The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
INCLUDING
-pft Bank &
Quotation
Section^Q^'
Railway & Industrial Section
COPYRIGHTED IN
1921 BY WILLIAM B.
tailed
VOL. 112.
DANA
COMPANY, NEW YORK.
Waakly
,
Electric
Bankers* Convention Section
Railway Earnings! Se&ffon
State and
NEW
$10.00 Per Year
YORK, APRIL 2
Jf manual
NO. 2910.
^financial
Harris,Forbes & Co.
CHARTERED 1822
HARVEY FISK
& SONS
Pine Street, Corner William
NEW YORK
32 Nassau St.
COMPANY
NEW
10 Drapers
YORK
HARRIS
UNITED STATES BONDS
YORK
TRUST &,
Act
CARE
OF
BANK
CITY BONDS
and corporations and
Government, munici¬
pal, railroad and public utility
deal
INVESTMENT SECURITIES
ESTATES
fiscal agents for munici¬
as
palities
AND OTHER CHOICE
in
BONDS
SECURITIES
FOR
List
DOMESTIC AND
SAVINGS
CHICAGO
NEW YORK
OF
Inc.
BOSTON
475 Fifth Avenue, at 41st Street
MANAGEMENT
Gardens, London, E. C.
HARRIS, FORBES & CO.,
16, 18, 20 and 22 William Street
NEW
City Section
1921.
^financial
THE FARMERS'LOAN & TRUST
Railway Secdem
ENTERED AS SECOND-CLASS
MATTER JUNE 23. 1879, ATTHE POST
OFFICE AT NEW
YORK, NEW YORK, UNDER THE ACT OF MARCH
3, 1879.
FOREIGN
on
INVESTMENT
Application
BANKING
Cable Address SABA, NEW YORK
FOREIGN
The NewYorkTrust
Company
EXCHANGE
LETTERS OF
COMMERCIAL
american express company
with which is coJisolidated
CREDIT
LETTERS
The
ACCEPTANCES
SECURITIES DEPARTMENT
Liberty National Bank
of New York
GOVERNMENT
london
PARIS
SECURITIES
CAPITAL, SURPLUS &
UNDIVIDED PROFITS
65
Member Federal Reserve System
and
New
York
Clearing
Established
Main
1874.
John L. Williams & Sons
Corner 8th
and Main
'
'.r*
A
Liberty Office
Streets
120
r.f .-
&
CO.,
-
■
;S~
■
■'
;
V.
•.
r
■
-
y
Fifth Avenue Office
Inc.
57th Street
""GARFIELD
V
Edward B. Smith & Co
Broadway
RICHMOND, VA.
Baltimore Correspondents:
R. LANCASTER WILLIAMS
YORK v
NEW
Office
26 Broad Street
'
BANKERS
BROADWAY
$26,000,000
House
Fifth Avenue
&
■
Philadelphia
New Yobs
NATIONAL BANK
Member
23rd
STREET,
A
Syste m
The Chase National Bank;
Broadway
$1,000,000
-
R e serve
AVENUE
Crosses
Capital,
Federal
where
FIFTH
Bank for
the
Surplus,
Builders
-
of the
$1,000,000
City of New York
57
of Business
BROADWAY
CAPITAL....
ESTABLISHED 1784
.$15,000,000
SURPLUS AND PROFITS
DEPOSITS (Feb. 21
Established 1810
The Bank of New York
National
CAPITAL &
Banking Association
SURPLUS, $9,000,000
136
years'
service
_——
of
experience
our
is
at
National Bank
EUGENE
V. R.
Vice-Presidents
Samuel H. MiTIer
of
Philadelphia
Capital, Surplus, Profits
Deposits, Feb. 21,1921
-
$26,750,000
William E. Purdy
M. Hadden Howell
NO.
1
A,
LAW.
President
-
Robert I. BanCashier
Thomas Ritchie
$193,000,000
Foreign Exchange
Trust
Department
Service
William P. Holly
Henry W. Cannon
Barton Hepburn
Neweomb Carlton
A.
Frederick H. Ecker
Albert H. Wig gin
John J. Mitchell
Carl J.
Guy E. Tripp
Hill
Daniel C. Jacklmg
Charles M. Schwab
Samuel IT. Miller
Edward R. Tinker
Edward T. Nichols
James N
Wm.
George H. Saylor
DIRECTORS
Bond
CHARTER
Assistant Vice-Presidents
Edwin A. Lee
Reeve Schley
Alfred C.. Andrews
Comptroller
First National Bank
THAYER. President
Carl J. Schmidlapp
Gerhard M. Dahl
depositors
—
H. WIGGIN,
Chairman of the Board of Directors.
the
——
the Advisory Board.
ALBERT
Metals
OF THE CITY OF NEW YORK
Our
BARTON HEPBURN,
Chairman
and
297,827,000
OFFICERS
A.
The
Mechanics
21,158,000
1921)
-
Eugene V. R. Thayer
Schmidlapp
Gerhard M. Dab]
Andrew Fletcher
Wm. Boyee Thompson
Reeve Schley
Kenneth E. Wood
IT. Wendell Endieott
William M. Wood
./■
/■
r~r—
r
JBratoets of jforefgn
3nbe&nunt pauses anb
MORGAN & CO.
J. P.
& CO., LONDON
MORGAN, GRENFELL
No. 22 Old
MORGAN,
Loans.
&
X4 Place
Bills
PARIS
CO.,
Bank of
National Provincial & Union
England, Ltd., London,
The
Letters of
Vcndome
all
Travelers, available in
Mexico.
Principal Places m
Agents for
of the world.
Paris,
Mallet Freres & Cie,
Credit
and
Cable Transfers.
Darts
Commercial and Travellers
on
Commission .
Commercial Credits.
Foreign Exchange,
Letters for
of Credit
Letters
Messrs.
Circular
Telegraphic Transfers,
Exchange,
of
and sold on
Securities bought
NEW YORK
.
Broad Street
HARJES
18 Broad SL
BOSTON
Act as agent#
issue
Streets
and Chestnut
115 Devonshire SL
executed for all Investment Securities.
of Corporations and negotiate and
Orders
Corner of 5th
KIDDER, PEABODY & CO.
NEW YORK
PHILADELPHIA
CO.,
&
STREET
52 WILLIAM
NEW YORK
DREXEL
anjje
Maitland, Coppell & Co.
of Broad
Wall Street, Corner
[VOL. 112.
CHRONICLE
THE
II
the Bank of
.
on
Australasia.
BROTHERS & CO., LTD.
BARING
CREDIT
TRAVELERS' LETTERS OF
LONDON
BROWN BROTHERS & CO.
J
■
ALEX. BROWN «fe
•....
-an
I
ii
EXCHANGE PLACE, NEW YORK
York Stock Exchange.
Members New
A
Agents and
SONS, Baltimore
ROTHSCHILD,
Messrs.
and Vienna
London, Paris
LETTERS OF CREDIT
ISSUE
Securities
Investment
Travelers
for
Foreign Exchange
& Co.
and make Telegraphic
Transfers
Credits
Commercial
of Exchange
Draw bills
J. & W. Seligman
of the world.
Available in all parts
Accounts
Deposit
:
Correspondents of the
I
Ill
mmmmmmm
m——'in urn
43
•
■
Belmont & Co.
August
Boston
NEW YORK
Philadelphia
Execute orders
for the purchase
and sale of
NS_54 Wall Street
Bonds and Stocks.
Travelers'Credits
NEW YORK
& CO.
BROWN, SHIPLEY
Bonds
Equipment
london
;
T. Suffera Tailer
James G. Wallace
Grenville Kane
FREEMAN & CO.
Street
Pine
34
NEW YORK
TAILER & CD
Members New York
10 Pine Street,
Stock Exchange
New York
New York
Pittsburgh
Investment Securities
Baltimore
&, Co.
Lawrence Turnure
Investment
64-66 Wall Street,
Philadelphia
Washington
Securities
New York
Investment securities
Winslow, Lanier & Co.
59 cedar
-
new
street
'u
york
America
and Spain.
Make collections
and cable transfers on above
in and issue drafts
Received
Allowed
Subject
on
Bought
and
London Joint City
Bankers:
London
Bank,
Midland
&
Co.
I CO.
on
Commission.
37 William Street.
Foreign Exchange, Letters of
Philadelphia and
Pittsburgh Stock Exchanges.
Limited.
Heine &
Securities
Sold
York,
Interest
Draft.
to
Deposits,
New
countries.
Paris Bankers:
Deposits
Members
available through¬
United States, Cuba, Puerto Rico, Mexico,
out the
Central
BANKERS.
bought and sold on com¬
credits,
Travelers'
mission.
Credit
MEMBERS
N.
STOCK
Y.
Execute orders for
HUTH & CO.
EXCHANGE.
purchase and sale of
New York
30 Pine Street
Stocks and Bonds.
Foreign Exchange Bought and
Bonds
Foreign Bonds & Investment
Commercial Credits,
Travelers' Credits
of the world.
Issue Commercial and
Investment;
Sold.
Securities,
Deposit Accounts,
Foreign Exchange
available in all parts
Correspondents of
BERTRON, GRiSCOM
Co.
Kemt,Taylor
New YBrife*
INVESTMENT
Pittsburgh.
40
Wall
NEW
John Munroe & Co.
NEW
BOSTON
YORK
.■
Letters
of Credit for
/
"
Travelers
Foreign Exchange
FRED?
HUTH
&
Land
Title Building
PHILADELPHIA
YORK
BOISSEVAIN & CO.
BROADWAY, NEW YORK
Members of the New York Stock Exchange
52
INVESTMENT SECURITIES
FOREIGN
ALDRED & CO.
40
Wall Street
New Yo»*k
DEPARTMENT
EXCHANGE
Fiscal Agents
Cable Transfers.
MESSRS.
MUNROE
&
CO.,
Paris
CO., London
SECURITIES
Street
COMMERCIAL
Commercial Credits.
CO. INC.
PIERSON & CO.
Amsterdam,
Holland.
Public Utility and
for
Hydro-Electric
Companies
April
21921.]
THE
CHKONICLE
HI
Snbetftment anb jf Inandal Hon
Goldman, Sachs & Co.
60 Wall Street
Lee, Higginson & Co.
Millett, Roe& Hagen
NEW YORK
137 So. La Salle Street
60
Congress Street
CHICAGO
Investment Bankers
14
BOSTON
Montgomery Street
421 Chestnut Street
SAN FRANCISCO
PHILADELPHIA
411 Olive Street
Boston
New York
ST. LOUIS
ATLANTA, GA.
Title Insurance
Chicago
INVESTMENT SECURITIES
24 Marietta Street
Building
LOS ANGELES, CAL.
MEMBERS
Higginson & Co.
Members of New York and Chicago
Stock Exchanges
80, Lombard St.
Commercial Paper
London,
E. C.
Securities
bought
and
sold
&
available
Travelers'
in
all
Letters
EXCHANGE
of
Credit
52 WILLIAM ST.
NEW YORK
the world
of
parts
YORK STOCK
commission
on
Foreign Exchange
Commercial
NEW
Hornblower & Weeks
42
BROADWAY, NEW YORK
RAILWAY
EQUIPMENT BONDS
Investment Securities
Bonds
Preferred Stocks
MEMBERS
NEW YORK,
CHICAGO
BOSTON AND
STOCK
Members New York Stock
Direct wires to all principal markets
Main Officer National
City Bank Building
Exchange
Uptown Office: Fifth
60
BROADWAY
NEW
Avenue and 43rd St.
YORK
Correspondent Offices in 50 Cities.
Boston
Detroit
Acceptances
EVANS, STILLIVtAN &. CO.
EXCHANGES
Chicago
Providence
Established
r
Portland
Robinson & Co.
SIMON BORG & CO.,
1888
Members of New York Stock Exchange
No. 46 Cedar Street
•
U. S. Government Bonds
New York
«
Investment Securities
Founded 1797
26
HIGH-GRADE
Exchange Place
New York
Members New York Stock
Exchange
(
INVESTMENT SECURITIES
Seasoned
Investments
Conservative
Investment Securities
Underwritten
30 Pine Street
&
Distributed
Investment Securities
Yielding 6%
New York
to
8%
Federal Securities
EarseyBros. & Co.
Corporation
BANKERS
38 South Dearborn Street
MEMBERS PHILADELPHIA STOCK EXCHANGE
CHICAGO
Houglitcling &Co.
EST. 1865
Investment
Securities
,
vv":,:-
Underwriters
1421 CHESTNUT STREET
Corrigan & Berries
Investment
GRAND
H.
SOUTH LA SALLE STREET
iSECU R IT IE S
B.
MICH.
F. BACH MAN
Established
CHICAGO
& CO.
INVESTMENT
64
1866
BANKERS
Members N. Y. and Phila. Stock
1425 Walnut
5 AL ES
CO.I
Collins, President
Securities
PEACHTREE.
ORLEANS
ATLANTA
JACKSONVILLE
BIRMINGHAM
MEMPHIS
Exchanges
RAILROAD, INDUSTRIAL,
St.,
61
PHILADELPHIA
HOLTZ &
H.
Southern
NEW
T.
York
Bankers
RAPIDS,
Marshal) Field, Glore, Ward & Co.
H.
Chicago
366 Madison Ave., New
Distributers
Howe, Snow,
PHILADELPHIA
187
INC. 1918
10 So. La Salle St.
Broadway
NEW
YORK
FOREIGN
CO.
/
GOVERNMENT
AND
MUNICIPAL BONDS
INVESTMENT
•
BONDS
HARPER
&
investment
TURNER
WALNUT
SOUTH LA SALLE STREET
BUILDING
STREET ABOVE BROAD
PHILADELPHIA
CHICAGO
INVESTMENT
bankers
STOCK EXCHANGE
39
FOR
Members Philadelphia Stock Exchange
Colgate, Parker & Co.
49 Wall
Street,
New York
FINANCE
WE
ESTABROOK & CO,
Members New York nod
Stock Exchanges
J5
Power and
Electric
Boston
State Street,
CHASE & COMPANY
earnings.
BONDS
WE OFFER
Bankers
BOSTON
-
Light Enter¬
records of established
prises with
SECURITIES
Dealers
Investment
and
Proven" Power
NEW YORK
24 Broad Street,
fUumtial
Jffnandal
^financial
INVESTMENT
[Vol. 112.
CHRONICLE
THE
iv
BOSTON
19 CONGRESS ST.,
and Light Securities
Correspondence Solicited
SPRINGFIELD
PROVIDENCE
HARTFORD
ELECTRIC BOND & SHARE CO.
(Paid-Up Capital and Surplus
Richardson, Hill &
Co.
71
—
$24,000,000)
NEW YORK
BROADWAY,
Arthur Lipper &
Established 1870
NEW
MUNICIPAL AND RAILROAD
BOUGHT AND
SECURITIES
For
50 Congress
Place
YORK
BONDS
Securities
Investment
Company
New Street and Exchange
1
Conservative Investment
COMMISSION
SOLD ON
St.
BOSTON
R. L.
Stock Exchange
Members New York Stock Exchange
Chicago Stock Exchange
Day & Co.
Boston
Branch Offices
Members
N. Y. Stock Exchange
St., Boston
35 Congress
Waldorf-AstoriaHotel ,N.Y,
N. Y. Cotton Exchange
11 East 44th St., N. Y.
N. Y. Coffee & Sugar Exch
New York
REMICK,
Correspondents
Saratoga Springs, N. Y.
Philadelphia Stock Exch.
Atlantic City,
Chicago Board of Trade
West End,
N. J.
N. J.
Long Beach, N.
HODGES & CO.
Y.
Co.
W. F. Ladd &
PARKINSON & BURR
We
Government and
Members of the New York and
Boston Stock Exchanges
Investment
Municipal Bonds
Securities
53 State Street
7 Wall Street
NEW
Specialize in
BOSTON
YORK
William R.fomptonfo
INVESTMENT BONDS
York
New
14 Wall
BONDS
St
Street, New York
Cincinnati
Louis
New
Chicago
ESTABLISHED 1865
«A}.c/KL
^
BOSTON
PUBLIC
UTILITY BONDS
PAUL
H.
St., N. Y.
PHILADELPHIA
YORK STOCK EXCHANGE
and
WATSON ®
INVESTMENT SECURITIES
Deal in
Underlying Railroad Bonds
Tax-exempt
BONDS
RAILROAD
INDUSTRIAL BONDS
Co
5 Nassau
MEMBERS NEW
Baker, Ayiing & Young
55
William St., N.
Telephone— John 1832
Y.
.
Guaranteed & Preferred
Railroad & Telegraph Co.
Stocks
H.MOUNTAGUE VICKERS
4S
Hollister,White & Co.
IMCORPO* ATE&
Bonds
Wall
Street
Guaranteed Stocks
,
Securities
Correspondents Throughout
Thomas C. Perkins
FOUNDED
15 State Street
Boston, Mass.
1854
Main Office
-
-
of est ablished and pros-
Industrials.
Entire stock issues
New York
underwritten
-
Quomakel
New York
Municipal, Railroad,
and distributed
Utility
and
Industrial Securities
mTKINS & CO.
7 Wall
15
Street
NEW YORK
Cable Address
Exchange
36 Pearl Street
Hartford, Conn.
Specialist for eighteen
years in the Financing
erous
the World.
Equitable Building
Public
FACTORS
+
Kttautf) NariioBSrKuline
Members New York Slock
Constructive Banking
Jarojes ^akott |uc.
%
Foreign
Letters of
Credit
Exchange
Traveled Checks
NEW YORK
North American Bldg.
Philadelphia, Pa.
115 BROADWAY,
60 Congress St.
Boston, 6. Mass.
1852
FOUNDED
Investment
investment Securities
225 4th Ave
Orleans
Exchange Sr.
BOSTON
<3
April 2
1921.]
THE
CHRONICLE
Canadian
BANK OF MONTREAL THE CANADIAN BANK
Canadian
Established
,
Years
100
over
OF COMMERCE
Government and Municipal
Bonds
Rest
These
bonds offer exceptional oppor¬
tunities for sound investment.
If purehased
now
they
will
yield from
m
m
UP
-
$22,000,000
m
•
mm
m
22,000,000
PROFITS
-
-
-
-
1,251,850
-
560,150,812
-
RESERVE
.
'.$15,000,000
President, Sir Edmund Walker, C.V.O., LL.D., D.O ,T
General Manager, Sir John Alrd.
Assistant
.
General Manager. H. V. P. Jones.
New York Office, 16 Exchange Place
F. B. FRANCIS,
)
C.
L.
J.
Office—MONTREAL
SirfiFrederick Williams-Taylor
General Manager.
$15,000,000
............. ......
C.
Head
OFFICE, TORONTO
PAID UP CAPITAL.
SIR CHARLES GORDON, G.B.E., Vice-Pres.
request.
on
-
UNDIVIDED
United States funds
C-21
PAID
-
SIR VINCENT MEREDITH, Bart., President.
7% to 8%
Particulars
•
•
TOTAL ASSETS
Principal and Interest payable in
Full
HEAD
CAPITAL
FOSTER,
Agents
STEPHENSON,]
Buy and Sell Sterling and Continental
Exchange and Cable Transfers.
Collections
at all point*.
,
made!
Branches
Wood, Gundy fit Co.
and
Agencies:
Travelers' Cheques and Letters of Credit Issued
Throughout Canada and Newfoundland.
available in all parts of the
Incorporated
At
STREET, NEW YORK
In
Banking and Exchange business
description transacted with Canada.
14 WALL
Toronto, Winnipeg, Montreal, London, Eng
London, England, and at Mexico City.
Paris,
Bank
Montreal
of
(France).
In the United States—New York,
Spokane,
San
Francisco—British
Bank (owned and controlled
Chicago,
American
world.
of
every
LONDON OFFICE—2 Lombard Street, E. O
by the Bank of
BANKERS IN GREAT BRITAIN
Montreal).
The
and. West
which an
interest is owned by the Bank of Montreal).
Bank
of
England,
The
West Indies, Britislii Guiana
Africa—The
Colonial
Bank
(in
Bank
of
Scotland,
Lloyd's
Bank,
Limited.
THE
*A,'&\Amcs
&
established <88?
..
.
•Menwcr* Toronto Stock.
<2o
'
&xchanga
United Financial Corporation
ROYAL BANK OF CANADA
Established
wcnxmznt, Mimic ipdl
$19,000,000
19,000,000
090,000,000
Reserve Funds
(5<an<adi<art
CorpotsstUm
„
1869
Capital Paid Up..
Limited
Total
Assets
&
Securities
INVESTMENT BANKERS
SIR
Head Office
Montreal
HERBERT 8. HOLT, President
E. L. PEASE, Vice-Pres. & Man. Director
tMkoadway
^Toronto
CLE. NEILL, General Manager
TfewYorfo
Montreal
VurfcoriaUC.
Montreal
London
Toronto
/
Chicago
with
Affiliated
Guaranty
New
of
Trust Co.
York.
700 Branches throughout CANADA and NEW
FOUNDLAND,
in
CUBA,
PORTO
RICO,
DOMINICAN
REPUBLIC,
HAITI, COSTA
RICA, COLOMBIA and VENEZUELA, BRIT¬
ISH and FRENCH WEST INDIES, BRITISH
HONDURAS and BRITISH GUIANA.
ARGENTINE—Buenos Aires.
BRAZIL—Rio de Janeiro, Santos, Sao Paulo.
URUGUAY—Montevideo.
SPAIN—Barcelona, Plaza de Cataluna;
LONDON OFFICE—Princes Street, E. O.
NEW YORK AGENCY—68 William St.
R.
rurneit;
V
A.
Daly
Co,
&
F. T. Walker, J. A. Beatson, E. B. Mclnernj
and J. D. Leavitt, Agents.
AUXILIARY: The Royal Bank sf
Canada (France), PARIS, 28 Rue de
FRENCH
CANADIAN
PORTEOliS
GOVERNMENT, MUNICIPAL
€r O)
AND CORPORATION BONDS
Of
Canadian
Government,
Provin¬
cial, Municipal and Corporation
'
H^beo Montreal Stod^Ldw^o >
Bank of Toronto Building
17 St. John Street
Montreal
TORONTO,
Bonds
ONT.
Bought—Sold—Quoted
STOCK AND BOND BROKERS
GREENSHIELDS & CO.
Members Montreal Stock Exchange.
Dealers
in
Canadian
Bond
Issues.
The Dominion Bank
HEAD OFFICE, TORONTO
Paid Up Capital
CANADIAN
Reserve Funds & Undivided Profits
SECURITIES
Total Assets.
•NVUTMCNT
President
New York Agency, 61
C.
S.
London
New York City
Offerings
on
Request
Howard,
Broadway
Agent
McDonagh, Somers & Co.
Branch, 73 Cornhill
Manager
Dominion Bank Building
S. L. Jones,
Specialize in
TORONTO, CANADA
Bonds
(Small Denominations)
CANADIAN
AND
FOREIGN
EXCHANGE
BOUGHT AND SOLD
henry nightingale & co.
MUNICIPAL
General Manager
Correspondence Invited
CANADA
We
CANADIAN
INVESTMENTJSECURITIES
Clarence A. Bogert,
BANKER!
TORONTO
Montreal
7,669,000
.140,000,000
Sir Edmund Osier,
tfOUSKRWnD^OMRVir
17 St. John Street,
S6,000,000
_
TRAVELERS'
AND
LETTERS
BONDS
COMMERCIAL
HERDMAN & COMPANY
OF CREDIT
Members Montreal Stock Exchange
Canadian, Mexican and Foreign Government
Securities
Bankers
& Brokers
42 BROADWAY
Phone Broad 7118
Dominion Express
R. C. Matthews & Co.
Adrian
Muller & Son
H.
Building
MONTREAL
,
CANADIAN BONDS
AUCTIONEERS
CANADIAN
OFFICE
No.
65
Corner
WILLIAM
Pine
STREET
Street
C.
P.
R.
Bldg.
TORONTO
BONDS
Regular Weekly Sales
of
Stocks
and
Nesbitt, Thomson & Co.
Limited.
Bonds
EVERY WEDNESDAY
Canadian
Municipal, Public Utility &
Industrial
At
the
Exchange Sales Rooms
14-16
Vesey Street
bonds
222 St. James St., MONTREAL
Hamilton
Toronto
London, Ont.
/
Aimilius
Jarvis & Co
INVESTMENT BANKERS
Established 1891
JARVIS BLDG.
TORONTO
can.
[Vol. 112.
CHRONICLE
THE
VI
Jforefgn
t
New Zealand
and
Australia
LONDON JOINT CITY AND
BANKOF
NEW SOUTH WALES
*24.655.500
16,750,000
Reserve Fund
Reserve Liability
of Proprietor*
The
24,655,500
..
CHAIRMAN: % ■ '■ ';y,
-J
.
JOHN
Sir.
the
Zealand, Fiji, Papua
Guinea) and London.
The Bank transacts
description of Australian Banking Business.
Wool and
In
SYDNEY
HEAD
OFFICE:
Established 1837
Capital—
Atlantic Office*:
"
OFFICES
10,859,800
371,841,968
-
WALES
AND
STREET, LONDON, E.C. 2.
"Mauretania"
"Imperator "
Aquitania"
E.C2.
LONDON,
STREET,
ENGLAND
IN
65 & 66, OLD BROAD
:
10,859,800
.
£7,500,000
Issued
and
Authorised
ToFund__£2,630,000/gether
Paid-Up Capital *2,500,000\
Reserve
Reserve
OVERSEAS BRANCH
AUSTRALIA Limited
Incorporated 1886
/
£38,11 6,050
-
THREADNEEDLE
5,
1,500
WOOLLEY
W.
-
Deposits (Dec. 31st, 1920)
OVER
THE UNION BANK OF
E.
-
Reserve Fund-
London Office
19, THREADNEEDLE
STREET, E. C. 2
Head Office
i
DIRECTORS:
HYDE
-
Paid-up Capital
other Produce Credits arranged.
QEORGE STREET
F.
^
McKENNA
R.
Subscribed Capital
"andTAGENOIES
857
BRANCHES
Australian
States, New
•very
Hon.
MURRAY
B.
S.
General Manager.
(New
Right
JOINT MANAGING
*66,061.000
80th Septr. 1920 *362,338,975
RUSSELL FRENCH, K.B.E.
Aggregate Assets
LIMITED
BANK
MIDLAND
(ESTABLISHED 1817.)
Fald-Up Capital
AFFILIATED
—
BELFAST BANKING CO. LTD.
£5,130,000
Proprietors—£5,000,000
Liability of
THE CLYDESDALE BANK
OVER
110 OFFICES IN IRELAND
OVER
BANKS:
160 OFFICES IN
LTD.
SCOTLAND
Total Issued Capital & Reserves. £10,180,000
The Bank has 42 Branches In VICTORIA, 39 In
19 in QUEENSLAND,
I6_ln SOUTH AUSTRALIA. 21 In WESTERN
5TEW SOUTH WALES,
AUSTRALIA, 3 In TASMANIA and 44
In NEW
MALAND.
The Mercantile Bank of India Ltd
international Banking Corporation
CORNHILL, LONDON, E. C.
Manager—W, J. Essame.
Assistant Manager—W. A. Laing
Head
STREET, NEW YORK CITY.
WALL
50
*10,000,000
$4,000,000
Branches
Commercial Banking Company
in
India
San Francisco
Straits Settlements
Panama
.
Japan
China
A
Established 1834,
Paid Up
Reserve
Liability of Shareholders
NATIONAL BANK OF INDIA Limited
Philippines
Incorporated in New South Wales .
Capital.......
fald-Up
Reserve
Reserve
2,040,000
Fund
Liability of Proprietors— 2,000,000
£6,040,000
Drafts
Bankers to the Government in
Africa and Uganda
£2,000,000
.
payable
and
demand,
on
Letters
of
Head Office:
Hong Kong & Shanghai
Oredit are issued by the London Branch on the
Head Office.
Branches and Agencies of the Bank
Bills on Australasia
Remittances cabled.
In Australia and elsewhere.
negotiated or collected.
Head
Office,
London
it.
BJrchln
South
New
Sydney,
Street,
Ionian Bank,
O.
E.
CORPORATION
BANKING
Paid up Capital
(Hongkong Currency)..-H$l5,000,Oi*
(Hongkong Curr.)H$23,000,00(
Reserve Fund in Sliver
Reaerve
Office:
Lombard
Lane,
Wales
GRANT DRAFTS, ISSUE
A.
Ceylon, Kenya
Burma.
and
Aden
Zanzibar.
£4,000,000
£2,000,000
£2,800.000
description of banking
Subscribed
Capital
Paid-Up
Capital
Reserve
Fund
The Bank conducts every
and exchange
LETTERS OF CREDIT
BILLS PAYABLE II*
36
Agent,
JEFFREY,
Bishopsgate, London, E. C.
Branches
in
India,
Colony
and at
NEGOTIATE OR COLLECT
J.
Incorporated by Royal Charter.
every
banking facility for transaction
•1th Greece, where it has been established for
It
years,
and
has
Branches throughout the
Country.
Also at Alexandria,
Cairo, Ac., In Egypt.
Head Office: Basildon House,
Moorgate Street,
LONDON, E. C. t.
6,
British East
business.
£1,500,00(
Fund In Gold Sterling
Wall St.. New
Yor»
1879
Established
STRAITS SET
CHINA, JAPAN, PHILIPPINES,
TLEMENTS, INDIA.
Limited
.
Spain
Lyons
London
Sydney
LIMITED
£1,509,
£750,•••
£750,001
Reserve Fund and Undivided Profits.__
£785,790
Branches In India, Burma, Ceylon, Straits Settle¬
ments, Federated Malay States, China and Mauritlu»
New York Agency, R. A. Edlundh, 64 Wall Strees
Capital
Santo Domingo
Java
of
Street, London
and Subscribed
Capital Authorized
Capital and Surplus.
Undivided
Profits
THE
Office
15 Gracechurch
Weed Office: 71
ROBERT BRUNNER
Offers
Banker
de
Broker
and
78
rue
la
Loi
BRUSSELS, Belgium
The Union Discount Co.
Cable Address:
Rennurb.
of London, Limited
89
English Scottish and Australian Bank, Ltd.
Address:
5
Gracechurch St.,
E.
Head Office: London, E. C. 3
Authorized
Reserve
0
0
585,000
0
0
1,078,875
0
539,437 10
0
0
Subscribed
Paid-Up
Capital
Capital
Further Liability of Proprietors
539,487 10
0
Remittances made by Telegraphic Transfer.
Sills Negotiated or forwarded for Collection*
Banking and Exchange business of every de•crlptlon transacted wltn Australia.
E. M. JANION. Manager,
Capital Paid Up
Lincoln Menny Oppenheimer
HEREBY
GIVEN
that the
INTEREST allowed for money
IS
NOTICE
OF
on
deposit are as follows:
At
in
Call, 5 Per Cent.
Export Banking
Days' Notice, 5J4 Per Cent.
The Company dfscounts approved bank
mercantile acceptances, receives money on
posit at rates advertised from time to
grants loans on approved negotiable
CHRISTOPHER
BANKERS
30 Years
STERLING.
*5=£1
RATES
More Than
6,000,000
Fund
Reserve
At 8 to 7
FRANKFORT-o-M.,
London.
Subscribed_*10,000,000
5,000,000
Capital Authorized &
£8,000,000
Capital
Fund
CORNHILL
Telegraphic Address, Udlsco:
C.
R.
and
de¬
time, and
securities.
NUGENT, Manager.
GERMANY
Cable Address "Openhym"
INVESTMENT SECURITIES
National
The
FOREIGN EXCHANGE
Company,
Cable Address—Natdls London.
Subscribed
of SOUTH AFRICA, Ltd.
Limited
LONDON, E. C.
Si; CORNHILL
The NATIONAL BANK
Discount
Capital.
Paid Up
*21,166,620
4,233,325
-
Capital
Reserve
_
Fund
Over 500 Branches In Africa
(*5=£1
-
NOTICE Is hereby given that the
Total
Assets
Exceed
-
$430,(100,000
INTEREST allowed
%s
2,500,000
STERLING.)
for money
on
INTIMATE
KNOWLEDGE
the needs and habits of the
acquired
and
tries
by
actual
years
experience
residence in the coun¬
themselves, is essential when
transacting business abroad.
23 Branches in
South America
1 Branch in
RATES OF
Deposit are
of
of
people,
9
Mexico]
I
Offices in Europe
follows:
5% per annum at call.
Offers to American banks and bankers its superior
facilities for the extension of trade and com¬
merce
between this country and Africa.
New York Agency
R.
-
-
44 Beaver St.
E. SAUNDERS' Agant.
5)4 % at 7
Anglo-South American
and 14 days notice.
Approved Bank & Mercantile
Bills discounted.
received on deposit at rates advertised
from time to time: and for fixed periods upon
specially agreed terms.
Loans granted on ap¬
proved negotiable securities.
PHILIP
HAROLD
WADE,
Manager
Money
"BANK, LIMITED
New York Agency, 49
Broadway
April 2
1921.]
THE
CHRONICLE
foreign
VII
ifore<gn
jFordgw
/Ouilv
NATIONAL BANK
IBanquelrsdustridle
Pine
27
New
St.
ite thine
Yerk
Permit
to
Brew
of EGYPT
27 Pine St.
New York
Banque Nationale de Credit
Banks
direct
Head Office—Cairo.
drafts
on
Capital
and
20
ether
Europe
and
branches
the
Far
In
500,000,000
frs.
90,000,000
Deposits
Shanghai,
Yokohama
'
frs.
Surplus
Hong Kong,
frs.2,200,000,000,
Head
.
1
East.
Established
Office
Foreign Exchange
Egyptian
Law
Capital, fully paid
£3,000,000
Reserve
£2,000,000
Fund
LONDON
6
PARIS
under
June, 1898, with the exclusive right to
issue Notes payable at sight to bearer.
AND
AGENCY
KING
7
WILLIAM ST.,
LONDON, E. C.t 4, ENGLAND,
330 Branches in France
THE
Letters of Credit
Cable
Transfers
4
Branches
in
the
Rhenish
Provinces
SibstrBted Capital: Fa 150,000,888
GENERAL
BANKING
BUSINESS
NATIONAL PROVINCIAL AND
UNION BANK OF ENGLAND
Limited
($£=£!.)
LOCATE CAPABLE MEN
SUBSCRIBED CAPITAL
5199,671,600
PAID-UP CAPITAL
$39,034,820
RESERVE
fill vacancies in your
to
-
536,195.288
FUND
Head
organization through the
with
the
FINANCIAL CHRONICLE
Offices
numerous
RQTTERDAMSCHE
BONDS
BANKVEREENIGING
for
cover.
Investment
Rotterdam
SURPLUS
LIT.
LIT.
...
DEPOSITS
Head
...
156,000,000
ZURICH
CAPITAL
GENEVA
Branches all
over
AND
F. 105,000,002
COLLECTIONS
Office, Milan, Italy
Broadway
Hague
RESERVE FUND
I
BASLE
-__LIT.4,371,970,569
New York Agency, 166
Condon
SWISS BANK CORPORATION
400,000,660
Amsterdam
The
Apply to
CAPITAL
EnglautS
Government, State and Municipal
Department faces the
BANCA COMMERCIALE ITALIANA
in
and Wales
SWITZERLAND
Inside back
Office:
15, Bisbspsgate, Loffita, England,
Classified Department of
Our Classified
•
LETTERS OF CREDIT
Switzerland and in London
FOREIGN
Office, 1 Old Broad Street, E. C. 2
EXCHANGE
PURCHASE
Constantinople
80 branches in
Italy, at all the prin¬
cipal points in the Kingdom
STOCKS
AND
AND
SALE
OF
SHARES
AFFILIATED INSTITUTIONS
rfANCA
COMMERCIALE
ITALIANA
—Paria, Marseilles end branches
ttANCA
COMMERCIALE ITALIANA
—Sophia and branches
BANCA COMMERCIALE ITALIANA
Sucarest and branches
BANCA
■
1
FFL ANCAISE
A
E ROMENA—
ITALIENNE
Sao Paulo,
BANCA
and
DU
SUD—Paris, Bu.no.
Rio de Janeiro and branches
OELI.A
SVIZZERA
SCOTLAND, Ltd.
Established 1810
Subscribed Capital
L'AMERIQUE
-
f
SOCIETE GENERALE ALSACIENNE
UNGARO-ITALIANA—Budapest
8ANQUE
COMMERCIAL BANK OF
(France)
£ BULGARA
Aire.,
Reserve
Head
Fondee in 1881
ITALIAN A—Luz.no
Fund
.
.
.
.
Office,
,
£5,500,000
.
1,750,000
.
.
.
.
1,000,000
.
.
Deposits (Nov. 1920)
DE BANQUE
POUR
.
Paid-up Capital
.
.
41,000,000
14 George Street, Edinburgh
Alex. Robb, Gen'l Manager
Magnus Irvine, Secretary
branches
Siege social:
BANCO ITALIANO—Lima and branches
SOCIETA
ITALIANA
DI
CREDITO
COMMER¬
CIALE—Vienna, Trieste and branches
FRANCES
DE
CHILE—Santiago,
BANCO
Glasgow Office, 113 Buchanan Street
233 Branches and Sub Offices throughout Scotland
Strasbourg
4, Rue Joseph Massol
Val¬
paraiso.
BANCO FRANCES E ITALIANO DE COLOMBIA—
London Office, 62 Lombard Street
:
New York Agents
Capita!, lOOJtiillions de francs entierement
verses
Bogota
86 Age nee s notamment a
Established 1856
METZ
COLOGNE
MAYENCE
FRANCFORT
.
Capital paid up..frs. 100,000,000
Reserve
Funds
frs.
ArnoldGilissen &Co.
ttlJLHGUSE
LUDWIGSHAFEN
CREDIT SUISSE
American Exchange National Bank
■
80 81 Damrak
SARREBRUCK
AMSTERDAM
Cable Address:
30,000,000
Achilles-Amsterdam
ROTTERDAM
THE
Established
HEAD
HAGUE
1871
OFFICE
BANKERS AND STOCKBROKERS
Zurich, Switzerland
FOREIGN
EXCHANGE
Branches at
Basle, Berne, Frauenfeld,
Geneva, Glaris, Kreuziingen, Lugano,
Lucerne, Neuchatel, St. Gall.
The United States Life
Insurance Co.
KONIG
BROTHERS
1(0 Psal Stmt,
IN
HK5NERAL
BANKING
THE
CITY OF
NEW
Foreign Exchange
Organized 1850.
Non-Participating Policies only.
Ovw Forty-Five Million Dollars Paid
to
Policy¬
Czechoslovakia.
Branches throughout Czechoslovakia.
JOHN
Good
P.
MUNN, M.
Capital
and
Reserves
-
territory
open
for
CzK
129,000,000
■
«n
and
high
class
persona
producers,
1870.
-
Letters of Credit
KONIG BROTHERS, LONDON
D., PRESIDENT
under
with
the
Company.
Established in
Commercial and Travellers
CKQfi®®
PRAGUE CREDIT BANK
Prague,
NEW YORK
YORK.
holders.
Office:
GO.
BUSINESS.
Documentary Business,Letters of Credit
Head
&
Address Home Office. 277 Broa
way
New York Oity.
direct
contracts
NEDERLANDSCHE HANDEL-MAATSCHAPP1
ROTTERDAM
CHKONICLE
THE
viii
[VOL. 112
JSarfotx* anb proker* <©ut*tbe JJeto gorti
& CO.
EDGAR, RICKER
East Water and
Mason Streets
WIS.
MILWAUKEE,
0.
Specializing:
WISCONSIN CORPORATION ISSUES
A. G. Becker & Co.
TIMBER
BONDS
based always upon
COMMERCIAL PAPER
expert verification
INVESTMENT SECURITIES
Financing of Milwaukee
and Wisconsin Industries.
South La
187
Salle Street
of
underlymgassets
322 so. Michigan A v., Chicago
CHICAGO
Investment Securities
NEW
Bought and Sold.
SEATTLE
ST. LOUIS
YORK
LOS ANGELES
FRANCISCO
SAN
SCOTT
First Wisconsin Company
& STITT
INVESTMENT
Investment
BONDS
Securities
111
WISCONSIN
MILWAUKEE
W.
Greenebaum Sons
Monroe St.
CHICAGO
BVmk andTrust Company
CINCINNATI
Southeast Corner La Salle and
GENERAL BANKING
Second Ward Securities Co.
Ward
Second
Savings Bank Bldg.
MILWAUKEE
So.
MORTGAGE BONDS
6% CHICAGO FIRST
Miami Conservancy District Ohio
5^% Bonds
Individuals
and
Trustees
Estates,
for
$75,000.00
$2,000,000
Capital and Surplus,
Suitable
108
Madison Sts
St.
La Salle
Due
Circular C 25.
Write for Bond
CHICAGO
Oldest Banking House in
A State Bank
Chicago.
Interest
June
and
Population
Specialists in
Wisconsin
Price
Municipals
MUNICIPAL BONDS
'
an<*
;'-'W
First
Mortgage
Hyney,
Term
»»i«h
Write
our
5.30
Savings
Department
O.
CHICAGO
CHANNER & SAWYER
INVESTMENT SECURITIES
MlLWAUKttWa
Underwriters and Specialists in
Wisconsin
,
& Co.
Emerson
Securities
..j
atofl
Yield
CINCINNATI.
MoRRISEfe&Co.
fl»»t wisconsin
York
Issues
Note
M South La Sail. St.
Investment
I—-New
& Trust Co.
Bond
Short
Industrial
Dec.
District 300,000
The Provident
Bank
Corporation Bonda
High Grade Investments
i
1937-1941-1944
A. O.
Union
Slaughter & Co.
Trust
Bldg.,
CINCINNATI.
OHIO
Members
Issues
Ohio Securities—Municipal Bond*
New York Stocks and Bonds
New York Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
Trading Department
STREET
WEST MONROE
110
CHICAGO, ILL.
SPRINGFIELD. ILL.
DEALERS
INVESTMENT
Matheny, Dixon, Cole & Co.
Powell, Garard & Co.
SPRINGFIELD, ILLINOIS.
IRWIN, BALLMAN A CO.
SECURITIES
INVESTMENT
328-330 332
39
Dealers in
South
La
IN
SECURITIES
Walnut
St.
CINCINNATI, OHIO
Salle Street
Chicago
Municipal
and
and
Corporation
Illinois
Farm
Bonds
St. Louie
Philadelphia
Mortgages
FRI EDLANDER
EDGAR
Corporation"1 BONDS
BUFFALO
Cincinnati,
Slocum, Eckardt & Company
SIIIPKER
I COMPAHT
IN
Securities
CINCINNATI
OHIO
Formerly
SHAPKER, WALLER &
INVESTMENTS
420
DEALER
184
SOUTH
LA
SALLE
CO.
STREET
TOLED
O
CHICAGO
Ellicott Square
BUFFALO, N. Y.
TUCKER, ROB I SON & CO.
JOHN
T. STEELE
and
Corporation
SPECIALISTS
David
Robison Jr. & Sons
Bankers—Established 1876
Investment Securities
BUFFALO, N. Y.
Government, Municipa
Successors to
John Burnhanr& Co.
Municipal, Railroad and Corporation Bonds
La
Salle
Chicago
and Monroe
Toledo
Gardner
Bonds
and
Ohio
Building.
Securities
TOLEDO,
OHIO
IN
Buffalo and Western New York Securities
F. WM.
KRAFT, Lawyer
Specializing in Examination & Preparation of
County, Municipal and Corporation
IRVING
T.
LESSER
Bonds, Warrants and Securities and
Graves, Blanchet & Thornburgh
MUNICIPAL
BONDS
Proceedings Authorizing Same.
STOCKS AND
BONDS
Rooms 517-520, 111 W.
Harris
47S Ellicott Square
BUFFALO, N. Y.
Trust
CHICAGO,
Monroe St.,
Building
ILLINOIS
GARDNER BUILDING
TOLEDO, OHIO
April 2 1921.]
THE
CHRONICLE
IX
©utailie Jfteto gorfe
PITTSBURGH
MICHIGAN
MICHIGAN
GORDON
& COMPANY
INVESTMENT BANKERS
Company
(Established 20 Years)
fembers Pittsburgh Stock Exchange
Union Bank Building,
Members of Detroit Stock
A. J. Hood &
Exchange
Charles A. Parcel Is & Co.
MICHIGAN SECURITIES
PITTSBURGH, PA.
INVESTMENT SECURITIES
BOUGHT—SOLD—QUOTED
Phene Govt 3264-5
Specialize iii Michigan Stocka and Bonds
PENOBSCOT BUILDING
PENOBSCOT BUILDING,
DETROIT, MICH.
DETROIT
LYON, SINGER & CO.
Members Detroit Stock
Exchange
INVESTMENT BANKERS
CH».nir..ItIi BM,.,
PITTSBURGH
Securities of Pittsburgh District
Pennsylvania Municipal Bonds
HUGHES, GORDON, BRASIE& CO.
Richard Brand
Company
Specializing Detroit Securities
High Grade Bonds
\
'.tv
,
DIME
i
1'
-
BANK
r
'"'Vi
BLDG.
DETROIT
We
invite
inquiries
your
1721-3 Dime Bank
BIdg., Detroit
Geo. W. Eberhardt & Co.
OLIVER BUILDING,
PITTSBURGH
PROVIDENCE
Stocks, Bonds, Grain
WHITTLESEY, McLEAN & CO.
and Provisions
Members New York Stock Exchange
Members Pittsburgh 8tock
Exchange
Members
Chicago
Board
of
Municipal Bonds Corporation Bonds
BODELL & CO.
Trade
10 WEYBOSSET
Preferred Stocks
STREET
Active Members of Detroit Stock
Exchange,
PROVIDENCE
A. E. MASTEN
& CO.
Established 1891
2094-86-58 Penobscot BIdg.,
New York
DETROIT
Boston
[New York Stock Exchange
Boston Stock Exchange
Messborsj Pittsburgh Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
New York Cotton
Exchange
223 Fourth
Ave.,
NEWARK.
N.
FENTON, DAVIS & BOYLE
J.
Investment Bankers
CONSERVATIVE
Pittsburgh, Pa
Branch Office—
INVESTMENT SECURITIES
Wheeling, W. Va.
Chicago
Detroit
Grand
Rapids
List upon request
W. Carson Dick &
Company
F. M.CHADBOURNE & CO.
FIREMEN'S
INVESTMENT BONDS
INSURANCE
BUILDING
keane, higbie & co.
NEWARK, N. J.
MUNICIPAL BONDS
•90-198 UNION ARCADE BUILDING
67 GRISWOLD ST.
TEXAS
DETROIT
PITTSBURGH, PA.
J. E.JARRATT& COMPANY
INDIANAPOLIS
Investment
Fletcher American Company
Municipal
INDIANAPOLIS
Capital
Bankers
INVESTMENT BANKERS
:
i
Specializing in Indiana and Indianap¬
Corporation and Municipal bonds
Penobscot BIdg.
Members
$1,500,000
olis
Inc.,
Bonds
San Antonio, Texaa
-
KAY & co.
DUNN & CARR
DETROIT, MICH.
Detroit
Stock
Exchange
GEORGE M. WEST & COMPANY
and stocks.
Established 1893
Investment Securities
INVESTMENT BANKERS
BREED, ELUOTT & HARRISON
INDIANAPOLIS
Cincinnati
Detrelt
Union Nat. Bank
HOUSTON
Chicago
BIdg.
TEXAS
....
Milwaukee
UNION TRUST BLDG.
DETROIT,
Members Detroit Stock Exchange
Investment Securities
MACON
Municipal Bonds
Indiana
Corporation Securities W. M. DAVIS & COMPANY
Southern
Municipal Bonds
W. A. HAMLIN & CO
Members
Detroit
Stock
Exchange
'
NEWTON
TODD
Local Securities and
Indiana
AND
Motor Stocks, Public Utilities & Oils
Guaranteed Stocks
Corporation Bonds and Stocks
418 Lemcke
BIdg.
INDIANAPOLIS
MACON
GEORGIA
1010 Penobacot
BIdg.,
DETROIT, MICH.
BALTIMORE
Joel Stockard
R. Lancaster Williams & Co., Inc.
INVESTMENT SECURITIES
the
MARYLAND
LOCATE
firm
disposal
Equitable Building
BALTIMORE
TO
that
has
you
what
quire, insert
an
for
re¬
ad in the
INVESTMENT
& Co.,
Ino.
BANKERS
Municipal, Government &
Corporation Bonds'
Members Detrelt Stock Exchange
Penobscot BIdg.,
•
DETROIT
•
Cherir^jr 2600
Classified Department
Scott & Stump
INVESTMENTgSECURITIES
Stock
Exchange Building
PHILADELPHIA
Phone*
Locust 6480, 6481, 6482. 6483
Keystone:
Race 2797
of The Financial Chron¬
icle
(faces
back cover.)
the
Harris Small & Lawson
inside
INVESTMENT
150
SECURITIES
CONGRESS
ST., W
DETROIT
[VOL. 112.
X
PACIFIC
COAST
PACIFIC
Howard Throckmorton
COAST
PORTLAND, ORE.
Pacific Coast Securities
INVESTMENT BONDS
BONDS
CALIFORNIA SECURITIES
of MUNICIPALITIES AND
CORPORATIONS
{Government
Municipal
Corporation
*
HALL & COMPANY
Local and Pacific Coast Securities
LEWIS BUILDING
PORTLAND,
OREGON
having substantial assets
|
San Francisco
and
.
earning
power.
MINNEAPOLIS
Building
Commercial
Alaska
WILLIAM R. STAATS CO.
LOS ANGELES
SAN FRANCISCO
Quotations
Furnished
Information
and
PASADENA
on
£levens&-@o.
eSTAbliSHCD
Pacific Coast
Securities
1853
Established
leip
"MUNICIPAL RAILROAD
CORPORATION BONDS
SUTRO & CO.
COMMERCIAL PAPER/
ST. RAUL
MINNEAPOLIS
INVESTMENT BROKERS
Members
San Francisco Stock
San Fran«*«oo
111 Montgomery SI.
Hunter, Dulin & Co.
DENVER
and Bond Exchange
M
MUNICIPAL
unicipal and
CLEVELAND
CORPORATION
Corporation Bonds
Dr^MnC
DUlNIJj
DISTRICT
AND
WILL
WADE
H.
INVESTMENT
TheGundling-JonesCompany
i
Second Floor U. S. National Bank Bldg.
Los
STOCKS—BONDS—^NOTES
Angeles
San
DENVER
Francisco
San
Diego
Pasadena
Oakland
BANGOR
AUGUSTA
CLEVELAND
BUILDING,
JOHN W.
We
OTIS & COMPANY
Stocks
COMPANY
BANKERS
4k
Corporation
Southern
BONDS
Bonds
Acceptances
Augusta, Ga.
specialize in California
Municipal
Members of New York, Boston, Cleveland, Chicago
and Detroit Stock Exchanges, the Neio York
Cotton Exchange and the Chicago Board
Established
Van
CLEVELAND
Nuys Building
LOS
Boston
Detroit
Cincinnati
Columbus
Toledo
Akron
Denver
ANGELES
WM. E. BUSH & CO.
Youngstown
Dayton
Securities
1880.
DRAKE, RILEY A THOMAS
of Trade.
New York
DICKEY
Colorado Springs
Stocks
Bonds
SHORT
„
Acceptances
TERM
NOTES
Augusta, Ga.
R. H. MOULTON & COMPANY
CALIFORNIA
Title Insurance
COTTON
MILL
STOCKS
MUNICIPALS
Building,
Natl
American
SOUTHERN SECURITIES
LOS ANGELES
Bank Bldg.,
San Francisco
IURG,
S.
C.
HITTER COMMERCIAL TRUST
Unincorporated
CLEVELAND
IM Euclid Ave.
A. M. LAW & CO., Inc.
BUFFALO
Niagara Life Bldg.
CHAPMAN DE WOLFE CO.
DEALERS
861-363
Montgomery Street,
FRANCISCO, CALIF.
SAN
Stocks
THE
KLIPFEL-WASHBURN-BERKLEY CO.
INVESTMENT SECURITIES
and
Quotations
on
all
Bonds
Southern Textiles
Stocks and Bonds
Information
IN
and
a
Specialty
Pacific
SPARTANBURG, S. C.
Coast Securities
Members San Francisco Stock & Bond Exchange
CHATTANOOGA
2nd Floor National
City Bldg.
CLEVELAND, O.
Dayton
NORFOLK, VA
Warren
LEWIS BURKE & CO.
Bucyrus
MOTTU & CO.
Listed
Unlisted
-
-
Inactive
Stocks & Bonds
Established
SECURITIES
NORFOLK, VA.
NEW
60
ALBERT
Leader News
YORK
Broadway
James Building
CHATTANOOGA
INVESTMENTS
FOYER
Bldg.
LOCAL AND SOUTHERN
1892
CLEVELAND, O.
MONTGOMERY
HUNTER GLOVER & CO.
Investment Securities
ERIE
BUILDING,
SOUTHERN
CLEVELAND
Philadelphia
Cincinnati
B. W.
Strassburger
INVESTMENT
Montgomery,
SECURITIES
Ala.
and
capable head for
of your
Ashtabula
New York
A BUSINESS EXECUTIVE
Springfield
Departments
any one
can
be
obtained by inserting a small
BOSTON
ad in the Classified Department
ALABAMA
New
MARX &
COMPANY
Industrial Securities
BANKERS
BIRMINGHAM,
Southern
.
.
.
FINANCIAL CHRONICLE.
Yielding 6M% to 8%
ALA.
Our
Classified
Department faces ths
inside back
Municipal and
Corporation Bonds
of the
England
J.
85
MURRAY WALKER
Devonshire
Street
Boston
cover.
April 2
1921.]
THE
CHRONICLE
XI
jankers anb ©rubers (^utsitie i^eto ©orb
NEW ORLEANS
THAYER, BAKER & CO.
Graham. Parsons & Co.
US CHESTNUT ST.
||
PHILADELPHIA
Southern Municipals
PINE
NEW
ST.
YOBS
Investment Securities
Deal
INVESTMENTS
Short Term Notes
Commercial Trust Bldg.,
Preferred Stocks
In
and
u.
Purchase
Issues
of
MUNICIPAL BONDS,
BONDS, NOTES AND PREFERRED STOC*'
PHILADELPHIA
of
RAILROADS,
Commercial Paper
INDUSTRIAL
UTILITIES
AND
CORPORATIONS
»>
of
Bankers
Acceptances
ESTABLISHED
A
Choice
6f
VALUE.
•
Cable Address "Graco." Philadelphia.
Four Absolute
Hibernia
Securities
Company
(Incorporated)
First Mortgage
Bonds
Maturing in 1H to 32
Boles&Westwood
years
Members Philadelphia Stock Bsflhaage
New Orleans
I
ling
New York Office
6.50% to
Direct Private
44 Pine Street
Wire
Investment
9.10%
Service
Securities
Information will be sent
request.
on
'
Ask for Circular
US Tltll
CC
BiHIifc
•
PHILADELPHIA
•
Telephone Locust 4781
UMByHesby & Co.
Incorporated
>
Empire Tube & Steel Corp.
Circular
Broad
208 S.LaSaUc St
Request
on
£.0l.£larlt*£9.
30
BANKERS
Jones
25
CWcod>
New\brk
*
III Broadway
&
Thurmond
St.
321 Chestnut St», Philadelphia
New York, N. Y.
Phoae:
Broad
Established 1837
7412
Edward E. Hall & Co.
(Established 1866)
ST. LOUIS
1
80 MAIDEN LANE
810 N. 8th
and
St., St.
Are
Louis
Corporation
Bonds
New York Stock Exchange
New York Gotten
your
Holdup
end
Bonds,
Fire,
Automobile,
policies properly
Mt£sssk£a
Liability
written?
Prompt
coverage
procured
wherever
BANKERS
Land Title
Members
PAUL & CO.
SMITH, MOORE & CO.
INVESTMENT
BONDS
Metribert Philadelphia Stock Exchange
The Future of
1411
i
»
ST.
ST. LOUIS, MISSOURI
LOUIS SERVICE
Iembers New York Stock
discussed in
current
issue of
Broadway
Union
OLIVE
st.
CO.
ST.
on
Pittsburgh,
1
P»,
request
BmEGARGEir&tSx
INCORPORATED
//J
27 Pine Street Now York
Branch
Investment Securities
409
Arcade
ST. LOUIS
Members St. Louie Stock Exchange
&
FINANCIAL
Exchange
Free
STIX
Street
BOYLE, BROCKWAY & GRAHAM, INC.
MATTERS
iembers St. Louis Stock Exchange
N.
Chestnut
PHILADELPHIA
Our Railroads
HARK C. STEINBERG & CO.
300
Stock Exchange
Philadelphia
Pennsylvania Tax Free Bonds
»
ESwSmBECh1
ST.,
Bldg., Philadelphia
desired.
Charles W. Moore
William H. Burg
•0« OLIVE
Exchanges
YORK
Advice given on policy contracts, fire
protection and loss adjustments.
Exchange
Members! Chicago Board of Trade
St. Louis Merchants Exchange
St. Louis Cotton Exchange
St. Louis Stock Exchange
Serndon Smith
NEW
Stock
Tel. John 4870
Lorenzo E. Anderson & Company
Municipal
Members New York and Philadelphia
Insurance Brokers
LOUIS
Sfc.
^/vieaxpo, *$£.
Office, 9156 Exchange
So. Chicago, 111.
Ave.,
German, Austrian, Hungarian, C«echo»
Slovakian, Rumanian, and Jugoflav Gov t
Bonds and Currency.
CHEONICLE
THE
[VOL. 112.
Current J0on& Sntjuirtea
American
Atlas Portland Cement 6s, 1925
Light & Traction
Central Union Gas 5s, 1927
Atlas Portland Cement
Automatic
Clev. Akron & Columbus 5s, 1927
Fire Alarm
Havana Tobacco 5s, 1922
Ford Co. of Canada
H. H. Franklin Mfg.
Long Isl. City & Flush. 5s, 1937
Co.
International Railways
Mobile & Ohio Ext. 6s, 1927
Savannah Sugar
N. Y. & East River Gas 5s, 1944
Singer Manufacturing
New
TOBFV& KIRK
Ward Baking
Members
West
New
York Stock Exchange
Broad
Investment
Our
Y.
wire
private
us
to
to
111 Sroabtuay.
Htm lurk
Hartford
keep in close touch
securities and
we are
in
Stock Exchange
a
position
WE
SPECIALIZE
IN
furnish quotations promptly.
to
New York
5 Nassau St.
Irot^ra
JluhUc Utility Securities
with the markets for all Hartford
Davies, Thomas&Co.
N.
IferteU
Securities
enables
Baking 6s, 1937
St., New York
Hartford
Securities
Members
United Lead Deb. 5s, 1943
Ward
Virginia Pulp & Paper
25
Jersey Steamboat 5s, 1921
American Water Works
Telephone'Broad 3500
Telephone Rector 5520
& Electric Co.
American
Tobacco 6s,
1944
Common Stock
Bell Tel. & Tel. of Penn. 7s, 1945
Spencer Trask & Co.
Central Argentine Ry. 6s, 1927
25 Broad Street, New
Chic. & West. Indiana 7i/2s,
1935
Indianapolis Union Ry. 6s, 1923
6% Participating Pref. Stock
1st
7% Cumulative Pref. Stock
CHICAGO
BOSTON
ALBANY
York
Members
New
York
Stock
Exchange
Members Chicago Stock Exchange
Collateral Trust
5% Bonds
Due April 1st, 1934
Trinity Bldg. Corp. 5V2S, 1939
Inquiries
Niagara Falls Power Co. pfd.
Chic.
JOSEPH EGBERT
2 Rector
St., N. Y.
Tel. Rector 9261
Erie
So.
R.
I.
Gen.
&
4s,
Great
Trunk
P.
ref.
Pac.
Northern
of
of Alberta
Province
of
Cuban
Westheimer & Company
4s,
the
B.
Govt.
Canadian
C.
3s
&
Can.
4s,
1962
4s,
Phone Rector 9989-5, 9728-7,
of
1
9922-8
1934
Private
Phones
to
Philadelphia and Boston
5s, 1925
5s,
1939
4^s, 5s & 6s
»
Pennsylvania Co. 4y2s
Govt., All Issues
Due June 15, 1921 and
July 1,1921
Stock
Stock
securities
1934
Members of the
York
Cincinnati
on
1996
Province
INDIAN REFINING CO.
solicited
Ry. Gen. 4s, 1956
Grand
PROCTER & GAMBLE CO.
also
this Company's Subsidiaries.
New
Exchange
Exchange
Chicago
Board
of
Trade
Baltimore
Stock
Exchange
MILLER &,COMPANY
Members N. Y. and Phi la. Stock Exchanges
SUTRO BROS. & CO.
120
CINCINNATI, OHIO
ISO
Broadway.
'Phone 7600 Rector, N. Y.
BROADWAY, NEW YORK
Telephone: Reetor 7359
of New York Stock Exchange
Members
BALTIMORE, MD.
Bought—Sold—Quoted
EASTMAN
E. W. BLISS COMPANY
1
KODAK
COMMON
3991
Telephone 3992 Reetor
3993
Common Stock
3994
This Company is one of the few companies to report favorable results for
the past year.
In spite of the depressed conditions confronting the various in¬
dustries during the latter part of 1920, this Company nevertheless was able to
report for 1920 the best profits since 1916.
The earnings forthe past few years
were entirely from the Company's regular line of business.
The
only
a
stock, at the present market price, shows the investor not
fair return on his principal, but also unusual speculative possibilities.
|
Special Letter "C"
William St., New York
74
Broadway, N. Y.
common
on
Request.
GLOVER & MACGREGOR
248
'Phone Hanover
Fourth Ave., PITTSBURGH, PA.
Amer. Wat. Wks. & Elec. 5s, 1934
West Penn Traction 5s, 1960
Stone, Prosser & Doty
82
ALFRED F. INGOLD & CO.
7733
St. Paul Union
Depot 7s, 1923
West Penn Power deb. 6s, 1924
April 2
1921.]
THE
CHKONICLE
XIII
Current Ponti Sitqui'netf
Amer. Ice Co. Coll. Trust 5s, 1922
Abitibi P. & P. 6s, All Issues
Canadian War Loans
Beaver Board Co. 8s, 1933
Chinese
Bessemer Coal & Iron Ld. 6s, '31
Brazilian Tr., L. & P. 6s,
Government
6s,
Eastman Kodak
Ford Motor of Canada
1921
Firestone Tire Com & Pfd.
Grand Trunk Pacific Issues
1922
Goodyear T. & R. Com & Pfd,
Lincoln Motors, Class "A"
Paige Detroit Com & Pfd.
Rochester Ry. & Lt. 5s, 1944
Sen Sen Chiclet 6s, 1929
Shaffer Oil 6s & 7s
Texas Electric Ry. 5s & 6s
Caddo Central Oil & Ref. 6s,1930
Central Power & Light 6s, 1946
Cleve. Metal Products Co. 7s, '35
Packard Motor Com. & Pfd.
United Lt. & Ry. Com. & Pref.
Rochester Ry. & Lt. 5% Prof.
Victor American Fuel 6s, 1940
Woodward Iron 5s, 1952
Detroit United Railway 7s, 1923
Internal, Railways 5s, 1962
Willys Corporation Stocks
Merrill, Lynch & Co.
Ironw. & Bess. Ry. & Lt. 7s, 1922
120
Lexington Utilities 6s, 1929
Broadway,
Telephone 6070 Rector
Private
Rio de Janeiro, City of, serial 6s
wires
to
Detroit, Cleveland,
Chicago,
New York
Traders Telephone 7683 Rector
Youngstoton, Grand Eapide and Lansing
Southern Calif. Edison 6s, 1944
Twin States Gas & Elec. 5s, 1953
Rye, N. Y., Reg. 6s
Vacuum Oil Co. 7s, 1936
1922-51
New Orleans
Wickwire Spencer Steel 7s, 1935
Yonkers, N. Y., Reg. 5s
Great Northern 5s
SHORT TERM
NOTES
1927-28
New York City Reg.
1955
Due
3Vfcs
1950-51
New York State Reg.
Bought, Sold & Quoted
1963
Morion I^chenbruch&Cq
State of Idaho Treas. 7s
1922
42 Broad. Street. NewYork
Private Wires to. CHICAGO -PHILADELPHIA -ST. LDUL
C. C. Kerr & Co.
tTTTftRH POH-DETROIT- CLEVELAND -62MD EAPIDS
2
Rector
R. W.
Phone 6780 Rector
St.,%N. Y.
40 Well
PRESSPRICH
Street,
Telephone
J)
New York
KNOW
DO YOU
the
That
fields
and
use
Financial
efficient
most
their
in
men
respective
the
consult
Chronicle
Classi¬
fied Department.
this
mind for
use
Choctaw & Memphis 5s,
Georgia & Alabama
1949
cons.
High Grade
5s, 1945
Genessee & Wyoming 1st 5s,
Railroad Bonds
1929
4J^s, 1961
Long Island Cons. 5s, 1931
Department
when the
In
occa¬
Lima
Locomotive 6s, 1932
Prince & Whitely
Seattle Electric 5s, 1929
Southern Pacific Branch 6s,
sion arises.
1937
Members N. T.
52
S. P. LARKIN & CO.
CONSTABLE & FLEMING
'W«.
66
St.
CONSTABLE
-vr'„ K. L. FLEMING Ua.
Broadway N Y
& So.
Stack
Broadway
Exchange
173 Orange St.
New York
New Haven
RAILROAD BONDS
Private wires
43
Exchange PI.
.
to Philadelphia, Baltimore,
Richmond, New Haven
New York City
.
Telephone: Hanover 6457
\tel» Rector 7270'
Louis Iron Mtn.
307
Chicago & Northwestern 3^8, 1987
Great Northern
Keep
John
Albany & Susquehanna 1st 3J^s,v *46
5s, 1931
Boston & New York Air Line 4s, 1955
K. C. Ft. Scott & Memphis 6s, 1928
Railroad
New Orl. & N. E. Prior Lien 5s, 1940
Bond
Dept.
Atlantic & Danville 1st 4s, 1948
Paducah & Illinois 4^s, 1955
Mason City & Ft. Dodge 4s, 1955
Cent, of Ga.: Macon & N. 5s, 1946
Cent, of Ga.: Chatt. Div. 4s, 1951
Canadian, Cuban,
Florida Cent. & Penin. 5s, 1943
C. C. C. & St. L.: St. L. Div. 4s,*90
Mexican
N.
Y. Pa.
& Ohio
43^s, 1935
St. L. & San Fran. 6s, 1928
Ches. & Ohio: Nor. Ry. 5s, 1945
SECURITIES
Ches. & Ohio: Craig Vail. 5s,1940
Union Term, of Dallas 5s, 1942
British American Tobacco Common
Imperial Tobacco Com. & Pfd.
Industrial Bond
Dept.
Cuban Telephone Com. & Pfd.
Consolidation Coal 5s
Cuban Telephone 5s,
Public
Utility Dept.
Central States Elec. 5s, 1922
Denver Gas & Elec. 6s, 1949-1951
Union Elec. Lt. & Pr. 6s, 1950
Adirondack Pr. & Lt. 6s,
1950
Laclede Gas Lt. 7s, 1929
Amer. Lt. & Traction 6s, 1925
Consumers Power 7s, 1927
Shawinigan Water & Pr. 5s, 1934
United Lt. & Ry. 6s, 1932
Great Western Power 6s, 1925
Municipal
Dept.
Norwalk Steel 4
1951
y2s, 1929
Lake Superior Inc. 5s, 1924
Amer. Sumatra 73^s, 1925
Havana Electric Com. & Pfd.
Havana Electric 5s, 1952
Steel Tube 6s, 1944
Dominion Coal 5s, 1937
Babcock & Wilcox, Ltd.
Mississippi River Power Com. & Pfd.
,
Grand Trunk Pacific 4s, 1955
Grand Trunk Pacific 3s, 1962
Acadia Sugar 7s, any
Central Foundry 6s, 1931
Dept.
Broadway
New York
PRIVATE
WIRES
Montreal
Bonds, 1927-30
Catherina, Bra¬
zil, 6s, 1944
Bank
3^s, 1939 (small bds.)
Stock
Chase
Dept.
National Bank
Chemical National Bank
Bank of Manhattan Co.
Bronze Metal Co.
Consumers
Chemical Pfd.
CORRESPONDENTS
Important Foreign Capitals
Santa
of
Stern Bros. Pfd.
Eastman Kodak Com. & Pfd.
All
State
American Wholesale Pfd.
Hecla Coal & Coke
Telephone Rector 6834
State of Maine Bonds, 1927-28
State of Minn.
G. Spalding Pfd.
American Cyanamid Pfd.
120
N.Y.City ZYzsAUs & 4^s, '26-'27
West Va.
Industrial Stock
A.
Kuczynski & Co.
WANTED:
Fidelity Phenix Insurance
Nat'l Fire Insurance,
Bank for
CARRUTHERS, PELL &
15 Broad Street, New York
Hartford
Savings, Seattle, Wash.
CO.
Phones 5161 to 5169 Hanover
Toronto
Philadelphia Phone, Locust 572
Bait. Phone,
St. Paul 9389
■'O
[Vol. 112.
CHRONICLE
THE
XIV
Current $Sonb inquiries
F.
WANTED
J. LISMAN & CO.
York Stock Exchange
N«w
Members
Peoria Water Works 4s and 5s
Birmingham Water Co. 5s
Middle States Water Works Co. 5»
BROADWAY, NEW YORK
61
Clinton, Iowa, Water Co. 5s
Bangor
&
Railroad
Memphis
Fonda Johnstown & Glovers. 4J^s,
Mason
New Mexico
York
New
Pine
Ulster
AND
&
Bluff
Queens County Water Co. 5s
Otero Irrigation District 6s
1952
Leavenw.C'y&Ft.L.WtrJsjSs^s
5s,
Railroad
Western
RR.
1st
5s
INCORPORATED
&
Devonshire St., BOSTON
17 Water St., corner
5s
Greenwood Lake RR.
&
H. C. SPILLER & CO.
1947, 1951
Ry. & Coal 5s,
Delaware
&
Racine Water Co. 5s
Wichita Water Co. 5s
1937
City & Fort Dodge 1st 4s, 1955
deb.
Railroad
Island
:
i :
New York Interurban Water 5t
Acquackanonk Water Co. 5s
1st 5s
5s, 1923
Keokuk & Des Moines Railway
Long
issues
Rock Island Railway 1st 5s
Paso &
El
all
5s Joplin Water Co. 5s
& Banking Co. of Ga. 5s
Central RR.
Choctaw
WE DEAL IN
Atlantic
RR.,
Aroostook
&
&
Chesapeake
Baltimore
63
Wall
Street, NEW YORK
5s
4s
RAILROAD AND STEAMSHIP SECURITIES
ALL
British-American
Tobacco Co.
Underlying
VILAS & HICKEY
New
49 Wall Street
Imperial
Railroad
York;
BOND BROKERS
Tobacco Co.
Bonds
Specialists
Orders Executed in Rallread
and Active Bond
Dealers
on
Issues for
in
Tobacco
all
Securities
Bristol 3 Bauer
Commission
120 J3r'oexdvja.ir
Phone- Recto? 439a
Telephone Hanover 8317
WOOD. STRUTHERS & CO.
Central Pacific
1929
Canadian Pacific 6s, 1924
Indiana Steel 1st 5s, 1952
5
Cleve. Akron & Col. 4s, 1940
New York Tel. 6s, 1949
New York
Telephone 4%s, 1939
Cleveland & Marietta 41/23, 1935
Tri-City Railway & Lt. 5s, 1923
Argentine Govt. 5s, listed &
unlisted
Street
Austin & Northwest 1st 5s, 1941
Bang. & Aroos. RR. underly'g bds.
4^s, '69
YORK
Chic. Lake Shore & East.
Central Vermont 5s, 1930
City of San Paulo 6s,
1943
State of San Paulo 8s, 1936
Jacksonville Term'l Co. Gen. 5s, 1967
Memphis Term'l Corp. 6s, 1942
N. Y. Connecting Ry. 4^s, 1953
Meridian Term'l Co. 1st 4s,
1955
N. Y. Lack. & West. Construe. 5s, '23
Home Insurance Co.
Grand Trunk Westerm 1st 4s, 1950
Empire Gas & Fuel 6s, 1926
McKinley & Morris
Members
Nassau
NEW
New
York
Stock
Specialists
Railroad
Exchange
60
BROADWAY, N. Y.
Tel, Bowling Green 8180 to 8187
Amer. Lt.
Finlay & Davenport
72
in
Pacific Gas & Electric
Trinity PI.
1
1st
MacQuoid &
Members Nem
14 Wall St.,
York
N. Y.
Stock
Shawinigan Wat. & Pr. 5s & 5 l/i%
Utica Clinton & Bing. 5s, 1939
Wisconsin Central Ref. 4s, 1959
ABRAHAM & CO.
Tel. Broad 8788
LOCATE CAPABLE MEN
Pfd.
•'-vV-hV*. 1 '*• -V
Central Aguirre Sugar
Faiardo Sugar
to
Shaffer Oil & Refin.
6%,
Kings Co. EL Lt. & P. 5%,
Brooklyn Union Gas 5%,
Central Maine Power 5%,
Western Power
Rio de Jan. Tram. L. & P. 5s, 1935
Santa Fe Pres. & Phoenix 5s, 1942
Tel. Rector 6881
Fairbanks Co.
Central Petroleum
Nor. Ontario Lt. & Pr. 6s, 1931
27 William St., N. Y.
Terminal Bonds.
Eastman Kodak
& Trac.
Duluth & Iron Range 5s, 1937
Elgin Joliet & Eastern 5s, 1941
Fonda John. & Glov. 4j^s, 1947-52
1929
1937
1945
1939
-W/-
fill vacancies in your
organization through the
Classified Department
of
the
FINANCIAL CHRONICLE
Coady
THEODORE L. BRONSON & CO.
Exchange
Our
Classified
Members New York Stock Exchange
Tel. Rector 9970
120
Broadway,
N. Y.
Department faces
inside back
the
cover.
Tel. Rector 7580
Argentine Government 5s, 1945
Citizens Lt., Ht. & Pr. of Pa. 1st 5s, '34
Dallas Gas Co. 1st 5s, 1925
Penn. Pub. Service
GARDNER
20 BROAD
&,
Tel.
STREET, N. Y.
Co.
1st
Rector 7430
'35
A. B. Murray &. Co.
Atch. Gen. 4s,
Ch. Mil. & St. P. 4s &
1995 Terre Haute & Indpls. 5s, 1925
41/4s 1989 Long Island Ref. 4s,
1949
Mutual Union Tel. 5s,
1941 Kansas City So. 3s,
1950
Northw. Teleg. 4V2S,
1934 Mo. Kan. & Tex. 4s,
1990
Cleveland
Manitoba Pac. Ext. 4s,
&
P.
6s, 1922
5s, 1939
Gilbert J.
St. Louis S. W. 1st 4s,
1989
New York
Phone 1053 Rector
Trac.
Brazilian
1962
7^s,
Penelec Coal Co. 1st 6s, 1924
14 Wall Street
1940
5s,
Penn. Pub. Ser. Corp. 6s, '29;
CO.
Elec.
111.
Southern California Edison 5s
West
Penn
Utah
Securities
18
Power
6s,
6s
&
& 6s
7s
1922
& Co.
BROAD
NEW
5s,
STRE1
YORK
Telephone Hanover 9762
APRIL 2
1921.]
CHRONICLE
THE
Current
American
Glue,
& pfd.
com.
American Hosiery Co.
Snquirie*
Bkln. Un. Gas Co. 5s, '45,
& 7s, '29
Central Union Gas Co. 1st 5s, 1927
New Amsterdam Gas Co. Cons. 5s, '48
N. Y. & East Riv. Gas Co. 5s, 1944-45
Chicago & Erie RR. Co. 1st 5s, 1982
Clev. Akron & Col. Ry. 5s, '27 & 4s '40
j Brookside Mills
J Chace Mills
Dartmouth Mfg., common
Everett Mills
Farr
xv
N. Y. &
Edis.
N. Y. Penn. ft Ohio P.-L.
EI.
Edison
III.
El.
Co., Bklyn. 4s, 1939
N. Y. 5s, 1995
III. Co.
Queens E. L, & P. Co. 5s, 1930
N. Y. ft We8tch. Lt. Co. Gen. 4s, 2004
4^s, 1935
Northern Union Gas Co. 1st 5s, 1927
Equitable G. L. Co. N. Y. 5s, 1932
Nor. Westchester Light Co. 5s, 1955
K.
Alpaca Co.
Standard Gas Light Co. N. Y. 5s,1930
C.
Sou.
Ry. Co. 1st 3s, 1950
Kings Co. E. L. & P. 5s '37-6s, 1997
S Hamilton Mfg. Co.
Naumkeag Steam Cotton Co.
Westchester Ltg.
Co. Let 5s, 1950
Kings Co. Elev. RR. Co. 1st 4s, 1949
N. Y. Mtitual Gas
Light Co. Stock
Sharp Mfg. Co.
Wm, Carnegie Eweri
Soule Mill
Tel. Rector 3257-3273-4 and
Sanford Mills, common
HOTCHKIN
Telephone
& CO.
53 State St.,
Boston 9, Mass.
Main 460
2 Wall Street. New York
3294
Clinchfield Coal
Brazil
4% Loan of 1889
Brazil 4% Loan
Brazil 4%
Davis Coal & Coke
of 1910
Delaware Lack. & Western Coal
Ry.Rescission loans
Brazil 5% Loan
of 1898
Bought, Sold, Quoted
TELEPHONE
Indiana & Illinois Coal
Corp.
Kan. & Hock. Coal & Coke Co.
Lehigh Valley Coal Sales
Pennsylvania Coal & Coke
BONDS
BULL & ELDREDGE
All Issues
Stock Exchange
Members of the New York
BOUGHT—SOLD—QUOTED
10 BROAD
West Virginia Coal & Coke Co.
Bought—-Sold—Quoted
Tel. Rector 8460
ST., N. Y.
Federal Farm Loan Bond#
Specialists in Short Term Securities
T. L. MacDonald
52 B'way. N. Y.
Bonds;
Equipment
Specialists Reorganization Securities
Tel. Broad 2357-8-9
26 Broad
INDIAHOMA
STANDARD
0
Standard
Gold
L
in
PENNSYLVANIA
TAX-FREE
SECURITIES.
Henry D. Boenning & Co.
Notes
APRIL
Par Valua
Standard
Oil
1, 1931.
Yield 8.25%
Circular
on
Direct Telephone to
request
We
Securities
Berdell Bros., N. Y.
Specialize in
Goodyear T. & Rub. Com. ft: Pf.
29 Broad St.. N. Y.
Phoaw 4860-I-2-S-4 Broad.
Stock Exchange
Stock Exchange Building
PHILADELPHIA
Stock
CARL H» RFORZHEIMER A CO.
Dealers
GRADE
Members Philadelphia
1
Indiana
Tel. 7160-1-2 Broad
Sinking Fund
10-Year 8%
$15
St., New York
WE WISH TO BUY HIGH-
REFINING
COMPANY
Oil
of
Wm. C. ORTON & CO.
;
Peerless Motors Stock & Notes
INQUIRIES INVITED
FOR
SALE
$10,000 Amer. Water Wka. & El. 6s@55H
Rollins, Kalbfleisch & Co.
5,000 East St. L. & Inter. Water 5»@65
Members N. Y. Stock Exchange
Traction
Penn
SMITH
Tel. Bowling Green 1069C
B'way, N. Y.
Telephone Broad 7064-5-0
WANTED
$10,000 West
ROBINSON &
61
5,000 Birmingham Water 5a@79
5s@65f£
10,000 National Securities P. L. 6s@75
WE HAVE ORDERS IN
87 Wall St.,
Stock ft Scrip
BILLO
OTTO
111. Cent. Equip.
Phone Hanover 6297
N. Y.
6^s, '28 to '30
Southern Pacific Equip. 7s, 1930
United Light &
Liberty Registered Bonds
Railway 7s, 1922
Geo. W. Helme Co. Common
60
Exchange
439©
WIRE
PRIVATE
TO
INVESTMENT
8T.
LOUIS
City & Ft. Dodge 1st 4s, *55
Illinois Central
Cin.
K.
Ham.
C.
&
Mem.
4s,
Day.
&
4s,
1934
Evans. & Terre Haute 5s, 1942
& Eastern
O.
pr.
Illinois 5s,
South
&
WOLFF & STANLEY
Telephone Rector 2920
72
Trinity Place, N. Y.
Troy v
"Sterling" 4s,
1948
Pacific Co.
Wichita Falls & NoW.
Vermont
Pacific
& Pr. 5s} 1312
Power 7 l/i%
Rocky Mtn. Coal & Iron 5s
Dominion
Coal
5s
Amer. Steel
Fdy. Deb. 4s
Rumely 6s
Adams Express 4s, 1947
Advance
Canadian Northern 6s, 1924
Central
Elec.
Wisconsin
United Trac. & Elec. 5s
Erie-Penna. Coll. 4s
Western
Hudson & Manhattan Com. & Pf.
Syracuse
Philadelphia
Liggett & Myers 7s
1963
Dallas & Waco 5s
Southern
1937
Chicago
Portia nd Ry. Lt,
Ref. 4s
1. 3^s, Mid. Div. 3^s
North Alabama 5s,
Pennsylvania
194d>
Little Rock & Hot Sp. W. 4s, 1939
Chic.
&
"Nickel Plate" 2nd 6s
1st 43^s, 1937
Georgia Midland 1st 3s,
Delaware & Hudson
B.
Rochester
St. Louis
0944-5-6
Toledo & Ohio Central Gen. 5s
1952
Birm.
Buffalo
New York City
Rector
Pittsburgh
Cleveland
Kansas City
New Orleans
Boston
SECURITIES
115 Broadway
Ogdensburg & Lake Ch. 4s, 1948
Tel., 6400 Broad
CORRESPONDENTS
Cincinnati
Baltimore
;
Green
Bowling
Members New York Stock Exchange
NeW York
Albany
EDWIN BANCKER & CO.
BROADWAY, N. Y.
Telephone
Mason
Stock
York
J. S. Bache & Co.
BRANCHES and
NEWBORG & CO.
Members .:/ New
PROCTER & GAMBLE
4s, 1929
Ref. 5s
Pacific
Coast
Valvoline
5s
new
Granby Mining 8s
4s
M., K. & T. Issues
SAM'L
Phone 5380-1-2-3 Broad
Kirby
2nd
Oil
Lumber
Mexican
Govt.
Pref.
Pref.
Pref.
&
RR.
Issues
GOLDSCHMIDT
25 Broad Street
XVI
THE
CHRONICLE
Current $3onb
WANTED
Snqufrte*
Denv. & Rio Grande
Arizona Power 6s, 1933
West Shore
[VOL. 112.
Adj. 7s, 1932
Advance
4s(coup.& reg.), 2361
Haytian Amer. 7s, 1922-24
Missouri Kan. & Tex. 1st 4s, 1990
New Amsterdam Gas 5s, 1948
Oklahoma Gas & Elec. 5s, 1929
St. Louis Southw. consol. 4s, '32
St.
L.
Sierra & San Fran.Pr.5s & 6s
South. Cal. Edison 6s, 1944
Dominion of Canada 5s, 1926
Spgfd. & Peo. 5s, 1939
New York Telephone 6s, 1949
St. Paul Gas Light 5s, 1944
Topeka Edison 5s, 1930
UnitedE.L.;H.&P.(Balt.)4V2s,,29
'
f.'*
'
.•
72
Trinity Place
-
-
New York
-
Sheets.
Quotation
for
Members New York Stock Exchange
SI Broadway
New York
.
•.
Caddo Central Oil & Refg. 6s, 1930
'
Penna. Coal & Coke Stock
GEORGE
N.
Street, New York
Chic. & East. 111. 5s, 1937 Ctfs.
St. Paul M. & Man.
<<
FLEMING
Building,
4^8, 1933
Soo" Cons. 4s, 1938
Montgomery Bros.
Philadelphia
Big Four St.
Louis 4s,_ 1990
Colorado Midland 3s, 1946
Columbus Water 6s, 1936
Consolidation Coal 5s, 1950
Cleveland Akron & Columbus 5s, 1927
Louisville & Jefferson Bridge 4s, 1945
New Amsterdam Gas 5s, 1948
Fairbanks Co. 1st preferred
Greenfield
Norfolk & Western Cons.
4s,
Liggett's International pfd.
1996
Wayne Coal 6s, 1937
Stock & Bonds
FRANK J.
T1
Turners Falls Power & Elec.
U. S.
DUNHAM
Envelope Common
Investment
48
WALTER S. PLACE
35
Congress St.,
Private
BOSTON, MASS.
Telephone New York and Philadelphia
Exchange Place
& CO.
SECURITIES
Central
Missouri
Willys Corp. Com.
Rolls Royce Pfd.
Motor
Stocks
Tire
20 Nassau
District
5s,
Tel.
1943
&
Kansas
5s,
Tel.
1929
>
and Rubber
Joseph Gilman
Stocks
R.B. Hathaway & Co.
Bought, Sold & Quoted
WANTED
Vhone 8300 Hanover
Specialists
CHICAGO
DILLON
NEW YORK, N. Y.
Securities
FOR SALE
100
M.
NEW YOI
6466 Bowling Green
Broadway
WANTED
50-100 Willys Corp. Pfd.
100 Rolls Royce Pfd.
500
"Mala 7088"
York
Wanted
Penn Water & Power 5s, 1940
Utah Northern 5s, 1926
Southwestern Pwr. & Lt. pfd.
New
MORTGAGE BOND CO.
New York & Westchester Lighting 4s, 2004
Oregon & California 5s, 1927
Tap & Die pfd.
25 Broad St.,
Broad 8063
Butte Anaconda & Pacific 5s, 1944
Crowell & Thurlow S. S.
• •
Telephone Broad 5140
Telephone
Douglas Shoe preferred
-V•" ..;V
Pittsburgh Stock Exchange
Chicago Board of Trade
Exchange
Tel. Rector 5300
Portland Ry. Con. 5s, 1930
Buffalo & Lake Erie Trac. 1st 5s, 1936
Waterloo C. F. & Nor. 1st 5s, 1940
221 Lafayette
Adirondack Elec. Power pfd.
•
New York Produce
180 Broadway. N. Y.
Portland Ry., Lt. & Power Stock
Uosjenft Wtedher St j&otis
W
("Philadelphia Stock Exchange
Members
Members of New York Stock Exchange
42 New
Guaranteed Stocks
' '*
•
Stocks—Bonds—Grain
Telephone: Whitehall 1056
Write
•
HUGHES & DIER
ARTHUR E. FRANK & CO.
HANSON & HANSON
Rumely 6s
Providence Securities 4s
Investment Securities
34
Pine
Street
el. John 5020-1
St., N. Y.
New
'Phone 5691-4
York
City
John
BABCOCK, RUSHTON & CO.
Members
New
York, Chicago
Exchanges
and
STOCKS AND BONDS
Boston
Stock
HOME IN8. BLDG..
CHICAGO
bought
ALL
7 WALL STREET
NEW
YORK
V
CHUCKS
0?
USE AND CONSULT
BOK1DS
and
sold
for
cash,
or
carried
on
conservative terms.
Inactive and unlisted securities.
F©REIGN
Inquiries invited.
FINCH & TARBELL
Members New
120
York Stock Exchange
BROADWAY,
NEW
YORK
H
the
Classified Department of
CURRENCIES
the
Financial Chronicle
Our Classified
Inside back
Department faces the
cover.
*|P ' '
GENTRAL
R.A.SOICHJ&CO
16-18
Exchange Place
New York
Bowling Green 3230-39
NATIONAL
Phones:
DEBENTURES
Acadia
Sugar 7s, 1921-40
Brazilian Traction 6s, 1922
Buenos Ayres Consol. 5s, 1915
Burlington Ry. & Light 5s, 1932
Binghamton L. H. & P. 7s, 1925
Beaver
Board 8s
Consolidated Textile 7s
Empire Gas & Fuel 6s, 1924-26
Georgia Ligh' Power & Rv. 6s
General Asph It 8s, 1930
Grand Trunk Pacific 3s, 1962
General Gas & Electric 6s, 1929
Hudson & Manhattan 1st
4>$8, 1957
Haytian-American Corp. 7s, 1922-24
Laclede Gas Light 7s
Middle
West Utilities 8s, 1940
Ohio Cities Gas 7s, 1921-25
Portland Ry. 5s, 1930-42
Province
of
Buenos Aires 6s.
Price $115 per share
BONDS
Belgian
Brazilian
French
German
Italian
Paid
7% in Cash
Japanese
Russian
10% in Participations
American Cyanamid
Atlas Portland Cement
Amer. Light & Trac. Com. & Pfd.
By-Products Coke
Bordens Com. & Pfd.
British-American
at par
Tobacco
Buy through
Childs
1926
Rio de Janeiro 6s
San Paulo 6s, 1943
Spokane International Ry. 5s
Savannah & Atlantic 6s,t 935
State of Santa Catharina 6s
Utah Idaho
FOREIGN
Argentine
Sugar 7s
Woodward Iron 5s, 1952
Firestone
Tire
&
Rubber
or
Goodyear Tire & Rubber
Imperial Tobacco
Royal Baking Powder Com. & Pfd.
Scottish-American Oil V. T. C.
Willys Corp. Pfd.
& CO.
Tel. Rector 6157-8, 2558, 6852
DIRECT WIRE CONNECTIONS TO
CHICAGO, DETROIT, GRAND RAPIDS
own
Broker
or
FERGUS0NG00DELL & CO., inc.
,
Street, New York
your
Bank
Kansas & Gulf
Mexican Eagle Oil
ERNEST SMITH
20 Broad
in 1920
'
28 West 44th St.
New
York.
April 2
CHRONICLE
THE
1921.]
^financial
Saontitamg
FINANCIAL
Va 1 uation,
Litiga¬
Income Tax,
5s, 1933 Harrisburg Lt. & Pr. 5s, 1952
Consol. Trac. of N. J.
etc.
Caddo Cent. Oil & Ref. 6s, '30
Tenn. Ry. Lt. & Pr.
Portland Railway 5s, 1930
Tenn. Power 5s, 1962
Phila. Gas & El. 5s, 1960
Penn. Power &
Market St. Elev. 4s, 1955
Security
Financial
Issues,
tion,
Port.
Light 7s, 1951
Ry. L. & P. 1st & 2d Pfd.
MOORE, LEONARD & LYNCH
and Associates
63 Wall St., N. Y.
Hanover 6673
New York
Pittsburgh
george w.
35
Pfd.
BAUER
JOHN
Philadelphia
myer, jr
Public Accountant
Certified
Newark Pass. Ry. 5s, 1930
West. N. Y. & Pa. Gen. 4s, '43
CONSULTANTS
on
xvii
Audits, Investigations,
Railroad
Municipal,
Government,
YORK
NASSAU ST., NEW
Public Utility
Estate Accounting,
Income Tax Returns
Industrial
Investment Bonds
Telephone Sector 5441
Established 1865.
&
Bioren
410 Chestnut St.,
A. B. Leach &
Co.
Philadelphia.
Co., Inc.
Securities
Investment
Members New York and Philadelphia
Stock Exchanges.;'
We
offer
and
own
■
subject
105 So* La Salle St., Chicago
St., New York
62 Cedar
to
and change in price:
prior sale
Philadelphia
District 6s,
Everglades Drainage
due 1926-1936 @ 100
Buffalo
Scranton]'
Pittsburgh
Detroit
Minneapolis
Cleveland
Baltimore;
State of Florida
Boston
-
Milwaukee
i
City of Philadelphia 5s, due 1951,
@ 4.70% basis
City of Calgary, Canada, 6s, due
1924, @ 7.60% basis
Aluminum Co. of Amer. 7s, 1925
FARLEE & CO.
J. S.
We Will Buy or
Armstrong Cork 7s, 1931
Gulf Oil 7s, 1933
Heinz Co. 7s, 1930
Jones & Laughlin Steel 5s, 1939
Vacuum Oil 7s, 1936
Sell
CO,
SECURITIES
RAILROAD
Illinois Cent* Stock Coll. 4s
CANADIAN
CS BROADWAY
Government, Provincial
and
Municipal
Bonds.
Hartshorne & Battelle
ftwtar 1195
Members New York Stock Exchange,
investments
Holmes & Co.
J. H.
Members N. Y. and Pittsburgh
Stock Exchanges
ToL Bread 7741
SS Broad St.
'
''
NEW
^
YORK
Union Bank Bldg,
Pittsburgh
CI Broadway
New York
Direct Private Wire Connection
Central Pacific Coll. Tr. 4s
Phila. Wilm. & Bait. RR. 4s, 1932
Lehigh Valley RR. cons.
4^s,
1923
SEND
Lehigh & N. Y. RR. 1st 4s, 1945
ONE DOLLAR
Can. Pac.
•For
any
analysis and Report on
Security you own or propose
AND ALL FOREIGN BONDS
Ry. Equip. 6s, 1928-1930
Pine Creek Ry.
Co. 1st 6s, 1932
Hartford 4s
MAXWELL B. SMITH
67
Exchange
Phone—Rector 8411
Place
Beech Creek RR. Co. 1st 4s, 1936
.
and
Facts
N. Y. New Haven &
Japanese 5s, 1907-47 (French Issue)
Clearfield & Jefferson 6s, 1927
an
l;|? buying.
Chic. Milw. & St. Paul 4s
Impartial
Criticism
for Investors.
Biddle & Henry
Investment Registry
104
of America, Inc.
South
Fifth
Street
Sugar Engineering Corp.
WOOLWORTH
BLDG..
NEW YORK.
PHILADELPHIA
York
Private Wire to New
Call Canal 8437
INVESTIGATIONS
Columbus St. Ry. 5s, 1932
APPRAISALS
111. 5s, 1939
Cleveland Elec.
Danville Champ. & Decatur 5s, 1938
608 Chestnut Street,
Philadelphia
||
REPORTS
Danville Urbana & Champ. 5s, 1923
& Lt. 5s, 1925
1949-1951
Evansville Gas & Elec. 5s, 1932
Danville St.
Denver
Great
Ry.
Gas & El. 5s,
Western
Power 5s,
DESIGN
,
1946
Southwest Mo. El. Ry. 5s,
New Jersey
1
Southern
Sierra
1923
Power 6s, 1933
GEO.
B.
EDWARDS
INVESTMENTS
Securities
72 Trinity
Louis Levenson
outwater & wells
Public Utility—Industrial—
Short
U Exchange
Place
Tel. SO Montgomery
Jersey City, N. J.
Term
Tel. Broad 4931
Securities.
27 William St., N. Y,
Place, NEW YORK, N.
FOR SALE—Timber, Coal, Iron,
other properties.
Confidential
Negotiations
Settlements and Purchases
United States
Was
Indies
Y.
Ranch and
Investigations
of Property.
Canada
[Vol. 112.
CHRONICLE
THE
xvni
€nguteer*
Jftnantial
Ninety Years As Trustee
^tt\HE
I
fundamental idea of a Personal Trust is to
the individual's purpose
and influence
extend
STONE & WEBSTER
INCORPORATED
Hence the first
commissioned to execute such
day of his death.
beyond the
requisite of any agency
a trust is that the agency itself shall be permanent
DESIGN steam power stations,
hydro-electric
Life Insurance and
out, under proper
court
supervision, the wishes of men arid women of
other days as to the disposal of their estates.
The fact
that this company has adapted its service to the vast
changes which have taken place since its founding in
1830, without altering its fundamental character, gives
For
a century the New York
Company has been carrying
nearly
Trust
assurance
of
future
its
successful
administration
developments,
transmission
lines, city and
railways, gas and
chemical
plants,
industrial
plants, warehouses and build¬
ings.
interurban
CONSTRUCT either from their
designs
own
of
from designs
architects.
or
of other engineers or
Personal Trusts.
MANAGE
Officers of the Company are always glad to discuss the
formation of trusts and the management and safe-keep¬
industrial
public utility
companies.!
and
REPORT
on
going concerns,
proposed extensions and new
projects.
ing of property.
If it is not convenient for those who
are
considering such matters to call at the office, the
officers will be glad either to call upon them and take
up their individual problems or to furnish information
by correspondence.
FINANCE industrial and public
utility properties and conduct
an
investment
banking
business.
ifork Sitfie JttBtfrann? anil
New
NEW YORK BOSTON CHICAGO
*
$ruBt (Hotupautj
EDWIN
52
WALL
President
MERRILL,
G.
NEW Y0RK
ST.
Consulting
Engineers
Park>(Jnion
Specializing in
Public Utilities
FOREIGN RANKING CORPORATION
56 Wall
*HE total
resources
million dollars.
and
Street, New York
Industrial
of this Bank
Gas and Electric
are
over
twenty-two
Management and Operation,
Counsel and Reports,
Accounting and Purchasing,
Utilities Public Relations,
Valuation and Rates,
Design and Construction of
Our
Foreign Exchange Department
is taking care of the foreign exchange business in
sterling,
francs, lire and marks, as well as Scandinavian, Central
European and Far Eastern exchange, for over two hun¬
dred banks within the United States, for
many foreign
banks and commercial firms.
unsurpassed
exchange..
facilities
for
This enables
buying
and
us
selling
to
Appraisals
cen
offer
tral station and industrial
power
plants and
gas
plants.
foreign
WILLIAM A. BAEHR Organization
People*
Capital (fully paid)
Gag Building
Chicago
$4,000,000
-
Surplus and Undivided Profits_
$621,000
OFFICERS
Charles A.
Holder, President
Aspden, Vice-President
Mackenzie, Secretary and Treasurer
T.
E.
B.
Fred
THE
J. G. WHITE ENGINEERING
CORPORATION
Constructors
Engineers
A Bank
to
In
We maintain
a
of out-of-town
In
addition
foreign,
of
the
our
to
Represent You
Buildings—Industrial Units
Pittsburgh
Public
completely organized department for the service
banks, firms and individuals.
complete banking service, both domestic and
knowledge of the financial and industrial affairs
a
Pittsburgh District
is
at
your
Utilities
Reports—Valuations—Estimates
XCHANGE
A3
PLACE,
NEW
YORK
disposal.
MELLON NATIONAL BANK
H.
1
M. CHANCE
Mining
Engineers
and
PITTSBURGH, PA.
&,
CO.
Geologists
COAL AND MINERAL PROPERTIES
Capital and Surplus
-
-
§11,000,000.00
Examined,
Draxel
Bldg.
Managed,
Appraised
PHILADELPHIA
April 2 1921,]
THE
CHRONICLE
XIX
.financial
^Meetings
CANADIAN PACIFIC RAILWAY COMPANY.
NOTICE TO SHAREHOLDERS.
The Fortieth Annual General Meeting of the
Shareholders of this Company for the election
of Directors to take the places of the retiring
Directors and for the transaction of business gen¬
erally, will be held on Wednesday, the fourth
day of May next, at the principal office of the
Company, at Montreal, at Twelve o'clock noon.
Brazilian
SPECIAL MEETING.
Government
The meeting will be made special for the pur¬
of considering and, if deemed advisable, of
authorizing the issue, statutory authority there¬
for being first obtained, of bonds, debentures
pose
Bonds
other securities collateral to or in lieu of any
consolidated debenture stock which the Company
or
is
or
may
the
to
be hereafter authorized to issue, and
amount.
same
The
Common
closed
In
Montreal,
Among the attractive issues
New
York
be
London
and
will
at
eign
AH
same time.
books will
be
re-opened
They enjoy
By order of the Board.
ERNEST ALEXANDER, Secretary.
March
extensive list of for¬
14th,
the
better known
Government sterling issues.
Their safety is assured
Thursday, the
on
fifth day of May.
Montreal,
our
Government offerings are some of
Brazilian
3 p. m. on Tuesday, the fifth day of April.
The
Preference Stock Books will be closed in London
at the
oil
,
Books
Transfer
Stock
beyond
a
reasonable doubt.
active market.
an
Their yield is extremely attractive.
1921.
They offer
INSPIRATION CONSOLIDATEDCOPPER Co.
ciation
NOTICE OF ANNUAL MEETING.
Notice is hereby given that the Annual Meeting
of the
Stockholders
of the
Inspiration Con¬
speculative value due to the possible appre¬
a
sterling exchange.
Inquiries
solidated Copper Company will be held at the
office of the Company, 242 Water Street, Au¬
Maine,
on
Monday, the twenty-fifth
day of April, 1921, at two o clock P. M., for the
transaction of any and all business that may
come
before
the
meeting, including the elec¬
in
■
'
/
invited from investment houses and banks.
are
gusta,
tion of directors.
The transfer books
will
be
not
closed,
American Express company
but
65 BROADWAY—NEW YORK
only
those stockholders of record at the close
of business (viz., three o'clock P. M.) on Friday,
April 8th, 1921, will be entitled to vote at said
meeting.
By order of the Board of Directors.
J. W. ALLEN, Secretary.
New York, March 25th, 1921.
SECURITIES
TEI.EPHONB'
DEPARTMBNT
BOWLING GREEN 1QOOO
UNITED
STATES CAST IRON PIPE AND
FOUNDRY COMPANY,
Regular Annual Meeting of the Stock¬
holders of the United States Cast Iron Pipe &
Foundry Company for the election of Directors
The
the
and
of
transaction
such
other
business
as
come before the Meeting will be
principal office of the Company,
No. 15 EXCHANGE PLACER JERSEY CITY,
NEW JERSEY, on Thursday, April 21, 1921,
may
properly
held
at
Linking The Continent
the
AT 12 O'CLOCK NOON.
The Transfer Books of the
Two
be closed for the purpose
Standish in Plymouth-town,Wisconsin portages were
Company will not
of this Meeting.
B. F. HAUGHTON, Secretary.
Burlington, New Jersey, March 15, 1921.
NEW
YORK & HONDURAS ROSARIO
MINING COMPANY.
17 Battery Place, N. Y„ March 23, 1921.
The annual meeting of the stockholders of the
New York &
Honduras Rosario Mining Com¬
pany will be held at the office of the Company on
Wednesday, April 6, 1921, at 2 P. M., for the
election of directors and for action upon all ques¬
that may properly be brought before the
decades
on
The Stock transfer books will be closed at 12 M.
March 26, 1921, and remain closed until 10
A. M. of April 7. 1921.
J. PERLMAN,
UNION
BAG
Secretary.
the
canoes
Thus
Quebec and New Orleans brought close
to hold the interior
were
until thirteen years after
the British
at
Through
City, March 31, 1921.
consin
ground.
business
as may
properly
CHARLES
B.
come
war
and
peace,
has been
on
have
of such other
before the meeting.
Secretary.
Wis-
strategic
Her metropolis and
the rich district served
Tuesday, the 12th day of April, 1921, at 11
o'clock in the forenoon, for the
purpose of electing
transaction
the "Minute Men" fired
Lexington.
No. 15 Exchange Place, Jersey City, New Jersey,
the
By
the Wisconsin
together and New France enabled
on
for
to
to the St. Croix, the French
Mississippi from the Great Lakes.
poration will be held at the office of the Company,
and
Miles
and from the Bois Brule
reached the
Notice is hereby given that the Annual Meeting
of the Stockholders of Union Bag & Paper Cor¬
Directors
Capt.
eastern seaboard.
from the Fox
&
PAPER
CORPORATION.
233 Broadway,
New York
courtship of
linking the interior with the
carrying their
tions
meeting.
after
grown
and
by it
prospered
through the bounty of nature
SANDERS.
and
through leadership of First
Wisconsin caliber.
Bond
"
Salesmanship
'The Human Side of Business' is the
best book on this subject ever written."
Price
$3,
cash
circular free.
with
Descriptive
for safe by
order.
Published
and
First Wisconsin
the Investment House of
Milwaukee
Frederick Peirce & Co.
1421 Chestnut Street,
National Bank
Incorporated
Philadelphia
in
1846
Milwaukee
Texas
Municipal Bonds
High Yield
Short-Term County Notes
J.
141
L. ARLITT
Broadway,
Tel.
Member
EXEMPT
ALSO
Texas
FROM
NEW
New
Rector
Bankers*
FEDERAL
YORK
Illinois Trust & Savings Bank
York
4614
STATE
Association
INCOME
INCOME
Chicago
La Salle at Jackson
TAX
TAX
Capital and Surplus
NASSAU COUNTY, NEW YORK
Coupon 5s
B. J. Van
Pays Interest
on
Time
Deposits, Current and Reserve
Ingen & Co
46 Cedar Si
New Yor^
TEL.6364 JOHN
Accounts.
ohange.
Deals in
Transacts
a
Foreign Ex-
Has'on band at all times a variety of excellent securities.
Government,
General Trust Business.
Buys and sells
Municipal
and
Corporation Bonds.
CHRONICLE
THE
XX
[VOL. 112.
Btiufeenitf
Dibftenbd
KANSAS CITY SOUTHERN
RAILWAY COMPANY.
No. 25 Broad Street, New York, March 15, 1921.
THE
A
quarterly dividend of ONE (1) PER CENT
this
has
day been declared upon
the Preferred
Stock of this Company, from surplus earnings of
the current fiscal year, payable April 15, 1921, to
stockholders of record at 3:00 o'clock p.
m.,
March 31, 1921.
Checks in payment thereof will be mailed to
the addresses last furnished the
stockholders at
Transfer
Agent.
Birmingham Railway, Light & Power
Co., 4^s
New York & Stamford
Black
Peekskill
Mountain
Co.,
Railway
1st
Gas
Fuel
&
Co.
Lighting & Railroad
Mtge. 5s
Fe
Water
Santa
Co. of
Fe
Water
&
1,
Denver & Rio Grande Railroad Co.,
Seranton,
Railway
7% Gold
March 31, 1921.
Board of Directors has this day declared
quarterly dividend of one and three-quarters
(13i%) per cent upon the preferred stock of this
Company for the three months ended March 31,
1921, payable May 1, 1921, to stockholders of
record at the close of business on April 15, 1921.
Montrose & Binghamton
Company, 1st Sinking
Transfer books do not close.
L.
ALLIED
Bonds.
The
Relief
Montana,
Tri-City Railway & Light Co.,
5% Collateral Trust
1st Lien
1st
Union Electric
City Southern Railway Co.,
:
Mtge. 3s
stock of this Company,
common
on
CLINTON S. LUTKINS, Secretary-Treasurer.
Office
of
BYLLESBY &
M.
Light & Rys. Co., 7% Se¬
CHICAGO,
COMPANY,
ILLINOIS.
r
The Board of Directors of the Northern States
Power
Kingsport Utilities Inc.,
1st Mtge.
United Light & Railways
Co., 7% Se¬
cured Gold Notes, Series of
20-Yr. Gold 6s
DUE APRIL
Lincoln
Heat, Light & Power Co.,
Mtge. 5s
Llano
County,
1920.
Company has declared the regular quar¬
terly dividend of one and three quarters per cent
on preferred stock of the Company, payable by
check April 20th, 1921, to stockholders of record
as of the close of business March 31st. 1921.
10TH, 1921
Texas,
ROBERT
Bridge
Light & Power Co.,
H.
DUE APRIL
Mtge. 5s
Village
New London Gas & Electric Co., 2nd
Mtge. 5s
of
Long
Springs,
Mo.,
Gas
Beach
6%
Sewer
&
Electric
Company of
Delaware
has
the Company, payable by check April 15th,
to stockholders of record as of the close of
ness
March 31st,
de¬
1921,
busi¬
1921.
ROBERT
UNITED
COMPANY.
CHICAGO, ILLINOIS.
The Board of Directors of the Western States
clared the regular quarterly dividend of one and
three quarters per cent on the preferred stock of
Bonds.
v
M. BYLLESBY &
15TH, 1921
City of Excelsior
Funding Bond
New London Gas & Electric Co., 1st
GRAP, Secretary.
Office of
1st
Gold 6s
J.
6th
and 8th.
Monterey
payable
stockholders of record at
April 15, 1921.
common
Co., Dillon, Mont.,
cured Gold Notes Series B
Gold Notes
1st
the
May 2, 1921, to
the close of business
H.
Kingsport Utilities, Inc., 3-Yr. 6%
Broadway,
The Board of Directors has this day declared
initial quarterly dividend of $1.90 per share
1st Mtge. 5s
United
DYE
an
,
Kansas
&
New York, March 29, 1921.
on
County,
CHEMICAL
61
.-"V >:>'
LARSEN,
CORPORATION
Co., 1st Mtge.
6s
A.
Vice-President & Treasurer.
"A."
20-Year
Street,
York
New
The
Tomkins Cove Stone
Deb. 5s
NICKERSON, Treasurer.
Church
Mtge. 5s
Glacier
Manhattan,
of
a
Equipment Company, 7%
Equipment Gold Notes,
Series
Co., 1st
A.
-.''.v..,../'
Steel Car
Railway Co.,
principal office
Borough
LOCOMOTIVE WORKS, Inc.
LIMA
1st
Spring Brook Water Supply Co., 1st
Mtge. 5s
Co., Cons. 6s
Street
the
City of New York, will be paid at the Guaranty
30
Light Co.,
Fund 6s.
Ref.
Fonda Johnstown & Gloversville RR.
Gary
payable by their
at the
1921,
in
trustee
1st
Cons. Mtge. 4s
Whitehall, 1st Mtge. 5s
Fulton Light, Heat & Power
April
on
the
of
R.
&
Light Co.,
Mtge. Prior Lien 5s
Electric Motor Co., 1st
Skg. Fund Gold Bonds 5s
1925
.
Santa
Erie
1,
Notes,
Trust Co. of New York, at 140 Broadway.
Columbia University Club, 5s
Cumulative Adj.
Telephone Co.
April
Coupons from these
Radford Water Power Co. 6s
Haute, 1st Mtge. 5s
Consolidated Light & Power
Secretary.
Convertible Gold Notes
Due
Co.,
Pine Bluff Natural Gas Co., 20-Yr.
1st Gold 6s
Terre
of
Year 7%
Five
terms
Texas, La Feria
Water Imp. Dist. No. 3 6s
Citizens
Southwestern Bell
Ry. Co. 1st
Mtge. 5s
1st
County,
HAND,
'
Mtge. 5s
Cameron
C.
G.
COUPONS DUE APRIL 1st, 1921, PAYABLE AT THIS OFFICE
J.
GRAP,
Secretary.
STATES SHIPPING BOARD
WASHINGTON, D. C.
OFFERS THREE TUGS FOR SALE
Fire Proofer, Portsmouth,
INTERNATIONAL PAPER COMPANY.
New York, March 30th, 1921.
Piscataqua
Sealed bids will be received in the office of the Chairman, United States
Shipping Board, Washington, D. O.,
on or
before 5 P. M., April 25, 1921.
Bids to be opened at 10:30 A. M., April 26, 1921, in the office of the Board,
on a
lump
sum
basis "as is, where is."
The Board of Directors have declared a regu¬
lar quarterly dividend of one and one-half per
cent
(114%) on the preferred capital stock of this
Company, payable April 15th, 1921, to preferred
stockholders
April 8th,
of
FIREj PROOFER—Steam screw towing steamer built 1903.
Material of hull and deck house, steel; pilot house, wood.
Length,
103 ft.
Beam, 21 ft.
Depth, 13 ft.
Draft, 12 ft.
Engines, 1
pound surface condensing engine, 14x30x22 in.
11 ft.x2^ in.xll ft.
Built 1912.
com¬
OWEN
The
a
at
the
close
of
business
SHEPHERD, Treasurer.
CONSOLIDATED
One Scotch boiler,
Tug PORTSMOUTH—Steam screw towing steamer, freight ser¬
vice, straight head and round stern.
Length, 97 ft. 1 in.
Beam,
23 ft. 3 in.
Depth, 10 ft. 9 in.
Draft, 13 ft.
1 compound surface
record
1921.
Tug
dividend
CIGAR
CORPORATION.
New York, March 31, 1921.
this day declared
Board
of Directors has
of
SI.75
per
share
on
the
Common
Stock of this Company, payable April 15, 1921,
to stockholders or record April 9,
1921.
The
books will not close.
Checks will
be
condensing engine fore and aft, cylinders 16x34x22 in.
One Scotch
boiler, 11x8 ft., 144 in. diameter; steam pressure 140 pounds, built
mailed.
LOUIS
CAHN, Secretary.
1904.
CRUCIBLE STEEL COMPANY OF AMERICA.
Tug PISCATAQUA—Steam screw towing steamer,
vice; material of hull, wood; material of deck house and
wood; built 1891.
Length, 78 ft.
Draft, 8 ft.
Beam,
1 compound surface condensing engine fore and
aft,
One Scotch
boiler, steam
pressure
on
ping
20 ft. 3 in.
14x28x20 in.
130 pounds; built 1908.
The three above tugs are located at Hog
Island, Pa.
the inspection will be furnished
freight ser¬
pilot house;
DIVIDEND
dend
of two
Washington,
D.
8.—Resolved, That a divi¬
(2%) be declared out of
the Common Stock of this
cent
upon
Company, payable April 30, 1921, to stockholders
of record
April 15, 1921.
W. R. JORALEMON,
Secretary.
Permission for
C.
Board,
NO.
per
profits
undivided
application to Ship Sales Division, Ship¬
.6. BENSINGER CO.
77 Whitehall Street
The Board
reserves
the right to reject
New York
any or
all bids.
City*
CABLE COPES
Sealed bids should be addressed to the
Secretary of the United
States Shipping Board, 1319 F Street, N. W.,
Washington, D. C., and
endorsed "Sealed Bid for Tugs, and Do Not Open."
•(msimoca coochiook
3*€OAusrs offch
BENTLEY COMPLETE PHRASE CODE"
'
.
,
'
L.rawt telling cpde—u.cd alt over the world—
tare,
more than
over
plain English cabling.
P0C
*>-
'"'**'
-■
ASK FOR IMPORTANT CODE CIRCULAR NO. 339 -«•
BENSINGER—PHONE—BOWL. GR. 6989
April 2
THE
1921.]
CHRONICLE
jf manual
©tbtbenbg
The Farmers' Loan and Trust
Company
IS, 18, 20 and 22 WILLIAM STREET.
New York City.
Coupons and Dividends due in April
payable at this office
are
after April 1st, 1921, as
on
and
follows:
Birmingham Iron Company
Cayadutta Electric Railway Company
Chicago & North Western Railway Co.
Equipt. Trust Certificates, Series "B"
Commercial Cable Company
Connellsville Water Company
Durham County, N. C. (Road 5s)
Durham County, N. C. (Court House
4y2s)
Harris County, Texas (Harrisburg Road
Improvement 5s)
Holley, N. Y., Village of
Lackawanna Steel Company
Mobile & Ohio Railroad Company 1st
EXCESS RESERVE is present
strength, but in the an evidence of
money
market it may prove to
luxury.
Extension Mortgage
Muncie Water Works Company
We
New
England Car Company Trust Cer¬
tificates, Series VA," New York New
& Hartford
Haven
RR.
and
Equipment
North Plainfield, Borough of
St. Louis Merchants Bridge
are
(
in
the
reserves
same
expensive
position to offer liberal terms
unexcelled
ample
Railway Company
City Railway Company
St. Joseph Water Company
Victoria (Texas), City of
St. Paul
an
,
banks, which
Terminal
be
facilities
to
out-of-town
enable them to maintain
with the least strain and at
time to
keep earning assets at the
maximum figure.
APRIL 10TH, 1921.
Victoria (Texas), City of
We
DIVIDENDS
APRIL 1ST, 1921.
Duluth-Superior Traction Company , on
funds
Preferred Stock
Twin City Rapid Transit
Preferred Stock
for the transfer of
over our
reserve or
re¬
other
private wires.
Company, on
Our 24-hour transit
Weyman-Bruton Co., on Preferred Stock
Weyman-Bruton Co., on Common Stock
F. W. Woolworth Co., on Pref. Stock
Manufacturing Co.,
Ernest Simons
give instantaneous attention to
quests
department operates
continuously. All items handled
on
at par
for
correspondents. No charge for telegraphic
Preferred Stock
transfers.
WARREN BROTHERS COMPANY.
Boston, March 30, 1921.
TO STOCKHOLDERS.
of Warren Brothers
The
business
Company
last year showed a net profit of over $600,000.00
or more than four times the amount of preferred
owing to the
large amount involved in uncompleted work on
account of lack of transportation in 1920, the
Directors deem it advisable to suspend payment
of dividends on Preferred Stocks which are cumu¬
lative, until such work is completed and the
Company has reduced its indebtedness.
WARREN BROTHERS COMPANY,
JOHN DEARBORN, President.
dividends for the current year, but
American Telephone
THE
& Telegraph Co.
Three Year Six Per Cent Gold Notes
Due October 1, 1922
Coupons
terms
of
on
the
these notes,
from
in
Companv
will be
payable by their
1921, at the office or agency
April 1,
York
New
or
in
Boston,
PHILADELPHIA, PA.
paid in New York at the Bankers Trust
Company, 16 Wall Street.
G.
'
American Telephone
A
will
¥r:
D. MILNE. Treasurer.
& Telegraph Co.
quarterly dividend of Two Dollars per share
be paid on Friday, April 15, 1921, to stock¬
holders
record
of
at
the
close
of
business
on
Friday, March 18, 1921.
transfer
books will be closed from Saturday, March 19,
to Tuesday, March 29, 1921, both days included.
On account of the Annual Meeting, the
G
D.
MILNE,
Treasurer.
International Agricultural Corporation
New
The
Board
of
York, March 17th, 1921.
of the International
Directors
INCORPORATED
Agricultural Corporation has this day declared
a
quarterly dividend of one and one-quarter
(1 H%) per cent on the preferred stock of the
corporation, payable April 15th, 1921, to stock¬
holders of record at the close of business March
31st, 1921.
The transfer books will not be closed.
JOHN J. WATSON, JR., Treasurer.
Maintaining 93 Branch Offices in 79
Gas. Improvement Co.
Principal Cities of the United States
Office of
The
United
INVESTMENT SECURITIES
Arch Streets,
Philadelphia, March 9, 1921.
The Directors have this day declared a quar¬
N.
W.
Corner
Broad
and
EXECUTIVE
dividend of one per cent (50c. per share)
the Common Stock of this Company, payable
terly
on
to holders of Common Stock of
record at the close of business March 31, 1921.
Checks will be mailed.
I. W. Morris, Treas.
April
15,
111 W. Monroe Street
OFFICES:
CHICAGO
1921,
1
U&2U
XXII
THE
CHRONICLE
[VOL. 112.
Jfttianrial
The Second Uptown Office
of the
Bankers Trust Company
is
Open
At 57th St. and Madison Ave.
It
is
the
are
unit
Bankers Trust
pany,
and
complete
a
of
Com¬
offering all banking
now
which
services
trust
rendered
by the
Company's Wall Street
and
Fifth
offices.
Avenue
This office has been estab¬
lished
to meet
the constant¬
ly growing banking needs
of the section in which it is
located.
You
to
are
inspect
and
to
cordially invited
our
make
new
use
office
of
its
facilities.
Bankers Trust Compan y
Member Federal
Reserve System
Downtown Office
Fifth Avenue Office
Fifty-Seventh St. Office
16 Wall Street
At 42nd Street
At Madison Ave.
Paris Office:
/
16 Place Vendome
April 2 1921.]
xxin
CHRONICLE
THE
^financial
New Issue
$1,000,000
The Denver Gas & Electric
Light
Twenty-Five Year GeneralJMortgage Vh% Gold
Dated March 1, 1921
Bonds, Series "A"
Due March 1, 1946
;
interest payable without deduction for Federal Income Taxes not in excess of 2%.
Summarized
ident of the
as
follows from
The
Business
Frank W. Frtieauft, Pres¬
letter signed by Mr.
a
Company:
Denver
Gas
&
Electric Light Company,
incorporated in 1909,
supplies without competition electric light and power and artificial
gas in the City of Denver and its suburbs, serving a population in
excess of 260,000, and supplies the business section
with steam heat.
and
Territory
The proceeds
Purpose
from the sale of these Bonds will be
used for the pur¬
of refunding $900,000 total amount of First Mortgage 5% Bonds
The Lacombe Electric Company, due May 1, 1921, and for other
pose
of Issue
of
corporate purposes.
1
(
These Bonds will share in the lien of the First and
Security
Refunding Mort¬
of the Company through pledge with the Trustee of a like amount
First and Refunding Mortgage 5% Bonds which represent a direct
gage
of
first mortgage on a
will include its
a
substantial part of the company's properties, which
power plant. They will be further secured by
lien subject to underlying lien on the Company's
principal
direct mortgage
entire properties.
Net earnings
Earnings
for the
annual interest
year
charges
ended January 31, 1921, are over 2^ times
the total funded debt outstanding, includ¬
on
ing these Bonds. Approximately 85% of the Company's net revenue
is derived from the sale of electric current for light and power.
The above Bonds
are
offered when,
as
and if issued and received by us at
Price 96 and accrued interest, to
Circular
Bonbright & Company
on
yield
over
7.85%
request
W. C. Langiey & Co.
Incorporated
25 Nassau Street, New
The above
York
information, while not guaranteed
115 Broadway, New York
ha* tver. obtained from sources vve
believe to to be reliable
XXIV
[VOL. 112.
^financial
NEW
ISSUE
$3,000,000
INVINCIBLE OIL CORPORATION
Convertible 8
Elated March 1, 1921.
to
the
at
next
Due March 1, 1931.
interest payment
date.
Sinking Fund Gold Bonds
%
Redeemable at
any time on thirty days' notice at 110, plus accrued interest
Quarterly interest March 1, June 1, September 1 and December 1, payable
The Chase National Bank of the City of
New York,
or
the First National Bank of Boston, without
deduction of any normal Federal income tax up to 2% which the company may be
permitted to
,
pay
registered
as
at
the
$1,000, 8500 and $100
source.
to principal.
coupon
bonds which
required
may
or
be
The Chase National Bank of the City of
York, Trustee.
New
From
a
letter
of Mr. J. B. Shearer, Vice-President of the Corporation,
summarize
we
as
follows:
CAPITALIZATION
As
of
December 31,
1920, after giving effect to this financing:
Authorized
Capital Stock, Par Value $50
Convertible
Outstanding
$50,000,000
8% Sinking Fund Gold Bonds (This Issue)
$21,056,815
6,000,000
__
3,000,000
Purchase Money Notes (Payable Serially to 1924)
Tank Car Equipment Obligations, Serial
The
2,914,096
961,684
remaining $3,000,000 bonds have been certified, but remain unissued in the treasury of the corporation.
Deed
of Trust the corporation covenants that the said
retirement of the above Purchase
An amount of
Money Notes, to the
capital stock sufficient
bonds
extent
or
In the
the proceeds thereof, if sold, shall be devoted to the
that the
same may
be
necessary.
to provide for the conversion of the total authorized issue of bonds is
specifically
reserved.
BUSINESS AND PROPERTIES—The Invincible Oil
Corporation controls, through sub¬
sidiary companies about 135,000 acres of oil properties in Louisiana, Texas, Oklahoma,
Arkansas and other States; refineries advantageously located at Fort
Worth, Texas, and
Shreveport, Louisiana, with an aggregate capacity of about 10,000 barrels a day; steel tank
storage capacity of about 1,000,000 barrels, including a tidewater export station at New
Orleans; 811 tank cars and about 250 miles of pipe lines.
The production in 1920 was about 3,000,000 barrels of crude
oil, and is now at the rate of over
5,600 barrels of crude oil per day. The business of the corporation, combining large scale settled
production, refining capacity amply in excess of this production, and adequate facilities for stor¬
age, transportation and marketing, constitutes a complete and efficient unit of the oil industry.
ASSETS—The net assets of the corporation, according to the balance sheet
prepared by
Messrs. Marwick, Mitchell & Co., amount to
$21,138,6.74, or over 3 times the total funded
debt of the company,
authorized to be issued.
EARNINGS—The net earnings of the Corporation available for interest
charges for the twelve
months ended December 31, 1920, before depletion and
depreciation, amounted to $7,592,447,
or over 14 times the interest of the total funded
debt, authorized to be issued.
SINKING
FUND—The Deed of Trust provides a
quarterly sinking fund commencing
September 1, 1921, to retire at the rate of one-tenth of the total authorized issue of bonds each
year, and further provides that if in any year total cash dividends on the common capital stock
exceed the sinking fund payments, such
payments shall be increased in that year to equal
such
■'"i'
excess.
■■■(
^
CONVERSION PRIVILEGE—These bonds
are convertible at the
option of the holder at any
maturity into the capital stock of the Invincible Oil Corporation at prices advanc¬
ing from $30 to $39 a share. This stock is listed and actively traded in on the New York
Stock Exchange.
time prior to
Price 95 and accrued interest to
These bonds
are
offered when,
as
over
8M%
and if issued and delivered to
approval of all legalities by Messrs.
the
yield
us, subject to the
Storey, Thorndike, Palmer and Dodge for
Bankers, and Messrs. Loring, Coolidge, Noble & Boyd for the Corporation.
All bonds offered
subject to prior sale and change in price without notice.
NAPHEN & CO.
MEMBERS
NEW
YORK AND
BOSTON
STOCK EXCHANGES
T
61 BROADWAY
NEW YORK
105 DEVONSHIRE ST.
-
The above
deem
information and statistics have been obtained from
reliable, and, although not
guaranteed,
are
accepted by
sources
us as
that
we
accurate.
BOSTON
y
April
21921.]
THE
CHRONICLE
xxv
financial
5; II
'■■■"I
New Issue
A
6%
FEDERAL INCOME TAX EXEMPT BOND
AT PAR
$2,175,000
CITY OF SEATTLE
Washington
MUNICIPAL LIGHT AND POWER PLANT AND SYSTEM
6% GOLD BONDS
Dated April
1, 1021
Due as shown below
Principal and semi-annual interest, April 1st and October 1st, payable in gold at the
fiscal agency of the State of Washington, in New York
City, or at the office
of the City Treasurer in Seattle, at the option of the holder.
Coupon
bonds, with the privilege of registration as to principal and
interest, either or both. Denomination $1,000.
Exempt from all taxation in the State of Washington
Eligible
Security for county and city deposits in Washington
as
FINANCIAL STATEMENT
(As officially reported.)
Actual Value of Taxable Property (Estimated)......,........$494,665,912
Assessed Valuation for purposes of taxation
Total Bonded Debt (included
Bonds
in this issue)..........
Net Bonded
Debt
..
......
...
....
•..
...
.
.
.
..
.........
Population 1910 U.S. Census
$245,823,956
$40,705,700
30,910,436
self-supporting (including this issue)...........
..«.
.
.....
9,795,264
.237,979
Population 1920 U.S. Census (Increase 33%)
315,652
Seattle]
In the opinion of counsel these bonds are an obligation of the
City of
principal and interest being payable from the gross revenues of the entire Municipal
Light and Power Plant and System, and are issued to provide funds for the purpose of
making certain additions and extensions thereto, j
the
Legal opinion of Chester B. Masslicht\Esq.
MATURING
$145,000 Apr. 1, 1927
$145,000 Apr. 1, 1932
$145,000 Apr. 1, 1937
145,000
"
1928
145,000
1933
145,000
"
1929
145,000
1934
145,000
"
"
1938
145,000
145,000
"
1930
145,000
"
1935
145,000
M
1940
145,000
"
1931
145,000
w
1936
145,000
"
1941
1939
Price 100 and interest
Circular fully describing the above bonds will be
furnished upon request.
R.
M.
31
GRANT & CO.
Nassau Street, New York
Boston
St.
The data and statements in this advertisement
information
which I we
were
Louis
Chicago
obtained from official reports
are not* guaranteed,
regard as^reliable, and while they
or
we
are
oar
believe
opinion based upon
th*m to be correct.
Subscriptions have been received in excels of the amounts of bonds offered.
This
publicity
appears
as
a
matter
of
record.
■
THE
XXVI
[VOL. 112.
CHRONICLE
Jfmatutal
As this entire issue has been sold,
this advertisement
appears as a matter
of record only.
$20,000,000
Vacuum Oil
Company
Fifteen-Year 7% Gold Bonds
To be dated
To mature April 1, 1936.
April 1, 1921.
Interest payable April 1 and October 1.
Principal and interest payable at The Equitable Trust
Company of New York, Trustee.
Coupon Bonds in denominations of S1,000 and $500. Regisp.
terable as to principal only.
Redeemable on and after April 1, 1926, as a whole or in lots of not less than $5,000,000 on any
interest date on thirty days' notice at 104 and interest during 1926, 103 ^ and interest during
1927, 103 and interest during 1928, 102
and interest during 1929, 102 and interest during 1930,
101^ and interest during 1931, and 101 and interest thereafter.
The Company
will set aside annually the sum of $500,000 in
quarterly installments of $125,000 each to be used to purchase
Bonds if obtainable at not over par and accrued interest.
The
unexpended balance, if any, of any quarterly installment will
Company toward the next quarterly payment.
be credited to the
A letter
from the President of the Vacuum Oil Company is summarized as follows:
The Vacuum Oil Company,
Business:
incorporated in 1866, is one of the oldest
in the world. At the time of the
New Jersey in 1911 all of the Com¬
and most firmly established oil companies
dissolution of the Standard Oil Company of
pany's Capital Stock had been acquired by the Standard Oil Company.
The
Company is engaged in the refining of petroleum and the marketing of its prod¬
and in foreign countries.
The Company special¬
high-grade lubricants for every class of machinery.
Its products are obtainable throughout the world and its "Gargoyle" trade-mark
is universally known to users of lubricating oils.
ucts both in the United States
izes in the manufacture of
Security:
These Bonds will be the direct credit obligations of the Vacuum Oil
Company and will constitute its sole funded debt presently outstanding in the
hands of the public.
The Indenture under which these Bonds will be issued will
provide,
among
other
things, that:
No
subsequent funded obligations can be issued which will have priority as to present
over these Bonds, nor can the total funded debt exceed 50% of the Company's
assets
Net Assets.
.
.v.'
.
Net Current Assets, as defined in the Indenture,
amount at least equal to 150% of the aggregate
will at all times be maintained at an
principal amount of all funded debt
'
outstanding.
The net income for 1920 of the Vacuum Oil Company, after all charges,
amounted to $8,250,000, and for the five years ended
December 31, 1920, averaged $8,693,881, equivalent to 6.2 times the maximum
annual interest requirements on these Bonds.
Earnings:
except Federal taxes,
Assets:
Net
tangible assets of the Vacuum Oil Company at December .31, 1920,
over $74,000,000, of which over $36,000,000 consisted of net current
amounted to
assets.
Offered if,
as
and when issued and received by
100 and
us
and subject to the approval of counsel, at
interest, to yield 7%
Delivery in temporary form is expected
The National
The
about April 15, 1921.
City Company
Equitable Trust Company of New York
Blair & Co., Inc.
on or
Dillon, Read & Co.
Thefabove information is based upon official statements and statistics on which we have
reliedpn the purchase of these Bonds.
We do not guarantee, but believe it to be correct.
April
21921.]
THE
CHRONICLE
xxvn
Jfittatitial
*
The New York Trust
Company
and
The
Liberty National Bank
of New York
have been consolidated
under the
$26,000,000
Capital, Surplus and Undivided Profits
As
offers
to
a
of
name
result of this merger,
The New York Trust Company
specialized commercial domestic and
the
customers
foreign banking facilities of The Liberty National Bank in addi¬
tion to the widely experienced trust facilities of The New York
Trust Company.
Main Office of the
The
Street.
Avenue
Company will he at 26 Broad
Liberty Office at 120 Broadway, and the Fifth
Office at 57th Street and Fifth Avenue will be continued
The
exactly as at present. About September 1st, the Main Office and
the Liberty Office will be merged in the new offices now under
construction
at
100
Broadway.
OFFICERS
Otto T. Bannard
Chairman
of the Advisory Committee
'
Mortimer
Chairman
N.
Buckner
v
of the Board of Trustees
Harvey
D.
Gibson
President
Maurice F. Bayard
Vice-President
James G. BLaine, Jr
Joseph A. Bower
James Dodd
Vice-President
Charles E. Haydock
frederick J. HoRNE
JOSEPH S. maxwell
Alexander V. Ostrom
Charles W. Riecks
Vice-President
herbert W. morse
Vice-President
Vice-President
Vice-President
Vice-President
Ernest
Vice-President
Stauffen, Jr.
Vice-President
GEORGE murnane
Vice-President
Harral S. Tenney
Vice-President
sidney W. Noyes
Vice-President
Vice-President
Frederick W. Walz
■*
-
Boyd G. Curts
Vice-President
Treasurer
Secretary
TRUSTEES
Otto T. Bannard
Chairman, Advisory Committee
Mortimer N. Buckner
Chairman
of the Board
Thomas Cochran
J. P. Morgan & Co.
James C. Colgate
James B. Colgate & Co.
Edmund C. Converse
New York
Alfred A. Cook
Arthur
Leventritt, Cook, Nathan & Lehman
J. Cumnock
Otis H. Cutler
Catlin
chairman,
American Brake Shoe &
Henry P. Davison
Robert W.
de
J. P. Morgan & Co.
Forest
De Forest Brothers
George Doubleday
Russell H. Dunham
Samuel H. Fisher
John A. Garver
Harvey D. Gibson
Member
Co.
Foundry Co.
President, Ingersoll-Rand Co.
President, Hercules
fyf)
yy'-:':r:
y
Powder
>
Shearman
Co.
Afcw York
Sterling
President
Thomas A. Gillespie
Chairman, T. A. Gillespie Co.
Charles Hayden
Hayden, Stone & Co.
Lyman N. Hine
President, American Cotton Oil Co.
F. N. Hoffstot
Walter
President, Pressed Steel Car Co.
New York
Jennings
DaRWIN P. KiNGSLEY
President, New York Life Insurance Co.
Edward E. Loomis
HOWARD W. Maxwell
President, Lehigh Valley Railroad Co.
Vice-Pres., Atlas Portland Cement Co.
Ogden L. Mills
edward S. Moore
New York
1
Vice-President, Beech-Nut Packing Co.'
Junius S. Morgan, Jr.
Grayson M.-P. Murphy
Henry C. Phipps
Charles W. Riecks
Dean Sage
J. Pi Morgan & Co.
G. M.-P.
■■■'
Murphy & Co.
f.<.::
New York
Vice-President
Zabriskie, Sage, Kerr & Cray
6f the Federal Reserve System and of the New York Clearing House Association
XXVIII
THE
CHRONICLE
[VOL. 112.
jftoamial
Louisville & Nashville Railroad
St. Louis Division
First Mortgage
Dated March 1,
1921
6% Bonds
Due March 1, 1971
s
Secured by a closed first mortgage at less than $17,000 per
on
208 miles of road
Followed by $3,000,000 second mortgage 3%
Nashville.
mile
forming part of the main line of the Louisville &
bonds, due
1980.
Redeemable
on
or
after March 1,
1930, at 107%.
Legal investment for Savings Banks and Trustees in Massachusetts,
Connecticut and New Jersey.
Price at market to
yield about 5.85%
Municipal Bonds Exempt from Federal Income Taxes
State of Idaho
7% Treasury Notes
Dated April 1, 1921
Due March 1,
1922
Interest and principal payable in New York
Denominations $5,000 and $10,000 Notes in bearer form with privilege of
registration
Legal Investment for Savings Banks and Trustees in New York
Financial
Statement
Assessed valuation
(1920)__
Total debt, including this issue
$502,000,000
4,938,750
Population (1920), 431,826
iThe gross debt is less than 1 % of the assessed valuation and the net debt less
than % of 1%.
•
*
Price
100%
to
net
6.15%
City of Richmond, Virginia
Direct Obligation 5 %%
Bonds
Dated Jan. 1, 1921
Due Jan. 1, 1955
Redeemable at
par on or
after January 1, 1931.
Coupon bonds in the denomination of $1,000, with privilege of registration.
Principal and interest payable in New York.
Financial
Assessed
Statement.
valuation
$257,747,863
Net debt
12,319,786
Population (1920),
Price 101, to yield
.
5%% to optional date and 5%% thereafter.
Descriptions
v
171,677
upon
request.
TRudmnndMa
Broad & Sansom Sts.
Philadelphia
Baltimore
33
Pine Street
New York
Pittsburgh
Washington
INCLUDING
Bank &
Railway & Industrial Section
Railway Earnings Section
Electric
Bankers' Convention Section
Quotation Section
State and
Week ending March 26.
(Kfavo
Clearings at—
Inc. or
PUBLISHED WEEKLY
1921.
Terms of Subscription—Payable in Advance
Year....*.....«.J10 00
For One
6 00
Six Months
13 50
7 75
11 50
European Subscription (Including postage)
European Subscription six months (Including postage)
Canadian Subscription (including postage)
NOTICE—On account of the fluctuations in the rates of exchange, remit¬
for
tances
New
York
European
subscriptions
and
advertisements
made In
be
must
funds.
-f+vjs
458,120,103
56.316.199
Chicago
Cincinnati
94,886,665
Cleveland
Detroit.
82,000,000
Milwaukee
28,451,447
Indianapolis.
12,634,000
14.003.200
10,300,875
3,102,775
4,769,064
Columbus
Toledo
Subscription includes following Supplements—
Quotation (monthly) Railway & Industrial (semi-annually)
Electric Railway (semi-annually)
(monthly)
State and City (semi-annually) Bankers' Convention (yearly)
Peoria
Bank and
Grand Rapids...
Railway Earnings
Dayton
Terms of
4,017,585
4,079,609
2,513,486
1,484,391
Evansville
Springfield, 111...
Advertising
Fort Wayne
Transient display matter per agate line-—.45 cents
Contract and Card rates.............On request
Lexington.
Youngstown
Chicago Office—19 South La Salle Street, Telephone State 5594.
Dondon Office—Edwards & Smith, 1 Drapers' Gardens, E. O
Rockford.......
Bloomington
2,000,000
Quincy
6,264,864
1,713,681
1,473,843
1,281,014
5,776,000
4,462,703
—
Akron.
DANA COMPANY, Publishers,
WILLIAM B.
Canton
Front, Pine and Depeyster Streets, New York.
Decatur...—_.
Presi¬
Published every Saturday morning by WILLIAM B. DANA COMPANY.
William
the Company.
dent, Jacob Seibert Jr.; Vice President, Arnold G. Dana; Business Manager,
Herbert D. Seibert.
Address of all, Office of
994,101
Springiield, Ohio.
D. Biggs; Secretary,
1,130,739
1,500,000
1,236,058
792,779
Bend
South
M ansf Ield
.
_
'
Danville
—
111
J acksonville,
_
288,975
.
1,450,000
Lansing
CLEARING
HOUSE
the corresponding
633,780
393,400
Lima
RETURNS
total bank
clearings of all the clearing houses of the United States for the week ending to day
have been $6,700,770,077, against $6,009,861,025 last week and $8,675,746,702
The following table, made up by telegraph,
<fcc., Indicates that the
Owensboro
Adrian
———--
Francisco—
San
Per
7,
Cent.
1921.
1920.
$2,955,224,840
$4,422,644,179
—33.2
406,805,589
550,155,468
—26.1
328,539,177
208,218,172
295,301,433
305,327,458
+ 11.3
—31.8
115,505,374
215.0CO.OOO
—45.3
89,617,292
143,367,319
—37.5
102,200,000
120,407,544
60,829,731
67,886,524
128,072,488
103,054,826
—20.2
99,000,000
—38.6
58,621,464
55,367,646
+ 15.8
Los
-—-
Portland
New York.
...
...
...
.....
Chicago.
....
_
.....
Philadelphia...........
_
Boston.i;
...
.
.
.
.
i
^ „■..
.
.
_
v
„.
.
A,.
.
Kansas City..
St. Louis......
San Francisco....
Pitt-burgh
Detroit
Baltimore
...
.....
37,575,641
New Orleans.
C
Eleven cities, 5 days
..........
cities, 1 day
$0,700,770,077
Total all cities for week
+ 11.7
$7,296,126,584
1,379,620,178
—24.3
$8,675,746,762
1
—29.5
920.214,303
$5,521,271,162
1,179,498,915
Total all cities, 5 days
All
—32.2
$6,375,912,281
$4,492,809,884
1,028,461,278
...
Other cities, 5 days
+ 16.6
—22.8
furnish them
....
Tacoma
Oakland..
Sacramento
San Diego
i
...—
Stockton
Fresno
San Jose
—
Yakima
—
Pasadena
Reno.ii** -S-i *+-■
Long Beach.....
Santa Barbara—
Total Pacific.
Minneapolis..
Des
Friday night.
week ending March 26 show:
all cases estimated, as we go to press
March 26.
*'
'
1921.
''
S
New
....
Pittsbuigh—...
' ;
449,828,432
170,700,209
80,476,706
43,903,866
—26.3
331,693,874
141,398,682
68,843,397
Buffalo
32,696,847
Washington
14,867,315
4,000,000
7,626,640
4,371,010
3,101,372
Albany.
Rochester.
Scran ton
Syracuse
2,400.000
1,542,000
Reading
Wilmington
:?
—25.5
395,296,500
132,740,912
67,468,737
18,089,801
17,623,605
3,819,.507
9,722,714
5,013,597
3,971,145
2,600,000
—15.6
13,956,236
+ 4.7
4,000,000
6,156,659
3,409,785
3,249,816
2,290,785
3,807,802
—59.5
—20.0
—14.5
—21.6
—12.8
—21.9 '•+:
—7.7
—13.6
2,700,000
2,450,499
4,625,685
Lancaster...
...
York...........
Erie.
-
2,865,973
5,040,474
3,409,102
3.263,696
1,653,640
2,383,648
—31.1
2,869,071
2,311,078
1,283,905
1,725,873
719,700
Wheeling
1,123,900
—36.0
647,900
Blnghamton
—12.6
—29.2
—6.1
—31.0
Greensburg
1,100,000
1,412,921
—21.1
Chester
1,200,000
1,700,000
—29.4
734,236
...
310,919
Montelair
955,782
561,326
1918.
1,013.648
1,320,536
290,012,094
66,181,476
44,104,308
18,266,432
11,513,763
3,891,627
5,846,551
3,537,143
3,661,441
2,383,333
2,592,3.54
2,035,452
3,662,799
3,819,492
1,849,575
1,136,296
1,557.949
774,900
1,000,000
1,122,951
—23.1
828,868
522,931
—44.6
299,168
315,279
Total Middle.. 3,802,992,574 5,803,232,930
7,990,900
6,038,069
__
Hartford..
New Haven.....
Springfield
Portland....
... .
Worcester
Fall River
Bedford
New
:
4,218,554
4,145,134
2,375,000
2,968,271
1,184,952
1,137,160
354,868,047
11,872,500
9,286,386
4,916,340
4,594,316
2,400,C00
3,753,584
2,703,221
2,051,698
Pueblo
265,543,860
—1.0
10,086,700
Fremont
Hastings..
Billings....
Aberdeen
Tot. Oth.West.
St. Louis
New
Houston
Richmond
Fort
......
Worth
Memphis...
Atlanta...—
Savannah..
—
Nashville
Norfolk-.—_.
Birmingham
Augusta
_
......
_
_
_
_
_
„
—26.9
806,330,735
786,002,711
—15.9
35,251,196
—17.9
107,758,666
36,827,000
34,431,591
25,326,773
12,391,281
7,943,678
3,729,894
7,770,708
3,227,960
1,677,755
1,784,616
2,450,093
1,087,891
1,003,693
1,102,186
32,157,068
28,920,917
21,800,000
9,594,263
3,817,767
9,976,401
4,548.415
2,337,514
4,770,300
3,482,440
1,356,368
1,159,741
3,095,415
710,000
3,139,425
+ 16.7
—23.1
+ 32.1
16,500,000
12,830,428
7,384,833
9,560,234
—25.2
—48.3
+4.3
4,995,051
2,452,281
—8.9
5,611,100
4,504,102
—16.8
4.7
—22.3
1,806,595
—24.9
1,721,279
2,203,189
791,862
2,623,304
—32.6
694,606 Not Included
+ 40.5
—10.3
1,296,332
2,032,078
Dallas
—44,6
1,425,448
1,709,498
Tulsa
667,847
1,014,077
637,596
—31.6
309,442,31 J
300,321,291
764,026
751,053
962,838
420,000
1,225,114
915,581
19.268.036
13,973,675
10,997,897
12.371.037
6,542.236
3,018,795
3,093,732
1,194,898
919,291
+ 36.8
—24.5
—41.8
—36.0
—47.4
—15.7
9,897,082
9,468,650
4,602,411
—32.1
—25.1
790,371
505,000
—3.5
634,613
—27.1
2,409,549
4,614,271
1,614,254
1,827,435
598,892
1,688,548
3,988,335
2,399,226
1,592,194
862,570
673,583
—19.5
335,128,979
532,578,841
165,480,870
65,051,918
11,800,000
29,593,108
6,137,014
62,727,116
19,283,024
26,129,624
63,548,506
10,833,854
21,874,600
9,913,923
19,654,599
6,557,897
12,642,355
2,436,445
2,924,696
11,924,557
9,332,075
5,562,091
12,476,297
7,515,640
2,000,000
39,398,835
10,907,916
11,482,016
39,827,009
4,181,804
14,200,040
6,465,785
13,907,244
1,627,799
9,904,471
1,686,365
21,730,507
20,480,474
10,337,109
9,998,878
4,877,005
2,511,260
2,201,035
—49.2
—50.9
1,830,590
26,725,900
59,368,007
12,756,774
—17.2
—32.5
+ 44.5
—45.4
820,782
492,855
3,300,000
1,870,787
:
:
978,968
—30.0
1,203,549
1,344,708
—37.1
379,359,493
381,954,486
—33.7
132,767,005
45,681,353
16,701,825
13,389,817
4,589,690
45,636,762
13,315,404
14,875.788
47.915,140
6,308,703
14,939,909
7,419,243
10,770,485
2,662,836
149,532,216
42,805,333
21,494,934
8,392.613
1,496,088
2,091,876
4,242,471
1.328.710
—37.9
—44.7
+ 98.2
—11.2
—15.1
—37.2
—43.4
—56.1
—37.3
—61.4
—35.1
—34.8
—29.2
—75.2
—21.2
—30.8
—11.1
—25.8
—33.9
—55.1
+ 99.4
—48.6
—19.8
1
4,195,970
5,389,308
4,425,829
9,670.582
1,4.50,000
8,000,000
909,820
12,500,000
4,900,000
38,897,121
13,246,233
10,541,617
39.719,988
6,911,843
11,091,751
7,069,605
3,793,442
4,306,051
2.034.321
4.505.322
4,626,544
2,600,000
8.558.711
1,800,000
4,820,032
Southern
Total all
236,268
328,626
—28.0
312,110
367,576
3,221,306
5,299,618
—39.2
2,392,297
1,972,674
6.50,000
Muskogee.....
Total
22,606,361
—37.6
—46.8
1,085,746
1,151,687
1,555,705
...
—56.2
553,435
5,347,916
2,915,547
1,075,567
1,663,716
,1,594,178
724,356
+ 19.6
837,420
2,500,000
Jackson
654,924
812,663
89,386,177
25,934,000
26,278,326
18,501,386
10,230,613
6,686,000
3,615,409
In total]
2,724,694
5,551,552
2,248,154
24,861,744
3,861,846
1,604,362
Oklahoma
2,988,661
+ 5.0
In total
894,800
887,784
....
Charleston
2,755,519
—26.9
2,101,333
8,843,791
6,167,972
—20.9
—13.5
17,072,413
11,218,249
8,937,069
5,787,285
10,426,824
3,322,626
2,430,243
2.600,000
....
690,474
1,093,510
—14.8
154,495,765
71,262,000
41,802,44.8
130,000,000
—
Little Rock
Slireveport
925,000
.
Vicksburg—
1,143,739
399,205.325
_
....
2,000,000
725,000
2,694,621 Not included
—
'—
3,466,812
835.476
910,842
—17.8
808,765,156 1,105,984,215
5,212,106
Galveston
3,150,795
2,140,000
800,000
272,884,793
—12.4
4,028,052
1,146,845
1,086,338
1,000,000
1,194,163
767,959
603,907
700,000
778,751
703,545
379,833
82,092
23,385,007
26,278,305
.
Bangor
Total New Eng
—26.5
4,768,000
289,989
35,981,998
Orleans
Louisville
Austin
Holyoke—......
Lowell.—
Stamford
—42.5
109,638,952
Helena
Macon
—9.8
—53.7
457,737
532,929
715,805
1,087,598
Waterloo
3,690,239
—14.2
—45.0
—18.3
1,986,307
4,597,270
1,518,571
2,644,978
Duluth
6,483,923
—35.0
—30.5
187,319,60&
.-v-
Knoxville
276,579,140
8,258,500
6,848,327
4,967,230
—32.2
+ 59.1
—39.6
.
—
Mobile
—34.5 4,003,514,701 3,624,138,592
—32.7
+ 9.2
—39.2
—42.8
196,942,333
City..
Chattanooga
240,466,277
Boston
Providence..
—19.2
174,955,715
39,932,942
56,838,266
14,417,529
20,862,953
17,498,452
8,933,695
10,579,376
—
J acksonville
+ 11.7
1,662,824
1,856,725
2,339,741 Not included In total
Huntington
Bethlehem
1,086,070
1,209,031
—15.5
250,469,255
Fargo
$
3,434,749,239 3,154,350,446
2,474,584
4,404,407
2,415,367
3,063,919
1,141,963
1,652,340
Wilkes-Barre....
Altoona
S
%
—36.4
Baltimore..
Trenton
$
1919.
Dec.
3,169,337,277 4,979,732,067
York.
Philadelphia
1920.
—51.8
—32.5
—8.5
Topeka.. s..—- wi
Cedar Rapids —
Colorado Springs.
Inc. or
•
—42.8
816,249
538,525
346,924
+ 6.0
—50.2
—42.8
...—
Lincoln...
'7'
842,396
587,860
933,008
—24.1
—26.5
242,058,244
86,676,126
72,956,381
19,916,584
Wichita
Clearings at—
.
—48.8
—13.2
375,795,667
Moines.....
Sioux
5,441,165
5,241,635
3,663,201
3,229,402
2,200,000
1,247,762
1,248,579
3,282,840
2,095,049
1,512,804
1,437,599
—15.5
—33.7
138,361,778
54,075,012
St. Paul
St. Joseph
4,412,714
3,954,218
3,208,543
3,816,937
1,981,625
1,210,802
2,500,000
3,572,737
1,918,548
1,643,616
1,470,338
6,942,000
3,370,284
1,179,796
1,093,109
1,715,102
1,107,263
—25.2
1,116,432
38,833,290
27.239,078
Denver
504,398,316
50,848,828
68,150,762
51,059,198
27,082,005
12,727,000
8,967,600
9,029,481
—16.1
344,028,034
Omaha
be given next Saturday.
to-day, clearingo being made up by the clearing houses
Week ending
_ .
489,845,937
53,001,172
83,375,838
68,421,021
29,618,618
12,618,000
9,768,300
10,334,394
67,096,679
126,910,648
123,686,084
32,777,723
16,638,000
13,206,100
14,007,274
6,234,312
7,003,083
4,754,661
5,047,384
2,302,178
2,441,289
3,500,000
3,938,742
2,834,307
2,120,586
2,331,327
12,467,000
5,462,021
1,730,331
1,538,828
1,712,138
1,504,122
930,772
562,104
.
Kansas City
Saturday, and hence In the above the last day of the week has to be In
Detailed figures for the
Spokane
+ %
638,662,459 —28.3
—14.5
The full detals of the week covered by the above will
We cannot
at noon on
—
Salt Lake City—_
1918.
1919.
Dec.
%
—28.0
250,000
83,162,000
Angeles-
Seattle
1920.
—17.6
443,81.4
Arbor..
Ann
Tot. Mid. West
week last year.
Clearings—Returns by Telegraph.
Week ending March 26.
City Section
NO. 2910
SATURDAY, APRIL 2,1921
VOL. 112.
For
Railway Section
604,641
385,415
25,705,549
7,574,676
4,088,323
39,303,429
12,907,000
5,136,596
+ 7.5
—34.3
758,356
11,901,913
8,428,775
446,061,489
649,019,619
6.009.861,025 8,865,816,583
Outside N. Y__ 2,840,523,748 3,886,084,516
—20.4
15,500,000
8,746,667
2,571,407
-31.3
451.994,122
427,132,174
-32J3 6.201,086.619
5,716,491.587
—41.3
-26.9
2,376,635
2.766.337.380 2,562,141,141
1328
THE
least, they will
very
THE FINANCIAL SITUATION.
In
a
letter, printed
on
Central
lines,
responsibility for the confer¬
any
invited for next
ence
of the New York
behalf of the management of those
on
lines, disclaims
another piece of delay and
see
another angle from which to
another page, to Mr. S.
Davies Warfield, President Smith,
[Vol. 112.
CHRONICLE
Monday of representatives of
only yesterday
workers in this district
consider plans for
direct resistance; and
told that some 175,000 rail
we were
to meet to-morrow "to
are
amalgamation of all local rail-
road associations into
central
one
and defensive purposes,
to be known as the New York
Mr. Warfield's Association with
representatives of
Railroad District Council."
the
and also protests
sidered
four
railway brotherhoods,
strongly against this conference
likely to do
more
untimely and
as
harm than good.
To preclude any
misunderstanding, he has sent copies of the letter
to the heads of the four
nor
his Association
evitable call be halted if
It is of
as
course
to compose
are
vestors" have any
aware
executives
It may
be assumed that railway
generally share this disclaimer of all
re¬
sponsibility, although perhaps not all of them would
go
far
as
to "regard as most unfortunate the
as
of the
but the best intentions,
There is
one
way
by which the confer¬
We
perhaps best
may
this by
express
phrasing what the committee might
tion of which you are
para¬
brotherhood chiefs meet them at the table:
intervene
to
President
the
in
apparently mak¬
are
labor
present
situa¬
tion."
The
and
proposed conference is certainly well meant,
men
ing
as
of such personal and
representative stand¬
the Presidents of the New York Life and the
Metropolitan Life and of
a
dozen
or
of the
more
and ncf
power
of
ter
wages;
of order.
and
at this time is that it is almost
ence
sure
to be mis¬
and
down with
us
It is
to tell you
caught
up
to
them—and
to
be
quickly
and used by them, if possible—as another
intervention
on
their
behalf,
as
another vantage won
for
chaffering and "compromise," or, at the very
least, as another delay. The latter is precisely what
is to be
deprecated and prevented.
want any
or
We do not need
such Congressional investigation
as pro¬
posed (and perhaps still intended) by Senator Cum¬
mins.
fore
the
all
It is not
necessary to await an autopsy be¬
deciding what ails this patient (patient also in
sense
of
yet has
long-suffering) that is
never
so
valuable to
been duly appreciated.
us
It is not
that
of
hence
we
of
your
cynical remark of
years
receivers'
cash is
a
more
coming
up
arithmetic.
against
an
understood and be set
compromisingly
of
of
more
immovable
obstacle
called
That the situation is critical should be
income,
as
or
forth,
language
as
can set
less expense,
or
it.
It is
of
good
putation would not change this grim alternative
by
the breadth of a
single hair.
that it
to be, as Mr. Smith says, "for the
pur¬
of considering what should be done in
regard
as
"Furthermore, gentlemen,
is
purchasing
selves
a
it, and
try to turn the meeting into
direction; they
few of their
Walsh
and
try to bring with them a
most prominent
spokesmen (such as Mr.
Mr. Lauck, for
example) and seek to
may
and enlarge upon the cost of living, the hard¬
ships of railway workers, the allegation that rail¬
way executives are not sincere but are in a combi¬
open
nation to
destroy organized labor, and
so on.
At the
to
in not
and nothing else.
When these increases have
around the circle, labor,
gone
new wages
pounded profits taken
cycle becomes
an
Upon this
the luminous statement by your¬
few years ago:
as
producer, loses the
on
through the additional
through
com¬
these wage increases, each
upward spiral of costs which the
consuming public vainly reaches to control.'
wage
liquidations which
you are
hurt
a
little at first
(and
they really do), but they will
all.
we
show benefi¬
would like to help
fighter.
But
we
You want
cannot
your own way; so
get it, here—none of
we
shall
on
We have all been in the air for
we are
were
coming down to solid earth.
willing, at
just what
you
any
think
righteous1-
some
If the
years,
coun¬
destructive cost, to give
you
do
us can;
get it fully when
reach the heaven which is founded
ness.
try
soon
may
more
.j:-;;
and it is not certain that
and
to hurt
understand that fighting the inevitable only
hurts the
we
trying to prevent
may seem
"Finally, fellow-investors,
you
we
The
friendly to yourselves, not hostile; they
are
than
and other matters affecting the railroads."
easy
you are wrong
cent results.
that
The first part
cut which you are fighting
wage
power
recall to you
we
may appear
The brotherhood chiefs
may so understand
will be quite sure to
any.'
nominal, not real, since the value of the dollar °s
pose
to wages
some
first lien always, and
costs it pays as consumer; moreover,
possible collapse the Providence that
punishes
may have in store for us; and a month of dis¬
utterly
are
number
your own
are a
advantage of the
whatever variant
danger in the proposed conference is
in the capacity
you
as un¬
folly
The
you
a case
squarely and
funds
your own
second.
its
crisis by
all
glaring economic falsehood than the
plications produced by having long been overworked
a
we
forced
are
true, but it would not be
realizing that the
insufficiently nourished, brought to
stake
We
take—for instance, in the
you
one
as
of the remark is
utter
fellow
as
pleasantest of falsehoods,
meeting
that 4wages
ago,
based
are
Unpalatable truths
savings, that
in the attitude
wrong
necessary to stand around and wait while empirics
descant upon their
particular nostrums. What is
the matter is
already known: the case is one of com¬
and
imperiling
you are
status of living.
must tell you,
trustees
common
transportation.
better for all than the
are
you,
of railway securities,
owners
and consider the
and your own
of
have asked
part owners of the railways, to sit
in the life
have
seem
proposition to offer in
no
we
really
therefore
interpreted by the labor organizations invited to it.
liable to
have
we
As trustees of vast funds which
investors
confer¬
a
have
we
intention to intervene in this mat¬
railway credit,
upon
not act upon
The danger of such
"Gen¬
respect to it, and all discussions of that will be out
largest savings banks in this city and elsewhere do
impulse.
when the
say
tlemen, it should be clearly understood that
no
not
or are
be made not only innocuous but even use¬
may
ful.
men
behalf of in¬
on
attempt which is likely to be made to
"use" them.
ence
that such
suppose
the "committee
attempt which you [Mr. Warfield] and the Associa¬
ing
con¬
number of mis¬
against it.
impossible to
speaks for the New York Central lines in proposing
conference.
a
large number of the dis¬
a
contented brace their backs
such
a
Strength is still
union, and
guided unionists still cherish the hope that the in¬
brotherhoods, that they may
know that neither Mr. Warfield
reside in
to
body for offensive
you
want, the country could
\
THE
CHRONICLE
1339
%
—
You want the cost of
not do so.
while nominal wages
will
you
much the same kind
living to come down
stay up; but if you will reflect
disclosed for the
as
that this is impossible.
see
Canadian
"Now, friends and fellow-railway owners, with
this
of result
United Kingdom.
preliminary statement, let us sit down and see
whether, by quiet talk without any oratory, we can¬
immovable truth and
not discover the bare
ourselves to accept
bring
ports of commodities, but more particularly to de¬
cline in prices, was of considerably smaller volume
prices
as a
period a year ago and well under
than for the like
it and act accordingly."
The falling off in
1919.
Evidence of
foreign trade for February 1921, due
part to a contraction in both the imports and ex¬
in
most potent factor in swell¬
almost all classes of
import values extended to
goods, but was most noticeable
half
In
far to seek, but it has remained for the British
the exports the shipments of agricultural products
Board of Trade, through a comprehensive analysis
were about on a par with the previous year, quanti¬
of pre-war results and those for 1920 to furnish a
tative increase in grain offsetting the price declines,
convincing if not startling illustration. That analy¬
but in all other classifications contraction was in
sis, made public a short time ago, gives the values
evidence, though notably so only in animals and
of both imports and exports as declared in 1913 and
their products and miscellaneous.
Furthermore, as
1920, and what they would have been in 1920 on the
ing foreign trade values in recent years has not been
textiles, of which the inflow was less than
in
that of
basis of the average
prices of 1913, and thus clearly
demonstrates that the
British
imports and exports was the smallest in the
Altogether the imports in 1920 reached
latest year.
a
quantitative amount of both
declared value of
of the average
£1,939,742,000, but on the basis
prices of 1913 the aggregate would
have been
only £679,274,000, and as the total of that
year was
£768,735,000, there is seen to have been a
quantitative decrease of 11%%. Moreover, while
on the basis of the prevailing prices every class of
goods except one
(rubber) records a decided in¬
in value in 1920
crease
as
compared with 1913, the
is true of only a very
same
few articles when the
prices of the earlier year are applied, and in those
of negligible importance.
cases
the increases
fact,
In
rubber and vehicles
are
ships and aircraft) are
(including locomotives,
the only exceptions. The ex¬
port outcome, worked out on the same basis, is even
unfavorable to
more
no
less than
the
1920,
as
quantitative decline of
29.1% being indicated and in re-exports
falling off is 9.7%.
1920,
a
The value of the exports of
declared, was £1,335,569,000, and there were
striking gains over 1913, but with the prices
applied to the 1920 quantities
many
of the last-named year
1920, and in animals and their products.
the decline in the
exports was greater than in the
against the coun¬
domestic and for¬
eign, for the month covered a value of $66,351,190
against $90,357,338 (the high record for February)
in 1920, and $86,093,349 in 1919.
Imports, however,
were $71,970,507 against $87,496,856 and $64,117,
126.
Consequently there was an import excess for
February 1921 of $5,619,317, this comparing with a
remainder on the opposite side of the account of $2.860,482 last year and $21,976,223 two years ago.
imports the balance of trade was
The aggregate of the exports,
try.
For the eleven months
ended Feb. 28, 1921, the
agricultural exports, despite lower prices for wheat
and other grains, covered a heavier value than over
period, and wood, wood products, pa¬
before for the
and manufactures exhibited a marked
per
last year.
over
commodities, leaving the total
by losses in other
set
increase
But these gains were more than off¬
$1,140,760,244 against $1,188,439,700 a year
earlier
$1,161,927,809 in 1918-19. The high record mark
$1,482,460,816 was established in 1917-18.
On
and
of
import side of the account the
the
months
was
materially
value of the inflow of
swelled
total for the eleven
by the increased
coal, wood, wood products, pa¬
resulting
$1,147,588,227
£525,254,000 seven years earlier.
Some of the most striking facts the analysis of the against $922,018,804 and $844,693,863 one and two
exports discloses is that whereas on the basis of 1920 years ago. The net result for the eleven months of
1920-21 is an import balance of $6,627,983, this con¬
prices the shipments of coal registered a gain in
trasting with an export remainder of $266,420,896 in
value over 1913 of 500.3%, there was actually a
1919-20 and $317,233,946 in 1918-19. An even higher
quantitative decrease of 67.3%. In like manner a
net export was recorded in 1917-18—$607,194,667.
gain in cotton manufactures of 359.1% gives place
there is
a
shrinkage to £372,476,000, which compares
in
with
to
a
decline of
30.8%,
an
increase of 345.2% in manu¬
falling off of 68.8%,
augmentation of 287.2% in paper-making ma¬
a diminution of 32.2%.
Passing further
terial to
reference to
the
specific articles, we note that of the
principal groups into which practically all of
three
exports of the United Kingdom are segregated,
food, drink and tobacco showing a gain of 171.5%
1920
over
tive loss of
raw
in
1913, based on value, exhibits a quantita¬
44.7%; similarly an increase of 359.6% in
materials and articles
mainly unmanufactured
f
254.2% in articles wholly or mainly manufactured
by a decline of 23.5%. What is found to be true jf
is
supplanted by a loss of 52.1%, and an excess
greater or lesser extent
the United
Kingdom is to
the fact as
regards the foreign trade of the United
a
States, but there has been no
official analysis to
establish it and in no other way
made
from
time to
could the fact be
Partial analyses we have
time, however, have indicated
conclusively determined.
high record for the period of
a
Politically interest in European
factures of wood and timber to a
an
and manufactures, and iron, steel etc.,
per
in
affairs centred
The outcome of the
Germany again this week.
plebiscite in Upper Silesia was awaited and dis¬
cussed in the German and other European capitals
uprisings
had begun
last week.
The Communist
also, but
the "Chronicle" went to press
ion
was
that the
as
disorders had been
to be
the opin¬
expressed in Berlin and London cablegrams
situation was well in hand—in fact, that the
squelched.
This did not prove
Instead the Communists, de¬
centres, notably Eisleben, shifted
altogether true.
feated in several
to other
points.
Last Saturday morning
the princi¬
Saxony. Later in the
day, in the dispatches from Halle, it was asserted
pal trouble appeared to be in
that
"reinforcement
of
the
Mansfield and Eisleben was
workers from Halle were
a
in progress."
Armed
said to be moving in the
direction of those two towns.
in
Communist voters at
On Sunday morning,
special cablegram from Halle to
the New York
1330
THE
CHRONICLE
[Vol. 112.
"Herald," it was said that "the Communist upris¬
ing in Germany has not yet reached a culminating
said the crisis is over."
point."
Halle cabled that "the Communists
The correspondent added:
"The workers
in the Mansfield and Leuna
region have determined
on
fight to
a
a
finish and the Communists of Halle
have voted in favor of
a
general strike, and have sent
armed workers to Mansfield.
the radicals is
high.
They
The
are
.fighting spirit of
laboring under the
hallucination that the Saxony revolt is the
begin¬
a world revolution." Early Sunday morning
ning of
bomb
a
was
set off in the
railway station at Char-
lottenburg in the west end of
Berlin.
the destruction of the
roof, that
ing
was not
ings
were
specially harmed.
damaged to
Aside from
particular build¬
Surrounding build¬
considerable extent.
a
cording to dispatches from Berlin, "there
response to the Extremists' call for
but it
was
a
Ac¬
was
no
general strike,"
admitted that "street disturbances caused
the loss of three lives."
There
was
said to have been
a
general disposition
Germany
to believe that the radicals in that
country had been
largely by the corresponding element in Rus¬
incited
sia.
The
Associated
Press sent
out
a
cablegram from Halle Sunday evening.
that "the police
reassuring
It
was
said
authorities believe that the Com¬
Relative to the situation
Saxony the Associated
Press
correspondent in
still have
hand in Leuna, the police showing
upper
no
the
inten¬
tion to attack them for fear that the
will be
blown
According to
morning
big factories
which the workmen threaten."
up,
dispatch
a
baur, six miles
for
help
from
Coblenz
bridgehead
soon
by American military police,
put down the disorder, having "ar¬
rested the leader and confiscated
literature."
a
quantity of Ger¬
Advices from Essen
stated that "fifteen voters
noon
area, at Monta-
northeast of Ehrenbreitstein." A call
was answered
20 of whom
man
Tuesday
Communist uprising occurred 24 hours
a
before "in the American
others wounded in
clash with the
a
Tuesday after¬
killed and 40
were
police here."
It
added that "an
was
strike in
lin
the part of the conservative element in
on
in
came
attempt to bring on a general
this region has so far failed."
From Ber¬
a
special cable dispatch to the New York
"Evening Post," which said
that "the Communists
have continued their efforts to start
disorders in the
Berlin area
by attempting to dynamite one of the
plants in Spandam, a suburb."
In another
dispatch from the German capital the assertion was
power
made that "German
from the
police drove 3,000 Communists
big Leuna works
near Halle,
killing a num¬
taking 1,000 prisoners." Minister of
munist movement has been checked and
that it will
fail of
ber of Reds and
tinue to
Communist uprising had been crushed."
success,
occur
stedt and other
ing centres."
spondent of
although
sporadic
outbreaks
con¬
here and in
Eisleben, Mansfield, Hellimportant mining and manufactur¬
On the other hand, the Berlin corre¬
the New York "Tribune" cabled the
same
evening that "a general strike in industries
throughout Germany is being fomented by the Com¬
munist
agitators, whose military uprising in the
Valley has been suppressed by the Prussian
Elbe
police.
The unrest is
unmistakably spreading, and
situation, although not out of hand, is consid¬
the
ered grave.
Bomb outrages and
attempts by Reds
to terrorize the
country
are
reported from various
cities.
The first outbreaks in Berlin
since the disor¬
ders
last night, when the police
opened
riotous demonstrations in the
fire
began
on
came
streets, killing
two and
wounding several. A Communist attempt
plunge the city into darkness by
forcing a strike
to
in
the chief electrical
power-house
frustrated
was
when the workers refused
to leave their
posts. The
men at the
Bitterfield power
station, outside of Ber¬
lin, voted to join the strike."
dispatches from Berlin Monday
evening were
conflicting.
The Associated Press said that "the
Government to-night ordered
Wilhelmstrasse closed
anticipation of possible disturbances
ernment
troops to-night
are
All the
approaches to the
Government buildings
are
Foreign Office
and other
barricaded with barbed
entanglements.
The city was
quiet to-day."
The New York "Times"
special representative gave
more
He
hopeful and encouraging account of
things.
said that
"owing to the prolonged Easter
holiday
the situation in
Germany at the moment is not clear.
The trouble continues both
in the central and
west¬
ern
industrial districts.
villages
bands
are
are
A few
small
towns
in the hands of Communists.
terrorizing rural
and
Isolated
communities
and
a
couple of railway bridges have been blown
up.
Speaking generally, however, the Government seems
to have the situation in
declaring that "the
Wednesday morning were dis¬
That city was said to be under military
This report was confirmed in
dispatches re¬
rule.
ceived at the State
in the
day.
Department in Washington later
The Communist
movement wras reported
spread in the Rhineland and Westphalia dis¬
The dispatches from the German
capital
to have
tricts.
Wednesday evening
It
was
were
of much the
claimed that "the Communist
same
trend.
uprising, which
had appeared to be at the
point of collapse, has flick¬
again in various sections of Germany and
ered up
reports to-day indicate that
more
have been killed in the renewed
trict between
the
chief
Leipzig and Halle
of
zone
the
than 60 persons
fighting.
The dis¬
appears now to be
Communist operations,
train service between these two cities has
been
and
sus¬
pended."
According to a dispatch from Coblenz
Thursday morning Communist uprisings broke out
the day before in the
Belgian zone of occupation.
zone
ment."
a
In
was
said to
be in
a
"state of fer¬
special cablegram from Halle, Saxony,
Thursday morning, a representative of the New York
"Herald" said that after
five
days, he
was
an
investigation covering
convinced that "the Communist
uprising in Germany is directed by the Central Com¬
munist
organization."
occupying the streets.
wire
a
as
The Berlin advices
on
Tuesday, when the radicals hope to tie
up the big
industrial and other
plants in a general strike. Gov¬
quoted
was
quieting.
The whole
The
to all traffic in
Safety Severing
hand, though it
cannot be
The Paris
correspondent of the New York "Her¬
ald," in discussing the attitude of the French people
toward the question of German
reparations, said
that the situation
that such extreme
was
regarded
measures
as
"the seizure of all the Reichsbank
over
of
all
of
being
had been
Germany's internal wealth
exploitation."
serious
as
gold, the taking
French account and Allied control of all
commercial
so
suggested
for
the
Germany's
He added that "the situ¬
ation is not without its
cant among
hopeful signs. Most signifi¬
these is the rapid change taking pldce
in the French sentiment
consequent upon
settlement of the
the noiireparations question, in favor of
acceptance of the principle that Germany shall pay
April
in part
21921.]
by her
Matthias
in the
CHRONICLE
THE
own
labor in the devastated regions."
Erzberger, Finance Minister of Germany
early days of the Republic,
was
quoted in
an
mation
the
1331
regarding the conversations of the President,
Secretary of State and the former French Pre¬
mier
obtainable, it became known to-night that
purpose of M. Viviani's visit is to
was
interview with the Berlin
correspondent of the New
York "Herald" as
favoring the conscripting of labor
seek the assistance of this
to pay
antees
to
the indemnity, at least in part.
Paris
a
According
cablegram yesterday morning word
the immediate
country in obtaining guar¬
against future aggression by Germany, and
was
especially the moral support of the Washington Ad¬
received in the French capital the day before that
the German Government would not
put into effect
ministration for the Allied effort to enforce the rep¬
arations agreement upon the German Government.
on
France is not
April 1 the disarmament
previously
measures
the United
stipulated.
seeking through M. Viviani to draw
States
unwillingly into the League of
some other1 basis of peace
Nations, but will accept
Rene
Viviani, former Premier of France, and En¬
Extraordinary to the United States, arrived in
voy
New York
He
the
on
steamship La Lorraine
welcomed
was
on
Monday.
by the French Ambassador and
representatives of the Newr York City Government
and remained here until the
proceeded to Washington.
sented his credentials to
and had
following day, when he
On Wednesday he pre¬
Secretary of State Hughes
interview with President Harding.
an
It
was claimed on the
day of his arrival in New York
and after his arrival in the National Capital that
he was,clothed with "wide power."
ment,
was:
as
he boarded the
"I have
revenue
His
state¬
own
cutter in New York
to the United States to
pay
come
the President of that
great
Republic the respect of
the Government and the entire nation of France.
therefore,
can
make
no
I,
further statement before
having saluted the Chief of the States.
the first and
to
In saluting
great citizen of the American Democ¬
I salute also the great and noble people for
racy
whom France
keeps her tender affection and eter¬
nal gratitude."
Dr. Marcel Knecht, Secretary and
interpreter to M. Viviani, was quoted in a Washing¬
ton dispatch to the New York "Herald"
Wednesday
morning
saying that his chief "is clothed with
as
full power to enter into
any engagements for France
with the American Government which he mav regard
as
fitting and proper."
Dr. Knecht
added that the former Premier
and also that he
of France.
came
"solely
was
said to have
came as a
as
the representative
He is not authorized
League of Nations and will not
"listener,"
to
speak for the
assume
to do
so.
if the United States insists upon
"The purposes
said:
sion
twofold.
are
tually advantageous
Washington correspondent of the New York
and
It is
evidently the hope of the French Gov¬
M. Viviani will have obtained
true
a
understanding
of the attitude of the United States toward Euro¬
and world problems and will have succeeded
pean
in
impressing
this Government the ardent de¬
upon
of France
sire
to
have America's moral co-opera¬
tion, at least, in the reconstruction of Europe and in
measures to
flict that
prevent
was
"Tribune" said:
This is what the
"There is excellent
the statement that the Viviani
many
of the bloody con¬
a recurrence
begun in 1914."
things which France, and, for that matter,
Europe, would like to
itself with two
see
it accomplish, will content
objectives.
One of these is to io
everything possible to prevent this country from de¬
claring
an
immediate peace with Germany, thus vir¬
tually withdrawing the moral support of this
car¬
The other is to take back to France
an
on
several
questions.
These include the possible
with Article X and the whole idea of super-govern¬
ment eliminated.
of
this
with
They include also the possibility
country approving
some
new
cover
substituted for the
the
the
Versailles Treaty
covenant for the association of
Wilson
covenant.
Thursday evening
ial attention
was
The
former
Harding when
before.
Spec¬
given in Washington dispatches to
official
same
the
Washington
public the text of the mes¬
the fact that M. Viviani
place of super-State attributes
They
reparations to France."
in
French Premier made
the
na¬
subject of French debts to the United
with
to be eliminated if the United States
en¬
try of this country into an associations of nations
rying to Washington for submission to President
that
accurate re¬
port as to what the opinion of American leaders is
Harding envisages the addition to the League of
Nations—to take the
coun¬
try from the Allies in their dealings with Germany.
sage that he delivered to President
Rene Viviani, is
authority for
mission, despite the
he called at the White House the day
which France's special envoy,
mu¬
United
that, before he completes his American visit,
"Tribune" made the following assertions regarding
"The project
the
States.
the purposes
of M. VivianiV visit:
cour¬
ernment
States and of German
The
France
to
the
peace."
visit of
tesy and to obtain and exchange information
tions
suggestion of bringing about co-operation of the
The "Times''
He is here to pay a
Neither is he authorized to speak for any nation but
France and the hope of his mission is contained in
United States and France in the problems of
it."
of the former Premier's mis¬
title
evening he
came
to the United States
of
"Envoy Extraordinary."
was
entertained at dinner by
joins
the French Ambassador, and met several Senators,
—of a
strqng league tribunal. This court would
judge nations which failed to respect the rights and
prominent among whom wras Henry Cabot Lodge,
are
territories of other
The
peoples."
Washington correspondents of the leading
New York
Chairman of the Foreign Relations Committee.
newspapers
were
positive in their dis¬
The
most
spectacular political
Europe this week
wras
patches Thursday morning regarding the purposes
peror
of M. Viviani's visit.
From the outset there appeared
ing appeared:
In the "Herald"
the follow¬
"France formally has offered to
co¬
Charles to regain
vices
stable world peace.
Associated Press sent out
sage
was
the burden of the
mes¬
delivered by M. Rene Viviani, Special Envoy
Extraordinary to this country, in his first confer¬
ences
State
with
President
Hughes to-day.
Harding and Secretary of
Although
no
official 'infor¬
the throne of Hungary.
little
bility of its meeting with success.
operate with the United States in bringing about a
This
yesterday morning
that "the
development in
the attempt of former Em¬
were
a
or no
proba¬
While the ad¬
rather conflicting, the
dispatch from Vienna
Hungarian Charge d'Affaires has notified
Austria that former
Switzerland."
It
Emperor Charles will return to
was
reported that martial law
lias been declared in West
Hungary.
In
a
dispatch
1333
from
Budapest it
of
Rumania, Jugoslavia and Czechoslakia have made
a
collective
protect
to the Hungarian Government
against the restoration of former Emperor Charles."
Many
Paris last
cil of
Associated
an
Announcetnent
in circulation.
rum ores were
made in
was
Press
from
dispatch
evening that the Allies, through the Coun¬
Ambassadors, had issued a warning to Hun¬
that "the restoration of the Hapsburg dynasty
gary
Word
said that "the i*epresentatives
was
would entail disastrous consequences
[Vol. 112.
CHRONICLE
THE
for the Hun¬
"with
came
British
coal
strike
a
to the
Government
of
close
made
ceases
of the mines of re¬
some
to
prescribe
It
and fix the
wages
added that "the
was
simply refused to accept the
in advance, and, although
wages
to
was
Reference
"to become effective when the
wages,
price of coal, on April 1."
miners have
in prospect,
lockout
Friday."
posting of notices at
ductions in
Tuesday morning that
a
nor
miners nevertheless threaten
down the mines next
has been
garian nation."
from London
neither
declared, it is regarded
scale
new
mine strike
probable that
no
as
scores
Military operations between the Turks and Greeks
According to Turkish offi¬
have been in progress.
cial
reports
east of the
feated the
Greeks, who began an offensive last week.
1,700 Greeks were taken prisoners and
Nationalists
the
"the Turkish Nationalists
ago,
Smyrna district have attacked and de¬
It is said that
that
week
a
have
captured twenty guns.
The Turks at first retired before the Greek
advance,
reports state, but, being reinforced, they launched
a
counter-offensive."
between the Allied
he
not
conference
a
High Commission and the Sultan
abetting the Greek offensive and that, in
fact, they
ceived in
Greeks
sive
of
course
said to have been informed that the Allies
was
were
In the
not in favor of it.
were
Constantinople
a
day
making notable
are
Word was re¬
two later that "the
or
in their offen¬
progress
The Turks
against the Turkish Nationalists."
said to be
were
These assertions
resses.
ficial
withdrawing into the mountain fort¬
confirmed
were
communique issued from the Greek
quarters in Athens.
Associated
Press
Announcement
fail to
report at the pitheads next Friday" (yester¬
day).
It became known here Wednesday morning
thousands, if not all, of the miners will
through London dispatches that Sir Robert Home,
President of the British Board of
ing the day, when it
that "the
ter."
entertained in the British
of
strike would
the
the miners
workers
Angora."
meetings to be held next week.
Thursday
Royal proclamation was issued declaring
a
Great Britain to
be in
"a state of
view of the coal miners' strike.
emergency," in
According to
English history that
dustrial crisis has been
so
an
now
are
continuing
According to the ad¬
day to day the
dis¬
a
patch to the New York "Times" yesterday morning,
tion of 'a state of
ment to
another
qualified.
emergency'
an
in¬
The declara¬
empowers
the Govern¬
apply certain special measures provided for
October and which
vices from Athens and London from
whether
upon
begun to leave their jobs.
under the Act which
to advance toward
capital that the success
depend largely
result of
The miners had
night
turn for the bet¬
joined by the railway and transport
were
as a
a
definite character was
head¬
made in
are
a
Late Thursday night the belief was
accomplished.
evacuated
Bagdad Railway, and
take
may
Apparently little of
Tuesday morning that "the town of Kutaia has been
masters of the
thought likely in London
was
negotiations
"this is the first time in
Constantinople
by the Turks, and the Greeks
Trade, had agreed
to meet the executives of the miners' federation dur¬
oh
an
army
was
from
dispatch
in
of
was
was
passed by Parliament last
introduced at the
period of
The last coal strike was
mining difficulty.
settled before the
Emergency Act became
this is its initial
application."
law and
a
The London corre¬
*
onward march of the Greeks met with little serious
opposition from the Turkish forces.
London heard that the Greek
On Wednesday
troops had "occupied
the
city of Eski-Shehr, capturing
and
a
large quantity of
000,000 miners laid down their tools at midnight.
The Associated Press
is
prisoners
increasing likelihood of the entire triple alli¬
numbering almost 3,000,000 workers, laying
down their tools."
The
following characterization of conditions in
Ireland
was
made
by the Dublin representative of
the New York "Tribune" in
this
morning:
"Ireland had
day, but already this week
have
been
killed
in
Sinn
members of the Crown
and
years
in the Irish
Fein
This
costly in life than
rising five
truce
a
more
forces,
innocent civilians.
more
cablegram
a
any
a
over
week
ago
Good Fri¬
than 80
persons
warfare, including
armed
republicans
Holy Week has been
other since the Easter
ago." Announcement has been made
capital that "the day appointed for the
preliminaries necessary to bring the Home Rule Act
into
taneously.
der the
north
starting simul¬
On May 3 the Lord Lieutenant for Ire¬
land will issue
proclamations for the elections
un¬
Act, which will be held in May both in the
and
south."
Among the various casualties
resulting from political disorders might be
men¬
tioned the
shooting, about mid-week, of Captain Ce¬
Lees, an official of Dublin Castle, by four armed
men
According to
an
Associated Press
dispatch from London last evening the situation was
as
of
"All work ceased in the coal mines of
follows:
the United
a
very
miners
over
few districts, and approximately 1,200,000
were
idle
the wage
shire,
one
Kingdom at midnight, with the exception
to-day
as a
in Northumberland,
one
in North Wales the
tinue at their
that may
result of the controversy
In only two collieries in York¬
issue.
men
one
have
in Scotland, and
promised to
posts without prejudice to
be agreed
upon,
any
but all other pit workers,
including mechanics, pumpmen, ventilating
pony men, came
con¬
terms
men
and
out with the miners."
operation has been fixed for April 19, both
northern and southern Parliaments
cil
representative said that "there
an
ance,
many
materials."
war
spondent of the New York "Tribune" said that 1,-
outside his hotel in Dublin.
Thursday
morn¬
ing Ross Carbery police barracks in West Cork
blown up,
and it
was
reported that six policemen
had been killed and twelve wounded.
were
British
Treasury
returns
for
the
March 26 showed the week's expenses
£51,418,000,
as
week
ended
t^ have been
against £24,612,000 last week, with
the total outflow,
including Treasury bills,Exchequer
bonds, advances and other items, repaid, £234,451,000
(against
March
ments
000.
19).
was
£109,364,000
and
the
week
ending
repay¬
advances, which amounted to £140,072,-
Receipts from all
against £108,294,000
enues
for
The heaviest item of the week's
contributed
a
sources
week
totaled £235,845,000,,
ago.
Of this
sum rev¬
£40,001,000, against £41,980,000,
savings certificates £400,000, against £800,000.
April 2
1921.]
THE
Advances brought in the large sum of
in
CHRONICLE
£143,780,000,
comparison with £2,750,000 the previous week,
while repayments
016,000.
Sales
£49,744,000,
bonds
yielded £1,579,000, against £6,
of
Treasury
against
bills
sold to the amount of
were
smaller,
were
£56,347,000,
and
Treasury
£341,000,
ing with £200,000 the week before.
the week's operations there was
As
an
compar¬
result of
a
increase in Ex¬
chequer balances of £1,394,000, bringing
item to £4,311,000, as against £2,917,000
earlier.
that
up
a
week
As Treasury bill sales exceeded the amount
repaid, the volume outstanding again expanded, this
time to £1,108,709,000, which compares with
£l,~
095,356,000 last week. Temporary advances also
stand
larger,
viz.,
£162,414,000,
compared
with
£158,706,000, while the total floating debt is now
£1,271,123,000, as contrasted with £1,254,062,000
week ago
a
and £1,273,638,000 last
1333
The
Bank of France in its weekly statement
reports
further small gain of 303,000 francs in the
gold item ;
this week.
The Bank's gold holdings now
aggregate
a
5,504,213,300 francs, comparing with 5,584,884,176
francs last year and with
year
were
5,544,372,195 francs the
before; of these amounts 1,948,367,056 francs
held abroad in 1921,
1,978,278,416 francs in
1920 and
1,978,308,484 francs in 1919.
During the
1,912,000 francs and bills dis¬
week silver increased
counted
were
Advances,
augmented
192,785,000
and general deposits were reduced 37,842,000 francs.
An
expansion of 302,262,000 francs
was registered in
circulation, the total outstanding being brought
to 38,435,077,370 francs.
This contrasts with
note
up
37,334,353,935 francs at this time last
change has been noted in official discount
rates
only 6,683,184,785 francs.
was
year
before.
year
1914, just prior to the outbreak of
No
francs.
fell off 21,527,000
francs, Treasury deposits decreased 2,594,000 francs
33,736,477,380 francs the
year.
by
the other hand,
on
and with
On July 30
the amount
war,
Comparisons of the
at
various items in this week's return with the statement
Vienna and
of last week and
leading European centres from 5% in Berlin,
Switzerland; 5%% in Belgium; 6% in
Paris, Rome and Madrid; 7% in London, Sweden
and Norway, and 4%% in Holland.
now
in London, however,
money
quoted at 6%,
as
is firmer, being
against 5%% last week. No
as far as we have been
reports have been received,
corresponding dates
follows:
as
BANK
In London the
private bank rate continues to be quoted at 7% for
short bills and 7% for three months,
unchanged.
Call
are
OF
FRANCE'S
COMPARATIVE
Changes
In France-
Mar. 311921.
Francs.
-Inc.
Abroad
Inc.
■
Aprj.3 1919.
Francs.
Francs.
3,555,840,244
303,000
3,006,605,759
3,566,063,710
1,948,367,056
No change
Total
of
as
Apr. 11920.
Francs.
303,000
STATEMENT.
Status
—
for Week.
Cold Holdings—
irj 1920 and 1919
1,978,278,416
1,978,308,484
5,504,213,300
5,584,884,176
5,544,372,195
ascertain, by cable of
market discounts
open
Inc.
1,912,000
267,219,495
245,409,010
312,268,579
Bills discounted
able to
Silver
Inc.
192,785,000
3,051,904.298
2,258,286,835
1,006,970,619
Advances
Dec. 21,527.000
2,199,737,000
1.774.078.713
1,220,076,065
Note circulation-.. Inc.302,262,000 38,435,077,370 37,334,353,935
33,736,477,380
at other centres.
Treasury deposits-
Dec.
2,594,000
37,074 000
530.004.426
64,897,558
General deposits... Dec. 37,842,000
3,066,121,000
3.336.650.714
2,876,082.093
Another small gain in gold was shown by this week's
statement of the Bank of
England, namely, £21,856,
bringing the total of gold held by the institution up
to £128,348,374, as against
£112,172,475 last year
Probably the most noteworthy feature of Satur¬
day's statement of the Associated banks of the New
and
loans,
£84,928,182 in 1919.
were
cut
£347,000,
as a
Total
however,
reserves,
result of another increase of
£369,000 in note circulation, while the proportion of
reserve
in
to liabilities showed
falling off to 12.27%,
comparison with 13.89% last week.
The present
a
ratio compares with 18%% a year ago,
and
an
41%% in 1914.
In public deposits there
expansion of £65,000.
mented
£13,465,000.
Other deposits
stands
at
£25,351,455 last
culation
is
were aug¬
other securities showed
on
expansion of £11,887,000.
now
was
Government securities gained
£2,004,000, while loans
an
26% in 1916
The Bank's
£16,894,000, which
year
reserve
compares
and £28,214,582 in 1919.
£129,904,000.
Last
it
year
with
Cir¬
stood
at
York
This
Clearing House
which
channels
were
vaults
reserve),
serve
in
surplus.
of members
while the
expanded
reserve
of the Federal
$591,000,
to
age
some
time
banks for the
week
were
£454,490,000,
£675,086,000 last week and £781,3241,000
We
now
long-predicted reduction will take place
in April.
Clearings through the London
append
a
against
as
a year ago.
tabular statement of comparisons of
the different items of the Bank of England returns:
BANK
OF
ENGLAND'S
"1921.
COMPARATIVE
1920.
v-:March 30.
i
•
£
■
April 2.
.
1918.
April 3.
£
£
,
1917.
April 4.
.
75,163,600
47,998,435
38,900,585
23.046,000
36,248,159
36,288,080
32,790,089
50,123,837
114,633,000 100,922,097 123,302,333 150.272,776 128,968,333
Govt, securities.-..
67,114,144
Other securities
78,870,215
28,214,582
26,004,000
20,412,430
112,908,000 109,523,836
16,894,000
25,351,455
Coin and bullion—128,348,374 112,172,475
Proportion of reserve
Reserve notes & coin
-
to liabilities
Bank
rate
12.27%
7%
18.50%
6%
84,928,182
18.87%
5%
39,244,854
59.308,032
113,486,817 123,307,951
34,240,303
31,880,757
61,429,192
54,690,888
17.10%
5%
previous week
was a
$3,709,500,000,
to
of $154,575,000
$162,493,000.
to $8,-
shrink¬
which
is
of Government deposits.
Government deposits stood at
Net time deposits
were
slightly low¬
ered, being $236,348,000, against £236,725,000 the
preceding week.
reserves,
There
was a
small loss in aggregate
in round numbers, $175,000, to $499,220,-
000, but surplus
reserves,
deposits, registered
a
owing to the contraction in
gain of $4,221,010, thus bring¬
to $7,661,040, in
excess reserves up
comparison with only $3,440,030 the week before.
The
£
Circulation129,904,000 105,271,020
Public depo?its
Other deposits
$30,920,000,
ing the total of
STATEMENT.
1919.
March 31.
of
$571,000,
In net demand deposits there
exclusive
The
Re¬
kept in other depositories, however, by State
523,886 in 1920 and £78,870,215 the
announced, although the general expectation
$481,661,000,
companies increased £155,000, to $9,036,000.
serves
banks and trust companies, fell off
is that the
Reserve
in vaults of State banks and trust
523,000.
before.
Cash
$79,257,000, (not counted
£105,271,020 and in 1919 £75,163,600, while loans
year
this
from
of member banks *with the Re¬
reserves
Bank
Aside
aggregate £112,908,000, in comparison with £109,The regular minimum/ discount rate of 7% was again
$85,595,000.
without particular significance.
Bank gained $671,000, to
as
than
profits tax payments. Deposits
sharp falling off, which in turn brought
increase
an
own
less
excess
also showed* a
in
the heavy reduction in
no
following the recent strain incidental to
income and
changes
was
cut
attributed to the return of funds into normal
was
about
were
figures here given for surplus
are
based
on reserves
of
13% above legal requirements, but do not include
cash in vault amounting to $79,257,000 held by these
banks on Saturday of a week ago.
The Federal
Reserve banks continue to improve their position,
19.12%
5%
the
statement
of
the
New
York
especially encouraging, showing
as
institution being
it did
ani
increase
,
CHRONICLE
THE
1334
from
there is
for
very
45.8% to 50.3%, in the ratio of reserve, or 4.5%
the week.
This was due to a combination of
favorable
Rediscounts
influences.
brought
were
[Vol. 112.
only
limited demand and
a
light, the market is at
entire absence of
an
offerings
as
are
practical standstill with
a
important trades in
of the
any
maturities.
Nominally, loans for sixty and ninety
circulation was reduced
$9,100,000, while the large receipts of imported gold, days and four months continue to be .quoted at 6
walso repayments by interior banks, brought the New 7%, and five and six months at 63^@6^%.
York Bank's gold reserve $78,400,000 above that of
Commercial paper rates have not been changed
from 7%@7%% for sixty and ninety days' endorsed
the preceding week.
The bank' statements in more
complete form are given in a subsequent section of bills receivable and six months' names of choice
down
$37,000,000.
Note
this issue.
character,
with
well known at 7%%.
less
names
Trading has been dull and featureless, with the bulk
market1
The call money
was
at this centre was firm
While the bulk of the business
throughout the week.
undoubtedly done at 6J^%,
7% quotation
a
was
the
of
limited
firm
least two
dulness
the
Yesterday afternoon, shortly after
coming from out of towrn
Banks' and bankers' acceptances continue to
reported during the last half hour of business for at
days.
demand
institutions.
the
at
levels
in
was
previously
evidence,
prime
although
rule
also
Here
current.
bank
This acceptances were in rather better demand than of
compared with the single rate of 6Vi% throughout late.
Offerings showed a falling off.
Both local
the business day.
There was no real change in time and country banks figured in the week's dealings.
money.
The volume of business continued extremely Open market rates for demand loans against bankers'
small.
There is the same difference of opinion rela¬ acceptances remain as heretofore at 5J^%.
The
tive to the probable trend of the money market here posted rate of the American Acceptance Council is
in
close,
6% quotation
a
the next few weeks that has
time.
One of the
of conditions in
announced.
was
prevailed for
some
March, and in
a
future, expressed the opinion that there was
little
on
which
to
base
expectations of materially
in this country in the
money
important change during this week.
Some of
This
compelled to make renewals.
are
any
corpora¬
gradually reducing their loans.
are
them
The
Steamship Lines, which yesterday secured
The railroads
are
a
Eligible bills o! member banks
@57A
obligations.
@6tf
—7
7
was
There have been
On the
from the Government and other
can
with which to meet
of rates
now
The
following is the schedule
in effect for the various classes of paper
RATES
DISCOUNT
FEDERAL
THE
OF
EFFECT
IN
Discounted
within
90
member
lateral
APRIL
1
funds
work.
for
new
RESERVE
are
bills
days
banks'
notes)
maturing
(including
15-day
secured
tances
tural and
accep¬
live-stock
Other¬
disc'ted
tances
bonds
wise
for
maturing
and
secured
member
within
banks
90 days
cates
of
Boston
Victory
and
edness
sources,
increase
moderate
Agricul¬
Trade
Liberty
money
notes
in
A-".'
■
col- Bankers'
accep¬
by-
certifi¬
not attempting to secure
The
BANKS
1921.
Treasury
Bank of—
paper
maturing
91 to
days
7
7
5M
0
7
6
—
-
Philadelphia.
0
7
6
7
0
6
0
0
6
0
0
0
to
_
-*«.
7
Cleveland
6
0
Richmond
6
0
0
6
6
0
Atlanta
business, particularly in that of the automobile com¬
panies, requires some new money. But all this lias
been
going
has not been
any
for several weeks.
on
an
little
important change in the volume of
of these transactions.
one
until corporate
Until there is and
financing is resumed
change in general conditions
The
Probably there
on a
larger scale,
be expected.
can
disappointing outcome of the offering of New
York
City securities
mentary
the
on
regarded
was
money
as a
pointed
0
5 Vj
7
0
7
7
Chicago
0
0
7
0
7
7
St. Louis
0
6^
0
6K
O
0
Minneapolis
5H
0
7
6
6H
7
6
0
5H
0
0
0
7
8
7
7
0
5
6
Kansas
City
to
6
Dallas
San
Francisco
more
of Philadelphia.
Note.—Rates
this week again covered a range of
in the
preceding week.
Wednesday the high
newals at
6J^%
on
call loans
6@7% for both
alike, just
as
extent
Thursday there
was
not
was a
unnatural
the
this
as
on every
course
to
6%.
The ruling rate
was
In
on
few
days.
call
were
negoti¬
5%, though later
Easier conditions
of the next
minimum.
other day of the week.
outside the Exchange at
rose
the
was
trifle lower, 6@6J^%, and funds
early part of the week loans
ated
this
and
7%; renewals, however,
in rather better supply.
6J^%,
are
normal
rates,
sterling exchange, as has so often
of late, has not been
influenced to the
might have been supposed to the un¬
that
of the week.
As
a
matter of
Germany and the apparent deadlock in the Repara¬
are
on
expected in the
For fixed maturities
situation, rates were firmly held, scoring an
advance
was
at
one
time to 3 93^ for demand,
about 2 cents above the
was
were
City
tions
re¬
week
still
Kansas
fact, notwithstanding the Communist uprisings in
heavy month-end disbursements, and
o}4%
case
toward developments
while went to
at
and
6J^%, the low 6% and
each day.
range was a
Louis
the maximum rate Is 12%.
call loans for
Friday's
St.
com¬
'in view of the
remained
for
On Monday, Tuesday and
was
slightly firmer tendency, which
a
certificates pledged a#
and 5 >4% In the case
,
shown
The market for
mixed collateral and all-industrial loans
0
•i
appljdng to discounts not In excess of basic lines fixed for each member bank
by the Federal Reserve Bank.
Rates on discounts In excess of the basic line are
subject to a
progressive increase for each 25% by which the amount of accom¬
modation extended exceeds the basic line, except that In the case of Kansas City
market.
detailed rates for money,
m
t Discount rate corresponds with Interest rate borne by
collateral with minimum of 5% In the case of Kansas City
been the
As to the
180
unsecured
New York
They
7 bid
7
at the different Reserve banks:
con¬
maturing obligations and other
pressing needs.
@6H
65^ bid
@5H
6
changes this week in Federal
no
Reserve Bank rates.
indebt¬
they
bid
@5H
6
0K@6
three
a
obtaining temporarily all the
are
30 Days
Federal Reserve
tions in their short-term
trary, they
within
Days.
—6
Ineligible bills
position to make net reduc¬
a
Thirty
Days.
Eligible bills of non-member banks
loan of several million dollars.
not in
Sixty
Days.
true, for instance, of the Atlantic Gulf & West Indies
months' extension for
Delivery
Spot Delivery
Ninety
future.
near
Broadly speaking, the situation did not undergo
tions
Rates in detail follow:
forecast of the imme¬
diate
easier
6%.
large national banks, in its review
preceding.
which
high point touched the
Very little improvement, however,
of activity and in the initial
shown in the way
dealings, the
observance
of Easter I Monday
as
a
holiday abroad caused an almost complete cessation
of
operations here, and rates for a while were practi¬
cally motionless.
On Tuesday London sent higher
quotations, and this, coupled with a dearth of com¬
mercial offerings, resulted in buying to cover short
commitments, thus forcing prices upward.
The
ac¬
tivity proved short-lived and it was not long before
.
April 2
1921.]
the market
however,
was
THE
relapsed into dulness.
CHRONICLE
Later in the week,
that another nation wide coal strike
news
imminent in Great Britain had
a
depressing effect
prices sagged off, nearly all of the earlier gains
being lost.
and
Among the chief sustaining factors which may be
said to be mainly responsible for the relative firmness
of sterling in the face of so
many discouragements
-
both here and abroad, are the
prevailing in the domestic
off in exports, the
satisfactory conditions
situation, the falling
heavy influx of gold, and, last but
money
1335
trading again lapsed into dulness and the range was
3 92%@3 93%
for demand, 3 93%@3 94% for
cable transfers and 3 89%@3
90% for sixty days.
Sterling rates reacted sharply on Thursday in re¬
to news
sponse
British
coal
of
renewal of labor troubles
in
and demand bills declined
to
a
mines,
3
91%@3 92%, cable transfers to 3 92%@3 93 and
sixty days to 3 88%@3 88%, on restricted trading.
Friday's market was dull and irregular with prices
still lower, at 3 90%@3 91% for
demand, 3 91%@
3
92% for cable transfers and 3 87%@3 88% for
Closing quotations were 3 88 for sixty
days, 3 91% for demand and 3 92% for cable trans¬
not
least, the marked gains shown in the latest British
trade figures, which seem to indicate that
despite its
sixty days.
many handicaps, Britain continues to forge ahead
steadily in her return to normal, financially and
economically. To these may be added the circula¬
fers.
tion of
new
tails of
of the controversy
ments
in the financial district that de¬
rumors
fresh agreement acceptable to both sides
a
are
in the matter of indemnity
be
to
soon
Advices
announced.
pay¬
from
Washington that the War Finance Corporation was
enlarging its activities and had already approved a
loan of $6,000,000 for the
financing of shipments to
Central Europe, attracted only perfunctory atten¬
tion.
The
same
tion has called
the purpose
poration
other
that
is true of the
news
that the
Corpora¬
conference of Southern bankers for
a
of discussing methods by which the Cor¬
assist in the financing of cotton and
agricultural products for export it being argued
the Corporation's activities under
present cir¬
may
,
cumstances
are
not
likely to play
any
Commercial sight bills finished at 3
90%, sixty
days at 3 84%, ninety days at 3 83%, documents for
payment (sixty days) 3 85, and seven-day grain bills
3 89%.
Cotton and grain for payment closed at
3
90%.
everywhere
from France, and approximately $600,000 on
Lapland from London, and $1,700,000 on the
Adriatic.
A shipment of about
$1,000,000 in gold
cago,
has been received
the Sixaola.
on
is
expected
$3,500,000
currents
affairs, the
In view of the
existing in
now
numer¬
international
of opinion seems to be that any
consensus
attempt to forecast the probable
would be little better than
course
of exchange
It is
freely conceded that the European trade situation will
undoubtedly show further substantial improvement
in the
of the next few
course
the basis for the belief in
rates will
guesswork.
mere
months, and this forms
some
quarters that exchange
gradually work back to
a
basis
more
nearly
approaching to normal or pre-war level. As against
this, should the reparations dispute drag along for
indefinite period or a protracted contest between
labor and capital have to be faced in Great
Britain,
these would inevitably change the outlook
materially
an
and
make, if not for permanently lower levels, at
least for violent fluctuations with occasional
sharp
losses.
\
"
; '
/
-
Referring to the day-to-day rates, sterling exchange
on
Saturday of last week
was
dull but firm, with a
all
22
to
negligible
unchanged, with the
@3 91 %,
cable
about
a
buying to
sharp rise
proportions
3
cable
transfers
Tuesday of
was
price levels
the
were
more
(the low
ranging at
sixty days at 3 87%@3 90%;
firmness
91%@3 92
and
sixty
short commitments brought
bringing demand to 3 93%
with
were
Higher quotations from Lon¬
cover
on
and rates
was
for demand still 3 91%
range
transfers
days 3 85%@3 87%.
don and
Monday abroad; trading
an
than 3 cents,
was
3 91%)
3 92@3 94%
and
added factor in the
scarcity of bills.
On Wednesday
maintained notwithstanding that
trading
was
parallel with sterling,
for the most part sluggish,
upward and currency values at nearly
was
a
time registered material
Before the close there
points for the week and 36 points above the low
Subsequently, weakness set in,
bringing the quotation to 4 04%, with the final
figure 4 06%, all on moderate business. No special
explanation was forthcoming for this renewal of
strength, beyond the existence of a growing belief
that Italy's internal affairs have definitely turned the
corner and may be
expected from now on, barring
some
show
at
present totally unlooked for happenings, to
steady
and
substantial
betterment.
It
is
claimed by bankers usually well informed that suffi¬
cient attention has not been given
during recent
months to events
ance
last
reduced
to arrive, and
the Aquitania.
point of last week.
and
advance to 3 91%@3 91% for demand,
91%@3 92 for cable transfers and 3 87%@3 91%.
Monday's market was a dull affair, due largely to the
Easter
above, $2,000,000
soon
was a partial reaction
following the setback to sterling and most exchanges
closed slightly under the best.
In the opening trans¬
actions Italian lire again took the lead, and after a
firm, quiet opening, suddenly shot up to 4.20, another
new
high on the current movement, an advance of
3
of
on
In addition to the
the Mauretania,
important centres for
fractional
celebration
the Munson liner Aeolus from
Continental exchange moved
gains.
cross
on
in that while
extensive
ous
on
South America for the purpose of
settling Argentine
and Uruguayan balances, also $36,000 from Jamaica,
the trend
commitments.
La Lorraine, the
the
closely and the general disposition still is to await the
pending developments before taking on
outcome of
new
on
important part
watching the situation
are
again' heavy, including
were
bulk of which is ear-marked gold intended for the
Federal Reserve Bank, $1,000,000 on the S. S. Chi¬
in market operations for
quite some time to come.
Bankers
Gold arrivals
consignment of $4,000,000
a
of the
transpiring in Italy.
measure
month, apparently has been entirely overlooked,
the feeling seems to be that the weakness in
Italian currency has been overdone.
are
The import¬
abolishing bread subsidies passed
Labor troubles
said to have ended and the finances of the
country,
shown last week, suggest widespread improvement.
Italy's national debt, though heavy, is said to be
much lighter than that of several of the other Allied
as
countries.
French
exchange ruled at
last week's levels up to
an
advance of about 13
very
close to
Wednesday, when there
was
points, to 7.05 for sight bills,
although later
on ithe quotation fell off to 6.94%.
Antwerp francs moved in sympathy, rising from 7.22
to
7.36, and finishing at 7.28.
and Austrian kronen
about
were
Both German marks
firm, the former ruling at
1.58, while the latter hovered around 00.29,
1336
declining only
tions
that
in
the
on
news
of fresh political complica¬
Intimations that
unhappy country.
Austria must first institute internal financial reforms
before
receiving the desired aid from the Allies, also
had
depressing influence.
all of the
European republics ruled steady, with the
exception of Polish marks, which sagged off to 13, or
2 points under last week's closing figure.
Greek
drachmas displayed pronounced strength, advancing
more than 30 points, to 7.80, then reacting to 7.65.
a
Exchange
on
Central
Despite the sharp fluctuations above noted, trading
was very dull and the volume of business transacted
small.
Exceptionally light supplies of commercial
offerings
held to be partly responsible for the
were
prevailing firmness, although there were others who
voiced the belief that the
underlying
firmness could be traced to
persistent
reason
rumors
for the
that
an
dispute
might be expected shortly.
News last Saturday that
the Washington authorities had rejected the trade
agreement of some sort on the indemnity
proposals of the Russian Soviet Government occa¬
sioned no surprise, since in well-informed circles it
had been
was
not
thought
a
foregone conclusion that the time
yet ripe for a resumption of normal
with Russia.
56.06, against 56
bills
on
relations
-
The official London check rate
at
ago.
the French centre
6.90%; cable transfers at 6.98% against 6.91%; com¬
mercial
sight bills at 6.953/2, against 6.88%, and com¬
Friday
of last week.
Antwerp francs closed at 7.28 for
checks and 7.29 for cable transfers, against 7.22 and
mercial sixty days at 6.89%,
against 6.82%
on
and
cable
the
17.19
before.
week
Copenhagen
transfers, against 17.33 and 17.43.
Sweden
on
23.35,
closed
against 23.05
and
and
16.10, against 15.99 and 16.09
Spanish pesetas the close
for
14.01
cable
while checks
23.15,
16.05
at
was
A week
00.26% for cable transfers.
was
were
This
cable transfers.
for
sight
bills
and 4.09
with 3.96 and
compares
Czecho-Slovakian exchange finished
3.97 last week.
at
bankers'
for
4.08
the close
Closing quotations for
00.23% and 00.24%.
lire
ago
on
cable transfers at
a
week earlier.
For
13.99 for checks and
This
remittances.
with
compares
13.96 and 13.98 last week.
With
has
regard to South American quotations, there
a
further decline to 33.42 for Argentine
and to 33.59 for cable transfers, against
been
checks
and
33.60
receded
Brazil
week.
last
33.77
from
14.75 last week to 13.87 for
checks; cable transfers
sold down to 13.93 from 14.18, but closed at 14.02
and 14.08, respectively.
Chilian exchange was also
weaker, finishing at 13.78, against 14.29.
Peru de¬
clined to 3.90, against 3.93.
Far Eastern exchange in spite of the gyrations of
silver, remained about stable and closed as follows:
Hong Kong 48@48% (unchanged); Shanghai, 63(§?
63%, against 63%@64%; Yokohama, 48%@48%,
against 48%@48%; Manila, 46@46% (unchanged);
Singapore, 45%@46, against 45%@45%; Bombay,
26@26%, (unchanged), and Calcutta, 26%@<26%,
(unchanged).
The
New
York
Clearing House banks, in their
operations with interior banking institutions, have
gained $8,235,142 net in cash as a result of the cur¬
rency movements for the week ending March 31.
Their receipts from the interior have aggregated
$9,439,442, while the shipments have reached $1,204,300, as per the following table:
CURRENCY
RECEIPTS
BY
SHIPMENTS
AND
BANKING
YORK
NEW
INSTITUTIONS.
Into
Week ending March 31.
As the
the
on
Dec. 6, it
of
effect
the
show
Loss
Gain 88,235,142
$1,204,300
is
no
Government
Bank of New York
was
longer possible
operations on
The Federal Re
Clearing House institutions.
serve
or
to Banks.
Sub-Treasury was taken over by the Fed¬
eral Reserve Bank
to
Banks.
89,439,442
Banks' interior movement
Gain
Out of
Banks.
1.59% for checks and 1.60)4 f°r cable remittances,
in comparison with 1.56 and 1.57 a week earlier.
Austrian kronen closed at 00.25% for checks and
Checks
cable transfers at
and
23.30
at
Norway finished
Reichsmarks finished the week at
last week.
7.23
17.18
exchange finished at 18.27 for checks and 18.32 for
Paris finished
on
In New York sight
closed at 6.97%, against
week
a
[Vol. 112.
CHRONICLE
THE
creditor at the Clear¬
ing House each day as follows:
DAILY CREDIT
BALANCES OF NEW YORK FEDERAL RESERVE BANK
CLEARING
AT
HOUSE.
1.32%, against 1.31; Bucharest at 1.38%, against
1.37; Poland at 13%, against 15, and Finland at 2.65,
Greek exchange closed at
against 2.75 a week earlier.
7.67 for checks and 7.72 for cable transfers,
in
In the neutral
with
exchanges trading
currencies.
