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<r
TWO
ONE
SECTIONS—SECTION
i
Bank &
Railway Earnings Section
BY WILLIAM B.
COPYRIGHTED IN if 20
DANA COMPANY, NEW YORK,
Issued Weekly
VOL 110.
ENTERED AS SECOND-CLASS MATTER JUNE 23,
NO. 2861.
WI1138 Front SMf' Y.City.*19™'
financial
HARVEY FISK & SONS
CHARTERED 1122
Tlie LihcrK^iSallonal Hank
of ^ewYork
32 Na6sau St,
LOAN & TRUST
FARMERS'
City Sections
UNDER THE ACT OF MAROH 8, 1879.
Jfftumefol
Jfinantial
THE
and
State
1879, ATTHE POST OFFICE AT NEW YORK, NEW YORK,
APRIL 24, 1920.
NEW YORK,
$10.00 Per Year
Railway Section
Electric
Railway & Industrial Section
Bankers* Convention Section
Quotation Section
NEW YORK
COMPANY
UNITED STATES BONDS
41st Straat
YORK
NEW
AND OTHER
Correspondents in all countries
BONDS
NEW YORK CITY
CARE OF SECURITIES
Harris, Forbes & Co
FOREIGN BANKING
Pino
The New York Trust
YORK
27 Austin Friars,
EXCHANGE
lite.
BOSTON
TRUST
HARRIS
COMMERCIAL LETTERS
LONDON, E. C.
HARRIS. FORBES & CO.,
Company
LETTERS OF CREDIT
William
Corner
Street,
NEW
FOREIGN
in Scandinavia
Special facilities
CHOICE
INVESTMENT SECURITIES
MANAGEMENT OF ESTATES
DOMESTIC AND
$6,000,000.00
UNDIVIDED PROFITS.02,100,000.00
William Straat
<78 Fifth Avenue, at
85,800,000.08
SURPLUS
«g 18,20 and 22
CAPITAL
26 Broad Street
& SAVINGS BARK
CHICAGO
ACCEPTANCES
for munldcorporation* and
munici¬
pal, railroad and public utility
Act as fiscal agents
deal
List on Application
Capital, Surplus and Undivided
Member Federal Reserve
and
New
York
Gable Addreea SABA.
Profits,
System
Clearing
Established 1892
1874.
Established
John L. Williams & Sons
Edward B. Smith
BANKERS
Established 1810
Main Streets
TH E
RICHMOND, VA.
Baltimore
Mechanics
Correspondents:
9. LANCASTER
WILLIAMS 8c CO., Inc.
GARFIELD] sgjsa:.
.-'V
/
AVENUE] £2
U
Surplus,H$l,000,000
A Bank for the
Philadelphia
Stock Exchanges
Bank^
National
OF THE CITY OF NEW
YORK}
New York
Philadelphia
The Chase National
Broadway
Capital,'"-: $1,000,000
Member New York and
A- :!'• '% '
Metals)
And
23rd STREET, where
FJ F TjH
& Co
>
National Bank
Crosses
new yobk
Howe
$14,000,000
Corner 8th and
Government,
in
BONDS FOR INVESTMENT
PARIS
LONDON
and
pallties
5th Avenue and 57th Street
Builders of Business
•
$12,000,000
•
Deposits, Dec. 31,1919 •
$274,000,000
A[ AX A/A
Foreign Exchange
A -v- ;'-'
Capital
Bank
of New York
BROADWAY
IT
Snrplos and Profits
o-:*A
THE
of the City
$9,000,008
Capital
515,000,000
21,755,000
562,174,000
-----
Surplus and Profits
•
Deposits (Fab. 28, 1920)
•
-
OFFICERS
Chairman of the Advisory Board
Albert H. Wiggln, Chairman of the Board of Directors
A. Barton Hepburn,
Department
Eugene V. R.
Thayer, President
Gerhard M. Dahl, V.-Pres.
Reeve Schley, V.-Pres.
Schmldlapp,V.-Pres.Alfred C. Andrews, Cashier
Samuel H. Miller, V.-Prea.
AMERICAN EXCHANGE
Trust
Department
Edward R. Tinker, V.-Pres.
Carl J.
Bond
NATIONAL BANK
DIRECTORS
Department
Edward R. Tinker
Henry W. Cannon
Hepburn
A. Barton
NEW YORK
Resources over
Hill
Endlcott
Newcomb Carlton
Frederick H. Ecker
John J. Mitchell
Guy E. Tripp
Foreign Exchange
Henry B.
Edward T. Nichols
Albert H. Wiggln
Eugene V. R.
Thayer
Letters of Credit
James N.
Daniel C. Jackllng
Carl J.
$175,000,000
Schwab
Samuel H. Miller
Gerhard M. Dahl
Andrew Fletcher
,
Charles M.
Schmldlapp
William B. Thompson
WE
Francis Ralston
FIRST NATIONAL BANK
Welsh,
Through
A. LAW,
President
AND ELECTRIC
LIGHT AND POWER
109-111
Wm.
Its
making
Trust
changes
or
Department, the
opening new
Bank offer*
facilities as
OF RAILROAD, GAS
no. 1
contemplate
accounts.
PHILADELPHIA, PA.
Charter
ACCOUNTS of Banks, Banker*,
Corporations, Firms or Individuals on favorable terms,
pleased to meet or correspond with those
and shall be
who
BONDS
RECEIVE
COMPANIES
SOUTH FOURTH
PHILADELPHIA
STREET
Corporate Mortgage* and Indenture* o
Depositary under reorganization and oth*
Trustee under
Trust,
and Fiscal Agea
Executor under
Trua
FOREIGN EXCHANGE
agreements, Custodian of securities
for Corporation* and Individuals.
Wills and Trustee
tee
under
under Testamentary Trusts,
Life Trusts.
DEPARTMENT.
/
THE CHRONICLE
II
[VOL. 110
Jn&Mtottttl ©ousts anil ©ratoenl aljfotetijn Cxefcange
I, P. MORGAN & CO, Maitland, Coppell & Co.
Wall Street, Corner of Broad
52 WILLIAM STREET
NEW YORK
KIDDER, PEADODY & GO.
NEW YORK
gSEXEL
&
CO.,
PHILADELPHIA
Ordere executed for all Investment Securities.
Act as agents of Corporations and
issue Loans.
Corner of 5th and Chestnut Streets
&9RGAN, GRENFELL&CO., LONDON
negotiate ana
of Exchange, Telegraphic
Letters
No. 22 Old Broad Street
HARJES
&
PARIS
CO.,
Th<t, National
17 Wall St
BOSTON
NEW YORK
Transfers,
of Credit
on
BOBGAN,
115 Devonshire S&
Provincial
Union
&
Bank
of
Commercial and Travellers
England, Ltd., London,
14 Place Vendome
Letters of Credit
Messrs. Mallet Freres & Cie, Paris,
Securities bought and sold on Commission.
Banco Nacional de
Foreign Exchange, Commercial Credits,
on
Agents for the Bank of Australasia.
Cable Transfers,
tl&gulsr Letters for
Travelers, available
parts of the world.
..
Mexico,
And its Branches.
In
all
%gsm
fBAVELERS'
LETTERS
Of CREDIT
Available throughout the United States
BASINS BROTHERS & CO, LTD.
LONDON
BROWN BROTHERS & CO.
NEW YORK
PHILADELPHIA
Bosrof
Belmont & Co.
August
43
ALEX, BROWN & SONS, Baltimore
EXCHANGE
Members
New
PLACE, NEW YORK.
Stock
York
Exchange.
mmmrnrnrn
■
Agents and Correspondents of the
Messrs.
Securities
Investment
Foreign Exchange
Deposit
and
Paris.
LETTERS OF CREDIT
ISSUE
Available in all parts of
Credits
Draw bills of
Transfers
Travelers' Credits
to
& W. Seligman & Co
Travelers
for
Accounts
Commercial
ROTHSCHILD,
London
the world.
Exchange and make TelegraPhlo
Cuba, the other
N?_54 Wall Street
EUROPE,
West
Indies
Mexico.
and
Execute orders for the purchase and
sale af
NEW YORK
Bonds and Stocks.
BROWN, SHIPLEY & CO.
Lawrence Turnure & Co.
LONDON
64-66
35*90*1116 Kane
Wall Street,
New York
T, Suffero Tailer
James O. W&llacs
Investment securities bought and sold on com¬
mission.
Travelers*
out the United
Central
credits, available through¬
States, Cuba, Puerto Rico, Mexico,
America
and
Spain.
in and issue drafts and
TAILER&(D
Make collections
cable transfers
above
on
countries,
London
Bankers:
Midland
Paris
London
Bank,
Bankers:
Joint
City
&
Limited.
Heine
&
Co.
10 Pine Street, New Yor li
33
HEIDELBACH, ICKELKEIMER & CO.
investment Securities
Pine
Union
St.
N.
Y.
STOCK
EXCHANGE.
Foreign Exchange Bought and Sold.
YORK
Received
/Allowed
on
Bought
Subject
York and
New
Stock
Issue Commercial and Travelers' Credits
v
®ec®eit«
Members
Stocks and Bonds.
STREET
BANKERS.
to
Deposits,
Draft,
Interest
Securities
and Sold
Pittsburgh
Exchanges
available in all parts of the world,
Schulz & Ruckgaber
SIT Pins Street
on
Pittsburgh
Investment Securities
Execute orders for purchase and sale of
Winslow, Lanier & Co.
NEW
New Yorti
<
37 William Street.
MEMBERS
59 CEDAR
-
Arcade Bldg.
Completion-,
New York
Investment Securities
Foreign Exhange
foreign Exchange, Letters of Credit
Commercial
Credits
Issued
in
Dollars,
Sterling, Francs, Guilders, Pesetas, etc.
Bonds for
HUTH
&
CO.
Pounds
New York
30 Pine Street
London Agents, Messrs. Goschens & Cunllffs
Foreign Bonds & Investment Securities,
Imestment
New
Produce
Commercial Credits/Foreign Exchange,
York
.
throughout Manhattan
Kean, Taylor & Co.
Transfers.
Credit available in all
Pittsburgh
Foreign
Exchange
bought
and
on
the Continent of Europe
$1,000,000.00
....
Surplus and Undivided Profits
New York
on
FRED* HUTH & CO., London
Broadway, Corner BEAVER ST.
And Branches
Capital
Cable Transfers
Exchange Bank
and
1,456,775.01
sold.
Cable
Commercial and Travelers' Letters of
parts of the world.
ACCOUNTS INVITED.
John Muniue & Co.
C3SW YORK
BOSTON
BOISSEVAIN
24 BROAD
&
Members of the New York Stock
Letters of Credit foff Travelers
%amerclal Credits,
Cafcl© Transfers.
Exchange.
INVESTMENT SECURITIES
COMMERCIAL
Foreign Exchange
CO.
ALDRED & CO,
STREET, NEW YORK
FOREIGN
40
Wall Street
New
York
DEPARTMENT
EXCHANGE
MESSRS. PIERSON & CO.
Fiscal Agents for
Public Utility and Hydro-Electrle
MUNR&E & CO.. Paris
Amsterdam, Holland.
Companies
APR. 24 1920.]
THE CHRONICLE
hi
instalment anb financial Sonata
Lee, Biggmson & Co.
Goldman, Sachs & Co. MlLLETT, R0E&HAG£M
60 Wall Street
NEW
YORK
137 So. La Salle Street
Investment Bankers
60
14
BOSTON
Montgomery Street
421 Chestnut Street
SAN FRANCISCO
Boston
INVESTMENT SECURITIES
Congress Street
CHICAGO
PHILADELPHIA
MEMBERS
New York
Members of New York and Chicago
Chicago
Stock
Higginson & Co.
Exchanges
NEW
STOCK
YORK
EXCHANGE
Commercial Paper
Securities
£0, Lombard St.
London, E. C-
bought
4k
Commercial
and
sold
commission
on
Foreign Exchange
*
7
Travelers*
&
available
in
all
NEW YORK
52 WILLIAM ST.
Letters
parts
of
Credit
of th"e world
Hornblower & Weeks
42
BROADWAY, NEW YORK
RAILWAY
Investment Securities
IBoinidU
EQUIPMENT BONDS
Slhiorft Tenia H©ftes
A <s
©
MEMBERS
NEW
CHICAGO STOCK
p ft a im <s © s
Main
Officii National City Bank Buildin§
Uptown Offic* i Fifth Avenue and 43rd Sf;
YORK, BOSTON AND
EXCHANGES
EVANS, ST1LLMAN & CO.
Correspondent Offices in 50 Cities.
Direct wires to
all
Members New York Stock
principal markets
60
Boston
BROADWAY
HEW
Established
Robinson & Co...
Portland
Providence
Underwriters & Distributors
1888
Industrial
FOREIGN
Bonds
Public
GOVERNMENT
&
Utility
TJ. S. Government Bonds
Stocks
Investment Securities
Securities
Certificates
New Y©if&
Exchange Place
Members New York Htoek
Exchange
Counselman & Co.
selling considerably
their normal
below
Investment
valueldue to the unprecedented fall in Foreign
Exchangee.
point to
Preferred
Equipment Trust
BONDS
Present
Indications,
112
however,
advancing tendency and
an
to normal would
a
V/.
ADAMS
Bankers
ST., CHICAGO
return
Conservative
yield unusual profits.
Write for our suggestions and Circular F
Bond &
65
YORK
Chicago
Qkiftffoit
are
Exchange
B.
Incorporated
Goodwin
BROADWAY.
NEW
YORK
,
New York
Broad
'
:
EST. 1865
Boston
Cleveland
Philadelphia
Sansom Streets
&
Yielding 6% to'8%
:
.
| Peabody, Houghteling & Co.
7 Wail Street
Gh.
j
j
INVESTMENTS
Telephone 4600 Bowling Green
Frazier
Investment Securities
I. M. TAYLOR & CO.
INC. 1918
v
Pittsburgh
j 10 So. La Salle St.
Chicago
PHILADELPHIA
New
Baltimore
York
Pittsburgh
Washington
Underwriters
Distributors
Wilkes- Barre
Lebanon
Howe, Snow,
Corrigan & Bertles
HALSEY, STUART & CO.
Incorporated—Successors to
RAPIDS,
MICH,
Preferred Stocks
ATLABTA
DETROIT
YORK
MINNEAPOLIS
BOSTON
H. F. BACH MAN & CO.
MILWAUKEE
LOUIS
Established
Government,
BANKERS
Cities and Corporations.
'
61 Broadway
NEW YORK
1425 Walnut St.,
HARPER
Sc
INVESTMENT
BONDS
TURNER
BANKERS
STOCK EXCHANGE
BUILDING
WALNUT STREET ABOVE BROAD
LA SALLE
STREET
PHILADELPHIA
CHICAGO
GOVERNMENT BONDS
FOR INVESTMENT
CO.
INVESTMENT
RAILROAD AND FOREIGN
/
PHILADELPHIA
HOLTZ &
Exchanges
'
.
SOUTH
CHARLOTTE
1886
Members N. Y. and Phila. Stock
U
BIRMINGHAM
JACKSONVILLE
Bonds.
INVESTMENT
Fiscal Agents for
T.
««W ORLEANS
Municipal, Railroad
and Public Utility
H.
Bonds
Short Term Notes
PHILADELPHIA
CHICAGO
ST.
GRAND
Bankers
HALSEY & CO. CHICAGO
N. W.
NEW
Investment
Members
Philadelphia Stock Exchange
Colgate, Parker & Cd.
49 Wall Street,
New Yurfe
[VOL. 110.
THE CHRONICLE
IY
financial
jfftrancfsl
Jftnantte!
wetinance
Power
Electric
Light Enter-
and
prises with records of
ESTABROOK & CO.
established
Members New York and Boston
Stock Exchanges
earnings.
Bankers
and
Dealers
Investment
15
Light Securities
Proven Power and
SECURITIES
INVESTMENT
WE OFFER
Correspondence Solicited
State Street,
BONDS
BOSTON
-
NEW YORK
24 Broad Street,
COMPANY
&
CHASE
19 CONGRESS
BOSTOB
ST.,
SPRINGFIELD
BALTIMORE
PROVIDENCE
ELECTRIC BOND & SHARE CO.
(Paid-Up Capital and
Surplus$24,000,000)
BROADWAY,
71
NEW YORK
EMERSON & CO.
E. S.
MUNICIPAL AND
E. HOWARD GEORGE & CO, he.
RAILROAD
BONDS
Investment Bankers
Investment Securities
BOSTON, MASS.
51 State Street
For Conservative Investment
R. L. Day
35
& Co.
Government and
BOSTON
60 STATE ST.
Municipal Bonds
Congress St., Boston
New York
Correspondents
Richardson, Hill & Co.
REMICK, HODGES & CO.
William fcfimptonfo
tHaWaftfll 1879
Government and
PARKINSON & BURR
Investment Securities
Oeer a Quarter
Wall Street, New York
14
St.
Members of the New York and
Boston Stock Exchanges
SQ Congress
Cincinnati
Leuia
New Orleans
Ohieaga
St.
Portion*
BOSTON
Bangor
Municipal Bonds
Centum tn aMs tests*me
53 State Street
1 Wall Street
BOSTON
NEW YORK
HT...T,
..i
Members*
Beaten Stock Exchange
New yMk Bt9Ck Exchsngs
Arthur Lipper & Company
New Street and Exchange
Plan
NEW YORK
Cochrane, Harper&Co.
Investment
DEALERS IN
W. F. Ladd & Co.
INVESTMENT SECURITIES
SECURITIES BOUGHT AND
Securities
SOLD
COMMISSION
ON
Braac* Office*
Members
111
10 State St.,
Broadway
BOSTON
Waldorf-Astoria Hotoh *.v
It. T. Block Exchange
Investment
NEW YORK
It. T. Cotton Exchangs
8 East 4M Btrsst, a. t
It.Y.Ooffes A Sugar Exch
Securities
Baratoga Springs, H. V
Philadelphia Stock Exeft.
Atlantic City, It. J.
Chicago Board of Trails
Wert End. a. J.
Long Beachi H. T.
BONDS
New York
gaker, Ayling & Young
George Pick & Compaaj
BOSTON
Investment Securities
ESTABLISHED 1865
PHILADELPHIA
79
5 Nassau
BROTHERS
&
GO.
Chicago
St., N. Y.
MEMBERS NEW YORK STOCK
KONIG
We«t Adams Street
EXCHANGE
Deal in
Underlying Railroad Bonds
16 Exchange
Place, NEW YORK
and
Tax-exempt Guaranteed & Preferred
Commercial
and
Travellers'
Railroad & Telegraph Co.
No.
Letters of Credit
loONlG BROTHERS, LONDON
BROADWAY,
$6
Members
New
Oil
I. HUDSON & CO.
C.
Stocks
England
Industrial Securities
Yielding 8Yi% to 8%
Devonshire Street
ROTTERDAM
YORK
asi
F.vshsnges
TELEPHONE RECTOr
Miscellaneous Securitiei
in all Markets
J. MURRAY WALKER
Boeton
NEW
Philadelphia
York,
Chicago Stock
and
OESHNDSCHE HANDEL-MAATSCHAPPY
New
PRIVATE
WIRES
TO
PRINCIPAL
OITI1
ape. 24 1920.]
THE CHRONICLE
v
Cana& tan
BANK OFMONTREAL
Canadian
'
(Established 1817)
Government and Municipal
CAPITAL
REST
Bonds
These
bonds
offer
paid
up
-
SIR
London,
NEW
$10,000,001
General Manager, Sir John Aird.
Assistant General
Manager.
Eng.
Francisco—British-American
[Agent*.
Buy and Sell Sterling and Continental Ex¬
change and Cable Transfers.
Collectione
made
all
at
points.
Travelers' Cheques and Letters of Credit Issue*
Bank
available In all parts of the world.
Banking and Exchange business
description transacted with Canada.
Foreign Exchange bought and sold.
Commercial credits Issued available
In any part of the world.
LONDON OFFICE—2
London
•
Offices,
Waterloo
47
Threadneedle
Pall
Place,
St.,
S.
MaU,
B
C
CANADIAN
SECURITIES
W.
Total
«
O
of
England,
Bank
of
Scotland,
Bank,
Limited
OFFICE, TORONTO
THE BANK OF NOVA SCOTIA
Assets
.
$6,000,000
7,739,000
143,000,000
request
Sir Edmund Osier,
(Incorporated 1882)
PAID UP
General Manager.
CAPITAL
RESERVE
FUND
..$9,700,COB
AND
UNDIVIDED PROFITS OVER
Clarence A. Bogert,
President
18,000,001
TOTAL ASSETS OVER
220,000,001
Head
A. E. AMES & CO.
New
«
T4 Bmdwxy, NEW YORK
V«f«i»4o
Bank
The
Lloyd's
Paid Up
Capital
Reserve Fund & Undivided Profits
& Corporation
0m
*****
The Dominion Bank
HEAD
Lists
Street.
The
Vendome
Government, Municipal
»
Lombard
of
BANKERS2IN GREAT BRITAIN
G. C. CASSELS, Manager.
Paris, Bank of Montreal (France)
lTPlace
P. Josa
C. L. FOSTER,
C. J. STEPHENSON,]
owned and controlled by Bank of Montreal)
Montrea
Manager, H. V.
New York Office, 16 Exchange Plaee
F. B. FRANCIS,
1
Chicago Branch, 27*29 South La Salle St.
Spokane, Wash.
Mexico City
YORK
.SIS,000,088
President, Sir Edmund Walker, CLV.O., LL.D- DjCLA
B. Y. HEBDEN
W. T. OLIVER
San
CAPITAL
REST
Agents
Incorporated
STREET,
HEAD OFFICE. TORONTO
PAID UP
W. A. BOG
Wood, Gundy &Co.
Toronto
20,000,000
$545,304,809
64 WALL STREET
payable in
Write for particulars C-20
WALL
CANADIAN BANK
OF COMMERCE
NEW YORK AGENCY
U. S. funds
14
-
MEREDITH, Bart., President
Sir Frederick Williams* Taylor,
General
and interest
-
VINCENT
7% to 7y2%
Principal
-
THE
$20,000,000
-
Head Office—Montreal
oppor¬
tunity for sound investment.
If pur¬
chased
now
they
will
yield
from
-
----------
TOTAL ASSETS
exceptional
-
York Agency, 61 Broadway
O. S. Howard, Agent
London
ftlHitrttl
CANADIAN
Branch, 73 Cornhill
L.
S.
Jones,
AND
Manager
FOREIGN
EXCHANGE
BOUGHT AND SOLD
Office, Halifax, N. S.
General Manager's Office, Toronto, Ont.
300 branches throughout Oanada, Newfoundland,
Cuba, Jamaica, Porto Rico, and in Boston, OhI*
cago and New York.
Commercial and Travelers!
Credits Issued, available in all parts of the world.
Bills on Canada or West Indian
points favorably
negotiated or collected by our branches In the
United States.
Correspondence invited.
New
Canadian
Government, Provin¬
cial, Municipal and Corporation
TRAVELERS'
AND
LETTERS
OF
York
CREDIT
Agency, 52 Wall Street.
H. F.
COMMERCIAL
Patterson, Agent.
Correspondents|Lo"do" Joint City ft Midland
Great Britain
JRoya" Bank "of Scotland.
Bonds
n
Bought—Bold—Quoted
GREENSHIELDS & CO.
Members
Dealers
IT St.
Montreal
in
Stock
Canadian
John
THE
Exchange
Bond
Canadian
Issues
ROYAL BANK OF CANADA
Street, Montreal
Established
Government, Municipal
Capital Paid Up
ALL
and
ISSUES
Canadian War Loans
Bought
Sold
Head Office
Quoted
&
thomson
Dmrmcw Securities
COMPANY, LIMITED
222 St. James Street
Mercantile Trust Bldg.
1404 C. P. R. Bldg.
.
.
Montreal
•
CORPORATION- LIMITED
Hamilton
TORX5MTO
Toronto
.
Montreal
SIRIHERBERT 8. HOLT. President
E.
nesbitt,
$17,009,89
18,000,009
...038,800,000
Reserve Funds
Total Assets
Corporation Bonds
1869
.
MOriTREAl..LDMDOrt.ErtO
L. PEASE.
Vice-Pres.
A Man. Dlrttttni
O. E. NRILL, General Manager
630 Branches thoughout
OANADA and NHW-i
Tn CUBA,
REPUBLIC.
VENEZUELA.
FOUNDLAND.
DOMINICAN
RICA
and
PORTO
RHOO
HAITI.
OOSTA
BRITISH
ahO
FRENCH WEST INDIES, BRITISH
DURAS and BRITISH GUIANA.
Montreal
Tramway 5s, 1941
Canadian Car & Foundry 6s, 1939
Rio de Janeiro Tramway 5s, 1935
Principal
and
Interest
and
All
Canadian
Payable
In
New
York
Canada
Issues
Dealt
Bldg.
BRAZIL—Rio de Janeiro.
URUGUAY—Montevideo.
Montreal, Can.
1
8PAIN—Barcelona, Plaza de Catalan*,
U. A. Daly &
Co,
In
TRUAX, HIGGINS CO.
Lewis
HON*
ARGENTINE—Buenos Aire*.
CANADIAN
GOVERNMENT, MUNICIPAL
«.
LONDON OFFICE—Princes Street. E. O. 9.
NEW YORK AGENCY—68 William St.
F. T. WALKER. J. A. BEATSON, B. B.
McINERNEY and J. D. LEAVITT. Agents.
TRENCH AUXILIARY:
The Royal
Bank 01
Oanada (France). PARIS, 28 Rue du
Qaatre-Septembre.
AND CORPORATION BONDS
Canadian Securities
Bank of Toronto Building
CANADIAN
TORONTO, ONT.
INVESTMENT SECURITIES
W. GRAHAM BROWNE & CO.
Offerings
on
Request
Correspondence Invited
222 Sb Janet Street
MONTREAL
R. C. Matthews & Co.
Correspondence Solicited
McDonagh, Somers & Co,
Dominion
Bank
Building
TORONTO, CANADA
Thornton Davidson & Co.
Members Montreal Stock Exchange
Private
New
CANADIAN BONDS
Guaranteeing C. N. R.
York, Toronto, Quebec, Sec.
420*1-2 & 426
Transportation Building
MONTREAL, CANADA
4% BONDS
C. P. R. Bid,.
Canadian
Davidson & Co. Ltd.
Transportation Bldg.
tl St. Peter St.
Sparks St.
,
/
Yielding 7%
Principal & Interest Payable In New York
Principal and Interest
Payable In New York
Thornton
Due 1930
TORONTO
canadian bonds
41
PROVINCE OF MANITOBA
Wires
Montreal
8uebec
ttawa
Municipal Bonds
Bought—Sold—Quoted
FINCKE, BANGERT & CO.
/Emilius
BANKERS
Established 1891
FraukHn Bank Bldg., Philadelphia
NEW YOBS
Jarvis & Co.
INVESTMENT
Jarvis
Bldg.,
-
TORONTO. CAN.
[Vol. 110
CHRONICLE
THE
vi
JFoteign
Australia
Zealand
New
and
BANK OF
178,368,000
42,086,000
Paid-up Capita!
1919—8336.18L247
Reserve Fund
K.B.E..
RUSSELL FRENCH.
JOHN
$226,000,000
Subscribed Capital
556,000,000
Ltd.
OFFICE:
HEAD
54, Lombard St., London, E. C., Eng.
and
Wales
throughout
1,400 branches in England and
over
Agents in ail banking towns
world
the
42,086,000
-
the Londo*
Provincial & South Western Bank,
Authorized Capital
Paid-up Capital
580,000,001
Reserve Fund—
16,000,000
Reserve Liability of Proprietors... 20,000,000
Sir
with which has been amalgamated
<15—*1)
(,ESTABLISHED 1817.)
Aggregate Assets 80th Sept.
LIMITED
LIMITED
WALES
NEW SOUTH
BARCLAYS BANK
LONDON JOINT CITY & MIDLAND
General Manager.
til
and AGENCIES In
the
New Zealand,
FJJ1, Papua
and London.
The Bank transact*
description of Australian Banking Business.
and other Produce Credits arranged.
BRANCHES
Australian
every
Wee*
1,855,000,000
Deposits
Sfcatee,
(New Guinea),
SYDNEY
189t
(Established
London, E.C. 8.
-•serve
£ Starve
Total Capital and
68 & 66,
168, Fenchurch Street,
London, E. C., England
OFFICE:
BRANCH
SHIPPING
LONDON COUNTY WESTMINST
AND PARR'S BANK LIMITED
C. 8*
Old Broad St., London, E.
Bank has 41 Branches in VICTORIA. 39 Jta
if AW BOUTH WALES, 19 in QUEENSLAND,
Vfe*
AUSTRALIA,
If la SOUTH
21 in WESTERN
AUSTRALIA, 2 In TASMANIA and 44Jn NEW
•m ALAND.
ESTABLISHED IN 1889
Banking Busineaa of
Foreign
CORNHILL, LONDON. B. C.
Kaad Office: 71
Deputy-Chairmen:
Lain*
R.
Hon.
Rt.
McKenna. Chairman,
Paid-up Capital...............
International Banking Corporation
limited
incorporated in New South Wat—.
......
fteeerve Liability of
Office.
Bead
South
New
Sydney.
Java
Philippine Islands
Panama
Santo Domingo
London
Birchin
end
Authorized
Up
Paid
AFFILIATED
London
78
Subscribed—£1,560,MS
£750,60S
rue
de la
BRUSSELS.
Liability of Shareholders
I
Loi
Rennurb.
represented by Branches or Aoents in ail
Principal Cities and Towns of the United King¬
has Correspondents throughout the World
The Union Discount Co.
dom and
EXECUTOR AND TRUSTEE DUTIES
of London, Limited
Offlce:S6, Bishopsgate. London. E. C.
India, Burma, Ceylon, British East
Uganda and at Aden and
Kanslbar.
Telegraphic Address. Udlsoo, London.
Capital Authorized & Subscribed 810,000,000
I
i
539.437 10
0
C
Remittances made by Telegraphic Transfer.
Negotiated or forwarded for Collection.
Banking and Exchange business of every <Jssertptlon transacted with Australia.
Bills
*
for
M. JANION. Manager
Days'
money
Georges HEINE
approved bank and
receives money on de¬
515,000,000
536.000.000
15.000,000
Reserve Liabilities ef Proprietors
GRANT DRAFTS, ISSUE LETTERS OF CREDIT,
NEGOTIATE OR COLLECT BILLS PAYABLE IN
CHINA.
JAPAN,
PHILIPPINES,
STRAITS
SET¬
TLEMENT 8, INDIA.
WADE GARD NER.
Agent,
54
Baoul MALLET
Albert MIRABAUD
Wall St.
Pyrame NAVILLB
Felix VERNE8
NUGENT, Manager.
LONDON
Discount
National
The
Viscount GOSCHEN
Sir John P. HEWETT. G.O.8.I.
Lord HILLINGDON
Company, Limited
35
Hon. HERBERT A. LAWRENCE]
Lord ORANMORB and BROWNE
LONDON, E. C.
CORNHILL
Sir W. LAWRENCE YOUNG. Bart,
Cable Address—Natdis London.
Subscribed Capital.
4,233,325
Reserve Fund
INTEREST
2,500,000
as
money
on
Deposit ate
7,
rue
Meyerboer (IXo)
MARSEILLES, S8,
rue
St. Forrool
LONDON, 28, Throgmortoa Street B* C.I.
MANCHESTER, t» Pall Mall.
NEAR-EAST.
follows:
•
STAMBOUi
Agencies In EGYPT, GREECE.
PALESTIBI
CONSTANTINOPLE
5% per annum at call.
5H% at 7 and 14 days^notlce.
PARIS,
ENOLAND.
STERLING.)
allowed for
FRANCE.
§21,166,625
.
Paid-up Capital
raised
BANKING CORPORATION
515,000.0001
\In 8Uver..$ll.000.000/
le Baron HOTTINGUEB
discounts
acceptances,
7
Arsene HENRY
Par Cant,
NOTICE is hereby given that the RATES OF
Hong Kong & Shanghai
Reserve Fund/In Gold
Mem. le Baron de NEUFLI8B
Charles de CERJAT
le Comte Adrien de GERM IN Y
Notice, 5'4
($5=£1
Paid op Capital (Hong Kong Currency)
PARIS.
the
Memrs. the Earl ef BESSBOROUGH.O.V.O.iO.A
E. W. H. BARRY
f
539,437 10
550,000
0
Proprietors.
GENERAL COMMITTEE (Porta & Londo*.
that
Cant.
CHRISTOPHER R.
London. E. C. 9
£1,078.875
0 0
Reserve Fund
Par
Tho Company
"Clermont"
Paid-up Capital
allowed
INTEREST
Frs. S50.000.000 half paid up.
posit at rates advertised from time to time, and
grants loans on approved negotiable securities.
Eiglisb Scottish and Aostralian Bank, Ltd
Further Liability of
T
to
mercantile
Central America
Subscribed Capital
Call 5
At 3
GUATEMALA,
GIVEN
deposit are as follows:
on
At
Head Office: 88 Lombard St..
OF
RATES
Clermont & Co.
HEREBY
Capital: £10.000.000 or
6,000,000
55—£1 STERLING.
IS
Imperial Ottoman Bank
5,000,000
...
Reserve Fund
NOTICE
Cable Adrees:
—
Capital Paid Up
conducts every description ef banking
and exchange business.
BANKERS
UNDERTAKEN
SO CORNHILL.
tranches in
Vfes Bank
29 Rue Canneblera
6. Rue LafayeWs
The Bank ie
East
Subscribed Capital—£5,000,000
Paid-up
Capital
£1,800.000
Reserve Fund
£1,850.000
22 A 24. Cenrs de 1'lntendantc
All cheques an the Ulster Bank will be callettel
for Customers of this Bank, free ef Cemmlsales,
the
NATIONAL BANK OF INDIA limited
ifrisa.
FRANCE'
AFFILIATED IN IRELAND:
ULSTER BANK LIMITED
Belgium
Cable Address:
IN
37. Rue de la Republlqut
LYONS:
BORDEAUX:
MARSEILLES:
NANTES:
—
laad
Gran Via I
Loadon County A Westminster Bank (Parli). Ltd.
PARIS:
22. Place Vendaat
ROBERT BRUNNER
Banker and Broker
•ankers to the Government In Britlse
Africa and Uganda,
Pasea de Grada. 8 * II
BARCELONA:
BILBAO:
MADRID: Avenlda del Oande de Penalver. 21 AW
£756,SOS
Reserve Fund and Undivided Profits
£785,794
Branches in India, Burma, Ceylon, Straits Etottlsatsti, Federated Malay States, China, and Mauritius,
gsv York Agency. R. A. Edlundh, 64 Wall Street
Reserve
114 and 110. Rut Borala
SPANISH BRANCHES:
Lyons
Head Office
Oopltal
41. Place de Mate
BRUSSELS:
Wales
The Mercantile Bank of India Ltd.
dapftal
Cornhili, E.C. 5
ANTWERP:
'
Street. B. Ct
15 Gracechurch Street,
W. H. IftStta
BELGIAN BRANCHES:
|
Established 1879
Lombard
Lane,
I
Joint Oeneral Manager*:
San Francisco
Lendon Office:
U,
LOTHBURT, E.C, ».
Foreign Branca Office: 81,
Stralte
Japan
Remittances cabled.
negotiated er collected.
8,780*888
_
.-£804,647,718
...........
Settlements
India
China
Drafts payable en demand, and Letters el
Credit are issued by the London Branch en Iks
Head Office. Branches and Agencies of the Bant
IB Australia and elsewhere.
Bills en Australasl*
counts
HEAD OFFICE: 41,
P. J. Barthorpe. J. O. Robertson.
Branches in:
£0,040,001!
(3lit Dec.. 1919.)
Deposit and other As-
Current,
800.000
Undivided Profits
1,040,008
l.OOO.OCt
Proprietors
510,000.000
Capital and Surplus
£2,000,0ft
.—
...........
NEW YORK CITY
66 WALL STREET
Established 1834.
8,808,725
...
Reserve
Sydney
Rstarve Fund—
Capital........... ...£21,900,095
Authorized
Commercial Banking Company
Paid-up Capital—
B. Hugh Tennanl.
Wk Montagu Turner,
the
of
Walter Leaf. Eaq.
Chairman:
Every Description Undertakers
Manager—W. J. Essame.
Assistant Manager—W, A.
The Foreign Manager,
;
Bradford.
18, Tyrrel Street,
£10.070.000
Reserves
Address
Liverpool.
8, Dale Street,
£8.070,000
£8,000.000
E.C. 8.
BRANCH,OFFICES:
FOREIGN
<7,800,000
ToFund—£2,570,000/aether
Liability of Proprietors
BUSINESS TRANSACTED
66, Old Broad St., London,
65 A:
Incorporated 1580
Capital—
I '
authorised and issued
*
aid-up Capital £2,600,0001
DESCRIPTION OF BANKING
EVERY
AUSTRALIA Limited
,
£7,000,80%
£296,089,1»
HEAD OFFICE:
f, Threadneedle Street,
OVERSEAS BRANCH:
TIE ONION BANK OF
£14,210,151
DEPOSITS
19, THREADNEEDLE
STREET, E.C. 2
GEORGE STREET
£20,000,081
-
CAPITAL
ISSUED
RESERVE FUND
London Office
Head Office
AUTHORIZED CAPITAL
,
A-
Approved Bank & Mercantile Bills discounted.
Money 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.
-
PERA
MESOPOTAMIA. SYRIA.
CYPRUS,
and In different parts of the
Ottoman
Empire.
Branches In the Near East
GENERAL BANKING BUSINESS
APR. 24
1920.]
THE CHRONICLE
jfotefgn
VII
iforetgn
jfotefgn
SPERLING & CO.
NATIONAL
Baaildon House, Moorgate Si.
FISCAL
Banque Rationale de Credit
AGENTS FOB
Capital
frs.
Surplus
and
;
300,000,000
__frs.
63,000,000
Deposits
Hydro-Electric Companies
Capital, fully paid
£3,000,000
Reserve
Office:
£1,663,278
PARIS
YORK AGENTS
SPERLING & CO.,
Office—Cairo.
INC.*
under
Egyptian Lav
June, 1898, with the exoluslve right tf
Issue Notes payable at sight to bearei
frs.2,100,000,000
Head
NEW
Head
Established
Public Utility
I
EGYPT
of
London, E. C.
BANK
Fund..
LONDON
6
270 Branches in France
139 BROADWAY.
AND
AGENCY
KING
7
WILLIAM
ST.,
LONDON, E. C., 4, ENGLAND.
4 Branches in the Rhenish Provinces
THE
COMMERCIAL!! ITAUANA
BANCA
Head
GENERAL BANKING BUSINESS
Office MILAN
Paid-up Capital
NATIONAL PROVINCIAL AND
S31.SOO.OOS
—
Reserve Fundi
UNION BANK OF EN6LAND
..$11,640,000
AGENCY
IN
NEW
Limited.
YORK.
1M BROADWAY
($$=4L»)
WMtfoo Office. 1 OLD BROAD STREET. B. C.
Manager: E. Oaaaola.
Agency and London Offlca af tha
Vast End
Italian State Railways. 13 Wateriec Flaea.
SUBSCRIBED CAPITAL
-
687.S14.0C8
RESERVE FUND
-
331.S3M68
Basil, Zurich, SL GaD, Geneva, Lausanne,
Regent SI.. 8. W.
M Branches In
Italy, at all the
London
principal points in the Kingdom
-
Head Office:
La Chan-fr-Foods
arreepondents ta the Italian Treasury.
$1»1.C78.M8
PAID-UP CAPITAL
Swiss Bank Corporation
15. BISHOPSGATE, LONDON, ENGLAND,
Office, 43 Lothbury, E. C. 2
with
Offices in
numeroua
and
W««t End Branch
11c Regent Street
Waterloo Place S. W. 1
England
Walea
"Representatives In New York and Agents
<■
Italy" of the Banque Francalee et Itallenne
oonr
I'Amerique du Sud.
Saanos
Rio
Ayres.
Janeiro,
de
San
Panto.
Socleta Commercial#
Santos, &c.
d'Orlente, Tripoli.
STANDARD BANK OF SOUTH AFRICA. Ltd
Capital
360
Branches
saath Africa.
H.
and
Agencies throughout
Union De
est. 1863
Cable Address "Riggenbank."
Toggenburger Bank est. 1863
London Correspondent—Barclays Bank. Ltd.
New York
Alas representing The Bank of New South
Wales with branches throughout Australasia.
Capital, fully paid
Reserves
LEU
FOREIGN EXCHANGE BUSINESS
Banqnes Suisses
Formerly Bank in Winterthur
MACINTYRE. Agent
Wail St..
88
Specialists for
331,260.000
Paid-up Capital & Reserve Fund $18,813,600
Total Resources...
—$306,136,416
W.
ZURICH
191,.
$60,000,000
...
Subscribed Capital
Over
COMMERCIAL REVIEW
and CO.'S
Frs. 60,000,000
-
•
-
"
-
ROTTERDAMSCHE
15,000,000
BANK,
BANKVEREENIGING
Zurich,
LIMITED
Winterthur,
'
,
ZURICH, (Switzerland)
Founded 1766
St. Gall,
Basle, Geneva,
Lausanne
Capital Paid up and!
Reserve
& CO.
BANKERS
PLEASE WRITE FOR OUR FINANCIAL AND
LONDON. E. C.
HEAD OFFICE.
Authorised
RIGGENBACH
Capital paid up, . . 120,000,000
Surplus,....... $6,200,000
Deposits,
$165,000,000
Fund
and
Frs. 61,600,000
other
19
Amsterdam
Rotterdam
The Hague
>
Branches.
CAPltAL FULLY PAID.F.75,000,008
/
IfESY DESCRIPTION of BANKING
BUM-
Bills Collectsd.
Documentary Credits.
FUND.
RESERVE
NESS TRANSACTED.
F.25,000,008
Foreign Exchange.
Etna of Exchange
Negotiated and Collected
Travelers' Letters of Credit, &c.
COLLECTIONS
1
Drafts and Letters of Credit Issued.
Tele graphic
LETTERS OF CREDIT
Transfers Effected.
FOREIGN EXCHANGE
Booking and Travel Department.
The NATIONAL BANK
PETROLEUM BANKING & TRUST CO. S. A
No. 468. Tamplco
Apartado (P. O. Box)
Tamaulipas. Mexico
Member*
of the
American
Kong,
and
Purls,
STOCKS
of SOUTH AFRICA, Ltd.
United States. London.
Barcelona and Madrid.
the
Hong
Reserves
merce
-
-
-
-
$20,000,000 00
Manchester
Capital paid
Reserve
up.
New York Agency
|
-
R. K. SAUNDERS, Agent.
30,000,000
80
years,
Country.
Also
at
...
....
£3,000,000
by
Royal
Charter.
■
and
has
Branches
throughout
THE COMMERCIAL BANK OF SCOTLAND LM
Established
St. Andrew Square, Edinburgh
Cashier and General Manager: A. K. Wright.
1810
Head Office—EDINBURGH
I
..£5,500.00
Capital (Subscribed)
Frauenfeld,
Geneva, Glaris, Kreuzlingen, Lugano,
Lucerne, Neuchatel, St. Gall.
London Office
•
•
•
3 Bishopsgate, E.C. 8
Manager: Wm. Wallace.
Glasgow Office
BANKING
BUSINESS
Foreign Exchange
Documentary Business, Letters of Credit
Paid up—
250.000 "A" shares of £20 each £6 paid...£1,250,oo
600,000 "B" shares of £1 each folly palfl..£
500,000
Exchange Square
Agent: A. Dennlstoun.
370 Branches Throughout
GENERAL
the
£1,083,376
£86,648,833
Deposits
Hssd Office
Branches at Basle, Berne,
Street
Alexandria, Cairo, Ac., in Egypt.
Head Office: Basildon House,
Moorgate Street,
LONDON. E. C. S.
Incorporated by Royal Charter. 1727.
Zurich, Switzerland
Portland
Wall Street, New York.
Bank, Limited
Incorporated
Royal Bank of Scotland
Paid-up Capital
...
Rest and Undivided Profits......
HEAD OFFICE
106-108
APPLEBY« Agent, 6
Offers every banking facility for transaction
with Greece, where it has been established fot
_frs. 100,000,000
Funds._frs.
a'
Ionian
10 Wall St.
-
Office,
Liverpool Office, 25 Water Street
between this country and Africa.
a'
SUISSE
OF
—
facilities for the extension of trade and com¬
Established 1856
SALE
SHARES
$a=sii
Authorized Capital
$10,880,009
Subscribed Capital
7,380,000
Capital (Paid Up)
3.000,000
Surplui and Undivided Profits....
1,306,600
Branches throughout Egypt, Morocco,
West Africa and the Canary Islands.
Head Office, 17 9c 18 Leadenhall St., London, E. G.
Paid-UplCapital and
Offers ta American banks and banners its superior
CREDIT
AND
BANK OF BRITISH WEST AFRICA, LTD
Over 400 Branches in Africa
i
Banker? Association
Offers every banking facility.
Payments and
collections made and Drafte sold on all parts of
Mexico
PURCHASE AND
Scotland.
Reserve—.
£1,000,000
Deposits
£1,750,000
£30,071,102
ILEX. ROBB, Gen. Mgr. MAGNUS IBVINE, See.
London Office—62 Lombard Street, E. C. 8.
Glasgow office—113 Buchanan Street.
Every Description of British, Colonial and
Foreign Banking Business Transacted.
Correspondence Invited.,
Drafts. Circular Notes and Letters of Credit Issued
and every description of British, Colonial ana Foreign
Banking and Exchange business transacted.
New Yerk Agents—American Exchange Nat. Bank
[Vol. 110.
THE CHRONICLE
viii
j&anfem an& prefects outsiDe fleta jj^orfc
ST.
CHICAGO
CHICAGO
LOUIS
&TILDEN
TILDEN
Incorporated
Dodge & Ross,
(INCORPORATED)
A. G. Edwards & Sods
(
INVESTMENT BANKERS
Mecnblr*
INVESTMENT BONDS
STREET
108 SO. LA SALLE
CHICAGO
Specializing in
New York Stock Exchange
8S Wall St
St.
Olive
Bonds and Preferred Stocks
Stock Exchange
Lento
St.
iftt
INVESTMENT SECURITIES
NEW YORK
ST. LOUIS
Service
Public
Industrial
and
111
W.
Corporations
MUNICIPAL
& STITT
SCOTT
of
Monroe SL
CHICAGO
111 West Monroe Street,
\
CHICAGO
BONDS
CORPORATION
r James d rnr-t
1IMBER(Q.
IACEY
INDUSTRIAL
PREFERRED STOCKS
based always upon
AND TRUST COMPANY
Southeast Corner La Salle and
$100,000
of
underlyingasset?
332 so. Michigan Av.. Chicago
6% CHICAGO FIRST MORTGAGE BONDS
53^% Road Bonds
Estates,
Suitable for
Due
$2,000,000
and Surplus,
Capital
Trustees
and Individuals
Serially 1925 to 1944
Write for Bond Circular
$64,545,232
Auciaed Valuation, 1919
Total Bonded Debt
(incl. this
)ldest Banking House in
CINCINNATI
C 25.
Chicago. A State Bank
$250,000.00!
2,525,515
issue)
Population—38,765
Legality
AKRON, OHIO
A. O.
Wood,
C. B.
approved by Hon.
HI
Slaughter & Co.
Mississippi Valley Trust Co.
yield 5 1-8.
STATEMENT.
FINANCIAL
/New York Stock Exchange
—$279,300,700
5,896,000
Assessed valuation..
/ New York Cotton Exchange
\New York Coffee Exchange
)New York Produce Exchange
«!«■*•#•< Chicago Stock Exchange
/Chicago Board of Trade
/Mian. Chamber of Commerce
\St. Loots Merchanta' Exchange
^Winnipeg Grain Exchange
Net
debt.
Population 200,000.
The
Provident
Savings
Bank & Trust Co.
ST. LOUIS
Bond Department
CINCINNATI, OHIO.
French & Co.
Radon,
Charles W. Meers
■umden Smith
BONDS
Due 1922 to 1936 to
CHICAGO, ILL.
5.25%
DEPARTMENT
BOND
53/2%
SCHOOL
WEST MONROE STREET
of Wood <fe Oakley, Chicago, III.
Prices to Yield
verification
expert
Madison Sts.
BANKING
GENERAL
Pima County, Arizona
BONDS
TIMBER
GREENEbBAnUMSQNS
ROBERTS
Securities
Investment
William H. Borg
(New
■
111 Wast
SMITH, MOORE & CO.
Monroe Street
,
'
York
HALL
&
Stock
Exchange
Members/Chicago Board of Trade
(Cincinnati Stock Exchange
CHICAGO
INVESTMENT SECURITIES
Investment Bonds
OB5*
CINCINNATI
ST.
B8t OLIVE ST.
LOUIS, MO.
Powell, Garard & Co.
INVESTMENT SECURITIES
MARK C. STEINBERG & CO.
Members Neu>
York
Stock
ROAD
South La
39
Exchange
Members St. Louts Stock Exchange
N.
300
ST.
Broadway
Greenwood County, S. C.
I
New
100
Chicago
Philadelphia
York
5% BONDS
Salle Street
St.
Louie
LOUIS
and
Interest
Weil, Roth & Co.
CINCINNATI
NEW YORK
ST.
LOUIS
Members
SECURITIES
Louis
St.
Stock
CHAS. S. KIDDER & CO.
Bankert
Investment
Exchange
SAWYER
CHANNER &
INVESTMENT SECURITIES
Established
STIX & CO.
1898
Union Trust Bldg..
108 South La Salle St.
CHICAGO
Investment Securities
509
ST.
OLIVE ST.
LO&1S.
CINCINNATI, OHIO
Ohio Securities—Municipal Bonds
Taylor, ewart & Go.
New York Stocks aad Bonds
INVESTMENT BARKERS
DEALERS IN
105 South La Salle Street
INVESTMENT SECURITIES
LOUISVILLE
CHICAGO
JOHNSTON & COMPANY
Municipal, Railroad and Public
IRWIN, BALLMANN & CO
Utility Bonds
328-330-332 Walnut St.
INVESTMENT SECURITIES
*
CINCINNATI. OHIO
Municipal and
LOUISVILLE. KY.
Paul Jones Bldg.
Corporation
DftMnc
BONDS
EDGAR
FRIEDLANDCB
DEALER
John W. & D. S. Green
116 South Fifth St.,
SHAPKER, WALLER & CO
134
SOUTH LA
SALLE STR
IN
Cincinnati Securities
OHI ft
CINCINNATI
Louisville, Ky.
Dealers in
CHICAGO
all
high-grade securities.
Continuously in Brokerage business
since
SPRINGFIELD.
ILL.
1868.
Both telephones 65.
John Burnham & Co.
Matheny, Dixon, Cole & Co.
Rldgely-Farmers Bank
Henning Chambers & Co.
INVESTMENTS
Member New York Stock Exchange
04 West Main
Street, LOUISVILLE4 KY.
High
Grade Investment Se¬
Convertible Note
Issues, Bonds, Bank Shares,
SPRINGFIELD.
Bldg«
ILLINOIS.
curities,
Unlisted
41
Illinois
Municipal Bonds
Securities.
and
South La Salle St.
CHICAGO
First
Mortgage
Farm
Loans.
Apb. 24 1920.]
THE CHRONICLE
IX
JBanfettt anli JSrofeets ©uttftie iltto gort
PITTSBURGH
MICHIGAN
LYON, SINGER A CO
doobtf, fetoan & Cbtoarb* Co.
michigan
'U~»WN,
Inquiries
PITTSBURGH
Bldg.,
vW\"<'>-WW»%WVW>>yvyVVV</y,(>^tyW^|,w.
Exchange
Member* Detroit Stock Exchange
INVESTMENT BANKERS
Commonwealth
w
Members of Detroit Stock
Charles A. Parcel Is & Co.
Solicited
Carried
in
All
Markets.
Conservative
on
Stoeke
Margins.
INVESTMENT SECURITIES
Securities of Pittsburgh District
110 Congress
Pennsylvania Municipal Bonds
Bldg.,
DETROIT, MICH.
PENOBSCOT BUILDING.
DETROIT, MICH.
1
Geo. W.
Eberhardt A Co
A.
J.
and Provisions
MASTEN
Mssibers New
PENOBSCOT
A CO.
Stock Exchange
Exchange
Pittsburgh Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
New York Cotton Exchange
323 Fourth
BUILDING.
Trade
York
Boston
Specializing
Company
Detroit
Securities
Bldg.
GORDON, FORTIER &CO.
WHITTLESEY, McLEAN & CO.
Investment Securities
Municipal Bonds Corporation Bonds
Suite
Pittsburgh, Pa.
Branch Office:
National Bank of West Virginia Building
Wheeling, W. Va
Exchange
1721-3 Dime Bank
DETROIT
Stock
Ave.,
Stock
We invite your inquiries.
Specialize lnlMlchlgan Stocks and Bonds
Members Pittsburgh Stock Exchange
ef
Members Detroit
Richard Brand
BOUGHT—SOLD—QUOTED
Members New York Stock Exchange
Board
Company
MICHIGAN SECURITIES
Stocks, Bonds, Grain
Members Chicago
&
(Established 20 Years)
PITTSBURGH
OLIVER BUILDING.
A. E.
Hood
1613,
Dime
Bank
Preferred Stocks
Building
Telephone Cadillac 5050
DETROIT
Active Members of Detroit Stock
Exchange
MICHIGAN
2001-56-58 Penobscot Bldg.,
DETROIT
Motor Stocks
F. N.
Boyle & Company, Inc.
W.
A.
HAMLIN
CO,
and
All
Successors to L. J. DAWES & CO., INC.
MATTERS FINANCIAL
Motor Stocks, Public Utilities A Oils
Michigan Securities
Members Detroit Stock Exchange
Union
Arcade
Pittsburgh
Pittsburgh, Pa.
Securities
Arcade
PITTSBURGH,
YORK
BOARD
DETROIT.
Bldg.,
LERCHEN
DETROIT
& COMPANY
Michigan Municipal Bo
MICHIGAN
KAY & CO.
Corporation
and
Bonds
TRADE
Company
INVESTMENT BANKERS
Stocks
P.nobacot Bldg.
DETROIT. MICH.
\
DETROIT
GRAND
Members Detroit Stock Exchange
RAPIDS
DANSARD-HULL-BUMPUS COMPANY
GEORGE M. WEST & COMPANY
Established
INVESTMENT SECURITIES
INVESTMENT BONDS
4T Congress St.,
UNION ARCADE BUILDING
West
1893
INVESTMENT BANKERS
DETROIT
UNION TRUST BLDG.
PITTSBURGH,
-
,
.
.
t.
'
v-
-
:
•'
■.•:■■ ■■■■-
PA.
'
••••".:
KANSAS
.
■
.
•
CITY
FENTON, CORRIGAN & BOYLE
A. W. Wallace &
Detroit
Ohlcags
Kansas City. Me
STREET & COMPANY
INVESTMENT BANKERS
Grand Rapids
of Industrial and Publlo
Utility seourities
HIGBIE
KEANE,
Penobscot Bldg.
&
Bankers and Brokers
DETROIT
Listed
and
BUFFALO
M.
DEAKIN & CO.
8%
Flint
Stocks and
Michigan
Trust
Bonds
Bldg,
RAPIDS, MICH.
Saginaw
Muske
set
Members Detroit Stock Exchange
Correspondent*
Offer
Loews' Buffalo Theatres
Unlisted
Floor.
GRAND
Missouri
C.
."
CO. Allen G. Thurman & Co.
MUNICIPAL BONDS
•T CK1SWOLD ST.
.
DETROIT, MICKi
Tel. Cherry 2806
Ground
Kansas City
7
\
Underwrite and distribute entire Issues
smidpal 6b Corporate Bonds
Local Securities
Company
Investment Bankers
Investment Bonds
Kansas City Securities
We
DETROIT, MICH
Member* Detroit Stock Exchange.
Members Detroit Stock Exchange
W. C. Sylvester Inv. Co.
926 Baltimore
Inc.,
.<:•
Member» Detroit Stock Exchange
EXCHANGE
OF
W. Carson Dick &
120-ttS
MICH
BXCHANGB
PITTSBURGH STOCK
OH JO AGO
WATLIN6,
Local
STOCK
206-262 Penobscot Bldg.,
FA
Members
imW
Penobscot
Company
Member* Detroit Stock Exchange
Speciaitj
a
CHILDS, KAY & WOODS
Union
1010
Burdick-Thomas
F.
VAN EMBURGH Ac ATTERBURY. New York
CURTIS
CLEMENT.
Ac
CO..
C. ANGER & CO.
Investments
Chicago
Preferred with Common Bonus
Specialists in Western New York Securities
408 Gr. Rap. Sav. Bldg.
Grand Rapids
801-2 Dime Bk. Bldg.
Detroit
1252-04 Penobscot Building,
Slocum, Eckardt & Company
420
Ellicott
Square, Buffalo, N. Y.
JOHN
STEELE
T.
BUFFALO, N. Y.
Government, Municipal
and Corporation Bonds
DETROIT, MICH.
Detroit is the market for
DETROIT MOTOR STOCK*
Reo
•
Paige
Continental &
■
Ford
Packard
New York Securities
I Chicago
JOEL STOCKARD & CO.
Members
Detroit
Stock Exchange
DETROIT. MICH.
BPEOIAJUBTB IN
Buffalo md Western
WEBB, LEE A CO.
Members/Detroit Stock Exchange
of Trade
THOMSON
&
McKINNON
330 Penobscot Big. National Union Bank
DETROIT,
Newark; n. j.
Board
Correspondents
MICH.
Big.
JACKSON, MICH.
CONSERVATIVE
IRVING
T. LESSER
INVESTMENT SECURITIES
Harris, Small & Lawsgn
List upon request
INVESTMENT
STOCKS AND BONDS
SECURITIES
F. M. CHADBOURNE &CO.
44
FIREMEN'S INSURANCE
BUILDING,
CONGRESS
ST., W.
DETROIT
THE CHRONICEL
X
[VOL. 110.
Panfetra anfc Probers ^utsfte ^eto gorfe
pacific
PACIFIC
coast
Howard Throckmorton
oenves
COAST
Pacific Coast Securities
CALIFORNIA SECURITIES
Boettcher,
BONDS
Government
&
ef MUNICIPALITIES AND
Porter
Company
Bonds Municipal
CORPORATIONS
.Corporation
INVESTMENT
BANKERS
having substantial assets
San Francisco
and
earning power
Commercial Building
Alaska
DENVER
Quotations
Purnishad
Information
and
on
LOS ANdELES
Paolflo Coast Securities
1858
Established
■AN FRANCISCO
PASADENA
WESTERN
CO.
SUTRO&
a
Specialty
Members
81# Montgomery St.
San
Pranctoce 8tee*
and
Bond
GREGG, WHITEHEAD
Excbana#
BROWN &. CO.
Blankenhorn-Hanter-Dalio
Investment
Municipal and Corporation
PORTLAND,
CORPORATION
toe Sanaome Street* Corner California
AND
DISTRICT
DOMnQ
UKJIHUO
FRANCISCO. CALIFORNIA
ORE,
MORRIS BROTHERS, Inc.
THE PREMIER
MUNICIPAL BOND HOUSE
CAPITAL ONE MILLION
Government
Securities
LOS
ANGELES
SAN
FRANCISCO
SAN DIEGO
PASADENA
and
Established
Morris
Company
California
Lo«IAngeles,
PORTLAND* OREGON
.
HALL
We specialize in California
Municipal & Corporation
ESTABLISHED
SEATTLE, WASH
COMPANY
/
TBI2
Local
DRAKE, RILEY &, THOMAS
The Gundling-Jones Company
&
-
INVESTMENT BONDS
BONDS
CLEVELAND
Bonds
Quarter Century
over a
Building
DOLLARS
Municipal
Na. 8, Central Building
Aronson and
CO
MUNICIPAL
BONDS
California
&
Bankers
DENVER
Company
DEALERS IN
SAN
SECURITIES
Sugar Stocks
INVESTMENTIBROKERS
8an Francisco
F. M.
COLORADO
WILLIAM R. STAATS CO
LEWIS
and
Paolfla Coast
aillLOINQ.
Securities
FORTLANR,
Van Nuys Building
OREQO-
LOS ANGELES
DULUTH,
STOCKS-BONDS-NOTES
BANGOR BUILDING,
CLEVELAND
Private Wires Coast
Correspondents Logan
MINNESOTA SECURITIES
Coast
to
Bryan
an
Railroad,
Ae H.
OTIS
A COMPANY
Woollacott & Co.
Stocks, Bonds, Grain,
L08
Detroit,
Cincinnati,
Youngstown,
Omaha,
Denver, Colorado Springs.
Members of New York, Cleveland, Chicago.
Detroit and Columbus Stock Exchanges,
New York Cotton Exchange.
Chicago Board of Trade.
SOLD
QUOTED
ANGELE8
Duluth* Minnesota
INDIANAPOLIS
TORRANCE, MARSHALL & CO.
Fletcher American Compam
California Securities
Ohio Securities
BOUGHT
and
W. M. Prindle & Company
188-888 I. W. Hellman Building
Branch
Offices :
Co ambuc,
Akron,
Municipal
Corporation Bonds
Cotton
S16 Superior Avenue, N. E.
CLEVELAND
MINN]
LOS
ANGELES
INDIANAPOLIS
CALIFORNIA
Capital
-
$1,500,000
WORTHINGTON, BELLOWS & CO.
Members fAfae
York
Stock
Exchange
\Cleveland Stock Exchange
Guardian
Building
A
EL
LEWIS
&
ttunlcipsl. Public Utility,
Write
CO
Railroad and
Corporation
CLEVELAND
BONDS o* the PACIFIC COAST
Stocks
-
Bonds
Acceptances
SHORT TERM
Akron
BUFFALO
Niagara Life BIdg.
SECURITIES
Rubber
Roland T.
or
offerings
Indiana
on anj
Security
liatUtical Information FurnishtA
Stocks
Meacham
BREED, ELLIOTT & HARRISON
R. H. MOULTON & COMPANY
MUNICIPALS
Title Insurance Building,
LOS ANGELES
American
San
INDIANAPOLIS
Kaiianati
Natl Bank
BIdg.*
Detroit
Chicago
Mllwavrftrfi^
Investment Securities
Francisco.
Municipal Bonds
Traction, Gas and Electric
Lighting Bonds and Stocks
MAX I. KOSHLAND
Pacific Coast Securities
The Union Trust
Member
•an
Franclaca
Stock and
Band
Exchange
BOND
Member Cleveland stock Exchange
Guardian
or
Los Angeles. Cal.
CALIFORNIA
Unincorporated
CLEVELAND
for bids
NOTES
RITTER COMMERCIAL TRUST
CLEVELAND
109 Euclid Ave,
Security BIdg.
u«
Indianapolis
Mills
Building, Cleveland
SAN
Bulldlxrg
Company
DEPARTMENT
INDIANAPOLIS
FRANCISCO
Indianapolis Bank Stocks
v
Local
Public
Indiana
Hunter Glover & Company
CHAPMAN DE WOLFE CO
861-858
Investment
SAN
Bonds
and
Short Term Notes
Stocks
Bought and Sold
Montgomery Street*
FRANCISCO.
Stocks
iaformatlon
and
CALIF.
nd Bonds
Quotations
on
all
NEWTON TODD
Pacific.
Local Securities and
Coast Securities.
CLEVELAND
Utility Bonds
Municipal Bonds
Members San Francisco Stock & Bond Exchange
Indians
415
Lemcke
Corporation
BIdg.,
Bonds
A:
Stock*
INDIANAPOLIS
Ape. 24
1920.]
THE CHRONICLE
XI
©anker* anb ^Broker* ©nfartbe ileto
Pork
ni1—
MARX
A COMPANY
BONOS
STOCKS
BANKERS
SHORT-TERM NOTES
BIRHINQHAJK.
Southern
.
.
Graham. Parsons & Co.
4S5ICHESTNUT ST.
US BROADWAY
PHILADELPHIA
.
Municipal
and
'Parsly Bros. & Co.
Corporation Bonds
-
NEW
YORK
Investment Securities
bankers
1421 CHESTNUT STREET
Deal in and Porahaee
PHILADELPHIA
6HATTANOOQA
Issues of
/
Members Philadelphia Stock
Exchange
MUNICIPAL BONDS,
LEWIS BURKE & CO.
BONDS, NOTES
AND PREFERRED STOCKS
'-.'.J"'-.LOCAL
AND
Established 1866.
SOUTHERN
SECURITIES
Bonding
Specialists in Texas Securities
AND
Gable Address "GHraeo,"
[Philadelphia
t
and
Public Utility Securities.
Member* New York and
Philadelphia
Stoek Exchangee.
Humble Oil &
Refining Co.
Higgins Oil & Fuel Co.
HOUSTON, TEXAS
1
of
Philadelphia
Government,
Municipal, Railroad
SHERWOOD & KING
'
ESTABLISHED VALUE
BANKERS
410 Chestnut St.
HOUSTON
of
INDUSTRIAL CORPORATIONS
BlOREN^Om.
CHATTANOOGA
'
RAILROADS, UTILITIES
£8J.0art*e».
JOSEPH W. GROSS
(American Bankers Assn.
BANKERS
Texas
Bankers Assn.
Houston Cotton Exchange
321
Hydro-Eleetric Securities
Chestnut St.,
Philadelphia
MACON
1411
CONTINENTAL TRUST C0MPAN1
CHESTNUT
Established 1837
STREET
PHILADELPHIA
PA.
Members New York and
Philadelphia
Southern Municipal Bonds
Stoek
AUGUSTA
AND
Guaranteed Stocks
MACON
GEORGIA
115,000 00 Georgia RR. & Bankinx Co. 4s, 194T
$15,000 00 State of Qeorxia 4Ms, 1945
100 shares Georgia RR. & Bankinx Co. stock
SPARTANBURG, S. C.
JOHN W. DICKEY
k. M. LAW &
Exchangee
WANTED.
CO., Inc.
AUGUSTA, GA.
M£Cownfcfa
Members Philadelphia Stock Exchange
INVESTMENT BANKERS
DEALERS IN
Land Title Building
Stocks and Bonds
Southern
Textiles
a
PHILADELPHIA
Specialty
WM. E. BUSH & CO.
|
New York Telephone Rector 5340
Augusta, Ga.
SPARTANBURG. 8. C.
$400,000.00
SOUTHERN
NORFOLK, VA.
SECURITIES
COTTON MILL STOCKS
City of Bayonne, N. J., Water 5 ^s,
Due April 1.1925
Price 102.05 & Int.
MOTTU & CO.
Dated April 1,1920.
returnlng.6.10%
M. M. FREEMAN & CO.
MILWAUKEE
Eetabllshed 1892
421 Chestnut Street
Philadelphia
Telephone, Lombard 716
SG&FOLK. VA.
NEW
TORE,
$0 Broadway
EDGAR, RICKER & CO.
MINNEAPOLIS
East Water and Mason Streets
INVESTMENTS
MILWAU
IE. WIS.
Specialising!
WISCONSIN CORPORATION ISSUES
TOLEDO
Slevens&(Bo.
_
ESTABLISHED iqi o
TUCKER, ROBISON&CO
MUNICIPAL RAHJROAD
Successors te
CORPORATION BONDS
David Roblaon Jr. & Sana.
Second Ward Securities Co.
Banker*— Established 1876.
Ussicipa!, Bairoad tod Corporation Bonis
Second Ward
Building.
COMMERCIAL PAPER. :
MINNEAPOLIS
SX.RAUL
Savings Bank Bldg.
MILWAUKEE
Toledo and Ohio Securities
tiardaer
>.
TOLEDO. OHIO
JUSTUS F. LOWE COMPANY
105 S. La Salle St,
CHICAGO
McKnlght Building
MINNEAPOLIS
Graves, Blanchet & Thornburgh
Specialists in
Wisconsin
MUNICIPAL BONDS
Specialising In
Municipals
MINNESOTA CORPORATION ISSUES
and
High Grade Investments
GARDNER BUILDING
VB WILL BUY
Mln
m.nnesota St Ontario Pow.l*t8a
Powell
River
Company
l»t li
TOLEDO, OHIO
Sed River Lumber Extended?li
Inneapolis St. Ry. Co. lit
.
' '
COLUMBUS
SAINT
CLAUDE MEEKER
F.
WELLS-DICKEY COMPANY,
PAUL
C, MAG RAW
IfUNKJEPAh AND
MONTGOMERY
OOBFORATIOB
InTBBtment Securities
BONDS
.
SpacI.Uit la Cities Service Issues
Commercial
B. W.
Paper
leeal Seearitiea ef the Twin Olties
S
U
East
Bread
Broadway,
St.,
SOUTHERN
COLUMBUS, o.
NEW
YORK
CITY
CUeoe Building
ST.
PAUL.
BIBBk
Strassburgcr
INVESTMENT
Montgomery, Ala
SECURITIES
[Vol. 110.
THE CHRONICLE
xii
j
#fnantial
We Own and Offer:
Subject to Prior Sale:
To-day*s Opportunities
Not Come Again
$100,000
BUILDING BONDS
Opt.
January 1, 1940
SM% SCHOOL
Dated January 1, 1920
Due
AifMMd valuation,
Total bondtd debt
May
of Clovis, New Mexico
Board of Education
Standard Gas & Electric
Company
1, 1950
January
1819
yielding 5.20%
Behind this security are power¬
Full Circular on Request.
ful
Chanute &. Company
Investment
Preferred Stock
Cumulative 8%
111,080
...................
Population (estimated)
—
Price: 103.70 and interest
Boc worth,
Jtnantfal
_
prospering public utili¬
and
ties in sixteen states.
Bonds
market price the
At the present
DENVER
yield is exceptional.
investigating.
Do not delay
Ask
H, Mountague
for circular CC-11
Vickera
BONDS
^munXi
H.M.Byilesby & Co.
49 Wall St.
Tel. Hen. 1078
Incorporated.
Founded 1797.
Broadway,SVewQ/or/c
Ill
State St.
30
208 S.La Salle St.
mo ston
Chicago
GUARANTEED STOCKS
lO V/eybosset
St.
providence
Seasoned
Investments
Mortgage Bond Co.
Bank of Manhattan Co.
30 Pine Street
Liberty Bonds
Lawyers Title & Trust Co.
Bonds of German Cities
New York
M,
FRANK J,
DILLON
fl Broadway
NEW YORK,
Tel. 6460 Bowling Green
j
Argentine Government 5s
N. ?
French Govt. 4s & 5s
Italian Government 5s
We
Specialize in
Gas & Electric Ref. fa
Utioa
Electric Light & Power 1st fta
Watertown Lt.
Railroad Bonds
WARE & LELAND
5a
Utioa
Utlca Steam 4c Mohawk
Registered Bonds
6s, 1925
Consolidated Water 1st la
Consolidated Water Id
$100 and $500 Bonds (all kinds)
PEERLESS TRUCK & MOTOR
Securities
Central New York
Japanese Govt. 4s & 4^s
Members New York Stock
Exchange
Tel. Bowl. Green 10090
Broadway, N. Y.
Val. Cot. Com.
Hartshorne & Battelle
Tel. Broad 7740
25 Broad St.
4c Power Co. 1st Is
EAST COAST FISHERIES
Common & Preferred
Mokavk Valley Investment Corp.
CARBON
a.*VESTMENT BANKERS
81V Gsnssss Street
V
-:iCv
Utlca, New York
/1'V
J
All
Ala. Lt. & Trac. 5s, due
STEEL
Bought—Sold—Quoted
Issues
♦
KIELY & HORTON
ALFRED F. INGOLD&CO
Phone John 6330
N. Y.
40 Wall St.,
W. W.
1962
Rector 3991
T4 Broadway. N. Y.
*
Lanahan & Co.
Bonds
Municipal
New Jersey
invettment Securities
Glover & MacGregor
145 Fourth Ave.,
PITTSBURGH, PA.
Descriptive List on Request
\B*1 timers Stock Bzshmags.
Calvert
Building,
Elec. 5s, 1934
6s
West Penn Power deb. 6s
West Penn Traction 5s, 1960
Amer. Wat. Wks. &
(New Yerk Btnck" Exeb&oge
Members
J.S. RIPPEL A COMPANY
11 CLINTON STREET
Baltimore
Wa
Telephone St. Paul 5775
NEWARK, N. i
Penna. Tank Line
Specialize in
COAL AND COKE
Satire I tana 0/ 8ecuritiee
Negotiated
We
Securities located in Penmylvtale
and West Virginia.
Sell
Buy and
NEW ENGLAND MILL
QtAclro
1. Lancaster Williams & Co., lac.
F.N. Boyle
,
successors
to
L.
& Company, Inc.
J.
Dawes
MATTERS
INVESTMENT SECURITIES
Union
&
POND
Company, Inc.
to
CONRAD B, SHEVLIN CO.
Pittsburgh, Pa.
Arcade
COMPANY
Successors
FINANCIAL
BOSTON, MASS
Ill Devonshire Street
Telephone Ft. Hill 846-547
Equitable Building,
('
'■■■
•••
'
SHELL RIGHTS
BALTIMORE
.
...
MARYLAND
Bought—Sold—Quoted
Havana Tobacco 5s
Twin Falls Salmon River L. & W. 6*
PROCTER & GAMBLE CO.
ioaeph Stftallvcr Exchange
St 3ous
New York Stock
Members
INDIAN REFINING CO.
Westheimer &
Company
Members of the
York
Stock
Cincinnati
Stock
New
Chicago
Board
Baltlmen
Stock
Exchange
Exchange
of
Trade
Exchange
CINCINNATI, OHIO
BALTIMORE, MD.
United
Emmett
Lead Deb. 5s
Irrigation 6s
Cleveland & Erie Ry. 1st 5s
Henry D. Boenning & Co.
Philadelphia Stock Exchange,
FRANK P. WARD
Stock Exchange Building,
PHILADELPHIA.
Direct Private
Railroad Pfd.
Sen Sen Chiclet 6s
PENNSYLVANIA
SECURITIES.
TAX-FREE
Members
Land & Water 6s
6s
Denver Irrigation
Empire Lumber 6s
Bitter Root Valley 6s
Hecker-Jones-Jewell Milling 6s
WE WISH TO BUY HIGH-
GRADE
North
Rutland
Now York
61 Broadway
Twin Falls Oakley
Telephene te Berdefl Bres., it
f
58
Pine
Street
New York
1
APE. 24
1920.]
THE CHRONICLE
xm
Current JHonfc inquiries.
Amer.
Pub.
Utilities 5s,
Amer. Steel Fdy. 4s,
1942
Detroit Edison Bonds, all issues
1923
Grand Trunk Pacific Western 3s, 1962
South. Calif. Edison Bonds, All Issues
Anglo Amer. Oil 7V2S, 1925
Baldwin Loco. 5s,
Boise Gas
Woodward Iron 5s, 1952
1940
American Arch
Can. Northern
Hydraulic Steel Com. & Pfd.
Burroughs
Light & Coke 5s, 1941
Motor
Add. Mach. Stock
Detroit Edison Co. Stock
Godchaux Sugar
Central Market St. Ry. 5s, 1922
Steel & Tube of Am. Pfd.
Goodyear T. & R. Com. & Pfd.
S1/^ 1922-1924
Western
Products
Packard
Com.
Merrill, Lynch & Co.
Memphis Term. 6s, 1942
Mich. Nor. Power 5s, 1941
120
Texas Co. 7s,
Broadway, New York
Telephone 6070 Rector
5s, 1955
Sinclair Cons.
Pfd.
Knitting Mills.
Goodrich, B. F. & Co., 7s, 1925
O'Gara Coal
&
Traders
Telephone 7683 Rector
Private wires to Chicago, Detroit, Cleveland, Young stown and Grand
Rapids.
7*/2S
1923
Union Pub. Ser. 6s, 1939
Waterloo Ced. Falls & Nor. 5s,'40
WE DEAL IN
Columbia Graphoph'e Rights
Carbon Steel
1925
Morton Lacliefibrach. & Ca
41 Broad Street,
American
Texas Pacific Coal & Oil
Western Elec. 7s,
R.
J.
Central Aguirre Sugar
Cuantanamo Sugar
Tobacco
Scrip
Reynolds Tobacco
Babcock & Wilcox
Stern Bros. Pfd.
Bristol^ bauer;
C. C. Kerr & Co.
CHICAGO DETROIT PHILADELPHIA PITTSBURGH
Fajardo Sugar
Aetna Explosives 6s
Dayton Pr. & Lt. Com. & Pf.
i<ZO BROADWAY,
NBW YORK
Phone •• Rector <4594
2 Wall
Public
St., N. Y.
Phone 6780 Rector
Utility
Bonds & Stocks
Mark A. Noble
Theodore C. Cor win
NOBLE &CORWIN
Local to New York
Sf Broad St.
and
New
Armour & Co. 6s, 1920-24
Chicago Rwys. 1st 5s, 1927
Peoples Gas 5s, 1947
York
BABCOCK, RUSHTON & CO.
Brooklyn
Bankers
Members
Trust
New
York,
Stock
Chase National Bank
THEODORE L. BROHSON & CO.
Members New
10 Wall St.
N.
York Stock
Y.
Exchange
Tel. Rector 7510
Citizen National
Bank
National
Amer.
Surety
Pacific
Coal
Curtiss Aero Com.
to
1
leaues
CARL H.
L
Members New
Railroad Bond Dept.
Cinn.
PFORZHEIMER
Pftenei 4000-1-3-8-4 Brood.
& CO.
NEW YORK
\
Dayton Pow. & Lt. 5s, 1941
Empire Gas & Fuel 6s, 1924
Duquesne Light 6s, 1949
Great Western Power 5s, 1946
1948
Virginia & Pitts. 4s, 1990
Lake Erie & Western 1st 5s, 1937
Great Western Power 6s, 1949
Great Western Power 6s, 1925
L. & N. So. & No. Ala. 5s, 1963
N.N.&
St. P. M. & M. Montana Ext. 4s
Nor. Ohio Trac. & Lt. 6s, 1926
Scran. & Wilkesbarre Tr. 5s, 1951
Fajardo Sugar
E. T. Va. & Ga. div. 5s &
Quantanamo Sugar
Pac. of Mo.
Qulf Oil Corporation
1st
ext.
cons.
5s
4s, 1938
Hamp. Ry.,G.& E. 5s, 1944
Wise.-Minn.
Lt. & Pow. 5s, 1944
Macon Terminal 5s, 1965
M. & O. St. Louis & Cairo 4s, 1931
Cent. RR. & Bkg. of Ga. 5s, 1937
United Lt. & Rys. 5s, 1932
Louisv. & Jeff. Bridge 4s, 1945
Lone Star Gas
Midland Securities
New England Fuel OH
Penna. Coal & Coke
Pert Lobos Petroleum
Savannah Sugar
Stern Bros. Preferred
Texas Pacific Coal & Oil
United Lt. &
Industrial Bond
DUNHAM & CO.
N.
Y.
N. Y.
& Westches.
Industrial
Dept.
Ltg. 5s, 1954
&Queens E. L. & P. 5s,1930
Rys. 6s & 7s
Stock
Dept.
Acker, Merrall & Condit 6s, 1923
Amer.
Chicle Com.
Merchants
Securities
Amer.
Wholesale, Pfd.
Coal
Joint 5s, 1924
Webster Coal & Coke 5s,
'Phone 8300 Hanover
Pleasant
1942
Valley Coal 5s, 1928
Coal 5s, 1935
West Kentucky
Cedar Rap. Mfg.
& KIRK
Yerk Sleek Exchange
Public Utility Dept.
4s, 1991
Columbus & Hocking 4s,
^
Central Agulrre Sugar
Mich.
&
West
35 Broad St.. N. Y.
ChUds Common
Wabash
C. C. C. & St. Loius div. 4s, 1990
Atlantic & Yadkin 4s, 1949
request
Dealers In Standard Oil Securities
Investment
Thermos Bottle
SI Broad Street
Investors on
48 Exchange Place
NEW YORK
Will be mailed
M
Oil
7 WALL STREET
TOBEY
& Pref.
Telephone 1111 Broad
STANDARD
Standard
Boston
Oil
&
Safety Car Htg. & Ltg.
0
and
Equitable Trust
Texas
fwklr Summary
Chicago
Exchanges
HOME INS. BLDG.,
CHICAGO
American Book 6s,
& Pr. 5s, 1953
1928
Amer. Brake Shoe &
Fdy. 5s,1952
Bordens Co.
Central Foundry 8% Pfd.
Lehigh Valley Coal Sales
Royal Baking Powder
Safety Car Heating & Lighting
Bell Tel. of Canada 5s, 1925
Elect.
Dev.
of
Ontario 5s,
1933
Bank Stock
Canadian Car & Fdy. 6s, 1939
Sao Paulo Tramway 5s
Rio Janeiro Ry.,
Standard Oil Dept
Dept.
S.
Bankers
Trust
First National Bank
Lt. & Power 5s
Mech.
Can'd Govt. War Loans (all issues)
&
Met.
Nat'l
Bank
O.
Ohio
S.
Guaranty Trust Co.
O.
California
Imperial Oil
Northern Pipe
Cuban Govt, (all issues)
BAKER,
CARRUTHERS & PELL
Bonds, Bank Stocks, Miscellaneous Securities, Standard Oil Stooka
DULLER
A COMPANY
Members N. Y. and Phila. Stock
120 Broadway.
Exchanges.
'Phone 7500 Rector, N. Y.
15
Broad
Street,
New York
Phones 5161 to 5169 Hanover
Philadelphia Phone. Locust 672, Bait. Phone,
St. Paul 9389
[VOL. 110.
THE CHRONICLE
XIV
Carrtm
F.
WANTED
J. LISMAN & CO.
Members New York Stock
61
inquiries
Lynn & Boston 5s
Bijou Irrigation District 6s f
East Chicago & Indiana Harbor 5s
,
Exchange
BROADWAY, NEW YORK
■
Beloit Water, Gas
Central New
Middle States Water-Works 5s
& Electric 5s
Emmett
England Ry. 1st 4s
Columbus & Hocking
Florida East Coast
Valley 4s
Joplin Water-Works 5s, 1940
Lewiston Brunswick & BatH 6s
1
Racine Water Co. 5s
St.
Grand Trunk Western gtd. 4s
Great Northern Ry.
Joseph Water 5s, 1941
Wichita Water Co. 5s j
of Can. 4s
City Water Chattanooga 6s
Joplin Union Depot 1st 43^s
Kanawha & Michigan 1st 4s
H. C. SPILLER & GO
Long Island RR. Refdg. 4s
INCORPORATED
.
17 Water St., corner
1
Rio Grande Junction 1st 5s
I
Irrigation District 5s
Supply Co. 5s
Jamaica Water
Ry. 1st 4H>s
Fort Street Union Depot 4^s
WE DEAL IN
Clinton Water-Works Co. 5s
I
•
•
■
Devonshire St., BOSTON
63 Wail Street,
NEW YORK
Rio Grande Western 1st 4s
Toledo Terminal RR. 1st 4^s
AND ALL
RAILROAD AND
STEAMSHIP
CORPOR'N
7% Conv. Deb. Bonds.
10-Yr.
SECURITIES
SUGAR
CANE
CUBA
v
Descriptive Circular on Retuett.
WOOD, STRUTHERS & CO.
Investment
SUTRO BROS. & CO.
120
5 Nassau
Street
BROADWAY,
Members
Consol.
Textile
Oil
Sinclair
Interboro.
Underlying
Davies, Thomas & Co.
Railroad
til
Rector
YORK
Stock
Exchangw
3-yr.
conv.
Rapid Transit 7s, 1921
NICHOLS
A
New York
Broadway
Rector 5467 »n<S 022
5526
Consol. Rendering Co. 5s,
49 Wall
Argentine Govt. 5s Loan 1909
Central Pacific 3%s, 1929
Empire Gas & Fuel 6s, 1926
Building 5s, 1960
5s, 1927
Puget Sound Lt. & Trac. 7s, 1921
OUR
OP
telephone Hanover 8317
Marion
Light & Htg.
Penn
Mary Coal Co.
Empire Gas & Fuel
Co.
1st
Co.
5s,
5s,
6s,
Cincinnati Gas Transport. 5s,
"
W7 Chestnut
1932
1939
1926
1933
WALL ST.,
Tel.
N. Y.
John 272
Consumers Power 5s,
Susquehanna
Union El. Lt. & Pr. 7s, 1923
Taylor & White
43
Exchange P1.,,N. Y.
Chic.
Tel. Hanover 427-8-9
&
E.
111.
6%
Cleveland Short Line 4^s, 1961
E. Tenn.
NEW YORK
Telephone Rector 9697
T Wall Street
Reorg. Lien 5s, 1928
Georgia Midland lat 3s,i 1946
L. & N. St. Louis 3s, 1980
Macon Terminal 5s,
Latrobe Connellsv.
S6
C.
& C. 6s,
1931
Lehigh Power Securities 6s, 1927
BROADWAY
BAUER; STARR & CO.
Members American Bankers' Association.
WE
Rochester
116 BROADWAY
N. Y. CITY.
LAND TITLE BLDG.,
PHILADELPHIA
Rector 7416
Members New York State Bankers' Association.
1965
City & Ft. Dodge 4s, 1955
Rio Grande Southern 4s, 1940
Sher. Shreve. & So. 1st 5s gu. 1943
Mason
Typefoundry 6s, 1937
Duquesne Lighting 6s, 1949
S. FARLEE &CO.
ctfs.
Wabash & Mich. 4s, 1991
Cinn.
American
J.
Coll. 4s, 1952
rec.
Chic. T. H. & S. E. 1st ref. 5s, 1960
Gilbert J. Postley
Preferred
1925
Petroleum Prod. & Ref. 7s, 1934
Ax. Louisv. & Nash.
1936
Duquesne Light 6s, 1949
Pacific Light & Power 5s, 1951
Wickwire Spencer 7s,
1935
WANTED
Buffalo
Utilities 5s, 1946
PHILADELPHIA
St.
McKinley & Morris
44
Penn.
Paducah Water Supply 6s,
SAMUEL K.PH IL LI PS & CO
'
.v
LIST
BONDS.
'49
N. Y. Mutual Gas Lt. Stock
Penn. Electric Com. & Pfd.
Consolidation Coal Co. 5s, 1950
Bush Terminal Con. 5s, 1955
Columbia Gas & Elec.
N. Y. Gas El. Lt. H. & Pr. 4s,
OTIVB
RENT MARKET OFFERINGS ON BEQUEST
Coal£& Iron 5s, 1950
Bush Terminal
Stret
SPECIALISTS IN RAILROAD AND
CORPORATION
1941
Continental Gty. Corp.
Del. Lack. & West. Coal
VILAS & HICKEY
Canadian"Tacific 6s, 1924
Tenn.
1923
7s,
7s
Telephone:
Bonds
New York
St.,
Telephone
NEW
York
CONNELL
Members N. Y. Stock Ezchano*
Nassau
New
NEW NO BR
Securities
5
of
Toledo St. L. & West. coll. 4s, 1917
ABRAHAM & CO.
Private wire connection!)
WILL BUY
10 Wall St.,
N
Y.
TeLReotor 1 A 2
56erdrll 53rothers
Railway & Light 5s, 1954
$ubliclitilitu Securities
Cincinnati Gas & Electric 5s, 1956
Columbia Gas & Electric 1st 5s, 1927
111
33roacut>av Jtf.B'.'
Metropolitan Gas 5s, 1941
WE
WILL
SELL
Niagara, Lockport & Ontario Power 6s,
Shawinigan Water & Power 5s, 1934
Island Oil Refining 7s, 1929
Mississippi River Power 5s, 1951
Amer. Power &
1958
Light Co. 6s, 2016
Buffalo Gen. Elec. Co. Ref. 5s, '39
Cent.
EARLE
SPECIALISTS
DIB
REC l
A.
IN
CI PRIVATE
T
C60-1-
MILLER & CO
Indianap. Gas Co. 5s,
1931
Dayton Power & Lt. Co. 5s,
1941
Pacific Coast Power Co. 5s, 1940
PUBLIC UTILITY SECURITIES
WIRE CONNECTION WITH CHICAGO
•
'.BPOADWA
I Yf RK
Private PftOBN to PhiUdtipUa ft Bottoi
APE. 24
1920.]
THE CHRONICLE
Current
xv
3taqufrfe«
American Finance & Securities 6s
Atl. Ave. RR. Co.
Bklyn. 5s, 1931-34
Guanajuato Reduction & Mines 6s
Bway. & 7th Ave. RR. Con. 5s, 1943
Kings Co. El. Lt. & Pr. 1st 5s, 1937
Guanaj. Pow. & Elec. 6s & Stock
Bklyn. City RR. Co. 1st 5s, 1941
Kings Co. Elec. Lt. & Pr. P.M. 6s, '97
Centra!
Mexico
Light & Power 6s
Bklyn. Union Elev. RR. 5s, 1950
Lexington Ave.&Pavonia Ferry 5s,'93
Central
Mexico
Lt*
&
Pow.
Pref.
Kings County Elev. RR. Co. 4s, 1949
Nassau Elec. RR. Co. Cons. 4s, 1951
Cleveland Akron & Col. lst*5s, 1927
Michoacan Power 6s
Central Union Gas Co. 1st 5s, 1927
New Amsterdam Gas Co. Cons. 5s, *48
Empire Lumber 6s
Cleveland Akron & Col. Con. 4s, 1940
N. Y. & Westch. Lt. Co. Gen. 4s, '04
National Securities 6s
Dry Dock E. Bway. & Battery^s, 1932
N. Y. & Westch. Lt. Co. Deb. 5s, '54
Racine Water 5s
Edison El. Ilium. Co.N. Y. 5s, 1995
N. Y. Gas & El. Lt. Ht. & Pr. 4s, 1949
Edison El. Ilium. Co. Bklyn. 4s, 1939
Northern Union Gas Co. 1st 5s, 1927
(Wis.)
Chattanooga Water 6s
New Hamp.
(Tenn.)
Elec. Rys. Com. & Pref.
Wm.
Birmingham Water 5s (Ala.)
Peoria
Water
5s
Carnegie Ewen
(111.)
Tel. Rector 3273-4 and 3294
& CO.
HOTCHKIN
83 State
Telephone
ttmin
St.,
Boston, Mass.
460
We
Anglo-American Oil
Wall Street, New York
2
7V^s,
1925
The B. F. Goodrich Co. 7s, 1925
Specialize in the
of the
Securities
Chicago & East. ill. RR.
Evansville & T. H. RR.
Pennsylvania RR. 7s, 1930
Amer. Lt. & Trac.
Mo. Kansas & Texas
The Texas Co.
Western Maryland Ry.
Denver & Rio Grande RR.
New York
Central Petroleum
7s, 1923
City Bonds
Evansville &
Pacific Gas & Electric
Western Power
BULL & ELDREDGE
Members of the New York
Stock
20 BROAD ST., N Y.
Exchange
Ry.
Indianap. System
Indiana & 111. Coal Corp.
Kirby Lumber Com. & Pref.
Tel. Rector 8460
Specialists in Foreign Government Securities
Wm. C. ORTON & CO.
Specialist Reorganization
MacQuoid
& Coady
IS
SINCLAIR
Secured 7 K%
Members New York Stock Exchange
Yield
To
14 Wall
N. Y.
St., N. Y.
Tel. Reotor
9970".
Description
OIL
Pfd.
Bush Terminal Co.
National
Casket
Conv. Notes
About
upon
Penn
FOREIGN
8%
request.
N. Y.
Tel. Rector 4454
Finlay & Davenport
Tel. Broad 7064
&
Seligmann
Members New York Stock Exchange
Tel. Broad UTS
Consolidated Gas, Electrio Light &
Power of Baltimore Securities
Elk Horn
CORP.
SOUTH
14 Wall St.
(Established 1874.)
BALTIMORE, MD.
ST.
Members Baltimore Stock Exchange.
Z
Members New York Stock Exchange
.
Securities
Annapolis Securities
J. HARMANUS FISHER & SONS
GHMELTZER,
"RIGHTS"
Coal Corp.
Wash. Bait. &
AND—
AMERICAN CHICLE
New York
Specialists.
Stock &
Rights
Quoted
Sold
Bonds
Consolidation Coal Co. Securities
5s (all issues)
Bought—Sold—Quoted
Inquiries Solicited
Sptcialislt in Railroad Terminal Bondt
Bought
Order
Federal Farm Loan
& 5s
WHEN ISSUED
on
10 Broad St. N.. Y.
Stock
MOTORS
Broad
EXCHANGE
Checks
Shuman
Members New York Stock Exchange
2 Wall St.,
Joint Stock Land Bank
GENERAL
Securities
Tel. 7160-1-1
Pouaht and Sold
Currencj
Power, Pfd.
50 Broad St., N. Y.
York
CHARLES W. HILL & CO.
Stock
Co.
Broad St., New
CORP.
Connecting RR. 1st 43^s, 1953
Hocking Valley Products 1st 5s, 1961
Jones & Laughlin Steel 1st 5s, 1939
N. Y. & Westches. Ltg. Deb. 5s, 1954
Toledo Terminal Co. 1st 43^s, 1957
West
CONS.
INDIAN REFINING
INVESTMENT SECURITIES
51 Pi*. St.
N. Y.
5691-4
R. S.
Com. & Pfd.
Joseph Gilman
74
PROCTER & GAMBLE
City
LIBERTY REGISTERED
Litchfield & Madison 5s, 1934
J. S. Bache & Cd.
BONDS
Members New York Stock Exchange
New York * Tel., 6400 Broad
NEWBORG & CO.
Members New York Stock
Exchange
Boston
TO
Buffalo
ST. LOUIS
St.
Rochester
St. Louis
E.
Syracuse
Philadelphia
Chicago
Danv., Champaign & Dec. 5s, 1938
Pittsburgh
Cleveland
Baltimore
Telephone 4390 Bowling Green
WIRE
Cincinnati
Kansas City
New Orleans
Albany
BROADWAY, N. Y.
Indianapolis Trac. & Term. 5s, 1933
Bloomington, Dec. & Cham. 5s, 1940
Topeka Railway 5s, 1930
BRANCHES and CORRESPONDENTS
PRIVATE
& CO
Phone 6810 Rector
John
Stock & Scrip
60
DODGE
Broadway
Troy
Paul-Wisconsin Minn.
D.
MURPHY
81 WALL ST.
Telephone 7353 Hanover
Div.
5s
American Can Debentures 5s
Wabash 1st Lien Term. 4s, 1954
Bait.
Meridian Terminal 4s,
Terminal Association St. Louis 4s
West
Central Vermont 4s
N.
Y.
Chicago Ind.
N.
Y. & Westchester
1955
Minn. & St. Louis Pac. Ext. 6s, '21
Mason City
& Ft. Dodge 1st 4s, '55
&Ohio—-Tol. Cinn.
& Louisv. 4s, 1947
Internat. Great North. 7s, 1922
Illinois Central
Ft. Dodge Des Moi. & Sou. 4s, 1935
Steph. N. & S. Texas 5s, 1940
Pere
Mobile & Birm. Pr. L. 5s, 1945
New Haven 4s,
Hudson & Manhat. Com. & Pref.
Mobile &
Hudson Companies
Preferred
Marq.-Lake Erie & Det. Riv.4^s
N.
West.
Akron
Fort
1922
Ohio-St.
Y.
&
Air
4s
&
Depot 4H«
Telepone Rector 2920
72
Trinity Place, N. Y.
SAM*L
Phon. 53S0-1-S-3 Bread
4^8 & 6s
Shipbuilding 5s
Ltg. 4s
pref.
Cities pref.
Oil
American
Argentine Government 5s
Chinese Govt.-Hu Kuang 5s
Cuban Government 4& 5s
Republic 5s
Japanese Government 4s & 4^8
Youngstown 6s
Union
Coal
Kentucky Coal 5s
Dominican
& 5s
Line 6s
Canton
Street
Louis 5s
Pa.
Consolidation
Valvoline
RR. Sec. 4s
Denver & Rio Grande Inc. 7s
Seaboard
WOLFF & STANLEY
Div. 4s
Mexican
National
Government 5s
Bank of
Cuba Stock
GOLDSGHMIDT
25 Broad Street
/
(VOL. 110.
THE CHRONICLE
XVI
^financial
Jfinatufal
^financial
We
FOREIGN
ALL
V
Canadian,
CHUCKS
Cuban,
Recommend As
High Grade Short Time
A
Investmen
G5
Mexican
BONDS
and other
M
Cuyamel Fruit Company
currencies
International
Marine Equipment
Serial
Notes
Gold
Securities
Maturing Monthly
Bankers & Brokers
-Can You Answer
If your
Kuczynski & Co.
tny
New York
120 Broadway
j
j
them?
is
1. What
the
Capital®
or
the yield on a
Italian Bond at
current
rate
of
7%
Hibernia
Securities
3. When are the
1918 due?
Details
Request
ex¬
Company
Incorporated
Hibernia Bank
Italian|5s of
Building
New Orleans
Toronto
Montreal
Net
to
upon
2. What is the Bonded Deb
of the City of Frankfort?
WIRES
July 1922
Circular with Full
change?
CORRESPONDENTS
PRIVATE
Price
of the following questions
French
All Important Foreign
Them?
to
customers were to ask
could you answer
Telephone Rector 6834
March 1921
and
These
questions
other vftsl
our near
manor
answered in
booklet:
"Foreign
BOUGHT
AND
SOLD
Bond Statistics"
Bay State Film
El
Favor
Unlisted
Sent
Mines
free
upon
30 Years
&
Rcqzttet.
in
Oil, Mining, &
R.A. SOICH&CO.
Industrial Securities
Q, f. Redmond &Co., Inc.
10 STATE
Direct
ST.,
Private
I
Export Banking
Td. Rector 528WI2
10W1JISL, N.Y.
BOSTON, MASS.
Wire to Neva
York.
Tel. Main 3138—Fort Hill 920
Scott & Stump
INVESTMENT SECURITIES
Stock Exchange
Specializing in
Russian Govt. Bonds
Building,
and
PHILADELPHIA
Phases: Locust
6480
Keystone:
6481. 6482. 6481
.
Currency
Race 2797
CHAS.
HALL &
F.
CO.
20 Breed St.. N. Y.
Tel. 6819 Rector.
Italian Govt. 5% Int.Loan of '18
Telephone 1104 Broad
BERTRON, GRISCOM & CO., INC.
coun¬
INVESTMENT
SECURITIES
the
world
round
offices
connections throughout
oat
a
service
broad
and
comprehensive in every detail.
Land Title Building
40 Wall Street
ANOOSOUTH AMERICA'
PHILADELPHIA
NEW YORK
"Bank, limited
,
34 Pine
the
essential when
Our 28 branches In South America, 8
In Europe and direct
SO BROADWA
Leonard F.
experienoe
of
years
actual residence in
transacting business abroad.
Bought—Sold—Quoted
ALFRED R. RISSE
by
acquired
tries themselves, is
Ru88*Govt*6%% ext. Loan, due'18
Govt.5% InLLoan of 1911
of
the needs and habits of the people,
and
Ru88.Govt,5y2% Int. Loan,due'28
French
KNOWLEDGE
INTIMATE
Foreign Govt. Securities
Hepburn
Broadway
49
Canadian Securities
Tel. 757 John
St., N. Y.
Inquiries Invited
Over
Augusta-Aiken Ry. & F.lec. 5s, 1935
Augusta Aiken Ry. & Flee., Com. & Pfd.
Sen Sen Chiclet 6s, 1929
Gt. Atlantic & Pac. 4 T*' Notes, 1921
Nassau Light & Power Stock
Sonora Phonograph Stock
Lynch
•»
&
m?dermott
2 WALL ST. NY—-Tel RECTOR 2515
Qf\o/ Of the Banks in
OU/0
New York City
SAFETY
NATIONAL
use
PAPER
—
FOR THEIR CHECKS
George La Monte & Son
81
A. L.
New Jersey
HAWLEY
STOCKS AND
Securities
STOCKS—BONDS
New York
Broadway
bought and sold for cash,
Inactive and
Tel. John 305
40 Cedar St.
Tel. 20 Montgomery
finch
V
Jersey City, N. J.
unlisted
&
ta;r bell
Members New York Stock Exchange
NEW YORK
56 BROADWAY.
YEARS
OF
MACHINERY
FARM
MAKING"
McSHERRY MANUFACTURING COMPANY
St.
Maurice
Preferred & Common Stocks
Bonds
Paper
Co.,
Stock
and
Sales Representatives Wanted
PAUL & CO.
L N. Roseabaum fk Co.
135
Broadway,
carried oa
securities.
Inquiries invited.
CUTWATER & WELLS
15 Exchange Place
"61
BONDS
or
conservative terms.
New York.
em
Philad
p
?,
»
Ltd.
Portland Gas & Coke 5s, 1940
Continental Gas & Elec. 5s, 1927
Southwestern Pow. & Lt., pref.
American Pow. &
Sic lExchang
1421 Chestnut Street
PHILADELPHIA
H.
85
l.
Light, pref.
nason
Devonahire
& co.,
BOSTON
Apb. 24
1920.]
THE CHRONICLE
xvii
Jfinantial
jFtaaorisI
Banca
Italiana
with
which
Sociata
^Financial
Sconto
Di
$42,000
Incorporated the
are
Bancaria
Italiana
and the
Soclsta Italiana di Credlto Provincials
Capital Fully Paid Up
"Confidence imparts
a
Xaaarva Fund
^spoalt and Current Accounts
wonderful
inspiration to its possessor "
(May 01, 1910)
—MILTON
KNOX VILLE, TENN.
6%
..Lira 115,000,000
"
41,000,000
.
Improvement Bonds
" 1,896,000,000
Central Management and Head Office:
PrincipaPand semi-annual inter¬
est payable in New York City
ROME
Special
CONFIDENCE
Letter*
a
OUR correspond¬
and customers
ents
us.
Rome
KIND
re¬
OF
BANKING
Price
Fifth-Third
BUSINESS
National Bank
have and many
Gable Address:
other
n
i
■ i m—mmmmmmmmmmmmmm—mrn.
OHIO
Correspondence invited.
1871
;
STOCKBROKER?
METROPOLITAN
COMPANY
BERLINER HANDELS-GESELLSCHAFT
W.
Berlin
Fully-paid
capital &
reserves
M 144,500,001
Ail kinds of banking business transacted.
Special attention given to foregn exchange anO
eatary business.
Trade information furn-
Adrian H. Muller & Son
Address:
Port
au
Panama
1858)
Member Federal Reserve System
Cable
Brussels, Belgium
Harbin, Manchuria
Brazil
Rio de Janeiro,
Behrenstrasse 81-88
(Founded in
BRANCHES
Havana, Cuba
Call, Colombia
BANK-
7J6 FIFTH AVENUE
T
Broadway, New York
53
Capital, Surplus and Undividsd
Profits over
$5,000,000
NEW YORK.
—
FOREIGN BANKING
CORPORATION
EXCHANGE
FOREIGN
TRUST
AMERICAN
THE HAGUE
Established
3ANKER5 AND
Haiti
Prince,
City, Panama
Cristobal, Canal Zone
Manila, Philippine Islands
Buenos Aires, Republic of Argentine
Honduras
San Pedro Sula, Republic of
3K
Handelget Berlin
A. G. Becker & Co.
AUCTIONEERS
OFFICE
ma——— i
.
Achilles-Amsterdam
factors.
£0 WAUL STREET
i
CINCINNATI,
AMSTERDAM
we
confidence-inspiring
THE CITY OF
mill
Damrak
80-81
ROTTERDAM
OF
in
Arnold Gilissen & Co.
per¬
sonnel—all these
DEPARTMENT
BOND
mi
facilities,
yield 5%%
to
TRANSACTED.
supervision, equip¬
ment,
Sept. 1,1921
Sept. 1, 1922
Sept. 1, 1923
$19,000...*
18,000
5,000
Santos; NEW YORK: Italian Discount
management,
sources,
Maturities
Genoa, Milan, Naples,
Palermo,
farm,
Trieste,
Venice,
Florence,
Bologna,
tetania, Leghorn, and over 100 Branches In the
Kingdom.
London Clearing Agents: Barclay'* Bank, Ltd..
188 Fenchurch Street, B.C.
confidence
Experience,
In
at
tVERT
in
Branch
Trust Oe., 309 Broadway.
Office*
have every reason
their
.
Credit
formerly Sebasti A Real!), 20 Pl&sxa dl Spagna.
Fereign Branches: FRANCE: Paris. 2 Rue le
Feletier angle Bould. des. Itallens; BRAZIL: See
Paula and
for
ef
Banco
No. 88 WILLIAM STREET
Espanol del Rio de La Plata
OFFICE. BUENOS AIRES
HEAD
Corner Pine Street
COMMERCIAL PAPER
E. C. 8
London Office, T Fenchurch St.,
INVESTMENT SECURITIES
Regular Weekly Sales
Capital & Reserros ■ legal 148,215,763^-£12^39,47
OF
AM
STOCKS and
BOND8
classes of
Argentine. Spanish and
ll-ll Vesey
La Sails Street
CHICAGO
EVERY WEDNESDAY
At the Exchange Sale*
1ST South
European banking business conducted.
ST. LOUIS
«IW YORK
Rooms
FRANCISCO
SAN
Street
SALE OF THE CONTROL
In Banks and
Corporations negotiated
confidentially.
Capital,
88,000,000.
There
FOUNDED
1852
000
more
8600.000.
banks
la
power to
of such bank¬
be organised In the past
Ilo'llister,White &Co.
WCOPPORAfeO
180
South
Dearborn
Street,
Cblowgo
Kttauif) NarfioO &KuI)ne
Members New
50 Congress St.
Boston, 9. Mass.
New York
usralw
Corporations financed
Bond
Broad Street
«
I BECTM B1W—CABLE JUDU
Llat
€
give*
cnrreni
#ew York
8
Issue*
offerings.
& Co?
Wall Street, New York
Co.
Public Utility Securities
Broadway,
New
Members New York
York City
Stock Exchange
PURCHASED OUTRIGHT
INVITED
MARK HARRIS
STOCKS
Main Office
and
SILVER
EASTERN
BULLION
Mutual Life Bldg.
Buffalo. N
V.
W. C. Langley &
115
ENTIRE STOCK ISSUES
CORRESPONDENCE
14
Philadelphia. Pa.
Underwritten
,
SRIEXTMEKT*'
B. D. Walbridge
NEW YORK
North American Bldg.
Investments
Corporation Bonds
20
Investment Securities
92 CEDAR STREET,
York Stock Exchange
Equitable Building
[BROKER
ST. PAUL. MINN.
Pioneer Bldg.
to a single client.
ten years.
World.
JACOB BACKER, FINANCIAL
Great Lakes Trust Company
is the only institution
ing
Throughout the
or
The
Travelers' Checks
Correspondent*
Surplus,
eleven
surplus under the law to loan 8500.-
Foreign
Exchange
Credit
but
Chicago having sufficient capital and
Investment Seouritlei
Letters of
are
EXCHANGES
Wsektv "Bullion Letter'
Sent on Request.
BONDS
Canadian Branch
Royal Bank Bldg.
Toronto,
Ont.
SRINIVAS
33 PINE ST.
NEW YORK
R.
WAGEL
Phone
JOHN
2525
THE CHRONICLE
[Vol. 110.
Jffaamlal)
jftamttel
habirshaw electric
cable company
npHE UNDERSIGNED PARTNERS
1
OF MR. J. HARMANUS
A
BY
WHOSE
DEATH
ON
12,
THEN
WAS
DISSOLVED,
THAT
THE
FISHER
WILL
1920,
WITHOUT
THE
EXISTING
ANNOUNCE
BUSINESS
WHICH
ESTABLISHED
BE
and
MR.
IN
1874
York,
Bridgeport, Conn.
Executive
REGRETTED
APRIL
PARTNERSHIP
FISHER,
Factories at Yonkers, New
Offices
N.
at
Y.
City
8% First Preferred Stock
Largest independent
manufacturers
of insulated wires and cables in the
United States.
Present
six
earnings at the rate of over
annual dividend require¬
times
ments.
Especially recommended
as
sound
a
Investment.
CONTINUED
BY
CHANGE
NAME
IN
THEM
Price, Par $100 Per Share
OR
Dividend* Quarterly
POLICY.
To Net
Z&'-W-
Write
EDWARD McC. FISHER
FRANK
FISHER
OF
me
Special
J.
FRANK B. ADAMS
I
8%
to-day for
Circular
thomas c. perkins
Specialist for eighteen years on the test dividendpaving New England and New York Stats
industrial stocks.
36 Pearl
Street, Hartford, Conn.
J. Harmanus Fisher & Sons
BANKERS AND BROKERS
7 SOUTH STREET
Atlantic Gulf
BALTIMORE
Oil
Corp.
Controlled by
Atlantic Gulf & West
Indies
Steamship Lines
Estimated
potential
production
250,000
barrels daily.
Topping
daily.
plant
capacity
Pumping
finding capital
station
for
tankers with capacity
per hour.
tional
capital, or builders contemplating the construction
buildings, apartment houses or other modern fire¬
proof structures, should inform themselves
regarding the
Straus Plan of financing.
barrels
Pipe line capacity when completed 60,000
barrels
PROSPEROUS industrial corporations in need of addi¬
30,000
the
loading of
of 6,000 barrels
daily.
Parent company has contracted foi*tank-
having deadweight tonnagelofjfmore
than 172,000 tons.
ms*
ers
of office
:
We purchase
outright long term first mortgage bond
issues, in amounts of $500,000 or more.
Particulars
on
Moore,
Leonard & Lynch
Members New York & Pittsburgh
request.
Stock Exchanges
Prick BIdg.
S.W.STRAUS
& CO.
ESTABLISHED 1882
Philadelphia
BROADWAY, NEW YORK
DETROIT
38 Years
Ritz-Carlton
New York
INCORPORATED
150
CHICAGO
Ill B'way
Pittsburgh
MINNEAPOLIS
Without Loss
to
SAN
Bond
FRANCISCO
Any Investor
Salesmanship
M
The Human Bids «f Business* Is the
best book on this subject ever written,**
Price 88,
cash
circular tree.
with order.
Descriptive
Published and for sale by
the Investment House ef
Frederick Peirce & Co.
1421 Chestnut Street
Selected Investment Securities
Located in
centre in
with
We
Pittsburgh,^the
the world,
we
THAYER, DREW & CO.
MUNICIPAL BONDS
111
greatest industrial
intimately in touch
are
and offer for sale
which have been selected
TWepboss
a
by
number of
us
8418
bonds,
$400,000
Write for information and late liete
York
oetor
because of their
investment possibilities.
MELLON
Broadway
New
developments in this district.
own
Philadelphia
City of
East
NATIONAL BANK
pittsburgh, pa.
Orange, n, j.
Prices to
yield 4.80%
BJ.Van Ingen &Co.
52
Broadway
New York
i
Apr. 24 1920.]
THE CHRONICLE
^financial
xix
.tffaantfal
A Commercial Bank
Ever
since
The
Loan
and
Trust
Merchants
Company
Chicago was founded,
more than
sixty years ago, the
big end of its business has been
commercial banking.
From time to time, new de¬
partments have been added,
extending and widening the
Bank's
service, but it has
always remained first of all a
commercial bank, and com¬
mercial banking its principal
activity.
To-day this Bank stands fore¬
most
among
all the State
banks and trust companies of
Floor
Bank of
Space is Valuable
Corporations are to-day confronted
the necessity of economizing in
floor space and eliminating burdensome
details of operation.
with
The present
is therefore an opportune
companies maintaining depart¬
time for
ments for the transfer
ment
of
of stock and pay¬
dividends to
appoint a Trust
Company to perform these services.
"A
Booklet
Trust
Company
as
the entire West in volume of
Agent
commercial business and hold¬
tages of having this Company act
ings of bank deposits.
such capacities,
and
BOARD OF DIRECTORS
Transfer
Registrar," explaining the advan¬
will he sent
upon
as
in
agent
request.
FOUR CONVENIENTLY
OFFICES.
LOCATED
CLARENCE A. BURLBY, Attorney and
Capitalist.
R.
T.
CRANK,
JR.,
President
B'way
ERNEST A. HAMILL, Chairman Corn
HOLDEN,
President
Street
73rd
at
St.
Madison Ave. at 75th St.
Exchange National Bank
HALE
Cedar
5 5
Grans
Company.
125th St.
Chicago
at
Eighth Ave.
Burlington A Quincy RR. Co.
MARVIN
HUGHITT,
Chairman
CbU
A North Western Railway Co.
cago
UNITED .STATES
EDMUND D. HULBERT, President.
OHAUNOEY
Field
CYRUS
KEEP. Trustee Marshall
MORTGAGE 6JRUST COMPANY
Estate.
H.
McCORMIOK,
Chairman
International Harvester Company.
JOHN
J.
MITCHELL,
Chairman
Capital and Surplus $6,000,000.
of
NEW YORK.
Board.
SEYMOUR
MORRIS.
Trustee
L.
Z.
Letter Estate.
JOHN S.
man
RUNNELLS, President PullCompany.
EDWARD
L.
RYERSON.
Chairman
Joseph T. Ryerson A Son.
JOHN G.
8HEDD. President Marshall
Field A Company.
OREGON
SMITH, Chairman of Advisory
Committee.
JAMES
P.
SO PER,
President
Soper
Lumber Company.
ALBERT
COMMERCIAL BANK OF LONDON
LIMITED
A.
SPRAGUE, Chairman
Sprague, Warner A Co.
Authorised
Issued
£5,000,000
Capital
Member Federal Reserve System
Capital
-
£2,250,000
-
DIRECTORS:
The Right
The
,
Merchants j
Loan ^
Hon. Sir Charles Edward
The Right Hon. The
Earl of March, D.S.O.
Hob House, Bart., P.C. (Chairman)
Stanley J. Passmore
Clarence Charles Hatry, Managing Director
Henry William Pelham-Clintori
T
Peter Haig-Thomas
Sir Francis William Towle,
security.
^Trust
INDUSTRIAL UNDERTAKINGS
r
THE
PURCHASE AND SALE OF SECURITIES undertaken; safe custody
of securities; also the receipt of dividends.
|
COUPONS AND
Chicago1s
i
SPECIAL FACILITIES GRANTED TO COMMERCIAL AND
Company
uIdentified with
C.B.E.
CURRENT ACCOUNTS opened and every description of Banking Business
transacted.
BILLS discounted and advances made to customers on approved
DEPOSITS received
DRAWN
BONDS negotiated
for fixed periods, at rates which may
tained on application.
call,
at
or
b®
ascer-
Progress Since 1857"
ARTHUR
J.
Capital and Surplus,
$15,000,000
6 AUSTIN
J.
H. KING,!
Joint
SPEARS,
/General Managers.
FRIARS, LONDON, E. C. 2
.
[Vol. 110.
THE CHRONICLE
XX
ftmmdal
ATCHISON,
TOPEKA
AND SANTA
FE RAILWAY COMPANY.
New York, April 6, 1920.
The Board of Directors has declared a dividend
THE
60)
No.;
dividend
(be'ng
on
the
COMMON
STOCK of this Company of ONE DOLLAR AND
FIFTY CENTS ($1.50) perishare, payable June 1,
1920, to holders of the said COMMON Stock
registered on the books of the Company at the
close of business on April 30, 1920.
Dividend
cheques will be mailed to holders of COMMON
Stock who file suitable orders therefor at this
$130,500
Water Works Co.
Roanoke
office.
C.
Bond Secured
6% Gold Notes
Due November 1,
Price 95 and
Dated
November
1,
York City.
GREAT SOUTHERN RAIL¬
COMPANY.
New York, April 22, 1920.
*A dividend of three and one-half per cent on
the
Preferred stock
of The Alabama
Great
Southern Railroad Company has to-day been
declared
payable August 20,
1920, to stock¬
holders of record at the close of business July 16,
THE ALABAMA
ROAD
1922
8
interest, yielding about
1919.
Denominations and Form $1,000, $500 and
$100.
at
of
1920.
A dividend of three and
Coupon Notes "interchangeable."
Interest payable May 1 and November 1
New York Trust Co.
Redeemable on any interest date at a premium
one-half per cent for each unexpired twelve months before maturity.
the
TRUSTEE—THE
These Notes
'
appraisal) amounts to more
outstanding and to be issued.
(by recent
equity
one-half per cent on
been declared payable
GEORGIA SOUTHERN & FLORIDA
RAILWAY COMPANY.
Macon, Ga., April 21, 1920.
Semi-annual dividends of $2.50 per share have
to-day been declared on the first and second
preferred stocks of Georgia Southern & Florida
Railway Company, payable at the office of Mer¬
cantile Trust & Deposit Company of Baltimore
on May 13, 1920, to stockholders of record at the
close of business May 3, 1920.
F, S. WYNN, Secretary and Treasurer.
deposit of entire issue
due 1936.
than six times the notes
has
stock
28, 1920, to stockholders of record at the
close of business May 20, 1920.
F. S. WYNN, Secretary and Treasurer.
June
of $400,000 General Mortgage Bonds, a direct mortgage
lien on the entire property, subject only to the First 6s
This
Ordinary
the
NEW YORK TRUST CO.
in effect, through
are
Assistant Treasurer.
K. COOPER,
5 Nassau Street, New
PITTSBURGH
&
WEST
VIRGINIA
RAILWAY COMPANY
DIVIDEND NO. 12.
The Board of Directors has declared a dividend
of one and one-half (1H) per cent on the Pre¬
ferred Stock of the Company for the quarter
ended March 31, 1920, payable May 31, 1920, to
Stockholders of record at the close of business
on May 6, 1920.
H. O. MOORE, Secretary.
Pittsburgh, March 27, 1920.
THE
franchise and without
competition,
the important and growing
city of
Roanoke, Va., with its fundamental necessity—water.
Company serves, under unlimited
Earnings available now, as well as the average since
January 1, 1916, amount to five times note interest.
Increased rates have just been granted.
The
PREFERRED
■
TO
STOCKHOLDERS OF
THE
UNION BAG & PAPER CORPORATION.
NOTICE IS HEREBY GIVEN that the Board
relative
showing j of this company compares most
with other public utility companies of the
highest grade.
Directors of UNION
of
BAG & PAPER COR¬
PORATION has resolved that it is advisable to
increase the capital stock of the corporation from
favorably
$10,000,000 divided into 100,000 shares of the
value of $100 each, all of one class, to $20,000,-
par
the par value
each, all of one class, and has called a
meeting of the Stockholders to take action thereon
at its office, 15 Exchange Place, Jersey City, New
000 divided into 200,000 shares of
of $100
thoroughly well se¬
investment with attractive yield.
We recommend these notes
cured short term
as a
Jersey, on Tuesday, the 4th day of May, 1920,
at 11 o'clock in the forenoon.
The Board of Directors has furtjher resolved
that if such increase be made, a stock dividend of
Descriptive circular mailed on request.
fifty per cent shall be paid on May 20th, 1920,
to Stockholders of record at the close of business
on
10th,
May
the remainder of the in¬
application
1920,
creased stock to be held available for
H. D. Robbins & Co.
from time to time
by the Board of Directors to
lawful corporate purposes.
CHARLES B. SANDERS,
INCORPORATED
High Grade Investments
LOCKWOOD,
GREENE
Boston,
61
Manager*.
& CO..
Mass.
The
quarterly dividend of 1?^% upon the
preferred stock of Lancaster Mills has been de¬
clared payable May 1, 1920, at the office of the
transfer agents, the New England Trust Com¬
pany,
Boston, Mass., to ail stockholders of
New York
Broadway
Secretary.
Office of
record
business April 14,1920.
LANCASTER MILLS,
DEVEREUX WINSLOW.
at the close of
J.
Treasurer.
TOBACCO PRODUCTS
At
a
meeting
April 20, 1920.
of the Board of Directors neld
this day, a dividend of
Illinois Trust & Savings Bank
La Salle at Jackson
cgv
on
Has
Time
Accounts.
change.
on
Deals in Foreign ExTransacts
a
hand at all times
cellent securities.
Deposits, Current and Reserve
_
$15,000,000
Capital and Surplus
m,
\ Th. Sign of S.rvtc $
Pays Interest
Chicago
a
variety of
ex¬
Buys arid sells
Corporation
Bonds.**
One Dollar and Fifty Cents
($1.50) per share was declared on the outstanding
capital stock of the Corporation, payable
on May 15, 1920, to stockholders of record at the
close of business on the 30th day of April, 1920.
Checks will be mailed.
WM. A. FERGUSON, Secretary.
common
ILLUMINATING
&
POWER SECURITIES
CORPORATION.
Regular quarterly dividend No. 31 of one and
three-quarters per cent {!%%) for the quarter
ending April 30, 1920, has been declared on the
preferred stock of this Corporation, payable May
15, 1920, to stockholders of record at the close of
business on April 30th, 1920.
W. F. POPE, Secretary.
April 15th, 1920.
Government, Municipal and
General Trust Business.
CORPORATION.
PORTLAND GAS & COKE COMPANY.
PORTLAND, OREGON.
STOCK DIVIDEND NO. 41.
PREFERRED
The regular quarterly dividend of one and threequarters (1%%) per cent has been declared on
Preferred Stock of Portland
Gas & Coke
the
Company, payable May 1, 1920, to
stockholders
of record at the close of business April 22, 1920.
•GEORGE F. NEVINS, Treasurer.
SUMATRA TOBACCO CO.
New York, April 13, 1920.
regular semi-annual dividend of 3M% on the
preferred capital stock of this Company has been
declared, payable September 1, 1920, to stock¬
holders of record at the close of business
on
August 16, 1920.
Transfer books do not close.
FRANK M. ARGUIMBAU, Secretary.
AMERICAN
Acts
as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent
Girard Trust
Company
PHILADELPHIA
Chartered
1836
'
CAPITAL and SURPLUS, $10,000,00?
A
AMERICAN
SUMATRA
TOBACCO
New York,
CO.
April 13, 1920.
regular quarterly dividend of 2
on the
common capital stock of this Company has been
declared, payable May 1, 1920, to stockholders
of record at the close of business on April 19,1920.
Transfer books do not close.
A
Member of
Federal
Reserve
System
Interest allowed
on
deposits.
E.
B.
Morris,
President
FRANK M.
ARGUIMBAU, Secretary.
/
Apr. 24
1920.]
THE CHRONICLE
XXI
Bibibenbs
Jfi'nancfal
PUBLIC SERYICE INVESTMENT COMPANY
Boston,
Massachusetts.
PREFERRED DIVIDEND
A
NO.
44.
quarterly
dividend of SI-50 per share has
been declared on the preferred capital stock of
Public
Service
Investment
Company,, payable
May 1, 1920, to Stockholders of record at the
close of business April 22, 1920.
STONE &,
We
own
and
offer
Bonds which
Taxes.
Descriptive circulars
WEBSTER,
Transfer
subject to sale the following Municipal
exempt from all Federal Income
are
on
will
any
be sent upon request.
Agents.
MATURITY
THE LOWELL ELECTRIC LIGHT CORPORATION
A
NO.
dividend of $2 50 per share has
the capital stock of The Lowell
Electric Light Corporation, payable May 1, 1920,
to
on
stockholders of record at the close of business
April 23,
1934-36
5%
4s
1923-27
5
90,000 St.
96,
quarterly
been declared
4s
1929
5
35,000 Cambridge, Mass
4s
1924-36
5
35,000 Indianapolis,
4s
1924
5
4s
1929-31
5
& WEBSTER,
5
FALL RIVER GAS WORKS COMPANY
River,
NO.
10,000 Milwaukee,
Wis
4^s
1927-28
45,000 Portsmouth, N. H
4s
1924
5
4s
1927-29
5
4s
1923
5.25
5s
1923
5.25
5s
1929
5.25
233,000 Boston, Mass
Massachusetts.
DIVIDEND
Ind
Mass
60,000 Fall River, Mass
Transfer Agents.
Fall
_
Louis, Mo..
90,000 Everett,
1920.
STONE
YIELD
4s
75,000 New Britain, Conn
Lowell, Massachusetts.
DIVIDEND
$75,000 New Haven, Conn.
20,000 St. Paul, Minn
102.
______
dividend of S3.00 per share has
the capital stock of Fall River
Gas Works Company, payable May 1, 1920, to
65,000 Birmingham, AIa_
4^s
1930
5.25
Stockholders
10,000 Nashville, Tenn
4s
1928
5.30
40,000 Seabright,
6s
1926
5.50
135,000 Cumberland County, N. C__ 6s
1922
6
A
quarterly
been declared
April 24,
on
record
of
the
at
close
business
of
1920.
STONE &
WEBSTER,
Transfer Agents.
10,000 Tacoma,
Wash
!
N. J
EDISON ELECTRIC ILLUMINATING COMPANY
R. M. GRANT & CO.
OF BROCKTON
Brockton,
Massachusetts,
DIVIDENDS
A
NOS.
74
AND
75?
31
dividend of $2.00 per share and
of $5.00
per
share on the
capital stock of Edison Electric Illuminating
Company of Brockton, have been declared, both
payable May 1, 1920, to Stockholders of record
at the close of business April 23,
1920.
Nassau St., New York
St.
Louis
quarterly
dividend
extra
an
STONE &
Boston
Portland, Mo.
Chicago
WEBSTER,
Transfer Agents.
OFFICE
OF
~~~
THE
CONSOLIDATION
COAL COMPANY,
Baltimore, Md.
April 3rd, 1920.
The
Board
Directors
of
has
declared
a
quar¬
terly dividend of One and a Half Dollars ($1.50;
share on its Capital Stock, payable April 30th,
1920, to the stockholders of record at the close
of business April 20th, 1920.
The transfer books
will
remain
open.
Dividend
checks
will
be
per
mailed.
T.
K.
James Talcott, Inc.
STUART, Assistant Treasurer.
KELLY-SPRINGFIELD TIRE
General Offices
225 FOURTH AVENUE
CO.
A
Quarterly Dividend of TWO DOLLARS
($2.00) PER SHARE on the Eight Per Cent
Preferrd
Stock
of
this
Company
has
been
declared,
payable
May
15,
1920,
to
stock¬
holders of record at the close of business May 1,
NEW YORK
FOUNDED
CITY
1854
1920.
F.
A.
SEAMAN, Secretary.
1920.
New York, April 6,
PACIFIC
POWER & LIGHT
PORTLAND, OREGON.
PREFERRED
DIVIDEND
STOCK
CO.
NO.
GEORGE
F.
PREFERRED
NEVINS, Treasurer.
STOCK
Company.
DIVIDEND
NO.
Merchants
fc^r
in
Entire Production of Textile Mills Sold and Financed.
Accounts Guaranteed and Discounted.
32.
CABLE
quarterly dividend of one and threequarters (l%%) per cent on the Preferred Stock
of Texas Power <fc Light Company has been de¬
clared, payable May 1, 1920, to the stockholders
of record at the close of business April 23, 1920.
WILLIAM REISER, Treasurer.
Dallas Power &
Correspondents
and
the United States and Abroad.
The regular
PREFERRED
and
39.
1920
Texas Power & Light
Factors
Manufacturers
The regular quarterly dividend of one and
three-quarters (1%%) per cent on the Preferred
Stock of the Pacific Power & Light Company has
been declared, payable May 1, 1920, to stock¬
holders of record at the close of business April
22
Agents,
ADDRESS QUOMAKZL
Light Co.
STOCK
DIVIDEND.
The regular
quarterly dividend of one and threequarters per cent (1%%) on the Preferred Stock
of the Dallas Power & Light Company has been
declared, payable May 1,
1920, to preferred
stockholders
April 24.
of
1920.
record
„
at
the
of business
close
„
J.
International
_
B.
WALKER, Treasurer.
l
Banking Corporation
Announces
Gillette Safety Razor Company
The Board
of
Directors have to-day declared
regular quarterly dividend of $2 50 per share
an
extra dividend of $1 00 per share, pay¬
able June
1, 1920, to stockholders of record
May 1, 1920.
FRANK J. FAHEY, Treasurer.
Boston, April 14, 1920.
a
the
Opening of
a
New Branch in
and
THE PULLMAN COMPANY.
DIVIDEND NO. 213.
quarterly dividend of two dollars per share
will be paid May 15th, 1920, to stockholders of
record at close of business April 30, 1920.
A
J.
F.
KANE,
BARAHONA
Dominican
Republic
Secretary.
We offer
Eianttb
WORTHY
YOURATTENTI 6N7~
Meritorious Enterprise.
Manufac¬
turer of Soap and Soap Ppwders (in Business
twelve years Southern City) seeks financial
backing.
Will pay good dividend on money
Invested.
Bank and business references ex-
AMERICAN BANKING FACILITIES
Finance
Box^Tcare
icle,
138
Commercial & Financial Chron¬
New York, N. Y.
Front Street,
based
on
18 years'
experience.
'
[VOL. 110.
THE CHRONICLE
XXII
Jftnancial
Legal Investment for
Savings Banks and Trust
Funds
Taxation in New York State and from Federal Income
Acceptable as Security for Postal Savings Deposits
Exempt from
Taxes
New Issue
$1,398,000
City of Yonkers, New
York
Registered 5% Bonds
Principal and semi-annual interest
(April 1 and Oct. 1) payable in New
York exchange
FINANCIAL STATEMENT
Assessed Valuation
$141,723,510
Net Bonded Debt..
,
..$10,030,258
101,000
Population
(estimated)
MATURITIES AND PRICES
$122,400 Maturing
.To Yield 5.10%
To Yield 5.00%
...To Yield 4.90%
—To Yield 4.80%
To Yield 4.70%
April 1, 1921..
April 1, 1922 to 1923
Maturing April 1, 1924 to 1926
Maturing April 1, 1927 to 1930
Maturing April 1, 1931 to 1940
1£2,400 Maturing
122,400
72,400
37,400
Legality: Messrs. Hawkins,
....
Delafield & Longfellow, New York
Special Descriptive Circular on Request
A. B. Leach & Co.,
Inc.
Investment Securities
62 Cedar
St., New York
Philadelphia
Minneapolis
Boston
Buffalo
Pittsburgh
Chicago
Baltimore
Cleveland
contained above was derived from sources we
The information
reliable.
We
do
not
guarantee,
but
we
believe
it
to
regard as
be correct.
OFFICE OF
WANTED
United
The
Bond Salesmen
with
N.
Corporation and Municipal Securities
Outside Territory.
PRESCOTT & SNIDER
First
KANSAS
Nat'l Bank Bldg.
A. H. WHAN &
Accountants
New
COMPANY
Commercial Trust Bldg.
Philadelphia
York
Announce that
CITY, MO.
and Auditors
120 Broadway
Albert
to
L.
Harry M. Smith, C.P.A.
Gareis
have
been
Improvement
W.
Cor. Broad and Arch
Philadelphia, March
Streets,
3rd, 1920.
Annual Meeting of the Stockholders of
The United Gas Improvement Company will be
held at the office of the Company. Northwest
Corner of Broad and Arch streets, Philadelphia,
on Monday, May 3rd, 1920. at 12.00 o'clock noon,
for the purposes of electing a President and six
The
experience in
Openings in both City and
Gas
Company
(N. Y.), and
to serve for the ensuing year; of
and acting upon the subject of a
proposed increase in the authorized capital stock
of the Company from
1,221,466 shares of the
par value of 350 each, to 1,521,456 shares of
the par value of $50 each, all of which increase
shall be Seven Per Cent Cumulative Preferred
Stock, also entitled to preference on liquidation
to the par value thereof and accrued
unpaid
dividends, to be redeemable in whole or in part
at $55 per share and accrued unpaid dividends,
to have the same voting rights as the Common
Stock, and to have such other rights, privileges,
preferences and limitations as may be determined
at
said meeting; of
authorizing the issue of
122,060 shares or said Preferred Stock to be issued
and disposed of by the Board of Directors at such
time or times and upon such terms and conditions
as said Board shall approve, provided, however,
that said shares shall first be offered to the stock¬
holders pro rata for
subscription at par; the
balance of the authorized shares of said Preferred
Stock to be issued from time to time, but only
when and as authorized at a subsequent stock¬
holders' meeting; and of transacting such other
business as may properly come before the meeting.
The stock transfer books will be closed from
3.00 P. M., April 21st, until 9.00 A. M., May
Directors,
considering
4th. 1920.
By order of the
G.
Board of Directors,
W. CURRAN.
Secretary.
admitted
Partnership in This Firm.
W. H.
Goadby &Co.
Members New York Stoc
NO. 74 BROADWAY
Exchange
NEW YORK
Ape. 241920.]
the chronicle
XXIII
.tfinantfal
We
wish
to
facilities of
place at
your
disposal the
our
Trust Department
which
is
prepared to render complete
fiduciary capacities.
service in all
Because of the wide
experience of our In¬
Department, we are particularly
equipped to handle trust business
dustrial
well
connected with the
management, reorgan¬
ization and direction of
Industrial
Properties.
We solicit the
opportunity to investigate
report on such properties for the
account
of estates, partners, individual
owners and
security Holders.
and
#>f NewTfarfc}
120
Arkansas Natural
Gas
J
a
broadway
^National Bank
in
New York
of
Commerce
j|P31ia
Bought-^Sold—Quoted
R.C.Megargei&Cg.
27 Pine Street
-
New York
Capital, Surplus And Undivided Profits
Over Fifty-five Million Dollars
xxiv
[Vol. 110.
THE CHRONICLE
.
ifinanctal
A New York
Paying Agent for
Dividends
Coupons and
ONdate, this Company mails,
a given interest or dividend
Trust Service for
on
Corporations
corporations for which
paying agent, thousands of
Each
checks.
Through facilities, this
its complete
fiduciary
issuing corporation
merely sends to
Company renders a service
to
behalf of
it is
us
one
the total amount.
check for
"
corporations which aids
in the
expeditious transac¬
of certain
tion
The payment
important
phases of modern
business.
Some of these services,
as
by
a
corporate agent
necessity. It relieves the company
of a mass
such
which has issued securities
those of transfer agent,
registrar, disbursing agent,
and trustee, are
of interest and divi¬
is a
development of modern business
dends
of detail work.
described in
this series ofadvertisements.
This
Company through its Coupon
Department serves
governments,
corporations,
and municipalities as
busi¬
corporations, this service is
frequently rendered in conjunction
paying agent. In the case of
ness
that
with
of
transfer
agent
and
registrar.
We shall be
pleased to explain this
with especial refer¬
service in detail,
to
ence
its
advantages and economy
for your company.
Guaranty Trust Company of
Broadway
140
Fifth
Avenue
Office
Fifth Avenue & 43rd Street
Madison
Avenue
Office
Madison Avenue & 60th Street
Capital & Surplus $50,000,000
SIMON
Bonbright & Compan?
York Stock Exchange
No. 46 Cedar Street
•
•
New Yod
Incorporated
25 Nassau Street
BOSTON
CHICAGO
DETROIT
LONDON
William P. Bonbrigbt & Co
INVESTh/lkNT
SECURITIES
a68
Grand
Street
Investment Securities
Underwritten
&
Distributed
New York
PHILADELPHIA
HIGH-GRADE
Grand Street Office
Resources over $800,000,000
BORG & CO,
Members of New
New York
PARIS
Bonbright & Qo
Federal Securities
Corporation
38 South
Dearborn Street
CHICAGO
1
Apr. 24
1920.]
THE
CHRONICLE
xxv
■•financial
Matching the Growth
of American
Business
neighborhood in
SIXTY-NINE years ago a group of merchants on the west side of lower
New York
which
they operated.
modest
was a
organized
institution, with
bank and presented it to the
The Irving then, with its
institution, built
independent, based
to
a
upon
definite intention of service.
upon a
of
resources
more
still
of the
it
a
mission
The
But times have changed.
spirit of New York and America today differs greatly from that
a
world.
embraces the
few
a
its
of
activities
establishment
the
of
The other,
banks.
under
powers
The Irving of
limits
the
blocks
national
for
meant
small section of lower New York;
1851 could mark
within
the &me
days when those west-side merchants recognized their need of a bank.
only
now
now
retaining intimate and friendly contact with its customers,
>T"vHEN the service of the institution
A
And
independent, still with
expressing the spirit of the times.
commercial
of $300,000,
than $280,000,000, again presents itself
the business world, still democratic, still
of service, still
resources
the simple lines of the time, democratic,
the
state
law,
with wider
developed
in
addition personal and corporate trust functions,
and added
in
to
its operations through successive
Flatbush Trust
the
mergers
Company,
the
which its operations were housed.
The Irving
Aetna National Bank, the Commercial National
of
of service,
Bank of Long Island City, the Market and
of the earth into
Fulton National Bank, the Sherman National
1920,
reaches
through
out to
which the
long
its
every
of
currents
arm
corner
commerce
flow.
Bank and the National City Bank of Brooklyn,
The
organization
Irving of that fday possessed only the facilities
each of these retaining its
required
and location for district office operations.
by
a
neighborhood
The
business.
Irving of today includes within its equipment
every
detail of
specialized banking service.
a
But the strength of this bank
has other
roots
than the
founders.
Its
that of
other
ten
founded,
as
single
development
similar lines until,
with the
ND
J\
now
pany
the Irving under Federal law, to exercise for
the greater benefit of its customers all of the
paralleled by
working
constant
along
expansion
former facilities of both bank and trust company,
Thus the Irving's development
house of
During this period
of
obvious thing.
different
tjjC
ftnancjal
Exchange Bank,
^
new
In this
way
the
Mercantile National
Nassau Bank and
now
and
Bank,
at
the
National
finally the Irving Trust
Company have joined the Irving National the
more
effectively to
carry out
their
purpose.
a
century>
as a
clearing
is further advanced,
commerce
of their activities, a union of force became the
times the New York National
the merging of the Trust Com-
int0 the enlarged institution enables
of its
purpose
was
inspired,
.
it stands today
banking institutions similarly
similarly
'
own
nearly three-quarters
of
gIwth and dcvel0pment within
institutions
in
which constitute
lrving has fully kept
pace
with the
development of the business they have served.
§tep ^y step—side by side—business and bank-
jng—growth in the
one
has been paralleled by
corresponding growth in the other until
now
FOR more than twelve existeda between the become, finds itself supplemented and served
close work- commerce, world-size and complex as it has
ing
has years
arrangement
two
Irvings-the Bank and the Trust Company,
One has developed along the lines prescribed
IRVING
at every
point at home and abroad by banking
facilities which business judgment has provided.
NATIONAL
WOOLWORTH
BANK
BUILDING, NEW YORK
[VOL. 110.
THE CHRONICLE
XXVI
^financial
Investments"
"Foreign Trade Through Foreign
>
A
1
Comparison of
French
British
,
Italian
Belgian
Government Internal Loans
Those who have faith in the
ability of the great European nations to
the devastation and economic difficulties caused by
recover
from
the
should invest in the bonds of those nations.
war
While
exchange rates of the Allied Governments have fluctuated
widely
on
in
the London, Paris, Brussels and Rome markets, it is only
depreciation has
of American dollars that the maximum
terms
In
occurred.
other words, Americans
are
privileged to invest in
offers the maximum
possibilities of profit. As our foreign trade must depend almost en¬
tirely on the speedy rehabilitation of foreign exchange rates, and as
the surest and quickest way of improving these rates is for Americans
European Government Loans on a basis which
purchase European Government Loans, we submit the following
facts, which indicate the speculative possibilities offered to those
to
purchasing with dollars:
Approx. Profit
should
prices
French Bonds
Approx. Cost
at Normal Ex¬
Approximate
Cost Now
change Rate
Bond
remain
same
and
Exchange
re¬
the
Approximate
Percentage
of Profit
turn to normal
10,000 francs, 5% Victory Loan
$570
$1,700
$1,130
197%
10,000 francs, 4% Loan of 1917
460
1,400
940
204%
640
1,800
1,160
181%
400
1,690
1,290
322%
Belgian Bonds
10,000 francs,
National Resto¬
ration Loan
Italian Bonds
/
10,000 lire, 5% Loan of 1918...
British
Bonds]
100 Pound
5% Bonds of 1922._
395
485
90
23%
100 Pound
4% Victory Loan
312
380
68
21%
We
are
..
prepared to quote the above in any quantity.
Send for
our
revised booklet
ft
"Bonds of Foreign
which
should
be
in
investor for present
the
Nations
manufacturer, exporter and
Complimentary copy sent on request.
hands of every banker,
and future reference.
A. B. Leach & Co. Inc.
Investment Securities
62
Cedar St., New York
Chicago
Philadelphia
Boston
Buffalo
Minneapolis
Pittsburgh
Baltimore
Cleveland
APE. 24
1920.]
THE CHRONICLE
XXVII-
^financial
$700,000
Rainier Motor
Corporation
8% Cumulative Preferred Stock, Par Value $100
DIVIDENDS NOT SUBJECT TO THE NORMAL FEDERAL INCOME TAX
TRANSFER AGENT
REGISTRAR
Guaranty Trust Company of New York
Liberty National Bank of New York
CAPITALIZATION
Upon readjustment of the existing capital stock of the Corporation.
Authorized
Preferred Stock
Common Stock
*
Of the amount not
8%
(No
__
par
___
value).
Outstanding
*$750,000
$700,000
30,000 Shares
__
30,000 Shares
outstanding, $8,800 preferred stock will be held in the treasury of the Corporation, and
the balance, $41,200 Preferred stock, will be held by the Corporation as unissued
stock, subject to be issued to the parties
entitled thereto without further consideration, after July 1, 1920, if and when net quick assets are
equal to $123 per
share and net tangible assets are equal to $145 per share on all preferred stock
outstanding and that to be issued.
The
now
Corporation will have no BONDED DEBT and none running for more
created without the consent of the holders of 75% in amount
than 12 months may be
of the Preferred Stock,
We summarize below from the President1 s letter of
an attractive investment:
Dec. 20, 1919, the
principal factors, making
this stock
NET
EARNINGS
HAVE
BEEN
AT
THE
RATE
OF
FIVE
AND
ONE-
HALF TIMES THE DIVIDEND
REQUIREMENT for the eleven months ended
November 30, 1919.
For the last five months they have been at the rate of eight
times the Preferred Stock dividend requirement and $13 per share on the Common
Stock.
On the planned production for 1920, it is estimated earnings will be at
the rate of twelve times the Preferred Stock dividend requirement and $21 per
share for the Common Stock.
These figures are before Federal Tax deductions.
NET
QUICK ASSETS, after funds
are acquired through the present financing,
sheet, will be equivalent to approximately $115 per
share of Preferred Stock and net tangible assets to $148 per share.
indicated
as
THE
on
the
balance
PREFERRED STOCK
IS
TO
BE
RETIRED
THROUGH A SINK¬
ING FUND, amounting to $82,500 per year, to be set aside on or before July 1,
1921, and
every year
thereatter, for the purchase in the market or by call and allot¬
share, before dividends, in any year, may be paid
ment at not to exceed $110 per
the Common Stock.
on
THE
RIGHTS AND
PREFERENCES PROTECTING THE PREFERRED
STOCK will provide for control of the Corporation, by the preferred stockholders,
in the event of the non-payment of two quarterly dividends, or the net quick assets,
after January 1, 1921, falling below $750,000; that before the payment of dividends
the Common Stock all accrued dividends and
sinking fund, on and for the Pre¬
Stock, must be cared for and a reserve of one year's Preferred Stock dividend
and Sinking Fund must be established, and the net quick assets shall not be less
than $750,000.
on
ferred
THE
.
MANAGEMENT
HAS
BEEN
IN
THE
INDUSTRY
YEARS, manufacturing and selling passenger vehicles and trucks.
tion's business, established in 1916, has grown rapidly and has been
EIGHTEEN
This
very
corpora¬
successful.
The earnings for the first three months of 1920 have been received and the net
earnings prior to taxes are at the rate of thirteen times preferred stock dividends
and after Preferred Dividends, at the rate of $22.80 per share for the common stock.
Audit
by Messrs. Arthur Young & Co., Certified Public Accountants, New York City.
Appraisal by Messrs. Sanderson & Porter, Engineers, New York City.
JOHN NICKERSON, JR.
61
Broadway, New York
All
|
on
Broadway, Saint Louis
our
opinions
information taken from sources we believe to be
reliable.
statements
based
All of the above stock
314 N.
contained
in
this
advertisement
having been sold, this advertisement
are
appears as a matter
of record only
[VOL. 110.
THE CHRONICLE
XXVIII
jniumtial
f
-
.
•
NEW ISSUE
$2,000,000
Air Reduction Company, Incorporated
7% Convertible Sinking
Ten Year
Dated
Due April 1, 1930
"
1920
April 1,
Fund Gold Debenture Bonds
in whole or in part, at 10714 and accrued interest to April 1, 1922; thereafter
April 1, 1925; thereafter at 10214 to April 1, 1928; and thereafter at 101 to maturity.
Redeemable at option of Company,
to
Convertible, at the option of the
at
the
rate
of
holder,
on or
after April 1, 1922, and to October 1, 1929,
into common stock
of
value common stock for each $62.50 principal amount
Bonds may nevertheless be converted if presented
days after first publication of notice of redemption.
share of
one
at 105
no
par
If called for redemption,
Bonds.
within
30
Metals National Bank, New York, Trustee
The Mechanics and
CAPITALIZATION
(Upon Completion of Present
Financing)
Outstanding
Authorized
7% Gold Debenture
Ten Year
Common
From letter
Stock,
no par
value
The Company,
and subsidiaries, oxygen,
$2,000,000
152,966.1 shares
Blagden, we further summarize as follows:
of the President, Mr. A. S.
BUSINESS:
Bonds—$4,000,000
293,334 shares
incorporated in 1915, manufactures, by itself
acetylene, nitrogen, and other gases, and oxy-
equipment. Products are used by steel
shipyards, automobile manufacturers, repair
shops, and garages. Manufacturing plants in twenty-four cities, and
warehouses in thirty-five.
Gross Sales are now at rate of over $6,000,000
acetylene cutting and welding
plants, foundries, railroads,
per annum.
ASSETS
Net Assets of
:
$8,194,306 (exclusive of values for Patents, Patent
Rights, Contracts and similar
intangible assets)
are more
than 4 times
this issue of Bonds.
PROFITS
:
Since November 1, 1916,
total net earnings of $2,552,000, after
but before Federal Taxes, have
requirement on these Bonds.
liberal depreciation,
times the interest
averaged over 5%
of its tangible proper¬
long term notes or similar securities
(other than purchase money obligations) maturing earlier than these
bonds and it will maintain total net assets of at least 200% of the funded
COVENANTS
ties,
nor
The Company will not mortgage any
:
issue any bonds, debentures,
debt.
SINKING FUND
to
retire
DIVIDENDS
paid
per
on
Common Stock since July 15, 1917, and extra
was
WE
97
RECOMMEND
THESE BONDS FOR
and Accrued
dividend of 50c
The above statements, while not
7.45%
Farley for us, and by Messrs. Shearman
regularly by Messrs. Haskins & Sells, Certified Public Accountants.
Messrs. Herrick, Smith, Donald &
Accounts are audited
INVESTMENT
Interest, Yielding about
LEE, HIGGINSON & CO.
have been
paid October 15, 1918, in Liberty Bonds.
Legal details will be passed upon by
for the Company.
sufficient
$1,000,000 Bonds before maturity.
Cash dividends at rate of $4 per share per annum
:
share
Price
Sinking Fund, first payment October 1, 1922,
:
over
guaranteed, are based upon
& Sterling
POTTER BROTHERS & CO.
Information and advice which we believe accurate and reliable
THE CHRONICLE
XXIX
^financial
Sinclair Consolidated Oil Corporation
and
Subsidiary Companies
Consolidated Balance Sheet at December 31,
1919
ASSETS
Real Estate, Oil and Gas Leases, Oil Wells and Equipment, Pipe
Lines,
Steamships and Steamship Charters, Tank Cars, Terminals, Re¬
fineries, Distributing Stations and Facilities, etc..
$210,372,411.35
Investments in and Advances to Affiliated Companies
1,698,604.16
178,033.46
Specific Funds
_
_
Assets
Current
Cash
in
*
Banks
and
Hand..
on
$7,659,119.01
10,436,985.02
_
__
Notes Receivable, less Reserves._
Inventories—Crude Oil, Refined Products, Material
Accounts
and
_
and Supplies, etc_____,
Marketable Securities at Cost
31,365,595.41
1,988,077.45
51,449,776.89
Deferred
Charges to Operations and Other Items in Suspense
1,411,288.47
$265,380,114.33
CAPITAL
LIABILITIES
AND
Shares
5,500,000
3,757,593
Capital Stock:
Authorized
Issue—no par
value.
Outstanding in Hands of Public
Earned Surplus:
Balance at January 1, 1919
Sinclair Oil & Refining Corporation
Sinclair Gulf Corporation
.
$191,471,943.41
$7,253,179.64
__
.$4,830,216.35
2,422,963.29
...
14,154.76
Adjustments applicable to 1918.
$7,267,334.40
Add:
Year ended
Income for the
December 31,
19,601,235.82
1919
$26,868,570.22
Deduct: Reserve for
10,010,772.19
Depletion and Depreciation for 1919
Minority Stockholders' Interest in Subsidiary
16,857,798.03
158,462.27
Companies.....
Reserves:
Depreciation
$15,567,304 71
Replacement of Equipment
—
506,306.59
For Depletion
and Amortization of Oil and Gas
Leases, and for Amortization under Section 234
of the Revenue Act of 1918
17,614,288.69
For
—
For
For
Miscellaneous,
Including
Specific
|
366,753.28
Funds
34,054,653.27
4,301,506.00
Equipment Trust Notes and Purchase Money Oblgations
Oil
and
Current
Gas
Income
1,971,718.02
!___
Certificates
Liabilities:
Notes
Payable
Payable
$3,200,679.68
10,313,215.22
.....
Accounts
$13,513,894.90
Accruals and Miscellaneous,
including Federal Taxes..
_
2,218,718.82
15,732,613.72
831,419.61
Suspended Earnings and Unadjusted Credits
$265,380,114.33
Consolidated Income Account for the
Ended December 31,
*
Gross
$76,970,958.24
Earnings
Net
**
and Taxes._
54,300,060.08
——
$22,670,898.16
—
Operating and General Expenses, Maintenance, Insurance
3,069,662.34
Earnings.
Deduct:
Year
1919
Interest and
Discount and
Federal Taxes
Incomle available for Surplus and
Reserves
...
$19,601,235.82
AUDITOR'S CERTIFICATE
We
have
examined
the books and records of
the SINCLAIR
CONSOLIDATED OIL
New York Corporation, its predecessors and subsidiary pompanies, for
the year ended December 31, 1919, and
i
We hereby certify that .the accompanying Consolidated Balance Sheet and Statement
of Income and Surplus correctly disclose the financial position of the Consolidated Companies
at December 31, 1919, and the results of their operations for the year ended that date.
CORPORATION,
a
(Signed) ARTHUR YOUNG & CO.
of Accountants.
Members American Institute
*
tank
After deduction of Inter-Company sales, and service charges of
and marine facilities.
transportation companies for the use of pipe lines,
cars
**Equitalent to approximately $7.27
a
share on the average number of
shares outstanding during 1919.
[VOL. 110.
THE CHRONICLE
XXX
^financial
New
York, April 19, 1920.
To the Stockholders of
CONSOLIDATED
'■
'OIL
The development and growth of your Company during the past three years have been so far-reaching
seems fitting you should be advised as to its present condition and have briefly summarized
^
that at this time it
the policy and plan of development that have been followed up to
after the expenditure of the proceeds of the contemplated financing
7}A% Notes.
this time, as well as the expected results
through an issue of $50,000,000 Five-Year
^
inception of the Corporation your Board of Directors and Executive Officers have steadily had
in mind that a Company engaged in the oil industry under modern conditions, in order to attain the largest
measure of permanent success, must combine in a balanced and complete operation the four main divisions of
the industry—namely, Production, Transportation, Refining and Distribution. Furthermore, that each must
be on a large enough scale to successfully maintain its position in competition with other large companies.
From the
With this fundamental idea
to-day the conditions
are,
always before them they have guided
broadly speaking, as follows:
Taking the above four divisions in their logical sequence:
your
Company along these lines until
*
.
Production; Your Company has more than 90% interest in approximately 500,000 acres of oil and gas
leases in the principal oil fields in the States of Kansas, Oklahoma, Texas, Louisiana and Wyoming.
It is
therefore not
and
dependent on one field or locality for its crude oil supply.
staple, the oil at this time being produced from 1,860 wells.
The production is cbnsidered settled
large percentage of your producing properties purchased in the United States were purchased at a
was selling at about $1.00 per barrel as compared with the present price of $3.50 per barrel.
A
time when oil
Many valuable properties have been created since the organization of your Company by
on oil and gas leases which were not producing at the time of organization.
development
work
leases in the United States }rour Company owns approximately 150,000
leaseholds in the Republic of Mexico. The greater part of this acreage is in proven oil
territory which is being further developed at the present time.
From this developed acreage your Company
is producing and exporting in its own facilities approximately 20,000 barrels of oil per day and has a potential
production of approximately 100,000 barrels per day.
In addition to its oil and gas
of oil and gas
acres
The Mexican Seaboard Oil Company, in
acreage
acreage
which
your
Company has
a
owns a large
considerable part of its
substantial interest,
of oil and gas leases in Mexico, and is, at this time, actively developing a
and producing and selling approximately 36,000 barrels of oil per day.
concessions for the exploration of approximately 1,000,000 acres of possible oil lands
Republic of Costa Rica and a like number of acres in the Republic of Panama.
A geological examina¬
tion has been made of these properties and two wells are now drilling, one in Costa Rica and one in Panama.
Your Company owns
in the
leases your Company has recently acquired an undivided one-half
Petroleo de Angola, a company having an oil concession of approximately 75,000
miles, located in West Africa, upon which considerable development work has been done.
In addition to the above oil and gas
I
interest in the Compania de
square
Your Company has in the oil fields and at other points, storage capacity in excess of 15,000,000 barrels.
:y;v
In
regard to the second division, namely, Transportation, your Company has approximately
gathering pipe lines with complete modern machinery for hadling crude oil.
2,800
miles of trunk and
The trunk lines extend from the various
your
producing fields in Northern Texas, Oklahoma and Kansas to
Company's refineries located in the Mid-Continent field, Kansas City and Chicago.
The field and gathering lines of the Sinclair Pipe Line system extend throughout practically all the
principal oil producing districts of Kansas, Oklahoma and Northern Texas wherein is produced approxi¬
mately 65% of all the light crude oil produced in the United States.
Your Company's pipe line system
reaches approximately 90% of this territory.
With the crude oil produced and purchsaed since May 1st,
1916, your Company has supplied its own refinery requirements, built up a reserve supply of light-grade
crude oil amounting to approximately 6,000,000 barrels and during this period has sold to other refineries
millions of barrels of crude oil which it has frequently transported direct to the purchaser through its own
pipe line system.
Your
It is believed that the pipe line system of
Company
owns or
controls in the following
your
manner
Company is the most modern in existence.
154,588 tons deadweight of marine equipment:
32,159 tons exclusively owned and in operation.
17,329 tons under long-term charters at pre-war prices.
86,500 tons under construction in the United States.
18,600 tons, 50% ownership, under construction in France.
|P
With the completion during 1920 of all marine equipment under construction the movement of fuel
il between Mexico and the present existing bulk oil fuel terminals will be increased to
approximately
5,000,000 barrels per annum, thus making available to the already developed markets the large| quantities
f crude oil now available from your Company's producing properties in Mexico.
:
As to the third
aily capacity in
division, namely, Refining,
excess
of 45,000 barrels
per
your
day.
Company
owns
10 oil refineries of
an
approximately
Ape. 24
XXXI
THE CHRONICLE
1920.]
Jffttandal
SINCLAIR CONSOLIDATED OIL
I
demand for the products of petroleum the economic necessity of conserving a
With the ever-increasing
by increasing the yield of the most desired by-products from crude oil becomes more import¬
This has been accomplished by equipping oil refineries with complete installations, and in addition
natural
ant.
CORPORATION—(CONCLUDED)
resource
installations for cracking processes.
crude oil and
a
from crude oil
are
lost when the skimming method of refining is used.
completely equipped refinery is many times greater than a skimming plant, but the efficiency
from its operations are more than commensurate with the additional investment required.
The cost of
and returns
With these installations the more valuable by-products are secured from
of gasoline is secured from residual oils; the more valuable by-products
much larger percentage
a
The cracking process
used by
your
It has been investigated by
Company is exclusively owned by it.
petroleum and refining engineers and has been judged by them to be the most
It is intended to
use
efficient.
/
will enable the Company
day and enlarge the present cracking
part of the contemplated financing for such extensions as
output of its refineries to in excess of 55,000 barrels per
installation, thus bringing the refining capacity of the Mid-Continent, Kansas City
refineries up to your pipe line capacity.
to increase the
process
and Chicago
casinghead gasoline plants with a capacity of 45,000 gallons per day. The use
plants has made available the utilization of a product from which is secured gasoline.
Prior to the
development of casinghead gasoline plants there was no practical method by which the casinghead gas could
be utilized.
The casinghead gasoline department of the Sinclair Company is now one of its most profitable
The Company owns ten
of these
departments.
■
'Vr
•••■Y .V:
regard to the fourth and last division, namely, Distribution, your Company has distributing and
marketing facilities for gasoline, kerosene, lubricating oils, and other by-products in Kansas, Colorado,
Missouri, Oklahoma, Nebraska, Illinois, Indiana, Michigan, Wisconsin, Minnesota, North Dakota, South
Dakota, Ohio, Massachusetts, Pennsylvania, New York, New Mexico, Arkansas, Iowa and Texas.
Through
these distributing and marketing facilities it markets direct to the consumer a large percentage of the gasoline,
kerosene, lubricating oils, and other by-products manufactured by it, thus being assured of a direct and
continuous market for its products at point of consumption.
In
Tiverton, Rhode Island, Tremley Point, New Jersey,
(Philadelphia), Pennsylvania, Jacksonville, Florida, Mereaux (New Orleans), Louisiana,
Weswego, Louisiana, and at the following ports in Cuba: Havana, Matanzas, Nuevitas, Manati, Belig,
Cienfuegos, with terminals nearing completion at Antilla, Santiago, and extensive terminal facilities in
=
Your
Mexico
Company has bulk oil terminal facilities at
Hook
Marcus
on
the Panuco River.
These bulk oil terminal facilities are
of modern construction and located tributary to a
large and ever-
increasing fuel oil market.
The Company
is the largest distributor of fuel oil in the
Republic of Cuba.
private ownership of tank cars is essential to the proper distribution of gasoline, kerosene, lubricating
oils and other products manufactured by your Company, and your Company owns 4,234 steel tank cars of
The
modern construction.
'
Depletion, Depreciation and Amortization Reserves set
aside since 1916 approximate $33,000,000.
RESULTS FROM OPERATIONS
Gross earnings
for fiscal
year
ended Dec. 31, 1919, after deduction of Inter-Company
sales and service
charges of transportation companies for the use of pipe lines, tank cars and marine facilities, were $76,970,958.00.
The Net Earnings from operations amounted to $22,670,898.00, which, after the deduction of Interest
and Discount and Federal Taxes, of $3,069,662, leaves Net Income for the year/available for Surplus and
Reserves, of $19,601,235.00.
During that year your Company invested out of earnings or from other sources, approximately $60,000,only a small part of which could any earnings be reflected.
In this calendar year, however, the
results of this financing should begin to show.
000 from
CONCLUSION
The above is
a
brief
summary
the broad policy laid down at the
While there remain several operations to be
of what your management, pursuant to
steadily adhered to, have accomplished to date.
further developed, your Company is to-day well rounded out.
outset and
comparatively recent past, the development of your Company, as your Directors have con¬
the idea that it should operate extensively in all branches of the industry, has necessitated
the creation of each of the four divisions on a large basic plan, with the result th^t until each unit was com¬
Until the
ceived it, with
plete they were more or less out
earning power be realized.
of relation to one another, and from no one
In order to obtain the maximum
the refineries be completely
are
earning
power
made, it is necessary that
the by-products obtainable. They
from the investment already
equipped to produce out of the crude oil all of
being increased to take full advantage
of the Company's pipe line capacity.
primarily for this purpose, and also for further development
tional working capital to adequately care for the rapidly expanding
It is
division could the full potential
i
of Mexican properties, and for addibusiness, that the present financing
becomes necessary.
of development that your Company has already reached, it is my belief that the proceeds
will produce an earning power largely in excess of any charges incurred, and furthermore
will increase your net earnings applicable to dividends in greater proportion than any equal^amount of money
heretofore put into vour Company.
V
' " - •.
With the stage
of this financing
H. F. SINCLAIR
[Vol. 110.
CHRONICLE
THE
yrvjT
AA7VJ.iL
jfinaitctal
New Issue
$50,000,000
Sinclair Consolidated Oil Corporation
Convertible Gold Notes
Five-Year Secured
Dated May
case
days' notice at 105 and interest if redeemed
60
on
thereafter at
that in
Due May 15, 1925
Interest payable May 15th and November 15th
15, 1920
Redeemable
one
per
Notes
are
cent less for
each
issued with stock
prior to May 15th, 1921, and
on or
year or part thereof elapsed after May 15th, 1921, except
purchase warrants attached, those Notes not accompanied
by their appurtenant warrants will be redeemable at 100 and interest.
Interest
to
be
which
annum
of $100,
payable without deduction for the Normal Federal Income Tax
the
Company may
be
obliged
to
withhold.
Coupon
nominations
of $1,000
and multiples thereof.
up
Notes in
$500, $1,000 and multiples of $1,000; Notes may be registered
as
2%
to
per
denominations
de¬
to principal in
Total issue to be authorized, $75,000,000.
CHASE NATIONAL BANK, NEW YORK, and
CENTRAL UNION TRUST COMPANY OF NEW YORK, Trustees
For information regarding
these Notes we refer to a? letter dated
April 19, 1920, of Mr. H. F. Sinclair, President of the Corpora¬
tion, which he has summarized briefly as follows:
To be secured by pledge of all the capital
Security:
stocks and other securities of
owned
now
The Company
acquired.
Convertible:
Stock
liens unless deposited under the trust agreement
tachable warrants
purchase
any
marine equipment and tank
on
money
cars
an
equity of about
$150,000,000, ranking junior to these $50,000,000
Notes.
The
Consolidated
of
case
Sheet
Balance
of
as
Sinking
over
5 times
these Notes, the net quick assets alone on this
tions
after
Young
&
earnings
Co.,
taxes,
Public
available
for
as
Accountants,
show
depletion,
follows:
terms
but
are
only if
Commencing January
Company will provide
to the
a
to be
accom¬
In
up
1st,
1921,
semi-annual sinking fund
$2,000,000 to be applied within sixty days
purchase of the Notes at not
accrued interest.
to the
opera¬
certified by Arthur
interest,
same
If Notes
are
exceeding 100 and
not available for pur¬
chase at that price the unexpended balance will revert
Consolidated net earnings from
Federal
basis
1.60 times these Notes.
the
Fund:
of at least
of
on
days prior to such redemption date.
Co., together with proceeds of this issue, shows total
net assets available for the Notes
Earnings:
de¬
redemption, the right to convert extends
the
over
carry
panied by warrants (if any) originally attached.
December 31st, 1919, certified by Arthur Young &
being equal to
instead
to May 15th, 1922; thereafter, the Notes
convertible
to 30
Assets:
may
said amounts of Preferred and Common Stock for
up
quotations represents
The Notes
entitling the holders to purchase
$1,000 (plus accrued dividends on the Preferred Stock)
obligations.
The Corporation's outstanding capital stock
at current
tojbe exchangeable
(par $100 each) and 2% shares Common Stock
without par value.
Equity:
as
Each $1,000 Note
for 10 shares 8% Cumulative Sinking Fund Preferred
subsidiary to create
excepting liens
and
hereafter
not, and will not permit
may
any
or
subsidiary companies
net
etc.,
,
fund
reason
Credit is to be allowed the sinking
.
of Notes retired by conversion
or
through the exercise of the purchase warrant privilege.
Properties:
aries
Year ended December 31, 1917-$15,134,967
Company
by
owns
many
The Corporation through
and controls oil
its subsidi¬
producing properties in
fields in the United States and Mexico;
a
Year ended December 31, 1918_
19,640,717
thoroughly modern pipe line system of about 2,800
Year ended December 31,1919_
21,890,898
miles; 10 modern refineries with
a
daily capacity of
These earnings for 1919 equalled 5.83 times the annual
interest on the new Notes and for the three years
United
averaged
properties comprise a complete unit in the oil industry.
over
5 times such interest.
The
legal proceedings
are
over
being passed
45,000 barrels; extensive marketing system in the
States
upon
and
foreign countries; in short, the
by Messrs. Horn blower, Miller,
Garrison & Potter and Messrs. Rushmore, Bisbee & Stern.
Temporary nego¬
tiable receipts will be deliverable in the first instance which will be exchangeable
for the Notes
when, as and if issued and received by us.
expected that application will be made to list both these Notes and the
Preferred Stock on the New York Stock Exchange.
It is
We offer these Notes subject to confirmation and approval of counsel, when,
if issued, and received by
98 and accrued interest, to
BLAIR &
MONTGOMERY &1 CO.
J. & W. SELIGMAN & CO.
WHITE, WELD & CO.
ILLINOIS TRUST & SAVINGS BANK
CHICAGO
The statements presented above; while not guaranteed, are obtained
and
yield approximately 8%
SPENCER TRASK & CO.
FIRST TRUST & SAVINGS BANK
as,
at
CO., Inc.
KISSEL, KINNICUTT & CO.
WM. A. READ & CO.
us
i
from
CHICAGO
sources which are believed to be
reliable.
Apr. 24 1920.]
THE CHRONICLE
xxx in
jHnaiufal
NEW ISSUE
$2,000,000
General Electric Company
Buffalo
Five-Year
Dated
1987
7% Convertible Debenture Bonds
April 1, 1920
Due
April 1, 1925
Convertible at the holder's option at any time after May 1, 1922, into the common capital
stock of the company, par for par, with an adjustment of interest and dividends.
Callable at the option of the Company on any interest payment date, after five weeks' notice; on
October 1, 1922, at 103 and accrued interest; during 1923 at 102 and accrued interest; dur¬
ing 1924 at 101 and accrued interest, but if so called may nevertheless be
verted if presented at least ten days before the redemption date.
From
a
The Marine Trust
Company of Buffalo, Trustee.
/
|
letter of Mr.
BUSINESS:
con¬
Charles R. Huntley, President,
we
further summarize
as
follows:
The
Company supplies all the public and commercial
New York, and also fur¬
nishes electric service in several adjacent cities and towns# The
total population served is about 600,000.
electric light and power in Buffalo,
The Company's power is in considerable ' part hydro¬
electric, obtained from the Niagara Falls Power Company, in
POWER:
addition to which the
power
Company has
a
modern 130,000 horse¬
steam generating station,
EARNINGS for the 4 years ended Dec. 31, 1919,
Years
Ended
Gross
Dec. 31
1916
Net
Interest
Charges
Balance
$1,226,006
1,479,757
1,415,554
$440,608
582,564
$785,398
717,996
697,557
1,513,368
Revenue
667,338
846,030
to
$3,356,952
4,209,719
5,373,702
5,336,008
___.
have been:
Interest
Applicable
897,193
Net
Earnings for year ending December 31, 1919, were more
234 times interest charges for that year, and more than
1.9 times the $792,880 interest charges on the entire present
funded debt, including this issue.
* i
than
FRANCHISES:
The
Company's franchises in Buffalo are stated
by the Public Service Commission to be perpetual.
CAPITAL STOC < outstanding, $7,872,700.
ranging from 5% to 8%
per
year
Continuous dividends
have been paid since 1900;
present rate 8%.
WE
RECOMMEND THESE
BONDS FOR
Price 97/4 and accrued interest,
INVESTMENT
yielding
over
LEE, HIGGINSON & CO.
ESTABLISHED
New York
Boston
HIGGINSON & CO.,
The
based
statements
upon
contained
information
1848
in
and
this
Chicago
LONDON
advertisement,
advice which we
while
not
guaranteed, are
believe accurate and
reliable.
7.60%
XXXIV
THE CHRONICLE
[VOL. 110.
^financial
Debts That Are Seldom Paid
A familiar form of
Stock method.
to
financing in the United States is by the Preferred
Thousands of
get money from the public,
convenient way in
Stock bore
proper
have employed Preferred Stock
concerns
during the
past ten years, because it
which to handle financing.
high sounding
names,
was a
These issues of Preferred
but seldom
were
surrounded by the
safeguards and provisions for the repayment of the money obtained.
The
Chicago Tribune considers Preferred
liability—a preferred liability.
from the
Stock
to
public in this method should be repaid FIRST
ings of the
company.
be maintained
by the
We believe that
company to
proper
quick
be
a
company
money
We believe that the
obtained
out of the
assets
earn¬
should always
insure the safety of the investment.
We require that the proceeds of Preferred Stock issues shall be
expended
in
the
own
operation of the company—not by the stockholders for their
personal
use.
Believing that only those companies should issue Preferred
that have
our
rules
submitted
uninterrupted record of earnings for
an
made to provide that such
are
to
us
by the
statement of assets and
company
itself
a
as
a
number of
Stock
years
record of earnings shall be
well
as
its detailed financial
liabilities.
We do not believe that Preferred Stock should be "a
debt that is
seldom paid."
on
which
The
and
any
to
Ethically and economically this is the
wrong
issue Preferred Stock.
principle
I
Chicago Tribune's Code of Censorship containing the rules
principles
on
which this censorship is founded will be mailed
bank, banker, broker
THE
WORLD'S
Circulation
/-
or
bond house free
GREATEST
400,000
Daily,
on
request.
NEWSPAPEP
750,000
Sunday
to
INCLUDING
Bftjnk & Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers* Convention Section
State and1
VOL. 110.
NO. 2861
Week ending April 17.
Inc. or
PUBLISHED WEEKLY.
1920.
$10 00
For Six Months
6 00
13 50
7 75
$1-1 50
NOTICE.—On account of the fluctuations In the rates of exchange,
remittances for European subscriptions and advertisements must be made
In New York funds.
Chicago
+22.1
50,535..201
101,577,221
+31*5
+50.8
156,830,929
101,179,150
Milwaukee
35,000<000
30*224,141
4-55.0,
+ 15.8-
Indianapolis
19,098.000
15,301,000
+ 24,8
Columbus
17,384,000
19,537,528
5,748,919
8,013,917
12,750,500
17,133,412
5,279.029
5,237,842
+36.3
11,160*300}'
10,275,000
+ 14.1
»,778,9Q8;
+8.8
11,910,685
5,300,000
5,490,290
3,444.257
...
Detroit..
Toledo
...
Electric Railway
"
,
(semi-annually)
(yearly)
Backers' convention
Spnce
per inch space (14 agate lines) for each insertion
$6 30
..175 00
100 uO
Cards, twelve months (52 times) per inch
'*
six months.-.(26times)per inch
London Office—Edwards &
WILLIAM
3,439,843] +58j.5
4,344,149,
+32.5
3,040,809.
2,176,347
2,520*265
+20*6;
+61.1
1,370,461
1,263,967
2,400/100:
1.344,4571
1,800*000
+33.3
2,015,110.
4,792,132'
+28.3
3,188,068!
1,585,107
3,480,133
1,350,000,
9,060,000;
+11.L
1,400,000
+52.5
5.664,000;
6,281,000
3,801.000
2,110,854
+ 72.9
+7.3
3,200,009
3,351)180
1.559,660
+8.7
1,408,809
1,056,320
1,198,888
1*160,989
976,462
__
6,147,0821
1,500,000
Youngstown
Lexington
....
Akron
13,821,000
6,573,181
2,165,725
Quincy
1,782,716,
Springfield, O...
COMPANY, Publishers,
1,902,651,
1,605,955
1,688,118
1,600,000
Decatur
Published
every
Saturday morning by
WILLIAM B. DANA COMPANY.
Seibert Jr., President and Treasurer; Arnold G. Dana. Vice-President and
...
998,634
Danville
1,639,340,
1,514,150
1,293.583
1,387,314
950,000;
686,480
+53.2
+25.6
+24.1)
+57,9
+45.4
up
522*7.10
1,112,090
—5,3
Lansing
CLEARING
495,120
1,078,9871
2,282,755
1,203,470
883,190
+89,7
Jacksonville, 111..
932,785
999,862
1.138,626
600.060
537,081
939,522
417.983
1,137.990
—4-.1
988*509
902,328
297,643
—3*0
bank
846,6071
Ann Arbor
HOUSE RETURNS.
780,926
1*087,825
1,240,510
Owensboro.
by telegraph, &c., indicates that the total
2,769,676
1,850*692
1,272,307
720,000
+26.2
Lima....
Addresses of both. Office of the Company
following table, made
13,398,806
5,754,890
Mansfield.......
The
24;729;836
14,723.009}
5,453,082
South Bend
Secretary.
65.171,939
02,796,552
Dayton
Evansvllle......
Bloomington
Smith, 1 Drapers' Gardens, E. C.
Front. Pine and Depeyater Sts., New York.
Jacob
38.477,92,5
5,517*313
5,155,448
4,302,280
3,855,487i
2,177.540
Canton
Street, Telephone Majestic7396.
B. DANA
515,427,980
Rockford
Railway and Industrial (semi-annually)
Railway Earninos
Chicago Office—39 Bouth La .salle
532,281,683
52,675,3.02
75,317,204
67,070,373
29,108,468;
538,888,642
Cleveland
Grand Rapids...
Bank and Quotation .(monthly)
Terms of Advertising—Per Inch
1917.
Springfield, 111...
Fort Wayne
Subscription includes following Supplements—
(monthly)
1918.
i
651.330*568,
74,368,020
153,192,180
__
Cincinnati
Peoria
State and City (semi annually)
Dec,
%
For One Year
Business
1919.
Subscription—Payable in Advance
European Subscription (including postage)
European Subscription six, months (including postage)
Canadian Subscription (including postage)
Transient matter
City Section
SATURDAY, APRIL 24, 1920
^Ixc dxromcte
Terms of
Railway Section
625,693
323,547
+93.4
310,161
Adrian
299,443
100,728 +197.3
895,680
80,000
602,585
151*884
clearings of all the clearing houses of the United States for the week ending to-dayx
have
been
*9,433,680,130, against $9,821,376,625 last week and $6,904,760,275
1,204,638,362
Tot. Mid. West
the corresponding week last year.
Per
Clearings—Returns by Telegraphy
Week ending April 24.
1919.
1920.
New York
$4,328,825,023
525,910,052
427,969,086
Chicago
Philadelphia
-
...
,
Kansas City
-
Pittsburgh
Detroit
-
-
146,597,116
*110,000,000
76,732,431
68,913,680
-
Baltimore
New Orleans—
Eleven cities, 5 days
+ 21.4
+ 26.5
+ 10.0
273,329,190
153,818,412
125,561,692
87,488,937
124,580,887
127,930,796
;
+ 33.2
$3,248,751,252
433,310,968
338,251,492
199,042,988
144,680,490
San FrancJsoo
Cent.
r
300,692,700
St. Louis...._.———-—
-
+ 30,2
844.124,997,
788,310,934
115,764,979.
+37.3
106,298,733
29,908.000
39*433,435;
23,670,203
90,259,803
1
San
Boston
925,206,058
+ 29,4
+ 15.2
+ 46.2
+ 17.7
76,178,280
65,177,558
+ 44.4
47,900,649
+ 43.9
+ 17.7
Francisco...
Los Angeles—...
Seattle
Portland
80,773,000
50,449,553
43,949,445
39,551,000 +104.2
38,652,530
+30,5
31,309,376
+40.2
13.629,149
+ 23.9,
31,246,000
22,516,484
18,821,491
13*173*632
Salt Lake City-
16,893,809,
Spokane.
15,335,096'
8,671,610,
+76.9
6,480,263,
4*501*479;
+44.1'
4L37M83.
2,740,001
7,506,000
+54.2
6,041,317
3,161*789*
5,201,822
2*413/126
1,920,998
2,200,973
Tacoma
Oakland
11,663,140
6,178,812
...
Sacramento
4,086,308
+61.2
3,617,331
2.751.312,
2,259,800
+60.1
Pasadena.
1,413,728
+94,6-
Stockton
5,700,300
Fresno
5,475,363
1,802,405
2,000,000
873,888
3,106,528
2,437,216 +133.9
2,484,019. +80..2,
San
Diego....
Yakima
San Jose........
Reno.
Long Beach.....
$6,457,294,361
1,360,442,983
$4,974,349,317
+29.8
826,048,762
+ 64.7
$7,817,737,344
$5,800,398,079
+ 34.8
Kansas
1,615,942,786
Other cites, 5 days.
159/)36,795,
1,104,362,196
+ 46.3
Minneapolis
Pacific..
Total
1,116,009' +66.9
1,191,631
+67.9
671,094
12,622,212
8,101,993
6,700,006
1,110,813,
1,320,429
2,158,380
1,675,294
1*990,933;
769.190
1,600,110
857,925
682,513
771,319
+15.2
021,716
1,325,262 +134 4
1,110,382
551,690
742,847
244,099,402
202,628,840
194,404,783
135,117,988
28,635,299
34,631,256
36,060,437
416,053,640,
276,505,190
+ 50.4
234,254,663
90,341,095
64; 180,736'
188,858,899
+24.0
I
Total all cities, 5 days
All cities, 1 day...
—
City
Omaha........
Total all cities for week.
...
$9,433,680,130
+ 36.6
$6,904,760,275
St.
.
Paul
Denver—.......
*
Partly estimated.
St.
The
full details for the week covered by the above will be given next Saturday.
to-day, clearings being made up by the clearing houses
Saturday, and hence In the above the last day of the week has to be in
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending Apr I 17 show;
Joseph...
Des Moines—...
We cannot furnish them
Sioux
at noon on
DulUth
1919.
$
$
1918.
New
York
5,514,604,503 3,797,158,840
519,192,768
104*324,311
Philadelphia
Pittsburgh
342,554,075
97,000,000
66,039,988
,
+51.6
+69.4
+46.6
20,618,984i
13,820,498;
10,888,455'
11,026,373
9,473,858
6,717,315
10,063,334
+25.3
+14.9
+15.9
10,716.395
9,430,071
4*986,093
8,739,470
4*532,625:
6,419,023
6,077,660
3,961,758
3,100,000
2,722,292
1,966,380
831,120
6,385,952
3,265,135
1,415,972
1917.
Fargo
Springs
.....
....
....
Waterloo
$
%.
+45.2 3 434,318,515
+0,1
Lincoln
Pueblo
Inc. or;
Dec.
22.192.393
16,282,438
Colorado
Clearings $X1920.
13,717*739 +248.1
20,351,400 +10.4
7,785,472
14,689,984
Wichita
$
1,369,373,029
368,848,806
367,390.356
78,752,043
75,990,097
40,771,377
58,018,506
22,983,017'
17,993,540
14,075,036
10,573,584
Helena
.....
Aberdeen
Fremont...
;
3*463*185
1,050,635
2,500,000
2,195,826
1,936,736
1,907,427
877,576
948,907
Hastings.
1,310,371
Billings..
59,691,855
15.570.392
47,745,919
22474,250
17,270,041
Topeka..
Cedar Rapids...
Week ending April 17.
!
City
32,642,088 +146.1
52,678,626 +21.8
+46.0
4*994/121 j +27.8
+ 6.8
3,058,679
+55.4
2,190,555
+ 24.2'
1,139,124
+23.9
848*124
13*370255
15,083,049
0,420.979
2,724,098
—8.2
749,913
2,487,212
1,907,406
1,885,326
1*510,304
+ 15.1;
2,378,290,
2,651,696
1,231,986
670*089
1,794,132
2,785,305
1,937,261'
1,566,294
+20.3
1,255,768»
033,576
+38.5
887,283
426,518 + 122.4
1,337,322' —2.0
501;317
1,017,899
734,182
513*731
+2.7!
963,170
1,015,876
+42,2.
396,582,674
299,027*198
+18-3.
161.564,517]
135,315*518
36,377,276
20.382*026
Baltimore
90,790,193
Buffalo
48,971,425
23,606,150 + 107.5
Washington
17,874,938
5,448,142
13,910,931
15,469.348
+ 15.5
4,549,842
+ 19.8
5,750,484]
5,587,243
St,
9,310,023
+49.4
7,728,321
6,873,611
New
Scranton.
5,256,708
3,991,665
+ 31.7
3,400,000
Louisville
30,811,389
Syracuse.
5,140,822
3,950,119
3,539,089
2.442,8*3
+45.2
4,730,816
3,467,490
4,022,629
Houston
+91.1
13,000.000^
11.587,110
3/136,783
2.660.3G1
Galveston..
27,840,777
7,500,000,
14,572,182
+61.7
6*003319
+24.9
3.922,801
2,922,384]
+34.2
3,326,562
Richmond
62,848,554
48,601,042
+29.3
4,552,641
41,616.935,
3,249;085
26,328,360
2,797,937
7,435,636
2,200,000
+27.2
Wheeling
4,052,678
+83.5
York
1,766,434
+ 71.4
Trenton
3,870; 180
4,155,904
3,039,681
1,166,930
2.366,521
2,471,309
3,997,920
1,480,369
3,266,626
1,943,877
3,518,590
Albany
Rochester...
Reading
Wilmington
Wilkes-Barre....
Lancaster...
Erie
1,379,800
Binghamton
Gneensburg
.....
Chester
Altoona
1,100,000
1,682,976
1,055,000
518,768
..
Montclair
+63.0
+ 107.8
2,300.563
1,835,335
+65.6
Tot. oth. West.
Louis—.
Fort
—
—
Orleans....
Memphis
3,130,100
2.171,073
1,902,049
-------
Savannah...
NaphvWe
Birmingham
Jacksonville
1,202.871
+39.9
812,242
+29.9
1,398,980
847,564
917,466
1,620.003
351,078
+47.6
478,857
6,428,196.007 4,386,811,345
+46.5 4,022,891,740 1,929,151,135
Chattanooga
+39.3,
14,626,391'
11,488,781
+49.2
45,252,148'
+72.2.,
+60.9
11,510,969
26,276,410
11*102*308:
6,700,897!
6,071,700
14,411,807:
+84.2
11,044,17}!
J 0,069*465
9,508,056
+ 9.0
7,748,083
6,257,432
4,630,490,
5,156,649
3,442,304
3.979,899
3*436*573:
2,704,553
Rock..
Mobile
2,548,966',
6,197,401'
4,800.000
Charleston
437,477,284
260,492,617
+67.9
277,613,994
Providence......
10,802,600
+ 64.6
11,426,000
241,021,923
10,860,900
Hartford*.-
+41.2
7,993,453
8.661.453
Macon
+26.8
4,908,489
3,814,960
5,000,000
Austin—.—
2,455,000
Muskogee.
Boston
Oklahoma
11,880,772
10,209,700
8,414,956
New Haven
7,142,019.
5.634,521
Springfield.
7,841,010
2,500,000
3,-96,341 + 137,9
2,300,000
+ 8.7
3,107,657
+62.0:
1,407,808 + 133.1
2,000,000
3,688,756
2,141,238
3,691,447
Tulsa
2,022,876
Jackson
1,467.092
2,013,066
1,080.114
Dallas---
Shreveport
Portland....
Worcester^
Fall
_
River
New Bedford
Lowell
Holyoke
Bangor
Total New Eng.
5.034,519
3,277,356
2,642,766
1,434,046
750,000
700,000
497,482,372 '
\.
+80.1
3,954,481
988,204
+45.1
1,244,664
580.000
+29.3
635,241
1,176,432
754,640
493,814
+41.7
710,932
633,283
298.392,710
+66.7
318,790,793
281.902.549
-
—
...
Vicksburg-
14,112,774
8,144,783
2,200,000.
6,189,107
10.971,608 +111.8
8 vl56,570
+ 67 4
6,152,567
+ 48.1
2,258.168
+46.1
4,839,399 +210,0
1,649,301
+54.5
1,650,000 +393.6
—60.0
628.185
—10.3
2,645,488
10,495,405
+82.3
+45.8
603.216
+48.9
Total Southern
-
OutsideN. Y_.
44*576,381
19,500/)0Q +128.6
5,660.536
—
2,339,206 +142.0
726,339,919
3.292,341
1,419,391
2,520.742
2.488.968
1,700/300,
2,247,795-
5,500,000
898,981
—
3.079,742
4.773,146,
1,729,382!
3,510,067!
10^469,874'
4,821,799
563.220
5,799,246,
3,020,426 +105.2
2,600,000
+ 84.6
10.404,118
+ 35.6
15,305,140
—
—
Total all
24,208,726..
14325,997|
Augusta
Total Middle..
60,119,858
17,157,564-
15,007.889]
952,300
+69.5
18,465.530;, +61.4
51,696,074
Little
909,400
1,021,230
40,174,292
29.538,425
Knoxvllle
+46.5
+ 10.0
708,910
152,104*345
10,305,478
23,230.706,
13*651,700
9,110,356
3,300,000
939,000
1,000,000
46L521
179,952*294
69,452,402
9,956,670
26,545,433
Norfolk
2,797,995
384*468,075:
20,240,201
77,152,606
Worth—
Atlanta
1,210,346
2,373,551
2,210,687
548*660,835
487,622,050
+49.0
3,086,100'
6,555,728
1,385,885
2,500,423
230)449
291,787
2.150,343,
1.592,789
7.984U73
9,937,845}
709,865
17,420,627f
2,469,500'
481,107,853
,
524,184
12,160^05
1.60Q.OOO
362.315^08
9*821,376,R25 6,750,125,434.
+45.2.6,307.597,469 5,803,334.064
4,306,772,112 2,961,966,594
+ 45.4 2,873,278,944 2,493,961,035
THE CHRONICLE
1672
of the
THE FINANCIAL SITUATION.
The
scarcity of
needs
significance of the renewed break in the stock
market this week should not be lost
It is
sight of.
[Vol. 110.
and
proved
for
money
and of capital for current
development, but these events
new
This week there have been
an eye-opener.
other instances of the
kind—instances, indeed,
same
commonly attributed to the financial upheaval in
where
Japan, with the closing of the Japanese Stock Ex¬
needing large amounts of capital for extension and
changes and
which all of
financial markets find themselves at
our
the present time,
garded
of the other exchanges in that
some
the event referred to must be
unsettlement.
Of
deeper.
prices of
the
But
stocks
course,
have been the
much
lie
causes
the Stock Exchange
on
subject of much manipulation and the
industrial shares had latterly been
many
boosted up once more to
ably high prices at
a
able to any extent
break from such
an
what appeared unconscion¬
time when
is not avail¬
money
for speculative
making
uses,
development of
bonds.
lower levels than last
even
These
with
slight
some
This compares
with 89.94
should furthermore
markets
cotton
as
recently
concurrently with the slump
outgrowth of the
are
in
prices
was
in
that have
same causes
still serving, and will continue to
they
are
removed, to undermine security
disturbed
credit
borrow except at
situation—the
high rates and
is the chief of these
underlying
inability to
terms—
on onerous
But back of
causes.
this, and responsible for it, is another and
an
all-
controlling influence, namely the scarcity of invest¬
ment
capital.
There is of
about this scarcity
concomitant
issues and
lation
of
and
war
a
bond
surplus income of the
popu¬
war.
ordinarily is available for
is in time of
uses
It is
Through
great
every
taxes the
new
which
nothing strange
course
of investment capital.
eaten
up
capital
new
for current periods
anticipated for future periods.
As far
as
the immediate past is
the work of
a
ordinarily
above
for
taxes
concerned, the part
business
What has
lation has been that the process of
profits is still going on-—not
would
that
News to that effect has
consuming surplus
any more
through
bond
new
issues, but through the levying of taxes
never
Government.
numerous
The
of the
undertakings
attempted by this
result is
and
comes
not
of
when
or
onerous
a
other
any
any
on
of the
transportation
they find such
investment
only
or
obliged to appeal to the
the investment markets
funds
that
country's industrial
are
money
a
and
dearth of
capital that the cost be¬
but too often positively
pro¬
hibitive.
The
out
at the time, when the Pennsylvania RR.
by
us
found itself
secured
revelation
came
obliged to put out
gold bond bearing
no
last week,
a
as
pointed
$50,000,000 ten-year
less than 7% interest,
and the New York Central BR. had to offer the
high rate
on a
same
large issue of equipment certificates.
There had been for
many months
of income available
and
come
capital
daily manifestations
purposes.
several successive
on
days and furnishes the real explanation of the
slump in
prices
which
has
new
Previously
occurred.
hopes had been entertained of the remission of at
portion of the prodigious amounts of taxes
a
being paid
to the Government.
over
ferred to dashed such
on
the present
hopes.
of the
cost of
certain than that
grow scarcer,
since the savings
by such taxes, in¬
up
being employed in fructifying
new
and the
uses,
capital will rise higher and still higher.
We have been told this week in the
dispatches that
twelve months
Washington
Government expenditures for
the
ending June 30 will reach approxi¬
mately $6,750,000,000, being
a
now
news re¬
more
population will be eaten
stead of
The
With taxes continued
scale, nothing is
capital will continue to
than $18,000,000
more
day, and that the soldiers' bonus under contempla¬
tion, if voted, will add $1,000,000,000 to $2,000,000,000
Taxes
tion,
and
This is the nub of the whole matter.
more.
eating
are
the
the country's substance.
up
or
there
can
be
lowering of interest rates
no
reduction in the
no
only should the
They
relief—no defla¬
on new
borrowings
Not
profits tax be eliminated, but
excess
Instead of
no
high cost of living.
surtaxes should also
moved.
in
large
measure
be
re¬
taking $6,000,000,000 to $8,000-
000,000 of the country's yearly surplus income, half
that amount should be
railroads
should
at
ample for all
be
once
000,000 which the present
on
income
an
to do this.
year
directions
enough
least
the
more
is going to the Ship¬
profits
basis
a
possible to eliminate both the
and
tax
the
the whole of the surtaxes.
vicious
instead of
enactment
as
practice is to
profits before the
priate
worthy
of
Bolshevik
It is not
compare
war
and if
an
if not
Russia
an excess
present profts with
the
an excess appears, appro¬
same.
