,Common stock...58,113,983 68,113,983
4,000
|Preferred stock...
4,000
220,952
Mat'ls & supplies.
Miscellaneous
{Report for Fiscal Year ended Dec. 31 1919.)
Pres. John B. Kerr, New
$2,312,180
$197,710
9,300
accruals
on
........
made and received by Federal Adminis¬
&
Miscellaneous tax accruals
*992,513
tration account of transactions prior to Federal control and therefore belong
to the co. to whom they have been credited and debted.—V. 110, p. 970,765
New
$2,482,642
$197,708
14,025
Gross Income
........
$2,552,881
$1,817,418
$750,996
$17,279,913 $28,861,263 $31,379,565
with
30,089,692
30,089,692
Net Federal deficit......
29.497
960
Corporate general expenses—
Total deductions from gross inc..
contract
965
Rent for leased roads
Amortization of discount
*1,536,344
263
...
accounts..
Miscellaneous rents
tax
32,046
3,027
143,060
309,499
7,261
Income from sinking and other reserve funds
........
491
—
313,898
1918
under
Income from unfunded securities and
war
$2,103,589
56,513
4,815
Income from funded securities
Income and
1918.
$2,103,589
...
deferred compensation
Miscellaneous rent income
on
Interest
......$19,832,793 $30,678,681 $32,130,561
$98,324
$73,984
$153,399
781,563
737,877
597,597
33,646
1,3,044
Northern Pacific Ry. Co
1919.
Interest
...
101,502
82,192
CORPORATE INCOME ACCOUNT FOR CALENDAR YEARS.
Compensation..
Miscellaneous income charges.
Joint facility rents
Interest on unfunded debt.
Hire of freight cars—debit balance
Miscellaneous.
Rev. N. P. Ry. Co. prior to Jan. 1
Compensation
Gross corporate Income
Interest
Deductions—Rent for locom. & cars._
Net income
...
...
Co.
Expenses Northern
Gross income...
$1,688,617
1185,768
2,060,198
19,134
income.....
Hire of equipment
Other income.
Total operating revenues..
—$100,739,353$102,908,259 $88,225,726
Maintenance of way and structures..$16,223,655 $14,226,882 $10,782,178
Maintenance of equipment....
17,610,480
16,716,958
11,245,120
Transportation expenses.....
General, &c., expenses
.............
.
6,523
$65,258,995
17446,144
Total
Net earnings.
—......
Taxes and uncollectibles
Due.excl.compen.
Other
unadjusted,
&c.,
compensation $1,325,029, and there has accrued since that date
1, when Federal control terminated, $350,598, a total of $1,675,of which payments have been received amounting to
$1,288,475, leaving due $387,152 exclusive of interest on deferred payments.
141,910
183,702
98,024,631
accounts..
Total
account of
2,090,459
7,650,169
98,150,176
Total
98,024,631 98,150,176
to March
627,
on
The
a
account
Railroad
Administration
also
owes
the company
about
Includes U. S. Government bonds, $188,700.—V. 109, p. 371.
Willys-Overland Company.
$375,000
on settlement of current accounts.
Our claims for depreciation and
loss of equipment, and for deferred maintenance of both road and equip¬
balance
ment, are also being put in shape forpresentation, and will be pressed for
settlement as speedily as possible.
There likewise remain for adjustment
the accounts relating to materials and supplies.
«
Dividends.—On July 22 1919, the company having received from the
Railroad Administration sufficient funds for the purpose, the board declard.
dividend of 1 % upon the Common stock, which was paid Aug. 20following.
a
A similar dividend
{8th Annual Report—Year ending Dec. 31 1919.)
ceding
Increase in Passengers.—During the summer season of 1919 the number of
carried out of Weehawken increased about 39% over 1918, and
that travel will further increase, as there has been
unprecedented amount of building and enlarging of hotels and boarding
houses since the last season in the territory served by the road.
Rolling Stock.—There have been no additions to the passenger equipment
since 1914.
Under the Transportation Act recently enacted by Congress,
a loaning fund of $300,000,000 has been provided to aid the roads.
Appli¬
cation has been made for a loan to enable the company to purchase ad¬
ditional equipment, but if granted, it will.be impossible to get cars in time
page
of this issue.
See also
news
item
page.
declared March 9 1920, which will be paid April 12.
Car Trusts, &c:—During the year the installments falling due on cartrusts.
amounting to $202,000, were paid and all expenses for additions and im¬
was
provements made by the Railroad Administration, chargeable to capital,
were settled in the account current with the Administration.
,
The company's income account and balance sheet as of
Dec. 31 1919 will be found under advertisements in a pre¬
on a
following
-
Pres. John N.
Willys, Toledo, April 7, wrote in subst.:
Strike.—The necessity was forced upon us early last spring of meeting
clear-cut labor issue involving our right to operate an "open shop" under
equitable working conditions.
This issue was fought successfully and we
believe the cost entailed was fully justified.
The company has a loyal,
a
cohesive working force of greater efficiency than heretofore.
passengers
larger and
there is every indication
p. 2638; V. 109, p. 586; V. 110, p. 175.
Results.—The net profit of $1,735,268 is highly gratifying, having regard
for the greatly curtailed production occasioned by the strike and to the
an
for
service this
season.
Maintenance.—During Federal control, the Railroad Administration was
unable to secure material and men in quantity and number sufficient for the
full maintenance of the road and consequently more than the average
amount of work will have to be done in
-Contracts
1920
or
1920-21.
made by the company last November for
rail for early
delivery to as large an amount as it was deemed prudent to contract for
pending a money settlement with the Government, most of which is already
on hand and the balance will be received before
April 30.
Because of the
slow return of freight cars owned, it will be impossible to determine for
some time the extent of Federal default in regard to maintenance of equip¬
ment, and it seems probable that much necessary repair work can be ac¬
complished during the guaranty period and that question settle itself to
that
were
extent.
Outlook.—For the first eight months of 1920 the income of the
company
on the same basis as in
1919, and for the last four months it will be
without guaranty and dependent on-operation; in the meantime, however
will be
more
[V. 108,
facts
to the
(a) that all expenses of the business, including all losses incidental
strike, have been absorbed and written off, and (6) liberal provision
has been made out of earnings for depreciation and accruing renewals and
other contingencies.
The provisions for depreciation and tool replacement
exceeded $3,600,000,
while all expenditures for the development and perfect
ing of the new models for 1920 and subsequent years' production, aggre-"
gating $2,171,541, have also been written off by direct charge to surplus
account.
Present
Output.—Present conditions
are
highly satisfactory.
Production
has reached 650 cars daily and, in the near future, a daily schedule of 750
cars will be
met and consistently increased as material conditions will
permit.
cars
The first quarter of the
year
will show
approximately 40,000
turned out, which is not quite 50% of the total production in the year
so that for the full year 1920 there is every reason to expect a final
1919,
production in excess of 180,000 cars—our goal for 1920 being 200,000 cars.
Estimated sales for the year 1920 should be more than double as compared
with the year 1919, which were $87,500,000 net.
Incoming domestic and foreign business both are on a huge scale.
Export
orders are three times as large as a year ago and promise to continue equally
heavy, while a large market is opening up in India and the Far East.
English Subsidiary.—To take advantage of the European market the
company has recently formed an alliance with the Crossley interests, of
Apr. 17
THE CHRONICLE
1920.]
Manchester, England, for the manufacture and distribution of its popularpriced car in the British and Colonial markets (V. 109, p. 2446; V. 110,
p. 475).
New Stock.—On Dec. 31 1919 we were carrying a relatively heavy in¬
ventory due to the fact that throughout the period of its inactivity in 1919
we continued
to receive large supplies, in preparation for the current
heavy production.
This supply of raw and semi-finished materials, though
invaluable at this time of shortage and rising prices, has, neverthelessentailed heavy bank borrowings.
These it is proposed largely to liquidate
through the sale of additional Common stock and through the natural
processes of manufacturing, so that by mid-summer it is the expectation
that our floating debt will show a very heavy reduction.
[The stockholders
voted March 24 1920 to increase the authorized Common stock from
350,000,000 (par §25) to $75,000,000, making the total capitalization
$100,000,000, of which $25,000,000 is Preferred. [The news item on a
subsequent page and compare V. 110, p. 1328, 881; v. 109, p. 1994, 788.]
Outlook.—The outlook for the automobile industry is very bright.
A
famine demand for
cars
exists all over the world and cannot be met for
General
The
ACCOUNT
INCOME
v
1918.
Parts discontinued models written off
Interest
paid..
Federal taxes & extraordinary exp.._
7% cum. conv. pref. divs
Common dividends (cash).
J
[
def.$1,527,322
26,340,886
Undivided
Total...
1,017,275
$97,967
27,596,594
$24,813,564 $26,895,094 $27,694,561
_.(5)$1965,991
450,000
745,512
554,208
74,243
CONSOL.
902,942
2,171,541
profit and loss account
BALANCE
SHEET
deducting repairs and maintenance of the properties, bad and
doubtful accounts and provision for Federal taxes.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1919.
$
$
S
53,398,491
48,231,200
U. S. Govt. bds.
Marketable
213,218
989,448
sees.
Real est., bldg.,
mach'y,
Good
37,343,672
34,638,010
14,059,932
14,059,932
.
17,664,800
Liberty bonds..
cos., not own.
304,335
7,305,627
by G.M.Corp,
Cap. stock.
Surplus
war
Due from agents
26,444,871
128,696,652
3,301,713
Good-will, pat's, • i
21.995,360
35,714,893
receivable..__
Notes receivable
1,938,471!
8,893,600
14,532,500
39,428,087
Prepaid int., &c.
39,527,'1?45
165,000
401,422
2,852,725
2,055,298
382,091
21,896,511
8,154,536
471,133
2,225,111 Pref. stock div.
.
10.756.962U. 8. Govt. adv.
572,572
on contracts..
124,595,588!
Includes in 1919 taxes and interest accrued, provision for premiums to
distributors and dealers, reserve for repairs under guaranty, &c.,
1919
customers'
$2,708,269,
Guaranty Securities Corp. certificates of beneficial
deferred installment notes, $7,549; Liberty bonds
Eurchased for $875,966. less payments thereon, $9,217. and miscellaneous
lvestments, employees,
Includes in 1919 reserve for redemption of Pref. stock, $1,749,720, and
arising from redemption of Pref. stock, $78,172.
Contingent liability in respect of discounted sight drafts with bill of
lading attached, $757,803.
Compare Willys Corporation below.—V. 110,
p. 1328.
z
for surplus
Allis-Chalmers Manufacturing Co., Milwaukee,
Wisv
(Seventh Annual Report—Year ending Dec. 31 1919.)
The report, including the remarks of President Otto H.
Falk, and the profit and loss account and balance sheet,
is
given
on
subsequent
INCOME
pages.
ACCOUNT
ENDING
YEARS
FOR
31.
DEC.
1918.
1917.
1916.
.$30,224,083 $35,031,234 $26,129,317 $19,440,509
Cost (incl. deprec'n, &c.) 22,311,760
23,339,431
19,144,107
14,699,744
1919.
Sales billes.
$6,985,210
Factory profit.....$7,912,323 $11,691,803
229,844
262,709
$8,483,512 $11,974,915
$7,215,054
$5,003,474
1,906,264
1,838,454
571,189
Net
profit
Selling, publicity,
&
war
2,515,798
2,220,166
excess
2,368,000
4,549,000
1,298,300
579,882
...—
dividends.(11%)1,780,174(10)1 619423(10)1 618375 (9)1.426,455
profits taxes & conting
Special amortization.___
Preferred
Balance, surplus
•
$1,819,540
$2,392,115
$3,006,444
[For details see
1919.
.A-SSCtSa'V'-^
a
Real est.,bldg., Ac. 11,692,949
Pat's, good-will,&c. 19,427,342
Allis-Chalm.Treas-
subsequent page.]
1919.
1918.
:-;V^
11.292,697
19,409,074
$
Liabilities—
Preferred
stock-.-16,500,000
122,320
Acc'ts
131,995
Reserve for
{♦ Ac., non-oper..
624,565
648,745
bonds,
Bull.El.Mfg.Co.
879.251
879,251
Federal taxes)..
est.,
and
mtges.,
—
■
Total
-V.
.
Vice-President J. R. Harbeck, March 22, wrote
in subst.:
Properties Included.—The statement of assets and liabilities
includes the
subsidiaries Duasenberg Motors Corporation and New Process
1,951,139
Pref. div. pay. Jan
4,647,076
7,150,491
Add.
13.646,366 17,436.478
21,008
36,600
.61,000,417 63,791,930
110, p. 659.
Gear Cor¬
poration.
Similarly the earnings statement includes profits of subsidiaries
since acquisition.
[Compare V. 109, p. 987, 1186.]
Results.—Net earnings before taxes and dividends for Willys Corporation
and affiliated companies for the full year amounted to $5,364,683.
The.net
profits of Willys Corporation and subsidiaries following acquisition, carried
to surplus after deducting all dividends ($580,245) and a provision for Fed¬
eral taxes, amounted to $3,250,800.
Balance Sheet.—The statement of assets and liabilities does not include
the redemption fund for the Electric Auto-Lite Pref. stock retired Jan. 2
1920 (V. 109, p. 2174), and per contra does not include such Pref. stock.
[/The assets do not include an important claim of the Duesenberg Motors
Corporation filed against the U. S. Govt, for losses arising through the can¬
cellation of contracts directly following the armistice, and per contra no
reserve for taxes on this amount is included in the liabilities.
This claim is
now in process of adjustment.
The statement also shows that the net tangible assets of the corporation
.
.......
,,,
,
.
,
.
,
equal $45,461,489 [as against $15,000,000 8% Cum. Pref. stock and $10,000,000 2d Pref. stock.
There are also outstanding some 4,450,000 shares
of no par value Common stock of an authorized 5,000,000 shares.
See
V. 109, p. 987, 1186.—Ed.]
Current earnings are at a rate considerably in excess of the corresponding
period of last year.
Operations are of greater magnitude and more profit¬
able than at any time in the history of the constituent plants.
Lighting Systems.—Quantity production of the corporation's farm and
house lighting systems, known as "Willys Light," is now well under way.
We have orders booked for the delivery of a very large quantity of these
outfits during the year 1920, and the profits from this source will undoubt¬
edly be large.
New Automobile Plant.—Our new automobile plant at Elizabeth, N. J.,
will begin manufacturing operations in the summer of this year.
This plant
is designed forfthe exclusive production of the new Chrysler light six-cylinder
car which will make its appearance in quantities in the fall of this year.
Mr. Walter Chrysler has assumed active management of the corporation s
affairs.
The Elizabeth plant is one of the largest industrial units in the
United States and has unique advantages as to location, transportation, &c.,
being a single unit from the standpoint of economical operation.
Outlook.—The corporation continues to occupy a leading position in its
established lines of manufacture, and has orders and contracts booked which
will strain the capacities of its plants during the years 1920 and 1921.
[The Willys Corporation paid the initial div. on its 2d pref. stock on Jan. 1
1920 and No. 2, also \%%. April 1.
The income account and balance
sheet were in V, 110, p. 969, 475.]
.
.
„
......
1,569,907
1,120,901
1,003,177
2,140,778
4,749,436
than $10,000,000 over
,
.
,
_
_
*ht
t
Profit and loss
New York.
1,167,136
3,202,720
000.000 greater than in 1919.
The net income, after making
566,419
404,585
50,003
10,289,588
335,714
1,156,342
8,470.049
61.000,417
63,791,930
(28th Annual Report—Year Ending Dec. 31
...
2,069.630
Chairman Samuel P. Colt,
1919.)
April 5, wrote in substance:
1919 were $225,589,465, an increase of more
1918, although our war business in 1918 was $25.-
Results.—Our net sales for
compensa'n,
Ac., reserve....
Reserves
Total
United States Rubber Co.,
1,095,961
(incl.
4,733,138
contracts
Unexp. ir.sur.,
3
completion
of eontr'ts billed
1,105,806
less reserve
1918.
16,500,000
Adv .collections on
Notes Aaccts. rec.,
inventories
Willys Corporation.
erec'n
8,783,825
—-
cost........
446,652,521 299,489,336
deducting
&
.......
Accr'd taxes
Market, Ac ..securs.
at
payable
pay-roll
1st M. 6%
Cash.
-
Total
(Report for Fiscal Year Ending Dec. 31 1919.)
stock...26,000.000 26,000,000
400,000
Notes payable
49,908
Real
488,463
25,863,823
3.863,421
f36,408,937
Common
122,320
stock..
ury
Unpaid bal.of pref.
V shares to em pi..
$1,738,565
31.
BALANCE SHEET DEC.
■
889,882
,
&c.,
expenses
Reserved for Federal in¬
come
$4,740,765
283,112
Other Income
3,769,865
deb.
$23,084,825 in 1919, and $10,001,983 in 1918 fodepreciation.
b Authorized $500,000,000; issued $72,771,800; in tpeas
ury $4,432,500.
c Authorized, $20,000,000.
d Authorized, $500,000,000
issued, $156,991,900; in treasury, $3,580,900.
e Account Fisher Body
Corp. stock purchase,
f After crediting the undivided profits for the year
(all cash dividends, Common and Preferred having first been deducted),
and also after crediting $3,764,529 in 1919 (as against $23,232,792 in 1918)
for additions through acquisition of property and other adjustments.—
V. 110, p. 1295.
After
128,733,208 124,595,588
Total
and pay-rolls and salaries accrued, $1,123,090.
Includes in
A
7,018,339
[Profit and loss..
Total .......128,733,208
446,652,521 299,489,336
Total
26,340,886
assumed.....
[Reserve funds., zl,827,892
y892,732
12,266,861
791,148
Pref.
36,262,473
Sundry contin
4,546,653
Surplus-—-i
#78,641,897
a
14,016,392
Miscellaneous in¬
vestments,&c.
Cash...
stock.
23,000
3,905,952
10,802,154
Reserves;
-
4,538,379 Acer, int., Ac., xl,831,359
1,521,830
less reserve...
in
762,652
9,178,600
.
Acc'ts receivable
y
91,137,513
Deferred exp'ses
37,846,313
Notes payable..
6,812,319
Taxes, pay-rolls,
Asund. accr'd 11,521,771
Feb. 1
34,312,682 Notes payable.. 30,360,000
69,594 Acc'ts payable.
9,220,000
1,474,519 Dealers'
initial
706,878
) payments....
38,716,624
425,807
2,960,401
427,754
18,453,317
1,163,077
422,266
Acc'ts payable..
acc'ts
Fed'l taxes &
20,009,357;Real est. mtges.
1,143,849
Inventories
225,000
Asurp.ofsub.
3.316,385
$
14,044,800
Common
other com¬
interest
Outstand'g stock
Notes payable..e21,840,000
$15,000,000)
stock
panies
x
172,305
extra'yexp.
000,000) stock
Investments,Ac.
in
150,000
Conv. pref. (auth.
pat¬
147,379,900
7,848,570
Pur. money bds.
Pref. (auth.810,-
&c..
will,
ents,
19,671,000
10,945.061
contracts
&
29,175,300
Bon.stk.award'd
Due from U. S.
on
$
$
__b68,339,300
Preferred stock.cl6,957,000
2,839,531
30,636,621
28,852,018
Sight drafts agst.
B-L attached.
81.
1918.
Common stk..d 153,411,000
76,756,431
in allied
& acces'S cos.
DEC.
1919.
Dehen. stock.
equlpm't.al53,803,642
Invest,
SUBSIDIARY COS.)
Liabilities
1918,
$
Liabilities—
18,610,621
div. payable
1919.
1918.
$
(INCL.
Real est., plants
Inventories
♦After
Asset*—
y86,901
34,634,855
6,901,890
1,667,753
1918,
copyrights,Ac. 20,323,889
$26,340,886 $24,301,384
$21,896,511
X1917.
y96,2*95,741
35,504,576
20,113,548
38,468,075
1919.
Notes
Total
a90,517,519
30,000,000
profits
Assets—
Govt,
Development
expense account of new
work for future delivery, written off
YEARS.
1918.
profits are shown after deducting all expenses of manufacture
(including maintenance) selling and administration as well as ordinary
taxes, insurance, depreciation ($6,656,359 in 1919) of plant and equipment,
employees' bonus stock, employees' investment fund and allowances to
employees on houses,
x Figures for 1917 show results of corporation for last five months and
results of company for first seven months.
V
y For five months to Dec. 31 1917.
Note.—The net book value of real estate plants and equipment was in¬
creased by $22,929,284 during the year, as the result of appraisals made1
and good will correspondingly reduced.
Cash
Common dividend (in stock)
Provision for redemption of bonds
do
do
do
pref. stock.
Good-will of sub. cos. written off.
cited
Net
a
559,940
1,151,208
$2,593,710
24,301,384
;
be
60,517,519
15,391,028
27,732,965
thereof._ 60,005,484
14,825,530
27,389,737
1,032,376
1,180,901
1,103,786
Debenture dividends (6% per ann.)__
3,180,137
t 739,566
Common dividends
(12 %) 17,324,897 (12)11,237,310(10)7,675,330
&
Balance, surplus.
surplus
will
Balance
(4%)1,629,858 (4)1,626,891(12)4885,237
Previous
Durant
General Motors proportion
Preferred dividends (6%)
a
298,379(3^)121,065
1,017,275
C.
509,676,695 326,044,756
406,158
246,834
Cars and trucks sold
Net profits
1917.
1,000,000
1,198,748
1,471,671
1,632,733 f
\
Preferred dividends
W.
Net sales
$6,808,737 $11,510,645 $10,193,490
$1,894,687
$2,457,842
$1,330,798
1,317,800
1,707,111
1,030,000
Provision for tool replacements.
President
of
1919.
SUBSIDIARY COS.).
(INCL.
1919.
remarks
INCOME ACCOUNT FOR CALENDAR
same time, in view of general credit conditions, our financial
policy will be conservatively directed towards the reduction of inventory
and the elimination of floating debt.
The full financial results of large-scale production on a standardized
program of but two passenger car chasses are already being felt.
The
The operating net profits for the year, on the present manufacturing sched¬
ule, we can promise, will be highly satisfactory.
^
3
Calendar Years—
Corporation, New York.
fully another week.
but at the
♦Net earnings and income
Reserve for accr'g renew. & dcprec..
Motors
(Report for Fiscal Year ending Dec. 31 1919.)
long time to come.
The sale of closed cars, of which the Willys-Overland
Co. is, at present, the second largest producer in the country, is still in its
infancy.
Replacement demands alone for automobiles will hereafter be
enormous.
For all of these reasons I anticipate an active year in 1920,
CONSOLIDATED
1637
adequate reserves for
Federal,
provision for depreciation of plants and
Canadian and British taxes on income and
profits, amounted to $21,396,099.
The net interest charges were $3,665,862; the dividends on our Pref. stocks amounted to $5,041,476. and the
dividends on Minority stock of subsidiary companies to $19,567, leaving
surplus for the year
The^dividend
called
applicable to the Common stock $12,669,194 [against
on Common stock paid Oct. 31 1919 (2% on $36,000,000]
for $720,000 and reserve for dividend on Common stock payable
.THE
1638
Jan.
31
1920 (on $68,928,800 for 31,378,576.
CHRONICLE
loavtag balance to surplus
surplus as
of $10,570,618 and making the total profit and loss
of Dec. 31 1919 (after adjustments of $108,506) $52,310,163.
account
Slock Increase.—Our stockholders
on
Sept. 9 1919 voted to Increase the
authorized
1st Pref. stock from $70,000,000 to $100,000,000 and
the
authorized Com, stock from $40,000,000 to $200,000,000, and to retire the
small remaining balance of 2d Pref, stock, thus simplifying the capitaliza¬
tion and
providing for future financing through the issuance of Com. stock
same seems desirable (V. 109, p. 585, 1086).
in Com. stock, or $36,000,000, was made at par,
pro rata, to Com, stockholders of record Sept. 13 1919 and was all sub¬
scribed, a very large percentage being paid for In full on Oct. 1, the
company receiving as of that date $33,683,450, and the balance of $2,316,550
in installments as provided.
We had the use of this money for but three
months of the year and a considerable amount was held to liquidate shorttime maturing obligations (V. 109, p. 686,895).
when the
An offering of 100%
Slock for
Employees.—Over 4,500 employees were included this year in
our plans
for stock subscription and profit sharing, value sharing, &c.
When the Com. stock was doubled in amount the company through a
subsidiary acquired and agreed to carry for not exceeding five years the
additional amounts to which such employees were entitled to subscribe
with respect to stock received by them or carried for them under such plans.
Dividends Upon Common Stock.—In Oct. 1919 your directors placed our
Com. stock upon an 8% dividend basis, believing that they were amply
warranted
in
so
doing, and the earnings of the year, together with the
future outlook of business, would indicate that such
tive (V. 109. p. 1373).
action was conserva¬
On Jan. 8 1920 the board voted to distribute $9,000,000 of surplus as a
stock dividend of 12lA% to Com. stockholders of record Feb. 5 1920
(V. 110, p. 174).
It will
cover
oe
been deducted.
This amount will represent in round numbers $312,000,000
plant, equipment and other investments of a permanent character,
$385,000,000 in present net working assets and $98,000,000 of proceeds of
the new issue of stock.
This indicates, as applicable to each share of the
Preferred stock as increased, $400 in total net assets; the present net work¬
ing assets are equivalent to $195 per share.
Excepting a purchase money mortgage of $200,000 owing by a subsidiary,
the company has no bonded debt nor is there any
mortgage on any of its
properties or on the property of any of its subsidiaries.
Business.—The company and its subsidiaries are engaged in the producin
19324.
STATEMENT OF EARNINGS AND DIVIDENDS FOR YEARS 1912-1919,1NCL.
WUh Income & War Taxes Deducted from Earns of Yr. on Which Same Were Calculated.
Earnings
46,168,955
31,798,850
61,396,923
72,426,692
...105,785,859
...101,941,262
1,634,633
24,369,914
44,022,604
...
...
1917.
1918..
1919-y
90,725,674
...
Inventories.—Manufactured goods and materials have been inventoried
was below cost.
The market to¬
Maintenance.—The properties have been
fully maintained and adequate
sum of $690,000 (1%) was paid on Jan. 1
1919 to the sinking fund of the First & Refunding Mortgage 5% gold bonds
and $793,000 bonds were bought in and retired, the bonded debt being
Sinking Fund.—(The
reduced by a like amount (V. 110, p. 369).
United States Rubber Export Co., Ltd.—Our export sales have increased
over 1918.
Adverse exchange conditions prevailing in some of our foreign
markets were successfully met and a satisfactory profit maintained.
Realiz¬
ing the value of export markets we are continuing the policy of maintaining
extending our export business.
General Rubber Co.—Since 1904 this subsidiary has protected our require¬
ments (now including our Canadian Co.) of crude rubber in a most satis¬
factory manner.
On Jan. 1 1920 the name of their London branch, William
Symington & Co., Ltd., was changed to "General Rubber Co., Ltd."
The General Rubber Co. now directly or through its subsidiaries entirely
owns and operates our houses at London, Liverpool, Singapore, Colombo,
Para and Manaos.
Outside dealers and manufacturers also are entrusting
to that company a large portion of their orders.
Rubber Plantations.—During 1919 the production of our plantations in
Sumatra has shown a good increase due largely to the growth of the trees.
It is our intention to push the extension policy in order that eventually a
much larger percentage of the rubber consumed by our factories in greatly
increasing volume may be obtained from our own plantations, although
in this program tho company is not confining itself to Sumatra but planted
properties and areas suitable for planting already have been acquired in
other territories,
principally on the Malay Peninsula.
(V. 108, p. 2131).
The management of the present properties and the new areas being
acquired and developed are under the direct control of the United States
Rubber Plantations, Inc., the subsidiaries of which at Dec. 31 1919 were
Pare Rubber Maatschapwhich together own over
planted area of which is over four times tne
size of any other American owned plantation and is the largest unit of
rubber planted area in the world.
Outlook.—Our sales so far this year show a substantial increase over 1919.
With the completion of our new construction now in process, notably in
the tire division, our sales and profits for 1920 should be larger than they
and materially
31,457,634
60,777,243
19,667,660
19,667,660
19,667,660
81,415,945
19,667,660
19,667,660
57,918,658
76,725,674
21,218,559
Under "Dividends Paid" for the year 1913 there is included the distribution of
$40 per share made from repayments by former subsidiaries of cash which had
x
CONSOLIDATED
y
1919 earnings and taxes estimated.
GENERAL
BALANCE
SHEET
DEC.
31
[1918 inserted by Editor).
1919.
Assets—
Real
1918.
$
Liabilities—
$ ;■
plant
est,,
bonds & other
98,338.303
Accts.
98,338,300
payable. 156,263,947
594,341
116,816,715
492,316
Marine ins. res' ve
117,761.821 129,663,672
reeelv'le.236,588,639 151,320,086
186,262,890 160,605,280
Surplus, incl.
serve
Inventories
Total
$
98,338,300
Preferred stock.
Reserves
'
se-
curl ties
Accts.
$
Common stock.
equipment.312,479,161 249,827,932
Cash, U.S. Gov.
marketable
1918
1919
&
reserved from current earnings for possible depreciation.
Doubling Capacity of Tire Plants.—To provide for the rapidly increasing
demand for automobile truck and passenger car tires, the company com¬
menced early-in 1919 a substantial expansion of its tire manufacturing
plants both in the United States and in Canada.
This expansion includes
important developments at each of our five tire plants and it is confidently
expected will more than double their productive capacity the early part
of next year.
(Compare aLso V. 109, p. 1178; V. 110, p. 269).
<
70.792,059
14,000,000
previously been advanced by this company,
[See news item on a subsequent page.]
sums
Bond
y
Paid.
$19,667,660
*59,002,980
619,679
...
1915...
Dividends
$35,107,887
45,691,869
341,215
...
1915.
Earnings
After Deducting
Federal Taxes.
Accrued.
$289,830
477,088
...
sufficient to
day is generally above cost.
Paid and
...$35,397,717
this stock dividend
at cost or at market where the market
Federal Taxes
Before Deducting
Federal Taxes.
Year—
PRELIMINARY
noted that the surplus of the year 1919 itself was
as well as the cash dividends paid.
(Vol. 110
11,957,228
re¬
for work¬
ing capital...499,557,625 463,712,410
853,092,512 691,310,969
Total
853,092,512 691.31Q.969
540,613,351 418,479,578
156,263,947 128,773,943
...
The current assets amounted to
and the current liabilities amounted to
Leaving net current assets amounting to.
..384,349,404 289,705,635
—V. 110, p. 1532. 1296.
United Gas Improvement Co.,
Philadelphia.
(Official Statement of March 24—Advance Report for
President Samuel Bodine,
in substance:
Netc
Stock.—Since
1919)
year
Philadelphia, March 24, wrote
publication of notice
that,
the annual
at
meeting
May 3 1920 tho stockholders would be asked to authorize the issue of
Preferred stock a number of our stockholders have sought docailed informa¬
tion as to the company's financial condition, the reason for additional
on
capi¬
tal, how it is proposed to use the same, and the effect of an Issue of Pref.
stock upon the Common stock, as to security and dividends.
As a result of their investigations, they have expressed
approval of our
policy and have suggested publication of the facts communicated to them,
therefore, this statement is Issued in advance of the annual report.
[The plan is to authorize $15,000,000 7% Cum. Pref, stock, of which
$6,103,000, already under written, would be offered at par at an early
day to stockholders of record.
See V. 110, p. 977,
1283J
Balance Sheet.—Attention is particularly called to the fact that
on
the
balance sheet
assets
are
stated
at
their cost prices and show the book
value of tho capital stock to be $78.48 per share.
'
...
were
in
1919.
••
The financial condition of the company was never better than It is to-day.
However, its expanding business, outlays for new construction to meet the
same, and also the advancing cost of practically all materials entering into
our manufactured product (with the one
exception of crude rubber), will
in time require more working capital.
The comparative income account and balance sheet were published in
V. 110, p. 1522 in connection with the advertisement which appeared in
last week's "Chronicle."—V. 110, p. 1522, 666.
Standard Oil Company (New Jersey).
(Preliminary Statement for the Calendar Year 1919.
President W.
T.
Teagle in a statement to the Common
April 14 1920 says in substance:
stockholders under date of
New
Preferred Issue.—The stockholders will vote May 5 1920 to act
by the directors declaring it advisable to increase
upon a resolution passed
the authorized Preferred
[see
news
capital stock from $100,000,000 to $200,000,000
item below—Ed.j
tion, transportation, refining and sale of petroleum products in the United
States and foreign countries.
Production, &c.—The company's production of crude oil in 1919 amounted
to 20,000,000 barrels, and it has holdings of
approximately
of undeveloped lands, in the United States and
2,500,000 acres
foreign countries, situated
promising oil territory.
Several new and important trunk
pipe lines have been built.
Its refineries are being largely increased in size
and manufacturing capacity, and improved
by the installation of new and
modern equipment
designed to achieve maximum efficiency in operation.
New refineries are also in process of construction and will be in
operation
within the present year.
The company's transportation fleet comprises
45 tankers and eight cargo steamers, of 470,000 aggregate dead-weight
tonnage, together with barges, tugs and other craft, ana is shortly to be
increased by the addition of 17 ocean-going tankers of 225,000 dead-weight
tonnage, now being constructed in American yards.
Foreign subsidiaries
also own and operate a fleet of tankers and cargo carriers of about 90,000
dean-weight tonnage, inaddition to smaller craft. (Compare V, 110, p, 1296.)
Capital Requirements.—Heretofore, capital requirements have been met
for the most part from surplus earnings.
The recent considerable ex¬
pansion in all departments of the company's business, however, has neces¬
sitated the employment of more capital within a brief period than its surplus
earnings, could provide after the payment of Federal taxes.
In Sept. 1919
the company sold to its stockholders 983,383 shares of Preferred stock at
par (V. 109, p. 378), the proceeds of which were used as additional working
capital.
The proceeds of the present issue will be used to acquire oil lands,
to enlarge and improve refining and distributing facilities, to pay for tank
steamers under construction and to provide additional working capital.
It is expected that the present issue of preferred stock will be sufficient,
taken with surplus earnings, to provide the
company with all the new
capital required for the balance of the year 1920 and throughout 1921.
Dividend Requirements.—The annexed statement shows that for the last
three years the earnings have averaged $99,484,265, before deducting
Federal taxes, and $72,020,092 after
deducting such taxes, as compared
with the $13,767,362 which will be
required for dividends on the Pre¬
in
proven
ferred
or
stock
increased.
Listing.—All of the Common and Preferred shares outstanding have been
jisted upon the New York Stock
Exchange.
'
as
—Tile plants and equipment, valued in the balance sheet
*
lne
9,161, cost upwards of $100,000,000 in
balance sheet includes
nothing for good-will
enhancement in value of
physical properties
When the proposed issue shall have been
exces
nor
accruing
of this amount.
excess of 1918 net earnings over
due to the profit from a sale of securities referred to in
report—V. 108, p. 1719—and that the net earnings from
regular sources (dividends and interest received on stocks and bonds owned,
interest received on advances for capital account to companies in which
the United Gas Improvement Co. is a shareholder, and profits of leased
properties) were greater in 1919 than in 1918, being 4.0% on the capital
stock in 1918, and 6 2-10% in 1919.
The difference of $1,097,044 between net earnings for the year 1919 and
th9 dividends paid in that year, which was furnished from cash balances
on
hand, was charged against the undivided profits of previous years,
reducing that account to $34,775,017,29.
Outlook.—Notwithstanding the problems of public utilities growing out
of increased labor and material costs due to the war, the board of directors
hope that it will be practicable to continue the payment of 8% dividends,
even
though it should be necessary temporarily to draw upon the un¬
divided profits of previous years.
Apparently the public are beginning to realize the fact that if public
utilities are to give good service and enlarge and extend their plants and
working capital, to keep pace with the growth of the communities whose
needs for light, heat and power they serve, rates must be established and
maintained which will produce sufficient profits to insure a fair and inducive
return upon the capital already invested, and upon that required for
plant
extensions.
When this fundamental principle is generally adopted the
market for securities of local gas and electric companies should be restored.
was
Advances to Subsidiaries.—The board believes that it Is wise for the United
Gas Improvement Co. to advance to the companies in which it is a share¬
holder, all of which are located in prosperous and growing communities,
the sums which they should expend during 1920 and the spring of 1921 in
the extension of their plants—approximately $6,000,000.
No extensions
will be made except such as careful estimates indicate will so increase local
companies' earnings as to enable them to pay to the United Gas Improve¬
ment Co. a rate of interest upon its advances sufficient to reimburse its
cost in securing new capital for this purpose.
The board believes that capital so provided, and employed as explained
above, will strengthen the security of the principal represented by the
common stock, without diminishing the earnings available for dividends
thereon.
[For official statement
see
adv. p. XXVII in issue of March 27.—Ed.]
INCOME ACCOUNT FOR CALENDAR YEARS.
1919.
Regular income
1918.
1917.
1916.
$6,481,687
Other income
$5,777,537
2,089,500
$7,654,806
508,638
$8,817,880
622,576
Total income
$6,481,687
Exp., taxes, int. &skg.fd. 2,696,347
Dividends (8%)
x4,882,384
$7,867,037
2,770,528
4,882,384
$8,163,444
2,247,939
4,582,755
$9,440,556
Balance, surplusx-.def.$1,097,044
$214,125
$1,332,750
$2,829,095
i
x
2,171,225
4,440,236
Of the $4,882,384 paid as dividends in 1919, $1,097,044 was
furnished[
from cash balances in hand and was charged
against the undivided profits,
of previous years reducing that account to $34,755,017.
See text.
BALANCE SHEET DECEMBER
1919.
Gas,
elect.,
$
31.
1918.
S
Assess—
Ac.,
1919.
Capital stock.
6% gold notes
Real
Taxes accrued, but
not due
est.,Pkila.,&c.
Lib.bds.&VIc.notes
Accts. & bills
Coupons
&
rec.
1,049,435
6,168,433
677,300
......
6,542,870 12,533,885
Bills payable
451,816
480,325
Sundry accoun ts_
650,417
494,403
Undivided profits.34,755,017 35,852,061
_
guar.
div. accrued
Storeroom material
Sink, fund
1,050,070
5,279,228
$
61,029,800 61,029,800
7,500,000
7,500,000
645,000
650,000
property (cost).81,447,432 77,379,610
Constr'n contract.
125,421
Cash
1918.
$
Liabilities—
secure.
546,824
91,313
9,241,000
555,482
296,336
8,054,000
the very considerable
over a
period of
years.
made, the $196,676,600 of Pre¬
ferred stock, then
outstanding, will have behind it, on this basis of cost
less depreciation, $795,000,000 of assets after all
current indebtedness has
Earnings.—The figures show that the
those of 1919
the last annual
Total
104,876,036 106,162,603
The remarks of President Samuel T.
account and balance sheet
as
of
Total
104,876,036 106,162,603
Bodine, together with the income
Dec. 31 1919, were published in the adver¬
tising pages of the issue of March 27.—V. 110,
p.
1283.
aJ
Apr. 17
THE CHRONICLE
1920.]
SIoss-Sheffield Steel & Iron Company.
INCOME
ACCOUNT
FOR CALENDAR YEARS.
1919.
Coke
1918.
xl917.
$1,778,820
aCr.1,497,378
profits
loss
$6,195,527
$3,370,614
2,502,959
Interest
259,158
142,500
227,500
Depreciation & depletion.
502,213
577,997
665,741
Wartaxes.——
420,000
1,000,000
325,000
Preferred dividends (7 %)
46? ,000
46? .000
573,881
Common dividends.-_ (6%)600,000(10^)1050000 (1H) 148,869
oven
—
Written Off.—-We have written off $3,733,030 from
property account to
obsolescence, &c.
Quarterly Statements.—Hereafter we shall issue quarterly statements of
business and earnings in addition to the annual report.
(The company paid dividends aggregating 8% from April 1918 to Jan.
1920, viz.: a regular M of I % quarterly, together, with an extra 1
quarterly.
This month they are paying a quarterly dividend of 1
with no extra.—Ed,]
cover
(20th Annual Report—Year ended Dec. 31 1919.)
Operating
1639
yl916.
$2 ,230,000
239~325
INCOME ACCOUNT.
Calendar Years
„—_
469~66O
.
$453,071
Balance, surplus———$1,025,826
$1,429,623
1919.
Net earnings
Interest on bonds-
$1,521,675
a Loss due
to war-time construction of by-product coke oven; in 1919
represents recovery on claim against U. S. Government for loss, less expense
applicable to claim,
x Thirteen months,
y Years ending Nov. 30.
$5,497,377
$706,944
Balance, surplus
$4,174,315
8,889,928
2,641,149
$2,842,546
6,047,382
$7,086,203 $10,229,923 $10,42o,094
$8,889,928
-
-
Previous surplusWritten off
_
Special
$589,310
10,229,923
3,733,030
_
—
——
longer req.
res.no
-----
Profit and loss surplus—
The latter represents the
July 1918.
1919.
1918.
$
$
3,443,000
ovens
U. S. Govt, secur.
101,899
258,885
Securities owned—
Inventories
2,085,057
-
Cash.—
1,197,185
166,239
Accounts receiv.—
665,226
Special trust funds 1,545,674
Notes, «fec., receiv.
Note disct. & ekp.
Other assets
Total
3,443,000
1,011.784
Common
1918.
$
$
6,700,000
10-year
6,700,000
stock.—10,000,000 10,000,000
6s....al,288,000 2,000,000
6%
gold
notes
—
1,203,652 Accounts payable696,150 Notes payable
119,398 Accrued accounts.
6,000,000
425,000
1,000,000
1,461,845
Deferred income.-
6,096
496,357
5,013,009
6,200
plies at COSt---_
Cash--...
224,538
Liberty bonds.—-
55,125
Other reserves.—
Profit and loss
Total
-
7,088,268
6,227,543
R. Jones, April 5, wrote in substance:
The past year (1919), covering the first year after the end of the war, was
notable for rapid changes and readjustments in. the steel trade.
In Nov. 1918, when the armistice was signed, we were operating our plant
100% capacity on Government work and
in 1918.
our
terials
order books
were
sup¬
&c.
Total
operations began to increase, so that by the middle of the year our
operations had almost reached normal and our earnings had again begun to
be satisfactory.
Then occurred the nation-wide steel strike on Sept. 22, just after we bad
had a brief period of normal production and satisfactory earnings.
Follow¬
ing the steel strike, on Nov. 1, began the strike of the coal miners.
The
steel strike and the coal strike were costly events, both to this company
and to our employees, and the effects of these two strikes were felt until
the end of 1919.
We were able, however, even in the face of the handicaps outlined above,
to earn our dividends, our depreciation, our taxes, and carry a small balance
to the
profit and loss account.
At this writing, 1920 promises to be a prosperous year, as we have entered
our order books filled for at least six months in advance.
the year with
CALENDAR
YEARS
1919.
1918.
Other income
Total
$3,382,736
$135,103
Profit sharing, Red Cross, &c
Interest, discount, &c
Depreciation
738,795
Res.for Fed.inc.&excess prof.tax.(est.)v
325,000
Dividends paid ($4 per share)
2.100,000
Balance,
surplus
$83,838
BALANCE
1,983,056
97,298
$4,736,301
$284,242
80,907
935,895
800,000
2,100,000
" $6,610,209
$535,257
$2,328,490
$207,842
7,580
516,297
1,500,000
2,050,000
United States
1919.
Pres. Sewell L.
Dividends receivable
of
employees' stock,
and advances, $87,014
Investments—United
paid March 31 1920.—Ed.]
Additions, &c.—-The establishment of the company's activity from coast
a reality in the acquisition of properties in full operation
Amboy, Calif., and Arden, Nev.
With these properties we acquired a
substantially developed Pacific coast trade.
Expenditures for additional facilities and new properties amounted to
$888,159.
The net increase in plant investment, after deducting properties
disposed of, was $792,445.
Capital Stock, &c.—Additional working capital of $314,222, to meet the
higher cost of conducting business, was provided from a portion of the
proceeds of a sale of 50,000 shares of Pref. stock.
(See offering, V. 108, p.
2638; V. 109, p. 80.)
During the year we converted $270,550 of Liberty
to coast became
at
bonds into cash.
The growth and opportunities of your company have developed a
company to
[See
enjoy within the present year the benefits which will accrue.
planjin V. 110, p. 666, and also 'Investment News" on a subsequent
P&5utlook.—'The demand for all
seems
the products of the company is large, and
safe to anticipate that the current year will be a very successful one.
ACCOUNT
Net profits—.
Deduct—
——
1,507,700
4,730
—.
-
__.
.-
—_
_■;
—
$406,280
70,431
$347,332
94,411
78,726
372,844
343,966
$286,296
$871,027
$360,392
$900,091
$306,469
$539,699
—
—-
1919.
-——- —
charged
1,369,446
Inventories
Notes & accts. rec. *1,305,749
Cash--.-.
—
534,525
414,653
69,998
—
816,189
Erection confc. adv.
17,449
Lib .bonds&W .8.8.
1918.
8
$
-
5,396,600
5,959,500
3,904,900
3,904,900
25
-
1,000,000
1,000,000
115,000
180,000
491,714
141,671
754,368
246,049
1,139,442
1,144,501
871,027
1,498,872
21,448,254
Total
Total
52,848
to future income
Liabilities—
8
4,439,099 7% cum. pref. stk5,468,032 Common stock--81,347 Pref. stock subscr.
5-yr. 5% gold notes
63,844 Notes payable-...
1,441,171 Accounts payable1,118,524 Accrued int., &c—
143,891 Reserves
125,192 Surplus....——
249,339
Gypsum Agypsite. 5,587,974
Treasury holdings51,394
Expenses
1919.
1918.
8
5,231,544
Plants
$2,625,000
3,763,138
4,594
525,000
$639,495
$1,498,872
BALANCE SHEET DECEMBER 31.
—$26,375,443 $29,199,624
—_
U. S.
$509,807
70,447
11,157
69,818
98,012
373,026
$212,000
397,567
(1 %)39,049
Balance, surplus——
Total surplus Dec. 31-
A 8 sets—
——
p.
1916.
$1,092,178
Reserve for Federal taxesPreferred dividends (7%)
1,507,700
36,727
1917.
It
31.
$1,288,673
—
-
DECEMBER
1918.
Repairs, replace'ts, &c—
Common dividends
ENDING
$1,418,563
Bond interest, &c
Discount on loans, &c—
Plant losses
871.385
Capital stock—Declared capital in accordance with
stock corp'n law of N. Y., represented by an
auth. issue of 525.000 shares, all outstanding$2,625,000
Notes and accounts payable.
1,244,792
'
Personal and miscellaneous.
7,626
Dividend, fourth quarter, payable Jan. 20
525,000
Accrued accounts—Local taxes, $55,539; reserve
fo
Federal income, war and excess profits tax
380,539
(estimated), $325,000; total
Reserves—For repairs and renewals
22,830
21,569,656
Capital—Surplus-
108,
YEARS
Furnace
---------
.
FOR
——*$1,288,111
3117800
Liabilities—
_
need
for increased capitalization, and the directors have recommended to the
stockholders a plan whereby this may be brought about.
The response
has been enthusiastic, and it is hoped that early action may permit the
899,788
expenses-
-
amounted to $1,288,110 before
profits taxes, which are estimated
$678,543, or 17.37%.
On Nov. 12 1919 the board declared a first dividend
of 1 % on the Com. stock, payable on Dec. 31.
[Dividend No. 2, 1 %, was
200,000
1,533,412
_
Total
the year
war excess
be $212,000.
The earnings applicable to the Common stock, after payment of 7%
dividends on the Pref. stock and Federal taxes as above stated, amount to
to
1919.
$812,773; personal
Co., representing
50% of the stock, exclusive of directors' qualify¬
ing shares, $1,499,700; other stock, $8,000-
Deferred—Prepaid
Avery, Chicago, April 2, wrote in subst.:
1918.
bldgs., machinery, equip., &c
$14,805,351 $15,006,202
on deposit
1,716,992
1,101,451
Accounts receivable (customers' accounts)
1,358,855
3,051,030
Inventories—Raw, in process & finished material
at cost
6,729,785
4,932,158
hand and
U. S. Government securities
c48.534.087 52,741,801
Gypsum Co., Chicago.
Results.—Our net income for
deducting Federal income and
INCOME
estate,
on
Total
American
(Report for Fiscal Year ending Dec. 31 1919.)
SHEET DECEMBER 31.
Assets—
Real
Cash
1917.
$25,752,081 $40,055,864 $34,228,880
$3,111,174
$4,511,428
$6,505,266
271,562
224,873
104,943
Manufacturing profits.
$
Capital stock
filled
The cancellation of Government contracts began late
RESULTS FOR
1918.
$
,
Spirits Mfg. Co. bonds $265,000 and Distillers
Securities Corp. 5% bonds $5,546,855 after deducting $10,158,000 pur¬
chased acquired from conversion, and canceled, and $295,145 issued but
not used for purposes of conversion.
b Represents capital stock of U. S. Food Products
Corp., $32,500,000
authorized; $32,478,900 issued, less $170,619 issued but not used for
purposes of conversion and $1,534,100 cancelod.
c Totals differ from those in the
company's report.
The current trade
accounts, accrued bond interest and accruing war taxes, &c., are shown
above under liabilities; in the report they are deducted from current assets
and omitted under liabilities.—V; 109, p. 2363.
our
—V.
5,950,696
2,011,030
The rapid cancellation of these large war contracts soon had the
Sales
Subsidiaries.)
1919.
c48.534.687 52,741.801
Includes
a
effect of checking our operations.
During the second quarter of 1919 we
were
only able to operate our plant at about 50% capacity.
During
June and July of 1919 our customers began to again enter the market and
Trustee
3,334,316
.
ma¬
and
Prepayments,
——34,906,975 32,303,645
United Alloy Steel Corporation.
at
receivable
various
b30,774,180 32,306.681
Constituent cos.
470,218
484,238
Bonded debt
a 5,811,855
6,648,855
Accounts payable- 1,007,401
690,686
1,900,997 Accrued bond int.
74,656
89,793
Dividend payable.
624,189
622,507
Acer, war tax,, &c. 2,685,985
1,669,119
3,630,811 Surplus
7,086,203 10,229,923
5,052,067
8,386,587
164,150
Accounts and bills
Merchandise,
war
{Incl. the
Liabilities—
s
Property account.31,192,169 32,439,432
Equity N.Y.B1 g.
502,755
Investments, (cost) 4,363,367
1,167,757
(est.)—
for
sources,
1918.
$
50,000
Reserve
(Report for Fiscal Year ending Dec. 31 1919.)
for months ahead.
1919.
Assets—
1,027,230
34,906,975 32,303,645
President Harry
......
and all costs of administration.
25,000
186,499
taxes
984,518
30,730
63,414
$7,593,801
10,423,094
7,928,503
Cr.141,530
CONSOL. BALANCE SHEET DEC. 31
Contract liabilities
1,133,424
$792,110
after providing for interest,
profits and all other taxes, rentals, insurance, mainten¬
excess
1,229,910
Cash has been placed in hands of trustees for payment.—V, 110, p, 1095,
a
and
ance, repairs
First mtge.
259,185
414,958
1,564,791
115,583
41,359
U. S. Liberty bds.
Prepaid accounts.
income
1919.
Preferred stock—
Represents net income from all
x
t
Liabilities—
Property account-23,307,119 23,358,390
By-Products coke
$4,119,204
(2)616,117(1 H)484.548
dividends deferred in 1917.
SHEET DECEMBER 31.
BALANCE
Resources—
June 30 Year
1917.
1916.
1918.
$3,354,947 $10,514,810
$303,043
$458,222
Dividends——— (8)2,462,594(8)2,462,787
——x
-
13,130,438
14.618,131
14,618,131 13,130,438
Total
———$26,375,443 $29,199,624
*
After deducting $149,400 reserved
1919 and $120,012 in 1918.—V. 110, p.
1821.
Food Products Corporation, *N.
(18th Report—Year ended Dec. 31
Y. City.
for doubtful notes and accounts in
1533.
Inspiration Consolidated Copper Co.
(Report for Fiscal Year ending Dec. 31
1919.)
1919.)
INCOME ACCOUNT.
Secretary M. A. HoJzinger, N. Y., Apr. 7, wrote in subst.:
—,—$11,045,222 $17,516,323 $21,242,217
Sales of copper
Sugar Products Co. and its subsidiary and allied companies.
The
companies so excepted were acquired by purchase late in 1919 and are
doing business in many parts of the world, making it impossible for their
accounts to be completed in time for this report. However, such acqui¬
sition has been advantageous and beneficial to this corporation.
New Lines.—The year was one of transition.
We entered upon five
1917.
1918.
1919.
Annual Report.—This report includes the combined results of operation
and the assets and liabilities of all of the subsidiary companies, except
Deductions—
the
new
enterprises planning to fully develop them before Dec. 31 1919.
The
which cut off our fuel supply for two months, the railroad
coal strike,
strikes, railroad embargoes, labor troubles and non-delivery of machinery
are some of the causes that prevented the completion of our new plants.
The results of the present year's business should be satisfactory.
Notwithstanding the aforesaid obstacles we have made substantial
molasses, syrups, preserved
fruits, compressed yeast, vinegar and cattle feed stuffs.
(V. 108, p. 1516;
V. 109, p. 585, 2363.)
/
'
headway in the production and distribution of
.
Mining expenses and development— $3,222,261
Ore transportation, &c.
—_
3,615,690
Depreciation
----348,633
Transp. of metals, refin. & sell'g exp_.
2,777,416
Federal corporation taxes
—1
272,523
Administration expenses, &c—
/
Copper in process & on hand (at cost)Cr3,140,233
Interest, &c
—
—Cr237.698
Dividends paid
7.091,802
Dividend
rate
Total deductions
Balance, sur. or def
Total surplus
—
—
-
$3,743,032
4,673,143
750,000
2,323,404
•
1,065,743j
Cr2,978,099
0290,063
9,455,736
(40%)
$2,933,877
3.702,224
750,000
1,716,352
IU85.249
50,927
0177,144
9.751,228
UlX%)
$13,950,395 $18,742,896 $19,912,713
def.$2,905,173def$1226573sr .$1329,504
$9,879,259 $12,784,433 $14,011,005
BALANCE SHEET DECEMBER 31.
$
Capital stock ($20
Mines, mln. claims
15 .471,501
17,168,859
9 068,087
Supp. & prep. exp.
632,720
8,392,086
2,180,337
receivable.
.311,668
286,336
and lands
per
—23,639,340 23,639,340
share)
Accts.&wagea pay.
coastwise
1,772,951
2,598,633
Judging from the subsid¬
the combined net income, after
approximate $5,000,000 for the year, equivalent to over $28
per share on the outstanding Common stock.
Since the last annual meeting of the stockholders, your company has
somewhat extended its field of activity.
The development of the Mexican
oil properties is sufficiently advanced so that by May 1st it should be
possible to pump through the pipe line to the sea-loading terminal , approxi¬
mately 25,000 barrels per day of 21 degrees Beaume crude oil. This should
later be increased to 60,000 barrels per day.
A topping plant, with ulti¬
mate capacity of 30,000 barrels per day, has already been started, and the
first 10,000 barrel unit should be in operation by August.
Through a substantial minority interest in the Colombia Syndicate, of
Delaware, which carries with it the first right to purchase all of the exported
oil for a long term of years, oil properties of considerable prospective
value have been acquired in Colombia.
It may take two or three years
to develop these Colombian properties comprising over one million acres,
for which the Colombia Syndicate has specially set aside $2,500,000.
The
geological reports and examinations made to date of the oil obtained from
nearby wells and from the extensive seepages on the property, indicate
that the Colombian oil will be of a higher grade than the Mexican.
To transport your oil production or other bulk oil fourteen tankers of
approximately 172,400 d. w. tons are now being built.
Six of these tankers
of 71,600 d. w. tons are due for delivery before October next.
In the
meantime four large tankers have been allocated to your service by the
Shipping Board. :.v.
;a
Distributing companies in Cuba, England and France have already been
organized, and under existing market conditions it is reasonably certain
there will be no difficulty in disposing of all your oil products at highly
remunerative prices.
These earnings will not be reflected to any great
extent until after July of next year.
•
The original two-fold object in acquiring these oil properties was to ;
assure profitable cargoes for a large portion of your tonnage in times of Iras
remunerative rates; also to secure a dependable supply of fuel oil for your
oil-burning ships.
It is believed that the foresight and good judgmjent of
the directors in developing these plans will become more apparent as
3,125,161
2,363,934
Depreciation
2,250,000
Develop't reserve.
1,565,689
Surplus.....—.. 9,879,259 12,784,433
......
39,405,377 45,728,556
Total
39,405,377 45,728,556
Oil
Central
Refining Corporation.
&
(Report for the 9 Mvnths ending Dec. 31 1919.)
President E. Kirby
Smith
in substance:
says
Proper lies.—On Dec. 31 1919 the company owned 85 producing wells
miles of pipe lines and gathering lines,
with 6 drilling rigs in operation, 135
with pumping stations attached.
Its Caddo refinery,
with
a
daily capacity of 3,000 bbls., and the Shreve-
port refinery, with a daily capacity of 500 bbls. (in which latter the company
owns a three-fourths interest) and its casing-head gasoline plant at Moorings-
La., were all operating substantially at capacity.
Its holdings in the oil fields comprise: (a) 31,000 acres in fee in Bossier
Parish, La.; (6) 2,238 acres in fee in Caddo Parish. La.; (c) approximately
25,000 acres under lease distributed over North Louisiana in Caddo, Homer,
Red Rover, DeSoto, Little River, Webster and Bienville parishes; (d) up¬
ward of 10,000 acres in Texas and Arkansas.
Our 31,000-acre fee holding
in Bossier Parish is now the centre of drilling operations by many of the
larger companies and leases in this location have sold as high as $300 per acre.
New Refinery.—At Cedar Grove, La., our new refinery with a capacity
of 3,500 bbls. per day, is now approximately 55% complete and paid for to
a like extent, and should be in operation by Aug. 1 1920, materially adding
to our earning capacity. <
Improvements—New Tank Cars and Storage.—In the past nine months,
since we took over the properties of the Caddo Oil & Refining Co. of Louisi¬
ana (V. 108, p. 1722, 1938), we have been engaged in reorganizing the busi¬
ness in
the interests of efficiency.
During this period obstacles of an
unusual nature were encountered,
such as almost unprecedented bad
weather, unsatisfactory labor conditions and the deplorable railroad trans¬
portation situation.
Contracts for 400 new steel tank cars of 8,000 gallons capacity each have
been let, and increased storage capacity has been provided through arrange¬
ments for the building of five new steel storage tanks.
Each of these tanks
will have 55,000 bbls. capacity, of which 200,000 bbls. capacity are now
completed and filled with our crude oil having a present market value of
upward of $700,000.
Earningsytn 1920.—The unsatisfactory conditions have been so largely
overcome that for Jan. and Feb. 1920 the company's operations show a
total net profit, after setting up all fixed charges for interest on funded and
unfunded indebtedness,
royalties, taxes and other similar charges, of
$200,773.
Reports for first half of March indicate net earnings for the
month of about $140,000.
port,
PROFIT AND LOSS ACCOUNT NINE MONTHS END. DEC. 31
and miscellaneous income, $941..
.
$619,072
28,157
$647 229
on tank cars, $24,859; cost of dry holes, $34,138..
bonds, $94,227; interest on notes payable, $10,668
Deduct—Loss
Interest
on
..
58,997
104,895
ending Dec. 31 1919, bofore providing for
abandoned leases, depreciation and depletion..
....$483,337
Profits for 9
mos.
BALANCE SHEET DECEMBER
31
1919.
Liabilities—
Assets—
Capital assets.....
.$21,267,415
b49
Sinking fund investment...
83,295
19,853
Prepaid insur. & def'd exp..
44,487
Organization expenses
a
Capital stock
Capital surplus
$15,000,000
c760,524
....
Materials and supplies
Caddo Oil & Ref. Co. 1st M.
Crude and refined oils.....
Caddo Cent. Oil & Ref. Corp.
1st M. 6% cons, gold bonds x4,378,000
Accounts
636,625
147,877
23,783
receivable
Due from officials & empl_.
1,878
946,126
Sundry investments
Cash
6% gold bonds
Serial
;
car notes
Accounts
...
payable.....
&c___
Accrued wages, taxes,
2,019,000
146,421
335,757
37,891
Res. for prem. on future red.
of
bonds................
Profit and loss
1919 cannot be submitted until probably June.
iary company earnings so far reported,
taxes,
,
time passes.
Various profit-sharing plans for your officers and employees have been
discussed from time to time.
Your directors, realizing that the present
prosperity of your company is due in no small degree to the untiring efforts
and ability of those officers and employees, have finally concluded that
the most satisfactory method of rewarding loyal service and insuring
continued interest and effort, is that of a stock ownership plan through
which the officers and employees may become stockholders.
There are and have been since the organization of your company, 50,036
shares of the Preferred stock and 50,008 shares of the Common stock in the
treasury, which can be disposed of upon authorization by a two-thirds
vote of the holders of the Preferred stock, as stated in the notice of the
annual meeting, and if the Preferred stockholders so vote, the directors
then recommend that a portion of this treasury stock be sold to the officers
and employees on favorable terms, and that any of the stock not so sold
be held in the treasury, to be thereafter disposed of for corporate purposes,
should the directors at any time desire to acquire additional working
capital.
Your directors unanimously recommend that the Preferred
stockholders should now authorize such disposition of this stock.
ICompare
news item in a subsequent page and V. 110, p. 1528,1091.]
Otis Elevator
10,458
483,337
$23,171,388
Total
.......$23,171,388
Properties acquired March 31 1919 on basis of appraisal dated May 2
1919:32,858 acres owned in fee includ. well equipment thereon, $13,390,000;
18,156 acres leaseholds, including well equipment thereon, $4,879,000; tank
cars, $388,800; refineries, pipe lines, &c., $1,500,000; total, $20,157,800.
Subsequent additions, at cost, $1,109,615; total, $21,267,415.
Estimated
further expenditures on refinery in course of construction, $881,872.
b Sinking fund installment in respect of period ending Dec. 31 1919, due
April 1 1920, $110,509.
c Being the excess of assets required over capital stock and bonds issued
and liabilities assumed on the basis of appraised value.
x Authorized, $5,378,000; less in treasury,
$1,000,000; bal., $4,378,000.
Note.—Contingent liability on notes receivable discounted, $40,021.
The report was given in full in our advertising columns of April 10.
An
issue of $720,000 6% equipment trust certificates was sold in February last.
See V. 110, p. 766, 1523, 1292.
a
The
Barrett
President W. D. Baldwin, March 12, wrote
The
Our
report was fully cited in the "Chronicle" of March 20,
The balance sheet is reprinted below in official comparative
previous compilation was faulty.
CONSOLIDATED BALANCE SHEETS OF DEC. 31 1919 AND 1918 FOR
COMPANY AND SUBSIDIARIES.
1919.
Assets—
Current assets:
$
1918.
8
Liabilities—
2,878,326
Notes
3,226,184
2,669,174
Notes&accts.rec 8,961,735 13,618,874
Inventories
7,295,841 10,348,782
Accts.
2,234,677
Cash
Marketable
sec.
1919.
Current Liabilities:
1918.
S
$
400,000
payable..
payable- 6,213,053
1,590,000
9,862,443
Miscel. reserves.
113,889
759,807
861.021
Res. for est.Fed.tax
157,909
2,000,000
Tot. current Habit's 7,644,657
14,876,657
Res.fordeprec'n.. 4,706,641
Bds. of sub. cos—xl,846,000
4,307,471
Accrued divs
563,193
Tot. current assets.21,718,438 29,515.155
Invest, in other cos 4,243,674
Plants & equip...17,822,186
Furniture & fixtu's
300,366
Contracts
3,140,477
18,155,924
288,318
and
3,415,150
3,416,014
charges..
129,515
185,071
Deferred charges..
97,708
145,947
good-will
Prepaid
Minority interests.
Pref. stock (auth.
8,604
2,610,000
7,837
$12,500,000).—
7,811,400
7,811,400
Cora, stock
(auth.
$25,000,000) —16,443,100 16,343,100
8,890,441
Surplus
9,266,634
Total
x
47,727,037 54,846,905
Total
In 1919 after deducting $749,000 bonds
1190.
earnings for the calendar year
ferred to surplus account $845,540.
These results for 1919 exceed the earnings of any
previous year.
Retired.—The improved
in the reduction of
of the outstanding
debenture bonds payable April 1 1920 (due to their retirement by purchase
and conversion into common stock) from $3,000,000 to $1,377,000.
Since
Jan. 1 there has been a further conversion of $1,103,000, leaving outstanding
at this date $274,000, which it may be assumed will be converted
prior to
Improved Financial Condition—Debentures Mostly
financial condition of the company is reflected not only
bank loans, but also in the reduction, during the year,
their maturity on April 1 1920.
Slock Increase.—With the conversion
of the
debentures into common
it is considered probable that any future financial requirements,
to working capital or other corporate requirements, can be pro¬
vided for through the issue of Common stock, and we therefore recom¬
mend that the shareholders at the annual meeting on April 19 authorize an
stock,
either
as
increase of $5,000,000 in the amount of the authorized Common stock, such
stock to be issued, from time to time, in such amounts as may be deter¬
mined by the board.
If such increase be authorizee, the authorized capital
then
be:
Preferred
stock,
$6,500,000;
Common
stock,
$15,000,000
(V. 110, p. 1296).