Scandinavian
rates
conspicuously strong, and registered advances
were
ranging from 50 to nearly 80 points.
and Stockholm remittances moved up
23.05
to
18.27
and
23.55
Copenhagen
from 17.33 and
respectively.
In Chris-
tiania exchange the improvement was less pronounced
but here, too,
there
was a
guilders
remain
30. March
8
8
$
8
"pegged"
Swiss francs shot up from
at
were
about
steady
and
new
high.
lost.
fractionally
higher.
Improved
These
as
conditions
were
given
as reasons
Bankers'
sight
on
large credit balances, however, show nothing
Bank's operations
with the
They repre¬
side of the account, as checks drawn
upon the Reserve Bank itself are presented directly
to
the
bank
and never go through the Clearing
sent
Clearing House institutions.
only
one
House.
The
following table indicates the amount of bul¬
principal European banks:
lion in the
ISdUKS
1921.
for the spectacular
exchanges.
Amsterdam finished at 34.46,
against 34.46; cable transfers at 34.51, against 34.48;
128,348,374
142,233,850
54,576,300
Germany
Aus. Hun.
10,944,000
99,037,000
Spain
32,768,00G
Italy
Netherl'ds. 53.010,000
England
-
_
a_.
.
Nat. Belg.
J.0,661,000
Switz'land.
21,736,000
15,652,000
Sweden
—
Denmark
Norway
mercial sixty days at 34.39, against 34.29 last week.
Total week
The final level for Swiss francs was 17.38 for checks
17.39
for
cable
£
transfers in comparison with
Prev.
a
_
—
!
Gold.
SUver.
£
£
£
Total.
£
J128.348.374 112,172,475
10.680,000152,913,850 144,264,230
448,300; 55,024,600 54,572,650
2,369,000; 13,313,000 10,944,000
9,800X00 154,064,230
2,144,250 56,716,900
2,369,000 13,313,000
98,112,000
32,194,000
25,259,000 123,371,000
3,004,000 35,198,000
23,293,OCGi 122,330,000
3,000,000 35,768,000
1,486,000 54,496,000
1,353,000 12,014,000
7,847,0C0i 29,583,000
15.652.0CC
....
148,000;
52,816,000
Gold holdings of the
848,000
10.657,000
1X64,000
3,457,000
14,682,000
12.791,GOO
12,597,000
8,125,00G
50,624,300 640,348,824
50,160.650639,848,398
112,172,475
21,149,000
8,115,000
12,643,GOG
8,115,000
589,724,524
week 589,687,748
held abroad.
Total.
Silver.
were
trade
April 1 1920.
QJ
commercial sight at 34.40, against 34.42, and com¬
and
Bank
to the results of the Reserve
France
advances in the Scandinavian and Swiss
276,053,298
parts of the country, in the operation of
the Federal Reserve System's par collection scheme.
£
pesetas
$
i
|Cr.
34%,
17.33 last week to
Spanish
$
from all
Gold.
another
Aggregate
for Week.
foregoing heavy credits reflect the huge mass
"
17.45,
Friday,
April 1.
S
March 31
but
31.
28,898,956 60,889,657 41,672,749 47.097,489 46,086,314 51,408,133
gain from 15.99 to 16.20,
though before the close part of these gains
Dutch
29. March
The
price movements in sympathy with the
Continental
other
28. March
of checks which come to the New York Reserve
also at low
was
Thursday,
26. March
com¬
parison with 7.55 and 7.60 in the week previous.
ebb
Wednesday,
Tuesday,
Monday,
Saturday,
March
572,285,355!
575.898,542!
"186X00
53,664,000
11,721,000
24,6G6,000
14,682,000
12,783,000
8,125,000
48,131,250 620,416,605
47,854,900 623,753,442
Bank of France this year are exclusive of £77.934.682
April 2
1921.]
THE
CHRONICLE
1337
charge off through the
SECRETARY WALLACE ON THE FUTURE OF
TEE FARMER.
At page
1097 of
the "views" of
Agriculture,
our
issue of March 19
Henry C. Wallace/
printed
"The Agricultural Situation."
on
important statement for two
an
we
Secretary of
now
It"s
It dis¬
reasons:
seventy
same
the
years
ac¬
countant's estimate of annual
depreciation of plant,
charge to the loss side of profit and loss the displace¬
ment caused
tions in
by superceding inventions, and varia¬
product due to the advance of other
consum¬
ing industries, charge off the higher factory wages
as
against farm wages, the losses occasioned by
closes the attitude of the Farmer-Editor toward the
monetary stresses and panics, the losses from bad
duties of his office and his
conception of the place
debts—and the recent losses due to strikes—and then
affairs; and it also dis¬
make
farmer's
duction in manufacture and the present worth of the
of this Cabinet office in
closes
his
estimate of
our
the
experiences, and destiny.
disclose themselves
As
needs,
Cabinet officers
new
enabled in
we are
wants,
some
degree to
accountant's
an
computation of the cost of
industry, and what would result?
the railroads
Do the
same
pro¬
with
through their several periods of bank-
forecast the influence of Government upon our eco¬
rutpcy and reorganization, and say whether Manu¬
nomic
facture and
and
future.
Agriculture is
will be.
ever
The
But,
look
as we
upon
obdurate facts stare
ignore.
who would not wish the
man
farmer well would spurn
him
basic industry,
our
the hand that feeds him.
ment leads
re-reading of Secretary Wallace's state¬
to say
us
that it is succinct, temperate,
well-phrased, timely.
And yet
we
cannot dispel the
feeling that it constitutes the plea of
Herein, unless
ception of the Cabinet office.
culture
or
far
as
as
our
machine for
should
We do not
justify
Government
department
themselves;
a
as
the address
Now
bor,
of
or
our
that
National
for the relief of man!
agency
Yet
nostrums.
as we
statement makes upon us an im¬
special plea in the
a
case
of the
we
have
a
Department and Secretary of La¬
of Commerce, but none of Manufacture,
Transportation.
dustrial life
farmer
a
against the
are
Have these elements of
right to interplead in the
our
case
direct
no
tative in the Cabinet to further their
their interests.
none
cause
so
represen¬
and
plead
We deem it but natural that Mr.
Wallace should carry
into his office the zeal of
a
cal
poise, that promises
But when
radicalism.
no
have considered his statement
we are
we
bound to ask
ourselves, "Well, what
can
there arises this lack of
representation of Manufac¬
ture and
our
Transportation to compel
whole industrialism is
the interaction of
a
be done?"
a
unit,
us
an
And then
to say that
evolution in
growth and development, and that
Cabinet officer is but
a
Ministerial officer in
a
interior
when
put forth seize
ment that for
at less than the cost of
terest
on
ered and
Thus the state¬
production, if all things, in¬
capital in land values, etc.,
scientifically computed.
that therefore the
vidually
upon us.
seventy years the farmer has produced
consid¬
The inference is
farmer, by all odds the most indi¬
independent worker
•should receive
were
in
special attention of
our
our
citizenship,
Government,
and, possibly, through the Department of Agricul¬
ture.
Why?
Take
our
Manufacturing industries—
wheat
belts
must realize that with these
fertile soils
of extensive
and
great
our
the
territory
But
agriculture
we
prodigal advantages of
(that, it is true,
some
time must be
re¬
newed) the farmer has been wasteful of opportunity.
There
to mind
comes
harvest
wheat field in Colorado at
a
time, the golden shocks extending under the
mellow afternoon
light far
as
either side of the railroad.
a
tree in
the
could
eye
Scarcely
see on
dwelling
a
sight—a single field without
or
fence,
a cross
apparently that must have been ten miles wide.
infinite
an
ist the
Now the
founded
thought is this:
be
rock if
on a
bull.
a
rest.
lege,
we
we are
told,
ex¬
renew
no
such
has Transportation.
nor
industry,
or
still possess
mean
divi¬
And
help
ex¬
secreted poisons, agriculture will
go up
prices of agricultural
and other prices
come
level of all should be about
down,
70% above
level, there is neither sound base for the
pre-war
statement,
nor
is there in it suggestion of possible
relief for the farmer.
we
to these
Rest
the soil and the strength of perpetual
products must
curve
of
recuperative privi¬
of Governmental
Therefore when it is said
and the
ex¬
mere process
parts of them, is death.
fatuous doctrines
own
term that sounds
soil, though subject to
itself by the
Manufacture has
the farmer is
as
prices, agriculture *s
may use a
This fertile
pire by their
life.
Prey
to world-made
haustion, will
a
of wonder this would be if it
greatest intensive farmers in the world!
and must
like
source
transplanted to Belgium, where,
were
what
and demand
and
consider the "situation" of
we
tives of class interests.
of the statements of fact
than al¬
per man
stretching thence westward to the mountains.
multuous
some
common
feeling that the typi¬
most advanced system
corn
Government that cannot be divided into representa¬
And then it is that
our
of the
other farmers in the world," and who has
"adopted the
when
degree of
says
farming yet developed," is to be found in
peat that he has
a
ag¬
farmers, and
our
belief in their sturdy
our
farmer, who produces "more
sions of
temperate attitude,
the basis proposed
of what the Secretary
self-reliance, and
most any
life-time's effort in behalf of the farmer, and we re¬
a
on
high intelligence" of
very
and
sense
in¬
of the
of adversity, and if
powers
they to proceed, having
approve
"average
What
against the remainder of the people.
one
how
nothing
belief that he regards
an
pression that it is
farmer
wheel within
as
find
we
Nor does he offer panaceas or
say
find, however,
doing the business which the people
do for
would
It is to advance agri¬
interpretation of his words that Secretary
Wallace considers his
a
a con¬
possible without special favoritism
contravention of law.
from
advocate.
an
mistaken, is revealed
we are
We
might add to it
.
,
A careful
cannot
we
Transportation,
seventy-year period have fared better than
a
riculture !
citizen of the Republic,
as
in the face which
us
for
Storms cast the
seas
into tu¬
waves—gravity finally pulls them down to
term "sea
about
the
level," which is not
eternal
centre
of
a
level but
a
attraction, the
equilibrium that is the heart of things.
So with
prices and the farmer's destiny; so with the destiny
of
Manufacture, Transportation,
all
industry,
amenable to the lawrs of natural progress.
can
set
an
pre-war
No
if
man
arbitrary standard of prices at 70% above
levels in the face of the law of the highest
production at the least cost in human labor, as the
incentive to all
Our space
stant in
our
our
business life.
forbids further comment.
We are con¬
conviction that the Government cannot
1338
help the farmer, that
himself.
As to
his privilege under our laws, or
are
should be—since he cannot
ucts from the
A study of
he must depend upon
as ever
organizations for selling more advan¬
tageously these
the
CHRONICLE
THE
long withhold his prod¬
people without overwhelming himself.
foreign needs, markets and products by
But
Department is well within its province.
neither
ment,
Bureaus
special, trumpeted, protective laws, tax or
nor
subsidy,
long withstand, and only by interfer¬
can
then, the Infinite Design in the heart of things,
ence
that
should
his
in
man
forth
go
working in his
heritage of life and opportunity
each
and "dominate the earth,"
own
of
unable
to
whatever
GIANT—
Once in every
lated
and
four years national issues, formu¬
by party conventions, in more or less concrete
intelligent and intelligible manner, "come be¬
fore the
people."
is to express
studies
Because the individual by his vote
his conviction
these questions, he
upon
them, discusses them with his neighbors, lis¬
tens to their elucidation
by public speakers, joins in
political organizations and team-play to further his
final estimates thereon—and then
his vote.
The result becomes
a
winning party in the election to
policy, thus declared, by
and executive
tem of
It
and
carry
departments of
out a certain
of the legislative
means
representative
our
sys¬
Is this
Is there
concerns
us
not
to
now
inquire how faithfully
It stands
high¬
as our
expression of public opinion concerning public
welfare.
When this is done
sinks into
a
theories and
concentration,
or
It is
unified
a
force without concord,
expression
Our newspa¬
and journals in their editorial columns discuss
the trend of events, and
policies
the bearing of principles and
the general good, but do so independ¬
upon
no
adequate
expressing the will of the people,
cert of action
by them
seems
and the
good of the world.
though it
so
at
Congress, wait and even
giant "Public Opinion" sleeps. Yet it
means
are
country
a
000,000.
Suppose
We
apol¬
little of the "aversion of averted
to
the
woman
war
illustrate.
our
were
was
by actually buying
our
loans
possible for every man and
to express his will as to the conduct
of the
condition
ing
war
now
prevails.
We
are
a
bond.
united
foreign trade.
No such chance
But is this true?
We
on
are
the
policy of extend¬
selling
surplus abroad is necessary to the expansion of
ex¬
looked upon this
as
or¬
doubt
a
There is
patriotism call
no
upon
doubt whatever! Would
no
a
hundred millions of
our
It would not.
per¬
More
this, business integers, large and small, could
regardless of their nature, without appeal
do this
to clerks and workers who
deprivation.
porary
might suffer
Then why do
we
tem¬
some
not do it?
Suppose the present farmers' and laborers'
organ¬
izations, the general and local Chambers of Com¬
merce,
to hold meetings, to foster this
were
tion, to formulate suggestions and plans
scriptions—the thing would
and like
be done in
undertakings would follow.
tremendous power
in
our
crea¬
as
to sub¬
a
jiffy—
Why with this
hands fawn at the feet of
Government and its satellite the War Finance Cor¬
poration?
opinion
trade
or
to placing more restrictions upon
as
making it freer?
combined way upon
Why not unite in
some
the disposition of foreign loans
Why not declare for
Why not set
or
against dis¬
tangible limits
some
on
taxation ?
You
to
as
say
four
to
would
be
no
How do you know that?
details, but
there is
erless
there
answer
opinion!
be had!
may
to
to guiding principles?
years
of
You
ex¬
But is democracy then pow¬
itself—are
exert
long
as
unanimity
There might not
method at hand, by which such
no
our
representatives for
to be without definite directions,
knowledge of what the people want—forced
depend
It
on
the cloudy platforms of
may
be
so.
once
expression is
patriotic duty.
a
a
political
con¬
But this much is certain—
public opinion
evoked is all powerful—and its
Why slump now?
DISARMAMENT.
or
We may
convinced that
Does peace
sonal affairs and businesses?
test?
suggest that the
we
capital stock interfere with the conduct of
triotism of peace be less than that of war?
It
in the
loans, and by popular
popular subscription of
without
were
may
people
country f There is of this
effective, and they were spon¬
taneous, whole-souled, concentred.
Ought the pa¬
one
as a
power
individually and collectively to make this effort,
build this instrumentality,
for the good of the
us
pression
Some
floated
foreign credits $1,000,-
would be over-subscribed?
sum
doubt whatever!
of the
tangible things.
There is to be
ganization sought to "put it over," is there
that the
be
eyes"—but they
at hand.
looked upon our war
we
Al¬
Foreign Trade Financing Corpora¬
tion, capital $100,000,000 potential
was not so
during the war. Then, there was through
leadership and organization a marvelous expression
even a
spirit
our
unusual—it is possible, and the
tension and distribution of
tions clamor at the doors of
ogy—with
good
our own
Would it be possible by
swift building of foreign trade?
a
may seem
armament?
some
for
patriotism and make it efficient in economics to
already made ?
refer to the "drives" so-called with
should seek to
we
peace
gether in their respective communities and declare
Hundreds of splendid and
journals provide comment and suggestion. Yet
the people, when
they do not by interested organiza¬
now
in
for
A thousand strong voices cry out
popular will and the popular strength.
peo¬
become alive and powerful?
credit power
our
able
The
a
as
people powerless?
are we as a
way we can
special methods of relief.
wonder.
dispute
no
seem
communities and committees to re-awaken
their
peculiarly
we
con¬
means
of inducing
these great issues.
on
Owing to conditions this
the present time.
or
There is
But
And, since we are merely offering an
example—why should not the people assemble to¬
ently (as indeed they should), with timely interest
and utterance—and there is
gold.
Suppose by spontaneous interest
"public opinion"
policies absorb the attention of divers
and diverse groups.
pers
our
huge inchoate state in which countless
or
to these facts.
really true,
no
assemble
than
government.
effectively this is done.
est
individually casts
tacit mandate to the
for¬
our
these uniform and universal convictions.
in this
CORPORATION.
We know that
ple inert and unable to give forcible expression to
actual
FINANCING
THE FOREIGN TRADE
cash
pay
as
the,end of
PUBLIC OPINION—A SLUMBERING
stability and continued in¬
trade at home.
our
eign buyers must have long-time credits—they are
of
appointed way.
trade abroad and the
our
crease
Departments of the Govern¬
nor
[Vol. 112.
Baron
Rosen, concluding his long series of remi¬
niscences of
a
diplomat, in the "Saturday Evening
Post," quotes a letter to Lord Bryce containing
its close the following:
near
April 2
1921.]
THE
"Taken all in all the
not
to be
seem
earth and
prospect for the future does
cheerful one,
a
good-will
far remote
as
CHEONICLE
as
and the era of peace on
mankind appears to be
among
ever.
"Much, however, would be gained if, after the aw¬
ful experience
through which we are passing, man¬
kind would come to comprehend at last the sinister
and fatal fallacy of the famous dictum: 'If you wish
for peace, prepare for war.'
We have seen to what
has led the endeavor to secure peace by preparing
for war by means of powerful alliances and formid¬
able ever-growing armaments.
On the other hand,
the two great nations to whom of right should be¬
long the undisputed leadership of mankind have
shown the world how not only war but any danger
of war may be avoided successfully by preparing not
for war but for peace.
Ever since the conclusion of
the Convention of 1817 the boundary line of some
three thousand miles dividing their territories on
the continent of North America has remained abso¬
lutely defenseless on either side, and the two nations
have enjoyed the blessings of a century of uninter¬
rupted peace, although on at least two occasions
friction had arisen between them such
as
would have
hate
1339
disappears in the absorption of work and busi¬
such
ness,
good.
organization plight accomplish great
go down into the "valley of the
an
Those who
Shadow" to people the world
may well question the
burden and sacrifice in the face of a late announce¬
ment that science has
which
falling
death and
from
that
an
aeroplane spraying this liquid
height could destroy a "whole army. The
safe
a
perfected a poison one drop of
the unprotected flesh will produce
on
efficacy of battleships
remains undecided.
if in the wrong
colossal
debts.
Public
Millions
spair.
miral
"A
Josephus Daniels in his recent
case
opinion of the General Board, Ad¬
Dewey, head,
in firm control of the
navv
break of
follows:
as
from the out-
seas
is the
prime essential to the defense of
a country situated as is the United States
bordering
upon two great oceans.
A navy strong enough only
war
to defend
suffice.
coast from
our
actual invasion
will not
Defense from invasion is not the
only func¬
sea-borne
commerce and drive that of the enemy from the sea.
The best way to accomplish all of these objects is to
find and defeat the hostile fleet, or any of its detach¬
tion
of the
ments at
to
a
Navy.
It must protect
distance from
our
prevent interruption of
coast
our
are
thinking
normal
our
of
course
Yet it is
flow with milk and
of
taxes and
war
earnest of
an
time
and
good-will, that she had
only asks equality
a navy
at one
And
with the next great
Germany, shorn of
minimum of land army,
a
now, as
pleading "we have
no
navy,
and reduced
submits to occupation,
longer force to
oppose
to
force."
look down
for
other
war,
perceive, in the possibility of
anything to prevent
an¬
combination of
a
Powers against the United States.
Therefore,
adequate
the combined
forces of two
ficult to
should be
navy
or
Great
case
of
Britain,
time between Canada and
a
single gunboat
trine of
is not
pursuing
an
on
any
the
who
say
be
are
they love
wars;
words
might prevail at this
United
States
as
on
with
earth-star, made habitable
aspires to happiness here and
immortality
hereafter, endowed with divinity of
mind, capable of worship and reverence
heart and
to the All Highest,
toiling through centuries to civi¬
lization—only to end in extermination!
If from
that remote presence a
would be the first
of
?
man
"leader" could come, what
charge put
we
Can
savage?
we continue to kill
really civilized,
keep the commandments?
by wholesale and
Of how little worth
is
preach and practice unholy war!
A PROPOSED LABOR CONSCRIPTION.
It
good
contemptuously asked, "Can there
ago
thing
of
out
come
Nazareth?"
and disappointed world is
weary
to
long
was
and
a
half inclined
now
put this question concerning the great modern
destroyer, Germany.
And yet former Finance Min¬
ister
a
Erzberger offers
plan which is at
novel, heroic, and contains
moral for most of the
ticularly.
for
As
men
world,
were
once
broad,
timely and valuable
a
country
our own
par¬
formerly conscripted for
service, he would conscript for labor, realizing
the
time
being the ancient and long-awaited
prophesy that swords shall become plowshares and
spears
trial
pruning hooks.
He would create
an
indus¬
to serve eighteen months, to work at
army,
farming State domains, cutting in forests, reclaim¬
value."
They surely would.
up some
a
a
high
premium
on
sort of quan¬
The doc¬
tity scale of output and whoever fulfilled his task in
less than the 18 months should be mustered out. It is
one
for aggres¬
its result.
arguments when
embryo organization of the
But
men
women
compel disarmament.
time softens the animosities of the late
To offer
hearty working, he would set
the
merest
haves
as
truism
if it
(although labor constantly be¬
not
were
so) that the most hazardous,
laborious, unpleasant, and poorest paid service is
ness
to
loaf
Erzberger
to
yet only
or are we
wisdom, of how little benefit is love, to those who
military, at least in time of
move
the conscience
upon
Are
rather falls in with the too
an
caught in the toils
the high seas
(
the little
reply, "Oh, there will al¬
other."
We read of
on
take two babies and put them to¬
peace
are
But the poor
ing swamp lands, and getting out coal; and all the
gether and the first thing they do is to claw each
of the world to
factory
abolition
were an
wars.
products of their labor, he says, "would have
fleet far
or
consequent
other ultimate out¬
argument for defense but
of what avail
equally dif¬
the Great Lakes.
an enemy
an
flashed in
between the United
sion with world-trade domination
ways
as
And it is
war
land than that which
come on
not
large
three Powers.
perceive, in
States and
as
are
go for "war,
Every land would therefore
honey if there
no
mankind—that
war
It is difficult to
these things in utter de¬
huge network of Governments thinking on and
acting on War! On high there may be those who
na¬
equal to the three next great Powers, then two,
now
Power.
to
England
cheer¬
a
any
claimed in behalf of
on
past, present, future."
sufficiently great
tional life."
a
faces, from 88 to 93% of all taxes
our
minions."
own
"the
and
to be
seem
Again and again the statistics
toilers of field and
our
opinion falters,
ful one."
of
In
may be utter waste,
The world groans under
prospect for the future does not
if
article quotes an
submarines and airplanes
direction.
led most
probably to an armed conflict between them
they had had in their respective capitals such insti¬
tutions as Grand General Staffs on the European
model, with pigeonholes full of elaborate plans of
campaign for the invasion of their neighbor's do¬
vs.
Preparation
As
conflict, and
would have
and
says
a
and
more
in
peace
times, it
frequent human readi¬
be
admired.
the conscript in
much
tary barracks.
be
strut
war:
But
Dr.
the labor camp
pleasant time than in mili¬
Sports and amusements would not
lacking, and there would be
a
continuation of the
•
He would have the young men
citizenship schools.
left
free
as
"Let them govern them¬
foremen; let them con¬
possible.
as
selves and choose their own
trive in any way
they see fit to get the work
done."
in¬
imagine that this offer of individual
One would
try where both have long been smothered and the
common
man
has been made into a marionette;
of his commanding
massed and under direct reach
left to
officer, the German fought well in the war;
himself, he was quick to raise his hands and set up
the cry
of "Kamerad!"
of raising repara¬
funds, and it could easily be varied to include
work on the devastated areas of
reconstruction
France and
ceeds of
of the
It recognizes the immovable
Belgium.
reparation can be made only out of the pro¬
fact that
labor, and not by anything within the power
printing-press; but it has the drawback that
implies some reparation due, whereas Germany
it
contends that no wrong was
So
inflicted.
we
need
spend time in discussing the possibility of any
not
such scheme
being taken
up, or even
the sincerity
proposing it; we can leave open the question
expectation and
of
whether it is not broached in the
purpose
a
only
as
the
value for
evasion, and yet it has
our own country
This is a time of a quite general dis¬
especially.
position to shirk.
The God-given right of working
ears
to
final reply is that the right to eat
not-working has been dinned in our
or
weariness and the
or
one more
world, and for
not eat is
an
inseparable corollary, from which
is to shirk duty and dump one's own
the sole escape
share of sacrifices upon
somebody
or
anybody else.
due—everywhere,
multifarious, and overwhelmingly demanded? The
Are they
"Reparations?"
not
lost, the agonies inflicted, the injustices suf¬
lives
new processes
The decision handed down
TAXES.
INCOME
ON
COURT
SUPREME
THE
by the Supreme Court
Monday has other advantages than mere timeli¬
on
being unanimous, it leaves no hope for reversal
ness :
and its
law is
positions must stand until the income tax
changed, and it disposes finally of the conten¬
tion of many heavy taxpayers
transfers of
The
capital assets
that profits
are
on
sales
not taxable income.
Sec¬
language of the Act of 1916 is very broad.
tion 2 declares that the net income of a taxable per¬
shall include
son
from
salaries,
"gains, profits,
wages, or
service of whatever kind
from
or
sales,
real
from
businesses, trades,
dealings in property, whether
or
personal, growing out of the ownership or
or
of
use
income derived
or
compensation for personal
and in whatever form paid,
professions, vocations,
commerce or
interest in real
or
or
personal property, also
interest, rent, dividend, securities, or the trans¬
business carried on fot gain or profit."
action of any
The breadth and
duplication of these specifications
indicate intent to make the tax net stout
close-meshed
of being promptly declared impossible.
Count it
by
greater service by machinery, but never by grum¬
bling and loafing.
or
This is offered as a direct means
tion
has achieved increased abundance
and
might be attractive in a coun¬
itiative and freedom
[Vol. 112.
CHRONICLE
THE
1340
enough to
should escape;
tion
ensure
that
no
enough and
guilty dollar
but, to rivet another clinch, the sec¬
added, "or gains or profits and income derived
from any source
whatever."
Still, the question remained, what is income?
three
leading
the Court
cases,
in the value of
creases
actually realized,
are
of the three cases,
1,000 shares of
$561,000
were
1917, the
on
an
Illinois corporation, val¬
March 1, 1913, and when the
sold for
$1,280,000
February 2 of
on
collector claimed and exacted a
revenue
the
In the chief
true income.
the trustee of an estate held Jegal
ued
shares
capital assets, when those
are
title to
at
In
rules that in¬
now
$700,000 difference.
The court below sus¬
fered, the human wrecks made, even the time wasted
tax
and worse—there is no
tained
this, and the final tribunal affirms that posi¬
tion.
On
draw from them
and
restoring these;
only
we can
seriousness, strength, courage,
new
conception of personal duty, and bend to
a new
the work of
on
the
rebuilding.
the
Court goes
essential
back to
a
question of definition the
definition made necessary by
corporation tax of 1909, that income is "a gain
An old bit of
manuscript roll ascribes to Christ
derived from capital, or
this remarkable
saying: "Cleave the wood and thou
combined," and in its latest tax decision the Court
shalt find
Me; raise the stone and I am there." This
(Eisner
expresses
the necessity, the dignity and the reward
dend
of
faithful
labor.
Are
there
not
now
some
more
v.
from labor,
or
from both
Macomber, 252 U. S.,' 189, the stock divi¬
case) expanded the definition into "a gain de¬
rived from
capital,
or
from labor,
or
from both com¬
Are there not
bined, provided it be understood to include profit
ugly passions to be calmed and savage eyes of jeal-
gained through sale or conversion of capital assets."
than material restorations needed?
i
to be cooled; demoniacally false dogmas to be
ousy
held up
to the light and rejected; revolutionary fer¬
ment to be
by stern
deadened, by
powrer
where
a
realizing what
we
world
We need
a new
but
one
have not yet learned, our place in
mere
spirit, caring
more
fcr results
methods, bent heartily to ever-increas¬
ing production and with each worker anxious to do
more
rather than
troubles,
and
crammed with
ered
there is
we
alphabet.
other.
which
we
This
globe
is
have no+ discov¬
have not learned the first letter of
Labor is the mandate of existence.
Everything, animate
way
no
resources
our
yet, and as for their combinations and poten¬
tial services
that
less—this is the solvent for
or
inanimate, is busy in its
and it is only Man, the king and
mals/who wants to shirk.
crown
own
of ani¬
He will get his shorter
hours and his dinned-of time for recreation when he
Court is still satisfied with this decision and
so
this part of the case is closed, not¬
withstanding two Senators had filed with the Court
a
declaration of what they
considered the intent of
Congress, their idea of that intent being the oppo¬
site of that
judicially decided.
now
The contention that the
of. to-day and the call it lays upon us.
Labor—of the "team"
than for
far as possible and
fails?
boastful and blatant one,
America—not
the
reason as
reason
The
definition, and
are
gains covered by the law
only those made by one engaged as a regular
in the
business
particular line of transactions in¬
receives
volved
no
which holds that
no
consideration
in the income taxes of the Civil
of
1891,
tax of
or
from
such distinction
was
War,
or
the
Court,
recognized
in the Act
in passing upon income under the Excise
1909; that no such distinction is found, in
terms, in any income tax provisions of the Internal
Revenue Acts of
the
1913, 1916, 1917,
or
1919, and that
meaning of "income" in the Sixteenth Amend¬
ment, as developed by the Court, recognizes no such
distinction,
in
seven
nor
has
any
such thing been recognized
years' practice; finally "that there is no
April 2
1921.]
THE
CHRONICLE
essential difference in the nature of the
transaction
or
in the relation of the
volved, whether the sale
isolated transaction
or
profit to the capital in¬
conversion is
or
of
one
a
single,
many."
But the main
question passed on relates to the
fictitious and dream profits heretofore
alleged and
taxed whenever the
market value
price realized
the
on
on
sale
statutory date of
eral cases, where either no excess
was
1913.
or
above
In
sev¬
deficit
some
shown
was
by this arbitrary comparison, the ruling
it is very plain that this statute
imposes
is: "thus
the income tax
that
gains
are
derived
was
on
property sold only to the extent
derived therefrom, and since no gain
this transaction
on
sessed"; that is, before
gain
a
no
tax could be
be included in
can
tax return there must be
a
sharply-drawn
from Connecticut and
from this
cases, two
State,
gain.
as¬
a
Four specific and
two
passed upon.
In two of these,
certain stock shares
bought before 1913 were sold at
a
were
profit, several
lected
tax, not
later, and the Collector
years
the actual gain, but
on
col¬
the much
on
larger difference between the selling price and the
on the
statutory date; in the other cases, one
value
sale
was
exactly at cost, while the other involved
actual loss of
$>22,000.
The
same
rule
an
was
applied
Supreme Court rules against the
protesting taxpayer in the first two cases, and for
to all four.
Internal Revenue
sioner Williams is quoted as
ment "taxed that
saying that the Govern¬
portion of the increase which
ac¬
1, 1913," and as also adding an
peculiar explanation of this course, an
explanation which must be given in his own words:
more
"The Government believed that
had purchased securities
as
other
them, it
Brewster and Goodrich should
pay the
yielded
was an
on
on
1913,
sale had
a
was no more than
increase above the value
investors
about March 1,
on or
subsequent gain received from
been taxed to
however,
right that
tax
on
March 1, 1913."
the
This,
official guess, and the Government
that point
even
before the Supreme Court
declared it wholly untenable.
Judging from these
profit
on
a
realization
cases,
sale determines whether
profit for the purpose of the tax.
of
tax
a
some
can
be
cases seems
to
The treatment of
that if there is
any profit
by sale, the amount of such profit
(for taxing purposes) may be determined by com¬
parison with the arbitrary date for the purpose of
ascertaining whether the whole
of such gain ac¬
period since March 1, 1913; if it
much as did accrue is taxable.
crued within the
In
only
our
so
own
State,
no
official comment has
come
yet from Albany, but a tax authority of this
city is
quoted as saying that as the Supreme Court holds
that
no
sold for
would
taxable income could
be
figured
on
stocks
exactly their .purchase price he thinks it
not be
surprising if the State's tax
should modify their stand
as
to
officers
taking values
on
January 1, 1919,
as the standard of
comparison;
perhaps so, and it might be added that this State
has in its financial needs far less
Federal
(
Government for
income tax at all.
harsh
excuse
rulihgs
or
than the
for any
-
It is undeniable that income not
derived from per
sonal services of
any kind or from the
earnings of
investments
mooted and
even a cas
increase in value of
property owned is genuine income, though it
may
comply with the condition that the possessor does
"have"
more
than
he had before.
Wealth
in the
form of
saved-up productive industry, and new value
currently created by industry are two different
things; ought they to be confused and bunched to¬
gether in taxation?
in
Gray
"the
Long ago the Supreme Court,
Darlington, held, by Justice Field, that
v.
fact that
mere
property has advanced in
between the dates of
authorize
the
advance;
not
the amount
on
advance in value in
mere
value
acquisition and sale does
imposition of the tax
no
of
sense con¬
stitutes the
gains, profits, or income, specified in the
[the law of 1867]; it constitutes, and can
Statute
be treated
merely,
increase of capital."
as
The refunds which had been
threatened
sult of
decision opposite
a
will not be
tb the
as
the
re¬
rendered
one now
necessary, and the finances
to that extent.
are
relieved
And yet
the ending
cap hardly be
accepted as a happy or in all respects as a final one.
Bleeding cannot be made to operate as a tonic, and
business needs the tonic of
greater confidence and
unbinding of cinctures.
or
from inheritances received
from
must be
profits by selling something; but the latter are
whacked right and left under their own
proper desig-
THE
EASTER
MESSAGE
TO
A
PERTURBED
WORLD.
For
twenty centuries Easter has been
clarion
a
call, and it loses nothing of its awakening power or
its timeliness.
Through the Resurrection God came
into
recognized intimacy with man, and glorified
uniting it with the life of God.
human life in
The need
was
never
recuperative value.
more
evident.
War has
no
It may be necessary at times
to arrest
noble
greater evils; it may then bring into action
impulses; but directly it destroys, and does
not create.
hideous
ing
Easter
came
this year in the midst of
conditions, hideous because while
not come.
Anxiety unrelieved, like
terpart to the darkness that
with
came
heard.
It
was a
a
song
every
other.
It
reached the very
paralysis, halts
a
land.
was on
the dawn of the first Easter
That
suffer¬
in its widespread ghastliness, light has
grows
mean
at all realized
did not
mere
effort and chills hearts in
every
exacted but does not determine the amount of
such
these
a
usistical question whether
Commis¬
crued after March
and the
nation, and it will remain
The
him in the other two.
even
1341
It is
a coun¬
the world before
Day.
note such
as
had
never
been
of triumph, but different from
rang
through men's hearts.
springs of life; it
It
the unmis¬
was
takable voice of the
It has rung
all-loving, ever-living God.
through the centuries the same deep,
heart-stirring note, gaining ever in its range and
strength, until to-day it does not fail or falter in the
face of the most tremendous crisis the world
has
known.
cous
Civilization itself trembles before the
shout of
the hearts of
its visible
and
anarchy.
men
form
fail.
Nations
The
are
rau¬
crumbling and
Kingdom of God loses
and
substance, becoming shadowy
unreal; multitudes sink into hopeless despair,
while other multitudes
say,
for to-morrow We die."
This
"Let
us
eat and drink,
mainly of other lands, from which
we
are
more
ap¬
happily remote.
But
parent than real.
The pacifist of yesterday is
the remoteness
is
large¬
ly the pessimist of to-day, and his despondent note
burdens many whose loads
weighty.
and
To
are
already sufficiently
the Easter call should sound clear
convincing if it is to reach the needier
Hugh Black
new
us
heaven
emerge
says :
and
a
world.
"The people who thought that
new
earth would
after the bloody conflict show
a
automatically
no
knowledge
of
We
people we were, some coarsened and
hardened by the war, some cleansed and ennobled.
The victory and the subsequent peace test men as
the previous state of war tested them."
Easter
sounds the challenge of faith.
It is the call of
courage and hope, addressed to men who know the
value of character and purity and truth.
Did these
ever fail?
Do they not bring their own reward?
Is not their ultimate victory assured of God? Here
is the optimism that avails.
The faith that fails
history and
are
still
experience of human nature.
no
the
Satur¬
because God does not balance accounts every
unbeliev¬
not "found in a
day night is akin to that which turned men
ing fifty
years ago
because God was
[Vol. 112.
CHRONICLE
THE
1342
What is this but the
of the need
When
of
in
men
themselves kinder, honester, purer,
with
more
recognize the truth of which every man
It is to
heart, the "eternity" which
carries the witness in his
God set there in His efforts to make
Himself known;
wisdom, righteousness, honor, joy, love; these at last
"the word became
than other
men,
of the brotherhood of men and the
sense
worthiness of manhood,
will gladly accept their
men
leadership and do their will.
The call of Easter to
in
men
positions of influence
is to
get into step with God, to cleanse their hearts
and
mend
God.
their
if these are not right with
ways,
Here is the
path to
true optimism, and it is
a
impossible for this to be attained otherwise.
We
burdened with
are
face grave
we
the
What then is the call?
spirit and a worthier life?
positions of power and wealth show
hour of
always of
great disappointment, and
anxieties. Dangers beyond human con¬
trol threaten and vast
bottle."
recognition of the existence
better
a
upheaval is imminent.
But
danger is the hour of a new life and
a new courage
and
a new
faith.
In Sep¬
tember, 1862, President Lincoln, in his letter in
of the redoubtable
to tlie pessimism
ply
re¬
Horace
"In the present civil war it is quite
Greeley, said:
is something different
embodied in Jesus Christ when
possible that God's
desh," that the world might never lose the sense
of
from the purpose
of either party, and yet the human
their abiding presence and potency
instrumentalities
working just
their reality and
They bear witness that God has
in human affairs.
to live in men, never
come
how far
may
be in the world God reigns.
and His
ness
of His
That is the guaranty
love.
We have only to keep faith with
time and way.
adaptation to effect His
ready to
wills
Some years ago a
wrote: "The age
contest and
The
happiness.
soul.
world.
The
summons
line with God and do
Socialist who had wide hearing
of intellectual
age
our
supremacy
OFFERING
CONTINUED
satisfy the craving of the hu¬
that
it
shall
not end
bring
and joy to
peace
of Easter is to get
into
part to hasten that day.1
The next step
will be into the domain of
usual
The
The soul must
Easter
fruitful.
emphasizes this confession and makes it
Better
disposed of this week by J. P. Morgan & Co. on
laws, sounder economics, increased
faith of the
dom, the character, the love and
who direct them.
God
alone
do
good will,
as
men
who trust
He would have
the power to renew
carry
their power
Men of
strive to
and
men
OFFERING
The
this
and
we
think
spirit with which the nation answered to the
call to enter the
war.
President Motta, in his in¬
augural address to the League of Nations in Geneva,
said of the soldiers: "Before their eyes
vision of
force and violence should be banished
whose
members
In the
of
After two
among
mysterious appeal from
higher inspiration reached their
loyalty to their Fatherland
hearts with
and
unquestioned justice should rule.
moment when that
realm
hovered the
great human family—from whose circle
a
was
ear
a
half bitter years
dated
are
on
April
from the blind
of tumult
we
"We must not await salvation
play of arbitrary forces, but from
an
intelligent act of will.
.
.
.
The
incidents of the struggle prove that the nation is
beginning to have a fraternal consciousness."
bills
were
disposed of
WAR
OF
LOANS
DEFERRED
BY
U.
S.
TREASURY.
stating
that Secretary of the Treasury Mellon had
March 31 that questions relative to the
on
funding of foreign obligations and the refunding of Victory
and
notes
until the
Liberty loans will be deferred for consideration
pressing questions relative to tax and tariff revision
out of the way,
are
advices from
the New
York "Commercial" in special
Washington added.
in the conferences"whichThe is holding with
Secretary Mellon said that
the Treasury Department relative to the tax program attention
given only to those subjects which will be first considered by the
experts of
is being
House
Ways and Means Committee and the Senate Finance Committee.
Mr. Mellon indicated
that inasmuch as no refunding operations are neces¬
this question will be delayed for further consideration.
It is
understanding, however, that Mr. Mellon will be prepared in presenting
sary at once
the
his tax program to
discuss
of revenue which must
no
tive to
a
general policy affecting the retirement of the
question is involved with that of the amount
be raised.
any
foreign obligations. Secretary Mellon said
word has been received from any of the foreign Governments rela¬
a
desire for immediate consideration of the matter.
the Treasury has at no
He said that
time been officially advised that Lord Chalmers or
other special representative of the British Government would come to
this country to
discuss the question of the funding of British obligations.
other matters are pressing for immediate considera¬
In view of the fact that
disposition on the part of the Treas¬
negotiations with the foreign Government relative to the
demand obligations.
tion, Mr. Mellon said that there is no
ury
a
just and durable social and moral order, brought
being by
BILLS
1.
With reference to tho funding of
concerning the strikes and rioting in Bo¬
logna, which says:
a
are
discount basis of 0The bills offered
a
REFUNDING
that
to-day the official report to the Italian Par¬
liament
offerings
floating debt, inasmuch as this
identified in their
loyalty to mankind."
and
week's
TREASURY
ninety-day Treasury
French
week
announced
great uplift of the heart when
this
CONTINUED.
In
of the
FRENCH
OF
is adequate because God works through
a
in
them,
the world;
them.
We have
dis¬
1
production, thrift, social service, these are hut ihstruments, the power is not in them; it is in the wis¬
bills
The
March 28.
dated
a
0%. the rate which has been in effect for
past.
time
long
blossom with the brain."
TREASURY
offering of ninety-day British Treasury bills
count basis of
ip their broadest significance.
BRITISH
OF
BILLS.
taken
into
of the
almost
gumts atitf, Ql&tussiom
was
have
wills
This is the belief that will
the
ethics, where justice, freedom and fraternity will be
the
are
am
yet."
of brawn failed to give men peace
has likewise failed to
in
I
that this is probably true, that God
say
this
they do
as
purpose.
'
Him.
man
things
We know His good¬
to make all things come out right in His own
■power
or
No matter
to withdraw.
astray the individual or how wrong
best
purpose
to hasten
funding of the present
The "Jourual of Commerce"
also had something to
say
yesterday regarding Secretary Mellon's statements in the
matter, and
the following is quoted from that paper:
Secretary Mellon
there
was
no
said to-day [March 31] that so far
as
he had information
present purposejto takejupjthe question of refunding and it
April 2
not
was
expected that
countries to
it is
as
foreign
under the
whereby there will be
war
debts in the meantime, he said, would re¬
suspension of interest on the debts until April 1922,
a
The annual amount
practically to
annual loan of
an
on
hat
Mr. Brauer's plan was laid before the National Board of
Farm
Organization at its agricultural conference held in
Washington last October, reference thereto being made in
as to
REPORT OF GERMAN OFFER TO TAKE OVER ALLIED
the inter¬
tion by Great Britain of the payment of current
a year.
interest and the gradual
This arrangement, it has been supposed, would be
FRENCH CLAIMS FOR LOSSES SUBMITTED TO ALLIED
as
public
March 29
on
submitted to the Allied
Reparations Commission for material losses sustained in the
is 218,500,000,000
war
The official detailed figures
francs.
received by the French
printed the following
Germany recently approached the United Stat
Government with a declaration that it fully recognized its obligation t
make reparations to the full extent of its power, and that it was prepare
to discuss the taking over a portion of the Allied debts to the United States
says a
Reuter dispatch from Berlin.
The evening papers of yesterday carried the
According to information received from the French Com¬
mission in the United States and made
STATES.
advices from London:
provided all parties agreed to this,
COMMISSION.
the total amount of French claims
UNITED
The daily papers yesterday (April 1)
It is understood that
practically at the end of the suspension period.
REPARATIONS
DEBTS TO
.
$20,000,000
A tentative plan has been submitted to this Government for the resump¬
entered upon
issue of Nov. 6* page 1806.
our
which
for the interval of years
sum
No agreement has been made
the interest, which amounts to over
payment of arrears
1343
will be made.
of interest thus suspended is $475,000,000,
running to the date named.
est
come.
arrangement made by Secretary Glass in 1919,
when it is expected that some new arrangement
amounts
CHRONICLE
of the delegates of missions from the debtor
any
Washington would appear for some time to
The status of the
main
THE
1921.]
Commission disclose that
over
130
following dis¬
patch from Washington regarding the above report:
Confirmation
lacking at the State Department to-day of reports from
was
Berlin via London that the German Government had.made definite propos¬
als
regarding reparations to the United States, including
Germany
assume
to the United
a
suggestion that
liability to this country for part, at least, of Allied debts
States.
Commissioner Dresel at Berlin, it was said at the department, has re¬
ported the substance
of his conversations with German
officials
on
the
000,000,000 of the total amount represents actual physical
general question of reparations from time to time, but
damage to industry and property in France, including ship¬
given that he had transmitted any formal or informal proposal of the kin d
ping losses, while almost 80,000,000,000 comprises the claims
for
injuries to
claims is
as
The complete tabulation of France's
persons.
follows:
*
1.
Francs (paper),
mentioned in the London
dispatch.
Mr. Dresel's post in Berlin, it has been
no
intimation
was
|
said repeatedly by officials here,
does not carry with it authorization to conduct diplomatic negotiations.
The German authorities might utilize that channel, however, to convey
suggestions to this Government.
(reconstitution values):
Damage to property
Industrial damages
38,882,521,479
Damage to houses, &c
36,892,500,000
REDEMPTION OF KINGDOM OF BELGIUM BONDS.
Loss of furniture and
25,119,500,000
J. P.
fittings.
Damage to unbuilt-on land
21,671,546,225
•_
Morgan & Co. and the Guaranty Trust Co. of New
York, fiscal agents of the Belgian Government, announce
Damage to State property_____
1,958,217,193
Damage to public works.
2,583,299,325
that in accordance with
Other damages.
2,359,865,000
Belgium, $2,000,000 principal amount of the $50,000,000
Shipping losses.
_
_
_
_
_________
_______ ___________
_
_
5,000,618.722
_.
10,710.000
Damages suffered in Algeria and colonies
Damages suffered abroad
Interest at 5% on the
in
round
.__
2,094,825,000
principal (33,000,000,000 francs
been drawn
4,125,000,000
Injuries to
Allocations to families of demobilized
Pensions accorded
their
civilians and prisoners of war
1,869.230,000
Assistance given to prisoners of war
Insufficiency of salaries and
976,906,000
wages
1,267,615,939
Total of the French claims.___
W.
B.
-218,541,596.120
BRAUER
BILLION
FOR
DOLLAR
CREDIT TO GERMANY LAID BEFORE PRESIDENT
:
■
CONSORTIUM
STATE
APPROVED
HUGHES—TEXT
Advices to J. P.
OF
BY
plan involved by William W. Brauer of New York
German
Government
by the author
was
the United States in behalf the
presented to President Harding
March 30, according to the "Journal of
on
Commerce," of March 31, which prints the following state¬
made
ment
by Mr. Brauer after his conference with t.he<
President:
It is
the
approval of the Government at Washington
proposed that the United States Government shall arrange a credit
designated
agency
It is understood that
Government shall
Following the announcement by J. P. Morgan
Hughes.
& Co.
Nov.
on
19 last year
of the signing of the Chinese
Consortium (referred to in our issue of Nov. 20, page 1996)
through the State
no
or
extended until the German
and
Associated Powers under
credit shall be made
from
secure
the
Allied
loans and credits, together with its interest,
a
that
and that such advances,
shall have priority to and shall
first lien on all revenues of the German Government, to the extent
they shall be paid to the United States before
Germany
pays
any
indemnities to the Allied and Associated Powers, except such as may be
paid for the cost and expense of the Army of Occupation subsequent to the
armistice of Nov. 11
is
in these columns Nov.
27, page 2093.
as was
indicated
The letter of the
present Secretary of State endorsing the arrangements was
made
public at Washington
on
March 30, when communica¬
discussing
tions from 1918 to 1920 between the four powers
the
policies involved in the formation of the Consortium
given out for publication simultaneously in London,
The following is the letter of Secretary
were
1918.
Under these conditions the credit of Germany
"giltedge."
finance this
No increase in taxes is necessary to
from the expenditure of such a credit
March 23 1921.
have
so we are
on
American Group, 23 Wall St., New York :
Gentlemen—I have received the letter of March 10 1921, in which you
request that I advise you whether the policy of the Department
of State, in
encouraging American interests in the assistance of China through the
operations of the international consortium, is In accordance with my views
and, therefore, receives my approval; and in which you state
that the
operations of the consortium are in no way designed to interfere with the
private initiative of
not propose
our
nationals
or
the
as
those of any other country, that it does
industrial or banking projects,
to undertake any mercantile,
but plans only to help China in the
building
of her
establishment of her great public utilities
railways,
canals,
&c., thereby assisting in
stabilizing China economically and financially, and making that field a
credit, in fact the profits
will be subject to income tax.
Congress
will decide how to raise t his money .
German-Americans
Hughes:
Messrs. J. P, Morgan& Co., for the
such
No Increased Tax Needed.
$3,000,000,000,
of State
spend through its
for food, raw materials and manufactured products.
Article 251 of the Treaty of Versailles their assent
be
were con¬
Paris and Tokio.
direct to the German Government for 81,000,000,000 to
own
SECRETARY
Morgan & Co. that the principle of the
the Wilson Administration made known,
HARDING.
credit to be arranged by
a
This
2340.
CONSORTIUM.
Department, its pproval of the Consortium
The
page
veyed under date of March 23 by Secretary of State Charles
E.
OF
issue of June 5,
our
cooperative effort embodied in the Chinese Consortium has
civilian
population
OF
223,123,313
______
Exactions by Germany to the detriment of the
PROPOSAL
referred to in
was
CHINESE
and
514,465,000
on
The drawn bonds will
and accrued interest.
12,936,956,824
war
dependents
Treatment inflicted
3.
June 1 at 115%
on
60,045,696,000
men.....
civilian victims of the
to
Kingdom cf
Loan 73^% Belgian sinking fund
by lot for redemption.
be redeemed
offering
persons:
Military pensions and similar compensations.
Gold
with, the
contract
bonds, represented by trust receipts issued last June, had
figures, between Nov. 11 1918 and May 1
1921, or 30 months), say, in round figures
2.
25-year external
a
safer one for the initiative of our citizens in
industry, &c.
deposit in American savings banks about
informed, and there is reason to believe that these
private enterprises in commerce,
;
In reply I am happy to advise you
that the principle of this cooperative
effort for the assistance of China has the approval of this
which is hopeful that
Government,
the consortium constituted for this purpose will be
people will subscribe for an entire issue of bonds, if a bond issue is necessary,
effective in assisting the Chinese
in order to
unity and stability and in affording to individual enterprises of all nation-
help Germany, and the release of this amount of money from
savings banks should help business in general.
Our farmers and others have
on
alties
hand large quantities of foodstuffs, live
stock, wearing apparel, manufacturered products, raw material
and min¬
erals, much of which cannot be sold at any price, and in the case
equality
field of
of
people in their efforts toward a greater
commercial and industrial
of certain
grades of cotton and wool Germany, perhaps, is the only country that can
use
such products.
.
'
'
4
'
our
Government grants Germany this
billion dollar credit to spend
here, our farmers can immediately sell their surplus
products and with the
proceeds meet their obligations in banks and otherwise pay their way.
It is
generally recognized that it is to the advantage of the world that
Germany should be permitted to get on her feet as rapidly as
I am,
CHARLES E. HUGHES.
The
press
dispatches from Washington in printing the
possible, and
Sihce the conclusion of the consortium, China has
to accept
it, and
so
far
American, British,
as
shown no disposition
is known has never replied to the joint note of the
French, and Japanese Ambassadors
Chinese Government announcing its
The various documents made
in Peking to the
adoption.
public to-night ranged from an account of
of the four
those al¬
establishment
the text of the agreement concluded Oct. 15
the initiation of the
project for the pooling by banking groups
financially able to do so. which can only be when she is furnished
with suf¬
in a situation to work.
her feet and at once if the
Powers "of all their
existing and future options in China, except
ficient food and raw materials to place her people
ready in operation," for the financial assistance of.China in the
Germany
can
never
pay any
It is essential that Germany should be put on
peace
of the world is to be established.
wider
gentleman, your obedient servant,
indemnity until she is
it is well known that
a
above, said in part:
Sees Aid to Farmers.
When
opportunity and
activity in the economic development of China.
*
of her great
1920,
public utilities, to
a summary
of which has previously been published.
1344
The
CHRONICLE
THE
greater
of the documents were devoted to the
part
engaged in between the«British and American
hand and the Japanese
Government
controversy
Governments
on
the
and the,
one
a series of almost identic notes resfued Japan's
"special rights and interests" in the Chinese provinces of southern
Manchuria and eastern Inner
Mongolia.
It was
said:
"It would be
Secretary Lansing in
of
obligations
of
in connection with
or
an equal participation with itself in any future loan business
falling within the scope of this agreement.
Should one or more of the parties
hereto decline
vanced and far-reaching than was ever applied to Chinese territory, even
in the period when the
and
!
;
account
on
parties hereto shall be entitled to
participate equally in the existing agreements and will offer to the other
doctrine of spheres of interest more ad¬
a
responsibilities,
„
parties hereto
calamity if the adoption of the consortium were to
a
with it the recognition of
carry
rights and
business to which this agreement relates shah be borne
by each of the parties
letter of Oct. 28 1919,
a
equ&l
hereto in equal shares, and each of the
provinces.
To these claims of Japan,
advantages,
,
Accordingly preliminary advances
that Japan asked exemption of the provisions of the consortium from these
•
prerogatives,
every sort, and kind.
account of this claim
on
contracts with
between themselves, and each party shall have the same rights,
as
privileges,
American Governments, in
claims to
parties hereto shall conclude all
obligations
the other, in which the British and
on
[Vol. 112.
a
participation in the existing agreements
in any such future loan business
break-up of the Empire appeared imminent."
a
Similarly, Great Britian replied that the "claim put forward by the
participation therein shall
its or their markets
or any
of them or
aforesaid the party or parties
as
be free to undertake the
same
accepting
but shall issue on
only.
Japanese Government in regard to Eastern inner Mongolia amounting to
the
reservation
boundaries
Japari has
of
the
independence
and
territorial integrity
joint liability
which
China,
of
All contracts shall
5.
due to their contiguity to Korea and
may
States and Great
Britain then assured the Japanese
to
no reason
6.
and
are
Any
to be made at substantial
one
or
more
in writing to call upon the other
to issue their
her attempts to achieve her object through
compromise
a
was
which
amount
giving such notice
international
the
of
text
formulated
consortium
terms and conditions
China
for
"1.
by banking interests of the United States, Great
Charles E.
Hughes
thereof
the Secretary of State,
published
was
"2.
follows in the New
as
Such notice
day of October 1920 between:
de l'lndo Chine, having its office at 15 bis Rue Laffitte, Paris
Yokohama
Specie Bank, Ltd., having its office at Yokohama
the
third
in
to the
as
London, and
of Paris, of the fourth
French,
Japanese,
their
their
whereas
respective
complete support to their
hereto in all
Governments
have
National
respective
to
the
groups,
ary
in
of
Peking
the
four
assured to the parties hereto for the purpose of
will
capital
necessary
for
struction and improved communications;
of economic
prepared to participate
on
parties issuing the residuary participation
or
commission of not exceeding 1 A %
which the issuing party
or
to cause the
of the
out shall remain bound
of
a
group
of, and
so
own
as may
market.
by the restrictive provisions hereof, and
This agreement relates to existing and
Government
China
in
or
as
follows:
to
or
to
Chinese
companies
or
'future
use
Existing
it
can
agreements
be shown
that
relating
The existing
and
any
to
or
or controlled
any
to
by
For
or
Chinese provincial
to
industrial
undertakings
Hongkong
the British group,
behalf of the
American group,
only or in the event of the
pany
equal share in all operations and sign all contracts and shall bear
an
business (except stamp
duties and any charges of and in connection with the realization
shall
equal shares by the parties hereto.
Force
for
Five
Years.
remain in force for the period of five
years
parties
duly authorized representatives of the respective
and
Shanghai Banking Corporation,
on
behalf of
Chaume; for the Yokohama Specie Bank, Ltd.,
Japanese group.
K. Takeuchi; for and
on
behalf of the
J. P. Morgan & Co., Kuhn, Loeb & Co., the National City
T. Stillman, President; the Guaranty Trust Com¬
of New York, by J. R. Swan, Vice-President: Continental and Com¬
Trust, and Savings Bank of Chicago, by John Jay Abbott, Vice-
President; Chase National Bank, New York City, by A. H. Wiggin,
man;
Chair¬
Lee, Higgiuson & Co.
upon
This agreement is made on the principle of complete equality in
every
any
part of such participation
mercial
PRESIDENT
by the
parties hereto in their respective markets of their shares in the operations
,
OF
HARDING
future loan agreements to which
equal share of all charges in connection with
no
.
made may be
respect between the parties hereto and each of the parties hereto shall take
own account
C. S. Addis; for the Banque de l'lndo Chine, on behalf of
Bank of New York, by J.
behalf
or on
party if the transaction
the
the French group, T. de la
provinces of
agreement relates and any business arising out of such agreements
respectively shall be dealt with by the said groups in accordance with the
provisions of this agreement.
an
outside
parties hereto have set their hands the day and year first above written.
this
4.
thereof shall be
notices unless mutually
by twelve months' previous notice in writing addressed to the
In witness whereof the
on
substantial progress has been
agreements
any part
or
parties outside the market of the party giving the same.
agreement shall
omitted from the scope of this agreement.
3.
or
parties hereto determine this agreement at any time.
other
loan agreements which
question is guaranteed by the Chinese Government
China.
apply
its market for the
from the date hereof, provided nevertheless that a majority of the
any member
government, but does not relate to agreements for loans to be floated in
which
participation
its best endeavors to secure that
hereto may
nationality and domi¬
Government departments
corporations owned
or
on
Issuing bank and the party or parties giving such notice or notices as
This
8.
subscription by the public of loans to the Chinese
Chinese provincial government
quotation
,
hereto and shall be borne in
ments.
of the
a
Amy other participation shaJl be given only with the consent of all parties
The admission of any new
group shall be determined
by the parties hereto subject to the approval of their respective Govern¬
for
apply all sub¬
Any participation given in its own market by any one
be transferred to
ciled in its market.
issue
by
aforesaid, and in giving any such participation the party giving the same
shall
be
that any member of a group dropping
to admit into its group a new member who is not of its
2.
the residuary
to be subscribed.
parties giving such notice
parties hereto shall be for its
of the
coming in shall become subject to the restrictive provisions here¬
that no group shall (without the consent of the others) be entitled
involve the
total
responsibility to subscribe for the residu¬
same
by it.
In
by and between the parties hereto
so
the nominal amount
on
in their sole discretion incur
■
equal terms in such undertakings
members, but
may
issue including any of the residuary participation for the accounts pro rata
recon¬
Each group reserves to itself the right of increasing or reducing the
own
shall be
giving such notice or
parties issuing the residuary participation will
Provision for New Members.
number of its
parties
or
No issue of the residuary
of the
and to these ends to welcome the cooperation of Chinese capital:
1.
party or parties giving such
shall be incurred in relation to the
No participation shall be given by any one of the parties hereto
7.
its
calculated to assist China in the establishment of her great public utilities
Now it is hereby agreed
expenses
agreed by the parties hereto."
And whereas with these objects in view the respective National groups
are
a
Each
"9.
obtaining such contract;
programme
a
party
made by the party or
people can in existing circumstances best be served by the
the
to what
total amount issued
be
interests of their respective countries in procuring for the Chinese
Government
parties issuing the residuary par¬
be formed for the purpose of effecting the
Each party issuing the residuary participation shall
"8.
cooperative action of the various banking groups representing the invest¬
ment
may
for and use its best endeavors to obtain
And whereas the said National groups are of the opinion that the int erests
of the Chinese
made
amounts issued on
parties issuing the residuary participation shall be entitled
as
participation
"7.
parties
Governments
or
or
by it and the amount issued by such party on its own account.
operations undertaken pursuant to the agreement hereinafter
representatives
such
scriptions received by it pro rata between the residuary participation issued
give
obtaining of any specific loan contract the collective support of the
diplomatic
by the party
virtue of this agreement incur any
contained, and have further undertaken that in the event of competition
in the
any
The party or parties issuing the residuary participation shall not
"6.
busi¬
loan
undertaken
which one or more of
participation bears to the total nominal amount of the issue.
ness;
And
as to
in relation to the whole issue and being in the proportion which
groups,
French, Japanese, and American groups were
formed with the object of negotiating and carrying out Chinese
The
expenses
respectively;
And whereas the British,
notices
of the residuary participation and also with a pro rata share of the
Bank, and
and American
account
notices
or
notices with
the American Managers are acting for the purposes of this agreement as the
representatives of the British,
or
entitled between them to charge the party or parties
'
Whereas the Hongkong Bank, the French Bank, the Japanese
themselves and without reference
among
residuary participation, but in default of
residuary participation and the amount
own
Each of the
"5.
United
to France by Messrs. Morgan, Harjes & Co.,
as
part.
much
shall have been
issue of the total amount issued by such party.
Kingdom by Messrs. Morgan, Grenfell & Co., of 22 Old Broad Street, in
the City of
the
to decide for itself and without reference to the
notice
and the Continental and Commercial Trust and Savings Bank of Chicago
acting
by the other or others of
part only of the loan) of so
a
In issuing the residuary participation no distinction shall be
their
or
"4.
of New York, Messrs. Lee, Higgihson & Co. of Boston,
Managers"),
be received
issue of
an
issue.
City Bank of New York, Chase National Bank, New York, the Guaranty
(hereinafter called "the American
and subject, to the
upon
ticipation, which shall in all respects be subject to the conditions of the
Morgan & Co., Messrs. Ivuhn, Loeb & Co., the National,
Trust Company
of
respective syndicates which
and
part;
notices must
case
parties giving such notice
shall issue
"3.
its
(hereinafter called "the French Bank"), of the second part;
Messrs. J. P.
notices
or
the parties hereto may from time to time agree to issue.
as
between the
kong Bank"), of the first part;.
The
parties
or
parties so called upon shall
or
(hereinafter called "the residuary par¬
decision they shall issue the same equally between them.
9 Gracechurch Street, in the City of London (hereinafter called "the Hong¬
Japan (hereinafter called "the Japanese Bank"), of
or
(in the
or
to the party or
Hongkong and Shanghai Banking Corporation, having Its office at
The Banque
party
The party or parties to whom such notice or notices
them
The
one-half of the
or
of the
following, viz.:
given shall be entitled to decide
''Evening Post" of March 30:
An agreement made the 15th
either all
the parties hereto before the execution of the final agreement for the issue
of the loan
Britain, France, and Japan, and officially approved by the
Washington Government through
York
notices, and the party
or
ticipation") specified in such notice
The
notices
participation
issue the said amount or amounts
sortium.
<
or
constitute the
may
accepted by all the groups, whereby Japan's rights over certain railroads
beyond any jurisdiction of the con¬
notice
others of the parties hereto who propose
or
in Manchuria were
as
parity.
respective participations to issue for the account of the
own
party or parties giving such notice
ef¬
by Thomas W, Lamont of tbe American group, and subsequently
acknowledged
The parties hereto
of the parties hereto who shall have accepted its
Powers concerned.
fected
liabilities.
their participation in any business hereunder shall be entitled by
or
diplomatic negotiations with the two Powers and
or
understanding with regard to the realiza¬
come to an
natural defence of Japan," and offered as guarantee of the good faith of the
Japan finally abandoned
not to impose
as
take place shall be for the separate benefit of each of the parties hereto
markets
apprehend that the consortium
would direct any activities affecting the security of the economic life
so
l|>ut each of the parties hereto shall
own engagements
regards their respective participation therein, and so that each of the
parties hereto shall be entitled to realize its participation in the operations
only in its own market, it being undertsood that the issues in the respective
i
,
the United
Liability.
as
special relation to Japan's national defense and her economic
Government that it "need have
possible
as
Joint
possible be made
as
tion of the operations, but so that such realization in whatever manner this
standing "in very
as
far
so
Avoid
far
so
the parties hereto,
on
will
special interests in Southern Manchuria and Eastern Inner
existence."
Both
Would
whose southern
area
severally liquidate its
were
and
large
a
replies to the United States and Great Britain, Japan con¬
In identic
Mongolia
in
often pledged herself to observe."
so
tended that her
close
exclusive interest
an
practically envelop Peking cannot be reconciled with the main¬
of
tenance
A letter
thanks for
expressing
CHINA
FOR
on
THANKS
FAMINE
PRESIDENT
RELIEF.
behalf of the Chinese people their
the assistance received from the United States
to
aid in the relief of the famine conditions, was received
on
March 28 by
President Harding from Hsu Shih Chang,
President of China.
The letter reads:
Our Minister at Washington has reported that you, Mr. President, have
issued further appeals to your people for funds in aid of famine relief in my
t
April 2
acting upon the suggestion of Mrs. Harding
in America have been curtailing
country and that, moreover,
the members of the Famine Relief Society
their daily expenses for meals for
Such
the sake of my unfortunate compatriots.
generosity and magnanimity fill
of
marks
and the Chinese
me
people with unfeigned admiration and gratitude,
They constitute a further
evidence of the fact that we in our distress have not looked in vain to your
and aid.
esteemed country for counsel
people, therefore, allow me to tender to you,
On behalf of the Chinese
Mr. President and the American
shall
we
people, our most heartfelt thanks for their
contributions and good will, and let me also declare that never
generous
forget what you have done for us at a time when
unexampled multitude of calls from all over the world for
an
there has been
American help.
appeal to the people of the United States to "do
An
everything
their power"
in
in
conditions
China
toward the
relief of famine
issued by President Harding on
was
of my administration, I desire
to add my own to the many appeals which have been issued heretofore
in behalf of the starving people of a large section of China.
I am informed that the American committee, and the church and other
the earliest practicable moment
At this,
organizations cooperating with it, have already remitted several millions of
to the American and International Relief Committees in China,
dollars
and that already a great relief
my
work has been accomplished.
information is that the means thus far
Nevertheless,
placed at the command of these
beginning of this relief movement a much more accurate
Since the
possible.
standing of the grave situation has become
under¬
The Department of
made public information received through its
representatives in China as to the conditions prevailing there.
The picture
of China's distress is so tragic that i am moved, therefore, to renew the
appeals heretofore made and to express the hope that the American people
will continue to contribute to this humanitarian cause as generously as they
possibly
1
can.
,
.
but linked to us
by manifold ties of friendly association, confidence and good-will.
The
American nation has never failed to demonstrate its friendship for the people
of China and that friendship has always been reciprocated in a manner
which i feel justifies the hope that in this hour of China's distress our people
will do everything in their power for its amelioration.
to as from a people far distant,
The cry for succor comes
INDEBTEDNESS
THE
We
gladly make
room
W. Lamont of J. P.
OF
CORREC¬
ALLIES—A
THE
for the following letter from Thomas
It is self-explanatory:
23 Wall Street, New York, March 25
Indebtedness
Will Be Paid,'* this article appearing on page
expressed
or
made any such declaration as the
will find
heading.
I think that by perusal of the text, you
commitment
implied had been made during the Peace Conference at Paris
unequivocally was that no arrangement or
for the cancellation, in whole or
in part, of the Allied indebtedness to the
This is quite a different thing from
United States Government.
a
Organization Committee entered last month ohjthe campaign
to raise the
Corporation's $100,000,000 capital stock, to aid
in
maintaining and developing this country's foreign trade,
it
was
found that in
a
large number of States there were
legal obstacles to prevent State chartered banking institu¬
in Edge Law corporations.
capital and surplus of the banking institutions
The combined
thus affected aggregate over
$1,200,000,000.
The very sub¬
that has been made in clearing away these
stantial progress
obstacles indicates very
clearly
one
important phase of the
In several other States legislative ac¬
Corporation's work.
view, has been materially
Amongjthe important cen¬
tres evidencing keen interest in the formation of the Foreign
Trade Financing Corporation are Cleveland and Los An¬
tion, with
the
object in
same
the past month.
National For¬
the National
Foreign Trade Council, will be held in May, gives promise,
according to conservative estimates, of subscribing at least
$5,000,000 to the stock of the Corporation]through its banks,
Cleveland, where the Eighth Annual
geles.
eign Trade Convention, under the auspices of
business
and investors; and Los
concerns
Angeles, where a
committee of bankers, business
men and producers are co-operating with the Organization
Committee of the Corporation, sends word that $1,500,000
and representative
large
of
subscriptions
can
be counted upon there.
INTERNATIONAL
THE
making
ACCEPTANCE BANK,
TO INCREASE ITS
At
a
INC.,
CAPITAL.
special meeting on March 31 the stockholders of
International Acceptance
the
Bank, Inc., of which Paul M. War¬
burg is Chairman of the board, a
proposition to increase the
ratified.
The present capital consists of
common stock and $250,000 special
stock.
capital stock
886.
May I point out to you that I never
nothing in it that bears out your
or¬
These States are: Arizona,
Arkansas, Connecticut, Georgia, Kansas, North Carolina,
Pennsylvania, South Carolina and South Dakota.
When the
1921.
York.
Dear Sir:—My attention has been called to an article in your esteemed
publication of March 5, entitled "Thomas W. Lamont Declares All Allied
of the Commercial and Financial Chronicle, New
What I stated
permitted to invest in fhd stock of corporations
Morgan & Co.
To the Editor
title would indicate?
are now
ganized under the Edge Law.
LAMONT.
FROM MR.
TION
ten^days enabling action,
by legislation and otherwise, has been taken in nine States,
so that State chartered banking institutions in those States
advanced during
organizations are entirely inadequate to the task they confront.
State has from time to time
March 31 that within the past
on
tions from making investments
The statement said:
March 12.
1345
CHRONICLE
THE
1921.]
was
$10,000,000
$12,750,000, con¬
$10 par, and
125,000 shares of common stock of $100 par.
The Interna¬
tional Acceptance Bank will open for business April 12.
jJanned to increase the capital to
It is
sisting of 25,000 shares of special stock of
prediction that "all Allied indebtedness will be paid."
I have no doubt that all the Allied Powers in Europe, small as well as
great, ardently desire to pay
their debts.
ACCEPTANCE COUNCIL ON
AMERICAN
Very truly yours,
T.
W.
observing that there has been
In
CORPORATION
TRADE
FOREIGN
OF
ORGANIZATION
FINANCING
PROGRESSING—COMMITTEE
tance, often in
'
John McHugh, on
sion
this
behalf of the Committee on Organiza¬
Foreign Trade Financing Corporation, took occa¬
week
state
to
most
emphatically that the work
developing this nation-wide organization to maintain and
of
increase
this
country's foreign trade, on the soundest busi¬
ness
principles, is being carried on without interruption and
with
gratifying evidences of support from many parts of the
present business and agricultural
conditions, the improvement of which is so importantly de¬
country, |
In
view of
foreign outlets for our manufactures, raw mater¬
pendent
on
ials and
produce,* there is occasion for redoubling effort, ac¬
McHugh, for the forma¬
tion of the Corporation.
The appointment of the Corpora¬
tion's Committee on Policy, Mr. McHugh states, is a dis¬
tinct step in advance, to facilitate the formation of the Cor¬
poration and the undertaking of its essential task with ap¬
propriate capital at the appropriate time. 7 This Committee
on Policy consists of Levi L. Rue of Philadelphia; Paul M.
Warburg of New York; John J. Mitchell of Chicago; Philip
cording to the announcement by Mr.
Stockton of Boston; E.
F. Swinney of Kansas City, Mo.,
and F. O. Watts of St. Louis.
The Committee
on
on
Policy will determine when payment
the hundred millions capital stock of
the Corporation shall
shall begin operations.
Meanwhile, the taking of subscriptions to the
of the
capital stock
Corporation is proceeding according to plan.
NINE STATES PASS
ENABLING ACTS FOR EDGE LAW
CORPORATIONS—WESTERN
Announcement
was
SUPPORT
CORPORATION.
STATES
FOREIGN TRADE FINANCING
tion Committee of the
ment of
a^way to suggest that the form and character
readily lend themselves to the develop¬
made at the offices of the
Organiza¬
Foreign Trade Financing Corporation
improper commercial
practices," the American Ac¬
in its "Acceptance Bulletin" says:
As
exactly contrary view is held by the advcoates of the trade ac¬
ceptance and this Council, pains have been taken to analyze the abuses
referred to, with the result that we may say that practically the only mis¬
ceptance Council
an
uses
that
have
to our attention
come
have been the tendencies on
the part
jobbers and distributers to request delinquent debtors
by accepting trade acceptance drafts, and
merchants,
of
some
to
settle their overdue accounts
to take a new bill in trade
renewal for one maturing. The trade acceptance should
never be
renewed, either with or without interest, but if an extension of
the credit is given, it should be in the form of a promissory note with
a
tendency
on
the part of some merchants
acceptance form in
interest.
these practices have been largely, if
minor importance, and they were possi¬
bly not surprising in view of the period of credit strain which was endured
last summer and autumn, particularly in the textile lines, regarding which
the complaints were most general, and the ignorance or lack of apprecia¬
tion among the smaller and less well-informed commercial concerns as to
the proper use of the trade acceptance.
A flabbiness of commercial moral
fibre may also have been a contributing cause.
So far
not
as
we
have learned, however,
entirely, confined to houses of
Criticism has also been
heard of
tjhe trade acceptance with regard to its
operations in goods between jobbers and
injected themselves into the textile markets
during the period of ascending prices, of silks, particularly, but other tex¬
use
in
more
middlemen,
tile
lines
as
or
less
many
of
speculative
whom
well.
The Council has been
informed that speculators were prone to
buy goods
which they would resell on similar terms and
that the same goods would rotate by sale and resale among this class of
speculative traders with a trade acceptance being issued in each case, so
that before the maturity of the bill issued on the first sale, there might be
several bills created in respect of new speculative transactions in
the
same banks of traders, and in
some cases, these were discounted.
The Council submits that the very nature of this trade was disclosed by
the trade acceptances which issued in it, and that these instruments, better
than any other form of commercial paper in/general use, would disclose to
the banker requested to negotiate them, the character of the trade, as
certainly a trained banker is sufficiently warned when he is offered paper
drawn by jobber on jobber or trader on trader, and by the multiplication
of such offerings, that the underlying goods are not moving in the usual and
approved channels of distribution, but such disclosure would not have been
made to the banker had the trades been conducted on credits in open book
account or cash sales financed by single name borrowing.
on
be called and when the Corporation
"brought to its attention
abuses of the trade accep¬
of the instrument
ON POLICY,
tion of the
of alleged
instances
numerous
ABUSES OF
TRADE ACCEPTANCE.
THE
LAMONT.
trade
acceptance terms
1346
The
CHRONICLE
THE
careful
practice of
foreign bankers
scrutinizing trade bills of¬
in
fered for discount and taken for collection, with the view to disclosing just
such unusual conditions of trade, either generally or with respect to par¬
ticular houses, that prompt corrective measures be taken, cannot be too
strongly recommended to
our
banking community.
own
their
[Vol. 112.
positive harm.
systematic,
Never before have i
falsely
optimistic
course.
announces
the latest addition to its series of
as
pamphlets
acceptance subjects a booklet entitled "Bankers' Accep¬
on
as
The author is Morton H. Fry,
Investment."
an
New York, who prepared it at the request of the
Council.
particularly directed to those investors—whether cor¬
It is
at any
time this
individuals—who have not yet been
or
of acceptances or
the
inherent
have bought only sporadically and to
advantages
should appeal.
in paper of
possessed
jvhom
bank acceptances
by
The booklet seeks to make clear that
of idle funds who
sessors
buyers
buy bank acceptances
pos¬
investing
are
unquestioned soundness and liquidity and
utilizing their funds in
are
safe, profitable and convenient way.
a
business
•
and
■
,
Listen to the truth whether
you
like
Don't
or or not.
Times will be much worse before they are better.
year.
Don't let them persuade you to strike when you cannot win.
too many men
looking for
thinking.
Use
jobs.
your
Next winter -will be
the contrary is
you to
hard winter for you.
a
no true
you
with your money.
I
Before it
are
your
comes.
The leader who
can.
their principal
or
in¬
Should I speak optimistically concerning the near future I
would be either dishonest
of which
Do
friend of labor.
To investors who cannot afford to risk any part of
I say:
There
your common sense.
work every day you can and save every cent
persuades
come,
porations
powerful
let your leaders mislead you by promising you more work and better times
own
tances
*
To labor I say:
The American Acceptance Council, 111 Broadway, N. Y.,
such apparent evidence of
from
financial interests, to say nothing of the utterances of impractical statis¬
ticians and theorists.
Neither labor, nor capital, nor governments, nor all
of them combined, by optimistic
propaganda, or in any other way, can
make business good at will, or stay the
present decline, which must run its
BANKERS' ACCEPTANCES AS AN INVESTMENT.
;i
seen
propaganda
investments, tells
heart is Wrong.
I would not be fit to be trusted
incapable.
or
You should not invest
might be head.
that
you
one
dollar in the stock of
Beware of anyone, who,
business
bank
any
when offering
His head
will revive.
soon
or
you
hi*
Invest only in well seasoned securities that the test of time
has proven can survive several lean years and still pay interest and dividends.
Above all, at or near present attractive prices, invest in
Before business
complete.
In
commodities, of which copper, cotton, hides and rubber
conspicuous examples,
are
Government bonds
truly revives readjustment of prices must be radical and
some
it
Although concisely and simply presented, the scope of the
pamphlet is comprehensive, as indicated by the headings
such
treated,
is
practically
In
complete.
others,
ments will be that of labor.
follows: Bank acceptances
as
vestment;
liquidity;
safety,
short-term in¬
a
as
and
maturities
convenient
denominations; investors in acceptances; how to buy bills;
how to sell bills; method of collecting acceptances at maturity.
most
as
cost of
Contrary to
wages either save and
blind.
BONDS OF
lean years.
although
One of the bills
the
longer will
MATURITY.
YEARS'
TEN
signed by President Wilson
March 4—
on
issuance of farm loan bonds to
five years.
and
The bill
his remarks
was one
thereon
for
run
The duration of the bonds had
so
a
to
as
permit the
period often
21.
page
In either
case
banks profit.
ahead for themselves,
see
as
But bankers
well
for others,
as
falsely optimistic propaganda are believed
more
the true business revival, the signs
distance in the future,
than
a year
are
ago, were
to-day
the
of which,
plain to careful ob-
as
the signs of to-day's depression.
An
the
first
17,
1916,
lie it
tion
To
amend
Dec.
on
23—when
the
bill
enacted
20
Act of
as
approved by President
20.
That
of
Congress approved July 17, 1916,
option
bonds
$40,
Farm
minimum
the
and
of
Loan
their
$500,
Board
maximum
the
land
specified in the bonds,
of
provided for
$100,
Loan
as
issue.
amount of terms
a
Act,
as
periods,
at
such
larger
as
follows:
issued
in
for speci¬
run
subject to payment and retirement,
after the minimum
time
any
period
which shall not be longer than ten years from
shall
They
have
to be fixed
in
interest
attached,
coupons
than
series of not less
5 per
the
payable
$50,000, the
by the Federal Farm Loan Board.
rate of interest not to exceed
de¬
denominations
they shall
authorize;
may
bank,
and
of Sec¬
amended by the
this Act shall be
in
$1,000,
semi-annually, and shall be issued
bear
the Federal Farm
as
Congress approved April 20, 1920, be amended to read
the Federal
date
known
by the Senate and House of Representatives of the United
of the Act of
nominations
fied
of the Act of Con¬
paragraph of Section 20
America in Congress assembled, That the first paragraph
"Sec.
OF
PRESIDENT
HARDING.
Preliminary to the conference of Southern bankers which
was
by the Act of Congress approved April 20, 1920.
States of
SECRETARY
WITH
MEET
presented by Senator McLean,
The following is the bill
approved July
gress
HOOVER—TO
is to be held in
Washington next week, to discuss plans for the
financing of exports of agricultural products, Secretary of
Commerce Herbert Hoover has conferred this week with cot¬
Act
amended
INTERESTS CONFER
COMMERCE
previously been limited to
Wilson:
interests
ton
On
cottonseed
he had
cotton
OF
FEDERAL
TREASURY
FARM
LOAN
BONDS
purchase by the Treasury Department of $750,000
Federal Farm Loan bonds, with accrued interest at
$12,430,
650,000, with accrued interest at $131,320,
the American Cotton Growers'
of what is
the
March 7.
announced
■
_
urge
exports.
those
a
(April 1)
identified
with
the
delegation representing
Association, headed by J. S.
President Harding to advise him
upon
said to be
planters and
the serious situation
confronting the
the necessity of Government assistance in
marketing of
the
products abroad.
Harvey Jordan.
Chairman of the board of directors of the
Association, and
former Senator Hoke Smith
will, it is said, be
The conference is said to have
those
among
arranged by Mr. Hoover.
TION
BY
FINANCE CORPORA¬
WAR
TO DISCUSS FINANCING OF AGRICULTURAL
PRODUCTS.
to date $16,-
was
with
To-day (April 2)
CONFERENCE CALLED
The
year
associations, and yesterday
conferences
industry.
cotton
committee representing
a
BY
DEPARTMENT.
making the total purchases for the fiscal
crushers'
further
Wanamaker, will call
been
PURCHASE
the financing of
regarding
Thursday he conferred with
comprising the delegation.
They shall
centum per annum."
Approved, March 4, 1921.
on
When
and the longer the inevitable readjustment is delayed,
as. more
COTTON
years.
passed by the Senate—were noted in these columns Jan. 1,
at
reduced.
Men who get good
day of the concluding session of the Sixty-sixth Congress
—amends the Federal Farm Loan Act
as
The
be postponed
some
observers,
wages
and banks prosper.
deposit their surplus in banks, or spend freely with
They clearly
and followed,
One of the last readjust¬
opinion bankers do not want
merchants who deposit in banks.
one or two
APPROVAL OF BILL FOR ISSUANCE OF FARM LOAN
common
labor prospers business is active,
are not
many
building materials, house furnishings, and especially in the
building construction, it is only begun.
A call for
a
conference
at
Washington
on
Monday next,
April 4, of Southern bankers to discuss methods for the financ¬
ing of exports of Southern agricultural products
was
issued
.
.
March
on
ELLIOTT
In
an
C.
McDOUGAL
address
on
ON
Co.
ahead for
years."
YEARS
AHEAD.
"Capital and Labor—Their Business
Outlook," Elliott C. McDougal,
Trust
LEAN
President of the Marine
of
Buffalo, declared that bankers "clearly see
themselves, as well as for others, one or two lean
He
decried
"the
more
falsely
optimistic
to
be misled
He warned labor not
by leaders promising "more work
and better
times at any time this year," but urged
that they work "every
day you can and save every cent you can." Mr. McDougal, who
nouncement of the conference
Companies
Association of the State of New York, delivered his address
before
the
New
York
convention in Buffalo
were as
State
on
Millers'
March 22.
Association
to
a
their
In part his remarks
are
called pes¬
Men listen rather to the most shallow and misleading
pleasant untruth rather than to unpleasant truth.
that
at
follows:
Foresight and sagacity that utter unwelcome warnings
simism.
banker, who has the
care
of other
people's
definite
plans for farmers'
the
regarded
optimism,
Many who admit
money, must not chase
as
press
an¬
discussion
stated that
soon
be
dispatches in reporting
being misled to-day, to
In the light of the day's developments, however, it was
a
solution of
the farmers' difficulties.
Several
other
such
meetings
planned,
are
it
was
stated.
Secretary
Hoover expects soon to meet with representatives of the agricultural indus¬
try to talk over with them the problems which beset their industry.
ers
Lead¬
of several farmers' organizations also are preparing to carry their prob¬
lems to the White House in the
near
future, probably before Congress gets
far into the work of the extra session.
j
Officials of the Finance Corporation desire, it was said, to explain to the
Southern bankers, on whose shoulders fall the burden of providing funds for
the export of cotton and
go
other products, just how far the Federal
in supplying the money they seek.
In this connection, it
agency can
was
deemed
likely that the Treasury's position with respect to exports to Germany also
would be made clear.
The
V
Corporation has already approved
a
loan of $6,000,000 for the financ¬
ing of shipments to States in Central Europe, and Secretary Mellon has said
there was no objection to loans on exports to Germany provided the Finance
Corporation received good security from the exporting houses.
There have been indications
on
several occasions that the Corporation was
ready to extend aid in shipping to Czechoslovakia and Poland, although
tries exporters
men are
was
the first step by the new Administration looking to
and other
Business
a
calling of the conference said:
call and the date.
and financially
others.
issued after
The
relief would probably
The Washington
developed.
rainbows, still claim that he should not speak out for fear that his warnings
might hurt business. i have seen false optimism ruin some business men,
cripple
was
by the Cabinet of farmers' problems, and it
is also President of the State Bank Division of the American
Bankers' Association and President of the Trust
by the War Finance Corporation.
Announcement of the conference was confined to the bare statement of the
propa¬
ganda" believed and followed, and asserted that "the longer
the inevitable readjustment is delayed, the longer will be
postponed the true business revival."
29
public statement to that effect never has been made.
In these two
a
coun¬
have reported great opportunities for the marketing of cotton
exclusively Southern products.
April 2
While there
1921.]
THE
CHRONICLE
apparently the pro¬
of those officials having to do directly with the
farming industry to
gram
spread conferences
MEETING OF OUT-OF-TOWN MEMBERS OF
NEW YORK
STOCK EXCHANGE APRIL 15.
several months in which time representatives from
various sections of the country
may be called here to see what can be
done for them.
Finance Corporation officials have said several times that
the Western and Middle Western fanners must
have consideration shown.
It apparently was the consensus of
over
the
Invitations
said, will be entirely in¬
was
formal and will seek to develop a
program of co-operation with practical
limits for the disposition of
crops.
Some officials were said to fear that
unless the farmers could be assured of a friendliness on
the part of the
Government in the marketing of their products, there would be
reductions
in the acreage of all
crops.
It was indicated that first hand information
obtained in conferences such
those proposed by
as
Mr. Hoover
.
Friday,
TO
REGULATE
might sug¬
March
made
March
on
23
They
wounded
a
11.00
on
statement
In
as
normal
times
gambling dens,
are
agriculture
can
withstand, in
a
According to
is
in April, of
leading grain exchanges met there
March 24 to consider
on
legislation which has been enacted
pending in several States
on
or
definite
no
Lots"—H.
'A'''
G.
S.
Noble
conclusion
a
had
the subject of marketing.
been
It
reached
as
to
what
action
should
committee would be appointed to make a survey and
report.
Leaders of the grain trade declared that legislation
prohibiting trading in
contracts for future
De
of
Lot
-''Aa':-v- A
Coppet
delivery would destroy the economic functions of the
grain exchanges.
&
A;-;- '.A:
Houses.
Discussion.
F.
Clearing Corporation.
^
::: 'K'■■>-'^
■'
\
-
,
3.30 p. m.—Address "The Specialist"—Erastus Tefft.
Discussion.
:
.
.
A; ;
:v-.\
4.30 p. m.—Address by John G. Milburn, Counsel,
Exchange.
New York Stock
'
<
PROPOSED NEW ISSUE OF FARM LOAN BONDS..
The proposed Federal Farm Loan bonds which the Farm
Loan Board is
preparing to issue will be brought out after
C. E. Lobdell, Farm Loan Commissioner, in a
April 15.
statement
regarding the prospective issue
says:
The Farm Loan Board is not unmindful of
general market conditions,
and the forthcoming issue will be not
only
5% bond,
with its validity
fully determined by the Supreme Court, but will also have a minimum call
period of ten years, instead of five, as in former issues, which, It is believed,
will render it still
more
a
A
attractive.
This issue of Federal Farm Loan bonds will not be
be taken but that
President
Clearing Corporation.
added:
Joseph F. Griffin, President of the Chicago Board of Trade, announced
that
"Odd
V;-
Streit, President Stock
gambling maruaders
convenes
dispatches from Chicago, representa¬
press
tives of the nation's
was
Congress
joint resolution putting them out of existence.
a
follows:
1.00 p. m.—Luncheon at Stock
Exchange Luncheon Club.
2.15 p. m.—Inspection—Stock
pure
from manipulating them, so as to
deprive the American farmer of fair prices
as soon as
as
2.45 p m.—Address "The Clearance of Stocks and
Loans"—Samuel
and grain exchanges, so as to prevent a
thieving band of
in favor,
day will be
.
-y
;
12 m.-—Inspection—Odd
repel the attacks of those who would profit by its misfortune, while they feed
and fatten upon its very life substance.
If we cannot regulate the cotton
passing
V
v
Exchange.
m.—Address
a.
Discussion. .'•■"
saying:
the onslaught of those who seek,
through exchange manipulation
depress the price of farm products, but in abnormal times, like these,
agriculture, like the wounded deer, prone upon the ground, Is unable to
am
occasion.
yours,
Doremus.
on
to
living profits, I
be present on this
can
a.
New York Stock
measure
and
room.
organization by drawing
our
m.—Assemble in Visitors' Galley of Stock Exchange.
10.30 a. m.—Address
of
wlecome—William
H.
Remick,
doing to prostrate agriculture what the vulture does
are
deer.
you
The program for the
24
simple.
Committee
March 21 1921.
of the Senate Committee
today,
the
Remick,
meeting of
a
meeting is enclosed herewith.
earnestly| hope that
9.50
The exigencies of the hour demand
legislation of a very stringent nature.
The cotton and grain exchanges, as
operated
to
Governing
Faithfully
by Senator Norris of
Senator Heflin of Alabama, in
New York "Commercial"
and
the
GRAIN
urging the enactment of legislation to regulate
prevent speculation in farm products, is quoted in the
or
in
:
EXCHANGES. '
Nebraska, who is to be Chairman
Agriculture.
H.
WILLIAM H. REMICK, President.
fVf
was
William
meeting is to strengthen
A programme of the
Announcement that he plans to introduce at the
coming
session of Congress a bill to regulate future
trading on grain
exchanges
April fifteenth,
The purpose of the
■
LEGISLATION
by
Exchange, to
its members and their
partners into closer relationship and thus promote
more effective
cooperation.
I
PROPOSED
issued
I have been authorized
by the Governing Committee to invite you to a
meeting of the out-of-town members of the Exchange which will be held on
gest new methods for domestic handling and exportation of all agricultural
>
>
•■K:'.N
products. ;
been
out-of-town members to be held on
April 15.
The invita¬
tions, indicating the purpose of the meeting, were made
public on Monday of this week (March 28) as follows:
ever, that the cotton interests should be the first to receive
attention.
meetings which Mr. Hoover will call, it
have
President of the New York Stock
opinion in the Cabinet discussion, how¬
The
1347
official expression to-night, it was
was no
around the middle of
that time.
April.
Details of the issue will
brought out until
not be determined until
Demand for loans which shall in the meantime
develop, and
condition of the market at the time of
issue, will be taken into account.
Federal Land banks have
time,
practically no definite commitments at this
applications taken subsequent to Feb. 4 1920 were taken condi¬
as
tionally, and applications
were
entirely suspended
on
There is,
May 1.
of
course, a large accumulated demand, owing to the long
suspension of
business and the dearth of funds for farm
mortgage loans generall.
TENNESSEE
LAW
PERMITTING
BANKS
The
MAKE
TO
forthcoming issue
referred to in
was
issue of March
our
19, page 1092.
COLLECTION CHARGES.
Gov.
Taylor of Tennessee has signed a bill, passed by the
Representatives of the State by a vote of 67 to 5
by the Senate by unanimous vote, giving banks in Ten¬
House of
and
nessee
the statutory
right to charge exchange for collecting
remitting items sent them for collection.
and
DERRICK <fc
RECORDING
YORK
A
BOND
TRADING
ON
NEW
system of colored cards for day, week and month
new
York Stock
Exchange
tion therefor,
on
GET
ABOUT
Exchange firm which failed
approximately 00 cents
the attorney for
the receiver.
on
on
Feb. 1 last,
the dollar, according
A general estimate places
the indebtedness of the firm at $500,000.
In order to aid
the receiver in meeting the claims of the creditors, members
STOCK EXCHANGE.
orders for bond transactions will be
WILL
General creditors of the firm of Herriek & Bennett, the
New York Stock
to
IN
CREDITORS
60c. ON DOLLAR.
will receive
CHANGE
BENNET
-
inaugurated by the New
Monday next, April 4; in
prepara¬
Secretary Cox issued the following notice
of the firm have
and
$50,000
it is said,
agreed to raise personally between $45,000
among
themselves and friends.
they will turn
over
In addition,
all their personal assets for the
benefit of creditors.
on
March 28:
EINSTEIN,
March 28 1921.
To Members
12
At
and
G.
of the Bond Crowd:
m.,
T.
■,
April 2 1921, all orders, including Day, Week, Month,
on
O., wiU be canceled
Exchange.
on
the books in the
Bond Crowd of the
All brokers desiring to place G. T. C. orders
the books, to
on
be in effect at 10 o'clock,
Monday, April 4, must file with the Committee
of Arrangements by
m.,
orders
to
1
p.
on
buy and sell that they wish recorded.
These orders must
a
be
separate sheet to
be used by the broker for recording on each book.
Members
are
reminded that orders to buy or to sell except
■will not be recorded
on
and no cancellations of buying or selling orders
except Day orders will be
recognized unless also made in writing with date attached.
Also that, when brokers desire to record new orders on the books or to
cancel old
orders,
a separate
forming to the bonds
sheet of paper for each book must be used for
new
orders
or
cancellations
con¬
each book.
on
or
cancellations
will
not be returned to the Brokers.
The only
Orders for this book for April 4, and thereafter,
on
cards
as
Day Orders Must be Written
Week
"
"
"
Month "
must be delivered to the
follows:
on
one
York, the firm which
membership
year
here
and
Stead after the close
"
"
and
"
"
*'
Salmon
regarding
any
Fortunately,
March 24
on
issue of March 26,
p.
1226) the firm has
small losses
our
liabilities
our
were
no
part due to any particular stock.
reduced from time to time, as
our
working
operations.
The press suggestions of losses that we might have suffered in Middle
States Oil Corporation stock are not warranted, as we have no Middle States
Oil Corporation stock for any of our customers, nor ourselves, and have
lost
mentioned
in
our
excess
anything
because
whatever
of the
in dealings
references
in
heretofore
that
in
stock.
the
This is only
newspapers.
And
working capital has seemingly become impaired it is still materially
of
our
small volume of liabilities, and there is no loss to
anybody
except the decrease in capital account suffered solely by ourselves.
Y.
FEDERAL RESERVE BANK ON IMPROVEMENT
"
same
may
IN
be obtained
from
COMMITTEE
In its
OF
ARRANGEMENTS.
E.
V.
D.
CREDIT CONDITIONS.
Jamas
day.
By order of
suspended
there, incident to the last year's bad business conditions and
capital limited
N,
Blue
on
our
was
the New York Stock Exchange for
White Cards
"
instructions
(see
on
difficulties in customers' margins, and in
'
Cards
STATEMENT.
given out the following statement:
while
exception to the above rules shall apply to orders for Book No. 1.
Bond Crowd written
New
of
from
never
It is to be understood that all such written orders
ISSUE
The impaired condition of our capital is entirely due to the
Day orders
the books unless made in writing with date attached,
such recording on which shall be placed
CO.
regarding the financial position of Einstein, Ward & Co.
Saturday, April 2, lists of all G. T. C.
arranged in accordance with the division of the books,
WARD &
In view of statements which have been made in the press
COX.
Secretary.
"Monthly Review of Credit and Business Condi¬
tions," issued April 1 by the Federal Reserve Bank of New
York, the Bank states that "the improvement in credit con¬
ditions
resulting from the decline in the volume of bank de-
1318
CHRONICLE
THE
posits and loans is reflected in the higher
of the
reserves
Federal Reserve Bank of New York and of the Federal Re¬
system
serve
whole."
as a
[Vol. 112.
of the Chamber of Commerce of the United States
nance
announced
on
March 28.
tional Chamber from the First & Old Detroit National Bank,
The Bank continues:
During the extraordinary demands for credit which prevailed during the
greater part of 1920, not only did the member banks have to borrow
in¬
creasing amounts of their Federla Reserve Banks, but many of the Federal
having served with thai institution in
While with that institution he
executive capacity.
an
organized
business de¬
a new
Reserve Banks in order to maintain their legal reserves of gold and
partment and handled public relations for the bank.
money,
to
lawful
had to borrow from other Federal Reserve Banks in districts where
the credit demands
not
were
great.
so
Bank of New York
Dallas, Cleve¬
land, Chicago, St. Louis, and San Francisco.
This is the largest amount
which any Federal Reserve Bank has yet had to borrow, but within a
couple of months the centre of credit pressure moved elsewhere, the borrow¬
ing was paid off, and the Federal Reserve Bank of New York was in a
position to lend to other Reserve Banks.
On several other occasions during
borrowed §100,000,000 from the Reserve Banks of Atlanta,
the
it
year
was
borrower or became a lender.
a
Through this process
equilibrium and elasticity were maintained, and credit was at all
credit
Prior
entering directly into the banking field, Mr/O'Connor
connected
was
In January 1920, for example, the Federal Reserve
was
O'Connor goes to the Na¬
Mr.
with
the
American
Red
Cross, performing
important services for that organization during the world
The Finance
war.
Department will be
portant in the National Chamber.
one
of the most im¬
In addition to handling
questions directly touching upon finance, the department will
give immediate attention to taxes and a national budget
system.
times available for legitimate needs throughout the country.
credit pressure varied greatly in different sections
But the intensity of the
of the country during
This is clearly
the successive periods of the year.
shown the reserve percentages
STATE
of each of the Reserve Banks as they would
made loans to other Reserve Banks; as
they would have been had each
The
following institutions
Reserve Bank operated purely as an independent
of obtaining
maintain its
and
Reserve Banks, if necessary, to
able by borrowing from other
was
above the legal requirement of 40%, against
reserve at or
They were effected
borrowings reached the high level of §267,000,000.
largely to furnish
necessary
notes
In October 1920, these inter-Reserve Bank
against deposits.
35%
credit to the agricultural districts; also, as has
been said, to New York City where credit pressure anywhere in
the country
were
admitted to the Federal
,
District No. 4—
Although on this
9%,
SYSTEM.
System in the two weeks ending March 25 1921:
v
r7...... 7
^tai
bank without any means
accommodation from other Reserve Banks.
basis the individual Reserve Banks show reserves varying from 81 % to
each
Reserve
FEDERAL
TO
ADMITTED
RESERVE
have been had the banks neither borrowed to maintain their legal reserves
nor
INSTITUTIONS
In these twelve blocks are
illustrated in the diagram printed on this page.
Surplus. Resources.
Capital.
The Reliance Trust Co., Cleveland, Ohio._
§50,000
§250,000
10,000
§200,000
246,260
District No. 6Bank of
Bowman, Bowman, Ga
35,000
Southern Exchange Bank, Dublin,
Bank of Statesboro,
Ga___7
100,000
The Bank of Toccoa,
387,553
75,000
655,037
50,000
Toccoa, Ga____
1,000
75,000
Statesboro, Ga_,
10,000
307,736
District No. 7—
State Bank of Fremont, Fremont, Iowa
the
At present the movement of goods and
reflected.
improvement in credit in the borrowing districts has enabled these
Inter-Reserve Bank borrowings to be reduced to §19,000,000.
40,000
60,000
532,387
Ihlen State Bank, Ihlen, Minn
25,000
2,000
208,001
Bank of Philip, Philip, So. Dak__________
Is generally promptly
40,000
5,000
376,745
20,000
206,406
District No. 9—
District No. 11—
N.
FEDERAL
Y.
RESERVE
BANK
DEPARTMENT
ON
City Guaranty State Bank, Childress, Tex_
In
item
35,000
•' +'7;:':7+ 7 --7'"
''
District No. 12—
746,300
100,000
Como State Bank, Como, Texas
STORE SALES IN FEBRUARY.
regarding retail trade in the "Monthly Review
Monterey County Bank, Salinas, Calif____
275,800
Credit and Business Conditions in the Federal Reserve
of
Citizens State Bank, San Luis Obispo, Calif.
125,000
15,000
156,250
25.000
42.500
689.248
an
District of New York," issued the present week,
the Federal
Reserve Agent states that "sales by department stores in
cities of this district during February were about on a par
with those of the
same
month last year,
It continues:
In view of the fact that average prices in department stores were
The number of transactions shows
an
BOARD
TO
EXERCISE
The Merchants National Bank of
lower
than those of last year, the volume of merchandise distributed was con¬
The continued large
INSTITUTIONS AUTHORIZED BY FEDERAL RESERVE
according to reports
received by this Bank from 26 stores."
siderably larger.
First State Bank. Salina, Utah
increase of 12.5%.
volume of sales is evidence that in the cities of the
57,900 3,256.038
TRUST POWERS.
Jersey City, Jersey City, N. J.
The Cement National Bank of Siegfried at Northampton, Pa.
The Merchants National Bank of Butler, Butler, Pa.
The First National Bank of Sioux Sity, Sioux
The First National Bank of Racine,
City, Iowa
Racine, Wis.
district the purchasing power of the population has not as yet been greatly
The First National Bank of Great Bend, Great Bend, Kans.
affected
The American National Bank of Asheville, Asheville, N. C.
by
Rochester,
employment
or
reductions.
wage
In
Syracuse and
Utica,
where there has been much unemployment, sales have been
A further explanation of large sales is found in
equal to those of last year.
the type of purchases being made.
were
prices
and
year's sales.
are
apparently
replenishing
their
wardrobes.
furnishing goods and pianos and other musical instruments
great demand
One New
Many
deterred from purchasing new clothing last spring by high
now
as
N.
are not
in
FEDERAL
Y.
House
GRAPHIC
;
City merchant states the belief that larger stores are
securing increased sales at the expense of smaller concerns.
The
The large
RESERVE
DAYLIGHT
CHICAGO
as
last year.
York
City, Tenn.
The National Bank of Commerce, Milwaukee, Wise.
Merchants report that sales of men's
and women's apparel are running well ahead of last
people
The Tennessee National Bank of Johnson City, Johnson
OF
EFFECT
ON
TELE-
ON
TRANSFERS.
Bank
Reserve
Federal
BANK
SAVING
of
New
York
has
issued,
the following notice
retailer is financially able to stand the losses involved in repricing goods at
through Governor Benjamin Strong,
replacement values, while the merchant with less capital cannot make as
regarding the change in time limits of telegraphic transfers
incident to the adoption of daylight saving in Chicago:
drastic reductions.
As
a
result, sales shift to the large stores.
Stocks held by retailers, reported by selling price, are below those of last
year, but this reduction is probably accounted for by lower prices rather
than by a reduction in the actual number of articles.
were
larger than those held
on
shipments of spring goods.
not
large
as
tendency
far
on
on
year,
because of the
the part of retailers to buy only for immediate needs.
department
stores
FEDERAL RESERVE
March 1
have
not
to
any
considerable extent
Thus
contracted
Daylight Saving in Chicago Advances New York Time Limits.
The following table shows the retail trade fluctuations during February;
New York
You are advised that the adoption of
City and
Bank of Chicago.
in Second
Second
District.
District.
12
14
26
reach
February 1920-----______
a
result of this change, hereafter it will be necessary,
us
by
day, to have
Requests to transfer funds received after the hours
—1.1
+9.5
your
instructions
1 o'clock on all days except Saturday, and by 11 a. m. on
Saturday.
be
1921, compared with net sales during
Per cent
As
such telegraphic transfers to that bank in time for the
transactions to be completed on the same
Per cent change in net sales during Febru¬
ary
daylight saving time in Chicago,
1921, necessitates a change in our time limits for the
effective March 28
in order to effect
Elsewhere
Brooklyn.
Number of firms reporting
Second Federal Reserve District:
all Member Banks in the
To
receipt of requests to transfer funds by telegraph to the Federal Reserve
ahead for fall goods to be shipped late in the summer.
:■
BANK OF NEW YORK.
Telegraphic Transfers.
The increase during February, however, was
during the corresponding month last
as
Stocks
Feb. 1, because of the receipt of the usual
+1.0
accepted for transfer on the following day.
Very truly
V
yours,
BENJ.
change in number of transactions
mentioned above will
STRONG, Governor.
during February 1921, compared with
the number of transactions
ruary
1920
(14
firms
during Feb¬
reporting,
7
TREASURY
in
New York)
+11.1
Per cent change in net sales from Jan.
+17.9
—4.6
+1.6
—3.5
1921
1
The Treasury
1921 to Feb. 28 1921, compared with net
sales
during corresponding period in 1920
Per cent change in stocks at close of Febru¬
ary
—16.5
—23.0
—17.8
+6.3
+1.3
ary
1921,
as
compared with stocks at
ary
maturities
323.3
350.6
328.7
7.3
7.2
7.3
Percentage of outstanding orders at close of
and
FINANCE OF U. S. CHAMBER OF COMMERCE.
of
appointment of John J. O'Connor, Detroit banker,
Manager of the newly established Department of Fi¬
taxes
amounted
to
slightly
over
requirements,
certificates maturing April 15 1921, which were
maturity one month after the quarterly tax payment date in
margin is therefore available to meet other Treasury
offered with a
expectation that they might be retired out of tax receipts.
Secretary of the Treasury has accordingly authorized the Federal
The
Reserve banks on and after
to redeem in cash
to be
profits
exceeding by $125,000,000 the March 15
principal and interest.
Secretary Mellon
including the Treasury
the
JOHN J. O'CONNOR MANAGER DEPARTMENT OF
The
(Series E 1921),ma¬
added:
This
February 1921 to total purchases during
1920
income
of
and February 1921, to net sales dur¬
calendar year
15
April 1, at the holder's option, at par and accrued interest.
It was announced at the same time that the March receipts
$700,000,000,
Percentage of average stocks during Janu¬
ing those months.
APRIL
Department announced on March 31 that
Treasury Certificates of Indebtedness
+5.3
Per cent change in stocks at close of Febru¬
close of January 1921_
MATURING
REDEEMABLE.
turing April 15 1921, would be redeemable in cash beginning
1921, compared with stocks at close
of February 1920
CERTIFICATES
+12.5
Friday, April 1 1921, and until further notice,
before April 15 1921, at the holders' option at par and
accrued interest to the date of
cates
such optional redemption. Treasury certifi¬
of indebtedness of Series E1921.
maturing April 15 1921.
April 2
1921.]
QUOTATION
THE
IN
OPEN
MARKET
CHBONICLE
treated
|he date of the termination of: the war or of the present or existnotwithstanding any provision in any Act of Congress or
joint resolution providing any other mode of determining the date of such
'TREASURY
OF
i ing emergency,
CERTIFICATES OF INDEBTEDNESS.
In
ket
statement
a
termination.
referring to the quotation in the
open mar¬
Treasury Certificates of Indebtedness, Secretary of
the Treasury Mellon on March 31, said:
outstanding
tions
and
quoted in the open market at par or at
are
Treasury certificates
on
the
certificates
of two and
a
premium.
a
fective,
now-
pledged with the Federal Reserve banks to
are
poration
proved
SECURING
TREASURY
NOTES
RESERVE
ACT—COINING OF
The fact
that
retirement of
to
Reserve
made known
was
March 31 in
on
SILVER
DOLLARS.
Bank notes under
the
Pittman
Act
the
Pittman
amount of
and
issued to
$5,000,000
Bank
were
secure
$5,000,000
a
notes
bullion
silver
pledged to
March 31 1921,
This
has been
other
to
effective
desertion
entitled
"The
approved October
as
22,
the
excepted
from
the
effect and
however, That nothing herein
to
terminate
con¬
the
from
the
May 18, 1917 (Fortieth Statutes,
who failed to comply with the provisions of said
person
amend
Proinded further, That the Act entitled
Section
approved
force
the. criminal
as
Nothing herein
relieve
of
any
from
laws
1917
Act
entitled,
of
the
United
States,
and
for
other
(Fortieth Statutes,
1917,
is
hereby
shall
revived
punishment
be held
and
restored
offense
any
which
or
to exempt
heretofore
with
from
the
same
prosecution
committed
in
•
„
Approved, March 3, 1921.
or
violation
be committed while it remains
may
herein provided.
as
the
originally enacted.
contained
Act hereby repealed
in force
,
of
1,
page 217), and for
May 16, 1918 (Fortieth Statutes, page 553),
is hereby, repealed,, and that said Section 3 of said Act
15,
effect
title
approved
same
June
and
3,
foreign relations, the neutrality,
of the United States, to punish espionage, and
commerce
enforce
purposes,"
to
,
.
outstanding
Dec. 31 1920, to $247,375,000
on
any
foreign
to
cer¬
reduced from $259,375,000
March 31
Provided,
as
purposes,' approved June 15,
purchased under the Act.
that the total amount of Pittman Act certificates
means
the
better
the result of the coinage of standard silver dollars.
as
the Act
military status of
military or naval sendee of the
to terminate the liability to prosecution and punishment
in
now
Act
them will be retired in corresponding amounts.
secure
resolution:
construed
Acts amendatory thereof:
or
and
Pittman Act certificates to the amount of $2,000,000 have been retired
up to
be
"An
coined, and Federal Reserve Bank notes and Pittman Act
so
tificates
of
Act,"
'An Act to punish acts of interference with
Silver certificates will be issued in regular course against the standard silver
dollars
ex¬
Trading with
(Fortieth Statutes, page 411),
1917
the
similarly retired March 29.
the
and
Statutes, page 506) as amended by the Act ap¬
(Fortieth Statutes, page 1313), and Public Resolu¬
1919
this
of
shall
be, and the
dollars
Rents
the Act known
the
issues of Federal Reserve Bank notes at the rate of about
silver
297),
under
month.
standard
(Fortieth
76), of
Act,
Pursuant to the terms of the Pittman Act, the Treasury is also coining
into
to wit: Title 2
Columbia
of
page
approved October 6,
United States, nor
Treasury expects to continue to retire Pittman Act certificates not
required to
District
Act certificates to
Pittman
Governments
notwithstanding;
under the selective service law,
approved
retired Feb. 28 1921, out of the general fund,
were
$5,000,000 additional
The
1918.
Act
person
page
Federal Reserve
secure
contrary
authority conferred by the Acts herein
any
by Secretary of the Treasury Mellon
approved April 23
proclamations,
March 3,
tained
The Treasury has begun the retirement of the special Treasury certificates
of Indebtedness
the
Numbered 55,
operation
statement which said:
a
to
present depression in the agricultural sections of the country, and for other
purposes," passed January 4, 1921; also the proclamations issued under
Department had begun the
Treasury
law
the
resolution becomes ef-
Sixty-sixth Congress, entitled, "Joint resolution direct¬
ing the War Finance Corporation to take certain action for the relief of the
PITTMAN
special Treasury Certificates of Indebtedness
Federal
secure
Act
the
tion
CERTIFICATES
UNDER
between
war
date when this
and all amendments thereto,
and the First, Second, Third, and Fourth
Liberty Bond Acts, the Supplement to the Second Liberty Bond Act, and
the Victory Liberty Loan Act; titles 1 and 3 of the War
Finance Cor¬
of the Federal Reserve Board.
RETIRING
such
the
from the operation and effect of this resolution the fol¬
Control and
Enemy Act,
if
on
(Forty-first Statutes,
the
loans
limited period of time thereafter, shall be
a
as
such
of
1919
and discounts.
Only $94,500,000 of certificates were so pledged at the
close of business Friday, March 25 1921, according to the latest statement
TREASURY
provision
any
Food
Out
secure
and
war
administered
lowing Acts and
daily in the leading newspapers,
now appear
and
cepting, however,
Quota¬
broad and active investment market.
or any provision of any such
Act,
only during the existence of a state of war, or
people aforesaid terminated
half billions of Treasury certificates
outstanding less than
one
$100,000,000
enjoy
all issues
Act of Congress,
any
during such state of
construed
In connection with the March 15 issue of Treasury certificates it is
inter¬
on
And
that by its terms is in force
of
esting to note that Tieasury certificates of indebtedness
1319
as
on
1921.
PROFITEERING
UNDER
CASES
LEVER
ACT
DISMISSED.
LAW
PROVIDING
PIECES
MISSOURI
bill
TO
FIFTY-CENT
OF
COMMEMMORATE
TO
OF
A
COINAGE
FOR
ADMISSION
became
UNION.
providing for the coinage of fifty-cent pieces, to
March 4.
it
Be
authorize
there
the
the
enacted
shall
be
number
of
the
coinage of
as
shall
coined
of
at the
troy
fixed
and
weight,
by
the
the
of
in any
Sec.
That
United
guarding the
and
for
the
the
composition,
any
far
process
States
50-cent
diameter,
device,
design
and
with the approval of the
50-cent pieces
shall be legal tender
coining
striking of the
or
same,
or
and redemption of
counterfeiting
whether said laws
apply
regulating'
not
be
subject to the
coins,
security of
penal
the coinage herein
to
States shall
for
are
the
or
the
for
coin,
otherwise, shall,
authorized.
Provided,
March 4,
Approved,
of
the
Justice
Department of
Government
be
would
able
to
unable
were
continue
its.
REPEALING
It
announced in
was
March 28 that
tion repealing
war as
on
WAR-TIME
virtually all of the laws enacted during the
emergency measures, was
March 3.
MEASURES.
signed by President Wilson
Lever Act
that
Among
was
held unconstitutional by the United States Supreme Court
on
Feb.
The
28,
a
day
dispatches from Washington
charging violations of the
press
number of
cases
missal
at the request
them
Woolen
those
were
of
Solicitor-General
brought
against
Because
"Times" of March 23
of
the
recent
also made
the
Enemy
resolution of
are
the
Act,
1919
The Trading
Liberty Bond Acts,
and
the
creating the War Finance Corporation,
specifically exempted from the operation of the repeal
resolution, the text of which,
Resolution
Joint
Declaring that
as
certain
approved, follows:
Acts
of
Congress,
Frlerson.
American
decision
of
the
prosecutions
'
United
were
States
Caffey,
dismissed
the
Supreme Court that
begun for alleged profiteering,;
unconstitutional, Federal Judge Knox yesterday,
Attorney
indictments
were
accused
in
an
motion by United
on
against
pimbel Brothers and several of the officials of both
Co.
The
known the dis¬
follows:
as
Armojur & Co.
concerns.
indictment containing
137 counts,
of
Besides the company
the
indictment named J. Ogden Armour, President; F.
President ; Herbert A. Phillips, manager of the dressed
the
the
Company and the Brooklyn Edison Company.
of other cases
the Lever Act, under which
Edson White, Vice-
sheep department of
Chicago branch of Armour & Co.; Arthur F. Van Pelt, District Super¬
intendent in this city and adjacent territory; Charles A.
Neyer and William
Netsch.
In an argument on a demurrer, Charles E. Hughes, counsel for the
defendants,
The
and,
challenged the constitutionality of the Lever Act.
indictment
besides the
Vice-President;
Charles
and the Amendatory Espionage Act of 1918.
original Espionage Act of 1917 is restored.
with
to-day
appealed to the Supreme Court by the Govern¬
New York
Legislation which the resolution repeals in¬
cludes the Lever Food and Fuel Act, a section of which
say
ment after lower courts released defendants were dismissed
States
issue of March 5, page 897, a resolu¬
our
to
war
ernment
charging unreasonable prices for New Zealand, lamb.
As indicated in
States
that other legislation might be sought which would enable the Gov¬
to keep prices below unreasonable levels, i
ever,
and
1921.
the
Armour &
RESOLUTION
United
against high
prices in view of what they regarded as-the end of their authority to prose¬
cute profiteers by the overthrow of the Lever Act.
It was suggested, how¬
the
dies and other preparations for this coinage.
necessary
all
12 "said:
experts
whether
was
of making
expense
that
was
of March
on
relating to the subsidiary silver coins
distribution,
12
under Section 4 of the Lever Act, which
held unconstitutional by the United States
Supreme Court on Feb. 28.
Washington press dispatches
pieces to
50-cent pieces to be
of coinage, providing for the purchase of material
purposes,
the United
That
the
debasement
of
other
applicable,
as
in force
now
and
transportation,
prevention
for
United
the Director of the Mint,
all laws
States
and
so
in commemoration of the
Missouri into the Union
payment to the amount of their face value.
2.
the
or
Missouri into the Union.
fifty thousand, such
Secretary of the Treasury, which said
of
of
March
on
districts
Legal
50-cent piece in commemoration of
a
admission
mints
two hundred
standard
be
on
their
recently
follows:
as
Congress assembled, That
anniversary
of
Union
the
to
by the Senate and House of Representatives of the United
of America in
hundredth
one
Missouri
of
approval by President Wilson
hundredth anniversary of the admission of
one
States
its
The text of the law is
An Act to
the
admission
the
of
law with
a
announced
was
Attorneys had been instructed by Attorney-General
Daugherty to dismiss profiteering and hoarding pending in
the number of 250,000, to commemmorate the one hundredth
anniversary
It
District
It
55%
of
have
the
J.
Dowdell,
Slawter, buyer for the
returned
was
general
June
on
Frederic
were
merchandise
23
Gimbel,
manager,
last,
First
and
men's clothing department.
were
marked at prices which
yielded average gross profits of 103.1% and that a profit of
have been ample.
It Was not charged that the articles were
would
the
at
Joseph
Brothers
the defendants
charged that 207 articles of clothing
was
would
sold
D.
against Gimbel
corporation,
prices
indicated
on
the price tags.
Corporation, stated at the time
without
justification
reached
5%.
and
Stanchfield
that
and
the
net
Louis Gimbel,
that the indictment
profit
nlade
Levy represented
the
by the
was
President
absolutely,
concern
concern
in
the
never
pro¬
ceedings.
joint resolu¬
tions, and proclamations shall be construed as if the war had ended and the
FARMERS ORGANIZE GREAT GRAIN POOL.
present or existing emergency expired.
Resolved by
the Senate and House of Representatives of the United States
of America in Congress assembled, That in the interpretation of
vision
war
or
relating to the
duration
or
date of the
termination
any
pro¬
of the present
of the present
or existing emergency, meaning thereby the war be¬
Imperial German Government and the Imperial and Royal Austro-
tween the
Hungarian
Government
and
the
Government
and
people
of
the
United
States, in any Acts of
President
of the
the
Congress, joint resolutions, or proclamations of the
containing provisions contingent upon the duration or the date
termination
date
when
of
this
such
war
resolution
or
of
such present or
becomes
effective
shall
existing emergency,
be
construed
The New York
and
the
"Evening Post"" printed yesterday (April 1)
following advices from Kansas City, Mo.
Kansas
City, Mo., March 31.—Wrhat promises to be
a
movement of
importance in the financial dervelopment;of the Middle West is being under¬
taken by the
granary
farming sections.
worth
a
higher prices, are planning
Meetings
years
are
Leading farmers, seeing the wheat in the
was last fall and with no prospect of
dollar less than it
a great
cooperative marketing organization. t#|
being held all through the grain country, pledging for five,
the production of the
farms.
The grain is to be delivered to the
•
[Vol. 112.
elevators
to
and
The central organization
grain when it is considered advisable and the farmer
the
When
three
will receive the
Hundreds of fanners are signing the agreement.
have been signed up for thier minimum production
bushel.
average return a
demand—for
expects
will release
On these the producer
receipts taken.
warehouse
he able to borrow for his needs.
States
51,000,000
Kansas,
in
instance,
organization
work.
The
middleman's
of
it
by eliminating much of the
that
believe
producers
the market , regardless
the operations of grain exchanges.
If it can be perfected, they say,
means a revolution in grain marketing throughout the interior.
expense
they
raise their income and stabilize
can
lower
to
livestock commission firms,
on March 17 by the
United States Department of
supervision of stockyards and
Bureau
1921,
3
March
effective
Markets
of
was
the
of
1879.
This action brings to a
close one of the important
Department, dating back to the
Aug.
10
March
wartime activities of
enactment of the Food Control Act of
the Lever Act., which was repealed
1917, commonly known as
1921.
3
terminat**! on March 3, the
under the act
grant**!
licenses
Though
announcement that "all rights and liabilities
arising under the law, the proclamations of the President, and the regulations
thereunder, before the approval of the joint resolution, continue and may
be enforced in the same manner as if the Lever Act had not been repealed."
the
costing the
and 18 cents per pound
Spanish copper company,
this week passed the
It carried
business.
account of 1919
for
long,
cause
and employees, declared
industry and loss to shareholders
John I).
Ryan in
statement issued on March 29 announc¬
a
Mr. Ryan says "the action
shutdown of the Anaconda.
a
was
and
"that
regret" but
taken with
other course was advisable,
110
at reasonable cost can
normal production
a
demoralization of the
eventually lead to a
and
surplus of
could not be sustained
loss which
a
a
which must be disposed of
continuation of production
would
forward
operations.
the result of 1920
as
for cost
ing
The Bureau said:
Agriculture.
the
made
with the high
regarded as the
dividend
ordinary shares for the first time, it is said, since
Last year the company paid a dividend of £2 011
its
in
A
termination of Government
schedule, and
war
largest producer in Europe,
STOCKYARDS ENDS.
SUPERVISION OF
the
produce the metal.
Rio Tin to.
£375,000
Formal announcement of the
than
mines, it is estimated, between 17%
bushels are asked—the
Members pay .110 as a fee for
organization will be perfected.
15%
but
price of mining supplies and coal, it has been
be
sufficient improvement in
warrant."
The statement reads:
speedily made whenever there is
Hie business situation
Department points out in its
"This
eration
action
action,
to
with
and only
regret,
advisable.
consid¬
under which production has
brief statement of the conditions
a
after deliberate
conclusion that, under existing conditions, no other
That you mav.be informed of the necessity for such
compelled the
was
course
taken
was
been
conducted, is submitted:
the Government
and the copper producers, which fixed the price of copper, and prescribed
the working conditions under which it should be produced to the end of
1918.
Immediately after the armistice, at the request of the Government,
it was agreed that production should be continued at the then current rate,
maintained, arid the business of your company
NOMINATED AS FIRST
GENERAL—JOINT
COMMISSION ON POSTAL SERVICE.
WORK
HUBERT
COLONEL
ASSISTANT POSTMASTER
Hubert
Colonel
nominated
John
C.
Koons.
the Joint Commission on Postal Service.
Commission on Postal Service was created last
postal expert
on
and consists of the Chairman and
by Act of Congress
year
five members of the Senate
Committees
Pueblo,
of
and five members of the House
Post Office and Post Iioads,
011
and
a
postal
the Postmaster General, together with
Advisory Council provided for in the Act to serve without
expert appointed by
an
consisting of seven persons experienced in business
commercial transactions to aid in its work.
This
pay,
and
Commission
Michigan, Chairman.
E. H. McDermott, Secretary.
South Dakota.
Thomas Sterling, Senator from
George H. Moses, Senator from New
David I. Walsh, Senator from
W.
W. Grlest,
show
satisfactory
a
rate of consumption.
satisfactory decline, when, on
a
during the years of
The average for the years 1919
production, while at the same time
cost of
these circumstances,
leading copper mines of
other suspended operations,
periods, due to present
have
shut
down
are
Those reported
Copper,
Anaconda
Ahmeek,
Royal, Calumet & Ilecla, Inspiration, North Butte,
minion, Greene-Cananea, and the four porphyry
Isle
Old Do¬
companies
Consolidated, Chino and Nevada.
In addi¬
tion, the Phelps Dodge interests have announced the closing
—Utah.
of
the
Ray
Burro
and it is expected that
Mountain Company,
the Montezuma and Copper
Queen properties, controlled by
hear future.
The
price of copper has been down to 12 cents per pound.
The
the
interests, will close down in the
same
present price of the metal ranges from between
cents delivered ; an
following the shutting down of the mines.
of spot
to
12%
bidding from 12% to
for delivery in nearby months.
That producers
cents, while consumers are
of copper
apparent.
face
no
other alternative than to close down is
hand is reported as
nearly 750,000,000 pounds, which in¬
pounds set aside for shipment abroad
by the Copper Export Association.
plus as lias been
This is
as
large
a
Sur¬
reported at any time since the armistice
November, 1918, and exports have dwindled to small pro¬
portions.
Statistics published in our "Investment News"
show that the Calumet & Hecla
column on a subsequent page
Mining Co. had on hand as of Dec. 31.1920, 47,058,301 pounds
of. copper, as
compared with 32,449,559 pounds on Dec. 31.
"*^1919, 7,568,490 pounds
011
Dec.
business situation to warfant an
in the
After
31,
1918,
and
17,907.381
follows:
explaining the necessity for the shut-down as
is
"It
terests
belief
the
basis."
Ray, Chino and
Charles Hayden made a statement
Nevada porphyry group,
managements that i't is not to the in¬
of the respective
of the consumers nor to
the laboring men who are
employed at the
the shareholders, that production should continue when
large stock of unsold copper in this country, and when the
current consumptive demand is so light.
"A continuation of such production, which cannot be sold at the cost of
properties, nor to
there
is
such
would only lead later to a demoralization
the shareholders and ultimately a much
production,
detriment
loss
a
to
of the industry, a
greater pecuniary
the employees.
to
is
"Copper
a
basic
The
industry.
porphyries are
properties, and it is the belief of the managements that
commercial industry in this country and abroad will,
production to-day, not require a very
developments will have to
priate to reopen these
GARY'S
John
rency,
our
Skelton
the rebuilding of
with cessation of
long period of shut-down. ; Industrial
,/
properties."
SEE J/TON
JOHN
great commercial
be watched, to determine when it will be appro¬
WILLIAMS'S REPLY TO JUDGE
DEFENSE OF STEEL PRICES.
Williams, former Comptroller of the Cur¬
that post was referred to in
892. continues his controversy
whose resignation from
issue
of March 5,
with Judge
page
Elbert H. Gary on the
Mr. Williams's earlier
question of steel prices.
allegations, in which he charged that
Steel Corporation were "exces¬
detailed in these columns
March 5 (page 898) and at the same time we gave Judge
Gary's reply to Comptroller Williams's criticisms.
Mr. Wil¬
liams. it appears, addressed a further communication to
the
sive
prices maintained by the
and
unjustifiable,"
were
16, and having been advised by the
Judge Gary on March
a
Corporation that this letter,
output on an economic
directors' meeting of the Utah,
a
pounds on Dec. 31, 1917. The
price, as stated, fell to 12 cents
pound before suspension became incumbent.1 Wages are
sold being greater than
the
The refined salable surplus of copper at present
cludes the 400,000,000
in
A small amount
metal, it is stated, can still be obtained for from 12%
13% cents
on
12% and 13
advance of % cent occurred immediately
finance, the loss on metals
that in order to conserve the property
company and prevent the depletion of its ore reserves, the situation
has reached the point where the complete suspension of production is neces¬
sary for the present.
The mines and plants of your company are in good
condition, and can and will be so kept that a normal production at reason¬
able cost can be speedily made whenever there is sufficient improvement
of
long sustained, it is believed
be
can
OPERATIONS.
depressed conditions in the copper market.
to
the price has decreased to be¬
prices, resulting in serious loss on metal sold.
there being no improvement in sight, the
metals carried being as large as your directors feel warranted in
neath the level of pre-war
having the company
either temporarily or for indefinite
and 1920 equalled? 148,120,998
This decrease in production, with the enormous increase in freight
rates, and the cost of fuel and other supplies, has resulted in^an excessive
stock of
week certain
of copper from the reduction works of your
1916, 1917 and 1918, equalled 292,752,406
production
average
pounds.
Postal Expert—John C. Koons.
During the past
business
industrial collapse in the Orient and the gen¬
unsatisfactory business and political situation in Europe, the trade
was
adversely affected,
and
notwithstanding the general curtailment
throughout the industry, with but few exceptions, to approximately 40%
of normal production, stocks began to increase, and have steadily accumu¬
"Under
the country have one after the
account of the general cessation of
activity in this country, the
pounds.
Representative from Georgia.
SUSPEND
first eight months stocks showed
1920, and during the
"After January 1,
Vacancy—One.
MINES
curtailed; in February wages
their employees
Later, in July,
living costs having continued to increase, and the metal markets having
improved, the wage scale was restored, and continued in effect until Janu¬
ary, 1921, when a reduction of approximately
15% was made. During
1919, while the export demand was limited, there was a large domestic
consumption of copper.
Toward the end of the year a good buying move¬
ment, both domestic and foreign, occurred, which carried over into 1920.
and apparently justified the expectation that business for the year would
"The
Representative from Pennsylvania.
COPPER
was
and the
company,
Representative from Massachusetts.
Thomas M. Bell,
1919, production
agreement between the copper producers,
Federal Department of Labor, approximately 15%.
lated.
Representative from Minnesota.
Halvar Steenerson,
year.
1,
January
agreement existed between
an
reduced by
were
Hampshire.
Massachusetts.
Vacancy—One.
Calvin D. Paige,
"After
war
eral
consists of the following:
now
Charles E. Townsend, Senator from
the
of
end of the
until the
First Assistant Postmaster
as
The Joint
Colorado, has been
General to succeed
Mr. Koons will continue indefinitely as
Work
"At the close
replying to Judge Gary's de-
April 2
fense
of
held
1921.]
the
Steel
CHRONICLE
Corporation's price schedule would
"There
be
Judge's return from Panama
Williams made
public his
letter
month
a
March
on
hence.
26.
become
now
active
an
widespread suffering.
that
steel
and
iron
of
cause
In
from
products,
iron
to
ore
as
it has in steel and
iron, have all returned to
its
entirety,
has
Mr.
is
claims
also
Williams
railroads
the
that
partly attributable
present
the
to
large part
which
credit
they
are
formerly cost them about $1,000.
the
of
5%
condition
inflated
which
And he points
out that
and
the
salaries,
says,
for
statement"
Mr.
Williams's
But Judge Gary questioned
Mr. Williams calls
"conclusions
are
been
made
that
mathematically
public not
charged $30 per ton
to pay dividends on
"The indications
only
fully
that
prove
for its products than
more
stocks,
but
he
that if you
are
Corporation's figures
dollars
million
have
than $30,
1919,
in addition
huge
a
dividends
in
the
balance
Depreciation,
and
this
to
you,
far
as
Steel
cor¬
letter
after
$35
nearer
of
the
under
year
expenses,
discussion,
for
Corporation
$200,000,000
over
Replacement
of
payment
aside
all
interest,
Funds,"
over
maintenance,
was
by
than
more
Mr.
the
to
credit
100
million
steel
and
iron
products
answering
charged
Judge
funds
of
A
have been
"Your
prices
artificially
profit taxes,
excess
and
after
blocking
are
defense
that
were
the
free
the
way
authorized
Corporation
was
Mr.
have
then
this
done
plenty
to
by the
Government fixed maximum
crushing
of market for all.
The
weaker
Government
competitors.
fixed
the
There
because
States
Steel
Corporation could supply and consequent necessity for encour¬
It did not require anybody to exact the maximum
there
was
need
for
material
more
than
the
United
aging smaller producers.
"I
Your
legal right to exact those rates was unquestionable.
right is another matter and for your Corporation to judge.
not concede, as you insist, that
ordinary rules of business or
of
supply and demand apply in time of
Surrender of
'Utopian';
political
nected
them
of the
present troubles of
enforced, years ago,
did not call
the young
tary service a
who
or corporate
advantage is not, in my opinion,
it is the shrewdest and clearest business and
country like ours.
The remote, hut distinctly con¬
a
used
slacker.
every
It
man
Utopian.
to
railroads is the
our
principle
so many
of extorting 'all the traffic would bear.'
We
who waived his right to exemption from mili¬
We acclaimed him hero and benefactor.
The man
the law allowed him to avoid service is called a
means
seems
the
me
apply to the conduct of
same
rule
that
applies to the
eitizen
should
corporation composed of citizens,
a
'The good old
And
take who has
he shall keep
the
prove
them.
who can'
Your
contention
seems
to
be
that
Utopian con¬
for competitors
less well equipped required
you
to maintain
prices at the top-notch allowed by law and that you helped the
Government
win the war by charging it all it could be made
to pay and
a
percentage of your profits in taxes.
"Not
to
the
doubled
I think when
you
(returning to it
analyze
hardly desire to maintain it seriously.
only your tax returns, but your own action confirm
wages
or
Remonstrating
that propo¬
my statement
of Railroads in
May, 1919, that you could have
reduced prices and continued to prosper."
against Judge Gary's display of temper, Mr. Williams
Director-General
says:
more
com¬
of keeping
in¬
an
up
following
exhortation
to
Corporation:
of
what
has
happened
hitherto,
that
you
You cannot,
that
those
as
Judge Gary, defend a re¬
Corporation is gathering in
.
time
same
your
wliich
to
OUTLAYS FOR
I X
I
have
directed
attention.
HIGHWAYS AND
.4 R KANSAS—FEDERAL
fliwitalHi
Little
from
a
GOOD
INQUIRY
Hock
the
to
McRae, the
New
owners
are
Now
say
vicious
York
concern¬
facing financial ruin
as
result
a
series of so-called
York
"Times"
system
of
be
on
correspondent to-day denounced them
special
and have
taxation
enacted
ever
known
arc
been
been
of communities is
scores
free
of
debt.
.
able
with
bond
as
State
any
"road
as
vested
to
in
in
improvement"
practically Czar¬
road
districts
in
all
pledged
\j
tremendous
so
in the opinion of Gover¬
of these communities will ever again
if many
.
.
The Governor declared
which
|
good roads laws, according to Gov- \
Governor of the State, who in conversa¬
new
McRae, that it is doubtful
nor
that
he
had been elected
Governor
platform
a
on
reform of the road laws, but added that to date his .efforts
force remedial legislation had been frustrated as
the result of the opposi¬
to
tion
of
a
hostile
a
Senators
who
are
State
Senate,
hold-overs
the
from
membership
the
Senate
of
that
which
includes
many
passed the special road
district laws.
The read program, he said, called for an
expenditure of $140,000,000, which with 6% 20-year bonds would mean a total
$200,000,000.
market
for.
their
Through
bonds,
and
failure
through
of
road
many
legislation
districts
forced
to
through
find
the
a
last
Legislature, and by the action of taxpayers in some of the districts, it is
now
hoped, he asserted, that the original financial program can be cut
in
half.
In
one
district,
while
room
resign
the
he
declared, the
court
the point of guns.
at
taxpayers marched into
angry
in session and
was
forced the
of
the
which
Federal
when,
as
disclosed,
Government
of
matter
a
than
more
paid
not
was
was
fact,
a
State
the
road
as
a
result
a
an
efficient
reduction
into
the
officials
An
the
of
State
taxes
To
the
on
Federal
a
aid
amount
organization.
from
road
tax
the
road
bill
administration
that
date
is
Legislature passed
threaten
none
Federal
illustration of
ployment
whose
the
in
bankruptcy.
of
Bureau
evil
that
50-50
one
of
new
of
to
these
of
propaganda,
led
basis,
allotment
to
to
The
the
Arkansas
State,
is
rest
the
drive
of
road
so
are
the allotment
changed
legislators
in
is
program,
many
as
to
well
as
of
owners
measures,
as
so
realty
demanded
Highways, have been realized.
by
not
it is believed that it will
remedial
the heaviest
the
believe that
with
only $500,000 is said to have
sometimes follows
commissioners
a
court¬
a
Commissioners to
of
taxpayers had been
partner,
$5,000,000, of which
into the
Road
....
Furthermore, these reports alleged that
source
provide
sideration
sition .you will
the
existing laws
Utopian and is not good business, and in this
country is not possible
permanency, as proved by many lamentable incidents.
"Coming to the facts, I cannot see that you deny the
huge excess profits
gathered by your Corporation in the war years.
Your excess profit and
tax
the purpose
with
still in the Government vaults at
Washington, and
remain there until the
provisions of the
power
a
income
letter
its charges.
the
authority, he said,
been
is not
as
answer
Union.
much
rule,
The simple plan,
That he shall
he will
debt, of approxi¬
even
national emergency.
the contrary,
foresight in
cause
war or
individual
some
to
Steel
at
mately
do
the law
of
The
the
most
placed
maximum
high
rates.
In
parts of the State to the point of financial disaster, land owners in numer¬
ous
instances being taxed amounts that
equal or even exceed the total
gross incomes of their property, while millions of dollars have been
expended
on
roads that in the
opinion of Associated Justice Hart of the State Su¬
preme
Court "begin nowhere and end nowhere."
The financial burden
Fqderal Price
prices
ethical
his
Under these laws, which in Arkansas
district laws, Road Commissioners have
Williams says:
without
with
the
only
were
could
heavy percentage.
a
'
some of
wages
Thomas C.
the
your
to
You
in
special
ernor
like
Steel
compelled to charge them, regardless of how gross and ex¬
profits might be.
There was no such compulsion.
You were
forego profit entirely or to reduce it to a really 'reasonable' rate.
you
cessive
by
■
not shut down for
recollection
of the enactment of
tion
to be that because the
seems
products
that the Steel Corporation's earnings
excessive, and will also deal with the claim
not
Thousands of Arkansas land
future possible contingencies,
dollars, according to its official
maintained
prices which
"Utopian,"
position
its
"Times," dated Mar. 25, had the following to
ing road financing in Arkansas:
upon Judge Gary's suggestions that
Corporation to have charged less than it was authorized to
charge
the
for
that
SUGGESTED.
when
Fixing Committee, and in commenting
would
indisputably
prove
and be entirely comfortable
entitled to know,
are
"Depletion,
available
and
for
million
400
Gary's
the maximum
the
from
ROADS
normal times and to the restoration of business."
In
ton and still paid its
a
command
your
'7'.'■''A
concludes
OPPRESSIVE
investigation of the facts, including
arguments submitted by Judge Gary in his letter recently printed
newspapers, he is more than ever convinced that "the high prices of
in the
all
of
profits for shareholders
December 31,
Williams says that after a fuller
the
at
reasonable profits
ton
per
report.
all
ample
itself in sound financial condition,
100% above those it aetually paid, or
level.
of
believe,
repairs, etc.,
carrying,
unexpended
dividends and
"Reserve"
enormous
is
Steel
earned
Proper action by you now would help in the
readjustment of wages, enable
sorely needed building, operations to proceed, give an
example of public
service and regard for the general welfare and
send new vigor and
impetus
through these languishing and stagnating channels of commerce.
I
am
asking you to consider the opportunity and the
responsibility, for. evil or
good that attends it."
enable it
to
increased
was
it
States
have
contention
and
were
price
Williams
Chairman
such
Judge Gary also points out that from March 31, 1915, to
December 31, 1919, the net surplus of the United States Steel
Corporation,
setting
which
United
period referred to,
wages
earn
Gary's
moderate
to relinquish
;
they
as
Corporation
necessary to
perhaps
was
the
power to aid enormously in
stilling disturbances now existing and
threatening.
It is in your power to help greatly to stimulate hesi¬
tating confidence and to give impiilse to a real business
recovery.
A volun¬
tary and sweeping reduction of your prices and diminution of
your profits
would give powerful
argument to those who are trying to persuade labor
would have been many
year
in
matter
a
worse
needed.
The
been
"I
that the reduction you could
so
trying to get at and
am
that
letter."
my
that
savs
charged in operating
were
that
reported by
reducing
stated in
as
Williams
dollars
and
than
more
without
made
Mr.
the
furthermore:
says,
is
assertion
maintained
Figures
the public
says
defensible
had carried your inventory at the prices
actually realized your net earnings for the
you
the
was
/.
war
'
that steel plants
the correctness of Mr. Williams's deduc¬
Steel
the
words
Judge Gary that upon receipt from him of certain
figures in the possession of the Steel Corporation and
facts and
Chairman
duction
insists
Williams
unpleasant
some
the result of momentary
as
harsh
have
position.
have
have
interest
Judge Gary to furnish figures to support his
on
dividends.
he
pletely
that in Judge Gary's letter to him, the Judge admits,
Corporation's net earnings, that "as flat arith¬
tions.
ignore
me
American
Williams informs
which
the Steel
to
rect."
Mr.
Mr.
interest cost
exactions
to
and
honest
as
duty to the country and
prices of steel products $30
unreasonable."
principally responsible
are
and
reduced
reducing the prices
Mr.
indefensible
he
elect
other
our
have asserted that from the figures available to
me, found in offi¬
reports of the Corporation, your prices and profits have been and are
essential
the
us
may
i
1
and
wages
increase in
an
during the
investment
on
reduced
war,
could,
Corporation could
cial
desperate plight of the transportation lines.
present
metical
before the
a year,
materials
of
high
referring
their
i
accusations
general
brief.
the
of
prices
net earnings, so that
for the funds needed to buy a freight car about
$3,000, or say, $250 per year, as compared with
on
Williams says
Mr.
in
with
of 500%.
cost
with
the
for
declined
My
while
pay
$50
or
cars
Excessive
along
more
or
$1,Q00,
on
freight
has
forced to
now
8% interest
for
roads
of
though it had increased
customary
they have been required to pay, and are still being required to pay, for
their supplies, principally products of steel and iron.
The railroads, Mr.
I Williams contends, have been required to pay about $3,000 for steel freight
cars
concerned.
it could have
your
desperate
enormously
Therefore
Exchanges
.
returns
made public in
statement giving its contents in
a
respective spheres to do
our
citizens.
Corporation
from Mr. Williams, and this says :
come
each
regard
I indicated in my former letter to
you, I
before the public the facts and the truth in
deeply
pre-war basis
a
Williams's letter is not
we
demagogue on one side,
Neither of us is in politics.
the other.
on
should,
"As
even
While Mr.
less.
or
that
language would be not
breach of the proprieties but unworthy of the dignity of the occa¬
a
put
dominating influence that
same
and
sion.
etc., in the production of which the United States Steel Cor¬
poration does not have the
respectfully,
comment classifying me as a
may,
fellow
lead, tin,
discussion between
any
submit,
suggestions contained in your letter to
pettishness.
structural
copper,
i
and
prices 100% above the
basis, while other metals, such
pre-war
ill-temper in
subject.
our
He gives quotations tending to show
still being maintained at
are
for
excuse
devouring vampire
we
citizens, trying in
unemployment and of
or
important
newspaper
view
my
1351
need
no
and you as a
only
steel,
is
vastly
disregard
Mr.
Williams charges that the excessive prices for steel and iron
have
this
on
for the
Mr.
THE
the
was
Eastern
acceptance of
cited
Arkansas.
by
a
.
by
.
.
em¬
man
Last year
district road bill for his county withoutwait¬
ing for the taxpayers concerned to request the passage of such legislation.
petition signed by more than 90% of the taxpayers affected was sent
Little Rock, in which the repeal of the bill was demanded.
The repeal
A
to
bill passed the Senate, but was killed in
the House because of opposition of
member from the county in which the
proposed road is to be built.
This
legislator is the counsel for the district, and this piece of legislation, which
less than 10% of the taxpayers
wanted, will cost a very small territory,
a
sparsely settled, at least $170,000, according to conservative
estimates.
.
share in the Arkansas
paid to lawyers, engineers and others who
The fees
Grand Jury
estimated that if present road projects affecting the people of that city are
realized the fees of a single firm of Little Rock engineers will exceed $700,000.
In one county visited by the "Times" correspondent he was informed
that the engineers on one country road project had been drawing down an
average in fees of approximately $1,800 per month.
When a lawyer says
that a bond issue is legal he as a rule gets a fee of at least $500, and bond
issues until very recently had been almost daily occurrences in Arkansas.
road
For instance, the Little Rock
staggering.
are
program
to exceed
people face a road tax burden that threatens
In Little Rock the
The City Treasury is empty and
the public schools are being maintained by voluntary taxation.
The already
hard pressed landowners have been informed that heavy as are their road
taxes this year they will be three, four and in some instances five times
as great in 1922.
In an eastern county figures seen by the "Times" corre¬
spondent showed that every section (640 acres) of land in that county is
paying in special taxes this year approximately $1,710, and in 1922 these
special taxes on these same sections will total about $3,100.
These totals
do not include State, county, municipal or Federal tax levies.
The average
value of these sections will not exceed $100 an acre, and what the special
taxes means may be appreciated when it is stated that a 20% net income
from these sections would amount to only $12,000, which would make the
1922 special tax in excess
of 25% of the total income of the property
taxed.
It may be added that in the opinion of well-informed citizens the
average earning capacity of these lands will not exceed 10% for years to
is reached.
$20,000,000 before the end
'
come.
"benefits" are levied on a
be remembered that these tax
also
It should
For instance, a banker showed the correspondent a mort¬
gage on a small piece of property valued at $900.
The total tax on this
property, which represented the life-work of a poor man in Central Ar¬
kansas, was $118.50, of which $89.19 was for roads.
On the 20-year plan
this means that this man will have to pay $1,783.80 road tax on $900 worth
20-year basis.
of
as
property—that is, provided the tax is not increased in subsequent years,
the man fears will be the case.
Whether the assessment is increased or
example,
Justice
"Times" correspondent was shown official documents
Little Rock the
In
costs in Illinois and Michigan. The average
per mile in those States for a concrete road, from 16 to 20 feet wide and
with an average depth of seven inches at the edges and eight inches in the
centre is between $30,000 and $35,000 per mile.
In Arkansas, where the
concrete has a maximum depth of five inches the cost, according to the
Pulaski County Grand Jury investigation, has varied all the way from
$45,000 to $64,500 per mile on the Galloway, Springlake, Arkansas, Mis¬
souri and Hot Springs highways.
As the interest at 6% on the bonds
be added
must
Grand Jury found that the Springlake
these totals the
to
with a country club, will have cost when
mile, the Galloway Turnpike will approximate
$100,000 per mile, while on the Hot Springs highway, where only twelve
miles have been completed, over $1,000,000 has been expended and the
Commissioners are now asking an additional $600,000 to complete the road
road, which connects Little Rock
$90,000
completed
his
do
not
on
a
in the western part of
of
one
the State an official statement of the bond sales and
road district showed that a bond issue for approxi¬
miles
long has been expended, and only 14 miles of road constructed, and of these
mately $550,000* which had been floated to build a gravel road 90
miles
14
it
stated that
was
within less than
a
seven
miles
the remaining seven
while
road
expected to be in the same condition
In another county the commissioners of a district
year.
the completed stretch, according to a
member of a citizens committee that is now
demanding a Grand Jury investigation of the affair, is less than seven miles.
On the 90-mile gravel road already referred to it is reported that $72,000
of Federal aid money has been applied, althougfh the correspondent was
unable to verify this report.
Furthermore, there is not one single instance
miles
of
road project and
country
prominent citizen, who is
the
since
districts laws began
special road
istration.
be
will
cleverly
were
them all
far
so
the work of
one
of the leading law
Associate Justices
while
unconstitutional,
Hart
other
the
and
three
holding that they
justices,
Chief
including
are
the
Suits
seek
that
to
prove
the laws
which
Federal Constitution
The
than
more
Road
Arkansas
shortly
are
in
are
instituted,
it
violation of
is
those
said,
which
provisions
District
laws
The number
pages.
of
form
three
will
of
the
Each district is independent of all other districts and
owner
assessed
be
can
in
ers
of
district
one
assessments that
missioners
road
exempted
every
from
of
created,
of
one
as
come
property
within the
required
law to compel the Road Commission¬
Each
particular
own
not required
are
a
fixing assessments
same
property
other
by
com¬
committee, is to all intents and
road
area.
give bond,
to
audit
and furthermore,
in
the
Commissioners
of
is
or
there
as
in
is
a
no
district
shall
be
liable
for
mis¬
provision in
the Commissioners themselves may see fit to make.
any
and
assessment,
,
of
When
the laws
every
lien upon the
humble
road
the
owner,
provision for the correction
assessment
made by
these
even
unbonded
upon
Neither
errors
in
Commissioners
his home,
district
is
however
created the Commissioners immediately
organ¬
proceed to fix the assessments on the land in
owner in proportion to the benefit that
taxing each land
in the view of the Commissioners, will receive
construction
of
be.
ize, and this accomplished,
the road district,
land
a
land of the taxpayer,
that home may
a
settled
well
matter
a
The
of
is
improvement
local
a
one
assessments should be limited to the amount
question
how
of
that
opinion
benefits
should be
construed
local improvement system of
a
con¬
maintaining roads in this State has proved ex¬
point well nigh
a
that
law
in
which the cost is assessed in a manner local
on
owners,
to confiscation.
and in numerous instances has
In such cases the property is
special taxes and will be purchased by speculators at a price
which amounts to no more than the special taxes imposed and the costs and
sold
to
pay
which have accrued.
penalties
victim
the
this
of
with
homeless
rich
shelter he is
in
has been said by an eminent judge,
taxation will be left houseless and
that, although without home or
As
of
system
consolation
supposed benefits which never were and never
through Arkansas one finds the people anxious to know
All
whether
ascertain
and
extravagantly
are
the contrary views of
some
of the
has the legal and moral right to look into the whole ques¬
road officials,
There
despite
the Government,
that
argue
whether, as
investigation of the Arkansas situation is imminent.
money has been applied to some of the projects the people
Federal
a
Federal
Since
could
reasonably expected to be realized."
been
tion
vicious
miserable
the
not
or
Government
money
has been expended
unwisely.
or
also who contend that in extending Federal aid to projects
many
planned under such laws as now prevail in Arkansas the
Government has in
Governor McRae made it
plain that he would welcome a Federal or any other kind of investigation
that might lead to a better condition of affairs in his State.
a
given its moral approval to the system.
way
"Times"
The
of Highways to Governor
reau
the following letter
28 published
Feb.
on
by Chief Engineer MacDonald of the Federal Bu¬
written
Federal
Bureau
McRae:
of
Highways,
Washington, D. C., March 9, 1921.
Thomas C. McRae, Governor,
Hon.
Ark.:
Mr. James and Mr. Boykin have reported the results of
members of the Legislature and have
My Dear Sir:
conferences with you and
their several
submitted
they have filed with you and the
I have gone through
Legislature.
The
the communications and drafts of the proposed meas¬
copies of
which
ures
provisions
general
successful
operation
in
a
committees of the
feel,
of
administration.
term standardized as policies of highway
We do not
particular plan proposed, or at least the exact
that the
course,
proper
this carefully.
recommended conform to those which through
large number of States have become what we
may
requirements of the plan proposed, are the only ones which would work out
I should consider that any legislation should con¬
successfully in Arkansas.
tain
the
following principles:
insuring continuity of employment for the engineers
Provision
1.
tive
will
field
offered
be
Provision
2.
insuring
good
the
men.
improvement
selected systems of road
of
to
economic importance to the State will be
the end that those of the greatest
improved and that as these stretches are improved they will connect up
first
and
in the
Highway Department, who must be depended upon so that an attrac¬
State
give service to all parts of the State and
with the important roads of other
boundaries
3.
A
which
provision
built, which will place
will also connect the State
States.
of the roads which are
authority in the hands of the State to maintain
will
insure maintenance
4.
A
provision matching Federal aid funds
with State funds under the
control of the State Department.
A
5.
provision against undue assessments of agricultural lands for high¬
This can be secured by providing a State fund to meet
that the principal highways can be well built through
low valuation without undue tax burdens.
received from Arkansas many complaints that in the building
improvement.
way
funds
the Federal
localities of
have
Federal
of
tural
I
aid
so
projects unfair
assessments have been made
upon
agricul¬
lands.
wish
to
express
to yourself
and the members of the Legislature my
appreciation of the very courteous consideration shown our representatives.
I feel sure from the report which I have from them of the contacts with
yourself,
Statb
the
Highway Department and the members of the com¬
that there was no thought that we are endeavor¬
mittees of the Legislature
ing in any way to
are
in
impose our will in the matter of State legislation, but
as we know how vitally bet¬
endeavoring to assist you in this matter,
legislation is necessary for the future welfare of highway improvement
your
State.
THOMAS H. MacDONALD.
Sincerely yours,
PRESIDENT
said
negligence, but only for willful misconduct."
any of the roads acts that provides for an
accounting on the expenditure of the public money other than
such checks
is
it
the property
ceedingly burdensome to property
reached
in
of
up
sprung
sacrifice his land and move away to an¬
road district in the State the commissioners are specifically
liability for a failure properly to perform their duties.
takes of judgment or
There is also
special
the land owner
Therefore,
prevent this.
necessity
improving and
structing,
rights have
vested
Indeed,
owners.
would
of
received.
much
so
ter
the roads laws reads:
This section of
"No
no
consideration in
districts.
in its
commissioners
The
practically
districts
many
into
have been levied against the
may
supreme
purposes,
take
to
other
of
as
There is
mileage of his property.
By that time the
improvement district.
an
nature, and that such
benefits
of
WTe
volumes
special districts
of
the limit of his endurance in paying the
where the taxes are less burdensome.
course
its
in
land
which
must
means
that benefits
practically all of them during the Administration of Governor Brough, total
about 350.
subject
the
meantime
"Of
guarantee the rights of property owners.
Improvement
printed
3,000
be
to
to pass," the opiniop constinues, "that the road
farm and which he uses to market his products
owner's
the improvements may all be separate improvements
as
other place
Justice
McCulough, hold that as drawn they are within the provisions of the State
Constitution.
benefit
Hart
them, if the Congress failed to do so.
firms of the State.
Woods,
Justice
benefit him.
come
the
and
districts
small
Supreme Court is divided as to the constitutionality of the acts,
members,
road projects which do not directly
on
there is
provision for adjusting the assessments between the several separate
no
is admitted that the laws
the general understanding being that the model for
drawn,
was
The State
all sides it
On
concerned.
was
which
"an emergency,"
and left the taxpayers powerless
immediately effective
referendum
a
land
made
and
taxes,
is
may
has reached almost
owner
which
in
the proposition and
on
the laws was passed as
of
Every one
them
made
two
to vote
than 300 of these laws were enacted during the previous State Admin¬
more
as
these
of
enactment
a
people were permitted an opportunity
the
that does
next to the
repair,
already in serious need of
were
are
according to their own admission $403,533.10 on a proposed 30
have spent
pay
Continuing,
"Finally it
county
a
Rock yesterday,
showed that the farmer, after
"practically ruined" as a result of special taxes for roads that
really benefit him, can then be made to pay equally heavy taxes
Little Rock,
In
named Federal aid has been received.
On most of the roads
disbursements
ability .to
property.
per
gravel base.
a
on
filed in Little
opinion
dissenting
a
districts, in
few miles of several road
a
the so-called "benefit" plan.
on
he had been
reported,
giving the road construction
in
Hart,
of his
limit
will be $56,000, and the interest at
6% will bring her total liability to between $80,000 and $90,000, all of it
representing, according to the Road Commissioners, "benefits" to the taxed
property.
be assessed
can
points out the viciousness of this feature of the road laws.
Justice Hart
called attention to the fact that a man can be taxed practically to the
have
$32,000, her tax for twenty years
farmer—may be within
a
which he
all of
he will have to pay in addition the 6% interest carried on the road
bonds.
In the case of the widow who is taxed $2,800 on property assessed
not,
at
[VOL. 112.
CHRONICLE
THE
1353
of
the road.
As already
pointed out,
a
as
land
a
result of
owner
for
AND
CABINET CONSIDER RELIEF FOR
CARRIERS,
IS
over
the lack of business prosperity and the
part the carriers of
the country play in the general depression,
a Cabinet meeting on March 29,
the plight of the railroads was discussed,
Concerned
President
Harding, after
at which relief for
mentioned his hope
heads
of
Railroad
the
that
Inter-State
prospective conference between
Commerce Commission and the
a
Labor Board would provide means for obtaining
aid, according to a Washington dispatch to the New York
"Times" of that date.
The question of revising the Trans-
April 2
1921.]
THE
,1
'■
CHRONICLE
v
i
.1
/•. •
portation Act is to be considered by the Senate Committee
Inter-State
on
rates
Commerce, the dispatch states.
granted
have caused
by the
Inter-State
Commerce
Increased
Commission
falling off in shipments, and have actually
resulted in loss to the roads.
High wages have still further
lowered
such
to
a
Transcontinental
revenues.
freight rates
height that Western agricultural markets
a
compete with
which have paid ocean charges and customs.
this feature the dispatch says:
Agricultural sections generally
kefcs,
and,
what is
rates from
unable
Atlantic seaboard products from abroad
In regard to
suffering severely from lack of mar
of being barred by high freight"
are
equally important,
selling at
a
profit in such markets
as
available.
are
Railway
freight rates
are now so high that agricultural products
shipped from the
West to the Atlantic seaboard cannot compete with similar
products from
abroad which have paid ocean transportation charges and customs
duties.
The proposal to revive the law
exempting American coastwise shipping
from the payment of Panama Canal tolls
meeting, but it is considered to have
discussed at the Cabinet
was not
large bearing
a
is giving concern to the Administration.
the situation that
upon
On account of the
This
in the
sion
Recent shipments from the Pacific to the Atlantic Coast
have amounted to 175,000 tons.
Railroad executives have represented to the Administration that if the
are
revenues and that
remitted there will be
still further reduction in railroad
a
the transcontinental carriers will be in
condition financially than they are now.
ous
seri¬
an even more
The 5% % earnings permitted
the railroads under the Transpotation Act have
proved to be derisory for
general earnings have not been sufficient even to insure moderate divi¬
dends to the big carriers, let alone those to whom
continuance was
prom-
.
ised
through the operation of the guarantee.
Senator
Act, in
the
lieves
one
printed
the
on page
lies
cure
themselves
can
in
Inter-
Transportation
March 29 of similar import to
on
1242 of
the
on
our
issue of March 26, be¬
economies
March 21 that
be
formed
ASK
which
TO
the
an
ARRANGE
attempt to settle the transportation situation
FOR
tives and labor unions "to undertake to
compose the differ¬
ences in all points in
dispute," in a telegram signed
by B. M.
Jewell, President of the Railway Employees' Department of
two
million railroad workers
effect
solution of
a
the
mediation, and look for
influence.
are
Mr. Jewell states that
interested in the efforts to
time and effort
conference."
by reaching
are
hopeful of
in the President's executive
The telegram concludes with
an
a
plea "to
conserve
agreement through a joint
The letter to the brotherhoods reads:
men.
New York, March 30 1921.
Gentlemen:—At
a
Two million railroad workers and their millions of
dependents are vitally
viously
policy
no
or program
solution of the railroad problem,
a
.Ob¬
that is unacceptable to them will be productive
of the much desired result of co-operation and
accordingtly, therefore, we
urge
respectfully that
we
be given
a
voice in the determination of what is
to be done.
special committee
is
a
speedy settlement of the
controversies between the
carriers
and the railway employees over national agreements and wages, and it is
our
belief that you can bring this about by the application of the
principle
laid down by you in your inaugural address, when you said:
"I had rather submit
our
industrial controversies to the conference table
in advance than to the settlement table after conflict and
Accordingly,
that
we urge
you use your
suffering."
Executive influence to bring about
conference between the railway executives as they are organized nationally
and the railroad employees as they are organized nationally, to undertake to
a
compose
the differences
on
all points in dispute.
Such
a
conference is
We have every faith that
salutary results.
it will
be
productive
of
immediate
The employees will welcome it and co-operate with
in every way to make it a
you
complete success.
in
expense
incident to the submission of
dispute to judicial determination by the Railroad Labor Board.
We prefer at all times to adjust points of differences through mutual
agree¬
ment with the
ditions
we
association
inquiry into the conditions
sur¬
rounding railroads of the country, which at this time are not producing net
earnings, as a whole; sufficient to meet their fixed charges by millions of
dollars.
This committee desires to be helpful in this crisis of American
transportation in which the employees of the railroads are greatly con¬
cerned, together with the owners of the securities of these properties and the
general public.
As
one
as
duties, this committee wishes to offer its services in
will,
and with this in view
practicable for
V
.
of its first
such directions
we
we
hope, be of assistance in the present emergency,
suggest that arrangements be made as early as
conference between you and the committee that has been
a
appointed, likely to be represented by
the distance at which
some
sub-committee thereof, owing to
a
of the members live and the
We shall be
time
glad to hear from
you on
desire for early
this subject, and in order to find
a
mutually convenient,
at the
we now suggest Monday, April 4, 10:30 a. m.,
Hotel Astor, New York City, for such conference.
Very truly
S.
a
I.
yours,
DAVIES
WARFIELD, President.
statement
the
accompanying the letter, Mr. Warfield
inability of the roads to meet expenses, and
emphasizes the necessity of co-ordination between the Inter-
Commission, the rate-fixing body, and the
United States Railroad Labor Board, which adjusts
wages.
The statement said in part:
Owing largely to the rapid readjustment of general business, with the
in freight movement incident thereto, the gross revenue of the
decline
railroads of the country has been reduced to
high operating
charges.
there
costs,
The present
a
point where, under present
is not sufficient net earnings
to meet fixed
disproportionate relation between operating costs
railroad rates and fares and the revenues
and revenue, and between present
derived therefrom must, if not relieved, result in consequences of serious
workers
The
on
securities, but to shippers, to the
the railroads and to the country.
operating results of the carriers for the last two months of 1921
(January and February) reveal that for the first time in American transpor¬
tation history the railroads as
aggregate
amount
expenses,
their
of
only
a
whole
a
not
are
outstanding
earning the interest
bonds.
Some
few their fixed charges.
are
not
on
the
earning
These conditions claim
the immediate attention of railroad bondholders.
The National Association of Owners of Railroad Securities
represents in
membership nearly $12,000,000,000 of railroad securities,
of which are bonds.
Many millions of
stability of these investments, have
no
a
large proportion
citizens, dependent upon the
collective means to speak other than
our
Because of these and other circumstances
we
The committee's acton speaks for itself.
are
prompted to action.
One weakness in the present
situation is lack of co-ordination between the two governmental bodies that
deal with the railoads;
one
adjusts rates, the other, wages.
There should
be co-ordination between the Inter-State Commerce Commission, the raternakiqg body, and the United States Railroad Labor Board at Chicago.
Seiiator Cummins is right in to-day's statement that ecpnomies are essen¬
tial, and through the railroads themselves, not by extending Government
regulation to railroad operation.
The bankers and others who have notified the association
that
they will
serve on
the committee
are:
James H. Manning, President of the National
Savings Bank of Albany.
Darwin P. Kingsley, President New York Life Insurance Co., New York
City.
We have constantly urged this method of procedure as the best means of
avoiding the necessary delays and
matters
named to make
con¬
templated by the Transportation Act and is in keeping with the spirit of
the times.
was
through this association, which in the past has rendered valuable service.
The first essential to peace and orderly progress in the
transportation in¬
dustry
meeting the Executive Committee of this
a
operating
The text follows:
interested in your efforts to effect
Mr. Warfield called atten¬
concern, not alone to owners of railroad
problem, that they
success
plan.
approximate membership of the four brotherhoods is 400,000
State Commerce
now
confronting the country, President Harding on March 31
was requested to call a conference between
railway execu¬
the American Federation of Labor.
Railway Service Commis¬
tion to the fact that his Association represented an
ownership
of about $12,000,000,000 in railroad securities, and that the
railroads
CONFERENCE BETWEEN UNIONS AND ROADS.
In
National
of the features of this
some
In
PRESIDENT
a
study economical methods of railroad
on page 1243 of our issue of March
26)'
and it is the intention at the coming conference to discuss
bring about.
UNIONS
to
operation (recited
reviews
RAIL
owners
action.
of the authors of the
statement issued
a
one
I
Cummins, Chairman of the Committee
State Commerce and
supplements the action of the security
move
high freight
producers on the Pacific Coast are beginning to ship their products
increasing quantity to the Eastern seaboard through the canal, finding it
cheaper to pay canal tolls in addition to water transportation charges than
coastwise tolls
1353
,'w.
proposal to the Senate Inter-State Commerce Commis¬
on
sion
in
ship overland.
;
Commission alone is required to establish.
rates
to
■■
partial remedy seems to lie in an adjustment of rela¬
tions between the railroads and their employees.
One Governmental
body
sitting in Washington, cannot be expected to successfully adjust rates and
fares to meet the expenses incident to railroad
operations; while another,
sitting in Chicago, attempts to adjust wages, the largest and most
important
of all railway operating expenditures which can
only be met by rates the
at
are
are
••
An immediate and
railway executives,-and because of the present abnormal
con¬
consider it essential in the interests of all concerned to conserve
time and effort by reaching an agreement through a joint conference.
George E. Brock, President Home Savings Bank, Boston, Mass.
Haley Fiske, President Metropolitan Life Insurance Co., New York City.
Myron T. Herrick, President Society for Savings, Cleveland, Ohio.
John
J.
Pulleyn, President Emigrants
Industrial
York City.
•
Savings Bank,
New
rV:-
"W.- T. Kemper, Chairman of Board, Commerce Trust Co., Kansas City,
Mo.
:
-
U'.;'
'
Henry Parkman, Treasurer Provident Institution for Savings, Boston,
Mass-.
WARFIELD
ASKS
BROTHERHOODS
WITH
Asserting that
"the hearings
of Railroad Securities Owners
on
an
States
early settlement
March 30
appealed to the
employees' brotherhoods to join in
at the
Hotel Astor
to
are
Brotherhood
the
of
on
April 4.
Brotherhood
a
conference
Locomotive
The four brotherhoods
of
Locomotive
Enginemen
and
Conductors of America.
Davies
A statement
Firemen,
issued
by S.
Warfield, President of the National Association, said:
Strong, Treasurer Connecticut Savings Bank, New Haven, Conn.
Robinson, President People's Trust & Savings Bank, Pittsburgh,
Pa.
M.
Hawley,
Conn.
Treasurer Bridgeport
Savings Bank, Bridgeport,
.
S. Davies Warfield, President of this Association,
President Continental
Trust Co., Baltimore, Md.
re¬
Engineers,
Brotherhood of Railroad Trainmen, and the Order of Rail¬
way
S. Fred
Rome, N. Y.
Williamsburg Savings Bank, Brooklyn, N. Y.
Charles C. Moore, care Charles C. Moore & Co., San Francisco, Cal.
A. C.
Samuel
regard to the solution of the railroad problem, to be held
ferred
Samuel II. Beach, President Home Savings Bank,
V. A. Lersner, Controller
present difficulties," the heads of the National Association
four railroad
in
CONFER
before the United
Railroad Labor Board do not evidence
of
TO
BANKERS.
NEW
YORK
CENTRAL OPPOSES SECURITY OWNERS
PROPOSED CONFERENCE.
Denying the right of the National Association of Owners of
Railroad Securities to act for the New York Central in the
railroad labor situation, A. H.
Smith, President of that road,
1354
CHRONICLE
THE
under instructions from the Board of Directors, on
March 31
letter to S. Davies Warfield, President of
the Na¬
tional Association of Railroad Securities, in which
he char¬
wrote
a
acterizes the attempt of
that body to intervene in the matter
in rates but
has
been
for
(The arrangement by the Association
April 4 between representatives of the
committee of bankers is mentioned in
conference
a
brotherhoods and
a
Copies of Mr. Smith's letter
another item in this issue.)
sent
were
the heads of the four railroad brotherhoods.
to
stand
the
that
Warfield, President of the National Association of Owners
Railroad Securities, New York, N.Y.
Sir.—The
Dear
this
newspapers
of
print the letter dated the
morning
Brotherhood of Locomotive Engineers,
Brotherhood of Locomotive Enginemen and Firemen, the Brotherhood
30th instant addressed by you to the
the
and the Order of Railway Conductors of America,
of Railway Trainmen,
Association,
invite representatives of those Brotherhoods to confer with a committee of
your Association for the purpose of considering what should be done in
regard to wages and other matters affecting the railroads.
The Boards of Directors of the New York Central Railroad Company has
directed me to advise your Association and you, as its President, that that
Board and the officers by it represent the New York Central and its stock¬
President of the Railroad Securities Owners
In which you, as
including relations between the cor¬
holders in all matters of management
a
decrease in wages, but an
Washington and get it."
keep
selling transportation for passengers and commodities.
on
indicate why the railroads
thing the logic of the situation implies.
deflation
labor
active
going
now
be permitted
The railways must not be
of
trying to do the
the
rules,
wage
to become a privileged
compelled to
command in the open markets.
feature
are
They argue that the process of
in other industries must be applied to the country's
on
Railway labor must not
can
An ordinary factory would
railroads can't; they must keep on
A merchant would quit business—the railroads
The illustrations here cited
one
the land absolutely unani¬
until times improve—the
producing transportation.
must
And between the two
with the owners asking for their
roads,
of the
they cannot stand higher rates.
shut down
labor class.
fr. G. Davies
Go to
managements
And Chicago
Go to Chicago and get it."
"You do not need
dividends and the business and the industry of
carriers.
»The letter to Mr. Warfield follows:
decrease in wages.
a
known to say:
increase in rates.
mous
"unfortunate."
as
[Vol. 112.
national
the
pay more
for labor than
The eight-hour day, the retro¬
agreements
prescribing
minutely just who shall do every small task and precisely how it shall be
done, have boosted
have
must
nothing
440,000 skilled
of
untrained
people 890 millions
of the railroads, so that today they
the labor costs
a year now
do what 303,000 did in
to
men
laborers;
those
that
so
skilled
1917, to say
workmen
it
years ago
less than half that
was
i
the railways
The operators at Chicago are trying to lessen that burden.
body wants labor to be paid well for every real job it does.
believes the roads ought to have to pay six men and
what two
relations have to do with wages,
working conditions or practices.
The Board further directs me to say that
it regards as most unfortunate the attempt which you, and the Association
of which you are President, are apparently making to intervene in the
present labor situation, and that it cannot recognize any right or propriety
and
men
used to do
one man
three
sum.
Labor cost is two-thirds of the gross expenses of running
today.
the
cost
against 318 millions in 1917; and so that the
whole payroll of the American railroads today is 3,600 millions, and
as
Every¬
But nobody
eight men now for doing
well.
poration and its employees, whether those
in your
the Chiefs of the four Brotherhoods
so that they may understand that neither you nor the Security Owners
Association speak for the New York Central or the Companies which it
controls in asking for the conference which you propose to hold.
The
operating
Respectfully
yours,
(Signed)
Smith
Mr,
President.
to Warren S.
Stone,
Brotherhood of Locomotive Engineers;
Grand Chief of the
W. G. Lee,
SMITH,
H.
A.
addressed letters
also
President of the Brotherhood of Railroad Train¬
L. E. Sheppard, President of the Order of Railway
Conductors of America and W. S. Carter, President of the
men;
Brotherhood of Locomotive Enginemen and
Firemen, deny¬
ing the right of the Warfield or his association to act in
behalf of the New York Central.
This letter says in part:
For your
information, and that you may know that neither Mr. Warfield
of Railroad Securities speak for the
the National Association of Owners
companies which it controls, I am inclosing here¬
New York Central or the
letter of even date to Mr. Warfield,
with copy of my
of the four railroad brotherhoods.
with representatives
to hold
setting forth the posi¬
with respect to the conference which he proposes
tion of these companies
the
News Bureau,
Boston
crafts and even of one craft
When
men
a
did four years ago.
locomotive headlight generator has to
be removed nowadays six
employed to do what after all is a simple job—an electrician
have to be
sheet-metal worker and his helper, and a machinist with
with his helper, a
Four years ago two men, a machinist
his helper.
and his assistant, did the
whole job.
When
a
railway engine boiler springs a
helper—under
leak three craftsmen, each with a
railway labor—have to be
The process is as follows:
the rules that now regulate
employed to make the necessary repairs.
A sheet-metal worker, with a helper standing by to hand him his tools,
will
loosen
jacket;
the
a
locomotive carpenter,
declared in opening on
of
man,
will remove the lagging;
friendly
during the
to meet the
If
*
a
boiler check has to be changed two men
have to do now what one man
used to do.
ordinary handy shopman could change a nozzle tip in
locomotive; he could do it to-day if the rules would permit
Four years ago an
the front end of a
it.
But the rules
require that six men shall be employed to do that small
task—a boiler-maker and his
machinist and his
in
other
given
a
shopcraft jobs.
industries,
For each illustration here
might be cited, all calculated to show just what the
hundred more
It all comes about under the law.
At the last hour, on the day
control, Congress
Thus:
before the railways came back under private
passed the law imposing the terms under which their own¬
The Transportation Act gives the InterState Commerce Commission the power to regulate rates—that is, to deter¬
mine what the revenues of the roads shall be.
The Act gives the Railway
ers are
Washington
regulate wages—that is, to decide in large degree
Then the law tries to yoke the
commission and the Chicago board together by declaring that
the expenses of
the roads shall be.
the roads are entitled to such a
margin of revenue over outgo as shall yield
their owners an income of 5^ % on
These
owners
are
practically
and
of the United States.
The
and the Pennsylvania is one of the
28 roads that are earning expenses but not taxes and fixed charges.
The
Boston & Maine is another.
The New Haven is one of the 36 roads that
does not even earn its operating expenses.
The Maine Central is another.
Are the owners getting the dividends contemplated by the Transportation
Act?
They are not.
Tens of thousands of stockholders are getting no
Pennsylvania has 100,000 stockholders,
to
What are the
roads to do ?
If they want to charge more for the service
Washington and ask permission. If they want to
pay less for the labor they buy they must go to Chicago and ask permission.
And Washington has been known to say: "What you need is not an increase
they sell they must go to
the
purpose
freight
cars
of equaliz¬
dispatched daily of 37 % from
22, the peak of last year, which means
earning
that approxi¬
Mr. Krick also calls attention to the in¬
cent.
a
108% in payroll from 1917 to 1920, and the fact
of
crease
that at present
nearly 70 cents out of every dollar the railroad
receives
operation is paid out in wages, the balance
from
being insufficient to buy fuel, other materials, pay taxes
other
obligations,
as some
and
of the reasons for asking employees
and reasonable reduction in
consider and accept a just
to
The statement reads:
wages.
We have asked you men to come to
this conference to-day for the purpose
confronting this
going to ask you to
reasonable.
the facts of the present situa¬
laying before you the serious conditions that are now
of
In the light of these conditions we are
in wages that we believe to be fair and
tell you exactly what are
It is-our purpose to
tion,
you
so
that you may know and
with
an
understand them.
We do not come to
We desire to discuss with you the conditions
ultimatum.
affecting this Railroad in the most
friendly spirit in the hope that mutual
face will enable us to reach
understanding of the problems we all have to
solution that will be for the benefit of all.
It is impossible to separate the interests of this Company from the
interests of its employees.
They are so closely allied that both can con¬
a
prompt and amicable
tinue to prosper only
is concerned,
ment
most in
It
we
seems
all
through mutual co-operation.
As far as the Manage¬
this conference with that thought upper¬
we come to
minds, and we believe that you
our
gentlemen also feel that way
would not be here.
you
are
know,
had to be taken out of
munitions
war
remind anyone that in our everyday life,
that upset the whole world.
As you
productive work to aid in the production
supplies.
Labor and materials became scarce.
scarcely necessary to
feeling the effects of a war
men
railroad
and
and then wages, and certainly no one can justly deny that
entitled to increased wages to meet the rising prices and
men were
the higher wages
paid in other industries.
be evident to every one that conditions to-day
On the other hand, it must
have changed;
going down.
of
men
and
not only this country,
We have entered upon a period of declining prices.
Wages
industries all over the country have come down
and women in other
are
being still further
Following the
passenger
increase
rates in
in
reduced.
in railroad wages last July, the Inter-State
authorized the railroads to increase their freight and
increases
wages.
to their
The railroads at that
employees and their owners.
But their hopes in that
the midst of a
selves in
rates is insufficient to
blasted. They now find them¬
general business depression, and the increase in
respect have been
take care of
the
increases in wages.
The change
conditions has caused an inevitable slump all over the
Industrial activity has been slowed up; men have been thrown
war
world.
With
the purpose of providing for the
time were hopeful that these
would enable them to operate with profit
large measure for
a
adjustments of wages and rates
out of
but the entire world is getting back to
the cost of living has been steadily
Since the middle of last year,
normal.
from
dividends at all.
Increased
revenue,
Commerce Commission
their property values.
the people
rapidly falling.
now
rates authorized by the Inter-State
mately 35% of the freight cars owned by the system are not
required to operate them.
Labor Board the power to
what
pay
have failed in accomplishment
decreased business.
Citing as an instance of the
Prices went up
•
entitled to increased
depression in the transportation movement, the reduction
of
railroads of the United States are up against.
men were
were
passenger
expenses
due
All the workmen are highly paid.
the skilled labor classifications.
Mr. Krick stated that, while
reductions.
Commerce Commission last July for
ing
or
(assistant.
These are all railroad
All belong to
assistant, a pipeman and his assistant, and a
representatives of
rising prices, the cost of living, as well as wages
freight and
will caulk the leak; the carpenter and his helper will
done the job as well, and quicker.
and
executives
period the
war
accept a reduction
boiler-maker and his helper could have
than $2,300,000, or
the conditions confronting the road which
manner
necessitated wage
Company.
the sheet-metal worker and his assistant will then
tighten the jacket.
Six men, three skilled and three semi-skilled, have
waited their turns and stood round in each other's way, whereas a good
more
employees, which had been arranged in order to discuss in a
his tools and pass them to the skilled work¬
replace the lagging, and
by
March 31, at Pittsburg, Pa., a series
between
conferences
then a boiler-maker, with a third helper at
standing at his elbow to handle
hand to wait upon him,
with another assistant
of the Pennsylvania Railroad in
revenues
including taxes, fixed charges and other obligations, Chair¬
man C. S. Krick, General manager of the Eastern Region
Oct.
Friday Morning, April 1 1921]
When a railway engine goes to the shop for repairs these days men of
three, four, even of five crafts have to be used to do what the men of two
[From
EMPLOYEES.
in other words it cost that road $1.05 to take in $1.00 without
in the number of
UP AGAINST.
THE RAILROADS ARE
WHAT
WITH
expenses
February exceeded
DISCUSSES WAGE
RAILROAD
REDUCTION
doing so.
Copies of this letter have been sent to
nor
PENNSYLVANIA
to peace
employment, and the movement
us,
this situation is most
industry is flat.
of freight has fallen off precipitately.
road and
serious because this is an industrial
f
,
April 2
1921.].
THE
CHRONICLE
One of the best
indications of railroad business is the
average number
of freight cars dispatched daily.
In the last six months, the number of
cars
dispatched daily has fallen off to
only 96,105
was
In
cars.
number of freight
average
alarming extent.
an
only 96,105 cars.
In other
words,
dispatched daily had decreased 57,019
was
cars
37% from Oct. 22, the peak of last
or
them all
see
the
over
our
lines.
good
approximately 35% of the freight
ought to be earning
You
revenue, are not
know
must
men
increased salaries
and
that
wages
if it
stored
cars
On March 29, the number of
System.
order empty cars on the Pennsylvania Railroad
that
the
cars
It ought to be hardly nec¬
year.
essary to call your attention to the number of idle
You
On March 29, it
91,884.
was
That
means
earning
of
none
during and after the
pay
and
war
stand in the way of changing economic conditions.
us can
the
still
The
Railroad Labor Board itself recognized that railroad
wages would have to
be readjusted when it granted the increases last July.
It so
the
happened that
peak of high prices had been reached at that time, and in its recent de¬
cision in the Erie
"It
an
>'
nor
is there
n7':'
operate the road successfully and continue to pay the abnormally high
fixed by decision No. 2.
wages
From 1917 to 1920 the pay roll of the Pennsylvania Railroad increased
nearly 108%.
The average yearly wages of employees increased approxi¬
And yet at its peak in June 1920. according to
statistics of the Department of Labor, the cost of living was never more than
mately 75% in that period.
52% higher than it was in Dec. 1917.
Up to this time the cost of living
1920 approximately 12.3% and at the
present
rate of recession it will reach a total decrease of 15.6 in June 1921.
has come down since June
At
the
present time nearly 70 cents
of every dollar the
out
1920,
Sept.
with
Feb.
1921,
decrease of approximately $26,000,000,
On the basis ©f our annual financial
operating
show
revenues
requirements, to take
of taxes,
care
fixed charges and other obligations, this Railroad ought to have net
earnings
of approximately $107,000,000 per year, or an average of $9,000,000
per
Seasonal
month.
changes and
other
factors
ma
ketone
earnings
months'
differ from another, but taking these things into aocount, in the period from
September to February inclusive we ought to have earned $48,900,000 of
this amount, or an average of $8,125,000 a month.
Actually in this
period, we earned only $28,437,000,
or
of only $4,700,000 per
an average
That is, we were 42% short of our requirements for this period.
It is evident that without the use of this railroad's own financial resources
month.
and the government war guaranty which was continued for the first eight
months of 1920 the wage reduction we are
now
considering would have been
absolutely necessary before the end of 1920.
Operating expenses in February exceeded operating
It cost the
$2,300,000.
Pennsylvania
Railroad
revenues
$1.05
by more than
in $1.00;
take
to
without, considering taxes, fixed charges and other obligations.
From September to February the operating ratio (the relation of operat¬
ing
month.
General
expenses
to operating revenues) increased from 90.5 to 105-1
Under
keep the railroad in condition to provide the public with adequate service,
obligations.
Maintenance of Way Employees and Railroad
Shop
Laborers, contended that it was difficult to compare skilled
and unskilled labor in railroad work with similar work out¬
side.
The relation between the cost of living and the
wages
paid could not influence the decision, "for the fact is that
it cannot at this time be shown that the cost of
men
"feel that,
stopping expenditures
operating
drastic economies,
expenses
on
all
effecting other
reduced by about $17,000,000
were
in February as compared with September.
far from
new work, and
the
dividends
taking
into consideration
the Pennsylvania
all,
dollar
was
In the two preceding months, December and January,
owing to the steady decline in business and the abnormal
situation
prevailed.
In
December
the
deficit
no
wages,
amounted
and, in January, the deficit amounted to $4,300,000.
show
Not
left for surplus to carry on business or to sustain the company's
financial standing.
to
a
it has been in any year since 1915.
March results will
Such
a
now
than
today, and
the only remedy for this situation is to reduce salaries and
proposal, he added,
We,
as
a
railroad—you
us
men
and the management—are
is
in my
opinion, under present economic conditions in
no
escape
up
against a
for us in higher rates for transportation service,
for
instances the
some
present time form such an abnormally large part of operating expenses
cannot avoid a
Because,
cost of
just and reasonable share of the burden.
therefore, of our impending necessities,
we are
the
gation, we consider just and reasonable.
to reduce wages
to unfair levels.
We have
no
intention or desire
The Management at all times is desirous
such wages as will provide
a
railroads, for
wages
trunk lines,
lyzed in
March 28, the
small roads;
their
own
decent living for the employees of the
day's wages for
a
fair day's work.
submitting to you for your careful and prompt consideration a
brief statement in writing of our position based on all these factors, with the
conclusions we have reached.
We earnestly hope that you will receive our
plea with open minds in the spirit in which it is made.
We believe that when you fully appreciate the very critical situation we
in, when you realize that it is just as much your problem as it is ours,
equitable agreement.
and
EMPLOYEES
REJECT
WAGE
CUT.
tives of the Pennsylvania Railroad and
between
execu¬
representatives of
the
accept
wage
on
April 1 with the refusal of the latter
reductions ranging from 16 to 25%.
Burrell of Chicago, Chairman of the Wage Bureau,
the
company's reduced
tatives of the
men.
wage
The
being
of ten electric lines
cases
were
others applied the uniform
Variousjscales of
Some
as
same
The
wages
have been in effect
the rates established
pay
these paid by adjoining large
petition
of 4,000 employees on sixty-seven short line railroads for
and working conditions, identical with those
the country was dismissed by the
was
heard last Fall
on
the trunk lines of
on
Railroad Labor Board to-day.
short lines.
N-7.-
was
;
and
be applied to the
:;7; ;7.77:
' U '.
Because of the diversified duties of the short line employees,
stated it
The case
the request of fifteen unions that the wage scales
National working agreements on the standard railroads
7
the board
"impracticable to determine what reasonable rules shall bo on
the short lines,"
and without
uniform classification of work, the board
a
declared, it could not undertake to determine reasonable wages.
An
elaborate
study of the kinds of work performed on the short lines
would be necessary to establish reasonable rules,
the general rules hearing,
the decision said, and until
affecting the trunk lines of the country, was dis¬
was
impracticable to take action on the
short lines.
Originally 103 carriers, employing twenty-five to 400 men, were parties
to the
Ten electric lines were dismissed and twenty-seven others
dispute.
applied the wage scales of the trunk lines, eliminating them from
Under the decision, employees
nor
any agreement
but the decision stipulated that
affecting "any wage increase now in effect,
regarding wages between any carrier and its employees."
The railroads involved in the decision are
State.
in general remote from large
provide service for small communities located in nearly every
cities and
that there are under consideration by the
The decision points out
board several hundred grievances
of
which should be determined by the boards
It also pointed out that
adjustments if such boards were in existence.
done
diverse kinds of work
was
unclassified and
standardization of
by the employees were
impossible to understate the need for
rules upon which to base any
award.
Representatives of fifteen employees' organizations are among
affected by the decision.
are
classes of
involved
on
those
In
the
pay
on
the board.
Others
roads»
United States
in effect on the sixty-seven
the standard scale established by the
Administration.
paid
since the board s decision
whose behalf a dispute was brought to
of wages have been
scales
carriers
the men
few cases employees belonging to all fifteen
road, but on most of the roads only a few
a
same
employees come under the decision
affects only those in
Various
the case.
and carriers may still negotiate their own
agreements on wages or working conditions,
approximately the same rates as
pay
the trunk lines in the same territory.
negotiations leading up to the
agreements for railroad employees was
establishment of National
laid before the Labor
Board to-day
Employees' Department of the
continuation of his statement in the
by B. M. Jewell, President of the Railway
Federation of Labor,
in
a
general rules hearing.
'
■
'
W. S.
presented
UNITED
STATES
RAILROAD
SHIPPERS A
The
March
zones
hun¬
one
York "Times" said:
paid 48M cents an hour,
and paid 30 to 37^ cents an
would be reclassified into
still negotiate
A Chicago dispatch dated March 28 to the New
proposition to the 25 represen¬
now
may
fifteen unions that standard trunk line
sixty-seven roads.
systems.
Under this plan, according to Pittsburgh
dispatches, common labor,
ana¬
by the United States Railroad Administration, and others
American
employees ended
as
before the Board last
case came
twenty-seven
trunk line rates.
on
The history of
to
The
parties to the dispute.
Railroad
The first of the series of wage conferences
ruling,
Bohrd declined ,to apply trunk line scales to
agreements.
dismissed,
Some
PENNSYLVANIA
March 28 by the
dred and three carriers, employing 25 to 400 men, each
unions
that mutual interests are at stake, you will join us in a sincere effort to reach
on
Under the
agreements and schedules be applied to short lines,
therefore it
are
dismissed
was
and carriers and employees
fall in the request of
at all times a fair
an
and working conditions similar to those
Chicago dispatch to the New York "Times" dated
a
the
are
on
United States Railroad Board.
railroad, and secure for their children opportunity for education and to pay
We
.
petition of 4,000 employees in sixty-seven short line
prevailing
asking you to
consider and accept a reduction in wages, which, as a result of our investi¬
of fixing
men.
SHORT LINE MEN.
The
it should not be considered as
/
the reduction in
living and decrease in wages in other industries,
signal
RAILROAD LABOR BOARD DISMISSES WAGE PLEA OF
present rates are no doubt affecting the volume of traffic, and wages, which
at the
This
On Saturday the managers
will meet with representatives of the
with only one remedy—cut down operating costs.
There
might be reached."
refused.
was
proposition in order that
counter
a
basis of further discussion
some
posed of, the board held that it
wages.
situation that leaves
or
subsequent
a
nation to reject the proposed wage cut, the managers
sug¬
precipitate falling off in business
has occurred in the last few months cannot be recalled by railroad men
as
In
Krick, for the executives, asserted that after
gested that they "submit
similar
$1,600,710.
improvement, although the number of employees is less
reduction in the wages
a
employees' representatives had announced their determi¬
wages
at
System was operated in February at a loss of more than $8,500,000.
a
at this time,
paid employees is unwarranted."
statement Mr.
This reduction, however, was
being sufficient to make ends meet.
Without
living has
In conclusion he stated that the
materially reduced."
approximately the
.
By cutting down working forces, materially curtailing maintenance of way
and equipment,
Manager of the Eastern Region of the Pennsylvania
Company is covered in another item in this issue.
of
such abnormal conditions it is impossible to set aside sufficient funds to
and to pay our
now
Railroad
a
36%.
or
firemen, etc.,
men,
a
Railroad
receives from operation is paid out in wages.
The remaining 30 cents is not
sufficient to buy fuel and other materials and supplies, and
pay our taxes
and other obligations.
Comparing
monthly
month, would be reduced $25 a
The opening of the conference
by C. S. Krick,
salaries
this Railroad is concerned, it has become
absolutely impossible
as
pay of
been
expression therein to justify such
any
inference."
As far
to
the Board said:
perpetual edict
a
day; and the
a
receiving $110 to $200
not the intention of this Board that decision No. 2 should
con¬
was
stitute
case
$1
hour,
an
12 H cents; day rate employees would be
reduced
cut of
a
Replying to Mr. Krick, L. I. Kennedy of the Brotherhood
a cent.
possible to continue to
operate the Road successfully, the Management would not be taking the
But the world is moving so fast to-day
steps we are now forced to take.
that
hour; skilled mechanics would be paid 593^ cents
owned by the System, which
cars
were
granted
on
1355
United
29
the
States
BOARD
Railroad
Labor
Board
denied on
Industrial Traffic
part in the hearings before that body
petition of the National
League, requesting a
DENIES
HEARING.
agreements sought by
the abolition of national working
on
the railroads.
dispatch to the New York "Times"
A Chicago
of that date states that in
described itself
filing the application the League
commercial
the
interested in the Board's
"composed of industrial and
as
organizations and representative shipping concerns of
United
States,"
therefore
and
it
would
materially affected by any
be
decision
because
rules
conditions bearing on
on
In support of
section of the
freight rates.
contention, the League petition cited a
its
Transportation
providing
Act
"any party to
that
any
dispute to be considered by an adjustment board or by the
Labor Board shall be entitled to a hearing, either in person
or
The Board held that the League was not a
by counsel."
it was referred to that body in
April 15, 1920, and further, that the presentation of evidence
by shippers would produce long delays.
The ruling reads
party to the controversy when
in part:
:
tioner to be
introduction
in establishing this
between carriers and their employees.
and would defeat the effort of Congress
for decision,
Board to determine disputes
Luther M. Walter,
Counsel for the League, filed a protest,
accepted
final.
as
REPRESENTATIVE
UNION
indicating the ruling
the decision,
with the Board against
not
of which there
It can easily be seen that to permit this peti¬
heard In the pending dispute would produce long delays, the
of evidence remote from the issues before the Labor Board
be heard.
many, must
was
PRESENTS ARGUMENTS
FAVORING NATIONAL AGREEMENTS.
that
Declaring
amounting
savings
$1,000,000,000
to
about $3,000,000 a day, under national agree¬
could be effected by the carriers of the country
annually,
ments
through
or
W. Jett Lauck,
greater efficiency of management,
a
statistician of the railroad brotherhoods, began on
March 29
presentation of the case of the employees before the
States Railroad Labor Board.
He presented a
his
United
Uniform
series of exhibits to establish the following facts:
in the transportation industry are customary
policy; the advantages of
of pay
rates
unable
was
to
with the
The
and in accordance with pre-war
by federated indus¬
national agreements; the sanctioning of national
in New York due the road
Columbia Trust Co.
from the Government
months'
its own funds.)
security funds deposited
this payment out of
meet
The receiver is allowed to put up as
guaranty of a fixed return for
dispatch reads:
Judge Sibley issued an order to-day permitting B. L. Bugg,
Federal
receiver for the Atlanta Birmingham
for the exclusive purpose
The order
was
& Atlantic RR., to borrow $125,000
of paying past due wages of employees of that
issued in answer to
stated the road owed
one
item of wages
a
amounting to $25,000, due em¬
for February, and another item of wages
These wages, it was stated, were due March
ployees for the same month.
but were not paid because the road did not
to this the road had gone
The petition
road.
petition filed by the receiver, who
amounting to $55,000, due employees
have the money.
26
Just previous
into the hands of a receiver.
further states that by April 1 the
road will owe another
the money can
$65,000 to employees which it will not be able to pay unless
be borrowed.
security
Trust Co.
United
under the Act guaranteeing the railroads a fixed return
period after termination of Government control.
By the terms of the court order the road is allowed to put up as
in
borrowing the money $100,000 on deposit with the Columbia
States Government
for the six months'
57 due to the road, it is stated, from the
On March 25 Judge
union
men
Sibley denied the petition of striking
of the road that he rescind his wage
reduction order
Railroad Labor
and refer the matter to the United States
dis¬
The mat¬
ter of the justness of the wages will be taken up later.
He
upheld the provision of the Newlands Act requiring twenty
days' notice to employees of roads in the hands of receivers
before lowered wages werejput in effect (see page 1243 of our
issue of March 26), but stated that in his opinion this only
applies to the four brotherhoods representing the train crews.
Board
action, according to another Atlanta
their
for
patch dated March 25 to the New York "Times."
The
dispatch reads:
Judge Samuel H. Sibley in the Federal District Court here
nied
the
petition
of striking union
to-night de¬
of the Atlanta Birmingham &
men
reduction order and refer the matter
the Federal Railroad Labor Board for action.
Atlantic Ry. that he rescind his wage
to
At the conclusion of hearings
was a
judicial
one
Judge Sibley announced that the
question
of wages
board or
railroad could not pay them and
and that to-morrow the question of the justness
would be taken up before him.
law could rightfully
The Judge held in effect that no
fix wages so high that a
operate.
board might be a better
before him the ques¬
Asserting that while in some instances a labor
collective bargaining; the encouragement
judge of wages than a Court, he said that in the sase
tries
tion was one to be decided in court.
of
days' notice to em¬
reductions could be made was
upheld by Judge Sibley.
He said, however, that in his opinion the provi¬
sion applied only to the
four brotherhoods representing train crews,
and he modified his wage-reduction order to
B. L. Bugg, receiver of
The
and out of the
transportation industry, and sanctioning by the representa-
agreements by enlightened opinion both in
1
the six
period after the termination of Federal control.
in New York and $269,402
petitioner is heard other organizations of shippers,
If this
are
[Vol. 112.
CHRONICLE
THE
1356
tives of the railroads of national rates of pay and working
The text follows:
conditions.
the railroad, to that extent.
The root of the railway difficulty is not
in national agreements, but in
Conservatively stated, if railroad manage¬
inadequacies of management.
characterized by reasonable efficiency and had available for its
ment was
amount of credit or capital, labor costs would have shown a
radical decline lunder national agreements, and savings in operating expenses
use
a
proper
of at least $1,000,000,000
annually would be made, or almost $3,000,000 a
The Court further held that the Labor
By the series of exhibits which I am about to present, we
Atlantic case, because it had
and the railroad company,
would have to reduce wages
because it was not earning enough to pay the wages then in effect, did not
furnish any reason for saying the wages were unjust and unreasonable.
held that the conferences between the employees
took the position that it
in which the company
On the
shall establish
following day striking employees of the road
The policy of establishing
national agreements or uniform rates of
pay
and working conditions is in conformity with custom and precedent in
the
transportation industry, and in accordance with the best public policy,
that the
with¬
ruling by the Judge
receiver of the railroad should not discharge 900 men
drew from the hearing
the following facts:
Board had itself ruled that It had
jurisdiction in the Atlanta Birmingham &
no
day.
1.
provisions of the Newlands Act requiring twenty
ployees of carriers in receivership before wage
subsequent to
a
promoting industrial peace and accelerating production.
3. That in Great Britain these facts have become so clearly recognized
Earlier in the pro¬
consider a
proposal of the unions that they call off the strike and accept
the wage reduction, providing the return to work of the
strikers at their former status was permitted, expert audi¬
tors to be appointed to examine accounts of the company to
by both employers and employees that national agreements are encouraged
ascertain if it is able to pay former rates.
shown by the
as
awards of boards of arbitration and the acts and recom¬
mendations of other official agencies
during the pro-war period.
In the other leading basic industries of this country collective
2.
ing on
bargain¬
national scale, and national agreement as to working conditions
a
and relations have been found to be the best means of stabilizing conditions,
employed to replace union men on strike.
ceedings
counsel for the railroad declined to
by the federated industries and the federation of the trade unions as a
whole, and the effort is being exerted to make them compulsory upon all
employers and employees in a given industry.
That
4.
the former
Railroad
ALLIES' DEMANDS ON
PAYMENT BY MARCH
entering into national
Administration in
agreements, therefore, merely recognized a tendency which was sanctioned
The declination of
by enlightened opinion both within and without the transportation industry.
That the representatives of the railroads have practically given their
5.
sanction to national rates of pay and working conditions of engine and train
crews.
These classes of employees
have uniform rates of pay and working
GERMANY FOR INDEMNITY
23—GERMANY'S ANSWER.
Germany to accede to the
the Allies for the payment
demands of
by the former by March 23 of
1,000,000,000 gold marks to apply on reparations obliga¬
was made known on March 21 in Berlin press dis¬
conditions embodied in agreements on individual railroads and underwritten
tions
by the national organizations of these employees and concurred in by the
patches, which, in stating that the German Government's
answer to the Allies would be presented within forty-eight
railroads
on a
national basis.
standardization
This is just
it would be to
as
as
much
agree upon wages
a
national agreement
or
and working conditions
nationally and then embody the agreements into agreements with individual
roads.
6.
which have been urged in all past years to prevent the establishment of
human standards in industry, and shall demonstrate that the railroads are
now
hours, added:
The Reichsbank
We shall show, further, that the arguments of the railroads are the same
consciously and deliberately taking advantage of
a
temporary industrial
will sternly oppose any attempt by
the Entente to seize
gold reserve to apply to the reparations demands, the "Kreuzzeitung"
learns.
Any such move, the Bank's directorate is quoted as saying, would
its
not
of German certificates, but a violation of the
contradiction to the practice observed by Germany on French
French army on German soil, when the deposits in State
only be inimical to holders
Treaty and in
depression to destroy human standards which are sanctioned by the thought
territory and the
and
banks
practice of the leading industrial nations of the world.
were
treated as private property.
it will not surrender its gold voluntarily and
instantly result in devaluation of the currency,
The Reichsbank announces
that seizure
A.
B.
&
A.
CAN
SIBLEY
BORROW
REFUSES
TO
TO
PAY WAGES—JUDGE
RECALL
WAGE
CUT.
marks,
on
March 29 issued
an
order permitting B. L.
Bugg, receiver for the Atlanta Birmingham & Atlantic RR.,
to
borrow $125,000 in order
of
that
road
in
the
to pay wages
February pay-roll,
due employees
according to
an
The answer of
The
Peace
1105 of
our
issue of March 19,
reserve,
according
to
the
last statement, was
the Reparations
Commission to Germany's
given in another item in our issue of today.
Allied .Reparations Commission on March 15 called
refusal to pay is
(The road,
on page
Reichsbank's
The
upon
stated
abroad, notably in the United
and Scandinavia.
These are estimated at twenty billion
while German bank credits abroad total another thirty billion.
1,091,000,000 marks.
Atlanta, Ga., dispatch of that date to the New York "Times"
as
quantities are privately held
States, Holland
Judge Samuel H. Sibley in Federal District Court of- At¬
lanta, Ga.,
of the gold would
of which immense
Germany to comply with Article 235 of the Versailles
Treaty, which stipulates that Germany must pay
April 2
before
1921.]
May 1
THE
CHRONICLE
1921 the equivalent of 20,000,000.000 golc
marks; of this the Allies demanded that 1,000,000,000 golc.
marks be
of the
Reparations
the
for
paid before March 23.
March
on
15 in calling
payment of 20,000.000,000 gold marks,
the Asso¬
ciated Press advices from Paris said:
The
.
Treaty provides that this payment
be made in gold,
may
com¬
sum
the
amount of war
Treaty
be notified before May 1 next the total
damage imposed upon her by the Treaty.
impose upon her
execution of the Treaty.
the integral
That
was
the
to
carry
out her reparation obligations, the
"The Supreme
which the
"Petit Parisien"
advice of French
her refusal to
or
carry out the
agreement, but because of all evasions of the obligations
Treaty imposes
arbitration from the League, as she is not a member of it."
funds collected for the purpose of paying
In the
insurance
age
prepared to ask that Article 72 of the Versailles Treaty be enforced.
over to
the French Government
the purposes
public
or
of disability and old
Germany
was
a
proportion of all
reserves accumn
private bodies dependent
upon
it for
insurance.
age
on
by the German Government as to substitution for
mit to the Commission
,,
propositions
as
to the emission of a foreign loan, the
It should be mentioned that this payment
distinct
from
the
reparation
Jan. 29.
payments
Germany's
from Berlin March
,
of 20,000,000,000 marks is quite
planned in
\
.
mands of the Allies
Paris
accord of
declining to meet the de¬
answer
furnished
was
the
■.
as
follows in
cablegram
a
23, published in the New York "Commer¬
cial":
Germany defaulted in the payment of 1,000,000,000 gold marks to-day,
practically demanded be paid not later than March 23.
The German Government in
Simons
France, it is declared,
This article provides that the German Government shall undertake to
pay
of 1,000,000,000 gold marks
due.
period the German Government has been authorized to sub¬
same
which the Allies had
disability and old
to residents of Alsace and Lorraine have failed, and
lated by the Empire or by
first payment
a
and methods of payment of further installments the
securities either foreign or German.
Negotiations between France and Germany concerning the transfer of
is
now and May 1
gold marks, and second, that it must
Commission will consent to consider all propositions which may be sub¬
Germany is not qualified to demand
her.
upon
make
An outline of
upon
penalties will be applied not only because of
Germany's evasion of reparations payments
terms of the Paris
23
mitted before April 1
"losing time and trouble."
Council," it continues, "has decided
and English experts that the
that it must acquit between
First,
proceeds of which will be paid to the Commission."
against the penalties being enforced by the Allies on Germany because of
refusal
March
account of the 12,000,000,000
discussing the protest made to the League of Nations by Germany
remarks that the Germans are
Government:
man
before
us to
significance of yesterday's meeting."
her
14 the German Government practically refused to
March
on
gold payments and foreign credits of payments in goods or the transfer of
Germany persists in refusing to make payment," says the "Petit
Parisien" in discussing the action of the Commission, "she will force
In
In letter
reply, saying it considered it had fulfilled its engagements under Article 235.
In these conditions the Commission on Reparations has notified the Ger¬
Before fixing dates
The Commission also took steps to carry out Article 233 of the
which provides that Germany must
remaining
12,000,000,000 marks due.
of the armies of occupation are first to be met.
expenses
The Commission further asked Germany to present
the balance of the 20,000,000,000
modities, ships, securities or other valuables, and that out of this
"If
8,000,000,000 marks.
before it observations on the manner in which she would pay the
In referring to the action
Commission
1357
1.
makes the
a
note sent to the Allies
following points:
by Foreign Minister
•
Germany has paid in full 20,000,000,000 gold marks payable under the
Treaty of Versailles by May 1 1921.
2.
Germany demands that
commission be appointed by each side
a
mu¬
tually to determine the value of German payments in ships, chemicalsr
dyes and other goods, if the Allies dispute Germany's valuation placed
thereon.
advised by the Commission that the 20,-
If it is found that Germany's payments in wares and surrendered mer¬
3.
000,000,000 gold marks called for by May 1 must be depos¬
cantile fleet is not equivalent to 20,000,000,000 gold marks, Germany is-
ited in the Bank of France, the Bank of
ready to give gold-bearing
England,
eral Reserve Banks in the United States. In
or
the Fed¬
giving the
munique of the Reparations Commission setting out the de¬
mands the New York "Times" in
Paris
on
a
treaty.
com¬
copyright cablegram from
4.
making the following demands:
That it is utterly impossible for
sums as were
enable Germany to meet her
turned
over
of Versailles Germany is pledged to pay by
Germany has maintained that the value of materials
reaches 21,000,000,000
The
account.
marks,
and thus she has settled this
Commission figures
Reparations
date at 8,000,000,000 marks,
Germany to
the value of payments
and thus Germany
on
be
construed into
make
no
gold at the Banque de France, the Bank of England or the American Fed¬
eral Reserve banks within the next
suggestions for payment in other
Effect
The effect of this action
Germany
is
than in specie or credits abroad.
The
Reparations
tions Commission must decide
on
Commission
must
on
May
1
Subsequently the Repara¬
the method of payment.
This will
failed to meet conditions not yet laid down.
1,000,000,000 gold marks under the terms of the treaty, the Allies' legal right
And thus the Allied Governments will be in
plain.
The demand of the Commission—even if
—is expected to
a
■>:.
/:
have its effect
on
one
population
an
ultimatum
showing
satisfactory compromise settlement and maintains her pres¬
ent attitude of
passive resistance.
The real size of the task the
annuities
The
was
that
on
a year.
of the
communique
"rudimentary technical knowledge" would show the impossibility of
were
added this morning
Text
The
Commission
issued late
and it
was
sent to Berlin.
000,000,000 remaining unpaid May 1 could be made up with bonds of the
says
of Versailles stipulates that Germany shall
tion, the feeding of Germany and the supplying of raw materials and the
On March 4 1920 the Commission
on
obligations asking if she would
Reparations reminded Germany of
use
for payment of the food and raw
material imports certain securities owned by
private
individuals
in
neutral
the German Empire, German
countries.
On
June
15
the
Commission inquired again what the German Government could offer as
The German Government replied to these two
mission
a
statement
was
communications by
a
paid,
stated that it would later send to the Com¬
or
would be paid by Germany before May 1
20 1921,
the Commission received the German memorandum
which enumerated and valued the deliveries made by Germany to
in which the Germans asked that the value be
date and
placed to the credit of the
a
letter
on
Feb.
Therefore Germany was in the
strong figuring.
left
behind
in
of 20,000,000,000 paid, the Germans did
some
They valued at 6,500,000,000 marks the military clothing
Northern
France.
The
commission
said
this
was
worth
The Germans put in a
not take away
bill for everything in the way of supplies they could
They valued at 7,000,000.000 marks the 2,000,-
with them.
000 tons of shipping turned over, which the
They charged
Allied figure places at some¬
an enormous figure for the
rights of the French in the Sarre Basin.
During its investigation of the payments the Reparations Commission
heard German experts at frequent
was no
intervals, and the Commission's valua¬
great and sudden surprise to Berlin.
pay
The whole matter will
probably be dealt with at
an
inter-Allied conference
Silesian boundary between Poland
Germany will be fixed.
Poincaire, Premier Briand declared before
the Senate Foreign Affairs Committee
end of which the Rhine
run,
I
her cash box.
within the next month, when the Upper
and
than
the 1,000,000,000 marks asked for to-day and, in addition,
has 2,000,000,000 marks gold in
this afternoon that the ti]me at the
bridgeheads were to be evacuated had not begun to
and would not until after Germany had given the Allies
Thus the year which has elapsed since the treaty went
satisfaction.
into effect does not
Rhine bridgeheads, instead of lasting
will last at least six, eleven and sixteen years.
count, and the Allies' occupation of the
The
years,
Associated
mittees
on
as
Finance and
expected
new
advices
Press
ported Premier Briand
from
Paris March 23
re¬
having informed the Senate Com¬
Foreign Affairs on March 23 that
German propositions in connection with
reparations, particularly concerning industrial participation
>y
Germany in reconstruction in the devastated regions.
These advices added:
reparations account.
In
sovereign and that its figures stood.
In reaching the estimate
: le
1921.
On Jan.
,
Reparations Commission said to-night that the Commission
position of refusing to fulfill the treaty.
letter
showing how the 20,000,000,000 marks gold mentioned
in Article 235 had been
the 20,000,000,000 account Berlin is willing to discuss an
Officials of the
five, ten and fifteen
payment of the 20,000,000,000 marks.
dated June 23 in which it
hearing of the German commission, and
international loan.
Pushed by former President
balance going to the reparations account.
and
a
mixed commission of experts finds that Germany still owes
on
something
enough to
before May 1 1921, the equivalent of 20,000,000,000 gold marks. This
States
It asks for
a
that if
Commission officials say Germany possesses in credits abroad more
20,000,000 marks going toward payment of the costs of the army of occupa¬
these
German interpretation of Paragraph 12,
Annex 2, Part 8, of the treaty, claiming it means that any part of the 20,-
of Commission's Note.
of the Treaty
pay¬
short time.
a
The note then goes into the old
tion
communique of the Reparations Commission says:
"Article 235
pay
in such
a sum
thing less than 1,000,000,000.
Reparations
being put in motion yesterday by the drafting of the note to Germany.
The final touches
In addition, "declining to recognize this obligation," it says that
paid up.
today confirms the news I cabled last night that the reparations machinery
was
a
German note stated that Berlin could not accept the Reparations
ing such
Germany to
the highest figure ever suggested for the German
5,000,000,000 marks
official
is from
100,000,000 marks.
Reparations Commission calls
perform in paying 12,000,000,000 marks before May 1 may be realized when
it is remembered
The
that
the Allies really mean to enforce the letter of the treaty if Germany does
not agree to a
answer
Commission's valuation of its payments, that Berlin estimated that 20,-
was
does not call it
the German
<
following account of Germany's
March 23:
position should they judge further action neces-
'7v
sary.
the
toward initiating new negotiations with the Allies on repa¬
move
Berlin Government.
Therefore, if eight days from now Germany shall not have turned over
to act is much more
on
The Gorman Cabinet will
copyright cablegram to the New York "Times" from Paris
con¬
that the Allies are not entitled to take action except when she shall have
somewhat better strategic
suggestion for the resumption of negotiations
a
1,000,000,000 asked for to-day nor the 11,000,000,000 asked for by May 1.
time, and the Germans have proclaimed to all the corners of the earth
sume
materials that would
intimation of any kind which could
The note says Germany is ready to present further arguments that she has
the general situation between the Allies and
notify Germany of the total reparations bill.
or
000,000,000 marks had been paid, and therefore that it owed neither the
General Situation.
on
on
The
apparent.
ways
on
hint
no
rations, but will await the next step of the Allies.
As for payment of the other
eight days.
11,000,000,000, the Commission will hear the Germans up to April 1
raw
reparations obligations.
reparations problems, which failed in London.
owes
Germany flatly to turn over 1,000,000,000 marks
expended for the import of food and
It is said the note contains
12,000,000,000 marks.
The Commission calls
1,000,000,000 gold
Y,:
Second—The payment of 1,000,000,000 marks gold before March 23.
by
pay
provision that under the treaty
Germany is entitled to deduct from the 20,000,000,000 gold marks such
First—Payment of 12,000,000,000 marks gold before May 1.
marks which under the Treaty
Germany to
The attention of the Allies is called to the
The 12,000,000,000 marks represent the unpaid balance of 20,000,000,000
May 1 this year.
specifi¬
and caUs attention to the fact that that capacity
pay,
marks to-day.
against Germany when the Reparations Commission to-day sent to Ber¬
lin
provided by the
has not yet been determined by the Allies.