Our
nothing to do with present
simply
part
profits tax is
excess
is levied in Great Britain, where
large part of the
a
tax has
greater
The
enlightened America.
profits tax such
It is
to
50%.
excess
the
And in other
should be lopped off to bring
be contracted to the extent of at
This would make it
a
advance
The $433,-
Government's yearly outlays
can
The
purposes.
placed
paying basis by being' given authority to
rates to the extent necessary
come as a reve¬
scale
before
investment
ping Board, should also be cut out.
into reproductive enterprise has been
go
recognized from the first.
reproductive enterprise is
still further the meagre amount
down
of
release at least
to
so as
actually planning to lay additional taxes, diminishing
where tax levies
profits
Washington have
accruals of income and thereby
new
make them available for
in
the
'/.
reducing taxes
portion of the
thus being played by bond issues and huge tax levies
consuming
.
time advices from
must be reduced
the. Stock Exchange.
on
The
produce and
purposes.
same
concerns
indicated that Congress instead of getting down to
It
the Stock Exchange.
on
the main the
values
April 7.
as
collapse
a
then.
since
merely sympathetic,
served, and
until
Thursday to
on
recovery
suffered
part
touched
latter
be noted that the
also
This, though in
serve
not con¬
was
week, the 4M% Fourth
Liberty Loan bonds getting down
84.50,
drop
properties, but extended also to United
Government
States
At the
least
kind.
any
prices, like the decline of last week,
fined to share
a
prices natural and almost inevitable
untoward
But it should "be noted that this week's further
in
re¬
having contributed to bring about some
as
further
with
development
No doubt in the sensitive condition in
country.
higher rates had to be paid by
even
excess
profits
past profits.
or
arbitary rule under which the Gov¬
ernment takes
50% (10% normal tax plus40%excess
profits tax) of all profits over and above a moderate
return
on
the
tangible
or
how small the latter may
are
concerned
nearly
invested capital, no matter
be.
since the conclusion of the
now
are
a
decided
As far
and
a year
a
armistice
anomaly.
the surtaxes
as
half
has passed
and
surtaxes
The ordinary normal
A
'V
Apr. 24 1920.]
THE CHRONICLE
tax of 8% on individuals and
10%
ought-to be made to suffice until
other
182,231 contrasting with $2,200,921,983 and
$2,083,-
471,107
an¬
an
income of
of
come
$5,000) the normal tax and the
$1,000,000 incomethat
The loss is not in
be
may
from
$100,000 and take
a
with
a man
$730,000
sur¬
out of every
depriving these individuals of
silk
last week,
a
will
menace
grave
speedy action is
release
to
considerable portion of the taxes referred to
make them available for
reproductive
of
foreign
trade figures
of
the
and
$280,738,221
heretofore
never
States
loss
of
the country tor a
full calendar
year as
late
with
a
month
or
either the
M^rch 1919 in the exports.
months
mainly
was
from
total of
Britain,
Great
outflow of
an
further
a
a
against
$47,049,226, largely
loss
net
a
of
1920.
This compares
$1,418,550 and $97,833,873 for
the like periods of 1918-19 and 1917-18 and
high record aggregate in the imports, and
with
nine
'
reaches $2,331,-
Imports reached
nine months ended March 31
February
compared
the
Argentina, leaving our net loss $30,064,004 and
increasing to $349,467,230 the net exports for the
of
There has been further
expansion over the
augmentation
For
of exports
to
1885.
as
1918.
excess
the metal.
which there
and
commerce
net
export
$2,301,073,168 in 1917-18.
net
attained in any mont
l,
of the total foreign
excess
The
an
The gold movement for March resulted in
(imports and exports combined) during March 1920,
made public this
week, reached an aggregate
value
we
from
691,164. comparing with $2,784,730,395 in 1918-19'
and
a
as
actually in
in
i
use.
United
skins
foreign trade for March is
$16,985,222
The
increases
and
diamonds and furskins.
nuts,
our
ended March 31 the
to
so as
hides
balance of $336,011,993 against
$335,545,359 in 1919
confront the
taken
Cuba,
and India, coffee from Brazil,
Egypt, India rubber from East Indies,
Japan and China; cocoa, cotton goods,
and
result
what
money
very
country unless
from
Among the articles
notable
China
from
fruits
which, except for these taxes,
into reproductive enterprise. As we stated
would go
exhibit
cotton from
to Mr. Rockefeller.
may come
arrivals
sugar
Argentina,
in¬
an
the
mention
for them to part with, but in de¬
easy
priving them of
levied (which begin
as now
and two years ago.
one
of which
tax combined take $31,190
it
into
get
war.
Under the surtax rates
with
corporations
on
we
1673
balance
port
decided
of
$651,108,102
imports for the month
previous
nine months
Only
in
im¬
an
1916-17.
Silver
$9,440,968 and for the
were
$77,596,116.
Against this latter
ex¬
once
has the current
export total been exceeded—in June
ports reached $151,346,978, leaving the net outflow
1919—and with that
in 1918-19 and
approached.
Higher prices, of
considerable
some
factor in the
time
and
never
course,
still
aggregate-—probably
for the nine months
been closely
be
to
more so now
a
The
than
report
earlier years
over
to be allowed for
an
tative outflow would, it is
We
from
note
officials in
for
augmentation in the quanti¬
the
United
States
to
necessities
until
foreign
Federation
Manufacturers'
which
is
yearly
and issued
to
as
twice
after
as
and
As
prior to the
the
col¬
comprehensive
very
During the
discontinued, but
taken
were
war
there¬
as soon
seemed practicable steps to resume
the field
This
war
consumption and stocks, the
practically all of the cotton manu¬
compiling the statistics
announced, the merchandise exports in March
1920 were $819,974,128 this
contrasting with $603,141,648 last year and $522,900,238 in 1918.
For
Master
spindles,
the work had to be
ex¬
of
Associations
available.
now
years
facturing countries of the world.
to normal.
nearer
and
1920,
statistics covering
total because of the plans
foreign countries to confine purchases in
change rates shall return
1
will find much of interest in the
International
Spinners'
Feb.
data
Washington evinced surprise at the magni¬
various
the
lected
probable, still be shown.
tude of the March
export
of
of
organization for several
dispatches that Government
press
trade
cotton
Cotton
great that if the increased cost of commodities
so
were
$73,750,862, against $178,124,591
$19,384,838 in 1917-18.
have been for
continue
before—but the gain shown
ever
is
exception has
collecting
and
now
from
nine
months
$6,050,873,395
with
compares
is
of
1919-1920
of
the
unparalleled
$4,985,652,378
a
year ago
and
$4,-
1918-9
our trade extends, the only con¬
spicuous exceptions being Canada, France and Italy,
a
decrease in the first instance
tion
in
smaller
finding full explana¬
shipments of wheat, in the second
largely in contraction in takings
of
iron
and
steel,
provisions and mineral oils, and in the last instance
in
reduced
shipments
of
the
to
Netherlands,
and
copper
The most notable increase is
which
seen
for
provisions.
in the
the
shipments
eight
But
months
than for the like
period of 1918-19.
The result for
kind
going
We
the
are
in
Tne
whole 122 millions.
imports for March at $483,962,135
compare
spindles
out
received
on
basis of
rather
large
February 1 1920.
compari¬
number of
This would
in Czecho-Slovakia and France due
replacement.
of
an
Lack of labor, too, has been
Still
the
situation
on
might have been supposed,
aggregate of 120,419,110 spindles in
112,694,645 spmdles
tively at work.
dise
are
world,
moderate
timated
actual
were
the'report
increase
that in the
returns
reported
This is certainly not
under the circumstances.
a
idle
so
war as a
a
establishments from which
months,
of unprecedented volume, $3,719,-
countries
the whole is better than
For the nine
imports
surprised to learn that, taking
element in the situation.
of the
for the month, the merchan¬
were
no
of its
one
destruction during the wTar and
inability as yet
to
with $267,596,289 in 1919 and $242,162,017 in 1918.
as
at all
some
naturally be
as
as a
will
thoroughly into the details.
so
not
spindleage before the
son,
the
Japan 63 millions and Asia
which
compilations, the report
only
the United
millions,
incomplete.
omissions,
world, if for
mark 81
Kingdom is a gain of 170 millions, Den¬
millions, Sweden 67 millions, Belgium 64
Cuba 63 millions, Norway 37 millions,
cover
years, returns
are
than because it is the
reason
an
168 million dollars heavier.
to
course,
is of undoubted value to the cotton
able for
were
of
in 1914 and earlier
other
to make
weeks)
as
notwithstanding these
ended Feb. 29 (nine months total will not be avail¬
some
fully
doubtless be supplied in later
every
locality to which
as
again available.
are
while those for Poland and Finland
compared with
is found in the exports to almost
they
years
Russia, Germany, Austria, Portugal and China,
being missing in their entirety from the tabulations,
and
as
lapse of six
It has not been possible at
once,
at
proportions
in
384,544,275 in 1917-18. Expansion
aggregate
after the
were
as
ac¬
bad showing
As regards the
spindleage
a
indicates that there has been
since
March
1914.
countries from
It
is
es¬
which returns
1674
THE CHRONICLE
were
received the number of
Feb.
1
1920
the total for
about
in the
As
1
150,000,000
spindles
1914,
than six
more
have
we
spindles
or
Allies
of which 4 millions
supply—on Feb. 1 1920,
Belgium, well
especially favorable
respect
I
sure
am
to or in
excess
selves
for which reliable
with the situation in this
available,
the fruits of victory that
that after the
ernments
in Japan.
In all the
was
gained together.
viewpoints of the two Gov¬
we
will find
efficaciously."
According to
a
last
the
Premier's
British
our¬
maintenance of the
Cordiale, which prior to victory united
Saturday
was
co-opera¬
necesbary to
are
we
clearly made known
are
equally devoted to the
Entente
"unity and
England
reap
excep¬
up
to San Remo,
The French Premier
said to have declared also that
with the
were,
way
spoke of the necessity for the
remaining united."
tion between France and
of those for the most recent years
are
his
on
declaration of Mr. Lloyd George at Marseilles, when
5million
cotton at the mills—
raw
holdings in most countries
statistics
Millerand,
saying that "he entirely approved of the
as
aggregate of
an
United States.
regards the stocks of
tion of France and
quoted
the British Premier
some
years ago,
otherwise called the invisible
the
add
we
Premier
on
Russia, Germany, Austria and Portugal
it stood March
as
producing spindles
132,384,046, and if to this
was
[Vol. 110.
us so
Paris cablegram dated
interview
in
countries from which returns had been received the
Marseilles
mill
public and French Governmental opinion in removing
stocks totaled
with
4,196,694 bales, this comparing
something under 4 [million bales
1914 and smaller aggregates
and
to
the
including 1909.
essential
March 1
on
in all earlier
back
years
The foregoing summarizes
features
of
the
port which is given in detail
International's
in
re¬
Cotton
our
De¬
the
"has
undoubted
an
effect
misunderstandings of last week."
pondent
very
both
The
on
corres¬
pertinently added, however, that f'the
question is, will all this stage management bear the
strain
of
the
practical discussions that
place at San Remo?"
Gauvain in
partment.
had
to take
are
He stated also that "Auguste
to-night's' Journal des Debats' puts the situ¬
ation thus: 'An accord in words has been established
One
after
mentous
another, in rapid succession, the
problems of Europe
significance for
for
time,
a
or
assume
only to disappear
some
to be swallowed
up
For two weeks
decision of the French
altogether by still
or a
little
the
more
military authorities to
occupy
large cities in Germany, with the natural and
inevitable consequences,
stage, and
pean
special prominence and
brief period,
a
greater events.
several
mo¬
dispatches
given first place in the cable
was
from
held the centre of the Euro¬
the
leading
capitals.
European
During the first few days of this week this incident,
bound to be
not
was
its
between the Allies.
In the
political, economic and financial events and
more
less
or
sporadic and temporary,
given much attention.
In the last few days
place has been taken largely by the demands of
the Germans for modifications of the Peace
In contrast to all that
said about
was
by tlie French military, the San Remo sessions
of the
Supreme Council, the first of which began at
o'clock
II
first
last
Monday morning, have
prominence in the European
has been
pictured in all the dispatches
possible
winds."
ranean
It, by the
at which sessions of the
San
Devachan.
Remo
would stand together.
Marseilles,
the
way
height, the idea has been
In fact, in
as
have
that
we
march
follows
the
won
can
on
assure
very
It is
war.
George
was
point: "By close union
only by this
the fruits of
together.
interview in
Premier Lloyd
this
on
an
to the San Remo sessions of
Supreme Council,
quoted
we
his
on
same
victory.
The end is not yet
.
union
discussed
will
union of France and
noted also in
of
the
frankness.
The
Great Britain.".
It
of
might be
been
"there
new
alliances
are
ago
to-day
not the least of
are
expected at the San Remo conference of Allied
He
suggested that Belgium wbuld join
Britain, France and Italy and he added that it
believed in London the "the
Anglo-French and
Franco-American defensive alliances will be
and that the
reduced to
a
League of Nations will practically be
league of countries under the leadership
of the Entente Cordiale."
to show that
The later advices seemed
actually Great Britain and France
standing apart about
open
scrapped
rupture,
on
as
far
as
possible, without
an
both the Turkish treaty and the
enforcement of the Versailles
treaty.
were
were
subject to be
Franco-Anglo-German
im¬
the other hand, stated that
The
As
correct.
a
was
with
soon
agreement
remained
to
only brief preliminaries.
let it be known that
on
was
already
the main points of the
admitted that "some de¬
adjusted."
"These," it
was
explained, "relate principally to the regulation of the
use
of the Dardanelles and the control of Constanti¬
nople."
According to the announcement, "it
indicated
man
highly important diplomatic developments which
was
hand
that
Furthermore, it
was
delegation in Paris
three Premiers
on
May 10."
Tuesday stated that "the
[Lloyd George, Millerand and Nitti]
have also framed
a
letter to President Wilson in
his communication of last month
treaty."
made known
Turkish treaty will be handed to the Otto¬
The San Remo advices
to
was
Gallipoli must be occupied by the
Allied nations."
cabled that "some
Great
in
that "the
week
a
the
leaders."
taken
The Allied Premiers
York
"Tribune"
cablegram
fact, the Turkish question is said to have
passing that the London correspondent
New
one
"Times," which
of the conference program was
cast
matter of
be
the maintenance of the
The
held in the Villa
subject will be the Turkish treaty."
It
future
been
cablegrams made it clear that the British fore¬
Turkish treaty."
utmost
upon
later
on
tails
to
depends
have
the
be
We must
The best way to level differences is
employ the
is the third place
appeared in last Monday's issue, the French
We must
remain united.
civilization
way,
Although, according to
the first
its
particu¬
Supreme Council have been
from San Remo to the New York
French affair
at
as a
held, the other two being Paris and London.
sessions in
broglio, the British,
was
into
larly beautiful Italian city "swept by soft Mediter¬
rupture between Great Britain and France while the
stressed this week that those two nations must and
come
San Remo
news.
said to have announced that "the first
Treaty.
a
cities
It remains to deal with facts.'"
place of the occupation of several German
At that time the letter had
on
reply
the Turkish
not been made
public, but the correspondent said "it is understood
that it
points out to the President that the Allies
believe that the Sultan should be left in Constantin¬
ople, and that in the present circumstances,
it is
not feasible to extend to citizens of all nations
equal
commercial
rights in Turkey under all conditions."
Furthermore, the letter is said to have reminded Pre¬
sident Wilson that "America is accepting no respon-
Apr. 24 1920.]
THE CHRONICLE
1675
sibility in Turkey, and therefore should not criticise
Government
the decisions of the
nia."
Allies who
shouldering the
are
responsibility."
In
San
a
was
,
Remo
dispatch
Wednesday
-
morning
co
accept the resp Dnsibility for Arme¬
dispatch stated also that "the suggestion
adopted unanimously."
A special cablegram
The
#from San Remo to the New York "Times" yesterday
Premiers Lloyd George and Millerand were reported
morning indicated that the Allied Premiers
to have been
casting about for
engaged in
heated discussion
sailles
"the
two
lively and
even
somewhat
the enforcement of the Ver¬
over
positions briefly
stated
form in which
a
the
use
of force.
must stand
if_ necessary."
these:
The
to offer it to
are
The French insist that the treaty
Lloyd George
in favor also of
stating to Germany that the indemnity
under the Peace
and
sum
that
tion would be
idea
It
condition
"France
in
to
The
as
through
put
not to act to
agree
secure
of her allies."
concurrence
reported to have the support of
this matter,
both of them favored
marks
being
program
the
was
Premier Nitti
if necessary."
emphatic in the advices that
have
without
Lloyd George
000,000
lump
threat of economic
a
pressure
this
to
would
payment
a
said that "this notifica¬
was
accompanied by
made very
was
in
once
Germany be notified that she must
and military
pressure
a
Treaty "be fixed at
that amount."
pay
said to have been
and it
was
said that
fixing the indemnity at 60,000,-
instead of
the
which the French have been
100,000,000,000
on
counting.
Thursday morning's dispatches from San Remo
had
agreed
upon
the general terms of the Turkish treaty, they
were
having much trouble in finding and deciding
the best
be the
way
It appeared to
to enforce it.
prevailing opinion that, in
military force would be needed.
any
event,
a
large
Marshal Foch
was
reported to have declared that "it would take 300,000
men
and
The
into effect."
correspondent claimed that "the British have
that
not
fleet to put the Turkish treaty
a
that
troops available, or anything near
many
number,
nor
have the French."
It
was
evident
from most of the San Remo advices that the British
French
and
respect to
The
diplomats
made almost
Press
He
correspondent at San Remo
declared
Council of the Allies is
Turkish treaty
"the. Supreme
that
fully prepared to execute the
by military force, if
of the Allied armies
Marshal
Sir
and General
asserted
The
necessary.
Council has accepted a plan drawn for
ment
honor, "be
in
was
close, it
a
reported to
was
a
particularly
increasingly difficult to
the employ¬
by Marshal Foch, Field
any¬
thing would be accomplished at the San Remo
con¬
ference.
Great Britain has
another and
self with
the
one
see
policy, France has
Italy apparently is inclined to ally her¬
Lloyd George.
conferees
And that is about
Remo
in
correspondent of the New York "Tribune,"
cablegram yesterday morning, they had a very
a
acrimonious discussion the night before the formal
sessions of the
morning.
It
Supreme Council began
pointed out in
was
on
also
that
"200,000 Allied troops
develops
essential
number."
In
"the agreement of the Allies to end the conference
here
Saturday [to-day] is taken as equivalent to
acknowledgment that there is no hope of coming to
on
agreement here
an
the demand of the French and
on
enforcement
another
of
the
"France demands
tion of the
was
quoted
In
an
macie
saying that
was a
problems."
the somewhat
"if the United States did
He is said to
surprising declaration that
participate her views would
likely to prevail."
In
was
spite of the fact that the attention of Europe
centred upon
erable
informal
the
the San Remo conference, consid¬
thought and
given in general and
space were
discussions,
as
well
as
at the conference to
question of compelling Germany to live
terms of the Versailles
accomplishing this.
naturally, and
On
even on
the
part
of
the
a
He
now
are
Empire, strategic¬
be increased if
can
formidably
to
any
cablegram from San Remo
For
for
some
to the
way
of
French,
the part of the British, there
doubti
as
to the
honesty and sin¬
instance, Lord Curzon, British Secretary of State
Foreign Affairs,
was
said to have told the German
Charge d'Affaires in London that the British Govern¬
ment "would
regard the withdrawal or the Reichswehr
from the Ruhr district
as
the real test of
Versailles."
Commission,
saying that the "Turkish treaty
was
quoted
as
framed here will
as
accepted by the Turks and will produce the
most terrible world war ever
known, if strong efforts
According to
a
special* correspondent at San Remo
of the New York "Tribune"
were
very
could
do
on
Thursday the Allied
much puzzled
with
as
Armenia.
to what
they
Lloyd George
appeal be
the United States, urging the American
reported to have "suggested that
an
It
was
Germany's
Treaty of
also stated that "British infor¬
mation is to the effect that the basis of all the trouble
in
Germany to-day is economic, rather than political,
and that the London Government is
strate
made to enforce it."
addressed to
up
Treaty, and to the best
the Turkish Armistice
was
"real
participation of the United States in the
yesterday morning Halib Kemal Bey, President of
or
execu¬
correspondents, Lloyd
saying that there
as
discussions of the Turkish
be
In
interview yesterday in San Remo
quoted
wis
of the
have
to the
military clauses of the Peace Treaty with
Germany."
neea
as
only what is due her in the
with the American newspaper
George
as
Germany."
dispatch from San Remo Thursday after¬
Premier Millerand
noon
with
treaty
intention to conform to the terms of the
Premiers
Monday
dispatch that
one
cerity of the intentions of Germany in this regard.
resistance
would
as
Badoglio, Italian Chief of Staff."
Turkish
are
far
as
got, except that according to the San
seemed to be
ally disposed, and these forces
be
it drew
as
that
was
Henry Wilson, British Chief of Staff,
within the borders of the Turkish
never
Norway
position to state that
the mandate."
As the week advanced, and
to
cor¬
far from agreed with
were
diametrically opposite assertions from
foregoing.
Lord Curzon
Canada would accept
the handling of the Turkish question.
Associated
the
declined the
The
session of the Council that if
a
still
Thursday they decided
on
Belgians that something definite be done
indicated that while the Allied Powers
upon
Norway.
have stated at
by military, means
was
mandate for Armenia.
a
respondent stated that
Germany will execute it without
it is and be enforced
as
assume
were
that might be prevailed
one
that
English hold that the treaty must be whittled down
to
to
upon
some
declared
correspondent
The
treaty.
a
that
the
economic
blockade of all German ports,
a
trying to demon¬
argument
of
a
possible
if Germany attempted
restoration of militarism, is preferable to the French
method of
occupying Germany territory."
reached Zurich
A report
early in the week that "the German
Government has ordered the Reichswehr to evacuate
the neutral
zone
in the Ruhr region on April 24."
1676
THE CHRONICLE
Although the Turkish treaty
the
among
Ban Remo
taken
was
On
first
up
conference, the statement
was
made
Tuesday Dr. Wirth, Minister of the Treasury
in the German
important matters presented at the
many
fiscal
Allied
of
Premiers
positive
should
she
refuse,
upon
punitive
Assembly
budget for the
a
which disclosed "expenditures
"the
and
It
postal
deficit
be added
may
of
12,000,000,000
stated in the Berlin advices that
was
ordinary budget showed
25,000,000,000 marks," but
amounting to
revenues
one
correspondent added
that
"expenditures total 27,950,000,000 marks,
reported to have "sug¬
that
there
was
In
depriving Germany of food,
pressure,
without the
pressure,
use
military aid, would, in effect, be ho
the
is
deficit
a
of
2,950,000,000
so
marks."
budget "Dr. Wirth also foreshadowed the
consolidation of
coun¬
Premier Millerand is said to have taken the
ground that "such
1920,
fail to observe the treaty."
or
materials, and intercourse with the Allied
tries."
railway
marks."
consequences
of
year
40,000,000,000 marks, to which
the
this, and thaf
firmly united
Lloyd George
gested economic
raw
or
moment's
that she must observe the treaty;
were
she should be warned of the
Premier
a
Germany should be told in the most
manner
that the Allies
"agreed without
were
Cabinet, laid before the Budget Com¬
mittee of the National
em¬
phatically in dispatches from that centre that the
discussion that
[VOL. 110
Germany's floating debt," and
ex¬
pressed the hope, furthermore, that "the step would
be conducive
of naval
to
the
granting of credits by foreign
nations."
pressure at
all," and to have added that "the only warning that
would be
such
of
respected would be force—the application
force
the
as
night deem sufficient."
Lloyd George
On this conclusion
At that time it
thought that "a compromise
take the form of
may
Germany, with the threat of apply¬
compulsion without indicating what
effective
compulsion
take."
may
In
the "Sun and New York Herald"
it
cablegram to
a
Thursday morning
observed that "the British and Italian Premiers
was
to
appear
be pressing Premier Millerand for the
French evacuation of Frankfort and
if France does not
Great Britain and
adopt
threatening that
conciliatory policy both
a
Italy must take under considera¬
tion the revision of the whole Peace
of
was
ultimatum to
form the
merely asking that
Treaty, instead
opportunity be given to
an
Germany for economic reconstruction."
The
Germans
Remo
the
gave
Allied
said to
San
at
Dr. Wilhelm
von
Branting.
Socialist Cabinet.
a
purely Socialist Cabinet
The Premier's
In the
of
course
an
is
Hjalmar
a
name
few days
interview
he outlined the policy of his Government.
ago
He
said that "this Government is for the whole of the
people, and is not
a
party Government.
We shall
deal
especially with everything concerning the work¬
ing classes of the country, which we consider we rep¬
resent," the Premier also declared.
"Regarding the
socialization of certain branches of
production and
commerce" he stated that "we will propose
of committees to investigate
up
such
the setting
questions."
Continuing, he asserted that "we stand strictly
legal platform.
ation of
basis,
We do not wish
any
reform
with
or
on a
alter¬
society, but
we want society put on a legal
that it will rest altogether in the hands of
so
Parliament to determine to what extent the
Mayer, their Charge d'Affaires in
they "handed the Council of Ambassadors
evolution of this country
or
will
go,
develop¬
in accord
socialist program."
our
Through
three notes to be forwarded to the Council of Premiers
invited
delegates
Remo."
The first note
the most
was
dis¬
cablegram from London
a
it became known that "the
in
San
"the first
Scandinavia."
ment
Premiers
be
extremely hard nut to crack when, through
an
Paris,
in
Premier
said to have been
was
disposed to side with him.
ing
It is
reported to have taken different
was
ground, while Premier Nitti
an
Even conservative Sweden has
military and naval advisers
the
United
the
to
States
financial
on Monday
League of Nations has
Government
conference,
send
to
which
is
turbing of the three and "asked revisions of the Peace
to
Treaty, allowing Germany
While the program had not then been
prepared, the
stead
of
an
army
of 200,000 in¬
with large aviation and
100,000,
heavy
be held in Brussels at the end of next month."
artillery units."
opinion was expressed in the dispatch that "the
question of direct Government aid or loans will be
"the
eliminated
second
According to the Paris advices,
requested Entente permission to in¬
German police forces in the neutral
zone, and
the third asked that demobilization of the militia
crease
be not
required, and that Germany be allowed to
establish
from
a
York
that
her
General
Staff."
A
special
re¬
dispatch
correspondent in Berlin of the "Sun and New
Herald"
stated
that
"the
Germans
expect
the
indemnity provided for in the Treaty of
Versailles will be fixed, and that financial and raw
material
"they
credits
are
Allies
to
will
granted."
preparing
now
He added that
data to lay
before the
the utter inability of Germany to
prove
make any
be
reparation whatsoever at present."
Ac¬
cording to dispatches from San Remo yesterday, the
German note
asking for "important changes in the
military clauses of the Treaty of Versailles," had
been
delivered
Remo interview
ed to
has
the Allied
many to
Premiers.
In his San
yesterday, Lloyd George
have asserted
never
starve.
to
proposed
that
as
a
"the British
means
was
report¬
now
is
discussion."
was
The
made that
somewhat
"besides
the
League members and the American representatives,
delegates from the old Central Empires are expected
attend
to
the
Brussels
meeting."
that "wrhile members of the
send
Government
It
a
was
added
League of Nations will
representatives,
it
that each Power will send in addition
is
a
expected
banker and
merchant, not Government experts."
The
cor¬
respondent noted at the end of his dispatch that
"the
was
invitation
sent
to
the
United
by cablegram
States
last Friday"
Government
(a week
ago
yesterday.)
A telegram from Washington yesterday
morning stated that the American Government had
been invited to send two
representatives to the
conference and that each Government invited wrould
be
expected
to
furnish
a
statement
of
its
foreign
debt, loans, &c.
Government
deplorable.
That
Dispatches from Paris toward the
stated that "the
economic pressure
French
as
might be put upon Germany does
imply that her people are to be starved."
running debate
in the Chamber of
not
the
surprising statement
of compelling Ger¬
fulfill the terms of the treaty that she should
Her food situation
from
as
were
end of the w7eek
the finance bill
Deputies is bringing home to the
people that they
heavily
on
are
about to be taxed almost
their ancestors before the great
,
Apr. 24
J
1920.]
THE CHI ONICLE
'
•
.
•
,
revolution."
It
this
already is
taxation
that
added
was
.
•
.
"the
.
..
,
1677
.
.
of
prospect
at £1,177,452,000, leaving on the existing basis
year
provoking lively emotion
of taxation
throughout the country.
It is impossible yet to tell
debt."
how
discontent."
to
serious
will
the
be
cablegram from the
made to the effect
were
been said often
that/'luxuries must be ban¬
daily
and though this has
menu,
enough in the past, it
The dispatch added that the
this time it is meant."
for all what articles of food,
and
once
clothing and adornment
patient [the French people] must dispense with."
Among the luxuries which it was said would be in¬
cluded in the list
fruits
from
jewelry
from
feathers from
to
give out
further luxuries that would be
as
Holland
While
places.
many
declined
Minister
flowers from England, forced
were
Belgium,
the
and
Finance
advance list
an
banned, he
quoted
was
saying that "only absolute necessities, such
of
as
coal,
£1,278,000,000, showing
further reduced
which
line with the forecasts
already noted.
are
One of the latest is that of Paul Aubriot,
suggested.
a
of France
revenue
Socialist member of the Chamber of Deputies.
He
There
from
of
50
to
unit then be assessed
based upon
in the
"it is
on
sliding scale,
a
the taxpayers' income."
dispatch,
It
one
Government
Committee."
officials
were
reported to have stated that "France must maintain
an
of 700,000
army
their
good-will
treaties."
A
men
of
interest
introduced in the Chamber
Chausy, which
countries show
enemy
executing
by
bill
until
the
and
a
of
terms
their
significance
few days
was
by M.
ago
said to have the support of
was
a
large
of Socialists, and which provided that "no
group
day's work would be
week's work not
would be
than ten hours, and in
more
more
than
a
forty-eight, but provision
certain
made for
far
so
to say
as
that the opposition
strong that the Government had decided to aban¬
so
don the
proposed increase.
In
flexibility to meet local
conditions.
Exchequer
quoted
was
ernment would stand
or
as
fall
London last Sunday
out from
sent
evening, and which appeared in
next
our newspapers
the
morning,
indicated the existence of unusual
interest in the
budget to be presented in Parliament
Monday by Austen Chamberlain, Chancellor of
on
the
Exchquer.
A special correspondent of the "Sun
and New York Herald"
that
"never
has
financial
a
interest."
popular
went
even
In
so
far
to assert
aroused
measure
presenting
as
the
don advices indicated
approximately £144,000,000 in
estimate
revised
up
of
last
year,
he
estimate
budget
such
the budget
on
the question of
"the result
been
was
revenues,
not
only
last
of the budget
October."
Taking
the Chancellor said that
favdrable than had
more
anticipated, but greatly exceeded the original
budget estimate of £1,201,100,000."
"the actual
500,000 in
Exchequer receipts
excess
of this."
He stated that
were
nearly £138,-
He added that "on the
present basis of taxation the revenue for next
should
that the
leaving
decrease
be
£1,341,650,000."
revenue
a
The
figures
extroardinarily diverse,
are
when allowance is
made for the party
of
£326,202,000.
There
in the floating debt since March
£100,000,000,
"was
a
1919 of
exactly
tion
March 31 this year at £1,312,205,000,
leaving that obliga¬
The
Chancellor estimated "the expenditure for the new
feeling
unmistakably colored."
are
British
Treasury returns for the week ending April
indicated
17
income
over
material
a
increase
in
and
revenue
and the result has been
expenses,
an
expansion in the Exchequer balance of £720,000.
This
brings the total held
£3,731,000 the
the week
advances
£20,489,000 and savings
week
a
year
as
floating
£7,228,000, and is
time
were
heavy,
compared with £1,043,-
Last week they stood at £263,837,-
total
The
bills
excess
Temporary advances stand at
ago.
£245,837,000.
000.
total of £4,000,000
of repayments,
outstanding was this week ex¬
panded to £1,054,170,000,
a
a
Sales of Treasury
that the volume
Exchequer
Other credits yielded £1,-
£1,200,000.
received.
398,000
for
£149,103,000.
items,
154,000, while from advances
so
against
totaled £149,823,000, of
sources
contributed
revenues
certificates
as
Expenditures
Treasury bills,
other
and
Receipts from all
which
to £4,451,000,
total.
£21,827,000, with the total outflow, in¬
were
cluding repayments of
bills,
up
previous
now
debt
has
lowered
been
In the
£1,300,007,000.
same
it stood £150,000,000 higher,
ago
or
£1,449,164,000.
Official rates at
been
leading European centres have not
changed from 5% in Berlin, Vienna and Switzer-
Copenhagen
and; 5^% in Norway; 6% in Paris,
and
Petrograd; 7% in London and Sweden, and 4Yf/o
Holland.
in
now
London the
In
private bank rate is
sixty and ninety day bills, as
6^s@6for
against 6J^@6]4%
a
wee^
pares
no
with 3%% last week.
M°ney
aS0'
in London has been advanced to
So far
ca^
com¬
bqlearned,
other centres
as can
reports of open market discounts at
have been received
on
4J^%, which
by cable.
'
showed
almost
on
year
for the past year was £1,339,571,000,
deficit
Tl^e Lon¬
the
£63,000,000 below the
but
made
excess
proposal to raise
that, generally speaking, "the
with which the criticisms
Chancellor said that "the expenditures for 1920 would
be
the
the income tax to the extent indicated.
was
Cablegrams
saying that the Gov¬
on
totaling £113,980,000, and in
1
London cablegram
a
Thursday morning, however, the Chancellor of
added
was
unlikely that the idea will be adopted by the
Finance
newspapers
particularly those controlled by Lord
was
might have been expected, that
as
The
minimum.
a
pro¬
profits tax
Northcliffe, vigorously denounced this idea and
even
that each
as
excess
of them went
opinions
unit of taxation and
60%
London,
of taxpayers,
a
They include
appeared to be special opposition to the
posal in the budget to raise the
urged that "the total deficit be divided by the number
thus establishing
pretty closely in
were
postal charges and telegraph tolls, spirits and wines.
the
schemes of taxation and
new
'
(
special attention to proposed
increases in taxation,
At
plans for increasing the
reduction of £86,000,000
by the payment of the Anglo-French
The Chancellor called
on
frequent intervals
a
loan of $500,000,000
cotton, wool and machinery could be bought abroad."
new
for reduction of the
go
during the year," and he added that this would be
that
appears
following clay the Cabinet "intends to settle
the
another
centre emphatic statements
same
ished from France's
In
£164,000,000 to
He said that the external debt "amounted
The
Bank of
tion in its
England
contrasting with
circulation
announces
a
small reduc¬
gold holdings, amounting to £29,084. and
was
a
gain
a
week
again reduced,
ago.
so
However, note
that total
registered another gain, £26,000. although
portion of
reserve
reserve
the
pro¬
to liabilities showed a falling off,
1678
to
THE CHRONICLE
17.25%, against 17.49% last week and 19.30%
a
year
There
ago.
increases in
were
the
however, is still expanding and
less
deposit
items, public deposits having expanded £731,000 and
other
deposits £1,368,000, while Government
rities increased
registered
Street's
the
£2,357,000.
week of 1919 the total stood at
and the year before
to
£24,907,000,
Treasury
a
year
and
ago
301,095,000 marks and there
sion in
other liabilities
in
1918.
through the London banks for the week
year
Bank's stock of gold
ago
marks last year
Note
these notes is
£29,171,000,
040,000 last week.
of
as
a
tabular statement
a
series of years past.
BANK OF ENGLAND'S
1919.
1918.
1917.
1916.
April 21.
April 23.
April 24.
April 25.
April 26.
£
£
£
£
£
..
105,963,000
76,162,550
48,409,305
38,227,090
20,046,000
24,590,512
34,831,045
52,450,017
124,256,000 117,207,536 140,154,188 117,249,044
Governm't securities 57,475,000
50,225,144
56,723,832
37,472,228
Other securities
79,612,000
81,793,065 104,842,901 114,436,540
Reserve notes & coin 24,907,000
27,403,827
31,046,934
35,470,527
Coin and bullion...112,420,506
85,116,377
61,006,239
55,247,617
Proportion of reserve
17.25%
19.30%
7%
.....
5%
17.74%
5%
20.90%
5%
29.39%
5%
The Bank of France continues to
report small gains
in its gold item, the increase this week
being 97,025
The Bank's total
gold holdings
now amount
to
Net
the week silver
was
Treasury deposits
3,611,000 francs and
augmented to the extent of
were
31,298,000 francs.
counted
increased
During
On
the
other
hand,
bills dis¬
decreased
companies,
considerable
by the Government
interest
payments
the
loan
item
deposits
year
con¬
and with
251,000.
A substantial gain in the
banks
as
follows:
BANK
OF
with
the
Federal
and the
cash in
COMPARATIVE
own
890,492,000
to
and
trust
a
Changes
for Week.
Gold
Holdings—
In France
Abroad
Totyl-w
Silver
Status
April 22 1920.
Francs.
Inc.
97,025
No change
Inc.
Inc.
Bills discounted...Dec.
Advances
Dec.
Note circulation..Dec.
Treasury deposits.Inc.
General deposits..Dec.
as
of
April 24 1919.
Francs.
3,607,757,784
1,978,278,416
Francs.
—
tories
of
reserves
Bank of
as
held
a
further increase
in
gold holdings of 5,000 marks, while total coin and
bullion gained
2,728,000 marks. Note
8583,571,000.
(not counted
in
own
banks
reserves
system,
and
as
reserve),
vaults of State
to
reserves
trust
812.602,000,
in other
deposi¬
companies.
are
on
a
banks
The
the basis of
for member banks of the Federal
but do not include cash in vault
amounting to 890,492,000 held by these banks on last
In the Federal Reserve Bank statement
Saturday.
figures showed
actually
through
gold.
no
As
increased
a
effects of the recent
matter of
812,400,000,
fact,: gold
mainly,
heavy
reserves
however,
gain in the gold settlement fund.
a
Not¬
withstanding the preparations of member banks
mid-nJonth
slightly
3,341,754,778
2,037,108,484
of April 7, the Imperial
There has been
is
at
over
dividend
the
and
central
interest
for
payments,
institutions
were
only
those of the preceding week.
Francs.
3,568,017,627
1,978,308,484
Germany again shows radical changes in its
principal items.
mem¬
April 25 1918.
97,025
5,586,036,200
5,546,326,112
5,378,863,263
3,611,000
245,707,495
310,671,629
256,070,621
7,665,800
2,214,834,298
897,165,554
1,397,328,851
5,064,000
1,818,596,561
1,215,973,004
1,056,655,909
10,756,000 37,493,537,806 33,978,449,540
26,395,251,400
31,298,000
302,830,872
26,883,399
55,763,826
86,591,000
3,338,385,031
2,720,463,566
3,313,253,054
statement, issued
of
Bank,
a
companies of 8586,000,
State
13% legal
When call money rates are
relatively
does not
That has
circulation,
about
week.
relatively low and loans
to negotiate, speculative Wall Street
say very much about the local money market.
easy
been
peared to be
or
In its
877,413,000.
reserve
Reserve
now
decrease of 8228,000 in
rediscounts
STATEMENT.
in¬
decline of 84,226,000 in
vaults (members of the Federal Reserve
reduction in
and
total
changes included
Bank)
the
FRANCE'S
The
818,329,000, bringing that total to 8559,682,000, was
shown, and this in turn served to augment
surplus,
which was increased
811,907,490 to 823,684,590.
Aggregate reserve likewise expanded, namely 817,-
the
are
to
nearly 858,000,000 over a week ago.
Net time deposits were reduced
81,723,000 to 8250,-
outflow of
items in this week's return with the statement
of
last week and
corresponding dates in 1919 and 1918
Liberty
the latter item of
26,395,251,400 francs in 1918.
ous
of
payment
844,157,000 to
84,216,285,000, not including Government deposits
of 8121,003,000.
This represents an increse
in
to the outbreak of
war,
In 1914,
just prior
the amount outstanding was
but 6,683,184,785 francs.
Comparisons of the vari¬
to
expanded
Reserve
33,978,449,540 francs last
in
return
the recent
operations.
occurred in note
trasts with
of
Fourth
on
amounted
figures for surplus shown above
out¬
associated
Saturday,
on
volume
7,665,800 francs, advances were
reduced 5,064,000 francs and
general deposits fell off
86,591,000 francs. A contraction of 10,756.000 francs
circulation, bringing the total
standing down to 37,493,537,806 francs, which
York
issued
showing and reflected the
a
demand
515,000,
2,037,108,484 francs in 1918.
New
corporate financing
in
Other
previous; of these amounts 1,978,278,416
francs were held abroad in
1920, 1,978,308,484 francs
of
bonds, also on the Anglo-French loan.
Loans were
heavily expanded, but this was attributed mainly to
the
in 1919 and
with 1,713,940,000
compares
statement
disbursements
5,586,036,200 francs, comparing with 5,546,326,112 francs last
year and with 5,378,863,263 francs
year
of
semi-annual
ber
francs.
The
1,091,-
and 2,407,720,000 marks in 1918.
trust
better
a
banks
crease
34,103,405
61,722,384
85,471,557
33,188,046
88,396,596
43,270,778
58,924,183
Public deposits
Other deposits
to liabilities
Bank rate..
the
extensive
COMPARATIVE STATEMENT.
1920.
Circulation
week's
and
made
security for
comparisons of the different items of the Bank of
England return for
hand is reported at
11,917,040,000 marks.
Last
banks
contrasted with £29,-
as
We append
expan¬
totals 45,617,171,000 marks.
A
it stood, at 25,494,820,000 marks and in
ago
1918 at
£306,201,000, against £308,958,000 in the week
The amount of gold held
an
£791,-
934,000, against £283,760,000 in the corresponding
1919.
Treasury notes outstanding amount
preceding.
was
94,371,000 marks.
circulation
year
Clearings
were
of
on
458,000 marks, which
week of
to
231,009,000jmarks,
264,000 marksfand
Other securities were in¬
£85,116,377
a
no
Bills
other banks increased
advances 167,000 marks.
In
with £81,793,065
compares
£104,842,901
recorded.
creased
against £27,403,827
£79,612,000, which
notes were augmented
of
notes
and in 1918 £31,046,934.
Circulation is now £105,964,000, in comparison with £76,162,550 and £48,409,305 one and two years ago, respectively.
Loans
total
increase of
an
was
Reserves amount
£61,006,239.
as
447,382,000 marks
discounted
Threadneedle
holdings of gold aggregate £112,420,506.
same
than
showed tne enormous reduction of
1,464,402,000 marks and deposits of 1,380,633,000*marks.
secu¬
Loans (other securities)
contraction of £278,000.
a
[Vol. 110.
its
attitude
this
week.
There
ap¬
difficulty in filling requirements at
7%, particularly during the last half of the
no
There
was
practically no change in time
although yesterday the offerings at
recently
prevailing rates were reported to bei a little more
liberal.
It is impossible for the
average observer
money,
iO
ascertain to what extent the
selling of stocks this
Apr. 24
week
1920.]
THE CHRONICLE
liquidation and
represented
there
extent
Some important changes in the discount rates of
As at all similar times, it is safe to
short selling.
iassume
the Federal Reserve banks have occurred the current
was
a
have been started
induced
by short selling and naturally to
circles the
opinion
was
stocks
in
and the reports
ties
Of
course,
In important banking
expressed that the downward
Wednesday and Thursday
on
Secretary of the Treasury Houston, in
Chicago, urged
every
and the Federal Reserve
made
admonitions
and
public
few days
a
I
occasion
to be
more
content to do
the
much
for
of
panicky
desired
rates
separate
columns
it
week ago
All
every
In these ways
serious interruption of industry
general business.
loans
on
of 6@9%,
as
money,
rangp
Monday the high
against 6@ 15% last week.
9% and this also the ruling rate, with 7% low.
Tuesday there was
a
was
On
reduction to 8% with renewals
other
certificates;"
loans
of
The present
5%% in effect in the^
Philadelphia,
secured
are
by 534% Treasury
certificates;
the other Federal Reserve banks maintain
case
serve
other
notes.
The
of
paper
issues
534% the rate
5%% the rate
prevailing rates
rate of
Federal
discounted for member
from 6 to
a
certificates
Cleveland
increased from 5 to
ances
of
on
5% prevails
collateral
secure
Reserve
Bank
has
bankers' accept¬
on
banks, and has reduced
trade acceptances matur¬
The following is the schedule
now
in effect.
DISCOUNT RATES OF THE FEDERAL RESERVE
IN
rate of
a
which the 534% certifi¬
for
collateral and
as
where
EFFECT APRIL 22
BANKS
1920.
Call rates remained unchanged
Discounted
Friday and transactions were again put through
for both mixed collateral and all-industrial loans
Mils
maturing
within
j,:'
90
days (including member banks' 15day collateral notes) secured by-
The figures here given
7%, the only rate quoted.
are
case
Minneapolis,
Richmond, Atlanta, Chicago and Minneapolis, where
being the only rate quoted, and this was the renewal
at
published
as we
of the Federal Reserve banks of
of
both days.
rate of
a
ing within 90 days.
on
previously there had
having been 4%%.
case
week the table shows
Wednesday and Thursday there was no range, 7%
on
by
534%"
at
rate of 5% for paper secured by
a
the rate in that
week
secured
Treasury certificates had been shown in the
case
our
pro¬
this
shown for notes
are
negotiated at this figure, and the minimum 6%.
basis
table
all the Federal Reserve banks except
cates
a
the
In
distinction, and in the table
5% in the
Dealing with specific rates for
force.
"Treasury certificates bearing interest
extravagance
readjustment ^could be brought
call this week have covered
in
no
par¬
in another part of
appears
publish further below refers to the
we
gressive
a
was
1595.
ago, page
A foot note at the end of the table
"all
prognostications.
little less business.
to-day.
been
In reality there
purposes.
week
a
advising member banks of the adoption
progressive rates
and
economical and for borrowers to be
a
about without any
or
The notice
reiterated its
that is needed to relieve the situation is for
one
referred|to in these columns
Board in its
ago
against the tendency to overstrain credit,
no
an
the part of
on
prevailing
the
against
ticularly for Speculative
is
economy
recently passed amending the Federal Reserve
Act, the signing of which by President Wilson
which
long
a
among other things bringing
Federal Reserve Bank first in line
adopt progressive discount rates, authorized under
general readjustment of
a
address in
one
to
the bill
paper
really foreshadowed
bulletin
week, the developments
the Kansas City
of lower prices for certain commodi¬
prices, about which much has been said for
time.
the'
upon
depend largely the volume of
that will be released.
movement
generally believed to
was
liquidation.
extent of the latter will
money
to
fair proportion of each.
very
|
The downward movement
have
what
1679
Federal
-
Bankers'
Agricul¬
Accep¬
Reserve
Treasury
certific's
of indebtedness
Bank of—
Liberty
Other¬
Trade
tural and
tances
Accep¬
live-stock
Funds
were
in
more
plentiful supply than for
Bear. int.
at
owing to the heavy liquidation on the
time
some
5H%-
Boston
Stock Exchange,
and far in
In time
which, however, was light.
very
ever
little doing.
and
no
excess
of the demand,
money
there is
Fixed date funds are scarce as
were reported in either
important loans
A slightly firmer under¬
tone has prevailed and rates have been advanced
to 8@8J4% for all maturities from sixty days to six
months, on regular mixed collateral, against 8%
last week, and all-industrial money at 8^@9%,
long
or
against
*
short maturities.
8^%
a
week
Mercantile paper
not
so
Country banks are still the
principal buyers and a moderate degree of activity
is reported, though locali institutions are not ih the
Banks' and bankers' acceptances have
active, with inquiries from
ever,
banks.
were
been fairly
both local and out-of-
Transactions in the aggregate, how¬
not large.
Rates remain as heretofore.
on
bankers' acceptances have not
Demand loans
been
as
changed from 5%.
Quotations in detail
are
I
Delivery
Sixty
Days.
Spot
Ninety
Days.
member banks
Eligible bills of
..6}£©6
non-member banks
ineffible
bills
-
Victory
and
member
within
91 fo 180
other.
notes.
unsecued.
banks.
90 days.
days.
New York
5
Philadelphia
5H
paper
6
5
5H
5A
6
5
6
6
5
r>A
6
5A
6
6
5
6
Cleveland
5
5
Richmond...
5 Yi
5
5A
6
5
5
5A
6
5A
Atlanta
....
5A
6
5A
6
0
5H
6
f>
6
■
6
5K
5
5A
6
5A
6
St. Louis
5
5
5'A
6
5
6
6
Minneapolis
Kansas City
5H
5
6
5
5A
6
5
5
5>A
5A
6
5A
6
6
Dallas
5
5
5A
6
6
5
5
5H
6
5A
m
6
San Francisco...
6
6
Chicago
6
Note 1.
Rate on paper secured by War Finance Corporation bonds 1 % higher than
the rate on commercial paper shown In column 3 of figures above.
Note 2.
Rates shown for Kansas City are normal rates, applying to discounts not
a normal line fixed by the Federal Reserve Bank.
Discounts In excess
In excess of
of the normal line are subject to a A % progressive Increase
fraction
The
sterling exchange market sustained
demand
and
for each
25%
excess or
thereof.
this week and
bills,
prices
were
setback
a
forced down to 3.8734 for
10%c below last week's high point
or
1934c. under the 4.06% leval touched two weeks
ago,
largely
as a
result of persistent
selling
on
the
part of Japanese interests here who have been com¬
—7
6
7
Thirty
Days.
6
6
@6A
7
@5H
@6M
Delivery
within
30 Days.
6J4 bid
7
their New York and London balances.
pn
with
and
bid
this, cable quotations from London
one
or
the market
two
as
Coupled
came
prominent English banks
lower
came
into
sellers, which add^d to the general de¬
Wednesday and Thursday losses
were recorded.
Prior to
pression and
on
totaling
than 8 cents
the
follows:
Eligible bills of
AU
tances
maturing maturing
pelled by the financial crash in Japan to draw heavily
market to any extent.
town
for
5
ago.
well known at7% .
disc'nted
secured
5
continues to be quoted at 6%@
7% for sixty and ninety days' endorsed bills receivable
andsix months' names of choice character, with names
wise
and
alike.
bonds
more
developments just noted, that is, during the
ing'days of the week, trading
and inactive, in
within
of
narrow
was
open-
exceptionally quiet
keeping with[which quotations ruled
limits.
For the first time in
a
number
weeks, speculative operators failed to participate
1680
to any
appreciable extent in the movements of the
general market, which is taken to indicate that
some
uncertainty is felt regarding the outcome of thp
pres¬
ent
upheaval in Oriental affairs.
there
was
a
In the final dealings
to 3 88%
recovery
on a
lessening in the
selling movement.
While
the
turn of
new
expressed
now
than
as
be that the financial disturbances
seems to
unlikely to have
are
temporarily adverse effect
a
over
events, the opinion most generally
prevailing in Japan
It is still too
at this centre.
tinued to characterize the situation
the undertone
3
was
Tuesday, and
on
shade easier, with demand at
a
94%©3 95, cable transfers at 3 95%@3 95% and
sixty
days
3 92@3 92%.
broke almost 4c. in the
Wednesday
On
prices
pound under heavy selling,
principally for account of Japanese bankers in this
good deal of uneasiness is expressed
a
[Vol. 110.
CHRONICLE
THE
to the full extent of the
soon
price levels
upon
to form any real
collapse.
had much to do with
idea
No attempt is
made to conceal the fact that the recent wild
tion in the silk market and
more
specula¬
speculation generally has
precipitating the crisis, while
reached in
3
was
cable
irito realizing sales by the
crisis
Japan's financial affairs; the day's
range
forced
country,
91@3 94%
transfers
Increased weakness
3
developed in Thursday's dealings
of continued sales of sterling
bills demand receded to 3
3
to
for
88%@3 91% for sixty days.
and under the pressure
fers
3 91%@3 95
demand,
for
and
87%@3 90%, cable trans¬
88@3 91 and sixty days 3 84%@3 87%
selling by
one
of two Loncl
tations from that centre,
banks, also lower
m
quo¬
figured in the depression.
it is
plainly hinted in certain quarters that the Chi¬
Friday's market
nese
boycott of Japanese products has been
quotations ranged at 3 87%@3 88% for demand,
factor in
a
more
of
causing the present unsettlement than is
3
was
quieter and slightly steadier, and
88%@3 89% for cable transfers and 3 85%@3 86
generally admitted by Japanese officials, it being
for
pointed out that China had formerly been Japan's
sixty days, 3 88% for demand and 3 89 for cable
best
transfers.
that
foreign customer.
Intimations
also heard
are
Japanese investments in China negotiated before
the rise in silver and
involving payments
over an ex¬
national
nothing
to report in the general inter¬
new
situation.
The
Foreign
Com¬
Relations
at 3
stricted to
go
tion, but
no
definite conclusions have apparently
been arrived at
over
as
the announcement that
ion had been
effect
firm of J. P.
corpora-
actually formed, but it
Morgan
Government for
are
was
were
officially denied,
one
Morgan partners being accredited with the
statement that "There is
positively nothing to it."
One of the influences of the week which tended in
measure
the
be
to
to offset other unfavorable
publication of
figures, showing that while exports
largest
of
on
factors, proved
record, having reached
the second
were
an
estimated total
$820,000,000 for the month, imports touched
new
a
March foreign trade
our
a
high figure of $484,000,000, which exceeds by
$10,000,000 the previous high record total of Janu¬
ary.
This is regarded
as
highly encouraging and
lends color to the belief that
able to
than hold its
more
present difficulties, although
in
sterling is likely to be
own
even
some
in the face of
little irregularity
price levels would not be surprising during the
next few weeks.
All indications would
seem
to the fact that the market here will in all
follow the lead of
London, which
situation well in hand.
According to
to
point
probability
seems to
have the
recent dis¬
a
patch from that centre, the rate of interest allowed
on
deposits in London has been advanced to 5%%.
This is
interpreted
as
an
effort to attract foreign
As to
the
on
more
detailed
Saturday
quotations, sterling
of last
week
irregularity and fractional declines
demand at 3
showed
were
market
in
94%@3 95%, cable transfers at 3 95%
was a
dull affair and less
trading than had been the
rates
ex¬
some
noted, with
@3 96% and sixty days 3 92%@3 93.
case
activity
re¬
engagement of approximately $17,000,-
Argentinaj $5,000,000 of which will probably
forward by Wednesday's steamer and the remain¬
sail
April 28.
on
the steamer which is expected to
There
imports of the precious
were no
metal reported.
Movements in the Continental
the
Monday's
was
shown
for quite some time;
main
exchanges have in
paralleled those in the
sterling market,
though during the first half of the week considerable
strength
and
was
displayed and francs and lire
materially higher.
sterling
Wednesday reaction set in and
on
place.
as
much
and
trading, which
was
inclined to be spotty
at
was
no
was
shown
time particularly active,
with sudden sharp
specific
no
iiji
sympa¬
102 centimes
as
A good deal of irregularity
tions for which
firm
were
However, with the break
thetic declines of from 45 to
took
reason
fluctua¬
could be assigned.
Still, when viewed in the light of the week's unsettling
developments, the situation in regard to French and
Italian
exchange
encouraging and
regarded
was
some
decidedly
as
the belief that the worst has been
close, however,
weight
that
was
passed, and that
financial
in
conditions
unfavorable
sentiment
dissemination of false reports.
Italian
generated by false and
brilliant
to
as
his views.
returns
also
Quoted rates
the
and pointed
attending the flotation of
as
corroboratipn of
regarded
as
francs did not
go
more
foreign trade
encouraging.
below 16.98, which
with 17.15 last week, while lire at their
compares
point touched 22.82, against 26.64 the week
preceding.
French
on
by
much to the
so
Latest reports of France's
are
are
being
exaggerated anxiety
Italy's recent huge internal loan
lowest
created
erroneous rumors,
success
is
He declared that the
exchange situation is due not
economic situation abroad
the
Some
Italy
intrinsically sound but that much harm
and
The
now on.
at the lowest for the week.
attached to Premier Nitti's statements
was
underlying
done
more
market observers incline to
higher levels should be witnessed from
to
capital to that market.
change
an
without
huge loan to Austria to be used for
a
The week's gold movement has been
ing $12,000,000
Rumors that the
arranging with the Austrian
reconstruction purposes,
of the
aroused
Edge Act
a new
market sentiment.
upon
was
Some interest
yet.
sight bills finished at 3 87%,
Cotton and grain bills closed the week
87%.
000 for
resolu¬
3 85% for
were
(sixty days) at 3 83, and seven-day grain
86%.
mittee of the Senate is said to have devoted consider¬
peace
Commercial
for payment
able time to discussion of the
pending
Closing quotations
sixty days at 3 83%, ninety days at 3 81, documents
bills 3
tended period are turning out badly.
There is
sixty days.
Belgian francs followed
the
course
of
exchange.
practically unchanged, at 3 94%@3 95%
for demand, 3 95%@3 96 for cable transfers and
Austrian kronen remain virtually
pegged at previous levels, though exchange on Berlin
3
has been
were
92%@3 92%
for
sixty
days.
Inactivity
con¬
weaker, latest developments in the German
Apr. 24
1920.]
THE
CHRONICLE
1681
political situation having been responsible for
at 21.45 and cable transfers
movement of
22.45, while checks
a selling
proportions which caused a
extensive
loss of several points.
from the American
articles
seriously
A
here
commercial attache at Athens,
classed
luxuries into
as
by
considered
More than 400 items
of
received
legislation designed to prohibit the importation
new
of
cable transfers
confidential reports
According to
commodities
excluded
from
the
country.
dispatch from Warsaw this week states that Poland
19.28, against 20.00 and 20.15 last
Closing quotations for Spanish pesetas
17.10 for cable transfers.
week ago
17.45 and 17.55, respectively.
the close
was
With regard to
little
on
South American quotations
Argentina
For Brazil
dency
was a
noted and there
was
checks and 26.625 for cable
and 27.25
ten days.
over
By order of
the Government all frontiers have been
road
traffic
the
postal,
The
is
telephonic
stopped,
and
all
communication
private individuals suspended.
into
the
Government is
the
countries
forbidden
of this is to prevent the bringing of
currency
while
and
of
case
purpose
Polish
and
the
other
commodities
of
telegraphic
"
in
even
from
and
to
transport
closed, rail¬
stamping of Austrian
Heretofore
pfennig
more
When the
has
crown
been
than the Polish mark.
Minister of Finance
ments in that
and finished at
foreign invest¬
country are to be exempt from capital
Far
against 65.53
week
a
In New York
ago.
sight bills
on
the lowest
figure for the week, against 16.37; cable
transfers at
rates
are
as
follows:
Hong Kong,
95%@96, against 94%@95;
Shanghai, 131@132,
against 130%@131; Yokohama, 49%@50, against
47%@48%;
Singapore,
Manila,
47@48,
48%@49,
against
against
47%@48%;
49@50;
Bombay,
47@48, against 47%@48%, and Calcutta, 47@48,
against 47%@48%.
The
the French centre finished at 16.98,
16.96, against 16.35; commercial sight
New
York
Clearing House banks, in their
operations with interior banking institutions, have
gained $4,256,000 net in cash
as
result
a
of the
movements for the week ending April 23.
currency
receipts
the
from
interior
aggregated
while
$3,726,000.
Adding the Sub-Treasury and Federal
Reserve
the
have
$7,982,000,
operations
shipments
and
the
together occasioned
a
bined result of
flow of
the
have
gold
reached
which
exports,
loss of $93,821,000, the
money
the New York banks for the week appears to
17.09,
been
week.
against 16.48
Friday of the previous
on
Belgian francs closed at 15.72 for demand
and 15.70 for cable transfers.
and
15.37
15.35
week
at
transfers,
as
the
against
closed
transfers.
22.50.
firmer
finished
at
cable
Week ending April 23.
Banks' Interior movement..
close
The
and
Czecho-Slovakia
against
1.84,
in
1.82, against 1.78;
on
Poland at 57,
on
week
Finland at 5.58, against 5.64
on
was
again weak,
at
mittances,
9.07 for checks and 9.05 for cable re¬
against
8.92
and
the
8.90
previous
quotation.
Neutral
exchange
dull
continues
nominal; hence rate variations
of the other
course
were
marked
exchanges.
down,
while
was
As
a
Swiss
almost
not especially
were
significant, though the tendency
and
to follow the
No
further
than
adequate
the
reason
can
unfavorable
sight
francs,
$125,089,000 Loss
89,565,000
April 24 1919.
Silver.
Total.
Gold.
Silver.
Total.
£
£
£
£
£
England.. 112,420,506
France a__ 144,310,311
Germany
54,572,900
112,420,506
9,800*,000
85,116,377
154,110,311 142,480,705
8.122,000
2,280,400 56,853,300 96.592,250
12,375,000 142,025,000 129,650,000
2,369,000 13,313,000 11,600,000
25,034,000 123,143,000 90,448,000
3,004,000 35,198,000 35,050,000
896,000 53,772,000 55,589,000
1,105,000 11,762,000 15,380,000
3,527,000 24,677,000 16.759,000
14,503,000 15,997,000
"l72_, 606 12,761,000 10,385,000
8,122,000
8,201,000
Total week 702,097,717
Prev. week 702,108,500
60.088,900 762,197,400712,936,144
.
Russia
*.. 129,650,000
10,944,000
98,109,000
32,194,000
52,876,000
Spain
Netherl'ds
10,657,000
Switz'land.
21,150,000
Sweden,
14,503,000
12,589,000
Denmark.
Norway
a
..
60,562,400 762,660,117712,248,332
85,116,377
154,880,705
1,055,750 96,648,000
12,375.000 142,025,000
2,372,000 13,972,000
12,400"000
25,781,000 116,229,000
3,000,000 38,050,000
737,000 56,326,000
600,000 15,980,000
2,614,000 19,373,000
16,997,000
"137",000 10,522,000
8,201,000
61,071,750773,320,082
61,077,500 774,013,644
holdings of the Bank of France this year are exclusive of £79,131,137
Gold
held abroad.
♦No figures reported since October 29 1917.
h Figures for 1918 are those of August 6 1914.
Spanish
PRIMARY
With the present
effect
closed at
36%
VOTES AND CONVENTION
CANDIDATES.
be given for this
sentimental
Amsterdam
on
93,821,000
result, guilders
produced by the untoward developments in Japan.
Bankers'
$4,256,00a
121,363,000 Loss
£
pesetas and Scandinavian rates wrere all materially
lower.
$3,720,000 Gain
27,542,000
.....
April 22 1920.
Nat. Bel. h
closing
$7,982,000
...
Gold.
Italy.....
Greek exchange
ago.
...
principal European banks:
Aus-Hun.
against 59, and
Bank Holdings.
following table indicates the amount of bullion
the
was
1.63;
Net Change in
Banks.
$35,524,000
and gold exports
22.52
was
Out Of
Sub-Treas. and Fed. Res. operations
sight bills and 22.78 for
the
Into
Total
checks
have
follows:
Banks.
ago.
For lire the final range
on
at
for
finished
week
a
loss of $89,565,000, as
with
for
1.63
1.65
00.49
at
week
Exchange
and
Bucharest
Last
and
and
1.63
bankers'
for
22.80
Reichsmarks
ckecks
for
1.61
This compares
week.
for cable transfers.
cable
and
last
kronen
Austrian
00.51
was
a
com¬
into and out of
17.02, against 16.41, and commercial sixty days
at
.at
a
firmer
was
23%, against 22%, but Peru is still
Eastern
Their
The official London check rate in Paris closed at
as
transfers, against 27.125
Chilian exchange
quoted at 4 85@4 90, unchanged.
30
levies.
64.80
week ago.
a
weaker ten¬
a
decline to 26.50 for
same
worth
The Austrian
that
announces
process
will be of the
crowns
the
speculators
engaged in the exchange
crowns.
completed marks and
value.
by
country
very
43.15 and cable remittances 43.30,
was
against 43.18 and 43.35.
is to be shut off from the remainder of the world
period extending
A
change has been noted and the close for checks
for
a
were
17.00 for checks and
being
Government.
included in the proposed list
are
be
to
Greece is
Greek
the
week.
21.60, against 22.30 and"
Norway closed at 19.13 and
on
dential
primaries"
week the contests for the "presi¬
have
reached
the
culminating
point of such interest as attaches to them.
But
as
against 37; cable transfers at 36%, against 37%; com¬
this latest
mercial
periment in the designating of candidates has run its
sight at 36 7-16, against 36 15-16, and
mercial sixty
earlier.
days 36 1-16, against 36 9-16
Swiss francs
finished
com¬
week
course,
at 5 66 for bankers'
application of the comparatively
it has been easily possible to discover,
to
professional politicians, a growing skepticism
the real importance of the plan.
This year's
as
parison with 5 55 and 5 53 last week.
Copenhagen
closed at 17.10 and cable transfers 17.25,
"primary" voting has at least been
checks
even
among
a
sight bills and 5 64 for cable remittances, in com¬
against 18.15 and 18.30.
new ex¬
Checks
on
than it
was
more
intelligible
.in 1912, when the attempt to utilize it,
Sweden fnished notably in the
contest between President Taft and
Mr. Roosevelt for the
the result of
Republican nomination, had
throwing utter confusion over the whole
primary results that year in actual fact de¬
termined
preference
submitted
their
Francisco, will in
instructions
Democratic
a
to
as
On the face of the actual
primary results, for
give
to
as
no
candidate
major¬
a
The second alternative would often arise if one
ity.
delegation
were
thus bound to a single choice,
delegations were authorized to change in
accordance with circumstances.
Recognizing these
when other
obvious facts,
very
the South Dakota primary
even
rigid of all,
law, which is in many respects the most
its
binds
nevertheless
delegates
primary
to
the
only for the first three votes.
candidate is to control anything approach¬
selected candidate
But if
the Republican convention at
convention at San
number of cases go under definite
which candidate shall get their
the
and
The State delega¬
judgment.
tions which will go to
Chicago
given party in a
a
between certain names which were
as
for
serious expression of
a
the voters of
among
given State,
votes.
This
nothing except the split in the party.
they have at l^ast been
year
in their instructions
State's
campaign.
The
[Vol. 110.
THE CHRONICLE
1682
ing
if
no
and
instructions
majority in the convention's initial votes,
a
delegation is bound to hold to its
no
after
then it is hard to see
few indecisive ballots,
a
wherein
will really
situation
the
differ from that
before the
example, General Wood stands far in the lead of all
which existed in the national conventions
the
days of the "presidential primaries."
Republican candidates in the number of delegates
thus
people seem to
the selection of
That, however, by
candidate
If, indeed,
majority in
follows.
no means
were
able to obtain
a
State primaries that the number of delegates
many
majority
total representation, then very
actually instructed for him would make
in the convention's
up a
of
form,
date
deliberations would be
viva
a
far
so
as
a
matter
mere
selection of its presidential candi¬
concerned; it might
was
designate him by
even
vote, and then apply the rest of its time to
voce
choice of the
tion of the
vice-presidential nominee and construc¬
platform.
But the largest
they
as
likely to be pledged to
any
single candidate of either
vention
to
for
vote
In
delegates actually instructed
him, General Wood leads all the Re¬
uncertainty,
con¬
matter how
no
given candidate
It is this well-known fact of our
political history
on
the
the support
was
of
early voting.
question in some minds as to
which has raised the
the
whether
present year does
not contain strong
"dark horse" candidate. The logic
ultimate selection, at the old-time conven¬
possibilities of
of such
tions, of
a
candidate who had either received an in¬
a
in the field at
the early ballots or had not been
perfectly plain. The instructed
on
all,
was
delegates would not abandon their own candidate
and
small minority of the total membership
an
the
any
substantial
tute
a
always
was
behalf of
only
period,
history of the national conventions of that
party as a result of this year's primaries, can consti¬
in the convention.
vindicated, in the
repeatedly
more
significant vote
number of delegates, pledged or
Yet no
instructed at the primaries.
are now
was
Delegations
the State conventions exactly
than the tradition that the ultimate vote of
The
obviously he would be the destined nominee.
convention's
then instructed by
were
tradition
the convention's choice.
as
any one
so
many
that this will virtually ensure
argue
him
A good
pledged to him.
rival who had been pressing him
a
Therefore
aggressively.
no
one
in
closely
of the well-
known
aspirants could command the requisite ma¬
jority;
a
long deadlock and a long series of futile
The deadlock would finally be
publican candidates; yet their total number
up
to
ballots
followed.
date is
aggre¬
broken
only by the diversion of votes from several
barely one-tenth of the convention's
The estimate of political experts
gate membership.
his ultimate total
on
strength—including not only
probable results at the remaining primaries, but the
delegates already chosen who
him
expected to support
are
although not formally committed to do so—is
that it cannot reach one-third of the aggregate vote
at
Chicago.
It
seems
be
assumed, by
good
a
other
many
primary returns, that the contest
at the convention will be narrowed down to the few
candidates who have met with the
preliminary votes.
then it
all of the
inactive
In
largest
success
in
If that view is correct,
might already be taken
certainty that
leading candidates to one whose previous
position in the canvass had left him free from
animosities.
factional
the
famous
Republican
convention of 1880,
General Grant had 304 votes on the first ballot, Mr.
Blaine 284 and Senator Sherman 93,
to
eary
to
readers of the State
these
or
choice.
a
with 378
neces-
There were thirty-five ballots
majority; whereupon the dele¬
which gave no one a
gates suddenly converged on
had received no votes at all
only two
some
on
General Garfield, who
on
the first ballot and
the thirtieth, was nominated by a hand¬
majority
on
In the
thirty-sixth vote.
the
Republican convention would have to make its
party's national convention of 1888, the first
ballot disclosed 229 votes for Sherman,
111 for
choice between General Wood, Senator Hiram John¬
Gresham, with the rest divided between twelve other
the
son
and Governor Lowden.
would
be
unwarrantable
political precedent
a
of
delegates.
any
State requires
the last for the candidate designated
To bind in this
primaries.
way
the action of
a
a
The first
most of the State
instructed and if
one
or
crea¬
deadlock which could not
lawfully be terminated at all,
given State to
up
possibilities—either the
tion at the convention of
or
else the reducing of
nullity in determining the final
alternative
delegations
they
so
would
were
same
arise
if
all
or
thus irrevocably
far differed from
one
another
with 416 votes required to nominate.
candidates,
The deadlock
for whom
agreed
delegation would clearly have opened
choice.
either
of the present rules regarding
or
both of two awkward
a
light
delegates of that State to the convention
shall vote up to
a
the
presidential primary law in
that the
at the
But this inference also
in
State's instructions to its
No
as a
ballot
by
upon
as
proved to be complete until Harrison,
only 80 votes
so
give him
to
were
a
cast at the start, was
delegates
many
the eighth
on
large majority.
Even in
the Democratic "free silver convention" of 1896,
vote for
for
Bryan at the start
Bland, in whose favor
was
many
delegates
structed, and twelve other candidates
But after the sixth
thirds vote
abandonment
were
in¬
voted for.
ballot, Bryan received the two-
of their
own
candidates
by most of
delegates.
perhaps too early to discuss, in the light of
personalities
of such
were
required, and obtained it through the
the instructed
It is
the
barely one-half that
a
among
the candidates, the probability
result this year.
All that
can as
yet be
Apr. 24
1920.]
THE CHRONICLE
said is that the very
the
at
such
State
antagonisms
deadlocks.
fact and character of the contest
primaries has inevitably created just
As
undoubtedly
as
led to the old-time convention
regards the actual outcome, much will
depend
the
on
undisclosed
yet
as
1683
general banking system being borne by the associated
banks.
The benefit
accruing to the public in hasten¬
ing the transfer of credits, and the cancellation of
indebtedness, that credit
the business
serve
more
speedily and safely
world, is beyond computation in
character of the Democratic convention candidacies
figures, and though not always accurately indicating
and
volume of business, has come to be known as an index
the
platform
course
of
depend
may
on
political and financial events, between
and the
now
and muCh
purposes,
thereto.
meeting of the convention.
*
.
.
Now,
have the Reserve system and the regional
we
banks, and the question arises
THE PAR CLEARANCE OF CHECKS.
A controversy
in
has arisen between certain factors
general banking system
our
of checks.
time,
It is
apparently,
par
clearance
question.
At this
the trouble is between defined
of State banks and regional banks of the
groups
Federal
Reserve system,
rather than between city
banks and country
banks
division
the
occurs over
in former
as
The
years.
question of charges.
small banks contend that
Many
charge, loosely termed
a
"exchange," is legitimate and
their
the
over
old and vexed
an
earnings in business.
a
necessary
part of
On the other side it
clear that under the Federal Reserve Act
seems
Reserve bank is not allowed to make
a
a
charge for the
of all the banks?
this
of
of the
one
was
We
regional banks.
into
consideration in
vast
the
the spaces
are
city clearings,
its relation to others and
(drafts included) becomes
far
as
as
banks
the
people
concerned
are
concerned, and
are
as
banks into the Federal system
principle of right to charge for
It is
its
increases
the
That increased
deposits, that increasing deposits increases
making of loans, that interest
chief element of profit to the
clear.
That the
depositor is
a
use
of the check
great, arid
accepted.
is also
a
loans is the
on
ordinary bank,
now
by the
seems
customer
almost indispensable,
convenience to the business man,
is
of the check
use
firm
or
corporation,
The check, including the draft which
check, is in fact the
money
of the country.
a
the maker writes at
form of substitute
money
(estimated) than 90% of the volume of
transactions.
The
bank
■
alone
own
within any
it
the
an
business
have
clearing
performing the
that
And
of
be
made
The
creased
seem
between
Further, it would
growth
profits from other lines of banking,
should
encourage
the
use
the banks of the Federal Reserve banks as
by all
clearing
regardless of their origin or
fluidity of bank-check currency is in¬
thereby/and the
ease,
dispatch and volume
of all business accelerated.
When
we
come
to the relation of the
bank to the Federal Reserve bank,
interest
service.
find, if not
a
should
Federal Reserve banks in their
the Federal system
great public good, and so far makes no charge for
are
clearing house, is
commercial aid, it would
member and non-member banks.
as
a
banks side by side
and national
same
discrimination
no
as
purely ministerial service to
public; and if this be true, since we
State
nature.
agency
City clearing houses of associated banks
the
or
both
a
houses for the country
original clearing house of checks.
being true, the bank becomes
declare
to
the
single bank, by book transfers of credits,
becomes
This
charge, the intent of the law
a
our
is
instrumentality which renders this possible.
making
enormous
choosing, the medium of all buying and selling to
more
hibited from
show
will, in denominations of his
a
of the Federal Reserve bank in
with reference to its function
which
and is
Its expediency, there¬
it is c|ear that since it is by law pro¬
that
commerce,
commercial
As to the position
the matter,
seem
and disappears at the behest of trade
whole the
a
service independently
the feasibility of working out
upon
or
It appears
a
as
system that will do justice to all.the banks.
of the check both to the bank and
use
customer.
this' country
over
performed cannot be denied.
fore, depends
imperative, in the first place, to consider the
value of the
to
merits, leaving methods to future
adjustment.
But considered
of local clearing houses.
collection
as
it does in the given city
means
considered upon its
the
perform its mission throughout the country
a
harmonious
as
deposits engendered, it is desirable ideally that the
as
be
And yet
far
as
through the increased volume
by
may
dominating the varied
complicated and of difficult adjustment.
charge and denial of coercion intended to force State
the question
So
diverse
peculiar the locality in
so
these innumerable checks
effectually and cheaply
Putting aside the
so
indigenous production, that the problem of equalizing
constitute itself
endeavoring to do.
appear—
between regional banks,
check
clearing house for member banks,
now
integral industry.
of transport, so
means
inclusive
inclined to believe that
are
time, distance, locality and
of
it is
clearance
par
original contemplated functions
service of clearing the check, yet at the same time is
which
this
But four elements, little entering
impliedly if not explicitly commanded by the law to
a
can
of checks be extended to the whole country
in
"exchange"
an
interests, and
as
a
source
small State
and to its
of
own
profit,
we
antagonism, at least a separation of
a
relation that is different from that
growth and evolution of the functions of the single
enjoyed by national banks, members, keeping re¬
bank in the
serves
handling of its
own
checks, long ante¬
in
these
regional
institutions.
The small
correspondent with
dating the Federal Reserve system, and extend the
State bank still holds to its city
conveniences of clearance to the further benefit of
which
and
commerce
to
the
banks
themselves.
These
clearing houses, within definite limits, by virtue of
lodges deposits that serve as a lease for
it
clearings by credit transfers.
on
these
It receives interest
deposits, and there is not much doubt that
superseded the old collection system-with individual
formerly the small or country bank threw a large
burden of the costs of collection on these city corre¬
bank
spondents that then were striving to
under adopted rules and
membership
runners
regulations,
going from bank to bank daily carrying
bundles of checks and large sums of money.
they add
a
So that
saving of time and expense, add safety
banking business, for which no
to the conduct of the
charge is placed upon the customer's
nominal cost of maintaining these
check, the
adjuncts to the
many par
was
done
establish
as
points as possible to save charges. This
by dumping checks and drafts indiscrim¬
inately into the correspondent bank for credit at par,
which under the stress of severe
competition (espec¬
ially in interior sections of the country) came to be
With the advent of the Federal Re¬
accepted.
so
banks
serve
[Vol. 110.
THE CHRONICLE
1684
there follows
terests
growing out of locality and the commercial
clearing houses for member banks
nature
of
as
necessarily
an
incomplete system, and
deposits,
ensuing tendency is not only to abridge the
system of
facility of the small bank, especially the small State
establish.
the
bank, to
its
pass
check at
own
throughout the
par
country, but to curtail its province to charge for
collection of other checks than its
its
those of
or
spring out of the nature
it forth,
some
extent takes
A corn, a
cattle,
their relation to
in the
course
of
growth
as
well
be
if
own
if
thing in
same
And
While
or none
regardless of
a reserve
checks at par,
payment of
pay
ihecks
demand
a
necessary
individual bank
the
location
or
of
system
which has been only in¬
funds
the country to meet
over
in other localities is
on
bank that
any
the
over
be established that
held
size
with the Federal Reserve
We still have to face squarely
move
wise incumbent
on
the different Fed¬
prepared to clear for banks
they will by agreement undertake to clear
the issue that to
no
And it must
counter.
(this being
part and by
a
to
some
as
well
to the
as
universal
as
the
public
are,
fails.
cause
increasing
use
minimum, largely negligible
and the direct
currency
UNION.
Mr.
at
Chauncey M. Depew is quoted
such
Hotel Astor
recently the formation of
He is
union.
reported
there is
"But
money
as
crop
save
form
union which shall declare that all classes must
a
be treated
fairly,
righteously."
Of course,
squarely,
considered
necessary on
equal effect,
And it fails
Of what
the
use
could be
the return of
a
In this the
in¬
charge back
cash item refused.
a
as
the centre of
circle, and these circles in touch through
a
a
larger
circle, the ultimate centre resting in a combined
clearing-house fund, by what may be termed neu¬
the
that
sake of
treating nine-tenths "righteously,"
occupation
can
on
moneys
discerned that
theory, and to
some
not in
though this
extent in practice,
locality enters into the equation to render difficult
adjustment of charges, when they
are
perforce
And it also reveals the inherent difference of
interest in the proposed par clearance between the
(small bank and the large
the bank inside
a
outside.
this
If
to
clearing houses
on
or
city bank, and between
given established system and
we
add
the
charges, based
influence
on
of
one
city
rights and in¬
if
And
manner.
"no
section,
no
class,
no
prevent the movements in the other
occupations from exercising their functions," then
this "union" of the middle class would
that it
organized for the
purpose
futile.
lating
ism,
or
rights, everybody
and labor of such
purpose
a
you can
would
seem
the endless discussions that would
a
policy,
"union."
as a
it
Before
right
an or¬
utterly
the difficulties of formu¬
constitution and by-laws for such
adopting
a
mean
To attempt to burden the vast
expense
Imagine if
a
simply
of letting everybody
alone in the exercise of indefeasible
including the "90%."
monize
it interest
once
treat
It would be the
huge majority would also treat one-tenth in the
eliminated
with
futility.
population, declaring its solemn intent to
members
and
own
union, comprising 90% of
everybody "fairly, squarely," &c?.
tralization of demands, time as a factor tends to be
But it is at
a
and
justly
possible practical organi¬
zation, this statement carries with it its
same
for payments
a mere
as a
rightly,
equivalent of nine-tenths of the population declaring
for seasonal de¬
movements.
regarding the regional bank
made.
middle class
pation 1 can prevent the movements in the other
occupations from exercising their functions, and the
only way to stop that is to have a new union, a new
union of the middle class men of this country, and
the middle class women of this country, who con¬
stitute 80 or 90% of our population, and let them
ganization for such
the
a
saying:
as
thing that must not be for¬
one
majority with the
be true in
advocating
as
luncheon of the Merchants' Association at the
a
in remittances with
hand.
our
integer of bank
PROPOSAL TO FORM A GREAT MIDDLE-CLASS
dividual check has been made to play a part along¬
side the bank's check or draft, the two going forward
And
nominal service
for
of "the check" throughout
country the shipment of
being
course a
thereby
through replenished balances has been reduced to
mands
(save of
through
clearances,
par
unless equality and equilibrium both be maintained.
With the
peculiar to them¬
deposits.
service
a
agrees
part of income) the benefits to the
otherwise enhanced
the
versal par clearance
And
seemingly rest their interest
are
differently accepted.
in
therein
interests
common
"all banks should charge
system
they will keep
or
have
gotten, and that is that no section, no class, no occu¬
the
their
who
citrus-fruit
not the
understand the matter,
bank
that if the problem
or a
right to exact collection charges.
eral Reserve banks
outside
appear
satisfactorily worked out by those who know
selves, the public good would be subserved by uni¬
charge," the fact of this condition should not
we
be
charge equally borne by all) since "the check" is
ignored.
As
adepts in the technique of good
not
system of charges on col¬
a
this the small banks
it is easy to say
those
To
quasi-char¬
originating has arisen.
so
on
as
inquire into the conduct of the country
same
industry which supports it.
lection of cash items
should
are
clearing house
own
bank, because of the relation
a mere
of that bank to the
the
cotton,
a
check, though cash items,
on
a
adapted themselves to the proposal as
banking practice it would
and
But it follows that the cash item
at present.
check to
to
as
being made
now
only be had by showing
banks in the matter.
shape its loans and charges
contro¬
can
city banks bound by their
can
no
In the tentative effort
rules have
con¬
Over this there is
according thereto.
acter.
brings
and the local bank cannot properly be
ducted which does not
versy
how
The time draft and bill of exchange
business.
cannot divorce itself from the business that
clearances that is universal is hard to
par
complete understanding
well
customers.
own
Now credit instruments
of
own
discover that, in so vast a
we
territory, equalization and equilibrium in a perfect
an organ¬
ensue over
matter oi real action by such
could
possibly treat all its
"rightly" it would have to har¬
or
the interests and establish
the
rights of all
the separate
occupations included in "90%" of the
population.
Apd
exercised
that
would
be
ness" in the
to
any
coercive
ordinary
seem
I
to be
sense
of
A "One Big Union" of this
impossible of formation.
What is possible however, and
intended
In
the term nine-tenths of the
people cannot be said to constitute
is
power
prohibited by including "righteous¬
preamble.
character would
the
as
by united action against the outside 10%,
a
"class."
we presume
this
by the speaker, is the formation of
a
,
Apr. 24 1920.]
people, without
that
organization, to speak and act against the
save
moral and ethical union of the whole
a
technical
unbridled
in action against
tend
induce
to
of
desires
and
demands
unions, and others if there be
which
so-called
labor
and to combine
any,
all the piratical processes of the day
and
permit "profiteering,"
which
or
disrupt society, interfere with the normal
life of
industry, by "strikes" and undue increase of
wages
has it
come
to
"unionization" that
ligion
failure?
a
delusion?
a
which
a
"join"
"free"
inner
character
and
under
''Middle-Class
"unions."
There may
portant in
a
such
exists
class, occupation, trade
reform
or
mission,
big
one
galore
and
who feel
some
to
industry,
securing for itself advantages J and
rights, it
may
wrork
must
evil—but
of indefeasible
unity
that the
We do
free
moral and ethi¬
more
We know
doubt
? And
Does
would do his duty would
economic
which
evils
time is spent
not
we
soon
us?
encompass
in showing others how to
purpose
of "bettering
F profiteering exists, and is
a
our
prolific
high prices, then is there not incumbent
and
sun,
conditions," and for making others do and
living
These "overall clubs"
tive of individualism
may even
go
far
so
own
others who agree
so
enamored of
we
We don't do what
man
to do it.
coerce us—we
more
our
unless others will do
A
with
or coerce anyone.
side influence to
far
agrees
with him and does not attempt to
wait for the other
And
on
with him¬
agrees
doing this
point is, too often, that
with ourselves.
dom.
They
at the behest of
save
self to "wear old clothes" and in
The
preserva¬
to have meeting places and
judgment; he voluntarily
bind, influence
are
understand them.
member to do anything
any
his
as we
as
often
own
as tv
are
we
"slackers"
do.
can
We want
who boast of
than
We
out¬
some
our
otherwise
free¬
we
ire
plans, ways^ theories, that
would do, we do nothing.
peoplejthat has]to be vitalized by countless "unions"
is^<already enervated.
tinued strikes where is the courage
The churches
during the
this
Christianity (we do not
not right or that it was not done in that
was
citizens
of patriotism which made all good
spirit
subdue their
own
public weal), but
personal beliefs and desires for the
to teach brotherhood and peace-
now
loving throughout the whole earth there is the new
not reaction to the
What
though Unitarians
even
can
this be if it be
leadership of Christ in the world,
not specially invited?
are
Colleges big, and colleges little,
are
"driving" for
funds—is this to be construed that so-called educa¬
tion
was
about
war?
failure before the
a
We
are
doing
everything worthy under the sun to get back
to "normal" save
"union,"
We need just
going back.
ethical
an
one more
spiritual union, inclusive of
or
everybody, without constitution, chapters, or laws,
the union of that unbreakable unity which proceeds
from each
living the best that is in him.
man
OF THE DEMOCRATIC
THE DEGRADATION
DOGMA.
"The Education of
of last year.
wider
Henry Adams"
It had
a
than
reading
was
the book
larger sale and presumably a
any
purported
that
to
be
literature.
With all its curious and very
had the limitations of
laid
raised
with
down
it
more
an
exceptional interest it
autobiography, and
feelings
many
dissatisfaction.
of
It
questions than it answered, and gave the
A people that appeals to a
a man
of whom much more deserved
Now Macmillan has
of this
the
book with the title
which not only give
a measure
of his
who are willing to do
some serious thinking,
are of exceptional value in
connection with the fundamental problem of democ¬
strength, but which, for
racy
not
a
It
men
with which the world is to-day concerned and
little bewildered.
is
rare
to
find the tale
of the existence and
a hundred
As Brooks
Adams says:
"George Washington stands at the
apex of democratic civilization, that is if this must
depend on its power to produce an average of men
who if they are not the equal of the first President
are at least capable of appreciating his moral altitude."
When John Quincy Adams came to the Presidency
development of
years
a
fundamental idea for
in the experience of one family.
in 1824 he inherited the tradition
tion that democracy
tion among men.
would in time approach realiza¬
ambition and work of his life.
principle
progress
was
and held the convic¬
To bring this to
the election of Andrew
isjin dire danger of autocracy.^Afpeople
a
autobiography of his brother, and prints several
of his papers,
ent
individual member
published
article, in which Brooks Adams supplements
paternal government for liberty and the righteous
that will lower
found it inexpedient
war
fundamental doctrine of
action faiready possessed oy eacn
thereof
wages
voluntarily, to correspondingly lower price?
wages,
impression of
upon every
But there is nothing binding
perhaps pledges.
already admit "raising
to be known.
by vain appeals to unionism and law and
government?
many
prices" and is futile, but in the face of con¬
of
by that co-operation which always exists in "right
or
Labor union leaders
raises
our
go
cause
But how—shall it be
maniresistance to extortion?
living"
But how
do this?
us
We need the assertion
individuality.
our
anyone
"organizing" for the
buying his goods.
or
every
need, however, without for¬
organization,
live, by reforming everything under the
way.
last
a
on every man to work and save
duty is
our
(in
much enslaving to
so
ought to do.
we
from
But half
upon
we may say, even
undemocratic
the people.
among
if every man
be
political party,
extent contrary to the exercise
individualism, of
already what
is
liberties, and by
mal and chartered
our
it
some
the individual.
of
im¬
single small
a
or
more
And when
sometimes accomplish good, often times
analysis) and to
cal
any more
what-not, bent solely
or
We already know,
scotch the profiteer by not
we can
Inter-Church movement!
restricted
or
that
say
our
up
well-doing
"union" than outside it.
"union"
a
be
of us,
bolster
and
should not have,
we
own
attain
ever
a
ramified sub-unions and locals?
need, and
women
be
or
walking delegates without number and expenses of
We do not
and
men
preach "pacifism," though generally admitted to
officers
with
Union,"
If
citizenship to unity of thought and feeling
paying his price
of
power
organization, is impotent against its
unity of action will follow.
one
in law, and no
save
doing right by
to
necessary
virtue
no
polity
laws
by forming ourselves into
women
re¬
in
to
our
well-meaning
as
Is
"liberal" government
or
anything in
Is it
?
man
union pledged
a
"the golden rule."
prevents an individual from
his fellow
men
Is
Is there
current craze for
our
must
we
advocate and to live
to
in
pass
find
can
trials and troubles.
by crafts, all regardless of the general welfare.
But
1685
THE CHRONICLE
Jackson)
pass
he made it the
With his defeat and
as
President
a
differ¬
established, and he watched the
of democracy through
a
long life, gaining
little
hope of its
His life proved
success.
a
tragedy,
He
held, what the French thinker Emile Faguet
advocated, that democracy should and
since
would throw up out
of itself its best men to be its
leaders, standing itself in such relation with science
and education that it would become an efficient
He
instrument for collective administration.
the contrary
of
state
equilibrium by surrender of
outer world
ending in the Civil War, which he long foresaw.
has
[Vol. 110.
THE CHRONICLE
1686
saw on
the instinct, of greed and self interest
That equilibrium
light and heat].
a
clock that
It is but
effected by organized
never
matter."
step to apply this to man and human
a
So
society.
death—as
means
A restoration of the energy
down.
runs
consumed is
so
to the
energy
[as for instance in the waste of the sun's
find,
we
"As
said:
it
organism
an
society has always beenperculiarly subject to degra¬
dation of energy,
and alike the historians and the
gain control, the idea that to the victor belong the
physicists
invariably stretch Kelvin's law over all
accepted principle, and pillaging
organized
matter
spoils, become
the
an
public restrained only by lack'of opportunity, a
practice.
common
of
and he strove to
and the
the
see
Here is
equality and brotherhood
is the true foundation of human government,
man
possession of the public lands
development of the
means
becoming
a
History, ethics, soci¬
ology and politics must all be read in recognition of it.
I
He held that the natural
is
"It
whatever.
'dogma of absolute Truth' ".
of communication
to-day
the
as
description of conditions in the world of
a
they
be
may
phase wrhen
aspirations, but
"This is
in its light.
seen
divided by their interests and
men,
longer knowing how to
no
govern
and of trade made the instruments of its attainment.
themselves, ask to be directed in their smallest acts;
That
and when the State exercises its
conception of public office which Washington's
personality had made for the time commanding he
hoped to
see
supported by
hold their
time and
perpetuated in
intelligent civil service who should
an
places permanently and give their whole
thought to their work.
had sufficed to overthrow
not
honest executive
an
long enough to
day remains
Twenty-five
good of all while each is
eager
To
Henry Adams,
turned to his
what
light
established, and
be
Forty
away,
an era
new
was
problem.
the
upon
see
problem.
the Union permanently
of great industrial and
com¬
He sought
light
the Darwinian evolutionary
con¬
at its height and Darwin himself took
hopeful view of the future which the world at large
was
than
more
of
French
ready to accept though it
isolated
physicist of
is the
We have then two
The
was
has
one
world
forces and with
by the
course
of public events into which
father's
>
youth when he
was
his
companion and secretary at the Court of
St. James.
The
of
that all the
steps in
a
changes
seem
to be going on about
crown;
and that with him it will conti¬
Evolution has been the word to
nue.
conjure with.
Adams found that not only did many scientists
the
no
limit imposed
the other the world wearing
on
At the
time
same
living beings
"the appearance on
have
we
and
more
more
which
undoubtedly give the impression of
and
gain."
they
see
in it only
which
an
tends
impression of order in the uni¬
to
equilibrium always
In
waste.
According to this the earth will again be "unfit
for the habitation of
unless
as
operations have been,
which
are
world
at
present constituted,
or are
to be, performed
impossible under the laws to which the
known operations
are
only cannot
terial
man
going
subject."
op
at present in the material
Uniformity
be accepted
progress
possible, but in the
as
world, at least, such
of
progress
as
not
ma¬
there is has
destroy itself,
means
as
Others said: "We recognize that the world was once
young;
age
then adolescent; that it
of maturity.
Man has
even
come
has passed the
late, when
a
be¬
ginning of physical decadence had struck the globe,
h;fl domain," and again "The tendency is to reach a
stable
a
death.
following through this line of modern thought
Henry Adams found the justification of his grand¬
father's giving up
established.
human
of his hope of seeing democracy
Greed
passions
are
The modern world
fear the
and
two
strongest of
too deeply rooted to be overcome.
still too young for the older
was
political defeat.
The
younger
rise above his
one
lacked the
temper and perhaps opportunity to devote himself
to the task of
of
seeking to make
even
emancipated America sufficiently
tive to be
its
wrorthy to
carry assurance
the democracy
pure
and effec¬
of its value and
permahance to the world at large.
As
we
read
their
story it is
society has not in itself the
cessful evolution
natural law of
or
to
degradation.
can
we
come
know
only from that;
as
strength to
is still
an
to achieve
a suc¬
exception to the
The strength for this
assurance
source
in its heart,
outside itself which
the Spirit of God guiding and giving
men
The t^sk of
which
clear that human
power
prove
task of which it carries the
evidence of permanence.
no
a progress
So much the physicists admit though
own
Degradation and
elevated, and
development of civilization in human society
the Conservation of
or
eternal
out."
Adams to find in it encouragement to
by another Law of Dissipation,
on
a
own
"grandiose conceptions of
deny the adequacy of the theory, but that others,
especially Lord Kelvin, announced that the Law of
Energy must be supplemented
energy.
and degradation of
energy
side
one
universal progress,
us are
scheme of progress, or evolution, in which
is the
man
comforting itself with the belief
war
seemingly
dissipation of
On
result.
verse
world
degradation of
complacently to accept
us
Over against this is the indisputable evi¬
progress.
op¬
burdened
painted for
steadily improving by the working of its
the
he had been thrown from his
was
apparently opposing doctrines,
that of evolution and that of
pressed by the disclosed effects of the forces at work
in addition
It
general enfeeblement of characters.
by that of intelligence that the great peoples disa-
in Nature.
was
of the decadence threatening
always by this enfeeblement of character, and not
earth of
Adams realized all this and
Gustave Le Bon, a
who writes thus, adds:
renown,
"The surest symptom
us
ends
than a
individuals, and returns to what
at the start—a crowd."
was
dence
learning.
years ago
troversy
a
thrown
prosperity inaugurated.
from the
dust
it
race
more
peared from history."
grandfather's story and sought to
could
ideal, the
by losing its soul; it becomes nothing
thinker and student of history,
a
Slavery had been done
mercial
the
secure
to better himself at
the cost of others is still the unsolved
I
was
re-established, and which to¬
see
incompleted task.
an
years
system which his life
a
absorbing influence.
With the definite loss of the old
who before all else seek to
saving Democracy,
or
serve
Him.
civilized society
greater, from that evolutionary and
Apr. 24
1920.]
THE CHRONICLE
1687
inevitable degradation which is the immutable law
and
of the natural
would encounter another trouble in the habit
world, rests
su¬
attainment and expression of that spirit in
preme
which separates
man
character, the
upon
him from the beasts,
and is in
him the element that unites him with his Maker.
Civilization is to be saved, if at
do
justly, and love
all, by
"who
men
their God."
It
destruction
men
selfish
or
demagogues.
the
capacity
for
democracy to elect
a
to office
men
to
or
give its
ear
To believe that the people have not
the will to avoid this is to despair of
or
America.
work to keep it alive, and it
thing and thus letting individual initiative
demoralizing
boost
into
us
mittee" to
aid in
can
order is
both
to
reliance
But such
a
Commerce, for
a
devise
"OUTLAW" STRIKE NOT AN
UNMIXED
has
widespread labor revolt of the past fortnight
broken.
vast
It
has
added
its
contribution
maintaining transportation and preserving
the
pupils, and
school
of
in
all
radical
the
labor
wished to do.
nor
slide
a
to
and
be
These
good
some
They have
the
dispersive
organization and the impossibility
controlling all labor from
dealt
forced
are
failed, yet they have done
anew
forces
life
have to be teachers also.
many
they neither thought
shown
of
they have
centre;
a
heavy if not destructive blow to the plan of
making the solid labor vote the deciding factor in
the
elections; they have shown their mistake in
estimating their
of
own
on
a
resourcefulness and
The miners in Kansas
dig coal; the
were
sure
no
and in¬
new
independence.
volunteers could
in the switchyards
men
pleasure; the trainmen
sure
office
did.
outsider
no
the elevator
on
buildings must
could
fire
locomotives;
They all took themselves too |seriously and
disgraceful
given them
a
almost have
misled them
has
It
from
surrenders
had
claim to
some
pity,
badly had
so
we
certain, these
this
long
many
re¬
shrinking
of cowardly
course
that
years,
inconvenience piust come, if society
hold together; but perhaps nobody looked to
the stand taken
collar movement"
ment
not
was
rising
up
just
as
The "white
move¬
of itself until it found itself
and doing.
a
small
"class"
dominant
minority have their limit and must yield to the
may
by
The lesson that unionism and
found
to
it has been.
unexpected, but that
was
aware
attempt
jority
not
need repeating,
ma¬
unwelcome and aston¬
so
multitude
a
of
take encouragement as
can
individuals
that
well
as a
just
re¬
It should surely be clear
recalling 1916.
(as the "Chronicle" contended then) that the
carried
could not have
out, for the "dynamite"
have been
been
orders would not
everywhere obeyed if they had been sent;
further, that the strikers would have been
among
the first to suffer and could not have held out better
than
others; and, at the
been
better to
done
with.
as
We
worst, it would have
then and have it
very
the
stand
have
could
have done
we
the
make
helped ourselves then
We could have turned upon
now.
rebels, by the withering blaze of public wrath
and
scorn
lacked
as
well
done that
then;
by invoking the law which then
as
courageous
administrators;
as we can
do it
waste, loss and suffering
could
we
now,
have
and how much
could have saved no
we
figures cati compute.
The
change in attitude caused by this latest re¬
bellion,
"outlaw"
in
sense,
every
is
greater
farther-reaching, in all probability, than
alize.
As
an
to
and
yet re¬
the
periodically] presenting
roads, the roads now show a
have long
ultimatum
we
note that whereas
stage of it,
one
employees
been
the
disposition to try the ultimatum in their turn. Recall
1916,
Wilson sided with the four Big
when Mr.
Chiefs and
they did not refuse the arbitration the
railway executives had agreed to accept,
they first got the
.
present
is to
the
A long series
demands
union
to
distorted idea of proportions, and they
been
sistance to
see
even
functioning when they
cease
if
general paralysis threatened
their
the great
were sure
did not look for seriousness elsewhere.
of
on
the roads of this section
and hallmen
runners
the
were sure
public could only wring their hands and wait
were
over¬
importance; and (perhaps best
all) they have taught the people
valuable lesson
the joint warrent
are
real?
as
in
now
hard
outlaws have
nation
a
count
some
compensations.
In
appeal to
and prosperity for individuals; and what
more
are
an
by action and to revive
and self-reliance, which
peace
buke
piece of costly experience, and yet there
com¬
the
to
one
that of the
private spirit and public spirit, and it will tend
We
pile of waste and loss, it has been
as
"public welfare
entirely feasible; it has in it
courage
is
The
out of difficulty
us
scheme
keep alive and give vigor to the "Minute-Man"
of
EVIL—ITS COLLAPSE.
out;
plan whereby volunteer service
a
readiness to meet emergency
THE
some¬
run
"government" to
upon
prosperity and pull
this true.
proves
people
looking to the "organization" | to do
Chamber of
invites
base
to
have of
our
and walk humbly with
mercy,
enough continued
money
arbitration to determine whether
it could follow
along at
provided
in contention and then the
any
they ought to have
time in the future; recall
time, and should the executives have stood their
that
They
ground?
were
wearied; they had
no
human; they
beset and
were
considerable support behind
them, and they knew (what nobody can deny) that
they would have been denounced if the train move¬
ment for which alone the
had
ben
interrupted.
public showed any concern
Carry
recollection farther
back, and we must now acknowledge that the members
of the Inter-State Commerce Commission might
raised for themselves
the
plea in mitigation
ishing is it to labor leaders and union slaves; bat the
have
first
mandate to conserve or even ser¬
iously consider the roads.
It is too true; the tacit
inference, from the time of their establishment, was
giving of this lesson has
work its way.
less
The effects
enlightening and
unreasonable
of
processes
to
come,
on
and it will surely
the people cannot be
wholesome; indeed, it is not
hope (if not to expect)
care
for
our
labor troubles
that the
are
just
people have learned that
less; they have suddenly tried
like
it;
and
now
"middle-class"
tends
no
that
to hold in and hold down the
they
were
The press
union
is feasible)
they
will
they
courage,
are
not help¬
and find they
remember.
A
(which Mr. Depew still
great
con¬
would not have enough cohesion
the
roads.
did not defend the roads to any great ex¬
tent; complaining shippers
beginning.
The
that'fthey had
madefmuch noise; and
country looked on indifferently or not at
showing
no sense
no concern
But
in the
now
all,
of proprietorship in the roads and
about their welfare.
there
are^unmistakablejsigns of
public attitudeTm this subject, and
a
change
we
cannot
The overall has some
outlaws have unwit¬
public respect and
sympathy from themselves and towards the roads;
to lay undue stress on this shift would be a mistake,
yet is has certainly begun.
It began before the
greatest of the good which the
tingly accomplished is to shift
gradually going on
little longer; the
last fortnight has strengthened and concentrated it.
The country demanded return of the roads, thus
showing recognition of a proprietary interest; the
Plumb piracy proposition influenced in the same di¬
rection; the frank and unanswerably sound adver¬
tisements of the roads (a very recent one by the
outbreak, and has been
during the past year, perhaps even a
Central Lines in respect to new
Y.
N.
good instance) have helped; the
interest rate offered for some funds
being
a
equipment
extraordinary
imperatively
of all in inducing thinking;
when the outlaws rebelled against even their
needed
and
own
was
most potent
and
leaders
ran
the freebooters' flag the
up
great city.
It
is abundant and varied in pockets.
It is flexible in
conforming itself to the movements of the wearer.
It does not need "creasing," nor does it crease itself
in use.
It is conventionally of some shade of blue,
but is liberal enough to accept any other shade with¬
out contest.
It has some drawbacks also; as its
name implies, it goes "over" other clothing and is
not sufficiently warm, in this climate and season, to
allow dispensing with woolens; its colors are liable to
be "fast" in going rather than staying, and may
transfer to the garments worn underneath; launder¬
ing may become a matter of practical difficulty, and
as a climax of objections the increased demand will
inevitably start the prices of the cheap thing aloft.
The profiteer will recognize opportunity, thus seem¬
ing to call for another corps of Federal agents, and a
been a
rallying to a new idea of the whole subject of trans¬
portation, of industry, and of public service.
Now this
change is
the most essential factor
rallying by the people to action must have
of
quite deny to the inhabitants
can
The
of this change.
overestimate the importance
recent
[Vol. 110.
THE CHRONICLE
1688
profit of over 1,000% is already re¬
of alleged
case
a
distinctive advantages.
People have been told to give up this or
article of food until its price came down, and
ported.
that
have been officially
of meat;
it is
a
advised to
use
the commoner cuts
law in mechanics that the weakest
chain has only the
people rush
ting the roads.
When the regulating Commission upon the line of apparent least resistance their rush
may paradoxically increase that resistance.
This is
takes up again the inevitable matter of rates, it
illustrated by the attack upon the landlords, which
will have a new point of view, a new idea of what
has not solved the housing problem, while it has
the country needs and wants, a new conception of
halted rather than aided construction, except in the
its own duties, and a new sense of serious responsi¬
bad direction of making houses over into apartments
bility; if it gets these new ideas too slowly the country
of "lap-dog" dimensions and a threatened altering
will help it to get them; this can hardly be otherwise,
of old tenements, both of these expedients being
since the country has now an ide? of its own interest,
liable to be overdone and (what is far worse) to have
an
enlightened selfishness.
It is a foregone con¬
a disastrous effect on the mortality and health rate,
clusion, because a matter of immovable arithmetic,
and also on social unrest and immorality, by the un¬
that there must be higher rates; the employees will
sanitary conditions that may be produced.
come again with their demands, and will not those
To-day's parade, considered as a spectacle and a
demands be subjected to sterner scrutiny, and be
of the whole problem
in the solution
of rehabilita¬
testo, than ever before?
The material losses and inconveniences of the
brought to
severe
more
past fortnight we have had to accept
to
wholesome
ourselves by
indignation
and
discovering that
have surprised
we
our
been stirred
veins still have
blood in them and not dishwater, notwithstanding
of
some
past conduct implied the latter.
our
The
has been revealing in some ways, whole¬
several, and we may presently find that it
emergency
some
in
has been
a
blessing in
conceal it and that it
needed
a
disguise that did not long
came
at
a
time to prove the
a
be successful, but it must
says
its
manager,
"to be
an
couraging
an era
extravagance
ment
it
as
of
economy
in place of the orgy of
into which we have been
a
sound and timely
a
stimulates, expresses,
deepens, and lastingly
spreads the determination to act less like
children of abundance, return to
our
over
the country;
mon
among
trades
or on
national habit of waste, and behave like
working
of the
like
a wave
the
com¬
mechanical
the farm has appeared in business places,
in the halls of Congress,
schools,
in
in the pulpit,
bench, and
on
the bar in the
the bench itself.
the universal desire for
has assumed the
in Bible classes and the high
among
presence
It appeals to
novelty and amusement; it
proportions of
a
fad, "catching on"
by its eccentricity and its apparent daring defiance
of usual social customs;
hibitions
on
our
great parade, with
set down for
ance
it has had its tentative ex¬
fashionable
an
thoroughfares, and
a
elephant garbed in denim, is
to-day, with the shouting and exuber¬
which not
even
of the King¬
earth and meaning to aid that
of God upon
coming.
the garb which has long been
persons
spoiled
somewhat simpler
of living, reform or at least prune
and soberer ways
In this sudden movement, as may
prominent Southern city at about the
middle of last week, this impulse has run
plunged."
intention, but the move¬
will have neither relief nor value except so far
This is
dom
Starting in
economy
parade, for impressing upon all the wisdom of en¬
people interested in the promised coming
THE "OVERALLS" MOVEMENT.
It is
deeper down if it is to do any real good.
go
down
push in the right direction.
and
transient amusement, may
and have not intended,
On the other hand, we have
liked them.
spot yields under pressure
strength of its weakest link, yet when
the most dramatic of situations
be said also of
previous emotional spurts against the cost of living,
are
we
quences
attacking symptoms and unpleasant conse¬
instead of trying to cure by seeking and re¬
causes of our ills, just as when some try
moving the
to escape
headaches (which
are mere
sible that any
can
symptoms and
It is not
warnings) by swallowing nostrums.
pos¬
large part of the people of this country
don the blue
jeans which has
so
long been used
tp save more expensive forms of clothing; there is
more sense in the movement, not
wholly new just
now,
to wear one's old clothes and give honor
than contempt to
so
much is entirely
practicable, and it would signify
and tend to produce an economy
than skin-deep.
rather
darns, patches, and other repair;
movement more
Note this quotation:
Apb. 24
"The country swarms with speculators who are
searching all place's, from the stores of the wealthy
to the recesses of indigence, for opportunities- of
making lucrative bargains.
Not a tavern can we
enter but we meet crowds of these people who wear
their character in their countenances.
.
.
it is
.
remarked by people very illiterate and circumscribed
in their observation, that there is not now the same
confidence between
fore the
and
man
which existed be¬
man
have
suit movement
one)
honor labor
working
if they
be taken
can
substantially
as
to
by working harder, working longer, and
cheerfully and
rejoice in it
may
clouded
individuals, a general corruption of manners, idle¬
ness, and all its train of fatal consequences, may be
enthusiastically,
even
bow of promise in
as a
our
sky.
BUILDING OPERATIONS,
constant fluctuation in the
FIRST QUARTER
OF 1920.
resolved into two causes—the sudden flood of money
during the late war, and a
value of the currencies."
(which
more
we
power
If the overalls and the old'r
it.
use
and increases the determination
signifies
then
possibly the major
vast power,
a
only realize and
this distrust of
It is doubtless true:
war.
1689
THE CHRONICLE
1920.]
Predictions of great
activity in building operations
in the United States in 1920,
in
consequence
of the
quite generally acute housing situation, have thus
This
applies
said of us,
so
but it is
the condition
on
Now
only
it
means
bit from
change in spirit.
a
we may
selves
believe
that
most,
but
can
we
adornment.
faction with
look
can
If
even
from
ever,
unconcerted
an
beauty needs
that
believe
recall
can
we
is adorned
unadorned
beauty
increase
or
our¬
simplicity there will be
one
beyond externals to seek and
no
gain.
or
woman,
frothy exuberance out of
ness
of
lives; to
our
character; to take it
rather than "cursed
mandate to
seek the
we
do
To put
in serious¬
grow
duty and opportunity
we are here with a
as
right these times
so
"out of joint;" to
meaning and resolve to fulfill the demand of
this
we
by fire'and cross—so far
shall make
as we
gain for this country
a
It is
now
we
impossible to conceive
a
stronger call for econ¬
simplicity, and efficiency in industry, than
have, and if the overalls movement
are
accepting and
it is meet for
must be
a
new,
that
to answer that challenge
mean
As
determine
living lower they will
feeling of encouragement.
to have the costs and trials of
begin the lowering
and
means
we
said again, when the women really
demand
both.
They
process.
simplicity and
enforce
economy,
Their
are
the
ones
to
and to practice
attitude
and
position-
domestic, economic and political—has been changing.
They
longer companions and spenders in the
are no
degree that they were; they know money, they earn
it, they
done.
They
that will
and
/'business" and in business; their power
multiplied, and what they demand will be
are
has been
can
take
a
hold of the living problem
compel improvement—within natural line
by natural laws, of course, not by any emotional
halt the ascent of 'prices
can reduce waste and
produce thrift by fighting the one and fighting for
the other; they can even force reason upon Fashion
spasms
of
a
day.
They
by firmly opposing it.
year,
would
Locally,
more¬
during the first quarter of the
are,
have reached
there is
over,
the contracts entered
large in the aggregate
a
much greater total.
no
question that the intense campaign
waged against so-called "rent profiteering," which
check
in
served to
cause
alleged
of legislation aimed to
exactions,
inordinate
has
the abandonment, or holding in abey¬
of projects the completion of which would have
ance,
added
more
or
less to the relieving of the situation.
To the extent that the bills
passed have halted the
speculation in apartment properties, that was send¬
ing values sky-high, good has been accomplished,
but
much cannot be said of
as
drastic
provisions of the
new
some
Never before in March have the
covered
building construction
of the other
legislation.
permits issued for
total of contem¬
a
plated outlay anywhere near as large as that of the
and share it with the world.
omy,
they
presence
has resulted in the passage
spite" that
this trial of mankind
can
get another.
shall
we
as
barring their
construction work,
for
into
hold
the internal
see
said that
satis¬
substance, recognizing that worth (not clothes) makes
man
These adverse factors have, how¬
not been without effect, as it may be truthfully
If
our
increasing rates
demanded for the financial accomodations incidental
to the business.
doing what he believes wise
learn
amply verified, notwithstanding the high
cost of materials and labor and the
consequence
We need not try to make
general action.
far been
To do what
of
is
doing is still to follow others and cannot
are
right; yet
and
essays
movement
increase one's firmness in
and
time that it might be
our
by Noah Webster
following the Revolution.
a
overalls
this
as
others
well to
can
They
itself, if they resolutely undertake it.
'
Speaking economically, to cut off waste and lessen
current year.
of
served
High cost of labor and materials has
to swell the totals; but, making
course
for this the present aggregates
allowance
seem
must still be
by
fair margin.
a
regarded
How
a
soon any
decided
of relief from the obstacles that are
construction work
be counted
can
The strike of the railroad
needed
supplies of
there is
a
very
it would
high record for March
on
measure
impeding
new
is problematical.
employees has held back
many
materials; of some
stocks are
decided shortage and of others
practically exhausted.
Furthermore, unrest among
labor threatens to interfere with
work.
It had been
supposed that by adopting a plan of co-operation
full
advantage might be taken
building
of the advancing
But, according to the Dow Service
season.
Building Reports, the proponents of the plan have
withdrawn
and
by
one
one,
wage
adjustments upward
rescheduling of working hours, always downward,
proving too great for the manufacturer, the distri¬
butor, the contractor and the sub-contractor to con¬
tinue to absorb.
Our
173
March
cities
compilation,
indicates
covering returns from
of
contemplated expenditures
$155,429,425 against $63,160,679 last year, or
an1
146.1%, and compared with the preceding
consumption cannot alone lower prices; we must still
increase of
obey the law of supply and demand by increasing
high water mark for the period—1916—a gain of
production.
waste of time
The worst of all present wastes is the
and efficiency by the violent interrup¬
tions of the whole intricate and
ery
in
interlocked machin¬
of production by the revolts which are "outlaw"
being attacks not only upon the whole public but
upon
self-preservation itself.
78% is recorded.
Greater New York's exhibit is
decidedly better than that for the month last year,
due to
Rent
held
expansion in operations in all the boroughs.
profiteering
complaints however apparently
the Bronx.
The aggregate
down activity in
In this also the women outlay for the whole city foots
up
$28,639,702 against
[Vol. 110.
THE CHRONICLE
1690
$10,251,562 in 1919 and$5,167,668in 1918. Outside of
for the full year
this city the estimated
months period
expenditures reach $126,789,-
723
against $52,909,117 and $35,507,702, and, of the
172
cities, 152 show increases
over
last
year
w^th the
of 1920 furnish,
already (noted, evidence of marked expansion as
or any earlier year, the intended
as
contrasted with 1919
outlay being the basis of comparison.
In the New
England division, represented by 25 cities, the total
approximate
work sums up
of construction
cost
there
will result in an
originally con¬
templated.
In fact, a number of large projects
are said to have been postponed indefinitely awaiting
an improvement in the situation,
and further can¬
cellations are expected if prices .continue to soar.
The permits issued during March at Toronto and
important curtailment of the plans
Montreal
Springfield, Worcester, New Bedford,
greatly in
Lowell
Bridgeport prominent in the matter of
and
increase and the
ford.
only noteworthy decrease alt Hart¬
section
Middle
The
covers
intended
expenditure than
with activity
(Greater
New
York
44 cities, and at 40 of them a greater
excluded)
a year ago
is recorded,
particularly noticeable at Philadelphia,
Newark, Jersey City, Washington and
Baltimore,
Atlantic City.
The aggregate of all is $70,236,466
against $19,440,361.
The total for the Middle West for the quarter is
over
three times that of
1919,striking gains appearing
Chicago, Cleveland, Detroit, Indianapolis, Col¬
at
Springfield, 111.,
with decreases only at Canton, Saginaw and Superior.
The aggregate for the 30 cities comprising the group
is $103,539,225 against $32,338,230.
The showing
for the South is also very satisfactory, the proposed
outlay at 34 cities for the quarter totaling $44,084,006
against $12,823,782 in 1919. At all of the cities
included gains are disclosed and they are especially
heavy at such representative points as New Orleans,
Atlanta, Memphis, Fort Worth, Oklahoma, Shreveumbus,
Akron
Louisville,
San, Antonio,
Rock,
Little
and
Chattanooga, Houston,
port, Dallas, Birmingham,
Nashville,
Savannah,
El Paso and Tampa.
A
very
It is indicated that the upward ten¬
here.
as
$25,783,104 against $10,957,521 in 1919, with Boston,
New Haven,
important drawback,
erials and labor, of course, an
dency of all discriptions of materials
percentages in most cases very large.
The results for the first quarter
bids fair to exceed that of any twelve
since 1913, with the high cost of mat¬
for
is true of
same
estimated
an
said,
very
number of cities of lesser importance
a
Much the
same may
be
of the situation at such Western
moreover,
points
and
expenditure
of the same month of 1919, and the
in the Eastern Provinces.
Calgary, Edmonton, Winnipeg, Vancouver
March reports from 27 cities in the
as
Regina.
East show
prospective outlay of $5,623,669 against
a
the com¬
$579,488 and
$7,885,465 against $3,280,983.
$2,701,495 last year; for 14 Western cities
and
parison is between $2,261,796
the combined result is
1920 the Eastern total is
For the three months of
$12,247,020 against $5,360,686; the Western $3,934,981
and the aggregate of all
against $1,015,140
(41 cities) $16,182,001 against $6,375,826.
ASCEN¬
IN
COMBINATION
FARMER-LABOR
DENT IN CANADIAN POLITICS.
Ottawa, Canada April 23 1920.
parties and policies which are becoming
more
identified with widely separated
Political
and
more
fiscal ideas
are
assuming what
may
be regarded as
The present Unionist or
their battle order.
Government has suffered much from
tion
absence of Premier Borden in search of
Coali¬
the long
health.
The
of well-considered legislation and the score of
array
favorable construction situation is indi¬
call
excess
mammoth enterprises arising
from Canada's partici¬
the rehabilitation of returned
all, we have returns from 15 cities, at all of which soldiers, the war loan financing, foreign trade devel¬
increases are in evidence, and they are especially opment, assumption of responsibility for bankrupt
heavy at San Francisco, Los Angeles, Portland, railways, have been carried through with almost no
Tacoma, Long Beach and Fresno. The total at specific criticism from political or business quarters.
The Unionist Government, however, has entered
$41,845,674 contrasts with $13,160,61$ in 1919.
In
cated, too, by reports from the Pacific Coast.
In
the "other Western" group,
likewise
we
have
two cities of minor
a
which includes 24 cities,
satisfactory exhibit. At
very
importance inactivity has been the
rule, but the contrary has been the
and Kansas
St.
case
elsewhere,
City, St. Louis, Minneapolis, Omaha,
Paul, Denver and Wichita report very noteworthy
increases in
The estimated outlay for
operations.
the three months in this group
side of New
bursements
York,
reaches $34,500,027
For the whole 172 cities out¬
against $9,338,298.
we
have
a
total of expected dis¬
for building operations
for the three months of
of $319,988,602
1920, this comparing with
pation
a
in the
period in which its original roots of allegiance
the two great
affairs is
for
a mere
Quebec, while Toryism enjoys even less popu¬
ment has further weakened
and
this has created
$24,317,208 and
40%
respectively.
millions
entire country
three months
14% millions, 36% millions
Finally, for the
(173 cities) the permits issued in the
call for
approximate expenditures of
$403,777,528 against $122,376,018 last year, $99,801,982 two
years
ago,
204% millions in 1917 and
that
and
ist
operations
are
going
on
much
more
actively than in
programs
and progressive spirit
of the
new
Farmer-Labor
Agrarian party, Liberal and Union¬
meeting
common
condemnation at
the hands of the electorate.
In the face of such
evidences, the old Conservative
party functionaries are now engaged in
coalition
gain in
Advices from Canada
1919 and that the total value of construction work
genetal impression that the
One bye-election following another scored
candidates
with
building
definite
for the so-called
from
to the effect that
very
the exclusive property
202% millions in 1916.
are
a
usefulness of the Unionist Government is at an end,
in 1918,
and
The Unionist Govern¬
itself by shirking publicity
by postponing any announcement of principles
policies. In a time of impatient public temper,
and
group.
and
are no
shadow of its former strength, except
larity with the mass of voters.
$98,058,810 in 1919, only a little over 85 millions
about 168 millions in 1917 and 162 millions
Greater New York's totals are $83,789,926
The
in
longer a source
Liberal party in Dominion
political parties
nourishment.
of
are
in 1916.
war,
of
the
organizing
"temperate" elements,
a year or
two from the inevitable reaction
The
radicalism.
a
hoping to
Farmer-Labor
combination,
agriculturists greatly dominating the situation,
appear
towards
now
to
have gained
complete
power
an
irresistible stride
This
in Federal affairs.
Apr. 24 1920.]
THE CHRONICLE
1691
tendency makes it worth while to underline the main
and he continued
planks
gress,
the
in
platform
Agrarian
riddance of customs tariff
essential to
food and
on
developing the natural
free trade with the United
readjustment of taxation
which
include:
ikiachinery
on
eventual
resources;
Kingdom; and
sharp
a
a
large
he been in
In the
to have
played
ties to
of Mr. Vail
career
heredity must be supposed
part, for he
some
and initiative.
His
related by blood
was
number of Americans of
a
especial foresight
grandfather went to Ohio
pioneer constructor of roads and canals;
head of the iron
was
the
iron
his father
works; and
Morse in
was
cousin
a
a
plant that built the engine of
Savannah, the first vessel to
under power;
as
uncle
an
the Atlantic
cross
connected with the
same
closely associated with
was
builjding the first bit of wire for carrying
Young Yail first thought of medicine,
had learned telegraphy because it appealed to
messages.
but he
his
imagination,
an(ji he became
an operator on the
Pacific, making the acquaintance of the chief
Union
engineer of that road, through whom he entered the
railway mail service; in that he
the chief'
to
he had
clerkship
on
was soon
advanced
the road's system.
already effected in improvement of efficiency
take
to
charge of railway mail service through the
their
the
and at the opening of 1876 he became
the
but the telephone had just made its crude
ment,
beginnings, and its possibilities appealed
so
irresis¬
tibly to his far-seeing imagination that he turned
from what would have seemed to most
away
rare
line for
first
promotion and became
telephone
service.
believed in, and
it
was
it
of the
little
crude,
merely local; but in his mental vision
speech
carry
the
across
wires.
To him
the continent by wires
across
between
oceans
than any
more
hemispheres without
other
more
man
is doubtless
spread of the tele¬
intimately than
any
other
Had he remkined in
line he chose he
was
haps he achieved greater and
more
spiring good where he
was.
His
both
example,
achievement
and
close
relationship between telegraph and
one
great system, accomplished it and became head of
it, but the anti-trust crusade afterwards led to
separation.
same
He
liberty, of
accept the opinion of
was
some
and speech and for
wires, although not hard to
for growth, and of certain reward for
room
man
possesses.
CASH
WAR BONUSES A
MISTAKE—A
"Chronicle":—Do
Editor
Legion, do the rank and file of
on
sense
the full
If
people?
that
dear
was
to
till its over, over
Is it
a
both
there."
worthy gift,
staunch
gives
a
singing "We won't
It
lasting memorial, that
and the officers who led
fluence
as
he
war
exercised,
employ.
government
suppose
so
How
under the Post-Office
plan¬
our
on
her
boys; and
of the thousands in that great army
who lost
other thousands, the
eyes
widows',
orphans, and last, but not least, the broken-hearted par¬
ents who must carry
to its
out billions
wasted
as
their
sorrow
to the grave ?
time for the country to
a
soon
sons
received,
as
be munificent, handing
presents for the most part to be
as
while children
are
dying by
for want of food and rai¬
apd whole nations are in turmoil, threatened with
ials, the working capital with which to start again the wheels
of
industry ?
of
our
tions
we
would make of ourselves,
such proceeding at this time.
any
our
people generally in such
afford to
can
easy
circumstances that
impose new and greater taxes on them for
sentiment, with the certainty that
our
boys, being boys,
less
buying of automobiles and other luxuries that is sweeping
that he
saw
the
dismally the handling
came
we
our
long before, while in
Department
by
Are
A pretty spectacle
heroes, in the eyes of the world for all future genera¬
easy
director after the seizure, the good in¬
had
we are
began he
It is not quite
that after
public instrumentalities and that he expected
repeat,
back
special heed to the life-long suffering, privations,
no
and limbs and health, or those
the
come
magnificent!
was
regulars who started Germany
homeward course,
sorrows
can
No gift is worthy that does not include
It is neither.
the
Nothing
them, went forth to meet the
horrors of the western front,
ning?
gratitude and admiration
it will fail utterly.
so,
feelings toward those who, turning their faces
our
all
from
Washington and at the various
They assuredly do not.
testimonial to show the
a
express
sprang to
meaning of these plans for cash bonuses such
under discussion at
capitols ?
the
of
brave iads who
our
behalf of country and the freedom of the world
arms
State
SUBSTITUTE.
people, does the American
our
quickly
hopelessness of opposing the tendency to such control
to
left;
(still far from
will
strongly in favor of governmental control of the
of all
rich in
has
all the powers of usefulness and service which any
a
the possibility of using
saw
wires for both messages
using them interchangeably.
to
was.
being well learned) that this is the especial land of
mere
the
life
and he
disruption because they lack the machinery, the raw mater¬
telephone; he planned the union of the two into
formal
per¬
lasting and in¬
cumulative evidence of the truth
more
ment,
a
In the
developer, for his qualities made him such, and
became the nearest to
public instrumentalities.
saw
accom¬
pioneer, constructor, improver,
thousands in the streets of Europe
He
was
government
a
against the obstacles which
even
instrumentality into business and domestic life and
ideally perfect of all existing
as were
Budget, and doubtless he would have
Is this
due the credit for the marvellous
phone until it entered
was
was
Had
Shonts, for he
make government more burden than bearer.
men a
long-distance, and he persevered until he
able to
and
He found
manager
Theodore P.
plished something,
Is it
govern¬
He
connection, he would have striven for efficiency and
superintendent of that service.
Perhaps he might have remained with the
yet to be reached.
railways by choice and the combination
type.
as are now
whole country,
pro¬
business management; possibly we might now have
What
capsed his transfer to Washington, early in 1873,
helper of
in the develop¬
ever
circumstances, he would have been builder,
of
VAIL.
as
in body, intellect, and sympathy.
man
James J. Hill and
THEODORE N.
keenly
as
ments of communication
of
land.
on
useful citizen and
a
interested
out is not
land
to
gifts of
use
money to
increase the wave of reck¬
its serious detriment?
While
our
schools
are
teachers, and the endowment funds of our colleges
bare of
and charities
are
being halved
or worse,
by soaring prices
doing the very things
that all experts agree are most patent to aggravate our diffi¬
culties, heaping up taxes to be passed on to those least able
and wages, we
to
stand
among
the
conteihplate, it
load,
encouraging
and
crazy
extravagance
those already, in general, well supplied with funds.
Or if it is not
that
seems,
we
heroes of
have
a
in
gift, but
mind—let
a
retroactive increase in wages
beware of converting our I
us
yesterday into grafters, raiding the public traesury
yet forgotten, for the demoralization wrought by the
at the expense
of the public well-being.
hand that
such dangerous
doctrine
with
us
always devitalizes everything it touches is
yet,
complete the
Last
though it t did not have quite time to
process.
Mr.
summer
sponsibility*
connection
as
retired
from
active
re¬
head of the telephone, but retained
with
Vail
it
as
chairman
of
the
directorate
their
If we admit any
that those who take up arms for
country's honor must receive "good wages" (if not an
as
eight-hour day!) where and when shall we end our outlays
in this direction?
Every man of the great army and navy
should
properly participate therein and $1 50
of additional pay
is
as
shipyards during the
nothing.
war
or
$2 00
a
Were there not
many
in
receiving 810, $15, and
even
day
our
$20
"remuneration" wrung by union tp^tics and official
extravagance from a peopie intent only on winning the war?
If it is "pay" we are talking about, who will deny that our
heroes should share equally in the highest wages dispensed
while the war lasted ?
But this idea is unworthy of considera¬
a
day
;
military organization were
If the rank and file of our late
voice in the matter, we may believe that they
a
would
in the words of the wounded man on the front while
the war was raging:
"Don't bother about us.
Look out
for buddie.
He's worse off than we are."
Meaning in the
work.
brakes, then, with
this country, with
all the opulence there is for its sons to gain by energy, inindustry and thrift, we shall go careening through financial
squander and economic profligacy into disaster as terrific
people both together don't slap on the
all the riches nature has bestowed upon
and
lasting
or
him who has suffered real physical dis¬
hardship,
and sadness.
sorrow
of financial stress for
as
these!
the
"Certificates of Honor," not trans¬
country's
except to direct heirs and not
therefore not in danger of
and
available
as
payable semi-annually, and should entitle the holders
some
relatively remote period, when the
payment (as it does not
tion of the country may warrant
to-day) and at
be
getting
who is able at
to any
him to
at any
and might stand in need of financial
be provided, also, that any holder
earlier date to produce satisfactory evidence
an
for
this
means
"heroes" should
some
"•
them as being "on the make." We question
majority would countenance this raid.
/"-v
A. G. D.
Rothermere
Britain, like the rest
FOR REORGANIZING CURRENCY.
his
warns
countrymen
that
The Associated Press in Warsaw advices April 18 said:
Poland was shut off from the world
<^f Europe, is afflicted with financial
and
the war—at the rate of
more
than
seven
billions of dollars
a
It is financial madness for the United States Govern¬
up a
deficit at the rate of between three and
four billions of dollars
the United States
a
It is financial madness for
year.
Government, when it is pouring three-
quarters of a billion of dollars into railroad losses, nearly
half
a
billion of dollars into
and two-thirds of
debt, to
a
Shipping Board expenditures,
billion of dollars into interest
on
the public
to pile on top of such prodigious outlays and
propose
deficits billions
more
of indiscriminate
bonus distributions
and other drains of the national treasure.
It is financial madness for American
are
industries, when they
facing interminable taxes of stupendous volume, when
men
will not work and capital will not flow, to be borrowing
billions of dollars to put
into
new
construction, reconstruc¬
tion, extensions and improvements at prohibitive costs of
interest, prohibitive costs of materials, prohibitive costs of
labor.
|
a
people, when they
facing like taxes, facing inordinate living costs, facing
spending
all sorts of non-essentials,
desperate struggle to make both ends meet, to be
money
like
pleasure,
men
delirious
on
indulgence and follies.
When the only way to
increase production
to
Heretofore the crown
decrease prices of commodities is
way
to have money
hundreds of thousands of workers to be incessantly
strike but for all the public to
go on
for
off their
spending
none
The United States Government must check its mad
and pay up its billions of I. 0.jU's.
TAXATION
NEW
PROPOSED.
taxation
New
proposals
the
of
the British
outlined by
were
Exchequer,
J. Austen Chamberlain in
approximately £144,000,000
were
budget estimate of last year,
revised
estimate
be
more
no
he
October.
last
made
in
excess
of
the
but £63,000,000 below the
borrowing to balance
and that the
debt.
Chancellor
The
spend¬
The American people
revenue
and expenditures
only borrowing would be to meet the boating
Among the
tax proposals he announced that the
new
profits tax would be raised to 60%.
excess
This, the special
cable to the "Journal of Commerce" states is
drawn if
tax
a
on
wealth is established
war
to be with¬
(this contem¬
plated tax is referred to in another article; the increase in
the
excess
profits tax, according to the
the greatest
from
80% to 40%
tax must
occasioned
same paper,
surprise; it adds "the excess duty was reduced
tion this year,
with the prominence of its aboli¬
a year ago,
but it is recognized that if removed, some other
replace it."
currently with the
A new tax of 5%, to be levied con¬
excess
profits tax
on
the profits of limited
liability companies,is likewise one of the new tax proposals.
While
Central News cablegram from London On April 21
a
stated that the
face of
severe
"Pall Mall Gazette" reported that in the
hostilities the Government would abandon the
proposed increase in excess profits tax, the Chancellor
announced
the
as
to
tax
taxation
in
a
stating in the House
or
was
the 21st that he in¬
fall by his original proposal to increase
As to the criticism which the proposed
60%.
measures
The opinions on
have aroused,
the New York "Times"
the budget
are
extraordinarily diverse, even when allow¬
is made for the party feeling with which the criticisms are palpably
colored.
The
"Daily Herald"
calls it "a
which
on
claims
budget which suits the profiteer."'
the will and the means to start
of debt,
while the Northcliffe
enormous
The
to
the wealthy,
regards Austen Chamberlain's proposals
tl
on
copyright cablegram from London April 20 said:
as
paying her
press
annual expenditure of
represent labor,
indeed,
but the "Daily Express"
The "Manchester Guardian"
proof that England has both
way
and reducing the mountain
attacks his speech
£1,184,102,000 is
as
not showing how
to
be
unexpected continuance and increase of the Excess
from 40 to.
the less wildly.
ing
AND
BUDGET
thinks the chief buien is laid
aud the only
waste it is financial madness and it is economic madness
on
of private individuals.
completed marks and crowns will be of the same value.
has been worth 30 pfennig more than the Polish mark.
BRITAIN'S
GREAT
ance
enough to do the nation's legitimate work is to stop prodigal
jobs
telegraphic and telephonic communication has been
case
When the process is
tended to stand
It is financial madness for the American
are
railroad traffic to and from other
suspended, the transport of commodities has been for¬
all post,
stated that the Government had decided that there should
spending money—spending it seventeen months after
piling
To prevent crowns from being brought to Poland
changed and stamped.
by speculators during the exchange period
countries has been
All the frontiers have been
to-day.
Government order while Austrian crowns are ex¬
closed for ten days by
1920
Great
So is this country.
ment to be
WORLD
,
19, at which time he announced that the expenditures for
1920.]
It is financial madness for the United States Government
year.
FROM
OFF
SHUT
TEMPORARILY
POLAND
introducing the budget in the House of Commons on April
MADNESS:
(From "The Sun and The New York Herald" of April 20
to be
previously
had
it
26;
The bills in this week's offering
so soon
FINANCIAL
dementia.
March
advanced
was
Chancellor
Lord
.
ninety-day Treasury bills were disposed of
discount basis of WA%—the figure to which
time been 6%.
suspended in the
be avoided, but is it not a pity that
be treated as if it would be fair
6H%.
dated April 23.
are
plans heretofore suggested
to look upon
whether the
on a
rate
bidden
time, the principal sum due.
The worst features of the bonus
our
this week
the
years
Federal court that his private circumstances require
realize on his certificate, should be allowed to receive,
would by
The French
It might well
assistance.
dis¬
CONTINUED
BILLS
TREASURY
FRENCH
AT
time, too, when the average recipient would
a
in
on
thereby,
financial condi¬
of the principal sum,represented
also to payment
at
on a
6%, the rate which has been in effect for some
The bills in this week's offering are dated April 19.
ON
RATE
being turned into cash for
used for further credit inflation.
certificates should bear a fairly liberal rate of in¬
These
Co.
disposed of this week by J. P. Morgan &
count basis of
collateral,
wasteful purposes or
terest
offering of ninety-day British Treasury bills
usual
The
was
time past.
let whatever distribution is made take
in extreme cases,
ferable
BILLS.
event, instead of large cash bonuses, except
But in any
form of the
such
though tinged with great
Why cash bonuses at a time
and
TREASURY
CONTINUED OFFERING OF BRITISH
the rest of their lives memories of interesting
exciting experiences, even
Europe through war's carnage
upon
%mnt$ and §iscnssiaus
(Etormii
the dependent relative, deprived of support.
will carry for
and
fell
as
destruction.
While
many underwent severe hardships, for the great majority
of our boys the unpleasant features of the war are already
fading from the mind, and having returned to good jobs, they
ability
trimmed
of waste that can be
penny
reckless spendings and get down to hard
If the United States Government and the American
from their careless,
say
present instance,
off every
cut
must
as
tion!
given
[VOL. 110.
THE CH
1693
reduced.
Profits
Tax
60% is the most controversial of the proposals, strong protests
being made in financial circles that it will hinder the provision of new capital
and handicap unfairly young and vigorous
reduction of prices.
enterprises and
postpone [the
Stanley Machin, Chairman of the London Chamber
Apr. 24 1920.]
of
THE
Commerce, denounced it
the
editor of the London
be justified.
may
Tax
into
the
Particular interest
sideration of
a
gation has unearthed the
for
reasons
levy
on
as
expected when the Excess Profits
thejHouse of Commons.
under
now
The following
are
undertaking it in the advantage of forestalling labor's
The discussion
in the United
way
as
It is admitted to be moderate,
toward laying the ordinary shareholders
the House of Commons
in
praised
Moreover, The London Times
joint stock concerns.
will eventually have a wider
application and
assumes
it
ation.
taxes
necessity of that is insisted upon in many quarters and the Chancellor
comes
in for special
about
£3.000,000,000 derived from the sale of
criticism for counting
chased with borrowed money.
the furniture to
ordinary income the
as
the rent," and Mr. Asquith
pay
sum
of
in the House to-night
the capital,
paid to
the revenue,
not
account.
Mr.
Chamberlain
replied that he would welcome any suggestion from Mr. Asquith
which he could
on
Valuation
beer, spirits
as
but the most interesting fo criticisms is that the Govern¬
is once more showing
its hidden "pussyfoot" tendencies and trying
accomplish prohibition by indirecting.
dence in the country's power to pay off its huge debt in a
a
Mark
to
Tapley and bids him remember that strict economy is prefer¬
Austen Chamberlain,
Chancellor of the Exchequer,
in
introducing
House of Commons to-day, said the expenditures for 1920
£144,000.000 in excess of the budget estimate of last
approximately
£63,000.000 below the revised estimate be made last October.
year, but
Regarding revenue, Mr. Chamberlain declared the result
favorable than had been
more
calculation, and leave little
estimate of
£138,500,000
was
not only
anticipated, but greatly exceeded the original
£1,201,100,000.
budget
nearly
The actual exchequer receipts were
in excess of this.
more room
room
for evasion.
for evasion and greater scope for concealment
On the other hand, a tax based on
valuation.
tax
capital values involves the factor of
This factor is, of course, present in other taxes as
under consideration
now
things, such
standard
for
disagreement; but when it
interest under
a
a
comes
settlement,
or
other
some
regular market, there is little
a
tax
a
room
to the valuation of, say, a landed estate,
the good-will of
This factor alone makes
in its administration than
on
a
a
private business, opinions
tax based
profits
or
on
capital
income.
two contrasted valuations made at the present
one or
that
as
no
As to the value of
the majority of securities quoted on a stock exchange, or
as
goods for which there is
will differ.
well
(especially in the estate duty), but in
does it create difficulties similar in degree.
more
When,
difficult
moreover,
time has to be directed
date, the difficulty is much increased.
pre-war
The
On the present basis of taxation
the Chancellor calculated the revenue for the next year at £1,341,650,000.
Various
Classes of Increased
Wealth.
An ideal tax would, no doubt, seek to discriminate between various classes
of increases of wealth, e.g.;
(a)
April 19:
j.
on
of essential facts than in the simpler case of rents and salaries.
taxation.
crushing
the budget in the
although there is
dubs
of the introduction of the Budget is furnished
Associated Press cablegrams as follows from London
were
profits duty are both based primarily
Rents and salaries are paid in clearly defined
elaborate
no
Real Difficulty,
a
excess
profit.
or
measurable time,
A report
in
war-time wealth can be effectively im¬
on
his confi¬
was
although the Westminister Gazette is not convinced by his figures,
able
income
require
sums,
to
The most welcome of all the Chancellor's announcements
him
annual
an
Nobody of course likes any of the increases on such things
and postal charges,
to
to the
as
distinguish one set of assets from another, but
definite reply.
got no
ment
duty
capital present as opposed to other forms of direct taxation.
The income tax and the
war stores which were pur¬
The London Times compares it to "selling
urged that this money should have been set aside for the payment of debt
lines
on
The profits of a business are generally susceptible of accurate measurement,
The
and
r
as
broaden the basis of tax¬
so
capital levy
official discussion of
posed and collected, and emphasizes also the peculiar difficulty which all
burden equiva¬
a
a more
Increases of Wealth (War).
on
must be overcome before a
lent to that borne, through the effect of the super-income tax by wealthy part¬
ners
Kingdom has been followed by
April 10.
a
of Inland Revenue has issued a memorandum to the Select Committee of
5% tax on
a
especially in these days of ample margins of profit, and it is
going some
disadvantages of
for
cry
corporations, The London Times welcomes
basis of taxation."
new
of the advantages and
The Board calls attention to the very serious practical difficulties which
novel feature of the budget, the imposition of
"the germ of a
information received at Washington from
the taxation of war-time increase of wealth with respect to which the Board
all capital and as a means of liquidating the country's floating
the profits of limited liability
WAR-TIME
strong
indebtedness of £1,312,205.000.
The most
ON
March 8, is taken from "Commerce Reports" of
con¬
So far the investi¬
difficulties of the task, but there
many
TAX
Consul-General Robert P. Skinner, London, under date of
wealth, the practicability of which is
committee of
BRITISH
WEALTH.
and "the inference is that the reduction of duty
is bsing shown in the Chancellor's reference to the
on war
CONTEMPLATED
On the other hand
of the traders."
pockets
possible levy
hindrance to
a
1693
Times points out that the Chancellor
Prices did not fall
halved last year,
was
went
a
in the Evening Standard at
development of enterprise in important directions.
the financial
iONICLE
Wealth
obtained
by
dishonest
practices,
exorbitant
charges,
or
evasion of direct taxation;
(b)
Wealth obtained through the favorable situation of a particular class
of property owner, e. g., wealth obtained through the sale of ships which
were in the ownership of the individual at the outbreak of war and which
acquired an exceptional "scarcity" value, or through the ownership of ex¬
ceptional stocks of commodities which, owing to restricted supply and
abnormal demand, acquired such a value (cotton, leather, timber);
(c) Increased wealth arising from increased earning power and alteration
of prices, illustrated by the increased value of land or the increased value
of the ordinary shares of great numbers of companies;
(d) Increased wealth arising from exceptional efforts and exceptionally
valuable services;
(e) Increased wealth derived from normal saving out of ordinary business
profits or other sources of income;
(/) Increased wealth derived from exceptional savings made by special
effort for the purpose of investment in war loan and the like.
Exchequer issues for the past year, Mr. Chancellor said, were £1.665,-
773,000-
The revenue was £1,339,571,000, leaving
which
000,
a
£147.000,000 less than seemed probable in October.
floating debt since the end of March, 1919,
The floating
debt
nearly
The decrease in the
almost exactly £100,000,000.
was
March 31 of this year, the Chancellor continued,
on
452,000. leaving, on the existing basis of taxation.
by way of reduction,
for generous effotrs to
showing
in
ain's
the
to
a
Last year there
there must be
a
year
to
the
was
country
£1,278,000,000.
by repayment of the Anglo-French
borrowing from the United States.
pronounced effect
on
Mr.
Great Brit¬
Chamberlain asserted,
her credit.
substantial reduction, the Chancellor said.
and expenditure.
The Govern¬
be no more borrowing to balance reve¬
The only borrowing would be to meet the floating
debt.
Chancellor
The
outlined
proposed
in taxation.
increases
for three ounces, and increase of a
be doubled,
will
postage
That the duty
or one
half-penney.
for six
penny
ounces.
the present price of
he said, and on
The news paper
The
minimum
spirits, the price
10 shillings 6 pence.
The wine duty would be doubled
sparkling wines the duty would be 50% ad valorem.
beer duty would
redemption of short-term obligations, &c., at convenient times.
in every case by
Such payment would have to be taken in kind in such forms
as were available and this method, if applied indiscriminately and without
relaxation, would result in the State becoming owner of property of all
kinds, much of which it would be difficult to unload.
The requirement of
payment in a single lump sum would also be likely seriously to embarrass
some owners of private businesses who require as much capital as possible
for financing their trade.
Method of Payment.
desirable that the lump sum method should be used in com¬
bination with the installment method where necessary, the statute prescrib¬
thereon,
the
he added,
said.
Chancellor
and the interest
of satisfactory security.
deposit
the
So far as
should, it is suggested, bo conditional on the
permission of the Board of Internal Revenue or (on appeal) of the Board
in
There
would
was
be
a
included in the new
preferential
rebate,
in
a
while needing to pay by Installments, may not be
Chamberlain said
tional
of this character it would seem necessary to
cases
alternative
powers
knalogous
no extracts
concurrently
new
estimated to be £7.835,000,000,
tax of a shilling in the pound would be
with the excess profits tax
It
would
be deducted
on
the profits of limited
before tbe income tax
liability
companies.
levied.
When the War Wealth Committee made its report, the Chancellor
was
added, Parliment would be asked to impose a levy on war profits, the pro¬
ceeds of which would be applied to reduce the excess profits
duty.
to those of a limited partner, or in the
from a report of this importance can do justice to
subject, and the report itself should be consulted by those interested.
With reference to some of the facts elicited by the investi¬
the
monthly review for March, makes the following interesting
its
observations:
..
,
The
Proposed
said the result of the visit of the commission sent to Canada and the United
the methods
the method of profits taxation was the discovery that
adopted there were not suited to Great Britain.
cellor concluded by
leaving
The Chan¬
estimating that, as a result of the new proposals, the
for the year will be
£1,418,300,000 and the expenditure at £1,184,-
approximately
£234,000,000 for
debt
redemption this
He declared there was every prospect that there would be the sum
£300,000.000
for
the
Growth in the habit of
the causes for the
same
purpose
smoking
next
on the part
year.
of women has been among
unprecedented increase in the consumption of tobacco in
Great Britain during the past
House.
of Inland Revenue, gave
.,
financial year, Mr. Chamberlain informed
.
Taxation of
War
Wealth.
John Anderson, Chairman of the Board
evidence before the
Select Committee appointed
inquire into the parcticability of levying a tax on
the
course
examination, Sir John stated
of his
war-time wealth.
In
that his department had
given expert study to the whole question with the object of exploring its
difficulties and affording guidance to the Committee in regard to what was
practical and what was not.
Their aim was to mitigate as far as they could
course of action adopted, but they had
the consequences of any particular
view on the
no
Pointing out the necessity for a permanent profits tax, Mr. Chamberlain
States to investigate
excep¬
give the State the
charge on the taxpayer's assets.
to take a floating
Obviously
to
a
To meet
position to offer adequate security of a normal kind.
Towards the end of February Sir
Chamberlain said.
102,000,
cases-—especially where the taxpayer is the owner of a private
that the excess profits tax would be raised
The national debt on March 31 last, was
revenue
some
business—the taxpayer,
60%.
the
requiring
right to pay by installments
The
in the case of cigars imported from the dominions of India.
The Chancellor announced
of
and
possible the State should retain control of the method of payment and the
gation the London Joint City & Midland Bank, Limited, in
imported cigars
An ad valorem duty of 50% on
year.
sums.
It appears
be increased to 30 shillings the standard barrel and the
price to the consumer raised a penny a pint.
taxation,
levied
should be paid by installments over a period not exceeding,
Tbe idea underlying this would no doubt be to obtain
The second extreme alternative is to require payment
fight to take
Mr. Chamberlain said there would be a further duty on
Mr.
There are two possible
for the
being raised to 12 shillings 6 pence per bottle for the consumers as against
Mr.
10 years.
lump
He said he
will be one shilling instead of ninepence.
for telegrams
to
of prime importance.
of Referees.
proposed to revise the postal charges, the letter rate being raised to two
pence
matter
ing the length of the installments (not exceeding 10 years),
had been an addition to the country's debt, but this year
ment had decided that there should
nue
amounted
her half of the loan,
repay
already had had
debt
a
The whole loan, he declared, would be repaid next
without further
decision
external
the current
loan of S500.000.000.
autumn
and he is going to ask
for
go
declared,
of £86,000,000 during the year, and this would be
reduction
a
reduced
further
£1,177,-
£164.000,000 to
Mr. Chamberlain
is
payment
of collection (as opposed to assessment)
payment out of income wherever possible, and to secure for the State cash
improve British credit and lighten the future burden.
said
Chancellor
The
That/however,
of the debt.
sufficient
not
of
process
In the duty now under consideration the question
extreme views;
say,
Mr. Chamberlain extlraated the expenditure for the new year at
ordinary tax the
presents few problems.
was
£1,312,205.000.
reduction
In any
deficit of £326,202,-
£76,202,000 more than the budget estimate and
was
question of policy.
From Sir John
by Mr. R. F. N.
the following
1.
An
estimate
given at subsequent sittings
of
Board of Inland Revenue,
£11,000,000,000 was accepted as the value of all
United Kingdom owned by individuals before the war.
the war period in the value of properties owned
property in the
2.
Anderson's evidence and that
Hopkins, C. B., a member of the
points emerge:
The increase during
individuals was estimated at £4,180,000,000.
Assuming that wealth
individually owned below €5,000 was exempted, there would be 340,000
by
persons
liable to taxation on a total war-wealth increment of £2,846,000,000.
forward by the Inland Revenue contemplated exemption
between June 30 1914 and June 30 1919 did not ex¬
The scheme put
where the increment
ceed
£2,000; also abatements of
respect of each
child.
£1,000 in respect of
a
wife and £500 in
The tax would yield on a sliding scale basis a sum
•
It was estimated that 80,000 per¬
during the war and that the number
.sing tetween €5,000 to £10,000 was 140,000.
neighborhood of €700,000,000.
In the
£5,000 figuie
had risen above the
sons
of persons now posse
3.
discriminate
evasion of taxation, extra
(administratively speaking) to
be impossible
would
It
between wealth derived from war
profiteering,
effort and saving.
individual wealth [including
A/valuation of
4.
land) owned on Jure 30
to two and a half years to
accomplish.
It could not be arrived at by way of income tax returns.
Timy would be of value, but there is no fixed ratio between income and
capital applicable to the various forms of income tax accounts.
To a great
extent the difficulties
would be identical with those experienced when
would probably take two
1919 and June 30 1919
would be the same though of
greater degree.
No estimate had been made as to the probable number of
separate valuations, but these would be very numerous owing to many
people ownbig property falling into eight, nine or ten categories.
The
onus of valuation would be throw n on the individual, and the returns would
bn closely scrutinized and checked in all cases where doubt was likely to
arise.
Where additional assessments were necessitated through blame'
estimating death
worthy
duties, since the proDiem
be a monetary penalty.
within the purview of the tax, but
there should
returns
countries would come
Assets Is foreign
not investments of
this country.
5. The cost of collection was estimated broadly at from
to
one-fifth of 1%-of the total amount collected.
6. It was estimated that of the total increment of wealth
owned more than one-half was in the form of Government and other secu¬
rities.
A consideralbo part was represented by bank deposits.
It was
foreigners in
one-tenth
individually
contemplated that to a large
extent payment
would be made in kind, i. e.,
acceptable securities. It was suggested that war stocks
should be taken at a premium on the market price, or at issue price.
7. Provision should be made fqr payments by installments.
Where a
taxpayer desired this mode of payment but was unable to offer adequate
security, the State should have powers analogous to those of a leading partby the transfer of
take a floating charge on
alternatively, pewer to
or,
ner,
assets.
the taxpayers
9.
If it were
sources of rev¬
proposed tax had this advantage over Income Tax;
off debt, t]ie
made to fall on assets
to pay
it could be
which were not productive
It would not bo a tax on
profiteers but a
sphere of the
particular period.
capital levy with the
of capital value during a
appointed to consider the practicability of what
might bo tormed a profiteers capital tax.
The House of Commons had
already definitely decided against a capital levy.
But the scheme of the
Board of Inland Revenue is much nearer in principle to what had been re¬
jected by the House of Commons than to what the House of Commons
desired the Committee to consider.
Mr. II. P. Blackett, Controller of Finance at the Treasury, who gave
committee was
evidence before the
12, made it clear that in his own
the application of a general capital
Committee on March
opinion and in that
of the Chancellor
disadvantageous. On the question of the limited
levy under discussion he was, however, in broad agreement with the Inland
Revenue Scheme.
The definite opinion of the Treasury was that special
provision should bo made for the immediate redemption of the floating debt
levy would be altogether
It would be impossible
at any
if suc¬
cessful, mean such an immediate deflection of credit that a financial crisis
might result.
But he doubted if the public wrould subscribe at all to a
funding loan until steps had been taken to effect a very considerable Re¬
duction of the floating debt. ' The longer the reduction of the floating debt
delayed the worse the position would be.
The vicious circle of high
prices and wages would go on spinning, and a crash would come.
As to
tho method of payment the Treasury would prefer a scheme which brought
them cash rather than approved securities other than war loans.
He
suggested that provision should be made foi war loan bonds subscribed for
to the extent
of from
present, Mr.
£300|000,000 to £500,000,000.
Blackett said, to fund the floating debt almost
loan at a very high rate of interest would,
was
be taken at issue price.
Blackett was therefore in broad agreement
during the war to
with the scheme of the
Board of Inland Revenue, not apparently on the merits of the scheme as
such but because of the need, in his opinion, that special provision should
be made for the immediate redemption of the floating debt.
Practically
the whole of his evidence was directed to this question, and apparently
any tax would have suited him if it raised sufficient money in a lump sum
t
achieve his purpose.
It may be observed that in the case of neither the
Boa-d of Inland Revenue nor Mr. Blackett was the evidence helpful to
the proposed scheme for the taxation of war wealth.
>
TREASURY PLANS FOR
BRITISH
MEETING ANGLO-
LOANS.
FRENCII
Reports'' oe April 13 we
From "Commerce
take the fol¬
plans of the British Treasury
meeting tho Anglo-French credit op $500,000,000 which
October next:
matures in
A caolegram
from the American
nounced in the London newspapers
beginning
on
Consul at London states that it is an¬
that the British Treasury will purchase
April 12, securities that were deposited under Scheme B, to
off the British part of the Anglo-French loan, which
be used later for paying
the fill.
matures in
(Explanation concerning Scheme B,
is given in
Britain.
referred to in the above
outline both schemes in
Scheme B.
Scheme A
purchased
cablegram,
of Great
the official report of the American Securities Committee
modification of Scheme A, and therefore
Scheme B was a
necessary to
order to give the
it will
conditions relating
»
setting forth the
or
conditions under which
accepted on loan
December 17 1915.
was
securities could be
Gazette of
published in the London
The salient terms of
the scheme were:
purchase any suitable dollar
York Stock Exchange quotations,
Purchase.—The Treasury undertook to
eeurities, at prices based
he sterling
on
current New
price to be paid being calculated at the
he case of no reliable
y
additional payment at the rate
of one-half of 1 % per annum on
The securities
security.
additional expenditure for stamps or
any
the nominal
would be inscribed in a Treasury
and transferable by deed, but so as not to involve the depositor in
amount of the
register
the Treasury were to be accepted
deposit, on the understanding that the interest
paid to the depositor together with an
fees; and Treasury
certificates
would be issued for each deposited secur¬
Depositors had the option to release securities so deposited by pay¬
of the dollar value in New York, or they could be sold on behalf of the
negotiable on the Ixmdon market
ity.
ment
depositor, the understanding in
each case being that the equivalent value in
should be paid in London.
of securities as promulgated
sterling at the exchange of the day
Scheme B
provides for a new plan for loans
Aug. 12 1916.
on
The terms of this scheme were
A, except that (1) the
in most respects
similar to those of Scheme
duration of the deposit was fixed at five years from
the right of the Treasury to return the securities
March 31 1917, subject to
giving three months* notice, and (2)
of the securities if necessary,
continuing the payment of interest and additional payment until the end of
the period of loan, when similar securities would be returned or failing such
at any
time after M arch 31 1919, on
right of disposing
the Treasury reserved the
depositors the deposit value of
value, or the price realized,
whichever was the greater.
The deposit value is defined in the scheme.
Depositors under Scheme A were given the option to transfer to Scheme
B. and advantage was taken of this offer to the extent of 57millions out
of a total of 82^ millions.
The offer was Withdrawn on Sept. 4 1917.
All securities which were acceptable on loan under Scheme A were also
acceptable under Scheme B, and, in addition, certain securities were in¬
cluded, chiefly foreign and colonial railway and Government securities
having a ready market in the United Kingdom.)
undertook to pay the
return, the Treasury
the securities with an
addition of 5% on that
Reference to the
proposed payment of the loan was
13, page 1026; April 3, page
and
April 10,
NEW
made
1362,
1477.
page
BRAZILIAN
LAW
GOVERNING CONSULAR
INVOICES.
The American
Corporation, 53 Broad¬
Foreign Banking
this city, has just issued in booklet form a translation
Brazilian Federal Government Decree No. 14039 regu¬
way,
of
lating the use of Consular invoices.
This decree was pub¬
lished in the Official Gazette at Rio de Janeiro on Jan. 31
1920 and becomes
date.
a
effective within four months T*om
that
shipped to Brazil must be accompanied by
Consular Invoice.
Heavv fines will be imposed,
All goods
Brazilian
declaration in
goQds
shipped which will be considered by the Brazilian customs
authorities as attempt to defraud.
Lack of Consular Invoice
upon arrival and clearance of goods at destination, will, in
most cases, subject the shipper to the payment of double the
duty.
All packages must be properly marked with weights
given in kilos.
The American Foreign Banking Corpora¬
tion will, upon request, supply copies of this new law.
it is stated, in case
shippers make incorrect
the Consular Invoice of
weight, qualit > or quantity of
agreement.
quotation being available
REGULATIONS FOR
ITALIAN
IN
The Department
exchange of the day; in
the price was to
befixed
PAYMENT OF DUTY
PAPER.
of Commerce at
Washington Bureau of
Foreign and Domestic Commerce, announces
the 1 olio wing
advices from
Dennis, at Rome,
Italian customs duty
tional 50% has
SAN
the receipt of
Commercial Attache, Alfred P.
April 12:
has been paid
FRANCISCO
is
This addi¬
April 9.
normally in gold and when duty
additional 50% has been required.
been raised to 100% by royal decree, effective
settled in Italian paper an
CONVENTION OF NATIONAL FOR¬
EIGN
TRADE COUNCIL.
the Seventh National Foreign Trade Conven¬
Foreign Trade Council, to be held at
San Francisco May 12 to 15 are nearing completion and
some of the features of the program have already been an¬
The plans for
tion of the National
general sessions of the conven¬
President of the United
States Steel Corporation and chairman of the National
Foreign Trade Council; George E. Roberts, Vice-President
of the National City Bank of New York; William C. Redfield, former Secretary of Commerce; Otto Praegar, Second
Assistant Postmaster General; Frederick J. Koster, Presi¬
dent of the California Barrel Company of Sail Francisco;
Burwell S. Cutler, former Chief of the Bureau of Foreign
and Domestic Commerce; Robert K. Patchin, Treasurer of
the National Foreign Trade Council.
"The Relationship
of Our Productibe Capacity to Foreign Trade" will be the
topic discussed by Mr. Farrell at the first general session on
May 12.
At the second general session, Mr. Roberts of
the National City Bank will discuss "The Function of Im¬
ports," while Mr. Koster of San Francisco will speak on
"The Future of Our Exports."
Under the topic of "Foreign
Trade Policies" at the third general session, to be held May
13, Mr. Patchin will speak on "The Need for a Bargaining
nounced.
Speakers for the
tion will include James
lowing advices regarding the
(1)
loan: Securities loaned to
To offer a big
figure.
to
on
from the date of
such securities would be
jewels, furs, and
levy restricted to any Increase
for
on
of revenue.
in cases where large sums had been
other luxuries: but heavy penalties should be
provided against attempts to evasion.
It was feared in some quarters that
the proposed tax would lead to a widespread squandering of wealth.
But
this had been guarded against by the Chancellor's statement that the post¬
war date should be a date prior to his statement.
It will be observed from this summary of the evidence given by the
Board of Inland Revenue that the scheme put forward by them as the only
practical one would not agree at all with the popular conception of the tax.
spent on
Mr.
received
of proof was foreseen
The difficulty
at
Deposit
(a)
for two years
subscription to
accrued interest , could be
in these columns March
might be given for prompt payment.
agreed that there was a need to tap further
A discount
The
face value plus
option in lieu of cash.
future long-dated war loan at
taken at the seller's
110
1920, available for
bonds maturing in
Exchequer 5%
any
.
8.
enue
[Vol
THE CHRONICLE
1694
A. Farrell,
A PH. 24
1920.]
THE CHRONICLE
1095
Tariff."
Other addresses at this third
general session will
include the following:
"Reorganization of the Foreign Ser¬
vice of Our Government,"
by W. W. Nichols, of the Allis-
germany
the American
Chamber
of
At the fourth general session to be held
cablegram,
A
the
12,
appeared
dispatch
from
Berlin
that
says
follows
as
development o* foreign trade will
occupy an
the program of the convention,
German
in
a
London
"Financial
Germans
securities with the government.
or
a
This
will be the
sailles
first, step toward carrying out one of the provisions of the Ver¬
Treaty.
The securities will bo turned cv jr to the Allied or
Associated
Powers directly interested, and
compensation will be given to present owners
the basis of the market
quotation of Jan. 10 1920.
on
o*
The effect of this announcement in
sessions devoted to various aspects of
the
by
proclamation to list those shares
Harris-Forbes & Co.
of
f-'v'::;
bonds
Knox, President of William H. Knox & Co., New
York; "American Marine Insurance," by Hendon Chubb of
group
1920.
owning company shares,
or other securities
relating to property, rights or interests situated
in territories of the Allied and
Associated Powers will be notified soon
Friday morning, the
iam H.
Special
April
of
America" of that date:
Washington.
York; "Maritime Securities" by John A. Barber,
owners
quotation
Germany,
following addresses: "American Maritime Policy" by Will¬
New
io
of
regard to the proposed listing with
Government of Allied securities owned in
Dr.
topic will be the "American Merchant Marine" with
german
as
With
Commerce in the Argentine
Republic; "The Organization for Foreign Trade," by
Henry Suzzalo, President of the University of
compensate
securities
jan.
Chalmers Company; "The Value of American
Chambers of
Commerce Abroad," by C. E. Whittmore, former
president
of
to
allied
Germany is detailed
follows in special
copyright advices received from Berlin
as
the
April 13 by the New York "Tribune:"
important part
by 0. K. Davis, Secretary of the Council, under
whose auspices the convention will be held.
Regarding
Scenes of unparalleled excitement and
confusion occurred on the Berlin
Boerse yesterday upon the announcement of
the government's decision to
confiscate foreign securities at prices
prevailing on Jan. 10, when the peace
treaty was declared ratified.
As most of these securities have
the program
siderably,
according to
announce¬
ment made
planned for the
sessions
group
an announcement
by Mr. Davis
says:
group
morning newspapers.
on the floor of the
exchange;
making the transaction of business impossible.
Brokers howled angrily,
denouncing the Boerse committee for neglecting to get a clear statement
of
the
strong
John
Gardin, of the International Banking Corporation, wili speak at this session
the question, "Financing Through Credits and
Investments."
"The
on
Operation" will
government's
purposes months ago.
Excited speeches were made,
lungs which usually cried bids and offers were
brought, effectively
into play and bedlam
reigned for several hours.
When the committee saw
the state of things in the first hour it
withdrew and held a
meeting, at which
it was finally decided that the Boerse
session had to continue.
This
"Financing Foreign Trade" will be the topic discussed by the second
session, under the auspices of American Bankers Association.
Webb Law in
announced in the
was
The announcement caused
great excitement
Among the speakers announced for the various group sessions
may be
named Dr. Ernest L. Bogart of the
University of Illino's, who will speak
before the Educational Group Session on the
topic "Teaching of Economcs.'
risen con¬
operators fear they will be ruined through the
government's
some
decision, which
caused
redoubled tumult
occupy a group session.
on the floor, with crowds
forth, shouting denunciations.
"Direct Selling" will be the topic for the fourth
group session, tht speak¬
ers of which will include W. L.
Saunders, President of the American Manu¬
and
facturers
of brokers
surging wildly back
highly respected banker's hat
Some
Export Association, whose topic will be "Why Direct Selling?"
out"
The presiding officer at this session will be A.
Trade
Redfield,
former
Through
the
Banks."
were
Secretary
C.
of
of
New
session.
group
John
Foord,
"Pacific
Newton
"Foreign
Problems"
"Commercial
topic,
derson of Pacific
Robert
Markets."
Trade
be
will
discussed
Intercourse
Ports Magazine on
Advertising,"
with
by
is
the
China;"
another
following:
W.
B.
Hen¬
"Handling Products of the Orient;"
Lynch of the San Francisco Chamber of Commerce,
on
The foregoing group sessions are in addition to the
regular general ses¬
sions
already announced for the convention.
"The Parcel Post," to be held
Assistant
Postmaster
At the special luncheon
on
Friday, May 14, Otto Praeger, Second
on
General, will speak
"The
on
F.
•
the brokers were
Canadian
National
Angeles:
Haigh,
Goodhue,
Bank
John
delegates include the following:
First National
San
Bank,
Francisco;
Boston;
F.
Raymond
F.
Harrington,
Jones,
Merchants
York; H. S. McKee, Merchants National Bank, Los
Bollinger,-
National
Shawmut
Bank,
Boston; Geo.
V.
C.
American Exchange National
Bank, New York; M. P. Moselqy,
Bank, New York; T. F. Aspen, Park Union
Foreign Banking Corp., New York; J. W. Maxwell, National City Bank,
Seattle, Wash.; John Clausen, Union National Bank, Seattle, Wash.;
H.
Parsons,
Dexter
National
Roseti.
decided
After
to close the Boerse.
The excitement
the Berlin
on
exchange indicated that
the method and paiticularly at what
price
unaware as to
securities.
The action of the German government is
evidently in compliance with
annex to Article 298, which
provides:
"Germany will within six months from
deliver to each of the Allied
treaty,
certificates, deeds
Associated Power,
or
coming into force of the present
Associated Poweis all securities,
other documents of title held by its nationals and re¬
or
lating to property rights
or
the
or
or
interests situated in the territory of that Allied
including
other obligations of
any
sharas, stock,
any company
debentures,
Shawmut
Horton
National
Bank,
Bank,
Boston;
F.
C,
Seattle,
Wash.;
M.
Harding, Anglo
F.
South
annex
tjiat "the provisions of Art icle 297
relating to property rights and interests in
an
enemy
In its issue of
the
April 2 the "Journal of Commerce" printed
following:
The
continued
explanation
in
and
depression
severe
of the
Danish
kroner
Carpenter, Merchants National Bank, Los-Angeles,
John S. Drum of San Francisco, who will act in
place of Ml. Hawes,
dent of the Association.
ucts
and
179,000,000
kroner for foreign
goods.
The import
the previous years were 945,000,000 kroner for 1918,
forthcoming convention
1,210,000,000 kroner.
This adverse
balance
of
Denmark's
foreign
trade is
the
general sessions
was
only insignificant.
is "The Effect of
Being
a
Creditor Nation."
I.—Fundamentals of Our Foreign
capacity to Foreign Trade.
II.—Imports
Trade.
2.
Merchant
Exports.
The future of
theme, which
The
following
Denmark has that in
our
1.
2.
1.
The
relation
of
our
pro¬
The financial situation.
Function
exports.
3.
of
imports
The part
in
IV.—A
almost
entirely
exhausted
more
normal.
Denmark's harvest has not helped to mend matters, the result for 1918
and
1919
being about 20% and 7%
considerable extent from
The foreign
some
Swedish
francs
exchanges
below the average of the preceding
a
scarcity of hay and straw.
are
fairiy stationary, although the position is
a
points, sterling being quoted at 22.72; dollars at 671.00 and
kroners
continues,
at
124.80.
the
The
quotations
played by
our
new
difference
being,
between
respectively,
French
48.00
and
and
Swiss
108.25.
In Stockholm sterling Is just at par, but francs are down at 38.25, and marks
have
for
some
little
time
been
about
5.60.
The
labors
of
the
Danish
have had quite the expected result,
officiate and some legislation may be
seem to
but In the meantime it continues to
called for.
Foreign
our
Policies.
1.
The
Chamber
need
our
of Commerce abroad.
for
a
bargaining
Government.
4.
The
3.
tariff.
The value
machinery for for¬
eign trade.
Sessions.
being
In order to ascertain the position as to the amount of
wanted, inquiries
were
sterling
made in the textile branch, from which it appeared
that 130 concerns stated that they had ordered goods in England
for about
230,000,000 kroners and in America for about 30,000,000 kroners for which
Trade
Reorganization of the foreign service of
of American
side,
common
No doubt the matter by degrees will right, itself when the
Foreign Exchange Board do not
Trade.
Marine.
III.—Foreign
2.
and
number of other countries, stocks
receded
the topics to be considered:
ductive
a
everywhere.
wrong
The unusually heavy imports during 1919 are, of
not exceptional in Europe to-day;
course,
notable
kroner, and
five years, the deficit for 1919 as compared with those five years arose to
made
announced for the discussion of
are
more
because in 1914 exports exceeded imports by about 72,000,000
the difference during the preceding three years, though on the
little less strained, and pounds sterling, dollars and Swedish kroners have
the broader aspects of the general convention
are
was
figures for
1,082,000,000 kroner
for 1917, and 1,357,000,000 kroner for 1910, and the
corresponding figures
for goods exported were 743,000,000 kroner,
1,065,000,000 kroner and
and
Presi¬
issue of Jan, 31, page 415.
Four
full
state of Denmark's foreign trade.
during 1919 exceeded 2,500,000,000 kroner, agamst
exports amounting to approximately 735,000,000 kroner for Danish prod¬
a
Earlier mention of the
our
finds
the badly unbalanced
production and export of Demmark's staple products become
in
and
country,
and the proceeds of liquidation thereof,
apply to debts, credits and accounts."
with
Bank, New York; D. II. Moss, First National Bunk,
Seattle,
Wash.; R. V. Ankeny, Seattle National Bank, Seattle; Norman I.
Adams,
Shawmut Bank, Boston; L. C. Bryan, Boatmen's
Bank, St.
B.
debenture
.
It is explained further in the treaty
this
National
Geo.
-
incorporated in accordance with
the laws of that power."
American
Louis;
of disorder
scenes
Section 10 of the
American Exchange National
W.
likewise.
That country's imports
Commerce,
Bank. New
maltreated
decline in danish exchange.
coming National Foreign Trade Convention
The other
of official
them, making it impossible to fix exchange rates
the government would obtain
possession of the
named.
Abbott
were
seats.
foreign
on
Development of the
The delegates will be headed
by E. J.
Hughes, Chairman, P^irst Wisconsin National Bank of Mil¬
waukee..
They
compelled to leave their
reported in the financial district that the exchanges in Frankfort
were also closed.
Under the peace treaty,
Germany is
required to meet a part of its obligations to the Allies by the transfer of
Twenty delegates to represent the American Bankers Asso¬
have been
exchange
were
Hamburg
International Parcel Post."
ciation at the
one
was
and
stock,
"Relations with the Peoples of the Orient."
and
The "Tribute" added:
group
W.
traders,
adjacent room, where rates
an
the committee held another sitting, and
C.
Commerce, will preside, and among the
speakers will be Jerome Landfield of the Russia Economic
League.
"Practical Problems of the Export Manager" will be discussed
by E. Wilhelmi Droosten, export manager of Robbins and
Myers, who will speak on
"Survey
in
foreign securities.
Another
the topic of "American Trade with Russia."
by
Members tore up the quotation sheets
on
It
Promotion
quoted.
are
Dealers
"Banking Services for Foreign Trade" will be discussed by W. E.
Aughingaugh, Foreign Trade Editor of the New York
Commercial, who will dis¬
"Foreign
attacked
were
and
so,
enacted in
were
brokers and stamped
Pearson, Chairman of the Executive Committee of the National Periodical
session will take up
scenes
exchange
Publishers Association.
cuss
committee
when official brokers took their seats to fix
quotations.
Similar
"Foreign Trade Promotion Through the Press" will be the subject of
discussion for the seventh group session, the
speakers of which will include
McGraw of the McGraw-Hill Corporation, on "The
Service of the
Trade Paper;" Franklin Johnston,
publisher of the American Exporter, on
"Export Press."
the
prevented by force from doing
John
the
of
members
was crushed with a well aimed blow.
Hundreds of brokers gathered around the committee
shouting "Put them
Frank Noxon, Secretary of the Railroad Business
Association, on "Foreign
Trade and Railroad Equipment;" and Burwell S.
Cutler, former Chief of
the Bureau of Foreign and Domestic
Commerce, on "International Barter
Under Adverse Exchange."
purchases sterling and dollars were wanted.
tinued in other branches.
A
voluntary
The
inquiry
retrenchment
in
diverse, especially imported commodities is being strongly
is
the
being
con¬
matter
of
advocated, with
what results remains to be seen.
National
2.
Program
for
Foreign
The Final Declaration.
Trade
1.
Reports
of Group
The
foreign
exchange question
has
been
exchange conference, where the conclusion
discussed
was
at
a
Scandinavian
reached that to export gold
THE
1696
r~
■
would be a risky
holdings
released for free
exchanges
considering the limited
the countries concerned and unless gold was
handling all over the world.
In order to raise the Scandinavian
the conference can only point to increased production and diminished
of gold in
words, work and
economy—economy also
expenditure and to check waste
the people from being
possible in that direction by
preventing the importation of luxuries.
In fact both by reducing the ex¬
penditure and increasing the revenue we are working hard to secure economic
extravagant, we are also
con¬
by the
municipalities.
The main thing at, present Is to make the
of the different exchanges to each other more stable, but no isolated
and the manner in
which the different exchanges may
financial policy of the countries. The Danish
Exchange Board has decided to request the Government to Introduce regu¬
lations for a more stringent control of remittances abroad by making it
compulsory to procure a certificate or license for making remittances abroad
n
influenced by the
individual case of import.
every
FRENCH LOAN.
SUBSCRIPTIONS TO
however, to be a feeling of distrust abroad
national finances. This mistrust is in part
responsible for the high rate of exchange.
Nations which never doubted
our ability to win the war are now doubting whether we shall win in the
economic struggle which began at the signing of peace.
Those who know
France best, however, know that this victory, like the other, is only a mat¬
ter of time, and perhaps the time will be much shorter than many imagine.
It should not be forgotten than France is not only rich in capital, but that
she has boundless resources of labor and energy.
There are no more indus¬
Despite our efforts there seems,
this connection.
hoped that the
international financial conference soon may become a reality.
It was
further iaid down at the Scandinavian conference that so long as the cir¬
culation of gold was not free there could be no joint Scandinavian kroner
exchange, the financial doings of the three countries being entirely indipendent of each other in spite of their having the same coinage.
The mutual
kroner exchange will thus depend on the respective trade balances of the
of countries can exercise any decisive influence in
All countries concerned must discuss the matter, and It Is
have been
French Victory loan, which,
as we indicated in these columns March 27, page 1242, were
closed on March 20, totaled 15,730,000,000 francs, of which
6,800,000,000 francs was in new money, according to an
announcement made by M. F. Francois-Marsal, the Min¬
ister of Finance, in the Chamber of Deputies on April 11.
The cable advices to the daily papers from Paris on that date
Subscriptions to the 5%
Other loans of various types,
transport by land, mines,
brought
will not let us rest
class of citizens,
of view that
normal conditions of trading
In Europe.
Unfortunately in spite of optimistic and interested information
received from Russia our private inquiries show that the present situation
entirely prevents any possibility of the exportation of whatever raw ma¬
DEPUTIES PASSES BILL
ADVANCES TO
BANK OF FRANCE.
GOVERNMENT BY
request of the
French Minister of Finance,
And so the
Frederic
of Germany does not stop the miliartist menace and
of revenge. But unity between those who
fought for the same ideal and duty is indispensable for the clearing of its
financial pathway and for lowering the price of living and for making life
worth living to the great mass of the people the world over.
recent loan.
TO U. S. FOR
advocacy of a war
ent
America."
fortunate coun¬
He refers to the depreciation in
the
and says
"for Europe alone, and for France especially to make up the
difference which these five years have brought is almost
impossible.
She needs credit and it is to America she would
go first for long credits to buy raw materials."
The follow¬
ing is the statement as given in the "Times" of April 22:
last five years
The financial
in the material wealth of Europe,
situation of France is not so
serious as some people seem to
It is only unsteady, and if we act with determination and energy
will soon be re-established.
The debt we have to acquit ought neither to frighten nor to disquiet our
suppose.
It
Although the task is
friends.
with it firmly, and
formidable the Government intends to
country are behind it in
both the Chamber and the
deal
that
resolve.
raising a national loan which
gave more than 15,000,000,000 francs to the treasury.
The Chamber is
just now voting new heavy taxes, which, while affecting all sources of wealth,
bear most heavily, as is just, on those who have made large profits during
What have we
the
done?
We have succeeded in
war.
The
reproach has been often made
recently that while the French were
their country they would not spend their
That is not entirely true, at present at least.
the last few months revenue has poured in at a most encouraging rate.
willing to spend their lives for
money
In
The
and pay their taxes.
people are really as anxious to shoulder their
did the burden
that the law
financial burden as they
of fighting, and those who are unwilling to pay are
is becoming increasingly strict and being
finding
strictly enforced.
FRANCE—THIS YEAR'S
DEFICIT.
The daily
expenditures of France are
placed at 139,000,000
compared with 41,000,000 francs in 1914,
this being the showing as presented by Frederic Francois
Marsal, Minister of Finance, in addressing the Chamber of
Deputies on the financial position of the country on March
30.
From the press accounts we give the following as to
francs in
1919
as
what he had to say:
expenditure of France was 41,000,000 francs in 1914, 68,000,82,000,000 in 1916, 104,000,000 in 1917, 127,000,000 in 1918,
139,000,000 in 1919."
member of the Chamber remarked that the question of exchange was
"The daily
situation of the country by
She needs assistance from more
crisis.
tries like
EXPENDITURES OF
DAILY
credits is stressed in a statement on
the French Finance
Minister, F. Francois-Marsal, given exclusively to the New
York "Times" according to a copyright cablegram to that
paper from Paris April 20.
The French Finance Minister
is announced as stating that "despite our efforts there seems
to be a feeling of distrust abroad about our power to restore
the national finances" and "this mistrust is in part respon¬
sible for the high rate of exchange."
He also says "the war
has produced in all the belligerent countries such a state of
unrest that Europe can only with difficulty survive the pres¬
the economic
whole
be
ing financial situation
the open
of Deputies on April
19 passed a bill deferring until the end of December the re¬
payment of the 3,000,000,000 francs advanced to the gov¬
ernment by the Bank of France.
These advances, it is
stated, were to hare been repaid from the proceeds of the
The need of France for
in Europe and in the
accomplished by the allied and associated nations.
No
doubt our economic union will not be able to prevent the outbreak of a new
conflict.
It did not do so in 1914 when the solidarity of interests seemed to
outside observers a sure guarantee against war.
And even now the alarm¬
world must
Francois-Marsal, the French Chamber
FRENCH FINANCE MINISTER LOOKS
NEEDED CREDITS.
from an economic point
in the resumption of
foodstuffs there remain.
renewal of normal conditions
terials and
DEFERRING REPAYMENT OF
At the
been highly desirable
It would have
Russia should co-operate
the colonies.
OF
materials.
whole.
to attract every
than 550,000,000 francs
CHAMBER
go
It would not then be many
years before France would have a commercial balance to pay her debts in
full.
If the United States does not help us we shall have to depend on other
European countries, for we cannot run further into debt.
The Allies and the associated powers should also take their share in the
heavy burden that the budget for the liberated regions imposes on France.
The rebuilding of these devastated regions in which the armies of the world
fought for victory obliges us to increase our imports and contributes to in¬
crease the depreciation of our exchange.
At the same time their return to
life and productivity are essential to the rapid recovery of the country as a
credits to buy raw
first for long
8,000,000,000 francs in National
in National Defense obliga¬
tions and about 375,000,000 francs in French rentes.
The Bank of France collected subscriptions to the amount of 6,500,000,000 francs and other banks nearly 4,000,000,000 francs.
Subscriptions
totaling 275,000,000 francs came from abroad and 84,000,000 francs from
FRENCH
&c., has depreciated to an enormous extent from
For Europe alone, and for France
of labor and other causes.
the lack
especially, to make up the difference which these five years have
is almost impossible.
She needs credit, and it is to America she would
considered."
new loan subscriptions included
The
French people, and in, for instance, our
of many sources of wealth and a power not yet
touched.
We have also on the markets of the world a monopoly in certain
materials, such as potassium.
Many of our industries are without rivals.
The question of the German reparation is one of the most important in
the settlement of our position, and it is the common interest of all the Allies
and the other powers that it should be settled as soon as possible.
The war
has produced in all the belligerent countries such a state of unrest that
Europe can only with difficulty survive the present crisis.
She needs assist¬
ance from more fortunate countries like America.
In the last five years all the material wealth of Europe, the means of
great waterfalls we have one
must be
Defense bonds, more
people in the world than our
trious
Foncier.
"However," he added, "the excess paper currency
restore the
about our power to
quoted him as saying that the railroad strike coming during
the subscription period had slackened the takings, and added
He recalled that 4,000,000,000 had been subscribed at the end of 1919
the Credit National of the liberated regions and 1,000,000,000 for the Credit
there.
doing as much as
security.
group
countries in question
Government's power to prevent
is not within any
State and the
relation
reduce unnecessary public
in the national departments. Though it
doing our utmost to
On the other side we are
experiment at present,
sumption, or, in other
[Vol. 110.
CHRONICLE
000 in 1915,
and
A
economically vital for the country.
member should also have said it
financially and
replied that the
M. Francois-Marsal
tfas an international
■'
question.'
speaking in connection with the vote for
for the coming quarter. He said he though that
the war in taxes from an
invaded
of its men were mobilized,
yet "a greater effort might have been tried."
Loans, the Minister continued, had been raised each year from 1915 to
1918, but there had been none in 1919.
He said he would give the results
of the loan of 1920 as soon as he had them.
[The figures appear in item on
of Finance was
The Minister
provisional appropriations
impossible to ask much during
country, where such a great percentage
although it was
'
another page
to-day;]
"But if this
he
is the first
loan of the year, it
added.
The
'
certainly will not be the last,"
■
breathlessly as the minister dealt with the form¬
giving the total expenses for 1920 as 50,052,000 francs, of
Deputies listened
idable figures,
recoverable from Germany. This year's
The Treasury's disposable amount at
the Bank of France was 700,000,000 francs.
"Foreign Treasuries are closed to us and we cannot consider the possi¬
bility of raising an important loan abroad," said M. Francois-Marsal.
"Our expenses must be compressed to the utmost possible.
No loans can be
issued on any terms and no taxation can be collected if the taxpayer feels
that he is throwing his money into a bottomless abyss.
Scandalous profits
have been made, on which the Treasury, first, and then justice must say
which
22,000,000,000 francs were
deficit was
the last
8,000,000,000 francs.
'
word."
The Minister
explained the high cost of living by
recalling the inflation of
the Bank of France's advances and the issue of national
He said that as notes multiplied in the face of continued
decreased production the purchasing power of the franc diminished.
"The paper inflation," the Minister continued, "has produced artificial
wealth, and from this arises the crisis in the exchange rate and the deficit
in our commercial balance."
The Deputies murmured with indignation as M. Francois-Marsal spoke
of the heavy imports of jams, cakes, and coffee.
He said that coal and raw
materials must have preference, that expenses must be reduced to a mini¬
mum, that useless services must be suppressed and that State employees,
paper
money,
defense bonds.
where they were
many
not
must fulfill
indispensable, must disappear.
her engagements to France.
He added that Ger¬
Ape. 241920.
"*F ■'
THE CHRONICLE
\
"The situation certainly is serious," the Minister declared, "but France
has
are
M.
necessary."
placed
A law
■
Francois-Marsal
announced
that
important
restrictions
would
be
importation of luxuries in order to effect improvement in
upon
change.
juncture, he said,
must
b? applied to payment for supplies of wheat to eke
of articles of
for the economic revival.
Discussing
contemplated with a view to bringing about the
measures
complete rehabilitation of French finances, the Minister referred to future
sections
of the
between
two
premiums
as a
calculated
to
he said,
These,
loan.
peace
types,
from Paris
would probably be divided
feature, and the other foreign subscriptions, in
satisfy
form best
a
investors.
foreign
The
of
the latter
April 19 said:
purchased
the Antwerp market and jewelry.
on
United States, which have formed
also
are
M.
cardboard
a
value
These issues
which
ing its provisions with "L'Echo de Paris," said the predominating idea was
to restrict all goods not
absolutely necessary to the life of the country.
The Minister, in his interview with the
newspapers, invites the French trade
according to the London "Times's" Paris corrdespondent,
was
This
new
reform
was
be replaced eventually by State coins
emergency currency is to
as soon
the mint
as
can
cope
with the task.
The urgency of the
shown by the fact that among other substitutes
of postage stamps have circulated as exchange media in
This is
a
distinct reminder of
very
a
convalescent from
some
time to come.
serious
a
It must
adopt plain foods and shun meats for the time being."
our own
FRENCH GOVERNMENT PROPOSES FIXING OF WHEAT
PRICES FOR THREE
The
are now
mentioned money issued by private individuals.
in nickel
"France," said M. Francois-Marsal, "like
illness, must be careful of its stomach for
YEARS.
com¬
franc and half-franc coupons in exchange for the above-
own
buying in foreign markets all products excepting coal, wool,
machinery.
illegal,
were
but they were recognized by virtue of necessity, and the chambers of
issuing their
considerable item in imports lately,
to be forbidden.
Francois-Marshal, Minister of Finance, who drafted the law, discuss¬
currency notes in the form
bearing the shop stamp and
counters,
accepted mutually throughout the neighborhood.
merce,
a
are
Belgium, feathers
Silk stockings from the
of the war the French tradesmen met the growing
part
scarcity of silver coin by issuing their own small
of
LUXURIES.
cotton and agricultural
following is taken from the New York "Evening
April 17:
Post"
In
CHANGE."
OF
the importation into France
Among the articles, the importation of which is .forbidden by law,
to refrain from
FRANCE'S "SMALL
on
natural and artificial flowers from England, fruit from
for internal subscriptions only, with important
one
IMPORTS
luxury is understood to have become effective
As to the restrictions the press cablegrams
April 20.
on
insufficient stocks of France, and to buy machinery and materials
necessary
RESTRICTS
placing restrictions
ex¬
All the money which France could afford to spend abroad at this
out the
FRANCE
and has made sacrifices infinitely more cruel than those that
seen worse
now
169?
small packet
it
French
announced
was
for
Government's
in
Paris
cablegrams April 18, provides
price fixing for three
years, guaranteeing the producer
The plan, it is further said, provides
adequate return.
an
control
wheat
for
program
for
the restoration of freedom in
wheat
the French cities
that
the
Government
will monopolize
trading, except—
the importation
of
right to requisition domestic supplies.
On the 12th inst. in referring to the wheat
shortage in
Civil War expedients.
wheat and will retain its
FRENCH TAXATION PROPOSALS.
The
question
to new taxation
as
measures
France, the Paris advices to the daily
has been
inently before the French Chamber of Deputies.
12 the Chamber
vote
prom¬
On April
urged by Budget Reporter Dumont to
was
taxes
rapidly, declaring that each day's delay eost
the budget 1,000,000 francs.
On that date it was said that
it
new
expected that the Government's
was
taxes would be increased
new
revenues
under the
8,500,000,000 francs.
said:
papers
France's wheat stocks
are so low that a greater
quantity of flour substi¬
bread, at least until June, when, according to the
Government's program, Importations of more wheat will be received.
tutes must be used in
The Under-Secretary of the food department has prescribed that when
wheat and rye flour alone are used in bread, the wheat must be 60%
For wheat and maize, the proportion is 75 to 25%.
40% for rye.
wheat may be used when it can be mixed with
Where beans and peas are
35% of
rye
to
65% of
and maize.
used they must not exceed 5%.
During
the debate in the Chamber of
Deputies on April 12 Deputy
Auriol, Socialist, said he regretted that the financial soli¬
darity of the Allies, which had been advocated, had not
been realized.
financial
»
situation
profits.
the
as
taxation
On the 16th inst. it
had, by
tax
He asserted that the only
was
Lawrence
of
and
capital
war
reported that the Chamber
"Sun and New York
Hills, staff
correspondent
the
of
Herald," in copyright advices to that
from Paris April 17 said:
paper
revision of the nation's financial
policy it
ordinary provisions with regard to
to
war
much
profits,
60%
as
Schedules
revenue
to
in
some
cases
since January
real and
on
was
these increases in wealth amounting to
expected to produce
are
from
the
tariff
new
8% tax is proposed
on
real
estate
a tax
or
give accurate returns if the yearly turnover is
of increases is
to
an assessment
1,000,000 francs
the total levy.
a
year,
the
amount
being
now
new
taxes
received
on
a
a
40%
a
sliding scale
tax represents
produce
scheduled wealth,
and
or
about
industrial
*
In order to
prevent yearly discussions it is
proposed to maintain this
basis for the next five years, at the end of which time the condition of the
budget will determine whether there will be
the
an
increase
or
decrease in
a
levy.
The tax
tax, or "tax de lux" of 10% or for the additional 10% tax on bachelors.
Theatres and
places of amusement will remain under the existing tax
arrangement, which is considered excessive by owners of such places.
ready they have pointed to
their inability
to stand
a
a
convenient decrease in receipts
order
out
of
the
as
Al¬
proof of
heavier burden.
The proposal is regarded in French
restore
chaos
of
ductive
the commission's
as a
serious effort to
conditions.
post-war
Socialists support a
plan fails to relieve the strain
scheme by
would be paid in by large
Many
means
on
of which nearly 80%
the
counter
of
consumer.
the
revenue
capital, whereas under the plan proposed by the
commission less than 30% of
this
Paris April
ceived by
the tax
revenue
would
come
from this
source.
the daily
TO
TAX
WAR
PROFITS.
war
20 the following information
was
re¬
papers:
budget
as
Italy."
highly
so
Italy
he
pro¬
says
alone," but he contends, "for
we must
coal, iron,
and
raw
materials
says
"only
European question: Europe must at all costs
wars."
The following is the statement of Premier
avoid
new
as
indispensible
to
us."
"There
he
reported by the Associated Press:
speaking to-day with reference to that country's
Germany, Austria and Jugo-Slavia, and also
financial situation of Italy, charged that a campaign of falsehood
toward
policy
is"
one
Premier Nitti of Italy,
,
"The dissemination of false news detrimental to Italy is
thing," Premier Nitti said.
come
upon
was
the
being
supplies.
The tax is calculated in such a
way as to allow a maximum
dlemen, according to the importance of the transaction.
proposed amendment to the taxation bill in the Chamber,
which
abolish Government securities payable to bearer, was defeated
would
to-day by a vote of 373 to
234.