,
first six months of
1919 was comparatively light, but during the last six months of the year,
and since Jan. 1 of this year, the orders placed with the company have been
much greater than was anticipated, and to carry this work to final comple¬
tion will tax our manufacturing facilities to their full capacity.
In spite of
the more or less unsettled conditions throughout the country, the outlook
for the continuance of this large volume of business is encouraging.
Foreign Business.—The general situation in Continental Europe precludes
making any definite statement regarding the future of the company's
interests in those countries.
The reports, however, from our affiliated
companies in Great Britain and Canada are most encouraging and indicate
their factories are well filled with orders.
It will be noted that an additional
$250,000 has been charged off from foreign investments in Continental
countries.
The increase in the foreign investment account is due to the
acquisition of additional shares of the Otis-Fensom Elevator Co., Ltd., of
Orders.—The volume of new business booked in the
Dividends.—During the year
1919 full 6%
dividends were paid on the
dividend rate upon the
8% per annum, and have declared a dividend of $2 per
share, payable April 15 1920 to Common stockholders of record March 31
1920 (V. 110, p. 1094).
The comparative earnings and balance sheet were in V. 110, p. 1410.
Common stock to
annual
1528.
form.
in substance:
1919, after deducting all
repairs, less general and special
depreciation, were $3,290,029.
After deducting interest charges, $258,403;
reserve for Federal taxes, $750,000; reserve for pension fund, $100,000, and
depreciation for foreign accounts, $250,000, the net income was $1,931,626,
out of which we paid preferred dividends of $390,000, and set aside as
additional reserve for working capital, $696,086, leaving balance to be trans¬
Results.—The
charges for patent expense, renewals and
Preferred stock and 5% on the Common stock.
Your directors have authorized an increase in the
Company (New Jersey).
(Balance Sheet Dec. 31 1919 and 1918.)
page
Company.
(Report for Fiscal Year ending Dec. 31 1919.)
will
Total
may
1919.
Department profits: Refinery, $575,750; casing-head gasoline,
K $3,390; retail, $11,828; production, $156,596; total
..$747,559
Deduct—General and administrative exp. (and taxes, $24,809)
128,487
Add—Interest received, $27,216,
Owing to the slow progress being made in adjustments between your
lines and the Railroad Administration, the annual report for
1,515,194
Divs. payable Jan.
Note.—Thejbalance sheet and income statement are made up on the same
basis as heretofore.
In order, however, to comply with the Government
income tax requirements for the purpose of computing depletion, an addi¬
tional valuation of mining property as of March 1 1913 has been recorded
upon the books of the company; but, for the sake of uniformity, the result
of those entries has been omitted from the current statements.—V. 110,
p. 1530.
Caddo
(Preliminary Report for Fiscal Year ending Dec. 31 1919.)
Pres. Alexander R. Nicol, N. Y.t Apr. 10, wrote in subst.:
& accrued taxes.
,003,400 13,928,171
2.978.099
.118,332
794,668
799,669
Cash & cash assets
Copper on hand..
Inv. In sundry cos.
Total
1918.
$
Liabilities—
s
BIdgs. & equip't—
Accts.
Atlantic Gulf & West Indies Steamship Lines.
1919.
1918.
1919.
Assets—
[VOL.110.
CHRONICLE
THE
1640
47,727,037 54,846,905
in treasury.—V. 110, p. 1528,
McCord Manufacturing
Company, Inc.
(Official Statement—Adjusted Balance Sheet of Dec. 31
President A. C. McCord,
1919.)
Chicago, Jan. 14, wrote in brief.
Acquisitions.—We have acquired the businesses of the following cos., viz.
(1) McCord & Co. of Chicago, operating a large plant for the manufac-"
of electric steel and high-grade grey iron castings for automobiles,
trucks, tractors and railroad equipment.
During the past year they have
developed an improved method for producing motor castings for automo¬
biles.
Already the part of our plant set aside for casting automobile
cylinders, of which there is a great shortage, is filled up for the greater part
of the year and we have been offered contracts covering a three years
period.
We are also making the truck radiator castings for our radiator
department at Detroit; also, a large part of our steel production is being
taken up by castings for the Russel Motor Axle Co.
McCord & Co. have
also for many years been one of the leading manufacturers of journal boxes
for railway equipment in this country and Canada.
(2) Russel Motor Axle Co., operating two plants in Detroit, one devoted
to rear driving mechanism for automobile trucks and the other to gears
for our axle department and for automobile equipment.
We have been
operating this property for the past three months and have been offered a
volume of business far beyond our capacity.
(3) Racine Mfg. Co., owning and operating a large plant in Racine for
the manufacture of open and closed bodies, of which there is the greatest
ture
APB. 17
THE CHRONICLE
1020.]
shortage in the automobile industry.
The company is now doing a large
which we expect to vastly increase in volume by
&c.
Plants Heretofore Owned and Operated.—These acquisitions give us a total
of seven plants with a total floor space of considerably in excess of 1,000,000
sq. ft.
It is estimated that these should produce for the present year ap¬
BALANCE SHEET DEC. 31.
and profitable business,
an increase in facilities,
1919.
Assets—
Dies,
Cash
Accts. & bills rec._
Inventories
Due by employees
acct. Lib. bonds.
$4,297,900)
Total
Accounts
receivable
Trade creditors for mdse
President
Liberty bonds,(§nd accrued int.)
Canadian Victory bonds
Due from affiliated companies
_
Land, bldgs., machinery, &c._
Other assets
120,515
.
Total
$11,627,462
Reserves
$11.627.462
for
Babcock & Wilcox Company.
Pres. W. D. Hoxie Apr. 7 wrote
in brief:
&c.—Your company entered upon the year 1919 with many
After the armistice, our sales had fallen to a very low point.
This condition continued until the early part of June.
Beginning in June,
there was a marked improvement in sales, and for the last half year our
sales were well up to our capacity for stationary boilers.
Our anxiety
relative to material prices proved unfounded, as prices were higher at the
end of the year than at the beginning, the same being true of labor rates,
so that there was no shrinkage on our large inventories, which were swollen
by the necessity of adding to our stock a very considerable quantity of
material taken from the Government in settlement of canceled contracts.
orders for both stationary and marine boilers
by the Government or by concerns doing Government work,
carried over from 1918, and which were manufactured and shipped early in
1919, our plants were fairly well employed.
Of the orders for stationary
boilers carried over from 1918 37% were canceled.
About one-half of these
cancellations were upon direct Government orders.
In every case, satis¬
factory adjustment was made with our customer.
About 20% of the marine boilers ordered from us for U. S. Shipping
Board vessels were canceled at the time the Shipping Board decided to
curtail vessel production; of the boilers ordered by the Navy Department
for destroyers, only 6% were canceled.
,
Settlement of Claims Against U. S. Government.—The final settlement of
these contracts involved a very large amount of clerical labor, and is still in
abeyance.
Work has progressed, however, to such an extent that we have
every reason to believe our claims will be settled as soon as the Government
Due to the large number of
purchased
r
■
,
orders amounted to $32,996,449 and
aggregated $18,806,398.
Results.—The net result
as
indicated by accompanying income account
that shown in 1918.
The re¬
believe ourselves entitled on
facilities for wai work, has been written off this year.
The reserve now
carried for Federal taxes is believed to be sufficient to provide for any
possible differences between the company and the Government.
Improvements.—At the Pittsburgh seamless tube plant, Beaver Falls, Pa.,
we are completing the work of reconstruction to make all of the essential
buildings of this plant fireproof.
The plant is certainly equal to any plant
of its kind and capacity in the country, if not in the world.
We are now
considering farther developments at Beaver Falls to increase the variety
of the product so as to procure from this source tubular articles which we are
now buying outside.
It is largely due to the excellent product of this tube
mill that we have been able to produce the unprecedented quantity of
and balance sheet, is somewhat better than
mainder of the amortization, to which we
boilers which
we
have manufactured
and shipped in the past two years.
plans for the manufacture of other products have yet been
formulated, but some are now under consideration.
Life Insurance.—Life insurance under the group plan, effective Dec. 24,
provides a maximum payment for an employee of $3,000 and a minimum
No
definite
of$200.
[The report for the year 1918 said in substance; Unfilled orders on
1918 amounted to $46,245,662, and on Dec. 31 were $32,996,494.
Jan. 1
Sales
expressed in horse-power, were, for stationary boilers, about
normal; and for marine boilers, well above normal.
During the year 1918
your company manufactured and shipped 1,905,900 h.p. of marine boilers
to be installed in vessels as follows: U.
S. destroyers, 1,400,000 h. p.;
Emergency Fleet vessels, 333,000 h. p.; mine sweepers and other naval
vessels, 142,800 h. p.; miscellaneous vessels, 30,000 h. p.
Of 1,142 boilers ordered for vessels of the Emergency Fleet, 726 were
carried over into the business of 1918, of which number, work on 270 has
since been ordered suspended, leaving 456, or 364,800 h. p., to be com¬
pleted; and of 344 destroyer boilers ordered, 144 were carried over into 19118
of which number, work on 24 has been ordered suspended, leaving 120, or
840,000 h. p., to be conpleted in 1919.
Ed. "Chronicle."]
for the year,
INCOME ACCOUNT FOR CALENDAR
1919.
Charles
Calumet,
Briggs,
Mich.,
151
March
substance:
producers,
ernments
of the
$6,997,907
—
Total
equip-
—
—
with
well as large unused quantities owned by the Gov¬
States, Great Britain and Ireland, France and
demand from fabricators for civilian consumption.
as
United
no
Demand for copper improved during the second quarter of the year
only to die during the third quarter.
New life seemed to be wakened in
November and record sales were made in December for delivery in 1920.
As cash from these sales is not available, the inventory of bullion on hand
at the close of the year shows a notable increase, which increase happily
will be converted into cash in the treasury of the company at an early date.
The metal market for the year has depended mainly on domestic demand
although a very notable quantity has been sold for export to the Far East.
Sales.—Sales of copper during the year amounted to 47,190,043 pounds,
of which there were delivered 29,725,176 pounds.
Precious metals per
ton of refined copper from our own ores amounted to $76 25.
Dividends.—The following dividends were paid during the year;
No. 61,
March 24, $642,521; No. 62, June 23, $321,260; No. 63, Sept. 22, $642,521;
No. 64, Dec. 22, $321,261; total, $1,927,563.
The dividends paid since organization have aggregated $109 per share
or $43,060,387.
Capital stock authorized $6,500,000 in $10 shares; issued, Dec. 31 1919,
$6,425,210.
'
\.V:v, .
;y:y^y-:>
Data from Gen.
Mgr. Jno. C. Greenway, Warren, Arizona, Feb. 21.
General.—Due to
the
unsettled
conditions which
followed
the signing
of the armistice, operations were cut to 60% of normal early in February.
The Oliver and Cole mines were shut down and work was concentrated
the Junction and Briggs.
Development was cut to an even greater
degree than production,
with the exception of a slight increase in Sep¬
tember and October, the retrenchment continued throughout the year.
Through concentration of work and through exercising all possible econ¬
at
decrease during the year.
The ore mined during 1919 was
four previous years.
-
higher in grade than it has been for the
The average daily wage paid at the mines was $5 52 as compared with
This is an advance of 47.2% over 1914.
Mining.—The total amount of development work done in 1919 was
57,090.5 ft. (as compared with 99,355.0 ft. in 1918), including 535 ft. of
sinking at Campbell mine, 754 ft. of diamond drilling at Briggs mine,
2,527 ft. of churn drilling at Junction, balance drifting and raises and
winzes chiefly at Junction and Briggs mines.
$5 37 in 1918.
CALUMET & ARIZONA INCOME ACCOUNT FOR CALENDAR YEARS
1918.
1917.'
Refined Copper Produced—
1919.
49,060,805
58,108,208
Domestic, lbs....
43,788,078
ores sold, lbs
1,848,568
1,023,304
1,203,028
From foreign ores, lbs
447,781
3,265,505
.2,749,615
Other sources, lbs
2,495,291
Earnings on copper, gold and silver.. $9,924,498 $14,471,131 $19,513,033
Interest
165,091
509,821
212,328
Miscellaneous
196,889
547,578
310,504
In domestic
$10,286,478 $15,528,530 $20,035,865
Total income
Deduct—
Oper. expenses at mines & smelters.. $6,484,155
Salaries, office and general expenses._
54,068
Freight, refining & marketing expense
1,122,722
Depreciation charges
;
a
Ore depletion charges
1,380,090
State and Federal tax,
719,168
Miscellaneous charges
1,858
Dividends paid
1,927,563
Rate..
(30%)
1,499,283
$8,094,224
44,191
1,219,798
115,000
1,773,945
1,398,391
2,157,947
37,833
2,260
6,424,762
(100%)
$7,229,140
48,839
1,231,805
a
.
5,140,062
(80%)
—
total deductions-.....
Balance, surplus, for year
a
$11,689,625 $16,585,353 $19,832,127
def.$1,403,147 df$l,056,823
$203,738
Includes depreciation in 1918 and 1919.
CALUMET &
ARIZONA
BALANCE
1919.
Copper, sliver and
gold In process.. 5,315,859
70,545
Suspense items...
*
Liabilities—
Tax
6.425,210
1,301,270
336,349
reserve
1918.
$
$
Capital stock.....
Accounts payable.
6,425,190
781,183
1,101,437
204,261
reserves
275,123
Surplus earned... 5,817,070 14,632,917
Surplus on prop... 28,051,951 20,039,270
Other
2,484,381
17,894
42,206.973 43,784,258
....
DECEMBER 31.
1919.
$
Mining property..22,859,215 24,238,853
1,966,252
Smelting plant... 1,790,890
764,239
Sulphuric acid pl't
667,048
Other construction
371,713
325,889
Invest'ts (at cost). 7,804,531
7,679,153
Notes & accts. rec. 1,487,791
1,307,053
1,273,327
Supplies.
1,069,410
Cash
815,795
3,681,393
Total
SHEET
1918.
$
Assets—
After deducting $74,790, unissued,
Total .........42,206,973
43,784,258
Total authorized issue, $6,500,000.
in $10 shares.
Copper in process estimated at 12]^c. per lb., both in 1918 and 1919.
See statement for New Cornelia Copper Co. below.—-V. 110, p. 1418,
GENERAL INVESTMENT NEWS
RAILROADS,
1918.
$8,2/5,894
■
277,800
109,457
5,014,162
___
Depreciation of buildings, machinery and
ment at Barberton and Bayonne.
Loss on sale of Government bonds
Income and excess profits taxes
Dividends (8%)
and
and wages bad been held at the maximum, but it was quite
evident that such conditions could not be continued.
A policy of curtailment was necessarily adopted early in the year, but
the quotation on copper sunk below 15 cents a pound with very limited
sales during the first quarter of the year.
$6,820,896
36,391,007 42,457,477
YEARS,
& admin, expenses. $7,371,192
744,066
Foreign trade royalties and profits on foreign sales.
52,770
Interest and discount_-«_i_^i___—_«-_i-----^—.
104,43)
Rentals
3,435
Gross profit on sales, less selling
Income from investments._—
Balance, surplus
Total
8,716,274
in operation the cost of production was materially lower than in 1918.
Due to the small amount of development work the ore reserves showed
Sales,
Dec. 31
949,019
13,814
10,390,750
a
misgivings.
on
Surplus—
omy
(39th Annual Report Year ending Dec. 311919.)
auditors make their reports.
Orders.—On Jan. 1 1919 unfilled
hands of
Italy
replacement, $7,914; contingencies reserve, $99,805;
Federal tax reserve, $165,850; depreciation reserve, $600,000.
The value of the permanent assets of the various plants totaling $5,369,000 is in accordance with sound values shown in the American Appraisal
Co.'s report as of Dec. 20 1919.
After reducing this valuation by an
allowance of $600,000 for depreciation, the net increase over the book
values amounted to $1,071,523, which amount has been credited to the
surplus account.
The reserve for Federal taxes is based on the facts at
hand, but is subject to final determination by the Government.
Contingent
liabilities $95,299, with $5,000 given as bond in suit as to Journal box
patents.
Directors.—A. C. McCord, Morrill Dunn, W. C. Waggoner, P. W.
Cleveland, Chicago; D. W. McCord, New York.
Officers.—A. C. McCord, Pres., Chicago; D. W. McCord, V.-Pres.,
New York; Morrill Dunn, V.-Pres., W. C. Waggoner, V.-Pres., Chicago;
H. D. Taylor, V.-Pres.; P. L. Barter, V.-Pres., L. M. Hamlin, Sec.-Treas.,
Detroit; C. R. Hammer, Compt., Chicago; H. O. Martin, Aud., Detroit.-—
V. 110, p. 1295. 366.
x
1,227,325
664,123
233,706
Production
x873,569
bonds ($87,500
due July 1 1920)
2,174,640
Outst. stock Racine Mfg. Co..
6,300
Pref. stock. 7% cum. (auth.
$1,350,000)
998.800
Com. stk. (125,000 sh., no par
val., declared [nominal] value
$5 per share)
625,000
Surplus
3,898,536
302,121
Total...
76,542
1st Mtge. 6%
7,451
94,081
5,369.000
Commis's payable.
Due to affil. co._.
Results.—The year opened with a heavy balance of unsold copper in the
242,569
...
payable
in
Reserves.—i-;...-....
221,254
Prepaid expense—i—..—„ XX X-
wrote
883,742
accounts
Dividends
3,442,461
1,690,425
Other reserves
Calumet & Arizona Mining Company,
349,452
Accrued
56,358
U. S. Government account.—
$
(Report for Fiscal Year ending Dec. 31 1919.)
-
Inventories
Res. for complet'n
of contracts
36,391,007 42,457,477
SHEET DEC. 31 1919.
T rade accept. & notes assumed
....
1918.
$
15,000,000 15,000,000
Accounts payable.
989,292
4,355,698
Bills payable
2,797,677
Adv. by shlpbld'rs. 1,824,000
5,770,005
Res. for Fed. taxes. 5,300,000
3,926,375
-V. 110, p. 1528.
Bank loans & comm'l paper...$1,498,312
$379,610
15,217
1,619,393
Liabilities—
Capital stock
XJncl'm'd wages,&c.
4,222,915
1,502,496
AR11. cos. stock. 1,374,0281
Stocks & bonds
] 2,155,050
oth. companies.
654.178J
Prepaid charges..
85,324
(?)
■
—
522,544
84,769
Liberty bonds (par
[After giving effect to sale of 21,250 shares Common stock, no par value,
and application of proceeds.]
:;
Liabilities—
y'! ■ yy
'Ky
.7: -77
Assets—
:';W:
"
receivable
1919.
306,141]
3,915,532]
577,520
577,520
2,460,167
2,188,044
7,908,177 11,306,597
7,737,364 11,638,912
patterns
Foreign rights
bringing the outstanding Preferred as of to-day up to $1,000,000, and after
the purchase of all the properties, including the Racine Mfg. Co., we still
retain 21,250 shares of Common stock (out of the 125,000 shares authorized)
which we propose to offer to stockholders of record as of Jan. 23 1920,
one share for each five shares of their holdings, at $42 50 per share, payment
to be made on or before Feb. 2 1920.
Outlook.—We are much pleased with the increased size of the company
and the broad scope
both in the automobile industry and outside of it
and are looking forward to a most prosperous period.
[For offering to public of 25,000 shares of Common stock at $43 a share,
see a subsequent page.]
Notes
&
Patents
volume of business.
New Stock.—The stockholders on Sept. 24 1919 authorized an increase in
the Preferred stock to 13,250 shares and in the Common stock to 125,000
shares.
Of the Pref. $575,000 was issued to the Russel stockholders,
Cash
1918.
$
$
Real est. & bldgs.. 4,494,9311
Mach. plant &c
2,569,961112,566,315
proximately $20,000,000 worth of business (there is already assured over
$13,000,000), with earnings increasing proportional to the increase in the
COMBINED BALANCE
1611
1,200,000
$1,674,476
100,178
452,198
3,850.665
1,200,000
$1,495,709
ELECTRIC
ROADS.
& Traction Co.—Dividends.—
declared the regular quarterly cash dividend of 1 y* %
quarterly cash dividend of 2H% on Common stock, and
of 2 K shares of Common stock on every 100
shares of Common stock outstanding, all payable May 1 to stockholders
of record April 15.
[The same rate of dividend in cash and stock has been
1 "aintained since 1910.—Ed.]—V. 110, p. 558, 467
The directors have
on
2,935
INCLUDING
American Light
73,898
a
Pref. stock; a
stock dividend at the rate
Argentine^Ry.—Payment \on\No
s.
-
In>ccordanceIwithJaTresolution passed by the holdersjof the 6%tiTwoYeariSecured notes, dueJFeb.fl 1915 (the principalJand interestJor which
THE CHRONICLE
1642
has been postponed from time to time), there will be payable in
and after March 29 £55 per £100 Note, upon presentation at the
The Law Debenture Corp., Ltd., London, Eng.—V. 108, p. 682.
Baltimore
E.
M.
&
Ohio
Devereux,
cash on
office of
Cleve. Cine. Chicago & St. Louis
Fed.
Treas.,
has
elected Treasurer.
been
Ry.—New Director.—
Festus J. Wade of St. Louis, has been elected a director to succeed the
late Horace E. Andrews.—V. 110, p. 969, 1186.
RR.—Treasurer.—
recently
—V. 110, p. 969, 1088.
[Vol. 110.
Connecticut
Modified.—
Company.—Zone System
The P. U. Commission on April 9 handed down a decision sustaining the
fare system of the company.
The commission however modified the
present zone system and ordered that beginning May 9 all lines of the system
except those of the Shore Line Electric are to run on a flat mile-long zone
basis.
The initial cash fare for two zones or less will be six cents and each
additional zone 3 cents.
Further details in "Electric Railway Journal"
zone
Boston & Maine
Cor
or ale
RR.—Earns.—Financing Plan—Dir's.
Income Statement for
Calendar Years.
1918.
1919.
S9,382,527
Other
$9,618,770
841,612
Compensation under Federal control
732,628
Income
Total
_J
income...
Operating exp. (incl. elec.
Interest, rentals, &c
rys.
and accrued taxes).
—
1,770,683
5,795,933
476,004
9,648,463
Net for Preferred dividends, &c_.
$2,657,522
$226,930
Dividends on approximately $41,000,000 of the outstanding Preferred
stocks, including about $38,000,000 issued in exchange for stocks of leased
lines call for divs. at present time, if
Federal Income
earned, aggregating about $2,072,000
Statement for Calendar Years.
1918.
1919.
Operating
Operating
revenue
expense
—
___
—
revenue
Operating income._
$72,583,879 $69,911,392
66,023,667
64,496,677
.'
Other income
$6,560,211
$2,393,099
1,061
$5,420,715
$2,130,493
$4,166,051
700,819
Net operating revenue.....
Tax accrued..
Uncollectible
of
$3,290,098
2,013,532
123
April 10.—V. 110,
Gross income
$4,866,870
1,255,875
Net Income......
....
Standard return—
...
...
$5,303,630
1,863,037
$3,610,994
9,382,527
$3,440,592
9,618,770
464, 167.
Forty-seven
($47,000)
Co.—Bonds Called.—
First Mtge.
Improvement 5% gold bonds have
Trust
been called for payment May 3 at 105 and int. at the International
Co. of Denver, C&o.—V. 108,
p. 1822.
Erie RR.—Tentative Earnings
for 1919.-—
Tentative results for the calendar year 1919 have been published, com¬
paring
as
follows:
Calendar Years—
Federal compensation
Net income
Operating expenses,
Sinking fund, &c
1918.
1919.
$15,841,262 $15,729,068
4,569,997
5,317,551
Income, leased lines and securities
$20,411,260 S21,046,619
14,284,156
13,799,109
1,005,000
1,027,140
&c
Balance, surplus.
$6,220,370
$5,122,104
A press report states that at no time during
Federal administration did the
its fixed charges.
During 1919 the Administration failed
to earn charges
by $13,000,000.
Under company operation for March 1920
there was a surplus over operating expenses of $639,000.—V. 110, p. 970.
company
Deductions
p.
Denver Tramway Power
$10,224,139 $10,351,398
earn
Fort Wayne Van Wert & Lima Traction Co
—Default.
The committee named below has asked the holders of the First Mtge. 5s
on which was defaulted Jan. 1
1920, to promptly deposit their bonds,
with all unpaid coupons,
including that of Jan. 1 1920, attached, with
int.
Net deficit
The stockholders
on
$5,771,532
$6,178,178
April 14 voted to authorize the issuance of $8,843,000
bonds to refund bonds of the Concord & Montreal and the Fitchburg and
notes of the Boston & Lowell falling due within the next six months.
This
is a result of the B. & M. having taken over the subsidiary roads.
At the
same time it was voted to confirm the mortgage now running to the Old
Colony Trust Co. and 8. I'arkman Shaw, trustees, and dated Dec. 1 1919,
the mortgage being the security for the new bond Issue.
The following directors have been elected:
Alba M. Ide, Troy, succeeding
J. P. O'Brien, as the representative of New York State, and Harry G.
Stoddard, Worcester.
either the Fidelity Trust Co. or
Peoples Savings & Trust Co., Pittsburgh,
depositaries.
Committee.—J. C. Neff, Chairman, Fidelity Trust Co., PhiJa.; George
K. Johnson, Penn Mutual Life Insurance Co., Phila.; George deB. Greene,
and Thomas J. Walsh, E. H. Rollins & Sons, Newr York: A. C. Rcbinson,
Peoples Savings & Trust Co., Pittsburgh, with T. II. Atherton, Secretary,
325 Chestnut St., Phila.
Edward Ilopkinson Jr., CounscJ.—V.83, p. 37.
Georgia & Florida Ry.—Treasurer.—
W.
,
The Maine P. U. Commission has authorized company to
issue $7,000,000
6% Equipment notes, to be issued in 15 serials of equal amounts and matur¬
ing respectively on Jan. 15 in each of the years 1921 to 1935, incl.
Proceeds
to be used to pay for 20 locomotives, 1,500 gondola cars, and 540 box ears.
—V.110, p. 1414,969.
V.
Blanchard,
110, p. 464.
recently
Georgia Light,
(Including
Sub.
Fed.
Treas.,
Power
Cos.,
with
&
Ernest
Babcock has
J.
been elected
a
director succeeding
William F.
Halsall.
Results for Calendar Years.
1919.
1918.
Gross
Expenses
...
1916.
$1,220,191
27,438
$1,023,036
$1,004,763
25,107
22,463
$1,451,274
1,408.869
revenue
1917.
$1,418,460
32,814
Passenger receipts..
Miscellaneous receipts..
$1,247,629
$1,048,143
947,013
$1 [027,226
891,543
53,240
52,304
51,000
Taxes
Interest
Dividends (6%)
Balance,
—V.
1,118.9831
25,691/
27,365
56,229
51,000
def.$92,189
.......
55,657
51.000
def.$3,702
51,000
Transcontinental, had increased revenue for the
ending Dec. 31 over the twelve months previous, operating costs
jumped from $84,000,000 to $108,000,000.
The National System not
including the G. T. P., which in 1919 was still operating as a private railway,
earned $91,000,000 during the year, which was almost $12,000,000 more
than during 1918.
Notwithstanding this increase, the operating loss was
$14,000,000.
The deficit on tho entire system is divided as follows:
Operating loss Canadian Northern Ry..
$6,500,000
Operating loss on I. C. R. and Transcontinental
7,500,000
Int. on fixed charges on C.N.R., I.C.R. and Transcontinental-_ 19,000,000
Operating loss on G.T. P
a
5,500,000
Fixed charges on G. T. P..
8,500,000
—V. 110, p. 1414.
year
_
Charlston
Consolidated
Ry.
W. King McDowell has been olected
M. Bird.—V. 108, p. 1390.
a
Gas
&
Electric
Co.—
director to succeed the late William
Chicago & North Western Railway.—New Refunding
Mortgage—Merger of Proprietary Companies Approved.—
The stockholders on April 14 authorized the creation of a new First &
Refunding Mtge. and the absorption of eleven proprietary companies, all of
now owned by the
company.
The new mortgage will be a
whose stock Is
those properties and bonds are to be dated May 1
1920.
Gordon Abbutt, Boston, has been elected a
director, succeeding the late
Henry C. Frick; S. W. Sargent, Das Moines, was elected General Counsel.
The stockholders have approved acceptance of Government contract return
for six months.
Compare V. 110, p. 561, 969.
Chicago
Railways Company.—Earns.—No Interest.—
Years—
1919-20.
Chicago Railways, 45%
5% on investment
Miscellaneous
Interest
Sinking fund
1917-18.
$308,747
4,501,960
$5,483,104
$4,920,632
$5,654,360
$4,744,888
$4,760,647
19,475
250,000
42,000
222,528
$4,765,584
$182,461 def.$374,017
interest
bonds
on
reserve
Federal income tax
accrued..
on
int. coupons._
Corporation expend. & adjustments.
Net income for interest, &c
$409,976
109,924
$1,089,639
4.418,136
146,585
115,839
250,000
42,000
147,916
168,800
ment, due May 1
V.
110,
1919, was also suspended, no action being taken by the
a meeting
on April 3 1919.
Compare V. 108, p. 1390.—
658.
at
p.
Chicago & Western Ind. RR.—New President, &c.—
H. G. Hetzler, recently Gen. Mgr., has been elected President; R. L.
Porter, recently Fed. Aud., has been made Auditor and Secretary, and
J. E. Murphy, recently acting Fed. Treas., Treasurer.
The same officers
have been elected by the Belt Railway of Chicago.—V. 110, p. 969, 871.
Cleveland
37.051
Balance,
surplus
110, p. 561.
$ 132,018def$108,080
$58,937
Hocking Valley Ry .—New Director.—
Maurice S. Connors, of Columbus, Ohio, has been elected a director to
succeed W. L. Ross, of Toledo, Ohio.—V. 110, p. 970, 871.
Railway Journal" of April 10, has
a
six
page
illustrated
article dealing with the successful operation of the zone system which is in
effect on the lines of the company since Nov. last.—V. 109, p. 776.
Kentucky Securities Corp.—Scrip Dividend.—
The scrip dividend of 6% which was declared March 31 on the Pref.
stock, represents the four accumulated quarterly dividends of 1H% each,
of Oct. 15 1918, Jan. 15. April 15. and July 15 1919, being all the accumu¬
lated and unpaid dividends to April 15 1920.
This dividend scrip is payable
in cash at tho company's option on or before April 10 1925.
It will be
mailed to Pref. stockholders
on or
before April 301920.
See V. 110, p. 1526
Lincoln (Neb.) Traction Company.—Notes,
&c.—
The $250,000 old Lincoln Traction Co. Mortgage 5% bonds due Jan. 1
were retired at maturity.
The company issued one year notes for
1920
sufficient funds to meet these bonds.
The earnings for the year 1919 are reported as follows:
$1,061,008; int. and taxes, $157,452; net
revenue,
Gross revenue,
$50,306.—V. 110, p. 465
Louisville & Nashville RR.—Bonds Called.—
One hundred seventeen ($117,000) Gen. Mtge. 6% bonds of 1880 (repre¬
senting all of the outstanding bonds) have been called for payment June 1
at 110 and int. at the company's office, 71 Broadway, N. Y.
For numbers
of called bonds, see advertisement on a preceding page.
Pres., Milton H.
Smith has been re-elected.—V. 110, p. 970, 871.
Macon Dublin &
Charles R.
Savannah RR.—New
Officers.—
Capps has been elected Vice-President and George M. Nor¬
110, p. 1526.
wood has been made Secretary aud Treasurer.—V.
Madison
The voters
(Wis.) Rys.—City Ownership Rejected
on
April 6 turned down three to
city purchase the company's lines.—V. 103,
—
the proposal to hare the
320.
one
p.
Mahoning Coal RR.—Usual Dividend.—
A dividend
of $30 a share 1(60%)
has been declared
on
the $1,500,000
Common stock (par $50) payable May 1 to holders of record April 23.
The New York Central owns $399,500 of the $661,367 Pref. and $865,900
Common.
The road Is leased to the New York Central for 40%
of gross
on the Common shares regular dividends of 20%,
30%, aggregating 50%, or $25 a share per annum
since 1915.—V. 108, p. 2433.
earnings, and has paid
(Electric) Railway ✓—Annual Report.—
Calendar Years—
Gross earnings
Net earnings
Other income.
Interest and taxes
Balance, surplus
-V. 110, p. 1526, 1186.
1919.
1918.
1917.
.$15,459,234 $12,338,906 $10,176,126
$3,856,435
$3,587,090
$2,613,787
Cr.201,711
Cr.105,044
Cr.80,389
3,257,890
2,715,914
2,571,964
$800,256
$976,220
each year
Michigan Central RR.—New Director.—
Albert II.
250,000
60,000
The directors have decided that earnings for the last fiscal year ending
Jan. 31, do not provide margin sufficient for payment of annual interest on
the $2,500,000 4% Adjustment Income bonds due May 1.
Interest pay¬
directors
....
...
and extra dividends of
loans
on
1918-19.
$822,485
4,541,539
119,080
...
Gross income
Deduct—
Total interest
1917.
1918.
Holyoke (Mass.) Street Ry.—Zone Fares Successful.—
the Intercolonial and tho
Jan. 31
Eliminated.)
Accounts
$1,452,674 $1,226,130 $1,093,412
830,819
782,756
548,897
f
426,801
459,8301
438,633
22,476
[
J
17,386
(6%)30,000
(6)30,000 (1H) 7,500
28,384
28,801
V-
Operating expenses and taxes
Interest charges
Dividends paid on sub. cos.' stocks
Pref. divs. (Ga. Lt., P. & Rys.)
Sinking fund
Adjustments.
—V.
Treasurer.—
Railways.—Earnings.—
1919.
Gross earnings..
The "Electric
Railways.—Deficit.—
According to tho first annual budget submitted to the House of Commons
by Hon. Dr. J. D. Reid, Minister of Railways and Canals, Canada's
National Railway System, including the Grand Trunk Pacific last y ar
had a total deficit of $47,000,000.
While the Canadian
Northern Ry.,
on
elected
def.$3,110 sur. $32,379
110, p. 871.
Canadian National
first lien
been
Inter-Company
Calendar Years—
Boston Revere Beach&Lynn RR.—NewDirector—Earns.
has
$122,212
Harris has been elected
Russell.—V.
a
director to succeed the late Henry
110, p. 970, 1415.
Mineral Range
RR.—Officers
W. J. Ellison, recently Fed. Treas.. has been elected Treasurer of the
Mineral Range RR. and the Duluth South Shore & Atlantic Ry.
See also
Minneapolis St. Paul & Sault Ste. Marie Ry. below.—V. 110,
Minn.
St. Paul &
Sault
Ste.
Marie
p.
970.
Ry.—Officers.—
W. L. Martin has been elected Vice-President in charge of traffic of the
Minneapolis St. Paul & Sault Ste. Marie Ry., the Duluth South Shore &
Rj. and the Mineral Range RR.; G. R. Huntington, recently
Fed. Mgr., as Vice-Pres. & Gen. Mgr. of the Minneapolis St. Paul & Sault
Ste. Marie Ry. / the Wisconsin Central Ry. and the Duluth South Shore &
Atlantic Ry., also Gen. Mgr. of the Mineral Range RR.; C. F. Clement,
,recently Fed. Treas., has been elected Treasurer.—V. 109, p. 371.
Atlantic
Mississippi Valley Railway & Power Co.—
Federal Judge Martin J. Wade of the Southern District of Iowa has
appointed C. N. Abbott, V.-Pres. of Central Trust Co., Chicago and C. H.
Bacon, V.-Pres. in charge of operation of the Chic. R. I. & Pacific Ry., as
receivers for the Rock Island Southern Ry.
Judge Fitzhenry of the Federal
Court of Peoria has concurred in the action of Judge Wade.
The Missis¬
sippi Valley Ry. & Power Co., controlled by Walsh Bros., owns more than
one-half of the outstanding bonds of the Rock Island Southern.
Under
government control steam trains were substituted for electric cars.—
"Electric Railway Journal."—V. 105, p. 607.
Apb. 17
Mobile
THE CHRONICLE
1920.]
if red. after Dec.
Light & Ry.—Fare Increase.—
The Mobile City
Commission has passed
an
ordinance, effective for two
granting the company permission to increase fares from 5 cents to a
cash fare of 7 cents or 6 cents where tickets are used.—V. 108, p. 2629.
years,
Nashville
& Light Co.—Pref.
Railway
Dividend Sus¬
pended at Instance of P. U. Commission, Pending Establish¬
ment of Permanent Fare Increase—Refunding.—
'**
Dividends were paid on the Pref. stock of the company up to and includ¬
ing Jan. 1 1920.
The dividend on the Pref. stock which would have been
paid on April 1 1920, was passed because of an action of the P. U. Commis¬
sion of the State of Tennessee in connection with the application of the Nash¬
ville Company for an
increase in fare, which increase was granted on certain
conditions, one of these conditions being, "Until such time as the Commis¬
sion shall establish rates on the permanent basis of the amount invested in
the property of the company, and upon which it is entitled to a proper re¬
turn," that the company should, during this period pay no dividends upon
lf/S Cspit 1 stock ''
*'
;
t ■ v'j,
.'V-* >f f'yj
The 8274,000 of Nashville & Edgefield bonds due Jan. 1, were paid at
maturity.
Refunding and Extension bonds of a like amount were issued
by the Nashville Railway & Light Co.—V. 110, p. 1290.
New York Central
RR.—$36,225,000 Equipment Trust
7% Certificates Sold.—The syndicate headed by J. P. Morgan
& Co., which offered $36,225,000 7% equipment trust gold
certificates, dated April 15 1920 at 100 and int. to yield 7%,
announce the sale of the entire issue (see advertising pages).
The certificates mature $2,415,000 annually April 15 1921
to April 15 1935, both inclusive.
For full description see
V. 110, p. 110, p. 1526, 1415.
New York Chicago &
St. Louis RR.—Dividend.—
A dividend of 2lA %
has been declared on the Second Pref. stock, payable
May 1 to holders of record April 19.
A like amount was paid in Jan. 1918
and July 1919; none since.—V. 110, p. 1415.
under "Reports" above.—-V. 109
Guaranty Trust Co., New York, through its attorneys, Stetson, Jennings
& Russell, filed in the County Clerk's office on April 12 a lis pendens pre¬
liminary to foreclosing the First Real Estate & Ref. Mtge. 4s, due Jan. 1
1942, aggregating $18,061,289.
The mortgage covers all of the rolling stock,
franchises and other property.—V. 110, p. 1188, 871.
Electric
Ry.—Operating Managers.—
Day & Zimmerman, Phila., have taken over the management of the road
& Co., Phila., and the bondholders' protective
committee.
Interest is understood to be in default on certain bonds of the
company secured with the bankers by pledge of stock as collateral.
Rather
than foreclose, the bankers enter the active management of the company,
through Day & Zimmerman, in complete understanding with Pres. W.
Kesley Schoepf, and the interests which he represents.—"Electric Railway
Journal."—V. 109, p. 982.
In the interest of Drexel
Omaha & Council Bluffs Street
Ry.—Earnings.—
$4,156,175
$835,949
20,748
Net, after taxes
Other income
—
1917.
1918.
1919.
Calendar Years—
Gross earnings
$3,344,053
$694,416
15.063
Earnings of Toledo Rys. & Light Co. and Acme Power Co.—(Operating
subsidiaries) Eliminating Earnings of Street Railway Department,
and all inter-company charges, year ending Dec. 31
1919.
Gross earnings
Balance
$3,395,761
$1,062,857
17,368
Total
-
Common dividends
$856,697
$709,479
6.39,868
639,683
(5 %)200,000 (2K) 100.000
(1)49,900
Balance, surplus———.
—V.
$16,830 def.$80,103
-
$42,108
Pennsylvania-Ohio
Electric
Increase.—
Co.—Wage
contract provides that the wages of motormen and conductors
an hour for the first six months' service, 63 cents for the
second six months and 68 cents after one year.
The scale has been 43, 46
and 48 cents.—V. 110, p. 1188, 872. .
A
new wage
1916.
1917.
1918.
1919.
$16,279,239 $14,503,851 $12,160,769 $10,260,072
Gross earnings.
Oper. exp.. maintenance,
rentals & taxes
10,435,174
9,875,642
7,705.216
5.484,976
Net
$5,844,064
$4,628,209
$4,455,553
$4,775,097
earnings
Fixed charges, renewals,
replacem'ts
&
amort,
3,205,026
(7%)1,932,110
2,595,814
1,749,192
2,437,359
1,749,189
1,981,046
1,574,313
$706,927
$283,302
$269,005
$1,219,738
of debt disc. & exp___
Dividends
Balance, surplus
110, p. 367.
-V.
Philadelphia Rapid Transit Co.—Wage Increase.—
& The company announces that wages of motormen and conductors will be
increased 3 cents per hour, making the maximum 61 cents per hour, effective
May 1.
The wages of employees in other departments will be increased
proportionately, effective the same date.
The co-operative plan provides
that the wages of the employees shall be the average wage scale of Chicago,
Cleveland, Detroit and Buffalo.
Buffalo's trainmen's wages have been
Increased to 60 cents per hour, effective May 1.
This establishes the new
maximum of 61 cents per hour for Philadelphia.
The General Committee
of the Employees' Co-Operative Welfare Association on April 13 approved
the new rate.—V. 110, p. 1527, 1409.
Dec.l '21
Divisional bonds outstanding with public
Sub. Co. Car Trust Certifs.& Real Est. Mtges.
Compare V. 109,p. 2357.
1
Underground Electric Rys. of London.—Bonds Called.
Seven hundred
(£700,000) Three-Year 5% Secured notes, March 30 1920,
int. less income tax, at the National Provin¬
Ltd. of London.—V. 110, p. 872, 1090.
redeemable at par and
cial & Union Bank of England,
are now
Union
Pacific
RR.—New Directors.—
E. Roland Harriman apd Charles A. Stone have been elected directors
succeeding A. J. Earling and the late W. V. S. Thorne.—V. 110, p. 972.
v
United
Railways & Electric Co. of Bait.—Earnings.—
1919.
Balance,
1917.
1918.
.$14,794,234 $11,929,701 $10,560,836
5,267.395
9,192,238
6,839,822
528,042
739,712
596,485
1,409,261
1,160,452
revenues
surplus
$3,453,023
$4,765,399
5,332,942
—V. 110, p. 360.
United
Rys. Co. of St. Louis.—Fares.—
The Missouri P. S. Commission on April 8 overruled the motion of the
City of St. Louis to reopen the rate hearing and to Issue a new order direct¬
ing the company to sell four-fare tickets for not more than 25 cents.
A
reduction in fare from 8 cents to 7 cents, recently ordered by the Com¬
mission, became effective April 10.
Plans for the refinancing of the company recently submitted to the
Board of Public Service, provides for the purchase of 160 new street cars
and partial reconstruction of the St. Charles line, at an expenditure of
$3,057,580.
At a hearing on March 30 on the suggestion of H. S. Priest,
Special Master Henry Lamm recommended to Receiver Rolla Wells to
seek the consent of the holders of the $1,948,000 St. Louis RR. First Mtge.
4 As falling due May 1 to extend these bonds at a higher rate of interest
in preference to issuing receiver's certificates to refund the same.—V. 110,
p. 563.
Western
Pacific
RR.—New Directors.—
F. W. McCutchen has been elected a member of the executive committee
a
succeeding William Salomon.'—V.
director
INDUSTRIAL
p.
1090.
Ltd.—Annual Report.—
1917.
$6,029,354
1918.
$5,650,264
$4,422,758
$2,125,718
$1,643,653
$1,323,001
454,320
443,941
361,411
522,639
663,420
417,954
5,066
25,090
202,513
(7)70,000
(7)70,000
1919.
Calendar Years—
sales
j,
Net earnings
Interest
Depreciation and depletion
Other deductions
79,463
Business profits tax_
Preferred dividends
Balance,
110
MISCELLANEOUS.
AND
Abitibi Power & Paper Co.,
Common dividends (6%)----—-
Philadelphia Electric Co.—Earnings.—
Calendar Years—
$695,642.
Outstanding.
$7,840,539
6,661,675
15.00J.000
10,000,000
8,000,000
3,000,000
(closed)
2,283,400
(closed)
330,500
.
First Lien Two-Year 7% Gold bonds, due
Debenture 7s, due Dec. 1 1922
Gross
shall be 60 cents
173,889
700,000
210,000
$9,200,000
8,000,000
Preferred stock
$1,080,22,5
638,417
(5) 200,000
(4)199,700
110, p. 360.
1,779,531
Authorized.
Capitalization after this Financing—
Cominon stock.
and
Rentals, interest, &c
Preferred dividends
$4,309,125
Net, after expenses, maintenance and taxes.
Earnings applicable to securities not owned
Annual interest on $10,000,000 First Lien 7% bonds
Annual interest on $3,000,000y % Debenture Gold bonds
Depreciation
Taxes, licenses, &c
New York Railways.—Foreclosure Proceedings.—
Ohio
$1,000 (c*.)
Operating expenses
371.
p.
1 1920, and on or before Dec. 1 1921, at 101%; if red.
Denom. $100, $500 and
Bankers Trust Co., N. Y., trustee.
Convertible.—Convertible at any time after July 1 1920 into an equal
amount of Cities Service Co., Series D 7% Conv. Gold Debentures (V. 109,
p. 2174, 2266).
In order to secure this conversion privilege to the holders
of Toledo Traction Light & Power Co. 3-year 7 % deb. bonds of this offering.
Cities Service Co. is depositing with Bankers Trust Co. $3,000,000 of its
Series D 7% Conv. Gold Deb. to be held by Bankers Trust Co., subject
to the exercise of the conversion privilege.
after Dec. 1 1921, and before maturity 100A %.
Operating
New York Ontario & Western Ry.—Dividends.—
See annual report
1613
(26^)262,500
300,000
$501,730
surplus
dividends
Accumulated
$271,123
$441,202
aggregating 19M%,
Preferred stock,
on
-— __
:
were
paid Oct. 1 1919.—V. 110, p. 1417.
Acme Tea
Company.—Earnings.—
Income account for 1919 shows:
$26,671,157
Total sales___
$16,729; total
Net profit, $1,407,866; other income,
Reserve for Federal taxes, &c_._
—$1,424,595
_
Reserve for loss on Liberty bonds
and miscellaneous adjustments.
Interest
Dividends
Sinking fund
Net
55,000
—
—
income
—
Profit and loss, surplus.
...
There are no figures available for
487,627
37,620
26,796
190,090
-
—
...
$627,461
$1,745,778
1918.—V. 109, p. 271.
Air Reduction Co., Inc., N. Y. City.—Bonds Offered.—
Lee, Higginson & Co., and Potter Brothers & Co., are offer¬
ing, at 97 and int., yielding 7.45%, $2,000,000 Ten-Year 7%
Conv. Sinking Fund Gold Debenture Bonds. Circular shows:
Dated April
1 1920, due April 1 1930.
Int. payable A. & O., without
Federal income tax up to 2%.
Denom. $100 and
deduction for normal
Red., all or part, at 107 A and int. to April 1 1922; there¬
after at 105 to April 1 1925; threeafter at 102 A to April 1 1928, and there¬
after at 101 to maturity.
Convertible, on or after April 1 1922 and to
$1,000 (c*&r).
Railroad Strike.—
See Current News items on a
preceding
page.
Rock Island Southern RR.—Sold.—
This road has been sold under
foreclosure by W. S. Hammons, Portland,
Me., acting for the bondholders' committee, for
$151,000.—V. 110, p. 872.
Santa Fe Raton & Eastern RR.—Foreclosure
Sale.—
Special Master Robert Lawrence will sell the entire property at public
auction on May 24 at the County Court House at Raton, Tex., under a
foreclosure decree obtained by the U.S. Mtge. & Trust Co., trustee, under
the $300,000 First Mtge. 5s of 1905.
Road consists of about 9 A miles of
main track and 3 miles of sidings.—V. 104, p. 864.
V
Sandwich Windsor
& Amherstburg
St.
Ry.—Sale.
Detroit United Ry., serving Windsor and
seven other border municipalities in Canada,
became the Border Cities
Ry- on April 1 when it was taken over by the Ontario Hydro-Electric
Power Commission.—V. 110, p. 466.
r
This road, a subsidiary of the
/Staten Island Midland RR.—City to Run
Cars.—
a result of negotiations between Federal Judge Chatfield, F. H. La
Guardia, President of the Board of Aldermen, and Receiver Jacob A.
Brenner, the City of New York will operate the road under the direction
of the receiver.
It is expected that resumption of operation will be made in
a few days.
The road ceased operations on Jan. 16, pleading that it was
fAs
operated at a loss on a 5-cent fare.—V. 110, p. 360.
Toledo Traction Light & Power Co.—Debenture
Bonds.
—Henry L. Doherty & Co. recently offered at 97M aad int-i
yielding over 8% $3,000,000 Three-year 7% (convertible)
Debenture Gold bonds.
Circular shows:
Dated Dec.
York without
1 1919.
Due Dec. 1 1922.
Int. payable J. & D. in New
deduction for normal Federal income tax not exceeding 2 %.
Callable upon any date as
follows; If red. on or before Dec. 1 1920 at 102%;
Oct. 1 1929, into Common stock at rate of one share of no par value Common
stock for each $62 50 principal amount of bonds.
If called for redemption,
bonds may nevertheless be converted if presented within 30 days after first
publication of notice of redemption.
Authorized.
Outstanding.
$4,000,000
$2,000,000
293,334 sh 152,966.1 sh.
[The stockholders of record March 6 were given the right to subscribe
to the above bonds at 97.]
For full description of bonds, history of com¬
pany, business, earnings, &c., see V. 110, p. 1189, 765.
Capitalization After This Financing—
Ten-Year 7% Gold Debenture
Common stock (no par value)
bonds
N. Y. City.—Quarterly State¬
Cable Connections in South America.
All America Cables, Inc.,
ment—Important New
March 29 reports In brief:
recorded are evidence of the growing trade be¬
and should be gratifying to the shareholders.
It will be noted that the estimated additions to surplus for the two com¬
panies for the quarter ending March 31 1920 of $352,949 and $170,024,
respectively, making a total of $522,974, are reached after large duductions
President John L. Merrill in circular of
The substantial receipts
tween
the three Americas
have been made for war taxes,
The
merchants of Cartagena
depreciation, &c.
and Barranquilla, on the north coast of
Colombia, and American business interests dealing with those rapidly
developing business centres, are looking forward to the completion of direct
cable communication from our office, in Colon, which we expect will be
accomplished before June 1 next.
The triplication of our system from
Panama to Peru, which should be completed about the same time, will
greatly add to our facilities.
We have completed a cable connection from our station at Iquique, Chile,
to Arica, Chile, and have purchased and are operating the land lines from
the latter point to the city of La Paz,
the capital or Bolivia. The con¬
stantly increasing prosperity of Bolivia is marked, and the entrance into
that country of an efficient cable and telegraph system such as ours should
play an important part in the development of Bolivia's trade and in the
fostering of friendly relations between Bolivia and the United States.
r
Our two Brazil
cables, one from Uruguay to Santos and the other from
Uruguay to Rio de Janeiro, have been laid, and the landing connections
and Rio de Janeiro are nearing completion.
We expect that these
cables will be in operation shortly.
The system hitherto terminating at
Buenos Aires has been extended by two cables from Argentina to Uruguay
and now connects at Montevideo directly with our two new Brazilian cables
to Santos and Rio de Janeiro.
The completion of our all-American owned
cable connections between the United States and Brazil, notwithstanding
at Santos
Of the $2,500,000 new
8% Preferred stock authorized on Feb. 17
only $1,250,000 is offered [at pari to stockholders of record Apr. 3.
Sub¬
scriptions will be received on or before April 30, making $3,750,000 out¬
standing.
This stock is 8% non-cumulative (not cumulative.)
The 100% stock dividend was paid April 15 to Common stockholders
of record April 8.—V. 110, p. 1528.
,
,
American Writing
opposition of our British competitors, marks an epoch in the history
the
Calendar Years—
of your company.
Cost of sales
Interest accrued
on
Replacements, &c—
Estimated surplus for quarter
$756,000
38,000
$894,655
209,871
200.000
88,454
$396,330
$443,035
146,251
Profit from sales
$2,272,699
846,018
$3,192,518
571,169
$1,851,693
553,215
$3,927,941
590.744
Balance
Other income
$1,426,681
363,511
$2,621,349
271,220
$1,298,478
$3,337,197
137,181
$1,790,192
662,936
17,114
$1,492,929
605,052
171,060
566,529
$3,474,378
100,000
675,047
$2,892,569
860,581
225,000
554,359
$435,095
$1,252,629
$150,287
$2,524,378
$533,129
$362,000
160,163
209,871
51", 000
Total income...
Miscellaneous charges..
Federal taxes..
Interest
Balance, surplus
-V. 110, p. 361, 169.
(2) Mexican Telegraph—
Traffic receipts partly estimated
Est. surplus after 2 yA % dividend
Referring further to the company's Brazilian concession, W. II. Coade.
Vice-President and Treasurer, writes:
"Our Brazilian Concession was not
obtained illegally, neither has it ever been canceled.
There has been some
delay in obtaining the required approval of the Government Departments
concerned, in the working plans of the cable connections in Brazil.
This
delay is more or less unavoidable when dealing with Government Depart¬
ments
anywhere.
"We fully expect to be in working order and
Brazilian cables by May 1."—V. 110, p. 1528.
Allis-Chalmers Mfg.
taking business over our
■
The directors at their meeting last week took no action on declaring a
1 vidend on the Common stock.
In August 1918
it was announced that
he management proposed to pay no dividend on this stock "so long as we
have to save for taxes."
Compare advance earnings statement for 1919
in V. 1101 p., 659.
American District
Telegraph Co. of N. J.—Earnings.—
Calendar Years—
Gross
revenue
1919.
191S.
$3,894,090
and income
expenses
Provision of obsolete
Interest
on
3,380,389
69,384
25,779
equipment
bonds
Balance, surplus
$418,537
22,509
12,075
$387,944
-V. 116, p. 1090.
American Safety Razor Corp .—Listing—Earnings.—
The New York Stock Exchange has authorized the listing of $12,500,000
capital stock, par $25.
Earnings period Sept. 11 to Dec. 31 1919 (inclu. sub. cos:)
Gross profit,
$1,093,274: operating profits, $531,449: net profit before providing for
taxes, $520,591 —V. 109, p. 2441.
American Silver Co .—Dividend Increased.—
Amer. Sumatra Tobacco
Co.—Financing Rumor Denied.
President Lichtenstein has denied the report that a plan had been de¬
cided upon for the retirement of all the outstanding Pref. stock of the com¬
110.
It was learned, however, that an influential member of the
board is preparing a plan for new financing of the company made nedessary
by the rapid, expansion of its business, and that he favors a retirement of the
Pref. stock.
It is more than probable that any plan of retirement will not
be undertaken until after Sept. 1.
What form the new financing will take
is not known.
Nothing has yet been place before the board for considera¬
tion.
There are no securities of the company outstanding, the last of the
7% Convertible notes having been paid off April 1
"Financial America" of
April 15.—V. 110, p. 1090, 564.
pany at
American Telephone & Teleg. Co.- -Quarterly Report.—
1 st Quarter
1920.
Dividends....
Total
Expenses
_
Balance.
____$13,052,446 $12,070,641
Deduct dividends (8% per annum)..
8,839,873
8,839,261
a
reserves
&
sur.
$4,212,572
1919.
$3,231,380
$44,377,865
35,356,334
$9,021,531
One month estimated.
Theodore N. Vail, Chairman, died April 16.—V. 110, p. 965.972, 1417.
American
Dividends
"B,"
on
Tobacco
Common
Co .—-Directors
and
Common
Declare
"B"
in
75% .Stock
Common
Stock
Subject to Approval of Stockholders.—
The stockholders will vote May 6 on
directors declaring a stock dividend of
approving the resolution of the
75% on the Common and Common
stock "B" in Common stock "B," payable Aug. 1 to holders of record
Julyl5.
The resolutions passed by the directors says in substance:
"Whereas, in
the judgment of this board it is to the interest of this company to
capitalize
a substantial amount of its
surplus so that it may permanently remain
invested in the business, to accomplish which purpose the mast convenient
method is by the distribution of a stock dividend among its stockholders out
of the authorized and unissued Common stock "B" of the company; and
"Whereas, this company has outstanding $12,072,720, at par of scrip,
issued at various times in lieu of cash dividends, all convertible on March 1
1921 into said Common stock "B," and it is fair to the holders of said scrip
and in the interest of the company that said scrip should be now converted
into said Common stock "B," and the holders thereof permitted to share in
such stock dividend upon the terms herein stated!:
"Therefore, Be It Resolved: (1) That the Treasurer and other proper
officers of this company be and they are hereby authorized to offer to the
holders of said scrip Common stock "B" of this Company in exchange for
said scrip at the ratio of $100 par value of said Common stock "B" for
$110 par value of said scrip—interest in cash to be
paid on said scrip to
June 1 1920, and fractional amounts to be adjusted by cash payments to
the holders of said scrip on the basis of the par value thereof, and no frac¬
tional shares of stock to be issued.
Said offer shall be conditioned upon its
acceptance and the deposit of the scrip with the company for exchange not
earlier than June 1 1920 nor later than July 1 1920;
"(2) That there be and hereby is declared a stock dividend on the Com¬
mon stock and Common stock "B" of this
company of 75%, payable in
Common stock "B" at par on Aug. 1 to holders of record July 15.
'(3) That on Aug. 1 there be transferred from surplus to capital account
an amount
equal to 75% of the total par value of Common stock and Com¬
mon stock "B"
outstanding July 15 1920, and certificates of Common stock
,
•*.
®T?ahng at
tributed
pro
par said 75%, or warrants therefor, shall on Aug. 1 be dis¬
rata among the holders of record
July 15 of said Common
and Common stock "B."
See also A. T. Securities
Corp.
stock
below.—V. 110,
p.
1081.
American Trading Co., N. Y.- -$1,250,000 Non-Cumulative Pref. Stock Offered.—
completed.
was
said.
The
The
receiver two months ago.
San Francisco "News Bureau."—V.110, p.1292.
Calendar Years—
Gross receipts
Net profit
Balance, surplus
or
deficit
..sur .$60,521
Profit and loss
108,
$2,372,979
-
Report.
1918.
$862,307
$333,527
$113,246
530,000
1919.
$1,244,714
$162,624
$60,521
Dividends
—V.
Co. of
involved in the transaction was $30,-
sum
Home company was placed in the hands of a
Arizona Commercial Mining Co.—Annual
1917.
$818,523
$464,752
$303,966
424,000
def.$416,754def.$120,034
$2,312,458
$2,713,563
1513.
p.
Arlington Mills, Lawrence, Mass.—Stock Dividend.—
A dividend of 50% has been declared, payable in stock to holders of record
April 14.
This will increase the stock from $8,000,0000 par $100, to
$12,000,000.—V. 110, p. 467, 1417.
Associated
Simmons
Hardware
Companies.—Notes
Offered.—Continental & Commercial Trust & Savings Bank,
Chicago; First National Bank, St. Louis, and Halsey, Stuart
& Co., New York and Chicago, are offering at 98 and int.,
yielding about 7lA%. by advertisement on another page,
$7,500,000 Five-Year 7% Secured Gold Notes.
Dated May 1
1920, due May 1 1925.
Int. payable J. & J. in Chicago,
St. Louis and New York, without deduction of the Federal income tax, not
in excess of 2%.
Tax refund in Pennsylvania.
Denom. $1,000 and $500
(c*).
Callable on any int. date at 102H in 1920, 102 in 1921, 101
in
1922, 101 in 1923, 100^ in 1924 and at 100 on Jan. 1 1925.
from Letter
Hardware
of
Wallace
Co.,
D.
Dated
Simmons, President of Simmons
St.
Louis, April
12
1290.
Company.—A voluntary trusteeship under the laws of Massachusetts;
owns practically entire capital stocks (except directors' qualifying shares)
of the Simmons Hardware Co., St. Louis, and of other affiliated companies,
including distributing corporations located in New York, Philadelphia,
Toledo, Minneapolis, Sioux City and Wichita.
These stocks will be de¬
posited with the trustee as collateral security for these notes.
Business is that of manufacturing and distributing at wholesale.
The
associated companies have about 100.000 accounts of retail merchants on
their books.
The catalogue published periodically comprises about 80,000
items, including hand tools and cutlery, builders' hardware, paints, farming
tools, stoves and house furnishings, bicycles, guns, fishing tackle and other
sporting goods, automobile tires and sundries.
The business is the largest and most extensive of its kind in the world.
The net worth has been increased since the incorporation of the Simmons
Hardware Co. in 1874 from $200,000 to over $14,000,000, entirely from
earnings.
,
Capitalization After This Financing—
Authorized. Outstand'g.
$10,000,000 $7,500,000
7% Cum. Pref. Partic. Shares (par $100)
15,000,000
5,110,000
Common Participating shares (par $10)
10,000,000
9,300,000
Purpose.—To retire serial notes now outstanding, reduce current liabili¬
ties and increase working capital to provide for rapidly growing business.
Five-Year 7% Secured Gold Notes (this issue)
—
,
Net Earnings Available for Int. after Fed. and Other Taxes, Calendar Years.
1917.
1916.
1915.
Net, after taxes.Sl,873,846
103, p. 322.
1918.
$2,576,178 $2,679,765
1919.
$1,642,358 $2,124,230
—V.
Atlantic Gulf Oil Corporation.—Oil Business.—
See Atlantic Gulf & West Indies SS. Co. below.—V. 110, p. 1528.
$17,800,291 $16,743,824 $60,225,461
4,747,845
4,673,183
15,847,596
—
Deduct interest
Balance available for
Cal. Year
$8,563,248 $16,461,670
6,785,861
19,904,396
3,631,903
5,962,505
28,132,559
-.$20,140,429 $18,981,012 $70,461,130
2,340,138
2,237,188
10,235,669
...
Net earnings
4tth Quarter
1919.
$8,570,214
7,221,899
a4,348,314
Interest and other revenue
Telephone traffic (net)
Compensation acct. Govt, contract.
was
000,000, it
Data
A quarterly dividend of 2% was paid April 10 on the $400,000 outstanding
capital stock, to holders of record March 31.
Dividends have been paid
quarterly at the rate of 1 % % (6% per annum) since 1916.
An extra of 2%
has also been paid on Jan. 10 of each year since 1916.—Official.—V. 106, p.
850,000
Anglo-American Oil Co.—Acquisition.—
$3,377,889
2,955.359
Operating
1(3(4,451
Sales of the Home Oil Refining Co. to the Anglo-American Oil
London
Net income
Co.—No Common Dividend.—
1916.
General expenses
$794,000
$585,000
170,024
-
$826,655
68,000
$352,949
Gross income
Dividend payable April (1H%)
War taxes, 1919
$1,054,150
176,500
$1,230,650
401,059
300,000
176,642
investments, &c.
Paper Co.—Earnings.—
1919.
1918.
1917.
$16,936,648 $21,327,777 $15,019,564
14,663,949
18,135,259
13,167,871
Gross sales
Partly Est. Results, Quarters end. Mar. 31 ('19<fe*18 Figures Supplied by Ed.)
(1) AU America Cables, Inc.—
1920.
1919.
1918.
Traffic receipts (partly estimated)
$1,547,000
$1,166,655
$1,006,000
Oper. exp. and taxes (excl. war taxes)
492,850
340,000
250,000
*
[VOL. 110
THE CHBONICLE
1644
Atlantic Gulf & West Indies S. S. Lines.—Oil Business.
—Ability to Charter Vessels Expected to Remove Necessity for
New Financing.—
After revision
correct the
in some essential particulars, the company confirms as
following condensed excerpt from the ""Wall Street Journal":
It is expected that the company's subsidiary, Atlantic Gulf Oil Coroor-
ation, will
a
month.
deliveries of oil from its Mexican property in about
They will probably start at a rate of 20,000 barrels a day and
commence
should gradually increase to 50,000 a day in the autumn.
Atlantic Gulr Oil Corporation recently made a contract
for the deliver
of oil from its Mexican terminal to the Shipping Board, so it seems assured
of a large income this year.
The bil company has also chartered four
tankers for its
own
use
which will be immediately available and utilized
to make deliveries to
commercial customers.
Because of the probability that charters will be available, Atlantic Gulf
& West Indies will somewhat modify its program of tanker construction.
The plans, as originally drawn, contemplated the construction of 20 tankers
aggregating about 250,000 tons and costing approximately $50,000,000
The company will build instead 14 tankers, contracts for which were let
time ago.
This modification will mean a difference in outlay of
about $15,000,000.
It removes permanently any probable need for new
financing.
Out of current treasury assets and earnings of 1920 from oil and steam¬
ship operation, Atlantic Gulf & West Indies will be able to preserve the
self contained character which has been its chief financial trait for the
some
last thirteen years.
The company will have five or eight tankers of its own finished and in
operation before the close of 1920.
Some of these should be delivered
under contract terms in July and August.
Oil earnings for the second
half of 1920 will, therefore, begin to slightly reflect the large tanker invest¬
ment
the company is making.
also. V.
see
Compare "Financial Reports" above and
110, p. 1528.
Atlas Crucible Steel Co.,
Dunkirk, N. Y.—Pref. Stock.
The bankers named below are offering at 100 and div. $1,500,000
8%
Cum. First Pref. stock.
Divs. Q.*J.
Red. all or part at 105 and divs.
up
to Jan. 1 1925,
the redemption price increasing $1 per share p. a. up to but
exceeding $115 per share and divs.