5.
opened to the operation of additional reparation penalties
as
cally provides that the Allied demands shall be governed by and limited to*
Germany's capacity to
March 16 said:
The path was
bonds for the difference
(
The German Government points out that the Versailles treaty
26
1921,
the
Reparations
Commission informed
of 20,000,000,000 gold
especially the payment of 1,000,000,000 due
With reference to the question of the payment
Germany that the payments made and to be made up to May 1 which could
marks before May 1,
be set off against the sum of
to-day, M. Briand declared that if the Germans did not pay the Treaty of
20,000,000,000 marks gold, scarcely attained
and
more
THE
1358
Versailles would be
the treaty covered
applied to the full limit.
COMMISSION
v
Allied
Reparations
IN
ANSWER
TO
P^Y INDEMNITY
to the Commission's note of
Germany to fulfill her obligations,
Details
and
negatively
Commission's
the
to
issue of
request, . . .
of 1,000,-
be considered in
and undertakings."
is therefore sent to the interested
Notification of such default
March
Paris
Easter
25
y'S
■
handed by him to
■
Burdens Commission), was furnished as
follows in
Paris March 24:
Replying to your letter the Reparations
Commissions has the honor to
inform you:
Firstly, according to the Treaty of
alone has the right to
many.
place
a
Versailles, the Reparations Commission
valuation upon the deliveries made by
-
■
,
I
'
Ger¬
-
the same treaty is authorized
made up to date, may be deducted
Secondly, the Reparations Commission by
to
decide which among the deliveries
from the 20,000,000,000
eventual
hearing
of
Government
German
the
10, Annex 2,
nor
Part 8, concern an
concerning
There is
to
make
Germany's
be made
appraised.
or
The Commission has
ernment
obliges the Commission
deliveries
mentioned in Article 235 should
the conditions under which
the 20,000,000,000 marks
^ ■
-
waited
as
long as possible, thinking the
•
German Gov¬
faithfully to fulfill its obliga¬
is persuaded such is not the case.
The
would take the necessary measures
It
tions under Article 235.
now
of the
possessed the sufficient funds to make immediate
Commission demanded payment
certainty that Germany
of 1,000,000,000 gold marks, because
payment.
Anxious to execute the treaty in a
not
fail to
add
that after the
spirit of fairness, the Commission did
1,000,000,000 gold marks had been paid,
might be
April 1, with the view of
partly substituting for gold and foreign securities goods, merchandise or the
it
would
be
ready
to
disouss any further propositions which
presented by the German Government before
proceeds of
a
foreign loan.
in the event of the
20,000,000,000 marks remaining unpaid on May 1 the balance may be settled
by the delivery of the German bonds provided for in Paragraph 12.
The
20,000,000,000 gold marks in Article 235 in no way can be confused with
the 20,000,000,000 gold marks representing the amount of the first issue
of bonds referred to in Paragraph 12 of Annex 2.
The 20,000,000,000
marks in bonds of Annex 2 are simply an acknowledgement of debt to be
deducted from the reparations general account.
The 20,000,000,000 gold
marks of Article 235 must be paid in cash, securities or the equivalent, and
bo used partly, first, to defray the cost of the armies of occupation and the
rovictualing of Germany in foodstuffs and raw material, what balance
We cannot agree
with the German Government that
being left to be applied to reparations.
The
the issue of new
by Germany to pay
235.
In any event, the total
20,000,000,000 marks gold under Article 235 must be paid before
dispositions of Annex 2, Paragraph 12, concerning
bonds, in
the
1
no way
modify the absolute obligation taken
20,000,000,000
amount of
marks
under Article
The text is imperative, and non-fulfilment of this article as in any
other failure of Germany to fulfill her obligations, would entail penalties.
May 1.
The above fact being stated, there
results that the German Government,
it execute the
stipulations of Article 235, and especially by refusing to make the payment
of 1,000,000,000 marks gold, due March 23, must be considered in default of
fulfilling its obligations and undertakings.
Consequently, the Commission
has decided in conformity with Paragraph 17, Annex 2, Part 8, of the
Versailles Treaty, immediately to call the attention to such default of each
by replying
negatively to the Commission's request that
of the interest powers.
"
1
It
was
announced
in
Paris
DUBOIS,
(Associated
March 31 that the Allied Foreign
until after Easter
to pay
President.
Press) advices
Offices, which had deferred
negotiations regarding Germany's refusal
the installment of one billion goldmarks for the rep¬
on March 23, were exchanging views on
arations account
the
whole
advices
with
situation
reference
to
Germany.
These
also said:
it was indicated, probably
toward the end of April or the
The exchange of views,
another Allied conferenc e
will culminate in
beginning of May.
Russia and
Government
on March 21 in the shape of h note dispatched by wireless
from Moscow, addressed to Congress and President Harding
and signed by M. Kalinin, President of the All-Russian
Committee, the text of which was made public by Secretary
America
nothing in the treaty of Versailles which
up
commercial relations between
resumption of
capacity for payment.
to hear the German Government upon
r
United States views with deep sympathy and
the plight of the jjeople of
negotiations by the Soviet Government for the
Formal
gold marks referred to in Article 235,
Paragraphs 9
neither
Thirdly,
Litvinoff:
Russia and desires to aid by every
appropriate means in promoting proper opportunities through which com¬
merce can be established upon a sound basis.
It is manifest to this Govern¬
ment that in existing circumstances there is no assurance for the develop
ment of trade, as the; supplies which Russia might now be able to obtain
would be wholly inadequate to meet her needs, and no lasting good can re¬
sult so long as the present causes of progressive impoverishment continue
to operate.
It is only in the productivity of Russia that there is any hope
for the Russian people, and it is idle to expect resumption of trade until the
economic bases of production are securely established.
Production is con¬
ditioned upon the safety of life, the recognition by firm guarantees of private
property, the sanctity of contract and the rights of free labor.
"If fundamental changes are contemplated, involving due regard for the
protection of persons and property and the establishment of conditions
essential to the maintenance of commerce, this Government will be glad
to have convincing evidence of the consummation of such changes, and
until this evidence is supplied this Government is unable to perceive that
there is any proper basis for considering trade relations."
Reparations Commission to the
Associated Press cablegrams from
to-day, a copy of
Reval, will be
cable to the American Consul at
"The Government of the
grave concern
Allies, written in reply to the German note of March 22 and
addressed "to the President of the Kriegeslastenkommission" (War
:
of State made the following statement
The Secretary
which, transmitted by
Ambassadors, which had been set for today was abandoned.
The
together for their consultations before the middle
The text of the note of the
bases of production
Washington, March 25 1921.'
Ambassadors will not get
of next week.
note to the American
DEPARTMENT OF STATE.
1 the 12,000,000,000
.
of |
a
The text of the note follows:
securely established."
policy towards Germany
of the Entente
cable
sumption of trade until the economic
are
in view of her
marks gold demanded by the
Reparations Commission as the balance of her 20,000,000,000 mark obliga¬
tion under the Peace Treaty will be postponed for a few days, it developed
today,
;
'''i:
The Entente foreign! offices, it was stated, would wait until after the
Easter holidays to begin active consultations on the Reparations Com¬
mission's report of Germany's refusal to pay, and the meeting of the Council
Consideration
SOVIET RUSSIA.
WITH
in which he says "it is idle to expect re¬
Consul at Reval,
holidays:
refusal to pay by May
RELATIONS
COMMERCIAL
OF
STATES
March 25 transmitted by
on
The Allies, it was
Associated Press advices from
intended to defer action until after the
in the following
announced
;
trade relations
in conformity with the Treaty.
powers
Germany's
given elsewhere in today's
Rejecting the proposal of Soviet Russia for renewal of
with America, Secretary of State Hughes
obligations
its
fulfilling
''
Allies and
the
of
paper.
UNITED
BY
000,000 marks gold due March 23 must
of
our
RESUMPTION
NO
especially by refusing to make the payment
default
demands
the
of
the German's
■
refusal to accede to the same are
German Government by
replying
unacceptable in
was
agreed to draft another reply.
would entail penalties."
The note further states that "the
the reply
that
presented; it is further said that
the form then
other failure of
any
decided
Commission
20,000,000,000
gold marks as required under the Versailles Treaty, the
Commission in its advices stating that "the text is imperative,
in
Reparations Commission the German reply
March 24.
It is stated that the
the Allied
to
fv
:
delegation at Paris delivered
On March 25 the German
by May 1 the
and non-fulfilment of this article, as
of the Allied claim for
penalties until then.
Governments] were officially notifed by the
Commission on March 24 of the German
Government's refusal to pay
into effect in the mean¬
important measures will be put
any
'
the full amount of twenty
billion gold marks under Article 235 of the Versailles Treaty on May 1, it
i s anticipated in well informed quarters that the Allies will apply no further
MARCH 23.
BY
unlikely
time.
In view of the maturity
GERMANY'S DECLINATION TO
The
It is
Paragraph 18, Annex 2, o*
su<jh failure to pay.
REPARATIONS
[VOL. 112.
CHRONICLE
were
instituted by the Lenine-Trotsky
March 23.
The communication takes exception
policy toward Russia, declaring that President
"showed during his whole Administration growing
Hughes
on
to the Wilson
Wilson
made
the
towrard
hostility
for
a
Russian
and
conference,
a
republic."
An appeal is
proposal made to send a
here to "negotiate upon this matter with
in order to solve the question of
Soviet delegation
the American Government
business
and
relations
Russia and America."
of
resumption
of
Reval,
To the Congress
trade
between
The complete text follows:
of the United States and
March
21
1921.
>
His Excellency President Harding,
Washington:
Have the honor to
transmit
as
instructed by my Government the follow¬
ing message:
March
Litvinoff
,
From
hope of the possibility
the great
20.
Plenipotentiary, Representative of Russian Republic to Esthonia:
the first days of her existence Soviet Russia has nourished the
of a speedy establishment of
friendly relations with
Republic of North America and had firmly expected that intimate
created between the two republics to the greater
and solid ties would be
advantage of both.
At the time when the Entente powers
invasion of Soviet Russia
Soviet
Government repeatedly
ment with the
had begun their
unprovoked and without declaration of war the
addressed itself to the American Govern¬
proposal to adopt measures for
Even when the American troops
the cessation of bloodshed.
together with the others participated in
Soviet Russia, the Government
of the Russian Republic
the
attack upon
still
expressed the hope of a speedy change of America's policy toward her
demonstrated this by its particularly considerate treatment of the
and
Americans in Russia.
But President Wilson,
who without cause and without any
declaration of
Admin¬
Russian Republic.
Soviet Russia
hopes that the American Republic will not persist in obdurately following
this path, and that the new American Government will clearly see the
great advantage for the two republics of the re-establishment of business
relations and will consider the interests of both peoples which imperatively
demand that the wall existing between them should be removed.
The Soviet Republic, entirely absorbed in the work of internal recon¬
struction and of building up its economic life, |has not the intention of
intervening in the internal affairs of America, and the All Russian Central
Executive Committe makes herewith a categorical declaration to this effect.
At the present time, after Soviet Russia has concluded, treaties and
established regular relations with numerous States, the absence of such
relations with America seems to Soviet Russia particularly abnormal and
harmful to both peoples.
The All-Russian Central Executive Committee
addresses to you the formal proposal of opening trade relations between
war
had attacked the
istration
Russian Republic, showed during his whole
growing hostility toward the
■
April 2
THE
1921.]
and for that purpose the relations
Russia and America,
between the two
republics have to be on the whole regularized.
/
:
The All-Russian Central Executive Committee, therefore proposes to send
a
special delegation to America, which will negotiate upon this matter with
order to solve the question of business relations
the American Government in
resumption of trade between Rusisa and America.
ALL-RUSSIAN COMMITTEE, M. KALININ.
and of
PRESIDENT OF THE
Secretary, P. Zalutsky.
'■
>
"If
Opposition to the re-establishment of commercial relations
with Russia is indicated in a formal statement issued on
do not take to heart the lesson we have learned, and make this
we
assembly
21
Hoover; Secretary of Commerce.
the question is rather one of
by Herbert
Communist delegates.
immediately before it Lenine made five different
illustrate the changes w the Soviet
policy—changes which are the more significant in that they coincide with the
signing of the trade agreement between England and Russia and the change
in the Bolshevist attitude toward the rest of the world.
During the Congress and
speeches, in which he undertook to
His First Admission Strikes at Basis.
made by Lenine—an admission which is the very
The first admission
basis of the reason for the change
Bolsheviki have preached.
He declared that the
revolutionary parties were growing in
political than economic aspect, as long as Bolshevism rules
Trade under a credit system cannot be main¬
get help in the form of a
with
tained
a
Government that "repudiates private prop¬
He states that Russia has no exports of value
other
platinum and jewelry in the hands of the Bolshe¬
viks, variously estimated to be worth from $60,000,000 to
$200,000,000, and after these are disposed of, inasmuch as
than gold,
production is practically nil, trade will automatically
Russian
has been questioned by
The title to gold shipments
cease.
the French Government and
actions,
"However," he continued, "were we to suppose
To these
abandon its present
and
economic system before
"Europe recovers economic stability."
Secretary Hoover
said:
question of trade with Russia is far more a political question than an
The
economic one
so
long
Russia is in control of the Bolsheviki.
as
economic system, no matter how
be
no
real return to
group
a
Under their
much they moderate it in name, there can
production in Russia, and therefore Russia will have no
considerable commodities to export and,
consequently, no great ability to
obtain imports.
commodities in Russia to-day worth consideration,
capitalists who control the Gov¬
difference between Russian
a
foreign capitalists who do not
The
control the Government.
giving of concessions to foreign capital is necessary, because we cannot, with
our own forces, restore our ruined country without equipment and technical
equipment is not enough.
The mere importation of
help from abroad.
World
Negotiations with
Trusts Begun.
world trusts have begun. Of
service for love, but do it for the
It is going to cost us very dear. But technical
"Negotiations with some of the biggest
they are not ready to render us
sake of incalculable
gains.
improvement is very necessary."
This
was a
righted
ruin at home is not going to be
clear recognition that
is the economic restoration of
Russia, and that this is possible only with the help of foreign capital.
Discussion died like an unwatered plant.
Indeed, the only opposition
came from the romantic Mme. Collontai and the more or less out and out
revolution abroad; that the first task
by
Syndicalist Shalprikow,
of the
who dislikes the now obvious tendency
direction of giving concessions alike to
foreign
and who demands that the
be controlled by yet another assembly
Moscow Government in the
capitalists and to homegrown work managers,
of public economy
supreme organs
There are no export
which attempted to criticize
objectors Lenine replied:
"There is
ernment and
through threats of private court
He states that Russia must return to pro¬
.foreign liens.
duction
revolution
the Lenine policy in con¬
nection with the granting of concessions to foreigners.
"We kicked out
our capitalists and now they want to bring in foreign ones," it was asserted.
There was
the ground that it is stolen property or subject
on
that presently we will
firmly established proletarian (world)
would be lunatics."
we
course,
to
all countries
in Europe was sharpening.
and that the economic crisis
erty."
in the policy of the Moscow Government—
recognized the impossibility of the world revolution
that he definitely
was
Mr. Hoover takes the stand that
in Russia.
economic policy—the turning point
proletariat—sad words will have to be
our
said of us," Lenine told the
which the
March
turning point in
the
toward the maximum of unity of the
RELATIONS WITH RUSSIA.
HOOVER AGAINST TRADE
1359
CHRONICLE
composed exclusively of producers.
the hands of the Bolshevist Govern¬
ment.
The people are starving, cold, underclad.
If they had any con¬
siderable commodities they would have used them long since.
No better indication of the destruction of production under the Bolshevist
pamphlet they got out they called themselves the "class-conscious
class of united workers of the opposition," and declared they represent the
the
Right.
system exists than in the case of flax.
He
referred to
except gold, platinum and jewelry in
Russia produced
Pre-war
500,000 tons of flax per annum and herself
The production in 1920 was about
consumed 120,000 tons.
with mills and lands at least capable of
lation underclad.
In any jjvent. no
40,000 tons—
spinning 120,000 tons and the popu¬
trade with Russia under a Government that
can
Thus the whole question from a trade
property be based on credit.
point of
platinum and
jewelry, variously estimated from $60,000,000 to $200,000,000, in the hands
of the Bolsheviki, and after that has been expended there can be little ex¬
pectation of continued trade.
There has been no prohibition on trade for
a
long time, so far as exchange of commodities is concerned.
Trade is
open through the Baltic States and Italy has been trading in the south.
view develops
into furnishing commodities equal to the gold,
The real blockade has been the failure of the
except gold and platinum to trade
Russians to produce anything
with.
There has been but little trade for gold because
question by the French Government and by threats of
in the courts on the
is
its title has been called
private actions
It
apparently the intention of the British trade agreement to allow this mat¬
into
ground that it is stolen or subject for foreign liens.
ter to be thrashed out, so
far
as
England is concerned, in the British courts.
If
of them will.
Europe cannot recover its economic stability until Russia returns to pro¬
duction.
Trading for this parcel of gold would not effect this remedy—
nor would the goods obtained by the Bolsheviki in return for it restore their
The terms of the German
any one
agreement in this particular are unknown.
European nation accepts the gold, no doubt all
That requires the abandonment of their present
production.|
toward
Lenin said that the theoretical task of
Russia
was
In
the
March 19,
Lenine, Soviet Premier of Russia, apparently an¬
Nikolai
nounced
a
Communist
Congress
in Moscow,
change of policy, which includes, among other
the abandonment of communism as
economic ruin. On March
23 Secretary Hoover authorized the following statement
summarizing the plans outlined by Lenine:
proposed
necessary
measures,
published ac¬
counts of the speeches made by M. Lenine before the Tenth Congress of the
Communist Party at Moscow, in which he asserted the necessity of making
certain modifications in the application of Communist principles in Russia,
advantage of co-operative labor.
"These conditions at present do
More freedom must be
sell their farm products and only a
regime as a tax.
and organization of smaller industries must be left to
The operation
save use
Greater freedom must
be allowed to the co-operative
products.
the
i
copyright cablegram by Capt. Francis MeCullagh to
New York "Herald", dated at Reval, March 19, which
giyes in part the text of Lenine's five
speeches, is quoted
announcing
toward
in our economic work.
even
a
the
abandonment of communism
and of propaganda
world revolution by the proletariat, Nikolai Lenine,
of Russia,
This explains why
trade we have gone further than was
necessary.
We can allow free local trade without destroying, but which
would rather strengthen, the political influence of the proletariat."
the peasants' commerce and
was
Strategic Retreat.
of
Call
Trumpet
This
sounding the trumpet call of a
even
further than this, declaring
question of the peasant co-operative
.
strategic retreat.
However I
the
that they must reconsider
societies, giving them greater
pendence, and that the State monopoly of corn was to end.
"It is best from the point of view of Socialism," he continued,
a
peasant country, as a
traditional measure, it is necessary to use a
Lenin said that free trade
would be a stimulus to the peasant to
in crops and to extend his
his acreage sown
"In this way we
inde¬
"but in
system
trade."
of taxation and free
increase
industry.
the proletariat and the
will rectify the relations between
peasantry," he said.
WHAT LENIN REALLY
[From the New York
According to an official Moscow
has just made it plain to the
Moscow that
unless this was done the Moscow Government
Soviet Premier
Tenth Communist Congress in
could not stand.
SAID.
"Times" of March 23]
wireless dispatch printed in the London
the Tenth All-Russian Congress of the
of March 11, Lenin in opening
Bolshevist Party on March 8 said:
papers
food and fuel.
difficulties are bound up with questions
We made a mistake in
stuffs, although these stocks were
life
to
on
too
peace
large
a
scale.
of demobilization!
the distribution of
stocks of food¬
considerably larger than in former years.
that we attempted to restore our
We overestimated thereby
industrial
the transition from war
economics.
The most important
the working
question of the present moment
classes and the
is the relation be¬
predominating section of the
Russia
Moreover the international situation is defined
by the exceedingly slow development of the world revolutionary movement,
and we in no case can consider its speedy victory a premise of our policy.
population—the peasants.
in Soviet Russia, it is necessary to
The rising organized by France in
conjunction with the Social-Revolutionaries will be crushed in the next
few days.
Nevertheless, it forces us to consider most seriously the internal
"In
speaking of the internal situation
dwell upon the events
at
Kronstadt.
situation of Soviet Russia.
The
herewith:1
In
methods
military
in limiting
tween
societies.
15. The fifth proposal is a repetition of a previously announced policy,
the granting of concessions to foreign agencies with the right to export
A
freedom of trade on a local scale between
and local industry.
Thanks to this fact, we have worked
unprecedentedly difficult war, and we could do nothing
The fuel crisis is due to the fact
The peasants must be permitted to
private initiative to some extent; and
4.
"A solu¬
all the time in an
"Our internatl
affairs, and are:
effected in the exchange of goods among the
proposals have to do with strictly internal
portion of them shall be delivered to the Soviet
3.
he said.
be found.
evitably is presupposed a certain
local agriculture
has received advices corroborating
people.
2.
not exist in Russia,"
However difficult our position may
be, this task of satisfying the middle class peasantry must be solved.
It is
necessary, first, to satisfy the small agriculturist.
This is attainable in
two ways—first, by certain freedom of trade and freedom for the small
private proprietor, and, secondly, by obtaining for him goods for his products
"In a huge agricultural country, with bad ways of communication over
tremendous distances and with varying agricultural conditions, there in¬
temporarily.
Four of his
1.
large
and that such was possible only
to save his country from
The State Department
at least
the proletariat in such a country
gradual change from small scale to
to bring about a
tion of the problem must
economic
published accounts of five speeches made before
Tenth
words
in the event large industry
was in working order and capable of giving the small agriculturists all they
needed in their productive work.
At the same time he illustrated the
scale industry,
he went
the
turning point
if they did not want sad
be said of them.
to
system.
OUTLINES OF NEW LENINE POLICY.
call to make the assembly the
maximum unity of the proletariat
a
is turned toward
if the trend of the revolution
However, the Congress as a whole did what Lenine wished.
the danger of archaic tendencies of this small opposition,
and to them was directed his
as
repudiates private
a
resentment of these workers
consequential export of flax is availa¬
ble, nor ever will be available under this economic system.
Nor
In
nothing more to fear from the
small an amount of industrial
The peasants, therefore, consider that the sacrifices demanded
by the State are too great.
We must meet the desires of the
We are introducing a food tax in kind, which will be imposed
peasants consider that
Czarist Generals and that
products.
from them
peasants.
they have
they receive too
1360
CHRONICLE
THE
according to the
the peasant, and will afford him a free
means of
action in his interests
landowner.
as a
the peasant's harvest.
This tax will
consume
field of
£ Assets—
.
.
Advances
Government bonds and other securities.
security,
on
4,438,000
__
largely of Treasury bonds)
Is now
.
Marks.
5.
6.
only part of
The surplus that remains in his hands he will have
the possibility of selling locally.
The question of the 'kind' tax
the most important of Soviet policy."
[Vol. 112.
7.
Miscellaneous assets.
tries.
CIRCULATION
CURRENCY
OPERA¬
AND
(&) Credits in other
(a)
coun¬
(c) Deposits not yet credited to their respective
counts.
(d) Silver
about
reserve;
ac¬
and one-half milliards
one
marks calculated at the Hamburg silver market price)
paper
TIONS OF THE RE1CIISB AN K.
183,590,000
_
(This group of assets includes:
Real estate and other property.
GERMAN
(These consist
9,728,125,000
Liabilities—
The
following,
Maurice Parme-
8.
Capital
lee, at Berlin, is taken from "Commerce Reports" of March
9.
Surplus
from
Economist Consul
—
Reichsbank
10.
19:
1,000,100,
Over
99%
the
of
Darlehnskassen
and
paper
circulation in Germany consists of
The following figures, derived
in
money
Reichsbank
of
December
31,
,1919 and 1920:
Marks.
191.9:
Reichsbank
notes
is
11.
liable)
—--—
____
notes
...i
80,838,300,000
-
figures indicate that the
increased during the
than 80 billion
year
1920 from about 50 billion marks to more
in the
by individuals.
reply to
paper money
It is im¬
as
reserve
in other banks or
the German Government pointed
of the questions presented by the Allied delegates at
one
much
is in
money
Furthermore,
Financial
how
This
that it is outside of the Reichsbank.
sense
possible to ascertain how much of this
Brussels
in circulation in Ger¬
money
paper
marks, namely, an increase of over 60%.
is in circulation
Conference
paper
of
December,
it is
1920,
has left Germany and is
money
impossible to
now
in foreign
countries, in spite of the efforts of the Government to retain its currency
the country.
addition
there
and
namely,
no
were
of
baser
The
the
Darlehnskassen
million
the banks of
coins of
metals
in
of
million
notes
marks
issued
circulation,
in
notes
Reichskassen
of
notes
by the other banks of issue,
Bavaria,
circulation
is
the
in
issue
in
reserve
Reichsbank
notes
1920 to about 23,369,674,000 marks.
in
reserve
notes and
the
Reichsbank about
partly for
amounted
In
at
addition,
the
there
47,000,000 marks of Reichs¬
1,624,000 marks of notes of other banks of issue.
a
the year 1920
about
was
feel
Conse¬
notes,
responsible for the redemption of the Darlehns¬
is responsible for the redemption of its own
and the
other
banks
of
issue
are
responsible for the redemption of
the position taken
to
Operations
of
reserve
of
the
the Reichsbank During
Reichsbank
increased
1920.
President
of
increased
R|eichskassen and Darlehnskassen
during the
year 1920
1920
year
to
its valuation in
in
notes.
The
increase
in
the
of
reserve
In¬
Darlehnskassen
notes
in
the
Reichsbank
does not, however,
signify a decrease in the amount of paper
in circulation, because, as will be seen later, the issue of Reichsbanks notes increased
enormously during the year 1920.
The figure for bills of
exchange, checks, and discounted treasury bills
increased during the year 1920 to the extent of
18,889,489,000 marks.
The
separate items contained in this figure are not furnished
by the Reichsbank,
money
but there is
of
to believe
reason
discounted treasury bills.
the
that
considerable
a
amount
Consequently, this increase
huge increase of the floating debt of the
German
of
it is composed
is
correlated
Government
1920.
Reichsbank
the extent of
with
during
notes
in
circulation
33,106,639,000 marks,
or
increased
in Secretary
kassen
per
month.
This
increase
in
during the
year
1920
to
the
the
and
one-third
bills
of
Reichskassen
of
the
exchange,
bank
and
notes
checks and
be
must
Darlehnskassen
discounted
covered
ment
The
as
the Government of Panama, in the
follows:
most
compelled to
urge
friendly but most earnest
that it conclude, without delay, arrangements with the Govern¬
Rica
of Costa
the
for
appointment of the commission of engineers
the findings of the
with
The
concluded
note
award.
with
the statement:
This Government, therefore, deems it its duty to ask that the Government
of Panama
definitely indicate its intention to comply with the representa¬
to it by the Government of the United States.
tions made
appeal of President Porras recalls friendly personal
Harding on his recent visit to Panama,
and
the
that
asks
latter
his
use
administrative influence" to find
than the
"personal, political and
solution of the boun¬
some
Panama
one
was
asked' to
President Porras's telegram read:
accept.
Demand
from
State
Department that my
White's decision is painful and
humiliating.
Government
More
so
would
accept
when two successive
Legislatures and all the municipalities in the Republic have petitioned for
the rejection of that decision on the ground that the arbitrator
notoriously
exceeded
its jurisdiction, giving to Costa Rica more than what her
repre¬
sentative,
against
Peralta,
the
asked
provisions
from
of
President
Panama's
Loubet,
and
Constitution.
directly to you, Mr. President, recalling
your
trate
us
with your visit in November.
who loves justice
appreciated and that
I
also
because it
appeal,
is
therefore,
kind words with which you
expressed your friendship and good wishes toward
honored
my
country when you
I address myself to the magis¬
and equity so that my country's cause be better
we
may
be classified among the nations with
self-
following is the statement
the
Metal
Department's demand.
I beg of you, Mr.
trative influence
Rica may
one
of the Reichsbank
December 31
1920
explanations:
Marks
reserve:
from
al
banks of issue of Saxony,
The
amounts to
are
in
,091,636 000
'
total
more in accord with justice and dignity than the
being asked to accept. We Panamanians are confident in
President
me
or
Harding's reply:
our
State Department to the Government of
Rica
have been sent with the full
It would be exceedingly
to believe that the Government of Panama had
to assume,
for
any reason,
cause
to
the Government of the United
States is in any way unmindful of our peculiarly friendly relationship, with
of such
5,773 000
are
1,624,000
furnished,
that it is impossible to ascertain how much of
this
sists of private bills of exchange and checks.
so
sum con¬
Some indi¬
cation as to the amount of the discounted
Treasury bills is
furnished in the statement accroding to No. 6 of
the Orders
of the Day of the Brussels International
Finance Confer¬
from Sept. 24 to Oct. 8 1920)
J
your
there is deep
friendly relationship.
It must
the decision of the Chief Justice of the United
arbitration submitted
to
him, and reached after exhaustive
exchange of communications between the two
tives is claimed to have been in the nature of
an
execu¬
"ad interim
discussion," and to have brought matters to
Treasury bills.
not
and
60,634,023,000
a
Government of Panama must
circulating in Germany
about 200,000,000 marks)
repeated now,
our
study and rendered in fullest devotion to justice must be the unalterable
The
are notes issued
by the
Baden, Bavaria, and Wurttem-
Bills of exchange, checks, and discounted
an
are
in the exercise of
position of this Government.
(These
(The figures for the separate items
The friendly expressions made in
informally last November
for full justice
be apparent, however, that
the
-23,416.674,000
notes
recognized mutuality of interest.
States in
.
Notes of other banks,
ence,
wras
distressing to
concern
Darlehnskassen notes.&
(The Reich¬
limited by law to
360,000,000 marks, of
forty-four to forty-seven million
Eeichsbank)
solution
disappointment.
This
presence
rate
and
are
personal political and adminis¬
.
the market prices of these metals
Reichskassen
skassen notes
use your
righteousness and we hope that that confidence will not be rewarded
feel wounded
necessary
paper marks at
berg.
a
are
President, to
that the boundary dispute between Panama and Costa
knowledge and hearty approval of the Executive.
on
of 2,784 marks per kilo (2.2
pounds) fine gold
(5) Coins of the baser metals reckoned in
which
have
which we
so
your
a
4.
was
Panama and the Government of Costa
reserve:
German gold coins, gold in bars, and
foreign gold coins, reckoned in gold marks, at
the
3.
that the
say
The specific demand laid down
Hughes's note
The communications from
(a) Gold
2.
to
knowledge and hearty
White may be physically laid down in a permanent manner and in accord¬
notes.
Assets
#
"full
provided for by the terms of Article 7 of the Porras-Anderson treaty in
order that the boundary line laid down by the decision of Chief Justice
treasury bills.
by the gold reserve
Statement of the Reichsbank.
1.
the
to
diplomatic
with
Darlehns¬
notes,
least
with
with
sent
The Government of the United States therefore feels
at the average rate of
2,750,000,000
principal item in the inflation
of paper money which took
place during the year 1920, as indicated else¬
where in this
report.
According to law, the notes issued by the Reichsbank
are covered
by, namely, the gold reserve, Reichskassen notes and
marks
and
The appeal
consciousness and dignity that feels herself deeply wounded with the State
The
At
15.
violation of
a
the Reichsbank
to the extent of 12,391,417,000 marks.
as there are
only about 47,000,000 marks of Reichskassen notes in
Reichsbank, practically all of this increase was in the form of Darlehns¬
kassen
been
approval of the Executive."
asmuch
the
had
dary dispute other
notes
dated March
plainly
was
that the valua¬
gold marks.
reserve
Harding
and the President felt constrained
usage,
note
by Secretary of State Hughes in his
Panama
to
relations with Mr.
during the
the extent of 2,137,000 gold marks.
It is needless to say
tion of this increase in terms of paper marks is
many times
The
note
The
gold
that Panama should
as
second
their notes.
The
expressing regret
the request-of this
over
Government, in its
mediator, that it signify its definite acceptance of
the White ruling, President Harding
gave emphatic support
in existence at the close
The Reichsbank
notes.
After
wounded
office
105 billion marks.
The Federal Government is
kassen
paper money
the unalterable
date.
same
ance
quently, the total amount of German
of
DISPUTE—WHITE ARBITRAL
position of this government," is
by President Harding in his reply of March 19
personal appeal from President Porras of Panama of the
manner,
the
Reichsbank
of
"must be
upon
negligible.
held
notes
covering
the year
held in
kassen
313
marks of
Reichsbank
and
Saxony Wuerttemberg and Baden.
There
the precious metals in circulation and the value of the coins
Darlehnskassen
close of
about
circulation
220
to
purpose
were
the
to
in
were
200
BOUNDARY
the stand taken
to
Inflation of German Currency—Redemption of Motes.
In
3,649,503,000
Supreme Court in the Panama-Costa Rica boundary dispute
12,033,300,000
—
above
within
___-22,327,114,000
______
68,805,000,000
—
.
Total
ascertain
.68,805,008,000
_
Deposits
The decision of Chief Justice White of the United States
notes
Darlehnskassen
the
but not for the Reichskassen and
notes,
DECISION MUST BE ACCEPTED IN COSTA RICA.
1920:
Reichsbank
out in its
is
49,479,600,000
December 31,
hoarded
104,258,000
mostly
are
Reichsbank
12. Other liabilities.
PANAMA
many
(These
The
notes.
13,781,200,000
—
Total
The
circulation.
20-mark
35,698,400,000
notes
Darlehnskassen
and
-
Darlehnskassen notes, for which the Federal Government
indicate the circulation of Darlehns-
kassen and Reichsbank notes at the close of the years
in
notes
50
liable for these
notes.
from the statements of the Reichsbank,
180,000,000
__
definite decision.
The
make
a
point where the
boundary line between Costa Rica and Panama has
been the
subject of dispute for
has two aspects,
Atlantic side.
a long time.
The question
the Pacific side of the Cordillera, and the
In 1900 the matter
dent Loubet of France for
line
now
the Pacific side,
was
referred to ex-Presi¬
adjudication, -who fixed
a
frontier
granting Costa Rica possession of a
region which included Co to, the territory specifically involved
on
April 2
in
the
1914 the two countries
the delineation of a boundary
Chief Justice White of the United
In
contention.
present
submitted the controversy as to
the Atlantic side to
on
_
who in that year handed down a
which was not accepted by Panama,
States Supreme Court,
decision in arbitration
region involved never actually passed under Costa
Rican control.
The Costa Ricans recently attempted to
and the
settle the argument
through warfare, and on Feb. 21 ad¬
vanced their troops
into territory which Panama had been
President Porras of Panama on Feb. 25 issued a
occupying.
proclamation declaring his country
'had been invaded and
The procla¬
calling for the organization of military forces.
mation read:
preparing to initiate public work in which
interested, unexpected aggression by the Costa Rican
Government obliges us to drop the tools of labor and hasten to defend
the country from a humiliation which the government of a people with
which we have been cultivating good relations is trying to inflict.
During moments when we were
the republic is much
That government
and independent
lack of
the
has desired to put to the test our
dignity as a soverign
nation, and despite the suddenness of the attack and our
we have been found ready to make all sacrifices for
material,
war
purpose
the regions belonging to us since
of maintaining our flag in
Colonial times.
The Costa Rican Government
has dislodged our national authorities in
force, and I expect in this moment
We must meet force with
seized.
the District of Coto, which they have
of supreme sacrifice that party differences
that united we shall demonstrate that we know how to
Panamanians and subject ourselves to very kind of sacrifice to maintain
Rica, and while it announces the withdrawal of military
forces from Coto, holds that its concession should not be taken
as an
the
the national dignity.
public opinion of Panama have jointly refused to accept.'
The note reads:
My Government authorizes me to state
At the
same
time Panama appealed to
the friendly offices
prevent bloodshed
Hastily gathered
sent to the region
invaded by Costa Rica
on
Feb. 21, and during the last
week in February and the first week in March active hos¬
tilities developed with some casualties on both sides.
The
United States through a provision in Article I of the HaysBunau Varilla treaty, guarantees the territorial integrity of
Panama and the latter maintains no standing army, her
unorganized Panamanian forces
only
protection being
military lines.
were
this act of Panama, in¬
the armed conflict which has been
not be interpreted in any case as an
implied recognition of the White award which the Executive power, the
Legislative Assembly and the public opinion of Panama have jointly refused
to accept since 1914, the year in which it was rendered.
Rican aggression
on
March 5
Hughes to both
based on the
was
obligations of this Government under the treaty to act
of
interests
peace,
the
to
two
in the
and followed the policy of the former
dispatched similar
note of March 5
administration, which on Feb. 28 had
notes
The
Governments.
called attention to the final fixing of the
boundary line under
the White decision, and requested the
immediate cessation of hostilities and the settlement of the
through
dispute
dispute in
same
an
War vessels were at the
"orderly manner."
imposed upon it against its will, should
„
I do not wish to close, Mr. Minister, without having your Excellency take
Republic of Panama was enjoying the benefits of internal and
note that the
external peace,
Department read:
Department of State has to-day been
informed that Costa Rican
the territory adjudged by the White award to be that of
and that they are now advancing on Almirante and Boca del Toro.
troops have invaded
Panama
This information, which appears to
ment of the
be confirmed, has caused the Govern¬
This Government desires to
United States the gravest concern.
in the most earnest manner, im¬
mediate compliance with its recommendation that instructions be given
to its forces between the status quo line and the Cerro Pando-Punta Burica
line to advance no further and that immediate instructions be issued to
those troops which have advanced into Guabite and which are now ap¬
proaching Almirante and Boca del Toro to withdraw at once to the northern
the Government of Costa Rica
urge upon
bank of the Sixaola River.
with respect to
been finally determined
arbitrator, and desires to urge upon
the Government of Costa Rica the importance of immediate cessation of
hostilities to the end that appropriate settlement be promptly made in
an orderly manner in accordance with Chief Justice White's decision.
This
Government cannot regard forcible measures by either party as justifiable.
This Government recognizes the
the boundary between
fact that the controversy
Costa Rica and Panama has
by the award of Chief Justice White as
Representations of a similar nature are being
Panama. ■'
Costa
Beeche,
reply,
transmitted through
Costa Rican Minister, on
Dr.
Octavio
March 7, was pacific in
made to withdraw their troops, and the
Promise
Costa
Rican' Government also
was
agreed to respect the p r
of the Anderson-Porras
award of Chief Justice White.
treaty and the arbitration
The text follows:
March 7 1921.
have received tele¬
Legation of Costa Rica, Washington,
Mr. Secretary:
I have the honor to inform you that I
of State for Foreign Affairs of
Costa Rica, to advise you that the Government of Costa Rica has given
orders that the Costa Rican forces which had crossed the line of the Sixaola
River be immediately withdrawn within that line, and that the forces on
graphic instructions from the Secretary
the Pacific side make no further advance
whatever.
with the desire of satis¬
of the United States will
be interpreted as a proof of its conciliatory intentions and of the considera¬
tion deserved by the friendly attitude of the Department of State, as well
as
of tbe-firm conviction of my Government that the Anderson-Porras
treaty and the award of Chief Justice White will be respected and carried
I hope that
the action taken by my Government
fying the wishes expressed by the Government
out in their entirety.
I avail myself of this occasion to renew
of my dis¬
I subscribe myself.
to you the assurances
tinguished consideration and esteem, with which
s^ija.Your very faithful servant,
OCTAVIO BEECHE.
The Panamanian note, made
place the entire blame for the
cultivation of the arts and the
with all the peoples of the earth, when sud¬
the unexpected and unjusti¬
Costa Rica. Whatever may be
the result of the mediation interposed by the Government of the United
States in the armed conflict which to our grief Costa Rica has imposed upon
us, Panama reserves the right of establishing and of making effective in the
course of the mediation the responsibilities which Costa Rica has incurred
denly, like
a
thunderbolt out of a clear sky, fell
fied attack upon it
by the Government of
and of demanding the obligation of
and for the expenditures of the
expedition which by Its fault we have seen the necessity of equip¬
by reason of its unqualifiable attack
indemnifying us for the damage caused
defensive
ping and organizing.
Active
.
the
between
hostilities
two
countries then
ap¬
The Government of the United
States, in a second note dispatched by Secretary Hughes on
March 15, in reply to Panama's protest of March 10, for¬
mally called upon Panama to hold to the terms of the Loubert
and White decisions.
Secretary Hughes pointed out that
while the interzmtioa&i ine on the Pacific side was definitely
fixed
by the 1900 Loubet ruling, Panama has never made any
territory granted to Costa Rica;
effort to evacuate the Coto
also, despite the length of time
White decision in 1914,
that has elapsed since the
the division in the Atlantic side as
thus laid down, has never
been maintained.
The full text
public
on
The Government of the
United States has been advised by
the American
the Government of Panama of a
note dated March 4 in which after referring to the efforts of the Costa Rican
Government to evict Panama from its possession of Coto and to the invasion
by Costa Rica of the territory east of the Sixaola River, the Government of
Panama requests a declaration of the manner in which the Government of
the United States understands its obligations toward Panama in relation to
these events and in the light of the first article of the Hay-Bunau Varilla
treaty.
The Government of Panama states that the territorial and political
integrity, of the republic has been affected by what It terms the acts of
illegal warfare committed by the Government of Costa Rica.
Legation in Panama of the receipt from
By Article I of the Hay-Bunau
Government of the United
Varilla treaty it is provided that the
will maintain the inde¬
States guarantees and
by its manifest interest in the
of its duty in
March 10, seeks to
misunderstanding on Costa
maintenance of peace but by the
disclosed.
recognition
the circumstances
The Government of Panama
cannot fail to realize that
In order that the
the
of the Republic
of Panama
follows that the
Government of the United States deems it necessary to inquire fully into the
merits of a controversy which relates to the boundary of the Republic of
Panama.
This Government has no doubt that the Government of Panama
will also recognize that there is included in the provisions of the Hay-Bunau
Varilla treaty, an undertaking on the part of Panama to observe faithfully
its international obligations.
The guarantee given to the Republic of
Panama by the United States is obviously conditioned upon that per¬
Government of the United States may
fully perform its obligation under
itself as to the extent of the sovereignty
and hence of the territorial limits of Panama.
It
treaty it must advise
formance.
It appears that
two aspects:
been raised by the Government of
between Panama and Costa Rica has
the question which has
Panama with respect
to the boundary
(1) With respect to what may
be termed the Pacific side
of the
respect to the Atlantic side.
The Government of
deems it to be beyond controversy that the boundary line
Cordillera and (2) with
the United States
award of his Excellency
The line
on the Pacific side, as thus determined, was unequivocally accepted by both
the Republic of Panama and the Republic of Costa Rica in the PorrasAnderson Treaty of March 17 1919.
In Article I. of that treaty it is stated
that the Republic of Panama and the Republic of Costa Rica consider that
the boundary between their respective territories designated by the arbitral
award of his Excellency the President of the French Republic the 11th of
Sept. 1900, is clear and indisputable in the region of the Pacific from Punta
Burica to a point beyond Cerro Pando on the Central Cordillera, near the
on
■■
tone.
visions
made to the Government of
•
Rica's
applying itself to work, to the
sciences, and in friendly relations
pendence of the Republic of Panama.
The Government of the United States
fully recognizes the obligation thus assumed and its recent communications
to the Governments of Panama and Costa Rica have been dictated not only
Panama.
time ordered to the Atlantic Coast of
The note of the State
The
of the 21st of last month, and that
spired in the desire of putting an end to
of this note follows:
,
and Panama
Rica
along
system organized
police
a
indentical note sent by Secretary
The
Costa
to your Excellency that it has
given instructions already to our military forces that they retire from Coto,
but that our civil and police authorities will remain there as before the Costa
parently definitely ceased.
v
of the United States to
award made in 1914,
the Legislative Assembly, and
acceptance of the White boundary
"which the Executive power,
shall be forgotten and
be
1361
THE CHRONICLE
1921.]
the Pacific side was
the President of the
ninth
determined by the arbitral
French Republic on the
degree of north latitude.
Notwithstanding this fact the
taken
11th of Sept. 1900.
no
Government of Panama
apparently has
fulfill its obligation to recognize the territory on the Costa
that line as subject to the jurisdiction to the Government of
steps to
Rican side of
Costa Rica, but
has continued to
exercise jurisdiction over the
territory
until the present time.
|
it is in that territory, belonging to Costa Rica,
that Coto is situated.
Because of the obligations and special interests of
the Government of the United States, because of the obligations on the part
of Panama, and because of the earnest desire of this Government that the
Government of Panama shall maintain the most friendly relations with its
beyond that boundary
It is to be observed that
welfare and prosperity may be enhanced and
integrity may be free from attack, this
unavoidable duty to request the Govern¬
ment of Panama at once to take steps to confirm the boundary line from
Punta Burica to a point in the central Cordillera north of Cerro Pando, near
the ninth degree of north latitude, by relinquishing its jurisdiction over the
territory on the Costa Rican side of that line, as defined by the Loubet
neighbors in order that its own
that its
territorial and political
Government considers
award, and by
Rica in
an
it to be an
transferring such
orderly manner.
jurisdiction to the Government of Costa
1363
THE
CHRONICLE
The controversy which remained
after the award of his Excellency the
President of the French
Republic,
over
the remaining portion of the boundary
Costa Rica
prompt the making of these representations to the Government
of Panama.
line between Panama and Costa
Rica, on the Atlantic side, was submitted to
the arbitral decision of the
Chief Justice of the United States
hension
Governments concerned,
treaty of March 17 1910.
refusal
by the two
under
the
provisions
Porras-Anderson
the
of
Article I of this convention provides:
"Article 1,
The Republic of Costa Rica and the
Republic of Panama,
although they consider that the boundary between their respective terri¬
tories
designated by the arbitral award
of his Excellency, the President
Republic, the 11th September, 1900, is clear and indisputable
of the French
In the region of the
Pando
Pacific from Punta Burica to
a
a
The Government of the United
States would view with appre¬
continuance of this dispute, which has
already given rise to hos¬
tilities with attendant loss
of life, if such a continuance were caused
by the
the part of the
Government of Panama to carry out obligations
on
which it has bound itself
solemnly to perform.
This Government, there¬
fore, deems it its duty to ask that the Government
of Panama definitely
indicate its intention to
comply with the representations made to it by the
Government of the United States.
point beyond Cerro
the central Cordillera, near the ninth
degree of north latitude,
on
have not been able to reach
COLLECTION OF CUSTOMS ON RHINELAND.
agreement in respect to the interpretation
which ought to be given to the
arbitral award as to the rest of the boundary
line, and for the purpose of settling their said disagreement agreed to sub¬
an
mit to the decision of the
Honorable, the Chief Justice of the United States,
who will determine, in the
capacity of arbitrator the question: "What is the
boundary between Costa
with
[Vol. 112.
the
correct
Rica and Panama under and most in accordance
interpretation and
true
intention
of the
award
of the
The State
Commission for the collection of customs
Eastern
President of the French Republic made the 11th of
September 1900.'
The
"In order to decide this the arbitrator will take into account all the
facts,
circumstances and considerations which may have a
bearing upon the case,
as well as the limitation of the
Loubet award expressed in the letter of his
Excellency M. Delcasse, Minister
of
Department at Washington issued on March 18
following notice regarding plans of the Inter-Allied High
the
terial
frontiers
Inter-Allied
in
order
tariffs
to
On
the
Eastern
frontiers
Rhineland
November, 1900, that this boundary line must be drawn within the confines
territory in dispute as determined by the Convention of Paris between
the Republic of Costa Rica and the
Republic of Colombia of the 20th
all
January, 1886.
of
ception of foodstuffs which
Both Panama and Costa Rica
explicitly agreed to abide by the award.
Its conclusive character was defined
by Article VII of the treaty, as follows:
"Article VII.—The award, whatever it be, shall be held
compulsory
between
treaty
the
High
Contracting Parties bind themselves
Contracting
perfect and
as a
Parties.
High
Both
to the faithful execution
of the award
The
have
shall
be
the true line,
and his determination
final, conclusive and without
"Thereupon
manner as
a
of the same
commission of delimitation shall be constituted in the
shall immediately thereafter proceed to mark and delimitate the
boundary line, permanently, in accordance with such decision of the arbi¬
trator.
Such commission of delimitation shall act under the direction of
the arbitrator, who shall settle and determine
any dispute as to the same."
The Chief Justice of the United States
accordingly determined the boun¬
dary line between Costa Rica and Panama on the Atlantic side.
His award
made in 1914.
was
by Panama, and
It gave to Costa Rica
Panama
to
a
a
portion of the territory claimed
portion of the territory claimed by Costa
Rica.
It would
serve no
useful purpose to enter into an extended discussion of the
reasons which
underlay the award of the Chief Justice of the United States,
since these reasons are expressed with the utmost clearness in his
decision.
In an elaborate opinion, the Chief Justice of the
United States dealt with the
terms of submission, his jurisdiction as arbitrator under the
submission, and
with the line which should be drawn
defining the boundary between Panama
and Costa Rica from the Cordillera to the Atlantic.
The award of the Chief
The Government of the United States had noted with
deep concern the
statement contained in the communication addressed
by the Panamanian
Minister for Foreign Affairs to the American
Legation on March 8, to the
by the Government of Panama in retiring its
military forces from Coto "should
plied
recognition
Legislative
of the
Assembly
to accept since
White
and
the
not be
award,
people
interpreted in
which
of
1914, the year in which it
ment understands that in
of the United States the
the
executive
Panama
have
circumstances, and with the
utmost
terests of Panama and the earnest
desire that her just
tained, has been unable
to
This Govern¬
find any ground upon
fully discharge
rights should be main¬
which this contention
In dealing with the Loubet
award, the Chief Justice of the United States,
under the express terms of Article I of
the Porras-Anderson Treaty, had re¬
gard to the limitation expressed in the letter of his
Excellency M. Delcasse
of Nov. 23 1900, to which Article I
refers, "that this boundary line must be
drawn within the confines of the
territory in dispute as determined by the
convention of Paris between the
Republic of Costa Rica and the Republic
of Colombia of Jan, 20
1886."
Finding that "the line of boundary of the
previous award from Punta Mona to the Cordillera was not within the
mat¬
dispute,
or
within the disputed territory,"
vention of 1886, the arbitrator treated
that line
then incumbent upon the arbitrator
a
determined by the
con¬
non-existing, and it
as
as
to substitute
and
was
"most in
award."
duty of the arbitrator arising from the treaty
in the statement submitted to him
on
all
moneys
the
is
the
nominal
a
tariff
The
will
to
the
upon
by the High
tariff
continue,
of
tariff
export
is designed
purposes.
Rhineland
intention
imports
on
with
the
ex¬
to be
are
"held
are
made
are
to
customs officials
the
control
turn
and
them
carried
to
special
the
to
over
account"
Reparations
until
Commis¬
of
the
still in
are
Rhineland
charge of the collection of customs,
High Commission,
and the old tariff
present.
Regarding participation by the American forces in Rhine
collection
customs,
Washington,
American
Associated
an
March
11,
Press
dispatch
from
said:
forces
on the Rhine will take no
part in the collection of cus¬
objection will be made to such action by the Allies within
territory occupied by them, it was learned to-day at the State Depart-
toms, but
the
no
ment.
■-v.
...
Brig.-Gen.
the
High
plan
Allen,
commanding the
Commissioner
the
for
the
of
collection
duties
of
American
Rhineland
at
all
has
Army,
Commission
bridgeheads
reported
that
studying
was
the
occupied
by Allied
troops, and it has been understood here that agents of the Allied Govern¬
would
ments
be
stationed
Coblenz
at
import and export duties.
to
supervise
General Allen, it
the collection
both
of
explained, will act without
was
specific instructions.
No
change in the status of the American force
thorized, but it
the
officially stated that
was
of the Allies
way
in
its rele has been
or
au¬
obstacles would be placed in
no
carrying out their
newly
adopted policy.
The
troops will continue to act with the Rhineland Commission, but
understanding that has existed since the occupation of the Rhine,
that the American commanding officer is responsible only to his own Gov¬
with the
in
ernment
of
determining questions affecting the maintenance and operation
his force.
-V-;
Previous
Washington advices in the matter appeared
follows in the "Journal of Commerce" of March
The
American
tion
at
this
time.
point there is
has
not
it
the
was
fully recognized
part in
no
the
statement
United
terms
treaty,
carrying out
indicated
was
will
obtained
participate
on
in
this
the
the Germans.
that
cannot
be
can
States
upon
Department hold
Versailles
as
10.
action will be taken in this direc¬
no
definite
no
force their
State
taking
are
the
United
participate
States,
in
The only activities in which the American Army
is said,
Where
treaty
the
ratified
provisions.
to-day that
evidence that
no
of
Rhine
collecting German customs, and it
While
efforts of the Allies to
Officials
the
on
the State Department
which
enforcing its
can
take part,
would be violation of the terms of the armistice.
violation
the
of
armistice
agreement
the provisions
and
coincident, the American forces might be used.
are
the
United
and
the adoption
States
The State
will
forces
of
a
remain
pending further
policy by this Government.
Department has asked General Henry T.
the American
of
the
For the present
quiet
Allen,
developments
commander of
the Rhine, to keep it informed on current
develop¬
General Allen to-day sent a telegram to the State Department re¬
porting that the president of the Interallied Rhineland High Commission
forces
on
ments.
has
received
pacity
to
the
following telegram from Premier Lloyd George in his
president of the Interallied
as
"This
afternoon
Germany in
the
behalf of the Republic of Panama, and
forces
the plans of the Allies for
at
was
line which
accordance with the correct
interpretation and true intention of the former
This
under
regard for the in¬
be advanced.
ter in
at
rates continue for the
refused
This Government, mindful
of its duty to examine this contention in order
that it may
its obligation in the
can
the
power,
jointly
rendered."
was
arbitrator.
as
statistical
of
it
sion.
any case as an im¬
refusing to accept the award of the Chief Justice
Government of Panama has urged that the Chief
Justice exceeded his jurisdiction
establish
to
This nominal
chiefly
frontier
Rhineland
American
Justice is definite and unmistakable.
effect that the action taken
serve
the
passed free of duty.
military authorities, according to the Department's advices,
present no oversight or charge of the customs and customs col¬
arrangements
same
and
Commission
ma¬
according
Allied
lections,
appeal.
provided in Article II, with respect to the commission of survey,
to
Eastern
German
"The boundary line between the two Republics as finally fixed
by the arbi¬
be deemed
the
over
and waive all claims against it.
trator shall
High
exports except dyestuffs.
Commission
contemplates
production,
encourage
Excellency, Senor Peralta, Minister of Costa Rica, in Paris, of the 23d
of the
Rhineland
imports "over the western frontier of the
on
industry and
advices reaching the State
Department to-day.
Foreign Relations of France, to his
Western and
on
Rhineland:
High Commission in the
reductions in the
Rhineland
the
of
Paris
it
was
decided
view of the
decisions
in
Among the sanctions
are
by the Allies to apply certain sanctions
failure of
regard
the
to
ca¬
Conference at London:
the
German
reparations
or
Government to
make
a
accept
satisfactory offer.
following:
"A—The
amount of duties collected by German customs
paid to the Reparations Commission.
it is set forth by the arbitrator in his
opinion that his power and duty in this
respect were conceded by both parties.
The Chief Justice
be
judged that the boundary between the
"B—These duties to continue to be levied in accordance with the German
tariff.
explicitly ad¬
with the correct
a
interpretation and
line which he defined
Atlantic and thence,
north
as
as
two countries "most in accordance
true intention" of the former award was
starting at the mouth of the Sixaola River in
described, to the point
near
boundary between Panama
This Government finds
ceeded his powers,
decreed and established
and Costa Rica
on
as
the proper
the Atlantic side.
basis for the contention that the arbtrator
and his award, according to
Porras-Anderson Treaty,
tween the
no
was
because
"a
perfect
and
he express
ex¬
terms of the
treaty
Republics
mination of the
same
line both on entry and export goods to be determined
by
Commission of the Rhine territory.
"In conformity with the instructions of the Allied Governments the
High
Commission on the Rhineland is invited to study the application of 'C' of
this sanction, and to present an immediate report to the Allied Governments
High
virtu."
of
engineers
provided for by the terms of Article VII of the Porras-Anderson
Treaty,
boundary line laid down by the decision of Chief Justice
White may be physically laid down in a
permanent manner and in accord¬
in order that the
with the findings of the award.
that the Government of Panama will recognize that
friendship for the Governments of Panama and
motives of true and impartial
AND
INCOME
TAX
LAW-
CAPITAL INVESTMENTS
HELD
most
Rica for the appointment of the commission
COURT
PROFITS FROM
appeal."
therefore, feels compelled to urge
friendly, but most earnest
that it conclude, without delay, arrangements with the Govern¬
be hoped
U. S. SUPREME
as
shall be final, conclusive and without
Government of Panama in the
ment of Costa
It is to
this
on
Allied
be deemed the true line and his deter¬
The Government of the United
States,
ance
levied
the
High Contracting Parties," and both Panama and Costa Rica
finally fixed by the arbitrator shall
manner,
be
be¬
bound themselves to its faithful execution and
waived all claims against it.
They have agreed that "the boundary line between the two
upon the
line of customs to be temporarily established on the Rhine and
boundary of bridgeheads occupied by Allied troops, the tariff duties to
at
cura
compulsory
frontiers to
"C—A
the
the ninth degree of
latitude, "beyond Cerro Pando," referred to in Article I of the Porras-
Anderson Treaty, and that line
on
TAXABLE.
The U. S. Supreme
Court, in deciding on March 28, four
involving the several acts governing the imposition
the income and excess profits taxes, upheld the Govern¬
actions
of
ment in its
interpretation of the term "income" for the
ment of taxes.
the
New
decided:
York
As summarized in
a
assess¬
Washington dispatch in
"Evening Post" of March 28,
the Court
April 2
CHRONICLE
THE
1921.]
That increase in the value of corporate bonds, originally acquired and
1.
held for
2.
That increase
Revenue Act
under the
3.
of
of value
a
capital investment is taxable as income
of a trust fund are taxable
of March 1
from" and
or
1913, it is palpable that it
was a
"gain
or
profit"
derived from that investment, and that it "proceeded
"severed"
was
rendered severable from it by the sale for cash
or
to be taxable income within the
gain" which has been repeatedly declared
meaning
the Constitutional Amendment
on
and the acts of Congress.
profits law.
excess
as
and thereby became that "realized
of 1916.
That profits realized from the sale of assets
under the income and
trustee
"produced by"
investment, is taxable under the Revenue Act of 1916.
1363
A second contention is that the word "income" as used in the Sixteenth
Preliminary to the handing down of the Court's conclusions
the present
Solicitor
week, admission had been made
William
General
L.
March 11 by
on
representing the
Frierson,
Department of Justice, in closing the Government's
argu¬
ment in the
"corporate bond tax case" on appeal before the
Supreme Court, that the lower court had erred in assessing
profit the difference between the market price of
as
vestment March 11913 and the
price realized at
a
in¬
subsequent
an
Amendment and in the Income Tax Act we are considering does not include
the gain from
capital realized by
that only the profits
the part of Mr. Frierson
issue of March 19, page 1107, at which
This admission of error
by itself.
referred to in
was
the result of the sale considered
our
on
part of the argument that the gain assessed would be taxable if a broker had
realized it instead of
time
also noted that he had, on March 10, conceded that
we
in collecting income
statute
taxes in the case of a sale of
property where the sale had been effected at less than|the
an
Solicitor-General Frierson, who was present
to hear the
opinions of the Court
interpreted them
of
tentions
as
on
upholding in
Government.
the
March 28 is said to have
particular the con¬
Washington
every
dispatches he believes the elimination of problems
involved in cases decided this week will go far toward
relieving the Treasury Department of inconveniences it has
suffered
as
result of the involved tax
a
the Court
Trust
reached
case
"key"
case
decided by
trustee of the estate of Arthur
as
Julius F. Smietanka, formerly U. S. Collector
vs.
Revenue for the
This
or
that of the Merchants' loan &
was
Company of Chicago,
Ryerson
of
The principal
March 28
on
litigation facing it
District of the State of Illinois.
First
the
Supreme Court
an
on
appeal from
decisions of Illinois courts upholding assessments
Internal Revenue officials upon profits
Included in the trust fund
sale of certmn trust assets.
used in the Sixteenth Amendment, which has
does not recognize any such
now seven
is
tion, which
which
valued at $561,000
were
on
a corpora¬
Collection of
upheld by the Curt in its
The opinion
Monday last.
and he
was
pointed out that the word "income"
the Supreme Court in a case under the
Tax Act of 1909, as a
a
tax
ceived
an
decision of
that this distinction is
This
defined by
definition, he added "re¬
addition in the latest income-tax decision (Eisner
Macomber), which is especially significant in its applica¬
vs.
tion to
such
a
case
then made to read:
from
as
have here.
we
'Income may
capital, from labor
The definition
it be understood to include
which would in
be defined
as a
gain derived
notwithstanding the arguments heard in this
entirely
or
It is obvious, he said, "that
unless this definition be modified, it rules the case at
continued
with
satisfied
of Arthur
state
that
case, we
definition."
tanka, formerly Collector of Internal Revenue.
We
Smie¬
In error to the District
Court of the United States for the Northern District of Illinois.
under
a
L. L. Loelir, head of the trust
will, had the chstody and legal title to approxi¬
mately 1,000 shares of the capital stock of an Illinois corporation, which it
was
sold
on
1913, at $561,000.
This
Feb. 2 1917, for $1,280,000, and the Collector of Internal
Revenue treating the difference between the valuo of
the stock
on
March 1
1913, and the amount for which it was sold on Feb. 2 1917, as income for
the year
1917,
upon
tax for that year,
The prayer
this gain of $700,000, thus realized, assessed an income
which
of this suit is to recover the amount thas paid and the case is
based chiefly upon two
over
the
paid.
was
$700,000
on
an
contentions.
thur
tax of
answer
to it may
The first of these is that this gain of
passed pursuant to that Amendment.
question of definition, and we think that
be found in recent derisions of this court.
The Corpor¬
ation Excise Tax Act of 1909 was not an income tax law, but the definition
of the word "income"
tons
was so
necessary
in its administration that, in Strat-
Independence vs. Howbert, 231 U. S. 399.
gain derived from capital,
from
labor,
or
from
It
was
formulated as "a
both combined."
definition, frequently approved by this court, received an addition
latest income tax decision (Eisner vs.
Macomber, 252 U. S. 189)
This
in its
which is
especially significant in its application to such a case as we have here.
definition
from
was
there made to read.
capital, from labor,
to include
or
"Income may be defined as a gain
now
under consideration,
we
continue entirely satisfied
with that
definition, and, since the fund so taxed was the amount realized from the
sale
of stock
in
1917,
less the capital
We paid it, but sued
the increased value of the estate.
on
We maintained that the increase in valuation -was
The United
valued
and the
imposed a
The Government in 1918
States Supreme Court,
capital
however, lias ruled
against us and we have no recourse.
The reasoning in the
Ryerson
held to cover the
case was
March 28, in the ap¬
Court's decision, likewise rendered on
William H. Edwards, U. S.
vs.
Collector of Revenue for the Second District of the State of
New
This had involved the taxation of profits on
York.
bought prior to 1913, except that in one transaction
stock
actual loss from the price paid for
fered
Court, the "Journal of Commerce" said in Washing¬
preme
;
—
'.vv-i:<'■
.
Goodrich showed an actual loss, the Supreme
In the case in which Mr.
Court reversed the ruling of the tax assessors
1913, which
in
the securities was suf¬
Regarding the findings of the Su¬
by Mr. Goodrich.
ton advices:
was
that the value as of March 1
below the cost price in 1912 and the subsequent
sale price
1916, only would be considered.
"The Act under which the tax was assessed
of the
individual shall include:
provides that the net income
said.
'Gains' and 'profits,' " the opinion
proceeds
personal property to the extent only that gains are derived therefrom,
and since no gain was derived on this transaction, no tax could be assessed
"Thus it is very
plain that this statute imposes the income tax on
against the vendor."
Mr. Goodrich in 1912 bought some stock for which he paid
,
March 11913 it was held to be worth
In another transaction,
assessed the tax
on
being
investment as determined by the
acquired
March 1 1913 it was appraised to
$291,000.
the difference between the value on
The Collector
March 1 1913 and
received, which was $121,000.
realized were not in¬
distinguished from income,
increment in value of the securities while being held as an invest¬
it was argued that the amounts
As in the Illinois case,
come,
On
1916 for
difference.
considered in the same case, the plaintiff
It was sold in 1916 for $269,000-
be worth but $148,000.
$500.
$695 and it was sold in March
The Collector collected tax on the
$13,900.
in 1912 stock for the sum of
but in their inherent nature capital as
an
ment, and that they were not
therefore taxable as income.
.
held to be precisely similar to the facts
The first investment was
Ryerson case and was decided by the same
As to the second investment, the Court
reasoning.
of the
,
realized the peculiar circumstances
that the Collector took the lower value on
March 1 1913 for the purposes
of
The stock was sold in the year for which the tax was
it had cost the plaintiff, but for $121,000 more
computing the tax.
assessed for $22,000 less than
its estimated value March
than
1
1913.
Here the Court reverts squarely to
the language of the law,
that the net income of a taxable person
shall be "gains, profits
derived from sales and dealings in property,
Basis of
In another place the
which says
and income
whether real or personal, or
gains and profits and income derived from any source
whatever."
Calculations.
Act states that for the purpose
of ascertaining taxa¬
1 1913 shall
The Court
having laid down the definition that income is "a gain derived from capital,
from labor or from both combined," then finds that as to this transaction
there were no gains and the case is sent back to the Court below whose de¬
market price of property acquired before March
the basis for determining the amount of such gain derived.
ble gain the fair
be
cision
is reversed.
As to this transaction it is
error as
as a
to the action of the
only fair to say that the
Collector in counting
Government admitted
gain where there had been
matter of fact a loss.
The third
case
decided by the Supreme
was
that of James J. Walsh,
vs.
Frederick
profit gained through sale or conversion of capital assets."
and, notwithstanding the full arguments heard in this case and in the series
cases
sold four years later for $1,280,000
was
The
derived
from both combined, provided it be understood
It is obvious that unless this definition be modified it rules the case at bar,
of
$311,000
get it back.
and not income.
meaning of the Sixteenth Amendment to the Constitution of the United
It is obvious that this presents a
the
capital stock in the firm of Ryerson & Son,
This stock
$560,000.
cash added to the value of the estate.
to
Ar¬
Part of
Ryerson lost his life when the Titanic went down in 1912.
his estate consisted of
at
%
ruling will affect thousands of cases throughout the country.
investment of about $500,000 is not "income" within
States and the statutes
affirmed.
we
department of the Merchants'.
& Trust Co.:
Loan
of the first income tax law, plaintiff
held in trust, and which was valued as of March 1
stock
judgment of the District Court must be
quote from the
Chicago "Tribune" of March 29 the following comment by
the sale price
Ryerson, deceased plaintiff in error, vs. Julias F.
in error, as trustee
the meaning of the
adopted
construction should be
Regarding the conclusions of the Court,
The Merchants Loan & Trust Company, as trustee of the
On March 1 1913, the effective date
a
large measure defeat the purpose of the amendment.
It results that the
bar,
quote the decision more fully below:
Number 608.
a
that
us
of
profits gained through sale
conversion of capital assets.'
and
was
from both combined, provided
or
which is earnestly pressed upon
fundamental and obvious that it must be as¬
so
part of the "general understanding" of
a
word "income" fails to convince
Corporation Excise
"gain derived from capital, from labor
combined."
both
from
or
was
and, finally, that there
relation
involved, whether the sale or conversion be a
The interesting and ingenious argument
us,
sumed to be
by Associate Justice Clark
was
that in departmental practice, for
distinction;
rule has not been applied;
a
single, isolated transaction or one of many.
an
income
as
such
essential difference in the nature of the transaction or in the
of the profit to the capital
the difference in value between March 1913 and the date
on
of sale,
years,
developed by this court,
were
March 1 1913, but
sold in 1917 for $1,280,000.
were
no
Internal Revenue
that the definition of the word "income"
peal of David M. Goodrich
1,000 shares of stock in Joseph T. Ryerson & Son,
that it is not to be
determining income under the Excise Tax Act of 1909;
Acts of 1913, 1916, 1917 or 1919;
levied by
realized through the
of 1894, which was declared
that it was not recognized in
unrelated ground;
an
found, in terms, in any of the income tax provisions of the
This
for the last year.
on
According to
press
this contention that no such distinction as is here
investor and a dealer was recognized in the Civil War
Income Tax Acts, or in the Income Tax Act
cost of the stock but more than the value of the shares on
March 1 1913.
investor.
an
It is sufficient to say of
urged between
as
the Internal Revenue Bureau had erroneously construed the
In other words, it is conceded for the purpose of this
which may be taxed.
unconstitutional
date of sale without regard to
single, isolated sale of property, but
a
realized from sales by one engaged in buying and selling
business—a merchant, a real estate agent, or broker—constitute income
as a
volved in this
F.
Brewster.
case.
In
one
Court on Monday
Collector of Intorual
Revenue,
transactions were in¬
the plaintiff sold bonds in 1916
Three
exactly what he paid for them in 1909, but it was shown
that the market value of the bonds on March 1 1913 was
for
1364
$40,000 less than the amount for which they
tax
levied
was
CHRONICLE
THE
the
on
difference.
The
that the apparent gain was not income.
holds that the
reasoning
laid down in the
was
Ryerson
but
the decision
the rule
on
In
right.
was
the second transaction Brewster bought in 1902 bonds cost¬
ing $231,000 and sold them in 1916
It
March 1 1913
the tax
gain
at
profit of $45,000.
a
stipulated that the market value of these bonds
was
the difference.
on
on
but $164,000 and the Collector assessed
was
The Court below held that the
not
properly income for taxing purposes. The
Supreme Court holds that this was an error, and that the
was
difference between the purchase and selling price is taxable.
The third transaction dealt with the matter of a tax on stock
dividends and the Court below
Eisner
by the Supreme Court.
the decision in this
742.
No.
The following is
case.
Collector of Internal
F. Brewster.
In
to
error
Revenue, plaintiff in
District Court of the
the
United States for the District of Connecticut.
In this
revenue
The
the defendant in error sued the
case
collector, to
case
in
internal
error, an
tried upon an agreed statement of facts and judgment was
was
rendered
plaintiff in
income tax for the year 1916 assessed in 1918.
recover
favor
the
of
taxpayer.
Three transactions were involved.
The judgment of the District Court
based upon
the ground that the apparent gain on which the assessment was levied was
capital
and
assets
not
taxable
under
the
Sixteenth
Amendment
the
to
Constitution of the United States.
The first transaction relates
March 1
on
1913
cases are of great importance to the Government.
involved the sale of real estate acquired prior to March
case
1 1913, and sold in 1916 at
Government taxes the
large advance
a
owners on
subsequent to March 1 1913.
recover
the tax
was
The market value
about $40,000 less than the amount for
which they were sold, and the assessment
was
made upon
this difference.
The District Court held that the apparent gain involved was not "income"
over the cost.
that portion
The
In this
case
the
of the gain which had accrued
of the property
owners
brought suit to
the ground that an increase in capital assets was not
on
taxable, the contention being that only earnings either from business or
salaries constitute income under the law.
The decision of the lower court
was in favor of the
Government and the Supreme Court affirmed the deci¬
sion.
>
In the Ryerson case
personal property consisting of stock in a corporation
acquired long prior to March 1 1913, was old by a trustee in 1916 at a
price
very much greater than the cost.
In this
also the Government taxed
case
that portion of the increase which accrued after March 1
brought to
was
recover the tax.
This
1913, and
suit
a
complicated by the fact that
case was
under the terms of the trust the
parties entitled to the income during their
lifetime were not entitled to any of the increase in the value of
the capital
assets, all of which had to be accounted for to those who took the property
after the life estates had terminated.
Thus, those who were entitled to the
income from
of the
the estate could not receive the profit realized from the sale
stock, although the Government
taxing the same
was
income.
as
Under these circumstances the taxpayers contended that the
gain realized
from the sale of stock was not taxable, but the lower court decided in favor
was
affirmed by the Supreme Court.
In the Brewster and Goodrich
cases the same question was involved as in
Ryerson case, and also another question, as follows: In both cases the
taxpayers had bought property prior to March 1 1913, which on that date
the
had
depreciated in value
to a considerable extent.
sold the property at a less
ably in
price than
of its value
excess
since
other
was
March 1
on
In 1916 both taxpayers
paid for it, but for
1913.
a sum
consider¬
The Government believed
investors had
purchased security on or about March 1
1913, and the subsequent gain realized from a sale had been taxed to them,
it
than
was no more
right that Brewster and Goodrich should
the increase above the March 1 1913, value.
the tax on
pay
The Solicitor General did not
with the Treasury Department and conceded in the Supreme Court
agree
that in all
Jo bonds purchased in 1909 and sold in 1916
for precisely the same amount that was paid for them.
of the bonds
The Eldoiado
that
in favor of the defendant in error with respect to all three was
Monday in the
so-called "capital assets"
of the Government, and this decision
James J. Walsh,
Frederick
vs.
of
case
Macomber, held that the tax should be refunded.
vs.
This is affirmed
error,
authority of the
on
The four decisions handed down
by the Supreme Court
a
below held
The Supreme Court
erroneous,
case
sold and
were
Court
[VOL. 112.
to March
arising under the act of 1916, where property bought prior
cases
1
1913, was subsequently sold at the
same or for a
taxable gain accrued to the investors under that act.
approved this concession, and the Treasury
less sum, no-
The Supreme Court
Department will apply this
construction to all cases coming squarely within the rule thus laid down."
within the meaning of the Sixteenth Amendment.
The ground on which this part of the judgment was justified is held to
in
erroneous
No.
608, the opinion which has just
investment by the sale which he made in
J3
SUPREME COURT
been announced, bi#
since the owner of the stock did not realize any
"gain" upon
1916, the judgment is right in
In
this respect under authority of the opinion and
judgment in Goodrich vs.
The second transaction involved the
$231,000
paid, which
was
purchase in 1902 of bonds for which
were sold in
1916 at
a
profit of about $45,000.
It is stipulated that the market value of these bonds
only $164,000 and the collector assessed the
tax upon
March 1
on
1913
was
the difference between
this amount and the selling price.
But since the gain to the taxpayer was
only the difference between his investment of $231,000 and the amount
realized by the sale, $276,000, under
authority of Goodrich vs. Edwards,
just decided, he
was
taxable only on
$45,000.
The District Court held
that the gain realized by the sale was
merely conversion of capital assets
and was not income which could
The
third
The tax
error.
difference between
related
Court, upon authority of Eisner
held that
Supreme Court
to
vs.
the assessment made and
The first involves taxation
insurance premiums;
ganization of
and
a
of dividends applied as partial payment to
the second applies to stock received from the
corporation—In this
stock
a
dividend,
and
the
District
collected upon
SAYS
ROLNIK
MAX
Macomber, 252 U. S., 189, properly
DECISIONS
as
to the
profit realized
upon
the second transaction,
as
the grounds stated in this opinion and not upon those on
Commenting
his
The fourth decision of the Supreme Court
case of
the Eldorado Coal &
given in the
was
Mining Co.
vs.
Harry W.
Magar, Collector of Internal Revenue, for the First District
Illinois.
The
company,
an
Indiana
corporation,
had
abandoned business in 1917, disposed of its assets and
counts for
$275,000 and distributed its funds
The company was assessed
an
among
additional
ac¬
stock¬
of
tax
the ground that the money obtained through the
sale represented an increase of
$5,980 over the value of the
on
in
1913.
ease
The
that it
case
was
was
Eldorado
Coal
error,
&
similar in facts
so
decided
Mining
the
on
The Court's decision in the
600.
Company, plaintiff in
mining
Co.,
case
Eldorado
Harry W. Mager,
vs.
to
the
authority of that
&
in
TAX
judgment
just been
announced,
that further
the Supreme Court tax decisions, Max
on
opinion that the
the decisions not
Treasury
only to
involving losses.
In that event the tax
example,
cases
Department would
a
involving profits but also to-
regulations would be amended
of the law would doubtless be sustained
1913 for
result of yesterday's decisions.
depletion of property
may
also
This construction
by the courts, and the Government
thus make up in additional assessments
and
that where, for
so
March 1 1913 value of $1,800 would be permitted a de¬
ductible loss of only $300 instead of $600 as at present.
necessary as a
gave
apply
Mr. Rolnik said in explanation:
taxpayer sold for $1,200 property purchased before
a
$1,500 and have
may
Revenue,
Leslie, Banks & Co., chartered accountants,
good part of the refund
a
The matter of depreciation
affected
be
by
decisions.
the
At
present depreciation and depletion are based on the March 1 1913 value of
property acquired before that date regardless of the cost.
In view of
yes¬
terday's decisions, I expect to see this rule contested in cases where the
original cost of property is greater than the March 11913 value, which would
a
greater allowance for depreciation.
Collector of Internal
presents in so nearly the same form precisely the same
questions
considered in No. 608 (the Ryerson
case), the opinion and
have
of
cases
discussion
of them
is
unnecessary, and on the authority of that case the judgment of the District
Court in this ease is affirmed.
ABOUT
ITEMS
TRUST
BANKS,
Forty shares of bank stock
case
which
COURT
CASES INVOLVING
Mining
In error to the District Court
of the United States for the Northern
District of Illinois.
as were
TO
formerly Deputy Collector of Internal
give the taxpayer
follows:
Coal
Revenue for the First District of Illinois.
This
SUPREME
WILL APPLY
this dividend should
now
No.
be deducted from taxable in¬
of bonds.
which the District Court proceeded to its decision.
case.
reor¬
the Du Pont Powder Company—
can
properly assessed, but only upon the
reasons and upon
Ryerson
case
the last whether inheritance taxes
Rolnik,
assets
dispatches
tion reorganization case and the inheritance tax case.
indicated in the opinion which will be filed, the judgment of the District
Court is reversed, but as to the other transactions it is affirmed for the
$3,000
press
LOSSES.
It results that
holders.
March 28, the
Apparently with a view of early clearing the docket of all important tax
questions, the Supreme Court before recessing until April 11 advanced to
that date hearings of arguments in the insurance dividend case, the corpora¬
be refunded.
of
on
Washington also stated:
comes.
was
the purchase and selling price
transaction
from
In this respect the
properly be taxed.
Court fell into
TAX
reporting the handing down of the several tax decisions
of the U. S.
Edwards, Collector.
TO HEAR OTHER
CA SES ON APRIL 11.
his origina
and
no
sales
were
were
COMPANIES,
&C.
sold at auction this week
made at the Stock Exchange.
There
were
transactions in trust company stocks.
no
Shares.
Low.
BANKS—New York.
High.
Close.
Last previous sale.
20
Chemical National Bank
508
508
508
Feb.
1921— 515
above, the opinion of the Court
was written
by Justice Clarke; Justice Holmes and Justice
Brandeis, because of prior decisions, concurred only in the
20
Corn Exchange Bank
300
300
300
Feb.
1921— 305
judgment.
posted for transfer this week, the consideration being stated
In each of the four
cases
•
A New York Stock
Exchange membership
was
reported
$95,000.
as
—-•
INTERNAL
OF
Internal
issued
a
REVENUE
SUPREME
Revenue
statement
the U. S.
COMMISSIONER
COURT
on
March 29,
Supreme Court
on
profits from sales
ment.
or
EFFECT
DECISIONS.
William
M.
Williams
following the decisions
as
to the taxation
increase in the value
of
as
income
capital invest¬
In this statement Commissioner Williams said:
of
the previous day, in which he
analyzed the rulings of the Court
of
TAX
Commissioner
ON
At
special meetings on March 28, of the stockholders of
the New York Trust Company and the Liberty Bank plans
for the merger
holders
the
of
name
the
of the institutions were ratified.
New York
of the institution
Trust,
which
is
growing out of the
The stock¬
continued
merger,
as
also
approved the proposal to increase the capital of their insti¬
tution from $3,000,000
into effect
to $10,000,000.
yesterday (April 1).
The merger went
April 2
1921.]
THE
The Main Office of the
The
Company will be at 26 Broad St.
Liberty Office at 120 Broadway and the Fifth Avenue
Office at 57th St. and Fifth Ave. will be continued
at
as
About Sept.
present.
construction
100
at
Otto T.
Bannard
offices
new
under
now
The officers of the
Broadway.
solidated institution
exactly
1, the Main Office and the
Liberty Office will be merged in the
N.
CHRONICLE
con¬
of the
is Chairman
Advisory Committee; Mortimer
Buckner, is Chairman of the Board of Trustees; and Harvey D. Gibson
President.
The
Vice-Presidents are Maurice F. Bayard, James G.
Blaine, Jr., Joseph A. Bower, James Dodd, Charles E. Haydock, Frederick
J. Horne, Joseph S. Maxwell, Herbert W. Morse, George Murnane, Sidney
W. Noyes, Alexander V. Ostrom, Charles W. Riecks, Ernest Stauffen, Jr.,
Harral S. Tenney; Frederick W. Walz is
Secretary.
The following
Committee;
Treasurer, and Boyd G. Curtisis
the Trustees: Otto T. Bannard, Chairman,
are
Buckner,
N.
Mortimer
Chairman
of
the
Board;
Thomas Cochran, J. P. Morgan & Co.; James C. Colgate, James B. Colgate
& Co.; Edmund C. Converse,
Nathan
&
J.
P.
New York; Alfred A. Cook,
Lehman; Arthur J.
Chairman,
American
Foundry
&
Leventritt, Cook,
Catlin & Co.; Otis H. Cutler,
Cumnock,
Shoe
Brake
Co.;
Henry P.
Davison,
Morgan & Co.; Robert W. De Forest, De Forest Brothers; George
Doubleday, President, Ingersoll-Rand Co.; Russell H. Dunham, President,
Hercules
Powder
Samuel
Co.;
Fisher,
H.
New
York;
John A.
Garver,
Shearman & Sterling; Harvey D. Gibson, President; Thomas A. Gillespie,
Chairman, T. A. Gillespie Co.; Charles Hayden, Hayden, Stone & Co.;
Lyman N. Hine, President, American Cotton Oil Co.; F. N. Hoffstot,
that has affected New York
greater
Kingsley, President, New York Life Insurance Co.; Edward E.
Loomis,
President, Lehigh Valley Railroad Co.; Howard W. Maxwell, Vice-Pres.,
Atlas Portland Cement Co.; Ogden L. Mills,
Beech-Nut
Packing
Co.;
New York; Edward S. Moore,
Junius
S.
Morgan,
Jr.,
J.
P.
Morgan & Co.; Grayson M.-P. Murphy, G. M.-P. Murphy & Co.; Henry
Phipps, New York; Charles W. Riecks, Vice-President; Dean Sage,
O.
which he
lesser degree, all of America.
to
the
see
not content to
was
granted to the
Liberty Securities
new
Mr. Cassatt
was
great system of
transportation, of
long distance from its logical
the head, halted a
was
He
Railroad, made a decision
City, New York State and to a
the Eastern Terminal of
see
the
Pennsylvania Railroad remain at New Jersey and from
his decision then made, has sprung the busy,
thriving center
of
industry and
Zone.
which
commerce
we
know
the Pennsylvania
as
This and much other historical data
regarding the
growth of the Pennsylvania Zone is contained in the booklet
referred to.
About the first indication of the upward
ment of trade into this
when R. H.
center, the book states,
Macy & Company moved from what
move¬
in 1902
was
was
at that
time regarded as the best corner for retail trade in New York
(at Sixth Avenue and 14th Street), to their present location
at 34th Street and
Broadway.
In 1906, Oscar Hammerstein,
impresario, opened the Manhattan Opera House on 34th
the
Street, adjoining the Manhattan office of the Manufacturers
Trust
Company.
In
1910, the present banking structure of the Manufacr
Trust
turers
Company
General Post Office
and the
the
was
was
expenditure of
erected.
In 1914, the present
opened after eleven
of labor
years
millions of dollars.
many
Among
prominent buildings which have been erected, is the
Printing Crafts Building at the
Zabriskie, Sage, Kerr & Gray.
A charter has been
or
dissatisfied
President. Pressed Steel Car Co.; Walter Jennings, New York; Darwin P.
Vice-President,
just before the dawn of the 20th century, A. J. Cassatt,
then president of the Pennsylvania
goal.
are:
is
Advisory
that
1365
Eighth Avenue.
Here
of 34th Street and
corner
of the finest printing in the
some
Corporation which succeeds the old Securities corporation
world is done.
under the terms of the merger.
quarters for many departments of the United States Army.
com¬
the following is taken from the statement of Mortimer
pany,
N.
In regard to this new
Buckner, issued
Feb. 1 and which appeared in
on
our
issue of Feb. 5:
has been included
the
plan includes provision for the organization
securities company,
the New
The
York
new
stock of the Liberty Securities Corporation
common
part of the assets vested in the merged institution, and
as
amalgamation
the entire
Trust
of
a
new
stock of which will be owned by
common
Securities company will issue
officers
the
of
$1,000,000 8% cumulative
par
are
Donald Davis and Thomas
.-V'"'
urer.
1
'
36th Street, the
new
the Pennsylvania
as
and
Trust
a copy may
Company
on
be
re¬
■
An
error
amount
distribution is $329,501 29, on
Based
at
the
last
rate
of
on
to be
paid to the
The cash available for
claims aggregating originally
these figures, the dividend will be
4.723%, and not .004723%,
as
stated by
Saturday.
■t—•
forty-nine
new
item last week reporting the
our
and final dividend
Carnegie Trust Co.
$6,974,436 58.
years
of
on
March 28.
Citizens
The
Trust
Company of Schenectady,
"with very deep
announces
dent, W. G. Schermerhorn
age.
horn
On March 28 the
into
crept
the fifth
of
creditors of the
Assistant Vice-President of
an
City Bank of this city, died
Mr. Clare-A very was
Bronx Branch of the Bank of the
United States of this city at the southeast corner of Freeman
had
in
business
death,
rounded
was
out
N.
Y.,
regret," the death of its Presi¬
on
March 25.
thirty-five
Schenectady, and,
up
Mr. Schermerin
years
to
a
the
banking
month before his
active in his chosen profession.
Boulevard, opened its doors for business.
The main office of the bank is at 32nd St.
Resources of the bank
and 5th Ave.
$34,000,000.
are now over
According to advices from Boston, Bank Commissioner
Joseph C. Allen
Banking Dept.
has issued
a
certificate for the
on
March 26
gave
his assent to the taking
by the Liberty Trust Co. of Boston of the Fidelity
over
The State
the Manufacturers
from
4
Clare-Avery,
St. and Southern
on
quest.
us
Pierce, Vice Presidents and A. H. Smith, Secretary-Treas¬
the National
Telephone Building
the head¬
was
building at 36th Street and Seventh Avenue, to
The booklet is well gotten up
obtained
pre¬
value.
Corporation
Liberty Securities
Harvey D. Gibson, President;
Edward B.
this building
nothing of the Statler hostelry known
Hotel.
rights and preferences as the preferred stock
Liberty Securities Corporation in exchange for the present
outstanding preferred shares thereof amounting to $1,000,000
The
Armion office
war
Company.
ferred stock, having the same
of the present
Another is the
say
The asset value of the
During the
Trust
Co.
of that city,
which has been closed and in the
organization of the Yorkville Bank Safe Deposit Vaults, Inc.
hands of the State
Banking Department since Sept. 28 last.
The
The
Commissioner
also gave permission to the Liberty Trust
Co. to increase its
capital stock from $500,000 to $750,000.
Safe
new
March 21 has
The
the
Bank
Yorkville
sold
which
Company
a
began
business
surplus of $15,000.
this
of
city.
The stock of
the
is in shares of $100 and the price at which it
company
was
Deposit
capital of $100,000 and
has been organized by interests identified
company
with
new
a
The
$115.
was
officers
of
the
Company
are:
The matter
for the
will be paid
Frederick
liable up
'"-'■''I-. ''
'■
■
office in its
to
■
Company of this city opened
a new
sixteen story
new
Madison Ave.
"
4
/"
office building at 57th St. and
March 30.
The office occupies the base¬
on
ment, ground and mezzanine floors of the trust company's
new
building, and the officers
are:
Vice-President, Colonel
the
its
a
reopening, but six
The
over.
and Ranald H. Macdonald, Jr.
A
new
we
building appeared in
our
issue of May 31 1919,
Union
now
Trust
and Madison Ave. from the Central
Company of this city.
has two uptown offices, the
and 42nd St.
Bankers
This
Trust
established
a
was
The Bankers Trust
other being at Fifth Ave.
established in April 1917, when the
absorbed
the
Astor
Trust
branch in the latter's quarters.
a
capital stock of the Fidelity Trust Co. is $3,000,book surplus at the time of closing of $700,000.
form since the State took control.
/
-
booklet
just
issued
by
reduction
in
the
4
capital stock of the First National
Corporation of Boston from $1,500,000 to $1,000,000 was
voted
on
by the stockholders at a meeting on March 18 1921,
date.
and the reduction went into effect on that
■
According to
v
a
statement appearing in the
Philadelphia
T. Mayer, the Cashier of the
defunct North Penn Bank of Philadelphia, who was sen¬
"Record" of March 23, Ralph
the Manufacturers
Trust
Company, of New York and Brooklyn, it is pointed out
A
Company and
♦
In
a
stated that the Bankers Trust had purchased the
property at 57th St.
or seven
None
connection
of the old directors and
any
large part of the assets has already been placed in liquid
.
when
branch of the Liberty Trust Co.
principal officers will have
majority of its former clerical staff, it is said, will be taken
000, with
of the
assessment, for which they are
When opened the Fidelity Trust Co.
on as a
former
with the
an
to 100% under the State law, should assets fail
liabilities.
meet
Hugh H. McGee; Assistant Treasurers, Clifford Wilmurt
Reference to the erection
in full a^nd the stockholders will also be relieved
possibility of
will be carried
of
Under the proposed
it is said, the depositors of the Fidelity Trust Co.
from
The Bankers Trust
will go to the Supreme Court on a petition
right to sell the closed bank.
merger,
August Zinsser, President; Ernest Wolkwitz, Vice-President;
Rath, Secretary and Treasurer.
now
tenced by Judge Davis on
June 28 last, to from 12 to 15 years
1366
[Vol. 112.
CHRONICLE
THE
for his
share in the wrecking of the institution, has
refused
an
been
appeal to the Supreme Court and must serve his
deposits, except in
is
the
institutions which
sentence.
This latter bank
of emergency.
eases
Commercial National Bank of Phoenix.
suspended
The three
the Citizens' State Bank of
are
Phoenix, the Central Bank of Wickenburg and the Exchange
H. Crawford Black for many years one
fluential
men
of the most in¬
in the financial and industrial life in Maryland,
died at his home in Baltimore
sixth year.
on
dent and Director of the Black, Sheridan, Wilson
the Union Mining Company of Allegany County,
Company; also
Company;
Maryland,
director of the
a
National Union Bank of Maryland and the Eutaw
Bank
of
Baltimore.
A
weeks
few
Savings
death Mr.
his
before
Black, owing to failing health, resigned from the directorate
of the Consolidation Coal
Company
for
Among the other corporations of
great many years.
a
which he had been
director
a
which he had served
on
the Baltimore & Ohio
were
Railroad, the United Railways & Electric Company of Balti¬
the Consolidated Gas Electric Light & Power Com¬
more,
Baltimore, the Cumberland & Pennsylvania Rail¬
pany of
road, and the Fidelity & Deposit Company of Maryland, of
which latter corporation
-President.
he
was
for
First Vice¬
many years
Peoria,
Ariz.
Each
capitalized at $25,000.
was
On March 15, Luther Drake,
President of the Merchants
National Bank of Omaha, Neb.,
over
a
Mr. Drake
year.
career as
time
its organization in
of
old.
years
an
illness of
He began his
teller of the State Bank of Nebraska at the
In 1882 the institution
1870.
converted into the Merchants National Bank, and Mr.
was
Drake
was
appointed Assistant Cashier.
Cashier and
also
He later became
finally succeeded to the Presidency in 1905.
Besides being
President of the Merchants National he
director of the Federal Reserve Bank of Omaha
a
the Packers National
of
died following
71
was
banking
Bank of
Omaha, at
was
and
time,
one
a
member of the executive council of the American Bankers
Association;
he
also
served
on
American Bankers Association.
committees of the
many
Fred
P.
Vice-
Hamilton,
President of the Merchants National, was elected President,
succeeding Mr. Drake,
V'V;
V':
of
March 22nd in his seventy-
At the time of his death Mr. Black was Presi¬
and the New York Mining
Bank
March 30.
on
4
A press
that the
dispatch from Cincinnati dated March 29 reports
brokerage firm of Anderson & Powell, located in
the Hotel Sinton, that
city, is deeply involved and that cus¬
in the liquidation of its
tomers stand to suffer severe losses
affairs.
Cincinnati creditors of the firm
involved to
are
the extent of about
available,
some
$500,000; while actual figures are not
estimates place the tbtal liabilities as high
$1,500,000.
as
The
directors of the
Trust &
Woodlawn
increased capitalization,
new
the
on
on
This amount has been
April 1.
issue of Jan. 22, having been
(par $100)
approved by the stock¬
was
sold to stockholders
pro
rata at
$120 per share and the portion waived was sold to the public
at $150 per
Press
recent
of
share.
$262,000
on
that the Merchants & Farmers Bank
report
Public
111.,
has
been
Accounts.
(the
total
It
of
closed
is
the
by
alleged
State
that
Auditor
shortage
a
of
peculations which have been going
for years) has been found.
The bank has
a
capital of
$50,0(X) with surplus and undivided profits of like amount
and deposits of approximately $450,000.
It is also reported
that Z. B. Whitfield, the Cashier of the institution has
become
insane.
His
Plans, it is said,
funds and the
A press
are
accounts
have
found
been
March 4
Omaha,
saving of depositors from loss.
State Bank Examiner, in temporary charge of the
a
The
Southern
Trust
Company of
The Des Moines National Bank of Des Moines, Iowa,
has
purchased the First Trust & Savings Bank of Des Moines.
The Des Moines National has
a
capital of $1,000,000 and
The First Trust & Savings has
capital of $200,000 and deposits of
went into.effect
$1,000,000.
over
March 21.
on
Savings Bank will be liquidated
The
The First Trust &
with
Plans
are
Little
Ross
M.
Carrell, Assistant Cashier of First Trust, associates him¬
self
permanently with the Des Moines National Bank.
'
4
a press
.
'■
.
dispatch from Phoenix, Arizona, dated
March 21, the Central Bank of that
City
on
Ark.,
Rock,
Elmer
of
E.
Clarke,
announced for the consolidation of the National
Kansas
owned
City, Missouri.
by the
same
interests, and have been under
banking institution in
total
over
Company, of
The two institutions have been
Their combination will
management.
Kansas
City.
create
The
Several factors
$100,000,000.
that day vol¬
a
the
unified
largest
resources
are
will
said to have
one
of them
being the resignation of Walter McLucas, President of the
trust company ,
who recently
of the National
City Bank of New York.
was
appointed
a
Vice-President
W. T. Kemper,
Chairman of the Board of both institutions will remain in
that
position when
consolidation is effected.
The
a capital of $4,000,000 and
the
National Bank of Commerce has
deposits of about $45,000,000.
has
a
The Commerce Trust Co.
capital of $1,000,000 and deposits of over $35,000,000.
The resultant institution is to have
A committee
a
capital of $6,000,000.
consisting of R. A. Long, E. W. Zea, J. C.
Nichols, J. D. Guy ton, W. S. Dickey, Frank G. Robinson,
L. H. Fisher, W. F.
merger
Helm, W. S. McLucas, J. W. Perry,
has been named to work out plans for the
of the two institutions.
All the officers of the two
enlarged organization.
institutions will become officers of the
.
of
Commerce in
St.
♦
Vice-President of the National Bank
Louis and head of its New Business
Department, will be one of a party of St. Louis men who
will leave
has
as
on
April 5 for
its object
a
trip to Mexico City.
This trip
the fostering of closer business and financial
relations between St. Louis and Mexico.
While in Mexico
City, the party will be the guests of President Obregon.
the proceeds from
be with the Des Moines National until July 1 1921.
According to
board
Bank of Commerce and the Commerce Trust
4
E. B. Wilson, President of the First Trust will
the assets.
its
to
deposits of approximately $200,000, has closed its doors.
merger
his agent.
as
election
the
announces
Warren M. Chandler,
a
issue of March 19,
our
Mr. Hart, in turn has placed A. D. Trouzalin of
W. T. Kemper,
dispatch from Hartville, Mo., dated March 30,
deposits~over $12,500,000.
Neb.,
following the disappearance of
President, F. H. Claridge (see
112).
correct.
being made for replacing the missing
reports that the Bank of Hartville, with capital of $20,000
and
on
appointed receiver by
Castetter Bank of Blair,
brought the movement for the consolidation,
dispatches from Springfield and Decatur, 111., of
date
Sullivan,
of
p.
closed
was
defunct
publisher of the Arkansas "Democrat" of Little Rock.
amounting to $400,000.
now
holders of the institution at their annual meeting in January.
The stock
its
capital, $200,000, of the State Bank of West Pull¬
111., went into effect
our
which
2^%,
of
This is
increased from $100,000, the additional $100,000 as stated
in
Court for the
the
Savings Bank,
dividend
quarterly
a
payable April 1 to stock of record March 31.
The
Secretary of the State Department of Trade
& Commerce for Nebraska has been
affairs of the institution
Chicago, have declared
man,
J. E. Hart,
St.
Louis
Chapter,
American Institute of Banking,
is
having had the best year in its history.
The
membership is
1325.
Eight well attended
educational
classes are being conducted through affiliation with Wash¬
reported
as
ington University.
is
the
One of the features of the Chapter work
Forum dinnr at/ which good-fellowship is
monthly
untarily suspended business.
The suspension (during which
promoted and education in its literal sense is accomplished
the State Auditor
charge of the institution)
by the "leading out" of the ideas of all who attend.
was
to be in
to last
until March 28.
for the
closing
was
No explanation as to
given out.
the
was
reason
The capital of the Central
that has
State Bank is $100,000.
The
Chapter expects to send to the National Convention, which
is to be held at Minneapolis in July, the largest delegation
ever
represented St. Louis.
♦
*
Still
later
stated that
(March
on
23)
press
dispatches
from
Phoenix
that date three banks in Arizona had volun¬
tarily closed their doors and
ing of 60 days'
a
fourth had begun the demand¬
notice of intention
to
withdraw savings
The
a
Comptroller of the Currency has issued and approved
certificate of
organization for The National City Bank of
St. Louis, a new
institution in which
a
number of prominent
April 2
business
1921.]
St. Louis
of
men
THE
being B. F. Edwards.
the
interested, the leading spirit
are
The
CHRONICLE
institution is to
new
occupy
banking quarters in the building at Seventh & Olive
Streets in which the Central National Bank did business for
and which Bank
years
holdings.
installed and the
June.
and
The National
he is
already
are
bank will open about the middle of
City will have
surplus of $200,000.
a
capital of $1,000,000
a
Mr. Edwards is to be President;
well-known St. Louis banker, was President of the
a
Central National Bank for about five years and during
his
administration the deposits of that Bank grew from about
$6,500,000 to
$20,000,000.
over
Besides
the active officers thus far selected
J. J.
Randall, Cashier.
Examiner and is
Directors of the
Jeffries of Jeffries &
was
Bank, and C.
formerly
the Central
Besides
Mr.
Edwards,
Glass
of the State of Missouri;
of
Southern
the
Lumber &
Chemical
Directors
Mfg.
Works;
J. C. Boyd, President
Spring Co.
Geo. E. Hackman, Auditor
Coal
Corp.;
E.
Co.;
Sydney H.
Ills.
Louis Nolte, Comptroller
Clarence E. Randall, Cashier;
Gem
H. M. Rea, Treas¬
Schmid,
A.
Vice-President;
J. Stiassny, Treasurer,
Thomson,
President, Provident
A. F. Welle, President, American Bakery Co.
Payne, Ala., state that
close its doors and turn its affairs
result of
as a
to
over
which began
a run
on
March 24 the
a
State bank
soon
exam¬
after the bank
opened in the morning and continued until all the cash in
the institution had been
numbers
large
officials
the
of
paid out to meet withdrawals by
excited
of
bank,
According to the
caused by unfounded
depositors.
the
run
was
which have recently been circulated in the county
rumors
relative to the condition of the bank.
people
it will
that
be reopened
shortly with increased securities
The bank had
behind it,
of about
It is said Chattanooga
interested in the reorganization of the bank, and
are
capital of $22,000 and deposits
a
$175,000.
ville, Miss,
Bank &
18, the Commercial Savings Bank of Green¬
was
tion has
placed in the hands of E. F. Anderson of the
The institu¬
capital of $150,000 and deposits of about $1,600,-
a
Following the closing W. P. Kretzchmar, the President
000.
of the bank gave out
"At
the following statement:
decided that the assets of the bank could be best conserved for the benefit
depositors and creditors by liquidation through the State banking
of the
of said assets, and the department was requested to take
charge of the bank and assets and liquidate same."
.'f-V'4-
department,
The Houston Trust &
closed
on
that place.
Savings Bank of Houston, Tex.,
March 29, according to press dispatches from
capital of $100,000, with surplus
$10,000 and deposits of about $250,000.
C. L. Johnson,
of
The bank has
prominent
a
a
the President of the failed bank, is
reported
Long Beach, at Long Beach Calif¬
Feb. 26;
on
Company, which changed its
voluntarily liquidated
holders
V
According to advices from Kelso, Wash., the Kelso State
Bank of that
closed
Non-liquid assets and loans
partment.
for the
reasons
the
place and its pioneer financial institution
March 17 by the Washington State
on
are
given
as
saying that
1920
Washington
twenty-five
Mr. Stewart
Legislature
had
and
$25,000 with surplus of like amount.
its
total
Bank
deposits
Commissioner, is
Trinidad,
a
a
in
As of Feb. 21, last,
Commerce, Head Office, Toronto,
branch
on
March 7, last, at Port of Spain,
of the Islands of the West Indies.
one
Anglo-South American Bank,
shillings
per
Ltd., has declared
share, less tax, payable
on
paid), old and
new
alike, and represents
The Union de
Banques Suisses, of Zurich, has just issued
its annual report for
ending Dec. 31 1920.
year
meeting of the directors of the Security National
officials
were
made President,
suc¬
new
attention to other lines of business; S. W. Sibley and R. P.
named
were
present
Assistant
as
Vice-President of
Trust Co. of St. Louis.
The latter
Vice-Presidents.
The
the
is
at
Liberty Central
President, Mr. Johnston,
new
year an
increase of frs. 111,718,567, attaining thus
Gross profits have augmented from frs.
17,946,742 to frs.
members
the growth
formerly
He
banker.
is
a
in Missouri and
Central
Trust
Johnston,
is
the
elsewhere,
Co.
of St.
President),
Kansas
among
Louis
the
City and
them being the Liberty
(of
First
which his
son,
National
J. L.
Bank
of
First State Bank of Madison, 111.
Sibley,
new
Vice-President, is a director
of
Wichita Falls & Southern Ry. and has been associ¬
Joplin, Mo.,
Mr.
St. Louis
director of several financial institutions
prominent
a
and
the
ated with Frank
the
Kell, who
is
a
the
of the staff from 856
(end of December 1919) to 1289 (end of December
1920), absorbing in
frs.
e.
In view however of
21,415,801.
increase of salaries and
consequence
about 3 million francs
the net profits only show
7,224,256 against frs.
providing for
a
After
7,149,461 in 1919.
dividend of 8% (the
more
slight improvement
a
same as
for 1919) the
present reserve fund of frs. 15,000,000 will receive an alloca¬
tion
of frs.
fund will be
The
174.
In addition the employees' pension
500,000.
enlarged by frs. 500,000 reaching thus frs. 5,821,turnover
during
shows
1920
the former years compares as
a
very
marked
follows:
frs.
5,172 millions
frs. 10,445 millions
frs. 20,025 millions
1915
1917.
frs. 33,956 millions
the Bank's increased liabilities, the
,
consideration
of
fully paid-up capital
the Union de
of its
was
augmented in March last from frs.
70,000,000.
60.000,000 to frs.
In the
course
of last year
Banques Suisses has again extended the scope
activity by opening
a
branch in Basle and by absorbing
the Banca Svizzera Americana with head office in Locarno
figures,
The bank in furnishing the
says:
first class investments, such as cash and clearing
National
director of
the Federal
Bank
(8
million
francs
francs increase)
(61,000,000
increase).
from the enlarged de¬
increase)
Bank &
realizable,
deposits with the Swiss
short
term
Bankers deposits
commercial bills
(frs. 29,000,000
therefore further augmented.
uncertainty of economic conditions in general and the heavy
The Bank's liquid funds have
The great
slumps of prices on the various world markets have called for a very
supervision and examination of the positions of our debtors.
it
was
deemed necessary to make provisions for
so on a
very
liberal basis.
careful
Wherever
doubtful debts we have done
The share of our foreign debtors, which has ever
insignificant does also in 1920 only amount to 5% of the total of
Bank's loans to clients.
Moreover, in most instances the credits were
been very
the
was
The
comparison with those of the
612,767,268.
previous
frs.
the
of the Bank show in
resources
ceeding D. E. Waggoner, the latter retiring to devote his
Titus
interim
an
dividend of 6% or at the rate of 12% per annum.
The increase of our own resources and the money
was
a
April 19.
This dividend is payable on the entire issue of shares of £10
each (£5
posits of our clients was almost exclusively devoted to easily
March 14, three
Kelso
Capital of
in charge of the institution.
now
The Canadian Bank of
Canada, opened
ex-Senator
lived
Claude Hay, the State
$340,000.
were
com¬
to have had
was
was an
The Kelso State Bank had
years.
the
ferry boat while presumably
Portland, Oregon,' where he
conference with bankers.
the
a
and branch office in Lugano.
receivership proceedings.
M. Johnston
as
It is also reported that following
by leaping from
his way to
on
was
Banking De¬
closing of the bank, its Cashier, Fred L. Stewart,
mitted suicide
a
closing.
above
John T.
The
.
it and that he would ask
Bank of Dallas, Texas, on
Feb.
name on
approved by the bank's stock¬
were
Jan. 11.
on
present the institution was unable to meet all demands
elected.
this
Savings
Long Beach Trust & Savings Bank.
on
a
and
city.
at
At
Allen
ranchman
plans whereby the National Bank of Long Beach is being
In
was
is
Sibley
S.
development of the Bank's business and with the totals of
meeting of the board of directors of the bank held to-day it was
a
Trust
24 1921 to the
than in 1919,
Banking Commission by the directors.
State
and Mr.
follows the purchase of its assets by the Long Beach
i.
On March
Johnston
placed in voluntary liquidation
was
dividend of 6
Citizens' Bank & Security Co. of that place was forced to
iner,
who
Falls,
The National Bank of
ornia,
The
Advices from Fort
Mr.
directors, together with Reese
financier of that
of
J. F. Mackey, President of the Centralia,
Harry Sternberg, of Baer, Sternberg & Cohen, Inc.;
Arkla
Sam B.
M. P. Burroughs, President of the Thatcher-
Ed Mays, of the Mays Mfg. Co.;
of the City of St. Louis;
urer
were
N. B. Champ, President of the Champ
Co.;
A. Friedman, of Friedman, D'Oench & Duhme:
Nat'l Bank;
the
National, and the following:
Boyd-Welsh Shoe Co.;
Kerwin
are
Corum, Attorneys, and A. C. Stuever,
David A. Blanton, President of The Blanton Co.;
of the
E.
State Bank
a
Institution thus far chosen
Proprietor of the Highland Fire Clay Co. who
n
Wichita
of
Schmid and
Cashier of the Holland Banking Com¬
Missouri.
new
made
Edwards,
associated with
were
National
Mr. Randall
now
Springfield,
pany,
Central
Mr.
E. A.
are
Dimmitt, Vice-Presidents, who
Edwards in the
Mr.
also
recently consolidated with the
was
The vaults and counters
new
Dallas.
Reserve Bank of
were
Liberty Bank, after Mr. Edwards, Mr. Jeffries and others
sold their
1367
granted against cover.
In the following table
we
have compared the
principal items of the state¬
1920 with the figures of the year before:
Assets—
1920.
ment per
28,291,694.28
Cash in hands
frs.
Banks and Bankers
frs. 107,393,026.54
1919.
18,690.867.40
78,434,771.43
89,508,144.06
Stocks and investments
frs. 150,168,595.41
frs.
16,685,302.54
Debtors
frs. 293,902,870.29
Bank and warehouse premises
frs.
16,325,779.46
12,655,386.45
288,928,144.82
12,841,387.32
frs.
612,767,268.52
501,048,701.48
Bills of Exchange
.
1368
CHRONICLE
THE
[Vol. 112.
Liabilities—
GOLD.
Capital, fully paid
frs.
70.000,000.00
60,000,000.00
Reserves
frs.
15,500.000-00
■15.000,000.00
Pension fund for employees
frs.
5,821,174.05
4,826.265.05
Deposits and
frs. 448,786.444.80
355,579,468.87
current accounts
Banks and bankers deposits
Bills payable
frs.
32,743,781.57
33,682,147.69
35.419,864.43
Dividend account
frs.
5,926,904.76
5,079,385.14
Balance to carry
frs.
306,815.65
compared with £126,511,035 last week.
fair amount of gold which was on offer this week was taken for
The
New York. "
24,564,797.44
frs.
The Bank of England gold reserve against its note issue is £126,512,525,
as
578,920.55
It
is
'
reported
from New York that
£353,000 and
$4,000,000 in gold
have been received there from London, while an amount of $1,100,000 in
gold has been received from Paris.
The
following
the
are
United
j
Kingdom imports and exports of gold
during the month of Feb. 1921:
frs. 612,767.268.52
The
general meeting
the
of
shareholders
501,048,701.48
held
was
on
Imports.
Sweden
Belgium
March 19.
Exports.
£85.287
5,450
.
West Africa
"
60,996
.....
Java and other Dutch Possessions in the Indian Seas..
PUBLIC
DEBT
STATEMENTS
NOV.
AND
30
OF
DEC.
STATES
UNITED
31
£50,088
United States of America
4,118,141
Rhodesia
1920.
199,628
Transvaal
The
statements
the
of
public debt and Treasury cash
holdings of the United States
and
Dec. 31
1920, delayed in publication, have now been
received, and
as
and net debt
on
those dates,
we
append
Nov. 30 1920.
Balance end month by dally statement, &c
over
Dec. 31
$105,627,097
_.
1920.
$504,951,394
3,334,611
57,175,323
$162,292,486
$4,760,085
74,354,344
$14,692,084
87,047,921
85,744,363
87,123,795
80,110,561
89,276,628
$274,608,163
$248,507,618
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings certificates
.....
.............
—
*$112,315,677
-
$199,268,453
or even
that still lower rates may not materialize.
importing silver with great freedom, tempted by falling
opportunity of turning out gold in exchange.
Still even though
the response of the Indian Bazaars to world-wide offerings of silver be
whole-hearted, occasional breathing time obviously becomes necessary.
China
bull
has
been
active
an
factor; it is only absorbers that count in the long run.
figure in that capacity.
The figures below
as to
substantial increase.
very
now
operates between silver and the trade of China
in days gone by.
118,489,900
of silver.
1961
as
with higher gold quotations in the latter country, have deterred the Indian
50,000,000
Bazaars
50,000,000
23,939,033,696 23,744,963,381
228,078,321
225,212,689
5,814,250
7,597,390
Matured, interest ceased
Ordinary debt..
.'
Deduct—Treasury balance..
..24,172,926,267 23,977,803,460
_|_ cll2,315,677
199,268,453
Total debt
Large fresh shipments have been made from China to India, which coupled
48.954,180
25,947,400
48,954,180
25,947,400
Q.-M.
-
Aggregate of interest-bearing debt
Bearing no interest
24,285,241,944 23,778,535,007
'
from
sending orders
here
upon
really large scale.
a
these totals, $32,854,450 bear various rates of interest.
price for prompt delivery.
U. S. Consul Wakefield at Price Rupert, British Columbia,
reports the
discovery of silver in paying quantities in the Upper Stewart Country,
150 miles west of Dawson City, Alaska.
He
Note.—Issues of Soldiers'
and
total issue to Dec. 31 1920 was
INDIAN
CURRENCY
Sailors'
Civil Relief
Bonds
not
included
above;
$195,500, of which $128,900 has been retired.
IMPORTS AND
EXPORTS FOR
of Statistics at
Feb. 22
Feb. 28
16382
16414
16460
6340
6372
6411
2400
"2400
~2407
Securities (Indian Government)
6807
6807
6807
Securities (British Government)
835
835
835
Silver coin and bullion in India
...
Silver coin and bullion out of India
Gold coin and bullion in India
Gold coin and bullion out of India
No rupees were
The
stock
in
Shanghai
in sycee,
ounces
coined during the week ending 28th ultimo.
on
the 5th inst. consisted of about 46,870,000
35,500,000 dollars and 1,950 bars of silver,
The
statement of the
Shanghai exchange is quoted at 2s. lid. the tael.
Bar Silver per oz.
Cash.
Quotations—
statements
have
we
prepared
the
Merchandise.
000*
Im¬
ted.
ports.
ports.
$
$
of
Exports.
214,525
645,1451
467,402
.
685,097
.
411,362
235,124
207,716
467,648
199,480
207.168
401,784
193,935
207,849
1910
.
.
105s.
3d.
30y8d.
30Hd.
105s.
3d.
8
30%d.
105s.
6d.
March
9
31Xd.
30Vad.
105s.
lid.
March 10
31^d.
30Xd.
105s.
7d.
31.291d.
30.625d.
105s.
6d.
Average.
The silver
quotations today for cash and forward delivery
respectively
are
Silver.
/■
Excess
274,786
177,743
349.973
203,646
Excess
Ex¬
Im¬
of
Ex¬
Im¬
ports.-
ports.
Exports
ports.
ports.
$
489,311,
1917
30Xd.
!.
ENGLISH FINANCIAL MARKETS—PER CABLE.
Gold.
Excess
Ex¬
1918
30^d.
7
The
omit¬
1919
3iysd.
5
Cold
Fine.
per oz.
Xd. and %d. below those fixed a week ago.
following:
.
Bar
Std.
2 Mos.
4
March
Washington has issued the
country's foreign trade for February, and
previous
compared
as
dollars, and 900 bars of
the 26th ultimo.
on
March
FEBRUARY.
is 25 miles
Feb. 15
Notes in circulation
March
The Bureau
area
RETURNS.
(In Lacs of Rupees)
March
1920
the silver
says
long and 10 miles wide, and silver discovered in eight hills has yielded from
$200 to $500 a ton on assays.
silver
a Does not include partial payments received
amounting to $14,455.
6 On basis of cash receipts and repayments by the Treasurer of the United States.
c Add Treasury deficit.
*
Sufficient
demand, however, has arisen to impose a fairly heavy premium upon the
with about 46,650,000 ounces in sycee, 33,000,000
Deficit.
.
China's
the stock at Shanghai show
599,724,050
3s, Conversion bonds.
Q.-J.
28.894,500
28,894,500
4% to 6s, certificates of indebtedness
J-J. 2,475,206,000
2,300,582,500
2s, certificates of indebtedness
J .-J. f292.229.450
t292.229.450
3Hs, First Liberty Loan
J.-D. 1,410,074,350
1,410,074,350
4s, First Liberty Loan, converted............J.-D.
33,244,150
30,306,100
4^s, First Liberty Loan, converted..
J.-D.
505,562,450
508,483,450
4^s, First Liberty Loan, second converted
J.-D.
3,492,150
3,492,150
4s, Second Liberty Loan
M.-N.
136,990,300
125,444,000
4Us, Becond Liberty Loan, converted...
M. N. 3,186,419,600
3,197,621,750
4Kb. Third Liberty Loan
M.-S. 3,648,584,000
3,646,825,750
4^3, Fourth Liberty Loan....
A.-O. 6,364,225,850
6,363,585,250
3^8, Victory Liberty Loan
J.-D.
773,524,350
744,055,500
4^8, Victory Liberty Loan..
J.-D.a3,453,484,5.50 a3,481,872,750
4s, War Savings and Thrift Stamps, Series 19181920.6
.1.
Mat.
772,374,306
756,768,191
2^s, Postal Savings bonds (1st to 16th Series)..J.-J.
11,612,160
11,612,160
1921
$
%
$
%
1,036
42,873
44,422 /43,386
4,473 38,400
3,110
3,945
/835
5,084
2,549
2,535
22,068 103,766 /81,698
13,684
6,016
7,668
5,337
15,865
33,100
6,519
7,694
4,946
of
Exports
%
4,862
12,471
6,757
4,449
2,478
2,596
as
daily closing quotations for securiites, &c., at London,
reported by cable, have been
$
475
3,394
26,343
Sal.
1—
d
Sliver, per oz
Gold, per fine ounce
...
.
Mon.
Wed.
Holiday Holiday 33 X
33 X
Thurs.
33X
April 1.
Fri.
32)4
Holiday Holiday 104s.lld.1048.6d. 104s.9d. 104s.lOd.
Holiday Holiday 47)4
47)4
6,216
British, 5 per cents
Holiday Holiday
87 X
87 X
87
87 H
2,350
British, 4)4 per cents
Holiday Holiday
79X
79X
79X
79M
French Rentes (in
Paris), fr.
The
47X
68.17
58.25
58.15
Holiday 83.95
83.95
83.95
83.95
price of silver in New York
Silverin N. Y., per oz.
Silver.
47 X
Holiday Holiday 57.90
French War Loan(lnParis) ,fr. Holiday
Gold.
Tues.
Consols, 2)4 per cents
2,070
Total for eight months ended Feb. 28:
Merchandise.
follows the past week:
as
Mar.26. Afar.28. Afar.29. Mar.30. Mar.31.
London,
Week ending April
/Excess of imports.
on
the
same
day has been:
(cts.):
Domestic
000*
Excess
omit¬
Ex¬
ted.
ports.
Excess
Excess
Imf
of
Ex¬
Im¬
of
Ex¬
Im¬
of
ports.
Exports.
ports.
ports.
Exports
ports.
ports.
$
$
$
I
$
$
99)4
9914
99)4
99)4
99)4
99)4
Foreign.-J
57X
57X
57X
57 X
57X
56)4
Exports
$
*20-215 ,126,520 2,757.338 2,369,182 130,608 386,860/256252 43,522
*19-20 5 ,230.213 3,235.080 1,995.133 361,867 42,580319.287 137,408
*18-194 ,382,511 1,933.326 2,449,185 26,073 17,977
8,096 211,785
'17-183 ,861,644 1,841.309,2,020,335 178,180 81,243 96,937 58,551
*16-174 ,082,994 1,547,812!2,535,182 132,175,661,740 Z529529 53,134
'15-162 ,584,683 1,291,07311,293,610 47,74l'328,054/280313 38,332
I
$
41,677
1,845
68,108
Commercial audBlisccllaucous gtcmg
69,300
48,569 163,216
45,635 12,916
22,675 30,459
23,191
15,141
/ Excess of Imports.
THE ENGLISH GOLD AND SILVER MARKETS.
Auction
Sales.—Among other securities, the following,
usually dealt in at the Stock Exchange were recently sold
at auction in New York, Boston and Philadelphia:
Messrs. Adrian H. Muller & Sons, New York:
not
Shares.
Stocks.
5 Nassakeag Land,
We
so
but the fact does not constitute
operator,
stocks at present are too large and her export trade too lifeless for her to
-i
Q.-F.
Q.-F.
and
There are,
118,489,900
1918-38
it
about 27d.
599,724,050
1916-36
from
was
...Q.-F.
$
Panama Canal Loan:
.
future,
near
price
for anticipating permanent improvement in the
Speculative business, often unduly large, confuses the
issue, and prevents exchange from following the real tendency of the value
$
-
2s, Consols of 1930
4s, Loan of 1925
tGf
of which
Payable.
.....Q.-J.
Title of Loan—
*
as yet
No automatic action
Dec. 31 1920.
course
India has been
a
3s of
grounds
no
price in the
INTEREST-BEARING DEBT OUTSTANDING.
Interest Nov. 30 1920.
the last six months, in the
over
when we reflect that the average pre-war
a
Total
2s of
heavy fall spread
the value of silver has been reduced by about half, some return of confidence
in the future of the metal would not have awakened surprise,
especially,
rates and the
Treasury warrants............................
3,711
£4,171,940
SILVER.
$447,776,071
Deduct outstanding obligations
2s of
9,618
The condition of the market at the present time is somewhat remarkable.
however,
receipts belated
items
Balance
6,625
£3,459,484
After the
thereof:
Deduct—Excess disbursements
'
Settlements
Other Countries
a
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
629,250
-
Straits
interest attaches to the details of available
cash and the gross
summary
officially issued for Nov. 30
as
2,462,630
British
reprint
the following from
Samuel Montagu & Co. of
Mar. 10 1921:
the
weekly
circular
London, written under date
of
of
Inc
Price.
$30 per sh.
$300 per sh.
20 Chemical National Bank.$508 per sh.
20 Corn Exchange Bank
180 Lehigh Power Secur., v.t.e.$6 per sh.
10 Pacific
Office
Building,
ington, D. C
Shares.
StoJcs.
500 Fidelity
Bonds.
$6 let
Per cent.
$24,000 Lehigh Power Secur. Corp.
6% notes. 1927
5,000 Davison Chemical
Wash¬
Price.
Development, pref..$21 lot
1936
8.
66X
f. 8s,
98)4
April 2
1921.]
THE
CHRONICLE
1369
CHARTERS ISSUED.
By Messrs. R. L. Day & Co., Boston:
Shares.
Stocks.
12 Pepperell
Shares.
$ per sh.
Manufacturing
10 Naumkeag Steam Cotton
205
5 Cabot
5 Arlington Mills, ex-dividend.
2 Plymouth Cordage
.
110 rights
..14034
135
Edison
Elec.
of
Brock¬
3^-3 15-16
10 Atlantic C. Elec. 6% pref
Bonds.
70
Per cent.
1927
Shares.
Stocks.
$ per sh.
ex-dividend..298
140
100 Renfrew Mfg., common
75
Stocks.
>.
8 Pepperell
5 Home Nat. Bank, Milford
$ per sh.
Manufacturing
CORPORATE
197
2,527—The
470
8 U. S. Envelope, com., 50% pd. 75
1 Walter Baker Co., Ltd
100
10
25 nnn
~~
LIQUIDATIONS.
11,858—The First National Bank of Pennington Gap, Va. Capital
$25 000
To take effect March 1 1921.
Liq. Agt., James V. Graham, Pennington
Gap, Va.
5 Boston Insurance
10 Mt. Hope Spinning, common..
VOLUNTARY
Capital
March 22.
...ICO
1 American Trust,
<
11,949—The Littleton National Bank, Littleton, Colo.
Succeeds the Littleton State Bank, Littleton, Colo.
President, Walter N. Ickes; Cashier, Willard Teller.
$15,000 Canal Fish & Freezing 1st
6s.
Capital...$25,000
President, Geo. J. Markley; Cashier, Frank Graham.
March 26.
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares.
n^4877T^e ^st National Bank of Mineral City, O.
146
ton
20934
60
40
10 Walter Baker & Co., Ltd
100
17 U. 8. Envelope, com., 50% pd. 25
50 Crocker McElwaln, common..
50 Chemical Paper Mfg., common
HvfaxTcTt 2 2.
$ per sh.
10 Gillette Safety Razor
115
95 M
Manufacturing...
Stocks.
50 Cambridge Gas Light
3 Draper Corporation
197
M^rch
Atlantic
23
City
EXISTENCE
National
RE-EXTENDED.
Bank,
Atlantic
194X•
City,
N.
J.,
until
>
2,525—The Third National Bank of Pittsfield, Mass., until March 25 1941.
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
Slocks.
Bonds.
%persh.
7 Victory Insurance, $50 each—11534
2 Reliance Insurance, $50 each.. 74
14
66 Union Transfer...
10 Provident Life &
Trust..375^-375^
.
1st 4s,
75 Amer. Type Founders, pref— 80
200 Amer. Type Founders, com— 40
50 Taylor Wharton Iron&S.. pref. 79
500 The
43 Indiana Service Corp..
3J4
pref...
503 Indiana Service Corp., com—
134
1 Glrard National Bank
385
13334
4 Nat. Bank of North Phila
T.
&
Lt.
6s, 1955
ref.
Gas
6s,
Roch.
&
Elec.
1932
&
Railroads
60
2062.
Oct. 1920 coup. on..
21
5s,
in
1950
50
110,000 Tindel-Morrls Co. 2d 6s.11-14
Clearings.—-The clearings for the week
1920, show
a
decrease in the aggregate of
1
...
Boston & Providence
(quar.)
Delaware Lackawanna & West.
and
Clearings at—
1920.
or
1919.
Dec.
1918.
(quar.)..
Canada—
$
$
Ottawa
100,802,152
94,309.284
36,674,955
12,621,492
6,621,687
Quebec
5,927,410
Toronto
Winnipeg
Vancouver
Halifax
2.865,241
5,486,086
2,687,790
..
Hamilton
.
St. John
London.
121,556,498
96,115,240
42,274,150
18,401,955
8,170,429
5,864,998
3,839,681
6,630.091
3,173,298
$
%
—17.1
100,572,938
68,497,648
—13.2
28,685,050
—31.4
10,634,746
6,227,892
4,077,274
—19.0
+ 1.1
—25.4
—16.8
2,709,838
3,101,872
2,962,825
—30.0
588,580
471,322
562,302
977,532
2,044,231
1,251,376
1,610,519
—11.1
1,573,069
—9.2
816,501
—20.2
1,237,064
1,688,994
1,020,543
1,100,706
869,797
—0.5
504,165
648,457
682,032
—4.9
Lethb ridge
526,186
751,190
1,816,925
1,136,456
1,284.878
864,980
Edmonton
Reglna
Saskatoon
...
Brantford
Moose Jaw
Fort William
4,835,864
4,593,815
2,997,637
4,917,030
—30.6
—17.9
Brandon
Victoria
9.123,385
4,948,833
2,239,584
2,250,948
5,342,012
1,946,321
3,203,035
6,184,947
3,994,017
Calgary
68,328,775
61,881,479
42,286,284
3,490,685
—17.3
—15.3
2,809.283
6,121,426
2,697,380
4,294,657
3,316,556
—
$
—1.9
3,423,271
8,380,117
2,398,980
—27.0
+ 12.5
2,030,678
2,035,770
6,039,307
1,697,118
519,325
378,959
New Westminster
484,598
886,358
—45.4
Medicine Hat—
360,987
821.970
439,091
—18.0
446,145
367,561
493,025
903,913
—9.1
672,791
572,687
Peterborough
...
1,035,454
Kitchener
1,001,365
+ 3.4
943,710
842,762
928,553
Sherbrooke
1,175,370
—21.0
672,565
527,085
'
2,735,048
Windsor...
Prince Albert
—8.7
1,003,460
—36.5
336,999
2,996,785
306,087
481,505
1,178.264
Moncton
Not included
"336,077
in tota 1.
Apr.
Holders of rec. Mar. 19a
5
Apr.
Holders of
Apr.
Apr.
234
13*
Apr.
to*
Mar. 31
Holders of rec. Mar. 14a
2
Apr.
Mar. 16
Canada.
National
300,185,908
345,501,204
—13.1
254,460,736
224,851.831
Banks.—The
following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS iTO
ORGANIZE
I
>1
The Oklahoma National Bank of Duncan, Okla.
Capital
Correspondent, C. M. Browder, Duncan, Okla.
The Roseville National Bank, Roseville, Cal.
Capital
Correspondent, T. H. Kelsey, Roseville, Cal.
The American National Bank of Duncan, Okla.
Capital
$50,000
50,000
Correspondent, C. J. Alexander, Duncan, Okla.
March 22.
The Public National Bank of Houston, Texas.
Capital..
500,000
Correspondent, Aug. De Zavala, 1319 Rice Hotel, Houston, Tex.
First National
134
134
Apr.
Apr.
Apr.
Apr.
1
to
1
to
Apr. 17
Apr. 17
134
134
Apr.
Mar. 26
to
Mar. 31
The First National Bank of Tensed,
Correspondent, B. R.
Idaho.
Capital
Svensgaard, Tensed, Idaho.
APPLICATIONS
TO
ORGANIZE
25,000
APPROVED.
March 25.
The First National Bank of Lisbon, N. Y.
American Coal (quar.)
American Glue, common (quar.)
American Rolling Mill, common (quar.)
134
134
25,000
March 26.
The Citizens National Bank of Hammond, La.
Capital
...
100,000
Correspondent, John E. Guess, Hammond, La.
APPLICATIONS TO
The First National
CONVERT
Seven per cent preferred
(quar.)
Arkansas Light & Power, pref. (quar.)..
Art Metal Construction (quar.)
...
-
Extra
Arundel Corporation, common
Associated Dry Goods, common (quar.)
First preferred (quar.)
Capital
Correspondent, H. D. Mawyer, Lovingston, Va.
CORPORATE
EXISTENCE
EXTENDED.
5,794—The Paris National Bank, Paris, Mo., until March 21 1941.
5,767—The First National Bank of Roanoke Rapids, N. C., until March
22
1941.
5,777—The First National Bank of Beaver Springs, Pa., until Mar. 22 1941.
5.763—The Ayers National Bank of Jacksonville, 111., until Mar. 24 1941.
5,765—The First National Bank of Hondo, Texas, until March 24 1941.
5 g40—The Suffern National Bank, Suffern, N. Y., until March 24 1941.
Mar. 19a
rec.
l H
Apr.
Heir*
of rec. Mar. 20a
Apr.
Hoi
cf rec. Mar.
75c. Apr.
134
r
15a
Holde
6234c. Apr.
B»f
Hold
Mar.
aof rec. Mar. 21
e
rec.
Mar.
29a
a
Hold©
rs
1
Mar.
Holde
rs
Mar.
Holde
rs cf rec. Mar
Apr.
1
Holders of
rec.
Apr.
1
1
Holders of
rec.
Mar. 31a
Apr.
Holders of
rec.
Mar, 31a
Apr.
Holders of
rec.
2
Apr.
Holders of
rec.
134
Apr.
Holders cf
rec.
Apr.
5
Apr.
la
Apr.
7a
Apr. 15
Apr. 11
Apr. 16
of rec. Apr. 20
of rec. Mar. 21°
21a
Mar. 25a
$1
May
♦$1
May
♦Holders of
♦4
May
♦Holders of rec.
50c. Apr.
Holders of rec.
Holders of
rec.
rec.
Mar. 31a
Apr.
Holders of
rec.
Mar. 31a
134
134
Apr.
Holders of
rec.
Mar. 31a
Apr.
Holders cf
rec.
Mai. 16a
♦15c
Apr.
♦Holders of
rec.
Apr.
50C. Apr.
*1
May
*134
June
8
♦Holders of rec. Apr.
8
Holders of rec. Mar. 28
♦Holders of
rec.
♦Holders of
rec.
Apr. 16
May 14
♦Holders of reo. May
Holders of rec. Apr.
Bush Terminal Bldgs., pref. (quar.)
Butler Bros. (quar.)........
Apr.
♦Holders of rec. Mar. 31
May
♦Apr.
*134
*334
14
15a
♦Holders of rec, Apr.
7
Holders of rec. Mar. 31a
Holders of rec. Mar. 29a
Mar. 16
to
Mar. 16
to
Holders of
16
rec.
to
Mar. 31
Mar. 31
May
May
9
2
Canadian Connecticut Cot. Mills, pf.(qu.)
2
Apr.
Holders of rec. Mar. 24
Cass & Daley Shoe, preferred (quar.)
134
Apr.
Holders of rec. Mar. 22a
May
•Holders of rec. Apr. 15
Holders of rec. Mar. 31a
Commonwealth Edison Co. (quar.)
*2
Consolidated Asbestos, Ltd. (quar.)..
Consolidated Cigar Corp., common (qu.)
Apr.
Apr.
Apr.
Apr.
1
Apr.
4a
4a
Holders of rec. Apr.
9
Apr.
to
34
Cramp (Wm.) & Sons 8. & E. Bldg. (qu.)
Delawaie Lack. <fe West. Coal (quar.)
Eureka Pipe Line (quar.)
Goudey Gum Co., preferred (quar.)..
Great Lakes Transit, common (quar.)..
Pref en ed (quar.)
Hodgman Rubber, preferred (quar.)
Holly Sugar Corp., pref. (quar.)
Hurley Machine,
134
134
134
Apr.
Holders of rec. Apr.
Holders of rec. Apr.
134
Common (extra)
Preferred (quar.)
Apr.
Holders of reo. Apr.
1
Apr.
Apr.
$1.25 Apr.
—
6
Hnideis of rec. Apr.
May
Holders of rec. Apr.
2
Apr.
Holders of
$1.25 Apr.
154
Apr.
reo.
Holders of rec
Mar. 26a
♦Holders of
*134
May
♦Holders of rec. Apr.
Apr.
Mar.
2
rec.
to
Apr.
15
16
Mar. 31
Holders of rec. Mar. 26
134
Apr.
Holders of rec. Mar. 26
1
Apr.
Holders of rec. Mar. 30
2
Lit Brothers (payable in stock)
Loose-Wiles Biscuit, 2d pref. (quar.)
Apr.
Holders of rec. Mar. 30
134
Apr.
Holders of rec. Apr.
1
Apr.
Holders of rec. Mar. 15a
1
Laurentide Power (quar.)
Lima Locomotive Works, pref. (quar.)..
Apr.
Holders of rec. Mar. 15a
1
Apr.
134
May
elO
.
134
Holders of rec. Apr.
Holders of rec. Mar. 31
5
Apr.
2
Apr.
2
May
Holders of rec. Apr.
234
Mar.
Holders of rec.
(quar.)
25c. Apr.
1734c. Apr
Midwest Refining (quar.)
15a
1
19a
May
Pref. (for 3 mos. end. Dec. 31 1920)..
Pref. (for 3 mos. end. Mar. 31 1921)
.
8
Holders of rec. Mar. 31a
Holders of rec. Apr.
Holders of rec. Apr
MacArthurConcretePile&Found'n.com.
Holders of rec.
Mar. 31
21
Mar. 24a
Holders of rec. Mar. 15a
Holders of rec. Mar. 15a
♦$1
Mississippi River Pow., pf. (In pf. stk.)
Mohawk Rubber (quar.)
Moon Motor Car, preferred
Preferred
Ltd,,
♦Holders of rec. Apr.
15
May
•Holders of rec. Apr.
15
m3734
March 26
134
(quar )
Motor Wheel Corp., preferred (quar.)..
Mountain States Power, pref. (quar.).
Breweres,
May
*$1
Extra
National
la
15
Holders of rec. Mar. 26a
May
Mar.
4a
Mar. 26a
*2
3
9a
15
Apr. 20
to
3
$1
common
(quar.)
Imperial Oil Corp., common (monthly)
Preferred
(quar.).
International Paper, preferred (quar.).
Invader Oil & Refining (monthly)
com
(qu.)..
Apr.
134
Apr.
Holders of rec. Mar. 26a
2
May
Holders of rec. Apr.
Apr.
Holders of
rec.
Mar. ila
Apr
Holders of
rec.
Mar. 15a
134
SI
Holders of
rec.
New Jersey Zinc (quar.)
New Jersey Zinc (quar.)
*2
May
•Holders of
rec.
Apr.
•2
Aug.
♦Holders of
rec.
July
Noble (Chas. F.) Oil & Gas, pref. (quar.)
434c. Apr.
(quar.).
...
5,770—The O'Neill National Bank, O'Neill, Nebr., until March 25 1941.
Normal Oil (quar.'*
5,830—The First National Bank of Covina, Cal., until March 26 1941.
Oriental Navigation, 1st pref. (quar.).
24a
Mar. 31a
June
*134
134
May
Barnsdall Corp., classes A & B (quar.).. ♦6234 c Apr.
Bayuk Bros., Inc., 1st & 2d pref. (qu.).
2
Apr.
Bell Telephone of Pennsylvania (quar.)
2
Mar.
Binghamton Lt., Ht. & Pow. 6% pf .(qu.)
134
Apr.
Seven per cent preferred (quar.)
Apr.
134
British Columbia Fish. & Pack, (quar.).
134
May
Preferred
$50,000
Conversion of the Bank of Nelson, Lovingston, Va.
Holders of
Mar.
Mar.
Mar. 23
to
134
Second preferred (quar.)
Austin, Nichols & Co., Inc., pref. (qu.)
Michigan Drop Fbrge Co., com. (m'thly)
March 23.
Bank of Nelson County at Lovingston, Va.
Mar. 16
Apr.
*10c. May
Merchants' Dispatch Transp. (quar.)
APPROVED.
rec.
rec.
134
Six per cent preferred (quar.)
...
Capital
Correspondent, Fred. G. Long, Lisbon, N. Y.
Holders of
♦Holders of
Apr.
*$1.30 Apr.
$1
Extra
Correspondent, Louis Fink Jr., Laurel Springs, N. J.
6
Miscellaneous.
Allegheny 8teel & Tube, pref. (quar.)
Alliance Realty (quar.)
Allied Chem. & Dye Corp., com. (No. 1)
—
Capital. $25,000
May
3
Abitibi Power & Paper, common
Preferied
March 23.
The Laurel Springs National Bank, Laurel Springs, N. J.
rec.
3
(Brooklyn) (quar.)
Second National (quar.)
Extra
Home Title Insurance, Bklyn. (quar.)..
March 24.
Mar. 31
May
Banks.
__
50,000
to
♦Holders of
*134
234
(quar.)
Continental Motors Corp., pref. (quar.)
Corn Products Refining, common (quar.)
RECEIVED.
March 21.
Mar. 16
Apr.
..
Total
rec. Apr.
9
Apr.
2
to
Apr. 14
♦Holders of rec. Mar. 31
Holders of rec. Mar. 21a
134
__
Montreal
Mar. 25a
rec.
Electric Railways.
Columbia (S. C.) Ry., Gas & El., pf. (qu.)
Georgia Light, Power & Rys., pref. (qu.)
Green & CoatesSts. Phila. Pass. (quar.).
Preferred
Holders of
Apr.
2
Cin. Newp. & Cov. L. & T., com. (qu.)
Preferred
Mar. 25
Apr.
*334
234
*134
Newp. N ews&Hamp. Ry. ,G .&E., pf. (qu.)
Pine Bluff Co., pref. (quar.)
Puget Sound Power & Lt., pref. (quar.)
Springfield & Xenia, preferred (quar.)..
York Rys., preferred (quar.)
Youngstown & Ohio River RR., com
Week ending March 24.
1921.
Days Inclusive.
3
(quar.).
Georgia RR. & Banking (quar.)
Manhattan Railway feuar.)
Meadville Conneaut Lake & Linesv
Illinois Traction, preferred (quar.)
Manhattan Bridge Three-Cent Line (qu.)
13.1%.
Inc.
Books Closed.
Payable
*2
Preferred
(quar.)
Northern RR. of N. H. (quar.)
Norwich & Worcester, preferred (quar.)
Pittsburgh & West Virginia, pref. (quar.)
ending Mar. 24 at Canadian cities, in comparison with the
week
are:
When
(Steam).
Bangor & Aroostook, common
Street
same
this week
Cent.
New London Northern
85
Canadian Bank
a second table, in which
previously announced, but which
Ashland Coal & lion Ry. (quar.)
Pitts.
240 Ind. Serv. Corp. 1st & ref.
1
den, $50 each
follow with
Name of Company.
7,500 Indiana Serv. Ccrp. adj. 5s,
$25 par
we
dividends
7234-7234
7,000 Southwest.
5
50 Highland Worsted Mills, Cam¬
#Then
the
Per
8. f. 6S, 1942.......
8854
750 Phil. Roll Mach. 1st 5s, 1932 84
com.,
show
1st
Ry.
equip, tr. 5s, ser. J, 1928... 9154
2,500 Taylor Wharton I. & S. 1st
each
we
1958
64
3,000 Phil. & Garrettford St. Ry.
1st &
5 Frog-ln-Your-Throat, pref., $25
Frog-ln-Your-Throat,
40
&
3034
5
15 Northern Liberties Gas
200 Barrett Adding Mach., com—
1
equip. & inc.
Trac.
we
rent week.
have not yet been paid.
The dividends announced
of
105
1154
$50 each
12 Camden Fire Insurance Assn..
first
grouped in two separate tables.
In the
bring together all the dividends announced the cur¬
are now
coll. 5s,
3,000 Buff.
T.,
Club
5s, 1940
10 North Phila. Trust, $50 each..200
50 Continental-Equit.
Automobile
1,000 Roanoke
Dividends
8234
Phil. Smpt. &
134
40
5 Securities Ccrp. General, pref..
1943
1,000 Bklyn. Bor. Gas 1st 5s, 1938 6034
27^ Taylor Wharton I. & S., com. 40
100 Indiana Traction Ccrp
DIVIDENDS.
Per cent.
$1,000 City of Cape May 4s, 1929.
86%
1,000 City of Cape May 5s, 1924.. 9534
1,000 City of Scranton 3 34s, 1926. 90
1,000 Phil. Bait. & Wash. RR.
134
434
♦2
Apr
Apr.
Apr.
Mar. 15a
Holders of rec. Apr.
Holders of
reo.
30a
30
30
la
Mar. 31a
♦Holders of reo. Mar. 31
1370
THE
CHRONICLE
Per
Miscellaneous
Days Inclusive.
Philadelphia <fc Camden Ferry (quar.)...
Philmont Worsted, preferred (quar.)
Port Arthur Shlpbldg., Ltd., com
(qu.)
Preferred
(quar.)...
-
&
Co.. Ltd. (quar.)..
Public Service Co. ol Quebec (quar.)..—
Punta Alegre Sugar (quar.)........
Renfrew Mfg., preferred (quar.) ..
Rogers (Win,), Ltd., pref. (quar.)——
St. Joseph Stock Yards (quar.).
...
1X
Apr.
rec
Mar. 15a
Apr.
Tec,
Mar. 31a
rec
Mar. 29
♦4
Apr.
1
Mar. 20
2'A
Apr.
1
Holdesr of rec
Mar. 16a
Apr.
Holders of rec
1
Holders of rec
1
Holders of rec
15
IX
♦81.25 Apr. 15 ♦Holders of rjec
Mar. 20
to
Apr.
1
1X
Holders of rec
Apr.
1
IX
Mar. 16a
Apr.
Apr.
Mar. 31a
Mar. 31
2
*1X
(quar.)..
First and second preferred (quar.).—
Transatlantic Coal
Mar. 31
"A
$1
common
to
1X
San Diego Cons. Gas «fc Elec., pref. (qu.)
.
Holders of
1
Holders of
15
Apr. 11 ♦Holders of
1X
Southern Canada Power, Ltd., pf. (qu.)
fcieams (Jb
e>.) Co. (quar.)
...
Superior Steel,
Name of
2X
...
IX
2
15
11
2
May 16
May
15c. June
(quar.)
to
Apr. 15 ♦Holders of
Apr.
Apr.
IX
Mar. 22
rec.
Mar. 31a
Apr.
Apr.
1
1
Mar. 15a
Mar. 31
5a
rec.
Apr.
9
rec.
Apr.
9
....
Ward's
1
Mar. 22s
to
(quar.)
(Canada), pf. (qu.)
6
Holders cf rec, Apr.
15
Holders of rec. Mar.
IX
IX
Apr.
IX
Apr.
15
Apr.
10
Holders of rec.
15
15
Apr.
White Eagle Oil & Ref. (quar.)
Winchester Co., first preferred.
— .—-
Second preferred
—-
Apr.
3A
Apr.
3
Apr.
Mar. 31
Holders of rec. Apr.
50c. Apr.
Wellman-Seaver-Morgan, pref.
Western Grocers, Ltd.
May
Holders of
rec.
Apr. 22a
Harris Bros. <fc Co., pref. (quar.)
Hillcrest Collieries. com.A(quar.)
Preferred
9a
Holders of rec. Mar. 26a
Apr.
I
to
Apr.
Mar. 31a
to
Apr.
to
2
2
5
Apr.
14
14
Internat.
2
Holders of
rec.
Apr. 22a
Apr.
15
15
Holders of
rec.
Apr.
May
Holders of
rec.
May
2
'loo'irlch (B. F.) Co.. pref. (quar.)....
Harbison-Walker Refrac., pref. (quar.).
May
IX
IX
Seven per cent pref. (quar.)...
General Electric (quar.)
April 15
Holders of
rec.
Mai.
IX
July
1
Holders of
rec. June
19
Holders of
rec.
Apr.
1 ♦Holders of
rec.
Apr. 10
Mar. 31a
IX
Apr.
*1X
(quar.)
May
IX
Apr.
Harvester,
common
9a
Holders of
rec.
Apr. 23
15
Holders of
rec.
Mar. 31a
$1.50 Apr.
6
Holders of
rec.
Mar. 23
Mar. 25a
,
IX
Corp.
(quar.)
la
9a
21
Apr.
$2
Corp., pref. (quar.)
la
15
Apr. 15
May 14
IX
Kayser (Julius) & Co.
First and second preferred (quar.)
Kerr Lake Mines, Ltd. (quar.).!
to
Apr. 23 ♦Holders of
pref. (quar.)
(quar.)
(Edgar T.) Sons Co., pref. (qu.)
15a
IX
IX
June 19
1
Apr. 23 ♦Holders of
Ventura Cons. Oil Fields
la
Apr.
Internat. Combustion Engineering
♦1
U. S. Smelt,, Ref. & Min.,
June
rec.
15a
May
2
♦2
Union Stock Yards, Omaha (quar.)
rec.
Holders of
Apr.
Union Oil of Calitornia (quar.) >
Mar. 31
VA
87 Ac. Apr. 15
50c May
2
Holders of
2
2
Holders of rec
Holders cf rec.
Apr. 22
10
May
Internat. Agric.
Holders of rec. Apr.
rec.
June
Indiana Pipe Line (quar.)
June
2 ♦Holders of
IX
2
Corp., pref. (quar.)
Players-Lasky Corp.. pf. (qu.).
FederaJ Sugar Rcfg., com. (quar.)
I
Preferred
(quar.)
Firestone Tire & Rubber, 6% pref. (qu.)
Mar. 31a
15
May
Days Inclusive.
Elk Horn Coal
Mar. 31a
Apr.
—.
*2
;
Books Closed.
Payable
Famous
Mar. 61
$1
—'
Miscellaneous (Concluded)
Elgin National Watch (quar.).—
Holders of tec
Transue <fc Williams Steel Forg. (quar.)
Extra
Cent.
Company.
Holders of rec,
15
When
Per
Books Closet.
Payable.
(Concluded)
Pacific-Burt Co., preferred (quar.)
Pennsylvania Salt Mfg. (quar.)..
Price Bros.
When
Cent.
Name of Company.
[Vol. 112.
Holders of
Holders of
rec.
rec.
Mar. 31a
IX
Apr.
15
Holders of
rec.
IX
May
1
Holders of
rec.
Apr.d25a
12Xo. Apr. 15
Holders of
rec.
Apr.
Loew's Incorporated (quar.)
Louisville Gas & Elec., pref. (quar.).—.
IX
Apr.
Lyall (P.) & Sons (quar.)
2
Apr.
MacAndrews & Forbes Co., com. (quar.)
Preferred (quar.)
IX
Apr.
.....
Magnolia Petroleum (quar.)......
Manufacturers' Light <fc Heat (quar.)
Maple Leaf Milling, Ltd., com. (quar.).
Preferred
(quar.).
Massachusetts Gas Cos., com. (quar.)..
Massachusetts Lighting Cos., pref. (qu.)
50c. May
Holders of rec. Apr.
Holders of
rec.
Apr.
May
2
Apr. 15
IX
15
11
15
15
5
15
18
18
Holders of
rec.
Holders of
rec.
Apr.
IX
Apr.
$1
Apr.
3
Apr.
IX
IX
1
Apr.
.
$1.50
la
16
la
Holders of
rec.
Mar. 31
Holders of
rec.
Mar. 31a
Holders of
rec.
Mar. 31a
Holders of
rec.
Holders of
rec.
Mar. 31a
Holders of
rec.
Apr.
3a
Holders of rec. Apr.
3a
Mar. 25
Apr. 15
Mar. 25
Mexican Petroleum, common (quar.)
give the dividends announced in previous weeks
yet paid.
This list does not include dividends
Below
and
we
not
announced this week.
3
Aprjl 11
Michigan Limestone & Chem., pf. (qu.).
Midway Gas, common (quar.)
IX
Apr.
15
Holders of
rec.
Mar. 31a
50c. Apr.
$1.40 Apr.
15
Holders of
rec.
Mar. 31
15
Holders of
rec.
Mar. 31
2c. Apr.
2c. Apr.
15
15
Holders of
rec.
Mar. 31a
Holders of
rec.
Mar. 31a
lc. Apr.
15
Holders of
rec.
2
Apr.
15
Holders of rec. Mar. 31a
IX
Apr.
15
Holders of
Preferred
(quar.)
Midwest Oil, common
Preferred
'■■■Per.:
Cent.
Name of Company.
Montreal Telegraph
Day8 Inclusive.
Payable.
(quar.)
Preferred (extra)
Books Closea.
When
Nat. Enameling &
IX
L„ pref. (qu.).
Northern (quar.)..
Great
IX
Apr. 20
Holders of rec. Apr.
2
82
Apr. 18
Holders of rec. Mar. 29i
IX
Apr.
4
Holders of rec. Mar. 23a
City Southern, pref. (quar.)...
Minn. St. Paul & 8. 8te. M., com. & pf.
New York Central RR. (quar.) —i —
1
Apr,
3 A
Apr.
15
15
Great Northern iron Ore
Properties...
Kansas
IX
Northern Pacific (quar.)
Philadelphia & Trenton (quar.)
Pittsb. Ft. Wayne & Chicago. pref.(qu.
Preferred (quar.)'i
(quar.)
Reading Co., 2nd pref. tquar.)
United N. J. RR. & Canal Cos. (quar.).
Reading Company, common
May
1
(quar.).
Norfolk & Western, adj. pref.
May 19
IX
2'A
IX
2
Apr. 12
Apr.
IX
Apr.
2
May 12
50c. Apr.
2
2
May
Apr.
1
5
Holders of
rec.
Mar. 31a
Holders of
rec.
Mar. 22a
Holders of rec. Apr.
Holders of rec. Apr.
Holders of
Apr.
rec.
to
1
Holders of
rec,
la
30a
Mar. 18a
Apr.
II
Mar. 10
Holders of rec. Mar. 10
Holders of
rec.
14
Holders of
rec.
10
Mar. 20
to
Apr.
19a
Mar. 28a
Mar. 31
Street and Electric
Railways-
C. (qu.)
preferred (quar.)
Securities Corp., pref. (quar.)
Capital Tract., Washington, D.
IX
IX
Apr. d\
Mar. 14
May
Holders of
2
to
rec.
Mar. 31
Apr.
1
VA
Apr.
15
Holders of rec. Apr.
2a
2
Apr.
15
Holders of rec. Apr.
la
Monongahela Val. Tract., pref. (quar.).
Philadelphia Co., common (quar.)
37Mc. Apr.
7
Holders of
rec.
May 31
IX
Aug. 31
Holders of rec. Aug. 11a
IX
Nov. 30
Holders of reo. Nov. 10a
IX
June 30
Holders of rec. June 10a
Holders of
rec.
Apr.
la
Six per cent cumulative preferred-...
Philadelphia & Western Ry„ pref. (qu.).
$1.50 May
la
Manchester Tr., L.
& Pow. (quar.)
(quar.)
.'
West Penn Power, 7% cum. pref. (qu.).
West Penn Tr. & Wat. P., pref. (quar.).
Preferred (acc't accum. dividend)
Washington Water Power
75c
Holders of
rec.
Apr.
IX
Apr.
15
Holders of
rec.
Mar. 31a
IX
Apr.
15
Holders of
rec.
Mar. 25
IX
1A
hlX
May
2
2
Holders of
rec.
Apr.
21
May 16
Holders of
rec.
May
2
May 16
Holders of
rec.
May
2
(quar.)
(quar.)
(quar.)
Preferred
Preferred
(quar.).—
Preferred
(quar.)
Holders of rec.
14
Holders of rec. Apr.
4a
May 16
Holders of rec. Apr.
25a
IX
—
Amalgamated Oil (quar.)
Amalgamated Sugar, 1st pref. (quar.)—
Amer. Agric. Chemical, com. (quar.)...
Preferred
15
Apr.
1
Apr.
$1
-
(quar.)
—
pref. (qu.)
American Bank Note, common (quar.)..
American Art Works, com. &
*$1.50 Apr.
15
"Holders of
2
May
1
Holders of
Apr.
15
Holders of rec. Mar. 21a
Apr.
15
Holders of rec. Mar. 21a
Apr.
15
Holders of
May 16
Holders of
IX
IX
$1
Am.La France Fire Eng..Inc.,com.(au.).
Mar. 21
Apr.
16a
2X
rec.
Mar. 31a
May
2a
Apr. 15
Holders of rec. Apr.
5a
2
Holders of rec. Apr.
May
rec.
16
1
Apr. 25
Holders of
Apr.
8a
IX
Apr. 25
Holders of rec. Apr.
8a
May 16
Holders of rec. May
3a
Apr.
IX
Holders of rec. Mar. 31a
Shipbuilding, common (quar.)...
IX
2X
IX
Apr. 15
May
2
Holders of
rec.
Apr.
15a
May
May
2
2
Holders of
rec.
Apr.
15a
15a
75c.
Apr.
15
Holders of rec. Apr.
Holders of rec. Apr,
2
Apr
10
Mar. 19
1
Apr.
-
Preferred (quar.)
—
Amer, Steel Foundries, com. (quar.)
Amer. Telep.
& Teleg. (quar.)
Apr.
6
to
IX
Machine, com. & prel. (qu.)
Common (extra)
15
rec.
Laundry Machinery, pref. quar.)
Am. Seeding
Amer.
rec.
rec
to
Apr. 15
la
Mar. 29
15
Holders of rec. Apr.
9a
15
Apr. 15
Holders of rec. Apr.
9a
Amer. Woolen, com. & pref.
IX
IX
Apr.
Asbestos Corp. of
IX
Apr.
Holders of
Amer.
Type Founders, com. (quar.)
Preferred
(quar.)
(quar.)....
Canada, com. (quar.)
15
Mar. 17
to
rec.
Mar. 31
Apr.
Holders of rec. Apr.
IX
Apr.
15
2
Apr.
15
Associated Oil (quar.)..
IX
Apr. 25
Holders of rec. Mar. 21a
IX
Apr. 30
Holders of
rec.
Apr. 25a
2
Apr.
Holders of
15
Apr. 2.5 ♦Holders of
rec.
Mar. 31a
*3
rec.
Apr.
*7
Apr.
25 ♦Holders of
rec.
Apr.
9
Mar. 31a
Preferred
(quar.)
,—
...»
Holders of
rec.
Apr.
la
14a
Barnhart Bros. & Spindler
First and second pref. (quar.)
Bell Telephone of Canada (quar.)
Boston & Wyoming
Oil (No. 1)
Extra
9
16
Holders of rec.
Apr.
11
Holders of rec. Mar. 26a
Apr.
4
Holders of rec. Mar. 24a
Apr.
4
Holders of
15
rec.
Mar. 24a
(quar.)
Holders of
rec.
Mar. 31a
Holders of
rec.
Mar. 31a
Chicago Pneumatic Tool, com. (qu.)...
IX
Apr.
IX
IX
Central Coal & Coke, com. (quar.)
Preferred
Apr.
IX
(quar.)
Preferred
IX
IX
2
Canadian Car & Fdy., Ltd., pref. (qu.).
Apr. 15
Apr. 20
Holders of rec. Mar. 31a
2
Apr.
Holders of rec. Apr.
25
X
May
1
fix
May
1
X
May
1
Common and preferred (monthly)
Common
(payablein common stock)..
Preferred B (monthly)
SI
si
Congoleum Co., common.
Apr. 11
Apr. 15
Cosden & Co., com., no pa:
62Hc. May
Common ($5 par value).
12Xc. May
2
50c. Apr.
10
Holders of
rec.
Holders of
1
1
rec.
4
April 15
Co., com. (qu.)
IX
Apr.
15
rec.
Mar. 31a
3c.
Apr.
15
Holders of
rec.
Apr.
Northern States Power, pref. (quar.)...
Nova Scotia Steel & Coal, com. (quar.).
IX
IX
Apr. 20
Holders of
rec.
Mar. 31
Holders of rec. Mar. 31a
2
15
Apr. 15
6
Apr.
15
Holders of rec. Mar. 31a
IX
Apr.
15
Holders of rec. Mar. 31a
Preferred
(quar.)
Ohio Brass, common (quar.)
(quar.)
Ohio Fuel Supply (quar.)
Extra (pay. in U. S. Vic. L'n bends).
Apr.
*2
...
Dominion Coal, pref. (quar.)
Dominion Steel Corp., pref. (quar.).
Dominion Textile, preferred (quar.).
de Nemours & Co.—
stock (quar.)
to
20
Debenture
(quar.)
.
Eastern Potash Corp., pref. (quar.)—
Electrical Securities, preferred: (quar.)_.
*1X
Apr. 30
May 16
Aug.
Holders of rec. Apr. 30
Holders of rec. July 30
Holders of rec. Mar. 31a
Otis Elevhtor, common (quar.)
...
Preferred (quar.)
Pan-Amer. Petrol. &
Trans., com. (qu.).
Common Class B (quar.)
Peerless Truck & Motor, com. (quar.)..
Apr.
16
15
IX
•
Pacific Gas & Electric, common (quar.).
Pacific Telep. & Teleg., pref. (auar.)
Apr.
15
Holders of
IX
Apr.
15
IX
Apr. 15
$1.50 April 11
$1.50 April 11
Holders of
2
Apr.
1
rec.
rec.
to
Mar .31a
Mar. 31a
Apr.
Holders of rec. Mar. 15a
♦50c. June 30 ♦Holders of
rec.
June
1
rec.
Sept.
1
rec.
Deo.
1
5
2
Prairie Oil & Gas (quar.)
Extra
........
...
May 16
May
2
Holders of
rec.
May
Holders of
rec.
25
Apr. 25
Holders of
rec.
Apr. 21
Apr.
8a
Holders of
rec.
Apr.
3
April 30
Holders of
rec.
Mar. 31a
3
Penmans, Limited, common (quar.)
Preferred
(quar.)
Pittsburgh Coal, common (quar.)
Preferred (quar.)
Apr. 30
Holders of
rec.
Mar. 31a
Holders of
rec.
Mar. 31a
Holders of
rec.
Mar. 25a
IX
IX
IX
tm
-
Apr.
Prairie Pipe Line (quar.)
3
Apr.
30
Procter & Gamble, preferred (quar.)
2
Apr.
15
Quaker Oats.
IX
April 15
(quar.)
Republic Iron & Steel, com. (quar.)
Salt Creek Producers Association (quar.)
Shaffer Oil & Refining, pref. fquar.)
IX
May 31
Holders of rec. April
Holders of rec. May
IX
May
Holders of
*X
Apr.
Shawinigan Water & Power (quar.)
Sinclair Consolidated Oil (quar.)
Smith
(Howard)
Paper
Mills,
Ltd..
Common (quar.)
IX
Apr.
Holders of
(quar.)
com.
Preferred
Sullivan Machinery
(quar.)
Texon Oil & Land (quar.)
la
2a
rec.
Apr. 22a
Holders of
rec.
Apr.
25 ♦Holders of
rec.
Mar. 31
rec.
Mar. 24
2
30c. Apr. 30
15a
e2
Apr.
11
15
Holders of
rec.
Mar. 31
2
Apr.
20
Holders of
rec.
Apr.
2
Apr. 20
Holders of
rec.
Apr.
IX
Apr.
Holders of
rec.
Mar. 31
IX
♦$1
May
Holders of
2
April 15 ♦Holders of
rec.
Apr.
9
rec.
April
1
Apr.
Holders of
rec.
Mar. 31
15
16
5c. Apr. 21
Tonopah Mining of Nevada
Tuckctt Tobacco, common
8a
5c.
Preferred (quar.)
Spanish River Pulp & Paper Mills, Ltd
Common and preferred (quar.)
Steel Co. of Canada, com. & pref. (qu.)_
Preferred
15
Holders of rec. Mar. 15a
*50c. Sept,. 30 ♦Holders of
♦50c. Dec. 31 ♦Holders of
Common (quar.)
Common (quar.)
Apr.
1
Apr.
to
7
1
Apr.
15
Holders of rec. Mar. 31a
IX
2X
Apr.
15
Holders of
iec.
Mar. 31a
Apr.
15
Holders of
rec.
Mar. 31a
1
(quar.).
(quar.)
Union Natural Gas (quar.)
United Cigar Stores, com. (monthly)
Apr. 25
Holders of
rec.
Apr. 1 la
United Drug, first preferred (quar.)
Second preferred (quar.)
X
May
2
Holders of rec. Apr.
IX
June
1
Holders of
rec.
May 16a
United
2
Apr. 15
Holders of
rec.
Mar. 19a
50c.
Apr. 15
87 Xc June 15
Fruit, (quar.)
United Gas Improvement, com. (quar.).
Preferred (quar.)
15a
Holders of
rec.
Mar. 31a
Holders of
rec.
IX
Apr.
15
Holders of
rec.
May 31a
Apr.
la
IX
United Paper Board, pref. (quar.)
Holders of rec. July
la
July
16
United Shoe Machinery, common (quar.)
Preferred
(quar.)
50c. Apr.
5
Holders of
37 Xc Apr.
5
Holders of rec. Mar. 21
United Verde Extension Mining (quar.)
25c.
Preferred
(quar.)
U. S. Automotive Corp., pref.
(quar.)..
U. S. Industrial Alcohol, pref. (quar.)..
May
IX
IX
2
Apr. 21
Apr.
15
rec.
Mar. 21
Holders of rec. Apr.
Holders of
5a
Mar. 31a
rec.
Holders of rec. Mar. 31a
50c.
Apr. 20
Holders of rec. Mar. 31a
IX
Apr. 28
15
15a
Apr.
14
Holders of rec. Apr.
15
Holders of
rec.
rec.
Western Power Corp., pref.
Western States Gas & Elec.,
to
1
to
Apr.
Apr.
Apr.
rec.
5
5
2a
Holders of rec. Mar. 15
Holders of
rec.
Mar. 31a
Holders of
rec.
Mar. 2la
Holders of
rec.
IX
Apr. 15
Holders of
Apr.
15
SI.75 Apr.
pref. (quar.)
30
Mar.
26
Holders of
rec.
to
Mar. 31a
Mar. 31
Apr. 13
(quar.)
rec.
Mar. 31a
Worthington Pump <fe Mach., com.(qu.)
Wrigley (Wm.) Jr., Co., com. (monthly)
Common (monthly)
(quar.)
$1
Apr. 30
Holders of rec. Mar. 31a
$1
WestlnghouseElec. & Mfg., com. (quar.)
Preferred
1
Apr.
IX
(quar.).
(quar.)
Westinghouse Air Brake (quar.)..
Preferred
Apr.
5
15
$1.50 Apr.
IX
Apr.
Western Union Telegraph
Mar. 31a
Holders of
(Charles) Co. of Del., com. (qu.)
First and second preferred (quar.)....
West Coast Oil (quar.)
Apr.
15
Holders of rec. Mar. 31a
IX
Apr.
15
50c. May
1
50c. June
1
Holders of rec. Apr.
5a
Holders of rec. Apr. 25
Holders of rec. May 25
1
Holders of
IX
....
Apr.
rec.
Mar. 25
Mar. 3la
1
Holders of rec. Apr.
Apr. 16
to
May
1
Holders of rec. Mar. 31
Apr. 25
Holders of
rec.
Apr.
May
2
Holders of
rec.
Apr. 20a
May
2
Holders of rec, Apr.
Holders of rec. Apr.
12
•
From unofficial sources,
will not be quoted
books
IX
IX
IX
IX
rec.
Warner
15
1
May
Holders of
$1
Apr. 15
May
Mar. 25a
May 16
15
Holders of rec. Mar. 31a
June 15 ♦Holders of rec. May 31
Apr.: 15
rec.
2
Golders of
Apr. 15
25c. Apr.
IX
IX
IX
10
Mar. 31a
Holders of
15
flu Pont (E. I.)
Preferred
(quar.)
rec.
Apr. 20
IX
(quar.)
Preferred
Holders of rec. Mar. 31a
Holders of
$2
IX
Oklahoma Natural Gas (quar.)
Ontario Steel Products, common (quar.)
Preferred
Holders of rec. Mar. 31a
15
10
2
62 Xc Apr. 15
H2Xc Apr. 15
la
Apr. 15
April 2
Apr.
15
2
(quar.)
—
Apr.
Holders of
Apr.
to
May
a
(quar.)
Diamond Match (quar.)...
Holders of rec. Mar. 22
Niagara Falls Power, pref. (quar.)
Noble (Chas. F.) Oil & Gas, com. (qu.).
Apr.
10
Apr.
$2
10
Dartmouth Mfg., common (extra)
la
Holders of rec. Mar. 12
IX
Apr.
Holders of rec. Apr.
Holders of rec. Mar. 31a
2
Mar. 31a
Apr. 30
15
2
10
to
Apr.
Apr.
Virginia-Carolina Chem., pref. (quar.)..
Wabasso Cotton (quar.)
Apr.
5
to
Apr. 12
Holders of rec. Mar. 31a
Apr.
Apr.
rec.
Victor Talking Machine, com. (quar.)..
Preferred
(quar.)...
Holders of rec. Mar. 25a
IX
Detroit Edison
Dome M ines
10
Holders of rec.
Apr.
Apr.
Apr.
2
Preferred (quar.)
Crucible Steel, com. (quar.)
Damascus Brake Beam
2
rec.
Mar. 31a
Holders of
New York Transit
(quar.)
10a
rec.
15a
Cities Service—
Holders of
Apr.
Sept. 10a
Holders of
Apr.
la
Associated Industrials Corp., 1st pf. (qu.)
2
rec.
15
15
Apr.
...
3A
IX
Arner.
Holders of rec. Mar. 24a
12
preferred...
American Gas & Electric, prpf. (quar.)..
American Ice, common (quar.)
Preferred
(quar.)
American Fork & Hoe, first
15
Holders of rec. Dec.
Apr.
IX
2
Mar. 31a
Apr.
IX
(quar.)
All America Cables (quar.)
Holders of
Dec. 31
2X
2X
Miscellaneous.
Allis-Chalmcrs Mfg., com.
Sept. 30
IX
National Paper & Type, com. & pf. (qu.)
National Sugar Refg. (quar.)
'
Air Reduction
com. (qu.)
National Fuel Gas (quar.)
National Oil, pref. (quar.)
Mar. 31a
Apr. 30
Kentucky
Holders of rec. May 11a
IX
Preferred
Duquesne Light,
Mar. 31a
Mar. 31a
Preferred
2a
Joliet & Chicago (quar.)
Stamping,
rec.
Common (quar.)
Common (quar.)
la
Holders of rec. Apr.
May
(quar.)...
National Biscuit, com. (quar.)
Railroads (Steam).
Cleve. Clno. Chic. & St.
(quar.)
Holders of rec. Mar. 15a
May 24
May
2 ♦Holders of
rec.
9
20a
30
t
not
closed
for
Payable in stock.
this dividend.
2
payable in
m
Less
British income tax.
a
Payable in scrip,
scrip convertible Into oommon stock,
preferred stock.
a Transfer
d Correction
h On aocount
1 Payable In Liberty or Victory Loan bonds.
common stock or
Payable In 6%
6
/Payable in oommon stock,
of accumulated dividends.
Apr. 22
t The New York Stock Exchange has ruled that stock
ex-dividend on this date and not until further notice,
April 2
1921.]
THE
CHRONICLE
Transactions at the New York Stock
weekly
Exchange daily,
yearly.—Brought forward from page 1375.
and
Week ending
April 1 1921.
Stocks.
Railroad,
Par
& Foreign
Bends.
Clearing House Banks.—We give below a sum¬
showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
u. s.
Bonds.
Boston
mary
State, Mun.
<fec..
Shares.
1371
Bonds.
Value.
BOSTON
CLEARING
HOUSE
MEMBERS.
March 26
Saturday
335,905
Tuesday—..
Wednesday
...
853,900
571,300
Friday
_
...
_——_
_
42,210.000
584,220
__
Thursday
48,581,600
48,166,500
65,664.500
41,263,300
665,830
_
...._
$18,088,COO
709,206
_
Monday__
.
$1,700,0GC
2,453,000
2,639,000
$608,000
4,915,000
6,179,000
3,721,361 $263,973,900
$14,595,500
Sales
at
Week ending
4,444,800
S4,899,5CG $30,778,800
Jan. 1 to April
1.
2,607 ,000
83,188 ,000 Dec.
20,615 ,000 Inc.
Time deposits
Due from other banks
York Stock
Exchange.
Stocks—No.
Par value.
1921.
shares..
1920.
3,721,361
_
1921.
3,654,122
$203,973,900 $320,959,775
...
Cash in bank and F. R. Bank
1920.
44,219,898
S3,343,020.273
Reserve
71,364,683
$30,778,000
$36,517,000
bonds
4,899,500
5,232,000
RR. and misc. bonds..
14.595.5C0
Total bonds
DAILY
$50,273,000
TRANSACTION8
AT
$757,943,900
133,372,000
7,975,CC0
$573,879,350
63,490,500
225.025,500
S49.724.0C0
$702,395,350
$1,050,387,900
THE
BALTIMORE
BOSTON.
159,072,000
PHILADELPHIA
AND
EXCHANGES.
Boston.
__
Shares.
Philadelphia.
Bond Sales.
$31,500
Monday..:
4,1611
24,700
39,100
5,938
__
Shares.
Dec.
5,292,000
342,000
Shares.
Companies.—The following detailed statement
City Clearing House
members for the week ending Mar. 26.
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:
The return of the
Equitable Trust Co. has been included in
this statement since
Sept. 25.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
2,6171
18.750
334
37,500
HOUSE
7,603
61,500
690
Cash
with
81,000
Net
Time
Bank
MEMBERS.
Invest¬
in
Legal
Demand
De¬
Circu¬
(.000 omitted.)
ments,
Vault.
Deposi
Deposits.
posits.
Week ending
dkc.
28,800
6,939
20,500
1,300
18,500
9,204
495
16,000
9.496
5,07ll
2,065!
71,100
Friday
95,050
14,000
4,000
575
7,000
$222,100
3,759
$172,000
$233,150
28,456
CLEARING
Net
Reserve
Loans,
Capital. Profits. Discount,
Natl, Feb. 21
State, Feb. 28
March 26 1921. Tr.Cos.,Feb.28
Members of
Average
Fed. Res. Bank
Bk of NY,NBA
$
$
RETURN OF NON-MEMBER INSTITUTIONS OF NEW
YORK CLEARING
Average Average
%
$
723
39,674
17,135
16,750
123,617
187,694
54,407
527,703
2,375
8,615
1,878
8,875
51,7201
15,199
I,138
127,951
1,546
13,303
Atlantic Nat 1..
5,000
10,000
5,500
40,000
4,500
1,000
17,186j
389
1,855)
300
159
4,5851
121,425;
356.522
112
653
1,192
2,569
1,446
33,372
Co.
Mech & Metals
Bank of Amer__
National City
Chemical Natl.
6,107
66,700
5,000
7,695
25.000
32,665
Pacific Bank...
1,000
Chat & Pnenix.
three ciphers [000] omitted.)
Amer Exch Nat
7,000
Nanover
{Stated in thousand* of dollars—that <5,
3,000
1,726
8,399
20,609
4,281
Natl
Metropolitan
Capital.] Projits.
NON-MEMBERS
Dis¬
Reserve
Cash
counts,
March 26 1921.
Tr.
cos.
Feb. 28
Bank.
$
I
200
Mutual Bank
1,561
790
Demand
Time
Bank
10,000
Irving
12,500
1,000
1,000
10,909
15,000
21,158
Imp <fc Trad Nat
Legal
De¬
De¬
Circu¬
National Park.
Deposi¬
posits.
posits.
lation.
East River Nat.
tic.
tories.
Average Average Average Average Average
$
$
$
$
$
$
l,f>G0
with
Nat'l
Net
in
Members of
Battery Park Nat.
Net
_.
Corn Exchange.
Vault.
Nat.bks.Feb.21 invest¬
4tr.te l)ks.Feb28 ments,
Week ending
Second Nat'l
Loans,
2,500
7,500
1,500
10,000
1,000
1,000
First National..
Net
10,907;
201;
330;
11,221
8,760
W. R. Grace & Co.
500
980
4,667
39;
459
Yorkvllle Bank
200
731
16,178
531i
1,400
26
12,067
2,439
8,504
1,376
1,683
256
196
National
N Y County Nat
Continental
2.400
4,063
42,973'
1,104;
4,918
9,489
196
600
1,589
16,488i
2,078
1,328
17,312
700
2,030
19,802
2,526
1,534
20,661
Colonial Bank
527
8,940
439
106
3,518
5,653
6,620
71,715
4,069
6,558
a55,949
196
—656
15,172
+ 15
a56,605
a57,251
a56,872
a55,953
15,157
194
15,165
193
14,639
14,591
+4
Gr'd aggr.
Mar.19
3,300
6,620
72,125
4,065
6,672
Gr'd aggr.
Mar.12
3,300
3,300
6,996
71,937
4,150
6,701
6,996
71,378
3,300
6^996
71,046
3,921
4,018
6,646
S.
week
7,010
deposits deducted, 8720,000.
rediscounts, acceptances and other liabilities,
§39,410 decrease.
Bills payable,
-j- 2
8860,000.
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week ending March 26 1921.
March 19
Ttoo ciphers (00) omitted.
Members of
March 12
1921.
Trust
F.R. System Companies
100
6,309
29,628
2,594
227,531
9,592
1,087
394
2,083
2,491
198
9,521
31
450
45,178
90,770
17,779
17,498
869
5,728
7,944
1,641
2,454
3,628
13,164
42,977
963
69
60,074
1,888
2,175
12,502
327
408
326
392
1,000
1,500
20,000
2,000
25,000
1,500
5,000
1,500
3,000
2,000
Co.
072
4,778
7,424
1,509
1,551
2,752
19,502
5,053
37,727
1,619
821
531
584
519
36,328
748
271,136
943
50,231
492,353
17,143
2,463
651
390
1.138
1,1081
78,394
34,836
91,072
21,823
3,438
29,645
7,610
1,814
11,589
1,124
25,965
5,902
45,029
2,290
9,753
18,265j
8,095
1
.18,405
27.387
*200,972
44,084
*400,918
16,727
73,775
32,823
248
3,465
8,914
2,652
19,968
645
3,813
1,350
608
3,406
7,394
Metropol Tr Co
NassauNat.Bkn
2,000
489
3.145
21,634
506
647
23,610
1,140
16,043
427
3,305
1,327
12,974
474
1,000
5,000
Columbia
2,000
Equitable Tr Co
12,000
1,465
II,403
1,589
16,077
111,423
24,844
154,350
1,526
11,604|
*100,173
18,823
654
3,154
163
1,759
17,589
23,762
*154,668
1,163
.
Due from banks
79,257 181,661 c3,611,750 191,884 34,386
78,586 481,070 c3,641,756 192,149 34,698
80,042 516,026 c3,668,073 J 90.108 34,638
Not Members of
F. R. Bk
1,000
1,933
839
5,800
683
330
18,551
5,503
50
250
2,500
2,718
73,898
3,306
2,071
29,497
43, 448
3,750
5,491
97,532
6,855
4,167
53,551
43,498
Totals, actual co ndition Mar. 26
97,836
97,430
97,583
6,900
3,919
53,748
Bowery
State Bank
Avge. Mar. 26.
Totals, actual co ndition Mar, 19
Totals, actual co ndition Mar. 12
Trust Cos.
17,834
53,754.
43,541
43,338
4,120
54,773
43,260
6,000; 12,314
46,009
1,321!
3.06S
29,251
713
4,000
6,157
23,998
857!
1,516
15,150
306
Avge. Mar. 26.
10,000
Totals, actual
Totals, actual
Totals, actual
18,472
70,007
2,178!
4,584
44,401
1,019
Mar. 26
69,909
co ndition Mar. 19
70,203
2,136
2,127
co ndition Mar. 12
70,288
2,112
4,604
4,727
4,922
44,002
44,910
45,248
1,238
1,189
co ndition
Gr d aggr. avge. 281,650492,486 4,902,483
Comparison, pre vious week
-50,831
103,531,0
103,531,0
714,992,0
24.093,0
103,551,0
Gr d aggr., act 1 cond'n
715,324,0
21,508,0
89,817,0
708,198,0
Comparison
11,0
95.067,0
324,0
109,691,0
115,426,0
464,987,0
17,289,0
482,276,0
493.195,0
21,737,0
88,977,0
119,199,0
486,198,0
202,0
11,385,0
11.357,0
11,424,0
17,815,0
603,352.0
619,978,0
923
89,515 492,C20 f3,704,570 236,865 34,462
+ 136 —373
—69,791
+ 685 -14,051
pre vious
236,348 34,386
,Mar.26;4,S66,()32 88,293-490,184 g3,709,500
-377l —312
-30,920
+ 8261
+20
wjeek ...j —85,595
1914,951,6271 87,4671490.164 63,740,420 236,725:34,698
'Mar.1214.918,507, 88.839525.068;g3,767,994234,55734,638
jMar. 5 4,980,852 88,684:497,865|g3,796,019:236,60434,458
iFeb. 26 4,998,634; 87,264505,672jg3,774,604i234,69034,157
Gr d aggr., act I cond'n iMar,
Gr d aggr., act 1 icond n
Gr'd aggr., act'l cond'n
Gr'd aggr., act'l Icond'n
616,821,0
19,407,0
48,161,0
Cash in vault*
11,662,0
813~0
Total reserve and cash held.
59,823,0
2,671,0
46.677,0
2,592,0
13,146,0
79,0
Cash in vaults not counted
as
~
reserve for
1,858,0
19,005,0
2,064,0
48.161,0
1,8~58~6
R. Bank...
+367
Lawyers Ti & Tr
12,997,0
384,0
Reserve with legal deposit's.
required.
6,754
6,68f
Title Guar & Tr
33,501,0
21,124,0
Included)
Excess rec. & cash in vault..
1,766
$37,725.0
11,183,0
Total deposits
2,866
Not Members of F.R.Bk.;
$37,725,0
$4,500,0
585,537,0
Time deposits
9,815
80,482 i83,269 c3,606,618 192,348 34,462
$37,725,0
833,225,0
90,534,0
681,823,0
89,806,0
deposits
50
1921.
Total.
109,367,0
Bank deposits
55,962
26. 257,900 468,523 4,734,944
Avge. Mar.
...
Capital
Surplus and profits
Loans, disc'ts & investm'ts.
Exchanges for Clearing House
•
832
5,682
1,7881
State Banks.
Reserve
12.972
865
310
.
Greenwich Bank
Reserve with F
1,883
140
634
7,211
Totals, actual co ndition Mar. 26 4,698,287
Totals, actual co ndition Mar. 1914,783,994
Totals, actual co ndition Mar. 5 4,750,686
192
Philadelphia Banks.—The Philadelphia Clearing House
statement for the week ending Mar. 26 with comparative
figures for the two weeks preceding is as follows.
Reserve
requirements for members of the Federal Reserve system
are
10% on demand, deposits and 3% on time deposits, all
to
be kept with the Federal Reserve Bank.
"Cash in
vaults" is not a part of legal reserve.
For trust companies
not members of the Federal Reserve system the reserve
U. S. deposits (not
23.542
762
50
85
6,067
13,361
National
N Y Trust Co-
Excess reserve,
Individual
7,195
1,090
15,398
Farm L & Tr Co
U.
2,635
21,057
946
*
191
—41
—114
Gr'd aggr. Mar. 5
Gr'd aggr. Feb. 26
51
5,413
1,032
373
2,151
Lincoln Tr Co..
Comparison prevlo
35
2,101
24,730
131.783
8,242
18,371
160,546
177,177
1,156
509
Columbia Tr Co
5,653
200
us
100
1,541
Bankers Tr
3,300
Total
14,236
1,000
1,000
1,000
5,000
1,500
Garfield Nat'l..
Peoples' Tr Co.
Grand aggregate..
146.779
1,356
Union Exch Nat
30
3,518
20,772
3,264
17,173
1,477
4,564
1,250
Fidel-Int Tr Co
106
"""514
415
U S Mtg & TrCo
439
253
14,949
477
Guaranty Tr Co
8,940
23,401
96,721
108,947
44,341
8,216
FedfI Reserve Bank.
527
3,324j
13,597
14,474
6,294
9,005
16,507
Not Members of the
200
4,861
19,366
Trust Companies
Mechanics Tr, Bay
295
4.403
3,507
828
Brooklyn Tr Co
Total
350
2,374
1,047
Coal & Iron
30
3,349
244
75
500
Liberty
Bank.
206
11,460
"l",4i0
583
400
Fed'l Reserve
448"
765
4,390
82,757
248,457
1,272
35,347
1,428
700
Seaboard Nat'l.
3,314;
2,556
5,437
"i",66o
Exch..
Not Members of the
440
404
772
911
767
12,095
2,889
Avenue..
Fifth
100
4,690
38.0C8
4,568
6,108
1,630
94.386
136,544
46,839
*508,446
100,294
13,846
National.
Comm'l
State Banks.
Bank of Wash Hts.
737
121,726
42,499
160,624
38,999
181,597
10,317
23,629
272,078
175,823
12,543
7,171
322,936
Average Avge.
$
%
25,979
Fifth
933
8,274
31,770
9,772
8,654
23,142
21,364
115,573
3,638
12,762
17,956
Chase
Commonwealth
Total
Average
$
7,221
Manhattan
la¬
tion.
$
2.00C
Nat Bk of Com.
HOUSE.
Natl
torics.
Nat Butch & Dr
New York City Non-Member Banks and Trust Com¬
panies.—Following is the report made to the Clearing House
by clearing non-member institutions which are not included
in the ''Clearing House Returns" in the next column:
CLEARING
omitted.)
$12,COO
Thursday
65,503!
000
365
13,926
Total
{Stated in thousands of dollars—that is, three ciphers
$46,250
12,998
13,941
a
5,147,000
shows the condition of the New York
Bond Sales.
Wednesday
Res.
5,634,000
and Trust
Baltimore.
Bond Sales.
Tuesday
Fed'l
2,571,000
and
Federal Reserve Bank
Week ending
April 1 1921.
Saturday
bank
2,596,
,000
8,243,000 387.606,000 391 ;071,'660
6,908,000 90,096,000 89,678,000
169,000 20,446,000 21,975,000
1,871,000 16,661,000
3,424,000
1,326,000 13,012,000
14,001.000
2,567,000 51,061,000 48,528,000
1,462,000 47,610,000 47,628,000
Statement of New York City Clearing House Banks
Government bonds
mun., &c„
in
excess
18,532 ,000 Inc.
11,686 ,000 Dec.
48,494 000 Dec.
46,148 000 Dec.
11,000
4,932,000 587,946,
,000 582,683,000
$6,348,630,900
Bank shares, par
Bonds.
State,
$
Inc.
Loans, disc'ts & investments. 583,014 ,000 Dec.
Individual deposits, incl. U.S. 379,363 ,000 Dec.
Exchanges for Clearing House
*
April 1.
1921.
$
S
United States deposits
New
March 12
1921.
Circulation..
Due to banks
Total.
March 10
previous week.
3,741,000
6,705,000
958,500
711,500
3,312,000
2,218,000
2,273,500
Changes from
1921.
$4,794,000
774,500
704,000
1,143,000
48,995.0
12,475,0
62,494,0
49,269,0
13,225,0
12,381,0
63,440,0
50,170,0
13,270,0
Federal Reserve members.
3,052,0
2,200.0
49,354,0
12,751,0
04,305,0
50,709,0
13,596,0
*
Includes deposits In foreign
total footing as follows:
Trust Co., $10,680,000; Guaranty TmBt
branches not included In
National City Bank, $121,139,000; Bankers
Co., $117,614,000; Farmers'Loan & Trust Co., $16,261,000; Equitable Trust
$24,679,000.
Balances carried in banks in foreign countries as reserve for
deposits were: National City Bank, $50,542,000; Bankers Trust Co.,
Guaranty Trust Co., $15,445,000; Farmers' Loan & Trust Co., $2,023,000;
Co., $3,725,000.
c Deposits in
foreign branches not Included,
e
deposits deducted, $157,597,000.
f U. S. deposits deducted, $164,575,000.
Trust
payable, rediscounted acceptances and other liabilities,
$1,005,880,000.
Co.,
such
$217,000;
Equitable
U. 8.
Bills
i372
statements of reserve
position
of
combined
house banks
clearing
[Vol. 112.
CHRONICLE
THE
results
Reserve
in
Total
Reserve
companies
in
Demand
*Total Cash
Reserve in
Deposits.
in Vaults.
Depositaries.
Surplur
Reserve.
Required.
Reserve.
22
29
%
S
%
%
Jan.
Jan.
Vault.
trust
a
Depositaries
Reserve
and
new york.
Loans and
Week ended—
in
banks
Investments.
Averages.
Cash
of
greater
companies.
and trust
5,752,205,800
i—
4,521.194,000
119,687,600
611,051,300
5,708,133.700
4,447.406.300
117,026,200
593,132,300
113,040,800
576,805,000
$
%
%
483,289,000 483,269.000 474.630,780
9,639,180
11,022,000
4,107,000
Feb.
5
5,699,889,500
8,638,220
1,382.820
Feb.
11
5,636,439,700
4.451,067.800
4.376.232,700
115,406,100
Feb.
19
5,590,2.56,100
4.351.241,600
112.140,300
587.986,600
6,660,1.50
101,850
Feb.
26
tl 10.570.800
583,456,400
5
5,568,707.800
5,567,907,300
4.314.472.300
Mar.
Members
4.346,190,400
110,483.900
683,800,900
9.033,000 492,020.000 501.053,000 490,930,110
8,881,000 506,071,000 514,952,000 500,023,580
10,122.890
Mar.
12
5,532,610,200
19.
580,586,000
689,418,800
8.907.000 502,676,000 511,683,000 500,862,140
8,729,000 605,691,000 514,420,000 500,810,790
10,720,860
13,609.210
Mar.
26
5,550,054.700
5,510,254,000
4,348,258,100
4,346,242,100
116,277,500
14,928,420
Mar.
4,287.160,600
113,236,200
Federal
$
Reserve banks
State banks*
6,855*666
Trust companies
2,178,000
Total Mar. 26.-..
Total Mar.
19
Total Mar. 12
Total Mar.
5
6,762,000
4,584,000
%
*
Figures.
in
Total
Reserve
Surplus
Depositaries
Reserve.
Required.
Reserve.
%
%
$
Members Federal
$
Reserve banks
6",90o"O66
Trust companies
•'
;
%
6,376,980
1,144,360
6,600,300
Total Mar.
12
Total Mar.
5
7,661,040
3,440,030
34,683.930
3.983,650
8,936,000 497,865.000 606,801,000 502,817,350
Not
members of Federal Reserve
Mar. 25 1921.
Mar. 18 1921.
206,694,513
181,772,490
Gold settlement fund—F, R. Board
112.297,813
88,199,715
Resources—
i
Total gold held by bank
Gold with Federal
demand deposits In the case of State banks
and trust companies, but In the case of members of the Federal Reserve banks
Includes also amount of reserve required on net time deposits, which was as follows:
Mar. 20, $5,770,440: Mar. 19. J5.761.860: Mar. 12, $5,749,650; Mar. 5. $5,746,110.
b This is the reserve required on net demand deposits In tne case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
Includes also amount of reserve required on net time deposits, which was as follows:
Mar. 26, $5,756,520; Mar. 19, $5,764,470; Mar. 12, $5,703,240; Mar. 5, $5,769,030.
36,000,000
27,000,000
509,811,036
203.838,831
151,624,145
152,086,688
611,462,000
385,729,580
571,772,000
377,172,770
385,729,580
552,772,000
318,650,746
Total reserves
661,897,724
377,172,770
Legal tender notes, silver, &c._
504,689,000
106,773,000
739,916,802
Total gold reserves
351,324,434
275.878.000
351.324.434
262,863,000
Bills discounted:Secured by Government
obligations—for members
w.tr
19.000,009
Less rediscounts with other F. R. bks.
13,015,000
Less rediscounts with other F.R. banks
Companies Not in Clearing
State Banking Department reports weekly
Banks and Trust
House.—The
318,650,746
Total
bills
on
hand
U, 8. Government
34,956,827
196,484,000
772,010,842
1,255,400
1.012,119,000
1,457,000
.50,000
69,276,000
24,000,943
59,276,000
856,543,185
1,075,778,000
4,626,996
3,094,000
1,255,400
bonds
U. S. Victory notes
U. S. certificates of indebtedness—
summary OF STATE BANK8 AND TRUST COMPANIES IN GREATER
NEW YORK,
39,385,862
735,209,380
Bills bought In open market
figures showing the condition of State banks and trust com¬
panies in New York City not in the Clearing House, as follows:
One-year
NOT INCLUDED IN CLEARING HOUSE STATEMENT.
59,276,000
(Plttman Act)
303
All others
(Figures Furnished by Stale Banking Department.)
795,741,083
Bank premises^--—4,639,918
5% redemp. fund aget. F. R. bank notes
2,147,760
Gold abroad In custody or in transit
1,211,100
Uncollected Items
133,521,218
Total earning assets
Differences from
k March 26.
Gold
—
previous week.
$607,771,000 Inc. $11,030,300
6,873,400 Dec.
7,100
Loans and Investments
— -
16,847,800 Inc.
Deposits with Federal Reserve Bank of New York...
51,888,500 Inc.
Total deposits
631,505,600 Inc.
Deposits, eliminating amounts due from reserve de¬
positaries, and from other banks and trust com¬
panies In N. Y. City, exch nges nd U. S. deposits. 582,590,600 Inc.
Reserve on deposits
104,417,200 Dec.
Currency and bank notes
,
Total
RESERVE.
Total
16.03%
$50,125,500
20,619,000
21.18%
$70,744,500
•
21.71%
a
k The Equitable Trust Co. Is no longer Included In these
member of the Clearing House and being now Included
Clearing House member banks.
654.377,282
781,217,000
789.920,080
33.838,200
834,188,000
105,930,927
16,803,901
102,030,000
1,846,568,000
31.3C0.200
79,445,922
All other liabilities
17,138^520
Total liabilities
Ratio
F.
of
R,
total
reserves
to
depost
and
44,050,000
16,021,000
=====
45.8%
39.1%
52.9%
50.3%
note liabilities combined
38.0%
Ratio of reserves to deposits after deduct¬
in the statement of the
ing 40% gold reserves against F. R.
notes In circulation
The change began with the return for Sept. 25.
62.1%
liability on bills purchased
correspondents
12,125,268
Contingent
for foreign
14,146,976
Note.—-In conformity with the practice of the Fedeial Reserve Board at Washing¬
Banks and Trust Companies
averages
735,239,000
45,334,000
780,739,755
liability
Deferred availability Items
totals, It having become
23.880,000
45,082,000
644,000
1,680,380,192 1,683,773,197
F. R. bank notes in clrcul'n—net
Bank of New York, which for the
March 26 were $51,888,500.
26,488,350
56,414,456
410,143
639,356,463
14,610,676
688,852,988
R. notes in actual circulation
F.
Includes deposits with the Federal Reserve
State banks and trust companies combined on
-
Total deposits
06.39%
1,019,000
=
26,488,350
56,414,456
26,244,600
Due to members—Reserve account..639,485,666
Other deposits, incl, foreign Govt, credits
24,122,822
15.32%
05.15%
..$33,672,700
.
1,846,568,000
3,202,309
Government deposits...,—-.-
—Trust Companies—
8,188,500
Deposits In banks and trust cos
1,680,380,192 1,683.773,197
resources
Capital paid in
♦$25,484,200
Cash In vaults
151,877,000
...
Surplus
2,588,000
/:r&
Slate Batiks
3,338,000
1,211,100
154,006,411
3,216,819
Liabilities—
10,709,500
2,876,000
2,270,960
All other resources
Percentage of reserve, 21.6%.
y
.
-
70,900
497,500
11,737,300
165,121,000
312,568,090
269,972,205
588,292,657
Reserve Agent
All other—For members
State
65,833,000
57,898,000
41,390,000
318,992,326
233,300,331
36,000,000
Gold redemption fund...
Ban*.
Mar. 26 1920.
?
$
Gold with foreign agencies
This Is the reserve required on net
a
,
Gold and gold certificates
9,036,000 490,184,000 499,220,000 491,558,960
8,881,000 490,164,000 499,045,000 495,604,970
8,797.000 525,068,000 533,865,000 499.181,070
Total Mar. 19
date last year:
139,700
6.740,000
4,604,000
M
Total Mar. 26
*
following shows the condition of the Federal Reserve
e ose of business Mar. 25 1921, in
comparison with the previous week and the corresponding
Bank of New York at the
481,661,000 481,661,000 475,284.020
9,674,640
10,819,000
3,919,000
2,136,000
572,716,000
and Federa
figures.
■—The
Reserve
State banks*
t Corrected
Condition of the Federal Reserve Bank of New York.
b
Reserve
Vault.
notes,
.
Cash
in
112,487,400
This Item Includes gold, silver, legal tenders, national bank notes
Reserve
Actual
590,687,400
in New York City.—The
of the New York City Clearing House banks and
ton, method of
computing ratios of reserves to liabilities was changed beginning with
Instead of computing reserves on the basis of net deposits—
the return for March 18.
companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
trust
is, Including In the total of deposits "deferred availability Items" but deducting
"uncollected items"—the new method is to disregard both amounts and figure the
that
percentages entirely on the gross amount
the
of the deposits.
For last year, however,
computations are on the old basis.
The Federal Reserve
Banks.—Following is the weekly statement issued by the Federal Reserve Board on March 26.
and in addition we present the results for seven preced¬
ing weeks, together with those of corresponding weeks of last year.
The second table shows the resources and liabilitiesseparately "yr each of the twelve banks.
The Federal Reserve Agents' Accounts (third table following) gives details regarding
transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal
Reserve banks,
la commenting upon the return for the latest week the Federal Reserve Board says:
The figures for the system as a whole are given m the following table,
Further gains of 5.3 millions of gold and of 7.2 millions of total cash
as against a reduction of 32.2 millions in Federal Reserve note
circulation and an increase of 66.3 millions in deposit liabilities, are indicated
in the Federal Reserve Board's weekly bank statement issued as at close
other U. S. bonds; 265.8 millions or 26.3% by Victory
millions, or 9.4% by Treasury certificates, compared with
secured by Liberty or
notes, and 94.5
reserves,
ceptances on hand show but a nominal increase.
The statment for the
time shows separate figures for the so-called Pittman certificates,
591.3, 250.2 and 158.8 millions shown the week before.
The large reduction
in the holdings of paper seemed by certificates apparently reflects correspondihg amounts of certificates purchased by the Government or placed
with ultimate investors by the member banks.
Discounted bills held by the Cleveland Reserve Bank, include 14.7
millions of bills discounted for the Dallas Bank, compared with 13.4 millions
the week before, while acceptance holdings of the Boston, Cleveland,
Philadelphia and San Francisco Banks are shown inclusive of 3.3 millions
of bank acceptances purchased from the New York Bank, compared with
5.9 millions shown on the previous Friday.
Of the total increase in deposits above shown, 55.9 millions represents
deposited with the Treasurer of the United States to
an
of business on March 25 1921.
The banks' reserve ratio shows a decline
for the week from 51 to 50 8%.
Member banks' borrowings from the Reserve Banks show an aggregate
increase of 61.7 millions, though the New York Bank reports a decrease
of 41.1 millions under this head.
Of the total increase in discounted paper
held. 10 millions represents an increase in paper secured by U. S. Govern¬
obligations, and 51.7 millions
ment
an
increase in other discounts.
Ac¬
first
secure
Federal Reserve
note
Combined Resources
and
Liabilities
of
the
Gold
and
gold
certificates
Gold settlement fund,
F. R. Board
Gold with foreign agencies
|
3
291,960,000:
(
old with Federal Reserve agents
Gold redemption fund
millions below the peak figure of Dec. 23
the total reported on the corresponding
Bank note circulation shows a further
1920 and 117.3 millions
date last year. Federal
decline for the week of
millions and totaled 175.5 millions, compared with 179.3 millions about
474.2
below
Reserve
3.8
a
year ago.
J
266,431,000
1921.i
$
Mar. 41921.
$
254,276,000
801.873,000
1
!
"at
the
\Feb. 25 1921.
1
$
217,335.000
234,353,000
609,913,0001 *513,572,000- 528,216,000. 526,499,000
.
Total gold held by banks
$
deposits; member banks' reserve deposits show a
decrease
member
Federal Reserve Banks
Mar. 25 1921. Mar. 18 1921. Mar. 11
RESOURCES.
increase in Governemnt
of 3.2 millions, while other deposits, composed largely of nonbanks' clearing accounts and cashiers checks, increased by 13.6
millions.
Federal Reserve note circulation shows a further reduction
for the week of 32.2 millions, the March 25 total of 2,930.7 millions being
circulation.
The total amount of these certificates, $254 shows no change for the week.
Holdings of other certificates
fell off 28.1 millions, of which 24 millions represnets the amount of special
certificates held by three Reserve Banks on the previous Friday and re¬
deemed by the Government during the week.
In consequence of the
above changes, total earning assets show an increase of 33.9
millions, and
at the close of the week stood at 2,692.4 millions, compared with 3,191
millions on the corresponding date of last year.
Of the total holdings of 1,010.4 millions of paper secured by United
States Government obligations, 650.1 millions or 64.3 per cent., were
Bank
375,000,
'
530.104.000
Close
Feb.
of
18 1921.
Business March 25 1921.
Feb. 11 1921. Feb.
$
1921. Mar. 26 1920.
$
210.978,000
204,985,000
511,751,000
480.480.000
*780,003,000
782,492,000
760,852.000
747,439,000
722,729,000
1,245,507,000 1,257,807,000 1,240.570.000 1,236,560.000 1,234,181.000 1,260.546,000
163,386,000
167,729,000
164.844,000
165.678,000
158,693,000
149,377,000
4
$
199,750,000
48-, 192,000
363,132,000
3,300,000
112,781,000
154,237,000
630,150,000
685,465.000 685.242,000
1,269,037.000 1,274,747.000 1,186,829,000
117,776,000
167,476,000
151,958,000
April
21921.]
TIIE
CHRONICLE
1373
■V
Max. 251921. Afar. 18 1821. Mar. 111921. Afar.4 1921.
S
Legal tender notes, sliver, Ac
Total
211,212,000
reserves
Secured by U. S. Govt, obligations.All other..
hand
on
U. 8. Government bonds
One-year certificates (Pittman Act)
other
254,375,000
2,490,000
—
...—
Total earning assets
Uncollected Items
Total
210,018,000
212,673,000
Feb. 11
*
216.686,000
lt|21.
1921. Feb.
4
%
220.338.000
1921. Mar. 261920.
S
220,220,000
%
214,180,000
122.400,000
254,375,000 \ 255,687,000
30,576,000 1
257,693.000
261.510.000
261,759.000
263,574.000
259,970,000 f 259,375,000
I
3,681,000
2,692,435.000 2,658 514,000 2,796,611,000 2,789,069,000 2,854,135.000 2,818,908.000 2,870,831,000 2.886,729,000 3,191,031,000
20,465,000
20,522.000
18.977,000
20,193,000
19,733,000
19.309,000
19.469.000
18,244,000
11,990,000
12,068,000
12,428,000
12.728.000
12,114,000
12,207,000
12,199,000
12,159,000
12,868,000
13,900,000
3,30G,000
3,300,000
3,300.000
3,300,000
3,300,000
3,300,000
3,300,000
593,640,000
716,882,000
605,758,000 *631.957,000
641.661,000
567,478,000 *595,980X00
607.422,000
767,675", 000
9,891,000
9,225,000
7,500.000
9,145.000
7,739,000
8,580,000
7.105,COO
7,617,000
6,020,000
'Bank premises
6% redemp. fund agst. F. R. bank notee
Gold abroad in custody or In transit,
All other
1921. Fa. 18
$
2,409,704,000 2,347,699,000 2,615,058.000 2,505.509.000 2X66,757.000 2.531,282,000 2,581.389.000 2.600,891,000 2,901,109,000
25,845.000
25,847,000
25,847,000
25,848.000
25,849.000
25,848,000
25,849.000
25,849,000
'26,798,000
19,000
19,000
19.000
19,000
19,000
19,000
19,000
19,000
68,000
...
U. 8. Victory notes
U. 8. certificates of indebtedness:
All
209,250,000
Feb. 25
$
1,010,373,000 1,000,386,000 1,005,977,000
990,182.000 1,011,677.000 1,017,152,000 1,441,015,000
981,840,000 1,003,975,000
1,276,275,000 1,224,533,000 1,362,473X00 1,359,665,000 1,392,279,000 1,374.226.000 1,393,839,000 1,415,921,000 1,008,215,000
123,056,000
122,780,000
166,874,000
146,608,000
175.873,000
164,004,000
170,503,000
167,818,000
451,879,000
Bills bought In open market
bills
$
.
2,421,977,000 *2414,789,000 2,397,924,000 2.375,763,000 2,356.999,000 2,352.990,000 2,342.198.000 2,326.127,000 2,057,155,000
Bills dlsoounted.
Total
$
'
resources........
5,753,167,000 *5836,269,000 5.845,659.000 *5,840 601000 5,861,101,000 5,856,021,000 5,822,491.000 *5847053.000 6,047,771,000
resources
LIABILITIES.
101,058,000
101,113,000
100,865,000
100.557,000
101,003.000
100,740.000
100,228,000
100,790,000
91,059,000
202,036,000
202,036,000
202,036,000
202,036,000
202,036.000
202,036,000
202,036,000
202,036,000
120,120,000
58,789,000
114,685.000
56.941,000
81.521,000
48.467.000
61,516,000
62,984,000
*48,373,000
27,711,000
1,674,536,000 1,677,774,000 1.731,429.000 *1,705 364000 1,722.919,000 1,720,855.000 1,740.269,000 1,742,762,000 1,867,125,000
38,072,000
51,666,000
30,776,000
*24,064.000
23,305,000
24,609,000
26,243,000
25.802,000
100,160,000
Capital paid in
Surplus
Government deposits
Due to members, reserve account
Other deposits, incl. for'n gov't credits._
1,840,887,000 1,774,635,000 1,843,726.000 1,786,369,000 1,809,208,000 1,806,980,000 1,814,518,000 1,817,378,000 1,994,996,000
2,930,729,000 2,962,880,000 3,005.840.000 3,042,611,000 3,051.706.000 3,037,444,000 3.050,416,000 3,075,750,000 3,048,039,000
175,490,000
179,250,000
182,087,000
185.109.000
193.431.000
189.325.000
198.178.000
197,210,000
201,392,000
454,279,000 *570,347,000
467.221,000 *482,385.000
423.613,000
469,811.000
479,799.000
423.633,000
546,696,000
46,063.000
48,633,000
43,746,000
41,226.000
38,225,000
35,591,000
33,173,000
30,818,000
45,469,000
Total deposits
F. R. notes in actual circulation..
F. R. bank notee In circulation—net liab.
.
Deferred availability Items
All other liabilities
liabilities
Total
Ratio
of
gold
5,753,167,000 *5836,269,000 5,845.659,000 *5,840601000 5,861,101,000 5,856.021,000 6,822,491,000 5,847,063,000 6,047,771,000
reserves
to
deposit and
46.3%
Ratio
of
total
reserves
to
46.5%
a46.4%
a46.2%
a45.3%
a45.5%
a44.9%
ai4.7%
50.8%
51.0%
a50.9%
a50.8%
a49.9%
a
50.3%
049.6%
a!9.3%
a42.7%
60.7,%
F. R. note liabilities combined.
*60.5%
a59.9%
a59.3%
a58.1%
a58-5%
a57.6%
a56.9%
a47.1%
J
$
S
*
t
$
$
$
deposit, and
F. R. note liabilities combined..-
Ratio of gold reserves to F. R. notes in
circulation
after setting
aside 35%
against deposit liabilities
Distribution by Maturities—
%
49,120,000
65,097,000
63,335.000
72,745.000
50.848.000
62,666.000
47,033,000
56,559,000
127,119,000
1,362,700,000 1,355,122,000 1,448,142,000 1,444,440.000 1,455,023,000 1,444,358.000 1.431,768.000 1,456,476,000 1,425,695,000
8,324.000
11,971,000
31,424,000
7,646.000
6,323,000
4,823.000
6,424,000
5,823,000
4,876,000
24,977,000
47,652,000
33,486,000
31,769,000
44,213,000
64,172,000
25,264,000
38,249,000
88,629,000
227,479.000
248,885,000
251,266,000
222,698,000
223,858,000
234,427,000
222,658.000
238.301.000
294,355,000
4,627,000
3,500.000
6,000.000
3,100,000
4,407,000
7,581,000
4,621,000
2.000,000
4,300,000
35,343,000
34,805,000
43,302,000
68.860,000
43,348,000
44,626,000
36,510,000
66,233,000
171,711,000
359,303,000
381,720,000
403.555,000
375,018,000
389,479.000
369,200,000
397,788,000
407,392,000
464,333,000
9,518,000
9,036,000
8.949,000
6,676,000
9,518,000
7,646,000
6,555,00C
9,955,000
4,700,000
13.220,000
13,340,000
16.695.000
16,188,000
17,328.000
14,249X00
16,777,000
19,607,000
64,420,000
247,096,000
242,118,000
283,234,000
266,161.000
274.716,000
255,707,000
278,264?000
283.855,000
245,221,000
4,640,000
5,602,000
6,813.000
4,513,000
5.350,000
8.858.000
11,511,000
7,255,000
4,097,000
40,562.000
40,897,000
44,211,000
42,607,000
43,642,000
37,651.000
42,057.000
47,049,000
19,626,000
228,591,000
237,684,000
229,421,000
234,093,000
234,393,000
236,247,000
232,010,000
230,681,000
245,083,000
1-15 days bills bought in open market.
1-15 days bill discounted
1-16 days U. 8. certif. of Indebtedness.
16-30 days bills bought In open market.
.
16-30
days bills discounted
16-30 days U. 8. cettif. of indebtedness.
81-60 days bills bought In open market.
31-60 days bills discounted
31-60 days U. 8. certlf. of Indebtedness.
61-90 days bills bought in open market.
61-90 days bills
discounted
61-90 days U. 8. certlf. of indebtedness.
Over 90 days bills discounted
Over 90 days certlf. of Indebtedness
—
Federal Reserve Notes—
Held by banks
3,294,876,000 3,310,900,000 3,337,009,000 3,346,989,000 3,348,473,000 3,349,950,000 3.368.644,000 3,400,093,000 3,289,312,000
331,169,000
312,506,000
348,020,000
304,378,000
296,767,000
318.228,000
324,343,000
241,273,000
364,147,000
In
2,930,729,000 2,962,880,000 3,005,840.000 3,042,611,000 3.051,706,000 3,037,444.000 3,050,416,000 3.075,750,000 3,048,039,060
Outstanding
actual circulation
4n hands of Federal Reserve Agent
4.097,318,000 4,105,419,000 4,131,424.000 4,135,883,000 4,146.930,000 4,158.802,000 4,193.670,000 4,215,527,000 3,672.011,000
794,415.000
788,894X00
808.852,000
794,519.000
825,026,000
798,457,000
815,434,000
382,699,000
802.442.00C
Issued to Federal Reserve banks
3,294,876,000 3,310,900,000 3,337,009,000 3,340,989,000 3.348,473.000 3,349.960,000 3.368.644.000 3,400,093,000 3,289,312,000
Amount chargeable to Fed. Res. agent
254,621,000
How Secured—
227,385,000
227,386,000
227,386,000
227,386,000
227,386,000
227,386,000
227,386,000
226,386,000
2,049,369,000 2,053.093.000 2,096,439,000 2.1x0,429,000 2,114,292,000 2,089.404,000 2,099.607,000 2,125,346,000 2,102,483X00
By gold and gold certificates...
'By eligible paper
Gold redemption fund
104,511,000
914,610,000
........
With Federal Reserve Board
Total
—...
Eligible paper delivered to F. R. Agent.
^rvPVIfWi
897,490,000
109,120,000
900,054,000
113,359.000
893,436.000
113.831.000
919.329,000
118.901.000
103.412,000
943,949,000
922,751,000
104,227,000
827,981,000
3,294,876.000 3.310,900,000 3,337,009,000 3,346,989,000 3,348,473,000 3,349,950,000 3,368.644,000 3,400,093.000 3,289,312,000
2,359,723.000 2,295,178,000 2,462,717,000 2,450,543,000 2,512.232,000 2,471,746,000 2,525,411,000 2.554,001.000 2,837,877,000
T1VIJ TCP
Calculated
a
115.694,000
116,071,000
914,350.000
ability Items."
on
•
the old basis of net
deposits—that Is, after deducting from gross deposits "uncollected Items," but Including also In the gross deposits "deferred avail¬
both of these—see matter printed In Italics In Introductory remarks on Page 1255 In "Chronicle" of March 26.
The new method Is to disregard
WEEKLY STATEMENT OF RESOURCES AND
LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MARCH 25 1921
Two ciphers (00) omitted.
Federal Reserve Bank of—
Boston.
New York.
Phila.
RESOURCES.
%
%
8
Cleveland. Richmond
%
%
Atlanta.
Chicago.
1
%
Dallas.
%
S
9
San Fran.
$
St. Louis. Minneap. Kan.City.
9
Total.
9
7,308,0
29,338,0
206,695,0
3,228,0
112,298,0
51,861,0
6,590,0
88,489,0
3,395,0
25,819,0
4,846,0
17,099,0
21,288,0
81,845,0
3,350,0
18.402,0
8,306,0
19,185,0
2,584,0
27,164,0
36,646,0
318,993,0 55.089,0 95,079,0
233,300,0 117,209.0 194,934,0
13,397,0
36,000,0 12,659,0
29,214,0
27,491,0
25,156,0
9,720,0
21,945,0 103,133,0
56,085,0 184,767,0
7,592,0
17,244,0
21,752,0
37,696,0
29,738,0
38,064,0
4,136,0
16,177,0 46,616,0
801,873,0
16,683,0 134,193,0 1,245,507,0
7,160,0
10,121,0
163,385,0
Total gold reserves...