During the debate the Minister of Finance
M. Francois-Marsal, offered an uncompromising objection on the ground
that the bill was
prejudicial to the interests of the Treasury and the country.
a
an
abominable
veritable campaign of libellous false¬
Many telograms which claim to have
Italy prove to have been sent from neighboring countries by
from
persons
"It is
By whom is it promoted?
hoods,
who have not lived in Italy and who are acting in the interests of
unknown parties.
of the European Continent is sounder than Italy.
The
ex¬
change is absolutely unfair and does not in any way correspond to our real
You will
situation.
see
in
a
few
years
what will be Italy's position in the
world.
"During the war we alone withstood
country of 54,000,000
inhabitants.
the whole weight of Austria,
a
We have lost 500,000 killed, all of them
entered into the war a year
Italians, for we have no Colonial troops, and we
later than the other belligerents.
happening to Italy is really odious.
She fought and defeated
a
powerful enemy, but her efforts have not been sufficiently appre¬
Yet she acted with the greatest
disinterestedness.
She is the only
which entered the war without being bound to do so by
dare to talk about her 'egoism.'
hard-fought war she has acquired neither colonies nor territories
country in Europe
treaties, and yet people
"After
the object of which is to readjust retrospectively transactions in
profit of only 10% to the producers and between 2 and 2^ % to the mid¬
A
system of taxation
a
be enabled to obtain at least that minimum of
ciated.
The French Government will sanction a bill in the Chamber instituting
tax,
State
Italy must not be deprived of credit and
reason
"What is
a
quickly
the
counts on its own resources
great and
FRANCE
From
so
for
"No country
financial circles
proposals are being submitted, particularly from those persons who con"
sider
exaggerated anxiety abroad generated by false news."
The last loan he said produced 20,000,000,000 lire in a few
conducted by unknown persons against his country.
monthly revenue of all commercial and industrial enterprises
on
does not provide for the relinquishment by the Government of its special
war
change is not merely the result of the economic situation,
but of
Nitti
commercial
from
real
our
April 21, and made available through the
According to Premier Nitti "Italian ex¬
on
Associated Press.
ranging from 40,000 francs up
at which latter figure
taxpayers.
correspond to
made by Premier Nitti of Italy in a statement
was
a year.
than 50,000 francs.
According to proponents of the scheme it will
1,380,000,000 francs yearly in
twice
more
of 5% on small business,
anticipated on turnovers
depreciation in Italian exchange]
is unfair and does not in any way
days, and he asks whether there is "any country which has
An
The commission proposes heavy penalties on all business concerns failing
Commencing with
has reference to the great
situation"
European Conti¬
than Italy", and that "the exchange I this
introduced
and 6% instead of the usual 3% on salaries in excess of 6,000 francs
to
The declaration that "no country of the
nent is sounder
improved property.
industrial improvements, 6% on professional profits
on
RAW
10% of which is expected
increase of 6,000,000,000 francs a year,
result
as
1914.
personal property
FOR
learned, will include extrar
and increases in fortunes due
revenue
NEEDED
MATERIALS.
at San Remo
Tentative proposals by the Finance Commission of the Government for
a
UNFAIR—CREDIT
CHANGE
remedy for France's
vote of 402 to 201 rejected the Socialist plan to
a
capital.
PREMIER NITTI OF ITALY DECLARES ITALIAN EX¬
a
rich in minerals, but only
face to talk
"Italy
small Italian tenitories.
Yet foreigners have the
about her •Imperialism.'
now
magnificent effort at reconstruction.
She is
other country emerging from the war, but
than any other country.
Yet here, even in this con¬
is making a
suffering from unrest like every
she is not less strong
nection, is a campaign
of false news.
We have overcome far greater diffir
these.
But it is painful to witness this
culties and we shall overcome even
campaign of falsehood.
Whence does it come?
Do you think it is fair?
of the economic situation, but of
"Italian exchange is not merely the result
exaggerated anxiety abroad generated by false news.
I must not make any
Our last loan in a few days
dence in itself ?
and we have introduced heavier
ports and increase exports,
American Car &
thirty times
fair that our industry should pay
than before the war, and for its
more
WILLIAM
for its coal twenty or
iron more than fifteen
this, for our
stability has nothing to fear.
We should
We have a right to
"Italian exchange must soon improve.
Italy's
financial policy is sound.
find credit for acquiring raw
materials.'
not
war
and
Germany
in Rome
as
a
The
After the war we want peace.
Austria.
Chancellor, Dr. Renner,
received the Austrian
has
Government
the cost of coal
transportation; therefore, if the price has ever reached that
Italy does not intend to
of Coal miners and increase in the
wages
harmful."
FOREIGN CONCERNS IN ITALY
ON
FAVORABLE
SUBSCRIPTIONS
New
dealing with reports as to adverse con¬
Secolo is informed from Rome
reposed in the affairs of the country
substantial subscrip¬
tions to the country's loan entered by responsible American
concerns.
We give herewith the letter of Acting Commis¬
sioner Quattrone as published in the Journal of Commerce
Quattrone alluded to some of the
Mr.
of
April 22:
Editor
New
Under
"Journal
Normal
"Shipping
heading
the
York,
April 20 1920.
"Journal of Commerce":
of The
at
Ports"
Italian
daily
"bright
your
of Monday relates that there are some
of Commerce"
fact that Bolshevist
interfered with railroad traffic,
spots" in the economic life of Italy "in spite of the
uprisings in northern Italy have seriously
verse
under ad¬
of shipping, rendered living difficult
impeded the movement
conditions, such as boosting the price of coal up to
$180 per ton at
the normal rate of exchange."
I
read
in
York
New
the
statement about
Italy, the only thing left out by that
no
doubt that, even
sort are doing great
being
paper
the
economic life of Italy.
if not intended to do so, statements of this
views of
a
harm to my country and as an
great many other Italians
country, I appeal to your sense
to
An official
Italian, sharing the same
enjoying the hospitality of this free
of fairness for a square deal, and ask you
kindly bring the following to the
1.
attention of your readers:
cablegram, dated April 16, sent by the
Italian Minister
Commissioner General for Economic and Financial
of the Treasury to our
Attolico, reads as follows:
social disturbances, but the Italians, like
Affairs, in Now York, Professor B.
"It is true that there are some
•
Italy.
SAVINGS
IN
GROWTH
SCRIPT IONS
things which in fact they
increased to eighteen
equals the total paper currency: jour unfavor¬
free people, say sometimes very exaggerated
any
would not do.
Deposits in the savings banks have
billion lire, and amount
which
able balance of trade is gradually
are
on
the increase;
increase
new
and substantially recovering: our revenues
expenditures have been cut off.
in the circulation of paper currency
Royal Treasury makes every endeavor to
2.
The
Dennis;
United
your
at Genoa,
Commercial
States
Trade Commissioner,
Not only any
has been prohibited but the
the floating of the $25,00,000
etc.,
the Italian Discount & Trust
in
bulletin
on
Commerce very encouraging
industrial activities in Italy.
Would it not
kept in njiind by certain
when talking about conditions in Italy?
;
Subscriptions to Loans.
Italy has floated
a
as
the
loan among the Italians in
following:
seeing the light.
said:
Her foreign trade position
Italy.
labor.
closed on March 3,
lire—normally a^out $3,635,000,000.
Signor
Schanzer, Minister of the Treasury, announced that 1,175,000,000 lire of
the 18 billion came from abroad.
In the face of this sweeping success,
the decision to continue the loan until April was abandoned.
Another indication of the support which the Italian people are according
their Government is found in the present prices of the securities comprising
the consolidated 5%
loan issued in 1917.
The price when issued was
86.50 lire.
And since the time of issue, nearly three years ago, these securi¬
ties have consistently sold above the issue price, and at the present time are
the
adjustments favorable to
Sixth National Loan, which
Subscriptions to the
amounted to 18,175,000,000
A11 this, despite the fact that the campaign for the new
closed, has been carried on with extreme aggressiveness.
The
meaning of this price-support on the part of the people can best be realized
quoted at 87 lire.
5% loan, just
1866, after the wars of Italian
fell to about 40 lire
by stating that, in
The
deposits in the Italian
Independence, the 5%
Postal Savings Bank have increased more than
that is, from Dec. 31 1918, to Oct. 31 1919, deposits
3,450,000,000 lire to 4,712,000,000 lire.
Deposits in
have increased from 5,235,000,000 lire on June 30
1915, immediately after Italy's entrance into the war, to 13,586,000,000
lire on June 30 1919— a gain of about 8 billion lire in four years.
In addition to all these factors looking toward the economic upbuilding
of the Kingdom, the floating of Italy's $25,000,000 loan in the United States
is proceeding satisfactorily; and there has just been put into force a new and
drastic system of taxation designed to care for the interest on Italy's debts,
to provide fully for their amortization, and amply to secure further debts
which may be incurred for the purchase of raw materials.
35% in ten months;
grew
from
about
ordinary savings banks
Nilti
by Premier
The statement
above puts
theTJnifed^States and
published by
us
further
the subscriptions to the new Italian loan even
larger than were
given reporting the amount realized at
20,000,000,000 lire.
PROPOSED
SWISS
LOAN IS
FEDERAL
The
FOR ACCOUNT OF
RAILWA YS.
THE
•
proposed borrowing here by Switzerland is on account
Federal Railways which are in process of being
of the Swiss
converted from
we
responsible Americans have enteredjwithjpne^some substantial^subscriptions,
Company of this city,
industry*
The people are standing
of Atenice and Naples have been
only be fair to Italy that these valuable reports b?
3.
the
is showing steady
by the Government. Labor is
And capital, with commendable vision, is gladly making
Business is good in
reduce it and this will be done."
Rome, the Hon. A .
sending to the Bureau of Foreign and Domestic
newspapers
Italian loan in
Italian commerce, finance and
issued under date of April 1,
improvement.
ITALY—SUB-
increase in the savings deposits of Italy,
United States, the
a
IN
NATIONAL LOAN.
Attache at
Mr. McLean; your General Counsul
Mr. Wilber, and your Consuls
reports about commercial and
DEPOSITS
SIXTH
subscriptions to Italy's Sixth National
the
Regarding
Loan,
TO
bonds issued at that time
"Tribune" of Saturday last nearly the same
"bright spots" seen by you in the
There is
possessing factories,
companies
been
cation of the confidence
Milan April 18 to
says:
that all American and other
mines and other establishments
in Italy will be forced to assume Italian nationality, and that the head
Directors and managers of such companies must be Italians domiciled
and pointing out the brighter
prohibited but the Royal Treasury makes every
endeavor to reduce it and this will be done."
As an indi¬
"Times"
York
and resident in
increase in the circulation of paper currency
any
MUST HA VE ITALIAN
special copyright cablegram from
A
the
sides of the
situation, appeared in the "Journal of Commerce" of April
22.
It came from F. Quattrone, Acting Italian High Com¬
missioner, and dealt not only with the increased deposits
in the savings banks, the increase in revenues, and the cutting
of new expenditures, but contained the statement that
only
QUATTRONE,
Acting Italian High Commissioner,
Europe must at all costs avoid
participate in new wars, and considers
COMMISSIONER
A communication
coal for
$7 at tidewater.
To-day there are a number
of people who are talking and asking up to $10 per ton.
Thanking you for bringing the above facts to the attention of your
readers, I remain, Yours very truly,
HEADS.
I CONDITIONS IN ITALY— U. S.
TO NEW LOAN.
"not
price of coal, ranging from 40 to
would be justified, thus bringing the price of
ton,
per
export to something near
The Milan
ditions in Italy
level, other
people, rather than Italian Bolshevists, are responsible for the increase.
You are very well aware of the fact that after the recent increase in the
foreign
has
of exchange is unfounded.
depends on the price at the mines and its cost of ocean
question.
"There is only one European
HIGH
coal up to
At all events,
Bolshevist uprising boosted the price of
The report that
$180 per ton at normal rate
her place in the
everything which is likely to disturb peace as
ITALIAN
WOODIN
the United States.
directed to this end now.
of Italy's policy is
wars.
5.
F.
world. Europe will
never reacquire stability until Germany—that great storehouse of produc¬
tive energy—and Russia—that immense warehouse of raw materials—are
placed in a position to progress and prosper once more.
The whole effort
new
over
friend.
"We must allow Germany to resume
II.
The
50 cents
purest democratic principles.
We
against the German and Austrian peoples, but against
"Italy's foreign policy is inspired by the
Italian
the regular authorized channels.
abov^ message is, in my opinion, the best answer to very sensa¬
tional cablegrams dealing with conditions in Italy.
4. Exports from the United States, particularly at Northern posts, and
supple of milk, foods and other essentials commodities are at present much
hampered in many centres of this country, but none of the Italians here
would care to report from this that Bolsehvist agitation is spreading all
No, that is not fair.
times as much?
Imperial
be made through
should
all belligerent and even neutral
Do you,think it
63^ % gold
appreciation of the splendid work
done by Italy during the great war and as a token of its faith in Italy's
future, has subscribed for $500,000 of these bonds.
The Italian Govern¬
ment will from time to time give publicity to this issue, and subscriptions
being solicited, and this company, as an
explained as a crisis in the search after a fair
and technical capital, leading to sounder
and more advantageous co-operation of the different productive factors.
"Italy is the land of ancient civilization, the greatest and finest civiliza¬
tion.
She has overcome many difficulties, she will overcome even this one.
But is it fair that from friendly countries not a friendly word should reach
waged
desires to bring to the attention
Subscriptions for these bonds are now
Kingdom of Italy.
bonds of the
balance between human capital
at onpe
daily in touch with Italian affairs see
and particularly to those of Italian birth, the
of its employes,
alone, but for this very reason
or are
"The American Car & P'oundry Company
throughout the world must be
us?
Italy
following announcement:
the
out
taxation than
of the war.
consequences
are
over
Corp..1,000,000
fundamental and convincing
the above furnishes
that
me
and international business experience
in that
country reasons for great faith and confidence.
Mr. Woodin, president of the American Car &
Foundry Company,
after announcing the subscription of the company to the Italian loan, sent
It is the nervousness which has
countries. We all are suffering
in Europe, even America is suffering from moral shell shock.
"Why have you Americans so many strikes?
Independently of the moral
unrest due to the war,
I believe these labor troubles in eveiy country
"These
spread
to
who have been in
Italy
must not be deprived of credit, and we must be enabled to obtain at least
that minimum of coal, iron and raw materials indispensable to us.
There
are strikes and disorders in Italy,
but are there less in other countries?
Have you not even in the United States very serious strikes?
own resources
our
on
seems
proof that New York men of ability
other European country.
"We count
100,000 United States Steel
Consolidation Coal Co
It
Spring Co__$100,000
Nafra Co... 500,000
Co..$100,000 Railway Steel
Foundry Co 500,000 Green Star &
Locomotive
American
has given such great proof of confi¬
produced 20,000,000,000 lire.
Is this not proof of confidence and force?
"Is there any country which has introduced so quickly a system of taxa¬
tion so highly productive for the State budget as Italy?
"Even our commercial balance now Is far more favorable than it was last
year at the rate of about half a billion a month.
Why, then do we find in the
markets of friendly and neutral States such bitter hostility?
We have em¬
ployed the most rigorous measures to reduce home consumption, to limit im¬
comparisons: hut what other country
any
[Vol. 110.
THE CHRONICLE
1698
steam roads to
electrical operation.
learn from a letter from George
mercial
Department
Washington.
of
the
This
A. Fischer of the Com¬
Legation
of Switzerland
at
Mr.JFischer also tells us that bonds, stocks
Apr. 24
1920.]
THE CHRONICLE
other property, except
or
real estate, owned by non-resident.3
Mr. Fischer writes
not taxed in Switzerland.
are
follows:
as
The
same
1699
day I received another cable, also dispatched April 21st, giving
the latest information
regarding the
new
developments in the Japanese
market and reading as follows:
In connection with foreign loans sought in
papers sometimes
spread
which tends to create
a
news
Thus, the present need of
news¬
about the financial situation in Switzerland,
wrong
by the Swiss Federal Railways seems
money
"Stock Exchange not yet open, but the negotiation of settlement of stock
deliveries is going on among brokers.
Rice, cotton and silk exchanges are
since 19th.
Depreciation Of textile industry is severest.
Masuda
Bank, which reported as failed, was saved by other seven banks."
open
impression.
in
In reference to the above telegram I herewith wish to give you the follow¬
period of technical transition, changing from steam to electrical operation
ing information regarding the developments in the Japanese market here¬
not to be well understood because it is not
a
this country, American
of their lines,
are
which necessitates large investments for construction pur¬
everywhere, and their bonds
favored in the market.
are
loan at 5*A % was covered in a very short
time by
A
recent
very
than Frs. 100,000,-
more
There further
Hf- Money is not
or
misunderstandings concerning the taxation of
other property, except real estate, owned by
not taxed in
are
Switzerland.
are
day by day invested in Swiss securities
or,
for this
entrusted to Swiss bankers, who enjoy great confidence in Europe
purpose,
of this
cause
abroad.
cablegrams to the daily
decision
the
CONSULT
the
of
United States
WITH
papers
again next day, owing to too much selling.
orders
of stocks rushed into
After
■
stating
the
send to
to obtain the
a
delegates
the
that
It
the
and
said:
was
closed
decided to appoint the mission after the refusal of a new loan by
was
Belgium
syndicate "with which
contracted
for
a
without
in
United
Belgian financiers,
with American
Albert
Trust
We
Vice-President of the
Breton,
Guaranty
Company, said:
Emil'
Belgian Government and Belgian industrial interests.
is well known
Franqui
the period
most
is
prominent Americans,
many
Mr.
he holds the
as
Portfolio in the Belgian Cabinet,
head of the work of the Belgian Relief Commission during
as
of German occupancy.
with
contact
to
of State without
position of Minister
and served
Mr.
for the
of discussing with banking interests here questions of finance on
behalf of the
leading
citizens, ibut
one
In that capacity he
connected
Americans
Hoover and others.
with
thrown into
was
that
including
work,
Mr. Franqui is not only one of Belgium's fore¬
Mr. Hankar
of the leading international financiers.
equally prominent.
A
cablegram announcing their
intention
visit this country is mis¬
to
leading in stating that their visit is to consult with bankers of this country
concerning
a
refusal
the part of
on
the new loan to
through
9% basis".
an
American banking syndicate to carry
Belgium which had been
No such contract was
274 yen
2900 yen
471 yen
51
wish to
to furnish you
gee any
with such
40 yen
yen
further information in this matter, I shall be pleased
I
news as
may
receive regarding the current
ever
made
far
so
"contracted for
as
an
a
is known and, con¬
sysdicate to carry out its terms.
The facts
that this matter of a new
are
concerned
loan to Belgium has been under discussion, and banking interests
in it have waited for what they deemod an opportune moment
On June 30th next the
Belgian
for attempting
Export Credit of $50,000,-
market
situation in Japan.
Very truly yours,
AKIRA
On
April 20, what
to be received
out the
Commissioner|
apparently the first official news
by the State Department at Washington re¬
this source,
from
DEN, Japanese Financial
was
garding the disturbances
came
from the American' Embassy
April 17.
Based
this information
on
the State Department
the 20th gave
on
following statement:
principal market exchanges of Japan have been closed for three day*
owing to the situation created by failure of operators to put up
Tokio Stock Exchange stock, regarded
margins.
as a
additional
barometer of general
conditions, dropped from 470 to 260 within the last thirty days.
has been
There
some
the last
quarter and to adverse balance of trade.
of total
because of
stringency in the money market there
shortage of currency due to unprecedented activity in
promotions during
The excees of imports
nearly 50%
exports.
Takahashi
Baron
April 16
Minister of Finance, issued a I statement on
,
attributing the situation to public fever for speculation.
He stated that,
although the tightening of the money market, the loss of
gold and the ad¬
of the
balance of trade
verse
generally pointed to as the direct causes
are
present situation, he considered them rather the consequences
suggested that the Japanese people should contract their
tion,
and
of the shak¬
specula¬
business
He counseled the public against
ing up of the business world.
operations instead of trying to borrow more money, and gave as¬
the Bank of Japan would give proper help without hesitation
new
that
surance
to concerns or banks
deserving it.
withdraw¬
said to be
in excess of $550,000,000, Mr. Den, the Japanese Financial
Commissioner, was quoted in the New York "Tribune" of
As to
reports regarding the likelihood of Japan
ing her balances in New York and London, now
April 20
It is
sequently, there could be no refusal on the part of any American banking
its negotiation.
496 yen
637 yen
If you
Franqui, Director of the Societe Generate, and Florimond Hankar, Director
of the National Bank of Belgium, will sail for New York April 28,
purpose
March 1st and April 16th are as follows:
during the first three months of 1920 was $130,000,000, equal to
advised by cable that two of Belgium's leading bankers,
are
On the 15th the rice
Rice
dheuss the problems of Belgian finance
bankers,
Osaka forcing Tokio
_____3460 yen
The
to an inquiry in regard to the
response
proposed visit to this country of these
to
on
closed
result of this closing selling
result of the sharp decline of future rice.
Silk
of this syndicate.
intervention
the
On April 22
loan
9%
under the obligation that she would contract no other loan in the
States
as a
at Tokio under date of
American
a
Tokio Exchange (speculative barometer)
Florimond
are
Franqui, Director of the Societe Generate, the cable¬
grams
As
Exchange from
Exchange to suspend its transactions the same day.
Belgian
new
Hankar, Director of the National Bank of Belgium,
Emil
Tokio
Cotton
Belgian Government to
intervention of Herbert Hoover in favor of
loan."
S.
April 21 announced
special mission "to endeavor
a
U.
NEW LOAN.
BANKERS ON
Brussels
policy of
Following the Bank of Japan's consent to help brokers through banks, both
Compared prices
TO
FINANCIERS
The principal
money
of imports (during the first threo months the total
amounted to $130,000,000), the failure of Masuda Bank at Osaka.
excess
Exchange
BELGIUM
rice.
depreciation is, over-speculation, stringent
enormous excess
stock exchanges reopened on the 13th of April but Osaka Exchange
leaving Switzerland, as is sometimes stated, on the contrary,
large foreign capitals
and
to be
seem
Bonds, stock
non-residents
On April 7oh stock exchanges at Tokio and Osaka were closed owing to
sharp decline in prices of various stocks, silk, cotton and
banks,
000.—signatures.
foreigners.
tofore.
The railways, however, enjoy the highest credit
plants, &c.
poses, power
generally known that they
as
saying:
mistaken notion that Japan will withdraw her
a
wanted to take gold from New York we could have
balances.
If we
withdrawn it last June,
lifted.
But the
Japanese Government wants to maintain good relations with the New York
market.
It does not wish to disturb the money market by withdrawing
when the
embargo against its export from this country was
Unless the Japanese Government and the Bank of Japan are com¬
000 matures, and negotiations for the settlement or refunding of that loan
gold.
have already been started and will be continued after the arrival of the
pelled by overwhelming need to bring gold to Japan, I don't think they
There is the fullest desire
Belgian representatives.
on
the part of those
who have been interested in Belgain financing in this country to cooperate
in
every
way
take this step.
possible to meet the requirements of that country, and no
misunderstandings
or
conflict
of
interest
between
them
have
I do not think th
the Government's policy in
There
present disturbance in Japan
reports during the week
were
arisen.
will
will change
regard to foreign balances.
that the Bank of
Japan had raised its discount rate from 8 to 10%,
the
cording to
BELGIAN CREDIT URGED IN CANADA.
On
from
Calgary, Alta., under date of April 6:
Just back from
tracts
a
long stay in the East in connection with
involving millions of dollars,
P. Burns, head of P.
expressed confidence in the Government's ability to
credit
that
would
placed in Canada.
|
permit
a
meat
con¬
Co.,
for a Belgian
$10,000,000 order from that country being
He said this business would be immensely beneficial
to the western cattle
industry, and that the American market
able just now, as the shippers
Bank of Japan,
to
Burns &
arrange
was
profit¬
said that he had received
DISTURBANCES
in the
news
of the week.
The
more
a
9
come
ment business.
He has been notified of
Commissioner, with offices
This is
April 22 1920.
In other Japanese quarters, however, it was
of
of
Well-informed Japanese bankers said they could not conceive
10%.
a
asserted
call loans ruled in the neighborhood
10% official discount rate under present conditions.
INVITATION TO U. S.
FINANCIAL
TO JOIN IN INTERNATIONAL
CONFERENCE
AT
BRUSSELS
NEXT MONTH.
An invitation has been extended to
the United States by
Nations to be represented at
the international financial conference to be
held in Brussels
r-
cable, dispatches from Tokio April 21st, from Baron Takahashi, the Min¬
next month.
The movement for
for the purpose
ister of Finance:
commerce
"At
change in the Bank's rate since
On Oct. 10 1919 the rate was raised
approximately 8% annually.
6.2% to 7.3%.
the Council of the League of
Dear Sir:—I have the honor to inform you that I received the following
*
no
equivalent to 2.2 cents per $100 per day was
established.
to us as follows from
city.
To the Editor:
arrive
promptly than private cables usually do, since they are Govern¬
last November, when a rate
the developments in these
recital of which has
Akira Den, Japanese Financial
in this
JAPAN.
as
figured prominently
closing of the Stock Exchanges
at Tokio and Osaka were among
disturbances,
IN
information
Nagaike pointed out that his cable dispatches from Japan
Mr.
that the market rate for money and for
FINANCIAL
no
Bank's rate of discount to
The "Post" added:
10%.
from
Financial distrubances in Japan have
but ac¬
"Evening Post" of April 20,
increase in the Japanese
an
much
reaped the advantage of the discount which
just about paid their freight charges.
York
Nagaike, Superintendent of the New York agency of the
N.
April 13 "Financial America" printed the .following
New
present there is a reaction against the war-time prosperity which
lasted for five years, and this is what everybody might have expected.
"Although some merchants carelessly increased their business and took
advantage of the prosperity resulting from the war have become involved
difficulties to some degree, there is no bankruptcy yet.
So the condi¬
tion cannot be called a panic.
was
an
international conference
of considering the restoration of credit and
inaugurated several months
ago,
when,
as
indicated in these columns Jan. 24, page 310, an appeal to
this end
was
made to the Governments of the United States,
Holland,
into
Great
gold holdings in Japan are abundant and unprecedentedly large,
there is neither reason nor necessity for importing gold from the United
States."
Norway and Sweden, to the Reparations Commission and
"As the
Britain,
France,
Switzerland,
the United States Chamber of Commerce.
Denmark,
The statement
of the latter,
injwhich it announced that]itwas
certain conditions to designate
prepared under
financiers that the only way that Europe can
representatives to attend the
issue of Feb. 24,
page 613.
As pointed out therein, the Chamber made it
clear that the letter of Secretary of the Treasury Glass, dated
Jan. 28, was accepted as distinctly limiting the subjects
which in the opinion of the Treasury should be discussed at
least by American delegates at such a conference.
The
special invitation which has been sent to the United States
by the Council of the League of Nations is given as follows
in a copyright cablegram to the New York "Times" from
proposed conference was referred to in our
Paris
The
April 20:
Secretary-General of the L
ue
of Nations is charged by the
Council
of the United States the
text of an invitation to an international financial conference which this/
Council is addressing to the United States, which are membexs of the League.
The world is at present plunged in economic and financial disorder of
which the present results are so grave and the future consequences so full
of danger that the League of Nations cannot disinterest itself without failing
in one its most essential duties.
In taking the initiative of convoking a
financial conference, which will meet at Brussels in a few weeks, the Council
of the League of Nations does not conceal the difficulty of the problem
which arises and does not ask the conference to provide a definite solution.
It desires that the present situation should be discussed from an international
of the League to
communicate to the Government
who will meet at Brussels
Its design
their ameliora¬
in every country to study
point of view and it will propose to the delegates
to raise the debate above questions and interests
tion by asking
Because
of each State.
be extricated from her present
hopeless condition wHl be by undoing
almost
the terms of the treaty of
of the
the world has expected, and
their abandonment by President Wilson and the Versailles conference is
resented as a failure of all that was
attempted in the war.
It may be
startling to be put in cold print, but it is a fact that it is now a point of
insistance in the discussion amoung financiers and statesmen
in all the
Allied countries, that there must be a genuine peace, and there must be
reconciliation in Europe if war debts are to be paid.
Some of the foremost
students of the situation, especially in England, it is a imatter of official
knowledge here, have gone so far as to take the position that the political
readjustments in Europe shaU include the settlement of the Irish problem
at least by granting home rule and some go further and say that England
should concede much more than this if necessary to win over the good will
of the American people to save Europe in her hour of financial disaster.
The situation is one that will suffer from delay.
There is serious doubt
Versailles and the conscious and
points.
fourteen
loyal adherence to the principles
This the public opinion of
of permitting deferment of
The advances to
made on the express authority of Congress and
it is urged that like authorization should be had for any action affecting
the obligation created in making the loans.
The Executive was given
wide powers in making the loans, but the language employed by Congress
did not go so far as to permit modifications of financial agreements after
the loan arrangements were once made.
To make such further arrange¬
ments is to tread on dangerous ground in the present state of public feeling
if the
policy approved by the Administration
interest will stand the test
of investigation by Congress.
the Allied governments were
It has not been decided whether or
throughout the United States.
not
conference.
It is not unlikely that the President will submit the matter to Congress and
suggest its authorization for such representation.
this Government will be
represented at the proposed Brussels
economics of the world but to prepare for
is not to leform the
the present
[Vol. 110.
THE CHRONICLE
1700
the most competent personages
situation impartially and formulate practical conclusions.
of the importance of the United States in the domain of eco¬
nomics and finance,
the Council of the League of
that the Government
Nations hopes sincerely
the occasion
associate itself
of the United States will desire to seize
ENDORSES
CLAUSEN
JOHN
GOLD
EXCISE
AND
PREMIUM PROPOSAL.
i
Endorsement
of the
proposal of the American Mining
consideration of Congress to create a fund
with the work.
by imposing an excise upon the manufacture and sale of gold
The copyright advices to the "Times" also state:
used for other than monetary purposes, the fund to be
In the general invitation to members of the League, it is asked that not
utilized as a premium to producers to stimulate production,
than three delegates be sent from each, and it is stated that the exact
has come from John Clausen, Vice-President of the Union
date will be fixed later.
The cost of each delegation is to be defrayed by
the country represented.
National Bank of Seattle, Wash.
Regarding the proposal
to send
representatives of the country to the conference or to
Congress for the
more
The "Temps"
to-night commenting on the scheme says
States is couched in such terms
sent to the United
official and semi-official participation,
tween
to be
be¬
decide
if the economic question
Mr.
questions of the world,
enormously increased chance of suc¬
military and political
is first ameliorated.
In addition to the United States
have, it is stated, been invited to
the following
countries
participate in the confer¬
would seem a practical solution of the complex
Brazil, Canada, Chili, Czecho-Slovakia,
France, Greece, Holland, India, Italy, Japan, New Zealand,
proposal should commend itself to the favorable consideration of Congress,
and on account of the immediate need for constructive relief, it is to be
Argentina, Australia, Belgium,
Donmark,
Portugal, Rumania, Jugo-Slavia, South
Norway,
Poland,
Sweden,
Africa, Spain,
Switzerland and Great Britain.
cial and economic
invite States not included
carried
right advices from London, April 19, the New York "Times"
had the following to. say regarding the proposed conference:
Twenty-five members of the League of Nations have been invited to send
pointed out at the offices of the League that this means
kind of ch ess rehearsal of the Assembly of the
that the conference will be a
officially until the end of the year. It is also
members of the League should attend to make
League, which will not meet
explanations or to speak on specific topics if invited to do so.
This means that Germany, Austria and Hungary will have a
chance of
expressing their views.
Since Carter Glass, as Secretary of the Treasury, and Austen
lain, British Chancellor
Chamber¬
of the Exchequer, havo both taken stands against
further Government loans, the
main subject before the financial congress
expected to bo plans for the restoration of European
credit through ordi¬
Wash., April 7 to 10. He ad¬
"Why Gold is the Basis of Money"
pointed out therein that "if the world's credit is to be
on with gold,
every ounce that can possibly be
and he
positions, and if necessary, decide upon
be heard.
In copy¬
intended that States not
speaker before the International Mining
Convention held in Seattle,
dressed the convention on
conditions under which their cases may
delegates, and it is
of this legislation will be expedited.
Mr. Clausen was a
information regarding their finan¬
It is stated that the council may
in this list to communicate
problem with
confronted, since it eliminates mone¬
tary entanglements and reduces the subject to the sale of gold as a commo¬
dity in its manufactured state.
It would seem that such stimulation of the
gold-mining industry would insure a sufficient supply of gold to the trades
and at the same time protect the gold reserve.
The soundness of this
gold-mining industry is now
hoped that the passage
ence:
is
Clausen says:
This plan
which the
"Temps" points out, will have an
cess
but it hopes that it will
represented officially.
The chances of settling the
the
that the invitation
that it can choose
produced will be required as a basic foundation upon
international and national finance has been reared."
following is an extract from
It is not
which
The
his remarks:
practically every
of gold—practically every
financial vaults all available specie, for
surprising that, at the outbreak of tho war,
country
placed an embargo upon the export
country
sought to gather into its
of supporting the immense credit structures which financiers
erected to meet the costs of war. However, the
war credits have, in every one of the belligerent countries, other than the
United States, far exceeded the safe gold cover, with the result that we have
world-wide inflation.
This inflation is so great—that is, the increases of
the purpose
knew
would have to be
gold security is so great, that there has even been not a little
adopting a standard other than gold for the financial operations
of the world.
This has given rise to some very curious situations.
Some countries have too much gold, some countries have too little, and
there is ample opportunity for anyone with a new idea of currency in mind
paper over
wild talk of
have a hearing on his theory.
A financial Moses has al¬
demand, but international credit is firmly established on a
gold basis and no country has any interest in upsetting the present stand¬
nations, and the situation has boon studied from that point of view.
ard, although it is contended that, notwithstanding a great production of
The "Journal of Commerce" in information coming from
new gold,
it may not necessarily assure universal gold standardism, as
/its Wasbingtom Bureau on April 21 referred to the fact that
it would be a mere drop in the bucket of our future needs.
If the world's
credit, therefore, is to be carried on with gold, every ounce that can pos¬
the Administration had been advised through Ambassador
sibly be produced will be required as a basic foundation upon which inter¬
Davis at London that at the suggestion of the British Govern¬
national and national finance has been reared.
The production of gold is a vitally essential industry which must be pro¬
ment an international financial conference had been called,
moted to the fullest extent.
It is very apparent, however, that with a fixed
to which the United States would be invited to be represented
value for the yellow metal, together with the rapidly increasing cost of
by official delegates, but that the text of the invitation had material, labor and transportation, this particular industry, as now devel¬
not yet been received and no decision had been reached \y/ oped, Is seriously affected and it would seem inevitable that unless some
form of government relief is given to the producing mines, many of them will
the Administration on the question of accepting or declining
bo compelled to discontinue operations.
the opportunity to take part in the deliberations proposed
In a letter addressed to the Honorable Charles A. Sulser, relating to the
for the members of the League.
In part that paper also said: conditions concerning the production of gold in Alaska, the Secretary of
the Treasury clearly voiced the attitude of our Government when he stated
In anticipation fo the proposed financial conference at Brussels, the
"I fully appreciate, that with the rising cost of raw material and labor,
financiers in and close to the Administration have had under study for
and with a fixed value for their output, the gold miners are facing difficult
weeks past various plans for remedial participation of the United States
conditions.
I should be sorry, however, if for this reason, there were any
in plans for reconstruction in Europe.
It is recognized that the Allied
relax'
ms in the effort to produce gold.
At no time has the country so
countries to whom we made large advances not only cannot pay interest
much required the largest possible production of gold as at present. ***In
on their debt to us for the next three years, after which it was proposed to
order to place the enormous amount of government bonds required to finance
adopt a gradual plan of paying accruing interest and fractional payments
our war expenditures, a large credit structure will inevitably be erected in
of arrears, but will not be able in 1922 to take up the burden to which they
our gold reserves and it is necessary that these reserves—which are the foun¬
are morally bound.
There must be a further extension, a remission of
dation of the structure—shall be maintained on the broadest possible basis."
part of the loan, it is said, or the adoption of some international amortiza¬
There are people who argue that, if the Government would agree upon a
tion plan by which government budgets shall be rigidly controlled inter¬
plan to increase the value of gold from S20.67.18 to say $30 or $40 a fine
nationally and quotas of interest and principal agreed on for each debt
once, it would make a settlement of obligations possible with only half the
or
country to pay.
metallic requirement otherwise necessary to redeem outstanding paper
It is obvious that to enter into any such plan requires great diplomacy
credits.
This course, radical to say the least, would have a disastrous
and skill.
The United States cannot afford to be exacting, and the powers
effect upon all credits and especially reflect upon the cost of living which,
that find themselves in the position of asking consideration must be given
in all probability, would climb to limits beyond the reach\of thejaverage
polite conditions to save their faces.
It is the opinion of some of the wisest
nary
channels.
For the last two months the necessity of being without
has been fully understood by European
further loans from other countries
to
present and to
ways
been in
.
Apr. 24
but, on the other hand, in the
adjustment, seriously disrupts the basis of international credit.
To
essarily give it
increase this
a
higher purchasing power,
uncertainty by tampering with
payment would be an
the standard of international
extraordinarily futile means of handling the situation
confounded.
The principal nations of the world have adopted gold as the basis of their
currency system.
The market price for it is everywhere the same and
equally certain at the standard price of $20.6718 a fine ounce.
It may be
an anomaly that economic civilization should depend for means of payment
and only make the confusion worse
a
1701
urging the adoption of the resolution which he presented
Gov. Boyle
said:
By charging an excess to manufacturers who use gold, a fund is provided
for payment of the bonus on
It
we
we
that
must have a
we
of gold,
production, and it
goes
right past the banker.
the slow methods of locomotion recommended by our bankers
use
friends,
will
never
get there.
We must continue to produce, but to do
profit, and our heresy is in infringing
upon
the sanctity
which is supposed to be only used as a base for credits, by frankly
charging something for its use as a commodity, without disturbing its san¬
ctity
credit base.
as a
-yy y
'Vy
metal, but it will take much ingenuity to find
for it the popularity and confi¬
the supply of a particular
on
In
Increasing the value of gold or giving it a premium does not nec¬
citizen.
final
THE CHRONICLE
1920.]
practical substitute for gold and secure
dence that this precious metal
chosen by the most
commands.
The vast obligations
and resumption of specie payments are
among
the most urgent and difficult
foundation of gold be
the present
created to uphold that system.
and paper money circulating in every
increase in credits
of the great war, reacts very materally
and prospective! supply of gold and reflects in prices in general
the demand for, and the supply of,
which in normal times zig-zag to meet
and wages are increased, so far as
they are paid in gold, it requires a proportionate amount of money to meet
the higher costs.
It follows as a matter of course that a large circulation
of money is required to meet the demand.
While the quantity of gold
available as money is seen to exert an influence in the direction of rising or
lowering prices, it would seem equally certain that as international com¬
merce progresses and the system of credit expands, an increased world's
If, for instance, prices
credit and gold.
Under date of
off
set
one
carried
on
against another,
but there can
gold because the mining industry is threatened by the depreciation in the
purchasing
operating under a
for several
years; the increase in the cost of living and the importance of adjusting
wages to prices; the increasing obligations of nations extending over long
periods; the problem of a universal standard of values; the development of
commerce and banking; the growth of population and wealth—are ques¬
tions which are becoming of increasing importance as time runs on.
With
the falling off in the production of gold and a material rise in gold prices a
very serious state of affairs is presented which is likely to affect the inter¬
The tendency to a further rise
national economic position
our
709,
we
referred to the report
by
Chief of the Precious and Rare Metals Di¬
vision of the American Mining Congress.
report
was
a
Clausen which
the
Development
Yukon
League officers assert that
gold has lost half of its purchasing power and gold mining is the only in
dustry which cannot increase the price of its product.
The league also
will ask the Dominion Government to amend the placer
mining laws in the territory to permit extensive prospecting of low-grade
placer creeks and valleys to induce gold dredging companies to extend their
.y;.v'v-
operations.
FEDERAL
FIRST
y"-.;'/.::/.:yyv.
application for
•
CORPORATION
BANKING
FOREIGN
UNDER EDGE ACT.
FORMED
charter for the first foreign banking
a
association to be formed under the provisions of
the Edge
was
Included in the
"The Gold Situation" by Mr.
along the lines of his paper read before
treatise
Act has been
approved by the Federal Reserve Board, which
preliminary permit for organization under the
on
a
First
the
of
name
Foreign Banking Association.
application for the charter
The
Federal
a
Jan. 15 1920.
on
made
statement
association, said:
On
17
Saturday April
of
1920 the Federal Reserve Board approved the
organization
and
association
certificate of the
First
Section
Act."
$2,100,000—Ed.].
$2,000,000 [evidently should be
It is incorporated for
of engaging in the business of international or foreign oanking
other international or foreign financial operations.
Pending the issue
the purpose
or
Board of a final permit to commence business the
those Powers which are incidental
by the Federal Reserve
corporation has authority to exercise only
its organization.
,
VANDERLIP IN OPPOSITION TO
PROPOSING
LEGISLATION
BONUS FOR GOLD PRODUCERS.
Opposition to the proposal for legislation levying an excise
sale of articles containing gold or
of 40 Wall
St., New York.
W. S. Kies, of that firm, and
formerly Vice-President of the National City Bank and the
Corporation, is to be Chairman of
American International
the Board of the First Federal
gold used for other than monetary purposes and providing
for the creation of a fund from which producers would receive
The Act under which
voiced by Frank A. Vanderlip at
International Mining Convention held at Seattle on
President Wilson
$10 bonus per ounce, was
Jan.
the
formation and
Notwithstanding what Mr. Vanderljip had to say
against the plan, the convention went on record as approving
the pending legislation.
The resolution pledging the sup¬
port of the mining interests to the McFadden bill embodying
the proposed legislation was submitted by Gov. E. D. Boyle
of Nevada,and was unanimously adopted.
Mr. Vanderlip,
April 9.
according to the Seattle
"Post-Intelligencer," characterized
production of
and declared that such legislation could not offer the
proposed legislation as "subsidizing the
gold"
solution of the difficulties.
It also
Admitting that gold cannot be produced
the present
says:
by the miners at a profit under
increased pro¬
harm could follow the temporary
suspension of activities at the gold mines.
The Seattle paper
no
also quotes Mr. Vanderlip as saying:
shortage of gold in this country at
present .
prices.
We have right now more
more
gold in the United States than ever before, and
Old world nations cannot
gold standard for many years, and with Germany,
gold than any other nation in the
hope to return to a
world.
will be almost an impossibility ever to return.
Austria and Russia it
of the great¬
est social injustices ever worked on the world.
Others besides the miners
are suffering.
The man who had $1,000 in his savings account six years
ago could buy $1,000 worth of goods with it.
To-day if he still has that
$1,000 with say $300 accumulated interest he will have to add $1,200 to
The rise in
prices, caused by inflation of credits, has been one
the total to buy what
the original $1,000 would have purchased.
because
under the law that would authorize furtner inflating and that in turn would
be followed by further increase in prices.
Most of our debt has been con¬
tracted in dollars that are worth only 40 cents in purchasing power as com.
But we cannot
find relief by flooding the market witn more gold
pared with the 191'4 dollar.
If we hastily attempt to
and bring down prices it would mean that we would
change our standard
be paying back 100-
that debt.
The only relief in sight is deflation, and that must be gradual, because our
credits are now in the form of an inverted pyramid, and very unstable.
It we make any sudden demands for change, it will greatly endanger our
situation and create a very precarious condition that may end in a crash.
cent dollars
fcr the 40-cent dollar of
signed by
was
was
given in
our
The regulations governing the
421.
operation of corporations to be organized
the Act
under
were
given in
our
issue of Saturday last,
1585. As is known, the Edge bill was passed
help in the solution of the foreign credit problem, particul¬
April 17,
to
page
Dec. 24 and its text
arly
as
page
it affects the maintenance of the markets for Amer¬
ican exporters
taken
steps
abroad.
Regarding the first bank which has
organize under the newly enacted law a
to
public
statement made
First
The
on
April 19
says:
Association will have a capital of
Foreign Banking
Federal
$2,100,000 evidenced by 21,000 shares of a par value
of $100 per share,
be founders' or managers' shares.
The stock has all
$105 per share and there will be none offered to the
1,000 of which will
public.
following banks and financial houses, on behalf of
The
manufacturers
respective localities, are associated in the organization of the First
Foreign Banking Association:
& Co.-..
New York
in their
Federal
As a matter of
fact there is too much gold at hand right now, and increased production
will mean increased inflation of credits and inflation is what is causing high
There is
issue,
31
on
Foreign Banking Association.
the latter is created
been underwritten at
standard, he did not, as did other bankers, urge
duction, but rather intimated that no
the pros¬
pective bank, which it is expected will be prepared to do
business about the 1st of June, will be with Aldred & Co.
tax of $10 an ounce on the
the
Federal
organized under the terms of
25 (a) of the Federal Reserve Act, commonly known as the "Edge
The home office of the corporation is New York.
Its capital is
Foreign Banking Association, a corporation
Temporary offices for organization purposes of
F. A.
public
announcing the approval of the articles of
April 19,
on
filed
was
Board in
Reserve
and preliminary to
convention.
Federal
The
articles
of all peoples.
Vanishing Gold Reserve" made to Congress
"Our
on
in prices is likely to continue
issue of Feb. 21, page
H. N. Lawrie,
according to the
metal,
of the
power
League, composed of miners and merchants.
has issued
in any country,
of money somewhere.
In
abolish the present royalty
The Canadian Government will be asked to
on
The
buying and selling are
never be a system of finance
gold standard, without a basis
practice, many transactions of
April 3, the following from Dawson, Yukon
Territory, appeared in the New York "Times":
supply of gold is a matter of vital importance.
It is true that, in
ABOLISHMENT OF GOLD
ROYALTY.
apparent that gold is a necessity for
of nations and it Is essential that an adequate
country of the globe, as a result
on
problems with which the world is now
This makes it only too
the credit and financial unity
enormous
PROPOSE
for practical use as a standard.
the
The
MINERS
YUKON
piled up by the nations; the huge issues of paper cur¬
of debts,
refunding
rency;
confronted.
The mere fact that it has been
enlightened commercial nations is strong proof that it is
the best single commodity
Aldred
...
Now York
New York
New York
of the Manhattan Co__
Bank
Company—
The New York Trust
The Liberty
Tucker, Anthony &
Citizens
..
National Bank..
Co
New York and Boston
_
Commercial Trust Co
American Trust Co
Merchants
—
!__
National Bank
Chicopoe National
Buffalo
Boston
— .Worcester
_
— _ —
—
Bank
—
...
,
Springfield, Mass.
Philadelphia
Bridgeport
W. S. Kies, of Alared & Co.; formerly Vice-President of the National
City Bank and the American International Corporation, will be Chairman of
Commercial Trust Co
The First
-
Bridgeport National
Bank
...
the Board.
The
policy and management
vision of an
following:
& Co., formerly Executive Manager of the
York.
E. Gardin, Chairman of the Board, International Banking Corporation.
H. Maxwell, Vice-President, Liborty National Bank of New York;
of the
J.
of the bank will be under the direct super¬
composed of the Chairman
Advisory Management Committee
Board, and the
II. Perkins, Montgomery
National City Bank of New
J.
J.
President,
F.
H.
Warehouse
Finance Corporation.
Payne, Tucker, Anthony
& Co.; President, American Hardware
Manufacturers' Association and Greenfield Tap & Die Corporation.
In addition to
lowing:
the above, the first board of directors will
include the fol¬
Razor Co.,
and
Pennsylvania Water & Power Company; formerly Chairman of the Mer¬
J.... B.
Co.; Chairman of Gillette Safety
Aldred &
Aldred,
Electric
Gas
Consolidated
National
chants
Light
&
Power Company of Baltimore,
Vice-President, American Trust Co., Boston.
B. Chapin,
President, E. &
^1. J. Fuller, Vice-President, Fairbanks. Morse & Co.;
Co.
T. Fairbanks & Co. and Canada Carbide Sales
Locomotive Works;
of Commerce.
R. E. Jones, First Vice-President. Bank of the Manhattan Company;
formerly President of the Merchants National Bank.
Walter B. Lashar, President, American Chain Co., Inc., Weed Chain
Baldwin
President
formerly
Johnson,
B,
President, Philadelphia and Pennsylvania Chambers
Tire Grip Co., and Pratt
Geo.
8.
Bank, Springfield.
The
of the
is to be an¬
of the President of the new bank
Chairman of the Board
Mr. Kies, who is the
nounced later.
bank, makes the following statement regarding
new
its
organization:
In passing the Edge,Bill Congress has
trade.
export
under the direct super¬
States.
their
for
for the financing of this
built
have
who
Manufacturers
country's
trade of the
substantial markets
up
particularly in Europe, through years of effort, are
products,
finding it increasingly more difficult to continue the sale of their goods.
European
purchasers of our products
unwilling to settle at existing
are
willing to continue to do business
the basis of credit in the belief that as the work of rehabilitation pro¬
rates of
oft
gresses
will
exchange, but in
many cases are
production will increase, and that within a reasonable time exchange
show
favorable
a
improvement.
banking facilities enabling him to meet this situation,
funds be kept
liquid, and that credits issued by them be for a short term
of bank which shall obtain this working capital from the
guarantee in
connection
with
the
paper
kind
investors of the
through the use of
country through the sale of the bank's obligations or
Its
or
The Edge Bill in effect provides for the establishment of a new
only.
manufacturers
of American
and exporters, based in turn upon the credit of
their foreign customers.
credit conditions in this country the exporting manu¬
Due to the strained
facturer to-day can not look to the
business
commercial banks to finance his foreign
especially if this business requires the use of credit beyond the
period of
If he is to continue his business, he must finance
few months.
a
It through the use of capital rather than of credit.
must be considered
or
as
any
Capital, at this time,
six months
advance of money for a period of
'
over.
The
manufacturing capacity of this country has increased materially
during the
war
facturers have
the time will
While at the moment the great majority of manu¬
period.
domestic business than they can
more
when markets for our
come
handle, nevertheless
surplus capacity will be
a
necessity,
and
whei} this time comes, our manufacturers will find themselves without
foreign markets unless continued efforts are made to maintain, so far as
possible, their present position in these markets.
of
preserving present foreign
time for
the manufacturer
unit at least in
can
goods
can
far
so
as
to
Granting the importance
back
thoughts
consider his
for
Board
Edge
the
the machinery under
and under the supervision of the Federal
Untied
Reserve
profitable opportunities for
capital in the aid of the development of the foreign
banking
other
trade
States.
It is impossible at this time
future developments
possibilities.
elements of value, and the complete
For this reason we have
thereunder.
organized
institutions
preferred to incorporate with the minimum capital, and plan to increase
manufactur¬
stock immediately through the addition of other
the capital
As jthe policy develops and the operations are extended,
present stockholders will also want to increase their own facilities by
ing groups.
of
the
the
capital.
more
and our
American in¬
NAIRE ON BANKING AND CURRENCY.
With
ion
a
view to eliciting information and
operation of the Federal Reserve system the Advisory Com¬
mittee on Policies and Platform of the Republican National
on
bank¬
currency:
the banking situation since 1914
have been
the installation of the Federal Reserve
Banking System, the change in our
national laws regarding bank reserves,
the opportunity which the Federal
inflation
of both
and the great
during that
inflation of currency and credits,
Reserve Act offered for the
and credits that has taken place
currency
period.
Under
the National Banking Art the average reserve
held in the
about one-seventh of the deposits.
amounting to
vaults
banks'
requirements for
provided minimum reserves in lawful money
the whole country
granting of bank credits. The
limited by the law which prescribed
Deposits are, in the main, created by the
possible expansion of bank credits was
this minimum reserve.
Under the
;
beyond such
Federal Reserve Act, as amended, all reserves
the form of a deposit in a
Federal Reserve Bank.
The law prescribes that the Federal Reserve Banks
shall have a minimum of 35% of lawful money reserves against deposits.
The Federal Reserve Act reduced the percentage of reserves so that the
member banks, as a whole, must maintain an actual net balance with the
Federal Reserve Banks, ranging from 7% to 13%, with an average of about
till money as
each bank chose to keep must be in
9^% as a minimum of their net
Under
existing
deposit liabilities.
the amount
therefore,
provisions,
reserve
of lawful
Federal Revsere Banks may be only 1-30 of
the net deposits of the member banks, as compared with minimum reserve
requirements of 1-7 under the National Banking Act.
in the vaults of the
money
This change in the reserve
requirements opened the way to vast expan¬
In the four years from
Advantage "was taken of the opportunity.
June 30 1914 to June 30
increase of
State banks and
$2.5,731,000,000, an
armistice of Nov. 11
increase of $2,416,000,000 in the total
1919 deposits in national banks,
from $13,430,000,000 to
increased
companies
From just before the
$12,301,000,000.
17 1919 there was an
1918 to Nov.
the association of banks and
amount of money
From June 30 1914 to Feb. 1 1920 the
$3,402,000,000 to $5,846,-
deposits of national banks alone.
In the
questionnaire
Committee has issued the following
ing and
reasonable effort and expense.
manufacturers in the organization of foreign banking corporations.
ascertaining opin¬
situation which has developed under the
the banking
on
any
organization of the First Federal Foreign Banking Association this plan has
QUESTION¬
REPUBLICAN NATIONAL COMMITTEE'S
to permit
as
for the
fundamental
This is one of the
it provides
and
Bill,
The Edge Bill opens up great
If Ameri¬
financing its development is concerned,
drawn
bonds
foreign
to the status of the
as
making available to the investor
hand brings new
trust
be kept in foreign markets during the next few years
so
of
Federal incorporation
sion.
present position maintained in part at least, the benefit to
is
concern
no
payment of his investment at maturity.
expedient at this
foreign business as a separate
it would seem
markets,
dustry in the future will warrant almost
The Edge Bill
he need have
The outstanding features of
has had
permitting
him to compete in foreign markets on a credit basis.
The commercial
banks of this country are deposit banks obtaining their working capital
from their depositors.
The principles of sound banking require that their
Up to the present time, however, the American manufacturer
no
other issues,
depreciation of European currencies in inter¬
great
exchange has erected a barrier against the export
national
United
The
obligation, note or debenture
an
provided machinery, in the form
of international banks under Federal charter and
Reserve Board,
If, however, he can be
obligation which he is to purchase.
foreign security in the shape of
a
the standing and
of analyzing the character of security
or
sound financial institution collaterally secured by foreign notes,
addition
vision of the Federal
shall be used in the develop¬
debtor, but will look directly to the American finnacial institution
of
Wright, President, Savage Arms Corporation.
name
or
a
an
to forsee all the
tary-Treasurer, American Fabrics Co., Bridgeport.
W. L.
of
First Bridgeport National Bank; Secre¬
Wolfe, President,
of
of the
Commercial Trust Co., Philadelphia.
J. H. Mason, President,
Edmund
of long term credits and in the
whose trade we seek.
foreign investment with the hazard practically eliminated, and on the
& Cady Co., Inc.
President, Chicopee National
MacDonald,
A
permanent
willing¬
upon a
The investor, however, has little means of ascertaining
offered
National Bank, Worcester.
F. A. Drury, President, Merchants
ment of the resoucres of the countries
back
Commercial Trust Co., Buffalo.
N. P. Clement, President, Citizens
Alba
loan their money in the extension
to
ness
credit of the foreigh borrower,
.
be',built
foreign commerce of the United States can not
110.
foundation Unless the investois of this country can be educated to a
making of investments the proceeds of which
Bank, New York.
Stephen Baker, President, Bank of the Manhattan Company, New York.
Mortimer N. Buckner, President of The New York Trust Company.
A.
[Vol
THE CHRONICLE
1702
in circulation increased from
000.000.
control expansion by ad¬
Reserve Board had the power to
The Federal
benefit of manufacturers, in their localities, who are interested in foreign
Treasury influence in the
Board was opposed to that course, and to the economic and banking judg¬
ment in the Board.
It resisted the advance and controlled the Board's
trade.
action.
been followed.
A
various important manu¬
of banks selected in
group
of the
facturing centers of the East have underwritten the capital stock
The stockholders
turers and
banks.
the bank,
mututal
a
company
holders will obtain
be manufac¬
will, therefore,
bank
in contributing their business to
The banks will act
guaranteed paper and other
centres for acceptances,
obligations issued by the bank.
of
new
will share in the profits of such business.
the distributing
as
of the
The manufacturers,
The new bank, therefore, has the features
through which the manufacturers who are stock¬
capital, for financing their foreign business, from the
investors of the country, and in furnishing business to the bank will
pate in the profits of it.
A line of discount
partici¬
foreign paper bearing some
on
proportion to the capital invested will be granted to manufacturers who
are
stockholders.
In
effect, therefore, the proposed plan of organization
contemplates that manufacturers interested in foreign trade
their stock
furnish
an
ownership, provide
a
shall, through
margin in the shape of capital which will
additional security for the obligations to be issued to
Banking associations organized under the Edge Bill
may
the public.
do a general
vancing
Federal
the
Resorve discount
credits as having
production increased?
expansion, which put into the hands of our people an added
expansion of currency and bank
Do you regard this
1.
place more rapidly than our
taken
Was this
2.
rate.
the main cause of the gen¬
purchasing power of, roundly, $15,000,000,000,
eral
rise
in
prices?*
Could the
3.
war
ments have been
and currency
4.
met without any, or
expansion?
Was Treasury
stantly needed
to
the
armistice, by the fact that the Treasury con¬
make fresh borrowings?
Did the action of the
5.
Federal Reserve rate of dis¬
judgment in respect to the
influenced, after
count
could our after-war require¬
with very much less credit inflation
have been financed, and
Federal Reserve Board in holding down the rate
of discount stimulate to an
excessive and harmful extent the
credits and financial facilities
provision of
for the promotion and flotation of corporate
it:
international banking business; deal in exchange, and provido the various
issues?
facilities
be modified so as to minimize the
political influence in the management of the banks?
i
7. Ought further inflation of currency and bank credits to cease?
8. Ought there to be deflation by reducing the amount of currency and
needed
in
foreign
commerce.
Under the law,
liabilities in the
shape of acceptances and other obligations may be issued to the extent of
ten
be
times
the
If the investors of this country can
capital and surplus.
educated to the importance of assisting in the financing of our
trade
|a broad market
banks.
Such
a
can
market
up on a permanent foundation to the great
The field
our
foreign
by Edge
be made for the securities issues
having been made,
Bill
foreign trade can be built
benefit of the whole country.
one,
and the possibili¬
ties of operation thereunder are varied and important.
One of the most
opened
important results
will be
up
by the Edge Bill is
to be obtained from the
a
broad
organization of Edge Bill banks
the development of organizations of expert
international bankers
•
Ought the Federal Reserve Act to
6.
bank credits?
9.
rate
Do you
believe that the amount saved the Government by
of interest
on
Treasury loans
10.
ing the dollar, notably the
University, and if
one
upon the
services
of the
expecially true in
those organiza¬
stockholders who will have a first call
organization in the study of their credit.
It is not
necessary to discuss the importance of the extension of foreign
credits, and the making of investments in foreign securities as an aid to the
development of foreign commerce.
The great hold that England and
Germany had
upon
South American trade
was
largely because of the fiee
extension of credits, and their vast investments of
money in
ing
of
these
countries.
Students
of
foreign
trade
are
the upbuild¬
agreed
that
the
so,
what is
your
opinion
te»
the low
through the
result of the rise in
the
.
'
.
as
'
stabiliz¬
Fisher of Yale
been suggested for
advanced by Prof. Irving
posal?
are
a
,
Are you familiar with the plans ihat have
American manufacturers.
And this is
lost many times over
general price level, due to inflation?
who will donate their whole time and attention to the credit problems of
tions where the manufacturers
was
higher cost to the Government of purchases, as
to the merits
of such a pro¬
*
'
•
,
discount
resulted in loss to investors, who, in good faith, purchased securities during
the period when such promotions and flotations were made easy by the
11.
Has
the
sudden
advance in the
Federal Reserve rate of
prevailing low rate of rediscount?
*Note.—The^U..S.
Bureau of Labor Statistics indicates an advance
thejgeneral level^of wholesalelprices
from
] 00
'to.248,
/romj july
,
1914.tto
January
,
Apr. 24 1920.]
12.
THE CHRONICLE
Ought Congress to revise the Federal Reserve Act in the light of five
years' experience in operating the system?
13.
If
there
changes would
14.
be
should
Federal
Reserve
Act,
what
opinion, is the explanation of the phenomenon that
your
assented to such
direction of the Chamber of Commerce.
clients, the Committee is willing that
*'
products) has been largely increased, and the
sup-
ply of funds available for business and investment has largely decreased?
meeting held expressly
Of all this you have
arbitration shall be
or
by three prominent bankers of standing in the community, or by any other
three men of high repute.
If such a course is found impracticable, the
Committee is willing that a mediation or arbitration be had under the
creased, yet money is scarce, the prevailing rate of interest (which, of
course
a
course.
mediation
a
while the outstanding volume of currency and credit has been vastly in¬
enters into the cost of all
a
day to day.
The Committee is willing that such
Have you any suggestions for new financial legislation in view of the
What, in
result, but those whom it represents have, at
a
consider the matter,
been duly informed from
?
you suggest
rise in the price of silver?
15.
such
to
the
of
revision
a
1703
each select
mediator, the two
a
of the three to be final
If that is not
your
acceptable to
your
clients and the Committee shall
choseh to appoint
so
third, the decision
a
and binding upon all parties.
As to the "buying in," we do not recognize that
your clients have any.
right to "buy in,"
force
DEVELOPMENTS
GROWINGfOUT OF SUSPENSION OF
DEALINGS IN
or
their
own
that any sucn act of "buying in" will have
nor
effect whatever.
STUTZ MOTOR CAR CO.
Yours very
troversy growing out
change
mediation of the matters in
a
con¬
of the suspension by the Stock Ex¬
March 31 of dealings in the stock of the Stutz
on
Motor Car Co. of
accomplishment.
On April 16 Allan A. Ryan, Chairman
of the Board of the Stutz Motor
Company had instructed
his brokers to call for the return
on
Motor
shares
loaned
Monday, April 19, of
by him to short sellers,
The
price
brokers failed to execute the orders
made
order to
until
the
the Protective Committee
following
to
move
The
day.
At the call of the Stutz
office
the
at
Broadway.
houses,
meeting
a
that day the
on
the
representing
committee's
substantially
all
mooting
a
by
was
Rosenberg
fifty-six
under
those
Patiently I have waited
Stock
held this
Exchange
to
contract
Ball,
&
deliver
mediation of all
secure a
matters in controversy through a board of
mediators, to be selected, with the
board's approval, such mediators to
men
be
of prominence and standing
in the community, who would have tue confidence of all
parties.
At
the
the
conclusion
of the
following resolution
committee's report
Resolved, That those present at this meeting
the
community
will
as
the submission to
approve
of such standing in
men
equitable adjustment of the existing situa¬
assure an
tion; these mediators to be authorized to examine into all transactions and
to receive such authorization from the
committee shall deem it
advisable
protective committee
or
the protective
as
to give, so as to enable the
proper
somebody,
somewhere, would have
organized and ap¬
committee, which claimed to have this power, I acceded to their
a
|request that the stock should not be bought in for their accounts until they
chance
a
showed
me
to
do
something.
On
Tuesday afternoon the committee
resolution which they claimed gave them full power.
a
stated that they
then
were
They
ready to proceed without delay.
now
pressed again my desire to co-operate in
any
I ex¬
fair and reasonable manner,
conferred with them freely and devoted hours in disposing of various
Repeatedly I offered to make the adjustment personally with the com¬
mittee and without any "mediation."
At least, with
ably considered.
But my suggestion was not favor¬
member of the committee I went before
Then and there I stated
"mediator."
a
a
gentleman who had been asked but had not finally consented to act as
indulge in any trading
I declined to
at once a settlement
price
so
fair and
my
attitude clearly and frankly.
bargaining
or
over
reasonable that
so
prices and named
it appeared that the committee
I now feel that it
to settle at all.
patience with such trifling
my
unfair to waste
was
tajctics.
was not
my
prepared
time and to try
I have told the committee that my
proposition is withdrawn and that I shall proceed with my rights, whatever
be.
may
While I feel that
There seems to be a
deep-seated desire on the part of those whose contracts I hold to repudiate
their contracts.
They seem determined to put themselves in the class of
gamblers, who, having lost their money, wish to invoke the law that does not
But I deny that my obligations are gamb¬
have intended theirs to be.
I believe
Stock Exchange contract is still good and I am ready to spend my
recognize gambling obligations.
ling obligations, whatever
that
a
money
they
I believe that these gentlemen, who would
in order to prove it so.
have been
may
delighted to take the profit if the stock had
gone
down, will be
too late for
and methods of settlement.
securities have proven
such
a
sudh
selected
men are so
ferred by the committee upon the mediators.
or
otherwise
on
principles of fair dealing.
The acts of the committee taken up to this time are ratified and approved.
On the 22d inst. it
that
the
halted
efforts
because of
eifect
the
settlement
a
temporarily
were
difficulty encountered in obtaining
the assent of bankers to
On
reported in the New York "Times"
was
to
the Mediation Committee.
serve on
April 22 Charles A. Morse, Chairman of the Protective
counsel received
our
Ryan's counsel, of which the following is
letter from Mr.
a
stock
beg to notify
our
you
clients. Messrs. Allan A. Ryan & Co., we
that inasmuch
the mediation proceedings have failed,
as
our
letter of
of those firms represented
April 24th, at ten o'clock
yesterday, will proceed to "buy in" for account
by
a.
you,
m.,
or
Cin*b,
the New York
on
thereafter
as soon
of the
sue
made by
and
are
which
me at
Stock Exchange Committee.
upon
Saturday,
our
clients to said
firms, respectively.
my
very
truly,
(Signed)
Those
Committee
Mr.
the contracts
are
yesterday
(Apr.
which
to
our
April 23
Dear
Sirs—Your
made
some
any
A.
an
If
statement
published
Dear
The plan
upon
now
wish
together those
to make
it
a
your
letter
of
even
date,
received
early
with the
a
pro¬
all
yesterday in endeavoring to
secure
as
mediators.
complete surprise both
Committee
letter
and
failed."
means
comes
to
as
a
ourselves
We cannot
to
the services of
learn
understand
that
how
"the
men
know, engaged
of high standing
to
the
mediation
Protective
proceedings
they have failed unless
your
that your clients decline to proceed with the proposed media-
tion.
Committee's position,
we
possible misunderstanding
state the following:
as
to the Pro¬
I
Tlhe Committee continues to be willing that all matters in controversy
be adjusted by mediators or arbitrators.
Representing practically all those
known to be under contract to deliver Stutz stock, the Committee is in a
position to bind practically all parties by the results of
or
arbitration.
ijmch mediation J
Not only has the Committee formal authorization to effect
at once
promptness with
which
wilJ
'
Yours
very
truly,
Chairman,
A.
MORSE.
Protective Commute.
April 23 1920.
Mr. Allan A. Ryan,
111 Broadv:ay, New York City.
Dear Sir:—In reply to your favor
of the 23d, stating that Mr. Prentiss
of this committee failed to accept the proposition
on
presented to him by you
Wednesday last, the facts are as follows:
While other members of the committee were
and co-operation
engaged with your
knowledge
in endeavoring to secure a group of mediators, you men¬
tioned informally to Mr. Prentiss your ideas of a settling price for Stutz,
which
I--
In order that there may be no
tective
same
reply to any offer on your part
this
"the mediation
that
was, as you
have
received
proceeding with
CHARLES
morning, and the statement contained therein
It
declares you
Although there has been
the Committee will
forml offer,
represents
regard to mediation; and
Stanchfield & Levy:
Sirs:—Answering
morning
which the Committee was
counsel replied as follows:
ceedings have failed," the Protective Committee
have
this
offer of settlement to the Committee.
forthcoming! without delay.
be
1920.
Company,
acquiescence was that of securing mediators.
you
call
&
informal discussion along that line, the Committee has never
such offer.
your
Ryan
April 22 1920.
Messrs.
made
23)
Ryan and his firm:
Allan
& LEVY,
STANCHFIELD
proceed are
request
which I shall
action shall
the specific instance and
the only ones involved.
Protective
it acted in
Yours
their
public the following communications which were addressed
the same can be
as
bought, in accordance with the notice heretofore sent by
on
else.
lending] it to those who wished to borrow.
The contracts which I now hold and upon
those very loan contracts,
Messrs.
clients acting upon the stipulations made with your clients through you
set forth in
as
our
Stock
quite
being bought and sold in large quantities and that I was, at
was
specific instance and request,
•
Gentlemen:—On behalf of
contracts.
I have never misstated the facts to them or any one
April 22 1920.
York:
people
They knew the situation for at least a week before they illegally suspended
the stock from the Exchange trading.
They also knew that every day the
to
copy:
a
I
Rosenberg & Ball, 74 Broadway, New
that there is a
Exchange Governors themselves that the statement made by me was
the contrary.
The
This morning at ten o'clock, while we were still actively endeavoring to
the services of mediators,
me a statement
It is made by the same
made; indeed, I will go further, for I promise to prove by the
ever
Committee, issued the following statement:
secure
impute to
done everything physically possible to extricate the
passing, however, 1 wish to make it clear that no such statement was
In
such
the committee may deem proper to secure an
as
equitable disposition of the controversy based
who have, all along,
will be
and its
my company
unsuccessful.
This attempt is too transparent.
corner.
on
shorts and nothing that I can see to enforce the Stock Exchange
Those present further authorize the committee to take all and
any
steps and enter into all and any such agreements of mediation, settlement,
arbitration,
them to back out after their assaults
I note the ingenious attempt to
as
such, they will abide and be bound by the findings of
board of mediators, made pursuant to such authority as may bo con¬
avoid
I have done every fair and reasonable thing to
rights, duties and liabilities of the respective parties, and to prescribe terms
as
could
present
no one
seriously find fault with it.
obliged to pay the loss now that the stock has gone up, and that it
Those present at this meeting agree that if
details
preparatory to the settlement price.
mediators to determine upon principles of law, equity and fair dealing the
mediators and act
out
gave
days for the borrowers of Stutz stock to'
many
that at least
so
litigation, I now believe that litigation is inevitable.
Stutz stock, such mediators to be men selected with the
approval of the protective committee and to bo
the
for them.
When the borrowers of Stutz stock claimed to have
they
mediators of all questions and controversies arising out of outstanding con¬
tracts to deliver
power to act
pointed
and after full discussion,
adopted:
unanimously
was
on
I have consistently declined to make separate
bargains with each individual firm until the impossibility of collective settle¬
some
Much to my surprise,
reported its tentative plans to
BALL.
statement
a
a
organize themselves
:
The committee
carry
letter to the Protective Committee,
Following the issuance of the above, Mr.JRyan
one
counsel,
attended
was
follows by
as
April 20:
protective committee,
of
The meeting
Stutz. stock.
on
made
was
ROSENBERG &
agencies
a
statement in which he said in part:
a
concerning
announcement
adjust the differences
the Protective Committee
74
result of
as a
was
"buy in" the called short stock would be suspended
the
afternon
announcement
an
by Mr. Ryan to the effect that
be held by
to
the 20th inst.
on
(Signed)
news
direct settlement instead of submitting the matter to
arbitration.ft No such letter has yet been received.
had
Monday and
on
financial
the
thatlMr. Ryan has addressed
offering|toJmake
by the purchase
of the stock for the account of the borrowers at whatever
obtainable.
the
afternoon
ment should become'manifest.
failure to make such return to be followed
was
ticker
America, Inc. have been in progress during
these efforts have thus far failed of their
the past week,
Stutz
This
truly,
-
•
While efforts to effect
any] legal
If your clients choose to proceed, they do so at
risk.
$400
were
a
as
follows:
share for the old stock, plus $80
a
share for the stock dividend
plus $40 a share for premium at the rate of $2 a day for 20 days, a total of
$520
a
share.
Mr. Prentiss expressed the opinion that the price should be
lower, but offered to discuss the matter with the committee.
He then returned to his
you
was
bad called him
on
own
office.
the telephone.
Upon arriving <Jiere. he found tha
He immediately called back and
informed by you tha the must consider the matter just under discussion
absolutely'confidential and not as an
Mr. Prentiss,
is only now stated
after the receipt of your letter and after a further conference between you
and Mr. Prentiss, in which you gave Mr. Prentiss your consent to make the
between you as
purely Informal and
added, "it is withdrawn."
offer, and "in any event," you
of course, agreed to keep
wished him to make it.
j
effect a settle¬
ment is incorrect.
You are fully aware that the committee has complete
authority to submit the matter to mediators or arbitrators and accept
their decision as final and that this authority was procured by the com¬
mittee at a meeting specially called after you had agreed to such a course.
committee had no authority to
Your statement that the
Yours
•
CHARLES A. MORSE,
a
statement saying:
a
,
confidential conversation Mr. Ryan suggested to
W. Prentiss of the committee, a settlement price.
To-day at noon,
first time, Mr. Ryan permitted Col. Prentiss to state publicly what
for the
Thereupon the committee immediately arranged for
(Saturday) morning at 9 o'clock at the office
price had been.
meeting to be held to-morrow
of ihe committee's
counsel.
declares that h3 is not now
While Mr. Ryan
committee, which is acting
making any such offer, the
for the
Senators
I have just
read my statement published in the morning press, very
had you would have noticed that immediately Mr.
failed to accept the proposition read by me on Wednesday last I
him that it was withdrawn.
It is withdrawn and will not be re¬
that you have not
Prentiss
notified
If you
position of bargaining and haggling either
I refused to be put in the
vived.
with your committee or
Fur¬
that
authority, at least, to deal with this
the 5o firms whom you say you represent.
action for many days on the representation
thermore, I have delay ed
committee would bave some
It now appears from your letter that you either have no
your
matter.
or
are
been wasted.
time and mine would not have
in on Saturday morning as your
the buying
I have no further proposition to
fied.
The
that such of your
I propose to proceed with
beginning of our negotiations I can assure you
at the
me
authority
That what you have to do is to act as
and the 68 members.
Had you explained this to
unwilling to assume any.
mediators between me
developments
latest
end that such remedial
abandoned this
ment of the
to-day (April
9 o'clock at the offices of Rosenberg & Ball, Counsel
no
|
quoted
the position
by Chair¬
Morse:
man
in the newspapers, we
feel it
duty to say this much:
our
fes First, The decisions of the United States Circuit Court of Appeals and
the United States Supreme Court in the Patten litigations deal adequately
if this resolution is any way affecting
of the corner, so
Therefore,
adjustment or arbitration can be reached, we have a familiar
where one party insists upon the validity of the contract and
Second, Mr. Ryan, though not denying the existance
we
unless
an
situation,
read
statements,
his
stands
It is
to decide the issue.
an
upon
the contracts.
In such circumstances it is for the Court
the others contend that it is void.
jfr
issue we shall face without
the
On
Mr. Ryan has said a good deal about "coteries" who who have made a
on the stock.
The most diligent and painstaking efforts of the Com¬
mittee have failed so far to disclose the existence
able to learn, various individuals scattered
been
discovered
short interest,
by
On
us.
the
one
Our
500 shares—
the average individual
according to calculations carefully made by the Committee,
is considerably less than 100 shares.
it, is
contrary,
been
No large
throughout the country.
single short interest—not one individual short interest of over
has
Those
of such coteries.
under contract to deliver Stutz stock are, so far as we have
are
between Mr. Ryan and these scattered small interests.
we
doubt the outcome of litigation, but because
will be protracted and expensive and
of such litigation which by reason
would go to the highest courts,
This
because, pending the determination
of the magnitude of the amounts
involved
the money of these various small customers
services of leading bankers, who will have
of the public as well, to act as
tied up
and if we Can secure the
the confidence of all parties and
mediators, we shall favor such a course.
CLEARING BRANCH OF STOCK CLEARING COR¬
PORATION TO BEGIN OPERATIONS APRIL 26.
Announcement
was
made
on
April 21 that the day clear¬
ing branch of the Stock Clearing Corporation will begin
operations
on
Monday
said:
next,
April 26.
'
The
clearing
the Chamber of Commerce of the
The meeting has
week, April
been called for the purpose of
to stimulate production in in¬
prominent place en the program.
subject of finance in relation to industry will be thor¬
The
ways
and
means
Finance is given
oughly studied at
a
a £roup
meeting to be held on the second
James S. Alexander, President of
National Bank of Commerce in New York, will preside
the
over
April 22.
an
open
branch will be
o'clock to 5 oclock,
Representatives of firms are requested to call for
this sta¬
night
of direc¬
Clearing House on Thursday April 22 becomes the
security balance orders received from the night clearing
Friday April 23, shall be settled
as at
present.
Transactions of
Friday and Saturday cleared through the night clearing branch on Satur¬
day will be settled on Monday^through the day clearing?branch.
European financial situation has been made by a
of the
appointed by the National Chamber of Commerce
and the report of this body of men, which will be made at
the group meeting, will have much influence upon the fin¬
ancial policy to
The report will include
be recommended.
In addition'to inter¬
analysis of the exchange situation.
an
problem of the financial requirements
national finance, the
of American
manufacturers
will be given attention.
CONFER
BANKERS
ACCEPTANCE
WITH
FEDERAL
RESERVE BOARD.
A conference between
representatives of New York and
banking houses which deal in acceptances and mem¬
bers of the Federal Reserve Board was held at Washington
Boston
on
It is learned from special Washington advices
"Commercial" that Governor Harding of
April 20.
to the New York
the Reserve Board stated that
discussed with
the Board
as
to the
a
night that the whole situation
view to better acquainting members of
operation of acceptances
the "Commefcial" he said
.
According to
nothing specific had resulted from
the conference but that the information obtained would
value in meeting problems as
be of
they arise.
OF
PROGRESSIVE
DISCOUNT
RATES
BY
FEDERAL RESERVE BANK OF KANSAS CITY.
As
we
report in our article on the "Financial Situation"
in the earlier part of
to-day's issue of
our paper,
where
we
table of Federal Reserve discount rates, the
publish the
Federal Reserve Bank of Kansas City is the first
to [adopt
graduate discount rates, made possible under the bill
recently passed by Congress amending the Federal Reserve
Act.
The
referred
clearing branch of the Stock Clearing Corportaion, but the board
tors direct that
The
discussion of the general financial situation.
question of furnishing credits to the industries of Europe is
one of the matters that will receive consideration.
A study1
the
fund.
tionary at 8 Broad street during the times mentioned.
The present
meeting and the subjects to be discussed will
the group
"Foreign Financing and the Edge Law," the "Report of
the National Committee on European Finance" and finally
be
ADOPTION
Stationary for use in the operations of the day clearing
on
OF
CHAMBER
S.
United States is to be held at Atlantic City next
branch of the Stock Clearing Corporation
distributed from 10 to 5 o'clock April 21 and from 10
branch
U.
OF
COMMERCE.
announce¬
will com¬
mence the operations of clearing stock balances only on Monday, April 26.
Circulars are being delivered to members and firms to-day notifying them
to this effect and requesting that all those who desire to be members of
the Stock Clearing Corporation promptly send to it the clearing members
agreement, properly signed and executed, and that not later than 2:15
p. m. on Friday, April 23, tneir check for the amount of their contribution
The day clearing
on
MEETING
FORTHCOMING
was
the
the Senate Finance Com¬
mittee."
Moreover, we consider this as a business question
which ought to be disposed of by business men,
to
the Senate
of
Chairman
resolution will not be reported by
litigation
aggregating very large amounts in the total would necessarily be
In their brokers' hands.
ment
Sage,
said to have stated that "the Black
The controversy, so far as we know
position has been to favor an arbitration of the controversy.
Is not because
DAY
Senator
22nd
Finance Committee, was
committee
fear,
raid
who
the market you can give assurance
that it will not be passed.
with the subject of corners.
as
that the Black resolution was
of the break in the New York stock market yesterday.
the part of any man here to hurt anybody, and
There was no intention on
day of the convention.
i? I have received so many requests for a public statement as to the position
of the Protective Committee that, though we are averse to trying this case
far
saying:
There seems to be an impression abroad
in part tho cause
dustry.
statement in explanation of
a
as
the
of
investigation
legislative
Walters is
discussing
of£the Protective Committee was made as follows
Walt¬
would
Exchange. Mr.
be
24) at
for the Protective Committee.
adjourn¬
On the 22nd inst. J. Henry
majority leader of the Senate, stated that there
26 to 29.
19
because of the approaching
move
Legislature.
The annual meeting of
that the fifty-eight Stock
legislation
ers,
Exchange firms have been requested to meet
On April
Stock Exchange, including the
in such business
may be enacted
as will eliminate all methods and practices which are unfair
to traders or prejudicial to the public interests."
It was
reported last week that Senator Black contemplated the
introduction of a bill providing for the incorporation of the
Stock Exchange as a result of the alleged "corner" of Stutz
Motor stock, but on the 16th inst. it was said that he had
to the
counsel has already been noti¬
make.
are
business is conducted in the City
of New York in the New York
addressed
It is evident to my mind
received your letter of the 23rd.
a
which the stock brokerage
yesterday the following:
carefully.
providing
committee of four Assemblymen
"to investigate the conditions under
appointment of
three
and
deems it its
interested parties.
the letter of Mr. Morse, Mr. Ryan
In response to
introduced in the New York
April 20 by Senator Loring M. Black
on
This will be done to-morrow
to him
EXCHANGE ABANDONED.
STOCK
OF
A concurrent resolution was
Senate
solely in a representative capacity,
situation exactly as it stands to the
morning.
duty to present the
TION
methods, customs and usages maintained
Chairman Protective Committee.
Wednesday in a
Ool. J.
that
issued
Morse also
Mr.
truly,
INVESTIGA¬
PROPOSAL IN N. Y. LEGISLATURE FOR
this confidential and the matter
aforesaid statement if the committee
On
[Vol. 110
THEICHRONICLE
1704
to
signing
in
1595, and in
text of the
the
Kansas
our
our
of
this
issue of
bill
by President
Saturday last
issue of April 10,
newly enacted
Federal
measure.
page
Wilson was
(April 17), page
1485, we gave the
The member banks in
Reserve District
were
advised of the
adoption of the progressive discount schedule to be applied
(
APR. 24
THE CHRONICLE
1920.]
to member banks in that
issued by Governor
District, in the following circular
Miller of the Kansas Federal Reserve
V':'-.
Bank:
BANK
RESERVE
FEDERAL
OF
KANSAS
CITY
energy at
producers
Federal Reserve Act. providing for
graduated discount rates,! will become
midst of
bank may receive from the
Federal Reserve Bank will be determined by the
member bank's average reserve balance
the average reserve over a
and capital stock payment; i.
e.,
fixed period, less 35% gold reserve required to be
Federal Reserve Bank, plus the member's paid-in sub¬
maintained by the
It
France.
were
and including this basic amount will take
notes shall be
approved in
member bank on rediscounts
H
based
upon a
discount rate, applicable to
differential of H of 1%,
as
paper
follows:
above normal rate on accommodations extending above the
of 1%
normal basic amount up to
and including 25% of such basic amount;
1 % above normal rate for the next subsequent sum equal to 25%
of the
basic amount;
1H % above the normal rate for the next subsequent sum equal to 25%
so
four
our
billion
increase
progressively ^ of 1% on each subsequent sum advanced equal to
fraction thereof
or
of the basic amount of the applying member bank;
,
Provided, however, that while the borrowings of member banks secured
by Government
war
obligations shall be considered as
who have sent goods to
and exporters
States
amounted
to
progressive rates shall not apply to member bank notes secured by Treasury
Certificates
of
Liberty
Indebtedness,
•wned by the borrowing
bonds
Provided further, that the progressive rate
■ow
ifnder
Victory
or
notes
actually
member bank on April 1 1920.
discount, but new offerings (other than those secured by Liberty
bonds, Victory notes
or
Treasury certificates of indebtedness owned April 1
1920) shall be subject to the progressive discount rate, to be based upon the
then liability of the offering member bank.
Respectfully,
(Signed) J. Z. MILLER, Jr.
Governor.
The Kansas
the
City "Star" of the 18th inst., in referring to
proposed adoption of the progressive discount rates by
the Kansas
City Reserve Bank had the following to say:
Directors said last night the new discount rule
the amendment permitting progressive
would have an immediate
One director said he regarded
tendency to curb undue extension of credit.
discounts to be second in importance
only to the original Reserve Bank Act, that its effect would be to make of
the Federal Reserve Bank
We also
the
real
a
reserve
bank.
reprint from the "Wall Street Journal" of April! 21
following Kansas City advices:
Average
employed in computing basic line of credit of each member bank under new
The basis
plan for progressive discount rates at Federal Reserve banks.
line
will
be changed
monthly
on
the average of the calendar month im
As the actual reserve deposits will be used in com¬
mediately preceding.
putation, the banks which have had deficient reserves with the Federal
Reserve Bank
find themselves penalized by a reduced
will
It is declared
that this plan is the most equitable on
of progressive discount rates.
eystem
$1,000,000 and
would
a
its
have
which to base a
reserve
progressive discount
This is
one
based
rates
on
a
maximum total of
With
the
reserve
which to base granting of loans to the member
requirements of 40%
notes, the maximum of discounts would be
The point is made
000 and
a
that
a
against Federal Reserve
$1,750,000.
member bank having reserve deposits of $1.000,-
capital investment of $50,000 in a Federal Reserve Bank would be
obtaining discounts
banks if it
at the expense or on
granted loans in
was
excess
the reserve deposits of other
of $1,750,000.
the most substantial reason for using the reserve
plan
as
the
charges shall begin.
basis for determining
This, it is argued, is
deposit and capital invest¬
where the progressive discount
It is argued that the capital and surplus plan widely
discussed would not be entirely equitable because the
institutions is not always measured by these
There
it reserves,
After making this deduction, there would be $650,000 plus
$350,000.
bank.
deposits of
the basis of a deduction of 35% from the
deposits which the Federal Reserve bank must hold as
the capital of $.50,000 on
ment
with
line of credit.
capital investment of $50,000 in a Federal Reserve bank
$1,750,000 in loans.
reserve
or
bank
A
business of banking
items.
,
be objections from member banks on the ground that the
may
banks which have been heavy borrowers will be at an
advantage,
as
their
borrowings have aided in increasing their reserve deposits at the Federal
Reserve
banks.
Besides the adoption of
the Kansas
the graduated discount rates by
City Federal Reserve Bank,
part of our paper to-day other
front
we
also note, in the
changes
m,
Federal
Reserve discount rates.
GOVERNOR HARDING OF FEDERAL RESERVE BOARD
MARKETING
ON
OF
COTTON—HIGH
PRICE
OF STAPLE.
speech on "The Marketing of Crops," delivered by
W. P. G. Harding, Governor of the Federal Reserve Board,
In
a
before
on
the
American
Cotton Association
at
Montgomery
April 14, Mr. Harding urged that "the crying need of the
hour
everywhere is more production."
Governor Harding
said:
The cotton producer is
continuation of exports, at least in the present
volume.
There is no
need for cotton, but whether or not this
economic demand depends upon the ability of
the other side to pay in cash or, failing that, to secure credits.
to secure accurate information as to conditions in Europe;
question as to thd
into an
need will develop
consumers on
It
is difficult
The complications which have within the last
and Germany are disturbing factors, as is
the situation in Russia.
Nevertheless when everything is considered, it
seems likely that the economic position of Europe as a whole is better than
it was a year ago.
Great Britain appears to be making rapid headway
towards regaining its old-time position in world commerce and finance,
and the marked advance in sterling which has taken place in the last sixty
days is both an indication that this is true and an assurance that the progress
made will be sustained.
Goods can be exported to Great Britain more
readily with sterling at a discount of 16% than when the rate of discount
was 33%.
The productive capacity of France and Belgium has increased
during the past twelve months, although the depreciation in the exchanges
of both these countries restricts their ability to import and emphasizes
the necessity for credit arrangements.
Germany and Austria, formerly
imported a large amount of cotton, and mills in both countries, as well as
in Czecho-Slovakia, which was formerly a part of the Austrian Empire,
and Poland, also lack only the raw materials in order to resume operations.
The currencies of these countries, however, are so greatly depreciated as
to make imports on usual terms impossible.
,
For some time past American business men have been considering means ,
are
few days
conflicting.
arisen between France
materials to Central European countries for conversion into
and have endeavored to work out a plan whereby credit
could be furnished in connection with these exports with reasonable safety
and fair business profit.
All reports from abroad agree as to the necessity
that the various countries of Europe be supplied with raw materials in
order that the wheels of industry may once more be set in motion.
It is
finished products
that the
highly essential
United States be able to continue to sell her raw
imperative that Europe be able to secure these raw
materials for without them industries cannot be established and a complete
economic collapse avoided.
It is important to the entire world that not
only the countries of the Entente but those of Central Europe be placed
in a position to produce.
It is needless to expect recovery from the eco¬
materials, and it is
nomic
I
am
which the world suffers to-day as long as
Europe remain in enforced idleness.
disarrangement from
100 000 000 people
in Central
informed that
conferences have recently been
held for the purpose
whereby raw materials can be sent to countries whose
currencies are most seriously depreciated for conversion into finished manu¬
factured products under contracts for exportation under a plan whereby
of developing a
title
to
the
plan
raw
materials
exported remains In the American shippers
of manufacture into finished products; when these
products are sold the proceeds are applied to the payment of amounts due
for the raw materials, the arrangement to be supported by proper guaran¬
tees given by the manufacturers receiving the raw materials, by the exporters
throughout the process
finished products, and by foreign banks of good
for various reasons it seems desirable to apply
to the manufacture of cotton goods and that
it is proposed to organize a financing and trading corporation with broad
powers under State or Federal laws to finance the proposition.
The necessity for providing means for exporting raw materials to Europe
has been given much consideration during the past year by Government
authorities in Washington and by the Congress of the United States.
An
Important measure known as the "Edge Act" has become a law.
This
act provides for the Federal incorporation of associations engaged princi¬
pally in international or foreign banking or other international or foreign
financial operations and permits national banks as well as individuals, firms
and other corporations, to Invest in the capital stock of such associations,
the total investments of this character by National banks, however, being
limited to 10% of their capital and surplus.
The act provides further that
the Federal Reserve Board shall issue regulations governing the organiza¬
and importers
standing.
this
tion
selling the
I am told that
plan in the first instance
and
operations of
corporations organized under its
provisions, and
formulated and made public. A copy of the
regulations will be handed the Secretary of this convention.
Many of the obstacles which have stood in the way of the cotton farmer
have been overcome.
I shall not undertake to predict the future course of
prices and in fact at the risk of meeting your disapproval I will say that I
am not so much interested in the actual price of cotton as I am in the de¬
velopment of a steady and dependable market, for I believe that if such a
market can be established little concern need be felt as to prices.
A good
market is essential for the stimulation of production, and it is important
also that the price of cotton and other farm products bear a proper relation¬
ship to the prices of commodities in general.
.
Farm products are essential for feeding and clothing the world; these
should be marketed in an orderly manner and not dumped in such volume
as to bring about price reactions which will be detrimental to the producer
and the consumer alike
But they should not be hoarded and held from
these rules have
recently been
.
The factors
from those
countries.
of sending raw
deposits and average paid in capital for March will be
reserve
which regulate production on the farm are essentially different
which govern in other fields of activity.
the lumberman and the
The mine operator,
manufacturer can in ordinary circumstances make
good a diminished output
United
This
1918-19 of 3,514,269 and
489,400 to France and 2,023,100 to other
vitally interested in the
reports
shall not attach to the paper
Europe.
April 2 1920 total exports of cotton from the
5,184,822 bales, of which 2,672,312 bales went to
with total exports for the entire season
for the entire season 1917-18 of 3,356,142 bales.
part of the sum
a
constituting, the normal basic amount or any amounts in excess thereof, the
lias been financed in
has been ac¬
of European bank credits, for not until
quite recently has there been any movement of gold from Europe to America
since 1916, and the imports thus far have been comparatively small in
amount and totally inadequate for the financing of Europe's large adverse
trade balance.
Our own banking statistics would indicate that very sub¬
stantial credits have been given by banks in this country to manufacturers
compares
25%,
The remainder
cepted by exporters in the form
bank in
equivalent to its basic line, but thereafter the rate shall
about a billion and three-quarters
made by the United States Treasury as
legislation.
It is probable in many cases that payment
various ways.
Great Britain,
amount
realized that if the normal amount
of credit facilities. The total
1919 exceeded imports by more than
Of this amount
dollars.
taken care of out of advances
tional; i. e., the normal rate shall apply on paper discounted for a member
an
were
abroad, not only was the transportation problem
exports during the year
From Aug. 1 1919 to
at an increasing rate of M of 1 % for each unit of 25% addi¬
on,
available, for transports
but the still greater problem
authorized by war time
of the basic amount;
And
still in the
thought that the great cotton-using countries of Europe
was
be solved,
was
member bank
amount greater than its basic amount, such
an
advances shall be subject to an increasing
•f all maturities,
or
were
He added:
financially exhausted and it was
value of
a
ago," said Mr. Harding, "we
of cotton was to be sent
multiplied by 2M, the resulting amount consituting the basic line.
Whenever advances to
be augmented and
being used in bringing back the two million soldiers who had been sent to
to
the normal discount rate in effect at the time paper is submitted.
can
period of hesitation and uncertainty which fol¬
a
Adequate ocean transportation was not
scription to the capital stock of the Federal Reserve Bank; such sum to be
Credit advances extended up to
according to conditions which develop from time
increasing demand the volume
an
lowed the armistice."
basic amount of credit accommodations which each member
Other
proper season.
be curtailed when the trend of the market points to an oversupply.
"A year
10:
operative in this district, on the following basis:
The normal
With
time.
can
be done at the
generally speaking, regulate their operations and adjust the
can,
volume of their output
it
Progressive Discount Rates.
To the Member Banks of District No.
other times, but the farmer must operate under natural laws and
his work in its various stages must
to
April 17 1Q20.
1705
covering certain periods by an acceleration of
artificial level.
Such a
engaged in promoting it. The
large and the value so enormous that
the market in the hope of forcing prices up to an
SENATOR
policy is bound to result in disaster to those
volume of
great staple crops is so
our
all efforts to corner them will result in failure by
law.
Democratic
affecting this an
Harding referred to the fact that "since the
a steady and almost continuous
advance in the price of cotton; middling uplands, which sold
at about eight cents a pound on July 1 1915, bring now, I
believe, about forty-two cents."
He furthermore said:
should
been more holding of cotton on the
known before.
This holding
has been due in larger part to the necessities of the case, to.the inability of
certain countries owing to the war to purchase their accustomed supplies,
and to priorities in the use of ocean shipping for the transportation of food¬
stuffs, war materials and troops.
We have had, therefore, during the past
two "years a continuous cotton season.
The more gradual marketing of
cotton has been made possible because of improved banking facilities, but
and insured them
price; to-day, when we consider the price of cotton goods, the cost of labor,
both on the farm and in the cities, tho price of grains, meats, clothing,
which
taxes
relatively the price of cotton is not so
the market value of the lands upon
this project
increased
of fertilizers, and it is clear that the cost of produc¬
has mounted in proportion to tho increased price of the staple.
lower
but I do wish to say that while in terms
days, there has been no decline in its
cannot
tho payment of
much food and clothing or as
debts
as
prices, he said.
San Francisco,
reached
of
and have at
the present, and I would strongly advise those
salable crops
indebtedness which is not pressing not to yield to
and liquidate or reduce your
the
on
the
through
Legislative, Executive and Judicial Appropriation
had
NOTES.
Reserve
described
notes
the
Letter No.
counterfeit is
to
this
|
Ycrk, check letter 'B' face plate
time the Senate
This year the
apparently printed from lithographic plates, on a
put them back and the House yielded in conference.
Banking and Currency Committee took the matter up and
Department
Treasuries should
earlier date
offered
the interest
and contingent expenses and
institutions are out of existence.
been abolished two years ago, but it was
still on it would be possibly disadvantageous
The cost of the nine Sub-Treasuries runs
calls for the annual expenditure of
City
about $600,000
a year,
Salaries amount to $455,000.
counting everything.
Treasuries at Baltimore, Boston,
That at New York
$149,785 in salaries.
The Sub-
Chicago, Cincinnati, New Orleans, Phila¬
delphia, St. Louis and San Francisco have a salary list calling for from
back of the bill where green
the photographic impression."
The contingent expenses of the Sub-Treasury
$25,000 to $68,000 annually.
amount
system
Very truly yours,
H.
The amendment will save accord¬
$50,000,000 besides, as that amount of money has to be
the Government's debt as soon as the
to do so.
John Burke, Treasurer
it bears the same good seal and num¬
J.
on
decided that while the war was
York, check letter 'A' plate number
bering, and should as readily be detected by the
*
of the whole at
The Sub-Treasuries might have
apparently made by the same persons responsible
Ink has been spread over
This biU Mr. Piatt
Judicial Appro¬
kept in the treasuries for working capital, but can be checked out to pay
should readily detect
of Grant.
as
banks.
passed.
yield and the Sub-Treasuries are to go.
on
described,
at such
to the Treasury at Washington,
ing to the estimates, about $450,000 in salaries
$50 Federal Reserve Note
counterfeit is
or
Again the Senate struck it out, but this time the House conferees did not
this counterfeit."
indistinct; Carter Glass, Secretary of the Treasury;
1921
amendment to the Legislative, Executive and
as an
the time, and
the bill having green ink distributed over
particularly good; but the odd appearance of the back
"This
year
by Mr. Longworth, who was Chairman of the committee
exception of the
the photographic impression.
It is printed on two pieces of paper, with,
pen and ink lines to imitate the silk fibre of the genuine.
"The face of the bill is fairly deceptive, the seal and numbering being
for the $20 note above
fiscal
should determine, and trans¬
priation Bill in the House, and it was held in order under the Holman rule,
Burke, Treasurer of the
photographic production, with the
of the United States; portrait
the Secretary of the Treasury
as
bill providing that the Sub-
to exist at the end of the
the Assay Offices or to the Federal Reserve
or
'
"On the Federal Reserve Bank of New
cease
ferring their duties, funds, bullion, &c.
York, check letter 'A' plate No.
121, Carter Glass, Secretary of the Treasury; John
seal and numbering, the back of
Twice the
for the Sub-Treasuries and each
and the Federal Reserve Board reported out a
threads or imitation of them. This
poor counterfeit, and needs no further description, as the persons responsible for its manufacture and limited circulation have been arrested. * * *
$20 Federal Reserve Note.
t
the Federal Reserve Act was passed.
after careful consideration and consultation with the Treasury
a
"This counterfeit is a
but the
Congressman Piatt has been offering amend¬
House has stricken out the appropriations
is
States; portrait of Cleveland.
on
appropriation bill for the abolition of the Sub-Treasuries
single piece of bond paper, without silk
United
This
of the House Committee
The House had insisted on the abolishment for several Congresses
ments
Jackson.
"On the Federal Reserve Bank of New
Chairman
Piatt
Senate refused to listen to it.
442, as
Secretary of the Treasury; John Burke, Treasurer
No. 423, Carter Glass,
of the United States; portrait of
Executive and Judicial Appropriation Bill.
Edmund
Representative
almost every year since
$10 Federal Reserve Note.
i
President
Banking and Currency.
follows:
"On the Federal Reserve Bank of New
came into
brought about by an amendment proposed to the legislative bill by
was
Service Division of the
circular
which
consummated to-day subject,to
when the House adopted the conferene
was
discontinuance of the Sub-Treasuries has been urged for several years and
called to three new counterfeit
the Secret
by
approval of the
report on the Legslative
Federal Reserve notes:
Washington, in its
Department,
in advices from its
say
Sub-Treasuries"
The abolishment of the United States
following circular (No. 271) to banks and trust companies of
the New York Federal Reserve District warning against new
The attention of banking institutions is
following, to
being in JL846 under President Polk
Case, issued the
II.
the
Washington Bureau April 15:
the Federal Reserve Bank of New
counterfeit $10, $20 and $50
was
functions would be transferred to the Federal Reserve banks.
WARNS OF COUNTER¬
Acting-Governor J.
Cincinnati and Chicago on July 1 1921
Regarding the abolishment of the former, the "Journal of
$10, $20 AND $50 FEDERAL RESERVE
Under date of April 17
"This
SUB-TREASURIES.
TO ABOLISH
to abolish the Sub-Treasuries at Boston,
April 14 by the conferees of the Senate and House
on
Commerce"
Federal
.
With the discontinuance of the Sub-Treasuries their
Bill.
old indebtedness.
N. Y. FEDERAL RESERVE BANK
Treasury
in
York, Philadelphia, Baltimore, New Orleans, St. Louis,
New
need but, on the other hand,
yourselves of the extremoly favorable conditions which now exist
York,
projects,
National banks for
necessary.
should be non-taxable because it would result in
PROPOSAL
temptation to buy something which you do not
FEIT
is
food, increased production of raw materials and
An agreement
much gasoline
who have money in tho bank or a surplus of
the same time some
to avail
for reclamation
legislation
opinion,
buy with the two hundred dollars which
cotton to-day as
you
He called attention
against foreclosure.
of
debt-paying power.
While
he receives for a bale of
as could have
been exchanged for one hundred dollars a few years ago, you can still pay
off two hundred dollars of indebtedness with the proceeds.
There has never
been a time within the memory of the present generation so favorable for
one
and.
purchasing power of the dollar is far less than it was in
commodities the
pre-war
can
discussion of the causes and general
I have not time this morning for a
effects of credit expansion,
Senator's
the
great advance in the price
tion
in the Farm Loan Act
furnishing
in
$300,000,000 has been loaned to farmers
Similar
already.
and the enormous
it is evident that
high.
There has been an advance in
which the cotton is produced! and a
imposed in consequence of the war,
are
that
the fact
to
agricultural implements, of mules and horses,
shoes,
applied
Farm Loan Act has relieved thousands of farmers of usury
Yet the price of a commodity is a
bale for middling cotton
be
and for the stockholders of the Reserve banks, and that the
financial position of the producers
relative term.
Two hundred
would have seemed six years ago a fabulous
particularly because of the stronger
a
April 2, expressed the opinion
credits for reclamation
projects.
Senator Owen strongly endorsed the principle
and advised the League to present the matter to the proper
Congressional committees.
The Senator explained the prin¬
ciples and operations of those acts and stated that neither
had cost the Government anything.
On the contrary, he
said, the Reserve Act has made millions for the Government
During this period, however, there has
dollars
on
same
Federal Reserve Act and
farms and in the small towns than was ever
more
the
principle of co-operation between Government
and citizens in the extension of worthy credit found in the
fall of 1915 there has been
themselves.
speaking "before
nomination,
League of the Southwest at Trinity Audi¬
torium, Los Angeles, Calif.,
that the
Governor
'
Owen of Oklahoma candidate for the
Presidential
convention of the
demand is given free play and
in which the buyer and the stiller meet on equal terms is the great desidera¬
tum, and to its attainment your best efforts may well be directed.
market in which the law of supply and
TO RECLAMATION.
RESERVE ACT
Senator Robert L.
.the consumer that farming be
to the interest of
Conversely, it is
EXTEND PRINCIPLES OF
WOULD
OWENS
FEDERAL
the operation of economic
profitable in order that production may bo adequate; in
open
[VOL. 110.
THE CHRONICLE
1706
insurance
CASE, Acting Governor.
on
yearly
to
$150,000
for shipment of currency,
postage,
shipnfents of coin and similar items.
Originally there were six Sub-Treasuries at Washington, Philadelphia,
New
STATE INSTITUTIONS ADMITTED
TO FEDERAL
RESERVEiSYSTEM.
The
the
Francisco
Federal Reserve Board at Washington
following list of institutions which were admitted to
in the week ending April 16:
Capital.
District No. 6—
Surplus.
the
an
Tot.Resour's.
adoption
of the Federal
the most
Reserve system it has gone permanently.
100,000
$16,500
515,337
lations.
8,000
,
184,861
60,000
10,010
341,060
50,000
15,000
561,925
125.000
3,000
384,787
12—
First State Bank, Garfield, Wash
Wash..
of the Sub-Treasuries
page
& Merchants Bank,
Civil War
co-operative re¬
'
I
The text of the Piatt bill
25,000
First State Bank, Rice, Tex
Rockford,
system during the
banking
powerful influence in rendering the Sub-Treasuries less and less
bringing the Government and the banks into safe and
111
First State Bank, Malone, Tex
District No.
to divorce the Government's fiscal
valuable to the Government, but at the same time they played their part in
$217,923
District No. 11—
Farmers
was
In fact, this never was accomplished, and with
independent Treasury.
the
District No. 8—
First State Bank, Mt. C arm el,
plan
Perhaps the creation of the National
was
$50,000
was
.
operations from State banks which were not regarded as safe, and create
Hartselle,
Ala
That at Charleston
Chicago, Cincinnati and San
added,
The aim of the Sub-Treasury
makes public
Federal Reserve system
Farmers & Merchants Bank,
York, New Orleans, Boston and St. Louis.
discontinued and later those at Baltimore,
818, where
strike from the
their
abolition.
we
was
calling for the discontinuance
given in these columns Feb. 28,
referred to the refusal of the House to
appropriation bill the provision calling for
Apb. 24
1920.]
On March 28 -it
that
in
THE CHRONICLE
was
reported in the New, York "Times'
MartinjVogel, Assistant Treasurer of the United States
charge of the Sub-Treasury in New York, had announced
that he
in favor of the proposal to merge the functions
was
Sub-Treasuries
all
of
with
those
of
the
Federal
Reserve
1707
"rediscount with the Federal Reserve Bank" and it is not figured by the
latter
as
"loan"
a
sends the
it is considered
be carried
Federal
by such
public would best be
servec.
different effect
but it is
on our
COUNCIL
NEW RATE ON
or
commended in the April number
week, of the Acceptance Bulletin, published by the
out this
American Acceptance
rediscount
the
rate
Council.
for
Incidentally in referring to
bankers'
acceptances,
maintainec.
the Council contends that the
purely nominal rate," and that the
by the Federal{Reserve Banks,
5% rate!4'isjinjeffect a
actual rate at which business is done is approximately 5%%.
as
well
as
a
"rediscount with
assume that food
"I have eaten by breakfast."
This
may
prime bankers' acceptances,
profits
small
as
entirely a nominal rate which
ruling which must seriously hurt
as
1-16% in the interest rate.
indorsing and disposing of such
paper
In London the liability in
is considered trivial.
of our acceptance market?"
The following
Council in its Bulletin as to
the comments made by the
The
prevail.
5% rediscount rate for acceptances is in effect
a
purely nominal rate
to-day; the actual rate at which business is done Is approximately 5% %.
Why not abolish entirely a nominal rate which leads to confusion and to a
ruling which must seriously hurt the development of our acceptance market ?
It would seem that at this
tions
Federal
a
time, and considering all surrounding condi¬
Reserve bank acceptance rate of
5%% might be indicated, with
a
approximately 5H % to
90-day rate for commerical paper (promis¬
at 6H%» and trade acceptance rates between the two.
The Secretaiy
as
being too low.
too well,
not gone any
SUBSCRIPTIONS
and it was little wonder that results had been dis¬
of 6% or better. The excessive spread between the
prime short-term investments, of fairly equal desirability,
they secure a return
classes of
and a decreased
for Treasury certificates.
The anomalous situation called forth
cure.
The rate on Treasury certificates had to go up to 5% and
had naturally
led to an increased demand for acceptances
5H% for the respective maturities of 3 and 6 months, while the great
mand for acceptances brought down the rate for them below 6%.
the first time since the
de¬
For
inception of the Federal Reserve system there ap¬
peared to be developing a wide and genuine acceptance market.
The incident furnishes an illuminating indication of the part
Total
cates
April 22.
destined to play when in the future Treasuiy borrowing on
will become a factor of decreasing importance.
All
will then naturally keep a substantial portfolio of bankers' accep¬
as their most important secondary reserve.
Not until the banks
policy—and not until banks without a strong reserve of
looked upon as ill-managed and poorly protected
shall we see in the United States a genuine and wide discount market.
Nothing would be a better sign of a healthy consolidation of our banking
situation than to have our banks show a reduction in loans and an increase
in bankers' acceptances, purchased for investment.
It is obvious that for
banks doing a large acceptance business, it is a duty as well as a s. lf-interest
to buy acceptances.
Their opportunities to develop a substantial accep¬
tance credit business will, in the final analysis, depend upon a wide and
favorable discount market without which, in the long run, we shall be out¬
distanced.
That discount market cannot develop unless everybody co¬
policy on the part
and
of the Federal Reserve Board if we are to
attain our goal.
stated that Gov¬
ernor Harding had expiessed his views to the effect that bankers' accep¬
tances bought by a Federal Reserve bank should, in his personal opinion,
not be considered or counted as a loan contracted from the Federal Reserve
bank by a bank selling the, acceptances.
Any other policy would be a
fatal absurdity.
If a bank sells a Treasury certificate or a New York City
revenue warrant to a Federal Reserve bank, it does not incur a loan; it
sells an asset.
A prime bankers' acceptance, bona fide bought and resold
by a bank, ought to be looked upon as a New York City revenue bond
rather than as the single name paper representing a loan to a customer.
Any other conception would maim and kill the future growth of our dis¬
We trust the papers were
Call loans on the
Stock Exchange, which may
be realized upon without
"loans" or liabilities incurred, would other naturally
favorite and most important secondary banking reserve as in
being considered as
the past.
should wish to have the Federal
Bank of New York remove the
so-called "rediscount rate" for bankers' acceptances and rehabilitate the
earlier method of having bankers' acceptances bought by Federal Reserve
banks at the discount rate or at the open market rate, whichever is lower.
When the Bank of England buys bills in the open market it may buy at a
rate below its official bank rate.
In other words, if the official rate—at
which every party admitted may expect to sell prime paper
is so above
the market that the bank does not get enough bills (or for other reasons) the
bank may go into the market and buy at a rate below the official rate.
At
its convenience it may then withdraw again from the market and to business
like to go a step further; we
and the Federal Reserve
official rate.
Some such
plan must have been
issue of
offered
1920,
April
on
on
April 11 and the
on
Both issues
19.
are
April 15 1920; Series F, put
April 17,
page
The offering was
1597.
The subscriptions
districts
referred to in
The combined issue, it
announced by the Treasury Department,
was
would be for
divided
were
among
the
follows, in the order of percentage of
as
Subscriptions to quotas for the combined issue, Series F
and G,
respectively:
York
New
—
_
.....$33,039,500 and $94,127,500
6,615,500 and
Boston
San
15,496,500
2,271,000 and
Francisco
__
5,123,000
6,214,500 and
Atlanta..
11,435,500
Dallas
3,062,000 and
1,836,000
Philadelphia
3,744,000 and
9,756,000
authori¬
established the 5% rediscount rate
Since then, however, the Federal
Reserve banks' private rate was permitted to rise above 6% and the official
rate was left unchanged at 5 %.
And there it stands to-day. The London
banking community may well chuckle about this freakish condition.
English bankers will be unable to understand why, when the official rate
is 5% the Federal Reserve banks should have been able to do practically
their entire business in acceptances at about 1% above that rate.
The
answer is that when the First National Bank, having received from Chili
the acceptances of the Second National Bank (for credit under discount at
the market rate). indorses and sells this acceptance to the Federal Reserve
Bank at round about 6%. it need not carry the item on its statement as
forfthe discount without negotiation.
3,979,500 and
2,413,500
Richmond
1,650,000 and
4,693,000
St. Louis
3,136,500 and
4,115,500
Cleveland
5,500,000 and
7,100,000
Kansas City..
1,948,000 and
3,451,000
Chicago
6,313,500 and
11,086.000
6,400,000
Minneapolis....
.........$83,903,000 and$170,633.500
Totals......
Total combined
subscriptions compared with quota
follows:
as
V'rvr.v-
were
'
^
■
Subscriptions.
Quota.
$127,167,000
Boston..
$84,800,000
22,112,000
New York..
21,650,000
7,394,000
San Francisco
7,300,000
17,650,000
Atlanta'
17,650,000
4,928,000
—
Philadelphia...
6,000,000
13,500,000
Dallas
17,650,000
Minneapolis
6,393,000
8,650,000
Richmond
6,343,000
8,650,000
7,251,000
Kansas
Chicago
22,650,000
5,399,000
City
10,000,000
12,600,000
Louis
St.
Cleveland
10,000,000
35,000,000
17,399,500
.—....
6,400,000
Treasury.
'....$254,536,500 $250,000,000
Totals
SECRETARY
TREASURY
OF
CONSOLIDATION OF
HOUSTON
LIBERTY
OPPOSED
TO
BOND ISSUES.
Frelinghuysen that the Govern¬
31/2% bonds to be exchanged
of the First, Second, Third and Fourth Liberty
not meet with the approval of Secretary of the
The proposal of Senator
issue $30,000,000,000
ment
for bonds
the aim of the Federal Reserve
for acceptances, while the
open market rate stood at about 4*/*,%.
The plan, at that time, was, as
we understand it, to give additional backbone to the discount market by
establishing an official rate which—until changed—would be the maximum
rate at which member banks could send in their offerings of acceptances
ties when the
1920 and Series G
correctly informed, when they
market.
Reserve Board
CERTIFICATES,
1920.
Treasury
operates—accepting banks as well as non-accepting banks.
More than anything else, however; we need a consistent, farsighted
only at the
still be followed
outsat 5%, will be payable July 15 1920; Series G, at 5M%,
will mature Oct. 15 1920.
Reserve
adopt such a
were
closed
were
banks
We should
With
Federal
by Secretary of the Treasury Houston
dated and bear interest from
$250,000,000.
bankers' acceptances are
TREASURY
The certificates
subscriptions
our
bankers'
TO
Indebtedness, Series F
announced
were
acceptances are
remain the
a
subscriptions of $254,536,500 to Treasury Certifi¬
of
short-term certificates
count
way measures must
SERIES F AND (?,
4%% basis, obviously had
Why should banks or private capitalists have wished to invest
Treasury certificates at 4^% when by buying bankers' acceptances
courageous
7^ %
6J^% rate might still
the better part of valor and discretion.
as
of the Treasury acted wisely when he took the bull by the
The previous issue, offered on a
appointing.
tances
a
But we are dealing with extraordinary con¬
ditions, where compromises and half
increasing the rate of interest on his last offering of Treasury
certificates.
its own
be criticised
6% is out of joint—indeed
and banking situation:
the money
demand
The Federal
view, and its far reaching bearing, and to do everything within their power
to see it
Reserve bank rate of
two
as
Reserve banks must be the first to recognize the soundness of this point of
sory notes)
in
As stated be¬
duly endorsed, must be considered
commercial 90-day paper quoted in the open market at 7 to
horns by
sound facetious;
of the freest marketing of acceptances
"Why not," it says, "abolish
the development
is
might have
the gravest importance.
way
leads to confusion, and a
are
that bank
loan and must
bonds—that easily pass from hand to hand, as they do in England, with
the Treasury in increasing
interest*on last week's offering of Treasury Certi¬
ficates of Indebtedness, is
were a
first class investments like Treasury certificates, or New York City revenue
The, action, of the Secretary of
the rate of
if it
hurts the healthy development of the acceptance market.
fore,
ABOL¬
ACCEPTANCE RATE.
NOMINAL
ISH
APPROVES
CERTIFICATES—WOULD
TREASURY
as
system according to whether we said "I have taken
Any obstruction placed in the
ACCEPTANCE
If however,
The actual liability in both cases, however,
We might just
very serious matter of
a
Bank.
indorsement, for "rediscount" at 5%,
in the First National Bank's statement
Reserve Bank."
by breakfast"
arrangement.
an
a
same
by the Federal Reserve Bank
absolutely indentical.
system as thelinterests of the
First National
the
to
bill, with its
same
oans
does
Treasury Houston,
for
an
In response to a request by the Senator
expression of opinion regarding the legislation pro¬
posed to this end, Secretary Houston, in a letter received
)y Mr. Frelinghuysen on April 19, states that "it is my
considered
judgment
solution of the
of
that
the bill offers no satisfactory
problemjof the present depreciation in prices
Liberty bonds, and that it should not be enacted."
The
total face amount of bonds
First, Second and Third loans outstanding on March 31
Secretary also states that "the
of the
was
only $15,616,872,038," and he points out that "the
Government
can
retire
bonds
much
more
conveniently
1708
period of years than if it had to retire a huge $30,000,000,000 issue in one year.
In his letter the Secretary says:
over a
causing no loss to real investors
they are not suffer¬
ing because others see fit to sell their bonds now for less than they are worth,
and neither these investors nor those who wish to sell their bonds have any
ground for expecting a donation from the United States in the form of ad¬
ditional tax exemptionae^
United States Is under no
obligations to guarantee the holders of Liberty bonds against variations in
money market conditions or to guarantee a market at par for the bonds.
To make valuable gifts to the people who subscribed for their bonds on
definite terms for a definite period would in my opinion be subversive of all
decent principles of government.
The Treasury is as much opposed to a
bonus to bondholders as to a bonus to other special classes in the community.
As you doubtless know, the Government is already doing everything in
its power to protect the market for Liberty bonds and the interests of Lib¬
erty bondholders by means of purchases from the 5% bond purchase fund
provided by existing law.
These purchases, which have greatly tended |to
sustain and strengthen the market for the bonds, have been made under
authority of the Second Liberty Bond Act, as amended by the Third
Liberty Bond Act, which authorized the Secretary of the Treasury co pur¬
chase annually, until the expiration of one year after the end of the war
up to 5% of each series of bonds at not exceeding par and accrued interest.
The present
prices of Liberty bonds are
who are holding
their bonds as permanent investments;
$1,043,080,500
principal amount of Liberty bonds had been purchased, the principal amount
paid therefor being $993,363,526.
The authority thus conferred by Con¬
gress has been exercised by the Treasury for the sole purpose of stabilizing
the market, and in my judgment very important results have been achieved,
rebounding to the benefit of holders of Liberty bonds.
The Treasury has
not profited by the action of Liberty bondholders who have forced their
bonds on the market, nor by its purchase of their bonds.
It has been oblig¬
ed to borrow at higher rates of interest the money to make the purchases
which have been forced on it for the protection of holders of Liberty bonds
To
Nov.
30 last,
and of the
as
shown by Secretary Glass'
[Vol. 110.
THE CHRONICLE
,
report,
Government's credit.
amount of bonds of the first, second and
The total face
third loans out¬
only $15,616,872,038, or a little more than half
the amount provided for in the Frelinhguysen bill.
The Government can
retire bonds much more conveniently over, a period of years than if it had
to retire a huge $30,000,000,000 issue in one year.
The Treasury is also definitely opposed to the issue of further obligations
bearing full exemption from taxation.
The chief objection to total exemp¬
tion is that its value depends largely on the wealth of the individual investor
and is greatest in the case of the wealthiest investors.
Such exemption
from taxation, moreover, would materially cut the revenues of the Govern¬
ment at a time when it cannot afford to dispense with any receipts which
would otherwise accrue on account of taxes.
I do not believe that your bill offers any real solution of the problem of the
standing on March 31 was
Secretary Glass, In his
authority of section 6 of the
Act of April 4 1918 (bond purchase fund), are not included as an item of
estimated expenditure (for the fiscal year beginning July 1 1920); this
authority expires one year after the termination of the war, and the Secre¬
tary reserves decision with respect to such purchases after July 1 1920."
Congress created in the Victory Liberty Loan Act a 2^% sinking fund to
commence July 1 1920.
In view of the fact that on July 1 more than a year
will have elapsed since the flotation of the last Liberty loan and of the furth¬
er fact that unless Government expenditures should be greatly decreased or
taxes increased, continued purchases for the bond purchase fund could only
be financed by the issue of additional certificates of indebtedness, thus
increasing the floating debt while decreasing the funded debt, my present
intention is not to treat the two funds as cumulative but to discontinue
should be with respect to
annual report
the bond purchase fund.
said, "Purchases of bonds under
purchases for the bond purchase fund on and after
July 1 1920. and to make
purchases thereafter only for the sinking fund created under the Victory
Liberty Loan Act.
The approximate amount of the bond purchase fund
quota for the
period ending June 30 1920 will be taken over from the War
limited eixtent, purchased in the market, and
Finance Corporation or, to a
in either case canceled and retired.
Hereafter such purchases
as
I
am
forth by the fact that the
confirmed in the determinations above set
natural market in
make for the
general program above
the Treasury may have to
fund or the sinking fund under the
announced will be occasional and not habitual.
bond purchase
Liberty bonds and Victory notes has now
reached such
the bond purchase fund have ceased to be
a dominating factor.
The recent liquidation which has brought the bonds
and notes to new low levels seems to find its chief source in selling by indus¬
dimensions that the purchases for
purchasers during the Lib¬
under pressure to find funds for
trial and other corporations which were large
erty loan campaigns and which are now
their current business,
in
period when necessary measures of
a
credit control
expensive. This
offers a unique opportunity to investors large and small, the quotations for
the bonds and notes being extremely attractive to investin g institutions
and private investors.
I believe that the time has come when the disap¬
pearance of the Government from the market, except as an occasional pur¬
make further expansion of
chaser within
bank loans both difficult and
the limitations above outlined, will have a
beneficial effect
both by reducing the Treasury's
borrowings on Treasury certificates and stimulating the interest of
investment bankers and the public in the market for Liberty and Victory
the market for the bonds and notes,
upon
current
securities.
_______________
BONDS
LIBERTY
FOR
DEMANDS
DE¬
SMALL
OF
NOMINATIONS.
in
indication
that the public has ceased to be spendthrift and is again
prices of Liberty bonds.
As the Treasury views it the present depreciation is due chiefly to the
inclining toward thrift and sound investment is seen in the
fact that of the 20,000,000 Americans who patriotically subscribed during
heavy inquiries for small denomination Liberty bonds at
the
large numbers have not been willing or able to exercise such control
savings division of the U. S. Treasury Department
The
a
public April 8 reports that an
statement made
war
over
expenditures as would enable them to retain their bonds
hostilities.
Liberty bonds, like others, are subject
influences, including the law of supply and demand, and their
their personal
after the cessation of
to market
declined in consequence of the failure of the great
investing public to save in proportion to the enormous expenditure of capital
during and since the war.
Many patriotic people bought Liberty bonds
under the impulse of patriotism who have been unwilling since the war was
over to continue to lend their money to the Government, and have forced
their holdings on the market more rapidly than others could save funds to
invest, with consequent depreciation in market prices.
The remedy is for
the people to work and save, to keep their holdings of Liberty bonds as
investments and to purchase additional Government securities with their
market
quotations have
savings.
The demand has reached the Treasury
iCpi
exhausted their available supply of the
it was announced to-day by
Department, many dealers
SECRETARY OF TREASURY
TO DISCONTINUE PUR¬
OPEN
LIBERTY BONDS IN
MARKET JULY 1.
The intention of Secretary of
the Treasury Houston to
discontinue, beginning July 1, purchases of
Liberty bonds
make
only for the sinking fund created under
for the bond purchase fund and to
and Victory notes
purchases thereafter
the Victory Liberty Loan Act, was made known in a state¬
ment
public April 18.
This decision whereby the
purchases of Liberty bonds in the
made
...
To supply
at present
the large "over the counter" demand for
$50 and $100 bonds
favorable market prices, the Tieasury Department has issued
banks which will expedite exchange of
instructions to the Federal Reserve
bonds of larger denominations for the
The instructions also
small units.
provide ways and means by which banks
obtain the smaller denominations in the first
may
require them.
^
COST OF RUNNING
U. S. GOVERNMENT OVER
The cost of running the U. S.
Government for the first
reported on April 18 as
nine months of the fiscal year was
$5,028,176,000, and taking this as an average, Treasury
officials were credited with saying the total Government
expenditures for the twelve months ending June 30 next
would reach approximately $6,750,000,000—more than $18,000,000
a
day.
It
was
added that further appropriation
by Congress and the soldier bonus, which it is estimated will
cost the Government one billion dollars, are not included.
It is
pointed out that last December Secretary
that
running
Liberty Loan Act will commence on July 1 and Secretary
Houston states that it is not his present intention to treat
as
cumulative.
The approximate amount of'
ending June
30 1920, he says, will be taken over from the War Finance
Corporation, or to a limited extent purchased in the market
purchase fund quota for the period
and in either case
cancelled and retired.
In his statement
when the
disappearance of the Government from the market, except
as
an
occasional purchaser, within the limitations above
outlined, will have a beneficial effect upon the market for
he expresses
terest of
for
both by reducing the Treasury's current
Treasury certificates and stimulating the in¬
investment bankers and the public in the market
on
Liberty and Victory securities."
announcement made
The
he did not
The principal items
the nine months'
expenses
Navy
Interest
309,000.
U.
S.
authorization
The following is the
by Secretary Houston:
conferred
upon
the
Secretary
of the Treasury* by
notes for the 5%
termination of the war.
The continuance of a technical state of war beyond the period contemplated
at the time the authority was conferred has presented to the Secretary, of
the Treasury the practical problem of determining what his future course
Congress to make purchases of Liberty bonds and Victory
bond purchase fund
expires one year after the
on
which
go
to make up
are:
Department, $1,301,605,000;
War
000;
Glass figured
would amount to $6,097,237,000, but
take into account the loss in Government operar
expenses
tion of railroads.
the belief "that the time has come
the bonds and notes,
borrowings
FIVE
MONTHS.
market except through the sinking fund, results from
the fact that the 2 3^% sinking fund created in the Victory
open
the bond
and dealers
instance if their cus¬
Government will cease
the two funds
Depart¬
ment.
BILLION DOLLARS FOR NINE
OF
having
"popular" sizes of these securities,
the savings division of the Treasury
sponsored by Senator Frelinghuysen
given in our issue of March 27, page 1247.
CHASES
The statement
the country.
-^V
says:
tomers
The text of the bill
was
banks and brokers throughout
Railroad Administration, $776,590,-
Department, $621,364,000; Shipping Board, $433,100,000;
public debt, $664,923,000; Maintenance of Congress, $15,-
the
Executive offices cost $6,177,000.
GRAIN
RESELL
CORPORATION PERMITS MILLS
WHEAT PURCHASED FROM
TO
CORPORATION.
Permission
States Grain
to
resell wheat purchased from
the United States in a
on
April 22.
was
The terms of the bulletin were as follows:
The Wheat Guaranty Act of March 4
not later than
the United
granted to mills throughout
bulletin issued by the Corporation
Corporation
June first.
1919, provides for its termination
In view of this near termination and of the ap¬
proaching marketing of the new crop and in justice to those mills who
purchased wheat from the Grain Corporation under the resale
months ago
unable to deliver such wheat to their miU for actual mil¬
the inadequate transportation facilities of the country, the
Corporation, recognizing that such mills have been subjected to
plan and have been
ling owing to
Grain
possible loss by being forced to purchase wheat in other positions actually
available for milling in order to carry on their current business, thus creating
Apb, 24 1920.]
Btocks in
ion
excess
that
i
of the normal requirements
In respect
iQNICLE
of their business, is of the opin¬
requiring such purchases to be used exclusively
the restriction
for milling should
THE
effective
be removed.
therefore to all wheat sold by the Grain Corporation prior
May first, warehouse receipts delivered on such sales from the
attached to tnem requiring such wheat to be used ex¬
condition originally
clusively for milling.
On wheat sold by
Vice-President
to
this milling restriction by arranging
take delivery of the warehouse receipts,
the following conditions:
for warehouse receipts at
later than May tenth, on
First.—The Vice-President will collect
not
prices may go, and that they are opposed to the toll system,
the interests of the consumer and is an imposition on
the wholesaler and manufacturer.
"The curious situation of refined sugar
sold for less than the market
readjustment will be made on the Grain Corporation grade scnedule to the
the grade is ascertained.
Second.—The purchasers
refiners
their
price of
basirg their price for refined sugar on the cost of
quotations for
the
than
raw sugar
the freight bill already assigned to such Ship¬
v:';
ment.
for raws would have resulted in excessive
It has resulted in the curious situation
WILSON
PRESIDENT
FOR
RELIEF
IN
selling in New York at as high
With sugar
sugar
BY ATTORNEY-GENERAL.
CALLED
made from 1919-1920 crop raws has been quoted is 14 cents.
for Cuban raws.
Additional charges are
Cube sugar and cut loaf
is sold from % cent to 1% cents above the basic price.
Sugar in
form brings 3 cents a pound above the basic price.
Granulated in
The basic price refers only to
made for
sugar
tablet
urged that the use of sugar by bakers, confectioners, and
makers be restricted and the available supply of the
commodity be allotted "so that the community as a whole,
Mr. O'Malley declared that no real lack
be served."
can
existed here; "quite the contrary is true," he said.
letter to the President, Mr. O'Malley said:
of sugar
In his
With sugar retailing in New
York City at from 25 to 30 cents a pound, a
price, the plight of New York City's
in some cases not obtainable at any
whom the problem bears most heavily, is desperate indeed.
upon
poor,
with which sugar can
The difficulty
be purchased by those who must
indication of a real lack of the commodity,
for
The confectioners, bakers and syrup pro¬
their business
quite the contrary is true.
who require great quantities of sugar in
obtaining sugar under prevailing contracts
are
These industries, for the most part,
in enormous quantities.
cater to the luxurious sense
prive those to whom sugar represents a
of the
de¬
real necessity.
National Sugar Refining
for future delivery
suggested
as a
Importance of these purchases
this price..
ahead
of low cost raws is seen in the fact that a
100,000 bags a refiner would make $1,280,000.
time this year below 14 cents
80 a bag, and upon only
With the quotation for
basis, the strong position of the
refiners is indicated.
sugar
Prices at which some recent
refiners
March
are
purchases of raws have been made show that
making good profits on more
recently acquired raw sugars.
On
bought 40,000 to 50,000 bags of Cubas for
25 New Yorlc refiners
and freight, or 13.04 cents
duty paid.
On March 26, they bought some 75,000 to 100,000 bags of
Porto Rico at 12J^ cents c. i. f. for April shipment.
This compares with
present basis quotation for refined sugar of 17 cents to 17 % cents.
and May shipment at 12 cents cost
stimulants.
SUGAR
PRICES OF
solution of the problem.
have been deprived of beer and other
Our poorer classes
700,000 bags, at about
Co. bought considerable amounts of sugar
around 6% to 7 cents a pound.
profit of only 4 cents a pound amounts to $12
view which is a peculiar outgrowth of the sugar scarcity.
a
100,000 tons, or
purchases of some
at
American Sugar Refining Co. is credited with
about 6% cents a pound.
no
quotation.
interest that sugar refiners in this coun¬
fall some 250,000 tons of raw sugar for delivery this year
of the available supply, so that the com¬
munity, as a whole, can be served, is
Might 1 urge
It is estimated by a leading sugar
in the industries mentioned and those
The restricoion of the use of sugar
allied to them, and the allotment
10-pound bags is sold at 4-10 cent a pound above the basic
try bought last
late April
community, and to their satisfaction in such large measure operate to
bulk granulated.
special grades and special wrappings.
refined at
need it should not be taken as an
ducers and others
The
varies from 17 cents to 17% cents,
compared with approximately 18% cents, cost and freight,
a
pound, T. J. O'Malley, Commissioner of Public Markets
sent a letter to President Wilson on April 22 in which he
syrup
At all times this year
The lowest price at which refined
price of raw sugar.
present basic price of refined sugar
30 cents
as
market
of refined sugar being quoted and
of raw sugar.
of April, the basis price of refined was higher tharj the
until the first part
current
SUGAR SITUATION—CONFERENCE OF REFINERS
made from lower cost raws
correspondingly.
been advanced
had
:-:;V
•'
The rapidly mounting prices
profits for refiners, if the price of refined sugar
sold for lass than the market price
TO
are
phase of the sugar situation on April 12 the "Wall Street
;■-■••■'■''■'■V'"■■■:/.
*
will adjust with our Vice-President at time of
the Grain Corporation under
appreciably higher
Commenting on this
which
figures the refiners paid.
Journal" said:
delivery of warehouse receipts any benefit in freight or transit accruing to
APPEAL
being quoted and
sugar" has resulted,
raw
recently acquired raws rather than on the current
market
proper
equivalent including accrued charges on basis the number one prices and a
actual grade when
to where
it operates against
according to the "Wall Street Journal" from some sugar
the Grain Corporation, prior to February first, f. o. b.
terms, the buyer will be released from
with the
and unless something is done to stop these conditions there is no telling
as
as
February first under its resale plan the Grain Corporation now releases,
to
come,
1709
,
ADVANCE IN CANADA.
Canada, it became known on
Sugar refiners at Montreal,
To a
per 100 pounds,
pounds at the refin¬
said would be advanced from
20, had advanced their price $2
great extent, the drinking of tea
April
stimulants thus created.
making $18.50 to $19 the price per 100
and coffee has increased to fill the want for
The latter is now to all purposes being denied
because of the severe curtailment of sugar.
I
competent authority that
can assure you on
of sugar
the continuance of this lack
will result in the creation of a large number of
Regarding the action of Commissioner O'Malley and
general
an
effort to avert a sugar famine an
night by
last
T.
O'Malley
Commissioner O'Malley points out
was sent to
that the prices of sugar have placed this
In an interview supplementing
he asserted that he would not be
surprised at any time to see the
The Federal Sugar
On the heels of the sugar
housewives
were
Retail merchants
famine there has also come a butter shortage.
months. During March
told they could buy any quantity at 17 cents a pound.
because of the marked advance in the prices at that time
famine.has
sugar
developed over several
U. S. Sugar
temptation which could not be
accustomed to deny themselves
during the war.
They are said to have concentrated large quantities of
beet sugar at Hamburg and other Teutonic ports
and word whs passed
around yesterday in the local market that several steamship companies
recently have signed up a large amount of tonnage to bring this sugar to
The price of sugar
resisted
New
in America has offered a
by the Germans who were
even
York.
In
an
effort to ascertain
what
can
be done to relieve the
both as respects the high level
of prices and alleged shortage of supply, Attorney-General
Palmer on April 22 sent out telegrams calling a conference
of a large number of sugar refiners to meet at the Department
present acute sugar situation,
of Justice in
Washington
the
on
April 26.
by agents of the Federal Government of
large cities
alleged to have been profiteering in sugar.
Charges
the bulk of the refined sugar in this country is in the
persons
that
hands of food
gamblers were said to have been
letter received by
the letter referred to was given in
April 21 from Baltimore to the N. Y.
Mr. McLaurin declares in
is
now
on a
made in
a
Grocers.
advices of
follows:
"Times"
as
his letter to the wholesalers that
trail which it is hoped
as
fast
as
sugar
brokers, speculators and selling
quotations, letters, &c., he says duplicates are sent to
from
In
brokers
a
at a
Axtell Company, Inc., 104
Wall
is a statement that the trade is at the mercy of
who are speculating on the demand that will
financial interests
entered in to
a
The Federal Company
contract with the Norwegian
Commission which it was unable to execute
because
Re¬
Board had refused it an export license.
garding the case instituted by the sugar company the "Jour¬
nal of Commerce" on April 23 had the following to say:
Judge Julius M. Mayer in the Federal Court yesterday heard argument
in the suit brought by the Federal Sugar Refining Company against the
Government
Sugar
Equalization
Board.
The board was in operation
and acted on the representations of the Food
charge made was that the Government itself had
during the war
The
Administrator.
been guilty of
of $219,000.
plaintiffs in September 1918, contracted
Food Commission with 4,500 tons of sugar at
six cents a pound, but that the War Trade Board prevented the carrying
out of the agreement by refusing to grant an export license.
It is alleged that thereafter the Sugar Equalization Board entered into
negotiations with the Norwegian Food Commission and finally supplied
profiteering in sugar to the extent
The
complaint sets forth that the
supply the Norwegian
to
contracted for by the plaintiffs selling at
profit of $219,000. It is the recovery of
this amount that the Federal Sugar Refining Company is seeking to ob¬
tain as profits to which the company is justly entitled, it is claimed.
Appearing for the plaintiffs is Lindley Garrison, who charges that this
was a case of clear profiteering by the Sugar Equalization Board.
W.
quantity of sugar originally
11 cents a
B.
pound and realizing a
Glasgow
is representing
PROTEST MADE
the Government.
TO CONGRESS BY
THE AMERICAN
ADMISSION
OF LABOR AGAINST
OF FOREIGN WORKERS.
FEDERATION
The American
gress
Federation of Labor on April 17 asked Con¬
to "take any
necessary action" to abrogate orders re¬
cently issued by the Labor Department to
and Canadian workers to enter this country
in
the
permit Mexican
for employment
beet sugar industry.
The request was
substantial increase in prices.
letter which he received from the
Street, New York City,
ertain
Food
his association
will lead to exposures in the near future.
agencies issue their
the Attorney-General
for such an analysis as they may receive in those quarters.
He also calls
attention to the fact that although dealers are unable tb obtain sugar from
refineries they experience but little trouble in getting almost any quantity
Just
Norwegian Food Commission.
is stated to have
wholesale grocers at Baltimore from J. H.
President of the Southern Wholesale
McLaurin,
A summary of
the
the
several of
have been made recently in
Numerous arrests
Equalization Board $219,000 which it is charged
when it sold 4,500 tons of sugar to
the Board made in 1918
the War Trade
public.
sold all they could to the
Refining Company has brought a suit
New York to recover from the
in the U. S. District Court at
beginning of sugar riots.
The
FOR
PROFITEERING.
President
Commissioner of Public Markets.
commodity beyond the reach of the poor.
his letter
REFINING COMPANY BRINGS SUIT
appeal for the establishment of a
under Federal authority
J.
\-A; — '-
S. EQUALIZATION BOARD
AGAINST U.
Sugar Equalization Board
Wilson
■■ -
FEDERAL SUGAR
April 23 said:
In
.•
the
situation at that time the N. Y. "Times" on
sugar
Retail prices, it was
eries.
21 to 23 cents.
drug addicts.
the Federation.
made by Frank Morrison, Secretary of
Mr. Morrison told the House Immigration
Committee that the laborers
"so imported" would oversupply
the
He added that there would be no short¬
general market.
wages" were paid
of iabor in the beet industry if "living
age
American workmen.
William B. Wilson, Secretary of
Labor, issued an order on
cultivating and harvesting sugar beet crops in the States
The
order was issued, it was sfid, after the Department of Labor
had been informed that Congress could not act in time to
save the sugar beet crop in the Western States.
Colorado, Wyoming, Utah, Iowa and Nebraska.
of
do
We
combat
not
labor
but we insist that a labor organiza¬
tion should be subjected to Governmental
class
lar
110.
We of course acknowledge
such.
unions as
the natural right of labor to organize,
control and regulation like other
Discrimination by law in favor ©f or against any particu¬
to the interests of the
general community.
It
organizations.
April 14 suspending the immigration laws so as to admit
laborers from Mexico and Canada "for the exclusive purpose
of
[VOL
THE CHRONICLE
1710
detrimental
is
contradicts the
of our Government.
fundamental principles
which permits a man to work when and
where he pleases, on terms mutually agreed upon, whether he does or does
not belong to a labor union.
Our men generally do not belong to labor
We stand for
unions because
the open shop,
their advantage to
receiving as large, or
and as good, or better, conditions for themselves
would be provided under iabor union domination.
they know by long experience it is to
be free from dictation
larger compensation
and their families
as
by outsiders; that they are
think the general public is of the same
we
welfare of mankind will not
We
these conditions.
We intend to maintain and shall aim to improve
believe, and
opinion, that the
promoted by "the one big union." by the
be
by the control of
minority.
A stu¬
public is at present con¬
paramount in the determination
organization of the entire industry of the country, or
JUDGE
U.
OF
GARY,
sidering these vital questions, for they are
SUPREME COURT DECISION.
of the great economic and social
touched
by Judge Elbert H. Gary, Chairman of the Board of
The
upon
question
to larger dividend returns was
as
Corporation, both in his prepared statement,
the U. S. Steel
industry under the arbitrary direction of an organized
dious, thoughtful, fair minded, intelligent general
UNIONS,
LABOR
RETURNS,
DIVIDEND
CORPORATION, ON
STEEL
S.
submitted at the annual meeting of the Corporation on
April
remarks delivered on the same occa¬
sion.
In the former, Judge Gary referred to the fact that
"the Chairman is occasionally in [receipt of letters from
stockholders asking for the payment of larger dividends on
mittees, whereby groups of
We
the
am
sorry
to state,
appropriate too much money for the wages
employees."
In answer to this Judge Gary
we
welfare of
or
I
stock, and sometimes,
common
and other officers and directors are substantial holders
Your Chairman
They are interested
subject of dividends the same as all other stockholders.
They have
no inside, advance information in regard to quarterly returns.
They do
not speculate.
It is the principle and policy of the corporation to manage
of the
preferred and common stock of the corporation.
in the
desire to add to the intrinsic value of the stock regardless
its affairs with the
This will sooner or later
We are in many ways strength¬
quoted on the Stock Exchange.
of the figures
inevitably result in larger willing prices.
corporation for success in obtaining at fairly pro¬
ening and fortifying the
fitable prices a
reasonable share of the world's domand for iron and steel.
in judgment; but you may bo assured that the control
direction of the affairs of the corporation are intended to belthoughtful,
We may commit errors
and
painstaking and conscientious.
Judge Garry pointed out that
earnings carried to surplus«does not determine
"the amount of
the
which
sum
can
it is not in cash; a
properly be spared for dividends, because
large part of it, the major part is and must
properties, otherwise
It is true we had a large amount of cash on
has
ness
promoting
as
hand always, but as our busi¬
be offered and which are requisite for maintaining our
the business—the position to which we
position in
think we are entitled.
market was short, particularly
There have been times when the money
in the
that time,
and I think I may say properly, without boasting, certainly
without any
very
intention to boast, that it was our cash at that time that assisted
in preventing the further and dangerous
materially
demoralization
which existed in financial circles in New York City.
Now of course we are not called upon to
But in accordance with the
think, keep ourselves in a
And yet, we shall always study,
accordance with the principles of justice to
Another
problem which has caused anxious inquiry on our
to the hours of work per
condition that will enable us to do all the business
without borrowing a
Those who sometimes suggest there
plants.
consider¬
for main¬
short day service, especially in view
might be fewer hours do not show us a practical method taking into
They do not offer a feasible plan
ation existing circumstances.
taining continuous operations under a
of the fact that the men themselves will not
satisfied
establish the universal rule of short days and
Needless to say, these suggestions, like
who have never had
the same against their objections.
others relating to labor, are offered by those
experience in the employment of
any
field of action.
good deal of thought to this
found practicable.
However, we have been and are giving a
subject and have made changes when
before heard of any
large corporation, that has not borrowed money from time to time?
stockholders as to why, in view of
the great demand, the cost of production and the prices received by other
manufacturers, we hold the selling prices of our commodities down to
those which were fixed by agreement between the Industrial Board and steel
March 21 1919.
manufacturers at Washington,
It
seems
able
to us the
sums
for every
to borrow money at
tendency is to insist upon payment of unreason¬
commodity and for every service, so that
whirl of advancement seems to be
8% for their money?
proportion to other borrowers that our business is to their lines
the same
of business, I
a
I
think, gentlemen, we would bring on a financial panic within
V
short time.
very
am
If we borrowed in
not criticising any
others; they must decide for themselves.
would rather have you tell me at a
But I
stockholders' meeting that you think we
ought to pay a little larger dividends, than to have you tell me, properly,
on
some
other occasion, that with such a large concern we ought to have
kept ourselves within prudent, conservative lines
Now if one of you
gentlemen should complain that we are unreasonably
extravagant, that we are not
spot.
which were certain to
property.
result in adding value to your
economizing, you would touch a very tender
time. That
There is no excuse for lack of economy at the present
and it applies to the Government of the United States, the
Administration at Washington.
There is no excuse for expending, as now
applies to
us,
published, six and three-quarters billions of dollars a year for the manage¬
this Government.
That should be cut in two at least.
ment of the affairs of
It could be done.
And I trust it will be done.
Another feature of
more
and
more
meeting
was
his
reference
to
the labor unions.
reasserted the declaration
"we stand for the open
where
and
when
he
already made known in the past—
shop which permits a man to work
mutually agreed
upon, whether he does or does not belong to a labor union."
He also essayed that "we believe and we think the general
public is of the
will not be
lowing
are
same
pleases,
terms
opinion, that the welfare of mankind
promoted by 'the
his remarks
on
on
one
big union.' "
this point.
The fol¬
cost of living.
He cannot
Therefore, it
basis of
and maintain a reasonable
otherwise the Government,
public, must interfere.
standpoint of protection of a part of the
Apropos of the voluntary action of
the corporation, in
Armistice, Judge
reducing prices following the signing of the
Gary said:,
A few days
after the armistice was signed in
November, the Chairman of
representatives of the iron and steel
of the idea of voluntarily
reducing prices, and at the end of a day's discussion it was decided to rec¬
ommend a reduction of about $5.00 to $6.00 per ton to take effect January 1.
In March following, the Industrial Board, appointed by Secretary Redfield, as I understood with the the approval of the President, requested the
Chairman of the Corporation to again call together representatives of the
iron and steel industry to appoint a committee to come to Washington and
there discuss the propriety of further reducing and of stabilizing prices.
The committee was appointed, met the Industrial Board, and after two or
three days' discussion, prices were again reduced $5.00 or $6.00 per ton
this Corporation
trade and
and
the
then
called
announcement
I think this
a
meeting of
presented and argued in favor
have been steadfastly
Those prices
and I
preventing increases
have made them, due,
published in the newspapers.
was
adhered to since that time by the corporation;
position has had considerable influence in
general
selliikg prices of steel although
some
they claim, to increased cost of manufacture.
as
While
stating that "we do not combat labor unions as such," he
check this
There is a growing
The man with a
disadvantaged and he is helpless.
meet the increased
income to
prices; certainly to prevent further increases;
from the
in the
Judge Gary's statement at the annual
all reasonable effortx to
discrepancy between different individuals and interests.
fixed income is
the vicious
obli¬
unending, we think there is a moral
and imposition, even at some sacrifice.
carnival of greed
the present time, like some of the other large business
institutions who are paying 7 or
is of convincing import¬
problem of high cost of living
When the increasing
ance.
think our corporation would be in as good position as it is if we had
Do you
Agreed Upon Last Year.
Why the Steel Corporation Holds to the Prices
Inquiry has been made by some of our
should be the effort of all to establish
Have you ever
considerable numbers. Their lack
of experience.
advice is in proportion to their want
This is not unusual in any
increase his
very
that we should
compel our men to observe
It has occasionally been urged
of compensation.
rates
increased and increasing
The whole question resolves itself into
longer days.
dollar.
:'
corporation as large as ours, or any
submit to it unless they are
the full amount which has been
longer days.
So far as the workmen are concerned they are not
with short days if larger pay per day can be secured by working
paid compensation for short days equal to
offered that we can handle, promptly and properly,
V.
part relates
the nature
It is a difficult one on account of
day.
of operations at some of our
gation on the part of every one to use
maintain cash for those purposes.
principles of good management we should, I
the living and
sides and
employees, remembering there are two
all concerned.
We had 75 or 80 million dollars in cash in banks at
panic of 1907.
our
that it must be answered in
on
provide such properties or such extensions and improvements
to
or
may
cash
properly going, and to bo able to securo at all
honestly and appropriately protecting
in
of both.
question presented which involves
every
working conditions of
of competence to give
efficiency per ton, it has required a very large amount of
our
our
de¬
works and activities is at
large and diversified
our
the interests
digest and develop
a
hand to keep our business
times
could not hold
good deal more than doubled from the beginning, as
than doubling our capacity and perhaps more than doub¬
expanded,
the result of more
ling
we
He added in part:
position in business."
self-appointed group of employees from any
any
and employer to aid each other
many
be invested in
or
throughout
has
demonstrated failures of others.
if desired, to
the higher appointees or the officials, all questions involving the interests
and welfare of both employee and employer for discussion and disposition.
In this way fair and satisfactory adjustments are made.
We find by experience this method insures a friendly sentiment, a fair
and reasonable solution and an increased effort on the part of employee
paid for
*
In his informal remarks,
for dis¬
employment conditions.
Up to date we
liberty at all times to present to the respective foremen, and,
and
said:
to
satisfactory to employes, than our own
or more
We have learned of many
Any employee
partment
relating
question
any
subject of shop com¬
present to the management
men may
diligent investigation of these matters.
plan better,
no
been tried.
19, and in his informal
claiming that
made
have
think
decision
and
cussion
questions of the day.
of late has been given to the
Much consideration
In his informal remarks
that there is
now
"more
Judge Gary alluding to the fact
less social distrubance in this
or
country," said:
There has been
a
bold, deliberate, underhand movement instituted by
people who are not loyal to the principles of our Government.
They have
with considerable success.
Of course
those
in charge seek to
met
bring
secure
see
about
the
a
revolution
co-operation
of
to
a
the situation, who do not
precipitate
an
industrial
strike and
to
of men who do not
understand the purposes.
And it results in
very
great
strife and bloodshed and the murdering of
number
good citizens.
everything they can to create and increase the feeling
endeavor to shut off the means of daily life, of
They are doing
of unrest.
They
food, of transportation and
Apr. 24 1920.]
of
production
of
expenses
THE CHRONICLE
compensation and therefor the living
supplies the
which
endeavor maliciously
They
workmen.
the
bring about
to
1711
man-to-man talk.
that is that
But there is
section,
no
thing that must not be forgotten, and
one
class,
no
no
occupation
can prevent
the movements
trouble, to create panic, to disturb the banking situation, anything and
in the other occupations
everything which will secure financially such a feeling of unrest as may
to stop that is to have a new union, a new union of the middle class men
precipitate trouble brought about by people who think that anything may
women
•be better than the present
them forma union which shall declare that all classes shall be treated fairly,
conditions.
At least 97J^% of the people of this
Gentlemen, they will not succeed.
country
of this country, who constitute 80 or
because such men as you and I, the
to do' what they can to
officers of, your corporation,
propose
prepared statement Judge Gary
EMPLOYMENT
suit for the dissolution of the corporation and its subsidiary
As to the decision he
companies.
So far
I
as
A
comparison of employment in identical establishments
increases in the amount of the
spid in part:
one case as
in the number
approval of the decision was practically universal.
as
made by a number of commentators that, as the Supreme
was
Court decided the case by the vote
of four Justices (including the Chief
Justice) to three Justices, the victory was less emphatic.
tion, however, it may be remarked that at the
In this connec¬
hearing of the case by the
Philadelphia in 1915, the four presiding Judges
Circuit Court of Appeals at
unanimously decided in favor of the corporation.
All of these Judges are
competent to serve as members of the Supreme
of the United States.
Therefore, the finall result represents the
three.
opinion of eight Judges as against the opinions of
highest because they are made after full and thorough
rank
resort
And it is generally
lawyers that majority decisions of the Courts of
considered by Judges and
examination, discussion and consideration.
is
fortunate
the country,
for
industrial progress and prosperity, that the Supreme
and
now
of
Court some years ago,
in the case against the Corporation, declared the rule of reason
must govern
to the facts in any case
presented, sometimes deciding in favor of the Gov¬
against, but always in favor of the principles, the
Intentions and the objects of the law.
It is
a
year
is
a
de¬
decrease
year
The following
year.
just made public by the United States De¬
"■■■."
-■;.v---"..•'"x
EMPLOYMENT
SELECTED
IN
INDUSTRIES
MARCH
IN
The Bureau of Labor Statistics of the U. S. Department of Labor
1920.
received
and tabulated reports concerning the volume of employment in March
from representative establishments in 13 industries.
1920
The figures for March
1920, when compared with those from identical establishments for March
1919, show increases in the number of people employed in 11 industries
The largest increases—93.6, 55.4, 46.2 and 37.9%—
in woolen, men's ready-made clothing, cotton finishing and auto¬
appear
mobile manufacturing, respectively, while respective decreases of 12.6
8.2% are shown in
car
1920
compared with March 1919.
as
and
building and repairing and cigar manufacturing.
All industries report increases in the amount of the pay-roll for
March
The largest increases—183.4 and
163.8%—appear in woolen and men's ready-made clothing, while cotton
finishing, cotton manufacturing and hosiery and underwear show respective
has in¬
inexcusable mistake to suppose that the Supreme Court
an
no case
in March of the present
month last
same
ington:
the interpretation and the application of the Sherman Law
ernment and sometimes
In
183.4%.
partment of Labor, Bureau of Labor Statistics, at Wash¬
and decreases in 2.
for the maintenance and stability
as
the payroll
on
compared with the
is the statement
be fully
recognized to
high
1919 and 1920 shows
pay-roll, the current
shown, and in but few instances is there
crease
by large numbers of letters and telegrams and by verbal communications,
Observation
IN
AND 1920.
in the month of March for the years
reaching in
informed by newspaper editorials, by other publications,
am
INDUSTRIES
SELECTED
IN
MARCH 1919
re¬
Court decision which affirmed
the decree of the lower court dismissing the Government
It
and
Let
population.
squarely, rightly, justly and righteously.
maintain and stabilize the conditions of the country.
At the outset of his
last
our
And they won't succeed
ferred to the recent Supreme
Court
90% of
when they act in accordance with their own desires and judgment,
,
loyal to the principles of our Government.
are
from exercising their functions, and the only way
increases of 90.4,
70.3 and 67.8%.
As I see it, the Court has
The large increase in the volume of employment in March 1920 when
simply with great force, logic and justice, stated the old principle that laws
compared with March 1919 is mostly due to improved industrial conditions
tended to limit
qualify the Sherman Law.
or
in accordance with their spirit
must,
strued and applied to the facts
And in determining what is
that
as a
be reasonably con¬
and intention,
appearing.
'
law is enacted for the protection and benefit of the
the effect of construction and
and
revival of business activities following the cancellation of Government
application
upon
general public,
during the winter and spring of last
March 1920.
the welfare of the public
concerned, we shall not disregard the laws of the country or the
interest.
Eslab-
public
had
so
good
opportunity for
an
progress
Report's) Period
of
for
Pay¬
March,
Industry.
and prosperity
Both
Number on
the conditions have been improving for the last year or
position, Industrially,
financially, commercially, of all the nations of the world; we have the
resources, which are natural and permanent to occupy and maintain that
We
may
take
and
maintain
leading
the
position.
And in making a final decision as to what we
time under all the circumstances, I submit, my
all the time.
and its management, as you have so many
your
should do at the present
friends, that it is better to
If you believe in the corporation
times stated and have shown by
action, it seems to me you ought to be pretty well satisfied with the
•dividends from time to time as they are determined by the Board of
Direct¬
CLASSES,
THE
THE
OF
SOLUTION
38
1
week
Boots & shoes
70
1
week
new
union of the middle class
51
Yi
mo.
55,501
men
and
& repairing
Cigars
66
1
week
18,233
49
1
week
Cotton fln'g.
Cotton mfg_
16
1
week
23,666
8,758
52
1 week
45,973
underwear
65
1
week
28,495
34,302
Iron & steel.
111
women
of this
fairly, squarely, rightly, justly and righteously" was advo¬
M. Depew in
a
—12.6
48,535
16,746
36,770
12,808
53,318
Hosiery
2,988,909
—8.2
$4,321',986
+ 63.6
1,554,632
+32.6
494,578
3,070,279
+ 2.7
367,955
+ 24.2
296,350
+ 55.4
1,304,810 + 163.8
+ 46.2
155,615
296,249
+90.4
+ 16.0
652,577
1,111,039
+70.3
402,079
682,915
+ 20.4
+ 6.5 10,525,648 13,206,450
462,669
+ 10.7
348,915
527,995
724,623
+ 11.0
784,909
522,070
+ 10.3
+ 69.8
+ 25.5
and
M
33
Leather
160,467 170,963
15,793 17,486
23,976 26,625
mo.
1
week
Paper
53
1
week
Silk
49
2
weeks
50
1
week
15,188
24,986
16,750
48,361
425,415
+ 93.6
+ 32.6
+ 37.2
+ 50.3
1,205,465 + 183.4
industries for March 1920 with those
for February 1920, 11 industries show an increase in the number of persons
the pay-roil and 2 a decrease.
men's
ready-made
Increases of 5.6, 4.5 and 2.2% are shown
clothing,
paper
making and woolen, respectively.
Both automobile manufacturing and silk show a
who constitute 80 or 90% of our population"—
union which shall declare that all classes shall be treated
cated by Chauncey
+ 37.9 $2,641,858
1+9.1 1,172,569
91,668 126,434
63,710
building
on
country,
"a
(-).
1920.
1919.
58,392
Car
in
STRIKE
PROBLEM, SAYS CHAUNCEY DEPEW.
"A
Inc.
(+) or
of
Decr'se
1920.
In comparing the reports of the same
GREAT UNION BY THE MIDDLE
FORMATION OF A
In
(—).
1919.
Automobiles.
'Woolen
after careful consideration.
ors
Inc.
or
Decr'se
Men's cloth'g
be within the limits of safety
Amount of Pay-roll
(+)
roll.
Years.
In that respect
of
Pay-roll In
He added:
they have at the present time."
more.
PerCent
Percent
lishm'ts
■
According to Judge Gary "the people of the United States
as
year.
Comparison of Employment in Identical Establishments in March 1919 and
So far as the corporation and its subsidiaries are
should not be ignored.
never
a
contracts
reasonable it would seem eminently proper
When
decrease of 0.7%.
compared with February 1920 the pay-rolls
in
ready-made clothing;
men's
all
of the
industries.
increases
in
13
10.4%
March
in
The greatest
1920 show
11.6%
increases are
cigar manufacturing;
in
9.3%
in
hosiery and underwear, and 8.3% in car building and repairing.
Comparison
speech in this city on
Identical Establishments in
of Employment in
;>■
February and
March 1920.
V
April 14.
Such
a
movement he believes would do much to bring
Estab-
1
llshm'ts
about
more
stable
industrial
conditions
strikes from which the public is generally
Mr.
and
to
the greatest sufferer.
Depew was the last speaker at a luncheon of
Members'
Febru'ry
We have been going along having the public service impose
topic was
burdens upon
railroads and having the railway men always demanding advances,
which have been invariably granted
and which in most
cases were
actually
deserved, and yet when it comes to the railroads saying, "Will you allow us
of
on
Pay-roll in
Inc.
(+)
or
Decr'se
1-
■
■■
v.
PerCent
Amount of Pay-roll
in
March,
1920.
(-).
February
of
Inc.
(+) or
Decr'se
March
1920.
Febr'y
1920.
March,
1920.
(-).
increased rates into our reservoir what has been taken out?"
the public officials says, "No, you must find some other way," and the
other way is to cut down the service and to prevent you from having service,
38
1
week
68
1
week
62,240
62,925
+ 1.1
1,442,554
1,538,664
+ 6.7
51
H
mo.
48,276
;■ + .6
2,833,971
+ 1.3
335,068
34,346
12,808
+ 5.6
+ .2
1,081,344
286,824
1,117,429
3,070,279
369,855
1,207,016
296,249
1,154,540
+ 8.3
week
48,535
16,941
Car
repairing
from having
into the enterprise, without which the
"you" meaning the general public, and to prevent the investor
faith to put his money
107,336 106,577
building
A
—0.7 $3,447,931 $3,671,850
+ 6.5
Automobiles.
BootsA shoes
Cigars
57
1
Men's cloth'g
49
1 week
Cotton fln'g.
16k
1
week
16,717
32,534
12,787
Cotton mfg.
52
1
week
54,193
54,977
+ 1.4
underwear
63
1
week
33,511
33,741
+ .7
Iron & steel.
107
163,810 166,732
+ 1.8
Hosiery
put back by
the requisite
roll.
Percent
Number
Pay¬
and
the
Mr. Depew spoke in part as follows:
"Transportation."
to
Industry.
■'
1.
Report's) Period
for
of
Council of the Merchants' Association of New
York, held in the Hotel Astor, where the special
the
prevent
+ 10.4
+ 11.6
+ 3.3
+3.3
and
H
mo.
Leather
31
1
week
Paper
53
1
week
Silk
49
2
week
17,228
25,487
16,875
Woolen
50
1
week
44,703
+ .6
+ 4.5
17,335
26,625
16,750
45,696
—.7
+2.2
671,751
12,075,932 12,887,959
458,902
450,815
679,368
724,623
784,909
744,513
1,120,901 1,147,5551
614,687
+9.3
+ 6.7
+ 1.8
+ 6.7
+ 5.4
+ 2.4
railroads cannot live.
fifty years, the public is beginning to look at the
The law recently passed, although not perfect,
is the only fair legislation with regard to all parties in the whole history of
railway controversies with the people.
Take this little trouble which is
now on (the railroad strike].
Undoubtedly many of these men who are
0
Now, for the first time in
railways as its partner.
so
hotheaded about this should have greater consideration, and It
to come
through the agency that has been provided by this new law.
when it does come, on the
in order to give
other
ought
But
hand, what comes out of the reservoir
these men their deserts ought to be put back
and then the
DAYLIGHT SAVING REPEAL
The so-called Fowler bill,
daylight saving by local ordinance was passed by the New
York State Assembly on April 23 by a vote of 78 to 58.
The
blood of the country.
3,
I have been dealing
with them.
with unions all my life.
I believe
tn[them if
you can get
I have never had any trouble
them down to a fair, square
designed to repeal the daylight
saving law, while permitting cities and villages to provide for
public will be served properly and the financial interests of the country
will have confidence in this greatest of all investments, which is the life
•i
BILL PASSED BY NEW
YORK STATE ASSEMBLY.
goes
noted
in
1381, passed the Senate
on
measure,
page
as
was
to Governor Smith.
the "Chronicle"
March 29.
The bill
April
now
a
Chairman of the Finance Committee of the New York State
which
deserves
"Problems of State Govern¬
wide publicity.
Senator Sage
ex¬
pressed himself freely with reference to many fads and fancies
which are finding so much popular favor at the moment and
made clear the attitude of the State Legislature with reference
important pending measures. He also directed
against the prevailing extravagance and the,
recklessness in incurring prodigal expenditures without a
to^the
his
more
shafts
thought of the consequences.
He dealt severely with the
practice of appealing to the State for endless appropriations
and well said that this tendency unless checked must have
serious results.
We reproduce here all but the earlier part
of the
address:
Reconstruction of State Government.
that in the late
lamented constitutional convention certain
reconstruction of the State government.
with the rest of the proposed constitution.
These proposals have been revamped, studied and resumbitted from the
commission appointed by the Governor last year and they become one of
the burning questions not only before the Legislature but before the people
of the State.
There has been a disposition to believe that the Legislature
is playing politics with this entire program.
I think I can assure you that
this is not so.
The salient points of this program are, first, the so-called
short ballot, where the only elective State officers are the Governor, the
Lieutenant-Governor and the Comptroller.
All other department heads
are to be appointed by the Governor for terms coterminous with his and to
be removed by the Governor at his pleasure.
Second, the Governor's
term is to be lengthened to four years.
Third, the Governor is to prepare
a so-called executive budget, and, Fourth, the various departments of the
State are to be rearranged and consolidated.
proposals were made as to the
These proposals were voted down
Why the
Legislature Opposes
Appointment (Instead of Election) of Depart¬
ment
Heads.
.
,
■
the position that the first three of these proposals
the power of the Legislature and put it in the hands of
the executive.
It is unalterably opposed to these points for the following
reasons.
It believes first that while the officers of State Engineer and
Secretary of State should not necessarily be elective State offices the At¬
torney-General should always be elected and very probably the office of
State Treasurer who is the custodian of the people's funds should remain
elective because it is hardly safe as provided in this reconstruction scheme
to make him an appointee in the department of taxation with the result
that the same department would impose and collect the taxes and also disdurse the money.
The Attorney-General should always be an officer ab¬
solutely independent of the executive.
It should never be provided in the
constitution that the heads of all of the important State departments should
be appointed by the Governor and have terms coterminous with his be¬
cause this throws us back to the same old scramble for the fruits of victory
which we have been trying to get away from for many years
This course
would mean that whenever a now Governor was elected the entire system
of State government would be disrupted because all of the men no matter
what their value to the State would immediately be replaced by others
The
Legislature takes
practically abolish
appointed in a great many instances purely for political reasons.
In the
of education and of the farms and markets the Legislature has tried
case
condition by taking the appointment of the department
executive and Legislature and in many other in¬
purposely made the term of office longer than that of the
Governor in order to obtain continuity in office and of administration.
We don't want to do something which we feel would result in an absolutely
to avoid
this very
heads away
stances we
generally about the last legislative act of the session.
were
In October the departments must have
All this is changed.
coming fiscal year.
estimates in for the
tabulated
all of their
These estimates are collated and
secretaries who are permanent.
by the two budgetary
They
all of their time since the last adjournment in visiting the institu¬
the State, in going over the departments and in familiarizing them¬
have spent
tions of
Before the first of
with appropriations of the
thoroughly with every activity of the State.
selves
January
book is published showing all requests
a
be compared, showing also expendi¬
tures of all like items for the two previous fiscal years and finally showing
all increases and decreases of requests over or under those of the previous
last previous year with which they may
There is also
year.
requested
m
mber
a
or
of
new
the
a
full explanation of every
The Chairman of
of the session
call before them the different State departments,
the session opens.
when
Finance and Ways and Means meet
and
sitting
day
every
item where a change is
of every
This book is in the hands
item inserted.
Legislature
directly after the beginning
commissions, &c.
Every item requested must be explained and must
be weighed, and a
later than March
completed bill must be introduced in the Legislature not
budgetary statement tabulating
The bill Is accompanied by a
15th.
and
estimated revenues and if the
estimated revenues do not equal the proposed expenditures calling the
attention of the Legislature to this fact and stating the amount of money
which must necessarily be raised.
This is a budget in the pure sense of
the term.
The bill must appear on the calendar as a special order on
Second Reading or General Orders for five legislative days and is subject
to amendment during that period.
It is then advanced to the order of
Third Reading and is a special order on Third Reading for three legislative
days during which time it may be amended but only downward.
At the
end of these three days it comes up for debate and passage, and a bill is
analyzing proposed expenditures, showing
First,
You all know
from the Governor
They were then passed under an emergency message
and
April 7, Henry M. Sage, who for the last six years has been
ment"
Certainly no one else in the Legislature had a chance to know.
full content.
luncheon of the Rochester Chamber of Commerce on
Senate, delivered an address on
had drawn them up did not know their
moment, and even the men who
NEW YORK STATE GOVERNMENT.
At
of inter leavings, introduced at the last
tied together with string, full
were
SENATOR HENRY M. SAGE ON PROBLEMS OF
I
[Vol. 110.
THE CHRONICLE
1712
from both
have
backward step.
Against Lengthening Term
of Governor.
believe in lengthening the term of the Governor to
four years.
While we realize that a Governor learns during his term of
office and if he is the proper man becomes gradually of more value to the
State we also believe that the short term provided gives us the best referen¬
dum that there is to the voters of the State as to the policies of both Governor
and Legislature.
If the people L ei that the executive has met every re¬
quirement they re-elect him.
There is inconvenience to him and to the
people of the State in going through a campaign every two years but the
result has been good and we feel that it is unwise to change a system which
has worked well.
Furthermore unless great confusion were to follow it
would be necessary if the Governor's term were extended to also extend
the term of the Senate to four years.
If that were done the term of the
Assembly should be extended to two years and I very much doubt whether
the people of the State of New York are ready for this change.
Secondly, we do not
all for at least ten days before its passage.
Governor has had full opportunity to
preparation.
tents of the bill during its
Change of Procedure
The
Proposed.
is hard to know why
exploit a theory.
I want to call your
of a new Governor.
It is
tbe Reconstruction Commission's report that the Governor
his information early and that he should be ready as soon
this procedure although it
It is intended to change
except that someone is attempting to
attention
provided
in
should
as
have
happen in the case
would
what
to
his bill is prepared to
submit it to the Legislature
but the Commission
coming in he necessarily
the budget prepared by his predecessor, therefore if a new
elected what is the procedure.
According to the report of the
that in the case of a new Governor
also admits
could not accept
Governor Is
Reconstruction Commission it is this:
"1.
"2.
will make up the budget
The new Governor
after he has appointed
and can call them into conference.
required to bold public hearings on a
his department heads
Tbe Governor will he
Legislature.
Legislature will be required to begin immediately
tentative
budget before its presentation to the
"3.
Tbe
and openly to
consider tbe Governor's budget.
"4.
Tbe
Legislature will
not
be permitted to add to
the Governor's
budget.
"5.
tion
to
Legislature will be allowed to provide for expenditures in addi¬
those contained in the Governor's budget only by special procedure,
The
&c."
elected in November and takes
The Governor is
Admittedly he Is generally ignorant
office the first of January.
of the necessities of the
State.
He is
heads of all his departments.
If he can do this before January first, a highly improbable contingency, his
appointees must still be confirmed by the Senate.
Under the best of cir¬
cumstances this cannot be accomplished earlier than February first.
The
new heads must at least visit departments for a few days before tbey are
able to present to the Governor a perfect estimate of what their departments
will require for the fiscal year beginning the following July.
It is exceedingly
improbable that these estimates could be furnished and mean anything
before the first of March.
1 know the length of time required for drawing
up the budget with an appropriation exceeding one hundred million dollars.
No properly considered budget for this State can be drawn in less than
ten weeks and if as provided above public hearings must be given it will
take infinitely longer.
This does not mean ten weeks of intermittent work.
It means ten weeks working all day and every day and if the Governor does
tne work he will have no time during those ten weeks for anything else.
If the Governor does not do the work personally it must be done by men who
are merely employees and who have no responsibility either to tbe people
or to the Legislature.
It will take tbem just as long to draw the budget
propirly as it would take the Governor.
This brings us to tne middle of
May and at last the Executive budgt I is before the Legislature.
The Legis¬
under this plan
of reconstruction to appoint the
Even though the Legislature
it is still the appropriating body
absolutely responsible (as it has been since legislatures were first in¬
stituted; to the people for the appropriation of their money.
lature must begin
cannot raise any
immediately to consider it.
item or add to the budget
and
Budget Bill Could Not Gel
Objections to Executive Budget.
Reconstruction Commission desires an executive budget.
Here I am on ground with which I am entirely familiar.
So much has been
said about an executive budget that few people understand that there is
any budget which is not an executive budget.
The budgetary system from
which practically all budgets have been copied was first introduced into
England and the English budget is the one to which all budget enthusiasts
point.
Very few people know or have taken the trouble to find out that
the English budgetary system is purely legislative.
The Chancellor of the
Exchequer who prepares the budget is a Member of Parliament appointed
to that office by Parliament itself.
The executive budget has not existed
until the past few years when it has been instituted in certain of our own
States.
With this short preamble I will proceed to describe the system
now existing in the State of New York.
Six years ago when I first became the Chairman of the Finance Com¬
mittee the appropriation bills of the State were prepared as follows:
A
bill was prepared in the Assembly and generally one was also prepared in
the Senate.
These bills were based on estimates made by the departments,
submitted to the Comptroller and referred by him without change to the
financial committees of the Legislature.
Without very much information,
with a good deal of pulling and hauling, the bills were finally prepared by
the two committees and were submitted to the Legislature on the last day
of the session.
If they differed in any particular from each other a confer¬
ence committee met and with no one knowing what the bills contained
except the two chairmen, a lot of men who had generally had no sleep for
forty-eight hours sat up in the small hours of the morning and agreed as to
the disputed points of the two bills.
When the bills were handed up they
Third—The
disapproval which has been
In addition to this the
keep himself informed as to the con¬
finally sent to the Governor for his approval or
open to
Before Legislature
Until August 1.
considered as carefully as if the Legislature was acting
de novo and the task is only made more arduous by executive interference
and error.
Ten more weeks while the financial committees of the Legis¬
lature are deciding what the appropriations should be and the bill will
Every item must be
by the first of August.
of a bill appropriating
a hundred million dollars but it is probable that this could be done and the
Legislature finally adjourn by August 15th, one month and a half after the
beginning of the fiscal year when the new budget is to go into effect.
I am
not overdrawing this at all.
I am telling absolute facts which face us under
finally be before the
Legislature for consideration
Two weeks are short
enough time for consideration
Of course in the second year
and in the suc¬
this reconstruction
scheme.
ceeding years of the
Governor's term we could probably adjourn two months
adjourn very much before June with this propo¬
earlier but we could never
sition facing us.
It is also exceedingly dangerous to have any
of the Governor with the
He always can request
tions.
appropriations which he considers necessary.
priations are granted.
crease any
allowed to in¬
situation is created.
Our great school of Agriculture at Cornell
an
occurring this year.
estimate in
October.
The Governor
and in the tentative bill which he sent to the
lose
was
considered its request
Legislature he allowed practi¬
found that owing
living they would
of their teaching btaff unless additional compensation
prepared their new schedule, submitted it to us and^we
cally every request as made.
to the
Nearly always these appro¬
If in addition the Legislature is not
item in the Governor's budget a very serious
I will cite one
submitted
In January the authorities
present abnormal conditions under which we are
the
majority
given.
interference
under our institu¬
and always does request from the Legislature
It is not his province
budget.
They
Apr. 24
granted the relief at
that
over
a
should
cases
difference whether the
not
of one hundred thousand dollars
$6,000
law at
a
responsible as the holder of the purse
which it appropriates is contributed by all the people
The Legislature is
responsible.
strings and the money
of the State. ;
Little
Consolidation of Departments.
Saving from
Consolidation of Departments.
Fourth.
sion states that there are 187 offices,
in the State, but by loose
there
187
are
these 72 six are merely
The Reconstruction Commis¬
boards, commissions and other agencies
talk it has been spread through the State that
This, of course, is not true.
departments.
different agencies only
Of these 187
classed as departments, and of
commissions of existing State officers, two are tem¬
72 can possibly be
transferred to the Federal Government and seven
which might really be classified as de¬
partments, although many of them are small, unimportant and very in¬
expensive.
Of these 56 a very few might be proved unnecessary and a
number can be combined with a consequent reduction in overlapping
activities.
The Legislature is not adverse to this in any way.
While we
do not accept the conclusions of the reconstruction commission as correct
in all particulars, a large amount of honest work has been done by that
commission in the scheme which they have adopted.
Efficiency can prob¬
ably be served by effecting a combination in most of its important par¬
porary, one
is about to be
agricultural schools, leaving 56
are
Money cannot be
scheme.
I believe that the engi¬
the State should all be consolidated under one great
department.
I introduced a constitutional amendment some time since
to attempt to reach this result.
This substitutes a department of public
works for the present State Engineer, and the departments of Highways and
Public Works, and provides a commissioner who is not necessarily an en¬
neering activities of
The taxation activities of the State should undoubtedly all be
that all taxes should be both levied and
gineer.
collected in one department so
take out of the Comp¬
and from the
the collection of the automobile tax and such
The main effect of this would be to
collected there.
troller's office the collection
of the income and other taxes,
office of the Secretary of State
other taxes as he collects.
that efficiency could
It is probable
also be gained by placing the State
hospitals, the charitable institutions and the prisons all in one great depart¬
ment with executive heads within it, which should have the actual manage¬
The Legislature has about pre¬
constitutional amendments to make these changes and
hopes to be able to accomplish something on the consolidation of the taxcollecting bodies before the close of the session.
I wish to reiterate, how¬
ever, that the very loose talk which has been disseminated through the
State as to the amount of money which could be saved ought to be here
ment of the three
classes of institutions.
pared the necessary
Y,-. ..--V./i
contradicted.
If this
consolidation is carried into effect the
not be led to
expect a
people of the State should
I am going to
condition which cannot eventuate.
show you what I mean. In an estimated appro¬
priation this year of something over one hundred and sixteen million dollars
the total overhead of the State is $62,710,000, and only in the overhead
could any saving be effected by consolidation.
I have segregated those
activities which are not affected by any scheme of consolidation as follows:
Prisons, hospitals and charitable institutions
$20,798,558
Educational, including normal and agricultural schools.
20,085,410
Health, Labor, Public Service Commissions and defensive,
excluding military training,
conservation, care of publior"
buildings at Albany, State Police and Public Works (canal).. 10,435,025
quote a few figures to
Banking and insurance
1,017,300
----
Total
.$55.176,932
......
all the rest of our overhead.
included in this amount:
Leaving $7,533,572 to cover
ing departments are
The follow¬
.....
.....
$1,306,421
1,854,684
579,420
_ - _ . _ .
Secretary of State.
$3,740,525
...
Comptroller
Attorney-General
Total.'.
$3,793,047 for the following: State Treasurer, Civil Service
Drug Control, Superintendent of Elections, Tax
Leaving only
Commission,
Narcotic
Malignant Disease, Health Officer of Port of New York,
State Engineer, State Architect. Highway Department and all other State
activities.
I think you will see that with a total of $7,533,000 to play with
Department,
we
cannot
possibly accomplish a saving
which I have heard stated as
being
$45,000,000.
Policy of State.
We have had recently a perfect bombardment on the question of teachers'
salaries arid the majority of the representatives of the teachers from all over
the State seem to favor a bill known as the Lockwood-Donohue bill.
I am
absolutely opposed to this bill for the following reasons.
First, because it
changes the policy of the State.
The policy of the State has been hitherto
to contribute a certain fixed amount every year for trie support of common
schools.
The total appropriated this year for this purpose is something
more than fourteen million dollars.
Our last year's teachers bill added
$5,300,000 to the amount hitherto given, increasing the quotas thus from
Bill for
Teachers' Salaries Changes
provides that the State shall pay one-half
teachers' salaries and just as soon as the State agrees to pay a pro¬
portionate amount of
teachers' salaries it is absolutely
unprotected from
all. The proponents of
the bill say "Well suppose that happens.
It is merely taking money out
of one pocket instead of out of the other."
This is not true. We have
found that the cities of the State are hard put to it not to exceed their 2 %
limit which is fixed by the constitution.
If they are relieved from the edu¬
cational burden the money will be spent in other ways and the people of the
State will be taxed unnecessarily an amount depending on the proportion
that they pay, but varying between forty and eighty million dollars.
the next demand that
it shall pay three-fourths or
School Principals
It is the duty
Not in Urgent Need of Increase.
of those who have trie
responsibility of appropriation that
it that because one class, and a most important class in
this particular case, demands a certain thing they should not grant it until
they find a way which is proper and sane not only from the standpoint of
that class but from the standpoint of the State.
I have another objection
to the Lockwood-Donohue bill which is almost equally as vital as trie one
they should see to
Just mentioned.
While only the financial part came
before my committee
20, 30 and 40 % provisions of the bill.
As I understand it the emergency is with underpaid teachers.
I do not
believe that principals in New York City who to-day are drawing $5,000 or
I cannot fail to
take cognisance of the
Extravagant Expenditures.
highways, the ques¬
completion of our highway system,
whether by bond issue or direct appropriation and what the final mileage
built by the State should be.
We must remember that every thousand
miles we add to our highway system will cost another million dollars each
year from the State for maintenance and we have about reached the time
when we must set a reasonable limit and build the less important roads in
We have other emergent
tion
other
questions before us such as
will finance the
being how we
ways.
We also have our barge
stands is a tremendous liability
terminal facilities is concerned is not yet
canal which as it
which as far as its
to the State,
not eventuate, and finally
health insurance and like
matters.
I will not go into the merits of health insurance.
I believe that
any scheme of health insurance so far presented to the people of the State
has been weighed by them and found wanting.
I will not go into the other
allied schemes all of which cost a great deal of money, some of which may
be desirable, none of which are absolutely necessary.
Behind the demand
for health insurance as far as that demand has been real is the real problem
of unattended sickness.
After consultation with the health department
authorities and considerable study of this question, Mr. Machold and I
have lately introduced a bill providing for health centres instituted by the
counties in their discretion, aided by the State, under authority of the
health department.
This is introduced for the purpose of attempting
a
relief for unattended sickness in the State.
It is hoped that it will
draw young physicians to the rural districts which unless something is done
will iri a few years be left without any doctors at all.
It is also an attempt
to provide prevention as a State activity instead of palliation and while
the expense to the State if it is adopted by the various counties may amount
to four million dollars a year it is infinitely less expensive than any scheme
ready to handle the traffic which may or may
have the so-called
we
hitherto
social program, including
proposed.
Mounting Cost
of State Government.
What are we going to do
government? The figures are
startling.
These I am giving are approximate but in 1890 the State's
expenses were twelve million dollars, in 1900 twenty-four million, in 1910
forty-eight million, in 1920 they will be well in excess of one hundred and
ten million dollars.
In other words we are doubling every ten years and
in the last ten years the pace has been somewhat accelerated.
There is
reason to doubtithat unless something is done the next ten years will see
another doubling process and in 1930 the State will spend two hundred and
And
now we come
about the
to the biggest
problem of all.
constantly mounting cost of State
no
twenty or thirty
million dollars.
the time when not only we
We have come to
should consider very care¬
activity is worth its estimated cost but also whether
undertaken activities which may be useful but which are
fully whether any new
the State has not
not
worth their cost to the
there is no money
We are in great danger not because
York to meet constantly increasing
people.
in the State of New
the people of the State, of the nation and of the
world are going through a period of reckless extravagance which is reflected
in every State government.
The proponents of roads say "We want roads.
If they are going to cost a hundred million or a hundred and fifty million,
expenditure but because
could not be more usefully expended.
It
The teachers of the State of New York
the mopey
is up to you to find
tell us that they are
their demands to the uttermost, and
again they say "We don't care how you get the money."
The proposals
of social welfare tell us exactly the same thing as does every other group.
The salaries of State employees have been raised and the demand from all
over the State is that they shall be raised higher.
They naturally don t
care where the money comes from.
A certain class of people with fixed
incomes are being crushed between that class at the top which is making
and spending more money than ever before and that class hitherto supposed
the
money."
the State, and
to be at
that we must yield to
the bottom
travagance
which is demanding an
ever-increasing share of the ex¬
originating at the top
The
There can be
Sane.'
Duly to be
but one end and
that is panic.
Meantime the State is
of the State
which will
the peo¬
ple which may be collected to-day but which when the time comes that
shops are closed down and people are walking the streets seeking for em¬
ployment cannot be collected because the source will be dry.
It is the duty
of
in the State to at least try to be sane.
It is not right that one
two men in the Legislature should entirely bear the brunt and do
the supremely unpopular thing of trying to prevent the waste of the peoples
money when the only popular thing to do Is to spend andl spend.
I fee
laws increasing salaries not only at the expense
municipalities apd other communities of the State, statutes
be revised downward and is piling up a burden of taxation on
making statute
but of
never
someone
$100 to $200 per teacher.
The Lockwood-Donohue bill
of the
teacher
$1,000 only gets a raise
by three or four men only
saved except to a very small extent by adopting the
which I believe should be done be¬
largely unimportant.
and $1,200
when under the provisions of the bill a
of $400. We of the Legislature
have taken this matter under advisement and hope in a few days to have a
bill to meet tnis emergency with these salient features.
Imposing a one
mill tax on real estate which will raise approximately fourteen million dollars
—establishing a minimum and applying the money to be raised by the State
to the salaries of teachers who cannot get along on their present salaries.
Furthermore we hope to provide some method in that bill by which the
money so appropriated shall go for the salaries of teachers and for no other
purpose.
We hope to supplement this bill by trie appointment of a com¬
mission which will study trie whole subject through the summer from the
standpoint not only of the teachers but for the cities, the communities and
the State and prepare a bill for the next Legislature which will solve the
whole situation and which can be studied by the Legislature itself and not
There are a few things
yond question, the rest are
this class of $1,000 In the $5,000 class
$6,000 class, especially
is drawing
who
ticulars.
new
time when the taxpayers are
should be granted to
in the
Nor do I believe that the State should insist by
already overburdened that a raise
in this class.
are
The freedom of action in this case and
never be taken from the Legislature.
It makes no
Governor says he is held responsible or not.
He is
cost largely in excess
granted by the Governor.
in related
1713
THE CHRONICLE
1920.]
man
or
very
strongly about this point
BILLS
and I leave it to you
PASSED BY NEW
for your consideration.
ASSEMBLY TO BAR
ELECTIONS—OPPOSI¬
YORK
PARTY FROM
TION OF BAR ASSOCIATION.
SOCIALIST
Assembly on April 20 adopted meas¬
the Socialist Party from participa¬
tion in elections.
This action was in line with forecasts
made cn April 1, when it will be recalled, five Socialists
The New York State
ures
designed to exclude
duly elected to the
Assembly were
because of their party
Eleven of the
Committee, which in its
recommending the ousting of the five Socialist Assem-
The vote on
both measures was
thirteen members of
report
expelled from that body
affiliations.
the Judiciary
83 to^56.
1714
THE CHRONICLE
blymen, also urged that laws be enacted which would
the
vent
politics, failed to support the
explained
not
were
mediately
pre¬
Socialist party from being again active in State
This failure
measures.
in accordance with
the recommendations
The election law
was
session of the Legislature should be
1
advices of that
date froiri
April 20
Albany to the N. Y. "Times"
had the following to say:
So far
conviction of failure to meet the qualifications.
on
nations of candidates for member of
Assembly is
one
Advance resig¬
of the chief disqualifica¬
Another is the support and advocacy of principles, doctrines and
tions.
politics which might violate the Constitution of the United States or the
if
political party is found to advocate such principles
a
That, of course, cannot be
made
charges
sembly
the night the Socialist members
on
He said:
expelled.
were
the Senate floor that members of the As¬
on
intoxicated
were
the Assembly there was a great deal of liquor on
it
expel the Socialists from
embly
Not
drunk they had to be carried out of the Assembly chambers
were so
The
following day (i.e., April 14) the Assembly adopted
resolution
a
declaring Senator Thompson's charges untruth¬
ful, denying him the privileges of the floor in the Assembly,
Louis M. Martin, Chairman of the Judiciary Committee, cast his vote in
and
calling
that the measures "will work against the best interests
the negative, saying
the Socialists.
only was it used, but to excess—so much so that some members of the As-
be barred from the bailot.
The "Times" advices also said:
hand in the chamber and
used for the purpose of getting votes against
was
session.
I. Thompson of Niagara
On April 13 State Senator George
policies it must
or
Therefore, such
determined at present, as the Legislature is still in regular
Appellate Division of the Supreme Court for proceedings to determine
political organization advocates policies and doctrines which, if carried
into effect, would violate the Constitution, and further provides that if
a
such
the first day of April.
on
I know that on the night the vote was taken to
Attorney General the right to petition the
The other measure gives the
special
special elections cannot be called unless it shall be determined later that a
State of New York.
Third
a
the Executive Office is concerned, the only evidence it has is
as
that the vacancies occurred
lature and other public offices, and provides for their disbarment from such
office
only exception being in case
called after the first day of April, in
special elections may be called to fill such vacancies.
case
special session of the Legislature be necessary.
One of the bills sets up a series of qualifications for memoers of the Legis¬
on
provides that special elections cannot be called to fill
before the first of April in any year, the
of the
which
on
In his reply to Mr. Block
vacancies occurring in the office of member of Assembly unless occurring
committee."
Regarding the provisions of the bills adopted
special election.
a
April 10, Governor Smith said:
the ground that the bills "went too far and
on
[Vol. 110.
Majority Leader Adler branded the measures as unconstitutional and as¬
the Senate to expunge his remarks from its
upon
The Senate
records.
of the State."
complied with the Assembly's request
April 20.
on
"unreasonable and unjust."
serted they were
Assemblyman Theodore Roosevelt opposed the bills.
He declared them
of American Government and warned the Assembly
inimical to the principles
RAILROAD
LABOR
CONSIDER
NOT
WILL
BOARD
that the measures placed improper functions on the judiciary of the State,
tions.
The measures recognize political
"The bills
them," he declared.
loosely drawn, and I fear the courts
This might lead to serious
will have to make new laws in construing them.
results for the
judiciary of the State,
the electorate might properly look
as
the courts as usurping the functions of the Legislature."
upon
Assemblyman George R. Fearon of Onondaga, who introduced the bills in
the Assembly, asserted that the disclosures of the Socialist "trial" warranted
the action of taking away from the party its ballot privileges.
year
When
duced in the Assembly, Speaker Sweet
the irteasures
It is
were
intro¬
(at whose instance
framed) issued the following statement:
were
purposed to exclude
member of
a
a
political organization which, as
determined by the Supreme Court under the election law, supports, advo¬
maintains or declares for principles
cates,
doctrines
or
United States
of the State of New York and the
or
rights, privileges and institutions secured under the Constitutions thereof,
the right
from
to hold any civil
office of the State
or
of
any
municipal
corporation or political subdivision thereof.
It
is further provided
that
committed to the principles,
which has thus been declared to be.
shall not
stitutions
Where
or a
a
be
political organization
a
oppjosed to existing governmental in¬
eligible to hold any civil office within the State.
has been elected
person
policies of
or
or
appointed to
office of the State
any
municipal corporation, and agrees with the members or representatives
of any political organization to perform the duties or exercise the powers of
such office in contravention of the Constitution or the laws of New York
or
of the United States
or
agrees with the
political organization that he
resign his office upon the request of such organization
representative thereof,
or
who
agrees to
or any
perform his duties
will
member or
exercise the
or
of his office in accordance with the directions of such organization, or
powers
agrees
to
which
he
out
carry
is
a
the directions
member
of,
shall
be controlled by
or
upon
any
organization'
making of such agreement
person
against whom the proceedings are brought.
He is to be given full opportunity to be heard but, upon a determination
of any of the facts presented, he may be ousted from his office or
ineligible to hold the
as
a
member of
a
body
elected
or
ap¬
Constitution of the State to determine the qualifications of its own mem¬
bers,
from
such
body
or
board
he belongs
to
a
by
may
membership in such body
majority vote exclude such
member
board upon ascertaniing the fact that
or
political organization
opposed to existing Constitutional Government
The
Bar
Association
of
the
or
has made
any
of the
City of New York, which
the
Assembly.
it
been
of
the political
upon
eitizenship," said
Bar
or
a
the purpose of the
sit
economic views of
report made public
Association'^ Committee
measures
on
in
any
on
judgment
part
of
our
April 14|by the
Amendment|[of the Law;
the committee declared is to
Statejfrom exer¬
cising their constitutional rights and form advocatingjat the
principles, doctrines
or
policies in which they
Following the expulsion of the five Socialists efforts
a
special election called to fill the vacancies
State
Cnairman
letter to Governor Smith
on
of
the
April 7
Socialist
urging
party,
sent a
him to call im¬
party,
any
interruption to the
any
The
employees."
dispute between
any
Board
Labor
men
on
requset for an immediate
a
The full text of the Board's order
was as
follows:
rules governing its
procedure that, as the law under which this Board was created and organ¬
both carriers and their employees and subordinate
officials having differences and
tween
disputes, to have and hold conferences be¬
representatives of the different parties and interests, to consider,
if
are
law that pending such conference
it shall be the
exert every
where such
this Board
not decided in such conference to refer them to
provided
and
hear and decide, and as it is further contemplated
any
and
possible, to decide, such disputes in conference,
disputes
reference to and hearing by
by
this
to
the
Board
duty of all carriers, their officers, employees and agents to
reasonable effort and adopt
every
available
means
to avoid
interruption to the operation of any carrier growing out of any such
disputes—therefore, tnis Board will not receive, entertain or consider any
application
or
complaint from
or
by any party, parties or their representa¬
tives, who have not complied with or who are not complying with the pro¬
visions of the law, or wno are not exerting
adopting
every
or
dispute
of any
the employees.