A sinking fund of at least 10% of
the net earnings accruing from May 1 1920, will be applied on Nov. 1 and
May I to retire stock at not exceeding redemption price.
not
Data from Letter of Pres. Arthur H. Hunter,
Buffalo, N. Y.
Company.—Incorp. in July 1912, and took
same
name.
Is
carbon, tool and
engaged
in
over
plant of
company
by the
the manufacture of
special alloy steels.
high-grade, high-speed i
Plant at Dunkirk, N. Y.
Capitalization (after this financing)—
8% Cumul. Pref. stock (par $100)
Authorized.
$5,000,000
Outstanding.
$2,750,000
Common stock (no par value)
100,000 sh.
40,000 sh.
The $444,000 7% Serial Gold notes outstanding on May 1 will be called
and retired Oct. 1 1920.
Apr. 17
1920.]
THE CHRONICLE
Purpose.—To enable company to provide and install additional new fur¬
and equipment to increase finished tonnage capacity to 60,000,000
pounds of steel per year.
Productive Capacity.—For year ending Sept. 30 1919, company had a
finished production of about 15,000,000 pounds.
At the present time pro¬
ductive capacity is about 18,000,000 pounds p. a.
With the completion of
the new equipment now being installed, it is estimated that on Jan. 1 1921
company will be in a position to produce 60,000,000 pounds of finished
product p. a.
Vv;yvV.'.'.:>
naces
Earnings Fiscal Years ended Sept. 30.
*
1916-17.
1917-18.
,
xl918-19. 1919-20 (est.)
$965,000
$1,000,000
$675,652 $1,022,791
Net after taxes
x In 1919 company charged against the accumulated surplus profits a net
of $2,095,563, representing adjustment for tax purposes of all extra¬
ordinary loss in inventory and plant facilities incurred as the result of its
sum
war
activities.
Bankers
Trust
Co.,
Making Offering.—Buffalo Trust Co., Citizens Commercial
Financing Corp. of Buffalo, Marine Trust Co., Merchants
National Bank of Dunkirk, O'Brian, Potter & Co.
1645
Charlton
(Cotton) Mills,
Pall River.—Dividend.—
A dividend of
$10, consisting of a quarterly of 2% and an extra of 8%,
on the $800,000 outstanding capital stock par $100,
payable May 1 to holders of record Apr. 12.
In Feb. last a dividend
of $7 was paid.—V. 107, p. 1581.
has
been
declared
Chicago Telephone Co.—Bond Application Withdrawn.
President B. E. Sunny has informed the Illinois P. IT. Commission that
Lee, Higginson & Co. and five leading Chicago bankers jointly bid 94M
for $10,000,000 3-year 7% notes, or yield basis of 8.99%, which is a pro¬
hibitive price for public utility credit and therefore company withdraws its
application to issue these notes for needed improvements this year.—
V. 110, p. 973.
Chile
Copper Company.—Quarterly Report.—
Quarter ending Dec. 31—
Net profit
1919.
1918.
actually sold and delivered
depreciation)
loss$300,211
Miscellaneous income
423,967
Int. on call loans and bank balance of Chile Cop. Co.
105,445
(after
on
copper
deducting
$817,590
133,405
80,110
Balance Sheet (Total Each Side, $9,373,425).
After making adjustments contemplated by the present financing through
shares of 8% Pref. and 20,000 shares of New Com. stock.
the sale of 15,000
I
Liabilities—
$1,604,386 Bank loans
Liberty bds. & Treasury ctfs_.
*522,0501 Liberty bond loans
Assets—
xCasli in bank
707,694! Accounts payable,
Inventories,
&c
2,372,671;Reserves
&c
1,889,833;Preferred stock.
Deferred charges
and
good-will
2,756,700
186,700.Common stock
Surplus"!
2,090,0901
Property assets
Formulae, trademarks
2,325,000
1,987,4X0
x Proposed
plant extensions
$750.000—V. 108, p. 1938.
during
1920
will
require
approximately
|
Atlas Tack Corporation.—Listed.—
The Boston Stock Exchange has admitted to list 95,000 shares capital
stock,
no par
value.—V. 110,
Atlas Truck
p.
564. 467.
Corp.—Organized, &c.—
See Martin Parry Corp.
proposed, in the event that the stockholders of the American Tobacco Co.,
May 6, shall ratify the action of the board of directors to dissolve A. T.
Securities Corp., ana distribute its assets (which consist as Common stock
of the American Tobacco Co.) among its stockholders prior to July 15 1920.
"In this way the stockholders of the A. T. Securities Corp. will be enabled
to receive the stock dividend of the American Tobacco Co. in such a way
that its receipt will not constitute taxable income to the stockholders of the
A. T. Securities Corp.
This will not interfere with the declaration and
payment by A. T. Securities Corp. of the regular dividend of $1 25 a share
June to holders of the stock."
See American Tobacco Co. above.—V. 110, p. 873.
Nichols
& Co., Inc.,
V.
109.
Brown Hoisting Mach. Co., Cleveland —Acquisition.—
1919.
Chino
Increase.
Increase.
| 1920
2 Mos.
1919.
3,254,0001 16.138,000 12,254,000
$.684,000
Copper Co.—Annual Earnings.—
1918.
1919.
1917.
1916.
75,655,641
79,636,235
Copper produced (lbs.). 40,488,706
72,319,508
18.050 cts.
22.536 cts.
24.116 cts.
26.465 cts.
Average per lb.
,326,525 $17,089,312 $19,261,306 $19,219,767
Operating revenue
Total revenue
1,108,498
9,512,854
4,053,324
12,527,948
Treatment adj
crl93,299
To Red Cross, &c
145,102
Dividends from earnings
2,827,435
7,525,327
7,177,335
Divs capital distribution
2,609,940
1,087,475
1,087,475
_
_
Balance
def.$1,308,143
def.$6,688sur.$900,052sr.$5,350,613
Total surplus from oper_$13,549,095
—V. 110, p. 1190, 874, 80.
$14,857,238 $14,863,926 $13,963,874
Cities
Service
Co.—Option of Toledo Ttraction Light &
7% Debs, to Convert in Series "D" 7% Debs.—
Power Co.
Toledo
See
N. Y.—Sales.—
sales for Feb. and March (first two months
year) show an increase of 53% over the same period of 1919.—
2358.
p.
Feb.
8,630,000
5,376,000
-V. 110, p. 973, 264.
in
Austin.
$300,936
of 1919.
The output by months for the fourth quarter was: Oct., 6,900,740
lbs.; Nov., 10,000,000 lbs.; Dec., 6,016,000 lbs.
There was treated 955,996
tons of ore, averaging 1.61% copper, against 828,914 tons, averaging 1.69%
copper in preceding quarter; 16,466,812 lbs. of copper were sold and deliv¬
ered, contrasting with 23,583,722 lbs. in preceding quarter.
"The unfavorable showing for the quarter is due entirely to adjustments
In accounts which are applicable to previous quarters and to prior
years,
and to the fact that we are obliged to carry copper on hand (although sold
for future delivery) at cost, as will be explained in the annual report.
The
actual outcome for the quarter, if stated without reference to adjustments,
and with copper valued at market price, would show a very satisfactory
1920
1
dividend upon the Common stock of that company, payable Aug. 1 1920
to holders of the Common stock of that company of record on July 15 1920,
subject, however, to the approval of the stockholders May 6 1920.
Such
a stock dividend, under the recent decision of the U. S. Supreme Court,
will not constitute taxable income to the stockholders of the American
Tobacco Co.
To enable the stockholders of the A. T. Securities Corp. to
receive such stock dividend directly from the American Tobacco Co., it is
Press reports state that gross
loss$590,916
Balance undivided profits—both companies
profit."
"The directors of the American Tobacco Co. have declared a 75% stock
of the fiscal
664,622
30,547
$35,000
Copper Production in Lbs.).—
A statement sent to stockholders says:
on
701
President Daniel Guggenheim says in brief:
"The production of copper for the quarter averaged 7,638,913 lbs. per
month as compared with 7,733,118 lbs. per month during the third quarter
below.
T. Securities Corp.—To Dissolve.—
A.
$1,031,105
785,818
on 15-year 6% conv. bonds
Accrued bond interest of Chile Copper Co
Expenses of Chile Copper Co
$1,315,235
312,500
367,820
308,759
_
Receivables
$229,200
$35,000
Amortized discount
—V.
Traction
Light
&
Power
Co.
under
"Railroads"
above.
110, p. 1529, 1410.
Colorado Fuel & Iron Co.—Bonds Called.—
Thirteen
($13,000) Rocky Mountain Coal & Iron Co. 1st M. 5s of 1901,
due May 1 1951, have been called for payment May 1 at par ($1,000) and
interest at Columbia Trust Co., New York.—V. 110, p. 1293.
The company has purchased the plant of the
and has re-organized the company with
Elyria (Ohio) Foundry Co.,
Alex. C. Brown, Pres.; M. Pattison,
Vice-Pres.; George C. Wing, Sec. and C. T. Pratt, Treas.
G. R. Clapp,
Gen. Mgr.
The company acquired the foundry to manufacture its own
castings and as soon as present contracts are filled the entire output will be
taken for its own use.—V. 109, p. 2442.
'
Bush Terminal Co.,
R.
R.
Moody, head of Moody Bros,
a director.—V, 110, p. 263.
Butterick Company,
Ven
F.
Butler
a
director succeeding E.
Interstate
Consolidated Textile
L. Pearsall.
Callahan Mining
Co.—
of the company
Corp.—Listing.—
The New York Stock Exchange has authorized the listing of temporary
1369.
Brothers,
interchangeable certificates for 66,000 additional shares capital stock, no
par value, on official notice of issuance upon conversion of 3-Year 7% S. F.
Chicago.—Dividend.—
Caddo Central Oil &
Eefining Co.—To Increase Stock.—
The stockholders will vote April 26 (1) on changing the par value of the
capital stock from $100 to shares of no par value, and (2) on increasing
the capital stock from 150,000 shares to 200,000 shares.
The 50,000
shares will be offered to the stockholders at a price to be announced later.
—V. 110, p. 1523.
Arizona Mining Co.—Production
1920—March
1919.
3,614.000
3,736,000
—V. 110, p. 1418, 1091.
Decrease.
Conv. Deb. notes, due April 11923, making total amt. applied for 341,000 sh.
The purpose of this additional Issue is to provide Common stock for the
purpose or
1 1920
3 Mos.
1919.
10,802,000 11,048,000
122,000!
Crane
(Lbs.).—
Decrease.
246,000
Auth.
$1,500,000
Capitalization March 11920 (No bonds)—
Outstdg.
$600,000
1,500,000
1,200,000
Company.—Incorp. in Feb. 1920, in Canada, to manufacture tire fabrics.
Has acquired 8 acres of land at St. Hyacinthe, Que., and is now erecting a
brick building, over 50% completed, of standard mill construction.
A
complete spinning and weaving unit of 10,000 spindles will be first installed
and should be in operation in July 1920.
Capacity of plant will be later
i
...
1919.
1918.
1919.
$
TAnhllWp
$
14,335,498 13,563,611
Good will
1,107,599
1,107,599
Stocks and bonds. 2,454,155
Mach'y & equip.. 5,207,297
4,826,614
Merchandise..... 9,807,918 10,806,526
Cash & debts rec._25,165,321 23,459,349
Real estate..
1918.
4
Si
Capital stock..... 13,530,509 13,530,600
Funded debt
7,273,000
7,800,000
Accounts payable- 4,986,846 15,631,376
Federal tax reserve 6,246,820
Surplus
......27,040,622 16,801,360
Total (eachslde)58,077,788
53,763.226
The authorized capital stock was increased from $17,000,000 Common
(par $100) in Feb. last to $17,000,000 Common (par being reduced $25)
7% pref. (par $100).
The employees were given until
April 15 to subscribe to $7,000,000 of the Pref. stock at par, which has been
subscribed for.
The Common stock issued remains the same, viz.: $13,305,000.—V. 110, p.,874.
Crucible Steel Co. of
America.—Listing—Earnings.—
The New York Stock
1920
1
amount
Ltd.—Pref. Stock.—
Nesbitt, Thomson & Co., Ltd., Montreal, have sold at 100 and div. with
bonus of 15% Common shares $600,000 8% Cum. Pref. (a. & d.) stock.
Par $100.
Divs. Q.-J.
Red. all or part on any div. date at 110 and div.
Sinking fund should retire all of the $600,000 Pref. stock in about 21 years.
8 Cum. Pref. stock (this issue).
Common stock
Balance Sheet Jan. 20.—
Co., Chicago.
Assets—
May
Canadian Manhasset Cotton Co.,
conversion of the issue of the $3,000,000 3-Year 7% Conv. Deb.
notes, dated April 1 1920, described in V. 110, p. 1529.
and $10,000,000
Callahan Zinc-Lead Co.—New Name.—
See Consolidated Interstate Callahan Mining Co. below.
Calumet &
& Power Co.—New Directors.—
The stockholders voted April 12 to change the name
to Callahan Zinc-Lead Co.—V. 110, p. 1190, 1529.
A quarterly dividend of 3 %% has been declared on the outstanding
capital stock as recently changed from $20,000,000, par $100, to 1,100,000
shares of $20 each, through subdivision and the sale to stockholders of
$2,000,000 (100,000 shares of) new stock at $40 a share (par $20).
The
further 100,000 shares was set aside for subscription by employees.
The
dividend is payable May 1 to holders of record April 17.
Dividends on the
old stock was paid at the rate of 10% per annum (Q.-F.), but beginning
14 years ago the company paid extra dividends in cash of from 2% to 10%.
A quarterly dividend of 2 >£% and an extra 4 Yt % were paid in February last
on the $20,000,000 old stock,
par $100.
V. 110, p. 170.362,467,061.
v
Consolidated
of Springfield and Hartford, has
New York.—New Director.—
Wilder has been elected
Gas Elec. Lt.
firm of Aldred & Co., have been elected directors to succeed the late Charles
T. Crane, and Morton Otis,who resigned.—V. 110, p. 1283, 1181.
New York.—New Director.—
been elected
—V. 109, p.
Consol.
Waldo Newcomer. President of the National Exchange Bank and of the
Baltimore Clearing House, and W. S. Kies, of New York, former VicePresident of the National City Bank and now a member of the banking
is issuea
Exchange has authorized the listing on and after
of $12,500,000 additional capital stock, making the total
authorized to be listed
as a
$37^500,000.
This additional $12,500,000
50% stock dividend (V. 110, p. 1191).
~
Cal. Year
I.
1919.
Balance,
■Aug. 31 Years——
1917-18.
1918-19.
$7,240,782
1,750,000
1,875.000
Net profits
Preferred dividends (7
Common dividends (7
surplus
767.
...
..
$9,574,208 $13,812,127
1,750,000
1,750,000
$3,615,782
$7,824,208 $12,062,127
—V. 110, p. 1191,
Cuban-American Sugar Co.—Reduced Par Value.—
on April 15 authorized a change of capitalization from
100,000 shares, par $100. to 1,000,000 shares, par $10.
The Common
now outstanding will be exchanged for the Common stock of the new
The stockholders
doubled.
stock
Management.—Company is in hands of experienced business men and is
same as that of the Manhasset Manufacturing Co., which has plants in
Taunton, Mass. and Putnam, Conn. (V. 109, p. 276), whose sales in 1919
were over $9,500,000.
par on
the
Carbon Steel Co.—No Stock Dividend.—
Pres.
McKhight is quoted
as
saying that there is
no
Cerro
de
P-asoo-Copper Co.—Production
5,678,000
4,838,000
—V. 110, p. 1091, 766.
Increase.
[ 1920
840,000]
3 Mos.
East Butte Copper
March
1919.
1,909,720
1,700,230
—V. 110, p. 1529, 1092.
1920
truth in the reports
that the directors have considered or are about to consider
a stock dividend.—V.
110
p. 170, 1418.
1920—March—1919.
the basis of 10 shares of new for each one share of old Common stock.
Holders of Common stock will have one vote for each ten shares held, hold¬
of less than ten shares to have no vote.—V. 110, p. 1418, 973.
ers
declaration of
15,012,000 15,260,000
Increase.
483,180
Eagle & Blue Bell Mining Co .—Dividend.—
(Lbs.).—
1919.
Mining Co.—Output (in Lbs.).—
11920
3 Mos.—1919.
209,490 ]
5,108,920
4,625,740
Increase.
Decrease.
248,000
has been declared on the stock, payable Apr. 20
record Apr. 10.
A dividend of 5 cents was paid in March
September 1919.
This makes a total of $1.50 per share paid out in
dividends since Feb. 1, 1913.—V. 109, p. 984.
i
A dividend of 10 cents
to holders of
and
Famous
[Vol. 110.
THE CHRONICLE
1046
Players-Lasky Corporation.—Earnings.—
Year
Consolidated Results for Calendar
Gross Income.......
1919 {Incl. Various Subsidiaries).
......-$27,165,326
.
Operating expenses.
23,032,341
;
Federal income and excess profits taxes,,
1,000,000
—
66,066
Earnings accruing to Preferred stock
*$3,066,319
Net profits for year-».-...wii..^»;
—
*
Equal to $15 36 a share on 199,675 shares
stock.—V. 110, p. 469,1364.
of no par value Common
are offering at 100 and int., yielding 8%, $2,500,000 5-year
8% Convert. Debenture bonds.
Circular shows:
Dated May 1 1920.
Due May 1 1925.
Int. payable in New York
M. & N.
Convertible at the option of the holder into Common stock at
$55 per share.
Denom. $100 and $1,000 (c*).
Red. all or part upon
90 days' notice between May 1 1921 and May 1 1923 at 110 and int., and
thereafter at 105 and int.
Right of conversion expires on date of redemp¬
tion.
Central Union Trust Co., New York, trustee.
Capitalization—
1 .
Outstanding.
Capital stock (authorized $25.000,000)..
.$15,000,420
First Mortgage Conv. 6% bonds, due May 1 1928, $1,799,800,
of which $296,500 will he retired May 1 1920
1,503,300
Five-Year 8% Convertible Debenture bonds (this issue) __
2,500.000
...
Detroit.—100% Stock Div.—
Federal Motor Truck Co.,
In reply to an Inquiry the company states:
"The present authorized
Capital stock is $2,000,000, ail Common stock, par $10, of which $1,000,000
is outstanding.
A stock dividend of 100% has been declared payable May
I 1920 to holders of record April 24.
.
"The cash dividends paid on Common stock during the calendar year
1919 were 29%.
Dividends paid during 1920 to April 1 were 12%, payable
3% the first day of each month."
.
.
Liabilities-
■
$
1918.
1919.
Dec, Zl—
1918.
$
$
,
Sheet Bee. 31.
Balance
1919.
Assets—
Dec. 31—
_
,
266,155
665,408 Capital stock...1,000,000
75,000
108,263 Land contract..
445,781
350,468 Accts. payable..
895,131
665,884
Govt. adv. trac's
2,302,412 2,080,514
Plant accounts.
Dealers' deposits
811,394
177,885
_
Cash
Securities
Notes
Accounts receiv¬
able
Inventory
payable..
......
Accrued expenses
Reserves
$
v
458,888
40,595
| 72,845
476,003
_
1,000,000
471,443
675,000
74,025
95.620
180,272
Surplus
Surplus and profit are subject to
*
year
Total
4,452.977 3,870,537
Habirshaw Electric Cable Co.—Listed.—
The Pittsburgh Stock Exchange has listed 130,135 shares (no par
of the Common stock.
Compare V. 110, p. 1092,1191, 1530.
;-v- .i
■Cf
Thomas C. Curtis Jr.
estimated at $420,000 in 1919, $560,000 in
value)
7-..
<>*'''■, ;V^:\'-'VVvX:-V'7.
,.v-
has been elected a director succeeding
Edwin S.
Webster.—V, 110, p. 1418.
Government taxes to be imposed for
Hocking Valley Products Co.—Earnings.—
1918 and $225,000 in 1917.
~V. 110, p. j291.
W-
••.
Haskell & Barker Car Co.—New Director.—
*1,883,864 1,374,177
4,452,977 3,870,537
Total
Earnings.—Average operating profit for 7 years ended June 30 1919,
$2,377,803; int. on outstanding First Mtge. and Deb. bonds, $290,198.
Company.—Incorp. in 1901 in British Columbia.
Owns copper ore
reserves
of about 22,484,073 tons, also smelter plants with necessary
auxiliary apparatus having a capacity of 3,000,000 pounds of copper per
montft. ' Company is the largest producer of copper in Canada.
Purpose.—To provide funds for liquidating in part the debt incurred for
plant extensions and additional property for which there has been expended
during the past three years about $7,000,000.
[The shareholders were given the right to subscribe to the above bonds at
par.
Rights expired Mar. 31.1—Compare V. 110, p. 875, 1530.
t
Earnings for the month of March
President S, L. Chamberlain reports:
$9,597, making a total of $21,298 for the quarter ending March 31.
This is an increase of $6,715 over the same period in 1919, when the earn¬
were
Fisher Body Corp.—Common Dividend.—
quarterly dividend of $2 50 has been declared on the Common stock,
payable May 1 to holders of record April 20.
An initial dividend of like
amount was paid on Feb. 2 last.—V. 110, p. 81, 565.
ings were $14,583.—V.
109, p. 1890.
A
Ford Moltor Co.—$35,000,000 Notes Renewed.—
On April 16 the company renewed $3.5,000,000 of the $42,500,000 notes
then maturing for 90 days at 6%.
The credit arranged for the company
last July bv Bond & Goodwin and associates, called for an authorized Issue
of $75,000,000 to be in form of three months' bills with three renewals
with the privilege of paying any amount at renewal dates.
Only $60,000,-.
000, however, was actually availed of and $10,000,000 of this amount
was paid off Oct. 16, $7,500,000 Jan. 16 and now a further $7,500,000 has
been discharged.—V. 110, p.
364.
Hollinger Consolidated Gold Mines, Ltd.—Dividend.—
stock
(par $100) and the Common stock to 400,000 shares (no
April 13 increased the 7% Cumulative Pref.
The shareholders on
to 100,000 shares
par value).
The directors have
shares to
.
_
Imperial Tobacco Co. (of Gt. Britain & Ireland), Ltd.
At a
will be issued as of May
In connection with the
1.
300% Common stock dividend, an
official circular
to the stockholders says that stockholders will be given the privilege of sub¬
scribing for the Pref. and Common stock to the extent of one share of Com¬
mon and one share of Preferred for each two shares of Preferred or Common
now held at $135 for the two new- shares.
earnings for 1919 were $3,542,850, and estimated Federal income
$1,000,000.
Earnings are now at the rate of about $5,000,000 per annum, and after
provision for Federal income and excess profits taxes and preferred dividend,
It is estimated that earnings on the Common stock will be in excess of $12
Net
taxos were
per
,
share.
,
President Epstein says:
dividends
to time to
rant.
„
,
"It will be the policy of the corporation to declare
the Common stock at the rate of $3 per annum, and from time
declare extra dividends, both cash and stock, as conditions war¬
on
Application will be made to list the stock on the
New York Stock
Exchange.—V. 110, p. 1418, 469.
General Chemical Co .—Listing—Earnings.—
The New York Stock Exchange has authorized the listing on and after
May 1 of $3,303,400 additional Common stock (authorized $20,000,000),
making the total amount applied for $19,822,900.
The additional stock is
to be issued as a 20% stock dividend payable May 1 to Common stock¬
holders March 31.
Earnings (including sub. cos.) for Jan. 1920, gross profits $685,888;
reserve for insurance, depreciation,
&c., $179,642; net profits $506,246;
surplus Jan. 1 1920 $16,229,054; surplus Jan. 31 1920, $16,735,300.—Com¬
„
pare
V. 110, p. 1191, 557.
£11,000,000. and the greater part of this amount is needed for
in
propose to offer about 5,600,000 to the existing ordinary shareholders,
the ratio of one new share for each three shares held at £2 a share, which
about the £11,000,000 required.
Payment for the new
shares is to be made on or before April 28.
The balance of the Ordinary
shares will be left in the hands of the directors to dispose of in such a way
will give company
as
The directors have
of shares.—V. 110, p. 1419, 1092.
they consider expedient in the interests of company.
present intention of issuing balance
Motor Truck Corp.—To Increase Com¬
Stock—100% Stock Dividend--To Offer 141 *554 Shares
International
mon
to Stockholders at
$50 per Share—Underwritten.—
The stockholders will vote April 27 (a) on increasing the authorized
Common stock from 80,840 to 320,000 shares of no par value; (b) on issuing
70,777 shares to be used to pay the 100% stock dividend declared payable
to holders of record May 7; (c) on offering 141,554 shares to Common stock¬
holders of record May 7 at $50 a share at the rate of two shares for each
share held (i. e. payable on the basis of the holdings prior to the issuance of
the stock
Subscriptions
dividend).
are
to be made on or before May 24
Is to be made in four equal installments, as follows: May 24,
July 24, Sept. 24, Nov. 24 1920.
(d) On approving an underwriting agreement with Hayden, Stone & Co.
for the formation of a syndicate which will underwrite the entire 141,554
shares of Common stock to be offered to the Common stockholders, and
on authorizing the sale to the syndicate at $50 per share of any of the Com¬
mon
141,554 shares not subscribed for by the stockholders; payment for
the shares of Common stock which the syndicate shall be required to take
to be made in four equal installments, as follows: May 29, July 24, Sept. 24,
and Nov. 24 1920.
The underwriting syndicate is to receive a commission
of 2Yi% upon the entire $7,077,700 [nominal value per share $51 of under¬
writing, and Hayden, Stone & Co. are to receive for their services in organ¬
izing the syndicate a commission of $35,388.
(e) On authorizing the issuance and sale of 36,892 shares of Common
stock to officers, agents or employees atlany price not less than $50 per share
and payment
that may be
fixed by the directors.—V. 110, p. 1531, 1084, 470.
and after
May 21 of $12,296,800 additional Capital stock (authorized $175,000,000),
official notice of Issuance upon completion of subscription, making the
amount applied for $135,353,000.
This stock was offered for subsubscription at $125 per share to stockholders of record April 6, in proportion
to their holdings, one share for each ten shares held (V. 110, p. 1191).
The proceeds of this additional stock will be used to provide new buildings,
machineiy and equipment at existing plants .located at Schenectady, N, Y.;
Lynn, Mass.; Pittsfield, Mass.; Erie, Pa.; and other factories.
To pay
for recent acquisitions of land, buildings and machinery at Rochester,
total
Y.; Decatur, 111.; New Kensington, Pa.;
1919.
$7,833,274
Calendar Years—
Stock Exchange has authorized the listing on
on
N.
purchases
already made.
We propose that the capital be increased to £45,000,000
by the creation of 12,000,000 additional Ordinary shares (par £1) of which
International Paper Co.—Annual Report.—
General Electric Co.—Listing.—
The New York
meeting of the shareholders held Mar; 16 G. A. Wills, Chairman,
The amount of additional capital we require is about
said in substance:
no
„
.
authorized a 300% stock dividend on the Common
holders of record at the close of business April 14.
The new stock
resumed in June 1918.—V. Ill, p. 768, 1092.
were
wre
Corp.—Capital Increase—
300% Stock Dividend—Earnings—Dividend Outlook.—
General American Tank Car
has been declared, payable April 21 to holders of record
Like amount has been paid every eight weeks since dividends
A dividend of 1 %
April 10.
Bridgeport, Conn.; and other
cities; and to provide additional working capital to carry
customers' accounts, &c.
Compare V. 110, p. 874, 1191, 1294,
inventories,
1410,1530.
Total
revenue
—
Two-Year Secured Gold notes, dated Nov. 1
1916, and which were extended Nov. 1 1918 at 7%, have been called for
redemption May 1 at 100K and int. at the Philadelphia Trust Co., Phila.
(Compare V. 109, p. 1796; V. 110, p. 663. 1538).—V. 110, p. 1522, 1191.
v
3,513,979
3,686,656
5,117,273
1,500,000
1,500,000
1,461,101
$3,522,026
15,920,846
$7,390,402
16,036,688
...$22,262,167
Total
1918.
1917.
$8,708,682 $13,968,776
$2,819,295
19,442,872
Surplus for year ending Dec. 31
Surplus Jan. 1 carried forward-..
19,442,872 $23,427,090
Stock and cash divs. paid and reserved
for
payment
ferred
General Gas & Electric Co.—Bonds Called.—
...
—
Depreciation, $2,238,433: reserve for
taxes, $908,166; interest,
bonded
debt, $367,380
Regular div. on Internat. Paper Co.
pref. stock (6%)
-w
cum.
in
settlement of de-
divs.
on
,
Internat.
Paper Co. pref. stock
7,506,244
.....—
All of the outstanding 5%
Safety Razor Co.—Extra Dividend.—-
Gillette
An extra dividend of $1 has been
declared
on
the stock, along with the
regular quartetly dividend of $2.50, both payable June 1 to holders of record
Mav 1.
Extras of $1 were paid in June and Novembe r 1918 and in May
1919.—V. 110, p. 760, 663.
(B. F.) Goodrich Co.,
Akron, O.—Refund.—
has notified its stockholders that it will make a refund to
the price of 99 at which they were offered
subscription to its issue of $30,000,000 5-Year 7% notes and the price of
98}4 at which the notes are being publicly offered.—V. 110, p. 1530,1191.
The company
them on the difference between
Goodwin
Preserving Co.,
Louisville, Ky.—]Pref. Stock
Offered.—F. A. Brewer & Co., Chicago, are offering the 8%
Cum. Pref. (a. & d.) stock at 100.
With each share of
Pref. stock purchased the right is extended to purchase 6
shares of Common at $5 per share.
Bankers state:
Dividends
Q.-M.
Beginning 1923 and annually thereafter company
$25,000 p. a. for the retirement of the Pref.
in the open market or called at 107.50.
shall set aside not less than
stock, which shall be purchased
Capitalization (No bonds)—
Authorized.
Issued.
8% CumuL Pref. stock (par $100)
$500,000
$350,000
Common stock (no par value)
100,000 sh.
100.000 sh.
Purpose.—To provide funds which shall be used for further working capi¬
tal and for plant additions and extensions. '*
Year—
1917.
1918.
1919.
1920 (est.)
Gross sales
$1,241,758 $2,409,508 $2,949,177 $4,000,000
During 1919 net profits before interest, Federal taxes, &c., were $155,012.
Granby Consolidated Mining Smelting & Power Co.,
Ltd.—Bonds Offered.—Hayden, Stone & Co., New York.
Total profit and loss surplus Dec. 31$22,262,167 $19,442,872 $15,920,846
The report will be cited fully another week.—V. 110, p. 365.
•■■•v.:
■
.
.'i.'-'.-"
International Products Co.—To Issue Pref. & Com. Shs.
has been called to authorize the sale of
10,000 shares of Pref. and 10,000 shares of Com. stock.
An underwriting
syndicate has been formed to purchase the above shares, one share of Pref.
A meeting of the stockholders
and
one
a global price of $113 75.
syndicate are: American International Corp., William
Stevens, E. J. Berwind, Percival Farquhar and
share of Common at
The members of the
M. Baldwin, Joseph E.
Minor C. Keith.
The sale of the above shares to this syndicate is
binding on the syndicate,
; It is proposed
proceeds for general plant investment in Paraguay and Colombia.
subject to the ratification of the sale by the stockholders.
to use the
International Products is in the business of cattle raising and fattening,
and the manufacture of quebracho tanning extract.
Present
capitalization is 59,975 shares of 7% Pref. stock of $100 each, and 132,500
shares of Common stock, no par value.—V. 110, p. 82, 566.
meat packing
Jackson Furniture Co.,
Oakland, Calif.—Notes Offered.
Stephens & Co., San Francisco, are offering at prices
ranging from 99.88 and int., to 97.38 and int., to yield from 7V% % to 7% %,
according to maturity, $300,000 Serial 7% Gold Notes.
Dated April 1
1920.
Due $30,000 each April 1 1921-30.
Int. payable A. & O.
Normal
Federal income tax of 2%
paid by company.
Central Nat. Bank of
Oakland, trustee.
(
I
1
Company, est. in 1907, operates a large retail store in Oakland, Calif.
Gross sales in 1919 amounted to $1,377,309 and for the past 5 years
averaged over $900,000 per annum.
Net earnings for same period averaged
about $100,000 per annum.
Net earnings for 1919 were $207,550.
Presi¬
Girvin & Miller and
dent H. K. Jackson.
Kansas-Oklahoma Oil &
Refinery.—Rights.—
The company state that they have the right to have
allotted to its nomi¬
provided they are shareholders, the whole or any part of 50,000 of
the 250,000 shares of the United Oil & Refinery Co., Ltd., offered for sub¬
scription (see below).—V. 110, p. 1531.
'
nees,
APR.
17
1920.]
THE
Kellogg Switchboard & Supply Co.
Plant,
taxes
-
Trade
__
Notes & accts. receiv.
notes
Miscellaneous
1919.
Assets—
515,179
payable
reserves
and
:
1918.
$
,
S
Capital stock...x58,675,500
First mtge. bds.
8,851,000
Capital surplus. 67,439,793
Notes payable..
b950,458
re¬
fineries, &c..a.117,763,894
Material & supp. 33,745,043
Miscellaneous..
113,021,160 Accts.
23,460,388 Accts.
514,943
payable-
*
44,003,600
9,508,000
60,278,618
b2,133,333
3,713,071
5,341,833
payable
In
Total
1,658,31]5
6,509,615 6,454,065
Investments'-—
6,463,785
Lib. bds. at par.
U. S. Treas. ctfs.
2,000,519
crude oil..
460,484
c340,885 Taxes, int., &c.
2,150,950 Insurance res've.
1,105,395
76,020
878,528
2,800,700
;
500,000
5,625,000 Adv. payments.
5,998,645
1,120,167
6,226,504
property
1,850,260
5,467,161 Deferred charges
175,997
486,330 Surplus
31,552,658
31,463,523
Due to subscrip.
Due
of cap'I stock.
Includes
1919.
Liabilities—
S
prop.,
pipe lines,
and
-Bal. Sheet Dec.31.
1918,
$
leaseholds, oil
wells, real est.,
*280,571
198,278
Produc'g
miscel¬
surplus
6,509,615 6,454,065
Total
*
Special
1,325,301
65,868
213,975
9,264
28,842
investments-.1,604.854
Cash...
Magnolia Petroleum Co., Dallas, Tex,
§
*310,819
and
laneous accts.
1647
1918.
$
Capital stock
4,000,000 4,000,000
Pay-roll and accrued
estate,
640,688
627,182
machinery, &c—
883.107
Patents & good-will
879,389
Inventories
-_2,950,827 2,993,187
U. S. Liberty bonds372,231
308,965
and
Sheet.-
1919.
Liabilities—
S
$
real
-Balance
1918
1919,
Assets-
CHRONICLE
provision for war excess profits and income tax.
11,723,737
5,162,144
Notes&acets.rec.
The "Chicago Economist" on April 10 said in substance:
"A steady
demand for the stock which has been going on for some weeks carried it
Thursday to 245 and yesterday there were transactions up to 261. Only
are to be had at current figures.
The cause of this movement is
that at the meeting of the board to be held on the
20th, some new financiering will be decided on which will be of benefit to
present owners of the stock.
Directors admit that there is something im¬
portant pending but do not indicate what it is.
Current rumors are prac¬
tically worthless as a guide, such, for example, as that the General Motors
is to take the company over.
Kellogg is somewhat too independent to be
easily coaxed into the arms of a larger corporation unless the inducements are
extraordinary.—V. 109, p. 1991.
Cash.
1,977,400
Adv .to sub
on
1,792,584
63,856
of
pur.
2,126,883
156,699
1,365,913
cos..
on
small lots
found in the expectation
(S. S.) Kresge Co.—March Sales.—
March
1920
11920
Increase.
1919.
3 Mos.
1919.
Increase.
$931,985]$10,099,793 $8,388,835
$4,074,175 $3,142,190
110, p. 967, 1093.
Tot
1
-
182,017,559
157,238,862
Total
-.-182,017,559 157,238,862
Joint Stork Association (unincorporated), capit al 600,000 shares of
$100
each, auth. issue, $60,000,000; held for future subscription,
x
$1,324,500;
outstanding,
$58,675,500.
After deducting $47,873,338 depletion and depreciation reserve,
b Includes amount clue on purchase of property.
c Includes $240,885 New England Fuel Oil Co..
Mexico, 25,000
shares,
value $10: Aztec Petroleum Co., Mexico, 5,000 shares at 100 pesos
each,' $100.000.
:.<>v
v *
No liability has been set up for excess profits and income taxes for
1919.
The increase in capital surplus for the year 1919,
$7,161,121, it is stated,
par
the result of a revaluation of certain oil-producing leaseholds
under certain regulations of the Federal Tax Law of 1918.
was
$1,710,958
—V.
-
a
Comparative income account will be found in V. 110,
p.
p.
made
1419.—V. 110,
i°93.
(S. H.) Kress & Co.—March Sales.—
1919.
$2,480,848
$1,945,696
—V. 110 p. 1093, 1084.
Increase.]
1920— larch
1920—3 Mos.—1919.
$535,1521 $5,740,469
$4,684,095
Increase.
$1,056,374
La Belle Iron Works Co.—Director.—
Clement Steinmetz has been elected
—V.
110,
p.
Mansfield
(O.) Sheet & Tin Plate Co.—Pref. Stock
—
Subscription to $1,500,000 8% Cumul. Pref.
(a. & d.) stock (par $100)
being received at the offices of the Chamber of Commerce at all of the
banks of Mansfield and at the offices of the
company.
Divs. payable
are
a
director to succeed George Greer.
1093.
Lackawanna Steel
new
stock
share (par $100)—
Com. stock, or equal
per
outstanding.
Co.-^Quarterly Report.—
Production and Sales for Five Years.
Summary
1915.
Production, net tons
Sales value
$336,911
$1,997,991
$3,040,522
234,579
40,100
230,400
41,925
233,156
44,262
53,779
458,172
45,906
472,651
87,904
397,917
.loss$449,720
492,519
$1,207,109
124,570
$2,277,282
708,199
1917.
21,255
$5,594,423
1919.
39,042
$1,053,374
-
5 Years.
59,211
;
188.825
$6,759,774 $20,634^281
During the same period the company has paid dividends to Pref. stock¬
and has also paid 8% on its Com. stock since 1915.
Company.—Began operation Jan. 5 1914 with an investment of $300,000.
In 1916 capital was increased by the issue of $300,000 of
Pref, stock and
in 1919 a second issue of $200,000 of Pref. stock was offered.
On Jan. 5
1914 the company began rolling sheets, and units of the
plant comprised
four stand of rolls or mills with a yearly capacity in finished sheets
of less
than 20,000 net tons.
From time to time, as the increased trade warranted
additions were made and by April 1 1920 the plant will have 19 sheet
mills
In operation with a capacity of 100,000 tons of finished sheets
per year.
1
Capital.—As the $500,000 above referred to bore interest at 7% and in
order to put all the Pref. stock on a parity, the company,
by the consent
of ail the holders of the original issue, has converted this
7% into the now
8% stock, thus making the entire Pref. stock outstanding, when sold, $2,000,000 first Pref.
The Com. and Pref. stock is almost entirely owned
in the city of and by Mansfield people.
[In Feb. 1920 companv increased
its capital stock from $500,000 Com. and $500,000 Pref. to
$3,500,000, the
new stock
being all Pref.
Outstanding debt amounts to $135,000.]
Purpose.—The company will construct four 60-ton open hearth furnaces
(at a cost of about $2,000,000) with an equal amount of soaking pit capacity
to produce 12,000 tons of steel ingots
per month, embracing also all the
essential units of a steel plant, and it will be so laid out as to accommodate
additional furnaces as they may be required in the future without
disturbing
the operation of the plant.
:
'
Directors.—W. II.
Davey, Pres. and Treas.;
C. F. Aclterman,
1st
V.-Pres.; Samuel Davey, 2d V.-Pres. & Gen. Mgr.; A. I. Davey, 3d V.-Pres.
& Sec.; B. A. Baxter/ John Davey, R.
W.
Hartman, Harold Davey,
F. A. Davey, James G. Davey.
holders of $70,583,
Interest
on bonds & other obligations—•
Lackawanna Steel Co
Subsidiary companies
Appropriations—
For exting. of mining investments.
For depreciation and renewals
including the
whereas in 1919 $210 per share of par value at
100,
to $310 back of every shares of Pref. stock then
Comparative Income Account for the Company and Its Subsidiaries
Three Months ending March 31—
1920.
1919.
1918.
♦Total net oarnings of all properties,
after providing for all taxes, includ¬
ing excess profits taxes and deduct¬
ing all ordinary repairs & maint'ce.
F. & A.
Red. at 110 and div. y -/;■
Assets.—Balance sheet as of Dec. 31 1919, not
issues, shows increase at the end of 1915 of $114
_
,
Balance, profit, for first quarter.
Unfi'led orders (gross tons)
*
The 1918 figures have been adjusted to the proper
eral tax of $10,950,000 for
year.—V. 110.
p.
proportion of Fed¬
1531.
Liggett & Myers Tobacco Co.—Listing.—
The New York Stock Exchange has authorized the listing of $2,149,600
temporary certificates for Common stock B (authorized $21,-
additional
496,400), par value $100, making the total amount of the Common stock B
applied for $12,897,800.
The stockholders on March 8 1920
authorized the directors to set aside
this 21,496 shares of Common stock B to be sold at par from time to time
to such persons as are now or may hereafter be connected with the manage¬
and operation of the company.
ment
tional working capital.
Loew's
See V. 110,
The proceeds will be used
868, 876, 1093.
as
addi¬
Incorporated.—Subsidiary Company.—
See Loew's Ohio Theatres, Inc.,
Loew's
p.
Ohio
below.—V. 110, p. 1531, 974.
Theatres, Inc.—Pref. Stock Offering.—
Worthington, Bellows & Co., Cleveland, are offering at 100 and div.
$750,000 8% Cum. First Pref. (a. & d.) stock.
Divs. Q-F.
Red. on 30 days' notice at 110 and div.
Capitalization, authorized 8%
1st pref (par $100)
$750,000: 7% 2d pref. stock (par $100), $400,000.
Common stock (no par value), 70,000 shares; outstanding 1st pref., $750,yielding 8%
pref., $364,100; common, 50,250 shares.
Company.—Is the largest subsidiary of Loew's, Inc., New York.
Owns
and operates five theatres in Cleveland and is now erecting the two larg&st
vaudeville-motion picture houses in Ohio.
Also controls the Euclid East
000: 2d
Seventeenth Co. of Cleveland.
>,
,
Sales.—
Loft, Incorporated,
MV-"'
v - •&-"
-.
1020.
...
3 months to March 31
110, p. 966.
1919.
IftC?€Cl$€$
♦
*>.,-$1,652,358 $1,339,858 $312,500
—V.
Loose-Wiles Biscuit Co.—Back Dividends.—
declared
A dividend of $5 25 a share has been
000 2d Pref. stock
on
1915 to Nov. 1 1915.
April 23.
as our
on
the outstanding $2,000,-
account of back dividends, covering period from Feb. 1
This dividend is payable May 1 to holders of record
Pres. 13. L. Hupp, Feb. 21 1920, wrote in substance:
As rapidly
financial condition permits, all of the back dividends on the 2d Pref.
stock will be paid,
and thereafter your directors hope the regular dividends
may be resumed and paid quarterly as and when due.
Until this is accom¬
plished and needed additional capacity is provided for, dividends on the
Common stock will not be considered.
Compare V. 110, p. 876, 870.
'
a
■
v
r-s.
■
McCord Manufacturing
Co.—Stock. Offering.—Merrill,
Cox & Co. and Fort Dearborn Securities Co., Chicago, are
offering at $43
value.
pages.)
per
share 25,000 shares
common
Auth. and issued 125,000 shares.
stock,
(See
no par
advertising
Bankers state:
Company.—Is the largest exclusive manufactuer in the country of radia¬
for engines.
Owns the Racine Mfg. Co.,
automobile body manufacturers; the Russel Motor Axle Co., manufac¬
turers of truck axles, and McCord & Co., manufacturers of motor castings
and railroad journal boxes.
Plants located at Detroit, Mich., Chicago, 111.,
Racine, Wis., Wyandotte, Mich., and at Walkerville, Canada.
Total
floor space, 1,186,000 sq. ft.; employees, 3,500.
Earnings.—Average annual net earnings tor last four years over $804,900.
On current volume of business of $15,000,000, estimated earnings for 1920
ate $1,500,000, or about $12 per share on Common stock.
Continuous
1 dividends on Common stock paid since 1909, excepting in 1913.
Present
rate. $4 per annum, payable quarterly.
See also under "Reports" above.
—V. 110, p. 1295. 366.
Martin-Parry Corporation, N. Y.—Sale of Truck Busi¬
ness—Option to Subscribe to New Company.—
President F. M. Small, 61 Broadway, N. Y\., April 15 wrote in subst.:
In order that your company might not be embarrassed
by competing in
the sale of trucks with some of its largest body
customers, it was voted
unanimously on April 12 by a majority of all of the stock to accept an offer
made by John J. Watson Jr., under date of March 31, by which a new cor¬
poration known as the Atlas Truck Corporation ,#with an authorized capital
of 150,000 shares of no par value (60,000 shares to be
presently issued on
terms which will give the new company $650,000 in
cash), will take over our
Atlas truck department, paying cash for the book accounts and
purchasing
at inventory prices at date of transfer the inventories of
materials, &c.,
including trucks and parts of trucks.
It will also assume all contracts and
will lease upon terms to be agreed upon the portion of the
property at York,I
Pa., now used for truck purposes.
It is estimated that the inventory will
bring between $200,000 and $250,000 cash into your treasury.
John J. Watson Jr. also states that a syndicate will cause the stock of the
new corporation to be offered as follows:
(a) To the Martin-Parry stock¬
holders an opportunity to subscribe at $5 per share for 25,000 shares to the
extent of one share as to each four shares of stock of M.-P. stock held
by
them,
(b) The remaining 35,000 shares of stock to be presently issued will
be sold to the syndicate at $17 per share, less a commission of $2
per share,
the Martin-Parry stockholders to have a preferential
opportunity to sub¬
scribe for the same at $17 per share, before any public offering Is made.
By this transaction there will be released into the Martin-Parry
treasury
for use in its body business, all of the capital now
employed in the truck
department and an opportunity offered to its stockholders to share in the
development and profits of the truck business.
[The privilege to subscribe to such 25,000 shares is given to Martin-Parry
stockholders of record at 3 p. m. April 27 1920.
Subscription warrants
must be returned to the Atlas Truck Corporation at its
office, 61 Broadway,
N. Y. City, by 3 p. m. May 12, accompanied by
payment in New York
funds of the subscription price of $5 per share.
All checks should be
certified.
A. R. Cosgrove is Vice-President of the Atlas Truck
Corporation
and the office of both companies is with the American International Cor¬
poration.—Ed.]—V. 110, p. 1531, 974.
tors for automobiles, and caskets
Manhasset Manufacturing
See Canadian Manhasset
Co. of Mass.—
Cotton Co., Ltd., above.—V. 109, p. 276.
Massillon Electric &
Gas Co —Notes
Offered.—
West & Co., Philadelphia, are offering at 98 H and intL, $200,000
3-year
Seemed 7% notes.
Dated Jan. 1 1920.
Due Jan. 1 1923.
Int.
Coll.
payable J. & J.
Denom. $1,000.
Company agrees to nay 2% of normal
income tax.
Penn.
State tax refunded.
Colonial Trust Co.,
Phila., trustee.
Convertible into First Mtge. 5% bonds at any time within
60 days of maturity at 84, which is about a 6% basis.
Bankers state:
Federal
Capitalization—
Authorized.
$2,000,000
*—200,000
250,000
Common stock (owned by Cities Service Co.)_.—
500,000
"
1st Mtge. 5s
3-Year Collateral 7% notes
6 % Cumulative Preferred stock.
*
-
.
Issued.
x$533,000
200,000
250,000
500,000
$300,000 additional to be Issued, subject to the approval of the Ohio
P. U. Commission, and pledged to secure these notes.
♦ Owned by Cities
x
Manhattan Electrical
'
Supply Co., Inc.—Earnings.—
Gross
profit
-
-
OthS Some
Gross
—
-
-
profit
------
Expenses and Federal taxes.—r
Net profit
-V.
109, p.
1992.
.—
1919.
$6,962,988
$1,910,933
14.076
1918.
1917.
$5,554,399
$1,603,560
12,770
$5,234,324
$1,492,132
61,751
$1,925,009
1,222,099
$1,616,330
1,092,638
$1,553,883
927,998
$702,910
Calendar Years—
Net sales
$523,692
$625,885
Service Co.
•
Earnings for the 12 Months ending October 31 1919.
Gross earnings..
Net after taxes
$630,022 Annual int. on $533,000
1st
5s
and
170,270
$300,000
additional
Balance
Years—
Gross
Net
—V.
110, p. 876.
to
be issued.
$41,650
128,620
1915.
1916.
1917.
1918.
$162,362
81,126
$244,786
113,371
$359,017
102,618
$586,793
145il90
Nunally Co.—Listing—Earnings.—
Maverick Mills.—Extra Dividend.—
An extra dividend of 7M% has been declared on the Common
(par $100) together with the regular quartet!y dividend of 2H%
payable Apr. 20 to holders of record Apr. 15.
An initial dividend of
andanextraof 7Y2% waspaidin Jan. last.—V.110, p. 267.
Maxwell Motor
stock
both
2H%
Co.—Earnings.—
Ledyard Mitchell has issued a statement saying:
"For the
eight months of the present fiscal year commencing Aug. 1 1919,
earnings (before taxes) of the Maxwell Motor Co. amounted to $2,992,000
from production of 49,746 cars and trucks.
The demand for Maxwell
cars continues to be largely in excess of production, and with the best
months just ahead."—V. 110, p. 664, 75.
President
first
Merchants
A dividend
V.
106,
Mfg.
Co.,
.
Increase.
$4,765,378
Mississippi River Power Co.—Annual Report.—
Calendar
iears—
1919.
1917.
$2,213,392
$1,766,406
$1,976,461
$1,612,066
1,230,735
Sinking fund.
1918.
$2,321,954
$1,799,325
Net, after taxes
Interest and amortization
1,250,907
1,176,804
191,909
194,753
$323,590
$240,509
-
$568,590
Balance, surplus
—V. 108, p. 1064.
Mullins Body
Corporation.—Dividend.—r
quarterly dividend of $1 has been declared on the Common
stock, payable May 1 to holders of record April 17.
Like amount was paid
on
Feb. 1.
An initial dividend of 75 cents was paid on Nov. 1 1919.
The regular
—Y. 110, p. 566.
172.
Stock Offered.—Lee,
Nashua Manufacturing Co.-—Pref.
Higginson & Co. are offering, at 100 and div., $1,375,000
7% Cum. Pref. (a. & d.) stock.
Circular shows:
Capitalization.—After this financing, authorized and outstanding: Pref.
No bonds.
Purpose.—To provide additional working capital.
See provisions and previous offerings and report, &c., in V. 108, p. 2334,
stock, 7% cum., $5,000,000: Common stock, $5,000,000.
2438; V. 110, p. 1295, 1532.
1919.
Total
23.75c.
$8,535,728 $16,787,656 $20,279,722
8,199,704 14,437,280 12,448,343
$336,024
-
—
21.04c.
$2,350,376
1,051,694
$7,831,379
$3,402,070
1,199,674
$9,124,631
7,298,018
744,383
—-
$1,110,407
income
Dividends from earnings-----------
--------
$1,110,407
10,049,310
Surplus
Previous surplus (adjusted)
Total
82,040,508
76,607,062
18.666c.
Net income
Other Income------.
surplus————
Dividends, capital distributions
Contribution to Red Cross, &c_
1,293,252
$2,202,396
13,180,525
$1,826,613
12,353,643
—$11,159,717 $15,382,921 $14,180,256
2,999,185
5,298,561
999,729
-----150,000
Total surplus from operations
—V. 110, p. 876. 1193.
—
$8,160,532
$9,934,360 $13,180,525
New Britain
(Conn.) Machine Co.—Pref. Stock Offered.
Bodell & Co. and The Charles W. Scranton
Co., are offering at 100 and div. $1,000,000 8% Cum. Pref.
(a. & d.) stock, par $100.
—Richter & Co.,
Divs. Q.-J.
Red. all or part on any div. date at 110 and div.
Company
shall set aside annually, beginning Dec. 31 1921, a sum sufficient to retire
4% of the Pref. stock
theretofore issued, at the lowest price offered
up
to
Data from Letter of Treas. H. H. Pease, New Britain, Conn., April 7.
Company.—Incorp. in June 1895 in Conn.;'until 1911 manufactured
principally wood-working machinery, particularly the Chain Saw Mortiser
and tools.
In 1911 purchased the business and assets of George G. Prentice
& Co., New Haven, manufacturers of a multiple spindle automatic chucking
machine, and in 1913 the patents and machine business of the Universal
Machine Screw Co., Hartford, manufacturers of multiple spindle bar
machine.
In 1919 established a screw products department.
Company manufactures multiple spindle automatic chucking machines,
automatic screw machines and screw machine products, wood-working
machines, including the chain saw mortiser and tools, pressed steel shop
furniture and the New Britain tractor.
Plant is sold up through Sept. of
1920.
Company's business is diversified and not contingent upon the
of
comparatively few industries.
Purpose.—Proceeds will be used as additional working capital.
Dividend Record Since
1912.
1912-1914.
1915.
1916.
1917.
1918.
10% yearly
Cash regular.
do extra*
10%
2.5%
10%
5%
10%
5%
25%
10%
7.5%
-
Stock
CapitaVn April 7 1920 (No Bonds)—
8% Cumulative Preferred stock (this issue)
Common stock (paying 10% and extras)
Net
and Profits,
Sales
1919.
10%
—-
Authorized. Outstanding.
$2,000,000 $1,000,000
5,000,000
|2,000,000
after Maintenance, Depreciation & Taxes.
1919.
$2,010,933
$4,031,710
$2,974,061
310.763
208,814
351.507
(Chairman); H. H. Pease (Pres. & Treas.),
A. Buol (V.-Pres.), S. T. Goss (V.-Pres.), C. R. Hare (V.-Pres.), R. S.
Brown (Sec.), H. E. Erwin (Asst. Sec.), M. C. Swift, J. E. Cooper, C. J.
Parker, A. J. Sloper.—V. 110, p. 1532, 1419.
-915.
1912.
Net sales—
1917.
1918.
$1,467,376
301,669
$494,185
Prof .for divs
71,109
Directors.—F. G. Piatt
New
Cornelia
Copper Co.—Copper Output' {Lbs.).—
1919.
3,516,000
2,434,000
—V. 110, p. 1419. 1094.
1920—March
Increase.
I 1920——3 Mos.
1919.
9,624,000
1,082,0001 10,388,000
Increase.
764,000
New York Harbor Dry Dock Corp.—Acquisition.—
has purchased the Bayles Shipyard for the sum of $2,025,-
The company
000.
See V.
Dated March 1
110, p. 770.
1920 to March
Mtge. 5% bonds due July 1 1944 at 90.
Company agrees to pay the nor¬
mal Federal income tax up to 2% and refund the State of Penn. 4 mill tax.
Company.—Formed in
Ohio
and
business July 23
commenced
1914.
At its organization became the direct
assets
franchises and business of 15
legal owners of all the properties
independent telephone comapnies
which had been in successful operation for a number of years, since then
having taken over two additional telephone companies.
In addition to the
companies consolidated has leases upon and owns the stocks and bonds of
other companies.
The properties comprise 78 local telephone exchanges in Ohio, including
systems in Cleveland, Columbus, Toledo, Dayton, Akron, Youngstown,
Canton, &c., embracing 148,00,0 stations.
Also a comprehensive system
of long distance toll lines of more than 34,000 miles of line wire.
The com¬
pany has connections with long distance systems in eight other States.
Franchises.—Franchises are unusually satisfactory, being for the most
part unlimited as to time.
Capitalization March 1 1920 (after this financing). Authorized. Outstand.
Underlying bonds (closed mortgages)
$6,976,400
Consolidated & Ref. 5% bonds (due 1944)
.$20,000,000
4,999,156
4-year Convertible notes due Dec. 1922
1,300,000
1,300,000
Serial 7% Convertible notes (this issue)
1,000,000
1,000,000
7% Cumulative Preferred stock
10,000,000
6,617,425
Common stock----—-—.-.—...
7,500,000
5,205,475
—
-
Earnings Year ended Dec. 31 1919.
Total operating revenues (principally Government compens'n)
Net after total oper. expenses incl. maintenance & taxes
Annual int.
.$3,403,794
2,000,795
861,439
bonds and notes outstanding after this financing
on
available for depreciation and dividends.
$1,139,356
Purpose.—Proceeds will be used to retire underlying bonds maturing in
Balance
Omaha Gas Co.—Purchased by
City.—
The City of Omaha has purchased the
company's gas plant at the ap¬
value of $4,500,000.
The city has accepted the bid of Burns,
Brinkler & Co., of Omaha, for the purchase of about $4,500,000 City of
Omaha 5% bonds at par and interest, to finance the acquisition of the plant.
The company signified its willingness to accept the bonds at par in payment
for the gas plant.
See "State and City Section."—V. 110, p. 770.
praised
Orpheum Circuit, Inc.—Vaudeville Houses No Trusts.—
The
Trade
Federal
Commission
on
March 31
decided that
no
illegal
of vaudeville houses existed under the Clayton Act or any
combination
other law and dismissed the complaint brought by an actors' organization
against the vaudeville managers.—-V. 110, p. 1094, 975.
Pan-American Petroleum & Transport Co.—Listing.—
Cable advices recently
received by Blair & Co. state that the London
Stock Exchange has admitted to list the company's Class B Common stock.
This is the first London listing of an American issue since the outbreak of
the World
stock
was
War.
Several months ago a substantial block of the Class
B
taken by British interests.—V. 110# p. 975, 567.
(J. C.) Penney Co.—March Sales.—
1920—March—1919.
Increase. I 1920—3 Mos.—1919.
$2,423,334
$1,857,204
$566,1301 $5,642,003 $4,472,524
Official.—V. 110, p. 1193, 1181.
Increase.
$1,169,479
Phillips Petroleum Co.—Additional Stock.—
The company is to offer 128,000 shares of stock to
its present stockholders
of record April 30 at $26 25 a share, in the ratio of one share of new stock
for every four shares now held, thereby bringing the total outstanding
640,000 shares.
Payment is to be made on or before May 20
Trust Co., New York.
The proceeds will be used to liquidate
obligations incurred in the purchase and development of properties.
Since
Jan. 1,174 wells have been drilled or purchased by company.
For the three
months ended March 31 net earnings before depreciation amounted to
$1,169,224, compared with $340,770 for the corresponding period of 1919.—
V. 110, p. 1094.
up to
at Guaranty
Pierce Oil
New York & Honduras Rosario
Mining Co.—Divs., etc.
The directors have voted a distribution equal to 5% of the
Consolidated Income Account Period Jan.
$4,756,016 Interest.
1 to Nov. 30 1919.
capital stock,
5,021,709 Net for period
Miscellaneous expenses.__
206,472 Preferred dividends
Depletion & depreciation. 1,090,649 Balance, surplus
—V. 109, p. 1531.
Total
income
Pittsfield
(Mass.)
Electric
Co.—To Increase Stock.—
The Massachusetts P. U. Commission will hold
a public hearing April 22
the company's application for authority to issue$125,000 additional
capital stock on account of extensions and additions, &c.—Y. 108, p. 884.
upon
(Thos. G.) Plant Co., Boston.—Earnings.—
Calendar Years—
1919.
Net
earnings
$1,616,424
excess profits and income taxes.
341,200
Preferred dividends (7%)
175,000
Common dividends (6%)
150,000
Balance,
—V. 108, p.
A stock dividend of 100% has been declared on the capital stock.
This
increased the outstanding stock from $5,000,000, par $100, to
$10,000,000.—V. 106, p. 713.
action
Northwestern Leather Co.,
Boston.—300% Stock Div.
The company has filed a certificate with the Commissioner of Corporations
stating that the directors have recommended a stock dividend of 333% on
the Common stock.
The company has increased the Common stock from
$900,000 to $2,500,000 and has increased the par value of the shares from
$25 to $100.
Compare V. 109, p. 583.
surplus.
1826.
Pressed
H. A. Guess and A. R. Gordon have been elected
Vice-Presidents.—V. 110, p. 267, 1295.
Providence.—Stock Dividend.—
$669,829
3,054,758
300,000
2,754,758
Trading profits
ington S. Valentine.
Nicholson File Co.,
Corp.—Listing—Earnings.—
York Stock Exchange has authorized the listing of $750,000
(authorized $33,000,000) Common stock, par value $25, making
the total amount applied for $22,728,450.
This stock has been sold for
cash and the proceeds received will be used for corporate purposes in develop¬
ment of oil leases, liquidation of current bank loans, &c.
Since Sept. 22 1919 "considerable expenditures have been made in the
development of leases and the drilling of wells in the Corporation's proper¬
ties in the Ranger Field.
In the Ranger, Texas, Oklahoma and Kansas
oil fields the company has more than 76,000 acres of oil leases and is engaged
in the drilling of 24 wells on these leases, as well as the construction of gath¬
ering lines, tankage and other development work.
More than 150 new
motor vehicles have been added to the equipment."
The claim of the
corporation against the British Admiralty for replacement value of the U.S.
"Eupion" (Tank Ship Eupion S. S. Company) has been allowed at £164,000,
and the money has been deposited to the credit of the corporation.
The $1,383,800 Five-Year 6% Conv. notes, due Dec. 31 1920, were paid
off on Dec. 31 1919, at par and int. and the $5,006,200 Ten-Year debentures
of 1924, were paid off Jan. 2 1920, at 105 and int.
The New
additional
Fed.
3% for dividend and 2% for amortization, both payable Apr. 27 to holders
of record Apr. 17.
A like amount was paid in Jan. 1919 and 1920.
Louis
L. Clark has been made Chairman of the board to succeed the late Wash¬
Due $100,000 semi.ann. Sept. 1
1920.
Denom. $1,000.
Int payable at J. P. Morgan & Co. New York
of trustee, State Savings Bank & Trust Co., Columbus, O.
Convertible at any time on and after March 1 1921 into Condol. & Ref.
office
at
capital
$110 per share.
success
Ohio State Telephone Co.—Notes Offered.—Bodell &
Co., New York, &c., are offering at prices ranging from
99.76 and int. to 99.95 and int. to yield from 7A% to 8%,
according to maturity, $1,000,000Serial 7% Conv. G. notes.
1917.
1918.
43,971,892
Exchange has authorized the listing of 160,000
1920 and to reimburse Treasury for underlying bonds previously retired.—
V. 110, P. 1419,1094.
Nevada Consolidated Copper Co .—Report.—
Copper produced, lbs—
Avge. f. o. b. seaboard
Operating revenue
Operating expenses
Stock
capital stock, no par value.
Data from Letter of Pres. C. Y. McVey, dated Columbus, O., April 1.
Miller Rubber Co.—March Sales.—
1920
March
1919.
Increase.
11920
3 Mos.
1919.
$3,698,364 $1,824,149
$1,874,2151 $9,728,905 $4,963,527
—V. 110, p. 769, 1093.
Gross earnings..!
York
New
Earnings for cal. year 1919: Net sales, $2,620,616: total income, $2,675,448; gross profit's, $1,502,900: net profits, $525,158; dividends $100,000,
surplus after dividends, $425,158.
Compare V. 110, p. 665.
or
declared on the stock, payable May 1 to
In Feb. last, a dividend of $8 was paid.—
Apr.i 13.
927.
p.
The
shares of
1 1925.
Fall River.—Dividend.—
of $10 has been
of record
holders
[VOL. 110.
THE CHRONICLE
1648
———
common
$924,525
160,235
175,000
150,000
$470,715
$439,290
Steel Car Co.—Dividends.—
A director says in substance:
in
$950,224
1917.
1918.
$1,051,715
256,000
175,000
150,000
"Neither
dividend has been discussed.
along these lines, the conservative
dividends."—V. 110, p. 761.
course
a
stock dividend
nor an
increase
If in the future we do anything
would be to increase the Common
Queen City Cotton Co.—Stock Dividend, &c.—
An extra dividend of 3% has been declared on the $750,000 capital stock,
along with the regular dividend of 2%, both payable May 1 to holders of
record April 14.
The dividends are numbered 96 and 97.
A stock dividend
of 100% was also declared in accordance with power granted by the stock¬
holders Aug. 6 1919, and will be payable to holders of record April 15.
In
1917 dividends totaling 11% were paid; in 1918, 12%.
No dividend record
on hand for year 1919.
A. M. Young is Treasurer, Burlington, Vt.
Apr.-17 1920.]
Rand Mines,
1920
March
THE CHRONICLE
Ltd.—Gold Output {in Ounces).—
Decrease.
1919.
707,036
712,379
—V. 110, p. 173, 1532.
5,343
I 1920
j
3 Mos.
2,002,869
1919.
2,025,166
Decrease.
22,297
Ray Consolidated Copper Co.—Annual Earnings.—
Calendar Years—
.1919.
1918.
1917.
Consolidated Balance Sheet
Financing,
______
sur. or
def_def$l ,488,087
def$472,377sr$3,077,016sr$7,378,473
Tqdal^sxmplxis^from oper_ $14,929,732 $16,417,819 $16,890,196 $13,813,178
(Robert) Reis & Co.—Listing.—
The New York Stock Exchange has authorized the
listing of temporary
certificates for $2,250,000 First Pref. stock (par $100) and
100,000 shares
of Common stock (no par value), with authority to add
15,000 shares on
official notice of conversion of 7,500 shares of 2d Pref. stock
(no par value),
and also with authority to add 10,000 shares on official
notice of issuance
and payment in full.—V. 110, p. 1095, 268.