212,858,0
12,933,0
Legal tender notes, silver, &c_._
588,293,0 184,957,0 303,410,0
3,595,0
3,175,0
151,624,0
86,837,0
5,122.0
85,622,0 305,144,0
4,394,0
10.755,0
84,913,0
8,680,0
55,843,0
490,0
71,938,0
3,219,0
40,020.0 190.930.0 2,210,765,0
2.217,0
6,008.0
211,212,0
739,917,0 188.132 0 307 005 0
91 959.0
90.016.0 315.899.0
93.593,0
56.333.0
75,157,0
45,028,0 193,147,0 2,421,977,0
61,835,0
49,980,0
62,173,0
3,133,0
57,762,0 129,745,0
65,995,0 285,495,0
744,0
10,294,0
37,204,0
55,440.0
2,030,0
14,106,0
55,113,0
36,665,0
67.960.0
205,0
11,091,0
63.697,0 1.010,373,0
52,315,0 109,499,0 1,276,275,0
18,954,0
123,056,0
735.210.0 172,839,0 162,242,0 115,286,0 124,501,0 425,534,0
1 435,0
4.490.0
113.0
1,233.0
834,0
1,255,0
10,0
3.0
94,674,0
69,219,0 104,830,0
116.0
8,867.0
63,406,0 182.050,0 2,409,704,0
25,847.0
3,979,0
1,822.0
19,0
'Gold and gold certificates
....
-Gold Settlement Fund, F. R. B'd
Total gold held by banks
-
Gold with Federal Reserve agents 138,516,0
-Gold redemption fund..
Total
225,791,0
reserves
47,903,0
58,697,0
4,464,0
3,196,0
6.844,0
9,333,0
17,526,0
29,090,0
291,960,0
509,913,0
Bills discounted: Secured by Gov¬
69,248,0
ernment obligations (a)
All other
80,444,0
Bills bought in open market (b)_.
Total bills
on
159,913,0
hand
U. 8. Government bonds
*U. 8. Government
10,221 X
...
Victory notes
550.0
5.0
377,173,0 111,967.0
318,651,0 46,795,0
39,386,0 14,077,0
76,395,0
24,012,0
1.153.0
1.0
U. S. certificates of indebtedness:
One-year ctfs. (Pittman Act)
._
All other
Total
Bank
5%
181,923,0
earning assets
3,220.0
premises
redemption
21,436.0
19,0
fund
12,260,0
2,0
16,664,0
IX
13,068,0
795,741,0 206,414,0 186,915,0 128,781,0 141,282,0 469,636.0 109,172,0
626,0
1,704,0
1,628,0
726,0
506,0
2,827,0
4,640,0
77,815.0 124,169,0
599,0
1,742,0
39,612,0
8,480,0
8,300,0
Gold abroad in custody or transit
Uncollected items.....
241,0
41,209,0
524,0
1,211,0
134,211.0
resources
resources
...
2,512,0
1,240,0
601,0
264.0
270,0
47,314,0
565,0
53,933,0
1162,0
49,690,0
547.0
453.0
1,300,0
616,0
1,936,0
523,0
465,0
254,375,0
2.4C0.0
75,685,0 194,912,0 2,692,435,0
1,775,0
529,0
20,522,0
586.0
916.0
665.0
152,0
38,877,0
12,068,0
3,300,0
593,640,0
9,225,0
119.0
393,0
155,0
89.0
158.0
.86,0
27,070,0
539,0
79,688,0
1,720,0
32,203,0
16.301.0
41,355,0
626,0
127,0
554.0
31,789,0
664,0
434,0
453,980,0 1,680,380,0 444,495,0 551,614,0 273,274,0 260,368,0 872,099,0 236,798,0 151,729,0 244,041,0 155,613.0 428,776.0 5,753,167,0
LIABILITIES.
'
10,880,0
20,305.0
5,325,0
10.561,0
7,758,0
8,559,0
639 486 0 102 023 0 145 164 0
2 078 0
950 0
24 122 0
55 179 0
7,838.0
I
26.488,0
8,599.0
15,711 0
Capital paid In
Surplus
Government deposits...
10,880.0
160,0
against
2,148,0
Total
30,0
10,320,0
141,0
1.072,0
All other
23,799.0
277,0
Federal Reserve bank notes...
-
30.280,0
1,860,0
59,276,0
56 414,0
9,472,0
25,245,0
17.010.0
11,698,0
Due to members, reserve account 106 379 0
2 768 0
Oth. deposits, incl. for Govt.cred.
Total deposits
118.619,0
F. R. notes In actual circulation. 259,837,0
4,075,0
14.139.0
28,980.0
4,433,0
8,346,0
3.498,0
8,343,0
9,715,0
11,918,0
4,229,0
4,631,0
4,488,0
9,159,0
7,562,0
6,980.0
Q
43 608 0
75 071 0
1.506.0
513 0
1.019.0
58.208,0 253,898,0 67,684.0
688,853,0 114.671.0 155,000.0 64.204,0
780,740,0 242,344,0 293,082,0 145,499,0 156,026,0 480,345,0 115,944,0
48.652,0
466 0
47 459 0 237 106 0
1.034 0
4.874.0
61 949
4,134,0
6.033.0
'8,612,0
7,216,0
14,194,0
5,386.0
101,113,0
202,036,0
114,685 0
46 761 0 114 351 0 1 674 536 0
1.063,0
11,273,0
61,666.0
56.436,0 131,010,0 1,840,887,0
69,303,0
83,652,0
95,130,0
6,960,0
6,968,0
11 667.0
5.350,0
31,701.0
1,730.0
14,649,0
37,478,0
2.467,0
22,128,0
59,947,0 232.532.0 2,930.729,0
F. R. bank notes In circulation—
Net
liability
..Deferred availability items
All other liabilities
Total liabilities
15,253,0
31,300.0
17.387,0
33.988.0
79,446,0
17,139.0
41,869.0
2,615,0
2.734.0
21,158,0
48.301.0
2,888,0
8,859,0
37,084.0
1,742,0
13,420,0
18,098.0
2,198,0
28,557,0
57,502,0
8,078,0
1,679,0
1,585.0
8,611.0
32,035,0
3,178,0
175.490,0
454.279.0
48,633,0
428,776,0 5,753,167,0
453.980,0 1,680,380,0 444,495,0 551,614,0 273,274,0 260,368,0 872X99.0 236,798,0 161,729,0 244,041,0 155,613.0
1374
Two ciphers (00) omitted.—
Boston.
New York.
$
and
%
Atlanta.
S
•:»
Dallas.
3
'
San Fran.
Total.
8
St. Louis. Minneap. Kan.City.
Chicago.
8
$
8
S
$
$
?
'A'--
F. R. note liabilities com¬
with other F.
'"'r'V
5P.7
bined, per cent..
Memoranda—Contingent liability
Discounted paper redlscounted
'
R. banks.....
■
Includes bills
^
^
^
'•
'4>
-
«,
:/
*
«
2,560,0
12,125,0
2,336,0
2.
-
(&) Includes bankers' acceptances bought fr
om
-
51.0
38.7
42.0
*47.8
~
-
2,624,0
w
«
3,808,0
1,1.52,0
1,568,0
14,663,0
14,663,0
_
.
„
14,663,0
-
1,504,0
25,0
832,0
1,536,0
864,0
3,336,0
1,472.0
32,381,0
». ~
-
STATEMENT OF FEDERAL RESERVE
AGENTS' ACCOUNTS AT CLOSE OF BUSINESS MARCH 25 1921.
PMla.
8
%
8
31,140 43,830 26,878 78,945
921,846 266,157 318,121 152,598 161,760
$
135,057
Eligible paper/Amount required
/Excess amount held
24,856
-
13,052
1,904
5,960
14~,623
Dallas
4,906
Total
8
5
802,442
22,669 40,300
63,393 294,417 3,294,876
226,386
4,891
"3",704
10,200
47,831
81,874
83,195 .12,769
170,144
342,115
San Ft.
$
City
$
3,400
12,510
71,337 104,221
141,000 26,840
526,882 140,671
3,500
23,775
2,585
12", 820 16,159 "4",403
56,000 104,389 155,000 43,500 50,000
148,948 123,187 104,695 105,675
688,546
8,781
18,812
14,476 11,826 38,021
115,000
Reserve Board
Gold settlement fund—Federal
169,608
7,692
17,916
—
K.
Minn.
$
outstanding:
Gold and gold certificates
Gold redemption fund
St. L.
$
268,000
5,600
notes outstanding......
Collateral security for Federal Reserve notes
%
Chicago
S
Richm'd Atlanta
Cleve.
$
106,930
273,573
_
3,336,0
1,310,0
.4
New York
Boston
(In Thousands of Dollars)
Resources—
14,663,0
,
..
537,0
1,206,0
25,0
Federal Reserve A (rent at—
Federal Reserve notes on hand
50.8
53.1
otber F. R. banks:
258,0
Without their endorsement—
Reserve
43.0
discounted for
other F. R. banks, viz
Federal
„
3,311,0
Contingent liability on bills purch.
for foreign correspondents
42.0
43.9
68.5
52.7
50.3
endors er on:
as
Bankers' acceptances sold to other
F. R. banks without endorsem't
(a)
Cleveland) Richmond
PhUa.
$
LIABILITIES (Concluded)
Ratio of total reserves to deposit
[Vol. 112.
CHRONICLE
THE
46,181
21,948
14",241
3,558
104,511
914,610
8,234 119,952
46,710 160,224 2,049,369
310,354
16.438 20,604
34,360
66,157
38,628
649,738 7,702,548
678,932 2,126,168 575,280 718,093 340,855 421,277 1,277,959 320,751 177,132 250,470 165,893
Total
UabilUUs—
Net
Reserve
Federal
of
amount
from
received
notes
380,503 1,189,846 297,297 361,951 179,476 240,705
233,300 117,209 194,934 47,903 56,085
138,516
703,022 160,774 161,208 113,476 124,487
159,913
.k..
Comptroller of the Currency
/Gold..
Federal Reserve Bank/Eligible
Collateral received from
paper
184,767
58,697
94,643
86,062 334,717 4,097,318
16,683 134,193 1,245,507
63,148 180,828 2,359,723
83,847 107,621
25,156 38,064
425,310
68,129 104,785
667,882 167,411
649,738 7,702,648
678,932 2,126,168 575,280 718,093 340,855 421,277 1,277,959 320,751 177,132 250,470 165,892
Total.
Federal Reserve notes outstanding...
273,573
Federal Reserve notes held by banks.
13,736
921,846 266,157 318,121 152,598 161,760
5,734
7,099
141,106 23,813 25,039
526,882 140,571
46,537 24,627
71,337 104,221
2,034
9,091
63,393 294,417 3,294,876
364 147
3,446 61,885
259,837
780.740 242,344 293,082 145,499 156,026
480,345 115,944
69,303
95,130
59,947 232,532 2,930,729
Federal Rewve notes In actual circulation
Member Banks of the Federal Reserve
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
in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" Dec. 29 1917, page 2523.
Board
items
STATEMENT SHOWINO PRINCIPAL RESOURCE AND LIABILITY ITEMS OF REPORTING MEMBER BANKSIN FEDERAL RESERVE
BANK AND BRANCH CITIES AND ALL OTHER REPORTING BANKS AS AT CLOSE OF BUSINESS MARCH IS 1921.
Accommodation of reporting banks at the Federal Reserve Banks de
during the week from 1,854 to 1,719 millions and constituted
10.7% of the banks' total loans and investments, compared with 11.6%
the week before.
For the New York banks decreases from 789 to 651
millions in accommodation and from 15.1 to 12.4% in the ratio of accom¬
Aggregate Increases of 151 millions in investments, of which 137 millions
represents an increase in the holdings of Treasury certificates, as against
further
creased
liquidation of 54 millions of loans and discounts, are indicated m the
Reserve Board's weekly statement of condition on March 18 of
824 member banks in leading cities.
A11 classes of loans show reductions for the week: Loans secured by U. S.
Federal
modation
In
Government obligations—by 9 millions; loans secured by corporate obliga¬
tions—by 17 millions, and all otber loans and discounts, largely of a com¬
mercial character—by 29 millions
Corresponding reductions of 15, 14
and 20 millions are shown for member banks in New York City.
Following the large certificate transactions of the week, reporting banks
show an increase of 137 millions in their holdings of Treasury certificates,
while their holdings of other Government securities show no appreciable
change.
Holdings of other bonds, stocks and securities show an increase
of 14 millions.
For the New York City banks increases of 81 millions in
certificates and of 8 millions in other stocks and bonds, as against a decrease
of 3 millions in other U.S. securities, are shown.
As a consequence of the
above changes, total loans and investments of all reporting banks show an
increase of 98 millions, and those of New York member banks—an increase
of 37 millions.
>.
1.
Data for all reporting member banks In
Federal Reserve District
Number of reporting banks
Loans and
discounts, including bills
discounted
,
certificates,
Government deposits of the reporting
Net demand deposits, on the other
increase of
millions in
millions in time deposits, as against a
decrease of 31 millions in net demand deposits, are shown.
In keeping with the substantial reductions in demand deposits and In
borrowings from the Reserve Banks, all reporting banks show a decrease of
50 millions, and those of New York City—a decrease of 36 millions in their
reserve balances with the Federal Reserve Banks.
Cash in vault, largely
Federal Reserve notes, shows a decline of 9 millions for all reporting banks
and a decline of 2 millions for the member banks in New York City.
hand, declined by 159 millions, while time deposits show an
millions.
For the New York City banks increases of 157
Government
deposits and of 22
Chicago.
Atlanta.
84
St. Louis.
Kan. Citt
62,648
29,186
761,430
122,856
13,309
45,892
8,073
113,559
93,989
438,612
22,383
348,935
74,023
38,140
152,922
665,342 3,113,422
699,475
334,204
322,285,1,365,960
339,564
225,725
403,039
222,032
776,461
3,014,740
8,878,311
900,0484,687,859
33,030
297,960
83,612
6,038;
21,291!
184,309
741,881
122,095
680,5121,111,058
43,971i
97,542
10,144!
20,698
33,354
20,239
155,842
283,841
476,172
59,882
7,691
8,077
48,545
404,4031,898,561
484,683
28,716
284,926
499,445
268,245
34,817
37,650
3,676
958,569 12,654,481
866,134
97,468
192,219
17,390
1,082 502 5.995.621
73,812
584,974
923.8231,533,378
600,367
63,076
98,622
34,320
16,250
15,437,
630,660
32,309
879,046
38,905
432,969
38,775
29,956
116,428
8.695
45,138
28,836
26,569
Other bonds, stocks and securities
28,409
25,338
56,776
22,263
2,163
77,745
34,115
35,294
3,975
16,701
1,245
3,343
5,950
2,058
1,989
33,851
314,415
66,082
19,623
53,242
10,271
481,385 2,360,130
171,133
26,950
54,177
10,935
233,003 1,299,447
585,692
325,838
41,904
20,030
597,130
40,896
9,197
314,657
6,698
13,225
190,523
389,324
209,670
143,880
656,470
143,802
59,797
535,225
2,926,448
28,531
6,988
68,882
4,542
101,268
2,498
4,247
2,226
14,946
347,624
27,892
67,282
18,705
5,716
18,448
8,045
25,971
573 167
380
1 790
140
397
59
100
480
3,382
8,648
30,533
18',986
3,151
771
617
44,523
3,663
59,086
195,773
192,949
3,882
40,795
40,652
3,316
2,236
dlsc'ts <fe Investments, Incl.
bills redlscounted with F. R. Bank
Reserve balance with F. R. Bank
23,821'
Cash in vault
103.467
723 6594,588,614
460,655
168,177
179,801
26,418
Net demand deposits...
deposits
Government deposits
325,283
265,546
35,019
obligations
36
Bills redlscounted with F. R. Bank:
Secured by U. S. Govt, obligations
All other.
68,144
......
2.
95,160
341,275
15,601
Data of reporting
53,414
36,702'
Number of reporting banks..
18 .Mar.
11
Mar.
52
72
72
IS.Mar.
11
Mar. 18.
52
counted with F. R. Bank:
67,141
63,980
558,909
316,522
2,100,058
All other loans and discounts
850,824
323,411
862,555
Total loans and discounts
bonds
U. S. certificates of Indebtedness.._
Other bonds, stocks & securities
Reserve balance with F. R. Bank...
Cash In vault
Net demand deposits
1,186,986 4,236,1781,234,487 1,249,946
19,260
19,282
254,662
257,424
18 .Mar.
11 Mar.
18.Mar.
946,888
Total.
11:Mar.18 *21|Af«r.ll '21 Mar.19 '20
5,845,302
8,504,269
429,896
8,549,299
12,964
12,990
107,111
431,659
107,596
177,463
96,351
558,686
14,455
8,599
144,051
255,168
136,598
1,128,705
1,117,309
...
deposits
deposits..
147,818
242,154
239,121
21,392
1.790
20,963
1,790
388,208
1,849
368,950
127,005
132,367
57,954
57,111!
573,167
1,790
1,155
545
378
422.
3,382
23,519
117,446
21.C72
115,754
10,365
120,237
9,199
8.8
8.8
7.3
Bills redlscounted with F. R. Bank:
93,013
99,088
11,640
12,607
161,889
315,629
Sec. by U. S. Govt, obligations..
809
769,968
1,162,465
3,175,231
3,031,706
8,906,575
a
861,481
201,612
497,338
a
2,576,19116,073,876 15,976,11416 ,781,425
,260,240 5,222,731 1,428,984 1,434,868 10,425,149 10,342,4613 ,067,071 3,057,4622 ,581,656
148,544 1,252,032 1,302,232 1,390,213
154,095
200,641
186,581
124,394
953,047
575,254
133,418
911,356
539,173
330,038
368,911
77,186
321,189
74,625
65,968!
63,225
31,592
32,705
183,339
186,884
93,738
91,692
10,535,101 11,635,029
918,938
935,793 7,207,369 7,297,567 ,656,051 1,698,8651 ,512,300 1,538,66910,375,720
,133,646
,103,132
650,531 2,926,448 2,910,392 2,574,140
649,667
919.438
917,296
310,337 1,359,485 1,340.423
311,021
275,638
297,820
104,451
40,607
28,343
6,247
3,868,
347,624
39,259
15,243
2,186
'280,022
17,109
30,492
173,939
All other
All otber
824
$
$
,201,493 2,205,4741 ,948,713 1,953,47612,654,481 12,708,249
865,783
214,856
866.134
215,506
220,732
219,268
192,055
35,039
192,219
35,110
49,420
49,998
202,058
29,107'
338,844
36,856
36,353
46,820
343,713 2,022,198 2,007,969
345,465
546,947
548,028
payable with F. R. Bank:
Sec. by U. 8. Govt, obligations...
i
S
S
824
322
322
216
216
$
74,092
567,434
dlsc'ts, & lnvest's,
lncl. bills redlsc'ted with F.R.Bk.
Government
591,834 10,375,720
and all other reporting banks.
88,680:
761,430
89,503
111,392
113,018
569,896
425,821: 3,014,740
426,599
489,524
488,083
2,116,361
5,863,042 1,600,392 1,604,55811,432,617 1,438,975 8,878,311
73,695
...
Total loans &
315,542
2,798,296 2,818,323
U. 8. Victory notes
Bills
286
[Mar.
8
$
$
$
5
$
331,187
Time
Mar. 11.'
286
Loans secured by stocks & bonds. 1,073,148 1,086,668
8.
16,764
All F. R. Bank Cities. F. R. Branch Cities. AllOlher Report .Bks
City of Chicago.
discounts, lncl. bills redls¬
Loans sec. by U. S. Govt, obllg'ns
U.
24,7861
338,844
2,022,198
omUted.
Mar.
Loans and
4,074
member banks In Federal Reserve Bank and branch cities
New York City.
(000)
6,753
34,467
37,917
18,860
172,510
320,213 1,264,797 16,073,876
72.484 1,252,032
23,831
25,519
321,189
10,154
Bank:
All otber
ciphers
824
$
S
%
$
S
$
$
$
$
71,084
0.8. Victory notes
U. 8. certificates of Indebtedness
Three
Total.
69
198,630
0.8. bonds
Secured by U. 8. Govt,
San Fran.
52
410,798
341,520
43,228
Total loans and discounts
Bills payable with F. R.
Dallas.
82
35
37
114
43
Three ciphers (000) omitted.
18 1921.
Mirineap
191,4781,232,^17
..
by stocks and bonds..
All other loans and discounts
Time
operations, particularly the
of the large Government
tax
6
Richm'd.
$
5
$
$
Loans sec. by U. S. Govt. obligations
Total loans,
new
re
with F. R. bank:
Loans secured
noted.
banks show an increase of 307 millions.
88
58
113
49
of
each Federal Reserve District at close of business March
New York Philadel. Cleveland
B aston.
are
consequence
allotment
450,858
125,043
122,879
709,205
175,311
851,320
12.4
15.1
11.2
11.0
12.1
13.5
119,994!
558,428
802,050
2,757
4,272
195,773
205,582
946,888
1,087,068
330,244
762,527
10.7
11.6
.
Ratio of bills payable & rediscounts
with F. R. Bk. to total loans and
Investments,
a
per cent
Comparable figures not available.
7.2
11.3.
April 2
1375
CHRONICLE
THE
1921.]
other hand Den. R. G., Penn.
JSuwk zxs7 ©alette.
dropped
more
the Board
Stocks.—The depressed
Miscellaneous
and
Railroad
Friday Night, April 1 1921.
Street,
6Hs, and Inter Mets. have
for the list.
average
of Government bonds at
Bonds.—Sales
States
United
Wall
v
than the
limited to the various Liberty Loan issues.
are
Today's prices are given below.
fourth page following.
For weekly and yearly
situation into
forced and the
had
developments in Central Europe have all
new
tendency to restrict operations in and*out of Wall
this week.
At the Stock Exchange the volume of
a
Street
business has been far below the average for the season and
prices for all classes of securities have dropped. Nearly
all the railway stocks traded in declined from 2 to 3^ points,
while
Daily Record of Liberty Loan Prices. Mar. 26 Afar.28 Afar.29 Afar.30 Mar. 31
There has, of
points.
been
course,
some recovery
from the
the effect that
after April 1 there
soon
developments in
will Ibe
very
important
of the most important industries of the
one
begin to
have work and many idle wheels will
soon
move.
,
a
favorable
our
detailed list
1.
April
ending
Par. Shares
$ per share.
I $
24
1,200
21
Mar 26
100
20
Mar 29:
American Radiator
25
400
70
Mar
Teleg & Caule. 10C
100
50
Apr
100
94
Mar
10
100
3
pref..100
Assets Realization
25
700
100
.25
300
20
100
Atlantic Petroleum
Atlantic Refining.
Barnsdall class B
_
Batopilas Mining
Bklyn Union Gas
87.20
87.2C
High
87.48
87.50
87". 50
87.64
87.64
Low
87.26
87.32
87.32
87.50
87.44
86.70
Close
87.46
87.40
87.5C
87.64
87.44
87.62
44
176
142
309
20
157
*•«.
100.50
1C0.14
100.14
100.14
98.50
100.14
100.00
100.14
100.50
100.14
100.14
100.14
1932-47 (First 4s)
Converted 4%%
bonds of
(First 4%s)
1932-47
Total sales In $1,000 units..
Second
Second
of
*
Close
4% 8)
l! 50
28| 94
Ma r29i
3
86.90
86.96
86.96
87.06
86.90
86.86
86.90
87.00
87.10
87.12
12
3
20
18
42
16
High
87.50
87.10
87.10
87.24
87.12
87.18
Low
86.90
86.98
86.90
87.00
87.04
87.06
Close
86.98
87.10
87.08
87.10
87.06
87.10
275
399
1,683
937
537
521
High
90.28
90.34
90.38
90.28
90.24
90.28
Low
90.16
90.22
90.20
90.20
90.12
90.14
Close
90.20
90.22
90.20
90.24
90.12
90.14
329
427
1,074
272
409
886
High
87.14
87.20
87.42
87.28
87.24
87.26
Low
87.02
87.08
87.10
87.18
87.10
87.00
87.18
87.20
87.20
87.16
4%% bonds of
1927-42 (Second 4%s)
•
Converted
1
Mar 26
37
17%
1 925
2354
Mar 26
74% Apr
4%
%
Mar
70
1
Mar 30
;3K
21
Jan
Mar
Mar 26;
10
Mar 26
85% Mar 30
92
Mar 28 :
Feb
60
Mar 26
49)4
Mar
60
Ma t
12
Mar 26
12
Mar
20%
Jan
Mar;
Mar
9
Mar 29
Mar 26
75
Mar 26
68
Mar;
76
Mar 30i
76
Mar 29
76j
Mar
15%
79
76
26! 54
Mar 26
35
Mar
54
Mar
Jan: 141
Apr
Mar
8%
73
Mar
Mar 30
73
Mallinson (H R). .no par
200
15
700
8
Martin Parry
par
500
16
15)4 Mar 29
8% Mar 30
Apr
1
11 16
10
Marlin Rock v t c.no par
100
800
100
700
300
So Porto Rico Sugar. 100
%
Jan
Mar 28
7%
Mar 30
Mar 26
exchanges,
The
Mar 31
24
Mar
28| 27%
Mar 26:
2
a
Jan
Mar'
Jan
56
21
5
59%
Jan! 28%
Jan,
Mar 29
,102
Jam 110
106
Jan: 120
31
j
26!
65
8%
73
30
29
38%
12%
1
Jan
Feb
Jan
Mar
Jan
67%
Mar
11
Mar
Feb
85
Jan
Jan
45%
Mar
15%
Mar
Jan
Mar 311
73
Mar 31
67
Mar
76
Jan
79
Mar 31
80
Mar 31 j
79
Mat
200
Mar 29!
29
29
21%
j
28
31
8
96
4,%
Jan
Jan
10
Jan
Mar 102
Jan
Jan
6%
Jan
Jan
Mar 30
85
Jan 108
Mar
13% Mar 30
12
Mar 28 20% Mar 30; 13
Mar 29 19% Mat 29! 18%
Mar 31; 94% Apr
ljj 85%
l j 43%
Apr
I' 43% Apr
see page
Feb
25 %
Feb 1C3
Mar 29! 41% Mar 29 i 38
1%
Apr
1;
Apr
lj
2
Mar 261,210
Mar 28 234
12% Mar 26!
85
Feb
1; 73
Mar 26 108
12%
Mar 301,
8 %
Mar
25%
Mar
43%
Jan
Jan
2
Apr
Jan 230
Mar
Jan
20%
Mar
Jan
20
Apr
Jan
Mai 106
Jan
Mar
47
Feb
Jan
13
Jan
market for railway
1371.
State bonds
as
and industrial bonds has been
noted above, generally weak.
issues all except 9 are lower and
& Tel.
6s,
were
notably strong, in sympathy
with the shares which advanced on an
dend rate from 8 to 9%.
Interboro
R.
increase of the divi¬
Ohes. & Ohio, Burlington, and
T. have also been strong features.
87.04
554
828
1,509
2,090
553
746
97.64
97.66
97.62
97.58
97.58
97.60
Low
97.50
97.56
97.52
97.52
97.44
97.54
Close
97.64
97.60
97.56
97.56
97.56
97.60
2,367
1,650
776
2,028
2,426
High
97.58
97.64
97.60
97.58
97.56
97.58
Low
97.54
97.60
97.52
97.54
97.52
97.56
97.58
87.60
97.52
97.54
97.54
97.56
88
944
67
135
96
.
above
151
table
includes
only sales of
1 095
coupon
1st 3%s_.
1st 4s
....90.00 to 90.14
187
....87.20
234 4th
14
37
4%s.
Victory 4%s
87.20 to 87.50
..86.80 to 87.G6
lst4%s
60
3d 4%a
86.80 to 86.86
...
2d 4%8
95
Victory3%s
.90.00 to 90.18
.86.94 to 87.20
.....97.40 to 97.56
.....97.48
Exchange.—Sterling exchange ruled dull but
quotations higher at first and then declining again.
Foreign
firm with
Continental exchanges some irregularity prevailed,
but in the main currency values were sustained, while Italian
the
In
lire
were
To-day's
again conspicuous for strength.
87%#
92% for
actual rates for sterling exchange were 3
(Friday's)
3 88% for sixty days, 3 90% @3 91% for cheques and 3 91% @3
cables.
Commercial on banks sight 3 90% @3 91%, sixty days
3 84 %@
ninety days 3 82% @3 83% and documents for payment (sixty
days) 3 84% #3 85%.
Cotton for payment 3 90% @3 91% and grain for
payment 3 90% @3 91%.
To-day's (Friday's) actual rates for Paris bankers' francs were 6 91 % @
6.86% for long and 6.97%@6.92% for short.
German bankers' marks
are not yet quoted for long and short bills.
Amsterdam bankers' guilders
were 34.02@34.05 for long and 34.38@34.41 for short.
Exchange at Paris on London, 56.06 francs: week's range, 55.88 francs
high and 56.52 francs low.
The range for foreign exchange for the weok follows:
3 85%,
Sixty Days.
__3 90%
__3 87%
Sterling, Actual—
High for the week
Low for the week—_
—
Paris Bankers' Francs (in
Cheques.
Cables.
3 93%
3 90%
3 94%
3 91%
7.05
7.06
6.91
6.92
1.59%
1.60%
1.57
Cents per Franc)—
High for the week...
—
.6.97
6.82%
Low for the week
Germany Bankers' Marks—
High for the week
>
—_
1.56
Low for the week
Amsterdam Bankers' Guilders—
High for the week
34.18
Low for the week
33.98
Exchange.—Chicago, par.
discount.
Boston,
par.
San Francisco,
$1,000 premium.
Cincinnati, par.
Domestic
34.60
34.40
34.65
34.48
Louis, 15@25c. per $1,000
Montreal, $127 50 per
par.
St.
Market.—Speculation on the "curb" this week
irregular—brisk at times, then dwindling to dullness..
Price movements also were without definite trend, an upturn
Outside
was
by a reactionary
stocks showed the widest changes and most
being usually followed
movement.
Oil
activity. Maracaibo Oil was heavily traded in up from 2634 to 3234, then
down to 2834, and at 2934 finally.
Simms Petroleum was
also prominently active and after early weakness from 7 to
6 Y%, rose to 7%, reacting finally to 7 24Carib Syndicate
gained over two points to 8^ and ends the week at 834Elk
Basin Petroleum was in demand, though it lost about half a
point to 834Guffey-Gillespie lost almost two points to
1034, recovering finally to 1134*
from 1534 fell
to 1434, recovered to 1634 and sold finally at 15;%$.
Salt
Creek Producers advanced from 12 to 1434 and closed to-day
1334Industrials were without special feature.
Trading
began this week in the new securities of the Market St. Ry.,
which is to operate the lines of the United RRs. of San Fran¬
cisco.
The com. stock rose a point to 434 and reacted to 4.
6% pref. opened at 4434, sold up to 46 and down to 43,
figure at 43.
The 2d pref. gained a point to
734The 5% bonds weakened from 70 to
67 and sold finally ait 6834Durant Motors, after early
improvement from 2134 to 2134, weakened to 2034 and to¬
day sold back to 2134Southern Coal & Iron was traded in
for the first time and advanced from 434 to 634, easing off
The
with the final
8 and reacted to
unchanged.
Tel.
Close
at
Philadelphia, and
reported at the Board this week.
list of 30 representative
Am.
-
Jan
Mar
73
moderately active and,
Of
Jan
Jan! 12
Mar!
9%
and Railroad Bonds.—No sales of
have been
Jan
2%
31; 57
For transactions on New York, Boston,
State
Jan
5
Mar
500 105
1,000 12
400 41%
1 •%•
33,500
109 220
2,700 18%
100 19%
9.000 85%
/1C0 43%
Weber A Heilbroner no pa?i
Boston
Jan
Mar 31
200 22% Mar 291 22% Mar
Mar
9
Mar 29|
9
100
Mar
Mar 28; 96
100 96
Mar
5% Mar 20;
6
500
Apr
Apr
1! 75
100 75
Arizona._._10
50
7%
3%
Jan;
57
100
600
Co .no par
MOO
8%
4%
Feb
2%
200 109% Apr
1,110
Mar
Mar 31; 67
100 67
Mar
9% Mar 26 11
700
Mar
Mar 30; 75
100 75
Mar 29' 45 >4 Mar
600 42
Apr
Apr
1 J4
300 14
Sears, Roebuck pref. 100
.
I14
10
Jam 17%
19%
Marl 21
Mar 31
100
preferred
OK Mar 28
Mar
Mar
14%
Jan
74%
Mar:
8
Mar 28,
800zl05% Mar31tll0
Parish & Bingham no par
First
Mar 30!
Apr
500
Phillips Jones pref— 1C0
Pittsb Steel pref..... 100
Rand Mines Ltd..no par
United Drug.
1 130
10G
100
trcts.
26: 74%
5% Mar 31j
1% Mar 31
8% Mar 31'
7% Mar 26;
3% Mar 31:
500
1C0
Jan
8% Mar 30:
400
Ohio Body & Blow no par
Feb
73
Apr
Ry._.100
Feb
91%
Mar
Mar 29; 141
Third Avenue
92
Mar
69
300 14C
Tol St L & W pref
Jan
85 %
1,000{ 50
First preferred....
Feb
85 J* Mar 30
70
Mar 28)
100
Ctfs dep stmptd
Mar
53
Jan
84
72
Mar 690
Apr
1 ; 45
Apr
Jan
75
8C0
150
500
11 45 1
Kresge (SS)._.
100
Lima Locomotive Inc 100
Rights..
Tex Pac Land Trust. 10C
Jan
Mar
12
Texas Co warrants
Jan
5%
Mar
200
TemtorC&FPcl A no par
84
10
Hydraulic Steel..no par
Indian Refining
..10
100
Jan
Mar
301
100
100
-
Transactions in registered bonds were:
9 2(1 4s
Jan
Mar
8%
Mar
Stern Bros pref
Feb
1
Jan
59
Mullins Body....no par
87.14
-
Jan
62%
1,300
Shattuck
Jan
Mar
Jan
Mar
Homestake Mining. .100
Rcis (Robt) &
35
Feb
Mar 28
Pacific Tel & Tel
Mar
85%
Mar 28;
Otis Steel pref..,
Mar
Mar 1050
Jan
8% Mar 29;
Note.—The
bonds.
4
50
92
100
-
"High
4%% notes of 1922-23
(Victory 4% s)
22
Jan
Jan
69
Preferred
•
Victory Liberty Loan
Feb
44 % Mar 28 : 41)4
77
Mar 28
81
Mar 30! 82 '
Mar 26 144
4414 Mar 30; 46
100
800
Norfolk & West pref.
4% % bonds of 1933-38
(Fourth 4% s)
Mar
Mar 31
200
Biscuit
Total sales In $1,000 units.
3%
18%
7414 Apr
100
100
National
Liberty Loan
Fourth Liberty Loan
Feb
59%
General Cigar pref...100
line certificates
Total sales In $1,000 units.
Third
2%
42
Apr
asstd.
1C0
Ctfs dep stpd asstd.
2d pf ctf dep stpd asstd
M St P & S S M leased
^
86.86
-
Mar
Jan
45
no
Mm
86.80
54
Feb
1 CO
Maxwell Motor
'
Low
bonds of 1927-42
Close
(Second 4s)
Total sales in $1,000 units.
Liberty Loan
4%
94
51
Gen Ain Tank Car no par
Kelsey Wheel Inc
87.90
87.12
75%
14 34 Mar 30( 14)4 Mar 30 i '4)4
70
Mar 29
Mai 29| 70
400 70
Mar 30 640
Mar 2G660
30 655
100
v
.
High
Jan
1C0
Kelly Spring! 6% pf. 1C0
'-'-iV—'
1
5
Apr
33
567
1,600
2,100
Kayser (Julius) & Co
-
to..
87.10
Jan
Mar 28
Mar 31
100
Hartman Corp
"«.-»/
30
90%
1
Apr
Mar 29
Mar 31:
4
Gllliland Oil pre!
87.40
-
-
____
87.40
87.10
50
Mar 29
37
43
100
-
-
3
Feb
100
....
-
-
87.04
20%
31|
100
Eastman Kodak
w
~
30
Jan
Mar 30
300
Detroit United Ry
-
86.90
19
100
100
De Beers Cons M .no par
-
-
Total sales In $1,000 units
Highest
30! 28
•M Mar 26;
•%
58
Mar 29; 58
800
Consol Distrib Inc no par
29j 70%
Mar 29
17% Mar 31; 17% Mar
Apr
Apr
11925
1C
Cluett. Peabody & Co 100
20
24 % Mar
.....lOO
_
■'
-
«...
3%% notes of 1922-23
(Victory 3% s)
S per share. $ per share.
Jan
21
Mar 29
Mar 29
29!
Brunswick Terminal. 100
Case Thresh M pref.
.
86.90
Lowest.
Mar
Calumet & Arizona
Prefeired
-
~
Low
(First-
1932-47
m
High
4% %
Converted
bonds
*'
-
4
Total sales In $1,000 units..
Range since Jan. 1.
10 925
10C
Brown Shoe Inc
70
87.20
Total sales In $1,000 units.
per share.
.no par
Am Wholesale
90.38
■
87.40
High
of
Total sales in $1,000 units.
which follow:
pages
Highest.
Lowest.
Am Malt & Grain.no par
Amer
611
Low
bonds
for
Week.
American Chicle,
the
on
Range for Week.
Sales
STOCKS.
Week
easier.
were
following sales have occurred this week of shares not
represented in
90.30
90.30
351
.Close
and foreign exchange markets
money
The
and during the early part of the week the
one
90.20
90.20
546
406
4%% bonds of 1928
(Third 4%s)
Saturday's Federal Reserve Bank statement was again
90 .C8
90.06
215
89.94
country and if such should prove to be the case a host of the
unemployed will
90.02
90.00
89.94
Total sales In $1,000 units.
been freely circulated this week to
89.92
Low
Close
4%
Converted
Second
So called "tips" have
90.44
.Close
(First 3%s)
quotations, but the average decline of practically
extreme low
all active stocks is still heavy.
90.40
90.00
Total sales in $1,000 units..
1
90.28
90.18
3%% bonds of 1932-47—■
Apr.
9C.18
High
Liberty Loan
First
considerable list of industrials dropped from 3 to 12
a
range
' /
see
and steel industries, the, deplorable
which the railways of the country have been
condition of the copper
On the
finally to 634the whole
Bond trading was only fair and changes on
Consolidated Textile 7s rose from 95 34 to
narrow.
98, then dropped to 94, the close to-day being at 9434A complete record of "curb" market transactions for the
week will be found
on
page
1385.
1376
New York Stock
Exchange—Stock Record, Daily, Weekly and Yearly
THREE
OCCUPYING
For aalea during the week of stocka
PAGES
usually Inactive,
see
preceding page.
Salt*
HIGH AND LOW 8A LB PRICE—PER 83 ARB.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
March 20.
March 28.
March 29.
March 30.
March 31.
f per share
80*4
81
$ per share
81
81%
% per share
S per
STOCK
EXCHANGE
Week
SHARE
PER
Range since Jan. 1.
On basis of 100-share lots
NEW YORK
April 1.
f per share
PER
STOCK8
for
the
NOT PER CENT.
Lowest
SHARE
Range for Previous
Year
Lowest
Highest
1920
Highest
I
Shares
80%
8034
•76
79
4
*76
4
3%
80%
32*4
49%
81
•7984
33
333s
"
....
..
♦13%
...
14
8%
8%
33%
34
49%
1334
113%
2
1%
1%
8
8
17%
2534
3834
2534
25
37%
9
*2
26%
72
72
♦60
*71
60
61%
"
*36%
mm
25
26%
25%
37%
39
38
39%
mmmm
'.mmmm
*62
m
.
'
-
—
62
34"
62
3434
...
"34"
..
30
*98
102
1
1
1%
1%
1%
1%
1%
*5
6
6
*5
12%
18%
*12%
12%
12%
12%
12
6%
12% :
19%
18%
19
18%
*3
5
*3
5
*5
*3
5
*12%
13%
14
1278
13
7334
31%
74
73
74
73%
32
30
29%
86%
8034
8%
13
25
24%
3734
2434
63
5
8%
100
26%
26
26
73
717g
71%
60%
61%
44
34%
24%
'smm
mm
63
50*4
*98
100%
54
54
87
5
?v 5%
978
984
67b
♦82
87
2%
*4%
17%
36
2%
...
14%
...
12
12
*12
74
x71%
72%
29%
29%
1,900
9
*24
26
!
86%
5%
86%
5% !
5
25%
26%
25
49
49
51%
61
52
z48%
12
12%
12%
*11
1478
15%
25%
25
48%
4934
*49%
100
*64
51
50%
*99% 100%
50%
10%
10
1034
66%
67
67%
*83
89
2
2
4%
17%
5%
4%
*4%
67
*4%
5%
*4%
77
*60
77
*60
77
*65
61
*55
61
*57
61
17
17
1578
17%
17%
*94
96
9584
96
797g
78%
7934
35%
«...
79
35%
17%
35%
35%
16%
1534
17%
95%
7734
18
....
40
....
....
27%
*70
75
*72
77
*72
69
68
69
68
40
40
40
2I84
—v.
Dec
09
Feb
30%
1
46
...100
42
Jan
20
27%
4t2 Jan
3
100
434 Feb 23
1138 Marl2
73s Jan
17
5% Dec
12*4
17
Marll
9% Feb
16% Dec
12
Marl9
Jan
3
Jan 12
Jan 12
Jan 29
21%
100
Mob A Nor tr ct 8...100
pref
21
7
26
Feb
85% Marl2
378 Jan
7
91
Jan 26
16
200
10
Marll
14% Jan
13
19
Mar21
28
Jan
26
16
56i2 Jan
1033s Jan
94
5812 Jan
5
11
25
13
Jan
11
Jan
Valley
50
100
Do
prei trust ctls
100
77
*57
61
*57
61
*57
61
18%
35%
19%
59
*34
27
*72
69%
40%
16%
1678
94%
77%
34%
17%
16%
1534
167g
95'2
78
347g
18%
m
34%
17%
'mm
rn
900
5,300
9434
78%
34%
17%
20,800
61,300
7,200
*50
59
*50
59
100
40
*36
40
36
36
100
27%
*26
27
26%
26%
75
*72
75
71%
68%
*72
69%
6734
.
36,100
68%
41
40%
2,700
76
21%
41
600
21%
30
30
28%
28%
28%
38
37
*36
6
*29
0%
10
10
74%
2034
207a
75
....
5%
*9%
74%
20%
....
32
32
32
21%
*28
8,400
2134
32
100
Jan
31
4
Feb 24
584 Jan
10
16
Marll
207s Jan
12
33% Marll
414 Jan
5
4134 Jan
12
(
100
66
Marll
42
Marl2
50
Second preferred
60
Jan
10
100
1434 Mar 17
16
Marll
Norfolk A Western
100
93
Marl2
Northern Pacific...
100
100
100
3984 May
05*4
Jan
Oct
Oct
03
90*4
Feb
80% June
2% Dec
3% Dec
11% Dec
3388 Dec
3% Dec
31
June
35
2312 Jan 12
1914 Jan
3|
10478 Feb 191
88
Jan 28
Oct
73%
Oct
70
Oct
10
Feb
84% June
6684 June
377g May
12
8
Jan
20
50
Dec
68
19
45
Jan
6
37
Dec
67%
2434 Mar21
32
Jan
10
Marll
75
Jan
17
65
Marl5
89U Jan
15
3714 Mar 12
Feb
7
Feb
Aug
Feb
Mar
Mar
Feb
Jan
39%
70
60
pref
1912 Jan
2d pref
50
St Louis-San Fran tr ctfs-.lOO
40
Preferred A trust ctfs.-.lOO
St Louis Southwestern
100
29
Jan
Marll
19i8 Marll
Marll
,41 s4 Jan
55
15
2418 Jan 10
33i4Jan 11
30i4 Mar 4
5784 Jan
14
21%
6678
64%
327g
33%
15%
23%
Dec
6
584
534
*9
10
*9%
73%
10%
*9
10
75
17,900
Southern Pacific Co
100
21
74%
20%
75
20%
20%
11,100
19*8 Marll
55
55
Southern Railway
Do
pref
100
57
100
60
Jan
21%
2034
21%
Texas A Pacific
100
53% Marll
1618 Jan
5
2478 Feb 25,
42
42
10
42
27% June
*113% Marll
122
75%
2078
10
7434
76%
2034
55%
21%
'mmrn'm
21%
2234
22%
40
117
117
*66
07
56
*40
41
110% 11/
67
*05%
*10%
11%
24%
24%
7%
7%
20%
2078
116% 119%
*13
♦13
10
17%
8%
8%
8%
*41
67%
11%
24%
20%
21
1134
2434
7%
20%
*13%
7%
15
10
.
*55
23
21%
42
*40%
66
1134
116% 117%
67
67
.
734
21%
500
500
14,150
400
6,000
.
.
7%
....
10"
7%
18
18%
28
*27"
28"
67
67%
*65
68
834
16%
23%
7%
800
21
15
10%
*26"
28"
9%
Jan
13
7
Jan
11
100
8i2 Marll
12
Jan
8
Marll
101
Jan
3
247g Jan
13
18
13
50
Feb
14
Dec
Do
pref
Twin City Rapid Transit.. 100
Union Pacific
100
Do
pref
70
36% Jan
Mar30|
Jan
10,
6734 MarlO
1214 Mar 3
884
1,600
100
pref
67
Feb
4
Oct
Oct
Oct
118% Nov
33% Oct
66% Oct
47
43
*28
7
May
13
Oct
17
Dec
11
11*8 Jan
13
14
12%
8%
Dec
Feb
20
Mar
193s Jan
295s Mar 4
7012 Jan
10
11
July
20%
54%
Feb
Feb
900
34% Oct
23% Oct
15% Sept
27%
40
78
32
28
3184
18
17%
17%
*51
55
51
51
*33%
1%
34
*36%
32%
38
33%
1%
1
1%
134
*1%
1%
*28
32
17%
32
*30
16%
167g
4834
*47b
*36%
38
32%
•
33
33%
1%
*1
1
1%
1%
....
1%
35%
32%
*32
*1
1%
1
*1%
42%
1%
4234
88
88
49
*1%
42%
*87%
36%
*79%
*48%
74%
*72
43
42%
4334
89%
89
89
3734
38
38
36%
37%
3634
82%
49%
81%
50
82%
49%
*72%
81%
49%
50
50
48%
49%
36%
*79%
48%
75
74
74%
♦72
74%
*73
43
4034
42
41
42%
*65
80
*65
75
♦65
80
60
41%
617g
30%
85
85
-
"6%
*120
-
6%
130
*9%
10
46%
60
61
59
60%
57
58%
56%
30%
29%
30
29%
20%
28%
29%
283/
85
20%
*63
*6%
9%
123
12378
111
111
111
20%
20%
mm — m
87%
45
20%
6%
123
9%
...
•
88
9%
*9
6%
130
10
45%
44%
45
52
52
52
64
63
63
4434
44
45%
9%
9
«
9%
49
88
Dec
10
19
Jan
13
15
May
28
36
Jan
20
25
May
48
3
1534 Marl 4
35
Jan 28
22
100
100
45
100
Feb
Jan
13
8%
*65
80
*60
8%
Adams Express
Advance Rumely
Do
85%
87
10534 106
6%
634
8%
8%
1,400
Air Reduction, Inc....no par
AJax Rubber Inc
50
1
5,200
Alaska Gold Mines
Alaska Juneau Gold Mln'g.
10
26% Jan
10
1%
200
42%
8,500
200
89
8,500
36%
300
81%
2,500
50
100
74%
41
5,800
80
7,100
5,600
57%
2834
200
21
123
122% 123
11034 IIO84 *110
123
1,600
312
21
300
6%
6%
*6%
6%
123% 123% *120% 126
9
834
87g
87g
42% 44%
43%
43%
*51
53%
....
....
....
•mm
*62
64
*6%
123
*834
4334
52
9
9%
*61%
43%
9%
85
857S
85%
106% 106% *106
106%
6%
8%
mm
43%
*878
45%
9%
87%
6%
123
934
4334
Allied Chem A Dye
.no par
Do
pref
Allls-Chalmers
Do
100
Mfg
pref
Amer Agricultural Chem..
Do
pref
-
American Beet Sugar
Do
pref
100
100
100
100
100
100
Jan
8%
32*2 Jan
14
Dec
52i8 Feb 17
40
Deo
0
40
2518 Feb 24
7g Jan
1
14
Jan
3
3834 Mar 8
*87% Marl5
2934 Jan
3
75
Marl6
Jan
12
39J2 Jan
11
112 Feb
I84 Feb
9
9
5512 Jan
13
Dec
Dec
9378Jan 26
38i4 Mar23
847b
Dec
83
Mar23
67%
Dec
51
Dec
79
Dec
393s Marl 2
51
Feb 15
74
747g Jan
14
Jan
3
77i4 Jan
3
03
Do
6%
*8
43%
44%
52
2,100
Do
pref
American Cotton Oil
6
3%
*8
t Ex-rlghts.
...100
100
100
pref
300
Amer Druggists Syndicate. 10
American Express
—100
1,600
American Hide A Leather. 100
4,000
400
Do
pref
American Ice
100
100
-
64
100
6,300
Amer International Corp.. 100
9%
1,000
Am La France F E
85%
6,700
700
634
100
pref
American Car A Foundry. 100
5
Mar28
32'4 Jan 29
106% 106%
400
5%
6
12,100
8
8
400
| Less than 100 shares,
Do
100
pref
88
Jan
20
120
Jan
3
12714 Jan 10
110
Jan
6
114
19% Marll
5834 Jan
6
6% Maris
120
Jan
4
8is Marl 2
4012 Feb
2
26% Dec
20
Jan
25
Dec
6
90
49% Jan
Dec
84
43%
7234 Feb 28
8
24
%
0512 Jan
American Can...
100
1984 Jan
455s Feb 25
Mar
Dec
8
3
Amer Bosch Magneto.-No par
44
49%
86
Bid and asked prices: no sales on this day.
.100
pref
'
123% 124%
*110% 112
49
9
49
86
*105% 106% *105% 106%
6%
6%
6%
6%,
•
11
1
Do
6%
*120
45
44
80
600
66
*62
*8
8*4 Marll
14ig Marl2
32
...
Central
38"
85
124"
62
„
40%
63
123
46
45
41
62
....
.....
.
40%
36%
81%
29%
*122
*122% 124
111
111%
—
37%
80
•111
....
4334
....
1,100
16%
55
100
"
*65
30%
m
4284
....
500
30
16
48%
z35%
32%
42%
43%
30
17%
50%
*87%
37%
43%
31
16%
50
38
32%
....
*28
17%
51
*50%
*36%
43
*72
Wheeling A Lake Erie Ry.100
Do
pref
.100
Industrial & Miscellaneous
*16
*1%
42%
16
3284 Dec
75
Oct
45% Dec
2I84 Dec
7284 Dec
111
Dec
25
105«4 July
23% Jan 28
Feb
10
11
15% Deo
59% Dec
088 Dec
133
Jan
21
11
Jan
64i2 Jan
8'4 Jan
95
Feb
8
5
Dec
53i2 Marl7
35
Dec
Aug
42
Jan
25
53
Mar24
37
57
Jan
8
63
Mar29
38% Jan
5
4934 Jan
53
Feb
11
30%
Dec
IOI4 Jan
7
6212 Jan 31
884
Dec
10
8% Feb 11
American Linseed
100
Dec
100
2"46% Mar 1
8334 Marll
81% Feb
4
42
Do
pref
American Locomotive
29
80
Aug
88i2 Mar23
74
Dec
4
10714 Feb 26
100,
Do
pref
100:
American Safety Razor— 25;
Am Ship A Coram
no par
a
Ex-dlv. and rights
*
100
Jan
93
Jan
514 Mar 14
10
Jan
7
Marll
14
Ton
Of\
7
Ex-dlvidend
Mar
Oct
129% Nov
Wisconsin
15
Sept
49*4
1178
20%
12
12
85s Jan
Marll
125s Marl2
9is Marl2
Do
40
Oct
Oct
Oct
Jan
Marl 1
18
100
800
48%
15
7
100
Marll
337b
Nov
Oct
23% Jan
100
15
05%
Jan
Oct
Oct
pref B
23% Marl2
61
69%
15%
pref A
100
103
32%
Do
Western Pacific
Feb
Oct
Oct
84*4 Sept
Aug
Wabash
Western MarylandC netc)..100
Do 2d pref..
100
Feb
Feb
Feb
14
9% Jan
19% Jan
5,600
110
May
Dec
Dec
Feb
32
01% May
7% Aug
0458 Jan
3
18
14
20%
5%
8%
88%
Oct
3
100
Do
68
Feb
41
558 Mar28
35
100
100
3",950
11
Marll
100
3,100
834
7
100
2,600
10%
*-.__
235s Feb
pref
2,300
1634
834
10%
Do
Seaboard Air Line
United Railways Invest
Do
pref.
100
mm
2734
66%
1134
400
*10%
23%
7%
*13
.
68
834
700
2,500
584
116% 116366
....
1038
18%
*60
38
*20%
mmmm'
25
15
.
28%
17%
2778
•
7678
21%
rnmm
117% 119%
243g
7%
10%
17%
70
21%
*10%
29%
67%
17%
28%
6884
...
66
*65%
15
10
7478
21%
■«
4,200
2734
37% Sept
27%
105% Nov
957b Nov
44
Oct
57
Marll
2978
534
Feb
Oct
Oct
Oct
84% Nov
8*4
657b
05
38%
2784
Feb
56%
Apr
41% May
15% Deo
6
*36
18
31%
Feb
Feb
38
38
Nov
Feb
50
Reading
Oct
11
95
64%
2384
2834
27%
112%
100
pref
Oct
21
53/
*36
40
56% Nov
38% July
8% Dec
Aug
38%
5%
*9
28
52%
24*4
100
pref v t o
Pittsburgh A West Va
1st
51
50
*
Do
753s Marll
34i2 Mar31
1534 Marll
100
Pennsylvania
Pere Marquette v t c
Do
prior pref vto
Do
4
Jan
100
NYNHA Hartford
Feb
6%
17%
27%
Feb
Oct
Oct
Sept
Oct
Sept
Nov
Mar
Oct
Oct
Oct
Oct
Nov
Oct
Oct
Oct
50
N Y Ontario A Western...100
Do
05s Feb
Feb
38
5%
10
40
29
21%
1!
3
May
8%
37
.0
21
17%
28%
67%
8%
21
*28
Jan
MarlO
40
29%
41
510
22%
32
73
93
2
8% Dec
13% May
28%
22
....
21%
*29
Marll
89i2 Feb 21
Feb
Aug
28%
*39
21%
22%
*28
Marll
7
77i2 Feb 17
7412 Jan 12
Do
21%
*49% Marll
9734 Jan 20
45% Jan
0
2658 Mar30
52
Mar 30
N Y Chicago A St Louis... 100
First preferred
100
mm
13",600
16%
....
94%
77%
mm
97%
3
45% Jan 25
25
Jan
17%
35*4
100
Do
pre'
100
Missouri Pacific trust ot s.100
100
'mm
7
18% Dec
8078
100
*60
*66
22*4
578 Jan 25
Jan
30%
91%
4178
100
pref
Do
pref
100
Missouri Kansas A Texas. 100
6,500
4,500
5
1
8
Deo
100
66
il'2
Jan
12
16%
t
6584 June
247s Dec
10*2 Jan 14
I8I2 Feb
4
77
*50
7% Mar 12
32i2 Mar 4
914 Feb
2
100
*60
793/
6934 Marll
28% Jan
3
1478
2178
1578
79%
100
Central
Jan
9 '
158 Mar24
100
1734
36%
260% Sept
% Nov
l2 Nov
3
May
9
'm'm
Oct
100
pref
Do
1,400
108
100
1st pref.
Oct
Deo
31
100
17%
36%
*4%
10
Oct
f
40
23s Jan 29
Manhattan Ry guar
Mlnneap A St L (new)
18
Jan
54
4«4Jan
Minn StP ASS Marie
m
220
13
Jan
Lake Erie A Western
900
.
102
July
35
Aug
83%June
165
Feb
Mar21
100
2%
4%
46t2 Mar 8
% Mar30
Lehigh
87
Mar
1
77
17%
98*8 Marl2
205
Mar2l
3
Mar
100
pref
*60
27%
77
100
New York Central
40
21
....
26%
60
20
52
60
Kansas City Southern
Do
pref
1,300
1,500
Oct
Oct
Sept
Oct
02
3734 Mar 4
100
16%
35
66
1,000
7034
6778
26
71%
5,300
3534
187S
♦25%
Feb
313s Deo
47
17
54%
54
20
69
97%
18
13
Jan
68
79%
35
Jan
48
*45
17
54%
04
*66
96%
7734
3478
17%
5034 Mar 12
Mar30
z68%
17%
56
84'4
70
17%
*50
17%
.....
Feb
68
68
9634
*34
....
,
«...
64
47
467g
♦60
11
70
70
46
*45
Jan
*45
71
48
75
68%
71%
467g
69%
69%
*44
Mar
6884 Mar 12
Nat Rys of Mex 2d pref
100
New Orl Tex A Mex v t o.. 100
67
70
69%
5
Jan
41
Louisville A Nashville
434
17%
3634
1,600
*82
91% Mar
120
Dec
3
Do
39,900
11
44% Nov
65
Oct
■v
June
Interboro Cons Corp..No par
Do
pref
100
52%
Dec
8
Gul
2,900
68%
21
21%
100
*2
18%
110
Mar23
100
900
*4
37%
Dec
50
2
17%
3634
60
100
90
434
18%
36»4 Dec
11
500
*4
38
12
12
Jan
200
2
2%
434
Jan
71
12%
*82
2
31
98
Do
2d pref
100
Great Northern pref
100
Iron Ore properties. No par
6,300
*10
15U Dec
12
Illinois
*66
Dec
Dec
8
13
46l2 Jan
26
87
*82
1078
Jan
MarlO
*20%
4934
51
9
MarlO
*11
•98
384
6%
8ept
17% 8ept
14% Oct
33% Oct
15
3
150
49%
70% Nov
Feb
23
60% Mar22
12%
68
*4
48
49%
Feb
4
6% Jan 31
203g Jan
Jan
134
47
.
36
21
55%
2%
*44
25
10
034Jan 29
Mar
13% Mar
24
1,600
5%
11
62i4 Jan
Oct
17
Jan
86%
15%
25%
119U Jan
54
512 Sept
109% Dec
Feb
Do
200
9%
25
Jan
Erie
700
26
5%
*14
5034
*49%
*99% 100%
53%
x53%
10%
10%
*66
69%
17%
3534
5%
*60
90
23s
*4
36
5%
*82
863s
10%
67%
.
10
17%
70%
...
*8%
*24
53
100
....
66%
35%
67
70
54
13
Jan
Feb
Aug
27% Jan
Do
10,000
30
1234
73%
10
914
49
3,200
*29
40is June
2878 Jan
100
Duluth 8 S A Atlantic
4,700
18%
27%
11
100
pre'
Do
.
18%
12
25
100
mmmmrnm
... .
.
12%
49
4934
.
6
I8S4
1284
24
*99% 100%
.
4
1% Mar26j
7i4 Mar 9
1584 Marl4
12% Sept
104% Oct
49% Oct
Deo
Jan
134 Mar29
'
Deo
147aJan
Jan
82
100
19,650
*3
1103,, MarlO
5534 Marl4
4U
*82
share
per
908g nov
225s Marl I!
Delaware Lacl A Western. 50
Denver A Rio Grande
100
"9",100
*5
....
ir
%
1%
14
Feb
May
100
Delaware A Hudson
215
%
1%
3
70
72
1st pref
2 pref.
Do
12
15%
26%
*53
Do
300
%
.100
Mar 14
10% Jan
678 Jan
% per share %
Colorado A Southern
Do
18%
1434
24%
15%
4%
17%
36%
♦4%
900
1%
pre'
6% preferred
100
Clev Cln Chic A St Louis.. 100
100
34
*205
215
9
24%
87%
5%
1478
867g
'
♦66
62
33%
100
7 preferred
700
IO2"
21
♦49%
42
54
loo
Chic Rock Isl A Pao
10,400
60%
*36%
*5934
375s Jan
47
....100
pref
Do
1,200
*60
*30
100%
795g Jan 24
7*2 Jan
4
86ia Jan
3
100
100
Chic A East Illinois trust recte
400
■
867g
5%
*14.2
Canadian Pacific
700
10134
share
84*8 Jan 11
per
80i4 Mar24
30% Mar 11
Chicago Mllw A St Paul... 100
Do
pref
.100
Chicago A Northwestern.. 100
6,600
5,100
$
loo
pref
Do
3
2% Feb 26
100
pref trust recta
Chicago Great Western
7,300
38
62%
Atlanta...100
Chesapeake A Ohio
2,000
62%
75*2 Jan
Do
1,900
18
38%
11%
2334
mmmm
*17
26%
*71
13
"24%
•
8%
'.mm-mm
30
5%
2%
8%
700
18
101
74%
31?8
72%
x29h
7434
3178
15
900
112% 113
3734
62%
19%
5%
5,900
4,800
2%
%
1%
12%
18%
15
59%
*134
*1%
*7%
3
*205
6
18%
583g
3
24
%
1%
%
1%
4%
V *12
59
112%
*95"
101% 101%
*5
:
.
600
100
215
1
100% 101%
"
2
8%
43
1%
*3%
a
8%
Do
share4
per
77% Marl2
Brooklyn Rapid Transit..100
Certificates of deposit..
300
*205
"l% "7%
9
52
43
102
1,500
2,500
*61%
34%
■
63
'
wmm
52"
1334
4
8%
18%
26%
.
21,100
49%
133s
*2
62% 65
63% 65
102
*101
*100% 102
26
26%
2678
26% 27%
*71
72
72%
72%
72%!
61
61
5934 00%
607g
|
42
'mm
35
36% !
26
33%
49
*134
*134
*7%
*17%
8%
Atlantic Coast Line RR
Baltimore A Ohio
33%
59
18
Atlanta Blrm A
900
14
112
8%
800
3334
4
1778
4
80%
4934
6034
734
*3%
80%
$
Atcb, Topeka A Santa Fe—100
Do
pref
loo
*8%
87g
17%
400
33%
*2
4
5,300
77
49%
1334
14
112% 11334
5984
80
77
81
*80
79%
76%
334
3«4
03
03%
6134
102
102
*100
26
*98
4
81%
3478 {
49%
13%
834
11278 114%
59% 60%
2
134
59%
17%
4
Par
80%
80%
76%
81%
79
*76*4
4
*8
*1%
38%
'•'mmmm
343g
49%
1334
49
59%
25%
.
81
9
3778
63%
-
80%
49%
13«4
113
*100
78%
80%
32%
3%
*8
80
78%
378
80%
13%
114% 114%
69%
59%
♦1%
2%
2
1%
8%
*7%
♦17
17%
„
79
Railroads.
f per share
share
96% June
6% Dec
Oct
Sept
Nov
Oct
Oct
Oct
1377
New York Stock Record—Continued—Page 2
For tales during the week of stocks usually Inactive, see
second preceding page.
PER
PRICE—PER
Sales
SHARE, NOT PER CENT.
STOCKS
tor
HIGH AND LOW SALS
NEW YORK STOCK
Monday
Tuesday
Wednesday
Thursday
Friday
the
March 28.
March 29.
March 30.
March 31.
April 1.
Week
S per share
$ per share
$ per share
$ per share
S per share
$ per share
Shares
36%
747g
SOU
64
*62
70
68%
30%
229*4
29*4
2,100
Amer Smelting & Refining. 100
Do pref
100
Am Steel Fdry tern ctfs.33 1-3
36*4
37*4
36
36%
34%
36%
*71
74
73
73
71%
72%
68%
30%
30
30*4
30*4
303g
30*8
30*8
30
Pref tern
"94"
•102
7978
•87
100
94%
104
80
89*2
100
114U 114*2
*90
94
•112
113
927g
104
79%
*86
93*4
104
80
89*2
•8
9
28
28
36*4
36*4
72
75*4
8*2
*26*2
3534
32*4
8*2
28
36*4
343g
*60
63
56
•60
56
34
10
10
66
92
4,500
*103
104
400
80
75
78*2
89
85
85
92%
106%
114% 114%
91
91
105% 106%
113% 114*4 *111% 113*2
111% 112
72
70*8
97%
97%
91
91
112*8 113
74
71*2
73%
70%
32"
30*2
31*2
*8%
9
*8*4
♦26*2
28
27%
35%
71%
973g
32
91
104
106
114% 115%
94
64
•30
108%
106
115
*50
4034
*86
108*?
*60
38*4
89
115
112*2 11212
78%
*86
100
33
57g
81*4
79%
104
89
*8584
•90
94
•30*4
57g
104*9 104%
*90
32
743g
"91*8
94
93*4
93*4
997g 100
1153g 1153g
973g
71*2
93
*103*2 104%
79*2 80*2
5l2
37*2
*26
71*4
"32"
834
*8*4
*26*2
28
35%
*50
38%
5*2
41%
34
34
34
10
10*4
32
88*2
89*s
"*3*4
"87% *89*4
•54*4
54%
58*g
587g
*90
•104
*5
2%
*54
57*2
*87*4
3
*98
"2% *
2%
55
58%
•90
57%
5
91
512
*86
95
86
86
•88
85%
4%
"4% "4%
65
100
55*4
400
55*4
*5*2
38%
6*2
40%
31*4
31%
33%
31%
31%
600
10
800
4*2
54*4
*51
5534
57*2
55
91
•90
105
*104
*4*2
5
40*2 248,500
"83"
86
86
5
*59*4
60*2
43*2
60
60
42*8
43%
74
60
60
60
437g
45
42l2
45*2
73
73
74
74
5*4
8*2
47g
*5
~39%
4134
*72
77
74
5
5
5
6
5%
5%
6%
41
84*g
39*4
40
37
83
82
83
81
82%
25*2
253g
257g
25*2
25%
74%
25%
80
82
64
80*2
63
833g
64
80%
64
81%
64
38%
63%
80
63
10*g
20*4
10*4
10*8
10*4
9%
10%
20*4
20
203g
19%
20%
9%
19%
22
22
2134
217g
28*s
60*2
21
22
21 *2
"60*7
7%
634
"59"
60
*42l2
*44
50
•42%
♦35
37
*35
37
*35
*48
50
*47
50
•76
80*9
*76
78*2
63
91
104%
85%
20
•68
81
213g
60
""i% "Yig
7534
7612
•102*2 105
28*4
283g
90
907g
•85
233g
88
23*?
*4%
*18
46*2
60
59%
59*2
700
41%
42%
74*2
41%
42*2
19,600
*73
5
5
5
5*4
5*4
5*2
741
5
75%
75
75*2
7,000
25
25
2,600
81%
64
78%
79%
78%
81
46,300
•63
65
63%
*35
*47
48
75
*74
36%
5,100
44
*43*2
35%
200
45%
47*2
3,000
74
60
58
68
57%
58%
"56%
56%
95
95
•90
95
737g
*10212
28*4
86%
*83
23%
*90
1*4 "1*7 "Y*s
73% 75
76*4
*103
105
105
28
28*?
28*?
86% 90
90*g
88
88
23
•20
21
16*8
2078
63%
85
88
*83
23
16%
216*?
*19*2
20%
62*2
20
20*4
*19%
61*8
62
61*2
87
6%
*88
15*2
100
16*4
"h~2 "l%
69%
62*?
•83"
74%
71
73%
87
87%
86
7,300
16%
3,900
20%
61
500
9,100
95%
200
72%
86%
30,800
60**
60*4
85
63%
136
13%
136%
1419
*60~
81*?
136
13*4
86
16*4
1%
62*?
60
61
♦81*4
81*2
137%
13%
66*4
3612
38*2
75
75
100
900
900! Fisher
157«
16*4
1*2
64%
15%
15%
14,300
15%
600
15
15%
1,800
1%; 1%
60*2 62*2 153,400
60%
15%
82*4
60*8
"eo"
85
•81*4
13612 137%
13%
13%
66*4
66*4
66*?
75%
76
"go"
85
135% 136
13%
13%
37%
37*8
37%
80
75*?
*59"
6"l"
*81*4
85
135% 136
1534
*15*2
20*9
*20
"l5""
♦12%
15
*12*2
3234
1434
32%
32*8
68*4
"57*2
58"
57*2
58
58
17%
17%
18'?
78%
141?
83%
15
76%
18*?
79
14%
15
6
32
6
30%
*8*2
20
16
6
6
32%
32%
5%
31*4
9
9
9
9
•46
48
*46
48
18%
1319
35
35
35
13*?
51%
35*?
*73
75
74
74%
*62
64
*62
15
15
15%
58*2
Do
Deb stock
Do
Deb stock
"§7"
37
37%
9,300
79%
400
22
400
16
200
20*2
600
3*7%
"i£% 1*8**2
*75*8
*18%
"3l"
8%
*15
*20*2
16%
22%
*26"
20*2
*13
1434
♦12*2
14*4
59
*56*2
58*2
19
20
18%
19*4
74%
77%
73%
14%
73
14%
14%
6
71*2
14%
5%
72*2
14%
5%
31*4
30*2
5%
30%
9
*8*?
9
30%
*8%
3l"*2
9
46
51%
*46
47
95*4
107
14
81
106
14
13%
51%
341?
47*2
91%
13*4
52
4%
10%
29%
23'2
38
4%
10*4
25%
""4*2 "434
10%
10*4
4%
10*4
26
27
27
24
*20
24
23*2
36%
54
15%
*84
10*2
17%
15%
53
53
29
28
*20
24
*20
4l2
37%
*85
90
17%
14%
4%
10^4
28
i
17%
15
39*4
88
17%
15%
53*2
4%
36%
*84
17*2
14*?
4%
28
4%
26%
23*2
38*2
*20
90
*85
17*?
15%
37*2
4%
28
24
39%
90
17%
17%
13%
14%
~28~
145
28*4
150
"27%
*145
28"
"27*2
147% *145
2778
148
"27%
*145
27%
147*2
Do
pref (new)
Int Mercantile Marine
100
Do
pref
100
Internat Motor Truck-No par
Do
1st
2d
Do
pref
100
stamped pref
100
50
Corp
lOOj Iron Products Corp
No par
Island Oil A Transp v t 0.. 10
3,200. Jewel Tea, Inc.—
.100
18,200
2,100;
Do
-j
Jan
51% Dec
80
Aug
70
83*2 Mar29
21% Jan
7
71% Dec
8978 Aug
93% Mar
66
Jan 29
98
Jan
0
5
Jan
7
Dec
16
Dec
52
Dec
32% Jan 10
107% Jan 11
91
Jan 17
20
Feb 14
68% Feb 28
Feb 25
Mar30
Feb 23
Mar23
Mar24
Mar29
40%
Apr
98
Apr
102*4
105%
Jan
Apr
Apr
24% Dec
70
Dec
81% Dec
16% Dec
64
Dec
76*4 Jan
3
88
Mar28
66
Dec
9
Mar23
5
Dec
5% Mar 8
Jan
3
Jan
4
11%Jan
13% Jan
Jan
3
80*4 Jan
120% Jan
5
10
12% Maris
z60%Jan 10
63
Marll
71% Mar 8
0
9% Jan
Jan
14
12% Jan
4
15
Apr
Apr
43%
Jan
100
Apr
Jap
59%
8578
Jan
13%
Dec
28
Jan
47
Dec
147
Jan
84
Dec
104
Jan
40
Dec
95
Jan
_
Apr
16% Mar
44*4 May
1347# Mar
91%
21%
Dec
11
78
Dec
16% Mar23
10
Dec
48
17
12*8
Dec
5% Jan 13
71%Jan 26
1*2
Dec
36%
19%
Jan
Jan
32*2
71%
Dec
43
Deo
79%
51
Dec
75%
78*4
Deo
94*4
Deo
Jan
Jan
29*2 Jan 28
90
Jan
20% Jan
112%Jan 20
62%Jan 20
85
Mar 18
138% Marl8
16% Jan
11
___
Dec
110% Dec
12%
Dec
-
Jan
-
172
Jan
42
Mar
58% Dec
89*4
85%
Jan
Jan
94
Apr
71% Feb 18
70%Jan 13
82
Jan 24
64*2 Nov
69
Dec
Dec
8578
Dec
102*4
55%
-
Dec
15
Dec
Dec
20%
25
Dec
51%
Dec
8478
78%
Mar 30
12*2
Dec
Jan
J»n
Jan
Jan
Jan
Aug
Jan
July
Apr
49*4
38*8
11%
46%
16% Mar23
24
Feb 10
16%Jan
8
36%Jan 29
60% Feb 15
20
Jan
Jan
107
278%
Apr
5
3
79
14%
21% Dec n605
9% May
13
Jan
23
Jan
97% June
3% Dec
Jan
Temporary 8% pref
Kennecott
7*4 Feb 28
42% Mar
Mar30
8*2
Copper
100
Keystone Tire A Rubber..
10
1,500
Lackawanna
1,200
26*4
27%
26%
26%
3,500
Laclede Gas (St Louis)...100
Lee Rubber A Tire
No par
Steel
100
100. Liggett A Myers Tobaooo. 100
Ex div. and rights,
a Par
Jan
7
9%
Dec
116% Sept
23% Apr
Dec
Nov
115
10%
Dec
44
Nov
51*4
Ill7f
170
100
11
11
12*4 Jan
3
17% Jan
46% Marll
30. Marl 5
63% Jan
•
38
Jan
7
28*2
Dec
Jan
7
76
Jan
18
68
Nov
84
57*2 Jan
5
63%Jan
5478
3
16%Jan
Dec
Dec
71
13% Jan
46
Jan
3
71
Jan
6
75
Jan
16% Marll
32
Mar29
20
Jan
15
7
20
20
20
40
Jan
11
72
3% Mar 14
4
Jan
6
4
3
64%Jan
4% Jan
8
11% Marl 7
3
17%Jan 14
138*4 Jan 22
97% Jan
3
15
Jan
value $100.
3
Dec
47% July
27%
Dec
4
Dec
3
Dec
Jan
7*4 July
21% Jan
51%
45%
Jan
30
Jan
75
Dec
105
7
14%
Dec
33%
17% Mar23
5%
Dec
48%
91*4
Jan
3
Jan
Dec
19
152%
21
Jan
7978
69%
Dec
Marll
8*4 Jan
Dec
Jan
Apr
26*4 Jan
91*4 Mar
Dec
Jan 25
40
38*2
Jan
Jan
Jan
Apr
25*2
94
49% Marl2
11*8
.
13
29*2 Mar29
25%Jan 27
49%Jan 11
35*4 Marl2
84% Jan 12
16
Apr
Apr
88%
142%
Jan 29
110
Dec
Nov
40%
88
3
8% Jan
No par
57
28
100% Feb 16
Jan
103
14% Jan
48
o
5% Marl4
100
25
52
t Ex-rlghts.
66
87
100
pref
300 Jones Bros Tea, Inc
45,700, Kelly-Sprlngfleld Tire
52
| Loss than 100 shares,
Deo
Apr
100
100
*102*4 104
*102% 105
*102*4 105
*102*2 105
102% 105% 5105
105
20;
Do pref
100
19
18%
19
18%
19%
19% 120,500 Loew's Incorporated..No par
20%
20
1978 21*2
1934
21*2
and asked prices; no sales on this day.
34
81
(new)
43
145
Jan
38% Jan 19
69*4 Jan 11
80
Feb" 18
Inter Harvester
53
*137
92*4
Apr
Apr
42
145
62% Dec
9*4
52
145
62*4 Feb 10
27
42
53%
Jan
65%
017a
Do
5,900
31,600
67
Dec
Dec
200,
36
May
9
8
Dec
29,100, Invincible Oil
*32
60
12% Jan
29% Mar 12
55*2
36
Jan
Jan 29
63
Dec
20*2
*32
44%
Aug
19%
36
Dec
6%
54%
♦32
Jan
Jan
22
9%
14%
32
40*4
11
65%
*14*4
32
21%
41%
Dec
15*2 Mar21
7% Jan
8
37% Feb 10
13%Jan 11
pref..
100
2,600 International Nickel (The) 25
15,400, International Paper
100
36
Dec
83% Mar28
500
•32
10%
18
11% Jan
2,600
19%
7% Nov
Apr
Jan
59*2 Mar 12
75
18%
11178
Hupp Motor Car Corp... 10
Indlahoma Refining
5
Inspiration Cons Copper.. 20
Internat Agrlcul Corp
100
Do
pref
100
64
54
164*4 Mar
Nov
48
3
Jan 25
Jan
5
Jan
69% Deo
60
33*4
10%
21%
65%
95%
75*2
10% Jan
Jan
Jan
104*4
108*2
61%
Houston OH of Texas.....100
35
20%
54%
25
♦01
19%
Dec
15
*72
55%
24%
70
♦33%
21*4
30% Deo
80*4 Dec
27
64
14%
56*2
12
7
75
14%
Jan
32*2 Jan 20
Jan 26
34
59*2
54%
2,300
96
Jan
34
14%
3
20% Marl2
0178 Jan
6
25
Marll
1,000
2,300
Jan
Dec
8,200
13
85*2
97
9
50%
Jan
Jan
Dec
64% Feb 17
104% Jan 17
30%
13
*
28%
5
1,650
50
13%
Dec
Jan
25% Marll
73
Jan
3
5%
52
9*8
65%
18% Jan 20
100
141?
13%
50*2
Jan
29%
Dec
28% Maris
54
Marl7
25C
26
Dec
61
Haske 1 A Barker Car..No par
Hendee Manufacturing
100
200
Jan
Dec
8
76*2 Mar26
Gulf States Steel tr ctrs...l00
25,200
11%
10
0
5
1,500
1,600
20,450
7,600
87
Dec
19
Jan
20
46%
8
Jan
85
*61
20%
16
83%
129
Jan
25
*72
15
17%
16%
54*8
*45
Jan
0
44%Jan 11
64
*14%
88
4612
84*2
Jan
Feb
114
14% Jan
18*4 Marll
75
57
17%
81
3%
96% May
102%
102%
20
34% Marl4
72
Jan
3
*61
59*8
72%
*82
*43*2
2%
65
Greene Cananea Copper.. 100
Guantanamo 8ugar
No par
14%
Aug
Deo
99*4
100
Granby Cons M S A P
Gray A Davis, Inc
*73
341?
5
200
20*2
90
100
100
pref
64
22%
17%
16%
Do
74%
72%
90
(7%)--.100
Goodrich Co (B F)
35"
1434
39%
100
(6%).__ 100
74
*61
67
37*2
pief
"35"
64
20U
14%
*15
*13
106
22"
17%
100
Electric
General Motors Corp..No par
500
15*2
58%
*85
General
900
22
~2~1~
41
100
75%
*18%
14%
59%
39%
pref....
69%
18%
107
*22
-
General Cigar, Ino
Debenture pref
Do
Jan 20
54
100
Do
Dec
30% Jan
100
General
200
20
91*2
4l2
9%
300
70
7
100
par
Asphalt
91% Jan 21
Apr
Apr
Jan
Mar 9
Feb 24
3
5
1% Mar 17
40% Jan
3
80
Jan
3
25
Free port Texas Co ....No par
3,200
13% 122,500
32%
"58*7
•18*2
20*2
25
900
No par
Gaston W A W, Inc__No
12%
66
75*2
3612
•12*4
13*2
51%
Flsk
Body Corp
Rubber
"75%
66
76
20"
13%
51*4
Federal Mining & SmeltlnglOO
Do
pref
100
300
100
*18%
1534
16*4
pref
100
Famous Players Lasky No par
Do preferred (8%)
100
9
66
♦75
100
Do
83
Jan
96*4
25
52
23
*6*4
15
Deo
Mar28
Jan 11
Feb 10
Feb 10
50
83
Dec
82
83%
70*4
12%
23*2
17
23
9
Deo
4878 Deo
Jan
Jan
50
85
Apr
47
19*4 June
10
10
24
Apr
Jan
32%
Dec
Elk Horn Coal
83
148%
102*2
Dec
5*8
83*2 Jan
100
Endlcott-Johnson
Dec
2
Jan
17% Marl2
No par
Corp
Dec
92
75*2
Cuban-American Sugar...
Dome Mines, Ltd
87*2
75*2
66*4
15
2,800
Do
pref
Cuba Cane Sugar
Do
pref
78
Jan
46
56% Feb 21
94*4 Feb
9
1
Feb 15
09%
76
"77*7 82"
1,700
June
20%
Continental Can, Ino
*6*4
23*4
87*2
15%
16*8
16%
1*2
69*?
V 71
70
38%
26
*191o
86
6*4
90
15*2
16%
1*2
200
6,300
25%
16%
61
73*2
75*2
87%
100
"60"
•81*4
37%
60
87
21%
64
May
82
Dec
77% Jan
Cruolble Steel of America. 100
21%
63%
24
Dec
Nov
74
3,300
*83
75
Deo
4
Consolidated Gas (NY)... 100
Consolidated TextlIe_.No par
64,800
95%
88
76
26%
16%
20%
28
86
70
63*2
25%
64i2
86
14%
22%
16%
85%
136
21%
63
63*2
73%
14
84
24*8
Dec
8
6778
15% Nov
35% Apr
87%
300
42
Aug
Jan
63
Computing-Tab-RecordinglOO
Consolidated Cigar
No par
Do pref—100
27%
*103*2 105
Jan
20%
176%
8
1
41% Marll
100
Do
5,900
16,550
75*4
125
Dec
7*2 Jan
8
8% Jan 13
43% Jan 19
9
84%
1*4
74*2
Jan
77*2 Jan 31
19
27%
73
74
104
600
Apr
Jan
Jan
Jan
45*2 Mar24
19*2 Mar30
100
pref
100
Contlnt'I Candy Corp.No par
Corn Products Refining...100
Do
pref
100
Cosden & Co.
No par
1*8
1*8
27%
86%
84
27
75
136
227%
16*2
71
60%
104
28
9584
70%
60%
73*2
16%
"26%
70
63*9
75
1
89%
87%
23*4
28
1*8
103% 103%
28%
28%
66
16%
20*4
62*2
6U2
73%
88
23%
1
iS-
5,100
14,900
Jan
66*2
67%
74%
Jan
93% Jan
107% Jan
26*4 Marll
56*2 Marl5
5*2 Maris
34
Marl8
Columbia GraphophoneNo par
Do
pref
100
35%
Jan
Jan
21%
59%
5
58*4 Marl9
Columbia Gas <fe Electric. 100
*577g
1*8
100
100
22,500
Jan
105%
61%
4
5% Feb 21
Cerro de Pasco Cop.-.No par
Chandler Motor Car..No par
Chicago Pneumatlo Tool..100
Chile Copper
25
Chlno Copper
5
Coca Cola.
No par
Colorado Fuel & Iron
165%
Jan
35*4 Feb 21
74% Mar30
23
MarlO
64
Jan
3
Leather
Jan
June
4% Marl2
Central
pref.
Jan
97%
210
68*2 Jan
25
6%
50
82%
3
3
California Petroleum
100
Do
pref
100
Callahan Zinc-Lead
10
Case (J I) Plow Wks. ..No par
59%
19%
59
Feb 21
4% Marll
No par
6%
2078
•57*2
4
100% Mar
283
8
11
11
11
15
27
63% Jan
3
Jan
5% Jan
.
8
59
82%
94*4 Jan 11
102*4 Jan 25
59% Jan
99% Jan
10
Caddo Central Oil ARef.. 100
Do
Jan 21
4*4 Jan
0*8
Jan
106% Mar
105
Apr
71% Dec
.
70
81*4 Jan
7
*73
~
44*2 Jan
13% Jan 12
6
100
59%
18
Deo
88
6%
43*2
83%
Dec
56
8
59*8
78*2
Dec
38
84
63% Mar21
Jan
560
*48"
49%
Mar22
107*2 Mar23
88
28%
300
Dec
100
28
3,200
18
50% Jan 22
100
Class B common... 100
Do
pref————100
Do
cum conv 8% pref. 100
Booth Fisheries
No par
Do
28% Dec
5% Dec
25% Deo
Mar21
35
z53% Marl5
90
Feb
9
Bethlehem Steel Corp
28%
17%
19*4
Jan
56% Dec
88*2 Dec
Dec
82% Marl2
97
Maris
2% Jan
4
28*4
10,900
14
92% May
104*8 Dec
85% May
100% Dec
30
9% Marll
61
-
3,800
10
Jan
Baldwin Locomotive Wks.100
Do
pref
100
Bethlehem Motors
No par
19%
21%
82
27
""1*2 "Tlo
2,100
33
Jan
19%
21%
*15
16
87*2
16*4
43,600
Deo
40% Jan 20
76
9%
83
28
8534
1578
400
Feb 17
Mar28
Mar28
Jan 20
Jan
8
30*8 Marl7
29
Marl7
19*2
22*2
18*2
16
9534
5,400
120%
75%
97%
39*2
9%
At Gulf & W I SS Line-—100
Do
pref
1
,..100
Austin, Nichols & Co. .No par
Do
pref
100
9%
18
178*2
3
Jan 31
Jan
19*2
83
*74
5
Jan
94
9
*21*2
~4 T
Jan
108*2 Mar29
123% Feb 17
5*2 Mar28
63*2
9%
37
47
37%
5*2
37%
83*9
81
"2734
633s
400
25%
37
6
45
94
California Packing
60
75
50
65% Jan
11% Mar 1
59
Marl5
*25%
59*2
684
*42*2
60*2
7
Marll
33% Jan
3
24
Jan 26
10% Jan
6,900
36
26
14% Jan
"l6%
•73
Feb 21
Butte & Superior Mining..
15%
Dec
Dec
Butte Copper & Zlno v tc.
5
Butterlck.
100
16
Apr
82%
97%
Dec
100
*15
93%
142%
118%
79
800
12
Dec
65
No par
Brooklyn Edison, Inc
Burns B-os
Mar
Mar 1
19
18
Jan
Jan
60
91% Feb 17
3
Jan
Nov
88
100
*4%
80%
17%
81
*63
63
790
90
Mar
79%
Mar
107% Jan 27
85%
5
*90
81
100
5*4
5%
39*2
81*4
25%
10*4
19%
21*2
29%
60*4
7
45
*28
5978
75s
497g
7*2
200
32,500
18
25*2
28
55
56%
•11
5*4
407g
200
2,200
1,400
86
*4*4
5
32,000
3
95
86
86"
88%
100
4%
*88
15%
60
4%
95
15%
157g
*2%
*90
1534
151?
100
54*4
15*8
157g
"86%
55
•4*4
15%
87%
100
58*2
4i2
19*4
11%
•18
86%
100
2%
11%
4*2
Atlantic Fruit
•61
1,500
Jan
Feb 21
29% Marl8
8
Marl2
25
—
.....
300
30
2%
91
pref
200
30
*90
95
86
2%
Do
Feb
10
93
Anaconda Copper Mining. 50
Associated Dry Goods
100
Do
1st preferred
...100
Do
2d preferred
...100
Associated Oil
100
16,000
91
57
100
pref
Jan
112% Marl2
87
Jan
4
110
Jan
3
Amer Zlno Lead & Smelt_..25
35%
105*8 105% *104
*90
106
5
"57*4
92
105*2 *105
101
2%
55*2
58*2
89%
87%
89%
101
Do
26
83
72
100%
73% Jan
Amer Writing Paper pref. .100
100
•99
~~3~
200
500
31% Jan
Deo
29% Deo
64% Deo
Jan
83% Jan
95% Jan
100
Amer Telephone <fc Teleg.,100
Amer Tobacco
100
Do pref (nets)..—100
1,700
Do common Class B...100
71,200 Amer Woolen of Mass
100
10
33
33
pref
01
Feb
83
7
Highest
% per share 9 per share
Feb
88
Amer Sumatra Tobacco___ 100
Do
67
44% Feb
100
100
35,050
4,000
35l2
66
9%
100
200
35%
10*4
5*2
20,500
$ per share
85
100
pref
Lowest
29
American Sugar Refining. 100
Do
Year 1920
31% Mar31
68% Mar31
203
9
27%
55
101*2 102
*5%
6%
39*4
41
91
ofcfs
100
*30
33%
64
55
56
5*2
405g
36%
33%
•60
35V 36%
33% 33*2
62*2 62%
113% 114%
•90
SHARE
Range for Previous
Highest
$ per share
63
Jan 11
Am Smelt Secur pre! ser A. 100
37
*62*4
Par
300
22,500
2,300
64
3534
65
Indus. 8c Mlscell. (Con.)
64
36
64
39%
7478
*62
Lowest
*61l2
35%
68%
64
65
PER
EXCHANGE
Saturday
March 26.
•64
SHARE
Ranye since Jan. 1.
On basis of 100share lot
11
45
Dec
Apr 1
35
Aug
15%
Deo
58% Jan
48
29*2 Mar23
153
77g Sept
Feb 23
8
21*2 Mar28
105*2 Feb
0 Old stock.
*
67*2
387s
Jan
Jan
Apr
Jan
Jan
Oct
Jan
Jan
127% Nov
Dec
95
207
109%
Jan
Dec
36
Apr
14*2
Ex-divldend.
1378
New York Stock
Record—Concluded—Page 3
For sales during the week of stocks
usually Inactive,
third preceedlng page.
see
PER
HIGH
AND LOW
SALE PRICE—PER
Sales
STOCKS
for
fr%T
SHARE, NOT PER CENT.
NEW YORK STOCK
Monday
Tuesday
Wednesday
Thursday
Friday
the
March 28.
March 29.
March 30.
March 31.
April 1.
Week
$ per share
$ per share
6 per share
$ per share
$ per
$ per share
Shares
10*4
37
*35*2
9%
♦36%
10
9%
97g
2,800
1.0%
38
*34
38
*34
38
100
115
*100
115
*100
115
~mmmmm+m~-
♦144
150
*145
150
147
147
103
103
♦102% 105
{63
63
*74
85
150
108
....
38%
35*2
74*4
85
35%
m'm+m"
146
107
m m m.
„
m
m
85
85
86
♦98
101
*95
100
147*4 160*4
143
149
142% 1467g
Loose-Wiles Biscuit tr ctfs.100
Do
2d preferred
100
Lorlllard (P)
100
57
57
*50
58
103
86
73
74
*6
80
400
85
85
1,500
m m
*103
68
280
105%
*63%
28
67
*80
85
*81
*95
100
100
♦100
143% 146%
141% 143%
84%
17%
17%
13
13*4
30*4
17%
13*4
297s
17%
400
138% 141% 169,700
56
*52
5534
♦52
96
*93
98
*93
*51*2
f 96
16*4
*24%
25%
*31
33
♦68
70
17
2%
16%
*23
17%
m
25
mm
2%
5534
*93
98
23
24%
17
♦23
mm
31%
*30
*67
72
2%
61%
61%
60%
61%
59%
60
*59
95
94
94
*92
3%
4%
900
95
2%
23g
2%
1,100
*92
;
300
m
^
"23%
*50
54
60
*56
7684
24%
—
2334
77
25%
26%
54
*75
80
*75
5,800
*50%
59
59
58
58
*58
59
200
39
39
39
x37
37
*36
38
1,000
*9%
3%
11
*9
11
*9
11
*10
11
*10
11
*4%
♦13*4
♦47%
14
13%
47%
47%
36%
72%
4 66
12*4
5
mm
69%
3%
*4%
13
13
13
48%
357g
6934
63%
II84
13%
x47%
35%
62%
63%
11%
12
35%
33%
26%
35%
88
11%
73%
71
49
37%
71%
~''mm
-
•
434
f
mm
49
48
48%
1234
47%
36%
35
13%
mm
m
43
300
70
67%
60
61
1134
42%
11
113s
73*2
61
73%
43%
33
33%
26%
26%
25%
25%
33
34%
3234
34
31%
3278
1034
1078
7278
10%
10%
10%
1038
61
*60
61
♦86%
88
*86%
88
26,500
2,500
600
*13
14
13%
42%
mm
7134
72
61%
*86%
63
88
72%
6178
71
68
105
45
14%
*13
8878
88
917g
105
104%
47
46
47%
47
33%
33%
33%
33%
33%
33%
33%
88
88l»
6,100
33
27
68*4
68%
*92*4
95
12
30%
27%
66%
*93
117g
3,700
26%
68%
1178
30%
31%
*26
66%
95
*90
preferred
Nunnally Co (The)
200
13%
1,200
Ontario Silver
7,800
1178
88
*86
*102
1134
117g
*29
31
*26
11%
27%
66%
6734
65%
*90
95
"4",100
1134
31
64%
600
300
65%
*26 ~
12,600
*15
17%
5%
65
63%
64
12
12
12
*4
4
18%
63%
*65*4
*3*4
18%
12
64%
18%
4%
17%
5%
66I4
69*2
17%
5%
65%
15
15
15
1
5%
6934
15
3%
*15%
*5%
66%
1434
6384
65%
62%
12
12
12
*31"
18
4
*15%
3%
18
47«
5%
68
69%
15
*14%
42%
3%
♦15%
5%
47g
6978
18
67%
14%
4034
15
800
*
6034
«
mm
m
m
5
5%
900
40%
23%
40%
24
24
23%
24
24
24%
x23
2378
45
42
42
44
44
44
44
*42
45
*42
44
*70
88
*70
88
*70
88
*70
88
*70
88
*70
88
*145
153
150
150
*145
152
149
149
*142
155
148
152
....
....
23%
*42
10734 10734
7834
78%
107% 108
*78
31%
96
787S
878
8
....
31%
37%
77%
8%
8%
39%
7%
42*4
42%
27
27*2
47
47*8
*78
~
107% 197%
79
78%
30*4
31
39%
3678
38
76
78
99
82
41%
26%
46%
*78
9*4
387s
10%
3978
72
80
4334
107% 107%
78%
31%
96
40
8
—
*92
31%
39*8
76%
*884
«
*78%
30%'
36%
75%
*92
*8%
30%
3734
36
3738
73
40
42%
8%
9
44
104
49%
....
50
19*4 Jan
35*4 Mar23
88
Pressed
Do
23
23
22%
227g
68*4
69
64%
68
m* mm
....
■m
_
„
48
_
22%
22%
23
22%
6678
65%
67%
65%
22%
66%
47%
47%
737b
72 i
29%
*44%
68%
10^
29%
28%
*44
47%
73*4
47
6734
697S
1017g 10178
28
27%
102
29%
*44
26%
42
82
109%
47%
*11%
30*4
82% "81% 82%
109%
109% 110
47
48%
47%
12
11%
11%
31%
30%
31%
3078
29%
30%
97%
*95%
96%
807g
110
82%
81%
110
110
46%
47
46
11
1134
10%
30%
*95
684
60%
684
60%
86
86
30%
30
*29
30
*95%
96
29%
95%
*82
30%
90
48%
41%
14%
14
-
m
-
—
8*4
60
86
86
94%
49
49
41
41%
14%
14
*15
"
8%
*32
35
*42
45
*112
8
678
6%
114
12i8 Marl 5
81% Jan
5
14*8 Jan
24
12
Dec
27%
Jan
96
Jan
24
72
Dec
100
9178 Mar30
104
Jan
24
90*4
Dec
113*4
104*2
Apr
Feb
100
...50
Pure Oil (The) k
Railway Steel Spring
54
25
31
*84
82
Jan
5
100
Jan
5
9%
50,100
Marl2
145s Jan
5
37*2 Jan
20
24*8 Dec
12
30
Dec
Republic Iron A Steel
100
60*8 Jan
3
39*2 Jan
73*4 Jan
13
55*4
Dec
124*4
Jan
100
8912 Jan
6
Dec
106*4
55*i
Jan
pref
11
Corp..1
100
Saxon Motor Car Corp.No par'
Sears, Roebuck & Co
Seneca
100
Copper
No par
Shell Transp A Trading...£2
Do
preferred
100
Standard Oil of N J
Do
25
pref non voting
100
96*4 Mar 2
84
24*2 Jan
25
69*4 Jan
11
16*4 Dec
49*2 Dec
IU4 MarlO
3»2 Mar29
13
12
10
1178 Jan
3
278 Jan
3
6538 Mar2S
12*4 Marll
3812 Mar 2
1978 Marll
4H2 Marl4
73*2 Feb 28
135
105i8 Jan
No par
Studebaker Corp (The)
Do
pref
80
I
*75
80
•63*2
65
1 *63%
65
-
.
-
16%
400
1,700
17%
Do
pref
21%
66%
loo
6%
21%
66%
2,000
29,000
46
69%
92,400
Union Oil
No par
United Alloy Steel
No par
Fruit...
10834 10834
Do
7
Jan
24
7
.
2.400
54,400
Jan
Cl42*2 Dec
100*8 June
77
6*4
9*4 Jan 20
12
Jan
Dec
Dec
Jan
Mar
Mar
June
Mar
126%
Apr
Apr
101%
Jan
14
Oct
118*4
Jan
10
57*4 Jan
20
46
Dec
Jan
13
80
Dec
12*8 Jan
10
Dec
Dec
Dec
678 Dec
lli2Jan
3914 Jan
100
40%
41
1434
16%
41%
15%
38
7
Mar24
13
19
15
Dec
72
17
5618
Dec
102
Feb
5*4
51*4 Jan
Aug
3578 Nov
19
53
74*8 Mar23
1
41*8 Marll
44*2 Jan
United States Steel Corp.. 100
7784 Marl4
85
3
112
10378 Jan
Dec
90
8
Mar
Apr
4
Dec
95*2 Dec
29*2 Dec
39*2 Dec
76*4 Dec
35*2 Jan 27
3
Feb 17
127
Apr
38
Jan
53
Jan
2247s Oct
96*2 Jan
25% Jan
55*4 Apr
3778 Apr
78% Jan
116% Jaa
103% Jan
69*4 Apr
143*4 Jan
116% Jan
76
Jan
47% Mar
Jan
Dec
Dec
115%
Jan
Jan
7
Aug
14
Oct
Jan
27
45*j Mar31
59*2 Jan
19
100
12&8 Marl7
No par
812 Feb 25
26
Marl7
41
Jan
11
28*2
Dec
97
Apr
Virginia-Carolina Cbem—100
29% Mar31
42*2 Jan
11
Dec
80U
Apr
Feb
pref
Z|*—--100
100
Do
100
100
pref
Virginia Iron C A C
V Vivaudou
Jan
95
Mar24
84
Jan
3
0% Marll
No par
104*8
44*8
18
Jan
25
76
8*4 Jan
13
21
June
20
5*4 Dec
46*4 Nov
76
Mar
Mar22
80*8 July
92%
102*4 Jan
95
Dec
49*2 Jan
4
72
84
Jan
3
89
95""
500
93
Jan
3
9678 Jan
5,600
42*4 Jan
3
4978 Mar29
40
Dec
4038
1434
47%
40%
15%
Westinghouse Air Brake...50
Westinghouse Elec A Mfg..50
2,600
White Motor
35% Jan
3
42
16
30*2
26,300
13%
Dec
Dec
19
Nov
8%
8%
15,000
33%
2,300
Wells
Fargo Express.....100
...50
80*4
24*4
88*4
Western Union Telegraph. 100
m
Jan
Jan
109
1,500
m
Jan
66%
—...10
Do
107
Dec
Jan
27*4 Jan
26
Vanadium Corp
900
50
50
50
US Smelting Ref AM
Do
pref...
Dec
10*2 Nov
45*4
3
9,000
6134
Marll
4li8 Marll
62% Jan
3
100
pref
3,600
""16")
3
3
5i2 Marl4
Feb
Jan
38*4
27*8
176
5878 Feb 17
18*4 Mar21
Jan
1st
29
61"
7
101
2,100
90
4
Jan
100
Do
30
97%
Jan
95*2
106
19*2 Dec
Dec
6
34
100
United Stages Rubber
2,000
6%
24*4 Jan
207
17% Mar 14
20% Sept
60
Apr
Feb
91
27i2 Mar 4
pref
100
U S Realty & ImprovementlOO
10%
*93%
Jan
6414 Mar28
92% Jan
3
*10%
41
Jan
Feb
14
89*4 Nov
112% Jan
120*2 Sept
119
Oct
Jan
55% Jan
69*2 Mar
25*2 Oct
32*4 Sept
33
33%
42 %
*42
43%
114
114% *110
*106
45
114%
100
4CC
White Oil Corporation.No par
12
Marl2
17*8 Jan
8
Wickwire Spencer Steel
17
33%
62%
20
Feb
37
U S Industrial Alcohol
Utah Copper
Utah Securities v t c
47%
63
Jan
82
3
19
16,400
48
63
110
7
U S Food Products Corp..100
46%
x47%
40%
nil
3
Mar29
100
100
pref
U S Express
46
4934
*75
Apr
97is Mar 15
48
Apr
1
100
U S Cast I Pipe A Fdy
800
49%
80
100
70%
101% 101%
94
and asked prloee; no salea on this day.
*44
96
*75
Jan
94*4
C2l2%
113%
91*2
51*2
13
7*8 Mar 2
Mar 22
79
100
Transcontinental
200
~
""6%
*92
-
82*4
Dec
United Retail Stores...No par
5,000
49
*86
49"
48*4
Dec
10,900
48
95
50%
Jan
Apr
Dec
Unted
"~6% ~~6%
110
243
75
12,200
95
50
Apr
Apr
43
20% 2034
*30%
3134
10238 10234
*60
50%
83%
21%
20
61*4
mm
115
4934
1778
25*4 June
11
Jan
167*2 Jan
5
123% May
73*2 Feb 28
56
13
87%
*113
51
46*4 Jan 20
11
25*8 Jan
Jan
*95%
*104
111% *104
50
Jan
Jan
23*2 Nov
90*4 Jan
75
95%
111
*105
51%'
Mar
Jan
Jan
Oct
Dec
3
30
45
Dec
Jan
93*2 July
14*4
33*8
68
2834
*42
2*8 Dec
85*4 Dec
3
17
Union Bag A Paper Corp.. 100
3C
3378
5*8 Mar21
98*4 Jan
20*4 Jan
9
22*4
94
Dec
2*2 Dec
1,600
30
33%
MarlO
Jan
5*2 Feb 16
23*8 Jan 11
71%
71%
200
83s
Nov
1478 Marll
5612 Feb
7
9
81%
8%
10
Feb
80%
15
Marl7
43
81
*15
Jan
Apr
Nov
23
30i8 Mar 4
29%
8%
107
25i8 Marll
Transue A Williams St.No par
2834
17
106*2
700
41
29%
8%
507s
Dec
73
92*2 May
Ray Consolidated Copper.. 10
Remington Typewriter vtc 100
Replogle Steel...
No par
200
10%
*38
61
*15
2978 Dec
i
5%
347g
87%
8%
33%
Apr
6*8 Marl2
61
15
3
Jan
Mar
120
Oil..No por
88
"
8
89*4 Mar 7
Mar
68
124
Dec
45
84
80%
97%
36*4 Jan
109
Dec
Dec
40
11
Times Sq Auto Supply.No par
Tobacco Products Corp...100
47%
11%
30%
6%
52
95*2
Mar 23
51*2 Jan
13*4 Mar
26
90
Marll
100
100
pref
69
110*8 Jan 21
e57*4 Jan
53% July
34*4 July
26
109%
46%
10%
10%
15
Dec
28%
4534
Jan
10212 Marl2
43*8 Feb
8
Dec
26%
109
72*4 Sept
91*4 Jan
Dec
42
82%
110%
Dec
22
49%
14
"~8%
46
98
Feb
83
40
65
60%
87%
48%
40%
8%
*44
Jan
Dec
51*2
19
10
6%
*58%
87%
...
17
*75
*Bid
678
27%
34
33%
32%
*42
45
44%
44%
115
114% 114% *112
114%
*104
50*2
65
86
94%
48%
41 %
6%
*58%
47
68% 70%
68% 70%
101% 101% *10134 102
72
Mar30
88*2 Jan
100
Steel Car
pref
Do
*101*4 102
Jan
Jan
Jan
3678Jan 21
1,000
734
41%
*80%
7
108*2
23*4
45
48
*6
Dec
Marll
31
mm!
10
8278
Dec
7
Jan
63
8
Dec
9
Marl2
31
~*5% "7"
78
Apr
15
59
Marl2
20%
mm
69
Jan
44*2 July
8
Mar28
8278 Jan
Oct
42*2
7
41%
72%
20%
'
45
26*4 Dec
8
1178 Jan
565s Marll
100
Pond Creek Coal
Jan
9*4 Apr
11
21
*39
.
25
15
Jan
Apr
Apr
Apr
38
41%
7
36*4
Texas Pacific Coal A Oil...10
*38%
48
116*8
111*4
41
39
*5%
22%
647g
32
6*4
13
10%
48
69*4 Dec
48
10
7
Jan
Jan
Oec
Dec
64% Dec
17
Jan
61*4
417s
41*4 May
35
Jan
65
78
1,000
11%
18%
417s
43%
10%
*5%
Mar30
Jan
Dec
8*4 Dec
1U2 Dec
10
7
8
41*2 Jan
4
79*8 Feb 17
71*4 Jan 12
17
Nov
12
z4278 Dec
10*4 Dec
7
8,600
17
....
x64*4 Marl5
*58% Marl5
8*4 Marll
3358 Jan
3
49
23
13
11
46%
50%
5*2 Jan 31
13*4 Jan
45
49%
414 Jan
5*4 Mar
9% Apr
28*4 Sept
10*8 Jan
461?
50
278 Dec
3*2 Nov
Jan
714 Feb 24
36i2 Marll
40
49%
7
4
Oct
7*4 Marl6
47%
10134 10434
49%
4934
Apr
No par
46%
*79
3178
22*8
Superior Oil
No par
Superior Steel Corp'n
100
Tenn Copp A C tr ctfs.No par
Texas Company (The)
25
79
20%
Dec
Submarine Boat
47%
105%
9
1,800
79
20%
Jan
8
1278 Jan
1,800
46
*30%
77*4
9
47%
104
3'8 Jan
May
Dec
61*4
26
8%
82
20
197g
*30%
317g
103% 104
49%
497g
17%
1734
8I2 Mar 8
61
48
Mar29
9
28,200
33,400
3178
Jan
35*2 Dec
39
50
76
27%
21%
Mar31
61*4 Mar 2
Jan
Mar28
26%
31
Jan
Jan
Mar26
28
103% 104
48*2
80
7%
41%
20
32%
103
16*4 Dec
96
27%
CO OO
27*2 Mar31
83
41
9%
Jan
117*4
100
100
417g
10*4
40%
17*2
Dec
100
76% 241,500
100
29%
84
Nov
66
24i2 Dec
22*8 Dec
37*4 Dec
7%
41%
*79%
Dec
8
19
42*4 Jan
28
84
100
15
Feb
27i4 Marll
43*8 Jan
3
42
7%
11
Feb
Stromberg-Carburet
6,500
29%
7%
Jan
12
89
77
41%
7%
105
Jan 26
110
Jan
Jan
Apr
Jan
Mar31
27
27
7%
63*2 Dec
Steel A Tube of Am pref—100
42%
8
9
20
Stewart Warn Sp Corp.No par
28%
mm
Nov
Mar
68
irn
43%
*7%
39%
mm
88
89*2
102*4
93*4
Jan
8%
8%
9%
■
70
21
20*4
*31
40%
79
*92
8%
9%
44
44%
75%
"
Nov
300
37
78
35%
74%
100
*78
45
•3,200
30%
8%
8%
8*4
107% 10734
78%
Feb 14
6
Pierce-Arrow M Car...No par
Do
pref
...100
Sinclair Cons Oil Corp.No par
30%
65
*
Dec
Sloss-Sheffield Steel A Iron 100
78%
Apr
30*8
300
30%
72
10
1073s 10734
Jan
13
27
2,300
79
102*2
Dec
35*2 Jan
31*2 Jan
54,900
1,200
2,900
Dec
2
2712 Marl 2
23%
mmmm''m
80
59%
10
11
....
2234
31%
9
8%
42
Dec
22
Jan
11
Savage Arms
2,100
25*4
Jan
5
9
San Cecilia Sugar v t c.No par
76,300
15
18
75
Jan
100
6934
*14%
355s Jan
Mar
74*4 Mar 12
205s Feb
9
Oil
pref
Jan
40
43*2 Mar21
Do
Jan
25*2 Dec
Jan
900
5
68
14%
69*2
100*4
Dec
4
Jan
54*8 Jan
19*4 Jan
Republic Motor Truck.No par
Royal Dutch Co (N Y shares).
St Joseph Lead
10
22,000
mm
17
*15%
69
mm
3%
47*2 Dec
93
Mar
16
50
Jan
40
29
100
Jan
52*4
12% Dec
1278 Mar 12
x46% Marl6
1118 Marl4
46i4Jan 19
Development
Jan
71*'
12
2478 Mar29
25
26
14*8
Mar26
par
600
02""
■'mm
*3%
Dec
10
Aug
28% Dec
19*8 Jan 28
15*2 Jan
8
4
56*4 Jan 11
2312 Mar
Do
18%
63%
12%
3%
Jan
Philadelphia Co (Plttsb)...50
Phillips Petroleum
No par
95
18
105
Dec
Aug
Do
27%
*._._
Mar
1
Pan-Am Pet & Trans
106
3134
88
4978 Jan
Public Serv Corp of N J... 100
400
Jan
Jan
11
Jan
55U Jan
2i4 Mar31
100
No
Pullman Company
Punta Alegre Sugar
7,100
107
222
33*2 Jan
§96
137% Apr
Oct
Aug
95*2
30
31
900
90
106
94
Dec
148
1978 Jan
54i2 Feb
Do
Class B
50
Penn-Seaboard St'l vtc No par
People's G L & C (Chic).. 100
'
18%
Mining
Steel
Owens Bottle
65
13
100*4 Mar26
167U Jan
2512 Jan
No par
Orpheum Circuit, Inc
300
104% 104%
46
z44%
32% 33%
Mar23
Apr
2012 Feb 24
Oklahoma Prod & Ref of Am.5
mrnm+mm
9178
Mar2G
86
Jan
64U Mar
151*2
14*4 Feb
Do
pref
100
Pittsburgh Coal of Pa.....100
*13
27%
52*4 MarlO
596
44
2,300
10,500
Marll
100
62%
14
33%
15*4 Jan
1U4 Mar 12
100
_
701?
88
Marl8
100
Nova Scotia Steel & Coal.
Pierce Oil Corporation
*86%
4
29
..100
6,500
8834
33
6512 Jan
95
IOOI4 Jan
49,600
«.
88
12
30%
26%
66%
12%
30%
2734
68%
Dec
5
103s
-
*102
12*8
30*2
56
03*8 Dec
89*2 Feb 14
Jan
200
,•
1178
2
3
74
32%
88
104% 104%
47
4034
48
♦24
57*2 Feb
Marll
Jan
95
1,000
mm
67
447g
♦30*4
69*4
Jan
'mm'mm
mm
91%
10534
4534
33*4
»
183*4
110*2
Doc
69*4 Jan
61
917«
67
68
104
Dec
56
92
934
69
617g
*86%
*13%
13%
937g
13%
97
24
par
31%
mm
71
61
88
87
13%
937g
105
42%
41%
z32
m"'
100
60%
*86%
3
Jan
100
North American Co
Pacific
Jan
Jan
Feb
68
100
pref
New York Dock.
Otis
Dec
107
100
Nevada Consol Copper
New York Air Brake
Do
120**
Jan
164*2 Feb 28
100
Pacific Gas & Electric
6284
4234
pref
Jan
Jan
28
3
100
National Lead
1,400
11%
43%
3334
Do
70
115*2
5
Do
pref
100
Nat Conduit A Cable.No par
Nat Enam'g & Stamp'g
100
78,600
69
25%
National Cloak A Suit
Dec
Dec
9*8 Nov
3
50
Pacific
6234
42%
Acme
3,860
12%
327g
25%
mm
100
Corp.No
1534
47%
63%
33
m
1,500
1,700
353g
6834
42%
mm
■mmmmmmm^L
■
m
13%
48%
13%
m'im,
4,700
88
1078
37%
mm
1334
«.
3%
*4%
■■■'
13
51%
">4. 3%
434
.«•
m
*13%
49
12%
Yo%
m'm''
50
48%
10'2
73%
'•
*48
47%
36%
69%
34*4
13%
*48
3778
71%
63%
33%
4 26*?
25
13%
33«
3%
*4%
52
13%
47%
11%
42%
3278
263g
3%
434
25
25%
13%
13%
mm
52
62
3%
434
*4%
24%
25%
m
♦48
37
3%
National
100
50
60
3%
50
pref......
Do
400
38%
*50
Do
25
100
Jan
__5
Middle States Oil Corp
10
Mid vale Steel A Ordnance. .60
Montana Power
100
Mont Wd&CoIlls
10
31
Marll
Jan
Feb
100 z137'4 Marl5
...100
88
Marll
pref
12*4 Jan
100
59% Jan
Miami Copper
mm
5,200
27%
26%
27%
"m'm
77
Petroleum
Marll
136
68
Mexican
Jan
100
100
56
100
73
56
13%
,
mm~m"~
'mm
62
95
m.
600
32
75
31%
*67
2%
*72
m.
>..100
Highest
g per share % per short
42
912 Mar21
31
...100
20
38%
*68
50
26
mm
38
WM
*47
42%
33*4
^
400
*2%
25
*49
mm
1,900
173g
2%
77*4
23%
17
1734
72
72
71%
*70% 72
71%
*102
110
*102% 110
*103% 110
*103% 110
*102% 110
9
9*4
9*4
9%
9%
93s
9%
9%
9%
9%
25
12
*52
98
*92
77
....
70*4
5534
*93
17%
24%
2%
72%
38
♦64
*52
98
17%
75
m~mmm.
36
5534
*93
32%
95
13%
*52
98
*31
72%
*4%
17%
5534
*67
*92
3*4
25,500
5,300
75
95
56
29%
32
*92
mm
29%
32
*61
38
13%
29%
*67
63
m'mmm
2,000
13
29%
17%
32
•61
mm mm
17%
13
1734
13%
17%
13%
2934
'
*23
2%
62%
*49
mm
17*2
13%
29
75
31%
♦68
2%
23%
17%
13%
30
17%
13%
297s
13%
2978
$ per share
100
1920
Lowest
% per share
Sugar...
100
May Department Stores.. 100
Do
pref
!
100
Do
30
Year
Highest
Manatl
*64
■mm
^
*74"
85
800
14234 14378
Indus. 8c Miscell. (Con.) Par
Loft Incorporated
No par
Do
pref...
Mackay Companies
Do
pref
mmr
••
m
*74
100*4 100*4
83%
143
105% 105% *103
'.'mm
....
*82
10%
*35
*100
*103
74*4
*10
10%
115
*100
....
10
*100
115
*147
Range for Previous
Lowest
115
*100
....
10%
share
SHARE
EXCHANGE
Saturday
March 26.
10*4
PER
SHARE
Range since Jan. 1.
On basis of 100-share lots
15*4 Marl2
5% Jan
3
18*2 Jan
11
9
Jan
8
Dec
32
Jan
30
3
40
Jan
7
26
Dec
93
Jan
Marl 2
47
Jan
7
3478
Dec
82%
Jan
5
Willys-Overland (The)
25
Do
pref (new)
100
Wilson A Co, Inc, v t c.No par
Woolworth (F W)
110
Do
"3", 100
pref
49%
49
49%
80
80
80
100
Do
pref A
62%
63
63
300
Do
pref B
I Less than 100 shares.
{Ex-rights
Worthlngton P A M
a
v t
Ex-div. and rights.
100
100
C..100
Jan
38
108% Feb 24
145
Apr
Dec
116
Jan
Dec
95
Jan
Dec
93*4
Jan
53*2
Dec
76
Jan
par.
»
100
21
102
Jan
18
43
Jan
3
52*2 Jan
100
71
Jan
7
81
100
61
Jan
8
6.5*4 Mar
c
June
114*4 Mar28!
108
* Ex-dlv.
5*8
111
Feb
19
Feb 11
41
Reduced to basis of $25
35%
73
Par
$100.
New York Stock Exchange—BOND
Jan. 1 1909 the Exchange method of quoting bonds
S'
BONDS
Price
Fiday
April 1
Last Sale
Week ending April 1
U« S. Government.
First Liberty Loan—
Bid
314% of 1932 1947
Conv 4% of 1932 1947
Conv 4^% of 1932 1947
2d conv 4%% of 1932 1947...
Second Liberty Loan—
4% Of 1927 1942
Conv 4tf % of 1927 1942
Third Liberty Loan—
434% of 1928
Fourth Liberty Loan—
4>*% of 1933 1938
Victory Liberty Loan—
4H% Notes of 1922 1923
SH% Notes of 1922 1923
4a registered
Ask Low
D
90.38 Sale
J
J
D
D
87.00 87 50 87.20
J
D
96.00 100.14 98.50
89.92
87,62 Sale
M N
87.12 Sale
86.80
87.12
87,10 Sale
86.90
87.24
M S
90.14 Sale
90 12
90.38 3397
87.16 Sale
O
1925 Q
87.00
97.60 Sale
97.50
97.56 Sale
97.52
100% 100
4a coupon
1925 Q F
Pan Canal 10-30-yr 2s_.__.*1936 Q F
Pan Canal 10-30-yr 2a reg
1938 Q N
Week ending April 1
Price
88.00 91.14
87.28 6270 85.34 88.60
97.66 10342 95.56 97.76
97.64 1345 95.80 97.72
100
100
June'20
l04_ 104"
Feb'21
102% 10334
Mar'19
Consol gold 58
10-yr temp
D
d
A
1945 M N
Ask Lots
87
87%
67%
83%
71%
J
J
83%
Mobile Div 1st g 5s
1946 J
J
Cent RR A B of Ga coll g 58-1937 IVI N
Cent of N J gen gold 5s.....1987 J
J
84
87%
79%
81
Chatt Div pur money g 4s. 1951 J
Mac A Nor Div 1st g 5S..1946 J
Mid Ga A Atl Div 5s
1947 J
Registered
*1987
Am Dock A Imp gu 5s
1921
N Y A Long Br gen g 4s...1941
Chesa A O fund A impt 5s
1929
1st consol gold 5s
D
Q
J
J
1992 IVI
Registered
S
.1992 N1
g
78
80
78
80
Foreign Government.
Argentine Internal 5s of 1999— IVI
70
S
Belgium 25-yr ext a f 7H s g-1945 J D
5-year 6% notes
Jan 1925
20-year s f 8s
1941 F A
Berne
(City of)
f 8s.
a
do
67
72
95%
99
87
93
Sale
Sale
90i2
9134
96
97I4
9734
313
95«2
94%
96
98
92%
N
95% Sale
9434 Sale
95
.26
93%
95
N
74% Sale
84%
9978 100
92i4 8ale
88t2 Sale
99i2 Sale
747g
9978
74
O
743s
9978
9134
92%
56
88
89
63
O
2-yr 5Hb gold notes Aug. 1921 F
10-year 534a
1929 F
A
350
98
9634 100%
36
6
99%
A
92
Sale
91
99
Sale
99
92%
99%
85%
83%
168
99
98
36
87%
99
Chinese (Hukuang Ry) 5s of 1911 J
D
415s Sale
40%
41%
Chrlstianla
O
96%
98%
14
40%
9434
7334
79%
38
72
7912
95%
7258
7834
16
77
80
79
79
10
75%
(City)
Copenhagen 25 yr
s
f 8s
s
1 534S..1944 J
1945 A
Cuba—External debt 5a of 1904. IVI
Exter dt of 5s 1914
S
A.1949 F
ser
External loan 4J4s
a f 8s
97
Sale
73
1
78i2
78
A
28
"75"
Sale
A
O
Sale
69
1945 A
9834 Sale
98
99
287
95%
A
9784 Sale
97i2
98%
92
Series B
194^ F A
Dominican Rep Con* Adm sf 5s '58 F A
French Republic 25-yr ext 8s. 1945 M S
•3t Brit A Ireland (U K of)—
|
98i8 Sale
80
Sale
97i2
98%
140
795s
80
95%
95%
70%
9858 Sale
98
9834
1949 F
5-year 534%
20-year gold
69
bond 5 Ha.. 1937
10-year conv 534s
1929
3-year conv 534s..
pl922
Italy (Kingdom of) Ser A 6Ha.*25
85
A
85% Sale
A
F
F
A
A
8I84
F
Japanese Govt—£ loan 4348.1925
Second series ,434s
..1925
Sterling loan 4s
.1931
Lyons (City of) 15-yr 6s
1934
A
J
J
J
82
js82
J X
64
M N
74i2
Marseilles (City of) 15-yr 6s. 1934 M N
7484
Mexico—Exter loan £ 5s of 1899 Q
J 44(4
Gold debt 4s of 1904
1954 J
D
3214
Norway external s f 8s
1940 A O
9934
Paris
(City of) 5-year 6s
1921 A
(State) ext s f 8s 1935 J
Switzerland (Govt of) s f 8s 1940 J
Tokyo City 5s loan of 1912
|M
Zurich (City of) s f 8s
1945 A
X These are prices on the basis of 35
San Paulo
State
O
973s
J
97t2
-
and
J
S
O
104
57%
88%
94%
8178 8134
Sale
8178
Sale
8178
6378
Sale
Sale
74l2
Sale
74%
Sale
4H4
Sale
32%
Sale
99%
Sale
96%
Sale
97%
Sale
103%
57
Sale
9584 Sale
63
96
79
69%
100
98%
98%
81%
101%
95%
233
89%
94%
105
86
99%
87%
8984
184
94
96
81%
82%
82%
64%
15
81
107
75"%
75%
7434
30
74%
74
434s Corporate stock July 1967
434s Corporate stock
1965 J
92
434s Corporate stock
4% Corporate stock
D
1959 IVI N
83
4% Corporate stock
1958 M N
4% Corporate stock
1957 (VI N
4% Corporate stock reg.._1956 M N
82t2
8U2
New
92
434s
„-__1957 M N
Corporate
stock... 1957 M N
Corporate
N Y State—4s
stock...19.54 (VI N
334%
92%
9184 Sale
73t2 7734
J
Highway Improv t 4348-.1963 M S
Highway Improv't 43*8 ..1965 (VI 8
Virginia funded debt 2-3s...l991 J
J
101
_.
*1990 Q
AtchTopASFe—Gen g 4s
Registered
.
Adjustment gold 4a_.
J
1995 A
1995 A
O
O
97
58
51%
150
102
58
11
43
58
96
44
94
98
104
1043s
22
86%
86%
86%
92
88
88%
88
Sept'20
July'20
May'20
95
July'20
Dec'20
50
Mar'91
25
75%
76
79%
77%
67%
102
....
52
73
68
73
77%
76%
84%
88
88
76%
81
Temporary 10-yr 6s
1929 J
J
Pitts June 1st gold 6s
1922 J
PLEAWVaBys ref 4s..1941 M N
Southw Div 1st gold 334s.. 1925 J
88% Sale
J
1937 M S
1957 IVI N
1998 A O
Clear A Mah 1st gu g 5s...1943 J
Roch A Pitts 1st gold 6S..1921 F
Consol
1st g 6s
Canada Sou cons gu A
J
63%
64
76%
81
-.
D
O
23
19
"19
d
General 4s
;
F
1987 M N
66%
67%
8834
76%
85
Stamped 4s
83
84
79%
"99
70%
37
51
65" "71%
66
72
88%
93%
68%
"81%
30
62%
7334
67%
76%
98
"91%
Jan'21
68
68
75%
74
78
74
74
73%
93%
95
87%
77%
96
99%
99%
98%
Feb'21!
9034
89%
Dec'20
A
1933 IVI N
Feb'21
98
98
89% Mar'21
90% Nov'20
*85
102
S
Registered
1988
58
A
S
..
9934
93%
98%
99%
94%
102
62
99%
99%
99
Mar'21!
99
H>4~%
101
102
102%
Nov'20
Jan'21
99%
99%
99
....
99
Apr*20
Mar'21
Feb'21
99%
99%
7634
75
Mar'21
74
88
Mar'21
87
78%
90
73%
99%
Sale
66%
67%
6684 Sale
67% Sale
A
D
J
J
J
J
92
~82 " IIII
66%
66%
67
67%.
67%
85%
Sale
82
84%
82
63%
Jan'21;
64%l
81
28
70
59
Sale
Jan'21!
Nov'16
May'18
64
64
1
59
101%
62%
72% 72%
59%'
53
Feb'21
88
Mar'17
81
66
64
101
101% Mar'31
72%
73%
"72"" IIII
73
68%
63
100% 102%
81%
81%
81
84
Mar'21'
95
64
85%
Nov'20
118
100% 102
69%
72
23
Jan'21
81%
80%
67%
69%
67%
150
Feb'19
72
64
66%
65
85%
Feb'21
100% 101% 100% Mar'211
MN
J
67%
70
97%
83%
D
69%
Jan'20
67
69
67
77
88
88
Sale
88
88%
72
74
72
66
Oct'20
1929
i
77%
81
77%,
84%'
77
..1993
Ref A impt 6s Series A
Cairo Div 1st gold 4s
100%
Oct* 16
1931
General 5s Series B
24
453
99
993s
"91%
8934
70
C R I F A N W 1st gu 58..1921 A O
Ch Okla AG cons 5s
1952 MN
Keok A Des Moines 1st 5s. 1923 A O
20-year deb 4Hs
87%
87
1988 J
J
102%
'99"% '
75%
Refunding gold 4s
1934 A
R I Ark A Louis 1st 4^8—1934 IVI
Burl C R A N 1st 53
1934 A
Consol 50-year 4s
..1952
Cln H A D 2d gold 4 Ha
1937
C Find A Ft W 1st gu 4s g.1923
Day A Mich 1st cons 4^8.1931
Clev Cln Ch A St L gen 4s__1993
101%
101%
102% 103% 102
i-
St Paul A K C Sb L 1st 4Hs.*41 F
Chic St P M A O cons 6s
1930 J
Cons 6s reduced to 3HB..1930 J
Sale
99% Sale
S
Ext A Imp 8 f gold 5s...1929 F
Ashland Div 1st g 6s...1925 IVI
Mich Div 1st gold 6s...1924 J
Mil 8par A N W 1st gu 4s. 1947 IVI
St L Peo A N W 1st gu 68.1948
99%
98%
Mar'19
1930 J
D
99
97
Feb'20
94%
99%
1933 IVI N
Chic R I A P— Ry gen 4s
Mar'21
98%
~99~38 IIII
1921 A
g
99
68
75
81
87
91
74%
74%
65% Sale
65%
66
65
68%
68%
67
66%
Spr A Col Div 1st
68
68
Mar'21
68
69
71
68
79
W W Val Div 1st g 4s
C I St L A C 1st g 4s
84
Nov'16
g
4s
1939
1940 M S
1940
J
F
9634
52
55%
O Ind A W
91
92
9134 Mar'21
91%
93
81%
83
85
Feb 21
79%
85
73%
Jan'20
85
99%
Apr'20
Dec'20
99%
Feb'21
83%
83is
87%
Feb'21
86%
87%
Feb'21
84
84
53 %
65%
68
67
"74" Sale"
84%
98%
89
85
69
68% Sale
Mar'20
86% Mar'21
*8*1%
84%
98%
85%
84%
98% Mar'21
85% Mar'21
84%
84%
67
66%
Cln W A M Div 1st g 4s...1991
St L Div 1st coll tr g 4s
1990 M N
Jan'12
64
81%
Jan'21,
74
98% 101
85% 86%
83
85%
95
Chic T H A So East 1st 5s.. 1960 J
D
Chic A West Ind gen g 6s. .el 932 QM
7934
79%
66%
Feb'21
90
...1921
Registered
*64"" ~68%
Sept'19
,
81%
84%
Sale
9634
85
79
97%
Feb'20
74
53
83%
102
72
63%
Mar'21
1987 M N
9634 Mar'21
"99% II11
A
64%
80
pl987 Q
79
88
99%
99%
83
88%
•No price Friday; latest bid and asked. oDueJan. dDue April. {Due May.
78%
73
Feb'20
76% Mar'21
63%
"59"% *61"
68%
98
67
91
84
71%
8234
75%
92%
72%
—1987 M N
53%
96%
52%
Mar *21
75
75
"(56% *71%
57%
97%
D
1886-1926 F
Registered
*1936
Registered
*1936
Cln S A CI cons 1st g 5s
1928
C C C A I gen cons g 6S...1934
Ind B A W 1st pref 4s
1940
A
1922 J
5s...1962 A
88%
112
90
434 s
82
66
~75% ""76%
61
74%
28
68%
Feb'16
Sale
Debenture 5s....
1930 IVI S
North Wisconsin 1st 6s
J
1930 J
Superior Short L 1st 5s g_.el930 M S
91
Oet'20
Sale
60%
85
Consol
68%
100% Nov'20
66
75%
Ail A West 1st g 4s gu
67%
67% Sale
67
"59"% "60%
Dec'20
79%
78%
Jan'21
79% Mar'21
66%
68
Ohio River RR 1st g 5s... 1936 J D
General gold 5s
1937 A O
O
100% 103%
72% 78
Aug'15
8834
Pitts Clev A Tol 1st g 6s..1922 A
7
Jan'21
129%
76%
Tol A Cln div 1st re' 4s A.. 1959 J
"~4
76%
76%
86%
g
Buffalo R A P gen g 5s
77%
1013
79
J
c
con
Feb'2l
91
434s...1930 M S
1st g 5s. .1933 A O
1st
CI Lor A W
68%
74%
78%
91
J
P Juno A M Div 1st g 3 34s. 1925 M N
Cent Ohio
Mar'21
66% Sale
D
71%
Jan'21
71%
73%
72%
Man G B A N W 1st 3HS-1941 J
Milw A 8 L 1st gu 3MS...1941 J
Mil L S A West 1st g 6s...1921 IVI
Oct'20
73%
Refund A gen 5s Series A.. 1995 J
71%
68
65
J
1934!j
4Ha
Registered
General gold 3J*s
10-year secured 7s
1
J
May'19
73%
_
15-year secured 6Hsg
1936 IVI
Des Plaines Val 1st gu 4 J*s__*47 IVI
Frem Elk A Mo V 1st 6s__1933 A
7
1933
81%
63
59
8inking fund deb 5s
74
71
*1948 Q
81
64
93%
85
10-yr conv 434s
98
Feb'21
Mar'20
64
90«4
73%
92%
73%
Dec'20
83
Registered
9538
81
68
1870-1929 A
65
O
95% Mar'21
86
693s
65
Registered
Debenture 5s..
Registered
"15
*1948 A
.1926 J
C M A Puget Sd 1 st gu 4s. 1949 J
Fargo A Sou assum g 6s._.1924i J
Milw A Nor lstext4Hs
1934'j
Cons extended
90%
64
93%
91
"54""
A
O2014 F
.1932 J
84%
83%
81%
49%
60%
82%
9234
71
73% 75
78% Sale
Sale"
97%
"26
59%
91
J
92
52
51%
78
5934 Sale
83
S
81%
96
'"58
90%
Mar'17,
O
Mar'21
1928 M
1st 50-year gold 4s
J
J
Mar'21
69
J
~51% Sale'
J
83
1965 J
J
.61989 Q
.61989 J
.61989 J
O2014 A
1879-1929 A
71
O
Mar'21
32
....
Sinking fund 5s
84
1934 A
87
71%
7634
68% Sale
A.el989|j
84%
69
101%
70
70
90
69%
Chic L S A East 1st 4H8...1969 j
Ch M A St P gen g 4s ser
84
76
83
50
73
70
1956 J
1956 j
8134
82%
81
1925 J
*1925 Q
Ind A Louisv 1st gu 4s
Chic Ind A Sou 50-yr 4s
83% Mar'21
82%
82%
82%
82%
88
88%
76% 77% 76%
100% Sale 100%
76% 76% 75%
90%
68
General 5s stamped
1987 M N
Sinking fund 6s
..1870-1929 A
Registered
1879-1929 A
74%
78%
78
93
79%
j
Refunding gold 5s
...1947 j
Refunding 4s Series C
1946 j
94
92
67%
gold 5s
Chlo Ind A Louisv—Ref 6s.. 1947 j
91%
85
182
,
65
2
1st
S
91
68%
95%
90%
90%'
87%
97%
93%
Mar'21
85
82
89
93%
92%
69%
"is
65
80
68
Sale
j
West 1st 4s__.1959 M
34
90%
■68
1936 j
35%
28%
88
97
99
11
Registered
Stamped
Guar Tr Co ctfs of dep
Chic A Ind C Ry 1st 5s
31
"20
31
Mar'21
91%
83
Bait A Ohio prior 334s
90
Mar'21
30
90
69%
67%
87%
"77"" "82"
6
93
62%
953g
76
107
31
....
98
97%
70
Charles A Sav 1st gold 7s. .1936 J
J
L A N coll gold 4s.
01952 M N
Sav F A W 1st gold 6s....1934 A O
32
31
30
J
76-% Sale
Sale
30
93
100%
97%
97%
6934
D
U 8 Mtg A Tr Co ctfs of dep
78%
88%
94
69
1964 J
89%
5
Oct' 18
78%
96,
8134
Gen unified 434s
88
88%
90%
423
69%
Ala Mid 1st gu gold 5s
1928 M N
Bruns A W 1st gu gold 4s._1938 J
J
89
87
7834 Sale
97%
81% Sale
1930 (VI N
88%
s
100%
97%
69% Sale
S
*1952 M S
76%
82%
58
68%
69
10-year secured 7s
70%
79%
72%
D
Atl Coast L 1st gold 4s
17
57%
East Okla Div 1st g 4s
Rocky Mtn Div 1st 4s
t
14
80%
57%
D
J
72
80%
65
1955 J
S
72
57
1960 J
1st 4s. 1958 J
72%
81%
73% Sale
51%. Mar'21
7684
77%
*1995 Nov
L
72
80%
J
Mar'21
71%
75%
6.514
72i2
*1995 Nov
Cal-Ariz 1st A ref 434s "A" 1962 IVI
S Fe Pres A Ph 1st g 5s...1942 M
73%
46
397a
D
Conv 4s Issue of 1910
Trans Con Short
35
D
Conv gold 4s
Stamped
73%
4378
28
.1925 J
Railroad.
Ann Arbor 1st g 4s.
26
35%
.1934 J
.1921 J
102
90
Bros ctfs...
45
36
89
J
1960 J
5s deferred Brown
44%
4834
93
S
1961 J
Nov'20
73% Mar'21
40
90
1961 (W
Canal Improvement 4s
Canal Improvement 4s
72
88% Sept* 16
—
29
86%
9134
73%
727l
35
92
83%
83
83
83%
823s
73
70
24
92
92
73
82
92
Sale
92
Jan'21
96
86% Mar'21
9L34
S
1963 (VI
73
69
June'19
72% Mar'21
33
8634 Mar'21
87
9412
86%
85
65
64%
65%
7378
City Securities.
86V 87
86I4 87
80
65
353g
Wis A Minn Div g 5s
192llj
Chic A N'west Ex 4s._.1886-'26 F
City—4tfs Corp stock. 1960 M 8
4J*s Corporate stock
1964 Ml S
43*8 Corporate stock
1966 A O
73
Jan'21
45%
Chic A E 111 ref A imp 4s g__1955 j
j
U 8 Mtg A Tr Co cts of dep
1st consol gold 6s
1930 a O
General consol 1st 5s
1937 M N
84
45%
77%
*109 "73"% _78 *
35
A
1958 Ml
'8434
34
73%
'*26
65
67
66%
74%
44%
S
76%
Mar'17
74%
75%
8134
82%
63% July'20
74
63
J
M N
4s... 1927 ivi N
1927 m n
65
75
Extension
Registered
8234
56
93%
Great North
General 48
Chicago Great
84
91
1949 j
See
83
156
142
7534
---
1950 J
Div 4s
Nebraska
99%
79
1949 j
Railway 1st lien 3Hs
Chic B irl A Q tin—
Illinois Div 3^8
85
97%
83%
to
N Y
434%
469
45%
98
7534
8534
8834 Sale
9434 Sale
F
24
389
993s
F
3
69%
99t2 Sale
1921 M N
notes
72
Illinois
97%
99
....
92
86
"74"% "74%
1989 J
Joint bonds.
84
100
Jan'18
79% Mar'21
92
1940 J
93
94
96
""4
99
100%
82
1946 J
IVI
91
80%
16
97%
Feb'21
99
99%
R A A Div 1st con g 4s
2d consol gold 4s
1989
Greenbrier Ry 1st gu g 48.1940
Warm Springs V 1st g 5S..1941
Chic A Alton RR ref g 3s
1949
95%
89
85
Dec'20
96
82% Sale
6634
66%
76% 80
61%
9034
99%
94
99%
80
Danish Con Municipal 8s "A'T946 F
Denmark external
97%
98% 101
159
A
F
1941
20
7034
91
O
(Repubiilc) ext sf8s__
69
97
...1931 A
Chile
71
76
83%
2
783s June'20
Coal River Ry 1st gu 4s...1945 J
97i2 Sale
1945 M N
Bergen (Norway) s f 8s
1945 M
Bordeaux (City of) 15 yr 6s. 1931 M
Canada (Dominion of) g 5s.. 1921 A
do
do
>..1926 A
do
79% Apr'20
87l2 Mar'20
Hioh
99% 101%
73%
88%
Mar'21
96%
...
7934
93%
Potts Creek Br 1st 4s
1961 Q M
1961 Q M
Canal 3s
Registered
103
82
Dec'20
80% Mar'21
S
A
No. Low
....
May'18
97% June'17
96%
99%
81%
J
..1939 IVI N
1939 IVI N
General gold 4Ha
High
66
...
*95
S
J
E Since
P.Jan. 1
85
96% Sale
J
M
Range
*
or
90
Craig Valley 1st g 6s
Panama
Rame
10134 Sale 10138
101%
72% 73%
73% Mar'21
89
91% Sale
91%
83 s4 84%
85
6s June. .1929
secur
20-year convertible 4H8..1930 F
30-year conv secured 5s
1946 a
Big Sandy 1st 4s
..1944 J
July'18
Last Sale
Bid
Canadian North deb s f 7a__1940 J
Car Clinch A Ohio 1st 30-yr 5s.38 J
Central of Ga 1st gold 5s...pl945 F
Registered
Mnr'21
Week's
Friday
April 1
High
111 85.34 88.80
436 85.30 88.40
Feb'20
993.1 lOOU 10012
104t8 104% 104
104i8 104% 10334
100% 98*4
9934 IOOI4 99
F
si
si
68 95.00 100.50
100.50
M N
A
BONDS
N. Y. STOCK EXCHANGE
No. Low
1379
now—"and interest"—except for income and defaulted
bonds.
Since
Jan. 1
90.44 2199 89 90 93.50
5 85.24 88.50
87.40
848 85.40 88.60
87.90
86.70
are
Range
or
High
J
J D
J D
dl930 7s J
dl930 Q J
2a consol registered
2a consol coupon
Range
Record, Friday, Weekly and Yearly
changed and prices
■3-
Week's
N. Y. STOCK EXCHANGE
was
1st pref 5s...dl938
Peoria A East 1st cons 4s._1940
Income 4s
Cleve Short L 1st gu 4Hs
Colorado A Sou 1st g 4s
J
J
O
J
O
*85% IIII
75%
*757I
Nov'20
98
Dec'20
67%
74
Nov'20
59%
60
Mar'21
20
26
84% Mar'21
83
84%
79%
84
67
59%
20%
83
A
81
(/Due June. ftDue July. *Due Aug. cDue Oot.
88
98%
O
Refund A Ext 4Hs
1935 IVI N
Ft W A Den C 1st g 6s
1921 J D
Conn A Pas RIvs 1st g 4S...1943 A O
!
Cuba RR 1st 50-year 5s g__1952
J
Feb'21
75% Mar'21
82% Sept* 19
F
..1990 Apr
1961 A
1929 F
65%
73%
74%
01
22%
....
20
61%
54
5
81
81
73%
74
72
75%
95
95%
93
95%
"69% Sale" '"70
71%
83
73% Sale
95%
98%!
36
59%
pDue Nov. aDue Deo. sOption
72
aale
1380
New York BOND Record—Continued—Page 2
Price
BONDS
Price
Week's
Range
BONDS
N. Y. STOCK EXCHANGE
Friday
Range or
Last Sale
Since
Jan. 1
Week ending April 1
Week ending April
April I
1
Del Lack A Western—
1922 j
30-year
1935 a O
1930 j D
6s..
conv
96*2
Consol gold 4^8
1936 J
68
J
Rio Gr Sou 1st gold 4fl
Guaranteed
83
13
100% Mar'21
Registered
12
63
45
46
88
6612
67*4
425s
44
8
40
48
73
1st consol
71
46*4
44
Registered
Long Isld 1st
72
10
75
J
28
1940 j
J
10
297g
Rio Gr West 1st gold 4s...1939 J
J
63
63i2
52U
63
515a
63*4
5212
5U2
6Q12
78
82
Gold
Dul Missabe A Nor gen 5s...1941 j
93
Dul A Iron Range 1st 5s
J
1937 A
1937 A
1937 J
Registered
Dul Sou Shore A Atl g 5s
49
86*2
O
O
*85 "
J
Elgin Joliet A East 1st g 5s..1941 wi n
Ekle 1st consol gold 7s
N Y A Erie 1st ext g 4s
3rd ext gold 4Hs
4th ext gold 5a
5th ext gold 4s
N Y L E & W 1st g
v
1947 M
1923
1920
1928
fd 7S..1920
!N
M
A
cons g
77*4
D
J
40
~72~i2 "73"
36
O
O
39l2
7678
4s Series D
1953
o
Chic A Erie 1st gold 6s
1982
Wl N
conv
Cleve A Mahon Vail g 5s..1938 J
J
Erie A Jersey 1st s f
39*4
1955
J
36
39i2
77i2 Mar'21
79
457g
81*2
81
80
J
80
Long Dock consol g 6s
1935 A O
Coal A RR 1st cur gu 63...1922 WIN
98
98
Feb'21
86
103
7814
76
Feb'21
85
58'2
1943 J
2d gold 4 Hs
General gold 5s.
77
58
60
5s..1943 Wl N
1940. A O
gold
1st
----
70
1937| J J
1937jF A
1940, F A
N Y Susq A W 1st ref 5s
Terminal
J
1946|wi N
N Y A Green L gu g 5s
Mid of N J 1st ext 6s
100*4
52
60
72
81*2
1942! J
D
1928 j
1921 jj
J
Bull Co Branch 1st g 5s
1930 A O
1959, J D
Fort St U D Co 1st g 4Hs
1941! J
j
Ft Worth A Rio Grist g 4s.. 1928 J
J
Florida E Coast 1st 4Hs
1933 A
O
Grand Trunk of Can deb 7s..1940 A
O
Great Nor C B A Q coll 4s... 1921' J
J
Galv Hous A Hend 1st 5s
Registered
1961 j
1961J
j
St Paul M A Man 4s
1933 J
J
1st consol g 6s—
1933 J
J
Registered
1933 J
4He.--1933 J
1933 J
Registered
Mont ext 1st gold 4s
1937 J
J
D
1037 J
Registered
Pacific ext guar 4s £
E Minn Nor Dlv 1st g
1940 j
j
4s..1948 A O
63
98*2
80
Feb'21
84
99*2
~88~ ~88~*8
817« Sale
8178
89
80
"73*1*4 "so"
75
....
...
73*2
Feb'21
80
80
O
A
99
75*s
Illinois Central 1st gold 4s...l951 J
J
80
1951 j
1951 J
6I4
74*2
j
1951 J
J
J
3HS----1951 A O
A
"70" IIII
8
A
71*8 Sale
O
M N
05L
1953 MN
70'4
1953 M N
H8-1953
Middle Dlv reg 6s
..1921
Omaha Dlv 1st gold 3s
1951
8t Louis Dlv A Term g 38..1951
Gold 3H's
1951
Sprlngf Dlv 1st g 3Hs
1951
Western Lines 1st g 4s
1951
Registered
1951
J
90
76
82
83lg
71
Nov'15
70*4
68*4
7U4
69*2
Sale
74l2
69
71*4
71*4
Dec'20
68
102
F
A
....
....
-571-2 mi
58i2
D
58*2
58*2
71*2
80*8
89
81
1951
Registered
1951
St Louis Sou 1st gu g 4s
1931
Ind 111 A Iowa 1st g 4s
1950
Int A Great Nor 1st g ext 7s..1922
James Frank A Clear 1st 4s..1959
Kansas City 8ou 1st gold 3s.. 1950
Registered
1950
Ref A Impt 5s
Apr 1950
Kansas City Term 1st 4s
1960
Lake Erie A West 1st g 5s
1937
2d gold 5s
1941
North Ohio 1st guar g 5S..1945
LehVaIN Y 1st gu g 4Hs—1940
Registered
No price Friday;I atest
D
II
37U
26l2
Dec'20
2001 A
O
1916
A
42
T 1st
83
A O
A O
J
J
J J
J J
J J
A O
J
J
55
83
7712
....
75*2
Sale
71*2 Sale
79*4
66*8
73
90
73
5434
74*8
553g
94
77*4 Mar'21
90
89*8
85
84
90*8
75*2
56*2
54
7138
7134
7978 Mar'21
85
64
Feb'21
65
J
bid and asked this week,
84*4
78
a
Jan'21
65
*84**1 "8*4**4
Sept'19
Due Jan.
0 Due Feb.
77*4
86*8
t
1938 F
A
79*8
79*2
85*8 Sale
85%
67*4
80
92*1
83
87
51*4
56*j
72**8
123
74
1926 Wl N
1927 Wl
S
~6978 Sale"
68
68*4
6712 Sale
82
90
99*8
86
July'14
6
*83**2 9*0**1
703s
40
"69*8 "7*3***1
807s
Oct* 17
66*2
6?
87
90
62
57*2
71
77
77
99*4
:
77
94*4
77
94
27
26l2
2734
57*2
16
77
34*2
22
68I4
6778
64
94
9312
O
59
Sale
95
57*2
87*4
100*2
124
1998
2013
68*2
69*4
A
O
76
77
J
68
Sale
67*2
J
N
N
77
Sale
100
100
647g
925s
103*2
69
69
5
67
72*2
77*8
77*2
9
76*8
82
66*8
69*8
67
67*2
74l2
80*2
76*8
64*j
67
76*4
Mar'21
77*2
2lj
""l6
66*2 June'20
74
75i2
75*2 Mar'21
61
61*2
60*4
61*2
72*2
5912
59
60
59
59
59
59
60*2
62
61*4
47*8
79*8
68
——
68
60
62
88*4
49
Feb'20
81*2
81*2
95*4 Nov'16
104
May*16
59*4
J
59
Feb'21
81*2 Mar'21
,
76*4
O
D
D
61*4
62
1998 F A
• Due Sept.
90
21'
100k Sale
J
J
70*4
67*8
157
A
D
33
66*4
61*4
65
887S
F
3s.l989jJ
22
22
Mar'21
62
M S
4s—1936,J
Registered
'
1936 J
2d guar gold 5s
1936 J
Registered
1936 J
Beech Cr Ext 1st g 3H0-&1951 A
Cart A Ad 1st gu g 4s
1981 J
Goub A Oswe 1st gu g 5s..1942 J
Ka A A G R 1st gu g 5s..1935 J
25
88*8
88*4 Sale
A
11
59
Wl N
3Hs..l998;F
9914
21
73*2
93*2 Mar'21
D
77
94l2
98
Dec'20
65
A
J
1998, F A
1998 F A
93*4
Dec'20
20
J
62
77" "85 "
Mar'21
64
J
1997 J
1997 J
1934,1*1
1934,WI
1942 ;J
57*2
77
67*4
J
71*1
100
90
Dec'20
17
1930
"A"
Mar'21
99*4 Mar'21
21*8
21*2
23
"
90
95
67
9214
1951 A O
66
8ept'20
94
57*2
75
48
99% Mar'21
90
J
75**8 "7*8**1
69*4
102
D
ft Due July.
1
Aug'20
J
1931 J
Due June,
10
75ig
Beech Creek 1st gu g
83
64
30
June'19
75*8
Registered
74
79
30
Mar'21
68
75*8
66
5s...1928 J
Mich Cent coll gold
Aug'19
....
74
60
D
1938 Wl 3
1948'M N
Battle Cr A Stur 1st gu
70*2
55
Oct'18
4s._.1938| J
Registered
*22 -7*3" "7*5*18
31
53
Mar'21
53i2
58
53U Sale
1945;M N
30-year deb 4s
Lake Shore coll g 3Hs
Oct'09
74*2
57
58
57
Oct'20
89*4
Registered
76*4
74
74*8 Mar'21
37
78*2
Debenture gold 4s
73
88*8
50
....
New York Cent A Hud River—
87
73
51*2
Jan'21
7714
Ref A Impt 4Hs
91*2
"75" *75"
Mar'21
40
Oct'20
30
83
Registered
Mar'21
81
50i8
84
71*2
Nov'17
78
74"" -741Z
79*8
6714
3714
"37 "
Feb'21
627g
32
89*8
Mortgage 3Hs
70*8
69
597g
A
Consol 4s Series A
84
70*4
70
-mm m-
A
1953
N O Tex A Mexico 1st 6s
1925
Non-cum Income 5s A
1935
N Y Cent RR conv deb 6s...1935
Oct'20
87
m
39
33
Dec'20
58
D
54
305s
Mar 21
42
55
54
Jan'21
57
m
A..1965 F
10-year coll tr 7s
Mar'21
88
75
755g
73
1942, J
—■
—
49*2
39
68
58.. 1942 M S
gu g
—
37
51*2
59
54U
O
1st consol 48
69*4
66
59r>s
4s... 1990,F
New Orleans Term 1st 4s
Mar'19
89
26%
37*8 Sale
+ mmm
NO A N'Elst ref A impt 4HsA *52
Nov'10
65
89*2
7312
58l2
65*2 July* 18
8212
82
7314
58i8
68
58*2
58*2
73
8978
70*8 Sale
1940.J
3714
m m
1923 A O
Nat Rys of Mex pr lien 4HS-1957 J
J
Guaranteed general 4s
1977 A O
Nat of Mex prior lien 4HS...1926 J
J
117*2 May'10
....
D
J D
M S
J
J
M N
J D
J
39
m m
Jasper Branch 1st g 6s
Nov'16
92
"91
6412
69i4 Mar'21
....
70
1951 J D
Mar'21
St L A Cairo guar g 4s
Dec'20
60
8
L
Jan'21
39
Naahv Chatt A St List
Dec'20
A
D
3Hs
54
38
D
1st ext gold 6s
&1927
J
gold 4s
1938
Montgomery Dlv 1st g 5s. 1947 M S
St Louis Dlv 5s
1927 F A
7212
7314
58i8
58is
69
62
65*2
D
MemPb Dlv 1st g 4s
537g
35
General
6934
June'16
1951 J
Gold
46
J
Mob A Ohio new gold 6s
89*58 "92*2
Jan'21
A
Joint 1st ref 5s Series A.1963 J
40
5s_.1931 A O
Unified A ref gold 4s
1929 A O
Registered
1929 J
J
Riv A G Dlv l8tg4s-_._1933jj
J
74
68I2
9078
90
42
30
Sale
Gen con stamp gu g
71
69
37
90*8
Mar'21
2d extended gold 5s
74*12 "7-7*12
Feb'21
F
4s...l932 IV!
Registered
70
75
6178
52
Verdi V I A W 1st g 5s
71'2
58*2
53
St L Ir M A 3 gen con g 58.1931 J
July'09
70'g
Dec'16
58
48
...2004 M S
Pac R of Mo 1st ext g
Dec'20
Mar'21
Chic 8t L A N O gold 58—1951 J
Carb A Shaw 1st gold
71
95
*88*4
Jan'21
refunding 5s Ser C..1926 F A
General
4s
.1975 Wl 3
Sept'17
Jan'21
Feb'21
Feb'21
1st A
84
Mar'21
68
1923 J
Bellev A Car 1st 6s
91
Dec'20
88*4
30
Cent Br U P 1st g 4s
82
73*4
58ig
F
90
36
3d 7s extended at 4%
64*4
J
Jan'21
1st A refunding 5s Ser B.ol923 F
76
Jan'21
58*8 Sale
7214
J
J
A
90
75
36*2
1st A refunding 5s Ser
Nov'20
3
J
J
F
84*2
35
Texas A Okla 1st gu g 5S..1943 M S
69*4
69
84
J
J
78
38*2
Oct* 18
73*2
J
D
44
79
Missouri Pacific (reorg Co)—
95*8 Sept'19
"73" ~7478
L N O A Texas gold 4s
40
37 i2
Missouri Pac 40 year 4s
80
J
Louisv Dlv A Term g 3
6884
74«2 Mar"21
84
8
Wl
68
24i8
M K A T Of
8
69
83
8312
"73 " IIII
Purchased lines 3Hs
Registered
578
92
1955
1952
40
41*2
79*8
26*2
Sher Sh A So 1st gu g 5s
O
IVI
42
4134
Mar'21
37
1944 M N
M K A Okla 1st guar 5S...1942 IVI N
99%
90*2 103
Feb'21
67*2
J
48
A
01990 F
Mo K A E 1st gu g 5s.___.1942 A
"75"" -75"
Mar'21
99
102*2 Mar'21
136*4 May'06
578
"69*8 IIII
1948 A
72l2
45
42
58
73*2 June'18
1955 F
6718
39i2
427g
70*8
J
Dall A Waco 1st gu g 5s...1940 M N
Mar'20
75
9
J
Col A Tol 1st ext 4s
41*2
42
D
Kan City A Pac 1st g
Mar'21
83
62*2! 68*4
j
69
39i2
85
6% secured notes "ext"
70
Col A H V 1st ext g 4s
Sept'20
68*2
"89" *90"
St Louis Dlv 1st ref 4s
81~ " "siu
65
"B'I2
Houston Belt A Term 1st 5s.1937 J
Mar'20
91
J
Gen sinking fund 4Hs
1936 J
Trust Co certfs of deposit...
*87i4 *9*1*
88*2
120*2 May'16
95
85
88*8
Feb'21
J
95
41
Trust Co certfs of deposit...
9912 102
70
1999 J
mm mm
1941 M N
1st A refunding 4s
"8l"»4 *8*4* *
99i 2
6434
Hooking Val 1st cons g 4H8..1999 J
mum
F
Trust Co ctfs of deposit
Sept'20
99
Feb
Feb
—
—
int gu'26 J
1st ext gold 5s
90
Gulf & 8 11st ref A t g 5s. .61952 j
~
68*2 Sale
39*2 Sale
1938
5s
2d gold 4s
94U
16-year secured 5Hs
1934
Cairo Bridge gold 4s
1950
LltobOeld Dlv 1st gold 3s..1951 J
*99
m
Mississippi Central 1st 5s
1949 J
Mo Kan A Tex—1st gold 4S..1990 J
June* 16
90
J
O
1962 Q
1st Chic Term s f 4s
6214
163 101
1023s
102*2
9878 1472
9578 99
Mar'21
95l2 98
80'2
80
82*2
101*4
cons
M & S M A A 1st g 4s
63
90
Registered
"95i4
1921 A
1st g 6s
D
M St P AS S M con g 4s int gu'38 J
*61% "63*7g
Mar'21
Jan'21
1st refunding 4s
1927 J
92i2
Jan 21
Collateral trust gold 4s
Nov'10
July'20
83
90
1st gold 3s sterling
75
79%
9414
1951
1951
1952
1952
77
99
Minn St Louis 1st 7s
1st
82*j
68
Mkr'10
S
1977 M S
f g 5S..1925 j
D
78%
93
Registered...
s
J
95
Extended 1st gold
65*4
20
...
Stamped guaranteed
77
91
Registered
Mar'21
35
4U2
92
Registered
1st gold 3HS
67
67
75
J
Registered...
68*4
1936 Wl N
Refunding gold 4s......1951 Wl
D
I
82*2
Manila RR—Sou lines 4s
81*2
..1937 J
"A"
91
Jaa'21
40*4
63
99*4
94i4
Jan'21
82i2
4178
63
90
"99"
94U
---
4Q34
64
"90"
86*2
La A Jef Bdge Co gu g 4s
76
Will A S F 1st gold 5s...1938 J
Green Bay A W Deb ctfs
Debenture ctfs "B"
Jan'21
70
....
65*8
Feb'05
90
40
99
5s
95
69
*100
1st, guar gold
66*4
"88"is "95
J
83*s
101*4
72
87*4
8N4
71*4
3
101*4 102*2
J
80*4
85
83
5s
50-yr 5s
*8*9*12 *9*4* "
96
J
71*4
Mar'21
65*2 Mar'21
Aug'20
81*8
D
"79" ~80%
J
71*4 Mar'21
85*2
85*2
76
Des M A Ft D 1st gu 4s.._1935 J
6314
101*4 Sale
98*4 Sale
1937 J
73*2
Nov'19
66
1936 F A
1963 A O
1945 wi S
cons gu g
cons gu
Ref A ext 50-yr 5s Ser A
65
1937 j
6s
Registered
69*2
95i2
104
99*4
"52*" *54*
92
Moat C 1st gu g
71*2
Feb'21
99*^
SAN Ala
June'12
Minn Union 1st g 6s......1922 J
99*4 100*4
52
55
71*2
Iowa Central 1st gold 5S..1938 J
j
J
53U
Sale
Nov'11
D
Reduced to gold
Dec'20
85i2 Sale
8118 83
A
Mex Internal 1st cons g 4s—1977 M
75
88
101*8
977g May'16
*50*" -50"
Mar'21
Aug'10
99
53*8
71
j
Jan'17
77
87
100
71*4
100*4
Sept'20
J
Registered
Jan'21
77
8714
O
Feb'21
95
78
92
102*2 104*j
76i2
Mar'21
98
A1921; Q-J
lBt<kref4^sSerle8A
3
gold 5s
...1934 M N
1st A refunding gold 4s
1949 wi s
7612
62
103*8
99i2 100
89*4
Pacific Ext
60
8418
78
90
5314 Sale
S
67
61
80*4
90
Feb'20
108
82&s
O
90* "9l"
82*4
Feb'21
100
---
72
A
91*4
"92% ZZII
O
Mar *21
88
90
9914
1st consol
54
65
62
j
lBt general gold 5s
1942 a
Mt Vernon 1st gold 6s...l923 A
88
63*2
J
Midland Term—1st
81*2
69
Nov'20
90
92*8 100*4 100
J
23*2
Wilk A East 1st gu g 5s
Ev A Ind 1st cons gu g 6a
Evans A T H 1st cons 6s
N
1937 F
Dec* 19
Feb'21
A
Nov'19
72
N
1931 M S
"58*12 "6*0*14
Jan*21
72
98
76
76*4
69
86
76*4
69
69
99
Gen
Feb 21
70*8
81
98
58*2
Dec'06
46
40
80
76*4
Nov'20
Pensac A Atl 1st gu g 6S...1921 f
Jan* 18
1957 J
Genessee River 1st s f 6s
6934
Jan'11
87
N A C Bdge gen gu 4H8—1945 J
Jan'18
Dock A Impt 1st ext 5s
11
65*2
66
81*2
81*2 Sale
78
78*2
90
90*4 90
10314
103*8 104
66
N Fla A S 1st gu g 5s
"81 * *88**
Mar'21
81
81
37*2
70«4
66
"9212 IIII
j
LANAMAMlstg4HS-1945 M S
LAN South M Joint 4s
1952 J
J
Registered
..A1952 Q j
3978
63*|
66
99*2
j
Kentucky Central gold 4s. 1987 j
Lex A East 1st 60-yr 5s gu_1965 A
40
68
60
67*8
Hender Bdge 1st s f g 6s
Jan'17
1067s
75
J
6s
36
39
36
36
68
82*4
75*8
Atl Knoxv A Cln Dlv 4s...1955 M N
Atl Knox A Nor 1st g 5s_..1946 j
D
"72**2 *72*78
36*4
36*2
3914
Mar'21
6OI4 Mar'21
68
d
St Louis Dlv 1st gold 6s...1921 M
2d gold 38
...1980 IH
55*2
60*2
65
95
1931 M N
1930 j
J
4HS
91*i
65*
s
2d gold 6sA
1930 J
Paducah A Mem Dlv 4s___1946 F
-3*9**2 "45"
Feb'21
36
Lex gold
N O A M 1st gold 6s
June'16
73*2
Sale
51
40*8
73
A
60-year conv 4s Ser A...1953
do Series B
...1953
Gen
40
Sale
J
L Cln A
Oct'20
58*2
49*4
J
99" "99il
9l" "9D4
94*4 Nov'15
98*2 Aug'19
52
52*8
Sale
52
Collateral trust gold 5s
10 year secured 7s
91
Oct'06
65
66*2
"8*2**4 IIII
S
1940 j
1940 j
1931 M
..1930 wi
gold 4s
Registered
73" -75"
Feb'21
65*2
1937 M N
Unified
June'20
93
j
~88*8
Feb'21
j
1930 j
71*|
85**2 "9l"
60*2
O
Louisville A Naahv gen 6s
Gold 58
71*2
Jan'21
73
70
1927 M
99U
93*8
91*4
99*4
D
1927 M
92*4
85*2 Mar'21
79
May'20
88I4
65
1937 m n
1949 m S
1949 m s
A R B 1st gold 58
91*4
95*2
20
Oct'13
*71*2
76
675g
s
1934 j
NY
98
91*8
1949 M
m
84
91*4
68
D
Louisiana A Ark lBt g 5s
Jan'20
9114 Mar'21
M S
4s prior
87*8
Mar'21
80
91
O
J
99
95
7Us
8
1996 j
Registered
1996
1st consol gen lien g 4s__1996
Registered
1996
Penn coll trust gold 4s._1951
Erie 1st
99
1920 M S
1932 j
4s
76
76*2
92*4 Mar'21
75
A1931 Q j
1938 j d
1922 m 3
N Y B A M B 1st oon g 5S. 1935 A
83" "83."
Oct'20
92
gold 4s
High
68*4
83
8514
Nor Sh B 1st con g gu 5s.al932 Q
93*2
88i8 Mar'21
1051* Mar'08
Feb "21
83
87U
»
Low
"15
Mar"12
105
J
No.
Mar'21
97*8
,9312
~70U
deb 5s
Guar refunding gold 4s
Registered
54
74l2
7514
Dec'20
7412
75*4
92
Debenture gold 5s..
Nov'20
74*2
113
Unified gold 4s
66
4778
91*4
975s Sale
J
1933 j
Ferry gold 4Hs._
Dec'16
63
Det RIv Tub Ter Tun 4HS..1961 wl N
62
99*4
1945 M S
General gold 4s.
Dec'20
Mtge. & coll trust 4s A.. 1949 A O
Det A Mack—1st lien g 4s...1995 J D
Gold 4s
1995 J D
High
69*2 Mar'21
76i2
78
91*4
29-year p
74*4 Mar'21
61*4 Apr'll
Ask Low
J
_
Range
69%
78*2
68
...1945 M S
cons gold 5s_ J11931 Q
J
Leh A N Y 1st guar g 4s
66
20
70
1933
1st Int reduced to 4s
80*2 84
1017S 104*2
71
73*2
100*8 100*8
6378
6814
1940 J
72*8
81
70
71
45*4
44
75
Leh Val Coal Co 1st gu g 5S..1933
96l2
77
67
63*2
Sale
4212
23
Mar'21
73
69*4
45'g
91
96*t
6
1027«
102*4
69*8
100*8 104
83*4 64
Improvement gold 5s
1928 j d
1st A refunding 6s
1956 F A
Trust Co certlfs of deposit...
Rio Gr June 1st gu 6s.....1939 J
D
79*4
82
83
»2
102*4 Sate
Alb A Susq conv 3H«
1946 A O
Benss A Saratoga 1st 7e
1921 m N
Den A R Gr—1st cons g 4a..1936 j
j
Feb'21
79
Since
Jan. 1
76*2
Lehigh Val (Pa) cons g 4s...2003 m n
General cons 4Ha._
2003 m N
Leh V Term Ry 1st gu g 5S...1941 a O
Registered
...1941 a O
Leh Val RR 10-yr coll 6s__nl928
95
91
Range or
Last Sale
1
Bid
High
707g
95
Feb'08
98*t
79k Sale
j
1943 Wl N
67*2
Feb'21
91
102*s
1st lien equip g 4His
1st A ref 4a
No. Low
67i2 Mar'21
95
Feb'21
95*4
91*8
A
Term A Improve 4s
1923 M N
Warren 1st refgug 3H»—2000 F A
Delaware A Hudson—
10-year secured 7s.
68
67
D
..1923 F
High
Ask Low
Bid
Morris A Essex 1st gu 3H02000 j
N Y Lack A W 6s
Week's
Friday
April 1
N. Y. STOCK EXCHANGE
80*8
68*2
76
73
June'20
78%
Due Oct.
s Option sale.
New York BOND
31
Week ending April
1
N YCentiHSSB (Con)—
Lake Shore gold 3^8
1997 J
Registered
—.1997 J
Since
N. Y. STOCK EXCHANGE
Jan. 1
D
Week's
Loud
Ask
69
Bid
68
D
66
Debenture gold 4s
1931 M N
1931 IW N
1991 M S
1934 J
J
8834
Michigan Central 5a
1931 ivi
S
88*8
83
29
86
801*
"23
Pennsylvania Co (Concl.)—
Sodus Bay A Sou 1st g 5S..1924
Sunbury A Lewis 1st g 4S..1936
U N J RR A Can gen 4s
1944
85
Peoria A Pekin Un 1st 6s g
"75% IIII
82
*65 " IIII
Debenture 4a
70
N
O
77U
O
78
N J June RR guar 1st 4a...1936 F
NY&Pu 1st cons gu g 4s-1993 A
Pine Creek reg guar 6s
D
113
St Louis A San Fran (reorg Co)—
Prior lien Ser A 4s
1950
J
60% Sale
1950
J
73% Sale
60%
73% — 7378
Prior lien Ser C 6s
1928
J
86% Sale
85
86%
*1955
O
62% Sale
47
Sale
6134
47
67
221
47%
182
J
97
....
97
J
87
89%
Atlantic City guar 4s g
~70~"
69
Cum adjust Ser A 6a
Income Series A 6s
" "69 "
J
65
J
56
Rut-Canada 1st gu g 4s_1949 J
J
50
8t Lawr A Adlr 1st g 5s_..1996 J
J
76
103
General
93
Jan'21
82
Oct'20
Feb'21
55%
55%
50
Feb'21
50
50
— 101
Nov'16
60
O
Utica A Blk Rlv gu g 4a
A
J
70%
J
95%
Pitta A L Erie 2d g 5s
A
O
55%
2d gold 6s
....1996
1922
al928
Pitts McK & Y 1st gu 6s. .1932
2d guaranteed 6s
1934
West Shore 1st 4s guar
2361
Registered
2361
NYC Lines eq tr 5s...1920-22
Equip trust 4Ma...1920-1925
Jf Y Connect 1st gu 4Mb A..1953
....
82
....
J
J
91%
J
J
J
J
J
6718
71
93
Sale
71
66
69
73
J
J
A
76
76
.1947 M
4512 Mar'21
M
40i2 Mar'21
37
1956 IW N
41
42%
Conv debenture 3 Ma
1956 J
J
35 >2
38
10
Conv debenture
6s..
1948 J
J
59%
60%
97
Cons Ry non-conv 4s
1930 F
A
Non-conv deben 4s.....1955 J
J
Non-conv deben 4s
J
1956 J
Harlem R-Pt Ches 1st 4s..1954 (VI N
A
J
45
Housatonic Ry cons g 5s..1937 MN
70
.1954 (VI N
1942 A
45
62V.—
J
1939
J
1945
1
62
Providence Secur deb 4s... 1957 (VI N
30
34
Providence Term 1st 4a... 1956 IW
68%
68%
If Y O A W ref 1st g 4s
Registered 85,000 only
1955 J
General 4s
1941
1931
Norf A West gen gold 6s
A
46
!VI N
14
35
4s...1996
Registered
1996
Dlv'l 1st lien A gen g 4s. 1944
10-25-year conv 4s
1932
10-20-year conv 4s
1932
10-25-year conv 4M8...1938
10-year conv 6s
1929
O
29i
76»2
90
93%
90
IVI N
82
84
83%
IVI N
84%
87%
86
65
87
Dec'20
.1937 J
1921
A
J
86
99%
O
Waco A N W div 1st g 68.. 1930 IW N
J
1941 J
85
85
Louisiana West 1st 6s
1921 J
No of Cal guar g 5s
1938 A O
J
Ore A Cal 1st guar g 5s
1927 J
So Pac of Cal—Gu g 5s
1937 M N
J
So Pac Coast 1st gu 4s g___1937
90
77% 83
7534 Sale
Tex A N O con gold 5s
80 Pac RR 1st ref 4s
Jan'21
96
90
9634
Dec'19
92%
81
1950 A
96
98%
91%
1955 J
San Fran Terml 1st 4s
J
1943
78%
77
M
S
90
....
10112 Sale
Oct'20
10138
98i2
Southern—1st
1994
1994
5s.
cons g
Registered
46
102
100
76i2 Mar'21
77
84
73
75
96
94
..
54%
74
S
..
A A N W 1st gu g 5s
7512
M
69% Mar'21
101% 101%
75% 80
31
105%
76%
80
Develop A gen 4s Ser A
1956
Mob A Ohio coll tr g 4s...1938
Mem Div 1st g
Jan'20
113
Mar'21
1933
1933
Mar'21
74
4Ms-5s....l996
div 1st g 4s..--.-1951
99%
....
80
Feb'21
Feb'2l!
Mar'19
Jan'21
95% Sept'20
90%
Sale
Feb'21
Feb
21j
19
89%
90
Apr'20
80% Aug'20
85
July'19
7534
76%
90
139
72% Sale
72
73
I
83% Sale
J
83%
84
I
84%
J
"57%
A
Sale
58%
Oct'20
57 %
5734
5878 Mar'21
M
S
57%
J
J
82
86
83
8
17
-
83
Feb'21
76%
77
7534 Sale
75%
54
Sale
7534
76
75
84U
1st consol gold 4s.
J
J
J
99%
96
"53% ~5634
82%
Jan'21
80
78
Dec'20
87%
89%
88%
Mar'21j —
64%
69
66
Mar'21
47%
63%
62
54%
81%
81% Mar'10
98"% "99"%
99%
1944
1948
1948
Atl A Yad 1st g guar 4s...1949
E T Va A Ga Div g 5s....1930
Cons 1st gold 5s
1956
Atl A Danv
1st g 4s
2d 4s
A
J
89%
MN
IW
88%
S
Feb'19
76i8
Oct'19
Ga Pac Ry 1st g 6s
51%
98%
Dec'16
Knoxv A Ohio 1st g 6s
94
97
105
70%
105
67%
69
76%
78
9334
93*8
80
J
82
83
106%
74%
70
71%
67%
69
Jan'21
76%
76%
93»4
93%
95%
81
84
Feb'21
79%
85%
8534
7934
8634
79bi
86% Sale
21
8534
92%
7834 Sale
78%
79
72;
77
82%
33]
85%
92
85%
86
101(2 Sale
101%
102
96
Sale
9534
80
82
78
....
3!
85'2
D
99i2
8578
81
....
Guar 3Ms trust ctfs C
1942 J
D
68
Guar 3Ms trust ctfs D
1944 J
83
99%
70
81%
98%
99%
99
99%
68
87%
56
IW
99%
....
65
....
60
s
"65'
71
"78"
84
....
1894-1944
85
....
1953
67
69
cons
gold 5s
Gen refund
f g 4s..
s
Mar
1931 J
—
2l!
8934|
87%
9;
10
Feb'21
5378
98%
96% Jan'21
80% May'20
65
Aug'19
87% Nov'20
60
98%
88%
60
Jan'21
Dec'20
Jan'21
89
Jan'21
Feb'21
65
Feb'21
70
85
Oct'20
Jan'21
8334 Mar'21
70
Mar'21
8134 108
1
2000
La Div B List g 6s
Feb
85% Mar'21
86
St L M Bridge Ter gu g 5s. 1930
02000
71
81%
88
80
1958
1924
50-year 5s
5378
98%
90
80%
J
Spokane Internat 1st g 5s
1955
Term Assn of St L 1st g 4^8.1939
W O A W 1st cy gu 48.
87%
"
~88~% IIII
1936 IW N
2nd gold income 6s
68
"53%
62
cons
67%
89%
88
S
S
2003 J
Texas A Pac 1st gold 5s
—
Dec'20
67
55
M N
IW
.....1926
F 5s...
General 5s
1st
99%
99%
69% Ma '20
64
68
81
99%
99%
M S
Guar 3Ms coll trust Ser B.1941 F A
Guar 3M8 coll trust reg A. 1937
105%
9534100%
Mar'2i
Feb'20
Series
90
75%
1926 IW
Va A So'w'n 1st gu 5s
1st
123, 100
720
9734
1946
1922
1925
Mob A Bir prior lien g 5s..1945
Mortgage gold 4s
1945
Rich A Dan deb 5s stmpd.1927
Rich A Meek 1st g 5s
1948
Virginia Mid Ser D 4-5S...1921
Series E 6s.
7914 Sale
D
1938
...
85
E Tenn reorg lien g 5s
Ga Midland 1st 3s
67i2
IVI N
IW N
F A
A O
F A
IW S
F A
J
J
1921 J
J
54%
77%
Oct'20
71% Sale
J
Pennsylvania RR 1st g 4s... 1923 M N
1968 J
Feb'21
June'20
67% 85
10li2 10512 105
J
D
1930
1936
Alleg Val gen guar g 4s
1942
D R RR & B'ge 1st gu 4s g.1936
Pennsylv Co gu 1st g 4MS...1921
71
86
37%
St Paul & Duluth 1st 5s... 1931
Q IW
J
J
83
98i4 100
91
9312
69%
73
71
78%
St Louis
1st 30-year 5s Ser B
54%
99i2 102
1923
certificates..1923
79
Dec'20
54
7434
81%
Atl A Charl A L 1st A 4Mb. 1944
75" "77"
Mar'21
70%
Ala Gt Sou 1st cons A 5s..1943
76
MN
St Paul-Duluth DIv g 4s..1996
Registered
77%
45%
79% Mar'21
5s
Mar'21
72%
72%
87% Sept'16
77%
77%
72% Sale
88% Mar'21
90
Jan'21
HATClstg 5s int gu
"57"%
109
7834!
97
74%
80
15-year secured 6 Ms
93
Oct'20
77%
75
78
10-year secured 7s.
92
78%
87%
77
2047
General 4 Ms
70%
91
28
69
70
101% 10458
77i2
5414
Consol gold 4s
Consol 4Mb
69
73
48
53
.1943
1948
....I960
1965
Jan'21
85% Mar'21
92
Nov'25
J
75%
St P A N P gen gold 6s
General
'
50
Consol gold 4s_...
81
80
O
Gen gold 4s Int guar
l! "5l"
51
_._a2047
1968
Wash Cent 1st gold 4a
1948
Nor Pac Term Co 1st g 6s... 1933
Oregon-Wash 1st A ref 4s
1961
Pacific Coast Co 1st g 5s
1946
Paducah A Ills 1st s f 4M8...1955
Dec'15
81
"78% Sale"
D
1931 J
741*
a2047
Ref & Imp 4M8 ser A
94% Mar'21
76%
69%
751 j
76l8
Registered
101
87%
D
D
S
May'20—-
64
95
88
83%
34
65% Mar'21
...
86
J
M
66%
113
104
Gila V G A N 1st gu g 5s..1924 IVI N
30
58%
...
51
:1017s
97i2
Registered
61
Feb'21
o
J
J
3p
J
3Ms---*1929 J
Through St L 1st gu 4s..1954 A
1st guar 5s red
Mar'21
7612 Sale
D
General lien gold
47
D
*1949
01929 M S
....1934 J D
4s...1949 F A
...1949 F A
HOUS E A W T 1st g 5s
Nov'16
10278 122
101% Feb'21
J
5s._1922
Sclo V A N E 1st gu g 4s..1989
northern Pacific prior lien rail
way A land grant g 4s
1997
Registered
1997
45%
Mort guar gold
43
30
103
Pocah C A C joint 4s...1941 J
C C A T 1st guar gold
45% Sale
1949 J
2d exten 5s guar.
30
73
1013.; 103
101
N A W Ry 1st cons g
4s
conv
Registered
Dec'19
46
Sale
101
O
37%
85%'..
20-year conv 5s
59i2 Nov'20
50'2
Jl
33
37%
81
Cent Pac 1st ref gu g
Feb'18
61
73
A
'■
30
61i2
45
Improvement A ext g 6a... 1934 F
New River 1st gold 6s
1932
31%
37% Sale
78
20-year
Sept'17
70
6OI4,
—
IW N
Norfolk Sou 1st A ref A 5a... 1961 F
Norfolk A Sou 1st gold 5a
53%
32% Sale
1943
Registered
39i2
8883
61
D
60
F
1945 M
5s
"27
63%
Mar'21
A
Gold 4s (Cent Pac coll)...*1949
69
*51 " "63
Mar'21
74l2
S
J
1943 J
01992 M S
01992 MS
53%
55
A
Southern Pacific Co—
Oct* 19
Feb'21
3512
66
W A Con East 1st 4Mb
60
Ga Car A No 1st gu g 5s
1929
Seaboard & Roan 1st 5S...1926
72%
67
4s
63
65
1st land grant ext g 5s..1930
Consol gold
0
1945
Consol
Sale
60
GHASAMAPlst 5s...1931 IVI N
Sale
36
'46
Boston Terminal 1st 4s
New England cons 5s
N Y W'ches A B 1st Ser 14Ma
Jan'13
63
Ga A Ala Ry 1st con 5s__.ol945
(IO6I2 May'15
87
July'14
83
Aug'13
57%
O
98%
61%
A
62%
90%
July* 18
52%
26;
Fla Cent & Pen 1st ext 6s__1923
6412 Nov'20
52l2
45
66%
Caro Cent 1st
35%
59%
1
56
63%
59
57
49%
"7
66%
66%
56
Atl A Blrm 30-yr 1st g 4s.el933 M 8
40
15
Mar'21
62%
65%
52%
J
4s
1
93%
65%
64%
J
5s
1
66% Sale
J
J
1950
1950
01949
1959
1
Jan'21
93%
S-.1943
4s
con g
97
78
6634 Sale
M N
1st A cons 6s Series A
Oct'17
68I2
68
.---65
B A N Y Air Line 1st 4s...l855 F
N Y Prov A Boston 4s
41
49
Cent New Eng 1st gu 4a...1961 J
Naugatuck RR 1st 4s
Mar'21
60
66
64%
77%
45
40
41
-
O
60
37
1955 J
50
O
A
40%
40%
A
1947
1954
Non-conv deben 4a
deben 4s
93%
A
40
40
Non-conv deben 3Ma
Non-conv
IVI N
52
Oct'20
77
5s__1947
gu g
4s stamped
Adjustment
7834
Refunding
deben 3M8
Non-conv
77%
62% Sale
Gold
Mar'21
RYNH4 Hartford—
Non-conv deben 4a
67%
O
1932 J
S A A A Pass 1st gu g 4s
Seaboard Air Line g 4s_
6712 June'20
F
J
A
25
89%
89%''
J
94%
64%
233
60%
67
bone) ctfs... 1989
ctfs.pl989
Gray's Pt Ter 1st
74%
60
Feb'19
991*
J
1st terminal A unifying 59.1952 J
66
7038
68is
5s
2d g 4s Income bond
Consol gold 4s
95U June'20
M N
gold
St LS W 1st g 4a
93
Jan'09
98%—.. 130%
J
M960 Oct
c_1931
St L A S F RR cons g 4s
1996
Southw Div 1st g 5s
1947
K C Ft S & M cons g 6s
1928
K C Ft S & M Ry ref g 4s._1936
KCAMRA B 1stgu5s__ 1929
98
Nov'16
4^8
*63 " FeV'21
St Louis A San Fran gen 6s__1931 J
97%
71i2 Nov'20
1941 J
con g
53
Dcc'20
77
Prior lien Ser B 5s
Mar'21
Og AL Cham lstgu4sg_1948 J
Rutland 1st
1997
1997
1951
1951
gold 4s
gen
St Jos & Grand Isl 1st g 4s_._1947
May'15
98
67
40
91
79%
82
69%
Jan'21
73
7234
98%
O
O
31%
Jersey Central coll g 4s
Nov'20
69
8134 Mar'21
66%
...
71
Feb'16
94
IIII "80%
80%
70~% "74%
69% Mar'21
....
80%
79% Sale
80% Dec'20
91% Oct'20
80% Sept'20
80%
80%
65%
66%
39
36%
81% Jan'21
97% Dec* 17
80%
79%
7634
77%
7112
98
92%
102
66
79
89iz
.
8034
80
Registered
Nov'17
71%
7112
69
O
1932 J
/»1922 A
R W & O con 1st ext 5a
78
7078
A
1st consol gold 5s
Reading Co
79
79
~70%
2000 M N
N Y & Northern 1st g 5a. .1923 A
Nov'19
85
1931 (VI N
N Y A Harlem g 3^8
79
Sale
O
s
F
....
f 4s_1937
1940
1943
a
Pitts Sh A L E 1st g 58
70% Mar'21
....
IVI
No. Low
High
Jan'93
86%
1966
Philippine Ry 1st 30-yr
90
90
74i4 Sept'20
66is Mar'20
lBtgold 3^s
1952 (W
20-year debenture 4s—_1929 A
N Y Chic 4| St L 1st g 4s__1937 A
Registered
1937 A
88
J
1921 Q
1st Series B 4s..
90
J
1940 J
Range or
Ask Low
Bid
J
&1921 MN
J
Pere Marquette 1st Ser A 6s_1956 J
981* Nov'18
Registered
1940 J
J
J L & S 1st gold 3Ha_.._1951 M S
Last Sale
2d gold 4Ms
93% May'20
90
—-
1931 Q M
Week's
Friday
April 1
1
67
Dec'20
69
Price
Apiil
66i4
Mar'21
84 I
8334
8134
82%
84% Nov'19
69%
Moh & Mai 1st gu g 4a
Mahon C'l RR 1st 6a
Registered
4s..fc.^_.
68
67
Week ending
No. Low
High
11
67i2 71i4
High
68
8334 Sale
8134 Sale
1928 M S
25-year gold 4a
Registered
BONDS
Range or
Last Sale
Price
^
s*
Range
Friday
April 1
BONDS
N. Y. STOCK EXCHANGE
1381
Record—Continued—Page 3
81
July'20
80
80
Mar'21
50
Mar'21
79
50
72
J
68
68
68
68
D
68
88
67
67
67
O
40-year guar 4s ctfs Ser E..1952 M N
79
8078
79% Mar'21
79%
83%
72% Mar'21
72%
72%
Western Div 1st g 5s
1935
79%
Cln Leb A Nor gu 4s g
6OI4
80
Feb'20
General gold
75
65%
79i4
84
Dec'20
Kan A M 1st gu g 4s
1935
1990
65%
8412
69
70
70
8034
88
84
Dec'20
26
34
36
Feb'19
81%
Oct'20
Guar 15-25-year gold 4a...1931 A
1942 M N
CI A Mar 1st gu g 4Mb
1935 IW N
4Mb Ser A..1942 J
J
87
90
1942 A
CI A P gen gu
O
87
90
Ms.—1942 A
O
69
Series B
Int reduced to 3
Series
CSMs..
1948 MN
1950 F A
Series D 3Ma
Erie* Pittsgug 3Ms B... 1940 J
Series C
1940 J
Gr R & I ex 1st gu g
Ohio Connect 1st gu
Pitts Y & Ash 1st
68
8U2
75
67
...
80
86%
85
J
80
82
1942 M S
69
85% Sale
85%
B guar
1942 A
O
85U
85%
Series
C guar
1942 M N
84%
8erles
D 4s guar
1945 M N
Series E 3Ms guar gold.. 1949 F
Series F guar 4s gold
Series G 4s guar
5s
Series A
A
84%
Registered
...
80
20-year conv 4s
1st A refunding 4s
84%
85%
Oct'20
75%
82%
75%
80%
...
75%
D
81%
O
953s
96%
811*
80
8178
• Due
Jan.
81%'
Oct'20
Mar'21
& Due Feb
Guar refund 4s
1st extended
Vandalia
80
26
" "87"
1
cons
g
4s
4s Ser A
Consols 4s Series B
80
Due Jane
~
Virginian 1st 5s series A
* Due July.
* Due Aug
49
Jan'21
71
49
15% Mar'21
Nov'20
15
69% Mar'21
D
78
75%
81
O
44
J
80
J
79%
J
M
63
D
83% Sale
83%
84
8
7534 Sale
75
7578
82
99
99%
60
78
80
J
52
Sale
80
99% Sale
Sale
s78
Feb'21
Sept'20
80
80%
75%
82
7934 Mar'21
1922
1946
1929
9834
99
98^4
9834
91
91%
90%
79%
91
1926
89%
81%
1955
70%
73%
72%
17
5
1
70% Mar'21
1957, M N
Vers Crux A P 1st gu 4^8._. 1934
*80 "
Feb 21
..1933
;
Utah A Nor gold 5s
"80 " "80%
80%
Sale
Mar'21
75
15%
10-year perm secured 6a. .1928
4s...1946
1st consol g 5s
Apr'20
80%
49
Ore RR A Nav con g
Ore Short Line 1st g 6s
Feb'21
79M
1943 M N
1970 J
85%
85
85%
85b;
Dec'20
81%
A
No price Friday;latest bid and aaked.
79U
7612
...
7914
C St L A P 1st cons g 5s...1932 A
*
Union Pacific 1st g 4s...
Feb'21 j
76% June'20
Series I cons guar 4Mb..1963 F
General
O
1953 J D
....1957 M N
Phtla Bait A W 1st g 4fl
1st refunding g 4s
Dec'20
Series
77
89
187S
*1946
1928
1952
1947
1947
1927
02008
Ulster A Del 1st cons g 5s
82
88% Sept'17
...
4s
Trust co ctfs of deposit
80
Oct'20
J
gold
Coll trust 4s g Ser A
8ept'20
Mar'10:
93
85
67
1927
1917
3HS-1925
1950
1917
Tor Ham A Buff 1st g 4s
79% May'19
82
Mar'21
7412
2d 20-year 5s
50-year
67
Apr'20
....
5s
Tol St L A W pr Hen g
Jan'21
"80% *90
Tol A Ohio Cent 1st gu 5s... 1935
Tol P A W 1st gold 4s
Dec'12
70i8
P C C A St L gu 4MB A...1940 A
.'•v.'.-.
88%
Feb'12
90%
...
70i8
C 4s
88%
106% Nov'04
W Mln W A N W 1st gu 58.1930
Dec* 15
96%
J
5s._1927 M N
Feb'21
67
J
cons
88%
104
6812
4M8..1941 J
J
4a
1943 M S
Tol W V A O gu 4Mb A...1931 J
Series B 4Mb
1933 J
Series
74
Mar'21
J
J
1962 IVI N
0 Due Oct.
95
24
82% Sale
V Due Nov.
94
7934
Mar'21
89
79% Sale
4
20
Feb'18
24
82
Jan'21
Mar'21
82%
t Due Deo.
13
s Option sale.
1382
New York BOND Record—Concluded—Page 4
Week ending Ap;
Friday
April 1
1
,
1939 M N
2d gold 6S
1939 F
A
Debenture series B 6s
1939 J
1st lien equip s fd g 6s.
1st lien 50 yr g term 4s
Det & Ch Ext 1st g 5s
192LM
1954 J
1941 J
S
Des Moines Dlv 1st g 4s
Om Dlv 1st g 33^8
1939 J
J
1941 A O
1941 M S
86
J
Tol A Ch Dlv g 4s
Wash Terml 1st gu 3Ms
1st 40 yr guar 4s
1945
1945
1952
1937
...1943
West Maryland 1st g 4s
West N Y & Pa 1st g 5s
gold 4a
Income 5s
J
J
73i4
BONDS
11
Since
N. Y. STOCK EXCHANGE
Week ending April 1
IS
Sale
97
62
86%i
76
....
64
Feb 21
62
54
55
54U Mar'2l!
Aug'12j
65%----
74I2
6614
79U
55
66%
79%
66%
52
50%
85%
89%
60(4
60%
81%
Feb'21
Jan'21
A
A
67'2
a
O
5312 Sale
5234
J
j
87
88
87
6234
6314
SOU
Jan'21
36
"88"
Oct'17
F
a
O
79
20
1926 A
O
87
1928 J
J
83
1930 F A
Refunding 4J^s series A...1966 M S
75
Extan A Impt gold 5s
3234
53%
87
84
8178
82
90
1
Oct'20
82
82
48
68
55%
56
58*2
1960 J
J
69
1949 J
J
663s
4s'36,M N
6734
67U
69
28
1945 A
30&i
"44" *46%
50%
32
32
*56 "
40
40
64
25
33
40%
50
39
50
37
10
47
May'18
Dec'20
Mar'21
Kings County E 1st g 4fl„1949IF
Stamped guar 4s
1949 F
Nassau Elec guar gold 4a„1951 J
A
55
54
Mar'21
A
53
57
53«4
Nov'20
J
17
25
2478 Mar'21
J
62i2 Sale
Det United 1st
cons g
J
J
Ft Smith Lt & Tr 1st g 6s...1936 rvi
of
55
60%
6£
6234
66% June'20
57i2 Feb'21
60
60U
Jan'20
58
53
15
3
Saler!
641?
65
SaleJ
3178
Sale
82
361*
82 T
487
82
4J4s..l956jA O
deposit
|_.
19
20
19
20
44
16l2
1734
24
1st 5s. .1966! J
J
O
Stamped tax exempt
1990 A O
Manila Elec Ry A Lt s f 6S..1953 (VI S
535s
55
55
55
56
56
5512
5718
60
65
63%
59
!
32
Interboro Rap Tran
"5¥ " "66%
Lex Av A P F 1st gu g 6s..1993 M
45
44
1512
20U
S
Met W S El (Chic) 1st g 4s.. 1938 F IA
Mllw Elec Ry A Lt cons g 68.1926 F A
334!
Refunding A exten 4^8—1931 J
J
Montreal Tram 1st A ref 5S..1941 J
J
New Orl Ry A Lt gen
4^8..1935 J
J
J
J
N Y Municlp Ry 1st s f 5s A.1966 J
N Y Rys 1st R E A ref 4s...1942 J
Certificates of deposit
Certificates of
92
1914
53s
2278
3C
6
6
deposit
51
5
68
68
65
56
J
"80~% ~8l"
80%
102% Sale
93(4 Sale
102%
93%
C6M8 (ctfs)
1963
f 6s__1941
s
6s A 1928
con
1928
Stamped
1940
f 5s
s
f 6S..1941
s
1943
1939 J
1951 F
Niagara Falls Power 1st 5S..1932 J
RefAgen6s_.
_al932 A
Nlag Lock A O Pow 1st 5s...19.54 M
Nor States Power 25-yr 5s A. 1941 A
Ontario Power N F 1st 5s... 1943 F
Ontario Transmission 5s
1945 M
....
United Rys Inv 5s Pitta lss_.1926 M N
1934 J
J
1924 A O
United Rys St L 1st g 4s
St Louis Transit gu 6s
United RRs San Fr s f 4s....1927 A
O
and
Electric
Sale
76
81
00
44
19
21%
72%
50
■
21%
53%
3%
6%
57«
J
O
N
87%
89
88
90
92
O
A
66i2
68
Manufacturing and Industrial |
1st c 5s
1928 A
Conv deben
5s
1924 F
32
....
32
32.'
3278
J
60
63
60
60
J
5s.. 1945 M N
79
80
7812
76
80
O
Columbia G A E 1st 58.-^-1927 J
J
J
J
Consol Gaa 5 yr conv 7s
1925 Q F
Cons Gas ELAP of Bait 5 yr5s '21 M N
Detroit City Gas gold 5s
1923 J
J
1927 J
Stamped
85
83%
Sale
85
99'2 Sale
1st A ref 68 series B
Am Sm A R 1st 30-yr 5s ser A 1947
Am Tobacco 40-year g 6s...1944
Gold
4s
A O
A O
1934 M N
1930 J
J
Cuban Am Sugar 1st roll 83 1931 M S
Distill Sec Cor conv 1st g 5s. 1927 A O
E I du
Pont Powder
50%
36
36
Debenture
90
80
Sale
89%
J
5s...1932 M S
1952 F A
6s
1949 (VI N
....
90i2 Sale
Feb 1940
Ingersoll-Rand 1st 5s
1935
Corp 1st 20-yr 5s.. 1932
Paper 5s
1947
Liggett A Myers Tobac 7e ...1944
International
"7312 "75"
F
J
M
J
A
1951 F
5s
5s
Nat
A
J
XT S Smelt Ref A M
35%
Va-Caro Chem 1st 15 yr 5s_. 1923
Conv deb 6s
...el924
60
76
2,
80
100
89%
87
Mar'21
104%
82i2
"87" "87"
84
J
1930 F
J
93
" I6d"
A
O
S
J
J
N
N
N
Apr'17
8434
67%
"81% "83"
67%
Feb'21
6434
86%
68
86%
Utlca Elec L A P«tst g 5s
Utlca Gas A Elec ref 5s
1957 j J
84
85
827s
85
7634
7634
78
76%
1950 J
D
»
70
88
93
Dec'lt
■
/
"89% "88%
89%
89 %
Mar'21
95;
84
82%
92
86
101%
100
79
Feb'21
79
79
Jaa'21
90
90
70% Sale
70%
70%
87% 87% 87%
100% Sale 100%
100%
96
SO
72
81
81
83%
107%
84
84
66%
70%
90
85
99%
10134
75%
83%
72
72%
80
81
108
107%
84%
107%
102
103
107%
Mar'21
78
84%
77%
85
Dec'20
88
88
2
87%
91%
5
87
"53
93
93%
88%
95%
Feb'21
88%
92
92%
Mar'21
Sale
77
Nov'18
92
88%
82%
90
87
94%
9778
85%
85
947g
94%
86% Nov'20
86% Nov'20
92
85%
98
86%
86%
87%
86
86%
97
98%
86% 86%
79% 85%
94% 100
787»
75%
Sale
78% SaleJ
78i4
100
10078 Sale
88
92
93
93
Sale
Jan'21
79%
95% 101%
90% 94%
101
Mar'21
95%
95%
93%
90
91%
90
90
92
9278
9578
99%
92
92%
94%
96%
99
92%
91%
92% Sale
93
90
90
N
69%
88
88% Sale
92%
92%
94%
95%
J
99% Sale
99%
Lackawanna Steel
Sale
89
90%
80%
85
81
82%
86%
78%
93
86%
78
78%
78
78%
75
82%
90
J
D
93% July'19
85% Nov'20
101
Dec'14
85
3
81%
90%
78
*>
*>
80
81%
69%
74%
A
F A
70
69(4
90
98
87%
81%
89%
90
1926 J
1st g 5s..1923
1950
A
M
J
M
J
J
D
O
S
.
-
76%
02%
80
,88%
"94" Sale"
93%
743. Sale
74%
Feb'21
70
82
70
72
73% Mar'21
81
74%
Feb'19
"76" ~82~%
81%
"92% "95%
94'
75
J
80
/
83%
75%
76%
70
80
80
Jan'21
78%
80
78
84% Sale
84%
70
75%
88
91%
95% Sale
71
78
Nov'20
A O
J J
Tenn Coal I A RR gen 58—1951 J
J
U S Steel Corp— \coup
(11963 MN
s f 1060-year Ss/reg
£11963 M N
73%
Aug'20
75% Sale
91%
86
89%
S
J
J
Lehigh C A Nav s f 4^8 A—1954
Mldvale 8teel A O conv s f 5s 1936
Pleasant Val Coal 1st s f 5s. .1928
59.1957
84%
Mar'21
49
73
" "78"
80
80
"84% ~867s
71
72%
86%
91
92%
95%
94
Mar'21 i
94
95%
80
1953 J
88% Mar'21
95%
9434
1931 MN
74%
77i2
77i8
7434 Mar'21
July'17
7334
75
105
90
887g
7012 Sale
Feb'21
70i2
70%
Oct'20
52
Jan'21
52
62
84% Sale
83
84%
81
84%
78% Sale
6934 Sale
78
79
73%
80
6984
7134
03
83%
90
80
71%
90
75
■»
M S
67
71
74
74%
100
89
~66% IIII
Sale
83i2
May'19
~7~8~I2 IIII
9234
26'
83
83
l!
88
93%
83»4
68%
68%
Nov'20
75
82
84
95
89
!
Oct'20 —J
78%'
78% Sale
7784
77
95
Mar'20
96
87
88
Oct'19
28
Nov'19
79
75
82%
1
July'19
72
f 7s A
Cent Dist Tel 1st 30year
-
1933
1946
1925
1945
M
J
F
A
-
76
«'
j
8034
82%
77% 82%
94% 102
82% Sale
9934 Sale
81%
102%
103%
96%
86%
64%
Mar'21
86%
Feb'21
64%
80%
7978
86%
5s__1943 J
Q
Cumb T A T 1st A gen 5s... 1937 J
Keystone Telephone 1st 5s._1935 J
Mich State Teleph 1st 5s
1924 F
N Y Telep 1st A gen s f 4HS.1939 M
30-year deben s f 6s..Feb 1949 F
Northwest'n Bell T 1st 7s A. 1941 F
Pacific Tel A Tel 1st 5s
1937 J
South Bell Tel A T 1st s f 5s. 1941 J
West Union coll tr cur 5s
1938 J
Fund A real est g 4^8
1950 M
Mut Un Tel gu ext 5s
1941 M
Northwest Tel gu 4^8 g__1934 J
-
10234 Sale
97
60
Commercial Cable 1st g 4s—2397
93
86
30-year temp coll tr 5s
7-year convertible 6s
Bell Teleph of Pa s
Mar'17
75
Telegraph & Telephone
J
J
Am Telep A Tel coll tr 4s
1929
Convertible 4a__j
1936 M S
20-year conv 4Hs
63%
74% Mar'21
Apr'17
71%
93
84
Va Iron Coal A Coke 1st g 5a.1949
•No 0r!oe Friday: latest bid and asked, a Due Jan. b Due April, e Due May. g Due June, h Due July, k Due Aug. 0 Due
93«4
70
79
J
Westchester Ltd gold 5s
91
37
|
90
81
Utah Fuel 1st s f 5s
78% May'20
j
Utah Power A Lt 1st 5s
89
90%
1952 M N
Pocah Con Colliers 1st s f
68i2 Mar'2l|
983s Oct'17.
J
1944! F A
1950 J J
"67~" ~76%
70
j
Fcb'21|
Mar'21
79
Repub I A S 10 30-yr 5s s f„1940
St L Rock Mt A P 5s stmpd. 1955
68I4
f 6s...1936 J
117
101%
70%
100%
1940 A O
1st 5s
74%
73
!
s
Steel
807S
7034 Nov'20
United Fuel Gas 1st
Indiana
79
72
1926 J
75
78%
73
117
Dec'20
81
J
J
..1925 J
73
83
f 6s
93
70
J
Cons Coal of Md 1st A ref 58.1950
68%
73
D
conv s
90
83%
70% Sale
1943 F
1
D
J
Trenton G A El 1st g 5s
1949 M 8
Union Eleo Lt A P 1st g 5s__1932 M S
Refunding A extension 5S..1933 M N
Stand Gas A El
Syracuse Lighting 1st g 5s...1951 J
Syracuse Light A Power 5s.. 1954 J
73%
8§»2
98%
88
87% 1007s
70
Jan'21
88
89% 95
83% Sale
100% Sale
1922 J
Jan'21
Mar'2l
84^8 8ale
1949 M S
A
M
J
J
M
M
M
68
~89% IIII
N
"
Victor Fuel 1st s f 5s
1937 M N
6S..1943
Refunding gold 5s.
1947
Ch G LA Coke 1st gu g 58.1937
Con G Co of Ch lstgu g 5s.1936
Ind Nat Gas A Oil 30 yr 5s.l936
Mu Fuel Gas 1st gu g 5s..1947
Philadelphia Co conv g 5s...1922
cons g
Cahaba C M Co 1st gu 6s
Colo F A I Co gen s f 5s
1st cons 5s series A
OR
Dec'20
86i2
6778
69%
73
8478
88% Sale
A
J
al926 M
5s
Jeff A Clear C A I 2d 5s
G A E—
5s International Series
1936
1932
Illinois Steel deb 4Hs__
81*2 Sept'20
"811s *85"
67i8
86%
87%
Sept'19
73
68
1942 M N
1st A ref 5s guar A
20 yr p m A Imp s f 5s
Buff A Susq Iron s t 5s
Elk Horn Coal conv 6s
79
70%
64%
102
2
77S,
75%
117
93%
1926 J
Beth Steel 1st ext s f 5s
71%
73
57%
101
& Steel
90%
75
Pat A Passaic G A El 5s
Iron
66
84
Corp unifying A ref 5s
Coal,
89
70is
Paclflo G A E gen A ref 5S...1942
Pac Pow A Lt 1st A ref 20 yr
1032
9012
74i8
80
9
74
74
IIII *74"
4
91%
100%
90%
1007s
Sale
Wlckwlre Spen Steel 1st 7s..1935
Debenture
Feb'21
J
D
D
Purchase money g 4s
1949 F A
Ed Elec 111 1st cons g 5s...1995 J
J
NYAQ El LAP 1st con g 5s. .1930 F A
98% 102
Feb'18
71%
O
1927 M N
1948 J
1948 J
86
f 71^
82%
90%
Ed El 111 Bkn 1st con g 4s. 1939 J
Lao Gas L of St L Ref A ext 5s *34 A
Newark Con Gas g 5s
89%
81%
s
6s__1926
88%
92
NYGELAPgSs
82%
85
98
86%
79%
75%
77
8334
12-year
conv
77%
95
Milwaukee Gas L 1st 4s
1930
90%
100
76
89% 94%
99%
94%
100% 1007$
25
86
90%
13
80% 87%
86
75% Sale
M N
1947
10-year 7^8
90
89
81i2
88%
92%
91
59
89
85
"7l" "74%
1931
U S Rubber 5-year sec
1st A ref 5s series A
5s_1924
7s
1922
Col Indus 1st A coll 5s gu___1934
97
88%
107% Sale
1922
.1930
Stamped..
Union Oil Co of Cal 1st 5s...1931
81
S
Sale
68
"I761
96(4
Sale
74
M N
88%
1925 M
292
1007$
89
76%
62
67%
"l7
Feb'21
95
85
J
O
M
J
J
J
J
J
J
J
F
F
J
A
M
J
80
Purchase money 6s
1
64%
100%
Ni
Standard Milling 1st 5s
1930
Steel A Tube gen s f 7s ser C. 1951
Union Bag A Paper 1st 5s_—1930
88i2
Convertible deb 6s
Kings Co El L A P g 5s
"~7
102
94%
94%
95(4 Sale
1942 M N
35%
67%
83%
91
"87" IIII
89
71%
86%
83
70% Mar'21
1944 A O sl07% Sale 107%
84
84
84%
A
90
94
91%
Enam A Stampg 1st 5s.. 1929 J D
88
92
88
Starch 20-year deb 5s
1930 J
J
Apr'20
Apr'20
A O
1937 A O
1997 A O
Kan City (Mo) Gaa 1st g 6S..1922
64
101
—.1951 F
1
3078
29
85
90
Sale
Lorillard Co (P) 7s
26%
71
94
g
Havana Elec consol g 5s
78
64
D
J D
F A
1952 M S
5s
20-year deb 6s
26
35
192
June* 19
993s
78%
82%
70
4^s__.1936 J
95%
~887s
J
Duquesne Lt 1st A coll 6s.. 1949 J
Peop Gas A C 1st
49%
83i4
85
79
*1940 M S
A
Pacific G A E Co—Ca
68
"65" " "70"
Mar'21
845jj
87
*1940 M S
Detroit Edison 1st coll tr 5S..1933 J
76
8314
82i4
Columbus Gaa 1st gold 5s...1932 J
Hudson Co Gas 1st g
33
|
78%
78%
Sale
101% 8ale
1931 M N
Am Cot OU debenture 5s.
U S Realty A I conv deb g
79
Clncin Gas A Elec 1st A ref 5s 1956 A
Eq G L N Y 1st cons
93
68
Light
Bklyn Un Gas 1st cons g
ser
81%
88%
3614 Mar'21
33
.1934 J
337*
75
Mar'21
3234
—
Bklyn Edison Inc gen 5s A..1949 J
lBt A ref 6s
25
Feb'21
36
78
"n
92%
91% Sale
100%
N Y Air Brake 1st conv 6s..1938
_40% "47%
67
49i2
II11 ~64%
1
Jan'21
100% Sale
National Tube 1st 5s
Sept'20
67
92
83
78
N
5
65%
Mar'21
83% ..1.
—
Nat
"56"" "50"
Mar'21
60
76
76
65%
1931 M N
58
3
93
68
88
Corn Prod Refg s f g 5s
1st 25-year s f 5s.
Cuba Cane Sugar conv 7s
5534
46%
Mar'21
93
9214
"5l" III".
82%
82
70
16
32
79
86
78
14
66%
1959 A
Int Agrlc
47
3034
82
38
77
Dec'20
46
182
84%
1931 F A
1925 A O
1951 F A
Oct'20
32
(N Y) inter ctfs
Ya Ry Pow 1st A ref 5s
Gas
31
,75
79
79%
Cent Foundry 1st s f 6s
Cent Leather 20-year g 5s
Consol Tobacco g4s
50
50l2
32
Union Tr (N Y) ctfs dep
Eqult Tr
46i2 Sale
66
9
Feb'21
76%
Westlngh E A M 7s
.1948
Income 6s
J
A O
J
J
A O
J
J
75
102% 106%
92
96
83%
76
Union T ink Car equip
Wilson A Co 1st 25-yr s
f 6s
71
80
86
Standa-d Oil of Cal 7s
al93l
Tennessee Cop 1st conv 6S..1925
Tide Wate-OH 6^8
1931
conv s
14
79%
Sale"
84% Sale
79
"82%
14
93%
95
83
79%
78%
103i2
May'20
Apr'20
92
-HI ~87"
"l7
81
79
Sale
65%
West Electric 1st 5s Dec
al960
1937
Trl City Ry A Lt 1st 8 f 68—1923
Undergr of London 4Mb
1933
Adj income 5s
Third Ave Ry 1st g 6s
80
70
717g
75%
104% 105
67%
6778
Mar'18
70
70% Sale
J
A
O
F A
MN
F A
7s...1930 F A
f 08—1941 A O
1928 J *>
.
58
32
105
104%
19%
Feb'17
Bt Paul City Cab cons g 5S..1937 J
Third Ave 1st ref 4s
1960 J
104% Sale
93%
"17% "25"
Jan'21
9034
65is
A
J
Portland Gen Elec 1st 5S..1935 J
<
92%
67%
5i2
Portld Ry Lt A P 1st ref 5s..1942 F
72%
J
"73% "73%
57s Mar'21
50
1
72
General Baking 1st 25-yr 6s_.1936
Gen Electric deb g 3^8
1942
19
50
5
72
68
71%
99%
" "86%
70
68%
68(8 Sale
72
A
15%
21%
22
N Y State Rys 1st cons 4^8.1962 MN
Portland Ry 1st A ref 5s
1930 M N
70
70
1951 F
37
Feb'21
1834
81
6
1939 J
July'19
19
6
70
O
J
A O
J
J
M N
A O
J
M N
M N
M N
A O
J
J
Chile Copper 10 yr conv 7s__1923
Cod tr A conv 6s ser A....1932
98%
81
1952 A O
1955 J
J
5s
19%
Feb'18
90
81
83
81
132
99%
99%
60
1940 M N
Apr'20
57
99% Sale
Am Writ Paper s f 7-68
53
Mar'21
50
"14" in
8
Baldw Loco Works 1st 5s
54%
Feb'21
72
11
82
Dec* 19
73l2
~iv& in.
1914
al942 A O
30 year adj Inc 5s
IIII "93
58
21%
37%
48%
7
15i2
21%
54
57
58
13
Mar'21
21%
55
15
5534 Mar'21
75
Oct'19
20
43
D
82
23%
2
Metropolitan Street Ry—
Bway A 7th Av 1st c g 5s..1943 J D
Col & 9th Av 1st gu g 6s..1993 M S
80
Am Agrlc Chem
A
Manhat Ry (N Y) cons g 4s..1990 A
6478
58
"57% "57%
A
17i2 Sale
5434 Sale
54
79%
Chic C A Conn Rys s f 5s... 1927
Chic Un Sta'n 1st gu 4^8 A.1963
10-year
1957 F
65
65
79% Sale
63%
"is" "24%
1957
1932 F
A__
ser
Income 5s
N Y A Jersey 1st 5s
Interboro Metrop coll
Certificates
60
s
63
100
Hud A Man hat 5s
Adjust
~56~ ~63 "
"58 " ~65~ "
645,?
D
Building 5s guar tax ex.—1960 A
Ce-ro de Pasco Cop 8s
1931 J
Pub Serv Corp of N J gen 5s.
Dec'20
80
32
25
Feb'21
40
J
Consol
Morris A Co 1st sf 4)^8
N Y Dock 50 yr 1st g 4s
645s
A
1931 M
Sale
61
1926 A O
Braden Cop M coll tr a f 6s__1931 F A
71%
64
F
73
73
24
J
57
60%
6478
1951
4^a..l932
83
66%
65
1927
19%
75
Armour A Co lBt real est 4J^s 1939 J
Atlantic Fruit conv deb 7s A. 1934 J
68i2
90
Stamped guar 4%a_
16
Mar'21
63
Chicago Rys 1st 5s
G
68s,
63
Conn Ry A L 1st A ref g 4^s 1951 J
17
B.^
68I2
4434
J
17
Great Falls Pow 1st
A
4 5s
16
Inter Mercan Marine
A
guar
15
70
1956 F
Stamped
S
deb 6s series
59
38
Bklyn Q Co 4 S 1st 6s....1941 J
Bklyn Un El 1st g 4 6s—..I960
1926 M
Conv
58
453s Mar'21
44i2 Mar'21
Bk City 1st cons 6s..1916 1941 J
J
Bk Q Co & S con gu g 5s
1941 M N
15
66
40
Certificates of deposit stmpd..