Any party
reasonable
every
available means to avoid any interruption
tion of any carrier growing out
effort
the
to
and
opera¬
the carrier
between
and
|
parties,
person or persons
desiring to bring before or secure
hearing by this Board of any complaint, grievance or dispute, must first
file with the Secretary of the Board a complaint or application in
writing,
showing by express statement and facts set out, among other things, that
the dispute is one
which this Board is authorized to hear and decide, and
applicants belong to the class or classes of persons
that the petitioners or
carriers authorized to make such application, and that
been and
When
complying
are
so
the attention of the Board, which will then make
answers or
the applicants have
with1 the requirements and provisions of the law.
filed and docketed by the Secretary it shall by him be brought to
such orders
as to
notice*
parties affected, and further hearings as in its opinion the nature
and character of the matter involved may require.
All
applications and
cases
or
.
presented will be considered and decided in the
order in which they have been
filed with the Board, unless in the opinion of
procedure.
requests to expedite the consideration of a case must be
stating
reasons,
and filed with the Secretary.
with all other rules of procedure hereafter
On
public
group,
was
adopted by this Board.
Labor
Secretary
of
member of the
a
elected permanent Chairman and C. P.
Carruthers, of Texas,
Railroad
All motions
made in writing,
All applicants shall comply
April 17 R. M. Barton, of Tennessee,
was
Board.
Adjustment
made permanent Secretary of the
Mr.
Carruthers
Board
No.
was
of
1
the
formerly
Railroad
Administration.
The Railroad Labor Board held its first
public
the general wage demands of the railroad unions
hearing
on
on
April 20.
W. N. Doak, Vice-President of the Brotherhood of Train¬
the first spokesman for the unions, presenting the
trainmen's
thereby; these efforts were not successful, however.
John Block, one of the
attorneys for the live Socialistsjand
York
the
striking railroad
case
as
were
created
New
the
men, was
believe."
made to have
avoid
carrier growing out of
ized makes it the duty of
"bind and gag and restrict citizens of this
ballot box the
carrier
to
It is decided and ordered by the Board as one of the
"Never before in the history of this State
attempted by legislation to
by
or
reasonable effort and adopting
every
means
the Board the public interests require a change of
vigorously opposed the expulsion of the Socialist Assembly¬
men, voiced its strong disapproval of the bills passed by
has
available
hearing.
which has been determined to be
agreements which are prohibited by the act.
complaint from
April 19, in accordance with its ruling, denied to delegates
board unauthorized by law or by the
or
or
complying with the provisions of the law, or
exerting
and
or
It is further provided, that if a person shall have been
pointed
declared
same.
not
the
a
a
not
are
are
any
his office.
General to exclude
application
operation of
forfeit
Provision is made for beginning the proceedings through the Attorney
order at Washington on
an
their representatives, who have not complied with
or
who
who
and
who advocates, supports or is
person
any
doctrines
parties
policies which, if
carried into effect, would tend to destroy, subvert or endanger the existing
governments of the
consider any
every
April 7 the bills, referred to above
on
issued
appointed by Presi¬
the Transportation Act
April 19 stating that it would "not receive, entertain or
the
if "we continue this farce."
two in the Senate,
(Esch-Cummins bill),
STRIKE.
ON
MEN
dent Wilson under Section 304 of
or
Republican, of New York, said he feared that next
Sol Ullman,
Socialists would have ten or fifteen members in the Assembly and one or
BY
The Railroad Labor Board, recently
parties, and then seek to disfranchise
are
MADE
DEMANDS
in that the courts would have to decide on political rather than judical ques¬
it
was
outlined to the bi-partisan board
which failed recently to reach
demands,
as
an
agreement
reported in the Washington
The trainmen's
press
dispatches,,
include:
A wage increase of
from 41 to 47% with alminimum of $150 a month,
and time and
of
a half for overtime.
Sundays and holidays26|days withjajuniform lunchfperiod of 20 minutes and
A basic month
a
uniform "dead
Apb. 24
head"
Arguments
the
on
and switchmen
increases demanded by conductors
wage
were
made before the Railroad Labor Board
April 22 by L. E. Sheppard, President of the Brotherhood
on
of Railway Conductors, and S.
W. Heberling, President of
the Switchmen's Union of North America.
rise in the cost of
Both cited the
living during the last few
years to
support
Regarding the demands presented by these unions, the
dispatches said:
allowances
half for overtime, Sundays and holidays.
a
for expenses
ance
Similar overtime
asked by the conductors, together with wages sufficient to
are
enable them to live
on a pre-war
when kept
Startling
as
They ask in addition
standard.
an
allow¬
MAKING
BILL
APPROPRIATION
for furnishing service
in
the
request that
tration in
contained in
was
the number of
the
House
factor,
April 10,
the
of
use
on
be
April
page
20,
1492,
the building in recent years of larger cars; the war¬
as
$10,559,215
or
transportation
on
sought
was
other
a
systems
on
further
a
other
of
of
sum
estimate embodied in the report at hand, that sets
an
provide the railroads with 400,000 cars,
deficiency
the bill to the House
railroads fully up to the requirements
proposed
as a
It is estimated that the
the difficulty of
productive capacity of the country, allowing for
obtaining material in the present year is:
Estimated Maximum Output
Year—
L
1920—.
100,000
the
committee also recommended
Corporation be authorized to purchase
bill
passed
as
the
by
appropriates
House
The truth is that while other of the great basic industries
and prospered, the railroads, by lack of credit, have
pace..
I
PRESENTED
BY E.
as
they have come within the observation of bankers:
Edward
by
Decker,
W.
National Bank of
President
Minneapolis in
the instance of Frank Merrill,
National Bank
Review.
In
a
the
of
is presented
Northwestern
statement prepared at
P]ditor of the Northwestern
urging that there "must be
a
only to the grain interests, but to the banks which are financing
until they have been successful in marketing their products/
terminals, additional extensions and improvements, the seriousness
and
can
future,"
factors in
tion
become
National calamity."
a
"we
the part
the greatest
of railroad companies to
are
now
witnessing in
a
any
further
Mr. Decker points
small
way
secure money
efforts
with which
a
number
railroad
of
effort
on
the part of all
purchase of
larger scale will be taken up.
There must be
mast
new cars.
labor
a
program
much
stimulus to
greater assurance of business activity
of transportation building.
"We quote
of which any further would become a
of
The railroads now having been returned to their owners,
their future is
vependent largely on three thing)
First—The friendly attitude of the Inter-State Commerce Commission,
which under the new
legislation is given
very
large regulatory and rate-
there is
no reason
Second—Efficient management of the railroads by the officials, and
.
Third—The ability to raise sufficient money properly to equip them to
handle the ever increasing commerce of the country.
The last named condition will depend largely on the successful outcome
of the first
two.
We must assume that they will receive fair treatment
Commerce Commission, and it is reasonable to believe
that the owners and managers
of their present
to
will
other way.
every way
their best efforts to take advantage
opportunity to show the country that they are better able
business through private ownership than in
In
an
The immediate problem, then, is to assist the railroads in
possible in the marketing of their securities.
endeavor to get a
the general
economical
facing
comparison shows:
close application to the best business principles,
public,
one
of
and
reasonably
This calls for more economy on the part
because to invest money we must first save it,
Is imperative.
In order that we may create
be furnished to the railroads,
as
well
as
wealth nec¬
to all other worthy enter¬
prises, the volume of whose activities is stupendous, we must first
then
money,
save some
impossible for
us
make
be
of it and invest it in these securities, cr it will
to take advantage of our present great
opportunity.
PRESIDENT WILSON'S MESSAGE TO THE HOUSE ON
DISPOSITION AND STATUS OF AMERICAN
TROOPS IN GERMANY.
President Wilson
Representatives in
of American
their
introduced by
letter to the House of
the
as
to what extent the
direction
of
the
of
Field
American
Marshall
Foch,
Allied forces in the occupied
The resolution
requesting this information
Chairman Kalin, of the House Committee
Military Affairs and adopted March 25.
in his
The President,
letter, informed the House that the American forces in
Germany "are at present operating under the terms of
the
original armistice and the subsequent conventions prolong¬
ing the armistice."
"has
no
authority
territory,
press
dent
Sir:
which
some
well
as
under
Rhine Provinces.
was
a
to an inquiry regarding the status
military forces in Germany and the scope of
operations,
were
April 1 sent
on
response
Commander-in-Chief
investigations and
I have made
Perhaps the first, but by no means the only, condition
the railroads which demands our attention is the shortage of cars;
comparisons.
the crippling
It is utterly im¬
parsimonious program is not desirable, undoubtedly a
essary to
busjness man's view of the situation, which is
necessarily more or less technical,
a
use
handle the transportation
any
national calamity.
why this country should not enjoy a long period of reason¬
ably continuous prosperity.
while a
on
fixing powers.
from the Inter-State
rail¬
in our business life,
growth of the country, although doubtless requiring many years
persistent effort and
forces
following from Mr. Decker's statement:
the
of the greatest factors
If they
employment and maintenance of general prosperity
than in
one
possible for this country to prosper without a prosperous transportation
system and an adverse effect would doubtless be felt all along the line,
from laboring man to capitalist.
If the transportation systems are allowed
to develop their properties to a state of efficiency commensurate with the
Not only is it vital to the
ation of railroad credit, but there is no greater
no
complete change of attitude toward the
a
As
well as
and extend our
regard the transportation industry as a business,
country that these greater plans be made possible by restor¬
general business,
people, as
our
required to work out this problem
equipment notes, proceeds of
to be used for the
are
successful in these first efforts, broad plans on a
are
on
for new rolling stock, there having been already of¬
to pay
which
of
business, the crippling of which
as a
out that
fered
one
business life, we must regard the transporta¬
our
industry
would
Decker states that "as
Mr.
It is quite apparent that a
scarcely be exaggerated.
determined
in the next few years if we are going to continue to grow
we
them
motive
When it is considered that the same relative conditions apply to
natural
complete change of attitude toward the railroads and their
reports from the
by the inability
adequate supplies of coke and ore, owing to the shortage of cars
to transport these commodities; the shortage in cars is reflected in reports
emenating from the lumber producers, principally in the northwest, to the
effect that shortage of freight cars is preventing the movement of lumber
in anywhere near sufficient volume to meet the unprecedented orders from
the various consuming centres; the shortage is emphasized by the frantic
appeals of the grain producers for freight cars to transport their grain
to market before deterioration thereof has caused substantial losses, not
to secure
business.
DECKER.
W.
the railroad problem"
been unable to keep
taken from a report concerning this subject,
"The shortage of freight cars to-day is indicated by the
steel mills which state that production is being curtailed
roads and their future.
Banker's view of
of the nation,
have expanded
.
quote one paragraph
power,
VIEW OF THE RAILROAD PROBLEM AS
"
r.
the prosperity of which make or unmake general prosperity,
united
"A
200,000
*
those connected with the railroads, will be
BANKER'S
"
700,000
1923
|
of this situation
A
"
—200,000
1922—
$390,000,000 for Federal control, thus carrying out the rec¬
ommendations of the committee.
cars
—200,000
1921
which reflects facts
direct appropria¬
bring the
of the growth of the country would
possible.
on
$90,000,000 of Liberty bonds from the Railroad Adminis¬
The
handle the country's business at all
But to produce the 700,000 cars needed to
producing capacity.
The House Committee
total appropriation of $309,177,162,
items;
deficiency
that the War Finance
tration.
betterments and motive
satisfactory would take until the middle of 1922 at estimated maximum
the
of Federal control and $9,177,162 to meet
account
on
400,000 cars
extensions,
and considering only the matter of the car supply as an index, it is
Adminis¬
Raijroad
account
on
which $300,000,000 was
tion
needs for
the
forth the construction possibilities of the country.
April 2 and transmitted
total of $431,386,556.
a
April 19 recommended
of
which is continued as far as
April 5 by Acting Secretary Leffingwell.
Appropriations in its report
on
here
interesting to note
a
imme¬
made
cars
minimising
possible; heavier train units and all other qualifying consider¬
Our information indicates that to
deficiency in
a
letter addressed to the Secretary of
a
on
the
of
items,
756,000
time heavier loading of all cars,
Besides the $420,727,341 asked for on account of Federal
control
should have kept pace in full with in¬
cars
Modified by full consideration being given to every
Government control of the railroads
up
Treasury by Walker D. Hines
to
of
$420,727,341
of
the
for
winding
issue
our
sum
available
diately
increased scarcely at all—the further reduction by
this analysis to actual units, Is staggering.
the estimate minimum requirement to
making appropriations to supply
indicated
1.9%
these comparisons, which show that while the service
are
ations, the shortage cannot be brought under
passed by the House of Representatives
we
as
(1916 to 1918) in freight cars in service
required by the business of the country increased enormously, the facilities
from home.
away
appropriations for the Federal control of the railroads
was
47.4%
....
Three year increase
ACCOUNT OF RAILROAD ADMINISTRATION.
the
48.5%
35.2%
(1916 to 1918) in ton miles of railroads of the
United States
power,
PASSES
The bill
.|._
(1906 to 1915) in freight cars in service
Three year increase
Disregarding
HOUSE
in ton miles of railroads of the
States....
creasing traffic, is
Demands of the switchmen call foi pay increases of approximately 58%,
with time and
increase (1906 to 1915)
year
Ten year Increase
According to this report, which emanates from the most author¬
itative source, the actual shortage, on the assumption that
the plea for higher wages.
press
Ten
United
working time.
as
1715
THE CHRONICLE
providing that time consumed in going to and from work be
rule,
considered
1920.]
Field Marshall Foch. the President said
the United States troops in German
over
nor can anyone
direct their activities without ex¬
orders from the President of the United States."
Wilson's message to the House read as follows:
I
am
reads
'in
as
Presi¬
receipt of House resolution 500, adopted March 25 1920,
follows:
the President be, and he is hereby requested, if not in¬
compatible with the public interest, to inform the House of the exact status
of the American military forces now stationed in German territory; the
Resolved,
That
1716
to which their operations are confined under the terms of the arm
istice between the allied nations, the Government of the United States and
Germany; the extent of the authority exercised over them by Field Marshal
Ferdinand Foch, Commander-in-Chief of the allied forces in the occupied
scope
Rhine Provinces, and how far their activities may be directed without ex¬
press orders from the President of the United States.
The American forces in
Germany
726 officers and 16,756 enlisted
in the Coblenz
on
March 26
were
These forces
men.
are
reported to comprise
stationed principally
The exact location of the units
area.
accompanying map.
They
to the Senate and
for the
covering this
original armistice, signed
on
was
transmitted by
On Dec. 13, the armistice
was
extended until 5
was
still further extended until the 17th day of Feb. 1919; at 5 a. m. on Feb.
the 17th day of Jan. 1919; on Jan. 16 1919, it
16 1919, it was still further extended to a date not fixed, "the allied powers
and those associated with them
COMING
reserving to themselves the right to termin¬
armistice.
The
instructions
CONVENTION
OF
NATIONAL
MEN.
"Make the World Safe for Credit" is to be the slogan at
the annual convention of the National Associatoin of Credit
Men which will be held at Atlantic
Paul E.
to
Hunter in
Mr.
City June 1-5, according
Hunter, chairman of the publicity committee.
said:
statement
recent
a
The credit men will be told that the time has arri ved for more construct¬
The American forces in Germany are at present operating under the terms
and
ANNUAL
ASSOCIATION OF CREDIT
period at three days' notice."
of the original armistice
International Typographical
statement urging him as a candidate
a
Presidency of the United States.
occupation as paragraph
Nov. 11 1918, provided that its duration
should be thirty-six days, with option to extend.
ate the
the
Officers of
Union recently issued
V. of the clauses relaring to the Western Front.
a. m. on
been Director of the New Haven Railroad
Senate Document 147, 66th Congress, 1st
as
session, the paragraph specifically
The
He has
for five years.
occupying that territory under the armistice
are
published
elected Director of the Atchison, Topeka & Santa Fe Rail¬
road.
set forth on the
are
agreements, which, with its annexes and conventions,
me
[Vol. 110.
THE CHRONICLE
the subsequent conventions prolonging the
proposed
be
to
issued
the
to
commanding
general, American forces in Germany, at the time of their occupying the
ive credit checking.
Some credit
men are not as
careful
formerly.
as
will have
The delegates to the convention
opportunity to rub elbows with fellow credit men from all
an
parts of the country and ascertain conditions as they really are to-day.
Coblenz area, was submitted to the War Department by General Pershing,
We regard this coming gathering one of the most important ever
and contained the following statement of policy:
national
The
American
forces will,
however, undertake no action beyond the
occupied regions or beyond that in strict accordance with the terms of the
treaty.
Any use of the American forces beyond that mentioned above
must be
specifically authorized in each
by the Government of the United
case
In
reply, it
It
should
directed that:
was
be
in
stated
the
above
issued
to
the
Commanding
E.
committees
President
by
named
Boteler, of New
S.
York City
.Vice-Chairman.
of Baltimore, Chair¬
Howard Matthai,
man.
a
Upon the ratification of the treaty of peace by the allied powers,
Entertainment—F.
the message from the President of the United States to the Senate containing
■y.:-:v
!■
■
commission
having been organized
;v"'
•'
This
and having
"V
''
■
Ladies'
formulated ordi¬
for the
nances
has
should govern in the American sector, and the representatives of the
of occupation,
zone
the question
arose as to
L.
Randel, of Philadelphia, Chairman.
H.
Levi,
Curtis
President,
Burnett,
H.
Herbert E. Cheate, of Atlanta,
Germany
as
follows:
mission.
Chairman.
Pa., Chairman.
of
Newark,
Vice-Presidents,
J.
N.
and W. B. Cross, of Duluth, Minn.
Ga.,
ASSOCIATION
NATIONAL
OF
An
exposition of
to President
mittee
a
principle of taxation designed to raise
in substitution for the Excess Profits Tax
revenue
Federal Taxation of the National Association of
on
Roy G. Elliott, chairman of the
committee, expressed the belief that the early repeal of the
A recommendatoin made by
Excess Profits Tax is assured.
the committee calls for adjustment of rates
income
the
meet
to
The committee contends that inasmuch
as
the individual the only proper
place to make the
come
adjustment is directly at the place that taxes
any one
direct their activities without j express orders from the President
of the United States.
The
armistice, General Allen has full authority to utilize his troops
come
from.
says:
In<(bme taxation to be fair and equitable must be founded on the principle
It should be stated further that under his general police
powers under the
terms of the
of the Committee
report
personal
all taxes of what¬
House of Representatives I will state that Field Marshall Ferdinand Foch
nor can
on
in the last analysis be paid from the in¬
nature must
or
of tax
requirements of the Federal budget.
has
United States troops in German territory,
sent
was
Wilson, his Cabinet and Congress by the Com¬
Credit Men, on April 18.
ever
over
OF
CREDIT MEN.
Replying specifically to the remaining questions in the resolutions of the
authority
which
are:
H. Tregoe, of New York City.
J.
PROPOSALS
TAX
30,fX)0 business houses,
some
Secretary-Treasurer,
instructed
Conn.,
Chairman.
Pickford, of Cynwyd,
Auxiliary—Mrs. A. W.
State Department and the Commanding General of the American forces in
were
of Stamford,
of Philadelphia,
memership of
a
whether the ordi¬
This Government cannot admit the jurisdiction of that commission over
portions of Rhinish provinces occupied by the American forces.
Con¬
sequently, neither you (representative of State Department) nor General
Allen, should issue any ordinances which conflict with or exceed the terms
of the armistice, which the Department (of State) regards as continuing in
force as to the United States.
You should, however, maintain the closest
touch with the high commission and endeavor in so far as
possible to con¬
form administrative regime within territory occupied by American forces
to the regime adopted by the High Commission for the other portions of the
occupied territory.
There is no objection to you sitting informally with the
High Commission provided you are requested to do so, nor of continuing
your activities, as well as those of your staff in connection with special
committees to handle distribution of coal, &c.
Ordinances, orders, regu¬
lations, &c., relating to financial and economic matters, including those
similar to ones adopted by the High Commission which it is desired to
put
into force in territory occupied by American forces should be issued by Gen¬
eral Allen as Commanding General of American forces in Germany, but
only after having first been approved by you.
In general, endeavor to
co-operate fully with the High Commission and avoid all friction with that
body, while at the same time make it perfectly clear that you are still operat¬
ing under the
arnpistic as before Jan. 10 and are in no way bound by the
terms of the Rhineland agreement or the memorandum of June 13 1919,
defining the relations between the military authorities and the High Com¬
Chairman.
Officers of the National Association of Credit Men,
"■
nances
of New York City,
Hunter,
Fessenden,
G.
Speakers—O.
Hotels—G.
document is published as Senate Document 81, 66th Congress, First Ses¬
sion.
Koelsch, of New York City Chairman.
Decorations and Convention Hall—II. M. Teaf, of Philadelphia, Chairman.
the agreement between the allied and associated powers and Germany with
regard to the military occupations of the territories of the Rhine.
II.
Publicity—Paul E.
inter¬
an
F.
Finance—W.
allied Rhineland high commission was organized in the manner set forth in
no
Curtis
Burnett:
Reception and Promotion—-W,
peace treaty shall have been ratified by the United States
the functions of the American forces will be as outlined.
This
the appointment of the follow¬
Hunter announced
convention
General Convention Committee—D. S. Ludlum.of Ardmore, Pa., Chairman.
orders
General, American forces in Germany, that the function of the American
forces in Germany at present is to enforce the conditions of the armistice
and that when
held by the
association.
Mr.
ing
R.
States.
The
period of machine checking is now over.
of taxing once
and only
once
the entire income of the country in proportion
ability to pay of the individual whose income is bearing the tax
for the police of the occupied district, for the preservation of
order, and to
to
repel
burden.
any
attack which
may
be made
upon
him.
v
the
Indirect taxes generally cause duplication of taxation,
WOODROW WILSON.
pyramiding and
passing of the burden to those least able to bear it and are the
unrest
/The Excess Profits Tax is a glaring example
ARTHUR
T.
HADLEY
PRESIDENT OF
as
YALE
AS
UNIVERSITY.
President of Yale
University in June 1921, when
on
April 10.
tendered his resignation to
submitting his resignation at this time
of
his
desire
in furtherance
was
to
give the University ample opportunity to
choose his successor, and permit the latter to familiarize
himself with
tjie coming
resignation
to
the
on
recommend
of
duties of President
Trustees.
the 10th
his
a
committee of five
successor
to
the
appointed
was
Corporation
or
Board
Corporation
on
the
10th
adopted
a
recommend
We
payment
to
remain
with
Economy in the university.
was
of
said that Dr.
the
Department
Political
of
On the 13 inst. however, it
Hadley would not remain
as
a
member
the
substitution
That is why
the
individual stockholder.
until earnings of current year
We
of
a
recommend
we
undistributed
corporation
will have
tendency to
a
on
encourage
which the
paid the undistributed earnings tax not to b6 considered
also recommend
reason
the
same
that
it
is
Dividends
may
not
corpora¬
as
income
be paid from surplus
have first been used for that
purpose.
the elimination of the corporation income tax for
inequitable
corporation.
not
agreed
pro¬
dividends.
in
expressing profound regret that it must accept
had
the
Dividends paid from earnings of prior years
(b)
Hadjey's resignation,
he
indiroctlyj not in
dividends.
President
that
tax collected
A substantial percentage of net income for any year must be dis¬
(a)
tributed
to
of
that corporate
satisfaction
also
earnings tax at a graduated rate that
resolution
but
a
elimination.
its
the
The
because it has come to be a consumption
and is
portion to the necessities of his existence,
tion has
Hadley's
The Excess Profits Tax is the material
portion to the ability to pay of the one who bears the burdon, but in pro¬
before his retirement
With the acceptance of Dr.
year.
tax on all articles of commerce
Dr. Hadley stated that his action
in
of this, for it taxes the earn¬
ings of the investment of corporate stockholders on which earnings they are
later obliged to pay an income tax.
Hadley, who in. March announced his intention
he would reach the age of 65,
the trustees
RESIGNATION
factor in the high cost of living
Arthur T.
to retire
TENDERS
bases of much
dissatisfaction.
and
as
between
different
To equalize this loss of
revenue
dividends be made subject to the normal
produce the equivalent in
revenue, it is a
stockholders
we
If that does
tax.
prima facie
in
recommend
case
that the
cor¬
poration income tax is inequitable and is forcing payment indirectly from
people of small income who indirectly would not be liable even to the
normal tax
A
or
only the lower bracket.
complete report of the Committee
on
Federal Taxation
faculty of economics,/but had promised to give the
Corporation the benefit of his counsel.
It is further said
will be made at the annual convention of the National Asso¬
that after his retirement he will devote his time to research
June
in
economics.
Dr.
of Yale in
Hadley
was
inaugurated
as
President
1899, succeeding the late Timothy Dwight who
resigned the previous November.
Dr. Hadley was recently
ciation of Credit
1-5.
chairman,
D.
Men which will be held at Atlantic
Members of
Chicago; E.
the
H.
committee
Jaynes, of
City
G.
Elliott,
Cleveland;
Charles
are
R.
Joyce, of Philadelphia; W. M. Kennard, of New York
city; and S. J. Whitlock, of Chicago.
Apr. 24
GROWERS—RULING
TO
He will add this and about
value of about seventy-four
plus
dealers
in transactions during the war time period when the wool
supply was under Government regulations, is to be collected
in excess profits obtained by wool
and distributed to the growers
U.'
ten
The Department
of Agriculture to-day
granted in response,
was
Miller's tax.
62.1 cents
This amount is 3.2 per cent, of $19 21.
Instead of a one per cent, sales
tax, or 19.2 cents, then; we would have on flour actually a 3.2 per cent,
tax, or 62.1 cents a barrel, on every man, woman and child of our 106,000,Total
000, except unweaned
announced the results of a hearing
wheat, the consumer would
or
consideration both of territory wool and
shown that, in
the
of this gross sales tax as a "one per
hide the Washington monument
under the desks in the Capitol than to camouflage a levy of this size.
It will
rise like Pike's Peak and bring confusion to its authors.
If Americans spend fifty billions this year for expenses, necessary and non¬
essential, the tax would yield $1,650,000,000 at the lowest calculation.
If
we permit the speculator to continue his operations the tax might rise to
presented relating to fleece wool come
Collection of Excess
under
Profits.
covering the period since
the
work of securing sworn reports, auditing them and
profits which will bo returned to the growers.
It was
addition to the 3,600 country
about 800
of many of the names
covery
be secured fram
has discovered
The late dis¬
operated to delay the work, but reports will
practically all of these
The bureau has
has
dealers to whom permits were
Industries Board, the Bureau of Markets
country dealers who operated without permits.
issued by the War
unlicensed dealers.
central dealers and
secured reports from all of the large
audits.
Many of these large
holding excess profits amounting to about
nearly completed its
dealers, however,
$533,000 pending
decision of the Treasury Department as to whether or not income tax will
be collected on these sums.
The Commissioner of Internal Revenue ruled,
on April 9, that payment of income tax on excess profits on 1918 wool will
not be insisted on where payment is made to the Bureau of Markets accord¬
been
have
ing to the regulations
governing the 1918 clip.
showed a total of over
The report
lected and distributed to growers.
submitted by the
In addition
to the
proposal to conceal the amount
to be col¬
of reports
foolish.
It would be easier to
three billions or more.
If these billions
are
and half
a
needed the collection can
the hearing Bernard M.
million
large army of
or
more
additional Federal tax
collectors.
Parker,
master
a
former
of the tax.
In
raising the large amounts
required to support the Federal Adminis¬
Unrest is promoted by terms of conceal¬
tration, more candor is necessary.
sales tax proposal. In a period of
beginning to count their costs carefully.
Economy, preached in Washington, should begin there.
The gross sales
tax looks like an effort to maintain the swollen Federal expenses saddled on
ment, like that
which clouds this gross
harrassing high prices our people are
America during the war.
ABOUT
ITEMS
BANKS,
TRUST
officials of the Bureau of
week
at
the
Stock
Exchange or
of the War Industries
Department; representatives of the Quarter¬
number of members of Congress.
All of
General's office; and a
collection of excess wool profits
Department of Agriculture in enforcing the
regulations.
Members of Congress requested the department to advise
them as to any further legislation that may be necessary to accomplish this
end.
Secretary Meredith spoke the determination of the Department of
Agriculture to press the work of collecting and distributing excess profits as
vigorously as possible with the limited funds and personnel available.
The point was brought out that it is not necessary at this time for indi¬
vidual wool growers to file claims for refunds of excess profits.
keenest interest in the
these exhibited the
and
pledged full support to the
MULTIPLYING THE SALES TAX.
[From "Financial
There are quite a
America," April 21 1920-1
few hidden Indians in
this so-called "one per cent." tax on
sales proposed in the Ways and Means Committee of the House.
on the dollar looks small.
Paid on purchases cf $3,000 a year, it
gross
One
would
amount to $30.
But the plan proposed is not on sales to the ultimate
consumer; it is on all sales.
That means an example in multiplication of
the tax for the consumer.
It means an addition of a tax to the selling price
of the producer of raw material, the selling prices of the jobber and whole¬
sale dealer in raw materials.
It means another addition to price by the
manufacturer of the finished product, another by the jobber, the whole¬
sale dealer and, finally, another one per cent, in passing the goods from the
cent
retailer to the consumer.
In between
these transactions the
speculator interposes several times
in
Textile dealers complain that in the present period of
scarcity cotton gray goods have changed hands many times before reaching
the man who bleaches them and prepares them for the market.
Each
seller added a profit to the price.
Under the proposed gross sales tax each
of these transactions would pay a, tax of one per cent.
Of course, the amount
many
lines of trade.
would be,
thus be
added by each of the sellers to
passed along with the goods to
of himself or his
the price he obtains.
Two
sales tax would begin
New
York Stock Exchange
memberships were re¬
ported posted for transfer this week, the consideration being
stated as $104,000 and $98,000, respectively.
The last
preceding sale was at $102,000.
organized with a capital
share) and surplus of $500,000,
began business on Wednesday of this week at 8 West 40th
Street.
The President of the institution is Julian W. Ger¬
ard, brother of ex-Ambassador James W. Gerard and for¬
merly a Vice-President of the Columbia Trust Co.
H.rl*
Stevens is Vice-President and Cashier of the new bank.
Frederick W. Gollum is Assistant Cashier.
The directors
of the newly-established bank are: Lawrence B. Elliman
Pease & Elliman; Frank F. Gallagher, Goodwin-Gallagher
Sand and Gravel Corp.; Julian M. Gerard, President
William B. Joyce, President National Surety Co.; Edward
J. Kelly, Henrv Kelly & Sons, wholesale produce merchants;
The
of
National American Bank
$1,000,000 (par $100 per
MeCuteheon & Co.; William
H. I. Stevens, Vice-Pres.
and Cashier; John H. Towne, Yale & Towne Mfg. Co.;
Wilson Hatch Tucker, director, Lord & Taylor, President
Empire State Finance Corp.
For the convenience of the
business interests in the section in which it is located the bank
will remain open daily from 9 a. m.| to 6 p. m.
John A.
MeCutcheon, James
J. Martin,
It would
the use
the man who finally buys for
Foley & Martin, attys.;
the merger of the Bank of America
the Franklin Trust Company were ratified
The.plans looking to
family.
with the farmer. Cash wheat has sold
lately at Chicago at $3 00 a bushel.
There are four and a half busheLs to
the barrel, worth $13 50.
The farmer pays 13Yi cents tax and this price
The gross
COMPANIES, &C.
stocks were made this
at auction.
No sales of bank or trust company
chief of the wool section; Judge Edwin B.
member of the board; Charles J. Nichols, formerly wool
for the War
the
wholesale dealer nor speculator
are chiefly concerned in the form of tax.
Its payment is passed on in any
event to the consumerion whom it falls.
He is the man to decide the form,
Board; Lewis Penwell, former
administrator
Is that the goal of
politician in the multiplied tax plan?
Neither the farmer, manufacturer, retailer,
1
the wool growers, there were in attendance
Baruch. former Chairman
be mado with less
the 1,100,000 retailers of the country.
If it
2,000,000 farmers, 300,000 manufacturers
wholesale dealers and jobbers, we must enlist
in driblets from
is to be taken
a
more
if gathered through
expense
of Markets has not
Officials at Conference.
Secretary of Agriculture,
representatives of
Markets and
Government.
Federal
The
dealers.
Government
at
$1,000,000 in excess profits
This showing is on the face
dealers themselves, so the Bureau
audited the books of the
Reserve banks increasing
the action of the Federal
for dirt and other impurities were
of Markets made a report,
excess
confined to textiles. It spreads through
been placed upon it in part by
the cost of loans for such
purposes.
If the tax adds sixty cents to the price of a barrel of flour, with¬
out levying on speculative transactions, the tax might easily be doubled
by the intervention and reselling of a few profiteers.
If our Federal Government is in need of a 3.2 per cent, tax on every barrel
of flour sold in America it should face the need frankly and tell us about it.
If it requires 3.2 per cent, on every purchase, that will exact from each one
spending $40 a week, $1 28, or $66 56 a year.
The man or woman who
spends the money is entitled to know just how much of it he pays to support
Only recently has a check
the whole list.
therefore, the growers received too
transfer, showing the
collecting
mentioned in the estimate on
scarcity, to pay eight
be obliged, in a period of
tax levies.
ten
Speculation in commodities is not
the wool division of the
the Bureau of Markets
Agriculture by executive order, Dec. 31 1918.
Reports
Bureau
The
often intervened, in
So, instead of the four taxes
per cent.
one
of the Department of Agriculture,
been transferred to
of
exceeded largely in the
complained recently that
however, will bo
Cotton goods men
addition to manufacturer, converter,
bleacher, wholesale dealer and retailer.
Each of these has been taking a
profit and reselling.
On each transaction the gross sales tax would levy
Industries Board having
of the Department
infants.
commodities.
several speculators
cent, tax" is
questions that were
The
War
-
This amount of 3.2 per cent.,
wool.
the jurisdiction
u.
sales of many
of Texas and
primarily, is that too large deductions
made in valuing Texas wool and that,
little for their
19.0
Retailer's tax
produced west of the Missouri River and the
practically all of it in 1918 was shipped on a
consignment basis to Government distributing centres.
Fleece wool,
produced east of that line, was largely purchased in small lots through a
large number of country dealers.
The points at Issue in the hearing, there¬
fore, were different for the two classes of wool.
The facts developed showed that nearly all the questions at issue so far
as the Texas growers are concerned can be handled only by the War Depart¬
ment and arrangements are being made for adjudication by the proper
authorities in that department.
The complaint of the Texas growers,
eastern boundary
_
Wholesaler's tax
Territory wool is
fleece wool.
13.5 cents
14.0
*_ —15.6
Farmer's tax.
of Agriculture, on matters
and handling of the 1918 wool clip. The hearing
primarily, to numerous requests by Texas wool
but it developed into a
growers
barrel of flour would be included four
taxes as follows:
yesterday, called by the Secretary
pertaining to the valuation
then $19 21.
price of $19 21 for a
In this retail
Department:
in Washington
A wholesale dealer may add
$14 27.
and another one per cent, tax, or 15 6 cents.
His
There is at least one more tax to pay—the retailer's, of
He also adds twenty per cent, expense and profit.
The
cent, profit
price to the housewife is
by the Bureau of Markets of
pounds of bran.
sales tax of fourteen cents, or
nineteen cents.
Department of
S.
a
per
price is $15 85.
Agriculture. The latter in an¬
nouncing this under date of April 16 state that "the com¬
plaint of the Texas growers, primarily is that too large
deductions for dirt and other impurities were made in valuing
Texas wool, and that therefore the growers received too
little for their wool."
As to the sum which is to be collected
and returned to the growers the statement says "this showing
is on the face of reports submitted by the dealers themselves,
so the Bureau of Markets has not audited the books of the
dealers."
The following is the statement issued by the
the
He also deducts from flour price $1 50, the
The flour price is then $14 13,
sacking, interest and profit.
DEPARTMENT.
Over $1,000,000
The miller will pay another one per cent, sales tax.
$2 a barrel for transportation, storage, milling,
becomes $13 63H*
WOOL
OF INTERNAL REVENUE
DISTRIBUTED
BE
TO
PROFITS
EXCESS
1717
THE CHRONICLE
1920.]
of
by
this city and
the stockholders of
the latter at the special meeting
I
1718
held
THE CHRONICLE
April 19.
on
The plans have already been referred to
in these columns March 20 and
April 10.
April 27 the stockholders
for
the
of
purj>ose
of the Bank of America
solidation is to be effected under the
institutions, including the First National Bank of New York,
the First National
Security Co. of New York, the American
International Corporation, the National Shawmut Bank of
On Monday next,
name
to meet
are
approving the proceedings.
The
con¬
Boston.
of the Bank of
ville
America, and the latter is
to increase its capital form $1,500,$5,500,000, the increased capital to become effective
close of business May 1 1920.
000 to
at the
Co., &c.
of the
a
the
Prince Tine,
Ltd.,
elected
was
P At
Lyndonville,
Co.
♦
meeting of the Executive Committee of the Guaranty
Company of New York on April 19 John Grimm, Jr.,
appointed an Assistant Manager of the Bond Depart¬
ger
the
Graham
Vt.;
service,
Bell
invented
1878—two years
the
Manager of the original Bell Telephone
In 1885 Mr. Vail
resigned
as
Co. and|was elected
Co., a
organized in 1880 to handle the long lines business,
companies were merged. He resigned the Presi¬
dency in 1887.
For a time he employed his efforts in the
development of his farm at Lyndonville, butjin^l890, upon
visit to Buenos Aires, South
America, he not only
a
brought
development of the telephone system there, but
about the
introduced
returned to the United States in
1904, and in 1907
thorizing national banks
installed
rounded
out
Irving National
appearing
upon
dates
the
from
The strength of this bank
purpose of its founders.
a
1851.
In
a
thor¬
service."
lines
with
the
constant
expansion
union of forces became the obvious
thing.
the New York National
out their common
purpose.
twelve years a close
working arrangement has existed between
irvings—the bank and the trust company.
One has
over
the two
functions,
and
time
zones
mergers
National Bank and the National
City Bank of Brooklyn, each of these
fetaining its own organization and location for district office
operations.
man
telephone wire.
♦
Liberty National Bank of New York has organized a
department/under the direction of Donald D. Davls^
trust
Trust
Officer, for the transaction of
a general trust
business,
investigation and reporting on the
industrial properties.
with special facilities for
As a
preliminary step in the present consolidation with the
Irving National Bank, the Irving Trust Co. took out a
condition of
charter under the
Industrial
of
name
Bank; the consolidation
the two institutions
unite
the
two
on
the New York National
was
Irving
ratified by the stockholders of
April 15.
was
made in
our
issues of Jan. 19 and March 13.
Regarding the personnel of
those in the management of the
consolidated bank, an official
statement says:*'
The active head of the institution is
Lewis E. Pierson, Chairman of
the
Board of Directors.
Mr. Pierson began his active
banking career with the
Hanover National Bank in 1885,
serving in practically every department of
that
bank, until at the age of twenty-eight he was
made Cashier of the
New York National Exchange Bank.
At the age of
thirty-four he was made
President of that
institution, and when the National
Exchange and the
Irving consolidated in 1907, was made President.
In 1912 he became Presi¬
dent of the wholesale
grocery house of Austin/Nichols &
Co., in which
position he remained for four
years, retaining official connection with
the
Irving in the meantime, until
January, 1916, he
again was called to take
active charge of the bank's
affairs.
He was President of the New
York
8tate Bankers' Association in
1903 and of the American
Bankers' Associa¬
tion in 1909.
Actively associated
Irving policy are five
with Mr.
other
Vice-Chair man;
Pierson in the formation and
direction of
men
Rollin
of the
business-banker type.
Alexander
Grant,
Vice-Chairman; Frederic G.
P.
Lee, Vice-Chairman; John H. Love,
Vice-Chairman, and Harry E. Ward,
The history of these men
furnishes substantial
President.
effective business management for
the
Alexander Gilbert has played
development of the
commercial
at
the
age
of
assurance
new
panic of 1907,
as
Paying Teller, and became Cashier
twenty-four.
Later,
in
1888,
he
were
A
was
conneccion
his services th
business
conspicuous.
statement
and
resources
banking
of
of
$284,319,132.
Theodore N. Vail, Chairman
of the American
Board
the
Bell
died
in
1878,
Baltimore,
April 16 in his"seventy-fifty
on
of
Directors
telephone interests since
ganization in
at,.the time of
the
Johns
Hopkins
year.
or¬
Hospital,
Mr. Vail
his'death^wasjajdirectorjofiseveral banking
Gibson,
Bank
of
President
the
of
a
Liberty
National
director of the Royal
—-♦
The
International
Banking Corporation, head office
City Bank Building, 55|Wall St., this city, an¬
nounces the
opening of a new branch inBarahona, Dominican
Republic.
National
R.
E.
Saunders,
South Africa,
the Bank's
New
York
Agent,
National
Bank
of
Limited, has received the following cable from
headjoffice injPretoria:
Bank's net profits for the year ended March 31
1920, including the balance
of £23,000
brought forward and after providing fully for ai' bad and doubtful
debts and placing
£50,000 to bank premises, amounts to £539,000.
bank's investments stand at under the
present market price.
coming annual
general meeting of shareholders to be held
Wednesday, June 23 next, the directors will recommend
year at the rate of
and the
7% per
annum
plus
and
£60,000 to
Pension
to
a
a
Pretoria
A sum of
a
on
dividend for the
to Reserve Fund,
Fund, leaving
The
At the forth¬
at
bonus of 1%, absorbing
a
following allocation, viz.; £200,000
mately £44,000 to be carried forward.
£235,000,
making
balance
same
of approxi¬
£250,000 has been placed
special account to provide for the cost of importing specie.
♦
v;
Ralph Hayford Tiebout,
of
Brooklyn and
Bank, died
which he
on
was
a
a
director of the North Side Bank
trustee
of
April 20 from
stricken
the
an
April 18.
Williamsburgh
Savings
attack of mastoiditis with
Mr. Tiebout
was
62 years
of age.
4
An increase of
$150,000
making the capital
the
Telephone & Telegraph Co., and who had
been identified with
D.
of|New York, has been elested
the First National Bank of
of
Manager of the
National
Indemnity Co.
made
condition of the
Irving National as of
April 17 shows capital and surplus of $9,000,000
each; undivided profits of
$1,141,261, deposits of $224,753,143, and
total
Liberty
of
President of the Clearing House
during the memorable
which
Harvey
Bank
became
Clearing House
was
in
the
of
New York.
£1,250,000;
Cashier of the consolidated Market &
Fulton Bank, and in 1893
President.
He served from time to time on
the New York
Committee and
of
Irving.
Interesting and important part in the
banking of New York.
In 1863 he entered
Department
an
the service of the Market Bank
institution
James F. McClelland has been appointed
Reference to the proposa
financial organizations
This caused temporary
The
the
.Baiik, the Commercial National
m.,
telephones and 24,000,000 miles
The other, with wider powers
Long Island City, the Market & Fulton National
Bank, the Sher¬
a.
corresponding time in other
Sunday, the 18th, at the time of the funeral
on
silence of about 12,000,000
of
Vail, the telephone
minute at 11
one
services, held in Parsippany, N. J.
law, developed in addition personal and
corporate trust
added to its operations through successive
Flatbush Trust Co., the Aetna National
In tribute to Mr.
standard Eastern time, and the
developed
under the State
of the Board.
man
service of the system ceased for
times
along the lines prescribed for national banks.
In June of
Mr. Vail resigned as President of the American
Telephone & Telegraph Co., becoming at that time Chair¬
of their
In this way and at
Exchange Bank, the Mercantile
National Bank, the National Nassau
Bank, and now finally the Irving Trust
Company, have joined the Irving National the more
effectively to carry
different
interests of the two companies were divorced.
to-day has other roots than the single
development was paralleled by the develop¬
until,
Telegraph Co., Mr. Vailjbecame President
but resigned that post in 1914 when the
last year
it stands
as
again
of that company,
bank?says:
Its
Mr. Vail
was
as
Western Union
The
advertisement
an
banking institutions similarly founded, similarly inspired,
working along similar
activities,
banking
consummation of the consolidation with
the trust company, the
ment of ten other
"every facility included in
commercial
modern traction service in the city.
a
President of the American Telephone & Tele¬
graph Co.; in 1910, when the latter acquired control of the
to exercise trust powers, is now able
to offer to its customers
oughly
that
Railway
General Mana¬
Bank, New York, opened its doors for business.
This insti¬
tution, because of recent amendments to banking laws au¬
Gilbert,
after
telephone—when he
and the two
Irving National
to
the
He first undertook his
in
of the American Bell Telephone
company
Monday morning, April 19, the consolidation of the Irving
National Bank and the Irving Trust Co. of this
city became
effective and the resulting
institution, the
Bank of
of
President of the American
Telephone & Telegraph
ment.
For
Lyndon-
trustee
At that time Mr. Vail had been head of the
Mail Service.
a
immeasurable.
are
perfecting
made General
was
Trust
was
of
Mr. Vail's accomplishments in the development
Alexander
American Exchange National Bank of this
city.
.
also President and director of the
Bank
telephone
in
part
director of the
a
was
Surety Co. of New York, director in more than a
telephone companies, of the United States Rubber
of
score
regular meeting of the directors this week Henry
Curtis Blackiston, director of
Furness, Withy & Co., Ltd.,
and
He
National
American
4
At
| Vol. 110.
previously.
$150
a
share.
The
now
new
The
as
of
April 14 in the capital of
Poughkeepsie, N. Y., is reported,
$250,000,
stock
as
compared with $100,000
(par $100)
was disposed of at
plans to enlarge the capital were ratified
by the stockholders on Jan. 13 1920.
With its capital of
$250,000, the bank hasjajsurplus
ofj$150,003jand undivided
profits of $69,368.
1920.]
Apr. 24
...
the Comptroller of the Cur¬
Application has been made to
for
rency
charter for the Citizens
a
burg, Ma^s.
of
$300,000.
Company
Trust
Street
Park
designated "a bank for the
and Frederick C.
Holt
able
on
V
shareholders
Plan Co. of
«
a
Dearborn National Bank
appointed
meeting of the directors of the Northern
National
Charles Gesing, Jr., Assist¬
ant Cashier, presented his resignation, on account of other
business connections.
The same wras accepted, to take effect
agent in Chicago for
raods for many years
he
was
having
Chairman of the Board of Directors
Henry W. Hallo well,
of the Jenkintown
April
National Bank of Jenkintown, Pa., died
Mr. Ilallowell became associated with the
the institution as a
11.
10 1899, when he entered
Jan.
Previous to becoming Chairman of the
director.
Board, last
been President of the bank since
1911, refusing re-election, owing to continued illHis son, Israel R. Hallowell, is Cashier of the insti¬
January, Mr. Hallowell had
Feb.
16
health.
tution.
a
meeting
on
were
April 14 of the directors of the Bucks
Doylestown, Pa., the following officers
Oscar O. Bean, 1st
elected: Henry A. James, Pres.;
Vice-Pres.; C. S.
Wetherill, 2d Vice-Pres.; Geo. H. Miller,
as
officers from the
board.
of the
The
of its
to
death
the
Harmanus
Fisher,
banking and brokerage firm of J. Har¬
dissolution of the
existing partnership is announced by the surviving
manus
then
12 of J.
April
on
Fisher & Sons of Baltimore, the
Edward Mc C. Fisher, Frank Fisher of J. and
Frank B. Adams.
These three will continue, without change
in name or policy, the business which Mr. Fisher established
partners,
$600,000.
the
business naturally demanded an enlargement
capital stock was increased from $40i>,000
$600,000 until now, when, coincident with
anniversary of the establishment of the bank, the officers
make the gratifying announcement of the doubling of the
growth of the bank's
facilities, and in 1907 the
«
With
Bank of Atlanta, Ga.,
English was the first President and associated with
beginning have been John K. Ottley and Charles
I. Ryan.
These three, ''The Old Guard of the Fourth National," are still
at the haad of the institution.
They were jointd a short time later by
W. T. Perkerson, the present Cashier.
In January 1910 Captain English
voluntarily resigned the Presidency and was unanimously elected Chairman
Sec. and Treas.
senior member of the
thejrailroad transportation corps,
year's service in France.
has doubled
stock, thereby
giving it a capital of $1,200,000.
Reference to the proposed
increase was made in these columns Jan. 31.
The new stock
(par $100) was authorized by the stockholders on Feb. 24
and was sold at $200 per share to holders of old stock.
The
new capital became effective on April 2—the thirtieth anniversary of the establishment of the bank.
The institution
entered the national system on July 1 1896.
In an adver¬
tisement in the Atlanta "Constitution" of April 2, announce
ing the doubling of the capital, the bank says:
him
At
first lieutenant in
seen one
Govan came
He was formerly
Captain James W.
——♦——
County Trust Co. of
to the
general
the Chicago & Eastern Illinois and
is also well known in the Central and
having represented the above railin those territories. During the war
a year ago.
capital, having issued $600,000 of new
its
on
He
States,
business department of the
of Chicago, has just been
Mr.
Cashier.
July
The Fourth National
indicated.
of the date
bank
Assistant
Fort Dearborn in
Southwestern
Bank of Philadelphia on April 21
as
Nov. 28 1919.
Frisco Railroads.
resigned.
At
on
April 2, making
authorized by the
in its capital, effective
Joseph F. Govan, of the new
April 16, Zenas W. Bliss
fill the place of Kenneth F. Wood,
Alton, 111., announces an
The additional stock was
it $200,000.
and foreign exchange.
director, to
v'
♦-
increase of $100,000
Rhode Island, at Providence, on
a
Ind., has added
April 3.
The Citizens National Bank of
Fort
elected
of South Bend,
increasing it from $105,000 to
$600,000.
The new stock was disposed of at $125 per $100
share; the proposal to enlarge the capital was ratified by the
stockholders on Feb. 17, and the new capital became avail¬
and
meeting of the directors of the Morris
succeed
with
$495,000 to its capital thus
Holt is President of the City
a former State Bank Com¬
missioner; Vice-President Frederick C. Loeser is a stock
broker, and is also in the real estate and insurance business;
Treasurer O'Brien was with the Hartford-Aetna National
Bank for sixteen years.
The Park Street Trust Company
will conduct the following departments: Commercial, savings,
was
elected Cashier of the bank to
The First National Bank
The
provisions; Vice-President
trust, safe deposit
April 6, D. J. Schurr, State
on
who resigned to become associated
Connecticut General Life Insurance Co.
the
Vice-Presidents and Richard M.
President Burns is an extensive dealer
Bank & Trust Company
Ohio,
Walter Humphrey
Loeser,
O'Brien Treasurer.
the Produce Exchange
meeting of the directors of
a
Bank Examiner, was
people," and will remain open
Thursday and Saturday evenings from 6 to 8 p. m.
officers are Dominick F. Burns, President; Fred P.
a
:
Bank of Columbus,
of Hartford,
on
At
',' V"
.
At
in
The bank also has a surplus
share.
(per $100) was $200 per
.
National Bank pf Fitch-
Conn,
whose formation -with a capital of $125,000, was reported in
the "Chronicle" of Nov. 15, began business on April 3.
The bank is located on the first floor of the building at the
south west corner of Park and Broad Streets.
It has been
The
1719
THE CH EtONICLE
thirtieth
and directors
It has stood at
capital.
The following
figures form the
capital, surplus, undivided
comparison in the
bank was chartered:
basis for an interesting
profits and deposits since the
February 1907.
July 1896.
March 1920.
$600,000 00 $1,200,000 00
Surplus
600,000 00 1,800,000 00
Undivided profits
835 56
9,000 00
126,984 57
Deposits.
530,256 18 4.972.S26 03 25,104,520 14
From which it will be seen that the first increase in capital was 50%
and the second, now effective, is 100%.
' '
i , ftfli
An expansion of space as well of resources has also been necessary.
Within the last few months the bank has taken over two additional floors:
$400,000 00
40,000 CO
Capital
...
in 1874.
'....
The
stockholders of the
Cleveland, Ohio,
voting
o
•
upon a
$600,000.
will meet
Garfield Savings Bank Co.
on
of
May 10 for the purpose of
proposal to increase the capital from $500,000
The price at which the new stock is to be
disposed of will
be determined by the directors after the
the ground floor,
which is now occupied by the
savings, woman's and
safe
and the second floor, used by the cl ilcil staff.
Important changes in the main banking rooms are now under way, which,
when completed, will provide commodious and handsome quarters for the
deposit
departments,
bank's patrons.
increase is authorized.
■
r"'
•
.At the annual
William
Frieder
Friedman
was
was
(Cincinnati, Ohio, on March 29,
to
to
made Secretary; Alfred M. Cohen was re¬
elected President, and Leslie V. Marks was
Newly elected directors are
Vice-President.
re-elected 1st
John Galvin,
J. Garfield Trager and Louis
W. Kahn.
Mr .Galvin was elected to fill the vacancy
caused by the death of Max Silberberg, who also served as
Vice-President; Mr. Trager to fill that of his brother, I.
Newton Trager, and Mr. Kahn was elected to replace the
late, Ernst Troy, who had also been Secretary.
Mayor of Cincinnati, Ohio;
•
/•.
The
National Bank of Commerce of Columbus,
has increased
its capital from $200,000 to $300,000.
by thejstockholders on Jan. 13
The selling pricejofjthe new stock
enlarged capital, authorized
became
effective April 1.
Ohio,
The
Fulton National
$250,000 of new capital,
elected 2d Vice-President; Harry H.
Bank & Savings Company of
Bank of Atlanta, Ga., has issued
increasing the amount from $500,000
$750,000.
As stated in our issue of Jan. 31 plans looking
the increase in capital were under way early in the year,
The
meeting of the stockholders of the Peoples
the
Jan.
proposal having been ratified by the stockholders on
13.
The additional $250,000 of stock (par $100) was
the market value is $155. The
effective April 1; the bank also has
a
surplus of $250,000 and undivided profits of $75,000;
its deposits amount to $6,500,000.
disposed of at $140 per share;
$750,000 capital became
«
Effective April 12,
..■■■
the business o* the
Tenison National
merged with the City National
Bank of that city.
As a result of the iperger, E. O. Tenison,
President of the Tenison National Bank, again enters the
management of the City National, of which he had formerly
been President.
Mr. Tenison withdrew from the presidency
Bank, of Dallas, Texas, was
of|the|CityiNational in 1914, whenTie became
identified with
1720
the
THE CHRONICLE
Federal
Reserve
Bank
Federal Reserve Agent.
of
Dallas,
Chairman
as
and
IMPORTS AND EXPORTS FOR MARCH.
In 1917, following his resignation
The Bureau
from the Reserve Bank, Mr. Tenison established the bank
which had borne his
City National.
and which
name
With
the
forms part
now
Tenison
Mr.
merger
of the
becomes
[Vol. 110.
of
statement of the
Statistics at Washington has issued the
country's foreign trade for Mar. and from
it and previous statements
Chairman of the Board of the City National, succeeding the
late J. B. Wilson.
According to the Dallas "Morning
FOREIGN
Tenison,
National,
plans
other
enter
to
1920.
of Mr. Tenison, and Vice-President of the Tenison
son
business too confining.
business,
PauPG.
having
founded
the
banking
Taylor, recently elected Cashier of the
January
February
Imports.
1919.
$722,127
$622,553
645,768
$504,797
819,974
Banking for the State of Texas, entered the City
National
411,362
467.543
235,124
483,962
267,596
242,162
278,981
550,925
272,957
328,926
292.916
Vice-President
as
the
on
10th
inst.
Under
the
Comptroller's call of Feb. 28 the City National reported
of $1,000,000, surplus and profits of $2,171,008
June
'928,379
483,799
568,688
507.468
August
646,054
527,014
550,396
September
595,214
631,619
......
October
740,013
681,416
565,886
Total
deposits of $28,060,822; the Tenison National
day reported
a
capital of $500,000; surplus and profits
GOLD.
$149,404 and deposits of $4,018,474.
At
&
1920.
meeting of the directors of the Pan-American Bank
a
Trust
Co., of New Orleans, La.
Simmons
was
on
March 30,
G.
E.
elected Vice-President and Andrew J. Wither-
made
spoon was
director.
a
the death of Thomas S.
Both fill vacancies created by
Witherspoon.
January
Imports.
1919.
$47,758
1918.
February
43.048
$3,396
3,110
March
47.049
3,803
April
men's Trust Co. of
Portland, Oregon, succeeding Ira Walker
who has been transferred
to
Senior
for
Executive
Officer
the Seattle
the
office to
Puget
Sound
serve
6,692
1,080
26,134
46,257
1,580
12,914
$368,185
$41,069
$76,534
$62,043
October
November
Total
1,472
2,178
4,970
51,858
December
3,048
2,397
District.
SILVER.
Exports.
Assistant Cashier of the United States National
Imports.
1
1920.
1919.
$24,628
$19,615
February
15.865
33,100
March
13,939
April.
23,106
25,077
May
28,599
January..
Effective March 8 1920 the
capital stock of the Peninsula
National Bank of Portland, Ore., was increased from
$100,$200,000, and the surplus from $20,000 to $40,000.
was disposed of to old shareholders
at
1 The increased stock
the rate
1905
as
of
$120
State bank, with
a
founders foresaw
ment of
share.
per
organized in
was
capitalization of $25,000.
Its
the possibilities of the industrial
develop¬
district
a
The bank
so
a
....
1908 the
of
the
capital stock of the bank
and in 1912 the institution
On Jan.
tional
and
1
was
1917 it absorbed
Bank
of
St.
Johns
Willamette
rivers.
a
which
time
the
capital
was
as stated above, the
again increased to $200,000.
On March 8 of
the deposits of the bank were $1,677,557, and its
this year
amounted to $2,115,821.
19.052
7,150
December
30.595
48,306
9,685
$239,021
$252,846
$89,410
$71,376
5,528
7,019
September
October
Total
EXCESS OF
treal) have authorized
an issue of
$2,000,000 of additional
$25,000,000 already authorized by the shareholders,
thereby increasing the outstanding capital from $20,000,000
to $22,000,000.
The new stock will be offered to stockhold¬
$100) at the rate of
one
share of
new
par
value being
stock for every
10 shares
held.
This additional capital is
being issued to meet
expansion and provide facilities for Canada's rapidly
growing
foreign trade, in addition to meeting the demands of the
bank's increasing business in Canada.
The bank
recently
now
acquired substantial interests in the Colonial Bank (head
London) reference to which was made in our issue of
office
Feb. 7.
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
London,
Apr. 17. Apr. 19. Apr. 20 .Apr. 21. Apr. 22.
Apr. 23.
Silver,
Sat.
d.
per oz
68H
Gold per fine ounce....103s.7d.
Consols, 2H
British, 5
per
cents
per cents.....
British, 4H
per cents
French Rentes (in
Paris) ,fr.
68H
105s.
Holiday 46
per
68H
104s.9d.
Wed.
68H
Thurs.
685i
104s.9d. 106s.
Fri.
69>*
46
46 yB
463^
86M
85^
86^
86^
79 M
79
79J£
79M
79Ji
1919.
1920.
$
$
$
$
$
+ 409,560
+ 270,855
+ 35,740
+ 1,283
+ 178,225
+ 203,647
+38,575
—835
+ 335,546
+ 280,738
+30,064
April
+3,394
+4,498
+ 441,843
+ 221,462
—4,922
May.
+ 275,041
+228,072
+ 223,449
+ 265,590
+ 876
June
+ 635,463
56.52
57
88.60
88.65
oz___cts_117tf
117>£
117X
same
+ 56,839
+ 52,827
+5,529
+ 5,482
+ 288,727
+ 255,096
+ 39,179
+ 315.203
+ 271,228
+ 354,999
+ 49,461
+ 33,343
+3,548
+ 12,033
+20,910
+4,016.577 + 3,117,874
+ 291,651
+ 149,611
+ 159,765
+ 229,774
_
4- Exports.
1173A
116H
118
+ 254,014
.
+2,734
+5,389
Imports.
Totals for merchandise, gold and silver for nine months:
9
Merchandise.
Gold.
Silver.
Mos.
(000s
Excess
Excess
omit¬
Ex¬
Im¬
of
Ex¬
Im¬
ted).
ports.
ports.
Exports.
ports.
ports.
$
$
S
$
$
Excess
of
Exports
Ex¬
Im¬
of
ports.
ports.
Exports
$
$
I
$
*19-206,050.873 3,719,182 2,331,691409,032
•18-194,985,652 2,200,922 2,784,730! 29,877
59,565349,467151,347
77,596
28,458
•17-18 4,384.544 2,083,4712,301,073180,989
83,155! 97,834
71,983
•16-174,636,980|1 818 0692,818,911:150,094 801,202/651108
56,766 178,125
52,598 19.385
58,690
1,419 234,891
•15-162,995,4251,504,6631,490,762 58,516 337,831/279315 44,080
'14-151,931,0781,213,6141 717,464141,3111 71,888! 69,423 37,861
years
*.J
totals
make
3
for
three
months
Merchandise.
33,038
18,009
17,328
since
Jan. 1
for
Gold.
Excess
.
.
Excess
Im¬
of
Ex¬
Im¬
of
Ex¬
Im¬
ports.
Exports.
ports.
ports.
Exports
ports.
ports.
2,187,869 1,425,329
1,810.275
.
.
.
-
1,439,059
1,634,959
1,142,562
864,297
six
Silver.
Excess
Ex¬
ports.
ted).
1915
26,071
20,533
the following exhibit:
(000s
1916
25,652
73,751
,
Afos.
1917
day has been:
+ 14,908
+ 18.010
+20,686
+42,699
+ 27,579
+ 224,942
+ 33S.761
_
Total
1918
56.75
88.60
+ 26.343
+340.706
July
Aug
—6,678
$
762,540137,856
$
43,476
$
94,380
$
54,431
715,7131,094,562, 10,309 16,539 /6.230; 75,822
683,820
755,239, 11.640
2,774! 26,579
8,866;
711,530
923,429, 60,708302,191/241483 19,137
,
57
$
+ 14,039
+ 15,765
+ 349,973
+336,012
$
88.60
1919.
Feb..
1920
57.30
the
Silver.
1920.
Mar
1919
88.55
on
Gold.
1918.
46 X
86^
88.55
IMPORTS.
+ 248,303
.
omit¬
106s.9d.
Holiday
The price of silver in New
York
sliver in N. Y.,
Tues.
Holiday
Paris),.fr. 57.25
French War Loan (in
Mon.
OR
1919.
Similar
MARKETS—PER CABLE.
The
Week ending April 23—
8,722
$
Jan
ee
ENGLISH FINANCIAL
EXPORT8
8,327
7,539
1920.
Dec..
share (the
6,963
November
8,566
(head office Mon¬
stock of
per
5,081
40,686
20,549
10,340
32,038
Nov
May 20, at $150
7,067
7,913
7,079
12,251
46,381
12,608
Sept.
The directors of the Bank of Montreal
$5,998
4,449
8,262
13,809
12,928
12,270
August
Oct..
of record
9,441
1918.
$5,576
6,757
8,198
June
national bank.
was
resources
1
12,471
doubled to $50,000,
increased to $100,000, and recently,
capital
6,519
13,432
,
$8,863
Merchandise.
was
converted to
1919.
$6,628
In
by consolidation the First Na¬
at
1920.
July
advantageously located, the district in
being a peninsula formed by the
Columbia
1918.
7,298
5,351
5,220
7,257
7,172
6,766
5,490
4,330
which the bank is located
confluence
1,846
2,490
2,284
44,149
Bank of Portland.
000 to
$4,404
2.549
1,912
3,945
10,481
16,985
3,560
Dyrlund had formerly been with the Guaranty Trust
Company of New York and the old Lumbermen's Bank and
as
1918.
$2,113
3,599
2,704
7,200
3,277
Mr.
had served
5,084
2,809
54,673
45,189
29,051
as
1919.
$12,018
4,473
2,746
6,621
31.892
2,597
1,555
2,611
1,470
1,920
1,766
July
elected Cashier of the Lumber¬
$3,746
1,770
August
C. M. Dyrlund has bee
1920.
1,956
82,973
May.
June
September
as
251,008
210,887
$3,904,365 $3,031,213
Exports.
ers
273,003
261,669
246,765
401,845
424,810
380,710
;
......
$7,920,"42 $6,149,087
the
on
343.746
307,293
522,236
December
322,853
260,350
241,878
435,449
501,861
November
capital
same
$233,942
207,715
522,900
500,443
July
and
1918.
$212,993
603.142
714,800
1603,967
George Waverley Briggs, former Commissioner of Insur¬
1919.
$473,824
585,097
March
April
May
■
1920.
1918.
title.'
■
STATES.
MERCHANDISE.
Tenison National, will go with the City National Bank, but without official
of
UNITED
Exports.
J. O.
and
THE
quoted
adds:
ance
OF
(In the following tables three ciphers are In all cases omitted.)
News" of the 11th inst. all of the clerical force of the Tension
National will go with the City National; the paper
have prepared the following:
we
TRADE MOVEMENT
591,876
405,254
/Excess of imports.
550,686
459,043
34,6731 30,8011
3,872' 15,330
2,669) 45,243/42,574 11,768
S
30.786
20,531
17,410
8,801
7,328
7,164
of
Exports
$
23,645
55,291
9,169
10,336
8,002
4,604
THE CHRONICLE
1920.]
Apr. 24
AUG.
25 Nat. Shawmut
the
of
statements
1
CASH
Aug. 31
Balance end month
by daily
statement,
Ac—
Sep*. 30 1919.
1919.
$1,118,109,535 $1,191,738,500
33.1%.
Oct. 311919.
58,810,967
Inc. or
44,431,180
$1,051,948,744 $1,132,927,533
Deduct outstanding
Week ending April 15.
$888,032,521
Clearings at-
disbursements over re¬
ceipts belated items.. _
—
-
Deduct—Excess
$843,601,341
66,160,791
1920.
obligations:
$21,115,529
105,799,268
110,246,066
9,868,244
8,909.432
5,043.493
8,254,767
3,772.937
4,045,357
8,694,906
3,238,302
7,747,807
4,856,934
7,218.039
+36.7
5.233,325
+ 68.3
3,783,443
5,630,163
2,769,738
2,884,728
5,589.665
2,929,638
4,173,184
3,559,534
+ 33 3
685,012
Lethbridge
968,357
640,758
753,366
Winnipeg...i
$893,872,626
Free balance.
DEBT
$186,215,346 $237,160,863
$946,712,187 $606,440,478
Interest Aug.
Panama
$
3s. of 1961
Q.-J.
4Hs. certifs. of indebtedness
J.-J.
2s, certifs. of indebtedness——'''J .-J.
3>^s, First Liberty Loan—J.-D.
4s, 1st Lib. Loan, conv
J.-D.
4sM, 1st Lib Loan, conr
J.-D.
4Mb, 1st Lib. Loan, 2d conv—J.-D.
4s, 2d Liberty Loan
M.-N.
4Mb, 2d Lib. Loan, conv
—M.-N.
4Mb, 3d Liberty Loan
M.-S.
4Jis, 4th Liberty Loan
A.-O.
3Ji-4^s. Victory Lib. Loan..erJ.-D.
bonds
3s, Conversion
50
28
1,410,074.400
2,846 387.350
3,930 709,250
6.679 522,550
2,868,788,200
3,904,308,000
6,613,904,600
4,277, 937,915
909,450.078
11,453,100
11,453,100
debt—26,348,778.511 25,938,988,134
235,575,607
234,258,177
9,913,760
20,150,420
int.-bearlng
-
ceased
25,969,641.645
235,486,822
5,152,790
931,332,420
11.453,100
•
various rates of interest.
United States on
given.
repaymens by the Treasurerof the United States.
represent the receipts by the Treasurer of the
pirincipal of notes of the Victory Liberty Loan to the date
These amounts
account of
5 On basis of
Regina
—
cash receipts and
@ommcrcialandIIIisccHaucows^jenr£
other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Per cent.
Stocks.
Co. 7% pref—— 55
MacArtbur Bros. Co., pref.—.100
First Nat. Bank of Jersey City..380
New Haven Clock 7% pref.$20 per sh.
3 Haytlan Amer.
5
20
p
Per cent.
Bonds.
Falls Trac. System
$11,000 Sioux
1st 6s,
1930
65
—
Pub. Utility Deben. Co.
5s, 1933
$5,000 Lackawanna Coal & Lumber
$1,000
cons.
4,200 Filbert Paving, $10
50 Am. Sectional Elec.
ground, $50 each
100
Arling-Brooke Real
360 Buckley,
each—$5 lot
Under¬
$2 lot
Estate..$2 lot
Woodhull & Burns,
$2 lot
$50 each
500 Germania
120 Leighton
100 Queen
each
Petroleum, $5 ea.$2 lot
—$2 lot
Construction
Regent Cop. & G.,
$1
$2 lot
Shawnee&IronPt.Coal&I_$10 lot
Mg„ $1 ea.$l lot
100 Continental-Equit. T. & T.,
$50 each..
110
10 First Nat. Bank of Phi la
250
1 1 Philadelphia National Bank.360
l'.Girard National Bank..
400
2 4th Street National Bank—320 H
lOrigh s to subscribe Kensing¬
ton Nat. Bank @ $100
20
14 Girard Ave. T. & T., $50 ea. 80^
2 Germantown Passenger Ry„ 80^
500
235 Tono. Bonanza
By Messrs.
2
10
Stocks.
% per sh.
National Shawmut Bank
290
Arlington Mills
11134
Hoosac Cotton Mills, pref. 100-10034
18
G & E.27c.-25c.
50 rights
Commonw'th Trust
73 rights
Charlestown
Hartford Auto-Motive
pref ., $50 each..
1 Boston Wharf
18 Lawrence Gas
10
18
Jacksonville Traction,
$10,000 lot
bonds
Pac. Ry. 4s,
stamped—...—.
.$15 lot
$2,000 Gary Connecting Rys. 1st
10-year 5s, ctfs. of dep
$9 lot
$1,000 2d Avenue RR. receiver's
ctfs. 6s, ctfs. of dep.—
20^
2002,
+85.6
+36.4
+ 6.9
+28.5
625,912
586,101
825,289
1,014,388
2,073,721
1,697,521
+36.6
+49.3
999,457
975,535
—0.5
1,261,124
1,260,625
841,969
586,164
555,652
849,387
523,456
393,669
421,940
New Westminster
+43.5
+62.3
589,603
Fort William
754,173
778,919
...
447,780
388.694
+ 13.1
1,495,168
777,296
+92.4
584,219
765,765
1,063.112
Medicine Hat
989.304
+7.5
925,134
754,515
790,409
718,200
—
Peterborough
Sherbrooke
Kitchener
3,275,081
National Banks.—The
national banks is from the
3
2
20
1
2
lOt)
Charters Issued.
Capital.
banks and trust companies:
National Bank of Farmington, Minn
5
1134 Phil. & No. O. Transp'n..$2 lot
3 Phil. Bourse, pref., $25 each. 2234
4 Phil. Bourse, com., $50 each.
8
125 Securities Corp. gen. com—
lercent.
Bonds.
trust
Traction 1st coll.
5s, 1950—
$500 Phi la., City,
27
—
interchangeable
ln2
$500 Philadelphia, City, 4s, 1941.. 9334
$1,000 Philadelphia, City, 3s. 1924. 91X
434s, 1949
—
$25,000 City Water Power (Austin,
Tex.) 1st 5s, 1939, ctf. of dep...
$2,000 John R. Boyle
Bldg.) ser. B 6s, 1925
234
(Denckler
85
Parts,
pref
47
86
98 H
1634
...
trust
2934
6s.
Corp. Inc. 6s. 4
Corp. scrip
$1 lot
$10,100 Power Secur.
$92 Power Secur.
100,000
Original organizations:
The Exchange
National Bank of
100,000
Bartlesville, Okla„
President, W. C. Greening.
National American Bank of New York, N. Y
President, Julian M. Gerard; Cashier, Harry
.
I. Stevens.
25,000
Minn
Bank of Shakopee,
Peoples National
1,000,000
Hunter; Cashier, Elmer J. Young.
The Farmers National Bank of South Shore, S. D
President, Fred Beskow; Cashier, Chas. H. Redlin.
President, Frank W.
Total
—$1,275,000
—— —
....
25,000
Capital Stock Increased.
Amount of
$7,500,000
The
The
The
The
The
National Bank of Rocky Mount, N.C.
National Bank of Rosedale, Miss...
Fla.
First National Bank of Electra, Tex
First National Bank of Newnan, Ga
First National Bank of Pittsburg, Tex._
First National Bank of Statesboro, Ga
American National Bank of Bristow, Okla
First National Bank of Springfield, Minn
National City Bank of Tampa,
Farmers &
Lion,
Pa
Merchants National
Bank of Red-
_
Total
Increased.
$15,000,000
9,000,000
3.000.000
The Planters
The First
Capital when
Increased.
,
National Bank of Boston, Mass
The Mechanics & Metals National Bank of the
City of New York, N. Y__ ..£
The First National Bank of Tulsa, Okla
The First National Bank of Condon, Ore
__
Tne National Bank of Commerce, of Detroit, Mich
The First National Bank of Colusa, Calif
The First
500,000
100,000
200.000
50,000
500,000
75,000
200,000
75,000
200,000
25,000
60,000
50.000
50,000
25,000
15,000
1,500,000
150,000
300,000
125,000
500,000
50.000
250,000
100,000
100,000
50,000
40,000
75,000
15.000
$4,540,000
.
Consolidation,
-Capital $6,000,000, and New York
consolidated under charter
York," with capital of $9,-
Irving National Bank, New York.
National Irving Bank, capital $3,000,000,
and title of "Irving National Bank, New
000,000.
Applications for Charter.
Capital.
Conversion of State banks and trust companies:
The New York Produce Exchange National
Conversion of the New York Produce Exchange
Correspondent, G. W. McGarrah, 20 Nassau St.,
The First
National Bank of
Ruston, La—
Bank, N. Y
$1,000,000
Bank, New York, N.Y.
New York.
Conversion of the Lincoln Parish Bank, Ruston,
Correspondent, Lincoln Parish Bank. Ruston,
The First
National Bank of
Lynden, Wash
La.
La.
Lynden, Wash.
Lynden, Wash.
Conversion of the Lynden State Bank,
Correspondent, Lynden State Bank,
Original organizations:
_
1
50,000
50,000
The First
Boston:
Stocks.
$ per sh.
5 Hey wood Bros. & Wakefield.
common
.......
251
1 Collateral Loan
...
99
8 No. Boston Ltg. Prop., pref.73-73M
112 Power Securities Corp., 2d pref.
1
Bonds.
I er cent.
$2,000 Power Secur. Corp.
coll.
Shares.
$25,000
Bank, Farmington, Minn.
President, F. H. Wellcome; Cashier, C. E. Cadwell.
Bank of Suisun, National, Association, Suisun City, Cal...
Conversion of Bank of Suisun, Suisun City, Cal.
President, R. D. Bobbins, Jr.; Cashier, Paul B. Mertz.
Conversion of the Exchange
The
$ per sh.
righ: s to subscribe Real Estate
T. I.&T. @ $250
—
64
Guarantee Trust & S. D
12734
Tioga Trust.
..100
Enterprise Mfg.. $50 each— 69
United Nat. Utilities, com..
2
United National Util'ties, pr
3
Securities Corp. gen. pref... 40
$1,000 Southern
following information regarding
office of the Comptroller of the
Department:
Currency, Treasury
The
10
+37.1
340.000
1404,521,3391303,976,845 +33.11266,156,8041321,423,674
Canada
Total,
693.452
1,276.749
393,201
539,396
Albert.
Prince
+55.0
1,289.349 + 154.0
1.225,462
—
Windsor..
The
Wise, Hobbs & Arnold,
Shares.
50
from the
$10,000 Chic. R. I. &
& Lofland, Philadelphia:
Shares.
Stocks.
$ per sh.
Driving Club, $50 ea. 50
Stocks.
5 Belmont
60
Per cent.
Bonds.
$300,000 Internet. Trac. coll. r. 4s,
1949, ctfs. of dep. and $6,000
coupons of July 1 1918, detached
S86 lot
6s, 1961—
By Messrs. Barnes
Shares.
+ 10.5
1,009,626
1,897,965
Jaw
Moose
Auction Sales.—Among
5
+40.3
+55.5
1,898,755
-
Brantford
The
Shares.
+46.6
+36.2
2,593,895
1,507,512
1,884,492
Saskatoon
The First
606.440,478
Net debt
25,700,395,252 25,24,6684,544 25,603,840,779
Of these total, $42,629,040 in August, $33,578,683 in September and $15,741,300
946,712.187
893,872,626
current obligations
a
Edmonton........—--
+ 62.1
Conversions of State
D^t?T?^°fba£n-cryr«-a26'594'267'878 26'193'396-731
in October bear
...
....
+26.0
4,113,933,037
919,207.356
4,113,404,611
J.-J.
Aggregate of
271,216,300
680 015,900
series)
Matured, Interest
3,462,207.500
160,280,950
410,935,600
3,492,150
657,587,700
Thrift Stamps,
► Series 1918-1919.6
Mat
2^8. Postal Savings bonds (1st to
Bearing no interest
48.954,180
25,947,400
50,000,000
28,894,500
,000,000
,894,500
3,462 207,500
274 753,683
1,410 074,400
163 720,500
407 496,450
3 492,150
48, War Savings &
L 16th
599,724,050
118,489,900
25 ,947,400
——
...
Calgary
Victoria..
$
48 ,954,180
48,954,180
25,947,400
50,000,000
28,894,500
3,938,295,000
262,914,050
1,410,074,400
165,143,900
406,076,050
3,492,150
687,848,400
2,878.559,850
3,953,699,900
6,714,504,650
Q.-F.
—.—Q.-F.
Q.-M.
2s, of 1918-38....
Oct. 31 1919.
599,724,050
118,489,900
599,724,050
118,489,900
.....—
London
$
Canal Loan:
2s, of 1916-36....
Halifax
St. John
Sept. 30 1919.
311919.
Payable
Q.-J.
—Q.-F.
Quebec
DEBT OUTSTANDING.
INTEREST BEARING
of 1930
4s, Loan of 1925
Ottawa
Hamilton.—.————
OUTSTANDING.
89,295,123 102,897,713
66.580,728 85,120,986
47,947,794 71,518,849
8,748,581
9,972,358
6,542,517
6.339,462
4,564,711
4,330.335
3,286,651
4,903,512
6,803.935
5,501,924
3,082,509
2,075,157
2,970,385
2,481,765
7,897,954
7,013,980
1,919.762
1,890,320
2,923,866
3,517,745
3,217,535
3,362.658
+11.8
+57.5
Toronto.—..——
1917.
%
,
140,051,521 125.279,524
117.991,244 74,910,709
46,371,686 36,791,056
11,285,756
18.298,086
Montreal
Vancouver
$158,076,118
Total
Title of Loan—
$
1918.
Dec.
$
Brandon
$4,117,661
80,281,992
101,815,693
$4,337,683
49,723,015
104,015,420
obligations.
Disbursing officers' checks.————
Matured Interest
2s, Consols
1919.
Canada—
Treasury warrants
Land Co.
.$1,000 lot
Beury-New River Land
Co. 1st 6s, 1927, 1,000 shares
Beury-New Riv. Land Co., 150
sh. Sunbeury Coal Co
$1,000 lot
$173,000
Clearings.—The clearings for the week
Canadian Bank
MATURING OBLIGATIONS.
AVAILABLE TO PAY
75
ending April 15 at Canadian cities, in comparison with the
same week in 1919, show an increase in the aggregate of
thereof.
summary
$80,000 Beury-New River
1st 6s, 1927..
.
as
11134
5654
Gas & El.28c.-30c.
91 rights Charlestown
Bonds.
Manufacturing, pref
11154
12 Dwight Mfg., $500 each
143734
10 Mass. Cremation Society, $5 ea.
334
1 Hood Rubber, preferred
10034
1 Columbian Nat. Life Ins.
11954
3 Merch. & Miners Transp'n
54
10 Draper Corporation
—14234
8 American Manufacturing, pref. 8534
officially issued for Aug. 31,
Sept. 30 and Oct., 31 1919, were omitted from our columns,
they were secured at the same time as that for Nov. 30,
which was published in the issue of April 17, pages 1614
and 1615.
As interest may attach to the details of available
cash and the gross and net debt on those dates, we append
$ per sh.
Mills
34 Arlington Mills
3 Massachusetts Storage, pref
3 Sharp
holdings of the United States as
a
Bank, Boston
Cotton Mills
Naumkeag Steam Cotton
1 First Nat.
2 Massachusetts
of the Public Debt")
public debt and Treasury cash
1 Arlington
291
346
16154
220
Bank
Stocks.
Shares.
$ per sh.
Slocks.
Shares.
(Formerly Issued as "Statement
The
Day & Co., Boston:
By Messrs. R. L.
STATEMENTS OF UNITED
STATES,
31, SEPT. 30 AND OCT. 31 1919.
FINANCIAL
25,000
The
35,000
National Bank of Albertville, ^la
i
Correspondent, Dr. C. F. Smith, Albertville, Ala.
Washington County National Bank, Springdale, Ark
Correspondent, R. A. Mulford, Springdale, Ark.
The Valley National Bank of Indio, Cal
Correspondent, E. E. Black, Indio, Cal.
The Rockford National Bank, Rockford, Ohio
Correspondent, W. R. Lewis, Rockford, Ohio.
The First National Bank of St. Louis Park, Minn..
Correspondent, M. R. Martin, St. Louis Park, Minn.
Total
50,000
50,000
25,000
.$1,285,000
1723
THE CHRONICLE
(VOL. 110.
Voluntary Liquidations.
Per
National Bank of Bowie, Tex.
Capital $,50,000.
To take effect
April 15 1920.
Liquidating Agent, F. J. Moss. Assets purchased by
the Security State J3ank of Bowie, Tex.
The
The First National Bank of Rusk, Tex.
Capital $50,000.
To take effect
April 16 1920.
Liquidating Agent, A. Ford.
Assets purchased by the
Merchants State Bank & Trust Co., of Rusk, Tex.
Farmers &
Name of
Miscellaneous
DIVIDENDS.
future
by large
important corporations:
or
Dividends announced this week
printed in italics.
are
Per
Name of Company.
Railroads
Preferred
$1.75
Central Hit. of New Jersey (quar.).
Ga. Southern <fe Florida, 1st & 2d pref..
rec.
Apr.
30
rec
May
3
Anr.
So
1 ♦Holders of
rec.
Apr. 23
May
1 X
1
Holders of
rec.
April
1
Holders of
Holders of
rec.
April 19
rec.
Apr.
New York Chicago & St. Louis, 2rl pf_.
2X
May
Norfolk & Western, ad), pfref.
1
May 19
May
1
May
1
May 31
May 13
(quar.)..
Northern Pacific (quar.)
IX
IX
Pere Marquette, prior pref. (quar.)
Pittsburgh A West Virginia, pref. (quar.'
IX
'
»
Reading Company, common (quar.)....
Heading Co., 1st pref. (quar.).
Srreet
Electric
and
American Railways,
•.
♦50c.
....
May 20
rec.
May
■>,„
*$30
Central RR. (quar.)
Holders of rec. July 10
Holders of rec. April 30a
1
May
1 ♦Holders of
May 13 Holders of
Holders >»f
May
I
2X
-
Mahoning Coal RR., common..
> ork
Aug. 20
♦2
i
Great Northern (quar.)
June
1
Mar. 20
tve
to
rec.
Holders of
rec.
Holders of
n
so a
April 13
Holders of
rec.
*ix
May 15 ♦Holders of
Holders of
May
1
rec.
May
da
2
June
1
i*
May
May
Holders of
rec.
April
15
April 24
to
May 20
3
May
15
April 24
to
IX
April 30
Holders of
rec.
AX
2X
May 15
May
1
Holders of
rec.
May 15
Holders of
rec.
April 30
Holders of
rec.
April
.
Preferred
—
Milwaukee Elec. Ry. & L., pf. (quar.)..
MontrealL., II. & Pow. Cons. (quar.).
Montreal Tramways (quar.).
r
Pacific Gas & Elec. 1st pf.& orig. pf. (qu.)
IX
Philadelphia Co., common (quar.)..
75c.
Six percent preferred..
I-ublic Service Investment Co., pref. (qu,).
West Penn Power, prdf. (quar.)
West Penn Trac. & Water Pow.,
$1.50 May
Holders of
rec.
1%
15a
1
May 20
April 20
Apr. 30a
1 a
IX
Holders of
rec.
April
1
Holders of
rec.
Apr.
22a
]
Holders of
Apr.
20
May
1
May 16
Holders of
rec.
la
American Exchange National
Bowery (quar.)
.
Extra..
Commonwealth
Corn
.
.
..
-
-
« -
^
^
.
..
.
.
-
-
May
May
May
May
-
............ ...... -
v. *
.
Exchange (quar.)
Apr.
30
to
Apr.
30
rec.
Apr.
20
rec.
April 30a
rec.
1
...
Holders of
1
Apr. 24
to
Apr.
30
Apr. 24
May
May
........
■
to
Apr.
30
Companies.
Farmers' Loan & Trust (quar.).
Hamilton, Brook yn (quar.)
Kings County, Brook yn (quar.).
Lincoln (quar.)...
Fire
02 Xc
Bank Note, com.
-.
American Glue, common
Common (extra)....
May 2C
rec.
Apr.
20
Holders of
rec.
Apr.
21
1
Holders of
rec.
IX
2X
May 15
1
Juno
1
2X
May
May
May
1
April 16
April 16
to
April 17
Apr.
9
May 23
1
Laundry Machinery, com. (quar.)
Light & Traction, com. (quar.)..
stock).
.
!2X
IX
to
April 25
to
June
May
May
8
to
May 15
.VI ay
1
Holders of
rec.
April
May
1
Holders of
rec.
April 15a
Preferred (account
accum
dividends)
Special
Associated Dry Uoous, common tNo. 1).
May
1
May
15
Holders of
rec.
May
1
May
1
Holders of
rec.
Apr.
19o
Sept.
1
Holders of
rec.
Aug. 16o
April 25
Holders of
rec.
April 15
3X
$1.50
$1
hi
Bros.
<v
.
.
1
May
June
1
bine
1
IX
1
May
IX
(No. 1)
May
April 15
rec.
July
Holders of
rec.
Apr.
to
Apr. 15a
May 19
Apr.
18
18
to
IX
15
Apr. 20
Holders of rec. Apr.
Holders of rec. May
19
9
May
IX
1 ♦Holders of
rec.
April 22
1 ♦Holders of
1 ♦Holders of
rec.
June
rec.
Apr. 20
Apr. 20
Holders of rec. Apr.
rec
May 15
Holders of rec. May
May
Apr.
23
to
2««
15
8
Apr. 30
IX
May
7
Holders of
2
June
1
Holders of
rec.
Apr. 30
May 21
IX
May
1
Holders of
rec.
April 20a
♦Holders of
rec.
May 15
rec.
May 1 a
Apr. 24a
*p 200
2X
May 15
IX
May
1
62XC. May
1
IX
May 16
IX
May 15
(quar.)
Canadian Converters', Ltd.
(quar.)
Carbon Steel. 2d
preferred
(quar.)
1
IX
(quar.)
Cedar Rapids
Mfg. & Power (quar.)
Central Leather,
May
1
Holders of
Holders of
Apr.
18
rec.
rec.
to
May
__
(quar.)IIIIIH
2
(monthly)
Common and preferred
(monthly)'.'.'.'.".I
Common (payable in com.
stock)
Preferred B (monthly)
new
com.
Holders of rec. April
2
April 26
•X
May
Holders of
rec.
:ia
April 15a
"fix
*x
*x
*f IX
*x
1
May
1
♦Holders of rec. April 15
June
1 ♦Holders of
May
1
June
1
June
1
rec.
May 15
♦Holders of rec. May
♦Holders of rec. May
April 15
rec.
Apr.
rec.
April 16a
rec.
Apr.
April 23
Holders of
April 23
10
30
Holders of
rec.
Holders of
rec.
Holders of
rec.
April 15
May
May
May
May
Holders of
rec.
Apr.
23
Holders of
rec.
Apr.
23
Holders of
rec.
April 20a
April 23
Holders of
rec.
April 20
May
Holders of
rec.
May 15
Holders of
rec.
Apr. 19a
April 15
May
Holders of
rec.
Apr.
21a
Holders of
rec.
Apr.
21a
Holders of
rec.
Apr.
20a
IX
May
1
Holders of
rec.
Apr.
June
16
16
Holders ol
rw.
May 31
May
May
1
Holders of
rec.
Apr.
20
1
Holders of
rec.
20a
Apr.
24
May
1
♦Holders of
rec.
Apr.
14
'20
May
1
Holders of
rec.
Mar. 31a
*2
June
1
♦Holders of
rec.
May 20
IX
May
IX
June
July
1
Holders of
rec.
Apr.
24
1
Holders of
rec.
May 24a
1
.
Holders of
rec.
June
25a
uay
1
H< leers to n
Mi y
1
Holders of
y
I
H
(m)
May
1
Holders of
May
May
1
Holders uf
rec.
Apr.
6a
1
Holdern of
rec.
Apr.
6a
(m)
IX
l
ers of
e,
a or.
5a
iec.
Apr.
6a
ri <■.
Apr.
5a
rec.
Apr.
5a
1X
May
2
May
1
Holders of
rec.
Apr.
1
Holders of
rec.
May
1
May
May
6a
$1
5a
25
1
Holders of
rec.
16
Holders of
rec
July
1
Holders <»f
r«r
IX
Aug. 16
Holders of rec. Aug.
1
May
Holders of rec. Apr.
1 Holders of rec.
May
Apr.
IX
/20
1
May
May
May
May
1
2
Holders of
rec.
Holders of
rec.
Apr.
20
Holders of
rec,
Apr.
16
1
Holders of
rec.
May 22
15
Holders of
rec.
July
Holders of
rec.
Apr.
16a
Holders of
rec.
Apr.
21
June
26
1
IX
May
1
26c
May
IX
May
2M
rec.
5
17«a
Apr. 17a
1
Apr.
$1.50
June 21a
1
May
$2
Holders of
1
July
2
2
IX
Kaministiquia Power, Ltd. (quar.)......
Kaufmann Department Stores, com.
(qu.).
Apr.
June
*2
Ingersoll-Rand Co., common (quar.)...
Inspiration Consol. Copper (quar.)
International Nickel, preferred (quar.)..
rec.
May
IX
/50
Hupp Motor Car Corp., com. (quar.)_.
Idaho Power, preferred (quar.)..........
Indiana Pipe Line (quar.)
Holders of
IX
Company (qu r.).............
Harbison-Wa ker Refrac., com. (quar.)
Common (payable in common
stock)
Hlllman Coal & Coke, pref.
(quar.)
Hodgman Rubber, preferred (quar.)
Holly Sugar Corp., preferred (quar.)..
1
IX
.
May
16
April 30
A pr
April 15
5
Apr. 16
to
Apr. 24
♦Holders of rec. April 15
Holders of rec. April 15
Holders of rec. Apr. 24
Holders of rec. April 10a
26
Holders of
IX
May
Holders of
rec.
April 16a
2
May 15
Holders of
rec,
$1
Kayser (Julius) & Co., 1st & 2d pf. (qu.)
Kelogg Switchboard & Supp y (quar.)...
1X
2
rec
Apr.
9a
Holders of
rec.
Apr. 30
Apr. 20
May
Holders of
rec,
April 20a
Apr.
Holders of
rec.
May
(quar.).
$1
May
Common (payable In common
stock).
Preferred (quar.)
Holders of rec.
Apr. 26
April 17a
fS
May
Holders of
April 17a
Kelly-Springfield Tire,
common
Kelsey Wheel, Inc., preferred
(quar.)...
Keystone Watchcase (quar.)...
(S.
H.)
Preferred
&
Co., com.
Milling,
(quar.)....
(auar.)
com.
2
May
IX
May
*1X
May
Holders of
rec.
May
la
Holders of rec. April 20a
♦Holders of
rec.
April 22
1
May
Holders of rec.
Apr.
June
Holders of
May 22
IX
June
IX
May
IX
May
May
Holders of rec. May 22
Holders of rec. Apr. 14
Holders of rec. Apr. 20
......
Lancaster Mills, preferred (quar.)
Lawrence Petroleum (monthly)
Stock
15
rec.
3
..
(quar.)..
...
dividend
e5
rec.
20a
I.awton MillsCorpoiatlon (quar.)...
Holders of
rec.
2
Mar. 31
Llg-Mar Coal Mining Co., Inc. (quar.)..
Lima Locomotive Works,
pref. (quar.).
Holders of
rec.
Mar. 26
2'
May 15
IX' May
1
Holders of
rec.
May
1
Holders of
rec
$1.25 April 30
50c. May
Apr.
15a
Holders of
rec.
April 20a
Lincoln Motor, Class A..
Loew's Incorporated (quar.)
Loose-Wiles Biscuit, 2d pref. (special)..
Lud.ow Mfg. Associates
(quar.)
Special
...
Manufactured Rubber, pref. (quar.)
Martin-Parry Corporation (quar.)
...
Massachusetts Cotton Mills
Massachusetts Gas Cos.. com.
(quar.).
Merrill Oi Corporation (quar.).........
Miami Copper (quar.).
Middle States Oil Corporation
Spinning (payable in stock)
Montrea Light, Heat & Power
(quar.)....
Mullins Body Corp.. (quar.)
(quar.)
Nash Motors, pref. (quar.)
National Acme
rec.
April 19a
Apr. 23a
rec.
May
$1
(quar.)
Holders of
rec.
*15c. May
May
1
♦Holders of
rec.
50c. June
3
May
Apr.
27
Holders of
rec.
May 17a
Holders of
rec.
Apr.
17
Holders <<f
rec.
Apr.
15
Holders of
rec.
IX
National
National Carbon, preferred
(guar.)
Breweries, preferred
11
May
*26c. May
15
(quar.)..
Holders of
rec.
Holders of
rec.
June
rec.
•Holders of
May
*2
May
$1
May
50c. May
$1.50 May
Apr. 30
May
la
Holders of
May 15
40c. July
rec.
April 17a
April 15
Holders of
reo.
10a
April 15a
Holders of
rec.
April 15a
Holders of
rec.
April 10
*el00
2
$1
\x
*ix
IX
ix
15
15
1
June
2
(quar.)
National Biscuit, common
Preferred
(quar.)
Holders of
Holders of
50c
Extra
rec.
15
May
15X
$1
._
Holders of
Apr.
$1.50 June
(quar.)..
Midvale Steel & Ordnance
(quar.)
Midwest Oil (quar.)
Midwest Refining (quar.)
Preferred
♦Holders of rec. Apr il 1
♦Holders of rec. April 15
rec
Holders of
Holders of
$2.50 June
Mohawk Mining (quar.)
VI ay
rec.
♦Holders of
IX
May
$2.50 May
stk.)
Monomac
July
♦Holders of
May
X
30
rec.
May
May 15
May
2X
2
_
Preferred (quar.)
Grasselli Chemical (payable In com.
stk.)
Great StatePetro eum
of Texas (monthly)..
30
Holders of rec. Apr.
of rec. Apr. 19
Holders of rec. April 23a
May
IX
Gree ock
of rec.
May
May
13
(quar.)
26a
May 15
30
j
Common and preferred
(monthly)
Common (payable In common
stock)..
1
Gossard (H. W.) Co., preferred
(quar.)...
Holders of
July
X
IX
1
20
May
Grant Motor Car Corp., com. (month
y)
Holders of rec. Apr.
Holders of rec. Apr.
0
30
Apr.
2
(quar.)...
Kress
May
July
May
May
1 ♦Holders of
rec.
May 15 ♦Holders
Holders
May
15
4
(quar.)
Lake of the Woods
Holders of rec. May
Holders of rec. Apr.
4
...
Burns Brothers, common
(quar.)
Chicago Pneumatic Tool
*1X
*2
*1X
(quar.)
Brompton Pup & Paper (quar.)
Brook yn Edison (quar.)
Brown Shoe, pref.
(quar.)
Brunswick-Balke-Col ender, common
com.,
*4
Holders of
2
Six per cent debenture stock
(quar.)_.
Seven per cent debenture stock
(qu.).
General Optical Co., Inc., pref.
9
3a
Spindier—
Butler Brothers
(quar.)..
Canada Cement, preferred
(payable In
8a
1
15a
1
Apr. 21
to
Apr. 30
1 ♦Holders of rec. April 21
1
Apr. 24
to
May
2
*75c. May
Co., Inc., pref. (quar.)
Bond & Mortgage (quar.)
Brill (J. G.) Co., preferred
Preferred B
24
1X
(quar.)..
Clues Service—
Apr.
rec.
May 25 May 16
to
May
*15c. Apr. 30 ♦Holders of rec.
Apr.
*3c.
May 29 ♦Holders of rec. Apr.
..
Bergner & Engel Brewing, preferred.
Bethlehem Steel, com. A & B (quar.)
Bigelow-Hartford Carpet, com. (quar.).
Preferred
1 ♦Holders of
May
1
May 24
IX
..
First and second preferred
(quar.)
Preferred
Aug.
Holders of
hi
(quar.)
(quar )
15a
IX
Atlantic Refining, preferred
(quar.).
Atlas Powder, preferred (quar.).
l-sarnhart
15
30
2X
Amer. Tobacco, com. (In Class B
com.).' **75
Art Metal Construction
(quar.)_.„
April 25
22
n 30
dividends).
April 25
IX
........
accum.
to
1
154
American Soda Fountain (quar.)
American Sumatra Tobacco, com.
(quar.)
Preferred
Preferred (account
1
9a
3a
April 16
IX
Amer. Zinc, Lead & Smelt., pf.
(quar.).
Anaconda Copper Mining (quar.)
Arkansas Natural Gas—
1
Holders of rec. Apr.
Holders of rec. May
to
June
2X
....
Amer. Thermos Bottle
24
rec.
June
$1
(quar.)..
com.
Common (extra)
Preferred (quar.)
Apr.
Holders of
June 30
...........
American Radiator, common (quar.)
Preferred
(quar.)
Apr. 24
May
IX
Goodrich (B. F.) Co., common (quar.)..
Preferred (quar.)
Goodrich (B. F.) Co., com.
5
April 23
25c.
1
.
31a
rec.
2X
20
April 15a
May 31a
April 30a
»2
May
*12Xc May
stk.)
May
Amer. La France Fire Eng.. com. (quar.)
American Shipbuilding,
com.
Apr.
Amer.
(quar.)...
new
rec.
Apr. 17
April 17
rec.
rec.
1 x
(payable in
rec.
rec.
Holders of
Holders of
♦Holders of
IX
Gillette Salety Razor (quar.)
Extra
rec.
April 20a
May 31a
May
common
Apr. 30
Apr. 30
rec.
rec.
rec.
IX
April 10a
Holders of
20a
roe.
Holders of
Holders of
April 23
General Cigar, Inc., common
(quar.)...
Preferred (quar.)....
rec.
Holders of
Apr
Holders of
May
July
rec.
Preferred (quar.)
IX
Flsk Rubber. 2d pref.
(quar.)
IX
Fort Worth Power & Light,
pref. (quar.)
\%
Fulton Motor Truck
(payable In stock).. clOO
General American Tank Car (in
stock).. */300
rec.
1
10
20a
♦Holdres of
Famous Players-Lasky
Corp., pref. (qu.)
Holders of
1
Apr.
Apr.
Holders of rec. May
Holders of rec. Apr.
IX
IX
Federal Oil, com. (in com.
stock).
Federal Sugar Refining, com.
(quar.)...
Preferred (quar.)
Fisher Body Corporation, common...
May 15 ♦Holders of
May 15 ♦Holders of
May 10 ♦Holders of
Holders of
May
1
Holders of
May
1
May
rec.
rec.
i»iy
6
1
May
May
1
Holders of
Holders of
May
.
14
IX
May
IX
IX
May
2
30
3
June
1
May
to
June
*1
Eureka P pe Line
(quar.)
Everett Mi s..
May
♦2
Holders of
25
May 31a
Apr.
July
7
rec.
rec.
to
*5
........
rec.
2
rec.
22
April 16
Apr. 26
May
Apr.
May
Esmond Mills, common
(quar.)
Preferred
(quar.)
Preferred
Holders of
Apr.
Apr.124
rec.
3
,
Holders of
la
15
April 30
rec.
*2
Emerson-Bran;lngnam. pref. (quar.)...
Emerson Phonograph, pref.
(qu.) (No. 1).
New com.
to
IX
Elsemann Magneto Corp., pref.
(quar,)..
Eisen ohr (Otto) & Bros., com.
(quar.)...
Electric Bond & Share, pref.
(quar.).
Electrical Securities, pref.
(quar.)...
Elgin National Watch (quar.)...
Petroleum (quar.)
preferred.
X
of rec.
rs
5
♦Holders of
American Ice, com. (quar.)
Preferred (quar.).
common
1
Fold
April 22
Holders of
♦Holders of
1X
2X
2X
T
1
(quar.)....
....
1 X
Hosiery Mills, pref. (quar.)..
Eastman Kodak, common
(quar.)..
Common (extra).....
May 15
April 30
*1X
...
IX
Debenture preferred (quar.).-General Motors Corp., old common
5
Amer. Gas & Electric, pref.
s &
April 15
July
......
Austin, Nicho
rec.
75c.
American Caramel, pref. (quar.)
Chicle, com. (quar.)
American Cigar, common (quar.)
Amer.
Atlas Tack (quar.)
14
Holders of
Dominion Steel Corp., pref.
(quar.)„_.
?tii» M»n (e f )rie Norn.Afo..
den. (quar.)
duPont (E.I.) deNem. Pow..com.
(qu.)
Preferred (quar.)
*1X
*1X
First preferred
12
Apr.
Holders of
Holders of
5c.
-
(quar.)
Extra.
Second preferred
Apr.
rec.
New
American Beet Sugar, common (quar.)..
Amer. Brass (quar.)......_.....
Preferred
rec.
Holders of
1
*e50
—
Advance-Rumely Co., preferred (qtutr.).
Common (payable in
April 30
Holders of
May
10c. May
IX
May
Old com
—
Amer.
rec.
May
At r*l 'A
5
Gen. Chemlcal.com
(pay in com. stk.)
General Chemical, com. (quar.)..
Miscellaneous
Acadia Mills (payable in stock)
Acme Coa' Mining.........—...
Amer
May IS
1%
Holders of
rec.
oi ric. April 15a
April 15a
2
Dominion Coal, pref. (quar.)
Dominion Linens, Ltd., com.
(bonus)....
Dominion Oil (monthly)
Holders of rec. Apr. 26a
Apr. 25
to
Apr. 30
Holders of rec. Apr. 26a
Apr. 21
bo!d<(j8
May
1
Insurance.
of rec. April 10
of rec. Mar. 31a
of rec. Mar. 31a
June
May
Pacific Fire (extra)..........
24a
of rec. April 15
of rec. April 20a
IX
1
20a
30
Apr.
2
May
May
Apr,
April 21a
Of rec. Apr.
of rec.
Dodge Steel Pulley, preferred (quar.)...
Dominion Bridge (quar.)...........
May
rec.
Ai r;l
rec.
25
May
May
.
Extra......
Tru»t
23
to
Apr.
Holders of
May
Pacific (quar..)......
Apr.
28
Apr. 28
May 10
April 26
rec
1 %
*c25
Fairbanks Company, first pref.
(quar.)..
Fajado Sugar (quar.)
Holders of
1
1
3
Extra
Banks.
Apr.
rec.
Holders of
May
April 15
to
May
Emera d Oi
1
rec.
16
/6o
3X
Elk Basin
Apr. 30
April 21
May
rec.
2
.....
May
1X
pf. (qu )
Holders of rec. May
1
Apr.
...
Edison Elec. Ilium, of Boston
(quar.)
Edison Elec. Ilium, of Brockton
(quar.)...
Extra.
May
8
April 15
Duquesne Light, preferred quar.)
Havana Elec. Ry., Light & Pow., com..
rec.
25
*1X May 15 ♦Holders
Corp., pf.(qu.)
$2
Holders
May
Commonwealth-Edison (quar.).
♦2
♦Holders
May
Consolidation Coal (quar.)
IX
Holders
April 30
Continental Oil (payable in stock)
*e$200 April 30 ♦Holders
Cosden & Co.. com. (no par val.
stk.)„_ 62He. May
Holders
Com. ($10 par
value).....
12 J^e. May
Holders
Common (extra)......
Preferred (quar.)
nr>!
May 25
Carolina Power & Light, com. (quar.)..
Detroit United Ry. (quar.)
X
(qu.).
cm.
Coumbla Gas & E ectrlc
(quar.)...
Columbia Graph, Factories
Holders of
Apr.
May 15 ♦Holders of
♦Holders of
May
♦1%
Durham
April 22a
a
rec
♦Holders of
1
Railway*
preferred (quar.)
(quar.)..........
Cudahy Packing, preferred...
Holders of
June
IX
May
2X
*54
(quar.)
Dallas Power & Light, preferred
(quar.)..
Detroit & Cleve. Nav. (payable in
stock)
Diamond Match (quar.)
Days Inclusive.
June 28
$1.75
-
Days Inclusive.
(Continued).
Crucible Steel, common iquar )
Common (payable in common stock)..
Books Closed.
Payable
(Steam).
Atch. Topeka & Santa Fe, corn, (quar.)
\.'w
When
C<nt.
Alabama Great Southern, ordinary......
.
for the
Books Closed.
Payable
Cities Service, Bankers' Shares
(mthly.)
Cluett, Peabody & Co., Inc.,
following shows all the dividends announced
When
Cent.
C eve and-C iffs iron (quar:).......
Clinchfleld Coal, common
Preferred
The
Company,
May 15
May
May
May
June
Holders of
rec.
Apr.
30
Holders of
rec.
April 17a
Holders of
rec.
Apr.
17a
Apr.
20
Holders of
rec.
♦Holders of
rec.
May 15
Holders of
July
rec.
June 30a
May 17a
April 15
Apr. 20a
May 29
May
1
Holders of
rec.
IX
Holders of
rec.
2
May
Holders of
rec.
*1
Apr. 24
When
Pet
Days Inclutivs
15
Holders of
rec.
25c. May 24
Holders of
rec.
27
27
Holders of
rec.
June
IK
preferred (quar.)..
Copper
N. Y. & Honduras Rosario Min. (quar.)
3
Apr.
—'
2
Apr.
lst& 2d pref. (qu.)
2
April 25
(pay. in son.stk.)
first pref. (quar.)
*/5
Amortization dividend—
Oriental Navigation,
1
Holders of rec. Apr.
May
1
Holders of rec. Apr.
VI ay
(quar.)
Pacific Power & Light, preferred (quar.)..
Packard Motor Car. common (quar.)
25c.
Prairie Oil A Gas (quar.)
Apr.
Apr.
Pa
May 15 ♦Holders of
rec.
Apr.
30
June
Holders of
rec.
May
May
Holders of rec. Apr.
A
Holders of rec. Mar. 31a
Holders of rec. Mar. 31a
April 30
Holders of rec. Mar. 31a
■¥< 2
......
- -
-
- —
Holders of rec.
April 240
Holders of rec.
Apr.
20
Holders of rec. May
.Apr.
8
17
May
Holders of rec. Apr.
20
May
Holders of rec.
Apr.
May
Holders of rec.
Apr.
p
1
May
15
IK
May
Holders of rec
IK
ar
Holders of rec. April 24a
May
Holders of rec. April 24a
♦April 21
*12Kc May
'quar.)
(<
6
Sears, Ro
in common stock)....
Shaffer Oil A Ref., pref. (quar.)......
Common (payable
(quar.)
Simmons Co., preferred (quar.)......
Sloss-Sheffield Steel & Iron, com. (quar.)
Shawmut Steamship
1
May 15
*1K
Holders of rec. April
Holders of rec.
1
IK
Petroleum (monthly)
Motor Construction
May 10
(quar.)..
(quar.)
—
preferred (quar.)
(quar.)
Studebaker Corp., cm.(pay . in cm. stk.)/
Superior Steel, com. (quar.)....
First and second pref. (quar.).....
33 1-3
IK
Holders of rec.
Holders of rec.
May
15
May
May
Apr.
May
Holders of rec.
K
............
IK
2
.
—
(quar.)
Union Tank Car, com. & pref. (quar.)..
United Drug, 1st pref. (quar.)..
hroir \.
15
1
To
977
2,000
2,910
32,542!
5,398
36,270
21,619
153,718
38,350
699
3,791
29,026
25
Hi 51
National Park.
5,000
8,776
8,468
21,073
152,340:
Imp A Trad Nat
4,620
1,500
1,984
6,573
212,133:
1,460
22,785
173,264
3,430
4,916
East River Nat
1,000
695
11,620
448
1,605
11,350
769
Metropolitan
Corn Exchange.
4,417
24,611
848
3,025
623
273,079
1,173
22,937
20,569
175,779
90
33,847
5,930
8,321
Irving Nat Bk..
6,000
9,121
135,693
3,566
16(783
124,490
2,778
2,274
N Y CountyNat
1,000
351
15,414
768
1,758
1,000
731
8,449
138
1,113
13,075
6,732
1,029
Continental
15,000
390,644
5,144
40,115
302,957
16,534
i",ioo
21,085
500
21,238
890
3,195
Commercial Ex.
200
967
8,761
463
1,416
Commonwealth
400
795
9,223
494
1,236
9,368
1,000
2,109
19,714
1,148
2,648
19,475
7
210
Garfield Nat..
1,000
1,437
14,914
501
2,111
115
393
National
1,000
535
16,484
311
1,755
14,602
13,718
504
Nat.
1,000
4,301
51.355
1,078
6,805
48,831
540
69
7,116
95,530
600
10,433
79,569
3,433
1,953
1,519
24,623
845
2,022
15,228
555
409
424
394
Fifth Avenue
Lincoln Nat
Fifth
...
2,769
647
25.356
1,464
1,000
Union Exch
8,344
20,761
Brooklyn Trust
1,500
2,504
44,368
751
4,657
31,697
20,000
18,547
297,498
928
33,927
254.617
249
4.923
Trust.
11,762
Bankers
2,000
4,803
59,334
779
6,684
48,768
9,076
31,757
530,387
2,805
51,235
*475.354
27,989
1.367
13,309
364
1,656
12,033
393
April 19a
1,000
15a
la
Columbia Trust
7,453
5,000
hi,500 hi.900
82,623
1,227
10,575
1.125
3,451
79,503
32,616
6,309
33,774
11,256
1,204
88,859
385
'
2,024
60,580
Franklin Trust.
1,000
25,983
774
23,885
Apr.
1,756
Lincoln Trust
1,000
2,000
925
23,359
476
8,742
3,252
3,689
2,673
Apr.
Peoples Trust..
New York Trust
23,997
995
3,355
38,736
562
3,810
27,763
1,225
1,000
1,320
17,545
479
1,330
1,058
Holders of rec.
June
1
Holders of rec.
Apr.
30
3,000
Irving Trust Co
16a
Farm Loan A Tr
*1K
Holders of rec. Apr.
♦Holders of rec.
June
87 He
1
5
May
May
Holders of rec
April 15a
1H
<une
ttnp'crs otrpc.
M'tv
3H
May
Metropolitan Tr
Nassau N.Bklyn
990
3,000
1.642
71,867
1,899
9,543
12,915
67,540
5,000
10,633
121,010
4,364
14,765
*127,850
12,496
k2,000
k 1,560
23,324
660
2,876
21,721
310
!
50
May
15a
Holders of rec. April 17 a
April
Holders of rec. April
Holders of
rec.
Holders of
rec.
April
17a
April 15a
April 15a
Holders of rec. June 15
(o)
May
♦Holders of rec
May
1
May
♦Holders of
rec.
May
1
Way
Holders <-f
reo
April 1?)
I
May
Holders of rec. Apr.
fb
Way
A prll 2o
Holders of rec
Holder* of rec. May 15
50c.
In com. stk.)
IK
*30c.
'
1
$1.75
Fune
May
30
May 17a
Holders of
.June
rec.
Holders of rec,
Apr
April
l
Holders of rec. Apr.
May
♦Holders of
rec.
May
Wickwire Spencer Steel class A, com..
SI
May
Holders of
rec.
Apr. 22
(quar.)
Willys-Overland Co., common (quar.)
2
May
Holders of rec, Apr.
May
Holders of rec. April 20a
First preferred
25c
$1.25 May
(quar.)
pref. (monthly).
1
May
14
22
Holders of rec.
Apr. 21a
Holders of
May
rec.
1
t Declared subject to the approval of Director-General
% The New York Stock Exchange has ruled that stock will not be
ex-dtvldend on this date and not until further notice,
a Transfer books not
closed for this dividend,
b Less British Income tax.
d Correction,
e Payable in
stock.
/ Payable in common stock
a Payable In scrip
ft On account of accumu¬
lated dividends
1 Payable In Liberty Loan bonds.
k Payable in Class B common stock.
I On account of accumulated dividends and being for period from Feb. 1 1915 to
Railroads.
a noted
g800
old common and
share of new no par value common stock on
share on new common.
Payable in Class B capital stock.
Dividend Is one share of new common for every two shares
19,704
1,878
outstanding.
Payable in Class B Common stock.
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:
Boston Clearing House
2,584
1,561
20,184
250
839
5,702
700
339
5,650
1,456
27,684
3,670
1,827
Bank—
2,000
1,508
67,178
4,036
2,073
30,322
31,250
34,353
Average....
4,050
State
146
5,683
120.268
10,990
5,800*
87,40b
34,499
Totals, actual co ndition April 17
Totals, actual oc ndition April 10
120,532
10.750
5,629|
34,603
122,612
11,331
5,914
86,968
88,561
3
117,110
10,845
5,757!
84,900
33,852
922
Totals, actual co; ndition April
Trust
item bent of Fe<
iei-
Compan
'III
He* etre
34,398
Ha\
Title Guar A Tr
5,000' 12,906
45,686
965
3,779
31,556
Lawyers T A Tr
4,000;
5,994
27,336
907
1,839
18,130
309
9,000;
18,901
73,022
1,872
5,618i
49,686
1,231
Average
Totals, actual co ndition April 17
72,784
1.852
5,658'
49,436
1,240
Totals, actuu) co
ndition'April 10
72,377
1,857
5.601
49,190
1,229
Totals, actual co
ndition; A prll
71,124
1.853
5,546
48,008
1.210
3
7,844!570i,842d4,212,684'251,768 35,842
Gr'd aggr. avge 235,570440,299 5,171,119 107,
1,217
-1-448! +15,632' —159 —264
+12,821
Comparison, pre v. week!
......
act'l cond'n April 17,5,213.726 103,094 570,969 e4,216,285250,25135,720
1,81
+181 1 + 144,157;—l,7z3j —185
—-77,413
Comparison, prp v. week
Gr's
aggr.
Gr's
aggr.
......
Gr'd
aggr,
Gr'd
aggr,
Gr'd aggr.
AprillO5,136,313 107,906 550,868;
act' cond'n April 3 5,182,776 103,480 572,058
cond'n Mar.27i5,115,130 106,678 566,773
act
act' 1 cond'n Mar.20 5,092,204 107,636 531,516
act'
cond'n
4,172,128251,974 35,905
4,240,248 251.69236.526
4,121,104 258.687 36,125
4.158,146256,68535,910
foreign branches not included In total footings, as follows:
National City Bank, $131,547,000; Guaranty Trust Co., $83,309,000; Farmers' Loan
& Trust Co., $19,042,000.
Balances carried in banks In foreign countries as reserve
for such deposits were: National City Bank, $32,783,000; Guaranty Trust Co.,
$12,441,000; Farmers' Loan A Trust Co., $4,388,000. c Deposits in foreign branches
not Included,
d U. S. deposits deducted, $73,550,000.
e U. S. deposits deducted,
$121 003,000.
Bills payable, rediscounts, acceptances and other liabilities, $1,003,809,000.
k As of Mar. 4 1920.
f As of Mar. 29 1920.
g As of Mar. 10 1920.e
*
1915.
4,107,340216,630 36,525
1,000
N y
2a
Apr.
90,782 560,755
Prod Exch
Bowery Bank.
15a
♦Holders of rec. Apr,
34,994,542
Slot Me >iiher* <>( Federal H* wive foi
Greenwich Bank
5a
Holders oi rec. Apr.
2
(quar.)
Totals, actual co ndltlon
Totals, actual co ndition April
State Banks.
10
94,982 559,424c4,075,592 216,038 35,842
17|5,020,410 90,492 559,682 c4,079,881214,408 35,720
April 10;4.943,324 94,718 541,353 4,034,377216,347 35,905
Holders of rec. April 13a
50c. April
2
April
<hl Fields (quar )
a
..
ndition April
*2
a
1198
120
21,735
2,348
Chase Nat Bank
222,520415,7154.977,829
*3
One-fourth of
50
1,000
10,000
15
24
8",588
First National..
May 15
to
100
Second National
TotalB, actual co
Oil...
oue-fortletb of
..
25,000
*2H
p
39,166
Trust
$1
o
6,115
Average
—
Westinghouse Elec. & Mfg., com. (qu.)
Whelan Oil (No. 1)
n
1,144
June
50c. May
Wayagamack Pulp & Paper (quar.)......
Westinghouse Air Brake (quar.)
...
1
57,978'
..
Holders of rec.
(ouar >.
Warwick Iron & Steel
m
3,784
3,000
Citizens' Nat
May
2
Preferred
Nov.
139,473
Columbia Bank
Va.-Carolina Chem.. com. (quar.)
of
21,504
May 10
*4
From unofficial sources,
5,441
3,000
_.
April 10a
April 10 a
Apr, 24a
Extra
•
4,594
133,410
Hanover Nat
Holders of rec.
Apr.
1
common
19
12,590
Holders of rec.
preferred (quar.)
(pay. in com. stock)
.
25,775
105,555
Holders of rec.
Glass (quar.)
Wilson A' Co
3,920
14,706
Fidelity Trust..
Ida
c200
Wire Wheel Corporation,
1,532
5,339
7,000
Holders of rec.
25
6,627
28,721!
Chath A Phenlx
1,697
7,238
19,389
Holders of rec.
(quar.)
Waldorf System, com. (pay
36,605
295
125,715
1,000
April 24
.......
dividend
Ventura Consul
2,910
7,128
30,328
5,000
25,000
April 24
U. S. Worsted, com.
.
4,867
May 20
United Fuel Gas (quar.)
Vacuum
5", 934
343,499
97,127
278.616
$1
United Electric Securities, preferred
First
13,129
*e50
Union Oil of Wichita, Kan., pref.
U. S. Rubber, common
133,477
1,594
$1.50
.
(quar.)
i ............
Extra....—.
649
30
23
May
1
June
S.
86
Guaranty
Holders of rec. May
IK
..
(quar.)....
Trenton Potteries, non-cum. pref. (quar.):.
Union Bag & Paper (payable in stock)
U.
138
152
U S Mtge & Tr.
Apr
Holders of rec.
IK
Tobacco Products Corp., com.
Verde Extension
553
300
18,477
4,145
M av 4
Holders of rec. Apr
15
Stock
2,488
28a
April 15a
April 5
April 10
April 10
J
June
United
437
471
Seaboard
5
2
.... .... .
to
1
2
(monthly)
orpfor^fi
l"ii5
1,597
1,054
April 15a
May
2
^pfrvriri
30a
Mar. 31
May
Texas United Oil
Extra
41.283
78,600
1,000
Holders of rec.
1
1
May 15
Union Oil Co. of Calif,
29,041
*617,958
10,738
Holders of rec.
Taylor-Wharton Iron & Steel, pref. (quar.)
Texbs Power & Light, pref. (quar.).—
Extra
4,125
73,138
850
1
1
l'.OOO
1,048
3
1
3,415
9,162
14,568
May
15
144,670
168,875
4,738
32,365
,
1,500
May
759
18,880
2,738
107,147
21,318
5,861
Nat...
May
$
10.282
131,506
579,524
Coal <fe Iron Nai
May
$
13,009
4,916
*7,289
Liberty
2
Average Avge.
$
35,426
96,411
743
157,025
1,500
25,000
Holders of rec.
$1
Average.
$
$
54,384
3,000' 10,004
Bank of America
Holders of rec. Apr.
IK
Preferred
Stewart Mfg.,
Stewart-Warner Speedometer
....
Mech A Metals
5,000
IK
Average Average
$
$
25c. May
...
Steel Co. of Canada, ordinary
Monthly.
la
Holders of rec. May
62Kc. May 15
May
rec.
June
$
2,000
6,866
f5,000 fl6,146
6,000' 12.652
Co.
Manhattan
Bank
lories,
Average.
Members of
20c. April 26
Standard
■
rec.
April 25 ♦Holders of
IK
2
May
Holders of rec. April 15
15 "Holders of
July
*/40
to
Holders of rec. Mar
30
May
2
buck & Co., common (quar.).
—
Apr.
IK
/e»irai
common
Sugar Ref., pref. (quar.)
20
20
25c. May
IK
Savannah
Spencer
V1HV
2K
Corp., common....
ugar
fini.
A
'0
Holders of rec. Apr.
May
lation.
&c.
Pacific Bank
Holders of rec. Apr.
1H
posits.
Feb. 28
NatBkof Comm
Holders of rec.
1
1
2
I
Common (bonus)
Preferred ' uar.)
SapulpaR
Ma)
Deposits.
Tr.Cos.,Feb. 28
Amer Exch Nat
14
14
April 15
May
May
elOO
(quar.)...
St. Lawrence Flour Mills, com.
(
to
IK
-
Revillon, Incorporated, pref. (quar.)
Riordon Pulp & Paper (quar.).
Russell Motor Car, com. & pref. (quar.)
Preferre
22
1
-
_
Republic f toft'A Sreel. common«iuai
Santa Cecil j
2
M«»nJer4 of «'cc
3
dividend
30
Apr;
1
May 2'
2
Extra
Stock
15
May
25c. May
• v»
(quar.)
Quaker Oats, preferred (quar.)
Queen City Cotton Co. (quar.)
Deposit
Nat Butch A Di
May
♦Holders of rec. Apr.
Circu¬
Vault.
Atlantic Nat...
Holders of rec. Apr.
Holders of rec. April
May
*1K
(quar.—
Holders of rec. April
3
De¬
Chemical Nat.,
♦Holders of rec. Apr.
3
Time
Demand
ments,
National City..
24
10
10
15
15
Apr.
rec.
Net
Legal
Feb. 28
Fed. Res. Bank
22
with
in
Nat'l,
Bk of NY, Nr.A
pril 30
April 30
12KC May
17KC May
May
*1K
111., com. (qu.)
|
Nat'l
Cash
Invest¬
Apr. 17 1920.
Holders of rec. April 17
Reserve
Loans,
Net
ending State.
Week,
15a
April 30
May 15 ♦Holders of
I
Capital. Profits Discount,
(,000 omitted.)
9a
rec.
*5
......-
Pyrcne Manufacturing
Savaee
rec.
Holders of
3
......v-...-
(quar.)......
(quar.).......
April 20a
Holders of
IK
Producers A Refiners Corp., common..
Preferred
1
Holders of rec.
3
— -
.._
Holders of reo. Apr.
2'
Apr.
•
ciphers [,000 omitted.)
(Stated in thousands of dollars—that is, three
HOUSE
Apr. 24
5
Pullman Company
MEMBERS
May
IK
IK
Extra
Public Serv. Corp. of N.
CLEARING
fi
21
reo.
May
*2K
G.) Co., preferred
and (Ore.) Gas & Coke, pref. (quar.).
Preferred
Ida
1
CLEARING HOUSE RETURNS.
22
Apr.
rec. June
IK
IK
Plant (Thomas
(quar.)..;..
Apr.
rec.
Hoioers of
IK
Pittsburgh Oil & Gas (quar.)
Pittsburgh Steel, preferred (quar.)
Procter & Gamble, common
24a
Aba
1
May
IK
(quar.)
Prairie Pipe Line
Apr
rec.
1 ♦Holders of
Holders of
May 15
2
(quar.)
(quar.)
Phillips-Jones Corp., pref. (quar.)
Pittsburgh Coal of Pa., com. (quar.)..
Port
rec.
*$1.25 July
Prpfprred
Preferred
1
YORK WEEKLY
NEW
Holders ot
3
Apr
rec.
Holders of
1.
May
IK
—
Peerless Truck A Motor (quar.)
of
24a
Pacific Development Corp.
Penmans, Ltd., common
case
1 ♦Holders of
May
the daily results. In the
totals, actual figures at end of the week are also given:
separate banks are the averages of
June 21
July
The figures for the
members for the week ending April 17.
Holders of rec. Mar. 31a
IK
(quar.)
Second preferred
shows
May 21a
May
7a
Apr. 17
Apr. 17
1
Owens Bottle Co., com.
Pacific Coast Co.,
Holders of rec.
Companies.—The following detailed statement
the condition of the New York City Clearing House
and Trust
(Concluded)
Miscellaneous
New Cornelia
Clearing House Banks
Statement of New York City
Books Closed
Payabli
Cent
Name of Company.
National Lead,
1723
THE CHRONICLE
1920.]
Includes deposits In
h As of
April 5 1920.
mary
BOSTON
CLEARING
HOUSE
MEMBERS.
April
'
10
Apm 17
Changes from
1920.
previous week.
1920.
$
-
......
AND
..
POSITION OF CLEARING HOUSE BANKS
TRUST COMPANIES.
April 3
$
3,241,000 Dec
582,188,000 Inc.
^oatie
dlsc'tP A Investments
Individual deposits. lucl. U. F 463,618,000 Inc.
117,882,000 Inc.
One to banks
16,549,000 Dec
rime deports
...
Jlrcharjou
STATEMENTS OF RESERVE
Averages.
1920,
Cash
3,238,000
,363.000
122, 000
10,320, 000 571 ,868,000 576,667,000
30,108, 00ft 433 ,510,000 418.665.000
4,517, 000 113 ,375,000 111.005,000
17 ,133,000
584 000
16,914,000
5 ,668,000
3.828.000
1,299 000
Reserve
a
Reserve
in
Total
Reserve
Surplus
in Vault.
Depositaries
Reserve.
Required.
Reserve.
S
Members Federal
*
Exchanges for Clearing Hous*
Due from other banks
["ash in hank A in F. R. Bank
Reserve excess In
bank anRrxwvvp
Rank
Formerly included
.
3,557 000
20 ,720,000
18.918,000
62,540.000 Inc.
8,044 ,000
54 ,496,000
79,715,000 Inc.
5.69J, 000
74 ,025.000
52,194.000
72,781,000
29,750,000 Inc.
3,416,000
26,344.000
26.418.000
under the head of "Individual Deposits."
23,115.900
1,056,920
37,100
Total April 10..
6,967,000 Inc.
24,277,000 Inc.
559,424,000 559,424,000 536,308.100
16,790,000
15,733,080
5,800,000
7,490,000
7,452,900
5,618,000
1,872,000
12,862,000 570.842,000 583.704,000 559,494,080
13,111,000 571.290,000 584,401,000 557,452,180
3..
12,712,000 573,181,000 585,893,000 555,085,170
24,209,920
26,948,820
30,807,830
Total Mar. 20..
[Jutted States d'pofllts
12,771,OCX) 553,429,000 566,200,000 548,074.420
18,125,580
Reserve
banks..
10.990.000
State banks*
Trust
companies*.
Total April 17..
Total April
1724
THE CHRONICLE
Actual
Cash
Reserve
In
Trust companies*...
Total April 17—
Total April 10..—
Total April
3
Total Mar. 27....
*
and
Total
Reserve.
$
Reserve
Reserve.
$
companies,
1920.
April
724,760
94.600
559,886,410
23,684.590
554,278,000
11,777,100
562,936,300
21,819,700
31,829940
547,684,000
17
required on net time deposits, which was as follows:
April 17, $6,481,140; April 10, $6,494,820; April 3, $6,727,020; Mar. 27,
$6,688,260.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve
Bank
$
Capital
Surplus
reserve
and
CITY.
Companies.
17
Differences from
1920.
previous week.
$
$
$
of Nov. 12
27,400.000
104.70Q.0001
as
of Nov. 12
50,520,000
179,330.000
748,139,900 Inc.
6.256,800 Inc.
32,761,000 Dec.
———,
Currency <fe bk. notes
Deposits with the F.
R. Bank of N. Y__
Deposits
Reserve
7.626,100 2,003.665,290 Inc
248,700
11,120,600 Inc.
1,382,500
19,319,300 Dec.
.
71,376,900 Dec.
390,800
215,574,900
920,710.600 Inc. 29,429,800 2,101,361,900
132,016,200 Dec. 2,167,900j
294.332,800
19.4% Dec.
0.5%'
17.4%
——
on
deposits._
P. C. reserve to dep..
Inc.
4,610.500
49.500
133,000
Inc.
3 956,400
28,138.300
Inc.
2,267,100
Inc.
0.1%
Non-Member
ing
Banks and Trust Companies.—Follow¬
the report made to the Clearing House by clearing
is
non-member
Trust Companies Not in Clearing
Banking Department reports weekly-
State
institutions
which
j
CLEARING
Loans and investments
Specie
Currency and bank notes
Deposits with Federal Reserve Bank of New York..
Total deposits
Deposits, eliminating amounts due from reserve de¬
positaries, and from other banks and trust com¬
—
78,362,100
860,424,000
.
Inc.
Fed'l
Net
Demand
Time
Bank
De¬
De¬
Circu¬
17
Statebks.Feb.28 ments,
1920.
Vault.
Deposi¬
posits.
posits.
lation.
Tr. cos. Feb .28
Res.
803,048,100
Inc.
150,083,500
Dec.
tories.
$
$
$
\
$
S
16,730
201
Mutual Bank
290
691
12,212
280
New Netherland—
12,052
20S
$
1,844
1,748
1,337
$
$
11,704
80
12,268
308
8,679
220
377.400
600
675
500
1,017
3,463
588
3,498
200
670
13,518
340
1,286
7,502
6,244
400
1,346
8,819;
611
860
7,159
5,957 66,794
1,664
7,663
50,720
-State Banks
12,840,500
$37,535,800
Trust Companies-—
$80,213,600
14.78%
32,331,100
5.95%
14.4 >%
7.48%
21.88%
3,400;
23 !
381
7,421
$112,547,700
State Banks
100
444
3,491
452
217
3,614
Colonial Bank
20.73%
600
1,332
15,404
2,045
1,335
16,627
500
337
6.595
793
506
6,512
361
1,200
CSJ i—i »—< CO
25,490
3,290
2,058
26,753
361
Banks and Trust Companies in New York
City.—The
averages of the New York
trust companies combined
Clearing House,
COMBINED
are as
RESULTS
OF
Total
1
City Clearing House banks and
with those for the State banks
and trust companies in Greater New York
the
follows:
BANKS
GREATER
NEW
Trust Companies
Not Members of the
Fed'l Reserve Bank.
City outside of
Hamilton Tr, Bkln
Mechanics Tr, Bay
•
AND
TRUST
COMPANIES
IN
500
Total
YORK.
Week ended—
and
*
Demand
Total Cash
Deposits.
in Vault.
673,870,700
700,844,200
13
5.911,523,100
Dec.
20
Dec.
27..
5,977,547,400
6,002,477,800
4,874,397.000
146,126,200
144,328,500
152,867,900
4,978,225,000
4,997,475,100
150,519,400
664,736,800
Jan.
17——.
6,148,908,100
24
6,091,136.800
Jan.
31...
4,979,072.300
136.692,800
135,734,500
130,482,500
134.336,100
138.651,200
135.817,600
136,837,300
137,477,500
137,498,800
134,062,200
132,585,200
129,262,500
703,777,800
Jan.
4,946,748,500
4,979,339,100
4,997,453,900
5,015,732,100
134.487,200
129,740,800
Feb.
14........
6,027,329,800
6,009,316,400
5,932,509,000
Feb.
21........
5,887,539,200
Feb.
28
Feb.
7
Mar.
5,871,844,300
6...
13
5,871,656,000
5,890,723,400
Mar. 20
5,891.763.200
Mar.
Mar. 27
April
5,884,557,500
5,934,438,800
5,946,884,600
5,959,998,300
....
3
April 10
Apr. 17
4,977,633,400
4,930,832,900
4,959,253.200
4,922,639,900
4,883,820,600
4,837,357,300
4,881,252,700
4.883,9-0,600
4,990,480,100
4,915,902,800
6
This Item includes fold, silver, legal tenders, national
Reserve notes.
a
class
the
n
1,461
19,479
881
978
13,139
5,754
9,532111,763
5,835
10,699
a90,612
13,536
us
570
—100[
—264
+633
—118
-24
week;
......j
+105
9,532111,658
5,935
10,963
89,979
13,654
594
5,500
9.800 116,612
6,'67
5,500
6,248
10,399
10,186
93,430, 14,236,
94,310j 14,326
585
20!
5,500
9,633117,504
9,633118,088
6,363
10,472
95,879
591
14,277
585
U.
S.
deposits deducted,
$467,000.
Philadelphia Banks.—The Philadelphia Clearing House
the week ending April 17 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
statement for
667,361,800
642,654,000
673,921,100
647,225,300
679,329,400
649,253,400
679.267,600
688.403,300
729.909.700
not members of the Federal Reserve
system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
694,405,700
bank notes and Federal
statement
covering all the institutions
City of New York.
Week ending April 17 1920.
April 10
Two ciphers (00) omitted.
of
Trust
Companiesj
Capital
$32,975,0
$4,000 0
Surplus and profits.
Loans, dlsc'ts & Inyestm'ts.
this
Members of
F. R. System
87,4.57,0
786,425,0
0!
98 ,993,0
34,299, 0
820 .724,0
Exchanges for Clear. House.
11.536
1920.
!
April 3
1920.
Total.
$36 ,975,0
$36,975 .0
$36,975,0
98,994 ,0
98,995,0
823,148 ,2! 820,485,0
29,238 ,0|
28,746,0
1661.
The provisions of the law
governing the reserve require¬
ments of State banking institutions as
amended
May 22
1917 were published in the "Chronicle"
May 19 1917 (V. 104,
p. 1975).
The regulations relating to calculating the amount
of deposits and what deductions are
permitted in the com¬
putation of the reserves were given in the "Chronicle"
April 4 1914 (V. 98, p. 1045).
30 ,552,0
132.643.0
15, 0
132 ,658,0
124.684
134,497,0
Bank deposits
p.
678 0!
Due from banks
For idefinitions and ruks under which the various items
made up, see "Chronicle," V. 98,
are
5,300
3
671,113.200
675,721,600
682,179,300
panies in New York City not in the Clearing House ," furnished
by the State Banking Department, the Department also
a
4,800
Bills payable, rediscounts, acceptances and other
liabilities, $11,636,000.
Excess reserve, $344,830 decrease.
New York City State Banks and Trust
Companies.—
In addition to the returns of "State banks and trust com-
presents
954
5,367
6,641,800
*
'
7,772
590
27i
Gr'd aggr Mar
Gr'd aggr Mar
729,999,100
10
6,085,367,900
6,190,394,500
147.113,100
Jan.
3.
388
257
5,300j
Gr'd aggr April 10
Gr'd aggr April
Dec.
Jan.
624
10,119
Depositaries.
4,893,718,700
9,360
437
700
Comparison prevlo
Reserve in
Investments.
1,023
200
Grand aggregate..
Loans
570
Not Members of the
Fed'l Reserve Bank.
Bank of Wash Hts.
International Bank
TotaL
189
569
Yorkville Bank...
First Nat Bk, JerC
2,646,200
Nat'l
Average Average Average Average iAverage Average
Bank.
Total
$24,695,300
&c.
1,554
RESERVE.
•
Net
with
Legal
1,500
Percentage of reserve, 21.0%.
trust cos
Reserve
W R Grace & Co..
panies In N. Y. City, exchanges and U. S. deposits
Reserve on deposits.
Cash in vaults
Disin
Battery Park Nat-
1,617,500
1,664,500
Dec.
omitted.)
Cash
Members of
299,600
Inc.
YORK CLEARING
Loans,
counts,
Week ending
April
365,200
Dec.
the
Nat.bks.Feb.28 Invesl-
Differences from
previous week.
Inc.
$292,700
$788,879,300
8,194,000
18,452,800
Net
Capital. Profits.!
NON-MEMBERS
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT,
April 17.
in
HOUSE.
{Stated in thousands of dollars—that is, three ciphers fOOO
follows:
tFigures Furnished by State Banking Department.)
included
not
are
the following page:
on
RETURN OF NON-MEMBER INSTITUTIONS OF NEW
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
Deposits In banks and
Trust
April
as
Loans & investments
Specie
i
"Clearing House Return"
State Banks
YORK
reserve
required on net time deposits, which was as follows:
April 17, $6,432,240; April 10, $6,490,410; April 3, $6,498,900: Mar. 27, $6,715,620
House.—The
NEW
IN
Differences from
previous week.
1920.
$
but In the case of members of the Federal Reserve banks
Includes also amount of
17
22,865.230
Not members of Federal Reserve Bank.
+;
\
This Is the reserve required on net demand deposits In the case of State banks
trust
COMPANIES
TRUST
Week Ended
April
$
12,602,000 570,969,000 583,571,000
13,188,000 552,868,009 566,056,000
12,698,000 572,058,000 584,756.000
12,741,000 566,773,000 £79,514,000
includes also amount of
AND
State Banks.
Surplus
Required
559,682,000 559.682,000 536,816,770
10",750*666
5,629,000 16,379,000
15,654,240
1,852,000
5,658,000
7.510,000
7,415,400
State banks*
a
in
%
Reserve banks
BANKS
b
Depositaries
yault.
Members Federal
STATE
Figures.
Reserve
[Vol. 110.
140,998,0!
531,836,0!
246, 0
141 ,244.0
142,742
21,268, 0
553 ,104,0
538,479
7 ,118,0
7.220
138,385,0
541,793,0
7,108,0
672,834,0.
21,514,0
701 ,466,0
688,441
8 ,712.0
8,568
53 ,126,0,
54,446
Individual
deposits.
Time deposits.......
Total deposits
U. S. deposits (not included)
29,874.0!
...
890
13 ,858,0
14,377
4,121 .01
70 ,215,0'
72.285
687.286,0
6,347,0
50,782,0
4.827,0
13,486,0
69,095,0
3,140 0
54 384,0
53.999
52,993.0
981, 0
15 ,831,0
18.286
16,102,0
Res've with Fed. Res. Bank
Reserve with legal deposit's.
Cash in vault*
Total reserve and cash held.
Reserve
Excess
*
required
res. & cash
in vault._
3,231
*12,968*6
66,094,0
51,244.0:
14,850,0
Cash in vault Is not counted
as reserve
3
,231,0!
3,462
for Federal Reserve Bank members.
Member Banks of the Federal Reserve
Board
System.—Following is the weekly statement issued by the Federal Reserve
giving the principal items of the resources and liabilities of the Member Banks.
Definitions of the different items
were given in the statement of Dec. 14
1917, published in the "Chronicle" Dec. 29 1917, page 2523.
in the statement
STATEMENT SHOWING PRINCIPAL RESOURCES AND LIABILITY ITEMS OF
SELECTED
CITIES
AS
AT
CLOSE
Liquidation of over 45 millions of loans and investments, accompanied
a commensurate reduction in demand deposits, is indicated
by the Fed¬
eral Reserve Board's statement of condition on
April 9 of 811 member
banks in leading cities.
by
Treasury certificate holdings show a further increase for the week of
10.5 millions, largely outside of New York
City, while Victory notes held
declined 2.7 millions and United States bonds—about one half million.
Loans secured by Government war obligations fell off
21.3 millions, loans
secured by stocks and bonds—18.7
millions, and other loans and invest¬
ments, including commercial loans and discounts—13.1 millions.
For the
New York
City member banks these three items show an aggregate reduc¬
millions, of which 18.4 millions marks the reduction in loans
tion of 41.3
secured by stocks and bonds.
Liquidation of loans and investments carried by the member banks was
apparently by substantial decreases in the banks' borrowings
followed
OF
from
MEMBER
BANKS
BUSINESS
their
APRIL
LOCATED
IN
CENTRAL RESERVE AND OTHER
9 1920.
Reserve banks.
Total accommodation of reporting members
a decline for the week of 40.1
millions,
increase under this head of 10.6 millions reported for
the member banks in New York
City.
War paper held under discount
for reporting members by the Federal Reserve banks shows an increase
from
1,144.9 to 1,163.2 millions, while other discounted paper thus held declined
from 903.4 to about 845 millions.
As against increases of 4.3 millions in Government
deposits and of 11.5
millions in time deposits, other demand deposits
(net) show a decline of
at the Federal Reserve banks shows
notwithstanding
45.5
millions
City
an
banks.
at all reporting banks, and of 57.1 millions at New York
In connection with the reduction in their deposits and in
accommodation at the Federal Reserve Bank's
reporting member
banks show a decrease of 39.7 millions in their reserve balances with the
Federal Reserve banks.
Their cash holdings, on the other hand, show a
their
gain of 13.7 millions for the week under review.
Ape. 24
THE CHRONICLE
1920.]
Data
I.
Three ciphers
reporting
Philadel.
New York
Boston.
(000) omitted.
all
for
Cleveland
Richm'd.
116
Other U. S., incl. Liberty bonds.._
U. S. Victory notes...
13,061
13,725
7,293
U. S. certificates of indebtedness—
22,700
47,248
235,297
79,304
266,663
56,779
district.
Atlanta.
57
46
Number of reporting banks
U. S. bonds to secure circulation
banks In each
92
1735
(000)
Three ciphers
omitted.
Dallas.
St. Louis. Minneap. Kan. Citg
Chicago.
San Fran.
Total.
47
82
107
35
35
84
44
66
811
17,176
14,953
19,573
34,590
23,712
5,552
17,867
269,122
590,823
195,840
551,333
11,347
41,841
26,902
14,015
26,921
57,969
29,026
21,196
65,584
9,981
53,384
19,520
27,190
34,708
8,668
17,863
6,448
16,414
37,106
68,308
3,641
7,220
10,088
1,834
13,253
10,219
7,295
,17,561
61,684
12,874
30,483
628,512
101,633
146,520
88,141
65,903
192,194
48,312
29,361
51,512
58,620
139,631
1.607,118
556,398
72,410
191,014 1,326,662
749,149 3,854,737
141,794
200,123
603,745
87,519
38,949
108,852
381,827
112,987
27,445
63,674
467,652
402,879 1,756,484
40,434
155,844
20,494
31,184
24,024
78,174
30,635
337,482
900,479
35,207
1,163,184
3,140,240
402,656
307,385
546,942
251,523
rediscounts with F. R. banks- 1,069,352 6,366,309 1,047,295 1,472,000
559,901 2,529,317
647,246
388,424
700,652
192,542
67,641
44,534
26,726
10,292
355,445 1,235,358 16,989,068
26,692
81,116
1,397,128
10,818
28,090
373,683
293.997 1,443,942
352,146
146,846
1,275
609,753
121,748
1,973
457,216
95,193
244,273
44,982
7,544
9,075
251,063
64,341
1,475
47,519
15,335
7,431
617,769
36,425
20,125
354,795
100,850
1,273
1,630
1,885
66,778
45,984
40,909
110,656
30,891
11,575
19,789
21,833
250
2,580
4,025
34,302
4,487
536
2,251
63,515
14,714
55,234
Total U. S. securities.
bills
add
rediscounted
other
with
14,242
3,619
R.
F.
banks'
Loans
sec.
by U. S. war obligation
Loans
sec.
by stocks and bonds..
All other loans and investments..
10,095
144,372
920,720 11,078,526
'
■
Total loans and investments incl.
Reserve balances with F. R. Ba'nk.
79,994
668,720
68,491
Cash in vault
24,315
123,842
8,735
74,311
22,819
359,878
84,342
794,933 5,219,721
415,249
138,340
Net demand deposits..
Time deposits
Government deposits
.... .
_
_
....
.
Bills payable with F. R. BankSecured by U. S. war obligations
All other
87,727
32,251
18,308
671,435
26,821
10,812
851,329
355,086
36,642
13,591
20
..
—.
1,746
: <
618,129 11,552,979
478,898
2,598,107
6,844
125,188
32,869
S48.323
85
4.681
Bills rediscounted with F. R. Bank-
32.711
obligatlons.
All other
Data
i
158,421
66.902
8,311
63,573
Secured by TJ. S. war
169,371
32,898
44,128
8,242
28,637
4,782
36,157
12,458
237,543
11,777
60,195
for Banks in Federal Reserve Bank and Branch Cities and All Other
314,903
840,267
Reporting Banks.
AU Other
P. R. Branch Cities.
All F.R.Bank Cities.
Chicago
ft etc York.
Three ciphers (000)
Total.
Reporting Banks.
omitted.
April 2
April 9.
April 9.
April 9.
April 2
April 9.
April 2
April 2.
April 9.
April9.
April 2
April2.
Apr.11'19
'
72
37,551
37,551
203.443
206,807
68,753
248,492
1,439
30,352
13,731
31,311
561,603
76,833
Other U. S. bonds, incl. Lib. bds.
U. S. Victory bonds——————
68,441
249,841
559,276
U. S. certificates of indebtedness-
Total U. S. securitiesLoans and
excl.
investments,
278
278
50
50
72
Number of reporting banks
U. S. bonds to secure circulation.
196
196
337
337
811
811
773
70,788
143,167
98,153
120,004
97,689
119,509
269,122
590,823
268,720
591,724
268,950
647,493
42,767
56,995
43,296
195,840
56,295
551,333
198,515
540,829
2,109,446
317,919
316 789
1.607,118
1,599,788
3,025,883
1,438
100,181
100,227
28,572
327,652
13,415
101,934
328,888
102,454
28,361
400,454
389,086
93,884
70,804
143,327
52,765
95,448
71,876
930,221
920,655
358,978
362,344
51.139
of
bills rediscounted with F. R.
banks-
142,322
1,163,184 1,184,522 al,110,132
150,309
113,158
114,776
919,437
907,704
77,963
77,532
525,259
521,716
by U. 8. war oblig..
416.544
483,455
3,140,240 3,158,943
484,897
423,404
346,993 2,233,381 2,257 502
347,566
by stocks and bonds. 1,171,213 1,189,641
1,060,798 1,055,321 7,056,724 7,054,141 2,148.266 2,162,171 1,873,536 1,875,328 11,078,526 11,091,640 /10237.377
All other loans and investments 3,394,094 3,413,445
Loans
*
sec.
Loans
sec.
Total loans & investments,
incl
5,646,299 5,689,948 1,563,160 1,551,632 11,128,030 11,151,735 3,133,021 3,159,721 2,728,017 2,723,437 16,989,068 17,034,893 14,666,820
rediscounts with F. R. banks
Reserve balances with F. R. bank
Cash in vault—
_——
...._
625,490
108,944
641,906
104,175
Government
deposits....—.
71,456
81,119
323,840
294,603
52,296
....
Bills payable with F. R. BankSecured by U.S.war obligations
130,902
38,629
970,485
272,623
4,111
Net demand deposits—— — 4,712,102 4,769.240
300.440
299,718
Time deposits—.———
..—
1,397,128 1,436,756
203,188
1,252,477
215,064
167,984
171,096
137,686 1,025,956 1,050,596
360,002
373,683
73,106
88,667
83,443
356,145
72,282
204,277
36,144
211,910
957,608 8,056,099 8,084,658 1,763,522 1,770,018 1,733,358 1,743,850 11,552,979 11,598,526 10,047.102
2,598,107 2,586,610 1,698,117
854,554
861,607
570;fl'sa¬ 569,092
271,698 1,165,908 1,162,964
120.939
125,188
8,094
9,540
7,977
723,775
10,399
104,868
5,080
105,249
563,185
544,177
184,824
2,834
91,457
388
550
4,681
16,877
820,458 \1,210,425
3,704 /
848,323
320
188,919
4,018
ge,219
275
53,045
All other._..........._.....
Bills rediscounted with F. R. B'k
Secured by U.S. war obligations
153.136
All other
152,895
151,401
173,198
7,301
6,804
191,425
205,226
276,567
626,670
280,232
682,222
21,543
119,778
27,241
124,063
16,793
93,819
93,422
314,903
840,267
18.4
9.8
9.5
15.6
15.6
13.7
14.0
12.2
12.3
324,350 \
899,707 /
14.7
293,428
293,428
Ratio of U. S. war securities and
war
to
paper
investments,
a
total
per
and
loans
18.5
cent
Exclusive of rediscounts with Federal
The Federal Reserve Banks.
Following is the weekly statement issued by the Federal Reserve Board on April 16:
member banks, reflected in larger holdings by
Reserve banks of war paper and other discounted bills, and
corresponding increases in reserve deposits are indicated in the Federal
Reserve Board's weekly bank statement issued as at close of business on
April 16 1920.
For the first time since Jan. 23 the bank statement shows
a decrease in Federal
Reserve note circulation.
The Reserve banks lost
2.2 millions in gold, but gained 2.6 millions in other reserve money, largely
silver.
The reserve ratio remained unchanged at 43.3%.
War paper on hand increased 20.8 millions, and other discounts—22.8
millions.
As against these increases, holdings of acceptances purchased
in open market show a decline of 5.4 millions and Treasury certificates,
mainly in consequence of the redemption of temporary certificates, held
by the banks to cover advances to the Government—a decline of 36.2
millions.
Total earning assets of the Reserve banks, in consequencewere 2 millions larger than the week before,
Of the total of 1,430.9 millions of war paper held, 660.7 millions, or 46.2%
were secured by Liberty bonds; 308.1 millions, or 21.5%, by Victory notes,
and 462.1 millions, or 32.3%, by Treasury certificates, as against 48.1,
21 and 30.9% of 1,410.1 millions of war paper shown the week before.
Discounted paper held by the Boston, New York, Cleveland and Dallas
Increased borrowings by
the Federal
_
Combined Resources
and
Liabilities
of the
Gold coin and certificates.
—
Gold settlement fund, F. R. Board
Total gold held by
Gold with Federal Reserve agents
—
Secured by Govt, war
All
obligations
other
—— -
—
market
Total bills on hand
U. S. Government bonds
U. S. Victory Notes
millions of paper discounted for the Philadelphia,
Banks.
;
All classes of deposits show increases for the week; government deposits
—by 21.8 millions, notwithstanding the considerable interest payments on
the 4th Liberty Loan, made on and after April 15; reserve deposits—by
47.8 millions, and other deposits, including foreign government credits—
by 2.1 millions.
As against these increases the "float" carried by the Re¬
serve Banks and treated as a deduction from gross deposits increased by
61.2 millions, with the consequence that net deposits show an increase of
only 10.5 millions.
Federal Reserve notes in circulation show a decline for the week of 6.5
millions, 9 out of the 12 banks reporting reductions in circulation figures.
In addition, the banks' liabilities on| Federal Reserve Bank notes show a
further reduction by 3.7 millions.
Increases in capitalization of existing
member banks, largely in the Atlanta, Chicago and Minneapolis districts
account for the greater part of the $112,000 increase in the capital account
,
of the Reserve banks.
S
183,117,000
368,724,000
171,585,000
379,558,000
112,781,000
112,781,000
Mar. 26 1920. Mar.
%
154,237,000
363,132,000
112,781,000
19
'20. Mar. 12 1920. Mch. 5
$
159,660,000
388,271,0'JO
112,781,000
$
169,978,000
391,649,000
112,781,000
1920. Feb. 27
5
180,162,000
389,332,000
112,822,000
1920.
Apr. 18 1919.
206,877,000
385,594,000
112,822,000
346,145,000
612,365,000
$
$
2 054,630 000 2,083,215,000 2,230,859,000
2,087,731.000 2,087,306,000 2,080,428,000 2,057,155,000 2,060,326,000 2,056,73 1,000
_,
Bills discounted-
Bills bought in open
101.4
1,955.294,000 1,957,490,000 1,950,259,000 1,934,755.000 1,934,581,000 1,936,364,000 1,937,077,000 1,966,836,000 2,162,157,000
68,702,000
116,379,000
125.745,000
117,553,000
120,366,000
130,189,000
122,400,000
129,816,000
132,437,000
Total gold reserves
Legal tender notes, silver, &c
reserves
April 2 1920.
*
189,229,000
360,088,000
112,781,000
includes
Richmond, Chicago, St. Louis, Minneapolis and Kansas City Banks,
while acceptances held by the Cleveland and Atlanta Banks comprise
8.7 millions of bills acquired from the Boston, New York and St. Louis
705,293,000
660,712,000
682,316,000
958,510,000
674,408,000
630,150,000
663,924.000
664,622,000
662,098,000
1,170,313,000 1,173,125,000 1,169,137,000 1,186,829,000 1,161,695,000 1,142 576 000 1,138,690,000 1,145,479,000 1,085,519,000
119 380,000
116,064,000
118,128,000
112,174,000
116,071.000
117,776,000
117,198,000
119,743,000
122,883,000
banks
Gold redemption fund
Total
Apr. 9 1920
$
...
Banks
Federal Reserve Banks at the Close of Business April 16 1920
Apr. 16 1920.
RESOURCES.
14.8
Reserve banks.
—
—
U. S. certificates of indebtedness
1 520,494,000 1,572,980,000 1,720,960,000
1,430,888,000 1,410,069,000 1,400,664,000 1,441,015,000 1,353,509,000 1,515,959,000
888 194 000
201,314,000
880,531,000
854,172,000
907,487,600
999,849,000 1,008,215,000
957,469,000
980,303,000
196,885,000
531,367,000
513,854,000
463,232,000
504,172,000
424,041,000
451,879,000
422,241,000
416,784.000
2,984,878,000 2,119,159,000
2,827,975,000 2,789,779,000 2,824,554,000 2,901.109,000 2,670,913,000 2.927,618,000 2,922,542.000
27,137,000
26,775,000
26,775.000
26,797,000
26,775,000
26,789,000
26,798,000
26,798,000
26,799,000
68,000
68,000
68,000
68,000
68,000
68,000
68,000
68,000
189,038,666
267.511,000
266,567,000
407,119,000
267,461,000
345,550,000
263,056,000
339,919,000
303,728,000
All other earning assets—
Total earning assets
Bank
—-
premises
Uncollected items and
from gross
3,215 952,000 3,279,232,000 2,335,334,000
3,158,570,000 3,156,564,000 3,196.970,000 3,191,031,000 3,104,897,000 3,221,922,000
11,226,000
10,558,000
11,771 000
11,793,000
11,791,000
12,009,000
11,990,000
12,104,000
12,123,000
other deductions
deposits—
—
5% redemp. fund agst. F. R. bank notes
5,305,000
All other resources...:
LIABILITIES.
91,272,000
Capital paid in
Surplus
Government deposits
account
Deferred availability items..
Other deposits,
•
835,676,000
13,689,000
768,788.000
13,900,000
5,802,000
4,474,000
4,907,000
6,234,413,000 6,067,872,000 6,143,246,000 6,047.771,000
Total resources
Due to members, reserve
•12,481,000
793,615,000
956,669,000
14,015,000
incl. for'n gov't credits..
*9L160,000
91,284,000
120,120,000
120,120,000
120,120,000
10,416,000
8,777,000
30,595,000
1,898,810,000 1,850,960,000 1,899,063,000
568,752,000
576,412,000
677,282,000
131,714.000
100,605,000
102,657,000
859.704,000 1,026,726,000
966.609,000
817,926,000
14,387,000
5,645,000
13,851,(00
16.226,000
12,276,000
5,485,000
4,174,000
3,681,000
655,446,000
8,454,000
7,995,000
6,163657000 6,127,705,000 6,162,457,000 6,416,356.000 5,248,646,000
90,958,000
90,871,000
91,059,000
120,120,000
120,120,000
120,120,000
58,027,000
55,324,000
27,711,000
1,867,125.000 1,850.106,000 1,886.929,000
575,497,000
643,063,000
546,696,000
100,969,000
98,286,000
100,160,000
90,702,000
81,774,000
120,120,000
49,466,000
133.913,000
106,561,000
1 858,184,000 1,871,961,000 1,655,860,000
618,509.000
810,402,000
496,788,000
91,525,000
95,026,000
131,307,000
90,966,000
120,120,000
83 879 000
2,652165 000 2,616,036,000 2,652,097,000 2,911,302.000 2,390,516,000
2,709,344,000 2,535,754,000 2,609,945,000 2,541,692,000
3,047.133,000 3,039,750,300 3 030 010,000 3,019,984,000 2,543,704,000
3,073,693,000 3,080,217,000 3,077,323,000 3,048,039,000
229,167,000
237,131,000
220,738,000
211,132,000
155,074,000
201.392,000
196,594,000
190,157,000
186,501,000
F. R. bank notes in circulation—netliab.
40 097 000
42,149,000
40,190,000
37.117,000
45,469,000
28,112,000
47,980,000
150,464,000
53,483,000
Total gross
deposits
circulation
F. R. notes in actual
All other liabilities
Total liabilities-
6,234,413,000 6,067,872,000 6,143.246.000 6.047,771,000
6,163657000 6,127.705.000 6.162.457,000 6.416.356.000 5,248,646,000
THE CHRONICLE
March 6 1920 Feb. 27 1920
Ratio of gold reserves to net deposit and
F. R. note Ilabil't es combined
Ratio of total
reserves to net
40.5%
40.2%
40.1%
40.9%
40.0%
40.2%
40.1%
55.2%
43.3%
42.9%
42.7%
43.5%
42.5%
42.6%
42.5%
52.1%
48.0%
'
40.4%
43.3%
deposit and
48.0%
47.4%
47.1%
48.3%
47.0^/
47.1%
47.1%
63.8%
♦
F. R. note liabilities combined
Ratio of total reserves to F. R. notes in
circulation after setting aside
against net deposit liabilities
Distribution
35%
■
„
$
by Maturities—
1-15 days bills bought In open market..
99.822,000
1-15 days bills discounted
1,447,603,000
1-15 days U.S.certif. of indebtedness..
42,766.000
*
J
*
$
*
8
*
S
5
98,706,000
103,750,000
127,119,000
137,609.00
133.499,000
126.422,000
135,779,000 1.667,271,000
1,423,906,000 1,391,720,000 1,425,695.000 1,273.870,000 1,499.923.000 1.523,738 000 1,570,405,000
68,050,000
78.676,000
85,596,000
4,876,000
149,461,000
10,131,000
13,143 000
8,881,000
29,896,000
1-15 days municipal warrants.........
—
—
_—
73,770,000
85,246.000
88,629,000
80,871,000
235,060,000
2,500,000
294,355,000
16-30daysU. 8. certif. of indebtedness..
201, 49,000
3,5 0,000
237,731,000
3,530,000
16-30 days municipal warrants
31-60 days bills bought in open market..
31-60 days bills discounted
31-60 daysU. 8. certif. of Indebtedness..
177,480,000
464,532,000
5,747,000
185,719,000
492,013,000
3,540,000
171,259,000
514,251,000
5,500,000
59,317,000
228,719,000
8,245,000
64,046,000
226,436,000
10,614,000
31-60 days municipal warrants
61-90 days bills bought in open market..
61-90daysU. 8. certif of indebtedness..
61-90 days municipal warrants
.
--
......
Over 90 days bills bought in open market
Over 90 days bills discounted..
Over 90 days oertif. of indebtedness
.„t
—-
-
178,535,000
180,533,000
471,517,030
3,500,000
453,624,000
7,000,000
170,589,000
433,193,000
6,500
197,400,000
433,705,000
6,500,000
96,412,000
67,867,000
3,826,000
64,420,000
66,226,000
207,765,000
4,743,000
87,792,000
246,527,000
3,540,000
94.858,000
241,654,000
4,040
84,273,000
228,496,000
4,000,000
14,176,060
3,184,000
58,325,000
245,221,000
4,097,000
21,268,000
246,072,000
...
*
"" •1 r
'
v"1 *
"
*
......
—---
16,798,000
16,333,000
245,083,000
245,915,000
244,790,000
23,806,000
15,357,000
240,284 000
15,463,000
240,562,000
151,882,000
L
....
*
-
------;
■"'■■■■■
■
'
m
-.
■
■■
..
3,326,948,000 3,327,614,000 3,307,064,000 3,289,312,000 3,292,819,000 3,281,343,000 3 270 721,000 3,254,806,000 2,736,384,000
253,255,000
247,397,000
229,741,000
241,273,000
245,686,000
241,593,000
240,711,000
234,822,000
192,680,000
Outstanding.....
Held by banks
In actual circulation.
3.073,693,000 3,080,217,000 3,077,323,000 3,048,039,000 3,047,133,000 3,039,750,000 3,030,010,000 3,019,984,008 2,543,704,000
Red Res Notes
oenls AccQiAi%t3)~*~~
Received from the Comptroller
Returned to the Comptroller
•.
•
....
^
-
y
•
,
6,711,320,000 6,657,640,000 6,621,220,000 6,584,660,000 6,557,760,000 6,535,360,000 6,484.940,000 6,399,320,000 4,316,560,000
2,982,243,000 2,959,248,000 2,932,397,000 2,912,649,000 2,891,492,000 2,868,248,000 2,841.910 000 2,814,520,000 1,173,891,000
Amount chargeable to Fed. Res. agent 3,729,077,000 3,698,392,000 3,688,823,000 3,672,011,000 3,666,268,000
3,667,112,000
In hands of Federal Reserve Agent
402,129,000
370,778,000
381,759,000
382,699,000
373,449,000
385,769,000
Issued to Federal Reserve banks
How
--—
——
......
...—
19,626,000
—
"""**
76,460,000
46,792,000
250,000
171,711,000
_—.......
._!—;.....
24,134,000
243,589,000
Over 90 days municipal warrants
n
2,000.000
-
63,786,000
238,214,000
5,882,000
—
25,975,000
245,970,000
—
113,915,000
205,442,000
7,568,000
464,333,000
4,700,000
i-
61-90 days bills discounted
RederoX Rcsctvc Notes
4,300,000
...
121 985,000
194,746,000
2,600.000
102,348,000
207,039,000
-
-
:
..........
80,165,000
244,362.000
1,000,000
16-30 days bills bought in open market..
16-30 days bills discounted
^
3,643,030,000 3,584,800,000 3,142,669,000
372,309,000
329,994,000
406,285,000
i. 3,326,948,000 3,327,614,000 3,307,064.000 3,289,312,000 3,292,819,003 3,281,343,000 3,270,721,000 3,254,806,000 2,736,384,000
Secured—
By gold coin and certificates.
251,05100,0
By lawful money
2,13 l","l 24,OOO
By eligible paper
Gold redemption fund
98,662,000
811,982,000
With Federal Reserve Board.
Total.
3,326,948,000 3.327.614,000 3,307,064,000 3,289,312,000 3,292,819,000 3,281,343,000 3,270,721,000 3,254,806,000 2,736,384,000
Eligible paper delivered to F, R, Agent..
2,748,776,000*2,715,965,000
2,748,071,000 2,837,877,000 2,611,443,000 2.873,394.000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE
Two ciphers (00) omitted,
Boston,
Phtia,
Cleveland. Richmond
2,860,454,00012,930,572,000
2,064,724,000
12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 16 1920
Atlanta,
Chicago
St. Louis. Minneap. Kan.City.
Dallas,
San Fran.
RESOURCES.
Gold coin and certificates...
Gold Settlement Fund, F. R. B'd
Gold with Foreign Agencies
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fundTotal gold reserves
Legal tender notes, silver, &c
Total reserves
Bills discounted: Secured by Gov¬
ernment war
All
obligations (a).
other
Bills bought In open market (b).
Total bills
on
hand
U. S. Government bonds
U. S. Government Victory bonds
U. S. certificates of Indebtedness
Total earning assets
Bank
premises
Uncollected items and
other de¬
ductions from gross deposits.
5%
redemption
fund
_
against
Federal Reserve bank notes...
All other resources..
Total resources
LIABILITIES.
Capital paid in
Surplus
Government deposits...
Due to members, reserve account
Deferred availability items
All other deposits.
Total gross deposits
F. R. notes in actual circulation.
F. R, bank notes in circulation
—net
liability...
All other liabilities
Total liabilities
484,713,0
Memoranda—Contingent liability
as
endors
Discounted paper redlscounted
with other F, R. banks
Bankers'
acceptances
sold
to
other F. R. banks
Conting, liabil.
on
bills purch. for
foreign correspondents.......
(а) Includes bills discounted for
other F. R. banks, viz
35,920,0
(б) Includes bankers' acceptances bought fr
om
36 450,0
other F. R. banks:
With their endorsement
Without their endorsement...
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS
Two ciphers (00) omitted,
Federal Reserve notes:
Boston,
Phila
$
Cleveland. Richmond
Atlanta
AT CLOSE OF
Chicago,
BUSINESS
APRIL
St. Louis Minneap
16
.Kan.City.
1920,
Dallas,
San Fran,
$
$$$$$$$
$
$
f
$
Received from Comptroller... 554,200,0 2,123,24010 571,620,0 564,500,0 317,380,0 334,000,0 959,320,0 318,060,0 160,080,0 219,220,0
156,380,0 433,320,0 6,711,320,0
Returned to Comptroller
228,026,0 1,049,259,0 281,628,0 217,458,0 158 034,0 121,226,0 373,611,0 149,897,0 68,985,0 106,679,0 61,079,0 166,361,0 2,982,243,0
Chargeable to F. R. Agent
In hands of F. R. Agent
326,174,0 1,073,981,0 289,992,0 347,042,0 159,346,0 212.774,0 585,709,0 168,163,0
51,100,0
124,400,0 33,300,0 31,660,0 27,444,0 58,945,0 26,640,0 17,140,0
91,095,0 112,541,0
7,495,0 , 5,730,0
95,301,0 226,959,0 3,729,077,0
275,074,0
949,581,0 256,692,0 315,382,0 131,902,0 153,829,0 559,069,0 151,023,0
83,600,0 106.811,0
84,036,0 259,949,0 3,326,948,0
194,743,0
32,025,0
18,803,0 14,476,0 16,349,0
100,000,0 75,389,0 95,000,0
636,035,0 166,827,0 172,008,0
13,052,0
2,137,0
19,300,0
49,111,0
7,831,0
4,917,0
18,234,0
11,265,0
7,010,0
402,129,0
Issued to F. R. bank, less amt.
returned to F. R. Agent for
redemption:
ollat'l security for outst'g notes
Gold coin and ctfs. on hand.._
Gold redemption fund
,
900,0
16,387,0
Gold Set'm't Fund, F. R. B'd 107,000,0
Eligible paper, mln'm required 150,787,0
Total
Amount
253,031,0
110,884,0
806,398,0
53,054,0 176,014,0 2,156.635,0
17.394,0
66,541,0
275,074,0
949,681,0 256,692,0 315,382,0 131,902,0 153,829,0 559,069,0 151,023,0
83,600,0 106,811,0
84,036,0 259,949,0 3,326,948,0
63,507,0 108,689,0
83,600,0 106,811,0
1,682,0
6,250,0
70,398,0 191,115,0 2,748,776,0
84,036,0 259,949.0 3,326,948.0
4,197,0 37,596,0
253,255,0
81,918,0 100,561,0
79,839,0 222,353,0 3,073,693,0
eligible paper deliv
ered to F. R.
2,285,0
34,860,0
69,666,0
Agent...—.... 200,821,0
------
of
3,732,0
39,000.0
89,170,0
2,500,0
1,980,0
3,755,0
8,470,0
2,179,0
50,000,0 159,144,0 41,930,0
97,574,0 391,455,0 104,934,0
F. R. notes outstanding
F. R. notes held by bank
275,074,0
9,054,0
929,802,0 171,140,0 213,801,0 97,453,0 110,343,0 481,137,0 110,570,0
949,581,0 256,692,0 315,382,0 131,902,0 153,829,0 559,069,0 151,023,0
113,843.0
9,975.0 12,799,0
6,271,0
4,407,0 30,369,0 16,812,0
F. R. notes In actual circulation.
266,020,pi
835,738.0 246,717,0 302,583,0 125,631,0 149,422,0 528,700,0 134,211,0
Apr. 24
THE CHRONICLE
1920.]
1727
State and Railroad Bonds.—Sales of State bonds at the
jankers'
are
The
Wall Street, Friday
Night, ApnZ 23 1920.
and
F* Railroad and Miscellaneous Stocks.—The expected
unexpected have happened this week in Wall Street.
The tendency to irregularity and lower prices, which has been
the chief characteristic of the market of late, continued dur¬
the
ing the early part of the week as was expected.
On Thursday
this movement culminated in an avalanche of liquidation
which swept a considerable list of miscellaneous shares and
a few of the rails to near the lowest quotations of the year.
caught in the current which seemed relentless
and carried General Motors down 83 points, Cruc. Steel 42,
Mexican Petroleum 32}^,
Baldwin and Stromberg 30,
Everything
limited to $1,000 N. Y. Canal 4s, 1960, at 94.
for railway and industrial bonds has been
somewhat more active and generally firmer than last week.
Board
was
Republic 19, Atlantic
and six other issues from 10 to 15.
Reading led the railroad list in a drop of 10% points.
Texas & Pacific lost 10 and St. Paul, Great Northern, So.
Pac. and Cneas. & Ohio from 5 to 10 points.
There has been,
Studebaker and Chandler almost 20,
Of
market
list of 22
relatively prominent issues 4 have advanced
unchanged.
Moreover, nearly all the declines are
represented by minor fractions.
New York Centrals are
on the list of bonds which have recovered substantially from
the recent decline and St. Pauls, Bait. & Ohios and Am.
Tel. & Tels. have been relatively strong.
On the other hand,
the local traction issues and Readings have been notably
a
and 4
are
weak.
'
United
'
States
Bonds.—Sales of Government bonds at
the Board include $2,000 4s, reg., at 105
to 106 and
various Liberty Loans.
To-day's prices are given below.
vieekly and yearly
range see
fourth
page
the
For
following.
G. & W.I. 16 M
of
substantial reaction from the low quotations
a
course,
irregular marke
2,000,000 shares
were involved in Thursday's transactions.
The following sales have occurred this week of shares not
mentioned
on
represented in
a very
our
detailed list on the
Sales
STOCKS.
Lowest.
Highest.
Lowest.
Highest.
$ per share
$ per share.
$ per share
$ per share.
100 220
2,900 130
Express.-.100
25 80,400
200
100
Apr 20 220
Ann Arbor
Jan 227
Mar
95
Feb 175
Mar
11%
Apr
16%
19
16% Apr 19
12
17
Feb
7
Apr 17
450 107% Apr
900 100
Apr
22 101
Apr 23
100
65
Apr
19
65
-100
500
98
Apr 23
99
Apr 19
Apr 23
93
6% Apr 20
Apr 21
50
7% Apr 23
Apr 19
Shoe
Brown
300
Brunswick Terminal. 100
Buffalo Roch & Pitts. 100 ';•>
Case (J I),
50
500
Central RR of N J— .100
Certain-Teed Prod no par
Chicago & Alton
100
Chic & E 111 trust rects
C St P M & Omaha.. 100
7
100
100
Cosden & Co
90
100
—100
100 105
Colo Fuel & Iron, preflOO
40
2,800
no par
Comput-Tab-Record .100
Crex Carpet
____100
600
48
64
4s, convertible, 1932-47
130
195
89.90
87.00
86.00
86.10
90.10
89.90
89.90
87.00
85.00
86.10
90.30
89.90
89.80
85.20
86.10
87.00
119
18
15
2
41
10
3
f High
92.00
92.00
91.40
91.30
91.00
91.50
(Low.
(Close
91.38
91.30
91.20
90.70
90.00
90.00
92.00
91.40
91.30
90.72
91.00
1,288
1,172
1,398
2,931
2,549
3,002
( High
90.40
90.10
89.90
89.40
86.00
86.90
4%s of 1st L L conv,'32-'47( Low.
9Q.10
84.90
89.70
87.40
85.00
85.52
89.90
89.70
87.40
85.40
86.40
Total sales in $1,000 units J
4%s of 1928
Total sales in $1,000 units
Third Liberty Loan
90.10
320
85.00
84.30
86.42
86.96
86.40
86.32
85.00
86.00
85.00
614
1,747
1,677
5,184
5,770
4,316
87.00
87.00
86.42
86.30
86.00
86.50
(Low.
86.00
86.30
86.30
85.06
84.50
85.20
(Close
87.00
86.46
86.34
85.10
86.00
85.24
1,859
4,218
3,568
5,448
6,744
6,001
( High
98.00
97.20
Mar
4%8,1st LL 2d conv,'32-'47( Low.
97.50
97.20
(Close
98.00
97.20
3
2
96.20
96.24
96.38
96.28
96.80
96.74
96.00
96.02
96.00
96.10
96.08
96.36
96.80
Jan
93
Jan
8%
Mar
Apr
Jan
4%S Of 1933-38
Jan
70
Total sales in $1,000 units
Third Liberty Loan
Jan 205
4
Feb
11%
Mar
Jan
66
Mar
Jan
95
Total sales in $1,000 units
Fourth Liberty Loan
Jan
Mar
Total sales in $1,000 units
[ High
gold notes,'22-'23( Low.
(Close
Victory Liberty Loan
4%s conv
97.24
■
mmmm
mm mm
97.24
2
96.46
96.20
96.20
Apr 105
Apr 42%
Apr
721
1,346
1,171
2,453
1,575
1,321
Apr
Victory Liberty Loan
f High
96.08
96.20
96.24
96.20
96.40
96.30
44
Feb
56
Jan
3%s,conv gold notes, '22-'23(Low.
96.06
96.04
96.00
96.10
96.08
96.70
55
Feb
96.08
96.14
96.20
96.20
96.30
96.30
471
1,031
1,229
443
960
1,364
90
Apr 17
64
Jan
Total sales In $1,000 units.
(Close
Apr
Feb 106
Apr 23 100
pref._-.100
500
Feb 101
Duluth S S & Atlan__100
Feb
5%
Feb
Apr 192
Feb 94%
Mar
3%
Mar
Total sales in $1,000 unlits
96.04
Feb
200
96.20
97.24
■
40
Apr 21 105
19 64
Apr 23 102
85.20
85.00
317
90.00
85.00
Feb
Apr
100 102
85.20
86.10
230
90.30
86.30
11%
42% Apr 22
52
Apr 23
Apr 21
200
Cuban-Am Sug, pref.100
86.20
53
f High
(Low.
(Close
86.40
62
Apr 21 105
86.98
$1,000 units
86.70
Feb
Feb
90
Apr 21
Apr 22
85.20
148
60
58%
86.04
84.20
86.00
Feb
Apr 19
Apr 21
1,032
85.30
85.00
30
6
63
63
1,165
85.20
85.94
86.32
9% Apr 21
9% Apr 21
Apr 19
100
__
910
86.20
38
Apr 22
7
Apr 22
771
86.90
86.20
86.50
Apr 101
69
Apr 19 70
Apr 19
95%
95% Apr 20 97% Apr 19
100 191
Apr 21 175
Apr 21 191
1,100 48% Apr 21 54% Apr 17 47
874
86.98
86.60
26
Apr
69
93.20
87.00
Jan
500
pref.___.100
Preferred
Feb
93.20
93.40
50
Feb 105%
5%
93.24
93.30
86.96
Jan
Mar
62
200
Buffalo & Susq v t c.. 1Q0
Total sales In
Second Liberty Loan
93.50
93.20
93.28
459
( High
(Low.
(Close
93.40
93.10
93.50
90.30
Apr
50
Baldwin
4s, 10-25 year conv, 1942
93.40
93.50
93.40
93.60
Total sales In $1,000 units
Second Liberty Loan
93.90
93.18
(Close
Feb 102%
98%
Barnet Leather__.no par
93.60
f High
4%s of 2d L L conv, '27-'42( Low.
(Close
Total sales in $1,000 units
Fourth Liberty Loan
( High
Feb
6%
Apr 114
3%
5% Apr 17
22
22 107% Apr 21 107%
4 % Apr
1,400
10
pref.,100
Locom, pref.100
tlantlc Refg,
f High
(Low.
(Close
3%s, 15-30 year, 1932-47
Apr
Jan
Apr 20 170 %
Apr 22 153% Apr
12% Apr 22
11
Apr 20
Am Safety Razor
.
First Liberty Loan
Third Liberty Loan
Par. Shares
Am Brake S&F, pf.-lOO
Assets Realization
Range since Jan. 1.
Range for Week.
Week.
American
r
for
April 23.
Week ending
which follow:
pages
Daily Record of Liberty Loan Prices. Apr. 17 Apr. 19 Apr. 20 Apr. 21 Apr. 22 Apr. 23
Deere & Co,
99% Apr 22 100% Apr 22 z99
4
4
3%
Apr 21
Apr 21
100 159% Apr 20 159% Apr 20 159%
Chemical...100
General
86
900
deb pref._100
General Electric rights
Homestake Mining.. 100
Indiahoma Refining—.5
Gen Cigar
100
9,900
8
200 130
Apr
2%
Feb
51
Apr 20
Apr
8
9% Apr 17
Apr 22 134% Apr 21 102%
72
Apr 22
Apr 17 81
Apr 22
pref
.100
Liggett & Myers rights—
Lorillard (P) rights.....
Int Nickel,
Feb
84
Jan
69% Apr 17
60
Feb
71
Apr
84% Apr 20
83%
Feb
88
Feb
Jan
18
Jan
Apr
9
Mar
50
50
Apr 23
deposit.
200!
M St P & S S Marie.
.100
100
Norfolk Southern .—100
600
70
Apr 22
74
Montana Power, pref
300
98
Apr
17
98
200
21
Apr
19
22
19% Apr 21
93% Apr 21
200| 88
Apr 23
__.no par
4,900
Penney (J C), pref.—100
100
Pittsb Steel, pref
—.100
710) 52
RR Secur 111 Cent ctfs..
Apr 21
100101% Apr 23
Super Steel 1st pref.. 100
Texas Co full paid rects
Tex Pac Land Trust. 100
100
Feb 151%
190% Apr 19
22%
93%
90%
53%
22%
101%
190%
Willys-Overland rights—
62%
Feb
80
Jan
63%
Feb
Jan
Mar
Jan
Apr 100%
Feb
Mar
29
Apr
22%
Apr
Feb
94
Jan
Mar
Apr
Apr
Jan
Low for the week
Jan
High for the week
Feb 210
Apr
Apr
Mar
Jan 229
Apr
Apr
%
EXCHANGE
182,658,500
171,208,500
131,413,200
1,882,990
l,f43,282
2,031,000
$10,909,OOO!
8,777,397 $786,947,200
Week ending
Sales at
$6,066,000
10,355,000
10,909,000
17,252,000
19,132,000
17,448,800
$5,686,800 $81,162,800
Jan. 1 to April 23.
April 23.
New York Slock
Stocks—No. shares—
Par value
Bank shares,
1919.
1920.
Exchange.
par
1919.
1920.
64,925,883
$6,474,867,655
8,777,397
7,839,728
$786,947,200 $745,426,800
$1,000
93,264,906
$8,318,893,700
$400
$46,200
$744,314,700
138,377,500
bonds—
$81,162,800
$47,111,500
$958,266,100
State, mun., &c., bonds
5,686,800
10,909,000
3,631,500
153,088,300
12,051,500
193,737,500
145,362,000
$97,758,600
$62,794,500
$1,305,091,900
$1,028,054,200
RR. and misc. bonds__
Total bonds
DAILY
TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE
17.09
15.80
16.98
EXCHANGES.
Baltimore
Week ending
April 23 1920
Monday
Tuesday
Wednesday
Thursday..
Friday
KF
Total
Shares
——
Bond Sales
Shares
29,793
37,006
31,210
25,472
70,400
146,300
18,000
5,704
8,773
9,029
11,270
9,084
6,448
147.234
$342,450
50,308
23,753
Saturday
$55,100
HOLI DAY
52,650
Bond Sales
$57,600
81,050
46,000
195,300
1.70
1.58
1.60
37%
37%
36%
36%
35 15-16
Exchange—Chicago, par.
St. Louis, 15@25c. per $1,000
Boston, par.
San Francisco, par.
Montreal, $88.75 per $1,000
High for the week.
J_
36 13-16
_
Cincinnati, par.
selling pressure on the "curb"
break in prices Wednesday
and many issues sold down to new low levels.
There was
a somewhat better tone on Thursday but trading dwindled
and further weakness was in evidence.
General Asphalt
Outside Market.—Heavy
this week culminated in a sharp
was conspicuous for a loss of 24 points to 75, the close
to-day being at 75K- Cuban Amer. Sug., new stock, after
early improvement from 59 to 63, broke to 54 but recovered
to-day to 59 and closed at 57. Opheum Circuit declined
from 33 to 29%.
Few odd lots of Stutz Motor Car were
com.
reported sold the price dropping from 735 to 670 and getting
around 700 at the close to-day.
Allied Packers
lost 2Yz points to 22, with a final recovery to 22>£. Libby
McNeil & Libby dropped from 31 to 27^? and sold finally
at 28^.
Swift International was off from 45 to 383^,
closing to-day at 39. Oils were conspicuously weak, Simms
Petroleum especially so. It declined from 27 to
17%,
the close to-day being at 18.
White Oil broke from 29%
to 26%.
Arkansas Nat. Gas sold down from 30 to 24% and
at 27 finally.
Midwest Refining from 165 sank to 144,
recovered to 152 and closed to-day at 148.
Houston Oil
common sold down from 105 to 93 and at 95 finally.
Inter¬
national Petrol, weakened from 39 % to 33% and finished
to-day at 35%.
Invincible Oil after early improvement
from 42% to 43% move^l down to 37 and closed to-day at
40.
A feature in bonds was the heavy trading in the new
Sinclair Cons. Oil 7 %s down from 98 to 97% and back to
Allied Pack. deb. 6s lost over 5 points to 70 and closed
98.
to-day at 71 %.
B. F. Goodrich 7s were especially weak
selling down from 96% to 93%; clo^e to-day 9434.
t
Philadelphia
Boston
15.78
16.96
1.68
—
back to
Bonds.
Government
___
Low for the week
premium.
824,000
2,031,870
Thursday
3 96%
3 88
Amsterdam Bankers' Guilders—
discount.
United
1,686,000
2,037,000
1,597,000
Cables.
Domestic
2,117,000
142.725,500
3 87
Low for the week
Feb 420
$389,000
1,105,500
1,233,300
985,000
1,150,000
$1,441,000
120,958,500
Cheques.
3 95
3
Germany Bankers' Marks—
Apr 102
Stales
$37,983,000
15.91
High for the week
Apr
Bonds.
447,295
__3 84%
Paris Bankers' Francs—
Apr
Bonds.
1,617,925
Sixty Days.
3 93
Sterling, Actual—
High for the week
Low for the week
53%
& Foreign
1,354,035
Commercial
94%
&c„
..._
To-day's (Friday's) actual rates for sterling exchange were 3 85% @3 86
days, 3 87%@3 88% for cheques and 3 88%@3 89% for cables.
on banks sight 3 87@3 88, sixty days 3 83%(§3 83%, ninety
days 3 81 @3 81 % and documents for payment (sixty days) 3 82 % @3 83 %.
Cotton for payment 3 87 @3 88 and grain for payment 3 87 @3 88.
To-day's (Friday's) actual rates for Paris bankers' francs were 16.78@
17.09 for long and 16.71 @17.02 for short.
Germany bankers' marks are
not yet quoted for long and short bills.
Amsterdam bankers' guilders were
36 1-16@35 15-16 for long and 36 7-16@36 5-16 for short
Exchange at Paris on London, 64.80 francs: week's range, 63.10 francs
high and 64.90 francs low.
The range for foreign exchange for the week follows:
for sixty
23
Bonds.
Par Value.
Shares.
Monday
Tuesday...
Wednesday
Total
Feb
Jan
Apr
Apr
State, Mun.
Week ending
Friday
38
Apr
Railroad,
Sit)Cks.
v
April 23 1920.
Feb
47%
Apr 23
63
Apr 17
98
Apr 17
10
Apr 17
19%
Apr 17
90
Apr 21
Apr 19 87
Apr 20 52
21
Apr 19
Apr 23 101%
Apr 19 158
Apr 17 240
TRANSACTIONS AT THE NEW YORK STOCK
DAILY, WEEKLY AND YEARLY
Saturday
Apr 102
1%
Apr
175)420
Apr 17 420
Apr 20 205
100)215
Apr 20 215
%
% Apr 19
3,3001
% Apr 20
100
Tidewater Oil
Apr 22
21
350
Co.no par
Reis (Robt) &
Apr
Apr
Apr 21
14%
l,200j 16% Apr 19 16% Apr 22
7
8% Apr 17
6,160)
7% Apr 22
10,200127
Apr 23 149% Apr 19 108
100
95
100 95
Apr 21
Apr 21 95
Preferred
—.100
1%
1% Apr 22
2,300
1% Apr 19
Martin Parry rights
18%
900 27% Apr 22 32% Apr 22
Maxwell Motor——100
47%
300i 53
Apr 22
Apr 23 56
1st preferred
100
Nunnally Co
Jan
9%
Feb 170
Manati Sugar
1st pref ctfs of
Jan
71
100! 84% Apr 20
100 2,200 79
400) 68
100
1st preferred
60
60
Int Mot Truck—no par
2d preferred
2% Apr 17
2% Apr 21
Apr 20
8,753
85
Apr 17
87
Apr 21
Foreign Exchange.—Sterling has shown a somewhat re¬
actionary trend, though in the main rates were fairly well
maintained.
Continental exchange moved irregularly, with
the trend toward slightly higher levels.
The neutral ex¬
changes were colorless and very dull.
Shares
2,030
10,177
8,765
Bond
Sales
$11,000
24,800
39,400
6,546
35,000
189,200
4,646
16,000
2,679
6,000
23,000
$585,150
34,843
$139,200
Exchange—Stock Record, Daily, Weekly and Yearly
New Yore Stock
1728
OCCUPYING
For
record
PAGES
THREE
week of stocks usually Inactive, see preceding
of sales during the
page
PER
PER SHARE
I'M ARB, NOT PER
8 ALB PRWBSr-PZR
AND LOW
a 1GB
Sales
CENT.
STOCKS
for
Friday
April 20
Wednesday
April 21
$ per snare
$ per share
% per share
S per share
S per share
79
80%
the
April 23
Monday
April 19
82%
78%
6
6
*87
81*4
77
*5%
88
82
87
*77%
*81%
Tuesday
87
807s
76%
867g
*113% 117% *113
3434 35i4'
34
73% 74i2'
73
*62l2 64%'
63i8
*44
*6414
66
31i4
45%
15%
111.2
118%
31%
447s
43%
15
13%
11
5178
*8
357a
50%
80%
30
*63
23
62
4478
-
•
64
64
2234
-
62%
-
_
6334
22
2234
6384
22%
*49
9584
*170
95
185
*48
51
*48
*40
50
*40
1234
13%
94
9434
*180
181
185
93
94%
21
*14%
77
37%
11%
*31
88%
4%
1514
15%
77% {
38
13
13
12
13
11%
3534^
2038
19
20
18%
1412
14%
7678
143S
76%
13%
14
76
73%
38
36l2
3678
35
7578
3634
*31
*1612
88%.
4%'
16%
17%
*44
47
43%
1418
84
15
1612
12
-
~
4l8
4%
14
4
4%
14
15
16
16
17
16
*44
46
44
♦102
105
49
49
15
15
8%
16
2638
26%
26
27
43
4378
415g
43
12%
72%
91
94
261
87
13%
1584
41%
42%
12%
12%
12
13%
*15
16
43
400 Delaware Lack A Western..60
900 Denver A Rio Grande
100
8,900
Do
pref
8,900 Erie..
5,100
Do
Do
24
26
39
41
5
-
*
"68%
69%
*28
30
*28
30
*25
600
55
*50
55
*50
50
*44
50
*44
30
28
2884
29%
17
17
18
17%
29%
17%
*17
18
95
9434
95
92%
93
91
93
91
91
91
91
78
78%
77
74
76%
74
4034
26l8
4078
407a
403s
75%
40%
27i8
2$%
26
40%
23%
74%
40%
76
41%,
7638
405a
77
41%
27i8
78iS
413g
25%
6434
2534
66
233s
26434
24%
66
64
64
47
Yl "
70
26%
27
*75
3058
29i2
2934
26
2834
77
84%
*34l2
*34l2
217fi
*75
77
*75
8684
82i4
*3412
*34i2
2H2
86l2
z7934
82%
36
*3412
36
*35
35l2
*34%
2038
32%
15%
35%
2114
*34%
19%
35%
2034
32%
32%
32%
36
36%
22
*13
16
*25
27
*13
2178
16
25i8
77
*75
26%
27%
75
75
*74
77
8134
76%
34%
33%
79%
35%
7734
*34%
3434
34
*33
1934
31%
21
20
31%
31%
36
2234
20%
56l2
4034
56%
43
56i2
40
54%
55
4~2%
2184
5458
37%
2214
"423s
34
38
*33l2 35%
1193a 120%
64% 64%
10% 10%
15
*10
15
*10
*15
20
*16
22
I
*24
8i2
24i8
16
IOI4
*17
"29%
2914
*62
64
105a
2784
*62
11712 118%
6312
64l2
*10
11%
22l2
23
25
8I4
8&a
25
223a
16l2
10l2
814'
23%
10
19
29
27
28
64
*60
64
19
IOI4
10%
1138
1612
'28"
28"
*28
39
*30
35%
117% 11834
64
63%
40
*10
11%,
22
22
21
22%'
22%
778
22%
8
23%
23%
2334
105s
984
9%
934
95g
2734
26%
27*"
59
59
*16
20
26%
*61
10
10%
16%
"28"
3334
28"
33
387g
38
40
70
67
67
72
72
70
71
*92
90%
*42
95
90%
47
*44
48
102
103i8
*81
88
"4784
48%
142%
14212
"48%
48%
2%
17fi
2%
40
42
82
8178
817S
91%
93
90i2
4712
*44
66
*90
14
143a
14
24%
23l2
110
*82
88
11714 118
4758
46i4
*95
9612
139i2 142
11212 11212
4718
47i8
14%
2384
112%
134
2%
69%
1%
2%
91
37%
81%
87%
41
90
90
42
*40
46
*44
*44
98
IOOI4 IO284
*81
1S4
2%
*63
42
90
93
90i2
*42l2
2384
1125a 113
178
1?8
214
100%
...