Rivett Lathe & Grinder Co.,
A.
F.
Brighton, Mass.—Pres.—
Orcutt,
President
and
formerly Vice-Pres. and Gen. Mgr., has been elected
Gen. Mgr. to succeed Philip Cabot.—Y.
107, p. 1835.
certificates of
Exchange has authorized the listing of temporary
Equitable Trust Co. of New York for 222,000 American shares
so-called and temporary certificates of Equitable Trust Co. of New York
for 704,354 New York shares so-called,
representing ordinary stock of the
Royal Dutch Co. with authority to add before Jan. 1 1921 additional tem¬
porary certificates for New York shares so-called.—V, 110, p. 559, 567.
Sapulpa
Refining
Co.—Equip.
Trust Notes Offered
—
Union Trust Co. and Taylor, Ewart & Co., Chicago are
offering at prices
ranging from 99.75 and int. to 97.73 and int. to yield from 7Y2 % to 7M%
according to maturity $600,000 Equip. Trust Secured 7% Serial Gold notes.
Dated April 1 1920, due semi-annually from Oct. 1 1920 to 1923. Denom.
$500 and $1,0001
Int. payable A. 6c O. at First Trust & Savings Bank,
Chicago, Trustee.
Company will pay the normal Federal income tax not
to exceed 2%.
A sinldng fund of $15,000 per month is provided for.
Security.—Secured on 438 all-steel tank cars of 8,000 and 10,000 gallon
capacities valued at $1,299,750.
Company.—Since 1909 has engaged successfully in the purchase and re¬
fining of crude oil.
Main plant at Sapulpa has a capacity of 6,500 barrels
daily.
Company has extensive oil holdings in Kansas, Texas and Okla¬
homa, and owns 100 miles of pipe line.—V. 109, p. 1185.
Sheffield Iron Corporation.—New Director.—
W. S. Reed has been elected
—V.
a
director to succeed the late James Gayley.
105. p. 2462.
Shell
The New York Stock Exchange has authorized the listing of
temporary
of Equitable Trust Co. of New York for 375,000 American
shares so-called for ordinary shares of the Shell Transport &
Trading Co.,
with authority to add on or before Jan. 1 1921 additional
temporary certifi¬
cates.—V. 110, p. 268.
Silversmiths
Co.,
Providence.—Officers.—
John S. Holbrook has been elected
William S.
Stone,
as of Dec. 31 1919, after
Completion of Proposed
Acquisition of Common Stock of Salisbury Axle Co.
Liabilities-
Real estate, plant, &c
Goodwill, patents, &c
Com. stk. of Sal. Axle Co.
Cash
Accounts & notes receivMarketable securities
$3,694,719 Preferred stock
$3,000,000
5,007,181 Com. stk. (313,750 shares
593,750
represented by)
7,543,750
2,947,462 6% 5-year serial notes.
3,000,000
1,832,065 Shel. Axle & Spr. bonds__
244,000
______
__
127,243 Purchase money mtge___
5,150,452 Bills payable.
352,875 Accounts payable
Total
1,649,703
1,233,473
Reserved for Fed'l taxes.
Inventories
Prepaid & deferred items.
1,325.018
President, Harry A. Macfarland ViceSec., and Arthur Gr. Folsom, N. Y., Treas.—
Y. 108, p. 2130.
37,000
(each side)_____$19,705,746 Surplus
1,672,801
Net income for the past four years averaged over six times the amount
required for dividends on the Preferred stock.
For further description of Pref. stock, history, property,
earnings, &c.,
see
V. 110, p. 877, 976, 1420,
1532.
Spring Valley Water Co.—Notes.—
The $2,500,000 6% Three-Year notes recently sold at par and int
by a
syndicate of San Francisco bankers are dated Mar. 1 1920.
Int. payable
M. & S. at office of the company.
hit. date at 101 and int.
Union
Denom. $1,000 (c).
Trust
Co.
of
San
Callable
Francisco,
on any
trustee.
Secured
—V.
by company's Gen. Mtge. bonds in ratio of 80 note to 100 bonds.
110, p. 1095. 976.
Capital Stock.—
The stockholders will vote May 3
on increasing the authorized Common
$7,500,000 to $15,000,000.
In addition to the Common stock
the only other shares outstanding are $6,488,000 6%
Non-Cumulative
Preferred stock.
If approved by the stockholders the new issue will
bring
the total capitalization up to $21,488,000.
Secretary J. A. Neville says:
"The constant growth of the company's business will probably necessitate
increases in the capacity of its plants and properties,
involving from time
to time considerable capital expenditure and
requiring additional working
capital.
To provide funds for these purposes, and to take care of the
bonded debt of subsidiary companies, as the same
mature, and for other
corporate purposes, the directors deem it desirable and recommend to the
stockholders that the authorized Common capital stock of the
company
be increased from $7,500,000 to $15,000,000, so that there
may be stock
available from time to time, as and when required."—V. 109, p. 2077.
.
stock from
Standard
Motor
Construction
Co.—Dividend.—
The regular quarterly dividend of
% has been declared on the Capital
stock, payable May 3 to holders of record April 5.
Like amount was paid
Feb. 2 last.
In June 1919, a dividend of 5% was paid.—V. 110, p. 173.
Standard
Oil Co. of New Jersey.—$100,000,000 Addi¬
tional 7% Cumulative Pref. Stock—Common Stock Holders of
Record May 14 to Have Right to Subscribe at Par for 100%
($98,338,300) Therein
on or
Before June 15—Financial Report.
—The Common stockholders will vote May 5 on the
Transport & Trading Co.—Listing.—
certificates
Pres.,
Incl.
yLssctS'
Standard Milling Co.—To Increase
Royal Dutch Co —Listing.—
The New York Stock
Dividends payable Q.-J.
Red., all or part, on any div. date, after 3
years from issue, on not less than 30 days' notice, at 110 and div.
Begin¬
ning with Jan. 1921, a sinking fund will be established to retire in each year
for five years not less than 3% of the largest amount of Pref. stock out¬
standing, and thereafter at least 5% of such stock outstanding.
1916.
Copper production (lbs.) 46,011,371
83,599,160
88,582,649
74,983,540
Average price per pound
17.905c.
22.941c.
23.986c.
26.724c.
Operating revenue
$8,252,505 $19,209,311 $21,278,071 $20,060,783
Net earnings
1,066,519
4,414,112
9,978,656
11,860,150
Other income
300,124
389,344
437,647
224,016
Sundry ad just., &c.,
Cr.299,628'
150,000
715,133
367,738
Dividends from earnings
5,125,832
5,835,562
4,337,954
Divs. from capital distrib.
3,154,358
788,590
Balance,
1649
(1)
following:
To increase the cumulative 7% non-voting Pref .stock from $100,000,-
000 to $200,000,000;
(2)
To authorize the board of directors to offer $98,338,300
par amount
of such increase of Pref. stock to Common stockholders of record May 14
ratably for subscription at par in cash;
(3) To ratify an agreement entered into by the corporation with Messrs.
J. P. Morgan & Co. for the underwriting of such subscriptions by the
stockholders, for a compensation equal to 1 % of the par amount of the stock
1920,
so
to
(4)
be offered
for subscription:
To authorize the board to dispose of the remaining $1,661,700 of said
Preferred stock, at not less than par, to such persons, at such times and
in such amounts as It shall deem proper.
new
Southern California Iron & Steel Co.—Bonds Called.—
All of the outstanding 1st M. Serial 6s of 1914 have been called for
pay¬
May 1 at 103 and int. at Los Angeles Trust & Savings Bank, Los
ment
Angeles,
or at
the Bankers Trust Co., New York.—V. 109, p. 2177.
Southwestern Bell Telephone Co. (Missouri).—Notes
Offered.—Guaranty Trust Co. and Morton & Co., Inc.,
Kidder, Peabody & Co., Illinois Trust & Savings Bank and
Halsey, Stuart & Co., Inc., are offering at 973^ and int.,
to yield over 7.60%, $25,000,000 Five-Year
7% Convert.
Gold notes (see advertising pages.)
Dated April 1
1920.
Due April 1 1925.
Int. payable A. & O. in N. Y.
Denom. $1,000, $500 and $100 (c*).
Red. on 60 days' notice, all
part, ,on any int. date, at 103 and int. on or before April 1 1922; at 102
and int. thereafter and on or before April 1 1924; and at 101 and int. there¬
City.
or
after.
Convertible at any time on or before maturity, into the 7% Cumul.
Pref. stock, par for par, with adjustment of int. and divs.
If called for
redemption, notes may be converted up to and including the redemption
date.
Guaranty Trust Co., New York, trustee.
Data from Letter of Pres. E. D. Nims, St. Louis, Mo., April 8 1920.
Company.—Incorp.
in Missouri in 1882.
Upon completion of merger
being effected, will directly own and operate the properties of the
Telephone System throughout the States of Missouri, Kansas, Arkansas,
Oklahoma and Texas, which for many years it has owned or controlled
through subsidiary companies.
The company's plant js carried on its books at $89,200,000 against which
it has set up reserves for depreciation of $17,675,000; the present repro¬
duction cost is conservatively estimated at over $120,000,000.
Company also owns the entire capital stock of the Southwestern Bell
Telephone Co. (of Illinois), which owns and operates the Bell Telephone
system property in East St. Louis, 111., and over 90% of the capital stock
of the Dallas Telephone Co.
In addition seven smaller telephone com¬
panies which operate in the above territories are controlled and the company
connects with other systems which it does not own.
Franchises.—The franchises of company and its subsidiaries are in every
respect satisfactory.
now
Bell
Capitalization after this Financing—
Authorized. Outstanding.
Underlying bonds
$1,251,400
5-year 7% Convert, notes (this issue)
$50,000,000 $25,000,000
7% Preferred stock
100,000,000
*None
Common stock (all owned by Am.Tel. & Tel. Co.).100,000,000
60,000,000
Subject to such authorization, the privilege will be given
May 14 to subscribe on
or before June 15 1920, at par, at Guaranty Trust Co., 140
Broadway, N. Y., for an amount of the new Preferred stock,
equal to the par amount of their holdings of Common stock.
to Common stockholders of record
Subscriptions will be payable in cash, at the subscriber's option, either
(a) in full on or before June 15 1920, or (b) in four equal installments on or
16 and Sept. 15 1920, respectively.
Stock
paid for in full on or before June 15 1920 will be issued on or as of that
date, and will draw cumulative dividends from such date of issue at 7%
per annum.
Stock paid for in installments will be issued on or as of Sept. 15
1920, and will draw 7% cumulative dividends from such date of issue.
Int.
at 6% per annum to Sept. 15 1920 will be paid by the company on all install¬
ments previously received.
At the option of the subscriber, any install¬
ment may be prepaid, such prepayment to carry interest, if made on an
installment date/from the date of payment, or, if made on an intermediate
date, then from the next succeeding installment date.
Payment of any
such interest will be made at the time of the delivery of the stock certificates,
respectively.
before June 15, July 15, Aug.
Subscription warrants will be mailed on or shortly after May 14 1920.
The subscription price is payable by certified check (N. Y. funds) to
Guaranty Trust Co. at its office in N. Y. City.
European stockholders
may, if they desire, make payment in the equivalent of N. Y. funds to said
Guaranty Trust Co. of N. Y. at its offices, viz.: (1) at 32 Lombard St. E.C.,
London, Eng.; (2) 5 Lower Grosvenor Place S.W., London, Eng.; (3) Rue
des Italiens 1 and 3, Paris; (4) 158 Rue Royale, Brussels.
The company's financial statement of April 14, with earn¬
ings and balance sheet for year ending Dec. 31 1919, will be
found under "Financial Reports" above.
For company'sv
output of gasoline, &c., see V. 110, p. 1532.
Steel & Tube Company
Wm.
issue of $100,000,000 $50,000,000 will be reserved
for the conversion of this $50,000,000 issue of notes.
Of the authorized
Purpose.—Proceeds of the present issue of notes, together with the pro¬
ceeds from the recent sale or $4,500,000 additional Common stock to the
American Telephone & Telegraph Co., will be used for new construction
to provide for the growdh of the business and for the reduction of the com¬
pany's floating debt, thus materially improving its working capital position.
Approval.—The Missouri P. S. Commission has approved the Issue of
these notes and the P. S. Commissions of Kansas, Arkansas and Oklahoma
have acquiesced and concurred in the plan of merger.
Earnings
Years ended Dec. 31.
1915.
g
Gross telep.revs_19,013,921
Net avail, for int.
1917.
$
$
1918.
$
20,719,034 22,845,232 24,959,706
1919.
$
29,oi9,993
4,694,765
5,027,476
4,780,833
4,840,961
6,061,385
Sur. after Federal
taxes & interest 3,616,813
3.879,689
3,295,961
2,929,227
3,895,190
(after
deprec)_
1916.
—V. 110, p.
1532.
Spicer Manufacturing Co.—Preferred Block Offering.—
Merrill, Lynch & Co., N. Y., and Cassatt & Co., Phila., are
offering at 100 and diyl, by advertisement on another page,
thd unsold balance of $3,000,000 8% Cum. Pref. (a. & d.)
stock.
Par, $100.
OverJ$2,000,000 of the issue has been
sold.
Bankers state:
Reed
&
of America.—Earnings.—
Co., New York, report that the earnings for March
requirements on the outstanding $17,500,000 7% Pref. stock.
Earnings for the First Quarter of 1920.
$18,575,355 Tax reserves, &c
3,046,457 Interest charges
Miscellaneous income
107,659
Sales
Gross
*
A.
exceed the best previous month.
Net after taxes was $1,163,342 and after
interest charges of $135,254 there remained $1,028,088 available for Pre¬
ferred stock dividends of $102,083, or more than ten times the dividend
oper.
profits
$356,775
400,837
Net for Pref. divs
Total
income
$2,396,504
$306,250
the dividend
the outstanding Pref. stock.—
$3,154,116 Pref. divs (3 mos.)
The quarter's available earnings are thus nearly eight times
requirements for the period ($306,250)
Compare V. 110, p. 1532.
Stutz
Motor Car Co.
New York Stock
The
on
|
of America,
Exchange—Traded in
on
Inc.—Removed from
the Curb.—
Governors of the New York Stock Exchange,
complying with the
request of Allan A. Ryan, removed the stock of the Stutz Motor from
the list on April 14.
There was an open market for the stock on the Curb
on April 16.
A total of about 400 shares changed hands and a new high
level at $724 a share was established.
See under "Current Events" in
this issue.—V. 110, p. 1141, 1420.
Sutter Basin Co.,
Sacramento.—Bonds Called.—
All of the outstanding First Mtge. 7% Serial gold bonds, dated May 1
1918, issued to the amount of $5,000,000 (compare V. 106, p. 2127), have
been called for payment May 1 at par and int. at the office of the company;
the Continental & Commercial Trust & Savings Bank, trustee, of Chicago,
and at the Anglo-California Trust Co., co-trustee, of San Francisco.—
V.107, p.516.
Texa3
Co.—Listing.—
authorized the listing of $85,000,000
capital stock, par $25, on official notice of issuance in exchange for present
outstanding $100 par certificate in the ratio of four to one.—V. 110, p. 1297,
1194, 1182.
The New York Stock Exchange has
Auto Supply Co., Inc.—To Increase
Times Square
Stock.
(1) on Increasing the authorized
Capital stock from 80,000 shares Common, no par value and 20,000 shares
Preferred, par $100, to 300,000 shares Common and 20,000 shares Preferred;
(2) on Increasing the stated capital from $2,400,000 to $3,500,000.
Condensed Balance Sheet Dec. 31 1919 (Total each side, $3,761,578).
"
Liabilities—
••
$533,827
Bldg. & leasehold (less reserve)
Furniture and fixtures..
Times Square Auto
par).
Com. stk. (70,000sh., no
10,000
....
Surplus, unappropriated
Surplus for Fed. taxes (est.)..
2,471,342
160,392
inventory
Cash
Bond and
727,347
100,000
42,511
mortgage
2,927
ings stamps
356,323
34,271
Dividends payable
Due
for
unpaid salaries
and
Capital—Stock Div.—
increasing the authorized Com¬
(2) on increasing the board of
directors from 5 to 7 members; (3) on setting aside 20,000 shares (par $100)
of Common stock for subscription by employees at not less than par.
President John Warner states: "The capital increase is advised primarily
because the board of directors is of the opinion that some distribution of
the surplus of the company should be made in the form of a stock dividend
to the Common stockholders."
It is expected the company will authorize
a 75% Common stock dividend.—V. 110, p. 568.
The stockholders will vote May 18 (1) on
stock from $14,000,000 to $25,000,000;
(J. Spencer) Turner Co.—100% Stock
will vote April
The stockholders
Dividend.—
27 on increasing the Common
from 20,000 shares (par $10) to 100,000 shares.
Common holders
on that date will have the right to subscribe for 32,500 shares of
stock
of recor.d
Common
At present 17,500 shares of Common are outstanding, so
that after the subscriptions have been completed 50,000 shares will have
been Issued and outstanding.
The directors will then declare a dividend
of 100%, payable to Common stockholders in Common stock, and the
entire 100,000 shares of Common stock will then be outstanding.
The
company has also $1,150,000 7% Cum. Pref. stock (par $100) outstanding
—V. 108, p. 487.
stock
at
par.
& Paper Co.—Stock Dividend of 50%.—
Union Bag
The directors have declared a stock
dividend of 50% on the capital stock.
No date has yet been decided as to when the dividend will be paid.
The stockholders will vote May 4 on increasing the authorized capital
$10,000,000 to $20,000,000.
It Is stated that dividends at the
annual rate of $8 will be continued on the shares.—V. 110, p. 1412,1297.
stock from
Union Tank Car Co .—Initial
quarterly dividend of 1 %% has been declared on the
stock, par $100, payable June 1 to holders
An initial
$12,000,of record
May 5.
Compare V. 110, p. 473, 174.
The net earnings for 1919 are re¬
ported to be $3,618,288, or $30 15 a share, as compared with $10 44 a share
In 1918.
Profit and loss surplus at the end of 1919 was $9,398,693.—
V. 110, p. 968, 877.
United Gas Improvement
Co., Philadelphia.—Reasons
for Additional Capital—Earnings and Balance Sheet.—
See "Financial Reports" on a
United
preceding page.—V. 110,
p.
1283, 977.
Oil & Refinery.—Stock Offered.—
London "Stock Exchange Weekly Official Intelligence" says:
"250,000
shares (part of 430,000) shares of £l each are offered for subscription at
payable 2s. 6d. per share on application, 7s. 6d. on allotment, 5s. one
month after allotment, and 5s. three months after allotment.
180,000
shares will be issued as fully-paid-up in part payment of the purchase consldertion.
See Kansas-Oklahoma Oil & Refinery above.—V. 89, p. 415.
par,
U. S. Bobbin & Shuttle Co.—Balance Sheet Dec.
1919.
$
$
821,047
>.
$
Common stock...850,000
Preferred stock
650,000
313,624
Reserve for
Liabilities—
Real eat., mach., Ac.
1,473,544 1,372,691
Inventories
1,044,245
403,286
Cash & debts rec'ble.
Patent
10,034
18,398
16,441
285,947
300,000
1918.
850,000
650,000
340,372
263,406
1,704,148 1,175,686
236,321
„
„
Surplus.......
U. 8. Treas. oertlfs..
151,000
S. Food Products
This company,
3,544,520 2,939,092
Total
Corp.—Dividend—Report.—
which from April 1918 to Jan. 19 1920, incl., paid quarterly
of 1 % and an extra of
"
no extra distribution for this quarter.
This in effect reduced the annual
payment from 8 % to 6 %,
For financial report see under "Reports" above.—V. 109, p. 2363.
United States Glass Go.,
Pittsburgh.—Extra Dividend.
along with
the regular quarterly of $1, both payable April 26 to holders of record
April 17.
Dividends have been paid at the rate of $4 per ann. ($1 quar¬
terly) since July 25 1917.—V. 109, p. 1280.
An extra dividend of 50 cents has been declared on the stock,
United States Gypsum
1,120,575
244,426
$261,781
189,054
$197,643
Waldorf
System, Inc.—Stock Dividend of
5%.—
ratified the proposal of the directors to
transfer
$85,000 from surplus by issuing 8,500 shares of Common stock, par $10,
to stockholders as a 5% stock dividend.
The $85,000 surplus already has
been invested in the capital development of the company.
The stock
dividend is payable May 1 to holders of record April 20.
It also was
voted to approve a similar policy
with regard to undivided profits as
determine.
$870,033 against $573,702 for
and $753,640 in Feb. 1920—See V. 110, p. 1195, 568.
directors from time to time may
Sales for March
1920
were
the
■
March 1919
Telegraph Co —Quarterly Report.—
Western Union
$28,650,000
3,975,000
interest received
Gross revenue, including dividends and
Maintenance, repairs and reserve for depreciation
Rent of leased lines and taxes (including Federal taxes)
Interest on bonded debt
—
U 20,792,000
333,000
$3,550,000
Operations for 1919 quarter are not stated for comparison as the com¬
pany was under Federal control in 1919 and corporate income was derived
from compensation for use of land line system, income from Atalntic cable
system and dividends and interest.—V. 109, p. 1410.
Net income
Sugar Finance Corp.—Bonds Retired.—
West India
Potter Bros.
&
Co.
announce
that the company has
purchased In the
market $500,000 of its 7% Secured Sinking Fund
1929 for retirement by sinking fund on June i5, leaving
standing.—V. 109, p. 1186.
open
gold bonds due
$4,500,000 out¬
White Oil
Corporation.—Equipment Trust NotesOffered.
offering at a price to yield 7%,
$546,000 Equip. Trust 6% Gold Notes, Series "A." Cir¬
—Freeman & Co., N. Y., are
cular shows:.
1
'
.
1919; due semi-annually each June & Dec. from June 1
Int. payable J. & D. at office of Columbia Trust Co.,
1920 to Dec. 1923.
3STow York trustoo
Security'— Secured
,"■ v "w
i,.
by a first lien on 300 all-steel standard
costing $783,430, of which $237,430. or about
cars are of 8,000 gallons capacity each.
y
tank cars,
The
30%, paid in cash.
,
Properties.—Corporation is engaged in the petroleum business.
Has
on a selected oil and gas acreage in Louisiana, Texas,
Kentucky,
Oklahoma, Kansas and other States, also pipe lines, refineries and a com¬
plete marketing and distributing organization.
Commenced business in
Oct. 1919 with over $9,000,000 cash in its treasury for development pur¬
poses.
In addition to its original properties other valuable holdings have
since been acquired, including a 5,000-bbl. refinery at Pasadena, Tex.,
which has been completed by the Crown Oil & Refining Co., 99% of whose
stock is owned by the White Oil Corp.
The corporation has no notes, bonds. Preferred stock or other obligations
outstanding except these equipment notes.
The outstanding capital
stock represents an equity of over $17,000,000.—V. 109, p. 2272, 1994.
leases
Wickwire-Spencer Steel Corp.—Bonds Called.—
Steel Co. 1st M. 6s of 1914 have
1 1920 at 102p£ and int. at Bankers Trust
1195, 977.
All of the outstanding Wlckwire
called for payment May
New York.—V. 110, p.
been
Co.,
Willys-Overland Co., Toledo.—To Issue 800,000 Com¬
Shares at Par to Common Stockholders.—President John
Willys, in a letter to the Common stockholders, dated
April 12, says in substance:
mon
N.
provide additional working capital to handle the rapid growth
company's business, to meet expenditures necessary in connection
therewith and for other proper corporate purposes, the
cided to issue 800,000 shares of the new 1,000,000 shares
-V. 109, p. 1086.
U.
1,332,305
121,982
$149,157
Surplus available for dividends
$149,157
$143,284
$185,785
x After
deducting $18,728 decrease in inventories of finished product,
y Includes Federal taxes,
a Since April 1919 company has been paying
quarterly dividends of 1 % % on the Pref. stock and 1% on account of accu¬
mulations.
Compare V. 110, p. 1438.
of the
3,544,520 2,939,092
Total
yl,315,987
In order to
U. 8. Liberty bonds
and W. 8. 8
1917.
$1,309,629
$
deprecia¬
tion.
9,569
8,578
24,886
rights, Ac...
Investments
Insurance, &e
31.—
1919.
1918.
Assets—
1918.
$1,567,781
income
Dated Dec.
Preferred Dividend.—
000 7% Cumul. Pref.
V
;
1919.
.._x$l,437,969
The stockholders have
3,731
advertising......
Outstanding railroad claims..^
130,767
110, p. 1533.
Jessee Froelich is President.—V
Trumbull Steel Co.—To Increase
Co.—Annual Report.—
Expenses, depreciation, &c
Total
873,718
ceptances payable..
Accounts and notes receivable.
mon
In Nov. 1919,
in May 1919.
a
Accounts, notes and trade ac¬
Liberty bonds and War Sav¬
Vulcan Detinning
Calendar Year—
Sales
Balance..-
stock............. $1,980,000
Preferred
96,001
Supply Co.
(of N.J. stock)...
Merchandise
annual dividend, in May and Oct. 1918 and
the extra was omitted.—V. 109, p. 1615.
will vote April 26
The stockholders
Assets—"
[Vol-lie.
THE CHRONICLE
1650
Co.—Recapitalization—Report.—
The annual report cited under "Reports" above states that the plan for
increasing the company's capitalization has met with an enthusiastic re¬
sponse from the shareholders.
A preliminary statement regarding this
plan was given in V. 110, p. 666.
The Chicago "Economist" of April 10 says: "The company will re¬
incorporate and re-capitalize under the laws of Illinois.
The capitaliza¬
tion will be Increased from $10,000,000 to $18,000,000.
Approximately
90% of the stockholders have given assent to the plan.
The company
now has $6,000,000 Preferred and
$4,000,000 Common stocks, both of $100
par value.
Under the recapitalization plan there will be $10,000,000 Pre¬
ferred, part of which will be exchanged share for share for oldp Peferred
and 400,000 shares of Common stock, either $20 par or no par value, rep¬
resenting $8,000,000. The new Common stock will be exchanged five shares
for one of old Common.—V. 110, p. 1533, 666
directors have de¬
of Common stock,
$25, authorized by the stockholders March 24 1920, and to accord to
Common stockholders of record of April 23 the privilege of subscribing for
these 800,000 shares, i. e., one new share for each two shares of Common
held, at par.
No subscriptions for fractions will be received unless they
aggregate one or more whole shares.
V
Subscriptions with payment in full must be made in New York funds to
Bankers Trust Co., 16 Wall St., N. Y. City, on or before May 17 1920.
Compare annual report above, and Y. 110, p. 881, 1328.
par
Stock—
(F. W.) Woolworth Co. —To Increase Common
30% Common Stock Dividend.—
increasing the authorized Common
$100,000,000, par $100.
The company has also
The stockholders will vote May 19 on
stock from $50,000,000 to
outstanding $12,500,000 Preferred stock.
The directors have declared a 30% stock dividend, payable June 1
stock of record May 1, subject to the approval by the stockholders,
to
on
The regular quarterly dividend of $2 has been declared on the
Com. stock, payable June 1 to stock of record May 1.—V.110,p.1533, 1069
May 19.
notices
current
Bernhard A. Bernstorff of Eastman,
interesting article to the April
entitled "Unique Character of
will supply complimentary
—The
the Hudson & Manhattan
appointed transfer agent of the Pref.
Corp. and of the stock of the Southwestern
& Coke Co., trustee of an issue
Martin Mining & Power
Wall Street'
Co." The firm
copies of this issue to inquirers.
Empire Trust Co. has been
and Com. stock of The Papercan
Coal
Dillon & Co., has contributed an
issue of the "Magazine of
of $1,500,000 priority ore bonds of
Co. and transfer agent of the stock of that company.
.
U. S. Steel
—The Guaranty Trust
Corporation.—Wages.—
H. O. Frick Coke Co., effective April 1,
increased wages of employees
approximately 15%.
Unfilled Orders—Foreign Holdings-
See
^'Current Events"
on
preceding pages
disbursing agent, of the stock of the Chas. F.
-V.
United States Worsted Co.—Stock
The stockholders
110,
p.
1284,1195.
Increase.—Stock Div.
April 10 to increase the authorized Common
$8,000,000 and to distribute to Common stock¬
voted
stock from $5,000,000 to
holders of record June
15 next one share of Common
shares then outstanding, as a stock dividend.
Second Preferred stockholders have the privilege
stock for every two
of converting 2nd Pref.
for
each share of 2nd Pref.) on a date to be agreed upon, which will be prior to
June 15, so that 2nd Pref stockholders who exchange their stock before this
date will get the benefit of the stock dividend.
If 2nd Pref stockholders
stock into
stock of equal par value
Common
(ten shares of Common
do not convert their stock into Common before the
they cannot participate in the stock div.
1920—-March
3,977,672
1919.
1533,1083.
Co.—Output (Lbs.).—
3 Mos.
1919.
Increase
110,531.882
5,284.508
5.247.374
and resumed June 9.—V.110,p. 772,1096
Increase. | 1920
x
xSmelter closed down Feb. 14
Vacuum Oil
date to be agreed upon,
Compare Y. 110, p.
United Verde Extension Mining
Co.—Extra Dividend.—
An extra dividend of
2% has been declared on the stock along with the
.egular semi-annual dividend of 3%, both payable May 29, to holders of
ecord May 1.
Extras of 2% were paid along with the regular sem-
Co. of N. Y. has been appointed registrar
of the
capital stock of the Sligo Iron & Steel Co. and of the Common stock of the
Locomobile Co. and also has been appointed transfer agent and dividend
—The
Noble Oil & Gas Co.
Equitable Trust Co. of New York has been appointed
of the Pelican Petroleum Corp. and of the stock
registrar
of the American Radiator
Co.; also transfer agent of the stock of the Central American
Petroleum
Corp., the Raw Silk Trading Co. and W. Reed Williams, Inc.
—The Central Union Trust Co. of New York has been
of the Pref. and Com. stocks of the Habirshaw Electric
appointed registrar
Cable Co. and of the
Pref. stock of the International Vegetable Oil Co.
Ltd.. Montreal, Toronto, &c., has
pamphlet recommending various well-known Canadian investment
—The Royal Securities Corporation,
issued
a
securities, bonds and stocks.
—The Mechanics &
Metals National Bank of New York has
pointed transfer agent of the Pref. and Com. stocks of the
Electric Cable Co.
*
appointed
—The New York Trust Co. has been
Pref. and Common stocks of the International Coal
transfer agent of
Products Corp.
been appointed transfer agent
Sterling Tire Corporation.
*
—The U. S. Mortgage & Trust Co. has
the capital stock of the
been ap¬
Habirshaw
'
—The Columbia Trust Co. has been
appointed registrar of
capital stock of Plymouth Petroleum Co.
the
for
'
$5,000,000
Apr. 17 1920.]
THE CHRONICLE
1651
Jtararis ami Jtoaxwjcwts.
ALLIS-CHALMERS
COMPANY
MANUFACTURING
SEVENTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER 31
To the Stockholders:
Milwaukee, Wis., April 9 1920.
.v.".''.
.
On behalf of the Board of Directors,
herewith
there is submitted
report of the affairs of the Allis-Chalmers Manu¬
facturing Company for the fiscal year ended December 31
a
1919, including Profit and Loss Account and Balance Sheet
as
of December 31
DIVIDENDS.
1919 there were declared four quarterly
dividends on the preferred stock calling for disbursements
totalling $1,780,174 00, comprising seven per cent regular
and four per cent on account of arrearage which takes care
of all preferred dividends to date.
During the
year
1919.
MARKETABLE
PROFIT AND LOSS ACCOUNT.
Sales Billed
The
$30,224,082 99
Cost, including Depreciation and Development Expenditures 22,311,760 16
____
1919.
SECURITIES.
Company at the close of the
year
owned the following
securities:
United States Treasury Certificates
Factory Profit
Selling, Publicity, Administrative and General Expenses
$7,912,322 83
$2,515,798 39
....
--J:
■
Manufacturing Profit
$5,560,000 00
2,497,400 00
726,425 46
Liberty and Victory Loan Bonds
Sundry other securities
$5,396,524 44
$8,783,825 46
Add—Other Income:
Interest, Discounts, Royalties, Commissions, &c
571,189 12
Total Profit and Income
Deduct—
$5,967,713 56
Provision for Federal Taxes and for General Contingencies.
2,368,000 00
These securities at that time had
a market value of $8,583,the shrinkage being largely in the Liberty Loan
Bonds, which are carried at subscription prices.
089 23,
INCREASE IN PLANT AND WORKING CAPITAL.
Net Profit, carried to Balance Sheet
$3,599,713 56
The
MANUFACTURING
ALLIS-CHALMERS
COMPANY.
BALANCE SHEET DECEMBER 31 1919.
ASSETS.
Property AccouM—
Land,
Buildings,
Machinery,
Tools
and
Equipment—at Depreciated Values
$11,064,936 11
Land,
Buildings,
Machinery,
Tools and Equipment, Bul¬
lock Works—at Depreciated
Values.
.$1,564,012 97
Deduct—First
Mortgage
6%
Gold Bonds of Bullock Co..
936,000 00
and
19,427,341 55
$31,120,290 63
Treasury Securities, Acs
First Mort)
Electric
shows the company to
and 2,292H
Shares
owing
for
Stock
Preferred
of
the
under addi¬
49,907 59
plan
Land Sales Contracts
required for operations..
Real Estate Mortgages,
and Property not
/
GENERAL.
624 565 21
1,676,044 30
Current and Working Assets—
Manufactured
Inventories of Work in Process,
Stock, Raw Materials and Supplies
$13,646,366 49
Reserve)
4,647,075 83
Liberty and Victory
Loan Bonds and other Marketable Securi¬
ties at cost (market value $8,583,089 23)..
8,783,825 46
Accounts and Notes Receivable (less
Certificates,
Treasury
1,105,805 64
Cash In Banks and on hand
21,008 33
Prepaid Insurance
28,204,081 75
$61,000,416 68
LIABILITIES.
Capital Stock Issued—
$16,500,000 00
26,000,000 00
Preferred
Common..........
—
$42,500,000 00
Current Liabilities—
„
_
Accounts Payable and Pay Rolls
Advances received on Contracts
Reserve for Erection and
$1,095,961 25
—-
1,167,136 17
1,120,900 96
—-------
(including provision for 1919
Taxes)
Additional Compensation
Preferred Stock payable January
Accrued Taxes
Dividend
15
AO
on
President.
„
2,140,778 10
50,002 96
Income and Profits
Reserve for
Owing to conditions prevailing throughout the country
due to the cessation of war activities the company during
the first half of 1919 suffered a severe contraction in business;
the last half of the year however was more normal.
During
the year industrial conditions made it necessary to adju§t
wages at various intervals.
The books and accounts have been examined by Price,
Waterhouse & Co., Chartered Accountants, and their certi¬
ficate is appended.
The annual meeting of the Company will be held at its
principal office in Wilmington, Delaware, at twelve o'clock
noon on May 6 1920.
Your officers take pleasure in acknowledging the loyal
and efficient services of all of its employees.
By order of the Board of Directors.
OTTO H. FALK,
.
Completion of Con¬
tracts Billed
•
Cable Adress "Pricewater" Milwaukee.
566,419 00
1920
PRICE,
6,141,198 44
Reserves—
For
General
For Liability
Act
Milwaukee,
Contingencies
$1,878,685 10
under Employees' Compensation
New York
190,945 04
-
2,069,630 14
Profit and Loss Account—
31 1919, as per Statement
Boston
Cleveland
San Francisco
Chicago
Philadelphia
St. Louis
Pittsburgh
Detroit
Milwaukee
Los Angeles
Seattle
Rio de Janeiro
Valparaiso
Mexico, D. F.
London
Vancouver
Buenos Aires
Montreal
$8,470,048 54
---
Toronto
ending December
'
Cairo
Winnipeg
3,599,713 56
attached
WATERHOUSE & CO.,
First Wisconsin National Bank Building.
-
Balance January 1 1919
Add—Net Profit for the year
—
To the Directors of
1,780,174 00
ACCOUNT.
the year 1919 after adequate provision
general contingencies was $3,599,713 56,
compared with $4,625,866 76 for the preceding year.
The company, following its usual practice, has set aside a
liberal reserve
to
meet any unforeseen obligations that
might arise.
A complete verification of all inventories of finished and
semi-finished stock, raw materials and supplies was made
prior to closing the books, said inventories having been priced
substantially at cost or market whichever was the lower.
In addition to this any. obsolete or
unsalable stock has
been reduced to appropriate values.
The total value of all
inventories December 31 1919 was $13,646,366 49 compared
with $17,436,478 40 the year before, a decrease of $3,790,111 91.
Allis-Chalmers Manu¬
facturing Company for the year ending December 31 1919, and certify
that the Balance Sheet as at that date and relative Profit and Loss Account
are
The net profit for
for Federal taxes and
the Allis-Chalmers Manufacturing Company:
We have examined the books and accounts of the
10,289,588 10
$61,000,416 68
INCOME
Milwaukee, April 1 1920.
-■
Stock de¬
being 7%
regular and 4% on account arrears
Paris
Alexandria
Rotterdam
$12,069,762 10
Deduct—Dividends on Preferred
clared during the year 1919,
hand at the close of the
on
$15,866,366 89.
The total bookings for 1919 were
$24,451,295 03.
As of April 1 1920 the unfilled orders had
increased to $19,500,000 00.
year was
122,320 50
compensation
a
The value of unfilled orders
Common Stock Allis-Chalmers Manufactur¬
Company allotted to employees
be in
times
which
good financial condition.
UNFILLED ORDERS.
$879,251 00
—
ing Company
tional
working assets of $28,204,081 75 are almost five
the amount of the current liabilities of $6,141,198 44,
_
value (at cost)..
3,166 Shares Preferred
par
Balance
will be noted from the Balance Sheet that the current
It
628,012 97
Patents, Patterns, Drawings and Good Will.
capital expenditures for buildings, machinery and
equipment amounted to $1,357,583 99.
This outlay was
largely in connection with the building and equipping of a
shop for the manufacture of farm tractors.
The net working capital as at December 31 1919, consist¬
ing of cash, marketable securities, receivables and current
inventories, less accounts payable and pay rolls, taxes,
dividend (payable January 15 1920)
and other current
obligations, amounted to $22,062,883 31 as compared with
$19,642,307 35 the year before, an increase of $2,420,575 96.
correctly prepared therefrom.
We have satisfied ourselves
that during the year only expenditures for
actual additions and extensions have
that
been charged to property account and
ample provision has been made for
Incurred for
depreciation.
All expenditures
experimental and development work have been charged off as
operating expenses.
The inventories of
work-in-process,
manufactured stock, materials and
supplies (which are certified by the responsible officials to be correct and
contain no obsolete or unsalable stock, except at appropriate values),
to
have been valued at cost or
We have verified the
ficates from the
Full
market price, whichever was the lower.
cash and securities by actual inspection or by certi¬
depositaries or other satisfactory evidence of ownserhip.
provision has been made for bad and
doubtful debts and for all ascer¬
tainable liabilities, and
WE CERTIFY
to show the true
that, in our opinion, the Balance Sheet Is drawn up so as
financial position of the Company at December 31 1919,
and that the relative
of the results of the
Profit & Loss Account Is a fair and correct statement
operations for the year ending that date.
PRICE, WATERHOUSE
& OO.
[VOL. 110.
CHRONICLE
THE
1653
at the
$ln> (ipnmmerdal ^imjes.
The
COMMERCIAL EPITOME
Friday night, April 16 1920.
Trade has received
the
sudden and unexpected blow from
a
widespread "outlaw" railroad strike.
It has put a stop
of the country's business.
"Indignation trains"
much
to
have
been
on
run
various
railroads hereabouts
for
pass¬
with the help of volunteer citizens acting as firemen
&c., but freight traffic has been suspended.
Some 24 of the
supposed ringleaders in this blow at the commercial life of
the United States have been arrested. One of them, aiming
no doubt to be a "martyr," has refused to give bail and will
be committed to prison.
Without this sudden attack upon
American business which is declared by Attorney-General
Palmer to be nothing less than a "Red" plot aiming at the
overthrow of the United States Government, trade would be
engers
Certainly the demand for commodities is larger than
it was a year ago.
But the movement of traffic is paralyzed
whether for manufacture or distribution to consumers.
A
brisk.
drop of 50% Is reported in the iron and steel business by the
of workers striking without authorization from their
unions.
The movement of grain has been so small that
fiat
prices have risen, to the highest of the season.
In some cases
they are the highest on record.
The strike is now waning
at the West, but here in the East it continues and seriously
hampers both domestic and export trade.
Farmers cannot
forward their crops to the seaboard.
Consumers want
goods; they simply cannot get them.
Rightly or wrongly
nine men out of ten believe that the strikers are being used
knowingly or unknowingly by the I. W. W., which is gener¬
ally considered little if any better than a treasonable or¬
ganization, aiming at Sovietism in the United States, ridicu¬
lous as such a project looks.
Meanwhile the retail trade in
necessaries such as food, &c., has been limited only by the
facilities for delivering.
Wholesale trade has been kept
within narrowed limits not by a lack of demand but by the
inability to deliver promptly.
Motor trucks have relieved
the situation
to
some
extent.
But they do not really fill
the place of steam transportation.
found it impossible to get requisite
Mills and factories have
supplies of fuel and raw
materials.
can
an
An invading army could not have struck Ameri¬
commerce a much harder blow than it has suffered from
short of criminal.
act considered little
menaced
different
Food famine has
of the country.
The supply of
flour here is rapidly dwindling and cannot be effectively
replenished.
Big stocks of meats are held at packing cen¬
tres.
It is impossible to forward such food to the consumer
and prices of meats have risen sharply.
Of course all this
is a new tax on an already heavily burdened people.
And
naturally the strike in affecting general trade throws many
thousands of workmen out of employment.
Collections have been retarded by the non-arrival of goods
parts
It has increased the strain
ordered.
credits.
on
A certain
percentage of manufacturers, jobbers and retailers believe
in going slow and asking as little credit as possible.
Money
on call has been up to 17%.
The rise in the Bank of Eng¬
land rate of discount to
7% portends an advance in the ordi¬
commercial rate it is feared to 8%, something which
may hurt British export trade and react to some extent on
American business.
There is no doubt that the crying needs
of the times are increased production and individual economy.
Meanwhile the spring season is cold, wet and two weeks late
in the cotton belt.
It also delays Southern corn planting.
A decreased acreage of spring wheat and oats in northern
areas may be the result.
A sixth short cotton crop in suc¬
cession would be a serious matter.
Already a cotton con¬
vention at Montgomery, Ala., is advising farmers and oth¬
ers
to hold their cotton for 60 cents per pound as against
nary
6
centfe
The
the fall of
reasons
was
still withheld.
vauchsafed
that
examination
declared off.
of
if
It
the
no
previous de¬
than a
was worse
President
will
guarantee
is
finally
an
early
the strike will be
But the public will remember.
Its
response
has been sharp.
"Indignation trains" manned by
in all walks of life acting as firemen on the roads.
from
The
word at all.
True the information
the workers' "demands"
hundreds of students
citizens
Many
Princeton and Columbia Uni¬
versities and various colleges have offered to act us firemen,
m fighting an outrageous attempt to hold
the entire country and cripple its business and social
life.
The outlaw strikers are indeed dealing heavy blows
to labor.
Two hundred thousand are out of work in the
switchmen, etc.
up
Pittsburgh area and the steel, coal and coke industries are
crippled by the strike.
In Columbus and Toledo more than
100,000 miners and others have been forced to suspend
work by the strike.
At Youngstown, Ohio the price of
potatoes in consequence of the strike has risen to $9 per
bushel at retail.
The health of New York
City is threatened if the railroad
supply for two weeks more according
Copeland; but Commissioner of
Markets says the city has six months supply of non-perish¬
able foodstuffs.
The New York Central is still running
food trains into the city.
The situation is much improved
in Chicago where many thousand men have resumed work
strike cuts off the food
to
Health
Commissioner
through the sale of surplus stocks of meat which it has in
Included in the cities in which large supplies of
meats are stored are New York, Buffalo, Boston, Chicago,
Cincinnati, Cleveland, Indianapolis, Atlanta, Baltimore,
Newport News, New Orleans, Philadelphia, San Antonio,
San Francisco, St. Louis and Washington.
storage.
Six strike leaders have been arrested in New Orleans and
25 at
Chicago charged with interfering with the transpor¬
conspiring against the
wellbeing of the country.
In 1894 President Cleveland,
despite the protests of the radical Governor of Illinois, or¬
dered Federal troops to disperse strikers and rioters who
were interfering with the U. S. mails.
The "outlaws" have
tation of the United States mails and
fired
on
Staten Island train and violence at the expense
a
of strikers is
reported at Camden, N.J.
Refusal of
owners
of apartment houses and office buildings to negotiate with
a union of elevator starters and
operators regarding demands
for
a
here
increase of $5 to 810 weekly, eight-hour day and
wage
time and
a
half for overtime led to
a
strike of 17,000 workers
to-day.
The London "Economist" index number of commodity
prices made a further gain of 198 points during March,
advancing to 8352 at the end of the month, which stands as
a new high record.
Textiles advanced 23 points to 2974
Inflation is still going on.
A London millionaire has startled
the whole of Great Britain by announcing in the press a
scheme to sell men's suits, made to measure at prices which
would have been deemed reasonable even in pre-war days.
It is said that the spread of the railroad strike in the United
States and its continuation for any extended period will
have a serious effect on the credit situation, creating con¬
siderably more stringency than now exists.
The number of ^Americans now wearing overalls in a fight
against the high cost of clothing, according to conservative
estimates is greater to-day than at any time since the move¬
ment
started.
Birmingham, Ala., has an overalls club
numbering 2,000 members.
Norfolk, Va., is out in over¬
alls 3,000 strong; Roanoke, Va., has three flourishing over¬
alls clubs; Greenville, S. C., Columbia, S. C.; Hickens,
S. C.; Richmond, Va.; Atlanta, Ga.; Spokane, Wash., and
Emporia, Kan.; Dallas, Tex.; Pine Bluff, Ark., and Louis¬
ville, Ky., are also wearing them.
Detroit, Mich., is be¬
ginning to. New York overalls clubs are expected.
Two
young women appeared on Fifth Avenue on Wednesday
wearing overalls.
Yale University has organized an old
clothes club.
The Navy Department at Washington rec¬
ognizes the movement and offers to sell denim garments at
cost price.
Springfield, Mass., has joined.
"The overalls
cost 86; suits of woolen 860" is the comment spreading
throughout the country.
LARD
prime western 20.10@20.20c.; refined to
South American 23.50c.; Brazil in
kegs 24.50c. Futures declined when grain fell.
At times
it is true, prices have been rather firmer.
But at best
lard has responded rather sluggishly to advances in grain
and hogs.
Cash trade has been slow.
But covering of
shorts caused a later sharp rally.
With hogs and pork up.
To-day prices advanced again and end higher for the week.
the
quiet;
Continent
DAILY
23.25c.;
CLOSING
PRICES
Sal.
declared without
on
are
in New York and other cities in the railroad strike centres
1914.
"outlaw strike"
the railroads of any kind.
word and a blow first.
There was
mands
a
in
stockyards, following the receipt of cattle shipments,
improvement is more or less general in the Middle West.
situation has been very bad in the East.
Heads of
four railroad brotherhoods have declared themselves opposed
to the strike and called on the men to return to work.
Rapid
transit lines of this city have coal supplies estimated at one
to two weeks.
In New York City perishable goods have
been moved to some extent by trucks but local receipts are
small owing to blanket embargoes.
The movement east
and west has been almost at a standstill.
The War Depart¬
ment offers its co-operation in relieving the food chortage
and
May delivery...___cts.19.70
July delivery
.20.47
September delivery..__21.15
_
OF
LARD
Mon.
19.55
20.35
20.97
FUTURES
Wed.
Tues.
19.42
20.20
20.80
INT
CHICAGO.
Thurs.
Fri.
20.00
20.82
21.52
19.42
20.25
20.87
20.40
21.20
21.90
PORK steady; mess $42 50 @843; family $52 50 @853.
May pork closed at $37 35 and July at $38 50.
Beef steady;
mess $16@$18; packet $17@$19; extra India mess $40@$42;
No.
1
canned roast beef $3 25.
No. 2 $8 25.
Cut meats
firm; pickled hams 10 to 20 lbs. 29^@30^c.; picnic 4 to 10
lbs. 163^@17^8C.; pickled bellies 6 to 12 lbs. 26@28c.
But¬
ter, creamery extras higher at 75@76c.
31e.
Cheese flats 20@
Eggs, fresh gathered extras 49c.
on the spot has been steady but
quiet; No. 7
14%@15c.
No. 4 Santos 23%@24!Jc.; fair to good
Cucuta 22@22 He.
Futures here declined for a time as
Brazilian prices fell.
Lower firm offers had a noticeable
effect; also the labor troubles in this country.
Liquidation
partly by Europe was at one time a feature.
Yet the stock
at Rio is only 317,000 bags against 731,000 a year ago and
at Santos 2,836,000 bags against 6,118,000 at this time last
year.
The trade however is unsatisfactory.
The railroad
COFFEE
Rio
strike has of
rise
course
interfered with deliveries.
Later
came
trade
buying with steadier Brazilian markets.
To-day prices reacted moderately but end higher than a
a
on
week ago.
May
July
September
—
eta .14.53 @ 14.531 December
14.83@14.84 January
14.53 @14.54
cts_14.44@14.45
14.43@14.44
SUGAR—Raw higher; centrifugal 96 degrees test 18.54c.
Cuban and 18.55c. for 'Porto Rican.
Raw continues
for
APR. 17
1653
CHRONICLE
THE
1920.]
Lead firm at 9@9}^c.
Zinc higher at
reported to be up to 17c. in Cuba against out of the market.
'.v'-Vi"
under Government control and 2%e. 8.50c. spot St. Louis.
PIG IRON has naturally been adversely affected by the
average cost and freight for years before the war.
England,
France and Italy are competing with the United States
strike.
A shortage of coke has caused a closing down of
But the strike is weakening.
for Cuban and other sugar crops.
Fifty per cent, of the furnaces here and there.
Cuban crop is believed to have been sold already.
Drought Large shipments are expected soon. In the meantime prices
is declared to have cut down the crop in Cuba.
It is esti¬ are firm.
mated at 3,800,000 to 3,900,000 tons against about 4,000,000
STEEL has been hard bit by the outlaw strike.
Export
in 1818-19.
Higher prices are predicted.
Some
think trade has suffered. If the strike continues shutdowns may
20c. not improbable for Cuban raws as the world's con¬
become general.
But it seems to be breaking at the West.
sumption is increasing and there is a growing scarcity. Chicago has suffered most.
Out of 23 blast furnaces of
Sugar is attracted to this market from unusual sources by one company, only 10 kept at work and at Youngstown
the high prices.
Futures are up to new high levels.
The only 5 out of 25. The shutdown was almost complete at
rise is 230 to 2G0 points for the week.
Cuban export for Buffalo. The strike following a prolonged period of scarcity
the week to points north of Hatteras were 60,190 tons com¬ of fuel and cars had all the more deplorable effect.
Aside
pared with 55,328 tons in the preceding seven days; to Europe from the strike the prospects are considered not unpromising.
33,433 tons against 40,060 tons last week.
Three more Consumption is big. A reflection of this is the high rate of
centrals have stopped grinding, leaving 182 at work.
Re¬ steel ingot production in March. At more than 145,000
ceipts at the Cuban ports increased to 143,490 tons; the tons a day, it represents upward of 45.000,000 tons per year,
stocks were 646,913 tons a gain for the week of 30,865
whereas the best year, 1917, showed 43,619,000 tons. Some
tons.
Last year they were 910,594 tons, and the year rail business has been done; also very fair sales of structural
before 972,259 tons.
Refined, granulated 16^@17c.
material.
Automobile companies are persistent buyers,
cts 19.55
May—,——————.19.15 August
for future delivery as much as two years ahead.
On the
June
19.25 September
19.60
other hand, it is said, that one of the large independent com¬
July
19-50
OILS.—Linseed in good demand and steady; carloads for panies has offered tonnage to agricultural implement manu¬
facturers for delivery dating from July 1, at the minimum
April-June delivery $1 84; July-Dec. $1 69.
The demand has steel
corporation level, i. e., 2.35c. Pittsburgh on steel
been limited due to the railroad strike and bad weather.
bars.
Independent concerns are competing for the auto¬
But the feeling among the trade is that as soon as the "out¬
mobile trade.
law strike" is disposed of and definite promises as to deliver¬
ies can be made, business will pick up.
Cocoanut oil,
COTTON
Ceylon bbls l8@183^c.; Cochin 19@193^c.
Olive higher
at $3 @$3 25. Corn car lots unchanged at $20 56.
Cotton¬
Friday Night, Apr. 16 1920.
seed crude immediate $15 50.
Spirits of turpentine $2 50.
THE MOVEMENT OF THE CROP, as indicated by our
Common to good strained rosin $18 50.
telegrams from the South to-night, is given below. For the
PETROLEUM in good demand and steady; refined bbls.
23.50@24.50c.; bulk 15@16e.; cases 27@28c.
Gasoline in week ending this evening the total receipts have reached
to-advance.
5He.
a
It
is
ago
year
*
_
.........
,
good demand at unchanged prices; motor in steel bbls
283^c.; consumers 30!^c.; gas machine steel 47J^c.
A 750
bbl. well was broght in on the Covert field, Kansas.
This has caused a rush of operators and leasemen to that
territory, and several companies it is said are about to start
drilling in that district. A 200 bbl. a day well has also been
drilled in Butler County, Kansas, and leases have risen up
to $50 an acre or more.
Oklahoma produced two wells,
one coming in at 500 bbls. in the Inola field and the other
at 130 bbls. in the Osage district.
Several other wells it is
reported have been brought in in that State, and it is said
that deep tests in the Wilcox sand in Beggs district show good
prospects.
It is also of interest to note that production in
the coastal fields, north La., Okla. and north Texas has in¬
creased.
The increased costs of operation are hindering
deep sand drilling in northern Texas.
A new 12,000 bbl.
well is reported to have been brought in in the Elk Basin
#
district. Okla. and another of 200 to 300
bbls. in the Peter
Pool, Kansas.
Preparations are under way for expensive
development work in western Tenn. by several big midContinent operators.
Ohio, Illinois and Indiana are lagging
behind.
Big booms are reported under way in the Casper,
Osage and Laramie districts of Wyoming and the Cat
of Montana.
Many shooting affrays and
district
jumpings
are
and
32
——
North Lima
RUBBER
$3 63 Burkburnett
3 77 Thrall
3 77 Healdton
Moran
——
3 98
3 75
above
South Lima
fndlana
Princeton
Illinois
Plymouth..
Kansas&Oklahoma
3 50 Henrietta.
75
Cnrsicana. light
Corsioana. heavy.
Electra———
3 00 Canada
1 75 Caddo, La., light.
3 50 Caddo :crude
3 00 De Soto...
deg.
Ragland
Wooster
claim
reported in that section.
Pennsylvania.,.-.$6 10
Corning
4 00
Cabell
3 92
Somerset,
Creek
...
—
1
4
3
3
05
73
73
Strawn
quiet and lower.
...
—
$3
3
2
3
week and 109,953
receipts since
1 1919 6,139,193 bales, against 4,281,368 bales for the
period of 1918-19, showing an increase since Aug. 1
98,720
bales, against 106,293 bales last
bales the
Aug.
same
previous week, making the total
1919 of 1,857,825
bales.
Mon.
Sai.
Total.
Fri.
.
26,950
3,996
4,078
3,717
3,870
£440
6", 390
5", 278
67
507
156
2", 523
10,629
4,026
3",598
"272
"658
"80
"213
"27
163
113
618
316
348
172
675
636
331
559
490
1,085
"455
"60
659
"880
"328
"119
"50
11,488
13,921
24,785
9,095
3,022
795
3",928
2,914
755
Texas City
New Orleans
Mobile
Pensacola
Jacksonville
1,494
228
"""178
Port Arthur, &c_
178
3,460
24,524
534
2,059
67
Savannah
Charleston
__
Wilmington.— —
Norfolk
N'port News, &c.
...
Baltimore
Philadelphia
Totals this week.
shows the
1919 and the
27,514
3,000
1,413
1,770
3,955
"""444
2,826
225
16,857
98,720
74
169
16,1841 15,485
the total
to-night, compared with
week's total receipts,
The following
since Aug. 1
last year:
382
74
New York
67
3,830
3,000
225
Brunswick
Boston
Thurs.
Wed.
Tues.
3,646
1,519
2,544
Galveston
stocks
50
50
Receipts to
Apr, 16.
3 00
4 13
3 50
2 00
3 40
Lower exchange and the
possible curtailmen t of factory activities due to the railroad
strike were the important factors in the decline.
Large
buyers still remain out of the market.
Smoked ribbed
sheets on the spot and nearby were quoted at 44%c.; May
451^c.; June 46July-August 47c.; July-Dec. 47l^c.;
and Oct.-Dec. 48c.
Para quiet and unchanged at 42c.
Central also quiet and unchanged at 32c. for Corinto. /
OCEAN FREIGHTS have been hampered by the strikes
at home and abroad.
They check exports.
Railroad em¬
bargoes have also cheeked outward bound business.
Steam¬
ships are delayed.
Bunker coal is a vexed question. It is
still very high.
1,874 to 3,369 tons three years time,
general trades at 86.; coal from Virginia to Rio Janeiro at 814.50.
Atlantic range to Amsterdam $20. April; coal from Atlantic
range to Antwerp 820 prompt; coal from Atlantic range to Antwerp $20.50;
coal from Virginia to Buenos Ayres $13, April-May; sulphur from Freeport,
Texas to a Swedish port $23; grain from St. John, Is. B, or Halifax, N. S.
to Greece 27s. 6d. April-May; 5,000 ton steamer six months time charter
34s. 9d.; coal from Virginia to Buenos Ayres $13. April-May; sugar from
Cuba to the United States 85s. June 10.
This
Week.
City
Aransas
1919.
26,950 1,976,534
326,795
3,996
1,801
"178
91,870
24,524 1,139,111
247,430
2,059
15,795
Galveston.
Texas
Since Aug
1
Pass
Port Arthur, &c_.
New Orleans—
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
""67
13,695
27,514 1,174,987
154,237
3,000
384,285
1,413
137,616
1,770
317,760
3,955
4,166
"74
18,107
32,278
2,826
225
84,667
169
18,059
Charleston
Wilmington
Norfolk
N'port News, &C.
New York
Boston
Baltimore-_
Philadelphia
98,720 6,139,193
Totals
In order that
Stock.
1918-19.
1919-20.
75
00
Since Aug
This
1920.
1919.
20,311 1,439,390
936
63,634
232,573
59,627
228,218
14,056
27,093 1,172,289
122,273
2,540
9,812
"386
20,417
803,910
9,582
57,180
147,012
3",471
91,734
1,277
250,763
3,339
2,987
7,416
72
21,907
17,027
124
348,166
10,804
433",316
"6",402
11", 550
185,309
1,418
57,565
57,712
124,029
Week.
i
iqi8.
138,228
8,200
207,233
51,571
70,013
16,478
5,205
5,809
5,984
82,578
10,125
6,492
3,312
69,131 4,281,368 1,190,972
1,232,152
41",157
90
comparison may be made
with other years
Charters included 18 steamers from
charter in
coal
from
TOBACCO trade has been hampered by
railroad troubles.
|
Receipts at—
1919.
1920.
109
""582
1,247
7,536
69,131
53,313
71,799
113,603
26,9.50
20,311
4,174
936
196
171
Orleans.'
J
24,524
2,059
27,1514
3,000
27,093
2,540
9,582
20,190
18.796
Mobile
Savannah
1
Brunswick
Charleston, &c
auguring well for prices for Havana when trading in that
description begins.
For the present however trading in
most descriptions of tobacco is slow, nor is there likely to
be much if any improvement until the railroad strike is over.
COPPER steady but quiet; electrolytic 19@19
There
was said to be a good export inquiry.
But little business is
being done on account of the railroad strike.
Tin higher
but quiet, 63c.
The firmness of London was the chief factor
in the strength here.
The railroad strike has kept consumers
Wilmington.
_
Norfolk..
All others-Total this wk J
Since Aug. 1—
211
429
18,463
6,022
2,500
500
627
3,754
1,413
1,770
"3", 271
1.277
967
238
3,955
3,339
2,336
12,093
3,361
N'port N.,&c.
92
8,484
;
New
98,720
1916.
45,027
3,891
15,871
5,974
10,388
4,000
7,185
3,783
8,530
3,925
5,029
20,151
TexasCity,&c.|
Galveston
has been in
regarded as
Domestic cigar leaf has been quietf.
Porto Rico
keen demand at unprecedented prices.
This is
1917.
1918.
1915-
54,974
2,468
30,585
1,230
15,799
10,000
5,470
6,712
12,054
4,267
152,756
9,197
6,109,051 9,549,0 6
6,139,193 4,281,368 5,095,114 ,6051,529
The exports for
the week ending this evening
reach a total
116,794 bales, of which 51,543 were to Great Britain,
1,127 to France and 64,124 to other destinations,
Ex¬
ports for the week and since Aug. 1 1919 are as follows:
of
THE CHRONICLE
1054
Week ending April 16 1920.
From Aug.
Exported to—
Meanwhile
11919 to April 16 1920.
Exported to—
;f
Great
Galveston..
Other.
Total.
32,738
97,300
192,164
20,934
70,284
...
PtNogalez
Other.
France.
Britain.
32,7381,246,401
Texas City.
Houston
to cut
Great
Britain. France.
Total.
360,4071I ,704,108
213,098
70,284
250
250
13
.
13
El Paso
New Orleans
Mobile
10,222
1,127
24,976
13,027
+.—
Pensacola..
Jacksonville
415,124
83,558
19,013
108,568
,
24,474
576,040 1,099,732
3,697
111,729
19,013
21,714
553.109 .,024,566
166,408
22",726 132,037
""loo
38,226
38,226
21,614
280,728
5,550
5,55'»
166,408
90,162
29,363
4,525
Savannah._
105,127
2,350
41,333
148,810
4,892
14,185
7,593
16,544
138,755
169,484
82
3,702
4,589
21,305
500
1,400
11,377
6,489
4,871
26,576
89*974
89,974
4,131
Brunswick..
Charleston.
Wilmington.
Norfolk....
4,525
3,783
New York..
Boston
T169
275
275
Baltimore..
1,490
Philadelphia
1,490
163
163
3*, 119
930
190,729
19* 149
16,847
400
3* 119
930
Providence
96,478
"3",202
Los Angeles.
Seattle...
142,688
375
375
San Fran..
929
216,247
Tacoma..
30,789
216,247
30,789
Portl'd.Ore.
32,496
32,496
Total
51,543
Total'18-T9
4.795
64,124; 116,794 2,771,195
47,932
Total* 17-' 18
1,127
497,877 2,173,316 5,442,388
95 7021 713,164
583,970 1.463,589 3.760,723
484,242 1,048 9703 ,449,739
47,770
23,642
86
27,923ll
,916,527
In addition to above exports, our
telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
We add similar figures for
New York.
On
Shipboard, Not Cleared for—
Great
Apr. -16 at—
Galveston
New Orleans.
Savannah
Coase-
Corit't.
vfse.
2*963
8,050 a30,799
3,733 29,863
7,500
2,000
3",606
_
""166
_
__
Norfolk
New York*...
ports*.
Other
many.
15,854
10,190
Charleston
MobUe
Other
Ger¬
Britain. France.
"506
1920..
Total
1919
Total
1918.
j
47,150
30.355
22,750
8,500
1.000
206.233
5,598
69,813
38,957
123,798
200
1*500
13,783
169,370
299,761
126,728
5,206
1,656
2,000
1,000
2,200
19,000
2,000
10,763
22,460
9,000
Stock.
63,203
48,405
11,500
""266
17,000
_
Total
Leaving
Total.
zi",5o6
"266
a movement started as a
joke, but which now
spreading all over the country with serious intent
down the price of clothing is taking shape in what are
to be
seems
Export8
from,—
65,662
25,500
21,779
13,356 150.714 1,040,258
4,558 82,873 1,149,279
21,162 74,691 1,387,129
z
.
_
Japan.
Speculation in cotton for future delivery has been on a
fair scale at irregular
prices, which on the whole have indi¬
cated that advances were less
easy.
On the 15th inst. after
some hesitation
they turned upward on the "60 cent cotton"
platform of the Montgomery, Ala., convention.
The long
interest, however, has become large.
The railroad strike
has hurt the dry goods trade.
Sterling exchange has at
times weakened.
Stocks have been irregular on
light trad¬
ing.
New York and the Continent have been selling there.
The Bank of England rate of discount has been raised
1%,
i. e., to 7%.
Manchester's lull in trade has continued.
termed "Overalls Clubs" and "Old Clothes'
have
English labor situation is considered uncertain.
Spot
sales in Liverpool have continued small.
In tiiis country
they have been moderate in most sections. Cotton could be
brought here and delivered on May contracts at a profit,
it is said, were it not for the railroad strike.
"Spots" in
sections
are
said to be 2 cents under the level of futures.
Georgia,
Kansas,
too easy to
The
sell
even
some
anything or not remains to be seen.
But it is
certainly worth watching.
The warm season is approach¬
ing when denims can easily be worn.