1
Montana Power 1st 5s A
30
2002 J
3 yr 7% secured notes...*1921
Certificates of deposit
56%
16
Feb'21
Railway
Brooklyn Rapid Tran g 5s
1st refund conv gold 4s
3
16
Mar'21
68
High
59
18%
Granby ConsMSAP
Feb'21
55
1949 M S
Low
57%
16
Computing Tab Rec
905s Mar'17
No.
High
58
S
1st Ser
19
Jan'21
84
21
79%
Ask Low
1948 M S
1925 M
Bush Terminal 1st 4s
Oct* 19
70%
51%
Since
Jan. 1
Adams Ex coll tr g 4s
Atlantic Refg deb 6^8
Booth Fisheries deb s f 6s
887« Ma '20,
80
Wheeling & L E 1st g 6s
Wis Cent 50 yr 1st gen 4s
62
00
Range
Range or
Last Sale
Bid
Miscellaneous
Week's
Price
Friday
April 1
Alaska Gold M deb 6s A
•
Aug'18;
97i2 July'19
64
8134
RR 1st consol 4s
80
73
90
81
8
Winston Salem S B 1st 4s
No. Loto
High
14
84% 90
Mar'2l|
7314
65i2
1946 m
Sup A Dul dlv A term 1st
High,
86
F
pi943 Nov
Wheel Dlv 1st gold 6s
Jan. 1
Last Sale
88
Western Pac 1st ser A 6s
Street
Range
Ask Loto
Bid
Wabash 1st gold 5s
Gen
Week's
Range or
Price
BONDS
N. Y. STOCK EXCHANGE
80
'm
m
-
m.
86%
N
A
81
90%
-
-
-
98
-
80
10034 106%
78%
Apr'16
86%
64%
81
" "88%
88
86%
88
85
Sale
79%
81
75
81
90
91
8734
92
97%
98
96%
98
83%
81%
80
84%
81
83
Mar'21
83
86%
77%
81%
91
9778 Sale
83%
85
83%
81%
817s
81%
83
N
N
J
102
86
83
78%
783s
79
7834
101% Sept 17
90
'
64
Nov* 10
Oct. p Due Nov. q Due Deo. s Option
Bale.
STOCK EXCHANGE—Stock Record
BOSTON
CENTUM
ER
Range since Jan
STOCKS
Sales
PRICES
Year
Thursday
Friday
the
March 30.
March 31.
April 1.
Week.
124
63%
123
Boston &
22
123
63%
64%
63%
64%
85
82%
82%
5
21%
213
*21
21
125
120
21
20%
Last Sale
Do
Feb'21'
*3%
Do
70
*39"
16%
Last Sale 72
Last Sale 38
Mar'21;
17%
58
20
75%
41
51
*51
49
Jan 21
124
Jan
143
Jan 29
7
76o
Deo
Feb 16
3
Nov
11
Feb 20
130
Jan
132
,99Jan
3%
130
I
250
Dec
10c
28
40
86
65%
Dec
43% Feb 3
23% Jan 12
32
Deo
75
15%
Dec
37%
Feb 23
Feb
73
3
Mar'21;
Northern New Hampshire. 100
76
Deo
86
Feb'21
Norwich & Worcester pref.100
70
Jan 27
77
July
89
Old
100
58
Mar
31
75
Jan 19
00
Deo
100
18
Jan
3
21
Jan 12
15
Jan
27%
75
Jan 26
70
Feb
9
70
June
West End Street
50
40
Jan
3
43% Mar
3
36
Deo
8984
45%
50
49
Jan
8
52
Feb 10
48
July
5512
10
1
Feb 10
3
Amer Pneumatic Service_..25
2
Jan 21
59
1
100
N Y N H & Hartford
100
59
Mar'21
41
*40%
*50%
51
Colony
Rutland
75
*40%
41
Deo
Vermont & Massachusetts. 100
60
75
25
.25 Jan 29
Jan 29
89%
4
Jan
133
Jan
68
8
30
3% Jan 19
130
Feb 26
07
134
May
Dec
Deo
25%Feb
Jan 11
Feb
60
74%
13%
Mar 22
2
Feb
.25
100
100
pref
Mar 22
.75
no par
Maine Central..
I
16
Last Sale 18
*16%
*'5
125
85
36% Mar 19
15
Mar 17
73
Feb 24
74
Jan 28
16
16%
Last Sale 74
61
41
16%
Last Sale 75
70
70
60
Do
Mar'21;
40
pref
Chio Juno Ry & U S Y
Last Sale *130 Mar'21:
130
20
Bost & Wore Eleo pref.no par
Mar'21j
Last Sale 3%
20
Boston Suburban Eleo_.no par
Jan'21;
Last Sale .75
Jan
100
Boston & Providence
131%Mar'21
Last Sale .25
Highe
119
129% Feb 25
66% Mar 4
Jan 11
78
100
pref
61%
100
Maine
120
100
pref
Boston &
Feb'21
Last Sale 29
*25
Do
Mar 14
100
100
Albany
Boston Elevated
532
63%
Lowest.
Highest.
Lowest.
Railroads
Shares
*82
.
1
EXCHANGE
Wednesday
123
Range for
1.
STOCK
BOSTON
for
Do
51
pref.....
pref
75
86
Miscellaneous
*.25
1
278
3
12%
12%
106% 109
87%
I
Last Sale
88
12%'
106
106%
87
76%
76%
*.10
.25
Mar'21
278
278
12%
12%
10578 106%
3
*2?8
12%
15~~
15
3%
*2%
.30
*.25
.45
13
13
12
Last Sale .16
*15
16
*2%
Mar'21
*15
I
*.25
*.25
.30
*.25
.45
I
13
"""50!
13
19
19
*18%
19%
19
19
""414
19
*18
19
*18
19
40
71%
*70%
75
*70%
75
71%
159
*9
10
21
21
*63*
31%
7%
31%
22
22
*39
86
*8
8%
4%
10%
12
12
i-
4%
81%
62%
62
159
11%;
81%
62
I
62
120%
*18
20
*9
3
3
*25
i
II
*9
25%'
*25
8%
102% 102%
I
159
11
*159
20
8
8%i
3
I
102%'
160
25%
159
Last Sale 80
*1278
24
*22
6%
6%
101% 102%
56
*55
*22
6%
6%
6%
101% 102
56
21
"35%
24
24
6%
Jan 10
100
70
Jan 17
100
152
no par
XV,
G
rduer
M dor
.no par
Gorton-Pew Fisheries
25
Internat Cement Corp.no par
Cotton Mills
Internat
"I61
205
Do
50
100
pref
Products
Internat
Do
102
-
100
National
15
110
52
Ohio Body &
Blower
Orpheum Circuit Inc..
871
Simms
1
100
.25
United
Shoe
Do
Mach
Corp..25
18
478
12%
125
Waltham
19
19
2%
2%
*17
45
2%
18%
2%
7i2
8
8
8
8%
Mar'21
Last Sale .04
7%
*7%
*8
8%
*8
*.03
.05
7%
215
215
2i2
214
215
50
260
215
*13%
14
"280
104
1,215
13%
*7
8
*7
8%
45
31
30
30%
1,606
5%
8
Last Sale
5%
8
1%
1%
2
2%
1%
1%
*.50
5%
.75
52%
*76
17
2%
*1%
53%
1,615
8
*7%
8
610
2
*7%
*1%
*2%
*1%
*1%
*2%
*1%
2
104
3
57
3
1%
o3
*76
*17
*75%
77
17%
2%
53
53
53%
77
18
1%
77%
17
17
278
*2%
200
*2%
2%
1%
__________
"324
25
Consolidated
....
205
Kerr
Keweenaw
2%
250
Lake Copper Co
1%
100
La Salle Copper
.80
.90
.80
.80
.90
.90
"855
3%
3%
3%
3%
3%
405
46
425
Mohawk..
13%
778
New Cornelia Copper
*85
90
7%
*1%
*16%
17%
310
3,975
""56
7%
7%
7%
8%
.501
2
17
17
13«
17
25
23
37%
23
37%
*1%
13s
2
17
23
23
36
36
*23%
37%
1
37%!
*30
32
*30
1
32
*1
*1%
*3%
1%
*3%
3%
*3%
*1%
17g
*1%
*1
.40
.44
2%!
*2
3%
1%
*3%
*1%
1%
.40
11%
11%
*.30
*.50
*10%
.50
12
90
75
1,650
33
35
18%
Jan 11
15
Dec
32
.40 Mar 29
44
pref
Mines
Butte..,
-
Mar
2% Mar 26
6% Jan
8
.03
212
Mar
Jan
Mar
5% Mar 28
7%
Jan
1%
1%
*.50
.60
80
Winona
11%
50
Wolverine
Last Sale .48
s Assessment
Jan'211
paid
......
1
2% Jan 3
43% Jan 3
12% Mar 31
3% Apr
.95
5
.100
100
5
15
40
80
Jan
Feb
Jan
7% Jan
8
Wyandotte
ftEx-rlghta.
25c
5%
Dec
6%
1
Aug;
4
1
3
3
3%
3
1% Dec
5%
3% Deo
1% Dec
11%
7%
9
4
7
79
3
8% Jan 20
12% Feb 21
.50 Jan
7
7
48% Feb 25
16%' Feb 19
.95
Jan
7
72
24
7%
35o
Feb
Dec
8
%
Dec
48
95
..
12%
21%
Oct
80c
2%
37%
178 Jan
0
1
Dec
3
Jan
7
15
Dec
Mar 30
30
Jan
5
20% Dec
68
3
41
Jan
7
34%
Dec
65
Dec
68
Jan
3
36
Feb 17
25%
Jan
3
I'A
Jan 22
Mar
4
18
Mar
Jan 28
50c
Dec
2
Jan 18
10c
Mar
.12
Jan
8
3o
Dec
4% Feb 11
2% Feb 17
3
4
3
.75
Jan
17j|
2
Mar
28
3
Jan
5
Jan
3
4
5
Jan 12
Jan
l%Mar 16
.35 Jan
Jan
2% Dec
6
5
.48 Jan 13
33c
Dec
"l%
VA Aug
2% Dec
2% Jan 31
2% Feb 17
1
Dec
4
Feb 21
25c
13
15o
Sept
Deo
Oct
JQ
Ex-dlvldend.
/
Ian
6
0%
Nov
14
2%
Dec
42c
.80 Mar
2
25c
1
Feb 16..
3
11
478
Mar
1% Jan 12
.95
2%
1% Dec
1% Dec
90c
Dec
21
.01 Mar
-
6
1% Feb
3% Jan
5
Dec
1% Deo
Mar
Mar 23
35% Jan
5
Jan
3% Feb
2% Feb
2%
50
9
.75
5% Jan
0
16
11
25
8
8
1% Jan
95
1% Feb
28
3% Jan 13
%
Nov
7
4
8
25
Feb
Aug
2
40% Dec
12% Nov
Dec
21
Mar
.25 Mar
-10
25
-
50o
478
10
38
.40 Jan
*11%
14%
Jan
Jan
Jan
Jan
Jan
Dec
5
'
Jan 18
15
6
5
1
.65.
48%
25
4%
7%
10%
3%
3%
2%
3
Tuolumne Copper
138
Dec
3% Dec
478 Deo
7% Dec
3578 Feb 15
82
Trinity Copper Corpn
•1%
0% Dec
40%
16%
Nov
1% Jan 25
1% Jan 22
.75
Mar 29
25
1
25
.25
25
409
10% Nov
75
15% Jan
-
40o
Oct;
Dec
200
77% Mar 16
22% Jan
8
23
Victoria
4
16% Jan 17
10
Jan 28
6
2% Mar 14
1% Apr 1
2
Jan 4
25
St Mary's Mineral Land...25
Utah Metal <fc Tunnel
Jan
2c
Jan
550
100
Dec
0% Mar
60
5,425
1,300
6%
8% Jan 20
.04 Feb 2
%
4%
15%
107g
Feb
25
Consolidated
Aug
39
25
Utah-Apex Mining
42
2
10% Jan
25
25
15
Mar 23
75
Superior & Boston Copper..10
77
Dec
Dec
60
Osceola
Superior
Dec
20c
23% Feb 11
3% Jan 7
9
Jan
6
259
1%
40%
Jan 28
55
Old Dominion Co
Lake
3
Jan 19
3
25
South Utah M & S
.35
Jan
48
25
Lake...
.75 Mar
56
40c; Aug
1% Mar 16
Mar 18
25
3,400
1%
3
178 Mar 21
1% Mar 30
25
Quincy
Utah
31;
2% Mar 12
23g
100
3
8;
6
12% Mar 17{
7
Jan 4
27
Jan
3
.43
3%
14
30
2
*3%
1%
23%
44%
Mar
5
OJIbway Mining
South
Dec
39%
2
*2
4%
12
...
Shannon
200
14%
Dec
.43
.45
1
2%
*1
and and rights,
I
3%
1%
Do
19
Dec
25
25
Michigan
Nlpisslng
20
15
Jan 11
2
2
2
2%
.50
*3%
1%
.08
I7g:
2%
157
216
Mar'21
*.04
.08
*.04
....
Mayflower-Old Colony
North
49
30
25
Consol
North
Mar'21
3%'
*.42
♦2
*30
1%
Last Sale
1%
.08;
I
Last Sale 1
1%
*.04
10
71;
/%
8%
8%
Mar'21
Last Sale .25
8%
*.25
90
*85
90
*85
778
8%
28
Mar
6
New River Company
Mar'21
Last Sale 50
76
32% Deo
22?8 Sept
12% Feb
23
25
25
Valley Mine
New Idrla Quicksilver
Jan'21
Last Sale .95
*47
Dec
Nov
20
25
Copper
1%
50
133
50
21
Dec
5
Lake
2%
3
97% Nov
Dec
1
25
Isle Royale Copper
100
350
2
13%
25%
Deo
1
pref
2%
2%
10
55
Nov
5
19%
25
Island Creek Coal
Last Sale 1%
13
Nov
17% Dec
27
—25
Helvetia
2
45%
99
13
Jan 12
25
Franklin...
2%
2%
34%
Deo
Jan 11
1
Copper
East Butte Copper Mln
3
12%
176%
85
Feb 18
25
20
10
10
Davis-Daly
2
45
1
23% Dec
140% Dec
17
...25
Copper Range Co
Daly-West
2%
3
Jan 14
Mar
36%
20
10
Mines
*1%
13%
19
8%
Dec
9
25
6
Commercial
*2
45
4
12
101
1
31
4
*2%
13
39% Jan
53
Deo
Apr
17% Jan
1%
*2%
Jan 10
Dec
4% Nov
82rv, May
7%
Feb 24
25
1%
45
Feb 15
22
19% Jan 27
17
Jan 5
.....—.25
25
1%
3%
*2%
44%
61
5
31
4
Centennial
Mass
8% Jan 7
105% Jan 12
63%
138%
19
25
Carson Hill Gold
Mason
Mar 23
24
25
.25 Mar
1%
Mar'21
10% Jan 7
28% Jan 11
167% Feb 18
87
Feb 17
14
Jan 10
Nov
16
i
June
IS
Calumet & Hecla......—-25
Do
9% Jan 13
4% Feb 2
101
Feb 25
86
67
118
62% Jan 22
Jan 26
21
Jan
7
122
1
3
1
13% Mar 12
Consolidated
Hancock
,
8012
15
......
Arizona
13
50
50
Indiana Mining
Mar'21
Last Sale .25
Allouez
9
12% Apr
Butte-Baiaklava Copper... 10
30
278
Mar'21
*5%
5%
5%
Ahmeek
Bingham
14%
3
22% Apr
17% Jan
16% Jan
Consolidated...25
Adventure
55
8%
3178
*2%
0%
50
pref
2d pref
Do
Mar
z35%Mar 21
Wick wire Spencer Steel
Mining
850;
530'
8%
133^
20
Manufacturing..20
Bros
1st
Do
Aecadian
13%
31
100% Mar H
54
Feb
8
100
Algomah Mining
Mar'21
18%
*2%
7%
19
*2%
.95
*.50
Last Sale .25
.50
*.25
60
390
Watch
Walworth
Warren
"220
15
*43
44
44
20
Mar'21
23
.95
*.50
13% Jan 24
Jan 29
6
Jan
3
17
10
Waldorf System Ino
12%
.50
8
25
pref
18
46
3
Venutra Consol Oil Fields.-.5
13%
15"
28
Jan
Mar
Union Twist Drill..........5
18
16%
Mar
80
25
5
Magneto
13%
23
95% Jan 3
8% Feb 17
100
Swift & Co
18
.50
8
18
8
Torrlngton
14%
45
Mar
442
"809
6
Jan 10
Mar
10
18%
23
3178
1212
IOH2
59% Jan
Root & V Dervoort CI A no par
18
*15
8%
10% Nov
9% Apr
89% Deo
68% Feb
3% Mar
146
*13%
15%
Dec
Mar
Mills
Paciflo
Reece Button Hole
10
18%
25
4% Mar 18
Jan 11
4
8
no par
Plant (Thos G) pref--
516
15
Dec
3
New England Telephone. .100
2,694
*23
24
15
190
18%
21
7
10
100
223^
20%
8
Jan
10
Leathe*
National Oil
18
15
45
28
Jan
Mexican Investment Inc...10
115
22%
21
90
Dec
Mar
13
32
119
23
15
Dec
86
4
100
Linotype... 100
17%
19
80
:
Feb 28
6% Jan
22
12% Mar 21
22%
16
74l2
92% Feb 23
85
Jan 8
18«2
Last Sale 18
Dec
Feb 25
23
*15
40
41% Feb
Jan 17
18
IS
29U
7
25
80
23
16
60
Jan 20
Apr
90
36%
22
Deo
Dec
16
Massachusetts Gas Cos...100
2,264
"20"".
8
32%
McElwain (W H) 1st pref.100
pref
30%
35% Jan 17
3
Do
Dec
15%
8
Jan
Jan
36
"22"
88
164
11
36
*15
Aug
May
9
14
Mergenthaler
28%:
02
Mar
2
Dec
140
10
258
Deo
15%
Libby. McNeill & Llbby...lO
Loew's Theatres
10
241
6I2
36i2
21
Island Oil & Trans Corp... 10
"351
7
14*4
Dec
3%
22% Mar 21
8
Jan
3
8
5% Mar
Deo
Nov
12
714
36
3678
49c
"305
Mar'21
Last Sale 20
1278
38s
17
31% Mar 30
20% Jan 29
39
Mar 14
81
Jan 7
no par
pref
10
Deo
Nov
Jan 25
164
17% Mar 16
50
Greenfield Tap & Die
175
Dec
5
20% Mar 26
71% Mar 39
Mar 17
10
35U
37«
3
3
Jan
Deo
60c
8
1% Jan 10
Mar 30
38
Jan 10
Jan
13% Jan 10
4% Feb 11
23
Jan 8
16
19
Nov
14
4
19
83
10
9
5
167
Dec
lo
9
Feb
4
25
pref
Nov
.25 Mar
5
101
56
Do
100%
Nov
70
.95
Jan 27
Edison Electric Ilium
Apr
70
6% Jan
4
Eastern Manufacturing
80
12% Jan
70
Mar'21
*22
Feb 18
4% Mar 18
.25 Mar 12
10
Eastern SS Lines Ino
Mar 30
13% Mar 8
19% Jan 12
Mar 29
3
420
Mar'21
Last Sale 14
13%
"l",325
Mar'21
81%
120% *120
8
11
25%
11%
62
*2
159
|
12
62
101%
*25
10%!
81%;
3
*9
10%
Last Sale 91
102%
*2
101
4%(
15
10
Boston Mex Pet Trustees no par
7U
3l2
13i2
.16
Jan 21
12
Feb
Feb
3o
6
Jan
109
6
Jan
.07
10
Blgheart Prod & Refg
Elder Corporation
Mar'211
4%
81
8%
7%!
10%;
11%
120% *120
19
*18
8
84%
7%
4%
10%
91
„
~8l~
84
I
8%'
Last Sale 22
4%
10%
85
*8
25
*22
19
7
31%
21%!
39% Mar'21 i
22
85
2138
*634
31%
21%
7
32
Last Sale
85
"120
21
21
*634
3178
*21%
no par
Atlas Tack Corporation no par
5
Mar'21
Last Sale 10
21
■
166
160
160
3
Feb 24
East Boston Land
Mar'21
*18
158
Jan
73
184' Century Steel of Amer Inc..10
—...10
20 Connor (John T)
.45
*12%
Last Sale 4
74
100
20, Beacon Chocolate
3
Mar'21
*.25
.30
50
16
3
no par
Amoskeag Mfg
Do
pref
1
5
89% Feb 19
80
Jan 15
3
3
Amer Telcp & Teleg
Dec
3% Jan 11
12% Feb 10
8% Jan
96% Jan
50
pref...
Anglo-Am Comml Corp.no par
Art Metal Construo Ino
.10
Feb'21
3%
*12%
4
*3%
10,422
*76
*76
Do
515
176
Last Sale 4%
*.25
300
87
Last Sale 13
*13
Am Oil Engineering
8
4
9%
3%
3%
2
23
1%
1384
THE
CHRONICLE
[Vol. 112.
Friday
Last
Outside Stock
Exchanges
Boston Bond Record.—Transactions in bonds at Boston
Stock
Bonds—
Week's Range
Week.
Price.
Low.
Range since Jan. 1.
Low.
High.
Shares.
89.74
90.04
SI,600
89.74 Mar
92.90
Jan
87.04
U S Lib Loan 3 %8_ 1932-47
1st Lib Loan 4s.. 1932-47
87.04
100
85.54 Mar
87.64
Jan
1,200
85.44 Mar
86.64
86.98
1st Lib L'n 4^8.1932-47
87.04
87.74
850
85.62
Jan
2d Lib Loan
86.64
87.30
65,700
85,54
Jan
63
1929
1927
7%% notes
Wash Bait A Annap 5s 1941
87.64
I
1
Jan
88.72
Friday
Jan
40,150
20,950
88.10
Jan
91.26
Jan
85.34
Jan
88.54
Jan
Sale.
......
97.24
97.78
36,000
95.78
Jan
97.81
Jan
78%
78%
1,000
99%
7,000
75%
95%
Jan
Feb
79
96%
Stocks-
Par.
AtlG A W1 SSL58..1959
53
52
54
17,000
52
Mcr
62
Jan
75
75
75
4,COO
75
Mai
82
Jan
Amer Wind Glass
68
68
7,000
67
Feb
81
Mar
85
85
4,000
79
Jan
87
Mar
75
78
4,000
75
Mar
79
Feb
.
"85"
.1929
■'
1931
4%s
"77%
Miss River Power 5s__195l
77%
3,500
74%
99%
Mar
Jan
78
Jan
......
U S Steel 5s......... 1963
82
Western Tel A Tel .5s. 1932
Price.
Arkansas
11
Sale.
Price.
Far
ii%
Natural Gas. .10
100
10
5
94%
Mar
Guffey-Gllles Oil..(no par)
Indep Brewing, com....50
11%
11%
2%
6%
12%
2%
160
Sales
of Prices/
High.
50
Kay County Gas..
Lone Star Gas
25
Mfrs Light & Heat
50
1
Week.
Fuel
........
8%
IjOW.
29
30
29
44
|
Mar
High.
32
8%
50
17%
15
15
48%
48%
24
24
J
Supply
25
Oklahoma Natural Gas. .25
Shares.
2%
Oklahoma Prod A Refin__5
-an
3%
Pittsb Brewing, com....50
Preferred.
50
3%
54
333
90%
125
87
35
10
35
103
105
995
92
63
100
50%
100
8%
27%
Jan
Jan
29%
80
7
288 -v 7%
Jan
88
53%
15
58
28%
88
:fi
jan
56%
Mar
Jan
92
Jan
Mar
.
37
Jan
7%
Pittsburgh Coal, com.. 100
Pittsburgh OH A Gas
5
*8%
Jan
Mar
Jan
70
Jan
22%
Jan
Mar
10
Jan
63
67
730
63
Mar
71
70
49
Mar
56%
Jan
47%
3
Pittsb Plate Glass, com. 100
Union Natural Gas....IOC
U 8 Glass
100
West'house Air Brake
44
Jan
49
Mar
Mar
104
Feb
71%
74
136
64%
Jan
34%
35%
6,227
34%
Mar
42
34
376
31%
Jan
34
Jan
51
21%
51%
22%
25%
27
Phil Insulated Wlrc.no par
25
21%
25%
16%
PfpfplTdl
Jan
52%
3,857
21%
Mar
22%
1
155
25%
Mai
28%
18%
Jan
Jan
16
18%
52
625
51
Mar
55
69%
207
66
Mar
88
Jan
1%
1,860
VA 1 8-16
750
Jan 1 11-16
1%
1%
Jan
30%
32
356
29%
Jan
50
34
34
36
775
30
Jan
30%
60
1%
32
36%
Mar
Mar
Feb
49%
104
50
Jan
30%
30%
35
30
Mar
37%
Feb
Jan
49%
71
2
71
Mar
80
Feb
30
30
115
30
Jan
30
Jan
86.94 87.12 $50,600
U S 2d Lib L'n
84.40
Jan
Jan'
88.30
4Mb 1927-42
3d Lib Loan 4%S—1928
4th Lib L'n 4Mb. 1933-38
90.24 90.36
8,750
88.20
Jan
87.08 87.26
34,500
85.60
Jan
88.58
Jan
1922-23
97.48 97.58
13,200
94.50
Jan
97.82
Feb
72
Jan
68
Am Gas A El 5a small.2007
—4..
70
99%
99%
600
7,000
68
Mar
Feb
99%
91.04
99%
Feb
Mar
1,000
93
Mar
93%
Jan
27,500
101
Jan
103%
Mar
55
55
2,000
53
Jan
56
Jan
53
53
100
50
Mar
56
Jan
63%
63%
1,000
59
Jan
66
Feb
93
Baldwin Locom let 58.1940
Bell Teleph of Pa 7s...1945
Elec & Peo tr ctls 4s.. 1945
93
103
55
1945
small
Keystone Teleph 1st 58.'35
Lehigh Valley coll 6s. .1928
103%
98
98
69%
69%
Jan
98%
71%
Jan
69%
8,000
1,000
96%
..2003
Lehigh Val Coal 1st 6s 1933
92%
92%
3,000
92%
Mar
95
Feb
101% 102
96% 97%
99%
99%
4,000
101%
Mar
105
Jan
31,000
26%
98%
Mar
100%
Feb
Jan
99%
84%
Mar
Mar
Gen consol 4a
Penasylv RR 10-yr 7s. 1930
15-year 6%s
1936
1921
P W & B ctfs 4b
Phlla Electric 1st 5s... 1966
Small
83%
83%
84
2,000
15,000
Jan
82
Jan
81
Jan
Feb
1966
87
87
Jan
87
Reading general 4s.-.1997
80
80
1,000
79%
Jan
84%
Feb
Spanish Am Iron 6s
97%
97%
97%
Mar
99
Jan
33
Jan
36
91%
Jan
94%
2,000
34
United Rys gold tr ctf 4e '49
Welsbacb Co 5a
1930
34
2,000
2,500
94%
1927
94%
2,000
Feb
Mar
Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange, Mar. 26 to Apr. 1, both in¬
clusive, compiled from official sales lists:
Last
Sale.
Par.
.
.
Price.
Arundel Corporation.—50
Celestine OU
Week's Range
of Prices.
Low.
High.
1
10
100
Ramge since Jan. 1,
for
Week.
Shares.
Davison Chemical ..no par
Houston Oil pref tr ctfs. 100
v t r.
Preferred v t r
High.
.65
40
21%
575
.55
Mar
6
650
Jan
Jan
Jan
3%
9
Jan
18
Mar
12
Jan
240
15
Mar
19
Jan
355
*6%
Jan
50
Mar
24
1,040
200
30%
Mar
3%
Mar
Mar
5
240
4
Mar
9
Jan
175
58%
Feb
325
8%
113%
116%
Mar
130
10
Jan
Mar
3%
2%
50
Mar
62%
Mar
Mar
12
Jan
Jan
116
Jan
Jan
119
Mar
40
170
40
Mar
40
Mar
96
179
420
94%
42%
Mar
-19%
Jan
97%
49%
Mar
12%
35
Jan
14
Mar
57%
Jan
70
Mar
68%/ 69
9
50
Jan
41
Feb
49
Mar
1,000
69
Jan
70
Mar
Chicago
Stock
Exchange.—Record of
transactions at
Sales
Friday
Last
Par.
Stocks-
Week's Range
for
Sale.
of Prices.
Week.
Price.
American Radiator
Low.
100
Armour &
100
15
"90%
100
Co, pref.
Armour Leather
_.
High.
Preferred
Boaid
Beaver
69%
90%
12%
1W
..(*)
71
12%
......
Range since Jan. 1.
Shares.
LOW.
common......(*)
(J I)........-..-(*)
City A Con Ry, pi. (*)
Chicago Elev Ry, pret.100
Chicago Pneum Tool... 100
Chicago Title A Trust. .100
Briscoe,
m
m'*
708
12%
970
88%
11%
14%
91%
88%
-
67
19%
19%
-
280
High.
24
Mar
Jan
73%
84
Jan
94%
Feb
13%
Jan
104
12%
88%
Mar
94
Jan
15.400
11%
Mar
42
Feb
24
Mar
9
2,550
Jan
Mar :
Jan
Case
6
6
50
6
6
200
5
Feb
3
3
150
3
Mar
63
65
275
59
Mar
68
Jan
40
2co
May
215
Feb
524
102
Jan
109
Mar
Diamond
Hartman
6%
-
Jan
United Iron Wks v t c.
23
Feb
92
Jan
88%
Jan
Ward, Montg A Co, w 1.20
Western Knitting Mills. (*)
4
Feb
Western
Mar
31
Jan
Wrigley Jr, com
79
Feb
83
Jan
Yellow Mfg Co
12
Mar
18
Jan
101
83
83%
Jan
4
235
3%
Jan
23%
25
450
23
81%
222
12
3
20%
52%
Mar
Jan
62%
Feb
_
.50
37%
Mar
Jan
9%
Mar
8%
8;350
7%
25
2,540
14
150
68
Jan
50
82
Feb
25
105
Feb
108
"84%
84%
"69%
42%
35%
Bonds—
76%
75%
76%
75%
74%
75
5% notes
6% notes
96%
96%
94%
95'
7% % notes..
97%
97%
Bait Elec stamped 5S..1947
Consol Gas gen 4%s._1954
Cons Gas E L A P 4%s.'35
75
$3,000
2,000
3,000
91
Jan
17%
Feb
27%
21%
15,000
3C0
66
Mar
87
95
Mar
100
Feb
10,000
275
93
Feb
95
Feb
38
Feb
66
Jan
Feb
Mar
Mar
Feb
37%
36%
735
100
Mar
105%
675
24%
Mar
31%
Jan
12
25%
14%
1,325
11%
Mar
26
Jan
30%
32
125
27%
Jan
33%
Feb
Jan
62
25%
53
36
54%
4,065
49%
9
10
425
9
Mar
21
165
20
Feb
46%
47
410
37%
Jan
16%
17%
13%
665
16
10
8,725
100
3
3
150
25
10
70
70
200
86%
86%
63%
Jan
Jan
Jan
15%
23%
Mar
Feb
Jan
Feb
50%
19%
8%
Jan
32%
Jan
3
Feb
10
Feb
Jan
69%
Mar
70%
Jan
30
74
Mar
90
Feb
63% $10,000
2,000
38%
10
1,000
60
10
94%
94%
84
84%
Bonds—
63%
Chicago City Ry 5s... 1927
Chic CltyACon Rys
*
No par
5s 1927
38%
35
Jan
64%
39%
10
Apr
10
1,000
90%
Jan
94%
7,000
78%
Jan
88
Jap
Feb
Mar
Apr
Mar
Jan
value.
New York "Curb" Market.—Below we
80
Jan
76
Jan
the transactions in the outside
76%
Jan
give a record of
security market from March
26 to
94%
Jan
97
92%
Jan
Mar
95
Mar
Mar
90%
Mar
76
Jan
96
91,000
Jan
96
77
77
77
Mar
78
Fla Cent A Penin ext 6s.'43
94
94
1,000
4,000
94
Mar
95
Jan
Lexington (Ky) St 58.1949
Md Electric Ry 1st 5s. 1931
72
72
72
Mar
73
Feb
84
84%
1,000
9,000
80
Jan
Feb
18
Jan
Jan
94
76
Jan
83
Jan
Jan
Mar
76
1950
Jan
635
27
73
97%
76%
5s. 1938
Mar
34
75
76%
2,000
4,000
25,000
7,000
Cosden A Co conv s f
Mar
Mar
210
"84"
Jan
Mar
Jan
Jan
8,575
"11%
Chicago Telephone 58.1923
Commonw Edison 5s.. 1943
12%
14%
Jan
43
Jan
Mar
30% 32
101% 102%
-<*)
Mar
3
Mar
95
93
149
Apr
1,350
100
21
200
Mar
70%
93
42%
3
9%
21%
66
"16"
3
22%
95
Chicago Rys adj Inc 4s. 1927
12
86
21
21
Jan
150
108
21%
'
Mar
100
Feb
19%
67
14
Feb
76%
86
10
9%
28%
43%
26%
19%
76%
83%
Jan
83%
Jan
3
Mar
16
Jan
9%
105
18
Mai
34%
23%
83%
64%
14
26
25
50
76%
77%
10
450
16
12
14
43%
76%
585
50
25
26
66
50
Jan
Jan
86
United Ry & Elec
Jan
Jan
Mar
66
Wash Bait A Annap
7%
6%
7%
Boaid, com. 100
Stone....
Feb
15%
101%
25%
12%
30%
53%
9%
United Pap
Wahl Co
1%
5%
13
5
24%
100
Thompson (J R) com—25
Union Carbide A Carbon 10
Mar
9%
195
Feb
Mar
25
Speed, com. 100
Jan
160
33
Mar
73%
15%
69%
Jan
136
30%
(*)
9,175
Mar
Mar
500
"93"
15
10%
69%
11%
60
40
9%
100
Swift International
275
18
35%
Stew Warn
450
14%
36%
Root A Van
—
70
60
42%
Quaker Oats Co.......100
Preferred
......100
Preferred
Mar
9
100
..10C
Dervoort_.(*)
Sears-Roebuck, com...ICC
105
18
WigglyStores,Inc(*)
—10
Jan
36
......
Pub Serv of N 111, com.
Reo Motor
96
36%
(*)
10
Preferred
Feb
"18"
.100
Orpheum Circuit, Inc
1
People's Gas Lt A Coke.100
Pick (Albert) & Co
(*)
Piggly
Jan
91
105
6
Jan
Feb
50
6
7%
Jan
87%
88
10%
"io 11
Jan
Jan
5
63
60
'
Mar
8
6%
•
Mar
49
69%
14%
14%
«
Libby, McNeill A Libby. 10
Lindsay Light
10
Middle West Utll, com. 100
National Leather
5%
80
101% 102
100
Preferred
950
53
88
Corporation.. 100
.......10
Mitchell Motor Co
6%
5%
53
Hupp Motor
Illinois Brick
Jan
84
57
1C7 % 109
..100
Match
7
86%
56%
109
10
Motors
4'
12
100
210% 210%
Cudahy Pack Co, com. 100
Deere & Co, pref...—100
Jan
Feb
83%
85%
128
27
Feb
10
210
79
"25"
63
Commonwealth Edison. 1C0
Continental
Mar
2%
6
4
100
Consol Coal ref 5s
290
Mar
Sl.OCC
80
Fair A Clarks Trac
1,280
49
...50
Central
53
70
Pennsyl Wat A Power..100
Pitts Oil pref
10
Northern
26
Mar
70
Swift A Co
Low.
22%
86
Cosden A Co preferred ...6
MtV-Woodb Mills
Alar
49%
2%
49
SbawWW.com
(*)
Standard Gas A El, pref .50
6%
23
2%
Consol Gas E L & Pow.100
Coal
.55
.60
"w
Comm'l Credit pref B—26
Consolidation
27
26
10
Preferred
Jan
Feb
1
22%
1955
Temtor Prod c A F "A".
Cent Teresa Sugar
1%
50
890
Chicago Stock Exchange Mar. 26 to Apr. 1, both inclusive,
compiled from official sales lists:
Scrip
Sales
Friday
Stocks—
Mar
Chic
"30"
Bonds—
do
Mar
6%
Jan
71
50
50
_.
Jan
49%
Preferred
Feb
2%
Jan
1949
Indep Brewing 6s_
Pittsb Brewing 6s
Feb
15%
31
1%,
29%
Feb
40
"68"
100
Mar
3%
94%
47%
12%
94%
47%
Feb
51
60
1
10%
1%
*
Feb
Feb
2,464
5,756
68%
1%
Rapid Transit.—60
Philadelphia Traction.. .50
Reading
—50
16"
50
Feb
295
117
79% Jan
74% Mar
51
Phila
117
60%
26%
Jan
Bonds—
Jan
33%
8
7%
62%
8%
8%
115% 116
116
West'se Elec A Mlg.com.50
W Penn Tr, W A P.com 100
Preferred.
3%
3%
61
Feb
50%
8%
Jan
Jan
106%
25%
51%
2%
8%
17%
15%
50
24%
Feb
Jan
4%
17
.565
1
"2%
Refining
Nat Fireproofing, com..50
Ohio
1
24
50
Marland
Ohio Fuel Oil
Range since Jan. 1.
1
24
8
Feb
20%
225
6%
Feb
82
*
Mar
60
6,240
Jan
8
71%
2%
170
Mar
Mar
do
5%
78%
70
1931
Jan
94%
102
Atlantic Refg 6Mb
3
4,000
4,000
7
Victory 4Mb
Jan
82
80
Westmoreland Ccal.;
215
94%
70
York Railways pref
3
82
102
West Jersey A Sea Shore.
Jan
3
25
70
United Gas Impt
Jan
35
60
46
Traction
35
Mar
24
102
Union
Mar
60
50
Tonopah Mining
12%
25
25
25
60
Pennsyl Salt Mfg
50
Pennsylvania—
.60
Philadelphia Co (Pitts) pref
(cumulative 6%)
50
Devel
Mar
75
100
48,810
Columbia Gas A Elec. .100
50
64
Pennsylvania
Tono-Belmont
7
25%
25
Consolidated Ice, pref...50
Mar
Jan
12
25
Mar
88
100
50
50
Phi la Electric of Pa
12%
Feb
10%
10%
25%
Mar
Jan
60
North
Feb
75%
87%
28%
preferred.. 100
Norrlstcwn.....
Jan
101
79
15
Hunt & Bread Top pref...
Lake Superior Corp
115
Mar
Mai
63
105"
Elec Storage Battery.-.IOO
Lehigh Navigation.
Lehigh Valley
MlnehlllASH
Mar
98
75%
90
50
Insurance Co of N A
55
15
Cai bo-Hydrogen Co, pref .5
Carnegie Lead A Zinc
5
_.....
J G Brill Co
415
98
79
3.5
63%
par
preferred
General Asphalt
68
98
80%
Mar
High.
65%
5,000
29
American Gas ........100
Low.
10
2,000
Low.
Jan
11
3,000
for
70
Range since Jan. 1.
87%
Week's Range
102%
Mar
11
Barnsdall Corp, Class A.25
Class B
....25
Preferred
Last
Stores...no
for
Shares.
79
Philadelphia Stock Exchange.—Record of transactions
Philadelphia Stock Exchange, Mar. 26 to Apr. 1, both
inclusive, compiled from official sales lists:
First
High.
75%
Friday
Mar
Jan
69
Week.
79
at
American
Low.
Co, pflCO
Preferred....
Cambria Iron
of Prices
94%
1947
Stocks-
Week's Range
75%
86%
Nor Paclf prior 1 4s.. 1997
Swift & Co 1st 58.
1944
US Rubber 5s
77%
1,000
Jan
Jan
Mar
Mar
Mar
Jan
Chic June A U S Y 5s. 1940
4%s
1,000
3,000
47%
100%
100%
Mar
Sales
Last
87.38
K C Mem & B inc 5s.. 1934
69
100%
100%
99%
65%
Mar
43
1,000
High.
Jan
88.52 Jan
Amer Vitrified Prod,com.50
Amer Wind Glass Mach 100
Mass Gas
Low.
61%
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange Mar. 26 to Apr. 1, both inclusive
compiled from official sales lists:
90.50
.1925
Range since Jan. 1.
for
$11,000
1.000
43%
102%
69
86.84
Am Tel A Tel col 4s.. 1929
Convertible 6s
102
102%
Sales
Week.
63
100% 100%
100% 100%
90.04
Victory 4Ms.... 1922-23
High
62%
43%
1949
......
3d Lib Loan 4%s.__ 1928
4tb Lib L'n 4MB. 1933-38
Low.
High.
2d Lib Loan 4s.. 1927-42
4%s 1927-42
1949
Income 4s
Car trust 8s
for
of Prices.
0/ Prices.
Price.
Car trust 8s
Sales
Last
Sale.
(Concluded)
United Ry A E 4s
Exchange Mar. 26 to Apr. 1, both inclusive:
Friday
Week's Rang.
Sale.
Bonds
97%
72
84%
Feb
Mar
Jan
Mar
April 1, both inclusive.
It covers the week ending
Friday afternoon.
It should be understood that no such reliability attaches
to transactions on the "Curb" as to those on the regularly
organized stock exchanges.
Stock
•
Exchange, for instance, only
members of the Exchange can engage in business, and they
On
the
New
York
April 2
1385
CHKONICLE
THE
1921.]
Sales
Friday
are permitted to deal
only in securities regularly listed—that
is, securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings.
Every precaution, too, is taken to
insure that quotations coming over the "tape," or reported
in the official list at the end of the day, are authentic.
On the "Curb," on the other hand, there are no restrictions
whatever.
Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transactions.
The possibility that fictitious transac¬
tions may creep in, or even that dealings in spurious securi¬
ties may be included, should, hence, always be kept in mind,
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.
(Concluded)
Friday
Week ending
April
Par,
for
Sale.
Stocks—
Week's Range
of Prices.
Week.
a.r.10
Guffey.-Glllesple Oll.r— (t)
Harvey Crude Oll.r
Price.
Low.
Shares.
High.
High.
Low.
13*
Oll.r
Mexican Eagle Oll.r
Mexico Oil
Mid-Colombia
Midwest
Oil.r
Refining.r
Midwest-Texas
1
Acme
10
Packing _r
Allied Packers.
IX
r__
X
4
3%
18
18
Mar
IX
Mar
Mar
53*
Feb
Ryan
79
Automatic Fuel s.r
Beaver Board Cos com
r
Feb
63,500
1,900
103*
Jan
323* May
11
Jan
133*
21
Feb
263*
13*
Jan
2
300
53*
Mar
6
Mar
145
Jan
1
3,400
Jan
1
Mar
12
1,400
Feb
12
Mar
5*
113*
7-16
Mar
10
Jan
Savoy
Mar
23
Jan
Settled Prod.r
23*
Mar
83
Mar
Simms Petroleum r(no par)
75*
Jan
Sinclair Cons Oil pref.r.100
53*
5
3,300
2
Jan
3
Jan
7X
88
19,000
61*
Jan
83*
Jan
40
843*
53*
Jan
13
Feb
Skelly
10
55*
6
68
Jan
Tex-Ken Oil Corp.r
5
40
Feb
Texon Oil a Land.r
1
%
5*
1
800
11
Jan
24
Mar
873*
25*
Royalty.r
21X
24
12h
12 X
123*
2,900
113*
Mar
135*
Feb
United Tex Petrol.r
1
12 X
13
500
113*
Mar
14
Jan
Victoria Oil.r
1
3*
17
18
300
163*
Jan
18
Feb
i
133*
13 X
143*
31
com w
323*
6X
273*
2
Colombian Emerald Synd.r
Mar
9-16
8 300
X
2c
18 500
13*
Mar
Jan
Atlas
10c
4c
33*c
5c
20.700
2o
Jan
53*0 Jan
10c
3c
2c
33*c
19.500
2o
Jan
6c
5
5-16
3*
5-16
43*
18
Gold.r
Belcher
Conley Tin Foll.r.__..(t)
13X
13X
143*
300
113*
Jan
193*
63*
63*
200
6
Jan
8
Mar
Jan
32
323*
180
30
20X
213*
5,700
13
33*
28,200
13*
Mar
Extension.r
Cash Boy Consol.r
1
7c
63*c
8c
75*
55*
8
25,400
2,365
74c
21,700
62o
Jan
74c
9
19,050
2,700
63*
Apr
103*
Feb
15-10
Mar
13*
Mar
59.450
20c
20,400
22
Mar
Cortez
Mar
100
72c
Silver.r
263*
7
Cresson Con Gold m a m.l
13*
Jan
Divide Extension
Mar
37c
1
2
Mar
3
Jan
IX
13*
100
13*
Mar
23*
Jan
Emma
53*
53*
53*
300
4
8
Jan
Eureka Croesus
33*
Feb
Eureka Holly, r
5*
el Salvador Silver Mln.-.l
"ix
100
73*
pref._r_.10
1
93*
Mar
Jan
143*
Feb
Goldfield Consol'd.r
63*
Jan
10
Feb
Goldfield
Jan
13
600
v;-1
1
Feb
Gold
Feb
Jan
Llbby.McNelllALibby .r .10
10X
1,100
Lincoln Mot. cl a.r
50
18 X
183*
183*
500
173*
Mar
20
Mar
Locomobile Co
10
23*
2X
33*
23*
300
13*
Feb
4
Jan
33*
Mar
com.r
4
Market StRy w i
480
43*
10
Mar
13
43*
100
22c
5*
lc
3c
20,500
lo
Jan
3c
Mar
63*o
8c
43*c
5c
950
1
50c
58c
61c
12,100
4,500
9c
3c
15c
35*
23*
4
23*
12c
14c
Mar
Jumbo Extension
1
8c
7c
9c
Ordinary pref
15
17
500
15
Mar
17
Mar
Kewanus.r
1
2o
13*C
3c
10c
16c
10
Nor Am Pulp a Paper. _(t)
Packard Motor Com.r.. 10
Peerless Trk a Motor.r.50
Perfection t a r.r
11c
15c
14c
13c
16c
183*
17
183*
43*
2,000
33*
23*
Marsh
Jan
Motherlode..
Mar
National Tin Corp.r
Mar
New Jersey
9
Jan
7,700
15*
Jan
23*
Mar
6,700
2
Jan
23*
Jan
100
18
Jan
233*
23*
233*
%
1
1,000
63*
4,690
4*
43*
Mar
Mar
15*
Jan
Rex Consolidated Mln.-.l
Jan
63*
Apr
Mar
63*
Mar
63*
113*
250
113*
Apr
13
353*
700
34j*
Mar
36
52
52
54
2X
53 X
533*
United Profit Sharing..25c
IX
Un Retail Stores Candyr(t)
7X
7
13*
13*
73*
73*
2
253*
1
Mar
Silver Pick Cons'd.r
543*
Mar
South Amer Gold & pi r 10
Mar
3*
Jan
23*
Mar
Mar
29
Success
Talapoosa
X 11-16
250
143*
23*
Standard
173*
183*
Victory Dlvide.r
Jan
West End Consol'd..6
3,850
153*
213*
Jan
Oll.r
10c
New.r
oil.r
"113*
1
13*
83*c
3*
83*c
33*c
10c
8,000
60
Jan
5c
16,800
3c
Feb
663*
320
6,300
13*
5,400
73*
13*
1
15*
Mar
1013*
95H
Jan
98 %
Jan
933*
933*
Mar
98
Feb
80
84
24,000
05
Mar
993*
983*
Feb
Feb
Jan
Feb
Barnsdall
Mar
20c
Jan
Beaver Board Cos 8s.rl933
Mar
Mar
1 7-16
Mar
125*
Mar
23*
Jan
Equipment 7s.r
5-16 ]
/
965*
"81"'
973*
953*
.1921
"615*
100
943*
55*
Mar
Mar
93*
Mar
Jan
963*
102
Jan
593*
Mar
70
Mar
120,000
64,000
983*
Jan
100]
Jan
92
Mar
Mar
99]
1003
Feb
98
Mar
20,000
993*
993*
91,000
88,000
983* Mar
983* Mar
Feb
983*
Jan
993*
100
993*
993*
82
Jan
85
92
Jan
96
1023*
35*
19-16
Feb
633* 1105000
993* 100
94
943*
1003*
'"94"
Feb
Feb
Feb
613*
953*
100
99
Empire Gas a Fuel 6s.r '24
6s.r
1926
75*
13*
X
Jan
8,000
993*
8% notes.r.Feb 15 1923
8% notes.r.Feb 15 1924
8% notes.r.Feb 15 1925
Diamond Match 73*8.r.'35
Jan
85,000
993*
993*
Copper Exp Assn 8s_r_1922
Apr
Mar
X
1,000
955*
1003*
;
993*
Mar
55*
33*
13*
973*
95
973*
100
7
Apr
Mar
Mar
7
995* 100
963*
963*
100
1923
Canadian Nat Rys 78.1933
Chic & East Ills 5s.r_.1951
Consol Textile deb 78.1923
9-16
100
1935
Beth Steel 7% notes r
Jan
2
Jan
Jan
51,000
10,000
42
"l
Jan
Mar
933*
'30
Corp 8s.r-.1931
Mar
Engineers Petrol Co.r—1
913*
0% notes Series a.. 1929
Anglo-Amer Oil 73*s.rl929
7
1,200
37,400
Jan
Jan
220
9
85
Jan
Jan
Jan
Cons Gas of n y 8s-
33*
16,000
943*
893*
Jan
9-16
90
'Jan
83
Mar
3
98
91
13*
8X
1 Jan
48
22,000
24,000
105*
6
97
95,000
Jan
Emerlch Oil.r
973*
364,000
865*
Mar
Denny Oll.r.Elk Basin Petrol.r_
Mar
98
935*
5
6,900
5,800
00
96
97
49
J25*
11-10
1
505* $47,000
5,000
965*
Mar
965*
495*
86
36,700
5*
83*
Jan
13* .Jan
923*
25,000
1
Jan
4c
Mar
86
13*
100
X
Jan
Jan
10,200
200
Jan
10c
Anaconda Cop Min 7b r '29
Jan
1
10c
123*
18,000
Mar
Mar
Jan
2o
100
13*
Jan
40
14,700
6c
40
Jan
Mar
7
X
17,300
Mar
Feb
X Mar
103*o Feb
97
Jan
53*
4c
X
X
15
Mar
983*
Jan
33*
63*c 83*c
3c
17,200
6,800
29
Mar
3*
3
Jan
74
7
1 3-32
26
500
Jan
1 11-10 Mar
Jan
359
53*
7c
1
3*
Jan
923*
Feb
2
Jan
Jan
Jan
943*
83*
"5X
Jan
53,000
^
13*
5
3*
Jan
23*o Jan
9-16
Feb
96,000
08. r
63*
Central Amer Petroleum.r
Jan
$
8X
Creole Syndicate
lo
3
—
3-16
Cosden a Co com.r
Mar
975*
4,495
13
4o
963*
70
10
Jan
25*
Aluminum Mfrs 7s.r._ 1925
Oll.r..1
11
2c
18,800
17,000
15-16
5
IX
Trading.r
63*
3-16
Jan
Jan
15*
33*c
Mining
Gold Co.r..
6
Carib Syndicate _r
Feb
96
Jan
13*
llo
3X
3-16
25*
1 1-16
Jan
33*o Jan
600
20,700
963*
Mar
323
103*
16
963*
103
Feb
13* 1 7-16
10
Arkansas Nat Gas com._ 10
6c
5
13*
4c
Jan
Mar
973*
Mar
1,200
72
1924
101
292
75,000
Feb
38
Feb
33*o Feb
Amer Tel a Tel 6s.r--1922
10
70
1
' 15c
Jan
883*
101
X
lo
Feb
883*
303
13c
3*
19,600
4c
15-16
Wilbert
ArmourACo 7% notes r
13o
X
Chem 73*81941
101
1
9o
Mar
Amer Lt a Trac 7s.r-.1925
Mar
47
3*
6
Mar
196
___1
72
33,800
14,900
Jan
4o
500
Jan
Mar
Feb
202
10
,
Allied Oll.r
3c
4,900
24,000
Jan
13*
"973*
40
331
3*
Feb
83*
Amer Agric
197
326
8c
X
158
Jan
Jan
Feb
Jan
Mar
175
693*
53*
3*
Jan
Jan
Feb
175
300
69 X
900
130
Feb
Mar
172
197
Standard Oil of n y...100
Other Oil Stocks
Mar
174
100
100
Southern Pipe Line.r_.100
Standard Oil (Calif)
100
Standard Oil (Ind).r
25
67
73*
3*
15*
53*
5-16
61c
7-16 Mar
176
4,400
3,200
1 5-16
29
Bond*
Illinois Pipe Line.r
Prairie Pipe Line.r
3*
I3*c
Feb
48c
Feb
53*o Jan
IX
Allied Pack conv deb6s r 39
17 X
£1
434c Mar
IX
u 8 Continental Mines.r.l
Oil
Feb
63*0Mar
lOo
13*
United Mines of Mexlco.r.
Mar
253*
Jan
Jan
23*
Mar
Jan
Jan
9,200
Feb
17
15-16
Mar
Yukon
Feb
19c
2,595
2,210
19,225
Jan
Feb
20o
Mar
Mar
Jan
20
Jan
13c
13*
9
133* Mar
15* Mar
300
Feb
10c
11-16
35
Feb
15
8c
1,940
Mar
X
8,000
173*
33*c Jan
1,800
Mar
13*
13*
13*
253*
Mar
23,000
Jan
Jan
Feb
73*o Jan
24c
5-16
IX
Feb
4o
5-16
5-16
Mar
Jan
8
1 5-16
Silver.r
1
Tonopah Extension
1
Tonopah Mlning.r
1
United Eastern Mining.. 1
13*
X
lc
13*
15*
13* 1 3-16 1 5-16
1
925
12o
2c
Tonopah Belmont Dev.—1
73*
Jan
lc
Tonopah Dlvide.r
28
4o
13*c
Jan
8,400
2,600
19c
4c
Jan
Mar
Mar
2c
Jan
13*
7c
3c
13*
Jan
33*
3—16
9
13*
Mar
1
Sutherland Dlvide.r
Subsidiaries
Carib
6
60
8,700
13*
Anglo-Amer oll.r-
Boston-Wyoming
4c
15*
Feb
Jan
23*
3-16
Jan
13*
143*
Texas Company.r
Boone
72
3*
Feb
33*
4 3*
1
Mining
Jan
Rights
Allen
7c
Copper.r.-l
White Caps Mining
10c
Reading Co.r
43*c
9c
1
Silver-Lead
Standard
Western Utah
Former
8c
Mar
7-16
163*
53*
3*
6
X
11-16
Willys Corp 1st pref.r.100
Silver Mines of America.r.
Jan
%
53*
3*
""2c
Feb
Jan
139
135
75*
51
700
29
7-16
u 8 Ship Corp.r
Dlvide.r.—1
57c
75*
13*
700
200
IX
u s Light & Heat com.r. 10
10
543*
28
u s Distributing com.r.50
King
4c
7-16
136"
1,100
13*
13*
6
(t)
900
26
26
com.r.100
5,900
Feb
Silver
Feb
60
1,800
23*
23*
26
Tobacco Prod Exp.r.__(t)
1,200
3*
43*c
St Croix Sliver
113*
353*
3*
Zlnc.r____.100
Feb
4,000
X
Murray Mog m Ltd
Nlplsslng Mines
5
Ophir Silver Mines
Platinura-PalladiumCorpl 0
Prince Consol
2
43*
International.r__.15
Jan
11
113*
353*
50
Mlning.r
15*
2X
53*
Apr
28
23*
23*
X
63*
12
Jan
23*
233*
"~2
Apr
Jan
200
10
5
Magma Copper
Jan
103*
1
Jan
%
14,000
3,700
6,750
13*
X
13*
65*
1
Star.r
13*
23*
1 1-16
1
Mar
Lone
Feb
IX
IX
b._
u s Steamship
12c
MacNamara Mlning.r.-.1
263*
Stan wood Rubb.r.(no par)
Sweets Co of Amer.r
10
r
MacNamara Crescent.r-.l
Mar
19
Southern Coal a Iron...
Union Carbide a Carb
Jan
17
113*
Stand Gas a el com.r_.50
Tenn Ry, l & p
10
Mar
83*
17
200
...10
com
Mar
50
200
Republic Rubb.r._(no par)
Roy de France TolletProd 6
Preferred. r._
200
12
5
Standard Tobacco
Jan
263*
Mfg.r_
Reo Motor Car.r
Swift
4
2
Preferred.r
Mar
19
113*
1
10
Radio Corp of Amer_r__(t)
8
Jan
263*
Preferred
Pyrene
Mar
11X
10
Profit ShCARS.r
7
12
17
17
4X
310
83*
8X
10
n y Transportation
19c
1,700
8
15X
National Leather.r
Knox Dlvide.r.
15c
163*
7
7
340
16o
5c
13c"
Butler.r
Feb
Mar
29
7c
33*
.1
Feb
3c
28,600
19c
1
25c
"13c"
Feb
20c
35
17c
13*c
10c
46
Mar
3*o Jan
31
29,500
6,000
67,000
8,505
2,000
19,350
19,100
14,200
27,900
41,000
22,700
14,500
2,800
18,100
173*c
46
b._.
Jan
2c
Mar
wi
Jan
X
Jan
Feb
43
Second pref
Mar
Mar
11c
500
Maxwell-Chalmers
Jan
4
Mar
46
17
IX
Mar
9-16 Jan
Jan
43
i
Feb
Jan
9,000
pi ef erred w i
w
3*
2
39o
65o
6c
Howe Sound Co
Jim
8.300
Jan
Jan
Mar
Feb
25,600
1
Hecla Mining
Mar
83*
Jan
9c
32
Harmill Dlvide.r
103*
9o
3
13* 176,200
15* 1 11-16
2,300
3
5*
Dlvide.r
Zone
33*o Jan
6c
Great Bend.r
10 X
%
24o
7c
Goldfield Florence.r
Jan
X
200
5*
Jan
Jan
10c
13*
X
2
93*0 Feb
12o
10
Devel.r.
Feb
X
Lake Torpedo Boat.r__.10
44c
5-16
1
Forty-Nine Mlning.r
Mar
8
400
113*
10X
r.__(t)
Kay Co Gas ctfs dep
Mar
2,100
8
73*
83*
73*
13*
81c
1
13*
Mar
200
103*
36c
2
1
500
9
9
10
Intercontinental Rubb.100
11-16
93c
Silver
2,000
23*
IX
Heyden Chem_r._(no par)
Imp Tob of g b & i.r__£l
Jan
69c
63*
Crackerjack.r
Jan
X
6
Havana Tobacco com r 100
23*
Jan
19.000
153*c
20
23*
Jan
17o
12c
lie
Gardner
Feb
75o
10c
15c
Consol Virginia Silver.r--5
43*
Jan
61c
lie
Jan
11
37c
63c
Mining
Mar
307
99.000
1
Caledonia
86
53*
70c
Candalaria Silver.r
Boston a Montana Dev..5
21
15
Feb
Feb
Feb
Jan
Jan
7o
Mar
Mar
Jan
7-10
Jan
3*
Mar
33*
14
X
Jan
Mar
3c
6.400
22
86
153*
Feb
20
36
100
100
Jan
17.600
3c
3,700
105
Jan
Jan
5c
5c
17
2,100
15
Jan
1
2o
Booth, r...
86
X
Jan
Big Ledge Copper Co
15
21
Mar
H
Jan
X
lc
Jan
86
X
2.500
18
X
1 000
Jan
Firestone t & r com.r. 10
r
Feb
X
13*c
Belcher- Divide, r
Hall Switch & Slg com r 100
Jan
7-16
Mar
14
Jan
3*
Feb
3*
3*
Mar
15
1,800
X
lXc
19
5
3-16 3-16
1
50
par)
Goldwyn Picture, r
(t)
Goodyear t & r com..100
2
1
Alaska-Brit Col Metals.-.1
Feb
(no par)
Jan
1
Jan
1
Mines.r
3,400
Garland St'mship.r (no
7-10
Jan
400
America Mines.r
23*
23*
Jan
X
6,700
Atlanta
Mar
17
3*
6,100
Jan
Jan
17
r(t)
Mar
Feb
73*
44
com
2X
30 X
340
Farrell(Wm)ASon
Feb
71
255
213*
23*
1%
Feb
13
(no par)
Empire Food Products.r..
6,900
Mar
49
r..
Mar
Mar
17
Davies (wm) Co.r (no par)
Feb
13*
1
6
48
10
Feb
Jan
Jan
263*
7,100
17
Continental Motors.r
93*
X
11-10
67
283*
48 x
Preferred
Mar
88
Mining Stocks—
100
Com'wealth Fin Corp com.
Jan
100
67
27X
IX
32 v*
Mar
8
100
X
15*
5*
Mar
Mar
Mar
5*
93*
1,500
63*
67
Cities Service pref.r__.100
Bankers shares.r
(t)
12%
30%
3-16
1
12,500
23*
7-16
13*
Corp.r..(t)
.
•
134,200
5*
23*
7-16
12 X
Mar
Apr
63*
Mar
y" Oil <fe Gas.r
143*
23*
Mar
Feb
Jan
Feb
Jan
Feb
23*
65*
Mar
35*
143*
13*
143*
6
9
Feb
14
Mar
550
14
IX
Mar
Mar
5,600
123*
40
2,200
3,100
1,450
8
X
73*
Jan
Jan
3*
600
23*
Mar
Feb
75*
143*
400
IX
Mar
43*
5*
200
"23*
Jan
63*
5?*
983*
Mar
73*
403*
163*
Woodburn Oil
Jan
Mar
95
100
1,700
1,000
Jan
68
Jan
43*
40
8
33*
23*
Jan
57
2,900
98
13-16
Jan
IS
1,000
55*
45*
Jan
Apr
7-16
135
123*
"
8
Jan
Feb
6
3*
75*
133*
Salt Creek Producers new..
United
3*
40,600
X
8
5
Consolldated.r
Oll.r
135
1,050
66
97
pref...
Feb
300
9,100
43*
Refiners.r.10
Jan,
15*
55*
1423*
65
53*
Jan
233*
13*
55*
123*
403*
15
25
Products.
4
2,200
Cblc Nipple Mfg cl a.r.10
Internat
Mar
13*
Preferred wi
Culti
2%
IX
100
Car Ltg a Power.r
Internat
Jan
200
300
£1
Bucyrus Co com.r
Preferred,
33*
2,700
£1
Ordinary bearer ,r
r.
Feb
"403*
(t)
Ct)
Brlt-Amer Tob ord
Motor,
2
783*
Brisco Mot Corp com.r. (*)
Durant Motors
200
IX
Armour Leather com.r.. 15
Feb
33*
3
323*
123*
25*
Oil
Feb
17 J*
25*
4
13*
Mar
23*
76
Feb
10
23*
16
IX
Mar
1
Mar
3*
80
i
73*
5
100
193*
Feb
91,500
78 X
Amer Refrigerator.r
Chic & East 111
3*
33*
30
133*
11%
500
4
4
(no par)
Aluminum Mfrs, com.r. (t)
Preferred.r
100
6,200
1,500
13*
Mar
10
North American Oll.r
Pure Oil 8%
93*
7,200
140
1
10,400
IX
9-10
j
Noble Oil & Gas
Feb
Feb
23
Mountain Productions...
8
3*
"ix
50
Oil
Mar
33*
25*
•263*
113*
293*
10
(t)
Jan
4
900
3,900
6
Corp
Jan
Mar
143*
(t)
Maracalbo Oil Explor r (t)
Merrltt Oil Corp.r
10
23*
1
15,600
155*
Manhattan
23*
Feb
13*
(no par)
Livingston Petrol.r
Petrol.r
Feb
13*
10
13*
3*
Inter
IX
6-16
163*
5-16
Oil.r
Hudson
Red Rock oh & Gas.r
Coal.r
105*
73*
1
Henderson Farm Oll.r
Ranger Gulf.r
Acme
"113*
High.
Mar
3,400
2
13*
53*
123*
4
Grenada Oil Corp cl
Producers a
Industrial & Miscell.
15*
Low.
27,900
0,200
5*
15*
13*
10
Glenrock Oil.r
Panhandle Pr a Ref pf.100
Pennock Oll.r
10
Range since Jan. 1.
Last
2
5
Federal Oil
Shares.
High
5-16
X
1
Fay Petroleum _r
Low.
Range Since Jan. 1.
for
Week.
of Prices.
Price.
Par.
Omar Oil & Gas
Sales
Week's Range
Last
Sale.
Other Oil
Stocks
93
985*
1013* 1023*
833*
833*
94
953*
50,000
29,000
2,000
4,000
Jan
Feb
993*
Mar
993*
Mar
1023*
Jan
Jan
Mar
r-1386
Prhiuy
Last
Week's
Sale.
Bonds (Concluded)-
Low.
Galena-Signal Oil 7s.r_1930
95 H
90
Heinz (H J) Co 7s.r-.1930
Humble Oil A Ref 7s. .1923
Interboro R T
St
Nash
L
6s
Lukens Steel 8s.r
Mar
94
342,000
95
Mar
98 ;/4
Feb
98
Mar
214
219
50
65
80
85
714
41,000
67
Jan
7214
90
914
19,000
13,000
9,000
87^
Jan
9414
88
84 54
00 £
Jan
94
wl
102
Mar
5,000
99X
Mar
57,000
67
Mar
Jan
9954
Jan
70
Jan
Anglo American Oil
Atlantic
1014
994
994
67
"69
70
98
984
954
8,000
954
20,000
94
N Y N H A Hart 4s.r.l922
53
52
57
74,000
51
994
994
15,000
9714
Jan
9954
97
974
17,000
95
Jan
9754
Jan
1923
944
944
95
8,000
93
Jan
96
1924
954
16,000
92
Mar
9554
Jan
1926
944
94 4
11,000
93
Jan
9014
Mar
95
95
23,000
9514
Feb
924
15,000
94 V,
9114
Feb
914
Jan
9414
Jan
Jan
23
994
Ohio Power 7s.r.—..1951
C134
K
23
91,000
13
17
19
30,000
1214
174
21
60,000
98,000
12
9714
Jan
170,000
9±V%
Mar
9414
Mar
95
Mar
19
Govt ei4s.r.l919
~19
"
—
0p"
99
994
954
J5
954
10,000
92
220,000
96"
Jan
Mar
All
bond
prices
Per
£1
Refining
100
Preferred
Ask.
*17«4
900
18
103
109
6.80
6.35
390
Canadian Pacific 4Ha A 6s—
7.25
6.40
83
Caro CUnchfleld A Ohio 5s„
8 00
Chesebrough Mig
Preferred
7.00
100
190
200
Central of Georgia 414 s
7.37
6.75
100
100
103
Chesapeake A Ohio 614 s
6.80
6.40
119
Equipment 5s
Chicago A Alton 414s, 6s..
Chicago A Eastern 111 514 8—
7.20
6.50
8.50
7.50
8.50
7.50
new...
new
Continental Oil
..100
Crescent Pipe Line Co...
116
31
145
9914
Jan
94
98
9754
Jan
Galena Signal Oil com... 100
43
45
9714
Jan
Preferred old
100
93
97
Jan
Preferred
100
93
100
50
Mar
100
new
Chlc Ind A Louisv 414s
Chic St Louis A N O 5s.
7.37
7.15
6.50
7.10
0.50
97
Chicago A N W 414s
Chicago R I A Pac 414 s,5a.
7.75
7.00
173
177
Colorado A Southern 5s—
8.00
7.00
*83
Jan
9214
Feb
Illinois Pipe
10214
Jan
Indiana Pipe Line Co.
85
Erie 4>4s, 5s—.
8.00
9654
Jan
*15%
15%
Hocking Valley 414s, 5s
7.50
0.75
Jan
9654
Feb
International Petrol.(no par)
National Transit Co... 12.50
*2612
27i2
Illinois Central 5s
7.00
0.50
10214
Jan
New York Transit Co... 100
143
Equipment 414s
Equipment 7s—
Kanawha A Michigan 414s—
7.00
0.50
6.85
0.40
7.50
0.75
Louisville A Nashville 5s
7.10
0.50
7.00
6.35
92
Line
148
101
100 4 102
46,000
100
Jan
102
Jan
Northern Pipe Line Co.. 100
92
97
1004 1014
41,000
100 vg
Jan
10214
Jan
Ohio Oil Co
25 *270
275
1014 1024
1014 1024
54,000
16,000
49,000
100*4
10014
Jan
10214
Jan
Penn Mex Fuel Co
25
*30
34
7% ser gold deb
1014
1014
Jan
103
10014
Jan
10354
Mar
44,000
10114
Feb
10114
Mar
1024 103
1044
80
804
Jan
Jan
55,000
7814
Jan
84
40,000
95
Jan
98
82
H
964
824
964
Switzerland Govt 5148.1929
83
38,000
7914
Jan
8614
Jan
TexasCo 7% equ'nts r 1923
United Rys of Hav 734s '36
984
984
984
66,000
9814
Jan
99
4
Feb
23,000
984
984
100
1004 265,000
9814
Feb
100 54
Feb
Swedish Govt 6s J'ne 15'39
1925
984
Vacuum Oil 7s.r—— 1J36
1004
Western Elec conv 7s rl925
994
Jan
Mar
10014
Mar
Jan
100
67,000
994 100
10014
Jan
9754
value.
I Listed as a prospect.
I Listed on the Stock
Exchange this week, where additional transactions will be found,
oNew 3tock.
r Unlisted.
wWhen Issued,
x Ex dividend,
v Ex rights.
zEx stock dividend,
♦Odd
t No
lots,
par
t Dollais per 1,000 lire, flat,
Prairie Oil A Gas
100
Prairie Pipe Line
100
195
198
0.30
400
105
Michigan Central 5s, 6s
Minn St P A S S M 414s A 5s
Equipment 6%s A 7s
6.88
385
102
7.25
0.50
7.15
0.50
230
240
Missouri Kansas A Texas 5s
68
72
Southwest Pa Pipe Lines. 100
Standard OH (California).100
Standard OH (Indiana)
25
._
Standard OH (Kansas)... 100
Standard Oil (Kentucky).100
Preferred
corporations in the State.
Institute
signed
Bill No, 147 has the approval of the Ameri¬
of Consulting
petition
a
Engineers,
its behalf,
on
43
of whose
members have
110
the signers being Messrs. Barclay
among
Parsons, Gustave Lindenthal, J. Waldo Smith, Alexander C.
and John F.
Wallace.
Humphreys
On the other hand, the leading engineering corpo¬
rations and partnerships such as Sanderson & Porter, J. G.
White & Co.*
Ford, Bacon & Davis, Stone & Webster, Dwight P. Robinson & Co. view
Bill No.
7.00
8.00
7.00
Mobile A Ohio 414s, 5s
New York Cent 414s, 5s
7.50
410
420
500
N Y Ontario A West
150
Northern
325
330
100
375
390
100
105
108
147 with alarm, saying that it would be destructive of the highly
developed organizations such
they have built up in order to meet the
as
varied demands of modern-day business.
They therefore present
a
petition
St Louis Iron Mt A Sou 5s_.
8.00
7.00
St Louis A San Francisco 6s.
8.00
7.00
100
285
295
Seaboard Air Line 5s
7.75
7.00
10
*28
32
Imperial Oil
•90
100
;i.:
92
145
25
Petroleum
Mer-itt Of Corp
Mexican Eagle Oil
155
♦11%
5
12
•21
10
2312
50 *140
Midwest Refining
Stocks—Per
142
American Cigar common. 100
85
Ask
80
84
175
205
American Tobacco scrip
British-Amer Tobac ord._£l
97
99
♦12
14
Brit-Amer Tobac, bearer. _£1
*12
Preferred
14
92
95
at 65
same
building.
commodius offices
more
on
the first floor
The Securities Department is connected with all its
offices throughout the country by direct telephone and telegraph wires.
—An
interesting
pamphlet
for
general distribution
on
the
subject
of
guaranteed mortgages has been prepared by the Lawyers' Mortgage Co.,
59 Liberty St., New York.
It goes into the matter of mortgages, how they
are made and safeguarded and what they mean to the
thrifty investor.
—Lowell Mason,
under his
own
who has recently carried
name,
has
of Prince A Whitely.
and local
100
Imperial Tob of G B A Ire-
Broadway, New York, to
of the
Preferred
on
an
investment business
become associated with the bond department
now
Mr. Mason is
a
specialist in railroad, hydro-electric
>
public utility bonds.
*9
Johnson Tin Foil A Met. 100
95
105
MacAndrews A
Forbes.. 100
90
78
84
Porto Rican-Amer Tob.. 100
85
90
Scrip
Reynolds (R J) Tobacco. 25
B common stock...... 25
80
90
*75
85
•32
Young
prices dollars
Rubber
America •
Amer
Exch-.
Atlantlo
Bid
Ask
180
181
230
Banks
238
215
N
Y
Battery Park
165
175'
Manhattan *.
Meoh A Met.
Bowery*
425
450
Mutual*
150
160
Broadway Cen
Bid
Ask
191
196
Bankers Trust
191
197
295
300
500
Nat American
145
125
Nat
City
320
328
155
Nat Cuba
60
145
155
New
Neth*__
140
Butch A Drov <140
160
New
York Co
New
York
Bryant
Park*
Bid
Ask
440
Inter
200
100
Securities—Pe
6% notes 1922..
AAO
1921M&N
7% notes 1922
MAN
7% notes 1923
MAN
AnacondaCop Min 6s'29. JAJ
450
Fulton
260
315
270*
Pacific *
Guaranty Tr.
293
298
265
Park
345
355
Hudson
150
160
Chelsea Exch*
100
130
Public
225
240
Law Tit A Tr.
115
125
Chemical
608
518
Anglo-Amer Oil 714s*25 AAO
Arm'r&Co7sJulyl5'30JAJ15
Republic*
Lincoln
Trust
155
165
Coal A Iron..
225
240
8eaboard
Beth St 7s July 15 '22.JAJ15
Colonial *
350
7% notes July 15 '23 J&J15
1929 Series B
JAJ
r
20
94
100
103
60
•11
50
♦35
Preferred
99% 100%
100% 100%
99% 100
86
86%
92% 93%
99% 100
26
59
61
Western
100
24
25
100
67
69
Power Corp
Preferred
Industrial
and
Miscellaneous—Pe
100
175
180
136
140
Amer Typefounders, com.100
41
43
100
80
83
new..no par
♦33
37
50
*52
56
American Brass
96
96%
Preferred
98%
99%
Bliss (E W)
97
97%
Preferred
Co,
Canadian Pac 6s 1924.MAS2
9434
95%
Federal Sug Ref 6s 1924MAN
93
94
89%
90 M
Celluloid
Company
Hocking Valley 6s 1924.MAS
91
93
Chi ds Co
com
70%
220
Union Exch.
160
•
-
-
-
170
N
Y
A
Life
Ins
Trust
Interboro R T 7s 1921.-MAS
155
165
550
N Y Trust- <330
575
United States*
Continental..
125
135
340
Wash
K C Term Ry 414s
97%
98%
350
425
Title Gu A Tr
300
Corn Exch*..
310
300
307
6s Nov 15 1923—-MAN15
97
97%
Yorkvllle *
U 8 Mtg A Tr
390
105
410
Laclede Gas 7s Jan 1929 FAA
88
90
89%
United
845
860
Lehigh Pow Sec 6s 1927.FAA
66%
67%
99
99%
99%
9934
91
93
425
....
States
1921.JAJ
71%
share
American Hardware.--.-100
Goodrich (B F)Co 7s'25. A AO
23d Ward*..
ll4
6
5%
24
125
chester)
13
37
1.
United Lt A Rys, com...100
1st preferred
100
285
Mutual (West¬
--
7
17
92
105
200
6
—.100
275
210
Tradesmen's *
Brooklyn
Coney Island*
100
80
South Calif Edlsoa, com. 100
Preferred
100
Metropolitan.
450
State*
170
65%
475
Second
168"
900
21
62%
......
290
215
Cosmop'tan*
19
280
158
East River...
Puget Sound Pow A Lt—100
Preferred
100
Mercantile Tr
212
Fifth Avenue*
72
78
260
Commerce
H'ts*..
77
El'Yst'preL 100
*240
Columbia*—
81
74
69
Tennessee Ry,L A P,com.100
Preferred
100
Cent
97
x70
1 An
pFpfprrpd
Standard Gas A El (Del).
40
100
210
225
100
Preferred
North Texas Elec Co.comlOO
Preferred
140
30
200
210
49
Republic Ry A Light
16
100
255
wealth*...
46
125
305
Ex*.
North'n States Pow, com. 100
100
Chat A Phen
Common¬
30
73
Am Tob 7% notes
7s
12
20
.—100
Preferred
Borden Company, com.. 100
Preferred
100
100
100
.
83
86%
85
88%
100
110
93
96
100
94
98
100
138
143
100
Pre'c-ed
75
du Pont (E I) de Nemours
A Co, com
Debenture stock
76%
2%
100
1%
100
4
8
1st g 5s June 1 1922..JAD
/45
55
Havana Tobacco
Co
Preferred
140
155
Fifth
150
165
First
205
215
First
Brooklyn
Brooklyn Tr.
875
900
Greenpolnt...
160
180
Hamilton
340
97%
9734
Homestead*..
Mechanics'*..
80
100
LIggettAMyersTob6s'21 JAD
Penn Co 414s 1921
JAD 15
Pub Ser Corp N J 7s '22-MAS
Reyn (R J) Tob 6s '22.FAA
81oss Sheff 8 A 16s *29..FAA
85
86%
AAO
/68
95
200
International Silver, pref.100
♦91
95
1922-J--MAS
96%
85
Southern Ry 6s
96
Montauk ♦
Kings County
Manufacturer
People's
660
87
Swift A Co 6s 1921—-F&A15
99
99%
•64
65
7% notes Oct 15'25 AA015
Texas Co 7s 1923
MAS
96%
96%
125
160
98%
99
Lehlgb Valley Coal Sales. 50
Phelps Dodge Corp
100
Royal Baking Pow, com. 100
80
88
100
75
76
100
•88
90
Garfield
220
230
Gotham
190
200
Greenwich *__
240
260
Hanover
790
800
Nassau
350
360
North Side*..
195
Imp A Trad..
500
515
People's
150
160
170
180
RIdgewood
290
205
Industrial*—
270
470
220
Harriman
455
200
'Banks marked with (•) are 8tate banks,
t Sale at auction
this week
(New stock,
zEx-dlvldend.
yEx-rights,
1930.-FAA
'22.MAS15
100% 101
West Elec conv 7fl 1925.AAO
99% 100
U S Rubber 714s
Utah Sec Corp 6s
or at
Stock Exchange
•Per
5 Basis,
share.
/Flat prioe.
a
Nominal,
87%
88%
Intercont'l Rubb, com...100
International Salt
100
1st gold 5b 1951
Preferred
Singer Manufacturing
Singer Mfg.
d Purchaser also pays
z
.V
91%
*9
..100
Preferred
32%
...
M&N
Corp.(t)
Northern Ohio Elec
32
Cent Mercan
<270
80
1358
96%
97%
Fidelity
77
133s
96
150
45
Pacific Gas &
Amer Tel A Tel 6s 1924.FAA
130
40
85
90
355
8
100
Preferred
85
75i2
89
345
83
6
75
Chase
Comm'l
80
Short Term
160
34
81
90
97
Am Cot Oil 6s 1924..MAS2
145
32
Elec Bond A Share, pref.100
Federal Light A TracUon.100
105
305
310
14
ices)
334
275
78
12
Preferred
Sfg deb 7s 1935._
pr
315
135
10
72
Colorado Power, com ...100
13l4
295
270
8
100
Com'w'th Pow, Ry A Lt.100
Preferred
.100
78
"74 »2
100
100
100
Portage Rubber, com
67
66%
84
315
300
100
77
310
Empire
Preferred
First Mtge 5s. 1951—-JAJ
72
Preferred
Commercial..
«•
240
95
Swinehart Tire A R, com. 100
Equitable Tr.
Farm L A Tr
—
31
238
12%
Central Union
160
105
Boro*.
Bronx Nat-
Co's
New York
22
18
27
912
Columbia
145
Bronx
Trust
|
"12"
7
100
-100
...
200
Rubber
70
83
•76
Preferred
American
I
Irving Nat of
Amer Public Util, com
Preferred
100
Miller Rubber
—100
94
Carolina Pow A Lt, com. 100
Cities Service Co, com...100
150
-
52
Preferred ............100
100
_..
85
5012
com-.100
...
37i2
92
82
Mississippi Riv Pow, com 100
90
Firestone Ttre A Rub, com 10
Mohawk
Banks—N Y
Amer Power A Lt,
Preferred
♦37
100
Great West Pow 5s 1946.JAJ
95
6% preferred
60
100
Amer Lt A Trac, com
Preferred
91
(Cleve and
Preferred
*
Preferred
103
100
.100
—
Stocks
6.50
Utilities
Elec, com... 60 *100
91
Goodyear Tire A R, com. 100
share.
per
7.40
Ry 68———
158
———100
(J S) Co
Preferred
Preferred
All
Virginian
Amer Gas A
90
99
Weyman-Bruton Co, comlOO
Preferred
-.100
7% preferred
Companies.
6.30
153
.100
........
Tobacco Prod Corp scrip...
Gen'l Tire A Rub, com
New York City Banks and Trust
6.65
6.75
6.70
34
Preferred
6.65
7.50
100
100
Preferred
6.35
7.50
Equipment 5s
90
—100
Amer Machine A Fdry__100
7.00
6.50
7.50
Southern Railway 414s_
Public
Bid.
15
Company has
7.75
6.75
Toledo A Ohio Central 4s—
Union Pacific 7s
Sh are.
Par
6.40
7.00
7.10
Equipment 414 s
Equipment 7s
160
Department of the American Express
6.40
50
154
Securities
7.00
100
*13
—The
6.40
6.40
108
(new)...no par
removed its offices from the 10th floor of the American Express Co. Building
6.40
7.00
97
Helme (Geo W) Co, com. 100
justly the requirements
0.37
7.00
40
Southern Pacific Co 414e
Foil
6.40
6.85
Fruit Express 7s
Pennsylvania RR 414s.——
Equipment 4s
Other Oil Stocks
Tobacco
7.00
101
Washington Oil
Magnolia
7.75
100
Conley
more
Pacific
7s
0.40
7.00
414s—
Western 414s
Pacific
6.40
7.15
7.00
....
100
of Bill No. 147,716, which
they believe meets
Norfolk A
6.75
7.10
7s
....100
....
signed by more than 600 engineers in opposition to Bill 147 and in support
of the situation.
Equipment
Pittsburgh A Lake Erie 614s.
Readlng Co 414s
Vacuum OH.
ing several of much prominence, the other of the engineering partnerships
and
8.00
Missouri Pacific 5s
chiefly of certain individual engineers, includ¬
one
Equipment 614 s
298
302
*69% 69%
615
630
Standard Oil of New Y'k.100
Union Tank Car Co
—Two bills before the N. Y. Senate for the licensing of professional en¬
can
475
107%10734
100
—
Preferred
gineers have the support,
465
Standard Oil (Nebiaska) 100 475
Standard Oil of New Jer. 25 *146
Swan A Finch
NOTICES
7.00
Solar Refining
100
Southern Pipe Line Co.-lOO
South Penn Oil
100
Standard Oil (Ohio)
Preferred
k Correction.
CURRENT
6.62
Mar
Jan
103
——
Mar
10014
103
Equipment 6s.
9514
881*
5,000
964 126,000
954
72,000
1004 102
1034
6.35
*82
135
Apr
21
6.76
0.35
360
50
*29
19
Jan
7.50
7.00
7.00
Equipment 4s
..100
Buckeye Pipe Line Co...
101
r.
160
...100
Borne Scrymser Co
1926
Swift A Co 7s.
80
150
Baltimore A Ohio 414s
Buff Roch A Pittsburgh 414 a
950
50
Cumberland Pipe Line...100
Eureka Pipe Line Co
100
Mar
1014
1929
1930
1931
70
RR. Equipments—Per Ct. Basis.,
share
Par\ Bid.
new.
ser gold deb
1927
7% ser gold deb....1928
7% ser gold deb
Title Guar
"and interest" except where marked "f.*
are
Standard Oil Stocks
7%
7% ser gold deb
U S Casualty.
[West A Bronx
99
31,000
994 1004
964
964
1004
Stand Oil of N Y 7s.r. 1925
98
904
"914
954
38.00C
95
9534
South Ry 6% notes.r.1922
Southw Bell Telep 7s. .1925
7% ser gold deb
185
118
'us
_
Quotations for Sundry Securities.
Mar
1922
Certificates.r
160
181
A
Title AM G
Mar
Jan
514s
.1921
Sears,Roebuck A Co 7s r'21
7% ser notes.r.Oct 16'22
7% ser notes.r.Oct 15'23
Seneca Copper 8s..,
Sinclair Con Oil 714».rl925
Solvay A Cle 8a.r
1927
150
Assoc
Jan
70
Mar
Pan-Amer Pet A Tr 7s 1930
Title
Mortgage.
Jan
9914
Jan
Ohio Cities Gas 7a.r..lP21
Y
Ask
102
(Realty
114
;Nat Surety
N
85
95
Ask
121
75
Bond..
Bid
(Brooklyn).
Bid
117
:
Jan
9614
1
Jan
Mar
894
1014 1014
954
Russian
Bond A M G.
60
9514
460,000
98
.
Mtge
Mar
National Leather 8s.r.l926
7s.r
68
Jan
97
96
7s.r
64
7034
Market St Ry 1st Ss.r—
7s.r._
Amer Surety.
97
1940
r
■Lawyers Mtg
974
954
704
Morris A Co 714s_r—.1930
7s.
Jan
Jan
9414
2,000
974
75
Jan
9114
9714
Jan
83
Ask
05
88
Kennecott Copper 7s rl930
Laclede Gas Light 7s.r
Louis A
94M
79,000
954 129,000
944
"96*4
1921
.r.
90
prices dollars per share.
Bid
Jan
97
Jan
93'4
934 % 2.000
All
High.
Low.
894
soy,
City Realty and Surety Companies.
for
Week.
High
934
Goodrich (B F) Co7sr.l925
Grand Trunk Ry 614s. 1936
Gulf Oil Corp 7s_r
1933
New York
Range Since Jan. 1.
Sales
Range
of Prices.
Price.
[Vol. 112.
OHEONICLE
THE
Ex-dlvldend.
v
Ltd
accrued
Ex-rlghts.
.......
dividend.
£1
•
9%
10%
45
•2%
70%
94
3
New stock.
1387
[turjesirojettt and jjjtaitoad Intelligent*.
RAILROAD GROSS EARNINGS
The
earnings of various STEAM roads from which regular weekly or monthly returns
figures give the gross earnings for the latest week or month, and the last two
columns 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.
can
following table shows the
be obtained.
gross
The first two columns of
Latest Gross Earnings.
ROADS.
Week
<uan.
Current
Year.
Year.
Year.
263,416
248,057
544,360
581,798
92,569
77,739
968,352
942,733
Atch Topeka & S Fe February
13863736 16790663 29,219,739 36,968,633
Gulf Colo & S Fe_ January
2,509,046 2,591,019) 2,509,046 2,591,019
Panhandle S Fe__ January
768.770'
768,770
681,260
681.260
Atlanta Birm & Atl_ January
376,141
523,803
523,8031
376,141
Atlanta & West Pt_: February
247,190:
184,426
524,717
416,060
Atlantic City,,
260.8641
217,146
260,864
January
217,146
Atlantic Coast Line_ February
6,322,951 6.558.805 12,774,092 13,378,944
Baltimore & Ohio.. February
14165359 14606 031 32,021,510 31,949,699
B & O Ch Term,, February
193.458
408,337
181,615
389,743
Bangor & Aroostook February
362,166
953.342
711,062
1,417,235
Beliefonte Central.. January*
7,151
7,151
7,445
7,445
Belt Ry of Chicago. February
373,369
370,765
790,552
830,166
Bessemer & L Erie. February
849,556
633,134
1,860,082
I,272,483
Bingham & Garfield February
20,574
150,943
303,094
44,086
Birmingham South. December
72,649
44,557
567,350
660,336
Boston & Maine
February
5,778,757 4,490,063 11,899,021 11,320.884
Brooklyn E D Term February
103,034
78,260
170,288
189,500
Buff Roch & Pittsb. 3d wk Mar
281,074
405,718 3,514,709
4,186,572
Buffalo & Susq
February
210,715
205,039
438,261
431,537
Canadian Nat Rys. 3d wk Mar 2,130,892 1,577,062 23,341,923 18,676,267
Canadian Pacific.
3d wk Mar 3,211,000 3,283,000 36,694,000 36,984,000
Can Pac Lines in Me January
382,847
357,395
357,395!
382.847
Caro Clinch & Ohio .'February
509.811
1.109.574
461,653
1,172.856
Central of Georgia.. February
1,786,300 1,980.625 3,575,210 4,391,968
Central RR of N
3,807,710 3,166,086 8,012,381
6,838,254
J_-[February
Cent New England.; January
660,613
531,711
660.613
531,711
Central Vermont
467.005
536.501
January
467.005
536,501
Charleston & W Car! February
253,565
586,242
307,321
508,050
Ches & Ohio Lines.
February
5,271,089^6,236,381 12,397,188 12,656,891
Chicago & Alton
2,184,526 2.048,702
February
4,784,527 4,589,881
Chic Burl & Qulncy
13999 800 16570348 13,999,800 16,570.348
January
Chicago & East 111.
February
2,119,673 2,057,719 4.673.616 4,990,136
Chicago Great West February
1,812,643 1,921,768 3,848,940 4.179,329
2d wk Mar
__
_
Chicago
_
February
1,090.648 1,028,605
Junction.. February
372.644
Chic Milw & St Paul February
10152245
10656697
Chic & North West. February
Chic Peoria & St L. January
Chic R I & Pac--.
February
Chic R I & Gulf.. February
Chic St P M & Om. February
2,341,422
637,370
2,320,443
289,306
796,204
11595154 21,739,901 26.128,745
11180934 22,446,292 24,273,996
183,939
201,953
201.953
183,939
9,395.340 9,738,194 19,835,567 22,082,761
538.187
535,944
1,142,066
1,196,986
2,064,651 2,511,365
465,155
437,160
245,671
319,846
Colo & Southern
3d wk Mar
470,808
493.810
Ft W & Den City February
799,291
942,808
Trin & Brazos Val January
247,958
174,012
Wichita Valley
February
122,549
148,888
Colo & Wyoming
90.407
January
48,876
January
78,472
80,352
Copper Range...
Cuba Railroad
December
1,373,421 1,158,179
Camaguey &Nuev December
117,898
131.811
Delaware & Hudson February
3,550,378 2,423,377
Del Lack & Western February
6,168,813 5,554,659
Denv & Rio Grande February
2,413,107 2,933,714
Denver & Salt Lake February
167,639
263,404
Detroit & Mackinac February
120,943
134,788
Detroit To! & Iront. February
190.171
388,187
Det & Tol Shore L_
February
179,240
116,751
Dul & Iron Range,
February
260,617
142.862
Dul Missabe & Nor. February
208,037
169,486
Dul Sou Shore & Atl 3d wk Mar
91,901
75,007
Duluth Winn & Pac January
327.093
184,455
E St Louis & Colin
115,445
February
152,633
Eastern SS Lines... January
167.591
179,602
Elgin Joliet & East
February
2,156,699 1,838,432
El Paso & Sou West February
1.029,579 1,274,353
Erie Railroad
February
8,085,392 7,007,211
Chicago & Erie.. February
796,327
768,992
N J & N Y RR
114,811
January
108,998
Florida East Coast. Jariuary
1,549,447 1,189,954
Fonda Johns & Glov January
112,713
108,522
Ft Smith & Western February
141.172
153.863
Galveston Wharf
December
247,098
133,933
Georgia Railroad
February
418,763
519,693
Georgia & Florida
February
95.390
95,343
Grand Trunk Syst_. 3d wk Mar 1,750,890 1,854,767
Atl & St Lawrence January
375,972
309,561
ChDetCanGTJct January
204,243
171,751
Det G H & Milw
342,847
January
351,148
Grand Trk West
January
1,363,940 1,154,106
Great North System February
5,864,482 7,252,816
Green Bay & West. January
122,490
115,655
Gulf Mobile & Nor. February
339,544
255,662
Gulf & Ship Island. February
220.094
190,257
Hocking Valley.
952.933 1.164.605
January
Illinois Central
10787230 11093800
February
Illinois Terminal
December
115,612
75,101
Internat & Grt Nor. February
1,-106,562 1,316,520
Kan City Mex & Or January
128,152
149,575
K C Mex & O of Tex January
159,315
159,499
Kansas City South. February
1,640,061 1,538,382
Texark & Ft Sin.. February
176,473
150,808
Kansas City Term
127,971
February
117,897
Kan Okla & Gulf
278,720
January
174,085
Lake Sup & Ishpem. January
10,054
7,418
Lake Terminal Ry__ February
124,995
97,439
Lehigh & Hud River February
256,369
138,599
Lehigh & New Eng. January
271,535
368,360
Lehigh Valley
February
5,517.836 4,504,227
Los Ang & Salt Lake January
1,706,578 1,631,856
Louisiana <fc Arkan. February
249.136
375,806
Louisiana Ry & Nav January
386,354
313,762
Louisville & Nashv. February
8,520,179 10111516
Louisv Hend & St L January
234,218
251,341
Maine Central
1.731.082 1,024,380
February
Midland Valley
337.966
373,372
February
Mineral Range
3d wk Mar
9,874
12,880
Minneap & St Louis 2d wk Mar
360,126
348,628
Minn StP&SSM. January
3,212.514 3,492,201
82,295
February
58,956
February
2,486,'64512,996)268
4,464,836
465,155
542,561
6,031,066
1,805,505
247,958
5,421,790
437,160
696,001
6,270,172
2,043,846
174,012
331,459
48,876
80,352
II,638,950
2,450,774
5,189,513
11,465,132
Chic Terre H & S E_ January
Cine Ind & Western February
279,811
90,407
78,472
12,711,803
2,702,737
7.676.617
13,103,860
5,394,485
369,609
241,227
438,597
6.354,556
509,074
253,101
739,568
303,112
270,585
r
386,566
_
459,267
,
■
425,180
314,177
925.418
184,455
1,024,121
327.093
268,019
256,755
167,591
179,602
4,759.320 3,578,971
2,103,809 2,625,188
16,485,014 15,201,129
1,671,958
1,767,344
114,811
108,998
1,549.447
1,189,954
108.522
112,713
~
326.242
308,360
1.980,566
846,974
988,814
1,004,297
209.523
196,420
__
~
375,972
309,561
204.243
171,751
342,847
351,148
1,363,940
1,1.54,106
12.143,722 17,404,752
122,490
727,127
457,027
952.983
___
_
Month.
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
<g
$
<jg
Vicksb, February
Chic Ind & Louisv.
or
$
$
Alabama &
Arbor
Ann
Week
ROADS.
Previous
Year.
Month.
Previous
23,665,429
1,119.931
3,157,910
128,152
115.655
583,350
463,376
1,164,605
23,349,692
938,439
3,045,096
149,575
159,315
3,406,400
388,949
159.499
3,037,378
10,054
308,580
244,716
174,085
7,418
276,749
513,415
2
71,535
11,553,950
1,706,578
603,834
336,099
368,360
9,991,754
1,631,856
693,858
264.660
_
Jan. 1 to Latest Dale.
Latest Gross Earnings.
1 to Latest Date.
Current
or
278,720
187,231
386,354
313,762
18.662,360 20,381,230
Tex1 January
,
..
_
.
_
_
»
_
__
_
.
,
...
_
.
_
_
U tah
3,700.051
2,628,726
759,360
144,605
3,272,587
Wabash
Railroad._
Western
Maryland-
3,492.201
Wheel & Lake Erie.
134,771
6,470,225
Wichita Falls & NW
Yazoo & Miss Valley
3,473,266
3,212,514
174,123
5,412,477
114,379
373,581
1,693,134
February
4,430,804
3d wk Mar
337,064
814,507
February
215,109
January
825,637
February
224,376
January
1.731,010
February
January
Vicks Shrev & Pac__ January
Virginian Railroad. January
251,341
141.672
"
2,451.707 2,584.698
2,451,707 2,584,698
311,141
143,597
235,017
99,658
8,356,643 9,442,930 17,908,983 19.938,158
j February
303.689
4,674,852 3,652.667
694,799
Monongahela
December
466,990
53,304
242,661
144,383
Monongahela Conn, February
102.682
Montour
22,672
217,831
> February
102,157
4.063,347
Nashv Chatt & St L February
1,627,122 1,908,612 3,383,451
51,065
Nevada-Calif-Ore
3d wk Mar
5,381
5,262
:
58,878
169,476
Nevada Northern, J.Tanuary
169,476
54,085
54,085
120,757120,757
116,111
116,111
Newburgh & Sou Sh!February
395,063
New Orl Great Nor, February
192,190
420,802
200,193
172.446
172.446
301.261
N O Texas & Mex__ January
301.261
Beaum S L & W,. February
301,453
158,516
520,346
264,614
1,038,808
iSt L Brownsv &M February
430,870
1,058,146
427,463
New York Central,
23172757 23345659 50,533,344 53,950,826
February
Ind Harbor Belt., February
1,342,586
6«8,090
1,466,845
682,196
Lake Erie & West February
772,441
1,431,023 1.705.937
648,378
Michigan Central. February
4,7*5,548 6,213,734 10,844,045 13,192,992
ClevOC&St L__ January
6.960.692 7,377,259
6,960.692 7,377,259
Cincinnati North. February
474,423
249,505
491,860
238,380
Pitts & Lake Erie February
2,198,991 3,253,375 5,165,825 6,037,616
Tol & Ohio Cent, February
1,772,409
756,292
998,398
1,643,767
Kanawha & Mich February
722,727
287,505
382,742i
653,492
N Y Chic & St Louis February
1,945,663 2,077,9341 4,210,700 4.271.592
N Y Connecting Co. January
_J
291,816
291,816
NYNH & Hartf., February
8,157,805 6,915,962 16,813.851 17,229,037
N Y Ont & Western February
969,341
773,644
1,928,867 1,508,811
N Y Susq & West,. Ja.
331.178
435,828
331,178
435.828
ary
Norfolk Southern
630.510
462,460' 1,168,197 1,206,071
February
Norfolk & Western. February
5,659,621 6,237,717 13,096,337 13,072,913
Northern Pacific
February
15,770,156 8.122,484 12,230,250 17.573,546
Minn & Internat. January
97,327
139,479
97,327
139,479
Northwestern Pac__ January
580,690
479,521
580.690
479,521
Oahu Ry & Land Co December
1,586,214
146.954
95,515 2,107,650
Pacific Coast
558.590
435.187
558,590
435,187
January
374904-87 34777462 82,130.697 74,752,934
Pennsylv RR & Co. February
Ba» Ches & Atlan February
80.966
149,975
104,225
193,172
Cine Leb & Nor,, January
76,577
86,215
76,577
86,215
Grand Rap & Ind January
754,653
754,653
835,112
835,112
1,656,572
Long Island..,— January
1,772,494
1,772,494 1,656,572
103,927
Mary Del & Va__ February
69,332
58,672
141,749
N Y Phila & Norf February
484,416
594,305
1,072,365 1,174,798
Tol Peor & West. February
343.121
131,361
301,757
143,357
W Jersey & Seash February
1,438,406
734,174
1,576,933
737,836
Pitts C C & St L. January
9.782,489 10,580.512
9,782.489 10580512
Peoria & Pekin Un, February
313,894
132,692
166,665
306,380
Pere Marquette
February
2,175,860 2,582,769 4,580,414 5,699,581
Perkiomen
108,520
108,520
149,682
149,682
January
Phila Beth & N E__ December
839.122
76,492
1,295.245
80,273
Phila & Reading
January
7,873,620 6,931,822 7,873,620 6,931,822
Pittsb & Shawmut,
128,570
145,884
145,884
128,570
January
Pitts Shaw & North February
246,359
117,501
201,052
91,323
Pittsb & West Va__ February323,028
159,912
143,880
343,533
Port Reading
190,989
260,180
190,989
January
260,180
123,104
105,521
123,104
105,521
Quincy Om & K C.¬ January
Rich Fred & Potom. February
983,477
816,315
1,711,814 2,051,664
Rutland
483,992
483,992
January
511,560
511,560
291,407
St Jos & Grand Isl'd January
291,407
257,949
257,949
St Louis San Fran.. January
7,035,213 7,015,423 7,035,213 7,015,423
Ft W & Rio Gran January
185,531
150.752
150,752
185,531
St L-S F of Texas. January
134,476
134,476
193,699
193,699
St Louis Southwest, February
1,296,898 1,562,159 2,816,535 3,131,898
St L S W of Texas February
1,452,288
1,259,199
626,430
689,909
Total system
3d wk Mar
425,166
548,103 5,508,364 6.258,927
St Louis Transfer
262,616
116,547
222,261
88,725
February
San Ant & AranPass January412,151
477.519
477,519
412,151
San Ant Uvalde & G February
224,834
80,9.54
132,539
175,066
Seaboard Air Line., January
4,335,146 4,795,244 4,335,146 4.795,244
South
Buffalo
December
67,416
1.590,382
949.683
138,186
Southern Pacific— February
13644649 13037872 28,332,729 29,151.364
Southern Pacific Co February
19840167 18800119 41,729,285 41,895,871
Atlantic S S Lines January
830,539
769,059
830,539
769,059
Arizona Eastern, January
369,867
369,867
346,667
346,667
Galv Harris & S A February
2,051,595 1,798,605 4,669,160 3,924,165
Hous& Tex Cent. January
1,078,261
1,106,208
1,106,208 1,078,261
Hous E & W Tex, January
217.179
251,225
217,179
251,225
Louisiana Western January480,675
480,675
400,955
400.955
902,925
771,996
771,996
902,925
Morg La & Texas January
Texas & New Orl
837.319
837,319
801,281
801,281
January
Southern Pac Syst.
21889117 23095752 21,889,117 23,095,753
January
Southern Railway,
3d wk Mar 3,220,529 3,500,499 37,028,743 40,536,626
Ala Great South, February
1,783,244
864,226
1,684,029
811,967
Cin N O & Tex P
February
1,385,848 1,521,344 2,950,706 3,277,656
Columbus & Gr.
374,773
152,626
315,859
145,032
February
1,048,857
798,851
Georgia Sou & Fla February
369,775
486,939
Mobile & Ohio
3d wk Mar
343,070 4.198,743 3.880.593
333,689
730.236
New Orl & Nor E. January
5.58,227
730,236
558,227
Northern Ala
148,846
111,682
148,846
111,682
January
137,157
110,851
137,157
110,851
Spokane Internat,. January
760.287
Snok Portl & Seattle January
564.779
760.287
564,779
Staten Island R T
294,206
126,031
362,086
177,067
February'
Tenn Ala & Georgia 3d wk Mar
35,175
24.181
2,991
2,064
Tennessee Central,. February
491,630
367,853
202,874
185,702
Term RR Assn of St L February
743.288
742,920
378,781
343,298
St L Mer Bdge T_ February
666,414
591,411
332,566
266,143
Texas & Pacific
3d wk Mar
8,438,306 8,850,069
743,338
667,182
Toledo St L & West. February1,640,274
1,453,875
826,827
698,023
90,990
Ulster & Delaware,
82.182
90,990
January
82,182
Union Pacific.,.,,, February
6,948,387 8,822,330 15,441,691 20,548,338
Total system.
11318067 14993994 24,585.442 33,788,673
February
4,168,426
Oregon Short
!ne January
2,733,586 4,168.426 2,733.586
Ore-Wash RR& N .January
2,040,485 2,900,244
2.040,485 2,900,244
Union RR (Penn)__ February
1,182,965
1.903,298
595,307
892,602
Mo K & T Ry of
Mo & North Arkan, February
Missouri Pacific
234,218
773.371
-!.
Western Pacific
Western Ry of Ala.
_
169.314
390.282
1,298.987
4,043,925
326,584
1,039,260
263,690
1,134,611
201,076
2,421,344
114.379
373.581
1.693.134
9,147,821
4,159,066
1,766,081
215,109
1,873,274
224.376
3,612,194
169,314
390,282
1,298*987
9,157,840
2.986.938
2,385,733
263,690
2,169,152
201.076
5,026,114
AGGREGATE OP GROSS EARNINGS—Weekly and Monthly.
Current
*
Weekly Summaries.
Previous
Year.
Year.
S
2d
week
Jan
3d
week Jan
4th week Jan
1st week Feb
week Feb
week Feb
4th week Feb
2d
3d
1st
2d
3d
(13 roads)
roads),,.
(20
(19
(17
(14
(17 roads)...
12.937,514
(19
(19
week Mar
week Mar
(19
do
14,334.420
11,691,167
13,082,943
12,853,469
13,358,006
(18
We
12.706,388
13,957,148
19.342.324
roads)
roads).-roads)
roads).,.
roads).,.
week Mar
*
roads).,.
roads)...
13,584,727
■
Currehl
or
Decrease.
12.324 ,508
12,898 ,166
13,086 ,508
12,235 ,838
12,724 ,235
15,097 ,698
12,722 ,219
13,038 ,572
13,172 091
*Monthly Summaries.
%
$
17.786 ,055
longer include Mexican roads in
Increase
Mileage.
+381,880
+ 1,058.982
+1,556.269
+ 1.247,912
—544,671
+358,708
3.09
April
221,725
220,918
May
8.75
June
213.206
213,525
9.54
July
220,459
August
199,957
September—226,955
211,040
208,598
218,918
199.418
224,922
229.935
233,839
4.45
2.82
October —231.439
November —235,213
December
January
229,422
232,492
Increase or
Year.
Decrease.
%
S
Prev.Yr.
8.21
—2,244.229 14.86
+635.787 5.00
+546,155 4.19
1.78
—234.577
any of our totals
Curr.Yr.
Previous
Yedr.
3.45
387 ,680,982 372,828.115 + 12,852.867
387 .330.487 348.701,414 +38.629,073 11.§8
430 931,483 369.226.761 +61.705.722 16.99
467 351,544 401,376,485
441 .423.158 367,865,628
594 ,192,321
633 ,852,568
592 .277,620
228.134 539 .197,615
231,513 469 .784,542
480,408.546
503,281.630
438,038.048
443,124.176
503,011.129
16.43
73.557,530 19.98
113783775 23.68
J65.925.059
+130570938 25.94
+1.54239572 36.21
+96.073,439 21.68
—33.226.587 6.60
"[Vol. 112.
CHRONICLE
THE
1388
Gross from
Latest Gross Earnings
follows
we sum
March.
of
up
The
by Weeks.—In the table which
separately the earnings for the third week
covers
17 roads and shows 1.78%
Railway.,
Chic Ind & Louisv
the
same
1,090,648
105,982
'20
1.028.605
Jan 1 to Feb 28 '21
table
decrease in the aggregate over
Feb '21
2,320,443
2,341,422
19,736
217,953
297,443
V
week last year.
'20
Chicago Junction
Third
Week
%
8
Buffalo Rochester & Pittsburgh
Canadian National Railways
Canadian Pacific
Colorado & Southern
Duluth South Shore & Atlantic
Grand Trunk of Canada—... 1
Grand Trunk Western.
-I
Detroit Grand Hav & Milw.
Canada Atlantic
-J
Mineral Range
__
—
_
-
..
281,074
2,130,892
3,211,000
470,808
124,644
405.718
1,577,062
3,283,000
1,750,890
23,002
1<L894
Nevada-California-Oregon
St Louis Southwestern
Southern Railway....
—
P* Mobile & Ohio
Tennessee Alabama & Georgia..
Texas & Pacific...
—
-
Western Maryland.
Total (17 roads)
Net decrease (1.78%)
...
.....
;
Chic R I & Pac
122",937
Feb '21
Chic R I & Gulf
2,991
927
Feb '21
'20
743,338
326,584
76,156
Jan 1 to Feb 28 '21
10,480
12,937,514 13,172,091
581,323
.
'20
815,900
234.577
Latest Dates.—The table
ChicStPM&Om
Feb'21
'20
Jan 1 to Feb 28 '21
Cine Ind & West
STEAM
reported this week:
railroad
and
Gross from
industrial
Net from
Railway.
Railway.
companies
Net after
Net after
Taxes.
Equip.Rents.
Feb'21
263,416
def5,455
def 13,387
'20
Alabama & Vicksb
248,057
581,798
544,360
8,543
4,007
90,258
def5,547
Jan 1 to Feb 28'21
'20
Feb '21 13,863,736
893,311
'20 16,790,663
Atch Top & S Fe
5,746,949
1,789,833
Jan 1 to Feb 28 '21 29,219,739
'20 36,968,633
Atlanta IJirm & Atl
Jan'21
'20
Atlanta & West Pt
Feb '21
'20
Jan 1 to Feb 28 '21
'20
13,831,911
def64,718 defl21,352
4,866,925
4,833,531
94,274
def93,496
32,059,993 12,029,778
5,784
54,544
37,505
133,856
196
416,060
524,717
*20 13,378,944
def9,981
45,617
6,471
116,000
1,096,255
1,747,034
1,780,488
3,391,064
184,426
247
Feb'21
;
62,087
376,141 def135,353 defl51,815 defl38,736
25,313
22,024
523,803
41,529
6,322,951
'20
6,558,805
Jan 1 to Feb 28 '21 12,774,092
Atlantic Coast Line
def 19.365
def9,013
def8,034
def5,680
60,555
844,821
1,514,759
1,277,880
2,922.887
Feb '21 14,165,359
920,130
335,745
61,420
'20 14,606,031 def814,794 dfl,514,329 df1,644,066
Jan 1 to Feb 28 '21 32,021,510
2,827,545
1,635,753
967,230
*20 31,949,699
601,221 def682,534 def791,881
B & O
Chicago
Feb '21
'20
Terminal
Jan 1 to Feb 28 '21
V
;
'20
Bangor & Aroostook Feb '21
'20
Jan 1 to Feb 28 '21
'20
Bellefonte Central
def28,888
def64,66l
def65,439
def91,981
def61,770 defl29,747
def77,199 def130,284
191,615
193,458
389,743
408,337
118,337
82,242
711,062
362,166 defl53,099 defl8I,180
187,496
1,417,235
112,397
defl0,698
953,342
def66,859
Jan'21
'20
7,445
def3.319
def 179
def3,520
7,151
Feb'21
373,369
80,517
'20
370.765
53,522
def15,574
Jan 1 to Feb 28 '21
830,166
790,552
1,343
131,082
45,477
Belt Ry of Chicago
*20
Bessemer & L Erie
Feb '21
'20
Jan 1 to Feb 28 '21
'20
82,850
157,249
142,323
22,542
11,642
def 16,401
20,574
'20
150,943
44,086
45,414
def29,711
78,440
303,094
63 589
Feb '21
'20
5,778,757
5,778,757dfl ,300,356 dfl ,477,856
4,490,063
4,490,063 df2,391,890df2,645,352
Jan 1 to Feb 28 '21 11.899,021 11,899,021 df2,641,368df3,027,757
'20 11,320,884 11,320,884 df2,239,884 df2,802,402
Boston & Maine
Bklyn E D Term
Feb '21
*20
Jan 1 to Feb 28 '21
'20
Buff Roch & Pittsb
Feb'21
'20
Jan 1 to Feb 28 '21
'20
Buffalo & Susq
28.318
103,034
21,429
21,549
78,260 defl 12,370 defU8,313 defll8,313
189,500
45,306
32,173
32,293
170,288 def167,800 defl79,686 defl79,966
1,112440
8,826 def26,174
1,223,042 defl76,042 def211,048
2,481,157
76,756
6,520
2.545,746
287,260 def357,900
,
161,634
def37,265
375,077
def30,948
Feb '21
210,715
def 15,391
def21,391
90^ O^Q
def 19,613
,26,314
Jan 1 to Feb 28'21
438',261
def61,796
'20
431,537
def51,346
def35,783
def34,579
43,670
def49,183
Feb '21 12,768,986
'20 13,557,103
Jan 1 to Feb 28 '21 27,234,417
'20 27,471,673
Caro Clinch & Ohio Feb '21
509,811
'20
461,653
1,172,856
1,109,574
Jan 1 to Feb 28 '21
'20
Central of Georgia
Feb'21
'20
1,786,300
1,980,625
Jan 1 to Feb 28 '21
3,575,210
'20
4.391.968
Central RR of N J
♦
Feb '21
'20
Jan 1 to Feb 28 '21
'20
Charleston & West
Feb '21
Carolina
'20
Jan 1 to Feb 28 '21
'20
813,391
713,873
1,454,816
1,299,814
36,093
60,239
151,057
200,014
93,349
272,803
5.731
37,297
90,628
132,432
3,452
167,330
71,762 def101,227
869,008
685,181
I
110,900
105.191
508.050
586,242
33,296
21,671
14,727
def83,320 defl03,375 defll0,514
25,295
2,045
def25,069
Ches & Ohio Lines
Feb '21
5,271,089 def124,008 def355,238 def556,636
'20
6,236,381
871,069
640,788
802,428
Jan 1 to Feb 28 '21 12,397,188
612,498
149,381
def64,900
'20 12,656,891
1,945,584
1,485,160
1.800,994
Feb *21
2,184,526
'20
Chicago & Alton
2,048,702
4,748,527
4,589,881
Jan 1 to Feb 28 '21
'20
Chicago & Eastern
Feb '21
Illinois
'20
Jan 1 to Feb 28 '21
'20
Chicago Great West Feb'21
'20
Jan 1 to Feb 28 '21
*20
2,119,673
2,057,719
4,673,616
4,990.136
1,812.643
1,921,768
3,848.940
4,179.329
8,997
def54,323 def198,234
def42.742 defll2,947 defl98,373
188,338
64,716 def233,466
316,550
186,807
6,767
def99,725 defl85,089 def239,393
86,429
1,112
86.486
def88,523 def259.186 def 192,413
898,881
728,253
915,532
208,293
72,730
344,429
501.055
178.782
90,108
346,182
369,635
146,924
66,887
282,387
323,014
175,873
def8,044
315,757
204,916
19,588
40,374
34,560
101,763
9,313
25,191
9,679
71,591
3,577
def4,676
'20
331,459
25,751
46,081
45.536
113,026
90.407
8,577
48,876
323
•
s
Colo & Wyoming
Jan '21
'20
Delaw & Hudson
Feb
'21
'20
Jan 1 to Feb 28 '21
'20
Del Lack & West
Feb '21
6,168,813
5,554,659
421,280
1,335,258
718,294
'20 11,465,132
Feb '21
Denver & Rio
Jan 1 to Feb 28 '21
2,413,107
2,933,714
5,394,485
'20
6,354,556
'21
'20
Jan 1 to Feb 28 '21
167,639
263.404
369,609
*20
509,074
Grande
'20
Denver & Salt Lale Feb
Feb'21
*20
to Feb 28 '21
'20
Detroit &
Mackinac
Jan
Feb '21
Detroit Toledo
'20
Detroit & Toledo
Shore Line
Feb '21
'20
Jan 1 to Feb 28 '21
'20
Dul & Iron Range
Feb '21
'20
Jan 1 to Feb 28 '21
'20
Feb '21
Duluth Missabe
'20
& Northern
Jan 1 to Feb 28 '21
'20
East St Louis
Feb '21
Connecting
'20
Jan 1 to Feb 28 *21
'20
Feb '21
Elgin Joliet
& Eastern
'20
Jan
to Feb 28 '21
'20
124,405
54,752
7,590 defl07,379
178,753
55,769
371,458
195,003
183,601
223,180
672,060
758,051
1,845,799
120,943
134,788
253.101
179,240
116,751
386,566
def28,696
def39,657
def63,925
def90,702
43.700
defl 7,328
33,700
def26.558
154,449
46.362
134,449
29,101
7,490
def55,636
81,731
def27,532
defl49,709
defl79.900
def340,249
def348,786
def!70,752
defl9l,068
def373,475
def.366,323
defl76,098
def158.648
def386,135
def284,545
208.037 def409,504 def424,085
169,486 def362,286 def.371,267
425,180 def735,292 def764.505
314,177 def700,315 def717,878
def425,231
303,112
260,617.
142,862
459,267
270,585
115,445
152,633
256,775
268,019
2.156,699
1,838,432
4,759,320
3,578,971
12.940
15,106
27,543
22.255
def25,624
def30,224
749.424
678,005
474.756
1,578.543
526^600
1,717.703
909.445
197.546
385,664
253,314
899,415
2,625.188
10,275
12,806
805,762
92.984
325.245
44,294
778,465
def.345,290
def768,857
def660,504
def653
def8,286
def3,035
def66,023
572,646
328,918
1,271,665
492.945
94,789
331,324
50,800
782,908
Feb '21
Feb '21
143,719
578,394
590,783
1,598,871
190,171 defl04,921 defl 14.707 defl27,851
388,187
41,631
32.327
2,775
438,597 def226,502 def246,273 def311,370
739,568
def5,397
def23,999
def60,827
1,029,579
1,274,353
Jan 1 to Feb 28 '2D 2,103,809
'20
73,100
532,510
473,808
1,590,948
def34,431
def43,201
def82,881
def 99,814
241,227
Feb '21
Erie Railroad
41,097
89,080
def207,598 defl37,173
574,942
660,648
def35,039
55,068
def48,070
def56,076
def51,663
def64.077
def74,726
def85,971
def 104,151 def120,261 defl 18,023
def181,090 def202,324 def221,669
'20
El Paso & So West
10
def6,796
3,550,378
15,896
def63,603
def58,683
2,423,376 def397,253 def482,753 def468,489
7,676,617
380,658
221,658
279,412
5,189,513 def576,293 def746,984 def694,762
Jan 1 to Feb 28 '21 13,103,860
'20
def68,953
def78,587
def83.660 defll6,639 def!14,894
122,549
148,888
279,811
Feb '21
'20
8,085,392
538,341
227,814
360,409
'20
7,007,21 ldef1218,242defl428.767defll49,582
Jan 1 to Feb 28 '21 16,485,014
33,281 def568,335
104,023
'20 15,201,129def1525,026def2039.094def1643,297
*20
Erie
796,327
def37,657
def81,407
768.992 defl07,459 def 148,413
1,671,958 defl79,305 def266,807
1,767,344
29,306
def46,728
141,172
defl 9,426
Jan 1 to Feb 28 '21
153,863
326.242
def29,881
'20
308,360
1.876
Feb '21
def372,342
def351.496
def895,336
def472,394
95,343
Feb '21
'20
Ft Smith &
Western
271,079
1,304
157,784
def79,287
640,403
3,807,710
587,720
261,728
322,947
3,166.086 def928,352 dfl, 193,372 dfl ,213,161
8,012,381
809,639
261,375
424,031
6,838,254 def993,208dfl .541,201 dfl ,536.348
253.565
def39,632
def49,678
def52.192
307,321
799.291
Jan 1 to Feb 28 '21
'20
312,266
def75,221
942,808
1,805,505
2,043,846
Chicago &
__
def66,576
def62,833
Jan 1 to Feb 28 '21
def40,373
Canadian Pacific
def 51,216
Feb'21
'20
Wichita Valley
26.072
*9ft
2,064,651 defl05.086 def235,902 def301,696
2,511.365
343,841
177.190
143,026
4,464,836
65,995 def201,211 def281,849
5,421,790
1,191,216
889,770
822,846
113,496
385,257
434,394
659,161
Jan 1 to Feb 28 '21
86,783
def7,301
49,284
35,189
82,351
30,139
303,142
def90,038
Jan 1 to Feb 28 '21
def 8,341
59,735
85,933
68,334
300,248
27,005
331.961
339,705
612,980
......
def20,445
37,987
def37,828
73,539
104,206
96,105
336.781
def81.623
'20
79,320
399,152
308,776
242,690
2,416,287
'20
Ft W & Den City
def289
132,987
136,953
266,315
273.782
829.698
503,742
995,484
2,869,721
111,007
392,195
497,754
733,516
& Ironton
849,556 defl90,164 def206,698 defl06.508
633,134
21,117
def35.021
227,169
1,860,082 def220,022 def253,087
def56,854
1 272,483 def 113,541 def 141,358
364,259
Bingham & Garfield Feb '21
Jan 1 to Feb 28 '21
'20
29,709
def25,136
56,807
11,973
1,301,079
912,222
1,925.534
3,691,160
def56,893
Feb '21
'20
Jan 1 to Feb 28 '21
'20
673,869
Baltimore & Ohio
1,154,217 def165.566 def212,323
993,525
1,211,284
2,372,722
2,488,917
'20
Colo & Southern
1,411,216
1,014,659
2,774,098
538,187
535,944
1,142,066
1,196,986
def28,640def1591,229def1705,176
245,571
319,846
542,561
696,001
Jan 1 to Feb 28 '21
690
33,911
120,003
98,510
Feb '21
'20
following shows the gross and net earnings with charges and
of
def50,188 def770,709df1,083.047
def314.024dfl,630,943df2.699,457
9,395,340
'20 9,738,194
Jan 1 to Feb 28 *21 19.835,567
'20 22,082,761
119
279,970
9,381
117.209
368,587 def412,027 def425,615
def227,800 def887,846 def916,439
'20 11,180.934
Jan 1 to Feb 28 '21 22,446,292
'9ft 9A 971 QGfi
Earnings Monthly to
surplus
def35,332
266,759
def49,311
Feb '21 10,656,697
'20
Net
195,750
57,922
372,644
51,006
def64,631
289,306
def66.475
127,571
796,204
117,151
637.370 defl 10,102 defll4,823
'20 26,128,745
•
3,006
59,760
def32,181
125,415
def4,008
def86,849
def32,662
71,537
Feb '21 10,152,245
Chic & Nor West
103,877
12,880
5,262
548,103
3,500,499
343,070
Net after
Net after
Taxes.
Equip.Rents.
'20 ll,595,154df2,355,382
3,130,457
3,736,478
Jan 1 to Feb 28 '21 21,739,901 def211,939dfl,653.194df2,297,051
72.666
1,854,767
9,874
5,381
425,166
3,220,529
333,689
2,064
667,182
337,064
Chic Milw & St P
553,830
493,810
75,007
91,901
Feb '21
'20
Jan 1 to Feb 28 '21
'20
Decrease.
Increase.
1920.
1921.
of March.
Net from
Railway.
Georgia & Florida
'20
Jan 1 to Feb 28 '21
*20
Feb '21
Georgia Railroad
'20
Jan
1
to
Feb 28
'21
'20
197
def25,030
def 5,016
def41,195
def8,410
def29,716
def9,464
def46,947
def 19,650
def21,943
def29,634
def34,651
95.390 def 107,619 defll3,990 defll9,048
196,420
def65,720
def81.199
def88,533
209,523 def174,638 defl87,009 defl91,683
418,763
def44,386
def.50,441
def37,486
519,693
57,449
51.501
48,084
846,974 def134,178 defl46,233 defl 19,595
22,964
1,004,297
11,059
3,269
Grand Trunk System—
Chic Det Can
Gr Trk Jet
Jan '21
'20
Det G H & Milw
Jan '21
Grand Trk West
Jan'21
'20
'20
204,243
171,751
70,039
342,847
351,148
def63,690
def58,002
def66,826 def 117,986
def61,377 defl07,632
1,363,940
1,154,106
15,726
def933
def35.453 def243,122
def43,976 def242,332
13,045
65,443
5,440
43,530
def 11,243
5,864,482 defl83,901 def947,322 def894,649
7,252,816 def502,729defl300,9S4defll64.683
Jan 1 to Feb 28 '21 12,143,722 def641,886def2472,050def2449,826
'20 17,404,752
1,698,890
126,287
356,519
Great North Syst
Feb '21
'20
Gulf Mobile
Feb '21
'20
339,544
255.662
Jan 1 to Feb 28 '21
& Northern
'20
!
Ship Isld
Feb '21
220,094
'20
Gulf &
727,127
583.350
190,257
457,027
463,376
Jan 1 to Feb 28 '21
'20
3,927
def80,289
23.873
defl 1,887
def95,351
def54,435
def5,494
def83.598
defl9,214
def98,577
defl0.701
def91.629
23,823
def42,928
44,153
def8,885
2.976
def58,584
2,416
def39,974
6,469
def51,415
18,519
def29,233
April 2
THE
1921.]
Gross from
Railway.
Gross from
$
Net from
Railway.
Net after
Net after
Taxes. Equipments.
Net from
Railway.
$
1389
CHRONICLE
Railway.
Net after
Net after
Taxes.
Equipments.
■
Feb '21 10,787.230
Illinois Central
'20 11,093,800
Jan 1 to Feb 28 '21 23,665,429
'20 23:349,692
International &
Feb '21
Great Northern
'20
Jan 1 to Feb 28'21
'20
S
1,963,351
1,514,653
4,691,112
4,187,964
$
1,378,826
912,238
3,268,355
2,991,454
1,519,835
1,219,106
3,573,363
3,571,482
1,406,562
def28,854
def61,627 defl89,386
1,316,520 defl57,802 defl90,517 def222,822
3,157.910
def31,861
def94,714 def356,107
3:045,096
160,609
95,039
1,640,061
462,969
386,424
358,875
*20
1,538,382
3,406,400
3.037,378
260,675
945,729
624,568
197,921
791,320
499,492
176,473
50,720
99,699
138,464
164.858
Feb'21
*20
150!808
Jan 1 to Feb 28'21
'20
388,949
Ft Smith
308,580
43,343
83,210
3,698
86,011
123,734
'20
Feb '21
117,897
Jan 1 to Feb 28'21
'20
244,716
38,472
127,971
'20
Lake Term Ry
264,660
j
Feb '21 37,490,487 def694,549dfl ,845,402 df2,577,081
*20 34,777,462df8.310,396df9,881,245dfl0228,919
'20
466,419
def2,564
def602
defl4,385
Feb '21
'20
140,931
3,560
def20,905
Jan 1 to Feb 28 '21
*20
278,439
Mary'd Del & Va
Feb '21
'20
Jan 1 to Feb 28 '21
124,995
'20
97,439
Jan 1 to Feb 28 '21
'20
2.316
def30,162
1,478
'20
187,231
def8,617
14,463
defl8,627
def44,866
N Y Phila & Norf Feb '21
Feb'21
256.369
47,510
31,807
12,064
'20
Jan 1 to Feb 28'21
*20
.138,599
513,415
def35,375
64,514
def64,271
40,212
def72,766
def5,201
336.099
def26.227
def63,684
def96,532
Lehigh &
Hudson River
276.749
5,517,836
.
N
Feb '21
'20
4i504:227
'20
9,991,754
Feb'21
Arkansas
'20
Jan 1 to Feb 28 '21
'20
249,136
375,806
603.834
693,858
Louisiana &
4,348
135.340
50,395
231,337
4.081
138.151
60,086
21,242
152,893
95.332
269,233
240,496
8,520,179 def929,410ldfl,236,306dfl,402,034
'20 10,111,516
805,732
485,784
586,194
Jan 1 to Feb 28 *21 18.662,360dfl,066,561 dfl,676,516dfl,989,455
'20 20,381,230
2,217,666
1,577.924
1,694,197
LouisriHe & Nashv
Maine Central
'20
Jan 1 to Feb 28 '21
'20
def36,352 defl41,992 def200,736
l!024,380 def591,639 def687,398 def681,981
3,700,051 def932,559dfl, 147,019dfl,250,796
2,628,726 def544.757 def736,385 def748.979
337,966
41,114
32,936
373,372
def1,587
Jan 1 to Feb 28'21
773,371
78,291
def8.831
61,926
37,945
defl6,851
46,991
24,583
'20
759,360
Feb'21
1,177,752
'20
Minneapolis &
1,148,581
2,655.646
2,651,331
St Louis
^
^
Jan 1 to Feb 28 '21
'20
82,295
Feb '21
Mississippi
52,558
def40,639 defll5,450 def 132,136
defll,524
def71,377
def55,122
42,642 defl05,196 defl38,322
303,979
185,868
206,795
*20
'20
2,486,645
2,996,268
5,412,477
6,470,225
369,135
473,517
729,749
1,158,869
256 115
362,607
509,818
937,248
Feb '21
'20
Jan 1 to Feb 28'21
99,658
143,597
235,017
def30,287
def41,997
def75,923
def60,843
def34,651
def48,238
def85,777
def73.301
Mo Kan & Texas
Feb'21
'20
Jan 1 to Feb 28 '21
Missouri & '
North Arkansas
377,399
567,262
786,001
1,325,997
def42,638
def57,466
def94,436
def92,887
'20
311,141
Feb'21
8,356,643
384,885
'20
9,442,930
17,908,983
*20 19,938,158
1,653,251
1,104,995
4,160,392
3,412,637
53,304
def 17,041
def]8,937
def23,252
'20
242.661
74,668
71,264
72,316
Jan 1 to Feb 28 *21
def42.238
135,727
def46,387
130,124
Monongahela Conn
'20
Feb *21
102,157
def24,489
def27,334
'20
Montour
22,672
def72,185
def74,616
9,069
def44,477
217,831
102,682
def37,803
def91,313
def44,810
def96,174
26,474
def33,757
Jan 1 to Feb 28 '21
'20
Nashv Chatt & St L
Feb'21
'20
Jan 1 to Feb 28'21
'20
1,627,122
defl3,887
def45.041
35.307
1,908,612 def212,840 def259,077 def213,789
3,383,451
def35,756 defll6,963
40,799
4,063,347
194,037
101,123
164,818
New Orleans Texas & Mexico—
^
„
Feb'21
'20
Jan 1 to Feb 28'21
264,614
158,516
520,346
120,103
41,874
208,176
116,946
39.512
202,169
102,018
28,304
175,084
'20
301.453
59,467
54,750
31,872
Beaumont S L
&W
132,692
166,665
306,380
def23,609
18,555
def37,986
def2,378
26,045
1,725
313,894
def 9,609
28,055
def12,986
18,717
def282
2|0,399
2,175,860
81,716
def34,230
6,426
Feb '21
'20
Feb *21
'20
Jan 1 to Feb 28 '21
'20
2,582,769 defl37,820 defl96,630 def341.955
4.580,414 defl28,808 def326,579 def283,7l9
55,008 def358,944
5,699,581
172,485
Feb '21
91,323
'20
117,501
Jan 1 to Feb 28 '21
*20
201,052
246,359
Pittsb Shawmut &
Northern
Pittsb & W Va
Feb '21
'20
Jan 1 to Feb 28 '21
'20
Jan 1 to Feb 28 '21
'20
816,315
983,477
1,711,814
2,051,664
St Louis-San Francisco—
Ft W & Rio Gr
Jan '21
'20
150,752
185,531
Richmond Fred &
Potomac
St Louis-San Fr
of Texas
St Louis Southwest
Feb '21
'20
Jan '21
*20
Feb '21
*20
Jan 1 to Feb 28 '21
'20
St Louis S W of
Texas
Feb '21
'20
Jan 1 to Feb 28 '21
*20
St Louis Transfer
Feb '21
'20
Jan 1 to Feb 28 '21
'20
Feb '21
'20
Jan 1 to Feb 28'21
'20
427,463
430,870
1,058,146
1,038,807
2,398
defl2,468 d®f45,976
def95,759 defl0o,858 defl43,430
159,209
130,465
78,468
76,430
56,428
defl1,824
Feb '21 23,172,757
1.110,738 def456,040 def430,322
'20 23,345,659 dfl,653,164def1811,763def1971,855
Jan 1 to Feb 28 '21 50,533,344
2.468,032 def710,673 def687,159
'20 53,950,826
6,358,247
4,006,532
4,121,671
New York Central
Feb'21
'20
Jan 1 to Feb 28 '21
Indiana Harbor
Belt
'20
Kanawha & Mich
Feb '21
682,106
def8,097
def 18,78.3 defl01,915
688,090
5,799
def4,302
191,553
1,466,845
def89,186 defl 10,561 def306,487
1,342,586 defl34,268 defl54,473 def.509,553
193,699
134,476
def59,351
382,742
653,492
722,727
Feb'21
648,378
'20
Jan 1 to Feb 28 '21
'20
772,441
1,431,023
1,705,937
—
Michigan Central Feb '21
4,715,548
- — --
Lake Erie & West
'20
6,213,734
Jan 1 to Feb 28 '21 10,844,045
'20 13,192,992
-
...
------
-
------
35,599
108,376
def250,373
def98,509
def25,909
104,368
def88,967
'20
Jan 1 to Feb 28 '21
*20
def84,402
defl 0,526
def37,750
def271,297 def276,712
■
61,082
41,482
517,485
476,952
1,347,571
Feb '21
238,380
20,378
5,765
*2,929
*20
249,505
491,860
474,423
63,873
35,844
94,883
53,405
6,616
73,950
44,487
313
63,920
Jan 1 to Feb 28'21
2,198,991
3,253,375
5,165.825
'20
6.037,616
275,096
396,562
573,253
626,018
56,296
217,837
129,352
322,510
270,939
327,489
626.230
613,0/2
Toledo & Ohio Cent Feb'21
756,292
998,398
1.643,767
1,772,409
Cincinnati North
Jan 1 to Feb 28'21
'20
Pitts & Lake Erie Feb'21
'20
'20
Jan 1 to Feb 28'21
*20
1,945,663
NY Chicago &
Feb'21
St Louis
'20
Jan 1 to Feb 28'21
*20
2,077,935
4,210,700
4,271,592
Feb'21
'20
6:915,962
-
Feb '21
'20
Jan 1 to Feb 28'21
N Y Ontario &
Western
,
*20
107,298
174,391
284,275
644,852
640,169
146.053
289,068
600,383
634,346
df2,126,233df2,725,030
df3,056,510df3,654,629
1,226,633 2,130,416
17:229:037
969,341
773,644
1,928,867
de*9.333
150,184
dfl,513,673dfl,858,788
Jan 1 to Feb 28 '21 16,813.851
'20
,£4.998
62,831
8,157,805
N Y N H & Hartf
^
25,003
137,658
def81'$S*
-
68,720
defl 4,318
29,695
33,242
def32,801
def41,308
37,007
def47,648
def28,549
,
1:508,811 defl89,756 def241,739 def252,807
def35,955
4,864
9,915
104,150
289,814
249,782
753,055
def37,039
25,822
def39,252
def13,685
342,897
563,216
804,969
1,102,585
626,430
689,909
1,259,199
1,452,288
67,144
29,795
261,235
229,507
173,313
93,608
588,786
701,665
def40,719
22,037
def72,212
*
841
def41.243
def81,247
defl5,570
def38,567
299,379
517,914
716,328
1,003,643
288,004
528,455
662,295
1,022,520
defl 17,470
88.725
116.547
222,261
262.616
defl41,531 def127,209
def306,80l def329,825 def311,825
def262,587 def310,661 def274,048
def506,537 def561,221 def497,287
35,293
35,656
28.280
28.069
101.009
100.353
48.371
48,791
31,685
17,908
91,726
26,429
1
Feb '21
80,954
132,539
175,066
224,834
Feb '21
13,644,649
Uvalde & G
Southern Pacific
'20 13,037,872
Jan 1 to Feb 28 '21 28,332,729
'20 29,151,364
Galveston Har-
risburg & S A
Feb '21
'20
Jan 1 to Feb 28 '21
'20
2,051,595
1,798,605
4.669.160
3,924,165
9,798,330
Southern Railway
Feb '21
'20 11,479,475
Jan 1 to Feb 28 '21 20,491,258
'20 25,525,151
Alabama Great
Southern
Feb '21
'20
Jan 1 to Feb 28 '21
'20
Cincinnati New
Orleans & T P
Feb '21
*20
Jan 1 to Feb 28 *21
*20
Georgia Southern
& Florida
Feb '21
*20
Jan 1 to Feb 28 '21
'20
Mobile & Ohio
Feb '21
'20
Jan 1 to Feb 28 '21
'20
13,227
def81,548
def 5,081
3,725
def23,563
def32,460
7,630
defl2,317
def86,168 defl02,255
3,191,643
1,304,178
5,377,626
5,546,263
2,271,179
468,662
3,542,766
3,861,613
1,939,751
558,419
3,171,376
3,869,132
235,317
101,420
191,733
32,366
768,422
451,750
44,654
def53,207
6,497
def 21,344
855.627
590,488
453,873
625,915
119,504 def247,45.3 def868,479
849,884
504,145
1,272,083
42,162 def608,280defl494,535
3,805,823
2,983,849
4,625,512
811,967
864,226
1,684,029
1,783,244
88,468
100,467
77,253
378,595
1,385,848
1,521.344
2,950,706
3,277,656
57,943
174,531
68,951
652,149
369,775
486,939
798,851
1,048,857
def60,838
22,925
def98,003
156,721
61,965
64,678
26,605
311,833
105,388
53,120
33,912
261,338
11,353
117,181
21,889
210,941
79,889
622,017
def24.210
546,240
def82,105
def77,924
3,000
3,570
def32,189 def167,981
121,333
117,327
def70,832
20,988
7,921
4,728
1,455,102
1,544,656
3,199,098
3,135,374
def51,601
67,723
53,541
82,051
def41,294
def26,199
def81,207
145,032
152,626
315,849
374,773
def 12,969
def26,219
4,215
Jan 1 to Feb 28 '21
'20
def 5,601
def.32,879
29,601
Feb '21
177,067
def54,190
def43,301
def30,975
def'99,128 def 111,963
def 84,128
def94,277 defl 18,396
def'69,929
def75,465 def105,465 defl31,077
Columbus &
10,109
677,783
626,899
1,780,070
def 15.623
def!8,862
def97,723 defl02,184
def37,204
def41,008
1,296,889
1.562.159
2,816,535
3,131,898
'20
Jan 1 to Feb 28 '21
'20
San Antonio
Hi.
a
287,505
def46,485
def44,256
def 16,961
def 22,158
143,880
def28,456
def49,469
def99,116
159,912
def87,878 defl07,534
def52,535
343,533
def25,737
def64,123
323,028 def108,846 def139,738 defl29,742
__
St Louis Brownsville & Mexico
def20,279
def243,696
def333,430
def444,730
def712,107
Pere Marquette
394,601
144,383
466,990
def51,573
def75,376
def83,981
def44,763
def64,097
def78,809
def9,068
def56.682
def72,938
def85,065 defl31,475 def159,756
'20
1,083,079
627,707
I
Jan 1 to Feb 28 '21
178,356
1,241,856
o
484,416
594.305
def230.648
def317,642
def420,570
def667,263
'20
def59,152
133,434
Jan 1 to Feb 28 '21
def 19,545
defl8,617
def53,065 def56,667
def 36,815
def36,138
def93,962 defl00,063
def175,452
def271,520
def310,191
def574,197
Peoria & Pekin Un
3,050,383
Feb'21
Missouri Pacific
defl6,517
def51,065
def31,935
def89,962
737,836
734,174
1,576,933
1,438,406
'20
def3,141
def4,455
1,657
58,956 defl08,330 defll5,679 defl08,919
174,123
def4,002
defl6,223
def9,903
134.771 defl60,209 defl72,683 defl56,828
'20
Jan 1 to Feb 28'21
Central
69,332
58,672
141,749
103,927
1,072,365
1,174,798
' def9,652
def45,438
def60,871
def87,564
def32,379
def58,420
18,672
'20
West Jersey & Sea- Feb '21
'20
shore
Jan 1 to Feb 28 '21
25,943
'20
def9,556
def47,993
def59,526
def90,810
def27,600
def43,892
def77,120
def5,381
Feb '21
Jan 1 to Feb 28 '21
1,731,082
Feb'21
Midland Valley
def5,748
def44,293
def51,918
def 83,410
defl 7,600
def35,392
def57,120
11,619
Western
Feb'21
Feb *21
104,225
80,966
193,172
149,975
143,357
131,361
301,757
343,121
Toledo Peoria &
def555,863 def512,895
Jan 1 to Feb 28 *21 11,553,950
'20
Jan 1 to Feb 28 '21
*20
_defl515,584defl384,631
defl047,170 def965,437
def2031,947def1790,117
Lehigh Valley
'
™
469,095df2,371,161 df3,730,748
74,752,934df9,789,122df12952,362df13428,794
Jan 1 to Feb 28 '21 82,130,697
Feb '21
.
575,852
256,631
419,817
1,258,916
1.125,323
Penn RR & Co
231.242
11,962
54,930
132,996
670.082
5,770,156 def129,452 def902,365 def690,581
'20
8,122,484
1,449,383
707,969
988,831
Jan 1 to Feb 28 '21 12,230,250
10,248dfl ,534,544
1,122,897
'20 17,573,546
4,060,636
2,468,489
3,036,078
129.348
def29,857
def57,207
69,550
16,530
def43.355 defl04,975
509,299
1,450,540
1,327,639
Feb '21
Bait Ches & Atl
Kansas City
Terminal
445,145
5,659,621
6,237,717
Northern Pacific
41,907
131,891
Feb '21
Jan 1 to Feb 28 '21 13,096,337
'20 13,072,913
169,936
762,283
430,709
Jan 1 to Feb 28'21
'20
Texark &
Norfolk & Western
81,704
48,398
33,212
def91,557 defl07,702 defl22,552
50,719
defl2,631
def23,250
55,137
87,307
25,835
630,510
462,460
1,168,197
1,206,071
Jan 1 to Feb 28 '21
'20
21,233
Feb '21
Kan City South
Feb '21
'20
Norfolk Southern
Greensville
Staten Island
Feb '21
'20
*20
126.031
Jan 1 to Feb 28 *21
362,086
294,206
Rapid Transit
'20
Tennessee Central
Feb '21
'20
Jan 1 to Feb 28 '21
*20
Term RR Assn of
St Louis
Feb '21
'20
Jan 1 to Feb 28 '21
'20
St Louis Merchants
Feb '21
'20
Bridge Terminal
Jan 1 to Feb 28 '21
'20
Texas & Pacific
Feb '21
'20
Jan 1 to Feb 28 '21
'20
Toledo St Louis &
Western
Feb '21
'20
Jan 1 to Feb 28 '21
'20
def 6,379
49,218
185,702
defl 9,979
202,874
367,853
def41,630
def72.661
491.630
10,299
343,298
378,781
742,920
743,288
74,331
43,561
155,374
93.642
266,143
332,576
591,411
666.414
2,918.738
3,171,891
6.457,234
6,731,813
698,023
826,827
1,453,875
1,640,274
defl 4,943
def44,829
def24,580
def46,045
def 81,927
deff>5,493
def123.028
195
def40,681
31,401
1,412
69,507
21,349
140,271
134,748
298.311
281,993
defl2,723
def52,473
def5,015
def 12,221
def25.212
def 34,213
def3,041
def80,295
def42.463
def28,848
331,643
132,455
203,636
8,722
570.127
496,748
defl ,366
70,685
126,972
138,092
216,672
48,809
96,742
100,882
143,703
826,016
744,071
def96,795 defl05,830
72,889
153,229
255.064
1390
CHRONICLE
THE
Gross from
Net after
Railway.
Taxes.
%
Union Pacific
Net from
Railway.
$
Feb '21
6,948.387
922,295
2,283,582
1,843,846
6.678,165
1,491,406
2,721,969
2,980,591
'20
8,822,330
Jan 1 to Feb 28 '21 15.441,691
'20 20,548,338
Oregon-Wash RR
& Navigation
s
7,548.302
Net after
Equip.Rents
%
801,897
'20
145,366
134,700
def92,962 defl01,418
281,379
260.047
1,182,965 def!70,835 defl84,291
Feb '21
892,602
595,307
1,903,298
'20
Jan 1 to Feb 28 '21
'20
Wabash RR
106,598
465,705
328,748
4,430,804
4,043,925 def342,532 def484,904 def720,721
def38,516
9,147,821
666|,575
393,113
378,464
112,239 def385,442
9,157,840
Feb '21
'20
Jan 1 to Feb 28 '21
'20
Western Maryland
Feb '21
231,786
145,957
def491,342 def357,214
468,389
260,885
def402,806 defl71,840
1,500,824
1,322,529
3,202,105
2,740,078
'20
Jan 1 to Feb 28 '21
'20
Western Pacific
Feb '21
7,345
96,941
20,734
491,733
814,507
1,039,260
1,766,081
2,385,733
*20
Jan 1 to Feb 28 '21
*20
Feb '21
'20
1,873,274
'20
Yazoo & Miss Vail
80,361
176,808
170,216
604,144
def41,914 defl 13,327 defl31,699
32,588
56,468
121,843
def43,788 defl95,615 def245,365
def22,816
156,290
26,413
825,637
1,134,611
Jan 1 to Feb 28 '21
Wheel & Lake Erie
172,244
def54,819
347,269
def94,656
2,169,152
Feb '21
1,731,010
300,961
'20
2,421,344
408,808
Jan 1 to Feb 28 '21
'20
3,612,194
516,382
5,026.114
993.969
195,601
327,361
305,652
v
838,950
1931956
176,216
304,092
501,525
Hudson & Manhat-
Railway and Other Public Utility Net Earn¬
ings.—The following table gives the returns of ELECTRIC
gross
and net earnings with
-Gross EarningsCurrent
Previous
814,458
Idaho Power Co
Feb '21
Year.
Companies.
Year.
Year.
Year.
12
mos
.
Barcelona Tr, Lt & Pow.Feb
Jan 1 to Feb 28_.-_-_
Beaver Valley Trac Co.
Jan 1 to Feb 28.
3,354,062
6,508,379
.Feb
2,345,031
4,423,029
901,415
7,431,310
2,360,155
4,440,404
1,500,022
2,673,037
£9,170
£19,194
£14,560
£27,083
2,555,242
£553,412
£1,100,516
£469,611
£946,503
63,368
142,533
£36,660
£94,223
£15,242
£30,904
520,876
1,056,693
493,817
1,014,062
£95,386
£243,374
£110,009
£249,174
58,889
51,016
125,138
105,182
Duquesne Lt Co & Sub..Feb 1,469,054
Jan 1 to Feb 28
3,022,138
1,265,735
_
Equitable Coal & Coke__Feb
Jan
1
to
Feb
Jan
1
to
Feb
28-.-
Feb
Philadelphia Oil Co
Jan
1
to
107,093
246,903
28.
Illinois Traction Co
—
1,845,157
3,827,295
1,626,096
3,355,830
143,182
321,428
159,751
332,825
Feb
,
28
Feb
726,035
6,135,709
Philadelphia Co & Subsid
Nat Gas Cos
Jan
1
to
Feb
-
Feb
28__
87,355
77,305
1,328,723
990,609
214,778
231,232
19,817
51,386
34,914
35,351
221,607'
83,250
72,576
884,587
929.744
560,784
534,329
114,002
86,310
948,336
921,926
32,131
404,335
350,970
570,956
76.147
76,035
57,656
167,307
Jan '21
'20
Metropolitan
Feb'21
Edison Co
12
mos
12
mos
'20
216,948
2,829,222
2,295,991
ending Feb 28 '21
ending Feb 29 '20
Nebraska Pow Co
Dec '20
288,315
'19
12
mos
12
mos
New
232,650
ending Dec 31 *20
ending Dec 31 '19
2,887,419
2,407,120
Jersey Power
Feb '21
35,686
33,844
12
mos
12
mos
ending Feb 28 '21
ending Feb 29'20
473,873
355,566
Northwestern Ohio
mos
mos
12
mos
12
mos
mos
17th Street Incl Plane Co Feb
Jan 1 to Feb 28
1,637,878
£579,857
£819,747
3,249,253 £1,290,369 £1,561,023
2,795
5,694
2,640
5.605
978,828
9,514,350
705,841
6,409,736
£323
£167
£5.495
£397
418,829
3,435,926
345,163
2,371,796
(Subsidiary
Jan
1
to
only).Dec
cos
Dec
31
323,803
395,415
38,904
75,098
54,179
544,001
12,145
33,727
28,543
5,184
193,678
465,508
414,577
20.631
26,514
def 5.883
76,144
43,011
57,132
53.148
19,012
defl 0,137
1,996
5,447
66,863
65,687
68,834
defl,971
68,924
def3.237
248,754
197,842
2,663,959
2,175,922
162,751
88,944
1,281,078
1,049,687
54.392
43,593
578,037
540,890
208.192
168,395
2,390,449
1,874,786
.58,781
57,252
558,412
586,389
429,409
129,003
410,379
176,010
61,187
10,337
6,227
98.564
73.565
9,184
154,915
137,414
28,334
368,695
351,625
33,018
29.268
ending Feb 28 '21
ending Feb 29 '20
475,675
376,228
Dec '20
'19
ending Dec 31 '20
ending Dec 31 '19
Feb '21
'20
ending Feb 28 '21
ending Feb 29 '20
Pine Bluff Co
79 555
213,313
'21
'20
Feb '21
•
108,359
45,35r
703,041
508,797
*20
12
mos
mos
50,198
ending Feb 28 '21
ending Feb 29 '20
784,352
608,157
24,837
15,411
253,479
210,979
261,054
224,239
2,613,324
2,185,367
105,098
92,693
1,043,985
947,506
222,943
218,604
3,037,233
2,711,552
18,066
17,172
263,005
400,267
88.694
183,978
216,289
45,598
37,682
577,631
498,194
11,231
9,823
128,272
151,320
99,092
29.180
106.582
44,648*
73,262
33,784
54,049'
Portland Gas &
Dec'20
Coke Co
12
mos
12
mos
'19
ending Dec 31 '20
ending Dec 31 '19
Reading Transit &
Feb
Light Co
12 mos ending Feb 28
12 mos ending Feb 29
Rutland Ry Lt &
Power Co
12
mos
12
mos
'21
'20
'21
'20
Feb '21
'20
ending Feb 28 '21
ending Feb 29 '20
Sandusky Gas &
Feb'21
12
55,959
mos
760,924
581,518
Feb '21
.
'20
12
mos
mos
ending Feb 28 '21
ending Feb 29 '20
12
181,165
138,341
32,822
40,133
20.759
79,960
103,478
1,412,039
1,262,575
39,623
39,571
474,034
477,098
482,620
371,576
4,856,348
3,488,196
191,924
173,800
1,384,611
1,180,324
Feb '21
'20
959,627
ending Feb 28 '21
ending Feb 29 '20
8,777,104
7,624,042
79,183
15,822
1.148,541
1,229,209
Feb '21
1,093,233
'20
1,030,715
ending Feb 28 '21 12,276,858
ending Feb 29 '20 10,621,774
mos
mos
174.311
48.526
218,848
244,926
3,419,310
3,055,270
366,228
382,973
3,906,686
3,860,326
45,310
44,084
566.474
516,781
15,327
215,291
198,068
Texas Electric Ry
12
80,120
64,359
675,290
595,881
4,526
4,302
Eldc Co
12
24,978
107,046
102,575
17,276
12,615
14,500'
24,396
5,882
ending Feb 28 '21
ending Feb 29 '20
mos
12
75,401
'20
Electric Co
Feb '21
'20
Southwestern Power & Lt Co—
16,035
'20
'20
Utilities Co
mos
526,741
defl 5,097
:
'21
Feb '21
Ry & Power
12
36.021
38,985
769,441
463,868
155,702
133.691
Newport News &
Feb
Hamp Ry Gas & El Co
12 mos ending Feb 28
12 mos ending Feb 29
12
38,320
559,282
11,936
'20
& Lt Co
Sayre
1,360,409
2,919,649
.51,334
150,665
2,340,863
1,877,799
Lake Shore Elec Ry
12
1,694,456
16,234,280
V
'20
American Power &
Light Co
(subsidiary cos only)
Dec 2,255,080
Jan 1 to Dec 31.:
21,715,092
335,995
deflO.593;
339,764 defl 18,203;
673,465
21,226*
680,329 defl 83,199*
325,402
221,561
694.690
497,130
ending Feb 28 '21
ending Feb 29 '20
mos
12
-Net Earnings
Current
Previous
Surplus.
687,312
1,690,805
1,410,703
mos
12
charges and surplus reported this week:
Balance,
Charges.
8
Feb '21
2
Pennsylvania
railway and other public utility
Fixed
Taxes,
Ry Co
'20
ending Feb 28 '21
2 mos ending Feb 29 '20
tan
Pacific Pow & Lt
Co
Electric
Net after
$
12
Union RR (Penn)
Gross
Earnings.
•
2,301,742
1.562,306
6,695,948
2,040,485 def397,495 def579,011 def657,267
633,074
507,478
783,480
2,900,244
Jan '21
[Vol. 112.
ending Feb 28 '21
ending Feb 29 '20
21,372
11,450
19,374
.
40,437
63,907
938,005*
785,477
'
Utah Securities Corporation
816,018
1728.635
Feb 1 '20 to Jan 31 '218,678,589
7,432,719
(Subsidiary
only)._Jan
cos
£ Does not include income from
interest
«n
debt
417,401
4,140,829
363,266
3,792,674
investments, and is before providing for
Texas Pow & Lt Co Dec '20
*19
12
mos
12
mos
Third Avenue Ry
and other income deductions.
8
Gross
Net after
Taxes.
Earnings.
Fixed
Charges.
.
Adirondack Power
& Light
12 mos
12
mos
Feb '21
Corp
'20
ending Feb 28 '21
ending Feb 29 '20
Asbeville Power &
Jan '21
Light Co
'20
12 mos ending Jan 31 '21
12 mos (Biding Jan 31 '20
Bingham ton Light,
Feb '21
Heat & Power Co
12
mos
12
mos
'20
ending Feb 28 '21
ending Feb 29 '20
Brooklyn City Ry
Feb '21
'20
8
mos
8
mos
ending Feb 28 '21
ending Feb 29 '20
8
Balance,
Surplus.
8
370,355
355,047
4,774,978
3,971,792
144,531
55,190
1,374,830
65,123
49,448
79,408
5,742
786,038
1,315,749
585,260
588,792
730,489
67,889
58,892
806,831
666,274
23,862
19,065
311,894
278,772
5,190
5,176
62,224
62,184
18,672
13,889
249,670
216,588
77,582
52,568
798,453
526,886
22,991
16,061
194,685
179,790
804,492
51,033
717,232
def56,353
6,345,329 def452,503
mos
8
mos
Corp
12
mos
12
mos
Vermont
Jan '21
Light Co
'W
12 mos ending Jan 31 '21
12 mos ending Jan 31 '20
Cleveland Paines-
Feb '21
ville & Eastern
2
mos
mos
'20
ending Feb 28 '21
ending Feb 29 '20
Feb '21
Consumers
Power Co
2
'20
ending Feb 28 '21
ending Feb 29 '20
mos
2 mos
Dayton Power &
Feb
Light Co
2 mos ending Feb 28
2 mos ending Feb 29
Federal Light &
Traction Co
12
mos
12
mos
Yadkin River
12
115,875
78,810
79,211
def7,540
71,560 defl27,913
456,491 def908,993
mos
General Gas &
1,233,403
1,140,560
2,526,894
2,321,086
486,420
357,549
1,011,103
773,782
188.583
356,286
305,944
737,734
635,361
'21
'20
4,647,984
3,978,732
Dec '20
280,821
172,847
2,629,630
1,398,321
12 mos
12 mos
Feb '21
*20
936,541
834,499
ending Feb 28 '21 11,561,388
ending Feb 29 '20
Electric Co
Havana Elec Ry,
Power Co
Lt Jan '21
'20
Honolulu Rapid
Feb '21
Transit & Land Co
'20
2
mos
2
mos
ending Feb 28 '21
ending Feb 29 '20
17,127
16,202
210,683
190,233
13.675
13,368
27,350
26,737
456,406
414,843
ending Dec 31 '20
ending Dec 31 '19
49,617
36,506
635,300
563,216
13,934
11,695
28,157
29,741
'19
mos
v
1
12
mos
152,646
373,323
299,045
32,490
20,304
424,617
372,983
259
defl,673
807
3,004
297,837
204,903
637,780
474,737
151,245
152,626
1,406,998
1,290,651
94,310
97,832
1.033,049
648,954
55,560
49,748
107,831
100,539
55,350
56,043
46,536
55,790
96,542
115,972
812,159
95,895
96,583
600,341
478,492
16,406
13,285
185,565
158,048
77,904
84,547
847.484
490,906
806,657
-Gross
8
2,616,980
February .i'
1,891",419
457,161
452,115
73,507
63,593
145,960
129,699
22,428
20,142
45,022
47,658
221,171 def 141,988
219,505 def203,683
1,785,085 def636,543'
1,769,776 def540,567
163,851
155,465
1,920,969
1.846,578
24,049
38,584
39,39)
403,155
393,905
—-jVef after Taxes
202.377
227.508
1,985,717
2,013,748
'
106,128
70,967
109,163
121,101
15,265
23.319
14.933
24,458
225,605*
196,159
177,550
197,746
—Surp. after Charges—
1920
1921.
1920.
1921.
?
,fv;
130,052
118,667
691,25).
517,626
*
?
8
1920
$
mos
...
39,205
15,165
18,532
10.796
14,774
389,829
45,453
487.648
February
12
mos—_
285,939
3,305,293
154,541
148.663
105,511
107,091
255,183
2,755,558
Cape Breton Elec Co, LtdrFebruary..
49,079
12
666.300
mos
45,114
582,065
96,038
82,094
68,098
57,124
916.779
808,197
602,150
510,075
def1,613
5,700
def7,299
160
91,869
114.360
23,870
49,726
Central Miss Val Elec Co—
40,974
Februarv
12
mos....
39,265
8,522
9,070
4,821
6,532
495,647
437,520
123,100
85.356
86,576
55,232
52,133
'618.219
46,939
246,459
21,390251,224
Columbus Electric Co-
140,157
February
mos...,
124,451
80,482
1,572,470
1,367,075
634,304
...
Connecticut Power Co—
February
12
__
moa
127,100
1,482,197
122,228
57,268
50,083
37,221
30 416.
1,293,337
599,779
508,937
361,431
277.044
117,325
1,424,164
622,996
Eastern Texas Elec Co—
Februarv
12
__
mos....
140,530
1.663.9C7
52,501
44,495
32,971
31,084
552,798
424,349
399,395*
26,636
40,079
374,366
390,707
23,257
340,285
314,363
.
Edison Elec Ilium Co of Brockton—
February
12
__
mos
100,642
1,289,417
103,575
1,137,847
34,513
El Paso Electric Co—
February
__
mos....
182,618
151,460
64,319
53.656
.53,431
45,766
2,002,074
1,633,081
629,133
486,802
509,871
393,372
Elec Lt & Pow of Abington & Rockland-
725",561
223,355
207.379
14,030
13,310
29,060
26,607
—
693,360
662,698
Blaekstone Val Gas <fc Elec Co—
February
12
1,089,076
883,118
77,592
>921,766
609.418
61,872
55,139
Baton Rouge Elec Co-
12
265,236
220,821
85,257
'20
1921,
12
102,096
105,538
204,373
216.511
.Jan '21
ending Jan 31 '21
ending Jan 31 '20
mos
58,573
54,470
50,020
113,578
105,598
'20
ending Jan 31
ending Jan 31
Co
12
'20
Jan '21
Ft Worth Pow & Lt
12
'21
'20
'21
145,182
127,004
1,616,737
1,279,267
Feb '21
Hydro-
Elec Corp
'26
12 mos ending Feb 28 '21
12 mos ending Feb 29 '20
Power Co
100,579
627,534
United Gas & Elec
12
Carolina Power &
2
ending Dec 31 '20
ending Dec 31 '19
'
8,398
6.832
15,962
21,051
..
27,521
359,003
mos
23,622
30C.064
5,071
3,057
4,244
2,488.
62,181
52,617
53,257
45,553
Fall River Gas Works Co—
70,437
921,363
February
12
mos
66,086
12,668
17,726
12,541
17,548
783,407
148,654
191,712
147,909
188,354
61,923
1,158,227
51,511
"26,457
16,255
829,546
736,016
404,899
Galveston-Houston Elec Co—
February
12
mos
..
288,318
3,906,282
252,847
3,157,140
April 2
COMMODITIES CARRIED FOR CALENDAR YEARS (REV. FREIGHT.)
-Surp. after Cha-'jcs-
-Net after Tazes-
-OrOSS-
1921.
1920-
1921.
5
S
4
1921.
1920.
$
1920.
$
-1
Products of
:—- Bituminous Olh. Min.
Mfrs. &
Agriculture. Forests. Animals.
Coal.
Products.
Miscell.
1,441,205 2,267,150 198,097 26,035,500 4,808,726 5,935.065
1919
..1,666,139 2,251,811 265,568 24,265,803 4,407,907 5,087,387
1918
1,768,919 2,506,500 306,356 27,505,962 7.137,992 7.576,191
1917
.1,650,552 3,203,608 250,582 29,005,324 6,708,467 7,378,259
1916
1,494,485 2,385,751 253,631 30,653,755 5,689.323 5,944,446
Company freight carried aggregated 4,111,499 tons in 1920 as compared
with 4,151,011 tons in 1919.
Note.—This new classification of commodities, prescribed by the i. c. c.
in 1920 somewhat disturbed the accuracy of the comparison with previous
Revemie
$
Tons—
'Haverhill Gas Light Co—
40,020
38,539
5,942
7,917
5,227
398.501
52,572
60,657
44,413
51,744
9.717
14,856
4,495
11,023
113,281
139,878
54,638
1920
7,287
453,505
Houghton County Elec Lt Co44,162
February
51,905
12 mos.___
464,948
584,460
93,900
3,352
22,165
February
12
mos
__
Houihton County Trac Co—
12
25,769
27.056
3,642
7.313
del 740
318,535
304,873
52,830
69,874
385
28,767
27,253
5,230
51,375
2,814
322,816
4,382
82,125
-:;:y:
732
359,961
February
48,684
23,226
..
mos....
M
years.
•Keokuk Electric Co—
February
12
.
.
mos
Key West Elec Co—
February..
12
12
95,195
..
1.223,299
mos....
30,429
37.978
30,420
314,467
243,625
12
290.338
215,081
195,671
158,679
148,077
2,774,522
2.368.084
2,111.336
1,841,829
54,084
*946,092
*70,417
*660,667
291,062
291,322
103,887
99,902
78,466
3,980,398
3,514,887
1.410,006
1,388,340
1,109,116
75,039
1.G89.263
38,997
12,472
129,112
13,413
5,364
51.361
7,598
379,152
382,509
219,475
224,921
__
mos.—
12
mos
43,672
2.996 cts.
2.561 cts.
2.598 cts.
$6,086
1,611
$6,146
6,180
$5,760
9,801
mile road
Net oper. rev. per
RESULTS FOR
OPERATING
12
491,882
mos____
12
raos
Passenger
Mail
2,405,620
4,299,482
12
30,797
31,167
24,464
336,689
318,859
263,386
246,403
125,425
1.319,475
58,06**
571,962
49,294
53,«09
52®,"63
519,986
44,695
473,675
Tampa Electric CoFebruary..
12
*
144,280
.
mos....
1.513.591
Includes adjustment on account of
Maintenance of equipment
Traffic
$3,545,519 $12,904,314 $20,424,737
Net revenue
112,
162.
p.
FINANCIAL REPORTS.
General
Reports.—An index to annual reports of steam
companies which
have been published during the preceding month will be given
on the last
Saturday of each month.
This index will not
include reports in the issue of the "Chronicle" in which it is
published.
The latest index will be found in the issue of
March 26.
The next will appear in that of April 30.
railroads, street railway and miscel aneous
Railway Co.
income
account,
will be found
on
Total gross
earnings..216,641,349 176,929,060 157,537,698 152,389,335
Totaloper. expenses.. 183,488.305
Net
Fixed
61,047,813
28,912,220
22.646,106
23,404,262
3,011,578
1,214,389
1,181,589
6,105,783
5,421,601
285,241
3,084,944
1,006,037
1,054,683
5,023,609
1,770,450
143,996,024 123,035,310 105,843,317
32.933,036
500,000
Special income....
.
21.877,635
10,966,447
17,803,985
-
10.161,510
34,502,388
10,177,513
500,000
193,977
46,546,018
10,229,143
23,630,898
8,128,751
33,848,192
10.713,299
22,271,526
9,049,343
$32,982,071 $33,516,830
..$35,420,614 $38,355,221
Total
Deduct—
Interest on debentures..
$1,969,112
2,319,216
$571,645
1,805,444
$571,686
1,705,564
profits tax (est.).
9,000,000
11,000,000 13,500,000
Dividends, cash (8%).. 10,651,306
9,545,469
9,165,622
do
in stock
.(4)5,437,700 (4)4,772,918 (4)4,587,398
do
Red
do
Cross
500,000
1,968,683
31,320,869
31,759,649 44,561.492
3,227,276
3,227,277
3,227,277
dividends.(10%>26000000(10)26000000 (10)26000000 (10)26000000
32,844,082
Preferred dividends (4%)
3,227,276
Total income........
$571,645
541,357
5,500,000
8,120,648
(2)2,030,156
(1)1,015,078
Int. Co. Pref. held
-
(7%)4,916
by employees-.
?
......
DECEMBER 31.
CONSOLIDATED BALANCE SHEET
Liabilities—
$
66,536,682
1,407,263
63,766,644
33,240,767
Notes&aects.rec. 64,962,682
5,543,623
Work in progr'ss
5,097,614
Adv. to sub. cos.
Inv en. (factories) 93,574,115
Real estate, &c.
Stks., bonds, &e.
Cash
50,813,546
713,736
51,142,310
30,994,397
45,885,528
4,974,174
4,675.712
70,346,291
on
consign..&c. 24,535,059
rec.
13,632,172
dep.
incl. War Fin.
Corporation-.
10,796,537
4^% U.S.ctfs.
Libbey Glass Co.
2,265~000
Def.
charges..
do
do
Balance, surplus.....
2,532,372
2,093,593
3,616.806
117,100
2,047,000
15,082,500
6% debentures. 15,000,000
Employ, invest.
2,563,900
Accrued interest
757,335
subscriptions.
debent's.
5% debentures.
3H%
10,796,537
Notes payable-.*45,979,357
Accts. payable. 17,026,692
Acer, taxes (est.) 14,256,564
Dlv. pay. in stk_
2,736,316
2,265,000
1,298,141
contr'te.
17,148,642
Pur. mon. mtgs.
Jan.
2,736,316
13.j79.275
1,500,000
pay.
U.S.Govt.loan-.
$
j
Assets—
Property invest 567,283,037 548,458,756
29,894,172
•Ocean&coast.SS. 43,695,645
Acquired secure 124,469.836 124,329,836
Adv.
property,
10,134,550
70,968,761
8,065,576
66,659.932
33,916,467
&c
Def'd payments.
Imp.
37,702,581
2,265,000
70,048,611
Govt,
secure
80,681,921
52,000,000
19,429,626
Note certif. 6%
....
4,886,048
Misc. accts. pay.
13,376,745
Pay-rolls
52,000,000
10,700,097
4,637,770
12,006,966
2,016,722
2,031,721
40,000,000
Accruals
648,856
31,762,215
Equip, obllg'ns
7,570,400
Equip, replace't.
4,230,786
88. replacement, 22,922,913
7,990,000
Lands and prop¬
erty assets
_.
91,977,838
6,871,550
•Cash
suppl's 33,734,640
Agents and con¬
ductors' baLs
4,298,449
Traffic balances
6,011,475
Mat'is &
95,211,439
2,969,683
21,990,869
1,110,084
4,176,804
Misc. accts. ree
11,751,730
Cash
30,090,941
7,576,884
53,519.421
transportation
23,672,437
ary
38,219,662
stock sold. 45,000,000
rev.
45,000,000
91,569,599
profits..
Operating expenses^
operations ..127,725,728 127,275,370
3,047,871
Spec.res.for tax
3.144,250
Surplus..
98,064,988 98,093,458
112, p.
1,105,388,185 1078777,359!
income—
1,105,388,185 1078777,359
Total
Norfolk
&
Western
Ry.
Co.
(25th Annual Report—Year ending Dec. 31
1,860,117
$2,599,039
$1,213,760
427,512
319,827
317.394
$3,026,551
$1,533,587
$/4»,566
97,893
526,750
748.506
144.657
200,000
495,299
through revaluation of
'20.
Loss on sale of U. S. &
$432,172
837,936
Canadian Govt, secur.
279,337
169,850
159,200
748,506
Bond interest, &c.
_
(6%)—._
Balance, surplus..
Ill, p. 1371.
—
Tide
;
1920.)
D. Maher, together with a
comparative income account, balance sheet and other
will be found on a subsequent page.
2,355,599
$2,228,256
$528,725
$1,653,401
$1,188,929
165",201
33,808
$550,557
—V.
The remarks of President N.
tical tables,
1.669,660
arising
Deduct—Losses
Pref. dividends
1137;
1917.
$2,101,832
$2,723,555
-
Reserve for Fed'l taxes.
Total
1918.
$3,073,877
2,742,873
profit.
Miscellaneous income—
inven. at Dec. 31
from
1919.
$4,954,638
1920.
$4,971,129
Gross
Net
-!
-V.
Jan. 11 and Mar. 26
Advance-Rumely Co., La Porte, Ind.
Net
ordin¬
on
Lands&townsites 96,610,805
Surp.
Accounts due for
49,160,236
cont. war tax
Prem.
809.397
3,376,703
Res. for contin.&
3,618,072
liabilltles.374,837,625 276,741,009
Fifth Annual Report Year ended Dec. 31 1920.
The report of President Finley P. Mount with income
account for two years past and the balance sheet of Dec. 31
1920 will be found on a subsequent page.
570,621
35,056,460
Misc. investm't
2,410,098
10,700,000
1,600,000
2,265,000
64,010,245
con
Deb. stk. loaned 32,000,000
Prov.&mun.sec
Tot.
_
After deducting $3,875,138 patent reserve.
x Of these notes $41,992,000 was prepaid between
1921.—V. 112, P. 1287.
80,681,921
sol. de¬
stcck.216,284,882 216,284,882
3,650,000
Mortgage bonds
3,650,000
4%
Aud. vouchers-.
Domin.
&
$
LiabilUtes—
$
Ordinary stock 260,000,000 260,000,000
4% pref. stock..
13,654,419
a
benture
control
to
Surplus
.374,837,625 276,741,009
12,996,272
18,956,408
2,410,098
1,131,581
to securities—
Total assets.
1919.
1920.
1919.
15,000,000
638,000
on
Dlvs.
15,334,215
BALANCE SHEET DECEMBER 31.
1920.
234,269
Employ, subscr.
Lib'y Glass bds.
Net
2,047,000
10,000,000
War Finance
Adv.
3,111,637
.
telegraph and news
earnings of coastal steamers, commercial
department transferred to special income account.
x
$
antic,
General reserve.
Common
1919.
120,557,200
Corp. loan.-.
Inven. of offices
Notes
$
Capital stock.-.139,026,900
1
aPat'ts, fran. ,&c.
Mfg. plants
1920.
1912.
1920.
Assets—
$3,351,962 $15,737,946
$6,038,365 $10,759,584
Balance, surplus.
17,470,069
28,226,991
3,829,686
1,861,428
1,335,003
To special income acct.
Balance, surplus.-.
lleduc'n of inventory—
53,029,260
33,897,727
500,000
Pension fund..
x
68,054,175
33,153,044
10,775,409
earnings
charges-.--.-
Sales billed
Cost of sales
Excess
Sleeping cars,
Operating Expenses—
1
Transportation expenses 86,608,611
Maintenance of way, &c. 32,573,927
do
equipment..... 46,350,793
Traffic
4,999,345
Parlor car,
2,492,641
Lake and river steamers.
1,492,991
General (incl. all taxes).
8,969,996
Commercial Telegraph..
— —
31.
ACCOUNT DECEMBER
1920.
1919.
1918.
1917.
._...._$275,758,487$229,979,983$216,815,278$196,926,318
.....231,494,445 196,855,684 188,439,522 167,921,778
Int. & disc, on notes pay.
1917.
1918,
-
Mails..-.
INCOME
Receipts—
.
balance sheet and other tables for 1920,
subsequent pages.
1919.
1920.)
signed by Chairman C. A. Coffin, together
with the income account and balance sheet as of Dec. 31,
will be found on a subsequent page of this issue.
The report
sales.....$26,460,057 $33,124,299 $28,375,756 $29,004,540
Interest and discount &
sundry profits..
3,915,717
2,343,776
2,280,533
1,851,140
Income from securities..
5,044,840
2,887,145
2,325,782
2,661,150
$
,
$
30,837,254
30,238,986
49,125,739 46,182,151
145,303,400 111,064,441 110,187,288 103,635,795
1,354,571
1,429,404
1,498,231
1,483,332
misc.&exp. 20,713.979
18,199,135 15,158,585 17,085,149
Earnings—
Company.
W. Beatty, along with the
1920.
Passengers
Freight
Electric
(29th Annual Report—Year ending Dec, 31
Profit from
1920.)
{Report for Fiscal Year ending Dec. 31
The remarks of President E.
1,682,128
1,911,505
$76,925,599 $82,004,034
$10,660,872 $9,524,659
29,703,859
23,089,001
21,273,002
771,310
445,584
536,709
39,528,089
28,323,932 28,739,291
2,129,051
1,501,896
1,505,637
Transportation
General and miscellaneous.
St. Louis contract.
Canadian Pacific
IN
1918.
Total operating revenue
$88,489,356
Maintenance of way and structures..$12,811,527
-V.
Financial
RR. ADMIN.
1919.
1,789,776
25,271
784,293
mos._U
-
-
Miscellaneous
64,536
703,929
67,780
...
S.
1920.
$73,918,301 $62,681,028 $68,752,260
10,237,600
10,824,463
10,374,129
473,084
444,017
1,471,607
1,035,519
888,029
935,542
_____
Express
Sierra Pacific Elec Co—
February
'
Freight
826,143
868,146
10,081,497
(U.
YEARS
CAL.
1918 AND 1919.)
Revenue—
Puget Sound Trac, Lt & Pow—
February..
1918.
Avge. pass. rev. per m. road
Paducah Electric Co—
February..
V
Avge.rev.per passenger mile
Northern Texas Elec Co—
February..
(17. S. RR. ADMIN. IN
1919.
Average mileage operatedRevenue tons carried
do
one mile
36,021
271,763
•
Miss River Power Co—
February
''
,
2,084
2,200
2,088
46,801,920
40,685,743
37,944,615
11,063,033,480 10,026,871,317 12,255,303,617
5,880.833
5,027,897
4,801,957
do
1 m. per m. road._
5.61 (cents)
6.68 (cents)
6.25 (cents)
Avge. rev. per rev. ton mile
$32,991
$33,594
$30,019
Avge. rev. per mile of road7,855,937
Revenue passenger's carried
7,376,109
7,440,889
393,969,072
346,264,412
422,628,754
do
one
mile
5,484
58,261
6,206
70,843
103,244
1,029,483
266,535
mos
7.486
83.234
8,078
94,123
Lowell Elec Light Corp—
February
■/'
.••/■.
.
OPERATING STATISTICS FOR CAL. YEARS
1918 AND 1919.)
1920.
19,355
230,309
23,431
1391
CHRONICLE
THE
1921.]
statis¬
Water
Oil
Company.
Report—Year ending Dec. 31 1920.)
The report of President K. D. Benson, together with the
income account and comparative balance sheet, and other
(32d Annual
tables will be
found
on
subsequent pages.
1392
CHRONICLE
THE
CONSOLIDATED INCOME AND SURPLUS ACCTS.
CALENDAR
tank vessels.
FOR
YEARS
1917.
1918.
1919.
1920.
Volume of business
$60,077,032 $46,828,784 $40,644,352 $32,811,473
Oper. exp., incl. repairs,
„
_
maint.,adm.,&c.,exp. 45,195.335
Operating income
Other income—
....
32,145,519
17,667,488
25,133,176
$14,881,697 $14,683,265 $15,511,176 $15,143,985
1,295,028
668,881
470,558
161,521
Total income—
$16,176,725 $15,352,146 $15,981,734 $15,305,506
Depreciation and depletion charged off
4,880,131
v 4,080,915
6,137,978
3,684,9o0
„
Federal income &
excess
.
profits taxes—
Net
income
$8,973,021
$9,106,003
—
„
„
3.115,498
2,298,211
2,190,592
2,245,832
$6,728,258
[Vol. 112.
$9,374,723
The total tonnage owned, controlled and
building, is approxi¬
mately 177,000 tons deadweight, plus 1,009 gross tons of
ocean-going tugs.
Additional new harbor equipment was secured
during the year to take
care of the
growing bunkerage business in varous Atlantic and Gulf ports
as
well
in the Island of Cuba.
as
Outlook.—The petroleum industry has in the last few months, in common
other industrial activities, been adversely affected
by prevailing
economic conditions.
However, this industry was the last to be affected
by financial and industrial depression and should be the first to recover.
The outlook for 1921 is regarded with confident
optimism.
[Treasurer Fletcher Farrell says: "The inventories of oil products are
with all
carried at the lower of cost
by the
or market.
The earned surplus was reduced
$758,662, being $5 per share on 151,732.35 shares issued as a
Owing to the rulings of the Treasury Department it has
sum of
stock dividend.
been
necessary to estimate the
depletion reserve applicable to the year
1920: the additional work involved in carrying out the
treasury rulings can
be completed for some considerable
time."]
not
Outside stockholders'pro-
5,516
66,350
292,110
520,683
Co.'sprop'n $9,100,487
Previous surplus
17,659,919
Acquisition of outside interest of subsidiary cos
52,638
Surp. adj. dur. year.(deb.)2,791,261
$8,906,671
13,292,225
$6,436,148
12,917,001
S8.854.040
13,023,617
portion
CONSOLIDATED STATEMENT OF INCOME FOR YEARS END.
DEC. 31
1920.
T. W. Oil
_
Total.......
Cash dividends
do
per
Stock dividend
707,436
—.—
maint., insur.,
ordinary taxes, &c_.-131,068,516
^
Net
earnings
Income available for
plus and
depletion, &c
Surplus
company owns and operates (a) modern refineries at Okmulgee,
Okla., and East St. Louis, 111., having a combined daily capacity of about
15,000 bbls.; (6) 157 miles of pipe line; (c) 924 steel tank cars.
In addition,
owns about 40,000 acres of oil and gas leases in Oklahoma, Texas, Kansas
and Louisiana, from which in 1920 it derived a gross revenue of $1,258,513.
The officers are: President, E. E, Schock, St. Louis; V.-Pres., A. W,
Gieske, Baltimore; Vice-Pres., J. A. Berninhaus, and Sec.-Treas., W. O.
Schock, St. Louis.
Compare V. 112, p. 1288.
it
-
10,010,772
New
..$17,795,107
$9,590,464
increase of
Total
55%
CONSOLIDATED BALANCE SHEET DEC. 31, INCL.
TION AND SUBSIDIARIES.
Assets—
resources
were,
an
increase of
year.
The outstanding amount of [714 %] Convertible Gold Notes issued
as
of
May 15 1920 (see offering, V. 110, p. 1754), was reduced from $50,000,000,
mainly through operation of the sinking fund, to $47,504,000.
^Vith minor changes in other items, the total amount of funded debt and
Surchase money obligations, making the31 1920, was $53,713,229. liabilities
Current
abilities
$25,995,992, as of Dec.
total funded and current
were
$79,709,221.
Against these liabilities the current assets were $79,785,627,
leaving, in effect, as the shareholders' unencumbered equity, all physical
properties such as lands, pipe lines, refineries, tank cars, service stations,
warehouses, terminals and tank ships, plus a large investment in affiliated
companies.
During the year 1920 current assets were increased $28,335,850.
Oil
Production.—Drilling operations were decidedly curtailed during the
However, crude oil produced from our oil
was approximately as follows as compared with 1919:
latter months of the year 1920.
properties
Approximate Production
(in barrels).—
1920.
1919.
estate, oil and gas leases, oil wells and
equipment, pipelines, steamships and steam¬
ship charters, tank cars, terminals, refineries,
distributing stations and facilities, &c
$261,970,870 $210,372,411
.
Investments in and advances to affiliated
com¬
panies; (1) Mexican Seaboard Oil Co
(2) In other affiliated companies
$6,762,000
3,072,443
405,008
12,823,280
18,626,533
Cash in banks and on hand.
Accounts and notes receivable,
Inventories—Crude
terials
oil,
supplies.
and
less
refined
products,
1,411,289
$138,000
1,830,604
ma¬
Marketable securities, at cost
Deferred charges to operations and other items in
—
Total
31,365,595
1,988,078
2,510,891
reserves
178,033
7,659,119
10,436,985
47,099,157
1,236,658
Specific funds.
-—$354,506,840 $265,380,114
-
$192,230,605 $191,471,943
Authorized, 5,500,000 shares of no par value:
number of shares in hands of public
.-(3,909,944 sh) (3,757,593 sh)
Surplus
$34,624,229
$16,857,798
—
Preferred
8%
—
Cumulative Capital Stock
Authorized,
1,000,000
shares
of
$100
$247,700
each:
number of shares in hands of public
1920, $354,506,840,
THE CORPORA¬
1920.
Real
over
$89,126,726 during the
$5,038,783
Liabilities
Sinclair, N. Y., Mar. 30, wrote in subst.:
1919.
as of Dec. 31
$6,542,024
Common stock at "stated" value, $5 a share
Results.—The net earnings for the year 1920 amounted to $35,580,415,
which, after deduction of interest, discount and Federal taxes amounting
to $5,192,198, leaves $30,388,217 income available for
surplus and reserves,
an
8,153,504
-
May 1920 there being outstanding 3,757,593 shares of no par value
common stock, there were declared
payable in common stock, four quarterly
dividends of 2% each, payable on the common stock July 15 and Oct. 15
1920 and Jan. 15 and April 15 1921 to holders of record at the end of the
preceding quarters, respectively.
There are here included two of these
dividends aggregating 151,732 shares, which are rated at the arbitrary
"stated" or T'declared" value of $5 a share used in the balance sheet.—Ed.
Compare V. Ill, p. 185, 17.54.
York.
{Report for Fiscal Year ending Dec. 31 1920.)
President H. F.
10,150,175
(4%)758,661
suspense
Corporation,
1,942,680
In
x
The
2,948,518
$30,388,217 $19,601,236 $16,692,199 $13,192,287
11,829,637
4,812
x
Indiahoma Refining Co. (of Oklahoma), St. Louis, Mo.
The Indiahoma Refining Co. was incorporated in Oklahoma May 21
1912, since which time its capital stock has grown from $450,000 to $5,000,000, its annual oil sales from $1,082,347 to $14,596,967, and its net earnings
after taxes (but before deducting reserves for depreciation and depletion)
from $308,991 to $3,512,005.
3,069,662
sur-
Pref. div. (8% cash)
This company's annual report, including income account,
surplus account and balance sheet for the fiscal year ending
Dec. 31 1920, will be found in full on a subsequent page,
while below, among the investment news items for Industrial
companies, are given the particulars regarding an offering
by leading bankers of the company's $2,000,000 10-Year
8% Sinking Fund Gold Notes.
'
5,192,198
reserves
Common div. in stock
{Report for Fiscal Year ending Dec. 31 1920.)
54,300,060
&
Reserve for deprec'n and
Oil
available—
not
$35,580,415 $22,670,898 $19,640,717 $15,134,967
Deduct—Int. & disc.
est. Federal taxes
$18,162,724 $17,659,919 $13,292,225 $12,917,001
Consolidated
1917..
exp.,
-V. 112, p. 660.
Sinclair
1918.
earnings, excl. of
inter-company sulcs &
charges for transp'n_$166,648,931 $76,970,958 —Data
Purchases, oper. & gen.
—
$24,021,783 $22,906,331 $19,353,150 $21,877,657
$5,859,060
$5,246,412
$6,060,925
$6,060,656
cent....
(16%)
(16%)
(19%)
(19%)
(10)$2,900,000
Total surplus...
1919.
Gross
Increase.
Oil properties in the United "states, barrels, about—
8,488,000 1,000,000
Oil properties in Mexico, barrels, about
.-11,250,000 6,250,000
Mexican Seaboard Oil Co., affiliated co., bbls., about.
_
11,000,000
Developments in connection with oil holdings and concessions in other
countries are encouraging, but are not sufficiently advanced to
Minority stockholders' interest in subsidiary cos.
Reserves for depreciation, depletion & amort'n.
Reserves for replacement of equipment
(2,477 shs)
$114,400
44,143,850
Five-Year 714% Conv Gold Notes dated May 15
1920
—-
-
Equip. Trust Notes & purch.
-
money
obligations
Oil and gas certificates
Notes payable
Accounts payable
Accruals & miscellaneous, incl.
1,680,101
506,307
366,753
47,504,000
4,814,644
1,394,585
14,352,316
7,013,683
4,301,506
1,971,718
3,200,680
10,313,215
Federal taxes—
Suspended earnings and unadjusted credits
Total
$158,462
33,181,593
666,153
Reserves for miscellaneous, incl. specific funds.
2,218,719
4,629,993
1,090,581
831,420
$354,506,840 $265,380,114
———
Note.—Preferred stock—Of the authorized and unissued, 747,523 shares
reserved for conversion of 5-Year 7)4% Gold Notes,2,477 shares having
are
been issued in conversion in 1920.
Common stock—Of the authorized and
unissued, 186,880.75 shares are reserved for conversion of 5-Year 7)4%
Gold Notes, 619.25 shares having been issued in conversion in 1920.
The total number of authorized and issued gold notes is $50,000,000, viz.:
(a) $1,971,000 acquired for sinking fund; (b) $277,300 in treasury; and (c)
$247,700 converted into Preferred stock to date, leaving $47,504 outstand¬
ing in hands of the public.—V. 112, p. 1290.
foreign
warrant
prediction
as to
when they will be commercially productive.
California Petroleum
Additions.—Changes
were effected at the refining
plants, resulting in
effective operation; 190 acres of land were
purchased adjoining the
Marcus Hook (Philadelphia) plant.
Improvements were made at this
plant and also at the Westwego (New Orleans) Terminal.
more
Casinghead gaso¬
excess of 50,000 gallons
daily.
Foreign Interests Acquired.—During December 1920 a large interest was
purchased in the Compagnie Industrielle des Petroles of
France, one of the
largest and oldest companies engaged in the petroleum business in
France,
maintaining numerous warehouses, etc.
The petroleum business and plant of Sudan
Freres, Ghent, Belgium, was
line plants were enlarged to a capacity in
Surchased the latter part of the year. This company has an old
shed business in refined products.
Cuban Business.—In Cuba
we
have
maintained
a
and estab-
consistent
and
ad¬
vantageous course in the marketing of fuel and lubricating oils.
The con¬
version by your company of the two chief
railroads in Cuba from coal to
oil is nearing completion.
Large quantities of fuel oil are being delivered
to these roads from our various terminals.
added to facilitate distribution of our
Additional tank
products.
Marketing Facilities in United States.—These facilities
cars
were
have been
increased by
the addition of 1,000 railway tank cars,
approximately 250 motor trucks
and automobiles, 181 tank and service stations
and 37 warehouse
stations
Improvements were also effected at various terminals,
notably Tiverton
Providence), R. I., and Tremley Point (New York
Harbor), N. J.
Sales of refined products through retail stations
and through bulk and
package deliveries throughout the U.S. and foreign countries have
increased
steadily.
[As to Sinclair Crude Oil Purchasing Co., see V.
112, p. 660.]
Pipe Lines.—The pipe line system in the United States handled in
the
year
1920 approximately
Construction
was
15,340,000 bbls. of crude
oil.
commenced
during the latter part of the year 1920 on
8-inch pipe line, 45 miles in length, from the
company's oil properties
located in the Damon Mound
(Texas) field to its refinery located on the
Houston Ship Channel at Houston, Tex.
This line will be
completed and
in operation during the
early part of 1921.
In Mexico there was completed a 12-inch
pipe line in the northern district
(Panuco) which will materially increase deliveries from the oil
properties in
that field.
[As to sale in Feb. 1921 to Standard Oil Co. of Indiana of
half
interest in the Sinclair
Pipe Line Co., which has invested about $30,000 000
In some 2,800 miles of
pipe lines, other than the Houston line above men¬
Corporation, Los Angeles, Calif.
{Report for Fiscal Year ending Dec. 31 1920.)
The remarks of President I. W.
Fuqua will be cited fully
another week.
SALES (BARRELS) IN CALENDAR
1920.
Crude petroleum
Tops.--
3,589,010
164,934
—
-----
1919.
YEARS.
1918.
3,520,428
215,284
1917.
3,001,382
297,957
2,938,546
237,972
CONSOL. INCOME ACCOUNT FOR CALENDAR YEARS (Incl. Subsid's.)
1920.
1919.
1918.
1917.
Gross earnings
Net
earnings
$6,391,061
2,319,830
$4,621,655
1,492,943
$4,154,354
1,097,471
$3,185,327
723,049
$4,071,231
(all cos.).
Operating expenses
$3,128,711
$495,646
$3,056,884
$453,853
157,542
$2,462,277
$421,054
Depreciation
Exhaustion of deposits.
Losses written off
$567,480
298,148
_
235,941
68,871
Bond interest.
Proportion of earnings of
subsidiary co_ a
125,242
719,617
90.797
153,989
,
549,378
96,171
98,834
102,219
13,786
24,554
35,887
250,000
155,979
296,262
157,542
217,808
b846,512(8M) 1018300
(4)493,721
See note
Reserve for Federal taxes
contingencies.;
550,000
Special reserve.
—
Preferred dividends—_(7%)770,439
and
Total deductions
Balance, surplus
$2,490,879
$2,697,578
$2,753,602
$1,580,352
$431,133
$303,283
153,989
$1,677,502
$784,775
an
tioned,
see
V.
112, p. 660,
Marine
1290.—Ed.]
Transportation.—Increased export shipments of Mexican crude
oil and the expansion of foreign business necessitated
building additional oil
There is excluded from the foregoing in 1920 the
proportion of earnings
stocks of sub. cos. in the hands of the public.
regular divs. 7% extra was paid out of surplus
thus canceling all accrued dividends.
a
and expenses applicable to
b In addition to the 7%
Surplus Account Divided into Appropriated and
Unappropriated
Surplus.
Balance Jan. 1 1920, $926,493; surplus for 1920, $1,580,352; total $2,506,845
Deduct amount appropriated for redemption of Pref. stock and
bonds of sub.
cos. at 5c. per
Jan. 1 1914 to Dec. 31 1920
bbl.
on oil produced and sold from
($197,421 arises out of 1920 oper.)
Unappropriated surplus Dec. 31 1920.!.
1,472,486
$1,034,359
April 2
CONSOLIDATED
Property
$
b61,185
&c
Loan
bonds
& contingencies
825,852
423.264
428,998 Dividend payable
171,287 Special reserve
186,542
198,503
plies
465466"
Accts. & notes pay
412,039
Res. for Fed. taxes
cl,510,577
908,166
1,205,928
.."3,305,657 2,848,262
Deferred credit
926,493
j^pprop. surplus-- 1,472,486
Total
...35,172,343 36,565,044
Total
35,172,343 36,565,044
the great expansion during the war period, and
with $958,878 cash in bank, and $260,000 U. 8.
latter will take care of all Federal taxes
(estimated at $245,000) assessed against the 1920 earnings.
Results.—The year was marked by a gratifying growth in both gross
profits.
While the only new production capacity came from
the erection of an acetylene plant at Detroit, the gross sales aggregated
$7,189,767, or an increase of 19% over 1919, and the net profits, before
Federal taxes, were $1,256,440, showing an increase of 30% over 1919.
These earnings are based on a comparison with 1919 earnings, before the
application in the latter year of any special charges to profit and loss for
the amortization of war facilities.
However, the 1920 earnings as shown
are after the scrapping and charging to profit and loss of everything in
inventory account that is not strictly current.
All remaining inventory
items are carried at conservative prices.
business and
..
779,233 Capital surplus
86,052 Unapprop. surplus 1,034,359
976,059
82,208
Deferred charges..
923,800
Am. Petroleum 6s
625,352
214,783
Oil In storage
Materials and sup¬
512,408
571,500
1,516,884
936,059
;
_
Accts. receivable..
867,300
the financing of the last of
enabled us to close the year
certificates of indebtedness, which
140,750
1,899,734
1,296,209
Cash
192,521
Oilfields 6s__
Am.
"
escrow,
Liberty
Capital stk. of sub.
cos. outstanding
100,000
502,238
100,000
In
S
7% Cum. Pref. stk.10,739,526 12,453,026
Common stock ..14,877,005 14,877,005
at
Pref. stock owned
1919.
$
Liabilities—
accts-.a29.9l6,812 31,903,545
cost
Assets
1920.
1919.
$
Investments
Unci. Sub. Companies).
SHEET DEC. 31
BALANCE
1920.
Assets—
1393
CHRONICLE
THE
1921.]
a Includes oil lands, leases, wells and other properties as on Jan. 1
1920,
$36,272,966; additions since, $729,329; less properties abandoned, $$646,064;
provision for depreciation, $3,244,442, and depletion, $3,262,978.
b Represents 900 shares held for retirement.
c At 5 cts. per barrel on production since Jan. 1 1913.—V. 112, p. 261.
6% before Federal taxes is used to purchase
outside market,
the officers and
employees as additional compensation for faithful and meritorious services.
[The stock was listed on the N. Y. Stock Exchange in Dec. 1920.]
Of the net earnings each year
the stock of the company either from the treasury or in the
and the shares so purchased are thereupon distributed to
YEARS ENDING DEC. 31.
INCOME ACCOUNT
7-.'''
w"/
1919.
$6,083,588
1920.
$7,189,767
income
Gross
New York Air
Brake Company.
$4,816,490
$4,350,532
Operating income
.
Reserves for depreciation
The
Operating expenses
$2,373,278
$1,733,055
$766,421
(31s£ Annual Report—Year ended Dec. 31 1920.)
sales in year aggre¬
gating $6,545,846 and a surplus for the year of $751,860, after charges of
$481,839 and after setting aside $70,000 as a reserve for Federal, excess
profits and income tax.
Adding the surplus of Jan. 1 1919, $6,054,168,
makes a total of $6,806,028, from which was deducted: (a) Dividends paid
out of 1919 surplus, $973,877: (5) additional reserve for contingencies,
$250,000: (c) net charges adjusting various assets to present day conditions,
$1,534,522; leaving a balance to credit of profit and loss of $4,047,628.
Owing to the stringency in the money market during the past year, the
railroads were not able to purchase very large amounts of new equipment,
and, while our sales were nearly double the year before, over one-half of
the amount was for repair parts which the railroads were compelled to pirnchase to keep their trains in operation.
Provision has been made for Federal taxes, reserve for depreciation and
an additional substantial reserve for contingencies, and a very large amount
has been written off various assets to meet the present-day deflated condi¬
tion, in addition to a liberal allowance ($236,691) expended for maintenance
and repairs.
The indebtedness to banks for
borrowed money has been decreased sub¬
stantially $2,000,000 during the past year, and this has been accomplished
largely through the reduction of merchandise inventories.
Now that the Winslow bill has become a law, and the railroads are receiv¬
ing the money due them from the Government, we expect that they will
soon place orders for large amounts of new equipment.
[The full comparative income account was
water
power,
Casb
Gov.acct.contr't
1,476,600
for
Govt,
S.
on
3,610,582
104,930
_
172,488
a
U.
S.
Government
accounts.—V.
assets & amortiz.
Net
Steel
Deferred balances receivable on
Limited.
79,209
300,000
since called up
1,449,404
3,872,105
11,792,170
bonds..
Notes and accounts receivable
Inventories of stores, supplies, raw
15,388,100
mat'ls, work;inprogr., &c.
Investments
2,232,299
-
Deferred charges to operations
1,119,358
145,752
—
Cash held for bond redemption.
$168,736,285
Total assets
■
^
$1,574,221
1
Liabilities-—,
Frist Preference stock "B" 7%
Second Preference stock 7%
Common stock
$19,950,000
Cumulative
57,350,000
Cumulative..
24,450,000
-
$101,750,000
Deduct—To be held by constit. cos.:
Common stock
2d Pref. 7% Cum. stock.
:
Deferred payments on
Current
1,484,000
properties purchased
Liabilities($13,675,598)—
(partly secured)
$3,670,270
867,498
—
payable, taxes and dividends
Payments on uncompleted contracts (partly
7,702,680
1,935,150
Accounts
earned).
Deferred credits to income
renewals, &c
—
Reserves for Government and legal fees upon incorporation..
Surplus of constituent companies
—
Reserves for relining furances,
$1,075,600
1,153,457
150,000
^
26,310,155
$168,736,285
For the terms of the merger of the Dominion Steel Corp., Ltd., and its
subsidiaries; Nova Scotia Steel & Coal Co., Ltd., and its subsidiaries,
and the Halifax Shipyards, Ltd., see under "Industrial" news items on a
Total liabilities.
following page.—V.
112, p.
Company,
New York.
(.Report for Fiscal Year ending Dec.
'
31 1920.)
in substance:
Policy.—The growth of the company's activities had beenso extremely
rapid from the date of its incorporation that it was deemed wise to devote
the year to bringing the plants up to full capacity production, to balancing
the output where necessary, and to perfecting the organization.
President C. E. Adams Feb. 16 wrote
Convertible Debentures.—The first step was
of
p.
the issuance on April 1 1920
$2,000,000 10-year 7% Convertible Gold
360, 765, 1189, 1643, 1749; V. Ill, p. 2522).
bonds (V. 110,
proceeds provided for
Debenture
The
2,000,000
in Jan.
for
local
Bonus wages,
5,400,824
60,770
1919
Capital stk.(stated
62,780
Auth.,
shares
(without par val.),
260,960
253,656
Pat'ts, pat. rights,
contracts, &c.._
Deferred—Prepaid
y847,264
901,397
viz.:
211,342
15,868
Issued and
2,295,453
2,584,670
1,815,330
2,362,681
out., 153,030 1-5
Unissued,
Capital surplus... 2,362,750
Earned surplus... 1,205,119
10,490,099
Total
*
Since paid,
x After deducting reserves for depreciation,
After deducting amortization to date, $504,974.
"a".—No accrual for 1920 Federal taxes,
liquidating these taxes.—V.
Colorado
$2,251,102.
estimated at $245,000,
under the head of miscellaneous invest¬
Treasury certificates which will be used
112, p. 259.
Fuel
&
Iron Co.
(29th Annual Report—Year ended Dec. 31
President J. F. Welborn,
Results.—Gross sales were
489,120
8,659,682
10,490,099
Total
8,659,682
1920.)
March 5, wrote in substance:
$51,812,813,
compared
with $34,405,218 in
1919.
Operating expenses were $46,346,321, compared
income above fixed charges was $3,215,852.
with $31,106,215.
The
Charges for depletion and for depreciation on buildings and equipment,
and
charges against inventories to reduce them to replacement cost,
amounted to $1,779,046.
There was also deducted $150,000 as reserve for
income taxes and dividends of 8% on Preferred stock and 3% on Common
stock, amounting to $1,186,994, leaving a balance of $99,812.
Rail Orders.—Depressed business conditions throughout the nation ad¬
versely affected our sales of steel during the last few weeks of the year.
There has been no renewal of buying of steel on the part of the general
trade, though rail contracts already made will keep the rail mill running
close to capacity well beyond the middle of the current year.
Because of
this favorable condition as to rail orders, the steel plant is now operating
at somewhat above two-thirds of its aggregate capacity.
Wages, die.—Expenditures in all lines are being kept down to actual
necessities, and to meet changed market conditions employees at the steel
plant accepted a reduction of 15% in eages.
FOR
RESULTS
YEARS ENDING DEC.
CALENDAR
1920.
Production (tons)—
Coke.
Fuel
department
515,304
329,537
2,293,415
17,064,303
800,638
478,916
11,217,045
1 5,642,814
Total net earnings
Add—Income from securities
$3,072,278
$1,917,972
$5,719,867
$5,466,492
Earnings—Iron department
do
Industrial dept. (fuel).
$3,299,003
$7,464,368
2,394,214
1,381,030
1,744,502
519,606
456,756
117,136
$3,725,055
$1,918,678
558,191
$8,101,110
$2,024,051
489,974
228,934
interest
sinking funds
44,219
$5,979,242
$1,857,444
653,013
Taxes
381,834
55,994
Interest and exchange
186,046
24,000
Insurance fund
For
depletion of coal, &c
For depreciation on buildings, &c__
Writing down book value, &c
Income taxes (est.)
Preferred dividends (8%)
Common dividends (3%)
-----
1,482,517
259,252
150,000
243,064
24,000
24,000
ccf'inf
1,551,608
,
1,675,333
178,276
------
no2'2S9
------
-
160,000
1,026,993
3:59*921?
1,026,993
$5,879,429
Total deductions
surplus
432,406
$51,812,813 $34,405,218 $48,233,575
earnings.:
do
Real estate
1,405,555
$34,748,510 $23,188,173 $32,590,761
department
Total gross
2,162,466
665,734
428,222
„
1,923,058
546,805
Earnings—Iron
Balance,
809,491
715,145
322,230
2,417,796
__
Finished iron and steel
Net
1918.
756,682
_
Coal—commercial sales.
Coal used by company.
do
31.
1919.
424,571
ore
Pig iron
Total net income
1286.
Reduction
230,371
Invest'ts
Deduct—Bond
Air
151,740
146,335
Reeerves
capital):
293,334
Iron
31,102,475
Bank and other loans
*153,041
Divs. pay.
equip., includ.
2,860,000
deduct
Notes payable
Notes payable
Fixed—L'd.blgds.,
5,605,000
_
$93,785,000
Funded debt of constituent companies, $31,555,876;
held for sinking fund or in treasury, $453,398
365,000
600,000
222,844
Acc'ts payable
270,613
107,054
861,327
796,162
$
$
Conv. 7% debens.
Inventories
in
„
Cash.
Liabilities—
tax, &c., items.
Acc'ts receivable..
&
1919..•
1920.
$
958,878
208,629
1,037,174
1,226,786
31.
DEC.
SHEET
1919.
appears on this balance sheet, but
ments is included $260,000 of U. S.
at Dec. 31 1919.)
properties sold
Canadian and U. S. Government
$523,263 $164,412
$679,240
$649,924
BALANCE
$
Notes receivable..
1030.
Corporation,
Uncalled capital of constituent company
32,132
$818,595
Cash.
Total
($34,375,999)—
Call loans
92,899
83,378
6,054,168
(Consolidating the assets and liabilities of the companies proposed to
be acquired and giving effect, as at that date, to the introduction and
application of proposed new capital.)
Assets
>,K
:•
"A
:}
\
4..
.];
" .'.v.
Land, bldgs., plant & nwiiinery, mining properties & equipm't$150,956,606
Less depreciation reserves.
i
20,172,938
$130,783,668
Current Assets
393,825
432,178
earnings
Note
Empire
543,828
124,000
140,303 4-5 2,104,557
480,000
15,000
4,047,628
(Projected Financial Statement cp
766,420
1920.
y
British
663,363
est.207,233
of patents.
taxes
Federal
250,000
112, p.
a
on
Earnings, Including all Subsidiaries, Years 1916 to Sept. 30 1920.
(As Reported to New York Stock Exchange.)
9 Mos. 1920.
1919.
1918.
1917.
1916.
Gross earnings
$1,689,191 $1,540,344 $1,655,246 $1,000,465 $289,443
Res. for deprec. of
23,492,368 28,090.541
Receivables include $1,280,603 customers' accounts and $1,021,799
23,492,368 28,090,541
put
was
insur., int., &c.
6,400,000
for conting..
Def'd cred. items.
Total
Common stock
In subsid. cos—
412,474
Bills payable.....
do Liberty bonds
Surplus.
580,872
Compare V. 110. p. 1919; V. Ill, p. 2522.
shares.
Premium
payable.... 4,564,789
Res. for depr. and
552,907
taxes (in 1919)__
Res.
124,000
610,000
say
def$4,888
$192,712.
dividend-paying
basis of $1 per share, quarterly, $4 per annum, on July 15 1917, which rate
has been maintained up to and including Jan. 15 1921.
An extra dividend
of 50c. per share was paid Oct. 15 1919 in Liberty bonds.
On Jan. 1 1920
there were outstanding 151,743.6 shares; on Jan. 1 1921 a total of 153,030.2
Record.-—The
cylinders &tanksx5,375,112
Invest.—Miscell..
363,955
Notes
contracts
Deferred charges.
Cash adv. by U.S.
Federal taxes...
acct.
(?)
Balance, after dividends as aforesaid
$646,440
*
Amortization (a) of patents, $73,940; (b) of war facilities,
Dividend
30,000
Accr'd acc'ts, incl.
Expend,
U.
Capital stock..... 10,000,000 10,000,000
1st M. conv. bonds 3,000,000
3,000,000
Accounts payable.
889,555
237,299
Accrued bond int.
4,304,150
_______
($4)
(inserted by editor)
Assets—
5,937,763
—
Inventory
$699,984
See note (a)
taxes
Dividends
CONSOLIDATED
15,507,609 14,199,626
463,060
1,510,058
1,142,667
810,217
1,689,843
& bills rec.a2,302,402
land &m0Ch'y_.
Stocks and bonds.
Accts.
Federal
$
S
Liabilities—
Factories, patents,
profits before Federal taxes
Net
1919.
1920.
S
*266,651
80,198
DEC. 31.
1919.
S
$966,635
81,093
Extraordinary charges to profit and loss.
Special fund for add'lcompen. to officers & employ.
given in V. 112, p. 1030.
CONSOLIDATED BALANCE SHEET
A ssets—
$1,417,731
_
shows
Results.—The consolidated income account
1920.
124,992
_
$1,256,440
Net income after current charges..
in substance:
Pres. C. A. Starbuck, N. Y., Mar. 9, wrote
$880,555
Paid and accrued bond int. and discount
$5,489,695
$6,555,939
99,812dff1,764,640
$1,545,171
,
1,026,875
1394
CHBONICLE
THE
COMPARATIVE BALANCE SHEET DEC. 31.
1920
1919.
$
*
Assets—
Property
account
*58,437,250 59,525,671
103,797
212,279
Cash
Stocks
and
INCOME AND PROFIT AND LOSS STATEMENTS FOR CAL.
1920.
Mobilities—
1919.
$
%
•
1920
Gross profit and sales.
Interest earned,
Gen. Mtge. 5s
Hospital
Cash with trustees
690
Fund for pay.taxes
Res've fund taxes.
222,682
300,000
6,038,376
Accr'd
int..
bond
768,904
40,000
512,804
Pf. stk. unpd. dlv.
4,292
222,582
3,863
785,458
40,000
362,804
125,577
12,201
97,574
22,683
Fund for fire Ins..
144,692
147,397
$3,248,172
29,543
$9,614,659
$6,853,140
$^,052,770
$3,277,715
2,071,455
2,625,000
700,000
2,428,251
1,200,884
1,330,000
858,152
840,000
895,312
$1,789,953
$1,354,618
2,663,189
$1,472,403
1,190.786
$4,017,807
$635,902
$2,663,189
Res. for Fed. taxes, 1920
Net profit
Inventories
Dlv8. & int. aocr'd
Deferred charges.
$4,322,256
3,381,905
177,186
128,172
5,328,778
$9,015,182
$2,050,522
$7,704,161
$1,157,306
736,139
12,201
Contingencies..
83,432
57,130
Furnace renewal
267,437
393,302
i
Sunrise ore devel.
Profit and loss...
Total -.-—82,895,744 82,552,851
Total
128,172
5,118,026
held
in treasury.
;
Note.—$2,000 cash has been deposited
„„
Loss
1st M. 6s of Grand River Coal & Coke and $1,000 Gen. M. 6s of Colorado
Puel Co. still outstanding.—V. 112, p. 1286.
Dry Goods
(Report for Fiscal
Corporation, New York.
will be cited
„
_
21.626
.
Cr
FOR
CALENDAR
1920.
Interest
994,290
656,719
5.000.000
66,541
29,655
1,367
44,766
3,337
16,862
1.507,347
See.
Dealers'
.
8. Govt,
items
Advances to
:
Res. for Fed. taxes
2,428,251
303,0(11
Accrued taxes, &c.
158,803
Res've lor bonuses
279,802
-
Net current profit
First preferred dividends
(6%)
—
Second preferred dividends (/%)
Common dividends (3%)
—
_.
$1,916,568
829,122
470,785
$3,297,375
$1,573,110
829,122
470,785
829,122
470,785
449,550
......
treasury stock.
CV.2,621
Balance surplus account..........
Cr.2,321
Cr.2,321
$169,732
$1,999,789
$275,524
Profits of retail dry goods stores wholly owned, after
deducting from
their sales the cost of merchandise sold, selling and
general expenses and
interest paid by them, and all other adjustments
except reserves for Fed¬
eral taxes.—V. 112,
p. 65.
a
National Lead Company.
President Edward J. Cornisli says
on
373,060
60,315
15,020
854
854
items
U. S. W. 8. stamps
Total
16,611,510 14,835,171 j
increased dur¬
and
Investments.—The decrease in the Item of other investments is
explained
by the payment of the Anglo-French bonds, the sale of U.S. Government
securities, and the transfer of the U. S. Cartridge Co. from this account to
other headings, as previously
explained.
Outlook.—Faced as we are with the high costs of our
present stocks and
commitments, and compelled to foresee conditions six months In the fu¬
ture, your management can safely only feel its way from
day to day.
We
are passing through the most adverse
and trying conditions to which the
company could be subjected.
Rapid and radical fluctuations in the prices
both of raw material and manufactured
products are very disadvantageous.
Costs of manufacturing and
expenses—especially of freights—continued
to increase during the year 1920.
CALENDAR
YEARS.
I Including all subsidiary companies whose entire capital stock is
owned.]
1920.
1919.
1918.
$4,632,560
$4,692,815
1,705,732
1,705,732
dividends..(6%)1,239,324 (5)1,032,770 (5)1,032,770
4°/T(R.?d^ossU1%)
—
206,554
do (United War Wk.)
<^%)
103,277
,
earnings
.
1917.
$4,896,953
1,705,732
(4)826,216
206,554
$4,735,508
1,705,732
Common
no
par value,
by 280,000 shares of Common stock,
against 210,000 shares Dec. 311919, the increase being due to
the stock dividend of 33 1-3% paid June 10 1920.
z The profit and loss
surplus for 1920 is shown after, the surplus for 1919 before, providing for
Federal income and excess profits taxes of those years, respectively.—
V. 112,
p.1147.
Co.
and
Allied
Companies.
10,
Henry W. Boyd, in report issued about March
in brief:
|
says
The past year was one in which profitable business was
interrupted by a
world wide deflation process.
During the first three months we earned
more than enough money to meet the
year's dividend requirements, but
in
the succeeding months liquidation set in.