114
117
44
46
*95
96%
95
*82
95
139
133
46
46
45
137g
2034
*80%
90
*86
7
95
' 138%
46
1458
13%
14%
23
20%
21
102% 106
89%
93
103% 105%
62
9%
10%
28"
33%
3784
33%
3734
69
*63
69
70
68
70
1»4
2%
134
134
3978
37%
80%
39%
82
80%
90
*80
90
89%
*90
96
45
44
46
*44
97%
110% 11184
40%
42%
94%
94%
132% 136%
45
14
13%
,2014
21%
102% 104
41
39%
45
111
112%
4334
92
9334
133% 13634
111% 111%
44%
45%
42
13%
21
103
14%
2134
106
46
45
46
40
40
43%
43%
62
*60
65
60
60
60
60
60
60
9134
937g
89%
94
107" 108%
88
90
93ia
93%
104l2 108
92
97%
13
8734
82%
13%
88%
95
93
93
*93
100% 104%
82%
84%
12%
83%
*90
12%
8538
93
22
104
23i2
8H4
6834
*102
2212
104
*102
2334
21%
823g
6478
104
97
103%
IO284 10234
95
99%
103
103
*102
103%
*35
*103
*35
45
*35
50
"95%
98"34
68I4
*9514
*81
6684
95l2
82
687S
95%
•Bid and Mked prl.es;
Feb 11
31% Feb 28
4984 Feb 24
7% Mar29
Feb 1
4% Feb 13
39
Apr21
Dec
10
Dec
13
Nov
40
Dec
40% Dec
1047s Aug
37%
Dec
9%
Jan
4%
Feb
8% Jan
22% Nov
37% Dec
1,400
300
Do
pref...
14
Mar
Sept
62
Mar) 1
60% Dec
70
Marl2
40
53% July
40% July
24% July
3684 MarlO
21% MarlO
68% Feb 11
40
Feb 11
Nov
25% Dec
16% Nov
Dec
77
Dec
48% May
70
Apr21
32
Feb 19
Feb 10
68
Feb 27
56
Mar
46% Mar 8
50
Feb 11
51
Jan
5
39
Apr
63%
80% Marll
3234 Mar26
44
Apr
72
24
Dec
June
June
June
Feb
May
2784 July
23%
62
80
36
Mar26
Jan
13
Marl 9
75
Dec
Dec
3384 Dec
Jan
Dec
May
37
Feb 24
107s Dec
23%Junt
21
Feb 11
30
Feb 21
23
Dec
377g June
100
pref
18
100
—
6% Feb 11
1234 Feb 13
88% Feb 13
—100
100
100
18
9% Feb 19
Feb 13
6% Dec
18% Mar 1
1053g Jan
3
263g Mar 1
58^4 Marl 8
917s Nov
20% Dec
62 7g Dec
12
Dec
Feb 13
100
Tol St L A W trust receipts..
Preferred certificates dep..
17% Mar26
1534 Feb 28
11
Dec
10% Feb 19
5
May
21
24
Jan
3
10
Mar
100 Twin City Rapid Transit.. 100
13,500 Union Pacific
100
35
Jan
26
2984 Dec
110
125% Marl 0
69% Jan
3
119% Aug
pref
700 Third A venue
12
Feb
47
'9
Feb 20
28% Feb 11
Feb 13
62%
100
Apr23
834 Feb
5
..100
pref
2O84 Feb 13
—100
400 Unlted Railways Invest
pref
Dec
4434
84%
93%
38%
39%
Feb 11
Feb 13
Do
Deo
Sept
11
60
1,200
33% Dec
100
25
Do
112% May
99% May
95
84% Marl8
100
2,400;
Apr
39% Dec
12% Jan
100
30,000,Texas A Pacific..
...
8334 Junt
33% July
43% MarlO
...100
Do
24% July
16% July
25% July
38% July
5884 Junt
50
Feb 16
23% Feb 11
100
79,700;Southern Pacific Co
22,600,Southern Railway
1,100!
May
57
603a Junt
1223^ May
88
Jan
60
100
Seaboard Air Line
Do
9% Junt
31% Junt
25% May
4% Dec
100% MarlO
ctfs.. 100
May
104
28«4 Apr
6684 Dec
23s4 Sept
6
100
5234 July
1278 July
40% July
47% Feb 20
77% MarlO
36% Marl 1
Feb
4,700 Wabash
10,600
Do
pref A
Mar22
133s Maris
2934 Jan
27
27%
63
7%
15
Jan
Dec
Jan
Jan
July
12
2334 July
115
Junt
33
May
72% May
70% July
26% July
13% July
25% July
60
June
138%
7434
15%
3434
13%
May
Mar
July
July
July
100
7% Feb 11
100
20% Feb 11
14% Feb 11
8% Feb 13
1484 Feb 13
20% Feb 13
54% Feb
5
9% Feb 13
15% Apr 22
20% Feb 19
3234Apr 7
16
Dec
17
Feb
26
66
62%
Feb
61% Jan
14% Feb 20
22% Feb 20
17
Jan
.100
26
Feb
33
25
Dec
Miscellaneous
900, Adam s Express
100
25
Feb 11
Do
pref B
100
3,200 Western Maryland (n*w)_. 100
Do
2d
pref
100
4,700 Western Pacific
100
100
Do
pref
100
12,100 Wheeling A Lake Erie Ry.100
Do
pref
100
300 Wisconsin Central..
7.600 Advance Rumely
300;
Do
pref
3,400 AJax Rubber Inc
100
34% Feb
100
65
50
5,500{Alaska Gold Mines
10
5,100:Alaska Juneau Gold Mln'g.10
15,400, A Ills-Chalmers Mfg
100
Do
600
pref
100
l,200iAmer Agricultural Chem—100
4001
Do
pref
100
400! American Bank
10% Feb 24
31
Feb 24
20% Feb 19
12% Feb 24
6
Mar29
Feb 24
7% Dec
20%
Dec
3»
14
Dec
25% July
147g July
30% July
9%
Apr
7h Mar
May
July
18% Sept
2884 Sepf
41% May
32,500 American Can
500
Do
pref
200;
Do
pref
100
2,600, American Cotton Oil
100
Do
pref
100
41,600 Amer Druggists Syndlcate.10
7,800 American Hide A Leather.100
Do
pref
100
9,200
100
1,400 American Ice
Do
pref
100
1,100
78,400 Amer International Corp.. 100
700 Am La France F E
21,700 American Linseed
300
Do
pref
74,100 American Locomotive
Do
200
pref
Amer Malt A Grain
10
100
100
100
100
No par
20
21%
20
"15",600
80
66
6284
80%
65%
80%
6134
94%
17,700 Amer Smelting A Refining. 100
Do
900
pref
100
t Ex-righte.
Am Ship A Comm Corp.no par
800 Am Smelt Secur pref ser A. 100
American
Snuff
100
15,700 Am Steel Found tern ctft.33%
500
Pref temp ctfs
| Lea than 100 ih&ree.
No par
0 Ex-dlv. and right*.
■
July
76
June
66
Jan
113
July
8884 Jan
5
3
Jan
3
82
Feb 11
95
Jan
28
89
Feb 11
96%Jan
16
48% Apr
1
45% Jan 28
10334 Aprl6
33
42
62
Jan
Feb 13
100
54
Jan
92
Jan
100
Jan
56%
12
1% Feb 11
158 Feb
4
45
23,300{American Car A Foundry.100
64
21
Jan
36% Feb 26
80% Apr23
39
100
pref
100
8,400'Amer Bosch Magneto ..No par
29% Apr
72
66% Feb 13
60
Do
4284 Apr
1
465g Mar29
6
Feb 13
60
Note
2 Fa
823s
noi&ta on this day.
Sept
1034
45
20
2034
20%
80
80%
80%
63%
62%
64%
9512
95
95
94%
94%
94%
94%
94%
*104
10812 *100
108
*102
108
*104
108% *104
108% ♦104
108%
45i8
45i2
4438
4578
4238
40
44%
4334;
3978
41%
41%
41%
89%
89341
89%
89%
8H4
Apr23
Feb 13
36,300;American Beet Sugar
91
62
13%
7
30
20
933a1
46
99
13% Feb 13
Aprl4
16
...50
Preferred
50
13%
86%
34
Feb 20
trust
97
63
96%
23% July
100% May
253a Feb 24
Preferred A
46
*62
987S 102%
♦13U
1312
1334 Dec
75% Dec
3184 Jan
12% Apr 21
24
40% Feb 13
43
July
17% Feb 24
34
500
I
*47
102% 10312
*13
1358
91i8
9H2
20% May
33
Jan 24
36
July
128s Dec
18% Dec
Feb 24
8434 Marl 3
41% Marl 9
Feb 13
43
24
15% Feb 24
737s Dec
900
*82
44
May
15% July
{Industrial 8c
91
110% 114%
40% 4434
137
38
81%
100%
27
"28"
3778
3958
*68
73
217
25
68% Feb 11
7
May
172% Mar
3% Apr
6% Feb
33
20
2634
*57
1534
33
70
43i8
15%
....
73
38
10%
34
*67
4214
934
30
69l2
82
8
10
*16
-
34
43
3434
^
*27
75
82
77g
978
*68
178
214
4014
817g
*30
33%
116% 11834
62%
62%
10
*9%
22%
8%
24
3
163a Feb 24
9% Feb 13
17% Feb 13
12% Feb
9
Jan
MarlO
Jan
36
15
20
64
8
22%
*74
2
63
10
*33%
40i4
~43% 4~3~%
32""
116% 118%
63
9
88% Marl3
14
*10
"32"
Feb 11
195
32% Mar 9
33% Mar 9
15% Feb 13
23%Jan 14
15
9634
2158
*15
-
10
16
32
*36
17S
55
3658
w
Feb 10
Feb 13
33
116
6484 Feb 11
300
978
*17
16l2
4284
54%
34%
15
23
*3312
35l2
11812 120 I
64i2 6434
10i2
10l2
85s!
25%
~io% "10%
10%
21
36""
7%
15
93%
13
*10
858
25%
20
33"
16
25
7
7%
1434
9534
21%
22%
*17
*24
7%
14%
93%
15
96%
6
165
58% July
51% May
91% Dee
9934 Marl.3
88
1st
300
15
89% Feb 13
60
Do
24
94
Feb
...........100
200
24
9634
Dec
Dec
45
16
pref
—60
Do
200
2d pref
6
22,300 St Louis-San Fran tr ctfs.. 100
100
Do
pref
96,500 Reading
25
953g
19
48
Feb
Jan
21% Feb 11
70
Feb 11
*22
99
3184 May
19
51% Mar25
43
8
100
4,000 Pittsburgh A West Va
25
22
100
Do
pref v t 0
100
600 Pitts Cln Chic A St Louis..100
*22
993S
23
27
Mar
16% Marl 5
19% Feb 24
48% Mar 1
47% MarlO
112% Jan
5
52% Mar20
18% Mar 9
400
25
7%
Feb 11
47% Feb 16
42
9% Feb 13
100
100 St Louis Southwestern.
7%
20
1
100
1,500 N Y Ontario A Western...100
2,100 Norfolk A Western
10,100 Northern Pacific
23,560 Pennsylvania
17,100 Pere Marquette v t c
300
Do
prior pref v t 0
15
7&a
July
547g Jun«
74
July
23'% Feb 13
50
Aprl3
*12
7 5a
Feb
Sept
64% Feb 13
16
25
32
63
100
*13%
98%
22i2
15%
35
21%
31%
New York Central
16
25i8
77g
Marl 5
Feb 24
66% Mar
3% Mar
Do
1512
7%
9718
80
Nashville
*13
7%
77«
4034
77
76%
55
68
434 Mar 13
60
33,300 N Y N H A Hartford
70
30%
6
Par
...
47
*68"
~70~"
73
Feb
Feb 11
100 N Y Chicago A St Louis.. 100
First preferred
100
Second preferred
100
50
"70"
66% Aug
Junt
42
85% Dec
100
Jan
32% Jlny
84
9?34 MarlO
Do
pref trust ctfs
100
600 Nat Rys of Mex 2d pref...100
400 New Orl Tex A Mex v t C..100
13,225
Jan
Dec
80% Feb 13
3% Feb 13
5,100
55
*44
70ia
29
22%
68
28
pref..
100
18,800 Missouri Pacific trust ctfs.100
30
*50%
70%
281a
May
133
100
1
Central
200 Louisville A
V
48i2
105
Dec
100
Preferred...
12,000 lnterboro Cons Corp..No
12,100
Do
pref...
1,000 Kansas City Southern
400
Do
pref
5
«•:-
70
July
Nov
8
Feb 19
247g
39%
-
76
85
Feb 21
18
11
55 <■
48I2
Feb 11
64
Mar
July
63
1,800 Gulf Mob A Nor tr ctfs_..100
2,166 Illinois
41
6
884 Feb 11
21
Feb 11
11
50
26
78
Jan
Feb 21
12
*44
273s
23% Feb 13
64% Feb 13
9
100
13,400 Great Northern pref
100
9,000
Iron Ore properties..No par
■
18
120
11
11
*50
18*8
Feb 13
Feb 13
12
Dec
116
61% Marll
91% MarlO
75
113
Apr21
*28
18
34% Dec
4878 Dec
Feb 13
55
1978
42% Marl 1
Feb 13
49
*19
30% Feb
6
4534 Feb 13
30% May
5234 July
9
8
29
*93
21
6
13
7%
29
27%
27% Feb 28
Feb
39
48
12%
734
*44
3114
68% May
13
100
1st pref
100
2d pref...........100
28% July
170% July
Feb 13
7
500 Manhattan Ry guar
100
1,600 Minneap A St L (new)
100
5,700 Missouri Kansas A Texas. 100
13
*52
30%
.100
69% May
33% July
51% Dec
7% Jan
*43
48
12%
7%
50
32
100
....
Dec
38% Dec
126% Dec
98
55
3H8
.100
....
pref
Jan
15% July
107
May
65% May
3
Jan
100
32
32
A Southern.....100
1st pref
2d
Dec
5,500!Lehigh Valley
*47
3168
100
5
May
89
Dec
42% 42%
100% 100%
*30
,
pref...
Do
100
378
*52
30
Do
600
87%
47
*.
100
10
per share
104
59% MarlO
10% Feb 20
Feb 13
21
56,600 Chic Rock Isl A Pac
100
2,500
7% preferred
100
2,000
6% preferred
100
400 Clev Cln Chic A St Louie.. 100
35
43
68
pref
2834
Marl5
134
47
.100
1,300 Delaware A Hudson
867a
334
4
..
Do
87% Dec
7
Jan
Mar
13% Marl 5
3
115% Feb 11
13,600 Chicago Mllw A St Paul—100
10,900
Do
pref
...100
2,900 Chicago A Northwestern.. 100
14
*31
35
23%
38%
pref
700 Colorado
74
1534
7214
15l2
8%
*12%
Do
22%
22%
35%
13
4314
43i2
4184
43%
10278 1027a *100
103%
49
49
48%
48%
*13%
14i2
12%
12%
8
Vs
7%
8%
*12%
16
10%
12%
25%
26
23%
2534
41l4
42
38%
4178
5
55s
668
5%
39
3934
70
7034
6884
70%
*1312
85
10,100 Canadian Pacific
100
5,100 Chesapeake A Ohio
..100
1,900 Chicago Great Western...100
900 j
Jan
6
17
13!
10% Feb 10
7
80% Dec
76% Dec
3j
38% Feb 24
497g Feb 24
27% Feb 13
42
Feb
Jan
8% Feb 24
93
100
Certificates of deposit
300
7334
85%
37g
705«
50
8%
3,500.
82
Highs ft
f per share S
86% MarlO
100
pref
66
35
12%
Do
48
76
44%
44
*48
61-%
l,600j
*44
36
*31
16
46
44
*14
61
17,100 Baltimore A Ohio
14,200Brooklyn Rapid Transit..100
*63
72%
85%
4%
15%
*45
16
71
35
33
85%
7%
*13
12%
33
I
105
72%
12
87
*31
89
10%
12%
35%
12
12
35%
684
43%'
*103
*13
11%
|
89
4%
81
*13
•
12
20
76i4
81
113% 113%
31
32%
14
1134
13%
21
37%
11%
33%
49%
22%
34%
507s
178% 178%
*6%
7%
11%
11%
12
12%
18%
19%
•
13
6%
7
6%
7%
13
14%
10%
117%
52
83s
11%
12%
197g
181
20%
12%
I
31%
44
Do
94%
*6%
10%
1314!
21
Feb 11
—
,
*6%
84
1,400
50
9434
185
7%
1234
*6%
1,500 Atlantic Coast Line RR—100
10,900 Atch Topeka A Santa Fe__100
51
50
95
9584
185
51
*40
1165s
51%
8%
70
71
69%
63
*44%
6418
23
72%
63
64
445s
4463
6418
33
71
9%
21%
3334
50%
79
83%
113% 113%
29%
31%
*113% 117
34
73J2
32%
22
3134
4984
.52
80
52
8%
22
3134
84
52
8%
8%
23
117
73
10%
116% 117%
50
23
82
66
*6414
31
44%
14%
36
35%
51
30
15%
24
35
63i2
31%
11
8%
8i2
*23
87
45%
53
Apr21
*86
14%
50
5
87
30%
44%
117% 119%
Apr23
6
87
9
$ perihare
Feb 11
*5
5
867s
Highest
S psr share
76
6
*5
Far
75
80
76
Lowest
Lowest
Railroads
Do
pref
100
400 Atlanta Blrin A Atlantic. .100
79
75
....
Year 1919
EXCHANGE
Shares
$ per share
87
54
63
74
*45
50
76%
22
5
87
33
45%
15%
11%
11958
*113
117
81%
76
6
6
343g
33% 34%
33
457$ 4578,
453s
4538
15%
1634
1614 I
15%
IH4
12
120% 120% 11914 11934
55l2
*55% 67
5378
*8
8^4
8%
8%
*23
24
j 2318 23%
363S
3684 37%
36%
63i2
63i2 53%!
52
85
85
I
84
84i4
80
815,
77
6
77
A pril
SHARE
Eanoeifor Previous
Range since Jan. 1,
On basis of 100-shars lots
STOCK
YORK
Wtei
Thursday
April 17
Saturday
NEW
7
7484 Feb 13
90
105
Jan
20
Feb 13
3834 Feb 25
|92
Apr23
124% Feb 25
111% Apr23
39% Mar 1
85
23s Mar24
93
38
Feb
52
5
12884 Jan
6134 Jan
2
101
Feb
3
9
86
12%
74
Apr23
Feb 13
14
3
122
Jan
3
1% Dec
Jan
4% Jan
3% July
51% Oct
87
Jan
Sept
11334 May
X92
Dec
1>4
30
81%
Jan
42%
Mar
Jan
55
July
49
Feb
Dec
84% Feb
113
Jan
95
Apr
7
99% Jan 27
Oct
Oct
May
143% Nov
68% Sept.
107% June
1488s Nov
119
July
Jan
67% July
Jan
93
10% Nov
13%
Jan
71%
Jan
37% Aug
120% Jan
3
14% Jan 22
95
88
64%
62%
2
10184
39%
68
Jan
Sept
Jan
8434 Jan
84% May
X98
97
103
53% MarlO
92% Feb 25
82
3
15% Jan
Feb 13
IO284 Apr21
30«4 Feb 13
4
Mar26
303s Jan
6
13
3
Jan
1473s Apr
116% Feb
543gjan
Feb 13
87
3
Jan
Marl7
11'4 Jan
9
18% Mar 1
90% Mar 2
Mar31
5378 Jan
May
Jan
Feb
44% Mar
85
Mar
Apr
14% Mar.
43% July
142% O^
76% June
76% June
132%
89
Oct
Nov
98%
Apr
109% Apr
8
68
Jan
117%
Oct
107
9
100
Jan
109% July
63
Aug
44
Mar
Jan
2
1634 Feb 13
30% Jan
5
80
Feb 14
83
Mar30
79% Dec
94% June
56«4 Feb 13
72
Jan
3
61% Dec
89% July
100% Jan
115'4 Jan
13
19384 Feb 13
86
Feb 13
39
Feb 25
60
89% Apr22
Ex-dlvldend.
26
94
Dec
Dec
47%
Oet
5
101% Dec
33% May
47
91
96% Aug
19
Full paid.
Dec
'
109% July
140
Sept
Mar22
93%Jan
•
3984 Dec
July
5
1739
Record—Continued—Page 2
New York Stock
For record
of stocks usually Inactive. see second page
of sales during the week
preceding.
AND LOW 8ALB PRICES— PBR
Monday
April 19
Saturday
April 17
$ per share
$ per share
137i2 139
*11,0
114
13512 139
*110
100^2
£92
100i2 100i2
114
100
99
96
*260
9512
IOH4
96i8
96%
2501? 250i2
96i2
270
9478
9478
127% 133
133i2
*110l2 101
*94
95i2
133
123
42
43
16i2
16i2
16i2
5158
53
51i2
*4834
52
400
40l2
5678
4034
58
40%
36,400
2,800
*53
54
59
60i2
56ls
4214
40
42
69
67
67
*65
67
69
*65
5778
60
42U
69
70
*65
160
*66
69
*112
120
11212 H2l2
114
165l2 169
16212 16512
158% 166
*66
63
*66
6234
6634
66%
*
1212
*
67
68
6034
*67
66
58ls
63
*
*11
13
*
1212
*
27
*20
27
*
27
142i8 144i2
47
68
4718
13334 134%
1%
13612 14334
45
4634
13134 135
104i2 10412
*1
II4
3078
3138
2858
31
97
98i4
91i2
94i2
9H2
9714
112" 112"
iiir2
m%
1058
12912 13512
*43
4578
130i2 131
"571*8
►
►
4534
124
127
1
125% 131
10U
1
2834
27
2734
2134
25
23
8778
8934
86i2
86%
86
8634
9414
86%
90l2
87i2
91
250
109
10i2
10
9514
§96
59
57
57
56
56
55
♦123
125
123
123
118
120
112
10
958
10
9%
9%
19
*1512
1712
9%
1658
24
10
10*8
3,700
230
55
iii%120%
11878
9
9i2
173i
26I4
25
2534
25
2538
22
223s
22
22i2
205g
2114
18
25i8
20U
80
79
79
78
78i2
6,100
115% 120
9%
10
16%
25
23%
24
18%
18%
19%
5,400 Butte A Superior Mining.. 10
8,000 Caddo Central Oil A Ref-.lOO
77%
77%
78
1,700 California Packing
31%
33%
5,900 California Petroleum
Do
pref..
100
1,900
400 Calumet A Arizona Mining. 10
80
7912
*37
39
37
37
35
36
321
35
30%
32%
*70
71
70%
70%
70
70
70
70
67
68%
64
60
60
*66
68%
60% 160%
76%
79%
64
64
60
60
*60
86l2
87U
84%
87
79%
76%
78%
83i2
*103
104
*10234 105
*10234 105
47%
49
46% ^4934
48is
50l2
50i2
5134
138
144% 152
148%
139i2 14934
147i2 151
87 i 88%
86
89
87
92
95
92is
16%
17
17%
16%
17
1758
1778
1712
34
33
33%
33%
33U
3412
3434
34i4
*103
105
53
52i2
156i2 158
9734100
1778
18
35
3514
92
*90
103
5178
5212
97%
,17%
9712
18
3434
36i4
*90
36
36
3534
6314
50i8
6412
38i4
6314
4734
89
89
5134
103
15112 156
*67
68
67
83
*82
88
92
88
88
3578
3834
35%
34%
35%
3734
38
37
37i2
35
37
3534
36%
64is
6034
463g
63
60
62
58%
60
60%
4834
42
4778
39
43
58%
40%
85.
8,900
5,100
21,100
42%
97,500
63%
6334
90
6634
67
*82
6378
*8112
65
83
*82
83
93
87
89
83
63%
*81
83
83%
88
64
*80
83
90
100
100
1712
1634
17
1618
17
15%
16
4212
37U
4078
38
42
38%
9334
90
9412
90
103
14l2
14i8
1015s 103
105
105
262% 266I4
*97U
5714
9734
82%
8314
58i4
580
605
III4
2678
1H4
267s
43
*37
*100
1312
103
143S
*100
1212
103
13%
98
9934
9912 103
105
10514 *10412 105%
25514 263
9714
9714
56i2
58
8234
83
*590
11
25l2
*37
625
11
26
43
241
252
*100
1212
103
,
13i8
100
12
100
13%
95% 100%
953410H2
104
105i2 *10312 106
229
247
97U
5478
9714
56%
97
97l2
51
5512
82
82
82
82is
*580
625
*500
600
224
*96%
5034
80%
*500
243
10%
11
1038
10i2
25
22l2
2314
22%
54%
81%
81%
37
37
37
37
600
10
25
10%
2234
22%
43
200
600
10%
24
6,500
108,500 Consolidated Textile.--No par
10,600 Continental Can, Inc—.—100
16%
44
52%
*500
600
23%
*38
21%
43
*23
24
*23
24
*22
24
*22
24
*82
86
*82
86
*82
86
*82
85
*82
86
*80
11212 115
111
112
106
111
103
107
105
10634
99i2
99i2
83
99l2
9912
9912
99i2
9978
8378
79
81
77
79
91i8
*89
91
*88
91
*87
*10
15
*10
15
*10
15
*36
39
*128
130
36l2
3634
26i8
26i8
15i2
15i2
*37i2
39
7078
153
15434
15234 154l2
350
360,,
'8
36',
324
*82i2
84
75
75
89
*86
37
38
3512
12734 12734 Z125U 1253s *125
35
3218
36
35i2
36l2
24
2534
25%
2534 2634
14
15
15i8
15i8
1578
68
69
69
65i4
66i2
*68
3478
75
76%
3212
*82i2
74i8
*8614
68I4
348
152
153
315
325
3478
31i2
33
84
82i3
8212
7434
90
73
74
35i2
130
73
88
15
*34
37
125% 125%
34
34%
34
2512
2234
23%
15
13
14
66i2
"79"
*10
32
151 " 152%
275
321
27i2
*80i2
"77"
*84
35
23%
68%
150% 15134
14
z65%
66
150% 151%
32%
27%
30%
283% 298
28%
30
82
80%
71%
80%
*80
82%
71%
71
71%
73
275
301
693s
69l2
94
94
85i4
86%
83%
84%
83%
84
675s
6834
65
68
65
66%
65%
67
9334
9234
93 %
92%
4134
31%
92%
92
92%
46
41
4184
I
1
850
41%
600
*44
46
43
44
3U2
33
32
.32
34"
*33
36
*33
36
*33
35
33
33
*32"
34
200
68i2
*65
68
65
60
62
61
62
2,800
90
200
93
*86
*88
92
*88%
88%
600
31%
*88%
90
~
No par
100
100
Granby Cons M S A P—.100
Gray A Davis. Inc.-.—.—25
Greene Cananea Coppt*.. 100
Gulf States Steel tr ctfs—100
Hartman Corporation
100
Haskel A Barker Car.-.No par
Hendee Manufacturing —100
Hupp Motor Car Corp
10
16,800 Goodrich Co (B F)
Do
700
preferred
46
63's
100
preferred
Do
13,200 Flak Rubber—
—
25
6,600 Freeport Texas Co
No par
5,400 Gaston W A W, Inc ...No par
100
2,800 General Cigar, Inc
100
6,900 General Electric.
46,900 General Motors Corp.— —100
Do
temporary ctfa—no par
267,200
Do
preferred ———. _ 100
500
Do
Deb stock (6%) —100
4,900
Do
deben stock (7 %) -100
1,300
"34"
67
50
Endlcott-Johnson
800 Fisher Body Corp
*43
*4112
preferred—--——100
-
9334
691s
100
100 Emerson-Bran tlngham
"7",200
.
73i2
71
74
68
71
65|
69%
63%
67
27,900
40
4512
45
46%
43
43i2
4012
43
36
40%
20'8
56i8
20J 2
21U
20l2
2078
1934
2Q34
41%
18%
41%
21U
20
19%
20%
55
51%
53%
52%
54%
7,900
28,400
22,200 Inspiration Cons Copper—20
100
1,000 Internat Agricul Corp
72i4
56%
5514
2514
*25
87U
*23
87l4
86
*62"
66
5714
55
55i2
52 i
2512
2278
8434
23i8
2178
23
22
22
23%
23%
8434
8214
83
79
80
80
83%
86
128
132
111
13218 136
111
124 < 130
*10934 112
123% 127
1,900
preferred
Do
8,400 Inter Harvester {new)
125% 130
100
*10934 112
35
Preferred,
Do
...100
100
100
new
100
26,100 Int Mercantile Marine
Do
preferred
100
29,800
29,100 International Nickel (The).25
.100
39,600 International Paper.
Do
stamped pref—--..100
500
375s
38i4
36%
3712
35
36
32l4
3512
32%
34%
33%
96i2
973s
953S
9634
91i8
93i2
88%
923g
87
89
87%
90%
223s
22i2
22
2278
2114
2134
20
213s
20
21
843s
8134
8334
82
76%
8234
75%
73%
77%
75i2
75i8
75
75
75
75
75
75
"48%
48%
75i2
46'8
8034
751s
20%
78%
20%
84
47
43
44%
5,600 Iron
1418
14i8
15
15%
34
34
34
34
*21
23
2134
22
21%
100
100
500 Jones Bros Tea, Inc——100
25
6,900 Kelly-Springfield Tire
Temporary 8% preferred 100
200
100
5 oo Kclsey Wheel, Inc—
H
*21
24
*127
131
*101
104
*75
85
11878 121
12134 127
103
101
10H2 *100
*75
85
*75
7978
"37"
31
39i2
3012
30%
2934
37
38i2
81%;
76i2
80i2
35%
75%
3978
37%
30l2
*38i2
"365s
3*712
35
*165
169
*165
169
*100
106
*100
106
19%
3412
19%
57
57
3414
457s
£33%
34
183s
19%
54i2
57
44%
45%
4334
14
45
45
14
14
14%
2134
2134
111% 117%
*21
21
24
104
*71
79
104
*100
80
*70
80
30%
28%
29%
27%
29
28%
29
17,500 Kennecott Copper
3734!
30%
37%
31%
33%
33%
34%
29,900 Keystone Tire A
83'4
39%
36%
79%
853s
76
82%
81%
38
38
34
34%
100
88% 224,200 Lackawanna Steel-300 Laclede Gas (St Louis)-—-100
No par
7,400 Lee Rubber A Tire
35
*34% "3"5"
34%
170
165
165
165
*100
106
*102
106
*102
31
33
18%
52%
19
17%
18%
30%
17%
31%
31%
17%
18
53
51
52
51
51
127
*111
127
♦111
127
*50
iU27
*111
127
►150
154
*150
155
145% 149%
►104
111
*101
111
104
111
*65
74
*63l2
74
*63
74
*63%
65
*63i2
66
*63%
76
*64
70
60
60
*60
42
41
41
40
40
37%
.
43 %
431*
42
43
42
1443s 147%
*104
'104
80
64
.£****■o^.auu.a„.
145% 146
111
111
64%
168%
9,300
1,000
53
*63%
. L~ than 100
111
68
64
39
Tobacco-.100
100
Incorporated—no par
Loft Incorporated
110 var
Loose-Wiles Biscuit tr ctfs. 100
Do
2d
preferred
100
Do
preferred
—
25,000 Loew's
32
18
144% 145%
*104
No par
Rubber... 10
700 Liggett A Myers
106
*105% 107
►111
*63
par
80
34
♦111
Products Corp..-No
*100
82
106
32%
116
*100
Highest
% per share
S per share
123% Feb 13
110% Apr 23
142% Aprl4
77
Feb 13
84
Feb 16
106% Mar22
105
Apr 12
Apr23
100% Marl8
95%
283
Feb 13
2,300 LoHUard (P)
Do
preferred
SOo
200'
Mickay
Do
Companies
J00
iuu
100
—100
pref.
—
(H R) A Co.no par
1.100 Mallinaon
t. m-di,.
119
Oct
May
120% June
100
May
Aug
90% Dec
Dec
108% Mar
Feb
95
314%
Oct
106
Jan
191%
93% Dec
45%
94%
7
165% Jan
2
105% Jan 29
9734 Jan
Apr23
112% Mar 3
100
Apr 23
38% Feb 26
Jan
Feb
169% Deo
110% June
27%
Jan
69
Oct
y
11
Jan
29
July
9
66% Apr
6
67% Jan
3
74% Jan 17
7534 Jan
7
40
Jan
65
July
61<% Jan
21%Jan
59% Jan
15% Feb 13
Feb 13
54
Feb 13
50
40
73
5
Jan
148%
Jan
113%•Jan
111%
11834Jan 20
Apr21
6434 Mar 5
65% Mar27
64% Nov
77% July
17%
65%
Deo
82
Aug
Jan
Mar
61
Feb
58%
80% May
107
Feb 11
125
Jan
8
68
Jan
Feb 26
176% Jan
5
92
Feb
192%
Jan
7
64
Jan
Nov
142
137
63
75
Feb 25
104%
I
3
Aprl6
9
Feb
17% Feb 11
77% Feb 27
81% Feb 26
97
108
103
111%Jan
Mar30
Feb 14
Mar
6
110
6
9
.7
26
,
55%
Jan
Jan
90
Dec
108
July
Jan
116
Sept
32% Apr
96
Apr
102%Jan
3
102% Feb 24
Feb
13
114
Jan
5
Jan
9
10
Feb
13
15
Jan
13
9634
5
62
4
129
Feb
7% Feb
15
Feb
Jan
145
July
Feb
119
May
Aug
92
May
160
Apr
Fe!
17
Oot
Ja
3984 July
Fev
37% July
6
29%Jan
28% Jan
5%
16
16%
12
6
Dec
Jan
20% Jan
64% Jan
6684 Mar
56% Feb
104% Jan
19%
48%
85%Jan 28
27% Feb 13
46
Jan
3
65
75% Jan
6
10
59% Feb 13
Mar26
69
July
25
9
6
Oct
102
115
5
112
Dec
11% Jan
Feb 27
107% July
Dec
Doc
Dec
7
Feb
2% May
45
Oct
11
Apr
Jan
Oct
85%
26
5
11
Jan
Sept
41
Feb
72
Deo
156%
101%
Apr 1
17
Feb
35%
Jan
Mar20
22
xT4
Deo
Oct
64%
55%
14
91
20%
29
1%
Jan
49% Feb
93
Oct
75% Deo
l%Jan
12
25
103% Feb 13
40
Apr 23
114
65% Deo
14% Nov
76% May
3
19% Jan
8
30%Jan 15
148% Apr
9
50% Mar25
135
AprlO
74% Jan
54% Feb 20
54% May
Deo
87%
56% Oct
86% Sept
8684 July
116% July
114
July
13
10434 Jan
102% Mar22
45% Feb 26
103% Jan
3
31
Jan
117% Feb 26
164% Mar29
90
-Nov
67% July
141% Nov
8
68
Apr
113% Nov
16%
Dec
32%
78
Feb
Feb 26
613s Jan
15% Feb 11
111% Apr
21% Jan
31% Feb 26
41% Jan
87
Feb 11
3338 Jan 19
35
Apr22
701? Mar22
54
Apr 1
£78
Aug
86% July
Dec
Apr
3o»t Dec
65% Feb
100% Oct
1034 Sept
106% July
23
Oct
Jan
60%
40% Jan
37%
44% Jan
34%
106
67
39%
Jan
Feb
13
5
65% Jan
Apr23
9284 Jan
53
85
55% Feb 10
£70% Feb 13
75
Feb 11
15%
Apr23
25
Feb 27
78
Feb 13
100
Apr22
10% Mar 3
76% Feb 13
101
Jan
189
Feb 25
26
96% Mar 5
39% Feb 26
79% Feb 13
83%
60%
44
Apr 23
98
Apr
9
102% Jan 22
14%
Aprl6
7
52%
Feb
Jan
7
91
JaD
105
July
593s Apr 14
20%
Jan
55
Deo
85% Jan 21
Aprl7
69% Mar
87%
Deo
100
28
Jan
Jan
150
Jan
2338 Dec
Dec
49
24%
Dec
43
Juno
Dec
June
101
June
AprlO
91
Jan
88
99
Mar 3
147
Jan
80
99% Apr 17
65% Feb 11
85
Feb 11
104
Jan
101*i
95
Jan
2
Aprl5
Jan
6
16% Mar30
2
40% Apr
8
134% Mar20
36%Jan
19%Jan
75% Jan
43
Deo
150
3
5
5
3
Aug
107%
83
26% Jan
Jan
16% May
39
2
Mar25
£82
48
Oct
410
July
July
Jan
91%
Jan
10%
3
45
Apr23
225% Feb 17
24% Mar 5
Oct
278% Apr
29
150%
Oct
109% July
261
Oct
6
58% Feb 27
June
15%
99
Jan
Feb 17
20% Feb 10
12
Feb 11
37% Nov
10384 June
110
102
Feb
Apr22
June
75
9
20
32
Oct
Oct
75%
95%
Jan
107
33
100% Feb 13
Oot
69
Jan
13
10
43% Nov
56
July
46
Aprl6
20% Feb 26
10
7884
5%
Deo
108
Aprl4
1051
605
Jan
91%
14
93% Mar22
20% Jan
5
9
400
29% July
50% July
Feb
Feb
Nov
Feb
Feb
Oct
Dec
Aug
36% Feb
Dec
123
Deo
July
"
"23% July
9
Dec
25
Dec
38%
Jan
173
Oct
39% Nov
31% Dec
55
Oot
15
47
2
144%
410
Mar24
118%
42
Dec
Jan
Feb
Jan
48% July
6488 July
3884 July
95% July
Oct
176
Mar26
172
Jan
406% Nov
June
73% Feb 13
8934 Jan
82
Jan
95
60% Feb 13
85% Jan
82%
Feb
94«4
83%
94
56%
Jan
93»8
Aug
109%
Dec
80
Apr28
64% Feb 25
Apr
Apr20
85% Jan
102
Oct
Apr
Jan
5384 Nov
3
102»4 Jan
Feb 25
65% Jan
47%
31% Mar 5
2934 Feb 13
4984 Jan
46% Dec
38% Jan
32%
Dec
57% Feb 25
84% Jan
49%
Jan
54%
Feb
Jan
40
Feb
71% July
42%
10%
Feb
68% July
48
Jan
110%
Jan
111
Dec
92
36
Mar
86
Feb 18
50
Feb 13
30
Mar
13
2
108
77% Apr 14
46%
47% July
89%
100%
Oct
Deo
Apr 19
Feb 13
23% Apr
9
50% Feb 13
61% Apr
8
13% Feb 13
27
69
Feb 11
112% Feb 17
110
Mar22
27% Feb 11
76% Feb 13
19% Feb 13
7034 Feb 26
—
104
16834 16834 *160
*102
-
1,100 Jewel Tea, Tnc.._—
Do
preferred
200
110% 114% 114%
Lowest
$ per share
.....
23%
13
65%
preferred
Do
preferred .———100
600
5,900 Famous Players Lasky No par
Do
preferred (8%)
100
850
Federal Mining A Smelting 100
15
35%
125% 125%
No par
Do
35%
*10
—.100
preferred-.-
Do
Do
99%
90
15
91
*10
*99%
100
100
4,000 Cuban-Amerl can Sugar—100
10
2,600 Dome Mines, Ltd
50
1,800 Elk Horn Coal Corp...
Do
400
preferred ————50
2,200
86
9912
preferred...1
Do
75,100 Cuba Cane Sugar
21%
*22
11434 1153s
Copper
25,500 Continental Candy Corp No par
13%
12%
97% 101% 170,200 Corn Products Refining. .100
Do
preferred
100
105
105
1,700
229
242
51,400 Crucible Steel of America. 100
97%
53%
81
*37
1034
2l", 300
94
17
3934
*100
1,000
82
9334
17l2
4278
9H2
85
41%
91%
9634
200
87'
1718
4134
94
35%
83%
15%
40%
87%
8938
95
400
3478
86
95
9,200
88
91
89
—-25
Chlno Copper
5
Cluett, Peabody A Co
100
Coca Cola..——.——-No par
Colorado Fuel A Iron
100
Columbia Gas A Elec
100
Columbia Graphophone No par
Do
pref——————100
Consolidated Cigar
No par
Do
preferred
100
Consolidated Gas (N Y)„ 100
Cons Inter-State Call Mg—10
7,700 Chile
3534
*82
No par
II,300 Cerro de Pasco Cop
91
51i4
100
100
No par
42,600 Chandler Motor Car
5,800 Chicago Pneumatic Tool—100
35*8
*35
No par
100
27,600 Central Leather
Do
200
pref
92
S8I4
*82
8434
*88
Do
17%
77%
-
80
8134
preferred-.——
-100
cum conv 8%
preflOO
Boeth Fisheries———No par
Brooklyn Edison, Inc.——100
Brooklyn Union Gas
-—100
Burns Bros
100
Do
7,000 Butte Copper A Zinc v t c__5
100
600 Butter Ick
16%
24
17i2
17%
2o34
*60
10
96
700
*16%
65
1,100
108% 108%
108i2 10Si2
109
10
100
20
—
35,300 Bethlehem Motors..—No par
100
3,800 Bethlehem Steel Corp
Do
Class B common.-100
134,900
95
1034
preferred
100 Batopllas Mining
26
90%
94i2
Do
200
105% 105%
*1
li4
91i2
§95
110%
50
25
I,400 Barnsdall Corp CI A
---.-100
15,800 Barrett Co (The)
45i2
129
27U
90iS
10%
Corporation--.-.50
6% pref temp certlfs
11878 484,100 Baldwin Locomotive WkB.100
1%
110
pref
77,200 A T Securities Corp.—no par
*1
57
*9i2
200
25
Anaconda Copper Mining. _50
Associated Dry Goods
100
Do
1st preferred.—.—100
Do
2d preferred...—100
Do
25%
40
126
100
.
-----—100
275 Associated Oil
13,000 Atl Gulf A W I SS Line—100
Do
100
pref
100
1U
*1
95
10%
10U
11214
11314 120
46i2
46%
114i2 13178
pref
Autosales
'"II
25i2
100
5978
56%
60
12i2
{new)
68
*66
2512
*44
70
*llll8 120
152
158i2
68
6258
1212
200
70
*60
70
155
69
170
Tobacco
pref
100
1,200 Amer Writing Paper pref
4,200 Amer Zinc Lead & Smelt—25
40%
*65
69
*65
Do
500
43
*112i2 116
170
12U2
100i8
I6I4
51i2
6234
4538
Do
Highest
$ per share
100 1225
92
100
79,100 Amer Woolen of Mass
42%
4518
*66
100
17
45
*67
100
-100
pref
400 American
43
46
1714
Do
6,000 Amer Telephone A Teleg_.100
101
62
69
113
124l2
Par
26,100 Amer Sumatra Tobacco—100
700
Do
preferred
100
16U
18%
5334
62i2
*67
120
116
400
92
92
Lowest
Indus. & Miacell. (Con)
16,900 American Sugar Refining—100
43
17
55
114
127
95
*92
95
*92%
95
45i2
18
4538
Shares
1003s 10078 *100
50
17
60i2
S per share
$ per share
S per share
13134 13434
13038 13278
130's 13434
136
*108
114
110i8 HI
115
110l2 110i2 *110
87is
8934
85%
8978
87
91%
90's
9214
95
95
100
96l2
96i2 *95
*98
101
9512
96
9534
96
96
9638
*230
250
260
249% 24978 *230
248
250
*92l2
EXCHANGE
Week
133
Year 1919
On basis
NEW YORK STOCK
the
Friday
April 23
$ per share
*45
*53
/or
SHARE
Range for Previous
Range since Jan. 1.
0/ 100-sftare lots
STOCKS
Sale i
NOT PER CENT.
Thursday
April 22
Wednesday
April 21
Tuesday
April 20
47%
4778
I8I4
5334
SHARE
TiSti
SHARE
PER
HIGH
70
Feb
16
36% Mar 1
14
Feb
11
21
AprlO
Apr23
106
Feb 25
34
96
86
Feb
Mar
27% Feb
13
4
13
24% Feb 13
Feb 26
63
8
38
Jan
28
Feb 11
164% MarlO
103
Aprl2
25% Feb 11
17
Feb
6
45
Feb 11
112
Feb 11
Apr 14
Aprl5
142% Apr 13
8883
Jan
3734 July
91% July
149% July
120
June
Jan
24
51% Jan
3
5
7
92%
Feb
67% July
128% May
20%
Dec
33% June
Mar 19
30%
Jan
82
Nov
82
Jan
80
July
34
Dec
65
Nov
15
Dec
43
Mar
38%
Dec
91
Mar
24%
115
111%Jan
2634 Jan
91
3
51%Jan 27
2134 Jan
9
45% Jan 10
79% Jan
21%
Jan
July
Dec
44
68
Jan
164
101%
Dec
110%
9
7
48% Jan
5
9134 Jan
5
43
Mario
38% Jan
6
34
Jan
II484
21
Jan
40
Oct
Jan
10
195
Dec
250%
Aug
109%Jan
31
107
July
30
Jan
5
152% Jan
5
Jan
21
105
95
Apr
33% Apr
207
36
Jan
70
Jan
38%
Dec
62%
Jan
33
Dec
3
115%Jan
43
Nov
Oct
Oct
July
126% July
10734 Nov
83
Jan
Jan
115
25%
Dec
"27% ~D~ec
40%
Feb
Apr 12
28
27% Nov
i
94
81
July
Feb
120
June
Apr
245
July
115
July
142
Aprl3
183% Jan
147%
105
Mar23
110%Jan
107
Jan
64
Feb 16
69% Jan
63
Dec
60
Apr22
64%
Mar22
i63
June
37%
Apr23
45
Mar 26
79% May
60
July
.o»d^. , Ex-d.vid.no.
New York Stock
1730
Record—Concluded—Page 3
For record of sales during the week of stocks usually Inactive, see third
page preceding.
PER SHARE
Sales
HIGH AND LOW BALM PRICES—PER SHARE. NOT PER CENT.
Saturday
Monday
Tuesday
April 20
Thursday
April 22
the
April 19
Wednesday
April 21
Friday
April 17
April 23
S per share
$ per share
$ per share
$ per share
$ per share
Shares
♦29
31
29
♦26"
134
13312 136
*102
104
*102
200
204
193
201%
184
4.00
26
26
300
Martin
128
129
130
130
6,700
♦95
98
♦95
97
*95
*103% 104
*102
107
*102
111
"26"
26"
4634
"35"
3512
34%
44%
6434
35%
42%
37l8
70%
*43
89
9134
69
89%
116
88
9034
116
97
23
23
1,900
33%
34
116,600
44%
47%
31%
4284
64%
64
64
*63%
36
33
34
41%
41%
37
373s
42
3634
6534
33%
42%
36%
68
40%
36%
6234
33%
41%
36%
65%
87%
88
35
63
65
27,600
*87%
90
1,300
1,000
22
115
114% 115
*87
89
90
40,000
66
500
5,800
75
73
♦97
100
*90
11
11
11
78%
79%
♦96
88
107
107
77%
100
87
♦14%
*96
8434
♦105
15
108
*14%
108
107
73
73
73
98
*90
98
10%
75%
11%
78%
*96
100
*106
108
42
42
42
59
♦50
53
*50
53
65
65
64
42%
43
42%
*50
5
♦8%
*50
53%
5%
84
109
*106
107
14%
101
39
*50
14%
734
34
40
40
34
35
*32
38% 38%
102% 107%
100
105%
107% 11334
106% 110%
41
41
39
136
66% Feb25
97
Apr 5
Jan
2
100
102%
Jan
100
7234
Feb26
93%
pref
National
Do
Lead
40%
25,300
52%
434
16,400
100
8
138
1,200
800
14
Feb28
17%
100
57
57
57
2,800
50
Feb
68
Jan28
47
Jan
67
July
50%
77%
60%
Jan
5
46
Jan
97
Junt
*38%
Feb 11
Feb 13
Jan
3
035%
Feb
44
Feb13
55%
43
Jan
617$ July
55
July
25
Apr22
Febl9
Apr 6
Feb 13
Feb26
41%
Jan
5
34%
__25
51
Feb 13
65
Jan
2
46
68
Mar
78
Jan
2
100
44
Mar
5
31
61%
383s
Jan
5
100
37
Janl3
7184
6734
Feb 13
Feb 13
69
73
2,200
Pacific Development
49
49
1,200
Pacific Gas A Electric
*28
33
800
98%
9434
87
Pacific Mall SS
Pacific Teleph A Teleg
Pan-Am Pet A Trans
Class
50
B
50
1,200
Parish & Bingham
6,975
Penn-Seahoard St'I
5,000
37%
38%
37%
37%
3634
37%
36%
37%
3534
37%
36%
37
7,500
65
65
*60
65
200
People's G L A C (Chic)..100
Philadelphia Co (Plttsb)—50
Phillips Jones Corp
no pvr
*86
90
91%
89
60%
60
5834
60
87%
*84
92
87%
90
"63%
63%
♦85
89
♦20
21%
*19
21
108% 109
105
107%
♦65
*65
18%
*118
120
114
19
104%
105
98
101
100
66
66
66
117
70%
118
17%
"77"
75
17%
16%
236
236% 237
75
11
64% 2 lb", 100
1634
17%
89%
81%
8134
84%
39%
40%
39
4034
77
84
107%
*65
47%
11134
1534
"45"
15%
68
116
116
116%
105
110
2,800
157,000
8,400
96%
109
"l8"
77%
77
78%
2:9534
86
44
44
107%
111%
1434
15%
1534
65
67
67
14%
15%
14%
15%
218 1
21934
10%
83%
219
222
10
10%
10%
84
80%
37%
78
73
75
64
94
94
*90
*265
300
*265
302
*270
300
*270
115
*108
115
*108
115
*108
115
753
§700
725
§713
716
35%
300
♦108
33%
95
106% 107
45%
47%
74%
107
116"
107%
43
107
lio"
107%
45
45
45
*38
45%
....
1134 "12"
11%
1134
Wl95
n206% 208
206%
72%
*88
2238
61%
72%
71%
72%
94
90
90
*43
33%
32%
49
47%
139
50
221
33%
49
139
*49%
50%
213% 220
76%
79%
80
62
21
2234
*52
7%
7%
73%
74%
99% 100%
6%
21
56%
20
*52
55
6
6%
70%
74%
9434 100
*97
19
100
68%
93%
*96
57
110
111
59%
62
106% 110%
*110
111
10984 110% *109
69
69
*453s
46%
10434 105%
110% 110%
76
9%
94%
91%
77%
*108
68%
46
103% 105%
111
111%
76%
9
68%
*44
74%
9
87%
75%
79
10934 *105
76%
9%
67%
110
68
"58"
68
58"
51%
6534
23%
24
51%
62%
52
6534
31
44
44%
*72
31
45%
1,500
17,000
3,700
16,700
65,200
210
7134
68
72%
18
17%
19
1,300
52
*46%
55
50
50
60
Dec
Pullman
109
Company
100
Punta Alegre Sugar
...50
Republic Iron A Steel
7
900
99
57%
7%
6%
6%.
7
70%
64%
67%
66
95%
87%
9234
88%
"54"
55%
9834 10334
110
65
46
*45%
98% 102%
96%
110%
73%
70
Royal Dutch Co (N Y shares).
St Joseph Lead
10
Savage Arms Corp
100
Saxon Motor Car Corp No par
Sears,
10934 10934
59
59%
87
55%
8634
46
98%
71%
56
7,400
100
104% 139,400
700
109% 110%
67
1,600
*64%
46
95%
110
71
9
82%
*8%
76%
71
67
109
109% *105
46
99
663,700
4,300
110%
72
10,600
9
1,300
84% 318,800
13,100
72%
110
93
94
59
55
55%
55%
5678
86
86
95
Ho"
112%
112
112%
800
50%
49%
4934
49%
50%
61
55%
59
56%
59
20%
21%
12,500
32,100
81,000
67
68%
76
71
72%
70%
z6834
1:2078
22%
84%
84%
500
67%
67%
23,000
114
79%
7334
140
*137
142
110
*
"75%
110
*107
*
71
74%
1,900
76%
70
70
16",200
no
snie»
on
tnie
day
| Less than 100 shares
4
Febll
14% Jan 2
64% Mar 5
13% Feb 13
214
Febl3
10
106%
55«4
1153s
Janl3
2
Jan
83%
Aprl5
Aprl2
Apr 6
21%
Janl3
17%
243
Aprl4
100
44% Sept
Aug
84
12%
Dec
53%
Jan
0% Mar
108%
Feb
Oot
53«4 Deo
NOV
17
July
94%
29
Oot
Aug
230%
Deo
Apr22
12%
Jan
5
10
Feb
19% July
7334 Mar 2
90%
Jan28
74
Dec
8I84 Deo
Dec
64% Nov
48%
5
41%
82%
Jan20
46%
94%
86
Mar
South Porto Rico Sugar...100
200
Febll
310
Aprl9
Aprl4
132
Jan
257
Oct
Feb28
116
Jan
5
107
Jan
117
Sept
110
100
..100 §700
Do
preferred
Standard Oil of N J
pref class B
no par
Tenn Copp A C tr ctfB.fVo par
Texas Company (The)
25
Tobacco
ProductB
Corp
100
Do
pref..
100
Transcontinental Oil.. ATo par
Transue A Williams St.iVo par
Underwood
Typewriter
100
Union Bag A Paper Corp. 100
1st
39
Feb
6
50
Febl3
Feb25
Apr22
Feb13
41
51% Mar26
118% Apr 8
126% Apr 8
101% Jan31
60
Apr 8
43
Mar 25
47
Mar26
38
"Jan
45%
Jan
92
Jan
32
Jan
9%
c41%s
Febl3
Febll
13% Mar31
9% Dec
17% May
Jan n345
nl84
Oot
c5734
95%
Jan 2
Jan
3
72%
Jan
115
Jung
Apr23
Apr22
Feb 13
100
Jan
7
97%
Dec
120
Jung
34%
37%
Dec
Jan
7478
Oot
168
Feb 14
200
AprlS
115
Jan
197%
Deo
87
MarlO
127
Aprl4
75
Jan
100
Dec
61
Febl3
88%
17%
64%
Febll
Febll
Feb 13
48% Feb 13
3834
60%
Jan
5
Jan
3
53
148
Janl4
53
Janl3
60
July
224
Apr 14
157
Feb
50
109% Oot
151
Oot
104% Nov
547$ Jung
Mar 26
27%
40%
preferred..
Nov
97% July
Apr 7
38
30%
125%
par
89
Apr20 §850
Mar 25
Apr 19 113% Mar25
80%
97
Feb
100
no
United Alloy Steel..
United Drug
Do
106%
Jan
No par
Union OH
38
Jan
6i
34%
Jan
6
37%
90%
Jan
Jan
62% Nov
July
45% Oct
58% July
176% July
58% May
100
170
Febll
United Retail Stores ..No par
U 8 Cast I Pipe A Fdy
100
64
Feb13
90%
Jan 3
80% Aug
15%
Feb 13
Feb 3
25%
55%
37%
Jan
14
Jan
3884 Aug
42%
Jan
74% July
United Fruit
Do
pref
...100
43
6
Apr20
U S Food Products Corp. .100
53%
Feblo
U S Industrial Alcohol
72%
Febl3
U S Express
100
...100
100
97
U SRealty A Improvement 100
40
United
Do
pref
Rubber
100
91%
Do
1st
pref
U S Smelting Ref AM
100
10934
61%
Do
States
50
pref
50
United States Steel Corp..100
Do
pref
100
Utah
Copper
Utah Securities
Vanadium
10
Do
10334
Feb 18
Apr 19
143;%
Febl3
Feb 13
z92% Feb27
109% Febl3
68% Febl3
4484
9
42
Febl3
59%
100
pref
100
Western Union Telegraph.100
Mar
1
100
Virginia-Carolina Chem
78%
116%
Mar 6
Feb13
no par
v t 0
Corp
6934
116%
70
3
Apr 7
Apr 6
66
Apr
*97%
Dec
167
May
Jan
6;
98%
Jan
111
May
17%
Jan
507$ Jung
73
Jan
139% Nov
119% July
Apr 8
Jan 5
Janl3
Jan
109
3
88%
Feb
115%
8034
12%
Jan28|
111%
Dec
Jan
3
Jan
2
8'4
Dec
Aprl6
54%
Dec
51
Feb
110
Jan
Feb 13
80%
112%
65%
Apr 14
106% Mar 4
76
Febl3
Jan
7
Febl4
76
82
Feb 13
Mar31
Febl3
Feb 13
55%
Febl3
32
Jan
t Ex-rlghta.
Dee
79
May
Sept
Jan
8
94%
Jan
Jan
3
40%
Jan
45
Jan
3
23%
Jan
92% May
120
July
59% Jung
80
Oct
40% Jung
93
Jan
5
87%
Jan
98% May
64
Feb
4
82%
Jan
5
65%
Jan
93
98%
Janl3
120
Apr 6
Febll
1047$ July
104i$ Jung
136% May
95% Nov
145
Aprl4
120
Feb
100
111
Jan
112%
Dec
67
Marl3
Febl3
116%
C..100
95\
Jan27
50
Feb
88
Feb25
9334
Janl3
88
Jan
98%
Oot
69%
Feb25
76
Jan
66
Jan
81
Oot
pref
v t
pref A
100
Do
prefB
..100
a
Deo
100
Wool worth (F W)
100
62
92% July
1157f Oot
100
preferred
Worthlngton P A M
Mar
x88
82
69% Mar29
119
50
Mar
64
89% Marl8
49
Feb
78% Nov
115% July
117% July
97% July
21%Jung
51% Nov
Apr 8
48%
Apr22
84% Apr23
Jan
5!
97
20%
Jan
45
Jan
48
Willys-Overland (The)
25
Do
pref (new)
100
WilsonACo,Inc. v t 0..No par
Jan
43%
109
106
...50
32% May
91% Oct
5
47% Mar27
98%
Oct
8
50
Motor
Feb
Oot
119%
Jan
White
Westlnghouse Air Brake
16%
215
Jan
Westinghouse Elee A Mfg..50
Do
Bid ana asked prloes.
Mar
93%
3
Jan
Jan23
Do
72%
37
12434
Jung
27% July
105%
Apr22
114
77
62%
Feb13
Do
13934 *138
__
91%
33%
100
55%
85%
3
64
100
49%
22%
Mar
89
preferred
Wells, Fargo Express
63
139
10
Virginia Iron C A C
500
51
139%
100
1,500
50%
6038
139
Co
1,700
,
87
66
Oot
100
Do
400
91
113
,
A
Shattuck Aria Copper
100
9434
112% *112
Roebuck
Shell Transp A Trading
£2
Sinclair Cons Oil Corp
No par
Sloss-Sheffleld Steel A Iron 100
100
55
9
74
92
65%
100
7434
69%
85%
69
110
110% 110%
9%
73
96
55,000
68%
92% 100,300
*97
106%
71%
*834
100
Do
pref.
100
Republic Motor Truck.lVo par
1,800
21%
80%
30%
4434
114"
214%
85
79%
114
217
205
85%
*
Jan28
100
23
8334
100
50
*85
114
82%
2,600
*49
122%
*
91,900
50
85%
13934 140
1,000
200
24
144
18,500
138
23%
85%
*140
68
do
18
110
70%
July
4,200
do
106% 108%
pref
non-voting... 100
44
43%
11,400 Stewart Warn Sp Corp_.no par
80
28,300 Stromberg-Carburet
8434
.No par
106% 111% 396,000 Studebaker Corp (The) ..100
300
Do
9814 98
pref
100
49%
4,900 Superior Steel Corp'n
51%
100
41
400 TemtorCorn A F pref A no par
*40%
*134
85%
*
730
68%
109% 110%
*112
51%
65
"157
18
46
*9
9%
81%
88%
78
75
7234
109% *107
109%
113
29%
46%
214
87
*60
112""
31%
96
*112
115
138
98
95%
106
■
112
*109% 111
66
67%
74%
Mar
200
75%
*45%
46
101% 102%
73
100
106% July
74% Nov
121
July
55
104% 107%
104% Feb 2
Jan
93,900
99
57%
Apr21
145
4634
*6%
65%
9034
101
100
31%
Jan
18
7%
Oot
pref
100
Public Serv Corp of N J.. 100
Do
May
98
Dec
69%
7034
96
109
71%
18%
75
Feb
46
58
*49%
*59
Apr23
m
205
Apr 12
86
17"8
50
II384
112
58
212%
77%
Feb 13
Aug
58
*49
84
38
89
209
100
Steel Car
3
88%
30
Pressed
Feb
Feb
Jan
88%
18%
44%
123s
5
94
88%
138
85% Mar
Jan
Febl3
34% Feb20
84% Feb27
Z97% Maris
89
140
Jan24
27%
Remington Typewriter v 10100
Replogle Steel
no par
89
*138
45
91%
Feb
93
117
Apr 8
Apr 19
Febll
Feb
1184
114
60
16
Mar
46% 295,800
24,900
67%
115%
31%
32%
46% 48
Febl3
87%
19
10%
114"
511
.10
pref
0
63%
17%
100
100
Do
Jan
13,900
190
Oct
74% July
105%
22%
44
57
Dec
Marl5
67%
19
93
16
46%
58%
7
"moo
66
17%
Jan
Apr
44
57
98
104
48%
70%
*88
Feb11
Pond Creek Coal
Pittsburgh Coal of Pa
*38
"l"l"%
89
106%
1034
10%
100
pref
28% May
Nov
67
190
33%
63%
"l"l%
Jan
68%
44
59%
121"
50%
45
*38
Jan
Jan
16
ol
71%
22%
140
"62%
*40
3834
101%
8
110
49
18%
*52
44
8
Jan
Aprl9
70
59
7884
*21%
49
3
Jan
Apr 12
Feb20
46
61
50
97fc
54
*38
23%
218
109%
Jan
Marl9
11%
60
49
104
Oot
82%
48% Febl3
98
Mar 1
124
11%
22
*139
83%
44
45
*38
61%
122
44
75
47%
215
*115
42%
90%!
10634 114%
5434
22%
*190
4534
75
112% 118
53%
*38
100
Oot
Mar 27
106%
745
*108
735
99
111
92
120
297
§712
Apr
Mar 29
Febll
Feb 5
94
*260
May
43
68
Feb25
70%
67
*89
57
Jan
Jan 10
Feb 13
35%
71%
94,
97
123%
81
34
66
Apr
Dec
30
42%
41
140% Oot
10478 Deo
47% Nov
68
July
74
3,300
1,800
26,900
5,700
1,400
89,100
272,075
*89
Dec
27%
Jan
108%
23%
25
Deo
32
42
J an
Febl3
100
Oct
80
89%
10334
98% 327,600
500
97%
44%
2,200
65
81%
94%
18%
15
11
75
*
43%
42% July
42
47%
36%
Feb
91
75% July
Feb
Dec
Feb18
Aprl4
Mar25
Dec
Dec
92%
Feb25
62
70%
58%
22
19%
Feb 13
Nov
Mar
67
37
34%
Nov
149
39% Nov
74
Oot
Dec
MarlS
33
6
"11%
29%
Jan
Aprl4
Aprl4
Jan 6
Apr 8
Feb 9
116%
11134
Nov
128
Railway Steel Spring.....100
Do
pref
.100
Ray Consolidated Copper.. 10
110% 11234
85%
94%
49
*97
43
Aprl4
15%
No par
pref
Do
r
4,500
323,600
78
79%
94% 101
97%
97%
Do
.100
1
Feb26
157
Jan
132% July
98% Deo
107% Nov
106
18%
65%
228
98
107%
K
95%
75%
47%
113%
77%
105
94
"l734
1634
*10%
82%
34%
300
93
73
14%
70%
103% 109
15%
74
23,200
200
70%
No par
Pierce OH Corporation
100
*65
115
109%
18%
223
1,600
2,600
101
66
109
5934
8984
18
99% 10134
1734
101
*94
764
§751
§726
107% 107%
106%
49
I
48%
4534
99
104% 107 I
118
122% 124%
pref
Plerce-Arrow M Car
600
*85
18
*100
15,600
58%
90
98
77%
80%
60%
69%
99% 107%
65%
59%
100
109% *100
18
18%
16%
16%
225% 238%
1034
1034
80%
82%
37%
393a
11
81
17%
116
116%
119% *116% 117
93
98
99
73
17%
238
*85
118
115
115% 120
97% 102
97%
*100
109% *100
109% *100
18
19%
19%
19%
1834
85
8734
80%
87»4
69
65
71%
70%
60%
108
105
11134 113%
112%
98
99%
99%
98%
"47"
47%
47%
113% 115
111% 114
109%
16%
1534
1584
10234 102%
"77"
58%
90
18
103
116
118
61
17%
89
*85
I884
101
70%
6434
89
60
92
60
no par
v t c
Do
250
I684
5% Mar
28
32%
July
75
684 Mar 8
5
120
49
"59"
Apr 8
4%
44% Mar
par
no
90%
17%
3
100
Mining
94%
69%
145% Oot
70% July
Jan
29
17
Feb
Jan 3
61
38
60
Feb
19%
Jan 5
48%
36
9984
18%
92
91%
117%
37
73%
217$ July
Feb 11
Owens Bottle
*69
Oot
July
112
FeblO
35
17%
Sept
13% Nov
......._Tno par
Otis Steel
Do
102
5
94%
Feb 13
100
Elevator
7,800
55,200
3
~
Jan
88% Jung
May
104
30
25
Oklahoma Prod A Ref of Am 5
2934
328,100
Jan
45
Ohio Cities Gas (The)
Ohio Fuel Supply
29
95
Jan
64
92
Nova Scotia Steel A Coal. .100
Otis
Feb
93
100
Brake
preferred
Ontario Silver
45%
7
Aprl2
Jan
"
110
105
5
North American Co
3,500
4
89%
..100
Air
York
Do
Mar
80
100
pref
Nevada Consol Copper
28
9934
Oot
91%
Nat Enam'g A 8tamp'g.._100
35%
18%
Apr 17
July
2834
73%
9134
Oot
Nov
75
92
38%
100
Jan 3
Jan
34
18%
72%
Oot
37%
69%
5
Jan
MarlO
Mar
25
100
Febl3
61
139
35%
72
43% July
Mar25
40
40
Dec *121
28""
70%
Jan
Sept
Feb
Aug
34
"181*4 ~18%
53
45
54
24% July
29%
90
Nov
29%
Feb13
40%
7
Nov
"26"
90
40
44
32
6
Jan
87
3634
*86%
6734
71% Nov
62% July
83
July
6
Jan
69%
108% May
69
68
Oct
Nov
Jan
62%
112
31
*86
71%
.
107
35
*60
32% July
Jan
200
68
Nov
9
29
*60
118% Sept
21
3
37%
90
Dec
6
Jan
32%
65
99
Jan
Jan
35
65
Jan 6
26
125
31%
♦88
105
Feb
2234 Feb
42% Feb26
61% Febl6
33
Apr22
36% Feb 13
x35% Feb 13
116
33%
90
Oct
Marl3
88
21%
Oct
Mar
37%
68
264
83
35%
♦88
Jan
111% Mar
"32%
*60
162%
Dec
32
41
Jan 3
Dec
Do
90%
222
8%
49
105%
92% 103
May
Feb 11
161
317g Nov
70
55%
96
110
103
29
35
Jan
5,000
59
137
136
104
3
50
4%
Janl2
Janl3
"i",66o
*7
107
38% July
Apr 7
1434
*50
434
131%
13
New
52
Jan
Aug
110
100
New York Dock
7%
Dec
00
102%
1,100
4%
23
Feb 6
5,500
5
5
Jan 8
Aprl9
28
30%
137%
Feb26
57%
8%
8
33% Jan
Feb25
Feb 19
40
52
*47%
434
5%
8%
Apr23
23
8
101
55
60
26
117% Feb25
101% Mar27
94%
15,700
3934
% per shars
63
*45
40%
% psrshars
100
National Cloak A Suit
*35
39%
$ psr share
Do
preferred
100
Nat Conduit A Cable.JVo par
1,100
81%
107%
"57"
Highsst
S psrshare
"3", 100
100
80
Lowest
100
c
preferred
55
41%
4%
8%
Do
Highest
100
Do
preferred v t
National Biscuit
36
40
*48
Nat Aniline & Chem vtc.no par
99
14%
60
100
42%
*32
112% 114%
111%
14%
41%
5%
National Acme
36
"58%
72
110
80
53
34
61
*95
62
50%
♦32
32%
7334
99
60
50%
*58
154
73
723s
♦
71
32%
10%
82
100
Mont Ward&CoIllsCorp no par
Mulllna Body..
no par
98
10
62%
8%
Montana Power
98
*135
153
*135
150
150% 152
31
32%
29% 3012
31%
29%
55
58
60%
60%
56%
55%
71
72
70
70%
72%
70%
51
51
5034 51
50%
50%
154
73
*90
100
*45
38%
57
*50
7934
*70
10
10734 10734 *106
14%
103
37
53
*94
•
7234
08
62
53
8%
70
76
*45
65%
42%
5
834
9%
100
80
55
♦51
72
*95
39
42
♦45
77
85
*14%
15
103% 100
15
71%
*90
11
9%
100
83%
86%
109
10%
pref
Miami Copper
5
Middle States Oil Corp
10
Mldvale Steel A Ordnance..50
100
73
*90
73%
98
..100
1,500
113% 113%
♦72
100
2,500
11334 11334
115
preferred
Do
45%
22
no par
Mexican Petroleum
"
22%
3334
44
34
69%
37%
71%
"21%
32
37
66%
45%
37
112", 166
43%
64%
36%
4534
6434
36
42%
37
46%
66
37%
45%
3712
45i2
37ig
71%
•43
37"
*64%
36%
66
165% 177%
170% 177%
189%
25
Parry Corp
May Department Stores.. 100
Do
*94
23%
2378
46
23
173
26
26
28
97
106
Par
Manhattan Shirt
26
27%
193%
*64l2
3712
lndustrial&:Misc.(Con.)
133
135%
♦102
2334
3312
111
Lowest
127
29
134"
28*
137%
Year 1919
EXCHANGE
26
30
♦26
Range for Pretions
On hosts 0/100-share lots
STOCK
With
$ per share
YORK
NEW
PER SHARE
Range since Jan. 1.
STOCKS
for
Ex-div. and rights
x
Ex-dlv
c
Reduce! to has
6
6
a
of $25
par.
117% July
117
Oet
nPar $100,
New York Stock
Jan. 1909 the Exchange
Bond Record, Friday, Weekly aDd Yearly
Exchange
method of quoting bonds teas changed and prices are now—"and interest"—except
1731
for interest and defaulted bonds.
___—
ii
BONDS
Range
•
Ask Low
Bid
No.
High
BONDS
Since
N. Y. STOCK EXCHANGE
Low
J
D
93.20
Sale 93.10
93.90 5211 93.10 100.40
J
D
86.10
N
85.20
Sale 8".00
Sale 84.20
90.30
M
J
D
86.40
Sale 85.00
90.40
M
N
85.00
Sale 84.30
87.00 19303 84.30 92.86
M
year—1932-'47
4a
i
1st L L conv—193
192
2nd L L
4a
S
90.10
Sale 90.00
92.00 12340 90.00 95.00
D
97.24
Sale 97.20
98.00
O
85.24
Sale 84.50
Third Liberty Loan
4Xs
4%a
4%s
lat L L conv—.193
2nd L L conv__192
3rd L L
Fourth Liberty Loan
4Xa
4%s
J
lat L L 2nd oonv 193
4thLL
..193
!A
victory Liberty Loan
4Xs
conv g
3X8
conv g
\3
J
notes—192
notes...192
D
D
J
Q
F
106
Q
F
105%
Q
N
Q
M
Q
M
Q
—
Mar'20
—
mm —
—
*85
100
89*4
87*2
Feb '15
Sale
98
S
71%
Sale
70*2
89
Sale
88%
89*8
15
46
33
M
N
J
D t
Exter dt 6a of 1914 aer
39
72
70
84
85%
86%
87%
87*4
92
74
81%
28*2
75
Nebraska Extension 4a...1927
88%
92%
50
:_1927
Registered
1st oonsol gold 6a
General consol lat 6s_—_1937
97%
9734
91%
Sale
Sale
97%
90*2
90*2
97%
93*2
Sale
97
Sale
9238
Sale
7434
78
538
Sale
73
77*2
825
98%
90*2
96
90%
92l2
80
93%
44
92%
98*2
9712
69
82
67*2
82
76
94%
95*4
39
77
'2o
'730
59*4
63
88%
87%
89*s
J
J
t 60
1 M
N
89
I M
N
88%
J t
D
33
34%
33
34
17
23
29
27*2
28
52
C
89%
Sale
89%
90*2
57
58
56%
57
M
S
Sale
89*2
Sale
57
45
91*4
97%
OKol Gt Brit & Ireland—
8
16
89%
354
21
52
88*2
93
Gen'l gold 3Xs Ser B
54
61
General 4 Xa Series C
Gen A ref Ser A 4Xa
96*3
283
92%
87*2
206
85*2
90*4
93*2
91*4
362
93%
563
89*4
90*4
97%
90%
1956
1909
Ghlo Ind A Sou 50-yr 4s
91
Sale
F
A
93*2
Sale
Registered
M
atock_19(
3 M
D
£
} M
3
93
95
100%
9G
100*2
96*2 Apr '20
95
9"%
87
85
K
85
87%
85
84
Sale
84
86
N
7 M
N
95*2
97
94
(t
Y State—ia...
N
77*2
M
6
95
.
J
I
J
95
J
J
95
J
3
103
J
J
|M
103
'mm
53%
95*2 100%
95% 100%
79*2
81
105
mm mm —mm
94
94
'20
97
10712 108
99
'20
99
74
58*4
Sale
56%
63%
J
65%
Sale
65
73*2
Sale
73*2
55
Sale
55
65%
74%
56*2
96
Apr '20
107*2 107*2
Sinking fund deb 5a
Registered
Apr *20
78%
Des Plalnea Val lat gu
52
Q
"55"
52
54
55 78
70*2
Sale
70*2
77
76
64
67
64
60*2
J
A
O
A
O
....
Sale
73*2 June' 18
65
66*2
64*2
66
55
*
50
60*2
49%
58
70*2
82%
Ext A Imp a
75*4
79
Nov
Nov
M
J
1
....
gold 4a
—
Oonv 4a iSBue of 1910.—.
Seat Okla Dlv 1st g 4a...
Oonv
h
D
116
73
20
Ashland Dlv lat g 6s
""I
64
71*2
~37
64
65
"71%
D
84%
82
£
84%
87
88
J
-
61%
69
69
J
I
72
74
74
iw
e
74
76
s
81
95
95
73
74
32
Railway general gold 4a...1988
Refunding gold 4a
76*2
RI Ark A Louis 1st 4XS—
81
Burl C R A N lat g 6a
74*2
"so""
73
Sale
71
74%
74% Apr '20
72*2
78
N
91%
96
92% Mar'20
92%
92%
83
78
Sale
61*2
8
J
J
77
J
J
M
A
*1948
*1948
4X8—-— ...1933
O
92*4
J
gold 4a
Registered
A
J
80*8
Q
1934
1st gold Hi
C
J
A
—
—
—
—
mm mm — —
05
78
'20
Sale
fm — rnm
80*8
81
58*2
"43
"~59
69
60*2
73
82*2
83*2
132
? L E A W Va Sya ref
54
Sale
southw Dlv 1st gold
i
J
70
70*4
M
S
85
4S..1941
3Xa.l925
1936
5a..1933 A G
D
5s—1936 J
A
O
5a——.—1937
A
G
Pitta Clev \ To! 1st « 68-1922
J
J
Tol <k Cln dlv lat ret 4a A.1959
M
%
affalo R & P gen g 58
1937
M
N
Conaol4Xe
1957
All * West lat g 43 gu
1998 A O
J
J
Clear A Mab lat gu g 5a._ 1943
f
A
Rocta A Pitts lat gold 0a..1921
J
O
Conaol 1st g 8s
1922
A
G
snada Sou cons gu A 5s... 1982
J
D
#r Clinch A Ohio 1st 30-yr 5a '38
F
A
Bctral of Ga lat gold 5a—j>1945
M W
Conaol gold 5a
1945
10-yr temp aecur 6s June 1929
3
D
Ohatt Dlv pur money g 4a 1951
J
J
Mae A Nor Dlv 1st g 58—1946
1
j
S
J
Mid Ga A Atl Dlv 5a
1947
J
J
Mobile Dlv lat g 5a
1946
M N
snt RR A B of Ga coll g 58.1937
Genera! gold
*
«.
No prrce Friday
latest tnis wets*.
Mar'20
91
91%
Mar'20
90*8
90*8
99*8 Mar'18
89
8934
79
74
4
45
53
89% Apr '20
89 %
92%
81*2 Mar'20
81*2
83%
73% Jan
73i4
73%
85
85
85
46
'20
Apr '20
99% 100*8
99% Feb '20
99% 100
80*s
87
99%,
82%
75
75
Nov 19
90
94
Mar'201
77
77
—
70
92%
mm
—
—
———
—
"84% ZZZZ
F
80%
61*2
*62
M
A
i D
e
—96
•
93
93
98
103
93
A
"86% "87*2
M
84*8
72%
87%
87% Apr '20
*90%
Nov'18
97
90%
97%
Mar'19
98
M
94*2
96%
97
97
97
94*2
94% Feb '20
~96 ~ ZZZi
101% Oot '16
....
110
105% Nov'19
88
Jan *17
99% Mar'20
"99*4
96%
9934 Apr '20
Sept* 19
99*2 100
105
99*8 Mar'20
95
F
95%
99%
"9~9%
100%
70*8
723g
87%
95*2
98
69
80
72% Apr '20
79
M
J
Sale
79
70
....
79
83*4
70%
05
65%
76% May'19
A
"62*2
Salt
62%
63*2
61%
Sale
61
62
A
$5%
87
96
87%
87*«
97% Feb '19
89
89
68
68
66*2
N
O
66%
1952
1937
J
"78"% '89
J
"56"
70*2
"67%
70
1
85*4
90%
68
73
64
Oct *19
68
59
60*2
102*8 104
81*2
81*2 Apr '20
118
100%
"87%
Nov'16
95
May'18
67% June'19
77
100
100
59
56
100
Apr '20
20
56
90
64*8
103
«1
May'17
88
J
Mar* 11
'20
81
81
64*4
66
64*4
66
63
70
1931
74
Sale
74
74
73
1993 J
76
85
82*2 Apr '20
82*2
84
70
75
Mar'20
71*4
75
59%
61*4
56%
62
61%
6f,%
77*4
77%
51*2
56
1940
«•
~
57
59
56%
59*2
60%
61%
70
M
72
latgu4Xa—1961
Colorado A Sou 1st g 4a
1929
Refund A Ext 4Xa
-1935
84
Nov'16
101
Oct '19
77*4 Mar'20
82% 8opt'19
93% May'19
86%
101% 102% Oct '19
71
76*4 Nov'19
70
50
O
5012'
56
20
Sale1
20
76%
Sale, 76%
80*2i
80
Apr
A
63
100
M
Cleve Short L
77
74% Jan '19
63*4
1940 J
1990
Jan
81
.....
Income 4a
65
60%
58*8
126
59
59*8
59*2 59
99% 103
103*8 Mar'20
83*2 Nov'19
1920
let gold 4s
11936 Q
Registered
11936 Q
J
Cln S A CI cons 1st g 6a..1928
J
C C C A I gen cona g 6s. .1934
Ind B A W 1st pref 4s
1940 A
O Ind A W lat pref 5s...<11938 Q
A
Peoria A East 1st cons 4«. 1940
Cubs
80*s
67%
Mar'10
20%
80%
67*2
70
96
95
24
;
Feb '20
70
1
27
76*4
80*8
67*2
1
70
72
913s
fis—.1921
5
10
Apr *20
8M2
8£*2
4a—1943
RR 1st 50-ye3r 60 g—.1952
95
98
75
70
73
7>
6534
7f%
6
99% 101*8
9784
97%
90% 94
1
Del Lack A Western—
66%
9934 100 j
91%
96%'
Xs—2000
N Y Lack A W lst3«
1921
Construction 5s
1923
Term A Improv 4a
1923
Morris A Ess 1st gu 3
'19
Aprlt.
Spr A Col Dlv 1st g 4s
W W Val Dlv 1st g 4s..
Ft W A Den C lat g
97% June 17
Apr '20
91
99
Apr '20
109% Apr *16
A
M
" ~6S"%
Conn A Pag Riva lat g
74*2 May 19
May'18
80
62
"69% "80 "
91
99
99
1939 J
Cln W AM Dlv lat g 48-1991 J
St L Dlv lat coll tr g 48—1990 M
94
87
87
91
91
*98*2
A
62*2
70% Apr 1»
69%
69%
77% Dec '19
71%
70%
M
A
Oct '19
62
62
77%
96%
"86% "92"
86% Mar'20
92
...
...
67*2
C Find A Ft W 1st gu 4s g 1923 M
J
Day A Mich 1st cona 4Xa 1931
Clev Cln Ch A St L gen 43—1993 J
J
88
90
91% Jan
79
94" "95%
77
78
87
87
05
943g
1930 J
0 I St L A C consol 6s
Aug *19
45
86
Cln H A D 2d gold 4Xs
77%
98
89*2
Conaol 50-year 4a
85
73*2
«.
77%
9438 Feb '20
99% Oot '19
Superior Short L 1st 5b g.cl930
Chic T H A 80 East 1st 58-1960 J
Ohlc A Weat Ind gen g 08—fl932 Q
85
88
9F%
"78~ "78 "
'20
77'4 Jan *20
95%
1930 M
69*8
70*4
Mar'2o
Sale
74
3X8—1930
70
90*8
98*s
Jan
78
81*2
Cairo Dlv lat gold 4a
91
80%
72
J
4Xs*41 F
1930 J
20-year deb 4Xa._—
General 5s Series B
91%
98*8 101
1934
5a
75
45
65*4
Debenture
61
88
—
Chic St P M A O cons Cs
53'
90
Ohio River RR lat g
66*8
'lx
54
85
80*4
CJ Lor A W con lat g
St Paul A K C 8h L 1st
60
Jan
~66% "70*2
J
J
O R I F A N W lBt gu 58-1921 A
Ch Okla A G cons g 5s
1952 M
Keok A Des Moines 1st 5s 1923 A
7212 Apr '20
55*2
j
H
H
Cent Ohio R 1st c g 4Xe.
60
92
58
M
70
60
81*2
Sale
Sale
M
81
58
Sale
59
83
59%
84%
58
59
i" b
j
78%
"83
59
j
78
"72*2
60
Feb '20
j
tO-yr conv
61*2
81
81
58
60
97%
M
59
Sale
65
97*2
M
1934
North Wisconsin 1st 0s
Apr '20
80*2
J
15
63
Aug '19
July'15
05
—
O
Q
-
69%
Sept' 19
..1988 J
Registered
Cons 0s reduced to
61*2
'
gold'fis.....
Jan
*107
N
97%
93%
60
95%
Chicago Rock Isl A Pac—
69
D
79%
65*2
96
97*2
98% 100% 102
1948 J
89%
88.
M
M
4a.1947
85%
J
55
97*2
lat gold 08—1924 J
Mich Dlv
St L Peo A N W lat gu 6a
69*2
73
24
60
J
1925 M
64*4
June'19
70
97*2
99% 100*8
f gold 5s._.1929
76
Mar'20
M
20
73
13
63%
82
"~6
88
72*2
65
60
*
3XB.1941 J
65
Apr '20
Apr
61%
63%
37
65»8
93*4
Frem Elk A Mo V lat 08—1933 A
Mil Spar A N W lat gu
3
78
50
93% Feb '20
9534
9534
Mllw A S L lat gu 3X8—.1941 J
72
J
IW
80
1921
1933
1933
4Xs '47
60%
72
95%
Mil L S A Weat 1st g 68—1921 M
1
55%
Apr
_.—
lat 50-year
Registered
53*4
55
58
J
J
.1921 A
6a.
Man G B A N W 1st
*1991
itchlaon Topefca 4 Santa Fe—
Gen g 4a..
1991
Registered.
..1991
9av F <k W lat
Slaking fund 5s
Registered
72
94
1920 J
1987
1987
1879-1929
1879-1929
1879-1929
1879-1929
Stamped 4a
Debenture
J
...1937 M
Deo *18
100*8 June'18
'
Registered
General 4s
82
60
12
55
72
Sale
1880-1920 F
1987 M
z>1937 Q
Sinking fund 0s
Registered
Mar'20
99
53*4
Sale
Ohlc A N'weat Ex 4a _„1886-'26
Registered
62
Sale
Wis Valley Dlv lat 0a
General gold 3Xa
80
Mar'20
60
72
1932
General 6a stamped
kallrscd.
ton Arbor lat g 4a...
Stamped
90
89
Nov'19
107*2 Jan
B
J
6
80
Apr '20
98*2 Aug '19
94
mm m mm
8
M
J
91
84
85%
97
107*2 Jan
105
»
Highway Improv t 4Xa—1901
85
7
98*2 Aug '19
'
Flrglnla funded debt 2-3s..l99i
6s deferred Brown Bros ctfa...
90%
20
Apr
100
95
3
8534
85
Mar'2o
97
M
97%
81%
100*8
10
85%
96
N
M
4Xa.
95
8
85
84
7 M
New
*49j
85*8
N
M
7 M
94*8 100
68
May'19
92% Feb '16
J
11
95
96*2
68
80
J
96
95*2
N
5 J
Mar'20
83
.1921
O M A Puget Sd lat gu 4a. 1949
Dubuque Dlv lat a f 6a.. 1920
Fargo A Sou aaaum g 0a. .1924
Mllw A Nor 1st ext 4 Xa—1934
Cons extended 4Xs
1934
Wis A Minn Dlv g 58—1921
90
90%
94
84
O
A
1
97
80*2
68
J
88
97
56%
63%
4Xs
57%
52
'20
Sale
1921
16
88
53
80*2
Jan
61
1934
95%
95%
54
80% Mar'20
J
25-year debenture 48
19
90*4
52
97
a2014 F
Gen ref conv Ser B 5a
Convertible
Sale
63
94
89
70
Mar'17
76% Deo '19
1925 J
89
90*4
9134 Apr '20
Sale
8
50
64*2
71*2
Permanent 4s
91
89
e
M
Y City— 4 M9 Corp
50
Mar'20
68
A_el989
..el989 Q
J
el939
J
C1989
A
a20l4
Ohio A P W 1st g 5a
Soeurltlne.
esoto and City
Apr '20
70
67%
77%
95%
|5<oi
N
50
70
75
J
Chic A Mo Riv Dlv 58—1926
0
90%
70 *
99
Ohio A L Sup Dlv g 5a
f
70
J
Chic L S A East lat 4Xa
86%
90%
Mar'20
80
Cb M A StP gen g 4a aer
94%
29
90% Feb '20
32
J
43
Sale
21
97% Feb *13
Refunding gold 5a
1947
J
Refunding 4a Series C
194
£
Ind A Loulav 1st gu 4a...1966
93*2
Sale
20%
Apr '20
70
*----
Chicago Great Weat lat 4a__1959
J
Chic Ind A Louisv—Ref 08.1947
29%
27*2
95*2
K
F
Apr '20
23
F
Chic A Ind C Ry 1st 58—1936 J
M
71
87
M
23
70
*
0 S Mtg A Tr Co ctfs of dep.
92%
14
25
68
Guar Tr Co ctfs of dep.
88%
87%
75
93%
193*
Furch money 1st coal 5s..1942
74
23
Chic A E 111 ref A Imp 4s g—1955
U S Mtg A Tr Co ctfa of dep..
55*4
37
20*4
87*4
90% Oct '19
"74- "sale
1958
General 4a
76
90*2
5-year 5X% notes.......
70
42
86
90*2
A
Joint bonds.
72
O
1 J
98
See Groat North.
93*2 99*6
86
O
98
78%
73
"German
49
38
69
Feb '20
Jan
44%
29%
96
73
76
9
80
79
86
76%
76
65
Feb *15
113
70*2
73%
J t
"
Feb '20
82
O
Q
*70
79
92%
A t
73
64's
69
80%
F
66*4
'20
Jan
88*2 Sept* 16
98
90
5 J
66*4
66*4
65
70*2
76%
*
81%
79
13
L
74%
June'19
69
67*2
78
75*2
78
33
do
do
80
66*4
66*4
*68% "77"~
70
69
91%
A
do
82% May'19
78% Dec '19
"77"
1949
77*2
1 A
95
70%
—1949
91
"~8
85%
Oct '19
33
Sale
3 A
5
69%
23
4434
Sale
A
10-year 6*ia
75
32*2
Sale
A
2-yr 5%a go]
74*4
70
44%
77
do
do
Sale
65%
Sale
45
J F
—194'
Sale
74%
Sale
s91
73%
97%
External loan 4 Ha
~68%
72
70*2
86% Mar'17
32*2
44*4
7638
A..194! ) F
70
82%
88
104*2 Jan '17
44%
S
M
98%
50
'20
Mar'20
Railway 1st lien 3Xa
1960
Chicago Burlington A Quluoy—
Denver Dlv 48—
1922
J
I J
Cuba—External debt 6a of 1904
99%, 2453
98*8
96%
Apr '20
Chic A Alton RR ref g 3a...1949
89%
87*2
O
M
Jan
83
Sale
6a„1941
Illinois Dlv 4a
A
70
Hioh
96*2 100%
95%
99%
'18
Greenbrier Ry lat gu g 4a.l940
Illinois Dlv 3X8
Gavernntont.
Anglo-French 5-yr SsExter loai
Argentine Interna! 6a oI 1909
Foreign
24
Jan
Low
2
Apr '18
"7l"
1989
Warm Springs V let g
98*4 Mar'19
99
Juiy'18
89*4 Mar'20
87*2 Mar'20
85
.....
—
97*4
97%
88
90
R A A Dlv lat con g 48—1989
2d conaol gold 4a
11
100*2
64
105% 106*4
105% 106*4
No.
97%
95%
100
70
Oralg Valley lat g 5s
1940
Fotta Creek Br 1st 4a....1946
101
High
96%
95*8
96
82
65
101
Since
Jan. 1.
82*8
4s—1945
106
106*4
F
mm'—
mm
Sale
Coal River Ry 1st gu
Mar'20
Sale 10578
F
!Q
do
97*.i
96%
78*4
96.70 5498 96 00 99,40
101
101*4
101
J
97
96.80 8587 95 90 99.40
100*2 10U2 Apr '20
Q
Q
4a
612 85.00 94.00
7 96.50 101.10
87.00 27838 84.50 93.00
Sale 96.00
96.30
*
86.98 1044 84.20 92.90
Sale 96.00
96.46
89 85.00 93.48
Ask Low
96*2
93%
58—1987
*1987
Am Dock A Imp gu 5a
1921
Leh A Hud Rlv gen gu 58.1920
N Y & Long Br gen gJ4s__1941
Oant Vermont 1st gu g 4B—<1920
Oheaa A O fund A lmpt 58—1929
1st conaol gold 5a
1939
Registered
1939
General gold 4 Ha
1992
Registered
1992
20-year convertible 4X8—1930
30-year conv secured 5s..1946
Big Sandy lat 4s
1944
Ranoe
*3
Range or
Last Sale
BitI
High
Registered
•eoond Llbei ty Loan
Week's
Friday
April 23
ending April 23
Cent of N J gen gold
Loan
1st 16-30
3Xs
Week
Jan. 1.
U. S. Government,
Flrit Liberty
Price
Range
i*
or
Last Sale
23
April
la
Week's
Price
Friday
EXCHANGE
Week ending April 23
N. Y. STOCK
80
Due May.
81*2
$
Due June, h Due July, k Due Aug
f Due
90
Oot
9
98
I
Due Nov.
65%
66
99%
99%'
97% Feb *20
93
0
93
Due Deo.
.
i
4
s
Option saje.
New
1732
[Vol. 110.
Record—Continued—Page 2
York Bond
Price
Week's
Range
bonds
Friday
Bangs or
Last Sals
Since
n. y. 8tock exchange
Jan. 1.
Week ending April
April 23
23
Ask Low
Bid
No
High
Low
Week
j
96
lit a re! 4a
1943 m
n
70
1936 a
o
79%
a
o
68
n
100
Alb a Subq conv 3ha—1040
Renaa a Saratoga 1st 7s..1921 m
96
96
Apr '20
74%
74%
79%
79%
72i2 68% Apr '20
104
102% Apr •19
97l2
74%
.
Improvement gold 6s....1928 j
lit a refunding 5s..
1956 f
Trust Co certfs of deposit...
Bio Or June 1st gu g 68...1939 j
Bio Gr Sou lit gold 4s
1940 j
68
Dul a Iron Range 1st 6i
1937
a
d
60
6278
68
4
63
70%
45%
47
38
49
1938
39
43%
Ferry gold 4hs—
1922
75
Gold
n
j
o
73%
"75
94
83%
"87
1932
82
n
s
s
8612
Sale
85%
96%
82
80
72
85
99%
"sou
Sale
"4l" "41%
"74
34
Sale
34
37
39
39
77%
78
Erie a Jersey 1st s f 6s...1965 j
Genesee River 1st s f 68—1957 j
n
j
85
j
88
j
1936 a
6s.. 1922 m
n
Dock a Impt 1st ext 6s... 1943 j
n y a Green l gu g 5a...1946 m
n
—.
89
n y Susq a w is tref 6b..1937 j
2d gold 4hs
1937
1940
f
General gold 6s...
f
Terminal 1st gold 5a...1943 m
Mid of n j 1st ext 6s
1940 a
j
ii— ~93%
65
Wllk a East 1st gu g 6s..1942
Ev a Ind 1st cons gu g 6b..1926
Evansv a t h 1st cons 6s..1921
1st general gold 6s
1942
"72" iiii
54
d
Mt Vernon 1st gold 6s.. .1923
Bull Co Brancb 1st g 6s..1930
o
j
iiii "95"
60
d
37
"39"" "47"
j
Ft Worth a Rio Gr 1st g 48.1928
Galv Houa a Hen 1st 5s....1933
Great Nor c b a q coll 4s..1921
64
j
..41921
Kentucky Central gold 48.1987
Lex a East 1st 50-yr 5s gu 1965
44
l a n a m a m 1st g 4
hb 1945
75
78
83
l a n-South m Joint 48—1952
60
n Fla a s 1st gu g 5a
san Ala
91
Gen
53
Feb '20
53
Deo *19
Nov'11
June'12
80
....
j
"81%
83%
83% Feb -20
"8*3"% "88%
lit oonsol g 8s
1933
Registered—
1933
Beduoed to gold 4ha. 1933
Registered
..1933
j
103% 108
99% Apr '20
99% 105%
Mont ext 1st gold 48—1937
d
Registered
1937
Pacific ext guar 4s £....1940
e Minn Nor Dlv 1st g 4s..1948
Minn TTnion 1st g 60
1922
d
Mont o 1st gu g 6s
1937
Registered............ 1937
j
1st guar gold 5s—
....
86
o
78
j
♦98%
j
Will asf 1st gold 5b... 1938
d
Feb
Debenture ctts "b"
Feb
Gulf a s 11st ref a t g 5s..61952 j
j
Hocking Val 1st cons g 4 hi 1999
96
"64%
Sale
64%
65
78
"79%
Illinois Central 1st gold 4s_.1961
Registered...
..1951
lit gold 3Ha
1951
Purchased lines 3Hs—1952 j
l n o a Texas gold 4s... 1953 m
Registered
82%
1953 m
1934 j
1950
*62%
—
72
Kan
94
91%
55%
10%
65
n
—1945 m
s
1938 m n
Cent Br u p 1st g 4s —..1948 j
d
Pac r of Mo 1st ext g 4a__193s f
a
2d extended gold 5s
1938 j
j
78
40-year gold loan 4a
3d 7a extended at 4%
83%
"72"
j
59%
66
63% Mar'20
61%
62%
62%
"85%
Sale
n
66
n
j
71
64
auk
85%
73
64
74%
67
" "76%
Apr 20
72%
Jan
'20
102
*09~" "69"
June'lfi
*62 "
52
Apr '20
52
63
Jan
53
53
61% Feb '20
61%
61%
80
"74'
"64 "
69
"91% loo"
Registered
1961
d
Gold
1951
d
Registered.
1961
Joint 1st ref 6s Series a. 1903
4s...1951
d
..1951
d
,
General gold 4s
1938 m
Montgomery Dlv 1st g 58.1947 f
St Louis Sou 1st gu g 4a.. 1931
Ind 111 a Iowa 1st g 4a
1st a Great Nor 1st g fls
m
8
1950 j
1919 m
j
James Frank a Clear 1st 4s. 1969 j
Kansas City Sou 1st gold 3a.l950 a
Registered.....
1950
Ref a Impt 68.......Apr 1950
Kansas City Term 1st 48—1960
n
"61%
68
69%
65
*68% ~82'
68%
90%
"95"
76
*51%
Sale
77%
75%
93
Feb '20
88%
Ref a Imp 4h8
93
79
69^2
83%
Debenture gold 4s
Registered
69%
1998 f
Lake Shore coU g 3 Hs
1998 f
Registered
Mich Cent coll gold 3hb—1998 f
1998 f
Registered......
78
78
Battle Cr a Stur lBt gu 38.1989 j
51
59
Beech Creek 1st gu g 4s—1936 j
Registered
2d guar gold 5a
Registered..
*09
"64" "
Sale
66
8ale
66
66%
66
75
81%
79
Apr '20
75
67
80%
Keb
66
63%
65
Leh Val n y 1st gu s 4hs..1940
82%
86
80
84
78
Apr '20
Sept'19
*63% "75%
76%
81%
aug *19
eJDueJan.
91
20
Apr '20,
88
Nov'1.9
—
71
44
76%
82%
91
91
"88% "9284
94
90% Mar'20
Sale
30
32%
30
Apr '20
23%
29
Mar'20
29
33
22% Dec 19
36%
36
36
39%
95
Dec *16
55
42
57
"60%
55
36
32
36
Apr "120
25
37
29%
25
Apr '20
24
28
27%
25
Apr '20
24
26
19%
23
Feb '20
23
23
09% Apr '17
62% Dec '19
Apr *20
35
38
8312
91%
....
69%
48
37%
39
38
69
iiii ~58*"
3834 Deo '19
Dec *16
79
Sale
79
79
79
86
87
87
87%
86
83
82
Apr '20
82
"53"
Sale
96%
Sale
52%
96%
58
Oct
89%
52
59
96%
53%
96%'
973s
'18'
"67% "67%
62
65
6784 Mar'20
68
June'19!
74
80
78a4 Apr '20
77%
*79%
80%
8234
85%
Mar'20!
85%
87
94%
85
87
102
89
82%
8234
,8284
July'i4i
s"70"~
Sale
7(y
63%
Sale
80% Oct *l/j
64%
63%
Jan '2o!
86
100
99%
71%
94
Sale
77
83
94
94
94
20
1
|
Apr '20
Mar'20
77%
69%
j
.
78
74%
97%
Mar'17
21
59
70%
75%
71% Apr '20
110%
95%
55
77% Mar'20
Apr '20
78
50
102%
91
55
86
99
91
99
" *76""
*63% "72"
Apr '20
55
56
77%
76%
70
71%
91
d
o
'19
Aug'19
m
s
a
j
j
o
j
o
j
d
Oct
34%
94
j
o
55%
28
....
91
n
a
o
1930
1936
1936
3hb-&1951
4s
1981
j
j
j
j
j
n
n
a
a
a
a
d
j
j
j
j
o
d
a
j
1942 j
d
Mob a Mai 1st gu g 4s
1991 m f
n j June r guar 1st 4s...1986 f
a
Beech Cr Ext 1st g
Cart a Ad lat gu g
'17
*17% "30"
20
23
96% Feb '13j
Jan '20
15
61
Sale
61
91
"50'
Sale
92% Apr '20
50
50%
88%
Sale
87
65%
68%
73%
65
20%
63
23%
*15"" "is"
!
16
60%
65
92%
90
49
"56
59%
69
95
88%
68%
73%
73%
87
(
93%
65
72
73
12
10
79
64%
70
64%
i
Sale
64%
65%
45
64%
67
q4%
63
71%
71
64%
72%
2
68
21
71
82%
76%
56%
76%
Sale
76% Mar'2u
57
56%
60
61%
65
"56%
-j
12
57
57
Apr *2(v
54%
56%
58
Apr '20
57
57
76
49
43%
74%
Mar'l T
Feb '20
82% Jan '20
95% Nov'16
104
49
75% Jan '20
89% feb '16
82%
82%
75%
75%
Nov'16
75%
"49" "49""
May'16
7584
76%
62
....
"54" iiii
Gouv a Oswe 1st gu g 5s
82
87%
v
No price Friday; latest bid and asked thla week.
j
j
iw
m
'20
Oct
90
1997
1997
—1934
1934
51%
Jan
78
"
•
"a"
Mortgage 3 Ha..
AUg'19
51
42
69
37%
7
New York Cent a Hud Rlv—
Nov'19
78
76% Apr
j ""i
■
Dec '19
65
1940
1935 1*
...1998 f
2013 a
Consol 4s Series a
Nov'17
Lake Erie a West let g 6b..1937
2d gold 5s
1941
North Ohio 1st guar g 6s..1945
Registered
1953 j
j
1935 a
Registered
d
j
1951 a
lat consol 4s..
Conv deb 8a
65% July 18
d
39%
New York Central rr—
95t* vft. '19
80% Apr '20
1927 j
St Louis Dlv 58
Non-cum Income 5a a
Mar *19
"77%
1927 j
51927 q
gold 6a
n o Tex a Mexico 1st 6s...1925
117% May'lo
"60 " ~67%
new
New Orleans Term lat 4s
June'16
79% May' 19
92
Nov'10
88% Apr '20
..1929 j
.—.1929 j
1st ext gold 0s
d
Memph Dlv 1st
Registered
"85% ~88
'20
80% Nov'16
73
s
d
o
j
j
n
s
d
j
1931j
Nasbv Cbatt a St l 1st 6s—1928 a
Jasper Branch 1st g 6s
1923 j
NatRysof Mex pr lien 4 hs. 1957 j
Guaranteed general 4s
.1977 5
Nat of Mex prior lien 4hi-1926 j
65
1951
g
68—1931 a
St l a Cairo guar g4a
80
Dec '19
09
'*5% *93%
70%
Mob a Ohio
63%
63
60%
1923
o
Verdi v i a w lat g 5e._.1920 m
63%
62%
19
86%
60
67%
50
1951
1951
1931 a
8t l Ir m a 9 gen con g 6e
95% Sept'12
69%
a
o
s
...
Rlv a g Dlv 1st 9 4s... 1933 i*
67
71
39
25
n
1975 iw
......
Unified a ref gold 4s
Sale
71
27
a
a
~64"
"64"
o
1923 f
1st a refunding 5s Ser c..1926 f
1st a refunding 5a Ser ba
Nov'16
67%
3hs.--.1951
8hs
4s—1990 f
g
Registered
95%
Carb a Sbaw 1st gold 4a..1932 m
Chic 8t l a n o gold 5s..1961 j
City a Pao 1st
General 4s
79%
Sale
40
n
s
Sher Sh a So lat gu g 5a—1942 j
d
Texas a Okla 1st gu g 5s.. 1943 m 5
Missouri Pacific (reorg Co)—
lat a refunding 5a Ser a..1905 f
a
73
64%
1
48
Mar'20
25
j
_.
Mo k a e 1st gu g 5s
1942 A
m k a Okla 1st guar 5a—1942 m
m k a t of t 1st gu g 5e 1942 m
73% Nov'19
n
1951
Bellev a Car 1st 6s
82
70
49%
Registered..
1936 j
36
Missouri Pao 1st com k 6b __1920 m
78
20
401
48
__
Sept'17
62%
—-
g
64%
34%
42%
42
67%
25
55^4
29%
27%
2004
s
LoulsvDlvATermg3Hs 1963
Western Lines 1st g 4s
734
58%
39
95,
95^4
75
4384
55
94
1
42
75
"80 ' july'09
s
Lltehfleld Dlv 1st gold 3s. 1961
Bprlngf Dlv 1st
'*'lA
95
95% Feb *20
67%
67%
93
.
86%
5% secured notes "ext" '16
Dall a Waco lat gu g 58—1940 m
78
55
"85* " "85 ~
'20
Mar'20
3912
76%
1944
Trust Co certfs of deposit.
99
92%
91%
Apr '20
84
68
Nov'10
Jan
48
,
92
.1941
f 4s
Gen oon stamp gu g
Middle Dlv reg 5s
..1921
Omaha Dlv 1st gold 3e...1961
fit Louis Dlv a Term g 3a. 1961
Gold 3hbRegistered
79%
67
Registered.
1951 m
Collateral trust gold 4a.. .1952
Registered
1952
1st refunding 4s
1955 m
78
97
Mar'20
78
9a
Registered
1951
Extended 1st gold 3He—1951
Registered
...1951
lit gold 3s sterling..
1951 m
15-year secured 6tjs
Cairo Bridge gold 4s
67
b
*89 " "89" "
45
39
83%
73% June'18
73% Oct *18
76% Apr '19
67%
Houston Belt a Term 1st 5a. 1937
"
101% 106%
Apr '20
Apr '20
Mar'20
Apr '20
Apr'20
Sale
40
St Louis Dlv 1st ref g 48—2001 a
Mar'20
""8%
93%
92
82* "83*"
Feb '20
8
53
*67%
1965
ext 4a
"79%
Mar'20
92%
91%
55%
8%
39
1st a refunding 4a
Trust Co certfs of dep
Sept'19
83
97
1999
Ool a h v 1st ext g 4b....1948
80
73%
....
Gen sinking fund 4Ha..
"8*684
86% Apr '20
102% May *16
80% Apr '20
97
-
67%
1st ext gold 58
Anr '17
103% 103%
103%
136% May* 06
89%
89%
85%
June'16
78
j
Green Bay a w deb otfa "a"
Col a Tol 1st
79
j
1037
Registered
"95
—
Mississippi Central 1st 5b... 1949
Mo Kan & Tex—1st gold 4s 1990
2d gold 4s
..(71990
Trust Co certfs of deposit...
1933
"85% "86%
95
95%
94%
76%
96
j
75
85
95
m s s m a a 1st g 4a Int gu.*26
82
j
65%
Mar'lo
89
"9*6* "
"74" "77
118
93%
81%
63
1927
~50%
j
j
93%
81%
Apr '20
71
1st Chic Term
547
j
St Paul m a Man 4s
81% Feb '20;
65
96%
1977
93
Dec '19
89""
83
f g 6s.1925
Ca,
Feb '20
94%
1
97% May' 16!
98% Dec '191
93% Jan '20
"77 "
Refunding gold 48.....1961
MStPASSMcong4stntgu.l93S
lat oons 5s.,
1938
1
65
60
"89 *
67
Iowa Central 1st gold 5s.. 1938
74%
60%
79
1921
let consol gold 5s......—1934
1st a refunding gold 48—1949
Ref a ext 50-yr 5a Ser a..1902
Des m a Ft d 1st gu 48—1935
95% Aug'19
—
90%
Pacific Ext 1st gold 6a
55
Mar'20
1936
Stamped guaranteed
s
11
Feb '05;
89
4b.. 1977
cons g
Apr '20
60
60%
50-year 5a .1903
Mex Internet 1st
83
76
101%
72%
75
81% 87%
82% 82%
82% Jan '20|
98% 100%
l a Jeff Bdge Co gu g »8—1946
Manila rr—Sou lines 4s
101"%
Sale
76%
5a...1930
cons gu g
cons gu
71
81
65%
101%
101%|
72% Mar'20!
95
1937
n a c Bdge gen gu g 4 ha. 1945
PeMac a Atl 1st gu g 68—1921
91
....
97% 100
49% 51%
98
65%
65%'
95% Nov'19.
iiii ~95~
..51952
Registered..—
~
.1961
Registered
50% Mar'20
41
Minn St Louis 1st 7s
94%
94% Apr '20
76%
77
79% Jan '19
98
90
100% 103
..ioo
100
...
Feb '20
95
84%
91
89
*20
Jan
52%
69%
93%
41%
Midland Term—1st
76
90
75%
89%
101% Apr '20,
100
«ale
36
Nov'19
56
j
lit a ref 4j48 Series a...11961
Atl Knox a Nor 1st g 58—1946
Hender Bdge 1st a f g 08—1931
Dec '18
77
94%
1955
46
75
91%
100
97
75%
76%
81% Sept'19
90% Mar'20
66%
30
90
72%
91%
Mar'20
98
33%
"8834
Mar'20
91% Feb '20
97
48%
65%
86%
101%
66%
77%
79%
June'18
Sale
j
o
91
79
75% Apr '20
92
Aug '10
Sale
103
1980
Atl Knox a Cln Dlv 4s
'11
Jan
73
90%
.1930
10
90% June'19
"86% iiii
Paducah a Mem Dlv 4s..1946
72
95
77%
75%
1940
2d gold 3s
"
79
"97~" iiii
St Louis Dlv 1st gold 08—1921
60
68
69%
l Cln a Lex gold 4hb—1931
n o a m 1st gold 6a
1930
' 56
100% Deo '06
108
o
Florida e Coast 1st 4 x*—1959
Fort St u d Co 1st f .r»b..1941
95%
23% Jan '17
j
o
92
97
40
a
n
o
Unified gold 4a....
Nov* 19
60
6134
92
Registered
1940
Collateral trust gold 5s...1931
Jan *18
....
63
....
1937
80
49%
Feb '20
25
6a
98
*18
Jan
91
85
j
a
103
81
68
61
1927
g 5a
85%
Dec *19
90
67
63
Dec 19
'17
80%
67
Jan
65
86
Louisiana a Ark 1st
2d gold 68——
88% Mar'20
85
*20
Apr '20
61841
6134
n y a r b 1st gold 58—1927
Nor sh b 1st con g gu 5e.01932
80
92
Mar'20
95
73%
67
Aug'19
108% Sept'19
o
6s
65%
68
65%
92
95%
40
106% Jan
65% Mar'20
5s.1935
con g
95
79% Mar'20
34
3612
36
36%
38%
92
99% Oct *00
95
June'16
60-year conv 4a Ber a..1963 a
Oct *19
95%
60
1934
deb 5s.......1937
85%
25
73
73
1949
m
80
41%
do
Series b..
—1953 a
Gen conv 4s Series d...1963 a
72
'20
1949
16
73
1996 j
8
20
95% Apr '20
94% Nov'16
98% Aug'19
50%
50*%
41
77
72
Jan
Guar refunding gold 4s
Gold
86%
96%
Deo
92
77
77
72
52
June"19
84
86
85
58%
60%
1949
Louisville a Naahv gen 6s..1930
Jan '20
"95" "98"
73
20-year p
74
Jan '20
92.
81%
96%
74
83
"'20
"87"
67
87" ~ "9"d%
87
78
j
Jan
Registered
NYBAMBlBt
76
87
73"
48
96% June'18
95% 103 "
98% 98%
39
'13
58
Dec '16
76
4s
Unified gold 4s
Debenture gold 6s
105% Mar'08
o
70
85
75
61
72
83
95
Oct
77
76%
51931
'20
75% July'16
Penn coll trust gold 4a..1961 f
Ohio a Erie 1st gold 6s...1982 m
Clev a Mahon Vail g 6s..1938 j
87%
Feb '20
July'17
High
Mar'17
"84% ~93% "87"
gold 5e—51931
Jan
49% Apr '20
*70
1st oonsol gen lien g 48.1996 j
Registered
com
75
61
Low
70%
7834
94%
95%
96%
98% Jan '20
105
68
61% Apr '11
No.
Apr '20
1933
General gold 4s
"59"
...
1945
1st consol gold 4s
109
45%
High
71
1945
65
49%
1996 j
Registered..
Long Isld 1st
Sale
34
o
cur gu
72%
Sale
57
d
6th ext gold 4e
.....1928 j
n y l e a w let g Id 78-1920 m s
Erie 1st cons g 4s prior...1996 j
Registered...
2
65
77%
3rd ext gold 4 ha
1923 m
4th est gold 6i..........1920 a
Coal a rr 1st
Registered
1st int reduced to 4s
17
60%
Since
Jan. 1.
79% Mar'20
95
Apr '20
113
Sale
94
1933
65
70
n
g
g
6778
Registered
100
95%
39
a
....1937 a
6b...1937 j
Elgin Jollet a East 1st g 6a..1941 m
Erie 1st consol gold 7s......1920 m
n y a Erie 1st ext g 4a...1947 rf
Registered
Long Dock consol
72%
65
1940 j
Det Rlv Tun Ter Tun 4ha—1961 m
Dul Miaaabe a Nor gen 68—1941 j
60
68%
78%
94
Leh Val rb 10-yr coll 6s..nl928
Leh Val Coal Co 1st gu g 5a. 1933
66
—1996 j
DulJSou Shore a Atl
85%
64
Bio Gr Weit 1st gold 4i.. 1939 j
Mtge a coll trust 4s a..1949 a
Del a Mack—lit lien g 4i..1996 j
4a
81
79%
Leh a n y 1st guar g 4s
Sale
60
1st com g 4a............1936 j
oomol gold 4*s
1936 j
Gold
967,8
74%
Sale
Denver a Rio Grande—
Guaranteed....
—1
4h«
2003
Leh v Term By 1st gu 9 5s.. 1941
Registered
1941
oona
Range
or
Last Sals
Ask Low
Bid
General
102% Feb *08
a
10-year
conv 6s
ending April 23
Lehigh Val (Fa) cons g 4a..2003
Warren 1st ref gu g 3hs. 2000 f
Delaware a Hudson—
lit lien equip g 4ha—
1922 j
Bangs
Friday
April 23
High
Delaware Lack <fc West—Concl.
Week's
Price
bonds
n. y. stock exchange
IjDue Feb.
§
v a
T>ue June,
ttnhom
v
3u«
a Due July,
a
2000 11
Due Sept.
n
61
66
..
...
0 Due Oct.
80
May*17
« Option
sale.
Ape. 24 1920 ]
New York Bond Record—Continued—Page 3
Week
Range
Friday
Ask Low
Bid
■ T Cent & H R RR. (C*»)—
■ Y A Northern 1st g os.1923
69i8
NYAPu 1st cona gu g 4a. 1993
Pine Creek reg guar 6a
1932
R W <k O con let ext 6a_.kl922
96ia
Rutland lat con g 4 Kb—1941
Since
High
60
Low
92%
97%
Hioh
92%
97%
Aug '19
55
60
60
70%
76
101
Nov'16
103
Nov'16
Dtlca A Blk Rlv gu g 40.. 1922
9134
53" "60"
Feb '20
8t Lawr A Adlr lat g 6a...1996
Id gold 6a
.....1996
Rut-Canada let gu g 4b. 1949
-
No.
.,
1997
Registered
1997
Debenture gold 4a
1928
15-year gold 4a_.
1931
Registered
1931
Ka A A G R 1st gu c 5a...1938
8i%
Sale
"97% II
9514..
90%
6a......1934
Michigan Central 5a
1931
Registered..
1931
—
..
"75~" II—
1940
3KB—.1951
.1952
20-year debenture 4a.. 1929
N Y Cbl 4 St L lat g 4e
.1937
Registered
1937
Registered
J L A S 1st gold
65
Debenture
64
1931
4a
Registered
8YC Lines eq
2361
tr 5a. .1920-22
94l2
Equip trust 4Ka.. 1920-1925
N Y Connect let gu 4Kb A..1953
S Y N H A Hartford—
68
Ifon-conv deben 4a
1947
50
Non-oonv deben 3Vis
Non-conv deben 4a
1956
49
4578
45
45%
—1956
Conv debenture 3 HB
71
1948
Conv debenture 6b
87%
84%
Registered
1997
Jersey Central coll g 48—1951
Atlantic City guar 4b g—1951
St Job A Grand Ial lat g 4b —1947
St Louis A San Fran (reorg Co)—
77
78
72
76
72
Cum adjust Ser A 6a
Feb '14
St Louis A San Fran gen 6a.1931
General gold 6a
1931
8134
76
Nov'17
65
4
6534
70
6434
68
;
71%
74%
50
,
74%
*94~% "94"%
Apr '20
50
6434
68
9912 Feb '19
94i2 Jan '20
50
79
51
4518 Feb '20
45%
45%
48
Apr '20
44%
48%
50
58i4 50
Mar'20
5012 53
Mar'20
45U' 49
Sale
72
70%
44%
55
46
55
44%
50
66%
1965
53
65
54
Naugatuck RR let 4a
1954
N Y Prov A Boston 48—1942
62
NYW'cbea&B 1st eer I 4Ks'46
39%
83
54
58
39%
64
70
25
34%
40
Mar'20
Springfield lat 58.1922
Providence Term lat 4a—1956
75
62%
60%
6738
88% Feb '14
3934
1941
1931
improvement A ext g fia..1934
New River lat gold 6a... ..1932
N A W Ry lat oons g 4a.. 1996
Registered
1996
Dlv'l 1st Hen A gen g 4a. 1944
iO-25-year conv 4b
1932
10-20-year conv 4a
1932
10-25-year conv 4KB—.1938
10-year conv 6a
1929
Pocab C A C Joint 4a... 1941
COAT 1st guar gold 5a. 1922
0Clo V A N E lat gu g 48-1989
Northern Pacific prior lien rail¬
way A land grant g 4a
1997
75!8
101%
1997
a2047
C2047
Registered
Genera! 11 ?n gold 3a
Registered
..2047
Ref A Imp 4KB ser A
55
54%
.1968
1948
Nor Pao Term Co lBt g 6a.. 1933
Oregon-Waab 1st A ref 4a...1961
Pacific Coast Co 1st g 5s...1948
Paducah A Ilia 1st a
>
uoneol
4Kb.
Genera! 4Kb
......
Genera! 5a
Gold 4a stamped
Sale
7358
~97%
M
7118
N
"75"
73
5H4
Sale
50%
55
1045s
64%
77%
104%
103*" 103*"
68
80
77%
76
112
96% 10434
38
49
4s„el933
8
57
60
61%
64%
Caro Cent lat con g 4a...1949
Fla Cent A Pen 1st ext 6a.l923
J
64
80
81%
1st land grant ext g
J
1943 J
J
J
83
J
88%
52
105
5a. 1924
48,-1944
'~77 _50"%
56%
~70~ "81%
100% 102%
100% 100%
104% 108
64% 72%
74%
75%
53
7438
84%
lat cona 59-year 5a__1958
84
Sale
8334
84%
119
1
83%
78%
93%
78%
82
Spokane Internat lat g 5a.. 1955
83
83
Term Assn of 8t L 1st g 4 Ka.1939
78%
82%
81%
'20
Feb '2(J
78%
'93
96%
77
Nov'19
80
Feb '20
79
77% Apr '20
77%
80
Feb '20
80
85
Dec '19
4KS.1941
Ohio Connect lat gu 4a—1943
Pitta Y A Aah 1st cone 58.1927
Tol W V A O gu 4KB A„ 1931
77
Gr R A 1 ex let gu «
1933
.1942
PCCAStLgUi KB A..1940
C guar
cona
a
1942
1942
.1945
gold-1949
95%
95% Apr '20
95%
Mar'20
69%
69% Feb '20
69%
97%
95%
69%
71%
No prioe
f g 4s
73-8 Jan '20
73%
73%
81
80
855s
"97%
93
78%
78%
■92"
*80%
Sale
81%
80%
87%
Friday: latest bid
and asked,
1935
1935
1990
1927
2d
20-year 5s
Tol PAW let gold 4a
Tol St L A W pr Hen g
1917
3Kb. 1925
83%
lat refunding g 4a
75
Union Pacific lat g 4a
Registered
10
76%
"8*0%
May'10
20-year conv 4b
lat A refunding 4a.
10-year perm Becured
80
90
Guar refund 4a
80
90
Utah A Nor gold 6s
80
80
84
84
Apr '20'
'
90%
Oct
Feb *201
afDoe Jan.
Ore RR A Nav con g
1st conao! g 58
lat
Vandalia
extended
oons g
# Due June,
1928 J
1962 A
1947 J
...1947 J
...1927 J
c2008 M
7934
87%
55
61%
5
53%
82%
80
61%
64
62
87
92% July'19
91
!
*13j
63
78%
84%
68
Oot
95
91
53%
58%
80
9U
62
67%
"3i "76% "80%
78%
2
88%,
60%
91
92%
85%
Apr '20
84%
60
84%
60%
60%
81% Mar'16
91
'19
89
91
93%
92
51
62
97
98%
80%
97
99% Jan '20
97% Apr '20
91% Oct '18
60
65
*87%
96
92% Nov'19
853s
*44 ~
98
60
91
July'19
'19
Jan
99% 100
97%
96
Aug '19
60
60
95
Feb '20
95
102% June'll
100
95
'20
Jan
104% Deo '16
B
N
90
*89%
Mar'20
88%
7934
90%
82
64
70
90
81% Sept'18
60
J
O
A
J
O
A
J
O
D
80%
"75"
"80 "
*6*0*" ~70
Mar'20
93% Mar'17
75% Apr '19
85%
81
*63%
80
Apr '20
83
83
82%
83
f>0
83
85%
73%
66
75%
83%
80
60%
79%
83%
85
Apr '20
82%
82%
75%
75%
82%
85
75%
55
*82%
Apr '20
52%
85
65
86
way'18
106% Nov'04
A
82
83% Mar'20
77%
77%
83%
77%
84%
80%
89%
J
O
D
O
J
J
J
O
A
82
Feb
20
70
82
Apr '20
73
73
74
74
42%
47%
60
64%
73
83
87
37% Dec '10
35
36
Feb '19
74
Mar'20
"75"
"47"%
46-% Apr '20
34%
46%
18% Mar'16
18
Aug '18
65
68
Feb '20
66
68
82
85%
82
Apr '20
82
85%
50
60
58
64%
D
D
O
J
J
J
4
Apr '20
79%
Sale
Sept'17
7834
79%
82
85% Oct '18
s82%
Sale
82%
110,
7834
85%
"*15
83
82%
"88%
8
70
Sale
69
71
50
69
J
97%
Sale
43
70%
73
97%
70%
97%
D
A
J
D
97%
85%
98%
87%
97%
85%
72%
97%
86%
97% 103
67%
81
97% 101
77
Sale
77
80
J
88%
91%
90% Apr '20
1922
1946
1929
1926
F
J
J
J
4a.....1933 J
4s 8er A....1966 F
1957 M
lat gu 4Kb.1934 J
k Due Aug.
82
"11"
J
J
J
J
O
N
8
8
35
56%
"4%
•
53%
6a. 1928 J
Console 4a Series B
ft Due July,
78
4a..1946 J
Ore Short Line lat g 6a...
19]
0.Due Feb.
.,.2917
Ulster A Del let cons g 6a
93% Apr '17
87% Nov'19
88% Sept'17
80%
80%
81%
81%
84
F
J
A
J
A
J
J
J
A
F
Tor Ham A Buff lat g 4S..11946 J
68
70
Sale
s
Trust co ctfa of deposit
Feb *17
74
12%
....7960
.
80
92
"82"
*82"
Western Dlv lat g 5s
General gold 6a
50-year gold 4a..
90% Feb '12
90% Oct '12
80
W Mln W A N W 1st gu 5b1930
Coil trust 4a g Ser A
Dec '16
7 >
Apr '20
79% May'19
76%
76%
85*4 NOV'19
La Dlv B L 1st g 5s
Xan A M lat gu g 4a
80* ~83%
96% May' 18
88%
■55"
o
A
2000 J
*2000 Mar
1931 J
J
Tol A Ohio Cent lat gu 5a-1935
Vera Crua A P
t
1894-1944
1953 J
gold 5a
Texas A Pao 1st gold 5a
78%
Series E 31# guar
let
1924
J
A
F
J
A
F
8tLM Bridge Ter gug 58.1930
Deo '17
*70 "
Bs.-ee D 4s guar
1936 M
WO A W lstcy gu4a
Gen refund
"78 ~
1026 M
...
July'19
41
J
Sale
'20
90
*68~" "73%
80%
86%
Virginia Mid Scr D 4-50—1921
Ser lea E 5s
....1926 M
*19
'
93%
72
68%
1948
93%
91
85% Sept'19
59
.1946
Mortgage gold 4s
91%
96
70
82
Rich A Dan deb 5a atmpd.1927
8*
*98% "99 "
9834 Apr '20
91% Apr '20
91
Apr '20
96
Apr '20
92% June'19
68
Apr '20
78
J
o
A
ETVaAGa Dlv g 58—1930 J
J
Cons 1st gold 5s
...1966 M M
E Tenn reorg lien g 5s
1938 M
S
Ga Midland 1st 3s
1946 A
O
Rich A Meok lat g 5s
93
85
Mar'20
100% Oct '17
85
77
J
J
A
M
IN
93
85
Sale
J
1922 J
J
*89'% "9334
89%
*Sale
1948 J
4s....
Ga Pao Ry 1st g 6s
76%
76%
Cortes
2d
69
J
75
69
68
J
Va A 80'w'n lat gu 5a..2003
69
O
87
J
General 6fl
1940
*80 "
J
Atl A Yad 1st g guar 48—1949
66%
Series C
96
1944 J
8er!eaF5fi
104
88%
1948 J
1st 30-year 6fl Ser B
86%
87
95
87%
80%
83%
70
91%
J
H
70
92%
1942
Kb...1936
A. 1942
8erira B__.
1942
Int reduced to 3Ka.. 1942
BerPaC3KB
1948
Serha D 3Ka.
...1950
Brae A Pitta gu g 3Ka B..1940
O
155
84%
CI A P gen gu 4Kb aer
99%
80
81
01 A Mar 1st gu g 4
9834
D
Guar 3Kb trust ctfa D... 1944
Guar 15 25-year gold 48—1931
Oln Leb A Nor gu 4a g...
99
J
J
Ala GtSou lat cona A 5a.. 1943 J
2nd gold Income 5a
40-year guar 4e ctfs Ser E. 1952
,
78
15
70
J
70%
87%
65%
64%
Mar'19
*8*1% "85%
81% Mar'20
100
Oot '16
83
84%
69%
Apr '20
1994 J
Atl A Danv lat g 4a
Nov'18
93
J
Registered....
...1994 J
Develop A gen 4a Ser A
1956 A
Mob A Ohio coll tr g 4s... 1938 M
70
87
97
J
80
Sale
O
J
J
82%
87
89%
1955 J
So Pac RR lat ref 4a
Southern—lat oons g 6s
78
78
66
90
77
65%
Series B guar
San Fran Terml lat 4a...1950 A
106
65%
Mar'20
94
J
73
9634
95U
4Kb
So Pac Coast 1st gu
1927 J
58—1937 M
4s g—1937 J
61
95
95
N
Ore A Cal lat guar g 5s...
97
234
"81%
6634 Apr '20
100
Oot '18
67
94
N
1921 J
73
7584
78
92%
82%
82%
87%
N
1941 J
65
87
N
Waco A N W dlv let g 6a '3C M
"881
78
100
J
.1921
1921
B
IVI
1933 Hi
A T C 1st g 58 lnt gu_._1937 J
Gen gold 4a lnt guar
1921 A
Sale
92
65
"Sale
J
Houa EAWTlstg 58—1933 M
79
'Jan
o
N
J
Guar 3Ka cod trust 'eg A. 1937
Guar 3Ks col! truet aer B . 1941
Guar 3 Kb trust ctfa C—1942
BcrieaC4s
1931 J
78
J
1961 J
Pennsylvania Co—
lat gold 4Kb
Wl
O
19
Feb '14
7534
7734
97%
100
65%
67%
87% Sept." 16
Sale
St Loula dlv 1st g 4a
105
78%
Sale
98%
64%
84% Sept' 19
102
97%
65%
90
A
8478
8H4
*86% "88%
65
Sale
98%
64%
78U
iunbury A LcMs 1st g 49.1936
Mar'20
July'19
86% Mar'20
96% May'19
7534
A
1949 F
Mort guar gold 3 KB—11929 J
Through St L 1st gu 48.1964 A
Knoxv A Ohio 1st g 88—1925
80
81
93
90
65%
D
11949 J
01929 M 8
D
1934 J
20-year conv 4a
Mob A Blr prior Hen g 58.1945
Phlla Bait A W 1st g
1936
4a.. 1943
82
D
Mem Dlv let g 4Kb-5s._.1990
Feb T
78%
Series
coll)-11949 J
95% Apr
81% Apr
82% Apr
7914
64% Mar'20
Apr '19
72% 76
101
99% Nov'19
101
104
Dec *15
83%
J
1
70-% Apr '20
76
May'19
102% Mar'20
lOO's Jan '20
83
Reg etered
J
5s„1930j J
80
Nov'19
82
<
g
77
8II4 100% Feb ' 17
1943
1948
I960
1965
41%
30
45
37% Dec '1
94%
83
61
36%
44
76% Oct '1
7178
54%
35
97
Sale
60%
54%
Sale
96
108'
65
54%
Sale
70
93
60 84
6034
44
Atl A Charl A L lat A 4 Kb 1944
"60 "
54%
6034
35
Morgan's La A T 1st. 68-1920 J
No of Cal guar g 5s
193S A
76
70
71%
7658 Nov'19
9912
*14
58
59
56
56%
57%
A
Tex A N O con gold 68—1943
73
73
80
9734 100
60% 70
87%
60
64%
3934 45
48% 56%
54%
69
86
O
Louisiana West lat 6a
77%
98%
77% Mar'20
98% Jan '20
Sale
98l2
"57% "Sale
O
56%
"73% "78%
96%
70l2
71
06
...1959
Adjustment 6a
4s
Atl Birm 30-yr lat
Refunding
So Pac of Cal—Gu g
'20
7034
~71% *74%
98% Jau
O
60
77%
Mar'20
7812
Guar
J
49
103
Apr '20
Jan
D R RR A B ge 1st gu 48 g
0 N J RR A Can gen
61%
Oct *19
74
77%
Aileg Val gen guar g 4s... 1942
•odua Bay A Sou lat g
55%
6684 Dec *19
9612
1968
gold 4s..
1943
1950
1950
01949
60
■""2
"24
68
76
4 Ka.. 1955
Consol gold 4a
D
A AN Wist gug 5s
7758 Apr '20
103
Apr '20
79
Pennsylvania RR 1st g 4a—1923
Ooneol
5
Feb '20
7512
St Paul A Dulutb lat 5s.. 1931
gold 4a
52
103
*72%
6a.-1923
Registered certificates.. 1923
1st consol
40
NOV'16
Sale
50%
100% 102
91
9234
54%
1947
gu g 5s.
8 A A A Paaa lat gu g 4s
Seaboard Air Line g 4s
H
Apr '20
52
101l2
8t P A N P gen gold
,
60
122
68
5634
30%
71
129
52
J
1st guar 5s red
74% Dec *19
55%
56
98
St Paul-Duluth DiV g 48—1998
Wash Cent 1st gold 4a
IO9T4
59%
7 J 84
87%
45
51
Gila V G A N 1st gu g 58-1924
32
92% Juno'12
Xorf A Sou lBt gold 5a
65%
82%
6134
55
99% Deo '13
Norf A Weat gen gold 6s
21
31
'20
Sale
64
Sept'l
39
5178
53%
61
Jan
40
2d exten 5s guar
55
33
"66
86
51
Gray's Pt Ter lBt
61%
61
84
N
Registered
39%
1946
50
60
143
May'17
97®4 Apr '20
Sale
J
1945
Registered 15,000 only..(71992
.1955
61
D
Aug *13
Providence Secur deb 4a.. 1957
General 4a
82
60
Apr '20
May'16
78
—1932
Conaol gold 4s
QHASAMAPlflt 581931
Norfolk Sou 1st A ref A 5a.. 1961
91
"97" "98"
O
Cent Pao 1st ref gu g 4a..1049 F
Boeton Terminal 1st 4s—1939
74
81%
7884
90
O
St L S W 1st g 4a bond ctfa—1989
2d g 4s Income bond ctfa.i»1989
Registered
Apr '20
106% May'15
87
July'14
Sale
99% 100
N
K C Ft 8 A M Ry ref g 48.1936
K C A M R A B lat gu 5a.1929
20-year conv 6a
"551*2
78»4
72
60
57%
43
44%
100% Mar'20
70
79% Deo '17
54
(71992
93%
71*
5434
66%
8334
65%
91
Gold 4a (Cent Pao
55
4KB—1943
42
93%
Southern Pacific Co—
50
W A Con East let
J
64
Nov'19
4a..1961
Hartford St Ry lat 4a
1930
Houaatonlc R cona g 58—1937
SYOAWrel lat g 4B
Sale
89
Oct '19
B A N Y Air Line lBt 4B..1955
Prov A
Sale
43
Ga A Ala Ry 1st con 5a_.01945J
Qa Car A No lat gu g 6a..1929 J
91% Jan '12
60
July'18
Cent New Eng let gu
New England cona 5s
Consol 4a
J
Seaboard A Roan lat 5s.. 1926 J
Sale
58
J
68
62
83
J
49
1966
Harlem R-Pt Chea lat 48.1954
66%
83%
O
ConBol gold 5a
Non-conv deben 4a .—.1955
Non-oonv deben 4a
6538
Southw Dlv lat g 6a
1947
K c Ft 8 A M cona g 68.1928
'17
Oot
53%
Bt L A 8 F RR cona g 48-1996
76%
50
87%
71%
72
lat terminal A unifying 58.1952
40
67
Apr '20
76
*65~" "75"
Sale
__
*1955 A
O
*1960
Oot
Income Series A 6a
Nov'19
Apr '20
66
40
Feb '20
54
1928
9912 Aug '17
9812 Nov'18
\
60
1950
Prior lien Ser C 6s
81
"55
86%
1997
Prior lien Ser B 5a
73
"48
gen gold 4a
'09
75
Cona Ry non-conv 4e
1930
Non-conv deben 4p_—.1954
Non-conv deben 4a
Sale
75
45%
Non-conv deben 4a...
1947
1954
1955
Non-conv deben 3Kb
73
76
Sale
67
Reading Co
76
72
81%
67
42
81%
69
66%
70%
*99%
81%
6683
43
90%
66%
65%
*6712
81%
Mar'16
40
12314 Mar'12
64
6512
Weat Shore lat 4a guar...2361
99
Apr '20
June'17
87
65%
f 4s 1937
1950
85
99
99
100
100%
IIII "80
Pitta Sh A L E lat g 58.....1940
1st conaol gold 6a
1943
7878
75
-
82%
~88%
80
a
Hioh
88%
Pere Marquette lat Ser A 6a.l956
1st Series B 4s
1956
Prior lien Ser A 4a
82
Low
82%
70
66I2 Apr '20
7334
88
"95"
No.
High
82% Apr '20
90% Aug *19
88% Jan *20
93%
May'17
130i8 Jan
Ask Low
84%
80%
82
66i8 Mar'20
63ig
lat gold 3Ha
—
Since
Jan. 1,
69
78iS
8412 Nov'19
87
1940
J
D
M N
Series I cona gu 4KB—1963 F
A
C St L A P lat cona g 5a—1932 A
O
Peoria A Pekln Un 1st 6a g—1921 Q
F
2d gold 4KB
61921 M N
Series F guar 4a gold...1953
Series G 4s guar
.1957
Range
or
Last Sale
Apr '20
93% Apr '20
97% Dec'17
71
75%
7834 Jan '20
93U 104% Deo *15
2d guaranteed
Bid
P. C. C. <fc St. L (Con.)—
Range
23
65%
78i8
103
23
ending April
Week's
Friday
April
93%
'20
66
805s
Sale
Week
Philippine Ry 1st 30-yr
Jan '20
78%
Pitta A L Erie 2d g 5a—al928
Pitta McK A Y lat gu 6a..1932
4a
65i4
69
1934
Mahon C'l RR lat 6s
93is Jan
71%
Lake Shore sold 3 Ha
Price
BONDS
N. Y. STOCK EXCHANGE
Jan. 1.
9238 Jan '20
78i4 Apr '19
113
May'15
97i4 9712 Mar'20
77
Oct '19
30
78
Og A L Cham 1st gu 4a g_1948
Ranoe
or
Last Sale
April 23
April 23
ending
Week's
Price
BONDS
N. Y. STOCK EXCHANGE
1733
e Due Oot.
r
J
79%
A
71%
N
72
86
89
7r
31
85%
93
77
85
90%
35
92%
Feb *18
8034 Deo '19
81%
J
v Due Not.
80% June'18
35
May'19
« Due Deo
81
s Option sale
New York Bond
1734
33
BOMBS
Week ending
a a.
April 23
Virginian 1st 6a serlea a....1062 m
Wabash 1st gold 6s........1930 m
2d gold 6s
1939 f
Debenture series b
1939 j
1st lien equip s fd g 6s.... 1921 m
1st lien 60-yr g term 4s—.1964
DetACh Ext 1st g 5s
1941
n
8
Wheeling a l e lat
g 6a
1926
a
Wheel Div let gold 6a....1928 j
66
~69
Utab Power a Lt 1st 5a
1944 f
a
77%
83
Otica Elec l a p let g 5a...1950 j
Utica Gaa a Elec ref 5a—...1957 j
j
Westchester Ltd gold 5s
d
80
88%
Aug'12
51
"51 " "55%
51
69
"49" "53""
Booth Fisheries deb
49
89
Apr '20
89
92
63
Jan
'20
63
63
s
o
80ls
89
s
s
j
j
n
93%
95
j
81%'
81
~80% ~88~"
90% Apr '20
100
90%
92%
Feb'17
90% Mar'17
48'%
"Sale
61%
53%
60
63
52% Apr '20
62%
62%
61%
63%
63%
67%
70
70
48%
"48% "53""
50
Buildings 5b
Coll tr a conv 6a aer a
71
Computlng-Tab-Reo
Granby Cona msap
Stamped
70
Great Falla Pow lat
Bvooklyn Rapid Tran
lat refund
conv
5a..1945 a
gold 4a...2002 j
8-yr 7% secured notes—&1921 j
Certificates of deposit
Certificates of deposit atmp'd
Bk City lat cons 58—1916-1941 j
Bk q Co a 8 con gu g 68—1941 m
Bklyn q Co a s lat 5a
1941 j
Bklyn Un el lat g 4-68—1950
Stamped guar 4-6a
1966
Kings County e lat g 4a—1949
Stamped guar 4a
1949
guur
4hs
aer
a——1957
a
j
j
j
s
1932 f
a
a
a
o
Stamped tax-exempt
1990 a
Manila Eleo Ry a Lt a 15a..1953 m
Metropolitan 8treet Ry—
Bway a 7th Av lat o g 6a. 1943 j
Col a 9th av lat gu g 6a..1993 m
Lex Av a p f lat gu
g 5a..1993 m
Met ws el (Chic lat g 48-1938 f
Mllw Eleo Ry a Lt cona
g 5s 1926 f
Refunding a exten 4h0—1931 j
Montreal Tram 1st a ref 6a.1941 j
o
o
49
42
42
42
10
42
14
d
s
s
a
41
39
70
70
80
90
87
o
Sale
82
95
92% Apr '20
96
94
t 5a—1940 m
n
87%
m
51
55
28
63
Sale
62%
62%
70
Wilson a Co 1st 25-yr a f 08.1941 a
o
60
60
68
68
57%
Sale
57%
58%
Sale
21%
23
72
90
78
16%
Sale
jan
*20
Apr '20
16
18%
10-yr
~60% "69
68
23
73
'229
78
14%
1
52
54%
54
55
56
56
64
54%
54
55
40
40
44% Mar'20
25
35
30
25
34%
40
54
Dec* 19
92
Apr '20
81%
74%
77
Jan
'20
77
77
74
Apr '20
70
75
61
July'19
July'19
%
67
Columbia g a e lat 5s
1927 j
Columbus Gaa lat gold 6a..1932 j
Conaol Gaa 5-yr conv 7a
1925 q
Cona Gaa elap of Bait
5-yr 5a'21 m
Detroit City Gas gold 5a
1923 j
Detroit Edison lat coll tr 5a.1933 j
let a ref 5s aer a
61940 m
Eq g l n y 1st oona g 5a...1932 m
Gaa a Eleo Berg Co o
g 5a—1949 j
Havana Elec oonaol g 5a
1952
Hudson Co Gaa let g 5a
1949
Kan City (Mo Gaa lat
g 68.1922
Kings Co el l a p g 5a
1937
Purchase money 6a
Convertible deb 6a
j
26
....
61%
72%
64
Purchase money g 4a
28%
s
26
6%
7
6
6%
54
54%
64% Jan
55
"92" "
6
4
26
25
7%
29%
Jan
64%
—
1951
-
47%
65
50
88
90
Sale
94%
94%
1
85
85
a
a
f
j
ml
f
a
f
o
o
a
j
n
77%
117
Apr '20
77%
78%
To
25%
33%
30
Apr '20
Sale
24%
24%
29%
25
27
70
70
Corp 1st 20-yr 58—1932 m
Paper
conv
1st a ref
gfg 6a
1935
a f conv aer
a...1947
.
-
mm
'
a*
«•;
103
93%
70
75
78
80
51%
27
31
83
35
84
88%
13
68
1!
75%
47%
47%
6s
2
"25"
30
23%
30
24
31
3
96
85
Stamped
1930
Union Oil Co of Cal lat 5a_.1931
u s Realty a i conv deb g 6a 1924
u s Rubber 5-year sec 7a
1922
79%
101
81%
1947
6a.l923;j
el924 a
1922
1920
93
95
Illinois Steel deb
1940 a
86%
90
Indiana steel
20-yr
p m a
1942
imp a f 6a...1936
a f 5a
1932
Susq Iron
01926
Fob'13
Lackawanna Steel lat g 5a__ 1923 a
lat cona 58 aeries a
1950 m
70
76
75
7434
60%
Sale
74%
70%
60%
89
89
80
81
87%
83
d
j
Corp unifying a ref 5a
1937 m
Pacific g a e gen a ref 5a.. 1942 j
Pac Pow a Lt 1st a ref
20-yr
n
85%
88
j
77%
daie
6a International 8er!es.—1930 f
Pat a Passaio g a ei 6a
1949 m
Peop Gas a c lat cona g 6a. 1943 a
a
75
87% Mar'20
104% Apr '17
75
4 Ha
1952 m
lat 5a
Mldvale Steel a o
1926 j
f 5al936
conv a
Pleaaant Val Coal lat
a f 5a.
Repub ias 10-30-yr 68
a
75%
77
75
82%
u 8 Steel
87%
87%
-
-
bf
Corp—[coup
10-60-year 5alreg
Utab Fuel lat
>4% *85%
1953 j
a f 5s
60%
89
89
"88~
o
59%
s
....
85
81
85%
83
90%
Convertible
78%
77%
83
20-yr convertible 4 hb
30-yr temp coll tr 5a
7-year convertible 60
1925 f
85%
65%
70
j
Apr'19
July'17
8s% Mar'20
60%
61
71% Apr '20
100
Apr'17
n
89
Va Iron Coal a Co .e 1st g 6a 1949
n
75
May'19
88
88%
Apr '20
Syracuse Lighting lat g 5s..1951 j
Syracuse Light a Power 58—1954 j
d
~8S% *8*8%
60%
67
71%
80
89%
d
75%
86
70
m
8
98%
m
s
m
Apr '20
91
84% Mar'20
n
97%
82
j
92%
88
•No price Friday;lateat bid and asked. oDueJan.
"70" " "70*
83%
88
"88*" "94%
103
20
82
120
100
100%
93
93
98
98
95%
94%
95%
j
n
j
d
s
*>
a
a
d
d
o
n
d
o
92
91%
81
Sale
81
91%
82%
80
Sale
79%
82
91%
12
5
1
38j 94% 97%
4
93% July'19
91% Nov'19
81
....
101
"I" "81%
14
8
Dec'14
84% Feb '20
73
74%
73
74
76
Sale
76
76
85
98
Feb '19
83%
15
85%
72
2!
74
75
76
"7*7" "84"
76%
76%
77
77
1
91
Sale
90
91
49
92%
93%
93%
93%
*10 "9*2% "94%
90
93%
86
s
91%
Sale
87
92%
120
s
82
Sale
81%
82-%
40
j
j
70
80%
82%
82% Mar'20
o
j
j
85
88
87
Apr '20
...»
87
69
73
67
Mar'20
...»
67
72
80%
93%
87%
Sale
87
80
93
92%
95%
99%
99%
81%
82%
n
j
87
92%
94
95% Mar 20
—II ~86 ~
8
86
5
246
—
85%
82
...
99%
80%
82%
96
86% Nov'19
69
70
82%
Sale
82%
Sale
Mar'19
82%
j
74
s
63%
1933 m
8
d
80
Sale
80
80
77%
77%
78%
a
d
j
j
94%
8ale
Sale
84%
96
1946 j
7(
j
74
7'%
68
93%
96
90% Apr '20
60
60
60
68%
"78% ~81%
74
1
"5
80%
68
69
80
85
46
77%
89,
93%
83%
99%
—-i
90%
96
60
60
1
Jan'18
82
~8l"% *85%
Apr '20
98
88
j
44
Apr '20
Apr* 16
Mich State Telepb 1st 6s. —1924
n y a n j Telephone 5a g._1920
84
n y Telep let a gene
75%
Sale
75
'20
76%
31
90
Sale
90
92
27
84%
20
82%
79%
78%
13
30-yr deben
a
f
a
m n
f4Ha-1939 m n
f 6a...Feb 1949
.
98%
85
84
84
99% Jan
...
1937 j
j
82%
Sale
South Bell Tel at lata! 5a.1941 j
j
81%
Sale
82%
81%
1938 j
j
79
79%
Sale
76
Fund a real est g 4 ha—1950 m
Mut Un Tel gu ext 5a..—1941 m
July'19
l
102
80%
1929 j
j
Commercial Cable lat g 48—2397 q
Registered
.2397 q
Cumb t a t lat a gen 6a—1937 j
West Union coll tr cur 6b
~84% "84*1*2
1
14
Oct'19
Sale 101
Sale
4l
Dec'18
79%
1936 m
4a
Pacific Tel a Tel lat 6a
Oct'17
85
74%
86
97% May'17
j
m
KeyHtone Telephone lat 5a..1935 j
"15 "85% "8*9*"
5
"t
Telegraph & Telephone
Cent Dlst Tel let 30-yr 58-1943
Mar'17
Mu Fuel Gaa 1st
gu g 58—1947 m
Philadelphia Co conv g 6a..1922 m
Stand Gaa a el conv a f
6a..1926 j
"88" " ~89
Sale
89
80
77%
105
"""
94%
u1963 m n
41963 m n
—.1931 m
f 68
a
Victor Fuel lat
j
j
60%
Mar'20
82
f.1940 a
8t l Roc. Mt a p 5a atmpd.1955
Tenn Coal i a rr gen 5a..1951
-
Am Telep a Tel coll tr 4a
87%
m
1928 j
Pocah Con Collier 1st a f 58.1957 j
89%
5
x
t 6a
Jeff a Clear c a i 2d 6a
a
a
Cababa c m Co 1st gu 68-1922
'
8
11
Feb '20
95
,
j
Feb* 18
-
90
87%
Mar'20
Feb '20
90
~89% "95"%
Apr '20
.
Apr '20
104%
104%
104% 105
94
85
82
89
Debenture 5a
85%
11
91
87
84
a
'
89
j
91
I
86% 86
Mar'20;
Sale' 193
103%
82% 82
82
Sale 101%
102
96
100
j
80
101%
3
*20
90
93
77
103
81
99% Jan
98
84
81%
100%
86%
-
99%'
Nov'18,
79%
89
1925
.
96
88
Elk Horn Coal conv 6a
.
Sale
j
96% Apr '26
93%
93%
94
.
98%
79%
-
n
j
03
Apr '20,
96
95%
89
85
86
92
Buff a
June'19
Apr'19
63
83%
Sale
93%
95%
81
98
Sale
77%
95
ConB Coal of Md latAref 5a. 1950
Apr '20
85
s
i
78
Feb '20;
91
99
A
--
98%'
Stampg lat 6a. 1929 j
j
~
79
88
86
87
Sale 100
97
79
96
93% 8ept'J9'
Nat Starch 20-year deb 6a.. 1930
National Tube 1st 6a
1942
n y Air Bra.e 1st conv 6s.1938
79
88
100%
Sale
77
99
82
99% 101%
~85~
83
84%
84%
Sept'19
92% Dec '19
84% Dec '19
98%
79
95%
82
Colo f a i Co gen a f 5a
1943
Col Indus lat a coll 6a gu__1934
77
3
99
75
80
m
j
j
m
j
f
f
j
82%
95%
98
o
d
70
83
79
73% Dec '18
100% Jan '20,
n
Weat Electric lat 5a Deo
70
27
94
93
78%
f
1951
let a ref 58 guar a
1
Sale
-J
99
f
1944 a
7a
93
1
80
96%
Mar!20
*98"
93%
Mar 20
95%
73
99
Sept'15
100%
a
97
Mar'20
85
96%
93
74
86%
Sale
80
Va-Caro Chem lBt 15-yr
Conv deb 6s
83
s
96%
95% 100
85%
85
Sept'19
80
u s Smelt Ref a m conv 6a. 19261-
"
79%
"so"
Feb *20
87
82
30
64
246
o
..1951
1st a ref 5a seriea a
81
84%
119
78
80
——
a
Union Bag a Paper lBt 58—1930
92
82% Feb '20
*93~%
Sale
Standard Milling lat 5a
1930
The Texas Co conv deb 6a__1931
80
44%
28
--
Lorillard Co (p
5a
June'17
o
j
2
Sale
83
Liggett a Myers Tobac 78—1944 a
Dec '19
69%
47%
Int Agrlc
Nat Enam a
'20
53%
nyaq el lap
Trenton g a el lat g 5a
1949
Union Elec Lt a p let
g 5b..1932
Refunding a extension 58.1933
United Fuel Gaa 1st a f 6a.. 1936
43
94%
64%
50
*20
46%
68
o
n
90
88
7%
65
6
3
Feb* 17
60
a
j
89
o
4h8-—1930 j
General Baking 1st 25-yr 68.1930 j
Gen Electric deb g 3
ha
1942 f
Int
July'17
53
a
gold 5a
1947 m
Ch g-l a Coke lat
gu g 6a 1937 j
Con g Co of Ch lat
gu g 5a 1936 j
Ind Nat Gaa a Oil
30-yr 6al936 m
""g
a
Debenture 5s...........1952 m
20-year deb. 63
Feb. 1940
Ingeraoll-Rand 1st 6a
1935 j
31
5%
12
Deo '19
Jan
94%
"26% "32""
'20
96%
o
Refunding
1
91
n
a
f
m
63
95
d
s
19
89
....
68
8
a
*20
62
94%
90% July'19
Sale
89
90%
Sale
4a
Am Writ Paper a f 7-6a
1939
Baldw Loco Wor.a lat 5s..1940
Cent Foundry lat a f 6a
1931
Cent Leather 20-year g 5a..1925
Conaol Tobacco g 4a..
1951
88% Apr '20
73
May'19
70
89
d
91
51
60
Gold
d
e i du Pont Powder
88
n
Ed Elec 111 lat cona g 6a..1995 j
j it con g 6a. 1930 f
Pacific g a e \'Jo—Cal g a e—
Mar'20
94%
~89% "Sale
1st 25-year s f 6s
1934 m
Distill Sec Cor conv 1st g 68.1927 a
84
n
5s
Sale
42
87
j
NYGELHAPg
94%
Apr '20
Jan
60
j
40
80
s
d
n
30
44%
27%
f
1948 j
1949 f
91
Mar'20
155% May'19
~61 ~ "Sale
40
82
j
Milwaukee Gaa l lat 4a....1927 m
Newark Con Gaa g 5a
1948 j
j
n
Sale
n
o
72
1931 m
—
Sale
a
Ed el iii Bkn lat oon
g 48.1939 j
Lao Gaa l of St l Ref a ext 5a '34 a
83
Corn Prod Refg a 1 g 5a
78
m
1997 a
1925 m
80
83
76
81%
57%
94
j
f
85
79
o
a
83
44%
26%
28
6%
Sale
6
58
55
1
19%
48
1928
Coal, Iron & Steel
o
60
Oct'19
Industrial
Conv deben 6a
1924
Am Cot Oil debenture 6a
1931
Am sm a r 1st 30-yr 5a ser a '47
Am Tobacco 40-year g 6a...1944
Beth Steel lat ext
n
91
60%
24%
a
60
93
54
24
m
June'16
61
76
79
Apr'14
94
....
Mar,20
Sale
6%
15
620
Oct'19
50
o
j
83
Apr '20
75
rnr *92
18%
180
19%
17
Sale
1928 j
&
Am Agrio Chem lat c 5a
60
13
16
j
j
17
n
6a *19-'27 j
f 6a
conv a
Manufacturing
68
54
82
419
52%
n
d
76
July'j9
40
j
n
25
75
Gat and Electric
Light
Atlanta g l Co 1st g 5s
1947
Bklyn Edison Inc gen 5a a. 1949
Bklyn Un gab lat cona g 6a. 1945
CHncln Gaa a Eleo latAref 6a 1956
75%
Mar'20
98% 101%
Mar'20
44%
J
18
82
55
Apr '20
j
o
85%
90%
25
j
a
90
70%
55
n
a
88%
84%
50%
25
a
j
89
84%
75
6<)
n
o
...3
94
Sale
al932
conv
94
88%
Mtge Bonds (ny 4a aer 2..1966
10-20-year 5sa eries 3
1932
Ref a gen 6a
3
82
81
23
26
n
2°8
92%
54%
26%
o
72
77%
92%
o
60% Apr '20
u!
74%
101%
82
j
Pub Serv Corp n j gen 5s__ 1959 a
Tennessee Cop 1st conv 6a. .1925 m
Wash Water Power lat 58—1939 j
63%
74%
100% 101
100
76% Sale
76%
n
60
Feb "2u
Mar'18
70
n
50
77
75
1928 m
Apr '20
60
75
Apr '20
Apr '20
6a a *28 m
55
61%
76
58
62
65
70
77%
"73" "73%
n
Pan-AmPetATrlst
69%
72
73%
63
60%
87
70
f 08—1941 j
a
con
a
80%
Feb '18
75%
61
60
16%
16%
79%
62% Mar'20
54
56
16%
87
64
64%
56
90%
1932 a
Niag Loc. a o Pow 1st 5a..1954
11
Oct'19
Sale
61%
63
....
j
Union Tr (ny
otfadep——
Equit Tr (n y inter ctfa
va Ry a Pow lat a ref 5a...1934 j
45
88
86
Nor States Power 25-yr 5a a 1941 a
Ontario Power n f lat 6a..1943 f
Ontario Transmission 5s
1945 m
62%
27%
m
31%
May'18
62%
71
al960
Third Ave Ry 1st g 6b._——1937
Trl-Clty Ry a Lt let a f 6a..1923 a
Undergr of London 4 ha
1933 j
Income 6s
1948
47
80
79%
n y Doc. 50-yr lat g 48....1951
Niagara Falla Power lat 6aj.1932
50
4012 Dec '19
Sale
6
Portland Gen Eleo lat 5a. 1935 j
St Jos Ry l h a p lat
g 5a.. 1937 m
St Paul City Cab cona
g 58—1937 j
Third Ave lat ref 4a
1960
28
39
39%
Oct'19
62%
"7*0"%
Certificates of deposit
United Rya inv 6s Pitta 188—1926
United Rya St l lat g 4a....1934
St Louis Transit gu 5s
1924
United rrfl San Fr a f 4a
1927
22
33%
22
l1
44%
24
s
n y Rye 1st r e a ref
4a—1942 j
n y State Rya lat cona 4
ha-1962 m
Portland Ry lat a ref 5s
1930 m
Portld Ry Lt a p lat ref 5a. 1942 f
3)
68
J
New Orl Ry a Lt gen 4
h»—1936 j
n y Munlcip Ry 1st a 15a a.1966 j
al942 a
12
Sale
21%
f
Certificates of Deposit
Adj income 5a
33%
Sale
j
a
•33%
'22
42
n
j
Interboro Rap Tran lat 6a__1986 y
Manhat Ry (n y cone g 4a.l990 a
Certificates of deposit
80-year adj inc 5a
35
21%
44%
j
1957
Interboro-Metrop coll 4h8.1956
30
35%
a
1951
Adjust Income 6a..
n y a Jersey 1st 5a
j
a
Det United 1st cona g 4 ha—1932 j
Ft Smith Lt a Tr lat g 5a...1936 m
Hud a Manhat 5b
j
a
Nassau Eleo guar gold 4a. 1951
Chicago Rye 1st 6s
1927
Conn Ry a l lat a ref g 4 ha 1951
Stamped
o
——
15
a f 6a
1941
Montana Power lat 6a a...1943
Morris a Co 1st a f 4 Ha
1939
g
Nov'19
17%
Int Mercan Marine
Strsst Railway
Mar'20
87
Sale
1920 m n
Chic c a Conn Rya a f 6a...1927
Chic Un Stat'n 1st gu 4 h b a 1963
Chile Copper 10-yr conv 7a.l923 m
63%
Mar 20
..
15%
guar tax ex..1960
62%
56
.
168—1926
a
52%
62%
63%
65
95
88%
94
.
13 g
15
98
102
-
11
4
78%
56
Braden Cop m coll tr a f 6s._1931
Bush Terminal lat 4a
1952
Conaol 5s
1955
Oct'17
36
~80~%
24
No.
79%
Sale
s
Armour a Co lat real eat 4 Ha *39
82
78%
s
s
1926 m
Am s3 of WValat 6s
89
"25"
j
Adams Ex coll tr g 4a_.....1948 m
Alaska Gold m deb 6a a
1925 m
"e"9~" "72"
Apr '20
Aug'18
51
1950 j
Conv deb 6a Beriea b
Oct'19
High
Ask Low
Lt—(Concl.)
Miscellaneous
88%
76%
65
rr 1st conaol 4a
Sup a Dul div a term let 4a '36 m
91
Sale
a
1949 m
86%
73%
1930 f
Refunding 4ha aeries a.. 1966 m
Wlnaton-Salem 8 b let 4a.-i960 j
Wis Cent 60-yr lat gen 4a...1949 j
73
70% Nov* 19
88% Mar'20
74%
April 23
84
77% Apr '20,
AUg'18
Range or
Last Sale
Bid
Gas & Electric
•e w
Week's
Friday
12
85
a
Ex ten a Impt gold 5a
Sale
Price
i*
High
49
1937 j
a 6s ..1946 m
6812
75%
~51
p1943 nov
ser
75%
85%
23
44
97% July'19
95
....
1st 40-yr guar 4a..
1946 f
West Maryland let g 4s....1952 a
Western Pao 1st
84
No J Low
Week ending April
90
s
1943
High
73
j
a
Income 6a
Sale
853a
7478
75
a
1945 f
West n y a Pa 1st g 6a
Gen gold 4s
n y stock exchange
Ask Low
n
Des Moines dlv 1st g 4s.. 1939
om Div 1st g 3 ha
1941
1941 m
TolAOb Div g 4a
Wash Terml let gu 3ha
bonds
Since
Jan. I.
Week's
April 23
Bid
3?
Range
Range or
Last Sale
Price
Friday
|n y stock exchange
[Vol. 110
Record—Concluded—Page 4
Northwest Tel gu 4 Hag—1934 j
b Due April. eDueMay. # Due June.
n
n
j
76
97
•
„
1
13
101% Sept'17
ftDueJuIy. t Due Aug. oDueOot. v Due Nov.
94
Nov'16
Due Dec. • Option sale
April 24
BOSTON STOCK EXCHANGE—Stock Record
1920.]
Saturday
Monday
Tuesday
Wednesday
Thursday
April 19
April 20
April 21
April 22
EXCHANGE
Friday
April 17
STOCKS
BOSTON STOCK
Week.
CENTUM PRICES.
Rauoe for Presions
Year 1919.
Range Since Jan. 1.
Salesfor
the
SHARE PRICES—NOT PER
1735
Next Pas*
April 23
Lowest.
Highest.
Lowest.
Shares
Highest.
Railroads
54
125
64
6312
6334
63
64
82
82
8212
83
83
32
31
30
82
31
8212
31
~3TI2
31%
125
6312
82
30
30%
31
'31
632
127
127
128
128
*12612 128
♦635s
64
*40
43
40
40
40
*41
*135
140
135
135
*135
^140
*135
'*5~
~~6~
*5
6
*5
6
*9
10
*128
132
*128
130
*75
80
*75
80
*
125i2 125i2
62i2
63
140
Do
Dec'19
Do
Do
Apr'20
Last Sale 72
31%
*69
3U2
28
45
Last Sale 85
23"
*86
22
*41
41%
*4012
*53
54
*53
54
50
Mar 15
130
Sept
168
7
Mar
8
3% Nov
11
Jan
11
Mar
5
Feb
8
2% Nov
132
Oct
30
Jan
135
78
Jan
8
86
Jan
2
Feb
90
June
110
June
Apr
68
Jan 12
Maine Central
60
Jan
...100
83
40% July
94
Dec
Oct
99% Aug
115
Oct
85
Mar 29
50
9
20
86
Jan 24
40% Apr 23
50% Jan 23
40l2
40%
40U
98
53
53
53
20
Do
100
50
pref
Jan
86
*71
Dec
105
Jan
15
100
West End Street
86
Mar31
Apr 1
76
.100
40i2
78% July
83
Jan
6978 Deo
25% Dec
Mar
70
85
pref
Vermont A Massachusetts
Mar
70
6
36% Mar 10
86
Jan 6
5
Apr
84
72" Mar 30
3
23% Feb 11
-.100
Rutland
Nov
Jan 30
130
100
N Y N H A Hartlord—
Jan
Jan
70c
99% Mar
100
pref
}Dec
Jan
132
8
53
*53
Oct
143
2
6% Jan
45
41i2
41
41i2
38% July
40
Old Colony
30
22
85
85
.......
*19
22
Jan
Feb 27
Norwich A Worcester pref. 100
Apr'20
*19
22
22
22
28
45
37% Jan
Jan 28
no par
Northern New Hampshire. 100
Mar'20
Last Sale 85
*85
*85
*85
*22
1,025
29i2 a 2934
Last Sale 83
Apr'20
2834
30
97
87% Jan
10c
Georgia Ry A Eleo stampd.100
Do
pref
100
i.Mar'20
68i2
2934
68i2
6934
6934
303s
6912
32
80% Apr
Dec
Jan 28
134
no par
pre!
Do
Last Sale 10334 Oct'19
6912
Dec
85
6
Jan
39
100
100
Boat A Wore Eleo pre
Ohio Juno By A U S Y
Feb'20
Last Sale 78
pref
Boston A Providence
Dec
62
67% Jan
Boston Suburban Eleo_.no par
Mar'20
Last Sale 130
100
.
Apr
145
116
2
2
2
132
80
100
Boston A Maine
Apr'20
Last Sale 10
100
pre
Marl6
Feb 17
61% Feb 13
Feb 18
Feb 11
30
119
100
Albany
Elevated
Boston
21
140
Last Sale 6
75
*
Boston A
10
*41
...
140
Last Sale 10c.
10
*128^132
*8l2
10
*834
413
Jan
25% Mar 11
15
Dec
23
May
Jan 31
82
Oct
100
38% Sept
47
8ept
50
Jan
Apr
58
June
87
3
"
45% Jan
65% Jan
Miscellaneous
5%
5i2
5%
1%
6i4
*U2
*5%
1%
6i4
*6i8
96i2
90i8
165
*165
82i2
*81%
167
*8U2
11
11
10%
10i2
38
38
335s
3434
i2i4;
1034
1%;
*H2
490
Am Oil Engineering
10
325
Amer Pneumatio Service—
25
1
Feb 24
6i2
10
5
Feb 10
6i2
9612
f.167
h 81%
164
*6i8
612
9612
*618
957g
513
165
*80
—
44
—
11
*10
11
36
36
*35
38
*35
*H2
2
*478
5
31U
9%
134
47S
13%
131S
10
*5
5%
5
14
1418:
13i2
1334
13
5i2
10%
5
32i2
50
38
31
103s
134
478
1314
100
11
*10
z31%733
1,776
95i2 £96
10
3,465
%*32%
" 103S
23,024
Do
50
pref
100
Amer Telep A Teleg
Amoskeag Manufacturing
Do
prel
87
87
86
86
86
87
*85
89
89
80
*25i2
5234
*1612
26i4
28i2
27
2714
75
72
72
*25i2
26%
"lY"
2612
*71
63g
3014
54
6
612
9534
30i2
10i4
9534
9534
*74
61
965
72i2
10
10i2
5%
*28i2
10i2
96
96i2
73i2
74
6OI4
6%
60U
3114
30i2
133"
133
133
1,770
43
86l2
3134
233
New England
31U
796
Ohio Body A Blower.
3078
30
30i2
3,525
232
4712
47l2
45i2
2514
25
25
25
2134
47i2
1195s 120
2H2
21
20
45
45
300
165
Shawmut 88
21
21
1,265
*43
45
50
11578 117
1,112
Swift A Co
Corporation..
—100
50
Torrlngton
25
2134
45
*43
45
11534 117
68
70
70
70
70
70
*69
46
46l4
2534
44%
4514
44%
45
25
25
25
1612
17
2478
16%
4414
*2518
1514
1934
3514
44%
2534
*69
70
38
36
2034
%
GO
*60
65"
*62l2
3612
37
20l2
20i4
2012
37
220%
2212
163s
1934
20
2Q14
20
44%
"l~5%
25
15%
20
19%
36i2
35%
20
19%
61i2
28%
29
28i2
27i2
435
7,761
2,030
15%
20
588
35%
1,115
10
12
61i2
28
Reece Button-Hole
Slmms
""650
—
—.25
5
Magneto
Stewart Mfg
United Shoe Maoh
Corp.].. 25
pref..
—..
25
Ventura Consol OH Fields.
6
Do
Waltham
28
Apr
38
19
Mar
July
May
90
Oct
58%
75
10
Feb
2
95% Apr 16
68% Feb
6
Feb
6%
8% Apr
31% Apr
11
101% Jan
Jan
6
Jan 20,
Mar
13
Feb
5
36% Jan
5
13
15
Feb 4
44
Feb 17
23% Feb 25
13
Feb 13
40
Feb 14
115% Feb 26
65
Feb 26
43% Feb 13
Mar
94
Feb
24% Apr 20
12% Feb 11
Jan
53
Feb
35
11
Oct
Jan
99
Mar
Jan
Jan
67% Nov
89% Jan
27% Feb 13
29% Mar 17
85
138% Jan
Sept
9%
90
10
76
63
35% Feb
125
Dec
28% Nov
8% Feb
Jan
9
5
60
60
211
130
Dec
71
Jan
Feb
149
June
47% Nov
83
Sept
26
72
July
06
Mai
199
-
34% Mar 30
176% Jan 19
Nov
145
Feb
99
Jan
12
2
Jan 3
93
Jan
99% Dec
16
Jan
14
Jan
10
55
35>:
July
31% Jan
25% Apr
7
30
Dec
6
15%
Dec
49% Apr
8
32%
Jan
Jan
2
133
115
Jan
49
Feb
26
Oct
69%
150
May
Jan
74% Nov
44
Jan
65
May
25%
2
11
Mar 19
19
Jan
59% Oct
35% Dec
27% Nov
52%
Mar 10
78
May
Oct
Jan
31
Jan
7%
20% Nov
21% July
Feb 16
23% Apr
7
16
33% Jan
2
28
Aug
43
Oct
23
44% Jan
26
Feb
26
19% Apr
17
Mar
25
July
15
Feb
83
July
37
Jan
38
Jan
.60
Apr
2
7
60
3
12
Jan 21
70
100
60
Feb
100
60
Feb
6
5
23
Feb
25
75c Mar
22
Wlckwlre Spencer Steel
38% Nov
Jan
Mar
1st pref
2d oref
Do
Oct
80% Feb
51
Warren Bros
Jan
23%
2
6
55
Apr 23
25% Jan 6
36% Jan
29% Jan
44
Apr
1.00
Manufacturing. 20
100
Watch
Walworth
Feb 20
157
6% June
Nov
20
4% Mar 4
22% Feb 27
72
17
Ino
7
8
23% Feb 25
10
Waldorf System
Do
Mar'20
27%
28i2
20
*60
65
28i2
29i4
1,497
4514
25
Last Sale 70
29%
70
60
60
*62i2
100
pref
10
Root A Van Dervoort Class A
25
20
Apr
165
Plant (Thos G1
16
45l2
50
1512
__1
Circuit Inc.
Pacific Mills
16
*1412
20
2012
Orpheum
Telephone..100
13
165
50
1612
10
Mexican Investment Inc..
4H2
25
2214
pref
85l4
50
20l2
100
100
50 Mergenthaler Linotype...100
Do
43
87i4
32
26%
118l2
10
Theatres—
10
165
117"
10
Island Oil A Trans Corp..
Massachusetts Gas Cos
3034
*37
100
MoElwaln (W H) 1st pref. 100
23
95
it
no par
pref
142
31i2
47i2
11914
Do
197
86i2
*4512
14
Products
Internat
72
4112
117
24
20
16
96
32
*4912
*25l4
2134
47i2
52% Apr
72
87l2
15
25% Mar
96
44
15
60
Greenfield Tap & Die
25
International Cement Corp...
60k
32
16
28
73
85i4
*15
4,615
6
Apr 15
Feb 13
148
96
33
16
Elder Corporation
60
88
16
100
no par
Edison Eleotric Ilium
72
45
32
Apr
96
32
165
88
Loew's
87l4
95
11
Libby, McNeill A Libby...10
44
31
Feb
172
88
165
63
821
3418
33
534
Apr
10i2
46
Deo
138
172
27
2914
133
79
Oot
Feb 11
100
pref
Do
19
28i2
10i4
3334
32l2
*44l2
134
6
5
Mar
25
29
10l2
88
136l2
77
26i2
134 J;
43
*135
"3",145
18
26
30"8
534
96
55
*70
30
Manufacturing
Gorton-Pew Fisheries
5434
*16l2
72
5334
*10i4
74
7412
71
*60i2
*13612 1377g
75
*6012
9,810
32l2
33i2
Last Sale 26
Apr'20
3314
27
26
*70
IOI4
123
148
148
148
5434
18
17
31
ioi2;
*85
*16%
16i2
6
3oi2:
*10
*2512 £26
5334
5414
17
Apr
6% Mar 23
36% Jan 3
Eastern SS Lines Ino
"l7~
Deo
39
3% Feb 14
27% Feb 13
Eastern
1,245
3514
24
10
1,265
24%?25
33l2
34
Jan
1,075
32
25
36%'
Jan
Deo
6
■14% Apr 14
514
32
35%
4%
31%
12% Apr 23
24
3134
Dec
10
2934
148
6
Connor (John T).......
East Boston Land
25
3334
6
3,970
32
14812
2% Dec
Jan
133S
5i2
,732
24i4
3214
3
7
1212
5i2
30
148
3-% Jan
10
25i4
148l2
47g Nov
15% Mar
13
20
Century Steel of Amer Inc.
5i2
33
148
13% May
1% Apr
Boston Mex Pet Trustees
345
2412
1481a 14812
Dec
Dec
2
620
32
5i8
Jan
84% Deo
21% Nov
26% Deo
7
1&8
2512
512
Nov
152
17%
412
34
514
108% May
16
35% Apr 17
12% Apr 14
Feb 11
Aug
Dec
Feb
78% Jan
H2
25i2
512i
Apr
6
7% Nov
2
9% Aug
79
412
33i4
*5
7
23
31
AtlasTackCorporation.no par
Blgheart Prod A Refg
10
Jan
95
100% Mar 18
167
Apr 20
83
Jan 13
19
Jan 5
38
Apr 20
16
26% Jan
10
Art Metal Construe Ino
Mar
9
Anglo-Am Comml Corp.no par
Dec
2% Apr
8
2
2
3
94% Jan
139% Mar
79% Jan
5
56c
7% Mar 15
1% Mar 31
Apr 1
4% Feb 13
13s
80
2
134
5i2
13s
*10
1U2
12
5i4
138
166
38
35i4
35
53g
13s
96
82
*35
514
li2
*6i8
6i2
9612
96
5i2
li2
512
*H2
Jan
73
Jan
9
30% Mar
27
72% May
July
80
22
1% Feb
May
Mining
*.75
*.75
*67
*.25
35
|
9%
*.30
12
355
27
26
*12
44
14
*4l4
4l2
431;
4%
43%
Ills
113s
1034
11
I4i4
*434
2i2
Arcadian Consolidated
635
Arizona Commercial
.25
.25
300
.25
342
2434
.25
2534
26'4
Last Sale 13
41
4l4
Apr'20
4%
195
10%
5,295
1,260
434
434
2i2
*434
13%
3%
5%
*2%
2%
640
1
*.70
1
200
4634
290
2i2
2i2
.75
*.70
*45i2
45
13
*3
45
45
77
77
78
78
31
30i2
30i2
30%
30%
4is
43g
*4
4%
30
Kerr Lake
1%
134
*1%
1%
505
Keweenaw
*4i4
*134
434
434
1%
*414
1%
134
3
100
La Salle Copper
2%
300
Mason Valley Mine
*2i2
4%
3]8
278
*434
5
*434
7i2
5
Last Sale 5%
8is
734
3
6i2
6312
63i2
20l2
22
20
20 i2
.
7
7
*6i2
7%
*26
28
2514
2514
*85i4
86
1034
,
18%
21U
I
*.50
1
86
2i2
*6
8
6i2
Apr'20
7%
734
*5%
6%
Mass Consol
"
i",480
20
145
6H2
62i2
63
63
197g
2014
20%
20%
1,645
7%
120
*6i2
25
*6%
7i2
85
85i4
84
28
40
85
25
85
135
*25
84
IOI4
H)%
10
lOU
10
10%
158
n%
*10i4
I8I4
10i2
19%
1934
185$
1914
18*4
19%
19,821
*.50
1
*.50
1
.50
.50
*.50
1
*134
2
Last Sale 23s
*134
2%
*134
6i2
65i2
*6
712
*10
6i2
65
28
*85i4
8i2
8i4
*3
2i4
100
Apr'20
""310
*3112
3212
31
31
30
*31
34
31
32
*45 S
48
45
45
*45
47
45
45
44%
45
70
*56
58
*57
60
57
57
57
57
58
58
87
*47
:o
46
46
45
46
44
45
*44
1414
1412
14
13
13
13
30i2
H2
l%i
1%
lSg
I3I4
1%
23g
2%!
2%
238
*23s
2l2
.15
.15
.15
4i2
14%
ll2
1%
*2%
*.15
.15.
5U
514
5
5
5
*5i4
.15
5*2
.15
5
4i2
4%
1%
.75
U2
.85
1*4
1*4
.75
5|
*112
*.75
434
134
.75
*.75
.80
*434
.20;
500
South
5%
25
4%
1,331
2i4
2%
7%
8
*2i4
*234
2%
2i8
*2i2
218
2
8I4
2i8
2
3
*1
112
*.75
*
*.75
Bid and Mked pfloee.
II4'
3
Last Sale 3
1
1
H4
7%
320
2
I
1
*.75
2%
7%
2%
*212
• Ex-«tock dividend.
Tuolumne Copper—.....
2%
2%
*18
Trinity
560
2
Mining
Utah Consolidated
Utah Metal A Tunnel
.75
734
18i2
250
450
*1%
214
*18
2
.75
1%!
.75|
1
18%
12,426
Victoria...——_——
Apr'20
.99
V
*18
Last Sale 1%
.99
T.Igo
18%
120
Apr'20
4 Ex-dlvldend and right*
-
Utah-Apex
Winona
Wolverine
Wyandotte
« Aeeewment
paid.
...
ft Ex-rights,
25
10
26
5
5
1
1
25
25
25
25
40c Jan
Jan
409
2
3
"10% "Feb
Nov
10% May
Jan
90c May
350
Mar
2
Mar 22
36%
12
Mar
20
July
48% J*n
4% Mar
14% Jan
39
Mar
62
July
2
Mar
May
16
4%
4% Apr
6% Mar
Feb
3%
14%
8
Jan
4
38
Jan
Feb
21
l.igMay
31
5
Mar
6
4% Apr 7
3% Jan 3
2% Jan
3
Jan
21
3
2
2
Feb 16
6% Jan
7
Jan 21
11% Jan
6
7% Jan
72
Mar
24
Jan
4
..
5% Feb 13
9% Feb 13
15
Feb 13
2
% Feb
Deo
12% May
4
May
24
3% Mar 9
%, Jan 19
3% Feb 10
2% Apr 12
July
480
10
16% Jan 5
40% Jan
3
24
1
July
18
0
20c
77
Apr 21
1% July
July
'
Feb
Feb 16
—
4% Apr 7
16% Jan 6
9% Apr 15
52% Apr
80% Feb
30% Feb 26
July
52
60c
—
Superior
32% Dec
20c
Mar 12
Superior A Boston Copper
7
6
79
10
Lake
25
Utah M A S.......
5
Jan
42
14
8
10
21
———
62% Mar
10c
Apr
91
6
Jan
100
.....100
...
5
15
26
25
3
% Jan
27
6
7% Jan 8
27% Mar
27
87
24
Mar
Oot
Aug
Julj
9% July
7% May
6%
Mar
2
July
42
Apr
78
Apr
Jan
55%
88%
July
July
41
July
3%
99c
Oot
Mar
0% May
2% July
3
Jan
7%
2
Apr
5%
2%
4%
4
Apr
Feb
2
Jan
Feb
49% Feb
14% Mar
2%
6% May
10
July
13i4 June
10
83
July
July
29% July
12% July
Feb
28
67% Mar
8% Jan
87
8%
July
July
Oct
Oot
Nov
13% May
12% Jan
21% Apr
3
20
80c Jan
27
25c
Apr
1% July
2% Jan26
75c
Mar
9
Feb
20% July
37% Jan
5
30% Mar
44% Feb 13
56
Feb 11
58
Mar
Jan
3
3
45
65
52
Mar
Apr 21
58
Jan
40
Mar
Apr 22
19
Jan
5
6
4% July
52% July
73
July
83
July
75
July
13
Jan
20% July
4
2
Jan
7
1% Mar
40c
Jan
8c
Jan
1
% Jan
30
13
.20
4%
4% Feb 13
2% Feb 14
Mar 26
39
Feb 13
Copper Corp—.00 par
*.15
3
2% July
Jan
% Jan
60c
44
South
Jan
Feb 26
...
Shannon
*4%
3
9% Feb 13
11% Feb 11
3
Feb 17
25
Osoeola
25
Quinoy
25
St Mary's Mineral Land.. 25
Seneca
Apr 22
19
OJlbway Mining...
Old Dominion Co
30
834
Lake
North
485
23s
18%
North Butte..
1%
*8
18i2
Nlplssing Mines
2%
*2i8
pref
435
5%
4%
12% Mar 30
41
60
Idrla Quicksilver
Do
9
25
6
5
.....
New River Company
1%
8%
.98j
H41
70
New
Mar
17% Feb 13
Apr 15
Feb 11
New Cornelia Copper.....
*2%
2%;
*18121
13%
Mohawk
1%
*8
Us
46
334
Mayflower-Old Colony—. 25
Michigan
25
2%
*ll4
.
Lake Copper Co
4
3
*3
3
*4
25
4
*2
*4
3
25
20
10
6%Mar 18
% Feb 4
6
2i2
4i2
*2i2
10
26
1
25
25
25
25
5
26
Copper
4i2
3's
*4
1
Feb 11
1
Do
pref
1
Isle Royale Copper....... 25
77
21%'
*7
54
3
11
10
Island Creek Coal—
77
245
31
10
Franklin
25
Hancock Consolidated.... 25
Helvetia
26
Indiana Mining
25
31
612,
21l4
60
Daly-West —————
Davis-Daly Copper
».
East Butte Copper Min...
32
66
*26
75
Copper Range Co
80
5i4;
*6
"549
3i2
2i2
8%
6512
Centennial
"
41%
*4%
978
414
Copper..
Calumet A Hecla
41
42
.....
Carson Hill Gold
*3i8
.75
17s!
318
26%
13%
10
*434
4%
8i4
39
2,540
340
340
345
Bingham Mines
25
11
Feb 11
Feb 13
77
30c Mar
25
5
—
570
314
47
Allouea
Butte-Balaklava
Mar 20
65
25
Algomah Mining..
1,115
10i2
1334
5
Consolidated— 26
26
8%
3
3
314
1334
13i2
Akmeek
11%
1
434
*434
85
34
*32
Adventure
8%
212
49
100
.50
3112
33
3
4i4
1034
32
35
66
*78i2
80
*2i2
3i8
4i4
10i8
66
*.25
11U
5i2
49
49
*4
43
100
*.75
.35
8%
8
3
*.70
1
*4l4
*134
13
"42"
.75
68
11%U11%
*3
314
2%;
*32
2634
.35
32
212
512!
*4812
*78i2
14
.35
345
25i4
it
.75
65
3U
*434
378;
*.70
414
1312
1412
*3i2
345
26i2
*12
14
44
834
*.30
.35
50
350
|
27i2
3l2
12
8%
9
*.30
.35
*352
3
1U2
fil2%
9
32
32
3% > 3i2
37s
13
9%
*3i2
*123s
.50
*.25
32
32 |
1%
68
*67
.50
*.25
.50
*33
*.75
1%
68
*67
70
2
Feb 11
l%Mar
Jan
10c Mar 10
2%'Apr 15
14c Feb 13
25c Jan 10
4% Feb 11
4% Feb 26
1% Apr 1
75c Apr 12
Mar
11% June
0% Jan 29
1
Mar
5% Nov
5% June
2% Sept
3% June
12% July
2% Jan 19
1% Jan 10
Jan 23
1%
71 c
Dec
Dec
l%May
9% Feb 20
7%
1% Feb 14
3% Jan
2% Mar 22
3% Jan
5
8
99c Apr 23
2
7
Feb 17
23
1% Apr 14
Aug
4
Jan
3
a Ex-dividend
3% June
7
6
2% Apr 22
7% Apr 23
17
4% July
50c
Jan
Jan 10
l%Mar 22
w Half-paid
1%
Jan
Jan
1% Mar
50c
Jan
15
Mar
40c
Mar
6
July
4%
July
3
July
1736
v
Boston Bond Record.—Transactions in
Stock Exchange.—Record of transactions at
Chicago
Outside Stock Exchanges
Stock
[Vol.110
THE CHRONICLE
•
Chicago Stock Exchange April 17 to April23, both inclusive,
binds
at Boston
compiled from official sales lists:
Exchange April 17 to April 23, both inclusive:
Last
Sale.
Bond*—
Price.
of Prices.
Week.
Jj)W.
ijOVO.
High.
$5,550
2,250
U S Lib Loan 3Ha. 1932-47
1st Lib Loan 4s.. 1932-47
92.20
93.20
88.00
89.64
2d Lib Loan 4s..1927-42
84.74
86.04
1st Lib Loan 4%s.'32-'47
2d Lib Loan 4%b.'27-'42
85.90
89.64
84.90
3d Lib Loan 4%s
90.00
84.50
86.90 105,650
1928
4th Lib Loan 4 % s *33-'38
Victory 4%s
1922-23
"166%
Jan
93.80
86.90
84.90
91.80
37,900
90.00
96.50
83,800
73%
/
1,000
1,000
2,000
3,000
1,000
1,000
78%
75
100% 102
67
67
85%
85%
Miss River Power 5s..1951
"74"
74. V
N E Telephone 5s
New River 5s
82 %
75
86%
86%
2,000
92%
93%
6,000
3,000
...1934
"78"
Swift & Co 1st 5s
1944
86%
U 8 Steel Corp 5s
1963
Western Tel & Tel 58.1932
"79"
Jan
Briscoe,
73%
78%
81
Mar
Jan
Jan
Mar
Chicago Title & Trust..100
"214"
Commonw'th
......
71
Mar
76
Jan
81%
Jan
85
Mar
75
Feb
78
Jan
86 %
Apr
93%
Jan
92
Apr
93%
Apr
Apr
84
Jan
Continental
Edison.. 100
Motors.
Diamond
Match.
;.100
79
Low.
52%
123
m'm
+ m
27
5
15
Feb
90
50
90
Mar
7
490
6
Jan
94
50
80
Feb
4%
50
4%
210
105
10%
95
"118"
118
215
105
Apr
108
10%
355
95
Apr
320
116
Mar
2,320
11%
26%
121
Apr
Apr
470
81
Apr
92
Jan
Hartman Corporation.. 100
87
90
475
87
Feb
105
Hart,Schaff&Marx,com 100
Holland-Amer Sugar
10
Hupp Motor......
__10
87
89
230
85
Feb
96
17%
17%
210
15
Feb
18%
Mar
19
21%
6,450
v.:v
30
13
Feb
23%
Apr
100
Illinois Brick
High.
89%
25%
Range
since
1.
Jan.
Low.
Shares.
50
330
90
30%
High.
..10
35
18,700
Feb
50
Feb
115
Mar
55
135
Jan
Orpheum Circuit, Inc
Quaker Oats Co..:
95
Jan
Feb
45
Jan
Preferred
140
Apr
47
120
45%
Apr
47
Apr
Republic Truck
(*)
Sears-Roebuck, com...100
45
150
44
Apr
45
Apr
2%
4
7%
535
1%
Feb
1,225
3%
Mar
7
Mar
480
3%
Jan
5
Jan
Jan
11%
.100
_(♦)
Feb
32
Apr
6%
Feb
7%
45%
Jan
44
Apr
Feb
38
38
100
36
Mar
"12%
12%
13%
8,440
30
29%
33%
35%
2,870
35%
35%
280
247
94
44
300
43%
Apr
52%
217
243
1,970
213
Feb
113
113
115
236
113
Mar
84%
82
89
3,080
61
Feb
90
17%
17%
100
17%
Feb
26%
im
43
47%
49%
745
40
Jan
50
23,900
37
Feb
50%
115% 120
45%
40%
14,975
mmm
100
42
43%
25
53
66
Jan
10
132
Apr
132
Apr
97
Mar
100
Jan
Swift International..... 15
30 %
30%
32%
26%
Feb
39
Jan
Temtor Prod C&F "A"_(*)
Habirsh El Cable, (no par)
16
16
18
15
Apr
18
Thompson, J R, com
25
2%
Jan
Union Carb & Carbon
10
64%
8
Jan
5%
15%
2%
Apr
Apr
c...100
37%
36
41
24
24
27
370
4%
2%
Kay County Gas........l
La Belle Iron Wks.com. 100
Lone Star Gas, new.
25
Mfrs Light & Heat.....50
Preferred
56
5
m m m
31%
55%
4%
.v..
-
7%
50
16
16
1
.......
2%
1,025
20
5,560
124%
125
34%
290
57%
5%
95
8%
17
27,660
175
Jan
1%
102%
29%
Feb
54
4%
Mar
Feb
30
29
32
225
23
Feb
52%
51%
37%
53
2,277
44
Feb
37%
40%
2,995
37%
Feb
O klahoma Prod & Ref.
Pittsb Brewing, com
...
5
mrnmm
m
100
*
«
-
m
«*
1
Pittsb & Mt Shasta Cop..l
43c
.100
Pittsb Oil & Gas
Union Natural Gas
50
100
U 8 Glass
100
11c
9,120
50c
15,700
2,855
12
13%
170
140
100
37c
Mar
Mar
Jan
Wrigley Jr,
Apr
10%
Jan
Jan
8%
mmto*••
m
mm*
97%
.
_
West'house Air Brake...50
„
_
112%
49%
West'se El & Mfg, com..50
18%
65%
Apr
Mar
Alpr
,
Jan
25c
Mar
Jan
53c
Jan
12
Apr
18
Mar
159
Mar
172
Apr
Feb
4
Jan
115
Apr
225
Mar
25
100
Oct
114
Apr
19
19
20
19
Apr
1%
Price.
m
„
-
mm
Cosden & Co, pref
mm
m'm
Mar
Feb
40
com
20%
23
18
Feb
23%
Jan
78
135
75
Feb
81%
Apr
v
Stock Exchange.—The complete record
the Philadelphia Stock Exchange from
Apr.
17 to Apr. 23, both inclusive, compiled from the
official sales lists, is given below.
Prices for stocks are all
dollars per share, not per cent.
For bonds the quotations
are per cent of par value.
transactions. at
Sales
Friday
for
97% 100
111% 111%
111
113%
52
49%
410
92%
111%
Feb
Feb
107%
115%
118%
Jan
107
25
265
1,610
10
73
Apr
Par.
Stocki
Jan
American Gas.
Jan
American Stores.
48%
Feb
55
Jan
73
Apr
79
Jan
.
_
-
55
75
$7,000
25,000
Low.
.
43
31
Apr
56%
Feb
43%
91%
45%
3,376
37%
Feb
46%
Mar
92%
110
91%
Apr
93
Feb
Jan
75%
Jan
Insurance Co of N A
High.
1.
Jan.
Shares.
Low.
100
Lake Superior Corp
50
80
Feb
90
Jan
24
36%
Feb
40
Jan
53
94
Feb
96%
Jan
Feb
4%
Apr
95
54
95
3%
54
84
20
550
10
25
2%
50
83
Mar
61
Jan
90
Jan
Apr
3.40
Jan
Apr
8%
24%
25
99% 100%
182
85
6%
9%
24
4
87
1,555
Feb
11
Jan
24
Feb
25
Jan
95%
Feb
87
77
Feb
4
Feb
4%
Jan
m m
~
«.