A suit of this material
costs about $6.
To-day thre was talk to the effect that a
strike in Lancashire is impending.
But the weather in general has been too cold and wet
east of the Mississippi River and too
dry and cold west of
the river.
The American Cotton Association on the 15th
advised farmers to hold their cotton for 60 cents
per pound
and expressed the opinion that even at that
price mills would
large profits and that it is unlikely that the South will
ever raise a
surplus cotton crop again.
Trade interests are
steady buyers.
Liverpool after selling considerable cotton
early in the week has at the close become a large buyer,
chiefly October.
Domestic trade interests have been steady
buyers of October, December and even January. There
has been a good deal of trade
hedge buying of new crop
months against forward sales.
New crop months of late
have been the
strongest, and there are even predictions that
before this season is out
they will overtake the old crop
months.
Certainly they have been advancing much faster
of late than the old
crop deliveries.
And next week it is
believed a report will be issued by the Census Bureau on the
quantity of spinnable cotton available in this country.
make
This count
weeks
ago.^
so
long that a change for the better is
Possibly when it comes good
weather may be as protracted as the bad
has been.
Mean¬
while the western section of the belt is
not so backward as
the eastern.
And many think that bad
crop and weather
conditions have been
pretty well discounted.
Besides the
has suffered
no serious
damage; so little of it was plant¬
the talk in some quarters is that the
rise of prices in
the old crop months is
practically over; that a repetition of
Iko spectacular adyance
pf December and March is im¬
probable.
The weakness in
exchange, the political unsettlement on the Continent of
Europe
have
tended
to
a large supply are among the things
check foreign business.
Besides
disposed to economize.
Here Liverpool has at times sold
October heavily.
houses if they
bought one month sold another.
seems
Orleans and the South have sold
more
New Orleans people in some cases
or
less
latter
on
ther rains fell in the central and eastern belt and
April 10 to April 16—
Middling uplands
Sat.
.43.00
Mon.
43.00
Tues.
Wed.
Thurs.
43.00
43.00
43.00
Frl.
43.25
NEW YORK QUOTATIONS FOR 32 YEARS.
1920-c
43.25
1912-C--
1919
28.30
1911
11.70
14.85
1903.
1918
30.50
20.50
1910
15.25
1902.
10.60
1901.
1917
1909
1904
14.40
c
J1896
7.94
_c
10.5011895
9.31
8.31
6.81
7.56
8.12
1894
1916
12.00
1908
9.90
1900.
9.88
1893
1892
1915
10.30
1907
—11.15
1899.
6.12
1891
1914
13.10
12.40
1906
11.80
1898.
6.31
1890
1905
7.85
1897.
7.44
1913
7.12
8.94
11.75
1889—-..-10.69
MARKET AND SALES AT NEW YORK.
The total sales of cotton
week at New York
are
on the spot each
day during the
indicated in the following statement.
For the convenience of the reader
show at
on
davs.
same
also add columns which
we
glance how the market for spot and futures closed
a
.
K/'-vvK."
7/
Spot
Futures
Market
Market
Closed.
Saturday
Monday
Tuesday
Steady,
Steady,
Steady,
Wednesday. Steady,
Thursday
Steady,
Friday
Steady,
BALES.
Spot.
unchanged. Steady
unchanged. Barely steady.
Contr't.
Total
unchanged.
unchanged.
unchanged.
25 pts adv.
400
_
Steady.
Steady
Steady..
Steady
Total.
400
100
100
500
__
500
FUTURES.—The
New York for
highest, lowest and closing prices at
the past week have been as follows:
Saturday, Monday, Tuesday, Wed'day, Thursday, Friday,
April 10 .'April 12. April 13. April 14. April 15. April 18.
Week.
April—
Range
41.70
Closing
141.40 —'41.60
41.45
—
41.85
41.45
—
.70
—
42.25
May—
Range
41.25-.75 40.70-.68 41.00-.68
31-.60 41.1G-.87
00-38
Closing.:.. 41.42-.50 41.35--40.41.55-.68
Spot
New
40-.46 41.85-.87
25-.27
Range
39.30
,39.80 —40.10
;
40.00
.70o38
.30-.90
39.90
Range..... 38.85-.35 38.50-.35' 38.60-.29
Closing
39.15-.17.38.95-.00 39.25--
persistently.
can
possibly be managed.
The incentive to raise cotton
strong.
Prices are high—too high many think.
Con¬
sumption will not drop all of a sudden,
although it is true
that reports come from various
parts of the United States
that the people are
protesting against the high price of
Overalls clubs and old clothes' clubs are
clothing.
spreading
throughout the country as a protest against the
high cost of
living.
Here many people are afraid to
buy cotton futures
at the present level.
They think they are too high or that
they amply discount all bullish
arguments.
But the "long"
mterest, for all that, is steadily
expanding.
The outside,
public is buying.
The technical position is
becoming more
vulnerable.
A period
ofgood|weather, it is believed, would
cause a
sharp decline.
39.90
Closing
July—
40.50
40.75
—
95-.25 38.75-.50 39 52-05
.50-205
,02-.06 39.48-.50 39 75-.84
August—
Range
Closing
September—
36.95-.05,37
—,37.22-.28 37.55
—
Closing
36.j50 —.36.15-.25
Range
—
36.60
—
37.00
—
10
35
—
37.00
—
.25
—136
34.65
|
—j34.00-.20
34.45
—
'33.85-.35 33.68-.40 33.60-.37
Range
Closing
January—
Range
'33.16-.50
Closing
February—
j
.95-.43
38.00
.35-10
34.23-.25 33.80-.82 34.22-.25
34.20
Closing
Range.
.59-/92
34.85
35.75
—
95-.28 33.70-.65 34.85- 73 33.60-/33
00-.05 34.62-.63 35.37-.38
|
32.70-.52 32.63-.33
05-.39
32.80-.67j33.S3-.80
—j32.75-.78
33.20-.25
05-.p7
33.65-.67j34.40
33.00 —'32.30-.00
(33.00 —,32.35 —
Range
March—
32.25-.34
.33.32
32.85
—
32.60~.70;33.75
32.65
33.15
—133.95 —j
32.63ftSO
32.25-/75
32.60-. 15 32.05-.90 32.00-.35 32. 25-.55
32.00-.80j 32.87-/87[32.00-/87
32.65-.75 32.01-.05 32.50-.55 32.26-.27 32.70 —33.40-.42
Closing
42c.
—
j
|
Closing
December—
37.23
37.75
34.83-.35 34.65-.40 34.59-.39;35 GO-.33 34.80-488
90-/92
135.22-.23 34.85-.88 35.28~.30 35 11-. 12 34.83-.85 36.60-.63
Closing
November—
Range
—
—
j37. 20
i
October—•
a
43
,36 35
37.50
Range
if it
more were
predicted for the Atlantic and East Gulf sections.
Prices
end higher for the week.
Middling upland on the spot
closed at 43.25, a rise of 25 points.
The official quotation for
middling upland cotton in the
New York market each day for the
past week has been:
June—
are
loolring for lower
prices on the advent of better weather.
The Texas acreage
it is
persistently reported will be increased, in fact in some
other parts of the belt there will be an
increase it is believed
is
a
To-day prices advanced 50 to 115 points,
January.
Trade buying was brisk.
The
outside public also bought.
It has been showing more
interest in cotton of late.
The total trading to-day was the
largest for many weeks past.
Shorts covered freely.
Fur¬
the
Europe, the big stocks in England,
Italy has
some
bullish exhibit.
ed.
aiu?
which
Congress
The general impression is that it will make
Closed.
believed to be not far off.
crop
ordered by a resolution of
was
the better grades.
was no worse than ex¬
respects better than looked for.
The
weather has been bad
Whether this movement will
to
weekly Government report
pected and in
Clubs."
They
Alabama, Virginia, South Carolina,
Washington, Michigan, Massachusetts,
Connecticut and New York.
amount
Memphis is said to be sending some cotton for delivery here
on
May.
In Georgia, according to some reports, it is
none
in
appeared
The
some
[Vol. 110.
2
40c.
/36c.
/35c,
ft
34c./33c.
APR. 17
THE VISIBLE SUPPLY
OF COTTON to-night, as made
by cable and telegraph, is as follows.
Foreign stocks, as
well as the afloat, are this week's returns, and consequently
up
all
foreign figures are brought down to Thursday evening.
to make the total the complete figures for to-night
But
United States,
(Friday), we add the item of exports from the
including in it the exports of Friday only. 1
1920.
bales-.1,134.000
1919.
493.000
1918.
417,000
1917.
680,000
10,000
206,000
13,000
69,000
20,000
61,000
24,000
62,000
—1,350,000
April 16—
Stock at Liverpool
Stock at London
575,000
498,000
756,000
*1,000
*1,000
274,000
7.000
Stock at Manchester
Total Great Britain
Stock at Hamburg..
..........
Stock at Bremen...............
w—*—
......
187,000
8,000
86,000
74,000
......
......
347,000
Stock at Havre
Stock at Marseilles
90,000
191,000
Stock at Barcelona..
Stock at Genoa
Stock at Trieste..
124,000
2.000
14,000
"
9,000
149,000
Total European stocks
.1,978,000
India cotton afloat for Europe—
90,000
930,000
647,000 1,157,000
Amer. cotton afloat for Europe..
462,559
20,000
333,772
28,000
151,000
55,000
231,000
Egypt,Brazil,&c.,afloat for Eur'e
75,000
38,000
95,000
48,000
128,000
Stock in Bombay, India.
1,050,000
Stock in U. 8. ports
....1,190,972
Stock in U. S. interior towns
1,179,538
U. S. exports to-day.
14,538
the week and since
-1919-20-
Via
379,000
317,000
135,000
977,000 *599,000
860,000
1,232,152 1,461,820 1,116,410
1,469,042 1,197,106
995,490
15,180
1,422
bales.
Liverpool stock
328,000
911,000
American afloat for Europe..._.
462,559
U. S. port stocks
1,190,972
U. S. exports to-day.
1,469.042 1,197,106
995,490
1,422
15,180
14,538
....
560,000
46,000
*339,000
231,000
333,772
1,232,152 1,461,820 1,116,810
1,179,538
U. S. Interior stocks
246,000
31,000
*127,000
151,000
41,000
318,000
182,000
529,000
Continental stock
4,469,607 3,737,146 3,215,348 3,288,300
i
Total American
East Indian, Brazil, Ac.—
120,000
223,000
165,000
171,000
Manchester stock
Continental stock...
10,000
24,000
99,000
20,000
30,000
*22,000
24,000
6,000
*62,000
India afloat for Europe
90,000
13,000
28,000
36,000
20,000
28,000
55,000
Egypt, Brazil, &c., afloat
75,000
38,000
95,000
379,000. 317,000
48,000
135,000
977,000
599,000
860,000
Liverpool stock
i
London stock
Stock in Alexandria, Egj-pt
128,000
-----
1,050,000
Stock in Bombay, India
Total East India, &c.
Total American
1,699,000 1,657,000 1,282,000 1,310,000
—
4.469,6u7 3,737,146 3,215,348 3,288,300
Total visible supply
6,168,607
Middling uplands, Liverpool
27.66d.
Middling uplands. New York
43.25d.
Egypt, good sakel, Liverpool — .
87.00d.
Peruvian, rough good, Liverpool.
50.00d.
Broach, fine, Liverpool
23.10d.
Tinnevelly. good, Liverpool
23.3od.
5,394,146 4,497,348 4,598.300
18.20d.
22.79d.
12.26d.
28.65d.
30.25c.
19.85c.
30.08d.
32.81d.
29.10d.
30.00d.
39.00d.
19.50d.
16.10d.
21.93d.
11.90d.
16.35d.
22.18d.
12.08d.
Estimated.
Continental imports for past
bales.
week have been
figures for 1920 show a decrease from last week
of 9,374
bales, a gain of 774,461 bales over 1919, an excess
of 1,671,259 bales over 1918 and a gain of 1,570,307 bales
The above
Via
Via
366.040
Aug. 1.
0456,687
384,205
22,918
92,280
53,303
05,343
644,762
all.199
12,054
716
702
9,426
1,688,415
3,294
153,111
190
647
3,874
63,589
211,422
3,452
46,440
44,458
181,627
7,815
428,122
3,676
272,525
"927
.
100
962
Virginia points
other routes, &c
1,000
156
33,216
59,043 1,749,498
/;
Deduct shipments—
.
.
.
Total to be deducted
.
.....
*
28
55,367 1,476,973
12,786 1,260,293
Leaving total net overland *
by rail to Canada,
a Revised,
added as revision of shipments for Morch,
Including movement
b 30,000 bales
The
overland movement
foregoing shows the week's net
bales, against 55,367 bales for the week last
year, and that for the season to date the aggregate net over¬
land exhibits a decrease from a year ago of 216,680 bales.
has been 12,786
1918-19
-1919-20In
Since
Since
Sight and Spinners'
Aug. 1.
Week.
Aug. 1.
Week.
Receipts at ports to April 16
98,720
16
12,786
Southern consumption to April 16o 72,000
6,139,193
69,131
55,367
58,000
4,281,368
1,476,973
2,633,000
.183,506
*11,110
9,998,486
182,498
*27,376
8.391,341
772,426
'
1,260,293
2,599,000
Net overland to April
Total marketed...
...
.......
Interior stocks in excesq..
377,491
week...172,396
1610,375,977
155,122
2,353,458
26,429
Came Into sight during
Total in sight April
Nor.
*
spinners* takings to April 16- 37,511
Decrease during week,
a
9,163,767
1.595.006
consumption: takings not
These figures are
available.
Movement into
sight in previous years:
'
Week—
Bales.
Since Aug.
Bales.
.10,304,794
11,251,794
10,607,373
1—
118,438 1917-18—April 19
152,613 1916-17—April 20184,468 1915-16—April 22
1918—April 19
1917—April 20—
1916—April 22
WEATHER REPORTS BY
TELEGRAPH.—Advices to
by telegraph from the South this evening indicate
while the rainfall on the whole has been moderate or
us
that
light
during the week, the temperature has been too low at times.
Texas reports are to the effect that planting is making good
headway except in the northwest, where moisture has been
deficient.
In Alabama much bottomland is flooded and
the water is falling but slowly.
(
,
Galvestoni Tex.—Planting is making good headway exoept
in the northwestern locality where moisture is too deficient,
in the eastern section scattered showers occurred.
Early
backward.
is
planting
1917.
over
6670,602
.20,601
Louisville
Via Cincinnati
Takings.
Manchester stock.
Since
Week.
Aug. 1.
19,424
96,895
24,313
154,956
356,185
....
Via
Of the above,
American—
*
4,258
4,928
Via Mounds, &c
Via Rock Island
supply.......—.6,168,607 5,394,146 4 497,348 4,598.300
totals of American and other descriptions are as follows:
Total visible
Week.
L^uis
St.
-1918-19-
Since
April 16
Shipped—
*1,000
355,000
Egypt
MOVEMENT
from telegraphic reports Friday night.
The result for
Aug. 1 in the last two years are as follows:
up
401,000
628,000
.....
FOR THE WEEK AND
give below a statement showing the
overland movement for the week and since Aug. 1, as made
OVERLAND
SINCE AUG. 1.—We
95,000
22,000
...
——
...—
— --
Total Continental stocks.
Stoci in Alexandria,
1655
THE CHRONICLE
1920.]
Good general rains
needed.
are
day during the week, to the extent of
hundredths of an inch.
The thermometer has
It has rained on one
AT THE
INTERIOR TOWNS the movement—that is,
receipts for the week and since Aug. 1, thes hipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year—is set out in
fourteen
the
ranged from 50 to 76, averaging 63.
detail below:
60, highest 84, lowest 36.
Brenham, Tex.—It has rained on one
Abilene
to
Movement to
To wis.
Movement to
April 16 1920.
Ship¬
Receipts.
Season.
April
Week.
Receipts.
16-
Week.
Season.
Slocks
18.
4.4731,
3,350
334
1,889
27
599
5,892:
69,668
239
Montgomery
2,009
7,676
534
60,495
642
24,772
69
37,951;
94
384
57,312
723
18,618
Helena
61
36,676
408
5,705
1,189
31,179
181,747,
89,099;
172
Little Rock.
1,120
1,150
6,263
39,817
2,620
150,120
2,163
31,700
964
120,880
3,017
_
Ark.,
Pine Bluff
....
Athens
4,986
i_...
Columbus.
Macon
"104
1,122
34,104
4,597 29,645
498,945: 10,520 109 2 45
450
6,632
34 064
4,713 28,471
206,664
600 11,690
53,065!
370 29,811
74,732
64
1,838
17,053
525 48,243
134,312
148,639,
2,399
Atlanta..
Augusta
...
...
Rome
Clarksdale
7y899j
2,681,
49l!
ln2j
1,968
Mo., 8t. Louls.
N.C.,Gr*nsboro
4,278
Raleigh......
962
106,955
35,292
25,669!
18,006
32,901
670,992
46,384
12,143
Cincinnati.
1,800
54,200
Greenwood
790
Meridian.
290
.....
29
11
Vicksburg
Yazoo City
O.,
4ooi
Okla., Ardmore
Chlckasha
'
Hugo
S.O., Greenville
Greenwood
Tenn.,Memphis
Nashville
37,089
1,100
131,328
15,104
22,2661,039,878
Brenham
j
1,436
896
Dallas
Honey Grove.
Houston
Paris
San Antonio.
.
10,370
81
925
117,456
1,300
40,609
3,849
177,403
3,440
27,135
6,323
366,192
10,245181,337
462
51,610
3.083
178,541;
866, 30,221
2,710 41,249
1,022 14,774
1,447 51,847
95
4,519
1,202
44,865:
801
114,474
1
/
.
.
_
,
Tex.—It has been dry all the week. The ther¬
mometer has ranged from 43 to 88, averaging 66.
Dallas, Tex.—Rain on one day of the week.
The rainfall
has been three hundredths of an inch.
Average thermo¬
meter 62, highest 85, lowest 40.
Henrietta, Tex.—It has rained on one day during the week
to the extent of twenty-three hundredths of mi inch.
The
thermometer has averaged 61, the highest being 83 and the
#
lowest 39.
18,716;
2,685
41,909
1,000) 25,000
4901
3,300
2,000
126,178
3,300
week.
636
37,158
40,700
15,430
638!
4,582
658
39,331
13,301
316
162i
7,907
6,702
242
32,080
38,791
4,258
15,6)9
10,735
467,255
500
8,490
1,838
850
^4-9
275
2.50
187
1,100
20,000
2,311
118,152;
2,311
23,000
10,397
3 ,'200
"""381
43,682;
958
6,442
56
27,044|
.
,
48 to 80.
657!
38,050;
34,108'
6,247
"4",263
74,754;
19,982327,421 15,747
l,Ol9i
768,830
2,070
29,000
13,769,
7,155
78
40,639,
206
1,189!
9,009
731!
983; 15,059
11,199 24,263
1,181
9,817
6,742
7
982
1 601
26,062
5,500
...
9,624
...
23 105366,317
1,193
1,268
7,233
3,006
647
...
1,906;
117
16,895'
117
5,455
5,884:
1,711
42,926
1 267
2 966
7,878
80,,679
1,987
1,272 20.547)
683
75,8951
843
26,542
4,400!
31,076!
22,2881.846,146 27,606 264,046 27,6351 ,549,729
108,512
3,194;
1,100 13,200
800j 116,625!
2
to 92.
Cuero,
124,093
6,693
38,125
Clarksville
68
46,321
50,358
4,387
48
1,585
55,750
!
....
Tex., Abilene..
Brownsville, Tex.—We have had no rain during the past
The thermometer has averaged 70, ranging from
134
11,629
24,787
.......
Oklahoma
2,700
240.592!
4'-»0,
La., Shreveport
Miss.,Columbus
Natchez
399
9,689|
Ga., Albany
inch and forty-five
week.
Ala., Eufaula..
Selma...
one
lowest 44.
April
Week.
Average thermometer
day during the week,
hundredths. The
averaged 64, the highest being 84 and the
the extent of
thermometer
Ship¬
ments.
Stocks
ments.
Week. I
April 18 1919.
Tex.—Dry all the week.
j
130
1,071
56!
39,235
739
15,005
4,596
38 760265,685
3 589!
302
14,110
1,669
Huntsville,
The
Tex.—We have had no rain during the past
thermometer has averaged 64, ranging from
*
Kerrville, Tex.—It has been dry all the week.
mometer has ranged from 36 to 84, averaging 60.
The ther¬
Tex.—Dry all week. Average thermometer
33.
Longview, Tex.—It has rained on one day during the week
to the extenteof one inch and forty-five hundredths.
Lhe
thermometer has averaged 52, the highest being 74 and the
Lampasa,
60, highest 87, lowest
lowest
»
.
30.
.
had no rain during the past week.
The thermometer averaged 67, ranging from 45 to 88.
Nacogdoches, Tex.—It has rained on one day during the
week, to the extent of thirty-seven hundredths of an inch.
The thermometer has ranged from 41 to 78, averaging 60.
Palestine, to.—Rain on one day of the week.
The ramfall has been twenty-eight hundredths of an inch.
Average
thermometer 59, highest 76, lowest 42.
Paris, Tex.—It has rained on one day during the week
to the extent of fourteen
hundredths of an inch. The
thermometer averaged 59, the highest being 79 and the low¬
Luting, Tex.—We have
.
Total, 41 towns
79,1976,298,636! 90,3071179,538 98,1345,372,619125,5101469042
The above totals show that
the interior stocks have de¬
to-night 289,504
The receipts at
less than the same week
creased during the week 11,110 balesjand are
bales less than at the same time last year.
all towns have been 18,937
last year.
bales
est 39.
San Antonio,
week.
Tex.—We have had, no rain during
The thermometer
the past
averaged 66, ranging from 44 to 88.
TIIE CHRONICLE
1656
Taylor, Tex.—Rain
day of the week.
on one
has been four hundredths of
an
42.
Wealherford, Tex.—It has rained
on
one
day during the
week, to the extent of fifteen hundredths of
thermometer averaged
an
inch.
MENT TO APRIL 1.—Below
Gross overland for March.
rain during the past
The thermometer averaged 62, ranging from 37 to 86.
no
Muskogee, Okla.—Dry all the week. Average thermome¬
ter 56, highest 78, lowest 35.
Brinkley, Ark.—It has rained on one day during the week
to
the extent of sixty-six hundredths of an inch.
The
thermometer averaged 55, the highest being 75 and the
lowest 35.
Eldorado, Ark.—We have had rain on one day during the
past week to the extent o* ten hundredths of an inch.
The
thermometer averaged 56, rangin from 37 to 75.
Little Rock, Ark.—It has rained on one day
during the
week to the extent of forty-one hundredths of an inch.
The thermometer has ranged from 42 to 71,averaging 57.
Alexandria, La.—Rain on one day of the week.
The
rainfall
has been one inch and forty-eight hundredths.
Highest thermometer 79, lowest 44, average 61.
New Orleans, La.—It has rained on two days
during the
week, to the extent of twenty-two hundredths of an inch.
The thermometer averaged 65.
Shreveport, La.—We have had rain on four days during
the past week to the extent of one inch and ninety-eight
hundredths.
The thermometer averaged 60, ranging from
Vicksburg,
Miss.—Dry all the week. Average ther¬
highest 75, lowest 43.
Ala.—Slow progress is being made with farm
Much bottomland is flooded and the water is reced-
ng slowly.
Some cotton is up
It has rained on two days
but eoolnights retard growth.
during the week to the extent of
three inches and four hundredths of
an
inch.
___
Net overland for 8 months
Port receipts in March
Port receipts in 8 months.
___________
Exports in March—_
Exports in 8 months..
The ther¬
averaged 62, the highest being 80 and the lowest 45.
Selma, Ala.—We have had rain on two days during the
past week to the extent of one inch and three hundredths.
The thermometer averaged 59, ranging from 38 to 80.
Atlanta, Ga.—It has rained on two days during the week
to the extent of thirty-eight hundredths of an inch.
The
thermometer ranged from 30 to 71, averaging 51.
Savannah, Ga.—Rain
was
one
three days of the week.
on
inch and
The
Average
nineteen hundredths.
thermometer 59, highest 75, lowest 41.
Madison, Fla.—We have had rain on two days during the
past week to the extent of one inch and eighty-seven hund¬
redths.
to 77.
The
thermometer
on March 31
Northern spinners' takings to April
Southern consumption to April 1
Overland to Canada for $ months
in net overland)
1
j
150,881
45
19,100
953,714
9,962,071
506.08
481.08
'
at
512.60!
511.95
487.601
■
486.95
which statistics
gone
Cotton Takings.
Week and Season*
1919-20.
Visible supply April 9
Visible supply Aug. 1
1918-19.
Season.
Week.
Week.
6,177,981
American In sight to April 16
Bombay receipts to April 15___
Otber Isdia shipm'ts to April 15
Alexandria receipts to April 14__
Other supply to April 14 *
_
Season.
5,397,997
172',396
6140,000
610,000
64,000
66,000
4,792,018
10,375,977
2,359,000
101,000
740,000
172,000
3,027,450
9,163,767
1,742,000
65,000
619,000
155122
56,000
3,000
2,000
13,000
141,000
''7:','
v..
Total supply
6,510,377 18,539,995 5,637.11914,758,217
Deduct—
Visible supply April 16
6,168,607
Total takings to April 16_a
Of which American
Of which other
6,168.607,5,394,146] 5,394,146
341,770 12,371.388
194,770 9,097,388
147,000 3,274,000
232,973
182,973
9,364,071
7,373,071
1,991,000
50,000
*
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This
embraces the total estimated consumption by Southern mills,
2,599,000 bales in 1919-20 and 2,633,000 bales in 1918-19—takings not
being available—and aggregate amounts taken by Northern and foreign
spinners, 9,772,388 bales in 1919-20 and 6,731,071 bales in 1918-19, of
which 6,498,388 bales and 4,740.071 bales American.
& Estimated.
BOMBAY COTTON MOVEMENT —The receipts of
India cotton at Bombay for the week ending Mar. 25 and for
the season from Aug. 1 for three years have been as follows:
ranged from 44 to 74, averaging 59.
1918-19.
1917-18.
March 25.
Receipts at—
Since
Week.
Bombay
_
_
_
______
_
_
Aug.
Since
Week.
1.
121,000 2,072,000
_
Since
Week.
Aug. 1.
69,000 1,559,000
on two
1
Aug. 1.
75,000 1,192,000
inch
one
For the
Great
Conti¬
Britain.
nent.
1919-20-.
1918-19._
China.
8,009
Britain.
Total.
Conti¬
nent.
82,000
90,000
58,000
58,000
27,000
Japan
71,000
55,000
1917-18
&
China.
Total.
55,000
146,000
101,000
21,600
72,950
21,000
3,000
53,000
307,000 1,224,000 1,584,000
457,000
555,000
971,000 1,218,000
Other India*
1919-20._
250
6,550
6,800
"1*660
1918-19..
1,000
82,000
9B,ff00
59,000
55,000
,
94,550
19",000
43,000
1917-18.Total all—
250
14,550
1918-19-_
59,000
1917-48__
55,000
*
No data for
74,600
48,000
146,000
1917-18; figures for 1918-19
are
379,950 1,224,000 1.678,550
476,000
74,000
598,000
971,000 1.218,000
101,000
since Jan.
1.
on-
uvq
Siturday. Monday.
Since August 1.
Great
Japaru.
Bombay—
MARKETS.
Closing Quotations for Middling Cotton
Week.
Exports
from—
1919-20.-
rv
25,635
856,905
9,885,810
2,026,086
glance the world's supply of cotton for the week and
Aug. 1 for the last two seasons, from all sources from
are obtainable; also the takings, or amounts
out of sight, for the like period.
a
since
QUOTATIONS FOR MIDDLING COTTON AT OTHER
April 16.
140,039
11,602,634 11,911,896
*
•
1919-20.
days of the week.
The
and seventy-two hundredths.
Highest thermometer 68, lowest 30, average 49.
Charlotte, N. C.—Rain on three days during the past
week to the extent of one inch and thirty-two hundredths.
The thermometer averaged 51, ranging from 31 to 70.
Weldon, N. C.—It has rained on two days
during the
week to the
extent of seventy-seven hundredths of an inch.
The thermometer has
ranged from 28 to 72, averaging 50.
Memphis, Tenn.—It has rained on two days during the
week to the extent of one inch.
The thermometer ranged
from 38 to 73,
averaging 56.
Week
2,832,000
averaged 60, ranging from 43
Spartanburg, S. C.—Ram
been
111,791
1,213,154
416,114
4,913,656
315,680
3,342,294
1,536,763
1,802,169
WORLD'S SUPPLY AND TAKINGS OF COTTON.—
The following brief but comprehensive statement indicates
Charleston, S. C.—There has been rain on two days of the
week to the extent of seventy-two hundredths of an inch.
has
183,415
2,095,279
148,515
6,992
22,000
809,322
8,753,069
2,849,565
__
Average gross weight of bales
Average net weight of bales.
j
rainfall
1917-18.
(inch!
Burnt North and South in 8 months....
Stock at Northern interior mkts. Mar. 31
Came in sight during March
Amount of crop in sight April 1
'
Came in sight balance of season.
j
Total crop
.
The thermometer has
,
1918-19.
219,000
1,628,844
192,479
1,368,236
356,844
4,094,833
504,979
5,171,4061 3,466,919
1,260,576! 1,306,563
2,251.278
1,527,527
2,432,000 2,475,000
mometer
rainfall
and the eight months
180.889
1,617,359
151,170
1.210,730
544,544
5,907,341
i
717,049
j
.
Port stocks
The
mometer 57,
Mobile,
bales.
...
Gross overland for 8 months
Net overland for March
42 to 79.
Columbus, Miss.—It has been dry all the week.
thermometer ranged from 33 to 77, averaging 55.
present a synopsis of the
1919-20.
the highest being 82 and the
60,
Ardmore, Okla.—We have had
work.
we
crop movement for the month of March
ended March 31 for three years:
The
lowest 38.
week.
COTTON CONSUMPTION AND OVERLAND MOVE¬
The rainfall
Lowest thermometer
inch.'
[Vol. 110.
Tuesday. Wed' day. Thursd'y.
ALEXANDRIA
Fridya
RECEIPTS
AND
SHIPMENTS
OF
COTTON.—The following are the receipts and shipments
Galveston
43.50
43.50
43.50
43.50
New
43.50
43.50
for the week
41.50
41.50
40.75
41.50
41.50
41.50
40.75
40.75
40.75
40.75
41.75
41.00
of the two
41.50
41.50
41.50
41.50
41.50
41.60
40.50
40.50
40.50
40.50
Orleans..
Mobile
__
Savannah.....
Charleston
__
_.
Wilmington...
41.00
_
_
_
_
40.00
40.00
40.00
40.00
40.00
40.00
40.00
40.00
40.50
42.00
42.00
42.00
42.00
43.25
43.25
43.25
43.25
42.00
43.50
Augusta
41.25
41.00
41.00
41.00
41.25
Memphis
41.50
41.50
41.50
41.50
41.50
43.75
43.90
43.90
44.05
43.00
43.00
43.00
42.50
42.50
44.05
42.75
43.00
43.00
43.00
43.00
43.00
43.00
...
Philadelphia
Dallas
_
Houston
Little Rock
«
March
This
j
1
Expor
Aug. 1
To Liverpool.
October
December.
January
_
____
March
Tone—
Spot
Options.
_
—39.95
—
40.30
—
—40.45
—
40.80
—
39.99 — 40.15 — 40.75 —
40.49-.50 40.65-.70 41.25-.—
38.48-.53 38.35-.40 38.68-.70 38.63-.65 38.97-.00 39.65-.67
35.58 —35.09 — 35.58 — 35.43 — 36.11 — 36.85 —
35.08-.13 34.59-.65 35.08-.13 34.93-.96 35.61-.65 36.35-.39
34.09-.15 33.57-.62 34.07-.08 33.90-.92 34.40-.42 35.27-.30
33.30-.38 32.57-.60 33.10-.11 33.00 — 33.40-.46 34.22-.27
31.72-.82 32.25-.35 32.20-.25 32.45-.50 33.40-.—
Steady
Steady
.
Steady
Steady
Steady
Steady
Steady
Steady
Quiet
Very st'y
9,888
4,615,127
104,330
5,130,419
Steady
Steady
892234,571
To Manchester, &c
To Continent and India.
To America.
Total exports
40.30
1917-18.
Since
Week. Aug. 1.
(bales)—
Saturday, Monday, Tuesday, Wed'day .Thursd'y, Friday.
April 10. April 12. April 13. April 14. April 15. April 16.
40.80
1918-19.
22,519
5,473,142
week
Since
NEW
j
1919-20.
24.
Receipts (cantars)—
41.50
42.00
ORLEANS CONTRACT MARKET.—The closing
quotations for leading contracts in the New Orleans cotton
markets for the past week have been as follows:
April
May
July
September
years:
Alexandria, Egypt,
40.00
40.00
42.00
43.25
Norfolk
Baltimore
ending Mar. 24 and for the corresponding week
previous
! 135,543
5,532 115,360
1,593266,636;
8,017 752,110'
)r
Since
Since
Week. Aug. 1.
{; Week. Aug. 1.
1,932 181,065
87,156
10,057 106,472
1,497 37,098
13,4861411,791
2~950
151,068
161,553
j 3,350
64,415
22,543
f 6,300 399,597
COTTON FREIGHTS.—Current rates for cotton from
New
as
York, as furnished by Lambert & Burrows, Inc.,
follows, quotations being in cents per pound:
Liverpool, 1.80c.
[Stockholm, 2.80c.
Bombay, 1.50c.
Manchester, 1.55c.
{Trieste, 1.50c.
jFlume. 2.00c.
Gothenburg, 2.25c.
Antwerp, .90c.
Ghent, via Antwerp, .93c.
Havre, 1.00c.
Vladivostok, 1.50c.
Lisbon, 1.00c.
Bremen, 1.75c.
Oporto, 1.50c.
Hamburg, 1.75c.
Rotterdam, .90c,
Genoa. 1.00c.
Barcelona direct, 1 50c.
Japan. 1.50c.
Danzig, 1.75c.
Piraeus, 1.50c.
Chrlstlanla, 2.30c.
Shanghai, 1.50c.
Salonica, 1.50c.
are
APR. 17 1920,]
THE
CHRONICLE
1657
MANCHESTER
MARKET.—Our report received by
to-night from Manchester states that the market re¬
mains quiet.
We give prices for to-day below and leave
those for previous weeks of this and last year for comparison:
BREADSTUFFS
cable
Friday Night, April 16 1920.
Flour has been strong.
Prominent interests have declared
that their stocks in warehouse
1920
the
to
8H
32* Cop
a.
Feb.
f»
tngs
Twist.
Shirt-
41.
60
27
61
@
@
d.
i.
72
73
8U
Mi<1
32* Cop
Twist
®46
42
@46 0
0
to
Mi*
Uv't
Finest.
6
30 61
6
29
3
@25 0
@26 0
29.15 26 H
@
28M 16 9
18
0
0
3.
@
@
29V4 18
30.02 27
61
@
76M
61
@
76 H 42 6
19
70
@
87
26
60
@
5
42
@46
6
0
17.18
@24 6
16 24
28.65 26 M
@
28t*
16
9
@24 0
15.36
28.80 25
@
27
16
6
@23 6
15.32
@46 0
28.38 24 H
@
26H 16 8
@23 0
15.78
@46 0
27.76 26
@
27
6
@23 0
15.24
@46 0
28.03 26 M
@
28H 17 0
@23 3
16.88
0
7 66 26H
@
28M
@23
18.20
@-<6 0
@46 0
42
6
78
42
6
76
42 6
77
42 6
77
42
@.46
Apr.
2
59 H
&'-9.
60
16
60
(it
SHIPPING
6
16
17
0
3
NEWS.—Shipments in detail:
Total bales.
v
NEW YORK—To Liverpool—April 9—Belgic,
2,756 Peruvian
April 12—Carmania, 827
To Manchester—April 10—Monmouth, 200
To Hamburg—April 9—Mongolia, 175
To Rotterdam—April 13—Walter A. Luckenbach, 194.
To Barcelona—April 12—Luxpalite. 190
To Lisbon—April 14—-Ablanset, 350
To Genoa—April 13—Guiseppi Verdi, 200
GALVESTON—To Liverpool—April 14—-Electrician, 8,344; Nerrisian, 10,994
To Manchester—April 12—Pilar de Larrinaga, 13,400
;
NEW ORLEANS—To Liverpool—April
10—Logician, 4,758April 13—Ni"ian, 1.165---April 15—Novian, 4,299
To Havre—April 10—West Cressy, 1,127
To Hamburg,&c.—April 14—Cambridge, 5,321.__
To Genoa—April 13—City of Flint, 8,306
SAVANNAH—To Bremen—April 15—West Cobalt, 4,922
To Ghent—April 10—Western Front, 4,047.
To Barcelona—April 9—Westmead. 16,677
To Genoa—April
10—Lucania, 979
April
15—Winterton,
3,917
3,583
200
175
194
190
350
200
19,338
13,400
10,222
1,127
5,321
8,306
4,922
4,047
16,677
4,896
7,684
5,550
1,000
...
To
Japan—April 10—Carribas, 7,684.
WILMINGTON—To Genoa—April 10—Teresa O. 5.550
NORFOLK—To Liverpool—April 10—Carnoga, 1,000.
To Manchester—April 10—American Press, 600_—April
Lake Galeta, 2,925
13—
3,525
275
1,400
50
113
3,119
930
BOSTON—To Manchester—April 3—West Grove, 275---
BALTIMORE—To Finland—April 10—Eastern Star, 1,400
PHILADELPHIA—To Hamburg—Mar. 29—Bellerose, 50
To Antwerp—Mar. 29—Bellerose, 113
SAN FRANCISCO—To Japan—April 10—Eastern Merchant, 3,119
SEATTLE—To Japan—April 5^—Oridono Mam, 930
Total
116,794
The
particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great
Ger¬
Britain. France.
New
York.
3,783
32,738
10,222
Galveston
New Orleans
many.
1,127
5,321
Savannah
4,922
Wilmington
Norfolk
■Oth. Eur ope—
South.
North.
175
194
Total.
Japan.
740
8,306
4,047 21,573
5,550
4,892
32,738
24,976
38,226
5,550
4,525
....
7,684
4,525
Boston
275
275
Baltimore
Philadelphia
50
San Francisco
1,400
1,400
113
163
3,119
930
;
3,119
930
11,733
116,791
Seattle
Total
—'..,51,543
1,127
10,468
14,060 27,863
LIVERPOOL.-—By cable from Liverpool we have the fol¬
lowing statement of the week's sales, stocks, &c., at that port:
Mar. 26.
Sales of the stock
April 1.
11,000
18,000
April 9.
11,000
April 16
19,000
Of which
speculators took
Of which exporters took
Sales, American
Actual
export
Forwarded
stock
Total
Of which
American.,
iTotal imports for the week
Of which American
...
Amount afloat
Of which American
14,000
8,000
15,000
9,000
9,000
12,000
25,000
3,000
78.000
73,000
45,000
76,000
1,082,000 1,113,000 1,114,000 1,134,000
879,000
905,000
909,000
911,000
155,000
105,000
115,000
84,000
82,000
138,000
72,000
82,000
37 7,000
319,000
337,000
305.000
242,000
275,000
The tone of the
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
each
Spot.
Saturday.
Wednesday.
Tuesday.
12:15
P. M.
.
Dull.
Friday.
Quiet.
|
■
demand.
Easier.
Futures.
27.64
27.39
27.15
27.66
3,000
HOLIDAY
3,000
3,000
5,000
2,000
Quiet
Market
..
27.87
Mid.Upl'ds
Sales
Dull.
■
Thursday.
More
Monday.
■
f
<
1
Market,
Steady
Quiet
Quiet
Steady,
9 @13
/
pts. 12@27 pts. 7@21
pts. 11@17 pts. 10@23 pts.
dedline.
decline.
advance.
decline.
advance.
opened \
1
(
Market,
4
P. M.
Quiet
{
1
The
4@42
7
Steady
Quiet
Very st'dy,
Steady
pts. 19 pts.dec. 9pts.dec. to 22 @51 pts.
decline.
advance.
to8pts.adv. 21 pts. adv.
pts. 1@25
decline.
city has enough flour for
age
are
given
below:
Sat.
Mon.
Tues.
Wed.
the effects within
there will be
until
April 10
12M! 12M! 12H\
April 16.
4
p. m.;p. m.;p. m. p. m
d.
!
d.
d.
25.87
April
1214|
4
12
Ml
4
12MI
p. m. p. m. p. m. p. m. p. m. p.
4
I 12MI
m.jp.
a
or
two; that
no
acute short¬
But if the strike continues
4
m.jp. m.
d. j
d.
d. \ d.
d. \ d. j d. \ d.
25.72;25.64 25.73 25.64 25.54 25.40 25.74 25.9125.96
d.
a
short time will be serious.
Meantime
fair distribution of stocks among consumers
things get back to normal.
That
may
not be far off,
public opinion is emphatically against the strike.
It
evokes no public sympathy whatever.
Buyers hesitate.
They have no means of knowing when they would receive
flour bought.
The question of deliveries has been even more
dubious than it was recently.
Some export demand for first
and second clears has prevailed.
But the offerings have
been small.
The production of patents has fallen off notice¬
ably owing to the recent indifferent market.
Mills were
firm even though the unsettled labor situation was plainly
against them.
There are inquiries from France and Eng¬
land for corn products including corn flour, meal and grits.
France, it is said, will probably have to resort to flour substi¬
tutes on account of the exhausted supply of wheat there.
There has also of late been a very good inquiry for the lower
grades here of flour which are scarce.
Buyers have shown
rather more readiness to take the better grades.
During
the week the American Grain Corporation has bought about
8,000 bbls. of straight wheat flour at prices averaging about
$10 69 per bbl. f. o. b. Baltimore and $9 90 f. a. s. Pacific
Coast points.
At Winnipeg prices at one time advanced
15c. as the maximum restrictions were removed by the Grain
Board.
Further advances
expected.
"high" with a steady demand
light receipts with the railroad strike on.
Rye has been
at an abnormally big premium owing to scarcity on the spot.
The firmness of corn, oats and rye affected wheat.
Cash
grain prices have risen even on days when futures declined
under profit-taking sales.
The smallness of the receipts
frightened buyers.
The stock of wheat at New York is
954,807 bushels, against 995,093 bushels on April 3 and
3,346,086 last year.
About 100,000 bushels of prime or
No. 1 spring were bought in Duluth recently for export and
also all that was offered in Minneapolis, including durum.
Later about 100,000 bushels of wheat were sold, part here at
$2 98 for No. 2 winter and $2 95 for No. 3 on track; and at
the Gulf, No. 2 winter at $2 87, No. 3 at $2 84 and No. 4 at
$2 80 f. o. b.
To-day prices advanced 10c. at the West,
with small stocks and a fair export demand.
No. 1 Northern
sold at Minneapolis at $3 20; at Omaha No. 2 sold for ship¬
Wheat advanced to
a
were
new
and
ment at
In
$3 02 track here.
the United
Kingdom the condition of wheat is very
satisfactory, although it is said the acreage in spring cereals
will be short.
Rains are hindering sowings in some sections
of that country.
In France rains have damaged grain, but,
on the whole, the outlook is considered favorable.
In Ger¬
many good weather prevailed and sowings have made fairly
good progress.
In India latest estimates show a further in¬
creased acreage to wheat in the Punjab Province, and
harvesting, it is said, is making good progress.
The outturn
of that country is expected to make a good showing.
In
Australia seeding conditions in general have been fair.
In
North Africa prospects are good.
Recent rains in that
country were very beneficial.
Wheat at Buenos Aires has
sold of late, it is stated,at 20 pesos 15 centavos to 20 pesos
70 centavos per 100 kilos, the highest price in five years, and
equal to about $5 50 per bushel.
The visible supply last
week decreased 506,000 bushels, against 8,066,000 in the
same time last year.
The totalis now 44,281,000 bushels,
against 77,015,000 a year ago.
World's stocks in April,
according to the "Chicago Daily Trade Bulletin," were
248,870,000 bushels, against 267,200,000 on March 1st and
414,270,000 on April 1st last year, when they were the
largest on record, or at any rate in sixteen years.
Indian corn has advanced on a good depiand.
More¬
over higher prices for wheat, oats and rye have not been with¬
out their effect on corn in the presence of the big railroad
strike and small receipts.
All have made new high record
cash prices.
Western points received very little corn.
Argentina's supply moreover is said to (be greatly reduced.
It is suggested and even asserted that the Argentina Govern¬
ment is likely to forbid exports of corn and rye In the near
future.
How much there is to this idea remains to be seen.
a
time had not
a
little effect in strengthening
prices
temporary reaction.
It was rumored
that the railroad strike was beginning to break at the West.
here.
Later
came
a
larger receipts.
Besides the recent ad¬
rapid.
The long interest has become
pretty heavy.
The techmcal position is weaker.
Cash
markets at the West have not followed the advance here.
vance
to
week
for
That would
Fri.
Thurs.
a
has yet been generally felt.
But for
prices of futures at Liverpool for each day
strike."
17.68
Mar.
12
"outlaw
Cot'n
&f. Shirt-
ings, Common
d
<1
6
8
12 6
6
CoVv
Uv ••
Common
to Finest
20
were
dwindling rapidly owing
Leading interests state that this
1919.
mean
had been very
They have been quiet.
For
some
of the industries
have had
the railroad strike and the lack
May
25.7025.55 25.4725.56 25.53 25.47;25.30 25.63 25.80 25.86
to close down on account of
June
25.35 25.30 25.22 25.34 25.27 25.19 25.09 25.32 25.52,25.66
25.04 25.02 24.9825.10 25.04 24.96 24.84 25.04 25.2425.43
supplies. Sterling exchange broke.
Profit taking^ fol¬
Argentina shipments for the week were large; i. e.:
4,526,000 bus. against 3,900,000 in the previous week and
1,042,000 last year.
Total for season thus far 8,426,000 bus.,
against 2,476,000 for the same time last. year.
The visible
supply last week decreased 165,000 bushels against an
increase in the same week last year of 103,000 making the
July.
August
:.
24.63 24.64 24.6024.8024.7324.7124.53 24.75 24.94 25.18
October
November
..
December...
January
February
March
HOLI¬
24.08 24.09 24.10 24.28 24.23 24.3124.10 24.24 24.44 24.70
DAY.
September..
23.53 23.54 23.56 23.74 23.73 27.8123.60 23.74 23.94 24.22
23.02,23.04 23.06 23.26 23.23 23.34 23.14 23.28 23.47(23,77
22.59 22.60 22.64 22.84 22.80 22.9122.70 22.82 23.02:23.32
22.3822.3922.4322.6422.6122.7122.5022.6322.83,23.14
...
22.19,22.19 22.22 22.44 22.4122.5122.30 22.43 22.63 22.94
22.00 21.99 22.03 22.24 22.20 22.30 22.08 22.22 22.41122.72
of
lowed.
now
5,504,000 bushels against 2,681,000 last year.
to-day prices reached new high levels with receipts
small, country offerings light and rather threatening weather.
Prices aro about 3c. higher for the week on futures.
total
But
DALIY
V-.'
CLOSING PRICES OF WHEAT
fiat. Mori.
305
302
cts.303
No. 2 red..
No 2 mixed
........
IN NEW YORK.
Tues.
Wed. Thurs.
Fri.
307
310
312
312
302
305
310
310
OF CORN IN NEW YORK.
Sat. Mon.
Tues.
Wed. Thurs.
DAILY CLOSING PRICES
No. 2
yellow----—-»i--»*.--.cts-192?i 191H 191H
DAILY CLOSING
192
193%
Fri.
194
FUTURES IN CHICAGO.
Tups.
Wed. Thurs.
Fri.
PRICES OF CORN
Mon.
fiat.
167
160% 107% }69% J09
159% 160
100% 1§|%
155% 15o% 155% 158
158%
Afay delivery in elevator
cts-167%
July delivery In elevator
160%
September aelivery in elevator
155%
grain
advanced to a new "high".
Receipts have been small
owing to the railroad strike.
Prices are said to have reached
the highest ever known.
Despite lower exchange the buying
of rye has been it seems on a big scale for exportThis has
given oats as well as other grain a filip.
The visible supply
of oats though it increased last week 255,000 bushels against
a decrease last year of 492,000 bushels is still only 8,788,000
bushels against 20,995,000 a year ago.
But later oats fell
Oats met with
a
sharp cash demand and with other
_
for
a
time in company
with other grain.
West.
of better strike conditions at the
There
were rumors
Besides
profit tak¬
natural after the recent big rise.
A break occurred in
rye and corn.
The effect was not lost on oats.
Moreover
the tendency of all the grain markets has recently been to
become pretty heavily "long".
With a weakened technical
position a reaction was inevitable.
To-day prices advanced
and then reacted.
But they end higher for the week.
Re¬
ceipts and country offerings are still small.
Some delay
is reported in seeding.
ing
was
DAILY CLOSING PRICES OP OATS IN NEW YORK.
Sat.
Mon. Tues.
Wed,
Thurs.
Fri.
-cts.120
125
125
130
130 nom.
130 nom.
No. 2 white
120
125
125
130
130 nom,
130 nom
,
No. 1 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
fiat. Man.
Tues.
Wed. Thurs.
Fri.
May delivery in elevator
July delivery in elevator
95%
86%
94%
85%
94%
85%
95%
88%
96%
88%
95%
87%
September delivery In elevator
72%
73%
73
73 %
75%
76
Rye has been active and rising. Premiums have been
unprecedentedly high.
Europe has been buying heavily.
Europe, it is believed, will take large quantities because it is
comparatively abundant and is cheaper than wheat.
Ar¬
gentina reported that nearly all available supplies had been
bought by exporters; much of its surplus, it is predicted, will
disappear in the next two months. The Argentina Govern¬
ment, it is asserted, is seriously considering the placing of
an embargo on further sales
of rye for export.; To-day
May touched $2 and then reacted. Prices are higher for
the week on a good export demand.
Exporters paid big
premiums for rye and all markets make new high records.
May rye in Chicago was $1.99.
Exporters were said to
have paid the highest premiums on the crop, including 29c.
over Chicago May for last half May shipments, 25c. over for
first half June, and 25c. over for last half June.
Export
sales of rye were estimated at about 500,(XX) bushels.
DAILY CLOSING PRICES OF
May delivery In elevator
July delivery In elevator
The
following
are
RYE FUTURES IN CHICAGO.
cts.191% 192% 192% 194% 198% 197%
185% 187% 187
188% 192% 191%
closing quotations:
flour
Spring patents
»13 25®S14 25
Winter straights, soft 11 00® 11 75
Kansas straights-... 12 754 13 75
Rye flour
10 00® 1125
Corn goods, 100 lbs.—
Yellow meal
4 00®
Cora flour
...
4 05
4 35®
4 40
^
No. 1 spring
Nos. 2. 3 and 4. pearl.
Nos. 2-0 and 3-0
6 00
6 75®6 90
spot delivery
.....
980
No. 1
130
nom.
No. 2 white
No. 3 vrhlte
130
nom.
130 nom,
194
Rye—
For
Barley—
Feeding
Malting.............
.......
No. 2
2 24%
other
tables
usually given
here,
see
page
1 70
1 80
1615.
THE DRY GOODS TRADE
New York, Friday Night, April 16 1920.
drygoods markets during the past week continued
firm in most cases, notwithstanding transportation troubles
like a gloom cloud over a great part of the country.
In the
Metropolitan district the strikes hampered considerably
the distribution of goods, this being at the mercy of truck¬
men who, according to the statements of merchants,
grow
more independent
each week; thereby throwing a further
burden on the already overburdened consumer.
Prospect
of an early and satisfactory solution of the labor difficulties
does not seem to be encouraging, and the labor unrest in
transportation field is causing merchants to wonder to what
extent this unrest will be carried next month or later, into
the textile fields, when wage periods expire, and when it is
The
expected that further demands will be formulated for in¬
creased wages in the mills.
From the producing end of
the market reports emanate
constantly concerning the probability of wage advances
soon in
ready-to-wear and fabric factories.
Already not a
few cotton
yances
and woolen manufacturers
are
discounting ador by
by demanding full prices for all late deliveries,
withholding sales of late delivery goods until costs affected
by wages are positively known.
Inclement weather set in
locally during the greater part of the week and contributed
that circulate even within the course of
day, to the effect that jobbers and retailers are united
in resistance to a further advance in prices.
But, as a
matter of fact, there are few merchants of extended ex¬
perience who do not feel that the constant pressure from
sources is the underlying factor in checking much
financial
speculative buying that has constantly led to con¬
The continued high
prices are pinching the consumer and exasperating him to a
of the
fusion in estimates of merchandising.
Eointonly what is absolutely necessary to asatisfy his dire
where he is beginning to manifest disposition to
uy
needs.
But selling agents are unmoved by these reports,
rule, since they have little to sell for nearby delivery;
and when jobbers and retailers come forward to replenish
their stocks for the fall, provided they come within the next
few weeks, they are apt to find little change in the tone of
first hand sellers.
This seems to be the general attitude of
the trade, despite the present belief of some buyers that by
holding off they can influence the market for fall at this
time.
The export division of the market continues quiet , due
principally to adverse shipping conditions and the unsettled
as
a
state of
foreign exchange.
COTTON GOODS.—The trade
DOMESTIC
was
quiet
and there was not much
doing.
The uncertainty about the consuming power of the
country, if prices are to be on a high basis for the next six
months, offers sufficient reason to make shrewd traders
hesitate even to the point of doing less business and taking
less profit.
A week or two of the right sort of weather and
a subsidence of the strike fever may change all this, however,
and the best opinions in the markets seem to be that the
country will go on doing business if business is done on a
fair basis.
Unrest] among consumers is said to be far
greater than appears upon the surface in labor union circles.
Goods are in light stock, and goods are needed.
But if
people have not the money with which to buy the goods be¬
cause of
high food costs, high rents, or what is worse;—
and exhaustion of savings, it is certain that the early restric¬
tions will affect dry goods seriously.
New prices in shirtings
and percales are not leading buyers to take hold freely, even
though it be contended in agency circles that prices are in
favor of the buyer.
Printers who have not already closed
their percale business for fall are less willing to sell at pre¬
vailing prices, and in some eases it requires a day or two for
agents to decide whether an order will be taken.
Bleached
cottons
quiet.
Ginghams unchanged and firm. Brown
goods for domestic purposes steady—but the jobbing trade
is not active on them.
Wide sheets and sheetings and pillow
cases continue hard to get for early delivery.
Gray goods
are firm with few offerings, trading at the close of the week
being less active; 383^-inch standards 27c.
Two successive
days of bad weather during the early part of the week added
to the uncertainty as to the future course of merchandising.
WOOLEN GOODS.—Worsteds and serges hold a dom¬
rather than dull during the week,
position in the men's wear market, and they promise
time to
come.
Shortage of worsteds
is leading many to think that the
in prices for these kind of textiles is not over.
The
wear trade is reported as experiencing heavy cancel¬
lations during the week, the refusals being on light weight
rise
men's
The fall 1920 dress goods lines
solid colors
may be regarded as the index.
Women are handicapping the
rea ly-to-wear business by a tendency on their part to buy
piece goods from which to make their own clothes.
The
market continues to debate the importation of British goods.
There are some who profess to believe that American markets
will not be influenced to any marked degree, but the stuff "
continues to come in as piece goods and. ready-to-wear
garments; and it is finding a market at prices said to bo lower
suitings and overcoatings.
nom.
...
number of reports
are
$3 12
No. 2 yellow
It is difficult
one
and the scarcity of yarns
Nos. 4-0 and 5-0..... 7 00
Oats goods—Carload;
affairs.
just what effect the lack of deliveries is having on the
retail trade, but reports say that retailers are not hurrying
jobbers for goods that are overdue, indicating in a measure
that retail trade is not good, or at any rate not so good as
it has been in recent months.
It is of interest to note the
to say
to remain firm for some
Oats-
■
its share to the already bad state of
inating
.
Barley good*— Portage barlev
No 1
16 75
GRAIN
WheatNo. 2 red
■Corn—
[VOL. 110.
THE CHRONICLE
1658
not
as
extensive
as
in previous seasons, and
than offered bv the retail trade here.
FOREIGN DRY GOODS.—The linen markets continue
abnormally high, and linen houses report the trade as quiet.
Flax brings famine prices when it is obtainable, and pro¬
duction of all flax goods is reported to be less than it has
been in all the five years past.
No improvement is re¬
corded in the market for the week just ended.
A few ship¬
ments1 of stock arrived from Great Britain and more goods
are expected on every boat.
But the acute situation cannot
be relieved, as the mills at Belfast can be operated only on
part time because of the scarcity of flax and tow.
Many of
the largest manufacturers have ceased to quote on their
products, as they have no raw material to carry them much
beyond September.
Burlaps are strong as compared with
conditions ten days ago.
In the opinion of some traders
the market is purely a speculative affair.
Calcutta cables
tell of a firmer tone on lightweights.
Eight ounce 40-inch
are firmly held by most dealers at 10c for 25-bale lots and
upwards; less quantities, up to 11c a yard is said to be asked
Average quotation for 10^-oz. 40-inch is said to be 14.25c
a
yard, but some sellers refuse to consider under 14.50c
even for quantity lots.
Sales were much restricted by ina¬
bility to give definite promise of shipments owing to the
strike troubles.
Aph. 17 1920.]
THE
CHRONICLE
Page.
jitate smd City Ipjepartwrnt
■
our detailed list of the municipal
during the month of March, which
put out
the crowded condition of
columns prevented
our
our
was given on
page 1551
Since then several belated
Apr. 10.
changing the total for
the month to $56,328,760.
The number of municipalities
issuing bonds in March
312 and the number of
issues 372.
was
BOND
SALES.
Maturity.
Amount.
15,000
...
N.Mex
Co.
1925-1949
$12,500
5^ dl930-1940
1336.-Allen, Kan
.
425,000
6
Cons.
S.
Price. Basis
100.37
4.97
1/98.50
....
6,000
„
D.
No. 5, Minn
5%
1215--Atchison, Kans.
1108-Attica, Ohio
1108—Attica, Ohio
1446__Attleboro, Mass
1336—Avoca, Iowa
1108.-Bagley, Iowa
1935
18,000
5
5
1921-1930
1921-1925
1921-1930
5
5
1921-1930
1921-1935
5
1336.-Baldwin Park S. D., Calif.5^
999.-Bartholomew Co., Ind
4J^
1924-1943
1108—Bay City U. S. D., Mich.5
1215-Bayonne, N. J.._
5H
1922-1935
1926
225,000
9,500
5,000
50,000
15,000
10,000
20,000
26,000
1,000,000
1,800,000
,
101
5.65
100
5.00
100
100.719
5.00
4.85
100.90
4.86
No. 1, So. Dak
48,000
—
dl934-1939
(Z1934-1939
—
—
—.
^
1921-1926
1446..Boone County, Iowa
1215—Boone County, Ind
4^
1215—Bradford, Pa
5
1108—Brentwood S. D., Pa
5
999.-Bridgeport, W. Va
5H
1336..Broadwater Co., Mont..6
1921-1930
1950
-
1921-1940
1945
<*1940
1216—Buhl Highway Dist., Ida.6
Ida
1931-1940
"13.000
6
1930-1940
60,000
6
1924-1939 —325,000
1921-1930
dl930-1940
1336—Cache Co. H. 8. D..Utah.5
1921-1930
1446—Cacapon Rd. D., W. Va_5
999..Camas Co., Ida. (2issues)6
1108..Carbon County.Utah.
6
1216.-Carbon Co. S. D. No. 1.
Utah-—
......
400,000
75,000
«,
1109. -Geneseo Twp., Iowa
1217. -Gettysburg Con. S.D..O-5K
1447 .Gloucester, Mass
5
100,000
1923-1945
100,000
1921-1940
20,000
1921
5,500
1922,'24&'25 11,400
1946
54,000
1921-1925
8,309
15,000
1109 -Gloversville, N. Y
4K
1217. -Gloversville, N. Y
4H
1217. -Gonzales County, Tex
5H
1217. -Gowanda, N. Y
5H
1338. -Gridley, Calif
5
1217. -Hamburg (T.) Com. S. D.
No. 10, N. Y
.6
1217. .Hancock County, Ohio..5^
1000. .Hanover Sch. Twp., Ind_5
1338. -Happy Val. Irr.D., Calif.6
1110. -Harrison County, Ind—4lA
1448. .Harrison County, Ind.__4H
1448. .Harrison Twp. R.S.D.,0.6
1920-1935
1921-1930
1921-1932
3,000
1925-1949
1921-1925
1920-1949
1921-1935
100.05
i
1
1921-1950
1921-1940
1921-1945
1920-1969
1925-1974
1921-1939
1921-1935
1921-1925
1920-1930
100
4.99
10ll.835
4.76
—....
98.00
100
35,000
1,000,000
212,000
90,000
6,933
5,000
100
1930-1940
60,000
72,500
10,000
1935
1921-1941
i
5.00
102
.-
100.071
4.49
97.30
100
100
4.50
4.50
5.77
1
*
100
5.00
____
102.20
102.20
100
4.79
4.78
6.00
01
100
5.00
-
St. Impt. D. No. 1,
6
1921-1935
140,000
55,000
70,000
100
4.50
99.60
100
5.00
500,000
1931-1940
o.34
32,000
40,000
33,622
36,000
\
5)1
98
100.091
23,000
4%
(2 issues) —4^
Huntmgton Park City S.
D., Calif
-5H
1338. -Hyrum, Utah
6
1448. -Ilion, N. Y
—5
1217. -Independence S.D.,Iowa_5
5.50
285,000
220,000
100.023
4.99
100
100.56
5
1940
*95.93
60,000
7,000
1922-1937
1921-1925
5^
5
5.43
1217- -Jessup Drain Dist.,
1110- -Joice, Iowa
5.00
1338- .Kenton, Ohio
1338- .King County, Wash
5
1338. -King Co.S.D.No.3,Wash.5M
4
Fla—6
-.6
_5^
—
1921-1925
1930-1947
___
100
102
150,000
15,000
21,000
25,000
100,000
300,000
300,000
50,000
500,000
1,500,000
93,444
9,360
1,800
15,900
135,000
97.85
-
....
—-
5.50
100
_
100.517
100.10
al930
— -
1217- _KingCo.S.D.No.86,Wash
1338- .Kingston, N. Y
—4^
1555- .Lake Park S. D., Iowa._
1217- -Lake School Dist., Calif..6
4.98
4.96
1921-1936
1930-1940
1449. .Lake Wilson, Minn
6
1217. -Laramie Co. S. D. No. 10,
Wyo—
-.6
—
—
1555. .Leavenworth Co.. Kan..5
1449- -Lincoln County, Wash—6
1449- .Little Rock, Ark
1339. -Livermore, Iowa
5
1921-1935
1921-1925
.
7
1921
1940
1921-1930
Colo
6
dl935-1950
1339. -Lyons, N. Y._
5
1922-1949
1921-1945
al929
93.679
100
5.14
4.75
1339. .Lodi, Calif
100
6.00
100
6.00
5.40
1449. -McDonald S.D., Ohio.-.6
1110- -McFarland S. D., Calif..6
101
100
6.00
142,000 1/100
14,800
100
5.00
20,000
97.60
75,000
100
5.00
12,000
26,000
98.84 '
25,000
42,000
14,168
18,700
100.246
5.48
78,000
100.54
4.93
25,000 J/100
5.25
35,000
_•
13,500
100
4.50
92,500
16,000
101.10
5.82
30,000
26,200
195,000
65,000
325,000
12,000
7,695
100
6.00
—
....
20,000
42,000
50,000
26,000
100.86
100
4.93
7.00
101.051
4.93
100.676
5.92
1
—
-
58*000
2,000,000
100
5.00
100
100
100
100
100
101.09
100.39
100
5.00
5.00
5.00
5.00
5.00
4.86
4.94
5.00
—
—
-
5.00
5.00
96.77
—
100
1,500
33,280
150,000
100
100
1920-1929
50,000
5.42
5.09
150,000
162,000
_
5.00
>
—-
-
6M
H.
1922-1938
—
__
1216—Eads, Colo
—
6
1216—East BatonRougePar.,La.5
1337--East Feliciana Par. 8. D.
5
1337—EastLasVegasS .D. ,N.M. .6
5
5H
1109—Eden, Idaho
1216—Edgefield, S. C. (2issues).5^
1109—Eldorado, Ohio
6
1216-.Enterprise, Ore. (2 issues)6
1337—Erie School Dist.. PaJ
4%
1338—Essex Co., N. J. (2 issues)4J^
1216—Eunice. La
5
1216—Everett. Mass
—5
1447—Export, Pa
5
1447--Fairview, Ohio
5M
1109—Fairview 8. D„ Calif
6
1338—Fayette. Mo.
1554—Fayette Co.,W.Va.(3iss.)
1447—Floyd County. Ind
4X
1109--Forest City, Iowa
1000—Franklin County. Ohio—5^
1000—Franklin County, Ohio—5^
1935
1921-1950
1920-1929
dl935-1950
1921-1960
130,000
100,000
125,000
39,000
24,000
55,000
450,000
1924-1949
10,000
100,000
851,000
100,000
8,000
116,000
3,500
130,000
597,000
1922-1970
200,000
1941
1920-1929
al932
150,000
41,500
10,000
4,000
15,000
70,000
—-
1922-1928
1921-1950
1921-1925
1921-1935
1921-1930
698.000
17,108
8,000
375,000
153,200
-
5.95
5.49
95.50
103.512
103.147 —
97.65
100.02
97.50
——
94.08
100.125
100
100
100.51
100.35
100
101.266
100.035
—
5-50
4.96
4.50
4.52
5.00
—-
1949
5.56
1556- Mussftlshril Co. Mont
14501450. .New Britain, Conn-.