Hides, leather and wool
dropped to their present abnormal low level in a very brief space of time,
and because of inventory losses our net results for the year show a deficit
of about $4,000,000 in spite of the best efforts of your managing directors,
who are all men of long experience in the leather industry.
When business of normal
proportions is resumed
we will be in a position
Our stocks
the process of deflation because the founders
to benefit because our inventories are in marketable condition.
have not been
saw
to it that
same
sacrificed
we
connections
had ample working funds and credit at all times and these
assure
in the lowest markets.
turers and
in
our ability to purchase raw material and supplies
A resumption of buying on the part of manufac¬
normal business for 1921 should again produce average profits.
The directors have passed the dividend on the Common stock and have
outlined no policy with reference to that stock for 1921.
We have faced
conditions as they are and have not jeopardized our financial soundness.
a
Leather being an essential commodity, the future years of this industry
should compare favorably with past years over any extended period.
[Dividends on the Pref. stock at the rate of 7% per ann. were paid from
April 1 1920 to Jan. 1 1921, inclusive.
The Pref. dividend of l%% due
April 1 1921 has been or will be paid by Armour & Co.
See V. 112, p. 1027.
Initial dividend on Common stock, 60 cents (4%) for period from Nov 1.
1919 to May 1 1920 was paid May 1 1920'. on Sept. 1 1920 paid 30 cent
(2%); none since.
BALANCE
1920.
SHEET
OCTOBER 30.
1919.
Assets—v
1920.
Liabilities—
S
—
$1,790,452
18,553,965
$1,894,058
16,659,907
$1,644,482
15,015,425
$2,158,451
12,856,974
Remaining surplus...$20,344,417 $18,553,965 $16,659,907 $15,015,425
CONSOL. BALANCE SHEET DEC. 31
1920.
—
Above Stated).
$
Cash
Customers'
notes
ceivable
Plant reserve
..
Metal
reserve.
Promotion
|
1,752,100
Tax
1,665,500
1,000,000
reserve.
4,494,432
....
112, p. 264.
sufficient transporta¬
conditions
business suffered from
reversed
themselves and
the general depression.
Regardless of these unusual
our total sales increased from
$27,866,967 in 1919, our previous
record, to $38,757,502, being an increase of 39%.
Our profits for the year 1920, after
writing off $736,139 to bring the prices
on our inventory to the
present market, and after allowing for the rather
excessive Federal tax of $2,428,251. amount to
$4,213,111.
Additions.—During the year we have completed several new factory
buildings, all equipped with the most modern labor-saving devices.
Nevertheless, we have been able to keep a large part or our
capital liquid
.
.
Outlook.—Business prospects seem to have improved
considerably since
1921, and we are hopeful that this year will again be one of consid¬
erable profit.
No further extensive improvements or extensions will be
required in order to care for a very large volume of business.
Jan. 1
payable
,
22,391,216
2,035,480
13,150.526
023,599
4,313,653
-
49,920,697 39,474,125
s
Total
.49,926,697 39,474,125
Capital stock includes (a) 250.000 authorized shares 7% Cumulative
Pref. stock of $100 each; 100,000 shares issued; (b) authorized and Issued
100,000 shares Common stock, $15 each, and (c) 100.000 shares Founders'
stock of no par value.—Y. 112, p. 852, 1027.
a
National
Leather
Company, Boston.
(Report for Fiscal Year ending Dec. 31 1920.)
well into 1920.
Nevertheless, the directors felt there was a probable period
of deflation ahead, and early in the year began to curtail our tanning opera¬
tions.
Taken as a whole, our tannery output for 1920 was reduced ap¬
Cleveland.
conditions,
for the operation of the business.
192,709
Accts.
14,079
251,763
a.
drafts
Pres. Geo. H. Smith, Boston, March 29, wrote in subst.:
Results.—Early in 1920 production was made difficult, due to the fact
that producers of raw material were
generally over-sold, and furthermore,
the railroad companies were totally unable to furnish
months
Deferred charges..
Deficit
and
pavable
Results.—The tanning industry has during the year gone through a very
radical readjustment.
A good demand at profitable prices was continued
,
the later
19,503
Notes
10,000,000
500,000
500.000
93,337,028 88,081,377
(Report for Fiscal Year ending Dec. 31 1920.)
j
Cleve., Feb. 23, wrote in substance:
In
Miscell. securities.
3,936,780
Pres. P. C. Chandler,
facilities.
Founders' stock
25,847,217 25,624,058
4,522,291
3,291,914
3,578,271
1,087,639
15,000,000
20,344,417 18,553,965
Total
Chandler Motor Car
Company,
tion
Inventories
4,432,083
| Surplus
-V.
.
Accts. & bills pay.
Cash..
2,500,000
1,500,000 -1,500,000
4,000,000
4,347,191
I Notes payable
-.93,337,028 88.^81,377!
$
Preferred stoek-a. 10,000,000
—
stock-a_ 15,000,000
2,500,000
reserve
j Accounts payable
Total
1,730,000
sub. co's.
Total
..24,367,600 24,367,600
_.2O,655,4G0 20,655,400
Bonds of sub. cos
9,030,000
9,403,000
Insurance fund
2,013,094
1,817,441
re-
2,595,000
$
Liabilities—
Common stock
ac¬
counts
Common
Preferred stock
17,293,846 13,812,811
Inventories
7,474,672
1919,
11,789,208
19,602,194 16,044,316
3,719,880
3,259,036
investments 7,685,312
Other
as
1920.
v
$
$
Plant investment 43,283,693
41,510,506
Other
{Incl. Sub. Cos.
1919.
Assets—
8,858,053
Inv.
Surplus
1919
$
Property account.
„
Previous surplus
14,835,171
President
was
notes payable is largely due to the
necessity of carrying the railroad com¬
panies until such time as they shall receive money owing to them from the
Federal Government, and the further necessity of
supplying working capital
to the United States Cartridge Co. until its
settlements with the Federal
Government are completed and paid.
Net
.16,611,510
(Report for Year ending Oct. 30 1920.)
Current Accounts.—The Increase in the Items of accounts receivable
.
Total
x After deducting $736,139 "allowance to reduce to
physical inventory
based upon the lower of cost or market values."
y Capital stock (author¬
ized 300,000 shares) is represented
Armour Leather
Properties.—The plant account is further increased by the new con¬
struction—mainly at San Francisco, Cal., Perth Amboy, N. J., and Brook¬
Preferred d vidend (7%)
j
18,813
56,456
T
lyn, N. Y.
CONSOLIDATED RESULTS FOR
z.5.974.105 7.7.225,229
164,026
534.391
Miscellaneous....
in brief:
the Common stock
113,853*
sur¬
1
plus
92.535
......
115,664
123,273
irianu-
facturers. See
(Report for Fiscal Year ending Dec. 31 1920.)
Dividend.—The dividend rate
ing the year from 5% to 6%.
Profit and loss
706,287
Deferred
528,500
1,000,000
978.470
90,465
4,302.784
Due fromU.S.Gov.
232,500
846,033
deposits..
claim
I
6.300.000
payrolls,
penses,
118,051
Inv. in other cos....
21,970
...-y7.000.000
payable, un¬
paid purch., ex¬
934,086
U.
...
value
304,712
„
45,790
30,366
Liberty bds.
1919.
$
Accts.
Cars for export
187.762
Mdse. inventory..x.1 788,505
Invest, in sub. cos.
303,000
$2,199,736
.
Liabilities—
Cap. stock, no par
5 ,000.000
—
Notes & acc'ts rec.
$2,065,342
134,394
$4,362,331
paid by parent company.
Accts. receivable, &c., written off.
Reserve for excess profits and income
taxes of the parent company and
wholly owned stores......
U. 8.
1918.
$4,244,486
117,846
1920.
%
933,736
949,791
Good Will.—
Cash
$2,180,090
......
on
—
700,000
1919.
1, 886,472
F'actory equip.,<fcc.
YEARS.
1919.
$1,831,928
348,162
Deduct expenses other than those re¬
imbursed by subsidiary co's
Dividends
—.
88,712
165,703
_
$
Land & buildings.
fully another week.
more
a Profits, &c., before Federal taxes..
Add other Income of parent company
Total
_
1920.
Assets—
Year ending Dec. 31 1920.)
CONSOLIDATED RESULTS
,
sale of bonds.
.
BALANCE SHEET DEC. 31.
Associated
The report
on
.
.
Balance, surplus.-.. $5,974,106
$7,225,229
$3,381,905
$2,663,189
x Gross profit
represents profits from sales of automobiles and parts after
deducting cost of material, labor and manufacturing expense, exclusive of
depreciation and inventory adjustment.
off $1,000
pay
.
capital stock account.
Adj. U. 8. Govt, claim—
V
:
in the bank to
—
Previous surplus
x Property account Includes (a) real estate, $26,689,318, less reserve for
exhaustion, $6,170,734, and (b) equipment, $41,416,473, less deprecia¬
tion, $6,497,807.
y After deducting $541,000 General Mtge. 5%
bonds
held In treasury,
z After deducting $5,248,000 Colorado Industrial Co.'s
5s
910.000
Amount transferred from
Injury.
5.877,233
262,268
57,908
-
7,225,229
...82,895,744 82.552,851
Person'l
Total
Fed. taxes for prev. yrs.
Other deductions (net)..
Inventory adjustment..
Empl. compensa'n
YEAR.
1917
$2,905*373
Selling, &c., exps. & oth.
charges, incl. deprec..
Dividends paid, cash($10)
Dividends, stock..
Colo. Ind.Co. 5s„z31,936,000 32,555,000
Acc'ts & bills pay. 2,156,023
1,312,738
1918
$6,650,409
202,731
$9,440,327
Total income
5,388,000
y5,160,000
(lnter-company) 9,367,365 10,133,645
Liberty bonds..— 1,600,120
1,942,020
W. S. stamps
1,668
1,668
Acc'ts& billsrec._ 5,484,711
3,059,783
Subsidiary cos
1,019,008
1.433,215
1919
174,332
x
Common stock...34,235,500 34,235,500
Preferred stock... 2,000,000
2,000,000
bonds
[Vol. 112.
proximately 35% as compared with 1919.
Our tanneries are now operating
at approximately 50% of normal capacity.
|
In the late spring and early summer prices sought lower levels and sales
continued to decline in volume until cancellations were received in large
numbers.
Most of these cancellations were, in our opinion, not justifiabl e
These conditions, with still lower prices, continued throughout the year
Our export sales especially suffered from cancellations.
Sales.—The distributive sales for 1920 were in excess of $43,000,000,
including: (a) All sales of merchandise owned by this company; (ft) all sales
100% subsidiaries; (c) such of other subsidiaries as bears the same rela¬
tionship as our stockholding ownership in these companies.
Dividends.—During 1920 the company paid two dividends of 4% each,
which dividends were fully justified by results based on the first six months
of the year's operation.
However, it was necessary to omit the dividend
of
which under, normal conditions, would have been paid on Feb. 15 1921.
In adjusting the inventory to a fair market value, which was less than cost,
the
an impairment of your capital.
However, we feel
dividends will be made up at some time in the future.
a reasonably profitable business, and
before long we i should again be operating on a reasonably normal basis.
Note Issue.—An November 1920 your directors decided it would not be
advisable to rely entirely on banking connections and the commercial paper
shrinkage caused
that any omitted
Under normal conditions tanning is
April 2
1921.]
THE
market
sold
for the funds necessary to handle the business.
They therefore
$10,000,000 6-Year 8% Gold Notes, dated Nov. 16 1920 and due Nov.
whole or in part, after May 15
15 1925, but callable by the company, in
1921 at certain prices (V. Ill, p. 1956).
Employees.—The average number of employees of your company and the
100% subsidiaries diving 1920 was 3,456.
The average number in the par¬
tially owned subsidiaries was 1,298.
Outlook.—Present prices of raw materials, that is, hides and skins, are
much lower than pre-war prices; many grades of hides and skins are selling
to-day at from one-half to two-thirds of pre-war prices.
The prices of
leather, however, have not declined to such an extent, because tanning sup¬
plies have not shown so marked a decrease, nor have the rates of wages been
much reduced.
very
Our average weekly sales during the early part of 1921 have been approx¬
imately twice as much as the average weekly sales for the last four months
in 1920, and your directors feel that, with further improvement in leather
conditions and the very low prices now prevailing for raw material, the
company has a favorable basis for prosperous business.
Stockholders.—Your company now has more than 35,000 shareholders.
BALANCE SHEET.
Dec. 31 '21
■Assert—
Cash
S
.
Total
....48,359,030 42,340,986!
112, p. 379.
2293; V. Ill, p. 75, 296, 390, 495, 1185.]
[Signed by Jos. B. Terbell, Pres.; and Otis
'CONSOLIDATED
—48,359,030 42,340,986
May Department Stores Co.,
N. Y.
Net sales
YEAR ENDING
1919-20.
JAN.
1918-19.
31.
$35,631,660
Cost of goods
36,360,171
231,801
_
_
$7,510,962
337,142
$4,587,289
$3,962,925
31,257
$6,029,675
$1,400,000
$7,848,104
Not shown
Not shown
$4,640,542
$1,632,289
131,458
See "h"
59,964
$5,670,088
b359,587
53,253
$2,400,000
"
of invest.
$3,994,182
$878,078
71,340
22,829
13,625
28.972
See "b"
invent. & accts. rec'leJ
477,881
(5)750,000
$2,838,466
$2,830,009
7,956.003
Pref. stk. retired
duction in
(5)750,000
$1,559,978
5,215,138
4,096
5.998.253
37.991
6,125
Total
surplus.._0,824,003
250.000
special surplus.
$8,842,844
_
99~,700
deb. 30,340
deb.
cr.
28*.452
71,165
•<
_
_
$1,169,388 1
$855,943
adjustments..
Plants &
other
equip.y.
goodwill &
Intangible
$5,478,478
247,500
_
_
Cash
Acc'ts rec,, less res.
Notes receivable
567,239
$987,337
.
$1,612,553
9,252
16,013
54,603
6,146
15,841
$7,956,002
$5,998,252
$5,215,138
and
$5,557,990
5,526,300
Deferred
Represents depreciation of buildings and fixtures and amortization of
including in 1920-21 amortization in re-established value of leases
acquired subsequent to organization of company.
b "Other income" represents miscellaneous earnings including net in¬
terest earned, income from investments, &c., and in 1920-21 is shown after
deducting shrinkage in value of U. S. obligations and other investments.
•c Dividends Nos. 34 to 37, viz.:
March 1, 1 %%\ June 1, 2%; Sept. 1.
2%, and Dec. 1, 2%.
1920.
"x").
1919.
;
*
sub. cos.(not
6,822,712
owned) at par..
1,882,862 First mtge. bonds.
280,000 Reserve funds
570,363 Accounts &
3,148,571!
payable
67,761 Notes
pay.
6,800
120,000
671,055
49,800
343,000
803,978
3,321,899
254,000
1,790,644
wages
...
(curr.)
Notes pay'le, adv.
125,352
from U.S. Govt.
Accrued bond Int.
103,300
3,069,116 Federal taxes (est.)
Deferred
88,665
4,860,130
152,053
assets
(See
Liabilities—
'Stock
2,509,962
260,000
580,155
4,757,580
loans
Investments
Inventories
SHEET
§
$
3,368,653 Pref. stock, new.. 9,463,700
4.938,200
ICom. stk. equlty.zll,749,130 15,345,889
164,475
Liberty & Victory
bonds (cost)
Marketable
5,000,000
_
Profit and loss surplus
I
.
.
BALANCE
I
$
Adv. account oper.
for U.S. Govt..
518.062
_
1919.
6,814,113
assets
Invest. In sub. cob.
stock
(retired)
33 1-3 % stock dividend
COMPARATIVE
S
4. sscis
$1,758,772
3,719,706
$6,779,212
247,500
265,000
________
Pref.
_
inventories to market value.
CONSOLIDATED
499,538
Adjustment of valuation
on
_
1916-17.
.__
Mtges. receivable.
Premium
$3,260,694
The net profits for all years came from the operation of plants after
(a) deducting manufacturing, administrative and selling expenses; (b) de¬
preciation of plant and equipment; and (c) include dividends on stocks
of other companies whose earnings are not incorporated in this account:
and (d) other net income (e) less Federal taxes (except iii 1919; see separate
item for that year).
The figure for 1920 is shown after allowing for a re¬
Pat'ts,
Balance, surplus..._.
Previous surplus
Other
Sept. 30 Yr.
$2,324,884
1919.
1920.
1,250,000
459,638
(6)900,000
Preferred dividends (7 %)
437,500
Common
divs.__c(7% %U,362,166
of leaseholds
_
.
Balance, surplus..
Res. for shrink, in val. of
To
xl5 Mos. to
Dec. 31 '18.
Years-
Net profits—$2,571,848
! ,294,544
$2,758,336
$3,232,242
Contingent, &c., reserve.
400,000
150,000
150,000
see above)
Loss on Liberty bonds
110,2901 See note below.
337,131)
Federal taxes (estimated)
see note.
419,474)
Dividends: Old pref-.^6%)296,292 (12)592,584 (15)750,000 18)898,158
do
New pref..(3M%)329,955
do
Old Common.(3bj) 155,844(7%)311,689(8^>402,500(7%)321,531
do
New Common ($4)592,848
Divs. paid by sub. cos__
3,835
4,910* :
4,707
<
31,472,878
195,857
.
Total...
on
,
...
50.147,568
303,914
.-
Federal taxes (est.)_____
Bad debts.
Interest bal. of account.
Divs.
Chairman.]
*
Net profits.......
Other income.—
Reduc. in val
Cutler,
...
1917-18.
$68,254,715 $57,962,444 $41,179,261
sold, sell¬
ing, oper, & gen. exp._ 62,272,273
Deprec. & amortization.
a312,354
H.
ACCOUNT.
$2,587,471
-Calendar
1920.
.*$2,042,300
Settlem'twithU.S.Govt.
542,293
Interest (net)
deb. 12,745
Sale of plants.
_
{Report for Fiscal Year ending Jan. 31 1921.)
1920-21.
INCOME
Net profits
Bond interest
INCOME ACCOUNT FOR
the readjustment of the capital stock,
.
Total
....
Stock Readjusted.—The plan for
was adopted at the stockholders' meeting on July 1 1920, met with a
favorable reception.
The amount of caipatl stock of the old issue out¬
standing to date is one-seventh of 1% of the total.
[See plan in V. 110,
$
615,085 Capital stock.
1,149,265
.30,000,000 30,000,000
Notes & acc'ts rec
5,835,185 Notes & acc'ts pay. 7,527,774
4,571,488
3,818,616
Inventories —<
2,069,087
25,971,854 23,520,818 Reserve for taxes
Stocks of affil.cos 13,394,898 12,369,898 5-yr.8% gold notesl0,000,000
Disc't & exps. on
Res've for conting
831,256
2,250,000
note issue---..506,589
Surplus......
see contra
4,203,283
Deficit
l2,764,936
—V.
have fully met expectations.
which
Dec. 31*20. Dec. 27'19.
Liabilities—
S
capacity devoted to the manufacture of commodities for which, even in
periods of depression, there must be a moderate demand.
American Forge Co.—Further to diversify our products, subscription
has been made for a two-thirds interest, amounting to $1,000,000 in the
American Forge Co., which Company has acquired the general forgings
business of the Ajax Forge Co. of Chicago ana is building a new modern,
forging plant, which it is expected will be ready for occupancy by July 1
1921.
The company commenced business on July 1
1920 and pending
the completion of the new plant, it has rented from the Ajax Forge Co. ohe
necessary manufacturing facilities for taking care of its orders.
New Plant at Denver.—The question of providing facilities for producing
brake shoes in the Denver, Col. territory nas been under consideration for
some years, and the recent advance in freight rates made immediate action
necessary.
A new plant located at that place was, therefore, purchased.
This plant started operations on Sept. 1 1920, and the results so far obtained
p.
27*19.} 51
Dec.
s
1395
CHRONICLE
2,000
226,161
150,674
5,717
427,705
417.770
credits..
786,665
4,044,179
107,143
a
Total
leases
CONSOLIDATED
1921.
BALANCE
SHEET
JAN.
1920.
31.
1921.
1920.
$
Real
$
estate,
Preferred stock
im¬
7,813,823
provements, &c
Good-will,
trade¬
names, &c —-15 ,015,226
Investments879,148
Pref. stk. re-acq'd
610,900
Inventories —...8 ,272,903
Acct8. & notes rec
4 ,993,830
77,080
..
71,083
Res.
508,133
insurance,
Cash
tory & accounts
&c._
......
Total
J3
153,042
,971,281
103,059
3,221,568
receivable,
1,250,000
Special surplus ac¬
count
2,859,465
...
2,348,26# Surplus..
.45,131,017 44,591.245
-
for shrinkage
in value of Inven¬
expenses,
U.S. Liberty bds
U.S. ctf.ofindebt
..
Total
5,872,359
5,557,990
1,250,000
5,622,359
7,956,003
.45,131,017 44,591,245
After deducting $16,013 premium on acquisition of Pref. stock for retire¬
ment and $250,000 transferred to special surplus account. V. Ill p.2144.
y
The
American
Brake
Shoe
Foundry
Company.
(oth Annual Report—rYear ended December 31 1920.)
Operations.—During the first nine months, the volume of operations in
all of your plants exceeded that of any previous period.
The last quarter
decrease in incoming orders and
partial cancellation or sus¬
pension of orders previously received, particularly in your malleable plants
and the grey iron foundries, whose principal product is automotive castings.
The average rate of production for the entire year was 77% of capacity
a
a
compared with 52.9% for 1919.
Settlement With U. S. Govt. Swells Nil
Profits.—The net income, including
of munitions contacts with the
deducting the amount required
payment of the Preferred dividends, Is equivalent to $12.86 per share on
$542,293
received
in
final
settlement
Government, was $2,571,848 which, after
for
the outstanding Common stock.
Loss on Inventory.—The net income was arrived at after taking a loss
slightly exceeding $1,000,000, owing to writing down to their market value
as of Dec. 31 the raw material on hand, in transit and due on future com¬
mitments, as well as a substantial part of the manufactured stock on hand
and in process of manufacture.
Balance Sheet.-—Compared with Dec. 31 1919, the balance sheet shows
that the net current assets decreased $2,271,000 during the year, resulting
largely from the sale of Liberty bonds and other investments, and from tak¬
ing into income as munitions profits the deferred credits shown on the bal¬
ance
sheet of last year.
New Plants,&c.—Of the proceeds received from the sale of Liberty bonds
and other investments, together with a portion of the earnings $2,157,000
was invested in new plants land remodeling old ones;
$627,000 was applied
additional investment in associated companies; and $223,000 was ex¬
pended for the purchase of company's bonds.
Profits.—Owing to the increased cost of labor and materials during the
vear, the average manufacturing cost and the average selling price of our
products—which consist of malleable iron castings, grey iron castings, car
wheels and brake shoes—reached the highest point in our history, but the
average profit on the combined sales, before making reservation for Federal
taxes, was equivalent to 7% on the gross sales.
Outlook.—The adjustment through which the railroads and industries
are passing will have considerable effect upon the earnings for the ensuing
vear.
We are fortunate, however, in having a large proportion of our plant
to
y
Consists of land, buildings, machinery, patterns, flasks, &c., $7,350,-
V.
112.
p.
472.
Diamond
Match
Company.
(Report for Fiscal Year ending Dec. 31 1920.)
Pres. W. A. Fairburn,
Chicago, Mar. 24, wrote in subst.:
Chemical
Plants, Ac.—-When the importation of potash from Germany
abruptly terminated by the war we were compelled to make our own
muriate of potash.
Three processes were developed and three plants built:
all successful.
The most economical plant,
that at Burmester, Utah,
was later enlarged to take care of our entire needs, and continues in opera¬
tion.
Certain other chemicals and ingredients
wene also necessary for
match composition.
Experimental plants were built and during the past
year a compounding and organic chemical plant has been erected at a cost
of $202,500 and certain producing experimental plants have been enlarged
and important manufacturing processes developed.
The cost of our chemical plants erected during the war and post-war
was
periods has been $1,599,272, not including the recently built organic chem¬
ical plant.
Of this amount we have written off and charged against opera¬
tions the sum of $1,444,380, so that these emergency and experimental
plants
are now
carried
on
the books at only $154,892.
build electrolytic chemical conversion plants
It may become necessary to
&
The report dated at N. Y., March 14 1921, says in subst.:
witnessed
....25,814,735 24,273,377
060, less depreciation, $1,823,759.
z This item represents in
1920 the outstanding 148,410 shares common
stock, no par value, and in 1919 the amount of common stock then out¬
standing. $4,452,700, plus the surplus of Dec, 31 1919 of $10,893,189.—
6,250,000
6,500,000
7,192,168 Common stock ..20,000,000 15,000,000
Pur. money mtge
265,000
244,500
15,015,226 Accounts payable
2,160,040
3,208.782
753,860 Sundry creditors.. 1,523,117
1,674,815
510,000 Reserve for trading
10,253,908
st'ps, coup., &c
204,038
236,649
4,613,977 Res. for war taxes
2,068,974
2,887,640
484,318
Delivery equlpm't
Sundry debtors
Prepaid
Liabilities—
$
Total
Includes subsidiaries as follows: American Land & Building Co., Amer¬
ican Malleables Co., Dominion Brake Shoe Co., Ltd., Southern Foundry &
Machine Co., Southern Wheel Co.
$
'
Assert-
x
25,814,735 24,273,377
within the next few years, but such construction, being expensive, will not
be undertaken unless we are driven to it in order to maintain our position.
Strike-on-Box Matches.—During the war we were compelled
materially to
increase the output of the strike-on-box foreign type of match at the fac¬
tories in Barberton, O., and Chico, Cal., and to build a war match plant
The strike-on-box departments have continued steadily
plan materially to curtail their production and grad¬
the machinery or rebuild it for other types of matches.
An amortization reserve of $372,492, in addition to depreciation reserve,
nas been created against the Savannah plant and charged to operations.
This plant will continue of importance, as it is the only Diamond Match
plant located on tidewater, the 19 M acres having a very desirable frontage
on the Savannah River, which is navigable by deep draught vessels.
Lumber Plants, &c.—Because of railroad congestion we were compelled
to erect a large war plant at Spokane, Wash., for the storage and seasoning
of white pine lumber and the manufacture of match blocks.
With increasing
freight rates this plant has become more and more of an economic factor.
The total cost of this plant up to Dec. 31 1920 was $491,369, but it is carried
on the books at $346,389, the difference of $144,979 having been charged
against operations, $120,511 as amortization (war) reserve and $24,469
as depreciation.
'
During the year also commodious block storage buildings were erected
at eachlof the manufacturing plants, taking the place of lumber piles.
Early in 1920 unprecedented conditions in the Idaho white pine lum¬
ber
market led
us to
purchase standing timber, felled logs and, in some
cases, lumber manufacturing plants for our match manufacturing operations.
On the general balance sheet the Idaho-Washington pine lands, stumpage,
plants, &c., as of Dec. 31 1920 was $2,459,092, Of this amount $567,084
is payable to the State of Idaho during a term of years for timber bought
at public auction on June 5 1920 for $750,000.
The inventory of the Idaho
operation? stood at $969,328; deferred charges to operations, $68,497; ac¬
counts receivable, $115,423; with current liabilities, including accrued pay¬
rolls of $281,995; accounts payable, not current, $40,000, and purchase
money obligations for timber lands due in years 1921 to 1930, $741,964.
The California timber holdings are still held substantially!]! reserve.
The annual cut is in harmony with the existing facilities of the Chico match
factory and normal healthy demand of the general lumber business of
nortnern California.
California sugar pine is not the ideal match block
lumber, and, moreover, It is too valuable in the national lumber market
to be used generally for ma ten plank purposes.
These holdings are no longer
a drag and drain upon the company as they were prior to 1017.
The timber
at
Savannah, Ga.
in operation, but we
ually to
remove
THE
1396
on the books at $1,532,745, which is much less than real value.
The total California pine lands, stumpage, plants, &c., account, lessi reserve
for depreciation, is carried at $2,441,491, as against $3,533,479 Dec. 31 191.j;
the timber depletion charge for the five years period, based on the stumpage
is carried
actually cut being only $86,345, about l>2%
,
of the total estimated stumpage.
jHandy Pocket Match.—This diminutive type of book matchTs^primarily
cardboard and printing job, and can only be distributed profit¬
ably when coupled with advertising and catering to the neecbi of small as
well as big business.
Because of its peculiar handy and safe properties,
it has become increasingly popular, and during the past year it became
necessary to prepare by a large capital outlay for the increasing demand
for this class of goods, together with the erection of a large cardboard oper¬
ating, printing and book match assembly plant at Springfield, Mass., and
the addition of a large wing for similar purposes at Barberton, Ohio.
Reserve Account.—This account stands at $4,547,879, including (a) $2,250,000 charged as operating expenses during recent years and originally
intended to protect the inventory against decline in market value; also to
a
high-class
protect the property account against any
toltake
pronounced fall in building values
in foreign and domestic investments; (o) $420,000
to cover possible timber losses; (c) plant amortization reserve of $668,003;
(d) lumber inventory reserve of $100,000.
prices.—From Dec. 1916 up to the middle of Aug. 1920 no general change
was made in the list price of our standard product.
The steadily increasing
freight expense, however, which on finished goods alone represents about
$700,000 per year over 1914, coupled with the high cost of white pine match
plank, Sec., proved far too great to be absorbed by further efficiency, and
therefore forced a revision of price lists as of Aug. 1920.
These same con¬
tributing causes will probably send the price of matches still further upward
and this at a time when the prices of other staples that had risen to a rela¬
tively high plane, are being lowered.
$6,000,000 716% Debentures.—In the fall of 1920 the market, not being
opportune for an increase in the capital stock, we sold $6,000,000 15-year
7K% debentures, redeemable, all or in part, at option of company on or
after Nov. 1 1923 to and including Nov. 1 1930 at 105% and int. and on
any int. date thereafter at par plus a premium of \6 of 1% for each six
months between the redemption date and date of maturity.
(See V. Ill,
or
care
[Vol. 112.
CHRONICLE
of any loss
'.—We shall probably ask your authority in the future for an
capital stock, and when conditions become more favorable it is ex¬
pected the debentures will be retired and the oustanding capital stock
correspondingly increased.
mandeering of the Hoboken plant and there is reason to expect still further
payments in this connection during the coming year.
In the meantime
the temporary plant at Newark has been sold and operations in the Hoboken
plant have been restored.
[The total amount received during the year from
the sale of the Hoboken property and for the use of the plant was $543,499.
After allowing for this credit item and the losses above mentioned there
remains a profit and loss deficit as of Dec. 31 1920 of $1,507,286.—Ed.]
BALANCE
1920.
FOR
.
Deprec'n, repairs, &c—
Reserve agst. inventory.
$4,026,603
1,021,869
XT. 8. Government taxes_
450",000
Res. for lumber oper—
100,000
Res. for amortiz. of co's
chem. & potash plants
Loss by fire..
175,000
550,000
500,000
(less reserve)
Deferred branch de
112,587
velopmentexp..
on
6% gold
Fed. taxes recov'le
104,653
Deferred
106,106
42,289
Deficit
items-..
...19,387,189 21,440,4781
Total
Depreciation
$2,147,301
194,400
$2,058,627
$2,173,516
$2,684,862
180,000
reserve
Dividends
(8%) 1,357,208 (8)1,357,208 (8)1,357,208 (9)1,526,859
Surplus
In
$790,093
-
$701,419
$816,308
$978,003
1918, stock dividend; in 1917, profit from sale of ordinary stock.
GENERAL
BALANCE SHEET DEC.
1920.
Assets—
S
1920.
,
Liabilities—
7,231,474
2,546,537
1,300,540
10,873,190
8,485,220
1
Bonus to
The comparative
Accrued pay-rolls.
103,566
75,000
901,115
3,138,042
Adv,
167,368
agst,
9,543,236 10,000,000
34,410
U.
x After deducting depreciation,
$961,521.
tion, $1,982,283.—V. 112, p. 1287.
The charges include the adjustment [of $690,099] in inventory
is the lower, and the loss [of $326,971]
anticipated from the liquidation of losing branches which
of the company's total business.
In addition
thereto branch development expenses carried forward from previous years,
amounting to $112,787, were written off during the year.
The conditions surrounding the tea and coffee business during the year
1920 were probably more unfavorable than at any other time in the history
of the company.
The cost of doing business was at its extreme peak.
The
market prices on practically all commodities dealt in dropped radically
during the latter part of the year.
Branches.—Approximately one-third of the branches operated have been
established since the beginning of the World War and they have continu¬
ously operated at a loss.
When the results of operations for the first six
months of the year became available it became apparent that our financial
condition was such that the large sum of money required for development
and promotion work necessary to place these branches on a paying basis
could not be provided.
Your directors therefore adopted the only alterna¬
tive plan of placing the business on a satisfactory basis by entering into a
retrenchment program.
This necessitated the discontinuance and liqui¬
dation of the more unprofitable branches, the discontinuance of the factories
at New Orleans and San Francisco, and the maximum reduction in the
personnel and expense of the entire business.
Outlook.—A very considerable reduction in expense has been effected.
The coffee market conditions have become more favorable.
During the
past few months our labor conditions have greatly improved, and although
general business conditions have been unfavorable, resulting in a large
number of our customers being out of employment, the business of your
company is showing improvement.
The retrenchment program has already been consummated and the wis¬
dom of our action has been demonstrated, as losses during the last months of
the year have been gradually reduced.
Since the first of this year, the
operations of the business have shown a moderate profit.
The turnover in the business was formerly only twice a year.
The in¬
to a market or cost basis, whichever
constituted about one-third
ventory
has
gradually been reduced and (purchasing and
distribution
116,977
81,933
gencies
Cash............
457,764
481,816
payable
Surplus..
..22,680,910
19,523,111
436,625
.
487,968
809,545
liabil's.
Prov. for war tax
640,000
Reserve for contin¬
200,000
_
__
5,252,375
3,495,542
22,680,910
19,523,111
.....
Total
Includes land, buildings, machinery, equipment,
comprising manufac¬
turing plants at Detroit, Memphis (Tenn.), and Windsor (Ont.), valued
at cost, less reserve for depreciation aggregating $2,102,685 in 1920.
b Au¬
thorized and issued, 30,000 shares 7% cumulative preferred stock (par $100),
less redeemed, 2,721 shares, outstanding 272,100.
e Inventories valued
at cost or market, whichever is lower,
d Receivables include customers'
accounts, $1,247,261, and sundry debtors, $72,515, and allows for deduc¬
tion of $166,363 as a reserve for bad accounts.—V. 112, p. 1288.
Consolidated Cigar Corporation, New
York.
(Report for Fiscal*Year ending Dec. 31 1920.)
was
published Mar. 5
Preferred stock
325,517
3,005,378
2,818,519
36,066
42,078
763,884
U. S. securities
593,919
172,153
1,708
133,462
2,030,344
7,453,893
2,031,493
4,635,803
160,923
105,241
—
receivable
Advance payments
Deferred charges..
108,678
114,714
Liquidation
7,562
162,662
4,839,114
vendor cos
2,386,708
218
Acer. int. payable
Accounts, notes &
accept, payable
14,523,595 10,840,943
90,151
Deposit & trust fds.
15,000
State taxes (est.)..
156",000
Res. for Fed. taxes
do
a
174,300
745,821
accts.
33", 000
State taxes
Surplus
Total
3,910,000
3,600,000
4,000,000
..
7% Cum.Pref."44"
Fed. tax 1920 (est.)
18,712
_.
....
$
Com. stk. (no par)b4,140,000
Cigar Co., Inc..
Pref.
Investments
936.
1919.
$
Liabilities—
a812,052
on page
1920.
1919.
,s
Real estate, bldgs.
&c. (Ie8s depr.)
.a
—
10,000
525,204
568,797
.14,523,595 10,840,943
Total
In 1920 real estate, &c.f $333 451, is shown after
deducting $210,296
assumed; $369,774 machinery, fixtures, equipment, &c., less
depreciation; and $108,826, premiums^paid on leased machines less amorti¬
zation, are also included in the total fixed assets of $812,052.
b In 1920
103.500 shares (no par) Common stock were issued, as against 900,000 in
1920.—V. 112, p. 1148.
for mortgages
International
Pres.
Salt
Company,
(Scranton, Pa.)
(Report for Fiscal Year ending Dec. 31 1920.)
Mortimer B. Fuller, Mar. 21, wrote in substance:
Results.—The combined gross earnings, after deducting all expenses
inci¬
to production, maintenance, administration and sales, depreciation
depletion charges, insurance and taxes (including reserve or $211,990
for estimated Federal income and profits taxes), amounted to $1,454,184.
After the payment of interest on bonds of the International Salt Co.,
Retsof Mining Co., and Detroit Rock Salt Co., the total net profits of all
dent
and
companies were $1,071,401.
Net Quick Assets.—The net quick assets of the International Salt Co.
and all subsidiaries as of Dec. 31 1920, consisting
of cash, bills and accounts
receivable, and inventories (after providing the reserve for Federal taxes and
deducting all current and floating obligations other than bonded debt),
amounted to $1,544,176.
Bonds.—The sinking fund has retired an additional $96,000 of the com¬
pany's bonds.
Funds
Salt Co.
bonds to
deposited for the retirement of $75,000 bonds of the Detroit Rock
as of Jan.
1 1921, will reduce the outstanding amount of these
$850,000.
Dividends.—Regular quarterly dividends ot m% on the capital stock
paid, together with an extra dividend of 2% declared payable Jan. 3
1921, making total dividends of 8% for the year.
Production.—The aggregate tonnage of all grades of salt produced and
were
sold by the subsidiaries during
result of the general business
1920 was in excess of that for 1919, but as a
depression the unfilled orders on hand on
comparatively few, and the prevailing demands were very
light.
However, it is confidently expected tnat the usual demand will pre¬
vail with a return of normal business conditions.
Dec.
31
methods improved until your company is now in position to turn its stock
at the rate of four or five times a year.
Financing.—By means of temporary loans up to $450,000 secured through
its bankers, the company was able to pay off $1,000,000 in Gold notes which
matured in 1920 [$500,000 May 1 and $500,000 Nov. 1].
These temporary
loans were paid in full prior to Feb. 1 1921.
The company has been able
tolmaintain a constant record of discounting and paying all accounts on
time.
At present there is no outstanding indebtedness other than the
remaining Gold notes and our current accounts.
[The Gold notes will
mature $750,000 May 1 1921, $750,000 Nov. 1 1921 and $1,000,000 May 1
1922.—Ed.]
Hoboken Plant.—During the past year substantial amounts have been
realized on the claim against the Government to cover loss due to the com¬
_
Sundry creditors &
accrued
lished
035—Ed.]
Notes
Def'd assets, &c__
Inventories
resulting and
650,000
1,109,567
10,825
Interest
Results.—The net loss, including special charge-offs, for the year amounted
to $2,183,506.
[Of this amount the net loss from operations was $1,709,-
.
938,646
pay.(officers) 2,292,000
......
Cash
Referring to the income and profit and loss account pub¬
last week, Pres. Raymond E. Durham, Chicago,
Mar. 16 1921, wrote in substance;
10,000,000
177,534
100,000
Victory bonds....
Company's
Inc., New York.
123,819
(bank
loans)...
"3~, 636
2,265,787
(5th Annual Report—Year ended Dec. 31 1920.)
oblig.
pay.
$
10,000,000
(trade creditors)
155,66?
Good-will
deducting deprecia¬
1919.
S
stock
money
Notes
2,800
3,660,240
835,242
Pur.
1,480,273
Total..
31.
2,727,900 b2,762,500
7% cum. pref. stk.
Accounts
1920.
34,000,246 24,604,124
yAfler
51,666
given in the Mar. 26
was
1,153,414
17,763
Accts. & notes rec
Jewel Tea Co.,
9,000
3,273,149
S.
Insur., cash surr'er
Liberty bonds
stock at cost
Total
32,238
737,138
19,387,189 21,440,478
Total
Common
(less cash
3,055,880
Surplus
..34,000,240 24,604,124
Total
4,012,320
c4,244,788
from
815,838
78,728
4,547,879
shipments
29,789
redemp¬
tion—profit-shar¬
ing coupons
Capital surplus...
Current surplus...
1920.
Trade names, good¬
Assets—
Other accts. pay..
for
72,024
LiabUUies—
The income account
export
Reserves
13,000
1919.
%
Prop'ty acc't, &C-a7,109,758
114,384
Pur. money obllg.
Res.
income account
1920.
'
*
550,984
Acer. deb. Interest
15,750
47,015
CONSOLIDATED BALANCE SHEET DEC.
Ji SRCtu
132,433
330,621
70,995
vable,
32,.500
Kelsey Wheel Company, Inc.
212,384
employ's
1,663,956
rece
reserve
16,965,100
Acer, taxes (est.).
22,822
less
S
16,965,100
15-yr. 7deb.
bonds
6,000,000
Accts. payable...
994,083
2,038,745
Cash
1,958,458
Deferred charges..
468,483
Notes receivable..
Accts.
1919.
$
Capital stock
Plants, real estate,
&c
yll,076,141
Pine lands, &c
x5,284,943
Foreign,&o..Invest. 2,277,462
Pat'ts, rights, &c.
1
Inventory
31.
1919.
$
■
34,235
(Report for Fiscal Year ending Dec. 31 1920.)
a
a
150,000
117,907
b After allowing for reserve,
c Liquidation value realized in cash after
Dec. 31 1920. $101,978, and transferred to other branches at cost, $30,389.
d Paid during Jan. 1921.
Compare also V 112, p. 1288.
ree'd to date)
$2,405,387
279,475
$1,864,227
a
1,044,019
1,507,288
..........
Notes & acc'ts rec.d
„
149,251
55,576
104,653
notes
Gov't
$2,173,516
3,.500,000
Surety department
(contra)
Disc,
Due
132,434
Total
700,0C0
371,603
will, &c._
420,000
$2,147,301
earnings
Bryant & May, Ltd
12,000,000
Miscellaneous
Adv. to customers
Inventories
250,000
Net
3,640,000
....
Investments
General reserve
Bonus to employees
$
3,640,000
Common stock...12,000,000
379,804
201,530
Horses, wagons,&c.
669,876
837,469 6% Ser. Gold notes 2,500,000
Good-will
12,000,000 12,000,000 Letters of credit &
Cash
511,448
acceptances
623,177
J;
498,369
Notes payable.d..
450,000
Liquid, val. accts.
Accounts payable.
179,899
rec., invent., &c.
cl32,367
25,150
1.007,711 Accrued interest..
Accts., &c., receiv. b588,375
Inv. of mdse., &c_ 3,104,431
5,411,836 Purchase obllg'ns.
~3~888
Invest, (sur. dept.)
71,699 Accr. wages & taxes
47,015
1917.
$5,637,925
429,440
1,700,000
1,103,098
$3,679,168
844,941
$3,556,399
632,883
1919.
$
Preferred stock...
issue of the "Chronicle," page 1288.
YEARS
1918.
1919.
1920.
Net profits, all sources.
CALENDAR
LiabUUies—
buildings,
machinery, &c_.
New Slock
ACCOUNT
1920.
S
Land,
increase in
INCOME
31.
SHEET DEC.
1919.
$
Assets—
were
INTERNATIONAL
SALT CO. INCOME ACCOUNT.
Year end.
Divs. from sub. cos.
Interest on treasury
10 Mos. to
Dec. 31 *20
Dec. 31 '19
$1,042,650
bonds
95,950
$685,190
80,434
$613,500
97,078
$1,027,500
77,287
.$1,138,600
$765,624
$710,578
$1,104,787
Total
Expenses Int. Salt Co
Interest on 5% bonds
Dividends.--
Balance, surplus
$43,525
$46,019'
202,282
170,508
_(8%)486,170(4^)273,471
$406,623
$275,626
Years ending
Feb. 28 '19
Feb. 28 '18
$59,127
$51,873
208,790
210,645
(6)364,628 (10)622,906
$78,03.3
$219,363
April 2
1921.]
THE
RESULTS OF
Year end.
Gross earnings of sub. cos. $1 ,'401,758
Bond Int.—Retsof Min.
Co.,
$125,000;
1397
SUBSIDIARY COMPANIES.
Dec. 31 '20
,
CHRONICLE
BALANCE SHEET DEC. 31.
10 Mos. to
Dec. 31*19
Years ending
Feb. 28 '18
-Feb. 28 '17
$1,074,503
$1,102,976
$1,206,132
Detroit
Hock Salt Co., $55,500
180,500
154,167
185,000
185,000
Bal. avail, for divs., &c.$l,221,258
$920,337
4,060,498
$917,976
2,657,022
$1,021,132
2,668,771
Reduction
capital
stock,
W'ks & prop .based
1,099,000
________
$4,980,835
685,190
410,031
$3,689,903
1,027,500
16,250
_
.$4,385,139
$4,060,498
$2,657,023
INTERNATIONAL SALT CO. BALANCE SHEET DECEMBER 31.
1920.
1919.
$
Assets—
S
1920.;
Liabilities—
Investment acc't:
25,010 shs. Retsof
stock..
First
5,328,870
_
7,500 slis. Int. S.
-
Co. of N.Y. stk.
4,675,804
4.675,804
1,716,087
1.442,793
Co., N.J..bonds
3,000 shs. Avery
96,437
82,324
Rock Salt M .Co.
300,000
bonds
be
Cash
Interest
accrued..
4,103,400
5% gold bonds.
interest
4,026,400
176,683
35,052
1,736
3,321
50,330
1920.
on
subsequent
a
9,049
Total
12,288,440 11,743,263
SUBSIDIARY COS.
DEC.
1920.
31.
1919.
■
$ ■>'
Sales.._
___
Liberty bonds.;.
__
Accounts receiv'Ie.
Inventories at cost
Deferred assets.__
11.535,624 Capital stock..... 5,161,000
545,002 Bonds.....^
3,425,000
75,000
75,000 Current accounts98,071
37,000
55,195 Bills payable
3,333
585,937
542,478 Re.s'd for war taxe3
202,942
741,714
635,669 Avery Co.
rental
19,181
21,107
accr.
to
be
13,410,076
Surplus.
dividends and taxes-_
Reserved for taxes
Dividends ($4 per share)
1917.
$3,435,257
800,000
2,100,000
$83,838
$535,257
184,527
Cash....
rec'le
Accts.
tomers'
$2,328,490
89,048
4,279,395
1,470,606
3,686,483
Dividends
99,970
U. S. Govt, secur
1,978,329
62,841
812,773
Co....xl,493,700
8,000
Deferred charges.
26,945
Income.—The net operating income for the year 1920 (after deducting
$374,423 to cover shrinkage in inventories and discount on Liberty bonds
sold) amounted to $1,153,089, an increase of $508,027 over the year 1919.
After making provision for depreciation and all taxes, the net profits car¬
"
$
Res.
for
1919.
$
2,625,000
Notes & accts. pay.
782,584
Miscellaneous
13,035
Dividend payable
525,000
Local taxes
38,380
Res. for Fed. taxes
628,000
y
._
2,625,000
1,244,792
7,626
525,000
55,539
325,000
repairs &
renewals
22,830
liability
Surplus..
11,785
._
1,499,700
8,000
in
.22,460,530 21,569,656
United
Furnace
Other investments
Birmingham, reports in substance:
Capital stock
Empl.
623,627
Stock
(7th Annual Report—Year ended Dec. 31 1920.)
1,358,855
4,932,158
200,000
1,533,412
87,014
empl.
stock
Gulf States Steel Company, Birmingham, Ala.
LiaMlilies—
(cus-
accts.)
of
1920.
-.15,257,047 14,805,351
2,370,764
1,101,451
Inventories
86,190
$
$5,878,490
1,500,000
2,050,000
31.
1919.
%
Real est., bldgs
Trustees
follows:
$2,508,838
325,000
2,100,000
$871,832
1920.
Miscell. advances
ried to surplus amounted to $751,220.
Labor.—Labor statistics compare as
1918.
BALANCE SHEET DEC.
166,106
100,000
112, p. 567.
Pres. James Bowron,
$3,599,832
628,000
2,100,000
Balance, surplus
3,500,000
4,385,139
__
YEARS.
1919.
$25,752,081 $40,055,864 $34,228,880
available for
5,091.00G
(not due—
amortized
during lease)
Total each side. 13,361,675
-V.
1920.
Not stated
_
S
Plant & property. 11,342,982
Cash
559,861
Sinking fund.__._
21,035,090 19,780,074
pref.,
1st
page.
5,777
1,582,759
Liabilities—
S
$1,000,000
RESULTS FOR CALENDAR
_
1,989,381
1919.
j\.sscts
1920
The merger plan with the preliminary balance sheet thereunder is out¬
867
Fed¬
eral taxes......
....12,288,440 11,743,263
2,940,052
2,246,379
.
lined
Surplus..
COMBINED BALANCE SHEET OF
Total
deducting in
Net profits
Total
36,286
______
United Alloy Steel Corporation.
•
867
for
Surplus
(Report for Fiscal Year ending Dec, 31 1920.)
51,292
1__
Reserved
20,642
a3,198,105
2,852,553
The chartered accountants say: "The current assets have been sepa¬
rately examined and in our opinion are conservatively stated—the inven¬
tories at cost or market, whichever is lower, and the accounts and notes
receivable after charging off all known bad debts.
The collection of a sub¬
stantial portion of accounts receivable, however, is subject to the financial
conditions now existing in Cuba, Central and South Am."—V. 112, p. 1149.
2,321
_
crued....
147,884
20,037
134,407
payable Jan.
$1,000,000 2d pref.,
$277,750 common stocks held in tresaury.
a Includes in 1920 reserve for
depreciation and extinguishment, $1,401,548; for special reserve against
property, $1,644,767; for taxes, $110,219; for replacements and sundries,
$16,697; and for bad debts, $24,873.
ac¬
Dividends payable
April
Div.
21,035,090 19,780,074
After
55,000
Sundry accounts.
Bond
Reserves
Salt
Co., N.Y
(to
amortized)..
6,077,130
trust
International
$131,700 Int. Salt
6,077,130
Consoli¬
Mortgage
collateral
$2,009,000 Retsof
Bond discount
and
dated
5,328,870
1919.
S
Capital stock.....
Accrued items..._
5,380
________
$4,279,395
849,233
911,314
512,997
499,724
26,507
201,000
416,722
560,000
157,384
580,542
__
819,923
,220,390
827,695
__
_
Unexp. insur., &c.
x
Total surplus—
198,000
Aocounts payable-'
Notes payable..
Total
,
_______
Ore Co.
bonds
526,379
1,237,631
,992,675
Inventories—
Convertible-
$4,673,998
613,500
Self Flux
___
rec.
Consumable.
Total.
_-_._____$5,444,038
Divs to Int. Salt Co.___ 1,042,650
Pref. div. of Detroit Rock
Salt Co
16,250
s
2,000,000
2,000,000
xSecond pref. stock
84,100
85,700
xCommon stock. .11,138,150 11,136,550
onstockputch__16 ,050,068 15,092,600
Investments
8,000
19,088
Liberty bonds.
639,500
Notes & acc'ts
1919.
$
xFirst prel. stock.
Saleable
Retsof Mining Co
*920.
Liabilities—
$
Cash..
Previoussurp. (adjusted). 4,222,780
1919.
1920.
Assets—
_
Total
36,727
...27,084,315 26,375,443
Total
........27,084,315 26,375,443
Represents 50% of the stock, exclusive of directors' qualifying shares,
y Declared capital in accordance with Stock Corporation Law of N. Y.
State represented by an authorized issue of 525,000 shares, no par value'
all outstanding.—V. 112, p. 1032.
x
1916.
1917.
1918.
1919.
1920.
Employes av. No.
2,369
2,678
2,375
1,973
2,266
Labor expenses-.$2,215,941 $3,013,802 $3,510,525 $3,244,310 $4,202,826
Earns, per man.
$935
$1,125
$1,478
$1,644
$1,855
Gross sales.
7,626,250 11,763,476 11,206,468
8,405,788 11,439,627
GENERAL
INVESTMENT NEWS.
_____
Foreign Orders.—During the year 1920 the company enjoyed a marked
expansion of its foreign trade and established direct agencies in Cuba, Chile,
Brazil, Uruguay, and Argentina: thus necessitating increased working cap¬
ital in order to meet the credit situation demanded by that trade.
A sub¬
stantial tonnage was also disposed of in Japan, China, Australia and India
through outside agents.
.
Business Depression.—The stagnation of business, commencing in Octo¬
ber 1920, together with the extreme drop in the prices of various commodi¬
ties, seriously affected the company's customers, not only domestic but in
foreign countries, and resulted in the cancellation of a considerable volume
of orders which had been booked at higher prices and in the inability of
customers to purchase additional goods.
Inventory Increases—Wages Down 15%.—A general suspension of ship¬
ments followed, leaving on hand large amounts of finished goods produced
at high cost.
This necessitated a reduction in the prices at which the in¬
ventory was carried on the books of the company, the prevailing market
prices to which the inventory was adjusted as of Dec. 31 1920 representing
a drop of 28% from the summer prices of nails, 35%
in bars and 28% in
pig iron.
Against this, wages have been reduced 15% with the exception
of the coal miners, which, in accordance with the understanding with the
Federal Government, are to remain unchanged until April 1 1922.
Capital Expenditures.—In order to complete the rehabilitation and bal¬
ancing of the steel plant and the development of ore and coal mines, which
have been in progress for several years, capital expenditures aggregating
$957,467 were made during the year; as a result of which, at Alabama City,
the wire and nail mills have been enlarged, a new roll shop has been built,
additional housing facilities supplied and exhaust steam turbo-generators
are in process of installation, together with miscellaneous improvements
at bar mill, supply houses, &c.
At Shannon self-fluxing ore mine, the ore body was reached in May 1920,
since which date several thousand tons of ore have been charged into the
furnace with good results.
From present indications the quantity and
quality of the ore amply justify the large expenditure made by the company
and will fully warrant the entire development.
Mining operations on a
commercial basis are anticipated by March 1 1921.
TONNAGE
PRODUCED,
Mines—
do
IN
1920.
Coal—Va. mines (net)__
do
Altoona
(net)
Coke—Va. mines (net).,
do
Alabama C. (net)
NET
TONS.
1918.
117,689
65,870
112,931
146,504
80,364
80,804
167",938
129"561
163",261
59,149
135,371
120,276
72,341
167,930
143,068
_
Bale ties
1917.
4,800
do
70,363
156,277
134,220
275,945
101,835
54,957
127,542
106,181
209,312
180,400
687
(gross)
(net).
Woven wire fence
Bars
,
568
586
2,560
68,185
134,077
14,067
18,045
3l",»12
Wire rods
426
2,191
71,399
134,401
14,024
31,635
Staples
Wire
AND
1919.
4,529
Sayre
Sayre
Alabama City—
Pig iron (gross)
Ingots (gross).
Billets and slabs (gross)
GROSS
140,859
46,706
110,298
29",541
1,796
67,538
111,111
11,504
24,676
I
1,562
30,335
2,117
78,278
148,049
10,160
27,154
3,743
35,970
Tie plates
Nails
INCOME ACCOUNT FOR CALENDAR
1920.
Gross sales
$11,439,627
profits
$1,153,089
Depreciation, taxes, &c..
Gross
reserves
First
pref. divs. (7%)Second pref. divs
Common divs. (cash)
do
(stock)
Balance, surplus
Previous surplus
._
Total surplus
401,869
140,000
5,046
1911
$11,763,476
$4,199,925
1,328,446
140,000
(6)64,543
(11)874,188
.(25)2
25)2222,250
$2,852,553
INCLUDING
Railroad
and
ELECTRIC
ROADS.
Electric
Railway News.—The
following table summarizes recent railroad and electric rail¬
way news of a more or less general character, full details
concerning which are commonly published on preceding
pages under the heading "Current Events and Discussions"
(if not in the "Editorial Department"), either in the week
the matter becomes public or shortly thereafter.
RR.
Labor
Board
Would Reclassify Labor.—The I.-S.
C. Commission is
being urged
among
bj| the RR. Labor Board to regroup RR. labor, now divided
125 classes, into 148 divisions (based on major services), each sub¬
divided
successhely into groups, grades and classes, making in all 495
classifications.
"Post
Mar. 31, p. 2.
175,000 Local RR Men at N. Y. Propose an Offensive and Defensive Alli¬
ance.
"Times" Apr
1, p. 16.
Of 202 Railroads Reporting Earnings for January, 109 Fail to Earn Oper.
Exp. and Taxes. (I.-S. C. Comm.). "Times" Mar. 31, p. 4; "Chronicle"
Mar. 26, p. 1213.
Federal Administration Concerned over Plight of
Railroads.
"Times"
Mar. 30, p. 1; Apr. 1, p. 1.
Security Holders Ask Rail Unions to Meet Bankers April 4.
"Times"
Mar. 31, p. 1.
N. Y. Central RR. objects.
Idem Apr. 1, p. 4.
distinct
Speculation as to Fate of Proposed $15,000,000 Relief Fund for New England
Railroads.
"Boston News Bureau" Mar. 28, p. 1.
Arguments as toWage Cut for Unskilled Labor.—The initial case. N. Y.
RR., plaintiff, was argu«*d before RR. Labor Board Mar. 30.
"Times" Mar. 31, p. 4.
The wage reductions proposed by the Penn. RR., D. L. & W., Lehigh
Valley RR., Central RR. of N. J., and other companies have
been
rejected by the unskilled laborers and must await their turn before the RR.
Labor Board.
"Times" Apr
1, p. 4; "Boston N. B." Apr. 1, p. 11.
N. Y. Traction Bill Signed..—Gov. Miller on March 30 signed the KnightAdler bill creating a Transit Commission to take sole charge of N. Y. City's
transportation lines and reorganizing as one single body the State P. S. Com.
In carrying out the provisions of the bill Gov. Miller states that the actual
value of the traction properties and not their franchise and going value
will be considered.
"Times" Apr. 1, p. 17.
N. J. Senate Passes Bill to Place Jitneys under P. U. Commission.
"Fin.
Central
Amer." Mar. 29.
New Director-General.—James C.
Davis succeeds J. Braton Payne.
Panama Canal Again a Factor.—(a) Fruit shipments from Southern Cali¬
fornia to North Atlantic ports resumed; time in transit, 21 days; citrus fruit
c aione a-KeTcgaues ou,uuu
traffic alone aggregates 50,000 cars annually.
auiiu<iiiy.
xvy ako
## #•
"Ry Age" xvi.cn. xo, p. 777.
Mar. 25,
'ree tolls
Idem, p. 816.
(5) Free tolLs again proposed.
Rates Reduced.—(a) Pacific roads cut rates on canned goods from 65 to
es
i.
50 cts. per 100 lbs., effective Mar. 17 to July 31.
July
(b) Mauory and Morgan
SS. lines announced a reduction of 16 cts. (from 66 to 50 cts.) a hundred on
cotton from Galveston to N. Y.
"Times' Mar. 31, p. 23.
Freight Car Loadings.—Week ended Mar. 19, 691*707, against 702,068
with 819,000 in March 1920, and
Mar. 12, 712,822 Mar. 5, and contrasting
850.701 in March 1918.
"Ry. Age" Mar. 25, p. 799.
'
Idle Freight Cars—Week ending Mar. 23 the surplus freight cars numbered
459,411 (comparing with the previous record, 451,739, Mar. 1 1919), due
chiefly to the falling off in coal shipments, the number of idle coal care now
aggregating 230,394.
The surplustcars Ion Mar. 1 1921 numbered 413,450,
or which 172,850 were coal cars.
Penn. RR. reports that 33 1-3% of its rolling stock is idle and that the
average number of freight cars dispatched daily has decreased from 143,074
in Oct. 1920 to 100,823 in Feb. 1921.
"Ry. Review
Mar. 26, p. 511.
"On Mar. 29 the number of good-order empty cars.on thei Pennsylvania
RR. was 91,884.
That means that approximately 35% of the freight care
owned by the system are not earning a cent.'
Sun
• .3.1*
22.
_
_
$23.143df$2,226,061
2,223.236
4,449,297
$1,792,748
2,656,549
$2,223,236
$4,449,297
$2,246,379
i
.
_
A
534,188
140,000
(6)17,474
365,640
140,000
(6)5,142
(1)111,137(10)1037,999
$606,174
2,246,379
General
,
YEARS.
1919.
1918.
$8,405,788 $11,206,468
$645,062
$1,725,850
RAILROADS,
Company's employees reduced from 279,000in Sept. 1920 to 195,000, or
30.1%.
"Phila. News Bureau" Mar. 29, p. 1.
.
'
Short Line Wage Ruling.—RR. Labor Board on Mar. 28 dismissed appeals
for increased wages filed with it last fall by 15 unions on behalf of 4,000
„
.
1398
CHRONICLE
THE
employees of 67 short railroads that did not take part in the $600,000,000
advance in July 1920.
"Post" Mar. 28. p. 2.
Need of Rail Wage Decrease (Railway Executives).
wage
"Sun" Mar. 29. P .3.
Travel.—In Dec. 1920 railroads in U. 8. carried
avaiast 100,805.201 in Dec. 1919.
Decrease attrib¬
Passenger Railroad
99,181,982
passengers
uted to higher fares.
"Times" Mar. 27,
p.
19.
Mar. 31.
Central Canada
Chicago
Roads
Burlington & Quincy RR.—New Plan Sub~
Commission—Northern Pacific and Great Northern
to
Propose Joint Bond Issue of $230.000,000.—The I.-S. C.
Commission will hold
„
the
Northern
Employment of Women on Trolleys Approved by U. S. Labor Dept.
"Times"
of
Reasons
,P
Ry.—Operation by Canadian Pacific Ry.
See Canadian Pacific RR. under "Financial Reports" above and "Re¬
ports and Documents" on a subsequent page.—V. Ill, p. 492.
mitted
Railway Dollar in 1920.—"Railway Review" Mar; 26. p. 487.
RR. Difficulties Under Labor Rules.—"Boston News Bureau
Mar. 31.
Distribution of Shares of 22 RRs. in 1921, 1920 and 1919.
"Wall St. J.
[VOL. 112.
Mar. 26.
a
hearing April 11
on
the application
permission
Why Trolley Fares Will Fall Slowly.—"Elec. By. Jour."
Safety in Steel cars.
"By. Age" Mar. 25, p. 781 to
(b) Present wages and rules ruin Canadian railroads.
Idem, p. <87.
Rate hearings in New England.
Idem, p. 801.
<dj Chinese railways.
Idem, p. 818.
(e) Foreclosure purchasers not bound to operate unprofit¬
able road (Iowa Supreme Court).
Idem, p. 817(f) RR. conferences
with employees.
Iaem, p. 810.
(g) Report on Porter, Ind., collision,
Idem, p. 808.
(h) 42 hours' pay for 9 hours' work on St. L.-S. F. Ry.
"Ry. Review" Mar. 26. p. ,509.
'■■■•/■
Matters Covered in "Chronicle" of Mar. 26-—(a) RR. labor situation, p.
1204.
(b) RR. gross and net earnings for Jan.. p. 1213.
(c) John J.
Esch on I.-S. C. Comm. (recess appointment), p. 1240; compare "Ry. Age
Mar. 25, p. 815.
(d) National agreement hearing, p. 1241; compare ' Ry.
Age" Mar. 25, p. 803 to 806.
(e) Need for Congressional railroad inquiry
(Sen. Cummins), p. 1242.
(f) .Appeal of Penn. RR. to its men. p. .1242.
(g) RR. receiver challenges Labor Board ruling, p. 1243.
(h) RR. outlook
Miscellaneous.—(a)
784.
(c)
.
(Pres. Willard, of B. & O.), p. 1243.
(i)
1243.
p.
(j) Anthracite coal shipments,
Alabama & Vicksburg
Warfield rehabilitation plan, p.
1249.
Ry.—Refunding.—
The entire bonded debt of the company, aggregating $1,936,900, falling
due April 1, will be taken up on that date from the proceeds of $1,936,900
,5-year 6% notes, dated April 1 1921 and maturing April 1 1926.
Of these
notes $542,900 will
be taken at par by present holders of maturing bonds,
and the remainder, $1,394,000, will be issued to the U. 8. Government to
obtain a loan for the same amount at 6%.
The $4,000,000 First Mort-
?;age bondscollateral bonds issued thereunder are created for the purpose of
urnishing and the to the holders of the 6% notes.
The required amount
will
be deposited as
collateral and the remainder will be retained in the
treasury of the company for future needs.
No bonds of this issue will be
offered to the public for sale at this time.
The principal and interest of: (a) $942,000 Vicksburg &Meridian RR.
First Mtge.
First
bonds; (6) $580,000 Alabama & Vicksburg Ry. Consul
Mtge. bonds; and (c) $416,100 Alabama & Vicksburg Ry. 2d Mtge. bonds,
due April 1, will be payable at the office of Central Union Trust, Co, New
York
on
April 1.
See V.
112,
Augusta-Aiken Ry.
Income Acct. Cal. Years:
Gross
earns.
Oper.
exp.,
Net
p.
1142.
& Electric Corp.—Report.—
1920.
(all sources)_$1,251,154
incl. taxes...
820,875
earnings
$430,279
1919.
1918.
1917.
$1,104,889
756,417
$1,02.3,831
655,545
$925,523
o23,099
$348,472
$368,286
168,621
167,853
165,670
137,500
43,908
44,783
45,221
45,770
z144,550
zl44,550
145,042
21,683
11,703
12,648
10,001
8,695
Other
interest.......
Amortization of debt, dis¬
and expense
for
1,860
1,860
$37,954
year.
def$33,224
147,419
"
1,860.
$1,798
Atlanta Birmingham & Atlantic RR.—Refuses to Recall
Wage Cut—To Borrow $125,000 to Pay Back Wages.—
Federal Judge Samuel H. Sibley has denied the
petition of striking union
that he rescind his wage reduction order ana refer the matter to the
Federal Railroad Labor Board for action.
Judge Sibley announced that the
men
Suction was wages high that held in effect that no board or law could
ghtfully fix a judicial one and railroad could not pay them and operate.
so
to be decided in
a
some instances a labor board might be a better judge
he said that in the case before him the question was
court.
provisions of the Newlands Act requiring 20 days' notice
to employees
of earners in
receivership before wage reductions could be made was upheld
by Judge Sibley.
He said, however, that in his opinion the provisions
applied only to the four brotherhoods representing train crews, and he modi¬
fied his wage-reduction order to B. L.
Bugg, receiver of the railroad, to that
extent.
it had
Plan.
reorganization:
A plan of reorganization of the Chicago & Eastern Illinois RR., of which
Kuhn, Loeb & Co. will act as the organization managers, has been agreed
by the several protective committees; including the bondholders'
committee, of which John W. Platten is Chairman, the bondholders' commitee of which Henry Evans is Chairman, and the bondholders' committee
of which F. J. Lisman is Chairman, and the stockholders' committee, of
The court further held that the Labor Board had itself ruled that
jurisdiction in the A. B. & A. case because it had held that the
compensation
during the period of Federal control and has funded his indebtedness to the
Director-General.
Holders of preferred and common stock of the old
company are, under the plan, assessed $30 per share, for which they will
receive $30 of general mortgage 5% bonds of the new company and $100
common stock
of the new company.
This assessment has been underWTltten by a syndicate arranged by the stockholders' committee.—V. 112,
p. 1282.
and the receiver has received substantial amounts of cash for
Chicago Elevated Railways Collateral Trust.—Valua¬
tion, Earnings,
&c.—The Illinois P, U. Commission in its
order making permanent the 10-eent fare on the Chicago
elevated lines, found the value of the properties for rate-
making purposes as of Jan. 4 1921 to be $86,250,000. The
following tables used by the Commission are taken from the
"Electric Railway Journal" Jan. 29 (much condensed):
Summary of Valuation.
Original cost of elevated properties, $71,500,000, or less deprec.,
Cost of production, new
95,000,000,
do
do
of Jan. 4 1921 for rate-making purposes.
element of going value was taken as $6,000,000,
Valuation
The
as
$60,775,000
80,750,000
86,250,000
and cash working
capital and supplies, $1,000,000.
Income
Consol.
Chicago Elevated Rys. (y Dec. 1920 figures est.).
Statement
1917.
1918.
1919.
yl920.
pass..180,654,632 193,120,173 197,440,107 184,663,025 190,630.210
fare.
5.156c.
5.155c.
5.28.5c.
6.976c.
8.388c.
Pass. rev.. $9,314,348
$9,970,869 $10,434,815 $12,881,311 $15,990,702
Other trans.
453,774
484,859
521,396
602,247
754,250
Non-op .rev.
97,865
84,9 1
74,451
82,831
100,221
1916.
Cal Years.
Rev.
Avge
no
conferences
between the employees and the railroad company, in which
the position that it would have to reduce wages because
the company took
it was not
earning
enough to pay the wages then in effect, did not furnish
any reason for saying the wages were unjust and unreasonable.
*,ssued
order permitting B. L. Bugg, receiver, to bor¬
$125,000 for the exclusive purpose of paying past due wages of em¬
8
row
Digest of Proposed
(a) Approval of a joint trust indenture to be dated on or before July 1
1921, to be executed by both applicants to the First National Bank of New
York as trustee, to secure $230,000,000 Northern Pacific-Great Northern
Joint 15-Year
Convertible gold bonds, callable, all or in amounts of
not less than $5,000,000, on 75 days' notice at 103% with other provisions
and terms, including convertibility into bonds of either or both the Northern
Pacific Ry. and Great Northern Ry., and approval of the issue on or before
July 1 1921 of the said joint bonds to the amount of $230,000,000.
(b) Approval of the pledge as collateral under said indenture of 1,658,674
shares of the capital stock of the Chicago Burlington & Quincy RR. owned
by the applicants and now subject to prior pledge under the indenture
securing the outstanding $215,227,000 joint 4s. due July I next; also the
issue and pledge as collateral thereunder of $33,000,000 of refunding and
improvement mortgage 6% bonds, series B [an existing mortgage], of the
Northern Pacific Ry., due July 1 2047, callable after 15 years on any int.
date on 3 months' notice at 110%: also the issue and pledge as collateral
thereunder of $33,000,000 of Gen. Mtge. 7% bonds, series A, of the Great
Northern Ry., due July 1 1936, non-callable.
(c) Approval of a [new] general gold bond mortgage of the Great Northern
Co., to be dated Jan. 1 1921, to First National Bank, New York, as trustee,
to secure bonded indebtedness as provided therein.
(d) Approval of the issue of each applicant under its said mortgage in
event either of payment of joint bonds issued under and secured by the
indenture [under a] on conversion thereof into mortgage bonds against
deposit and pledge of stock of the Chicago Burlington & Quincy RR.
The issue of $33,000,000 of general mortgage gold bonds by the Great
Northern is proposed under a new general mortgage providing for a total
of $140,000,000 of Gen. Mtge. 7% gold bonds, dated July 1 1921 and to
mature July 1 1936.—V. 112, p. 1143, 1023, 932.
1,950
$61,9.54
light and power rates are still pending, and it is hoped that the Railroad
Commissions of Georgia and South Carolina will act favorably on these
petitions, on account of the high cost of operation.—V. Ill, p. 686.
wages than a court,
$215,227,000
plan is submitted to replace the plan recently) rejected in part by the
Commission (V. 112, p. 932).
The plan
proposes
to
issue and sell the new joint bonds on or before
July 1, through a contract to be made with a syndicate of bankers upon the
syndicate undertaking to provide the money which will then be required
to pay the outstanding 4% bonds.
No such contract has been made and
none is expected to be made until
approved by the Commission.
which Alvin W. Krech is Chairman.
The report dated March 5 say: "The company has been granted an in¬
crease from 6 cents to 7 cents in fares in the
City of Augusta and increases in
electric light and power rates, which it is estimated should increase the
gross revenue of the electric department by approximately 25%.
Petitions
for increases in interurban railway fares and a further increase in the electric
The
the
The
The plan calls for the purchase of the Chicago & Eastern Illinois proper¬
ties at foreclosure sale now set for April 5 1921.
A settlement has been
reached of all the principal matters in controversy with the United States
Although the interest on the corporation sinking fund 5s has been
charged against income, these amounts were not actually paid out, the
interest on these bonds for the years 1919, 1920 and 1921, as explained in
last year's annual report, having been funded into the Five-Year 5%
Gold Notes, of which $433,650 were outstanding and $45,550 had been
pledged as collateral on Dec. 31 1920.
one
them to meet the maturity of
Burlington Joint 4s, due July 1 next.
7,831
z
Asserting that while in
of
enable
upon
notes.
surp.
for
The following statement has been issued by the committee on
Co. 1st 5s
Int. on Aug.-Aiken Ry. &
El. Corp. Sihk. Fund 5s
Int. on 5-Year 5%
gold
Balance,
railroads
to issue $230,000,000 Northern Pacific-Great
Northern Joint 15-Year 6%% Convertible gold bonds to
Chicago & Eastern Illinois RR.—Reorganization Plan.—
Georgia-Carolina
Power Co. 1st Ms. 5%
bonds, &c., under agree¬
ment of July 11912
Int. on Augusta Ry. & El.
on
count
Northern
$402,424
Deductions—
Int.
Pacific and Great
ployees.—V. 112,
an
1282, 1143:
p.
Belt Line Ry.
Corp., New York .—Abandonment.—
The Public Service Commission has authorized the
company to abandon
operation of the line on Tenth Ave. between 42d St. and
Battery Placepusiness on the line, it was pointed out, has grown so small as to be negligie
In Dec. last only 49,072 fares were collected.
The rails are to b.
removed by the
company and the street repaved.—V. 112, p. 1023.
Berkshire Street Ry —Status—
.
Vice-President Storrs at a meeting of the legislative committee on street
railways sitting at Pittsfield, stated that a receivership for the company is
Inevitable unless legislative relief is
granted immediately.
The road oper¬
ates 75 miles of tracks in Berkshire
County.
The N. Y. N. H. & H. RR.,
which owns the
stock, has put $6,000,000 into the property.
According to
V.-Pres. Storrs
figures, the company's deficit last year was $100,000, and
taxes, $40,000 for fuel and other essentials and has
•my $15,000 on hand.
The parent company, he stated, was willing to sell
? at a State-appraised valuation and have it run by trustees
like the Boston Elevated.—V.
112, p. 743.
Bo3ton Revere Beach &
Lynn
The threatened strike of
a„^age
°fabout 52c.
of 8/c.—V.
112,
p.
848.
a
RR.—Wage Reduction.—
employees h^s been averted, the men accepting
day.
The company had proposed a reduction
Total
$9,865,987 $10,540,639 $11,030,662 $13,566,389 $16,845,173
$290,221
$341,179
$497,923
$1,036,480 $1,736,382
...
Way&struc.
Equipment.
641,989
724,323
1,032.497
1,370,908
1,297.969
1,376.159
1,491,123
2,783,447
348,896
3,055,827
450,425
3,748,681
416.535
5,117,296
730,002
6,991.518
788,879
$5,200,189
$5,860,328
$6,685,431
$971,130
314,174
328,919
$1,079,323
294,347
71,222
$908,057
342,673
$1,089,376
363,870
Rehabilit'n.
$876,211
289,862
302,616
Bprefc'n,1S
$3,197,109
$3,066,088
$2,900,339
$3,023,225
of repl. res.
$195,339
$2,982,404
$781,357
C°&trimcGen.&misc.
Canadian Pacific
Ry.—Financing Plan—To LeaseRoad.
$9,292,434 $12,409,523
Taxes, licen¬
ses,
&c__
Rentals
—
Above statement excl. following amts.
Summary of
Previous Appraisals. Chicago Elevated Railways.
Submit. Appraisal
1919.
by
Comnany
L/ompany
Reproduction
y^ 1916-20,
June 30 Reproduction
ju
ou
y^ ig^g,
June 00
ouxi« 30 Reproduction
y^ i906-15,
June 30 Reproduction
Comoanv
^ompany
Comoany
oompany
Citv
y
^
months Qf 1919_
30
Cost—New
Less Deprec.
prices as of
June 30
ju
June
ju
«
Cost—New.
Basis {Owned Lines)—
Reproduction
Comoanv
company
_
prices averinclusive--prices averinclusive...
prices averdelusive...
prices first 6
§133,958,284 $115,879,613
133,170,108
114,989,053
112,887,664
98.337,464
95,676.254
84,463.620
91,470,852
74,946,882
Co.—Book costs to June 30 1919..
CommissionChief Accountant; Book costs to Dec. 31 1919. _
91,732,724
x84,790,677
months of
919—
Arthur Young &
See report under
1,401,621
537 481
1,240,144
Power.....
-
"Reports and Documents" below.
application will be made to the Board of Railway Commissioners for
Canada on April 19 for a recommendation to the Governor-in-Council for
916.000; actual cost of construction was $4,408,854.
Note —Above appraisals do not include following amounts:
the sanction of an agreement between the Canadian Pacific Ry. and the
Kaslo & Slocan Ry., leasing to the Canadian Pacific Ry. Co. the railway
Working
An
and undertaking of the Kaslo Co. for a term of 99 years from Jan. 1 1920.—
V. 112, p. 1137. 932.
x
Includes purchase price of Union
6mo. '19. 1916-20.
1913-19.
1906-15.
Book Cost.
capital.$2,000,000 $2,000,000 $2,000,200 $2,000,000 $2,000,000
cost..12.460.000 11,800,000 11.800.000 11,800,000 11,801,754
112. p. 256. 161.
Prices as of— 1st
Develop't
—V.
Elevated RR. (Union Loop), $10,-
April 2
1921.]
Cin.
Cleve.
See Evansville
CHRONICLE
THE
St. Louis Ey.—
Chicago &
p.
932.
Community Traction Co.—Deficit under Service-at-Cost.
Operations for the month of February 1921 showed a deficit of $58,176.
This is the first month under the service-at-cost operation.
See table of
earnings, &c., in "Electric Railway Journal" March 26, p. 615.—V.
Manhattan
&
RR.—April 1 Interest.—
Interest amounting to 2% on the adjustment income bonds was paid
April 1 upon presentation of Coupon 16.
It is officially announced that
coupons due April 1 1917 to Oct. 1920, Inclusive, are worthless.—V. 112, p.
652.
Jacksonville Terminal Ry.—New President.—
112,
■
J. L. Wilkes has been elected President.—V. Ill, p. 2228.
1143.
p.
Hudson
—
Indianapolis & Terre Haute Ry.—V. 112,
1399
Cumberland County
Power & Light Co.—Bond Ext.—
Underwritten.—
Johnstown
The
(Pa.) Traction Co.—Fare Increase Denied.—
Pennsylvania P. S. Commission has denied the application of the
to increase its fares from 7 cents to 8 cents, with a ticket fare in¬
Lighting & Power Co. 1st Mtge. 4J^s bonds,
due April 1 1921, have been extended to April 1 1931 at 7%.
The Cum¬
berland County Power & Light Co. now owns the Portland Lighting &
Power Co.
Sufficient of the Cumberland County 1st & Ref. 5% bonds
due 1945 are set aside and held for the retirement of these bonds, but under
present financial conditions it is quite impossible to sell long-time 5% bonds
except at considerable sacrifice.
Consequently the Cumberland company
company
decided to extend the time of payment.
The City Council of Kansas City, Mo., passed an ordinance on Mar. 21
prohibiting the operation of jitneys on streets where electric railways now
operate.
The Mayor signed the order on Mar. 22.
A fund is being raised
by the Jitney Owners' Association to contest the ordinance.—V. 112, p.
652,52.
The
$500,000 Portland
and in addition the bonds now become
obligation of the Cumberland company.
The bonds are subject to call as a whole on any int. date at the following
prices: On or before April 1 1926 at 105; before April 1 1928 at 103; before
April 1 1929 at 102; before April 1 1930 at 101.
A cash bonus of $15 on each $1,000 in bonds will be paid to each holder
The security remains the same,
direct
the
."•>.y
agreeing to the extension.
Charles W.
Gilman & Co.,
.
V.
Portland,
Me.,
yy -,*y
underwrote the issue.—
112, p. 743.
from 4 for 25 cents to 4 for 30 cents.
In accordance with the new
ruling the company will continue to charge a 7-cent fare, but it will have the
or 5 for 35 cents instead of the pres¬
crease
privilege of selling 4 tickets for 28 cents
ent 4 for 25 cents.—V. 110, p.
Kansas City
London
petition with the Colorado
order declaring
"the disposal and dismantling of the property as a common carrier to have
been lawfully accomplished."
This request is taken owing to the decision
of the Supreme Court ordering the officials to rehabilitate the road.
See
V. 112, p. 1143.
The officials of this
Commission
junked road have filed
the commission
asking
Denver & Rio Grande
Western
by
organized
Lewis at Denver
on
made last Nov. for
satisfy
to
Co.
a
RR.—Sale Confirmed—To Be Re¬
Pacific.—Federal Judge Robert E.
Mar. 28 confirmed the sale of the road
$5,000,000 to Western Pacific interests,
judgment of $36,000,000 of the Equitable Trust
New
of
Maryland Delaware & Virginia Ry.—Coupons in Default.
a
to issue an
President Turnbull Murdoch in his annual report to shareholders, says in
"Company being unable to provide for the $50,000 1st Mtge.
substance:
which matured Feb. 1 1920, the Pennsylvania RR. purchased
$46,900 of these.
Company was also unable to provide for the $50,000 of
coupons which matured Aug. 1 1920, and applied to the guarantor, the
Baltimore Chesapeake & Atlantic Ry., to advance the amount necessary
to pay same.
The latter company, in turn, not being in a position to meet
its guarantee, company again applied to the Pennsylvania RR. to purchase
the coupons, but that company replied that it would make no further
coupons
purchase of such coupons."
^
For the 12 months ended Dec. 31 1920 the company showed a deficit of
$84,983. °r a decrease of $25,877,
1919.
See also V. 110, p. 1290.
York.
;
Statement by Charles M. Levey, Pres. of Western
Pacific RR.
waiting for the decision in order to put our plans into
I understand the new system will be reorganized and refinanced
of the Denver Rio Grande & Western RR.
The road
probably will remain in the receiver's hands for the next 30 days.
"No extensions or other improvements are planned at present.
The
Denver & Rio Grande will be operated under the direct supervision of the
Western Pacific Company."—V. 112, p. 1282.
"We were only
operation.
under
the name
Denver
Tramways Co.—Interest Payments.—
Federal Judge Lewis has
ordered the receiver to pay the interest coupons
following bond issues: (a) the April 1 interest on (1) $2,000,000
Denver City Tram. pur. money ext. 6s; (2) $1,167,000 Denver Consol.
Tram. Cons. Mtge. 5s; (3) $884,000 Denver Trac. Power 1st Impt. Mtge. 5s;
the March 1 1921 interest on the $1,033,000 Denver Tram. Terminals
1st mtge. 5s.
The interest due Oct. 1 on the $2,500,000 7% Collateral Trust notes
and the Nov. 1 int. on the $496,100 Den. & N. W. Ry. 1st & Coll. Mtge. 5s
(&)
and
V.
Den.
$11,306,400
112, p. 1024.
City
W.
Co. 1st & Ref. 5s remains unpaid.—
■
V.
112,
p.
61.
Guards were aboard the trains and
special officers and citizen volunteers patrolled the tracks.—V. 112, p. 1283.
Muskegon Traction & Lighting Co.—-Wage Reduction.—
recently reduced the wages of its trainmen 16%.
111, p. 2041.
The company
or
from
62 to 52 cents an hour.—V,
National
Properties
Co.—Decision.—
An
opinion has been filed in the U. S. District Court at Wilmington by
Morris denying the motion recently made by the Continental
Equitable Title & Trust Co., as trustee, to strike from the decree recently
entered in the case of the National Properties Co. and Reuben Satterthwaite,
Jr., receiver for the National Properties Co., the provision making the
mortgagor liable for a deficiency balance.
(Phila. "News Bureau").—
V. 112, p. 1283.
Judge M.
v
New Orleans Railway &
Light Co.—Jan. 1 Coupons.—
D. O'Keefe, receiver, notifies holders of the 4^%
Gen. Mtge. bonds
due Jan. 1 1921 will be paid on and after March 31 upon
presentation at the New York Trust Co., N. Y., or at the Hibernia Bank &
Trust Co., New Orleans.
In addition to the amount of the coupons, 28c.
J.
that the coupons
per coupon,
New
representing interest thereon, will also be paid.—V. 112,
p.
470.
Central RR.—Assessment Upheld.—■
York
The Court of Appeals
at Albany, N. Y., has handed down a decision
affirming the determination of D. Cady Ilerrick, referee, in upholding the
ngality of the assessment on the company's Park
right of the city to collect $3,000,000 in back taxes.
with costs.—V. 112, p. 1144, 1024.
&
British
Columbia
Ry.—
Operation by Canadian Pacific Ry.—
See
Avenue tunnel and the
The order
was
affirmed
State
York
Railways.—Annual Report.
1920.
Years—
iuzu.
i
earnings
$10,454,410
Depreciation accrual
567,554
Def. inaint. accrual-r__
1919.
Other oper. expenses
Net rev. auxiliary oper__
7,802,004
Cr.2,631
429,227
1918.
$8,472,159
396,596
200,000
6,272,106
def.562
602,869
def.2,000
509,668
$1,466,311
$1,668,550
$1,291,789
548,091
300,041
37,473
38,506
$2,152,912
110,664
$1,766,352
1,336,671
$1,706,024
1,361,816
$1,330,295
1,374,077
$2,263,576
1,438,588
$429,681
—
$344,208
def.$43,782
$824,988
Net non-oper. revenue..
Gross income-.-
Interest and rentals
income.
112,
1917.
$8,460,002
5,758,999
6,505,264
621,173
Net (after taxes)
—V.
$9,406,473
850.
p.
Philadelphia Rapid Transit Co.—Proposes!-Cent Fares.
Pacific Ry. under "Financial Reports" above and "Re¬
Documents" on a subsequent page.—V. Ill, p. 588.
Canadian
ports and
New
Results Cal.
Gross
Net
Dunvegan
Edmonton
Empire State RR. Corp.—Fare Increase Denied.—
Commission has denied the company's application
permission to increase its fares from 7 to 10 cents.—V. Ill, p. 2520,2041.
E. Mitten in a letter to Mayor Moore on the subject of
President T.
operation of the Frankford Elevated road proposes a basic 7-cent fare and
five tickets for 35 cents, for the entire system, instead of four tickets for
25 cents, as now.—V. 112, p. 1144, 928.
The New York P. 8.
for
Erie
RR.—Equipment Trusts Authorized
authorized the company to assume obliga¬
in respect of $4,370,000 6% Equipment Trust Certifi¬
cates, Series "FF," by guaranteeing payment of the principal
dends thereon.
Certificates are to be issued by United States
Trust Co.,
between the
and divi¬
Mortgage
trustee, under terms of an agreement of assignment of lease
Standard Steel Car Co., the trustee and the company, dated
Apr. 30 1920, to Standard Steel Car Co., and accepted by it at par
ment of a portion of the cost of the below equipment.
Denom.
Divs.
payable
&
M.
N.
Certificates mature
$230,000
in pay¬
$1,000.
semi-annually
Certificates will be se¬
$5,813,109. of which
$1,213,108 paid in cash): 1,000 all-steel gondola cars. (est. cost) $2,357,500;
1.000 steel underframe box cars, (est. cost) $2,439,000; 42 all-steel passen¬
ger cars, (est. cost) $889,562: 6 all-steel combination passenger and baggage
cars, (est. cost) $127,047.—V. 112, p. 744, 652.
:,£. & N. to May 1 1930.
The Equipment Trust
on
the following equipment (estimated cost
cured
Evansville Indianapolis & Terre Haute
$2,050,000 5s due Apr. 1 will be paid off at maturity at office of
Pa.-^-V. 108, p. '2023.
Union Trust Co., Pittsburgh,
Pittsburgh & Shawmut RR.—Notes Not Paid.—
The $1,500,000 6% notes due Mar. 1 1921 "are held privately by majority
stockholders of the company and are being carried as over-due company
obligations, on which the interest will be regularly
may not be called for a year or more."
See also V.
Portland
reorganization plan in V. 110, p. 1186.
will be operated as the Evansville
Chicago & St. Louis Ry. (subject to
the approval of the I.-S. C. Commission), which has acquired the entire
$4,290,000 outstanding capital stock.—V. 112, p. 932.
per
Fonda Johnstown & Gloversville RR.—rBonds Extended.
bonds due April 1 1921 will be extended until Mar. 29
The holders of all bonds have consented to
895.
Lt.
& Power
Co.—Note Issue.—
recently placed among its employees and customers $1,000,-
Denom. $500 and $1,000 (c*).
Callable as a whole but not
int. day as follows: Sept. 1 1921 or March 1 1922, 102M:
Sept. 1 1922 or March 1 1923, 102; Sept. 1 1923 or March 1 1924, 101 Hi
Sept. 1 1924 or March 1 1925, 101; Sept. 1 1925. lOOtf.
Ore., trustee.
in part on any
Earnings and Expenses Twelve Months Ending
Gross earnings
Operating expenses and taxes
Depreciation
Bond interest, &c
Dec. 31 1920.
.
$9,564,615
—
i;
6,031,311
717,386
2,104,459
„
—
$711,459
Surplus
Capitalization Outstanding Dec. 31 1920.
Control.—The property of the company
division of the Cleveland Cincinnati
Ry.,
The company
paid but the principal
112, p. 1283.
000 8% 5-Year Gold notes.
Circulars issued by the company show:
Dated March 1 1921, due March 1 1926.
Title & Trust Co., Portland,
Ry.—Bonds.—
Spencer Trask & Co., N. Y.. it is understood, have placed
privately at 98 and int., to yield 7.15%. $500,000 1st Mtge.
Gold 7s of 1920 and due May 1 1950. Outst'g, $1,500,000.
Company.—Incorp. June 12 1920 in Indiana as successor of Evansville &
Indianapolis RR.,
Pittsburgh Bessemer & Lake Erie RR .—To Pay Bonds.
The
—
The I.-S. C. Commission has
tion and liability
&
destruction of railroad property.
Taxes
Duluth & Northern Minnesota RR.—Must Resume.—
Holding that the Minnesota Railroad & Warehouse Commission exceeded
its authority when it authorized the company to cease operations along its
lines. Judge Richard Daly has reversed the Commission's decision and
ordered the road to resume service.
As a result of the decision the road
will be required go operate at least one train each week on its line.—
-
Operations.—
Traffic was resumed March 24, after a tie-up of more than a week, due
to
the
on
y
compared with the deficit reported for
as
Missouri & North Arkansas RR.—Resumes
provides that William A. Jackson, special master, shall de¬
purchasers full deeds, all assets and assignments on the payment
to the special master of the full amount of money within 30 days, or within
such time as the Court later may designate.
The decree also directed that
all moneys held at present by A. P. Baldwin, receiver, shall be turned over
to the purchasers, with the exception of $100,000 which the receiver is
authorized to retain for current expenses.
Sanction to the payment of the
$5,000,000 5% 30-year gold bonds of the Western Pacific RR. is given in
the confirmatory decree.
The confirmation of the sale followed the refusal of Judge Lewis to permit
a stockholders' committee to file a bond of $100,000 in lieu of $100,000 in
cash as evidence of this intention to bid $10,000,000 for the property.
Daniel W. Blumenthal one of the counsel for the stockholders" committee
is credited with saying that the sale will not affect the litigation already
instituted by the committee on behalf of the stockholders to vacate the
judgment amounting to $38,000,000 and in the event that the actions
started by the committee to set aside the judgment are ultimately decided
in favor of the stockholders, full restoration must be made to the stock¬
The decree
liver to the
holders.
(Ont.) Street Ry.—May Resume Control.—
It is rumored that the Ontario Railway & Municipal Board, which has
operated the road since May 6,1920, will return the system to the control
of the company on April
0.—v. 110, p. 2568.
Denver Boulder & Western RR.—Petition to Rescind.—
Utilities
2568.
Rys.—Ordinance Against Jitneys.—
$35,930,900
Mortgage and floating debt
First Preferred Cumulative 6% stock
Second Preferred stock
—
—
$15,000,000 (75% paid)
850.
Common stock,
—V. 112, p.
5,000,000
5.000,000
11,250,000
The $200,000 6%
1922 with int. at rate of 6%.
this arrangement.—V. Ill, p.
Fort
The
Smith
receivers'
&
sale,
Westren RR .—Sale Postponed.—
scheduled for March 30 has been postponed until
April 4.—V. 112, p. 562.
p.
Northern Virginia Power Co. under
1282.
"Industrials" below.—V. 112,
S. Commission has authorized the company to charge an 8-cent
The company asked for a 10-cent fare.—V. Ill, p. 1370.
Public Service Corp. of N.
J.—Fare Increase Halted.—
into effect a 10-cent
April 1 the Senate on
passed the Assembly bill that gives the Board of Public Utility
Commissioners authority to suspend for another three months any applicaIn
Hagerstown & Frederick Ry.—Sub. Co. Bonds.—
See
Poughkeepsie & Wappingers Falls Ry.—Fare Increase.
The P.
jare.
fare
effort to prevent the company ffom putting
all of its trolley lines throughout the State on
an
on
March 28
1400
THE
CHRONICLE
tion that has not been determined within the three months limit now pro¬
vided by law.
The three months period applying to the company's applica¬
tion expired April 1, and the 10-cent fare could be put into effect by default
not Governor Edwards signed the bill on March 30.
The company
now is charging 7 cents.
had
$500,000 Rapid Transit Street Ry. 5s Extended at 8%.—
The $500,000 Rapid Transit Street Ry. Co. of the City of Newark 1st
Mtge. 5s, issued April 1 1891 and due April 1 1921, have been extended to
April 1 1941 at 8%, but callable on any interest date at 105 and int.
A
sinking fund of sufficient amount to retire the entire issue by maturity at
the call price is established.
The bonds are an absolute first mortgage on
11.86 miles of street railway track on important streets in the heart of the
City of Newark.
The property is now operated under a 999-year lease by
the Public Service Ry. Co.
See annual report in V. 112, p. 1298,1274,933.
Reading Company.—Segregation Plan.—
Another petition of intervention has been filed in the Reading case by
George S. Ingraham, individually and as attorney for Frances T. Ingraham,
Robert 8. Ingraham, Mabel B. Ingraham and Marcus L. Taft, holders of
11,000 shares of the Reading common stock, for information from the
Reading Co. as to value of their interest in the Reading property.
The petition states that under the proposed plan of segregation petitioners
are required to elect as to assets of the company in which they desire to
hold an equitable interest, but that they are unable to take such election in¬
telligently until more definite knowledge of Reading's assets has been
provided.
The Philadelphia "News Bureau" says: "In some circles it is believed that
the difference of opinion among various Reading interests as regards the
-segregation plan are so wide that it will be impossible to get them together,
and that the Court will either have to hand down a mandate conatining a
plan of dissolution or else appoint a liquidating committee to wind up the
Reading Co.
In either event it is believed there will be further jockeying
by attorneys for the various classes of security holders which will delay
execution of the segregation plan.—V. 112, p. 1283, 1144.
Sacramento Northern
See
Pacific
Western
RR.
RR.—Acquisition by Western Pac,
below.—V.
112, p. 933,
563.
Tidewater Southern RR.—Bonds Authorized.—
The California Railroad Commission has authorized the company to issue
$49,000 of its First Mtge. 5% 30-year gold bonds.
to purchase a 60-ton electric locomotive.—V. 107,
Union
Pacific
RR.—Obituary.—
Thomas M. Orr, Assistant Secretary,
—V. 112, p. 563.
died at Omaha, Neb., March 19.
63.
United Light & Railways
Results for Calendar
Co. & Sub. Cos —Earnings.
Years—
1920.
Gross earnings, all sources
Oper.
(incl. maint. general & income taxes)..
exp.
The money to be used
p. 1580.
1919.
$11,956,517 $10,169,725
8,681,265
7,284,532
[Vol. 112.
INDUSTRIAL
General
AND
Industrial
and
MISCELLANEOUS
Public
Utility News.—The
following table summarizes recent industrial and public
utility news of a general character, such as is commonly
treated at length on
preceding pages under the caption
"Current Events and Discussions" (if not in the "Editorial
Department"), either concurrently or as early as practicable
after the matter becomes
public.
British Coal Miners' Strike
Began March 31.—"Times" Apr. 1, p. 1.
British Propose New
Tariff Duties.—"Times" Apr. 1, p. 17.
Actual Profits from Sale of Assets Held Taxable—Other
Decisions.—See
decision of U. S. Supreme Court under "Current
Events" and "Times"
of Mar. 29, p. 1.
Prices.—Wheat and other grains dropped yesterday to new low levels
No. 2 red winter wheat was
quoted at $1 64M, against $1 90^ Mar. 1 1921
and $2 60, the high point, Jan. 7 1920, and with $3 50
May 15 1917.
Corn
No. 2 yellow at 77y2c,., comparing with
87% Mar. 1 1921 and $2 21%, the
high in 1920, and $2 45 July 31 1917, the war maximum.
Oats fell to
50Mc.
Apr. 1, contrasting with 5614 Mar. 1 1921 and $1 50 May 7 1920.
Family beef at wholesale was quoted Apr. 1 at a new low price, $24, con¬
trasting with $29 Jan. 28 1921.
In 1920 the price ranged from $20 in May
to $28 in Oct., and in
Apr. 1919 it reached $42.
or
Am. Smelt. & Ref. Co. has advanced the
price of lead from 4.10c. to4Mc.
Westinghouse El. & Mfg. Co. on Mar. 10 again reduced prices on 60,000
80,000 items on an average about 6%.
Wages, &c.—Gov. Miller
on Mar. 28 signed the bill
increasing salaries
and ethers employed by N. Y. City in
higher educational
"Times" Mar. 29.
Am. Brass Co. on Mar. 10 announced a
wage cut of
of teachers
work.
10% on salaries and
piece work rates and 5 cents
an
hour
on
hourly
wages.
Labor.—Chicago manufacturers of men's clothing have proposed
"Times" Mar. 29, p. 19.
Building trade employees in Westchester County,
County, N. J., have refused a wage cut of $1 a day.
p. 19.
a
wage cut.
25%
N. Y., and Union
"Times" Mar. 31,
The strike of tug boat men in coastwise service was called off Mar.
25,
pending inquiry by committee of conciliation, but conference of employers
men Mar. 31 was ineffectual.
"Times" Apr. 1, p. 16; Mar. 26, p. 10;
and
Mar. 27, p. 21.
Eight thousand book and job workers in N. Y. printing trades agree to
arbitrate proposed 25% wage cut.
"Times" Apr. 1, p. 12.
r
Widespread building strike begun in Mass.; "Post" Apr. l,p. 11; "Times"
Apr. 1, p. 17; "Iron Age" Mar. 31, p. 884.
Coal.—At Indianapolis on Mar. 25 about 100,000 members of the United
Mine Workers were reported to have had no work since Jan. 1.
Belief
that prices are excessive is thought to be a
large element in the falling off
in orders.
Production of bituminous coal several months ago about 12,-
000,000 tons
a week, was for week ended Mar.
19 only 6,520,000 tons.
Mar. 26, p. 16; Mar. 27, p. 17.
The Read'ng Coal Co. has reduced its prices 50 cents a ton.
Plan to reduce wages on ships.
"Post
Apr. 1, p. 1.
Wages of
"Times"
Net
earnings
•____
Interest and pref. div. charges, subsidiary
.__
cos
$3,275,251
883,157
$2,885,193
896,109
$2,392,094
968,308
4,438
$1,989,084
900,970
$1,419,348
603,264
$1,088,114
605,169
$816,084
— _
$482,945
6,000
cut 8 to 33 1-3%.
Howe Scale Co.
Idem, p. 2.
Steel and Iron.—"Iron Age" of Mar. 31 says in brief: "Increased
operation
of automobile plants is the main cause of betterment in the steel situation
this week.
Apart from the Ford company, the motor car industry is now
running at about 25% of capacity, and releases of suspended steel orders
have helped some mills.
However, all motor vehicles built in 1920 con¬
sumed only 5% of the year's steel
output.
"The expectation of lower prices for all forms of steel and the belief that
the requisite freight rate reductions may take weeks are
holding the market
within narrow limits as to volume of new business, shipments from mills
and range of prices.
As a whole, the steel industry is somewhat under a
one-third operation.
"The repair policy forced on the railroads by their
operating losses gives
poor promise of steel consumption from that source.
The number of bad
order cars on sidings is increasing rapidly and shops are being closed.
The
Santa Fe has bought 1,300 gondola cars.
"An automobile manufacturer has bought spring steel on the 2c. bar
base, with 15c. per 100 lbs. extra, as compared with the 25'c. extra which
formerly obtained.
non-union
Balance
_____
Interest
charges, United Light & Railways Co_._
Prior Pref. Stock div., United Lt. & Rys. Co.(Del.)
Balance
______
Pro rata dividends Preferred stock
_____
,_
Surplus earnings...—
Ill, p. 2141.
—V.
United Traction & Electric Co.
—Time
for
Deposits
under
Plan
System (Rhode Island)
Extended to April 11.—
The joint reorganization committee, consisting of Michael F. Dooley,
Stephen O. Metcalf and Samuel P. Colt, has extended the time within
which tho below-named securities may be deposited under the reorganization
plan without penalty from March 20 to April 11.
Deposits should be made
with the following depositaries:
(1) United Traction & Electric Co. 1st M. 5%, due March 1 1933.
Depositaries: Rhode Island Hospital Trust Co., Providence; First National
Bank, Boston; Central Union Trust Co., New York.
(2) Rhode Island Suburban Ry. 1st Mtge. 4% bonds, due Jan. 1 1950.
Depositaries: National Exchange Bank, Providence; Bankers Trust Co.,
New
York.
(3) Pawtuxet Valley Electric Street Ry. 1st Mtge. 5%, due July 1 1933
Depositaries: National Exchange Bank, Providence; Bankers Trust Co.,
New
(4)
York.
Cumberland Street Ry. 1st Mtge. 6s, due Oct. 1 1918.
Depositaries:
The National Exchange Bank, Providence; Bankers Trust Co., New York.
United Traction & Electric Co. Capital Stock.
Depositary, Indus¬
trial Trust Co., Providence, R. I.
Compare plan in V. 112, p. 564,654.1026
(5)
Virginia Railway & Power Co.—Valuation.—
The Virginia Corporation Commission in a recent rate decision, deter¬
mined that the fair value of the light and power property of the
company
used in the public service for rate-making purposes, as of Jan. 1
1921, is
$14,636,636, on which it is earning 8.18%.
The company had claimed,
through its valuation engineers, that its new reproduction value as of
Jan. 1 1920, at prices prevailing then, including
"going concern" value and
working capital, was $28,242,213"
The same inventory of 1920, at prices as of 1914, showed a value of
$15,861,362.
The company asked for a valuation on an average of these
two figures, but the commission decided that such a method is too
crude.'—
V. 112, p. 654, 259
Western Pacific RR.—To Reorganize Denver & Rio Grande
RR.-—Acquisition of Sacramento Northern RR.—
See Denver & Rio Grande RR. above.
The company has applied to the California RR. Commission for
author¬
ity to issue $4,180,000 1st Mtge. 5% gold bonds in connection with its pro¬
posed purchase of a controlling interest in the Sacramento Northern RR.
The Sacramento Northern bonds deposited for
exchange amounted to
90.906% of the total issue.
The bonds are to be exchanged on the basis of
$80 face value in Western Pacific bonds for $100 face value of Sacramento
scaled
coal
operatives in Penna.
12%%, with
a
4-day week.
•'In most centres pig iron sellers have been able to check the downward
trend of prices on moderate tonnages, but further weakness has
developed
Cleveland and Chicago.
Chinese foundry iron is being offered in San
Francisco at $38, delivered, which is less than American furnaces have been
at
quoting.
Merchant furnace output has been cut further in the past week.
"The access of foreign steel to Pacific coast and Gulf points is made
easy
by present high rail freights from Pittsburgh.
Belgian bars have been
offered at Antwerp prices, equivalent to 2.30c., San Francisco, whereas,
domestic bars at 2c., Pittsburgh, with 1.665c. rail freight to the coast,
would be 3.66c. delivered."
Bessemer billets at Pittsburgh, Mar. 29, were quoted at $38, against
$38 50 Mar. 1 1921 and $60 Mar. 30 1920; furnace coke quoted at $4, against
$4 50 Mar. 1 1921 and $6 Mar. 30 1920.
Matters Covered in "Chronicle" of Mar. 26.—(a) Cotton crop estimate, p.
1194.
(b) February exports, p. 1195, 1250.
(c) Building work in 1920.
p. 1195.
(d) N. Y. port improvement project, p. 1208.
(e) New capital
flotations, p. 1216 to 1221.
(f) Cost of war, p. 1223.
(g) Cable transfers
not trust funds, p. 1225.
(h) Industrial combinations favored, p. 1229
(i) Employment and wages in Feb. 1921 and 1920, p. 1230.
(j) Wholesale
prices in Feb.—decreases in retail food prices, p. 1231.
(k) Prices in
France, p. 1232.
(1) Tariff legislation, protest against American valuaton,
p. 1229, wool embargoes sought, p. 1232.
(m) Packing strike averted, p. 1233.
(n) Packers "Industrial Democ¬
racy," p. 1235.
(o) Packing conditions, p. 1235.
(p) Daylight saving
repeal, p. 1236; N. Y. City adopts said saving for five months from April 24.
(q) Buildingtradeoutlook.p. 1236. (r) Housing and rent laws upheld, p. 1237.
Abitibi Power &
Paper Co., Ltd.—Div. Decreased—Earn.
The directors have declared
a
quarterly dividend of $1 per share
on
the
Common stock, no par value, payable April 15 to holders of record April 5.
It is stated that the dividend was reduced because of a desire to conserve
resources and in view of the business uncertainty.
(See div. record
below.)
1920
Gross
.$10,580,i42
sales....
Expenses..
5,537,009
________________
1919
1918
$6,029,353
3,903,635
$5,650,264
4,006,610
Northern bonds.
Of the Sacramento Northern
stock issue, 90.639% of $4,065,094 27 has
The Western Pacific is to pay $27 50 per share for trust
certificates representing first pref. stock; for trust certificates
representing
2d pref. stock, $15, and certificates representing
common
stock, $6.—V.
been deposited.
112, p. 934, 564.
Netearnings
Interest
___
Depreciation and depletion, etc
Business profits tax
Preferred dividends
Common dividends
Wichita Northwestern
A bill has been filed in the U. S.
Ry.—Foreclosure Proceedings.—
District Court at Kansas City,
seeking
to foreclose on the company. which is said to owe
$250,000.
The Com¬
merce Trust Co., as trustee of the bonds issued
by the company a few
years
ago, resorted to foreclosure suit to collect the Wichita & Northwestern
obligations, for which extension of time has been granted
repeatedly.
("Financial America.")—V. Ill, p. 390-
Wilkes-Barre Ry.—Bonds Extended.—
The $1,500,000 Wilkes-Barre & Wyoming
Valley Traction Co. 1st Mtge.
5% bonds, maturing April 1 1921, have been extended to April 1 1931 at
7% per annum, but redeemable as a whole at 102)^ and int. on
any int.
date if called prior to Apr. 1 1926, and at par on
Apr. 1 1926
date thereafter.
or on any
int.
Holders of over % of the issue had agreed to the
exten¬
The extension has not been underwritten.
Since Jan. 1 1910 the property covered by the
mortgage securing the
bonds has been leased to and operated by Wilkes-Barre
Ry.
The lessee
assents to the proposed extension and agrees to
pay the interest and
sion.
prin¬
cipal of the bonds extended.
$5,043,133
$2,125,717
$1,643,653
501,946
454,319
469,031
/
793,018
527,704
663,419
64,576
79,463
(7%)70,000(26^)262500 (7%)70,000
al,500,000
(6)300,000
Balance, surplus
surplus
$2,113,592
1,574,979
$501,730
1,073,249
$441,202
632,047
Profit and loss surplus.
$3,688,571
$1,574,979
$1,073,249
Previous
Dividends paid for the year 1920 on the Common stock were as follows,
viz.: $1 50 per share each in July and Oct. 1920 and in Jan. 1921 on the
a
outstanding 250,000 shares of no par value stock, and in April 1920 7J^%
on the then outstanding $5,000,000 Common stock,
par $100.
This com¬
with 4y2% paid in Jan. 1920 and an initial distribution of 1 y2%
made in Oct. 1919.
V. 112, y. 1284.
pares
Alameda
Sugar Co.—New Directors—Stock
Aapuired by
Holly Sugar Co.—
C. A. Johnson, Gen. Mgr. of the Holly Sugar Corp., and Paul A. Sinsheimer of the Mercantile Trust Co. of San Francisco, have been elected
directors,
thereby increasing the board from 7 to 9 members.
The latter company for year ended Dec. 31
than 6 times the interest on these bonds for the
same
It is reported that the Holly Sugar Co. of N. Y. has acquired a one-fourth
interest in the Alameda corporation through the purchase of a 15.000-share
period.
The property is in first-class operating condition, such condition
being rated at 100% efficient.—V. Ill, p. 1662.
block of stock formerly held by the American Sugar Ref. Co.—'V.111.p. 1951.
1920
earned
more
Wilkes-Barre &
Wyoming Valley Tr. Co.—Bonds Ext.—
See Wilkes-Barre Ry. above.—V.
107,
p.
1102.
Albaugh Dover Co.—Capital Increase.—
The stockholders
$2,000,000 to
on
March 29 voted to increase the capital stock from
$4.000,000.—V.
112, p.
934.
April 2
THE
1921.]
Allied Chemical & Dye Corp.—Initial
Common Dividend.
The directors have declared an initial quarterly dividend of SI per share
the outstanding Common stock, no par value, payable May 2 to holders
on
of record April
15.—V.
112,
p.
1026, 851.
Alpha Portland Cement Co.—Consolidation Held Up.—
Chas.
Boettcher, President of the Cement Securities Co., has informed
on consolidation advises that no further
stockholders that the committee
steps be taken toward consolidating the companies, beyond the reception
of stock for deposit.
This decision was arrived at pending the disposition
charges before the Federal District Court of New York affecting 74
companies.—See plan in V. 112, p. 1146.
of
by Mr. Eilers against the management.
As so limited, the investigation
to be conducted by Mr. Taft will be in the nature of a litigation, and there¬
fore of a somewhat narrow and personal nature—a proceeding in which
this committee, being non-partisan, will be only incidentally interested.
This committee, as indicated in its circular letter to stockholders, has no
evidence of mismanagement for presentation to an arbitrator nor is that its
purpose.
In other words, the purpose of this committee is not to present
to an arbitrator evidence against the management, but to obtain from the
management evidence for presentation to the stockholders, from which the
stockholders form their own opinion as to the management.—V. 112, p.1285.
[The company has advanced the price of lead from 4.10 to 4M cents.]
cement
American Railway Express
that
the
total
amount
due
the
company
for the six months
guaranty period following Federal control will be about $31,000,000.
advance payment of $10,000,000 under the guaranty was made to
express company during the guaranty period.—V. 112, p. 1285, 565.
An
the
Screw Co.—No Extra Dividend.—
American
American Sugar
paid, compared with 1*4% extra in July
1920, 6*4% extra in Jan. 1920 and 1*4 % extra in July 1919.—V. 112, p. 64.
dividend of 6J^% was
extra
American Smelting & Refining Co.—ilfr. Taft Willing
Undertake Investigation.—Mr. William H. Taft has agreed
to
investigation of the affairs of the company
suggested to the board of directors by Messrs. Guggen¬
heim Brothers, with respect to the charges of Karl Eilers.
Mr. Taft under date of March 26 says in brief:
to undertake the
as
I
assume
you
intend that Mr. Eilers shall be given full opportunity to
present such evidence of the transaction as he may choose, and that those
whom you represent will have equal opportunity, and that my conclusion
shall be a judicial one.
With that understanding, and with the further
understanding that I have sufficient time, after my present engagements,
to do this work, I shall be willing to accept the task and render a decision
the issues thus made, as a judge.
upon
Letter
President.—President
of
letter of Mar. 28 addressed to the
"
Simon
Guggenheim
in
Stockholders' Investigat¬
ing Committee, Henry Evans, Chairman, says in substance:
The management of this company
welcomes any inquiry into its affairs
representative committee as your own.
Any information which
desire is at your disposal.
In the newspaper articles announcing the formation of your committee
several specific points are raised and it is felt that immediate response
should be made to these questions:
Curtailment of Expenses.—In the 1920 annual report we stated that "as
soon as the general depression in business began to affect the metal indus¬
try, marked curtailment was made in the New York office expense, general
expenses and in wages."
That is literally true.
There has been a drastic
cut in all expenses at all plants.
The full effect naturally did not come into
the accounts for 1920.
The administration expenses in the New York office
alone have been reduced at a rate of some $250,000 a year as compared with
by such
you
above.—V. 112, p. 1146, 1020.
American
Telephone & Telegraph Co —Dividends to
Be Increased from 8% to 9% Per Annum.—It is announced
that the company proposes to increase its annual rate of divi¬
dends from 8 to 9%, beginning with the quarterly distribu¬
tion payable July 15.
Statement Made by President Eugene V. R. Thayer.
The regular quarterly dividend of 1 % % on the Capital stock has been
declared payable April 1 to holders of record March 31.
In January last
an
Refining Co.—Sells Stock Interest.—
See Alameda Sugar Co.
Co.—Partial Payment.—
The company has obtained from the I.-S. C. Commission a certificate
for a partial payment under the Federai guaranty of $4,500,000.
It is
estimated
1401
CHRONICLE
a
The change in the dividend rate is nothing more than an
set of conditions.
It has
adjustment to
new
always been the policy of the company to
such a dividend as would maintain the market value of the stock at a
premium sufficient to attract subscription to new stock issues.
The issue of a fair proportion of new capital rather than the increase of
debt to take care of growth is a necessary part of any sound financial pro¬
gram.
Before the war the 8% dividend maintained the stock at a satisfac¬
tory premium.
The war period, of course, could furnish no data for a
program of which permanency could be an essential.
Since the war, with
efficiency and earnings equivalent to pre-war standards, its stock is bought
pay
and sold at
only about
Par value indicates
demand for
more
par.
satisfactory absorption of the present issue, but no
same rate of return.
Stock must be at a premium
at the
to indicate a readiness to absorb further issues.
.
Not only present financial conditions
governing the status of this and
probable condi¬
tion in the future and the action of the directors is based upon the conclusion
that a higher rate of return is necessary to attract the portion of the capital
other investment securities has been considered but also the
which
must
from
Come
the
in
shareholders
order
that
extension
of the
telephone service to keep pace with the growth of the country and the
demands of the public may go on.
There has been no time within the past ten years when the company's
earnings have not been sufficient to pay the higher rate of dividend.
[Dividends at the rate of 8% per annum (2% quar.) have been paid from
Oct. 1906 to April 1921, inclusive; this compared with 7*4% per annum
paid from July 1900 to July 1906, inclusive.]
a
Sale of Stock to
may
Employees Authorized at Annual Meeting.—
The shareholders at the annual meeting adopted the
proposal to allow
employees of the corporation from time to time to subscribe for stock
of the company at not less than par and in amounts not exceeding 50 shares
for any employee in any one year.
the
New
Treasurer and Directors Elected.—
W. Blair Smith has been elected Treasurer, succeeding George D. Milne.
Green and Clarence L. Langridge have been elected directors.
James W.
Compare annual report, V. 112,
1019.
p.
.
1920.
(2) Surplus of Securities Co.—Our company owns all of the Common
stock, 90k% of the Pref. "B" and 40% of the Pref. "A" stock of the
American Smelters Securities Co.
While it is true that the surplus of the
Securities Co. has, technically speaking, been reduced, there has in fact
been no actual reduction because there results no difference in the consolibalance sheet/
The amount debited to the Securities Co. for Common stock dividend
was
credited to the Smelting Co.'s
profit and loss account, and in the con¬
each other and no difference ap¬
solidation the two items exactly balance
in the consolidated report.
Obviously, therefore, there could not
the combined surplus of the two cos.
(3) The inventory for Dec. 31 1920 was $53,800,000 as compared with
$48,700,000 at the end of 1919.
The difference arises in substantial meas¬
ure out of a greatly increased volume of metal on hand.
The company
carries as "normal stock" in its inventory 14,805,000 ounces of silver at
50c., 34,684 tons of domestic lead at 3.88c., and 15,000 tons of copper
in process at 12c.
In making the company's inventory all stock of metal
in excess of the foregoing is carried at actual cost.
This practice in making
the inventory has been followed for more than ten years.
jfoWe are ready to furnish to your committee data verifying the above.
Investigation.—Before we heard of the organization of your committee,
the Messrs. Guggenheim Brothers had suggested that Mr. William H. Taft
be invited to make a thorough inquiry into the policies of the present
management and any duality of interest.
Mr. Taft, or whoever of equally
high character undertakes this task, will be asked to make the most search¬
ing inquiry into any subjects in which your committee or any other stock¬
holder may be interested.
y
Such inquiry, however, should not prevent your committee from going
ahead with its own work immediately and obtaining from the management
any information which it may desire for.legitimate purposes.
Retirement of Mr. Eilers.—Mr. Karl Eilers, long associated with tho
company, became a Vice-President Nov. 1 1916.
Being in charge of the
smelting operations of the company in tho United States, he embarked
upon an expenditure program of his own, and it seemed impossible for the
board to retrain him within reasonable limits.
Accordingly, early in 1919
he was removed from charge of the smelting operations.
It was hoped that
his services as a metallurgist could be utilized in a general advisory capacity,
but a general atmosphere of friction resulted and he was therefore dropped
from the directorate in April 1920.
Under his contract, Mr. Eilers was entitled to one year s notice.
Al¬
pears
and would not be any reduction in
...
though performing no services in 1920, he demanded
was legally entitled to, one year's salary at $40,000.
112, p. 1285, 1152, 472, 254.)
and received, as he
(Compare also V.
Committee.—The committee of
Preferred and Common stockholders, Henry Evans, Chair¬
man, organized as an independent impartial Committee of
Investigation, in circular of Mar. 24, says in substance:
Stockholders'
Investigating
Without reference to
the adverse crticisms which have been made,
the
following statements appear to warrant an investigation:
(1—2) Practically the entire board has been composed of persons draw¬
ing salaries from the company, so that the company has not had the benefit
and protection of an independent representation
of its stockholders.
(3) Those in control have been largely interested in conflicting or competing
companies.
(4) The large and apparently heretofore profitable selling
agency has recently been transferred, without consideration, to Guggen¬
heim Brothers.
(5) The opportunity still exists to operate your company
to its disadvantage.
(6) The present showing is unsatisfactory.
In view of these facts, and of the charges of mismanagement which have
been made, it is clear that the stockholders should acquaint themselves
with the affairs of the company.
■
We ask the Preferred and Common stockholders to become parties to a
stockholders' agreement providing for a contribution not to exceed $1 per
share, with an initial payment of 50 cents per share, and constituting the
committee the attorneys-in-fact for the stockholders to conduct the neces¬
sary investigation and represent the stockholders to such extent as may
prove to be necessary for the protection of their interests.
No call for a
deposit of stock is contemplated at this time, nor will it be necessary to
withdraw any proxy given for use at the April meeting of stockholders.
Copies of the stockholders' agreement may be secured on application to the
committee's depositary, Title Guarantee & Trust Co., 176 Broadway,
N Y
or from the Secretary of the committee, Ernest Sturm, 80 Maiden
Lane, N. Y. City.
Extracts from
[Rumsey & Morgan are counsel.]
Reply of March 30 from Henry Evans,
Committee, to President Guggenheim.
Your courteous offer to
as
it may
desire, is noted with satisfaction, and
From Mr.
nose
aid this committee, by giving it
Chairman of
such information
will certainly be availed
Taft's recently published statement, it appears that his purjudifial determination or conclusion, based upon evidence
is limited to a
to be
presented by Mr.l Eilers on the one hand
the company on
and by the management of
the other hand, concerning the
justness of charges made
Anaconda
Copper Mining Co.—Suspends Operations.—
See'' Current E vents''
on a
preceding page of this issue.—V. 112, p. 1027.
Austin Nichols & Co., New York.—Annual
Results
for Years ending Jan. 31—
Report.—
1921.
y$391,024
Profits for the year
Less—Provision for Federal taxes
.___
_
Dividend on Preferred stock
not shown
1920.
$1,616,469
352,000
385,000
257,826
Surplus for the year.
f
____
$6,024
y Profits for
1920 include all sundry adjuslments.
$1,006,642
:
The balance sheet of Jan. 31
1921 shows total current assets of $12,080,-
927; this includes, with other items: (a.) Inventories at cost or below (less
reserve), $6,946,786; and (6) $1,710,072 cash.
Current liabilities, $6,856,719, including bills payable
$6,192,733.
Capital
stock
outstanding
(a) $5,437,300 7% Cumul. Pref., and (6) 150,000 shares of Common stock,
par value.—\. Ill, p. 1755.
no
Autosales
Corp., N. Y. City.—No Pref. Div.—New Dir.
The directors have omitted the declaration of the quarterly dividend
usually paid Mar. 31 on the Pref. stock.
(Compare V. 112, p. 935.)
Hugh C. Leighton has been elected a director.—V. 112, p. 935, 473.
Avery Chemical Co.,
Boston.—Would Sell Property.—
W. H. Hitchcock, receiver, has filed a report
in the U. S. District Court
showing assets of $479,178 and liabilities of $409,745.
He states
that he does not deem it wise to attempt to resume operations and asks the
court for an order to permit the sale of the entire property by public auction.
—V. Ill, p. 2523.
at Boston
Babcock
Wilcox Co.—Annual
&
Report.—
1920.
Calendar Years—
Total gross earnings..
$4,922,768
Depreciation, &c.____________________
691,028
Federal taxes.
485,000
Inventory adjustment and reserves..__ 1,538,936
—
Dividends
__„_.___
Baltimore
_
_
1918.
$0,820,896
452,198
3,850,000
1,200,000
1,200,000
$707,804
$1,674,475
.—_$11,098,554 $10,390,750
$1,495,709
$8,716,274
,___
Surplus
Total surplus.
—V. 110, p. 1641.
1919.
$8,275,894
387,257
5,014,162
County
Water
1.500,000
Electric
&
Co.—Baltimore
a Cost of About $4,100,000.
The Public Improvement Commission of Baltimore, Md., has recommended
City to Acquire 9 Water Co's at
that the city acquire all the property of tho following companies
of about $4,100,000: (1) Baltimore County Water & Electric Co.,
at
a
cost
(2) Roland
Park Water Co., (3) Brooklyn & Curtis Bay
dalk Water Co., (5) Suburban Water Co., (6)
Light & Water Co., (4) DunArtesian Water Co., (7) Ever
green Lawn Water Co., (8) Rognel Heights Water Co., (9) Denmore Park
Water, Light & Heating Co.—V. 110, p. 564.
Barnhart
Brothers * &
Spindier,
Chicago.—Notes
Offered.—Bartlett & Gordon, Inc., and Elston & Co. Chicago,
are
offering, at 100 and int., for all maturities, $600,000
8% Serial Gold Notes.
A circular shows:
Dated March 1 1921, due serially each March 1 1923 to 1931.
Dcnom.
$1,000, $500 and $100 (c*).
Red., all or part on any int. date at 102 for
notes maturing from 1923 to 1925. incl., and 101 for notes maturing there¬
after.
Int. payable M. & N. at Illinois Trust & Sav. Bank, Chicago, trustee
without deduction for normal Federal income tax, not in excess of 2%.
Earnings.—Net earnings available for interest charges, after deducting
depreciation, Federal and other taxes, have been:
Average for 9 years 3 months ended Aug. 31 1920_...
Average for 5 years ended Aug. 31 1920
For
year
ended Aug. 31 1920
-
..$227,136
261,784
389,996
48,000
Capitalization.—Authorized and outstanding: 8% (Serial Gold Notes (this
issue), $600,000; First Pref. stock, $1,250,000: Second Pref. stock, $750,000;
Common stock (all owned by Amer. Type Founders). $1,000,000.
Purpose.—Proceeds will be used to retire floating debt.
See V. 112, p.
935,654.
Maximum interest charges on this issue__
Bell
Telephone Co. of Pennsylvania.—Div: Increased.
A quarterly dividend of 2% was paid March 31 to holders of
March 29 on the outstanding $60,000,000 Capital stock, par $100
record
($52.-
484,000 of which is owned by the New York Telephone Co.).
This is an
increase of *4 of 1% over the quarterly dividend previously paid.—V. 112,
p. 1027.
Best-Clymer Mfg. Co.— Notes Deposited as Security
See Temtor Corn & Fruit Products Co.
—
below.—V. 109, p. 1463. 1276.
1
THE
1402
Briscoe Motor
<
Corporation.—New President
O. A. Earl, formerly Vice-President of
Ill, p. 192.
CHKONIOLE
[Vol. 112.
Calumet & Arizona Mining
Co.—Earnings.-
—
the Willys-Overland Co., has been
Calendar Years—
ucutnuar xears—
Gross income.
1920.
_
elected President.—V.
plan upon which the stockholders of the interested companies
shortly vote are outlined fully in a letter of Pres. R. M.
to the shareholders of the Dominion Steel Corp.,
Dividends
——_I__
British Empire Steel Corp. has
Production &c.—
Total
Sl/i?mpo^rmof Halifax Shipyards.—The inclusion of the Halifax Shipyards,
the Scotia company.
During the last
two years the company's slipw.ays at Dartmouth hauled out 895 vessels
of all classes, and repairs were executed on 294 ships at Halifax Graving
Docks.
At present two 10,500-ton vessels are in course of construction.
Advantage of Merger.—Extensive economies in the operat'on of all the
plants should be effected under one general management and control.
Proposed Stock Issues.—The proposed stock issues in the British Empire
Steel Corp. in order to carry out the plans, aggregates $101,750,000:
Dominion corporation and
of the
7% Cumulative Preference shares Series "B"
7% Cumulative Second Preference shares-,- — --
819,950,000
57,350,000
..
24,450,000
Of the $101,750,000 stock so proposed to be issued, 85,605,000 2d Cumu.
7% Pref. shares and $2,360,000 Common shares will be held by Dominion
Iron & Steel Co., one of the constituent companies.
8% Cumulative Preference Slock Series "A. —The British Empire Steel
Corp. will be able from time to time to obtain additional capital by the sale
of 8% Cum. Preference stock Series "A," which it has authority to issue.
7% Cumulative Preference Series "B."—The 7% Cumulative Pref. shares
Common shares——
;
■->-
—
shares
Such exchange of Prefer¬
Series "B" are to be offered in exchange for outstanding Preference
of the
companies which enter the consolidation.
shares will be at the option of the holders and upon terms below men¬
tioned.
The Cumulative Preference shares Series "B'r rank with the Cumu¬
lative Preference shares Series "A" as a first preference both as regards divi¬
ence
*
On
companies [$31,102,475 outstanding] are to remain undisturbed.
Basis
.
of Exchange of Common
„
Stocks.
(a) Each $100 fully paid Ordinary or Common share of the Dominion
Steel Corp., Ltd., will be exchanged for $95 of fully paid 7% Cumu. 2d
Pref. shares and $40 fully paid Common shares in the Empire Corp.
(6)
Each $100 fully paid Ordinary or Common share of the Nova Scotia
Steel & Coal Co., Ltd., will be exchanged for $90 fully paid 7% Cumu. 2d
Pref. shares and $40 fully paid Common shares in the Empire Corp.
(c) Each $100 fully paid Ordinary or Common shafe of Halifax Shipyards,
Ltd., will be exchanged for $60 fully paid 7% Cumu. 2d Pref. shares and
$25 fully paid Common shares in the Empire Corp.
Basis of
Exchange of Preferred Stocks,
fa) Each $100 6% Cumu. Pref. share of Dominion Steel Corp., Ltd.,
Dominion Iron & Steel Co., Ltd., and
each 7% Cumu. Pref. share of Dominion Coal Co., Ltd.. to be exchangeable
and each 7% Cumu. Pref. share of
for one share of like amount of Cumul. 7% Preference stock Series "B" of
the Empire Corp.
(1)$19,950,000 7% Preference shares Series "B" to be exchanged as follows:
(a) For 0% Prer. shares of Dominion Steel Corp—
$7,000,000
For 7% Pref. shares of Dominion Iron & Steel Co
5,000,000
For 7% Pref. shares of Dominion Coal Co
3,000,000
For 8% Pref. shares of Nova Scotia Steel & Coal Co.
1,200,000
For 6% Pref. shares of Eastern Car Co.
750,000
For 7% Pref. shares of Halifax Shipyards
3,000,000
(2)'$57,350,000 7% 2d Pref. shares to be exchanged as follows:
— .
(a) For Dominion Steel Corp. Common shares..
(5) For Nova Scotia Steel & Coal Co. Common shares
For Halifax Shipyards Common shares
(3) $24,450,000 Common shares to be exchanged as follows:
(a) For Dominion Steel Corp. Common shares
(b) For Nova Scotia Steel & Coal Co. Common shares
(c) For Halifax Shipyards Common shares.
(c)
.
$40,850,000
13,500,000
3,000,000
$17,200,000
6,000,000
1,250,000
New Corporation Will Have No Outstanding Liabilities.—The British Em¬
pire Steel Corp. has entered into covenants with the Dominion and Scotia
companies that it has no outstanding liabilities other than the expenses
incurred in its organization and promotion, that it has no contracts or obli¬
gations outstanding other than those arising out of contracts or agreements
for the exchange of shares with the three constituent companies, and that
until it has acquired the Common shares of the Dominion and Scotia com¬
panies and 85% of the issued Common shares of Halifax Shipyards, and
until its permanent board is appointed, it will not issue any of its capital
stock other than may be necessary to effect the exchanges above referred
to, and that it will not create any liabilities except such as may be reason¬
ably incurred in completing its organization and the acquisition of the said
Organization.—The majority of the permanent board of directors of the
corporation will be composed of members of the present boards of the
Dominion and Scotia companies, amongwhom are: R. M. Wolvin, Pres.
and director in Dominion Steel Corp.; J. W. Norcross, V.-Pres. and director
of Dominion Steel Corp.; H. B. Smith, director in Dominion Steel
Corp.
new
and President and director in Halifax Shipyards; J. F. M. Stewart, director
In Dominion Steel Corp. and Halifax Shipyards; D. H. McDougall, direc¬
tor in Dominion Steel and President and director in Nova Scotia Steel &
Coal Co.; W. D. Ross, V.-Pres. and director of the Scotia company; Hon.
Lorne C. Webster, director of Scotia company; R. M. McGregor, director
of Scotia company.
Time for Exchange Expires Oct. 1.—The right of exchange of shares may
only be exercised
up
to and including Oct. 1 1921 unless otherwise extended.
Projected Balance Sheet.—For projected balance sheet as at Dec. 31 1919,
consolidating the assets and liabilities of the companies proposed to be
acquired ana giving effect as at that date to the introduction and applica¬
tion of the proposed new capital, see under "Annual reports" above.—
V. 112, p. 1286.
Bromptcn Pulp & Paper Co., Ltd.—New Bond Issue.—
PfThe shareholders on March 24 approved the creation of a new issue of
$3,000,000 20-year 8% Covnertlble bonds.
The bonds will carry the right
of conversion into common stock on the basis of two shares of no par value
common for each $100 par value of bonds, this option to extend over a period
of 10 years.
It is expected that $2,000,000 of the new bonds will be put
out In the near future.—V. 112, p. 1146.
.90,077,442
—43,019.141
60,427,636
27,978,077
85.935,738
78.367,248
-47,058,301
32,449,559
7,568,490
—
—.— —
I
earnings
1918.
8,596,001
—
—
263,486
1,229,303
Cr.74,603 deb.248,636
3,635,781
—
„—
Loss by reduction to market value
Total net
——.loss$3.823,743
Deduct—1917 Federal taxes
Reserve 1918 Federal taxes (estimated)
Obsolescence and depreciation
Dividends paid
500,000
Rate per cent—
(20%)
Sundry Items
Depletion of mining deposits
-
_______
...
—
—
—
-
—
_
—
—„—
'
Balance, deficit
_
$4,323,743
A press dispatch announces that the Calumet
the Isle Royale copper mines will be closed April
to cessation of copper
as
$5,263,077 $19,027,052
5,666,727
15,507,297
Ioss$526,051 loss$403,650
Add dividends from other
companies
Other miscellaneous items
production by
$577,017
$3,519,755
1,856,941
Cr.822,850
$6,199,546
$786,834
600,000
364,918
5,500,000
(220%)
98,598
——
...
75,750
1,000.000
(40%)
259,607
1,608,279
$2,366,620
$1,150,804
& Hecla, the Ahmeek
1.
numerous
an<|
See "Current Events'
companies.—V. 112, p.
Canadian Collieries (Dunsmuir), Ltd.— Plan
Operative.
.The bondholders'
committee give notice that the plan of
reorganization
1919, has become operative.
Holders of the committee's
certificates of deposit representing the 5% 1st Mtge. Gold Bonds and
holders of the said bonds (with coupon due Sept. 1 1914
attached) are
requested to lodge them with Binder, Hamlyn & Co. (London representa¬
tives of the company), 80. Bishopsgate, E.C.2, to be exchanged
in due
course for 5% "A" Income Debenture Stock, 5% "B" Income
Debenture
Stock. New Preference Stock, New Ordinary Stock, in accordance with the
plan of reorganization.—V. 110, p. 1190, 1750; V. Ill, p. 592.
dated
Dec.
2
Canadian General Elec. Co., Ltd.—Stock Div.—Officers.
The stockholders on Mar. 21 approved the proposal for a 20% stock
bonus distribution in Common shares.
On Dec. 31 there was outstanding
$8,754,400 Common stock.
A. E. Dyment, formerly Vice-President, has been elected President, and
J. J. Ashworth as General Manager, succeeding Senator Frederick Nicholls,
who has resigned.
Stephen Hass has been elected Vice-President.
Com¬
pare
V.
112,
p.
1286.
Canadian Salt Co., Ltd.—New Bond Issue.—
The
shareholders
will vote on April 7 on authorizing the Issuance
of
20-year general mortgage serial gold bonds.
issue $356,000 will be reserved for the redemption of first
mortgage bonds.
It is proposed to sell only $400,000 of the balance at the
present time, the remainder, $244,000, being reserved to provide funds for
extensions and
betterments from time to time.
The proceeds of
the
$400,000, now to be sold, will be used for funding capital expenditures
already made, for providing the money required for certain additions and
Improvements, and for increasing working capital.—V. 112, p. 1147.
$1,000,000 7%
Of the
proposed
Cerro de Pasco
Copper Co.—Listing.—
The New York Stock Exchange has admitted to
porary 10-year convertible
V. 112, p. 1147.
Chemical
$33,000,000.
the list $8,000,000 tem¬
sinking fund 8% gold bonds, due Jan. 1 1931.—
Industrials
The company, It is
Capitalization of New Corporation Issued upon Exchange of Securities.
Assuming that the holders of the Preference shares in the above companies
Empire Steel Corp., Ltd.,
67,968,357
17,967,381
—
lbs
hand end of year
Net
to
take advantage of their rights to exchange their holdings for the 7% Pref.
1919.
52.859,146
7,568,490
1920.
v
Production, selling and delivery cost
(c) Each $100 Preference share of Halifax Shipyards, Ltd., to be ex¬
changeable for one share of like amount of Cumu. 7% Pref. stock Series
"B" of the Empire Corp.
shares "B" Series, the securities of the British
to be issued will be distributed as follows:
—
year,
—57,827,883
lbs_-„32,449,559
Sales, &c.—
(b) Each $100 8% Cumul. Pref. share of Nova Scotia Steel & Coal Co.,
Ltd., to be exchangeable for 1 1-5 share of litce amount of Cumulative 7%
Pref. stock Series ''B" of Empire Corp., and each $100 6% Cumu. Pref.
share of the Eastern Car Co., Ltd., to be exchangeable for one share of like
amount of Cumu. 7% Pref. stock Series "B" of the Empire Corp.
"
year,
Rec'd for copper delivered (as above) .$8,069,950
dend and distribution of assets on a winding up.
Bond Issues Remain Undisturbed.—The bond and debenture issues of the
various
pounds
Delivered in
~
Ltd., would appear to be a logical outcome of its situation on the eastern
Atlantic seaboard, and will provide an important outlet for the products
(30%)
-
Calumet & Hecla Mining Co.—Annual Report.r—
is null and void.]
Companies Composing Present Merger.—Your directors are strongly con¬
vinced of the desirability of attaining the primary object of the original
proposal, namely, the consolidation of the operations of your company with
those of the Nova Scotia Steel & Coal Co., Ltd., and a new proposal having
this principal end in view is now submitted, involving the acquisition of
shares of the following companies only:
.•
•
t!
(a) Dominion Steel Corp., Ltd., and its subsidiaries. Dominion Iron
& Steel Co., Ltd., and Dominion Coal Co., Ltd.
(6) Nova Scotia Steel &
Coal Co., Ltd., and its subsidiary, Eastern Car Co., Ltd.
(c) Halifax
—
Copper produced, lbs
On hand beginning of
[The agree¬
agreed to a new arrangement.
,*
2.570,084
(40%)
1 ono oni
1,398,391
1,499,283
37,833
5,140,062
(80%)
9,358,213
2,157,947
1,888,945
2,259
7,067,241
(110%)
Balance, deficit
$720,883
$1,403,147
$1,056,824
$438,740
Compare New Cornelia Copper Co. below.-—V. 112, p. 936, 852.
Ltd., dated Montreal, March 21, which says in substance:
ment of June 28 1920
,
8,509,785
*rin 1co
719,168
1,380,089
1,859
1,927,563
*
i
Rate
„
Owing to circumstances which have since arisen, the directors have consid¬
ered it inadvisable to have that agreement carried into effect, and the
7,660,945
\ 1,362,969
M iscellaneousl—II"
Wolvin
Previous Merger Plan Inadvisable.—In June 1920 you approved of an
agreement under which the Common shares of your company were to be
exchanged for shares in British Empire Steel Corp., Ltd., organized under
laws of the Province of Nova Scotia, authorized capital $500,000,000.
8,206,403/
_
Depreciation—
will
1917.
1918.
1918-
1919.
'
$11,418,573 $10,286,477 $15,528,530 $20,035,866
Oper, & gen. expenses —'
state and Federal taxes
British Empire Steel Corp., Ltd.—New Merger PlanTerms of Exchange—Projected Balance Sheet.—The new merger
Corp.—Capital Increase.—
$29,000,000
reported, has increased its capital from
p. 65.
See V. 112,
Chicago Racine & Milw. (SS.) Line.—Bonds
Offered.—
Central Trust Co. of Hlinois and Hyney, Emerson & Co., Chicago, are
offering at 100 and int. $160,000 1st Mtge. 8% Serial gold bonds. Guaran¬
teed, principal and interest, by Northern Michigan Transportation Co.
A circular shows:
I
Dated Jan. 1 1921, due serially Jan. 1923-31.
Red. at 102 and int. on
any int. date.
Int. payable J. & J. at Central Trust Co. of Illinois, trustee,
without deduction for normal Federal income tax.
Secured by first closed
mortgage Upon the steel steamship Illinois, length 225 ft., breadth 40 ft.;
gross tonnage 2,427 tons at the present time in
the company's Chicago,
Racine and Milwaukee freight service.
Valuation $350,000.
The income statement for the calendar year 1920 shows: Gross income,
$987,433; operating expenses, including maintenance and taxes, $837,151;
net income, $150,282, being over 3 % times annual interest charge upon the
total funded debt outstanding in hands of public.
See also V. Ill, p. 1475.
Chino
Copper Company.—Suspends Operations.—
preceding page of this issue.—V. 112, p. 1147.
See "Current Events" on a
Cities Service Co.—To Increase
Capital to $100,000,000.—
The stockholders will vote April 26 on increasing tne
authorized Common
purpose of the increase is to
provide additional Common stock for regular stock dividends on the Com¬
mon stock, conversion of outstanding debentures and for other future cor¬
porate requirements.
Company has outstanding $29,192,592 Convertible Debentures, these
debentures being convertible partly into company's Preferred stock and
partly into company's Common stock.
In addition, company is now
paying stock dividends at the rate of 15% a year in Common stock at par
on the Common stock.
Of the present authorized $50,000,000 Common
stock $47,985,798 had been issued up to March 10 1921.
The stockholders will also be asked to authorize, or approve, the action
of the directors in making a new contract with Henry L. Doherty & Co. as
fiscal and operating agents of the company, the present contract expiring
May 1 1921
The annual report of Cities Service Co. for 1920 will be ready for distri¬
bution about April 15.
stock from $50,000,000 to $100,000,000.
New Canadian
The
Subsidiary Organized.—
The Cities Service Oil Co.,
Ltd., recently incorp. under laws of Canada,
has secured under lease the Great Lakes
Oil Refining Co. s plant at Wal-
lanceburg, Ont.
Crude oil will be received from the Empire Gas & Fuel
Co. the large producing subsidiary of the Cities Service Co. and refmed at
Wallaceburg, Avhich is favorably located to supply the gasoline, kerosene,
gas oil, fuel oil and lubricating oil requirements, of the Province of Ontario.
operation of the refinery and the marketing of the finished products
in the name of Cities Service Oil Co., Ltd.
Camp, formerly of Empire Refineries, Inc., will be Vice-Pres. &
Gen. Mgr. of the new company.—V. 112, p. 1028, 566.
The
will be under the control and
H.
W.
Citizens
Water Supply Co., Newtown,
L. I.—Plant.—
The company, operating in the Ridgewood, Glendale and
sections of Queens County, whose citizens have complained to
lack of adequate water supply, has submitted to the Board of
proposal to sell its plant and equipment to the
p. 566, 165.
Citrus
city for $4,400,000.—V. 112,
;
Co. of California.—Sells to City.—
voted to sell to the city of Redlands the
By so doing the company, which has plants in San
Belt Gas
The stockholders on March 17
plant there for $10.
Evergreen
the city of
Estimate a
April 2
1921.]
THE
;
CHRONICLE
Bernardino, Corona and Colton, gets out from under a bond
issue of
$300,000 on the local plant, which is a lien on the entire
system.
Redassume the bonds, but takes the
plant subject to them, to
pay interest only if operating expenses can be
paid under rates recently
fixed by the Commission.
The city has been operating the
plant for three
months.
(Los Angeles "Times.")—V. 105, p. 1524.
Dominion Steel Corp.,
See British
lands does not
Clinchfield
Coal
Corporation.—Debentures
Hambleton & Co. and Cassatt & Co.
int. SI
are
Offered.—
offering at 100 and
,000,00010-year 8 °/q Sinking Fund Gold Debentures.
„Dated April 1 1921.
of Blair
Due April 1 1931.
Int. payable A. & O. at office
&
Co., N. Y., without deduction for normal Federal income tax
not to exceed 2%.
Penn. State tax of 4 mills refunded.
Denom. $1,000
and $500 (c*).
Red. at 105 and int. as a whole on or after April 1 1923 on
any int. date, also by lot for sinking fund at 105 and int. on
any int. date.
Equitable Trust Co., New York, trustee.
*
Data from
Letter of President C.
E.
Bockus, Dated March 24 1921.
Company.—Incorp. in 1906.
Owns about 300.000 acres of coal lands
Present annual output of the mines is in excess of
2,000,000 tons, and present mining capacity is in excess of3,000,000 tons.
Purpose.—To retire indebtedness incurred for development during past
1 Vi years and to furnish additional working
capital.
Capitalization Outstanding After Completion of This Financing.
located
in
Virginia..
10-Year 8% Sink. Fund Gold Debs, due Apr. 11931 (this
issue)__$1,000,000
Preferred stock 7% Cumulative (par $100)
Common stock (par $100)
1,392,200
14,547,600
—
See Page &
Durant
These
independently organized companies will be operated under contract with
Durant Motors, Inc., which will direct all production.
It is estimated that
25,000 cars will be assembled and distributed from this plant, supplying
New England and the Atlantic Coast States, In addition to the
export trade.
The capital of the Durant Motors, Inc., is 1,000,000 shares of no
par
value.
The initial offering, made in January last, amounted to
500,000
shares, which, it is said, was immediately oversubscribed at a price around
$12.
It is Mr. Durant's intention to manufacture a car of four cylinders
which is expected to sell for less than $1,000.
'■,«
Roland T. Meacham, Cleveland, in a letter dated March 7, stated that
he was appointed as representative of the Durant
Corp. in Ohio, and was
offering a limited amount of the stock (not more than 50 shares to one
person) at $20 per share (subject to change without notice).
The stock is
now selling at around
21% per share.—V. 112, p. 261.
Eastern Car
See British
1919.
Federal
Colorado Fuel & Iron Co.—New
E. H. Weitzel has been elected Gen.
McKennan.—V. 112, p. 1286, 1028.
Officer.—
Mgr. to succeed the late J.
B.
Congoleum Company, Inc., N. Y.—Subscription Rights.
stockholders of record April 15 1921 will be permitted to subscribe for one
new Common stock for each three shares held, at the
price of $50
share of
redeemable after two years at not more than 105.
The money is to be used
to reimburse the treasury for funds expended for the acquisition of securities
of various subsidiary gas and electric acompanies.—V. 112,
p.
1286.
Corn Products Refining Co.—Usual Extra Dividend.—
1% has been declared
on
the Common stock,
in addition to the regular quarterly dividend of 1
%, both payable Apr. 20
to holders of record Apr. 4.
An extra of % of 1% was paid in each of the
four quarters of
Closes
since
the
first
of
the
year.
Farrell & Co., Omaha, Neb., manufacturers of syrup, on March 24 insti¬
tuted suit for $1,000 000 damages in the U. S. District Court at
Chicago
against the Corn Products Co.
The action charges the Corn Products Co.
from 1907 to 1917 conspired with other corporations to monopolize trade
and commerce and mix syrups and glucose, grape sugar and kindred
prod¬
ucts, in retraint of trade and by unfair competition.—V. 112, p. 1286, 1020.
Denver
Cal. Years—
1920.
1919.
...
$794,676
,
$286 948;
as
of Dec. 31 1920 shows cash of
$268,671
$794,668; inventories,
hand and in transit. $94,264; depreciation reserve, $327,280:
accounts payable and pay-rolls, $209,593; and total assets and
liabilities of
$21,948,340.—V. 112, p. 853.
ore on
.
Calendar Years—
Net
Chicopee Falls, Mass.—Earnings.1920.
1919.
profits
*.$5,034,950
235,700
Preferred dividends
1,086,981
Common dividends.*.-.
1,474,758
Deduction
_x2,669,117
Federal taxes
1918.
$4,956,685
1917.
962,028
1,055,489
$3,760,279
1,253,426
946,750
y835,049
y589,659
475,685
$2,104,118
__
$970,444
$1,580,037
$3,578,484
549,913
972,850
—
Balance, surplus
x
"
def$431,606
Extraordinary inventory written off.
Ill, p. 2428.
Retirement of Preferred stock.
y
—V.
Frank &
Seder, Inc.—Notes Offered.—
Union Trust Co., Pittsburgh, are offering at par and int. $600,000 8%
Serial Gold notes, dated March 1 1921, due $75,000 semi-ann. Sept. 1 1921
to March 1 1925.
Denom. $1,000 (c).
Int. payable M. & 8. at Bankers
Trust Co., N. Y., trustee, or at the Union Trust Co., Pittsburgh.
Red.
as
a
whole
only
on
any
int. date upon 60 days' notice at 102% and int.
Int. payable without deduction
excess of 2%.
Free of Pennsylvania State tax of 4 mills.
for normal Federal income tax not in
"The business is being conducted in a conservative manner with
profit¬
able results which compare most favorably with department store business
The books of the
generally.
company
show
a
sound financial condition."
1920, and also in Jan. last.
Argo (III.) Plant for
a Week—Suit.—
The company has shut down its grinding plant at Argo, 111., for one week
because of slack business.
The company employs more than 2,000 men in
the Argo plant.
The plants at Argo have been operated on a 4-day-a-week
basis
1919-
income.$2,071,014 $1,057,508
The balance sheet
Consolidated Gas Co. of N. Y.—Debentures Authorized.
Public Service Commissioner Alfred M. Barrett has authorized the issu¬
of $15,000,000 10-year 7% Debentures: to be sold at par and to be
ance
of
1920.
Balance, surplus
.
share.
Subscription warrants will be issued on or about April 15 1921,
with payment of 50% of the subscription price on
or before
April 30 1921, and the balance of the subscription price must be
paid on or before June 30 1921.—V. 112, p. 1286.
1
$51,442
$52,518
505,729
286,841
Dividends.. (6 %) 719,167 (3 %)449478
and must be returned
An extra dividend of
Refining Co. below.
Fisk Rubber Co.,
Subject to the authorization, at the meeting called for April 12 at the
office, 230 Fifth Ave., N. Y., of the increase of authorized Common capital
stock from 30,000 shares to 40,000 shares (without
par value), the Common
per
Cal. Years—
Net
2660.
2571.
Mining & Smelting Co.—Earnings.
Totalreceipts_$4,259,370 $2,474,864 Taxes
Oper. expenses 2,188,356
1,417.356 Charges
$1,561,538
p.
p.
Export Oil Corporation.—Status, &c.—
1920.
$791,479
v
Co., Ltd.—Merger Plan.—
Empire Steel Corp., Ltd., above.—V. 110,
See Indiahoma
(2) Company guarantees principal and int. on $540,000 Marine Equip.
5% bonds of Clinchfield Navigation Co., Inc., due $90,000 semi-annually
Dec. 15 1923.
1918.
will be used by the Durant Motor Co.
as the first of a chain of assembling
plants which will be scattered about the country at important points.
up to
$942,238
Shaw, Inc., below.
Motors, Inc.—Acquire Plant, &c.—
be $2,000,000.
The plant, it is said,
of N. Y. (capitalized at $3,000,000)
of this issue of debentures.
Annual interest on this issue $80,000, and on deferred real estate
payments
about $55,000, total $135,000 fixed annual interest.—V, 110,
1148.
p.
William C. Durant, it is announced, has purchased from the
Goodyear
Tire & Rubber Co. its plant in Long Island City for a consideration said to
Note.—(1) There are outstanding $1,108,464 deferred real estate pay¬
bearing 5% and 6% annual interest, due in various maturities over a
number of years, the major portion not being due until after
tlje maturity
Earninqs.—The net proceeds from the operation of coal properties, after
Ltd.—Merger Plan.—
Empire Steel Corp. above.—V. 112,
Dunham & Kattwinkel, Inc.—New Name.—
ments
depreciation and depletion, available for interest and Federal taxes, for the
past three calendar years, have been as follows:
1103
Gas
&
Electric
Light
Co.—Bonds
Sold.—
Bonbright & Co., Inc., and W. C. Langley & Co., New
York, have sold at 96 and int., to yield 7.85%, $1,000,000
25-year Gen. Mtge. 7^2% gold bonds, Series "A."
(See
advertising pages.)
Dated March 1 1921, due March 1 1946.
Red., all or part, on any int.
on 60 days' notice up to and incl. March 1 1926 at 107\ thereafter
1931 at 105; thereafter to and incl. March 1 1936 at
103; thereafter to and incl. March 1 1941 at 102; thereafter at 101 (plus int.
In each case).
Int. payable M. & S. in New York without deduction for
date
Fresno Canal & Land
Corporation.—Acquired.—
The San Francisco "News Bureau" says that by the middle of April the
rights, property, &c., of the company will have passed to the Fresno
Irrigation District, which has voted $2,000,000 bonds for the purchase
and improvement of the canal system.
The proceeds of the issue will be
used to pay $1,750,000 to the Canal Co. and the balance will be available
for improvements, &c.—Y. 104, p. 1267.
water
General American Tank Car
Calendar
Corp.—Annual Report.—
Years—
1920.
Net earnings
Depreciation and Federal tax
Surplus
x
Before
The
1919.
—$2,941,328
1,207,524
reserve.-.
$3,558,885
xl,383,909
$1,733,804
$2,274,976
-------
depreciation.
balance sheet
as of Dec.
31 1920 shows: Cash, $1,503,341; notes
$4,399,381; accounts receivable, $2,056,489; inventories, $5,notes payable, $4,450,000; accounts payable, $3,024,714;
advanced payments and accrued iuterest and taxes, $841,511; reserve for
dividends. $468,561; reserve for Federal taxes, $480,060; with total assets
and liabilities, $25,222,672—V. Ill, p. 2428.
receivable,
033,895;
and
to and incl. March 1
Federal
income taxes not in
excess
of 2%.
Penna. 4-mill tax refunded.
American Exchange National Bank, New York, trustee.
Denom. $1,000,
$500 and $100 c*&r*, $1,000 and multiples thereof.
Data from Letter of President F. W. Frueauff, Denver, Colo., Mar. 24.
Company.—A consolidation in 1909.
Supplies electric light and power,
artificial gas and central station steam-heating service in Denver without
competition.
In addition, sells electric energy at wholesale for distribution
in suburbs of Englewood, Golden, Littleton, Petersburg, Arvada, Sheridan,
Fort Logan, Aurora and Edgewater.
Central station steam-heating service
is
supplied to the business district of Denver.
Company owns and operates central electric generating stations, installed
capacity of 27,000 k.w.
Pin-chases under contracts a maximum amount of
15,000 k.w. of energy from Colorado Power Co.
Has 6 miles of high-tension
transmission lines and 660 miles of distribution lines.
Artificial gas depart¬
ment comprises coal and water gas equipment capable of producing
10,640,000 cu. ft. of gas daily.
Holder capacity 2,570,000 cu. ft.; gas is dis¬
tributed through 382 miles of mains.
During last 2 years the number
of connected electric meters has increased from 49,128 to 56,243, or
15%,
and the connected gas meters from 47,492 to 52,318, or 10%.
Capitalization After This Financing—
Authorized. Outstanding.
Common stock (all owned by Cities Service Co.)--$10,000,000 $10,000,000
Preferred stock, 6% Cumulative
5,000,000
1,176.200
Gen. Mtge. gold bonds (this issue 7H% Ser."A")
2-Year 7% Coll. Secured notes, due Mar. 1 1922._
25,000,000
Closed
First & Ref. Mtge. 5% bonds, due May 1 195125,000,000
Division Mortgage bonds
Closed
^
1,000,000'
2,000,000
x5.772.000
x6,396,850
x Not including $2,720,000 1st &
Ref. M. 5s and $935,000 Divisional
bonds pledged as collateral for 7% Coll. notes, nor $1,000,000 1st & Ref. M.
5s which will be pledged as additional collateral to this issue of bonds, but
incl. $326,000 1st & Ref. M. 5s alive in its sinking fund.
Purpose.—Proceeds will be used to refund $900,000 1st M. 5s of Lacombe
Electric Co., due May 1 1921, and for other corporate purposes.
Sinking Fund.—While any of these bonds are outstanding company will
on May 1 each year, beginning May
1 1922, retire 1% of the aggregate
amount of all bonds outstanding with the public, including this issue.
Earnings for 12 Mos. ended Jan. 31
1920.
1921.
Gross earnings
$4,377,998 $5,206,456
Net after oper. expenses, maintenance and taxes.. 1,754,719
1,956,184
Annual int. on total funded debt out with public, incl. this issue
823,443
Balance
See also V.
$1,132,741
110, p. 1191.—V. 112, p. 656.
Dominion Coal Co.,
See British
Dominion Iron & Steel
p.
297.
Co., Ltd.—Merger Plan.—
See British Empire Steel Corp. above.—V.
Ill,
p.
Goodyear Tire & Rubber Co. of Canada.—Div. Omitted.
The
at this
regular quarterly dividend of 1%% on the Pref. stock,
time, will be omitted.—V. 110, p. 81.
Gorham Mfg. Co —Div.
usually paid
Deferred—New President.—
Action on the Preferred dividend, payable April 1, was deferred Mar. 2
pending receipt of the customary report from a certified public accountant.
Franklin A.
Taylor has been elected President, succeeding John S.
Holbrook.
Mr. Taylor and George L. Shepley have been elected direc¬
tors, succeeding R. L. Knight and H. A. MacFarland.—V. Ill, p. 77.
Gray & Davis, Inc.—To Change Par Value.—
The stockholders will vote April 7 on changing the authorized capital
stock, consisting of 138,904 shares of $25 par value, into an equal number of
shares without par value, and to authorize the directors to issue all or any
part of the present unissued 30,000 shares at $25 per share cash to those en¬
titled to subscribe under the option agreement last August (V. Ill, p. 593,
993).—V. 112, p. 1287.
Great Atlantic & Pacific Tea Co.—Sales.—
The sales for the 12 months ending Feb. 28 1921 were $235,302,877.
against $194,640,960 for the corresponding period of 1919-20, an increase
of $40,655,917.—V. 112, p. 937.
Greenfield Tap & Die Corp.—Earnings
Calendar Years—
(incl. Sub. Cos.).
1920.
<
Gross sales
1919.
$6,203,767
Net earnings before depreciation
Depreciation and taxes
Preferred dividends.-
Balance, available for Common dividends
-V. Ill, p. 2143.
-
-
134,039
$4,793,209
1,332,557
521,000
90,000
$666,965
$721,557
1,206,723
405,718
Halifax
Shipyards, Ltd.—Merger Plan.—
See British
Empire Steel Corp., Ltd., above.—V. 110,
Hamilton Mfg.
The stockholders
on
p.
1977.
Co., Lowell, Mass.—Stock Dividends.—
March 29 voted to increase its capitalization from
$1,800,000 to $3,600,000 and to distribute the new stock share for share to
holders of record, March 29 and declare from its surplus a cavsh dividend
sufficient tc pay $70 a share.
The remaining $30 a share is payable by the
Ltd.—Merger Plan.—
Empire Steel Corp., Ltd., above.—V. Ill,
Goodyear Tire & Rubber Co.—Meeting Postponed—Plant
The adjourned meeting of the stockholders to act on the financial plan,
scheduled for March 29, has again been postponed to April 6.
For sale of company's Long Island City plant see Durant Motors, Inc.,
above.—V. 112, p. 1287, 1149.
297.
shareholders in cash, but it has been left optional with the directors when
to call for such payments.
The company's surplus, it is stated, amounts to
$3,095,000, of which $1,260,000 has been appropriated by
declaration.—V. 110, p. 470.
the dividend
Hartford
(Conn.) Automotive Parts Co.—New Pres.,&c
of Hollister, White & Co., Boston, has been elected
President, succeeding Jarfis McA. Johnson.
James M. Carney has re¬
signed as Chairman of the Board and as Gen. Mgr.
L. J. Hurley Jr., of
Springfield, Mass., has been elected Vice-President.—V. Ill, p. 2429.
R.
E. Carpenter,
Haskell & Barker Car Co.,
Gross
$3,789,390
earnings.
Repairs, renewals,
Dividends
,
$4,409,210
1917-18.
$2,634,192
amor¬
293,333
615,478
472,294
300,000
repl., &c.
300,000
350,000
($4)880,'000 ($4)880,000($3%)825,000 ($3)660,000
tization; &c.._.
Res. for renew.,
1918-19.
$3,743,131
511,071
300,000
Balance, surplus
a$2.098,319
$1,947,653 $2,761,916
a Subject to payment of Federal taxes.—V.
110, p. 1646.
Consolidated
Balance Sheet (after
Dec. 31 '20
Assets—
$1,380,859
Dec. 31'20 Apr.
Liabilities—
$
$
Cash
This Financing) [April 1920 Inserted by Ed.)
Apr. 30'20
547,267
1,818,756
36,446
1,933,506
Notes, accep'ces &
acc'ts
receivable
30'20
$
2,493,987
7%
1,038,914
Inventories
$
Notes & acc'ts pay. 2,573,108
Bonds (this issue)
3,000,000
660,223
Liberty bonds....
Inc.—Earnings.—
1919-20.
1920-21.
Jan. 31 Years—•
[VOL. 112.
CHRONICLE
THE
1404
2,000,000
notes—
Pur. money notes
35,950
Equipment
2,618,123
Sinking funds
116,093
254,062
Land, bldgs., &C—28,561,288 13,001,667
Deferred charges..
250,384
303,065
Deferred
3,064,096 y5,586,316
notes
credits..
Reserves—.
—
Mino ity int.
775,349
961,684
26,025
in
xSurplus
5,914,491
........
Inv. in sub. cos
1,208,891
21,0r>6,815 17,310,100
Capital stock.
9,014,4G6
Good will...
486,340
capital & surplus 1,269,634
Disc, on cap. stock
& funded debt..
1,962,073
ota
12,186,084
—*8,364,772
6,151,596
1 (each side)42,278,207 36,012,580
x Subject to provision for depletion and abandonment, depreciation and
y Includes: (a) Louisiana Oil Refining Corp. Mtge.
bonds, $24,000; (b) Esperson & Bonner notes (due 1920-24), $4,900,000;
(c) Invincible Oil Co. note due Dec. 1920, $343,178; (d) Accrued interest,
$39,638; (e) Esperson & Bonner notes, $269,500,
Federal income taxes,
Holly Sugar Corp.—Acquires Alameda Stock.—
above.—V. 110, p. 1977.
See Alameda Sugar Co.
Hoster-Columbus
Co.,
Inc.—Dissolved.—
having been dissolved, all persons having claims
the same at office of company, 52 Wall
435 Park St. South. Columbus, O.—V. 112, p. 657.
The above corporation
against it are directed to present
St., N. Y. City, or
Refining
Indiahoma
Co,—Notes
Offered—Annual Re¬
port.—A syndicate consisting of Poe & Davies, Baltimore;
Babcock, Rushton & Co., New York and Chicago; Simmons,
Day & Co., Chicago; Stix & Co. and G. H. Walker & Co.,
St. Louis, and Rollins, Kalbf'leisch & Co., New York, are
offering $2,000;(J00 10-Year 8% Sinking Fund Coupon
notes at 98lA and int., to yield 8.25%.
an
Results for
amount or amounts in excess of $100,000, that 50% of
the
cash proceeds therefrom shall either be invested in physical property
within 6 months or turned over to the trustee for the purchase and retire¬
ments of these notes.
net
Balance, surplus for
Letter of President E.
Data from
&c.—Owns
Refineries,
E. Schock, St. Louis, March 14.
andoperates up-to-date refineries at Okmulgee,
gallons capacity.
Owns oil and gas leases In
Louisiana of about 40,000 acres.
Capitalization,
Oil
Capitali¬
zation.
Year—
1919—
1918--.
.
.
1917—
1916—
.
.
1915—
.
x
After
.
taxes,
but
$3,795,950
1,249,113
761,538
907,986
$14,596,967
4,704,545
5,258,986
4,479,625
2,406,393
1,032,347
before
deducting
814,262
328,854
reserves
Years.
x
Net
Earnings.
$3,512,005
982,879
586,946
849,289
716,631
308,991
for depreciation,
year
Purpose.—To provide funds to advantageously purchase, at the extremely
prices now prevailing, crude oil and producing properties, without dis¬
turbing the present working capital.
1920.
$6,324,092
$906,722; total. 4,506,722
$1,817,370
1920.
A. ss cts
Liabilities—
Total..__..24,192,613 22,949,719
Book
-v.
value
of the
stock
on
$
Capital stk_a20,000,000 20,000,000
314,333
Accts. payable
167,744
1,334,609
Fed. tax liabil.
906,722
1,300,777
Surplus
3,118,147
20.046,661
Cash&accts.rec 1,210,926
1,349,737
Mat'l & supp.
527,794
403,321
Other invest.. 2,289,000
1,150,000
a
1919.
1920.
1919.
$
24,192,613 22,949,719
Total
Dec.
31
1920
$115.59 per
was
share
p..2047.
in,
Jones Brothers Tea Co.— ■Annual Report.—
Calendar Years—
1917.
1918.
1919.
1920.
.$22,743,098 $22,231,382 $15,832,697 $13,252,059
636,146
729,544
604,919
profits before taxes
Net profits after taxes._
495,332
150~6o6
Res. for work capital
150,000
150,000
x
280,000
Pref. divdends (7%)
280,000
280,000
280,000
200 000
Common dividends (2%)
(1)100.000
(1^)150.000
200,000
57,030
Exc prof & inc. taxes
85,000
73.678
See above
—
Net
______
def
sur$15,332 sur.$14,544 def.$48.759 sur.$49,116
5 1916. the
obligated at Dec. 31 1920 to have set aside out of surplus $500,000
as a reserve for additional working capital.
This appropriation we learn has
now been completed as has also the $80,000 which it was agreed should be
set aside prior to said date for the redemption of Pref. stock.
/The balance sheet of Dec. 31 1920 snows current assets of $4,523,559
(including cash $514,161. inventories at cost $3,663,713, &c.) and current
liabilities $1,620,749, including notes payable $1,335,000.—V. 112, p. 854.
x
Co.
sur. or
...
Under the terms of the consolidation agreement of Dec.
was
Kay County Gas Co.—Earnings.Year ending
9 Mos. to
Dec. 31 '20. Sept. 30 '20.
devel¬
opment and depletion.
31
ending Dec.
...
Pipe line prop.20,164,893
Bal,
Sales and Earnings for Six Calendar
Oil
Earnings after
Sales.
Oper. Expenses.
.$5,000,000
3,000,000
1,300,000
1,300,000
700,000
460,000
1920—
Oklahoma, Texas, Kansas and
Year
Balance Sheet December 31.
Sales..
Okla., and East St. Louis, 111., daily capacity about 15,000 barrels.
Also
owns 157 miles of pipe lines, loading racks and full equipment for conducting
Its business.
Owns and operates 924 steel tank cars of 8,000 and 10,000
Fiscal
Net profits, after depreciation
.
Divs. paid (18%), $3,600,000; res've Fed. tax.,
|
1921, due April 1 1931.
income tax of 2% to be paid by company.
Red. on any int. date upon 30 days' notice
refineries in
Illinois Pipe Line.—Annual Report.—
gold
Int. payable A. & O.
Normal
Denom. $1,000, $500 and $100.
at 101 and int.
Bank of Amer¬
ica, New York, trustee.
No mortgage can be placed on any of the existing
property during the life of these notes.
Sinking Fund.—Company agrees (a) to retire not less than $100,000 of
these notes each 6 months through purchase in open market or by call at
101 and int., and (b) that in the event of the sale, at any time during which
any of said notes are outstanding, of any of its lands, leases, pipe lines or
Dated April 1
Compare official statement to the New York Stock Ex¬
change in connection with the listing of its capital stock, in
V. Ill, p. 91.—V. 112, p. 658, 938.
Gross earnings
Otber income.
,v_
A
-
— -
$222,485
$659,804
-.
415,476
47,227
.$1,075,280
$189,589
$269,712
$3,496
C'r.88,892
52,760
34,213
13,666
63,900
$921,824
$154,437
.
.
ow
Storage Capacity.—Owns steel storage capacity at its refineries and on its
approximately 1,500,000 barrels and, through its close affiliation
in the Export Oil Corp. enjoys a ready market for
its manufactured products.
leases of
and one-third ownership
The Export
Oil Corp. was organized in 1913 and has a complete, up-to-date
800 acres of land owned in fee at Avondale,
This company has steel storage capacity of approximately 1,000,000
barrels.
During the year ended Dec. 31 1920 this company did a gross
export loading plant, embracing
La.
business of approximately
$30,000,000.
Output, &c.—Gross sales have increased from $1,082,347 in 1915 to gross
in 1920 of $14,600,000.
Company's pipe lines during 1920 trans¬
ported over 1,887,000 barrels of crude oil, and the tank cars transported
over 1,250,000 barrels of crude oil and 2,500,000 barrels of refined products.
Output of the refineries during this period amounted to 106,246,123 gallons.
See also annual report on a subsequent page.—V. 112, p. 1288.
sales
Invincible
Oil
Corp.—Bonds
Sold.—Naphen & Co.,
have sold, at 95 and int., to yield over
8%%> $3,000,000 Convertible 8% Sinking Fund Gold Bonds
(see advertising pages):
N. Y. and Boston,
Dated March 1 1921, due March 1 1931.
Red. at any time on 30 days'
notice at 110 and int. to the next interest payment date.
Int. Q.-M.,
payable at Chase National Bank, N. Y., trustee, or First National Bank,
Boston, without deduction of any normal Federal income tax up to 2%.
Denom. $1,000, $500 and $100 (c*).
Company will not mortgage any of its
properties or permit its subsidiaries to create any debt except purchase
money mortgages, tank car equipments or oil acceptances.
A quarterly
sinking fund commences Sept. 1 1921 and will retire l-10th of the total
issue of bonds each year.
If in any year total cash divs. on
capital stock exceed the sinking fund payments, such payments
shall be increased in that year to equal such excess.
authorized
common
Data from
Letter of Vice-Pres. J.
B. Shearer, New York, March 23.
Company.—Organized in Virginia.
Through subsidiaries controls, in fee
or by lease, about 135,000 acres of oil
properties in Louisiana, Texas, Okla¬
homa, Arkansas and other States; refineries located at Fort Worth, Tex.
and Shreveport, La., aggregate capacity about 10,000 bbls. a day; steel
tank storage capacity of about 1,000,000 bbls., including a tidewater export
station at New Orleans; 811 tank cars and about 250 miles of pipe lines.
The company produced through its subsidiaries in 1920 about 3,000,000
bbls. of crude oil.
Production is now largely settled and is at the current
rate of over 5,600 bbls. of crude oil per day.
Minority interests in the subsidiaries represent less than 5% of the book
value of the properties and less than 10% of the combined net earnings of
1920.
Owns 91 2-3% of the stock of Louisiana Oil Refining Co., the prim¬
ary production company, and about 86% thereof is pledged with the trustee,
subject in part to purchase money notes, as additional security for this issue.
Capitalization after This Financing—
Authorized. Outstanding.
Capital stock (par $50)
$50,000,000 $21,056,815
Conv. 8% Sinking Fund Gold Bonds (this issue)..
6,000,000
x3,000 000
Purchase Money Notes (payable seriallj to 1924)..
2 914 096
Tank Car Equipment Obligations, Serial
96L684
Remaining $3,000,000 have been certified, but remain unissued in
treasury.
Bonds or the proceeds thereof, if sold, shall be devoted to the
retirement of the Purchase Money Notes, to the extent that the same may
be necessary.
An amount of capital stock sufficient to provide for the
conversion of the total authorized issue of bonds is specifically reserved
Earnings.—Net earnings (incl. subsidiaries) available for interest charges
after deducting the proportionate interest of minority stockholders
for
1920, before depletion and depreciation, amounted to $7,592,447, or over
14 times interest on the total funded debt, authorized to be issued.
During the past 12 months the corporation has retired $1,800,000 funded
obligations and has materially reduced, its bank loans.
Convertible.—Convertible at any time before maturity into the capital
stock at prices of $30 per share during the first 12 months' period, but in¬
creasing $1 per share for each 12 months' period thereafter up to $39 a share.
x
In bonds called for
redemption prior to maturity, the privilege of conversion
will extend to the date fixed for redemption.
income
Total
Operating expenses
Depreciation
.....
General interest
Miscellaneous
deductions
Net income available for
-Y.
surplus and reserves.
1
112, p. 263.
Ltd.,
Liggett's International,
Business—Earnings.—
Inc.—Doing
Excellent
Louis K. Liggett says in part: "Financial condition and
business have exceeded our best expectations.
Pres. George M. Gales
Chairman
the
just
that sales and profits continue to show steady
increases, even through the period of general depression.
Combined sales
are running at rate of $45,000,000.
Computing earnings for a full 12 months
period (1921) on basis of 1920 income and computing full year's preference
and preferred dividend requirement, approximately $20 per share net earn¬
ings is indicated for the common stocks, A and B, taking reduced British
returned from England, states
taxes into consideration.
Liggett's International and United Drug Co. are effectively consoli¬
during the year, combined annual
be $125,000,000, yielding 10%
net under normal conditions.
Profits will not be permitted to exceed the fair return of 10% of sales, and
therefore we shall confidently rely on increasing volume for increasing
"If
dated, which I hope may be accomplished
sales
will
profits."
Results for
Year ending Dec. 31 1920 (incl. 9 mos. Earns, of Boot Pure Drug Co.)
$264,019
.$32,335,908 Dep. & doub. accts. rec.
321,850
sold
19,649,570 Taxes, current.
sales
Net
Cost of goods
Current
gross
Operating
Net
profit..$12,686,338
8,779,523
Merchandising
sub.
cos.)
$3,906,815
161,721 Exchange loss
profit
Other income
profit..
Interest paid and accrued
Div. on all stocks (incl,
expenses
.—
1,023,764
on
div.
re¬
mittances
Total
Res. for Fed. & oth. taxes
operating profit. $4,068,536
Balance,
Total profit
$3,482,667
94,738
surplus.
30,450
1,401,388
$932,327
$981,120
and loss surplus as at Dec 31 1920
—V.112, p.1030.
Lone
Company. —Earnings.
Star Gas
1919.
.$4,930,304
12,935,508 /
Expenses, taxes, int., &c_J
\
D epreciation & depletion
749,975
Gas
purchased
_
352,999
759,614
charges
Dividends
Other
Less
i 1.818,517
500,765
835,402
641,734
1,474,624
660,568
226,605
709,379
524,046
352,584
433,326
1917.
$1,913,503
33,471
577,114
525.823
4,465
400.000
_
Balance, surplus
...
$132,208
Profit and loss, surplus..$1,331,199
*
1918.
$3,895,607
1920.
Calendar Years—
Gross earnings
$182,697
*1,198.992
$37,410 adjustments in 1919.—V. 112, p.
$172,393
1,035,705
$372,630
881,312
67.
Loose-Wiles Biscuit Co.—Accumulations.—A dividend of l%%
on
account of back dividends, covering period from
May 1 1916 to Aug. 1 1916, has been declared on the 2d
ble May 1 to holders of record Apr. 19.—V. 112, p. 938.
Lucey Mfg.
J
Pref. stock, paya¬
Co.—Earnings—Dividends.—
12 Mos. to
Dec. 31 '20.
Net earnings
Interest
on
$1,058,370
—
8% notes for 6 months
Estimated Federal taxes
Special inventory adjustments.
—
60,000
231,804
9 Mos. to
Sept. 30 '20.
$944,450
30,000
262,500
304,887
applicable to dividends
$461,679
$651,950
each have been paid quarterly on the Class
On Dec. 31 last there was outstanding $1,875,000 Class "A" stock, par $50.—V. Ill, p. 2527.
i
Net profit
Dividends of $1 25 per share
"A" stock since Oct. 1 1920.
April 2
McCord Manufacturing
Co.—Pref. Dividend Omitted.—
The directors have decided to omit the payment of the current quarterly
dividend of 1%% on the Pref. stock.
In Jan. last the directors voted to
omit the quarterly dividend on the Common
Compare V. 112, p.378.
stock.
Marland Refining
Results
Net earnings, after
Co. below.—V. 105, P-
1214, 2369.
Co., Ponca City, Okla.—Earnings.
Years
for
Dec.
ending
31
1920.
adding allowance for deprec. of $596,542—$5,030,756
incl. interest earned $87,156
_—
143,096
Miscellaneous income,
Total income
$5,173,852
___:
925,978
Deduct—General expenses, $629,018; int. & disc't, $296,960—
Net income available for surplus
—V. 112, p. 263.
$4,247,874
and reserves———
^
1917-
The company has $6,000,000 of
initial dividend
which
on
was
6% Cumul. Pref. tock outstanding,
Years ending Dec. 31.
Gross
Net after Oper. Bal. for Res.
Earnings.
Exp. & Taxes. Repl. <fc Divs.
$2,827,963
$2,169,340
$981,085
1919
2,321,954
1,799,324
568,589
1,976,461
1,612,066
435,262
1915___
1,631,269
1,326,869
241,211
The annual report will be cited fully another week.—V. 112, p. 939, 379.
Year—
_____
Mining Co.—Earnings—New Director.—v
Mohawk
$2,384,941
1,850,692
Receipts.
$1,627,150
Working expenses, &c__
1,046,344)
Other income
Cr.51,952
Rate per
1919.
Year end.
Dec. 31 '20.
'
See
Note.
2,984,171
415,508
Cr.77,121
25,886
Selling, administrative and general expenses
on purchases and other income
Rents, bad debts, &c__
—
Discounts
_
...
1,405,810
212,233
Cr.34,448
11,885
$376,989
$332,200
Net profit before providing for Federal taxes
Federal income and excess profits taxes
Dividends ($2 per share on the outstanding 100,000
shares of no par value)
Balance, surplus
:
65,635
200,000
——
a$lll,354
—
$332,200
total surplus of $456,776; from
which is deducted $88,005 for Federal income and excess profits taxes on
income for period ending Dec. 31 1919 and adjustments of $1,110, leaving
a total earned surplus as at Dec. 31 1920 of $367,661.
Note.—Profit and loss account include operations of Martin plant for 5
months and Parry plant for 6 months ended Dec. 31 1919.—V. 112, p. 378.
a
D.
—V.
91,990
($5J^)
share
Report Cal. Year 1920.
ended Dec. 31-—?
depreciation
Results for Periods
Net profits after
Other
income
Total
_.v—17,216
income
35,606
$340,777
$445,472
—
—
dividends
deductions
Preferred
Other
__.(8%) 280,000 (4%) 13,967
_____
66,908
Balance surplus
_ _ _ _ _ ________—
The balance sheet of Dec. 31 1920. shows
$173,789
against
total
— — . .
140,000
_def$6,131
$291,505
total current assets of $3,398,306
liabilities.
current
includes
(a)
in of
$100
of $3,700.000.—V. 110,
Capital
stock
40,000 shares Common stock no par value, of a declared value paid
$200,000 and (6) 35,000 shares 8% cumulative Preferred, par value
each—$3,500,000—making
1093.
a
total
outstanding
Mexican Petroleum
"Financial
America" says: "While the greatest secrecy is being
it is understood that the company is about to
$15,000,000 and $20,000,000.
The purpose of this financing, according to reports, is to provide
funds with which to purchase oil for storing, with a view to taking advantage
of the higher prices that are expected to obtain later on.—V. 110, p. 2331.
undertake new financing to the extent of between
Middle West Utilities Co.,
National Acme Co.—New
Months.
1920
8
,
Nevada Consolidated Copper
See "Current Events"
New Cornelia
Add—Proportion of net earnings
accruing to M. W. Utilities Co_ —
Years ended April 30.
1918-19
1919-20
debenture,
charges (outside holders)
$3,882,342
$5,013,314
1
134,938
$5,131,766
$3,882,342
int.
&c.,
———
—
1,839,817
2,410,572
106,260
142,439
1,983,174
85,017
343,160
400,882
420,478
Total earnings accruing to Middle
West Utilities Co.
$1,628,980
$2,177,873
J 11,393,672
and Loss Account for 8 Months ended Dec. 31 1920 and
1919.
Years ending April 30 1920 and
Years ending April 30.
8 Mos. 1920.
bends & deben
$934,795
Divs. rec. & accr. on stks. of sub. cos
512,283
Divs. rec. & accr. on stks. outside cos—
27,774
Misc. int. on notes rec., brokerage, &c—
37,747
Profit from revaluation of securities.
91,667
Profits from sale of properties, and securities to sub. cos.. &c
loss x 12,556
Int. rec. & accr. on
Fees for
aforesaid. .$1,716,259
Deduct—Administration expenses
214,080
Interest on collateral notes and bonds
667,362
Interest on collateral loans, ,&c__—— 187,264
MLscell. charges, including taxes, &c
1,774
Writing off discount on securities
60,000
594,939
Depreciation reserve—
Ore depletion reserve.__
692,582
921,029
1917.
10,262
;
19,918
income—
19-20
44,947
463,332
228,348
$991,136
Interest
Net
$3,810,122
2,007,840
128,643
336,309
336,309
$6,750,421 $11,073,679
4,642 255
5,350,271
506,968
932,228
641,861
743,664
897,144
1,056,378
Exploratory work
$17,246
$2,527,806
$762,411
The company
began paying dividends of 5% (or 25 cents per share) in
In May and Aug. 1920 dividends of 5% each were also paid
1919.
the outstanding
$9,000,000 capital stock,
par
$5,
1,229,741 shares of
New York
Telephone Co.—New Rates in Effect.—
The temporary restraining order obtained on March 25 by the Corporation
Counsel, J. P. O'Brien, representing N. Y. City, staying the operation of
the new telephone rates to be put into effect on April 1, was vacated by
Justice Newburger on March 28 who granted the original order.
The
temporary rate increase of about 30% consented to by the P. S. Commission
in their order of March 17 went into effect on April 1 and bills for service
will be rendered at the
new
rates.
has denied application of the City
injunction to restrain the company from putting into
effect the temporary increase in local telephone rates in the city as ordered
by the Public Service Commission on March 17.—V. 112, p. 659.
Justice Gavegan of the Supreme Court
of New York for
an
Michigan Transportation Co —Guaranty.—
Ill,
p.
1477.
Virginia Power Co.—Bonds Offered.—Hans
brough & Carter, Winchester, Va., are offering at 96^ and
int., yielding about 7K%, $1,200,000 Gen. Mtge. 7% Gold
Bonds, Series A.
Denom. $1,000, $500 and $100 (c*).
Red. as a whole or in part at any
on 60 days' notice at 105.
Interest payable semi-annually without
deduction for Federal income tax up to 2%.
Fidelity Trust Co., Balti¬
time
55,736
77,242
$2,463,567
246,555
$2,009 504
179 890
1914-15
967,151
159,824
19,394
105,000
500,000
663 636
1918-19
—
234 036
17 429
100, 000
Mississippi River Power Co.—To Pay
March 26
Years ended June 30.
Gross
Net after
Fixed
Balance,
Taxes.
Charges.
Surplus.
$112,950
$19,888
$93,061
119,295
16,475
102,820
57,313
35,465
21,847
145,207
40,281
104,926
157,382
40,925
116,457
the stock is owned by the Hagerstown & Frederick Ry.
an investment of around $1,000,000.
Under supervision
Porter. New York.—V. 112, p. 568.
Earnings.
1920 (Dec. 31)
Control.—All
represents
of Sanderson &
30,000
$167,139
242,548
282,955
410,299
504,837
Nova Scotia Steel & Coal Co.,
See British Empire Steel Corp., Ltd.,
Accumulated Divi¬
Stock.—
says:
.
Earnings for
1916-17
and
.y sur
dends in Cumulative 6% Preferred
Company.—Incorp. in Virginia.
Owns and operates entire light and
business of 12 towns in Virginia, West Virginia and Maryland.
hydro-electric generating stations at Millville and Great Cacapon,
W. Va., generating capacity 5,250 h. p.
Also owns a large steam station
at Millville which has a generating capacity of 11,600 h. p.
Owns more
than 140 miles of high-tension transmission lines, having just completed a
new high-tension transmission line to Brunswick, Maryland, where con¬
nection is made with the transmission system of the Hagerstown & Fred¬
erick Ry.
There is also under construction a new high-tension transmission
line from Winchester, Va., to Martinsburg, W. Va.
Company has completed negotiations for acquiring control of Potomac
Light & Power Co. through purchase of all of its common stock and a por¬
tion of its preferred stock.
The latter company owns a steam generating
plant at Martinsburg, and also owns 2 hydro-electric plants on the Poto¬
mac River.
It serves a territory immediately adjacent to that served by
the Northern Virginia Power Co.
Purpose.—Proceeds will be used for the retirement of the outstanding
notes and floating debt, and also the purchase of the controlling stock of
the Potomac Light & Power Co., and to furnish additional capital. *.
power
Owns
z87,232
140,115
21,090
.
An official statement dated
8% Convertible Serial gold bonds, dated April 1 1921 and maturing semi¬
annually from Oct. 1 1923 to April 1 1931.
Denom. $100, $500 and $1,000.
Convertible at anytime prior to March 31 1922 into Common stock at $1 25
per share, prior to Sept. 30 1922 at $1 50 per share, and prior to March 31
1923 at $1 75 per share.—V. 112, p. 751.
;;V:>
116,896
$274,277 sur$465,643 sur.$784,513
x Loss
from sale of securities to subsidiaries and others for cash, &c.
y Includes $64,657 received by predecessor for period from May 1 1920
to June 14 1920.
z $100,000 of this was not cash.
The balance sheet of Dec. 31 1920 shows outstanding (a) Prior lien 7%
cum. stock
$4,000,000; (6) Cum. Pref. stock, $15,564,720; (c) Common
stock, 124,961 shares of no par value shown at $10,496,100, (d)gold notes
5 series $16,895,500; (e) collateral loans, $2,105,473; (/) deferred payments
on purchase contracts $836,784.—V. 112, p. 1024.
I
Balance.
"The directors have, for the
of adjusting the accumulated dividends of $37 50 per share on the
$6,000,000 of outstanding 6% Pref. stock, declared a stock dividend of
37H%. payable in 6% Cumul. Pref. stock at par to holders of Pref. stock
turning in their certificates to be stamped.
•
The issue of the additional Pref. stock for this purpose has been approved
by the P. U. Commission of Illinois and represents the last step in a com¬
prehensive plan for retiring floating indebtedness and putting this large
water-power company on a basis which permits of its further growth and
development."
1918.
1919.
State and Federal taxes.
$818,236
293,475
23,818
264,896
476,100
contingencies
—
Dividends paid and accrued to date—
On old Pref. stock
__;
—_
______
On Prior Lien stock 7% p. a
73,200
On cum. Pref. stock 3% p. a._
238,302
Reserve for
1918-19
1919-20
$1,241,210
730,487
26,536
124,548
engineering, &c., sub. cos
Total inc. and profits as
purpose
1920.
..$7,155,337
Oper. exp., gen. exp.,&c.
3,935,741
Data from Letter of Pres. Emory L. Coblentz, Winchester, Va., Jan.29.
Yearly amount of disc, on securities. _
Divs. on stock & propor.
of undis¬
tributed earns, to outside holders..
Income and Profit
Copper Co.—Earnings.—
Calendar Years—
Total income
more, trustee.
118,452
$3,918,217
Deduct—Bond
Co.—Suspends Operations.
preceding page of this issue.—V. 112, p. 1030.
Northern
—
$3,783,279
x
on a
See Chicago Racine & Milwaukee Line above.—V.
Months ended
$15,919,664 $19,362,674 $14,641,035
5,318,508
4,140,572
(after oper. exp. & taxes).
3,960,848
305.193
258,230
leased properties.
177,569
Gross earnings
on
Officer—New Director.—
Rathburn has been elected Secretary, succeeding Albert Wiggins.
a director to succeed
the late Abraham
N. S.
Northern
Chicago.—Report.—
Combined Earnings of Subsidiary Operating Properties for 8
Dee. 31
1920, and Years ending April 30.
Rentals
issue of
A. L. Jelley & Co.. Inc., Now York, are offering, at prices ranging from
98.35 and int. to 95.07 and int., according to maturity, $3,000,000 1st Mtge.
Co.—Financing.—
maintained in the matter,
Net earns,
Oakland, Calif.—Output, &c.
"Shipbuilding in United States" under "Current Events
(Charles F.) Noble Oil & Gas Co.—Serial Bonds Offered.
p.
The
director, succeeding F. W. Denton.
which is owned by the Calumet & Arizona Mining Co.—V. 112, p. 939, 658.
Year 1920 6 Mos. 11919
«_$323,561
$409,866
v
■
a
def.$78,399
E. L. Geismer has been elected
Stearn.—V. 112, p. 1150 854.
on
Merck & Co.—Annual
$33,690
751.
Moore Shipbuilding Co.,
See
Nov.
See V. 109, p. 1797.
Year Convertible bonds.
a
($20)i)
($10)
($5)
$70,635
$82,762
1289,
p.
2,050,000
March 19, p. 1101.—V. 107, p. 1587.
Previous surplus, $345,422, making a
Massachusetts Oil Refining Co.—Increases Capital.—
The company recently i ncreased its common stock from 50,000 shares to
75,000 shares of no par value.
The Pref. stock remains the same, $3,000,000 7% Cumul. Particip. Pref. Series "A" and $2,000,000 7% Cumul.
Particip. Pref. Series "B."
The Common stock is all closely held and
none of the Pref. is outstanding, being held for the conversion of the 10-
112,
1,000,000
28,186
Robinson has been elected
L.
$3,458,847
1,395,847
500,000
550,000
Balance, surplus
$3,725,434 $1,927,678
sales.
Deduct—Cost of goods sold..
1917.
$2,612,142
1,578,452
Cr.64,572
Construction, &c
Loss on Govt, copper
Dividends
V
1918.
1919.
1920.
Calendar Years—
Martin-Parry Corporation.—Annual Re-port.—
Net
the
paid April 1,
Income Account for
1920
(R. H.) Macy & Co.—Wins Suit.—
See Victor Talking Machine
1405
CHRONICLE
THE
1921.]
Ohio
Fuel
Calendar Years—
Gross income
Surplus
112,
$1,093,631
Old Dominion Co. of
$540,788
Maine.—Earnings.—
$3,205,879
3,257,637
325,041
346,335
$5,731,082
4,800,088
325,041
30-1,192
1917.
$8,635,171
6,830,180
319,874
263,851
loss$308,165 loss$723,134
Calendar Years—
$301,761
1,188,284
$1,221,264
2,376,262
$723,134
$886,523
$1,154,998
1920.
$5,548,177
Expenses
5,384,054
Deprec. of plants, &c
138,947
Prov. for deplet. of mines
333,341
Surplus for year
paid
1919.
Dividends
Balance, deficit
112,
$2,219,446
1289.
Total income
—V.
1150.
1920.
1919.
1918.
8 Mos. 1917.
$16,188,981 $12,588,455 $12,586,864
$7,002,636
5,640,596
3,867,631
4,597,006
1,531,438
?
2,774,000
2,377,560
990,650
$5,640,596
p.
p.
Supply Co.—Earnings.—
Net, after taxes, &c
Dividends
—V.
Ltd.—Merger Plan.—
above.—V. 112,
p.
$308,165
939,
751.
1918.
1406
THE
Oriental Navigation Co.—2d
Pref.
CHRONICLE
Dividend Omitted-
The directors voted to omit the
payment of the quarterly dividend of
$2 per share on the 2d Pref. stock.
The regular quarterly dividend of $2
per share has been declared on the
1st Pref., payable April 25 to holders of record March 31.—V.
112, p. 1289.
1920.
quarterly dividend of 2% was paid April JL to holders of record Mar. 26
on the oustandlng $750,000 Capital
stock, par $100.
This compares with
2
paid In Jan. last.
Dividends amounting to 31% were paid during
1920 as follows; Jan. 6%, April and July 10% each and in Oct. 5%.—
V. 112, p. 67.
H"
The company has filed a certificate with the Massachusetts Commissioner
of Corporations stating that the name of the
company has been changed to
Dunham & Kattwinkel. Inc.—V, 108, p. 2438.
$
1920.
Liabilities—
23,578,946 14,988,189
7,313,936
5,583,097
286,020
335,370
,
Merchandise
Accts. receivable A
other investm'ts 6,980,664
$
al4,G00,000
Accts. payable— 3,202,531
Res. *20 Fed. tax. 1,546,328
Inventory reserve.bl,000,000
Total
7,000,000
3,578,411
1,767,992
...—
Deprec.
.........38,159,566 28,203,897
Total
1919.
$
Capital stock
.7.297,241
11111,1 *
account.. 3,554,311
3,235,680
Surplus..—.....14,856,326 12,621,815
38,159,566 28,203,897
I
v
Consists
a
Page & Shaw, Inc. (Candies), Boston.—Name Changed.
1919.
%
Assets—
Plant
Cash...
Osborn Mills of Fall River.—Smaller Dividends.—
A
[Vol. 112.
Standard Oil Co. of Ohio.—Balance Sheet Dec. 31.-
.
of
$7,000 000 Common and $7,000,000 Pref. stock,
b Represents approximate
amount of shrinkage in inventory values be¬
tween Dec. 31 1920 and Feb. 24
1921.—V. Ill, p. 2146.
Superior Steel Corporation.—Annual Report.—
March 21 authorized an increase in the capital stock
from 93.140 shares without par value consisting of 61,140 shares Common
Calendar Years—
1920.
Gross sales
........$12,746,805
Net income
2,967.983
Federal taxes....
and
Sinking fund
165.000
Inventory adjust., &c__
311,132
652,273
588,404
800,475
530,332
$205,547
864,498
$228,322
731,252
$31,029
$437,031
501,034
466,926-
Penn Central
The stockholders
Light & Power Co.—Capital Increase.—
on
32,000 shares Pref. stock, to 108,140 shares without par value, the
increase to consist of 12,741 Pref. shares.
The proposed increase will enable the company through the sale from time
to time to raise some of the
Perfection Tire & Rubber
The stockholders will vote
Co.—$5,000,000 Pref Stock.—
April 13 (1)
on
creating
an
issue of $5,000,000
8% participating, cumulative Pref. stock, and (2) on changing the present
issue of $1,500,000 Common stock, par $10, to 150,000 shares of stock of
no par value, to bo issued in exchange for the outstanding Common stock
a
pro rata
basis.
President
Roberts says: "We are running on an average of over 80%
production of a year ago, and will gradually increase production up
by May 1.
We are now operating on a basis of approximately
$50,000 a month profit."—V. Ill, p. 1376of
our
to normal
Phelps, Dodge
Corporation.
See "Current Events"
Dividends
—
Suspends Operations.—
preceding page of this issue.—V. 112,
on a
1031.
p.
Surplus
Total surplus
—V. 112, p. 660.
Calendar Years—
Gross sales
1920.
Co.,
Halsey, Stuart & Co., New York, &c., are offering, at
prices to yield 834%, according to maturity, $1,500,000 1st
Mtge. & Coll. Trust 8% Serial Gold Bonds.
and
Dated April! 1921.
Due $75,000 semi-annually from April 1 1922 to
Oct. 1 1931.
Int. payable A. & O. in St. Louis,
Chicago or New York,
without deduction for any Federal normal
income tax not in excess of 2%.
Red., all or part, upon 30 days' notice, on any Int. date at 103 and int.
Denom. $1,000 and $500
(c*).
Mercantile Trust Co., St. Louis, trustee.
Data
$2,126,542
1,786,172
$2,145,956
1,791,650
$436,052
$340,370
6,305
$354,306
34.722
$136,052
35,285
$346,675
$389,028
43.595
60,000
97,467
sales
on
1918.
$2,458,704
2,022,652
Cost of sales
111,886
31,644
35,000
„■
Other income
.
—
'
Gross income
Interest
on
bonds
Reserved for depreciation
Federal taxes
Preferred dividends (7%)
58,654
28,000
•
Common dividends (2%)
Miscellaneous
Balance,
7.349
35,000
30,000
49.411
16,760
Reserved for sinking fund.
119,313
81,405
118,634
$80,573
surplus.
$43,145
$88,634
-V. 112. p. 1151.
Pressed Steel
Car
The stockholders
viding for
an
Co.—Recapitalization Plan Approved.
on March 30 approved the recapitalization
plan pro¬
increase in the Common stock from $12,500,000 to $50,000,000
and tno conversion of the $12,500,000 Pref. stock for Common
stock, share
for share, and the declaration of a 20% stock dividend on the Common stock.
If all the Preferred stockholders convert their shares into Common in
time to participate in the stock dividend, the total
outstanding capital of
the company after the payment of the stock dividend would be
$30,000,000,
and there would remain in the treasury $20,000,000 of Common stock to be
for such other corporate purposes as may be found desirable in the
future.
Compare V. 112, p. 477, 740, 752, 939. 1151.
used
Ray Consolidated Copper
See "Current Events"
on a
Co.
—
Suspends Operations.
preceding page of this issue.—V. 112, p. 1031.
Sears, Roebuck & Co., Chicago.—Dividend Omitted.—
The directors have voted to omit the
payment of the regular quarterly
dividend of 2% usually paid in May on the
outstanding $105,000,000
Common stock, par $100.
Dividend Record
Common Stock.
on
1909. TO. '11. T2-T4. '15. '16.
Cash divs.4H
Stk. divs
In
7
7
7 p. a.
33 1-3
7
50
7Pp.a.
25
scrip
Feb.'21.
8
May'21.
None
...
40
...
2%
...
"Expenses have been curtailed and sales are showing substantial increases.
March sales will be approximately
$19,500,000, which is 16% more than
March 1919 and only 29% less than March 1920.
Conditions nave
lbs.
improved since Jan. 1, and liabilities are being materially reduced.
"The company has no commitments, direct or
indirect, other than those
necessary for the current conduct of the business upon the present volume
of sales, and all of the company's commitments are based on the
present
level of prices."—V. 112, p. 1031, 940.
Calendar Yiar—
Income for year
expenses,
1920.
Dividends
(20%)
Balanco, surplus
or
1919.
.$24,829,401
taxes, deprec'n &
i.__.sur.$1,489,591 def$l,331.764
$14,751,987 a$16,083,751
-
Profit and loss surplus Dec. 31
$16,241,578
a Includes
restoration of $10,159,090 excessive
off prior to March 1 1913.—V. 112,
p. 855.
Standard Oil Co. of
$18,766,767
16,098,531
4,000,000
depletion 19,339,810
4,000,000
deficit..
Previous surplus
$14,751,987
depreciation
jellies and fruit butters.
Plant consisting of a building
ft. of floor space, is the largest plant of its kind in the
(4) A large sorghum plant, located at South Fort Smith,
Ark., covering 20 acres.
Security.—Secured by a first and closed mortgage on the Granite
City
plant, and on the plant located at Penn Yan, N. Y.
In addition, issue i»
secured by deposit of $1,000,000 Serial
8% Notes of the Best-Clymer Mfg.
Co., which notes mature on the same dates as the bonds and
represent the
only outstanding debt of that company.
Earnings.—The average earnings for the four years ending Dec. 31 1919,
after depreciation and taxes
(excluding earnings of Penn Yan plant, bought
in 1920), were
figured by George W. Goethals & Co., Inc., consulting
engineers, as $1,251,214.
For the calendar year 1920
company showed a net income of $1,062,933.
1919.
Assets""
14,2(12,545
y76,972,671
Personal prop'y.
6,176,321
Inv. in other cosx36,069,220
Merchan'se..... 72,093,143
Accts, receivable
Secur. & invests.
Cash
Total...
y
1920.
MabUilies—
Real estate
14,350,188
13,574,106
4,136,464
10,288,440
61,227,810
5,135,630
deducting
First
31.—
was
in
fixed assets, and dividends on stock.
The maximum annual interest charge
the entire issue is $120,000, and annual maturities
amount to $150,000.
Sales have steadily increasod
during the past few months.
In January
company shipped goods amounting to $250,509; In Feb., $366,502, while in
March (last few days
estimated), orders will amount to about $450,000.
Balance Sheet Dec. 31 1920 (after Giving
Effect to This Financing).
on
Assets—
$
$
5% bonds....
Accts. payable..
Income tax res..
Total
for
Motor Car Co.—Annual
Results Cal. Years&-
earnings
Federal taxes
Netprofit
237,634,658 154,672.024
depreciation
and
depletion,
1920.
Report.—
1919.
1918.
1917
$8,168,356
1,357,385
330,000
$7,274,249
$3,536,557
1,597,148
600.000
$4,483,315
594 047
1 074 778
$1,027,385
$997,148
$594,047
______
______
$1,074,778
Dividends
?
375,000
375,000
375,000
On Dec. 31 1920 the company had
outstanding 200,000 shares of no par
value stock and notes and accounts payable $635,252.
at
$3,049,238 and cash $217.043.—V. Ill, p. 2333.
—
U. S. Govt, securities
Trade acceptances
Accounts
3,077,331
157,997
52,595
will
—
Deferred charges, Ac
Texas
Insurance premiums due..
742,624
Claims for refund of taxes, Ac
626,600
...
Local
10,854
receivable
—V. 112, p.
($2,330,905)—
$1,697,500"
Notes payable
Accounts payable
58,006
Treasury stock "A".
Good
$(365,005
Current Liabilities
474,788
213,111
taxes
Federal tax
accrued
reserve
3,000
3,805
(est.)....
126,000
Reserve for contingencies
32,071
1,500,000
First Mtge. 8% bonds
Best-Clymer Mfg. Co. pref..
850,000
Temtor "A" and "B" equity
6,332,244
Total (each side)
...$11,170,281
1032.
Co.—Increases Capital Stock.—
The stockholders
on
March 31
authorized
$143,000,000 to $164,450,000, or 15%.
Frank D. Stout, Chicago, has been elected
p. 856, 1139, 1290.
an
a
increase in the stock from
director.
Compare V. 112,
,
The stockholders will vote April 19 on
increasing the common stock from
$20,000,000 to $25,000,000.
The preferred stock will remain the same at
$8,000,000.
A notice to the stockholders, signed
by Sec. William A. Ferguson, says:
"Business of corporation in 1920 as compared with 1919
having shown a
substantial increase, and in view of the steadily increasing business for the
current year to date—sales being considerably ahead of the
corresponding
period of last year—the directors deem it advisable that an increase in the
capital stock be now authorized, and recommends that stockholders should
at this time approve the proposed increase.
It is not the purpose of the
board to offer any part of such increased stock for
subscription to the stock¬
holders at the present time.
Such additional stock will be issued only
when and as required in the future."—V. 112, p.
Tonopah-Belmont Development
Co.—Earnings.Months
to-
for Three Quarters of 1920— Dec. 31 '20. Sept. 30 '20. June 30 '20.
Net from operation
Other income
$432,114
*108,105
$384,594
7,433
$509,528
392,253
$540,219
342,499
$392,027
302,967
$117,275
—
$499,374
10,154
$197,720
mortgage
•
$19,788,794
Net sales
Net
Liabilities—
Land, buildings & equipment. $5,717,969
($4,553,820)—
Current assets
Three
x Compare
Midwest Refining Co. and Sinclair Consolidated Oil
Co
regarding purchase of interest in former and half interest in latter's nine
line in V. 112, p. 380, 660.—V. 112, p. 1151.
y 1
Stutz
sq.
This amount was after reserve for 1920 Federal
taxes, and after a write-off
of approximately $300,000 on current
inventory, but before depreciation on
Rcsults
1919.
1S4.000
250,500
13,177,215
9,507,643
20,404,319
9,796,625
52,046,051 Capital stock... 88,038,312
30,000,000
8,836,244 Capital surplus29,205.8201105,117,257
14,523,156 Surplus
86,624,991/
2,614,693
237,634,657 154,672,024
After
247,300
United States.
1290, 1171.
comparative earnings and dividend statement
Vol. 112, p. 940.
Plant
charged
(Indiana.)—Balance Shek Dec.
The
1920.
Milton G. Clymer, March 25 1921.
1919 in Illinois to acquire: (1) All the common
Tobacco Products Corporation.—To Increase
Capital.—
Co.—Earnings.—
Gross
President
of preserves,
with
greatly
Operating
of
Best-Clymer Mfg. Co.; and (2) the Granite City (111.) corn
syrup
plant of the Corn Products Refining Co. (see V.
109, p. 1468).
Owns and operates: (1) the modern corn
syrup plant at Granite City, 111.;
the plant, located on 38 acres of
land, with 14 main buildings of brick and
steel construction, has a
yearly grinding capacity of 4,500.000 bushels of
corn, producing 180,000,000 lbs.
|of corn syrup, and 60,000,000 lbs. of
gluten feed, and 6,000,000 lbs. of crude corn oil; in connection with
this
plant, company operates a can plant, capacity of 75,000,000 cans
per year.
(2) A plant at Penn Y*n, N. Y., yearly
capacity of 15,000,000 lbs. of grape
jam, jellies and apple butter.
In addition, operates
through its subsidiary, Best-Clymer Mfg. Co.;
(3) A modern preserving plant in St. Louis, yearly
capacity of 60,000,000
Inventory
An official statement issued March 28
says: "The beginning of this year
found the company with a large stock of merchandise and an accumulation
of indebtedness caused by the general
slump in business and greatly reduced
demand for winter goods due to lack of cold weather.
South Penn Oil
Letter
stock of
Cash
'17. T8-T9. '20.
7
from
Company.—Organized in
1919.
1917.
Temtor Corn & Fruit Products Co.—Bonds
Offered.—
Mercantile Trust Co., St. Louis,
Kissel, Kinnicutt &
Pittsburgh Rolls Corp.—A nnual Report.—
Profit
1918.
$8,961,862 $10,821,194
1,939,366
2,784,476
942,862
931,279
165,000
885,833
capital needed for additions, improvements and
extensions to its system brought about by the increasing demand for its
service by its patrons and the public whom it serves.—V. 112, p. 751.
on
1,634,031
1919.
$7,661,277
1,356.409
374,683
165,000
Inventories stand
I
Gross income
Admin., explor.,
&c.,
taxes...
Net profit
$89,060>
*
Includes dividends from Belmont Surf Inlet Mines, Ltd.
The net earnings for the
quarter ending Dec. 31
1920 of the Belmont
Surf Inlet Mines, Ltd., of which this company owns
80%, were $28,428.
Available Resources.
Due from—
Dec.31'20. Sept.30'20.
Dec.31'20.
Smelters-$202,862
Others
7,736
Liberty bonds
—V. 112, p. 169.
$174,985
9,932
22,250
Cash in banks
Total
$141,637
$352,235
Sept.30'20.
$166,783
$373,950-
United Alloy Steel Corp., Canton,
crease
and
Ohio.—Capital In¬
Acquisition of Affiliated Companies Ratified.—
The stockholders have ratified
(1) an increase in the capital stock from
525,000 shares of Common stock (no par value) to 955.000 shares Common
stock (no par value), and have created an issue of $5,000,000
7% Cumula¬
tive Preferred stock; and (2) have approved the
proposed terms and con¬
siderations upon which additional stock mdy be issued to
acquire the entire
stock, assets, property and business of the Berger Manufacturing Co. andh
of the United Furnace
Co.
April 2
Data
from
Letter of Pres.
Harry R.
Jones,
Canton,
O.,
March
12.
Close Affiliation of Companies.—The Berger Mfg. Co., United Furnace
ana United Alloy Steel Corp. have been closely affiliated,
Co., Canton, O.,
both
in business and in stock ownership.
The latter company owns onehalf of the capital stock of United Furnace Co. and the Berger company
one-fifth of the capital stock of the Alloy company.
The Furnace
owns
supplies the Alloy company with raw material in the form of pig
Alloy company in turn supplies the Berger company with
The properties or the three
companies are located adjacent to each other in Canton, Ohio.
Outstanding Stocks.—The outstanding stock of the Berger company consists of 36,000,000, divided into $3,000,000 7% Cumu. Pref. stock and
company
iron,
raw
1407
CHRONICLE
THE
1921.]
and the
Purpose.—Proceeds will be used in the reduction of present outstanding
working capital.
Security.—These bonds will constitute its sole funded debt.
No sub¬
sequent funded obligations can be issued which will have priority as to
present assets over these bonds, and total funded debt shall never be
permitted to exceed 50% of net assets.
Net current assets musti at all
times be maintained equal to 150% of the aggregate amount of all funded
bank loans, and to increase
debt outstanding.
Earnings Years ended December 31.
material in the form of steel sheet bars.
1920.
xNet income.z$8,250,000
.
$3,000,000 Common stock.
1919.
1918.
1917.
1916.
$8,912,777 y$5,142,374 $11,942,318 $9,221,936
Including div. actually received from foreign Vacuum oil companids and
after deducting adequate depreciation and interest charges on floating debt,
x
The outstanding stock of the Furnace company is $2,000,000 Common
stock, of which the Alloy company now owns one-half.
The outstanding
but before Federal taxes.
stock of the
costs,
Alloy company consists of 525,000 shares without par value.
Basis of Exchange.—The basis of exchange of securities with the present
holders of Berger ^nd Furnace stocks is:
(1) 1 1-10 shares of new Preferred stock of the Alloy company (plus ac¬
crued divs. at 7% from Jan. 1 1921 to the date of exchange) for each share
of Berger Preferred stock.
(2)
without par value for
10 shares of Alloy company Common stock
each share of Berger Common
stock.
■
8 shares of Alloy company Common stock without par value for each
share of United Furnace company stock not now owned by the Alloy co.
Capitalization upon Completion of Exchange—
Authorized. Outstand'g.
Common stock (no par value)
l.
__
905.000 sh. 800,000 sh.
7% Cumulative Preferred stock (par $100)-----—$5,000,000
$3,300,000
Cumulative Preferred stock will remain unissued.
No financing is required or contemplated in connection with the merger.
Preliminary Condensed Balance Sheet.
balance sheets prepared by Ernst & Ernst as of the close of
business Dec. 31 1920 and adjusted to give effect to the proposed merger.]
[Based
upon
Liabilities—
Assets—
ciated book
Cash
value
$20,740,190
($19,701,374)—
($2,891,951)—
Notes & accts. payable
Divs. payable Jan. 20 1221
3,367,456
...
TJ. S. Govt, securities
2,324,878
3,793,631
10,215,410
532,884
1 401 39C
-
Cust'm's' notes & accts. rec.
xlnventories.
y$35,440,541
254,000
1st Mtge. 5a, Un. Furn. Co..
Sundry Accts. & Notes pay..
Accts. rec. from others.
11,886,465
12,243,153
Inventories (market value)..
32,194,874
Branch
Government secmitles
... _
Investments In other cos
Other assets
2,270,617
420.000
201,334
Res. for est. 1920 Fed. taxes.
1,661,432
Res. for renew., &c., contlng.
2,355,536
Prepaid expenses, &c.137,622
Total each side.
_..$42,603,460
x Raw material in process and finished merchandise based upon the lower
of approximate cost or market values,
y To be represented by an issue of
which 800,000 shares
authorized issue of 7% Cumulative Preferred
exceed $5,000,000, of which amount $3,300,000 is proposed
905,000 shares of Common stock of no par value, of
will be outstanding, and an
stock, not to
by company to be issued at once.
Net Profits from
1918—
Operations of Consolidated Cos. for 3 Yrs. End. Dec. 31 1920.
Before Taxes.
Taxes.
After Taxes
$6,372,286
$2,728,144 $3,644,143
3,538,646
568,134
2.970,512
6,898,155
1,661.432
5,236,723
...
1919
1920.
-
— -
5,603.029
(3 years)
Average
1,652.570
3,950,459
Officers.—The officers of the merged company will consist of the present
officers of the three companies as follows: E. A. Langenbach, Chairman;
Harry R. Jones, Pres.; George H. Charls, V.-Pres. & Gen. Mgr.; E. L.
Hang, Vice-Pres. & Sec.; Charles W. Krieg, V.-Pres. & Treas.; Homer
Glessen, Asst. Treas., and J. Paul Moseley, Asst. Sec.
See annual report on a preceding page.—V. 112, p. 1032.