Apr
Jan
103%
88
43
1,188
1,125
32%
Feb
83
86
90
76
Feb
45
8
45
Apr
Apr
44%
93%
45
39%
Jan
9%
45
39
4%
Feb
Jan
8%
1,640
7%
7
5%
3%
9%
7%
5,465
3%
Feb
3%
4
5,200
3%
9%
Apr
4
Mar
Mar
10
Jan
10
10%
7%
Apr
65
65
3
50
Feb
70
Jan
100
92
93
100
88
Apr
95
Jan
81%
84
80
74
Feb
84%
50
11%
13
580
11
Feb
15
50
14%
14%
15
14
Pennsyl Wat & Power.. 100
82
Mar
Tono-Belmont
mm'm
Jan
201
29%
27%
Mar
Mar
37%
58%
Jan
2,030
42
6,935
1,120
15%
Jan
22
Mar
63%
61
Feb
65
Mar
44%
253
40%
Feb
47%
Mar
58%
18%
Apr
40
10
40
Jan
41
Jan
108
1
108
Apr
108
Apr
42
200
42
Jan
63
43%
Jan
74
mm
Apr
76
4,836
40%
Feb
43%
Mar
2%
500
2%
Apr
2%
Apr
36%
mm
74
41%
2%
rn'm
75
40%
37%
215
35%
31%
24%
Feb
42%
36%
Jan
Feb
Apr
25%
Jan
21%
Feb
28
54%
Apr
63
65.
Feb
88%
1 15-16Mar
3 1-16
Jan
2%
Feb
32%
33
151
24%
24%
25
22%
22
23
3,904
2,657
54%
54%
54%
85
......
77%
85%
460
mm
2%6
1,945
1% 1 15-16
32%
1,550
2
1%
758
31%
175
176
22
1%
31
Apr
Apr
37
Jan
Jan
Jan
Jan
Mar
Jan
Mar
185
Jan
50
43
43
45%
7,006
43
Apr
57
Jan
10Q
96
96
105%
4,050
92%
Feb
8%
28
8
Feb
27
50
Mar
58
10
10
35
100
United Cos of N J
-
.
Warwick Iron & Steel—10
8%
8%
50
-.100
Welsbach Co
193
42
km"'
74"
1
United Gas Impt
U S Steel Corporation
Apr
40
50
Traction
120
16%
1
Devel
Tonopah Mining
Union
2
108
Phila
Rapid Transit
50
Philadelphia Traction—50
Reading
50
Jan
120
50
Western N Y & Pa
50
12
12
W Jersey & Sea Shore
50
38%
38%
172%
108%
8%
Jan
Jan
50
Mar
Mar
12
Mar
Jan
40
Feb
Apr
Mar
8
9%
50
.25
Jan
130
50%
2%
-
Feb
141
Feb
61%
41%
50
,
40
Feb
77
16%
Pennsylvania Salt Mfg. .50
.
Apr
99
10
29
50
Pref (cumulative 6 %)
39
81
63
100
50
.--50
50
Phi la Electric of Pa..
11
7,10p
39
136%
120
29
Philadelphia Co (Pitts)..50
87
37
120
263
81
10
Penn Traffic
37
125
100
Pennsylvania
High.
39
50
75
—H
1.
High.
40
91%
100
.100
Jan
since
Jan.
Low.
44
Cambria Iron...
55
Range
since
Range
Shares.
40
Pa Cent Lt & Pow, pref...
for
High.
100
Feb
Week.
Low.
no par
.
50
Sales
Price.
First preferred...—
General Asphalt
Preferred
100
*
Jan
Philadelphia
of
Apr
t rlOO
United Ry & Elec
Wash B & Annap
Mar
92%
64%
5
v
35
Apr
Feb
Apr
25
t r._.
Apr
Apr
87%
52
5
Mt V-Woodb Mills
99
32
100
8%
Preferred
Apr
11,000
4,000
61%
6%
Indiahoma Refg
Monon Vail Trac
99
88
61%
1.50
9%
Davison Chemical... 710 par
Kentucky Cos Oil
$200
33
87%
Week.
1,310
mmmmmm
_
99
32
m
87%
of Prices.
1.50
~
Apr
Mar
99
"mm
'
«m
Week's Range
14,760
»
53%
Bonds—
Armour & Co deben 6s. 1924
Chic Rys 4s, Ser "B"_1927
Swift & Co 1st s f g 5s. 1944
Last
7%
9%
-
Jan
32%
Sale.,
1.95
-
74%
36%
Jan
3%
5
Houston Oil, pref tr ctfslOO
Hurst (J E) & Co
100
Mar
Apr
85
m
100
Consolidation Coal
Apr
29
18
83
m
Consol Gas E L & Pow. 100
!*"
«.
1.65
10
Preferred
-
3%
1
Commercial Credit, pref.25
*
m
100
Jw Preferred
41
Feb
7,330
Jan
37%
86
mmmmmm
Atlantic Petroleum..... 10
10
Apr
20
130
of Prices
100
Preferred
Apr
32%
Apr
Week's Range
Last
Sale.
Cent Teresa Sugar
543%
9,500
69%
Feb
Friday
Celestine Oil...
13,200
54%
5,550
5,050
Norristown.........
100
Mar
53
Little Schuylkill
Baltimore Tube
52%
37%
clusive, compiled from official sales lists:
100
Apr
33%
19%
76%
Lehigh Navigation
Lehigh Valley
Preferred
33
42%
J G Brill Co
50
175
18
120%
Baltimore Stock Exchange.—Record of transactions at
Stock Exchange, Apr. 17 to Apr. 23, both in¬
Arundel Corporation
35
33%
Baltimore
Alabama Co
Jan
33
m
Mar
35
75
75
Par.
m
49
60
55
1925
1949
Stock*—
'
Feb
18
Bonds—
Pittsb Brewing 6s
m
55
41
46
Elec Storage Battery..
Indep Brewing 6s
'
mm
Feb
100
Apr
92
Jan
60
73
West Penn Rys, pref... 100
Jan
37%
45
18
m'm
Jan
Apr
45
38%
121% 123
122
m
128
Apr
Apr
Mar
Apr
107
1%
Feb
Mills. (*)
25
Western Knitting
116
1%
Apr
118%
20
When issued.,..
Apr
Apr
8c
115%
Jan
243
Apr
Mar
4%
14%
51%
88%
3,780
Jan
Mar
Ward, Montgomery, & Co,
Jan
115
mm mm
115
U 8 Steel Corp, com.100
Preferred.......
50
30
5
Jan
Apr
107
mm
100
Co
59
90
170
Stand San Mfg, com...100
Preferred
100
Transconfl Oi..l..(no par)
203
1,950
1,130
90
37c
13%
Pittsb Plate Glass, com.100
Riverside East Oil, com..5
5%
8%
18%
10c
~
10c
Plttsb-Jerome Copper
7%
59
Pittsburgh Coal, com.. 100
Preferred
5
18
18
50
Preferred
m
7%
50
v t
Apr
55%
52%
Apr
7
13%
Un Iron Works
116
United Pap Board, com.100
Wabl Co
(*)
45%
61%
6%
9%
19%
34%
Feb
460
Apr
125
Feb
25
Fuel Supply
Oklahoma Nat'l Gas
Union Storage
5%
15%
25
Ohio Fuel Oil
Ohio
mtmm
2%
123
123
mmmmmm
Marland Petroleum.
Nat Fireproofing, com..50
4%
15
50
Mar
28
20
Preferred
310
98%
63
Indep Brewing, com....50
Feb
Feb
249
Mar
41
218
mm
Jan
35
Apr
Feb
97
855
Jan
Feb
Apr
132
10,525
15%
Apr
93%
22%
63
..100
12%
28%
35%
1,255
27%
43%
«...
65
280
93%
25%
26
35
97
Swift & Co
78
36
Shaw W W, com
(*)
Standard Gas & Electric.50
Stewart Mfg Co
Stew WarnSp, com:
Mar
22%
200
132
m
Mar
Preferred.
89
23,800
6%
95
10
Feb
Feb
31%
38
100
131
83
6%
100
Apr
44
2
83
38
1
18
Jan
'
People's Gas Lt & Coke. 100
89%
Jan
27%
mmm
28%
6%
Lindsay Light
140
3%
7%
mm
10
Middle West Util, pref. 100
Mitchell Motor Co_...(*)
53
125
20
Libby, McNeill & Libby.10
140
132"
Mar
84
Feb
mm
125%
36%
Feb
Jan
Feb
Feb
81
97
m
101
81
100
100
Guffey-Gillespie O. (no par)
Columbia Gas & Elec. .100
13%
Apr
Feb
60
115
Crucible Steel, pref
Feb
Apr
Feb
Mar
Apr
Commonwealth Trust.. 100
Apr
210
625
105%
'rn'mmm'm
Mar
Jan
4%
97%
10%
110%
5%
1,094
214
Jan
Apr
52
44
Carnegie Lead & Zinc
6,350
Jan
28%
92
2
Mar
22%
17%
24%
300
1,605
mmmrn%m
Feb
235
105
mmmmmm
14%
59
45%
Carbo Hydrogen Co, com.5
Preferred
5
100
36%
92
Barnsdall Corp A...
B Shares
17
57%
140
50
75
34%
105
Bank of Pittsburgh
13%
Feb
6%
(»)
Reo Motor
Preferred
Apr
57%
Corporation
Sales
for
mm
9
62
Godschaux Sugar, com_(*)
Elder
National Leather
i Preferred.........-.100
Mar
Jan
50
1,600
Great Lakes D & D
78
%
78
Week.
Arkansas Nat Gas, new. 10
58
51
10
66
88
10
Cudahy Pack Co, com. 100
Feb
19%
Chic Rys Part Ctf Series 2.
91%
300
Mar
95
9
"~6%
Chic Cy & Con Ry, pref(*)
Chicago Pneum Tool
100
Apr
57
Jan
17%
Mar
62
1
"20%
Jan
Mar
94
Feb
15%
1,625
90
_._(»)
100
Jan
85
8,450
Jan
Apr
110%
Apr
17
9%
62%
Jan
67
16%
95
56%
"56%
81
3,000
of Prices.
Amer Wind Glass Mach 100
15%
50%
85
Feb
Mar
95
94%
82
11,000
Week's Range
52%
4,025
150
78
Last
25
99%
Feb
83
Sale.
Amer Roil Mill, com
82
95
Feb
Apr
78%
High.
40
540
81
10
Bunte Bros
Low.
525
40
40
75
69%
Friday
Price.
common
Case (J I)
First preferred
Shares.
97%
16%
100
Pittsburgh Stock Exchange April 17 to April 23, both in¬
clusive, compiled from official sales lists:
Par.
(*)
(*)
(*)
Booth Fisheries, new
Jan
11,000
75%
Beaver Board
94.96
High.
82
.100
92.98
99.30
Low.
40
Armour Leather........ 15
92.98
Apr
Price.
100
Preferred
1.
Week.
.._(*)
Co, pref
Apr
Apr
Pittsburgh Stock Exchange.—Record of transactions at
Stock*—
Armour &
84.50 Apr
95.84 Apr
Jan
for
of Prices.
Amer Radiator, new
Jan
Chic June & U 8 Y 4s. 1940
1932
Jan
92.34
Mass Gas 4%s
1929
93.04
Apr
75
Carson Hill Gold 7s... 1923
Jan
88 00 Apr
84.74 Apr
73%
Par.
Albert Pick & Co
100.00
85.90
78%
Collateral trust 5s.. 1946
AtlGA WIS8 L5S..1959
High.
92.20 Apr
3,050
5,700
51,500
95.84
"73%
Am Tel & Tel coll 4b_.1929
stock*—
Week's Range
Sale.
1.
&3
Range
Last
for
Jan.
since
Range
Week's Range
Sales
Friday
Sales
Friday
Mar
Jan
Jan
20%
4
Bonds—
U S Lib Loan 3 %s.
93.40 93.40
1932-47
$2,500
93.40
Apr
100.00
Jan
1927-42
86.90 86.90
15,000
86.00
Apr
90.10
Feb
4%s_'27-'42
3d Lib Loan 4%s
1928
4th Lib Loan 4%s '33-'38
Victory 4%s
1922-23
Am Gas & El 5s, small 2007
84.90 86.84
32,800
84.90
Apr
91.90
Jan
90.50 91.90
13,550
90.50
2d Lib Loan 4s.
.
2d Lib Loan
Baldwin Locom 1st 5s. 1940
m'm
mm
mm
mmmmmrn
96%
<
84.80 86.98 154,300
96.06 96.22 251,000
75
75
100
Jan
Apr
94.60
84.80 Apr
92.88
Jan
96.06
Apr
99.34
Jan
75
Apr
82
Jan
96%
96%
9,000
95%
99%
Jan
Elec & Peop tr ctfs 4s. 1945
59%
60
3,000
59%
Apr
65
Jan
Keystone Teiep 1st 5s .1935
Bond*—
77
77
2,000
77
Mar
85
Jan
57%
58
4,000
55
Mar
63
Jan
77
77
6,000
77
Apr
82%
Jan
Atlan & Charl 1st 5s.. 1944
85%
85%
$1,000
85%
Apr
85%
Apr
Lake Super Corp 5s
Chicago Ry 1st 5s.... 1927
62%
62%
62%
Apr
70
Jan
Leh Val gen cons 4 % s. 2003
77
78
4,000
8,000
77
Apr
81
94%
94%
1,000
93%
Feb
95
97%
91%
98
92
92
Cons Gas, E L & P 4% s '35
5% notes
77
•
«
7% notes.
Cosden & Co
-
«.
mm.
97%
conv s f
92
Elkhorn Coal Corp 6s. 1925
Md & Penn income 4s.1951
-
Income 4s
15
15
62%
72%
63
43
43
m
United Ry & Elec 4s..1949
1949
92%
.44
Funding 5s, small..1936
58
58%
Wash Bait & Annap 5s 1941
72
72
8,000
47,000
3,000
1,000
97%
91%
92
Apr
100%
93%
Apr
Apr
.
Jan
Jan
Jan
Apr
1924
Pennsylvania RR—
PW&Bctfs4s
Peop Pass tr ctfs 4s
Phila Elec tr ctfs 5s
*
1921
96
84
95%
Jan
Apr
15
Apr
Mar
69
Jan
42
Mar
48%
Jan
500
56
Mar
63
Jan
Spanish-Amer Iron 6s. 1927
mmrnmrnrn
1,000
72
Mar
76%
Jan
United Rys Invest 5s. 1926
mrnmmmm
15
96
66
1943
1948
60%
25,000
11,000
Mar
66
84
86.
3,000
1,000
24,200
96
Feb
97
Jan
66
Apr
72
Feb
84
Apr
93
Jan
1948
84
86
700
84
Apr
93%
Feb
1933
99
99
15,000
99
Apr
99
Apr
Reading Terml 5s. .1941
99
99
5,000
99
Apr
99
Apr
do
small
Phila & Reading 2d 5s.
Reading general 4s... 1997
73%
72
74%
84,000
72
Apr
98
98
6,000
98
Apr
68%
68%
2,000
67%
Feb
81%
101%
76
Jan
Jan
Jan
Apr. 24
THE CHRONICLE
1920.]
1737
Sales
Friday
New York "Curb" Market.—Below
we
give
a
record of
Former Standard Oil
Last
Week's Range
for
Subsidiaries
Sale.
of Prices.
Week.
the transactions in the outside security market from April 17
to
April 23, both inclusive. It covers the week ending Friday
Par
Anglo-Amer Oil.r—
High.
24
£1
It should be understood that no such
to transactions
the "Curb"
on
as
reliability attaches
to those
the regularly
on
organized stock exchanges.
2,400
the
Stock
York
New
Exchange,
for instance,
only
in business, and they
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
are
Last
Week's Range
for
Sale.
of Prices.
126
318
Feb
388
Jan
5
595
Mar
730
Mar
South Penn Oil.r
100
310
310
20
290
Feb
355
Mar
355
Mar
330
338
126
30£
Feb
740
740
5
740
Apr
740
395
423
618
377
Feb
480
Mar
395
395
10
375
Mar
448
Mar
6
5
6
8
Mar
2
2K
10,100
~38c"
37c
44c
44,000
35c
Mar
16-16
30c
33c
30c
Apr
1*
Jan
70c
1
9,100
45,200
60c
Mar
1
Apr
30
10,100
21
Feb
45
Jan
81
85
1,200
81
Apr
90
Apr
47*
47*
100
47*
47*
12K
42,300
Apr
Apr
Feb
7K
1*
Apr
Apr
Jan
Standard Oil (Calif) _r_ 100
Standard Oil (Ind)_r__100
403
100
_—1
3
Aetna Exploslves.r(no par)
9
Acme Coal.r
Am Candy Co,com(no
Allen Oil.
Allied
10
1
r
Oil.r
1
Amalgamated Royalty.r.l
Anna
Bell
1
Arkansas Nat Gas
K
10
24*
27
Atlantic Gulf Oil Corp. 100
81*
Barnsdall Corp B
Boone
1,500
8*
------
8*
Armour Leather com.r.
_
15
3*
3*
4K
*
11-16
13-16
73,300
K
2*
2*
2*
3,800
2*
£1
Steel.—
15
Feb
18
Feb
29*
Apr
35
Jan
Feb
27
Jan
Apr
93
700
87
800
8*
8*
21
110
21
21K
20*
------
22
3K
23
7
19
86
1,400
7*
1,300 xyl8
18,300 xvl7*
875
125
110
2*
Apr
9K
5,400
8,100
4,100
110
Feb
Jan
Jan
28*
Jan
Apr
2*
Feb
Mar
17
Feb
142
Apr
3K
24*
Apr
Jan
Apr
6*
39K
39*
41
11,300
37 *
Feb
9*
44H
74
73
76
Feb
91
Mar
9
10,800
2,400
56
7
7
Apr
25
Jan
(ft
7*
Colombian Em'ld Synd new
7K
4*
Apr
11K
Jan
Jan
1,800
3
(t)
23
22
25*
2,300
22
Feb
29
Jan
10
57
54
63
30,000
39
Mar
64
Apr
Colonial Tire & Rub.r.(t)
Conley-Tin Foil
Cuban-Am Sug new w i
—
-
-
-
Co Inc.r.(t)
------
Chemical.r—(t)
Corp com 1
38
42
Apr
45
Apr
53
800
38
Apr
53
Apr
Feb
54
Apr
Apr
Mar
130
Jan
34
Jan
3,300
23,700
75
23*
3,100
21
1*
IK
4,400
1
2*
4,900
1
Jan
IK
2*
Mar
2*
1
1
1*
600
1
Apr
2K
Jan
5*
5*
5*
500
5*
Apr
12,200
14 *
4
Mar
------
■■v
32
30
-
—
97
Feb
43
Jan
Mar
101
Jan
700
10
Feb
17
Jan
10*
Apr
20
Jan
------
11*
12
2,300
10
Feb
17
7,700
1,800
2,900
Feb
2*2
Apr
13
Feb
18K
Apr
19
Jan
32
Apr
2*
16*
2*
2*
"T*
15
18
27*
31
1*
1*
3,800
IK
1*
Apr
Jan
IK
Apr
48
48
48*
300
45
Mar
53
13
13
15
200
13
Apr
25
Jan
22*
1,200
17
Mar
39
Jan
5*
6,400
4K
Feb
3,050
28*
Apr
37
Jan
Apr
Feb
95
Feb
29*
19*
5
29*
33
41
92*
42
200
92
400
92
41
------
—
—
—
39
3
-
2*
Pyrene Mfg.r
10
Radio Corp of Am.r—(t)
Preferred .r
1
2*
—
—
"
3*
Republic Rubber, r (no par)
Rockaway Roll Mills.r.-(t)
Santa Cecilia Sug new.-(t)
2,900
4
3,710
13
200
2*
2
4,100
2*
IK
42*
5*
Apr
Feb
Jan
5*
Mar
Mar
2
13
Mar
Jan
11
3
Jan
Feb
4K
Jan
2,600
30
Feb
64*
Apr
28
29
300
27
Mar
29
Apr
3*
4
8,590
13*
9,300
18
22*
4,700
140
125
210
2*
3*
Apr
Mar
6
13*
Mar
Apr
125
29
28*
29
900
27*
Feb
17*
18*
400
17 K
Mar
38*
38*
100
37 *
Mar
——————
43*
47*
500
36
Mar
Stewart Mfg..... (no par)
-
—
Submarine Boat v t o._(t)
"13*
10
2*
39
Swift
14*
30
......
13*
38*
14K
"65"
4
1*
14*
3*
HlghSpeedSteelAToolt
10 "2*
10*
10
Universal Paper Cup.r.. 10
*
Uzold Tire.r
—5
V VIvadou, Inc r (no par)
Willys Corp.com.r.(no par) "19*
First preferred.r
100
Second preferred.r__ 100
--
...
U 8 Transport.r
600
32
31
Apr
Mar
29*
26*
41*
Mar
49*
Apr
735
Jan
Jan
Apr
19
Mar
6K
Jan
59
Jan
15
Mar
38
Apr
Feb
K
Mar
118
222
Apr
Mar
K
Jan
Jan
78
Jan
3*
Apr
18*
Jan
IK
Apr
3*
Jan
Mar
65
Feb
19
Jan
23,200
13,400
13
100
3K
45
45
U 8
9,200
8,500
2*
150
Feb
'
151
6*
16
3K
88
130
2,300
66
14
27
300
*
Jan
Apr
Apr
14
112
6
13*
23*
Mar
38*
1,300
2,200
Feb
Apr
2
4,000
200
3*
1*
12*
14*
*
65
20,000
Apr
670
45
32
111
—
8,000
15
2K
2
198
-
558
735
670
27
Corp. r. (t)
.
Jan
4,100
11
128
Thllnket Pkg
Jan
2K
18*
—
6*
47*
2*
11*
Stutz Motor Car r (no par)
Jan
42
2K
43
(no par)
3*
2
13
—
Rub r__10
UntdPictureProdCorp .r (t)
United Pro lit Sharing—25c
Un Retail St's Candy.r.(t)
United Zinc.r
5
U S Distributing com—50
30*
100
8,300
Orpheum Circuit oom.r
Packard Mot Car, pf.r.100
Triangle Film Corp v t c..5
Union Carb & Carb_r__(t)
800
13*
5*
Internatlonal_r._.15
Corp.r...(t)
Times Square AUto Sup r(t)
Preferred .r
100
37*
Apr
10*
20*
Splcer Mfg new.r
Standard Gas A E1 com r 50
Prefer red.r
—50
400
Apr
10*
Mercer Motors.r_.(no par)
100
(t)
Mar
53
10
Nor Am Pulp & Paper.(t)
10
7*
19
Apr
50
53
100
Jan
Apr
Feb
13
50
100
Mar
13K
33
11*
'
Fatchogue-Plym MUlB.r(t)
Perfection TAR r——10
200
Mar
10*
1
10
Llbby.McNeil&Libby r 10
Lig-Mar Coal Mining.r..l
Linooln Mot Co ol A.r -.60
Looomoblle Co.r
(t)
-
-
-
-
11,700
Jan
37
------
-
6K
18*
5*
18
Imp Tob of G B & Ire..£l
Indian Packing Corp.r.(t)
Intercontinental Rubb.100
Sweets Co of Amer.r
600
26
_
Singer Mfg.r
43
99
5*
Reo Motor Car.r
Jan
51
31*
Ranier Motor.r
Apr
50
75
Heyden Chem.r..(no par)
Hock Val Products
100
Pressman Tire A
10
Feb
43
25
Hercules Pa per. r.. (no par)
Kay County Gaa.r
Keystone Solether.r
Mar
39
75*
100
Holly Sugar com.r (no par)
Hydraulic Steel, com.r. (t)
Preferred .r
100
7
100
------
Havana Tobacco, com.rlOO
r__
200
7*
35
1
Preferred...
8
42
38
------
42
42
Curtiss Aerop & M vtc.r(t)
Empire Steel..
100
Farrell(Wm)&Son Com r(t)
Gen Asphalt, com.r—106
Goldwyn Picture .r. (no par)
5
3
-
45
Apr
55
Feb
27
Jan
40*
Feb
Feb
4K
12*
2K
Jan
1,600
2*
2K
Mar
3K
Apr
Jan
2*
3*
38,500
10*
10*
3,000
2K
2K
1,475
IK
*
*
2,200
*
Apr
Apr
4K
Jan
24 K
Jan
26*
J HI)
Feb
10
Apr
17
17*
500
16 K
Feb
19
21*
970
18*
Mar
93*
94
200
93K
Apr
100
Jan
73
73*
400
72
Mar
85
Jan
Apr
53
Jan
Cent Am Petrol Corp r (t)
Circle Oil.r
6
27*
26*
27K
3*
3,700
25*
Apr
28*
Apr
Apr
5*
Cosden A
Co.,
3
7*
8*
6,700
7*
Apr
10*
Jan
IK
1
IK
3,600
14,800
1*
Apr
Apr
11*
3.400
4*
Feb
Feb
1*
39*
16,800
6,100
7*
Mar
.10
15*
..5
5*
5*
16K
6K
1
9*
8*
10
Basin Petrol.r
Engineers Petrol Co.r
*
Federal Oil
—.5
(no par)
(nopar)
1*
*
1*
Jan
5-16
8,600
*
3*
3,500
3
Jan
Feb
K
4*
7*
1,800
5
Feb
8
IK
35
40
100
90*
90
92
10
3*
3
12*
10*
30*
30
Right9—
Philllpa Petr oleum, r
Shell Transp A
Trading.r.
2*
F IK
2K
8,000
IK
IK
'IK
2*
17,000
3,200
1K
24
23
25
23
Apr
Apr
Preferred.r.
Oil
11-16
Apr
Apr
3
Apr
25
Apr
14*
32*
11-16
16,800
Feb
Feb
Jan
6
Jan
16
26*
Feb
39*
Apr
Jan
1*
Mar
3*
9-16 Apr
' Apr
Feb
151
*
9,700
K
Apr
35*
33*
39K
9,300
40
37
43*
Jan
7
90*
Island Oil A Transport .10
5*
2*
""I*
25
29*
1
4*
Oil.r.(no
par)
100
8
5*
6*
20,900
31,500
2*
2*
6,400
32c
200
IK
6
Apr
Jan
Jan
1*
7
Feb
10*
o33*
Apr
Feb
77
Jan
47
Apr
8
Apr
27
4*
Mar
Jan
Feb
Mar
32,100
1
Mar
35*
2,200
31
Feb
38
Feb
4*
IK
31*
2
30o
10,100
4
Mar
9
Jan
Jan
30C
Magna Oil A Refining
Gas.r
Jan
120
Feb
1,300
King Petroleum Corp.r.. 1
Lance Creek Royaltles.r.l
Livingston Oil Corp.r—
Jan
3
2,100
8
..60
Mm
Feb
Apr
7
93
£1
Mar
60*
103 K
5*
7
100
Petrol.r
Lone Star
84*
4,000
24,700
8,500
3*
9-16
32 *
K
Hercules Petroleum.r__.
4
3*
Feb
Feb
66o
2*
Jan
10
1,700
7
Apr
41
Maracalbo Oil Explor.r.( t)
20*
19*
21*
5,000
16
Feb
27
Merritt Oil Corp.......10
17*
4*
17
18*
3,300
17
Feb
22*
3K
4*
4,100
3*
Apr
6
3K
4*
35,600
1,700
2*
Jan
4H
1*
Mar
4*
180
Jan
*
Jan
Manhattan
Petrol
Metex
Corp.r
5
Metropolitan Petroleum.25
Mexico Oil Corp..
Midwest
50
4*
IK
148
*
1
3*
1
Apr
37
I Apr
IK
4,900
19,800
80
800
Apr
90
3
200
35
40
8,000
Riokard Texas Co.r...
Ryan
8
8*
4,600
20
20*
200
*
4,700
3K
45*
21,000
9,900
5*
100
*
*
5
Sapulpa Refining.r
Savoy Oil
.5
-_5
1
Sequoyah Oil A Ref.
1
*
3
1
Petroleum.r
Salt Creek Producers.r._25
37
40
5*
~~7~
1,800
100
7
7
Slmms Petroleum r(no par)
18
17K
27
Skelly Oil Co.r
10
South States Cons Corp r 1
10*
K
10*
12*
Spencer Petrol Corp—10
19*
1
K
19*
*
Stanton Oil.r.
Steiner Oil Corp.r.(no par)
20*
*
5
5
5
Superior Oil Corp. (no par)
18
17*
19*
Texas Chief Oil.r
23*
23
25
48*
51*
82
95
10
iTexas Company
25
Texas Pac Coal A Oil.r. 10
Texas-Ranger Prod A R..1
Texon Oil A Land
1
Trinity Oil Corp.r
"88
1*
*
..1
25
Tropical Oil Corp.r.
15-16
1
9-16
18
Feb
IK
Jan
Jan
22 K
*
15*
Mar
Jan
Jan
20
Mar
7-16 Jan
Feb
3
11*
7,100
19
Feb
Mar
47*
43*
Feb
69 K
80
Feb
115
Jan
Jan
Jan
Mar
I*
K
Apr
1*
Jan
Jan
900
*
Feb
1
Jan
Feb
23*
*
Mar
Apr
1*
Jan
9K
19,100
15-16 Apr
15
IK
1*
5
4*
6
4,500
3,000
*
3,000
Jan
Jan
Apr
•2*
Mar
Jan
9*
Jan
11-16 Apr
1*
4*
Jan
Jan
1
1
White Eagle Oil A Ref.r(t)
(no par)
"26*
1
1,750
23
1
.
Apr
1*
IK
.
7
Apr
Jan
IK
White Oil Corp. r
Jan
Jan
6
*
Jan
Feb
7*
13*
7,500
*
3
4K
66
Feb
9
7
6
JaD
Mar
Jan
*
6
Whelan Oil.r—
1*
73*
6
Vulcan Oil.r
Jan
Mar
Apr
Valverde Oil Prop.r—_ (t)
Western States Oil A Landl
10*
5-16 Jan
1
..10
Apr
Apr
Mar
6
United Tex Petrol.r—...1
Victoria Oil.r..—
22
Feb
6,000
4,500
5,810
89 K
6*
17*
11,000
Feb
Feb
Apr
37
1,600
12,200
T 200
3,200
20
K
K
*
2*
Jan
Apr
55,400
1*
*
9-16
7*
20
*
*
Jan
3
Apr
je32
17*
T
Jan
9*
Apr
3
9,100
43,300
10,300
1
*
Apr
Feb
6
2,500
7-16
K
K
Jan
26
3
Red Rock Oil A Gas
7*
Apr
Pennsylvania Gas, new.. 10
Phillips Petrol, com.r .(t)
8*
Mar
Apr
1,700
Jan
Mar
Mar
6*
5
5K
1*
6
Jan
42*
IK
4K
10
10
Jan
Apr
86
15*
78*
Oil.r
Ranger Gulf r
Jan
Mar
5-16 Apr
400
100
Producers A Ref.r
r
1
5,500
Preferred.r
35
Feb
3
28
5K
4K
15*
78*
Pennok
1*
Mar
Apr
16
1*
10
Feb
*
2,000
40
Panhandle Pr&Ref comr(t)
141
4,600
32*
37
Oklahoma & Tex Petrol.. 1
5,700
18,400
4
3*
28
28
Oklahoma Nat, Gas.r. ..25
Omar Oil & Gas
1,500
*
1* 1 5-16
American Oil.r—
Ohio Fuel Oil.r
2K
152
146
1
r
Noble Oil & Gas
North
7
10
10
Refining.r
Midwest-Texas Oil.
24
800
19
Feb
24*
Apr
26*
29*
5*
12,500
26
Feb
*50
Jan
5*
Woodburn Oil Corp.r..(t)
Stocks—
Alaeka-Brlt Col Metals..1
*
1
Jan
660
4*
Apr
8*
Jan
65,300
*
Feb
2*
Apr
Mining
IK
IK 2 1-16
1
1
America Mines.r
1
Sllver.r
Atlanta Mines.r
.....1
1
2Kc
Beloher-Divlde.r
—_10c
7c
10c
8*c
Arizona
Belcher Extension
1,400
* Mar
l*c Jan
4c
Mm
9c
27,000
6*c Apr
38c
11c
21,300
11,400
13,700
12,600
17,300
6,100
16,000
8c
49c
Jan
Jan
6Kc
8c
5-16
K
6c
4*c
60c
58c
63c
1
31c
30c
32c
Mining
Canada Copper
Co Ltd-.6
"""*
Candalaria Sllver.r——,
...1
26^
.....1
Copper Mines
5
Virginia Sllver.r—6
7*C
Carson Hill Gold.r
Cash Boy Consol
Consol
Consol
Cortez
1
Sllver.r
.....
1 7-16
1*
9-16
*
26
27K
7c
9c
4
4*
Dolores
Esperanza
El Salvador Silver
Emma
55c
Min.r—1
1
1
Gadsden, r
5
Golden Gate Explor'n.r__6
Goldfleld Consol'd——-10
Goldfleld Devel _r
10c
Goldfleld Merger.r
1
Gold Zone Divide.r
Great Bend.r
1
Hardshell Mining.r
1
—
25c
(t)
Blossom.r
10c
Butler.r—————1
Jumbo Extension—.—.,
IK
8c
Jan
75c
Mar
30c
Feb
42c
1*
*
Jan
Mar
6c
12c
Mar
4
3
Mar
52c
Mar
2
Mar
9
Apr
27,450
9-16 Feb
20,800
1
250
1
K
*
13c
7c
9Kc
19c
23c
2c
lc
2*c
40c
40c
4K 4 11-16
18
19*
5-16
K
"~2ic
19c
22c
6*c
6c
8c
K
8,200
1,000
4,280
1,300
2,000
13,500
12,000
Apr
Jan
1
2,450
22,000
21,100
7,700
29,500
Apr
Feb
Mar
*
Mar
Jan
Jan
Jan
Jan
40
Jan
1,000
11c
1*
1 1-16
Feb
20
8,800
"20c
19
37,200
9-16Jan
7c
Mar
19,500
43,500
2Kc 3Kc
'"4K
2,750
44,500
Jan
63c
3K
2K
1
11c
5,600
Apr
6*
Mar
4*c Jan
K
2*
i K 1 5-16
1 *
IK
IK
IK
"""*
300
17,300
5-16
10*
2K
9
Forty-nine Mining_r
Jim
9-16
2*
6
Mln.r.l
Eureka Holly.r
Iron
59c
K
Silver.
Eureka Croesus
4
3
58c
Divide Extension
1 3-16 Mm
2,500
11,700
IK
Boston A Montana Dev--6
Caledonia
Jan
1
2Kc
K
2c
*/
5c
Booth.r
1
K
5
Big Ledge Copper Co
Hecla Mining
2K
8,200
600
36
oom.r.
Jan
7
1*
Esmeralda Oil A Gaa.r—_1
Jan
10
11*
1*
3*
1
Gllliland Oil
Jan
8*
Duquesne Oil.r
Fensland Oil
3
5
*,
13Kl
Elk
600
1
com.r
Del Tex Petrol Corp
Dominion Oil.r
Honduras Amer Synd.r
-Columbia Graphophone.r.
Apr
23
Invincible Oil.r
28
Mar
3*
2,800
Jan
Jan
13
28*
Apr
9K
9*
3
23
10
Jan
,*600
Jan
23
36
Jan
47
Apr
Carib Syndicate r new
Internet
------
Oltiea ServBankera aba r(t)
U 8 Steamship
Apr
24
19*
Todd Shipyards
Apr
86*
3
Grape Ola Prod
140
800
22
21
Cleve Auto Co. new
Feb
1,050
2,500
26
Central Teresa Sug com. 10
Jan
11K
152 K
1,000
1,700
16
Caae (J I) Plow Wks .r.(t)
Oar Ltg A Power.r
40
Feb
9*
30*
8*
-£1
100
Ordinary bearer
Feb
8
27*
15*
10
Brit Amer Tob ord
20
25
84*
100
Cbem.r
Feb
23
Austin ,Nichols&Co ,com (t)
Preferred
Mar
20*
3*
Apr
Bull Bayou Homer Oil.r.l
Apr
4*
Jan
To*
Oil.r—1
Hughes Petroleum.r
10,300
1,300
29*
------
Jan
Apr
1*
5
Oil.r
Boston-Wyoming
Hudson Oil.r
9K
140* 142
Atlantic Fruit.r ..(no par)
High.
1K
24*
8*
Amer Tobacco com cl B w J
Low.
Shares
5
10
BIgheart Prod & Ref
Houston Oil com
45,400
22
par)
.
Jan.
4*
3
(no par)
Allied Packers
Aluminum Mirs.r.(no par)
High
Low.
since
Range
Apr
Other OH Stocks
AJaxOil Class A.r
Harvey Crude
1.
Week.
Price.
Par.
Stocks—
Preferred.
Jan
345
Glenrock Oil.r.
Sales
Friday
Week ending April 23.
Davison
31
640
Gufiey-Gllleeple oil.r..(f)
Davies (Wm)
Apr
640
334
Grenada Oil Corp cl A.r.10
give it for what it may be worth.
Carbon
High
24
330
25
Vacuum Oil.r
/
members of the Exchange can engage
Brlt-Amer
Low.
26
100
Oil.r
Standard Oil of N Y.r.100
we
Range since Jan. 1.
Shares.
Prairie Oil & Gas.r
Ohio
afternoon.
On
Low.
Price.
-•K
Mar
Jan
10
Jan
59c
Apr
1 15-16 Jan
2K
3*
16
Mar
Mar
Mar
1%
Jan
1 16-16 Apr
2*
Jan
3
Jan
2*
Jan
100
Feb
15c
Jan
6c
Mar
15c
Feb
2c
Jan
4c
Jan
19c
Apr
Apr
40c
lc
40c
Apr
40c
3 15-16 Jan
17*
Feb
*
Feb
4*c
4K
20
Jan
Mar
Apr
Mar
Feb
7-16Feb
19c
Apr
27c
Jan
6c
Jan
12c
Mar
,
Sales
Friday
Week
Last
Sale.
Kewanus.r—
3c
6c
8c
10c
1
Magma Copper
Mining.r..
~Wa
.5
-...
36
20c
Nixon Nevada......-...1
.
.
41c
Jan
8c
Apr
23c
H
A
West End Consol'd
1 3-16Jan
Feb
34
634 c Apr
7-16Feb
16,600
9,100
38c
4c
2Y
IY
45,850
3,480
2c
ioc
100
10c
94
168
ioc
5c *z90
International Petroleum. £1
*35
National Transit Co__.12.o(
*30
173
165
175
98
102
21 *330
*46
615
lYa
334
Jan
Jan
Jan
3%
Apr
Jan
Apr
New York Transit Co... 10c
Northern Pipe Line Co. 10c
434
Mar
Jan
Apr
9
Jan
Ohio Oil Co
7o
Mar
290
Jan
Penn-Mex Fuel Co
97c
Jan
154
Jan
2 7-16
7
1 7-16
9,200
19,300
6c
Prairie Oil & Gaa
ioc
600
10<
Jan
Prairie Pipe Lino
3c
Jan
Solar Refining
20c
134c Jan
734 c Jan
13,600
Apr
12c
434c Apr
Mar
Apr
8934
Jan
94
Feb
17,000
93 54
Apr
Jan
10034 255,000
9934
70
122,000
*99 %
99 y8
93
Mar
9334
11,000
93
Apr
9734
Jan
~92A
92 j4
9434
16,000
9234
Apr
97
Feb
96 34
9734
9,000
2,000
1,000
8234
8354
14,000
98
100
110,000
93 A
9634 275,000
96 34
9934
9934
97 A
Apr
Mar
98
98
98
Apr
82
Apr
98
Apr
9334
67
67
68
92h
9234
30
"84*"
9734
25,000
97
84
98Y
Western Eleo conv 7s.r '26
23 34
98 yh
t No
9834
5,000
i Listed
9854 215,000
165,000
9834
Unlisted,
t Dollars
When
w
issued,
Ex-dividend,
a;
1,000 lire, flat,
per
y
73
Standard Oil (California) .10c
Standard Oil (Indiana)..100
333
337
Ex-rights,
Swan a Finch
100
94
99
Apr
10c
116
120
97
10c
390
1c
*33
38
Feb
Apr
Apr
9734
93
Apr
9934
Mar
9934
Apr
the
Jan
Stock
New stock,
z Ex-stock
dividend.
are
offering $130,500
on
for full paritculars.
—Douglas M. Ross dealer in Investment Securities at 68 Genesee Street,
Utica, N. Y. announces the establishment of a bond department which
charge of
—Scott &
have issued
Ralph H.
Thatcher,
formerly
special'buUetin
6.00
Co
Preferred—
6.00
6.00
Reading Co 4hs
7.50
6.75
100
St Louis Iron Mt a Sou 0«_.
8 00
7 00
400
St Louis a San Francisco 0a.
8.00
6.75
Seaboard Air Line 5s
8 00
6.75
Equipment 4A*
Union Tank Car
8 00
6.75
7.00
6.00
Ordnance Stocka—Per & hare.
65
165
ioc
Babcock a Wilcox
Bliss (e w) Co common.
84
121
450
6.50
7.25
6.50
Virginian Ry 63
7.60
7.00
500
*
6f
Canada Fdys a Forgings.lOC
Carbon Steel common...ioc
let preferred.
ioc
2d preferred...
6.50
Toledo a Ohio Central 4a._.
124
50
Preferred
7.50
7.50
Equipment 5a
86
100
Preferred
Southern Pacific Co 4hs—
Southern Railway 4An
75
160
Aetna Explosives pref...100
Atlas Powder common...100
ioc
80
60
Tobacco Stocks—Per
Si
215
Par
lid"
115
Amerloan Cigar oommon.10c
100
110
71
are.
Bid.
Ail
129
131
100
82
86
75
Amer Machine a Fdry__10t
110
125
*20121 21
*20*2
Conley Foil
Preferred
26
*58
60
Brltlsh-Amer Tobao ord..£l
Brit-Am Tobac, bearer..£1
10c
275
350
330
360
Johnson Tin Foil a Met.ioc
110
120
85
90
10c
"45"
50
10(
80
85
Hercules Powder com...10c
Preferred
10c
230
240
100
lu3
NHee-BementrPond com.hx
108
110
Eastern Steel
1
Empire Steel a Iron
pi ef erred
MacAndrewB a Forbes..ioc
88
10c
com.
Preferred
162
21
170
100
86
92
Reynolds (r j) Tobaoco.lOC
575
610
440
480
b common stock
10c
Preferred
100
104
106
100
125
140
IOC
95
105
Young (j s) Co
Preferred
10(
95
100
Short Term Securities—fer Cent
10(
Preferred
Phelps-Dodge Corp
Scovlll Manufacturing
220
235
Am cot 011 6s 1924.-mas 2
93
95
450
Amer Tel a Tel 6s 1924.faa
93u
95i8
9384
9512
10c
Thomas Iron
Company.
50
Winchester Co com—
Stump, investment securities, Stock Exchange Bldg., Phila.,
a
7.00
7.00
duPont (e i) de Nemours
a Co oommon
...10c
Debenture stock..
10c
gold notes, due Nov
in the
~7~75 6*75
7.00
....
Apr
See advertisement
supervised and
n y Ontario a West 4h»~Norfolk a Western 4ha
Pennsylvania rr 4ha
Equipment 4a_.—
Jan
100
6.50
6.50
n y Central rr 4^8
100
0
Equipment 4 An
7.50
7.50
New York Central Lines 0s__
107
NOTICES
1922, at 95 and interest, yielding about 834%.
be
740
a Ohio 5s
Equipment 4Ab
10734 108l2
490"
1
will
510
720
Missouri Pacific 5s
Colt's Patent Fire Arms
Inc., 61 Broadway, this city
representative of the Guaranty Trust
6.50
105
Roanoke Water Works Company bond secured 6%
another page
6.50
7.50
490
ioc'
Mfg
—H. D. Robbins & Co.,
6.75
7.50
i
400
k Correction.
CURRENT
7.50
i Mobile
420
450
Feb
6.75
730
Preferred
98
6.50
7.6c
595
Standard oh of New y'k.lOC
38
6.25
7.25
715
89
on
Minn stp assm4hfs
Missouri Kansas a Texas fie.
570
Standard Oil (Nebraska) .100
Standard Oil of New Jer.lOC
Preferred
7.25
Equipment 6s
400
Standard Oil (Kansas)
10c'
Standard oil (Kentucky) 10c
Standard oh (Ohio)
39
Exchange this week, where additional transactions will be found.
r
6.25
69
Jan
Apr
Apr
I Listed
prospect.
a
6.00
295
Jan
Mar
98
as
6.50
Jan
Apr
84
9934
value,
par
85
6.00
7.00
9934
Jan
34
7.00
300
Washington oh...
97
Equipment 4 An
Kanawha a Michigan 4 an-.
7.50
Vacuum oh
23
6.00
7.25
Jan
1,000
6 75
7.00
Equipment 6s
Loulsvllle a Nashville 5»...
Jan
5,000
6.75
7.50
Illinois Central 58-
50
Michigan Central 5a
Apr
1300000
7 00
7.50
145
76
25
700
7.75
-
230
99 *
98
7.75
Equipment a as
Hocking Valley 4ijs
415
Feb
97
Texas Co 7% notes.r. 192°
lots
30
6.75
Erie 63
31
10134
10134
10034
6.75
6.75
7.75
Equipment 5a
140
Apr
Apr
Jan
9754
98
r w
Mar
7.75
7.75
Colorado a Southern 63—
Chicago r ia Pao 4 A*---
400
Apr
25
1921
i'25
Southwest Bell Telep 7s '25
Switzerland Govt 5hs 1929
SHs.r...
6.00
220
62
5,000
18,500
10034 10054 415,000
6.25
7.00
-
10c
Southern Pipe Una Co.. 10c
South Penn Oil
10c
Southwest Pa Pipe Llnes.lOC
9234
99j4
93
•Odd
Jan
9734
9634
10034
Kennecott Cop 7s.r.. 1930
6.75
7.00
95
36
26
Apr
72,000
Interboro r t 7s.r—1921
Illinois Pipe Line
Indiana Pipe Line Co
11c
Jan
7c
9,800
15c
7.50
335
334
434
Apr
7.00
Chicago a n w 4 aa
98
new
8.00
6.60
Chlo Ind a Loulsv 4hs..—
Chio St Louis a n o 58—
104
Preferred
4,315
2Hc
5c
Preferred old...
Jan
19,900
VA
VA
12c
Apr
7c
15-16 Apr
200
2c
Russian Govt 6Ab.r..1919
7.00
41c
94
SinclalrConOil 7 an
7.00
8.00
Jan
1 5-16
19,500
7
1 9-16
1
5,560
9Hc 16c
l.
7c
1 11-16 Apr 2 15-16
2,210
9Ac 11c
Continental Oil
Apr
134c Feb
2,440
1 5-16
100X
6.75
8.00
67
12c
1930
7.50
Equipment 6s
Chicago a Eastern 111 5
64
Preferred new
Jan
9554
rr 7s w i.r
Equipment 5s
Chioago a Alton 4 An
com... 10c
34
75
Penn
175
Galena-Signal oh
41c
94 h
6.75
120
1A
Goodrlch(b.f.)Co.7s wi'25
7.50
115
3-16 Jan
3c
98
Chesapeake a Ohio
10c
7
1
106
Jan
1,800
9354
w
104
32
9534
Cons Textile 7s.r
100
145
39c
1929
6.75
135
70
r.
7.00
7.50
*30
95Y
ccc&StLRy 6s.
7.75
Central of Georgia 4 an
£1-55
3c
'09A
7.50
Caro Cllnchfield a Ohio fit..
6c
10,800
1923
Canadian Pacific 4Ab a 6s..
92
235
10c
5-16
6.00
490
10(
Jan
6.75
....
6.75
*90
Crescent Pipe Line Co
14c
6.00
6.00
225
Cumberland Pipe Llna
Eureka Pipe Line Co
6c
1921
470
Apr
Apr
7.75
6.75
6(
Mar
234
Basis.
10c
Co
Buckeye Pipe Line Co...
Chesebrough Mfg new
71H
External 6s_r
10c
72c
Jan
Amer Tel a Tel 6s.r..l922
7% notes.r
"f.
6.75
Equipment 4s
Equipment 6s
109
30c
11c
Beth Steel 7% notes.r 1922
Borne-Scrymser
107
Jan
5c
7s.r.. 1934
10c
Jan
$
deb
Preferred
Jan
34
19
Allied Pack conv deb6s'r'29
Fruit
170
Baltimore a Ohio i a*
11250
Apr
10c
Belgian Govt Ext 6s.r. 1925
10c 1200
Apr
Bonds—
Atl
82
150
Buff Roch a Pittsburgh 4 >$9
25
2c
16,500
15-16
6% notes.r
1924
Anglo-Amer Oil 7^s.r.'25
Atlantic Refining
i Ask
24i2!
£1
3c
12c
Gc
new.
60c
4c
72c
VA
Anglo-Amerloan Oil
VA
111-16 2 yh
1%
1%
VA 1 15-16
3 % 3 9-16 313-16
...1
12c
Mar
12
40c
5
Wllbert Mining
Mar
>A
5c
10<
160
75
West A Bronx
rr. Equipments—PerCi
Apr
Apr
10c
.....
Feb
Bid
Pa)
Jan
134
Apr
Share
1-16
2A
.5-16
White Caps Extension. 10c
150
US Title Guar
"and Interest" except where marked
r
39,600
1,400
60c
Washington Gold Quartz. 1
White Caps Mining
Pt
20,000
3c
5
:10<
are
Standard Oil Stocka
8c
14
VA
VA
112
Quotations for Sundry Securities
All bond prices
3-16
A
11c
1
Victory Dlvlde.r...
5,200
1,500
71c"
United Eastern Mining..1
u s Continental Mines.r. i
Mar
25c
3,000
Y
5-16
334
97,500
9,800
55,000
1
Unity Gold Mines
Y
Ye
"~2H
.1
Tonopah Mining.r
19c
8c
Tonopah Belmont Dev.r.l
106
Feb
1234
6Hc
1
144
A
Mortgage..
Jan
Jan
12
Sunburst Cons MInes.r._l
Tonopah Dlvlde.r
1334
Jan
Feb
Standard Silver-Lead.... 1
Tonopah Extension
Jan
934
VA
1
207
ail
Assoc
(Brooklyn).
U 8 Casualty.
Title A M G
Jan
78c
3,400
9,400
5-16
.1
Sutherland Divide.r
he
2,000
11-16
Cons'd.r—..1
Mining...
4?4cMar
Jan
Title
AM
Realty
Jan
65c
74c
200
138
Surety..
Y
N
97
Jan
Apr
103^
k
1
Nat
132
92
Mar
334
30ci
Rex Consolidated Min...j
Silver King of Ariz new—
Silver King Divide._r.._ j
3834
Apr
10
Seneca Copper Corp (no pars
.
76c
80
All
128
Lawyers Mtge
Bond..
Mtge
75
75
900
1
Sliver Mt Mines.....
5 Ys
55c
65
Preferred..
share.
per
tua
Jan
32c
Mar
234
City Investing
34
Apr
15c
Bond & M Q
Jan
VA
10c
1
2
Roper Oronp Mining
240
dollars
prices
All
Jan
30c
*io"
Red Warrior-r.....
3034,
5,500
1,600
3,300
58c
VA
4
5
OPhir Silver Mines .r
Prince Cons
230
Bid
Jan
97c
3-16 Jan
8,900
1,500
2Y
75c
75c
.1
Niplsslng Mines.....
Success
3,000
1,600
VA
Nat Tin Corp.r.......50c
Nevada Ophlr Mln.r_.10c
Silver Pick
5-16
55c
Murray-Mog m Ltd
78
lA
Apr
2A
......
88
73
Jan
Yh
17c
5
-
.
McKinley-Darragh-Sav.
r
34
33,000
30h
18c
.-1
Mason Valley ......
82
Amer Surety.
y
5,000
'A
5-16
Magma Chief.r...
Alliance R'lty
Jan
5-16 Mar
A
Y*
Y
Jan
Jan
15c
Mar
Ys
MaoNamara Mining.r
Marsh
>
6c
All
434
4c
134 c Jan
8,700
15,900
1,800
7-16
5-16
La Rose Mines Ltd
Louisiana Consol_.l_...
Feb
4
City Realty and Surety Companies
High.
Low.
700
VA
2c
3c
1
...
Knox Divide.r
New York
Week.
Shares.
High
VA
Kerr Lake._.w—...~--5
Ranoe Since Jan. 1,
tor
Rang'
h
Prices.-
of
Low.
Price.
Mining (Concluded) Par
Mo t herlode,
[Vol. 110.
THE CHRONICLE
1738
10c
*40"
400
45
6% notes 1922
475
a ao
Amer Tobacco 7s 1920.man
9934 IOOI4
9934 IOOI4
10(
93
98
7%
1921
man
65
70
100
49
7% notes 1922
7% notes 1923
99
46
man
99
100
80
90
29.jaj
92
93
5(
*118
122
50
*38
39
166
170
Del a Hudson 5s 1920..faa
85
88
Federal Sug Rfg 6s 1924man
58
63
Preferred
10c
Amer Public Utilities comlOC
Preferred
...ioc
a
10*
Amer Power a Lt com... 10c
entitled "Why We Think the Rails Are
69
71
Goodrich (bf)Co7s *25 aao
94
95
2
8
Great North 6s 1920...mas
98*4
19
9834
12
k c Term Ry 4 An 1921.jaj
34
37
367
372
1st preferred
2nd preferred
Woodward
Remarkable Purchase at This Time
Iron
Preferred
notes
Anaoouda
man
CopMln
Anglo-Amer Oil 7i2s '25 aao
New York City Banks and Trust
All
Banks—N Y
Bid
All
4mer Exch
290
Atlantic
215
Battery Park.
200
Bowery*
425
Broadway Cen
145
dollars
per
Banks
300
Bid
All
550
N
210
Y__
340
300
325
Commercial..
Empire
Equitable Tr.
306
3~I~2~~
250
Farm L A Tr.
400
425
Fidelity
222
232
Fulton
255
265
Merchants
240
Mutual*
490
445
Chase
Nat American
452
150
New
Neth*..
200
210" Guaranty
New York Co
42
....
135
145
460
475
305
New
Chelsea Exch*
135
140
Pacific *
690
610
Park
740
Cltlaens
305
315
Prod Exch*..
375
391
397
City
Coal A Iron..
250
Colonial *
York...
Public
360
690
..
180
200
State*
200
227
230
Tradesmen's*
200
23d Ward*...
210
wealth*
220
Continental*.
120
Corn Exch*..
440
112
170
110
Fifth Avenue*
925
....
—
-
190
United States*
185
195
Wash H'ts*__
180
Europe
212"
.>*.
160
....
850
Metropolitan.
270
280
105
Trust...
720
740
N Y Trust...
600
Y
A
Life
Ins
Title Gu A Tr
385
395
U S Mtg A Tr
United States
410"
420
830
850
Brooklyn
Brooklyn JT-
500
515
230
240
Hamilton
262
272
First
130
155
205
215
660
700
205
210
Green point
160
165
163
173
Hillside*
no
120
People's
First
940
960
Homestead*..
Garfield
....
234
240
Mechanics'*..
215
Greenwich *_. J/270
Hanover
810
230
Montauk *
Harriman
380
365
..
National City
North Side*..
People's
210
88
Penn rr 7s 1930
Penn Co 4AB 1921._jad If,
Pub Ser Corp nj 7s '22.mas
45
48
Reyn (rj) Tob 6s '22. faa
9512
90
9612
85
Bioss-Bhef s a i ds *29.faa
90
92
6
9
93
46
Southern Ry 6s 1922... mas
SwiftACo 6a 1921
faa 16
92
44
97t2
98
983s
9834
8512
9878
Federal Light a Traction.10c
Preferred
100
Great West Pow 6s 1946.jaj
100
First Mtge 6s 1951...jaj
Northern Ohio Elec Corp.(t)
aao
85
Texas Co 7s 1923
12
Utah Sec Corp Oh 22.mas 16
84
49
West Elec
98^2
72
74
conv
mas
7s 1925. aao
industrial
*9
14
40
45
American Brass
North'n States Pow aom.100
Preferred
...100
46
50
American Chicle 00m
85
87
North Texas Eleo Co com 100
Preferred
1
100
Pacific Gas a Eleclst prel 100
61
67
American Hardware
65
69
Amer
83
85
Puget Sd Tr l a p
.100
and Miscellaneous
100
218
220
100
140
143
com. 100
42
46
100
Preferred
57
Typefounders
Preferred
85
90
108
112
93
95
160
165
100
15
17
Celluloid
52
55
Havana Tobacco Co
84
86
Company
100
100
Banks marked
change
this
week,
with
a
(*)
are
t New stock,
x
t Sale at auction
Ex-dlvldend.
y Ex-righte
55
1st g 6s June 1 1922..j-d
60
18
Interoontlnen Rubb oom.100
50
•38
39
International Salt
Tennessee Ry l a p com. 100
1
2
5
6
100
23
25
60
63
15
6312
65*2
100
♦Per
share.
/Flat price,
n
6 Basis,
Nominal,
d Purchaser
x
11
12
67la
70
70
7212
International Silver pref.100
Lehigh Valley Coal Sales. 50
Royal Baking Pow com..100
*88
92
130
135
100
85
87
100
130
135
100
Preferred
Singer Manufacturing
Singer Mfg Ltd
also
Ex-dlvldend
u2
a-o
1st gold 5s 1951
16
Preferred
Stock Ex¬
10
/50
103
preferred
100
Western Power common.100
or at
5
99
160
State banks,
1u
100
Preferred
*17
100
70
100
Preferred
100
South Calif Edison com.. 100
Preferred
100
Standard Gas a el (Del).
Preferred
70
100
Borden Company com ..100
Preferred
100
16
100
com.
88
10
82
100
Preferred
87
46
Texas Pao Coal a oh
•
~
9678
100i8 10038
9512 96U
12
205
145
91
963
68 Nov 15 1923..man 15
21
1st
130
195
96
89
LiggettAMyersTobOs'SlJAD
100
United Lt a Rye com
105
215
115
"93
Laclede Gas 7s Jan 1929faa
68*2
10
Preferred
"~92~
95
205
Nassau
J/270
80
jaj
19
Republlo Ry a Light
140
General Eleo 6s 1920
9584 96U
9884 99«4
9412 96
9978 100l8
90
Preferred
Franklln
....
Fifth
Industrial*
615
7% notes July 15 '23jaj15
Canadian Pao os 1924.mas 2
ioc
com
Preferred
"
68
99u 100
97i2 98
15
Preferred
10c
Com'w'th Pow Ry a Lt__10c
Preferred
10c
Eleo Bond a Share pref__10c
Colorado Power
Mississippi Rlv Pow oom.lOC
Brooklyn
Coney Island*
....
"
125
chester)
Kings County
Manufacturers
Gotham
134
175
450
375
128
300
Mutual (West¬
125
Cuba (Bk of).
East River
180
366
TruBt
N
Yorkvllle •
445
Cosmop'tan*.
160
Union Exch..
mm9mm
Common¬
385
360
Mercantile Tr
....
450
Commerce
425
....
Second
....
Columbia*
Ex*.
'
Seaboard
350
Oomm'l
"
145
160
Law Tit A Tr
Lincoln
760
Tr.
Hudson
135
Chemical
Chat A Phen.
295
....
10c
Carolina PowALight com 10c
Cities Service Co com
10c
Preferred
10c
Columbia
290
160
37
346
410
125
220
410
240
155
__
385
404
400
150
Butch A Drov
380
Central Union
270
280
145
Cent Merc
All
Lincoln
Bryant Park*
105
Bid
York
Liberty
.....
155
Bronx Nat
Boro*.
New
Bankers Trust
260
Manhattan *_ t/230
Mech A Met. t/315
Bronx
Trust Co's
Irving Nat of
Preferred
Amer Lt a Trao com.._.10(
Preferred
670
....
Companies.
share.
Imp A Trad..
680
America •
prices
9978 loolg
Beth St 7s July 15'22-jaj
Public Utilities
Amer Gas a Eleo com
pays
y
accrued
Ex-rights.
dividend,
£1
10
100
*95
rf212
*87
e New
5
90
stock.
Afb. 241920.]
THE CHRONICLE
liwestmjmt mil
1739
fjUiilroiuI %nUllxQmtt.
RAILROAD
GROSS
EARNINGS
The following table shows the gross earnings of various STEAM roads from whioh
regular weekly or monthly returns
®an
be
obtained.^ The first two columns of figures give the gross earnings for the latest week or month, and the last two
earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric railways
brought together separately on a subsequent page.
oolumns the
are
Latest Gross
ROADS.
Week
or
Month.
Earnings.
Previous
Current
Year.
Year.
Year.
_
Gulf Colo & S Fe. February
Year.
206,860
$
544,360
1,422,083
448.179
71,507
1,113,110
12568682 36,968,633 25,597,222
1,931,170 1.418,517 4,522,190 2,858,530
535,568
366.073
1,304,339
769,511
Panhandle & S Fe February
February
400,100
358,429
963,903
739,954
February
247,190
217,637
524,717
439,653
February
224,618
215,919
485,483
511,459
6,558,805 4,959,224 13,378,944 10,847,065
February
13989717 11228986 31.333,385 24,561,103
February
B&OCh Term.. February
193,458
103.074
408,537
230,761
Bangor & Aroostook January
591,175
470,484
591,175
470,484
Bellefonte Central.. February
7,269
7.175
14,421
16,487
370,765
| Belt Ry of Chicago. February
219.449
790,551
475,683
Bessemer & L Erie.. February
633,134
625,529 1,272,483
1.288,380
Bingnam & Garfield February
150.943
127,418
303,094
273,554
Birmingham South. February
37,834
57,972
72,982
114,875
Boston & Maine
February
4,470,284 4,402,978 11,248,560
9,908,463
Bklyn E D Terminal February
78,259
68,352
170,288
134,215
Buff Roch & Pitts._ 1st wk Apr
350,649
212,434 4,964,743 4,146,930
Buffalo & Susq
February
205,038
164,286
431,537
357,097
Canadian Nat Rys. 2d wk Apr 1,818,9"
1,590,159 25,197,899 23,260,418
Canadian Pacific
2d wk Apr 3,635,0
2.868.000 49,618,000 41,559,000
Can Pac Lines in Me February
217.443
326,163
636,328
571,838,
Caro Clinch & Ohio February
440,029
420,168
1,056,815'
908,065
Central of Georgia.
February
1,980,625 1.546.001
4,391,968; 3,204,806
Central R R of N J.
February
3,166.086 3,002,613 6,838,254 6,614,686
Cent New England- February
309.444
459,431
841,155
978,870
Central Vermont
February
378,942
366,504
915,449
798,801
Charleston & W Car February
307,321
237,035
586,242
495,014
Ches & Ohio Lines.. February
6,236,381 4,796,048 12,656,891 10,828,118
Chicago & Alton
February
2,048,701 1,823,758 4.589,881
3,856,410
Chic Burl & Quincy. February
13216614 10479346 29,786,962 22,126,426
Chicago & East 111.
February
2,057,719 1,726,537 4,990,136
3,819,753
Chicago Great West February
1,921,768 1,611,062 4,179,329
3,264,679
Chic Ind &'Louisv__ February
1,028,604
859,079 2,341,422
1.724,413
Chicago Junction.. February
289,306
251,631
637,370
566,435
Chic Milw & St Paul February
11595154 9,912,599 26,128,745 21,106,467
Chic & North West. February
11180934 9,063,485 24,273.996 18,859,326
Chic Peoria & St L. February
208,128
410,082
113.706
239.012
Chic R I & Pacific
February
9,738,194 7,503,340 22,082,761 15.506,298
Chic R I & Gulf.. February
535.944
1,196,986
354.327
725,657
Chic St P M & Om. February
2.511.365 1,853,156
5,421,789
4,168,003
Chic Terre H&SE. February
432,003
291,940
869,164
639,330
Cine Ind & Western February
319,846
206,497
696,001
439,640
Cin N O & Tex P.. February
1,521,344 1,294,901
3,277,656 2,806,018
Colo & Southern
2d wk Apr
511,241
455,925 7,972,092
6,698,944
Ft W & Den City. February
942.808
844,759 2,043,846
1.618,545
Trin <fc Brazos Val February
139.809
313,822
98,141
241,353
Oolo & Wyoming
February
60,314
109,191
100,403
196,686
Cuba Railroad
February
1,060,178 1,165,474 2,218,279
2,331,745
Delaware & Hudson February
2.428.366 2,273,580 5,200,331
4,937,534
Del Lack & West
February
5.536,045 5,355,451 fl ,428,951 11,054,504
Denv & Rio Grande February
2.933,714 2,103,299 6,354,556 4,671,764
Detroit & Mackinac February
134,788
253,101
103,664
204,450
Denver & Salt Lake February
263,404
165,243
509,074
301,927
Detroit Tol & Iront. February
388,187
739.568
283,782
646,769
Det & Tol Shore L
February
116,751
303,112
160.707
365,830
Dul & Iron Range.. February
142,862
270,585
123,438
225,966
Dul Missabe & Nor. February
169,485
314,177
193.450
385,499
Dul Sou Shore & At! 1st wk Apr
78,454
77,173
1,122,041
1,018,474
Duluth Winn & Pac February
200,329
169.328
384,784
336,076
East St Louis Conn. February
152,633
268,019
93,522
192,118
Elgin Joliet & East. February
1,838,432 1,847,007 3,578,971
3.799.211
El Paso & So West. February
1,274,353 1,011,243
2,625,188 2,092,075
Erie Railroad
February
7,007,211 6,335.757 15,201,128 13,290,383
Chicago & Erie.. February
768,992
804,896
1,767,344
1.628,169
Florida East Coast. February
1,487,731
967,506 2,677,685
1,975,659
Fonda Johns & Glov February
96.754
205,274
80,378
173,883
Ft Smith & Western February
153,865
308,361
111,124
225,458
Galveston Wharf
February
83,767
51,910
172,054
137,923
Georgia Railroad
February
519,693
463,249
1,004,297
1.008,740
Georgia & Florida.. February
95,390
209,523
76,622
155,468
Grd Trk L in New E February
279,131
315,992
622,297
657,763
Grand Trunk Syst__ 2d wk Apr 1,120,792 1,263,485
Grd Trunk West- February
1,914,854 1,329,471
3,756,864 2,952,935
Great North System February
7,252,816 6,209,835 17.404,752 15.084,235
Green Bay & West- February
93.457
90,488
209,112
211,737
Gulf Mobile & Nor. February
255,662
180,495
583,350
375,161
Gulf & Ship Island. February
198,984
168,099
466,104
343,965
February
1,031,033
Hocking Valley
441,056
2,195,638
950,819
Hlinois Central
11093800 7,925,216 23,349,692 16,429,173
February
Internat & Grt Nor. February
1,316,520 1,029,407 3,045,096
2,135,143
Kan City Mex & Or February
131,944
281,519
72,679
133,470
K O Mex & O of Tex February
161,770
321,269
67,785
142,789
Kansas City South. February
1,538,382 1,134,304 3,037.377 2,397.955
Texark & Ft Sm__ February
150,808
110,975
308,580
209,083
Kansas City Term.. February
117,896
244,715
97,076
204,746
Lehigh & Hud River February
138,599
336,099
187,361
393,767
Lehigh & New Eng. February
227,776
162,822
596,136
469,950
Lehigh Valley
4,504,277 4,101,560 9,991,754
February
9,164,125
Los Ang 8c Salt Lake January
1,631,856 1,300.741
1,631.856
1,300,741
Louisiana & Arkan. February
375.806
189,630
693,858
34,5822
Louisiana Ry 8c Nav January
313,762
313,762
273,244
273,244
Louisville & Nashv. January
10269714 8,256,212 10,269,714
8.256,221
LouLsv Hend <& St L February
246,725
219,767
498,067
458,455
Maine Central
February
1,024,380 1,271,707 2,628,726 2,688,122
Midland Valley
January
385.987
304.452
304,452
385,987
Mineral Range
1st wk Apr
176,239
11,906
16,868
264,987
Mlnneap & St Louis February
1,148,581
865,745 2,651,331
1,791,567
Minn StP&SS M. February
3,481,254 2,790,644
6,973,456 5,965,999
58,956
134,770
Mississippi Central- February
67,901
142,607
Missouri Kan & Tex February
2,996,268 2.374.860 6,470,225 4,998,217
Mo K& T Ry of Tex February
2,235,263 1,741,939
4,819,961
3,482,092
Mo & North Arkan. February
143,597
94,764
311,141
234,648
Atlanta Birm & Atl.
Atlanta & West Pt_
Atlantic City
Atlantic Coast LineBaltimore & Ohio..
_
.
_
■
Mo Okla & Gulf
February
Latest Gross Earnings.
Previous
Alabama & Vicksb. February
248,057
Ann Arbor
2d wk Apr
75,196
Atch Topeka & S Fe February
16790663
....
Jan. 1 to Latest Date.
Current
202,793
91.525
376.878
ROADS.
Week
Month.
Missouri Pacific
*
Weekly Summaries.
Previous
Year.
Year.
Increase
Jan
(14 roads)..—
week
Feb
week
Feb
(13 roads)
(14 roads).—(13 roads)
( 9 roads)
(14 roads)....
(14 roads)
week
Feb
week
Feb
week
Mar
week
Mar
week
Mar
week Mar
week
week
we
Apr
Apr
no
(12 roads)
(10 roads)
(10 roads)
( 9 roads)
longer
9,638,583
7,839,859
8,175,583
6,949,253
6,689,056
7,594,843
7,701,049
7,854,679
12,784,092
8,219,825
8,801,350
6,689,392
6,960.566
6.736,316
5,278,306
6,487,501
6,764,941
6,948,321
10,419,611
6,617,762
7.165,878
6.254.497
Previous
Year.
Year.
9,442,930 7,054,732 19.938,158 13.865,364
611,533
317,563
240,802
546,164
466,990
176,939
242,661
388.454
158,529
78,518
61,432
145.590
1,908,612 1,369,382 4,063,303 2,883,360
67,829
5,421
4,715
65,211
323,398
153,921
127,785
310,621
248.026
120,757
127.714
257,388
395,063
192,190
167,335
343,549
1,384,018
653,782
451,358
957,052
356,738
146,276
242,916
184,292
113,482
301,453
158,516
235,344
1,038,807
430,870
368,626
769,335
23724048 20513579 53,921,339 45,335,185
688,090
445,743
1,342,586
1.051.589
693,042
772,440
1,705,937
1,457,609
6,213,733 5,229,847 13,192,992 11,230,384
474,423
428,320
249,505
194,769
6,743,754 4,970,523 14,121,013 10,318,404
6,037,616 5.167,881
3,253,375 2,375,041
998,398
1,772,409
526,075
1.127,057
382,741
221.828
722,727
489,793
2,077,935 2,009,538 4,271,592 4,078,901
6,915,961 6,954,768 17,229,037 14,291.541
773,643
1,508,811
615,506
1,409,029
308.263
639,442
271,377
604,443
6,237,717 5,832,320 13,072,912 11,932,333
462,460
459,287 1,206,071
|940,709
116,820
265,667
226,804
115,149
8.122,484 6,844,713 17,573,546 14,779,065
209,228
111,901
85,374
162,211
1,042,340
461,650
363,071
746,470
525.306
372,707 3,502,064 3,768,915
26627154 26048657 56,667,127 56,526,140
80,966
88,962
140,975
177,039
987,900
504,751
374,408
855.455
1.318,686 1,402,620 2,975,258 2,902,203
58,672
103,927
73,559
157.027
594,305
576,666
1,174,798 1,192,476
130,114
112,116
310,705
273.848
1,438,406
734,173
677,792
1,413,680
7,699,567 6,775,758 17,206,559 14,248,645
531,476
1,536,811
701,698
1,046,255
7,410,094 6,642,520 17,990,606 14,019,794
313,894
166,665
91,768
196,490
2.582,769 2,236,940 5,699,581 4,710,373
95,532
75,416
204,052
154,919
74,485
67,766
157,682
183,049
6,420,627 4,695,024 13,352,449 10,646,005
117,847
71,281
191,827
1246,417
246,359
117,501
68,387
168,899
98,312
323.027
159,912
220,567
362,161
171,171
245,591
470.028
94,738
77,867
217,843
163,350
673,633
628.502 1,366,191
1,388,872
309,844
332,144
685,472
778,950
313,194
298,285
797,186
625.849
549,967
258,559
216,861
447,424
7,200,865 5,797,250 14,224,034 11,600,991
340,594
196,413
155,062
105,323
139,868
274.344
193.591
94,126
1,562,159
971,498 3,131,898
1,970,774
689,909
471,175 1,452,288
971,697
116,547
262,616
94,708
194,330
736.028
323.876
705,497
355,924
4,259,558 3,368,611 9,054,803 6,708,909
171,960
85,413
136,468
304,211
13033251 11068000 29,143,504 23,991,802
369.867
369.867
370,881
370,881
1,798,605 1,570,017 3,924,165 2,385,669
1,972,816
894,555
608,835
1,294,470
240,628
173,059
457,807
366,037
385,981
866,656
270,614
608,705
1,654,189
751.264
530,965
1,227,325
729,571
529.715
1,566,891
1,110,674
11479474 9,507,703 25,525,150 19,634,132
864,226
735,517
1,783,244
1,548,756
1,544,656 1,138,117 3,135,374
2,353,261
486,939
366,516
1,048,857
775,423
374,773
152,626
151,163,
296,520
119,272
256,430
60,705
138,412
611,071
520,384
1,371,358
1,073,467
February
126,030
144,299
294,206
328,806
1st wk Apr
40,450
1,298
2,718
37,291
February
202.877
173,268
491,637
416.306
743,288
February
378,781
283,871
584,582
February
666,414
332,566
206,376
462,251
1st wk Apr
724,373
634,318 10,547,905 8,326,415
February
826,827
1,640,273
511,955
1,087,577
64,926
155,916
February
68,624
126,613
February
8,822,330 7,615,256 20,548,338 16.209,730
February
3,497,118 2,485,770 7,665,545 5,431,302
February
2.674,544 1,879,161
5.574,789 3.912,765
February
595.307
1,182,965
532,634
1.115.590
February
175,573
99,134
344,887
200,804
737,037
February
346,754
535,757
264,171
2,190,301
February
891,314
593,609
1,551,019
February
4,043,925 3,321,093 9,157,840
7,062,811
1st wk Apr
364,677
200,016 4,554,413
3,513,168
February
727,576 2,385,733
1,598,434
1,039,260
484.345
199,347
220,655
425,246
February
608,263 2,169,152
1,387,680
February
1,134,611
462,330
150,947
282,602
February
261,254
2.421,344 1,789,615 5.026,114
February
3,649,782
_.
__
_
Staten Island R T._
Tenn Ala & Georgia
Tennessee Central
Term RRAssnofStL
__
St L Mer Bridge
Texas & Pacific
T
Toledo St L & West.
Ulster & Delaware..
Union Pacific
Oregon Shoirt Line
Ore-Wash RR & N
Union RR (Penn)_.
Utah
.
Vicks Shreve & Pac.
Virginian RR
Wabash RR
Western
Maryland.
Western Pacific
Western Ry of Ala..
Wheel & Lake Erie.
Wichita Falls & NW
Yazoo & Miss Valley
Monthly.
Current
or
Decrease.
+777.233
+1.150,467
+1.216,017
+212,937
+1,410,750
+ 1,107,342
+936,108
+906,358
+2,364,481
+1,602,063
*Monthly Summaries.
%
Curr.Yr.
Mileage.
8.77
17.50
17.45
3.16
26.73
17.07
13.84
13.04
22.69
24.21
+911.381 14.57
include Mextaan roads in any af our to***.
Current
Year.
192.614
$
week
Jan, 1 to Latest Date.
Previous
February
Monongahela
February
Monongahela Conn. February
Montour
February
Nashv Chatt & St L February
Nevada-Cal- Oregon 2d wk Apr
Nevada Northern
February
Newburgh & Sou Sh February
New Orl Great Nor. February
New Orl & Nor East February
N O Texas & Mex__ February
Beaum S L& W__ February
St L Browns & M February
New York Central.. February
Ind Harbor Belt. February
Lake Erie & West February
Michigan Central February
Cincinnati North. February
Clev C C & St L. February
Pitts & Lake Erie February
Tol & Ohio Cent. February
Kanawha & Mich February
N Y Chic & St Louis February
N Y N H & Hartf.. February
N Y Ont 8c Western February
N Y Susq & West.. February
Norfolk & Western. February
Norfolk Southern.. February
Northern Alabama
February
Northern Pacific..
February
Minn & Internat
February
Northwest Pacific.
February
Pacific Coast
February
Pennsylvania RR__ February
Bait Ches & Atl.. February
Cumberland Vail. February
Long Island.
February
Mary Del & Va_. February
N Y Phila & Norf February
Tol Peor & West. February
W Jersey & Seash February
February
Pennsylvania Co..
Grand Rap & Ind February
Pitts C C & St L. February
Peoria & Pekin Un. February
Pere Marquette
February
Perkiomen
February
Phila Beth & N E„_ February
Phila & Reading.
February
Pittsb & Shawmut.. February
Pitts Shaw & North February
Pittsb & West Va__ February
Port Reading
February
Quincy Om & K C.¬ February
Rich Fred & Potom. February
Wash Southern
February
Rutland
February
St Jos & Grand Isl'd February
St Louis-San Fran.. February
Ft W & Rio Gran. February
St L S F of Texas. February
St Louis Southwest. February
St L S W of Texas February
St Louis Transfer.. February
San Ant & Aran Pass February
Seaboard Air Line.. February
South Buffalo
February
Southern Pacific.
February
Arizona
Eastern. January
Galv Harris & S A February
Hous & Tex Cent. February
Hous E & W Tex. February
Louisiana W estern February
Morg La & Texas February
Texas & New Orl. February
Southern Railway.
February
Ala Great South. February
Mobile & Ohio... February
Georgia Sou & Fla February
South Ry in Miss. February
Spokane Internat.. February
Spok Portl &i;Seattle February
AGGREGATE OF GROSS EARNINGS—Weekly and
Current
Current
Year.
or
Prev.Yr.
..232,708
..233,931
..232,169
..226,654
July
..233,423
August
September ..232,772
October
-.233,192
November ..233,032
December- ..233,899
—232.511
January
233,251
234,339
232,682
226.934
233,203
232,349
233,136
232,911
233,814
..231.304
231,017
April
May
June
February
_
232,210
Previous
Year.
Year.
$
388,697 ,894 370,710.999
413,190 ,468 378,058,163
424,035 .872 393,265.898
454,588 ,513 469,246,733
469,868 ,678 502,505.334
495,123 ,397 485.870,475
508,023 .854 489,081.358
436,436 ,551 439,029,989
451,991 .330 440,481,121
494,706 ,125392,927.365
421,180 .876 348,749.787
Increase
or
Decrease.
%
$
+17,986.895 4.85
+35,132,305 9.29
+30,769,974
7.83
—14,658,220 3.13
—32,636,656 6.40
+9,252,922
1.97
+ 18,942,496
3.87
—2,593,438 0.59
+11,510,209 2.01
+ 101778760 25.90
+72,431,089 20.77
[Vol. 110.
THE CHRONICLE
1740
follows
of
we sum
April.
up
9 roads and shows 14.57%
the same week last year.
covers
increase in the aggregate over
Second Week of
Increase.
1919.
1920.
April.
Decrease.
——
51| 1,241
Grand Trunk of Canada
Grand Trunk Western
March
1
Feb 29
to
1
Feb
to
5,812,544
666.309
2,655,78/
315,396
604.872
7,494,156
29
.,285,637
518,465
6,854,172
UliLry^oSyS?..?^!b
S
7,023,478
3,768,131
no,
100
_
692,565
-
Year.
$
^
(subsidiary cos only).a Feb
3,689
228,775
767,000
55,316
Net earnings here given
a
2,098,120
339,939
3,/56,878
after deducting taxes.
Net after
Fixed
Balance,
Earnings.
142,693
1,263,485
are
Gross
Taxes.
$
Charges.
Surplus.
'
•
1,120,792
$
$
$
4^,880
166,871
Adirondack Electric Mar'20
on'«c§
20,688
41,845
21,157
653,502
437,234
312,498
1,797,502
262,616
341,004
174,618
Mar '20
'19
1,340,403
1,092,048
724,229
563,011
418,990
357,179
*540,639
,*371.429
Y
3 mos'20
4,090,787
3,381,440
2,233,220
1,768,082
Detroit Edison
143,399
6,254,497 1,054,780
7,165,878
(14.57%)-
136,877
1,868,236
Mar'20
1,866,245
1,375,361
5.543.163
4,155,920
456,856
400,188
1,433,732
1,238,655
706
5,421
4,715
Total (9 roads)
Net increase
'19
12 mos'20
'19
Power Corp
Detroit Grand Hav & Milvr.
Canada Atlantic—...—
Nevada-California-Oregon ....
,
71,507
1,590,159
2,868,000
455,925
75,196
1.818,934
3.635,000
..
—
Year.
$
Previous
Current
Year.
'
Southwestern Power & Lt Co
March
—
Previous
Year.
$
Companies.
$
S
Ann Arbor
Canadian National Rys
Canadian Pacific...
Colorado & Southern—
Current
,
separately the earnings for the second week
table
The
Net Earnings
Gross Earnings
■
Earnings by Weeks.—In the table which
Latest Gross
Columbia Gas &
Electric Co
911,381
— --...
'19
RAILWAY AND PUBLIC
ELECTRIC
Latest Gross Earnings.
Name of Road
or
$
325.735
1.5,951.
105,284
78,755
255.183
Baton Rouge Elec Co February
Blackstone V G & El. February
Cape Breton Elec Co. February
Cent Miss V El Prop. February
Chattanooga Ry & Lt February
February
Cities Service Co
Cleve Palnesv & East December
^Columbia Gas & Elec March
Columbus (Ga) El Co February
March
Com'w'th P, Ry & Lt
Connecticut Power Co February
Consum Pow (Mich). March
fCumb Co (Me) P & L February
February
March
November
February
December
February
February
February
February
February
January
February
February
January
December
February
February
February
Feoruary
February
December
Traction.— February
flnterboroRap Tran— February
b Illinois
Kansas Gas & Elec Co February
Keokuk Electric Co.. February
Key West Electric Co February
Lake Shore Elec Ry— December
Long Island Electric. December
Louisville Railway— December
Lowell Electric Corp. February
Manhat Bdge 3c Line December
aMilw El Ry & Lt Co February
Mississippi Riv P Co- February
Nashville Ry & Light February
Nebraska Power Co.. December
New England Power. February
NewPN &HRy,G&E February
New York Dock Co.. February
N Y & Long Island— December
N Y & North Shore.
December
.
N Y & Queens County Decmeber
New York Railways. December
Northern Ohio Elec.. February
North Texas Electric. February
Ocean Electric
(LI)
—
December
Pacific Power & Light February
Pensacola Electric Co December
December
Phila Rap Transit Co March
Phila & Western
Portland Gas & Coke February
February
Puget Sd Tr, Lt & P. January
Republic Ry & Lt Co February
Port (Ore)Ry,L&PCo
Richmond Lt & RR__ December
St L Rocky Mt & Pac February
Santiago El Lt & Tr__ December
December
Second Avenue
Southern Cal Edison. February
Staten Island Midl'd. December
Tampa Electric Co— February
February
Co February
Co February
Third Avenue System. January
February
Twin City Rap Tran
Tennessee Power
JtTenn Ry, Lt & P
Texas Power & Lt
-
Virginia Ry & Powet. March
Wash Bait & Annap.. December
Youngstown & Ohio. January
to Latest Dale.
Previous
Year.
%
136,877
230,193
13.371
82,595
81,841
198,565
420,453
547,453
629,959
184.106
105.284
184,039
542,249
499,334
171,773
82,595
164,436
433,748
95.154
94,196
45,114
42,964
81.356
68,311
39,265
33,063
151,063
218,485
108,200
81,704
4,017,546 3,590.874
2111,765 1737,276
551,860
691,043
57,982
41,730
1340,403 1092,048 4,090,787 3,381,440
208,462
266,256
124,451!
86,677
2545,437 2073,565 7,620,424 6,259,548
213,970
247.285
122,228
103,288
1167,007 914,182 3,156,502 2,511,722
474,555
414,720
198,998
215,376
518.833
635.361
247,207
305,944
5,543,163 4,155,920
1866,245 1375,361
2203,587 1606,536 22.422,746 17,278,782
290.597
316,083
141,929
148,651
423,985 406,855 4,258,919 4,215,887
214,159
247,973
103,194
117,325
185,132
225,999
92,012
103,575
48,933
54,600
22,091
23,622
248,030
306,435
151,460 120,067
118.373
141,069
55,338
66,086
333.629
414,843
414,843 333,629
225,371
323,079
105,490
152,445
464,640
526,629
252.847 222,153
441,425
496,221
441,425
496,221
1,603,339 1.301.116
135.264
153,169
1,747,557 1,429,514
864,439 703,156
67,031
78,900
32,663
38,539
114,989
129.700
54,931
63,593
84,392
96,178
39,679
44,162
49,959
57.681
25,504
27,056
6,130,718 5,078,422
646,366
582,340
1626,096 1353,235 3,355,830 2,814,271
4468,923 3499,170 8,913,060 7,312,818
501.802
596,329
283,829 248.148
51,850
57.429
25,141
27,253
38,443
41,491
18,854
19,355
230,447 200.636 2.611.756 2.189,325
226,994
269,105
23,417
15,917
3,537,234 3,707,689
332,207 333,899
182,,213
215,743
103.244
86,259
1451503
186,453
13,399
22,972
1452,175 1157,350 2,978.802 2,391,267
355,218
401,348
174,079
195,671
525,310
590,937
284,034 252,993
232,650 192,899 2,407,120 1,908,630
636,754
898,063
414,825 318,721
408,027
414,578
188,701
193,678
851.374
884,509
435,451 410,918
507,628
568,490
45,144
42,866
151,859
146,711
12,079
13,645
967,317
81,609
1,136,346
95,207
940,760 979,862 13,104,254 11,212,760
1,751,233 1,370,129
869,220 673,935
474,291
601,324
291,322 229,801
156,929
206,578
6,562
10,211
329,975
406,655
159,469
200,588
606,050
543,592
50,756
41,828
619,151
732,301
57,863
58,864
3179,961 2883,594 8,921,677 8.217.117
370,671
413,742
180,642
183,810
1,390,458
1,473,001
704,193 686,911
899,488
899,488
1,356.256 1.027,552
659.848 497,573
444,253
538,703
42,066
37,595
686,392
777,341
358,946 286,520
665,250
765,026
53,502
68,530
820,747
921,552
62,417
73,450
1,514,749
860,163 714,256
1,717,993
281,838
359,871
22,129
26,497
207,590
257,823
102,948
125,425
431,333
387,137
182,300 209,545
967,362
489,984 472,337 1,010,277
603,162
708,654
334,742 291,958
800.552
941,063
941,063 800,552
1,704,084
984,939 829,500 2,042,023
2,151,046
2,542,141
849,293 737,307
249,654 2,168,120 2,902,015
135,871
37,300
43,825
37,300
43,825
Includes Milwaukee Light, Heat & Traction Co.
5 Includes all sources,
r Earnings given in milreis.
g Includes constituent or subsidiary companies,
'j Subsidiary companies only,
k Includes Tennessee Ry., Light & Power
a
Oo., the
Nashville Ry. & Light Co., the Tennessee Power Co. and the
Light Co.
I Includes both elevated and subway lines.
Ohattanooga Ry. &
/Of Abington and
Rockland (Mass.).
Jan'20
'19
160,873
132,033
12 mos'20
'19
1,845,789
1,518,852
63,169
900,458
706,337
Mar'20
'19
143,196
128,031
47,835
40,759
££,846
29,663
3 mos'20
'19
429,770
158,364
132.046
Idaho Power
Co
Keystone Telephone Co
and Other Public Utility Net
charges and surplus reported
Gross
Current
Earnings
Previous
Year.
Yeur.
8
Companies.
5
Net Earnings——
Previous
Year.
Year.
$
88,188
945,607
816,476
*174,240
862,264
2,422,050
806,061
2,446,667
*102,737
*99,380
8,217,117
2,334,704
2,418,065
*58,763
Feb '20
'19
659,848
497,573
158,872
98,459
119,271
114,597
12 mos'20
'19
6,588,329
5,631,117
1,621,887
1,393,461
3
$
(subsidiary cos only)a.Feb 1,641,155
1,330,212
March 1 to Feb 29
16,992,839 14,155,619
639,434
6,490.218
524,436
5.363,084
48,390
296,039
28,802
169.115
21.766
138,700
ou
Can Pow Co Ltd...Mar
Oct 1 to Mar 31
56,656
337,616
389,409
'20
'19
mos
Republic Ry &
Light Co
'19
482,996
5.781,317
5,610,670
*53,466
*32,760
1,378.215
1,289,293
*453,487
*252,775
140,410
*112,957
142,701
262,510
12 mos'20
'19
2,767,578
Light Co
*127,877
1,661,076 *1,223,822
1,725,214 *1,380,596
2,973,602
other income received.
After allowing for
*
106,747
242,017
538,260
Feb '20
Utah Power &
Gross
Net
Fixed Chgs.
Balance,
Earnings.
$
Earnings.
$
& Taxes.
S
Surplus.
Common'w'th Pow, Mar '20
674,086
2,073,565
893,191
'20
7,620,424
6,259,548
2,984,581
2,654,919
2,124,502
2,017,978
Mar'20
1,167,007
*19
914,182
12 mos *20 12,153,169
'19 10,024,225
474,383
430,683
5.195,362
4,478.728
?f8,612
225,771
2,568,908
2,454,161
2,626,454
2,024,576
195,730
*127,923
3
mos
'19
Consumers Pow
Co
849,293
311,698
'19
737,307
9 mos'20
7,334,192
6,187,812
276,109
2,854,893
2,075,577
March '20
Virginia Ry &
Power Co
'19
*
$
248,673
219,105
728,761
977,434
2,545,437
'19
Ry& Light Co
After allowing
216,763
860,079
636,941
n
213,919
185,491
*102,736
1,702,168 *1,271.851
1,595,031
*593,234
fpr other income received.
York
New
Street Railways.
*
Gross
Net EarningsPrevious
Earnings—
Current
Previous
Current
Year.
Year.
Year.
^
Roads.
$
Div).Dec 2,948,521
2,201,767
1,270,405'
3128,651,781 22,008,671 11,534,172
Interboro (Subway
Jan 1 to Dec
Interboro (Elevated Div)Dec 1,719,747
Jan 1 to Dec 31
.18,812.690
Second Ave
Jan 1 to
Dec
Manhattan Bdge 3c Line Dec
Jan
1
31
Dec
to
New York & Queens Co.Dec
Jan 1 to Dec 31
N Y & Long Island——Dec
Jan 1 to Dec 31--
.Dec
Ocean Electric..
Jan 1 to Dec
Jan
1
31
—
Shore.-..--Dec
31
Dec
to
Richmond Lt & RR—Dec
'Jan
1
Dec 31--
to
i-
95,207
15,917
226,994
Note.—All
def8,629
568,490
507,628
6,562
156,929
12,079
151,859
37,595
444,253
33,683
def11,388
51,917
defl,665
def2,161
10,211
206,578
13,645
146,711
42,066
538,703
26,497
the above net earnings
of taxes.
,
^
Y'v;'
103,187
1,676,897
def 1,482
106,726
-.o
<Jef4,848
def3,651
45,144
359,871;
1
305,506
5,526,584
def2,692
23,417
42,866
582,340
6,130,718
&
$
909,433
9,470,355
19,187
16,498
81,609 def18,508 def31,063
967,319 def 132,412 def221,887
1.136,346
Manhattan. .Dec
to Dec 31------
Jan
Year.
^,291'
13,399
145,503
22,972
186,453
Staten Island Midland--Dec
Jan 1 to Dec 31Hudson
313,355
4,077,608
979,862
940,760
269,105
Dec
Long Island Electric
Jan 1 to Dec 31
N Y & North
1,580.457
18,873,102
defl4,050
3113,104,254 11,212,760 def376,683
—Dec
73,450
62,417 defl0,353
31———
921,552
820,747
47,844
Dec
York Rys
Jan 1 to Dec
New
def6
def26,/96
def12,932
281,838 defll9,144
646,366
203,508
5,078,422 2,334,948
^
,
22,129
def2,134
def4,680
33,406
def 1,796
52,726
defl,522
4,634
4.080
38,239
def 10,077
def67,886
353,490
2,156,503
here given are after the deduction
y'\Y"
v
■
^-y
;
FINANCIAL REPORTS
,
Reports.—The following is an index to all
other financial reports of steam roads, street
Annual, &c.,
annual and
railways and other companies published since March 27.
This index, which is given monthly, does not include
reports in
Full-face
to-day's "Chronicle."
figures indicate reports published at length.
Page.
Electric Roads—Concluded.
Boston & Maine
Eastern
Page.
Cleveland Ry
Boston Revere
RR
—1642
Beach & Lynn RR—1642
Canadian Pacific Ry
1288, 1522
Chicago Great Western
Cuba RR
1526
RR
RR
-
RR
National Rys. of Mexico
N. Y. N. H. & Hartford
'
Norfolk & Western Ry
Northern Pacific
Ry
1521
1526
1642
Wash. Bait. & Annap. Elec. RR„1291
Chicago Rys
Philadelphia Electric Co
Philadelphia Rapid Transit Co
Co
-
1643
1409
Terre Haute Ind. & East. Trac. Co.1416
Toledo Traction, Light & Power Co. 1643
United Light & Railways
United Rys. & Electric Co
Ry
Brooklyn Rapid Transit
Georgia Light, Power & Railways. .1642
Illinois Traction Co
1415
Indianapolis Street Ry. Co
..1415
Interborough Rapid Transit Co
1415
Omaha & Council Bluffs Street Ry—1643
Electric Roads—
Boston Elevated
—1642
Massachusetts Street Ry—1415
1289
1642
1290
1409
1521, 1636
1408
1636
1283
Wabash Ry----
jnerican Power & Light Co
H'nn«
!b2?6
3,179,961
Maine Central
Current
*504,521
*304,646
2,883,594
8^2i,677
Philadelphia Rapid Mar '20
Transit Co
*19
Erie
this week:
80,573
51.617
43,858
Steam Roads—
Earn¬
ings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
Electric Railway
278,806
262,071
020,586
829,908
*47,581
*29,288
178,050
138,117
513,146
408,747
39,016
37,452
462,800
446,171
3 mos'20
'19
Year.
$
'19
Co
/9381000/7972000 /"19036.000 f16494,000
feBrazilian Trac.L & P February
jElec Light & Pow Co
oEl Paso Electric Co.
Fall River Gas Works
Federal Light & Trac
Ft Worth Power & Lt
Galv-Hous Elec Co..
oGreat West Pow Sys
Harrisburg Railways.
Havana El Ry, L & P
Haverhill Gas Lt Co.
Honolulu R T & Land
Houghton Co El L Co
Houghton Co Trac Co
Hudson & Manhattan
i
166,871
Adirondack El Pow Co March
Alabama Power Co— February
Atlantic Shore Ry—- December
Bangor Ry & Electric January
Dayton Pow & Light.
cDetroit Edison
^Detroit United Lines
Duluth-Superior Trac
East St Louis & SubEastern Texas Elec—
Edison El of Brockton
.
1
Current
Year.
Year.
Month.
Jan.
Previous
Current
Company.
UTILITY COS.
1,237,325 *1,649,381
1,062,765 *1,199,730
Washington Ry. & Elec. Co
Winnipeg Electric Ry
1291, 1416
1643
1527
---1417
APH. 24 1920.]
THE CHRONICLE
Industrial Companies—
Abitibl Power & Paper Co
1643
-.
Acme Tea Co
1643
Advance Rumely Co
All America Cables, Inc
1411
.1643
Allis-Chalmers Mfg. Co...
1637
Am. Brake Shoe & Foundry Co.1291,1525
Am. District Telegraph Co. of Nl J .1644
!
American Hawaiian SS: Co
1291
American International Corp
American Malt & Grain Co....
1285
American Piano Co
1528
1523
Industrial Cos. (Concl.)—
Jones Bros. Tea Co
Page.
1525
Judge Mining & Smelting Co
—1531
Kellogg Switchboard & Supply Co..1647
Lackawanna Steel Co.
1647
Laclede Gas Light Co
1414
Lone Star Gas Co...
1531
McCord
1640
Manhattan Electrical Supply Co.—1647
Massachusetts Gas Co
1531
...
American Telep. & Teleg. Co_
1644
1644
May Department Stores
Mississippi River Power Co
..1419
Anglo-American Oil Co
1528
1292
Mohawk Mining Co..
Nashua
'—1295
Arizona Commercial Mining Co
Associated Dry Goods Corp
1644
1525
National Lead Co..
_
Atl. Gulf & West Indies SS. Lines—1640
1644
Atlas Crucible Steel Co
1641
Babcock & Wilcox Co
1524
Barnet Leather Co——
Barrett
Co
1640
u
Bell Telephone Co. of Canada.1414,
1417
1285
Bethlehem Steel Corporation
Bigheart Producing & Refining Co—1417
Booth Fisheries Co——1292, 1413
Borden
Co
r_1523
1292
Brooklyn Borough Gas Co
Bunte
1529
Brothers
.1523, 1640
Caddo Cent. Oil & Ref. Corp
California Petroleum Co.—1292, 1412
Calumet & Arizona Mining Co.1418,1641
(J. I.) Case Threshing Machine Co. 1284
Chicago Pneumatic Tool Co
1287
1647
1419, 1523
1648
Manufacturing Co
1524
National Leather Co
1419
...
Nevada Consolidated Copper Co...1648
NewBedford Gas & Edison LightCo. 1295
New Cornelia Copper Co
1419
New York Transportation Co.—
1295
Nipissing Mines, Ltd
......1532
Nova Scotia Steel & Coal Co., Ltd—1288
Ohio Fuel Supply Co..
1414
Ohio Oil Co
1419
Ohio State Telephone Co
1648
Old Dominion Co. of Maine
...1532
Otil Elevator Co
1410, 1640
Penn Seaboard Steel Corp..
1648
Pierce Arrow Motor Car Co. .1296, 1411
Pond Creek Coal Co.—
1532
Public Service Corp. of N. J
1284
...1649
..1284
*_1420
1296
1420
1524
Columbia Gas & Electric Co...
1411
Sloss-Sheffleld Steel & Iron Go
1292
betterments, road, $82,000, and int.
branch, $12,039; Paducah
$206,506; other, $5,326-
...1645
Crucible Steel Co. of America
Dayton Power & Light Co.
.1293
Diamond Match Co..——
1293, 1413
Durham Hosiery Mills
1522,1529
East Butte Copper Mining Co.
1529
Elk Horn Coal Corp., Inc.——
1418
Famous Players-Lasky Corp
1646
Federal Mining & Smelting Co
1418
—_.1646
Federal Motor Truck Co..
Federal Rubber Co
1530
General Alum. & Brass Mfg. Co.-.1530
General Electric Co
...1294, 1410
General Gas & Electric Co
1522
General Motors Corporation.......1637
1294
General Railway Signal Co
(B. F.) Goodrich Co..
1530
(H. W.) Gossard Co..
..1294
Harbison-Walker Refractories Co._. 1287
'Haskell & Barker Car Co., Inc
.1418
1525
Standard Screw Co
Standard Textile Products Corp
1420
Steel & Tube Co. of America.1532, 1649
Stutz Motor Car Co
...1297, 1411
Tide Water Oil Co
.1411
Times Square Auto Supply Co
.1650
Union Bag & Paper Co..
!.1297,1412
Union Electric Light & Power Co
1421
......1533
Union Oil Co.——
United Alloy Steel Corp
1639
United Gas Improvement Co. 1283, 1638
U. S. Bobbin & Shuttle Co——1650
U. S. Food Products Corp
—1639
1533, 1639
U. S. Gypsum Co
—
U. S. Industrial Alcohol Co
1412
1522, 1637
U. S. Rubber Co
U. S. Smelt., Refining & Mining Co.1421
U.
.S. Steel Corp
Utah Consolidated Mining Co
Vesta Battery
Corp
Havana Tobacco Co
1530
Vulcan Detinning Co
Indlahorna Refining Co
1294
Wellman-Seaver-Morgan Co
Indian Refining Co., Inc..
-.1287
Inspiration Consol. Copper Co.....1639
Interncontlnental Rubber Co———1530
International
Cotto
i
1285
Mills
International Paper Co
.1646
...1295
International Salt Co
.1531
Island Creek Coal Co—
Jewel Tea Co., Inc..
—_
1284
1533
1328
1650
1533
1285, 1328
Western Electric Co...
Western Union
Telegraph. Co. 1410, 1650
Westinghouse Air Brake Co
—1524
Willys Corporation
1637
Willys-Overland Co
1636
Wilson & Co
—1286
Yukon Gold Co
1543
....
-
—1413
Chicago Rock Island & Pacific Railway.
The remarks of President Charles Hay den,
income
account
for
the years
1919 and
CORPORATE
AND
FEDERAL
CALENDAR
1919.
8,055
Average mileage oper___
Operating Revenues—
INCOME
8,250
Freight-..
..—$77,153,311 $69,186,218
Passenger.
32,502,435
27,891,233
Mail, express, &c__—
6,968,938
7,212,114
—
—-
ACCOUNT FOR
1916.
1917.
8,088
8,218
$59,690,072 $55,141,668
23,301,086
19,674,370
6,617,564
6,073,091
$89,550,327 $66,046,104 $55,091,717
$14,739,238 $23,562,618 $25,797,412
Railway tax accruals... $5,046,922
$4,998,673
$4,345,202 $3,766,294
UncoUectible railway rev.
8,929
11,560
24,368
38,775
Total oper. expenses_$101,497,733
Net earnings——$15,126,950
_ _
Inc. from lease of road.
19,480
_
929,917
Miscellaneous income
Total income..
$9,729,005 $19,193,047 $21,992,343
$629,352
$560,946
$604,938
517,041
15,858
482,093
535,487
48,911
247,006
547,405
7,612
313,232
$1,075,017
$342,419 Cr.$539,063 Cr.$241,453
287,116
458,341
1,410,724
Rent for leased roads...
339,416
Int. on fund. &unf. debt 10,509,188
Other income charges
208,856
1,434,126
361,583
9,518,129
444,544
1,711,690
276,502
10,648,475
463,740
507,368
1,721,515
533,754
Rent for
equipment.—
Joint facil. & misc. rents
Total deductions
Balance, sur. or
339,649
12,386,207
637,209
$13,830,317 $12,559,142 $13,095,098 $15,350,496
def..def.$l,766,578df$l,185,792sr$7,527,145sr$8,078,189
♦Dividends—
*
,
3,566,903
3,566,027
1,779,774
for 1919 and 1918 were paid from balance of standard
after providing for all corporate charges.—V. 110, p. 1289.
The dividends
return
Louisville
Gross
(Q9th Annual Report—Rear ended Dec. 31
The text of the report
1919.)
signed by H. Walters, chairman,
l\t. H. Smith, President, will be found on subsequent
of this issue, together with the income account and
profit and loss account for the year 1919 and the comparative
balance sheets of Dec. 31 1919 and 1918.
and
pages
1
986,805
545,966
514,573
517,668
584,313
V
income
$19,979,120 $19,823,321
Deductions—rent for leased roads—(a) Nashville
& Decatur RR., $134,867; other roads, $29,164.
164,032
222,198
Miscel. rents, $29,370; miscel. taxes, $16,887
46,257
42,002
Interest on funded debt, $7,311,258; on unfunded
debt, $99,173
7,410,431
7,449,828
Corp. expenses, $241,227, and taxes, $803,650
1,044,877
958,292
Accrued premiums on bonds drawn for sinking fds.
89,770
96,815
U. 8. inc. tax paid on int. on tax-exempt bonds
47,472
34,828
—
Total deductions from gross income
Net income.
$8,802,838
$8,803,964
...$11,176,282 $11,019,357
Disposition of net income—
Income applied to sinking funds
Cash divs. 7% (3M% Aug. and 3V2% Feb)
$170,319
5,040,000
$89,412
5,040,000
Balance, surplus
$6,046,870
$5,809,037
xAfter deducting $11,575 for Tennessee Western Ry. included therein.
no, p. 1642.
;v
—v.
Chicago
Great Western Railroad.
(1(M Annual Report—Year ended Dec. 31
President Samuel M. Felton says
Results.—The
General
were
net
results
better than in
from
1919.)
in substance:
operations
this
year
by the Director-
1918 by $1,072,222.
Taxes.—The increase in railway tax accruals is due to an increase in the
taxable income of 1919 over 1918.
This year's taxable income, as de¬
termined by Internal Revenue rules, was $1,364,067, as compared with
only $872,763 in 1918.
Other Income—The increase [of $11,675] in dividend income is due largely
the inclusion of dividends paid by two of the company's subsidiaries.
During 1918 these companies paid no dividends.
to
Government Contract.—The contract with the Director-General was exe¬
March 29 1919.
The contract fixes the annual compensation at
$2,953,450 and after payment of interest on this company's bonds and on
the bonds of the Mason City & Ft. Dodge RR. Co., there is a remainder of
$1,440,630, equal to 3.28% on the Preferred stock.
The Director-General
must also pay the company a reasonable rate of interest upon the net cost
of additions and betterments during Federal
control.
Claims respect¬
ing additions, &c., amounting to $269,797 are grouped in the balance
sheet under unadjusted credits.
■
■
At Dec. 31 1919 the accounts subject to quarterly settlements showed
cuted
.
the Government to the company $7,213,020, viz.: (a) annual
compensation ($5,906,900), less payment on account ($3 ,258,660), $2,648,240; company's cash, &c. (excl. materials and supplies) turned over to
U. S. RR. Administration Jan. 1 1918, $4*564,788.
Offsets due to U. S.
Govt., $6,341,038, including additions and betterments, $1,177,898; bal¬
ance due the company, $871,991.
No interest is included in the above items.
Other accounts due from
the U. S. Govt, as of Dec. 31 1919, but not subject to quarterly settlement,
were as follows:
Accrued depreciation (equipment), $370,696; equipment
retired, $174,087; road property retired but not replaced, $6,351.
In
addition to these items materials and supplies on hand at Dec. 31 1917,
valued at $1,787,837, were transferred as of that date and must be re¬
placed or accounted for.
Since Dec. 31 1919 the company has received on account of compensation
due from
,
.
,
,
,
,
the latter, at the request of the Director-General, deposited in
1st M. treasury
a Settlement is
the Sub-Treasury of the United States $1,000,000 of its
bonds.
These bonds will be returned to us as soon as
'
reached with the Director-General.
Equipment Trust.—As stated last year, the Director-General allocated ten
Mikado locomotives and five light switcher locomotives to the company,
notwithstanding our protest.
Arrangements have since been completed
for an equipment trust agreement (V. 110, p. 922) and it was thought best
for the company to accept the provisions thereof, and an agreement, bear¬
ing date Jan. 15 1920, has been executed.
The cost of the equipment will
not exceed $715,805, and will doubtless be less.
.
Federal Valuation.—All field inventory work has been finished.
The
Commission is now engaged in the right of way valuation.
It is expected
that the Commission will be ready to present its tentative valuation before
the end
of next year.
By the provisions of the Transportation Act,
approved Feb. 28 1920, the
President of the United States relinquished possession of this property
March 1 1920 and the United States guarantees to the company, for 6
months from March 1 1920, an amount equal to one-half of the annual
compensation provided for in the contract of March 29 1919.
full in V. 110, p. 720 to 732.)
FEDERAL RESULTS IN 1919 AND 1918
(See Act in
(COMPANYRESULTS IN 1917)
1919.
Miles of road
operated.
Operating Revenues—
Freight
Passenger
Mail and express
Miscellaneous
1918.
1917.
1,496
_
1,496
1,496
—$14,555,496 $12,888,035 $11,007,428
4,756,821
3,935,131
5,979,147
648,286
687,359
665,627
.
-—
550,622
355,566
Dining, buffet, demurrage, &c
474,041
332,402
Operating Expenses—
-
-
Transportation—rail line
Miscellaneous operations
General
— _
operating income
equipment.
* .;
.
.
Total deductions..
—
•
$2,823,026
$682,590
849
$1,333,827
$671,092
5,lb4
10,254
$657,571
$3,201,092
$1,201,667
66,917
$1,788,646
28,488
$2,179,092
$1,926,155
$5,018,226
792,426
$2,509
1,078,681
783,955
$1,481,364
665,749
$1,085,413
$1,865,146
$2,147,113
$1,093,679
$61,009
$2,871,113
--------
292,987
...
—
Net, comparable with
turn"
($2,953.450)
Ur.15,181
$12,492,412
$3,875,911
a$664,565
39,504
1—- -
debt—....
Hire of equipment
Joint facility rents
497.329
Cr.l1,874
$2,131,193
2,833,950
556,462
6,350,827
144,587
490,574
$2,139,587
.....
—
Gross income.......
Deductions—
9,-745,333
165,771
$3,129,185
5,130,651
386,761
8,480,989
170,057
$19,305,163 $17'^§5'9§§
revenue from operations
Railway tax accruals
Uncollectible railway revenues.
Total
320,950
C'r.8,663
Total operating expenses.
Net
Other income—
$3,525,827
5,010,519
^45,427
—
Transportation for investment-
Hire of
481,709
295,769
—$22,128,189 $19,116,925 $16,368,323
Total operating revenue
Maintenance or way and structures..
Maintenance of equipment——
Interest on unfunded
& Nashville Railroad.
'
975,947
-
Income from unfunded securities and accounts
Traffic.
.$12,063,739 $11,373,350 $20,622,243 $23,428,685
Hdlhifba\anlet--I!rr
i
;
-
company,
together with
1918, and a
Total oper. revenue.$116,624,684 $104289,565 $89,608,722 $80,889,129
Maint. of way & structs_$19,791,122 $15,399,934 $10,863,551 $10,097,734
13,168,137
16,885,582
25,511,678
Maint. of equipment.__ 26,671,916
1,716,087
1,795,112
1,263,563
Traffic.
1,331,860
Transportation
50,347,834 44,356,604 33,884,630 27,769,887
525,528
573,724
613,654
Miscellaneous operations
757,237
1,968,289
2,336,506
2,540,736
General
2,926,962
Cr. 135,842
Cr.153,945
Cr.293,001
Transportation for inv_. Cr.329,197
Operating income.:—$10,071,100
Rent from equipment.
$542,097
Joint facility and miscel¬
laneous rent income..
501,146
...
221,720
38,920
166,495
additional $1,009,000.
Bonds, &c.—To insure the completion of all additions and betterments
the payment of certain other items chargeable to the
YEARS.
1918.
,
*
223,872
*41,497
168,250
—
undertaken and also
comparative balance sheet of Dec. 31, will be found on sub¬
sequent pages of this issue.
COMBINED
207,000
Div.,
an
(4Oth Annual Report—Year ending Dec. 31 1919.)
the
Memphis
&
on stock—(a) Chic. Ina. & Louisv. Ry.t
$77,468; (b) Nash. Chatt. & St. Louis Ry.,
$803,887; (c) sundry, $21,509; (d) under Georgia
RR. lease $73,083
Income from bonds and notes, $545,346; bonds
Ga. RR. lease, $620—
1649
1532,1649
1293 I Splcer Manufacturing Co
1420
Continental Candy Corporation
1293 Standard Oil Co. of Nebraska
Continental Gas & Elec. Corp
.1296, 1638
1529 Standard Oil Co. of N. J
1420
Continental Motors Corporation... 1293 Standard Oil Co. of Ohio
...1645
equip.,
Dividend
Consol. Iron-Steel Mfg. Co
Crane Co
on
Miscell. rent income
Miscell. non-operating physical property
1639
Consol. Gas, Elec. Lt. & Pow. Co..1283 I Southwestern Bell Tel. Co
1918.
-x$17,298,920 $17,310,495
....
$125,000; total
1
Income from lease of road: Clarksville & Princeton
1522
G.) Co
Coca-Cola Co
Cleveland Metal Products Co
.of roads
Additional compensation—interest on additions &
1419
Phelps Dodge Corp
Plant (Thos.
St. Maurice Paper Co
Scovill Manufacturing Co.
Shattuck Arizona Copper Co
1410
use
-
1645 Ray Consolidated Copper Co
1645 Remington Typewriter Co
Chile Copper Co
Chino Copper Co
Cities Service Co
YEARS.
1919.
"Standard Return" from U. S. RR. Admin, for
Magnolia Petroleum Co
.1419,1647
Mahoning Investment Co..
1531
Massillon Electric & Gas Co
Ames-Holden-McCready, Ltd—
INCOME ACCOUNT FOR CALENDAR
Corporate Income—
....
Manufacturing Co.
American Smelting & Refining Co—1286
American Writing Paper Co
1741
—
b
"Standard Re¬
Figures for 1917 reduced $54,900, being the amount of war taxes which
for purposes of comparison are included in the statement of deductions,
b Included in returns of corporation for purposes of comparison.
a
COMPANY'S INCOME ACCOUNT (BASED ON
STANDARD RETURN).
1919-
comparable
Company's results
1917.
1918.
$2,953,450
Standard return
$2,953,450
with
standard return,.*
$2,871,113
iw-*.
deb.54,900
44,950
Operating items
__
Meb.200,372
Miscellaneous rent Income
58,923
Misc. non-oper. physical property..3,090
Divided income
,1*
16,223
Income from funded sceurities
13,005
Income from unfund. securs. & accts.
5,608
Miscellaneous income,. *
444
deb.127,381
157
2,416
49,429
2,525
$2,850,972
$2,899,408
$2,920,090
$1,032,820
11,426
*480,000
32,382
1,500
13,510
15.064
1,032,820
17,513
$1,032,820
3,150
480,000
35,143
1,219
13,510
8,406
$1,587,302
$1,263,670
;...(!%)439,266
$1,591,653
$1,307,755
(21878,532
$1,574,249
$1,345,841
(1)439,266
$824,404
$429,233
$906,575
55,.547
3,129
4,549
8,271
1,686
...
Income.
Gross
"4",557
Deductions—
funded debt...
Interest on unfunded debt
Rent for leased roads
Interest
on
...
Miscellaneous rents..
Miscel laneous tax accruals
Amortization of disc, on funded debt.
Miscellaneous income charges
deductions
Total
Net income
Balance after dividends
Interest
on
8,001
*480,000
38,709
1,100
13,510
---
-
Dividends
x
funded debt Mason City & Fort Dodge RR. Co.
This
obligation of the Chicago Great Western RIt. Co., unless
of, and as provided in the lease.
interest is not an
to some extent
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1919.
$
Assets—'
Road «fc equlp't.
S
Liabilities—
3,346
3,346
prop.
950,926
1,280,926
19,638
5,681
288,501
Stocks
Bonds,
45,210,513
43,926,602
25,383,000
500,000
12,000,000
Ch. Gt. W. Ist4s 25,383,000
Minn.Term.3J4s
Inv. in affil.eos.:
1
S
$
Common stock.a45,210,513
Preferred stock.b43,926,602
131,265,958 130,814,020
Impts. on leased
i
Advances.—
19,538
16,803
500,000
M.C.&F.D.lst4s 12,000,000
W.M.&P.lst 4s.
11,000
11,000
Misc. oblig., &c.
37,191
47,924
Traffic,&c.,bals.
5,656
Loans&bilte pay.
Acc'ts & wages.
Misc.
1
Misc.phys.prop.
125,843
CaBb..
183,075
679,628
374
4,389
527
142,700
827
Mat'dint. unpd.
185,309
Unmat. int., &c.
53,879
89,288
414,581
Taxes accrued..
123,444
2,648,240
1,772,790
Oper'g reserves.
Unpaid divs
15,500
......
Traffic, &U, bate
Loans & bills rec.
Misc.
accounts-
T7. 8. Govt.renta
received
-.
U.S. Govt, def'd
assets
on
6,526,712
5,898,530
535,914
518,457
.......
Unextlng.
549,425
959,408
accounts.
liabilities
24*717
324,246
147,708
Other
....
74,240
21,500
439,266
6,071,241
Total
a
.......143,545,792
After deducting
410,889
1,061,018
1,071,262
7,785,896
27,105
Totrl .......143,545.792
x
8,704
6,994,030
142,287,721
$.36,400 held for exchange of C. G. W. Railway Co.
against exchange of W. M. & P. RR. Co. bonds.—V. 110, p.
Eastern
1526.
Railway.
(Report of Income Bondholders Committee as to Settlement.).
The protective committee for the 4% Income Mtge. bonds
has effected
Cleveland
a
ment of interest on
Chicago
&
St.
1919.
Springf'd
Net ry. oper. income (avg. for 3
Non-operating income
Gross income
Ry.
2,162
yrs.
;
P.&E.
Div.
$360,943
23,152
$323,642
$384,095
end. June 30 1917)-$321,480
....
16,080
31,636
$307,562
9,720
$352,459
69.150
$297,842
$283,309
Deductions from gross income
Net
income.
and
Additions
betterments
Balance
of Springfield Div. due from C.
C. C. & St. L. Ry. Co. as per agreement, being an
amount equivalent to 4% int. on $5,000,000 purchase
money lien covering line, Springfield, O., to Indianap¬
olis, Ind.
Interest on P. & P. U. Ry. Co. bonds
4
$200,000
3,915
......
Int. at 6% on $294,334.22 balance due P. & E. Ry. Co.
from C. C. C. & St. L. Ry. Co. as of Jan. 1 1919..
$487,224
17,660
-
$340,000
38,394
25,000
Int. $8,500,000 1st Cons. Mtge. Bonds
Int. $959,500 I. B. & W. Ry. 1st Pfd.
Int. $500,000
4%
M. B. 4%....
O. I. & W, Ry. 1st Pfd. M. B. 5%
fixed interest charges.
$101,490
Adjustments for Year—
on road and equip, retired ($26,729) and misc. items..--.. de&.26,617
P. & P. U. Ry. Co. debenture bonds retired
Cr.6,000
Balance after
Loss
$80,784
AMOUNT DUE C.C.
Balance
so
due Jan.
Deduct—Amount
the $4,OCX),000 Income bonds.
Carnegie Ewen, 74 Broadway, N. Y., who conduct¬
negotiations with the lessee, presents the
of the committee, saying in substance:
An investigation of this company's operating accounts for several years
prior to 1919 was made by the chairman of the committee in Cincinnati
last summer.
The result was that the Cleveland Cincinnati Chicago &
St. Louis Ry. Co. ("Big Four"), the lessee, agreed through credits and
adjustments to reduce by about $144,000 its operating account (debt) of
$324,286 against the company as of Jan. 31 1919 by the following ad¬
justments;
(Compare V. 109, p. 173.)
Credit previously omitted from income accountof 1918
$15,000
(2) Eliminating a charge for cost of grain elevator at Cham¬
paign, 111., amounting to about $179,000 and hen reselling the
elevator to the P. & E. for $140,000. resulting in credit of__ $39,000
(3) The charge to operating account for $50,000 Peoria & Pekin
Union Ry. 5% debentures due
1924 to be transferred to
notees payable and carried by
lessee until the bonds are
paid, resulting in a credit to income account of
$50,000
(4) Allowing a credit of $15,000 in settlement of claims made
for an increased share of
express revenue
$15,000
(5) Credit for increase in rental of P. & E. equip, used by lessee
$25,000
(1)
Payments for Elevator.—The "Big Four" agreed, in settlement for the
Champaign Grain Elovator to accept deferred payments of $90,000 on
account of the $140,000 to be paid for it.
The elevator is leased for 10 years
from 1916 to net nearly 6% per annum on the investment; and in addition
to this return the elevator brings traffic to the road.
Accordingly, the
$90,000 was taken out of the operating account and this amount was set
up in a separate account designated as the "Champaign Grain Elevator,"
payable in annual installments of $20,000 with 6% per annum beginning
1920, the last installment being for $10,000.
Effect on Payment of Incerme Interest.—This arrangement by spreading
over a period of four years the payments due on the elevator, will not much
affect, if any, the future annual surplus income that will remain for interest
payments on the Income bonds.
The elimination of the $90,000 from
operating account, allowing also for the $15,000 omission in income account
for 1918, reduced the balance due the "Big Four" to about $105,000; and
this was further reduced by $80,873 surplus income of the Peoria & Eastern
1919, leaving the final balance due the "Big Four" on operating
Dec, 31 1919 as $24,913.
Equipment Replacement Fund.—There appears on the last line of the
following income statement, filed by the Big,Four with the trustees of the
Income Mortgage bonds, an item, viz.;
"Accrued depreciation and equipmerit replacement account, $583,352."
The committee found that this is
cash in the hands of the Big Four belonging to the Peoria & Eastern Ry.
Ry. for
account
Cash
set
1
C. & ST. L. RY. CO. ON OPERATING ACCOUNT.
$324,286
1919
up
as
note
dated
C. C. C. & St. L. Ry. Co....
Cost of elevator at Champaign, 111
Dec.
13
1911
in
favor
50,000
178,500
—
Adjustment in account for express revenue and hire of equip't..
40,000
Add—Proportion for 1919, of charge for Champaign Elevator
resold for $140,000 as per agreement.^.
.Cr.50,000
Surplus for year 1919
....Cr.80,874
...
—
Balance due C, C. C. & St. L. Ry. Co. on oper. acct. Dec. 31 1919 $24,913
The accrued depreciation and equipment replacement account held by
Big Four, which fund bears interest at 6% per annum [amounts to $583,352,
being cash in hands of Big Four belonging to the Peoria & Eastern .—
V. 109, p. 173.
Chicago Railways Company.
(12th Annual Report—Year ended Jan. 31 1920.)
Louis
ed the successful
filial report
owns
STATEMENT SUBMITTED BY THE C.C. C. & ST. L. RY. FOR YR.
settlement^of accounts with the lessee, the
Cincinnati
Ry., leaving
only $24,913 due that company on operating account and
thus clearing the way, the committee believes, to the pay¬
W. A.
At Urbana, 111., the company owns about 55 acres of valuable
there modern brick buildings and shops for repair work.
equipment.
land and it
Surplus
567,480
securities,
b After doducting $210,800 held by company.
This amount
includes $36,500 held for exchange of C. G. W. Ry. Co. securities, and $5,500
Peoria &
main line of the
Big Four from Indianapolis to the Peoria, 111., gateway; and it is confidently
expected, as many matters have been cleared up, that the Peoria & Eastern
will be able to earn and pay interest on its $4,000,000 income bonds.
Physical Condition, &c.—Your chairman last summer made an examina¬
tion of the physical condition of the Peoria & Eastern Ry.:—road, terminals
and equipment—and also its relations to the Big Four as a leased line.
His report shows that the Big Four has kept the Peoria & Eastern Ry. up
to a high standard.
Its equipment is valued, after depreciation charges,
at about $2,000,000 and all its equipment is free from equipment trusts.
The Peoria & Eastern Ry. has also a cash fund of $583,352 for replace¬
ment of (new) equipment.
The Peoria & Eastern Ry. owns about 53 acres of valuable land in
Indianapolis, all within 1 y miles of the Union Passenger station.
On part
of this land is located a modern brick building and shops for repairs to
5,304,469
unadjus.,
&c., accounts.
Accr'd deprec'n.
142,287,721
the large increases in
378,813
Add'ns to prop.
Profit and loss..
Oth.unadJ.acc'ta
during 1918 and 1919, as evidenced by
.
$504,884
U.S. Govt, def'd
diac't
bonds.
v~:-'
'.
8,839
225,000
37,399
306,971
125,833
Other inveBtm'ts
•
Income from operation
1918.
1919.
1918.
1
earnings shown by the Big Four, the lessee.
The Peoria & Eastern Ry. Is virtually an extension of the
it Is earned under the terms
railway
[Vol. lift
THE CHRONICLE
1742
Pres.
Henry A. Blair, Chicago, March 30, wTote in subst.:
Comparative Statements.—Chicago Surface Lines' gross earnings were
$43,963,438, an increase Of $9,253,340; operating expenses were $33,254,015,
an increase of $7,522,078;
and residue receipts for the year, divisible
be
tween the Chicago Railways Co. and the South Side Lines, were $10,709,423.
The Chicago Railways Co.'s proportion (60%) of the residue receipts was
$6,425,654.
The income account of Chicago Railways Co. shows the income divisible
between the city and the company to be $1,827,744, as compared with
$686,105 last year.
The city will receive as its share (55%) of| divisible
income this year $1,005,259, as compared with $377,357 the previous year,
and the Chicago Railways Co.'s proportion (45%) of divisible income this
year is $822,485, as compared with $308,747 last year.
The net income is $182,461, as against a deficit cf $374,017 a year ago.
Sinking Fund—-As there were no earnings the previous year available
for the annual $250,000 sinking fund on Series "C" Consolidated Mortgage
bonds, the $182,461 net income must necessarily be applied to this de¬
ferred sinking fund payment.
o
Soldier Traffic.—Up to about Aug.
1 1919 gross receipts of Chicago
Surface Lines increased approximately 13%, largely because of the return
of the soldiers.
Increases in
Fare and
Wages.—The extraordinary increase in passenger
earnings for the full year, however, is due chiefly to the fact that since
Aug. 8 1919 an increased rate of fare has been in effect.
The employees in
July had demanded an increase in wages from 48 cents to 85 cents per hour.
An offer of 65 cents per hour by the Surface Lines management was rejected
and a strike of the trainmen was called and went into effect July 29 1919.
Subsequently, after a referendum vote, the offer of 65 cents per hour was
accepted by the employees and operation of the cars was resumed on
2
1919.
An emergency order by the Public Utilities Commission granted a 7-cent
fare, effective Aug. 8 1919.
A subsequent order, effective Dec., 1 1919,
modified the rate to a 7rcent cash fare, 50 tickets for $3 or 10 tickets for
65 cents.
A further modifying order on Dec. 27 1919 reduced the fare to a
flat 6-cent rate.
This latter rate of fare is still in effect as an emergency rate.
As will be seen from the income account, the prevailing 6-cent rate of
fare is clearly insufficient to produce a margin of net earnings for creation
of the credit which is absolutely essential if the properties are to expand
their facilities to meet the growing needs of the city.
An important pre-requisite to the entry of a permanent fare order is the
fixing of a valuation of the propreties for rate-making purposes.
A valua¬
tion of the properties of the Chicago Surface Lines companies had been
made for the management during the year by Stone & Webster and A. L.
Drum & Co.
Their report was presented to the Commission when it first
began to consider the question of a permanent rate of fare, in the fall of 1919.
Hearings upon this question will probably be concluded in the near future.
The capital account or purchase-price of the properties of the company
Jan. 31
was as follows:
Purchase price Jan. 31 1919, $90,587,641; added
during the year for capital additions to the property, $454,211; purchase
The Big Four credits interest thereon at
firice, Jan. 31 1920, $91,041,852.single trackexpenditures were kept at the
Capital mileage remained practically
owest possible minimum.
The
Earnings.—The income account for the year 1919 shows a surplus of
$80,874, or equal to 2% earned on the $4,000,000 income bonds.
This
sum would have been available for distribution, but for a covenant in the
Income Mortgage which stipulates that so long as there is an operating
debt due by the Peoria & Eastern Ry. that debt must be extinguished before
any payment for interest on the incomes, in any year, shall be made.
It is expected that the balance due the Big Four on operating account
aslnow reduced to $24,913 as of Dec. 31 1919, will at an early date be wiped
out by a credit of about $45,000 from funds held by the trustee that can
be checked out for construction expenditures made in 1918.
When this
shall be accomplished it is hoped the road will be free from operating debt.
Outlook.—The Peoria & Eastern Ry. from Jan. 1 1918 to Feb. 29 1920
was operated by the U. S. Government and its standard rental return for
that period and also its results of operation have been included in those of
the Big Four, the lessee; therefore, the earnings and expenses of the Peoria
& Eastern have not been kept separately.
For the year 1917—the pre-war
period—its gross earnings were $2,527,735, or at the rate of about $12,OOO^per mile gross.
It is estimated that its gross earnings have increased
unchanged, 583.82 miles.
The 5% interest return upon the present capital valuation or ordinance
purchase price provides only for the interest on that part of the mortgage
debt which is equal in amount to the ordinance purchase price of the prop¬
erty.
It, therefore, becomes necessary to provide for the interest on the
approximately $10,000,000 of excess debt from the company's proportion
(45%) of the net divisible receipts.
Renewal and Depreciation Reserve Fund.—Amount in reserve fund Jan. 31
1919, $5,720,706; additions to fund during the year, $2,066,597; expendi¬
for
equipment replacements.
6% per annum.
purposes, withdrawn under certificates of the Board of
Supervising Engineers, $1,332,842; amount in reserve fund (cash deposit in
tures for renewal
bank) at Jan. 3l 1920, $6,454,461.
At the same time requirements as to
maintenance were fully complied with.
No Income Interest.—As there was a deficit in net income applicable to
interest
on
Adjustment Income bonds for the previous fiscal year ended
Jan. 31 1919, the May 1 1919 interest coupons on these bonds were not paid.
Board of Operation of Chicago Surface Lines.—Deeming it advisable at this
time, the Chicago Railways Co., in the exercise of its rights as the majority
Ape. 24
interest under the Chicago Surface
Lines operating agreement, through its
the executive heads of the
terminating Jan. 31 1923.
on the Board of Operation, chose
Chicago Surface Lines for the three-year period
[See "Electric Railway Section."]
representatives
INCOME ACCOUNT FOR
All
— — _ —
receipts
$10,709,423
Railways (60%)
$6,425,654
South Side Lines (40%)--.-4,283,769
(2) Statement of Chicago Railways Co.—
Chicago Railways (60%)
$6,425,654
Joint acct. exp. and adjustments
56,371
Residue
Chicago
Balance
$6,369,283
—
Deduct-—Int. at 5% on
4,541,539
valuation—
$1,827,744
Net income.
$822,485
Company's proportion of income
Interest on valuation of property—
Interest
on
Interest
on
bank balances
$5,483,104
bonds—
2,784,700
...
1,756,538
Mtge. bonds
on
203,650
115,839
bonds. — .
Purchase Money Mtge.
Interest
72,100
securities
treasury
Total gross income——
Int. accrued on First Mtge.
Consol.
4,541,539
46,980
loans.
250,000
accrued
Sinking fund reserve
Federal income tax on int. coupons.
42,000
_
147,916
Corp. exp. and adjustments
$8,978,160 $12,012,937
$5,386,896
$7,207,762
3,591,264
4,805,175
$7,207,762
198,831
368,205
$5,188,065
4,501,960
$6,839,557
4,418,136
$686,105
$308,747
4,501,960
31,146
78,778
$2,421,421
$1,089,639
4,418,136
66,992
79,592
$4,920,632
2,784,050
1,772,947
203,650
19,475
250,000
42,000
225,527
$5,654,360
2,784,050
1,777,884
203,650
250'ddd
60,000
168,800
1920.
31
Assets—
Road,equip.
franc
Treas. secur
99,416,743
2,999,049
Collat. bds.,
1st M. 5s
Securs. held
2,812,000
by trustee
for exch—
M.
Cons.
1,980
bonds
fund,
Sink;
I
657
6,454,462
70,386
recv.
Prepd.
exp.
Inc. from
30,746
$
*$100;000
58,506,000
17,403,800
17,164,475
636,336
110,946,322
sec.
4,073,000
2,500,000
1,980
2,634,276
|
2,017,822
6,464,142
5,760,975
83,343
110,532
37,126
44,588
Net earnings
Non-operating income
Total... 113,897.664 110,946,322
stock serves as a basis for participation certifi¬
parts; Series 2, of 124,300 parts; Series 3, of
50.000 parts.
See "Elec. Ry. Section."
Including loans and City of Chicago's 55% of net earnings.—V. 110,
1642.
Results.—After the temporary recession in
of manufacturing facilities to a peace
$1,615,938
759,427
245,000
$268,204
580,810
$611,511
616,795
$849,014
311,484
123,169
$1,228,306
311,484
248,240
$414,361
$668,582
414,361
$822,803
surplus..
Divs. Rep. Ry. & Lt. Co.,
311,484
preferred.
Common
57,411
Sundry adjustments
$453,908
Consolidated surplus
BAL.
(INCL. SUBSIDIARY COMPANIES).
SHEET DEC. 31
1919.
1918.
1919.
1918.
S
$
Assets—
Liabilities—
$
Iran
chisea&invest.a34,355,929 33,612,230
873,956
Materials & supp.
673,217
476,539
Notes & acct. rec.
534,455
425,768
Cash
518,891
Marketable secur.
25,696
6% cum. pref. stk.
6,191,400
5,191.400
Common
6,206,000
6,206,000
preferred stock. 4,062,500
3,870,400
575
575
Subscrip. to
Fund. dt. sub. cos.
Property,
28,885
93,497
Sinking
75,750
77,282
87,161
10,270
128,906
2,600
26,836
63,976
funds
8,151
Cash from sales of
mtged. property
Prep'd int.,ins.,&c
UnadJ. accounts..
7%
cum.
stock.
Common
16,676,000 16,735,000
6% sec. gold notes 1,444,000
1,500,000
886,500
Loans & notes pay. 1,158,715
Accounts payable.
392,463
*412,206
218,443
Sundry creditors..
335,608
Dividends payable
77,871
77,871
SubScrip.
to
7%
11,243
S. Ry. & Lt. Co.
264,592
63.094
177,622
87,646
exp.
Com. stk. In treas.
notes
payable..
Deprec. of equip..
58,860
bl89,799
12,593
Other assets
175,775
193,381
Miscellaneous
12,792
36,760,434 36,143,467
Total
134,327
169,201
326,509
Reserv. for taxes.
59,269
C73.359
Casualties
Int. on bonds and
bonds
on
Co.
pref. stock M. &
Deposits on uncom¬
pleted purchases
Organization
stock...
M. & S. Ry. &Lt.
cum.
tured bond int..
15,990
709
Coup. bd. int. mat.
93,497
75,750
414,361
453,908
36,760,434 30,143,467
Total
a
Including cost of acquisition of securities of sub. cos., stated at cost,
so far as paid in securities, stated at par value of said securities.
and in
b Represents excess of operation and maintenance expenses over
lated return under service at cost franchise, for which the company
LIGHT
&
RY.
REPUBLIC
Divs. received, M. &
Iiy.
mon
Lt. Co., com¬
and preferred—.
&
industrial conditions in the Youngstown, Sharon and New Castle
maintained, except during the strike in the steel industry.
affected our earnings to some extent.
For the year 1919 the gross earnings of $6,259,612 increased $711,566
over 1918, and the gross income qf $1,776,513 showed an increase of $249,804.
The income applicable to dividends amounted to $408,442, an in¬
crease of $140,238.
These results are due largely to continued activity in
the industrial districts served by your subsidiaries, and also to increases
in rates for both power and railway service.
Gross revenue from electric light and power increased 14.1%; the rail¬
way revenue 16.7%.
The number of light and power customers connected
at Dec. 31 1919 was 31,518, a net increase of 5,383 for the year.
$396,003
21,015
917
FOR CAL.
YEARS.
1916.'
$158,140
167,245)
5,523
$668,113
$637,682
109,574
$668,113
136,188
88,652
&c.
70,744
$330,908
$82,500
86.155
$747,256
Interest on notes._—
$258,538
67,001
01,507
$162,253
495,737
de&156,334
$676,912
378,549
$531,924
161,950
058,219
$327,050
311,484
$501,657
311,484
(2)123,169
$1,055,461
311,484
(4)248,240
$752,093
311,484
(1)62,060
$495,737
$378,549
$417,935
—
Admin, exp., taxes,
Net income
Previous surpl us—
Sundry adjustment
districts were well
Both of these factors
(6%)_.
dividend
Pref. dividends
Common
Total surplus
REPUBLIC
the year your company further increased its rates for
in the entire territory.
In Ohio new ordinances were passed in
Girard Niles and Warren and also in Trumbull County, increasing interurban rates practically 100% for cash fares and 60% for ticket fares. These
increases went into effect Jan. 4 1920 (V. 110, p. 562; V. 109, p. 888).
Operations under the "Cost of Service" franchise in the city of Youngs¬
town
effective Jan. 16 1919, has given satisfaction both to the public and
to the company (V. 109. p. 173).
The initial fare under this franchise was
5 cents with no charge for transfers.
This was raised on July 1 to 6 cents,
on Aug. 1
to 7 cents and on Jan. 1 1920 to 8 cents, all raises carrying a
one-cent transfer charge (V. 110, p, 262).
With each of these increases
there is also a provision for tickets, the present scale being at the rate of
Hates —During
power
of
stock
7 for 50 cents.
A separate organization was formed for the purpose
operation known as the Youngstown Municipal Ry. Co., all or the
of which is owned by your company.
Ordinances were passed in May 1919
East Youngstown and Struthers establishing the same rates of fare
in Youngstown (V. 110, p. 173).
Franchises.—Inasmuch as the important Ohio franchises have recently
been renewed for 25-year periods, and practically all the Pennsylvania
franchises are for 99 years, or without time limit, the franchise situation
on your property, as regards light, power, steam heat, gas and railway,
is unusually satisfactory.
Additions —Owing to the high cost of capital and of construction, new
by
as
^
Approxi¬
extensions and better¬
house,
which
started
expenditures were limited to such items as were unavoidable.
mately $821,862 was expended upon acquisitions,
ments
principally for new extensions and the completion of power
transmission and steam heat distribution extensions
were
—Early in the year the wages of employees were adjusted upwards
with the cost of living and maintenance of an efficient organ.
—Latter part of the year the directors decided to change the
to keep pace
New Name
Mahoning & Shenango Ry. & Light Co. to the Pennsylvania
The company had grown beyond its business as origi¬
nally contemplated, requiring a name more descriptive of its increased
business, which now extends over a large section of western Pennsylvania
of the
name
Ohio
Electric Co.
'dX1
Refunding —On
hwame
nf
due.
Three-Year 7%
the
Jan.1^ 1920 the $1,444,000 Two-Yearissue Secured Gold
6%
We
successful in selling another
of $1,444,000
were
Gold notes,
used in paying off the former issue of notes.
Collateral Trust Sinking Fund Convertible
proceeds of which were
(VThe°pub'licAccountants
say:
"The sum of $55,020 has been set aside
d^'Inga^l^ngratrthT^plusnoff$?5,565Af
Republic Ry. & Light Co.,
dividends paid by subsidiary companies to that
of the net surp us accumu¬
such companies; the sur¬
of subsidiary companies having been reduced by discount and expenses
credit
has been
rarooraSon
taken for
to an amount of $285,992 in excess
lated since the date of acquisition of the stocks of
plus
_
$15,566
...
RY.
&
$70",344}
in
$67,004
BALANCE
SHEET DEC.
$
cos.....12,880,738 12,936,738
106,478
66,017
10,512
159,765
Accounts recei v...
7,371
of sub.
Due by aflll. cos..
——
3,577
Deferred charges.-
4,700
Com. stk., net cost
1,599
4,700
Common
stock
S
$
6,206,000
5,191,400
Two-year 6% se¬
cured gold notes 1,444,000
Current liabilities.
149,039
1,500,000
211,786
67,004
15,566
Surplus
"
6,206,000
5,191,400
6% cum. pref. stk.
Cash
1918.
'
Liabilities—
stocks
31.
1919.
1918.
S
Assets—
Invest,
CO
LIGHT
1919.
.
Waaes
is en¬
prior to
S.
Gross earnings, eng. dept
Interest received
Gross income
business, due to the readjust¬
basis in the early part of the
1918.
year,
in
stipu¬
1917.
INCOME ACCT.
CO.
1919.
Republic Railway & Light Company.
(Report for Fiscal Year ended Dec. 31 1919.)
President Harrison Williams, April 9, wrote in substance:
ment
$1,526,709
992,668
265,836
$408,442
surplus
Profit and loss after adjustments
Total
$1,548,732
67,206
1,090,567
277,504
charges)
pref. div. (of sub. cos.)
Balance,
$1,411,128
115,581
$1,776,513
Gross income
cum.
$4,889,916
3,341,183
258,869
Deductions (incl. interest
7%
1917.
.
under terms of municipal ordinances.
c Estimated at $184,624, assessed or to be assessed for period
Dec. 31 1919, but payable subsequent thereto,
*Stgck.-—The $100,000
p.
1918.
$5,548,046
4,136,918
titled to reimbursement
cates, viz.: Series 1, 30,800
60,000 parts, and Series 4,
a
Oper. exp., deprec. and taxes
Unamort. discount
23,646
Total. ...113,897,664
treas
-
Re¬
new. &dep
Inj. & dam.
5,720.706 Surplus
8,822
10,000
1,593,084
2,111,640
and
deprec. fd
Accts.
Resvs:
and
acct.
cash itms.
SUB. COS.) FOR CAL. YEARS.
$6,259,612
4,741,968
$1,571,644
Gross earnings
Surplus....
2,238,882
accr'd
gen.
Renew,
INCOME ACCOUNT (INCL.
CONSOL.
Int., taxes &
sink.
fd.
consol. M
series "C"
Cash,
1919.
1920.
$
Liabilities—
$
I Capital stk.
*$100,000
99,197,034 1st M. g. 5s 59,926,000
1,579,049 Cons. M. 5s,
Series "A" 17,403,800
2,812,000 Series "B" 17,164,475
Series "C"
636,336
Pur. Money
M. bonds.
4,073.000
Inc. bonds.
2,500,000
1,980
1,980 Under, sec.
Currentliab a3,261,118
1919.
192C.
and
.
preferred stock.
Deposits for ma¬
GENERAL BALANCE SHEET JAN. 31.
1916.
— _
------
deficit)
Total p. & 1.
Jan.
1917.
1918.
178.03
174.72
173.99
7,143,682
7,652,866
7,686,415
54,791,046 59,923,605 53,448,848
58,250
44,250
44,250
K.w.h. feeder output-_191,308,630 188,871,055 163,460,617 136.887,330
Electric customers
31,518
26,135
23,523
19,888
Artif'l gas output(cu.ft.) 54,701,000
56,645,000 60,627,000 59,090,000
178.03
operated.7,782,799
Passengers carried
57,258,916
K.w. generating capacity
58,250
Oar miles
CONSOL.
$5,300,643 $5,294,649 $5,244,384
sur.$182.461 def.$374,016sur.$409,976
surplus after deducting for year 1919-20 $175,000 proportion
of percentages allowed on additions to property for the year ending Jan.
31 1914, appropriated to income in that year, now returned out of surplus
to comply with the policy adopted of applying percentages so received in
reduction of cost of property aggregated $44,588.
No provision has been
made for interest on adjustment income bonds for the two
years ending
deductions
Total
Balance (surplus or
i
CALENDAR YEARS.
1919.
$5,386,896
after Dec. 31
1919."
STATISTICS OF COMBINED PROPERTIES FOR
Track owned (miles)
1919-20.
1918-19.
1917-18.
$43,963,438 $34,710,097 $35,114,633
33,254,015 25,731,937 23,101,696
__
Operating expenses
of which $116,480 is applicable to the period
of new financing,
1919.
YEARS ENDING JAN. 31.
Chicago Surface Lines—
Gross earnings.
1743
THE CHRONICLE
1920.]
Total
13.006,005 13,176,190
Note.—Contingent Liabilities: Guarantee of principal and interest on
13,006.005 13,176,190
Total
$170,000 20-year 5% bonds of
on
notes, aggregating
the Poland Street Ry.
Co. and endorsement
& Light Co.
$400,000 of Mahoning & Shenango Ry.
262.
—V. 110, p.
International Paper Co.,
New York.
Annual Report—Year ending Dec. 31 1919.)
President P. T. Dodge, April 2, wrote in substance:
(22d
Results.—The net revenue from
operations was $7,044,455, and from
other
$126,138, making a total revenue of $7,170,593.
After proper
depreciation of mill plants and other property, reserves for
taxes, interest and sinking funds, there remained a net revenue of $4,121,494.
sources
allowance for
From this there was
paid $1,500,000 as the 6% dividend on
the Pref. stock,
surplus.
unusual
of newsprint
leaving a balance for the period of $2,621,494, which is carried to
Throughout the year the business was conducted under the most
and trying conditions, and more especially in the production
constituting about two-thirds of our tonnage.
There was produced
305,708 tons of newsprint paper and 166,299 tons of other
in great variety.
With the completion of the new mill at Three Rivers, Quebec, the total
production of the company will be over 1,900 tons a day, nearly three times
that of the nearest competitor.
Increased Expenses.—There has been a steadily increasing cost of labor,
material transportation and of all other factors involved in manufacturing.
In the newsprint mills the cost of labor per ton has advanced from about
$8 per ton in 1913 to above $20 at the present time—a percentage of increase
far beyond the percentage of increase in the cost of living to the workmen.
It has also been found necessary to make a new arrangement with the
various unions representing a further increase of 20%, to take effect on
paper,
during the year
papers
,
MEvery reasonable effort is being made to maintain friendly relations with
those in our
service, and to show
reasonable consideration in the matter of
&c. but, unfortunately, there is no legal responsibility on the part
of the unions and their leaders.
There is no way in which their
agreements can be enforced.
On two occasions in recent days, after written
agreements had been entered into fixing wages for a limited period, the
wages
of certain
unions
repudiated or ignored their agreements,
loss to the company.
closing the mills with great
THE CHRONICLE
1744
Railway freights have been greatly advanced, and a further advance
probable.
When it is considered that we produce about 500,000
and that for each ton there are incoming freights of
from 3Yt to 4 tons, representing coal, wood,
sulphur, machinery, &c., it
will be seen that the cost of production will be materially advanced.
There
also continues at the present time a daily shortage of 300 railway cars.
the
appears
Wood
working capital required six years ago is
same
tons of paper per year,
Supplies.—The
many classes of paper we produce are composed
ground wood and chemical wood pulp, requiring wood in
During 1919 we consumed 636,634 cords, obtained from
many different sources extending from Western New York, the Upper New
England States and the Provinces of Ontario, Quebec and New Brunswick.
Suitable woods, principally spruce and balsam fir, are to be found only
in the northern latitudes.
They are being rapidly exhausted.
A few years
since obtainable at from $5 25 to $5 50 per cord, and for ten years In its
rough state averaging only $9 35 per cora at the mills; the cost in 1919 ha.averaged approximately $20 per cord, and in special cases, due to strikes,
&c., at $25 and upward.
At the moment, throughout the United States
and Canada, the price is steadily increasing.
Owing to the removal of timber adjacent to the streams, the amount
which must be moved by rail at large expense is on the increase.
There
are produced at the present time more than 2,000,000 tons of newsprint
paper alone per year on this continent, and this paper requires approxi¬
mately Wi cords of wood per ton.
Owing to the rapid disappearance of wood, Governmental forestation is of
vital importance to many industries.
Spruce timber should reach an age
of 60 or more years before being cut.
Compounding of interest on capital,
the cost of protection from fire, insects, disease, and theft, the payment of
taxes, &c., these expenses become so great that private capital cannot be
safely invested.
In Europe the Governments have carried on forestation
Newsprint Prices.—The price at which producers must sell their paper to
the consumers is still subject to the domination of United States officials.
The company supplies paper directly to more than 400 newspapers—large
and small, nearly all of which have elected to avoid dilatory governmental
tribunals by agreeing directly with the company for a definite tonnage at
specified prices, subject to revision by agreement from time to time as the
changing cost of production may require.
The demand for newsprint paper has of late increased very rapidly and
beyond the capacity of the existing mills.
As the company had contracted
in advance, almost wholly with old customers, for all the
newsprint it could
produce, it has been compelled to refuse paper to many applicants.
It is gratifying to say that the company
has hot been a party,
directly or indirectly, to any profiteering operations or to any speculative
schemes at the expense of the publishers.
Its prices during 1919 were lower
than they should have been, and for the current year the price of A)4c. at
the mill for the first quarter and 5c. for the second quarter, is recognized
by all as reasonable and satisfactory.
While paper is being sold by a few
other manufacturers, jobbers and speculators at more than twice the price
received by the company, and while the price in the open market is from
10c. to 12c. per lb., the company has adhered in all cases to its open and
moderate contract price.
Complaints, principally from smaller publishers, to their representatives
in Congress, resulted in an attack on the industry following which the
books of the companies, American and Canadian, were thrown open freely
to the Trade Commission.
Outside accountants, representing, on the one
hand the Government and the publishers, and on the other, the manufac¬
turers, agreed practically on their figures.
The Trade Commission, ignor¬
ing certain figures and adopting other figures arbitrarily, fixed a selling
price which was grossly unfair and which would have meant to the company
In one year a loss of more than $2,500,000.
Fortunately, the manufacturers
had insisted on the right of appeal to the Federal Circuit Judges in New
York.
These judges, acting as arbitrarors, gave a careful, analytical deci¬
sion allowing the manufacturers $8 per ton above the price fixed by the
Trade Commission as an amount necessary to give a reasonable return on
the capital invested and on the cost of manufacture.
Later this price was
advanced to meet certain additional costs, the Commission again excluding
certain figures and arbitrarily fixed others, conceding to the manufacturers
only a part of the additional cost of manufacture.
Governmental interfer¬
ence and control, however, are near ah end.
Other Products.—Changing conditions, and the increasing demand for
special papers, have made it advisable to rebuild or remodel other mills in
part for the advantageous production of other papers, other than newsprint.
This
work
is
Fire.—At
now
a
in
recent
we
on
the
pass
INCOME ACCOUNT FOR CALENDAR
m
_
—
—
_
—
—
_
on
1918.
$7,833,274
2,238,433
908,166
367,380
_
Reserve for taxes_.
Interest
YEARS.
1919.
,
Totalrevenue—
Depreciation
bonded debt_
Regular dividend on Internat. Paper
Co. pref. stock (6%)
1917.
$8,708,682 $13,968,776
1,929,573
1,792,060
1,323,915
2,545,526
433,167
779,687
1,500,000
1,500,000
1,461,101
Surplus for year ending Dec. 31— $2,819,295
Surplus Jan. 1 carried forward
19,442,872
$3,522,026
$7,390,402
16,036,688
__
„
Total.
—...
15,920.846
$22,262467 $19,442,872 $23,427,090
.
Stock and cash divs. paid and reserved
for payment in settlement of de¬
ferred cum. divs. on International
Paper Co. pref. stock—
—
_
—
7,506,244
.
Total profit & loss surplus Dec. 31_$22,262,167
$19,442,872 $15,920,846
CONSOLIDATED BALANCE SHEET DEC. 31
(Incl.
Assets—
firofitably forincreasing its holdings, but of New York has extensive forest
a long period. The State the State Constitution absurdly
ands and is
for use in United States mills.
have been able to
through a year of un¬
paralleled difficulty without the issuance of additional stock or bonds or
other obligations which might menace the continuance of dividends.
We enter upon the new year on a sound financial basis and are prepared
to face new difficulties which are already in sight.
quantity.
prohibits the cutting of a Single stick of timber for use.
Your company controls, partly through leases and partly in fee, more
than 6,500 square miles of woodlands.
While this is a great protection for
the future, the holdings should be increased in such areas that the growth
will equal or substantially equal the annual cut or consumption.
In the
not distant future the outside sources will be largely exhausted, and our
policy in increasing woodlands holdings, will
assure
the company
a
supply for its mills from its own land.
The paper mills of the United States are most unfairly prohibited by the
Canadian Provinces from bringing into the United States pulpwood from
the lands which were leased by your company and others from the Provinces
needed to carry
now
volume of business.
It is fortunate that
almost wholly of
vast
[Vol. 110.
Subsidiaries).
1919.
1918.
Properties owned and operated by the several cos..$43,326,136 $44,533,418
Woodlands held directly and through subsidiary
companies for benefit of Internat. Paper Co
7,588,739
7,951,899
Securities (including U. S. Government bonds)
4,088,716
5,041,407
Cash
2,740,832
1,449,840
Notes receiv., $434,465; accts. receiv., $5,808,275;
total.—,
6,242,740
6,855,595
Inventories—Raw
materials,
supplies, finished
product and advances on logging operations._ 23,199,327
20,637,522
Sinking funds....
131,710
820
Deferred assets—Applying to future oper'ns of co.
466,716
383,133
_____
■
■
...
n__
Total
—$87,784,918 $86,853,634
TAct hi lilies—1
Pref. stock,
•
auth., $25,000,000; held in treasury,
$228,760; balance
$24,771,240 $24,724,676
Common stock, auth., $20,000,000; held in treas¬
ury, $196,080; balance.
19,803,920
19,764,008
Bonds of I. P. Co.—Consol. 5s. due 1935, $535,000;
1st & Ref. Mtge. 5s, Series "A," due 1947,
$6,347,000; total
6,882,000
7,189,000
Subsidiary companies bonds, not guar., due 1927.
99,500
789,000
Notes payable..
8,600,000
9,565,000
Accounts payable
1,426,159
1,378,279
I. P. Co. dividend payable Jan. 15.
375,000
375,000
Accrued bond interest (not due)
1,658
11,712
I. P. Co. deferred dividend payable..
547,390
658,811
Reserve for taxes..—;
908,166
1,323,915
Reserves—Insurance fund, $447,608; for contin¬
gencies, $1,630,110.
2,107,718
1,631,360
Total profit and loss surplus Dec. 31
22,262,167
19,442,872
_
—
„
— —
.......
—...
_
—
-.
—
Total
—V.
$87,784,918 $86,853,634
_A__
110^
p.
1646.
Sloss-Sheffield Steel & Iron Company.
(20th Annual Report Year ending Dec. 31 1919).
The
comparative tables of income account and balance
given last week (p. 1639).
McQueen with the income
account and balance sheet for 1919 are printed in full on a
subsequent page of this issue.
sheet
were
The remarks of President J. W.
The
offering last fall, of the 10-year 6% gold notes will be found in V.
109, p. 378, and an official explanation as to the recovery of $1,525,207
from the U. 8. Gov't for loss in building by product coke ovens was in V.
108, p. 2121; V. 110,
p.
1639.
Consolidated
Sinclair
Oil
Corporation.
(Consolidated Balance Sheet, Including Subsidiary Companies.)
CONSOL.
INCOME
YEAR
ACCOUNT
ENDED
DECEMBER
31
1919.
x Gross
earnings.
__$76,970,958
Oper. and general expenses, maintenance, insurance and taxes.. 54,300,060
progress.
day the mill for grinding wood pulp at Solon, Me.,
Net
earnings.....
—
...$22,670,898
3,069,662
burned.
Extremely low temperature prevented the effective operation
of the fire protective apparatus.
This mill is being rebuilt, but the non¬
Deduct—Interest and discount and Federal taxes
delivery of pulp therefrom has materially interfered with paper production.
Mills.—The company operates in five States and in the Canadian Provin¬
y Income available for surplus and reserves.
$19,601,236
x After deduction
of inter-company sales, and service charges of trans¬
portation companies for the use of pipe lines, tank cars and marine facilities.
y Equivalent to approximately $7 27 a share on the average number of
shares
outstanding during 1919.
was
ces
15 paper
mills, in addition to 7 pulp mills and 10 sawmills dealing with
large timber principally for exportation.
The mills at Piercefield, N. Y., Bellows Falls, Vt., and Franklin, N. H.,
have been materially modified and are devoted normally to the production
of
special papers.
For the time being, some of the machines in these mills
being devoted temporarily to the production of newsprint paper for our
old customers.
The production of these machines averages 180 tons a day.
are
During the war the newsprint mill at Niagara, producing 165 tons per
(
^
day, was brought to a sudden standstill through the diversion of its water
by the Government.
Two machines at Niagara have recently produced
newsprint paper, but it is expected that this production will cease in the
near future and the mill will be devoted wholly to certain papers of a
superior quality.
The mill has been substantially remodeled with this end
in view and the delivery of these
papers has begun.
The modernizing of the
older plants in the woodlands is being carried on vigorously, and machinery
is being substituted for men and animals wherever possible.
The company
has been using ordinarily in the woods, aside from the operations of its
contractors, 1,000 to 1,200 horses with a steadily increasing cost of main¬
tenance.
Purchase.—Sulphate pulp is used alone for the production of certain
grades of kraft paper, as well as with sulphite pulp.
At a very recent date
the new sulphate mill at Van Buren, Me., was purchased and is now being
operated by your company.
[See "Investment News Department" below .J
New Mill in Canada.—In order to secure a return from our investment in
Canadian timber lands and for other reasons, it became necessary to erect
mill in Canada.
Fortunately, we owned at Three Rivers, at the outlet
the St. Lawrence, a very favorably located
a
of the St. Maurice River into
property on which one of our sawmills was located.
The Canadian authori¬
encouragement and assistance and exemption from taxes was
granted for a considerable period.
The erection of a paper mill of about 240
tons daily capacity was begun in Sept. last.
The sulphite mill will be first
completed, and it is expected that sulphite will be delivered for use in the
United States by Aug. or Sept. 1920.
Water Power.—The company possesses many water powers, some large
ties gave
and
important, many of them developed, and some as yet undeveloped.
We believe that the company should proceed speedily with the development
of these water powers wherever useful for its own purposes and where the
current can be
disposed of advantageously to other users.
at Sherman Island on the Hudson
A development
River, we believe, should be made at
an
early day, primarily because the company is in need of a large part of the
in its existing mills to replace steam power at great saving.
company is also the owner of a very large and valuable power in
one of the Provinces in which some
development must take place in the near
future, in order to maintain our title, which may otherwise be lost.
At two places the company has succeeded in exchanging certain water
power rights for a permanent supply of electricity from reliable sources, thus
avoiding large investments in generating plants.
The matter of utilizing by-products, heretofore of little value, is also
receiving careful consideration.
Outlook.—While for the year a substantial amount of earnings has been
carried to surplus, it should be noted that this surplus is not in a form which
admits of distribution in dividends.
It has been necessarily absorbed in
helping to build up the greatly increased working capital made necessary by
power
The
the
enormous
increase in the cost of labor and materials.
More than twice
[Before including the proceeds of
the issue of $50,000,000 7H % Con¬
vertible Notes, see offering under news items.
Dec. 31 '19.
Assets—
June 30 '19.
$
$
210,372,411
178.724,003
761,405
55,805
9,615,642
9,283,711
15,594,966
227,117
2,500,507
Real estate, oil and gas leases, oil wells and equip¬
ment, pipe lines, steamships and
ters. tank cars,
steamship char¬
terminals, refineries, distributing
stations and facilities, &c
Investments in and advances to affiliated
1,968,604
cos—
178,033
Specific funds
Cash in banks and
on
hand
7,659,119
10,436,985
31,365,595
1,988,077
1,411,288
...
Accounts and notes receivable
Inventories
Marketable securities
Deferred charges
Total
————265,380,114 216,763.157
....
Liabilities—
Capital stock
191,471,943 135,900,814
14,765,312
Surplus
16,857,798
294,911
Minority stockholders' interest in subsidiary cos..
158,462
Reserves for depreciation, depletion, &c_
33,181,593
23,163,256
Reserve for replacement of equipment
506,307
Miscellaneous reserve
62l"918
366,753
Equipment trust notes & purchase money oblig'ns
4,301,506
6,233,797
Oil and gas income certificates.
1,971,718
2,384,577
Notes payable
3,200,680
18,729,302
Accounts payable
10,313,215
6,699,435
Accruals & misqell., incl. Federal taxes
2,218,719
1,591,123
Suspended earnings and unadjusted credits
831,420
896.594
Total
265,380,114 216,763,157
—V. 110, p. 1432, 1420.
—
_._
~
The Lake
Superior Corporation, Toronto.
(Operations for Nine Months' Period ending Mar. 311920.)
Secretary Alex. Tajdor, Toronto, April 14, -wrote in subst.:
The Algoma
Steel Corporation, Ltd.i
and the coal and limestone companies
for the nine months ended March 31 report:
9 Months—
Algoma Steel Corp.
1919.
Output (Tons)—
1920.
156,732
Magpie Ore
180,761
Coke.
303,611
330,063
280,664
Pig Iron..
199,558
Steel Ingots
223,832
369,848
The Algoma Steel Corp. produced
compared with 290,334 tons for the
9 Months—
-Coal, &c.f Cos.1919.
1920.
381,416
Lake Superior Coal.169,210
163,232
Limestone
153,096
216,358
Dolomite
15,528
13,536
166,716 tons of finished material as
9 mos. ending March 31 1919.
In¬
cluded in the 166,716 tons mentioned were 71,889 tons on account of pre¬
war contracts.
The unfilled orders of Algoma Steel Corp. on hand March 31
1920 approximated 402,000 tons.
Output (Tons)—
Cannelton
Coal
487,352
Apr. 24 1920.]
THE CHRONICLE
Since the issue of the last annual report, alterations have been
completed
the raU mill, as a result of which the Steel Corporation has been
turning
on
out structural steel
up to
and including 15-inch beams and channels,
These
alterations were completed on Nov. 1.
Railways.—The President of the Algoma Central & Hudson Bay By. Co.
and the Algoma Eastern By. Co. reports as to the
Algoma Central Railway
that the boat season on the Great Lakes last year was not as
satisfactory
as in former years—less
freight offering, and weather conditions in the
autumn
having been the worst in many seasons.
Costs of railway operation
are still increasing, and the net earnings for the
past 9 months are
same period in the last fiscal year, but the
prospects for
the immediate future are
brighter.
He further reports that for this fiscal
year the Algoma Eastern By. will show a very satisfactory
surplus, after
payment of fixed charges and depreciation, and that the prospects for the
future are satisfactory.
As to plan for settlement with holders of guaranteed railroad
bonds,and
building new plant for Algoma Steel Corp. see below.—V. 110, p. 1295.
have and
not
equal to the
American
Stores
Company.
and its future
possibilities of a larger return justify a continuance of this
policy whenever possible (V. 107, p. 2103; V. 109, p. 1185).
[The pamphlet report contains pictures showing the Delaware Station,
Beach and Palmer streets, Philadelphia, with the site of the new 120,000 k.w.
generating station before construction work was recommended Sept. 25
1919, and also the progress of construction work to March 11 1920, includ¬
ing the switch house excavation, the turbine foundations, and also, 40%
completed, the boiler house.
A double-page illustration likewise shows the
company's power development by portraying as of 1916 the Schuylkill
"Waterside Station, 28th and Christian sts., Phila.; as of 1918, the Chester
Waterside Station, Chester, Pa.; and as of 1920 the Delaware Waterside
Station, Beach and Palmer streets, Philadelphia.—Ed.]
CONSOLIDATED INCOME ACCOUNT FOR
1919.
Gross
sales
Cost goods sold
__
Gross profit on sales
Store operating expense
—
„
1917.
$76,401,889 $62,315,465 $58,123,807
63,378,895
52,018,770
49,067,507
-$13,022,995 $10,296,695
$6,417,326
$5,419,931
2,692,593
2,275,577
$9,056,299
$4,807,559
2,041,022
—
Warehouse admin, and expense
Net stores profit—
Other income
—
$3,913,075
Cr.61,622
94,560
1,295,400
125,120
Miscellaneous deductions
Beserve Federal and State taxes
Loss on Liberty bonds
$2,601,185
Cr.36,065
297,440
1,086,185
69,392
652,053
$2,459,617
629,173
$1,253,625
717,934
$1,498,270
415,215
$1,830,444
—
.
$535,691
$1,083,054
Fixed
year
named—
COMBINED BALANCE
1919.
Dividends
ASSetS
$
S
.-/
Fixed assets.4,214,375
4,268,527
Goodwill
a9,715,560
9,716,953
1,450,603
937,148
—
Cash
Accounts receiv'le.
108,077
6,005,706
1,250,000
23,892
stamps
10,415
92,847
Outside int. in
3,212
171,591
exp.
47,824
stock...
60,442
3
24,668,191 22,440,710
U. S. Lib. bonds
&
bonds
88,492
b
399,840
After
a
2d pref.
stock..
2,500
22,000
stock.
30,000
15,687
42,200
14,491
i,457,000
Surplus
3,797,797
1,982,414
8,974,150
Total
24,668,191
22,440,710
Share of surplus.
deducting special surplus arising from acquisition of Acme Tea
•
first preferred; $60,000 second
preferred; $11,054 trading stamp account.—V. 110, p. 1190.
New York
Telephone Company.
(Report for Fiscal Year ending Dec. 31 1919.)
EXPENSES
FOR
CALENDAR
Year
„
,
Exchange
Toll
service...
Gov t compen'n (7 mos.)
Total
7 Months
1919.
■■■
service
1918.
Rentals
Insurance
Taxes
$1,101,368
12,982,601
11,497,697
2,791,273
54,281
3,314,726
$1,671,980
19,402,079
17,379,544
4,632,440
85,004
5,496,626
$27,625,186 $31,741,945 $48,667,674
$11,717,382
$6,864,854 $14,293,333
Divs. and int. earnings..
6.572.128
3,202,367
5,458,365
Miscellaneous earnings.330,825
421,340
550,629
—
Total net earnings
;
.$18,620,336
$5,300,588
12,000,000
-
-
5,991,780
37,970
140,697
127,315
122,301
2,500,000
4,000,000
Oth. res've,misc.
229,482
Deterred credits.
accounts
82,890
P.E. Co. IstM.
4,000,000
10,000,000
Co
Total
S.F.5% bds.c
Del.Co.El.Co.6%
M. gold bds.c 10,000,000
4,309,757
10,000,000
3,602,830
105,244,893
100,765,440
American
$1,526,445
16,882,625
15,908,752
4,186,098
78,814
3,420,572
542,003,305
515,002,260
5,014,168
590,826
$10,488,562 $20,302,327 $20,607,254
$2,916,782
$3,924,837
$3,341,913
5,000,000
10,000,000
10,000,000
Total
105,244,893 100,765,440
Pledged with Girard Trust Co., account of 2-year 6% sec. gold notes.
Stocks and Bonds Held Dec. 31 1919.—(a) By Philadelphia Electric Co.:
Penn Eldctric Light Co., 826,147 shares; Delaware County Elec, Co.. 36,922.738 shares; Bala & Merion Elec. Co., 1,006 shares; Cheltenham El. Lt.,
Ht. & Pow. Co., 5,000 shares; U. S. Liberty 2d, 4th and 5th loans, 17,450;
Racquet Club bonds, $27,000; the Phila. Elec. Co. directors' stock, 288
shares, and First Mtge. sinking fund account, $273,500; Electrical Testing
Labatory, 3,090 shares; Phila. Elec. Co. 1st M. 5s, $5,000.
(&) By Dela¬
ware County Electric Co.: Ridley Park Auditorium, 20 shares,
(c) Insur¬
ance Fund: Chester El. Lt. & Power Co., 396 shares; Phila. El. Co., 14,640
shares; Delaware County El. Co. 1st M. 5% gold bonds, $134,000; Phila.
Elec. Co. 1st M. 5s, $1,700; Syracuse Lt. & Pow. Co. coll. trust 5%,
$10,000; cash, $5,724.—V. 110, p. 1643.
c
Writing Paper Company.
(2Oth Annual Report—Year ending Dec. 31 1919.)
1916.
«
Total expenses.
Net.
Dividends (8% p. a.)__
1,442,431
6,956,088
renew¬
56,431
President
George A.
Galliner, Holyoke, Mass., March
1920, wrote in substance:
Income Account.—The sales amounted to $16,936,648.
The net profit,
writing off $1,160,890 for depreciation, maintenance and repairs,
$1,127,256.
Against this must be charged bond interest of $675,047
and a reserve for Federal taxes of $17,114; $435,095 has been carried to
surplus.
after
was
Business Conditions.—The first half of the year was a most trying period
for
The trade looked for reduction in prices, and
was not until the latter part of the summer that the
permitted operating at anything approaching capacity.
The price level maintained in the face of such difficulties still returned some
profit, although increased costs of material and advances granted labor
about this time left tne spread unduly small.
However, the losses of the
first half of the year were recouped, and some profit accumulated .
It is
noted that the losses at the end of July stood in excess of the final profit
manufacturers.
paper
withheld orders.
Interest
1,523,750
227,684
Years
1917.
$25,161,974 $30,632,325 $50,042,218 $45,537,273
7,462,038
7,974,474
12,918,788
11,468,292
6,718,556
$728,241
13,522,921
8,964,110
2,258,033
39,212
2,112,669
3,000,458
(not
due)
als & replac'ts
2,500,000
YEARS.
Calendar
earnings——$39,342,568 $38,606,799 $62,961,006 $57,005,565
General expenses
Operating.
Maintenance
Accr'dliab.
Res've for
bdsc 10,000,000
El
1920—
1,864,100
3,447,900
1,457,000
AND
3,638
1stM
g
IstM. 5s
Feb. 1
S F 5% bds.c
Co
5% bonds
Surplus
1,628,100
Co. stock under par, $1,659,440.
b Includes $328,786 stock redemption
EARNINGS
Notes payable.Acc'ts payable—
gold bonds.
8,974,150
value)
3,052,503
396,100
2,632
182,151
Co. IstM. 5%
6%M
7,500,000
2,900,000
2,898,288
debt
262,247
Del
7,500,000
1,440,000
2,493,961
2-yr. 6s sec'd,
Trustees' deposit
acct .for tr.ctfs
con¬
300,000
P.E.Co.gold notes:
79,278
327,373
Acme
300 000
2,493,675
2,508,622
chges.
Accrued Interest
P.E. Co
1,671,700
35,163,300
1,866.071
2,064,113
30,228
Deferred
86,763
1,253,292
242,714
1,671,700
36.663,300
Del. Co. El. Co.
Accounts receiv.
25,000
$
24.987,750
Phila El Co IstM.:
440,646
1,310,966
2,784,551
Prepaid accounts
1918
$
Capital stock..- 29,618,325
4% bonds
446,332
Cash
S. F. Del.Co.El.
------
$1,219,738
31.
1919
Liabilities—
76,013,315
18,100
17,450
S. F. amort, acct
Common stock (no
par
1918.
$
1,646,041
79,855
&exc.prof.tax,&c 1,820,342
Common
3,599,700
,005
•
1,302,791
Res've lor inc., war
trolled
$283,202
Tea Co.
Liabilities—
First pref. stock—
Second pref. stock,
S
$706,928
year—
1919.
+\.S£CtC
1,345,415
95,541
U. S. Gov. W. S. S
1st pref. stock.Total
$
1,981,046
1,574,313
Property & plant 81,760,488
1,413,627
accr
Reserves
Prepaid assets
Organization
Wages pay'le,
Divs. payable
217,364
Accr.int.& mtges.
Treasury
Accounts payableNotes payable
7,436,126
1,374,880
3,359
Inventories
Liberty bonds
Thrift
Liabilities (Con.)—
$4,775,097
2,437,359
1,749,189
(7%)
disc. &exp_._
1918.
$4,455,553
2,595,815
1,749,192
(Incl. Phila. Elec. Co., Delaware County Elec. Co., Bala & Merion El. Co.,
Cheltenham El. Lt., Ht. & Pow. Co.; with all inter-co. items eliminated.)
Unamort'd
1919.
$4,628,209
3,205,027
1,932,110
CONSOLIDATED BALANCE SHEET DECEMBER
$2,207,716
Cr.12,000
SHEET DECEMBER 31.
1916.
reserves
&c
Surplus for the
Stocks
1918.
1917.
$5,844,064
earnings
charges,
for renewals,
Mater's & supp.
Surplus for
1918.
1919.
ol other cos..
Balance of profits
Preferred dividends and sinking fund,
YEARS.
Gross earnings
$16,279,239 $14,503,851 $12,160,769 $10,260,072
Oper. exp., curr., maint.,.
rentals, taxes, &c
10,435,175
9,875,642
7,705,216
5.484,976
Net
1918.
CALENDAR
(Inter-Company Accounts Eliminated.)
(Report for Fiscal Year ending Dec. 31 1919.'J
COMBINED PROFIT AND LOSS ACCOUNT FOR CALENDAR YEARS.
1745
It
volume of business
for the year.
By Dec. 31 the demand for lower grades, particularly for book and maga¬
publishing purposes, became quite insistent, and the prospect now be¬
hopeful tnat tnis demand will eventually reflect itself in the higher
grades of paper which constitute so large a portion of the business for
which our equipment is particularly adapted.
Conditions during 1918 were absolutely dominated by war considerations.
Only the fact that considerably over 50% of your company's production was
devoted to the Government, directly or indirectly, established fine papers
as an essential industry and assured continuity of operation during that
year.
It is only during the past few months that conditions have been
propitious for the discriminating selection of profitable business and the
zine
Balance, surplus.
$1,319,748
$2,571,780
$6,377,490
$7,265,341
Note.—The above statement for 1919 shows the results of the company's
operations from Aug. 1 to Dec. 31 1919, together with the compensation
for Govt, control period from Jan. 1 to July 31 1919.—V.
109,p. 2444.
Philadelphia Electric Company.
(Report for Fiscal Year ending Dec. 31 1919.)
President Jos. B. MeCall, Phila.,
April 14, wrote in subst.:
Results.—The increase in gross earnings has been satisfactory, and has
enabled us to meet the conditions brought about by the continued high
labor and materials, particularly coal.
increase in fixed charges is* due to interest on additional securities
issued, and also to the amortization of debt discount and expense in con¬
nection with the issue of two-year notes of Feb. 1 1918.
ft* The increase in dividends is due to additional stock issued during the
year,
amounting to pratcically $5,000,000.
^ The total commercial connected load increased over the preceding year
663,850 50-watt lamp equivalent.
The total connected load of railway,
railroad and other utilities increased 12,525 kilowatts.
aaThe new consumers added to the system during the year 1919 amounted
to 20,793.
Construction.—We have resumed work on the construction of the new
cost of
a* The
Delaware station located
on
the Delaware River at Beach and Palmer sts.,
Philadelphia, which was temporarily suspended by war conditions in Dec.
1917.
Our schedule provides for 60,000 k. w. to be in operation late this
year.
This station, together with the necessary extensions to our trans¬
mission, substation and distribution systems, will enable us to meet the
demands upon the system in the Winter of 1920-1921.
Rates.—The increase of 10% in rates, continued last year by order of the
!P. S. Commission, was limited to a period expiring Feb. 5 1920, and has
been extended until Feb. 5 1921 (V. 108, p. 586).
Gold Notes.—In order to provide for the $7,500,000 2-year 6% Secured
Gold]Notes, issued Feb. 1 1918, due Feb. 1 1920, and also to provide funds
to partly cover the erection of the Delaware station at Beach and Palmer
streets, Phila., and the extension to our transmission, substation and dis¬
tribution systems, we sold $12,500,000 of this company's 2-year 6% Secured
Gold Notes, dated Feb. 1 1920, the collateral deposited being $5,500,000
of the 1st M. 5% gold bonds dated Oct. 1 1916; $12,500,000 of the 6%
Mtge. gold bonds of our Delaware County Electric Co., dated Feb. 1 1918;
and all of the $3,692,800 capital stock of your Delaware County Electric
Co.
These notes met with a quick market (V. 108, p. 586).
m
Capital Stock.—The stock is widely distributed in the community which it
serves, 90% of the 11,000 stockholders being residents in Philadelphia and
vicinity.
This accounts very largely for the successful marketing of
$5 000,000 new stock during the past year.
The company's dividend record
comes
cultivation of
new
lines and markets.
Working Capital.—On Dec. 31 1919 current assets amounted to $9,589,264, of which $1,254,214 was cash on deposit or on hand; current liabilities,
$3,030,432; net current assets, $6,558,832.
Inventories.—On
Dec. 31 1919 the value of paper on hand at mill cost
was $2,746,029; raw material and supplies at cost or market,
lower, $3,205,396; total (physically taken), $5,951,425.
Against this inventory reserves of $385,735 aro carried, reducing the net
valuation of the inventories to $5,565,690.
less
depreciation
whichever
the
Depreciation & Maintenance.—Depreciation amounting to $1,160,890
set up during the year and charged to operations at the rates property
charged are those stipulated by the American Appraisal Co. to protect
of the full sound value of the property.
During the year $541,881 was
expended in the maintenance of the property and in the renewal of anti¬
quated or depleted equipment, and charged against depreciation reserve.
An additional sum of $132,035 was expended on current repairs and
charged direct to operations.
was
is
Fixed Assets.—During the year there has
been added to the value of the
property by new construction $265,807, including S14L703_for^repairs
and
additions to property and equipmeyt and $5"
$53,527 for machines,
for
research
and
development
/elopment
_
department.
The
net
sound
and
&c.,
value
of the property, after allowing for depreciation, stands on the books as of
Dec. 31 1919 at $15,320,268, a decrease of $313,268 from the previous year.
No permanent improvements other than those absolutely necessary were
undertaken although there are many permanent improvements which it is
before the full productive capacity of the
be developed and its greatest earning stability insured.
which matured
on July 1 last was accomplished during the year (see plan in full in V. 107,
p. 1674).
The cost to date of the refunding has been written off.
This
transaction places your company in a satisfactory position with reference
to its capital financing.
Labor.—No strikes of serious proportions were experienced during the
year but the quality of labor available to-day does not compare favorably
with the standards previously maintained in the industry.
Export Business.—Export trade has received due consideration and the
investigation of the possibilities of its further development was the occasion
for a trip to Europe by your president.
essential should be undertaken
company
can
Bonded Debt.—The refunding of the outstanding bonds,
[Vol, 110.
THE CHRONICLE
4H6
ASSOCIATED OIL CO. AND PROPRIETARY COS. BAL. SHEET DEC. 31,
INCOME ACCOUNT FOR CALENDAR YEARS.
1917.
1918.
1919.
a
1916.
,
Gro<?8sale©billed.
-$16,936,648 $21,327,777 $15,019,564^
Oper. expensesA'taxes.. 13,503,059
17,117,682
12,454,238{Nofc
shown.
1,160,890
1,017,577
846,019
571,168
553,215
514,244
$1,426,681
y363,511
$2,621,350
$1,298,477
271,220
194,452
$3,413,697
137,131
$1,790,192
z$675,047
$2,892,570
$554,359
$1,492,929
$566,530
422*833
671,443
Dep., main*., repairs. &c
Selling^ gen. adihlh.exp.
Gross
profits.-—
Interest, &C-
—
—_
-
713,633i
■
'
Assets—
1919.
i
"S
$
1918,
$
1918.
1919.
r
f
$
Liabilities—
39,756,085 39,960,704
leases.32^636,854 31,618,183
Personal property,
Bonds.——11,209,160 10,455.000
v
1,000,365
imprbv'ts, Ac.-29,752,782 27,733,946 Accounts A wages. 1,798,102
Stocks and bonds. 9,337,986
1,367,358
8,034,868 Accounts payable. 1,221,670
902,831 Loans A notes pay.
Sinking fund
425,000
908,198
Llb.bds.A W.S.8.
136,131
485,160
1,541,575 Due affiliated cos.
241,337
U.S;Ctfs.ofinrieb.
232,146
500,000 Int., Ac., accrued.
Capital stock
Real est. A
-
Total not income.
Interest
on
bonds
Sinking, fund-...
..
Discount on sales.
Miscellaneous deductions
240,103
189,138
559,992
45,060
Reserve for inventories
I war taxes.......
17,114
225,000
$1,639,940
$1,252,629
$1,342,641
Not shown
171,060
$1,355,097
$435,095
$3,550,878
$850,000
100,000
Total.deductionsBalance, surplus—
x
— -
$150,287
76,500
Material A supp..
2,829.205
Mdse.
6,042,919
5,193,737
y
hand—
on
Deferred assets,Ac.
Tax
Total
-V.
.
—
BALANCE SHEET DEC. 31.
1919.
1918.
' $ '
Liabilities—
S
Property acct— .aJ5,320,268 15,633,536 Preferred stock... 12,500,000 12,500,000
9,509,000
Good-will, Ac— .18,010,150 18,010,159 Common stock— 9,500,000
Cash.-.----1,053,747 5% bonds.
b9,295,000 11,000.000
1,254,214
NotesAacets. rec- 2,765,358
529,772
275,843
2,522,008 Trade acceptances
5,469,702 Notes pay'le (bank
Supp. A materials. 5,569,692
840,000
65,810
liberty, bonds....
loans)
840,000
Other assets, Ac..
120,979 Accts. payable.— 1,802,703' 1,320,016
35,692
185,014
Investments, Ac..
33,555 Res. for war taxes.
22,114'
122,965
623,627
120,346 Bond purch. acct. 2,186,913
Sinking fund.-"-..
Accr. wages A tax
128,258
Deferred charges.
76,735
"111,886
6,403,146
Surplus.
6,620,616
-
Total
43,155,074 43,029,833
a Reproduction value of real estate, buildings, machinery, water powers,
&c., as appraised March 31 1917, with subsequent additions and deductions
to Dec. 31 1919, $21,722,547, less $6,402,280 allowance for depreciation,
b After, deducting in 1919 $2,705,000 in treasury.
The profit and loss surplus Dec. 31 1919 was $6,620,616, after adding
$6,403,146 balance per books Dec. 31 1918 (see text above), surplus for
year 1919, $435,095; difference between par value and cost of bonds, $34,559,
and Writing off excess reserve for taxes, $47,637; and deducting (1) $26,259
reduction in book value of machinery, real estate, buildings, water power,
&c., to eonfrom with the net sound value as appraised; (2) $245,223 bond
refunding expenditures; (3)' $28,339 net sundry adjustments.
•
r
The company was contingently liable on Dec. 31 1919 as endorser on
trade acceptances and notes receivable discounted at banks, $180,428.
Since the organization of the company in July 1899 there has been paid
in all 10% on the Cumulative Preferred stock.-—V. 110, p. 1644.
Associated Oil Company,
Liabilities—
Com. stk. (125,000 sh., no par)
Due from U. S. Government*.
Notes
$528,298
381,137
Notes A accounts receivable.
aJL33,777
Due from subsidiary company bl()4,300
Inventories........
_c4,072,379
Stks. in other cos., inck N, Y.
Dealers
Real estate
Paul
Shoup,
April
3,
For
Deferred
17,374
445,952
,
effected in Jan. 1920.
was
Deferred accounts......
TotaJ
—
—
Drilling c&c.—For this work $2,270,798 was expended of which $555,142,
drilling,expense* was charged to operations, and $1,715,656 to investments.
Active drilling was maintained during the year, 63 wells being completed'
as follows:
Kern 50, Coalinga 4, Lost Hills 3,
Midway 5 and Santa MariaT.
On Dec, 31 1919 there were 18 wells still,drilling.as follows; Kern 8, Lost
Hills, %, Santa Maria 5, Wyoming 2 and Texas 1.
Refineries* &c.—Additional units are being installed at Avon for-the manu¬
facture of lubricating, products, also our capacity for manufacture of kero¬
sene is being, increased;
This.work is expected to be completed by July 1
pf 1920.
The, amount appropriated for these additions is $1,717,712, of
which $518 ,133 was expended during 1919.
A total of 38 service stations
was installed.in California and 7 in Portland, Ore., these with equipment
costing
,
$949,842.
Cruae Oil Production.—Gross crude oil production during the year was
6,180,571 bbls., a decrease of 897,702 bbls.
Crude oil stocks as of Dec. 31
were 4,279.971;bblsi', in 1918,2,575,009 bbls., an increase of 1,704,962.
Subsidiary Companies,—The results of the operations, of the following
companies, in( whicb, your company is interested through stock ownership,
are shown in the pamphlet report, viz.:
Amalgamated Oil Co. and proprietary
cos., California Coast Oil Co., Pantheon Oil Co., Pioneer-Midway Oil Co.,
Consok, Reward;Oil Co., Sterling Oil & Development Co., Coalinga unity
Oil Co., West Coast Oil Co., Associated Pipe,Line Co.
The; Amalgamated Oil Co. resumed dividends July 15 1919 at rate of 5%
per annum* which, rate was raised to 6% per annum, payable quarterly,
effective Jan. 15 1920.
Payments during year, $125,000Stock out¬
standing, $5,000,000.
The Pantheon Oil Co. was placed on a dividend basis
of 10% per ann. Nov, 29 1919, payable quarterly.
Payment during year,
$15,219.
Sterling Oil & Development Co. in 1919 paid dividends of $50,000.
1919
and the West Coast Oil Co.
on
Oct. 15 1919 paid a dividend of 1 % %. amount¬
rate was increased to
ing to $13*010, effective Jan. 15 1920 the latter's
6% per annum, payable quarterly. ,
INCOME ACCOUNT OF ASSOC.
Calendar Years—
1919.
OIL
CO.
191*8.
AND
PROPRIETARY COS.
1917.
1916.
Operating, income*
$38,069,130 $30,977,590 $27,952,192 $21,094,849
Divs,, int., &>©., ree'dv-452,037
265,890
236,373
569,057
Toted receipts
Deductions*—
--$38,521,167 $31,243,481 $28,188,565 $21,663,906
'
Operating expenses*
$27 ,721,813 $20,166,488 $20,467,202 $15,038,020
Miscellaneous interest,
68,178
170,223
77,970
177,067
_
Taxes,
1,<
,683,246
Interest
Disc't
funded debtbonds sold* Ac.
on
on
Depreciation
reservevw
.
Dividends
_
_
-
<5%)1,987.812
Total deductions
Surplus for
516,772
59,427
401,388
year—...
3,087,982
373,045
247,468
537,515
586*406
620,790
67,567
123,839
122,162
2,672,399
2,619,217
2,359,107
(5)1,987,832 (5)1*987,834 (4)1,590,287
$34,438*636 $28,690,006 $26,334,611 $20,055,804
$4,082,531
$2,553,475
$1,853,954
$1,608J02
liabilities
37,910
.....
Surplus
—
4,250,709
51,143
-
-88,667,795
Total
— -
.88,667,795
Note.—The company is contingently liable in the amount of $330,217 as
For notes receivable discounted,
$70,426, and for advances on
follows:
sight drafts with bills of lading attached, $259,790.
There are no figures
available for 1918.—V. 105, p. 2460.
After deducting reserves: (a) for doubtful accounts and notes; (b) to re¬
duce to cost; (c) for possible losses; (d) for depreciation.
Humble
Oil
&
Refining Cq>, Houston, Tex.
(Statement of March 1 1920—Balance Sheet of July 31 1910.)
The Standard Oil Co. (N. J.), owner of $4,100,000 of the
$8,200,000 capital stock, reports:
This company is primarily engaged
Texas, Louisiana and Oklahoma.
in the production of crude oil in
Its operated properties consist of 6,833 acres with 233 producing wells
thereon in Texas and Louisiana, and 800 acres with 123 producing wells
thereon in Oklahoma.
The company's total net production for the quarter
a daily output of 2,500 gals., and has under con¬
one additional plant of 1,500 gals, per day capacity.
company's production in Oklahoma lies chiefly in the Healdton and
Hewitt fields.
The Healdton production is of a gravity of 31 deg. B,, and
the Hewitt and other production is of the Mid-continent grade, averaging
around 36 deg. B.
In Texas the company has a production in the Goose
Creek, West Columbia, Hull and Sour Lake pools in the Coastal region.
The oil found here runs about 22 deg. B. to 24 deg. B.
In Northern Texas
the company's production is. chiefly in the Ranger, Desdemona and Burkburnett fields and has a gravity running between 38 deg. B and 42 deg. B.
The company s Louisiana production is negligible.
The company is now building a 10,000-bbl, refinery at Baytown, Tex.,
and has under erection an 8,000-bbl. skimming plant atComyn, Tex. , both
of which should be completed by July 1 1920.
It has a 316-mile 8-inchpipe
line from Stephens County, Tesx., to the Gulf at Baytown and Texas City,
and owns and operat es 134 tank cars.
It has.marketing facilities and whole¬
sale distributing stations in Texas.
gasoline plants, with
The
BALANCE
SHEET JULY 31
1919.
8.0. (N.J.)
S. O. {N.J.)
Total.
3SCtSr
Oil lands A
Assets (Concl.).
Proportion.
Total.
^
1
lease'dsl3,825,820
Res've for deplet'n
2,091,097
8
6,912,910
1,045,549
Stocks A other inv.
$■
.
398,755
Mdse.(cost orles3) 2,178,176
1,089,088
1,909,193
551,592
Accountsreceiv'le.
Net amount—11,734,723
Proportion.
797,509
5,867,361
Cash..
Oil produc'g equip.
5,835,039
2,917,519
Deferred
Refinery
Storage tanks
1,972,036
2,624,179
130,32?
1,312,089
468,669
3,818,386
1,103,186
307,641
986,018
260,644
234,334
—
Pipe lines A equip.
Sales stations
Tank cars—
_
435,605
13,457,965
Total assets
226,694
1,565,824
26,916,931
Res've for deprec'n 2,252,264
charges.
.
32,868.564
153,820
16,434,282
217,802
Automobiles, AC—
453,389
Incomplete oonstr. 3,131,647
,
,
300,000
90,000
—
Bldgs., mach., equipment, Aca2,902,652
Sundry accounts
24,283
head
Results Compared,with 1918.—Business earnings were $10,731,392, com¬
pared with $10,906,769, the change being due to increase in cost of pur¬
chased oil and increases in wages and material costs.
The total business
earnings of the company and its proprietary companies and the companies
in which it has majority stock interest were $13,294,673, compared with
$13,047,110 in 1918.
Taxes, other than income, increased from $242,042 to $423,493, due, in
considerable part, to new Federal tax on pipe line transportation.
Income
taxes, due to reduction,in rates, decreased from $2,845,939 to $1,259,752.
Depreciation fundif reserved, $2,401,387; in 1018, $2,672,398. The balance
carried to profit and loss, after deducting all charges and reserve funds (but
not dividends) is.$6,070,343; in 1918, $4,541,307.
The gross business in¬
creased from $31,243,481 in 1918 to $38,521,167 in 1919.
Dividends.—Dividends paid during year (5%) called for $1,987,811.
The rate of dividend was increased to 6% per annum, effective with the
quarterly payment payable Jan. 15 1920.
Funded Debt.—Decrease during year, $215,000 (to $10,240,000).
As of Dec. 31 1919 the company owned $482,550 of Liberty Loan bonds.
Additions.—During the year we acquired 36,638 acres of oil lands, viz.;
(1) Direct purchases; (a) Partly developed—1,575 acres (Kern, 120; Mid¬
way, 160, and Santa Maria, 1,295), with estimated annual production,
105,000 bbls.
(ft) Undeveloped—Kern, 1,983; Santa Maria, 71. (c) Leases
—Kern, 8,530; San Kmidio, 2,480; Santa Maria, 518; Texas, 11,460; Wy¬
oming, 10,021.
The company increased its holdings by purchases of from
51 to 61% of thestock of other companies viz.: Reward Ofl Co., production*
1919, 609,596 bbls.; acreage controlled, 868; New Hope Oil Co. and Westera* Minerals Co. (neither developed), 1,280 and 4,080 acres,
respectively.
The, additions to property and interests in other companies aggregated in
cost $2,203.314*
The purchase of the property of the Nevada Petroleum Co., consisting
of 800 acres in the Coalinga field with an annual production of 400,000 bbls.