6
-
1450.
Moultrie
iMouitrle!
Ga
-NeTBrR^Conh??.-^
4.50
4.50
4.74
4.50
1339- .New Lexington, Ohio-_.-5>4
4Y%
1218- New London, Conn
4.89
4.96
N Y ---I----5
Falls, Ohio
6
1450- -New York City, N. Y. (4
-
—.4)4
5
Betffiem
1001- :NewB?umwick,N j:::.5
-
1111-
Newport
1218-
Newton
issues)
4/2
4H
1450- New York City N. Y
1450- Noble County Ind_
1339- _No. St. Lticie River Drain.
Dist., Fla6
4%
1339.
1001.
Ogden, Utah
Lohio, N. Y
1450. .Okmulgee S. D. 1,
40,000
60,000
10000
35,000
101
----
5.50
4.94
4,95
100.265
100.266
100.26a
4.97
50,000
4%
4 XA
6.00
5.44
5.38
----
97.661
4.71
1922-1925
1921-1937
65,000
25,000
97.661
100-406
1922-1950
100.000
7.000
100.089
4.98
35-900
1450- .New Britain, Conn
1450- New Britain Conn
Pa
1218- New
4.50
4.50
5.48
0rt
1218- .Mt. Pleasant U. F. S. D.
No 9 N Y
5
5
5.88
----
^
5
4.95
5.00
.
1450- -Moultrie,. Ga
1556- _Mt. Vernon, Wash
—_
100.310
100.310
4.96
4.80
—....
1940
500,000
100
1924-1948
250,000
100.424
1110- -Martin County, Ind
4lA
8,600
100
1555. -Massachusetts (State of) 4)^-5 1921-1970 7,868,000
100
1218- .Matagorda Co. Levee D.
No. 1, Tex
5
150,000
100
1664. .Maury Co., Tenn
5H
75,000 t/100
1449. .Mena, Ark6
30,000
96.50
1449. -Milford, Utah..
120,000
1218. -Minden, Neb__
35,000
1556- .Mishawaka Sch. City,Ind,5
1925-1939
150,000
100
1556- .Mississippi Co. Rd. Impt.
D. No. 1, Ark
—6
1926-1945
700.000
1556. -Modesto, Calif
--5
289,000
100
1450. .Monrovia, Calif
5H
1921-1960
90,000
-----1339. .Montgomery Co., Kans._4)^
65,000
100
1450. .Montgomery Co., Ohio._5)^
1922-1931
220,000
106.121
1556- .Montrose Co. S. D. No.
15, Colo
-—6
dl930-1940
18,000
100.90
1218. -Mooresville, No. Caro—6
50,000
1339. -Morgan Co., Ind. (2 iss.)_4H
1921-1930
^,000 100
1111- .Morgan Co., Ind. (2 iss.)_4>£
1921-1930
36,900
100
1218. -Morgan County, Ohio—5
—
6,000
-----1111- .Morgan Co. S. D. No. 3,
Colo
5
30,000
98.61
1450- _Mt. Carmel S. D., Ill
96,000
100
1450.
—
100
100.93
100.93
25,000
...
4.99
—
100
1110- -Manille, Wyo
6
1449- -Maricopa Co. U. H.S.D.,
Ariz.
5K
1218. .Marion S.D., Ohio
5H
1924-1943
1924-1929
1930
101.60
100.53
__
,
Reclama¬
—6
Dist., Ark
200,000
1449. .MadisonCo. S. D.No. 9,
Mont-_—6
dl930-1940
20,000
1555...Madisonville, Tex
6 3-5 1921-1938
10,000
1218- -Maine (State of)
5
1930-1954 2,500,000
1218. .Maine (State of).
5
1921-1930
500,000
1110-..Malvern, Iowa
5,000
------
-
100.641
1921-1925
,
-
100
100
<*1926
5.08
100
96
1555- -Logan Co. S. D. No. 30,
500,000
1921-1950
35,400
1,000,000
1930
22,164
dl922-1947
__
1447—Dunsmuir Gr.8.D..Calif.6
1447—DunsmuirH. 8. D.,Calif.
S. D.No. 1, Fla
1448. -Kanab, Utah-
1923
6
1337--Delaware County, Okla._
1447--Denmark. So. Caro
100,000
200,000
50,000
15,000
1921-1930
1000- .Jackson County, Ohio.._5
1110- .Jackson Co.
Spec. Tax
1448- -Jasper County, Iowa
1338- .Jasper, Minn
-
100.919
dl930-1940
1921-1925
6
5
6.00
100
1921-1952
1338. -Indianapolis S. D., Ind__4%
1338. .Indian Grove Dr.D., H1--6
5.50
100
—
100.025
25,000
Tex..
1338. .lona, Ida
1217- -Jackson, Mich
60,000
—
999—Columbia County, Fla— .5
999_-Columbia, N. Y.
5
1553—Comanche Co.. Tex
1337—Connoaut, Ohio
5 lA
1553—Contra Costa Co. Iieclamat'n Dists., Cal.(2iss)
1447—Cook County. Ill
4H
1553-.Craven Co., No. Caro_ —5
1109.-Darke County, Ohio
5
1216—Dawson Co. S. D. No.101
1337-East Orange, N. J
1216—East Radford. Va
6.00
1217100.0001
100.001
1,800
5
J
100
1555- -Madison-Carroll H. Impt.
1447—Cleveland, Ohio
——5
1447—Cleveland, Ohio (2 issues)5
1447—Cleveland, Ohio
5
1447—Cleveland, Ohio
5
1447—Cleveland, Ohio
5
1337-Cohoes,N.Y—
5
1337—Cohoes, N. Y
—5
1337—Cohoes, N. Y. (2 issues)
5
1216-Colden, N. Y_
—5
1337—Collinsville, Okla
1553—Columbia, So. Caro—
No. 5. La
I.II
1921-1945
—
133/-.Chouteau Co. 8. D. No.
65, Mont
6
1216--Clackamas Co., Ore. (3
issues)
5
1216.-Clarksburg, W. Va
1337-Dover. Ohio
1553..Drakes Creek-Wesley
Impt. Dist., Ark
5.00
100.65
17,000
35,000
6,000
100,000
2,200
15,800
1338. ,_Holyrood S. D., Kans___5
Ark
6,800
19,000
85,000
25,000
100,000
10,000
3,500
72,000
40,000
100,000
2,500
50,000
23,000
500,000
15,000
70,000
37,500
255,000
^
Dists., Cal
100
1921-1930
1921-1930
1217. .Herkimer, N. Y. (2 Lss.)-_6
1110. -Heyburn, Ida
6
1110. ..Highland Park Ind. S. D.,
1217 ..Hudson, Mich
1663 ..Humbolt, Tenn—
120,000
1447—Chester, N. Y„........5
1921-1945
1553-Chippewa Falls, Wis
6
• <11940-1950
1216-.Chisago Co. S. D. No. 8,
■
Minn
5m
1935
1216—Defiance, Ohio
4.50
1921-1950
1921-1950
1217. -Hartford, Wisc_
—5
1554. -Helena-Marveil R.D.,Ark.
1000. ..Herkimer County, N. Y.5
1000. ..Herkimer County, N. Y-5
4.99
6.30
25,000
1921-1935
—
Mont
5.50
100
7,
Mont
100.125
101.01
600,000
1931-1940
5
1553-Carmen 8. D., Okla—5^
1336—Carnegie S. D., Okla
1108—Caithage, N. Y
—5
1446—Cass School Twp., Ind-—5
1446„Cedar City, Utah
—.6
1553—Cedar City, Utah (2 iss.)_6
1446-Chatham County, Ga—4^
1108—Chatham, N. Y
4%
1337—Cherryville, No. Caro
6
Ohio
100
100.0007
90,000
1338- -Kenmoro, N. Y
--.5
Farms
<21930-1940
1448. .-Hope
1216—Burley Ind. S. D. No. 1,
tion
6
1447. .Gallatin Co. S. D. No.
5.50
20,000
1108—Brookville, Miss.——.6
1446..Buffalo, N. Y
4
1446—Bucyrus City S.D.,Ohio.5H
1553--Delta
1921-1930
100
35,000
„
1553—Cleveland,
5
Price. Basis.
1448 ..Huntongton County, Ind.
6
1552__Big Creek Twp., N. C__
1108.-Billings, Mont
5
1108—Billings, Mont
5
1446—Birmingham, Ala. (2 iss.).5
1215—Bishopville Graded S. D.
■
No. l.S. C.
6
1108—Bluffton, Ohio
5H
■
1338. .Fulton County, Ind
1554. -Gainesville, Tex J
1109. -Galena S. D., Mo.
45,000
65,000
680,000
100,200
23,000
1217. ..Hot Sulphur Springs, Col.6
1446--Belle Fourche Ind. S. D.
,
1921-1937
—
MARCH
1336-.Anoka
separ¬
,
Page.
Name.
Pate.
1552.-Adair, Iowa..
1215
Albion.N.Y
5
1215.-Albuquerque S. D. No. 1,
.
—5H
Mo
March returns have been received,
ate
Amount.
20,000
1447. -Garden of Eden Dr. D.,
The review of the month's sales
of
Wyo
pub¬
lishing at the usual time.
of the "Chronicle"
1935
1338 -Fremont S. D., Ohio____5^
1447. -Fresno City S. D., Calif._5
1338 -Fulton Co., Ind. (5 iss.)—4)4
'..
present herewith
issues
Maturity.
.
v%^VV'V■'^/V*^^'VN✓V*:^V^/VVVV'V%,VVvVy^<%^'V'*<V^^%A''VV'V^^A^'VVV^'VN'VVVV\rWV'VX^V'VV,WVV^^'V'V%'VV^^^
We
Rate.
Name
1554. -Frazee,
Minn.
5M
1109- .Fremont Co. S. D.No. 23,
MUNICIPAL BOND SALES IN MARCH.
bond
1659
5
—5
Okla.-5
3O0»OO0
_
1929
J941-1943
— ------
1942
1922-1945
1932
1969
' 1959
1921-1930
a*ck
50,000
24,000
50,000
518,009
160,000
22,200
|'96
5.24
4.94
4.99
----
100
100
101.28
4.50
5.00
5-86
------
- - - -
------
- —
100
4-50
ftr
1925-1945 1,100,000
25.000
1921-1927
3,600
1930-1940
238,009
95
100
100
100
5.00
5.00
5.00
Page.
Name.
Rate.
1450—Old Fort Rur. S. D„ Ohio 6
Maturity.
1, Mo
Co. lid.
No. 5, Ark
5.00
250.000
85,000
35,000
20,000
16,000
15,000
12,000
12,100
35,000
16,800
20,000
216.000
200,000
1925-1937
1920-1955
1921-1958
98.50
Wash
102.033
5.53
102.689
100.323
100.323
5.73
4.93
4.97
98.90
5.62
97.50
——
------
----
100.047
92.30
92.879
4.98
5.00
5.20
140,000
-
D.
1219..PoncaCity S.D., Okla
1219—Port Chester, N.V.(3 iss.) 5
1219--Portland Water Dist..Me 4H
1451—Port of Portland,
-------
Orel.—4H
1940
1923-1950
Okla.6
1944
1340—Price Chapel Twp.,
100.002
Dist.
Impt.
1340--Progress Con. S. D., Miss
__
1219--Putnam Co. Special Tax
8 D. No. 1, Fla
5H
1451-Racine, Wise.
AH
1451
Ravenna, Ohio
5H
1556--Reinbeck, Iowa
1340—Reserve 8ch. Twp., Ind__6
1219--Richland Co. 8. D. No. 5,
Mont
6
125,000
98.000
42.000
200,000
750,000
10,000
3,000
-----
100.60
1945
1920-1939
1920-1929
1921-1934
95.11
1/96.75
101.002
45,000
200,000
9,767
4,000
40,000
5.82
5.18
5.30
-
5.75
101.63
25,000
102.20
30,000
10,000
100
-
—
1219.-Richland Co. 8. D. No. 5,
1340—Rifle, Colo
-6
1557—Rippey Sch. Dist., Iowa
1340--Riverside, N. J.
5
1219--Rock County, Wise
5
1002—Rockford, 111
5
1112—Rocky Ford, Colo
6
1219—Rocky Mount, No. Caro.6
1340.-Rogers City S. D., Mich.6
1219—Rosebud Co. 8. D. No. 4,
—
1921-1946
1921-1940
1921-1940
—
100,000
13,000
25,000
500,000
200,000
125,000
12,000
1926-1940
31, Colo.
5
1219—San Miguel Co. S. D. No.
6, Colo
6
1451--Sandy Drain. Dist., Ore
1002—Santa Monica, Calif
5
al939
1002.-Schuyler, N. Y5
1921-1930
1112—Scotts Bluff S. D.,Neb._5H
1666--Seattle, Wash. (2 issues)_6
(*1920-1932
1452—Senatobia, Miss. (2 issues)5H
1921-1940
1452--ShelbyCo., Ind
AH
1921-1930
1112—Sheldon, Iowa
1452--Sheridan Co. S. D. No.
30, Mont
-----_6
(*1930-1940
1666—Shreveport, La
5
1921-1960
1341—Silver Lake Twp. Con. S.
D., Iowa—
1219—Simpsonville S. D., S. C_
1341—South River, N.J
5
1921-1928
1341—South River, N.J_
5
1921-1930
1452—Stark County, Ohio(5 iss.)6
1921-1930
1002—Stark, N. Y
—5
1921-1936
1666—Stephens Co., Tex
5H
1921-1950
5.00
4.70
5.23
100
101.24
98.09
—
5.94
5.43
100.24
103
35,000
1112_-Sacramento, Calif—_—
1451-.Saguache Co. S. D. No.
-
-
—
__
(*1930-1940
6
5.00
100
28,000
17,000
97.14
100
4,900
100,000
25,707
36,500
23,440
4,000
5,000
400,000
5.00
5.00
5.50
6.00
5.50
4.50
100
100
100
100
100
100
96,000
38,000
7,500
5.00
5.00
100
5.00
—
102.66
100.50
100
15,000
1,280
5,000
Dist. No. 1500, Calif--6
1666—Swissvale S. D., Pa
6.00
100
100
10,000
202,000
15,300
700,000
1921-1930
1931-1940
Co., Ind.
issues)
(2
4)4
—
100
4.50
30,000
100.10
100
6.00
1220—Tonawanda, N. Y__
5
1921-1931
1113—Trempeleau Co., Wise—5
1113—Truesdale, Iowa
1220--Upper
Scioto
Drain
&
Conservancy Dist., 0__5)4
1921-1935
1113-Ventnor City, N.J
5
1342--Vigo County, Ind
—4)4
1921-1930
1453—Wabash Co., Inc. (2 iss.)_4M
1221-Walker Sch. Twp., Ind-5
1921-1926
1221—Walters, Okla
a—
1113—Warren County, Ind
4)4
1921-1930
1003—Warren S. D., Ohio
5
1922-1937
1453.-Washington, Ohio-.
5)4
1920-1924
1667--Washington Twp. R. S.
D:, Ohio
6
1921-1945
1453--Washington County, Ark.
1342—Washougal, Wash
6
1930
1221—Watertown, So. Dak
5
1940
1221 ..Water Valley, Miss
al925
1113—Watervliet, N. Y
-.5
1920-1939
1113—Wauchula Spec. Tax S. D.
No. 5, FIa_
_6
al930
1559--Webster City, Iowa
1453. Weld Co. 8. D. 31, Colo—6
(*1930-1940
1113—Weld Co. 8. D. 108,Colo.6
1453--WeldCo. 8. D. 121, Colo_6
1935-1950
1453—Wells County. Ind
AH
1921-1925
1559.-West Allis, Wis
5
1921-1940
1003—West Orange, N. J
5
1921-1960
1003--West Orange, N. J
5
1921-1940
1342—West Monroe, La.
1453—West Jefferson S. D., 0 -6
1930
1454—Whatcom C. 8. D. No. 47,
Wash—
5
1221--Whitley Co., Ind. (2 iss.)-4)4
1921-1930
1114—Winnett, Mont
—6
(*1934-1939
1454—Wrightsville, Ga—
5H
1950
1222—XeniaSchool Dist., Ohio.5)4
1921-1946
1114—Yuma Lev. Imp. D.,Ariz.6
— —
—
-
__
—
-
—
—
53,000
50,000
29,000
103.189
100.756
25,124
11,000
50,000
4,000
—
—-
100
306,000
125,000
56,000
5.00
100
100
100
115,000
10,000
125,000
6,300
450,000
5,000
5.50
5.00
4.50
100
100
100
100
100
4.50
5.00
5.50
190,000
100
150,000
61,000
100.50
175,000 ylOO
10,000
100
6.00
—
50,000
5.93
100.102
15,000
75,000
18,000
10,000
20,000
6,640
375,000
42,000
51,000
25,000
2,800
4.99
6.48
96.50
Basis
—
100
5,00
100
5.50
100
5.50
59,772
22,921
1921-1927
1929
1924
94,681
4,363
25,000
9,000
4,500
83,000
40,000
100
97.90
5.50
100
5.55
1921-1948
100
6.00
1930-1939
1934
1921-1923
1921-1923
100.95
5.85
10b".26"
4"96
100
6.00
100""""
5.25
100
5.00
1921-1940
1922-1941
94,875
288,800
-
1929-1949
1939-1944
1939-1949
203,500
49.200
46,000
41,400
385.052
300,000
34,000
100,000
10,000
4,000
(*1935-1944
150,000
86,000
1,500,000
1940-1944
125,000
1930
20,000
(*1924rl949
700,000
1923-1940
175,000
1,281
103,372
11,440
20,000
30,000
44,500
15,000
50,000
22,000
1921-1930
1921-1930
1944
(*1924-1934
(*1925-1940
1921-1930
al933
(*1924-1939
73,458
50,000
1925-1939
100
7.00
100.32
100
4.93
100.33
100.402
99.50
5.05
100.70
4.71
100
5.50
20,000
76,000
1949
— —
250,000
D. No.
Mont
6
1112..Sandwich Top H. S. D.
al932
No. 402, 111
5
1925-1959
1112_-Scioto County, Ohio—
5
1922,'23&'32
1112.-Seattle, Wash. (8 issues).61939
1112—South Amboy, N. J
4%
al929
1113—Visitacion 8. D., Calif-—5
1113-Walla Walla, Wash
6
1114—Winnemucca, Nev
6
All the above sales (except as
60,000
148,000
70,000
153,608
200,000
23,000
38,600
30,000
indicated)
are
100.50
1/97.845
5.26
5.00
6.00
100
100
101.679
100.004
4.62
4.99
99
for February.
These additional February
issues will make the total sales (not
including temporary loans) for that month $32,865,361.
BY CANADIAN MUNICIPALITIES IN
Page.
Name.
Rate.
1454-.Alberta S. D., Alta.(5 iss).6)£
Maturity.
1923
1930
750,000
6
1669--Cape Breton Co., N. S..6
1342.. Dauphin R.M., Man
6
1669—Kstevan R. M., Sask
8
i560_-Conor, Man
7
1342.-Greater Vancouver, B. C.5
1114--Greater Winnipeg Water
District, Man
6
1454—Greater Winnipeg Water
District, Man
6
1669--Grey R. M., Man
5H
1454.-Hamilton, Ont. (2 issues) .5
1669--Hazelwood R. M., Sask..
1114—Korah Twp., Ont
6
1927
1950
•
1,000,000
1940
93,000
1920-1949
71,768
1921-1940
12,000
12,000
2,000
16,232
—
8
1669—Loreburn, Sask
1454—Mimico, Ont
--
1342--Montreal Catholic School
Comm., Que
bH
1560.-Niagara Falls, Ont
5
1342--Niagara Falis, Ont-5
1114.-Ontario (Province of)
5H
i560—Picfcou Co.,N. S
5H
1222—Plainview S. D., Man
7
1222--Prelate, Sask
„6
1669--Quebec, Que—_
-6
1222—Quebec (Province of)
-.6
1454—Reglna, 8ask_
-.6
1454—Regina, Sask
1222—St. Douis S. D., Man„ -6
-6
1560--Sandwich, Ont——
--5H
1222—Sarnia, Ont
~5H
1222—Sarnia, Ont
-.6
;
1222--Sarnia, Ont
— _ —
—
—
1925
1,325,000
3,500,000
1928
56,000
1934
61,000
3,000
144,933
35,000
50,000
6,460
4,266
5,314
1930
.......
.
1930
1940
1940
—6
100.239
100.079
100
100.536
4.98
4.99
1925
-
15.500
100
5.00
13,076
35,000
30,000
25,000
20,000
100
100
102.01
4.50
6.00
5.36
98.56"
IIII
94.38
—
87.25
8.34
98.389
6.14
90.48
93.13
6ll5
92.50
6.90
::::::
97.11
6.27
90.13
100.65
5.85
5.50
92.04
98.17
6.25
92.55
100
6165
100
,
97.82
96.16
6.00
6l40
94.50
98.52
98.52
98.52
12,400
32,315
2,400
—
5.93
100,000
63,000
5,000,000
40,500
3,000
1940
1925
1923
1222--Saskatchewan Sch. Dists.,
Sask. (4 issues)-.1669--SaskatchewanS. D., Sask.
(9 issues)
1669.-Semans, Sask
1222—South Vancouver, B. C-.6
1222—Thorold, Ont
-—6
1560—Walkerville, Ont. (2 iss.)-5H
1222.-Windsor, Ont. (3 issues) _6
1222-.Windsor, Ont. (2 issues).53^
2,000.000
1925
Price. Basis.
Amount.
$11,200
45,533
1,500
75,000
35.000
2,600
3,950
510,000
-.6
—
1950
—--
227.000
7,832
75.000
395,046
357,300
94
97.13
93.009
—
—
6.37
6.37
/■
Total amount of debentures sold in Canada
100.05
during March 1920
fc$56,328,760
;
$16,150,299
Average date of maturity,
d Subject to call in and after the earlier
year and mature in the later year,
k Not including $76,737,000 of tem¬
porary loans reported, and which do not belong in the list.
* Taken by
sinking fund as an investment.
yAnd other considerations.
a
NEWS-ITEMS.
Amount.
Name.
1336—Bbulder Co. Sch. Dist. No. 3, Colo. (3 issues) (Jan. list)—$316,000
1446--Caledonia Village S. D., Ohio (December list)
25,000
784_-Cambria County, Pa. (January list)
500,000
—
1108--Cheyenne Co. H. S. D., Colo. (January list)
1449--Lima City 8. D., Ohio (January list)
-----—
100,000
140,000
BONDS OF UNITED STATES POSSESSIONS.
/
Price
$50,000
90,000
100
90
135,000
54.000
11.001
1921
17,
—
REVISED TOTALS FOR PREVIOUS MONTHS.
1112--Roosevelt Co. S.
—
following items, included in our totals for previous
months, should be eliminated from the same.
We give the
page number of the issue of our paper in which the reasons
for these eliminations may be found:
Name.
1107—Porto Rico (Govt, of)
(January)
6
1339—Lodi, Calif. (November)-7
1339--Lucas County, Ohio
5H
1218.-Lyons, Neb. (2 issues)-.-6
1218.-Marble Twp.. Okla.(Oct.;6
1339.-Moore Co., Tex. (Jan.)—5)£
1339—Mt. Union, Pa
5
1111..Norfolk, Neb
5H
583--Oberlin Union S. D.,Ohio.5
1 Ill-Palmer, Kans
5
1111—Paterson,-. J. (2 issues)
(Jan. 1919)
AH
1219-Pawnee County, Neb
5H
1219.-Pepin Co., Neb. (Jan.)
1112—Red River Bdge. D.. Ark_5>*
1666-Rock Hill, S. C. (3 issues)
—
The
Page.
1338--Hunts ville, Ala
5
1447-Kansas City, Kan. (July) AH
1110—Lead Bayou Dr. D.,Miss.
municipal!-
ties, covering 372 separate issues)
6
1454--Brampton, Ont
1222—Buckland R. M., Sask
38,443
— -
Total bond sales for March (312
100,000
1921-1930
1220—The Dalles, Ore—1220—The Dalles, Ore
--
Amount.
MARCH.
5.00
(11929-1949
1925-1939
1558.-Tempe, Ariz-.6
1002—Tempe Dr. D. No.2,Ariz_
Page.
1338.-Franklin Co., Ohio
6
1217.-Gallup 8. D., N. Mex—6
1338-.Goldsboro, N. C. (2iss.)_5&
1554.-Harris Co. Nav. D., Tex.
DEBENTURES SOLD
1930-1940 4,952,000
1926-1950
200,000
1112—Taos Co. S. D. 1,N. Mex.6
1940
—-
75,000
1452-.Stockton, Calif—
7
1666-.Sullivan, Ind
5
1557--Superior, Wis
i-5
1557--Sutter Co.
Reclamation
1220--Switzerland
(May)
1108--Cincinnati, Ohio (July)-.4%
1108--Cincinnati, Ohio (August)4
1108—Cincinnati, Ohio (Oct.)__4)|
1108.-Cincinnati, Ohio (23 iss.)
(December)
1337-.Cisco, Tex. (Decembre)_-6
1216„Clark Co..Ida. (Apr. *19)-6
1216--Douglas Co., Neb
5
1109-.Endicott, N. Y_
5
1110--Homing, Okla. (Jan.)
125,000
10,000
Mont
1112—Stevensville. Mont
1336.-Buffalo, N. Y
4
1216--Butte, Mont. (July)
6
1216—Butte, Mont.(Sept) (4iss)6
1216.-Butte,Mont.(Oct.) (5iss.)6
1216—Butte,Mont. (Dec.) (2iss.)6
1446. .Caledonia Vill.S.D., Ohio 5)4
1446..Canton, Ohio
5)4
1446.-Canton, Ohio
5)4
1336..Cape Girardeau 8. D.,Mo.5
1337.-ChesterTwp. S. D., Ohio.5)4
1108-.Cincinnati, Ohio (5 iss.)
(Jan. 1919).
1108.-Cincinnati, Ohio (4 iss.)
(March 1919)
1108.-Cincinnati, Ohio (4 iss.)
--
6
Maturity.
5
.
-
Mont J
We have also learned of the following additional sales for
previous months:
Page.
Name.
Rate.
1336--Averasboro Twp., N. C--6
1215—Bell City Dr. D. No. l.La 5
1215--Bell City Dr. D. No. 1, La 5
i446.-Benton Co. S.D* No. 27,
94.23
230,000
5H
-
1451—Poinsett Co. Road
No, 8, Ark
1556-Polk
5.76
100
al925
1112--Pierce, Colo
—6
1219--Pike County J Ind
AH
1451 --Piute County, Utah-1001—Plainfield, N. J
.5
1001—Plainfieid, N. J
5
1451--Platte River
Dr.
Dist.
No.
101.86
c/1930-1940
6
—
10,000
60,000
42,000
1925-1940
1450—Orland 8. D., Calif
6
1339--Osage County, Mo
5
1339—Palm Beach, Fla
5M
1556--Paris, Ky_
——
.
1340--Parker, Ida
--6
1340—Paton, Iowa
1111-.Pershing S. D., Calif
6
1340—Pearsonia S. D.", Okla
1451—Perrysburg, Ohio
Price. Basis.
Amount.
1930
1921-1940
1219—Orangethorpe 8. D., CalifS
110
CHRONICLE
THE
1600
Rate.
4)4
Maturity.
Amount.
1931-1934 $1,000,000
Price.
—
Basis.
-
Supreme Court Rules that City May Buy
permitting the City of Toledo to pur¬
chase the street railway lines or other transportation sys¬
tems was recently rendered by the Ohio Supreme Court.
An article in the Toledo Blade written by Frank H. Ward,
dated March 30, says:
Toledo,
Ohio,
Utilities.—A decision
Apr. 17
•
1661
THE CHRONICLE
1920.]
"The Scope of the decision is so broad any Ohio city .whether operating
a home rule charter or not, may issue general credit bonds to acquire
ASTORIA, Clatsop County, Ore.—BIDS REJECTED.—All the bids
the $294,653 impt. bonds offered on April 5—V. 110,
1215—were rejected.
under
that city received for
utility, the product or service of which is to be supplied to the munici¬
pality or its inhabitants."
The opinion was written by Judge Edward S. Matthias and concurred in
by the other six members of the Court.
In issuing the bonds, the Court says, the municipality assumes responsi¬
bility coincident with the authority conferred, and is not only permitted,
but is required to determine for itself the portion of its taxing and debt
incurring power which shall be used for any authorized municipal purpose.
"It is unnecessary to consider the provisions of the charter of the city of
Toledo respecting the issuance of bonds for the purpose here in question,
for the reason that in our opinion the adoption of a charter is not prerequisite
to the enjovment of the power herein sought to be exercised, and therefore
adds nothing whatever to the authority conferred upon the city by constitu¬
tional provision," reads the opinion.
"Such authority is conferred upon and may be exercised by every mu¬
nicipality, regardless of whether or not it has adopted a charter for its
government under the provisions of the constitution.
The provisions
conferring such power are clearly self-executing.
"The purpose to grant to the municipalities of the State full and complete
power with reference to the acquirement, ownership and operation of public
utilities was clearly manifested by the members of the constitutional con¬
vention (1912) in their discussion of the provisions in question as well as by
the express language of the constitutional amendments then under con¬
sideration and subsequently adopted.
"The discussion of those provisions by the framers thereof discloses
a purpose to confer upon any municipality desiring to acquire, construct or
extend any public utility the power to raise money therefor by the issuance
of bonds, 'and made such power and authority subject only to such general
limitations as the legislature of the State might impose under power ex¬
p.
any
AULT,
bonds
El
BAKER,
be
as
AND
& ARAPAHOE COUNTIES
(P. O. Bennett), Colo.—BOND
29
election May 3 $16,000 6%,
sold to Sweet, Causey, Foster
■
NEGOTIATIONS
follows:
ADAMS
NO.
to
JOINT SCHOOL DISTRICT
ELECTION.—SALE.—Subject
15-30-yr. (opt.) school bonds have been
& Co. of Denver.
Assessed valuation
Total bonded debt $36,000.
$1,265,260.
AHOSKIE, Hertford County, No. Caro.—BOND OFFERING.—Addi¬
relative to the offering on April 27 of the $50,000 6% water-works—V. 110, p. 1446.
Bids for these bonds will be re¬
ceived until 12 m. on that day by H. W. Stokes, Treasurer of the Board
of Town Commissioners.
Denom. $1,000.
Date Jan. 1 1920.
Prin.
and semi-ann. int. payable at the Hanover National Bank, N. Y.
Due
tional information is at hand
yearly on Jan. 1 as follows:
1952.
A deposit of 2%
to
to
Purchaser
value
pay
accrued
$1,000, 1923 to 1932, inch, and $2,000, 1933
with the Town Treasurer will be required.
interest.
Bonded debt, $50,000. Assessed
$1,315,000.
1920,
250,000 street impt. bonds, a Basis of about 5.05%.
Due $25,000
yearly on April 1 from 1921 to 1930, incl.
500,000 trunk sewer construction bonds, a basis of about 5.23%.
Due
$20,000 yearly on April 1 from 1921 to 1945, incl.
(aver.) water-works bonds, a basis of about 5.26%.
yearly on April 1 from 1921 to 1949, incl., and $82,-
1534-yr.
Due $77,000
000
April
1
1950.
ALAMEDA, Alameda County, Calif.—BOND ELECTION PROPOSED.
resolution was adopted by the City Council providing
for a $130,000 bond issue for the proposed north side sewer.
The bond
issue will be voted on at the presidential primary election on May 4.
The
sewer is about two and a half miles long.
It is stated that a
ALAMEDA
DISTRICT,
SCHOOL
BOND OFFERING.—Bids
BANGOR,
Northampton
County, Pa.—BOND ELECTION.—On
May 1, according.to reports, the voters will pass on propositions providing
$150,000 high-school-building and $150,000 road-improvement bonds.
,
for
Los Angeles
County, Calif.—
April 19 by L. E.
will be received until 11 a. m.
Lamp ton, County Clerk (P.
$1,000.
Date April
O. Los Angeles) for $25,000
DISTRICT, Orange County, Calif.—BOND
SALE.—On April 6 the $200,000 6% school bonds—V. 110, p. 1336—were
awarded, it is stated, to Aronson & Co. of Los Angeles at 101.75 a basis
ALAMITOS SCHOOL
of 5.77%.
April 26, it is stated, for $125,000
Cert, check for 2%, required.
$15,000 6% bonds until 11 a. m. April 27.
Denom. $1,000.
Date
Int. semi-ann., payable at the office of the County Treasurer.
yearly from 1923 to 1937, incl.
Cert, or cashier's check for
3% of the amount of bonds or of the portion thereof bid for, payable to the
Chairman
Board of County Supervisors required.
Purchaser to pay
accrued interest.
Bonded debt, $7,000; total value of taxable property
June 1
1920.
Due $1,000
(exclusive of operative property) 1919,
$959,145.
Va.—BONDS VOTED.—It is stated
that the election held on March 23 to decide whether a bond issue should
be made was decided almost unanimously in favor of the issue.
Bonds to
the amount of $150,000 will be issued and the money will be used for the
improvement of the water system and tho hydro-electric plant.
Of the 210
BEDFORD,
votes cast
Bedford
County,
only two were against the issue.
Beaufort
BELHAVEN,
County,
No.
Caro.—BOND OFFERING.—
relative to the offering on April 28 of the two
bonds, aggregating $120,000.
$60,000 water-works bonds.
Duo yearly on April 1 as follows: $2,000
1923 to 1946, inclusive, and $3,000 1947 to 1950, inclusive.
60,000 sewer bonds.
Due yearly on April 1 as follows: $2,000 1923 to
1946, inclusive, and $3,000 1947 to 1950, inclusive.
,
Denom. $1,000.
Date April 1 1920.
Principal and semi-annual interest
payable at the Hanover National Bank, New York.
Certified check on an
incorporated bank or trust company, or a sum of money for or in an amount
equal to 2% of the amount of bonds bid for, payable to the town of Belhaven, required.
Purchaser to pay accrued interest.
Proposals for the
said bonds will be received until 12 m. on the above date by D. S. Smith,
Further details are at hand
issues of 6%
BELMONT, Middlesex County, Mass.—BOND
OFFERING.—Royal T.
Brodrick, Town Treasurer, will receive proposals until 10 a. m. April 22
for the following 5% coupon bonds:
$20,000 sewer bonds.
Date April 1 1920.
Int. A. & O.
Due $1,000
yearly on April 1 from 1921 to 1940, inclusive.
128,000 school bonds.
Date May 1 1920.
Int. M. & N.
Due $7,000
yearly on May 1 from 1921 to 1938, incl., and $2,000 May 1 1939
Prin. and semi-ann. int. payable at the Beacon Trust Co. of Boston.
These bonds will be engraved under the supervision of and certified as to
genuineness by the Old Colony Trust Co., Boston, Mass.
These
are exempt from taxation in Massachusetts.
This trust company
the legality of this issue has been approved by
Messrs. Ropes, Gray, Boyden & Perkins of Boston, Mass., a copy of
whose opinion will accompany the bonds when delivered without charge
to the purchaser.
All legal papers incident to this issue, together with an
affidavit certifying to the proper execution of the bonds, will be filed with
the Old Colony Trust Co., where they may be referred to at any time.
their
bonds
will further certify that
BEXLEY, Franklin County, Ohio .—BOND ELECTION.—'The people
27 be given the opportunity to vote on the
question of issuing $75,000 village improvement bonds.
of this willage will on April
BILLINGS, Yellowstone County, Mont.—BONDS VOTED.—By 167
$50,000 water-works improvement bonds was auth¬
(V. 110, p. 1336).
to 112 the issuance of
orized at tho election held April 5
BILLINGS
SCHOOL
DISTRICT
(P.
O.
Billings),
Yellowstone
County, Mont.—BONDS DEFEATED.—The voters on April 3 defeated
the issuance of $600,000 high-school bonds (V. 110, p. 484).
The vote was
531 "for" to 837 "against."
BILOXI, Harrison County, Miss.—BOND OFFERING.—Bids will be
a. m. April 30 by M. L. Michael, Borough Clerk for $350,000
34% street impt. and road bonds.
Cert, check for $500, payable to the
city, required.
received until 9
(P.
COUNTY
O.
Ft.
Wayne),
Ind.—BOND SALE.—On
April 5 the Farmers* State Bank of Ossiau purchased at par and int. the
$6,640 434% Geo. F. Springer et at. Pleasant Twp. road bonds offered on
date—V. 110, p. 1446.
Due $664 each six months from May 15
1921 to Nov. 15 1925, incl.
that
Utah.—
building bonds
has been sold #
ALTOONA, Blair County, Pa.—BOND ELECTION.—The City Coun¬
cil has passed an ordinance calling for the submission to the voters on May
18 of the following bond propositions, an aggregate of $425,000: $150,000
1st district sewer re-construction; $50,000 1st district sewer extension,
$80,000 4th district sewer completion, $5,000 23d street sewer extension,
$15,000 1st district sewer, $15,000 Main 27th street storm sewer extension,
$5 000 15th street storm sewer construction, $65,000 12th Ave. opening,
$15,000 18th street widening, $5,000 Gospel Hill Park impt., and $20,000
Prospect Park impt. and enlargement.
AMBOY AND FULTON TOWNSHIPS (P. O. Wauseon), Fulton
County, Ohio.—Proposals will be received until 10 a. m. April 19 by
A. D. Franklin, Clerk of Amboy Township, for $5,279.04 534 % road bonds.
Auth. Sec. 3298—15n Gen. Code.
Denom. 1 for $279.04 and 10 for $500.
Int
semi-ann.
Due $500 each six months from Sept. 15 1920 to March
15 1925, incl., and $279.04 Sept. 15 1925.
Cert, check for 10% of amount
of bonds bid for, payable to the Township Treasurer, required.
ANACONDA SCHOOL DISTRICT (P. O. Anaconda), Deer Lodge,
County, Mont.—BONDS VOTED.—On April 3 the $65,000 school bonds
ALPINE SCHOOL
DISTRICT (P. O. Lehi), Utah County,
BOND SALE.—An issue of $265,000 5% 1-20-yr. serial
authorized by vote of 658 to 489 at an election held March 20
110,
(P. O. BAYARD), Morrill Coupty,
Bigl'er, Secretary of Board of Edu¬
BAY CITY SCHOOL DISTRICT. Orange County, Calif.—BOND
OFFERING.—J. M. Backs, County Clerk (P. O. Santa Ana) will receive
534% bonds.
1 1920.
Prin. & aim. int. payable at the
Due $1,000 yearly on April 1 from 1923
to 1947, incl.
Cert, or cashier's check for 3% payable to the Chairman
Board of Supervisors, required.
Purchaser to pay accrued int. Assessed
value of taxable property 1919, $583,430.
—V.
L.
bids for
Denom.
office of the County Treasurer.
ALLEN
OFFERING.—M.
Neb.—BOND
cation, will receive bids until 6 p. m.
534 % school bonds.
Int. semi-ann.
Town Clerk.
AKRON, Summit County, Ohio.—BOND SALE.—On April 12 the
following 5 34 % bonds, offered on that data—-V. 110, p. 1336—were awarded
to Stacy & Braun of Toledo, at 102.3163:
$685,000 15%-yr. (aver.) water-works bonds, a basis ;of about 5.26%.
Due yearly on April 1 as follows: $22,000, 1921 to 1945, inch,
and $27,000, 1946 to 1950, incl.
2,315,000
the $300,000 534 %
bonds—V. 110, p. 1446.
Denom. $1,000.
Int. semi-ann.
Both
principal and interest payable in gold coin of the United States of America,
on the 29th days of September and March of each and every year out
of the interest and sinking fund of said Bakersfield School District, upon
presentation and surrender to the Treasurer of Kern County of the interest
coupons attached to said bonds.
Due $30,000 yearly on March 29 from
1921 to 1930 incl.
Cert, check or cash for at least 10%, payable to Stanley
Abel, Chairman Board of Supervisors, required.
Bonded debt $296,000.
Assessed value of taxable property 1919, $12,725,130.
coupon
$40,000
•
Purchaser
BAKERSFIELD SCHOOL DISTRICT, Kern County, Calif.—BOND
E. Smith, Clerk Board of County Supervisors (P. O.
Bakersfield) will receive bids until 2 p. m. April 26 for
BAYARD SCHOOL DISTRICT
Albion normal school and
PROPOSALS
BOND
produced at least twenty-four hours before the time of sale.
accrued interest.
reported sold in V. 110, p. 483.
OFFERING.—F.
REDEMPTIONS
asylum.
this week have been
Mont.—BOND OFFERING.—At 8 p. m.
County,
A like amount of bonds was
(State of).—Bond Call.—The State has called
$155,000 bonds issued in 1907 of which $50,000 were issued
for industrial
training school; $45,000 for St. Anthony
normal school; $20,000
Fallon
to pay
Idaho
state
DISTRICT, Nash County, No. Caro.—
May 3, Warren McDonald, City Clerk, will sell at public auction an issue
of $75,000 6% gold funding bonds.
Denom. $1,000.
Date Jan. 1 1920.
Prin. and semi-ann. int. (J. & J.) payable at the City Treasurer's office,
or in New York if the holder so desires.
Due Jan. 1 1940, redeemable
Jan. 1 1930.
Cert, check for $5,000, payable to the City Treasurer, must
County,
Paso
recently voted.
OFFERING.—Proposals will be received until 12 m. April 24 by
Finch & Vaughn, Attorneys (P. O. Nashville), for $20,000 534% 30-yr.
bonds.
Denom. to suit purchaser.
Date Apr. 1 1920.
Prin. and semiann. int.
payable at the Hanover National Bank, N. Y.
Cert, check
on an incorporated bank or trust company for a sum of money for, or in
an amount equal to 5% of the amount of bonds bid for, payable
to J. N.
Taylor, Treasurer, required.
Purchaser to pay accrued interest.
Value
of property in township $766,128.
• 1
1
Paso,
were
BAILEY TOWNSHIP ROAD
BOND
Tex.—Bonds Redeemed.—
On April 1 $25,000 bonds dated April 1 1890 and due
April 1 1920 were paid off.
El
of Denver.
SCHOOL DISTRICT (P. O. Aurora), Marion County,
VOTED.—We are informed that $23,500 high school
AURORA
Dodge County (P. O. Fremont), Neb.—Bonds Paid.—
Bonds amounting to .$18,000 due Sept. 1921 have been
paid off.
Colo.—BONDS VOTED.'—SALE.—On April H
1446— were voted.
Some
Ore.—BONDS
pressly conferred upon it by other provisions.
"It was further provided that mortgage bonds issued beyond the general
limit of bonded indebtedness prescribed by law should not impose any
liability upon the municipality, but should be secured only by the property
and revenues of such public utility."
The Court says the Legislature may limit the levies of taxes, but that it
cannot annul or cm-tail the powers expressly granted by the constitution.
BOND CALLS AND
Weld County,
the $5,000 5H % 15-yr. park bonds—V. 110, p.
have been sold to the International
Trust Co.
p.
483— were voted.
ARCADE, Wyoming County, N. Y.—BONDS VOTED.—This village
favor of the issuance of $15,000 electric light and power
extension bonds to be dated Aug. 1 1920 and to mature $1,000
has voted in
beginning Aug. 1
1921.
These bonds will probably be
plant
annually
disposed of in July.
5
BISHOPVILLE, Lee County, So. Caro.—BOND OFFERING.—Rids
until 12 m. April 21 by W. S. James, Town Clerk and
will be received
street-paving bonds.
Date Aprill 1920. Prin¬
cipal and semi-annual interest payable at the Hanover National Bank,
New York.
Due yearly on April 1 as follows: $3,000 1923 to 1939, inclusive,
and $4,000 1940.
Certified check for 2% required.
These bonds will be
offered subject to the approval of Messrs. Reed, Dougherty & Iloyt, whose
opinion will be furnished the successful bidder, and bonds will be ready for
delivery within three days after the date of sale.
Treasurer, for $55,000 6 %
BOYNE
CITY,
Charlevoix County, Mich.—BOND OFFERING.—
will receive bids until 5 p. m. April 19 for the
J. L. Ekstrom, City Clerk,
$20,000 5% coupon street, bridge and dock bonds voted on March
110, p. 1336.
Denom. $1,000.
Date May 1 1920.
Int. semi-ann.
$1,000 yearly on May 1 from 1926 to 1945, incl.
Cert, check for
payable to W. W. Bailey, City Treasurer, required.
BREVARD, Transylvania County,
3—V.
Due
$500.
No. Caro.—BOND OFFERING.—
until 12 m. May 1 by G. E. Lathrop, Town..
$30,000 funding bonds at not exceeding 6% ic?
terest.
Denom. $1,000.
Date May 1 1920.
Prin. and semi-ann. int.
(M. & N.) payable in New York.
Due yearly on May 1 as follows: $2,000,
1921 to 1923, incl.; $3,000, 1924 to 1927, incl.; and $4,000, 1928 to 1930,
incl.
Cert, check on an incorporated bank or trust company for $600, or
cash in like amount payable to the above Clerk and Treasurer, required.
These bonds may be prepared, and their legality examined by a repre¬
sentative of the successful bidder if so desired.
They are general obliga¬
tions of the town, issued under and in accordance with the provisions of
the Municipal Finance Act of North Carolina (Laws of 1919—Chapter
Sealed bids will be received
Clerk and Treasurer, for
stated on the face of the bonds, of funding
valid subsisting indebtedness of said town contracted
178—Part 4), for the purpose, as
and
paying certain
1662
THE
prior to March 7 1917, and an unlimited tax for the payment of
and interest thereof has been authorized
by law and resolution.
Bids are desired on the bank forms that will be furnished
CHR ONICLE
COURTLAND UNION HIGH SCHOOL DISTRICT
(P. O. CourtCalif.—BOND ELECTION.—An election
May 8 to vote on the question of issuing $110,000
bonds,
:
1
.''^V.
CYPRESS CREEK
TOWNSHIP, Franklin County, No. Caro.—
BOND OFFERING.—Proposals will be
received until 2 p. m. May 12
by
J. P. Timberlake, Chairman
Board of County Commissioners,
(P. O.
Louisburg), for $30,000 6% 30-year road bonds.
Date June 1 1920.
Int.
semi-ann. payable at some bank to be
designated in New York City, N. Y.
Cert, check for $500,
payable to the Board of County
Commissioners,
required.
;v:.-:■://•;v;vri
on the 1st day of
May 1920, or as soon thereafter
be prepared, at the office of the Brevard Banking Co., or
in New York
City, as the purchaser may
prefer, and must be paid for on delivery.
they
land), Sacramento Couhty,
may
will be held on
it is stated.
Chase National Bank
Financial Statement.
True value (estimated) of all taxable
property, exceeds
Assessed value of taxable
property in 1919
Bonds outstanding
.
Bonds authorized (this issue).
Floating debt (which this issue retires)
Total gross debt—
Unissued funding bonds (as above)
........
—
$2,000,000
840,375
--—-$75,000
30,000
32,000
-
$137,000
—
$30,000
—
Bonds for water and sewer system the income from which
pays its own interest and upkeep
40,000
Sinking fund--.-.
3,125
Due on street and sidewalk assessments
(more than)....
2,37(5
DALLAS, Dallas County, Tex.—BONDS VOTED.—On
April 6 the
following 5%
...—
—
'
40-year serial bonds—V.
110,
p.
1337—were voted, it is
----—---
Total amount of deductions..
Net debt
For the Issuance of
$1,500,000 public school bonds 3,484; against 686.
For the issuance of
$400,000 water-works bonds 3,351; against 834.
For the issuance of
$400,000 sanitary sewer bonds 3,356; again 626st
For the issuance of
$225,000 hospital bonds 3,134; against 952.
For the issuance of
$175,000 abattoir bonds 2,430; against 1,650.
For the levy of a 30c. tax for
school maintenance 3,398;
$75,500
$61,500 !
„
■
—
The town of Brevard has never defaulted in the
payment of either princi¬
or interest of any debt.
%
The present town rate is $1 50
per $100., but under the new revaluation
and tax law will
probably fall to about 75 cents per $100.
pal
.
Population 1910 census, 820; population 1917 enumeration,
population 1920 estimated, 1,700.
The area is a circle with 3-4ths
radius.
Incorporated 1889—Charter amended 1903.
1,250;
of mile
BUTTE SCHOOL DISTRICT
(P.JO. Butte), Silver Bow County,
Mont.—BONDS DEFEATED.—On April 3 the
$1,250,000 school bonds
—V. 110, p. 580—were defeated by 3,239 "for" to
3,300 "against" votes.
BROCKTON,
liO
incl.; $4,000, 1932 to 1941, Incl.,
$5,000, 1942 to 1946. incl., and $6,000,
1946 to 1951, incl.
principal
by the town.
Bonds will be delivered
as
at the
Vo
Plymouth
On April 14 a temporary
County,
Mass.—TEMPORARY
LOAN—
loan of $200,000 issued in anticipation of revenue
dated April 16 and maturing Nov. 19 1920 was
awarded to Solomon
Bros. & Hutzler, of New York, on a
5.63% discount basis, plus a premium
of $3.
CALDWELL COUNTY COMMON SCHOOL
DISTRICT NO. 7,
Tax.—BONDS REGISTERED.-—This district
registered $7,000 5% 10-40
year bonds with the-State Comptroller on
April 7.
CALVERT INDEPENDENT SCHOOL
DISTRICT (P. O. Calvert),
Robertson County, Tex.—BOND
OFFERING.—3. W. O'Banion, Clerk
Education, will receive bids until April 27 for the
$60,000 school
Board of
bonds—V. 110, p. 677.
against 752.
DALLAS COUNTY LEVEE
IMPROVEMENT DISTRICT NO. 3,
Tex.—BONDS REGISTERED.—The State
Comptroller registered $160,000
6% serial bonds on April 10.
DAWSON COUNTY (P. O.
Glendive), Mont.—BOND
OFFERING.—
Bids wiJI be received until 3
p. m. May 11 by Walter F. Nye,
County
Recorder, for the $200,000 highway bonds mentioned in V.
Clerk and
109,
& enom.
1720.
Bids
$1,000. are requested 1 for bonds bearing 5A% and 6% interest.
Date Jan.
1920.
Prin. and semi-ann.
int., payable
Liberty National Bank, N. Y.
Due Jan. 1 1940, optional Jan. 1
1935 or on any interest
payment date
at the
reliable bank for $5,000,
payable to the
said bonds will be
printed by the said
therafter.
Cert,
check
on
some
County Treasurer required.
The
county and ready for delivery within
county will deliver to the purchaser
the approving opinion of
Messrs. Caldwell &
Masslich, New York City.
There has never Doen
any default In the payment of
any obligation.
/•'
Statistics.
Assessed valuation of all taxable
property in Dawson County
equalized for the year 1919 is
$29,748,084 00
Total bonded debt,
including this issue, is
630,000 00
Floating debt
200,360 33
Cash in sinking fund is_„
.........
58,088 91
Cash In all other funds Is
239,148 74
Amount of delinquent taxes for all
years is
110,693 26
Estimated population, based on School
Census, is
13,500
Total acres farming land in
county, 494,546.64; grazing land,
627,651.00; railway land, 108,046.53; total No. of
acrestwo weeks of time of
sale and the said
_
CAMDEN, Preble County, Ohio.—BOND ELECTION.—On
April 27.
it is stated, a proposition to issue
$40,000 water works system bonds will
be voted upon.
V
CAMERON COUNTY WATER
IMPROVEMENT
DISTRICT, Tex.—
BONDS REGISTERED.—An issue of
$190,000 6% serial bonds was regist¬
ered with the State Comptroller on
April 10.
CARBON COUNTY (P. O.
April 17 $300/100 school bonds
Trust Co. of Denver has
a
Price), Utah.—BOND ELECTION—On
are
to be voted upon.
The International
have taken place on April 3—V.
110, p. 1210—to
bonds, has been postponed until April 24.
Wyandot
election
vote on
which
was
to
$60,000 school
County, Ohio.—BOND
OFFERING.—Proposals
will be received by Village Clerk II. II.
Heck until 12 m. April 30 for
$99,000
5A% water works and electric light bonds.
Denom. $1,000 and $500.
Date May 1 1920.
Int. semi-ann.
Due $1,500 each six months from
May 1 1923 to Nov. 1 1955, incl.
Cert, check for
5% of amount of bonds
bid for, payable to the
Village Treasurer required.
A similar issue of bonds was
offered on Jan.
19.—V. 110, p. 94.
CARMICHAEL GRAMMAR SCHOOL
DISTRICT,
County, Calif.—BOND SALE.—Girvin & Miller of San
Sacramento
Francisco were
awarded the $15,000 5A % school bonds
offered on April 5—V.
110, p.
1446— at 100.37.
Bradford, Weeden & Co. bid a premium of $16 and
the
State Compensation Insurance Fund
$12 50.
CHAVES COUNTY SCHOOL DISTRICT
NO. 8 (P. O. Dexter),
N. Mex.—BOND SALE.—On
April 10 the $82,000 6% 10'-30-year
(opt.)
school bonds, offered on that date
(V. 110, p. 1337) were awarded to
Sidlo,
Simons, Fels & Co.
Date April 1 1920.
CHEYENNE COUNTY SCHOOL DISTRICT
NO. 1 (P. O.Kit Car¬
son), Colo.—BOND
ELECTION.—SALE.—Subject to another election
April 29 $70,000 5A% 15-20-yr.
(opt.) school bonds have been sold to
Sweet, Causey Foster Co. of Denver.
CLAREMORE, Rogers County, Okla.—BOND SALE.—R. J.
Edwards
of Oklahoma City, was
recently awarded $75,000 6% 25-year light
plant
Impt. bonds authorized by a vote of 156 to 9 at an
election held March 25.
Date April 1 1920.
CLARK COUNTY ROAD
IMPROVEMENT DISTRICT NO. 1, Ark.—
SALE.—Whitaker & Co., of St.
Louis, have purchased $625,000
tax-free bonds.
Denom. $1,000.
Date May 1
1919.
Prin. and
semi-ann. int. (F. & A.), payable at the
Mississippi Valley Trust Co.,
St. Louis.
Duo yearly on Aug. 1 as follows;
$19,000 1922. $20,000 1923, $21,000
BOND
5%
1924, $22,000 1925, $23,000 1926,
$24,000 1927, $25,000 1928, $27,000
1929, $28,000 1930, $29,000 1931
$31,000 1932, $32,000 1933, $34,000
1934, $36,000 1935, $38,000 1936.
$39,000 1937, $41,000 1938, $43,000
1939, $45,000 1940, $48,000 1941.
Population of district, estimated, 20,000
v
CLARKE COUNTY SCHOOL
DISTRICT NO. 48, Wash.—BIDS
REJECTED.—All bids received for the
$2,000 school bonds offered on
April 3—V. 110, p. 1216—were rejected.
CLEVELAND SCHOOL DISTRICT
(P. O. Cleveland),
Cuyahoga
County, Ohio.—NO BIDS RECEIVED.—No bids
were received for the
$4,000,000 5% coupon school bonds offered on
Apr. 12.—V. 110, p. 1337.
COUNTY (P. O.
Frankfort), Ind. —BOND OFFERING.—
Oliver M. Roush, County
Treasurer, will receive bids until 10"a. m. Apr. 20
for $1,560 5%
Harry Heavilon et al County Unit Brick
road,bonds.
Date
Feb. 15 1920.
Due each six months
beginning May 15 1921.
(^rrXn9£unty' N* Me*-—BONDS
the
following 6% 20-30 year (opt.) bonds
$115,000 water bonds.
Vote 267 to 112.
were
VOTED.—On
Apr.
5
voted.
33,000 sewer bonds.
Vote 250 to 104.
20,000 street impt. bonds.
Vote 274 to 87.
BONDS DEFEATED.—At the same
election $150,000
city hall bonds
defeated by a vote 104 "for" to
206 "against."
were
COATS SCHOOL DISTRICT
(P. O. Coats), Harnett
No. Caro.—BOND SALE.—J. C.
County,
Mayer &' Co., offering par less $300
were awarded the $10,000
6% school bonds offered on ApriH9—V.
110. p.
1199.
Denom. $1,000.
Date May 1 1920.
Int. M. & N.
Due May
1 1940.
CONROE SCHOOL DISTRICT
(P. O. Conroe), Montgomery
County
Tex.—BONDS VOTED.—On Mar. 20 an issue
of $25,000 school bonds
voted, it is stated by 91 to 9.
was
COPIAH COUNTY (P. O.
Hazlehurst), Miss.—BONDS SOLD.—An
issue of $25,000 6% agricultural school
bonds
of
Jackson, Miss.
has been sold to A.
Q. May,
CORCORAN GRAMMER SCHOOL
DISTRICT*(P. O. Corcoran),
Kings County, Calif.—BONDS VOTED.—It is satted
that'by a vote of
112 to 37 the voters of this
district indorsed the
proposition'to issue bonds
in the sum of
$46,000 for the purpose of
building
..
CORDELE, Crisp County, Ga.—BIDS.—The
a new
school house.
other bids received for
the $50,000 5%
10-29-year serial tax-free gold coupon
April 7 to the American Bank &
schoolfbonds awarded
Trust Co.! and;the
Exchange Bank of
Cordele, jointly, at par and int.—V.
110, p. 1553—were:
Trust Co. of
Georgia
$49,049 J. H. Hilsman & Co
-—$47,512
Robinson-Humphrey Co
48,1901
Ail
on
the bidders offered
accrued interest.
CORONADO
HIGH
SCHOOL
DISTRICT,
San Diego County,
°FFEpING.-~0nApr1120 at 2.30 p. m $125,000 5% bonds
will be offered for
sale by Geo. W.
Heston, County Treasurer (P. O. San
Diego).
Int. payable semi-ann.
Due $3,000
annually from 1922 to 1931,
1,230,244.1.
DEARBORN, Wayne County, Mich.—NO BIDS.—No
ceived for the $58,000 lateral
storm sewer bonds offered
110, p. 1337.
proceedings contract.
CARBON COUNTY SCHOOL DISTRICT NO.
1 (P. O. Red
Lodge),
Mont.—BOND ELECTION POSTPONED.—The
CAREY,
„
„
on
bids were re¬
April 7.—V.
J.
DE BACA COUNTY
(P. O. Fort
Summer), N. Max.—BOND OFFER¬
April 26 proposals will be received by 0. B. Earick-
ING.—Until 10 a. m.
son, Chairman Board or
County Commissioners, for .$30,000 court house
and $7,500 jail,
20-30-year (opt.) bonds.
Int. A. & O., payable at Fort
Summer, N. Mex. or New York City, at
option of holder.
DECATUR,
Macon
County,
111.—BONDS
VOTED.—On
March
23
issue of $150,000 5%
1-20-year serial school bl(ig. bonds was voted by
people.
The proposition received 1,235 votes in the
affirmative as
against 110 in the negative.
These bonds will be offered about
Sept. 1
of this year.
>
an
the
DECATUR
COUNTY
(P.
O.
Greensburg),
Ind .—BOND SALE.—
The $91,400 4 A % Washington
Twp., S. L. Jackson et al gravel road bonds,
Feb. 12—V. 110, p. 784—have been
purchased
by the Fletcher Savings & Trust Co., of
Indianapolis.
Denoms. $500 and
$570.
Date Oct. 19 1919.
Int. M. & N.
Due $4,570 each six months
from May 15 1921 to Nov. 15
offered unsuccessfully on
1930, incl.
DELAWARE
(State of),—BOND OFFERING.—Proposals will be
re¬
May 12 by George M. Fisher, State Treasurer, (P. O.
Dover) for $500,000 4A% coupon tax-free road bonds.
Denom. $1,000.
Date Jan. 1 1920.
Prin. and semi-ann. int.
(J. & J.), payable at the Farm¬
ers' State Bank of Dover.
Due Jan. 1 1960,1 subject to call at
105 on any
int. paying date one year after
date, upon thirty days' notice.
Cert, check
for 5% of amount of bid,
payable to the State Treasurer, required.
ceived until 1 p. m.
DELTA
ROAD DISTRICT (P. O.
Delta), Cape Girardeau County,
Mo.—BOND ELECTION.—The Issuance of
$25,000 5A % 5-20-yr. (opt.)
on May 8.
bonds will be submitted to the voters
DENISON,
Grayson County, Tex.—BONDS VOTED.—At the
elec¬
tion held in Denison on April 6 the citizens
voted $244,000 worth of bonds.—
V. 110, p. 890, it is stated.
DILLONVALE SCHOOL DISTRICT
(P. O. Dillonvale), Jefferson
County, Ohio.—NO BIDS RECEIVED.—No bids
issue of $1,000 refunding bonds offered on
March 27.
April 1 1920.
Int. semi-ann.
Due April 1 1930.
were
received
Denom. $500.
for
an
Date
DODGEVILLE, Iowa County, Wise .—BOND SALE.—On
April 7
the Strong's Bank of Dodgeville
bidding par was awarded $18,000 6%
refunding
water-works
bonds.
Denom.
$500.
Int.
annually.
Due
$2,000 yearly.
DONORA BOROUGH SCHOOL DISTRICT
(P. O. Donora), Wash¬
ington
County, Pa.—BOND OFFERING.—Proposals will be received
until 8 p. m. April 30 by Roman E.
Koehler, District Secretary, for $170,000
4.%% tax-free school bonds.
Denom. $1,000.
Date June 1 1920.
Int.
semi-ann.
Due on June 1 as follows:
$5,000 in 1930 & 1931; $10,000 in
1937, 1941, 1942, 1943 & 1944; $20,000 in 1945, 1946 & 1947; and
$25,000
in 1948 & 1949.
Cert, check for $5,000, payable to the School
District,
required.
DUNCAN SCHOOL DISTRICT
(P. O. Duncan), Greenlee County,
Ariz.—BONDS NOT SOLD.—No sale was made of the
$30,000 6% gold
tax-free coupon bonds offered on
April 5—V. 110, p. 1337.
EAST
CLEVELAND, Cuyahoga County, Ohio.—BOND OFFERING.
—Proposals for the following 2 issues of coupon bonds will be
received
until 12 m. April 30 by Chas. A.
Carran, Director of Finance:
$38,000 6% special assessment street impt. bonds.
Date April 1 1920.
Due $6,000 yearly on Oct. 1 from 1921 to
1925, incl.; $2,000 on
Oct. 1 in 1926, 1928 and 1930, and
$1,000 on Oct. 1 in 1927 and
1929.
250,000 5A%
hospital bonds.
Auth. Sec. 3939 Gen. Code.
Date Oct.
Due $5,000 yearly on Oct. 1 from 1920 to
1969, incl.
Prin. and semi-ann. int. (A. & O.)
payable at the Guard¬
ian Savings & Trust Co. of
Cleveland, where the bonds will be delivered
and paid for within 10 days from date of
award.
Cert, check for 2% of
amount of bonds bid for,
payable to the Director of Finance,
required.
Purchaser to
pay accrued interest.
The official circular states: "All in¬
terest and principal of East Cleveland
bonds have been paid
promptly
at maturity.
There is no controversy or litigation
1
1919.
Denom. $1,000.
pending or threatened,
affecting the corporate existence or the boundaries of said
city, the title
of its present officials to their
respective offices, or the validity of the above
hospital and street bonds.
No indebtedness limit, either
statutory or con¬
stitutional, has been exceeded in issuing these bonds.
The proceeds of
the sale of these bonds will be used
for no other
purpose than hospital
and street improvement
purposes.
Said bonds may be
registered as to
principal or interest.
Due provision has been made for
the levying of
taxes to provide a sinking fund
sufficient to retire these bonds at
maturity."
BOND SALE.—On April 10 the
following 5A% coupon city's portion
street impt. bonds, dated
April 1 1920—V. 110, p. 1337—were awarded
to the Wm. R. Compton Co. of
Cincinnati, for $68,037 (100.054) and int.,
a basis of about
5.43%:
$50,000 bonds.
Due $5,000 yearly on Oct.
1 from 1927 to 1936, incl.
18,000 bonds.
Due $2,000 yearly on Oct.
1 from 1927 to 1935, incl.
Other bidders, both of Toledo, were:
^
Prudden & Co
$68,0341 Sidney Spitzer & Co
$68,022
FELICIANA PARISH SCHOOL DISTRICT
NO. 6., La.—
OFFERING.—D.
G.
Lunsford, Parish Superintendent (P. O.
Clinton) will receive bids for $30,000 5%
10-yr. serial school bonds until
10 a. m. May 12.
Denom. $1,000.
Date Jan. 7 1920.
Int. semi-ann.
Due $3,000 yearly for 10 years.
EAST
BOND
THE
Apb. 17 1920.]
EAST
PALESTINE, Columbiana County, Ohio.—BOND
reported that on April 27 the question of issuing
apparatus bonds will be voted upon.
TION.—It is
motor fire
$34,000 8)4% yr. (aver.) street funding bonds for $34,022.40, equal.to
100.066, a basis of about 4.99%.
*3
11,000 5 2-3 yr. (aver.) equipment bonds at 100.06, a basis of about 4.99%.
Denom. $1,000.
Date April 1 1920.
Int. A. & O.
ELEC$14,000
EDGERTON, Williams County,
Ohio.—BOND OFFERING.—Paul
Krill, Village Clerk, will receive proposals until 12 m. April 26 for $19,750
6% special assessment street impt. bonds.