United Gas Improvement Co.—Time Extended
The Philadelphia City Council has passed an ordinance permitting the
Company to continue the B. T. U. gas standard in Philadelphia until June 1
and extending time for gas commission to report until May 15.—V. 112,
~
1032.
Union Oil Co. of California.—Usual Dividends.—
The regular quarterly dividend of $2 per share (2%) together with an
extra dividend of $1 per share (1 %) has been declared on the Capital stock,
payable April 23 to holders of record April 9.
[Like amounts were paid
extra in Jan. and Oct. last, in addion to quarterly dividends of 2%.
Regu¬
lar quarterly dividends of $1 50 per share (1H %) have been paid from Jan.
1916 to July 1920.
Extras of $1 per share have also been paid quarterly
since April 1917.—Ed.'—V.
112.
p.
.
753. 380.
foreign
Income & exc.
4,049,259
prof. tax. res..
19,449,665
225,393
7,266
1,794,207
office reserves
Real estate, &c (less
Insurance
Stks. of for. Vac. Oil Cos....
Surplus....V._57,511.807
Total (each side).....
$98,637,597
xleprec.) 19,056,270
19,157,298
investments...
70,924
Other
reserve
Dividends.—-Since segregation, dividends have been
of 6% in 1912 to 1914, incl;
in 1919 and 1920.—V. 112, p.
paid at annual rates
in 1918. and 8%
8% in 1915 to 1917; 10%
380.
,
Co.—Suit.—
against the company for $500,000 dam¬
brought under the Sherman law, a Federal jury on March 25 returned
According to the Sherman law, this
amount will be trebled, wrhich will bring the total to $149,096.
The action
was based on alleged discrimination by the defendant in the distribution
of its talking machines and records on the ground that Macy & Co. had sold
the articles for less than fixed prices.
The damages were based on dis¬
criminations prior to May 29 1917.
The Victor company has already obtained a stay of execution to permit
a review of this verdict upon appeal.—V.
112, p. 1032. -yy / \
In the suit of R. H. Macy & Co.
ages,
verdict of $49,698 for the plaintiff.
Vulcan
Detinning Co .—Dividends Deferred.—
The directors on Mar. 31
voted that action upon the currnt dividends
for the quarter ending Apr. 20 upon the
ferred to a later meeting of the board.
IH % each were made on both issues in
p. 856, 478.
Pref. and Pref. "A" stocks be de¬
Regular quarterly payments of
6% scrip
on
Feb. 21 last.—V. 112.
(Charles) Warner Co.—No Extra Dividend.—
The regular quarterly dividend of 50 cents per share has been declared
the new Common stock, no par value, payable April 20 to holders of
on
In Jan. last an extra dividend of 25 cents per share was
record Mar. 31.
in addition to the regular quarterly of 50 cents.
Regular quarterly dividends of 1 % % on both the First
stocks have also been declared, both payable April 28 to
Mar. 31.—V. 112, p. 271.
paid
Warren Brothers,
1st and
2d
Pref.
and Second Pref.
holders of record
Boston.—Pref. Dividends Deferred.
The directors have omitted the
the
p.
Cos
due
Vac. Oil Cos
Accts. rec. from foreign Vac.
Oil
y>
S15.COC.OOO
Capital stock.
Accts.
payable
a
Acer, real & pers. taxes, &e.
'
M
$4,003,267
25,406
and Securities.-.,
Cash
Victor Talking Machine
Current liab.
final figures from
Liabilities—
Ass€ts~~~~
(
Capital and surplus.....
Real est., bldgs., &c. (depre¬
Current assets
•
Preliminary Balance Sheet Dec. 31 1920 (before receiving
one of Us foreign branches.)
(3)
The balance of the 7%-
After deducting extraordinary depreciation due to wartime construction
and entire investment in Russia aggregating $5,710,746.
z One
y
branch estimated.
declaration of the quarterly dividends on
April 1.
An official statement
stocks usually paid
in substance: "The business showed In 1920 a net profit of more than
$600,000, or more than four times the Preferred dividend requirements,
but, owing to the large amount involved in uncompleted work on account
of lack of transportation in 1920, the directors deemed it advisable to sus¬
says
pend payment of dividends on the Pref. stocks, which are Cumulative, until
such work Is completed and the company has reduced its Indebtedness."—
V. 112, p.
856.
White Oil
Corp.—El Dorado Acreage.—
v
The corporation has purchased a half interest in 274 acres of the D. E.
Armstrong lease in Union County, Ark., and has drilled in two wells in this
lease.
The company has now total acreage under lease of 70,521 acres in
producing wells.
Their refinery capacity
approximately 5,000 bbls. per day and the capacity at Clar¬
various fields, with a total of 250
at Houston is
endon, Pa., is about 1,000 bbls.
Smelting, Refining & Mining Co.—
Common Stock—Earnings for 1920.—The
March 28 voted to omit the payment of the
States
United
Dividend Omitted
directors
on
on
dividend usually paid April 15 on the outstanding $17,555,888
Common stock, par $50.
Dividends of 3% each were paid quarterly from Oct. 1919 to Oct. 1920
incl.
This rate was reduced in Jan.
Willys-Overland Co .—To Resume Operations.—
1921 to 1%.
regular quarterly dividend on
Toledo, O., automobile plant.
employed.
1310, 941.
Winchester
ozs.,
18,227,889
17,758,498
ozs.,
123,175
146,749
7,680,548
$8,329,055
1,136,340
do
do
lbs.,
do
Net earns., after repairs-
16,852,918
$6,777,000
Other income
Total income
..
Deprec.& reserve fundsFederal taxes & deposits
Pref. dividends (7%)—
Common dividends
Do
rate
$6,777,000
1,865,223
2,002,503
1,702,225
1,755,575
(10"%)
per annum.
$9,465,395
1,671,579
1,252,602
1,702,225
1,931,132
(11%)
15,337,465
137,315
18,771,684
$7,249,533
13,000,187
109,612
53,690,446
$5,769,391
$7,249,533
2,474,443
$5,769,391
1,571,576
692,500
1,702,225
1,755.575
Not shown
1,702,225
1,755,575
(10%)
(10%)
$1,317,290
$47,515
Co.—Subsidiary
Company Bond Issue.-
Repeating Arms Co. below; also
1032.
i
Soe Winchester
_
Silver,
Gold,
Zinc,
will be resumed April 4 at the company's
Between 6,000 and 7,000 men will be re¬
This is about 60% of the normal operating force.—V. 112, p.
V
•
,
It is announced that operations
the Pref. stock of 1%% has been
declared payable April 15 to holders of record April 6.
Results for Calendar Years—Production and Income Account.
{Incl. Custom Ores)—
1920.
1919.
1918.
1917.
Copper, lbs., produced
1,391,116
8,919,044 20,359,378 29,043,242
Lead,
lbs.,
do
77,545,350 68,648,864
96,567,485 107,519,570
The
'
It was recently stated that the company wa; contemplating new financ¬
ing, but it is said that the negotiations have not as yet been definitely con¬
summated.
Neither has it been determined as to what form of security
will be sold, but it is believed that the issue will be one of long-term bonds.
This new financing is presumed to be in connection with the El Dorado deal.
—V. 112, p. 661.
p.
1172,
1277,
annual report in V. 112,
Winchester
Repeating Arms Co.—Bonds Offered.—
Kidder, Peabody & Co., Boston and New York, are offer¬
ing at 97^ and int., to yield about 7%%, $7,000,(XX)
First Mortgage 20-Year 7lA% gold bonds.
Dated April 1 1921, due April 1 1941.
Int. payable A. & O. Denom.
$100, $500 and $1,000.
Red., all or part, on any int. date at 107M and int.
A sinking fund of 2% of the bonds issued will be paid and applied to their
purchase and cancellation in any year in which sufficient bonds for that
be purchased at or under par and interest.
from Letter of President J. E. Otterson,
Purpose.—To repay current indebtedness.
purpose can
Data
Balance, surplus
def$548,526
Compare V. 112, p. 68, 58,
Utah
$3,007,857
Copper Company.—Suspends Operations.—
See "Current Events" on a
Vacuum
Oil
preceding page of this issue.—V. 112, p. 1032.
Co.—$20,000,000
Bonds
Sold. —National
Co., Equitable Trust Co., Blair & Co., Inc. and
Dilion, Read & Co., New York, announce the sale at 100
and int. to yield 7%, by advertisement on another page, of
$20,000,000 15-Year 7% Gold Bonds.
r
City
Dated April 1 1921.
Due April 1 1936.
Int. payable A. & O. at Equit¬
Denoms. $1,000 and $500 (c*).
Company
able Trust Co., N. Y.. Trustee.
to refund the Pennsylvania 4 mill tax.
Red. on and after April 1
1926, as a whole or in lots of not less than $5,000,000 on any interest date
on 30 days' notice at 104 in 1926 and decreasing
lA of 1% each year there¬
after to 101 Yi in 1931, and 101 and int. thereafter.
Company will set
aside annually the sum of $500,000 in quarterly installments of $125,000
each to be used to purchase bonds if obtainable at not over par and int.
The unexpended balance, if any, of any quarterly installment wifl be credited
toward the next quarterly payment.
agrees
Data From Letter of Pres.
Edward Prizer, Dated
ISew York, March 30.
Company.—A former subsidiary of the Stadard Oil Co. of N. J. was incorp.
Is one of the most firmly established oil companies
in the world.
Company i?j engaged in the refining of petroleum and the
marketing of its products both in the United States and in foreign countries.
Owns and operates in the United States, refineries at Olean, N. Y., and
Paulsboro, N. J., a combined capacity of 18,000 bbls. per day of crude
March 24
1921.
Security.—A closed first mortgage upon the entire manufacturing plant
in New Haven, Conn., including land, buildings and machinery.
Business.—^Company manufactures the famous Winchester rifles, shot¬
guns and ammunition and is one of the largest manufacturers of com¬
mercial small arms and ammunition in the world.
Also manufactures flash
lights, fishing tackle, cutlery, tools, hardware and other affiliated lines.
Has recently entered into contractual arrangements for the direct market¬
ing of its products with the leading hardware merchants in each or over
3,500 cities and towns throughout the United States.
These merchants
have become stockholders in the Winchester Co. and are financially inter¬
ested in the growth and success of the business.
Earnings.—For the 10 years from Jan. 1 1911 to Dec. 31 1920 company
has made net profits, after charging depreciation and Federal taxes hut
before deducting interest on debt, of $19,992,128, or an average of $1,999,212, being 3.8 times the interest requirements on this issue.
Inasmuch as
the proceeds of these bonds will be used to retire current bank loans, Interest
charges will not be increased by this issue.
See annual report of Winchester
Company in V. 112, p. 1277.—V. 109, p. 80.
Worthington Pump & Machinery
Certificates for shares of all classes of
erable
on
and after
Corp.—Vot. Tr. Ends
stock of the company will be deliv¬
and upon surrender .of the re¬
April 1 in exchange for
spective Voting Trust Certificates (including scrip
Trust Co., New York.—V. 112, p.! 1277, 1310.
therefor) at Guaranty
in New York in 1866.
petroleum.
Owns
and
operates
compounding
and finishing plants at
N. J., and Rochester. N. Y.
Owns its own fleet of tankers.
*1920 the output of the U. S. plants aggregated 1,944.000 barrels of
lubricants and 2,630.000 bbls. of illuminating, gasoline, and fuel and gas oils.
Vacuum Oil companies incorporated in foreign countries own and operate
refineries and compounding plants and carry
on extensive marketing
operations.
Bax'onne,
In
CURRENT
NOTICES.
—jPhelan, Borland & Fearons, formerly of the American Trading Co.,
announce the formation of a partnership for conducting a general import
and export
business at 111 Broadway, New
Newton,
York City.
that George Merzbach, Maurice W.
Joseph A. Sisto and H. Walter Blumenthal have become members
—Hallgarten
of the firm.
&
Co.
announce
\
"
1408
THE
CHRONICLE
arts and
W^mw
m
III ■■
.
-
.t ■, ,u
"H*"*
*»
[Vol. 112.
^Bocummts.
*^www^/wyvW>WWWwyWMWW»^%w>^^
++++++**++<*■**>
..
CANADIAN PACIFIC RAILWAY COMPANY
FORTIETH
To
ANNUAL
THE
FOR
REPORT
FISCAL YEAR ENDED DECEMBER 31, 1920.
While extensive
the Shareholders:
The accounts of the Company for the year ended Decem¬
ber 31st, 1920, show the following
that
results:
Gross
$216,641,349 30
183,488,304 70
Earnings
Working Expenses (including all taxes).
Net Earnings
$33,153,044 60
--
Deduct Fixed Charges
ent conditions
---
10,775,408 99
—
the pres¬
Directors are of the opinion
your
moderate amount of construction should be proceeded
a
with
construction is not under
new
advisable,
during the coming
in order that the full value of
year
the lines already under construction should be realized and
that the settlers in
the districts to be served
should obtain
$22,377,635 61
500,000 00
—-
—
-
the
$21,877,635 61
Surplus.
Contribution to Pension Fund
Branch Lines heretofore approved are in good territory and
From this there has been charged a half-yearly
dividend on Preference Stock of 2%, paid
Oct. 1 1920
three quarterly
And
Stock
of
—
-
well
--$1,613,638 42
l%%
located
8.
dividends on Ordinary
each, paid June 30 1920,
Oct. 1 1920, and Dec. 31 1920
railway facilities
to
become
extension
of
15,263,638 42
mond,
issuance and sale of
second
half-yearly dividend on Preference Stock of
2%, payable April 1 1921
$1,613,638 42
a fourth quarterly dividend on Ordinary
Stock of \%%, payable April 1 1921
4,550,000 00
9.
6,163,638 42
——————
Leaving net surplus for the year
$450,358 77
In addition to the above dividends
Balance at Dec. 31 1919--Less: Dividend paid April 1 1920
Net
Revenue
-
2,436,717 25
Deposits, and Interest and Dividends
on
Securities less Exchange
on
Other
2,057,327 93
2,741,146 12
,
Net Earnings Ocean and Coastal Steamship Lines—
Net Earnings Commercial Telegraph and News Department,
$26,380,292 08
5.850,000 00
-----
2.
$20,530,292 08
dividend has been declared payable April 1 1921. $1,950,000 00
a
The
working
amounted
84.70%
to
for the year, including all taxes,
expenses
earnings to 15.30%,
of
the
earnings,
gross
and
net
the
compared with 81.39% and 18.61%
as
respectively in 1919.
year
and the
This large
addition
of
enforced
application in Canada of what is known
$39,492,281 in working
is due to the
expenses
"The
as
An
additional
where they properly belong.
The
heavy and rapid movement of freight during October and
November and the first half of December under the
by
the
Railway
September 13th enabled
penses
and
surplus.
not
are
Commission
While, for the
with
the
volume of
your
satisfactory and
regarded
favorably with those of
as
any
Directors the year's opera¬
other system
on
compare
most
estimated
which
4.
for
Included
$9,592,706.95, being
in
this
which brought
the balance
5.
area
$50.43
was
During the
were
an average
47,848
per acre,
$17.07
amount
of $20.48 per
acres
of
acre.
irrigated land
so that the average
price of
per acre.
with_the
the
British
deposit
Treasury
Stock, deposited, namely,
of
in
previously made
$40,000,000
1917.
The
of
the
balance
$32,000,000 has been
the Company and is available for sale
or
Stock
of
in
1875,
10.
other
to
disposition
circumstances warrant.
as
6.
In
proved
yeap
items
approval,
of
necessary
7.
Trust
Notes
for
the
year
issued $12,000,000
purpose
of
acquiring
additions to your Company's rolling stock.
Your approval
construction,
age
Directors during the
your
Equipment
report, and with your
as
was
obtained in 1919 and
1920
to
the
in Western Canada amounting in the aggregate to 822
miles, and during the
of this authorized
year
under review 100 miles of track
mileage have been laid.
of
The
a
.
confirmation
of your
annual
expenditures
Directors
your
those ap¬
to
meeting, aggregating,
1920, $3,246,318, and subject to
of
"Sardinian," built
appropriations, in addition
last
the
year
sufficient amount of
meet the expenditure for
to
o-v.
anticipation
by
Stock
purchased,
Your approval will
During the year, the S.S.
capital
on
your
for
the
approval, have
account
$4,316,236—of this amount
the',
during
the
principal
are:
$509,624
-
extensions to existing buildings
Tie plates, rail anchors,
betterments
398,158
bailasting, ditching and miscellaneous
35,700
Replacement of rail in main and branch line tracks with heavier
section
1,000,000
377,292
853,000
400,000
Additional terminal and side-track accommodation
Extension work on Chateau Frontenac Hotel
Lining of Connaught Tunnel
Improvements in connection with Telegraph Service
Mechanical Department, machinery at various shops
____
The balance of the amount
works to
improve facilities
is
55,033
30,950
required for miscellaneous
over
the whole system
and
ef¬
fect proper economies.
11.
In view of the importance to the
resources
of
value
to
Canada
in
Company in its
the development
tier-
of its
and industry through the increase in the number
trained technical men,
your
Directors authorized
sub¬
a
scription to McGill University Endowment of $250,000, and
to the University
of Montreal of $50,000, payable in annual
Contributions
of
$10,000
the
to
Army and $5,000 to the work of the Y. M. C. A.
and its
12.
The value of the work
of the
Salvation
were
also
Salvation Army
Young Men's Christian Association to the Company
employees is of direct and indirect importance.
At the request
order to
ensure
of the Government of Alberta, and in
proper
railway service in the districts served
by the Edmonton, Dunvegan and British Columbia and Cen¬
Canada
tered into
an
Railway Companies,
Directors
have
en¬
of Canada, and the Province of
Alberta, for the operation, for
a
period of five
years
from
twenty-first day of July# 1920, of the properties of the
Edmonton,
Dunvegan
and
Canada Railway Companies.
ment
of
your
agreement with these companies, their stock¬
holders, the Union Bank
the
conditions warranted, of branch line mile¬
August"
Replacement and enlargement of structures in permanent form.
Additional stations, roundhouses, freight sbeds and shops and
tral
As indicated in the last annual
Friedrich
sold.
was
authorized capital
the
returned
"Koenig
be asked to the issuance and sale of
and the
of
\
ships is $31,175,000.
paid up to 31st December 1920.
Consolidated Debenture
ish Government pursuant to arrangements
time
six
approximately $12,200,000.
installments.
Directors disposed of $8,000,000
year your
was
the
on
to
authorized.
the
these
including the amount required for the completion of the
payments
of Four per cent. Consolidated Debenture Stock to the
Brit¬
at
of
cost
$18,733,138
somiel and the
The sales of agricultural land in the
year were 468,390
acres
Service,
estimated capital requirements on this account for the year
and
the American
continent.
Coast
Irene," and the sale of the "Princess May" and
business trans¬
tions
be
ex¬
modest
a
mentioned, the net earnings
acted, still in the opinion of
must
on
Company to absorb these
your
reasons
commensurate
tarifffp
effective
and
its usual charges, dividends and
earn
Columbia
Margaret," is also under construction.
authorized
prescribed
ship for British
"Princess
present
charging of the year's Federal taxes
,
v
"Princess
Chicago Wage Award," which added approximately $12,000,-
into operating expenses,
pre¬
"Koenig Friedrich August" has been purchased.
000 to the payrolls for the year; the increase in cost of fuel
and materials and the
Service
being built for the Company,
are now
required because of the loss of the "Princess Sophia" and
under review exceeded those of 1919 by
$39,712,289, and the net earnings by $220,008.
expenditure.
Pacific
"Montclare,"
these vessels.
3. The gross earnings of your transportation system dur¬
ing the fiscal
and
3,731,256 51
Less: Payments to Shareholders in dividends: June 30 1920,
Oct. 1 1920, and Dec. 31 1920
From this
Atlantic
"Montcalm,"
The
Rentals and Miscellaneous
Stock to meet the
for
steamers
for the
and
sufficient amount of Four per cent.
"Montrose,"
Resources,
Exhibit "C"
Interest
exceeding thirty miles,
a
"Empress of Canada,"
DEC.*31 1920
.$17,363,844 27
1,950,000 00
—$15,413,844 27
Investments and Available
from
Four
an
South-westerly Branch from Lo¬
namely:
Special Income.
SPECIAL INCOME FOR YEARXENDED
not
viously contracted for
Ordinary Stock, 3% was paid from
on
distance
a
Consolidated Debenture
And
The
producing.
revenue
Suffield
the
$6,613,997 19
a
to their prosperity.
necessary
Your approval will be asked to the construction of
..-13,650,000 00
From this there has been declared
so
to
your
British
Columbia
and
Central
The remuneration is the pay¬
Company of 15% of the
revenues
in
excess
working expenses, payable out of profits after payment
of fixed
charges,
and
an
agreement giving your Company
v
April 2
an
in the East, save the
of the Interprovincial
and James Bay Rail-
*
the continuance of the
'
commencement
the necessary capital for im¬
previously referred
provements and betterments to the lines shall be loaned by
way,
the Government to the
work
estimated that
this purpose,
Companies to be operated, and it is
amount of
an
enables
accurate
an
pective value
of
properties
Company's
The
system.
is
arrangement
/
Debenture
Consolidated
unissued
of
amount
of is
to
$32,000,000,
undisposed
of the
likewise
The capitalization
total of $68,000,000.
a
Stock
authority has already been
given, is $36,000,000, and the amount issued and
present and pros¬
traffic contributors
as
which it is
of $853,000 during
the expenditure
for the issuance of which your
appreciation to be obtained of the prob¬
the
involve
will
present year.
The
to your Company is that it
able development of the country, and the
your
the
and
to,
the extensions to the Chateau Frontenac
on
expected
$2,500,000 will be required for
of which $1,000,000 has already been provided.
The value of the arrangement
will be" very moderate.
line construction,
branch
No extensive works are contemplated
time during the period of five years.
The agreement provides that
of
uance
option to purchase the capital stock on the terms set out
in the agreement at any
1409
CHRONICLE
THE
1921.]
Company is conservative and even low, and this has
the utilization of sur¬
equally desirable from the standpoint of the people of Al¬
been
berta
pluses in betterments and improvements which would nor¬
in
it
that
enables
of
benefit
the
a
railway
proper
under the direction of your
aided
Country
be
to
to
fullest
the
curtailed
be
will
time permits the development of the
North
immediate future
While capital expenditures for the
sues.
Company's offi¬
cers, and at the same
capital is¬
mally have been paid for out of the proceeds of
organization to be obtained and proper railway economies
to be effected
largely through
accomplished
and
the
of works requiring
resumption
large amounts of money will be deferred until a decided im¬
possible extent
and gives
to present and incoming settlers the railway fa¬
provement in business conditions furnishes warrant for in¬
cilities
essential to
curring them, your Directors consider that it will be desira¬
13.
the
so
their
success.
In order to ensure the development
Province of
Quebec situated
Temiskaming your Directors have entered into
ment with- the Province for the construction
diary,
Interprovincial
the
of
pany,
already empowered to issue and which arp more
Com¬
Subsidies of
$8,000
amendment
been
of construction
cultural
will be
of
area
the
to
large
Company.
extent
for the
A productive agri¬
valuable
and
timber
lands
opened and served through the construction of this
British
first of October
of
first
The
returned to the owners
was
1920, and the Common Stock
on
position
of
holdings
the
Common
of
Stock
as
of
!
Shares.
■
;
__
1,242,837
460,838
626,610
79,123
190,692
__
_
-
United States
..
France
__
Other holdings
Percentages.
47.80
17.73
24.10'
amounted to
Issue of
proceeds of
capital
of
$12,000,000, the proceeds of wliich have not
rolling stock
quence
sale
issues
$26,282,000, exclusive of the recent Equipment
full
received in
been
the
under
as
for
In
construction.
at
reserves
tion
reasons
with
conse¬
the
Shareholders
are
entirely
common
indicated in
Shareholders.
18.
at
Directors
will retire from office
approaching annual meeting.
They are eligible for
The undermentioned
the
re-election:
Mr. Edward W. Beatty,
BALANCE
_
_
_
Acquired Securities
Exhibit "B"
Advances
to
Controlled
-
Shaughnessy, K.C.
For the
Directors,
E. W. BEATTY, President*
Montreal, March 14th, 1921.
DECEMBER 31
1920.
LIABILITIES.
Capital Stock:
and
Lake
and
$667/2^7637 04
43,695,645 26
_
"A".
$260,000,000 00
Ordinary Stock.
80,681,921 12
Four Per Cent Preference Stock
124,469,836 18
_
Properties
and
Insurance
Pre¬
miums
10,134,550 14
Resources:
Mortgage Bonds:
Algoma Branch 1st Mortgage 5%
Note Certificates 6%
(Including amount held in trust for 6%
Audited
Pay-Rolls
Provincial and Municipal Securities
Debenture Stock in Treasury
Rentais
of
Leased
Lines
and
Coupons
on
Mortgage
Bonds
2,016,721 29
32,000,000 00
-
-
-
-
-
648,855 71
-
18,550,000 00
Equipment Obligations...
Less Balance on hand with Trustees
Exhibit
10,979,600 00
7,570,400 00
35,056,459 66
"C," Cost
Assets in Lands and Properties,
"D"
Reserves and Appropriations:
Exhibit
272,807,797 04
—
Reserve Fund for Contingencies
and for
Contingent War Taxes.
$33,734,639 66
4,298,448 79
Net Traffic Balances
Ordinary Capital Stock Sold
Net Proceeds Lands and Townsites
Surplus Revenue from Operation
Special Reserve to Meet Taxes imposed
Premium
6,011,475 62
Imperial, Dominion and United States
Governments,
Accounts
due
for
Transportation, &c
1,110,084 55
Miscellaneous Accounts Receivable
4,230,786 45
22,922,912 60
Replacement
Steamship Replacement
Equipment
91,977,838 03
6,871,549 71
Cash
Working Assets:
Material and Supplies on Hand
Agents' and Conductors' Balances
37,692,419 86
Accrued4
33,916,466 81
Cash in Hand
19,429,625 95
4,886,048 37
13,376,745 54
$70,968,761 54
curities
Investments,
Vouchers
Miscellaneous Accounts Payable...
Lands and Town-
Imperial and Dominion Government Se¬
Miscellaneous
3,650,000 bO
52,000,000 00
Current:
Note Certificates, $60,197,030 76.)
Deferred Payments on
sites
$340,681,921 12
216,284,882 10
Four Per Cent Consolidated Debenture Stock
(Cost):
Investments and Available
J.
,
SHEET
„
River Steamers
Wm.
Hon.
o
Equipment
Ocean and Coastal Steamships, Exhibit
Hosmer,
Mr. Charles R.
ASSETS.
Property Investment:
Railway,
Rolling Stock
.
Frederick L. Beique, K.C.,
Hon.
requirements for
GENERAL
gratifying to the
isting, cannot but be regarded as highly
fa¬
1921, exclusive of payments on steamships and the contin¬
carrier with credit to itself and satisfac¬
year's operations which, under the difficult conditions ex¬
%
this report, the capital
of
func¬
public, and have resulted in returns from the
miliar, have been merely nominal.
As
their appreciation of
and efficient services of the officers and men
the
have been extensive, while the sur¬
which
Your Di¬
maturity.
as a
to
pluses from railway operations during the past three years,
for
issued in 1914
March 2nd, 1924.
Company, which have permitted it to perform its
of these large expenditures, the demands upon the
Company's cash
on
Your Directors desire to express
17.
yet
because of the non-completion of the
contract
Notes
tions
half years the Company has
a
fall due
glad to be able to advise the Shareholders that
rectors are
the
Capital Account, $88,000,000: and during the
on
period the
same
of such securities.
The Note Certificates of the Company
16.
the loyal
3.04
7.33
2,600,000
During the last six and
expended
special for the purpose of authorizing, if approved,
ample provision has been made for the retirement of these
March first of this year was as follows:
United Kingdom
Canada.
15.
Shareholders, the annual general meeting will
for $52,000,000 will
December.
As mentioned in
Directors may think proper.
est as your
the issuance
the
the thirty-
on
Stock which the
at such times and places, and bearing such inter¬
be made
Stock of the Company deposited with
Treasury
other securities, collateral to
amount, such securities to be payable in such
same
the notice to
The Preference
14.
or
of any Consolidated Debenture
currency,
railway..
the
debentures
Company is or may hereafter be empowered to issue and
voted, which will, of course, substantially reduce the
cost
in lieu
or
4,000 acres of land per mile of the entire railway have
Company's charter permitting the issu¬
the
to
of bonds,
ance
mile in cash for 66 miles
a
appropriate
present market conditions, have made application for an
to
branch to Ville Marie, having a total mileage
a
of 76 miles.
short time and, to this
Company to issue forms of securities other than those it is
by your subsi¬
James Bay Railway
a
in order to implement and extend the powers of the
end,
agree¬
an
portion of the cash reserves expended on Capital
a
Account should be restored within
railway extending from Kipawa to Des Quinze
a
River, with
and
and
ble that
of that portion of
South and East of Lake
'
11,751,730 11
30,090,941 24
49,160.236 19
76,313,935
45,000,000
96,610,805
127,725,728
on
--—
by Dominion
Government.
,
Surplus in other Assets
24
00
14
35
3,144,249 81
98,064,988 30
w
86,997,319 97
$1,105,388,185 63
$1,105,388,185 63
J.
LESLIE, Comptroller.
1410
THE
CHRONICLE
AUDITORS'
We have examined the Books and
the
annexed
Balance
Sheet
and
CERTIFICATE.
Records of the Canadian Pacific Railway Co.
Income
Account
therewith,
certify
we
[VOL. 112.
that, in
for the year ending
1920, and having compared
December 31
opinion, the Balance Sheet is properly drawn up so as to show
our
the true financial position of the Company at that date, and that the relative Income
Account
for
the year is
correct.
PRICE, WATERHOUSE & CO.,
/
Montreal, March 14 1921.
;
FIXED CHARGES
£200,000 St.
Lawrence
FOR
Bonds, 4%
52,544,000
Man.
S.
YEAR
Ottawa
&
1
.
Ry.
ENDED
DEC.
31
Chartered Accountants (England).
Par Value.
1920.
Kootenay Central Ry.
♦Capital Stock.
First Mortgage
$38,933 34
-
West. Colzn.
Ry.
Bonds, due June 1 1934, 5%
—
975,129 56
Ontario & Quebec Ry. Ordinary Stock 6%.
£1,330,000
Atlantic & North. West. Ry. 1st Mortgage
£750,000
Shell River Branch:
AJgoma Branch 1st Mortgage Bonds, due
Bonds, due Jan. 1 1937, 5%
120,000 00
♦Capital
July 1 1937, r,%
$500,000
182,500 00
Bonds, 3%.
..
Rental, Farnham to Brigham Jet
Rental, New Brunswick Ry, System
Nicola
372,829 74
Rental, Terminals at Hamilton.....
Rental, Hamilton Jet. to Toronto.
4%
250,000 00
300,000 00
4%
647,072 00
*lst Mortgage Bonds 4%
3,075,000 00
...
804,000 00
Orford Mountain Ry.
♦lst Mortgage Bonds
♦Capital Stock
8,431 51
Stock
♦Common
501,000 00
_
Okanagau
Ry.
Common
7,181,587 30
20,000 00
.4%
-
1,249,273 33
741,000 00
*Common Stock
St.
Mary's & Western Ontario Ry.
♦Capital Stock—
466,000 00
*lst Mtge. Bonds.
4%
Scotian
Princess Beatrice
Boling broke
Sicilian
Princess
*lst Mortgage Bonds.
4%
945,000 00
*lst Mtge. Bonds 4%
1,067,500 00
Bosworth
Tunisian
Princess Ena
Bothwell
Victorian
♦Common
Princess Maquinna
Corsica n
Empress of Asia
Princess Mary
Dunbridge
Empress of Japan
Princess Patricia
Empress of Britain
Empress of Russia
500.000 00
Tilsonburg Lake Erie & Pacific Ry.
Charlotte
356,500 00
250,000 00
♦Capital Stock.—
Batsford
495,000 00
Bonds
Stock....
St. Maurice Valley Ry.
COASTAL STEAMSHIPS.
4%
—_
Mortgage
*lst
St. Lawrence & Ottawa Ry.
$10,775,408 99
181,040 00
232,500 00
*lst Mortgage Bonds....
(£256,700)
1920—$7,051,395 30
702,000 00
5%
....
Stock
&
4%
*lst Mortgage Bonds.
...
South Ontario Pacific Ry.
Shuswap
5,000 00
...
..
Saskatchewan & Western Ry.
STOCK.
"
1,175,000 00
♦Common Stock.....
Capital Stock
881,475 00
:
*lst
♦Capital Stock..
$3,593,821 69
AND
Ry.
939 96
Equipment Obligat ions
"A"—OCEAN
&
Ontario & Quebec Ry.
♦Common
EXHIBIT
Similkameen Coal
Bonds.
Stock
5,000 00
130,192 00
1,118,000 00
49,000 00
♦1st Mortgage Bonds
2,050 00
Montreal & Western Ry
Interest from Jan. 1
4%
♦Capital Stock
♦1st Mortgage Bonds
Ottawa Northern & Western Ry.
82,034 48
Rental, St. Stephen & Milltown Ry
Rental, Jollette & Brandon Ry.
Rental, Lachine Canal Branch
Interest from Aug. 4 1920...
1,636,250 00
300,000 00
Nakusp & Slocan Ry.
40,914 26
DEBENTURE
5%
227,200 00
Kamloops &
Mortgage
♦Common
14,192 90
on
72,000 00
♦Capital Stock
1,400 00
on
415,000 00
5,613,113 63
700,000 00
*lst Mortgage Bonds——
Northern Colonization Ry.
23,800 00
..
Rental, Terminals at Toronto..-.
58,000,000
5%
5%
__
20,000 00
140,000 00
Interest
613,200 00
♦Capital Stock
218,357 60
Interest
160,600 00
5%
...
1st Mortgage Bonds.
New Brunswick Southern Ry.
Rental, Calgary & Edmonton Ry_„___
£36,222,921
2,520.000 00
5%
—
Montreal & Ottawa Ry.
Rental, Toronto Grey & Bruce Ry
4% CONSOLIDATED
2,628,000 00
5%
...
Stock..
15,000 00
Lindsay Bobcaygeon & Pontypool Ry. 1st
Mortgage Bonds, 4%
Rental, Mattawamkeag to Vanceboro
*lst Mortgage Bonds 6%
♦Capital Stock
..
200,000 00
*lst Mortgage Bonds
Manitoba South West Col. Ry.
New Brunswick Southern Ry. 1st Mortgage
$500,000
250,000 00
*Capital Stock
♦Debenture Stock—........
♦Preferred Stock...
323,633 34
—
$5,340,000 00
—
Manitoba & North Western Ry.
♦1st Mortgage Bonds
127,200 00
£4,007,381 15 5 Ontario & Quebec Ry. Debenture Stock 5%
4%
i
Lindsay Bobcaygeon & Pontypool Ry.
1st Mortgage
52,000,000
*lst Mortgage Bonds
Stock
400,000 00
Princess Royal
Empress of France
Mattawa
Vancouver & Lulu Island Ry.
Methven
Qualicum
Holbrook
Monteagle
Tees
Charmer
Transfer No.
Mellta
y
Metagama
Montreal
Pretorian
Empress
St. John
■
Eganville Branch:
V
4%
302,400 00
3,240,000 00
_
♦Capital Stock
178,000 00
Ordinary Stock
1st Mortgage Bonds 4%
Alberta Central Railway.
*lst Mortgage Bonds
♦Capital Stock...
.
British Columbia Southern
Ry.
4%*
__
Waterloo Wellesley & Lake Huron
Ry.
Mortgage Bonds
*lsfc Mortgage Bonds....
Ontario
&
Western
Ry.
*lst
Bonds
Toronto Hamilton & Buffalo Ry.
The Public Markets,
Pacific
5 ,625 00
Capital Stock—_
1,224,600 00
Limited, of Manitoba.
Railway
(Spurts
Stock.._
Branch).
383,400 00
*lst
Mortgage Bonds
........
Pacific Steamships.
*4% First Mortgage—£720,000
Pacific Coast Steamships.
3,504,000 00
*5 % First Mtge.. £225.000
1,095,000 00
$159,865,999 90
A
* Denotes complete ownership.
We have examined all the Securities, including those listed above, held
for account of the Canadian Pacific Railway
Company, by the Treasurer,
7,440,000 00
and
with the Banks and Trust Companies for safe custody,
C11,895,000 00
have
received
certificates
30,000 00
*lst Mortgage Bonds...
4%
5%
the
Custodians,
for those deposited
order.
PRICE, WATERHOUSE
Montreal, March 14th, 1921.
& CO.,
Chartered Accountants (England)E
1,277,500 00
5,691,000 00
♦Capital Stock
250,000 00
*lst Mortgage Bonds
from
and having com¬
pared them with the records of the Company, find them correct and in
125,000 00
Columbia & Western Ry.
1,946,666 67
4%
4%
*Oapital Stock
Columbia & Kootenay Ry.
♦Capital Stock
EXHIBIT
"C"—MISCELLANEOUS
INVESTMENTS.
Par Value.
925,000 00
Capital Stock
1,101,848 93
2nd Debenture Stock
Coeur d'Alene & Pend d'Oreille Ry. lst Mortgage Bonds.
1,310.202 00
....
Preferred Stock..
Consolidated Mining & Smelting Co. Stock, 177,025 shares.
"
♦Extension Debenture Stock-
1,423^500
*lst Mortgage0Bonds...
Great North West Central Ry.
00
$47,000 00
4,425,625 00
"
Convertible
Bonds
2,698,400 00
Cambridge Collieries Co., lst Mortgage Refunding Bonds
250,000 00
*lst Mortgage Bonds.
4,832,000 00
Dominion Express Co. Stock
2,000,000 00
2,500,000 00
4%
♦Capital Stock
Duluth South Shore & Atlantic Ry. Ordinary Stock
6,100,000 00
"
5%
♦Capital Stock
*lst Mortgage Bonds.
"
"
1,375,000 00
500,000 00
Guelph & Goderich Ry.
"
924,666 67
Esquimalt & Nanaimo Ry.
"
Preferred
Stock...'.
5,100,000 00
Hull Electric Company
1.067,602 00
Georgian Bay & Seaboard Ry.
*lst Mortgage Bonds.
4%
♦Capital Stock—
Kettle Valley Ry.
2,415,000 00
Minneapolis St. Paul & Sault Ste. Marie Ry. Ordinary
Stbck
12,723,500 00
125,000 00
4%
♦Capital Stock
Preferred
Stock
6,361,800 00
4,840,000 00
250,000 00
*lst Mortgage Bonds
4%
♦Capital Stock
13,530,000 00
375,000 00
Kingston & Pembroke Ry
1st Mortgage Bonds
4%
1st Preferred Stock
Ordinary
86,000 00
Common Stock
'
426,000 00
4%
Cap de la Madeleine Ry.
2nd Preferred
Company.
4%
♦Capital Stock
Dominion Atlantic Ry.
582,500 00
....
Canada North West Land
Canadian
Preferred Stock..
Stock
1,175.000 00
125,000 00
Lake
280,000 00
*lst
.........
♦Capital Stock.
Calgary & Edmonton Ry.
♦Capital Stock
125,000 00
200,000 00
1,000,000 00
_______
Mortgage
2,240,000 00
172,200 00
Berlin
Campbellford
2,396,000 00
50,000 00.
——
*lst Mortgage Bonds 5%
♦Capital Stock
Common
3,179,500 00
....
5%
...
♦Common Stock,....
Alberta Stock Yards Co., Limited.
$19,466 67
♦Guaranteed Stock
♦ lst Mtge. Bonds
Stock
Miscellaneous Securities.
5%
*lst Mortgage Bonds
945,000 00
5%
2,160,000 00
Bridge &Ry. Extension Co.
♦Common
Par Value.
1st Mortgage Bonds.
1,254,000 00
4%
lst Mortgage Bonds
Stock—
ACQUIRED SECURITIES.
Alberta Railway & Irrigation Co.
3,000,000 00
1,373,425 00
Chateau Frontenac Hotel Co.
Securities of Leased Lines
15,107,000 00
3,993,000 00
Common
•
Atlantic & North West Ry.
Con. Mtge. Bonds 4%
1st Mortgage Bonds..;
Stock
Montreal & Atlantic Ry.
Tonnage, 301,219
EXHIBIT
19,000 00
....
Princess Alice
Gross
25,000 00
2,293,500 00
Common
Transfer No. 6
••
740,000 00
4%
Transfer No. 7
Princess Adelaide
Scandinavian
4%
Minn, St. Paul & Sault Ste. Marie
Ry. 1st Mtge. Bonds 4%
Mineral Range Ry.
lst Mortgage Bonds
Transfer No. 4
Otter
•
455,000 00
Stock.....
Lake Erie & Northern Ry.
Transler No. 3
Nitinat
Mottisfont
5%
—
Securities of Other Companies, Controlled but Not Leased.
Transfer No. 2
Nanoose
Montezuma
...
1.
Island Princess
'
s.
*lst Mortgage Bonds
Duluth South Shore & Atlantic Ry.
♦Income Certificates..-
Dola
Minnedosa
♦Common
Princess Victoria
Grampian
*lst Mortgage Bonds.
♦Capital Stock..
Walkorton & Lucknow Ry.
995,450 00
Stock
134,900 00
Stock
Kootenay & Arrowhead Ry.
♦Capital Stock
1,075,000 00
Pennsylvania-Ontario Transportation Co. Stock
Quebec Salvage & Wrecking Co. Stock
—
150,000 00
Spokane International Railway Co. Stock
Trustee
Securities
3,941,800 00
—14,558,500 00
Toronto Hamilton & Buffalo Ry. Co. Consolidated
Bonds
187,500 00
Mortgage
....
West Kootenay Power & Light Co. Preferred Stock
1.000.000 00
55,000 00
1,988,400 00
*ist Mortgage Bonds._
5%
$60,666,727 00
780,000 00
250,000 00
Cost—$35,056,459 66.
April
21921,]
THE
CHRONICLE
We have examined all the Securities,
including those listed above, held
for account of the Canadian Pacific
Railway Company, by the
and have received certificates from the Custodians
for those
BRITISH COLUMBIA:
Unsold portion
Trust
,
_,
.
Subdivided
Montreal, March 14 1921,
"D"—ASSETS
IN
LANDS
AND
Plots
PROPERTIES.
mainly those
excess
ical than
resort to condemnation
a
as
being
pur¬
46.933
adjoining
Town-
5,000,000 00
i
coal right reserved
acres of
1,228,324 at $13 00
15,968,212 00
.2,073,453 at $13 00
tract, under
on a
in Al¬
royalty
1 00
acres
of coal land in British Col-
lumbia, Saskatchewan and AlbertaIron property in British Columbia.
26,954,889 00
(500,000 acre
agreement with Government)
17,256 at
$5 00
Rights reserved
land
at
469,330 00
25.000 00
86,280 00
49,750 at $30 00
way
11,851,720 00
2,345 at $40 00
...
Land reserved in Irrigation
right of
.
100,000
unsold
of
acres
in
Alberta.
1 00
Rights reserved in 50,000 acres of land
sold and unsold in Alberta, to be de¬
veloped on a royalty basis
: 93,800 00
and operating purposes
57,358 at $13100
Buildings and improvements on im¬
proved (ready made) farms Saskat¬
chewan,
Alberta,
Manitoba and
British Columbia; investment being
repaid with land installments with
interest at 6%
745,654 00
FARMS:
.
.
100,000 00
.
25,000 00
_
Farm
1 00,
FARMS:
IMPROVED
Block for
Strathmore
Brooks.
in
and
...
1,492,500 00
296,293 at $40 00
Section
A. R. & I, Section.
DEMONSTRATION
sold
PETROLEUM RIGHTS:
Western Section
256,838 32
8,000 00
Farms at Veterans'Colonies
LIVE
90,000 00
and
Tie
Reserve
in
STOCK:
Live
Stock
(horses, cattle, sheep and
swine) advanced to farmers having
TIMBER LANDS AND MILLS:
British
land
Columbia
553,714 at
$3100
1,661,142 00
17,632 at
$1 50
contracts with Company,
security lien notes....
26,448 00
A. R. & I. Timber limit in Alberta
Bull River Mill and improvements
,
on
Total
32,562 49
5,611,563
EXPENDITURES, YEAR ENDED DEC. 31 1920.
/V
RECEIPTS*
Cash in hand Dec. 31 1919
"-v
EXPENDITURES:
*$53,519,420 78
...
Surplus Revenue as per statement
Special Income as per statement
Dividends
$21,877,635 61
Preference Stock:
on
2 per cent, paid April 1st 19202 per cent, paid October 1st 1920
10,966,447 81
.....
—
32,844,083 42
$1,613,638 42
1,613,638 42
1,227,276 84
DEPARTMENT:
Dividonds
(Lands and Townsites:
2H
on
Ordinary Stock:
per cent,
paid April 1st 1920
...
$6,500,000 00
'2 A per cent, paid December 31st 1920-
Proceeds of Sales and Interest, less can¬
cellations
—$12,867,526 96
Less Sales Expenses and Irrigation
4,706,321 08
6,500,000 00
2 A per cent, paid. June 30th 1920
6,500.000 00
6,500,000 00
_____
2 lA
...
Deferred Payments on previous years' sales
.
.
.
v,
Amount remaining m
sales ©f the year
J—
7,692,372 99
6,702,262
1,852,004
4,461,152
1,485,737
74,910
Lake and River Steamers
3,801,113 75
un¬
der construction.
$14,255,914 25
Less amount paid from Steamship lteplace-
7,658,578 54
*
38,682 69
Rentals of Leased Lines
Coupons on Mortgage Bonds, Equipment Obliga¬
tions and Reserves and Appropriations.
22,929,153 78
Steamships:
Steamships acquired and
Payments on
of Consolidated Debenture Stock sold
ment
Fund
454,441 42
.
—
Increase in Current Liabilities,
and
-.
13,801,472 83
7,021,866 59
Deposited with Trustee, Special Investment Fund
Securities Acquired:
Lake Erie & Northern Ry. First Mortgage
Bonds
Alberta Stock Yards Co., Ltd., Preferred
Stock
Trustee Securities.
.......
v
$11,000 00
129,000 00
3.294,244 81
....
Payment of Equipment Obligations.....
3,434,244 81
1,440,000 00
....
Increase in
Working Assets and Advances to
Properties and Insurance Premiums
Controlled
20,803,326 58
...............
$94,552,468 49
30,090,941 24
Cash in hand, December 31st 1920....
$124,643,409 73
EXHIBIT "E"—CONSTRUCTION—BRANCH LINES.
Interprovinciai & James Bay Railway.
Archive—Wymark Branch
Bassano East (Milden South West) Branch.
Langdon North (Acme-Drumheller) Branch
Lanigan North East Branch—
$35,441
103,788
622,24b
1,439,547
714,049
......
Leader South East Branch
Moose
Jaw
South
West
South
East)
Rose town South East
ACQUIRED LINES
51
1ST
TO
ON
DED.
LEASED AND
31ST
"
$247,468 41
ATLANTIC & NORTH WEST RAILWAY:
Additional Sidings, Buildings, Stations & Yards.
9,586 46
Permanent Bridges and
ON
$68,286 88
Improvements of Line. 219,650 20
287,937 08
$4,248.213 28
EXPENDITURE
ADDITIONS
AND IMPROVEMENTS FROM JAN. 1ST TO DEC. 31ST
1920.
ONTARIO & QUEBEC RAILWAY:
Additional Sidings, Buildings, Stations & Yards.$208,914 16
Permanent Bridges and Improvements of Line. 516.022 44
Toronto Terminals
103,332 62
EASTERN LINES:
Additional
Sidings,
828,269 22
Buildings,
Yards
Stations
and
CAMPBELLFORD LAKE ONTARIO & WESTERN RY.:
$460,357 68
—
Permanent Bridges and Improvements of Line.
Montreal
Additional Sidings, Buildings, Stations & Yards.
652,653 09
_
$1,113,010 77
574,101 41
Terminals..
Quebec Joint Terminals
;
,
28,706 21
....
WESTERN LINES:.
Additional Sidings, Buildings, Stations and
Yards
Line....
Bridges
and
74,510 21
MANITOBA & NORTH WESTERN RY.:
*
87,636 71
CALGARY & EDMONTON RAILWAY:
1,152,172 15
Coaling
Winnipeg Terminals:
Vancouver Terminals.......
Connaught Tunnel.
Right of Way.
Additions, Sidings, Buildings, Stations & Yards.
Permanent Bridges and Improvements of Line.
197,862 29
71,200 16
585,483 08
508,607 89
...
CAP
;
,11,427 20
■
$3,551,557 70
'5641280
Office Buildings and Hotels
93
253,452 57
Rented and Temporary Sidings
Telegraph Extensions and Additions.
$50,474 09
24,036 12
Improvements of
—
Fort William Terminals, including
Plant
Additions to
Permanent Bridges and Improvements of Line.
Additional Sidings, Buildings, Stations & Yards. $44,310 81
Permanent Bridges and Improvements of Line.
43,325 90
$1,024,804 93
Permanent
1920.
Additional Sidings, Buildings, Stations & Yards. $64,639 81
Permanent Bridges and Improvements of Line.
94,777 04
St. John Terminals
88,051 56
15
28
124,214 15
83,919 62
__
OF
JAN.
>
Weyburn West (Altawan West) Branch
"F"—DETAILS
FROM
NEW BRUNSWICK RAILWAY:
40
350,122 63
311,265 96
i
Swift Current North West Branch
EXHIBIT
$124,643,409 73
EXHIBIT "G"—DETAILS OF EXPENDITURE
37
454,029 75
(Consul
Branch
Surveys
68
60
98
30
00
Ocean and Coastal
to Imperial Government..........
Amount applied in reduction of Cost of Mining and other
Properties, Exhibit "D"
26,000,000 00
4,248,213 28
branches,
—....
3,852.376 77
account
cent, paid October 1st 1920
Expenditure on leased and acquired lines, Exhibit "G"
Roiling Stock Equipment.....
Shops and Machinery
on
...
per
Construction of Branch Lines, Exhibit ,4E"_.
Additions and Improvements, main line and
(. Exhibit "F"
$11,544,749 76
„
Deferred Payments
$8,161,205 88
3 ,383 ,543 88
Amount received from Sale of Government and other Seon
$91,977,838 03
150,000 00
RECEIPTS AND
Amount
$10 00
(Revenue from area under lease to
Dec. 31 1920, $231,064 85)
ALBERTA—Irrigated lands:
LAND
4,500,000 00
_
NATURAL GAS:
A. R. & I.
Timber
4,276,400 00
Columbia, in-
basis
1,450,800 00
,
Agricultural lands
Mixed
1,954
96
in British
under land sold and unsold
ALBERTA:
Eastern
6,500,000 00
Saskatchewan
berta, to be developed
SASKATCHEWAN:
Sas¬
Town
LANDS:
3,000,000
2,827,430 44
—145,080>t $10 00
Agricultural lands
Manitoba,
Vancouver.
COAL
more econom¬
Acres.
Agricultural lands
Manitoba,
adjoining
sites in British Columbia, including
proceedings
MANITOBA:
in
land
Unsubdivided land
of the requirements when securing right of
grounds and shop sites,
5,211,240 00
IN TOWNSITES:
sites
cluding Vancouver
LANDSi}AND BUILDINGS availabl(£for sale in
chased in
in
Unsold lots
the Provinces of New Brunswick, Quebec,
Ontario, Mani¬
toba and British Columbia, representing
way, station
$5 00
and Alberta
COMPANY'S COLLIERIES in Alberta'and British Colum¬
bia, and Company's interest in other producing coal mines. $2,112,276 78
SURPLUS
$62,312 00
.1,042,248 at
katchewan and Alberta
Unsubdivided
EXHIBIT
$2 00
of Esquimalt & Na-
UNSOLD LANDS
Chartered Accountants (England).
■
„.
31
L,156 at
naimo Land Grant
PRICE, WATERHOUSE & CO..
.
Acres.
Columbia & Kootenay Lands
Treasurer,
deposited with
Companies for safe custody, and having compared
them with the records of the
Company, find them correct and in order.
the Banks and
1411
—__
617,153 09
$6,702,262 68
DE
LA
JOLIETTE
&
MADELEINE
BRANDON
$69,833 43
24,497 56
RAILWAY
—-
—
MONTREAL & OTTAWA RAILWAY
MONTREAL
&
NORTHERN
COLONIZATION
WESTERN
&
ST. MAURICE VALLEY
WESTERN
14,367 96
4,565 55
1,733 01
RAILWAY
RAILWAY
94,330 99
51,571 17
20,166 31
RAILWAY
3.510 70
ORFORD MOUNTAIN RAILWAY
OTTAWA NORTHERN
_
i
RAILWAY
RAILWAY..
——
34,670 27
5,91-7 53
THE
1413
SEABOARD RAILWAY
GEORGIAN
BAY &
GUELPH
GODERICH
&
15
90
05
41
81
86
4,13430
$26,900
11.858
4,516
23,043
14,299
10,596
—
RAILWAY..
—
PONTYPOOL RAILWAY..
LINDSAY BOBCAYGEON &
RAILWAY
WALKERTON & LUCKNOW
-
—
RAILWAY
WESTERN COLONIZATION RY_.
NORTH WEST CENTRAL
GREAT
MANITOBA SOUTH
ALBERTA CENTRAL RAILWAY....
[VOL.. 112.
CHRONICLE
STATEMENT
Cars, Baggage Cars
V
•
*
Includes
Cars
■,
•
■
.
as
From
°
$49,125,738 88
145.303.399 70
1,498,231 u
—
-
Malfs
"
Total
_
20,713,979 58
Express and Miscellaneous..
Sleeping Cars,
_____
_
First Class
Second Class)80.04% owned by
4 Baggage
)
j
'
68.33% owned by
Dining and
other lines.
Smoking
4 Second Class
other lines.
Baggage &
4
Cars
Express
.$216,641,349 30
EXPENSES FOR THE YEAR ENDED
Cars
11
1
32,573,927 27
46,350,792 61
4
19
2,492,640 78
1,492,991 54
31st 1919
Company
Balance to December
—
:
Amount contributed by
Amount
received
as
31ST 1920.
—
Interest......
$1,324,738 71
500,000 00
UPPER
Minto
Moyle
Balance in Cash
Kuskanook
DECEMBER 31ST 1920.
ROLL AT
Under 60 years of age.....
Between 60 and 70 years of age..
-
Over 70 years of age
Ontario
Michigan
OF
DESCRIPTION
967
PACIFIC RAILWAY
Bushels
Head
Stock
Lumber
Feet
Firowood
Cords
Manufactured Articles. Tons
Tons
All other articles
1920.
.
9,644,410
12,787,020
13,301,740;
Years Ended Dec. 31.
1918.
-$1,236,967 58
Interest
175,817 32
—
Number of tons carried
mile
1920.
1919.
|
25,102,821
30,160,134
13,014.665,922,11,121,322,012
13,994,508,975
29,856,694!
_ —
Number of tons carried 1
mile—
1.04 cents
1.00 cents
0.85 cents!
$4,500,309 75
,
PASSENGER TRAFFIC.
Disbursements—Losses adjusted:
-
1919.
j
FREIGHT TRAFFIC.
Earnings per ton per
,
31.
172,536,485
137.070.428
121,059,921
1,947,976
2,364,870i
2,603,571
3,241,312.802 3,143,431,200 3,565,175,867
272,546
339.631
279,925
9,330,111
9,718,373
7,854,163
9,625,065
9,798,523;
7,589,275
__.$3,087,524 85
—
as
Live
$1,002,244 90
234,722 68
—
received
Dec.
Operating Expenses—
Marino
Amount
Barrels
Grain..
INSURANCE
Contributions to Fund chargeable to
Fire
Ended
.
DECEMBER 31ST 1920.
1st 1920
Balance January
FORWARDED.
FREIGHT
Years
Flour
32
439
496
------
Total......
STATEMENT OF CANADIAN
DEPARTMENT TO
Ymlr
—.i—.$1,460,414 26
and Investments..
ON PENSION
Slocan
Valhalla
Sandon
1918.
NUMBER
Sicamous
FERRIES.
411,155 47
for year— ...... —
RIVER.
Nasookin
Naramata
Okanagan
Kokanee
Kelowna
Manitoba
Keewatin
COLUMBIA LAKE AND
BRITISH
Bonnington
Castlegar
$1,871,569 73
Payment of Pension Allowances
STEAMERS.
LAKES.
Asslniboia
Athabasca
46,831 02
.....
RIVER
AND
Hosmer
PENSION
)
and Express
LAKE
8,969,995 75
RAILWAY
STATEMENT
OF
CANADIAN PACIFIC
DEPARTMENT TO DECEMBER
63.96% owned by other lines.
Cars
$183,488,304 70
—
- -
(■
Class
Baggage
LINE.
)
C/lcisS'
4 Second
Alberta
Total
HAMILTON & BUFFALO
TORONTO
1920.
DECEMBER 31 ST
Transportation Expenses.
—
Maintenance of Way and Structures
Maintenance of Equipment.
Traffic Expenses
Parlor and Sleeping Car Expenses
...
— -Expenses of Lake and River Steamers..................
Oeneral Expenses (Including all taxes)
——■
LINE.
BOSTON
2
14
STATEMENT OF WORKING
6,629
•' '.
Smoking
&
4
4
12
.'
First Class
First Class
2
2
ccriri(TOV^
pSt
"
'
MONTREAL &
YEAR ENDED
THE
Shovels
follows:
1920.
EARNINGS
1.337
——
m
■.
■
Service
Line
in
ST. JOHN & BOSTON LINE.
FOR
DECEMBER 31ST
124
____88,05<
Conductors'Vans
Boarding, Tool and Auxiliary Cars and Steam
v
OF
2,174
483
Sleeping, Dining and Cafe Cars
Official and Paymasters' Cars
Freight and Cattle Cars (all kinds).
....
Parlor Cars,
•'
STATEMENT
and Colonist
Cars.
First-class
$1,852,004 60
■
2,255.
_*
♦First and second-class Passenger
Sleeping
1920.
DECEMBER
31ST
EQUIPMENT AT
OF
Locomotives
Marine
— .
Fire
$477,11.5 29
98,320 00
— _
-----
-
Years Ended Dec. 31.
$575,435 29
Re-Insurance
46,498 78
....
.....
$3,878,375 68
Balance m Cash and Investments
Number of passengers
Number of passengers
carriedcarried one mile..—
mile
1.5,815,982
1,776,740,850
16,925,049
1,732,050,259
2.60 cents
2.84 cents
Earnings per passenger per
TRAIN TRAFFIC
1920.
1919.
621,934 07
STATISTICS—FOR TWELVE MONTHS ENDED
Earnings of Lake and River Steamers and of
DECEMBER 31 1920 AND 1919.
Kettle Valley Railway not
included in this Statement.
Year Ended
December 31
1920.
Year Ended
December 31
1919.
Inc.
(+) or Dec. (—•).
Amount
or
Number.
MILEAGE.
TRAIN
5.01
42,349,387
+4,370,278
10.32
110,759,727
2,400,909
46,196,600
—5,168.723
+ 15,935
+2,046,953
4.67
.66
159,357,236
-3,105,835
1.95
591,151,172
209,037,450
27,945,171
494,862,169
170,620,412
23,988,547
MILEAGE,
Passenger:
Coaches and P. D. and S. cars...
Combination
cars
Baggage, Mail and Express cars.
Total Passenger cars.
Freight:
Loaded
.
Empty..
Caboose.
PASSENGER
"
one
mile
Passengers carried (earning revenue) one mile per
mile of road.
.miles
.—$
Average journey per passenger
"
"
per
passenger
car
Total passenger
4,844.78
mile
4,463.87
13,856,607,551
1,830,407,240
15,687,014,791
1,066,401
non-rev.
"
"
"
"
Total tons (all classes) freight carried one mile
Tons of revenue freight carried one mile per mile of road
Tons of non-rev. freight carried one mile per mile of road
Total tons (all classes) freight carried one mile per mile of road.
Average amount received per ton per mile of revenue freight
"
"
"
non-rev.
"
"
140,868
1,207,269
.cts.
"
"
"
"
"
train mile
mile of road
10,926,848,494
1,378,437,805
12,305,286,299
840,928
106,084
947,012
1.003
.cts
498.07
560.90
26.54
"
Average No. of tons of non-rev. freight per loaded car mile
Average No. of tons of (all classes) freight per loaded car mile.
"
2.59
599-16
23.44
3.10
mile
(all classes)
"
"
freight per loaded car mile
"
1.038
78.89
15.58
529.25
69.91
revenue
Freight train earnings per loaded car mile
2.58
112.53
40.32
"
"
7.01
—3.504
76.75
FREIGHT TRAFFIC:
Tons of revenue freight carried one mile..
"
+ 1,097,803
-45,519,987
135,727
15.91
44.88
2.81
mile of road
"
15,671,752
1,763,604,596
132,223
102.45
2.59
"
"
.64
2.82
train earnings per train mile
"
2.10
+ .20
.cts.
mile
Average No. of tons of revenue freight per train
"
—.15
31.43
2.89
mile
Revenue from passengers per passenger car
+ 138,662,665
7.13
2.91
Average number of passengers per train mile..
"
"
"
"
689,471.128
..cts.
Average amount received per passenger
"
16.49
20.11
16,769,555
,718,084,609
TRAFFIC.
"
22.52
31.63
Passengers carried (earning revenue)
"
19.46
+96,289,003
+38,417,038
+3,956,624
6.98
Mile.
Traffic Train Mile...
Freight cars per
4.43
828,133,793
Total Freight cars.
Passenger cars per Traffic Train
|
21.71
—97,364
156,251,401
Total trains.
+ 126,928
+4,340,714
105,591,004
2,416,844
48,243,553
Mixed trains
20,411,110
19,994,867
1,943,410
46,719,665
Freight trains
i
.62
20,538,038
24,335,581
1,846,046
Passenger trains.
•CAR
Per
Cent.
24.87
24.34
22.15
5.50
5.00
8.434.11
11,072.83
62.83
22.08
2.79
—10.08
—.02
+ .23
—2.14
+ .33
+4.56
+ .22
+380-91
+2,929,759,057
+451,969,435
+3,381,728,492
+225,473
+34,784
+260,257
+ .035
+31.18
+7.08
+38.26
+ 1.36
+ .31
+ 1.67
+2.19
+ .50
+2,638.72
2.58
8.96
.69
8.88
2.71
2.12
11.31
8.49
8.53
26.81
32.79
27.48
26.81
32.79
27.48
3.49
6.26
11.27
6.82
6.16
11.11
6.71
9.89
10.00
31.29
April 2
1921.]
TELE
CHRONICLE
NORFOLK & WESTERN
TWENTY-FIFTH ANNUAL REPORT FOR
•
To
the Stockholders of
Roanoke, Va., March 23, 1921.
the
Your Board of Directors submits the
RAILWAY CO.
THE YEAR ENDING DECEMBER 31,
Deductions from Gross
Income—
the year ending December 31, 1920.
Dec. 31 1920.
•;
■■
■
Dec. 31
7Yf7tpQ
••••
Miles.
1,542.98
BranchesfOperated
2d track-127.28
(Other branches
512.85
miles
Miles.
1,542.98
Amortization
—2.93
2,186.04
Operated under trackage rights-
15.72
2,198.83
556.95
4.34
of
all
ment
+8.53
2,088.08
4,067.42
+ 112.25
Profit
+ 146.40
2.93 Miles
INCOME STATEMENT.
Company's Income for January and February
11.577,096 37
for the remainder of the year, the income was based upon
actual operating results.
The Income Statement is there¬
fore divided to show these three periods, and for compari¬
year
1919, the Compensation and War Tax
Accruals for that year have been
Federal Control Period.
1920.
$
similarly apportioned.
Inc. (+) or
Dec. (—).
1919.
$
Per
Cent...
$
Guaranty provisions of Transportation Act, 1920,
Company had received to Dec. 31 1920 $6,000,000.
PROFIT
trol
January
and
February 1920
3,611,787 08
3,451,979 19
+159,807 89
4.63
200.000 00
309,349 54
—109,319 54
11,577,096 37
13,594,087 49 —2,016,991 12
14.83
+2,390,874 84
3,142,629 65
+269,157 43
come
road
on
March 1
-11,005,435 57 10,355,937 58
+649,497 99
6.28
War
Tax Accruals
600,000 00
928.048 61
—328,048 61
3,448 55
37,640 00
60,162 63
458,375 55
6,710 65
72,707 99
Total Credits ....46,417,965 80
40,387,478 12
+6,030,487 68
14-93
8,459,373 00
+44,616 25
0 52
2,617,248 49
4-
+2,617,248 49
54,067 57
252,971 50
*46,253 39
46,350 85
8,459,470 46
+2,968,806 35
35 09
34,989,688 99 31,928,007 66
+3,061,681 33
9.59
Charges—
9,427,888 97
+977,546 60
10.36
Period Sept. I to Dec.
31 1920.
Total Railway Operat¬
•
of Surplus,
Common
Stock
8,503,989 25
Surplus
Appropriated
for
Adjustment
of
Ledger
Value
of
Equipment
Loss
on
retired
road
equipment...
Balance, Dec. 31st
DETAIL
OF
DIVIDEND
69
70
April 30 1920
July 31 1920
Oct.
30
1920
1921
Jan. .31
1921
6,903,958 39
618,699 07
+ .739,528 54
+841,300 93
$919,692 00
1920
Feb.
June
1920
Sept. 18 1920
May 29 1920
Aug. 31 1920
IK
1U
IK
Dec.
Nov. 30
IK
19
18
1920
28
1920
2,051 75
CAPITAL STOCK.
2,496 54
—1,714 97
68.69
6,282,762 78
-2,579,114 52
41.50
The
Preferred and
aggregate amounts of Adjustment
Common
issued
Capital
are
as
which
Stock
follows
have
been
authorized and
:
Lap-overs ac¬
to Guaranty
-IssuedPar Value.
Shares.
$23,000,000
121,483,500
230,000
1,214,835
Totals, December 31st 1920—..$273,000,000 $144,483,500
Totals, December 31st 1919
273,000,000
144,409,200
1,444,835
1,444,092
Authorized
*
1.922.393 73
1,781,254 53
.....
.
6.282,762 78
+1.922,393 73
-4,501,508 25
Adjustment Preferred Stock
71,65
Common
Stock
...
Add:
Equipment
Rents—
1,401,833 23
Facility Rents-—
Credit Balance.
50
75
25
00
$8,503,989 25
135.98
781 57
Period.
+1,401,833 23
_.
Credit Balance
55,034 40
+55.034 40
The additional 743
Months
3,238,122 16
6,282,762 78
3,044,640 62
48.46
Remainders from
Federal Control and
Add
in
12,570,518 62
Total for Year
18,853,281 40
.17,055,344 81
Add—-
'
+1,246,704 03
+
.797,936 59
9.92
9.54
;-v.-
Non-Operating Income:
Rent
Income
57,195 67
201,689 03
+44,493 36
71.67
1,177 50
810 00
+367 50
45.37
Income from Leased
Road
Non-
50,473 54
1,666 67
28,442 83
14,266 67
+22,030 71
—12,600 00
77.57
88.73
482,794 17
697,957 56
—215,163 39
30.82
Dividend Income...
Income from Funded
Securities
from
Un¬
funded
Securities
and Accounts....
as
Stock
were
issued
follows:
4% Gold Bonds of 1912;
4%% Gold Bonds of 1913;
37,300 Convertible 10 year 6% Gold Bonds of 1919.
At the close of the year there were in the Treasury 77
shares
($7,700) of Adjustment Preferred Stock and 24
8,000 Convertible 10-20
year
29,000 Convertible 10-25
year
shares
Of
Operating Physical
Property
743
$74,300
shares of Common
exchange for $74,300 Convertible Bonds, surrendered for
conversion,
Guaranty Periods...13,817.222 65
$23,000,000
250,000,000
Increase (allCommon Stock).
Railway Operating
Miscellaneous
$2,125,035
2,125,474
2,125,527
2,125,900
-
Mar. 19
25.20
3,703,648 26
Revenue
come
Miscellaneous
$121,430,600
121,455,700
121,458.700
121,480,000
00
00
00
00
$8,501,937 50
Railway Operating In-
4
$229,923
229,923
229,923
229,923
1
1920
$22,992,300
22,992,300
22,992,300
22,992,300
1
Common Stock:
Uncollectible Rail¬
Income,
Period
Stock.
1
1
1920
Nov. 19
Feb. 19
Amount of
Dividend.
Outstanding
Slock of Record. Cent.
Stock:
Dividend adjustment on Common Stock issued in exchange
for Convertible Bonds
.
Net
PAYMENTS.
30,671,290 68
way Operations.... 5.164,429 83
Deduct—Railway Tax
Accruals..
1,460,000 00
(Includes $400,000
War Tax Accruals.)
Joint
+100,320 96 217.14
+206.620 65 446.26
Credit adjustment of lap-over items.
62
..35,835,720 51
Net Revenue from Rail¬
cruing
+53,45198 797.79
+385,667 56 530.49
Dividend Appropriate
59
60
61
Total Railway Operat¬
Deduct
90.93
—34,191 45
35.35
10,405,435 57
Remainder..
way
and
No.
Payable.
Adjustment Preferred
67
May 19 1920
68
Aug. 19 1920
provisions
Transportation
ing Expenses.
26,676,331 99
Per
Guaranty
ing Revenue
$
equipment sold
Donations for construc¬
tion sidings
Miscellaneous credits..
8.56
under
T?54ilW5*v
1919.
$
Balance January 1st..31,928,007 86
Credit balance from in¬
Guaranty Period.
♦Railway Operating In¬
1920
Inc. (+) or
Dec. (—).
Per
Cent.
%
19.69
35.34
3,411,787 08
toAug.311920
the
$
+5,251,675 87
♦
Remainder
Act
$11,005,435 57,
STATEMENT.
1920.
con¬
Deduct Railway War
Tax Accruals
TlP/iiiet,
AND LOSS
Credits—
Miscellaneous debits..
♦Compensation accrued
of
14.84
13,594,087 49 —2,016,991 12
Total Charges..11,428,276 81
roads and for the six months March to August, inclusive,
was guaranteed under the Transportation
Act, 1920, while
accrued
919.692 00
account
Profit
was
based upon its agreement with the Director-General of Rail¬
come
919,692 00
and
Adjustment of ledger
value of equipment. 2,390,874 84
3.13 Miles
.20
44
...
Federal
0.36
13.90
of accrued compensation for the Federal Control period,
Jan. 1 1918 to Feb. 28 1920, aggregating $44,822,778 68, the Company had
received to Dec. 31 1920 $23,375,000, and of the accruals of income under
On
78 Miles
"
1.35
"
Decrease..
under
14,513,779 49 —2,016,991 12
1.00
Extension of Lewis Creek Branch
the
—19,994 63+
Adjust¬
on
Loss
4.213.75
Total Decrease
with
90.68
5,458,946 10
+ 11.46
2,200.33
4,213.82
Indian Camp Branch—Removed.
son
1—49,434 47
5.439.951 47
ferred to
1.450.70
Shenandoah Ore Branch—Removed..
Periwinkle Branch—Removed
Your
86.99
54,507 52
12.496,788 37
The decrease in miles of road in operation is as follows:
Net
—286,640 35
5.073 05
ment Preferred Stock
4.222.28
oper
329,514 14
Income
Net Income
*
oper
22,857 14
42,873 79
Organization..
Income Balance: Trans¬
in
operation
Average miles of road
Average miles of track
22,857 14
Maintenance of Invest¬
Dividends
4.34
1.462.16
tracks
Funded
—2.93
2,201.76
556.95
miles
93.36
25.4S
Dis¬
of
on
—2.93
15.72
Total miles of road in operation.
Second track
Total
—175,058 94
Debt
Totals
643.06
2,183.11
Sidings and yard tracks
10.11
187,576 19
Charges
515.78
Third track
+491,960 78
Unfunded
on
Miscellaneous
127.28
as
640.13
Total
4,863,784 76
)
Funded
on
count
Main Line___
Cent.
706 35
Rents..
Debt
Inc. (+) or
1919.
Dec. (—)
Per
$
+178 35
$
884 70
Debt
Interest
MILEAGE OF ROAD AND TRACK IN OPERATION.
Inc. (+) or
Dec. (—).
1919.
1920.
12,517 25
Interest
following report for
1920.
5,355,745 54
Miscellaneous
Norfolk and Western Railway Company:
1413
($2,400)
the
of Common
Stock.
authorized but unissued Common
Stock, $19,398,500 was reserved for the conversion at par of
a like amount of Convertible Bonds including
outstanding
hands and
$128,516,500
bonds held
in the
Company's Treasury.
Income
178,569 40
125,863 42
+52,705 98
41.89
725 00
5,275 00
—4,550 00
86.26
94,129 16
14,664 12
43,622 96
Release of Premiums
on Funded Debt._
Revenues' and
Ex1
Jenses
prior
to
Gross
Income
Funded Debt outstanding was as follows:
31sf
1920.
Total Non-Operating
Income
The aggregate
Dec.
1918
Miscellaneous Income
an.
FUNDED DEBT.
16
21.26
$83,241,500
Convertible Bonds...
19,683,500
10,885.000
Equipment Trust Obligations..
Collateral Trust Notes
2,500,000
19,972,725 59 —2,035,985 75
10.91
$116,310,000
.
1,516 72
.
881,395 03
17,936,739 84
+50,506 20 115.78
+ 13,147 40 866.83
1,119,444 19
|
-i-238,049
Mortgage Bonds
Dec.
31si
1919.
$83,249,500
19.757,800
5,000.000
$108,007,300
Inc.
(+) or
(—).
-$8,000
-74,300
-5,885,000
-2,500,000
Dec.
t!
+$8,302,700
ADDITIONS AND BETTERMENTS TO WAY AND
Bonds outstand¬
The decrease in the amount of Mortgage
[Vol. 112.
CHRONICLE
THE
1414
Norfolk
and Western Railroad Companys General Mortgage Bonds,
the par of which was paid by the Trustee of that mortgage
out of the proceeds of the sale of the Company's Experi¬
mental Farm at Ivor, Virginia, and the Company's discon¬
tinued Experimental Orchard Farm near Moran, Prince Ed¬
ward County, Virginia; the premium and accrued interest
on the bonds being paid by your Company.
The purchase
price of the property at Ivor, Virginia, was $20,000, payable
in three installments, of which $14,273.43 has been paid, the
balance of $5,726.57 being payable in 1921.
The purchase
price of the property near Moran, Prince Edward County,
Virginia, was $1,450.40, which was paid upon delivery of
deed of conveyance.
When the final payment is made on
account of the purchase price of the Ivor Farm property,
said amount, together with the balance of $723.83 held by
the Trustee, will be used to purchase and retire additional
STRUCTURES.
ing is due to the retirement by purchase of $8,000
Mortgage Bonds.
General
$74,300 in the amount of Convertible
The net decrease of
due to the conversion into Common
Bonds as described under the
head of "Capital Stock."
The difference in the amount of Equipment Trust Obliga¬
Bonds outstanding was
Stock of $74,300 of Convertible
,
tions
outstanding
of the issue of $6,885,000
result
is the
Equipment Trust Certificates, Equipment Trust No. 54, and
payment of $1,000,000 of matured Equipment Trust Cer¬
the
tificates, Series of 1914.
The Collateral Trust Notes are
6% Secured
Four-Year
under date of May 1,
Notes outstanding which were issued
1920, to provide for the construction of the Lenore Branch.
The following
bonds
held in the Treasury:
were
87.77 additional miles of track were laid with 100-lb. rails,
the total amount of track laid with this weight
372,796 cubic yards of stone were used in standard bal¬
on the Main Line.
Passenger stations and freight depots were built or en¬
larged at Port Republic, Cold Spring, St Paul and Carbo,
Va., and Roxboro, N. C.
A 50,000
electric
galloili tank,
pumps
a deep well, a pump house and two
installed at Bristol, Va.
were
Thirty dwelling houses at Hopewell, Va., were purchased
use of the Company employees.
These houses were
re-erected as follows: ten at Crewe, five at Shenandoah,
for the
and ten at Williamson, W. Va.
five at East Radford, Va.,
Va., ash hoists
Yardi Va., and Kenova, W. Va., and an engine
shed at East Radford, Va.
A re-icing station was erected at
Bristol, Va., a storage house at Kimball, W. Va., and an oxweld generator house at Portsmouth, Ohio. Extensions were
made to the machine shop and electric locomotive pit at
Bluefield, W. Va., and a locker building was constructed at
wharf, was constructed at Suffolk,
A coal
Island
at
Winston-Salem, N. C.
Automktlc signals were installed at West Roanoke
and at
Va., was con¬
nected up with interlocking plant at Christiansburg, Va.
There is under construction at East Radford, Virginia, a
tie-treating plant with a capacity of one million ties per
year.
This plant is for the purpose of treating ties—other
than white oak—to take the place of hard or white oak ties,
Kinney,
The passing siding at Pelton,
Va.
we
unable to obtain full
are
additions
The
the
as
year,
This amount
to
EQUIPMENT.
of
cost
West
Roanoke,
Va.,
there was
pended last year.
A
complete water supply plant has been
Itoanoke, consisting of a 6.000,000 gallon
and
road
000
during
equipment
below, were $14,171,405.06.
item of $2,390,874.84, covering an
in detail
shown
includes
an
requirements.
completed a 40-stalI
roundhouse, of 115 ft. depth, under construction and sus¬
At
station with electrically driven
ROAD AND
of rail being
:
lasting
of which
$37,000 Columbus Connecting & Terminal Railroad Company's First
Mortgage 5% Bonds.
$13,000 First Consolidated Mortgage 4% Bonds.
$269,000 Convertible 10-20-year 4% Gold Bonds of 1912.
$1,213,000 Convertible 10-25-year 414% Gold Bonds of 1913.
$522,000 Convertible 10-year 6% Gold Bonds of 1919.
$15,000 Equipment Trust 434% Certificates, due August 1st 1921*
K
1,151.75 miles.
centrifugal pumps, a 2,000,per day
concrete reservoir, a 2,400,000 gallon
treating plant, a 200,000 gallon concrete
gallon
water
installed at West
concrete pumping
tank, to¬
cast iron pipe
Roanoke last
and it is expected that the construction of this plant
gether with about 7,700 lineal feet of 18-inch
line.
A serious water shortage occurred at
adjustment of the Ledger value of equipment to its inventory
year,
value, as of June 30, 1907.
will avoid this danger.
From the commencement of
operations October 1st 1896 to
December 31st 1920 the charges to your Company's prop¬
erty accounts for investment in road and equipment were.$180.234,737 27
of which the sum of $40,768,084 09 was provided by appro¬
priations from Surplus Income since June 30th 1907.
There were also direct changes to Income for Additions and
Betterments before June 30tn 1907 aggregating
12,856,272 67
fencing were erected.
miles of
10.97
bridge over New River, S40 feet in
A steel
freight house spur track over the new
Total additions to cost of road and equipment
-$193,091,009 94
Of these expenditures, your Company provided by appro¬
priations from surplus income and by direct charges to in¬
shown above, the sum of
come as
The
Under
authority given by
your
operation
in
is
un¬
930 lineal feet of
Mallet
Cars
Freight
200,000
Locomotives
highway
of county
500
All-Steel
Gondola
lbs.
capacity, of the approximate aggregate
value of $2,409,000.
This equipment is being built for the
Virginia Holding Corporation at your Roanoke Shops, and
56 of the Gondola Cars had be6n delivered to December 31,
.1920.
A
temporary agreement of lease with the
Virginia
Holding Corporation covering this equipment has been exe¬
cuted under date of October 1,
The new
lows
year was as
fol¬
eliminated by change
grade crossing was
MAINTENANCE EXPENDITURES.
The
were
for
expenses
Maintenance of Way
-
$
%7e?ItPed.m+!f.-d
ATSk <?£raS°...0f
5,826 52
6,105 14
+2,150,655 74 20,17
+721 38 14.13
+427 85 16.42
for Maintenance of Equipment were as fol¬
3,034 27
2,606 42
lows:
_
31st—
.
,
Inc.(+)orDcc.(
1919.
^°E quipmen^Expenses—29,703?858
(Rebuit).
/o
$
-12,811,527 47 10,660,871 73
Total Expenses-
1920.
2 freight locomotives (steam).
Inc.(+)orDec.(—),
1919.
S
1920.
—Year Ending Dec.
*797 steel underframe box
and Structures
follows:
as
:
*10 passenger locomotives (steam).
*50 freight locomotives (steam).
replaced by new
concrete bridge
road.
The expenses
1920.
equipment received during the
50 lineal feet of new
constructed over highway.
One
Board of Directors, your
and
light iron bridges were
steel structures and
Company has leased from the Virginia Holding Corporation
8
Pennsylvania Rail¬
road yard.
were
$53,624,356.76.
of double track line
changed from the preceding year.
\
mileage
length, was re¬
placed by a new steel bridge of standard strength.
A steel bridge 466 feet long, on concrete piers, was con¬
structed at Cleveland Avenue, Columbus, Ohio, to carry the
)•
^
97 23,089,001 06 + 6,614,857
91
included:
Locomotives
2§.6
In which are
100,000 lbs. capacity.
88 wooden hopper cars, 115,000 lbs. capacity.
56 all steel flat bottom gondola cars, 200,000 lbs. capacity.
7 maintenance of way camp cars (built with second-hand material).
4 maintenance of way flat cars (built with second-hand material).
cars,
Steam
D^tlO, 190,580 77
ttemints
Average
7.108,970 54 +3.081,610
Locomo-
per
23 4?3
*
Of the
new
equipment, 2 freight locomotives (rebuilt), 88
wooden hopper cars, 56 all steel flat bottom gondola cars, 7
maintenance of way camp cars, 4 maintenance of way flat
and 1 tool
car
+143 00
32.2
737,100 04
560,021 52
+177.078 52
31-•
61,425 00
46,668 46
1,624 12
1,517 41
passenger
800
50-ton
destroyed
locomotives, 50 heavy
box
cars,
3
of which
mallet
1,580,939 94
1,282,978 53
+297,961 41 23.2
11.141 22
9,249 36
cars,
locomotives,
however,
+1,891 86 20.4
305 13
242 38
were
priqr to January 15, 1920, the date at which this
equipment
was
taken into
the
Company's
records.
+62 75 25.8
This
equipment
was financed through an equipment trust agree¬
(designated as "Equipment Trust No. 54") between
Walker D. Hines, Director-General of Railroads, the Nor¬
ment
folk & Western Railway
Company and the Guaranty Trust
Company of New York, Trustee, under date of January 15,
1920, with supplement dated September 1, 1920. Under this
agreement, certificates, bearing interest at the rate of 6%
per annum
and maturing in annual installments from Janu¬
15, 1921 to January 15, 1935 inclusive, to the amount of
$6,885,000 were issued.
This amount represents approxi¬
ary
mately the cost of the equipment, which, however, has not
been definitely fixed.
Locomotives
Electric
tfrement's lnTl>epre£
AVtiveK!
-LOC°-m°~-
-
Average
per
Car?!
_
-
-
.
_FrG--
Average per 1,000
One
7-0
Train Cars: Re-
&ae^ec?a\Sm---a-d14,097,580 66
A
+106 71
(Pas-
tSents^n^Depr?^
AVtiv!-_?--L^C°-A^omoti?IrMiS-^I
Freight
+14,756 54 31.6
1,000 Lo¬
Steam Locomotives
ministration allocated to your Company 10 heavy mountain
and
38.4
444 06
comotive Miles
built at your Roanoke shops.
were
During the period of Federal Control, the Railroad Ad¬
type
+3 ^ g,
cars.
Allocated to the Company by the United States RR. Administration.
cars
^ ^
587 06
1 tool
^ 02
11.662,667 67 +2,434,912 99 20.8
281 64
+50 68 21.9
230 96
1 2<
1 16
Tons
Mile
Train
Cars:
Retirements
Depreciation
+11
9.5
Passenger
Repairs,
ana
Ac£ge.PaSSe°?!!
A3rePOnV MlePaS:
Equipment:
Re¬
Retirements and
Depreciation.—
1,107,649 86
917,355 84
+190,294 02 20.7
2,on 17
1,694 63
+316 54 18.6
3 20
2 17
+1 03 47.4
,
Work
pairs,
228,512 34
+119,354 38 52.2
undergoing and awaiting repairs
347,866 72
There were in the shops
at the close of the year.
68 locomotives, or 6.3%
(27 need-
April 2
ing only light repairs), 30 passenger cars, or 5.2%, and 1,823
freight and work equipment cars, or 3.6%.
,1
TRAFFIC AND OPERATING REVENUE COMPARISONS.
64.780
:
9 86 miles
$450,334 01
0.435 cents
2,741,128
tons
7.66 miles
-.
0.87%
17.36%
4.16%
16.99%
7.22%
2.90%
Average haul of passengers
decreased
Revenue from passenger fares
decreased
Avge. rate per passenger per mile-increased
Revenue freight carried
increased
Average haul of freight
increased
Revenue from freight transpor¬
tation
increased$11,237,273 06
17.93%
Average rate per ton per mile.—.increased
0.043 cents
6.88%
Average tons of revenue freight
per train mile
increased
0.95 tons
0.09%
Shipments of coal
-increased
1,765,090
tons
7.27%
Shipments of coke
increased
137,070
tons
11.04%
Shipments of ore
.increased
335,549
tons
30.09%
Shipments of pig and bloom iron-increased
65,454
tons
10.26%
Note.—Comparative figures for shipments of lumber cannot be furnished
because of a change in the Inter-State Commerce Commission's Classifica¬
—-
.........
tion of
Commodities, effective January 1st 1920.
COAL AND COKE
POCAHONTAS
cured by the
purchases of interior tracts and exchanges of lands with
other companies, and the work of completing titles, survey¬
ing, monumenting and mapping, continue.
RIVER AND
KENTUCKY RAILROAD COMPANY.
By lease dated December 31, 1920, the railroad, property
franchises of the Tug River and Kentucky Railroad
and
Company in the State of Kentucky, with mileage
of 4.45
miles, were leased to your Company for a term of fifty
years with option of renewal for an additional term of fifty
years.
By deed of same date the railroad and property of
the Tug River and Kentucky Railroad Company in the State
of West Virginia, with mileage of .40 of a mile, were con¬
veyed to your Company for a consideration of $53,744.92.
The lease and conveyance were approved by the Inter-State
Commerce Commission as tending to simplify accounting
and to avoil duplication in
making reports,' The Tug River
and Kentucky Railroad Company was
incorporated in Ken¬
tucky December 13,1913, and its entire capital stock, except
qualifying shares held by Directors, is owned by your Com¬
pany.
The total cost of the property to December 31, 1920,
was $207,797.41,
of which your Company advanced $104,895.57, the balance of cost representing proceeds of capital
stock and appropriations of surplus to Investment in Road
From January 1,1921, this property, which
will be operated as the Cedar,
and Equipment.
is in three detached sections,
McCarr and Delorme Branches.
AND POND CREEK
WILLIAMSON
RAILROAD
COMPANY.
By lease dated December
31,1920, the railroad, property
and Pond Creek Railroad
Kentucky, with mileage of 16.29
miles, were leased to your Company for a term of fifty years
with option of renewal for an additional term of fifty years.
By deed of same date the railroad and property of the Wil¬
liamson and Pond Creek Railroad Company in the State of
West Virginia, with mileage of .13 of a mile, were conveyed
to your Company for a consideration of $71,994.29.
The
lease and conveyance were approved by the Inter-State Com¬
merce Commission as tending to simplify accounting and to
avoid duplication in making reports.
The Williamson and
Pond Creek Railroad Company was incorporated in Ken¬
tucky March 12, 1912, and its entire capital stock, except
qualifying shares held by Directors, is owned by your Com¬
pany.
The total cost of the property to December 31, 1920,
was $1,300,476.20,
of which your Company had advanced
$1,232,445.07, the balance of cost representing proceeds of
capital stock and donations by coal operators.
From Jan¬
uary 1, 1921, this property will be operated as the Pond
and franchises of the Williamson
Company in the State of
Creek Branch.
LENORE
BRANCH.
struction
nore,
of
West Virginia, up Pigeon Creek and Rockhouse
Pigeon
Creek
to
the
to December 1, 1920, the work was
up
Fork
United Thacker Coal Company's
provide money for this construction.
The difference be-f
tween the actual sale price of the notes and their par was'
to
United Thacker Company, thus securing the
65% completed, the
$1,256,642.50.
The Branch will
expected that coal
in June or July.
completed in August, 1921, but it is
be
shipments will commence
FUEL COAL.
Extremely high prices for fuel coal
prevailed throughout
In pursuance of the Company's established policy
to mine a substantial portion of its coal supply, the capital
stock of the Pond Creek By-Products Coal Company, a cor¬
the year.
operating, under
Kentucky, was pur¬
chased in August, 1920.
Subsequently the leases under
which that Company operated were assigned to your Com¬
pany as of January 1, 1921, and the By-Products Company
poration of the State of West Virginia,
lease, coal properties in Pike County,
,
,
This operation in Pike County is across
Tug River from
Williamson, West Virginia, and embraces about 1,100 acres.
The coal mined is of excellent quality and well suited to
your
Company's fuel needs.
mated for 1921.
An output of 80,000 tons is esti¬
The coal is carried across Tug River to the
Company's coaling station at Williamson by aerial with¬
transportation cost To December 31,1920, the Com¬
out
pany's investment in this property amounted to
$370,562.51.
TERMINATION OF FEDERAL CONTROL—GUARANTY
PERIOD.
Pursuant to the President's
proclamation of December 24,
1919, and the terms of the Transportation Act
February 28, 1920, your Company's property was
approved
returned
The provision in the Transportation Act
March 1, 1920.
on
providing for a guaranty of operating income
for six months
proportionate to the annual compensation fixed in the agree¬
ment with the Director-General of Railroads, was accepted
by your Company, the amount of this guaranty being $11,005,435.57. Operations for the six months produced a deficit
in Net Railway Operating Income of $3,107,162.13.
Income
received in the months subsequent to the Guaranty period
but
properly accruing to that period amounted to
$1,922,the
ad¬
393,73, and this with other minor adjustments reduced
actual deficit for the period to $1,477,456.49.
Further
justments to take care of the excess of equated maintenance
of way and structures and maintenance of equipment ex¬
penses over actual expenditures, based upon a very thorough
study of the actual condition of the Company's property,
and upon formulae prepared by a committee of engineers
and accountants, warrant a claim for an additional amount
for the Guaranty period of $6,635,544.73,
total amount of the Company's claim against
Government on account of-Guaranty and Deficit, $19,-
due the Company
this making the
the
118,436.79, of which $6,000,000 had been
to December 31, 1920.
received on account
TRANSPORTATION ACT.
by Congress of the Transportation Act, 1920,
marked a forward step in the regulation by the Government
of the carriers of the country. Under this Act the Interstate
Commerce Commission was directed to initiate and estab¬
lish rates so that carriers should earn an annual net oper¬
The passage
ating income equal as nearly as might be to a fair return
upon the aggregate value of their railway property, and the
Inter-State Commerce Commission was directed to take as
such fair return for the two years beginning March 1, 1920,
a
equal to 5%% of such aggregate value, and was given
to add thereto a sum not exceeding one-half of
sum
discretion
one
cent, of such aggregate value to make provision in
in part for improvements, betterments or equip¬
per
whole
or
chargeable to capital account
this authority and discretion, the InterState Commerce Commission in its decision of July 29,1920,
authorized increases in rates which it was estimated would
ment
Acting under
railroad property of the
effective in the latter part of
August.
Your Company's lines are mainly in eastern terri¬
tory in which the increases in rates amounted to 40% on
freight and 20% on passenger traffic. A portion of its lines
are in southern territory, in which the increases in rates
amounted to 25% on freight and 20% on passenger traffic.
It is estimated that the average increase in rates for your
Company's system is about 37% on freight and 20% on pas¬
yield the full 6% on the aggregate
country, which rates became
traffic.
Operating Revenues for. the four months, Sep¬
tember to December, inclusive, however, showed a gain over
senger
Railway
$7,238,047, or ap¬
The Net Railway Operating Income
for the four months, after making adjustment of lap-over
items with the United States Government, was $3,238,122.16,
or at the rate of 3.32% per annum on your Company's prop¬
corresponding months of 1919 of only
proximately 25%%.
erty value, taking that value as
properties in Mingo County, West Virginia, consisting of
about 26,000 acres of coal lands.
An issue of $2,500,000 of
Four-year 6% Secured Notes was made by your Company
made up by the
of United States Liberty Loan bonds of
10% greater than the par of the notes. Con¬
work on the Branch was begun June 1, 1920, and
total cost to that date being
the
elated April 30, 1920, with the United
Thacker Coal Company, your Company undertook the con¬
struction of a branch line eighteen miles in length from LeUnder an agreement
The notes are se¬
market value
has since been dissolved.
COMPANY.
provision of the Pocahontas Coal
and Coke Company Purchase Money First Mortgage dated
December 2, 1901, the sum of $288,499.67 accrued from royal¬
ties on coal mined during the calendar year 1920.
From the
beginning of the operation of the sinking fund in 1906 to
December 31, 1920, the accruals from royalties have aggre¬
gated $3,774,976.38 and those from sales of lands $140,668.95, a total of $3,915,645.33 applicable to the purchase
and retirement of mortgage bonds.
Through this fund $4,432,000 of bonds have been purchased and canceled.
The surplus earnings of the year 1920, after making pro¬
vision for largely increased taxes on real estate, were in¬
sufficient to permit further payments on account of indebt¬
edness incurred in previous years to meet fixed charges.
The consolidation of the Company's properties through
6% basis.
deposit with the Guaranty Trust Company of
New York, Trustee,
Under the sinking fund
TUG
to the Company on a
money
a
Comparison of traffic and operating revenue figures with
those of the preceding year shows the following interesting
changes:
Number of passengers...-......-decreased
1415
CHKONICLE
THE
1921.]
approximately $293,000,000.
OPERATING RESULTS.
The
1920
were
or
gross
as
railway operating revenues of the system in
the table on page 45 [pamphlet report]
shown by
$88,489,356.03, an increase over 1919 of $11,563,756.80,
The increase in operating expenses was $20,-
15.03%.
1416
022,551.36,
32.68%.
or
This resulted in
reduction in net
a
revenue from
railway operations to $3,545,519.35, a decrease
of $9,358,794.56 from those of the
year 1919.
The tonnage
of
revenue
freight
of the
reason
showed
increase
an
of
7.22% and,
by
much
higher freight rates during a portion
of the year, the freight revenue showed an increase of $11,237,273.06, or 17.93%. The number of revenue passengers
carried showed
slight decrease, the average haul decreased
a
17.36%, and, despite the increase in
tive August
•
:
of
26,
passenger
fares effec¬
1920, the passenger revenue showed
de¬
a
500, and in sickness and accident benefits the
sum of $309,period the Company paid for organization
and maintenance expenditures of the Relief and Pension
Department the sum of $100,342.98. and the members of the
559.
In the
same
fund contributed the
balances
in
amounted
$2,700.
the
to
sum
of
of
hands
$2,235.64,
$500,902.63. Interest
the
Treasurer
interest
and
of
from
on
the
monthly
Company
investments
to
A full financial statement of the Relief Fund, which
has been audited by a
bers, will be found
Committee from the contributing mem¬
page 34 of this [pamphlet] report.
on
actual railway operation Including the two months of Janu¬
On December 31, the number of employees on the
pension
roll was 290.
The total amount paid in pensions for the
ary and
year
crease
$450,334.01,
V--
4.16%.
or
These figures
February when the Itoad
trol and the ten months during
was
those of
are
under Federal
which the property
con¬
was
Your Comp>any's income for the months of January and
based upon its Agreement with the DirectorGeneral of Railroads and, during the six months from March
to August inclusive, was guaranteed under the Transporta¬
was
tion Act of 1920, and was, therefore,
directly affected
September
1,
upon
these
forth
in
by
actual
the
for these periods not
operating
results.
Income. Statement.
the
results.
its revenues were
These three periods
however,
This
From
directly based
are clearly
set
statement
shows
that the
Company's annual compensation for the two months
of January and February was $3,611,787.08, its guaranteed
income for the six months March
to August inclusive was
$11,005,435.57, and its net railway operating income for the
four
months September to December inclusive, after mak¬
ing allowance for lap-overs accruing to the guaranty period,
190873462
$3,238,122.16,
was
after
making
the gross
funded debt and dividends
on
Adjustment Preferred Stock the
sum
Your
on
than
In
the
corresponding item
as
and
the
compared with 1919,
1920,
now
existing,
being
1921,
February,
cost
for
expenditures
before July 1,
of
classifications
have
from
service
of
ducted but
est
on
the
tons of
earnings
of
close
for
the
year
1918, the gross
$5,627,768.84.
Up to
death,
a
the
or
190 companies
on
or¬
your
operation.
1,081
in blast.
were
total
daily capacity of 3,395
total daily capacity of 665 tons, were
a
March,
a
no
deductions
June,
being
—
-
-
Dec. 31st 1916 (SixMonths)
.—
—
-
to
1920,
March,
Operating
Per
Income.
Cent.
4 82
$9,850,106 62
10,957,365 93
and
was
Mr. Johnson combined to
a
remarkable de¬
approaching developments in the Company's
the means to meet them. ( His quick
understanding of the legal phases of railroad operation and
care with which he conformed the Company's action to
the
new
were
obligations
growing
of
out
CHANGES IN BOARD OF
•
At the meeting
Government
control
benefit to its interests.
of material
DIRECTORS.
of the Board of Directors held February 25,
1920, the vacancies in the Board occasioned by the death of
G.
Wm.
Macdowell,
5.26
5.68
00
31
19
31
63
35
08
10
23
38
47
filled by
were
the election of N.
D.
Maher, Cliilds Frick and E. H. Alden.
CHANGES IN ORGANIZATION.
6-11
12,180,685
13,560,383
14,761,733
14,019,987
14,384,034
24,072,650
12,413,005
21,969,044
17,198,900
7,845,319
4,111,385
1920, pursuant to the Company's pension
On December 31,
5.92
regulations, L. E. Johnson, Chairman of the Board; Wm. G.
5.29
Macdowell, Assistant to the President; T. S. Davant, VicePresident in Charge of Traffic, and E. T. Burnett, General
5 29
8 63
4.39
7.54
5.64
2.50
1.26
TAXES.
Purchasing Agent, were retired and the offices which they
had held Were discontinued.
The jurisdiction of A. C.
Needles, Vice-President in Charge
was pay¬
by the Railroad Administration and $3,850,000 by the
Railway Company.
This latter amount includes $1,590,000
during the Guaranty Period and entering into the
the period for which, under the terms of the
for
Transportation Act, 1920, the United States Government is
of Directors,
N. D. MAHER,
ADDITIONS TO COST OF ROAD
Lewis Creek Branch—
— -
of $115,-
$1,702 37
•
Abingdon Branch (Adjustment)
Narrows Branch (Adjustment)
QC
86,697 44
—
1.676 4y
50
Zi
——.
Lenore Branch
Delorme
bers, equivalent to 48.15% of the total number of employees,
an increase in the year in number of members of 1,132.
The
AND EQUIPMENT.
Expenditures:
Branches and Extensions:
Low Grade Line, Burkeville to Pamplm, Va_
'
Branch———
Cedar Branch
At the end of the year the Relief Fund had 14,918 mem¬
President.
Road and General
Blackstone Branch
Periwinkle Branch-..
RELIEF AND PENSION DEPARTMENT.
of Operation, was extend¬
Traffic Department.
of January 1,1921, to the
as
By Order of the Board
sum
Control,
the
5 31
13,387.993 57
in death benefits the
Federal
He served as a
Board of Directors from September 30, 1903,
for taxes in the year 1920 aggregated $4,400,000 divided approximately, State, county and municipal $2,-
during
Board from January, 1918, to June, 1918,
The charges
fund paid during the year
until
Joseph I. Doran and Henry C. Frick, and the resignation of
Net
Of these, $550,000
Manager
business and to prepare
ed
900,000 and Federal $1,500,000.
General Manager until
General
and
practical knowledge of railroading with a keen per¬
him to foresee
of the Federal Management,
-
Company for
Superintend¬
ception of operating and traffic requirements which enabled
:
—
the
1920, to December 31, 1920, when he
1920 operating results of the Federal Man¬
Fiscal Period Ending—
Vice-President
until his death.
dividends and interest
Railway
Properly
Investment.
.$203,502,130 44
206,342,550 93
219,104,795 62
231,672,554 43
238,539,247 28
249,396,438 25
264,810,001 75
271,680,151 35
279,053,877 66
282,827,302 91
291,400,111 89
304,915,229 16
314,093,979 40
325,648,135 97
with
Company's pension rules.
gree a
For the years 1918 and 1919 the
June 30th 1908
1915—
1918,
member of the
de¬
for the balance of the year.
connected
retired under the
discounts upon sales of the Com¬
shows operating results
regret the
and from March,
Commission
accruals
been
having been the General
July, 1897, to June, 1898;
1902;
Chairman of the
additions being made for inter¬
or
or
tax
report with profound
February 9, 1921, of their valued associate, Lucius
September, 1903; President until January, 1918, and frbm
railway property held for and used in the
railway
have to
Johnson had
ent from
Equipment including in
and betterments
Commerce
Directors
on
Mr.
agement in January and February, and of the corporation
liable.
were
coke
Company's
total of 307 separate mines, of which 303 were
twenty-three years,
to reserves created from In¬
Inter-State
the
transportation,
and for the year
deficit
and
E. Johnson.
all
received, and premiums
accrued
there
producing coal
pig, 3, having
Your
additions
funded debt, dividends paid,
able
the following;
are
blast.
have
1907, from which date the accounting
pany's capital obligations.
table
local industries
new
16 manufactories of mineral, metal and other products,
24 manufactories of lumber products,
38 manufactories of farm implements and farm products,
in
similar expenditures to be charged to
property investment accounts.
The "Net Operating Income"
upon which the percentages are based is the net income de¬
required
rived
Gov¬
30, 1916, will be completed before December 31, 1921.
Of the 17 iron furnaces with
RETURN UPON INVESTMENT.
charged directly to Income
come
by
Engineering Report will be received in April, 1921,
to be followed a little later by the Land and
Accounting
Reports; and that the valuation of your property as of June
Of the 9,731 coke ovens,
ail directions have been made.
the cost of Investment in Road and
said
of expenditure
ernment
wages
following table shows for the last thirteen and onehalf years the percentage ratio of Net Operating Income to
the
character
values in the making of adequate rates.
It is now estimated that the tentative draft of the
in actual
improvement has taken place, and reductions
no
of forces and expenses in
The
This
OBITUARY.
depression
the
for
15
$589,141.11.
was
the railroads of the country has been protective of their real
lines, with
fallen to the lowest point since February,
earnings
forces,
included the final
general high level of prices for materials and
Owing to
.March
has
At
1920; fuel increased 80.83%, due
to extraordinary sellers' market, high prices prevailing dur¬
ing most of the year ; and other materials increased 6.10%,
supplies.
upon the physical
Federal law has been
assembling and compilation of
data, the Government field work being fully 99% com¬
pleted.
The total cost to your Company to December 31,
under its order of June 20,
the
work
13 coal mines.
payrolls increased 31.53%, due principally to the action of
due to
the
the
ganized
increasing
of
share
property under the
INDUSTRIES.
of $11,577,096.37 for
the United States Railroad Labor Board in
its
Among the
in 1919.
operating expenses for 1920,
of
continued in close co-operation with the Government
transfer to Profit and Loss, this amount being $2,016,991.12
less
Company's
valuation
income for the year,
payment of all taxes, $17,942,171.99, and leaving after
payment of interest
$113,947137.
was
FEDERAL VALUATION.
ing oi>erated by the Company.
February
ending December 31
be¬
-
'in
— ---
— —
McCarr Branch
Pond
Creek
J™
Branch
19 OO
-
Tug River & Kentucky RR--Williamson & Pond Creek RR
Total Branches and
on
m uu
J" J™
—
Extensions
ba
—
< 1,994 29
$1,289,149 76
April 2
THE
1921.]
Improvements
Bridges, Trestles and Culverts
Increase in Weight of Rail
Improved Track Material
Improved Ballast
71,503
8,590
386,543
174,206
195,113
702,845
;
.
Additional Main Tracks
---
Terminal Yards
Fencing Right-of-Way
Equipment acquirod by purchase of:
Abingdon Branch (adjustment)
Narrows Branch (adjustment)
Cost of change in classification of equipmentApplication of improved parts to Locomotives. _
Application of improved parts to Freight Equip.
Application of improved parts to Passenger Equip.
Application of improved parts to Work Equip.
84,934 65
21.696 88
128,699
123,317
343,871
330,934
182,571
51,782
69,940
35,554
306,553
3,446
18,305
Stations, Office Buildings and Fixtures...
Shops, Enginehouses and Turntables
Shop Machinery and Tools
Water and Fuel Stations
Wharf Property
Electric Power Transmission
Roadway Buildings
Roadway Machines
Tie Treating Plant
Grain Elevators and Storage Warehouses.
Other Additions and Betterments
$516,899 66
construction at the end of year
Equipment under Equipment Trust Agreement
No. 54—January loth 1920
6,889,402 79
10,128 78
Elimination of Grade Crossings—
Block and Other Signal Apparatus
and
67
61
84
09
32
30
4,218 74
248,278 18
385,079 34
— --
Sidings and Spur Tracks
Dock
Equipment:
Expenditures for New Equipment under Con¬
tracts completed within the year, or under
$2,476 26
Right-of-Way and Station Grounds
Protection of Banks and Drainage
Tunnel
1417
CHRONICLE
43
83
33
83
61
35
55
IS
77
92
59
.
1
&
Ledger value of Equip¬
Value as of June 30th 1907
Total
Deduct for Equipment
Net Value
Total
2,390,874 84
$10,015,539 72
destroyed, sold or retired:
.$468,273 20
126,336 49
429,268 78
Salvage
Depreciation
1.023,878 47
.
Road and Equipment
...
DECEMBER 31 1920.
Comparison ivith
ASSETS
Dec.
$229,129,713 62
83,662,149 68
Equipment
Deposits in lieu of mortgaged property
Miscellaneous Physical Property
Investments in Affiliated Companies—
sold...
...
Stocks
- —
Advances.
$312,791,863 30
24,645 39
3,180,234 91
Bonds
+294,359 50
—436,667 99
5,390,248 62
■
+840,365 59
—8,355 27
Miscellaneous
9,819,950 63
■
-
$2,221,481
540,770
3,444,769
1,250,534
_•
and Bills Receivable
Loans
Car Service Balances Receivable
Traffic and
Net
$331,206,942 85
1
Total Investments
Current Assets—
Cash
Receivable from Agents and Conductors
Receivable—
Administration
Due from U. S. Government under Sec. 209, Transportation
Balances
+454,837
+528,027
+3,415,102
+ 1,250,534
95
52
34
09
Miscellaneous Accounts
$14,784,047 83
6,225,593 98
3,370,172 41
Due from U. S. RR.
Other
Supplies
Other Current Assets.
Total
Receivable.
Dividends
and
Interest
Act, 1920
Accounts
and
Material
Current
Deferred Assets—
_;
;.
.
^_
_
*•-.
_ .
... — _
.
„
+2,217 00
Joint Purchase
and Pocahontas Coal & Coke Company
—346,00000
15,936,000 00
RR.
S.
-7,712,345 20
+83,847 71
Administration—Material and Supplies
83,847 71
Accounts
16,041,061 96
Total Deferred Assets.
Debits—
and
Rents
+20,660 04
+ 51,526 64
Assets—
Due from U.
Unadjusted
+3,105,546 20
+13,439,027 88
24,379,814 22
14,287,476 12
38,263 43
51,526 64
$21,214 25
Money Mortgage Bonds
Deferred
—2,193,774 69
+6,225,593 98
_—_ _
- -
Working Fund Advances
Other
Insurance Premiums
+42,775 76
+797,143 84
$49,271 64
865,408 59
Paid in Advance.
Other Unadjusted Debits.
.
Securities Issued or Assumed—Unpledged:
Par Value of Holdings at
22
36
88
09
46,214,636 31
Assets.
1
Norfolk & Western Railway Company
Other
—100 00
;
$4,706 40
9,815,244 23
...
+16,412 07
+371,039 92
—157,924 14
Other Investments—
Stocks
1919.
31
+$5,179,743 81
+8,991,661 25
.
$1,434,241 42
303,359 50
3,652,647 70
.....
Bonds
.1 'V:
8,991.661 25
$14,171,405 06
-
RAILWAY COMPANY.
WESTERN
CONDENSED GENERAL BALANCE SHEET
Investments—
,
Investment in Road and Equipment—
Road
06
61
47
$7,624,664 88
.
ment to Inventory
$5,179,743 81
NORFOLK
1,373 49
19
53
8,950
36,188
76,175
27,761
1,863
Add for adjustment of
Total Equipment
Total Road
86,697 44
$2,079,100 00
Close of Year...
914,680 23
Total Unadjusted Debits.
$394,377,321 35
LIABILITIES
Comparison with
Capital Stock—
Adjustment Preferred
Held in Treasury—
Common
_ -
_
_
Dec.
$23,000,000 00
7.700 00
— - -,
-
$22,992,300 00
1919.
+ 74,300 00
$121,483,500 00
2,400 00
...
Held in Treasury..
31
121,481,100 00
$144,473,400 00
Long Term Debt—
Mortgage Bonds.
—
-
Held in Treasury...
5
Convertible Bonds.
—8,000 00
$83,241,500 00
.50,000 00
---
—
+20,000 00
$83,191,500 00
—74,300 00
$19,683,500 00
........_...._..2.
_
2,004 000 00
Held in Treasury...
17,679,500 00
2,500,000 00
Secured Notes
$10,885,000 00
15,000 00
:
Equipment Obligations
Held in Treasury
—
+2,500,000 00
+5,885,000 00
+ 15,000 00
10,870.000 00
114,241,000 00
Current Liabilities—
$380,285
6,682,530
483,266
549,225
15,513
6,000
229,923
1,299,540
2,185,537
Service Balances Payable
Audited Accounts and Wages Payable
Miscellaneous Accounts Payable
Traffic
and
Car
Interest Matured Unpaid
Dividends Matured
Unpaid
Matured Unpaid
Unmatured Dividends Declared..
Unmatured Interest Accrued
Funded
Tax
Debt
Liability
Total
U.
Other
S.
and Pocahontas Coal & Coke Company,
Casualty
Reserves
and
Reserves
__
...
1...
...
Depreciation—Road
Accrued Depreciation—Equipment
... —
+ 1,377,880 14
+ 18,647 46
"
17415,050*16
—725 00
$13,275 00
530,536 15
402,507 42
402, 780
+251,176
+402,507
+3,622,882
+7,236,606
+ 19,399
75
....
.
-
—225,945 67
30,722.277 68
$19,463,057 82
21,305,026 27
,
Profit and Loss Balance
—
+2,617,248 49
$40,768,084 09
—
+3,061,681 13
34,989,688 99
—
75,757,773 08
1
$394,377,321 35
Includes
Depreciation accrued during Federal
04.
42
43
14
44
+:
Road
*
—346,000 00
■'id
Surplus:
Equipment
Surplus
+420,130 82
....L......._...__ _... *22,098,460 76
116,697 20
—
—
523,020 40
Total Unadjusted Credits
Surplus—
1
'.-4'V:
Additions to Property through Income and
Corporate
Corporate
—68,492 38
15,936,000 00
*7,037,
—I
—
_________________
Depreciation—Miscellaneous Physical Property
Other Unadjusted Credits
— —
Accrued
Total
+ 194,233 17
Joint Purchase
Money Mortgage Bonds
Unadjusted Credits—
Premium on Funded Debt
Accrued
+721 00
00
00
83
18
$1,377,880 14
37,169 96
and Supplies
...
Joint Liabilities—
Norfolk & Western Railway Company,
Operating
00
11,831,820 49
RR. Administration- Material
Accounts
Insurance
+331,600 31
+6,606,858 52
+392,845 99
Liabilities
Liabilities—
Deferred
Due
Current
37
08
03
00
Control period, Jan. 1 1918 to Feb. 29 1920, not previously
included.
1418
CHRONICLE
THE
[Vol. 112.
TIDE WATER OIL COMPANY
ANNUAL REPORT FOR
THIRTY-SECOND
constructed and
REPORT.
PRESIDENT'S
THE FISCAL YEAR ENDED DEC. 31, 1920.
March 15,
now
nearing completion four tank steamers
for the Tide Water Oil Company
1921.
to deliver Tidemex
crude to the
To the Stockholders of the Tide Water Oil Company:
The following consolidated Statement
Sheet
ance
Comparison with the
December 31, 1920.
results of operations for the preceding year
of 1919 is shown
that increases and decreases may be noted in detail.
As
business embraces all activities from
our
the produc¬
sale of refined oils, comment
tion of crude petroleum to the
is made in the order of such activities.
PIPE LINES.
/
of the Tide
THE
corporations for the
Water Oil Company and its subsidiary
fiscal year ended
of Income and Bal¬
of the operations
the result
show
During the
TIDE
WATER
PIPE
In the combined Bradford and Allegany
profitable in the
highly
The acreage owned in fee
of 1920.
year
were
from 98,000 to
increase of 81,395 barrels.
The number of
Our gross
decrease of eight wells,
a
of crude
stocks
on
daily run.
average
December 31,
hand
1920,
showed
1,067,762 barrels, as against 1,542,198 barrels on De¬
cember
31, 1919.
REFINERY
.
OPERATIONS—BAYONNE
Marked improvement has
producing wells in the Mid-Continent field
December of 1919 to 3,019 in De¬
cember of
an
1920, showing
increase in daily production of
"
PLANT.
the
In the Illinois,
gain was made both in producing wells and in output, so
that the gross daily production in December,
1920, for Mid-
Continent, Illinois, Kentucky and Eastern Division combined
11,342 barrels
against 9,949 barrels per day in De¬
as
of
run
1,032,112 barrels
1920
was
ended December 31,
year
in 1920
was
1919.
over
6,576,786 barrels;
a
a
capacity of 25,000 barrels of crude oil per
day, thus preparing for the running of additional Mexican
crude.
A
j
,
comparison of the crude run by grades in 1919 and 1920
discloses:
day.
1920.
Increase +
Bbls.
Bbls.
Decrease
1,294,660
1,607,376
+312,716
893,964
1,215,243
+321,279
1,613,086
12,134,879
+521,793
181,691
209,905
+28,214
—..1,561,273
1,407,860
—153,413
1919.
A somewhat greater
increase would have been shown but
for the fact that the pipe lines serving our properties in the
field
Mid-Continent
forced
were
to
limit
the
of
amount
Pennsylvania Crude.-.
Illinois Crude.
—
Oklahoma Crude.
crude
from all wells in the latter part of December.
runs
The total acreage owned in fee or leased by your produc¬
Texas Crude
Mexican
Crude
Miscellaneous Crude...
+1,523
6,576,786
5,544,674
cember, 1920, from 149,000 acres to 141,000 acres due to the
surrender of leased acreage
development.
acreage
which had been condemned by
+1,032,112
COOPERAGE.
It is not the policy of the Company to retain
The
and incur the expenses incident thereto any longer
Company has maintained its
ment for years
than is absolutely necessary to prove worth.
own
Cooperage Depart¬
and has owned timber tracts and the neces¬
sary
TIDAL
GASOLINE
The Tidal Gasoline Company, a
subsidiary of the Tidal Oil
in
the
Mid-Continent
Company interests.
Field
During the
by
year
the
Tide Water Oil
it increased its gaso¬
line plants by purchase and construction from five to nine¬
The
teen.
daily
production
of
raw
casinghead
gasoline
To
assure
an
adequate supply
of blending material for
this large production of casinghead
gasoline the Tidal Gaso¬
line Company acquired by lease in Oklahoma
topping plant and built
purchased
Texas.
a
one
plant.
we
in Wise
for
one
on
which
Counties, Virginia,
with
timber sufficient for
We are
a
narrow
In
the tract
have been operating
we
our
in Bath and Highland
stand of high-grade white oak
needs for the next twenty years.
providing housing facilities for workmen, and the
mill
and
and have constructed
equipment,
miles of standard gauge and will
refinery
on
and to replace this tract, we pur¬
chased 35,000 acres of timber land
gauge
TIDE
four
construct twenty miles of
railroad to serve the property.
OIL
WATER
SALES CORPORATION.
The Company also
This
half interest in another plant, at Burkburnett,
The crude oil capacity
County, Virginia,
number of years,
a
timber
finished cutting the available
required
increased from 17,000 to 62,000 gallons.
was
equipment to provide supplies of barrel materials.
1920
COMPANY.
Company, was organized to manufacture and sell gasoline
made
—
1,523
:
ing companies decreased between December, 1919, and De¬
or
gain
The average run per day in
17,969 barrels and in December, 1920, the refinery
had attained
increase of 1,393 barrels of crude oil per
an
refinery at Bayonne during the
4
The total crude
Kentucky and Eastern Divisions a slight
been made in the operation of
1920.
crude from 8,042 to 9,288 barrels.
was
was
decrease of 117 barrels in
a
109,000 acres.
increased from 2,822 in
cember, 1919,
17,999, and the
increase in average daily run is 223 barrels, or an annual
under lease in the Mid-Continent field increased
and held
fields the number
of wells served has increased from 17,616 to
operations of the Subsidiaries of the Tide Water Oil
Company engaged in production of crude oil
LTD.
the Tide Water Pipe Company, Ltd., has
year
In the Illinois field there
The
COMPANY,
expended $180,000 for additional tanks and pipe lines.
with
PRODUCING COMPANIES.
which will shortly be able
Refinery at Bayonne.
of these three refineries is
a
Company was organized in the fall of 1919 to develop
domestic market for gasoline
factured
about 4,500 barrels per day.
the Tide
by
Water
and lubricating oils manu¬
Oil Company,
its particular
business being the distribution of Tydol gasoline and Veedol
THE TIDEMEX
COMPANY,
S. A.
motor
This Company was organized in the spring of
erate in Mexico.
It is
pal office in Tampico.
a
1920 to
Mexican corporation with its princi¬
The Company has acquired 750 acres
in fee and 1,800 acres of leasehold in, and in the vicinity of,
the Amatlan and Zacamixtle districts of Mexico.
tion thereto the
Company
in Tehuantepec and is
parts of Mexico.
line from
with
in fee
acquiring additional
acreage in other
It has practically completed
a
a
and
10-inch pipe
owns
a
one-
railroad paralleling it and connecting the
inland water
transportation from Tampico and
has established at the latter place and at the
minal
In addi¬
large acreage
a very
the Gulf to the Amatlan field
half interest in
field
owns
railroad ter¬
wharfage and warehouse facilities for handling the
vast amount of material and supplies essential to its opera¬
tions.
age
Field camps and warehouse are completed and stor¬
tanks are being erected and pumps installed.
pected
that
Tidemex will commence running
through its pipe line on or before July 1.
its
oils
At the
op¬
and
greases.
r
present time, it has stations equipped for distrib¬
sixty
uting about
million gallons of gasoline per annum.
During 1920 the Sales Corporation added twenty
In addition to the stations handling both
ton.
motor oils,
oils and greases, branch
cago,
gasoline and
it has established, for the sale of Veedol motor
offices in Pittsburgh, Atlanta, Chi¬
Kansas City and San Francisco.
The national adver¬
tising campaign for Veedol products, conducted for a num¬
ber of years,
these
is showing gratifying results and the sale of
products should steadily increase.
general lubricating
oils in
The market for
the industrial centres of New
York, New Jersey, Massachusetts and Connecticut is being
intensively developed.
to
marine lubrication.
Much attention is also being given
The measures adopted to promote
gasoline and branded lubricating oils thtough
It is
ex¬
the
sale of
own
oil
the
SaleJs Corporation afford
There are being
distribu¬
ting stations in the territory between Philadelphia and Bos¬
of these products at
a
market for
profitable prices.
a
large gallonage
April 2
1921.]
THE
CHRONICLE
general.
Hardwood
The combined net earnings of the Tide Water Companies
in 1920,
before deduction of
Federal
Income
and
the end
Excess
1919
were
$26.92
on
In 1920
on a
earnings for
1920
the
ucts
last
however,
heretofore prevailed in other industries,
year
trade and
the
oil
in
profits fell below the average profits for the
our
steamers, Mexican development, the purchase of
Oklahoma
and
Texas,
the purchase
erection of plant for
the
that
TIDE WATER
more
profits for at least the first six
the
consumption
the past, and your
of
Company will
For the Board of
We believe,
petroleum
as
during
Total volume of business done by the Tide Water Oil
the
it has always done
secure its
share of the
invested
years.
Directors,
timber
OIL
capital
during January and February there
R. D.
BENSON,
President.
COMPANY
AND
AND
;
SUBSIDIARIES.
SURPLUS
ACCOUNTS, 1920 AND
Company and its Subsidiaries during the
1919.
Increase +
1920.
1919.
Decrease
——
year
represented by their combined gross sales and earnings exclusive of inter-company sales and
transactions
-
come
Excess Profits Taxes.
and
Operating
_.
Income
Other Income
Total
.
Income for the
Depreciation
and
Year
Depletion
charged
„
off
__
m
Lees: Federal Income and Excess Profits Taxes
_
Net Income for the Year—
Outside Stockholders' Proportion
_
+$198,432 32
+626,147 48
$15,352,146 22
4,080,914 69
+$824,579 80
+799,216 71
$11,271,231 53
2,298,210 89
+$25,363 09
-—107,619 08
$8,973,020 64
66,349 68
+$132,982 17
$8,906,670 96
13,292,224 66
+$193 815 94
,
2,190,591 81
$9,106,002 81
5,515 91
Tide Water Oil Company Stockholders' Proportion of Total Net Income for the Year
$9,100,486 90
17,659,919 44
...
'
•
+13,049,815 64
$14,683,265 22
668,881 00
...
—
Surplus, Beginning of Year...
+$13,248,247 96
$16,176,726 02
4,880,131 40
-
32,145,519 09
$11,296,594 62
-
$46,828,784 31
$14,881,697 54
1,295,028 48
,-^t
expenses incident to operations, including repairs, maintenance, pensions, administration,
insurance, costs and all other charges, exclusive of depreciation and depletion and Federal In¬
$00,077,032 27
45,195,334 73
....
Total
Less:
will have
Tide Water
COMPARATIVE CONSOLIDATED INCOME
as
we
1921 will continue to increase
gasoline
of
good
did in 1920, the stockholders
capital and its record for earnings in the past forty
During the past year your Company has invested in tank
properties and the
show
business and make profits commensurate with its
preceding nine months.
plants in
net
we
resulting in considerable inventory losses.
quarter, when the general business depression, which had
overtook
return income
should
large declines in the price of crude and refinery prod¬
were
satisfactory until
were
in 1921 than
money
months of the year, for
capitalization of 397,-
259 shares, the net earnings were $22.91 per share.
The
considerable sum, which at
very
These investments
must look for smaller
the then capitalization of 330,870 shares
per share.
a
had not commenced to
Notwithstanding the fact that
earning
After deduction of Federal taxes the Company's net earn¬
ings for 1919
the year
earnings during the coming year.
...$11,271,231 53
11,296,594 62
—
1929—
Corporation
of
the investment.
on
Profits Taxes, as compared with 1919, show as follows:
1419
$26,760,406 34
;
-—60,833 77
„
r>
+4,367,694 78
Add:
Less:
Dividends
V
i
Paid
in
+$1,770,249 79
—664,797 27
$22,906,331 44
+$1,115,452 52
$5,246,412 00
+$612,648 00
$18,162,723 96
Through acquisition of Outside Interests of Subsidiary Companies During Year
$22,198,895 62
707,435 82
$5,859,060 00
v
•
+$4,561,510 72
$23,969,145 41
52,638 55
.
Surplus Adjustments During Year..
$22,198,895 62
$24,021,783 96
.
Less:
$17,659,919 44
+$502,804 52
2,791,260 93
"
.
Cash
_________
Surplus, End of Year
......
+2,791,260 93
COMPARATIVE CONSOLIDATED GENERAL BALANCE SHEETS, DECEMBER 31 1920 AND 1919.
Increase +
ASSETS.
FIXED
ASSETS
AND
1920,
INVESTMENTS:
Properties and Equipment:
Refining Properties and Equipment
.
Pipe Lines..
....
_
$15,571,623 31
10,677,746 79
22,206,51727
5,217,497 10
1,494,240 17
3,404,294 93
998,513 39
......
—
Oil Producing Properties...>.*.^..^..1.............
Gasoline Properties and Equipment
Railroad
and
Lighterage Properties.
Marketing Properties and Equipment
Timber Properties
Tank Steamships being constructed
.........
I....
.........
1919.
.
.........
_
$13,581,035
10,492,929
19,228,709
999,558
912,864
1,176,209
331,957
Decrease
43
33
65
38
40
05
76
2,685,275 24
_________
—
+$1,990,587 88
+ 184,817
+2,977,807
+4.217.938
+581,375
+2,228,085
+666,555
+2,685.275
46
62
72
77
88
63
24
•'
'
Less; Reserves for Depreciation.....
Total
'
$62,255,708 20
18,118,690 79
Properties and Equipment.
......
a...
Other Investments.....
■
Investments in Companies Affiliated, not Consolidated
......
.............
......
Total Fixed Assets and Investments
CURRENT
V
■
Cash.
+$11.214,587 98
+867,952 86
+2,206,250 00
$34,901,417 00
$1,221,436 23
......
....
$32,922,429 43
1,978,987 57
$1,359,606 22
1,857
6,218,833
18,872,476
2,020,317
....
...
+$15,532,444 20
$44,137,017 41
2,846,940 43
2,206,250 00
r
...........................
$46,723,264 00
13,800.834 57
$49,190.207 84
,
1,400,000
1,321,740
4,467.505
11,223,900
2,937,306
;
+4.317,856 22
+$14,288,790 84
ASSETS:
...1,
A
Reserve. Fund......
Bonds.
...
-
-
■Federal Tax
Liberty
Accounts and
Notes
-i ..
.
i
———
a...... a-
-.
... -
...........
-
a
.
a
_■_
.
•
_
Receivable—______—
Crude
Oil and Products
Materials and Supplies..
;
...
...
..................
.....-j.---...
Due from Companies Affiliated, not Consolidated
Total
DEFERRED
00
82
81
96
00
19
07
02
86
2,530,145 18
Current Assets...
—$138,169
—1,400,000
—1,319,883
+ 1,751,328
+ 7,648,576
—916,988
99
00
19
76
79
90
+2,530,145 18
$30,865,067 00
+$8,155.008 64
$2,384,137 54
-12,145,984 48
$80,293,427 90
.........
$22,710,058 36
$238,153 06
....
$59,995.612 90
+$20,297,815 00
ITEMS...
Total
LIABILITIES.
CURRENT
LIABILITIES:
Bank Loans.
Notes
Payable
Payable
Accounts
Accrued
—
$7,500,000
4,894,685
3,488,145
2,345,147
Current
Liabilities.
_|_ $18,227,978 10
—,—_
PAYMENTS ON CAPITAL STOCK SUBSCRIPTIONS......
DEFERRED
RESERVES
80
$6,196,112 55
2.417,977 07
$8,614,089 62
Taxes
Total
00
27
03
—
.'
$219,103 04
LIABILITIES
$3,414,331
—72,830 04
+$9,613,888 48
+ $219,103 04
$198,696 03
FOR CONTINGENCIES....
+$7,500,000 00
+4,894.685 80
—2,707,967 28
98,696 03
AND
Oil Company:
Capital Stock..
Surplus
.
$39,725,900 00
18,162,723 96
17,659,919 44
+$6,638,900 00
+502,804 52
$50,746,919 44
+$7,141,704 52
$326,333 00
$101,338 00
+$244,995 00
18,362 61
_________
Minority Interest in Subsidiaries:
Capital Stock
Surplus
Stock
$33,087,000 00
92.041 30
-7-73,678 69
$193,379 30
+$151.316 31
-V;-': ;'V-
-
_____
...
Capital
+$2,973,106 62
SURPLUS:
Tide Water
Total
$441.224 54
$344,695 61
STOCK
16
$57,888,623 96
CAPITAL
.......
and
Total
Surplus.
_____
__a_
—
.
.......
$58,233,319 57
$50,940.298 74
+$7,293,020 83
$80,293,427 90
$59,995,612 90
+$20,297,815 00
THE
1420
[Vol. 112.
CHRONICLE
GENERAL ELECTRIC COMPANY
REPORT—FOIi THE YEAR
TWENTY-NINTH ANNUAL
Company
At
end
the
of
year
unfilled,
$111,778,000, as
the amount of orders
cancellations,
all
eliminating
was
amount
$275,758,487 57, an in¬
was
Customers'
from
an
shown
at
December
Total
revalued
and
4,288,327 73
(esti¬
19268
$11,476,065 44
Surplus for the year..
$1, the
orders received
amount of
unprecedented
by your
the
resulted in
Company during the first seven months of the year, plus
orders
unfilled
most urgent
the
at
of
beginning
efforts, in
the year,
difficult situation, to add to your
a
manufacturing facilities.
The
against
or
$15,577,359 92
which
has
added to general plant
net book
the
buildings,
land,
1920
during
equipment
account
in
additional
for
expenditure
chinery and
crease
ma¬
$31,300,496 10,
was
been written
off plant
making the in¬
reserve,
value of plant and equipment $15,-
As
further addition to
a
the manufacturing capacity of
factories, with
certain
plants,
floor space of 1,-
a
768,000 square feet, have been leased, as forecast on page 6
year's report, with options to purchase.
of last
well
the
of
located and
of modern
They are
construction, and the total of
option prices is lower than would have been the cost
corresponding
The
new
of
summary
the
equipment.
and
construction
General Plant
Net Book
Value.
Reserves.
Value.
$56,098,327 09 $17,128,427 05 $38,969,900 04
49.262,663 81
21,695,883 32 27,566,780 49
1.899,059 46
1,899,058 46
1 00
Plants Owned—
Real estate and buildings..
Patterns
5,361,291 50
5,361,292 50
Furniture and fixtures
1 00
$112,621,342 86 $46,084,660 33 $66,536,682 53
1893 the book value of the manufacturing
plants was..
$3,958,528 21
During the twenty-seven years ended December 31 1919
additional expenditures were made aggregating......./. 147,012,087 28
Expended during 1920
31,300,496 10
On January 31
Total...
carried
to
"General plant reserve"
the twenty-eight years
....-$182,271,111 59
during
115,734,429 06
Net book value of all plants owned at
December 31 1920 $66,536,682 53
The total factory floor space
in recent years has been as
follows:
Square Feet.
7,000,000
7,180,000
8,530,000
9,770,000
...12,160,000
13,900,000
14,840,000
14,830,000
15,300,000
17,573,000
19,581,000
.20,681,000
22,733,000
1908
1909
1910
1911
—
1917
i
1919
1920 Owned.
Leased with option to purchase
24,501,000
AND
ceptionally
valued with great care and in view
sudden
and
severe
toward the end of the year,
written
off
practice
of
in
order
demands,
your
on
plants,
Company
made short
were
unpre¬
To meet these
of the Company.
history
the
accounts
additional investments, and for
expended
$31,000,000
in
term
loans
aggre¬
Since Janu¬
ary 1st $41,992,000 of these loans have been prepaid, leav¬
ing but $3,200,000 unpaid at the date of this rjport.
Early in 1920, the International General Electric Com¬
$45,192,000.
gating, as of December 31 1920,
for the
pany,
$10,796,537
of facilitating its export business,
Finance Corporation the sum of
purpose
War
the
of
borrowed
upon
its 5-year 7% notes, guaranteed by the
The funds thus obtained were
used for financing
manufactured
shrinkage,
by
contracts for the purchase of apparatus
made
Company,
your
with
responsible
countries, whose obligations
corresponding amounts and dates of maturity havej
foreign corporations in Allied
for
with the War Finance Corporation as secur¬
been deposited
ity for the loan.
6%
sold and the proceeds
were
amount
like
a
<$15,000,000
1920
February
bonds
of
two-year
debenture
20-year
applied to the payment
6% notes which matured
July 2 1920.
5% debenture bonds, due in 1952, were
and the proceeds used
in acquiring additional facilities and for the general pur¬
poses of the Copipany.
These debentures are part of the
issue
of $60,000,000 authorized
in 1912. The amount
thereof now outstanding is $15,082,500 as shown in the con¬
During the year
issued
to
the
amount of $5,082,500
densed balance sheet.
stockholders held on March 16,
the capital stock of
your Company from $125,000,000 to $175,000,000.
As of May 20, 1920, new capital stock, having a par value
of $12,158,200, was sold to the stockholders at the subscrip¬
tion price of $125 per share.
On November 26, 1920, additional capital stock to the
amount of $27,363,100 was offered to shareholders at par,
payable in quarterly installments beginning January 20,
1921, with the privilege of anticipating payments.
Of the
amount so offered $22,233,600 was paid in full in January.
The outstanding capital stock of your Company at De¬
cember 31, 1920, was as follows:
January 1 1920 outstanding........--------.$120,557,200
At
a
special meeting of the
1920, authority was given to increase
Amounts
of semi-annual
July 15'1920
Additional stock sold as
Issued in payment
stock dividends of January lo and
of May 20 1920
for additional
Outstanding December 31
decline
conform
in
to
the
in
of the
market
ex¬
prices
long
established
valuing its inventories at
In addition to such
have been provided against possible
after deducting
EMPLOYEES'
factories.......
1920
v
5,111,500
12,158,200
1,200,000
.$139,026,900
SUBSCRIPTIONS TO COMPANY SECURITIES.
(a)
the sum of $17,803,985 38 was
whichever is lower."
reserves
to
Company
your
"cost or market,
depreciation,
further
than
cedented
SECURITIES.
Inventories in factories and warehouses and on consign¬
were
during the year 1920 to provide
1,768,000
CURRENT ASSETS
VALUATIONj'OF
ment
REQUIREMENTS.
receivable, for
notes
more
of
Machinery
1913
1914
1915
the unexpired life of the patents and
by an equivalent reserve.
being offset
greatly enlarged inventories, for increases in
for
In
Deceinper 31
accounts at
plant
Gross Book
or
is shown, as usual, at a net value
The demands for capital
I
1920 is:
Written off
the investment
of
General Electric Company.
723,136 18.
your
licenses
and
MANUFACTURING PLANTS.
The
Board.
your
$12,624,334 70.
of
difference between the actual cost and that propor¬
The patent account
19,656,222 43
:
of
$63,766,644 50, an increase of
is
securities
CAPITAL
10,656,222 43
committee
book value
total
The
companies.
ing
$9,000,000 00
mated)
Dividends paid in cash
a
chiefly
subsidiary and associated manufactur¬
tion which represents
$31,132,287 87
Available for Federal taxes and dividends
Federal income and excess profits taxes
by
in the securities of
$1,969,111 65
2,319,216 08
not re¬
1920, they were carefully
At the close of the year
38
..$35,420,615 60
income
Interest on notes payable
1919.
31
During the year additional investments were made,
8,960,558 03
;
Less—Interest and discount on debentures
carried at $64,962,682 28,
over the balance
95
$26,460,057 57
Income from other sources
re¬
$19,077,154 36
of
increase
receivable have been
notes
of your Board, and ample reserves
appraised during the war period, because of many uncer¬
examined
during
sales
and
been deducted, they are
is
compared with $83,978,-
as
1919.
accounts
which
tainties.
1920 after usual depreciations
but before deducting interest, Federal taxes and dividends.$44,264,042
Reduction of inventories to market values of December
31 1920—
—
17,803,985
Income
$118,109,173 99,
close of
The investment securities of your Company were
16 over 1919.
of $45,778,504
crease
billed
sales
of
at
the
viewed by a committee
against $98,880,000 at the close of 1919.
The
at
having
1919.
the
after
$23^,623,932 for
$318,470,438, compared with
was
the year
463 02
1920 the net value of orders received by your
In the year
carried
are
Schenectady, N. Y., March 28 1921.
of the General Electric Company:
To the Stockholders
DECEMBER 31. 1920.
ENDED
which the inventories
Subscriptions to Debentures.
generally
expressed desire of your employ¬
Directors authorized the issue of two spec¬
ial series of 1919 and 1920 debentures, known as Employees'
investment bonds, to be sold to employees on the install¬
To
ees,
meet
the
the Board of
from wages. To these two issues
received from about 12,000 employ¬
ees, totaling $4,031,800.
These debentures bear interest at
the rate of 7% per annum, are sold only to employees, are
registered as to both principal and interest, cannot be trans¬
ferred and are redeemable at par.
ment plan
by deductions
subscriptions have been
/
April 2
THE
1921.]
(b)
1421
CHRONICLE
of the General Electric Company and the
Subscriptions to Capital Stock.
Pursuant to authority conferred by the stockholders at a
special meeting held October 14. 1920, the Board of Direc¬
tors offered to the
employees in November, 1920, the privi¬
one to ten shares of your Com¬
pany's capital stock, payments to be made onu the install¬
ment plan by deduction from:?wages.
The subscription price
was $136 per share, and, as stated in the circular
offering
the stock, "there will be a credit, amounting to $20 per
share, against the subscription price, which will represent
a net return substantially the same as that which would be
enjoyed by anyone purchasing stock on an installment plan,
paying interest on deferred installments and receiving cash
lege of subscribing for from
order more satisfactorily to show
liabilities and operations of each Company.
the assets,
During the year, Mr. Charles E. Patterson, who has ren¬
long and valuable service as Comptroller of the Com¬
dered
elected
pany, was
The customary
Vice-President.
a
certificate of the certified public account¬
ants, testifying to the correctness of the published financial
statements, will be found below.
The
Board
of
ployees in
desires
Directors
to
its
express
sincere
and effective service of the em¬
appreciation of the loyal
department during the past year.
every
By order of the Board of Directors:
C. A. COFFIN,
and stock dividends." The circular further stated: "Should
the
International Gen¬
eral Electric Company, in
Chairman.
Company offer to its stockholders rights to subscribe to
CONDENSED PROFIT AND LOSS ACCOUNT
issues of its stock prior to the date when the final in¬
new
stallment
described herein become due, the
Company will credit the subscriber hereunder with the
average value of such 'rights.'
Such credit will reduce the
payments
DECEMBER 31
as
amount to be paid in cash by the subscriber."
(INCLUDING
Net sales
and
may withdraw from his subscription agreement at any time
prior to the date of final payment, in which case the total
$44,264,042 95
Dec. 31
of
inventories
market
to
of
values
17,803,985 38
1920
$26,460,057 57
Sundry income:
Interest and discount
$2,219,415 97
5,044,840 45
1,696,301 61
Income from securities
Sundry
revenue
8,960,558 03
Net income
Less: Interest
In the year 1920, dividends were declared as follows:
Interest
Cash dividend*, 8% (2%, quarterly)
.-.,—.,$10,651,306 36
Stock dividends, 4% (2% semi-annually)....
5,437,700 00
Cash dividends on International Co. preferred stock held
by employees
4,916 07
_
Reduction
amount
dence of interest and good-will is very gratifying to the Di¬
rectors and Management of your Company.
ELECTRIC CO.)
$275,758,487 57
billed, including operating, maintenance
depreciation charges
231,494,444 62
billed
Less: Cost of sales
A subscriber
paid by him by deductions from salary or wages,
plus interest at the rate of 7% per annum, will be ref unded.
The result of this offering was that 30,747, or 36% of all
the employees on the payroll, subscribed for an amount con¬
siderably larger than the 50,000 shares offered.
This evi¬
1920.
GENERAL
INTERNATIONAL
$35,420,615 60
and discount
on notes
on
debentures..$1,969,111 65
payable
2,319,216 08
4,288,327 73
_
Less: Federal income and
excess
——
Profit
Less:
The number of stockholders in your Company exceeds that
of any
available
for
$31,132,287 87
profits taxes (estimated)..
9,000,000 00
dividends......
$22,132,287 87
8% cash dividends
$10,651,306 36
7% casb dividends on International Co.
preferred stock held by employees.__
4,916 07
10,656,222 43
previous period, namely, 21,461 at December 31,1920,
of whom 10,626 are women.
As the work of segregation of your foreign activities and
Surplus for the year
Surplus January 1 1920
investments, referred to on page 9 of last year's report, was
completed during 1920, it is proposed, beginning January 1,
Less:
1921, to separate the balance sheets and financial statements
CONDENSED
BALANCE
$11,476,065 44
64,010,245 13
....
4% dividends paid in stock
...
Total surplus
SHEET
$75,486,310 57
5,437,700 00
$70,048,610 57
DECEMBER
1920.
31
(INCLUDING INTERNATIONAL GENERAL ELECTRIC CO.)
ASSETS.
LIABILITIES
Fixed investments:
AND
CAPITAL.
Debenture bonds:
Manufacturing plant, in¬
cluding land, buildings
and machinery-$112,621,342 86
Less: General plant reserve
46,084,660 33
3H% due in 1942
5%
" " 1952
6%
" " 1940—
Employees' investment
Net book value
Bonds
$2,047,000
15,082,500
15.000,000
2,563,900
-
00
00
00
00
$34,693,400 00
Real
$66,536,682 53
estate,
buildings, &c.,
manufacturing plants
Furniture
and
appliances
factories)
Patents and franchises
Less
other
than
tract
1,407,262 63
(other than in
1 00
♦Notes
63.766,644 50
...
Current assets:
Inventories:
*
24,535,059 20
consignment, &c.._
-—
Installation work in progress
Notes and accounts receivable
Advances
Cash
to
subsidiary companies
—
—
con¬
2,265,000 00
038,000 00
$45,979,357 41
17.026.691 96
14,256,563 70
757,334 84
—
-
Employees'
subscriptions
S6curi ties
Dividend payable Jan.
Is
Company
to
996,981 11
2,736,316 00
1921 (cash)
81,753,245 02
10,796,537 00
1,500.000 00
Advance payments on contracts
17,148.641 91
Dividend payable January 15 1921 in stock
2,736,316 00
139,026,900 00
Capital stock issued
117,100 00
Capital stock; anticipated subscriptions
134,600 00
International Company's preferred stock held by employees
General reserve
$10,700.000 00
Premium on sale of capital stock
3,279,275 00
13,979,275 00
Surplus:
At January 1 1920
...$64,010,245 13
Added during year
11,476,065 44
War Finance Corporation loans due in 1925
United States Government loan due in 1928
$93,574,114 79
At warehouses, in transit,
on
payable
payable
Accrued taxes, estimated
Accrued interest payable
$67,943,947 16
Stocks, bonds and other securities
____
Company
...
Accounts
-
100
__
Glass
Purchase money mortgages
Investment securities:
At factories.
Libbey
Current liabilities:
.
.......
$3.875,139 16
3,875,138 16
_____
reserve
deposited under
(per contra)
$118,109,173
5,543,623
64,962.682
5,097,613
33,240,766
99
52
28
86
50
226,953,860
3,111,636
2,265,000
10,796,537
Deferred charges to income.————
Libbey Glass Company contract (per contra)
Notes receivable deposited with War Finance Corporation
15
69
00
00
Less: 4% dividends paid in stock-
....
$75,486,310 57
5,437.700 00
70,048.610 57
$374,837,625 50
$374,837,625 50
*
Of
these
$41,992,000
notes,
was
prepaid between January
1
and March 26 1921.
MARWICK, MITCHELL & CO.
Accountants and Auditors,
79 Wall
We
and
Street, New York, March 21, 1921.
To the Board of Directors of the General Electric
120 Broadway, New York.
Company,
We have examined the books and accounts of the General
Electric
Company and of the International General Electric
Co., Inc., for the year ended December 31, 1920, and hereby
certify that the Condensed Profit and Loss Account atid
[pamphlet]
report are in accordance with the books and, in our opinion,
correctly record the combined results of the operations of
the Companies for the year and the condition of affairs as
at December
31, 1920.
We have verified the cash and securities by actual count
and inspection or by certificates which we have obtained
from the
depositaries.
ment securities
mittee of
the
are
The valuations at which the invest¬
carried have been approved by a Com¬
of Directors and, in our opinion, are
Board
conservative. Our audit has not included the examination of
the
Accounts
stock
have
of
ownership,
been
companies
but
submitted
which
Balance
to
us.
are
Sheets
controlled
of
these
through
companies
scrutinized
the
notes
and
accounts
receivable
satisfied that full provision has been made
sible losses through bad and doubtful debts.
The
merchandise,
supplies
Dear Sirs:
Balance Sheet appearing on pages 13-15 of this
have
are
on
hand
for pos¬
and materials
and
work in
are
progress,
based
physical inventories taken on
on
November 30, 1920, in the case of Apparatus factories and
on December 31,
1920, at the Lamp factories and District
offices, certified inventories of which
were
submitted to us.
We have satisfied ourselves that these inventories have been
taken
in
a
careful
made for old
manner,
that
full allowance has
been
inactive stocks, and that they are conserva¬
or
or
below cost price, after applying adjust¬
ments to reduce to
approximate market prices obtaining at
December 31, 1920.
Provision also has been made for possi¬
tively stated, at
ble allowances
or
additional expenditures on recently com¬
1
Expenditures capitalized in the Property and Plant ac¬
counts during the year were properly so chargeable as rep¬
resenting additions or improvements.
Ample provision has
been made in the operating accounts for repairs, renewals
and depreciation, as also liberal reserves for contingencies.
pleted contracts.
Yours truly,
Maewick, Mitchell & Co.
[Vol. 112.
1422
THE INDIAHOMA REFINING COMPANY
CONSOLIDATED GENERAL
INCOME AND SURPLUS
AS PREPARED BY
BALANCE SHEET AS AT DECEMBER 31 1920.
ACCOUNT FOR THE YEAR ENDED DECEMBER 31 1920.
MARWICK, MITCHELL &
COMPANY, ACCOUNTANTS AND AUDITORS
''A''-
March 11,1921.
SHEET AS AT DECEMBER 31
BALANCE
GENERAL
CONSOLIDATED
1920.
-
ASSETS
and Working Assets:
Current
■
.
hand_
________
_
■-*
and Accounts Receivable (including Export Oil Corporation):
Receivable and Trade Acceptances (collected since December 31
Cash in Banks and on
Notes
Notes
$zoy,iy.5 us
— ____—
1920). ____— _r$l ,097,810 36
Receivables, less Reserve for Doubtful Accounts and FreightAccounts Receivable for Car Repairs, Mileage, Advances, Claims, Ete________
'
Customers Accounts
Trade
805,803 84
228,286 11
2,131,900 31
r——
Oils, and Supplies
_______
_
_______
Total Current and Working Assets___
—
Expenses Paid in Advance:
Advance Drilling Expenses on New Producing Wells, Insurance Premiums, Interest Charges, Etc
_
Notes and Accounts of Officers and Employees, secured by 35,080 shares of Capital Stock of Company
(purchased under profit-sharing plan)___
;___
—
Investments in and Advances to Oil Producing and other Companies
___._
Inventories of Crude and Refined
__________.$1,839,058 38
.
498,414 87
Texas, Oklahoma, and Elsewhere, less Depletion Reserve.
Equipment, less Depreciation Reserve
in
Oil Producing
—-
!
.
IPixc^d
$194,078 42
200,994 71
653,433 76
Oil Producing Equipment:
Leaseholds and
Leaseholds
944,463 62
$3,335,557 01
$2,337,473 25
A.ss£ts*
Refineries, Pipe Lines, and Other
Properties
Tank Cars
_____.$2,409,049 59
1,321,017 27
______
—
—
—
Total Fixed Assets
____
Less—Depreciation Reserve
___$3,730,066 86
___—
- - - -
747,946 09
— _____
-
—
Total
_____________
__________ _
2,982,120 77
$9,703,657 92
— —
-
,
'
LIABILITIES
Accrued Liabilities:
Current and
Notes
Payable—Banks
for Crude Oil
Payable for Crude Oil—
_________
— ________ —
Trade Acceptances
_.
.
447,732 80
137,000 00
—
$2,164,016 86
Liabilities—_____
Equipment Trust Notes, maturing $195,000 in year 1921, and $160,000 annually
Tank Car
vh-.-
739,284 06
...
Reserve for Federal Taxes
Total Current and Accrued
$389,000 00
350,284 06
___________ — _ — ____—
f--
Payable for Purchases and Accrued Expenses. — _ —
Accounts
$840,000 00
_____
— _—______ —
—
Accounts
690,330 10
thereafter
Capital Stock:
Authorized and Issued—1,000,000 shares
_._$5,000,000 00
of $5 00 each
Surplus
Total
1,849,310 96
'
■'
'
V;
r
—
6,849,31096
$9,703,657 92
_____
_______
Contingent Liability:
Trade Acceptances
Discounted (since Paid)
$1,799,297 29
—
1 1921, the Company has jointly and severally with the Constantin Refining Company of Tulsa, Oklahoma,
undertaken to guarantee loans that may be made to the Export Oil Corporation by the Guaranty Trust Company of New York, said loans to
be secured by oil products purchased by Export Oil Corporation and remaining in storage.
Note.—As and from January
INCOME ACCOUNT FOR THE
Gross
ENDED
YEAR
Earnings, before deducting Depreciation and
DECEMBER 31
1920.
Depletion:
^
$1,258,513 18
44,281 40
Properties
Pipe Lines and Crude Stations
Oil Producing
i_—■___
Refineries
Miscellaneous Earnings,
Gross Earnings,
2,082,634 62
430,521 06
$3,795,950 46
,
,__
_
before deducting Depreciation and Depletion.
'
_
Depreciation and Depletion Charges:
Depreciation on Physical Properties
Depletion of Oil Producing Leaseholds.
Development of Leaseholds.
:
$428,817 01
1,729,279 32
438,127 68
______■.
_
;
.
Gross Earnings
Interest Charges.
___;
___.
,
2,596,224
$1,199,726
180,944
$1,018,781
.
;__
Net Earnings
Income
and
Profits
Taxes
at
as
ACCOUNT
FOR
THE
YEAR
ENDED
DECEMBER
31
1920.
December 31 1919
Deduct:
Increase
$966,781 94
.___
SURPLUS
Surplus,
52,000 00
_1.
Net Income
01
45
51
94
T_
$527,491 53
,
of
Depletion Charges for 1919 through revaluation
Appreciation year 1919 through revaluation of
Less—Earned
$272,442 89
-238,835 21
of Leaseholds
Leaseholds
$33,607 68
Addition
Reserve for Federal Taxes for years
33,990 18
1919 and prior
67,597 86
Adjusted Surplus, December 31 1919
Premium on Sale of $2,000,000 of Capital Stock
Net Income for the year ended December 31 1920
$459,893
1.400,000
966,781
$2,826,675
;_
^
Gross Surplus
Deduct:
Investment in
67
00
94
61
(
Commercial Oil & Gas Company written off
Financing Expenditures
Dividends Paid—14%
>
1
Net Surplus,
December 31 1920
$4,512 50
300,000 00
672,852 15
—
977,364 65
$1,849,310 96
April 2
1921.]
THE
CHRONICLE
1423
ADVANCE-RUMELY COMPANY
FIFTH ANNUAL REPORT FOR THE
To
the Stockholders of
FISCAL YEAR ENDING DEC. 31, 1920.
CUSTOMERS' NOTES.
the Advance-Rumely Company:
Your Board of Directors submits the
following report on
the business of the Advance-Rumely Company and its sub¬
sidiary companies—the
Thresher' Com¬
Advance-Rumely
Inc., and the Canadian Rumely Company, Limited,
ending December 31, 1920, together with
Balance Sheet as submitted by Messrs. Price, Waterhouse
pany,
The
Company's
established
policy of shortening terms
keeping the business as nearly as possible on a cash
basis, has been maintained.
The increase in customers'
and
notes
hand December 31 does not represent longer terms
on
time
for the fiscal year
nor
a
decline in farm products which
&
Company, Certified Public Accountants.
paying power,
.
ACCOUNT.
1920
ing the
1919.
Gross Profits from
Operations
$4,971,129 62 $4,954,637 88
Deduct—Selling, General and Administrative
Expenses at Home Office and Branches—Net 2,742,873 79
2,355,599 23
Net Profit from Operations—
Add—Miscellaneous Income,
comprising
$2,228,255 83 $2,599,038 65
In¬
Balances, Discounts
Purchases, &c
on
495,299 68
Inventories
on
at Dec. 31
as
tire
be collected.
ment
will
These
he
notes
our
1920---
position with regard to ratio of cash
-/J.-
During the
Government Securities-
year the
Bonds and
Company sold all its holdings of Gov¬
the
loss
thereon
of
ducted from the year's income as shown
837,936 47
97,893 34
$1,287,123 58
$97.893 34
$1,436,431 93 $2,928,657 27
159,200 00
526,750 00
$1,277,231 93 $2,401,907 27
DEBENTURE DEBT.
with $2,538,000 purchased and canceled prior t©
January 1.
1920,
leaves outstanding $850,000
of the original issue
Company has made expendi¬
During the past year the
for
tures
additions
extensive
which may be
summarized
ACCOUNT.
Plants
to
and
Equipment
follows:
as
.
Building Extensions
Machinery, Tools and Equipment--—
-v\v-•
,V.
■.
The balance of Reserves set aside out of earnings are as
follows:
Reserve for Collection Expense and Loss on Customers' notes.
Reserve for Discounts, Allowances and Loss on Accounts Re¬
ceivable
$590,175 49
113.913 02
Reserve Against Shrinkage in Value of Inventory.
Miscellaneous Reserves.
La Porte:
--$179,849 18
279,646 38
of
-
■
RESERVES.
PROPERTY
is de¬
the accompany¬
During the year the Company purchased and retired $112,000 of its 6% Debenture Bonds due in 1925
which, together
$3,500,000.
GENERAL
$279,336.82
on
ing statement of Profits prepared by the Auditors.
279,336 82
Debenture and other Interest..169,85029
Balance Carried to Surplus
The return of normal condi¬
GOVERNMENT BONDS.
ernment
Sale of United States and Canadian
Deduct—Provision for Federal Taxes—__
good and the delay in pay¬
are
temporary only.
tions should restore
$3,026,550 61
Deduct—Losses arising through revaluation of
Loss
Dur¬
Company collected in cash, 80% of the en¬
year's sales, leaving 20% of the year's business yet co
427,511 96
$2,723,555 51
Total Profits and Income
Fall requirements.
year the
to sales.
Receivables, Investments and Bank
on
business, but is brought about by the rapid
greatly reduced the farmers'
and the inability of banks in many districts
to take care of the farmers' usual
'INCOME
terest
more
339,242 76
181,110 17
-
$459,495 56
Battle Creek:
Building Extensions.—
Machinery, Tools and Equipment-
$77,322 85
96,134 92
— —
Total..
$1,224,441 44
The Balance Remaining in the Original Reserve of January 1
1916 against loss on Realization of Assets taken over by the
Company at the time of its organization,
now
stands at
667,507 16
$173,457 77
Branches:
$1,891,948 60
;
Branch Building at Dallas, Texas.
Branch Building at Fargo, N, D-_-_.
Branch Building at Peoria, 111
'
Remodeling and Enlarging Branch
Winnipeg, Man-_--_____--Remodeling and Enlarging Branch
Indianapolis, Ind.^
Furniture and Equipment for above
Furniture and Equipment for other
$137,080
136,454
111,769
Building at
45,988
Building at
62,115
Branches..
14,5411
Branches._
19,710
02
39
88
These
.
1
64
Colo., and Sioux Falls, S. D
_!
from
Outside
on
The above
up.
344.60, of which $317,179.73
the accounts for which
reserves
do not include
$1,018,-
year's earnings and all
provided out of the past
of which has been charged off of
plant account
19,466 42
Miscellaneous:
Less Sales,
probable losses
the reserves for depreciation of plants amounting to
42
47
84
$547,127 08
Transfers
in the opinion of the Board, fully ade¬
are,
any
they have been set
Real Estate for Branch Warehouse Sites at Den¬
ver,
reserves
quate to meet
,
on
shown
as
was
the Consolidated
Balance Sheet
attached.
PROFITS.
Real Estete Account,
See
18,134 69
$1,198,215 10
Notwithstanding
profits
the
heavy
charges
against
the
year's
account of shrinkage of inventory values and loss
on
on
In addition to these
tained all its
expenditures, the Company has main¬
properties in first-class working order, charg¬
ing the cost thereof to expense of operations.
The
count
expenditures for
contemplated at these points,
Buildings,
Branch
new
ate
our own
additions
to
plant and equipment at
of expansion in
the
lower
to
factories
our
well-considered pro¬
manufacturing facilities, commen¬
the increasing demand for our product and de¬
surate with
signed
a
our
cost
of
Our Surplus Account, therefore,
in
as
hardest
we
hit
Farmers
be the processes of readjustment
business conditions,
general
future
may
have met
products
by
the
were
we
shall meet them in the
in the
them
among
price decline
past—paying as we go.
to be hit and
the first
of the
naturally disappointed and
are
six
past
months.
of them
many
But another crop
is coming
on
and with it
a
better feeling—
Farm¬
ing is not going out of fashion and farming cannot
I
GENERAL
Our orders for 1920
vious
greatly exceeded the sales for the
and likewise exceeded
year
without
OPERATIONS.
pre¬
deliveries for 1920.
our
Our inability to make deliveries on these orders arose from
factors beyond our control.
Besides the labor shortage in
the early part of the year, our schedule of manufacture was
delayed by the Steel Workers' Strike in the Winter of 1919-
20, and further hampered by the Railroad trouble in tbe
Spring of 1920.
ture and
conditions
were
our
material requirements.
fore-shadowed in
Later in the Summer, at
port.
quirements
for
our
the
Both these
very
peak of
our
re¬
machines, repairs, work in progress and raw mate¬
carried in the inventory at the lowest justifiable
price, being cost or market, whichever is lower, and the in¬
are
ferred
to
last
in
year
the
is mainly
preceding
accompanying statement of
written down
tests,
stood
OilPull
a
tests
easily first in
record which
With
tractor
State
our
to
expect
our
due
to
the conditions
paragraph.
As
Profits and
Income,
shown
in
we
re¬
the
have
inventory $837,936.47 at December 31, and
charged the same out of our year's profits.
has
during the past
Agricultural
economy
go
on
su¬
no
year,
College
in
con¬
of fuel consumption—
OilPull tractor has always maintained.
return to-normal
reason
has
and
product
conditions, therefore,
we
have every
substantial measure of prosperity.
a
By order of the Board of Directors,
FINLEY P.
La
MOUNT,
Porte, Indiana, March 24, 1921.
President.
PRICE, WATERHOUSE & CO.
134 South LaSalle Street Chicago.
Certified Public Accountants
March
To the Directors
19, 1921.
of the
Advance-Rumely Company,
La
Porte,
Indiana.
We have examined the books and accounts of the Advance-
The
over
official
Our
machinery
INVENTORIES.
crease
Our
various
threshers.
previous Annual Re¬
shipments, the universal car
shortage prevented the timely delivery of seasonal machin¬
ery.
Our actual deliveries exceeded the deliveries of the
previous year by t8%.
rials,
perior.
a
and
tractors
This adversely affected both the manufac¬
delivery of
are
pressed for funds, and this has been reflected in all business.
and perhaps a sounder basis for business generally.
production.
our
$1,117,273.29,
to
PROSPECTS.
However painful
Agricultural
properties.
represent the practical completion of
gram
$1,277,231.93.
amounting
long
terms and conditions which justified the immedi¬
building of
The
of
sum
Bonds
raised from $3,676,365.80 to $4,205,091.73.
made necessary at this
were
time by the expiration of leases which could not be renewed
on
have been able to carry over to our surplus the substan¬
Government
made necessary by the rapid increase in our busi¬
Our
except
we
tial
of
after paying all dividends on our Preferred Stock has been
expenditures set forth under General Property Ac¬
were
ness.
sale
Rumely
year
tached
Account
ion,
Company
and
its
ending December 31,
Consolidated
are
Companies for the
certify that the at¬
and relative Income
Subsidiary
1920, and
Balance
Sheet
correctly prepared therefrom and, in our opin¬
set forth
the true financial position of the
Combined
Companies at that date and the results of the operations
for the year.
PRICE, WATERHOUSE & CO.
1424
THE
1
advance-rumely
CHRONICLE
[Vol. 112.
company
(frommzxtml
ADVANCE-RUMELY THRESHER COMPANY. Inc.
%xmts.
and
THE CANADIAN
RUMELY COMPANY. LIMITED.
COMMERCIAL EPITOME.
CONSOLIDATED STATEMENT OP PROFITS AND INCOME FOR
New
THE YEAR ENDING DECEMBER 31 1920.
Gross Profits from Operations
Deduct—Selling,
and
General
Expenses
Administrative
Home Office and Branches (Net)
2,742,873 79
—
$2,228,255 83
Receiva¬
Add—Miscellaneous Income comprising Interest on
chases, &c~
Discount
495,299 68
—
„—_ —
.
Total Profits and Income
$2,723,555 51
—
Deduct—Losses arising through revaluation of Inventories as
at Dec. 31
Loss
on
1920-——
—
—
$837,936 47
——
There has been
activity.
fact
a
the
279,336 82
Sale of U. S. and Canadian Government Securities.
169,850 29
Debenture and other Interest..
week
than
$1.287,123 58
Balance carried
to
$1,436,431 93
159,200 00
—
Surplus—
...-$1,277,231 93
BALANCE
SHEET DECEMBER 31.
1920.
ASSETS
from
they
were
devising
facturers
they want
1,198,215 10
1 1920
year
317,179 73
—
Real
Estate, including property acquired under
and
held
done
for
instant and it
manu¬
What
product.
is
Wool has been in rather
of
a
tariff being
on the
Congress will assemble
assumed
that the
Emergency Tariff
speedily be passed.
The grain markets have fallen,
Winter wheat crop reports are very
wheat.
on
This fact
offset the very
has
The total thus far this
125.000,000 bushels
or
view
a
The ques¬
until foreign
their
the prospects
on
early date.
an
corn
season
is
large exports to
8.330,000 bush¬
some
some
336,000,000 bush¬
than the total
more
exports thus far this season
effect has been to
$5,721,079 10
foreclosure
of cotton.
is customers for their goods rather than in¬
A number of copper
14,778 43
1,018,344 60
Outside
April 4th with
on
Quite
year.
a
year
ago.
25.000.000 bushels
are
little business
a
spring wheat and in cotton.
$1,033,123 03
Less—Replacement Charges
at
R~w cotton
and foreign.
has been done in rye for shipment to Europe.
Indications
at the moment, however, point to a reduced
acreage in
Provided out of the Earn¬
ings of the
nowr
be
can
market
larger than at this time last
$715,943 30
-
11th
The
$6,739,423 70
Balance Jan
better
better demand and firmer
els,
Deduct—Reserve for Depreciation—
Naturally it
Corporation at Washington
creased supplies of raw materials.
els.
Add—Additional Expenditures during the
—
South.
Collections, too, are slower
While some cotton goods have
Europe, which for the week amount to
$5,541,208 60
—
far
the
to
recently.
a
In
goods.
whether much
favorable.
at Factories and Branches—
year..—
West
means to promote exports
find
especially
Land, Buildings, Machinery and Equipment
1 1920
the
will confer with Southern bankers
of
dull
as
swept over the country early in
wave
It is said that the War Finance
Bill will
Property Accounts:
Balance Jan
cold
sold well, others have been dull and depressed.
has been declining, with a poor trade, domestic
passed
CONSOLIDATED
others it is
reaction from the pre-Easter
some
The weather has been in the main too cold.
severe
tion arises
Deduct—Provision for Federal Taxes..
York, Friday Night, April 1 1921.
respects trade is better; in
hurt trade in seasonable
Pur¬
on
some
as ever.
at
Net Profits from operations..
bles, Investments and Bank Balances,
In
$4,971,129 62
— —
for sale
257.919 51
strike
of
million
a
mines have had to close down and the
cause
coal
advance
some
miners
in
in that
Great
metal.
Britain
has
less effect thus far than might have been expected.
of it the Liverpool cotton market has remained
A
had
In spite
quite steady,
$5,978,998 61
Trade
Trade Marks,
Names,
Patents,
Designs, Good-will
and Other Intangible Values.
...
Securities of the Company purchased and held in
(at
cost)...
—
13,000,000 00
Treasury
274,867 68
—
and
Partly
Fin¬
&c., valued
at
Supplies,
cost
market
or
$10,489,972 77
outstanding
other
hand
the
12,131 00
1,003,981 32
17,010,071 82
Deferred Charges to Future Operations:
Miscellaneous
Operating Supplies,.
Prepaid Interest, Insurance Premiums, &c_
$89,225 99
67,298 83
156,524 82
concerns
$36,420,462 93
LIABILITIES.
has been
some
are
$12,500,000 00
$26,250,000 00
Authorized and Issued—
Less—Redeemed and Canceled—
Prior to Jan. 1 1920
$2,538,000 00
During the year
112.000 00
12
25
00
Operating andContingentReservessetaside
taken
over
j
on
realization of Assets
at Jan. 1
Balance Jan. 1
—_P
(net).
1920
on
of
a
rule
certain effect in mercantile
the decline
the wages of
as
has
on
railroad
In fact it is clear that
not
the
been
pro¬
railroads, but
workers must
rapidly
as
be
possible the
industry and also put the railroads back
a
solid
on a
as
pos¬
Leaksville.
X.
C.,
cotton
mills,
which had been
idle
week, have resumed full-time operations.
Manufacturing
a
ton
Co.^ of Georgia
has
The Colum¬
resumed
full-time
but
operatives are being discussed in the Manchester
The attitude of the operatives is not yet known,
they are well aware that many of the mills
little business.
$4,953,597 73
748,506 00
Other Georgia
practically working on full time. Prospects
considerable reduction in the wages of Lancashire cot¬
mill
Exchange.
$3,676,365 80
Preferred Stock
that
cotton mills are
667 "507
Add—Surplus Net Income for
year per statement attached 1,277,231 93
Deduct—Dividends
as
of the industrial properties,
a
operation and has also put on a night shift.
1,891,948 60
1
are
Finally the stock market has
some
country earnestly wishes to see, at as early a date
bus
i
Surplus:
Balance Jan.
especially on
realize
The
$781,857 37
—
And it is also
basis, something which the commercial community of this
for
$1,224,441 44
114,350 21
—
fact is very noticeable.
sible.
Deduct—Charges during the
year
one
'
1916—
1920
they
marts of
187.126 50
Reserves:
tra)
Reserves against loss
But
That is the caution with which purchases
country should move back to normal pre-war conditions, as
to prices of everything, labor by no means excepted.
This
will stimulate production and consumption
in the great
73
3,223,422 60
Earnings since Jan. 1 1916 (exclusive of Provision for
Depreciation de¬
ducted from Property Accounts per con¬
kinds of goods, notably clothing.
Merchants want lower rates
reduced.
$1,810,000 00
out of
way
nounced.
Pay
—
many
sham
a
of the retailers still maintain
fair amount of buying of spring goods for imme¬
a
circles, although
850,000 00
1920-
many
and this has not been without
2,650,000 00
Provision for Federal Income Taxes for 1920
Preferred Stock Dividend Payable Jan. 3
freely,
more
genuine as contrasted with
a
the whole outlook clears up.
967,500
25,815
73,780
159,200
little
a
Buyers' policy in this respect
is distinctly conservative and it is bound to remain so until
given
$3,500,000 00
Current Liabilities:
steel
being made for fall delivery.
13,750.000 00
Debenture Debt:
buying
But
high prices for
significant.
Stock—
Notes Payable to Bankers..
Accounts Payable, Including accrued
Rolls. Bonuses, &c
Debenture Interest accrued
General Taxes accrued
are
improvement in retail business in articles in
reduction in prices.
diate needs.
10-Year 6% Sinking Fund Gold Deben¬
ture Bonds due 1925
Americans
steel on something like a normal scale.
There is a fair
jobbing, trade going on in this country and recently there
There is
137,500 Shares of $100 00 each
operations.
resume
of production are still too high.
They must and will be re¬
duced.
Then and only then will consumers begin to buy
very
Stock:
1
Authorized, Issued and Fully Paid—
Capital
Common
industry shows some signs of
large group of mills at Pas¬
a
sure
which there has been
6% Cumulative Preferred Stock—
125,000 Shares of $100 00 each
silk
It is believed that
by automobile companies last year took only about 5% of
Iron and steel remain dull and the tendency of
prices seems to be downward.
One trouble is that the costs
111,021 80
Hand
,
The tendency is towards
New England, with the business
output in
the output.
5.049,926 73
343,038 20
Investment Securities.
on
manufacturing business is still
it would be easy to exaggerate the impor¬
tance of this fact, for it is estimated that the buying of steel
435,476 46
Dealers' and Other Trade Accounts
Miscellaneous Accounts Receivable
Cash in Banks and
of
though to be
Customers' Notes, including
Interest accrued thereon-.-$5,485,403 19
Less—Commission
Certifi¬
cates
the
tomobile
2,876,298 76
.
country cotton
said to be buying silk heavily at Yokohama.
And the busi¬
ness in automobile and tires shows some
improvement. Au¬
—.$7,613,674 01
—
this
unsatisfactory condition.
saic, N. J., will shortly
prices,
At Branches
an
revival.
whichever were the lower—
At Factories
in
On
Repair Parts
and
But in
at Fall River this week much smaller than it was last week.
Inventories of Raw Materials,
Finished
in New York the effect has been but slight also.
Lan¬
cashire's cotton industry show's some signs of improvement.
curtailment
Current Assets (Subject to Reserves per contra):
ished Product,
and
The Millbury Mills of
woolens and
facturers
4,205,091 73
$36,420,462 93
of
in
of 22y2%.
are
Massachusetts,
worsteds announced
a
doing
manu¬
reduction
The Government's efforts to adjust
the wage differences between the Long Island Sound and
coastwise towing workers and their employers failed, andwages
April 2
a
THE
1921.]
strike is threatened.
and job
Eight thousand workers in the book
printing trades of this city have agreed to arbitrate
their differences
over
a
resenting
On the other hand, delegates rep¬
book and job
5,000
over
scale adjustment, the employ¬
wage
ing printers concurring.
1425
CHRONICLE
printing shops in the
at 6.27c
fugals
sugars
new
to
offer
Later Philippines centrifugals for
and 5c for old crop.
for
sold
week at Cuban ports were
to operate their shops on the basis of a work
than 48 hours.
At Chicago on the 31st ultimo
of
time,
any
week of less
1,300 employ¬
two
independent packing companies there struck,
charging violation of the seniority clause.
Furniture prices declined 20% from the levels of a year
ees
The
ago.
better grade Grand
Rapid product has not de¬
the cheaper Jamestown furniture, it is
clined as quickly as
said,
but
trade
prices in the
is
the United States
compared
dull that
so
future.
near
March 1st showed
on
February
with
many
expect much lower
Wool machinery in operation in
a
slight increase
The demand for such
1st.
as
ma¬
chinery has increased.
The Export Association formed by Delta cotton farmers
made its second
ton
to
shipment of 5,000 bales of low grade cot¬
This will be followed by
Czechoslovakia recently.
monthly shipments of 10,000 bales. David R. Forgan, Presi¬
dent of the National City Bank of Chicago, said that the
present industrial situation is the worst in many years, but
that the worst is over and recovery,
although slow, has be¬
and will be sure.
He sees no reason why present year
should not witness a return to fairly normal conditions.
Purchases of German goods by the Soviet Russian Govern¬
gun
ment, through its headquarters in Berlin, totaled 320,000,000
marks in
January and for the most part were paid for in
cash, according to W. T. Reich, of the Soviet Commissariat.
Most of the cloth Russia is buying, he
said, is from Great
Britain, but Germany is getting the bulk of the total Rus¬
sian
trade
at
association
An
planters
Purchases from the United States
present.
thus far have been
met on
negligible.
of
Cuban
March
mill
sugar
29
to adopt
owners
protective
and
cane
measures
^gainst the revival of the tariff barriers contemplated by
the
American Administration.
new
A "Wear Cotton"
move¬
ment has been launched
is
by women in Dallas. Texas, which
become nation-wide.
Four of the largest
expected to
freighters operated by the Pacific Mail Steamship Company
are to be withdrawn because of lack of business.
Freezing
temperatures
in
the
West,
which
morning
as
far
South
as
last
Northern
fruit
Alabama,
Georgia,
did
Texas,
the
Mississippi, Louisiana and
worth of damage to the
of dollars'
millions
of
crop
extended on Tuesday
Western North Carolina,
Damage
country.
to
grain
crops
was
slight.
LARD lower; prime Western,
$12@$1210; refined to the
kegs,
Cash
trade has been small.
The movement of hogs has been
light, but the demand has fallen off and prices with it.
Moreover packers have been making hedge sales on a scale
which has had a noticeable effect on prices.
To-day prices
fell.
They dropped 55 points during the week.
Continent, 14c; South American, 14*4c; Brazil in
15Hc.
Futures have declined with hogs and grain.
DAILY
CLOSING
IN CHICAGO.
Thurs.
Fri.
OF LARD FUTURES
Mon.
Tues.
Wed.
PRICES
Sat.
May delivery—..-cts.il.57
July delivery
11.92
11.27
11.62
11.05
11.40
11.40
11.75
11.30
11.65
11.25
11.60
April
PORK,
.$28@$29; family, $38@$40; short
steady; mess,
$18 80, a decline for the
week of $1 GO.
Beef, quiet; mess, $16@$18; packet, $19@
$21; family, $25@$28; extra India mess, $40@$42; No. 1
canned roast beef, $315; No. 2, $8 25.
Cut meats steady;
pickled hams, 10 to 20 lbs., 20%@23%c; pickled bellies, 10
to 12 lbs., 16@17c.
Butter, creamery extras, 461/£@47c.
Cheese, flats, lS@29c.
Eggs, fresh gathered extras, 31@
May closed
COFFEE
on
the
spot quiet, at 6H@6v4c for No. 7 Rio,
Santos; fair to good Cucuta, 10@
Futures have been active and advancing.
On the
and 9%@10c for No. 4
IOYjC.
30th instant Santos
rose
Government is
said
to
awoke
a
demand
stable
despite
trade
675 to 1,050
be buying
here.
Santos
some
The Brazilian
reis.
Rio coffee.
This report
The market has acted
1921-22
crop
estimates
more
of
as
7,100,000 bags, in contrast with others recently of
6.500,000 to 7.000,000 bags.
The reported buying by the
Brazilian Government offset the absence of European de¬
high
as
mand.
The idea
corner.
of not a few is that coffee has turned the
Latterly' prices have given way, with Rio and
There
Brazilian Government
has or is about to take over the surplus Rio stocks.
Later
in the week Itio and Santos quotations declined moderately.
The closing prices here, however, even after some decline
Santos less active.
is
no
Long liquidation here followed.
confirmation of reports that the
to-day, are 27 points higher for the week on May.
C. J. Walter sold one of his New York Coffee & Sugar
Exchange | memberships to Jerome Lewine at
last
$5,500.
The
previous sale was at $5,000.
8pot(unoff!cial>cte 6'2-34|May
I July
cts_6,15@6.18 |Sepfc
cts_7.00@7.01
6.65@6.671 December
7,33@7.35
SUGAR, steady, at 6.27c for centrifugal 96 degrees Cuban,
and 6.02c for Porto Iiican.
Futures advanced for a time
and
then
suddenly
turned downward,
with refined off 25
points and trade dull.
San Domingos afloat about due, at
5c c.i.f.; prompt shipment at 6.27c c.i.f.
Philippines centri¬
A'
week, 163,174 last year, and 175,108 two years ago; exports,
77,812 tons, against 91,169 last week, 129,124 last year, and
119,689 two
last
•Ay V-
*.;y.
stock, 744,231 tons, against 678,556
last year, and 728,075 two years ago.
years ago;
580,122
week,
The number of centrals
grinding was 191 against 186 last
and 195 two years ago.
Exports included 36,885 tons
to U. S. Atlantic ports, 10,178 to New Orleans, 20,945 to
year
Old crop exports
To-day
declined slightly, and they end 26 points lower than
Europe, 5,776 to Australia, 4,028 to Japan.
to Atlantic
futures
a
ports were 7,873 tons; stock, 62,686 tons.
week ago.
Spot (unofficial)cts>5.27 IMay -._.cts_4.04@4.951 Sept....
IJuly
-_5.04@5.05|
There is
OILS.—Linseed dull and lower.
a
cts _5.04@5.06
fair amount
foreign oil offered, but buyers are not inclined to commit
Leading crushers quote 65c. but it is believed
by many that this price would be shaded.
Linseed cake per
ton remains at $45 and linseed meal at $46.
Cocoanut oilCeylon bbls. 8c.; Cochin 9H@10c.; Olive $1.25@$1.40;''
Cod, domestic 45@48c.; Newfoundland 48@50c.v Spirits
of turpentine
54^c . Common to good strained rosin $4.00.
of
themselves.
PETROLEUM quiet but steady; refined in barrels,
19.50@20.50c.; bulk, 10.50@11.50c.; cases New York,
23.25 @24.25c.
Gasoline to garages remains unchanged at
26c.; the demand has increased markedly of late.
Motor
gasoline, U. S. Navy specifications, 20c.; naphtha, 63 to 66
degrees, 24.50c.; 66 to 68 degrees, 25.50c.
Gas oil shows a
marked improvement in trade at around
f.o.b.
refinery for 32 to 36 gravity, an advance of 1 j^c. over
recent
prices.
Heavy fuel oil remains dull. And,
quoted at $2, a decline of 35c. from the
low
while bunker oil is
price recently asked, business is small.
Production of crude
oil in February, according to the United States Geological
Survey, increased 33,000 barrels as compared with Januaiy.
Imports decreased 19,000 barrels.
And the estimated daily
average consumption also decreased 196,000 barrels.
Stocks f
of crude oil increased 7,500,000 barrels.
Yet, while the
daily average rate of production in February was slightly
greater than in January, it was 2,000 barrels less than in
December, but 125,000 more than in February a year ago.
Kansas increased 12,000 barrels, Oklahoma 10,000 barrels
and Wyoming 6,000 barrels.
Smaller increases were re¬
ported for Montana, Kentucky, West Virginia, Ohio, Penn¬
sylvania, Illinois, Indiana and Colorado.
Louisiana's pro¬
duction decreased 3,500 barrels, and slight decreases were
reported for Texas, California, New York and Tennessee. •
Production during February of this year and last year
showed a very marked increase, being more than 2,000,000
barrels.
The increase in imports exceeded 6,000,000 barrels,
while consumption is about 300,000 barrels larger.
Pennsylvania
Corning
$3 00
1 90
-
186
Cabell
Somerset, 32
and above
1 65
1 00
Princeton
Illinois
2 80
Lima
2 48
Thrall
Healdton
_
RUBBER dull and lower.
76
75
00
75
Moran
1 75
Caddo, La., light. 2 00
Caddo, crude
1 25
De Soto
1 90
Henrietta
&
homa
Electra
81
1
1
1
1
1 75
Okla¬
1
Corsicana, light
Corsicana, heavy
Kansas
Strawn
$2 38
2 52
2 52
Indiana
Plymouth
deg.
Ragland.
at
31V2c.
Receipts for the
143,487 tons, against 157,174 last
15 loading at 6.15c c.i.f.
Wooster
clear, $27@$28.
had
March-April shipment sold at 6.15c c.i.f. basis 96 degrees,
or %c under the general market.
On March 31 Porto Rico
to accede to any demand from
labor union at
Committee
the cost and freight basis of 5.25c for
country met in Cincinnati and passed resolutions refusing
any
Cuban
The
delivered.
on
1 50
75
1 75
Buying
oy
75
large interests is
entirely absent and the demand from other quarters is in¬
significant.
About the only interest shown was at some¬
thing under present prices.
The usual month-end covering
failed to make its appearance which caused the belief that
the short interest was small and had already been taken care
of.
Ribbed smoked sheets quoted at 16 He. spot and near¬
by; April-June, 18c.; July-September, 18He; July-Decem¬
ber, 20He- with He. premium on first latex pale in all posi¬
tions.
Para dull at 18c. for
up-river fine.
Central neglected
at 12c. for Corinto.
OCEAN FREIGHTS have in the main been
quiet, but
little more active.
General cargoes are rather
larger.
River Plate traffic is dull.
Scandinavia is doing
little in anything except coal.
And yet coal traffic is in
no
cheerful state.
The American Shipping Corporation,
formerly one of the largest Shipping Board operators in the
South Atlantic district has decided to turn back all of the
Government owned freighters to the Board.
In an effort
to meet competition from Atlantic Coast lines operating in
the Far East, the Pacific Coast conference has dropped
steamer rates from $11.25 to $5.88 a ton, of general cargo,
and there is now talk of a rate war among the lines.
Over
50% more vessels are anchored or berthed in the port, of
New York than the average for this time of year, out of which
252 are idle. Melbourne, Australia, cabled that the Common¬
wealth Shipping Line has announced a 33% reduction in
freight rates.
The Shipping Board has decided to bring
suit to recover several millions of dollars which it claims is
due from charters of vessels in the form of demurrage.
The
perhaps just
a
Shipping Board is also planning to take steps which will
operators, reduction in
ovlerhead expense and revision downward in the cost of the
Board.
The Mallorv and Morgan Steamship, Lines have
reduced cotton rates by water from Galveston to New York
16 cents per 100 lbs. or from 66 cents to 50 cents, effective
result in additional cuts in the list of
"iy ; /,
'„;A;•/;.
'
..
1426
May
THE
10.
rate
recently
was
new
Galveston rate.
Sat.
The
Galveston
reduced to 46 cents at New Orleans, and
Texas
Port
Charters included seed wheat from San Lorenzo to United KingdomGibraltar Hamburg range 32s. 6d.; heavy grain from Gulf to West Italy
7s. 6d. April 5th; 26,000 quarters grain from Atlantic range to United
Kingdom 6s. 3d. April; 25,000 quarters from Gulf port to United Kingdom
6s. 9d. April; coal from Atlantic range to West Italy So 50; steamer, 3,495
tons, four or six months' time charter in transatlantic trade £3,000 prompt;
a
Gulf port to United Kingdom and Holland
from Atlantic range to Rio
1
Mem:
2.689
252
2,247
3,932
3,709
,067
241
106
363
101
1,036
1,442
2,883
1,016
841
965
8,183
"80
9
"794
138
"74
"69
193
364
164
476
133
1,586
921
500
447
702
38
1,164
1,574
4,156
90
71
25
13
282
702
702
"50i
'32
"46
80
364
11.437
16.332
15,419
92,968
5.478
14,484
,957
3,369
City
,604
9",087
6",982
;§88
Arthur, &c_
"541
New Orleans
Mobile
______
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
185s. April; coal
Janeiro $6 Welsh form, prompt.
Wilmington
TOBACCO
has been dull.
Cigar manufacturers hold
Supplies are liberal for so narrow a market. At
Covington, Ky., the recent bidding has been brisk and
medium to good grades of red leaf, both in the dark and
bright grades, were reported steady.
Colory tobacco, it is
said, sold at top prices for the season.
General sales were at
an average of $12.83 with $54 the top and poor stuff as low
244
.....
N'port News, &c.
New
aloof.
_
_
_
38
T§8
York
Boston
_
_
Baltimore
198
81
___
_
______
;
100
"56
Totals this week..
16.925
10,779
Philadelphia
22,076
The following shows the week's tolal receipts, the total
<
since
$2.
Aug. 1 1920 and stocks to-night, compared with the
last year:
COPPER firm at higher prices., The announcement of the
closing down of several big copper properties in their plan
to
curtail
production stimulated business.
While no
large sales were reported there was a fair amount done in
small quantities.
There is a better feeling in the trade.
Brass founders, wire drawers, electrical equipment manu¬
facturers and other consumers are said to be making in¬
quiries.
Electrolytic 12^@13e.
The domestic consump¬
tion of copper, it is said, has fallen far below expectations
and exports have fallen to about one-half of what they were a
year ago.
In announcing the closing of the four porphyry
properties Charles Hayden said: "The management of the
Utah Copper Company, Ray Consolidated Copper Company,
Chino Copper Company and Nevada Consolidated Copper
Company have today been directed by the managing
directors to close down the properties completely."
Tin
quiet and slightly lower at 29c. for spot.
Lead advanced
on a fair demand and small
supplies.
Spot New York 4.10@
4.25c.
Zinc dull and lower.
Spot St. Louis 4.65@4.75c.
PIG IRON has been dull and weak.
lots.
Birmingham may, it is said,
The sales
are
1920-21.
Receipts to
April 1.
Week.
Galveston
Texas
_
_
_
*
_
_
City.
Houston
________
Port Arthur, &c__
New Orleans
Gulfport
Mobile
1
_____
Savannah
_____
1*164
Wilmington
_
8,183
_______
Brunswick.
Charleston
N orfolk
1,574
4,156
_____
__
_
_
__
38
N'port News, &c_
New York
198
Boston
282
Baltimore
702
_
Philadelphia
364
_
_
Totals
21 661
Orleans_
Mobile
The greater
activity at the automobile plants makes very little differ¬
ence.
The whole automobile industry uses but 5% of the
steel output.
The steel industry is now operating to only
about 33 1-3% of capacity.
Buyers are holding aloof for
lower prices.
Spring steel sold to autmobile makers on the
2-cent bar basis with 15 cents per 100 lbs. extra against
25c. recently.
A fair demand is reported for relaying rails.
But it is in the main a dull, waiting market.
Big readjust¬
ments are believed to be necessary, both as to
wages and
prices.
North of England output has fallen off 20%.
Wages will be cut.
WOOL has been rather steadier with a better demand.
The prospect of a tariff has had a stimulating effect.
Both
worsted and woolen mills have been buying.
No general
advance in prices is reported but the itiarket undoubtedly
has been better.
Foreign markets on the other hand,
have recently been weaker, owing to the
falling off in the
Lately,
prices at
Melbourne
dropped 10 to 15% with crossbreds down 25 to 30%.
There
is not much wool buying in the interest of this
country.
A
kind of deadlock exists there between holders and
buyers.
demand
from
America.
In the main the outlook is considered
more
cheerful.
Im¬
ports of wool, tops and yarns at Boston, thus far this year
are 106,000,000 lbs. or the
equivalent of 167,000,000 lbs. of
domestic wool,
allowing for differences in shrinkage.
This is
60% of the 1920 domestic clip.
Of course there have
been large importations at other ports.
Under a tariff such
importations might be more or less reduced.
In any case
the tariff program is aimed to help the American farmer and
about
it is believed will do
so.
The next London wool sale to be held
April 5, will include privately owned wool, about 50,000 bales
of Australian and 500 Cape and South American.
A Wash¬
ington despatch said that the wool schedule of the new general
tariff bill has been virtually
completed and tentatively
adopted.
The basic rates are given as 11c. a lb. on wool in
the grease, 22c.,on washed wool and 33c. on scoured.
Four
vessels from
over
four
different quarters bf the globe landed a
raw wool at this port early this
9,300 bales of
366,628
14399
12,539
13.578
~2~ 067
"6*500
25,034 1,130,482
163,350
2,079
245,904
27,423
94,464
165,774
2,500
209,694
52,170
78,147
121",351
44,869
4,819
"247
1.000
148,500
2,787
2,034
4,051
380.446
132,665
310r781
1*053
4,166
17,577
2,589
26,227
660
83.844
225
17.815
1919.
9,760
3,227
5,421
6.627
5,797
32.211
24.407
1,000
Savannah
26,809
1,000
2,787
2,034
___
Charleston
1,164
1,574
4,156
__
Norfolk
N'port N., &c.
13,817
178
400
6,190
16,477
4,544
969
17,960
3,419
11,350
3,000
1,543
4,770
3,898
1
8,407
11.537
"7",284
1,149
1,658
75.372
93,455
15,127
824
4.033
"l"608
2,000
1,933
1,704
15,505
500
2,525
1,680
4,029
4.051
38
.
30,879
34,045
29,932
4.013
406
2,382
25.034
1916.
1917.
1918.
30,961
4,719
14.185
1,140
8,183
New
Brunswick
1920.
1921.
Receipts at—
Wilmington
STEEL has remained for the most part dull.
403,543
244*344
2,382
comparison may be made with other years,
give below the totals at leading ports for six seasons:
TexasCity,&c.
27%, compared with the preceding week.
The Connellsville "Courier" reports that the outturn in that region is the
smallest since the panic of 1907.
It states the output at
58,500 tons as against 108,800 the previous week.
or
23,246
32,211 1,080.055
92,968 4,808,445 109.953 5.934.180 1,389,552 1.226.528
39,321
decrease of 44,000 tons,
213,254
57,210
In order that
Galveston____
a
1920.
1921.
288,064
7,900
15,795
March 19
118,000 tons net,
Week.
30.961 1,915,632
318,780
4,719
70,247
4,533
476,697
12,045
58,675
66,297
208,896
1,586
26,006
23,307
36,261
5,645
_____
we
was
1920.
Since Aug
1 1919.
Pensacola
Jacksonville
in small
ease
This
39,321:2,277,079
2,604
24,641
16,069
332,529
2,988
54,490
14.185 1,119,976
4,819
1,140
74,963
^
Stock.
1919-20.
Since Aug
This
the $25 price.
Coke has been dull and tending downward.
The Geo¬
logical Survey says the total output for the week ended
total of
Total.
Fri.
Thurs.
77
4,273
Norfolk
as
Wed.
Tues.
39,321
2,604
16,069
2,988
14,185
1,140
5,760
Houston.
it will be advanced to 50 cents.
timber from
[Vol. 112.
equalize its
The Morgan line in addition, will
rate out of New Orleans with the
CHRONICLE
96
All others____
1,546
"'4*774
"""460
2,698
Total this wk_
92,968
109,953
78,025
74.681
5.915.466!5,892,898
Since Aug. 1__ 4.808.445 5.934,180 4,145.689 4.970,464
The exports for
the week ending this evening reach a total
66,750 bales, of which 16,965 were to Great Britain,
to France and 49,785
to
other destinations.
Ex¬
of
;
ports for the week and since Aug. 1 1920 are as follows:
Week ending
From Aug.
April 1 1921.
Exported to—
1 192# to April 1 1921.
Exported to-—
Exports
Great
Great
from—
Galveston
Total.
14,851
610,272
16,079
150,306
702
702
729
._
9,087
Houston
Texas
Other.
14,122
6,992
Britain. France.
City.
Britain.
258,064
44,111
4,459
8,980
;
'
Pert
•
-
Pt,
Arthur
Total.
990,642 1,858,978
138,122
332,539
7,575
21,014
'
-
San Antonio
■
Other.
France.
JLi'l-
-
-
-
Nogalez
_
30,150
V-'-—•
-
2,138
■
«*';*
-
-
------
------
1,550
------
_
30,150
2,198
1,550
'
'
'
El Paso____
^
New Orleans
..
_
w
----
„
8,712
2,524
Gulfport
Mobile
-
-
Brunswick
„
-
■
.
—
«r
-
W'«»
------
247,372
------
-
1,200
'■
-V-1
-
.
-
900
Norfolk
—
Mr
.
_
_
-
*.
-
900
39,477
Los
-
-
-
.
137,925
III.
11,079
4,950
-
17,874
17,925
•
68,701
57,402
49,642
66,911
5,931
9,186
2,898
8,208
_
6,764
_
4,493
1,476
30
1,890
11,475
47,334
_
18,269
.
_
__
_
950
Seattle
5,931
Tacoma
950
5,931
67,594
43,152
------
------
-
-
—
-
-
------
Portl'd, Ore.
49,785
1,275
42,132
Tot. 1918-1S
43,152
1,675
93,751
66,750 1,244,227
427,927 2,080,0753,752,229
91,173 134,580 2,672,312
489,407 2,023,103 5,184,822
51,930 145,681 1,645,363
16,965
Tot. 1919-20
47,334
67,594
1,675
San Fran
Total
44,910
2,910
299,725
119
414
Angeles
-
1,246
9,061
•
__
Philadelphia:
-
3,136
12,501
r.
Baltimore
-
43,422
349
•tV-Oi
Boston
-
2,400
-
9,976
2,525
New York._
110
'
68,701
1,200
-
4,819
11,079
12,924
——
2,400
736,375
4,819
17,443
6,75#
2,800
118,378
-
-
1,501
427,485
------
20,717
-
•»
—
Wilmington
1,501
61,518
-
4.
-
—
__
Charleston
—
--
Jacksonville
Savannah
-
11,236
■
-
569.2691,299,6373,514,269
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.
week.
On
COTTON
THE MOVEMENT OF THE
CROP, as indicated by our
telegrams from the South to-night, is given below.
For the
week ending this evening the total receipts have reached
92,968 bales, against 72,898 bales last week and 75.364
bales the previous week, making the total
receipts since
Aug. 1 1920 4,808,445 bales, against 5,934,180 bales for the
same period of 1919-20,
showing a decrease since Aug. 1
1920 of 1,125,735 bales.
Ger¬
Britain.
April 1 at—
Friday Night, April 1 1921.
Shipboard, Not Cleared for—
Great
Galveston
New
Orleans._
France.
8,046
5,858
8,468
1,975
Other
Coast¬
many.
Cont't.
wise.
8.24C
2,157
16,213
14,930
Other
500
York*—
ports*
__
Total
1921
Total
1920.
Total
1919.
*
"""365
_
__
_
_
Estimated,
200
1,000
2,000
17,852
66,812
37,724
a
10,443
7,010
18.919
1,090 China.
20.797
32,658
12,808
80,254
37,238
Stock.
43,967
25,071
244,097
378,472
154,050
245,204
12,236
94,164
120,251
54,877
9,300
700
'
2,763
al,315
1,448
New
151
300
700
9.00C
Norfolk
3,000
Leaving
Total.
300
1,100
3,000
4,451
86,201 1,303,351
13,456 180,370 1,046,158
4.538
98.419 1.167,460
April 2
1921.]
THE
CHRONICLE
Speculation in cotton for future delivery has been in the
main
small
at
irregular prices,
ending lower.
Prices
de¬
clined
early in the week when Liverpool lurched violently
downward because of the fear of an English coal strike.
But later there
is
still
1437
bad
in
is
dull.
dustries
this
country.
Trade
in many
leading in¬
Wages are everywhere being cut.
buying power of the people has been gBeatly reduced.
cost of
living is still high.
The
The
Reasoning from these premises
both here and in Liverpool.
There is an idea that coal stocks in Europe are
large, espe¬
cially in England.
Production has been going on, particu¬
larly in England, when the Government had charge of the
not
mines.
time, in spite of the fact that
was a
recovery,
Meanwhile various industries have slowed down.
The inference drawn from these two facts is that supplies
of mined coal in Europe cannot be very small.
In
idea is, as already intimated, that they are liberal.
fact, the
Besides
the supply of labor in
England and on the Continent is large
through widespread unemployment, so that at a pinch Eng¬
land could
sides, in
mine
very long.
coal
the
with
It certainly seems
trade dull
and
easily obtained labor.
Be¬
it is not believed that the strike will last
any case
time for strikes, with
a poor
the demand for labor at
minimum.
a
An¬
other factor which tended to offset any fear of a coal strike
the water
across
the action of the War Finance Board
was
in calling a conference of Southern bankers at
for April 4th to consider measures which
Washington
the Corporation
adopt looking to the financing of exports of cotton and
may
other
agricultural products to foreign markets.
lieved
by many
It is be¬
something will come of this.
Such
may be uneconomic.
In the long run natural as
opposed to artificial forces must regulate the currents of
that
measures
trade,
body may as well face a prospect of declining prices until
the point is reached when real activity, wholesale
jobbing
and retail will
begin.
To-day prices remained steady for a
a million coal miners in Eng¬
land struck and that 2,000,000 workers in other trades have
threatened to strike in sympathy.
Liverpool
practically ig¬
nored the matter and early in the
day bought July here on
a rather free scale.
Offerings were moderate. But towards
the close selling here suddenly increased when it was found
that the spinners' takings for the week were very
small, as
compared with recent weeks, and also with the same week
The aggregate for the season, of course, is far
last year.
behind that of
a year ago.
All this, with some weakness in
break in wheat, brought about selling, partly
for Wall Street and to some extent on stop orders.
Prices
end about 45 points lower than a week
ago.
Spot cotton
stocks and
a
closed at 12c for
middling uplands,
a
decline for the week of
35 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
March 26 to April 1—
Middling uplands
in other words, the law of supply and demand.
or,
But it is maintained by some that the War Finance Board
few think that optimism is misplaced and that
every¬
a
NEW YORK
1921
Sat.
Hoi.
Tues.
12.60
by granting credits at the right time and in the right
places give export trade a much needed jog, with manifest
1920.
10.95
1905.c
1904
1919———28.60
1918
34.95
1911
14.40
1903-—
1910
14.95
benefit to all concerned.
1917
19.20
1909
9.95
1916
12.00
1915
9.80
may
And the talk is persistent that the
South will cut the acreage sharply.
If the Southern banks
unite to help the farmer it is believe that he cannot only
hold his cotton
this but
do
for
favorable
more
a
_c
market.
8.15
1897
1896
7.88
1895
1902
9.90
9.00
1894
6.44
7.75
1901
8.19
1893
1905—-10.50 1900
1907
.10.95 1899
1906——11.65 1898
9.62
1892
6.69
6.31
1891
6.19
1890
9.00
11.44
MARKET AND
The weather at the South has been cold and backward, with
frost in Louisiana and Texas.
This has not been, it is true,
notable factor
a
that the
had
the
market,
is some weeks earlier than usual.
season
Still, it
on
passing sentimental effect early on the 29th inst.
the 30th instant prices advanced both in Liverpool
and New York.
Liverpool set the pace.
General buying
there absorbed the offerings, and there was a noticeably
better tone.
Also Manchester, which the day before had
been rather dull, turned steady, with a fair business in
cloths.
Cotton goods in this country were in the main firm,
but not very active.
Liverpool in the middle of the Aveek became
May and July
that
rumors
quite
on
the
big scale.
a
doubt about it.
some
spot houses, however, were buying.
Some
or near
trade the world
inclined to think
is
on
cents per pound.
Has
inclined to think
be
are
home
and
point
news
Of course stocks
bad
of that
that the
are
are
big and
But prices have
since last July, namely
been
Stocks
so.
that trade is
goods
the
some
32
At some point or other the news however
that
will be needed.
now
the whole dull.
bad, the conditions however adverse,
counted.
that all
They believe that
the turn.
over
tremendous decline
a
some
Wall Street and
out; that the chances
come
market is at
had
are
has been discounted.
news
kind has all
also
Offerings fell off.
Not
turn became discouraged
few who had been selling for a
and covered.
buyer of
a
were
(French Government was buying, though
there seemed to be
a
There
the
on
of
believed
few
are
revival,
a
supposed to be small.
are
a
that big stocks
supplies of cotton
over
Manufacturers' stocks at
to
be
medorate, if not in
scanty.
In other words, not a few
maintain that the time is ripe, or nearly ripe, for a sharp
upward turn in prices if trade should suddenly and de¬
many
actually
cases
Clement Curtis & Co.
cisively improve.
the ground
acres
of Chicago take
that the acreage this year will
be 12,000,000
smaller than the last, or. about one-third off from the-
figures of
be cut
a year ago;
also that the
of fertilizers will
use
Closed.
Quiet,
Quiet,
Quiet,
Quiet,
Quiet.
They think that stocks
trade too dull to warrant
carry-over
into next
(Friday),
we
April 1—
Liverpool
1921.
1920.
bale,s_ 1,006,000 1,113,000
Stock at
Stock at London
season
such expecta¬
any
will
be enormous.
And these critics question
materially reduced, what¬
very
be said to the contrary.
Now and then somebody
at the South blurts out the statement
not be
cut
have
very
come
Stock at
at
581,000
543,000
27,000
---—
Hamburg—*_ —
'
184,000
12,000
Stock at Genoa
at
then from
and
States and some from Alabama.
is
a
reduction
not be
at.
or
Reports of this
parts of
the
Ghent
In any case, whether there
not, many incline to the belief that it will
anything like the 25 to 50% that the South is aiming
If the carry-over into next season should be something
should turn out to be
enormous
supply,
even
been thus far this
next season
is, of course,
there are
perhaps
91,000
105,000
135,000
1,000
20,000
4,000
355,000
160,000
582,000
Total European stocks
India cotton afloat for Europe
American cotton afloat for
606,000
Europe
220,747
Stock in Bombay, India
Stock in U. S. ports
73,000
245,900
1,280,000
1,389,552
Stock in U. S. interior towns
1,663,794
U.S. exports to-day
1,515
6,606,608 6,180,619 5,403 ,204 4,697,137
Total visible supply
Of the above,
v.v-
season.
a mere matter
totals of American and other descriptions
American
.
Liverpool stock
Manchester stock
of conjecture.
provement during the present year of 1921.
are as
follows:
\ \■,
89,000
bales.
f—_
Continental stock
I
_
—
Europe._____
905,000
161,000
495,000
495,000
325 ,000
43 ,000
320 000
220,747
510,784
320 ,189
613,000
1,515
290,000
26,000
*139,000
160,000
1,541,879
1,265 ,879
1,506 ,474 1,270,758
1,500
30,200
10 ,662
1.389.552 1,226.528
.-—.1,663,794 1,214,107
_—4,4;2,608 4,542,619 3,791,204 3,429,137
Total American
East Indian, Brazil, &c.—
393,000
Liverpool stock
London stock
j.
Egypt, Brazil, &c., afloat.
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
J.¬
—
2,000
13,000
87,000
41,000
73,000
245,000
208,000
10,000
25,000
111,000
65,000
63,000
141,000
1,,280,000 1,015,000
170,000
13,000
30,000
35,000
12,000
47,000
393,000
912,000
177,000
21,000
29,000
*21,000
32,000
80,000
338,000
*570,000
2,134,000 1,638,000 1,612,000 1,268,000
4,472,608 4,542,619 3,791,204 3.429,137
Total visible supply
6,606 608 6,180.619 5,403.204
Middling uplands, Liverpool
iddling
—
7.21d.
27.76d«
15.24d.
28.70d.
41.75c.
Middling uplands. New York
12.00c.
30.08d.
84.00(1.
Egypt, good sakel, Liverpool
19.00d.
30.00d.
5O.Q0d.
Peruvian, rough good, Liverpool.
13.00d.
15.60d.
22.85(1.
Broach, fine, Liverpool
7.15d.
15.85d.
23.10d.
Tinnevelly, good, Liverpool
7.65d.
*
But
great im¬
Unemployment
4,697,137
24.95d.
35.35c.
32.81d.
39.00d.
22.90d.
23.l5d.
Estimated.
Continental imports for past week have been 87,000 bales.
The above figures for 1921 show an increase over last week
What trade will be
any
936,000
12,000
320,189
47,000
393,000
703,000
32,000
160,000
510,784
80,000
63,000
338,000
141,000
912.000
*570,000
1,015,000
1,226,528 1,265,879 1,541,879
1,214,107 1,506,474 1,270,758
10,662
1,500
30,200
1,692,000 1,915,000
65,000
41,000
Egypt,Brazil,&c..afloat for Eur e.
Stock in Alexandria, Egypt.....
but little better
skeptics who see little prospect of
153,000
6,000
66,000
189,000
27,000
_
Total Continental Stocks
10,000,000 bales, there would be
with trade
than it has
351", 000
Atlantic
like 8.000,000 to 9,000,000 bales, as some figure, and the crop
an
180,600
113,000
39,000
Rotterdam..
Stock at Barcelona
Stock
1918.
467,000
21,000
55,000
186,000
Stock at Havre
Stock
1919.
1,309,000
Stock at Bremen
1 0,000
495,000
102,000
Total Great Britain
that the acreage will
much, perhaps not at all.
now
5,800
.1,110,000
Stock at Manchester
India afloat for Europe
kind
4.900
600
13,000
73,000
2,000
small crop will be needed.
may
200
600
add the item of exports from the United States,
a
ever
"""io5
200
4.900
including in it the exports of Friday only.
Manchester stockContinental stock
will be
""*100
to-night, as made
up by cable and telegraph, is as follows.
Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
consumption increases mightily this means that only
very
Total.
THE VISIBLE SUPPLY OF COTTON
Unless
whether the acreage
..
Total
U. S. exports to'day
The
Contr't.
unchanged— Steady
25 pts. dec__ Easy,*——
selves of the idea that it is futile to expect any lasting or
material advance from this level.
too big and
SALES.
5,800
__
U. S. interior stocks
tion.
YORK.
Spot.
10 pts. adv.. Steady.
30 pts. dec— Steady......
10 pts. adv__ Quiet
hand, however, many are unable to rid them¬
are
8.62
HOLI DAY
American afloat for
U. S. port stocks
about 30%.
On the other
Market
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
NEW
Futures
Market
Closed.
7.31
_c
still enormous, but it may
Certainly the world
abroad
Not
reached?
are
eve
bound to be dis¬
are
SALES AT
Spot
because it is well known
a
And
in
Fri.
12.00
15.35
1912:
.41.75
1914— —13.30
Wed. Thurs.
12.25
12.25
12.15
QUOTATIONS FOR 32 YEARS.
1913-c
12.00
Mon.
12.45
of 65,087
of
bales, a gain of 425,989 bales over 1920, an excess
1,203,404 bales over 1919 and a gain of 1,909,471 bales
over
1918.
1428
[VOL.
FUTURES.—The highest, lowest and
New York for the past week have been
-1921-
closing prices at
In
Sight and Spinners'
Takings.
follows:
as
Monday,
Mar. 26. Mar.
Friday,
Wed'day, Thursday,
Tuesday,
28. Mar. 29. Mar.
30. Mar. 31.
Week.
1.
Apr.
April—
Range
-
_
Closing
12.00
12.12
—
—
12.00
—
—
—
_
12.10
■_
_
—
12.00
—
—
—'
—
12.00
—
11.65
—•
Range
Week.
Aug. 1.
April 1
92,968
Net overland to April 1
29,450
Southern consumption to Apirl l.a 48,000
4.808,445
866,515
2,005,000
109,953
25,002
71,000
5,934,180
1,211,832
2,456,000
Total'marketed
Interior stocks in excess...
7,679,960
803,853
205,955
9,602,012
*121
412,060
12.52-.55 12.22-.24 12.34
v
*
12.25
—
—
11.89-.91
—
Came into sight during
Total in sight April 1.
Range.....
_
_
''
12.70
„
12.45
—
_
—
_
12.55
—.
—„
12.45
—
—
205.834
8,483,813
10,014.072
1,345.110
37,921
_
37.686
2.287,410
_
Decrease during week,
w
12.10
—
These figures are consumption: takings not
a
available.
Range.....
12.70-.05 12.55-.95 12.73-.96 12.62-.75 12.4C-.74 12.40-.05
Closing...
13.6l-.03 12.71- .73 12.81-.83
_
Movement into sight in previous years:
12.71 .73 12.40-.43
Week—
August—
Range.....
——
Closing....
~
__
—
13.22
—
12.92
—
13.15
—
13.10
13.05
—
—
—
——
—
—
:
13.00
_
——
12.90
—
—
w.
12.60
13.15
—
—
_
—
—
—
_
Range.....
HOLI¬
Closing.
13.35
—
13.13
—
.
—
13.04
—
—
12.73
DAY.
Range
—
13.21-.22 12.89-.92
—
_—
November—
—,
,—
—
—
......
Closing...,
13.00
—.
13.32
—
—
—
—
—
13.38
.—
_
—
1916-17— A pril 6
.
.
8.837,937
10,031,441.
.
10.958.03
_
—
—
—,
13.00
—
—
—
__
—
December—
Range..
Closing Quotations for Middling Cotton on—
13.50-.73 13.30-.65 13.52~.70 13.41-.50 13.17-.52 13.17-.73
13.75 — 13.47-48 13.54 — 13.46 — 13.18 —
Closing....
—
—
Week ending
—
April
January—
Range
13.62-.85 13.35-.70 13.62- .77 13.50-60 13.30-.56 13.30-.85
Closing.
February—
13.85
13.54
—
—
Range.....
—
.
13.93
Closing....
13.62
—
13.62
—
13.56
—
—
—
13.70
—
,—
—
13,65
—
—
13.30
—
13.53
—
—
13.40
___
Closing
AT
—
__
—
13.49
_
....
—
11.75
13.79
11.75
11.50
10.75
11.50
12.00
1, the shipments for
the same items for the
the previous year—is set out in
10.75
11.75
11.50
HOLI¬
Baltimore
11.75
DAY.
11.50
11.50
11.25
12.25
11.50
12 25
12.50
Memphis
Dallas
12.50
11.25
11.25
11.25
11.50
11.50
11.50
10.70
10.85
12.25
12.25
12.50
11.05
Augusta
12.40
11.50
...
12.50
12.70
11.50
Philadelphia
THE INTERIOR TOWNS the movement—that is,
11.50
10.75
10.75
12.00
11.50
12.00
11.50
10.75
12.00
—
—
Friday.
11.75
11.75
11.50
....
Savannah
Charleston
Norfolk
the receipts for the weok since Aug.
the week and the stocks to-night, and
corresponding period of
Galveston.
New Orleans.__
Tuesday. Wed'day. Thursd'y,
Monday.
Saturday.
Mobile
13.53
—
13.79
—
1.
—
March—
Range
11.00
'
11.00
11.50
Houston
11.50
11.20
11.30
11.25
10.50
10-90
Little
Rock
11.50
11.25
11.25
11.25
11.25
Worth
10.90
10.65
10.80
10.80
10.50
Fort
...
detail below:
NEW
Movement to April
Tovms.
Receipts.
Movement to April 2
1 1921.
Ship
Apl
Week.
Season.
Stocks
merits.
Week.
I.
1920.
Ship
Seas
Stocks
ments,
Receipts.
Week.
ORLEANS
Birming'm
Euatila.„J
174
4,138
51
8,461
240
5,169
23
47,124
25,615
5,394
354
31,525
956
107
30,087
166
17.820
375
200
45,924
800
10,235
145
4,424
165,888
3,859
65,519
1,804
92,247
200
77,995
115
10,531
134
6,458
220
9,722
1,150
174J
7,008
27
3,223, 40,553
80.099
"166
31,700
~
9,758
1,317
200
Athens
1,868
123,343
2,550
45,449
2,200
143,639
2,6r>o; 35,104
Atlanta
8.041
125,517
3,042
33,943
3,357
231,353
4,873! 30,168
Augusta....
2,671
300,884
5,128 145,257
7,458
483,566
Columbus..
184
36,931
245
33,994
9,927, 118,035
7,497
2,775
2,096
201,764
Macon
25
34,783
17,105
1,033
38,054
261
26,138
150
8,505
903]
52,084
76,074,
260
66,960
257
73,004
1,147
46.383
59
8610
270
2,659
66
16,911
412
1,885
Clarksdale...