Of oik
283,473
contingencies
struction
in substance:
wrote
665,602
25,100
accounts.....
Res. for Fed. taxes (est.).....
6,500
Co. stk. purchased for empl—
$625,000
2,390,000
deposits.
Accrued
...
Mitchell Motor Co...
payable
payable....-.——.
Accounts
.
ending Sept. 30 1919 was 1,666.922 bbls., an average of 18,000 bbls. per day.
In addition to the above, this company has undeveloped leases as follows:
766.430 acres in Texas and Louisiana, 24.442 acres in Oklahoma.
It has
93 drilling wells In Texas and six in Oklahoma.
It is operating two casing-
San Francisco.
(Report for Fiscal Year Ended Dec. 31 1919.)
President
83,580,073
Total ——88.112.725
Mitchell Motors Company, Inc., Racine, Wis,
(Balance Sheet as of Dec. 31 1919.)
— —
43,029,833
6,373
2,823,952
251,196
110, p. 1091.
———
Total —......43,155,074
-
Cash....
1918.
-
...
1,375,159
1,136,150
..—88,112,725 83,580,073
Assets-
%
517,640
1,174,059
121,103
74,971 Deprec'n reserve. .19,18$, 167 17,438,131
1,008,982 Surplus
12,764,600 9,604,617
65,826
928,848
proprietary cos.
$1,026,500
$2,524,378
Includes in 1919 interest and discount earned, $122,702,
z Bond interest, net to public.
1919.
liability.....
Miscellaneous
Due from affll'd A
saJ«&, Ac., income, $40,103.
and scrap
—
Bond discount,Ac*
Includes raw materials, conversion supplies, labor, mill expenses, taxes,
freight, &c.
1,505,346 Other- unadjusted
accounts
1,261,270
Loans Aacc'ts rec.
1,746,513
1,784,985
3,386,505
Cash—
1,126,132
Liabilities—
4,100,000
2,050,614
20,567,336 10,283,668
Capital Stock.— 8,290,000
Accounts payable. 4,101,228
Surplus
Net amount
24,663,667 12,331,833
Total liabilities .32,868,564 16,434.282
Note.—A 50% interest was acquired in this company March 7 19l9, and
income account is available at date of this balance sheet.
See also V.
no
104, p. 1268, 1493; V. 105, p. 1214, 1902; V. 108,
1890, 1896, 1703.
7r"-
p.
787, 1168; V. 109,
p.
.
Imperial Oil, Ltd. (Formerly The Imperial Oil Co., Ltd.).
(Authoritative Statement of March 1 1920.)
The Standard
the
Oil Co. (N. J.), owner of $23,239,800 of
$30,000,000 capital stock, reports:
This company is engaged in the manufacture and sale of petroleum pro¬
in British North America.
It owns and operates the following
ducts
which are completely equipped* for the distillation of crude
petroleum and the refining of the various products thereof.
Bbls Capacity
AcreageRefineries, Capacity, &c.
Daily.
Owned in Fee. Leased
Sarnia, Ont
9,000
144.90
.60
Montreal2,000
;
89.50
None
Halifax, N. S
4,000
508.00
None
Regina.
2,500
62.50
None
Vancouver, B. C—_
2,000
83.33
None
refineries,
.
—
—
The company's marketing department has some 885 stations in Canada
and has also, in various cities of the Dominion, approxi¬
mately 30 gasoline service stations of modern construction, with storage and
office facilities and stable and motor equipment.
The acreage occupied
by these distributing and service stations amounts to about 330, of which.
230 are owned and 85 leased.
The company owns 1,220 tank cars and
operates 185 cars under lease.
The company has under lease for oil production
purposes about 125,000
acres in Alberta, Northwest Territory and
Saskatchewan, and parts of this
territory are being tested, but no effort has yet been made to begin active
drilling operations.
The company owns ana operates 8 tank steamers, of
the aggregate gross tonnage of 22,412. and
barges, lighters and other dis¬
tributing and harbor equipment.
It has 6,000 employees.
Output of company's refineries during the five years ending Dec. 31 1910
and Newfoundland,
was
as
follows:
Refined
Fuel and LubricatOther
Oils.
Naphtha.
OasOils.
ingOils.
Wax. Products..
447,872
512,086
54,344
601,467
381,323
1,994
767,118
632,444
32,721
441,605
329,212
13,627
.1,352,698
830,446
132,908
1,165,336
654,758
14,677
1918.
-1,717,535
1.115,763
169,109
1,684,690
690,584
14,581
1919*
2,097,142
1,093,240
434,615^
2.006,368
712,281
14,694
Gasoline, oils and other products in bbls. (50s.).
Scale wax in tons
(2,240 pounds.)
Year-—
1915—
1916
1917—-
— —
—
Apr. 24
1920.]
THE CHRONICLE
IMPERIAL
OIL
CO., LTD.,
INCLUDING IMPERIAL OIL, LTD,
CAPITAL, DIVS. AND NET INCOME 5 YEARS END, DEC. 31 1918.
-DividendsYear—
Capital.
1914
10%
6%
uv
6%
11,000,000
t<*ckl00%
22,962,500.
23.789,400
4%
24.040,000
4%
25,000,000
25,000,000
8%
30,000,000
30.000,000
16%
1
1915
1916
1917
1918
Rate.
($10,000,000
{ 10,000,000
.
{
-----
-Net
Total,
Amount.
$1,000,000
Income-
S.O.Co.(NT)
Proportion.
$.3,570,951
$2,888,906
6.046,808
4,859,171
5.154,494
3,902,9.80
4,904,502
7,170,687
3,799,321
5.554,844
600,000
660,000
11,000,000
"
951,576
961,600
2,000.000
4,800,000
[The income account as furnished for the cal. year 1918 (not 1919) shows:
(a) Gross earnings of $12,760,006, including profit from operations, $10,905.460; tank cars, $967,601; floating equipment, $143,749; interest, $122,351; dividends, $607,475; miscellaneous, $13,370.
(a) Expenses: general
expense, $1,069,490; taxes, $700,000; insurance, $751,861; depreciation,
$2,949,816; miscellaneous, $118,153; total. $5,589,313; bal., net. $7,170,686.
The balance sheet of Dec. 31 19.18 shows total assets, $75,169,256,
viz.:
Real estate, $1,477,451; plant and equipment, $23,835,025; incomplete
construction, $6,337,396; floating equipment, $1,869,862; tank cars, $1,448,384 (total property assets, $36,648,326, less reserve for depreciation,
$3,825,065); net, $32,823,260;
Dominion of Canada bonds. $2,001,500;
stocks and other investments, $7,169,737; inventory of merchandise (at
cost or less), $17,668,610; accounts receivable, $10,538,821; cash, $4,967,328,
The liabilities were: Capital stock, $30,000,000; accounts payable,
$10,290,862: sundry reserves, $609,260; surplus, $34,269,133; total, $75,169,256.—V. 110, p. 265..
National Calfskin Co., Boston, with tanneries
Peabody, Mass.; Winchester Tannery Co., Boston, with tanneries at
Winchester, N. H.; St. Paul Tannery Co., South St. Paul, Minn.; National
Leather Mfg. Co., Niles, Mich.; Ashland Leather Co. of Maine, a selling
company with main office at Boston; A. C. Lawrence Leather Co., an Illinois
corporation, a selling company with office in Chicago, (b) A portion of the
capital stock of the following companies, which employ 1,475 people, viz.:
England, Walton & Go., Inc., Philadelphia, with tanneries at various places;
Ashland Leather Oq., Ashland, Ky., and St. Joseph Tanning Co., South
St. Joseph, Mo.
Through its subsidiaries the company a,lsp owns the controlling interest in
the Clinch River Extract Co.., St. Paul, Va.
The general offices of the National Leather Co. have been established in
the centre of the leather district, at 161 South St., Boston, in the same
at
building with the A. C. Lawrence Leather Co., the largest subsidiary.
Agencies.—In addition to 12 agencies in the U. S., has good connections
for distributing both upper and sole leather in Argentina, Australia, Austria,
Belgium, Brazil, Canada, Chili, Denmark, England, France, Germany,
Italy, Japan, Norway, Russia. Spain and Uruguay.
Results.—The distributive sales for the year 19,19 were in excess of
$88,000,000, including all sales of merchandise owned and all sales of 100%
subsidiaries, and that portion of less than 100% subsidiaries which bears
the same relationship as our stockholding ownership in these companies
From the viewpoint both of operations and of earnings, the past year has
,
been
(11 th Annual Report—Year ending Dec. 31 1919.)
much of the profit into surplus account.
Notwithstanding unusual uncertainties of trade, we look forward to satis¬
factory business and results during the present year.
During the calendar and fiscal year 1919 the operations of your company
continued at approximately 50% of capacity.
The large supplies of
in the hands of our own and foreign governments at the close of the
war were not disposed of and absorbed until the latter part of 1919, but
there then commenced a heavy metal buying movement which continues to
the date of this report and which has very largely reduced the surplus of
unsold copper holdings of this and other similar companies.
Most of this
metal buying has been for domestic consumption where the business activity
has been, and promises to continue of maximum proportions.
The prospects
seem good, too, for an increase in European sales within a reasonable period.
It will be noted that the net income and proceeds of depletion for the year
amounted to $1,666,271, or $1 06 per share.
As your company's dividend
policy in the preceding very, prosperous years had been conservative, and
its position in
respect to cash and quick assets had been kept strong, your
board felt quite justified in disbursing to stockholders during the year a
total of $3,154,3.58, or $2 per share.
This brought the total disbursements
to stockholders since inception of operations to and including those for 1919
to an aggregate of $23,835,442.
The physical and all operating conditions of your property are excellent,
and we believe it is a question of but a reasonable time when your company's
earnings will have returned more nearly to the normal.
[The total ore reserves on Dec'. 31 1919 were 84,736,384 tons, averaging
2.063% copper.
These reserves were calculated by deducting the tonnage
mined during the year from the ore reserves reported at the end of the
previous year.
No development of an exploratory nature was done.
The average operating cost per pound of net copper produced from milling
and direct smelting ore for the year was 15.62 cents.
This cost does not
include Federal income and profits taxes, for which no reserves were estab¬
lished in 1919, and does not take into account any credits for the value of the
gold or silver or miscellaneous earnings.
The cost for 1918, reduced for
comparative purposes by omitting the charge of 1.58 cents per lb. for Federal
tax reserves set up in 1918, was 16.12 cents per lb.
The credits for gold and
silver and for miscellaneous income for the current year are 0.68 cents, as
compared wi;h a similar credit of 0.50 cents for 1918.
The costs for both
years include all operating expenses, plant depreciation, and reserves for
all taxes other than Federal income and profits taxes as stated, together
with the usual charge to cover extinguishment of mine development costs,
which for the year amounted to 15 cents per ton of ore mined.—Report of
Managing Director D. C. Jackling and Gen. Mgr. L. S. Gates.]
INCOME ACCOUNT YEARS ENDING DECEMBER 31.
1917.
88,582,649
1918.
46,011,371
83,599,160
17.905 cts.
22.941 cts.
1916.
74,983,540
26.724 cts.
$21,278,071 $20,060,783
23-986 cts.
Total oper.
revenue..._ $8,252,505 $19,209,311
Operating Expenses—
Mining and milling
$9,520,645
$4,967,096
Freight, treat't & refin'g
1,886.488
4,663,541
88,427
143,050
Selling commissi on
Mine devel't
467.964
243,976
exting't__._
Stockholders.—On Dec. 31 there
holdings being less than $1,000 of the stock.
$4,629,140
3,586,419
2,953,694
201,107
214,312
445,441
416,692
$7,185,986 $14,795,200 $11,299,415
$8,200,633
$1,066,519
$4,414,112
$9,978,656 $11,860,150
Income on investments.\
337,681
372,,481
404,115
300,124/
Miscella neous income.
51.663
65il66 deb.180,100
/
\
_
„
Total income
Deduct—
_
$1,366,643
...
$4,803,455 $10,416,303 $12,084,166
..........
Rate per cent—_
deductions
Other
Balance,
*
_
—
—
3,154,358
(20%)
299,628
521,082
*6,624,152
5,125.832
(32 H%)
150.900
Balance, surplus, for year
Dec. 27 '19
615,085
8
CO.
AND
8,657,620
8,657,620
Congtr. .equip. <fec.
7, 947,291
8,141,719
Develop, of prop..
0,137.522
1,042,725
6,218,529
943,925
•
Mat. and supplies.
62,022
1,634,853
Res. for taxes, ins.
and other exp..
Accts. receivable..
629,668
84,824
2,001,500
1,767,106
5,972.741
4,067,781
Surplus
Prepaid ins. &oth,
Metals in transit..
stock,
Con. Cop.
$
1419.
15,771,790
190,823
376,430
Accounts payable.
433,310
1,573,483
Year.—The fiscal year having been changed to run concur¬
of the com¬
and its subsidiaries for the 10 months period ended Dec. 31 1919.
rently with the calendar year, this report covers the operations
pany
Results.—The combined gross
earnings, after deducting all'expenses inci¬
to production, maintenance, administration and sales, depreciation
depletion charges, insurance and taxes (including reserve of $141,724
for estimated Federal income and profits taxes) amounted to $1,108,918.
After payment of interest on bonds of the International Salt Co., Retsof
Mining Co. and Detroit Rock Salt Co., the total net profits were $784,243.
The net quick assets as of Dec. 31 1919 of the International Salt Co. and
all subsidiaries, consisting of cash, bills and accounts receivable, and inven¬
tories (after providing reserve for Federal taxes and deducting all current
and floating obligations other than bonded debt) amounted to $1,328,632.
linking Fund.—There were retired during the period $99,000 of Inter¬
national bonds, and there were issued $5,000 in exchange for Retsof Mining
Co. bonds, $ for $.
These transactions leave 1 nternational Salt Co. bonds
now outstanding $4,026,400.
Funds to retire $75,000 bonds of the Dotroit
Rock Salt Co. as of Jan. 1 1920 were deposited with the trustee, leaving
dent
and
now outstanding.
Dividends.-—Regular quarterly dividends on the capital stock were con¬
tinued at the rate of 6% per annum.
Production—Orders.—Notwithstanding the decreased demand for salt in
the spring of 1919, the aggregate tonnage of all grades produced and shipped
by the subsidiaries during the 10 months covered by this report was approxi¬
mately the same as for the corresponding period of the previous year.
The
number of unfilled orders on hand Dec. 31 was considerably greater than
at the beginning of the year, and prospects for
ceedingly
ood.
SALT
on
companies
treasury bonds.-.-.
110. p.
Sale of securities..
1,506,646
1,506,646
14,930,310 16,464,853
—
Balance,
77,287
2.043,067
INTERNATIONAL
SALT
34.010,730 36,426,070
1649.
Year ended Dec. 127 1919.)
Pres. Geo. H. Swift, Boston,
March30, wrote in substance:
Properties.—This company (recently segregated from Swift &
109, p. 780 892) is both an operating and holding company.
operations are conducted through affiliated companies, and also under
Business
Co.—see V.
CO.
Dec.81'19-
First and
25,010shs. Retsof
5,328,870
5,328,870
4,675,804
t
6,07,7,130
4,026,400
4,120,400
50.330
161,605
49„426
85,842
m
91,157
1,431,293
82,324
124,054
952
trust
Accounts payable.
Dividends payable
April
1
Reserved
(to be
176,683
„
Mortgage
gold bonds
Bond Int. accrued.
Furn. & fixtures..
Interest accrued.
$
Bills payable
1,442,793
Cash..
Feb.28'19,
6,077.130
Consoli¬
collateral
bonds
amortized)
Liberty bonds
dated
206,384
102,285
35,052
1,736
given
SHEET.
BALANCE
Capital stock
Investment acct.;
ior
war
5,777
5,471
1,582,759
1,307,133
11,743,263
11,898,164
9,441
taxes
Surplus
......
19,081
,
with tanning companies not owned.
Raw material (hides
is tanned by these various companies and the finished products
sold for the account or the National Leather Co.
The conservative value
inventory item which appears in the appended statement is in connection
heavy and light hides
(calfskins, sheepskins and pigskins), your
company produces a well-balanced line of leathers for shoe soles and uppers,
for belting, harness and other purposes.
A good proportion of the light
hide splits and pigskin leather produced by the company is further manufac¬
tured into insoles, box-toes, counters and welting.
Important specialties
are shearlings (shorn sheepskins tanned with the wool on), for coats, slippers
and shoe linings; also glove leathers made from sheep and lamb skins, for
gloves of all grades.
The investment item, "Stocks of Affiliated Companies," represents: (a>
capital stock of the following companies, which
the ownership of the entire
aggregate 4,654 employees,
viz.: A. C. Lawrence Leather Co., Boston, with
Total
COMBINED BALANCE SHEET OF SUB.
and skins)
these operating activities.
11,743,263 11.898,164
Total
contracts held
$219,363
$78,033
Liabilities—
Assets—
$110,900 Int. Salt
(Report Jor Fiscal
208.790
210.645
(6)364.628 (-10)622,906
of \lA% each.
Co.ofN. Y.stk. 4,675,804
Total
$710,578
$1,104,787
$59,127'
$51,873
$275,62b
surplus
Three quarterly payments
Co. bonds
From
97,078
The consolidated income account of the subsidiary companies wore
in V. 109, p. 1295.
Bond dlsc't
with
$i.027,500
80,434
x(4^)273,471
7,500 shs. Int. 8.
National Leather Company.
Its
—Years Ending
Feb. 28 '18.
$613,500
$46,019
170,508
Expenses International Salt Co.
Interest on 5% bonds
—
ex¬
Feb. 28 '19.
$765,624
Total
are
ACCOUNT.
$685,190
—_
$1,717,000 Retsof
-V.
the coming year
INCOME
CO.
Dec. 31 '19.
Dividends from subsidiary
stock...
.34.010,730 36,426,070
subst.:
President Mortimer B. Fuller, March 1, wrote in
New Fiscal
Dec.8V\9. Feb.28 *19
2,500,000
1,966.287
Total
42,340.986 37,035,686
/
International Salt Co., Scranton, Pa.
732,868
1,177,851
charges-...
cert, of indebt..
........
3,919,161
{Report for Ten Months Ended Dec. 31 1919.)
x
Ray
Co.. 15,771,799
Liberty bonds and
Cash-
Total
42,349,986 37,035,6.86
Total
-V. 110,p
Treatm't ret., &c.,
expenses
stpok
1918.
$
Min. & Mill. prop.
Cap.
$
30,000,000 30,000,000
Notes & acc'ts pay. 3,818,616
3,116,525
Capital
3,907,488
Inventories
23,520,818 20,109.13') Reserve for taxes. 2,069,087
Stocks of ami. cos. 12,369,898 11,955,837 Res'veforcontlng. 2,250,000
Deferred charges._
4,203,283
60,182 Surplus..
Dividends
1919.
Liabilities—
$
June 28'19
$
Liabilities—
$
1,003,048
5,835,185
Notes & acc'ts rec.
Interest
capital distribution.
1918.
1919.
Outside invest
Dec. 27*19
June 28 '19
$
Assets—
SHEET.
10 Mos. to
4,337,955
(27 Yi %)
194,051*
SHEET DEC. 31
(INCL. RAY CONS. COPPER
RAY AND GILA VALLEY RR. CO.)
Assets—
Dec. 27 1919..
BALANCE
Cash-
$284,122
$4,203,283
—
Total profit and loss, surplus,
_def.$l,488.087def.$472,377 sr$3,077,0.18sr$7,746,211
Includes in 1917 $5,835,562 dividends and $788,590
BALANCE
2,250.000
Reserve for contingencies
INTERNATIONAL
Replacements, &c_
Dividends
Profit and Loss and Surplus Account for 6 Mos. ending Dec. 27 1019;
Distributive sales of shoe and other leathers. &c., in excess of. .$88,000,000
Earnings from manufacture & sales & from operations of subst.
4,603,209
Reserve for Federal taxes for 1919
2,069,087
$925,000
$7,053,243
_____
Total oper. expenses.
Net operating profit
value being $10.
it is the present intention of the directors to pay divi¬
on the regular dates of Feb.
15 and Aug. 15.
'.
were 30,000 stockholders, their average
dends
were
1919.
satisfactory one.
for contingencies, the company has a surplus of $4.203,283.
With the very
high prices of leather your directors have deemed it proper and conservative
to set aside a considerable reserve from earnings, rather than to carry too
par
April 1, wrote in substance:
copper
Copper production (lbs.)
Avge. price rec'd per lb.
a
Outlook.—Our products are well sold up and the demand, at profitable
After setting aside reserve for Federal taxes and reserve
prices, is food.
Dividends.—The company paid on Feb. 15 1920 its initial dividend; this
dividend was 40 cents per share, which is equivalent to 4% on the stock, the
Ray Consolidated Copper Co.
Pres. Sherwood Aldrieh, N. Y.,
tanneries at Peabody ,Mass.;
Dec.31'19.
A S86tS*~~
S
Dec.31'19.
Feb.28 '19.
§
COS.
Liabilities—
Feb'28 '19,.
$
$
5.091,000
property-11,535,624 11,724,444 Capital stock
3,500, 00
Cash...
545,002
299,355 Bonds
Current accounts.
166,106
Sinking fund
75,000
55,245 Bills payable
100,W0
Liberty bonds
55,195
388,433 Bond int. accrued.
Accts. receivable..
542,478
5,091,000
Plant &
Inventories at cost
Deferred assets—
635,669
21,107
727,622
43,797
Res'd for
Avery
accr.
to
Total each side. 13,410,076
—V. 110, p. 1295.
13,238,896
war t axes
Co.
184,527
3,500,000
,
87,136
150,000
30,834
227,999
rental
(not due—
be amort, dur¬
ing lease).
Surplus..
89,048
91.429
4,279,395
4,060,498
[Vol. 110.
THE CHRONICLE
1748
outstanding to $3,570,000.
GENERAL INVESTMENT NEWS
These notes were brought out last November
similar issue due at that time.
anticipated the payment of $250,000 Series A
May 1 1920.
Of the $2,000,000,
$250,000 has thus been retired, and $27,500 are in the treasury, leaving
$1,722,500 outstanding as of March 31 1920.
The modified plan for the amalgamation of the Michigan Light Co. with
Consumer's Power Co. has gone into effect and the latter now owns all of
the Common stock and 80% of the Pref. stock of the Michigan Light Co.
The plan as originally prepared called for an issue of $7,000,000 Gen. &
Ref. Mtge. 7% bonds and $3,000,000 serial debentures by the Consumers
Power Co., but this was subsequently changed to $5,000,000 Gen. & Ref.
bonds, with $3,000,000 7% serial debentures.
See offering, Y. 110, p. 564,
and compare Y. 110, p. 259, 261, 359; V. 110, p. 657.
for the puniose of refunding a
In March 1920 the company
Secured Serial 7% Gold Notes maturing
EAILROADS,
ELECTRIC
INCLUDING
ROADS.
Alabama & Great Southern RR.—Dividends.—
% has been declared on the Common stock,
payable June 28 to holders of record May 20; also a preferred dividend of
A semi-annual dividend of 3
A like amount was
3H%, payable Aug. 20 to holders of record July 16.
Said V. 109, Common in December last and on the Preferred in February,
on the
2170.—V. 110,
969, 658.
ee
p.
p.
Algoma Central & Hudson Bay Ry.—Plan—Earns.See Lake Superior Corporation under
"Reports"
Belt
"Industrials" below and also under
preceding page.—V. 110, p, 1186.
on a
Net
operating
Operating
$3,899,764
$3,805,947
186,326
$124,355
198,278
$1,019,316
160,025
$212,125
1,571,329
income..
S. Federal Court, asking that
owned street railway system,
which was recently endorsed by the voters (V. 110, p. 1526) be declared
void and invalid and that city officials be enjoined from proceeding under
One suit was filed by the Detroit United Ry., and claims
contemplates the seizure of part of
company's property without due process of law.
The other is in behalf
of the New York Trust Co., trustee under a mortgage given by the Detroit
Fort Wayne & Belle Isle Ry. in 1898.
Both bills make practically the same
charges of illegality, but the later refers particularly as to matters pertaining
the
$398,451
Non-operating income.
On April 10 two suits were filed in the U.
ordinance providing for a municipally
the
that the ordinance is invalid in that it
1917.
1918.
$3,780,321
revenue
revenue-..,
def.$73,931
2,036,602
$859,290
1,227,834
Railway tax accruals.
Municipal
its authority.
Railway of Chicago.—Annual Report.—
1919.
Total
Ry.—Suits Filed Against
Upheld.—
Ordinance—2 lA-Cent Rate Law
Algoma Central Terminals, Ltd.—Formal Plan'
See Lake Superior Corporation under
"Reports"
Detroit United
"Industrials" below and also under
preceding page.—V. 110, p. 1186.
on a
the
to
Fort line.
It is pointed out that the
proposed price of $40,000 a mile for constructed
tracks for the Fort Street line is a coercive price
in that it will jeopardize
value of the property pledged as security for the bonds; that having
failed to enforce the court decision of ouster on the Fort line several years
the
Gross income
..$1,783,455
Hire of equipment, misc. rents, &c
153,681
Net income..
$1,962,670
378,780
$2,087,124
1,914,324
$1,583,890
$172,800
The general balance sheet as of Dec. 31 shows cash, $111,739; loans and
bills receivable, $132; loans and bills payable, $155,000, and total assets
and liabilities of $4,643,640.—V. 107, p. 1579.
$1,629,774
...
Boston Elevated Ry.—Financing.—
*
The Mass. Department of Public Utilities has approved
the issue by the
of $1,500,000 of the money received from the State for the Cam¬
bridge subway to be used to pay off a like amount of notes payable at periods
of less than twelve months by reason of the maturity on March 1 1920 of
$1,500,000 6% bonds.
The P. S. Commission on March 3 approved the
issuance of $1,500,000 7% securities to be used to retire the 6% bonds due
March 1 but no bonds or notes were sold under this order and the company
company
has consented to revoke this order.
The Commission has also under consideration
use an
a
petition of the company to
received from
additional $1,956,000 of the money received or to be
the sale of the Cambridge subway to be applied to the payment of notes
issued by the West End Street Ry, to provide for the payment of $1,581,000
7%
bonds which matured Aug.
1
and
1919
Boston &
Maine RR.—Bond
The company has
bonds which
stocks or bonds by the
$375,000 7%
matured Feb. 1 1918, pending the issue of additional
West End Street Ry.—V. 110, p. 1521, 1414.
Application—Refunding.—
petitioned the Massachusetts Department of Public
Utilities to approve an issue of $8,843,000 bonds to refund the following
bonds and notes: $5,500,000 4% Concord & Montreal, due June 1; $650,000
4% Concord & Montreal, due June 1; $873,000 3yH% Concord & Montreal,
due June 1; $200,000 5% Concord & Montreal, due June 1; $500,000 Fitch-
burg, duo June 1; $620,000 6% and 6M% notes Boston & Lowell, due
July 1; $500,000 3^ % bonds, Fitchburg, due Oct. 1.—V. 110, p. 1642,1414.
Butler
(Pa.) Rys.—Fare Increase.—
The company has filed a new tariff with the Pennsylvania
mission announcing an
May 1.
are
Tickets
made for
school tickets and special
Canadian
Chairman
National
D.
B.
P. S. Com¬
increase in cash fares from 7 cents to 10 cents on
cents to 7K cents and increases
increased from 6 M
are
Hanna
car
service.—V. 105, p. 817.
that
$25,000,000 have recently been given as follows: Canadian Locomotive Co.,
Kingston, 45 locomotives; Montreal Locomotive Works, 67 locomotives;
Canadian Car & Foundry Co., Montreal, 18 sleeping cars, 12 dining cars,
20 baggage cars, 1,000 box cars, 600 refrigerator cars, 80 cabooses; Eastern
Car Co., Trenton, N. S., 500 box cars, 1,150 coal cars, 6 snow plows;
National Steel Car Co., Hamilton, 1,500 box cars; Preston Car & Coach
Co., Preston, Ont., 20 cabooses; Hart-Otis Car Co., Montreal, 350 ballast
cars.—V. 110, p. 1642, 1414.
increase in fares
by the Wash. P. U.
(see below) although
V. 110, p. 561, 359.
sought.
was
Years—
Rent for lease of roads.
War tax accruals
lower and upper New York stations continue at 5 cents.
Eastbound passengers to uptown New York must deposit 6 cents in the
coin boxes upon entering the stations at Jersey City or Hoboken and an
$27,254,145
additional 4 cents in coin boxes at the stations of exit in uptown New
264",521
194,980
9,273,859
1,791,600
10,160,675
8,816,106
707,3-42
1,791.600
10,160,675
635,532
114,562
8,911,295
374,088
1,791,600
9,897,367
$2,030,307
Other deductions
Preferred dividends
$2,418,956
$5,265,183
Ry. —Annual
Report.—
446,745
(8%)
Common dividends (7%).
_
—V. 110, p. 1642.
Calendar
(Hud. Tubes).—Fares—Strike.—
342,629
178,954
Miscellaneous tax accruals
Interest on funded debt
P.
Minn.
&
Omaha
Years—
1919.
Compensation
Operating income
$4,934,790
Other rent income
35,020
Inc. from unfunded sec., accts., &c_.
61,351
1917.
1918.
$4,934,790
|110, p. 1526, 1415.
Railroad.—Earnings.—
Illinois Central
1917.
1919.
1918.
$16,282,373 $16,282,373
Calendar Years—
1,614,093'
Special compensation due*
Revenue prior to Jan. 1 1918
212,455
a764,952
-_
$4,296,597
32,638
32,943
26,614
158,348
$5,031,160
$88,246
182,000
2,282,180
83,635
18,382
788,151
927,835
$5,000,370
$38,261
192,000
2,260,475
$4,481,559
$660,732
$690,195
.$18,108,922 $17,047,326
351,632
67,624
Corporate operating expenses
142,128
1,523,840
Expenses previous to Jan. 1 1918—
853,200
928,723
Federal taxes accrued
Total
1,400,264
—
Gross income
Corporate operating expense
War tax accruals
Interest
on
funded debt
Interest
on
unfunded debt..
Other deductions
Preferred dividends
(7%)
Common dividends (5%)
Balance,
surplus.
—V. 110, p. 1289.
89,105
14,349
788,151
927,835
$77",365
2,262,870
3,151
19,584
788,151
927,835
$402,603
Cleve. Cin. Chic. & St. Louis Ry. —Settlement.—
See Peoria & Eastern Ry. under
According to
&
"Reports" above.—V. 110, p. 1642.
Cripple
Creek Dist.
Ry.—
a recent press
report from Colorado Springs Judge Horace
tr. Lunt,
attorney for the road, is to make application to the Federal Court
tor permission to discontinue
operation over most of the line.
This is due
primarily to lack of freight shipments and the consequent loss in operating
Total
—
------
income
:
Interest, rental, &c__
Sinking funds, &c
Investment in
physical property
$24,183,511 $22,035,193 $25,827,966
12,014,592
11,078,491
10,636,640
118,200
118,200
118,200
55,679
56,933
170,100
Balance,
surplus
-----$11,880,619 $10,782,823 $15,016,193
On cost of completed additions and betterments,
a These items are
included in income of current year under the instructions of the InterState Commerce Commission.—V. 110, p. 1415.
Commonwealth Power, Ry. & Light Co.—Notes, &c
Illinois
Southern
Ry.—Sale Off.—
Frank O. Wetmore, Pres. of First N ational Bank, Chicago, has
announced
that the deal for the sale of this road has fallen through and that the road
will remain in the hands of the trustees.
The road ceased operations on
Dec. 11 last.
Negotiations for the sale were carried on through the First Trust & Savings
Bank, Chicago, which has acted as trustee for all the Walsh assets turned
to the Chicago Clearing-House banks when they satisfied the depositors
of Walsh's three banks upon their failure fifteen years ago.—V. 110, p. 77.
over
International & Great Nortnern Ry.—Bond
Extension.
Secretary H. B. Henson writes: "I do not known of any plan for meeting
revenue.—V. 109, p. 887.
principal of the $198,000 Colorado Bridge Co. sinking fund 7s, due
May 1.
The probabilities are that some temporaty arrangement for
extension of the bonds will be made until such time as the company is in a
the
—
In Feb. 1920 a payment of
40%, amounting to $2,380,000, was made to
holders of One-Year 7% Gold Notes due Nov. 1
1920, reducing the total
Other income
..——$16,761,962 $14,527,139 $21,510,759
7,421,549
7,508,053
4,317,207
*
Cleveland Alliance & Mahoning Valley RR.—Receiver.
Springs
1
Balance
Common Pleas Judge Dan B. Cull at Cleveland, Ohio, on April 4 named
Attorney Milton C. Portmann, receiver. Company, which operates 46.5
miles of road, is said to have defaulted in the payment of $25,000 of in¬
terest due on April 1.—V. 108, p. 2022.
Colorado
York.
and Hoboken station passengers will deposit 6
Upon application to the gateman a refund coupon
will be issued to every passenger who wishes to travel to any other Jersey
City or Hoboken station.
Refund coupon, if presented to the company's
agent at the station of exit within ten minutes after passenger's arrival by
next direct or connecting train, will be redeemed for 1 cent.
Service in the Hudson tubes was partially resumed on April 19 after
being conppletelv shut down since April 10, owing to the strike of the em¬
ployees.—V.
At every Jersey City
cents in the coin boxes.
Accrued standard return
St.
Dept. of Public Utilities to approve
stock, par $100.—V. 109, p. 1986.
$25,493,023 $25,463,677
149,577
382,314
299,441
300,812
925,000
927,757
sec
Gross income...
Chic.
The company has petitioned the Mass.
issue of $22,5,000 of new 7% Preferred
an
1,826,564
537,682
305,951
$24,24l"320
surplus
appraisers presented three sets of figures:
(1) Average of labor and
which prevailed for 5-year period ended Dec. 31 1919.
Repro¬
$5,722,539; reproduction cost less deprec. $5,154,322.
(2) Labor and material prices indicated by the trend of prices as reflected
by the continuation from 1914'to 1919 of the normal price movement which
was established from
1896 to beginning of European war.
Reproduction
cost new, $5,175,069; reproduction cost less depreciation, $4,678,023.
(3) Labor and material prices which prevailed during 1918 and 1919 and
which reflects the level of prices which will probably continue for a number
of years.
Reproduction cost new, $6,430,093; reproduction cost less
depreciation, $5,769,894.—V. 109, p. 1179.
duction cost new,
676",388
731,161
1,020,460
368,826
171,560
Corporate operating expense
Balance,
(Minn.) Street Ry.—Valuation.—
Hagenah & Erickson, Chicago, in connection with the fare vote which is
that the fair value of the property as a just
basis for rate-making purposes is not less than $5,154,322 and that such
amount should be considered as the maximum valuation on which company
is entitled to receive that measure of return contemplated by law.
to be held June 21 have found
Hudson & Manh. RR.
1917.
1918.
.$23,201,016 $23,201,016
_
Other rent income
Dividends on stock.
Inc. from unfunded
Other income
Duluth
not
1,026,130
350,601
209,543
1919.
.
Compensation
Operating income
was
The company on April 19 announced an increase in fares, effective im¬
mediately.
Under the new schedule the fare will be 6 cents between the
Hudson Terminal, N. Y. City, and stations in Jersey City or Hoboken, in
either direction.
Between uptown New York and stations in Jersey City
or Hoboken the fare is 10 cents.
Local fares in New Jersey and between
Chicago & North Western Railway.—Annual Report.—
Calendar
construction.
stated in the bill that: "The said
composed and drafted for the purposes stated therein,
but was by the mayor and his subservient associates wickedly conceived
and cunningly devised with the intention of and purpose of trampling upon
and setting at naught those ideas of and conception of honesty, decency
and fairness which it is now and from the earliest ages been the function
of the courts of justice to vindicate."
In addition to these two suits there was filed on April 12 a petition for a
recount of the vote cast on the proposition, it being pointed out that,
owing to the design of the ballot, when folded and the initialed corner torn
off, as required by law, the marking of the ballot could be seen by both
officials, and hence did not constitute a secret ballot.
The Michigan Supreme Court has vacated the injunction issued by Judge
Wiest restraining the company from increasing its interurban fares.
The
Court has affirmed in all respects the legality of the so-called "Smith
Railroad Act," whereby steam and interurban electric railways are entitled
to increase, under certain conditions, their passenger rates of fare.
While the Act does not apply to city rates of fare, the Court reaffirms its
finding in another case that the State, through its legislative body, has full
authority to set aside franchise agreements made between service corpora¬
tions and the several municipalities on the ground that as these municipali¬
ties obtained their rights of negotiation from the State, so the State could
suspend or alter these rights.
Under the decision of the court, where the gross earnings are under $8,000
a mile, 2 y2 cents a mile maybe charged; where the earnings are over $10,000
a mile the rate is to be two cents a mile.
V. 110, p. 1526, 1289.
In connection with the ordinance, it is
ordinance
Fitchburg & Leominster St. Ry.—Stock Application.—
Capital Traction Co.—Fare Increase.—
no
service, and
situation; that the ballot was deceptive,
the so-callea "C"
The
orders for equipment totaling
The company has been granted an increase in fares
Comm. the same as the Washington Ry. & Electric Co.
the Council has by acts authorized the continuation of
otherwise completely changed the
among other reasons being the appearance thereon of
lines without the method of procuring money for their
material
Railways.—Equipment Orders.—
announces
ago
position to effect a reorganization."—V. 110, p. 1089, 970.
Apr. 24
1920.]
THE CHRONICLE
Middletown &
Unionville RR.—Bond Interest.—
1749
Roswell RR.-
The company announces that it will pay
3% interest on its Adjustment
May 1 at Bankers Trust Co., N. Y., upon presentation
of Coupon No. 10.
This payment covers the interest for the six months
ended Oct 31 1919.—V. 109, p. 72.
-Receivership—Operations Suspended
on
ton
Judge Bell of Fulton County Superior Court has appointed Henry
appoints
Troutman receiver. The road, extending from Chamblee to Roswell, Ga.,
about 10 miles, which up to the termination of Federal control was operated
Milwaukee Electric
found that, because of increasing costs and the competition of automobiles,
there was a constant heavy deficit.
The Georgia RR. Commission ordered
the Southern to resume the operation of trains beginning March 29, but
Income bonds
Ry. & Light Co.—Notes Offered.—
Harris Trust & Savings Bank, Chicago; First Wisconsin
Co., Milwaukee, and Spencer, Trask & Co., New York, are
offering, at 97% and int., yielding 8%, $2,000,000 ThreeYear 7% Secured Gold Notes. Auth., $3,500,000.
Dated May 1 1920, due May 1 1923.
Int. payable M. & N. 1.
Call¬
able on the first day of any month, on 60 days' notice, at 101 and int. to and
incl. May 1 1921; at 100M and int. thereafter to May 1 1922; and ait 100H
and int. thereafter.
Denom. $1,000 and $500 (c*).
Bankers Trust Co.,
New York, trustee.
The company agrees to pay interest without deduction
for any normal Federal income tax to an amount not exceeding 2%,
it may lawfully pay at the source.
which
Data from Letter of Pres. J. D. Mortimer, Milwaukee, April 15 1920.
Company.—Owns and operates substantially the entire central station
light and power and street railway business and a steam-heating
Also does practically the entire electric
light and power and most of the interurban railway business throughout
an extensive
surrounding territory, including city of Racine.
The railway
electric
business in Milwaukee and suburbs.
system consists of
located
are
within
than 402 miles of single track, of which 168 miles
city of Milwaukee, while the 234 miles of suburban
are located partly in city streets and on county high¬
private rights-of-way.
Population, est. at 665.000.
more
and interurban lines
ways and
partly
on
Capitalization Oustanding after This Financing (Stock, $15,950,000; Bonds
and Notes, $30,647,000).
>
Common stock.
Preferred stock
__
_
_
Consol. (1st) M. 5s, 1926_$6,500,000
Ref. & ext. M. 4Hs, 1931.y6,728,000
$11,450,000
4,500,000
2,000,000
3,600,000
1,000,000
3-yr. 7 % notes (this issue)
5-yr. 7 % conv. notes, 1923
5% serial notes, 1920-26.
Gen. &ref. M. 5s, 1951 ...x5,819,000
Milw.
Lt., Ht. &
Tr.
y
In addition, $6,772,000
are
Gross earnings (including non-operating revenue)
Net, after maintenance, taxes and depreciation reserve..Annual interest on outstanding funded debt, incl. this issue
Balance
St. Louis Southwestern
____________
—V.
110,
p.
658, 465.
Minneapolis St. Paul & Sault Ste. Marie.—Equipment
Notes.-—Minneapolis Trust Co., First National Bank and
First & Security National Bank, Minneapolis, are offering,
at prices ranging from 99.29 and int., to 94.61 and int. to
yield from 6.75%, according to maturity, $500,000 6%
Equip. Trust Notes, Series "H" 1920.
Circular shows:
Dated April 1 1920.
Due serially $50,000 April 1 1921 to April 1 1930,
Int. payable A. & O. at the office of Minneapolis Trust Co., Minne¬
Government's standards of maintenance called for about $2,000 a mile.
The St. Louis Southwestern is planning to spend between $3,000 and $4,000
mile.
If the company had accepted the guarantee and had spent
$3,500 a mile for maintenance of way, and had earned the full amount of
per
the guarantee it might have had to pay over to the Government the differ¬
ence between $2,000 a mile and $3,500.
As it is now if the company earns
only its fixed charges it will lose $600,000 as compared with what it would
have got by accepting the guarantee, but it will have charged to expenses
$1,000,000 more than it could have charged tp them in accordance with
the provision of the Transportation Act, which limits maintenance to the
same rate as under Government operation and it will be $400,000 to the
good.
As a matter of fact, the St. Louis Southwestern is doing remarkably
well.
A strike such as that of the switchmen at St. Louis may upset aU
calculations, but barring some such catastrophe such as this, the prospects
are that the road will earn considerably more than its guarantee even after
having spent the additional $1,000,000 on maintenance.
A railroad in
poor physical condition cannot give service satisfactory to its patrons.
The St. Louis Southwestern evidently intends to give this service even if
it has to risk its own good money to do so.—"Railway Age"—V. 110,
p. 168.
■
San Francisco-Oakland Terminal Rys.—Bach
Interest.
Secretary F. W. Frost advises that funds for payment of Coupon zo,
1918 on bonds of the East Shore & Suburban Ry., have been
deposited with the Mercantile Trust Co., San Francisco.—V. 110, p. 1416.
due July 1
Shore Line Electric Ry.,
Conn.—Lease Abrogated.—
The New London division, including the New London and Norwich local
lines, operated under a 99-year lease from the Connecticut Co., has reverted
to the latter company by order of the Superior Court, which terminated the
lease on the petition of receiver Robert W. Perkins.
The Connecticut Co.
has stated that it will operate the lines at the prevailing rate of fares for a
time until a study of conditions can be made so as to render the best possible
service.—V. 110, p. 1189, 971, 168.
Southern
Ry.—Subsidiary Co. Receivership &c.—
See Roswell RR. above.—V. 110, p. 1527.
Southern Ry. & Light Co.—Abandonment.—
The company announced the abandonment of service on
in Natchez, Miss., on April 5.
The tracks, it is stated,
and the equipment sold.—V. 109, p. 776.
United Rys.
its railway lines
will be torn up
& Elec. Co. of Baltimore.—Earnings.-—
Figures reported officially by the company for use in our "Electric Rail¬
that publication,
incl.
apolis, trustee, and Chase National Bank, New York.
Callable on any
int. date on 30 days' notice at 102 and int.
Denom. $1,000 c*.
Security.—A direct obligation of the company and secured by 300 new
steel ore cars costing $624,900—V. 110, p. 1642.
Ry.—Refuses Guaranty.—
months than the administration would have spent on the program of main¬
tenance carried out during the two years of Government operation.
The
pledged
$14,913,636
3,697,769
1,610,710
2,087,059
obtained from the Court restraining the enforcement of
President J. M. Herbert of the St. Louis Southwestern, refused to accept
the guarantee of Government rental for the current six months because ne
wished to spend about $1,000,000 more on maintenance during these six
under the Gen.
Earnings Year ended March 31 1920.
was
The Southern Ry.
the order.—V. 76, p. 866.
5,000,000
$3,000,000 additional Gen. & Ref. 5s will be pledged under the $2,000,000 3-Year 7 % Gold notes and $1,000,000 further are pledged as security
injunction
an
1st
1st 5s, 1929------.----
x
for the serial notes due 1920-1926.
& Ref. 5s.
by the Southern Railway, has suspended operations.
way Section" having been received too late for use in
afford the following comparison with previous years:
Calendar Years—
1919.
1916.
1917.
1918.
run___
31,397,513
35,522,354
32,569,906
33,705,804
passengers.__.243,890,966 226,834,528 212,893,619 199,158,285
Transfers
86,756,575
81,879,968
83,430,701
81,771,297
>,914,051
Operating revenues
.$14,794,234 $11,929,701 $10,560,837
4,567,950
Operating expenses
9,192,238
6,839,822
5,267,395
495,702
Depreciation
739,712
596,485
528,042
994,840
Taxes, licenses, &c___-_
1,409,261
1,160,452
1,079,723
Car miles
—
Revenue
Niagara St
Catharines
The City Council of
&
Toronto Ry.—Sale.
Niagara Falls, Ont.,
on
March 30 decided to take
Northern Ohio Traction & Light
Co.—Wage Demand.
Net
The employees, in addition to an increase in wages to $1 an hour, have
also demanded that 90% of the runs be completed within the 8-hour period,
additional pay for filling out accident reports, free transportation for the
$3,332,942
83,061
$3,685,676
96,101
92,000
$3,416,003
$2,524,271
559,080
920
818,448
$3,781,777
$2,347,111
559,080
920
818,448
$3,947,559
$2,280,355
559,080
920
818,448
$40,893def.$486,716
$56,218
$288,756
operating income.$ 3,453,023
40,117
Other income.
Total net income—
$3,493,140
Int. on bonds, rents, &c_ $2,687,635
Int. on income bds. (4%)
559,080
Preferred divs. (4%)
920
Commondivs. (4%)
204,612
—
.
—_
the men received when they resigned, all new men to be re¬
quired to become members of the union within 30 days after they begin
work for the company.
Officials of the company say that to grant the
demands would mean an addition of $1,560,000 annuaUy to the payroll for
the trainmen alone.—V. 110, p. 765.
same
$3,855,559
wages
Balance, surplus.
—V.
110, p.
—
—
1643.
United Railroads of San Francisco.—Sinking
Tenders of Market Street Railway First Consol. 5s
Pennsylvania Railroad.—Resignation.—
Percival Roberts, Jr., a director of the company for 22 years, resigned
April 14.
Mr. Roberts is also a director of the U.S. Steel Corp.—V. 110,
Fund.—
of 1894 were to be
amount suffi¬
received at Union Trust Co., San'Francisco, till April 20 to an
cient to absorb the $320,000 in the sinking fund.—V. 110, p.
1527, 1291.
on
p.
Washington (D. C.) Ry. & Electric Co.—Fare Increase.
1527, 1188.
order of the Washington (D. C.) P. U. Commission on April 15
payment or four tickets for 30
all roads in the District of Columbia.
The public will continue
to pay 2 cents for inter-company transfers and no charge will be made for
transfers between the lines of each of the individual roads.
The new rates
By
Philadelphia Rapid Transit Co.—Higher Interest Rate.—
The company has recommended to the City Council that the interest rate
for the proposed $6,000,000 issue of equipment trust certificates be 7% and
not
6%
as
originally proposed.—V. 110,
p.
1643, 1527.
Peoria & Eastern Ry.—Settlement—Income Account.—
The final report of the protective committee for the 4% Income bonds,
W. A. Carnegie Ewen, Chairman, is cited under
Financial Reports" to¬
gether with income account.—V. 109,
p.
173.
cents,
(1) U. S. RR. Admin. Account—
Operating revenue
(2) Corporate Income Account—
Federal compensation.
Other income—-
1919.
Washington Virginia Ry.-
1917.
1918.
See
$72,871,823 $80,769,563 $66,831,398
4,004,533
10,350,020
8,500,649
$16,009,826 $15,868,331 $13,876,338
342,066
702,423
385,645
Gross income—. ————$16,351,892
war
taxes, rentals, &c
Invested in phyiscal property...-
-$7,891,129
4,500,100
Fare Increase.—
Washington Ry. & Electric Co. above.
West Penn
v. 110, p.
168.
Rys.—Wage Increase.—
A wage increase of about 10% has been granted to all trainmen and shop¬
The advance makes the rate for trainmen 55, 58 and 60 cents an
men.
hour.
Interest,
on
go into effect on May 1 and continue until Jan. 1 1921.
This action of the Commission made the third increase in car fare in
Washington within a year.
The present rate of 4 tickets for 25c. or 7
cents for cash fare, went into effect on Nov. 1 1919.
For the 6 months
previous to this date the public paid 5 cents straight fare, and before May
1 1919 the rate of fare was 6 tickets for 25c.—V. 110, p. 1527, 1090.
Philadelphia & Reading Ry.—Annual Report.—
Net railway operating income
an
street car fare was increased to 8 cents cash
$16,570,754 $14,261,983
$8,060,293
$5,761,334
6,858,568
3,785,381
The old rate
was
50, 53 and 55 cents
an
hour.—V. 110, p. 1416.
Winnipeg Electric Ry .—New Preferred Stock.—
A circular issued
by the
company
announcing the issue of $3,000,000 7 %
stock, states: "The reason for the issue is that the company
desires to clear up its floating debt, amounting to about $3,000,000, and not
Preferred
Balance,
surplus-$3,960,663
$1,651,893
$4,715,268
See also Reading Company (Parent Co.) below.—V. 110, p. 970.
This debt would not have occurred
Prior to 1914 company had entered on a con¬
by the growth of the city of Winnipeg, and had
by the sale of debenture stock which had been
authorized to complete this program, but the war rendered it impossible to
sell any further securities in London, and the debenture stock having been
created in a form to meet the requirements of the London market, was not
acceptable on this side.
The construction program had to be proceeded
with, and was financed partly by the sale of short-term securities, and partly
by borrowing from the banks."
The Preferred stock is offered to shareholders at par, together with a
bonus of 20% in Common stock.
The outstanding Common stock is now
$9,000,000, in addition to which there is $4,380,000 debenture stock and
$5,750,000 bonds.
No dividend has been paid on the Common stock since
October 1915—V. 110, p. 1527, 1417.
materially increase its interest charges.
had it not been for the
Pittsburgh (Pa.) Rys.—City Protests Valuation
—
The City of Pittsburgh has branded as "misleading and prejudicial to the
rights" of the City, the P. S. Commission's recent decision fixing the valua¬
tion of the system at $62,500,000 and has asked the Commission for a
rehearing.
The city sets forth that the Commission erred in thirteen specific
instances and that its decision was solely for reorganization purposes and
should not be accepted as a basis for fares.—V. 110, p. 1415, 1290.
Reading Company.—Annual ReportCalendar Years—
Receipts
Expenses
-$15,747,633 $16,906,708 $15,814,240 $15,179,258
98,905
113,757
118,072
102,106
Interest, taxes, &c_._
—
—
1919.
1918.
1917.
1916.
war.
structive program, caused
financed up to that time
$15,648,728 $16,792,951 $15,696,168 $15,077,152
6,277,427
5,998,513
5,915,925
5,533,965
$9,371,302 $10,794,438
$9,780,242
1,120,000
1,120,000x(6) 1680,000
2dPref. dividends (4%)..
1,680,000
l,680,000x(6)2520,000
Common dividend (8%)
5,600,000
5,600,000x(12)8400000
Gen. Mtge. sink. fund._
537,716
534,616
486,589
Miscel. adjustments— Cr.208,530
49,852
Cr.74,400
Surplus for year
1st Pref. dividends (4%)
,
$9,543,187
1,120,000
1,680,000
5,600,000
426,891
Cr.6,159
Balance, sur. or def__sur.$642,115sr$l,809,969df$3,231,946sry$1056,480
x Represents dividends for 18 months because of change in fiscal year.
y Represents results for year ended June 30 1916.
See also Philadelphia & Reading Ry. (capital stock all owned) above.
—V. 110, p. 1527.
INDUSTRIAL
Acadia Mills
AND
MISCELLANEOUS.
Corp.—Capital Increase—Stock Dividend.—
The stockholders have voted to increase the capital stock from $2,000,000
$3,000,000.
The 10,000 new shares wiH be distributed in the form of a
50% stock dividend to stockholders of record April 21.—V. 110, p. 79.
to
Air Reduction
son
& Co.
Co., Inc.—Bonds Offered.—Lee, Higgin-
and Fotter Brothers & Co., New York, are offer¬
ing at 97 and int., yielding about 7.45%, by advertisement
another page, $2,000,000 10-year 7% Conv. Sinking Fund
on
Gold Debenture bonds, dated April 1 1920,
due April 1 1930.
Bankers state:
or
part at 107M and int. to
debt.
Company.—Incorp. in 1915, manufactures, by itself and subsidiaries,
acetylene, nitrogen, and other gases, and oxy-aeetylene cutting and
welding equipment.
Products are used by steel plants, foundries, rail¬
roads, shipyards, automobile manufacturers, repair shops, and garages.
Manufacturing plants In 24 cities and warehouses in 35.
Gross sales are
oxygen,
at
of
rate
over
$6,000,000 per annum.
Profits.—:8ince Nov. 1 1916 total
net earnings have been over $2,552,000,
depreciation, bur before Federal Taxes, or an annual average
after liberal
of over 5% times the interest requirement on these bonds.
Tor full descriptions of bonds, property balance sheet, &c,f see
(J. G.) Brill Co., Philadelphia.—Descriptive
V. 110,
Brooklyn Union Gas
1917.
1916.
$1,136,223
$2,009,632
1,233.167
1,724.474
$1,837,291
1,543,908
def.$278.628
5.231
def .$96,944
$285,158
deb. 19,621
12,071
$293,383
37,198
Total income.......def.$273,397 def.$116,565
Extraordinary expenses.
225,060
219;685
$297,229
26,403
228,552
~~217",747
311,724
312,996
1919.
_
_,,
,.
—
Interest
311,522
Depreciation
Bal.,
—V.
110, p.
A1 goma
See Lake
$330,581
panies, subsidiaries of the Brooklyn Union Gas Co., for an increase in the
price of gas.
The present rate of $1 per 1,000 cu. ft. is to stand until
14 1921.
The Commission has approved an order directing the com¬
pany to extend its mains to provide gas to residents on Varkens Hook Road
and other streets in the Canarsie section of Brooklyn.—V. 110, p. 1292.
Co.,
'
of $44,000,000 Class B Common Stock—200% Stock
Dividend to Holders of Present $6,000,000 Common Stock with
Right to Subscribe for Additional $3,000,000 (50%) Class B
Common—New Par
Value—Earnings, &c.—The "Chicago
Tribune" of April 20 said:
of billiard tables and bowling alleys [and recently rubber tires on a
able scale—Ed. "Chronicle"}, voted at the annual meeting on
consider¬
April 19
which will
be declared a stock dividend of 200%, or $12,000,000, on the present
$6,000,000 Common stock, which will be designated Class A stock.
The
to create an issue of
...
$44,000,000 class B Common stock, out of
stock dividend will be payable to stockholders of record
The dividend is accompanied by a recapitalization.
Steel Corp.—Output—Reorganization.—
Superior Corporation under "Reports" above and also in news
110, p. 872.
item below.—V.
Brass
Dividend.—
Co.—Extra
An extra dividend of \
lA% has been declared on the outstanding capital
regular quarterly of IA%, both payable May 15
April 30.
A like amount was paid extra in Feb., May,
Aug. and Nov. 1919 and in Feb. 1920.—V. 110, p. 563, 558.
along with the
stock,
to holders of record
American Linen
Co., Fall River.—Dividend.—
A
regular quarterly dividend of 7% has been declared on the $800,000
capital stock, payable May 1 to holders of record April 24.
A dividend of
5% was paid in February last.—V. 109, p. 478.
American
Lithographic Co.—Capital Increases—
The company has increased its Capital stock from $6,500,000 (all Com¬
mon) to $8,000,000, the increase being 7% Cumul. First Pref. stock, par
$100.—V. 110, p. 1417.
stock for
one
Vice-Pres. A. Hardgrave, it is stated, has submitted an offer to the city
of Abiline, Tex., to take over, rehabilitate and operate the
Abiline.
The company proposes to spend $50,000 on
if the deal goes
through.-—V. 110,
p.
railway system
improvements
1417.
The balance of the Class B stock, $29,000,000, will be retained in the
treasury as sold from time to time to afford additional working capital.
Application will be made to list the stock on the New York and Chicago
000.
stock exchanges.
Navigation Co., Inc.—Bonds Offered.—Peabody, Houghteling & Co., Chicago, are offering at par and
int. to net 7% $840,(XX) First Lien Serial 7s.
Bankers state:
Dec.
Dated
1920.
Red.
15
Due $60,000 semi-annually, beginning July 1
order on any int. date on 60 days'
Denom. $1,000 and $500 (c*).
Interest payable
1919.
in reverse
&
J.
J.
National
at
of numerical
City Bank, New York, Trustee, and at Continental
& Commercial National
Security.—Secured by
Bank, Chicago.
closed first lien on the two twin screw modern
American steel freight vessels, Astmahco No. 3 and Astmahco No. 4,
operating between New York, Central America and Africa, and valued at
a
$1,505,200.
Company.—A subsidiary of Astoria Mahogany Co., Inc. of New York,
importers and exporters of mahogany and cedar.
The Astoria Mahogany
Co. guarantees co furnish freight cargoes for these ships, which will produce
sufficient income to assure prompt payment of principal and interest of
these bonds at maturity.
Purpose.—Issued to provide funds for completing the purchase of the
two kbove named freight vessels, arid to pay for the installation of new
high power internal combustion engines In each vessel.
Astoria
Comparative Results for Calendar Years.
1919.
1918.
1917.
$5,046,099
$1,239,969
$1,289,183
77.294
Sundry chgs., res'ves, &c
24,576
77,407
Navigation Co., Inc., above.
Atlantic Oil
SeealsoV. 109, p. 679,1368.
offered for subscription at par (5s) in London
120,000 share of capital stock.
Authorized 200,000 shares, par 5s.
The
company has been formed to acquire, develop, &c., oil lands in Texas.
Has acquired leases qf 320 acres in Wilbarger County, Texas.
Directors
are William Eglington, W. H. Swift, Leonard Waterhouse, London, Eng.
Federal taxes
982,479
(7%).._
338,314
Common dividends
(7 %)420,000
Corp.—Initial Dividend—Earnings.—
share has been declared on the 95,000
6hares of Common stock, no par value, payable May 1 to holders of record
April 21.
Compare V. 110, p. 467, 564, 1645.
Net sales for 1919 amounted to $2,562,012 compared with $2,750,489
1918.
Estimated net profits after taxes for 1919
pared with $219,075 in 1918.—V. 110,
p.
Balance, surplus.
110, p, 362.
were
$310,000
com¬
Barnsdall Corporation.—lAsted.—
The
Pittsburgh Stock Exchange has admitted to list 40,000 shares of class
"B" stock, par value $25.
There were 520,000 shares of class "A" stock.
par $25, substituted on the list on March 23 for the 520,000 old stock listed
in June 1919.—V. 110, p. 1528, 1292.
Corp.—Buns Coal 'Land.—
Buffalo
purchase of part of the bituminous coal properties of the Jamison
Pres. Grace says: "This property, located only 15 miles
Coal & Ooke Co.
away from the property of the Elkins Coal & Coke Co. recently acquired by
the Bethlehem interests, oons'Sts of about 7,000 acres of coal land,
having
°LA
,
The Bethlehem Steel interests
are now
fully supplied
with their full requirements of all
grades of bituminous coals."
„
.T, e
A
and
B
—\
-il 10,
p.
kas declared the usual quarteily dividends of 1K%
on
its
common stocks, payable
July 1 to holders of record June 15.
1529, 1285.
Offered.—Lee
Int.
payable A. &
in New
O.
Denom.
York City and Buffalo.
$1,000 and $100 (c*).
Callable on any int. date, after five weeks' notice;
Oct. 1 1922, at 103 and int.; during 1923 at 102 and int.; during 1924
at 101 and int., but if so called may nevertheless be converted If presented
at least 10 days before the redemption date, i Marine Trust Co., Buffalo,
trustee.
Auth. $5,000,000.
On
Data from
Letter of Pres.
Company.—Incorp. Aug.
R. Huntly, Buffalo, April, 1920.
1892 in New York as a consolidation.
In
Charles
19
Conduit Co.
Supplies
light and power vn Buffalo, and also
adjacent cities and towns.
Owns
entire capital stock of Niagara Electric Service Corp.
Population served
about 600,000.
Company's power is in considerable part hydro-electric obtained from the
Niagara Falls Power Co., and in addition to which has a modern 130,000
h.p. steam generating station at Tonawanda, N. Y.
Purpose,—Proceeds will be used for additions to distribution system to
take care of rapidly increasing business.
1915 acquired the properties of Cataract Power &
all the public and commercial electric
furnishes electric service in several
$792,880)
Outstanding capital as now constituted (total annual int. charges
Capital
stock.
1st M.
..
5s, 1939
1st Ref. 5s, 1939
—
iY.
-.$7,869,900 5-yr. Conv. Deb 6s, 1922.$2,073,000
2,375,000 5-yr. Conv. Deb. 7s. 1925- 2,000,000
7,029,000 Cat Pwr. & Cond. 5s. 1927 1,166,000
...
—
[The company has filed notice increasing its capital from $10,000,000 to
$25,000,000.)
Cal. years—
1916.
:
Balance.
Cross Rev. Nil Appl. to int.
Int.
-$3,356,952
$1,226,006
$440,608
4.209,719
1,479,757
582.S64
5,373,702
1,415,554
717,996
5,336,008
1,513,368
667,338
1917
1918._.
1919
Dividends.—Continuous
dividends
rnaging
from
5%
to
$875,398
897,193
697,557
846,030
8%
per
year
1900; present rate 8%.
Number of Customers
Jan. 1 and K. W. II. Sold Calendar Years.
1911.
1913.
1915.
1918.
1919.
Cust'mrs.
9,608
14,411
22,358
43,174
50,731
Kw.h.soldl99,911,617 218.716,267 234.516,517 529.291,499 440,474.184
—Compare V. 105, p. 718; V. 110, p. 661.
Superior Mining Co.—Earnings.—
Total
—.
$651,924
62.874
$2,347,496
103,191
81.315
$714,798
$8,873,446
2.508.047
$6,365,399
Net income
Other income
Total income.
|
Balance, surplus,-.
-V. 110, p. 1529.
Calumet
& Hecla
Output {in Lbs.).—
1920-..-
March
1919
p.
177,549
86.450
$864,990
$628,348
$272,910
$8,792,131
Mining Co.—Production.—
Cal.&Hecla.
5,183,323
4,592,295
.....15,596,856
--.15,'676,333
3 months 1920.
3 months 1919-.
$6,716,437 $13,141,551
4,368.941
4,349.420
$2,450:687
2.177,777
:$1,042,539
Res.fortax,conting.,&c.
110,
1916.
1918.
$5,915,244
5,263,320
$916,273
126,266
revenue
Oper. costs & deprec
—V.
1917.
1919.
$4,861,170
3,914,897
Calendar Years—
Subsidiaries.
4,697,054
5,059,758
12,534,244
15,915,988
.
Total.
9,880,377
9.652,053
28,131,100
31,592.321
1190, 1091.
Canadian Collieries (Dunsmuir), Ltd.—Reorganization.
over
annually.
Co .—Bonds
Dated April 1 1920.
Due April 1 1925.
Convertible at any time after
May 1 1922 into common stock, par for par, with adjustment of int. and
65,000;000 tons of a very good quality of low sulphur gas
The property is in operation and
equipped to produce 1,000,000 tons
coal.
Electric
General
March
President E. C«. Grace has announced that favorable action has been taken
proved up
$545,734
$692,688
$734,196
$2,258,601
ITigginson & Co. are offering at 973^ and int. yielding over
7.60%, by advertisement on another page, $2,000,000 FiveYear 7% Convertible Debenture bonds.
Butte &
40% stock dividend issued on March 31 1920 increased the out¬
standing capital stock from $3,000,000 to $4,000,000.
The total author¬
ized capital stock is $10,000,000 (V. 109, p. 373).
For several years past cash dividends at the rate of 10% per annum have
been paid.
A dividend of 2A % was paid on March 10 1920.
The amount of bonded debt is now $1,675,000.
The original issue was
for $1,800,000 6% Serial Gold Bonds, of which $125,000 was paid on April 1
1920.—V. 110, p. 1292.
the
339,201
" 349.675
<3)180.000(4^)270.000
—V.
(The) Autocar Co., Ardmore, Pa.—Stock Dividend.—
on
338,366
(1^)90.000
1645, 564, 467.
The
Bethlehem Steel
_
107,171
...
Preferred divs.
have been paid since
An initial dividend of 75 cents per
for
1916.
Earnings of the Company Years ended Dec. 31.
Syndicate, Ltd.—Stock.—
This company recently
Atlas Tack
*
$1,272,580
1,022,130
Excise taxes
Mahogany Co., Inc., N. Y.—Sub. Co. Bonds.—
See Astmacho
-
i
The annual report for the year ended Dec. 31 1919 shows net income after
charges and Federal taxes was $3,016,915, equivalent after Preferred divi¬
dends to 44 64% on the old Common stock.
The balance sheet sthows
current assets of $20,668,141, current liabilities of $6,682,969, and surplus
Of $8,015,560.
Plant, &c., were valued at $7,895,705, but it is stated that
a
recent appraisal and earnings to March ,31 will more than offset the
difference of $4,000,000 between the surplus and the $12,000,000 stock div.
divs.
Astmahco
notice at 102A and int.
stock also will be of $25 par value,
and after paying $12,000,000 of this as the 200%; stock dividend the stock¬
holders may subscribe to the extent of ,50% of present holdings, or $3,000,-
Arlington Mills, Lawrence, Mass.—Stock Div.—Cap. Inc.
A stock dividend of 50% has been declared, increasing the stock from
$8,000,000 to $12,000,000.
It was voted (in subst.):
"That the Capital
stock now $8,000,000 be increased to $12,000,000; that the additional stock
be issued for $4,000,000 of the surplus property heretofore received and now
invested in pian$ and working capital and being in excess of the amount of
all of its outstandng debt plus the amount of its Capital stock now out¬
standing, and distributed to stockholders of record April 14, in the propor¬
tion of one new share for every two shares held; that temporary scrip for
fractions may be exchanged for full shares at the New England Trust Co.,
Boston, in amounts equal to one or more full shares.—V. 110, p. 1644, 1417.
Class A
Class A
share of old Common.
Net profits and income.
American Public Service Co.-— To Rehabilitate Road.—
of
May 15.
The par value of
the present $6,000,000 Common stock is $100, but as this becomes
stock of $25 par value there wil! be an exchange of four shares of
The newly creat ed $44,000,000 Class B
American
Chicago.—Authori¬
zation
The/stockholders of the Brunswick-Balke-Collender Co., manufactuerers
def.$809,979def.$647,974def.$270,722sur.$112,834
def
872.
sur. or
Co.—*-Rate Increase Denied.—-
The P. S. Commission has denied the applications of the Newtown, the
Woodhaven, the Jamaica and the Richmond Hill & Queens County com¬
Brunswick-Balke-Collender
1918.
value....;..,. $1,474,491
Operating expenses
* 1,758,119
Calendar Year—
Product
Circulars.—
A circular has been prepared and issued under the auspices of the Business
Development Committee of the Philadelphia Stock Exchange, setting forth
the facts regarding the plants owned and controlled by the company, with
their combined annual capacity of 3,500 cars and 12,000 trucks.
The
growth of its business, amounting in total income to 138% since 1910.—
V. 110, p. 1091.
:
Alaska Gold Mines Go.—Earnings.-
Mining profit.
Other income.
6% scrip which was issued last January in lien of a 2A% cash
25. will be retired May 15, at
and interest.—Compare V. 110, p. 873, 1529.:
par
Jan.
1643.
1189,
p.
Bigheart Producing & Refining Co—To Retire Scrip.—
The
distribution to stockholders of record Feb.
April 1 1922; thereafter at
105 to April 1 1925; thereafter at 102 A to April 1 1928; and thereafter at
101 to maturity.
Companv covenants not to mortgage any of its tangible
properties, nor issue any bonds, debentures, long term notes or similar
securities (other than purchase money obligations) maturing earlier than
these bonds and to maintain total net assets of at least 200% of the funded
Redeemable all
now
[VOL. 110.
THE CHRONICLE
1750
The company,
pursuant to plan of Dec.
2 1919 (see outline in V.
110,
p. 362), filed as of March 13, amended certificates under the Canadian
Cos. Act (1) decreasing the capital stock from $15,000,000 to $1,600,000
and then (2) increasing it from $1,600,000 to $6,027,000, the latter consisting
of
$4,900,000 Pref. stock in shares of $10 each and $1,127,000 Com. Stock
*
in shares of $1.
Apr. 24
—New CapitalizationB Income
New
B Income
Capital
A Income
Before
$2,054,000
$1,027,000
Y-
250,000
l-
%
1,500,000
......
......
1,096,000
capital.... £1,027,000
£1,027,000
particulars in V. 110, p. 1190, 362.
Company.—Operates wholesale and chain grocery stores to the number
In addition 20 more will be opened in the near future and present
plans call for 500 additional stores in New England.
Capitalization.—Company retired on April 1 all outstanding 1st Pref.
of 210.
100,000
......
unissued......
new
(John T.) Connor Co., Boston.—Common Stock Offered.
—Richardson, Hill & Co., Boston, are offering the unsold
balance of Com. stock at $12.50 per sh. Bankers state:
New
Com. Stock.
£1,027,000
£1,027,000
£50,000 3-Year Notes.
$5,000,000 Pref. stock..
510,000,000 Com.stock.
Total
Pref. Stock.
Deb. Stock.
Deb. Stock.
Reorganization—
£2,054,000 5% bonds
Bal
Jalance
1751
THE CHRONICLE
1920.]
$4,900,000
$1,127,000
See further
stock have
new
Chandler Motor Car
Co.—Possible Stock Dividend.—
j
the directors of the company has been called for i
May 5, at which time it is rumored a 33 1-3% stock dividend will be declared.,
The directors meet early in June for action on the regular dividend .-—V. 110, >
P- 973, 1087.
Chapman Valve Mfg. Co.—100% Stock Dividend.—
A stock dividend of 100% on the Common stock was announced on
April 21, increasing the outstanding Common stock from $500,000 to $1,-!
000,000 (par $100),
There is also $500,000 7% Pref. stock (par $100) |
outstanding.—V.
106, p.
926.
Chicago Lumber & Coal Co., East St. Louis, Ills.—
companv incorporated in 1895 (business established in 1866), its!
This
"paid up capital" being now $6,000,000 has
recently been reported
as
under¬
going reorganization.
Secretary C. W. Reighard, on Mar. 12:
"The1
charter of the Chicago Lumber & Coal Co. of Iowa expired on Feb. 13th-— i
some of the stockholders of the old company formed a new company named
Chicago Lumber & Coal Cp. under the laws of Deleware with a capital of
$1,000,000 paid up.
The new company purchased the accounts receivable,!
with mills and advances on lumber of the old Chicago Lumber
contracts
& Coal Co.
the office furniture and fix-*
purchased.
The new company will have,
-quarters in the Arcade Building, St. Louis, Mo., on and after Apr. 10 1920.i
—V. 106, p. 1690.
tures
These
which
Chile
the
are
new
the only assets except
Year—
1920—March—1919.
9,256,000
4,568,000
—V. 110, p. 1645. 973..
Chino Copper
Increase, j
8,572,000:
16,822.000
•
Co.—Copper Production
(lbs.)—Directors.]
and the balance is
1920 (est.)
1919.
$5,240,313 $6,249,697 $7,024,832 $8,453,918 $12,000,000
profits after taxes for the 4 years, 1916-1919, averaged $174,904
p. a.
Net profits 1919 were $237,870.. The company had a general and
sinking fund reserve surplus account of $584,395 as of Jan. 1 1920.
r
Directors.—Charles F. Adams (Pres.), Daniel W. Gurnett, E. V. k.
Sales
Net
John E. Thayer, Jr., William Edmunds, Myron P. Lewis, Charles
Wiggin.
(The common stock is listed on the Boston Stock Exchange.]- V. 110.
766, 80.
layer,
..
p.
.
N. Y.—80c.
Consolidated Gas Co.,
Gas Confiscatory.—
Special Master Abraham S. Gilbert, appointed by the Federal Court
testimony on the 80 cent gas suit of the company has handed down
a preliminary report declaring that the 80 cent gas rate is confiscatory.
The report says:
"The operation of the gas company, shows a profit of
4 cents per 1,000 cu. ft. of gas, which is only about 1% of the value of the
property.
The total investment of the company, including its
to hear
f the company is entitled to
Slant and the Astoria Tunnel,make 6% on its investment, thenSept
is figured at $71,054,351, as of dollar
gas
would seorri to be essential.
the
consumer
mast pay
If the company is to get a return of 7%, then
$1 05 and at 8% $1 10."—V. 110, p. 867, 874.
Textile
Consolidated
Net earnings for the
charges except Federal
$22 76
1920—3 Mos.—1919.
Increase. I
4,688,000(25,394.000
1918.
1917.
1916.
company
Copper Co.—Copper Output (Pounds).—
present stockholders,
taken by
been
being offered.
A special meeting of
a
Corporation.—Earnings.—
quarter
taxes,
ended April 3 1920, after deducting all
$1,524,674.
This is equivalent to
were
share per annum on the 267,637 shares outstanding—V.
110,p.!1645.
Cosden & Co., Baltimore.—Listing—Earnings.—
The New York Stock Exchange has authorized the listing of temporary
interchangeable certificates for
104,194
shares
(authorized
1,400,000
shares) Common stock, no par value, with authority to add 825,193 shares,
tures, Series C 7%, the privilege of converting 10% of the debentures owned
by them on April 1 1920. on May 1 1920 or the first day of any month
no par value, as follows:
(a) 655,270 shares in exchange for present out¬
standing, $5 par value, Common stock at rate of one no par value sharS for
each 5 shares of $5 par value; (5) 139,148 shares on conversion of the out¬
standing 15-year Conv. Sinking Fund gold bonds, dated July 1 1917; (c)
93,775 shares in exchange for 468,875 shares of $5 par value Common stock
(reserved for the conversion of the Preferred stock) at rate of one share
of no par value Common stock for each 5 shares of $5 par value Common
stock, making the total amount applied for 992,387 shares no par value.
Capitalization.—The total authorized capital stock is as follows:
Pref.
stock, 1,400,000 shares (par $5); Com. stock, 468,880 shares (par $5);
Com. stock, 1,400,000 shares (no par value).
Pref. stock outstanding.
719,008 sh., reserved for exchange of outstanding shares of Cosden Oil &
Gas Co. 568 sh., available for issue, 680,024 sh., converted into Com.
thereafter.
stock, 400 sh.
1920—March—1919.
4,413,329
3,770,000
1920—3 Mos.—1919.
11,563,676
Increase.[
Decrease.{
891.921'
643,329110,671,755
R. A. F. Penrose Jr. and Arthur R.
to succeed M. L.
Ronaghan have been elected directors
Sperry and the late K. R. Babbitt .—V. 110, p. 1645, 1190.
Cities Service Co.—Dividends—Conv.
Privilege—Director.
The company has declared the regular monthly stock dividend of 1 M %
and the usual monthly cash dividends of 3^ of 1% on the Common, Pre¬
ferred and Preference B stocks, all payable June 1 to holders of rec. May 15.\
The directors have extended to holders of the Convertible Gold Deben¬
This is the third privilege of partial conversion
holders of these debentures.
B. N. Freeman, Manager of the Cities Service Co. bond
has
been
elected
a
extended to
director.
Company's Holdings of Securities of Subsidiary Companies.
See "Electric
Railway" Section Issued to-day.—V. 110, p. 1645, 1529.
Colombia
Syndicate.—Stock Offered
—
F. S. Sroithers & Co. and Moore,
Leonard & Lynch are offering at $11
share 150,000 shares, no par value.
Of the 2,000,000 auth. and issued
shares (no par value) Guffey Gillespie Oil Co. owns 450,000 shares and the
Atlantic Gulf & West Indies SS. Lines, through a subsidiary company, owns,
450,000 shares.
Actual control of the Colombia Syndicate is held by the
companies mentioned and individuals affiliated with them
Company was organized four years ago by a group of capitalists and
per
Jracticalin Delawareoperators andacquire leases in Colombia, 1,000,000
oil and gas
ncorp.
1919 to
now owns leases on over South America,
in
acres
of oil
lands in Colombia.
No wells have yet
Directors.—William Flinn, Harrison Nesbit, H. M. Brackenridge, George
H.
Co., Baltimore, are now offering in connection with their
associates, $1,925,000 8% Cumul. Pref. stock at 100 and div. for the stock
or
at 103 and div. and warrant which
entitle the holder to purchase Com.
stock at prices ranging from $60 in 1920-1921 to $80 in 1923.
Dividends
Authorized $5,000,000; issued $1,925,000.
Callable
int. date at 105 and div.
Beginning Nov. 1 1923 and
annually thereafter, there is to be set aside for the retirement of the Pref.
stock an amount equal to at least 6% of the maximum amount of Pref.
stock ever Issued.
This sinking fund is calculated tq retire entire issue
by 1940.
Payment of dividends and sinking fund is secured by an irre¬
vocable 25-year lease of its properties to the Columbia Graphophone Manu¬
all
or
Q.-F.
part on any
facturing Co.
fy\n initial quarterly dividend of $2 a share on the Pref. stock
has been declared, payable May 1 to stock of
V. 109. p. 1894, 1990; V. 110, p. 1293.
Columbia Graphophone
The directors have determined
to
record April 24.]
Compare
to
the holders of the Common
'
^
Com. shares of
of Refinery Calendar Years (bbls. 50
Fuel Oils.
482,271
932,620
563,267
1,028,316
_
Other
(bbls.)
(tons.)
(tons.)
*19',080
"197
95,082
2,899
3,277
2,839
3,533
9,010
11,651
10,507
128.541
102,487.
17,936
24,047
9,902
30 1919 (Incl. Sub. Cos.)
$8,559,128
526,587
2,518,095
....._.$33,742,380 Net earnings
22,230,347 Federal taxes (est.)
1,157,302 Dividends paid
Interest & discount
859,181
Surplus for period
Int. on bonds, &c
936,422
income
Cost of refining, &c
Gen. & admin, expense..
—
$5,514,444
—
—V. 110, p. 1293. 767.
deductions.....$25,183,252
Cuba Cane Sugar
(bbls.)
62
Consolidated Income Account 11 Mos. ending Nov.
Total
Coke. Produces,
Wax.
Oils,
(bbls.)
1,180,391
1,572,477
1,590,424
1,117,408
316,645
(bbls.)
479,704
(bbls.)
1915...
580,518
1916769,108
1917860,454
1918. 1,740,255
1919-2,091,600
gats.)
LubricaVg
Gas
Refined
Oils,
Gasoline,
Total
Mfg. Co.—Stock Offering.—
offer
Marketed Output
Naptha&
Corp.—Pref. Stock.
J. S. Wilson &
.
reserved for exchange of outstanding Com.
shares of Cosden & Co. (Okla.), 113 sh.; reserved for conversion of $6,998,000 Pref. stock, at $15 per share, 466,533 sh.; issues in exchange for a like
amount of Com. stock Cosden Oil & Gas Co., 5 shares.
Com. stock (no par value) to be exchanged for 3,797,320 shares of issued
and outstanding Com. stock (par $5), 759,464 sn.; to bo exchanged for 75°,647 shares of Com. stock (par $5) held by Central Union Trust Co., trustee,
for 15-year 6% Conv. Sink. Fund gold bonds, Series "A" and "B," due
1932, 151,930 sh.; reserved for exchange of 468,875 sh. of Com. s.oek (par
$5) authorized and unissued, 93,775 sh.; available for issue, 394,831 sh.
Of the 151,930 shares to be issued to the Central Union Trust Co. only
139,148 shares are required for the conversion of the outstanding bonds.
Of the 15-year Conv. S. F. bonds, dated July 1 1917, $8,576,500 bonds
reserved for future issue have been cancelled and the mortgage Is now closed,
the authorized issue being $11,423.500, of which $8,104,500 are outstanding,
$68,000 have been converted into stock and canceled, $613,500 have been
redeemed and canceled through the annual Sinking Fund payments and
$1,954,500 have been redeemed through monthly sinking fund payments
and are held by the trustee in the sinking fund account.
Cosden Oil & Gas Co.. 2,229 sh.;
Flinn, Carroll Miller, Joseph F. Guffey (President), E. N. GiJlespie.
Columbia Graphophone Factories
■
(par $5) reserved for exchange of outstanding
Com. stock
department,
Corp.—Bonds Listed.—
authorized the listing of $25,000,000
Debenture bonds due Feb. 1 1930, fully
The New York Stock Exchange has
stock the privilege of subscribing, at $27
mon shares to the extent of 20% of their
temporary 10-year 7% Convertible
described in V. 110, p- 363, 468.
firovide additional working capital to take care of the company's steadily
ncreasing business.
Though the company's production has been rapidly
stock from $5,000,000 to
50 per share, to additional Com¬
respective holdings.
President F. S. Whitten, in a letter to the holders of Common stock,
dated April 20, says in substance:
The proceeds will be used in part to
increased to the highest point so far attained, the company has not yet been
able to meet the current demand for its products.
Net earnings after taxes
during the three months ended March 31 1920 were about 35% in excess
of the
same
Holders
months last year.
Common stock of record
May 3 1920 will be entitled to sub-1
20% of their respective holdings.
Payment must be
made in full on or before May 17 1920, in New York funds, at office of
Bank of America, 46 Wall St., New York.
Warrants will be issued as soon as possible after May 3 only to holders
of Common stock of record of that date.
Subscription warrants will be
issued in exchange for surrendered fractional warrants when such fractional
warrants aggregate one or more whole shares.
After May 15 all fractional
of
scribe to the extent of
warrants will be void.
In
order
to insure
prompt provision of the necessary funds for the com¬
pany's requirements, the directors had caused the sale of these shares
offered to be underwritten by a banking syndicate, and shares not subscribed
for by the holders of Common stock, on or before May 17 1920, accompanied
by full payment, may be sold to the underwriters.
[Dominick & Dominick
are said to have underwritten this issue, amounting to 192.000 shares.]
See also Columbia
Graphophone Factories Corp. of Md. above.V. 110, p. 1293. 1181.
'
Columbia Gas & Elec.
Co. & Sub.
Prop.—Earnings.—
Results for March and 3 Mos. ending March 31, Incl.
Mar.
1920.
Increase.
3
Subsidiary
Mos.
Companies.
'20.
Increase.
$1,340,404
Gross earnings-
Operating exp. & taxes—
Net operating earnings
Other income.
—
Total net earnings
Lease rentals, &c
Fixed charges (Col. Gas
& Electric Co.)..
$248,356
$4,090,788
$709,347
616,174
87,137
1,857,567
244,209
$724,229
235,400
$161,219
69.804
$2,233,220
$959,629
363,304
$231,022
$2,886,707
65,735
1,063,981
653,486
/
$465,138
159,073
1529.
173,344
def.5,157
$169,211
$1,649,381
$449,651
Inc.—Annual Report.—
1919.
Years—
$2,539,850
—
987.527
——
Depreciation
Bond interest
(7%)70,000
dividends..
surplas
300,000
157,500f
(8%)240,000
-t
——
—
Common dividends.......——
Balance,
128,870
136.450
136,450
....
—
Federal taxes (est.)
Preferred dividends.
1st preferred
1917.
1918.
$466,850
429.146
—429,146
Net, after interest, &c—
....
—
—
def«408.746
$965,681
$2,631,705
716,026
125,000
346.526
(7)358,750
1(1 >25* 000
$1,060,402
1918 in order to conserve cash, arrangement to defer
$5,000,000 of the 7% preferred stock was voluntarily agreed
holders of that stock,i their consent was also given to the con¬
tinuance of dividends on the remaining $1,000,000 of the 7'% preferred
Note.—On Mar. 31
dividends
on
to by the
stock, making ample provision for any stockholders
might not be convenient.—V. 110, p. 1795.
to whoih this plan
Edison Electric Ilium. Co. of Brockton.—Extra Div —
An extra dividend of $5 per share has been declared on the stock, along
with the regular quarterly dividend of $2 per share, both payable May 1
to holders of record April 23.
The regular dividends Of $2 have been paid
quarterly since Feb. 1 1919.—V. 110, p. 76<, 565. 170, V. 106 p. 824.
Emerson
A
Phonograph Co., Inc.—Pref. Div. No. 1.—
quarterly dividend of 2% has been declared on the 5,000 snares of
Pref. stock, par $100. payable May 15 to holders of record
Cumulative
April 30.
Compare V. 109, p. 2360,
2174.
Empire Gas & Elec. Co., Geneva, N. Y.—Cap. Increase.
Everett
def.3,924
on
Donner Steel Co.,
Calendar
$4,000,000 —V.
55,685
Navigation Co.—Capital Increase.
April 12 authorized (a) an increase in the Capital
$10,000,000 (par $50), and (b) that a dividend Of
25% in stock be distributed to the shareholders.
The new stock is tohe
Issued as soon as possible after May 1, to shareholders of record April 2o.
See V. 110, p. 1529, 1293.
$624,212
179,718
$540,640
—V. 110, p.
Detroit & Cleveland
The stockholders
The company has
filed notice increasing Its capital from $1,250,000 to
106, p. 2125.
Mills, Massachusetts.—Extra Div. of $6.—
A dividend of $4 per share and an extra of $6 per share have been declared,
payable May 1 to holders of record April 23.
In Nov. -1919 an extra of $6
was paid, and in Nov. 1918 an extra of $5 was paid.—V. 109, p. 1612.
1752
THE CHRONICLE
Fairbanks Molse Co.—Annual Report.—
The annual report for the calendar
year
Greelock?Company, Boston—Dividend.—
1919 shows:
A'dividend
Earnings after selling and administrative expenses._____
Depreciation
_
____
____
$5,094,780
489,650
-
Pension ifund
Taxes and contingencies
1,100,000
100,000
900,842
$2,388,412
Preferred stock sinking fund
Preferred divs., $112,392; Common divs., $788,450; total
Balance, surplus._
—V. 110, p. 973.
-—____
Fisk Rubber Co.,
Calendar Years-r-
1918.
1919.
1917.
$4,956,685' $3,760,279
962,028
1,253,426
1,055,489
946,750
*835,049
*589,659
Federal taxes
Balance, surplus
$2,104,118
Market
$3,578,484
549,913
972,850
$1,836,830
,
'448,000
475,685
759,782
$1,580,037
110, p. 874.
Gulf States
Pres.
Joseph
not in excess of 2%.
Central
Denom. $100, $500 and $1,000 (c*).
tax
Byfield,
Chicago, April
12
Capitalization—
Authorized. Outstanding
Mortgage Leasehold 7% Guaranteed bonds._ $1,700,000
$1,200,000
Preferred stock, 8% cumulative
1,200,000
1,200,000
Common
stock (no par value)
10,600 sh.
10,600 sh
The Preferred stock has been sold at
par, without
deduction for under¬
writing commissions, consequently producing $1,200,000 available for the
.
__
construction cost of plant.
Company.Organized in Aug. 1919 and in Sept. 1919 began the
of
cold
a
storage
leasehold estate
steel
and
type is
warehouse.
which
The
comprises
property
construc¬
valuable
a
fireproof cold storage warehouse of the most modern
in process of construction;
dimensions, 125x300 ft.; storage
3,800,000 cu. ft.
Cash cost of building and equipment alone
of
excess
$2,000,000.
Earninqs.—Estimated income from storage (3,800,000 cu. ft. at 24c.
gross), $912,000; Net after expenses, maintenance and
depreciation, $530,000; bond interest, $84,000; surplus, $446,000.
110,
Hart, Schaffner & Marx.—Capital Stock Decreased.—
The company has reduced the Pref. stock from $3,331,500 to
$3,314,000.
Stock
Car
Corp.—Stock
&c.—
Dividend—Earnings,
and the Common stock to
400,000 shares, no par value.
The directors have
declared a Common stock dividend of
300% so that the former holders of
Common stock will hold 4 shares of the new
Common stock for one share
of the old Common stock.
The present outstanding capital of the
corpora¬
tion is as follows:
7% Cumul. Pref. stock (par $100), $3,813,000; Common
stock (no par value),
240,000 shares.
The 2d. Pref. stock issue of 10,000
shares had been
previously converted into Common stock.
The directors,
desiring to give stockholders advantageous subscription
rights, has decided to give to the stockholders of record
Holly Sugar Corporation.—Stock Increase.—
The shareholders will vote May 5 on
increasing the Common stock
from 58,000 shares of no par value to 100,000 shares, and to
authorize the
Issuance of such stock by the board for
corporate purposes "in the
discretion of said board."—V. 109, p. 772.
Hummelstown (Pa.) Consolidated Water Co.—Sale.—
The Commonwealth Trust Co., Harisburg, trustee under the
$125,000
First Mtge. 5s dated April 2 1906, will sell the entire
property at public
auction on May 11 at the Harrisburg Courthouse.
Charles H. Kinter is
receiver.—V. 99, p.
of
one share of Pref. stock and
one share of Common stock for each
two
shares of Pref. or Common
stock, or both, or fraction of any two shares held
by stockholders, at $135 for one share of Pref. stock and
one share of Com¬
stock.
Subscription rights may be exercised as to the whole or any
part of the number of shares shown
upon the subscription warrant, but the
subscription must be of equal amounts of Pref. and Common stock.
Sub¬
scription warrants accompanied by payment in
full, or payment of the first
instalment, must be returned to the treasurer of the company on or before
May 1.
Earnings.—Earnings
A dividend of 2%% has been declared on the Common
stock, payable
May 1 to holders of record April 15.
An initial dividend of like amount was
paid on Feb. 1.—V. 110, p. 470, 171.
Hydraulic Steel Co., Cleveland, O.—Sales.—
Sales for the first three months of 1920 were as follows:
January, $1,288,00G; February, $1,591,000; March, $2,055,000; making a total of $4,934,000
for the first quarter.
Open-hearth production for March 10,217 tons,
which is 217 tons more than the normal
output.
(Reported by Mont¬
gomery & Co.)—V. 110, p. 1092, 768.
Indiahoma Refining
and
after provision
for Federal income & excess
the earnings of the Common stock will be
of $12 per share.
It will be the policy of the corporation to declare
dividends on the Common stock at the rate
of $3 per annum and from time
to time to declare extra
dividends, it is estimated that
m excess
dividends, both cash and stock,
warrant.
conditions
as
Net profits for 1919 (after
making provision for Federal taxes estimated
$1,000,000) are $2,542,850.
These earnings compare
very favorably
with the net earnings for
1918, which, after payment of Federal income and
excess profits
taxes, were $1,214,014.
^
,
at
Application will
change.
be made to list the stock
on
the New York Stock Ex¬
Assets—
Net Earnings after Taxes, Reserves,
1919.
Investments
3,007,056
39,455
Prepaid expense._
42,244
Equip, tank cars..a3,872,325
Real est. & plants. 1,179,918
Patents
Dividends payable
Reserves.........
8,367,587
511,758
3,445,000
1,000,000
2,450,000
1,327,883
credit
Accrued liabilities.
306,781
200,020
159,221
284,067
272,544
78,750
978,930
Surplus applicable
i
to com. stock...
&
cars
plants
Total
9,701,951
4,065,221
19,893,636 18,494,465
deducting $7,844,000 for equipment notes—V. 110,
p. 1646.
Rake.—V. 110,
a
director to succeed the late James Lewis
767, 469.
p.
above
1920L
I
Total profits Jan. 1 to March 31
$2,097,006
245,000
330,384
Dividends on preferred stock
Dividends on common stock.
Insurance fund
45,000
Reserved for taxes, plant, &
deprec'n.
Balance, surplus
Compare V. 110,
General
_
p.
Quarterly Earninqs.
1919.
$1,777,114
228,125
330,384
65,000
Paper has bought the Van
Home Refinery's interests in the Grand Falls Power Co.
The report for 1919 is cited on a
previous page.—V. 110,
500,000
600,000
750,000
$553,606
$1,445,664
Results for
Three Months to March 31 1920, Incl. Subsidiary
Earnings, after deducting all expenses except Federal taxes._
Fixed charges and sinking fund.
Net earnings for first quarter.
the first quarter ending March 31 1920, after deducting
approximately 15.18%
Granby Consol. Mining,
Copper Output {in Pounds).—
o1^S~Tr¥arch'7^19—V.
110
p
1646
1530
p.
Island
as
$852,888,
&
Power
Increase.\ 1920—3 Mos.—1919.
1'428'358l6'160'939
Grasselli Chemical
Co.—20%
being
or
Co.—
Decrease.
6,434,365
273,426
____
$168,462
„
&
Transport Co.—Settlement of Oil Suits—
Acquire Metropolitan Properties.—-
To
See
Metropolitan Petroleum Corp. below.—V. 109,
See Bethlehem Steel
p.
1796.
Corp. above.—V. 106,
2653.
p.
Kaufmann Department Stores,
Inc.—Dividend, &c.—
A second
(quarterly) dividend of $1 has been ddeclared on the $7,500,000
Common stock, payable May 1 to holders of record
April 20.
The initial
dividend of $1 was paid on Feb. 2.
The
stock
company has filed a certificate, decreasing the outstanding Preferred
by 750 shares (par $100) to $1,875,000.—V. 110, p. 664.
Kerr Lake
1920
March
Mining Co.—Silver Output (Ozs.).—
1919.
Decrease. 11920—3 Mos.—1919.
99,398
104,101
—V. 110, p. 1192, 365.
Belle
Iron
4,703
312,632
Works.—New
Decrease.
318,399
5,767
Chairman.—
A. H. Woodward has been elected Chairman of
the Board, to succeed
George Greer, who resigned.
Clement Steinmetz was elected to fill the
1647, 1093.
vacancy on the board.—V. 110, p.
Superior Corporation.—Proposed Settlement of All
on $15,080,000 1st M. 5% Guaranteed Railroad Bonds
Months' Report.—President W. H.
Cunningham, in
Defaults
circular issued
on
or
about
directors have concluded
April120,
an
in substance:
says
agreement with
the committee repre¬
senting the holders of the 1st M. 5% Gold Bonds (now in
default)?of the
Algoma Central & Hudson Bay Ry. Co. and the
Algoma Central Terminals,
Ltd., subject to ratification by the bondholders and
stockholders of those
companies and also by the shareholders of the Lake
Superior Corporation,
at meetings to be held as soon as
practicable.
1. The Lake Superior Corporation
undertakes to procure the Algoma Steel
Corporation, Ltd., to reorganize its share capital as follows:
n
'
Par.
7% Cum. Pref. stock
5% Cum. 2d Pref stock, 9A"
5% Cum. 2d. Pref. Stock, "B"
Total Auth.
$100x$12,500,000
100
100
Common stock.
25
16,500,000
6,500,000
10,000,000
Now Issu"le.
$6,250,000
16,500,000
6,500,000
2,000,000
Authorized, not issued.
$6,250,000 reserve to be issued only for<the
purpose of cancellation and
redemption of its First & Ref. Mtge. 5% Bonds
unless consent is otherwise
authorized by holders in amounts of not,less
than 75% of the 2d Pref.
Shares, Classes "A" and "B."
2. The Lake Superior
Corporation shall receive out of the new share
x
capital of Algoma Steel Corp., the entire
$16,500,000 Class "A" and
$6,o00,000 Class "B" 2d Pref. stock and $2,000,000 Common stock in ex¬
change for the $10,000,000 7% Pref. stock and
$15,000,000 Common
stock of said
Stock Dividend.—
dividend of 20% is reported to have
been paid, increasing the
outstanding Common stock from
$16,121,000 to $19,345,200.—V. 109,
p. 21/5.
Oil
____
stock, for the first quarter,
a.—V. 110, p. 764, 663.
Smelting
___.
Companies.
$266,838
98,376
—V. 110, p. 1295.
^
charges and estimated Federal taxes, are
reported
equivalent to $3 80 per share on the
Common
at the rate of
330,384
75,000
Cigar Co.—Earnings.—
r, Net earnings for
all
1646, 365.
p.
International Salt Co.—Quarterly Report.—
The
1918.
$2,829,172
228,125
$976,622
1646,1191.
Van
Buren.
It is anticipated that
large additions will be made
to the j>resent plant.
It is reported that these will include a mill for the
manufacture of Kraft paper.
A recent report states that International
—9
General Chemical Co., New York.-
was
International Paper Co.
The transfer, it is said, includes, in addition to
the pulp and
paper mill, the holding grounds and shore rights of the com¬
pany along the St. John River, on which the mill is located at
Keegan, just
Lake
General Asphalt Co.—New Director.—
Robert Winsor has been elected
1915.
International Paper Co.—Recent
Acquisitions—Report.—
It
La
19,893,636 18,494.465
1916.
reported recently that the plant of the Aroostook Pulp & Paper
Co. has been transferred to the American
Realty Co., a subsidiary of the
4,445,000
Total
After
rec.,
balances-
29,179
l
Apprec'n of
Acc'ts
2,544,266
______
Depreciation, &c.
1917.
$296,684
$235,197
$588,319
$308,991
From the net earnings of 1919 $502,527 was
deducted, $75,000 for income
and excess profits taxes.
Compare V. 110, p. 1294.
$
3,813,000
1,000,000
Notes payable.___ 1,275,000
Accounts payable. 2,458,733
430,000
134,277
Other assets
1918.
$
First pref. stock..
Second pref. stock.
3,060,272\ 5,218,642
2,204,796/
Accounts receiv'le.
Inventories
a
Liabilities—
1,258,755
464,950
Notes receivable..
1919.
$
950,619
627,000
1918.
$502,527
Jamison Coal & Coke Co.—Sells Coal Lands.—
1918.
$
Cash...
Liberty bonds
formerly connected with
Secretary's office of the Exchange), reports results as follows:
_________
BALANCE SHEET DECEMBER 31.
1919.
Co.—Earnings.—
Results, including Subsidiaries, for Three Months ended March 31 1920.
Net operating profit
$1,006,075 Dividends paid.
$223,025
Res. for depr. & Fed. tax.
310,000 Added to surplus..
$473,050
Net applicable to divs___
$696,075 Total surp. Mar. 31 1920-$2,100,542
are.now at the rate of about
$5,000,000 per annum,
profits taxes and Pref.
1370.
Hupp Motor Car Corp.—Common Dividend No. 2.—
,
April 14, the privi¬
lege of subscribing for the Pref. stock and the Common stock
to the extent
(Mich.) Sugar Corp.—Extra Div.—■
An extra dividend of 3% has been declared on the Common
stock, along
with the regular quarterly dividend of
3%, both payable June 15 to holders
of record June 5.—V. 109,
p. 773.
Ralph E. Hilcken, financial statistician, 72 Trinity Place, New York, who
Increase—
President Max Epstein in a letter to the stockholders under date
of April
5 says in substance:
The stockholders on April 13 approved and
adopted
the amendments
increasing the Pref. stock to 100,000 shares, par $100,
mon
110, p. 265, 559.
Holland-St. Louis
the
General American Tank
300%
•
acted for the company in March last in
securing the listing of its stock on
the New York Stock Exchange (Mr. Hilcken was
265.
p.
Co.—Earnings.—
a stock dividend of 50%, payable in Common
July 15 to holders of record July 5.
This dividend is payable subject
by stockholders at a meeting to be held June 23 of an in¬
crease in Common stock from
$18,000,000 to $27,000,000.
The outstand¬
ing 6% Cumulative Preferred stock is $9,600,000.
Compare V. 110, p. 1287.
Gaston, Williams & Wigmore, Inc.—Officers.—
Burr C. Chamberlain and William M. St. John
have been elected Vice-
Presidents.—V.
$6,000,000 outstanding
16—
to authorization
ten-story and basement, caisson foundation,
a
concrete
now
capacity,
in
on
the
to holders of record April
after deductions for taxes, depreciation, &c.,
$116,316, contrasting with $115,357 for Jan. and $77,265 for Feb. and
making total for quarter ended March 31 of $308,938.1—V. 110, p. 875,365.
1920.
First
tion
on
Cold
deduction for normal Federal income
Trust Co. of Illinois,
Chicago, trustee.
of
Steel
Net earnings for March,
$629,048
Unconditionally guaranteed, principal and interest, by Joseph Byfield,
Eugene V. Byfield, Ernest L. Bjfield, Owen D. Oilman and Isadore Cohen.
Dated March 1 1920.
Due serially each Sept. 1 1922 to 1930.
Red. at
103 to Sept. 1 1925 and at 101 thereafter.
Int. payable M. & S. without
Letter
declared
stock
Storage Co., Chicago.—Bonds
Offered.—Central Trust Co. of Illinois, Powell, Garard & Co.
and Taylor, Ewart & Co.,
Chicago, are offering $1,200,000
First Mtge. Leasehold 7% Guaranteed Serial
gold bonds.
from
been
were
—V.
Data
has
The company has declared
1916.
$970,444
Retirement of Preferred stock.—V.
Fulton
2%
Harbison-Walker Refractories Co.—Stock Dividend.—
Chicopee Falls, Mass.—Earnings.•
__
Preferred dividends
Deduction
*
of
Common stock, par $100, payable May 1
V. 110, p. 470, 365.
115,874
,
Netprofits.,
[Vol. 110
3.
Steel Corporation, now owned.
Said Corporation shall deliver
out of the stocks
under this
agreement,
distribution
approximately
so thus received,'for
$4,142,400 Class "A"
and $2,885,000 Class "B" 2d
Pref. stock, this stock to be
stamped so that
all dividends declared thereon
up to Jan. 1 1923 shall be paid to the Lake
APR. 24
1920.]
THE CHRONICLE
Superior Corporation, unless the Steel Corporation
or
the Lake Superior
Corporation declare a dividend on its Common stock, in which event the
holder shall receive the dividends thereon for the periods in respect of which
any dividends may have been so declared.
4.
The present outstanding issue of
Bay Ry. Co. 1st M. 5%
by the Lake Superior
$10,080,000 1st M. 3%
poration only as to the
of annual
$10,080,000 Algoma Central
Hudson
Gold Bonds, guaranteed as to principal and interest
Corporation, shall be converted into an issue of
Gold Bonds, guaranteed by the Lake Superior Cor¬
first 40% of principal and only as to the first 1%
interest.
The present
outstanding issue of $5,000,000 Algoma Central Terminals,
Ltdr, 1st M. 5% Gold Bonds, guaranteed as to principal and interest by the
Lake Superior Corporation, shall be converted into an issue of $5,000,000
1st M. 5% Gold Bonds guaranteed by the Lake Superior Corporation, only
as to the first 50% of the principal, and only as to the first 4% of annual
main for distribution among its stockholders 5-6 of a share of the stock of
the Island Corporation, for each share of stock of Metropolitan
Corporation.
In the event of the consummation of the settlement it is
proposed to take
immediate steps for the dissolution of the Metropolitan Corporation and
Corporation to stockholders of
the Metropolitan Corporation upon the foregoing basis.
The
the distribution of the stock of the Island
Metropolitan
Corp.
agreement
interests will have representation upon the Board of the Island
The depositors will vote April 29 on approving the plan and
of
reorganization or settlement.
Committee.—Charles C. Matchett, Howard Wilson, David U. Page,
Dwight E. Potter, Richard M. Russell, with Austin Agnew, Sec., Ill
Broadway; and Stancbfield & Levy, Chadbourne, Hunt & Jaeckel, Holmes,
Rogers & Carpenter, Counsel.—V. 108, p. 175.
met and discharged upon the following payments: (a) Railway Bonds:
in years 1921, 1922, 1923, 1924, 2% in year 1925, 3% in year 1926
1%
and
annually thereafter,
(b) Terminal Bonds: 4% in years 1921, 1922, 1923,
1924, 5% in year 1925 and annually thereafter, unless the joint net earnings
in the respective year of the railway and terminals companies, after deduct¬
ing depreciation and reserves, shall be sufficient to pay, in fractions of not
less than
of 1%, additional interest up to the respective rates of 3% and
5% for said year pari passu.
,
In lieu of existing sinking funds, there shall be provided by the railway
and paid to the trustees for the railway and terminals bonds on June 30
1926 and each year thereafter as a sinking fund, a sum equal to H of 1%
per annum on amount of railway and terminals bonds that have been
issued; such payment to be guaranteed by the Lake Superior Corporation.
5. The Lake Superior Corporation shall make up any deficiency in joint
net earnings of the railway and terminals companies for the year ending
June 30 1920, required to pay the interest for said year at the rate of 4%
per annum on the terminals bonds, and 1 % per annum on the railway bonds.
6. The committee shall transfer to the Lake Superior Corporation, as its
sold property, free from any lien or claim, 75,000 shares out of a total issue
of 125,000 shares 5% non-cum. Pref. stock, par $40, of the Algoma Central &
Hudson Bay Ry. Co.
The voting power on said shares and on $5,000,000
Common stock of Algoma Central & Hudson Bay Ry. Co., now owned by
the Lake Superior Corporation, and the entire Common stock of the termin¬
als company, at present owned by the Algoma Central & Hudson Bay Ry.
Co., shall be vested in trustees jointly selected by the committee and the
Lake Superior Corporation and be used to elect as officers and directors the
nominees of the Lake Superior Corporation, so long, and only so long, as
the interest and sinking fund upon the bonds of the railway and terminals
co's is punctually paid; and in case of such payments for each of the five
years beginning July 1 1920. the said voting trust shall thereupon cease.
During the continuance of the said voting trust no dividends shall be
declared or paid upon the share capital of the railway company.
7. The funds of the terminals company now held by the committee
(approximately $1,000,000) and the proceeds of realization therefrom shall,
so long as tne voting trust, as provided in Clause 6, exists, remain in the
hands of the committee, subject to use with the consent of the committee
for working capital of the railway company or for improvement and develop¬
ment of the properties of the railway and terminals companies or payment
of liability of said companies or either of them.
Upon the determination
of the voting trust the balance of said funds shall forthwith be paid to the
terminals company.
8. All defaults existing as of June 30 1920, under the trust deeds securing
the railway and terminals bonds, and any and all liability thereunder shall
be waived
and of
no
further effect.
Corporation further agrees to procure the Algoma
Steel Corporation to proceed with and complete a new combination rail and
structural mill unit so as to bring its capacity of standard steel products
up to 500,000 tons annually, paying therefor out of new capital, loans or
earnings accruing up to July 1 1923, not required to pay interest or dividends
on bonds and Preferred stocks of the Algoma Steel Corporation.
The report for the 9 months ended March 31 will be found under "Re¬
ports" above.—V. 110, p. 1295, 1192.
9.
The Lake Superior
Minneapolis Steel & Machinery Co.—100% Stock Div.—
Manati (Cuba)
Sugar Co. of N. Y.—
An interest in the company is quoted as saying:
"It is
moderate sized stock dividend will be paid this year,
not unlikely that
a
but nothing like
50 or 100%.
It will probably be two or three months before the directors
take any such action.
A special stockholders' meeting will probably be
called to authorize an increase in the capital stock, as the present authorized
Common stock ($10,000,000) is all issued and outstanding."—V. 110, p. 82.
Marland Oil Co. of Mexico.—Stock
tribution represents delayed dividends which were not paid owing to hard
times.
With this increase in stock, he says, "we still have more than
$1,000,000 in surplus."
Compare V. 109, p. 482.
Mohawk Mining
Martin-Parry Corp.—Common Dividend No. 2.—Sales.—
A quarterly dividend of 50 cents a share has been declared on the capital
stock, payable June 1 to holders of record May 17.
An initial dividend of
50 cents a share was paid March 1.
Pres. F. M. Small is quoted as stating that the sales for the first three
months ending March 31 1920 were $1,149,000 (against $700,000 in 1919);
earnings approximately $199,000.—V. 110, p. 1647, 1531.
Thomas Bradshaw,
Mercantile
Co.—Tenders
April 28, receive offers for
Metropolitan Petroleum Corp.—Settlement of Oil Suits
& Transport Co.—Property &c. to be Trans¬
ferred to Island Oil Company .—
The committee named below have prepared and adopted a plan and agree¬
ment dated April 20 1920, of reorganization or settlement of the affairs of
A brief resume of the plan follows:
The controversies between the Metropolitan Petroleum Corp. on the one
hand, and Richmond Levering & Co., Inc., Island Oil & Transport Corp.
and others, on the other hand, together with all litigation arising therefrom,
have been adjusted by an agreement of settlement dated April 14 1920,
which has been approved by the below named committee and by the
Metropolitan Corporation, subject to the approval of the
stockholders.
By the terms of the agreement the Metropolitan Corpora¬
tion is to confirm to the Island Corporation the ownership of all properties
heretofore conveyed by it to the Island Corporation, and also is to transfer
to the Island Corporation any other rights that it may now hold directly
or indirectly in the Republic of Mexico.
All outstanding debentures of
the Metropolitan Corporation are to be canceled and releases exchanged.
Under the settlement the stock of the Metropolitan Corporation will be
surrendered to one of the parties with whom the settlement is be'ng made,
and will receive 525,000 shares of the stock (v. t. c.) of the Island Corpora¬
tion.
After payment of all debts, taxes and legal and other expenses in¬
curred by the Metropolitan Corporation, it is expected that there will re¬
directors of the
427,248
15 Mos. to
12 Mos. to
Oct. 31 *18.
July 31 *17.
$1,566,842
(7)525,000
(6)90,000
(2%)200,000
Common dividends
Balance, surplus
109, p. 1278.
.i
$290,563
$751,842
$1,270,029
-V.
Monomac Spinning
Co.—Capital Increase—Stock Div.—
The stockholders have voted to increase the
capital stock from $1,200,000
to
$5,000,000.
Of the new stock $1,200,000 will be distributed to stock¬
holders in the nature of a 100% stock dividend.
The remaining $2,600,000
will be offered to stockholders at $100 per share in the
proportion of 1 1-12
shares for every share held after the issue of the stock div.—V. 110,
p.
Mullins Body
Corp.—Earnings
82
—
Total business for March 1920 is
reported as $406,000, leaving a profit
This brings the total profit for the first quarter to more than
$283,000 before Federal taxes.—V. 110, p. 566, 1648.
of $132,000.
Nevada
Consolidated
1920—March—1919.
Copper Co.— Output
f 1920—3 Mos.—1919.
(lbs.).—
Increase,
3,700,000
3,650,000
—V. 110, p. 1648, 1193.
50,000
New Cornelia Copper
11,731,938
Decrease.
12,200,000
468,062
Co.—Dividend No. 2.—
A dividend of 25 cents per share has been declared on the stock, payable
May 24 to holders of record May 7.
An initial dividend of like amount
was paid Nov. 25 1918.
The Calumet & Arizona Mining Co. owns 1,229,741 shares of the Cornelia Copper Co.'s stock.—V. 110, p. 1648, 1419.
New
Jersey Zinc Co —To Inc. Cap.
The stockholders will vote,
Stk.—20% Stk. Div.
on May 12, on increasing the capital stock
$35,000,000 to $50,000,000.
Of the $15,000,000 new stock, a stock
dividend of $7,000,000 will be paid, equal to 20% of present holdings.
In
addition, shareholders will have the right to subscribe to another $7,000,000
stock at par ($100).
The remaining $1,000,000 of the new stock is to be
offered for subscription to employees.
The declaration of the stock dividend and privilege of subscribing to
additional stock will be acted upon by the directors at a subsequent meet¬
ing.—V. 110, p. 567.
from
New York Telephone Co.—To
Pay Bonds
—
The $953,000 Gen. Mtge. 5% bonds of the New York & New Jersey
Telephone Co.. due May 1, will be paid off at maturity at office of Metro¬
politan Trust Co., 60 Wall St., New York.—V. 110, p. 1532, 1295.
Niagara Falls Power Co.—Quarterly Report.—
Combined Quarterly Income Account for 3 Months
Canadian N. P. Co.).
1920.
ending March 31
1920.
1919.
(Incl.
1919.
$53,9411 $68,794
Oper. revenue.$l,429,925 $1,272,322 Non-oper.rev
Oper. exp__-_
286,138
263,408 Net income._._._$895,302 $887,077
114,000
52,000 Int. on fund, debt 339,362
329,940
18,687
10,192
Oper. taxes
188,426
138,631 Miscellaneous
Amortization..
Non-op.rev__
$841,361
1295.
$818,283 Balance,
surplus_$537,253 $546,945
—V. 110, p.
Nicholson File Co.,
The
Providence.—100% Stock Dividend.
Capital stock has been increased from $5,000,000 to $10,000,000,
declaration of 100% stock dividend.
Certificates for this additional
will be issued after May 1 1920, to stockholders df record April 19,
in the
proportion of one new share for each share held.—V. 110,
North Butte
Calendar Years—
1919.
Dividends
Rate
....
___
p.
1648.
Mining Co.—Earnings—Cop. Output (Lbs.)
Gross income
$3,584,776
Operating expenses, &c__ 3,021,368
Ore depletion
429,937
Balance, surp. or def_sur.$133,471
Profit & loss, surplus....$2,826,866
5,238,783
620,421
430,000
(6 2-3)
$4,615,217
3,974,090
1,387,689
1,075,000
(16 2-3)
1916.
$7,120,259
4,640,664
1,075",000
(16 2-3)
def$71,876df$l,821,742sr$l,404,595
$2,693,394
$3,465,270
$5,287,012
Increase. 11920
March
1919.
1,833,176
687,542
110, p. 876.
1920
1917.
1918.
$5,517,328
3 Mos.
1,145,63415,541,745
1919.
3,967,033
Increase.
1,574,712
—V.
Northern
York
New
Utilities,
Inc.—To Pay Notes.—
The $376,600 6% Convertible notes due May 1 will be paid off at
office of Columbia Trust Co., New York.—V. 106, p. 1235.
Oil
& Mineral Land
maturity
Leasing Bill.—Regulations.—
This bill, as signed by the President on Feb. 25 and the regulations issued
thereunder, will be found in last week's "Chronicle" on pages 1600 to 1604.
Gas & Electric Co.—Notes Offered.—Harris
Savings Bank, Chicago, are offering at 98.72 and
int. yielding 8% $765,500 7% Secured Gold notes of Sept.
Oklahoma
Trust &
1918.
with Island Oil
corporation.
Decrease.
—
The Bankers Trust Co. of N. Y. will, until
the sale to it of 15-year 5% debenture bonds and scrip certificates, to an
amount sufficient to exhaust $1,000,000 now in sink. fund.—V. 110, p. 82.
the
1919.
3,545,898
14 Mos. to
Toronto.—New Officer.—
recently Finance Commissioner of Toronto, has been
a director.—V. 107, p. 2193.
y
:/
Stores
Mos.
Dec. 31*19.
at
elected Treasurer and
(1920——3
187,898 3,118,650
Net, after maintenance, deprec'n, &c_.$1,059,313
$2,038,779
First preferred dividends
_____(8M%)656,250(8^)656,250
Second preferred dividends
-(7M %)112,500(7>|)112,500
Mexico, consisting of
2,000,000 shares of nominal par value of one peso each, is offered at $1 a
share to stockholders of record April 30 of the Marland Refining Co. and
Kay County Gas Co. to the extent of one share for each five shares of
Marland or one share for each ten shares of Kay stock held by them.
The new company is reported to have acquired control of a 280,000-acre
tract in the Panuca district and a 50,000-acre tract in the State of Tobasco
with permission to explore 8,000,000 acres of land in the State of Sonora.
—V, 110, p. 82.
Ltd.,
Decrease.
Moline Plow Company .—Annual Report.—
stock
Refining Co.—Stock Option.—
Co.,
Co.—Copper Output(Lbs.).—
1919.
1,041,874
1,229,772
—V. 110, p. 1419, 1192.
by the
The capital stock of the new Marland Oil Co. of
Massey-Harris
March
1920
Offered.—
See Marland Refining Co. below.
Marland
|of 100% has been declared, payable in Common stock.
This will increase outstanding Common stock from $1,500,000 to $3,000,000.
J. L. Record, Chairman of the Board, is quoted as saying that this dis¬
(P.) Lorillard Co.—Listing.—
The New York Stock Exchange has authorized the listing, on and after
May 1, of $6,062,240 additional Common stock, par $100, making the total
amount of Common stock applied for $30,311,200.
This stock is issued:
40,411 shares pro rata to the holders of the Common stock, and 20,211.4
shares to persons connected with the management and operation of the
company.
(See V. 110, p. 1093.)
The proceeds will be used as additional
working capital for the corporate purposes, in the purchase of current sup¬
plies and in the payment of loans contracted for the purchase of current
supplies.
Compare V. 110, p. 1093, 1081, 876.
,
A stock dividend
interest.
However, the interest coupons on both the railway and terminal bonds
for the year ending June 30 in each of the following years shall be fully
1753
Circular
shows:
Due Sept. 1 1921.
Red. at 101 and int. prior to Sept. 1 1920; on Sept. 1
Int. payable M. & S. in New York
1920 and thereafter at 100^ and int.
Chicago.
Denom. $1,000 and $500 (c*).
Harris Trust & Savings
Bank, Chicago, Trustee.
Company agrees to pay interest without deduc¬
tion for any normal Federal income tax up to 2%, which it may lawfully
pay at the source.
or
Entire Oklahoma Gas & Electric System.
Feb. 29 1920. Feb._ 28 1919.
$3,668,141
Gross earnings
$4,339,212
878,017
Net, after expenses and taxes.
1,153,209
Annual bond & secured note interest charge
287,485
Balance for debenture interest, deprec. & sur—
865,724
Compare Y. 110, p. 1193.
Combined Earnings of
Years Ended—
.— _
Otis Elevator Co —Stock Increase.—
The stoclholders voted
April 19 to increase the authorized Common stock
and compare annual
$10,000,000 to $15,000,000.—See Y. 110, p. 1296
report in V. 110, p. 14i0, 1640.
from
Owens
m
Bottle
A stock dividend of
record June 21.
Co.—Stock
Dividend,
Earnings,
&c.—
5% has been declared payable July 1 to holders of
Vice-Pree. William S. Walbridge announced that the prof it for the first
quarter of this year was $-1,135,117. compared with $540,130 for the same
period in 1919.
It is stated that sixteen plants are operate*! by the Owens
Company and its subsidiaries, which are the American Bottle Co., the
Graham Glass Co. and the Charles Boldt Glass Co.
Charles A. Schmettan and L. T. Williams have been elected directors.
Cal. Year
15 Mos. to
Year to
1919.
Oec.31'18.
Sept. 30'17.
Net
$3,266,389
$4,355,111
988,238
1,363,517
$4,713,692
698,179
■— —
1,000,000
.$3,066,767
$3,015,512
Dividends from controlled companies-.
Profit from controlled companies
Gross income
Federal taxes and contingencies
Special depreciation
surplus
-V. 109, p .2270, 1799.
vote May 5 on
increasing the capital stock from
_
said:
(4rr^
J
the company to issue $10,-
000,000 5-year convertible 7% notes, proceeds to be used to finance the Pitt
River project, of which the company,now has complete control.
The notes
are convertible into Common stock at 80.
It is understood that the issue
has been sold to a syndicate of San Francisco bankers.
recently took over the properties of the Sierra & San
i5-year lease (V. 109 p. 2362). The Pacific
Francisco Power Co. under a
Company has announced that it will
$15,000,000 during 1920 for enlargements
Gas
be necessary to expend about
and addition to its system.
Commission on the joint application of Pacific Gas &
Electric, and the Northern California Power recently authorized the latter
to issue $443,000 Ref. and Consol. 5% bonds to refund the debentures
The Calif.
RIt.
due Feb. 1.
of the Northern
latter company's
being merged with the Pacific company's properties as of Oct. 3
The company has purchased the stock and properties
California Power Co., Consolidated (V. 109, p. 1366), the
system
Arleigh D. Richardson, of Dion, N. Y.;
W. Seaman's Estate, and Frederick F.
Steel
Paragon Refining Co.—Additional Stock Offered.—
additional Common stock
The directors have voted to offer $2,000,000
$25.
Shareholders of record May 3 will be entitled to subscribe to
33 1-3 % of their holdings, i. e., in ratio of one new for three old, there being
$6,000,000 Common stock now outstanding.
Signed warrant accompanied
by at least 25% of subscription must be returned to the Treasurer by May
10. while the balance may be paid in quarterly installments on July 10,
Sept. 10 and Nov. 10.
Proceeds will be used to permanently finance the cost of expansion and
improvements and to provide working capital for additional crude and
refined products that must be carried.—V. 110, p. 172.
at par,
1918.
1919
*$2,353,021 *$1,572,475 *$3,527,729
112.873
200,971
254,327
taxes)
$3,782,056
450,000
Interest charges
$1,773,446
454,571
86,494
178,425
$1,053,956
437,500
407,865
$3,021,768
437,500
407,865
$889,817
.—
$2,465,893
398,820
104,165
185,591
$1,777,317
income
Depreciation and renewals.
Exhaustion of minerals
Balance.-..
$208,591
$2,176,403
.
Preferred dividends
437,500
{!%%)
Common dividends (1 y2 %)
Balance,
surplus.
496,255
71,932
192,101
earnings from operations, after deducting charges
for maintenance and repairs of plants, amounting to $1,518,717 in 1920,
$1,298,708 in 1919 and $1,003,071 in 1918, respectively, and also after
provision for excess profits &c. taxes.—V. 110, p. 867.
*
These are the net
Riordan Pulp & Paper
Co.—Capital Increase.—
authorized an increase in the Common
The shareholders will be given the
right to subscribe to the new $1,500,000 stock at $125 per share in the ratio
of one new share for each three shares held.
It is payable in two install¬
ments of $62 50 each on May 5 and June 5.
1
The regular quarterly dividend of 2K% has been declared on the Com¬
mon stock payable May 15 to holders of record May 8.
Compare V. 110,
p. 1420, 1193.
stockholders
The
on
April
15
stock from $4,500,000 to $6,000,000.
Works Co.—Notes Offered.—H. D.
offering at 95 and int., yield¬
ing 8.25%, $130,500 Secured 6% Gold notes (see advertising
pages).
Bankers state:
Roanoke (Va.) Water
Robbins & Co., New York, are
Phelps Dodge Corp.—New Director:—
succeed the late James McLean.—V. 110, p.
has been elected a director
1532, 1522.
Phillips Petroleum Co.—Additional Stock, Etc.—
The stockholders of record April 30 are offered the
before May 20 for 128,000 shares of the unissued
ratio of one new share for eaeh four old shares,
Nov.
1
1919.
Due Nov.
Int. payable M. & N. at New York Trust Co., trustee.
int. date at a premium of y % for each unexpired 12 months
maturity.
$100 (c*).
on any
Capitalization Outstanding March 1 1920 (not incl.
*
bringing the outstanding stock up to 640,000 shares.
This stock has been
underwritten.
Subscription warrants (for full shares only) will be mailed
shortly after April 30 1920.
President Frank Phillips in circular dated April 15, says:
The directors
deem it advisible to issue this additional stock to liquidate obligations in¬
curred in the purchase and development of properties.
Since Jan. 1 1920
174 oil wells have been added by drilling and purchase, making a total of
613 oil and gas wells as of this date.
We contemplate completing over
100 additional wells between now and Sept. 1 1920, which will be located
properties which now have production or are adjacent to producing pro¬
The stability of the company's position is evidenced by the large
of undrilJed proven acreage and considerable number of wells already
completed from which its income is largely derived.
Our third gasoline
plant, now under construction, will be completed during the summer.
Since organization each quarterly statement has shown a substantial
increase over the previous quarter.
For the three months ending March
31
1920, net earnings before depreciation, were:
Jan., $304,683: Feb.,
$397,557; March, $466,985: making a total of $1,169,225 as against $340,771 for same period last year.
Red.
before
this issue of notes).
Outstdg.
A rah.
Outstdg.
Arab.
$1,500,000 $960,000
Gen. M. 6s, 1934—
400,000
*
6% notes, 1921
150,000 *114,000
1st M. 6s, 1936
1922..—
6% Pref. stock
6% notes,
-
Common stock
$150,000 *$19,500
650,000
550,000
250,000
250,000
and secured by deposit
Gen. Mtge. 6s, due 1934.
Both maturities issued under same Indenture
with Trustee of entire issue of $400,000
31 1919.
$55,396
——-$153,542 | Bond &c. int.—
Gross
Net, after taxes
95,632 [Balance
For description of property, water supply, &c., see
—
40,236
V. 102, p. 349; V. 105
394.
p.
Rockwood & Co., Brooklyn, N.
right to subscribe on
Capital stock in the
held at $26 25 per share,
$1,000, $500 and
Denom.
1922.
1
Earnings for the 12 Months ended October
Mathew C. Fleming, attorney for the company,
or
Frank L. Babbott and John W. Suggett.—
Republic Iron & Steel Co .—Quarterly Earnings.—
Net (after Federal
Other income
Dated
to
Fitzpatrick, President Railway
fill vacancies caused by
Spring* Co., have been elected directors to
retirement of John F. Alvord,
V. 110, p. 771, 1284.
...
110. p. 975, 472.
1919.—V.
Vr-v:-v
,
Calif.—Notes Auth., cfee.—
RR. Commission has authorized
see
1193.
Remington Typewriter Co.— New Directors.—
Robert P. Loomis, representing
C.
"The decision of the
lend $5,500,000 to the Chinese Government
is concrete evidence of the company's intention to foster a Chinese-American
trade entente.
It will be remembered that the Pacific Development Corp.
is also largely interested in the new $10,000,000 Chinese-American Bank.
It is understood that banking interests in the Pacific Development Corp.
foresee tremendous possibilities in cultivation of the Chinese market."
—V. 109, p. 1898.
'
Pacific Gas & Electric Co.,
Mos.—1919.
Decrease.
108,000] 11,684,073
12,412,000
727,927
under "Reports" on a preceding page.—V. 110,
Increase. [ 1920—3
1920
$4,006,299
Corp.—To Increase Capital Stock.
$10,000,000 to $25,000,000, par $50.
■
The "Boston News Bureau" some time since
company
1649,
$4,006,299
Pacific Development Corp. to
The
For annual report,
p.
,
1,161,470
Co.—Output {in lbs.).—
Ray Consolidated Copper
1920—March—1919.
3,900,000
3,792,000
Total
Pacific Development
The stockholders will
$3,833,069
1,174,485
1,533,066
$3,641,667
574,900
profit
The Calif.
[Vol. 110.
THE CHRONICLE
1754
Charles Wesley, of
—V.
Y.—New Director.—
Hollister, White & Co., has been elected a
110, p. 1420.
Savage
director.
r
Corp.—Acquisition—Directors
Arms
—
The company as of April 1, through the purchase of the Capital stock from
Westinghouse & Mfg. Co., acquired the J. Stephens Arms Co. of
Chicopee Falls, Mass.
The Stevens Company manufactures shotguns,
small bore rifles and pistols and was purchased for the purpose of rounding
out the Savage Arms organization.
W. S. Kies, F. II. Moses and P. R.
Phillips have been elected directors to succeed C. S. Miller, E. M. Willys
and Henry Bruere, resigned.—V. 110, p. 1082.
'
the
on
Sears-Roebuck Co.—10% Stock Dividend.—
perties.
The shareholders will vote June 1 on increasing the
reserve
Adjusted Balance Sheet as of Feb. 29 1920 (see "x" below) and Sept. 1919
[Inserted by Editor.l
[x Adjusted to include sale of 128,000 shares of Capital stock above re¬
to.]
Feb. 20 '20.
Sept. 1919.
ferred
Property, including producing & undev. leaseholds.$25,230,690 $10,575,236
Accounts and notes receivable
826,889
1,454,508
Inventories of warehouse stock and merchandise-_
605,518
28,193
Bonds and securities
27,525
Cash1,714,647
1,902,880
Deferred charges to operations
116,603
234,649
—
——
Total
Liabilities
.
$28,521,872 $14,195,465
—
.
—
Representing 254.956 2-3 shares of no par value.
Never before has the product of any industry been more eagerly sought
after on account of the limited supply and increased consumption.—V. 110,
p. 1648, 1094.
y
Stock Sold.—John Nickerson,
Jr., New York, announce the sale by advertisement on an¬
other page of $700,000
Dividends Q.-M.
(See
as
8% Cumul. Pref. stock, par $100.
V. 110, p. 976.)
of Nov. 30 1919 after giving Effect to This Financing.
Liabilities—
Real estate, machinery, &c
Contract
Cash
rights & intang's
—
Accounts & notes receiv__
Inventories
Miscellaneous
Shaffer Oil & Refining Co.—To
The Continental & Commercial Bank, of
$227,300 xCapital
499,700 Accts. &
399,939
204,493
329,939
16,525
$900,000
145,167
163,638
632,729
notes pay. & accr
Contingent liabilities
Capital surplus
Total
(each side)
$1,677,896
Represented by 7,000 shares of 8% Cumul. Pref. stock, par $100 each,
and 30,000 shares Com. stock, no par value.
Of the unissued Pref. stock
x
id
.
2271.
Shawmut
Steamship Co.—Earnings, &c.—
Surplus earnings for Feb.' 1920, after deducting taxes, depreciation and
dividends, were $177,906, and for the two months of the current year to
Feb. 29, $353,053.
The present dividend rate is $2 50 a share, payable
quarterly ($10 p. a.) on the outstanding
equal to
Earnings.—The earnings for the first 3 months of 1920 have been received
earnings prior to taxes are at the rate of 13 times Pref. stock
dividends and after Pref. dividends, at the rate of $22 80 per share for the
Com. stock.
Compare V. 110, p. 976, 1094, 1420.
114,405 shares.—V. 109, p. 1373.
Trading Co., Ltd.—Proposed Stock.
have received the following cable: "The Shell Transport
Kuhn, Loeb & Co.
& Trading Co. announce that in consequence of
incurred by reason of a large increase in the fleet
the capital expenditure
and other considerable
extensions, it is proposed to issue new ordinary shares at par to the share¬
holders of the company in July in the proportion of one new share for every
two held."
The company had
shares and £2,000,000
excess
outstanding on Dec. 15 1919 £12,857,641 ordinary
preference shares.
Additional ordinary shares not in
issuable.—V. 110, p. 1649, 268.
of £53,000 are presently
Sinclair Consolidated Oil
Corp.—Offering of $50,000,-
7]4% Convertible Notes.—The bankers named below are
offering at 98 and int. to yield about 8% $50,000,000 5-year
secured 7lA% Convertible Gold notes, dated May 15 1920.
Int. payable M. & N.
(See advertising pages.)
000
Bankers Making Offering.—Blair & Co., Inc., Kissel, Kinnicutt & Co.,
Montgomery & Co., Wm. A. Read & Co., J. & W. Seligrnan & Co., Spencer
Trask & Co., White, Weld & Co., New York; First Trust & Savings Bank
and Illinois Trust & Savings Bank, Chicago.
Red. all or part on 60 days' notice at 105 and int. if redeemed on or prior
to May 15 1921 and thereafter at 1% less for each year or part thereof
elapsed after May 15 1921 except that in case notes are .issued with stock
purchase warrants attached, those notes not accompanied by their appurte¬
nant warrants will be redeemable at par and accrued int.
Int. to be pay¬
able without deduction for the normal Federal income tax up to 2% p. a.
which company may be obliged to withhold.
Denom. $100, $500, $1,000 and multiples (c*).
Central Union Trust Co.,
Penn. 4 mill tax refunded.
Chase National Bank and
New York, trustees.
Digest of Letter of Pres. H.
quick assets are equal to $123 per share and net tangible assets are
$145 per share on all Pref. stock outstanding and to be issued.
and the net
Pay Bonds.—
Chicago, as trustee, will, until
April 26, receive proposals for the sale of First Mtge. Convertible 6% Sink.
Fund gold bonds to an amount sufficient to absorb $480,000.—V,. 109.
Shell Transport &
Capital stock (auth. 1,000,000 shares of no par
value), 640,000 shares of no nominal or par value
outstanding (including proposed issue); value of
equity
$27,819,632y$13,979,675
Surplus oarnings Jan. and Feb. 1920
702,240
215,790
Notes and accounts payable, &c
Not shown
Balance Sheet
pay
this dividend will increase the outstanding Common stock to
000,000.
Previous stock dividends paid by the company were:
April 1 1911, 33 1-3%: April 1 1915, 50%; and April 2 1917, 25%.
The present stock dividend will be paid out of surplus, which on Dec.
31 1919 stood at $33,574,919—'See annual report V. 110, p. 558; V. 110,
P. 1532.
;
:■■■: : ■roir
•'
To
(Offsetting Above Assets).
Rainier Motor Corp.—Pref.
authorized Common
stock, now $75,000,000, to an amount not stated, in connection with the
plan announced by the board on April 20, for paying a stock dividend of
40% in Common stock on July 15 to Common shareholders of record June 15.
F.
Sinclair, dated April 19 1920.
Company.—Organized in New York and is engaged through subsidiaries
producing, transporting, refining and marketing petroleum and its by¬
products.
It comprises a complete unit in the oil industry, handling the
product from the source of supply to its distribution among the consuming
trade both in the United States and in foreign lands.
Purpose.—Proceeds are to be used in connection witn carrying out a com¬
prehensive plan of extensions now well advanced, including the developin
APE. 24
1920.]
THE CHRONICLE
1*55
ment
tal
to
remainder
tional tankers and other transportation
from time to time by the
of oil properties; the enlargement of some of the present refineries
bring them up to the existing pipe line capacity; the acquisition of addi¬
facilities; and to provide additional
working capital required by the increasing volume of; business.
These
expenditures will better co-ordinate the various branches of the enterprise
and strengthen its position as a world-wide factor in the trade.
Years.
1919.
$15,134,967 $19,640,717 $21,890,898
1,942,680
2,948,518
2,289,662
Depletion, deprec. & amortiz.^.
8,153,504
10,150,175
10,010,772
Surplus
5,038,783
6,542,024
9,590,464
Convertible.—These notes are to be convertible at any time, until 30 days
Union Oil Co. of Delaware.—New Directors.—
United Cigar Stores Co.
substantial interest in
a
the
Mexican
Seaboard Oil Co.
which is
now
Sroducts of petroleum, are located at East Chicago, Kansas City,and WellsChanute,
offeyville, Vinita, Muskogee, Cashing, Houston, New Orleans,
ville, N. Y.
In addition, ten plants are owned and operated for the manu¬
facture of gasoline from casing-head gas, with capacity of 45,000 gals, per day.
Equipment.—The distributing facilities include 4,234 tank cars; a fleet of
about 50,000 tons deadweight capacity (including 17,330 tons under charter)
which will be increased to 136,000 tons upon completion of tankers now
being constructed; an extensive system of marketing stations in 20 States;
bulk-oil terminal facilities for the wholesale trade on the Atlantic seaboard
and Gulf ports; similar facilities at Havana and other ports in Cuba; also
established selling agencies in Europe.
In Cuba we are the largest dis¬
$16,989,627, against $13,330,286 in 1919, an increase of 27^%.—V. 110,
1421.
p.
United Lead Co.—Tenders.—
The
Guaranty Trust Co. of N. Y. will, until April 26, receive offers for
the sale to it of 5% debenture gold bonds, due July 1 1945, at not exceeding
100 and int., to an amount sufficient to exhaust the sum of $300,000.
—V. 84, p. 697.
,
U.
S.
Industrial Alcohol Co.—New Director.—
Thomas A. Howell has been elected
McKenna.—V.
United
Samuel
see Humble Oil & Refining Co.
p.
annual
our stockholders have cause to be proud of the
our company for its banner year 1919, as set forth in the annual
(See "Chronicle" of April 10, page xxxii. of adv.; also see V. 110,
p. 1522, 1637.)
The business of all departments is growing beyond precedent and your
directors are striving in all ways through new construction and extensions
to keep pace with its growth.
Few, perhaps, realize the part being played
by the automobile, the auto truck and the auto bus in the transportation
of both passengers and freight.
Forty trucks left last week to carry tire
fabrics from the cotton mills in Rhode Island to the tire mills in the West.
All of these vehicles are equipped with rubber tires, to-day one of the chief
products of the United States Rubber Co.
The tire business of the country in 1914 was $300,000,000, and in 1920
it is estimated will be not less than $1,200,000,000.
Notwithstanding this
phenomenal growth, I predict even a more startling increase in the future.
[George R. Deshler has been elected a director, to serve temporarily in
place of the late Theodore N. Vail.]—V. 110, p. 1637, 1533.
U. S. Steel Corn..—Annual
Meeting.—
The statement made by Chairman Elbert H. Gary at the annual meeting
April 19, is cited under current news items on a preceding page.—V. 110,
1650,
p.
1284.
United
States
The directors
Co .—Exchange
Worsted
April
011
of Stock
&c.—
13 voted that all the 2d Pref. stock (par $100)
which may be offered, on or before June 10 1920, for exchange into Com¬
mon stock (par $10) now held in the treasury for that purpose, be accepted
and held in the treasury for cancellation at some future time, and that ten
shares of Common stock be issued in exchange for each share of 2d Pref.
stock
of
so offered, to the persons thereto entitled.
1«£
Each outstanding share of 2d Pref! stock can be exchanged for 10 shares
Common stock and, if exchanged prior to June 10, will be entitled,
June 15 1920, to a stock dividend of 5 shares of Common stock.
Should
a 2d Pref. stockholder fail to exchange his stock into Common stock on or
before June 10 he could not participate in the stock dividend.
No dividend
will be paid on 2d Pref. stock until after the stock dividend has been paid
on
to Common stockholders.
Utah Copper
See V. 110, p.
1650, 1533.
Co.—Ann. Results—Copper Prod. (lbs.).—
The report for the calendar year
1919 shows total operating revenues of
$19,554,541, against $44,525,129 in 1918; total net income (including
$2,466,733 of capital distributions from Nevada Consol. Copper Co. (see
V. 110, p. 1648), $8,252,395, against $18,445,779; dividends called for
$1,949,388 and capital distribution for $7,797,552, against $12,589,797
and $3,655,102, respectively, in
1918, leaving a deficit of $1,494,545,
against a surplas of $2,200,881 in 1918.
Total surplus from operations
Dec. 31 1919, $48,999,863, against $50,494,408 in 1918.
1920—March—1919.
Increase. I 1920—3 Mos.—1919.
Decrease.
8,894,596
8.366,000
528,596126.799,991
29,201,000
2,401,009
—V. 110, p. 1195, 877.
Wamsutta Mills, New
Bedford, Mass.—Capital Increase.
The stockholders voted April 15 to increase the Capital stock from
$3,000,000 to $4,000,000 and to offer the new stock to stockholders at par
in the ratio of their present holdings.
Subscriptions to the new stock, it
is understood will be in installments extending over several months.—Com¬
pare V. 110, p. 1533, 1438.
Wheeling Mold & Foundry Co .— Directors.^
W.
B.
Peterson, C.
W. Hendricks,
have been elected directors.—V.
George W. Field and T. C. Wood
109, p. 1468.
Wickwire-Spencer Steel Corp.-—Initial Dividends.—
dividends
Initial
Wolverine
and Imperial Oil, Ltd., above.—V. 110,
1649, 1638.
the
Your Chairman feels that
are
per share on the 80,000 shares of
value $5), and 2% on the $7,500,000
payable May 1 to holders of record April
announced of $1
"reports" above.
1532, 1420.
at
showing of
Preferred stock (par value $100),
22.—V. 110, p. 1650, 1195.
J.).—Sub. Co.'s Reports-
Meeting.—Col,
report.
Class A Common stock
See also advertising pages.—V. 110, p.
Co.—Annual
Rubber
Chairman of
notes and the
Standard Oil Co. (N.
director to succeed the late E. W.
the Board,
April 20 1920, said in part:
Colt,
on
a
110, p. 568, 1412.
States
P.
meeting
tributors of fuel oil.
Listing.—It is expected that application will be made to list both these
preferred stock on the New York Stock Exchange.
For income account and balance sheet as of Dec. 31
1919 see under
Boston.—Earnings.—
The sales in March, as reported from Boston, are stated as $7,131,566,
increase of 42% over 1919; sales for the quarter ending March 31,
an
note to be
producing and selling about 36,000 barrels of oil per day.
Pipe Lines.—The pipe line system aggregates about 2,800 miles of trunk
and gathering lines, extending throughout practically all the oil producing
districts of Kansas, Oklahoma and North Texas, wherein is daily produced
about 65% of all the light grade crude oil produced in the United States.
The main trunk line extends from Ranger fields in Texas to East Chicago.
Refineries.—Ten modern refineries with an aggregate daily capacity in
excess of 45,000 barrels of crude oil, manufacturing practically all the by-
of America.—Sales.—
ending March 31 1920, it is stated,
$16,839,160, against $12,935,688 in 1919.—V. 110, p. 1195, 1082.
United Drug Co.,
;
Interest and discount
has
Co. and John Sherwin, President of the
The gross sales for the first quarter
were
Net after Federal taxes..
prior to maturity, at option of holder, on the following basis: each $1,000
exchangeable for 10 shares (par $100 each) 8% Cumul. Sinking
Fund Pref. stock (new issue) and 2H shares of the Com. stock, no par
value, with an adjustment, for interest on notes and divs. on Pref. stock at
the time of conversion.
It may be decided instead to attach to the notes
detachable stock purchase warrants entitling the holder to purchase the
above mentioned amounts of Pref. and Com. stock for $1,000 plus divs.
on
the Pref. stock.
Such warrants may be exercised at any time up to
and incl. May 15 1922 or if all the notes are earlier redeemed up to 30 days
prior to the redemption date.
At any time after May 15 1922 until 30
days prior to maturity or earlier redemption, the notes are to be convertible
on the same terms, but only if accompanied by the stock purchase warrants
originally attached to such notes.
1
Sinking Fund.—Company covenants to pay the trustees not less than
$2,000,000 on Jan. 1 and July 1 of each year commencing with Jan. 1 1921,
to purchase notes at not over 100 and int.
If within 60 days from the date
of each payment the notes are not available for purchase at 100 and int.
the unexpended balance reverts to the company.
Company is to be en¬
titled to be credited on its sinking fund obligation with the principal amount
of notes retired by conversions, or with the proceeds received by the com¬
pany upon the exercise of the purchase warrant privilege.
Notes acquired
for the sinking fund are to be canceled.
If more than $50,000,000 notes
shall be issued the sinking fund is to be correspondingly increased.
Preferred Stock.—Company proposes to create an authorized issue of 8%
Cumul. S. F. Pref. stock amounting to $100,000,000 of which $50,000,000
is to be reserved for conversion of the present issue of notes.
Red. at 110
and div. Sinking fund of 3% p. a. of the greatest amount of Pref. stock at
any time Issued, payable semi-annually commencing Oct.
1 1921.
Properties.—The corporation and subsidiaries own (1) a 90% interest
in leases on about 500,000 acres in the principal oil fields in Kansas, Okla¬
homa, Texas, Louisiana and Wyoming, about 30,000 acres being what is
termed producing acreage, the balance being reserved for future develop¬
ment; (2) leases on over 150,000 acres scattered througn the heavy and light
oil districts of Mexico; some 5,200 acres of which is under development,
the balance being reserved for future development; (3) long term conces¬
sions for the exclusive exploration of about 1,000,000 acres in Costa Rica,
and about 1,280,000 acres in Panama; (4) a substantial interest in a conces¬
sion covering about 75,000 square miles in Angola, Africa.
Actual drilling
and exploration work has commenced on all these concessions.
Production.—The production from the properties in the United States is
considered settled and stable, the oil at this time being produced from
about 1,860 wells.
From the properties in Mexico company is producing
and exporting in its own facilities about 20,000 barrels of oil per day and
has a potential production of about 100,000 barrels per day.
In addition
increased
F. B. Adams, of Potter Bros. &
annual net earnings shall equal at least 4
Consolidated Net Earnings Including Subsidiaries Calendar
1917.
1918.
(par $100) to $20,000,000 (par $100).
The
stock is to be held available for application
directors to lawful corporate purposes.—See V.
$10,000,000
of the
First National Bank of Cleveland, have been added to the board.
This
increases the number of directors from 17 to 19.—V. 110, p. 1297, 368.
xNo part of the
remaining $25,000,000 notes shall be issued unless the
times the annual interest on the
notes outstanding, including those proposed.
In addition there are outstanding $885,764 Equipment Trust notes and
$3,302,742 Purchase Money Mortgages on properties of subsidiary cos.
Security.—Secured by pledge with the trustees of all the capital stocks and
other securities of subsidiary companies now owned or hereafter acquired
Company may not create any liens and will not permit any subsidiary
to create any liens unless deposited under the trust agreement, excepting
liens on marine equipment and tank cars and purchase money obligations.
The subsidiaries may not borrow moneys except from the parent company
and all obligations representing their capital expenditures must be pledged.
from
110, p. 1650'.
Authorized.
Outstanding.
_x$75,000,000
$50,000,000
$100,000,000
none
5.500,000 sh. 3,757,593 sh
Capitalization after this financing—
5-yr. Sec. 7M% Conv. Gold notes
8% Cumulative sinking fund pref. stock
Common stock (without par value)-,--—
stock
(nominal
or par
Copper Mining Co .—Production (in lbs
Decrease.! 1920—3 Mos.—1919.
1920—March—1919.
217,4411785,334
267,793
.485,234
—V. 110, p. 1328, 1195.
Decrease.
539,855
1,325,189
Stromberg Carburetor Co. of America.—Earnings.—
Calendar
Gross
1918.
1919.
Years—
$858,072
income
$870,566
$372,569
319,238
22,880
Federal
150,000
70,392
$401,328
$279,097
Net
—V.
taxes
profits
109, p. 2363.
has
Terminal Freezing & Heating Co., Bait .—Canceled.—
of the outstanding $10,000
5-Year Collateral Trust 6% Serial gold
notes, due April 15 1920, have been canceled; thereby relieving the com¬
pany of all funded obligations, except its 1st mtge. bonds.—V. 95, p. 425.
Texas Pacific Coal & Oil
Co.—Capital Increase—Officers.
capital stock
stock is to be issued
The stockholders on April 21 authorized an increase in the
$10,000,000 (par $10).
The new
as directors shall determine.
J. Roby Penn was elected Pres. in place of Edgar L. Marston, retired.
Mr. Marston was elected Chairman, a new office created.—V. 110,
p.
from $6,000,000 to
Transcontinental
Oil
Co.—Earnings.—
r
five months ended Dec. 31 1919 shows: Sales, $2,318,005; material cost and operating expenses, $1,777,309; net income, $540,696;
miscellaneous income, $56,337; total income, $597,033; administration and
The report for the
selling expenses,
and net
obtaining
with the
Imperial German Government and the Imperial and Royal Austro-Hunby which The J. G. White Company aided materially in
garian Government."
Corp.—50% Stock Dividend.—
stockholders of record
May 10 subject to the action of the stockholders May 4 increasing the capi¬
50% stock dividend is payable May 20 to
,
—William R. Compton Co.,
distribution among investors,
•
14 Wall St. this city have ready for general
institutions and estajtes an additional supply
glance the exact amount
of the Federal Income Tax schedules showing at a
of tax
$100,000 net income.
furnish another folder com¬
tax free bonds with taxable bonds under the Federal Income Tax
The tabulation gives the comparative figures for incomes from
payable by individuals earning from $3,000 to
Supplementing this leaflet, the firm will also
paring
rate.
$10,000 to $1,000,000 and over.
—In
an
advertisement on another page,
Cedar St. this city, present a
Italian
Government
to
investors
Nations."
internal loans showing the speculative possibilities
who purchase with American dollars.
A complimentary
exporters and investors
turers,
—A.
H.
Whan
&
A. B. Leach & Co., Inc., 62
comparison of British, French, Belgium and
formation of these issues is set out
Co.
Detailed in¬
in the firm's booklet "Bonds of Foreign
copy
will be
sent
to bankers, manufac¬
for present and future reference.
accountants and auditors
120 Broadway, this
Commercial Trust Bldg., Philadelphia, announce this week that
M. Smith, C. P. A., N. Y. and Albert L. Gareis have been admitted
city, and
Harry
Union Bag & Paper
"The War Department
in this award for distinguished
and efficiency in the performance of the war
victory for the arms of the United States of America in the War
$236,586; loss on drilling non-producing wells, $176,384;
profit, after provision for Federal taxes, $184,063.—V. 110, p. 977,
772.
The
Corporation, New York,
of the United States of America recognizes
offered
'
1297, 1195.
for services rendered, as quoted below,
the War Department of the United States to The
been awarded by
J. G. White Engineering
work
Changed.—
quarterly dividend of VA% has been declared on the Common stock,
payable May 15 to holders of record May 1.
Previously dividends were,
paid semi-annually.
In Feb. last an extra of 2%, along with the regular
semi-annual, was paid.
In Aug. 1919 a dividend of $3 was paid, which was
the first distribution since 1907.—V/110, p. 473.
A
All
—A Certificate of Appreciation
service the loyalty, energy
V
Suncook Mills.—Dividend Period
NOTIC E S
21,742
Selling, administration & general expenses, &c
Total income
CURRENT
$350,827
11,594
profits
Other
to
partnership in the firm.
ington
Mr. Smith was formerly Comptroller of Rem¬
Co. of Bridgeport, Conn.
Arms Union Metallic Cartridge
[Vol. 110.
THE CHRONICLE
1756
gLepjorls and Qotummis.
RAILROAD COMPANY
LOUISVILLE & NASHVILLE
1919.
DECEMBER 31
SIXTY-NINTH ANNUAL REPORT—FOR THE YEAR ENDED
Louisville, Ky., April 7 1920.
To the Stockholders
Company:
of the Louisville & Nashville Railroad
MILEAGE.
Total
7.687.64
mileage.
BONDED
OUTSTANDING
Bonded Debt December 31
DEBT.
HANDS
IN
OF
PUBLIC.
$168,112,825 00
1918
CHANGES
DURING THE
YEAR.
Bonds Matured—
Redeemed—
Equipment Series "A" 5% Gold
Evansville, Henderson & Nashville Division GoJd_.
$6.38,000 00
-
130,000 00
_
$768,000 00
Presented for Payment)—
Equipment Series "A" 5% Gold
Evansville, Henderson & Nashville Division Gold
Unredeemed (Not
12,000 00
20.000 00
32,000 00
$800,000 00
Bonds Drawn for
Sinking Funds—
«
Redeemed—
General Mortgage Gold..
_
—
Pensacola Division First Mortgage Gold—a——
-$704,000 00
21,000 00
Newport & Cincinnati Bridge Co. General Mortgage
Henderson Bridge Co. First Mortgage Gold
—
14,000 00
—
,-
61,000 00
800,000 00
Unredeemed (Not Presented for
General Mortgage Gold
Payment)—
— —
Pensacola Division First Mortgage Gold.—
Henderson Bridge Co. First Mortgage Gold
— —
—
—
$58,000 00
13,000 00
18,000 00
89,000 00
889,000 00
Bonds Purchased for Sinking
Henderson Bridge Co.
Funds—
8,000
1,000
1,000
132,000
1,000
First Mortgage Gold—
Unified Fifty-Year Gold-...—-;
—
New Orleans & Mobile Division First Mortgage Gold
Pensacola & Atlantic Railroad First Mortgage Gold
Pensacola Division First Mortgage Gold
00
00
00
00
00
143,000 00
Si,832,000 00
Less-
Sold—
Lexington & Eastern Railway First Mortgage
Bonds
Decrease in Bonds Outstanding Held by the
20,000 00
Public
—
$1,812,000 00
-
Total Outstanding Bonded Debt December 31 1919
-
BONDS
$166,300,825 00
___
—
OWNED.
$40,866,345 33
Company's Issue of Bonds Owned December 31 1918
CHANGES
DURING THE
YEAR.
Bonds Purchased for Sinking Funds—
Pensacola & Atlantic Railroad First Mortgage Gold
First Mortgage Gold..
Fifty-Year Gold—
New Orleans & Mobile Division First Mortgage Gold.
Pensacola Division First Mortgage Gold
.$132,000
8,000
1,000
1,000
1,000
Henderson Bridge Co.,
Unified
-
—
00
00
00
00
00
143,000 00
Bonds Redeemed for Sinking Funds—
Henderson Bridge Co. First Mortgage
Drawn in 1919
Drawn
Gold—
prior to December 31 1918
$61,000 00
22,000 00
—
83,000 00
$226,000 00
LessBonds
Sold—
• •
Lexington & Eastern Railway First Mortgage 5%__
$20,000 00
Bonds in Treasury, Dravm for Sinking Fund—
•General Mortgage Gold
Pensacola Division First Mortgage Gold
$3,000 00
1,000 00 v
-
Bonds in Treasury, paid into Sinking Fund—
Pensacola & Atlantic Railroad First Mortgage
Gold
$126,000 00
1,000 00
Pensacola Division First Mortgage Gold
151,000 00
75,000 00
Total Bonds Owned December 31
1919 (See Table V, page 22 [pamphlet report]).
-.$35,048,345
3,929,000
' 500,000
1,464,000
In Treasury
Deposited in Trust as Collateral
Deposited account of Georgia Railroad Lease
Held in Sinking Funds
i
...
...
33
00
00
00
40,941,345 33
Bonded Debt December 31 1919 (total issue (See Balance Sheet, Table III)
The
following table shows the equipment
jon
hand at the close of each of the past ten
1910.
Locomotives
1914.
1915.
1916.
1917.
1918.
1919.
43,556
1,057
46,398
1,080
46,666
1,095
45,953
1,073
47,505
1,102
52,435
1,149
52,955
1,181
54,017
613
661
671
659
660
666
683
686
2,072
2,666
2,583
2,358
2,264
2,243
2,287
2,347
1,010
45,242
602
616
1,519
AUTOMATIC
1.652
BLOCK SIGNALS.
The
automatic block signals has progressed slowly
account of the difficulty in securing labor and material.
The work
on
At the close of the year
automatic signals were in operation
years:
1913.
1912.
988
43,791
Freight Cars
Passenger Cars
Work Equipment--
on
1911.
959
_
.$207,242,170 33
and
installation of
signals between Maplewood, Tenn.,
Brentwood, Tenn., via Radnor Yard, 14.5 miles, is in
•*
77"-;
progress.
•
between the following points:
Louisville, Ky., and Cincinnati, Ohio
Covington, Ky., and Etowah, Tenn
Calera and Montgomery, Ala
Maunie, 111., and Howell, Ind
Evansville, Ind., and Amqui, Tenn
Montfort, Tenn., and Nashville, Tenn
Jackson, Ky., and Oakdale, Ky
Total
miles
miles
miles
miles
miles
12.20 miles
11.30 miles
.112.00
345.63
63.00
27.80
148.00
719.93 miles
SECOND
TRACK
BETWEEN
CUMBERLAND
The
construction
of
CORBIN, KY., AND ARKLE.
KY.,
VALLEY DIVISION.
approximately
second track, commenced during 1918,
eight
was
(8)
miles of
completed and
placed in operation during the month of March 1919.
Apr. 24
ADDITIONAL
YARD
FACILITIES
business
was
ember 1919.
point, the completion of signalling, water supply for new
yard, air testing facilities, yard offices, &c.
All track work
in connection with rearranging the original yard for handling
completed.
south-bound business is about
VALUATION.
FEDERAL
by the forces of the Interstate
Commission, in connection with the valuation
The field work carried on
Commerce
of
has been completed, with ex¬
this Company's property
Haskins
Messrs.
AT CORBIN, KY.
yard in which to handle north-bound
placed in operation during the month of Nov¬
There remains of the work authorized at this
additional
The
1757
THE CHRONICLE
1920.]
ception of the appraisal of land in a few of the terminals.
At the end of the year there were no government parties
engaged on this Company^ lines, as the work of appraising
the lands has been suspended for several months.
The
Bureau of Valuation of the Interstate Commerce Commis¬
sion has done considerable work in connection with assemb¬
basis of the inventory, but
the work of pricing the inventory has not commenced.
The
accounting work is still in progress.
The work in connec¬
ling the field notes forming the
&
Sells
are
still
assisting
your
small
auditing force in this complicated work.
FINANCIAL.
change in the stock issue outstanding,
and the bonded debt shows a decrease of $1,812,000, as
There has been
no
explained in table under "Bonded Debt."
Of the $6,500,000 Series "A" Equipment Trust Bonds
issued in 1913, there remain outstanding $2,275,000.
The new Series "B" Equipment Trust Bonds referred to
in the last Report were not issued, but an agreement has now
been made with the Director-General and the Guaranty
Trust
Company of New York for two issues of Equipment
purchased by the Director-General to an
Trust Notes to be
yet determined, but which we expect will ap¬
proximate $10,468,500.
amount not
on December 24 1919, issued a Proclama¬
announcing that the railroad properties being operated
by the Director-General would at 12.01 A. M. on March 1
1920, be returned to their stockholders, andupon that date
President Wilson
tion
control
Federal
of
railroad systems, which had lasted
The Congress passed a Railroad
FEDERAL CONTROL.
10 1919, Mr. W. G. McAdoo resigned and
Mr. Walker D. Hines was appointed by President Wilson
as Director-General.
For the entire year your property con¬
On January
Federal control with Mr. W. L.
Mapother as Federal Manager.
The "Standard Return" guaranteed under the agreement
tinued to be operated under
which
executed between the Director-General and your
was
March 14 1919, together with income from
enabled the Corporation to care for all its
expenses, fixed charges, rentals, taxes, &c., to pay dividends
aggregating 7% to stockholders, and leave a surplus which
was expended for additions and betterments to your Comp¬
any's properties.
Company
other
on
sources,
INCOME
for twenty-six months.
Bill, which was signed by
the President on February 28 1920, which granted to such
railroads as would accept certain conditions of Section 209,
a guarantee that
for six months from March 1 1920 their
railway operating income as a whole shall not be less than
one-half the amount named in the contract with the DirectorGeneral of March 14 1919
did that of last
year,
annual compensation, but with
as
reversion to the Government of any surplus, if
earned, above
This Railroad Bill contains some new and
in the method and extent of Government
regulation of railroads and transportation systems, which,
if conservatively
administered, it is believed will assist
greatly in restoring the credit of the railroads.
such guarantee.
radical changes
Attention is called
details of the
STATEMENT.
The income statement, as
of the Auditor for the
to the report
year's business.
consists of
Return," of income collected from other
sources than operations, and of expenses, taxes, &c., which
are required to be paid by the Corporation under the agree¬
ment with the Director-General.
The Profit and Loss statement is only a conservative
the
was
made.
ended
the
been somewhat delayed because
in securing competent assistants.
transfer
Thus
tion with the valuation has
of the difficulty
"Standard
acknowledges the fidelity and efficiency with
and employees of the Company have
The Board
which
officers
the
served its interests.
For the Board of
Directors,
H. WALTERS, Chairman.
approximation, because of questions of accounting, of in¬
terest on balances, and other items, still unadjusted.
SMITH, President.
ACCOUNT.
1—INCOME
NO.
TABLE
M. H.
Corporate Income—
Standard Return for Use of Roads
Less—Tennessee Western
$17,310,494 67
11,574 65
—...
Ii'y included therein..
•
_
$17,298,920 02
Additional
Compensation—
Interest
on
Interest on
82,000 00
Additions and Betterments—Road
125,000 00
Equipment
4
,
207,000 00
Lease of Road—
Income from
& Princeton Branch
& Memphis Division
Sundry Tracks
12,039 70
206,506 20
5,326 02
Clarksville
Paducah
,
....
—
223,871 92
Miscellaneous
Rent
Miscellaneous
Non-operating
Dividend
Income..
J
Physical Property
Income—
•
77,468
803,887
21,509
73,083
Indianapolis & Louisville Railway Stock
Railway Stock
Chicago
Nashville Chattanooga & St. Louis
Stocks..
Sundry
41,034 68
168,249 77
—
—
From stocks held under Georgia
—-
—
—
Railroad lease
--
00
00
22
00
975,947 22
Income
Funded
from
Securities—
Sundry bonds and notes maturing more than one year
bonds held under Georgia Railroad lease
545,345 55
after date
620 00
From
~
545,965 55
Income from
Unfunded Securities and Accounts
Income from
Sinking Funds
;
..—;
Gross Income
Deductions from
517,668 26
462 32
—--
$19,979,119 74
_.
Gross Income—
Rent for Leased Roads-
Decatur
&
Guthrie Railroad
&
134,867 49
524 77
Railroad..
Nashville
Elkton
_
.
Glasgow Railway
28.639 80
....
■'
•
Tax
29,369 78
10«®°7
7,311,258 17
ypl72 55
Rents
Miscellaneous
164,032 06
.
..
Miscellaneous
Interest
Interest
Federal
_
....
'--
Funded Debt
Unfunded Debt
on
on
Corporate
Accruals
—
Expenses
and
Miscellaneous
Income
Charges—
.j.........
....
..
.
.
V
Income
"
39,770 00
--
...
A-'/
'
Total Deductions from Gross Income
Net
:
^
.
Bonds
/-/A
.
•/_. \
v
~
137,242 06
8,802,838 22
-t
$11,176,281 52
— -—----—
......
...
47,472 06
'
•
r
803,649 84
•—
-
:
Accrued premiums on bonds drawn for Sinking Funds
U. S. Gov't Income Tax paid on Interest on Tax-Exempt
241,226 76
-
-
—
.
other Taxes........
Disposition of Net Income—
Income applied to Sinking Funds
Income Balance Transferred to
89,412 32
Credit of Profit and Loss..
■
I
—
..
$11,086,869 2
1758
THE CHRONICLE
TABLE
NO.
[Vol. 110.
II.—PROFIT AND LOSS ACCOUNT.
CREDITS.
Balance to credit of this account January 1 1919
Credit Balance transferred from Income Account
Profit
S72.052.708 73
—
11,086,869 20
Itoad and Equipment Sold
Donations—
on
167 05
Estimated value of land, labor and material donated for transportation purposes
Miscellaneous Credits—
_
19,790 48
__
......
Unpaid amounts
on Pay-rolls, Vouchers, and Freight Claim Authorities audited
prior to January 1 1915
of.
♦Cancellation of charge made to Income Account in 1918 for rental of Tennessee Western
Railway..:
♦Additional Compensation for the year 1918—
written
$34,561 51
58,166 55
_
Interest
on
Additions and Betterments—Road
Interest
on
Equipment
$18,000 00
89,000 00
Sundry amounts
107,000 00
46,667 10
—
.....
—
246,395 16
DEBITS.
$83,405,930 62
.
Operating Expenses, Joint Facility and Equipment Rents Payable, Taxes and Uncollectible
Railway Rev¬
enues, prior to January 1 1918
$867,499 52
Add—Elkton & Guthrie R'd and Glasgow It'y (credit)
1,439 29
$868,938 81
♦Operating Revenues, Joint Facility and Equipment Rents Receivable, prior to January 1 1918 (net
debit)
Add—Elkton & Guthrie R'd and Glasgow It'y (credit)
...
466,884 06
213 95
._
467,098 01
Surplus applied to Sinking and other Reserve Funds...
132 50
....
Dividend Appropriations of Surplus—
Cash Dividend, 3M %, payable August 11 1919
Cash Dividend, SlA%, payable February 10 1920
.
2,520,000 00
2,520,000 00
...
Surplus Appropriated for Investment in Physical Property
Loss on Retired Road and EquipmentOriginal cost and expense of removal of facilities abandoned prior to January
recovered and depreciation accrued
5,040,000 00
'
1
1918,
19,790 48
and
not
replaced, less salvage
1,922 14
Miscellaneous Debits—
♦Amount included in Standard Return and credited to Income
Account in
Western Railway, transferred to a
suspense account during year
Sundry amounts
Balance Credit..
1918, account of Tennessee
11,574 65
54,506 86
66,081 51
76,941,967 17
;
....
*
$83,405,930 62
—»
,
These amounts in the report to the Interstate Commerce
Commission will be included in Income Account
requirements.
in
accordance
with
the
Commission's
,
TABLE NO. Ill—GENERAL BALANCE SHEET.
Dr.
ASSETS.
Dec. 311918.
INVESTMENTS:,
I
Investment in Road and
$225,718,626 39
67,291,065 08
$293,009,691 47
1,805,536 88
1,458,908 73
1,371,000 00
$87,908 73
4,175,818 82
|
Equipment—
Road
Equipment (see Note)
.
$230,764,039 03
66,950,407 54
(Table VI, page 25 [pamphlet report])
Improvements on Leased Railway Property (Table VI)
Sinking Funds—
Total Book Assets..
Bonds, this Company's Issue (Table V, page 22 [pamphlet
$297,714,446 57
1,839,995 93
...
report])
.
1,547,338 96
1,464,000 00
>
■
83,338 96
Miscellaneous Physical Property
Investments
in Affiliated
3,816,260 80
Companies—
(a) Stocks—
5,362,161 66
14,913,200 85
In Treasury (Table V, page
23)
Pledged (Table V, page23)...
$5,363,861 66
14,913,200 85
(b) Bonds—
In Treasury (Table V, page
22)
Pledged (Table V, page 22)
$1,753,019 15
1,200,000 00
$20,275,362 51
1,681,019 15
1,200,000 00
$2,881,019 15
1,483,362 99
1,630,586 99
20,277 062 51
2,953,019 15
1,445,255 48
1,660,027 68
(c) Notes
(d) Advances..
$26,270,331 64
1
_
26,335,364 82
Other investments—
564,721 61
(a)
(b)
8,300,284 86
1,300,000 00
$9,600,284 86
398,287 82
Stocks (Table V, page 24)
Bonds—
In Treasury (Table V,
page 22)
Pledged (Table V, page 22)
491,635 58
8,860,631 92
Notes
(c)
321,387 10
$10,563,294 29
'
*
.9,673,654 60
$335,912,581 83
$339,463,061 08
CURRENT ASSETS:
3,268.698 11
Cash
.
..
2,786,911 20
Special Deposits—
625,926 50
500,000 00
ioC
Total Book Assets
nSf 2R
£to<?k (Table v-
125,921 50
$125,926 50
232,242 69
437,315 35
645,239 22
225,821 54
23,228 70
5,834,970 83
607,270 60
500,000 00
Bonds, this Company's Issue (Table V, page 22)
Cash.........
Pa&G 23)
$5 00
...
107,265 00
■
•
107,270 00
230,729 90
Loans and Bills Receivable
Traffic and Car Service Balances
Receivable
Miscellaneous Accounts Receivable
Interest and Dividends Receivable
Rents Receivable.....
;
II".Ill
....
_
"
203 849 11
I-.-II-.IIIIIIIIIZIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
Net Balance Due from United States
Government
•
23 228 70
4,715,011 37
,
$10,793,442 94
111,593 90
2 988.356 02
\
$11,166,950 2
DEFERRED ASSETS:
33,060 92
5,913,500
984,028
5,555,981
11,009,197
00
0
Working Fund Advances
19 596 04
iy,oyo u<*
Other Deferred Assets—
Southern Railway
Company's Proportion of Bonds Issued Jointly
Other Accounts
United States Government—Accrued
Depreciation
United States Government—Material and
41
51
25
...
Supplies.
5,913,500
1,018,276
6,684,278
9,692,481
00
35
20
33
$23,462,707 17
23,308,535 88
$23,495,768 09
23,328,131 9.
2
UNADJUSTED DEBITS:
698,156 01
Other Unadjusted Debits
572,863 09
CONTINGENT ASSETS:
2,500,000 00
_
^
2,500,000 00
*
L. & N. Terminal Co. Fifty-year 4
per cent Gold Bonds outstanding, endorsed by Louisville &
Nashville Railroad Company and Nashville Chattanooga & St. Louis Railway
Memphis Union Station Company First Mortgage 5 per cent Gold Bonds
per
guaranteed bv "theLouisby theT.niifsville & Nashville Railroad
Company and other interested Railroad
Companies
2 500 000 00
'
2,500.000 00
$5,000,000 00
(
$375,899,948 87
5,000,000 00
Grand Total
$379,531,006 89
$35,066,345 33
3,929,000 00
Securities Issued
Securities Issued
or
or
Assumed—Unpledged (Table V, page 22)
Assumed—Pledged (Table V, page 22)
$35 048 345 33
-.
L
~~~~
3^9291000
*£-~~Doea
00
Trust Agreements not include $10,468,500.00 (estimated minimum amount) for equipment delivered in 1918 and 1919, which is to be placed in two
with the Director-General of
separate
Railroads and the
Guaranty Trust Co. of New York,
as
Trustee.
y
APR. 24
1759
THE CHRONICLE
1920.]
TABLE NO.
Ill—GENERAL BALANCE
SHEET- ■Concluded.
Cr.
LIABILITIES.
STOCKS:
Dec. 31 1918.
Capital Stock—
$71,917.200 00
.
720 00
82,080 00
$72,000,000 00
m
12,116 76
Full shares outstanding,
Fractional shares outstanding
Original stock and subsequent
Premium on Cajpital
$71,917,200 00
720 00
82,080 00
._
stock dividends unissued
_
$72,000,000 00
12,116 76
Stock.
$72,012,116 76
I $72,012,116 76
10,995 02
GOVERNMENTAL GRANTS:
Grants in Aid of Construction
10,995 02
—
LONG TERM DEBT:
Book
Liability—
Funded
$208,979,170 33
207,242,170 33
Debt—Unmatured
this Company (Table V, page 22 [pamphlet report]) —
In Treasury
In Sinking Funds
_
Deposited as Collateral..
Held by or for
$35,066,345
1,371,000
3,929,000
500,000
33
00
00
00
Special
Deposit...
$35,048,345
1,464,000
3,929,000
500,000
.
*
_•
33
00
00
00
40,941,345 33
40,866,345 33
Actually outstanding (Table IV, page 20)
Liability of Southern Railway Company for Bonds
$168,112,825 00
5,913,500 00
$174,026,325 00
354,364 11
Non-Negotiable Debt to Affiliated
.$166,300,825 00
5,913,500 00
■„
Issued Jointly with this Company
172,214,325 00
359,956 60
Companies—Open Accounts.
172,574,281160
$174,380,689 11
LIABILITIES:
Loans and Bills Payable
Traffic and Car Service Balances Payable.
Audited Accounts and Wages Payable.
Miscellaneous Accounts Payable.
Interest Matured,
Unpaid
Dividends Matured, Unpaid
Funded Debt Matured, Unpaid (Table IV, page 21)
Unmatured Dividends Declared
CURRENT
1,300,000 00
167,660 95
327,304 22
448,523 01
2,213,362 00
118,294 00
150,000 00
2,520,000 00
986,647 40
8,750 00
....
Unmatured Interest Accrued.
33,077
210,192
145,118
1,969,322
122,795
152,000
2,520,000
963,821
66
9,300 00
,
...
Liabilities..
Other Current
96
04
62
00
00
00
00
6,125,627 28
$8,240,541 58
DEFERRED LIABILITIES:
35,962 03
Other Deferred
19,739 22
Liabilities
UNADJUSTED CREDITS (see Note):
917,595
12,681.672
25,957,514
388,763
777,813
30
50
66
11
66
Tax
Liability
Accrued
Accrued
Accrued
830,206
12,451,275
28,636,538
411,171
969,471
-
Depreciation—Road.....
.......
Depreciation—Equipment
Depreciation—Miscellaneous Physical Property.
Other Unadjusted
.....—— ....
....
Credits
95
91
04
08
25
43,298,663121
$40,723,359 23
2,398,676 98
821,273 73
223,625 70
$3,443,576 41
72,052,708 73
•
CORPORATE SURPLUS:
Additions to Property through
Income and Surplus
Sinking Fund Reserves
Appropriated Surplus not Specifically Invested
Total
Profit and
Appropriated
Surplus—
2,417,767 46
910,818 55
219,030 62
$3,547,616 63
76,941,967 17
.
.
Loss—Balance
—•—
80,489,583 80
$75,496,285 14
*
2,500,000 00
CONTINGENT LIABILITIES:
L. & N. Terminal Co. Fifty-year 4 per cent Gold Bonds outstanding, endorsed
ville Railaord Company and Nashville Chattanooga & St. Louis Railway
2,500.000 00
Memphis Union Station Company First Mortgage 5 per cent Gold Bonds guaranteed
ville & Nashville Railroad Company and other interested Railroad Companies.
by Louisville & Nash¬
by the Louis¬
2,500,000 00
2,500,000 00
5.000,000 00
$5,000,000 00
Grand
$375,899,948 87
Note.—Does
ntwo
separate Trust Agreements
$379,531,006 89
Total
not include liability
for $10,468,500 00
in 1918 and 1919, which is to be placed
the Guaranty Trust Company of New York, as Trustee.
(estimated minimum amount) for
with the Director-General of
Railroads and
equipment delivered
OTIS ELEVATOR COMPANY
(Organized under the laws of New
ABSTRACT OF STATEMENT TO NEW YORK STOCK EXCHANGE
ITS SIX PER CENT NON-CUMULATIVE PREFERRED
New
Otis Elevator Company
York, October 16 1919.
(hereinafter referred to as
6%
consisting of 45,000 shares of
non-cumulative preferred stock and 65,000
stock of the par value of $100 each.
shares of
common
perpetual.
\
The Company is not a holding company in the sense that
such term is ordinarily employed, but is actually engaged
Duration of Charter,
certificate of incorporation in the manufacture,
sale and erection of elevators, escalators and hoisting appa¬
ratus, with manufacturing plants at Yonkers, New York;
Buffalo, New York; Harrison, New Jersey; Chicago, Illinois,
.and Quincy, Illinois.
under its
IN CONNECTION WITH THE LISTING
STOCK AND COMMON STOCK.
STATEMENT
-Common-
-PreferredAuthor- '
Issued &
ized.
Outstanding.
Organization Nov. 28
September 8 1902
March 21
Of
1910.
AuthorIssued &
ized.
Outstanding.
1898.-84.500,000 $4,000,000 $6,500,000 $6,000,000
6,500,000 6,500,000 6,500,000 6,371,600
6,500.000
6,500,000 10,000,000 6,920,400
....
$10,000,000 of common stock
the
OF
INCREASE OF CAPITAL STOCK.
OF
The
Company) hereby makes application for the listing upon
the New York Stock Exchange of temporary certificates,
on official notice of iSsue in exchange for present outstanding
certificates, as follows: $6,500,000 six per cent non-cumu¬
lative preferred stock, consisting of 65,000 shares of the par
value of $100 each, and $6,920,400 common stock, consisting
of 69,204 shares of the par value of $100 each, with authority
to add $2,513,000 additional common stock on official notice
of issuance on conversion of 5% convertible debentures,
due April 1 1920, or on official notice of issuance and pay¬
ment in full with statement of property acquired or appli¬
cation of proceeds of sale; also with authority to add $566,600
common stock on official notice of issuance and payment in
full, with statement of property acquired or application of
proceeds of sale; and with authority to substitute permanent
engraved certificates for preferred and common stock on
official notice of issuance, in exchange for temporary cer¬
tificates, making the total amount applied for'of preferred
stock $6,500,000 and of common stock $10,000,000.
All of said stock is full paid, non-assessable and no personal
liability attaches to the shareholders.
The Company was I i ncorporated November 28 1898 under
the laws of the State of New Jersey, with an authorized
capital stock of $11,000,000,
Jersey)
remains unissued in the treasury
authorized, there
of the Company $3,079,600,
reserved lor conversion of
such purpose it can be
the company.
the preferred stock, its
voting power and rights to the distribution of dividends and
assets, and rights of holders of common stock respectively
are fully set forth in the certificate of incorporation in the
of which
$2,513,000 is specifically
debentures, and if not needed for
issued for the corporate purposes of
The nature of the preference of
following provisions:
preferred stock shall be entitled out of any and all surplus
profits whenever declared by the Board of Directors of the Company
The holders of
net
to
non-cumulative dividends at the rate
of, but not in any event exceeding,
beginning on the first day of
thereafter, payable quar¬
cent (6%) per annum for the fiscal year
January 1899 and for each and every fiscal year
six per
terly, half yearly or yearly in the absolute discretion of the Board of Direc¬
tors for the time being, and in preference and priority to any payment of
dividend on the common stock for such fiscal year.
In addition thereto, in
the event of the dissolution of the corporation for any cause, the holders
of
th^ preferred stock shall be entitled to receive the par value
of the corporation before anything
ferred shares out of the assets
therefrom to the holders of the
With the assent in writing, or
common
of their pre¬
shall be paid
stock.
the holders of twoand without the assent
shall have power
authorize and cause to be
purpose of secur¬
ing the same or other indebtedness of this corporation, to authorize and
cause to be executed mortgages and liens upon any and all property of this
corporation at such time owned or otherwise held, or to be thereafter
pursuant to the vote of
thirds of the preferred stock issued and outstanding,
or vote of the holders of the common stock, the Directors
from time to time without limit as to amount, to
issued the mortgage bonds of the corporation, and, for the
acquired.
in writing, or pursuant to the vote of the holders of twopreferred stock issued and outstanding, and without the assent
holders of the common stock, the Directors shall have power
With the assent
thirds of the
or
vote of the
The Company may use
ulated
and apply its surplus property,
profits, authorized by
earnings or accum¬
law to be reserved, to the creation and main-
THE CHRONICLE
1760
tenance of a
surplus fund,
or to
the purchase and acquisition of
the Companies whose properties so acquired were transferred
to The Company.
Such Companies were then dissolved:
_
and to the purchase and acquisition of Its own capital stock, and may take the
in payment or satisfaction of any debt clue the Company from time
same
Otis Brothers &
time, to such extent, in such manner and upon such terms as its Board of
Directors shall determine; and neither the surplus fund or property, nor the
to
Company of New York.
Cartwrignt Company of New York.
Sprague Elevator Company of New York.
Graves Elevator Company of Rochester, N. Y.
Crane Elevator Company of Chicago, 111.
Hale Elevator Company of Chicago, 111.
National Elevator Company of Chicago, 111.
Standard Elevator Company of Chicago, 111.
Smith-Hill Elevator Company of Quincy, 111.
Morse, Williams & Company of Philadelphia, Pa.
Stokes & Parrish Elevator Company of Philadelphia, Pa.
Whittier Machine Company of Boston, Mass.
all of which properties and machinery are contained in the
plant account of The Company, with exception of such prop¬
erty which may have been sold, or which may have become
McAdams &
purchased and acquired, nor any of its capital stock taken
in payment or satisfaction of any debt due the Company, shall be regarded
as profit* for the purpose of the declaration or payment of dividends unless
a majority of the Board of Directors shall otherwise determine.
No shares of stock held by the Conipany in any company whose'property
or stock may at any time have been purchased by the OTIS ELEVATOR
COMPANY shall be assigned, transferred or mortgaged except upon the
assent of two-thirds of the holders of the preferred stock issued and out¬
standing, expressed in writing or by vote at a stockholders' meeting; nor
shall this Company, without such assent, vote any such stock of another
Company in favor of the creation of any bonded or mortgaged indebtedness
capital stock
so
of such other Company.
The common stock shall be subject to
,
.
.
,
„
,
,,
,
the prior rights of the holders of
the preferred stock as herein declared.
If, after providing for the
of full dividends for any fiscal year on the preferred stock, there shall
any surplus net profits of such year, or
full dividends shall have been paid on
remain
of any other fiscal year for which
the preferred stock, such surplus
profits shall be applicable to the dividends upon the common stock when
as from time to time the same shall be declared by the Board of Direc¬
net
and
absolute discretion.
election each holder of preferred stock shall be entitled to one
preferred stock held by him, and each holder of com¬
mon stock shall be entitled to one vote in person or by proxy for every two
shares of the common capital stock held by him, and not otherwise at any
their
in
tors
.
obsolete.
At every
vote for each share of
The increase of $2,000,000 of
September 8 1902, was for the
tional working capital.
such election.
March
of issue of Capital Stock, $11,000,000 ($4,500,000 preferred and $6,500,000common), at incorporation,
November 28 1898, was to provide working capital.
The plants of the following Elevator Companies were
acquired at time of organization of The Company by issu¬
ance of stock of said company in exchange for the stock of
COMPANY
OWNS
STOCK
21
passed at
The purpose
THE
a
1910,
is explained in the following resolution
special meeting of the stockholders on that date:
"Resolved, That of the increased common capital stock, authorized at
this meeting, there be retained and held unit sued in the Company's treas¬
ury,
for the purpose of conversion of the debentures to be issued and dated
April 1 1910 an amount of said increased common stock always at least
equal to the authorized aggregate principal amount of said debentures,
viz.: $3,500,000, less, however the principal amount of any such debentures
retired and canceled after their issuance.''
IN
THE
FOLLOWING
COMPANIES.
Where
Name of Company—
♦Otis Elevator Co. of Illinois.
Incorporated.
♦Otis Elevator Co. of Texas.
____
Duration.
1906 Perpetual
Pennsylvania
Marine Realty & Improvement Co
1906
"
100
Missouri
Texas
1906
"
100
1906
"
100
;_.New Jersey
New York
Security Elevator Safety Co...
(In process of liquidation)
Hindley Gear Co. of Philadelphia.
..Pennsylvania
Standard Elevator Interlock Co....
..Pennsylvania
Berlin,
..Germany
Otis-Fensom Elevator Co., Ltd., of Toronto) Ontario
Otis
Gesellschaft
Aufzugswerke
Germany.
Canada._
Stock
Date.
Illinois
♦Otis Elevator Co. of Pennsylvania
♦Otis Elevator Co. of Missouri
preferred stock, authorized
of obtaining addi¬
purpose
The increase of $3,500,000 of common stock, authorized
OF CAPITAL STOCK.
PURPOSE OF ISSUE
[Vol. 110.
1909 20 Years
1904 Perpetual
1913
1901
Par Value.
$100
100
100
"
"
100
$1,000,000
100,000
25,000
50,000
200,000
300,000
$1,000,000
100.000
24,700
50,000
200,000
300,000
1,000
10,000
100
Owned by the
Otis Elevator Co.
Issued.
$1,000,000
100,000
25,000
50,000
200,000
300,000
Authorized.
1,000
30,000
30,000
30,000
of
1913
"
1905 Perpetual
./Canada
....
Tyler Co. of Cleveland, Ohio-.—
Ohio
Compagnie Beige de* Ascenseurs Otis, Bruxelles, Belgium.....
.Belgium
Waygood-Otis, Ltd., London, England
.England
Ateliers Otis-Pifre of Paris, France
.....Paris
4,000,000 Marks
1,500,000 Com.
1,000,000 pref.
200,000
100
,
"
1910
"
1898
"
1913 to 2000
I
100
250 francs
£1
Francs
300,000
£500,000
6,000,000
none
2,500,000
3,951,266.47 Marks
1,445,800 Com.
/
200,000
s
49,900
300.000
£400,000
6,000,000
280,550
£116,800
3,500,000
*
The organization of The Company in different States is rendered necessary to conform with certain State laws.
The holding of stock in other
companies is for the purpose of enabling the Company to receive the benefits of the transaction of these Companies in this and foreign countries, in
which transaction of business by the Company is impracticable for one or another reason.
DEBENTURES.
March 21
1910 there
were
issued April 1 1910 $3,500,000
5% ten (10) year gold convertible debentures, payable
April 1 1920.
Of these debentures there still remains out¬
standing $2,513,000.
The Company may purchase in the
open market at not exceeding 102 lA% and accrued interest,
and may, at any time after April 1913 on any interest date,
redeem any or all debentures issued and outstanding at
102^% of principal amount, together with accrued interest
thereon at 5%.
!
Notice of such redemption shall be given by four weeks'
publication, and all so purchased or redeemed immediately
canceled by the Trustee, the New York Trust Company,
and
no
debentures issued in substitution thereof.
There have been
purchased with cash to date for redemp¬
bonds; in addition 5 debenture bonds
in July and 158 in August were exchanged for common stock
at par, making redeemed or retired to date 987 bonds,
leaving 2,513 outstanding, as shown by the Balance Sheet
of the Company, and certified to by the New York Trust
Company, Trustee.
These debentures are convertible, at the option of the
holder, at any time on or after the first day of April 1913
into One Thousand Dollars ($1,000) par value of the Com¬
mon capital stock of the Company, as the
capital stock shall
tion
728
debenture
At Yonkers there are 25 main buildings of brick construc¬
tion, ranging from 1 to 5 stories in height and covering a
floor space aggregating 632,426 square feet.
At Buffalo there is one large machine shop, one story high,
with offices, and one steel and iron foundry combined, cover¬
ing a floor space aggregating 214,421 square feet.
At Quincy there is one large machine shop, foundry and
office building, covering a floor space aggregating 132,150
square feet.
At Harrison, foundry, machine shop and iron shop and
assembling shop, covering floor space of 263,300 square feet.
At Chicago two large machine shops/which have been
used during the war period for Government work, and covers
a floor space of 103,755 square feet.
The railroad facilities of above plants are connected by
switches running into the plants—at Yonkers, N. Y., with
N. Y. Central RR.; at Harrison, with Pennsylvania RR.;
at Chicago, 111., with C. B. & Q.; at Quincy, 111., with C. B.
& Q., and at Buffalo, with N. Y. Central RR.
The Company owns no railroad equipment.
DIVIDENDS.
The
Company has paid dividends as follows:
1903-06.
In addition to its factory
buildings and land at Yonkers
Chicago and Quincy,
111., the Company owns properties, maintained as branch
office buildings, in which are the Sales and Service Depart¬
ments, in the following cities:
and Buffalo, N. Y., Harrison, N. J.,
Rochester, N. Y.
San Francisco, Cal.
Portland, Ore.
Houston, Tex.
The
Omaha, Neb.
Philadelphia, Pa.
St. Louis, Mo.
Spokane, Wash.
Kansas City, Mo.
Detroit, Mich.
New Orleans, La.
Cleveland, O.
Oklahoma City, Okla.
substantial and most of them of brick
to three stories high,
appropriate locations for our business.
Valu¬
ations of these different properties w ill be found in the State¬
ment of Fixed Assets covering Land, Buildings, Equipment
and Equity.
'
The manufacturing properties cover a total of 75 acres of
land, 8 of which are in Yonkers, 30 in Buffalo, 21 in Quincy,
3 in Chicago and 13 in Harrison, and with the
exception of
Harrison, which is leased for a period of 19 years, are all
held in fee simple.
or
buildings
concrete
are
construction, from two
situated in
2%
1907-10
—
1911-13
be constituted at the time of the conversion.
PROPERTY.
Common Stock.
Preferred Stock.
6% since April 15 1899
.3%
4%
5%
1914 to date
Dividends are payable quarterly in the months of January
April, July and October.
.List of Companies in which Otis Elevator Company owns
stock, which have paid dividends:
#
.
STANDARD ELEVATOR INTERLOCK COMPANY—
1907, 14%; 1908, 11%; 1909, 6%; 1910, 4%; 1911, 1912 and
1913, 16%; 1914, 13%; 1915 and 1916, 5%; 1917 and 1918,
12^%.
TYLER COMPANY—1900-1909, 10%; 1910, 15%; 1911,
37%; 1912 and 1913, 5%; 1914, 13%; 1915, none; 1916 and
1917
40%* 1918 30%
OTIS-FENSOM ELEVATOR COMPANY, LTD.—7%
on cumulative preferred stock paid each year in full to date.
On common stock: 1918-12, 6%; 1913,11 %; 1914 and 1915,
6%; 1916, 1917 and 1918, none.
WAYGOOD OTIS, LTD.—1919, 6% on preference, 2^%
on ordinary.
List of Companies in which Otis Elevator Company own
stock, which have not paid dividends:
OTIS-AUFZUGSWERKE
GESELLSCHAFT OF BER¬
LIN, GERMANY.
COMPAGNIE BELGE DES ASCENSEURS OTIS.
ATELIERS OTIS-PIFRE
OF PARIS,
FRANCE.
Apr. 24
GENERAL PROFIT AND LOSS ACCOUNT FOR
DECEMBER 31 1919.
THE YEAR ENDED
ducting all charges for patent expense, renewals and repairs
of plant and equipment less general and
$3,290,028 94
special depreciation, were
Less
$258,402 77
Reserved for Pension Fund
750,000 00
100,000 00
Depreciation for Foreign Accounts
250,000 00
1,358,402 77
$1,931,626 17
Income
Distribution of Net Income—
Preferred Dividend—
$97,500 00
97,500 00
paid April 15 1919
paid July 151919
paid October 15 1919--.declared payable Jan. 15 1920
134%
134 %
134%
134%
aside
holding the said companies.
To publish quarterly statements of earnings.
To publish at least once in each year and submit to the
stockholders, at least fifteen days in advance of the annual
meeting of the corporation, a statement of its physical and
financial condition, an income account covering the previous
fiscal year, and a balance sheet showing assets and liabilities
at the end of the year; also annually an income account and
balance sheet of all constituent* subsidiary, owned or con¬
To maintain in
1,086,086 28
office
transfer
$845,539 89
Balance to Surplus Account
SHEET DECEMBER 31
GENERAL BALANCE
1919.
ASSETS.
$893,306 53
134,132 70
229,998 11
Bonds and Stocks held for sale
Inventories:
4,005,878 06
materials, finished parts and
raw
work in process at
works and at installations.
5,287,519 10
$10,728,484 50
Investments in real estate,
88
and that all
13,851,297 00
Deferred Assets and Expenses—
Paid and applicable to future
267,027 61
operations
$24,846,809 11
LIABILITIES.
Current Liabilities—
$800,000 00
1,798,707 96
Notes Payable
Accounts Payable
Reserved for Federal Taxes.
750,000 00
Accrued Interest, Taxes, Insurance, &c
Preferred Dividend No. 84, payable January
125,164 25
Dividend
No.
101,350 00
1920.
1,672,722 21
Bonded Indebtedness—
Debenture Bonds due April 1,
RCS6W6S~~*~
1,377,000 00
1920
*
For Pension and Relief Fund
326,007 28
317,452 73
For Contingencies
643,460 01
Capital Stock—
$6,500,000 00
8,108,087 00
Preferred....
Common
14,608,087 00
$3,700,000 00
845,539 89
4,545,539 89
$24,846,809 11
CONSOLIDATED
BALANCE
SHEET.
ASSETS.
Sent. 30
1919.
Current—
$634,277
412,038
3,532,399
Cash
Bonds, Stocks, &c
Receivable
Accounts
352.000
Liberty Bonds
3.840,964
Inventories at Cost
Current
$8,771,678
...