Denom. 1 for $250 and 39
for $500.
Date March 15 1920.
Int. M. & S.
Due $1,750 March 15
1921, and $2,000 yearly on March 15 from 1922 to 1930, incl.
Cert,
check for
required.
HAMILTON, Butler County, Ohio.—BOND OFFERING.—Proposals
12 m. May 4 by Ernst E. Erb, City Auditor, for
will be received until
purchaser.
Date May 1 1920.
Prin. and semi-ann. int. payable
City Treasurer's office.
Due $15,000 yearly on May 1 from 1934
to 1943, incl.
Cert, check for 5% of amount of bid, payable to the City
Treasurer, required.
Bonds to be delivered and paid for within 10 days
from date of award, at Hamilton.
Purchaser to pay accrued interest.
to suit
at the
2% of amount of bonds bid for, payable to the Village Treasurer
Bonds to be delivered and paid for within 10 days from date of
to pay accrued interest and furnish the printed or
lithographed bonds.
1
County, Ohio.:—BOND ELECTION.—The
submission to the voters on April 27 of a
$12,000 Elida Main sewer bonds.
Allen
ELIDA,
tion to issue
bids
HARDIN,
Village
SCHOOL DISTRICT NO. 8 (P. O. Fountain),
ELECTION—SALE.—Subject to an election on May 3
school bonds have been sold to the Bankers
was
an
Provident
N.
FAYETTEVILLE, Onondaga County,
p. 1554—were awarded to Sherwood
interest.
Date April 15 1920. Due
to 1932,
but
Mich.—BOND SALE.—The following bonds,
the
all
of Flint:
1921;
incl.
from
557,000 storm water sewer bonds.
Due yearly on March 15 as follows:
$10,000, 1921 to 1929, incl.; $15,000,1930 to 1940, incl.; $32,000,
1941 to 1949, incl., and $34,000, 1950.
758,000 intercepting sewer bonds.
Due on March 15 as follows: $20,000,
1921; $13,000, 1922; $15,000, 1925 to 1930, incl.; $25,000, 1931
to 1941, incl., and $40,000, 1942 to 1950, incl.
400,000 water-works bonds.
Due yearly on March 15 as follows: $55,000,
1932; $30,000, 1933 to 1942, incl., and $45,000, 1943.
160,000'Hamilton dam bonds. Due $8,000 yearly on March 15 from
1921 to 1940, incl.
65,000 garage bonds.
Due yearly on March 15 as follows: $7,000, 1921
to 1925, incl., and $8,000, 1926 to 1930, incl.
were
HIGH SCHOOL DISTRICT,
Fresno County,
RECEIVED.—We are informed that at the offering of
offered on April 8—V.110, p. 1338—no bids
CITY
FRESNO
5% school bonds,
received.
the $920,000
FULLERTON SCHOOL DISTRICT, Orange
district recently sold $225,000 6%
SALE.—This
County, Calif.—BOND
bonds to R. H. Moulton
$230,835 equal to 102.593. Denom. $1,000.
Int. M. & N.
Due serially from May 1 a921 to 1935.
6 Co., for
Date May 1 1920.
SCHOOL DISTRICT NO. 15, Mont.—BOND
SALE.—We are informed that the Merchants Loan Co. of Billings has
purchased $60,000 6% school bonds at a discount.
GALLATIN COUNTY
GARVIN COUNTY (P. O.
Pauls Valley), Okla.—BOND
ELECTION.
$615,000 road bonds.
GENEVA SCHOOL DISTRICT (P. O. Geneva), Fillmore County,
Neb.—BONDS VOTED.—On April 7 $20,000 school bonds were voted.
—This county is soon
to vote on issuing
GENOA, Ottawa County, Ohio.—BOND ELECTION.—A proposition
$35,000 water works system bonds will be submitted to the voters
April 27, according to reports.
to issue
on
GETTYSBURG, Adams County, Pa .—BONDS VOTED.—At the
3—V. 110, p. 279—the voters authorized the issuance of
$35,000 street impt. and $20,000 municipal light plant bonds.
election held Feb.
ROCK SCHOOL DISTRICT (P. O. Ridgewood), Bergen
N. J.—BOND OFFERING.—Proposals will be received until
April 27 by G. Sidney Leach, District Clerk, for 3 issues of 5M%
coupon school bonds, not to exceed the amounts mentioned below:
$2,500 Highwood Ave. site bonds.
Due $500 yearly on April 15 from
1921 to 1925, incl.
7,500 Maple Ave. site bonds.
Due $500 yearly on April 15 from 1921 to
GLEN
County,
7 p. m.
1935, incl.
6,600 Iona Place house and lot bonds.
Due $500
1921 to 1933, incl., and $100 April 15 1934.
yearly on April 15 from
Prin. and interets payable at the Ridgewood Trust
Co. of Ridgewood.
Certified check on an incorporated bank or trust com¬
pany for 2% of amount of bonds bid for, payalbe to Hubbard Furgeson,
Date
April 15 1920.
Purchaser to pay accrued interest.
GLOVERSVILLE, Fulton County, N. Y.—BOND OFFERING.—
Proposals will be received until 8 p. m. May 11 by Le Roy Everest, Clerk of
Board of Water Commissioners, for $150,000 5% coupon tax-free water
works bonds.
Date April 1 1920i
Prin. and semi-ann. int. (A. & O.),
Custodian,
required.
12,500 at the Mechanics & Metals National Bank, of New York.
rayable yearly on April 1 from 1921 to 1932, incl. Cert, check for 5% of
Due
amount bid, required.
,
April 6—V. 110, p. 1554.
GRAND COUNTY (P. O. Moab), Utah.—BOND ELECTION.—A
$60,000 road bond election has been called.
GRAND RAPIDS, Kent County, Mich.—BONDS VOTED.—At thef
April 5 election the voters authorized, it is reported, the issuance o
$150,000 cemetery, $100,000 water main and $400,000 filteration plant
bonds.
The $500,000 memorial bond issue mentioned in V. 110, p. 1448
The bonds were
was
defeated,
offered unsuccessfully as 4Ms on
it is said.
GREENVILLE, Washington County,
Miss.—BOND OFFERING.—
3 for $100,000
1920. Prin.
yearly
payable to the
Coun¬
Guy Drew, City Clerk, will receive bids until 3 p. m. May
5)4%> street paving bonds.
Denom. $500. Date April 1
and semi-ann. int. at the Bank of America, N. Y. City.
Due $5,000
on April 1 from 1921 to 1940, incl.
Cert, check for $1,000
above City Clerk, required.
Bids must be unconditional. The City
cil has agreed to furnish free of charge the opinion of Wood & Oakley,
Attorneys of Chicago or, at its option the opinion of John C. Thomson
N. Y. City.
of
HACKENSACK, Bergen County, N. J.—BOND SALE.—On April 5
J. Vanlngen & Co., of New York, purchased the following issues of
5% bonds:
B.
69,251.00
Hohler
&
Co.,
69,097.50
Toledo
bright.
HELENA,
23—V. 110, p. 785—have been sold at par to
First National, the Genesee County Savings, the Industrial Savings,
Citizens Commercial Savings, and the Union Trust & Savings banks,
Calif.—NO BIDS
C.
F.
69,365.70
Lewis
& Clark County,
issue of $200,000 6% water
110,
DISTRICT NO. 44, Mont.—BOND
until 8 p. m. May 10 by Harry L.
$212,500 paving bonds.
Due yearly on March 15 as follows: $9,500,
$14,000, 1922 to 1928, incl., and $15,000, 1929 to 1935,
75,000 sanitary sewer bonds.
Due $3,000 yearly on March 15
1921 to 1945, incl.
69,433.80
HARTSHORNE,
Pittsburg
County,
Okla.—BONDS
Recently $50,000 high school building and $10,000 city hall
voted, it is stated.
Which were offered on Feb.
the
69,304.00
HASTINGS, Adams County,
Neb.—BONDS VOTED.—Issues
$100,000 auditorium and $75,000 park bonds have been voted.
Hayden, Clerk (P. O. Whitefish), for $20,000 10-20-year (opt.) coupon
bonds at net exceeding 6% interest.
Denom. $1,000.
Date May 1 1920.
Prin. and semi-ann. int., payable at the office of the County Treasurer
or at the Atlantic National Bank, N. Y., at option of holder.
Cert, check
for $1,250, payable to the above Clerk required.
The approving opinion
of Chester B. Masslich of N. Y. will accompany the bonds.
FLINT, Genesee County,
$69,358.80
mainly for the reason that the prospects for
contracting for the construction of the road are now considered anything
incl., and $2,000 April 15 1933.
OFFERING.—Bids will be received
Co.,
Bank
Cadiz
Trust
&
Co., Cincinnati
& Merrifield, of New York, at par and
$5,000 yearly on April 15 from 1921
FLATHEAD COUNTY SCHOOL
Sav.
&
Harrison National Bank,
Co.,
Toledo
Slayton
These bids were rejected
N. Y.—BOND SALE.—It is
gold bonds offered on April 15—V.
L.
Toledo
Fourth
National
Cadiz
69,458.00
A. T. Bell & Co.,
County, Minn.—BOND SALE.—Reports
10-20 year (opt.) impt. bonds was
Date Feb. 2 1920.
nderstood that the $62,000 5%
&
Toledo
issue of $35;000 5M%
recently disposed of.
69,608.00
Spitzer
Sidney
the
Dakota
FARMINGTON,
state that
Co.,
Toledo
Y.—BOND OFFERING.—
Percy W. Evarts, Village Clerk, will receive bids until 8 p. m. April 20 for
the $12,000 registered water-system bonds, bearing int. at a rate not to
exceed 5%.
Denom. $500.
Prin. and annual int. (July) payable at the
First National Bank of Farmingdale.
Due $500 yearly on July 1 from 1925
to 1948, incl.
Cert, check for 1% of amount of bid, required.
Bonded
debt (excl. this issue), $27,000.
Assessed value, $512,864.
County,
&
Rorick
Spitzer
The best tender received
offered a premium of $676.
received:
W.
$69,676.20
Cincinnatti
Pa.—BOND ELECTION.—At the primaries May
Nassau
of the bids
The following is a lLst
C.
J.
Mayer
&
Co.
SCHOOL DISTRICT NO 666 (P. O. Colorado
Springs), Colo.—BOND SALE.—An issue of $100,000 bonds authorized
by a vote of 91 to 5 at an election held April 7 has been sold locally.
18 the voters will have submitted to them propositions providing for
issuance of $1,305,000 impt. bonds, according to newspaper reports.
110, p. 1338—were rejected.
that of J. C. Mayer & Co. of Cincinnati, who
April 9—V.
on
EL PASO COUNTY
FARMINGDALE,
Mont.—BONDS VOTED.—On April
bonds—V. 110, p. 891—were voted.
County,
COUNTY (P. O. Cadiz), Ohio.—BIDS REJECTED.—
All bids received for the $69,000 6% Dennison Cadiz road bonds offered
HARRISON
$100,000 5)4 % 15-30-year (opt.)
Securities Co. of Denver.
ERIE, Erie County,
Horn
Big
5 the $6,800 water extension
proposi¬
Ohio.—NO BIDS RECEIVED.—No
5M % coupon special assessment bonds,
April 6.—V. 110, p. 1217.
County,
received for the 4 issues of
were
aggregating $33,714, offered on
EL PASO COUNTY
Colo.—BOND
Butler
HAMILTON,
ELDORADO,
BUTLER COUNTY, Kans.—BOND ELECTION.—
Propositions providing for the issuance of $375,000 water-plant and $50,000
auditorium bonds will be submitted to the voters on April 21, it is stated.
Council has authorized the
Denom. $1,000 or $500,
works impt. bonds.
$150,000 5% coupon water
Purchaser
award.
1663
CHRONICLE
HEMPSTEAD
Mont.—BONDS VOTED.—An
bonds was voted on April 5—V. 110, p.
(Town) UNION FREE
of
VOTED.—
bonds were
1338.
SCHOOL DISTRICT NO. 1
(P. O. Hemstead), Nassau County, N. Y.—BOND OFFERING.—Pro¬
posals will be received until 8 p. m. April 20 by George H. Bauknoy, Clerk
Board of Education, for $300,000 5)4% coupon (with privilege of regis¬
tration) school bonds.
Denom. $l,OO0.
Date Jan. 1 1920. Prin. and
semi-ann. int. (J. & J.) payable at the Hemstead Bank, of Hemstead.
Due $10,000 yearly on Jan. 1 from 1922 to 1951, incl.
Cert, check on an
incorporated bank or trust company for 2% of amount of bonds, payable to
the Board of Education, required.
The successful bidder will be furnished
with the opinion of Hawkins, Delafield & Longfellow, of New York, that
the bonds are binding and legal obligations of the Board of Education.
HENDERSON COUNTY (P. O.
TION.—The citizens will vote on a
road bonds at not
exceeding 5H %
Lexington),
Tenn.—BOND ELEC¬
proposition to issue $350,000 coupon
Interest at an election to be held June
12, it is reported.
O. Holdenville), Hughes
VOTED.—The citizens voted $18,000 worth
March 9 to equip a new high school building.
HOLDENVILLE SCHOOL DISTRICT (P.
County,
Okla.—BONDS
of school bonds it is
The
vote was
181
stated,
to 56.
on
HUGO, Lincoln County,
Colo.—BONDS VOTED.—On April 6 $15,000
1000—were voted.
electric light bonds—V. 110, p.
HUMBOLT, Gibson County, Tenn.—BOND SALE.—The $70,000
5)4% 11-20-year serial sewer bonds offered on March 31 (V. 110, p. 1338)
were sold, it is reported, to Speed & Kearney of Memphis.
IDAHO (State
of).—BONDS MAY BE
AUTHORIZED.—Newspapers
Board of Examiners may authorize $52,000 bonds to
improvements on the State's property at Lava Hot Springs.
state that the State
finance
DISTRICT (P. O. EI Centro), Imperial
Calif.—BOND OFFERING.—Proposals will be received until
F. H. Mclver, Secy. Board of Directors for the whole
or any
portion or portions of $500,000 5)4 7o bonds.
Denom. $1,000.
Int. semi-ann.
Due yearly on July 1 as follows: $20,000, 1925; $30,000,
1926; $40,000, 1927 and 1928; $50,000, 1929 and 1930; $60,000, 1931 and
1932; $70,000, 1933 and $80,000, 1934.
Cert, check for 5% of the amount
bid, required.
Abstract of proceedings and legal opinion or Chas. P. Eells,
of Goodfellow, Eells, Moore & Orrick, San Francisco, approving the vali¬
dity of said bonds, will be furnished the successful bidder.
IMPERIAL IRRIGATION
County,
10 a. m. April 27 by
INDIANA BORO SCHOOL DISTRICT (P. O. Indiana), Indiana
County, Pa.—BOND OFFERING.—James R. Daugherty, District Treas.,
proposals until 3p.m. April 29 for all or any portion of an issue
of $100,000 4^% tax-free school-building bonds.
Denom. $1,000. Date
May 1 1920.
Interest semi-annual.
Due $10,000 on May 1 in every third
is receiving
year,
beginning 1923 and ending 1950.
Certified check for 5% of amount
required.
Bonded debt (excluding this issue), $31,000.
Assessed value, $2,230,000.
of bonds bid for,
Sinking fund, $8,000.
DISTRICT (P. O. Indianapolis). Marion
SALE.—On April 7 the $225,000 4H% 20-year
10 1920—V. 110, p. 1338—were awarded
INDIANAPOLIS SCHOOL
County, Ohio.—BOND
coupon school bonds, dated April
to a syndicate composed of the
Fletcher-American Co., Breed, ElIiottf&
& Trust Co., all
5.04%.
ITASCA COUNTY (P. O. Grand Rapids), Minn.—BOND OFFERING.
—Proposals will be received until 10 a. m. May 3 by Thomas Erskine,
County Auditor, for $500,000 road-improvement bonds at not exceeding
5)4% interest.
Denom. $1,000.
Date April 1 1920. Principal and semi¬
annual interest payable at the National Bank of Minnesota, which may
be designated as the place of payment by the successful bidder there on in
his bid.
Due April 1 1930, redeemable at the option of county on any
interest-paying date after April 1 1925, by depositing in said National
Bank of Minnesota the sum of $1,000 with all accrued interest thereon.
Certified check or cash for 10% of the amount of bonds bid for, payable to
Itasca County, required.
Legality approved by Ralph A. Stone, of Grand
Rapids.
The said bonds wil be delivered in installments on, and must be:
paid for by the purchaser with accrued interest on the following dates,
$100,000 June 1 1920, $200,000 Aug. 1 1920 and $200,000 Sept. 1 1920;
Harrison, Hauelsen &
of
Jewett, and the Fletcher Savings
Indianapolis, at 96.37, a basis of about
the
place of delivery to be
fixed by county.
ITASCA COUNTY SCHOOL DISTRICT NO.
Minn.—BOND SALE.—On April 8 Stanley, Gates
awarded $85,000 5% % bonds at par and interest.
April
1
St. Paul.
1920.
Prin. and interest payable at
Due yearly on
6 (P. O. Deer River),
& Co. of St. Paul were
Denom. $1,000.
Date
the First National Bank,
April 1 as follows: $5,000, 1926 to
1934, incl., and
$40,000, April 1 1935.
TOWNSHIP (P. O. Camden). Carroll County.
OFFERING.—Joseph C. Sink, Township Trustee, will
JACKSON SCHOOL
Ind.—BOND
receive bids until 2 p. m. April 20 for
bonds.
Denom. $500.
Date June 15
$48,000 5% coupon school-building
1920. Int. J. & D., payable at the
of Camden.
Due $2,000 on June 15 and Dec. 1 in
1921 and 1922; $2,500 on June 15 and $2,000 on Dec. 15 in 1923; $2,500 on
June 15 and Dec. 15 in 1924; $2,500 on June 15 and $3,000 oo Dec. 15 in
1925; and $2,500 on June 15 and Dec. 15 in each of the years from 1926 to
1930, inclusive.
Certified check for $1,000, payable to the above trustee,
required.
Bonds to be delivered and paid for by June 15.
Farmers State Bank,
JASPER COUNTY (P. O. Rensselaer), Ind.—BOND OFFERING.—
T. Biggs, County Treasurer, will receive proposals until 1 p. m.
April 24 for $18,200 4^% Joseph E. Thomas,.Newton
No. 3281 bonds.
Denom.
$910.
Date April 15 1920. Int. M. & N.
Due $910 each six months from May 15 1921 to Nov. 15 1930. incl.
John
TWp. Road Impt.
JAY COUNTY (P. O. Portland), Ind.—BONDS NOT SOLD.—The
4 issues of 4M% road bonds, aggregating $66,200, which were offered on
April 6—V. 110, p. 1448—were not sold.
JEFFERSON COUNTY (P. O.
ELECTION CONSIDERED.—We are
are under consideration.
Port Townsend), Wash.—BOND
informed that $200,000 road bonds
THE CHRONICLE
1064
P
JENNINGS,
Pawnee
County. Okla.—BOND SALE.—'The $60,000
system and §25,000 water extension bonds, authorized by a vote of
people at a recent election—V. 110, p. 1217—have been sold to Geo.
J. E. Picrsol, of Oklahoma City.
$2,000, 1927; $2,500. 1928 to 1937, inch, and $3,500, 1938 to 1950, incl.
Cert, check or cash on some incorporated bank or trust
company payable
to the town Louisburg or to the Town
Treasurer, required.
sewer
the
W.
&
JONESTOWN,
Coohoma
County,
stated,
110, p.
Anderson of Clarksdale.
T.
E.
to
LOUISVILLE, Ky.—SEWER
ITY
Miss.—BOND SALE.—On April
6 the §20,000 20 yr. serial bonds—V.
5
an
until the process
on
money, in the opinion of George T. Wood, chairman of the Sewer Com¬
Mr, Wood announced yesterday that he had been unable to find
buyer for the $ 1,000,000 of 4H% sewer bonds authorized by vote of the
people in 1918.
"Because of the present high interest yields on securities no one is
willing
to pay par for the bonds and the law
stipulates that they cannot be sold
under par.
As the voters already have approved the Issue carrying an
interest rate of but
% Mr. Wood thinks it impossible that the bond issue
question with a higher interest rate provided will be resubmitted to the
voters.
Besides, that could not be done until next November.
'
"An investment broker or banker,
buying the bonds from the city at par.
would have to realize a permium of a
point or more to profit by their resale,
it is declared.
The bonds in question have approximately the same "fea¬
tures" as the City of Louisville 4K
% school issue except for a slightly later
maturity date;
The open market price of the school 4
J^s is about 95.
Unless some pa¬
triotic citizen steps in no one is likely to pay a higher
price than current
market value for the new bonds, Mr. Wood says.
"Louisville's city bonds always have had a first-class rating in the mu¬
nicipal bond market of the country, but investment securities in general,
including Liberty bonds, have depreciated in value, making the interest
yield equivalent to the high rates on money which have existed for some
mission.
a
KANSAS CITY, Mo.—BONDS VOTED,—On April 6 by 17,662 "for"
"against1'the $650,000 bonds^-V. 110, p. 1109—were voted,
to 4,632
KEARNEY SCHOOL DISTRICT
(P.O.Kearney).
Buffalo County,
Neb.—BONDS VOTED.—On April 7 $125,000 school bonds were voted,
KENNEBEC
WATER
DISTRICT
(P.
O.
Waterville),
Kennebec
County, Me.—BOND OFFER ING.—Proposal s will be receievd until 7:30
April 27 by Frederick C. Thayer, President of Board of Trustees, for
$150,000 5% gold coupon (with privilege of registration) bonds.
Denom.
$1,000.
Date May 1 1920.
Principal and semi-annual interest (M. & N.)
payable in gold at the National Shawmut Bank, of Boston.
Due May 1
1940.
These bonds will be engraved under the supervision of and certified
as to their genuineness by the Old Colony Trust Co
of Boston.
This trust
company wfil further certify that the legality of this issue has been approved
by Storey, Thorndike, Palmer & Dodge, of Boston, a copy of whose opinion
will accompany the bonds when delivered without charge to the purchaser.
AH legal papers incident to this issue, together with an affidavit certifying
to the proper execution of these bonds will be filed with the Old Colony
Trust Co., where they may be inspected.
p. m.
4'
time.
KENTON
SCHOOL
DISTRICT
Ohio.—BOND ELECTION.—At
(P.
>
COUNTY
(P.
O.
International
Falls),
Minn.
—BONDS NOT SOLD.—No sale was made of the $63,000
6%-Judicial
Ditch No. 36 coupon bonds offered on April 6—V. 110, p. 1110.
LAKE COUNTY (P. O. Crown Point), Ind.—BOND OFFERING.—
Proposals will be received until 1 p. m. May 24 by George M. Foland,
County Auditor, for the following 5% bonds:
$110,000 Fair Grounds impt. bonds.
Denom, $1,100.
Due $5,500 each
six months from July 1 1920 to Jan. 1 1920, inch
30,000 voting machine bonds.
Denom. $750.
Due $1,500 each six
;
:
months from July 1 1920 to Jan 1 1930, ind.
Date Jan. 1 1920.
Int. J. & J.
Cert, check for 3% of amount of bonds
bid for, on a reliable county bank, payable to the Board of County Com¬
missioners, required.
Purchaser to pay accrued interest.
LA PLATA COUNTY SCHOOL DISTRICT NO. 29 (P. O.
Durango),
Colo.—BOND ELECTION.—On April 29 $40,000 5H% school bonds will
be voted upon.
LARAMIE. Albany County, Wyo.—BOND ELECTION.—An election
been called to vote on issuing $225,000 sewer,
$125,000 water and
has
$50,000 electric-light bonds.
LAWRENCE COUNTY (P. O. Lawrenceville), HI.—BONDS VOTED.
road bonds—V. 110, p.
—On April 6 the proposition to issue $65,000 5%
1110—carried by a vote of 765 to 186.
LEBANON,
Lebanon
received
until 12 m.
by J.
County,
Pa.—BOND OFFERING.—Proposals
Supt. of Accounts & Finance,
coupon City Impt. bonds.
Denom.
Cert, check for 5% of amount of bonds bid for,
Herbert
awarded, but Mr.Wood will
$1,000, $500 and $100.
required.
LEICESTER (TOWN) COMMON SCHOOL DISTRICT NO. 5 (P. O.
Cuyierville), Livingston County, N. Y.—BOND SALE.—On April 10
the two issues of 5% school bonds offered
were awarded locally as follows:
on
that date (V. 110, p. 1555),
$39,996.00 bonds for $40,046, equal to 100.125, a basis of
Due $2,222 yearly on Jan. 1 from 1921 to 1933,
4,988.86 bonds for $4,993 86, equal to 100.102, a basis of
Due $277.77 yearly on Jan. 1 from 1921 to 1938,
about
4.97%.
inclusive.
about 4.98%.
inclusive,
LENAWEE COUNTY (P. O. Adrian), Mich.—BONDS NOT SOLD.—
Two issues of assessment road bonds, aggregating $146,000, offered on
March 27 were not sold, as no bids at par or better were received.
LEWIS COUNTY SCHOOL DISTRICT NO.
9, Wash.—BOND SALE.
—The State of Washington offering par for 5 was
the $72,550 bonds offered
on
April 13.—V. 110,
p.
awarded, it is stated,
1449.
LEWISBURG-HARRISON TOWNSHIP SCHOOL DISTRICT (P. O.
Eaton), Preble County, Ohio.—BOND ELECTION.—An election is to
be held the latter part of this month,
voting
on
probably the 27th, for the
the issuance of $50,000 high-school bldg. bonds.
' \
LEXINGTON COUNTY (P. O.
purpose
of
LIBERTY SCHOOL TOWNSHIP (P. O.
Buffalo), White County,
Ind.—BOND OFFERING.—James H. Malone,
Township Trustee, will
April 27 for
$35,000 5% school
bonds.
Denom.
4 for $1,000, 5 for $1,500, 9 for $2,250, and 1 for $3,250.
Date March 1
1920.
Int. J. & J.
Due yearly on Jan. 1 as follows:
$4,000, 1922 to 1925,
•Inch; $1,500, 1926 to 1930, incl.; $2,250, 1931 to 1939, incl.; and $3,250,
1940.
-
1
LIBERTY SCHOOL DISTRICT (P. O.
Liberty), Pickens County.
So. Caro.—BOND
OFFERING.—According to reports bids will be received
until May 1 by the Clerk Board of Education for $31,000
6% school bonds.
Denom. $1,000.
LIMA, Allen County, Ohio.—BOND OFFERING.—David L. Rupert,
City Auditor, will receive bids until 12 m. April 19 for $250,000 6% Collett
St.
sewer
bonds.
Auth. Sec. 3915 Gen. Code.
Date May I 1920.
Int.
a solvent bank for
2% of
Due May 1 1920.
Cert, check on
amount of bonds bid for, payable to the City Treasurer,
required.
$50,000
bonds to be delivered within 30 days after date of sale, and
$25,000 monthly
thereafter.
Purchasers to furnish blank bonds.
Purchaser to pay accrued
interest.
The official circular states that no previous issue has ever been
semi-ann.
contested, that
no
controversy
or
that the principal and interest on
litigation is pending or threatened, and
all bonds previously issued have been
paid promptly at maturity.
LINCOLN,
LOWELL,
Neb.—BOND ELECTION.—We
are
Middlesex
County,
Mass.—BOND SALE.—On April 9
bidding 100.727 a basis of about
$300,000 4M % coupon tax-free high school
bonds.
Denom. $1,000.
Date April 1 1920.
Prin. and semi-ann. int.
(A. & O.) payable at the First National Bank of Boston.
Due $15,000
yearly on April 1 from 1921 to 1940.
the
Old Colony
4.66%
Trust Co.,
of Boston,
was awarded an issue of
LOWELLVILLE, Mahoning County, Ohio.—BOND ELECTION.—
It is reported that a resolution was
recently adopted by the council calling
an election on
April 20 for the purpose of voting on a $50,000 bond issue
for street improvements.
for
LOWER
MERION
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Ard-
more), Montgomery County, Pa.—BOND OFFERING POSTPONED.—
Opening of the bids received for the $100,000 coupon tax-free school bonds,
offered
on
April 14—V. 110,
p.
1449—has been postponed until May 5.
LYNN INCORPORATED SCHOOL COMMUNITY
(P. O. Lynn),
Polk County, No. Caro .—BOND OFFER I NG.—Bids will be received until
2 p. m. to-day (April 17) by W. F. Swarm,
Secretary and Treasurer, for
$10,000 6% tax-free coupon or registered bonds.
Denom. to suit purchaser.
Date April 17 1920.
Int. A. & O. payable at the Bank of Lynn.
Cert,
check for $100 payable to above Sec'y and Treasurer,
required.
Bonded
debt April 10 1920, this issue only.
Assessed value 1919, $250,000.
McINTOSH COUNTY (P. O. Darien), G&.—BOND ELECTION.—
An election will be held May 18 to vote on
$15,000 4M% gold coupon
highway bonds.
Denom. $500.
Date July 1 1920.
Int. J. & J.
Due
$500 yrly. on July 1 from 1921 to 1950 incl.
J. G. Legare is Clerk of
Board of County Commissioners.
MADISON COUNTY (P. O. Madisonville), Tex.—BONDS REGIST¬
8 an issue of $50,000 5% serial Justice Precinct bonds
registered with the State Comptroller.
ERED.—On April
was
MADISON SCHOOL TOWNSHIP (P. O. Delphi R. F. D.
No. 4),
Carroll County, Ind.—BOND OFFERING.—James A.
Smith, Township
Trustee, will receive bids until 10 a. m. May 8 for $40,000 5% coupon
school-bldg. bonds.
Denom. $1,000.
Date day of sale.
Prin .and semiann. int. (J. & J.) payable at the Delphi State Bank of
Delphi.
Due $1,000
Jan. 1 1921; $2,000 each six months from July 1 1921 to Jan. 1
1930, incl.,
and $3,000 July 1 1930.
ship Trustee, required.
Certified check for $500, payable to the Town¬
»
MARION, Marion County, Ohio.—BOND SALE.—An issue of $450,000
6% street impt. votes has been purchased by Seasongood & Mayer, Wm.
R.
Compton Co., and Breed, Elliott & Harrison, all or Cincinnati, who are
offering them ata price to yield the investor 5.25%.
Denom. $1,000.
1 1920.
Prin. and semi-ann. int. (A. & O.), payable in New
York.
Due April
1 1925.
Total bonded debt, $1,350,616.
Assessed
value, $32,635,290.
>:
now
Date April
MARION
COUNTY
(P.
O. Indianapolis),
Ind.-—BONDS AUTHO¬
RIZED.—On April 6 the County Council authorized the issuance of
$350,000
tuberculosis-hospital, $300,000 Northwestern Ave. bridge and $75,000
voting-machine bonds.
COUNTY
(P.
O.
Columbia), Tenn.—BOND
SALE.—The
$75,000 5M% road bonds offered on March 27—V. 110, p. 786—were sold,
it is stated, to J. C. Mayer & Co. at par and interest,
provided the county
would allow $2,197 for costs and attorneys' fees.
;
VJ.C
,
MERCEDES INDEPENDENT SCHOOL DISTRICT (P. O.
Mercedes),
Hidalgo County, Tex.—BONDS REGISTERED.—The State Comptroller
on
April 5 registered $87,000 5% 10-40
year
bonds.
MIAMI, Ottawa County, Okla.—BOND SALE.—Recently the follow¬
ing 6% bonds authorized by a vote of 457 to 355 at an election.held March
30 were sold to R. J. Edwards of Oklahoma City.
$151,000 sewage disposal and extension bonds.
9,000 storm sewer extension bonds.
260,000 water extension bonds.
MILLEDGEVILLE,
Baldwin
County,
Ga.—BOND
OFFERING.—
Sealed bids will be received until 12 m. May 11 by Miller S. Bell,
Mayor,
for the whole or part of an issue of $91,500 5% gold coupon water-works
bonds.
Denom. $500.
Prin. and ann. int.
City Clerk
at the Bank of America,
or
payable at the office of the
N. Y.
Due yrly.
on
Jan.
15
as
follows: $5,100, 1921 to 1929 incl., $3,000, 1930 to 1939
incl., $4,500,
1940 to 1948 incl., and $7,500 1949.
Cert, check for $1,000, required.
Purchaser to pay the expense of printing or lithographing said bonds.
MILFORD,
New Haven County,
Conn.—BOND OFFERING.—San-
ford Hawkins, Town Treasurer, will receive proposals until 10
for the $110,000
V.
a. m. Apr. 28
bonds offered unsuccessfully on March 24—
Denom. $1,000.
Date Apr. 1 1920.
Prin. and semi-
4K%
110, p. 1449.
ann.
.«
Lancaster County,
leading banking bouses of the country, however,
has offered him any encouragement."
none
MAURY
Lexington), So. Caro.—NOTE SALE.
—On March 29 $100,000 funding notes were sold to the Home National
Bank of Lexington on a 5.98% discount basis.
Due as follows: $40,000
Jan. 5 1921, $20,000 Feb. 5 1921, $20,000 March 5
1921, and $20,000
March 20 1921.
Denom. $10,000.
receive bids until 1 p. m.
and
■
Manbeck,
Apr. 22 for $145,000 4lA%
Mr,Wood feels that he
not advertise for bids on them for some time to
come, feeling that to ad¬
vertise under present conditions simply would result in waste of
money.
He has written to a dozen
O. Kenton), Hardin County,
27 elections, it is stated, the
people will decide whether or not $450,000 school bonds shall be issued.
KOOCHICHING
If the bonds would bear interest at the rate of
5%
no trouble in disposing of them.
"The contract for printing the bonds has been
would have
the April
KERSEY, Weld County, Colo.—BONDS VOTED.—On April 6 the
$40,000 water works and sewer bonds—V. 110, p. 1448—were voted.
'-:N>
''
KENNEDY TOWNSHIP SCHOOL DISTRICT, Allegheny County,
Pa.—BOND ELECTION.—An election has been called for May 12 to vote
on the issuance of $40,000 school-building bonds.
be
say
"Louisville's ambitious plans for a larger sewer system may be thwarted
of credit deflation has brought about lower interest rates
vote of 2262
the issuance of §291,500 5% sanitary public
election held April 6.
Due June 1 1940 optional after
years.
will
SYSTEM IMPERILED BY INABIL¬
"Louisville Courier-Journal" of April 6
concerning the inability of Louisville to place its
PLACE ISSUE.—The
following to
bonds:
sewer
a
to 647 the voters authorized
sewer bonds at
TO
has the
1338—were awarded, it is
JOPLIN, Jasper County, Mo.—BONDS VOTED.—By
[Vol. 110.
int.
coupon
(A. & O.) payable at the Milford Trust Co., of Milford.
Due
on Apr. 1 from 1921 to 1931, incl.
Bonded debt (incl. this
$10,000 yrly.
informed that $300,000 light bonds are to be voted upon on April 20.
issue), $556,200.
LINCOLN SCHOOL DISTRICT (P. O. Lincoln), Lancaster
County,
Neb.—BIDS REJECTED.—All bids received on April 1 for the $400,000
school bonds—V. 110, p. 1110—were turned down.
ments
coupon
LINDSAY, Tulare County, Calif.—BIDS REJEC TED.—All bids on
the three issues of serial bonds aggregating $225,000 offered on
April 6—
V. 110, p. 1449—have been rejected.
LIVINGSTON, Park County, Mont.—BONDS DEFEATED.—On
April 5 the $20,000 6% municipal-park-site bonds—V. 110, p. 679—were
defeated.
LOD1
SCHOOL DISTRICT, San Joaquin County, Calif.—BON^D
SALE.—The First National Bank of Lodi was the successful bidder for
5% 1-30-yr. serial school bonds, offered on Apr. 6—V. 110,
p. 1449—at par and interest, it is stated.
the $90,000
A.
LOUISBURG, Franklin County, No. Caro.—BOND OFFERING.—
for
W. Alston, Town Clerk, will receive
proposals until 8 p. m. April 26
$78,500 6%
1920-
Prin.
Bank, N. Y.
coupon funding
and semi-ann. int.
Due yearly on
and improvement bonds.
Date May 1
(M. & N.) payable at the National Park
May 1 as follows: $1,500, 1923 to 1926, incl.;
The official notice of
elsewhere
in
this
this bond offering will be found
department.
among
the advertise¬
MILWAUKEE, Wis.—BONDS APPROVED.—The following eight issues
of bonds
were approved by the voters, it is
reported, at a recent election:
$500,000 for permanent harbor improvements; $100,000 for a public bath
and site for the same in the Ninth, Nineteenth and
Twenty-second wards;
$400,000 for school buildings; $70,000 for additions to McKinley Beach
bath house;
$600,000 for new Cedar Street bridge; $100,000 for-a public
bath house in the Fourth
or the Sixteenth Ward;
$160,000 for repairs to via¬
ducts, and $1,000,000 for widening Cedar and Biddle streets and Lake St.
MINDEN,
Webster
Parish,
La.—BOND
ELECTION
PROPOSED.—
According to reports an election may be held to vote on issuing $115,000
sewerage-system, $60,000 municipal light and water plant and $25,000 streetimprovement bonds.
MISSOULA COUNTY (P. O. Missoula), Mont.—BOND OFFERING.—
Proposals will be received until May 8 by the County Clerk and Recorder
for the $75,000 coupon road bonds—V. 110, p. 1339.
Bids ate requested
for bonds bearing 5K, 5M or 6% interest.
Denom. $1,000.
Date Jan. 1
1920.
Int. J. &
J.
Due in 20 years,
optional $7,000 yearly
on
Jan.
1
Apb. 17
THE CHRONICLE
1920.]
from 1930 to 1038. incl., and $12,000 Jan. 1 1939, or any interest payment
Cert, check for $5,000 payable to the County Treasurer,
1665
PATASKALA, Licking County, Ohio.—BOND SALE.—On April 12
2 issues of 6% coupon street impt. bonds—V. 110, p. 1451—wer®
date thereafter.
the
required.
Official circular Btates that no bonds previously issued by this
county have ever been contested and that the principal and interest of all
bonds previously issued by Missoula County have been promptly pa.d at
maturity and that there is no controversy or litigation now pending or
threatened affecting the corporate existence or the boundaries of the county
or the title of its present officials to their respective offices or the validity
•f these bonds.
These bonds are issued under the provisions of Sec. 2 of
awarded to the Patashala Banking Co., of Patashala, as follows:
Legal opinion of Judge
Chap. 11, 172 of Montana Session Laws of 1917.
O. B. Wood will be furnished by the county.
MITCHELL SCHOOL DISTRICT (P. O. Mitchell), Davison County,
So. Dak.—BIDS REJECTED.—All bids received for the $200,000 5%
10-20-year (optional) school bonds offered oh April 12 (V. 110, p. 1450), were
rejected.
MONROE TOWNSHIP (P. O. Williamstown), Gloucester County,
N. J.—BOND OFFERING.—Proposals will be received until 2 p. m. April
24 by Andrew S. Ireland, Township Clerk,
for
an
issue of 5% gold coupon
Denom.
Prin. and
Williamstown.
Due $1,000 yearly on May 1 from 1921 to 1940, incl.
Cert, check
on an incorporated bank or trust company, for 2% of amount of bonds bid
for, payable to the Township Collector, required.
Purchaser to pay accrued
(with privilege of registration) water bonds, not to exceed $20,000.
50 for $100, 20 for $500, and 5 for $1,000.
Date May 1 1920.
semi-ann. int. (M. & N.) payable at the First National Bank of
interest.
St. bonds for $17,065.50 (100.385) and interest, a basis
5.90%.
Due $1,000 yrly. on Apr. 12 from 1921 to 1923,
and $1,000 semi-annually from Oct. 12 1923 to Apr. 12
1930, incl.
i
4,000 Town St. bonds at 100.2025 and interest, a basis of about 5.96%.
$17,000 Main
of about
incl.;
Due $500 yrly. on Apr.
Other bidders
Ohio Nat. Bank,
1920.
Prin. and semi-ann. int. (M. & N.), payable in gold of the present
standard of weight and fineness at the Bank of Montclair, or at the Town
at holders option.
Due Nov. 1 1924.
Cert, check on
an incorporated bank or trust company, for 2% of amount of bonds bid for,
required.
Bids must be made upon blanks furnished by the Town Clerk.
Bids will be received for bonds bearing a higher rate of interest than 5%,
but the bids on 5s will be given preference.
Treasurer's office,
,
MONTEREY
COUNTY
RECLAMATION
DISTRICT
NO.
Calif.—BONDS SOLD.—An issue of $50,000 6% bonds has been
1665,
disposed
of, it is stated.
PELHAM MANOR,
MORGAN COUNTY (P. O.
Martinsville), Ind.—BOND OFFERING.—
April 20
Gibert E. Dorsett et al. Adams Twp. bonds
Denom.
$700.
Date day of sale.
Int. M. & N.
Due $700 each six months from
May 15 1921 to
Nov. 15 1930, incl.
NEODESHA, Wilson County, Kans.—BONDS DEFEATED.—It is
that a proposition to vote bonds to erect a $140,000 community
was defeated because a defect was found in the proposition submitted.
stated
hall
ATHENS,
Harrison
Ohio.—BOND OFFERING.—
10 by J. E. Williams,
Village Clerk, for $3,500 5M% assessment street Impt. bonds.
Denom.
$350.
Date May 15 1920.
Due $350 yearly on March 1 from 1921 to
1930, incl.
Cert, check for $200, payable to the Village Treasurer required.
County,
Sealed proposals will be received until 12 m. May
NEW
CONCORD
SCHOOL
County,
DISTRICT
Ohio.—BOND
(P. O. New Concord),
OFFERING.—Proposals will be
Apr. 24 by J. H. Aiken, Clerk of Board of Education,
for
$15,000 5M% school bonds.
Denom. $500.
Date Apr. 1 1920.
Int. A. &. O.
Due $500 on Apr. 1 and Oct. 1 in each of the years from
1931 to 1945, incl.
Cert, check for 5% of amount of bonds bid for, pay¬
able to the Clerk of the Board of Education, required.
received until 12
m.
NEY, Defiance County, Ohio.—BOND SALE.—On April 10 the $5,000
6% 1-10-year serial Main St. impt. bonds, dated April 1 1920—V. 110,
p. 1339—were awarded to the Ney State Bank of Ney at par.
County, Ohio.—BOND OFFERING.—Proposals
will be received until 2 p. m. May 6 by Homer Thomas, City Auditor, for
the following 5}4% State St. impt. bonds:
$8,200 bonds.
Denom. $1,000 & $200.
Due $1,000 yearly on Oct. 1
NILES,
Trumbull
from 1922 to 1929, incl.; and $200 Oct. 1 1930.
13,300 city's portion bonds.
Denom. $1,000 & $300.
Due $5,000 on
April 1 in 1923 and 1926, and $3,300 on April 1 1927.
Date April 1 1920.
Int. semi-ann.
Cert, check for 2% of amount of
bonds bid for, payable to the City Treasurer, required.
Bonds to be de¬
livered and paid for within 10 days from date of award.
Purchaser to
pay accrued interest.
NIOBRARA COUNTY SCHOOL DISTRICT NO. 2 (P. O. Manville),
Wyo.—BOND SALE.—Wright, Swan & Co., of Denver, have purchased
the $20,000 6% 15-20-year school bonds offered on April 3 (V. 110, p. 1111).
NORTHAMPTON, Hampshire County, Mass.—LOAN OFFERING.—
It is reported that the City Treasurer will receive proposals until 11:30 a. m.
April 20 for the pin-chase of a temporary loan of $150,000, interest to follow.
Date April 21 1920.
Due Oct. 28 1920.
NORTHAMPTON TOWNSHIP SCHOOL DISTRICT (P. O. Akron),
Summit County, Ohio.—BOND ELECTION.—The proposition to issue
$65,000 school bldg. bonds will be voted upon, it is reported, at the April
27
primaries.
NUNN,
"for"
to
&
Co.,
$21,000
Westchester County, N. Y.—BOND OFFERING.
inclusive.
Denom. $1,000.
Date May 1 1920.
Prin. and interest payable at the
U. S. Mtge. & Trust Co. of New York, where the bonds will also be delivered
and paid for on
Cert, check on an incorporated national or New
payable to the Village"
Opinion of Caldwell & Raymond, of New
to validity will be furnished.
Purchaser to pay accrued interest
May 3.
York State bank, for 5% of amount of bonds bid for,
of Pelham Manor" required.
as
PEMBERTON SCHOOL DISTRICT (P.
County,
Minn.—BONDS
O. Pemberton), Blue Earth
VOTED.—According to newspaper reports
$90,000 school bonds carried by a vote of 98 to 97.
PEORIA GRAMMAR SCHOOL DISTRICT (P. O. Peoria),
County,
Maricopa
6%
Ariz.—BONDS VOTED.—By a vote of 45 to 1 $25,000
school bonds were voted on March 27—V. 110, p. 1001.
grammar
PEORIA HIGH SCHOOL DISTRICT
(P. O. Peoria), Maricopa
County, Ariz.—BONDS VOTED.—The voters authorized the issuance of
$175,000 6% high school bonds on March 27—V. 110, p. 1001—by a vote
of 46 to 1.
PERRY
COUNTY
(P. O. Cannelton), Ind.—BOND OFFERING.—
County Treasurer, will receive proposals until 11 a. m. Apr. 22
Louis Stamp,
$23,200 4M% Babe Esarey & David White et al., Tobin Twp. road
bonds.
Denom. $580.
Date Mar. 15 1920.
Int. M. & N.
Due $1,160
each six months from May 15 1921 to Nov. 15 1930, incl.
COUNTY
PERTH
AMBOY,
Union City), Tenn.—BONDS VOTED.—
following:
bonds for the
construction of the Jefferson Davis (Memphis and Paducah) Highway
through the county from Troy to the Dyer County line.
This sum, to¬
gether with the $150,000 bond issue voted heretofore for the construction
of the Memphis-to-Bristol Highway from the Lake County to the Weakley
County line makes a $300,000 authorized bond issue for hard roads in this
county.
The court also adopted a resolution expressing its willingness to
build other hard roads connecting with the above highways through all
parts of the county, one of which, and the first to be constructed, will con¬
nect Elbridge with the Jefferson Davis Highway.
All measures for hard
roads were carried by a vote of 28 to 2."
(P.
O.
The "Memphis Appeal" in its issue of April 7, contains the
"The Obion County Court voted issuance of $150,000 in
OMAHA, Douglas County, Neb.—BOND SALE.—At an adjourned
session on April 10 the City Council accepted the bid of Burns, Brinker &
Co., of par and accrued interest for approximately $5,000,000 5% 30-year
gas plant bonds.
The bid calls for the delivery of the bonds about July 1
1920 and is subject to their attorney's opinion that the bonds are legally
issued. The resolution which was passed by the Council reads:
That whereas, Burns, Brinker & Co., under date of April 5 1920, has
offered to purchase approximately $5,000,000 City of Omaha 5% bonds to
finance the purchase or the gas plant, and to pay par and accrued interest,
therefor, and as evidence or good faith, have filed with the City Clerk a
certified check, payable to the City of Omaha, in the sum of $10,000,
now therefore be it
Resolved, That the offer of said Burns, Brinker & Co., be and the same
is hereby accepted and that said certified check of $10,000 be held until
the completion of said contract and to be fortified to the city in the event
said contract is not complied with on the part of said Burns, Brinker & Co.
Resolved further, That the corporation counsel be requested to immedi¬
ately prepare the proper ordinance for the Issuance and execution of said
bonds; and that the superintendent of the department of accounts and fin¬
ances be requested to prepare, and have printed, bonds in conformity to
said ordinance.
OWATONNA
SCHOOL DISTRICT
(P.
O.
Owatonna), Steele
County, Minn.—BONDS VOTED.—By a majority of 22 votes an Issue of
$250,000 high school building bonds was authorized, it is stated.
I
OXNARD DRAINAGE DISTRICT (P. O. Oxnard), Ventura County,
Calif.—BOND OFFERING.—C. C. Ruppert, Secretary, will sell on April
being part of an issue of $200,000.
PARIS, Bourbon County, Ky .—BOND OFFERING .—Bids will be
received until 8 p. m. April 22 by J. W. Hayden, City Clerk, for $35,000
5% school bonds.
Date May 1 1919. Prin. and semi-ann. int. payable
in gold at the Bank of America, N. Y.
Due yearly on Nov. 1 as follows:
$1,500, 1920; $2,000, 1921; $1,500, 1922; $2,000, 1923; $1,500, 1924;
$2,000, 1925; $1,500, 1926; $2,000, 1927; $1,500, 1928; $2,000, 1929;
$1,500, 1930; $2,000, 1931; $1,500, 1932; $2,000, 1933; $1,500, 1934;
$2,000, 1935; $1,500, 1936; $2,000, 1937; $1,500, 1938 and $2,000, 1939.
Cert, check for 10% payable to C. K. Thomas, City Treasurer, required.
A like amount of bonds was reported as„sold in V. 110, p. 1556.
28 $130,000 bonds,
Middlesex
County, N. J .—BOND OFFERING.—
Proposals will be received until 4 p. m. April 26 by Ferd Garretson, City
Treasurer, for an issue of 6% water impt. bonds at not to exceed $1,200,000.
Denom. $1,000.
Date May 1 1920.
Prin. and semi-ann. int. payable at
the City Treasurer's office.
Due May 1 1926.
Cert, check on an incor-
Eorated bank or trust Caldwell & Raymond. Purchaser to bid for required, 5
legality approved by company for 2% of amount of bonds pay accrued int
SCHOOL
PICO
OFFERING.—Until
DISTRICT, Los Angeles County, Calif.—BOND
a. m. April 19 proposals will be received by L. E.
11
Lampton, County Clerk (P. O. Los Angeles), for $20,000 5^% bonds.
Denom. $1,000.
Date April 1 1920.
Prin. and ann. int., payable at the
office of the County Treasurer.
Due $1,000 yearly on April 1 from 1921
to 1940, incl.
Cert, or cashier's check for 3%, payable to the Chairman
Board of
Supervisors required.
Purchaser to pay accrued interest.
1919, $735,905.
Ass.
val. of taxable property
COUNTY
PIERCE
(P.
O. Tacoma),
Wash.—BOND OFFERING.—
C. A. Campbell, County Auditor and Clerk of Board of County Commis¬
sioners, will sell at public auction April 30 the following road bonds:
$440,000 5H% 1-10-year serial Donahue Road bonds.
1,000,000 5% 20-year county road bonds.
PIKE SCHOOL TOWNSHIP (P. O. New Augusta),
Marion County,
OFFERING.-—Proposals will be received
until 10 a. m.
Clemments Purdy, Township Trustee, for $45,000 5H%
school bonds.
Denom. $500.
Date April 1 1920.
Int. semi-ann.
Due
$3,000 yearly on April 1 from 1921 to 1935, incl.
Cert, check for 3% of
amount of bid, payable to the Township Trustee required.
Ind.—BOND
April
28
by
PINAL
voted
be
1
Mrs.
DISTRICT (P. O. Caldwell), Canyon
SALE.—On April 10 the $30,700 6% refunding
1340— were sold to E. H. Plowhead of Caldwell for
(100.977) and interest.
Denom. $500 except 1 for $200.
Date
PIONEER
County,
Jan.
ELECTION.—On
upon.
IRREGATION
Ida.—BOND
bonds—V.
$31,000
DISTRICT NO. 2 (P. O. Florence)
Apr. 26, $12,000 school; bonds are to
Nelson Borree, Clerk.
SCHOOL
COUNTY
Ariz.—BOND
110,
1917.
p.
&J.
Int. J.
PITTSBURGH, Pa.—NO BIDS RECEIVED.—No bids were received
for the several issues of 4K% 1-30-year serial coupon (with privilege of
registration) bonds, aggregating $7,281,000, which were offered on April
8—V. 110, p. 1451.
It is now reported that the Mayor and Council are
considering raising the interest rate on these bonds.
PLYMOUTH COUNTY (P. O. Plymouth), Mass.—NOTE OFFERING.
—Proposals will be received until 10 a. m. Apr. 20, by the County Com¬
missioners for $300,000 6% registered tax free notes, dated May 1 1920
and maturing May 1 1921 at the Rockland Trust Co., or the Second Naional Bank
Weld County, Colo.—BONDS VOTED.—On April 6 by 43
"against" $30,000 water works bonds carried.
14
OBION
Slayton
—Proposals will be received until 8.30 p. m. April 26 by Horace E. Burnett,
Village Clerk, for the following registered bonds, bearing interest at a rate
not to exceed 5%:
$50,000 sewer bonds.
Due $3,000 yearly on May 1 from 1925 to 1940,
incl., and $2,000 May 1 1941.
20,000 drainage bonds.
Due $1,000 yearly on May 1 from 1925 to 1944,
for $14,000 4M%
Muskingum
L.
Toledo
for
John H. Schafer, County Treasurer, will receive bids until 10 a. m.
NEW
•
Columbus._$21,054] W.
Davies-Bertram Co. Cincinnati1,0261
York,
MONTCLAIR, Essex County, N. J.+-BOND OFFERING.—Proposals
for
im¬
provement bonds, not to exceed $97,000.
Denom. $1,000.
Date May 1
will be received until 4p.m. April 22 by Harry Trippet, Town Clerk,
an issue of 5% gold coupon (with privilege of registration) temporary
12 from 1923 to 1930, incl.
were:
of Boston.
POPLAR BLUFF SCHOOL DISTRICT (P. O. Poplar Bluff), Butler
County, Mo. —BONDS VOTED.—The voters at the election held April 6
authorized the issuance of $30,000 5H% 1-6-year school bonds—V. 110,
p. 1451, by a vote of 526 to 91.
|
PORT ARTHUR INDEPENDENT SCHOOL DISTRICT (P. O. Port
Arthur),
Jefferson
County,
Tex.—BOND OFFERING.—Bids will
be
received until 7:30 p. m. May 11 by L. D. Heckman, Secretary Board of
Trustees, for $50,000 5% 30-40-year serial school bonds.
Certified check
on some bank in the city of Port Arthur for 5% required.
Bonds must be
paid for at the office of District Treasurer, whon ready for delivery.
POTTER
COUNTY
(P.
O.
Amarillo), Tex.—BONDS VOTED.—On
110, p. 1340—were voted.
Apr. 3 the $250,000 hospital bonds—V.
PULLMAN,
Whitman
County,
bids received for the $15,000 6%
—V.
110,
p.
QUINCY,
Wash .—BIDS
coupon
REJEC TED.—The
road bonds offered
on
April 6
1451—were rejected.
Norfolk
Mass.—LOAN OFFERING.—The City
County,
Treasurer will receive proposals until 2.30 p. m.
April 20, it is stated, for a
and maturing
temporary loan of $200,000, issued in anticipation of revenue,
Dec. 20 1920.
,
RAVALLI COUNTY (P. O. Hamilton), Mont .—BOND ELECTION
CONSIDERED.—Wo are informed that $100,000 highway bonds may be
voted upon.
READING, Middlesex County, Mass.—BOND SALE.—It is reported
and electric light bonds, maturing
that an issue of $80,000 5% coupon sewer
serially from 1920 to 1945, has been awarded to Grafton
for $82,242.25, equal to 102.802.
& Co., of Boston,
Bernardino County,
Calif.—BOND OFFERING.—Bids will be received until 11 a. m. April
26 by Harry L. Allison, Clerk Board of Supervisors (P. O. San Bernardino),
for the $185,000 5H% bonds authorized by a vote of 759 to 87 at the elec¬
tion held March 26—V. 110, p. 1556.
Denom $1,000.
Date May 1
1920.
Int. M. & 8.
Due yearly on May 1 as follows: $5,000, 1921 to
1925, incl., and $10,000, 1926 to 1941, incl.
Cert, check or cash for $1,000.
payable to the Board of Supervisors, required.
Bonded debt $81,000.
Assessed value (non-operative property), $7,445,625; estimated value,
$15,000,000.
Population (est.), 18,000.
REDLANDS HIGH SCHOOL DISTRICT, San
(P. O. Dayton), Tenn.—BONDS VOTED.—The
April 7 states that "the Rhea County Court on April 6
bonds, to be used in the construction of a system
of concrete roads in the county, being the first county south of the Ohio
River to take action providing for a concrete highway the entire length of
RHEA
COUNTY
"Memphis Appeal" of
voted to issue $600,000 in
the county."
RHODE ISLAND (State
of).—BOND SALE.—On April 14 the $2,500,-
gold coupon (with privilege of registration) tax-free Soldiers'
bonds—V. 110, p. 1556—were awarded to the Rhode Island Hospital
Trust Co., the National Exchange Bank, and the Estate of John Nicholas
Brown, at a joint bid of 100.9111, a basis of about 4.44%.
Date May 1
1920.
Due Jan. 1 1945.
000
4H %
Bonus
The Industrial Trust Co. offered $1,000 90 for
?IEstabrook
each $1,000 bond up to
$1,000 bond up to $500,000.
& Co. bid $1,000.50 for each
ROCHESTER, N. Y.—NOTE OFFERING.—H. D. Quinby, City Comp¬
troller, will receive bids until 2.30 p. m. April 19 for $250,000 school con¬
struction bonds, maturing 8 months from April 22 at the Central Union
Trust Co. of New York, where the notes will also be delivered and paid
for on April 22.
Bidders are to state rate of interest desired, designate
denominations desired, and to whom (not bearer) notes will be made
payable.
York County, So. Caro.—BOND SALE.—The three
ROCK HILL,
issues of water, street and sewer bonds, aggregating $250,000, offered on
Feb. 18—V. 110, p. 680—were awarded on that day, it is stated, to local
Investors at par.
ROCKVALE, Freemont County, Colo.—BONDS VOTED.—On
1451—were voted.
April
6 the$22,000 town hall bonds—V. 110, p.
ROCKY
MOUNT,
TION.—On May 3 an
Edgecombe County, No. Caro.—BOND ELEC¬
election will be held to vote on $160,000 gas impt.
bonds.
ROCKY RIVER,
Cuyahoga County, Ohio.—BOND OFFERING.—
Proposals will be received until 12 m. May 12 by Frank Mitchell, Village
Clerk, for $44,000 6% street-improvement bonds.
Denom. 10 for $600 and
38 for $1,000.
Date April 1 1920.
Principal and semi-annual interest
(A. & O.) payable at the Rocky River Savings & Banking Co., of Rocky
River.
Due $2,000 on each April 1 and $2,600 on each Oct. 1 from Oct. 1
1920 to Oct. 1 1929, inclusive.
Certified check for $500 required.
Bonds
to be delivered and paid for within ten days from date of award.
Purchaser
to pay accrued interest.
ROUTT COUNTY SCHOOL DISTRICT NO. 28 (P.
Colo.—BONDS DEFEATED.—'The $3,500 school bonds—V.
were defeated Feb. 19.
1
O. Mystic),
110, p. 893—
RUSTIC SCHOOL DISTRICT, San Joaquin County, Calif.—BOND
OFFERING.—Bids will be received until 11 a. m. May 3 by S. A. Carter,
Clerk Board of Supervisors
(P. O. Stockton), for the $12,500 6% tax-free
Sold coupon school bonds^—V.t Int. p. 1341.N. Denoms. 1at the office of the
10, M. &
1,000.
Date May 1 1920.
payable for $500 and 12 for
Due yearly on May 1 as follows: $500, 1925 and $1,000,
Cert, check for 10% payable to the Chairman Board
Supervisors, required.
Assessed value, 1919, $269,070.
County Treasurer.
1926 to 1937, incl.
of
RITTMAN, Wayne County, Ohio.—NO BIDS RECEIVED.—No bids
received for the $31,297.65 BlA% special assessment Salt Sc. paving
were
bonds offered
O. Plains), Mont.—
BONDS VOTED.—On April 3 the issuance of $15,000 6% 10-20 year (opt.)
buildings bonds was authorized by 187 to 70.
SANDERS COUNTY SCHOOL DISTRICT (P.
DIEGO
Calif.—BOND
HIGH
SCHOOL
OFFERING.—At
DISTRICT,
2:30
p.
p.
San
April 20
Diego County,
Gro. W. Heston,
$730,000
annually
(P. O. San Diego), will receive bids for the
5% school bonds—V. 110, p. 1451.
Int. annually.
Due $20,000
from 1926 to 1950 and $25,000 annually thereafter until paid.
County Treasurer
SAN JUAN COUNTY (P. O. Monticello),
—A $50,000 road bond election has been
SANTA
COUNTY
bonds offered
SANTA
on
Utah .—BOND ELECTION.
called.
bids
were
(P.
received for the
FE, Santa Fe County, New Mexico.—CERTIFICATE SALE.
purchased $50,000 6%
—The American Bank & Trust Co. of Denver has
serial
sewer
certificates of indebtedness.
SANTA ROSA SCHOOL
.
DISTRICT
Schenectady County, N. Y.—NO BIDS RE¬
were received for the $350,000 certificates of indebtedApril 13—V. 110, p. 1557.
SCHENECTADY,
offered
on
SCOTT COUNTY (P. O. Scottsburg), Ind.—BOND OFFERING.—
Proposals will be received until 11 a. m. April 29 by W. K. Horner, County
Auditor, for $16,325 6% drainage bonds.
Denom. $1,632 50.
Interest
semi-annual.
Certified check for 5% of amount of bonds bid for, payable
to Thomas H. Everitt, County Treasurer .required.
SEATTLE, Wash.—BOND SALE^The city issued the following 6%
bonds, aggregating $25,707 39 at par during MTarch:
Dist. No.
Amount.
Purpose.
Date.
Due.
3211
$23,455 10
Grading
March 19 1920
March 19 1932
3222
2,252 29
Sewer
March 29 1920
March 29 1932
All of the above bonds are subject to call on any interest paying date.
SEBRING SCHOOL DISTRICT (P. O. Sebring), Mahoning County,
Ohio.—BOND OFFERING.—Proposals will be received until 12 m. May 1
by II. L. McConnell, Clerk of Board of Education, for $5,000 5A% school
bonds.
Denom. $500.
Date May 1
1920.
Prin. and semi-anni int.
(M. & N.), payable at the district's depository.
Due yearly on Nov. 1
as follows: $500, 1923 to 1926, incl.; and $1,000, 1927 to 1929, incl.
Cert,
check for $300, required.
SENECA
FALLS,
Seneca
County,
Sealed bids for $32,000 paving bonds,
N.
Y.—BOND
OFFERING.—
not to exceed 5% interest, will be
received until 8 p. m. April 26 by Charles W. Combs, Village Clerk.
Date May 1 1920.
$1,000.
from 1927 to 1930, incl.
The
Denom.
Due $8,000 yearly on Nov. 1
Int. M. & N.
Purchaser to pay accrued interest.
official notice of this bond offering will be found among the advertise¬
ments elsewhere in this
SHAWNEE
department.
TOWNSHIP
(P.
Lima),
O.
Allen
County .—BOND
$250,000
ELECTION.—The voters will, on April 27 pass on a bond issue of
for centralized schools, according to reports.
SHERIDAN
SHERIDAN COUNTY SCHOOL DISTRICT NO. 30 (P. O. Archer),
Mont.—DESCRIPTION OF BONDS.—The $5,000 school building bonds
on
March 10 to the State Board of Land Commissioners at par—
V. 110, p. 1452—bear 6% interest and are in denom. of $100.
years,
optional
on any
SHREVEPORT,
Due in 20-
interest paying date.
Caddo
Parish,
La .—BOND
SALE.—The
$400,000
5% 1-40-year serial tax-free water-works bonds, dated Feb. 1 1920 offered
1002—have been sold to Eldredge
without success on Feb. 24—V. 110, p.
& Co. of N. Y.
SILSBEE
INDEPENDENT
SCHOOL
DISTRICT
Hardin
County, Tex.—BONDS REGISTERED.—On
Comptroller registered $45,000 5% 5-40 year bonds.
(P. O. Silsbee),
April 5 the State
SILVER BOW COUNTY (P. O. Butte), Mont.—BOND OFFERING.—
L. Anderson, County
bonds offered without
requested for bonds
bearing5M, 5A, B% and6% interest.
Denom. $1,000.
Da)te Jan. 1 1920.
Principal and semi-annual interest (J.& J.) payable at the Liberty National
Bank, New York.
Due yearly on Jan, 1 as follows: $16,000 1926 to 1930,
inclusive, and $17,000 1931 to 1940, inclusive, subject to call on Jan. 1 and
July 1, preceding maturity.
Certified check on some reliable bank for
$10,000, payable to the County Treasurer, required.
The bonds will be
printed by said county and ready for delivery at the time of sale.
The
approving opinion of Caldwell & Masslich of New York will be furnished
to the purchaser.
Official circular states that no bonds previously issued
by this county have ever been contested and that the interest and principal
of all bonds previously Issued by Silver Bow County have been promptly
paid at maturity, and that there is no controversy or litigation now pending
or threateted
affecting the corporate existence, or the boundaries of Silver
Bow
County, or the title of Its present officials to their respective offices,
or the validity of these bonds.
These bonds are issued under the provisions
of Sec. 2 of Chap. II., Chap. 172 of Montana Session Laws of 1917.
Proposals will be received until 2 p. m. May 5 by S.
Clerk and Recorder, for the $250,000 coupon highway
success
on
March 9 (V. 110, p. 1341).
Bids are
Denom.
1452.
yearly
April 5 from 1932 to 1938, incl.
on
SPARKS
SCHOOL
DISTRICT
:
Sparks),
O.
(P.
Washoe County,
voted by 47
Nev.—BONDS VOTED.—An issue of $30,000 school bonds vras
"for" to 20 "against" on Apr. 6.