345
105,757
2,724
69.387
2,320
131,266
2,554
46,-500
Greenwood..
228
88.588
733
49,274
700
105,355
1,300
24,700
67
22,978
462
34,742
456
3,624
55
13,326
13,398
April..
May
July
Meridian
13
Vicksburg
866
12,252
27,860
308
14,730
50
32,883
164
7,400
590,961
19,450
30,444
13,205
653,310
12,055
14.384
18,0.54
725
7,347
800
1,300
250
282
95
200
232
3,482
73,848;
3,061
57,832
1,950
10,947
11~620
300
4,734
24,787
9,145
37,089
410'
Okla., Altua
Chickasba...
Hugo.......
17,700;
Oklahoma...
60.589
S.C., Greenville
2,608|
Greenwood..
14,773:
Tex., Abilene.^
1.187,
51!
Clarksvllle
753,728!
9671
109,724:
21
Honey Grove
30
October
HOLI¬
December
DAY.
1,490
4,373
200
400
92,203
2,126
126|
38,954
204:
1,887;
31,092
2,454
7.900
year's figures are for Natchez* Miss.
that
2",000
40,603
51,200
L500
1.906
516
5,884
1,046
20,965
200
4,500
26,692 264.000
1,199
* Last
year's figures
for Cin¬
are
are
to-night 448,687
The receipts at
FOR
THE
same
week
'
.
(N
WEEK
AND
SINCE AUG. 1.—We give below a statement
showing the
overland movement for the week and since Aug. 1, as made
from telegraphic reports Friday night.
The results for
Aug. 1 in the last two vears are as follows:
the week and since
1920-21-
Via
Mounds, &c
...
Rock
Via
Louisville-
Via
Virginia points._
Via
other
Island
routes.
1919-20
Since
Via
&c
Totat gross overland
Deduct shipments—
Week.
19,456
3,727
1,362
3,512
1,813
11,415
Aug.
Since
Week.
1.
573,335
192,144
27,764
51,030
95,624
273,242
a
12-77
—
Quiet
Steady
Steady
Steady
Easy
B'ly St'g
TELEGRAPH.—Telegraphic
only moderate
or
light during
Antonio
1
__
3
high
high
high
high
high
high
86
86
84
80
82
86
...
in.
in.
in.
in.
in.
in.
in.
3.49 in.
high 76
low 32
low 52
mean
59
mean
69
low
low
low
low
low
low
58
63
59
mean 62
32
46
36
40
42
44
mean
mean
mean
La...
Mobile. Ala....
Savannah. Ga
2
,..2
3
low 43
mean
60
67
61
low 47
mean
65
low 35
low 45
mean
58
63
low 36
low 34
mean 61
mean
Charlotte, N. C
Charleston, S. C
Selma,
Ala
2
3
Vicksburg, Miss..
mean
______
78
82
82
81
85
high 85
high
high
high
high
high
mean
mean
60
CROP.—The" mmereial do~of
Egypt of Boston has the following by mail from Alexandria
EGYPTIAN COTTON
under date of March 4:
The land
preparations are in full swing, but so far climatic conditions
In lower Egypt it looks as if Sakellarides will be prac¬
tically the only variety planted this year.
The start of the new crop prom¬
ises very badly for the final outturn: the recent cold weather has delayed
planting and the financial difficulties of the cultivators have prevented them
from buying good seed and will prevent them from giving proper attention
to the cultivation.
The removal of Government's decree forbidding seed
to be stored in the open during the summer will probably lead to a more
severe pink boll worm attack.
have been adverse.
,
A summary
of the proclamation issued by the Egyptian
Government on March 5 on the subject of the purchase and
financing of the cotton crop is given below:
As
a
measure
of assistance to small planters with cotton still unsold, and
in view of the fall in prices to a point so far below the cost of production,
the Council of Ministers at their meeting yesterday decided to fix a price
91.330
Ashmouni, subject to weekly alteration, as and when considered necessary.
for cotton, at which
ton
offered.
price the Government would be willing to buy
the details of the arrangement:
any cot¬
The following are
Arrangements have also been made writh the National Bank of Egypt
whereby the bank will make advances, under the guarantee of the Govern¬
ment, against cotton on the basis of $15 per cantar F.G.F. Sakellaridis.
$10 per cantar F.G.F. Ashmouni; other qualities and growths in proportion.
1,213,139
35,940
1,546
4,527
796
5,015
201,754
408.480
346,624
10,338
29,450
866,515
Interest 7% per annum;
manded before March 31
25,002
rail to
Canada,
a
145.463
61.263
Revised.
commission 3^%-
Repayment
not
to
be
de¬
1922.
The Government has also, for this season, suspended the decree whereby
all cotton has to be ginned by April 30 or kept in specially protected stores.
(This was
foregoing shows the week's net overland movement
has been 29,450 bales, against 25,002 bales for the week last
year, and that for the season to date the aggregated net over¬
land exhibits a decrease from a year ago of 345,317 bales.
1
Thermometer
in.
in.
in.
in.
in.
152,627
354,875
.....11,835
The
dry
0.62
day
0.02
days
0.31
day
1.40
day
0.01
dry
days
2.33
days
1.23
days
1.23
days
0.28
0.48
days
0.82
days
1.55
864
2.98S
9,761
974
Including movement by
without
Maximum quantity from any one seller, 100 cantars.
Price at present
fixed at 823 per cantar for F.G.F. Sakellaridis, §16, per cantar for F.G.F.
9,315
Leaving total net overland *_
3
______
Palestine
____
planted
353,447
17,798
towns
Total to be deducted
-.1
-
being
Rainfall.
__._2 days
Corpus Christi
San
is
Aug. 1.
Q650,235
Inland, &c., from South
interior
land
..
8,087
985
91,219
21,9.33
233,472
*
44
12.61-.62
12,055
41,285
Overland to N. Y., Boston, &c___
Between
12.42
—
19,100
same
April l—
Shipped—
Via St. Louis....,
much
-
Texas..
Del Rio
the interior stocks have de¬
MOVEMENT
Abilene,
Galveston
New Orleans,
14,COO
time last year.
all towns have been 22,726 bales more than the
last year.
OVERLAND
fertilization.
1,010
1,500
during the week 2,799 bales and
than at the
that
but
progress,
2,548
4
The above totals show
up
13.11
Mobile reports that planting is making fail-
gressed well.
323,936
Total, 41 townallS,8055,815,063 118.6641663794 104,3176,126,292 104,A3« 1214107
more
—
and in consequence crop preparations have pro¬
1,592
114,925
24,853
bales
the main the rainfall has been
the week,
16", 962
1,200
2,697
105,833
creased
Quiet
Steady
WEATHER REPORTS BY
Dallas
31.046i
,796.925!
13,931
2,4871
.
13.16
—
—
11.51-54
reports to us this evening from the South indicate that in
6,247
2,160
7,390
42.039 353.8C1
Fort Worth*.
Last
13.09
Steady
Steady
Options
Brownsville
36.523
10,200
San Antonio.
a
—
11.11
11.95-.97
Tone—
Spot
3.3(H)
6.074'
38,025)
73,716]
897j 17,092
21,100;
1,850,
cinnati, Ohio.
13.36
Rain.
10". 397
100
15,104
995,186
1,436
53,872
21*. 757
2,319
9,390
250
128,716
1,335
1,044!
72
2 ,302,492
17,978
1,432
20,043
19,687 368.064
39.50L
T.iioj
Paris
87
705! 11,164
22,850;
47",844
Houston
1,005
10.435
..
Dallas
J
64,266
17,944'
2411
Tenn.,Memphis
Nashville....
Brenham
Friday,
April 1
Wed'day, Thursd'y,
11.71
— 11.40
— 11.50
—
— 11.42
12.11-.13 11.80-.82 11.90-.91 11.82-. 85
12.53-.56 12.27-.28 12.34-.35 12.28-.30
13.01-.02 12.74-.76 12.81-.82 12.76 —
13.21-.22 12.93 — 13.00-.01 12.95-.96
17.998
1,617
50
20,005,
915!
Raleigh
Tuesday.
Monday.
8.-500
4,0551
45,384
10,933
Yazoo City..
Mo., St. Louis.
N.C.,Gr'nsbora
...
January
3,8541 31,773
305! 11,983
644
Rome
La., Shreveport
Mlfls.,Columbun
The
1,820
3,469!
179,123
800
Pine Bluff...
Oa., Albany
—
March 26 March 28 March 29 March 30 March 31
5,295
31,057
Little Rock.
341
68,360
37,796
Helen*.
Seltna
Ark.,
v
156
214
V; Montgomery.
17,870
40
a
MARKET.
2.
Saturday.
Ala,
CONTRACT
closing quotations for leading contracts in the New Orleans
cotton markets for the past week have been as follows:
Ap it
Week.
0.
'
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.—Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week:
V
.
13.31
—
176,656
_
1918-19—April 4..
1917-18—April 5
13.10-.15
13.22-.52 13.06-43 13.22-43 13.10.23 12.88-.25 12.88.52
13-48-.49 13.21-23 13.28
Bales.
1—
162,371
176,055
—
October—
Closing....
Since Aug.
Bales.
1919—April 4.
1918—A pril 5
1917—April 6
Septembei—
Range
week...167,619
Nor. spinners' takings to April 1_
*
Closing
July—
170,418
*2,799
—
—
7 '
*
at ports to
—
12.30-.58 12.08-. 55 12.27-.48 12.13-.27 11.87-.25 11.87-.58
Closing....
Since
Aug. 1.
Mag—
June—
-1920Since
Week.
Receipts
Saturday,
112.
a
jmeasure in the suppression of the pink bollworm.)^
WORLD'S SUPPLY AND TAKINGS OF COTToN.—
The following
brief but comprehensive statement indicates
glance the world's supply of cotton for the week and
since Aug. 1 for the last twro seasons, from all sources from
which statistics are obtainable; also the takins, or amounts
at
a
gone
out of sight, for the like period.
April 2
1921.]
THE
M:
Week.
Season.
Week.
Season.
4,792", 018
4.956,257
8,483,813
1,776,000
167,619
5120,000
67,000
610,000
69.000
Bombay receipts to Mar. 31
shipm'ts to Mar. 31
Alexandria receipts to Mar. 30—
Other supply to Mar. 30:.*——
Other India
CHARLESTON—To
11.000
,
4.000
V; 734.000
V 172,000
4.000
280,000
;
2,196.000
343.000
124,000
,
Total.
a
6,996,462
2,558,000
78,000
Of which other
6,180.619
353,486 12,070,471
236,486
8,660.471
117.000
3,410.000
9,554,462
248,532
170,532
Total takings to April l_c__
Of which American
*
6,606,608 6,180,619
Embraces receipts in Europe from Brazil, Smyrna, West Indies. &c.
This total embraces since Aug. 1 the total estimated consumption by
bales in 1920-21 and 2,456,000 bales in 1919-20—
takings not being available—and the aggregate amounts taken by Northern
and foreign spinners, 7,549,462 bales in 1920-21 and 9,614.471 bales in
1919-20, of which 4,991,462 bales and 6,204,471 bales American.
Southern mills, 2,005.000
b Estimated.
receipts
MOVEMENT.—The
COTTON
BOMBAY
of
India cotton at Bombay for the week ending Mar. 10 and for
the season from Aug. 1 for three years have been as follows:
Ger¬
Bel¬
many.
gium.
729
1,275
11,222
2,900
9,087
2,524
6,992
3,092
GalvestonTexas City
1919-20.
1920-21.
Orleans__
Charleston
Week.
Aug. 1.
Week.
Week.
Aug. 1.
2". 4 00
——
Norfolk
900
Aug. 1.
98.C00
128.C0 r 1.460.000
68.0CC 1,419,000
1,834.000
950
Total
-16.965 23,283
Greed
Conti¬
Britain.
nent.
Great
China.
Conti¬
Total.
Britain.
nent.
China.
Mar. il.
22.000
Mar. 18.
Mar. 23.
April 1.
19.(MM)
14.000
14.000
12.000
9.000
17,000
11,000
5.(M>0
Sales of the week
$.000
6.(MM)
8,000
15.000
29,000
Sales, American
export
Total
28.000
29.000
-1.018.000
1.020.099
632,(MM)
21.000
15.000
121.(MM)
635.000
58,000
52,000
_
imports
-
,
Amount afloat
_
^
.
-
.-
34.000
29.000
119.000
9,000
25,0CC
34,000
17,000
1919-20—
26.000
4,000
14,000
30,000
21,000
50,000
16,000
876,000
496,000
363,000
296,000 1*080,000 1,426,000
441,000
355,000
70,000
14,000
145,000
20,000
179,000
"LOCO
10,000
23,000
37,000
91,000
162,000
290,000
3,000
3,000
19,000
3,000
16,000
38,000
s" 3~CO6
4,000
Other India.
1920-21..
10.000
"
4,000
1919-20..
12,000
1918-19..
'
Wednesday.
Thursday.
Friday.
Quiet.
Dull.
Dull.
Dull.
P. M.
7.91
7.58
7.27
7.21
4,000
8,000
3,000
2,000
Mld.Upl'da
HOLIDAY HOLIDAY
516.000 1,055,000
19.00C
25,000
44,000
31.000
508,000
1919-20..
"4J00
38,000'
11,000
53,000
87,000
1918-19..
3,000
4.000
17.000
24.000
35,000
387,000 1,242,000 1,716,000
371.00G
479,000
73,000
1920-21..
Tuesday.
Monday.
Saturday.
Spot.
Market,
12:15
Sales
all—
Total
1.027.(MM) 1.006,000
633.000
613.000
27.000
22.000
13,000
14,000
110.000
121.000
55.000
49,000
and futures
and the daily closing prices of
follows:
spot cotton have been as
Total.
Bombay—
1920-211918-19..
800 66,750
each day of the past week
Japan &
Javan&
240 14,542
8.020
2.900
LIVERPOOL.—By cable from Liverpool we have the fol¬
lowing statement of the week's sale•#, stockst &c., at that port:
The tone of the Liverpool market for spots,
1.
Exports
from—
950
5,931
Tacoma
Of which American
Since August
For the Week.
Total.,
12,501
14,851
702
16,079
11,236
1,200
2,400
900
5,931
Seattle
Of which American.
Bombay
5.620
1,200
Wilmington---
Total stock
Of which American
Since
Since
Since
Receipts at—
800
—.
Forwarded
1918-19v
10.
China.
Italy. Greece. Japan.
240
7,661
702
Houston______
New
Actual
March
900
950
5,931
66,750
i
;
Britain.
York---. 2,525
New
6.606,608
——— —
particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great
Deduct—
Visible supply April 1
1,200
2,400
The
6,855,140 16.161,070 6.534,105 18,251,090
Total supply_
1,200
SEATTLE—To Japan—Mar. 26—Tajima Maru, 950
TACOMA—To Japan—Mar. 26-r-Hawaii Maru, 5,931
205,834 10,014,072
195,000
470,000
Liverpool—Mar. 28—Magmeric,
WILMINGTON—To Genoa—Mar. 30^—Vancouver Maru, 2,400--.
NORFOLK—To Liverpool—Mar. 30—Rhode Island, 900
6,185,271
6.541,521
Visible supply Mar. 25
Visible supply Aug. 1
American In sight to April 1
Bales.
1919-20.
1920-21
Cotton Takings.
Week and Season.
1429
CHRONICLE.
Barely st'y,
Steady,
15@22 pts. 19@27 pts.
Steady,
Futures.
Quiet at
3@9 pts.
RECEIPTS AND SHIPMENTS OF
COTTON.—The following are the receipts and shipments for
the week ending March 9 and for the corresponding week
of the two previous years:
1
5@9 pte.
opened
ALEXANDRIA
Market
J
advance.
advance.
decline.
decline.
Market,
f
Weak,
Firm,
Steady,
Quiet at
4
46 @55 pts. 22@34 pts. 12@14 pts. 1 pt. dec.to
1 pt. adv.
decline.
advance.
decline.
j
1
P.M.
below:
Alexandria,
1918-19.
1919-20.
1920-21.
Egypt,
March
9.
Tues.
Mon.
Sat.
Wed.
Frl.
Thurs.
Mar. 26
Receipts (cantars)—
Since Aug.
1_
—
99.841
4.533,053
54,253
5,412,695
81,266
week
This
12K
to
3.257.125
12M
m
Week. Aug.
To Liverpool
To Manchester, &c
To Continent and India.
6,033
30,967
MARKET.—Our
7.79
1.
April
May
7.64
8.41
7.83
8.05
8.07
7.79
June
8.46
7.88
8.10
8.10
7.83
July
8.01
8.23
8.25
7.98
87.156
8.56
92,081
33.075
August
1,044
1,044 388.190
8H lbs. Shirt¬
Cot'n
Mid.
32s Cop
ings, Common
Mid
Upl's
Twist
to Finest.
d.
d.
d.
s.
UpVt
d.
<1.
@
70
40
6
@43 6
27.72
@
71H
41
6
26.67
8.27 60
@
72
42
6
6.76 61
@
73
42 6
@44 6
@46 0
@46 0
@
76 X 42
@
25
18 0
@20 0
8.35 58 M
19
@
24."-
17 6
8.11
18
18
@
22
17
25
16 X
@
im 16 6
@19 6
@18 6
@18 0
0
d.
s.
59
19 H
11
4
Mar.
6
30.51
30.02
@48 0
29.15
4
16 H
@
20X 16 0
@17 6
6.56 61
11
15 %
@
17H 15 6
@17 0
6.94 61
@
76 H 42
6
@46 0
28.65
18
14 tg
@17 0
7.31 70
@
87
42
6
@46 0
28.80
25
14H
@
@
174L15 6
174115 6
@17 0
8.05 60
@
78
42 6
@46 0
28.38
@17 6
7 21 59 H
@
76
42
6
@46 0
2776
•
A
Apr.
1
@
16
19
16
0
the
the past week have
SHIPPING NEWS.—As shown on a previous page,
exports of cotton from the United States
reached 66,750 bales.
The shipments
up
in detail as made
follows:
from mail and telegraphic returns, are as
Total
NEW YORK—To Liverpool—Mar.
bales.
2,525
1,275
240
7,661
800
729
25—Belgic, 2,525---
Cape, 1,275
—
31—Urbino, 240—: —— —
_
Japan—Mar. 25—Argun Maru, 7,661
—
To China—Mar. 26—Ocean Monarch, 800--.
- -—- GALVESTON—To Liverpool—Mar. 26—Director, 729--To Bremen—Mar. 25—King City,
3,935—Mar. 26—Southmead, 6.867
-.10,802
To Hamburg—Mar. 25—King City, 220.--Mar. 26—SouthTo Bremen—Mar. 31—East
To Piraeus—Mar.
To
------
mead,
200
---r-T
——
420
Antwerp—Mar. 26—Middleham Castle, 400
400
26—Middleham Castle, 2,500
2,500
TEXAS CITY—To Hamburg—Mar. 25—King City. 702
702
HOUSTON—To Liverpool—Mar. 25—Director. 9,087
9,087
To Bremen—Mar. 31—Decatur Bridge, 6,892
6,892
To Hamburg—Mar. 31—Decatur Bridge, 100100
NEW ORLEANS—To Manchester—Mar. 31—West Erral. 2,524-- 2,524
To Hamburg—Mar. 24—Eastern
Sword, 3,072—Mar. 30—
To
To Ghent—Mar.
Schoharie, 20
To Genoa—Mar. 25—Ada O, 2,795
2.225
To
'-
Leghorn—Mar. 25—Ada O, 600
7.78
7.94
7.97
7.93
7.98
8.02
7.99
8.12
8.16
8.12
September
HOLI¬
HOLI¬
8.62
8.07
8.30
8.32
8.05
8.20
8.24
8.20
DAY
——
DAY
8.66
8.11
8.35
8.38
8.12
8.26
8.30
8.26
8.43
8.18
8.30
8.35
8.30
8.47
8.22
8.33
8.38
8.33
8.36
8.41
8.36
8.69
8.14
8.39
November
8.72
8.17
8.42
8.75
8.20
8.45
8,50
8.25
8.77
8.23
8.48
8.53
8.28
8.39
8.44
8.39
8.80
8.26
8.51
8.56
8.31
8.42
8.47
8.42
8.34
8.45
8.50
8.45
— .
..
January
February
March
..
1912
received by
report
ings, Common
to Finest.
d
d.
7.84
....
——
October
1920.
8.
d.
d.
7.93
4
p. m. p. m.
8.02
7.90
Cot'n
d.
124*
December
1921.
s.
hi
7.93
84* lbs. Shirt¬
d.
d.
p. m. p.
7.69
to-night from Manchester states that the market is
firm for both yarns and cloths.
The demand for cloth is
good but for yarn poor. We give prices for to-day below and
leave those for previous weeks of this and last year for
comparison:
.
■
d.
d.
4
7.68
cable
Feb.
d
p. m. p.m
12J*I
8.27
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending March 9
were 81.266 cantars and the foreign shipments 19,477 bales.
32s Cop
Twist.
d
4
8.26
Note.—A cantar is 99 lbs.
MANCHESTER
p. m. p. m
12tf
175.878
21.456 739.778
19.477 251,160
Total exports
4
March-—-.
Week. Aug.
1.
3,750 233,571
133,315
1,523 108,412
16,183 264.480
87,126
7.500
To America
Week. Aug.
1.
73,096
59,971
3,250
2,694
12^
d.
d.
Exports (bales)—
:
p. m. p. m. p. m. p. m
Apr.!.
Since
Since
Since
4
BREADSTUFFS
Friday Night, April 1 1921.
quiet.
At times it was firm with cash
wheat, while feed was weak.
Export business, however, has
been in the main light.
Domestic buyers have pursued a
very cautious policy.
The Easter holidays have interfered
with foreign business to some extent, although some of the
European inquiries seemed rather promising at one time.
The trouble is that very little actual business has resulted.
The Greek Government, it appears, has recently requisi¬
tioned from the large quantity of flour in transit.
Whether
it wants it for the army or not is not altogether clear.
Some
exporters, it is said, are getting moderate-sized foreign orders
from a number of leading buying countries of Europe.
But
there has been nothing like real activity, and latterly with
wheat weaker, the position of flour has become more uncer¬
tain.
As for some time past many buyers are afraid to
purchase on a large scale for fear that prices will give way
after they have stocked up.
Early in the week costs of
production were increased by the firmness of good milling
wheat at the Northwest, where there was a very active
demand, while lower prices for feed increased milling costs.
These things in the long run, however, had little effect.
Neither the fact that on the 29th inst. choice milling wheat
at Minneapolis advanced with premiums 2 to3 cents higher,
nor the fact that stocks of flour in the hands of consumers
and distributers are kno\yn to be small weighed against the
sluggishness of actual trade in flour for home consumption
and the lack of a really sharp business for export.
Wheat closed lower but advanced early in the week on
cold weather at the West and strong markets at Minneapolis.
The temperatures were down to 10 degrees above zero in
Flour has been
Kansas and there
were
fears of damage to the
in most localities
But later it turned out that
not
jointed stage, and therefore it is not lia¬
in the more northerly sections
it might be an entirely differ¬
There the crop has recently been making very
yet reached the
3,092
ble to damage by cold weather
of the belt.
In the Southwest
5,020
600
ent matter.
Mar. 30—City of Flint,
-
-
winter wheat.
the plant has
1430
THE
CHRONICLE
rapid growth under exceptionally favorable weather condi¬
tions.
It may have suffered more or less harm.
Fear of
some such thing as this caused
heavy covering early in the
week.
Moreover, it was said that there actually had been
more or less
damage. Also the visible supply in the United
States fell off last week 3,818,000 bushels, against a decrease
in the same week last
year of 1,783,000 bushels.
This
brought the total down to 20,761,000 bushels, against 45,896,000 bushels a year ago.
This was something spectacu¬
lar and for a time it galvanized the market into new activity
and strength.
For the present total of 20,761,000 bushels
is the smallest, with one exception, it is pointed out, for more
than 30 years.
Also there is growing confidence at Chicago
that the Emergency Tariff Bill will soon be enacted into law.
Congress reassembles on April 11.
This of itself gave a cer¬
tain amount of encouragement to the believers in higher
prices.
Trading in July wheat began on the 28th inst.
at $1 22 to $1 25.
At one time July sold at 20 cents under
May, but ended that day at 16% cents under.
Shorts at
one
time were active buyers of March and May.
Also
there was quite a good demand for July.
On the 29th inst.
prices were about 3 cents higher.
But later on it was again
declared
that the cold weather had done
no
serious harm.
Export trade has suffered from the recurrence of the Easter
holidays.
Southwestern export premiums have declined,
with the foreign demand light.
Crop reports became gen¬
erally favorable, in fact decidedly so.
And heavy selling
followed.
In
Y
the
/:.;-V':Y*
United
'
been colder
satisfactory.
complains of a lack of rainfall.
More moisture is
needed in many parts of that country.
The weather in
Germany, Italy, Spain, North Africa and the Balkans has
been generally good and crops are said to be satisfactory.
The drought in Switzerland has been relieved.
In Greece
crops are doing better.
In Sweden winter grains are satis¬
factory, but there is an absence of snow cover.
Rains are
needed in that country.
The decontrol of wheat in the
United Kingdom it appears has caused no notable change in
market conditions.
Millers have been buying fair quanti¬
Kingdom
and further rains fell.
the weather
has
ties of
Manitoba wheat, but the demand for River Plate
wheat has been rather slack.
The latest figures show that the
United Kingdom consumption of foreign breadstuffs this
has
averaged
about
bushels
4.160,(XX)
weekly.
Snow made the condition of winter wheat
91.7%; indicated
basis of average winter killing 630,(XX),000; winter
killing however is less than average and to that extent
declined.
DAILY
forecast.
Moisture
Insect life
supply is ample.
usually present.
Today prices declined 4 to 5 cents.
They
have fallen sharply of late mainly owing to favorable crop
reports and heavy liquidation, although export sales within
a few
days have reached it turns out about 2,000,000 bushels
mainly for Germany and Spain.
This export business
strengthened the premiums at the Gulf but beyond this had
little effect.
At Winnipeg prices have been falling also.
For the week the decline at
Chicago is 6%c. on May.
CLOSING
PRICES
OF
WHEAT
Sat.
Mon.
nom.
cfcs.
nom.
IN
NEW
Taes.
nom.
YORK.
Wed.
Thurs,
nom.
nom
DAILY'CLUsiNG-'PRICE8"bF,'WflkAf ETJTOEES iN
Sat.
March delivery in elevator.
May delivery in elevator-July delivery in elevator-
Indian
corn
has
—
_cts.
Mon.
153#
141#
157
Tues:
Sat.
5
DAILY
CLOSING
OF
demand.
82#
IN
NEW
82
neutralizes
DAILY CLOSING
PRICES
OF
RYE
FUTURES
Sat.
May delivery in elevator
July delivery in elevator
79
The
following
—
136#
-.-112#
Oats
have
liquidation.
67
67#
69#
declined with other
67
64#
66#
68#
134
110#
new
on
the face of
it looks
Oats—
$1 66 nom.
Nominal
No. 1 spring
Corn—
No. 1 white
No. 2 yellow
$0 67#
No. 2
50#
Barley—
Feeding
Malting
Rye—
1 57#
$8 50 @ $9 00 Barley goods—Portage barley:
Winter straights, soft
Hard winter straights
7 65@
8 25®
Clear.
6
Rye flour
8 35®
Corn goods, 100 lbs.:
Yellow meal
1 90®
2 00
2 00 @
2 05
00#
8 00
No. 1
8 75
7 00
8 75
Nos. 2,3 and 4 pearl
Nos. 2-0 and 3-0
Nos. 4-0 and 5-0
$7 25
7 60
7 15®
7 50
726
Oats
Cornflour
goods—Carload
spot deli very
6 10
The statement of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce
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:
Flour.
Receipts at-
Wheat.
Com.
Oats.
Cbicago
243,000
...
605,000
1,174.000
167,000
Duluth
2,212,000
166,000
266,000
173,000
683,000
265,000
43,000
.
192,000,
40,000
110,000;
175,000,
115,000
19,000
22,000
Detroit
St.
bush A8lbs. bush .5616s.
1,139,000
231,000
57,000
Minneapolis.
Rye.
Barley.
bbls.l$6lbs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs
56,000
23.000
21.000
33.000
66,000
638,000
597,000
442,000
"i 6.000
1,000
50,000
16,000
238,000
118,000
17,000
6,000
507,000
181,000
...
Louis
34.000
142,000
3,805,000
4,079,000
5,639,000
4,969,000
2,789,000
2,792,000
3,286,000
3,602,000
dull and
78#
...
Total
wk.
'21
Same
wk.
*20
Same
wk.
'19
402,000
308,000
386,000
Fri.
67#
63#
65#
62#
64#
on
unpromising.
The cash
buyers pursuing a very
1918-19
619,000
704,000;
2,139,000 1,309,000
11,128,000 369,833,000 149.366,000215,777,000 60,490,000 34,498,000
Total receipts of flour and grain at the
the week ended Mar. 26 1921 follow:
Receipts at—
Flour.
York
New
Wheat.
Corn.
Oats.
Barley.
Rye.
Bushels.
Bushels.
Bushels.
Bushels.
250,000
571,000
560,000
178,000
65*000
119,000
493,000
*5*26666
14,000
..
120,000
1,634,000
Portland, Me
Baltimore
Newport News
1,000
New Orleans.*
80,000
Galveston
"9*600
130,000
37,000
691,000.
Boston
13,000
'21
463,000
5,343,000
418,000
..
Since Jan.1*20
1,000
192,000
11,000
90,000,
406066
600.G00
"
1920
2,000
137,000j
756666
St. John
Montreal
wk.
43,000
209,000
Philadelphia
Week
seaboard ports for
Bushels.
Barrels
5,426,000
T66o:
151)00
17,000
85,000;
48,000
42,000
42,000
25,000
1,000
2.455,000
47,604,000
3.048,000
369,000
103,000
22,186,000;
5,306,000
3,109,000
2,406,000
23,672,000
298,000'
4,680,000
195,000
6,979,000
995,000'
196,000 1,013,000
9,968,000 3,658,0C010,068,000
*
Receipts do not include grain passing through New Orleans for foreign ports on
through bilLs of lading.
The exports from the several seaboard ports for the week
ending Mar. 26
are
shown in the annexed scatemeat:
New
York
Portland,
Boston
Wheat.
Corn.
Flour.
Oats.
Bushels.
Exports from—
Bushels.
Barrels.
Bushels.
166,600
Me
Rye.
Barley.
Peas.
Bushels. Bushels. Bushels.
775,860 192,182
:*::::
209,000
223,000
—
—__t
~
Philadelphia
1*936666
516,000
3*666
34,000
Baltimore
114.000 1,217,000
16,000
280,000
137,000
1,000
Newport News
New Orleans
Galveston
export inquiry, there has been
Week 1920.
important
3.904,000!
Since Aug. 1-r1920-21
20,108,000258,506,000 161,419,000141,151.00020,764,00013,067,000
1919-20
15,475,000163,937,000 143,354,000157,358,000 24,406,000 26,225,000
Since Jan.1'21
Thurs.
low records
on an
71 @77
81 @88
-
FLOUR.
Spring patents
St. John, N. B.._.
51
109,000
demand is slow for the home trade,
of that
51#
-
No. 2 white
No. 3 white
cautious policy as is usually the case when prices show a
downward trend as they certainly do at this time.
As for
none
130#
105#
GRAIN.
No. 2 red
181,000
this movement.
It is true that the visible
supply decreased
94,000 bushels, but the decrease in the Same week last year
was 249,000 bushels.
Moreover, the total is still 34,813,000
bushels, as against only 9,576,000 bushels a year ago.
In
other words, not only has trade been dull, but "the statistical
situation
Fri.
Thurs.
133#
110
closing quotations:
are
Wheat—
263.000
grain, with considerable
July and September made
facts
CHICAGO.
Wed.
136
112#
31,000
PRICES OF CORN FUTURES IN CHICAGO.
Sal.
Mon. Tues.
Wed.
Thurs.
Fri.
May delivery in elector
_cts. 63#
64#
63#
61#
60#
59#
68#
IN
Tues.
136#
112#
DAILY CLOSING
July delivery in elevator
September delivery in elevator
statistical
Mon.
cts.
152,000
YORK.
Wed.
81#
this
of
Indianapolis.
138#
119#
Tues.
absence
might easily in other circumstances have n bullish
effect.
To-day prices declined and they are 7 to 8 cents
lower for the week.
Yet within a day or two export sales
have reached 500,000 bushels.
Rye, however, could not
escape the depressing influence of the decline in other grain.
135
114#
154#
139#
Mon.
The
that
67,000
121
CORN
Sat.
cts.
Fri.
37#
38#
38#
Rye declined under 'long" selling though at one time the
offerings were small and cash premiums strong.
Export
sales, too, on the 29th inst., were 200,000 bushels.
The
visible supply in the United States decreased last week
13,000 bushels against an increase in the same week last
year of 479,000 bushels.
This brings it down to 1,601,000
bushels against 19,219,000 bushels a
year ago.
The trouble
is, howeveri that if the supply is small the demand is for
the most part small also.
The market lacks snap and life.
It lacks in other words an
aggressive foreign and domestic
Total
PRICES
38#
39#
40#
391,000
cents.
No. 2 yellow
Thurs.
38#
40#
40#
920,000
big increase in the visible supply.
The domestic
demand has been small and the
export trade negligible.
As
for the visible
supply, it increased 2,216,000 bushels as
against an increase in the same week last year of 332,000
bushels.
This increase brings the total
up to the formidable
aggregate under the existing circumstances of 32,072,000
bushels against only 5,688,000 bushels a
year ago.
The
other day 52,000 bushels were taken for
export, but naturally
this attracted little or no attention.
Now and then prices
have rallied a little on
covering of shorts, and these brief
upturns are to be expected, for every now and then the
market will become oversold as a result of the
universality
of bearish opinion in
regard to the trend of things in this
branch of business.
The ultimate drift of prices, it is gen¬
erally believed, will be downward owing to the slowness of
the export outlet and the largeness of the
supplies.
To-day
prices were again lower.
They show a decline for the week
about
CHICAGO.
Wed.
40#
41#
42#
Kansas City.
Omaha
158
143
trade
Fri.
51#
51
51#
Tues.
-
40#
42
42#
Fri.
another
of
Mon.
Thurs.
Wed.
126
with
52
Peoria..
143#
downward
53
DAILY CLOSING PRICES OF OATS FUTURES IN
Toledo
Fri.
nom.
53#
dHlCA^O.
126#
turned
53#
May delivery in elevator
cts. 40#
July delivery in elevator41#
September delivery in elevator.... 42
Milwaukee
DAILY
No. 2 red—
CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon.
Tues. Wed.
Thurs.
cts- 54
54
5 53#
52#
52
,
No. 1 white
No. 2 white
crop on
modifies
good while, though a little business was done.
now
stands, oats merely reflect conditions in
They show no independent trend of
stock is burdensome.
To-day prices
They are about 3% cents lower for the week.
a
case
other grain markets.
their own.
The big
Conditions in general are
France
season
scale for
As the
[Vol. 112.
Total
week
5936666
507,000
1,207,000
85,000
44,000
3,000
37*666
48*666
82,00(j)
691,000
—
25,000
73,000
56 000
3,173,600 3,542.860 293,182
2,687,159
82,000 326,605
J
51,000 443,000
373,376 839.904
"42,000
67,000
19", 527
April 2
The destination, of these exports for
July 1 1920 is
as
the week and since
intimated above,
As
entirely
belo^r:
far
as
distributers
|
Wheat.
Flour.
1
Since
Week
Since
Week
July 1
Mar. 26
July 1
1921.
1920.
Mar. 26
1921,
July 1
1920.
Mar. 26
.
Bushels.
Bushels.
1921,
'
Barrels.
United
arrets.
5,000
14,000
West Indies.
Brit. No. Am.Cols
4,824,210
958,255
735,427
i",86i
So. & Cent. Amer
9.151.629
73,078,523 1,197,392
169,513
2,958,087 188,097,539 2,331,468 14,920,253
184,343
17.000
3,343.311
7,000
2,607,749
127,119
145.202
Kingdom
Continent
1920.
Bushels.
! Bushels.
1,186,142
47,500
901,832
7.000
4,639^559
29.000
"""
.
"
Other Countries..
,
29,769
18,043
''
■'
Total
Total
-
3,173,600 269,206,432 3,542,860 25,205,869
3,080,651
82,000
2,687,159 129,754,910
293,182 10,311,783
326,605 15,785,901
...
1919-20
of wheat and corn for the week
ending Mar. 26 1921 and since July 1 1920 and 1919 are
shown in the following:
The world's shipment
Week
Since
Mar. 26.
July 1.
Bushels.
Bushels.
Since
Since
Mar. 26.
1.
July
July 1.
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
1,490"660
Argentina
Australia
43,735,000
41,106.000
8,424,000
230,000
27,771,000
1,334,000
5,134,000
739,000
88,817,000
96,481,000
3,536,000
192,000
India
Oth. countr's
"150~66o
2,879^000
i,750"666
143,96~l"66o
77.869,000
supply of grain,
5,323,000 124,601,00G 100,629,000
comprising the stocks in
lake and
at principal points of accumulation at
seaboard ports Mar. 26 1921 was as follows:
granary
United
Wheat,
bush.
1,184,000
.
145,COO
Philadelphia
1.307.000
Baltimore
Newport News
Rye,
bush.
24,000
2,000
11,000
962,000
Barley,
bush.
236,000
131.000
1,418,000
2,792,000
285,000
812,000
Boston
87,000
148,000
113.000
New Orleans
1,442,000
Galveston
2.074,000
Buffalo---..
1,761,000
460,000
22,000
141,000
955,000 12',988,OCO 13,024,000
87,000
1,412.000
655,000
1,863,000
756,000
4,770,000
5,573,000
508,000 9,354,000
266,000
1,190,000
754,000
2.235,000 4,065.000
958,000
1.C00
434,000
78,000
89,000
489,000
323,000
813,000
1,907,000 1,087,000
1,989,000
512,000
Toledo
16,000
Detroit
Chicago
...
Milwaukee
Duluth
-
Minneapolis
—
-
St. Louis
Kansas City-----
—
.--—
Peoria
Inaianapolis
Omaha----..--.
—
—
1,777,000
210,000
,
6,000
146,000
------
31,000
162,000
2,000
37,000
38,000
231,000
37,000
44,000
96,000
31,000
91,000
4.000
43,000
1,051,000
8,000
Total Mar. 19 1921
Total Mar. 27 1920
45,896,000
92,546,000
39,000
15,000
1,601,000
1,614,000
5,688,000 9,576,000 19,219,000
2,514,000 22,882,000 15,193,000
20,626,000
1,120,000
3,000
596,000
13,106,000
1,660,000
169,000
237,000
Ft. William &Pt. Arthur
—
—
79,000
2,885,000
171,000
169.000 15,352,000
175,000 14,597,000
11,000
4,162,000
89,000
5,732.000
3,000
3,000
4,000
5,000
3,135,000
3,099,000
1,984,000
659,000
.20,761,000 32,072,000 34,813,000
1,601,000
3,000
2.097,000
3,135,000
Total Mar. 26 1C21- —21.983.000
Total Mar. 19 1921
22,276,000
11,401,000
45,153,000
Total Mar. 27 1920
Total Mar. 29 1919
Summary—
American
169,000 15,352,000
21,983,COO
Canadian
1,604,000 6,232,000
1,617,000 5,209,000
19,223,000 5,171,000
2,603,000 28,614,000 15,198,000 12,457,000
42,744,000 32,241,000 50,165,000
Total Mar. 19 1921 ——46,855,000 30,031,000 49,504,000
Total Mar. 27 1920
57,297,000' 5,699,000 13,738,000
Total Mar. 26 1921
Total Mar
.
29 1919
--137,eS9,000
about
THE DRY GOODS TRADE
Tliat many
and
adhere
to
long-standing policy
their
to
commit¬
possible to the immediate present or near
Prominent among the domestic factors
the unsettlement
contributing
is the striking readjustment
in labor
circles, both as to the spread of unemployment and the re¬
ductions in pay schedules.
Marked
centres
improvement
certain
and
after being
however,
is
to
be in
resumed operations
The less favorable reports,
Perhaps the most
striking feature was the closing of many large copper-mining
60% of the country's produc¬
In other large fields also there has been fur¬
properties, representing about
ing capacity.
ther
curtailment
of
operations.
These
developments,
coupled with the general movement toward lower wages,
foreshadow drastic reduction in buying power.
Then, too,
the domestic situation is
complicated somewhat by the pros¬
pective tariff changes.
Foreign complications are added in
the shape of the political upheaval in Germany and the
walk-out of coal miners in England following the return of
the mines
to
private control.
a
deadlock developed this
inclined to ask %-cent more,
were
raise their
Bids
made
on
cloths
narrow
were
too low
although some sales were made at
There was a little more life in sheet¬
ings, jobbers buying in a small way for early delivery, while
bag people picked up 4-yard, 48 squares at 6c.
Five-yard
goods sold at 5%c and 5.50s at 5c. There was some business
in
sateens at
dull
unchanged prices, but drills and twills
featureless.
and
was
Demand
for
fine lawns
cent
was
were
quiet,
steady call for voiles for immediate ship¬
inquiry also for fine batistes and organ¬
a
There was
dies available for use within three weeks at
premium
three-quarter-
a
the offerings for May delivery.
The fact
curtailing output as old orders run out
suggest that spot goods will command a premium through¬
over
that many mills are
out the season.
The better call for oxford shirtings was
a
feature.
A fair business is passing in various finished lines
for forward delivery, but the buyers' preference Jfor nearby
merchandise still
sold
up
ially
on
prevails.
With producers generally well
the nearby position remains decidedly firm, espec¬
choice branded goods. Ginghams are still in active
demand and,interest is broad in wide sheetings and pillow
tubes.
The market is still featured by the wide difference
goods.
There is
urgent competition for business in bleached muslins
prices are named
on
some
sub-standard
attractive
and
branded lines.
Some 20,000 pieces of osnaburgs have been
sold to three
four
or
in Chile, and small
concerns
orders were received from the Levant for
on
basis of 25c
a
WOOLEN
additional
3-yard sheetings
pound.
a
GOODS.—The
week's
developments
indicate
that spring buying by jobbers is about at an end, "fill-in"
orders supplying the hulk of the small business passing.
As
result
a
sellers
wishing to
move
goods have found it
shade prices on light weight velpurs and other
spring goods.
There has been a little late buying by gar¬
ment manufacturers and in some cases they have taken sta¬
necessary to
ple and fancy suitings intended for the fall trade if in posi¬
tion to be delivered immediately.
On the other hand, the
market
has
women's
been
as
wear
firm
on
many
drawn additional lines.
tariff increases
some
fall
mills
goods for both .men's and
sold up and have with¬
are
Partly because of the prospective
garment makers have placed orders in
of their actual visible requirements.
excess
There has been
polo cloths and certain
good demand for tricotines and
gaining
in
Sta¬
.moving well. Staple overcoatings
popularity, whereas there is less call for
are
fancies.
FOREIGN
mained
prices
GOODS.—The
quiet
and
in
burlap
the
market has
absence
of
re¬
business
The continued indiffer¬
irregular and unsettled.
are
toward
ence
DRY
extremely
spot goods among virtually all
buyers makes
it
quite clear that all nearby requirements are fully cov¬
ered.
Light weights on the spot were a trifle firmer at the
start,
ten
being quoted at 4c to 4.05c, but later sagged about
as a result of offerings of goods afloat nearby at
points
3.85c.
The
4.35c and
the majority.
large
for general acceptance,
in various big automobile
noted
the
done, but little interest Was shown in other
was
constructions.
extremely
idle for some time.
seem
buyers refused to
There are exceptions, of course.
other plants have
GOODS.—Following
bids, partly because of
In fact, some of the
larger buyers had evidently bought up to their limit for
some time to come, and hence they were not interested even
when goods were available at last week's figures, i.e. 6%c
for 64 x 60s and 7%c for 68 x 72s.
At those levels a small
of
disturbing factors still operating here and abroad it is not
future.
Some of the mills
are
In view of the numerous
surprising that the general disposition is to limit
ments as much as
COTTON
ple and fancy suitings
1 1921.
members of the dry goods trade, both buyers
still
sellers,
discount
but the amount of
velours and bolivias are commanding a good premium.
York, Friday Night, April
caution is by no means strange.
to 7%%,
half-cent, somewhat of
a
week.
hut
a
New
7%
between branded and unbranded bleached
Canadian—
Montreal
at
Commercial
buying.
speculative
sales of print cloths last week and the resultant advance of
more
64,000 bushels in 1920.
Other Canadian
of
remained
DOMESTIC
-----
3,000
2,097,000
2,110,000
3,187,000
Total Mar. 29 1919
11,798,000
Note.-— Bonded grain not included above: Oats, 24,000 bushels New York, 59,000
Buffalo, 2,000 Duluth; total, 85,000, against 1,974,000 bushels in 1920; barley,
New York, 123,000; Buffalo, 91,000; Duluth, 1.C00; total, 215,000 bushels, against
20,761,000 32,072,000 34,813,000
24,579,000 29,856,000 34,907,000
Total Mar. 26 1921
backed up by many small mail
are
going at the lower rate is increasing.
paper
ment.
Oats,
bush.
640,000
6,000
228,000
443,000
Corn,
bush.
862,000
625,000
States—
have
rates
but there
GRAIN STOCKS.
New York
absence
the
%-cent concession.
l.OlLOOO
10,794.000 433,012,000 483,900,000
~
visible
These
while the many buyers on the spot
continue to pick up small lots steadily when they are avail¬
able for immediate shipment.
In spite of the economies al¬
ready enforced by smaller wages and incomes, it is evident
that many consumers are still able and ready to buy when
prices are attractive.
A decidedly satisfactory feature is
business
2,398,000
3,100,000
160,000
Russ.&Dan.
The
Week
Since
5,576,000 329,327,000 260,159,000
North Amer
Total..
;
1919-1920.
1920-1921.
1919-1920.
1920-1021.
Exports.
are
business.
the unsettlement in raw cotton prices.
Corn.
Wheat.
these obstacles are effective almost
future business is concerned.
Wholesale
still encouraged by reports of a satisfactory
as
orders from wide areas,
Since
Week
July 1 to—
retail
Corn.
Exports for Week,
and Since
1431
CHRONICLE
THE
1921.]
spot market for heavy
was
done
at
lots
were
secured at 4c.
for
a
weights has continued
unstable.
At the outset they xwere quoted at
later at 4.20c, but it was claimed that business
even
being alleged
that some
Calcutta advices were
unchanged
lower prices, it
time, but later a firmer tendency developed, doubtless
April 1 marks the change from a five-
due to the fact that
However, there was
weights for
April shipment being offered from 3.85c to 4.25c, and heav¬
ies 4.55c to 4.90c.
May-June shipments were quoted at pre¬
miums of 10 to 15 points.
In linen circles it was reported
that the spot position showed some quickening as a result
of offerings at reductions of about 5% under regular mar¬
day to
a
a
four-day weelf in the mills.
great deal of irregularity in quotations, light
ket levels.
Handkerchief manufacturers and retailers were
quick to snap up the cheaper offerings,
including one lot of
On the other hand, business for
shipment from Belfast has remained extremely slow.
50,000 yards by one firm.
■r
1433
THE
CHRONICLE
[VOL. 112.
State Supreme Court which
clearly establishes that the
obligations of the State and its counties and
municipalities
Jttate anil City Qtpnxtmmt
not proper
subjects of taxation.
On Jan. 30 1919, the
Supreme
Court of South Dakota in the case of National
Surety Co. vs. Starkey, County Treasurer, reversed the
decision of the Circuit Court of
Hughes County which had
held that
municipal bonds as "public securities" and "prop¬
erty" were taxable in that the Constitution does not ex¬
pressly exempt tbem.
In the opinion handed down in the
are
NEWS
ITEMS.
^
Detroit, Mich.—Charter Amendments and Other Proposi¬
tions to Be
will
be
Voted On.—The two charter amendments which
voted
on
by the people of Detroit on April 4 are
(1) establishing a municipal plant for the manufacture of
sewer and paving materials, and (2) to limit the time for the
sale of municipal bonds.
Other propositions that will be
submitted to the voters are: A proposed bond issue of $3,000,000 for the construction of a general hospital for the
city; annexation of a section of Hamtramck Township to
the city; the purchase of parts of eight Detroit United Rv.
lines recommended by the Street Railway Commission; and
an
ordinano# providing for Detroit United Ry. service at
case
were
5-
In
vided,
notes
bonds secured
or
however,
by mortgage
estate located in
that
no
Iowa
or
ob
upon
deed of trust upon un¬
unencumbered farm land
at least twice the amount loaned thereon; pro¬
It
such
loan
shall
be
made
upon
any
real
estate
discount, purchase, sell and make loans upon commercial
paper, notes, bills of exchange, drafts, or any other personal or public
security, but shall not purchase, hold or make loans upon the shares of its
capital stock.
7. In all cases of loans upon real estate, all the expenses of searches,
examination and certificates of title, or the inspection of property, ape
estate upon
which
loan shall be made, they shall be insured by the mort¬
two-thirds of their value, in some solvent company,
and the loss, if any, under the policy of insurance shall be made payable to
the bank or its assigns, as its interests may appear.
When the mortgagor
may procure the same in the mortgagor's name for its benefit, ana the
premium so paid therefor shall be added to the mortgage debt.
for
a
at least
New York City.—Short Term Loans Awarded in Part.—
Only $21,400,000 of the $42,000,000 revenue bills and $5,000.000 corporate stock notes offered for public subscription
on March 30 (Y. 112, p. 1323) were sold.
The awards were
as
$1,000,000 Revenue bills dated April 1 due June 8 to the Chemical National
Bank
on
a
6% discount basis.
10,000,000 Revenue bills dated April
1 due June I to the First National
5.99% discount basis.
1 due June 14 to the First National
Bank of Brooklyn on a 5.95% discount basis.
5,000,000 Revenue bills dated April 1 due May 26 to the Chase National
Bank and Salomon Bros. & Hutzier on a 5.99% discount basis.
150,000 Revenue bills dated April 1 due June 8 to the Industrial Bank
of N. Y. on a 5.99% discount basis.
5,000,000 Revenue bills dated April 1 due May 26 to Kuhn, Loeb & Co.
on a 6% discount basis.
Bank of N. Y.
on a
250,000 Revenue bils dated April
The bid of the Public National Bank of 6.08, 6.12, 6.18,
6.25, 6.30, G.35,
6.38,
$500,000
bills
6.40,
6.45, and 6.50% for lots of
was rejected.
Subsequently that the prevailing high money rates, the high
investment yield on recent offerings of securities and the
fact that municipalities are now
compelled to compete in the
money market with the Federal Government and the latter's
periodical offerings of the United States Treasury certificates
revenue
or
corporate stock
of indebtedness
on a basis much more
attractive, from an
yield point of view, than the city can offer, were the
reasons for the
scarcity of bids.
It is stated that the Comptroller on March 31 disposed of
approximately $15,000,000 short-term notes at-6% in addi¬
tion to the $21,400,000 reported above.
The New York
"Herald" dated April 1 said:
interest
"Bankers and others In the financial district did not agree
yesterday with
the reasons ascribed by either Comptroller
Craig or Chamberlain Beroizheimer for the failure of the city's offering of short-term notes.
They de¬
clared that the failure of the public offering was due to an
arbitrary ruling
that the short-term revenue bills must command no more than a
6% dis¬
count basis.
A strong banking group was being formed
early in the week to make a bid
for the entire offering of $47,000,000 in such a way that the
varying maturi¬
ties could be offered to the public on a 6.10 or 6.05 discount basis.
That
meant that the city would be charged a discount of around
63^%.
The
principal organizer of this group sounded out the city authorities
indirectly
and when he found the arbitrary ruling of
6% discount, the group idea of
bid for the entire issue was abandoned.
a
as
May 1 1921.
AND
NEGOTIATIONS
follows:
ADAMS COUNTY (P. O. West
Union), Ohio.—BOND SALE.—W. L.
$20,000 6% refunding bonds.
Denom.
Date Mar. 1 1921.
Prin. and semi-ann. int. (M. &
S.) payable
at the
County Treasurer's office.
Due $5,000 Mar. 1 1936 and
$15,000
Mar. 1 1941.v..-
S^yton & Co. recently purchased
APACHE COUNTY (P. O.
St. Johns), Ariz.—BOND OFFERING.—
offering on April 4 of the
112, p. 1184.
Bids for these
bonds will be received until 2
p. m. on that day by B. Y. Peterson, Clerk,
Board of County Supervisors.
Denom. $1,000.
Date June 1 1920. Prin.
and semi-ann. int.
(J. & D.) payable at the office of the County Treasurer
or at the
banking house of Kountze Bros., N. Y., at option of holder. Due
June 1 1955, optional June 1
1935, or, at any interest payment period
tnereafter.
Cert, check on a trust
company or bank organized under state
or national
laws, and acceptable to the Board of Supervisors for not less
than 5% required.
Additional information
$175,000 5%
is
As said bonds will be
ready for delivery at the time of their sale,
viz.:
the date and hour aforesaid, the
purchasers must satisfy themselves
on
the
to
at hand relative to the
gold coupon road bonds—V.
as
legality thereof prior to said time and
no conditional bids for said
bonds will be considered.
None of said bonds will be sold for a less amount
than par with accrued interest and the Board
reserves the right to reject
and
any
all
bids
offered.
ATTLEBORO,
Bristol
County,
Mass.—TEMPORARY
LOAN.—
The temporary loan of $100,000 dated Mar.
30 and maturing Oct. 31 1921,
offered on Mar. 29—V. 112, p. 1319—was
discounted by the First National
Bank of Attleboro at 5.87
M %
•
AZUSA» Los Angeles County, Calif.—BOND
SALE.—The $80,000
6% tax-free street work bonds, offered on March 21—V.
112, p. 1184—
have been sold to Frick, Martin & Co. of Los
Angeles.
Date Dec. 1 1920.
Due $2,000 yearly on Dec. 1 from 1921 to
1960, incl.
„
BACA COUNTY SCHOOL DISTRICT NO.
«, Colo.— BOND ELEC¬
TION.—SALE.—The International Trust Co. of Denver has
purchased
$3,500 63^ % 15-30 year (opt.) school bonds subject to
being voted at an
early election.
|
BARKLEY
follows:
merely
soverign state,
$1,000.
may
Braisals by such borrowers;drawing, perfecting and recording papers,ofshall
paid of value, and of if buildings are included in the valuation
real
gagor
BOND" PROPOSALS
this week have been
I860.
located west of the one-hundredth meridian line.1
6.
have been called and will be
paid
or
encumbered real
a
Hill School District
(P. O. Rich Hill), Bates
County, Mo.—Bond Call.—High school building 5% bonds,
dated May 1 1916, numbers 1 to 5 incl., for $1,000 each,
as
in adjoining States, worth
of
BOND CALLS AND REDEMPTIONS.
to
Investment of funds.
Each savings bank shall invest its
capital, all moneys deposited therein and all its gains and profits,
follows—
1. In bonds or interest-bearing notes or credits of the United States.
2. Federal farm loan bonds issued under the provisions of the Act of Congress
approved July 17 1916.
3. In bonds or evidence of debts of this State, bearing interest.
4. In bonds or warrants of any city, town, county, school district, or
drainage district of this State, issued pursuant to the authority of law; but
not exceeding 25% of the assets of the bank shall consist of such bonds or
governmental instrumentalities
Rich
matter in italics:
See.
as
intervening public policy grounded
or
relating to taxation."
Savings Bank Investment Law
Proposed.—A bill introduced in the Iowa Legislature proposes
to amend Section 1852 of the Supplement to the Code of
1913 as amended in 1917 so as to permit the investment of
funds of State and Savings banks in Federal farm loan bonds
issued under the provisions of the act of Congress approved
July 17 1916.
We print Section 1852 below showing the
funds
»
,
upon one of the soverign
the state compels us to the conclusion
(there being no express
language in the Constitution to the
contrary) that the public securities of
a state,
and of its counties and
municipalities were not intended to be
included either in the term
"property" or the term "bond" as such terms
are used in that
article of our Constitution
powers
,
only
but
property
superior
Michigan.—To Vote on Soldiers' Bonus Proposition.—The
people of Michigan, on April 4 will vote on a proposition to
amend the State constitution to provide for the issuance of
$30,0(X),000 in soldiers' bonus bonds.
new
-
>
a few words our conclusion; If we were to consider the
merely as property and disregard the purpose for wnicn thev
issued—disregard the fact that they are governmental instrumentali¬
ties—we should hold them
taxable; but, when we regard them, not
as
cost.
Iowa.—A mendment
tjie Supreme Court said:
^ summarize in
bonds before us
SCHOOL
TOWNSHIP
(P.
ReJnsselaer),
O.
Jasper
County, Ind.—BOND SALE.—The $75,000 6% school bid*, bonds offered
on Mar. 28—V. 112,
p. 957—were awarded to Albert O. Flynn of
Logans-
Due $3,750 each six months from July 1 1922 to Jan. 1
1932, incl.
BETHLEHEM SCHOOL DISTRICT (P. O.
Bethlehem), Northamp¬
County, Pa.—BOND SALE.—The $675,000
5% school bldg. bonds
offered on Mar. 21—V. 112, p. 1184—were
awarded to West & Co. for
$685,855 (101.608) and interest, a basis of about
4.87%.
Date April 1
1921.
Due on April 1 as follows: $100,000 in
1926, 1931 and 1936; $120,000
in 1941 and 1946, and $135,000 in 1951
|
port.
ton
BEVERLY, Essex County, Mass.—BOND SALE.—On Mar. 24 $25,000
coupon Brimbal Ave. water main bonds were awarded to
Wise,
Hobbs & Arnold at 100.51, a basis of about
5.31%.
Denom. $1,000.
Date Mar. 1 1921.
Prin. and interest payable at Old
Colony Trust Co. of
Boston.
Due $5,000 yearly on Mar. 1 from 1922 to
5H%
1926, incl.
BIG HORN COUNTY (P. O. Hardin), Mont.—BOND
OFFERING.—
Carl Rankin, County Clerk, will receive sealed
proposals until 1:30 p. m.
April 23 for the $100,000 6% coupon bridge bonds, authorized by a vote of
755 to 640 on Nov. 2 last (V. Ill,
p. 2155).
Denom. $1,000.
Date Jan. 1
1921.
Prin. and semi-ann. int. (J. & J.) payable at the
Liberty National
Bank, N. Y.
Due Jan. 1 1941, optional on or after Jan. 1
1931.
Cert,
check for $2,500, payable to the County
Treasurer, required.
The official
circular says that it is the plan of the County Board to
receive sealed bids
but the Board may, after opening the sealed
bids, auction the issue, if a
higher bid is offered than submitted in the sealed
proposals.
The Board
will furnish blank bonds and also the
legaPmriruon of
Wood & Oakley of
as to the legality of said bonds.
The official circular also states
previous bond issues have ever been contested and that there is no
controversy or litigation pending or threatened affecting the
Chicago
that
no
existence
the
or
corporate
boundaries of said county or the title of its
present officials or
validity of
any
of Big Horn County's bond issues.
Financial Statement as of March
Actual value of real estate and personal
property
Assessed value (real, personal and other
1
1921.
--$21,806,042 00
property) 1920
7.015.196 00
Total bonded debt,
including this issue
Sinking fund (started in 1920)
No special assessments (sinking fund raised
by levy).
Warrants outstanding..:
Population, 1920 Census, 7,016.
336,000 00
3,321 34
'
34.194 68
BIRMINGHAM, Ala.—BOND SALE.—An
issue of $58,500 7% publicimprovement bonds has been sold to Otto Marx & Co. of
Birmingham at
100.50 and interest.
Denom. $500.
Date Mar. 10 1921.
Int. semi-ann.
Due Mar. 10 1931, optional after 2 years from date of
issue.
BOULDER, Boulder County, Colo.—DESCRIPTION OF BONDS.—
$60,000 6% Sanitary Sewer District No. 2 tyonds, awarded to Keeler
The
Bros.
The opinion was expressed in banking circles, however, that in
spite of the
failure of the offering and despite the floating debt of $100,000,000, the
city
& Co. of Denver—V. 112,
p. 957—are in denom. of $500 and are
dated Jan. 1 1921.
Prin. and semi-ann. int. (J. &
J.) payable at the office
of the City Treasurer.
onlVIonday.
Actual valuation, officialy estimated-Bonded debt, for general purposes
will be able to scrape along for a few weeks without the
necessity of a longterm bond issue.
The city will call, it is expected, on its
depository banks
to take the sixty to eighty-four day revenue bills which were not
awarded
South
Dakota.—Bonds
of State, Counties and Munici¬
palities Not Taxable.—In Part 2 of our State and City Section
issued last December, in furnishing a summary of the Debt
and Finances of South Dakota, we quote a former
Secretary
of State, as having advised that there was no specific ex¬
emption with relation to the matter of bonds or notes, etc.
Our attention however, has been directed to a decision of the
Financial Statement—Entire City.
Assessed valuation for 1920 (60% basis)
Less for water and sinking fund
Net debt..
—
18,000 000 00
$4,000.00
.
Population, 1920 official
BRIARCLIFF
$11,246,732.00
$574,000.00
570,000.00
census,
10,989.
MANOR, Westchester County, N. Y.—BOND
OFFER¬
ING.—Alfred H. Pearson, Village Clerk, will receive
bids until 4 p. m.
April 11 for the following 5% registered bonds:
$5,000 sewer bonds.
Due $1.000 yearly on Dec. 31 from
1924 to 1928, incl.
40,000 road impt. bonds.
Due $4,000 yearly on Mar. 1 from
1925 to
1934, incl.
April 2
Denom.
THE
1921.]
Prin. and semi-ann. int.
$1,000.
Oert. check for 5% of amount
1433
CHRONICLE
CINCINNATI, Hamilton County, Ohio.—BOND OFFERING.—Bids
Carrel, City Auditor, for
payable in N. Y. Exchange.
of bonds, payable to the "Village of Briarciiff
Manor," required.
BROCKTON,
Plymouth County, Mass.—TEMPORARY LOAN.—
S. Moseley & Co. of Boston discounted, at 6%, plus $1.2.5 premium,
the issuance of $200,000 revenue notes offered on Mar. 29—V. 112, p. 1319.
Date Mar. 31 1921.
Due Nov. 29 1921.
F.
BROWNVILLE, Jefferson County, N. Y.—BOND OFFERING.—
Clerk, will receive bids until 7:30 p. m. Apr. 4 for the
following two issues of 5% registered bonds:
$50,000 water bonds.
Denoms. 30 for $1,000, 30 for $500, 15 for $166 66
and 15 for $166 67.
Due one-thirtieth yearly on Jan. 1 from
1922 to 1951, incl.
42,000 sewer bonds.
Denoms. 30 for $1,000 and 30 for $400.
Due
$1,400 yearly on Jan. 1 from 1922 to 1951, incl.
Date Jan. 1 1921.
Prin. and semi-ann. int. (J. & J.) payable at the
C. J. Patrick, Village
Village Treasurer's office.
Cert, check on an incorporated bank or trust
for 2% of amount of bonds bid for, payable to the "Village of
Brownville," required.
Legality approved by Hawkins, Delafield &
Longfellow of N. Y.
Purchaser to pay accrued interest.
will be received until 12 m. April 25 by Geo. P.
the following three issues of on % bonds:
$100,000 Main St.'widening and impt. bonds.
March 1
1941:
Date March 1 1921.
Due
optional March 1 1931.
59,000 Broadway widening and impt. bonds.
Date March 1 1921.
Due
March 1 1951: optional March 1-1931.
262,000 city's portion street impt. bonds.
Date March 15 1921.
Due
March 15 1951; optional March 15 1931.
Denom. $500.
Prin. and semi-ann. int. payable at the American Ex¬
change National Bank of New York.
Cert, check for 5% of amount of
bonds bid for. payable to the Auditor, required.
Delivery to be made at
the City Auditor s office.
Purchaser to pay accrued interest.
CLARK COUNTY (P. O.
Jeffersonville), Ind.—BOND OFFERING.—
Bids .will be received until
10 a. m. April 5 by O. B. Fifer, County Treas¬
for $6,000 5% John S. Robertson et al. Charlestown Twp. road bonds.
Denom. $300.
Date March 7 1921.
Int. M. & N.
Due $300 each six
urer,
months from May 15 1922 to Nov.
15 1931 inclusive.
company,
DISTRICT (P. O. Bucyrus), Crawford
Ohio.—BOND OFFERING.—Proposals for the following two
school bonds will be received until 12 m. April 8 by
C. H. Miller, Clerk of Board of Education:
$45,000 bonds.
Due $1,000 on April 1 and Oct. 1 in 1922, 1923, 1924 and
1925; $1,000 on Oct. 1 1926; $1,000 on April 1 and Oct. 1 in 1927,
1928, 1929, 1930 and 1931; $1,000 on April 1 and $2,000 on Oct. 1
in 1932, 1933, 1934, 1935, 1936 and 1937; and $2,000 on April 1 and
BUCYRUS CITY SCHOOL
County,
issues of 6% coupon
Oct.
Due each six months as follows: $2,000
April 1 1922 to April 1 1929, incl.; and $4,000 Oct. 1 1929 to
April 1 1934, incl.
7
■
Denom. $1,000.
Date April 1 1921.
Prin. and semi-ann. int. (A. & O.)
payable at the Bucyrus City Bank of Bucyrus.
Cert, check on a solvent
bank in Crawford County for $200, payable to the Clerk, required with
each issue.
Bonds to be delivered and paid for on April 18 at the office
of the Board of Education.
Purchaser to pay accrued interest and furnish
the printed bonds in accordance with the form to be prescribed by the Board
.
BUHL, St. Louis County, Minn.—BONDS NOT SOLD.—BONDS
REOFFERED.—The $300,000 6% refunding bonds, offered on March 26
1930 inclusive.
Caro.—BOND OFFER¬
20 by George L. Digges,
1931. 1936, 1941 and 1946.
1921.
Prin. and semi-ann. int. payable
at the Hanover National Bank, N. Y.
Cert, check or cash on some in¬
corporated bank or trust company for 2% of the par value of the bonds
for each issue, payable to the County Treasurer, required.
The county
will furnish the bond forms and will also furnish the legal approving opinion
of Reed, Dougherty & Hoyt of N. Y. that the bonds are valid and binding
obligations of the county.
Said bonds will be delivered at the Hanover
National Bank, N. Y.. on May 1, at which bank the payment is to be made.
each of the years 1926,
Denom. $1,000.
Date April 1
COUNTY (P. O. Mount Holly), N. J.—BONDS
AWARDED IN PART.—Of the issue of $600,000 5K% coupon or regis¬
tered road bonds offered on Mar. 25—V. 112, p. 957—$20,000 were sold
to the Union National Bank of Mt. Holly.
Date Apr. 1 1921.
BURLINGTON
(P. O. Baird), Tex.—BOND ELECTION.—
$1,000,000 road bonds will be submitted to the voters
COUNTY
CONSOLIDATED SCHOOL DISTRICT
Hughes County, So. Dak.—BOND OFFERING.
—George M. Coates, Clerk Board of Education will receive sealed bids
until 3 p. m. April 29 for $30,000 5% school bonds, it is stated.
CANNING INDEPENDENT
SCHOOL DISTRICT (P. O. Cape Girardeau)
Cape Girardeau County, Mo.—BOND SALE.—An issue
building bonds was sold at public auction on March 25Int. semi-ann.
Due yearly as follows: $3,000 1926 to
$4,000 1932 to 1940, incl.
Bonded Debt (including this
Sinking fund $1,605.
Assessed value 1919 $4,729,100.
(per $1,000) $18.00.
CARLISLE SCHOOL DISTRICT (P. O. Carlisle),
Ohio.—BOND ELECTION.—May 24 has been set as the
special election for the purpose of voting on the
bonds for two new school buildings.
a
CARLSTADT,
Bergen
County,
of $54,000 5XA%
Denom. $1,000.
1931, incl., and
issue) $230,000.
Total tax rate
CLAY COUNTY
COLUMBIA
N. J.—BONDS NOT SOLD.—The
registration) funding bonds offered
sold, no bids being received.
They
SCHOOL DISTRICT, Orange County, No. Caro.—
BOND OFFERING.—Proposals will be received until 12 m. Apr. 4 for the
$25,000 6% school bonds—V. 112, p. 392—by 8. Browning, Chairman of
the County Board of Education, (P. O. Hillsboro).
Denom. $1,000. Date
Oct. 1 1920.
Principal and semi-annual interest (A. & O.) payable in New
York in gold at the office of the U. S. Mtge. & Trust Co., N. Y.
Due
yearly on Oct. 1 as follows: $1,000, 1921 to 1935 incl., and $2,000, 1936 to
1940 incl.
Cert, check or cash for 2% of the amount of bonds bid for
required.
Bonds certified by U. 8. Mtge. & Trust Co., N. Y.
Legality
approved by Caldwell & Raymond of N. Y. and J. L. Morehead of Durham.
Bids must be on blank forms to be furnished by R. H. Clayton, Clerk, or
said trust company.
Bonds will be delivered to the purchasers at the office
of the U. S. Mtge. & Trust Co., N. Y., on April 4 1921, or as soon there¬
after as the bonds can be paid for in New York funds. I
CARRBORO
Beaufort), No. Caro .—BOND SALE.—
$150,000 6% road and bridge bonds, which were mentioned
p# 957—have been sold to Seasongood & Mayer, Cincinnati and
ican Bank & Trust Co., Wilmington, jointly, it is reported.
The
in V. 112,
the Amer¬
Ariz.—BONDS VOTED.—On Mar. 12
the $90,000 water extension and $30,000 light and power plant bonds—
V. 112, p. 957—were voted.
CASA GRANDE, Pinal County,
CASCADE,
Cascade
County,
Mont.—BOND
April 4 the voters will decide whether they are in favor
system bonds.
Denom. $500.
ELECTION.—On
of issuing $20,000
sewer
CATAWBA COUNTY (P. O. Newton), No. Caro.—BOND ELECTION.
an election to be held April 19 $500,000 road bonds will be voted on.
—At
Date Jan. 1
Louisburg.
Bonded debt, Mar.
Int. A. & O., payable at the Farmers & Merchants'
Due April 1 1941.
Cert, check for $300, required.
25 1921, this issue only.
Floating debt (additional)
$7,500.
This item was
inadvertently reported under the caption of "Cedar Rock
V. 112, p. 1319.
In this
Township School District No. 3, No. Caro.," in
item we stated that the bonds would be sold on
ever, was given to us by the above official.
April 7.
This date, how¬
CEDARHURST, Nassau County, N. Y.—BOND OFFERING.—Lewis
Raisig, Village Clerk, will receive proposals until Apr. 8 for $7,500
M.
6% storm-water-drainage
1927.
bonds.
Date Mar. 1 1921.
Due from 1922 to
CHATTANOOGA, Hamilton County, Tenn.—BOND
Due Jan. 1 1927.
1921.
State aid road bonds offered on March 28 (V. 112, p. 1185) were
awarded to Remick. Hodges & Co.. the Northern Trust Co., Taylor, Ewart
Co., Kissel, Kinnicutt & Co., Merrill. Oldham & Co. and 11. L. Day &.
basis of about 5.52%.
Date April 1 1921.
Due $125,000
Co. at 91.42, a
yearly
on
April 1 from 1925 to 1940 incl.
paving assessment bonds.
Suffolk
County,
Mass.—TEMPORARY LOAN.—On
March 25 a temporary loan of $400,000, issued in anticipation of revenue,
dated March 28 1921 and maturing March 28 1922. was awarded to the
Old Colony Trust Co. of Boston on a 6.20% discount basis, plus $7.25
premium.
The bonds are now being offered
according to maturities.
investors at prices to yield from 5.70% to 5.20%,
to
CORNELIUS,
Mecklenburg County, No. Caro.—BOND OFFERING.
—The Board of Town Commissioners will sell at
the
Mayor at 8 p. m. April
Howard i$ the Town Clerk,
of
public auction at the office
electric light bonds.
T. P.
18 $10,000
CRAVEN COUNTY (P. O. New Bern), No. Caro .—BOND SALE.—
Spitzer, Rorick & Co. of Toledo, bidding par, were awarded on March 28
$260,000 6% gold coupon funding bonds—V. 112, p. 1186.
Date
the
1921.
March 1
Due March 1 1936.
CRESSON, Cambria County, Pa.—BOND ELECTION.—An election
is being held on Apr. 19 to vote on the question of issuing $20,000 municipalbuilding and fire-department bonds.
CUMBERLAND, Allegheny County, Md.—BOND SALE.—An issue of
5% serial water and impt. bonds has been sold to Alexander
$250,000
Brown & Sons of Baltimore at 96.726.
DANVILLE, Boyle County, Ky.—BOND SALE.—W. L. Lyons & Co.
were recently awarded $50,0006% street impt. bonds, it is stated.
of Louisville
DARLINGTON,
Darlington
So.
County,
Caro.—BOND
SALE.—
6% refunding bonds was sold on March 25 to Spitzer,
Co., at 96 a basis of about 6.36%.
Denom. $1,000.
Date
April 11921.
Int. A. & O.
Due April 1 1941.
An issue of $50,000
Rorick
&
DAVISON COUNTY (P. O.
Mitchell), So. Dak.—BOND OFFERING.
County Auditor, will entertain proposals until April 5
approximately $15,000 worth of drainage bonds, at
not exceeding 7% interest.
Bidder should state the interest at which he
will take the bonds and should make a separate bid on the bonds due in
10 years, 15 years, and 20 years, respectively.
—W. O. Crampton,
for the purchase of
DAWES
COUNTY
(P.
O.
Chadron), Nebr.—BOND ELECTION.—
$15,000 county poorhouse bonds
On April 19 $235,000 county bridge and
will be voted upon.
R. G. Smith, Clerk.
DEERHERD, Franklin County, Tenn.—BOND ELECTION.—On
April 12 $20,000 6% high school bldg. bonds will be voted upon.
Due as
follows: $5,000 in 10 years. $5,000 in 15 years, $5,000 in 20 years and $5,000
in
25 years.
DENVER
County), Colo.—BOND ELECTION DATE.—
(City and
The date for the voters of Denver to cast a ballot on the issuing of $5,000,000
in bonds for the purpose
water
of making improvements to the city's municipal
plant.—V. 112, p. 1320—is May 17.
DILLONVALE
DISTRICT (P.
SCHOOL
O.
Dillonvale), Jefferson
County, Ohio.—BONDS VOTED.—At an election held on Mar. 15 a
proposition providing for a $50,000 bond issue for a new high school bldg.
carried by a vote of 270 "for" to 123 "against."
DODGE
(P.
O.
DISTRICT NO. 23
Minn.—BOND OFFERING.—Sealed bids will be
INDEPENDENT SCHOOL
COUNTY
Mantorville),
received until 2 p. m. April 9 at the First National Bank, Mantorville, by
Geo. L. Taylor, Clerk or School Board, for $18,000 6}4% tax-free coupon
school bldg. bonds.
Denom. $1,000.
Date April 1
1921.
Prin. and
payable at the Wells-Dickey Trust Co., Minnea¬
polis. Due April 1 1931. All tenders to purchase must be without condition
or qualification and be accompanied by an unconditional certified check to
the order of the Treasurer of said School District in the sum of $900.00:
said bonds will be ready for delivery at the time of sale and will be accom¬
panied by the approving opinion of Wm. J. Stevenson of Minneapolis,
Minn.
Bonded Debt (including this issue) Mar. 28 1921, $69,000.
As¬
sessed value 1920 $466,263.
Total tax rate (per $1,000) $76.40.
semi-ann. int. (A. & O.)
DOTHAM, Houston County, Ala.—BOND OFFERING.—Bids will
received until 5 p. m.
be
April 18 by R. W. Lisenby, City Clerk, for $100,000
Int. A. & O.
A deposit of
6% 20 year school bonds.
Denom. $1,000.
$1,000 will be required with each bid.
Omaha), Neb.—BIDS REJECTED5%
coupon
court-house bonds
1186—were not sold, all bids being de¬
They will be re-offered on May 5.
DOUGLAS
BONDS
COUNTY
(P.
RE-OFFERED.—The
on
March
28—V.
112,
DOUGLAS COUNTY (P.
O.
$200,000
p.
O. Roseburg), Ore.—BOND ELECTION.—
will be voted upon, it is stated.
On June 7 an issue of $450,000 road bonds
DUCHESNE
The
Bankers
COUNTY
Trust
Co.
(P.
O.
Duchesne), Utah.—BOND SALE.—
purchased $50,000 6% 10-20-yr.
of Denver has
(opt.) road bonds at 95.75, it is reported.
Assessed valuation
total bonded debt, $50,000; population (est.), 10,000.
$6,420,420;
DISTRICT (P. O. Duluth),
St. Louis County, Minn.—BOND SALE.—This district on March 30
awarded the $350,000 school bonds—V. 112. p. 1320—to Field, Richards
& Co., of N. Y., at 100 07 for 5Hs, a basis of about 5 49%.
Date April 1
1920.
Due on April 1 as follows: $100,000, 1936: $125,000, 1937, and
$125,000, 1940.
The bonds are now being offered by the purchaser to
investors to yield 5-35% on all maturities.
DULUTH
INDEPENDENT
SCHOOL
Financial Statement
OFFERING.—
Reports state the $200,000 refunding bonds will be offered on April 11.
BOND SALE.—Reports also state that this city has sold $10,261 street
Real value of taxable property,
Assessed valuation, 1920
Population
DUNN,
$218,201,932 00
72,449,746 00
estimated
-
Net debt
2,642,476 49
-
(1920)
—-
CHELSEA,
^
4H%
clined.
fo
Bank.
1185—were sold to the Celina
7S , .
.
.
•
r.
CITY,
Prin. and annual int. (Mar. 1) payable at the First National Bank
Due yearly on Mar. 1 as follows: $6,000, 1922 to 1941, incl.,
1942 to 1951. incl.
1921.
County, No. Caro.—BOND OFFERING.—E. L. Best, Superintendent
the County Schools (P. O. Louisburg), will receive sealed bids unti
12 m. April 4 for $6,000 6% tax-free coupon building bonds.
Denom. $500.
ROCK ACADEMY SCHOOL DISTRICT NO.
April 1 1921.
(P. O. Celina), Tenn.—BOND SALE.—On Mar. 21
of Comanche.
offered
Date
,
COMANCHE COUNTY ROAD DISTRICT NO. 4 (P. O. Comanche),
Tex.—BOND SALE.—An issue of $200,000 oH% road bonds has been
sold to N. S. Hill & Co. of Cincinnati.
Denom. $1,000.
Date Mar. 1
3, Franklin
CEDAR
•
Whitley County,
Ind.—BOND SALE.—The
$75,000 0% electric light plant bonds which were re-offered on Feb. 14
after failing of sale on Jan. 24 (V. 112, p. 488) are now reported sold.
Lorain County,
date for holding
question of issuing $100,000
$25,500 5% coupon (with privilege of
on March 31 (V. ? 12, p. 1185) were not
will be re-offered as 6s.
CARTERET COUNTY (P. O.
,
the $30,000 coupon school bonds—V. 112, p.
Investment Co. of Celina at par.
NO. 1 (P. O. Canning),
GIRARDEAU
'
$3,000 each six months from May 15 1922 to Nov, 15 1931 Inclusive.,
&
for the following 6% bonds:
$360,000 road and bridge bonds.
Due yearly on April 1 as follows: $16,000
1928 to 1937 incl. and $20,000 1938 to 1947 incl.
25,000 children's home bonds.
Due on April 1 as follows: $5,000 in
CAPE
Due $20,000 yearly on April 5 from 1926 to
■
CLAY COUNTY (P. O. Brazil), Ind.—BOND OFFERING.—Proposals
for $30,000 4Yi% Jesse R. Benham et al. Harrison Twp. road bonds will be
received until 10:30 a. m. April 11 bv Thomas W. Swinehart, County
Treasurer.
Denom. $500.
Dale March 8 1921.
Int. M. & N.
Due
COOKCOUNTY (P. O. Chicago), 111.—BOND SALE.—The$2,000,000
BUNCOMBE COUNTY (P. O. Asheville), No.
ING.—Sealed bids will be received until 12 m. Apr.
CALLAHAN
SALE—On
Ore.—BOND
Astoria),
and $8,000,
1185—were not sold.
They will be reoffered on April 21.
112, p.
Reports say that
on April 16.
O.
(P.
f
,
of Education.
Jr., Register of Deeds,
COUNTY
Date April 5 1921.
6.45%.
1938 and 1939.
1 in
70,000 high school bldg. bonds.
-—V.
CLATSOP
March 26 the $100,000 6 % 7-year (aver.) bonds—V. 112, p. 1185—were
awarded to the Ralph Schneeloch Co. of Portland at 97.51, a basis of about
Harnett
County,
No.
Caro .—BOND
98,917
SALE.—The $60,000
6% gold water and sewer bonds offered on March 25—V. 112, p. 1186—
have been sold to J. M. Schreiber of Raliegh,, for the account of W. L.
Slayton & Co. of Toledo, it is stated, at par.
Date April 1 1921.
Due
1434
THE
CHRONICLE
yearly on April 1 as follows: $2,000 1924 to
1944, incl., and $3,000 1 945
to 1950, Incl.
EAST OTTO COMMON
raugus),
SCHOOL
DISTRICT NO.
Cattaraugus County, N. Y.—BOND
school bonds which were offered
sold to the Bank of
Interest annually on
1930, incl.
1
112, p. 1187—were awarded to
Harris, Forbes & Co. of New York at
107.143, a basis of about 5
38%.
Date March 1
1921.
Due $10,000
yearly on March 1 from 1925 to 1954 incl.
Other bidders, all of New
York,
were;
(P. O. Catta¬
SALE.—The $8,000 6%
July 31 last—V. Ill,
on
Geo. B. Gibbons & Co
Sherwood & Merrifield--
312—have been
Cattaraugus at par and interest.
Date Aug. 2 1920.
Aug. 2.
Due $1,000 yearly on Aug. 1 from 1929 to
p.
ELBA, Genesee County, N. Y.—BOND SALE
On March 19 O'Brian
bidding 100.70. a basis of about 5 90%, were awarded
0% road impt. bonds.
Denom. $1,000.
Date Feb.
15 1921
Semi-ann. int. (J. & J.) payable at the
Fidelity Trust Co. of Buffalo.
Due
$1,000 yearly on July 1 from 1922 to 1941 incl
Geo. B. Gibbons & Co.
—
bid of 100 07.
Stacy & Braun of Toledo at par and interest
The bonds are described as
follows:
$27,000 improvement No. 192 bonds.
Denom. $1,000.
ELLISVILLE, Jones County, Miss.—BOND OFFERING.—According
to reports $5,000
6% 1-10 year serial refunding water works and electric
light plant bonds will be offered for sale
on
semi-ann.
April 6.
Denom. $500.
six months from
Oct. 1 1928.
Int.
29,500
,
ELLSWORTH, Pierce County, Wise .—BOND SALE.—On
the Wells-Dickey Co. of
Minneapolis obtained $20,000 6% bonds.
$500.
to
Date
March
1
1921.
ESSEX COUNTY (P. O.
wealth Trust Co. of Boston
notes
(V.
14
Denom.
Common¬
awarded the $550,000 tuberculosis
hospital
22 at 6.25% discount.
Date
Mar.
April
1
1-5-year serial highway impt.
bonds.
Collin
County,
An issue of $100,000 water and sewer
April 20.
T ex.—BOND
ELECTION.—
bonds will be submitted to the voters
FARRELL SCHOOL DISTRICT
(P. O. Farrell), Mercer County,
Pa.—BOND SALE.—An issue of
$100,000 5H% school bonds offered on
March 25 was awarded to Glover &
McGregor of Pittsburgh for $100,617,
equal to 100.617.
FLINT, Genesee County, Mich.—BIDS REJECTED —The
following
bids, which were received for the $81,000 5% coupon
water-works-impt
on Mar. 25—V. 112,
p. 1186—were rejected:
bonds offered
Name.
Bid.
First Trust & Savings Bank,
Chicago.Eldredge & Co., New York
■
less $3,620 70
less
4,544 90
____par less
4,768 47
par less
6,075 00
par less
6,100 00
Keane, Iligbee & Co., Detroit
par less
6,985 00
Howe. Snow, Corrigan & Bertles, Grand
Rapids______-.par less 7,137 50
The Hanchett Bond Co
Chicago
par less
7,190 00
W. L. Slayton & Co., Toledo
par less
7,290 00
FRANKLIN COUNTY (P. O.
.-..-.par
-.par
Rutter & Co., New York
The Northern Trust Co.,
Chicago
A. T. Bell & Co., Grand
Rapids
,
Brookville), Ind.—NO
BIDS.—There
were no bids for the $89,200
Wi % J. C. Morin et al Brookville Twp. road
bonds offered on Mar. 22.—V.
112,
p.
1186.
FRESNO COUNTY (P. O.
Fresno), Calif.—BONDS DEFEATED.—
Reports say that the voters of this county defeated the
proposed bond issue
of $950,000 for memorial
buildings.
FULTON COUNTY (P. O.
Rochester), lnd.—BOND SALE —The
$15,500 5% Peter Thorstenson road bonds offered
on March 30—V
112,
p. 1320—were awarded to ,J. F. Wild & Co. of
Indianapolis.
Date April 1
1920.
Due $775 each six months from
May 15 1921 to Nov. 15 1930 incl.
GAFFNEY,
Cherokee
County,
Caro.—BIDS.—The
were
GALLATIN COUNTY (P. O.
Bozeman),
COMPLETED.—The sale of the $125,000
Mont.—BOND SALE NOT
6% road bonds to W. L. Slayton
& Co. of Toledo (V. 112,
p. 488) was never completed.
These bonds are being re-offered for
sale on April 18 as
in V. 112, p. 1320.
GARFIELD
already reported
COUNTY SCHOOL DISTRICT
RECTION.—In an item which
appeared in V.
NO. 1, Colo.—COR¬
110, p. 581, we stated that
Keeler Bros, of Denver had obtained
$73,000 5% 15-30-year
(opt.) school
bonds from this district, but we have
since been advised
by the company
named that the report was
erroneous.
GARY SCHOOL
SALE.—The
CITY
(P.
O.
Gary), Lake County,
Ind.—BOND
$105,000 6% school-building and
refunding bonds offered on
Mar. 24—V. 112, p. 1186—were
awarded to Ames-Emerich & Co.
at par.
less $995 for expenses, the
purchaser to furnish the bonds.
Date Apr. 1
1921.
Due Apr. 1 1926.
GRAHAM,
Young
County,
to 41.
Inter-County Hy.
bonds.
Denom.
$1,000.
1 1921; $1,000 on Apr. 1 and
$2,000 on Oct. 1
1922, 1923, 1924, 1925, 1926 and 1927;
$2,000 on Apr. 1 and
Oct. 1 in 1928 and 1929; and
$1,000 Apr. 1 1930.
Date Apr. 1 1921.
Prin. and semi-ann. int.
payable at the County
Treasurer's office.
Cert, check on a solvent
bank, for $1,000, is required
with
each
issue.
in
(P. O. Kokomo), Ind.—BOND OFFERING.—
County Auditor, will receive bids until 10 a. m.
Apr. 14
(changed from Apr. 6)—V. 112, p. 1321—for
$174,903.41 6% Fay Beal
al Center
Twp. drain bonds.
Denoms. $500, $490.34 and $490.35.
Due $17,490 34
yearly from 1922 to 1930, incl.; and
$17,490 35 1931.
Purchaser to
et
were
& A.
HUNTINGTON
5 73%, the Citizens National Bank
obtained the $89,000
6% school
on March 28—V.
112, p. 1187.
Date March 1 1921.
Due yearly
March 1 as follows:
$2,000, 1922; $3,000, 1923 and 1924:
$4,000, 1925
to 1930 incl.; $5,000, 1931 to
1939 incl., and $6,000, 1940 and
1941.'
IDAHO (State of).—BOND
SALE.—Eldredge & Co. of N. Y. were the
on Mar. 24 for the
following bonds—V. 112, p. 1187—
100.09 and interest for 534s.
$238,500 State institutions-impt. bonds.
Date Apr. 1 1921.
Due Apr. 1
1941, optional on or after Apr. 1 1931.
70,000 Lava Hot Springs-impt. bonds.
Date Jan. 1 1921.
Due Jan. 1
1941, optional on or before Jan. 1 1931.
successful bidders
at
Prin. and semi-ann. int.,
payable in New York.
and accrued
j)ar
interest. Denom. $1,000. Date July 1 1920- Int.
DESCRIPTION OF BONDS.—The
$60,000 6% 20-year serial school
bonds, awarded during last year to the
First National Bank of
at par and accrued
Gulfport
interest—V. Ill, p. 814—are in
denom. of $1,000 and
are dated July 1 1920.
Int. J. & J.
HADDON SCHOOL TOWNSHIP
(P. O.
Carlisle), Sullivan County-
Ind.—BONDS NOT
SOLD—RE-OFFERED .—The
house bonds offered on Mar. 28
(V. 112, p.
1052)
$35,000
6% school,
They are
were not sold.
11.
Denom. $1,250.
Date Apr. 1 1921.
Prin. and semi-ann. int.
(J. & J.) payable at the
Peoples' State Bank of
Carlisle.
Due $1,250 each six months from
July 1 1922 to Jan. 1 1936 incl.
HAMILTON COUNTY (P. O.
Noblesville), Ind.—BOND OFFERING.
—A. G. Finley, County
Treasurer, will receive bids until 10 a.
m. April 16
for $4,500 434% Stanford Gravel
Road improvement
bonds.
Denom.
$450.
Int. ML & N.
Due $450 each six
months from May 15 1922
to
Nov. 15 1926, inclusive.
HAMILTON, Martin County, No. Caro.—BOND
OFFERING.—D
Matthews, Town Clerk, will receive
proposals until 8 p. m.
April 18
$10,000 6% electric-light bonds, it is
stated.
Date
1943, inclusive.
April 1
1921
G
for
Due
HANCOCK COUNTY (P. O.
Greenfield), Ind.—BOND OFFERING
Grover Van Duyn,
County Treasurer, will receive bids until
10 a
m
April 7 for $18,600 5% William F. Kleiman et
al, Buck Creek Twp., road
bonds.
Denom. $930.
Date March
—
15 1921.
each six months from
Int. M. & N.
Due $930
May 15 1922 to Nov. 15 1931,
inclusive.
HEMINGWAY SCHOOL
DISTRICT, Williamsburg County,
So.Car.
—BOND OFFERING.—Lee &
Shuler, District Attorneys (P. O.
will entertain proposals for the
Kingstree)
purchase of $16,000
school bonds until 12
for $100 required.
m.
April 8.
6% 15-20-year "(opt
Interest semi-annual.
)
Certified check
HEMPSTEAD TOWN SCHOOL
DISTRICT (P. O.
Hemnstead)
Nassau County, N. Y.—BOND
SALE.—The $300,000 6%
tax-free coupon
(with privilege of registration) high-school bonds
offered on March
31
The purchaser is now
a legal investment
for savings
York, Connecticut and other
States, to
and interest to yield
5.30% to optional dates, and
offering the bonds, which
banks
and
trust
investors
5.50%
funds
at 101.54
thereafter.
are
in
reported to be
New
NOTE SALE.—On the same
day the $1,250,000 tax-free
treasury notes
—V. 112, p. 1187—were sold to
Redmond & Co. and R. W.
Pressprich
& Co., both of N. Y.,
jointly, at 100.133 and interest, a basis of about
6.845%.
Date Apr. 1 1921.
Due Mar. 1 1922.
The notes, which are
a
legal investment for savings banks and trust funds
in New
York, are
being offered by the purchasers to investors at
100.75 and interest,
6.15%.
The following is a complete list of the
bids submitted:
$1,250,000 Treasury notes.
R. W. Pressprich &
Co., N. Y.; Redmond
6
to
net
Co., N. Y.
100.133 for 7s.
238,500 Idaho State Institutions
Impt.
bonds.
Eldredge & Co.,
100 09, 534%; or $238,714.65.
70,000 Lava Hot Springs Improvement
bonds. Eldredge & Co. $100.09,
oA%, or $70,063.
238,500 Idaho State Institutions Impt. bonds.
National City Co.,
Denver, 6%, par value plus accrued interest to date
of delivery,
and a premium of $236 35Condition that bids on
Treasury
notes and Lava Hot
Springs Impt. bonds are also
accepted.
70,000 Lava Hot Springs Impt. bonds.
National City Co., Denver.
6%, par value pins accrued interest to date of
delivery, and
a premium of $69 37.
Condition that bids on
Treasury Notes
and State Institution
Impt. bonds are also accepted.
1,000,000 Treasury Notes, General
Fund, National City Co., Denver,
7%, par value plus accrued interest to date of
delivery, and a
Eremium of $991.
Condition
that bids on
[ighway Fund, Lava Hot Springs Impt. bondsTreasury Notes,
and Idaho State
Institutions Impt. bonds are also
accepted.
250,000 Treasury Notes, Highway
Fund, National City Co., Denver,
7%, par value and accrued interest to date of
delivery, and a
premium of $247.75.
Condition that bids on
Treasury Notes,
General Fund, Lava Hot
Springs Impt bonds and Idaho State
Institutions Impt. bonds are also
accepted.
238,500 Idaho State Institutions
Impt. bonds.
Ferris & Hardgrove,
Continental
&
Commercial Trust
&
Sav.
Bank;
Halsey,
Stuart & Co., 6%,
par and accrued interest and a
premium
of $3,855.
70,000 Lava Hot Springs Impt. bonds.
Ferris & Hardgrove,
Spokane,
6%, par and accrued interest and a premium of
$1,1451,000,000 Treasury Notes.
Ferris & Hardgrove,
Spokane, 734%. par
and interest and
premium of $40
GULFPORT, Harrison County, Miss.—BOND
SALE.—The
$500 yearly from 1924 to
CITY
bonds
238,500 Idaho
State Institutions
Impt. bonds
Bankers Trust
6%, par and accrued interest, and a
premium of $3,697.
70,000 Lava Hot Springs Impt. bonds.
Bankers Trust Co.,
$20,000
6% 20-year serial wharf bonds, which were
offered
unsuccessfully on July 8
last—v. Ill, p. 312—have been sold
to the Bank of
Gulfport of Gulfport
at
Apr.
PARK
on
SALE.—
GREENE COUNTY (P. O.
Bloomfield), Ind .—BOND OFFERING.—
Herschel Corbin, County
Auditor, will receive bids until
Apr. 5 for $9,700
Barcroft Road, Wright
Twp. bonds.
on
interest.
SCHOOL DISTRICT, Los
Angeles
County, Calif.—BOND SALE.—By
submitting a bid of 102.24, a basis
of about
VOTED.—On March 21
authorized by a vote of 239 to
BARRINGTON, Berkshire County, Mass.—BOND
being re-offered
accrued
pay
HUNTINGTON COUNTY (P. O.
Huntington), Ind.—BOND SALE.
—On March 11 the
City Trust Co. of Indianapolis purchased at
par an
issue of $165,155 06
5% 1-10-year serial drainage bonds.
Denom. $500.
Date Feb. 4 1919.
Int. F.
Newspapers report that $50,000 534 % tax-free
bonds, dated April 1 1921.
have been sold to Watkins & Co.
of Boston.
Due $5,000 yearly on
April 1
from 1922 to 1931, incl.
now
1928, incl.
Toledo-Napoleon
Due $1,000 Oct.
Tex.—BONDS
$210,000 6% water and sewerage bonds
GREAT
1928,
now
So.
following
also received for the
$100,000 6% 934-year (aver.)
street-impt.
bonds, dated April 1, 1921, awarded on Mar.
22 to J. II. Hilsman & Co.,
of Atlanta at 96.126, a basis of
about 6.56%.
C. D. Meadows & Co
$95,800IProv. Sav. Bk .& Tr .Co....$95,370
C. M. Smith.-.
95,750[Weil, Roth & Co
95.000
1
1
HOWARD COUNTY
Orville O. Butcher,
1921.
FARMERSVILLE,
bids
1922 to Apr.
.
330,000 5M%
on
1
Mar. 25.
improvement No. 193, Sec. "A" bonds.
Denoms. $1,500 and
Due $1,500 Apr. 1
1922, and $2,000 each six months
from Oct. 1 1922 to
Apr. 1 1929, incl.
improvement No. 194, Sec. "A" bonds.
Denoms. $1,500 and
$1,000.
Due $1,500 Oct. 1
1921, and $1,000 each six months
from Apr. 1 1922 to Oct. 1
1928, incl.
improvement No.
195
bonds.
Denoms.
$1,500 and $1,000Due $1,500 Oct. 1 1921 and
$1,000 each six months from Apr. 1
1922 to Oct.
1
28,000
RIVER, Bristol County, Mass.—BOND SALE.—On Mar. 25
the following four issues of bonds were
awarded to Harris, Forbes & Co. of
Boston at 100.07, a basis of about
5.50%:
$150,000 5H% 1-10-year serial public-impt. bonds.
150,000 5%
1-30-year serial highway impt. bonds.
120,000 5Vi% 1-10-year serial public impt. bonds.
»
Mar.
15,500
1
FALL
Date
16,500
Salem), Mass.—NOTE SALE.—The
was
112, p. 1186) on
Due April 1 1922.
1921.
Feb.
Apr.
on
Due $2,000 each
incl.; and $1,000
$1,000.
Due $1,000 yearly on March 1 from 1922
1941, incl.
105 273
Loe__-_-103.791
Vance
County, No. Caro.—BOND SALE.—The
$25,000 6% sewer bonds, offered on March
28 (V. 112, p. 1187), have been
sold to Tucker &
Laxton, Inc., of Charlotte, at par arid accrued
interest.
Date Jan. 1 1921.
Due $1,000 yearly on
July 1 from 1922 to 1946.
A. T. Bell & Co. and
the Davies-Bertram Co. also
submitted proposals.
HENRY COUNTY (P. O.
Napoleon), Ohio.—BOND SALE.—Five
issues of 6% coupon
road-improvement bonds, in the aggregate of
$116,500,
were awarded to
$20,000
a
106 511 IRemick, Hodges & Co
106.03 |Hannahs, Ballin &
HENDERSON,
& Potter of Buffalo,
of New York submitted
[Vol. 112.
V.
|
?ar and accrued interest, and a premium of $1,085.
'reasury Notes.
M.
P. Meholin,
Boise.
accumulated interest to date
mium of $516.
The $516 is
734%,
of payment
par
and the further
Co.,
6%,
with
pre¬
premium on all notes.
250,000 Treasury Notes.
Highway Fund.
M.
P.
Meholin, Boise.
7 %, par together with
accumulated interest to date of
payment
and the
further premium of $516.
The $516 is premium on
all notes.
1,000,000 Treasury Notes, General Fund.
Palmer
Bond
000,200
and
such
&
Equitable Trust Co. of N. Y.;
Mortgage Co., Salt Lake City.
7A%, $1,-
accrued
delivery.
interest
from
date
of
notes
to
date
of
250,000 Treasury Notes, Highway Fund.
Equitable Trust Co., N. Y.;
Palmer Bond & Mortgage
Co., Salt Lake City, 7%, $250,000
and accrued interest from date of
notes to date of such
delivery.
Subject to acceptance of General Fund
Treasury notes.
70,000 Idaho State Lava Hot Springs
Impt. 6% and $238,500 Idaho
State Institutions Impt.
bonds, 6% Harris Trust & Savings
Bank of Chicago, par and a
premium of $5,522 and accrued
interest ($101.79).
1,000,000 Treasury Notes, General Fund.
Harris Trust & Savings Bank
of Chicago, 734%.
par, accrued interest,
and a premium of
$1,407,.
($10014.)
500,000 (A) Treasury Notes, General Fund, and
$125,000 (A) Treas¬
ury Notes,
Highway Fund.
Harris Trust & Savings Bank,
Chicago.
Par and accrued interest,
providing the State of
Idaho will grant us an option for ten
days at the same price as
offered in this bid on all, or
any part of the remaining $500,000
of General Fund
Treasury Notes of the State of
Idaho, &c.,
bearing interest at the rate of 734%, and
$125,000 of Highway
Fund Treasury Notes of the State
of Idaho,
dated, &c., bearing
interest at the rate of 7
%.
And providing further that such
Treasury Notes above described as to both
principal and
interest are to be made
payable in New York City.
INDIANAPOLIS SCHOOL DISTRICT
(P. O. Indianapolis), Marion
County, Ind.—BOND OFFERING.—George C.
Hitt, Business Director,
will receive bids until 2
p. m. April 21 for $175,000
5% coupon school
bonds.
Denom. $1,000.
Date April 25 1921.
Principal and
,
semi-annual
April
THE
2.1921.]
CHRONICLE
payable at the treasury of the district.
Due $25,000 yearly on
April 25 from 1926 to 1932, inclusive.
Certified check for 3% of amount
of bonds bid for, payable to the School Commissioners, required.
interest
ISANTI COUNTY (P. O. Cambridge), Minn.—BOND SALE.—The
Minneapolis Trust Co., of Minneapolis, has purchased from this county
$80,000 6% refunding bonds.
'
JACKSON COUNTY
(P. O. Jackson), Minn.—BOND SALE— On
March 29 the Minneapolis Trust Co, of Minneapolis and the Northwestern
Trust Co. of St. Paul were awardea, according to newspaper reports, the
1435
LOWELL,
Middlesex
County,
Mass.—BOND
SALE.—Curtis
&
Sanger of Boston, bidding 101.523 and interest, a basis of about 4 81%
awarded the following four issues of 5% coupon tax-free bonds offered
on Mar. 29—V.
112, p. 1322.
$450,000 high-school bonds.
Due yearly on April 1 as follows: $23 000
1922 to 1931, incl., and $22,000, 1932 to 1941, incl.
200,000 memorial auditorium bonds.
Due $10,000 yearly on April 1
from 1922 to 1941, incl.
?v
■
60,000 bridge bonds.
Due $3,000 yearly on April 1 from 1922 to 1941,
was
$178,500 6% public drainage bonds—V. 112, p. 1187.
incl. •
20,000 school-house bonds.
Due yearly as follows: $7,500, 1926;
incl ; $10,000, 1940 and $9,000, 1941.
\
1941, incl.
Other bidders were:
JAMESTOWN.
Date March 1 1921.
$8,000, 1927; $12,000, 1928 to 1939
N.
County,
Chautauqua
COMPLETED.—Re-Sold.—The sale of the
Y.—BOND
$150,000
SALE NO T
or registered
Co. on Jan. 10
coupon
municipal milk plant bonds made to B. J. Van Ingen &
at 100.14—V. 112, p. 284—was not completed.
The bonds were re-offered on March 31, at which time E. Finch of Buf¬
falo submitted the successful bid of 100 04 for 5H %s which is on a basis of
about 5 49%.
Denom. $1,000.
Date Feb. 1 1921.
Prin. and semi-ann.
Int. (F. & A.) on registered bonds payable at the City Treasurer's office in
New York exchange; on coupon bonds in New York.
Due $5,000 yearly
on
Feb.
1 from
1951 inclusive.
1922 to
JASPER COUNTY (P. O.
—J.
E.
Cert, check for $1,000, required.
JEFFERSON
Cole
CITY,
County,
Mo.—BOND
ELECTION.—A
proposition providing for the issuance of $15,000 fire department equip¬
purchase bonds will be submitted to the voters on April 5.
Joe P.
Nacy is City Clerk.
ment
Hudson County, N. J .—BOND OFFERING.—James
Finance, will receive bids until
(with privilege of registration)
Denom, $1,000. Date Apr. 1
1921.
Prin. and semi-ann. int. (A. & D.) payable at the City Treasurer's
office.
Due yearly on Apr. 1 as follows: $51,000, 1922 to 141, incl.; and
$52,000, 1942 to 1961, incl.
Cert, check on an incorporated bank or trust
company, for 2% of amount of bonds bid for, payable to the "City of
Jersey City," required.
Legality approved by Hawkins, Delafield &
Longfellow of N. Y.; bonds will be prepared under the supervision of the
XT. S. Mtge. & Trust Co. of N. Y., which will certify as to the genuineness
of the sigature and the seal.
Purchaser to pay accrued interest.
JERSEY CITY,
F. Gannon, Commissioner of Revenue and
12 m. Apr. 5 for an issue of 5M% coupon
school bonds, not to exceed $2,060,000.
Broome County, N. Y.—BOND SALE.—An issue
$50,000 5.40% water-works bonds has been sold to the Workers Trust
JOHNSON CITY,
of
Co. at par.
Due Feb. 1 1926.
Date Feb. 1 1921.
incl.
Branigan et al Blue River Twp. bonds.
Denom. $1,245.
Due
$1,245 each six months from May 15 1922 to Nov. 15 1931, incl.
Date Apr. 1 1921.
Int. M. & N.
The same official will receive proposals until 10 a. m. Apr. 11 for $8,600
A14% J. M. Collett et al Hensley Twp. road bonds.
Denom. $430.
Date
May 1 1920.
Int. M. & N.
Due $430 each six months from May 15 1921
-to Nov. 15 1930, incl.
(P. O. Manston), Wise .—BOND OFFERING.—
COUNTY
JUNEAU
Bids for the purchase of $80,000 5% 10-20 year tax-free coupon
bonds will be entertained by H. F. Stackman, County Clerk, until
Date April 1 1921.
Denoms. $100 and $500.
April 13.
highway
1.0
a. m,
Int. semi-ann.
KANSAS CITY, Mo.—NO BIDS RECEIVED.—No bids were received
for the
$73,678 32 6%
park-fund-certificates, Series "A-13" on Mar. 24
—V. 112, p. 1187.
KENMORE, Summit County, Ohio.—BONDS NOT SOLD.—No sale
made of the three issues of 6% special assessment street-improvement
was
bonds,
aggregating
$163,000,
which were offered
on
Mar. 22—V.
112,
(P.
O. Toledo),
Ohio.—BOND OFFERING.—
Proposals will be received until 10.30 a. in. April 5 by Gabe Cooper, County
Auditor, for the following issues cf 6% stone road impt bonds:
$82,000 Washington Twp. impt. No. 160 bonds.
Due yearly on April 25
as follows: $9,000, 1922 and 1923; and $8,000, 1924 to 1931, incl.
150,000 Washington Twp. impt. No. 161 bonds.
Due $15,000 yearly cn
April 25 from 1922 to 1931, incl.
37,000 Oregon Twp. impt. No. 131 bonds.
Due yearly on April 25
as
follows: $4,000,
1922 to 1928, incl., and $3,000, 1929, 1930
and
KENTLAND SCHOOL TOWN
(P. O. Kentland), Newton County,
Ind.—BOND SALE.—The $35,000 5% 20-year serial school-bldg. bonds
on Mar. 26—V. 112, p. 1053—were awarded to the Fletcher Amer¬
offered
ican Co. of Indianapolis, at par, conditioned that
the Trustees to increase the interest rate to 6%.
the State tax board allow
Date Feb. 23 1921.
COUNTY
SCHOOL DISTRICT NO. 1, So. Caro.—
BOND OFFERING.—Thomas J. Kirkland, Chairman Board of Trustees
(P. O. Camden), will receive sealed bids until 12 m. Apr. 11 for $160,000
6% bonds.
Int. semi-ann.
Cert, check for $1,000 required.
Bids are
invited on 15, 20 or 25-year bonds.
KERSHAW
April 25 from 1922 to 1931, incl.
10,000 Oregon Twp. impt. No. 144 bonds.
Due yearly on April 25 as
follows: $2,000, 1922 to 1925, incl.; and $1,000, 1926 and 1927.
22,500 Adams Twp. impt. No. 155 bonds.
Due yearly on April 25 as
follows: $3,500 1922; $3,000. 1923; and $2,000, 1924 to 1931, incl.
23,000 Adams Twp. Impt. No. 157 bonds.
Due yearly on April 25 as
follows:
$3,000 1922 to 1924, incl.; $2,000, 1925 to 1931, incl.
Denoms. $500 and $1,000.
Date April 25 1921.
Prin. and semi-ann./
int. payable at the County Treasurer's office.
Cert, check on a Toledo
bank for $500, is required with each issue.
Bonds to be delivered and paid
for at Toledo on April 25.
Purchaser to pay accrued interest.
No. Caro.—BOND OFFERING.—
April 20 for $47,000 funding bonds
exceeding 6% interest, by J. P. Russell, Town Clerk and Treasurer,
Denom. $1,000.
Date May 1 1921.
Prin,. and semi-ann. int. (M. & N.)
payable in New York City.
Due in 20 or 30 years at option of the purchaser
Cert, check for 5%. required.
LUMBERTON, Robeson County,
Sealed bids will be received until 12 ra.
at not
Date July
1
110, p. 2412—■■
of Cincinnati.
CC'lV''.'
?'■.
1920.
MALDEN, Middlesex County, Mass.—BOND SALE.—The Old Col¬
Trust Co. of Boston was the successful bidder at 100.31 for the $139,000
5% and 5H% bonds, maturing from 1920 to 1951, which were offered on
Mar. 29.
V. 112, p. 1322.
ony
MAMARONECK UNION FREE SCHOOL DISTRICT NO.
SCHOOL
CONSOLIDATED
SCHOOL
DISTRICT
Lane), Jerauld County, So. Dak.—BOND SALE.—
school building bonds was awarded on March 25 to the
Wells-Dickey Co., at par for 6Hs.
Denom. $10,000.
Date March 1 1921.
Int. M.&S.
Due yearly as follows: $5,000 1926 to 1940, incl., and $25,000
INDEPENDENT
LANE
O.
(P.
1
An issue of $100,000
1941.
County,
N.
Y.—BOND
1 (P. O.
OFFERING.—
Education, will receive bids until
8.30 p. m. April 14 for the following two issues of gold coupon (with privilege
of registration) bonds, to bear interest at a rate not to exceed SH %'■
$200,000 Murray Ave. School bonds.
Due yearly on May 1 as follows:
$5,000, 1923 to 1942, incl.; and $10,000, 1943 to 1952, incl.
100,000 Chatsworth Ave. School bonds.
Due $5,000 yearly on May 1
from 1923 to 1942, incl.
Denom. 1900, Date May 1, 1921.
Prin. & semi-annual int. (M. & N.)
payable in U. S. gold coin at the First National Bank of N. Y.
Cert, check
on an incorporated bank or trust company for 2% of amount bid for, re¬
quired.
Legality approved by Geo. S. Clay of N. Y.
Purchaser to pay
accrued interest.
Bonded Debt (incl. this issue) $451,750.
Assessed
1920, $15,623,286.
Value,
Manistee County, Mich.—BONDS DEFEATED.—On
defeated a proposal to issue $85,000 property-purchase
:' /"
/
MANISTEE,
Feb. 15 the voters
WATER DISTRICT (P.
O. San Rafael),
Calif.—DESCRIPTION OF BONDS.—Further details
sale of $250,000 5% water-works-extension bonds,
awarded on Feb. 15 to the Freeman, Smith & Camp Co. of .San Frnacisco
at 93-53 and interest—V. 112, p. 868.
Denom. $1,000.
Date Jan. 1 1921.
Int. J. & J.
Due yearly on Jan. 1 from 1923 to 1931, incl.
MARIN
Marin
are at
MUNICIPAL
County,
hand relative to the
MARION
Marion
County, Ohio.—BOND OFFERING.—Bids will be
by J. L. Landes, City Auditor, for the following
received until 12 m. Apr. 25
bonds:
$104,875 refunding bonds.
three issues of 6%
48,913
^
Denoms. 1 for $875 and 104 for $1,000.
Due
follows: $4,875 Mar. 1 1923, $5,000 Sept. 1
1923 to Sept. 1
1931, incl.; $7,000 Mar. 1 1932; and $8,000
Sept. 1 1932.
Cert, check for $2,500, required.
special assessment street-improvement bonds.
Denoms. 1 for
$913 and 48 for $1,000.
Due $4,913 Mar. 1 1923; and $5,000
each six months from Sept. 1 1923 to Sept. 1 1927, incl,
Cert,
six months
each
as
for $1,000, required.
share street-improvement bonds.
Denoms. 1 for $429
for $1,000.
Due each six months as follows; $2,429
Mar. 1 1922; $3,000 Sept. 1 1922 to Sept. 1 1930, incl.; and $4,000
Mar. and Sept. 1 1931.
Cert, check for $1,500, required.
Date Mar. 1 1921.
Int. M. & S.
Cert, checks are to be made payable
to the City Treasurer.
Purchaser to pay accrued interest.
check
61,429
city's
61
and
MARSHALL COUNTY
(P. O. Marshalltown), Iowa.—BOND SALE.
City were awarded $52,000 6% Iowa
—On Mar. 8 Schanke & Co. of Mason
Denom. $1,000.. Date
from 193B to 1935, incl.
(P. O.
Shoals), Ind.—BOND OFFERING.—
Henry O. McCord, County Treasurer, will receive bids until 2p.m. Apr. 4
for the following 4lA% Perry Twp. road bonds:
Drainage District No. 1 bonds at par.
Aug. 1 1920.
Int. M. & N.
Due $13,000 yearly
River
COUNTY
LAPORTE
(P.
O.
Laporte),
Ind.—BOND OFFERING.—
Katheryn C. Spore, County Auditor, will receive bids until 10 a. m. May 9
for $100,000 6%
general fund bonds.
Denom. $1,000.
Due Dec. 15
1921.
Purchaser to pay accrued interest.
LARIMER COUNTY
SCHOOL DISTRICT NO. 5
(P. O.
Fort Col¬
lins), Colo.—BOND SALE.—The Bankers Trust Co. of Denver on Mar. 28
purchased the $110,000 10-30-year (opt.) school bonds—V. 112, p. 1321—
at 100.27 for 5Ms.
(P. O. Laurens), So. Caro.—BOND SALE.—
This county sold the $50,000 6% road-impt. bonds (V. 112, p. 1187) on
Mar. 29 to Sidney Spitzer & Co. of Toledo for $49,160 (98.32) and accrued
int. from Apr. 1 1921, a basis of about 6.15%.
Due $5,000 yearly on
July 1 1936 to 1945 incl.
LAURENS COUNTY
San
LODI,
that
Westchester
Larchmont),
Charles M. Bingham, Clerk of Board of
DISTRICT
(P. O. Bowling Green),
Wood County, Ohio.—BONDS VOTED.—It is reported that the voters
on Mar.
22 passed favorably on the question of issuing $50,000 school
bldg. bonds.
TOWNSHIP
LAKE
County, Neb.—BOND SALE.—The Interna¬
jointly,
tional Trust Co. and Bosworth, Ghanute & Co., both of Denver,
purchased $50,000 water and $20,000 funding 6% bonds on March 28.
KINGSPORT, Sullivan Couhty, Tenn.—BOND SALE.—The $125,000 6% 20-year school bonds, offered on June 22 last—V.
been purchased at par by the Davies-Bertram Co.,
have
NO.
1931.
13,000 Washington Twp. impt. No. 136 bonds.
Due $3,000 April 25
1922, and $2,000 yearly on April 25 from 1923 to 1927, incl.
8,500 Washington Twp. impt. No. 146 bonds.
Due yearly on April 25
as follows: $2,500, 1922; $2,000, 1923, and $1,000, 1924 to 1927. incl.
60,000 Washington Twp. impt. No. 162 bonds.
Due $6,000 yearly on
bonds:
p.1053.
April 1 from 1922 to
COUNTY
McCOOK, Red Willow
(P. O. Franklin), Ind.—BONDS OFFERED.—
Jesse D. Ellis, County Treasurer, will receive bids until 10 a. m. Apr. 6
for the following 4K% road bonds:
$18,740 A. J. Orme Jr., et al, Pleasant Twp, bonds.
Denom. $937.
Due $937 each six months from May 15 1922 to Nov. 15 1931,
JOHNSON COUNTY
24,900
LUCAS
on
100.891 White, Weld& Co
__.,____100.73
100.781Harris, Forbes & Co..100.58
Old Colony Trust Co
Ridgeland), So. Caro.—BOND OFFERING.
Gill, Chairman of the County Highway Commission, will receive
12 m. April 4 for $100,000 road bonds, at not exceeding
sealed bids until
6% interest.
Merrill, Oldham & Co.._.
Due $1,000 yearly
the
offered
Joaquin
5%%
$200,000
on
County, Calif.—BQND SALE.—Reports
tax-free gold coupon impt. bonds, which
say
were
21, have been sold to local banks.
Denom. $1,000.
1921.
Int. M. & S. payable at Lodi or New York.
Due
March
Date March
1
$5,000 yearly on March 1 from 1922 to 1961,
incl.
LODI, Medina County, Ohio.—BOND OFFERING.—Proposals for
the purchase of $17,800 6% village's share street impt. bonds will be re¬
ceived until 12 m. April 23 by J. W. Dunlap, Village Clerk.
Denom. $890.
Date April 1 1921.
Int. A. & O.
Due $890 on April 1 and Oct. 1 in the
years 1922 to 1931, incl.
Cert, check for 5% of amount of bonds bid for,
payable to the Village Treasurer, required.
LOGAN COUNTY (P. O. Bellefontaine), Ohio.—BOND SALE.—
The State Industrial Commission of Ohio has purchased at par $33,000 6%
road-construction
bonds.
Denom.
$3,300.
Date Jan., 1
1921.
Int.
J. & J.
Due serially to Jan. 1 1926.
DISTRICT NO. 60, (P. O. Atwood),
Colo.—BOND
ELECTION.—SALE.—The International Trust Co. of
Denver has purchased, subject to being voted on May 2, $6,000 6% school
LOGAN
COUNTY
SCHOOL
bonds.
LOGANSPORT, Cass County, Ind.—BOND SALE.—In August 1920
Breed, Elliott & Harrison of Indianapolis, purchased $150,000 6% electric
Denom. $1,000.
Date Aug. 20 1920.
Int. J. & J.
Due $5,000
each six months from July 1 1921 to Jan. 1 1936, incl.
bonds.
LORAIN, Lorain County, Ohio.—BONDS NOT SOLD.—The $100,000
5M% water works and $80,000 6% paving bonds which were offered on
Mar. 24—V. 112, p. 1053—were not
sold.
MARTIN
COUNTY
$17,500 bonds.
Denom. $875.
16.000 bonds.
Denom. $800.
Purchaser to pay accrued interest.
MEDFORD,
Middlesex County, Mass —LOAN OFFERING.—The
City Treasurer will receive bids until 9 a. m, Apr. 4 for the purchase at
discount of a temporary loan of $100,000, maturing $50,000, on Dec. 19
and Dec. 30 1921.
These notes will be engraved under the supervision of
the Old Colony Trust Co. of Boston, which will guarantee the signatures and
will certify that the notes are issued by virtue and in pursuance of an order
of the Board of Aldermen, the validity of which order has been approved
by Ropes, Gray, Boyden & Perkins of Boston.
These notes a^ei exempt
from taxation in Massachusetts.
The legal papers incident to this issue
will be filed with the Old Colony Trust Co., where they may be inspected.
MICHIGAN,
(State
of).—BOND OFFERING.—Frank F. Rogers.
State Highway Commissioner, will receive bids at Lansing until 1.30 p. nci,
April 6 for $60,000 6% road bonds issued by Barry and Kalamazoo Counties
Road Assessment District No. 177.
Int. M. & N.
Due yearly from 1923
to 1928, incl.
Cert, check for 2% of amount of bonds bid for, payable to the
State Highway Commissioner, required.
MILFORD, Clermont County, Ohio.—BOND OFFERING .—Proposals
19 by H. L. Schroeder, Village Clerk, for
will be received until 12 m. Apr.
$5,000 6% water-works bonds.
and semi-ann. int., payable at
Denom. $500. Date Jan. 1 1921.
11 rin.
the Milford National Bank of Milford.
check for 5%
required.
Due $500 yearly on Jan. 1 from 1922 to 1931. incl.
Cert,
fo amount of bonds bid for, payable to the Village Treasurer,
County, No. Dak.—BOND SALE.
During February
sewage-disposal bonds were sold at par to the State ot
North Dakota at par.
Date Apr. 1 1920.
Due Apr. 1 1940.
Bonds are
not optional but can be paid 3 years after date of issue.
MONROE. Union County, No. Caro.—BOND OFFERING.—J. H.
Boyte, City Clerk, will receive sealed proposals until 12 m. April 22 for the
following 6% gold coupon (with privilege of registration) bonds:
$50,000 water and sewer bonds.
Due yearly on May 1 as follows. $1,000,
1924 to 1949, incl., and $2,000 1950 to 1961, ineb
n
100,000 street impt. bonds.
Due yearly on May 1 ^follows. $5,000
1923 and 1924; $6,000 1925 to 1929,incl., and $12,000 1930 to
1934, incl.
MI NOT, Ward
1921 $35,000 4%
1436
THE
CHRONICLE
Denom. SI ,000.
Date May 1 1921.
Prin. and semi-ann. int. (M. & N.)
payable at the U. 8. Mtge. & Trust Co., N. Y.
Cert, check or cash.on an
success
1920.
incorporated bank
or trust company for
2% of the amount of bonds bid for
payable to the City Clerk, required.
Successful bidders will be furnished
with the opinion of Reed,
Dougherty & Hoyt of New York City, that the
bonds are valid and
binding obligations of the City of Monroe.
The bonds
[VOL. 112.
March
on
last—V.
1
Int. F. & A.
Due
^.OOO in each of the
2% of bid required.
ORRVILLE,
_
110, p.
Feb.
on
1
1111.
as
Denom. $500.
Date Feb. 1
follows: $1,000 1925 and 1930 and
Certified check for
years 1935, 1940, 1945 and 1950.
Wayne
County,
Ohio.—BOND
SALE.—On
Mar.
28
will be preapred under the
supervision of the United States Mortgage and
Trust Company, New York
City, which will certify as to the genuineness of
the signatures of the
city officials and the seal impressed thereon.
Pur¬
chaser to pay accrued interest.
the Orrville National
Bank was awarded at par and interest the
$22,000 6%
ice
plant bonds offered on that date—Y. 112, p. 1054.
Date Mar. 15
MONTGOMERY COUNTY
(P. O.
Crawfordsville), Ind —BOND
OFFERING.—H. T. Stout, County Treasurer, will receive bids until
10 a. m. Apr. 5 for $10,500
4lA% Lee Brookshire et al Clark Twp. road
ORRVILLE SCHOOL DISTRICT (P. O.
Orrville), Wayne County,
bonds.
Denom.
$525.
Date
each six months from May
Jan.
4
1921.
15 1922 to Nov.
Int.
M.
&
N.
Due
$525
15 1931. incl.
MOWER COUNTY INDEPENDENT SCHOOL DISTRICT NO. 27
(P. O. Austin), Minn.—BOND OFFERING.—Until 8
p.
m.
April 6
proposals will be received for 8325,000 6% school bonds by J. E
Crippen,
Clerk Board of Education.
Denom. $1,000.
Date April 1 1921.
Prin.
and semi-ann. int. (A. V O.)
payable at a place designated by the successful
bidder.
Due April 1 1936.
Cert, check for $5,000, payable to the Treas¬
urer, required.
Purchaser to pay accrued interest.
NASHUA, Hillsborough County, N. H.—TEMPORARY LOAN.—
On Mar. 30 the temporary loan of
$200,000, dated Mar. 31 and maturing
Dec. 8 1921—V. 112, p. 1322—was discounted
by S, N. Bond & Co. at
6.40%.
NEEDHAM,
Norfolk
County,
Mass.—BOND
Due yearly on April 1 as follows:
and $2,000, 1927 to 1941* incl.
125,000 bonds.
Due yearly on April 1 as follows:
incl
$3,000,
1922
to
mi*?*—BOND OFFERING.—Bids
will be received until
1 p. m.
Education.
to
OSHKOSH, Winnebago County, Wise.—DATE SET.—The date for
the voters to decide
whether they are in favor of the city of Oshkosh ac¬
quiring and conducting the gas and electric
plants now owned by the Osh¬
kosh Gas Light
Company, is April 5.
OTTER SCHOOL DISTRICT
(P. O. Gassaway), Braxton County
W. Va.—BOND OFFERING.—Sealed bids will be
received by C. L. Heater*
Secretary Board of Education, for $99,000 6% school bonds until
12 m.
April 16.
Denom. $600.
Date Jan. 1 1921.
Int. annually, payable at
the Mechianics
Bank, Gassaway or at the Irving National Bank, N. Y.
Due $6,600
yearly on Jan. 1 from 1926 to 1940 incl., optional on or after
Jan. 1
1926.
Cert, check for $990, required.
int.
PALMER
No. 4,
TOWNSHIP
Box 14),
legal
incident to these issues together with an affidavit certifying to the
execution of the bonds will be filed with the Old Colony Trust Comany, where they may be inspected.
proper
works repair and $11,000
;
large majority at
NEPTUNE CITY, Monmouth
County, N. 3.—BOND OFFERING.—
an issue of $25,000
6% street-improvement and sprinkling-appara¬
and $1,000, 1933 to 1952, incl.
These bonds will be issued in two series,
one of $13,000 to be taken
up and paid for immediately after the sale, and
NEW ALBANY SCHOOL CITY (P. O. New
Albany), Fiovd County,
Ind.—BOND OFFERING.—T. E. Crawford, Treasurer of School
Board,
will receive bids until 2
p. m.
,
NEW
BRITAIN,
Hartford
County,
Conn.—NOTE
SALE.—On
Mar. 29 the $358,977 tax-free notes offered on that date—V.
112, p. 1322—
awarded to Kardos & Burke of New
York, on a 6.25% discount
basis.
Due $96,077 July 26 and $262,900 Aug. 1 1921.
were
NEWCOMERSTOWN,
Tuscarawas
County,
.
Ohio.—NO
BIDS
RECEIVED.—No bids were received on Mar. 26 for the
$42,500 6%
special assessment Canal Street-improvement bonds offered on that
date,
—V. 112, p. 1188.
NEWPORT,
Newport County, R. I.—TEMPORARY LOAN.—On
temporary loan of $75,000 dated April 6 and maturing
Sept. 6
112, p. 1322—was awarded to Blako Bros. & Co. of Boston on a
6.14% discount basis.
I March 31 the
1921—V.
NEWTON
COUNTY
(P. O.
John J.
Kentland), Ind.—BOND OFFERING.—
Sell, County Treasurer, will receive bids until 10 a. m.
Apr. 27
for the following two issues of 5% road bonds:
$6,120 Roberts Road bonds.
Denom. $306.
Due $306 each six months
from May 15 1922 to Nov. 15 1931, incl.
8,800 Lamson Road bonds.
Denom. $440.
Due $440 each six months
from May 15 1922 to Nov. 15
1931, incl.
Date Apr. 15 1921.
Int. M: & N.
NEW WESTON VILLAGE
New Weston), Darke
SPECIAL SCHOOL DISTRICT
(P. O.
County, Ohio.—BOND OFFERING.—Bids will
Apr. 16 for $22,000 6% coupon school house bonds
by John W. Gilbert, Clerk of Board of Education.
Denom. $.500.
Date
Apr. 1 1921.
Prin. and semi-ann. int. (A. & O.)
payable at the
be received until 12
m.
Farmers''
Due $500 each six months from Oct. 1 1921 to
Apr. 1 1943, incl.
Cert, check for 5% of amount of bonds bid
for, payable
to the Board of
Education, required.
Purchaser to pay accrued interest
Bank Co.
of Ross burg.
.
NOBLE
TOWNSHIP
RURAL
SCHOOL
DISTRICT
(P.
O.
Belle
Valley), Noble County, Ohio.—BOND SALE.—The Citizens National
Bank of Caldwell
6% school bldg.
1921.
Due
the successful bidder at
par and interest for the $2,500
bonds offered on Mar. 26—V. 112, p. 1054—. Date Mar.
1
was
$5§0 yearly
on
Mar. 1 from 1922 to 1926, incl.
1926.
paving bonds.
13,600 village's portion Witwer St. paving bonds.
$600.
Due Mar.
1
1936.
Witwer
Denom.
$1,000
Denoms. $1,000 and
16,700 special assessment
St. paving bonds.
Denoms. $1,000
and $700.
Due $700 Mar. 1 1923, and $2,000
yearly on Mar. 1
from 1924 to 1931, incl.
30,000 special
assessment
East
Maple St.
paving
bonds.
Denom.
$1,000. Due yearly on Mar. 1 as follows: $1,000
1923, $2,000 1924
$3,000 1925, and $4,000 1926 to 1931. incl.
Date
Mar.
1
1921.
•
Prin.
and
semi-ann.
int. payable at the
solvent bank in Stark
Village
County,
for 5% of amount of bonds bid
for, payable to the Village
Treasurer,
required.
Bonds to be delivered and paid for at the
Village Treasurer's
Treasurer's office.
Cert,
check
on
some
office within 10 days from date of award.
Purchaser
interest and furnish the necessary blank bonds.
NORTHAMPTON
TOWNSHIP
(P.
to
pay
accrued
-
bidders for them.
CITY, Venango County, Pa.—BOND OFFERING.—W. W.
Holt,
City Treasurer, will receive bids until 5 p. m. Apr. 4 for $100,000 5
3-5%
tax-free bonds.
Date May 1 1921.
Int. M. & N.
Due yearly on
May 1
from 1926 to 1940, incl.
Cert, check for 1% of amount of bonds bid
for,
required.
PERRYSBURG,
Wood
County,
Ohio .—BOND
OFFERING.—
John W. Lyons, Village
Clerk, will receive bids until 7.30 p. m. April 21
following 6% coupon Front St. impt. bonds:
$3,000 village's share bonds.
Due April 1 1941.
15,000 special assessment bonds.
Due $500 on April 1 and Oct. 1 in
1922, 1923, 1924 and 1925; $500 on April 1 and
$1,000 on Oct. 1
in 1926, 1927,
1928, 1929 and 1930, and $1,000 on April 1 and.
Oct. 1 in 1931.
Denom.
$500.
Date April 1 1921.
Prin. and semi-ann. int. payable
the Village Treasurer's office.
Cert, check on a local bank, a New
York draft, or currency in the amount of
3% of bonds bid for, payable
to the Village Treasurer,
required.
at
PHILADELPHIA SCHOOL DISTRICT (P. O.
Philadelphia), Pa.—
BONDS OFFERED.—The Board of Education is
offering an issue of $1,000,000 5% 30-year school bldg. bonds,
according to newspaper reports.
PHOENIX,
Maricopa
County,
Ariz .—BOND
SALE.—The
$655,000
6% muncipal-improvemeht bonds, offered on Mar. 16—V. 112, p. 960—
have been sold to E. H. Rollins & Sons and William
R. Compton Co.
The
bid at which they obtained the bonds was as
follows: par and accrued
interest; and that the National City Co. act as fiscal
agents and receive
$8.30 for each $1,000 bond.
Other bidders:
Bankers Trust Co., Harris Trust &
Savings Bank and the Continental
and Commercial Trust &
Savings bid 97.151. and accrued interest to date
of delivery.
Northern Trust Co., A. B. Leach &
Co., Haisey, Stuart & Co., and the
International Trust Co., bid par and accrued int. to date of
delivery.
They
as fiscal agents and receive
$12,012.
to act
PINE LEVEL SPECIAL TAX SCHOOL DISTRICT NO.
23. De Soto
County, Fla.—BOND OFFERING.—Until 12 m. May 2 P. G. Shaver,
Superintendent of the Board of Public Instruction (P. O. Arcadia) will
receive proposals for $10,000 6% school coupon bonds.
Date Sept. 1 1920.
Int. M. & S.
Due on Sept. 1 as follows: $1,000 1925 and 1930 and
$2,000
in each of the years 1935, 1940 1945 and 1950.
Cert, check for 2% of
bid, required.
PITTSFIELD,
Berkshire
Estabrook & Co. of Boston
a
6.08% discount basis
on
County,
were
Mass .—TEMPORARY LOAN.—
a temporary loan of $200,000 on
awarded
Mar. 29.
Date Mar. 29 1921.
Due Nov. 29
1921.
PLATTE COUNTY SCHOOL DISTRICT NO.
12, (P. O. Guernsey),
Wyo.—BONDS VOTED.—We are informed that the $50,000 6% 15-25
year school bldg. bonds were voted March 22.—V. 112, p. 1189.
PLEASANT PRAIRIE CONSOLIDATED INDEPENDENT SCHOOL
Iowa.—BOND ISSUE DECLINED.—The voters defeated
of $100,000 6% school bldg. bonds by a vote of 93 "for" to
193 "against" on March 5.
DISTRICT,
POLK COUNTY (P.
O. Crookston), Minn .—PRICE PAID.—The
price paid by A. D. Stephens of Crookston on Mar. 19 for the $254,000
county-ditch bonds—V. 112, p. 1323—was par and accrued interest, less
$2,000 for expenses, for 6s.
This bid is equal to 99.21.
PORTO RICO (Government of).—BOND SALE.—By
submitting a
and int. the Guaranty Company of New York and
Hannahs, Ballin & Lee, both of New York, secured the $500.000
43^%
gold tax-free coupon (with privilege of registration),
"Worlcingmen's
proposal of 90.189
House Construction Bonds" of 1920 on March 31—V. 112,
p. 1323.
$5,000 and 81.000.
Dace Jan. I 1920.
Prin. and semi-ann.
noms.
De¬
int.
(J. & J.) payable at the Treasury of the United States, Washington, D. C.,
or at the Federal Reserve Bank in New York.
Due as follows: $250,000
Series "A"
on
able
after Jan.
Jan. 1
1941-and $250,000 Series "B"
on
Jan.
1 1942. redeem¬
1 1940.
These bonds, which are acceptable by the
Treasury Department as security for public deposits and
eligible to secure postal savings funds on a 100% basis, are now being
offered to the investing public by the purchasers at a
price to yield 5% %.
on
United
or
States
PORTSMOUTH, Scioto County, Ohio.—BOND SALE.—The $10,000
city's share
sewer
bonds offered
awarded to five local banks at par.
on Feb. 1 from 1925 to 1934, incl.
on
Mar.
29—V.
Date Feb. 1 1921.
112, p. 1055—were
Due $1,000 yearly
POTAKA SCHOOL TOWNSHIP (P. O. Princeton), Gibson
County,
SALE.—This township awarded on March 29 the $40,000
school-bldg. bonds (V. 112, p.
1189)
to
the Peoples
American
National Bank of Princeton at par and int.
Date Jan. 1 1921.
Due
$4,000 each six months from July 1 1922 to Jan. 1 1927 incl.
6%
PULASKI
—No bids
County,
Colo.—BOND SALE.—The Bankers
Trust Co. of Denver has purchased $25,000
6% 10-15 year water bonds.
Assessed
valuation
$624,790.
Total bonded debt, all water,
$90,000.
Population 491.
OMAHA, Douglas County, Neb.—BOND ELECTION.—On
May 3
$1,000,000 bridge bonds will be voted upon.
■,
ONA SPECIAL TAX SCHOOL DISTRICT NO.
32, De Soto County.
Fla.—BOND OFFERING.—Proposals will be received until 12 m.
May 2
by P. G. Shaver, County Superintendent of the Board of Public
Instruction
(P. O. Arcadia) for the $10,000 6% coupon school bonds offered without
water
system bonds—V. 112, p. 869—carried by a
election.
sewer
Ind.—BOND
OIL
Montrose
a recent
for the
6%
O.
Mount Holly), Burlington
County, N. J.—BONDS NOT SOLD.—The $20,000
43^% emergency
bonds offered on Mar. 24—V. 112, p. 1054—were not
sold, there being no
OLATHE,
R.
the issuance
NORTH
CANTON, Stark County, Ohio.—BOND OFFERING.—
Proposals for the purchase of the following five issues of
6% coupon bonds
will be received until 12 m.
April 16 by Ed. McCarty. Village Clerk:
$15,000 water main extension bonds.
Denom.
$1,000.
Due
Mar.
1
5,500 village's portion East Maple St.
and $500.
Due Mar. 1 1936.
R.
PENNINGTON COUNTY (P. O. Thief River
Falls), Minn.—BOND
OFFERING.—Reports say that sealed bids will be receiped until 2 p. m.
Apr. 7 by T. P. Anderson, County Auditor, for $26,000
6% 5-20-year ditch
bonds.
Date Apr. 1 1921.
Prin. and semi-ann. int. payable at the First
National Bank, St. Paul.
Cert, check for 10% payable to the
County,
Treasurer, required.
the other, $12,000. to be taken
up and paid for on Dec. 1 1921.
NEW
BERN,
Craven
County,
No.
Caro.-—BOND
SALE.—The
ITanchett Bond Co. of Chicago was awarded on March 28 the
$150,000 6%
school bonds—V. 112, p. 1322.—at par and interest less
expenses.
Bids were also received from Sidney, Spitzer & Co., Spitzer, Rorick &
Co, and A. B. Leach & Co.
Easton
PENINSULA
Apr. 6 by Sharon Smith, Borough
follows: $500, 1923 to 1932, incl.;
April 18 for $80,000 6% coupon tax-free school
bldg. bonds.
Denom. $500.
Date April 20 1921.
Prin. and semi-ann.
int. (A. & O.) payable at the Mutual Trust &
Deposit Co. of New Albany.
Due April 20 1926.
Cert, check for $200, payable to the
Treasurer,
require 1.
Bonded Debt April 1 1921 (excl. this issue), $48,000.
Assessed
value, 1920, $17,301,840.
O.
DRAINAGE DISTRICT NO. 2, Ore.—BOND OFFERING.
—Alfred A. Aya, Member of the Board of
District Supervisors, will sell at
1410 Yeon Building,
Portland, on April 29 at 10 a. m. $27,500 of bonds of
said district.
Bids for
Due yearly as
(P.
PARMA, Canyon County, Ida.—BONDS VOTED.—The $29,000
papers
$500.
DISTRICT
by Howard D. Siegfried, Secretary
5% coupon school bonds.
Denoms. $100,
$500 and $1,000.
Semi-ann. int. (A. & O.) payable at the Nazareth
National Bank of Nazareth,
Cert, check for 2% of amount of bid,
pay¬
able to the District
Treasurer, required.
as
Company of Boston, which
Denom.
SCHOOL
Northampton County, Pa.—BOND OFFERING.—-Bids
will be received until 6:30
p. m. Apr. 13
of School Board for
$26,000
will further certify that the
legality of these issues has been approved by
Story, Thorndike, Palmer & Dodge, a copy of whose opinion will accompany
the bonds when delivered without charge to the purchasers.
All
Clerk,
coupon school bonds;
of Board o
Due serially from 1942
bonds were awarded to H. C. Grafton Co. of
Boston, at 108.53 a basis of
about 4.62%.
Denom. $1,000.
Date Jan. 1 1921.
Prin. and semi-ann.
(J. & J.) payable at the Palmer National Bank of Palmer.
Due
$1,000 yearly on Jan. 1 from 1922 to
1949, incl.
1926,
$7,000, 1922 to 1926,
inch, and $6 000, 1927 to 1941, incl.
Denom. $1,000.
Date April 1 1921.
Prin. and semi-ann. int. (A. & O.)
payable at the Boston Safe Deposit & Trust Co.
tus bonds will be received until 8
p. m.
for $100,000 6%
April 20 by H. Blankenhorn, Clerk
Denom. $1,000.
Date May 1 1921.
1955, incl.
Purchaser to pay accrued interest.
m
:
These bonds will be engraved under the
supervision of and certified
to their genuineness by the Old
Colony Trust
Due $2,000 Sept. 15 1922
and $4,000 yearly on Sept. 15 from 1923
1927, incl.
PALMER FIRE DISTRICT NO. 1 (P. O. Palmer), Hampden County,
Mass.—BOND SALE.—On Mar. 24 $28,000
53^% coupon tax-free water
OFFERING.—Charles*
E. Stan wood, Town Treasurer, will receive bids until 8
p. m. April 5 for the
following 5% coupon tax-free school bonds:
$45,000 bonds.
1921.
to
COUNTY
were
bonds offered
on
received
(P. O. Winamac), Ind.—NO BIDS RECEIVED.
for the $44,000 5% James E.
Lackey et al road
Mar. 21.—V. 112, p.1189.
PUTNAM COUNTY (P. O.
Greencastle), Ind.—BOND OFFERING.—
April 15
Otto G. Webb, County Treasurer, will receive bids until 2
p. m.
for the following 43^% road bonds:
$44,800 Iven Ruark et al. bonds.
Denom. $1,120.
11,800 Chas. F. Hughes et al. bonds.
Denom. $590.
26,200
13,200
30,800
26,400
14,400
Geo. K. Lloyd et al. bonds.
Denom. $1,310.
T. W. Gibson et al. bonds.
Denom. $660.
D. F. Brothers et al. bonds.
Denom. $770.
O. P. Wright et al. bonds.
Denom. $660.
O. P. Wright et al. bonds.
Denom. $720.
April 2
THE
1921.]
1921.
Prin. and semi-ann. int. (M.
Treasurer's office.
Due one-twentieth of
Date April 15
County
Legality approved by the State Attorney-General and by Caldwell
Raymond, of N. Y., a copy of whose opinion will be furnished the pur¬
Purchaser to pay accrued interest.
office.
& N.) payable at the
each issue each six
&
chaser.
15 1931, incl.
months from May 15 1922 to Nov.
PUYALLUP, Pierce County, Wash.—BOiYD OFFERING.—'Reports
City Treasurer will receive sealed bids until April 6 at 8 p. m.
$15,000
6% municipal bonds.
Date May 1 1921.
Int.semi-ann
Due May 1 1941.
Cert, check for $500, required.
SAN FRANCISCO (City and County), Calif.—CORRECTED FINAN¬
STATEMENT.—J. S. Dunnigan, Clerk of the Board of Super¬
advises us that the financial statement which he furnished us in
connection with the offering on April 4 of the $2,366,000 434% tax-free
school bonds and which was published last week, has been since corrected.
The revised financial statement is as follows:
CIAL
state that the
visors,
for
READING, Berks County, Pa.—BOND SALE.—On Mar. 30 the
5% tax-free coupon general impt. bonds offered on that date
(V. 112, p. 1189) were awarded as follows:
$740,000 paving, sewer and comfort station bonds to Biddle & Henry,
Edward B. Smith & Co.. and Elkins, Morris & Co., of Philadel¬
two issues of
Assessment Roll
Real
—An issue
Loan
sota
Date Feb.
Polytechnic High School Bonds
Exposition bonds..
City Hall bonds._
Hospital-Jail Completion bonds
Municipal Railway bonds
School bonds, 1918---—
ROCHESTER,
Olmsted
County,
Minn.—BOND
SALE.—The
Trust & Savings Bank, Capital Trust & Savings Bank and
Gates, White & Co., all of St. Paul, jointly, have purchased $300,000 6%
tax free coupon permanent improvement revolving fund bonds.
Denom.
$1,000.
Date April 1 1921.
Prin. and semi-ann. int. (J. & D.) payable
at the Capital National Bank, St. Paul.
The purchasers are now offering
the bonds, which are a legal investment for Minnesota Savings Banks, to
investors as follows:
.
v'
"V;;.
Maturities and Prices.
— —
2,151,000
_
fund bonds
paid primarily
Debt—
$16,893,000
sold.—
bonds
1,574,500
10,000
_
AUGUSTINE, St. Johns County, Fla."—BOND OFFERING —
City of St. Augustine is about to issue sewer and water works bonds in
sum'of about $425,000 for the extension of the water and sewer system.
Bonds will be in denomination of $500, bear 514% and issued in series
"A", "B" and "C".
Redeemable in 10, 20 and 30 years respectively.
Any persons who may be interested as probable purchasers of the bonds will
please communicate with the City Manager.
ST.
Hamilton County, Ohio .—BOND ELECTION —
A special election is to be held on April 5 to vote on propositions calling for
the issuance of $50,000 macadam road, $110,000 water works, $60,000
sanitary sewer, $150,000 Carthage Pike paving, and $13,000 curb and
gutter bonds.
BERNARD,
LEVEE DISTRICT (P. O. Bridge Junction), Critten¬
Ark.—BONDS AWARDED IN PART.—Of the $200,000
112, p. 1189). $300,000 were
ST. FRANCIS
6% levee impt. bonds offered on March 31 (V.
awarded on that day at par and accrued int.
The remainder will be sold
latGr.
1,000,000
$15,291,000
________
assessment
.056
to assessment
v.08
SCHENECTADY, Schenectady County. N. Y.—BOND SALE.—The
1-20-year serial coupon (with privilege of registration) school
on April 1—V. 112, p. 1324—were awarded to a syndicate
headed by Kissel, Kinnicutt & Co. at their bid fo $1,151,149 20 (100.978)
for 534s, •which is on a basis of about 5.12%.
Date March 1 1921. Due
$57,000 yearly on March 1 from 1922 to 1941, incl.
bonds offered
Wash.—BONDS
SEATTLE,
OVERSUBSCRIBED.—We
are
advised
through official sources that the $2,175,000 6% gold tax-free coupon (with
privilege of registration) municipal light, and power plant and system
bonds, which were offered to the investing public during the fore part of this
week
at
and accrued interest by R. M. Grant
par
& Co. of New York,
Chicago, Boston and St. Louis, were heavily over-subscribed.
In an advertisement on a preceding page the offering of these
investors appears as a matter of record.
Washita
SENTINEL,
(P. O. Shelbyville),
SHELBY COUNTY
It. Carlisle,
Geo
Okla .—BOND
ELECTION.—On
bonds are. to be voted upon.
County,
Apr, 5 $60,000 sanitary-sewer
County Treasurer, will
Ind.—BOND OFFERING.—
receive proposals until 10 a. m.
Geo K. Smith, Washington
Denom. $522.
Date Jan. 15 1921.- Int. M. & N.
months from May 15 1922 to Nov. 15 1931. incl.
$10,440 5%
April 8 for
SHERMAN, Chautauqua County,
$10,000 5%
Bank
bonds to
Twp., road bonds.
Due $522 each six
N. Y.—BOND SALE.—An issue
of
electric light extension bonds was recently sold to the State
at par.
Denom. $1,000.
Date April 1 1921.
Int.
April 1.
Due $1,000 yearly on April 1 from 1922 to 1931, incl.
of Sherman
annually
on
COUNTY (P. O. Gaylord), Minn.—BOND OFFERING.—
will be received until April 15 by the County Auditor, it. is
reported, for $110,000 ditch bonds.
SIBLEY
Sealed bids
SOUTH SAN JOAQUIN IRRIGATION DISTRICT (P. O. Manteca),
Joaquin County, Calif.—BOND SALE.—The $80,000 534% re¬
placement and impt. bonds—V. 112, p. 1190—were awarded on March 29
San
follows:
as
$30,000 bonds to J. O. Robison & Co. of
50,000 bonds to the First National Bank
ST.
SOUTH
(P.
At
O.
an
PAUL
Stockton at 92.
of Sonora at 91.
INDEPENDENT SCHOOL DISTRICT NO. 1
Dakota County, Minn.—BONDS VOTED.—
$100,000 grade school and $250,000 junior
voted, it is stated.
South St. Paul)
election held 011 March 16
high school bonds wrere
COUNTY
(P. O. Spartanburg),
So. Caro.—
5% road impt. bmds, offered on Jan. 13—
82—were awarded on that day to R. M. Grant & Co.
Date
Jan. 1 1621»
Due yearly on Jan. 1 as follows: $40,500,1939: $41,500,1940,
and $42,500, 1941.
SPARTANBURG
GEORGE, Washington County, Utah.—BOND SALE.—The
Bond & Mortgage Co. of Salt Lake has purchased $30,000 6%
10*20 year (opt.) water extension bonds,
Dated April 1 1921. Int. A. &
O.
Assessed valuation $719,295, total bonded debt, all water, $70,000.
Population 2,215.
ST.
Palmer
SAN AUGUSTINE COUNTY (P. O. San Augustine), Tex.—BOND
OFFERING.—Proposals will be received until 12 m. April 11 for the follow¬
ing 534% 1-30 year bonds by W. K. Knight, County Judge.
$93,000 Precinct No. 1 bonds.
46,000 Precinct Nov. 2 bonds.
Int. semi-ann. payable in New York.
The above amounts correct those given by us in V. 112, p. 1324.
DIEGO, San Diego County, Calif.—BOND
Diego on Feb. 14 sold $200,000 7% Barrett Dam
Diego.
Denom. $1,000.
SALE.—The city
bonds to Stephens
& Co. of San
SANTA
ANA
SCHOOL DISTRICT, Orange County, Calif.—
BOND SALE.—The William R. Staats Co. of Los Angeles, has purchased
$75,000 6% tax-free bonds.
Denom. $1,000. Date April 1 1921.
Prin.
and semi-ann. int. (A. & O.) payable at the office of the County Treasurer.
Due $5,000 yeany from 1922 to 1936 incl.
Financial
Assessed
valuation, 1920debt (incl. this
Total bonded
Statement.
—;—
issue)]
:
_____$9,076,950
119,000
SAYREVILLE SCHOOL DISTRICT (P. O. Sayreville), Middlesex
County, N. J.—BOND OFFERING.—Proposals will be received until
April 11 by Fred S. Davis,
District Clerk for the issue of 6% coupon
registered school bonds, not to exceed $34,000, which was offered un¬
at 5?4% on Mar. 15^—V. 112
p. 1189.
Denom. $1 000.
Date Mar. 1 1921.
Prin. and semi-ann. int. (M. & S.) payable at the
South River Trust Co. of South River; interest on registered bonds will,
if requested, be remitted in N. Y. Exchange.
Due yearly on Mar. 1 as
follows: $2,000 1922 to 1931. incl.; and $1,000 1932 to 1945, incl.
Cert,
check on an incorporated bank or trust company for 2% of amount of bond
or
successfully
bid for
v
Percentage of net debt, exclusive of water debt, of
roll, paragraph A
Percentage of total net debt, inclusive of water debt
roll, paragraph A
._______ —
The
the
8 p. m.
July 1
Net water debt
_
SAN
$602,000
city
$1,140,000
Mo.—BOND SALE.—The William R.
successful bidder on Mar. 17 for the
112, p. 1055—at 100.048 and interest.
funding bonds.
Due yearly on Feb. 1 as follows: $500, 1922 to
1937, incl., and $1,000 1938 to 1941, incl.
power-plant-improvement bonds.
Due yearly on Feb. 1 as fol¬
lows: $500 1922 to 1935, inclusive, and $1,000 1936 to 1941, incl.
of San
$32,878,000
(exclusive of water debt)
County,
Phelps
County,
1,453,400
Total deductions
'
ROME, Oneida County, N. Y.—BOND SALE.—On Mar. 26 the $112,000 coupon refunding bonds (V. 112, p. 1189) were awarded to Sherwood
& Merrifield of New York, at 101.30 for 534s, a basis of about 5.12%
Prin. and semi-ann. int..payable at the National Park Bank, N. Y.
Due
$10,000 yearly on Apr. 1 from 1931 to 1940, incl, and $12,000 Apr. 1 1941.
A list of the bids follows:
Sherwood & Merrifield
— _________ _._;— — — i. — — _ _ 101.30—-5 34s
Clark, Williams Co
—
—_ —
101.26—514s
H. L. Adams & Co
_______
___100.28—5}4s
Geo. B. Gibbons & Co
— — —
. — — 101.255—534 s
Redmond & Co
_____ —
—— _______ 4 ----- - - - - -100.46—514 s
Blodget & Co—_____
—■
101.57—514s
den
$637,600
60,000
_
1,602,000
:
Date Feb. 1 1921.
ST.
bonds of issue
— —
Sinking funds to pay bonds due
1921
______
Oompton Co. of St. Louis was the
following 5H% tax-free bonds—V.
13,000
$35,029,000
Sinking Fund—Taxes have been levied and are in
process of collection sufficient to redeem all
bonds maturing on or before July 1
1921,
amounting to
Water
by special assessments
474,500
1-10 of 1%)_____________._________________
Population (1920 Census), 13.722.
$12,000
1,134,000
_
debt).
of 1904
School bonds, issue of 1918-
Less bonds owned by
$30,000,000
11,490,281
Net debt (about
ROLLA,
di
____________
_____
Deductions—
Total
—
Permanent improvement revolving
and other bonds and certificates
1,384,000
425,000
3,800,000
8,000,000
1,200,000
3,200,000
„
Of the above bonds the City owns
Net debt
i 1,584,500
— ■— __$175,000
—
925,000
_ __ — _ _ ______
_ —
$2,166,000
13,720,000
„
Percentages of Debt.
Actual value of taxables (estimated)
„—
Assessed value of taxables (official 1920)--
issue
100,000,000
March 15 1921.
,___
Gross debt (excluding water
Financial Statement.
Total bonded debt, including this
Less: Water Works bonds—
Electric light plant bonds
on
Geary and Market St. Ry. bonds
Merchants
6.75%.
6.75%.
6.50%.
6.40%.
6.25%.
6.15%.
6.00%.
6.00%.
5.90%.
5.90%.
$818,172,508
estimated
Bonded Debt
County, Va.—BOND SALE.—The Colonial
National Bank of Roanoke was awarded on March 26 the $85.000 4 V> %
coupon school bonds—-V. 112, p. 1055—for ^>72,501, equal to 85-29, a basis
of about 5.53%.
Date Jan. 1 1920.
Due Jan. 1 1950.
net
net
net
net
net
net
net
net
net
net
75,618,088
value.
Value of city property,
Roanoke
to
to
to
to
to
to
to
to
to
to
local
,
Bond issue 1904 (various improvements)
Bond Issue 1908 (various improvements).
6%
park-site-purchase bonds.
Denom. $1,000. Date
Int. semi-ann.
Due April 1 1951. Certified check for 10%
of amount of issue, payable to the Village Treasurer, required.
Assessed
value about $12,000,000.
Population 1921, 10,000.
98.84
98.20
98.39
98.41
98.82
99.19
100.00
100.00
100.73
100.78
1
Total assessment roll...
$162,000
April 1 1921.
1922—price
1923—price
1924—price
192,5—price
1926—price
1.1927—price
1 1928—price
1 1929—price
1 1930—price
1 1931—price
157,448,846
-•
.■
Total
for
1
1
1
1
1
taxation
bonds, sold prior to
(operative), not subject to any
property
taxation:
■
Wayne County, Mich.—BOAT) OFFERING.—Ray¬
Clerk, will receive proposals until 8 p. m. April 5
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec>
Dec.
_$585,105,574
roll
—
(operative), subject to local
value
Total
Value of
C.
mond J. Peters, Village
$30,000 due
30,000 due
30,000 due
30,000 due
■30,000 due
30,000 due
30,000 due
30,000 due
30,000 due
30,000 due
188,884,190
98,012,569
only, to pay principal and interest on
Nov. 8 1910:
COUNTY
(P. O. Rockingham), No. Caro.—BOND
SALE.—On Mar. 28 the $200,000 6% court-house bonds—V. 112, p. 1055—
were sold to Spitzer, Rorick & Co., of Toledo.
ROANOKE,
$298,208,815
__
Total non-operative
Value of property
B.
RICHMOND
RIVER ROUGE.
_
Improvements
property.___.
Due $4,000 May 1 1922 and
to 1931, incl.
Redwood Falls), Minn.—BOND SALE.
of $150,000 6% ditch bonds was sold on Jan. 14 to the Minne¬
& Trust Co. for $150,852 equal to 100.56.
Denom. $1,000.
1 1921.
Int. F. & A.
Due yearly from 1925 to 1931, incl.
REDWOOD COUNTY (P. O.
30 1921.
(non-operative) subject to local taxation:
estate
Personal
to 1951, incl.
175,000 garbage plant, park, fire apparatus and storage yard bonds to the
Farmers National Bank of Reading, for $176,697 (100.969) and
for Fiscal Year ending June
Value of property
A.
phia, for $749,694 (101.31) and interest, a basis of about 4.88%.
Due $15,000 May 1 1922 and $25,000 yearly on May 1 from 1923
interest, a basis of about 4.81%.
$19,000 yearly on May 1 from 1923
1437
CHRONICLE
required.
Bonds to be delivered and paid for at
the District Clerk's
BOND SALE.—The $124,500
V.
112,
p.
O. Rockpcrt), Ind.—BOND OFFERING.—
of $6,000 5% J. H. Schwoeppe Road-impt. bonds
Apr. 15 by Frank M. Harter, County Treas¬
Denom. $300.
Date Mar. 15 1921.
Int. M. & N. Due $300
six months from May 15 1922 to Nov. 15 1931,incl.
SPENCER COUNTY (P.
Bids for the purchase
will be received until 10 a. m.
urer.
each
Nash County, No. Caro .—BOND OFFERING.—
will be received until 12 m. April 12 by C. W. Lassiter,
following 6% coupon bonds:
_
„
.
$45,000 water bonds.
Denom. $1,000.
Due yearly on Nov. 1 as follows:
$1,000 1922 to 1952 incl.; $2,000, 1953 to 1959, incl.
10,000 sidewalk bonds.
Denom. $500.
Due yearly on Nov. 1 as follows:
$500 1922 to 1937, incl.; and $1,000 1938 and 1939.
10,000 street impt. bonds,
Denom. $500.
Due yearly on Nov. 1 as
follows: $2,500 1922 and 1923 and $5,000 1924.
20,000 sewer bonds.
Denom. $500.
Due yearly on Nov. 1 as follows:
$500 1922 to 1957 incl., and $1,000 1958 and 1959.
Date Nov. 1 1919.
Prin. and semi-ann. int. (M. & N.) payable at the
Hanover National Bank, N. Y.
Cert, check or cash for 2% of the amount
of bonds bid for payable to the town of Spring Hope, required.
Purchasers
must pay accrued interest from the date of the bonds to the date of delivery.
The Board of Aldermen is authorized to pay the purchasers, out of the pro¬
ceeds of the bonds, a commission or allowance of not rpore than $8,500.
Successful bidders will be furnished with the opinion of Reed, Dougherty
& Hoyt of New York, that the bonds are valid and binding obligations of the
Town of Spring Hope.
1
SPRING
HOPE,
Sealed proposals
Town Clerk, for the
t
SPRINGVILLE.SErie County,
N.
bond's offered
on
fire-dept.
equipment
awarded to O'Brian &
basis of about 5.85%.
from
1922
to
1931
Y.—BOND SALE.—The $12,000
March 28—\ . 112. p. 1325 -were
100.736 for 6s, a
yearly on Nov. 1
Buffalo at their bid of
Date May 1 1921.
Due $1,000
Potter of
inclusive.
1438
THE
STEPHENSVILLE,
the
election
held
Erath
Mar.
22—V.
CHRONICLE
County,
112,
Tex.—BONDS
VOTED.—At
1056—the following 6% 30-year
p.
bonds carried.
$50,000 water works bonds.
Vote 275 to 17.
40,000 streot Impt. bonds.
Vote 267 to 22.
10,000 sewer extension bonds.
Vote 264 to 20.
[VOL. 112.
WHARTON COUNTY (P. O.
Wharton), Tex.—BOND SALE.—The
Mortgage Trust Co., Kauffman-Smith-Emert &
Co.. Taylor, Ewart & Co.
and Stacy and Braun
purchased on Feb. 18 1921 $633,500
5% tax-free road
bonds at 92.15.
Denoms. 366 for $1,000 and 1 for $500.
Date April 10
1920.
Prin. and semi-ann. int.
(A. & O.) payable at the Hanover National
Bank, N Y
Due yearly on April 10 as follows:
$10,000 1923 to 1926,
,
STILLWATER COUNTY SCHOOL DISTRICT NO. 6 (P. O. Co¬
lumbus), Mont.—BOND 3ALE.—The Bankers Trust Co. of Denver, has
purchased at 92,45 and accrued interest the $30,000 6% 10-20 year (opt.)
school
bonds which were offered on Mar.
23—V.
112, p. 961—Assessed
valuation 1919, $1,153,200.
Actual valuation, $2,380,000. Total bonded
debt (including this issue), $59,000Population. 1225.
fe1-: §20,000, 1927;
$15,000, 1928 to 1930. incl.; $20,000, 1931: $25,000,
1932;
J20,000, 1933; $25,000. 1934: $20,000. 1935; $30,000, 1936 to 1947,
incl.; $20,000, 1948 and 1949. and
$18,500, 1950.
~"
Financial Statement.
Estimated actual value of taxable
property
Assessed valuation of taxable
property
Total bonded indebtedness
-
SUMTER COUNTY (P. O. Sumter), So. Caro.—FINANCIAL STATE¬
following financial statement has been issued in connec¬
MENT.—The
tion with the offering
_
Financial Statement.
Actual value of property, estimated—
Assessed value 1920.,_—
Total County debt, not including this issue
________
$100,000,000.00
11,292,981.00
91.248.26
31,317.29
—
COUNTY
(P.
O.
Georgetown),
bidders for the issue
no
gold tax-free highway bonds offered
or
on
from
Del.—NO BIDDERS.—
$250,000 to $500,000 4)4%
TEXARKANA, Bowie County, Tex.—BOND SALE.—Bolger, Mosser
Wi Human of Chicago were the successful bidders for the $300,000
6%
coupon street impt. bonds at 97 on March 28—V. 112, p. 1325.
Date
March 1 1921.
Due $20,000 yearly on March 1 from 192< to 1941
incl.;
optional after 5 years.
5
■
TIPPECANOE
bids
COUNTY
(P.
O.
Lafayette),
IncL—NO BIDS.—No
March 22 of the $7,500 5% Benjamin
receiver! at the offering on
F. Walton et al Wabash Twp. road bonds.—V.
were
112,
p.
1190.
,■
TRIMBLE COUNTY (P. O.
Bedford), Ky.—BOND OFFERING CONSIDERED.—-We are informed by O. 8. Joyce,
County Clerk, that this
county will probably offer for sale $23,000 5% road and bridge bonds.
URICH SCHOOL DISTRICT (P. O.
Urich), Henry County, Mo.—
OF BONDS.—'The $20,000
6% 5-20-year school bonds,
as reported in V. 112, p. 1325—are described as
follows: Denoms.
$1,000 and $500.
Date Fob. 12 1921.
Int. J. & J.
DESCRIPTION
awarded
VENTNOR
CITY,
Atlantic
County,
N.
J.—BOND
SALE.—'The
issue of $40,000 6% beach park and water front bonds offered on Mar.
28
112, p. 1056—-was awarded to the Ventnor City National Bank for
$40,052 (100.13) and interest, a basis of about 5.98%.
Date May 1 1920.
—V.
Due $2,000 May 1 1922. and $1,000 yearly on
May 1 from 1923 to 1960, incl.
VERMILLION
COUNTY (P. O. Newport). Ind.—BOND SALE.—'The
First National Bank of Clinton was the successful bidder at
par and interest
for the $100,000 6% hospital-bldg. bonds offered on Mar.
26—V. 112, p.
1190.
Date April 1 1921.
Due $2,500 each six months from April 1 1922
to Oct. 1 1940, and $5,000 April 1
1941; all being subject to call on and after
April 1 1926.
Elkhorn), Wis .—BOND SALE— The
$143,000 5% highway bonds offered on March 30—V. 112,
p. 1325—have
been sold, it is reported, to the Continental &
Commercial Trust & Savings
Bank of Chicago.
Due on April 1 as follows: $18,000, 1926, and $125,000,
1931.
,V\
WANBLEE
SCHOOL
DISTRICT
(P.
O.
Wanblee),
Washabaugh
County, So. Dak.—BOND SALE.—Hoff & Co. of Des Moines were
awarded on March 12 $20,000 7% bonds at
par.
Denom. $500.
Date
March 15 1921.
Int. M. & S.
Due yearly from 1926 to 1935, incl.
WARREN, Trumbull County, Ohio.—BOND OFFERING.—Geo. T.
Hecklinger, City Auditor, will receive bids until 12 m.
April 23 for the
following coupon bonds:
$66,000 6%
city's share East Market St., repaving and widening bonds.
Denom. $1,000.
Date April 1
1921.
Due $10,000 yearly on
April 1 from 1934 to 1939, incl., and $6,000 April 1 1940.
16,000 6% North Tod paving and retaining wall bonds.
Denom. $1,000.
Date Feb. 1 1921.
Due $6,000 Feb. 1 1924, and
$5,000 Feb. 1
1925 and
Parkway
192,500 6% assessment Parkman St. paving bonds.
Denom. $1,000 and
$500.
Date Mar. 1 1921.
Due $8,000 on Mar. 1 and
Sept. 1 in
1922; $9,000 on Mar. 1 and Sept. 1 in 1923 and
1924; $10 000 on
Mar. 1 and Sept. 1 in 1925, 1926 and
1927; $12,000 on Mar. 1
and Sept. 1 in 1928; $11,000 on Mar. 1 and
Sept. 1 in 1929; $10,000
on Mar. 1 and
Sept. 1 in 1930; and $8,000 on Mar. 1 and $6,500
on Sept. 1 in 1931.
37,700 6%
assessment South St. paving bonds.
Denom. $1,000 and $700.
Date April 1 1921.
Due yearly on April 1 as follows:
$3,000, 1922
and 1923: $5,000, 1924 to
1927, incl.;
and $2,700 1931.
$3,000, 1928, 1929 and 1930;
36.500 6%
assessment Charles St., paving bonds.
Denom. $1,000 and
Date April 1 1921.
Due yearly on April 1 as follows:
$3,000, 1922 and 1923; $4,000, 1924 and 1925;
$5,000. 1926;
$4,000, 1927, 1928 and 1929: $3,000, 1930: and $2,500.
1931.
16,500 6% assessment North
Mahoning Ave. paving bonds.
Denom.
$1,000 and $500.
Date April 1 1921.
Due yearly on April 1
$500.
from 1921 to 1930. incl.
semi-ann.
Cert, cheek for $50, payable to the
City Treasurer, re¬
Bonds to be delivered and paid for within 5
days from date of
award.
Purchaser to pay accrued interest.
Int.
quired.
WARREN SCHOOL DISTPICT
(P. O. Warren), Trumbull County,
Ohio.—BOND SALE.—The U«'*on
Savings & Trust Co. and Stacy & Braun
awarded at their bid of $501,000.
equal to 100.20, a basis of about
5.48%, the $500,000 5H% coupon Junior High School
Bldg. completion
bonds, offered on March 28—V. 112, p. 1056.
Date April 1 1921.
Due
semi-annually on April 1 and Oct. 1 as follows: $5,000, 1924 to
1930 incl.;
$10,000, 1931, 1932 and 1933; $12,000, 1934 and
1935; $13,000, 1936 and
1937, and $15,000, 1938 to 1946 inclusive.
were
WASHINGTON, Beaufort County, No. Caro.—BOND OFFERNIG.—,
Proposals will be received until 8 p. m. May 30 for
$390,000 6% street
impt. bonds by J. R. Meekins, Town Clerk.
Date June 1 1921.
Due
yearly as follows: $17,000, 1924 to 1928. incl.;
$25,000 1929 to 1933, incl.,
and
$36,000 1934 to 1938, incl.
Int.
semi-annual.
WATERTOWN, Middlesex County, Mass.—BOND
OFFERING.—
Harry W. Brigham, Town Treasurer, will receive bids until
3:30 p. m.
April 8 for $30,000 5% tax-free coupon surface
drainage bonds.
Denom.
$1,000.
Date April 1 1921.
Prin. and semi-ann. int.
(A. & O.) payable
at the Fourth Atlantic National Bank
of Boston.
Due $1,000 yearly on
April 1 from 1922 to 1951 inclusive.
These bonds will be
engraved under
the supervision of and certified as to their
genuineness by the Old
Colony
Trust Co. of Boston, which will further
certify that the legality of this issue
has been approved by Storey,
Thorndike, Palmer & Dodge, a copy of wbose
opinion will accompany the bonds when delivered, without
charge to the
purchasers.
All legal papers incident to this issue, together
with an affi¬
davit certifying to the proper execution of the
bonds will be filed with the
Old Colony Trust Co., where
they may be inspected.
WEBSTER
COUNTY
(P.
O.
Fort
Dodge), Iowa.—BOND
On March 29 the $40,000 6% road
funding bonds—V. 112, p.
interest.
SALE.—
1190—were
White-Phillips Co. of Davenport for $40,480 75 (101.201) and
WEYMOUTH,
Norfolk
County,
Mass.—TEMPORARY
temporary loan of$100,000, maturing Nov. 16 1921,
G.Crooker
on
Oct30280l°921fered
Due
1,056.593
County,
was
Mass.—TEMPORARY
awarded
on
its
LOAN.—
6% basis bid the temporarv
°n Mar" 28—V' 112' p* 1325"
Date Mar" 28 1^21*
WICHITA CITY SCHOOL DISTRICT NO. 1
(P. O. Wichita), Sedg¬
wick
County, Kan.—BOND SALE.—An issue of $350,000 6%
coupon
tax-free school bldg. bonds has been
purchased by the Brown-Cruihmer
Co.
'Denoms. $1.000 and $500.
Date March 10 1921.
Prin. and semiann. int.
(J. & J.) payable at the office of the State Treasurer.
Due $17,500
yearly on March 10 from 1922 to 1941 inclusive.
Assessed valuation, 1920
Total bonded
debt,
Less sinking fund
Financial Statement.
-.$106,277,336
_
including this issue..
$1,621,500
163,000
Total net debt..
estimated
;
1,458,500
80,000
WICOMICO COUNTY (P. O.
Salisbury), Md.—BOND OFFERING.—
W. C,
Mitchell, President of Board of County Commissioners, will receive
bids until 2 p. m.
April 5 for $60,000 5%. % tax-free road bonds.
Denom.
$1,000.
Date April 1 1921.
Int. A. & O.
Due $6,000 yearly on Oct. 1
...
Population,
from
...
1924 to 1933 incl.
required.
Cert, check for 5%
of amount of bonds bid for
;v'-v
WILKES COUNTY (P. O.
Wilkesboro),
ING.—Until 2 p. m. April 27 J. C.
No. Caro.—BOND OFFER¬
Wallace, Clerk Board of County Com¬
missioners, will receive
exceeding 6% interest.
sealed bids for $275,000
coupon road bonds at not
Denom. $1,000.
Date April 27 1921.
Prin. and
int. payable in New York
Due yearly on April 27 as follows:
$9,000, 1941 and $14,000, 1942 to 1960, incl.
Cert, check for $5,000
pay¬
able to the Board of
County Commissioners
semi-ann.
required
Bids or proposals will be received
by the above official on the bonds in
blocks of 350,000 each and as a whole of
$275,000 at the following rates'of
interest: 5%, 5H% and 6%, the interest rate shall be
determined by the
Board of County Commissioners.
1
WILLOUGHBY,
bids
for
which
the
were
four
Lake County, Ohio.—NO
issues of 6% coupon bonds,
offered
on
Mar. 26—Y. 112, p.
BIDS.—There
amounting
1057.
to
were
no
$204,000,
1
WILMINGTON, New Castle County, Del.—BOND^ AUTHORIZED.
Delaware State Legislature
recently passed a bill authorizing the
City Council to issue $200,000 public library bonds.
It has not yet been
decided when these "bonds will be sold.
WOODRUFF, Spartanburg County, So. Caro.—DESCRIPTION
April 1
on a
6.09% discount basis, plus
was
a
LOAN.—A
awarded to Percy
premium of $1 25.
OF
BONDS.—The $47,500 5%% tax-free
coupon street-impt. bonds awarded
during February 1921 to the Security Trust Co. of
Spartnaburg at 90 and
interest—V. 112, p. 962—-are in denoms. of $1,000 and
$500 and are dated
July 1 1920.
Prin. and semi-ann. int.-(J. &
J.) payable at the Hanover
National Bank, N. Y.
Due July 1 1960. optional July 1 1940.
Financial Statement.
Actual value of taxable
property (estimated)
$3,500,000
Assessed valuation for purposes of
taxation, 1920
809,272
Total bonded debt
(including this issue)
...$107,500
...
Deductions—Water-works
Sinking fund
bonds
..$60,000
5,374
—
65,374
Net debt
i42,120
1
...
Population (1920 Census), 2,500.
1926.
Central
sanitary sewer bonds,
Denom. $1,000.
Date Dec. 1 1920.
Due $1,000 Dec. 1 1922 and 1923.
20,000 6% Service Dept. bonds.
Denom. $500.
Date April 23 1921.
Due April 23 1923.
184,500 hYi % city's share sewer bonds.
Denom. $500.
Date Apr. 1 1920.
Due $25,000 yearly on April 1 from
1935 to 1940, incl.; and $34,500
April 1 1941.
34,400 6% assessment York St. paving bonds.
Denom. $1,000 and $400.
Date April 1 1921.
Due yearly on April 1 as follows:
$3,000,
1922 and 1923; $4,000, 1924 to 1928,
incl.; $3,000, 1929 and 1930;
and $2,400 1931.
sold to the
Plymouth
Whitman Savings Bank
*
—The
WALWORTH COUNTY (P. O.
2,000 6%
WHITMAN,
Mar. 29—V. 112, p. 1190.
&
.,l...
bonded indebtedness
Population, 1920 Census, 24,288.
The
—...
Sinking Fund
Population 1910 census, 38,472.
Population 1920 census, 43,040.
SUSSEC
There were
Less sinking fund
Net
April 7 of the $1,000,000 5H % road and bridge
bonds, complete information of which appeared in V. 112, p. 1325.
on
.$30,000,000
16,680,880
$1,138.950
82,357
I
__
.
WORCESTER,
On
Worcester County,
Mass.—TEMPORARY LOAN.—
Mar. 30 Salomon Bros. & Hutzler of Boston
discounted $650,000 of
the city's revenue notes at
5.77%.
Date Mar. 31 1921.
Due $325,000
Nov. 1 and Nov. 10 1921.
on
WYOMING
(State of).—BOND ELECTION.—An issue
of $1,800,000
5% highway bonds will be voted upon May 10/
Denoms. $500, $1,0001
$5,000 and $10,000.
Due in 20 years, optional 10 years.
If these bonds meet with the
approval of the voters
they will be purchased
by the State Land Board of the State of Wyoming out of its income
from
Oil l03(SGS
YELLOWSTONE COUNTY (P. O.
Billings), Mont.—BOND SALE.—
During 1920 $75,000 5H% Special Relief Series 1 bonds were sold.
Date
Feb. 1 1920.
Int. F. & A., payable at the office of the
Due Feb. 1 1925 optional Feb. 1 1922.
BOND
County Treasurer.
SALE.—Recently this county sold $51,000 514% Special Relief
Series 2 bonds to the Merchants National Bank of
Billings.
Denom. $1,000.
Date Jan. 3 1921.
Prin. and semi-ann. int. (J. & J.) payable at the Me¬
chanics & Metals National Bank, N. Y.
Due Jan. 1 1926, optional $17,000
yearly from
1923 to 1925, incl.
/
/
YOUNGSTOWN, Mahoning County, Ohio.—BOND OFFERING.—
A. H.
Williams, City Auditor, will receive bids until 12 in. April 18 for the
following 6% coupon (with privilege of registration) bonds:
$13,000 fire dept. bonds.
Date April 1 1921.
Due $3,000,on Oct. 1 in
1923, 1924 and 1925, and$4,000 Oct. 1 1926.
295 Council Rock Ave. paving deficit bonds.
Date April 1
1921.
Due $59 yearly on Oct. 1 from 1922 to
1926, incl.
2,230 Hillman St. paving deficit bonds.
Date April 1
1921.
Due
$446 yearly on Oct. 1 from 1922 to 1926, incl.
375 Craiglee Ave. paving deficit bonds.
Date April 1 1921.
Due $75
yearly on Oct. 1 from 1922 to 1926, incl.
1,040 Edwards St. paving deficit bonds.
Date April 1 1921.
Due $208
yearly on Oct. 1 from 1922 to 1926, incl.
>
1,020 Almyra Ave. paving deficit bonds.
Date Mar. 15 1921.
Due
$204 yearly on Oct. 1 from 1922 to 1926, incl.
2,240 Crandall Ave. paving deficit bonds.
Date Mar. 12 1921.
Due
$448 yearly on Oct. 1 from 1922 to 1926, incl.
15,880 Femston Ave. paving bonds.
Date Sept. 1 1920.
Due $3,176
yearly on Oct. 1 from 1921 to 1925, incl.
19,620 Richview Ave. paving bonds.
Date Aug. 1 1920.
Due $3,924
yearly on Oct. 1 from 1921 to 1925, incl.
24,420 Mercer St. paving bonds.
Date Aug.
1
1920.
Due $4,884
yearly
on
Oct. 1 from 1921 to 1925, Incl.
9,530 Princeton Ave. paving bonds.
Date Aug. 1 1920.
Due $1,906
yearly on Oct. 1 from 1921 to 1925. incl.
420 Maryland Ave. sewer deficit bonds.
Date April 1 1921.
Due
$84 yearly on Oct. 1 from 1922 to 1926, inci.
11,760 Brentwood Ave. sewer bonds.
Date Aug. 1 1920.
Due $2,352
yearly on Oct. 1 from 1921 to 1925, incl.
1,860 Victoria St. sewer deficit bonds.
Date April 1 1921.
Due $372
yearly on Oct. 1 from 1922 to 1926, incl.
_
710 Dennick Ave. sidewalk deficit bonds.
Date April
$142 yearly on Oct. 1 from 1922 to 1926. incl.
1,800 Pine
Hollow
Drive
sewer
deficit
bonds.
Date
1
1921.
Mar.
15
Due
1921.
Due $360 yearly on Oct. 1 from 1922 to 1926, incl.
45,560 Emma et al. Streets sidewalk bonds.
Date May 1 1921.
Due
$9,112 yearly on Oct. 1 from 1921 to 1925, incl.
2,025 Glenwood Ave. sidewalk bonds.
Due $405 yearly on Oct. 1 from
1921 to 1925, incl.
10,330 Chicago Ave. sewer bonds.
Date Aug.
1
1920.
Due $2,066
yearly on Oct, 1 from 1921 to 1925, incl.
2,010 Richview Ave.
sewer
bonds.
Date Aug.
1
1920.
Due $402
yearly on Oct. 1 from 1921 to 1925, incl.
12,585 Oakland Ave. paving bonds.
Date Sept. 1 1920.
Due $2,517
yearly on Oct. 1 from 1921 to 1925. incl.
Prin. and semi-ann. int.
payable at the office of the Sinking Fund Trustees
Cert, check on a solvent bank for
2% of amount bid for, payable to the
City Auditor, is required with each issue bid upon.
Bonds to be delivered
and paid for by May 2 at
Youngstown.
April 2
1439
CHRONICLE
THE
1921.]
NOVA SCOTIA
CANADA,
Provinces
its
and
J
BRIDGEWATER, N. S.—DEBENTURES
$65,000 5% & 6% 30 & 40-year debentures
Mahon & Co. and the Royal Securities Corp.
New York,
bid
SALE.—It is reported that
were
recently sold to W. P.
build
SASKATCHEWAN
on
March 1 frem
DEBENTURE
98.63, which is a
MIMICO,
at
NOKOMIS,
Town Clerk, is
NORTH
12:
Trustees.
SALE.—The Sinking Fund
debentures of the city,
Sask .—DEBENTURE
purchased $52,200 63^% 20-year
reported.
SILVER
CREEK,
Man.—DEBENTURES DEFEATED—An issue of
put before the voters on March 8 lost by a
$25,500 hospital debentures
vote of 147 to 91.
CITY R. M. NO.
428, Sask .—DEBENTURE SALE.—An
10-year debentures has been sold to residents of
according to reports.
STAR
& Co. of Toronto
6K% 30-year installment
Sank.—DEBENTURES OFFERED.—C. L.
$20,000 8% 15-year installment
Campbell,
debentures
offering for sale
Mais-
issue of $12,000 8%
debentures
berry,
City Coun¬
Commission to issue
0
TORONTO TOWNSHIP, Peel County, Ont .—DEBENTURE SALE.
—It is reported that $78,000 6% 20-year installment road debentures have
been sold to Neelys, Ltd., of Torontp, at 98.75 a basis of about 6.15%.
YORK TOWNSHIP, Ont .—DEBENTURE SALE.—On Mar. 29. it
is stated, $200,000 6% 20-year installment debentures were awarded^to the
TORONTO, Ont.—DEBENTURES AUTHORIZED.—'The
cil, according to reports, has authorized the Harbor
$4,000,000 debentures.
v
v v
' <
of the town.
reported
according to the "Post" is a list
8%,
Water¬
Tarnoville,
8%, Sniatyn,
West Otthon,
SASKATOON,
it is
basis of about 6.12%.
Ont.—DEBENTURE SALE.—C. H. Burgess
purchased, it is stated, $24,000
99.50, a basis of about 6.60%.
SALES.—The following
10
Commission has
Due serially
reported that
debentures
have
granted by the local Govern¬
amounting to $61,325, reported sold from Alarch 5 to
D., $45,000, 20 years, 7%, Regina Sinking Fund
Cabri S. D., $3,500, 15'years, 8%; Nelson, S. D., $3,000,
years,
C. C. Cross & Co., Regina.
Pauline S. D., $3,800, 10 years, 8%,
man-Waterbury, Regina.
St. Imre S. D., $600, 8 years, 8%,
S. D., $1,175, lOyears, 8%, AIcLaren. S. D., $1,400, lOyears,
S. D., $2,000, 10 years, 8%. C. C. Cross & Co., Regina.
$850, 5 years, 8%, Chas. Reusch, Otthon.
HALIFAX COUNTY, N. S.—DEBENTURE SALE.—It is
Securities Corp. has purchased $15,000 6% 20-year
the Eastern
at
DISTRICTS, Sask.—DEBENTURES
to the "Financial Posfftof
SCHOOL
Yorkton, S.
$9,542 77 634%
S.
block of 6% 30-year install¬
has been sold to W. L. Ale
reports.
of debentures
bids were
They are
Ont.—DEBENTURE SALE.—On Feb. 16
Co. of Toronto purchased at par
Date March 1 1921.
Int. M. &
1922 to 1941 incl.
water-works debentures.
The successful
which is on a basis
Star, $1,500; Lone Spruce,.
Rosewood, $7,000; Crocus Vale,
roads.
GRANTHAM TOWNSHIP,
according to newspaper
AUTHORIZED.—'The following, according
Toronto, is a list of authorizations reported
ment Board from Alar. 5 to 12:
Pitt, $3,200; Loon Lake, $1,000: North
$1,200; Alluvia, $1,500: Pinehurst, $3,000;
$3,500; Wimmer. $4,500.
AUTHORIZED.—The
$650,000 debentures to
Dyment, Anderson &
1326.
at 102.987,
PERTH, Ont .—DEBENTURE SALE.—A
debentures to the amount of $83,500
Ont.—DEBENTURE SALE.—Newspapers report that
have been sold to Turner, Spragge & Co.
COUNTY,
Ont .—DEBENTURES
County Council has passed a by-law authorizing
$1,500,000 5-year debentures
|
5.31%.
Kinnon & Co.,
$38,000 7% 20-year debentures
of Toronto at 102.
ESSEX
for
ment
NO. 891 (P. O. Craik), Sask.—DEBEN¬
TURES VOTED— OFFERED.—'The by-law to issue $35,000 school-erection
bonds submitted on March 10—V. 112, p. 962—carried by a vote of 67 to
34.
Proposals for these bonds will be received until April 9 by Dr. C, M.
Truman, Secretary-Treasurer of School District.
Payable in 20 equal
installments of principal and interest.
Debenture debt, $15,895. As¬
sessed value, $882,028.
School tax rate, town, 163^ mills; rural, 14 mills.
ELLICE, R. M., Man.—BIDS REJECTED.—On Mar. 19
rejected for an issue of $49,000 6% 30-year road debentures.
to be offered locally.
was
of about
CRAIK SCHOOL DISTRICT
EASTVIEW,
Sons,
bidders
road and
the National
f<y
BOULTON, Man.—DEBENTURES DEFEATED.—A by-law
$10,700 hospital debenture issue was defeated at a recent election.
of).—DEBENTURE SALE.—On March*30
(Province
City Co., Montreal, and New York; E. H. Rollins &
and Wood, Gundy & Co., Toronto, were the successful
for the block of 6% coupon (with privilege of registration) power,
hospital debentures offered on that date—V. 112, p.
Municipalities.
SYDNEY, N. S.—DEBENTURE SALE —It is unofficially
F. Mahon & Co. of Halifax have purchased $10,000
and have taken a 30-day option on a $41,000 block.
that W.
debentures at 96,
NORTON, R. M. NO. 69, Sash.—DEBENTURE SALE.—C. C. Cross
Regina have purchased, it is stated, $6,000 8% 10-year debentures.
Dominion Securities Corp. at
97.379.
& Co. of
NEW LOANS
LOANS
NEW
NEW LOANS
TOWN OF SHELBY,
We
City of
Philadelphia
BONDS
bonds of the Town of
Shelby, Toole County, Montana, to the amount of
Thirty-seven Thousand Four Hundred Dollars
($37,400.00), term twenty (20) years, rate six
per cent (6%), payable semi-annually on the first
day of January and the first day of July of each
year; redeemable after ten (10) years, will be sold
on
the 1STH
DAY
OF APRIL, A. D. 1921,
at the hour of eight (8) o'clock P. M., at the office
of the Town Clerk of said Town of Shelby, Toole
County, Montana, and dated January first, 1921.
Certified check for $3,500.00 should accompany
bid.
•
1
Signed F, E. WILLIAMS,
Town Clerk.
3y2s
4s
>
5s
Underwriting and
Biddle & Henry
cent per annum, payable semi-annually, both
principal and interest being payable at the Han¬
over National Bank, New York City, N. Y.
per
request.
HAROLD G. WISE
York
HOUSTON
COMPANY
TEXAS
of the Treasurer
cent of the face amount of
bonds, to be forfeited by the successful bidder
County, for two per
in case he
comply with the terms
shall fail to
The checks of
bid.
will be returned.
The opinion
of
all unsuccessful
Thorndyke,
Storey,
of Boston, approving the legal¬
bonds, will be furnished the successful
the right to reject any
The Board reserves
Financial Statement.
taxable property
Assessed value of all
for 1920
Bonded Indebtedness
voor
Zuid-Amerika
(Banco
HAMBURG
AMSTERDAM
Board of
SANTIAGO DE
United States
and Canadian
Municipal Bonds.
SAO PAULO
CHILE M VALPARAISO
i.._F1.50,080,000
Capital Authorized
WAddell
Advances
on
w Liberty
Singer
Street,
Telephone
Building
New York
Cortlandt 3183
-Fl.30,080,000
and Reserves
Bills
N. C,
March 21st.
Ground Floor
up
241,500
SANTOS
JANEIRO
Capital paid
537,000
Commissioners,
Iredell County,
Statesville, N. C„
BUENOS AYRES
RIO DE
$44,954,457
for all purposes
including this issue)-——--—
Floating Indebtedness (to be paid off
out of the sale of these bonds).—;—
Population 1920 Census—.
37,956
W. H. MORROW, Clerk,
(not
to the
America del Sud)
Hollandez da America do Sul)
(Banco Holandes de la
and
all bids.
Established 1916
Hollandsche Bank
,
,
Messrs.
of
bidders
Palmer & Dodge,
ity of the
bidder.
Call Canal 8437
check,
of Iredell.
accompanied by a certified
payable to the order
his
PHILADELPHIA
Wire to New
until noon, on MONDAY, the FOURTH
DAY
OF APRIL, 1921, for the purchase of
$300,000 00 Road and Bridge Bonds by the
County of Iredell, N. C., to be dated April 15th,
1921, and to be payable $5,000 00 thereof on the
1st day of April in each of the years 1922 to 1931,
inclusive, and $10,000 00 thereof on the 15th
day of April in each of the years 1932 to 1956,
inclusive, bearing interest at the rate of six (6%)
N. C.,
the
on
received by the undersigned
Iredell County Court House, in Statesville,
at the
solicited.
Circulars
Bridge Bonds
6% Road and
City, County, School District and Road District
Bonds of Texas.
Dealers' inquiries and offerings
South Fifth Street
Private
distributing entire Issues of
CAROLINA
Sealed bids will be
Bids must be
MUNICIPAL BONDS
104
IREDELL COUNIT, NORTH
Waterworks betterment
3s
4l/4s
41/28
$300,000
MONTANA
specialize in
WATERWORKS
BONDS
SALE OF
$37,400
documentary bills
negotiated and collected
Foreign Exchange
american mfg.
co.
Commercial Information
Mail and cable
Letters
transfers
of credit
COR
MANILA,
Grants
entering into business
ARGENTINA, BRAZIL and CHILE.
Facilities
relations in
SISAL, JUTE
for
Noble and
Correspondents All Over
DAGE
the World
West Streets,
Brooklyn, N.Y.CIty
SeeSEtnxST
'
1
^*>-
.
•
-"•■»^MU^.u^iUua.uJ'M ui<!lU.lUiUiliil,.lLliiJtuiUL:L.^.i^.UMUUuLUJiu
t1ii..uauiuuuj]
Department
EXECUTIVES SEEK POSITIONS.
BUSINESS
GROUP of successful Investment
Manager & Financial Executive
purchase of
change.
eral
and
operating activities.
Railroad and industrial
experi¬
ence.
Conservative.
Strict
Stock
and
Long
on
reor¬
Fi¬
assistance
in
medium-priced dwellings in
Island.
assured.
Better
Address
Box
than
3-7.
usual
of
care
Box
all
desires
to make a new
business connection.
Address Box M-3, care of Financial
Chronicle.
90 Pine Street, New York
MEN
-
TITLE GUARANTEE
for its
manager
in
its
office
necessarily,
Would
brokerage
&
Financial
con¬
care
for
reasons
of
of
of answering Inquiries
securities,
matter,
making
wishes
making change.
Financial
specific
and
drayrlng
position.
Good
Address Box M8.
Chronicle,
90
Pine
Street.
New York City.
profits
Financial
analyzing railroad, public utility and Industrial
stocks and bonds
at
& TRUST
R.
P.
CO., needs
growing banking
Jamaica;
and
ability
Apply
Woodin,
a
by
to
get
letter
but
of Financial
care
not
must
new
in
or
foreign government
as
Box M-9,
Chronicle, 90 Pine Street. New York City.
a
be
STATISTICIAN—Specialty
graphical Illustra¬
tions, analyses and studies; commercial, finan¬
cial, engineering; university graduate:
age 26.
thorough knowledge
Manager,
well
as
Address
department
preferably,
resident of Queensboro;
a
banking
required.
INVESTMENT MEN WANTED.
350
business
person
Fulton
BoxM-12,
to
Street
of Financial Chronicle. 90 Pins
care
New
York City.
St.,
Jamaica, N. Y.
SALESMAN, experienced
and successful,
Lehigh Valley district, wanted
acquainted in
active
of
investment
New
Exchanges.
apply.
York
banking
and
Philadelphia
Only those of
Address
Box
house.
of
care
Financial
established
tractive
N-ll,
a
care
Street,
value
New
dealing
offer
can
commission
who have
Financial
house
in
an
unusually
proposition
high class clientele.
of
Financial
York
securities
to
of
Address Box
90
Pine
City.
to
sell
a
New
and
York
has
wanted
energetic.
York
Remuneration
care of
An experienced and
tions with New York
Stock
BANK FIXTURES
on
bank
sale
within
WANTED
radius
a
ENGAGEMENT sought by
Trust
description
in
of
care
Company,
City.
Chronicle, 90
of
Pine
Street,
him
above
N-9,
of
50
the
order
New
York
City.
TRADER
ability seeks
proven
position
that
clerk -class.
will place
Address
safes for
to
G.
M.
Cranford
Cranford,
N.
J.
TRADER.—Capable bond trader,
of
trading
department
exchange house, seeks
dress
Box
M-3,
of
now
in charge
prominent
stock
connections.
new
of
care
three
willingness
years'
desires
Financial
experience,
position.
two
are
of
high
school
Box
prominent
N-15,
care
Financial Chronicle, 90 Pine Street, N. Y.
CUSTOMERS'
CALIBRE PLUS COMPETENCE
(CUSTOMERS'
has
House
MEN
MAN.— Large
an
opening for
care of
New
APPLICANTS.
NESS
BEAR
THIS
IF
Excellent
man
oppor¬
Address
Financial Chronicle,90 Pine Street,
York City.
THEY
IN YOUR BUSI¬
DEPARTMENT
Consolidated
customers'
a
tunity for a man that can produce.
M5,
of
City.
WANTED.
controlling active accounts.
THESE TWO QUALITIES ARE
ATTRIBUTES
Ad¬
Chronicle,
Competence and
applicant's
Address
characteristics.
MEAN ANYTHING TO
YOU
IN
BUSINESS OPPORTUNITIES
A FINANCIAL COMPANY (commercial credits)
MIND
Banker
President,
to individual with
FOR USE WHEN THE
OCCASION ARISES.
pose
offers unusual
capital,
of stock issue.
Financial
or
opportunity
firm that
can
Address Box N-15,
dis¬
care
of
Chronicle, 90 Pine Street, New York
City.
Rates
;
Positions
Equipment
for
initial, with
Men, Traders
per
of
a
10
minimum
and
word, figure
$6.00.
Wanted
Sale,
and
cents
Office
per
word,
and
Bank
figure
or
charge of $3.00; Investment
Statisticians Wanted,
etc., 15
or
initial, with
a
minimum
,
90 Pine Street, New York City.
education,
CHRONICLE
Box
of Financial Chronicle. 90 Pine Street
care
New York City.
TYPIST,
OF
an
City who have
fixtures, desks and
send
Hendrick,
Chronicle,
of
care
Address Box M-l. care of Financial
BOND
reciprocal rela¬
Address Box K-3, care of
Financial
90 Pine Street, New
York
experience,
City.
50-50 basis.
Fixtures Wanted
BANKERS
Exchange House.
year's
one
Financial Chronicle, 90 Pine Street. New York
BOND HOUSE
miles of New York
to establish
TRADER,
and ability. Address Box N-12,
business.
Bank
York, wish
Address Box
engineer who is desirous of learning the bona
man
PHILADELPHIA Investment House,
members
of Local
Exchange, now having a private wire
Salary, $3,000.
Financial Chronicle,
City.
only would appeal to us.
Ad¬
dress L-2, care of Financial
Chronicle, 90 Pine
Street, New York City.
to New
be capable
need
MISCELLANEOUS WANTED
employers.
energy
prominent
Must
Trading House.
by
security that is dis¬
tinctive in every respect.
successful
HOUSE
refer¬
ability, fur¬
seeks connection with house that will
appreciate
TRADER
Address Box N 8,
BANKING
salesman
and
New York City.
UNLISTED
City.
Excellent
character
Ml 6, care of Financial Chronicle, 90 Pine Street,
productive
Address Box N 14 in confidence, care
Chronicle,
90
Pine
Street,
New
UNLISTED
New
INVESTMENT
with
ent
at¬
salesmen
Chronicle,
York
commensurate
position.
to
as
nished from responsible people,
including pres¬
BOND TRADER—New York
Investment House
has need for a successful bond
trader.
Com¬
pensation
seeks
both
ences,
ability.
SALESMEN—A
securities,
WANTED
Stock
ability need
proven
N-10,
STATISTICIAN, experienced in the analysis of
TRADER
Mem¬
Chronicle, 90 Pine Street, New York
City.
a
uptown
Commercial
individual companies
on
circular
City
WANTED
willing to live in Jamaica;
of
for
New
STATISTICIAN capable of preparing circulars
answering inquiries
to
advertisements
and
EXPERIENCED EXECUTIVE
possessing un¬
usual ability for
organizing and management,
bers
foreign department.
L-25,
classes
bonds.
by
the
Chronicle, 90 Pine Street, New York City.
Chronicle, 90 Pine St.,
BANK
BOND
a
managing
STATISTICIAN, capable
on
New York
City.
of
Chronicle, 90 Pine Street. New York City.
gen¬
New York City.
requires financial
of
member
trading
of Financial
care
office.
Ex¬
a
establish
or
consider
up
struction
N-7,
head
also
reports
BUILDER
or
commission
Chronicle, 90 Pine Street,
Position de¬
requiring upbuilding
ganizing effort.
Box
the
on
Address Box Kl-17
of extensive
scope,
Age 35.
seat
a
The proposed house would do
investment,
business.
cial
nancial
the
for
formerly
York Stock Exchange,
thoroughly versed in
brokerage and banking business and
arbitrage,
with good foreign
connections, is willing to
way
successful automobile manufac¬
one
GENTLEMAN,
Intending
personally contribute $200,000 toward the
establishment of an Investment
Business wish
to get in touch with a gentleman
who will supply
a like amount of
money and his services in this
enterprise.
Negotiations are now under
turing companies. Accustomed
to
directing large-scale finan¬
manager.
men
POSITIONS WANTED
to
Now
Treasurer
and
Member
Executive Committee (5 Years)
of one of the
largest and most
sired is
OPPORTUNITIES.
BANKING
ACTIVE
charge
DESIRED
partments domestic
as
banking up to executive,
Vice-President and Director successful Bank
and
cents
CONNECTIONS
BANKER of broad experience all de¬
Trust Co.,
having intimate knowledge of
securities and mortgages, desires
writh
banking institution
care
of
New
new
connection
York City.
BANK
ence
Financial
or
firm.
Chronicle,
90
Box
Pine
OFFICIAL of twenty-five years'
will consider
Box N
6.
care
change of location.
of Financial Chronicle.
Street, New York City.
N-16,
Street,
experi¬
Address
90 Pine
April 2
THE
1921.]
Cotton
Paul Schwarz
Frank A. Kimball
August Schlerenberg
COMMISSION
offlwltat Company
& Co.
Corn, Schwarz
OF
ILLINOIS
MERCHANTS
CHICAGO
Under
National, State and
Clearing House Supervision
New York
WUliam Street
Accounts
New York Cotton
of
Advice
banks and
received
of
bankers
v%*. members
Correspondence invited
Exchange
Exchange
equipped
Efficiently
New Orleans Cotton
"
to
handle all business
New
ing to banking, and offer a
Exchange
York Coffee Exchange
When all is done,
setteth business straight"
—BACON
complete service to accounts
of banks,
M Fadden & Bro.
H.
corporations, firms
Bankers
individuals.
and
about which they desire
■
NEW YORK
25 Broad Street
intelligent advice.
67 Worth Street
Dealers in American,
Egyptian and
CORRESPONDENTS.
Mrederlc Zerega A Co., Liverpool.
HT. Y. McFadden's Gie voor Import en
Rotterdam.
Export,
located at Mohnthe State of Pennsylvania, is closing its
All noteholders and other creditors of
the association are, therefore, hereby notified to
85 Congress Street
BOSTON, MASS.
KRICK, Cashier.
LIQUIDATION.
National Commercial
The
COMMISSION MERCHANTS
S.
have helped our banker
OF
NOTICE
Hentz & Co.
1921.
DANIEL
Inc., Lima, Peru.
Henry
tically every form of
banking problem and
other claims for payment.
present the notes and
Dated, March 22,
ex¬
banking we
dealt with prac¬
have
ton, in
affairs.
long
our
perience in
The Mohnton National Bank,
'A
Seeiete d'Importation et de Commission, Havre
Pachiri & Co., Milan.
Baltic Cotton Co., Copenhagen.
Reiahart & Co., Alexandria, Egypt. ,
H. McFaoden South American Company,
William Street
NEW YORK
Through
lUquftratfon
Foreign Cottons
FOREIGN
constantly
them—problems
to
Deposits,
$60,000,000
PHILADELPHIA
are
meeting problems new
Capital &. Sur¬
plus $7,000,000
COTTON MERCHANTS
the help
of good counsel is that which
pertain¬
New York Produce
Geo.
xxix
Jfinattrtal
GDruot Companies
Ohu. O.Oora
16
*
CHRONICLE
customers
Bank of Cleveland,
Cleveland, in the State of Ohio, is
closing its affairs.
All noteholders and other
creditors of the Association are therefore hereby
notified to present their notes and other claims
for payment.
I.
E.
T. SHANNON, Cashier.
located
at
in
their
so¬
lution.
conference and
correspondence.
We invite
Dated March 1, 1921.
AND BROKERS
METROPOLITAN
COMPANY
Members of
New York Stock Exchange
National Bank of Hartford,
located at Hartford, in the State of Connecticut,
is closing its affairs.
All note holders and other
creditors of the association are therefore hereby
notified to present the notes and other claims for
payment.
JAMES N. H. CAMPBELL, Cashier.
Dated February 11. 1921.
The
New York Cotton Exchange
Exchange
New York Produce Exchange
Chicago Board of Trade
Associate Members of
New York Coffee & Sugar
Liverpool Cotton Association
Colonial
TRUST
OF
THE CITY OF
NEW YORK
716 FIFTH AVENUE
60 WALL STREET
Hubbard Bros. & Co
COFFEE EXCHANGE BUILDING
HANOVER SQUARE
NEW YORK
Liquidation
present the notes
r
COTTON MERCHANTS
Liberal
Advances
Made
on
Notice.
The
Macliias
National
Bank,
located
Machias, In the State of Maine, is closing
affairs.
All note holders and other creditors
the association are therefore hereby notified
B.
NO.
BOYNTON. Cashier,
BROADWAY
74
& Co.
Stock Exchange
NEW YORK
Cotton
CHARTERED 1853
GWATHMEY A CO.
PLACE, NEW YORK
AVENUE, NEW YORK
20-24 EXCHANGE
FIFTH
I
Members New York
Dated, Jan. 15. 1921.
Consignments
475
of
to
and other claims for payment.
GEO.
v
W. H. Goadby
at
Its
MEMBERS
YORK COTTON EXCHANGE
YORK STOCK EXCHANGE
YORK COFFEE EXCHANGE
YORK PRODUCE EXCHANGE
ORLEANS COTTON EXCHANGE
ASSOCIATE MEMBERS
LIVERPOOL COTTON ASSOCIATION
NEW
NEW
NEW
NEW
NEW
United States Trust Company of New
45-47
York
[WALL STREET
Capital,
$2,000,000.00
Surplus and Undivided Profits, $14,717,784.61 This Company acts as Executor, Administrator,'Trustee, Guardian, Committee, Court Depositary and in all other recognized trust capacities.
It receives
deposits subject to check and allows
interest on daily balances.
real and personal, for
under corporate mort¬
Registrar and Transfer Agent for corporate bonds and stocks.
securities and other property,
corporations and individuals, and acts as Trustee
It holds and manages
Stephen M. Weld & Co.
COTTON MERCHANTS
82-02 Beaver Street,
New York City
PHILADELPHIA,
UTICA, N. Y.,
WELD & CO.,
boston,
FALL RIVER,
PROVIDENCE,
new BEDFORD,
estates,
gages,
and as
EDWARD
WILLIAM
WILFRED
CHARLES
M.
J.
A.
C.
WILLIAM
LIVERPOOL.
WILLIAM
G.
-
j
.
President
WILLIAMSON PELL, Vice-President
FREDERIC W. ROBBERT. Asst. Secretary
ROBERT S. OSBORNE. Asst. Secretary
THOMAS H. WILSON, Asst. Secretary
ALTON S. KEELER, Asst. Secretary
TRUSTEES
V;'*.
'l:-v-V,.5vvr
;/w:;
JOHN
ROBERT MOORE &, CO.
SHELDON,
W.
K1NOSLEY, 1st Vice-Pres.
WORCESTER, Secretary
EDWARDS, Asst. Secretary
LEE, Assistant Secretary
GREEN, Assistant Secretary
A.
STEWART,
Chairman
Y.
MERCHANTS
Members New York
Cotton Exchange
STE1NHAUSER &, CO.
Successors to
WILLIAM RAY & CO.
COTTON
OGDEN
WHITNEY
WILLIAM
STEWART
WILLIAM
8LOANE
TOD
MILLS
L. F. DOMMERICH
BROKERS.
26 Cotton Exchange
delivery contracts
York and Liverpool Cotton
Orders for future
the New
CHAUNCEY KEEP
ARTHUR CURTIS? JAMES
WILLIAM M. KINGSLEY
PAYNE
41 Beaver Street, N.
COTTON
EDWARD W. SHELDON
LYMAN
JOHN J. PHELPS
LEWIS CASS LEDYARD
LYMAN J. GAGE
FRANK
Board
CORNELIUS N. BLISS. JR.
HENRY W. de FOREST
WILLIAM VINCENT ASTOK
of the
WILLIAM ROCKEFELLER
New York
executed on
Exchangee.
FINANCE ACCOUNTS OF
MANUFACTURERS AND
MERCHANTS, DISCOUNT AND
GUARANTEE SALES
Hopkins, Dwight & Co.
COTTON
and
COTTON-SEED OIL
COMMISSION MERCHANTS
Room 50,
Cotton Exchange Building
NEW YORK
General
Offices,
254
Fourth
NEW YORK
Established Over 80 Years
Avenue
THE
CHRONICLE
Jflnandal
Jftnancfal
MUNICIPAL
And
as
they
right
are
have
we
jfinarafai
BONDS Central Bond &
Mortgage Co.
We know that offerings were
never so attractive as to net
yield
South
208
more
LaSalle
Sfreet
CHICAGO
now.
specialized
Municipal Bonds for
in
a
Chicago Junction RR. Co. 1st 4b
Gen. Amer. Tank Car
Equip. 6s & 1%
Idaho Power Co. First 5s
Rainey-Wood Coke Co. 1st 6s & Eq. 7H®
Utah Power & Light Co. First 5s
Listed
and
Unlisted Securities
AMES, EMERICH & CO.
List
BROADWAY, NEW YORK
CHICAGO
Bolger, Mosser & Willaman
;
MILWAUKSB
Dodge & Ross
Incorporated
DETROIT
Investment Bankers
MUNICIPAL
GERMAN
Underwriters and Distributers of Investment
Securities
BONDS
Bonds
■
Public
Utility
in
high
Issues of Municipal
the
South
and
invite
we
investors
curities
Bonds of
inquiries
of
Bought
this
111
W.
Sold
Quoted
MONROE ST.,
CHICAGO
from
in
Marks
application.
on
Industrial Issues
grade
Mid-West,
interested
and
Our circular
and
Specializing
6s
Charcoal Iron Co. of America 7s
Ill
CHICAGO
IN
Knickerbocker Ice Co. (Chicago) 1st 5&
Pressed Steel Car Co. Guar.
Equip. 7s
Certainty."
Send for
SPECIALIZE
Private Wires to the East and Southwest.
quarter of a century—4'26
Years
Devoted
to
Making
Safety
WE
Brunswick-Balke-Collender Co.
Investment Bankers
j
than
a
;
[Vol. 112.
C. F. Childs &
se¬
Wollenberger & Co.
INVESTMENT BANKERS
Company
character.
105
Specialists
So.
La Salle St.
'
Mortgage Trust
£2;..hOLf,,s
C0/V\PANY
BROADWAY
AT
M,SSOURi
PINE
Radon, French
CHICAGO
&
INVESTMENT
105
bonds and stocks of established
corporations.
We offer high-grade Investment
opportunities
securities
of
municipalities,
cor¬
porations.
111
WEST
Perry, Inc.
F. H. PRINCE & CO.
So.
Salle
La
St.,
BANKERS
CHICAGO
BOSTON, MASS.
Telephone Randolph 5520.
W. G. SOUDERS & CO.
Invited
MONROE
Bros.
public
utilities, and well established industrial
Correspondence
Broadway
Investment Securities
We purchase and underwrite entire issues of
the
120
Stevenson
Co.
SECURITIES
In
NEW YORK
S08 So. La Salle St.
&
CHICAGO
Government Bonds
INVESTMENT
STREET
208 South
CHICAGO
HIGH-GRADE
INVESTMENTS
SECURITIES
Members of New York & Boston Stock Exchanges
La Salle Street,
CHICAGO
New York
CHRISTIAN & PARSONS CO.
Detroit
Milwaukee
Grand Rapids
•
;
Commercial
Collateral
Paper
P. W.
Chicago. III.
EMERY, PECK & ROCKWOOD
&
Commercial
'
■
/.
\;
Bank
Established
Chapman & Company
INVESTMENT
SECURITIES
112 South La Salle St.,
'
/.
Members New York Stock Exchange
NEW YORK
INVESTMENT SECURITIES
115
108 So. La Salle St.
Building
1870
Dominick & Dominick
110 Broadway
CHICAGO
INVESTMENT SECURITIES
Continental
"
A.
Loans
Investment Securities
208 S. La Salle St
'■_
Broadway
Wiggins Bloek
NEW YORK
CINCINNATI
CHICAGO
Railway Exchange Building
MILWAUKEE
WE
OFFER AT
MARKET
PhSSlBUY
S
IS
\
•vmnoer
The
bonds
141
Barnhart Bros. & Spindler
8% Gold Notes
Rookery,
Over
/0
Due Serially, 2 to 10 Years
national
ENGINEERING
FOR
MANAGEMENT
YORK
CITY
°f tKe Bank" in
New
NATIONAL
bank
&
BROADWAY
NEW
CHICAGO.
first
McClellan & Campion
HIGH-GRADE
Amer. Agric. Chem. Co. S. F.
7Ks
Atlantic Refining Co. S. F. 6^>s
Deere & Co. S. F. 73^s
DeLaval Separator Co. S. F. 8s
Pflster & Vogel Leather Co. S. F. 7s
RUTTER, LINDSAY & CO., Inc.
and SELL
INVESTMENT
York
City
SAFETY
THEIR
use
PAPER
CHECKS
RICHMOND, VA.
Capital and Surplus
Total Assets
•
$3,000,000.00
Assets
John M. Miller, Jr., President
W. M. Addison, Vice-President
G.
53
R„
Alex
Burnett,
Vice-President
F. Ryland, Vice-President
S. P. Ryiand, Vice-President
Jas. M. Ball, Jr., Cashier
Correspondence
over
$3,400
Years'
Product
Price
in
for
$7,000 & Net Quick
each
$1,000
Bond.
Consistent
Growth
Universal
George La Monte & Son
61
Broadway
Par and Interest
-
or
Circular
Municipal Bonds
G-2108.
"Are
Nashville Railway & Light
Flr.t Consolidated 6s, du
e
Company
July 1958
Members New York Stock Exchange
Naw York
Exempt
from
Federal
Income
Yielding from 5lA%
ELST0N
and
COMPANY
INVESTMENT SECURITIES
SEAS0NG00D, HAAS & MACDONALD
10 Broadway
York
Invited
Ask
.
New
Demand
71
W. MONROE ST., CHICAGO
Milwaukee
Detroit
Minneapolis
to
Taxea."
7%.
Send for List
THE HANCHETT BOND CO.
Incorporated
1910
39 South La Salle Street
CHICAGO
.
@FedFRASER