SPENCER COUNTY (P. O. Rockfort), Ind .—BOND AND
CATE OFFERING.—Proposals will be recevied
R. W. Richards Jr., County Auditor, for the
$80,000 court-house bonds.
CERTIFI¬
until 2 p. m. June 7 by
following 5% bonds and
Date May 15 1920.
Dehom. $1,000.
Due
$2,000 each six months from May 15 1921 to Nov. 15 1940, incl.
15,500 judgment bonds.
Denom.
$500.
Date May 15 1920.
Due
$1,000 each six months beginning May 15 1921.
18,180 certificates of indebtedness.
Denom. $4,000 and $2,180.
Date,
day of sale.
Due $4,000 on Dec. 7 in 1920, 1922, 1924, 1926:
and $2,180 Dec. 7 1928.
Certified check
on a
local bank for 3% of amount bid for, payable to
the
Bpard of County Commissioners, required.
STANISLAUS COUNTY (P. O. Modesto), Calif.—BOND ELECTION.
April 27, it is reported that an election will be held to vote upon issuing
$50,000 county fair bonds.
—On
STEPHENS COUNTY (P. O. Breckenridge),
Tex.—BOND SALE.—
The
$700,000 BA % tax-free coupon road bonds
V. 110, p. 893—have been sold to Stacy & Braun of
offered on March 16—
N. Y.
Denom. $1,000.
Date Feb. 15 1920.
Prin. and semi-ann. int. (F. & A.) payable at the
Hanover National Bank, N. Y.
Due yearly on Feb. 15 as follows:
$23,000, 1921; $23,000, 1922; $24,000, 1923; $23,000, 1924; $23,000,
1925; $24,000, 1926; $23,000, 1927; $23,000, 1928; $24,000, 1929; $23,000.
1930; $23,000, 1931; $24,000, 1932; $23,000. 1933; $23,000, 1934; $24,000,
1935; $23,000, 1936; $2.3,000, 1937; $24,000, 1938; $23,000, 1939; $23,000.
1940; $24,000, 1941; $23,000, 1942; $23,000, 1943; $24,000, 1944; $23,000.
1945; $23,000, 1946; $24,000, 1947; $23,000, 1948; $23,000. 1949; $24,000.
1950.
Financial
Statement.
(As officially reported).
Assessed value taxable property, 1919
Bonded debt (including this issue)...............
The bonded debt is less than 4% of the
$18,202,010
-
714,000
20,000
assessed valuation.
k STEUBENVILLE, Jefferson County, Ohio.—BOND OFFERING.—
Proposals will be received until 12 m. May 6 by William T. Kindsvatter,
City Auditor, for $10,000 6% water main bonds.
Denom. $500.
Date
May 1 1920.
Int. M. & N.
Due $2,000 yearly on May 1 from 1921 to
1925, incl.
Cert, check for 3% of amount of bonds bid for, payable to the
City Treasurer, required.
Bonds to be delivered and paid for within 10
days from date of award.
Purchaser to pay accrued interest.
STILLWATER COUNTY (P. O. Columbus), Mont .—BOND OFFER¬
ING.—On May 6 until 3 p. m. bids will be received for $75,000 5 A % high¬
way
bonds.
Denom. $1,000.
Cert, check, $3,750.
.
R. A. Latham, Clerk.
STONE COUNTY ROAD IMPROVEMENT DISTRICT NO. 3, Ark.—
BOND SALE.—Reports say that $80,000 road bends were sold to M. W.
STRAIGHT
BAYOU
DRAINAGE
DISTRICT, Humphreys and
Sharkey Counties, Miss.—BOND OFFERING.—W. H. Carroll, Secretary,
(P. O. Silver City), will receive proposals until April 19 for $300,000 5%
20-year serial school bonds.
Cert, check for $1,000 payable to the Straight
Bayou Drainage District, required.
Purchaser to pay accrued interest.
issue of $5,000 5% fire-apparatus bonds was awarded to
Denom. $250.
par.
Date Mar. 1 1920.
SPRINGS
SULPHUR
J. W. Lindley at
Int. semi-ann.
Incl.
Due $250 each
SCHOOL
DISTRICT, Crawford County,
Ohio.—BOND ELECTION—A proposition to issue $40,000 school bldg.
bonds will be voted upon at the April 27 primaries, it is reported.
buMMERFIELD,
assist
the
Marshall County, Kans.—BONDS VOTED.—To
North Western RR. to run from Kansas City,
Kan., $46,000 bonds have been voted.
Kansas City &
Kan., to Virginia,
SUPERIOR, Nuckolls County, Neb.—BONDS VOTED.—On April 7
park bonds were voted.
$15,000
SUQUALENA CONSOLIDATED SCHOOL DISTRICT, Lauderdale
County, Miss.—BOND SALE.—On April 6 the $5,500 6% 10-year (aver.)
Blanks of Increase for
$5,635 (102.454) and int., a basis of about 568%.
Other bidders were:
school bonds—V. 110, p. 1220—were sold to J. B.
Jno.
L.Moore, Porterville_$4,622.501W.
O.
Null,
Meridian...$5,520.00
SWISS VALE SCHOOL DISTRICT (P. O. Swissvale), Allegheny
County, Pa .—BOND SALE.—The $200,000 6-30-year serial coupon taxfree school building bonds offered on March 29—V. 110, p. 1112—were
purchased by Holmes, Bulkley & Wardrop of Pittsburgh.
Due $8,000
yearly on March 1 from 1926 to 1950, incl.
TAYLOR SCHOOL DISTRICT (P. O. Taylor), Williamson County
Tex.—BONDS VOTED.—At the election held March 17—V. 110, p. 788—
the voters authorized the issuance of $234,000 school bonds by a vote of
163 to
11.
TENAFLY,
Bergen
County,
N.
3.—BOND
OFFERING.—Proposals
until 8 p. in. May 5 by Herbert J. B. Willis, Borough
Clerk, for an issue of 5% coupon (with privilege of registration) fire appara¬
tus bonds, not to exceed $11,500.
Denom. $1,000 « $500.
Date May 1
1920.
Prin, and semi-ann. int. (M. & N.),jpayable at the First National
Bank, of Tenafly.
Due $1,000 yearly on May 1 from 1921 to 1927, incl.
and $1,500 on May 1 in 1928,1929 & 1930.
Cert, check on an incorporated
bank or trust company, for 2% of amount of bonds bid for, payable to the
"The Mayor and Council of the Borough of Tenafly."
Purchaser to pay
will
be received
accrued
COUNTY
SCHOOL DISTRICT NO.I 20, Mont.—NO
BIDS RECEIVED.—No bids were submitted for the $60,000 school bonds
offered on April 6—V. 110, p. 1219.
awarded
DISTRICT, Los Angeles County. Calif.—BOND
and int.,a bafc>5s of
April 5—V. 110, p.
$1,000.
Date April 5 1920.
Int. annually.
Due $1,000
six months from Jan. 11921 to July 1 1930,
voted—V. 110, p. 1452.
CEIVED.—No bids
ness
purchased $40,000 bonds.
SPADRA SCHOOL
SALE.—A. T. Currier of Walnut was awarded at 101
about 5.40%, the $7,000 5J^% school bonds offered on
SULLIVAN, Sullivan County, Ind.—BOND SALE.—On Mar. 23 an
(P. O. Santa Rosa), Sonoma
County, Calif.—BONDS VOTED.—On April 6 the $250,000 school bonds
were
SNOW CREEK IRRIGATION DISTRICT (P. O. Bend), Deschute.
County, Ore.—BOND SALE.—The Lumbermen's Trust Co. of Portland
has
Elkins, of Little Rock.
O. Santa Barbara), Calif.—NO
$400,000 5^% road
April 3—V. 110, p. 1341.
BARBARA
BIDS RECEIVED.—No
110
Population (est.)
April 3.—V, 110, p. 1340.
on
SALINEVILLE, Columbiana County, Ohio.—BOND ELECTION.—
The people will, on April 27, vote on the question of issuing $10,000 watersystem bonds, according to reports.
SAN
[VOL
THE CHRONICLE
166C
interest.
Kaufman
TERRELL,
County,
Tex.—BONDS REGISTERED.—An
impt. bonds was registered with the
issue of $200,000 5% serial water-works
State Comptroller on April 5.
TEXAS (State
of).—BONDS REGISTERED.—'The following 5% bonds
registered with the State Comptroller on April 7:
;
Place and Purpose of Issue.
$3,500
Clay County Common School Dist No. 3
1,400___
Hunt County Common School District No. 37
3,000..
Three Rivers Industrial School District.
were
Amount.
Maturity.
5-20 years
1-14 years
5-20 years
TIPTON COUNTY (P. O. Covington), Tenn.—BOND OFFERING —
are at hand relative to the offering o* April 26 of the $155,000
Further details
5 A % coupon road bonds.—V. 110, p.
received until 2 p. m. on that day by J.
1558.
Bids for these bonds will be
Y. Peete, County Judge.
Denom.
1919.
Int. semi-ann., payable at the office of the
County Trustee or at the option of purchaser, at the bank or banking
house designated by the purchaser.
Due July 1 1949.
Cert, check on
some national bank or on a bank or trust company In Tennessee for $1,000,
payable to the County Treasurer, required.
$500.
Date July
TOLEDO,
were
received
1
Lucas County, Ohio.—NO BIDS RECEIVED.—No bids
for the $750,000 5-30-year (opt.) Intercepting sewer-con¬
5% bonds offered on April 7.
struction and $250,000 15-year street impt.
—V.
110, p. 1341.
UNION (TOWN) UNION FREE SCHOOL DISTRICT NO. 5 (P. O.
Johnson City), Broome County, N. Y.—BOND SALE.—It has been
reported that the Workers Trust Co., of Johnson City, was awarded at
101-10 the$120,000 5% coup.or reg.Jsch.bonds offered on April 15 (V. 110,
p. 1558).
Date July 1 1920.
Due yearly on Dec. 1 as follows: $4,000 1921
to 1945, inclusive, and $5,000 1946 to 1949, inclusive.
UPPER
MERION TOWNSHIP
BOND ELECTION.—The School
SCHOOL
DISTRICT, Montgomery
Board, it is stated, has decided to place
before the voters the question of issuing $100,000 school bonds, at an
tion to be held May 18.
UTAH
elec¬
(State of).—SUCCESSFUL BIDDERS.—The Palmer Bond &
Mortgage Co., Guaranty Trust Co., W. R. Compton Co., and Stacy &
APR. 17
Braun
were
THE
1920.]
CHRONICLE
the successful bidders for the $2,000,000 4H%
Highway bonds, for which bids
and semi-annual interest
20-year State
opened on April 5—V. 110, p. 1558.
5.03%.
DeInt. J. & J.
Due July 1 1939.
(J. & J.) payable at the First National Bank of
Due $4,000 July 1 1933, $8,000 yearly on July 1 from 1934 to
1948, inclusive, and $1,000 July 1 1949.
Certified check for 1 % of amount
for, payable to the City Treasurer, required.
Bonds to be en¬
graved under the supervision of and certified as to genueineness by the First
National Bank of Boston; and their legality will be approved by Storey,
Thorndike, Palmer & Dodge, of Boston, a copy of whose legal opinion will
be furnished the purchaser.
Bonds to be delivered and paid for on May 15
Boston.
were
The bid submitted by this group was 93.40, a basis of about
nom.
Date July 1 1919.
$1,000.
of bonds bid
VERMILLION COUNTY (P.
IN PART.—Of the 4 issues of
O. Newport), Ind.—BONDS A WARDED
4K% road bonds, aggregating $44,000,
April 5—V. 110, p. 1342—the $12,000 R. V. Thompson et al
Vermillion Twp. bonds were awarded to the First National Bank, of Dana,
at par.
Due $600 each six months from May 15 1921 to Nov. 15 1930, incl.
offered
on
WABASH
COUNTY
(P.
O.
at the First National Bank of Boston.
bonds:
$49,000 bonds, maturing $4,000 yearly on May 1 from 1921 to 1931, incl.;
and $5,000 May 1 1932.
•:
77,000 bonds, maturing $8,000 yearly on Sept. 1 from 1920 to 1928, incl.;
and $5,000 Sept. 1 1929.
'X.y:
Denom. $1,000.
Date May 1 1920.
Prin. and semi-ann. int. payable at
the office of the Director of Finance.
Cert, check for 2% of amount of
bonds bid for, payable to the "City of Watervliet," required.
Bids must
be made on blanks furnished by the city.
Bonds to be delivered and paid
for on May 12, or as soon thereafter as they are ready, at the office of the
WALLA WALLA COUNTY (P. O. Walla Walla), Wash.—BOND
will be received until May 3 by Guy Allen Turner,
County Auditor, for $150,000 road and bridge bonds.
OFFERING.—Bids
WARREN, Trumbull County, Ohio.—BOND SALE.—The following
coupon assessment bonds, offered on April 1—V. 110,
1221—have been sold to the Union Savings & Trust Co. of Warren, at
2 issues of 5M%
Director
and interest:
<
$9,200 No. Park Ave. sewer bonds.
Date Feb. 1 1920.
Due $4,000 Feb. 1
1921 and $5,200 Feb. 1 1922,
62.000 Kenilworth Rd. paving bonds.
Date Mar. 1 1920.
Due each six
months as follows: $2,000, Mar. 1 1921 to Sept. 1 1924, incl.; $3,000,
Mar. 1 1925 to Sept. 1 1928, incl.; and $2,000, Mar. 1 1929 to
Sept. 1 1931, incl.
par
Oct.
1
as
(P. O. Jesup), Ga.—BONDS VOTED.—An issue
voted on Aptil 9, it is reported, by 1,173 "for"
■
COUNTY
WELD
(P. O. Greeley), Colo.—BOND ELECTION CON¬
SIDERED.—It is reported that $750,000 bridge bonds may be voted.
WELD COUNTY SCHOOL DISTRICT NO. 92, Colo.—BOND ELEC¬
COUNTY
TION.— On May 3 upwards of
SALE.—An issue of $400,000 6%
on
Finance.
of $20,000 road bonds was
to 99 "against."
ROAD DISTRICT NO. 2, Ark.—BOND
tax-free bonds was sold to the Mississippi
St. Louis.
Denom. $1,000.
Date April 1 1920.
Prin. and semi-ann. int. (A. & O.) payable at the office of the purchaser
and at the National Bank of Commerce in St. Louis, Trustee.
Due yearly
WASHINGTON
of
WAYNE COUNTY
_
Valley Trust Co.,
Purchaser to pay accrued interest.
WATERVLIET. Albany County, N. Y.—BOND OFFERING.—Pro¬
posals will be received until 4 p. m. April 20 by M. I. Dunn, Director of
Finance, for the following 5% coupon (with privilege of registration) paving
Wabash), Ind.—BOND OFFERING.—
Sealed bids will be received until 5 p. m. April 19 by Valentine Freising,
County Treasurer, for $440,000 5% C. E. Williams et al Noble and Waltz
Twps. road bonds.
Denom. $1,000.
Date March 15 1920.
Int. M. & N.
Due $22,000 each six months from May 15 1921 to Nov. 15 1930, incl.
p.
1667
$45,000 6% 10-20-yr. (opt.) school bonds
will be voted upon.
of
WELD COUNTY SCHOOL DISTRICT NO. 31 (P. O. Fort Lupton),
Col.—BONDS VOTED— On April 7
V. 110, p. 1453—were voted.
follows:
$15,000 to $18,000 school bonds—
_
$15,000—1926
16,000—1927
17,000—1928
$11,000—1921
12,000—1922
13,000—1923
13,000—1924
14,000—1925
18,000—1929
19,000—1930
Financial
$20,000—1931
21,000—1932
22,000—1933
23,000—1934
$26,000—1936
27,000—1937
29,000—1938
30,000—1939
30,000—1940
24.000—1935
Statement of
Nov.
-.$14,000,000
3,045,290
4,880 John
taxed for this improvement.
WASHINGTON TOWNSHIP RURAL SCHOOL DISTRICT (P. O.
Arcadia),
Hancock
County,
Ohio.—BOND SALE.-—The $190,000
coupon school bldg. bonds, offered on March 19—V. 110, p. 1113—were,
on March 25, purchased by the Industrial Commission of Ohio at par for
6s.
Date March 1 1920.
Int. M. & S.
Due $2,000 on March 15 and
Sept. 15 in 1921 and 1922; $3,000 on March 15 and Sept. 15 in 1923. and
$4,000 on March 15 and Sept. 15 in each of the years from 1924 to 1945,
WESTERVILLE, Franklin County, Ohio.—BOND SALE.—The $40,5K% water impt. bonds, voted last November—V. 109, p. 2009—
the State Industrial Commission of Ohio.
Due
$1 ,-000 semi-annually until 20 years after date.
NEW
Notice of
LOANS
OF
ORIZED.—On
and for the
April
1
by Governor Coolidgo, according to newspaper statements.
NEW
LOANS
Intention
to
Issue and
City of Wolf Point, of
lic Auction, to
Therefor.
Pursuant to the authority of Ordinance No. 86
of the Council of the
City of Wolf Point, of Roose¬
County, Montana, passed and approved
April 12th, A. D. 1920, authorizing and directing
velt
Biddle & Henry
the
Philadelphia
Telephone, John 6089-
MUNICIPAL BONDS
Wholesaling entire issues of City, County,
District
and
Road
District Bonds
School
V-'
on
i
IT
Request.
QAKOLD G.WISE ^CoMEAsnr
Sgjgfgg)
(jjjgg
Houmto:n,Teuca»
$800,000.00
City of Bayonne, N. J., Water 5%st
Dated April 1,1920.
advertisement
said City, namely:
Water Bonds of
104 South Fifth Street
Circulars
VILLAGE OF SENECA FALLS, N. Y.,
Due April 1,1926
Price 102.05 & Int., returning 0.10%
M. M. FREEMAN & CO.
and sale
of certain
bonds
o
the
City of Wolf Point, of
Roosevelt
County,
Montana,
to
an
amount
aggregating the principal sum of $50,000.00,
comprising 100 bonds numbered consecutively
from one to one hundred, both numbers included,
of the denomination of Five Hundred Dollars
($500.00) each, all dated April 1st, A. D. 1920,
absolutely due and payable April 1st, A. D. 1940,
but redeemable at the option of said City at any
time after April 1st, A. D. 1930, bearing interest
from their date until paid, at the rate of six (6)
per cent per annum, payable semi-annually on
the first days of January and July, respectively,
in each year, both principal thereof and interest
thereon, payable at the National Bank of Com¬
merce in the City and State of New York, U. S. A.
PUBLIO^NOTlCE IS HEREBY GIVEN that
the bonds aforesaid will,
at the office of the
undersigned Clerk in said City, on Monday, towit: the 17th day of May, A. D. 1920, at the
hour of 9 o'clock p. m., be sold to the bidder
offering the highest price therefor.
At the said public auction the said successful
bidder will be required to deposit with the under¬
signed Clerk a certified check payable to his
order, in the sum of $5,000.00, which shall be
held by the City and forfeited to it should the
purchaser fail to take up and pay for said bonds
when presented
to him.
Said certified check
must be made on a National
Combs, Clerk of the Village of Seneca Falls,
N. Y., at his office in said village, until the 26TH
DAY OF APRIL, 1920, AT 8 O'CLOCK P. M.,
for the purchase of thirty-two (32) street paving
bonds (aggregating $32,000) of the total issue of
fifty-six
(56)
of the said bonds
(aggregating
$56,000), as follows:
Eight bonds for $1,000 each, numbered from
25 to 32 inclusive, due November 1, 1927, with
interest to be computed and paid from May 1,
1920;
Eight bonds for $1,000 each, numbered from
33 to 40 inclusive, due November 1, 1928, with
interest to be computed and paid from May 1,
1920;
Eight bonds for $1,000 each, numbered from
41 to 48 inclusive, due November 1, 1929, with
interest to be computed and paid from May 1,
1920;
Eight bonds for $1,000 each, numbered from 49
56 inclusive, due November 1, 1930, with in¬
computed and paid from May 1, 1920;
Such interest, commencing May 1, 1920, to be
payable semi-annually thereafter on November 1
and May 1 of each year, at not to exceed 5%.
to
terest to be
Said bonds will be awarded to the bidder who
will take the
same at
not less than par and accrued
interest to the date of delivery of the bonds, at
the lowest rate of interest not exceeding five per
cent.
(5%)
per annum.
The Board of Trustees
the right to reject any and all bids.
Dated Seneca Falls, N. Y.,
reserves
April 8th, 1920.
CHARLES W. COMBS,
Village Clerk
BOND
CALL
$63,000
Bank.
By order of the Council of the City of Wolf
Point, of Roosevelt County, Montana, made this
12th day of April, A. D. 1920.
(Signed) O. T. STENNES, Mayor.
ill Chestnut Street
Philadelphia
Tektpbene. Lombard 710
STREET PAVING BONDS.
Sealed proposals will be received by Charles W
STATE OF MONTANA
COUNTY OF ROOSEVELT iSS;
CITY OF WOLF POINT
J
of Texas.
$32,000
the Bidder Offering
the Highest Price
Bought & Sold
LOANS
6% Bonds, of, by,
Roosevelt County, Montana, at Pub¬
City of Philadelphia
New York
a
outside its debt limit for the improvement of the water system, was approved
Sell $50,000 Water
THE
Hampden County, Mass.—BONDS AUTH¬
bill authorizing the town to borrow $100,000
WEST SPRINGFIELD,
Conn .—BOND OFFERING.—Charles B. Tomkinson,
LOANS
Denom. $488.
Date
from May 15 1921 to
000
City Clerk, will receive bids until 8 p. m. April 30 (date changed from
April 21—V. 110, p. 1559) for $125,000 4%% coupon (with privilege of
registration) school bonds.
Denom. $1,000.
Date July 11919.
Principal
NEW
bonds.
have been sold at par to
inclusive.
WATERBURY,
Twp.
5,840 J. W. Gibson Jefferson Twp. bonds.
Denom. $584.
Date March
15 1920.
Due $584 semi-annually from May 15 1921 to Nov. 15
1925, incl.
5,120 Rockcreek Twp. bonds.
Denom. $512.
Date April 15 1920.
Due $512 semi-annually from May 15 1921 to Nov 15 1925, incl.
14,600 John H. Simmermon Jefferson Twp. bonds.
Denom. $730.
Date
March 15 1920.
Due $730 each six months from May 15 1920.
Due $730 each six months from May 15 1921 to Nov. 15 1930, incl.
______15,000
Does not include property, as it is not
Jefferson
Simmermon
15 1920.
Due $488 semi-annually
Nov. 15 1925, incl.
400,000
Estimated population.
15 1925, incl.
March
952,976
Total bonded debt (this issue only).....-.
COUNTY
(P. O. Bluff ton), Ind.—BOND OFFERING.—
Proposals will be received until April 20 by O. E. Lesh, County Treasurer,
for the following 4H % road bonds.
$6,640 Geo. R. Springer, Jefferson Twp. bonds.
Denom. $664.
Date
March 15 1920.
Due $664 each six months from May 15 1921 to
District.
Estimated actual value taxable property
♦Assessed valuation taxable property (official)
Assessed benefits.
♦
WELLS
TOWN OF STEAMBOAT SPRINGS,COLO.
SAMUEL DOWELL, Clerk.
WATER BONDS
of Steamboat Springs, Colorado,
$65,000 water bondE
the Town of Steamboat Springs, dated
June 1 1910, optional June 1 1920, due June 1,
1925, consisting of sixty bonds in the denomina¬
tion of $1,000 each, numbered from 1 to 60,
Inclusive, and fifty bonds in the denomination
of $100 each, numbered from 61 to 110, inclusive;
said bonds will be paid upon presentation at the
The
Town
hereby calls in for payment
AMERICAN
MFG.
CO
Lkcela Menny Oppenheim
BANKERS
FRANKFORT-^M., GERMANY
CORDAGE
MANILA, SISAL, JUTE
J
QM. Addr.il
INVESTMENT SECURITIES
FOREIGN
EXCHANGE
issued by
of the Town Treasurer in Steamboat
Springs, Colorado, or at the banking house of
Kountze-Brothers in the City of New York, or
at the office of Ben well, Phillips, Este & Com¬
pany, Colorado National Bank Building, Denver,
Colorado.
Interest will cease on tne abovedescribed bonds sixty days after date of theifirst
publication of this call.
FREDERICK ZICK,
office
Town Treasurer.
BeMs * West Streets.
Brooklyn. R. Y. City
THE CHRONICLE
1608
WHARTON
COUNTY
New York City, which will certify as to the genuineness of the
of the city officials and the seal impressed thereon.
Wharton), Tex.—BONDS REGIST¬
bonds, aggregating $1,067,000
O.
(P.
ERED.—Three issues of 5H% serial road
were
Financial Statement.
WHITEHALL, Washington County, N. Y.—BOND OFFERING.—
Proposals will be received until 7:30 p. m. Apr. 26 by Theo. Belanger,
President of Board of Trustees, for $36,000 paving and $20,000 sewer
bonds, which will be awarded at the lowest interest rate bid.
Date May
1 1920.
Due May 1 1950.
Cert, cehck for 5% of amount of bid, pay¬
able to the Treasurer, required.
Gross Bonded Debt (including issues offered for
issued in anticipation of bonds)
SCHOOL
$3,000,102.08
Water Bonds, included above
$1,000,000.00
Sinking Funds
88,553.38
Special assessments levied or to be levied, applic¬
able to the payment of the above bonds
319,499.16
Ind.—NO BIDDERS.—
DISTRICT NO.
13,
Gross
Wash.—COR¬
RECTION.—The price paid for the $29,000 school bonds awarded on April
3 to the State of Washington was par for 5Ha (not 6s as reported in V. 110,
p.
SCHOOL
BOROUGH
Ind.—BOND ELECTION.—
stated, at which time the people of
of $200,000 school impt. bonds.
DISTRICT
WOBURN, Middlesex County, MasTEMPORARY LOAN.—On
April 12 the temporary loan of $100,000, issued in anticipation of revenue,
maturing $50,000 on Nov. 17 and Dec. 1 1920 (V. 110, p. 1560), was
awarded to R. L. Day & Co., of Boston, on a 5.72 % discount basis.
(P. O. Wilson), Alle¬
County,
until 8 p. m. May 4
Directors,
for
WILSON
WOLF
$140,000
DISTRICT (P. O.
GRADED SCHOOL
Samue
to the above
ments
or
trust company, or a
of
amount
bonds
bid
.,WYOMING VILLAGE
tion,
SCHOOL
DISTRICT
Sealed proposals will be received by the Town
Treasurer, at the office of the Board of Selectmen,
Municipal Building, until 10 A. M. APRIL 28TH,
1920, for the purchase of the above-named bonds,
amounting to $110,000.00 with interest at four
and one-half (4M) per cent per annum, bonds to
be dated April 1st, 1920, and maturing as follows:
$10,000.00 each and every year beginning April
1st, 1921, and ending April 1st, 1931.
Bonds and
Interest payable at the Mllford Trust Company,
Milford, Connecticut.
Right reserved to reject any and all bids.
1931, incl.
,
FINANCIAL
For further information address
HAWKINS,
Town Treasurer.
$42,000
KNOXVILLE, TENN.
6%
Broadway, New York
Improvement Bonds
Capital, Swrphss end Undivided
Profits ever
$5 ,$00,000
Principal andfsemi-annual Inter¬
payable inRNew^ York City
__
est
BRANCHES
Brussels, Belgium
Havana, Cuba
Maturities
Harbin, Manchuria
Brazil
Prince, Haiti
Call, Colombia
$19,000
18,000
Sept. 1, 1921
Sept. 1, 1922
5,000_^».,._._Sept.|l, 1923
Rio de Janeiro,
Port
re¬
,
FOREIGN BANKING
CORPORATION
S3
be
20,000 special assessment bonds.
Due $2,000 yearly on April 1 from 1922
to 1931, incl.
;
Denom. $500.
Date April 1 1920.
Int. semi-ann.
Cert, check for 3%
of amount of bonds bid for, payable to the City Treasurer, required.
'AMERICAN
4/4% Coupon Bonds
Wyoming),
for $15,000
FINANCIAL
CONNECTICUT
O.
(P.
Ohio.'—BOND OFFERING.—Proposals will
XENIA, Greene County, Ohio.—BOND OFFERING.—Proposals will
m. May 3 by T. H. Zell, City
Auditor, for the following
5H% sewer bonds:
$3,000 city's portion bonds.
Due $500 yearly on April 1 from 1926 to
with the opinion of Messrs. Reed,
$110,000
SANFORD
County,
be received until 12
interest.
LOANS
TOWN OF MILFORD
Cert, check for $5,000, payable
will be found among the advertise¬
5j^% school-building bonds.
Auth., Sec. 7625-7627,
Gen. Code.
Denom. $500.
Principal and semi-annual interest (M. & N.)
payable at the First National Bank of Lockland.
Due $500 yearly in each
year from 11 to 40 years after date of sale.
Certified check for 5% of
amount of bonds bid for, payable to the said Clerk, required.
Purchaser
to pay accrued Interest.
Dougherty & Hoyt, of New York City, that the bonds are valid and binding
under the supervision of the United 8tates Mortgage and Trust Co. of
NEW
National Bank of Commerce, N. Y,
Clerk, required.
elsewhere in this Department.
Hamilton
Prin. and semi-ann. int. payable
Cert, check on an incorporated
sum of money for or in amount equal to 2%
for payable to the city of Winston-Salem,
Purchaser to pay accrued
Successful bidders will be furnished
May 17,
Prin. and
ceived until 2 p. m. May 12 by George Eversman, Clerk of Board of Educa-
1921 to 1945 incl.
Denom. $1,000.
Date April 1 1920.
U. S. Mtge. & Trust Co., N. Y.
the
m.
Date April 1 1920.
WRAY, Yuma County, Colo.—BONDS VOTED— SALE— On April
6 $30,000 6% electric light plant bonds—V. 110, p. 1454-—were voted.
They have been sold to the Bankers Securities Co. of Denver at 102.
WINSTON-SALEM, Forsyth County, No. Caro .—BOND OFFERING.
12 m. April 21 proposals will be received by W, H. Holcombe, City
Secretary, for the following two issues of 5H% gold bonds:
$45,000 water and sewer bonds.
Due yearly on April 1 as follows:; $1,000
1923 to 1953 incl., and $2,000 1954 to 1960 incl.
25,000 police alarm system bonds.
Due $1,000 yearly on Apr .1 from
required.
OFFERING.—
p.
WORCESTER, Worcester County, Mass.—TEMPORARY LOAN.—A
temporary loan of $300,000, issued in anticipation of revenue, dated April 14
and maturing Oct. 21 1920, was awarded on
April 13, it is reported, to the
First National Bank, of Boston, on a 5.57 % discount basis.
Until
of
Mont.—BOND
Denom. $500.
The official notice of this bond offering
permission for additional bond issue will be asked for later.
bank
County,
Due April 1 X940, optional April 1 1930.
blank bonds, 6%.
Hanchett Bond Co., Chicago:
Par and accrued interest and expense of
issue, 6%.
J. C. Mayer & Co., Cincinnati:
Par and accrued interest, 6%.
Sidney Spitzer & Co., Toledo:
Par and accrued interest, blank bonds
and $100 premium, 6%.
All bids were finally rejected on April 12, because it was found that the
issue would not realize sufficient money to provide the necessary buildings
at the
Roosevelt
$50,000 6% water bonds.
County, No. Caro.—BIDS.—The following bids were received on April
6 for the $115,000 school bonds—V. 110, p. 1113:
Prudden & Co., Toledo:
Par and accrued interest, 6%.
R. M. Grant & Co., Chicago:
Par and accrued interest, 6%.
Graves, Blanchet & Thornburgh, Toledo:
Par and accrued interest and
and
POINT,
iDowell, City Clerk, will sell at public auction 9
semi-ann. int. (J. & J.), payable at the
Wilson
Wilson),
$1,592,049.54
$27,731,813.00
80,000,000.00
Present (est.) population, 48,000.
Population, U. S. Census, 1910,22,700.
Pa.—BOND OFFERING.—Proposals will be received
by W. S. Hendershat, Secretary of Board of School
5%
school
bonds.
Denom. $1,000.
Date
April 1 1920.
Int. semi-ann.
Due yearly on Apr. 1 as follows: $4,000,
1925 to 1929, incl., $6,000, 1930 to 1934, incl.; $8,000, 1935 to 1939,
inch; and $10,000, 1940 to 1944, incl.
Cert, check for $1,000 required.
Purchaser to pay accrued interest.
gheny
....$1,408,052.54
....
Assessed valuation of taxable property, 1919
Actual value of taxable property (estimated)
WICOMICO COUNTY (P. O. SalUburg),
WILSON
Deductions..
Nebt Debt
1559).
An election is to be held May 3, it is
the county will vote on the issuance
17,000.00
Gross Debt
were no bidders for the $15,700, $18,000, $6,100 and $15,600 4
Samuel Smith et al Columbia Twp., road impt. bonds, offered on April 6—
V. 110, p.1342.
COUNTY
sale and notes
$2,983,102.08
Floating Debt
There
WHITMAN
signatures
|
By order of the Board of Aldermen.
registered on April 7 with the State Comptroller.
WHITLEY COUNTY (P. O. Columbia City).
[VOL. 110.
au
Panama City,
Panama
Cristobal, Canal Zona
Price
to
yield 5%%
Manila, Philippine islands
Buenos Aires, Republic of Argentine
BOND DEPARTMENT
San Pedro Sula. Republic of Honduras
Fifth-Third
Adrian H. Muller & Son
SIMON
AUCTIONEERS
BORG & COc
Na. $9 WILLIAM STREET
OFFICB
Members of New
•
New Yorfr
•
CINCINNATI,
OHIO
Corner Fine Street
York Slock Exchange
No* 46 Cedar Street
National Bank
Regular Weekly Sales
STOCKS and
GEORGE
BONDS
Certified
2
W.
Public
RECTOR
EVERY WEDNESDAY
And It*,
Rsent
At the Bxoh&ue Sales
14-18 Vescar
Aeeoimtsnt
ST.. NEW YORK
HIGH-GRADE
INVESTMENT SECURITIES
MYER, JR.
Investigations,
Estate Aoeeimting,
Income Tax Retoas.
Street
Telephone Rector
SILVER
BULLION
EXCHANGED
5441
EASTERN
FEDDE
&
PASLEY
Week** "fleHMe* LoOw"
3mt m RetueM.
A. G. Becker & Co.
CzttiUtb JMHt Smuntznta
SRINIVAS
|f PINS 8T.
COMMERCIAL PAPER
WAGEL
R.
Ptieoe JOHN
311W YORK
Sm
INVESTMENT SECURITIES
55 Liberty
GEO.
THAYER, DREW & CO,
117 South
MUNICIPAL BONDS
La Salle Street
CHICAGO
111
NSW YORK
SAN
ST.
FRANCISCO
LOUIS
St.,
BrMdway
Telephone
York
tctor §418
EDWARDS
INVESTMENTS
it
Broadway, NEW YORK. N. Y.
fOR SALE—Timber, Coat, Iron, Ranch mad
other properties.
"oefldential
New
B.
New Yorfe
Negotiations,
i n vestigething,
Settlements and Purchases of Property.
United States.
West
r
Indies.
Csnad",
APR. 17
YAKIMA,
THE
1920.]
Wash.—BONDS
County,
Yakima
CHRONICLE
MOOSE JAW, Sask .—DEBENTURES AUTHORIZED.—It is reported
the city has been authorized by the Local Government Board to
DEFEATED.—On
that
March 31 the voters defeated the issuance of $75,000 park and playground
bonds—V. 110, p. 789.
The vote was 537 "for" to 671 "against."
issue
and A. B. Leach & Co., all of
and
BRETON
COUNTY,
N.
Municipalities.
City
Treasurer is
5H% 20-year
int. (A. & O.)
McKinnon & Co.,
this village.
*
No reason is given for
refusing to accept either of these tenders, both
of which appear to be higher than that of the successful bidder.,
TORONTO
TOWNSHIP
(P. O. Cooksville), Ont .—DEBENTURE
OFFERING.—Tenders will be received until Apr. 20 by J. K. Morley,
Acting Township Clerk for $74,675.85 6% 20-yr. installment debentures.
LOREBURN, Sask .—DEBENTURE SALE.—The $2,000 8% 10 in¬
well-drilling debentures recently authorized—V. 110, p. 790—
have been sold to W. L. McKinnon & Co., of Regina.
stallment
Date
Nov.
1
1919.
MANAGEMENT
ENGINEERS
ENGINEERS
L.
Ont.—DEBENTURE SALE.—On April 5
the $20,000 6% 20-installment debentures offered on that date—V. 110,
p. 1454—were awarded to the Imperial Bank of Canada, at 98.28 and ac¬
crued interest.
Other tenderers, all of Toronto, were:
C. H. Burgess & Co__
$19,566
*$19,752 A. E. Ames & Co
19,450
Brent, Noxon & Co
*19,737 W. L. McKinnon & Co
R. C. Matthews & Co
19,334
19,643 Wood, Gundy & Co,
Turner, Spragge & Co
19,615
KERRISDALE, B. C.—DEBENTURES VOTED.—On March 27, it is
stated, the people voted in favor of the issuance of $135,000 fire-proof
bldg. erection and $33,250 school bldg. completion debentures.
OFFERING.—The
SALE.—W.
STAMFORD TOWNSHIP,
R. M., Sask.—DEBENTURE SALE.—During March
locally, according to reports.
Que.—DEBENTURE
Sask.—DEBENTURE
SEMANS,
of Regina, have purchased, it is stated, $2,400 debentures of
OFFERING.—Proposals for
received until 8
issue of $12,000 debentures was sold
LEVIS,
Sask .—DEBENTURES
,
$95,000 6% 20-year installment road debentures will be
p. m. April 27 by Eugene Paquette, Town Treasurer.
receiving tenders until April 20, it is stated, for $80,000
serial coupon debentures.
Date April 1 1920.
Semi-ann.
payable at Levis.
DISTRICT,
8% annuity: Carlsbad, $2,500 10-yr. 8% installment; Little Moose, $3,800
10-yr. 8% annuity; Arran, $4,000 10-yr. 7% annuity; Tarnapool, $1,000
10-yr.7% installment; Aroma, $2,500 10-yr. 8% installment; Harpy Hollow,
$3,900 10-yr. 8% installment.
DEBENTURE SALE.—The following is a list of debentures reported
sold by the Local Government Board, from March 1 to 20:
Little Six,
$3,500, Lake Russell, $3,100; Great-West Life Assurance Co., Winnipeg.
Flaxhill, $800, Viewfield $46.5, Fairholme $4,750; Canada Landed and
National Investment Co., Wininpeg.
St. Jude $300, Ashmore $800;
C. M. Gripton, St. Catherines.
Henrietta,
$17,600; T. K. McCallum,
Saskatoon.
St. Boswells, $1,000; Regina Sinking Fund Trustees.
GREY R.
M., Man .—DEBENTURE SALE.—On March 3 Harris,
Read & Co., of Regina, purchased at 90.48 an issue of $93,000 5H% road
impt. debentures.
Date March 3 1920.
Int. payable on Dec. 20.
Due
yearly on Dec. 20 from 1920 to 1949, incl.
HAZEL WOOD,
SCHOOL
SASKATCHEWAN
public school sinking fund trustees.
an
(Province
AUTHORIZED.—The following is a list of authorizations granted by the
Local Government Board from March 15 to 20: Standard, $1,000 10-yr.
S.—DEBENTURE SALE.—During
issue of $75,000 6% road
1927.
Ont.—DEBENTURE
$800,000 of the $2,125,000 deben¬
of).—DEBENTURE OFFERING.—'The Province
5H % debentures.
Bids will
of Montreal.
Prin and int.
payable in Quebec, Montreal or Toronto.
Bidders can bid upon debentures
maturing in either 5 or 10 years from date.
These debentures are to
be paid for in Canadian Funds.
QUEBEC
that the $2,600 8% 10-year installment municipal hall debentures recently
authorized—V. 110, p. 790—were purchased during March by the Regina
HAWKESBURG,
Gundy & Co., and the Dominion
is calling for tenders for an issue of $5,000,000
be received until 12 m. Apr. 20 at the Bank
Sask.—DEBENTURE SALE.—Newspaper report
M.,
is
awarded to them on March 19—V. 110, p. 1342—
on the ground that the by-law under authority of which the $800,000 is
issued calls for 5-year bonds, whereas the debentures which the city is
endeavoring to dispose of mature in 10 years.
The Civic Finance Committee has decided to accept the tender of 98.1
made by these firms, for the remaining $1,325,000 debentures, and will
probably issue 5-year debentures for the $800,000, in accordance with the
by-law.
,;;V:y■,
='
"'vV
■;
March the Nova Scotia Trust Co. purchased an
R.
DEFEATED.—It
ture issue, which were
debentures, dated March 1 1920, and maturing March 1
ESTEVAN,
MAY BE ISSUED.—Wood,
Securities Corp. have refused to accept
ASSINIBOIA, Man.-DEBENTURE SALE.—It is reported that W. A.
Mackenzie & Co. have been awarded at 91.295, $129,262 20 installment
and $6,192 10 installment 6% debentures.
CAPE
debentures.
Ontario.—DEBENTURES
Que.—DEBENTURES REFUSED—FIVE-YEAR DEBEN¬
QUEBEC,
TURES
YUMA COUNTY SCHOOL DISTRICT NO. 24, Colo.— BOND ELEC¬
TION—SALE.—Subject to election May 3, $17,000 6% 15-30-year (opt.)
school bonds have been sold to the International Trust Co., of Denver.
Provinces
sidewalk
cement
PENTICTON, B. C.—OPTION ON DEBENTURES GIVEN.—It
Is
reported that Wood, Gundy & Co. have been given a thirty day option on
the $75,000 6% 20-yr. sinking fund electric light debentures, offered on
Feb. 25—V. 110, p.. 682.
YOUNGSVILLE, Franklin County, No. Caro.—BOND OFFERING.—
J. W. Woodliff, Town Clerk, will receive bids for $20,000 6% coupon
electric-light bonds until 8 p. m. May 10.
Date June 1 1920.
Principal
and semi-annual interest (J. & D.) payable at theChase National Bank,
New York City.
Due $1,000 yearly from 1921 to 1940, inclusive.
Certi¬
fied check for $400 required.
its
15-yr.
TORONTO,
reported that the ratepayers have defeated a proposal to issue $100,000
school erection bonds.
$748,000 1-20-year serial school bonds, a basis of about 4.98%.
Due
$37,400 yearly on April 1 from 1921 to 1940, inclusive.
350,000 1-10-year serial tax-deficiency bonds, a basis of about 4.97%.
Due $35,000 yearly on April 1 from 1921 to 1930, inclusive.
.300,000 1-6-year serial assessment bonds, a basis of about 4.96%.
Due
$50,000 yearly on April 1 from 1921 to 1926, inclusive.
CANADA,
$22,200
NEW
YONKERS, Westchester County, N. Y.—BOND SALE.—On April 15
the following three issues of 5% registered bonds, aggregating $1,398,000,
which were offered on that date—V. 110, p. 1560—were awarded to Sher¬
wood and Merrifield, Horn blower & Weeks,
New York, at their joint bid of 100.13:
1669
Vide, Blackwell & Bock
ENGINEERS
STONE & WEBSTER
FINANCE
Designs and Conitruotloa
Hydroelectric and a team
Power Plants
industrial and
public
utility properties and conduct an
Transmission Systems
Industrial Plants
investment banking business.
DESIGN
stations,
hydro-electric developments,
transmission lines, city and interurban railways, gas and chemical
plants, industrial plants, ware¬
houses and buildings.
steam
CONSTRUCT
power
either from their
designs or from designs of
other engineers or architects.
own
MANAGE
dustrial
public utility and in¬
companies.
REPORT
Reports
4S
—
New York
on
Oil Propositions
$80
North
SEATTLE
essential than
more
NEW JERSEY
f
offer
ever.
/
.
Peabody management service
has been of great benefit to
DETROIT
SAN FRANCISCO
we
Changing industrial conditions
make
efficient
supervision
Broad Street,
Telephone Elisabeth 2766
CHICAGO
PITTSBURGH
the service
you.
Investigations, Appraisals & Reports
ELIZABETH
BOSTON
7 investigate
Ccnsolling Petroleum Engineer
on
YOUNGSTOWN
If you are financially interested
in coal properties you should
THOMAS T. GRAY
going concerns,
proposed extensions and new
projects.
NEW YORK
Coal Mine
Appraisals
Wall Street
PARIS
many owners
MINING
of coal mines.
P
ENGINEERS
is a highly specialized
organization operating thirtyOurs
/
J.
THE
tWHITE ENGINEERING
^CORPORATION
H. M. CHANCE
&. CO.
six bituminous mines in eleven
lialns Engineers and Geologist*
fields with
COAL AND MINERAL PROPERTIES
BfSdg,
annual capacity
Appraisal
Eztsmiaed. Managed,
Seeaoi
an
of 18,000,000 tons.
FHILADEUPKIi
It is the result of
thirty-seven
of experience in mining
selling coal.
years
Engineer!
Constructor
and
F. WM. KRAFT, Lawyer
Specialising la Examination & Preparation
Buildings—Industrial Units
Public Utilities
Reports—Valuations—[Estimates
48
EXCHANGE^PLACE
NEW YORK
of
Corporation
Honda, Warrants and Securities and
Proceedings Authorizing Same.
County, Municipal and
Rooms 8IT-810. Ill
Harris Trust
W. Monro# St.,
Building
CHICAGO, ILLINOIS
Booklet
explaining this sertrics
will be mailed
PEABODY
on
request.
GOAL
CHICAGO
CO.
^financial
jftnandal
Baaca
with
[Vol. 110.
the chronicle
1670
Italiana Di
which
Soclata
Sconto
incorporated
are
Bancaria
the
j
National Bank
Italiana
and the
of
Commerce
Socfata Italians di Cradlto Provincial*
Lira 115,600,000
Capital Fully Paid Up
Fund.
"
41,000,006
Oepoiit and Currant Account#
(May SI, 1019)
"MM,000,000
in
XaMrva
Central Management
New York
.
_
and Head Of Ilea:
ROME
Special Letters of Credit Branch to Rome
(farmerly Sebmsti & Reall), 20 Piaaaa di 8pagua.
Fareigo Branches: FRANCE: Parle, 2 Roe le
Peletiar angle Boold. dee. ItaHens; BRAZIL; 8a*
Paula and San toe; NEW YORK: Italian Discount
ft Trust Co.. 809 Broadway.
Offices at Genoa, Milan, Naples, Palermo.
Turin.
Trieste,
Venice,
Florence.
Bologna.
Oatania. Leghorn, and over 100 Branches to the
Kingdom.
London Clearing Agents: Barclay's Bank, Ltd..
118 Fenchurch Street. E.O.
m
BUSINESS
BANKING
OF
KIND
EVERT
,
TRANSACTED.
Capital, Surplus And Undivided Profits
Over Fifty-five Million Dollars
Arnold Gilissen & Co.
Damrak
80-81
AMSTERDAM
Cable Address:
Government,
i
Municipal,
Railroad
Achilles-Amsterdam
THE
ROTTERDAM
Established
Public Utility
HAGUE
Industrial
1871
Investment Bonds
3ANKERS AND STOCKBROKER?
1
■
'
■
■
•
■
■
FOREIGN
EXCHANGE
'
;
'
'
v
A. B. Leach & Co., Inc.
BERLINER HANDELS-GESELLSCHAF!
Investment Securities
BANK
Berlin
62 Cedar
W. Behronatrasso 81-89
(Founded in 1858)..
.
Fully-paid capital &
reserves
St., New York
Philadelphia
^
Baltimore
.
105 So. La Salle St., Chicago
Boston
Scrantoa
Buffalo
I
Cleveland
Minneapolis
Pittsburgh
Detroit
Milwaukee
M 114,519,001
All kinds of banking business transacted.
Special attention given to foregn exchange and
uuraeatary business.
Trade Information faro
Gobi* Addrew:
Banco
HandeUw BtrH*
Selected Investment Securities
Espanol del Rio de La Plata
HEAD OFFICE, BUENOS
Located
Pittsburgh,rthe greatest industrial
world, we are intimately in touch
developments in this district.
with
London Office, t Fenchurch St., E. C. t
We
Cipitai & Reserves ■ legal 148,215,765=-£12,939^72
AH classes of
in
the
centre in
AIRES
-
own
and offer for sale
which have been selected
investment
Araontlna,
Spanish and
European banking business conducted.
a
by
number of
us
bonds,
because of their
possibilities.
Write
MELLON
for information and late lists
NATIONAL BANK
PITTSBURGH, PA.
Capital,
$3*000,000.
There
are
but
Surplus,
eleven
$600,000.
banks
to
Chicago having sufficient capital and
surplus under the law to loan $508.800 or more to a single client.
The Great Lakes Trust Company
La Salic at Jackson
Chicago
is ths only institution of such bank¬
ing power to be organized in ths past
Capital and Surplus
ten years.
ISO
South
Dearborn
Street,
Pays Interest
on
Time
Has
Deposits, Current and Reserve
Accounts.
change.
■I
$15,000,000
Chicago
Deals in
Transacts
on
Foreign Exa
hand at all times
cellent securities.
a
variety of
ex-
Buys and sells
Government, Municipal and
General Trust Business.
Corporation
Bonds?
Bond Issues
BUFFALO
Underwritten
Acts
ENTIRE STOCK ISSUES
PURCHASED OUTRIGHT
CORRESPONDENCE INVITED
as
Executor,
Girard Trust
Trustee,
Guardian,
Chartered
Receiver,
MARK HARRIS
STOCKS and BONDS
__
MM*
,
Buffalo, N. Y.
i
|
Canadian Branch
Bank Bldg.
Toronto, Ont.
Registrar and
Transfer Agent
Company
PHILADELPHIA
Administrator,
1836
CAPITAL and surplus, $10,000,000
Member of
Federal
Reserve System
Interest allowed
on
deposits.
E.
B,
Morris, President
/
APR. 17
1920.]
THE CHRONICLE
Cotton
XXXIII
®rust Companies
The
Ohae. O. Corn
Paul Schwars
Aogast Schisrsnberg
Frank A. Kimball
NEW
ENGLAND
Rhode Island
TRUST COMPANY
Hospital Trust
Company
BOSTON, MASS.
Corn,
Schwarz
&
Co.
William
Street
New
MEMBERS
New
York
Safe
SURPLUS. 82.00f.009
Deposit Vaults
Authorised to act as Executor, and to receive aad hold
money er property in trust or on deposit from Courts of
COMMISSION MERCHANTS
IS
CAPITAL, 81,000.006
York
DIRECTORS
Law or Equity, Executors,
Administrates, Assignees.
Guardians, Trustees, Corporations and Individuals.
Also acts
Edward D. Pearce
Trustee under Mortgages and as Traaafsr
as
New
Orleans Cotton
New
York
Produce Exchange
New
York
Howard
Coffee Exchange
Exchange
C.
Horatio A. Hunt
Benjamin M. Jackson
Thomas H. West, Jr
Frederick A, Ballou
Roujb. w.
Vioo-Fresident
Matteson
Robert H. I.
FREDERICK P. FIBH. Vice-President
FREDERICK W. ALLEN. Treasurer
CHARLES E. NQTT, Secretary
ORRIN
Arthur Atwood
William C. Dart
James E. Sullivan
A1AM8, Vice-President
ROGER PIERCE,
Royal C. Taft
J,
Walter R. Callender
HOOPER, President
ARTHUR
O. Sturgeb
Stephen O. Metoaif
OFFICERS.
JAMES R.
Frank
Lyman B. Gofi
Agent and Registrar of Stocks and Bonds.
Interest Allowed on Deposits Subject to Check.
OF
Cotton Exchange
William L. Hodgman
H. Swan
Rowland Hasard
Herbert J. Wells
Goddard
Albert W. Dimick
Henry D. Sbnrpe
Henry F. LlppKt
Isaac B. Merrtxnan
Charles D, Owen. Jr,
Alfred K. Potter
HART, Trust Officer
EDWARD
Geo. H. M Fadden &
COTTON
Bro.,
OFFICERS
JOHN
Herbert J. Wells, Chairman of the Board
Thomas H. West, Jr.. President
B. LADD, Asst. Treasurer
RAYMOND MERRILL, Asst. Treasurer
NEW YORK
Arthur Adams
if!Btete <t Importation at de Commission, Havre.
A Go.,
A
Co.,
S. A. I.. Milan.
Alexandria,
Egypt.
Roger Pierce
James M. Pendergast
Frank H. Gage
Henry H. Proctor
85
WEW YORK—
Congress Street
BOSTON, MASS.
Assi
AND
Gmiiter Company
ILLINOIS
The United States Life
CHICAGO
Under National,
Insurance Co.
State and
IN
Clearing House Supervision
New York Stock Exchange
New York Ootton Exchange
New York Coffee A Sugar Exchange
New York Produce Exchange
Accounts of
banks and
bankers received
Associate Members of
Efficiently
Liverpool Ootton Association
handle all
equipped
YORK.
Over Forty-Five Million Dollars Paid to Policy¬
holders.
business pertain¬
JOHN
P.
MUNN, M. D.f PRESIDENT
a
Good
of banks, corporations, firms
producers,
under
and individuals.
& Co.
Company.
Address Home Office, 277 Broadwayi
New
SQUARE
territory
open
for
direct
high
class,
contracts
personal
with
tttt
York City.
Capital & Sur¬
plus $7,000,000
NEW YORK
Deposits.
$60,000,000
COTTON MERCHANTS
on
NEW
Non-Participating Policies only.
complete service to accounts
COFFEE EXCHANGE BUILDING
tfade
CITY OF
to
ing to banking, and offer
Advances
THE
Organized 1850.
Correspondence Invited
Chicago Board of Trade
liberal
Secretary
Providences, Rhude 1 eland
Henry L. Shattuck
Members of
HANOVER
Assistant
Arthur R. Sharp
BROKERS
Hubbard Bros.
Ralph W. Bowen
Trust Officer
Herbert M. Sears
,
Franklin W. Hobba
OF
COMMISSION MERCHANTS
Assistant Secretary
Gilbert A. Harrington
Walworth Pierce
Edwin M. Richards
Sydney Harwood
Henry Hentz & Co.
Assistant Secretary
Ralph S. Richards
Secretary
Charles H. W. Foster
Trust Officer
Assistant Secretary
George H. Capron
G. Burton Hibbert
James R. Hooper
11 FHIiem Street
Asst.
Hanrv B. Hagan
Robert A. Leeson
Morris Gray
H. McFaddee A Bro.'e Agency. Lima, Pern.
Harry W. Simmons
Officer
Augustus P. Lorlng, Jr
Ernest Lovering
Trust Officer
Asst. Trust Officer
Vice i resident
Francis W. Fabyan
Frederick P. Hah
Brsdsric Zerega A Co.. Liverpool.
Asst
Robert 1. Downs
aue
John H. Wells,
Vice President
George H. Davenport
fttttPadden A Co.. Rotterdam,
iiSFedden
Trust
David P. Kimball
J. D. Cameron Bradley
S. Parker Bremer
CORRESPONDENTS:
Ernest A. Harris
Gardner
Henry L. Slader
DIRECTORS.
George Wiggleeworth, Chairman
Foreign Cottons
H.
Vice President
Manager Safe Deposit Vaults
BOARD OF
A. Hunt
Vice President
Preston
GEORGE H. BOYNTON,
Importers of Egyptian and all
FOREIGN
Horatio
WM. HUEGLE, Asst. Secretary
ARTHUR F. THOMAS, Asst. Trust Offloer
8EWALL E. BWALLOW. Asst. Tr. Otfr
IB Broad St.
PHILADELPHIA
PILLSBURY. Asst. Treasurer.
LEO
MERCHANTS
111 Chestnut St.
W.
Gotta*
CHARTERED
181$
Coasigaaaoils.
GWATHMEY
FIFTH
475
AVENUE,
United States Trnst Company of New York
A CO.
20-24 EXCHANGE PLACE.
NEW YORE
NEW
1
45-47 WALL STREET
YORK
Capital,
MEMBERS
maw YORK OOTTON SXPHANGH
•
«
■
•
•
Surplus and Undivided Profits,
NSTW YORK STOCK EXCHANGE
NEW YORK COFFEE EXCHANGE
KSW YORK PRODUCE EXCHANGE
EEW ORLEANS COTTON EXCHANGE
ASSOCIATE MEMBERS
LI VERPOOL COTTON ASSOCIATION
$2,000,000,00
*
$14,512,007,58
•
This Company acts as Exeoutor, Administrator, Guardian, Trustee, Court
Depositary and In other reoognlzed trust capacities.
It allows Interest at ourrent rates
on
deposits.
It holds, manages and
Stephen M. Weld & Co.
invests money, securities and other property, real
personal, for estates, corporations and individuals.
EDWARD
COTTON MERCHANTS
52-82 Beaver
Street, New York City
•OSTON,
FALL RIVER,
PROVIDENCE.
NEW
PHILADELPHIA,
UTIOA, N. Y..
WELD 3c CO.,
BEDFORD
WILLIAM
M.
WILLIAMSON PELL,
MOORE
CHARLES A.
TRUSTEES
STEWART,
Chairman of
the
Board
EDWARD W. SHELDON
CORNELIUS N. BLISS JB.
OHAUNOEY KEEP
HENRY W. de FOREST
JOHN J. PHELPS
LEWIS CASS LEDYARD
CO.
ARTHUR OURTISS JAMES
WILLIAM M. KINGSLEY
WILLIAM STEWART TOD
WILLIAM VINCENT A8T08
LYMAN J. GAGE
PAYNE WHITNEY
Street, N. Y,
New
York Ootton
STEINHAUSER
WILLIAM SLOANB
OGDEN MILLS
Exchange.
L F. DOMMERICH & CO.
A CO.
Successors to
WILLIAM
COTTON
Cotton
A.
COrrON MERCHANTS
aft^bero
•«
EDWARDS, 2d Asst. Secretary
WILLIAM ROCKEFELLER
FRANK LYMAN
Building
18 Brood
|
&
WILFRED J. WORCESTER, Secretary
FREDERIC W. ROBBERT, Snd Asst, Ses'r
Asst. Secretary
LIVERPOOL.
Mills
SHELDON. President
KINGSLEY, Vice-Prssldsnt
JOHN
ROBERT
W.
RAY
&
CO.
BROKERS.
Exchange
Orders for future
New York
delivery
con trade
executed
FINANCE
on
a« New York and Liverpool Ootton Exchanges.
ACCOUNTS
OF
MANUFACTURERS AND
MERCHANTS, DISCOUNT AND GUARANTEE SALES
Hopkins, Dwight & Co.
©enseal Offices, 254 Fourth Avenue
COTTON
and
NEW YORK
COTTON-SEED OIL
COMMISSION
MERCHANTS
.
5Q« Cotton Exchange Bnildlns
NEW
YORK.
o&
Established
over
60 Yeas?
[VOL. 110.
THE CHRONICLE
XXXIV
jfimnti&l
jftondal
jffnatufal
SPECIALIZE IN
Cohn 7% Pref. Stock
Brunswick-Balke-Collender 7 % Pf. Stk.
Charcoal Iron Co. of Americans
WE
NEW LOAN
Alfred Decker &
SI,500,000
Washington
Port of Tacoma,
208 South La Salle St.
5% Bonds
General Obligation
Co.
Central Bond & Mortgage
Chicago Junction RR. Co. First 4s
General American Tank Car Equip. 6a
General American Tank Car 7% Pi. Stk.
Godchaux Sugars, Inc., 7% Pref. Stock
The Glidden Company 7% Pref. Stook
CHICAGO
Financial Statement
Actual value
valuation,
Assessed
$189,884,048
Debt
Bonded
than
Less
Quarters Per Cent of
recommends to conserralire'Jnvcstors
94,942,024
1919
Total bonded debt (this Issue
the
only).
1,500,000
One and Three-
Assessed Valuation.
Maturing 1931-1965
Has large
Interest
Price, Par and
AMES, EMERICB &
BROTHERS
undistributed surplus
Broadway,
111
MILWAUKEE
CHICAGO
Bolger, Mosser & Willaman
dividend in 1919
Bonds
dividend requirements.
Sent Free on
Analysis
Statistical
GERMAN
PREFERRED
PACKARD 7%
Earnings over 5 times
$50,000
market price
Book value far in excess of
Chicago
CO
New York
COMMON
WOOLEN
AMERICAN
Paid 22%
29 South La Salle Street,
purchase of
BUTLER
Request.
and Marks
Our circular
application.
en
of Arkansas
SL Francis Levee District
5K% bonds
Due serially
Actual
value
estimated
of
1952 to 1969.
taxable
C. F. Childs & Company
property,
$200,000,000
Assessed value of taxable property..
75,000,000
Total bonded debt
4.954,000
Wollenberger & Co
INVESTMENT BANKERS
Specialists
105 So. La Salle
Bonds
U. S. Government
125.000
Population
CAPITAL. $800,000
yield 5.40%
Price to
NEW YORK
CHICAGO
Mortgage Trust Company
tt8 So. La Sail*
Caldwell & Company
$300,000 Casey-Hudson Company
8% Cumulative Serial Preferred Stock at
$100 per share and accrued dividends
Serial redemptions, 1923-1932
Business—General
business
In
Automatic
Screw Machine Products, besides manufacturing
and marketing several important articles in large
quantities.
Net Quick Assets—$147 per share of Pre-
SOUTHERN MUNICIPALS
Cumberland Tel. A Telep. Co. 5s
Nashville Chattanooga A 8t. Louis JRy.
Nashville A Decatur Ky.
Nashville Railway A Light Co. Securities
H.
F,
$17 Security
& CO
PRINCE
BANKERS
MO.
Bldg,
ST. LOUIS,
NASHVILLE, TENN.,
114 Union Street
fcfrr^d Stock.
Net
ISO Broadway
St.
SAINT LOUIS
Broadway.
North
10$
Bt.
CHICAGO
.
BOSTON, MASS,
Tangible Assets—Over $200 per share of
Preferred Stock,
Earnings—Average Annual
Net Earnings of
four and one-
the Company $109,177.98, or over
half times dividend requirements.
NASHVILLE TRUST CO.
STOCK
Special Circular on Request.
George H. Taylor, Jr. & Co.
High Grade Investments
Chicago
111 W. Monroe St.,
Corporation
Municipal,
&
Bond*
.
.
TENNESSEE
.
Campion
MANAGEMENT
CO.
W. G. SOUDERS &
Zimmermann, Inc.
Day &
INVESTMENT SECURITIES
BROADWAY
141
NEW
A Beaten Steele
Utility
Public
&
Members af New Yerk
THIRD^AVE. NORTH
NASHVILLE
ENGINEERING
INVESTMENTS
HIGH-GRADE
BONO DEPT.
Nashville Railway A Light Co. Securities.
Naahvllle A Decatur BR;
Nashville Chattanooga A St. Louis Ry.
133
McClellan &
&
YORK CITY
ENGINEERS
108 South LagSalle
Street,
CHICAGO
EMERY, PECK & ROCKWOOD
Detroit
New York
Grand Rapids
Milwaukee
INVESTMENT SECURITIES
Continental
&
Bank
Commercial
Engineering, Construction, Report*
Building
Appraisals, Audits, Management
CHICAGO
in connection with
Railway Exchange Building
MILWAUKEE
P. W.
Chapman & Company
HOME OFFICE
.
INVESTMENT SECURITIES
CHRISTIAN & PARSONS CO.
Commercial
611 Chestnut St.
Philadelphia
68
11$ South La Salle St.
Paper
Industrial Properties
Publlo Utilities &
jWilliam Street
NEW YORK
CHICAGO
CHICAOO OFFIC8
Harris Trust Bids.
NEW YORK OFFICE
S Wall Street
Collateral Loan*
Investment Securities
$300,000
Chicago, IS.
me S, Li Si!20 Si
COUNTY, MONTANA
MUSSELSHELL
NATIONAL
FIRST
RICHMOND,
Capital and Surplus,
John
M.
C.
I
R.
S.
VA.
-
$3,000,000.00
Miller, Jr., President
Addison, Vice-President
Burnett, Vice-President
F. Ryland, Vice-President
P.
Jag.
Ryland, Vice-President
M. Ball, Jr., Cashier
Due January 1, 1940.
Real Value (estimated)
.
.
,
.
.
this
.....
1,029,880
963,053
PRICE TO YIELD 6H % to
6%
60
Broadway
New York
optional date and
Exempt
frora
Bonds
Federal
Income
Tsns
to 6%.
Yielding from
iisi
THE HANCHETT BOND CO
Incorporated 1910
INVESTMENT SECURITIES
S. La Salle
CHICAGO
f'Ara
Send jo*
thereafter.
Baton & Company
39
Municipal
66,827
....
Debt
Population 20,000
Members New York Stock Exchange
Stock Exeaaugs
17,602,373
Net
SEAS0NG00D, HAAS & MACDONALD
Members New York
$60,000,000
Assessed Valuation
Sinking Fund
Offerings of registered legal railroad bonds
in
INVESTMENT SECURITIES
FINANCIAL STATEMENT
issue
WANTED
Dealers
Optional serially 1930 to 1939.
Principal and semi-annual interest (January 1
and July 1) payable at the Hanover National
Bank, New York City.
Denomination $1,000.
Total Bonded Debt, including
Correspondence Invited
Established 1870
115 BROADWAY
6% County Road Bonds
Dated January 1, 1920.
M.
W.
Alex.
BANK
Dominion & Dominion
39 South
St.*
La Salle Street
CHICAGO
J
@FedFRASER