Year
Year
Year
1918.
1917.
1916.
$968,390
300,643
4,207,195
21,500
7.567,327
$898,594
189,683
3,172,962
$9,603,369 $13,065,055
$11,177,101
$978,101
359,203
3,654,409
37,000
4,574,656
6,915",862
$11,727,045 $11,744,528
Foreign
Domestic Corpo¬
in
3,189,843
rations
2,953,089
2.935,122
3,239,802
Deferred—
Expenses
future
••
applicable
operations
;
the
D.
City,
Reb-
Philadelphia, Pennsylvania; K. G. Roebling, Trenton,
E. A. Russell, Chicago, Illinois; W. S. Spauld-
mann,
New Jersey;
ing, Boston, Massachusetts.
The members of the Executive Committee are:—
W. D. Baldwin, F. C. Furlow, C. D. Hilles, G. R.
K. G. Roebling, E.
mann,
Y. R. Thayer, and T. L.
Reb-
Chad-
"T-^
bourne.
The Officers of the
Company are:—
of the Board;
D. Baldwin, Chairman
F. C. Furlow,
President; A. G. Mills, C. G. Comstock, G. R. Rebmann,
J. C. Knapp, Vice-Presidents; T. M. Logan, Secretary;
R. H. Pepper, Treasurer; C. K. Kirkbride, Auditor.
Agent—Corporation Trust Company
of New
York.
ment and
and
cipal office, 15 Exchange Place, Jersey City, N. J., on
third Monday of April in each year.
The Directors (elected annually) are:—
W. D. Baldwin, T. L. Chadbourne, F. C. Furlow, C.
Transfer
Land, Buildings, Equip¬
Equity, less
^depreciation reserve..$10,820,055 $11,520,044
.
preferred stock in accordance wnth the require¬
ments of the Stock Exchange.
The fiscal year of the Company ends on the thirty-first
day of December of each year, at which time a complete
balance sheet wall be prepared.
The annual meeting of the stockholders is held at its prin¬
W.
Fixed—
Investments
record of holders for any purpose.
Hilles, E. V. R.Thayer and-A. G. Mills, New York
New York; C. G. Comstock, Cleveland, Ohio; G. R.
Surplus—
Reserve for Working Capital.....
Undivided Profits
shall be trans¬
and deliverable in the Borough of Manhat¬
tan, City of New York.
To publish promptly to holders of bonds and stock any
action in respect to interest on bonds, dividends on shares,
or allotments of rights for subscription to securities, notices
thereof to be sent to the Stock Exchange, and to give the
Stock Exchange at least ten days' notice in advance of the
closing of the transfer books or extensions, or the taking of
To redeem
payable January
48,
rights, subscriptions or allotments
ferable, payable
a
97,500 00
1920-..-.
Total
director of the Company.
of any
3,191,543 12
tions
15,
a
notify the Stock Exchange in the event of the issuance
rights or subscriptions to or allotments of its securities
and afford the holders of listed securities a proper period
within which to record their interests after authorization,
buildings, machin¬
and equipment; equities in New York,
Chicago and Harrison properties; less de¬
preciation...
10,659,753
Investments in Foreign and Domestic Corpora¬
ery
Common
where
To
Capital Assets—
15,
of
agency or
177,650 00
Accounts Receivable
York,
change in listed securities, of a transfer
registrar of its stock or of a trustee of its bonds
or other securities, without the approval of the Committee
on Stock List, and not to select as a trustee an officer or
175,000 00
-
in the Borough of Manhattan,
agency
City of New York, where all listed securities shall be directly
transferable, and the principal of all listed securities with
interest or dividends thereon, shall be payable; also a reg¬
Not to make any
$352,650 00
Liberty Loan Investment
Less Bank Advances
or
accordance with rules of the Exchange a
istry office in the Borough of Manhattan, City of New
other than its transfer office or agency in said City,
all listed securities shall be registered.
Current Assets—
Cash
Notes Receivable
-V;
v
Jersey.
696,086 28
——-
controlled companies
companies other than the Otis Elevator Companies,
organized in different States, whose affairs are merged in the
annual statement of the Otis Elevator Company of New
Working
for
Reserve
Additional
as
Capital
or
trolled
97,500 00
97,500 00
$390,000 00
Set
subsidiary, owned
dispose of stock interests in other companies unless for
retirement and cancellation, except under existing authority
or on direct authorization of stockholders of the company
for maintenance
Interest Charges
Reserved for Federal Taxes
said constituent,
to
ended December 31 1919 after de¬
The earnings for the year
Net
1761
THE CHRONICLE
I920>J
.
Registrar—The New York Trust Company
of New York
City.
Respectfully submitted,
T
OTIS ELEVATOR
COMPANY.
to
131,640
242,217
$22,987,780 $24,337,227 $27,858,862
$26,403,648
206,204
Total Assets....
260,725
W. D. BALDWIN,
Chairman of the Board.
LIABILITIES.
Current—
$3,200,000
899,310
$6,200,000
1,580,547
$5,512,500
1,265,886
371,761
211,540
184,004
210,000
380,000
138,428
177,144
150,000
38.750
177,144
40,000
177,144
$1,940,270
$4,794,882
$8,146,441
$6,995,530
Debentures
due April 1 1920—... $2,513,000
$3,000,000
$3,100,000
$3,200,000
266,377
81,892
318,575
225,064
497,195
318,575
158,653
250,000
318,575
Notes
Payable.
Payable
$900,000
2.
62,965
Accounts
Reserved
for
Federal
Taxes
Accrued Interest, &c
Accrued Dividends.....
Liberty Loan Collateral.
Total Current...
Fixed—
Convertible
ment of
Reserves—
230,735
675,463
and Relief..
For Contingencies.
For Dividends
Earnings—
For Pension
73,484
1,130,527
Preferred
6,500,000
6,920,387
6,500,000
6,371,587
6,500,000
6,371,587
3,003,914
3,003,914
2,700,000
2,609,303
$22,987,780 $24,337,227 $27,858,862
$26,403,648
preferred dividend
Capital Stock—•
Common...
for
Total
Liabilities
The company agrees
as
■'
6,500,000
6,371,587
Working
Capital
with the New York Stock Exchange
follows:
dispose of its stock interest in any constituent,
subsidiary, owmed or controlled company, or allow any of
Not
to
Committee recommends
property acquired or application of proceeds of sale;
authority to add $566,600 of said Common Stock
also with
on
official notice of issuance
and payment in full, with a state¬
property acquired or application of proceeds of sale;
and with authority to substitute permanent engraved cer¬
ment of
Less
Surplus
that the above described
for $6,500,000 Six Per Cent NonStock and for $6,920,400 Common
Stock be admitted to the list on official notice of issuance in
exchange for present outstanding Preferred and Common
Stock, respectively, with authority to add $2,513,000 of said
Common Stock on official notice of issuance on conversion of
Five Per Cent Convertible Debentures, due April 1 1920, or
on official notice of issuance and payment in full, with a state¬
This
temporary certificates
Cumulative Preferred
tificates for
Preferred and Common Stock, on
official notice
in exchange for temporary certificates therefor;
all in accordance with the terms of this application: making
the total amounts authorized to be listed, $6,500,000 Six
of issuance
per
Cent Non-Cumulative
Preferred Stock and $10,000,000
Common Stock.
WM. W.
HEATON, Chairman.
E. V. D.
COX, Secretary.
[Vol. 110.
THE CHRONICLE
1703
SLOSS-SHEFFIELD STEEL & IRON COMPANY
TWENTIETH ANNUAL REPORT FOR THE
CALENDAR YEAR ENDING DECEMBER 31 1919.
It is the purpose and desire of your officials to bring your
several properties to the highest state of efficiency.
Upon
the completion of the various improvements now under way
PRESIDENT'S REPORT.
Birmingham, Alabama, March 1920.
To the Stockholders of the Sloss-Sheffield Steel and Iron Co.:
Gentlemen:—Although your company entered the year
1919 with a well filled order book at good prices (suffcient
that end will have been attained.
Grateful acknowledgment is made to the heads of depart¬
ments, and employees generally, for their interest and co¬
operation in the management of the Company.
Certified Balance Sheet of your Company as of December
six months produc¬
tion) it soon became evident that the demand for foundry
iron was subsiding, due to the complete cessation of all work
tonnage to practically absorb an average
on
war
materials and the necessary
31st 1919, and statement of earnings, prepared by our
Auditors, also certified, is attached to this report for your
information.
^
Respectfully submitted by order of the Board of Directors.
delay incident to our
changing back to their various commercial lines.
Requests to hold up shipments grew so numerous that by
early Spring we found it necessary to greatly restrict our
output of iron.
Indeed, from April 1st until late summer we
were operating only two furnaces, whereas, ordinarily, five
would have been in blast.
Furthermore, prices had sagged
from $34 00 base at the close of December, 1918, to $26 75
customers
|J. W. McQUEEN,iPresutent.
CERTIFIED BALANCE SHEET, DECEMBER 31 19191
ASSETS.
by the last of March.
Fortunately, however, by co-operat¬
ing with our customers in extending deliveries beyond the
first half we were able to deliver during the year practically
all the iron under contract on January 1st at a good average
Current Cash:
On Hand and
Customers' Notes_$36,002 07
Less: Unearned In¬
terest
Trade
were
Liberty
laborers at
a
time when efficient labor is difficult to
secure.
With the
approaching maturity of an issue of $2,000,000
Bonds (due February 1st 1920), the contem¬
plated electrification of mines and the construction of your
By-Product Plant we found it necessary to provide funds for
a portion of these items, and, under authority of your Board,
on August 1st
last, placed an issue of Ten-Year 6% Gold
Notes, which will enable us to provide for the above expendi¬
tures.
You will recall on April 1st 1918 we paid off $2,000,000 of Bonds.
On February 1st 1920 the First Mortgage
Bonds of $2,000,000 matured and were paid in full.
Not¬
withstanding the payment of these bonds, and the comple¬
tion of your By-Product Plant, the electrification of
your
mines, and other improvements made during the last two
years, costing well over $12,500,000, we have incurred only
$6,000,000 in funded debt, which is represented by the aboveties
are now
are
pleased to state that your proper¬
by mortgage.
free from all indebtedness secured
of
100.000 00—
665,226 12
Indebtedness
Interest.
$101,898 63
i
•
1
Victory
Notes Owned $1,547.500 00
Accrued Interest
11,750 75
$1,559,250 75
Equity in
Employees
Liberty Bonds
5,539 79
Net
1,564,790 54-1.666,689 17
Inventories:
Pig Iron, Coal. Coke, Ore, &c.$l ,384,478 30
Furnace and Mine Supplies..
458,883 37
Merchandise at Retail Stores.
241,696 15—2,085,057 82
$5,780,397 43
Special Trust Funds:
Central Union Trust Company, N. Y.:
For
redemption of First Mortgage Gold
Bonds, due February 1st 1920
$1,288,000 00
53,280 65
For redemption of 10-year 6% Gold Notes
due August 1st 1929
203,106 85
Held as Trustee for Mortgage Bond HoldFor redemption of Coupon Interest
1,286 00—1,545.673 50
-
_
Other Assets
41 359 12
;
Owned
Securities
(Including 1,767 Shares Preferred and
682,233—10,000 Shares of Common Stock of this Com¬
pany taken at Par Value)
«...
'
* **
'
~
'
■
Note D'
Discount and Expenses to Be Amortized
Deferred Charges:
Prepaid Expense, etc
258,885 31
414,958 35
115.583121
Permanent:
Plant
Equipment,
Ore and
Coal Reserves
Less:
.
„
$24,643,708 85
for Depre¬
Depletion
Allowance
ciation and
J
„
^
1,336,590 29
/t
By-Products Coke Ovens (in
Course of Construction)
$5,945,959 00
$23,307,118 56
__
Less: Loss Due to War Con¬
ditions
2,502,959 00—3,443,000 00
26,750,118156
$34,906,975 48
LIABILITIES.
Current:
Notes
Payable—Secured:
Purchase Money Note given for Purchase
of Additional Land
Unpaid
Freight
Wages
Unclaimed
$25,000 00
-
Accounts Payable:
For Purchase, etc
Unpaid Wages—Not Due._
Store Coupons—Unredeemed
Time Checks—Outstanding.
Customers' Credit Balances.
Dividends Payable Jan. 2nd,
$912,125
13,495
30,311
132,624
13,674
3Q1
7,984
33
79
61
40
91
50
05
117,250 00
1920-.Federal Income Taxes W ifch-
held
910 23
_
-
Bond Coupons—Not Presen¬
ted
1,232 50—1,229,910 32
Accrued Accounts:
Interest
First
on
BondsInterest
—
Mortgage
$32,439 13
.-
on
10-year 6% Gold
on
Notes Payable..
150,000 00
Notes
Interest
o
♦.
.
^
4,060 27—
186,499 40
$1,441,409 72
T,
Liabilities:
Contracted
£
By-Product Coke Ovens
1.461.845 27
Bonded Indebtedness:
First Mortgage 6%—Due February 1st 1920
10-Year 6% Gold Notes, due August 1st 1929
Deferred Income:
First Mortgage
mentioned note issue. We
$765,226 12
Possible
Bonds
and
electric energy to our North Birm¬
ingham Furnaces,Dolomite Quarry and the By-Product Plant.
Blast Furnaces.-—We have constantly endeavored to im¬
prove your furnace plants and during the year completed the
installation of a skiphoist for No. 3 furnace, North Birm¬
ingham, with new cast shed, overhead cranes and iron
breaker, which breaks and loads iron on railroad cars.
We
have commenced similar improvements on No. 4 furnace,
wnich should be completed within about thirty days.
These
improvements will result in a large saving of labor expense,
and will eliminate the necessity of employing a number of
for
Coal,
-----—
and Accrued
price, but manufacturers are badly behind on
delivery of this equipment. However, sufficient equipment has
serve
Allowance
riL?sses
Certificates
contracted for last Summer and Fall before the recent
been installed to
Iron,
U. S. Government Securities:
advances in
now
Pig
Coke, etc
Less:
tt
166,238 78
Receivable:
Customers,
,
93 24— $35,908 83
130,329 95—
Acceptances
Accounts
output, which was common to nearly all Alabama coal
mines, and, therefore, we only mined for sale the coal the
remaining market would absorb.
By-Product Coke Ovens.—The construction of your new
By-Product Plant, mention of which was made in our last
report, has not progressed as rapidly as we should like, or
as could havelbeen hoped for.
Your company, however,
is not to blame for the delay.
By April 15th we shall in all
probability have these ovens in run, thus effecting a material
reduction in the cost of manufacturing pig iron.
In addi¬
tion, the sale of the by-products will, we confidently believe,
add substantially to the yearly income.
We are pleased
to state it now appears that the original estimate of $6,000,000 as the cost of this improvement will not be exceeded.
Electrification of Mines.—Under authority of your Board
of Directors we are now actively engaged in electrifying
your important Coal and Ore Mines.
This necessitates the
construction of transmission lines, power houses, &c., with
full equipment, involving an outlay of something like $1,500,000, but the saving in costs and increased outputs will, we
feel sure, justify this expenditure.
Power necessary for
generating this current will be available by utilizing surplus
gas at the By-Product Plant which might otherwise be a
waste product.
The supplies, equipment, &c., necessary
$1,197.185 54
Bills Receivable:
price.
The condition of the trade had so much improved by
August that we were able to blow in two more furnaces, giving
a total of four which were kept inblast the balance of the year.
The market began to stiffen perceptibly during October
and November, and by the end of the year a base price of
$38 00 had been reached.
At the beginning of 1920 we
began booking good tonnages with our regular customers at
advanced prices, and at this writing we have five furnaces
making iron.
The demand for foundry iron is now quite
large, and, as we are not committed on any appreciable ton¬
nage at low prices, we have every reason to believe that the
results for this year will be favorable.
Due to the above reasons our production of pig iron for
1919 was only 250,000 as compared with 387,000 tons in
1918.
There was a corresponding decrease in your output
of ore and coal and coke.
The Railroad Administration
saw fit to buy a large part of its coal in Tennessee and Ken¬
tucky at prices less than the price fixed by the Fuel Adminis¬
tration for Alabama coal.
This resulted in a decreased
Deposit
on
Rentals
on
*1,288.000 00
6,000,000 00
Outside Lands
6,096 37
Reserves:
For Furnace Repairs and
For Rails and Wire Rope
Relining
For Accident Liability Insurance
For Income
Taxes—State
of
(Estimated for
For
Federal
year
Income
(Estimated for year
For Contingencies-
-
Alabama
1919)
and
1919
1
$132,341 56
49,044 66
9,970 32
35,000 00
Profits
Taxes
385,000 00
310,000 00—
——
921,356 54
Capital Stock:
Nominal
7% Preferred Authorized...$10,000,000 00
Less: Unissued.
3,300,000 00
'■
$6,700,000 00
Common:
Authorized and Issued.
„
„
.
Profit and
0
,
Loss-Surplus
10,000,000 00
$16,700,000 00
7,088,267 58
23,788,267 58
$34,906,975 48
*
Cash has been placed in hands of Trustees for payment.
Apr. 24
PROFIT
■—
Total
*
THE CHRONICLE
1920.]
LOSS-SURPLUS ACCOUNT.
AND
%\xz (&zmxnxzxzml '£iwcs.
iTEST
ended;december 31ST 1919. ~
year
1763
Operating Profits:
including" Ad¬
After deducting all Expenses of Operations,
ministrative
Other Income:
on
The word of order is caution throughout the great avenues
|
claim against U. S. Government
r7''
American
longer order goods freely for distant delivery.
_
$1,525,207 30
Ovens
of
no
By-Products
Loss—Construction1 of
for
Friday Night, April 23 1920.
$1,778,819 95
-
Recovery
COMMERCIAL EPITOME
Expenses/Repairs, [Maintenance,'.Renewals,
VST etc
HF
trade.
prices
High
hesitation.
cause
Men
They
are
disposed to keep close to shore.
1,497,377 90
the
The Japanese crisis and
big declines at the Stock Exchange tend to
make
$3,276,197 85
Less: Expense
the
most
27,829 40
applicable to claim
And the people are
heedless reflective.
Deductions:
Bond Interest
Interest on 10-year
stirred by the continuance of the high cost of
$109,158 48
150,000 00
•—
6% Gold Notes
matter what economic
502,213 31
Depreciation and Depletion Charges
761,371 79
(Estimated for year
Taxes
for
Provision
bama
and
Income
Federal
$385,000
1919)..
of Ala¬
$2,514,826 06
,,r*r
Profits
00**
they
are
being robbed and have been for
and they are sick of it.
ing
35,000 00
420,000 00
$2,094,826 06
Dividends Paid:
the country.
over
clubs say
They
are
a
long period
Like a
well
as
as
Overall Clubs.
There is
a
spirit of revolt
reasons
Jan.
117,250.00
1920-
law strike
Payable
1919—1%%,
2
cost
117,250 00
-
$469,000 00
-$150,000 00
5 1919—1
Nov.* 4 1919—IH%
transportation
—
require the presentation of
600,000 00
lend
1,069,000 00
Balance to Surplus
$1,025,826 06
Account for Year
$6,227,542 63
December 31st 1918
Reserve for Federal Taxes,
Year 1918 to Amount Actually Paid
they
more
a
warehouse.
good
And
More¬
some
banks
bill of sale before they will
speculative
sure
purposes
Collections
that the loan
by storing the
are
not
so
good
Failures have recently increased.
were a year ago.
so
Production and
than normal.
They wish to be
be used for
a
pace
closely scrutinized.
commodities.
on
not
Business is not
Adjustment of
as
it
was
at the beginning of the
year
94,993 79
month ago.
The season is late for grain planting;
it has been too cold and wet in the Southwest.
The cotton
49,905 10
crop season
or even a
Adjustment of Reserve for Bad and Doubtful
Accounts Receivable
It is too dry in Texas and too
River.
The high price now
current tends to increase the cotton acreage, but scarcity of
labor may interfere.
The scarcity of raw materials and labor
at big industrial centres hampers production.
Iron, steel
wet
$6,372,441 52
Less: Reserve for Contingencies.
.
310,000 00
6,062,441 52
Profit and Loss-Surplus
are
commodities in
as
Surplus Accounts:
Per Report,
will
credits
still felt.
are
slower
a
over
g
-
still at
are
150,000 00
5 1919—1M%
freight traffic it raised the
of food.
150,000 00
150,000 00
May" 6 1919—1M%
Aug.
that by stopping
was
One of the
severely condemned the out¬
so
The effects of the strike
Common Shares:
Feb.
why public opinion
liter¬
are
organizing Calico
women are
June'25
Nov. 18
are sweep¬
clothes until they
new
Even the
everywhere against the continued living costs.
Sept. 25 1919—lfi%
be
striking back.
Mar. 27 1919—Df %
———$117,25000
1919—1H%
117,250 00
No
may
Those who will not formally join such
they will not buy
ally compelled to.
Clubs
m
Preferred Shares:
otherwise,
prairie fire Old Clothes Clubs and Overalls Clubs
Income Taxes—State
(Estimated for year 1919)
or
adduced for the high, prices of merchandise the people be¬
lieve
_
for
Provision
theory, sound
deeply
living.
Account—December 31st 1919--.$7,088,267 58
east
is backward also.
the Mississippi
of
and coal trade
are
affected.
At the
same
time there is
no
great falling off in the demand for these commodities.
The
trouble is simply to get them.
Raw silk has fallen very
Report from
mated
sharply in Japan and also here.
Raw wool however is
bringing 15 cents a pound more than at this time last year.
Meanwhile luxuries are still in brisk demand, though it is
true that at the fur auctions lower prices have been made.
There is a big business in jewelry and to all appearances
there is no slackening in the demand for automobiles.
European buying of American wheat and rye is still re¬
latively large, especially rye.
Legitimate trade in this
country though noticeably slowed down in the East and
Central West, is in a sound condition.
Increasing prudence
only emphasizes this fact.
Speculative markets have re¬
ceived a sharp and not altogether unwholesome check.
In parts of the Southwest where the railroad strike had
less effect the trade situation has made the best showing.
The closing of the leading stock exchanges of Japan for
three days owing to a violent decline in prices and the closing
also on the 16th inst. of the silk cotton and rice exchanges of
Tokyo after ten days of falling prices gave American grain
cotton and provisions markets as well as stocks a shock
which caused big declines.
May corn fell 10 cents per
bushel in a few days, cotton $6 to $8 per bale and other
commodities in proportion after which there was a momen¬
tary upturn.
The rumors of financial troubles in China
it is hoped are ill founded.
The impression rightly or
wrongly, however, is that liquidation or deflation has begun
the
in the United States
ERNST
&
ERNST
Audits and Systems.
Cincinnati, March 2d, 1920.
Officers and Board of Directors, Sloss-Sheffield Steel &
To the
Iron
Company, Birmingham, Alabama.
Gentlemen:
Per instructions
tions
we
have examined the recorded transac¬
reflected
by the books of Sloss-Sheffield Steel &
Iron Company, Birmingham, Alabama, for the year ended
December 31st 1919, and have prepared from the records
submitted the annexed Balance Sheet and Profit and Lossas
Surplus Statement, as of the date stated. *
The Company's Cash, Securities and Special Fundswere
verified by actual count and
inspection, and by certificates
received from the dspositories and holders.
Liberal allow¬
ance has been made for losses due to uncollectible Customers'
Bills and Accounts Receivable.
The Inventories of Mer¬
chandise and Supplies were carefully examined and computed
by us and were certified to by responsible officials of the
Company as to quantities and valuations.
It is our opinion
that
the Inventories
are
conservatively stated.
Provision has been made for all ascertainable indebtedness,
contingent, including the Company's esti¬
Liability for Federal Income and Profits Taxes for
period under review and for assessments for additional
taxes due, which are subject to final adjustment.
Provi¬
sion has also been made for Depletion and Depreciation of
the Company's properties in accordance with rates previously
both direct and
established.
*>•
'*«■*
w-***
With the
exception of several law suits pending for damage
aM'injury claims, for which the Company would be respon¬
sible for nominal amounts only, no other contingent Liabili¬
ties were reported to us, provision for which had not been
made
on
the books.
M
Subject to the foregoing, -we hereby certify, that we have
examined the books and accounts of the Sloss-Sheffield
Steel & Iron Company, Birmingham, Alabama, and have
prepared therefrolh the annexed Balance Sheet and Profit
and Loss-Surplus Account as of December 3lst 1919, and
that, based upon our examination and information furnished
us, we are of the opinion that the Balance Sheet is drawn so
as to correctly reflect the financial position of the Company
at the date named, and that the relative Profit and LossSurplus Statement is correct and the books are in accord
therewith.
i
Yours very
[SEAL]
truly,
ERNST &
Clubs
Certified Public Accountants.
are
Parade
springing
well
up.
Broadway
movement also to save
as
abroad and will
pursue
i^s
on
There will be
a
big Economy
morning.
There is a
hats and shoes; also on lunches
to-morrow
on
instead of paying the
high prices charged by restaurants. The people are becoming
angry at the persistence of high prices for the necessaries
by carrying lunch boxes to business
The
life.
of
way
to clip high costs of both commodities
program
as
follows: Don't
Wear your old clothes and last year's straw
hat.
Make your shoes last another year.
Make things
over for the children.
Cut the table to things of the simple
life, and be the better for it.
Let profiteering factories
close. Let the workman sell his automobile, work efficiently,
and labor is set forth in one
buy anything.
and sweat.
of Justice at Washington has what is
"Flying Squadron" investigating retail prices here.
The Department
termed
Its
ERNST,
as
perhaps gradually but none the less surely.
The movement to check extravagance
and encourage
country-wide economy and bring down the high cost of
living is gathering momentum. It reaches from the Atlantic
to the Pacific.
Hundreds of Overall Clubs and Old Clothes
course,
a
-province is declared to be to see that there is no prof keep¬
ing in food, wearing apparel, fertilizer and fuel, which are
considered necessaries.
It is added that if merchants want
profits on jewelry, perfumeiy and other
prices on the "necessaries" they can
not be held under the Lever Act.
Clothing dealers are said
to be much worried over the definite movement of wearing
old clothes and overalls as a protest on the part of the public
against high prices.
Some clothing manufacturers have
been frank enough to say that the best
means of bringing
down the price of clothing would be for everybody to wear
old clothes rather ban new suits of overalls.
Already there
charge
to
[Vol. 110
THE CHRONICLE
1764
excess
"luxuries" to lower the
reports that speculators are trying to corner the market
denims, of which overalls are made.
The supply of
denims is said to be rather small.
Recently overall suits
suits sold at 75 cents in Canada, have risen to $2.20.
But
are
for
of the big department stores here and in Brooklyn
beginning, it is declared, to slash prices for wearing ap¬
parel, including shoes, for men, women and children.
A tornado which swept to parts of Mississippi, Alabama
and Tennessee on the 20th inst. destroyed over 140 lives
and did much damage to property.
The Railroad Labor
Board has denied applications of unauthorized strikers for
hearings on the demand for more pay, and adds that no
complaint will be entertained from any persons who are
not using every effort to prevent an interruption of rail¬
road service.
A committee has been organized by the prin¬
now some
are
23.50@24.50c.;
Gasoline in good demand and
steady; motor in steel bbls. 28He.; consumers 30He.; gas
machine 47 He.
The shortage of cars limits the supply of
gasoline, and local stocks are very low.
There are some
supplies being delivered by boat, but they are far from being
sufficient to meet the requirements of local consumers, for
any length of time.
Unless the outlook brightens in the
near future, as regards the rail situation, it is feared a great
many of the local stations will have to close down.
A new
5,000 bbl. well was brought in in the Bull Bayou district,
Red River Parfsh, La.
This indicates not only an extension
of the pool half a mile to the eastward but also the tapping
of a new sand at the 2,850 feet level.
Another extension of
this pool two and a half miles southward was reported to be
bringing in 100 bbls. daily, and there are prospects, it is said,
PETROLEUM
steady; refined in bbls.
bulk 15@16c.;cases 27@28c.
of
a
still better production.
City Derrick says that .shipments of crude and
refinery products by sea from Baton Rouge, Port Arthur,
Sabine, Beaumont, Texas City and Houston during the
month of March aggregated 6,228,985 bbls. as compared
with a total for February of 5,157,141 bbls.
The shipments
of refinery products increased by 819,218 bbls. and crude
shipments increased by 252,626 bbls.
In northern Louisiana
wildcatters are reported to be very active.
Seven wells are
cipal business organizations of New York for the purpose
nearing completion it seems in the Homer, Red River,
of defending the public against the harmful consequences
De Soto and Webster districts.
Stirring times are reported
of
transportation strikes and similar movements. The.
also in California, Montana and Wyoming.
outlaw strike has been largely broken although not all of
service and the move¬
freight is hampered by the fact that many of the
strikers are still out.
New York garment cutters demand
$9 iter week increase to a minimum wage of $51.
It is
estimated that this would add $4,000,000 per annum'to
the cost of clothing. r And with the people already pro¬
testing loudly against its dearness, it
seems a rather
poor time for such a strike.
the'roads have resumfed full passenger
ment of
to
LOWER; prime Western 19.50@19.60c.; refined
the Continent 23.25c.; South American 23.50c.; Brazil
in
kegs 24.50c.
LARD
provisions,
Futures declined with grain,^
panic.
Besides
stocks of products are steadily increasing on a dull market.
To-day prices rose but wind up lower than last week.
cotton, stocks &e., following the Japanese
DAILY
CLOSING
PRICES
OF
Sat.
LARD
Maydelivery______cts_20.25
July delivery
21.05
September delivery
21.75
FUTURES
Wed.
Tues.
Mm.
19.80
20.57
21.35
20.25
21.00
21.75
19.35
20.02
20.80
CHICAGO.
IN
Fri.
Thurs.
19.30
20.07
20.87
19.05
19.80
20.65
higher; mess $43@$43.50; family $52@$53. May
pork closed at $35.60 and July at $36.50.
Beef steady;
mess $16@$18; packet $17@$19; extra India mess $40@$42;
No. 1 canned roast beef $3 25; No. 2 $8 25.
Cut meats lower;
pickled hams 10 to 20 lbs. 27%@28%c.; picnic 15p8@16%>.;
pickled bellies 6 to 12 lbs. 26@28c.
Butter, creamery
extras
75H@76c.
Cheese, flats 20@31c.
Eggs, fresh
gathered extras 48H@49c.
PORK
COFFEE
the
on
spot has been firm, but quiet; No. 7
Rio 15 He.; No. 4 Santos
23%@24c.; fair to good Cucuta
Futures have been steadier on coffee than on
122 @22 He.
most other commodities.
Prices did decline however under
liquidation by American and European holders.
To-day
prices were somewhat lower ending rather irregular as com¬
pared with a week ago.
/
May
cts. 17.85® 18.00
June
18,00® 18.10
July—
August
September
cts
18.15 @ 18.25
18.21® 18.30
The Oil
Pennsylvania
Corning
Kansas&Oklahoma 3 50
Rag! and.
1 75
Wooster
North Lima
4 05
3 73
Corsicana,
Corsicana,
South Lima
3 73
that
sales
have
been
made
to
various refineries
of
some
20,000 tons Philippines sugar for May to July shipment at
19Hc., delivered mostly 96 degrees centrifugals.
Porto
Ricos for May shipment sold at 19.56c. c. i. f.
Increased
offerings o? Philippine and Java sugar are reported and in
some cases lower prices than are asked for Cuban have been
obtained.
Granulated,
17H@23c.
To-day futures
decliined 40 to 45 points, closing weak.
They are lower than
a
week ago.
May
July
September
December
January
cts_ 14.53@ 14 55
14.52@14 53
_14.59@14.60
OILS.—Linseed in only fair demand but steady;
for April delivery $1.84; May-June $1.79, and July
ward $1.66.
But there is little oil available at these prices,
leading crushers state that offerings at lower quotations
are out of the question.
Transportation conditions are still
bad.
Cocoanut oil Ceylon bibs. 18Hc.; Cochin 18H@19c.
Olive lower at $2.85 @$2.90.
Corn lower; car lots 20 @20 He.
Cottonseed, crude immediate $15.50.
Spirits of turpentine
$2.65. ' Common to good strained rosin $18.50.
and
3 00
3 00 Canada
1 75 Caddo, La., light.
3 50 Caddo crude
3 00 De Soto.
Electra
Strawn
4 13
3 50
2 00
3 40
OCEAN FREIGHTS.—With the waning of the railroad
longshoremen's strike, traffic has been rather more
Arrivals and departures of vessels are becoming more
like the normal.
Coal charters have been numerous.
What
active.
Europe wants our grain in
unsatisfactory crops there.
to be seen.
considerable quantities, owing to
A new freight service will begin
next month between New
York, Barcelona, "Marseilles and
Japanese panic will have remains
the
effect
Genoa.
of grain from Atlantic range includ¬
Portland to United Kingdom at lis. 6d. per quarter; flour at 65s.
April 15-May; coal from Atlantic range to Christiania $25 prompt,
merchandise four trips from Atlantic range to a French Atlantic port
$19,50; coal from Philadelphia to Havre $19,50; coal from Atlantic range
to West Italy $24 Welsh form-April-May; coal from Atlantic range to a
French Atlantic port $20.50 May.
Charters included 30,000 quarters
ing
per ton
« ave undoubtedly had
trade.
It could not have beeu other¬
Now the labor situation, however, is better and a
TOBACCO.—The recent strikes
the effect of curtailing
wise.
gradual revival of business is expected, although transporta^
tion facilities are far from being entirely satisfactory at
New York, whatever they may be at the West.
But the
tendency is believed to be toward improvement.
lower; electrolytic, 18.75@19.25c.
that miners of the Butte
and
quiet
On the 21st inst. there was a report
mines had called a strike.
This was a blow to the
producers as it means a curtailed production following the
check to shipments of ore to refiners, due to the railroad
copper
strike.
quiet and lower at 62c.
Although the demand is
light the belief is general that consumers will soon enter
the market in large numbers when tin platej mills resume
operations.
Lead quiet and lower at 8H@9He. The feel¬
ing of depression due to the railroad strike keeps buyers out
of the market.
Zinc lower at 7.85@8c. for spot St. Louis.
TIN
still
PIG IRON has been
The
50%.
over
quiet "with the output stated at not
railroad
strike is responsible for
this.
little better now.
Some demand pre¬
vails from those made nervous by the fact that in the last
The movement is
three weeks
a
prices have advanced $2 to $3.
But the
ques¬
the hour.
plentiful the situation will natuijally
tion of coal and coke is one of the big questions of
When these become more
be
simplified.
STEEL trade prospects are
what though during the past
said to be brightening some¬
week business has been dull
to the_strike handicap.
The output hardly exceeded
Coal is still scarce; the fuel problem is acute.
But
the strike wanes a return to normal conditions is of course
owing
50%.
as
Holland
is
A prospect of an increasing s£eel business -with
of the more cheerful factbrs.
Holland it
one
change from coal to oil fuel in its industries
large quantities of finished steel products.
Inquiries are afoot here for this material, pipe and machinery.
Italy and Belgium also want American steel.
It is well
enough on the other hand to bear in mind that there seems
to be a tendency towards deflation of all commodity prices
in this country.
Meanwhile, howrever, blast furnance coke
has risen to $10@$11; furnace coke at Pittsburgh is $9;
tin plate there for prompt delivery is $11.
Recently 200,000
seems
carloads
and for¬
3 00
Henrietta
and the
looked for.
Cts _14.45@14.47
14.88@ 14.89
light
heavy.
2 75
Mo ran
RUBBER quiet and lower.
Factories and dealers are
holding aloof awaiting events.
Smoked ribbed sheets,
42He.; on the spot, May, 42HC-; June, 43 He.; July, 43He.;
July-Sept., 44 He.; Oct .-Dec., 45 He., and Jan .-June, next,
year,
46He.
Para remains quiet and lower at 41 He.
Central unchanged at 32c. for Corinto.
COPPER
SUGAR, raw, less active; 30 centrifugal, 96 degrees test,
Cuban, 19.54c.; Porto Rican, 1956.
The demand has not
been so sharp and many believe that the crest of the price
wave has passed.
Other commodities as well as stocks have
fallen sharply, following the Japanese panic.
Besides offer¬
ings of sugar have increased.
It is even reported that Ger¬
man sugar is coming here in considerable quantities, and also
some from Czechoslovakia.
Hamburg and other German
ports are to ship beet root sugar to New York.
Freight
engagements are announced from German ports for 9,000
tons of room.
Futures have fallen sharply here.
Receipts
and exports at Cuban ports decreased last week, but stocks
increased.
Sales were reported of Cuba for April and June
shipment at 18He., cost and freight; San Domingos for April
shipment at 18He. c. i. f., and Peruvian molasses sugar in
port at 15He. c. i. f. for 89 degrees.
It was also reported
3 98
-
3 75
18.10@18.20
_
Plymouth
deg.
Somerset. 32
and above
3 50
3 77 Thrall
3 77 Heal d too
Princeton
Illinois
3 92
S3 50
__13 63 Burkburnett
Indiana
$6 10
4 00
Cabell
and
wants to
will
want
tons of rails it seems
sold at $57;
spikesl$4.25;Itrack|bolts|$6.
Ape. 24
1765
THE CHRONICLE
1920.]
On
COTTON
Shipboard, Not Cleared forGer-
Great
Friday Night, April 23 1920.
CROP,
THE MOVEMENT OF THE
as
indicated by
Britain.
Apr. 23 at-
our
telegrams from the South to-night, is given below.
For the
week ending this evening the total receipts have reached
103,524 bales, against 98,720 bales last week and 106,293
bales the previous week, making the total receipts since
Aug. 1 1919 6,242,717 bales, against 4,371,691 bales for the
same period of 1918-19, showing an
increase since Aug. 1
1919 of 1,871,026 bales.
Galveston
New
Texas
2,738
2,606
120
363
24,048
1,398
776
139
105
105
3,088
2,772
5,237
6,600
3,764
50
370
168
471
164
65
24,927
1,288
2,781
2,235
....
•
••
_
Pensacola
—
-
........
Jacksonville
—
—
....
~
—
-
-
....
«...
~
....
-
—
.
.
.
...
....
7
-/
7
Charleston
805
18,042
280
293
580
2,076
1,000
5,458
Wilmington
345
701
200
246
451
217
Norfolk
968
698
625
286
237
694
15,816
1,000
25,458
2,160
3,508
2" 265
3" 543
206
206
60
60
Savannah
Brunswick
«.
-
N'port News, &c.
1,821
4,950
1,953
....
-
...
....
....
New York
*228
"411
Boston
Baltimore
-
-
~I§8
~441
60
-
........
....
-
....
Philadelphia
13,936
12,729
19,018 103,524
following shows the week's total receipts, the total
1 1919 and the stocks to-night, compared with
The
since Aug.
last year:
Since Aug
1 1919.
Week.
Texas
City
Aransas Pass
Port
Arthur, &c.
New Orleans
Mobile
Pensacola
_n
Jacksonville
Savannah
Brunswick
Charleston
Wilmington
Norfolk
N'port News, &c.
New York
Boston
Baltimore
Philadelphia
Totals
Since Aug
11918.
This
Week.
1920.
1919.
230,878
56,119
239,116
13,660
362,641
7,299
33,814 1,473,204
98
63,732
24,048 2,000,582
328,193
1,398!
1,801
"105'
91,975
24,927i 1,164,038
248,718
1,288!
15,795
13,702
7|
15,816 1,190,803
1,000
155,237
409,743
25,458
2,160
139,776
3,508
321,268
4,166
18,107
35,821
3,543
206
84,873
60
18,119
Galveston
Stock.
1918-19
1919-20
This
436,885
20,178
53,527)
25,868 1,198,157,
126,760
4,487
9,812
132
"~6~409
28'
7,416
22,206
17,189
"299
162!
90
84",144
5,111
5,298
5,719
149,979
94,210
255,786
3,015
2,476!
5,023.
190,119
3,800
56,962
59,188
123,545
38~613
59,680!
2,500
2,967
11*500
142,512
9,200
228,566
53,731
72,446
20,549;
816,379
12,469
11,540
6,392
3,312
90,323 4,371,691 1,224,542 1,260,341
103,524 6,242,717
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
wise.
Total.
Stock.
10,000
1,656
61,415
69,182
20,000
1,000
1,272
169,463
293,459
122,512
227,566
6,027
72,096
35,613
124,587
6,000 a26,327
6,065
40,284
10,000
1,000
"350
Norfolk
New
"i"66o
York*
Other
ports*..
Total 1920.
.
Total 1919-.
_
Estimated,
'300
1,700
2,000
15,000
61,822
31,262
33,750
a
6,015
38,968
4,000
22,065
70,311
56,332
16,679
Leaving
350
3,000
17,000
,13,006 173,219 1,051,323
I 3,550 130,112 1,130,229
18,000 72,429 1,357,003
Including 11,655 for Japan.
Speculation in cotton for future delivery has been more
active at a sharp decline.
The drop was largely due to a
panic in Japan.
The Stock Exchanges at Tokyo and two
other Japanese cities were closed for three days.
The silk,
cotton and rice exchanges at Tokyo had to be closed last
Friday after ten days of falling prices.
Losses on the differ¬
ent Japanese exchanges through the collapse of prices re¬
cently are estimated at as high as $1,000,000,000.
On the
21st inst. prices here broke 100 to 160 points on heavy liqui¬
dation.
The market had become overbought on bad crop
news, large consumption and the generally inflated condition
of affairs in American business.
Even now it is feared by
that
we
face the sixth short crop in succession.
But
one trouble thus far this season is that
others contend that
pretty much everybody has been killing the crop before it
planted.
The bears have recently been terrorized.
was
For three months there has been
a bull campaign in prog¬
big long interest has beep
built up here.
Meantime there are rising protests in this
country against the continued high cost of living.
It angers
the people in all parts of the United States.
A remarkable
movement has developed in the organizing of old clothes and
overalls clubs throughout the United States.
It is literally
true that they spread from the Atantic to the Pacific and
from the far North clear down to the Gulf.
They have even
ress.
Receipts to
April 23.
Coast-
Cont't.
100
Mobile
many
15,957
28,738
13,146
Totals this wk_
5,615
1,172
Orleans
Other
many.
Charleston
*
Total.
Fri.
3,466
City
Pt. Arthur, &c__
New Orleans
Mobile
Thurs.
5,141
6,782
3,237
3,544
Galveston
Wed.
Tues.
Mon.
19,088
15,562
10,000
SavannahJ
Total 1918.
Sat.
France.
This of
crossed
course
meant that
a
into Canada.^
There is, it would appear, a
disposition to switch from overalls clubs to old
clothes clubs on the ground that the demand for denims
or overalls suits will tend at least partially to defeat the aim
in view.
That, the campaign for cheaper clothing is having
some effect is clear enough from the fact that some of the big
retail department stores of New York and Brooklyn are
beginning to reduce their prices of wearing apparel, including
shoes.
The tendency towards economy is so sharp in the
country and even here in New York City that it is suggested
people even go back to the old-time custom of carrying lunch
boxes-.
And it is noticeable that the dry goods markets here
has taken on a more sober tone.
Print cloths have been less
over
growing
weaker.
At the same time Manchester
mostly on cloths.
The labor out¬
look in Lancashire is menacing; the contestants are far apart.
Spot sales of cotton at Liverpool continue small.
In some
parts of the South it is said that spot markets have recently
weakened somewhat.
Exports have been small from this
country with exchange depressed, especially Continental.
And legislation aimed at speculation in stocks and com¬
modities is talked of at Washington and Albany.
The
Comers Act is not dead, by any means, it seems.
On the
contrary, it looks as though it might be pushed.
It would
be regarded as a formidable nuisance here by complicating
the trading.
And Governor-elect John M. Parker of Louisi¬
ana expressed th
opinion that the Comers amendment to
the Cotton Futures Act would favor the spinner and be a
active and
prices
are
has been dull and easier,
1920.
Receipts at—*
Galveston
24,048
Orleans-
98
25,868
Mobile
Savannah
Brunswick
Charleston, &c
Wilmington
_
25,458
32,997
3,798
20,117
4,300
11,370
5,000
4,546
121
19,424
12
83
20,859
1,000
1,610
4,487
12,469
2,500
2,967
2,476
5,023
1915.
1916.
20,491
11,151
4,287
15,738
33,814
1,503
24,927
1,288
15,816
1,000
TexasCity,&c.
New
1917.
1918.
1919.
7,501
1,000
1,213
3,508
887
257
3,663
6,242
28
2,160
_
Norfolk
N'port N.,&c.
173
262
764
6,085
9,752
All others....
3",816
593
8,688
10,223
1,083
Total this wk_
103,524
90,323
62,068
66,817
99,812,
34,167
5,788
29,053
1,214
19,405
6,000
2,828
5,800
12,150
3,624
11,646
131,675
Since Aug. 1__ 6,242.717 4,371,691 5,157,182 6,118,346 6,208,863 9,694,855
the week ending this evening reach a total
bales, of which 19,361
were to GreattBritain,
France
and
59,358
to
other destinations.
Exports for the week and since Aug. 1 J.919 are as follows:
The exports for
of
87,211
8,492
to
Week ending April 23 1920.
1919 to April 23 1920.
Exported to—
From Aug. 1
Exported to—
Exports
Galveston..
Texas
City.
Britain.
Other.
Total.
19,748
Britain. France.
25,517 1,252,170
195,607
3,443
5,769
3,443
France.
97,300
20,934
EI Paso
"
216,541
70,284
"7",243
2,025
9*.268
422",367
108",568
Mobile..—
2,496
1,500
3,996
86,054
24,474
8,097
280,728
198", 826
"19", 149
Wilmington.
166,408
90,162
29,363
Norfolk
105,127
Pensacola
_
19,013
_
Brunswick
Charleston
------
8,097
_
.
—_.
New York..
""310 """395 "'222 ""927
4,589
425
100
Philadelphia
525
16,939
500
21,405
Baltimore..
13
—
2,176
2,176
400
82
170,411
11,377
6,489
27,101
92,150
929
4,131
238,705
37,421
36,668
22",458
Tacoma
6,632
4,172
4,172
Total....
19,361
Total *18-'19
5,398
37,421
36,668
"10,093
59,358
87,211 2,790,556!
506,369,2,232,674 5,529,599
30,547
8,492
42,830
Total'17-'18
------
238,705
22,458
6,632
Portl'd, Ore.
Seattle
148,810
375
"
3",202
Angeles)
142,688
96,478
41,333
138,977
3,702
1,400
5,296
375
Providence.
------
21,714
553,109 1,032,663
166,408
132,037
22,726
92", 150
16,847
2,350
14,495
7,593
Boston
250
578,065 1,109,000
115,725
5,197
19,013
"""160
21 614
Jacksonville
Los
380,155 1,729,625
13
"
New Orleans
Savannah
Total.
"""250
Pt. Nogalez
San Fran
Other.
70,284
Houston
73,3771,755,994
35,5411,921,925
583,9701,494,136!3,834,100
20,050
In addition to above exports, our
494,3351,069,0203,485,280
telegrams to-night also
the following amounts of cotton on shipboard*.pot
cleared, at the ports named.
We add similar figures for
give
us
New York.
including grain, sugar, coffee, provisions, &c.
For a time
it looked as though the long delayed deflation of prices for
American commodities had begun in earnest through the
accidental influence of the collapse in Japan.
And it is
said, by the way, a panic is
Great
Great
from—
handicap to the producer.
The stock market here broke
badly early in the week, and this had not a little effect on
cotton.
Prices of all commodities for a time dropped sharply,
imminent in China.
ground that the market in its broader aspects
has been and still is heavily overbought on a long interest
accumulated during the rise of the last two months.
Also
the point is emphasized that at Norfolk, for instance, where
there is a stock of 72,446 bales, spot cotton is only 40 cents
and May here has been around 41 or more, leaving a margin
it is contended, for bringing cotton here at or very near a
profit for delivery on May.
It is added that the effort at
one time was to bHng futures up to the level of spots, where
as now futures as compared with the level of some Atlantic
prices are above spots. But on the 22d inst. prices of cotton
here rallied sharply, i. e., 100 to 110 points from the "low"
of the morning.
This was due locally to an oversold con¬
dition brought about by the previous day's decline.
Also
trade interests were buying.
Japanese interests were also
said to be purchasing.
The outside public took part in the
buying, seeing that stocks were rallying sharply.
Money
rates were comparatively low.
The Federal Reserve Bank
intimated that it was stated that it would do nothing except
to modify the situation as need might arise.
Bulls made the
most of this, whatever it may actually mean.
And Texas
and Oklahoma are dry.
Texas in particular is suffering
from drought.
At the same time the eastern belt has had
too much rain and planting and field work are far behind.
Some reports say that spot markets at the South were refus¬
ing to follow the decline here on the 21st inst.
A WashingSome take the
[Vol. 110.
THE CHRONICLE
17G6
THE VISIBLE SUPPLY OF COTTON
to-night, as made
by cable and telegraph, is as follows.
Foreign stocks, as
'well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
rain fell in the eastern belt.
But with stocks lower and
(Friday), we add the item of exports from the United States,
heavy selling for foreign and domestic account, prices dropped
sharply and end lower for the week.
Middling uplands including in it the exports of Friday only.
closed at '41.65c., a decline of 160
April 23—
1920.
1919.
1918.
1917.
points for the week.
Stock at Liverpool...
bales..1,132,000
521,000
386,000
650,000
The official quotation for middling upland cotton in the
Stock at London.
10,000
13,000
20,000
24,000
New York market each day for the past week has been:
Stock at Manchester
194,000
91,000
58,000
48,000
ton
dispatch
the 22d inst. said that the latest advices
improvement in the Japanese financial situ¬
ation.
To-day prices decline on renewed liquidation and
rather better weather, though Texas was still dry and some
indicated
on
an
April 17 to April 23—
Middling uplands
NEW YORK
1919
1918-.--..-30.40
1917
.20.10
1916
..12.10
10.60
13.25
1915
1914-.
Fri.
41.65
1904.C
1912.c
12.00
14.00
1896.c
8.06
15.10 1903
10.40
1895
6.94
1902
9.50
1894
7 J)0
1909
15.15
_.10.45
1901
8.44
1893
.10.05
1900
9.81
1892
J_
7.81
_
7.38
1899...
6.25
1891
11.65
1898
6.44
1890.
1905
.12.00
11.15
1906
7.SO
1897
7.44
1889.x
MARKET AND SALES AT NEW YORK.
Spot
Fulures
Market
Market
Closed.
Closed.
Steady,
unchanged
Quiet, 50 pts. dec..
Quiet, unchanged._
Wednesday. Quiet, 100 pts. dec.
Thursday
Quiet, unchanged._
Friday
Quiet, 10 pts. dec..
Saturday
Monday
Tuesday
..
SALES.
Spot.
Total.
605,000
Stock at Barcelona
Stock at Genoa___:
Stock at Trieste
........
Total Continental stocks
146,000
395,000
European stocks
.1,941,000
978,000
610,000 1,117,000
India cotton afloat for Europe
106,000
15,000
32,000
37,000
Amer. cotton afloat for Europe..
422,160
353,871
128,000
215,000
Egypt,Brazil,&c.,afloat for Eur'e
66,000
32,000
87.000
50,000
Stock in Alexandria. Egypt
123,000
362,000
316,000
135,000
Stock in Bombay, India
....1,100,000
987,000
*610,000
870,000
Stock in U. S. ports
1,224,542 1,260,341 1,429,432 1,052,931
Stock in U. S. interior towns.... 1,169,597 1,447,440 1,154,082
957,090
U.S. exports to-day
7,791
22,163
11,578
12,722
Total visible supply
100,
6,160,090 5,357,815 4,378.092 4,446.743
Of the above, totals of American and other descriptions are as
100
..bales.
Manchester stock
100
100
lowest and closing prices
at
Continental stock
American afloat for
U. S. port stocks..
Europe
U. S. interior stocks....
U. S. exports to-day
Monday,
Friday,
A pril 23.
__.1...4,398,090 3,715,815 3,089,092 3,141,743
Total American..
Week.
354,000
216,000
527,000
59,000
23,000
43,000
504,000
319,000
*127,000
*324,000
422,160
253,871
128,000
215,000
1,224,542 1,260,341 1,429,432 1,052,931
1,169,597 1,447,440 1,154,082
957,090
7,791
22,163
11,578
12,722
902,000
168,000
East Indian, Brazil, &c.—
Liverpool stock—_____
.—
—
42.25
Closing
—
—1—
—
.—
41.65
41.65
—
—
40.05
—
—.
—r
40.90
—
___
—
—
.—
.—
_
__
42.10-.50 41.51~.25 41.30-.85 40.50-180 40. io-no 49.59-.95 40.10-159
_____
41.65
—
41.68
—
40.50
—
41.65
—
40.65-.70 40.91-.95 49.65
40.60
—
39.55
....
42.25
—
....
41.75
—
....
Closing
39.82-25 39.40-. 15i39.15-.90 28.25-175 38.08-/17 38.12~.75 38.087(25
1
39.85-.95 39.48~.50 39.60-.68 38.52-.56 28.85-.88 38.25-.2S
—
•—
June—
■
Range
Closing
—.
___
__
__
39.85
—■
,—;
41.68
—
39.25
—
—
Closing
India afloat for Europe
106,000
Egypt, Brazil, «&c., afloat.......
66,000
Stock in Alexandria, Egypt
123,000
Stock in Bombay, India
1,100,000
13,000
32,000
34,000
15,000
32,000
362,000
987,000
Range
38.50
38.50
Closing
—
—
38.50
—
37.80
—
38.35
—
37.50
—
—
36.90
—
37.25-550
,—
37.25
—
37.25
—
37.60
—
37.20
—
35.50
—
35.65
—
36.00
—
__
36.95-.05
—
Total East India,
Total American
1,762,000 1,642,000 1,289,000 1,305,000
4.398,090 3,715,815 3,089,092 3,141,743
Total visible supply
6,160,090 5,357,815 4,378,092 4,446,743
Middling uplands, Liverpool
26.18d.
18.53d.
21.98d.
12,88d.
Middling uplands, New York
41.75c.
29.25d.
28.15c.
20.40c.
Egypt, good sakel, Liverpool
87.00d.
30.08d.
32.55d.
30.60d.
Peruvian, rough good, Liverpool.
50.00d.
30.00d.
39.00d.
20.00d.
Broach, fine, Liverpool
22.35d.
16.25d.
20,98d.
12.45d.
Tinnevelly, good, Liverpool....
22.60d.
10.50d.
21.23d.
12.63d
—
September—
Range.
—
37.60
Closing
—
37.00
—
35.50-/50
35.49
—
October—
-
Range..... 36.62-.17 36.20-/25 35.94-.80 34 92a63 34.75-780 34.65-.49 34.65-/25
Closing
♦
37.00-.05 36.29-.33 36.46-.50 35.10-.10 35.44-.50 34.85-.89
....
November—
35.34
Closing
36.25
....
—
135.50
35.70
—
—
—!
—
34.20
Range
~~
34.75
35.34
34.10
—
Continental imports for past week have been 63,000
35.89-.95 35.26-.30 35.46
34.05- 10 34.50-.54 33.86-.92
—
__
—_
.
January—
of
of
figures for 1920 show a decrease from last week
8,517 bales, a gain of 802,275 bales over 1919, an excess
1,781,998 bales over 1918 and a gain of 1,713,347 bales
1917.
over
Range..... 34.60-05 34.40-.28 34.10-.90 33.30 zSO 33 .10 zl 8 33.18-.75 33.10-728
35.00
—
Closing.... 34.50
—
Closing
34.40-.42 34.60
33.55-.57 33.80-.85 33.25-.30
—
AT THE
February—
34.50-.85
_____
March—
34.00
—
■—
—
_
,—
34.20
—
33.10
—
■—
33.35
—
34.50-.85
■—
_—
32.80
—
—
—
*
Range..... 33.60-.08 33.55-. 35 33.30-. 16 32.40 zOO 32.20 e25 32.40-95 32.20-Z35
34.00-08 33.55-.57 33.80 — 32.64-70 32.90-00 32.40-.45
Closing
INTERIOR TOWNS the movement—that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year—is set out in
....
< 42c.'141c.
h 40c.
/ 39c.
s
38c.
/37c..
MOVEMENT
OVERLAND
SINCE AUG. 1.—We
a
34c.
2
THE
FOR
give below
I 35c.
36c.
e
detail below:
33c.
WEEK
AND
statement showing the
overland movement for the week and since Aug. 1, as made
a
The result for
the week and since Aug. 1 in the last two years are as follows:
-1919-20Week
Shipped
St.
a
-1918-19-
Since
April 23
Louis
Aug. 1.
670,811
369.632
209
Mounds, &c
3,592
Via
Rock
Via
Louisville
Island
298
Via
Cincinnati
150
Via
Virginia points
other routes, &c.__
Since
Week.
a
Aug. 1.
12,294
a468,981
396,194
23,180
93,965
54,648
95,562
665,808
11,989
19,424
6,981
__19,423
262
97,193
24,463
186,937
350,608
1,685
1,345
219
21,046
1.719,068
48,840
1,778,338
3,809
156,920
461
Deduct shipments—
Overland to N. Y., Boston, &c___
Between interior towns
791
64.380
372
46,901
44,830
4,126
215,548
8,461
190,088
8,726
436,848
9,294
281,819
| Ship-
Slocks
i ments.
A prii
! Week.
23.
Receipts.
Week
Season.
Receipts.
7,420
379
60,874
512
868
611
57,923
922!
18.307
5,882,
100
36,776
305,
2,312
5,500
45,224
834
50,335
146!
4,332
761
70,328
1,017
334
38,285
616
26
31,205
182,830
407
1,966
38,934!
1,215
151,335;
31,700
1,122
811
121,691!
10,461!
33,234
29,238
1,496
118,952
6,194
183,597
10,945 104,684
5,807
371,999:
1,083
Pine Bluff
78,954
9,680
Ga., Albany...
150,569
2,800
Atlanta
1,930
3,838
244,430
4,245
Augusta
6,384
505,329
Athens
.,
from South
Total to be deducted
_____
91
5,902
100
3,973j 25,773
2,835
800,
Including movement by rail
to
200
Rome
La., Shreveport
Miss.,Columbus
34,134
300
11,500
700
45.565|
974; 14,500
465
53,108
75,197
1,250
115,407|
1,322! 51,458
17,174
108
29,026
1,800
46,813
25,000
933
70
111
Canada,
a
Revised.
foregoing shows the week's net overland movement
has been 21,927 bales, against 39,546 bales for the week last
year,
and that for the
land exhibits
a
season
to date the aggregate net
decrease from
a
year ago
In Sight and Spinners'
Takings.
Week.
Receipts at ports to April 23
103,524
Net overland to April 23__l
21,927
Southern consumption to April 23a 73,000
over¬
of 234,299 bales.
-1918-19-
-1919-20-
41.292
2,296
39,693
2,833
500
37,658
4,363
2,268
41.599
794
622
32,702!
1,082
200
38,991;
559
14,700
478,767
12,294
23,481
39,050,
1,317;
314
35,606
781
10
25,805
229
7
18,013
209
32,851
142
11,512
1,000
167
671,069
209
7,705
6,560
15,567
300
48,227
500
8,200
Raleigh
O., Cincinnati
Okla., Ardmore
44S
12,591
500
290:
269
1,500
55, 00
1,000
20,500
2,514
Since
Aug. 1.
6,242,717
1,282,220
2,672,000
Since
Week.
58,000
Aug. 1.
4,371,691
1,516,519
2,691,000
187.869
*21,602
8,579,210
750,824
90,323
39,546
Chickasha
Greenwood..
marketed..
Interior stocks in
-198,451
*9,941
excess
10,196,937
367.550
-
166,267
Total in sight April 23-
Nor. spinners'
Tex., Abilene..
386
Brenham.....
..
Dallas
855
Honey Grove.
76,750
31,076
22,2701,868,416
1,000,
San Antonio-.
55,135
6,654
38,125
117,625
2C6
120,666j
24,000
5,588
135
43~ 817,
989|
56
27,100'
193;
34,3)8
5,700
l",800
28,500
3.500
78,254!
3,562, 26,000
543
6,612
13,769,
9.624
16",255
785,085
25,150357,422
10,397
200
15,104
1,436
Paris.
9,330,034
10,564,487
I
22,7121,062,590
Nashville
Houston
-188,510
132,628
.
Tenn.,Memphis
Clarksville
Total
1,300,
9,500
259
1,514
7,011
200
37,089
S.C., Greenville
14,075
8,549
6,247
24,787
Oklahoma
730| 15.200
3,000
11,620
Hugo
4,157
3,224
127.467,
500
-
473
126,700'
2,817
107,455
Yazoo City...
18,827
1,289
135,699
500
—
181,376
2,607
1,387
Greenwood-..
Clarksdale
Mo., St. Louis.
39,546 1,516,519
1,282,220
40,765
5,251! 28,078
8,935178,209
321
30,000
4,069 40,015
1,340
207,939
N.C.,Gr*nsboro
--21,927
24,639
70
Vicksburg
Leaving total net overland *
51,710!
3,364
1,275
Columbus
Natchez
25.
4,487
Selma
Little Rock..
Slocks
April
14
Montgomery
Helena._
Week.
1,923
Meridian
Inldna,d&
Season.
5,837
Ark.,
Ship¬
ments.
Week.
34
Ala., Eufaula..
Macon
30,653
Movement to April 25 1919.
Movement to April 23 1920.
Towns.
from telegraphic reports Friday night.
The
bales.
The above
35.52-05 35.23-;20 34.93-.72 33.85-658 33.70 z80 33.65-.49 33.65 a20
Range
Closing
Estimated.
—
—
December—
*
113,000
24,000
5,000
*71,000
37,000
50,000
135,000
870,000
170,000
20,000
35,000
*19,000
32,000
87,000
316,000
*610.000
—
August—
Range
167,000
—
July—
Range
10,000
26,000
101,000
Manchester stock
Continental stock
May—
Range
230,000
London stock
April—
Range
follows:
A Ttxcvicd 7i—~
Liverpool stock
Tuesday, Wed'day Thursd'y,
April 17. April 19. April 20. April 21. April 22.
Via
353,000
*1,000
Total
_
FUTURES.—The highest,
Via
*1,000
252,000
8,000
106,000
26,000
*1,000
_
New York for the past week have been as follows:
up
128,000
1,000
10,000
7,000
....
__
Total.
Saturday,
66,000
191,000
217,000
8,000
76,000
52,000
348,000
.....
Cmtr't.l
Steady
Barely steady.
Barely steady.
Steady
Barely steady..
Steady...
722,000
____
Stock at Marseilles
8.88
10.94
464,000
*
;
.11.81
.
625,000
1,336,000
Hamburg
Stock at Havre
1.911
1910
Total Great Britain
Stock at
Stock at Bremen
QUOTATIONS FOR 32 YEARS.
1907..
...
1913
Mori. Tues. Wed. Thurs.
42.75
42.75
41.75
41.75
1908
41.65
28.80
1920-c.
Sat.
...43.25
up
17,714 332,419
1,010
351
3,041
1,906
"500
5,384
594 20,808
300
4,100
21,051 265,265
1,200 13,000
40,639
845
1,193
1,268
647
7,233
318
17,213
121
5,652
710
43,636
1,136
7,452
1,380
82.059
489
15,896
730
27.252
29,816 .,579,545:
2,829
111,341
93
39,328
1,071
960
4,366
33,751261,750
3,649
35,
13,299
1,727
■i
takings t oApril 23. 32,027
*
Decrease during week,
available.
a
1,641,091
consumption: takings not
2,385,484
These figures
are
46,085
Week—
Bales.
Since Aug. 1—
127,807 1917-18—April 26
143,326 1916-17—April 27.
168.102 1915-16—April 28
Bales.
.10,431,840
11,395,120
10,775,475
69.6266.367,689
79,5671169597 100,2005.472,819 121.8021447440
The above totals show that the interior stocks have de¬
creased
Movement into sight in previous years:
1918—April26
1917—April27
1916—April 28
Total, 41 towns
during the week 9,941 bales and
bales less than at the
are
to-night 277,843
time last year.
The receipts at
all towns have been 30,574 bales more than the same week
last year.
same
Ape. 24 1920.]
THE CHRONICLE
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
1767
Brinkley, Ark.—We have had rain on one day during the
the rainfall reaching nine hundredths of an inch.
ranged from 50 to 86, averaging 68.
Eldorado, Ark.—Rain has fallen one one day since Sunday
last, to the extent of thirteen hundredths of an inch.
Mini¬
mum thermometer 46, highest 88, average 67.
Little Rock, Ark.—Rain has fallen on one day of the week,
the rainfall reaching one hundredth of an inch.
The ther¬
mometer has ranged from 53 to 85, averaging 69.
Alexandria, La.—We have had no rain during the week.
Average thermometer 73, highest 92, lowest 54.
Montgomery, Ala.—It has rained on three days during the
week, to the extent of fourteen hundredths of an inch.
The
thermometer has ranged from 67 to 86, averaging 77.
Selma, Ala.—Rain on three days of the week.
The
rainfall has been sixty-five hundredths of aa inch.
Highest
thermometer 87, iowest 60, average 76.
Madison, Flu.—It has rained on two days during the week,
week,
The thermometer has
Closing Quotations for Middling Cotton on—
Week ending
April 23.
Tuesday.
Saturday. Monday.
Galveston
New Orleans..
43.50
41.75
Mobile
41.25
...
43.50
41.75
41.00
Wed'day. Thursd'y.
H.
43.50
42.50
41.50
41.00
41.50
H.
42.00
41.25
41.00
41.00
41.75
Savannah
41,75
41.75
41.75
41.75
Charleston
Norfolk
40.50
40.50
40.50
40.50
40.50
40.50
40.00
40.00
40.00
40.00
40.50
40.00
Baltimore
41.50
42.00
41.50
41.50
41.00
41.00
41.75
Philadelphia
43.50
43.00
43.00
42.00
42.00
Augusta
41.60
41.50
41.50
41.50
41.00
40.88
Memphis
42.00
42.00
42.00
42.00
42.00
,42.00
42.50
41.70
141.45
Houston
43.00
42.50
41.45
H.
42.00
41.50
Little
43.00
42.75
42.50
43.00
43.00
42.25
42.25
42.00
Dallas.
Rock...
41.90
^
NEW ORLEANS
CONTRACT MARKET.
Friday,
Saturday, Monday. Tuesday, Wed' day, Thursd'y.
April 17. April 19. April 20. April 21. April 22. April 23April
May
July
September
October
40.90
—
39.78
38.81
37.33
—
36.57
HOLI¬
—
DAY.
—
39.31
—
41:40-.45 40.28-.30
39.97-.00 39.12-. 18
—
39.25
— 38.61
—
39.70-.00 39.11-.—
38.08-.12 38.69-.75 38.07-. 12
3.5.42 — 35.90 — 35.18 —
34.92-.95 35.40-.49 34.68-.71
December
36.83-. 87 36.07-. 10
35.76-.79 35.08-. 12
January
34.87-
—-
34.30
—
3.3.94-. 95 34.40-.51 33.67-. 60
33.18 — 33.65 — 33.00 05
March
34.00
—
33.60
—
32.55
—
33.00-.05 32.41-—
Tone—
Spot
Options
Steady
Steady
WEATHER
Steady
Steady
Quiet
Steady
REPORTS
BY
Steady
Steady
Quiet
Steady
TELEGRAPH.—Our
re¬
ports by telegraph froip the South this evening indicate that
the weather has been dry in the main in the Southwest
during the week, and while rain has fallen elsewhere it has
been light or moderate as a rule.
Texas reports unseasonably
fifty-six hundredths of an inch.
The ther¬
averaged 77, the highest being 88 and the lowest
to the extent of
mometer has
67.
..
Tallahassee, Fla.—We have had rain on three days during
the past week, to the extent of fifty-nme hundredths of and
inch.
The termometer has averaged 74, ranging from 63
84.
to
The rain¬
Atlanta, Ga.—Rain on three days of the week.
ninety-three hundredths of an inch.
Highest
lowest 57, average 71.
Augusta, Ga.—It has rained on two days during the week,
to the extent of fifty-eight hundredths of an inch.
The ther¬
mometer averaged 71, the highest being 86 and the lowest
fall has been
thermometer 84,
56.
Savannah, Ga.—It has rained on two days during the
toward the close of the week and planting
making poor progress in Western and Southwestern dis¬ week, to the extent of eighty-eight hundredths of an inch.
The thermometer has ranged from 56 to 86, averaging 70.
tricts.
Bottom lands in Alabama are still flooded, but on
Charleston, S. C.—Rain on two days of the week.
The
the uplands of that State cotton is said to be doing well.
rainfall has been three inches and one hundredth.
Average
Galveston, Tex.—Dry weather continued throughout the
thermometer 72, highest 84, lowest 59.
week with unseasonably low temperature at the close.
In
Spartansburg, S. C.—It has rained on three days during the
the Western portion and Southwestern district planting is
week to the extent of two inches.
The thermometer aver¬
making poor progress.
Moisture is badly needed, especially
aged 69, the highest being 86, and the lowest 52.
in the Rio Grande section; early planting is making little
Charlotte, N. C.—It has rained on three days during the
headway in that
district.
The thermometer has average
week, to the extent of one inch and fifty-three hundredths.
74, the highest being 82 and the lowest 66.
The thermometer has ranged from 47 to 86, averaging 64.
Abilene, Tex.—We have had rain on one day since Sunday
Weldon, N. C.—Rain on two days of the week.
The rain¬
last, to the extent of seventeen hundredths of an inch.
fall has been twenty-five hundredths of an inch.
Average
Thermometer has averaged 69, ranging from 48 to 90.
thermometer 65, highest 87, lowest 44.
Brenham, Tex.—There has been no rain during the week.
Memphis, Tenn.—It has rained on three days during the
The thermometer has ranged from 56 to 94, averaging 75.
week to the extent of sixty-eight hundredths of an inch.
Brownsville, Tex.—-Dry all the week.
Minimum ther¬
The thermometer has averaged 69, the highest being 86 and
mometer 58, highest 100, average 79.
the lowest 51.
Cuero, Tex.—It has been dry all the week.
The thermome¬
ter has averaged 76, the highest being 98 and the lowest 53.
WORLD'S SUPPLY AND TAKINGS OF COTTON.—
Dallas, Texas.—We have had no rain the past week.
The The following brief but comprehensive statement indicates
thermometer has averaged 72, ranging from 52 to 92.
at a glance the world's supply of cotton for the week and
Henrietta, Tex.—There has been rain on one day the past since Aug. 1 for the last two seasons, from all sources from
week, to the extent of ten hundredths of an inch.
The which statistics are obtainable; also the takings, or amounts
thermometer has ranged from 45 to 96, averaging 71.
Huntsville, Tex.—Dry all the week.
Average thermometer
1918-19.
1919-20.
Cotton Takings.
73, highest 91,'lowest 55.
Week and Season.
Season.
Week.
Season.
Week.
Longview, Tex.—We have had no rain the past week.
The thermometer has averaged 69, ranging from 48 to 89.
5,394,146
Visible supply April 166,168,607
3,027,456
Luting, Tex.—We have had no rain during the week. Visible supply Aug.
4,792,018
166,267 9,330,034
American in sight to April 23-188,510 10,564,487
Minimum thermometer 54, maximum 96, mean 75.
51,000
1,793.000
Bombay receipts to April 22_/_ 6120,000 2,479,000
Nacogdoches, Tex.—We have had no rain during the week. Other India shipm'ts to April 22
66,000
1,000
110,000
69,000
620,000
1,000
743,000
Alexandria receipts to April 21
Thermometer has averaged 71, highest being 93 and lowest
63,000
low temperature
-
..
Other
48.
Palestine, Tex.—We have had light rain on one day of the
past week,
the rainfall being
one
hundredth of
an
inch.
ranging from 54 to 90.
Paris, Tex— There has been no rain during the week.
The
thermometer has ranged from 52 to 95, averaging 74.
San - Antonio, Tex.—Dry all the week.
Minimum ther¬
mometer 56, highest 100, average 78:
Weatherford, Tex.—We have had no rain during the week.
Thermometer has averaged 73, ranging from 52 to 93.
Shreveport, La.—Dry all the week.
Minimum ther¬
mometer 59, maximum 92, mean 76.
;
Columbus, Miss.—There has been rain on one day during
the week, to the extent of sixty-six hundredths of an inch.
The thermometer has ranged from 54 to 87, averaging 71.
Greenwood, Miss.—We have had rain on one day the past
week, the rainfall being one inch and thirty hundredths.
Minimum thermometer 55, maximum 91, mean 73.
Vicksburg, Miss.—It has rained on one day during the
week, to the extent of thirty hundredths of an inch. , The
thermometer averaged 75, the highest being 88 and the
The thermometer has averaged 72,
64 to 81.
Total takings to April 23_a
Of which American
ill
JLU1U ML
JJUlUpt
11 VM1
5.357,815
272,598
187,598
85,000
9,636,669
7,560,669
2,076,000
AJ1 t*Ui» |
This total embraces the total estimated
a
6,160,090 5,357,815
333,027 12,704,415
260,027 9,357,415
73,000 3,347,000
.1
Of which other
twin J i ww »
»*
ill
consumption by Southern mills,
2,672,000 bales in 1919-20 and 2,691,000 bales in 1918-19—takings not
being available—and aggregate amounts taken by Northern and foreign
spinners. 10,032,415 bales in 1919-20 and 6,945,669 in 1918-19, ofwhich
6,685,415 bales and 4,869,669 bales American.
6
MANCHESTER
cable to-night
MARKET.—Our
received by
report
from Manchester states that the
market is
quiet awaiting the developing of the labor situation. We
give prices for to-day below and leave those for previous
weeks of this and last year for comparison:
1919.
1920.
8*4 lbs. Shirt¬
Cot'n
32s Cop
ings, Common
Mid.
32s Cop
ings, Common
Mid.
Twist.
to Finest.
Up's
Twist.
to Finest.
Up's
8 X lb. Shirt¬
d.
d.
61
@
73
8.
d.
8.
d
Cot'n
d.
d.
d.
s.
d.
8.
d.
6
d.
@46 0
30.02 27
@
29
3
@26 0
17.18
@46 0
42
29.15 26*4
@
18
Mar.
5
61
@
76*4
28*4 16 9
@24 6
16.24
12
61
@
76*4 42 6
@46 0
28.65 26 *4
@
28*4 16 9
@24 0
15.36
19
70
@
87
42
6
@46 0
28.80125
@
27
6
@23 6
15.32
60
©
78
42
6
@46 0
28.38i24J4
@
26*4 16 6
@23 0
15.78
2
59*4
@
76
42
6
@46 0
27.76 25
@
27
6
@23 0
15.24
9
60
@
77
42
6
@46 0
28.03 26 *4
@
28*4 17 0
@23 3
16.88
60
@
77
42
6
@46 0
27.66 26*4
@
28*4 17 0
@23 3
18.20
@
77
42
6
@46 0
26.18 27*4
@
29*4 18 0
@23 9
18.53
26
Apr,
23
during
the week, to the extent of two hundredths of an inch.
The
thermometer has ranged from 43 to 93, averaging 68.
Muskogee, Okla.—Rain has fallen on one day of the week,
to the extent of nine * hundredths of an inch.
Average
Ardmore, Okla.—There has been rain on one day
6,160,090
16
doing well.
We have had rain on four days during the past
week, to the extent of one inch and fifty hundredths of an
inch.
The thermometer, has averaged 71, ranging from
thermometer 65, highest 89,
Deduct—
Visible supply April 23
27
Mobile, Ala.—Heavy rains in the interior have retarded
work and done slight damage by washing.
Bottoms are
still under water and ureis are rising.
Cotton on uplands is
6,493,117 18.864,505 5,630,413 14,994,484
Total supply
Feb.
lowest 57.
158,000
17,000
176,000
64,000
supply to April 21
lowest 40.
60
16
16
INTERNATIONAL FEDERATION STATISTICS FOR
1 1920.—The International Federation of
FEBRUARY
Cotton Spinners' and Manufacturers' Associations
resumed the half-yearly publication of its cotton
statistics.
The work had to be suspended during the war,
Master
has
now
1768
and
THE CHRONICLE
even
and Finland
less full
are
tone of the Liverpool market for
spots^ and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
each
than in former years
The
compilation given below, therefore, while it does not
cover the whole
world, is, nevertheless, of considerable value.
^
N O O H o H © N » U5 O W 1>
•2 8
«
m. "t
o
lo cc
ll NOi^W^HrlH
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12:15
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r* © cc r*
00 © ©
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©
l> ©
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■S>0 0>S
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oodwsus
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CO M N M
<
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CNOWOION
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11
Ot §
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©
CM
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ll
r^. © © "*t< t«©
o ® co w m o in
rH lO U- 00 © ©
t-T ^
*H »H lO
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a>
8i»l
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?^
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jj
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i
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CI
I
O4
d.
Fri.
!
d.
d.
d,
12 H
4
p. m, p. m. p. m
d.
d.
d
d.
4
p. m.
d.
25.68 25.62 25.1425.05 25.14 25.03 24.67 24.80 24.9324.80
25.66 25.59
25.12i25.02j25.14i25.03 24.69 24.70 24.86 24.59
25.5425.47|25.02;24.9425.07;24.94 24.56 24.58 24.72 24.37
25.4125.3224.89 24.82 24.97i24.89j24.4624.46 24.59 24.22
DAY.
24.36 24.30 23.8723.78
23.95:23.90:23.47 23.38 23.56
December...
23.5523.50:23.06 23.00:23.2223.42:23.01:22.94 22.99 22.68
January
February
cm
24.80
24.72^24.27 24.18124.36124.40j23.96,23.94
24.01 23.70
23.9624.05123.64 23.63 23.7023.37
23.70,23.30j23 30 23.35 23.02
23.38,23.3522.95 22.89:23.12 23.32 22.9122.82 22.89 22.58
March
co
25.20 25.1 li24.6624.61 24.77124.6924.28 24.27 24.38 24.03
23.1823.1622.75 22.69,'22.95!23.15 22.7522.66 22.7422.38
22.9822.9522.55 22.49'22.77 22.97 22.5822.50 22.5822.20
...
CI
qocc co
q
©"lOOOb."
r-i
■hi cm
cc
cc CC "5 c^
N © H r)<
rh
Tf
WEATHER BULLETIN FOR THE WEEK ENDING
APRIL 20.—The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
© cc
i n id h o h o> (d w w w m, b
O H w o
o o o ©
o o M M
O'hw'N
influences
is
© © CJ
m©H^
o
the
of
weather, for the week ending April 20,
follows:
as
COTTON.—Unseasonably cool weather prevailed the first part of the
week in the eastern
after: they
or
«?
a
o
were
cotton belt, but temperatures were seasonable there¬
unusually high in Texas the latter part of the week.
Little
rain fell in the western portion of the belt and rainfall was
light to
moderate in most of the eastern section, except in some southeastern dis¬
~
O
d.
p. m. p. m
12K
HOLI¬
b-' ci
'©eowomwHWWH
O
d.
4
12H
4
September..
02
h
12K
October
©
H H in c
b- © © o
iNWOOhhSNNNOM
o
Thur».
Wed.
Tuei,
4
©
2 f"-
iHWHOMCIHHOWON
M
given
November
q
iOH5O©HWN0)HOH
to
b
are
©
"©©^©OOciOrlioOHioicM
O
Mon.
12 J*
12M
April
May
co
O
Liverpool for each day
p. m. p. m. p. m. p. m. p. m. p. m
i
I
© b- CO
m in
oo ©
3
-
Sat.
12K
April 23.
H
© ©
o
ci ,-i T-I
O^CO
advance.
April 17
to
© id
W h
■**
[
©
©
0©i—(CllO>O©ClG0©
c
Quiet,
5@20 pts.
Barely st'y
Steady
Steady
Quiet
Easy, un¬
34pts.dec.to 46@57 pts. 2pts.dec. to 26@51 pts. changed to
23 pts. adv.
decline.
48 pts. adv.
decline.
30 pts. dec.
June
co
Ob-© "+« O © CM
CO CC © © •>*
MMN OOOiintDONN WO
decline.
advance.
advance.
July
August.....
00 <M
fc ■S K § who
Hq^oqqWHhoo
■5 '**
s H in -el © o' © cm ©" eo co *-< © ©
B|1
h
(
©
ec
i—t
^cccimofcnmio^
© jj o w o h co i; cd h m
3 q
C3,
b- ec
CO JN
© cc
a CC © CI
5
3,000
I
©
ci rf
cm © w i© oo cm os
6 CO 10 ©
NINh
26.18
3,000
The prices of futures at
below:
,h
©
R CM
&( 71
i
ihio
§N
CO CM
CO CO
©
'C
26.02
advance.
{
©
ci
i
INCO
J
i
rH
J
o
(D WOO
26.29
3,000
ih^
*
«•§
<! a
W .£
2
rH
w« 3
fc
Market,
CC CO
2 2:2
««
K
I
CO CM to Hf* CC
rH
J.
u
a
00
cm
iH
0> N (O
fe
26.64
4,000
Quiet
Steady
Quiet
Quiet
12@33 pts. 20@30 pts. 12@17 pts. 47@55 pts.
/
4
o
CO
co
© 00
Ij<
•
co
n
m
Dull.
3,000
opened \
©
«> !> t> CO
CO ©
CI 1C
i
^ N
OJNOHI.HW
o»<KI
^
Market
b.
P.M.
8
>*
«
and
easier.
cc
.C0^qo0©U3C}r"iq©©rHP0
*S
and
Friday.
27.18
HOLIDAY
Futures.
<N
Dull
easier.
Sales
M^M^NlOWOCONtflH©
o
Thursday.
Quiet.
Quiet.
Mld.Upl'ds
©
©
X
Wednesday.
Dul.
Tuesday.
Monday.
cm
CO CO
-t-
Saturday.
(
i
1
©
o*
|
Spot.
Market,
O
©
© ©
o cc o o
© oo oo
CO CM
6
« "5 o ce « N o M H ft N
WON^O«*NNW3 0)«»N
31
o
O CM
00 CO
ffOOOOHHiOONONW
©
110
The
now
complete statistical data is not available.
figures for Russia, Germany, Austria, Portugal and
China being missing from the
present statement, and those
The
of Poland
|Vo
i
Eh
no
tricts.
The week on the whole was unfavorably, the cool weather and
further rainfall in the southeast hindered farmwork, and planting is
mostly
making slow progress, although much cotton has been planted in Central
and southern Georgia and planting became general
during the week north¬
counties of South Carolina, while some planting was
accomplished in southern North Carolina.
The latter part of the week was
favorable in Arkansas and some cotton was planted in the central and
southern portions of that State, while preparations for planting have been
practically completed, except in the eastern part where it continues too wet.
Cotton land is mostly prepared in Oklahoma and some
planting was done
during the week, but this work is being generally delayed in that State
waiting for rain.
Planting progressed rapidly in Louisiana, but germina¬
tion Is unsatisfactory in many localities.
The continued dry weather and
unseasonably high temperatures the latter part of the week were unfavor¬
able in Texas; germination and growth are poor and but little
planting was
done during the week on account of dry soil.
WINTER WHEAT.—The week was generally cool in the principal
winter wheat belt and much cloudy and rainy weather prevailed,
except
in portions of the southern Great Plains.
On account of the continued
ward to the central
»IS si51
&6sS s
_* Bales; 500 lbs.
returns received,
f Approximate,
x In
b Totals for countries.
1913.
In
a
mills
from
which
SHIPPING NEWS.—As shown on a previous page, the
exports of cotton from the United States the
past week have
reached 87,211 bales.
The shipments in detail as made
up from the mail and telegraphic
returns, are as follows:
cool weather winter wheat made slow advance in the Ohio
its
NEW YORK—To
Liverpool—April 16—Baltic, 310
To
Havre—April 19—La Perouse, 395
395
To
Antwerp—April 17—City of Florence, 182
182
To
Genoa—April 16—Taormina, 40 Peruvian
40
GALVESTON—To Liverpool—April 21—West Ashawa, 5,769
5,769
To
Bremen—April 16—Borgland, 7,870
7,870
To Barcelona—April
15—Cushnet, 4,887—.April 22—Cook,
5,991
10 878
_
To Malaga—April 22—Cook,
1,000..
—To Liverpool—April 21—West
Ashawa, 3,443
ORLEANS—To Liverpool—April 21—Oranian, 6,327
To
Manchester—April 16—Manchester Importer, 916
To Hamburg—April
22—Kermit, 800—
Rotterdam—April 19—Fourth Alabama, 1,225..
MOBILE—To Liverpool—April 17—Eastern
Sun, 2,496
a A TrT?T^Pan~ApriI
15—Hofuku Maru, 1,500....
£AYA^AfU7;To Havre—April 17—West Compo, 8,097.
PHILADELPHIA—To Liverpool—April 9—Haverford, 100—
To
Genoa—April 5—Duca d'Aosta, 325
.To Piraeus—April 13—Jomar, 100
§^N_FRANOISC0——-To Japan—April 17—Tenyo Maru, 2,176....
SEATTLE—To
Japan—April
8—Crosskeys,
6,090
April
9—
Kashima Maru, 4,892—.April
10—Deuel, 5,191.—April 17—
r™
NEW
—
.
—
^
™
.
—
_
a
^JVest Jena< 6,285-L.
916
800
1,225
2,496
1,500
8,097
100
325
100
2,176
22,458
6,632
Japan—April 14—Africa Maru, 6,632
PORTLAND, ORE.—To Japan—April 17—Montague,
l|o00
3,443
6,327
4,172.....
Total.
4,172
progress
being
wheat land will be
Ger
Britain. France.
Mobile
310
Savannah
____
many.
Oth.Europe-^
North,
395
5,769
3,443
7,243
2,496
Philadelphia
South. Japan.
182
7,870
..
8,097
425
...I
8,492
8,670 '
525
•
II"
III I
2,176
2,176
22,458 22,458
6,632
6,632
4,172
4,172
1,407
....
Portland, Ore
19,361
25,517
3,443
9,268
1,500
3,996
8,097
__
1,22-5
100
Seattle.
Tacoma
927
11,878
—
.
800
Total.
40
San Francisco
Total
12,343 36,938 87.211
LIVERPOOL.—By cable
lowing
from Liverpool we have the fol¬
statement of the week's sales, stocks, &c., at that port:
April 1
11,000
•
Sales of the stock
Of which speculators took.
Of which exporters took
Sales,
Actual
in
Wheat made
Ohio,
some
valley districts,
where considerable
improvement in Ken¬
tucky and in most
Arkansas.
of Tennessee, and good progress was reported from
There is abundant soil moisture in northeastern and extreme
ure
good condition in those localities, but moist¬
is still very deficient in the south central and western
portions of the
State,
as well as in much of Oklahoma.
High winds did further damage to
wheat in the western portions of Kansas and Oklahoma and in eastern New
/
Mexico.
Wheat continues mostly in good condition in the Plains district
north of
Kansas, and while the early spring freezes in the upper Mississippi
Valley show more harm than was expected, the crop is making improvement
that section.
It is also making satisfactory
progress In the Middle
Atlantic States, while the precipitation in California and the far northwest
was very beneficial, although warmer weather is needed in these
districts.
in
SPRING WHEAT.—The week
soil for,
and
unfavorable for the preparation of
The weather was mostly cold
was
and the seeding of spring wheat.
cloudy, with much rain
in
many sections of the belt, which
delayed seeding. Little seeding could be accomplished during the
week, except in Iowa where satisfactory advance was made until the latter
further
or snow
{>art. Middle Atlantic Coast States and
seeding spring oats, except
the The week was very unfavorable also for Appalachian Mountain dis¬
n
some
tricts.
The grain crops made satisfactory advance in the more Southern
States, except in Texas, where dry weather prevailed.
CORN.—Corn germinated poorly and made very slow growth where
planted in the Southern States, because of cold, wet soil in central and
eastern
districts and
lack
of moisture in
the southwest.
Some
corn
was
Slanted in Kansas, in the west and central to central Virginia in the east,
ut
little work
possible in north and northern districts,
very
was
.87,211
Great
Texas City
New Orleans
disappointing
oats.
eastern Kansas and wheat is in
The particulars of the foregoing shipments for the
week,
arranged in our usual form, are as follows:
New York—
Galveston
especially
sown to
American
export.
Forwarded
8 000
April 9.
April 16.
April 23.
11,000
19,000
17,000
3,000
9,000
9,000
45 000
76,000
15,000
10,000
78,000
12,000
6,000
74,000
Total stock
1,113J)00 1,114,000 1,134,000 1,132,000
Of which American
905,000
909,000
911,000
902,000
Total imports for the week......
84,000
105,000
113,000
65,000
Of which American..
72 000
82,000
82,000
50,000
Amount afloat.
337 000
319,000
286,000
Of which American.
275^000
242,000
204,000
BREADSTUFFS
Friday Night, April 23 1920.
Producing costs are
higher.
Kansas millers, however/finding trade slow and
desirous of keeping their mills running have tried to stimulate
trade by accepting prices for their product much under out¬
side asking quotations.
Trade here has lagged much of
the time,
For the transportation situation here has im¬
proved much more slowly than at the West.
The question is
asked, Why buy when we do not know when we shall receive
the flour?
Especially as deliveries on old contracts have
not yet been completed.
Besides a good deal of flour is due
Flour advanced early in the week.
the trade here
on old purchases.
Some have bought ahead,
said, for forty days or more.
Meanwhile there is a
it is
more
the
active demand here for
corn
flour and eornmeal.
Later
break in
grain, provisions, stocks, &c., following the
Japanese panic, tended to develop caution. The Minneapolis
market at times has failed to follow advances in wheat here.
The Grain Corporation
bought 1,500 bbls. of straights at
$9 90 f. a. s. Pacific Coast points.
It made no purchases
f. o. b. Baltimore.
Wheat
19th
advanced
here
instant, 200,000
on
bushels
a
steady
were
demand.
On
sold for export.
the
Eng-
land
and France
want
Transportation difficulties
wheat.
though to some extent removed have been far from being
as good here as they might be.
Buyers bid high for grain
situated where it can be got at and shipped.
The stock
of wheat in New York is steadily falling, being 710,876
bushels on April 17 against 954,807 a week previous and
3,908,168 last year.
Europe has also been trying to buy
in Argentina.
Wheat there advanced early in the week
up to 10c. per bushel.
But a significant'thing is that ship¬
pers here said that American wheat can be laid down in
Europe at less than the cost of Argentine.
And now
it is said that Argentina may prohibit exports of wheat.
They have latterly averaged
Argentine stocks may have to
7,000,000 bushels a week.
be protected by the Argen-
Within a fortnight prices at Buenos
Ayres have advanced 40 cents per bushel.
In Argentina rumors are persistent that the South Ameri¬
can Government is
contemplating putting an embargo on
wheat
exports from that country.
Buyers there have
become more interested in the United States markets and
both France and England were heavy buyers of wheat from
North America.
One hundred and twenty-nine shillings
tinie
per
f.
1769
THE CHRONICLE
Ape. 24 1920.]
Government.
quarter was paid by the British wheat commission for
b. wheat, and nearly all offers were accepted.
In Italy
the other hand it is reported that the Premier has stated
Later
came a
sharp fall with other grain and also provisions,
On the 21st instant prices dropped 5 to 6 cents.
stocks &c.
Stop orders were caught.
Bad crop reports were of no avail.
a report in the Cincinnati Price Current points to a
Besides
Possibly the
probable increase in acreage.
out
turn
prices they
to
small
so
as
many
high and they
are
that
assume
matters
be
to
that
the
importation of wheat into that country must be
considerably curtailed.
He suggested that these figures
should be reduced by one-half or possibly two thirds.
France
will fix the
price of wheat for the next three years, guarantee¬
ing the producer an adequate return. The government will
monopolize the importation of wheat and retain the right to
requisition domestic supplies.
demand here has been brisk and persistent.
thousand bushels sold part here at $3 02 to
$3 06 for No. 2 winter on track, and $3 12 f. o. b. and part
at the Gulf at $2 95 to $2 98 for No. 3 f. o. b„ No. 2 S3 01;
No. 4, $2 94, all f. o. b.
The visible supply in this country
decreased last week 1,865,000 bushels, against 8,620,000 in
the same week last year.
The total is down to 42,416,000
bushels, against 70,755,000 a year ago.
Later exporters
paid S3 07 for No. 2 hard c. i. f., track.
The crop outlook
in this country is unfavorable and it is intimated in Washing¬
ton advices that the greater part of the apparent carry-over
stocks in this country are of low milling quality.
To-day
300,000 bushels were reported sold at S3 05 for No. 2 winter
on track; S3 02 for No. 3.
The export
Three hundred
DAILY CLOSING
No. 2 red
Indian
PRICES OP
WHEAT IN NEW YORK.
Sat.
Mori'
Tues.
Wed. Thurs.
Fri.
cts.312
303
313
306
307
315
advanced early in the week but on the 21st
-
corn
collapsed with stocks, other grain, provisions and cot¬
following the Japanese pamc. On that day corn fell
7\i to 8%c.
Previously, however, there had been a good
demand from Europe for food grains.
Offerings too had
been small.
Inquiries had come from Norway, Germany
Holland, Belgium, Italy and Finland for rye, while Switzer¬
land, England and France want wheat.
Ail this had reacted
in corn.
Besides there was a good inquiry for corn goods
and it is pointed out that if all the inquiries here for corn
flour and corn meal develop into actual business, mills will
have to use from 2,000,000 to 3,000,000 bushels of corn.
That would mean much with the total visible supply as low
as it is.
Besides the bad weather at the West and the back¬
ward season were bullish factors.
The strike situation has
been more favorable in the West, but a large crop move¬
ment is not expected in the near future.
Reports that
Argentina may prohibit wheat exports had some effect on
corn, &e.
A fair export demand has included orders, it is
understood, from Brazil.
Brazil, it is said, wanted 1,000
tons of corn here.
The visible supply m this country in¬
creased last week 161,000 bushels against 396,000 in the
same week last year,
making the total 5,665,000 bushels
against 3,077,000 a year ago.
The high price of wheat, rye
and oats evidently helped corn for a time.
Besides economy
and poor wheat crops enforce the use of corn in Europe.
Later prices broke again and rallied.
May on the 22d inst.
ranged from $1.62 to $1.68; July from $1.56 to $1.6034.
Eastern interests covered in Chicago.
But cash markets
were
lower with rather larger offerings.
To-day prices
declined and they end lower than a week ago.
It is said in
Seattle that ,5,000 tons of Manchurian corn have been sold
to this country for shipment in four weeks at $58 per ton
or $12 under prices here.
inst.
As for
higher, but it is safe
situation as regards financial
closely watched than heretofore.
outside
the
&c. will be
more
To-day prices advanced, but they are lower for the week.
Rye advanced early in the week on a good export demand,
but on the 21st inst. prices broke 3%@4%c. with other
grain.
On that day about 600,000 bushels were sold.
Europe evidently wants American rye.
The visible supply
decreased last week 680,000 bushels against 632,000
That makes the total now 18,585,000 bushels
against 16,754,000 a year ago.
Exporters took about
250,000 bushels of rye part first half June at 2534c. over
Chicago May and part 2434c. over for last half of June.
On
the 22nd, exporters took, it was estimated, 1,000,000 bushels,
mostly for France.
Significantly enough in spite of this,
options fell.
To-day prices advanced and they close higher
on May than last Friday, though lower on July.
of rye
last year.
DAILY
OF
CLOSING PRICES
o.
on
may go
not
crop may
have assumed.
No. 2 white
Mon.
DAILY CLOSING PRICES
135
135
135
135
135
135
135
135
Fri.
93
94
9534
84
8434
8554
77H
7334
7334
7354
CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat.
—
Wed. Thurs.
Tues.
9754
8934
78
97
89
Mon.
Wed. Thurs. Fri.
Tues.
cts_19734 200
191
193
»
following
Mon.
9554
8754
7634
Sat.
May delivery.
July delivery
The
Fri.
Wed. Thurs.
Tues.
135
135
OF OATS FUTURES IN CHICAGO.
May delivery in elevator
cts.
July delivery in elevator
September delivery in elevator
DAILY
NEW YORK.
OATS IN
Sat.
cts.130
130
No. 1 white
19634 19534 19834
189
18734 19054
200
193
closing quotations:
are
FLOUR
75@$15 00 Barley goods—Portage barley:
No. 1
$6 75
12 00
Spring patents
513
Winter straights, soft 11
Kansas straights—- 13
Rye flour
10
Corn goods, 100lbs.—
Yellow
25®
10®
50 @
7 00
Oats goods
4 25
4 35@
4 40
Cornflour
6 00
6 75@6 90
Nos. 4-0 and 5-0
4 10@
meal
Nos. 2, 3 and 4. pearl.
Nos. 2-0 and 3-0
14 25
11 25
—
Carload,
9 80
spot delivery.........
GRAIN.
(Y Q tn
Wheat-
No. 2 red
$3 15
nom.
135
135
135
No. 1
No. 1
No. 2 white
spring............
No. 3 white
Corn—
Barley—
Feeding
Malting
1 9234
No. 2 yellow
Rye—
No. 2
2 3334
nom.
nom.
nom.
1 78
1 88
The statement of the movement of breadstuffs to
market
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:
indicated below
are
ton,
DAILY
CLOSING PRICES OF CORN
Sat.
cts_ 1923^
No. 2 yellow
DAILY CLOSING PRICES OF
May delivery in elevator
July delivery in elevator
Mon.
195
IN NEW YORK.
Tues.
Wed. Thurs.
195M 190
bbls.l9Qlbs. bush. 60 lbs. bush. 56 lbs
193^192^
CORN FUTURES IN CHICAGO. ,
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
cts_1693^ 171^ 172^ 16834 166H 166
16434 166
16634 158
15854 15754
159
161^161^153
15354 15234
with other grain for a time.
Besides they
had the benefit of a steady demand.
Bad weather, i. e.
505,000
40,000
32,000
215,000
233,000
18,000
84,000
5,000
214,000
198,000
30,000
167,000
56,000
79,000
198,000
193,000
19,000
"5", 000
~i~,665
8,000
5,000
3,723,000
355,000
1,820,000
448,000
931,000
7,262,000
885,000]
298,000
7,000
St. Louis
"~6"665
46", 000
294",000
Peoria
15,000
City..
25,000
139,000
Indianapolis..
332,000
16,000
191,000
59,000
687,000
146,000
Minneapolis..
Duluth
Milwaukee-_.
149", 000
Detroit
Kansas
Omaha
Total
*20
wk
63,000
398,000
323,000
2,041,000
4,190,000
6,093,000
2,442.000
2,245,000
1,180,000
Same
wk.
'19
Same
wk.
'18
500,000
162,000
1,949,000
Since Aug. 1—
1919-20— 16,011,000 372,923,000
152,120,000 167,129,000 25,952,000 27,893,000
1918-19— 12,305,000 377,382,000 161,020 000 227,789,000 68,284,00'0 38 ,597,000
1917-18
12,271,000 148,348,000 187,238,000260 ,968,00045 ,462, 000 21 ,715.000
receipts of flour and grain at the seaboard ports for
April 17 1920 follow:
Total
the week ended
New
Flour.
Wheal.
Corn.
Oats.
Barley.
Rye.
Barrels.
Receipts at—
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
•
Philadelphia..
4,000
44,000
19",000
Baltimore
123 000
68,000
88,606
138",000
406,000
28",000
38,000
34,000
89,000
N'port News.
Norfolk
98,000
118,000
106",000
92,000
New Orleans.*
2,000
2,000
26,000
15,000
York-
Portland, Me.
97,000
40,000
18,000
276,000
150,000
367,000
Galveston..-.
"5", 000
1~6~4~656
5,00C
St. John
45,000
55,000
560,000
Boston
23,000
j
2,000
1,710,000
29,265,000
285,000
431,000
5,853,000
11,812,000
543,000
45,000
3,919,000 13,755,000
205,000
3,962,000
668,000
21,140,000
781,006
491,000
6,484,000
8,425,000
Montreal
-
'20
369,000
Since Jan.1'20
6,483,000
1919...
813,000
5,101.000
Since Jan.l*19 10,450,000
54,277,000
Total
Week
Fri.
bush.32lbs. bushA8lbs. bushMlbs.
300,000
102,000
1,333,000
434,000
15,000
35,000
Chicago
Rye.
Barley.
Oats.
Corn.
Wheat.
Flour.
Receipts at-
*
on
wk.
Receipts do not include grain passing
38",666
through New Orleans for foreign portsO
through bills of lading.
The exports from the several seaboard ports for the
ending April 17 are shown in the annexed statement:
week
September delivery in elevator
Oats advanced
low temperatures,
For it means
firm
with
a
rains and even snows added its influence.
further delay in seeding.
Cash markets were
steady demand.
The visible supply in this
decreased last week 922,000 bushels as against an
increase in the same week last year of 238,000 bushels.
The
total is now 7,866,000 bushels against 21,233,000 bushels a
year ago.
Country offerings have been moderate or light.
The receipts have evidently failed to keep pace with the de¬
mand.
The crop outlook has been considered dubious.
country
Wheat.
Me
Flour.
Oats.
Bushels.
Barrels.
Bushels.
301,273
New York.
Portland,
Corn.
Bushels.
Exports from—
—
406,000
275",000
36,000
Baltimore
316,000
89,000
34,000
Galveston
St. John, N. B
Total week
Week 1919
134", 000
713,000
560,000
2,705,273
7,076,099
16,000
4,0000
23", 665
Philadelphia
New Orleans
Peas.
19,998
97,000
26",566
Norfolk
Barley.
165,500
29,700
'
17,000
Boston
Rye.
Bushels Bushels Bushels
33,000
243,000
243,655
150,000
20,000
45,000
59,000 289,700
1,000 574,674
413,000 505,500 59,998
296.917 498,000 344.190
""595
THE CHRONICLE
The destination of these exports for the week and since
July 1 1919 is
follows:
as
Flour.
Wheal.
Corn.
Exports for Week
and
Since
Week
Since
Week
Since
July 1
1919.
Apr. 17
July 1
Apr. 17
July 1
1919.
1919.
1919.
1919.
Barrels.
United
Week
Apr. 17
1919.
July 1 to—
Since
Barrels.
Bushels.'
Bushels.
Bushels.
Bushels.
Kingdom. 158,221
6 038 077
Continent
96,479
8,518,421
1,143,810
146,463
So. & Cent. Amer.
13 000
881 685
5 000
West Indies
22,000
Brit.No.Am.Cols.
1,261,806
58
Other Countries..
148,316
Total
Total
43,000
82,568,174
125,606
4,530
2,000
14,000
2,299,793
245,500
55,207
794.134
3,970
80,000
289,700 16,848,363
574,674 12,512,925
1918-19
51,709,888
275,025
5,219
2,705,273 134,683,223
7,076.099 113,418,513
59,000
3,403,823
1,000
4,616,969
The world's shipments of wheat and corn for the week
ending April 17 1920 andsince July 1 1919 and 1918
shown in the following:
are
[Vol. 110.
plain enough that there will be less work for those who spend
time in talking of higher wages for whatever work
they care
to do.
Transportation tie-ups have delayed deliveries so
long no goods already ordered that buyers hesitate to place
additional commitments until they can learn when the
goods
already bought can be delivered.
Improved weather con¬
ditions have quickened the retail trade in some
sections,
notwithstanding the volubility of merchants regarding the
late season and anxiety about, the course of strikes and other
things of a temporary character, which they are prone to
assign as the cause of the quieter trade noticed in many
channels.
They are reluctant to admit freely that prices
have become too high, or that financial pressure is
affecting
those out of business as well as those in it.
The speculative
element in the taxtile export trades is being
squeezed out in
consequence of the difficulty of shipping and other more
serious conditions.
DOMESTIC COTTON GOODS.—The
Wheat.
1919-20.
Exports.
Week
1918-19.
Since
July 1.
Bushels.
Bushels,
July
Week
1.
Bushels.
July
Bushels.
3.187,000 266,707,000 237,495,000
1918-19.
Since
April 17.
Since
1.
July
Bushels.
1,
Bushels.
26,000
2,526,000
7,921,000
Argentina...
7,198*000 164,056*000 70,480*000 4,526*000
106,778,000
26,8*71",555
Australia
1,320,000
Russia
Danube
...
81,525,000
India
46,618,000
5.623,000
1,911*660
Oth. countr's
The
3,141,000
1,750",000
3*.6*34*,OOO
11.705,000 514,199,000 363,357,000
Total
4,552,000 111,054,000
38,426,000
visible
supply of grain, comprising the stocks in
at principal points of accumulation at lake and
granary
GRAIN STOCKS.
Wheat.
United
States—
New York
i
Philadelphia
.
—
Oats,
,
New Orleans
—
Galveston
Buffalo—
Toledo
bush.
hush.
64,000
432,000
49,000
102,000
122,000
91,000
30,000
2,000
1,000
640,000
618,000
1,035,000
2,406,000
5,266,000
603,000
Detroit
24,000
-
Chicago
8,264,000
Afloat.
128,000
2,000
25,000
20,000
1,018*, 000
86|000
387,000
233,000
168,655
919,000
333,000
77,000
134,000
2 961,000
113,000
...
264,000
87,000
23,000
1,232,000
332,000
1,631,000
29,000
30,000
1,229,000
300,000
Milwaukee
Indianapolis
——
Total April 17 1920
Total April 10 1920
Total April 19 1919
338,000
2,000
Kansas City
Peoria
323,000
9,432,000
St. Louis
27,000
498.000
Minneapolis
670,000
2,138,000
7,777,000
Duluth
132,000
640,000
1,034,000
273,000
1,696,000
42,416,000
44,281,000
70,755,000
Total April 20 1918—
3,199,000
666,000
401,000
732,000
——
Barley.
hush.
79,000
23,000
247,000
418,000
Newport News.—
Omaha
Rye.
bush.
711,000
Boston
Baltimore..
Corn.
hush.
_
_
5,665,000
5,504,000
622",000
280,000
156,000
24,000
,417.000
8,044,000
4,521,000
787,000
68,000
406,000
61,000
30,000
107,000
88.000
"4",665
375,000
46,000
47,000
7,866,000 18,585,000
8,788,000
9,265,000
3,491,000
143,000
30,000
3,819,000
3,077,000 21,233,000 16,754,000 14,239,000
17,258,000 21,388,000
1,022,000
6,920,000
Note.—Bonded grain not Included above:
els In 1919;
Oats, nil; total, nil, against 13,000 bush¬
barley, New York, 43,000; total, 43,000 bushels, against 74,000 In 1919.
Canadian—
Montreal—
509,000
9,765,000
1,660,000
18,000
..11,934,000
..11,191,000
..41,134,000
7,768,000
18,000
Ft. William & Pt. Arthur.
Other Canadian
466,000
4,000
3,594,000
391,000
67,000
1,899,000
——
321,000
facturers in Fall River and New Bedford mention
Total April 17 1920.
Total April 10 1920.
Total April 19 1919.
Total April 20 1918-
4,451,000
16,000
4,104,000
52,000
5,083,000
49,000 10,386,000
..
4,000
4,000
7,000
2,287,000
2,129,000
683,000
76,000
Summary—
American
.42,416,000
.11,934,000
5,665,000
18,000
..54.350,000
5,683,000
Canadian
Total April 17 1920.
Total April 101920.
Total April 19 1919.
Total April 20 1918.
7,866,000 18,585,000
4,451,000
4,000
3,491,000
2,287,000
12,317,000 18,589,000
5,778,000
..55,472,000
5,520,000 12,892,000 19,269,000
5,948,000
.111,889,000
3,129,000 26,316,000 16,761,000 14,922,000
..10,967,000 17,307,000 31,774,000
1,022,000
768,000
THE DRY GOODS TRADE
There is
market
a
than
New York, Friday Night, April 23 1920.
more conservative tone in the
dry goods
much
there
has
been
of
late.
With
the
"overall
gaining in popularity every day—characterized
as the most brazen effort ever made to
boost the prices of cotton goods—the power of the consum¬
ing public to protect itself against the increasingly high prices
for clothing is beginning to manifest itself in no uncertain
measure.
The fad of wearing denims has aroused not a
little curiosity in primary circles.
And it is a matter of
conjecture whether the workingman who needs overalls will
suffer to a degree that will furnish him another reason to
demand higher wages, now the root of the high cost of living.
Jobbers and retailers know that the people are being strained,
and despite all that manufacturers might have to say con¬
cerning limited production, higher wages, and so on, the
goods that are being made cannot be sold profitably for a
long period unless the consumer is given a fair chance.
In
the minds of conservative merchants, the uppermost ques¬
tion just now is how best to assist the trade in bringing prices
to a lower level.
Some pessimists think that a financial
crash is the only real remedy, but others believe, as bankers
have believed, that the remedy must be applied
by restrict¬
ing credits and conserving resources through general econ¬
omy.
In many quarters financial pressure is felt because
of the long delayed
delivery of merchandise.
Manufac¬
turers face another demand for
higher wages, and the plans
of the workers are very drastic.
Figures recently compiled
by prominent manufacturers show 50% of the operating
costs are now spent for labor.
And unless business in the
finished lines improves greatly within a short
time, it seems
some
quarters
being in
good sized commitments, mostly for nearby
are
firm
in
most
cases.
383^-inch
standards 26^ cents.
Reports of strikes at New Bedford
are making
buyers anxious for fine goods.
Less trading is
reported in print cloths.
Insistence upon guarantees of the
receipt of
deliveries.
some
Prices
actual location and
description of print cloths sold as products
particular mills is regarded as certain to curb many of
irregular transactions of second hands, who have been
speculating promiscuously in cloths.
from
the
WOOLEN GOODS.—In the wool goods trade more atten¬
being given to the featuring of the coarse wool goods
that are extremely serviceable and can be offered at reason¬
tion is
movement"
in
dry goods market
an uncertain condition.
The economy wave has
begun to form in consuming channels.
Cotton goods are
reported as quieter with prices steady to firm.
It is notice¬
able to discriminating observers that sales are
being forced
by lower priced offerings for many things, notably in shirts
and other garments, for both men and women.
Retail
trade in general is not good where high prices are
demanded,
and the non-delivery of merchandise to retailers and
jobbers
is accepted in some quarters as a
blessing.
The resentment
that is being expressed all over the
country concerning high
dry goods prices arises from prices that are not much higher
than many wholesale quotations.
Many selling agents re¬
port a halt in the ordering of late merchandise, and they do
not expect to see this situation
improved until the railroad
tangle is relieved.
Yet the feeding in the dry goods market
continues strongly optimistic, the idea being" advanced that
in view of the scarcity of
merchandise, the heavy demand
and the price of cotton, it is difficult to conceive of
any
probability of a decline of prices for finished products.
The
demand for coarse suiting fabrics has increased.
Shirting
converters selling for 1921 are finding that
buyers are more
cautious and prefer distinctive
styles rather than large quan¬
tities of staple goods.
It is reported that percales are now
well sold for the next four months
by some of the large
printers, and prices are regarded by some of the trade as
reasonable in the light of recent gray goods prices.
Wouldbe speculators in denims were about the markets
during the
week endeavoring to buy seconds or
anything available.
Shrewd merchants in the primary markets
profess to see in
the ready spread of this purpose to wear overalls a
growing
protest against dry goods prices, and they are wondering
if the purpose will become more serious.
Bleached cottons
show a quickening demand from cutters and
jobbers, but
no
difficulty is found in meeting it. Agents in bleached
cottons are now beginning to restore the
price parity in their
merchandise by advances in keeping with the
steady advances
in gray cloths in the past month.
Fair to good trading was
reported in gray goods towards the end of the week.
Manu¬
is in rather
1919-20.
Since
April 17.
North Amer.
Corn.
able figures.
Woolen and worsted manufacturers are not
taking kindly, to any talk of higher wool prices.
It is clearly
seen that consumers will no
longer pay the exorbitant prices
demanded for clothing, and the uneasiness in the
ready-totrade as a whole is due to the hesitation
buyers are
showing in taking goods at the prices offered.
Fabric manu¬
facturers hear that clothing manufacturers are
beginning to
fight harder to have their producing costs kept down; and
if workers will not be reasonable,
clothing manufacturers
say they will quit taking risks of accumulating goods.
Home
dressmaking is becoming very general among women.
The
prices and qualities have made that sex fight against the gar¬
ments that are being offered, and they are
seeking relief by
purchasing their own cloth and making up their own gar¬
wear
ments.
_
FOREIGN DRY GOODS.—Linen
buyers have not been
in the local markets of late.
But agents report
numerous
that
they
sell by mail almost anything they can offer,
help the situation.
of linens coming
into the markets that the sellers
report no difficulty in secur¬
ing any prices asked.
Cable news at the close of last week
can
and that the presence of buyers would not
There is such a relatively small volume
indicated that all linen markets are
higher.
the recent advance of 60% on the list
In addition to
price of cambrics over
prices of last December, it was reported that a further
advance of 10% had been paid.
Burlaps continue firm.
Speculators are purchasing considerable goods and to them
the
is laid the
advances
of the last
fortnights Importers are
light weights.
8-ounce 40-inch 10^ to 11c.
asked; heavy weights, 14%c. to 15c.
bullish
on
Apr. 24
1920.]
THE CHRONICLE
J>tate atul City Jkpartwcwt
1771
BELMONT, Middlesex County, Mass.—BOND SALE.—On April 22
1661—
the following 5% coupon bonds, offered on that date—V. 110, p.
were awarded to the Old Colony Trust Co. of Boston at 102.03:
$20,000
sewer
bonds, a basis of about 4.74%.' Date April 1 1920.
Int.
Due $1,000 yearly on April 1 from 1921 to 1940, incl.
A. & O.
NEWS
a basis of about 4.72%.
Date May 1 1920.
Int.
Due $7,000 yearly on May 1 from 1921 to 1938, incl.,
$2,000 May 1 1939.
128,000 school bonds,
ITEMS.
M. & N.
Baltimore, Md.—Bonds Authorized— Among the bills
passed by the Maryland Legislature of 1920 and signed by
Governor Ritchie, are three which authorize the City of
Baltimore to issue $50,000,000 harbor, $25,000,000 water and
$26,000,000 general improvement bonds.
These bills are
subject to referendum and unless a special election is called
they will not be submitted to the people until next autumn.
New Jersey.—Soldiers Bonus Bill Passed.—-A bill pro¬
viding bonuses for soldiers, sailors, marines and nurses who
served directly under the United States Government during
the world war, which passed both houses of the Legislature,
was
signed by Governor Edwards on April 14.
The bill
provides for the creation of a commission to carry out the
provisions of the Act.
The State House Commission is
and
BILLINGS SCHOOL DISTRICT
(P. O. Billings), Yellowstone
County, Mont.—BOND ELECTION PROPOSED.—It is reported that the
$600,000 high school bonds recently—V. 110, p. 1661—defeated are soon
to be voted on again.
BLAINE COUNTY
(P. O. Chinook), Mont.—BOND OFFERING.—
27 by Vernon Butler, County Clerk,R
Denom. $1,000.
Date Jan. 1 1920.
Prin.
payable at the American Exchange Bank,
N. Y.
Due Jan. 1 1940 optional Jan. 1 1935.
Cert, check for $2,500
required.
The bonds have been approved by Chas. B. Wood of Chicago.
Official circular states that no previous issues of bonds have been contested
and that interest and principal on all bonds previously issued have always
been paid promptly at maturity and that there is no controversy or litiga¬
tion pending or threatening, affecting the corporate existence or the bound¬
aries of said county, or the title of its present officials to their offices or the
validity of these bonds.
1
Bids will
be received
until April
for $50,000 6% road bonds.
and semi-ann. int. (J. & J.),
Financial Statement.
Actual value of real estate and personal property (approx.)_ .$27,361,088
Assessed value (real estate, personal and other taxable pro¬
00
27,361,088 00
410,000 00
authorized to issue bonds to the amount of $15,000,000 to
perty), equalized 1919
Total bonded debt, including this issue
the payment of the bonus under this Act,
subject to the approval of the voters at the general election
None
Sinking funds reserved for payment of above bonds
37,319 98
Special assessment bonds not included in above
None
Floating debt (warrants) not included in above——
74,762 14
Population 1921 (est)___
10,000
Estimated assessed value for the year 1920---28,000,000 00
The, official advertisement says that possibly $50,000 additional bonds
raise funds for
in November.
Water bonds included in above
__
Virginia.—Moreau Delano Succeeds His
a meeting in this
city on April 21 of the New York Committee of the West
Virgihia Debt Settlement case, Moreau Delano was elected
Virginia-West
Father
on
Debt
Settlement Committee.—At
member of the Committee to succeed his father,
a
the late
Eugene Delano, and Thatcher M. Brown was elected Chair¬
of the Committee.
man
be
issued this year.
BLANCHARD
TOWNSHIP
(P. O. Dunkirk), Hardin
County,
Ohio.—BONDS NOT SOLD—TO BE DISPOSED OF AT PRIVATE SALE.
—The
$8,591 86 5%
REDEMPTIONS
BOND CALLS AND
Paso
El
Spring3,
Called.—The Board of Education has called $25,000 of the
PROPOSALS
BOND
this week have been
Allen County,
Ind.—BOND OFFERING.—Proposals
1 p. m. April 30 by the City Clerk for $49,500 water
extension and $11,403 water refunding bonds.
Denom. $1,000
as far as possible.
Date day of sale.
Prin. and semi-an. int. (J. & D.),
payable at the Union Savings & Trust Co. of Bluffton.
Due $903 Dec. 15
1920 and $3,000 semi-annually from June 15 1921 to Dec. 15 1930, incl.
A deposit of $1,000 is required.
The official circular states that these bonds
have been approved by the State Board of Tax Commissioners, that no
previous issue of bonds has ever been contested, that the principal and
interest of all former issues has been paid promptly at maturity, and that
BLUFFTON,
will be received until
pending or threatened affecting the
Purchaser to pay accrued interest.
City of Bluffton April 1 1920.
Total bonded indebtedness
$34,000 00
Indebtedness to be refunded__-_/___-__-________/__—----11,403 00
Unpaid bills
5,737 33
there is
controversy or litigation
no
validity of these bonds.
to
be voted upon.
ABILENE,
Taylor
County,
Tex.—BONDS VOTED.—On April 10
and extension and $150,000
1108—were voted.
the $300,000 school, $100,000 sewer purchase
street
impt.
ADA
bonds—V.
SCHOOL
110, p.
DISTRICT
$51,140 33
—
—$60,903 00
11,403 00
Less indebtedness to be refunded..
,v
49.500 00
$49,500 00
$100,640 33
'
8,932 91
$91,707 42
Net indebtedness including proposed
ABERDEEN SCHOOL DISTRICT (P. O. Aberdeen), Grays Harbor
soon
Total gross indebtedness April 1 1920
Bonds to be issued April 30--
Cash in hands April 1 1920
County, Wash.—BOND ELECTION.—An issue of $20,000 school bonds
is
Statement
NEGOTIATIONS
AND
follows:
as
Blooming
O.
system
Interest will cease after May 1 1920.
$175,000 bond issue.
(P.
—
Colo.—Bonds
County,
DISTRICT
SCHOOL
PRAIRIE
Prairie), Steele County, Minn.—BONDS VOTED.—It is stated that a
$50,000 bond issue was recently voted.
Financial
Colorado
Getz-Searfross Road Impt. bonds, offered on April
10—V. .10, p. 1552—were not sold.
The Township Trustees have raised
the interest rate to 6%, and will endeavor to dispose of the bonds privately.
BLOOMING
Washington (State of).—Soldiers' Bonus Bill Passed.—
At the special session of the Washington Legislature a bill
was
passed providing for the payment of equalized com¬
pensation to veterans of the war with the Central Allied
Powers, authorizing the issuance and sale of State bonds in
the sum of $11,000,000 and the levy of a tax for the redemp¬
tion of the bonds at maturity.
The bill was signed by
Governor Hart on March 25.
A section of this Act provides
for its submission to the people for their ratification at the
general election in November.
,
—
_
will
(P. O. Ada), Norman County, Minn.—
school bonds will be sold to the State of
bond issue
BLUFFTON SCHOOL CITY (P. O.
Bluffton), Allen County, Ind.—
BOND
OFFERING.—Proposals will be received by H. F. Kain, Secretary
of School Board, until 10 a. m. April 27 for $102,000 5% high school bldg.
construction bonds.
Denom. $1,000.
Int. M. & N.
Due $5,000 yearly
May
on
15 from
1920 to
1938,
incl., and $7,000 May 15 1939.
Purchaser to pay accrued
check for $1,000 required.
Cert,
interest.
BOISE D'ARC ISLAND LEVEE DISTRICT, Dallas County,
Tex.—
tax-free bonds has been sold to
Date Jan. 2 1920.
BOND SALE.—An issue of $45,000
BOND SALE.—An issue of $100,000 6%
Minnesota.
the Kauffman-Smith-Emert Invest. Co. of St. Louis.
COUNTY (P. O. Council), Idaho.—BONDS VOTED.—An
$125,000 highway bonds has been voted.
ADAMS
issue of
ADAMS COUNTY (P. O. Gettysburg), Pa .—BOND ELECTION—An
submitting to the voters a
proposition to issue $750,000 road improvement bonds/
election is to be held May 18 for the purpose of
AKLEY, Hubbard County, Minn.-—BOND SALE.—According to re¬
ports $2,200 6% city bonds were purchased at par by the State Bank of
Akley.
Duo yearly as follows: $200, 1924 to 1931, incl., and $300, 1932and
1933.
ALAMANCE COUNTY (P. O.
be received unti
JNG.—Bids will
Graham), No. Caro.—BOND OFFER
12 m. May 3 by B. M. Rogers, Clerk
following 6% coupon road bonds:
Due $5,000 yearly from June 1 from 1923 to
Board of County Commissioners, for the
1 bonds.
1932, inclusive.
75,000 Series 2 bonds.
63,000 Series 3 bonds.
$50,000
Series
Due $7,500 yearly from June 1 1933 to 1942, incl.
Due $10,500 yearly on June 1 from 1943 to 1948,
Due June 1
Series 4 bonds.
Cert, check for $5,000 required.
Int. annually.
1949.
to reports an issue of
voters on April 30.
UNION
HIGH
SALE.—On
April
ANNISTON, Calhoun County, Ala.—BONDS VOTED.—The voters
the proposition to issue $250,000 5% 20-year serial school bonds
by a vote of 352 to 11 at an election held April 19.
Date of sale not yet
favored
determined.
Barnwell
County,
So.
Caro.—BONDS VOTED.—At
and water-works bonds
election held April 1 $110,000 paving, sewerage
were
voted, it is stated.
BARTHOLOMEW
COUNTY
(P.
O.
Columbus),
Ind.—BONDS
bonds, aggre¬
AWARDED IN PART.—Of the three issues of 4j^% road
gating $24,290, offered on April 17—V. 110, p. 1446 and 1552—the $12,200
Fred Hoelthe et al Harrison Twp. bonds were awarded to Andrew Morri¬
son
at par
and interest.
I
BEAUREGARD PARISH SCHOOL DISTRICT NO. 17, La.—BOND
SALE.—The Bank of Lafayette of Lafayette was
awarded ,it is stated, the
$90,000 5% school bonds offered on April 20—V.
less less $40 (99.95) a basis of about 5.01%.
110, p. 1215—for par
Bedford County, Va.—BOND OFFERING.—It is stated
that proposals will be received until May 10 by C. Moore, Town Treasurer,
for the $150,000 6%
15-30-year (opt.) water-system impt. and hydro¬
electric plant impt.
l?onds—V. 110, p. 1661.
Denom. $1,000.
Date
April 1 1920.
Due April 1 1950.
Optional after April 1 1935.
BEDFORD,
BELDING
SCHOOL
DISTRICT
NO.
9
(P.
O.
Belding),
Ionia
County, Mich.—BOND SALE.—On April 15 the $60,000 5% Ellis School
Bldg. erection bonds, offered on that date—V. 110, p. 1446—were awarded
to the Detroit Trust Co. at 97.22 and interest, a basis of about 5.50%.
Due
1552.
COUNTY
(P.
O.
Idaho Falls),
FEATED.—The issue of $300,000 additional
was
Ida.—BONDS DE¬
court house and jail bonds
defeated at the election held April 2.—V. 110, p. 999.
BOTTINEAU COUNTY (P. O. Bottineau), No. Dak.—BOND SALE.
—During February the State of North Dakota purchased $200,000 4%
seed and feed bonds at par.
Date Feb. 1 1920.
Due Feb. 1 1925.
BRANDON INDEPENDENT SCHOOL DISTRICT (P. O.
Hill
County, Tex.—BONDS REGISTERED.—The
registered $20,000 5% 10-30-year bonds on April 13.
BROADWATER
TION
V.
COUNTY
BONDS.—The
OF
110,
(P.
$100,000
O.
6%
Townsend),
State
Brandon),
Comptroller
Mont.—DESCRIP¬
road bonds reported as sold in
1336—are in denom. of $1,000 and are dated
Due March 1 1940 optional after 10 years.
March 1 1920.
bid received for the $16,551.60 5
XA%
coupon
Final judgment bonds, offered
April 20—V. 110, p. 1552—which was submitted by W. L. Slayton &
was for par and int., minus $1,158.62 for furnishing printed bonds
on
Co. and
attorney's fees, was rejected.
bonds will probably be re-offered as 6s,
The City Auditor says that these
late in Juno.
BUHL,
Twin
Falls County, Idaho.—BOND ELECTION.—We are
water-works-system bonds may be soon voted upon.
informed that $125,000
(P. O. Delphi), Ind.—BOND OFFERING.—
Proposals will be received until 2:30 p. m. April 27 by D. L. Musselman,
County Treasurer, for $8,000 4j^% road-impt. bonds.
Denom. $400
Date April 5 1920.
Int. M. & N.
Due $400 each six months from May. 15
CARROLL
COUNTY
1921 to Nov. 15 1930 incl.
BARNWELL,
an
110, p.
BONNEVILLE
and the
SCHOOL DISTRICT, Orange County,
20 the $175,000 6% 13-year (aver.,
school bonds, dated June 1 1920—V. 110, p. 1446—were sold, it is stated)
to Blyth, Witter & Co. and I3anks, Huntley & Coj, jointly, for $180,138,
equalto 102.93, a basis of about 5.67%.
ANAHEIM
Calif.—ROAD
$171,230.—V.
BUCYRUS, Crawford County, Ohio.—BID REJECTED.—The only
Lyon County, Kans.—BOND ELECTION.—According
$18,000 electric light bonds will be submitted to the
AMERICUS,
Due yearly from 1925 to 1949 incl.
payable in St. Louis.
BOONE COUNTY (P. O. Lebanon), Ind.—NO BIDS RECEIVED.—
No bids were received for the 8 issues of 4XA% road bonds, aggregating
p.
Int. J. & J.
inclusive.
12,000
Int. semi-ann.,
yearly on May 15 as follows:
1935, inclusive.
1927 to
$2,500 1921 to 1926, incl., and $5,000
CARRBORO
SCHOOL
DISTRICT,
Orange County, No.
Caro.—
BOND OFFERING.—Proposals will be received until May 10 ,it is stated,
by Sterling Browning, Chairman of the County Board of Education (P. O.
Hillsboro) for the $25,000 6% school bonds.—V. 110, p. 1216.
NO. 10, Wells County, No. Dak.—
North| Dakota was awarded $19,950 4% build¬
March.
Date Feb. 1 1920. Due Feb. 1 1940.
CATHWAY SCHOOL DISTRICT
BOND SALE.—The State of
ing
bonds
at par during
CECIL TOWNSHIP
BOND
OFFERING.—J.
(P. O. Lawrence), Washington County, Pa.
C. Hopper, Township Secretary, will receive
proposals until 7.30 p. m. May 4 for $60,000 5H% tax-free bonds. Denom.
$1,000.
Date May 1 1920.
Int. semi-ann.
Due $3,000 yearly on May
1, from 1921 to 1940, incl.
Cert, check for $2,500 required.
Bonded
debt, this issue only.
Assessed value $4,309,640.
CENTRAL FALLS, Providence County,
R. I.—BOND OFFERING.—
Treasurer, will receive proposals until 8 p.m. April 27
5% coupon funding bonds.
Denom. $1,000. Date May 1
1920.
Prin. and semi-ann. int. (M. & N.) payable in gold coin of the U. S.
of the present standard of weight and fineness or its equivalent in currency
at the First Nat. Bank of Boston.
Due $10,000 yearly on May 1 from 1921
to 1940 incl.
Bonds to be delivered and paid for on or about May 1 at the
First National Bank of Boston.
Said bonds are engraved under the super¬
vision of and certified as to genuineness by the First Nat. Bank of Boston;
their legality will be approved by Ropes, Gray, Boyden & Perkins, whose
Elmer E. Lent, City
for $200,000
[Vol.110
THE" CHRONICLE
17 72
opinion will be furnished the purchaser.
AH legal papers incident to this
issue will be filed with said bank where they may be inspected at any time.
COLUMBUS CITY SCHOOL
DISTRICT (P. O. Columbus), Frank¬
County, Ohio.—BOND OFFERING.—Proposals for an issue of $1,school building and improvement bonds will be received by
Edward B. Mac Fadden, Clerk of the Board of Education, until 10 a. m.
May 1.
Denom. $1<000.
Date May 1 1920.
Prin. and semi-ann. int.
(M. & N.). payable at the office of the Treasurer of the Board of Education.
Due $200,000 yearly on May 1 from 1936 to 1940, incl., and $117,000 May
1 1941.
Cert, check on some local bank other than the one submitting
the bid, for $5,000, payable to the Board of Education, required.
Bid.
must be unconditional and must be made upon blanks furnished by the
Finance Committee of the Board of Education.
The official circular state
that the district has never defaulted in payment of principal or interest
lin
170.000 5%
Iowa.—BOND OFFER¬
j^ril 26 by Fred S. Barlow, County
Due yearly on April 1 as follows:
$4,250, 1925; $5,000, 1926; $4,000, 1927; $5,000, 1928; $4,000, 1929;
$5,000, 1930; $4,000, 1931; $5,000, 1932; $4,000, 1933; $5,000, 1934.
CERO GORDO COUNTY (P. O. Mason City),
ING.—Bids will be received until 2 p. m.
Treasurer, for $45,250 funding bonds.
CHAMBERS COUNTY ROAD DISTRICT NO. 2 (P. O. Anahuac),
Tex.—BOND OFFERING.—Joe F. Wilson, County Judge, will receive
proposals for the $110,000 5j^% 5-30-year (opt.) bonds—V. 110, p. 1553—
until
Date Aug.
April 26.
15
1919.
on
Mecklenburg County, No. Caro.—BOND SALE.—
The $270,000
2-11-year serial funding bonds dated Feb. 1 1920
offered on April 15—V. 110, p. 1336—have been purchased by Lawrence,
any
of its bonds.
.
statistics
CHARLOTTE,
Chamberlain & Co. of New York.
CHARTIERS TOWNSHIP SCHOOL DISTRICT,
Allegheny County,
Pa.—BOND ELECTION.—An election has been called for May 22 for the
purpose
of voting on the Question of issuing $50,000 school bldg.
bonds.
Population School District 1910, 183,000; present (est.)
School enumeration,
May,
1919
Tax valuation of district, 1919
Total bonded debt",'April 9 1920
Sinking fund, April 9 1920Tax levy for school purposes, 1919-20
Last bond issue, Nov. 15, 1919.
No litigation pending or threatened affecting this issue.
CONTRA COSTA COUNTY (P.
inclusive.
Financial
A.
&
....$87,832,215
4,905,500
$200,000
fund.
rock), Wyo.—BOND
NOT
CROCKETT
111.—BONDS DEFEATED .—At
election held April 13
an
the voters defeated all the several propositions to issue bonds for an aggre¬
gate of $34,500,000 covering a convention hall, improvement of bridges,
parks, playgrounds, the electric-light system, &c.
CHINO
HIGH
Calif.—BOND
SCHOOL
DISTRICT,
San
Bernardino
County,
OFFERING.—Proposals will be received until 11
a.
SCHOOL DISTRICT (P. O. Crockett),
Calif.—BOND ELECTION.—On May 19 a propo¬
budding bonds will be voted upon, it is stated.
GRAMMAR
Contra Costa County,
CHAVES COUNTY SCHOOL DISTRICT NO. 8 (P. O. Dexter),
Mex.—PRICE PAID.—The price paid for the $82,000 6% 10-30-year
(opt.) school bonds reported as sold in V. 110, p. 1662—was 98.20 and int.
school bonds.
Webster County, Iowa.—BONDS
SOLD.—The $15,000 school bonds offered on AprU 10—V. 110, p.
1447—were not sold.
sition to issue $275,000 school
N.
CHICAGO,
DISTRICT NO. 15i (P. O. GlenOFFERING.—Until 8 p. m. May 12 F. A. Bielen-
COOPER SCHOOL TOWNSHIP,
4,705,500
Population, estimated, 75,000—1910, census, 44,604.
I
O. Martinez), Calif.—BOND SALE.
April 5—V. 110, p. 1216—
Miller at par and int.
berg, Clerk, will receive bids for $35,000 6% 10-20-yr. (opt.)
Denom. $1,000.
Bids less than par will not be considered.
debt
Net
Due
O.
Statement.
Assessed valuation for taxation
Total debt (this issue included)
sinking
on
5.93 mills
CONVERSE COUNTY SCHOOL
50,000 refunding bonds.
Date April 15 1920.
Int.
April 15 1950.
Prin. and int. payable at the National City Bank, N. Y.
Less
sold
$505,278.40
5% highway bonds offered on
April 12, it is reported, to Girvin &
—The $1,250,000
were
$1,483,000.00
,
,.
CHATTANOOGA, Hamilton County, Tenn.—BOND SALE.—The
Harris Trust & Savings Bank of Chicago has purchased the following 5%
tax-free coupon bonds:
'
$165,000 paving bonds.
Date March 1 1920.
Int. M. & S.
Due yearly
on March 1 as follows: $15,000, 1925, and $10,000, 1926 to 1940,
250,000
46,000
$368,000,000.00
(P. O. Gold Beach), Ore.—BIDS REJECTED.—
gold road impt. bonds offered on AprU 7—
CURRY COUNTY
All bids received for the $49,000
V.
110, p. 890—were rejected.
CYPRESS CREEK DRAINAGE DISTRICT (P. O. Desha), Inde¬
pendence County, Ark .—BOND OFFER ING.—B ids will be received until
12 m. May 11 by W. E. Meek, Clerk of the Drainage Board, for $500,000
bonds.
Cert, check for $10,000 required.
DALLAS COUNTY LEVEE DISTRICT
m.
May 3 by Harry L. Allison, Clerk, Board of County Supervisors
BONDS
San
NO. 7 (P. O. Dallas), Tex.—
"Dallas News" in its
VOTED—BONDS NOT YET SOLD.—The
issue
(P. O.
Bernardino), for $71,000 5% bonds.
Denom. $1,000.
Date May 1
1920.
Int. J. & J.
Due yearly as follows: $3,000, 1922 to 1926 incl., and
$3,000, 1927 to 1940 incl.
Cert, check for $1,000, payable to the Board of
Supervisors, required./ Purchaser to pay accrued interest.
Financial
Statement.
^
Assessed valuation, last assessment roll, non-operative
Outstanding bonded indebtedness, not including this issue
Estimated true value of district
No litigation
$3,239,255
21,000
7,000,000
pending affecting the corporate existence of district or title
of these bonds.
No bonds of this district
of present officials or validity
have ever been repudiated.
SCHOOL
CHINO
DISTRICT,
San
Bernardino County,
Calif.—
BOND OFFERING.—Bids will be received until 11
a. m. May 3 by Harry
Allison, Clerk Board of County Supervisors (P. O. San Bernardino),
for $47,000 5% bonds.
Denom. $1,000.
Date May 1 1920.
Int. M. &
N.
Due yearly as follows: $2,000, 1922 to 1929 incl.; $3,000, 1930 to 1939
Incl.; $1,000, 1940.
Cert, check or cash for $1,000, payable to the Board
L.
of
Supervisors, required.
$3,239,255
51,500
pending affecting the corporate existence of district
of present officials or validity
have ever been repudiated.
of these bonds.
or title
No bonds of this district
36,000 Bridge impt. bonds.
Date April 1 1920.
Due April 1 1945.
139,100 Madisonville Sewer Constract No. 5 bonds.
Date April 1 1920
Due April 1 1950; optional April 1 1940.
99,200 Seventh St. impt. bonds.
Date April 1 1920.
Due April 1 1945;
optional April 1 1940.
100,000 Main St. impt. bonds.
Date April 1 1920.
Due April 1 1950;
optional April 1 1940.
I
230,000 Eastern Ave. impt. bonds.
Date April 1 1920.
Due April 1 1950;
optional April 1 1940.
225,000 Eastern Ave. impt. bonds.
Date April 1 1920.
Due April 1 1950;
optional April 1 1940.
720,000 Water works bonds. Date Dec. 15 1919. Due Dec. 15 1959.
46,800 Seventh St. impt. bonds.
Date AprU 1 1920.
Due April 1 1940.
27,200 Plum St. impt. bonds.
Date April 1 1920.
Due April 1 1950;
optional April 1 1940.
25,000 Fire Dept. impt. bonds.
Date April 1 1920.
Due April 1 1940;
optional April 1 1930.
380,000 Water works bonds.
Date Dec. 15 1919.
Due Dec. 15 1939.
200,000 Street repair bonds.
Date Jan. 2 1920.
Due Jan. 2 1928.
67,000 Public landing impt. bonds.
Date April 1 1920.
Due April 1
1960; optional April 1 1940.
P
Auth. Sec. 3939, Gen. Code.
Denom. $100 or multiples thereof.
Prin.
and semi-ann. int. payable at the American Exchange Nat. Bank of New
York.
Cert, check for 5% of amount of bonds Ibid for, payable to the City
Auditor, required.
Bonds to be delivered and paid for at the City Aud¬
itor's office.
Bids must be made upon printed forms which will be furnished
by the City Auditor.
Purchaser to pay accrued interest.
COUNTY (P. O. Manning), So. Caro.—BOND OFF¬
ERING.—The County Highway Commission will receive sealed bids until
II a. m. May 15 for $150,000 6% 20-year serial coupon bonds, a part of
the issue authorized and also bids for the entire of $400,000 or so much
thereof as may legally be issued.
Date July 1 1920.
Int. semi-ann
way
CLAY COUNTY (P. O. Brazil), Ind.—BOND OFFERING.—Proposals
a. m. April 27 by Thomas W. Swinehart, County
Treasurer, for the following 4M % highway impt. bonds:
$8,000 Henry Mercer et al Van Buren Twp. bonds.
Denom. $400.
Due
$800 each six months from May 15 1921 to Nov 15 1925, incl.
20,000 W. H. Lankford et al Washington Twp* bonds.
Denom. $500.
Due $2,000 semi-annually from May 15 1921 to Nov. 15 1925, incl.
M.
$250
Pell et al
on
Van
Buren
Twp.
bonds.
Denom. $250.
Due
May 15 and Nov 1 in each of the years from 1921 to 1925,
mcl.
Date April 5 1920.
Int. M. & N.
A cert, check for $500, payable to the
County Treasurer, required.
Purchaser to pay accrued interest.
_
CLEVELAND
CONSOLIDATED
SCHOOL
DISTRICT
NO.
8,
County, No. Dak.—BOND SALE.—An issue of $7,000 4%
Rolette
building bonds
Date
Dec.
1
sold at par during March to the State of North Dakota.
1919.
Due Dec. 1 1939.
was
CLEVELAND SCHOOL DISTRICT (P. O. Cleveland),
Cuyahoga
County, Ohio.—BOND OFFERING.—The Board of Education is re¬
ad vertismg for
s^le the $4,000,000 school bonds offered unsuccessfuUy on
faring 5^7
COLUMBUS,
1920.
check
1920.
(P. O. Greensbure), Ind .—BOND SALE.—
The $100,000 5% copon tax-free hospital bonds, offered on April
15—V.
110, p. 1109—were awarded on that date to J. F. WUd & Co. of Indianapol s
at par and int.
Due $2,500 each six months from May 15 1921 to Nov
DECATUR
COUNTY
OFFERING.—Ozro
BOND
J.
Butler,
County
Treasurer, wU
bids untU 2 p. m. AprU 30 for $19,800 4Fred Scott et al
road bonds.
Denom. $990.
Date March 15 1920.
Int. M.
$990 each six months from May 15
receive
Fugit Twp.
& N.
Due
192i to Nov. 15 1930, incl.
O. Anaconda), Mont.—BOND OFFER¬
by E. E. Bailey,
ING.—Sealed bids will be received until 3 p. m. May 5
County Clerk, for $150,000 highway bonds.
Denom. $1,000.
Date
April 1 1920.
Prin. and semi-ann. int. (J. & J.) payable at the office of
the County Treasurer or at the option of holder, at the Mechanics &
Metals National Bank, N. Y.
Due yearly on Jan. 1 as follows: $7,000,
1922 and 1923 and $8,000, 1924 to 1940, incl.
Redeemable at the option
of county on the interest paying date occuring 1 year prior to the maturity
thereof.
Cert, check for $10,000 payable to the County Treasurer, re¬
quired.
Bids are requested for bonds bearing 5K, 5% and 6% interest.
Approving opinion of Caldwell & Masslich, Attorneys, of New
York
City will be delivered to the purchaser.
Bonds will be printed and furnished by the county and delivery of and
payment for the bonds will be made within twenty days from the date
of sale at the office of the County Treasurer in Anaconda, Montana, or at
any financial centre at purchaser's option and purchaser's expense.
The principal and interest of all bonds previously issued have been
promptly paid at maturity.
There has never been any default or comprom¬
ise in the
have
ever
payment of the county's obligations.
been contested.
No previous bond issues
litigation pending or threatened concerning
the validity of these bonds or affecting the corporate existence or boundaries
of the county or title of the present officers to their respective offices.
There is no controversy or
Financial
Statement.
Population in 1910, 10,134; present estimated
population, 12,500.
$29,596,916 00
Total assessed value of all property in 1919
Total assessed value for taxation purposes
Total value of county property
Total bonded debt, including this issue
Total floating or other debt in addition to
standing
10,235,796 00
(fixed assets)
359,005 48
$150,000 00
bonded debt (out¬
29,864 11
warrants)
i';
"
Cash on hand to credit of
on
1920:
April 1
Cash
on
all funds and balance in sinking fund
^
$26,638 69
hand
Bond sinking fund.
$26,638 69
Total cash in all funds
DEMING, Luna County, N. Mex.—BONDS VOTED.—By 114 "for"
14 "against" the $100,000 bonds to take over local water plant were
voted on April 6.—V. 110, p. 1337.
to
DES MOINES, Union
County, N. Mex.—BONDS VOTED.—On April
voted by 39 to 20.
>
6 $75,000 water bonds were
will be received until 10.30
_
„
W. C. Davis is Clerk Pro tem of the High¬
Commission.
CLARK COUNTY (P. O. Kohoka), Mo.—BOND SALE.—On April 12
the $103,994.04 5% funding bonds—V. 110, p. 1447—were sold to Francis
Bro. & Co. of St. Louis.
Denom. $500 and $1,000.
Date June 15 1917
Int. J. & D.
Due yearly from 1922 to 1936 incl.
5,000 A.
OFFERING.—Pro¬
for $300 is required.
.
18,000 water extension bonds.
Denom. $1,000.
Date May 1
Due $1,000 yearly on May 1 from 1921 to 1938, incl.
Cert,
for $200 is required.
7,350 auxiliary water bonds,
Denom. $1,050.
Date May 1
Due $1,050 yearly on May 1 from 1921 to 1927, incl.
DEER LODGE COUNTY (P.
CINCINNATI, Hamilton County, Ohio.—BOND OFFERING.—Geo.
proposals until 12 m. May 17 for the
following 5% bonds, aggregating:
$83,300 Colerain Ave. et al. impt. bonds.
Date May 1 1920.
Due
May 1 1940.
88,800 Second St. impt. bonds.
Date April 1 1920.
Due April 1 1945;
optional April 1 1940.
225.000 Park impt. bonds.
Date Feb. 1 1916.
Due Feb. 1 1966; optional
P. Carrell, City Auditor, will receive
Cert, check for $500 required.
DANSVILLE, Livingston County, N. Y.—BOND
posals will be received until 2 p. m. April 26 by Harry Rowan, Village
Clerk, for the following, to bear interest at a rate not to exceed 5%:
$40,000 Perine St. impt. bonds.
Denom. $2,000.
Date June 1 1920.
Due $2,000 yearly on June 1 from 1921 to 1940, incl.
Cert, check
15 1940, incl.
Financial Statement.
Assessed valuation, last assessment roD, non-operative
Outstanding bonded indebtedness, not including this issue
No litigation
of April 16 states that $115,000 6% levee bonds have been voted.
Bids have been received for the issue but no award has been made yet.
P 1662'
Bids are to be received until May 10 for bonds
Franklin
County.
Ohio.—BOND
ELECTION.—A
proposition to issue $800,000 park and boulevard bonds will be placed on
primaries to be held April 27'.
the ballot at the Presidential
DETROIT, Wayne County, Mich.—BIDS—NO
AWARD.—It1'is reported that two bids at par were
REPORT AS TO
submitted for the
$2,823,000 water supply, $2,000,000 public sewer and $750,000 public
library 5% 1-30-year serial bonds offered on April 13—V. 110, p. 1553.
No report has yet been received as to whether or not an award was made.
O. De Vails), Prairie County,
issue of $55,000 school bonds has been sold,
W. Elkins of Little Rock.
DE VALLS SCHOOL DISTRICT (P.
SALE.—An
Ark.—BOND
it is stated, to M.
DE WITT COUNTY
ROAD DISTRICT NO. 4 (P. O. Cuero). Tex.—
BOND OFFERING.—Bids will be received until 10 a. m.
April 27
by J. L.
20-30-year road bonds—V. 110,
386.
Denom. $500.
Date Oct. 10 1918.
Int. semi-ann. (A. & O.),
payable at the Hanover National Bank, N. Y., and at Cureo and Austin.
Cert, check for $800 required.
Boal, County Judge, for the $40,000 5%
p.
SCHOOL DISTRICT (P. O. Edin¬
Tex.—BONDS REGISTERED.—This district
INDEPENDENT
EDINBURG
burgh
on
Hidalgo
County,
April 13 registered $110,000 5% 10-40-year bonds with the State Comp¬
troller.
ELBERT
COUNTY SCHOOL DISTRICT NO. 23 (P. O. Agate)
SALE.—The Central Savings Bank of Denver has pur¬
Colo.—BOND
chased $13,500 6% school bonds, it is stated.
ELMWOOD PLACE
Hamilton
County,
SCHOOL
(P. O. Elmwood Place),
OFFERING.—Proposals will be re¬
DISTRICT
Ohio.—BOND
ceived by J. L. Champlin, Clerk of Board of Education, until 12 m. May 7
for $3,000 5% school impt. bonds.
Auth. Sec. 7629 and 7630 Gen. Code.
Denom.
$200.
Prin.
and semi-ann.
int.
payable
at
the First National
APR. 24
Bank of Elmwood Place.
thereafter.
required.
EL
RENO,
yearly
Education
Due $200 two years after date and $200
Cert check for $300, payable to
Purchaser to pay accrued interest.
Canadian
County,
the
Board
of
Okla.—BOND SALE.i—On April 15
6% 17M-year (aver.) water works extension bonds, dated
April 15 1920—V. 110, p. 1553—were sold to the Commercial Bank of El
Reno for $404,255 (101.063) and interest a basis of about 5<90%.
The pro¬
ceeds of the sale will be deposited in the Commercial Bank, bearing the
usual rate of interest allowed on daily balances, until the money is checked
out for the water works improvements.
the $400,000
ELVINS SCHOOL DISTRICT (P. O. Elvins), St. Francois County,
Mo.—BONDS VOTED.—Recently $80,000 high school and $10,000 ward
school-bonds
were
voted, it is stated.
Lorain County,
received by S. S. Rockwood,
ELYRIA CITY SCHOOL DISTRICT (P. O. Elyria),
Ohio.—BOND OFFERING.—Proposals will be
Clerk of Board of Education, until 11 a. m. April 26 for $100,000 53^%
school bldg. bonds.
Auth. Sec. 7625-7627 Gen. Code.
Denom. $1,000
Date April 1 1920.
Prin. and semi-ann. int. (A. &
Chase National Bank of New York.
Due $33,000 on
O.) payable at the
April 1 in 1930 and
1931; and $34,000 April 1 1932.
Cert, check on a solvent bank for $5,000
payable to the above clerk, required.
Purchaser to pay accrued interest.
A like amount of bonds was reported as sold in V. 110, p. 1554.
-
EMERSON, Dixon County, Neb.—BOND SALE.—An issue of $20,000
5 H% 5-20-year (opt.) electric light bonds has been sold, according to re¬
ports, to Geo. H. Hasse of Emerson, at .95.
DISTRICT
PAVING
ENGLEWOOD
NO.
(P. O.
1
Englewood),
Arapahoe County, Colo.—BOND SALE.—An issue of $30,000 6%
special paving bonds dated Feb. 1 1920 and callable any time before 1940,
has been sold to the American Bank & Trust Co., Sidlo, Simon, Fels & Co.
of Denver and the First National Bank of Englewood jointly at 100.60.
ENGLEWOOD SCHOOL DISTRICT (P. O.
Englewood), Arapahoe
County, Colo.—BOND SALE.—The International Trust Co. of
has purchased
it is stated.
Denver
$80,000 5% 20-30-year (opt.) high school bonds at 99.60,
'
ESTANCIA, Torrance
County,
N. Mex.—BONDS VOTED.—On
April 6 $50,000 water, $10,000 sewer.and $22,000 school bonds were voted.
FARMING DALE, Nassau
County, N. Y .—BOND SALE— On April 20
registered water system bonds—V. 110, p. 1663—were awarded
local bank at par.
Due $500 yearly on July 1 from 1925 to 1948, incl.
the $12,000
to a
FERGUS COUNTY SCHOOL DISTRICT NO. 159, Mont.—BOND
OFFERING.—Bids will be received until May 10 by Dorothy Bower,
District Clerk (P. O. Missoula) for the $35,000 6% 10-20-year (opt.) school
building bonds—V. 110, p. 1000—auth. by a vote of 25 to 0 at an election
held March 13.
Int. semi-ann.
FORD, WAYNE COUNTY, Mich.—BOND SALE.—On April 8 an
$68,183 5% sewer extension bonds was awarded to the Michigan
at par.
Denom. $1,000.
Int. A. & O.
Due April, 1950.
issue of
Alkali Co.
O. Rochester), Ind.—BOND SALE.—The
of the road made arrangements for the pur¬
chase of an issue of $20,500 414% Everley E. Hoover, Aubbenaubbee Twp.
road bonds, after no bids had been received on April 15 for which time bids
had been asked for.
Denom. $1,025.
Date April 1 1920.
Int. M. & N.
Due $1,025 each six months from May 15 1921 to Nov, 15 1930. incl.
FULTON
COUNTY
(P.
contractor for the construction
GARFIELD
wood
DISTRICT NO. 1 (P. O. Glenn-
COUNTY SCHOOL
Springs),
Colo.—BOND ELECTION.—On May 3 $190,000 5%
voted upon. E. J. Horan is District Secre¬
15-yr. school bonds are to be
tary.
GLOUCESTER, Mass.—TEMPORARY LOAN.—On April 21 a tempor¬
loan of $100,000, dated April 27 1920, and maturing April 1 1921, was
reported, to the Gloucester National Bank of Gloucester on
5.745% discount basis.
ary
awarded, it is
a
GOLDEN
GATE HIGHWAY
DISTRICT (P. O. Wilder), Canyon
County, Ida.—BOND SALE.—On April 17 Ferris & Hardgrove of
were awarded, it is stated, the $100,000 10-19-year serial highway
V. 110, p. 1448—at 96.
Spokane
bonds—
GRAFTON, Lorain County, Ohio.—BOND ELECTION.—At the
April 27 primaries the people will vote on a proposition to issue $40,000
water supply bonds, in accordance with a resolution passed on Feb. 10
by the Village Council.
GRAHAM
TOWNSHIP,
Alamance County,
No. Caro.—BOND
OFFERING.—Proposals will be received until 12 m. May 3 by B. M.
Roger, Clerk Board of County Commissioners (P. O. Grahafn) for $50,000
6% 50-year road bonds.
Int. semi-ann.
Cert, check for $2,000 required
GRAND
COUNTY
(Moab),
Utah.—BOND
1
HARBOR BEACH, Huron County, Mich.—BONDS VOTED.—It i8
reported that a proposition to issue $4,000 park bonds carried by a vote of
253 "for" to 83 "against" at an election held April 5.
Mont.—BONDS VOTED —The voters
HARDIN, Big Horn County,
bonds by
authorized the issuance of $6,800 6% water extension
O.
Millersburg),
12 the $8,000 6%
awarded to the
int., a basis of
Due $500 each six months from March 1 1921 to Sept. 1
SALE.—On
Ohio.—BOND
County,
DISTRICT
SCHOOL
VILLAGE
HARDY
Holmes
ELECTION—SALE.—
purchased $78,000 6%
GRANGEVILLE, Idaho County, Ida.—BOND ELECTION.—We are
be voted upon soon.
vote of
a
April 5.—V. 110, p. 891.
60 to 15 at the election held
(P.
April
school bonds, offered on that date—V. 110, p. 1554—were
Commercial & Savings Bank of Millersburg, at 102.50 and
about 5.35%.
1928, inclusive.
(opt.)
year
will sell at public auction 8 p. m. June 1
The
bonds.
water
Cert, check
Y.
N.
|
OFFERING.—A. Boe,
$45,000 6% 10-20Int. semi-ann., payable in New York City,
Mont.—BOND
County,
Blaine
HARLEM,
Town Clerk,
a
on
national bank for $2,000, required.
will be found among the advertise¬
official notice of this bond offering
ments elsewhere in this
department.
HARTFORD SCHOOL DISTRICT NO. 1 (P. O.
Hartford), Hartford
amount of bonds awarded on
$300,000, as reported in V. 109, p. 2376,
informed by the Hartford-Connecticut Trust Co.
Conn.—CORRECTION.—The
County,
Dec. 5 last was $15,000, and not
are
we
HELENA-FERGUSON ROAD DISTRICT, Phillips County,
Ark.—
the Bank of Commerce of Memphis was
$1,800,000 bonds for $1,805,000, equal to 100.277.
BOND SALE.—Reports say that
awarded
recently
HEMPSTEAD (TOWN) UNION FREE SCHOOL DISTRICT NO. 1
(P. O. Hempstead), Nassau County, N. Y.—BOND SALE.—On April 20
2-31-year serial coupon (with privilege of registration)
April 1 1920—V. 110, p. 1663—were awarded to Harris,
Forbes & Co., of New York, at 103.38, a basis of about 5.17%.
Other
the $300,000 5lA%
school bonds, dated
bidders
were:
Thayer, Drew & Co., N. Y__103.ll |R. M. Grant & Co., N. Y___102.17
Geo. B. Gibbons & Co., N. Y.102.691 Sherwood & Merrifield, N. Y.101.69
Hornblower & Weeks, N Y__102.50|Hempstead Bk., Hempstead. 100.00
HEMPSTEAD (TOWN) UNION FREE SCHOOL DISTRICT NO. 22
O. Floral Park), Nassau County, N. Y.—BOND OFFERING.—
Thurston, District Clerk, will receive proposals until 8 p. m.
(P.
Wallace
28 for $152,000 5% school bonds.
Denom. $1,000.
Date July 1
Semi-ann. int., payable at the District Treasurer's office in New
Exchange.
Due $2,000 July 1 1924 and $6,000 yearly on July 1
from 1925 to 1949, incl.
Cert, check for 10% of amount of bonds bid for
April
1920.
York
Purchaser to pay accrued interest.
required.
HENRY
COUNTY
O.
(P.
Napoleon),
Ohio.—BID
REJECTED.—
only bid received for the $74,000 53^% coupon Liberty-Adrian road
impt. bonds, offered on April 16—V. 110, p. 1554—which was submitted
by W. L. Slayton & Co. of Toledo, and was for par and int., minus $1,450.40
for .the printing of the bonds, and the attorney's fees, was rejected.
The
HETH SCHOOL DISTRICT (P. O.
Heth), St. Francis County, Ark.
of Little Rock purchased
—BOND SALE.—It is stated that M. W. Elkins
$110,000 school
bonds.
HOLYOKE, Hampden County, Mass.—BOND OFFERING.—Pro¬
posals will be received until 10 a. m. to-day (April 24) by Pierre Bonvouloir,
City Treasurer, for $90,000 4%% tax-free gold coupon (with privilege of
registration) sewor bonds.
Denom. $1,000.
Date Feb. 2 1920.
Prin.
and semi-ann. int. (F. & A.), payable at the Morchants National Bank of
Boston.
Due $3,000 yearly on Fob. 1 from 1921 to 1950, incl.
Cert,
check on a national bank or trust company for $1,000, payable to the "City
of
Bonds to be delivered and paid for on May 4 at the First
These bonds are exempt from taxation in Mass.
Holyoke."
National Bank of Boston.
and aro engraved under the supervision of and certified as to genuineness by
the First National Bank of Boston, their legality will be approved by Storey,
All legal papers incident to this issue
may
purchaser.
will be filed with said bank where they
be inspected at any time.
ROAD
COUNTY
HOUSTON
DISTRICT NO. 12, Tex.—BONDS
serial bonds was registered on
REGISTERED.—An issue of $20,000 5 A %
April 12 with the State Comptroller.
O. Kokomo), Ind.—BOND OFFERING.—
will receive bids until 10.30 a. m. April 30
% road improvement bonds:
$7,000 Patrick Grace et al. Center and Clay Twps. gravel road impt. bonds.
Denom. $350.
Due $350 each six months.
9,400 O. S. Howard et al. Center & Howard Twps. gravel road impt.
bonds.
Denom. $470.
Due $470 each six months.
5,000 Lewis Stahl et al. Taylor Twp. gravel road impt. bonds.
Denom.
$250.
Due $250 each six months.
COUNTY (P.
HOWARD
T. C. Sanders, County Treasurer,
for the following 43^
HOWARDEN INDEPENDENT SCHOOL DISTRICT (P. O. Howarden), Sioux City, Iowa.—BOND SALE.—Schanke & Co. were awarded
April 16 the $107,000 ,5% school bonds—V. 110, p. 1448.
Bids were
also received from the White-Phillips Co., Geo. M. Bechtel & Co., First
and Second Mortgage Co., Wm. R. Compton Co. and the Bankers Mtge. Co.
informed that $20,000 street paying bonds are to
on
Guilford County, No. Caro.^—BOND SALE.—
& Trust Co. of Greensboro was awarded on their bid of
and int. for 6s the $200,000 2-11-year serial street impt. bonds, dated
May 1 1920 offered on April 15—V. 110, p. 1448.
Bids were also received
from J. C. Mayer & Co., Prudden & Co. and Tucker, Robison & Co.
T. C.
GREENSBORO,
The Atlantic Bank
HOWEY SPECIAL ROAD AND BRIDGE DISTRICT, Lake County,
OFFERING.—Bids wilt be received until 12 m. May 3 by
par
Financial
Statement.
Estimated value of real estate and personal property
Assessed valuation of real and personal property for
1919
large increase for 1920 is estimated.
of municipal property. —
Total indebtedness, including this issue,.
Water bonds included in above.
___$37,500,000
14,061,108
A
Value
____—
_ —
___
Sinking funds.
special
Uncollected
—
—_
:
1,866,000
1,777,000
250,000
42,509
Fla.—BOND
Smyth, Clerk Board of County Commissioners (P. O. Tavares) for
$65,000 6%_ road and bridge bonds.
Date Jan. 1 1917. Prin. and sem
int. (J. & J.), payable at the American Exchange National Bank,
N. Y.
Due on Jan. 1 as follows:
$20,000 1927, $20,000 1937 and $25,000
ann.
1947.
The County Commissioners require of all bidders for said bonds that
they give security by bond in the sum of 5% of the amount of the bid,
running to the said Board of County Commissioners, with sureties, that the
bidder will comply with the terms of his bid.
Certified checks will not be
accepted in lieu of bonds.
185,000
assessments
Population, 1910 census
Present population, estimated.
15,895
....
24,000
Passaic County, N. J.—BOND OFFERING.—John E.
receive proposals until 8 p. m. May 20 for an
5% gold coupon (with privilege of registration) bonds not to exceed
$20,000.
Denom. $1,000.
Date May 1 1918.
Prin. and semi-ann. int.
(M. & N.) payable at the U. S. Trust Co. of Paterson.
Due $3,000 yearly
on May 1 beginning 1930.
Cert, check on an incorporated bank or trust
company for 2% of amount of bonds bid for, payable to the "Borough of
Haledon," required.
The purchaser will be furnished with the opinion
of Hawkins, Delafield & Longfellow of N. Y. that the bonds are binding
and legal obligations of the borough.
Bonds will be prepared under the
supervision of the U. S. Mtge. & Trust Co., which will certify as to the
genuineness of the signatures of the officials and the seal impressed thereon.
A similar issue of bonds was reported as sold in V. 109, p. 1292.
HUNTINGTON
RECEIVED.—There
issue of
HAMILTON, Butler County, Ohio.—BOND SALE.—The 4 issues of
5)4% 1-10-year serial coupon special assessment bonds dated Feb. 1 1920,
aggregating $33,714, offered unsuccessfully on April 6—V. 110, p. 1663—
have been purchased by local banks at par.
HAMILTON, Ravalli County, Mont.—BOND OFFERING.—Geo. A.
COUNTY (P. O. Huntington), Ind.—NO
were no bids for the 2 issues of 4)4% road
aggregating $28,840.—V.
HALEDON,
Stewart, Borough Clerk, will
,
1920.
Prin. and semi-ann. int., payable at the
Due $2,000 yearly on May 1 from 1921 to 1929, incl.,
1930
Cert check for $500 required
Date May 1
for $400.
County Treasury.
and $2,400 May 1
Thorndiko, Palmer & Dodge, whose opinion will be furnished the
Beach), No. Dak.—BOND SALE
—The State of North Dakota purchased $125,000 4% seed and feed bonds
during March at par.
Date Feb. 2 1920.
Due Feb. 2 1923.
GOLDEN VALLEY COUNTY (P. O.
Subject to election, Keeler Bros, of Denver, have
10-20-year (opt.) road bonds at 95.30.
1773
CHRONICLE
THE
1920.]
110, p.
BIDS
bonds,
1554.
HUNTINGTON PARK, Los Angeles County, Calif .—BOND
According to newspaper reports, $80,000 5)4%
sold to the William R. Staats Co. of Los Angeles.
SALE.—
water works bonds were
Date Jan. 5 1920. Due
$4,000.yearly on Jan. 5 from 1930 to 1949, inclusive.
HURON
COUNTY
(P.
O.
Norwalk),
Ohio.—BOND OFFERING.—
Proposals will be received until 10 a. m. May 3 by W. H. Griffin, County
Auditor, for $8,000 5% coupon bridge bonds.
Denom. $500.
Date Nov.
1 1919.
Prin. and semi-ann. int (A. & O.) payable at the County Treas¬
urer's office.
Due $1,000 on April i and Oct. 1 in 1921, 1922, 1923 and
1924.
Certified check for 5% of amount of bonds bid for,
County Treasurer, required.
Like issues of bonds were reported as sold
p.
payable to the
,
,v
in V. 109, p. 2190 and V. 110,
1000.
INDIANAPOLIS SCHOOL DISTRICT (P. O.
Indianapolis), Marion
County, Ind.—BOND OFFERING.—Proposals will be received until 2
p. m. May 11 by George C. Hitt, Business Director, for $200,000 4%%
coupon
Date May 15 1920. Prin.
& Co. of New
bank or trust
3% of amount of bonds bid for, payable to the Board of School
school bldg. bonds.
Denom. $1,000.
Clerk, will sell at public auction 2 p. m. June 1 $7,500 5-10-yr.
(opt.) coupon cemetery bonds at not exceeding 5%% interest.
Denom.
$500.
Prin. and semi-ann. int. (J. & J.), payable at the Hanover National
Bank, N. Y., or at the City Treasurer's office at holder's option.
Cert,
check for $1,000, payable to the City Treasurer required.
The bonds will
and semi-ann. int. payable at the Bank of Winslow, Lainer
York.
Due May 15 1940.
Cert, check on a responsible
said city and delivery of and payment for the
date of award at the City Treasurer's
purchaser's option and purchaser's
expense.
Purchaser to pay accrued interest.
HAMMOND, Lake County, Ind.—BOND OFFERING.—Proposals will
be received until 1 p. m. May 10 by H. Broertjes, City Comptroller, for
$26 000 5% fire-equipment bonds.
Date April 1 1920.
Int. semi-ann.
Due $2,600 yearly on April 1 from 1921 to 1930, incl.
Certified check for
2V>% of amount of bonds bid for required.
HANCOCK COUNTY (P. O. Findlay), Ohio.—BOND OFFERING.—
J
R
Hanrahan, County Auditor, will receive bids until 1 p. m. May 1
for $20,400 5)4% Essinger road impt. bonds.
Denom. 40 for $500 and
Vedder, City Clerk, will receive
ing tax-free 514 % bonds:
Reese, City
be
printed and furnished by
bonds will be made within 10 days from
office or at any financial centre at
V
company
Comm'rs
for
required.
JACKSON,
Jackson
County, Mich.—BOND OFFERING.—C. H.
bids until 4:30 p. m. April 27 for the follow¬
$95,000 water works impt. bonds.
Due $5,000 May 1 1938, and
yearly on May 1 from 1939 to 1948, incl.
17,000 repaving bonds.
Due on May 1 as follows: $2,000, 1932;
1933: $7,000, 1939; $5,000, 1940; and $2,000, 1941.
^
$9,000
$1,000,
27,500 storm sewer bonds.
Due on May 1 as follows: $3,000, 1924;
$3,500, 1933; $3,000, yearly from 1939 to 1945, incl.
B«|
36,500 paving bonds.
Due on May 1 as follows: $2,000, 1924; $1,000,
1925; $6,000, 1926; $2,000, 1927: 1928: 1929; 1930; 1932; $15,000
1933; $5,000. 1934; $3,000, 1937, 1938; $2,000, 1939; and $3,000,
1943.
Denom.
$1,000 & $500.
Date May 1
Prin. and semi-ann. int.
1920.
(M. & N.), payable at the People's National Bank, of Jackson, or at the
National Park Bank, of New York.
Cert, check for 2% required.
City of
Jackson will pay for printing of bonds.
Purchaser to pay accrued interest.
JACKSON
COUNTY
(P. O. Jackson), Ohio .—BOND OFFERING.—
C. W. Scurlock, County Auditor, will receive
$35,500 5XA % inter-county highway No.
for
proposals until 12 m. May 1
364 impt. bonds.
Denom.
1920.
Prin. and semi-ann. int. (M. & N.) payable
at the County Treasury, at which place delivery will be made as scion as
possible,
Due $7,000 yearly on May 1 from 1921 to 1924, inch, and $7,500
May 1 1925.
Cert, check for 5% of amount of bonds bid for, payable to
$500.
the
[VOL. 110.
THE CHRONICLE
1774
Date May
1
Purchaser to pay accrued interest.
County Treasurer, required.
JACKSON TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Union
City), Darke County, Ohio.—BOND SALE.—'The $90,000 5)4% school
bldg. bonds offered on March 20—V. 110, p. 1000—have been purchased
by Weil, Roth & Co. of Cincinnati, who are now offering the issue to in¬
vestors at a price t<i yield 5.40%.
Date March 20 1920.
Due $1,000 on
March 1 and Sept. 1 in each of the years from 1923 to 1930, inch; $2,000
on March 1 and Sept. 1 in each of the years from 1931 to 1937, incl.; $3,000
on March 1 and Sept. 1 in each of the years from 1938 to 1944, incl., and
$4,000 March
1 .1945.
Court (P. O. Bronson) will receive bids for $100,000 6%
m.
May 28.
Int. J. & J.
1920.
Date July 1
bonds until 11a.
Due yearly on July 1 as
follows: $1,000, 1921 to 1925, incl.; $2,000, 1926 to 1930, incl.; $3,000,
1931 to 1935, incl.; $4,000, 1936 to 1940, incl., and $5,000, 194] to 1945,
incl.
Cert, check for $250 payable to the Board of County Commissioners,
required.
:'
LEWIS AND CLARK COUNTY SCHOOL DISTRICT NO. 28 (P. O.
SALE.—On Jan. 17 the State Board of Land
Commissioners was awarded at par the $2,800 6% 5-10 year (opt.) school
building bonds—V. 110, p. 186.
Denoms. 1 for $300 and 5 for $500.
Int.
Austin),
A.
Mont.—BOND
& O.
SCHOOL
DISTRICT
(P.
O.
Lewiston),
Winona
County, Minn.—BOND SALE.—Reports say that $75,000 school bonds
recently sold to th State of Minnesota.
LEWISTON
were
LEWISVILLE SCHOOL
DISTRICT (P. O. Lewisville), Denton
County, Tex.—BONDS VOTED.—The Lewisville tax-payers voted $40,000
building bonds on April 10, it is stated.
The vote was 154 to 23.
school
LIMA,
Allen County, Ohio.—BIDS REJECTED.—All bids received
Collett St. sewer notes offered on April 19—V. 110.
1664—-were rejected.
for the $250,000 6%
p.
JAY COUNTY (P. O. Portland), Ind.—BOND OFFERING.—Pro¬
posals will be received until 10 a. m. April 29 by J. W. Current, County
LINN
COUNTY
(P.
O.
Albany), Ore.—BOND OFFERING.—On
May 8 the second installment of $100,000 of the $600,000 road bonds voted
Treasurer, for $30,400 4Alva Flesher et al Jefferson Twp. road bonds.
Denom. $1,520.
Date April 15 1920.
Int. M. & N.
Due $1,520 semi-
last June will be offered for sale.
ann.
on
May 15 and Nov. 15 in each of the
years
from 1921 to 1930, incl.
SCHOOL DISTRICT, Los Angeles County, Calif.—
BOND OFFERING .—On April 27 $30,000 6% school bonds will be offered
JEFFERSON
for sale.
LOGAN
COUNTY
Ind.—BOND OFFERING.—
Proposals will be received until 10 a. m. April 26 by E. G. Brewer, County
Treasurer, for the following 4)4% road bonds:
$18,100 U. S. Griffith et al White River & Pleasant Twps. bonds.
Denom.
$905.
8,600 J. M. Collett et al Hensley Twp. bonds.
Denom. $430.
18,700 John Clark et al Clark Twp. bonds.
Denom. $935.
15,700 L. M. Teeters et al Union Twp. bonds.
Denom. $785.
15,800 Wm. Keaton et al Nineveh Twp. bonds.
Denom. $790.
Date May 1 1920.
Int. M. & N.
Due one bond of each issue semi¬
annually from May 15 1921 to Nov. 15 1930, incl.
JOHNSON COUNTY ROAD IMPROVEMENT DISTRICT NO. 1,
Ark.—BOND SALE.—Walter E. Orthwein of St. Louis has purchased
$58,000 6% tax-free bonds.
Denom. $500.
Prin. and semi-ann. int.,
payable at the Mississippi Valley Trust Co.
Due yearly from 1920 to 1939,
inclusive.
|
Financial Statement.
Real value, estimated
Assessed valuation
$8,492,856
2,830,952
138,578
Total debt, this issue only___
58,000
Acres in District
177,418
Population, approximately
10,000
The chief requisite of an investment is security of principal, which is a
marked feature of this issue, as the bonded debt is less than 1 % of the value
of real property within the District, against which is levied an infinitesimal
yearly tax of about 3 cents an acre to pay these bonds and interest thereon.
_
_
_■
,.
_
,
Assessed benefits
JOLIET
SCHOOL
DISTRICT
(P.
O.
Joliet),
Will County,
111.—
BOND OFFERING.—J. F. Skeel, Clerk of Board of School Inspectors, will
receive proposals until 3:05 p. m. April 30 for $200,000 5% coupon school
bonds.
Denom. $1,000.
Date Sept. 1 1919.
Prin. and semi-ann. int.
(J. & J.) payable at the Continental & Commercial National Bank of Chi¬
cago.
Due $20,000 July 1 1930 and $30,000 yearly on July 1 from 1931 to
1936, incl.
Certified check for $2,000 required.
The official circular
states that there is no litigation or contest pending.
Bonded debt (incl.
this issue), $500,000.
Warrant debt, $170,000.
Assessed value, 1919,
$19,142,310.
SCHOOL
SALE.—An issue
Dakota
DISTRICT,
of $6,500 4%
during March at
Nelson
County,
building bonds
par.
No.
Dak.—BOND
sold to
5 1920.
was
Date Jan.
the State of
Due Jan5.
1935.
DISTRICT,
Orange
County,
Calif.—BOND
SALE.—The
$33,000 6% 12^-year (aver.) school bonds, dated June 1
1920, offered on April 20—V. 110, p. 1555—-have been sold, according to
reports, to the Bank of Italy of San Francisco for $33,728, equal to 102.20,
basis of about 5.75%.
KEMMERER, Lincoln County, Wyo.—BOND ELECTION.—On May
$15,000 sewer bonds are to be voted upon.
KENMORE,
Summit
County,
Ohio—BOND
OFFERING.—Pro¬
posals will be received until 12 m. May 17 by B. O. Sours, Village Clerk,
for $117,000 5H% street impt. (village's portion) bonds.
Denom. $1,000.
Date May 1 1920.
Int. semi-ann.
Due on May 1 as follows: $9,000,
1926; $15,000, 1927; $10,000, 1928: $11,000, 1929 & 1930; $16,000, 1931;
$7,000. 1932; $5,000, 1933: $8,000, 1934: $2,000, 1936: $5,000 in 1938,
1939 & 1940: and $8,000, 1941.
Cert, check for 10% of amount of bid,
payable to the Village Treasurer, required.
paid for within
10 days from date of award.
Bonds to tbe delivered and
Purchaser to
pay
accrued
interest.,
KENMORE, Summit County, Ohio.—BOND SALE.-—The $60,000
514% water works impt. bonds, offered on March 19—V. 110, p. 1000—
awarded at par to N. S. Hill & Co. of Cincinnati.
Due on Feb. 15
as follows: $10,000,
1932; $12,000, 1933 and 1936; $6,000 in 1935, 1938,
1939 and 1940, and $2,000, 1941.
were
KENT COUNTY (P. O. Dover), Del.—BOND OFFERING.—Proposals
will be received until 12 m. May 8 by Jacob Heyd, Clerk of the Peace, for
$50,000 5% coupon road bonds.
Denom. $1,000.
Prin. and semi-ann.
int. (J. & J.) payable at the Farmers' Bank of Dover.
Due $5,000 yearly
1947 to 1956, incl.
from
KIMBALL,
Kimball County,
Neb.— BOND SALE.—The $19,000
5)4% 6-20-year serial electric light system bonds, dated March 1 1920,
on
March 12—V. 110, p. 891—have been awarded to State of
Nebraska at par, it is reported.
offered
KING
COUNTY
SCHOOL DISTRICT
NO.
162,
Wash.—BOND
OFFERING.—Proposals will be received until 11 a. m. May 3 by Wm.
Gaines, County Treasurer (P. O. Seattle) for $75,000 coupon school bonds
at not exceeding
6% interest.
Denom. $750.
Int. semi-ann. payable
at the office of the County Treasurer.
All bids excepting from the State of Washington must be accompanied
by a certified check or draft made payable to the County Treasurer of said
King County, in the sum of one (1) per cent of the par value of said bonds.
Said bonds will be ready for delivery on the 1st day of June 1920.
Financial
Statement.
LOUISVILLE,Winston
hand, general fund
Cash on hand, sinking fund
Uncollected taxes, year 1919
J
Uncollected taxes, year 1918 and previous
Outstanding warrants
Outstanding bonds
$2,466,655 00
9,089 59
15,705 42
19,627 70
1,037 44
on
;
i.;
22,311 46
46,000 00
KIRTLAND TOWNSHIP
County,
at
(P. O. Willoughby R. F. D. No. 2), Lake
SALE.—The $36,225 5% coupon road-impt.
unsuccessfully on Sept. 15 last—V, 109, p. 1292—have been
Ohio.—BOND
bonds offered
sold
par.
LAWRENCE
,
AND AID TOWNSHIPS SCHOOL DISTRICT
(P. O.
Ironton), Lawrence County, Ohio.—BOND ELECTION.—It is reported
that on April 27 the voters of the two townships will decide on the question
of issuing $38,000 school bldg. bonds.
LEVY COUNTY SPECIAL TAX ROAD AND BRIDGES DISTRICT
NO. 1, Fla.—BOND OFFERING.—Sealed bids will be received until 11
a. m. May 28 by L. W. Drummond, Clerk of Circuit Court (P. O. Bronson) for $100,000 6% bonds.
Date July 1 1920.
Int. J. & J.
Due on
July 1 as follows: $15,000, 1925; $20,000, 1931; $20,000, 1936; $20,000,
1941, and $25,000, 1946.
Cert, check for $250 payable to the Board of
County Commissioners, required.
^
LEVY COUNTY SPECIAL TAX ROAD AND BRIDGE DISTRICT
NO.
County,
2,
Fla.—BOND OFFERING.—L. W. Drummond, Clerk of Circuit
OFFERING.—Bids
Miss.—BOND
will be received until
May 4 by G. W. E. Bennett, Town Clerk, for $10,000
6% 20-year water and sewer bonds, it is stated.
Denom. $100 and $500.
LUCAS COUNTY (P. O. Toledo), Ohio.—BOND OFFERING.—Pro¬
posals will be received until 10:30 a, m. May 10 by Gahe Cooper, County
Auditor, for the following 514% bonds:
$54,023 11 Water Supply Line No. 21, Main Sewer Dist. No. 2, construc¬
tion bonds.
Denom. 1 for $1,023 11 and 53 for $1,000.
Due
$6,023 11 May 27 1922; $6,000 on May 27, in 1923, 1924 &
1925; and $5,000 yearly on May 27 from 1926 to 1931, incl.
35,819 71 Local Sanitary Sewer No. 66, Main Sewer Dist. No. 4, con¬
struction bonds.
Denom. 1 for $819 71 and 35 for $1,000.
Due yearly on May 27 as follows: $4,819 71, 1922; $4,000, 1923
to 1926, incl.; and $3,000, 1927 to 1931, incl.
77,906 27 Joint Jucas Co. & Toledo Local Sanitary Sewer No. 58, Main
Sewer Dist. No. 2, construction bonds.
Denom. 1 for $906 27
and 77 for $1,000.
Due $8,906 27 May 27 1922; $8,000 yearly
on May 27 from 1923 to 1928, incl.; and $7,000 on May 27 in
1929, 1930 & 1931.
Auth. Sec. 6602-4-20 Gen. Code.
Date May 27 1920.
Prin. and semiann. int. payable at the County Treasurer's office.
Cert, check on a bank
located in Toledo, for $500, is required with each issue bid upon.
Bonds
to be delivered and paid for on May 27 at the Court House in Toledo.
Purchaser to pay accrued interest.
LYCOMING COUNTY (P. O. WilHamsport), Pa.—NO BIDS.—No
bids were submitted for the $300,000 4^% coupon (with privilege of
registration) improvement bonds, offered
McCURTAIN
COUNTY
(P.
O.
on
April 14—V. 110. p. 1449.
Idabel),
Okla.—BOND SALE.—An
stated.
issue of $350,000 5% 1-20 year serial road bonds has been sold, it is
McDONALD,
No bids
were
Washington County, Pa .—NO BIDS RECEIVED.—
received for the $70,000 5% municipal bldg. bonds offered on
April 15—V. 110,
p.
1449.
SCHOOL
DISTRICT
(P. O. McKeesport), Alle¬
gheny County, Pa.—BOND OFFERING.—Proposals will be received until
8 p. m. May 12 by W. T.
April 1
1920.
Norton, Secretary of Board of School Directors, for
Int. A. & O.
Denom. $1,000.
Due yearly on April 1
as
Date
$5,000
follows:
1925 to 1929, incl.; $8,000 1930 to 1934, incl.; $10,000 1935 to 1939, incl.;
$12,000 1940 to 1944, incl., and $15,000 1945 to 1949, incl.
on
an
incorporated bank
or
trust
company
for $2,500,
Cert, check
payable to the
"School District of the City of McKeesport" required.
The official notice of this bond, offering will be found among the advertise¬
ments elsewhere in this
Department.
MAGDALENA SCHOOL DISTRICT (P. O. Magdalena), Soccorro
County, N. Mex.—BOND SALE.—According to reports, an issue of $44,660 6%
10-30-year (opt.) school bonds has been purchased by Sweet,
Causey, Foster & Co. of Denver.
MAMARONECK, Westchester County, N. Y.—BOND SALE.—On
April 16 the $9,500 fire apparatus bonds offered on that date—V. Ii0,
p. 1449—were awarded to Geo. B. Gibbons & Co., of New York, at par
and interest for 5s.
Date May 15 1920.
Due $950 yearly on May 1 from
1925 to 1934, incl.
MARINE
CITY, St. Clair County, Mich.—BONDS VOTED.—News¬
papers report that the .citizens have voted favorably upon the question of
issuing $380,000 public impt. bonds.
MARION COUNTY (P. O. Indianapolis), Ind .—BOND OFFERING.
—Proposals will be received until 10 a. m. April 28 by R. A. Lemcke,
County Treasurer, for $122,000 4 )4 % Chas. P. Wright et al road bonds.
Denom. $610.
Date April 15 1920.
Int. M. & N.
Due $6,100 each
six months from May 1.5 1921 to Nov. 15 1930, incl.
Proposals will be received until May 11 by Leo K. Fesler, County Auditor,
for $200,000 5)4% Court House Refunding bonds.
Denom. $1,000.
Dus
in two years.
MARION
SCHOOL
Kans.—BONDS
DISTRICT
VOTED.—An
issue
(P.
of
O. Marion), Marion County,
$127,000 school bonds has been
voted, it is stated.
MARK
TOWNSHIP
Defiance
County,
that
recent
at
a
DISTRICT (P. O. Mark Center),
VOTED.—Newspaper reports state
proposition to issue $175,000 shool-house
SCHOOL
Ohio.-r—BOATD.S
election
a
construction bonds carried by a vote of 127 to 93.
MATAGORDA
INDEPENDENT SCHOOL DISTRICT
(P. O. Mata-
30.000 Matagorda County, registered
?orda), 5% 20-year bonds was Tex.—BONDS REGISTERED.—An issue of
April 14 with the State Comp¬
on
troller.
MEDFORD
valuation
Assessed
Cash
Sterling),
before the voters.
$250,000 5% coupon tax-free school bldg. bonds.
SCHOOL
KATELLA
11
O.
(P.
LORAIN SCHOOL DISTRICT (P. O. Lorain), Lorain County, Ohio.
ELECTION.—Newspaper reports state that at the Presidential
primaries to be held April 27 a million-dollar bond issue will be placed
McKEESPORT
KANE
a
52
NO.
—BOND
JOHNSON COUNTY (P. O. Franklin),
North
DISTRICT
SCHOOL
Colo.—BONDS DEFEATED.—The $10,000 school house bonds mentioned
110, p. 486—have been defeated.
in V.
IRRIGATION
DISTRICT
(P.
O.
Medford),
Countly, Ore.—CERTIFICATION SOUGHT.—Application
Irrigation Securities
irrigation bonds.
Commission
has
been
made
to
to
certify
Jackson
the
State
$1,250,000
MIDDLETOWN SCHOOL DISTRICT (P. O. Middletown), Butler
County, Ohio.—NO BIDS RECEIVED.—No bids were received for the
$30,000 5)4% coupon school bldg. bonds offered on April 9—V.110, p.1339.
MEBANE,
Alamance
County,
No.
Caro.—BOND
OFFERING.—
Bids will be received until 2 p. m. May 14 by U. S.
Ray, Town Clerk, for
$160,000 gold water and sewer bonds at not exceeding 6% interest.
Denom.
$1,000.
Date Jan. 1 1920.
Prin. and semi-ann. int. (J. & J.), payable
at the U. S. Mtge. & Trust Co., N. Y.
Due yearly on Jan. 1 as follows;
$2,000, 1922 to 1926, incl.; $4,000, 1937 to*1946, incl., and $5,000, 1947
to 1960, incl.
Cert, check on an incorporated bank or trust company or
cash for 2% of the amount of bonds bid for payable to the Town Treasurer,
required.
:
The bonds are to be prepared under the supervision of the United States
Mortgage & Trust Co. of New York City, which will certify as to the
genuineness of the signatures of the city officials and the seal impressed
thereon.
Legality will he approved by Messrs. Caldwell & Raymond of
New York City, and J. L. Morehead of Durham, N. C., whose approving
opinions will be furnished to the purchaser without charge.
All bids must be on blank forms which will be furnished by the under¬
signed Clerk or said Trust Company.
Bonds will be delivered to the purchaser at the office of said United
States Mortgage & Trust Co. in New York City on May 26 1920, or as soon
Ape. 24
thereafter
as
the bonds
York funds.
be
prepared, and must then be paid for in New
;C,;
;•
■■■...■ N.:..;
...i
accrued interest will be considered.
The
all bids is reserved.
can
.
No bids for less than par and
right to reject
any or
Financial
Statement.
Assessed valuation of taxable property, 1919
Total bonded debt, including this issue..
Water
debt included
$817,234.00
.
therein
175,000.00
100,000.00
—
MINNEAPOLIS, Minn.—BOND SALE.—On April 14 the following
bonds, dated April 1 1920—V. 110, p. 1555—were awarded to the North¬
western Nat. Bank and the Minnesota Loan & Trust Co. jointly, Minne¬
apolis, as follows:
$35,000 5% work-house bonds at 95 and interest, a basis of about 6.87%.
Due April 1 1923.
300,000 5% park bonds at 95 and interest, a basis of about 6.43%.
Due yearly on April 1 as follows: $69,000 1923, $104,000
1924 and 1925, and $23,000 1926.
50,000 5% permanent improvement fund bonds at 95 and interest, a
basis of about 6%.
Duo April 1 1926.
150,000 5% Franklin Ave. bridge bonds at 95 and interest, a basis of
about
5-46%.
Due $91,000 April 1 1948 and $59,000
April 1 1949.
250,000 5% school bonds at 95 and interest, a basis of about 5.79%.
Due yearly on April 1 as follows: $31,000 1926, $104,000
1928 and 1929, and $11,000 1930.
1,250,000 5% school bonds at 95 and interest, a basis of about 5.44%.
Due yearly on April 1 as follows: $93,000 1930, $104,000
1931 to 1936 incl., $104,000 1940. $104,000 1943, $104,000
1945 to 1947 incl., and $13,000 1948.
1100,000 4% Bassett's Creek bonds at 95 and interest, a basis of about
4.30%.
Due $45,000 April 1 1949 and $55,000 April 1 1950.
50,000 5% public comfort station bonds at 95 and interest, a basis of
about 5.33%.
Due April 1 1950.
*
On the same day the above bidders were also awarded the $1,258,444 83
10 and 20 payment special street impt. bonds—V. 110, p. 1450—at par
and interest for 5s.
The following is a list of bids submitted:
Wells-Dickey Co., Harris Trust & Savings Bank, National City Co., Estabrook & Co., R. L. Day & Co. and Merrill, Oldham & Co., jointly—For
$2,185,000 various city bonds, $2,105,247 50, or 96.35.
Halsey, Stuart & Co., A. B. Leach & Co., E. H. Rollins & Sons, Continental
& Commercial Trust & Savings Bank, Kissell, Kinnicutt & Co. and Cof¬
fin & Burr, jointly—For $2,185,000 various city bonds, $2,104,811,
or
96.33.
Capital Trust & Savings Bank, St. Paul—For $2,185,000 various city bonds,
$2,100,003 30, or 96.11.
No other bids were received for the street improvement bonds.
Accrued
Interest included in all bids.
1
BOND
offered
for sale
OFFERING.—Newspapers state the $388,724 43 park bonds
unsuccessfully on March 26—V. 110, p. 1450—will be re-offered
on April 30.
MISSOULA SCHOOL DISTRICT(P. O. Missoula), Missoula County,
Mont.—BONDS VOTED.—By a vote of 951 to 537 the question of Issuing
$20,500 514%, 10-20-year (opt.) school building bonds, carried at the elec¬
The bonds will be offered for sale some
tion held April 3—V. 110, p. 486.
time in May.
■
'
■
Scotts
Bluff
County,
Until 8 p. m. May 4 G.E. Mark, City
transmission
5)4%
bonds.
Dak.—BOND OFFERING.—
Sealed bids will be received until 8 p. m. May 3 by Thomas Easteott,
City Auditor, for $75,000 water works and $50,000 sewer 10-20 year (opt.)
bonds at not exceeding 5% interest.
Date July 1 1920.
Cert, check for
2%, required.
Purchaser to pay accrued interest.
MITCHELL,
Davison
County,
So.
MITCHELL INDEPENDENT SCHOOL DISTRICT (P. O. Mitchell),
Davison County, So. Dak.—BOND OFFERING.—Until 8 p. m. May 6
B. McKeel, Clerk Board of Education, will receive bids for $200,000
A.
(opt.) school bonds at not exceeding 5% interest.
Denom.
$1,000.
Date May 1 1920.
Int. semi-ann.
Cert, check for $2,000,
payable to the above official, required.
IM¬
10-20
year
MOBILE, Mobile County, Ala.—BOND SALE.—On April 12 the $7,500
5% 1-10-year serial paving bonds—V. 110,
p. 1450—were sold to the
Denom. $500.
Date May 1 1920.
Int. M. & IS
First National Bank.
Assessed value 1919, $35,323,950.
fund, $100,000.
42.
Tax rate (per $1,000),
■■
.
NEWPORT,
Newport County, R.
I.—TEMPORARY LOAN.—A
temporary loan of $70,000, issued in anticipation of taxes, dated April 22
and maturing Sept. 3 1920, was awarded on April 20 to the Aquidneck
National Bank of Newport on a 5.94% discount basis.
The only other
bidder was S. N. Bond & Co. at 5.95%.
NORTH DAKOTA
(State of).—BONDS PURCHASED BY STATE.—
The following 4% building bonds were purchased
Dakota at par during January and March:
Bonds Purchased During January
$3,000
4,500
4,650
by the State of North
Aggregating $12,150.
ajDate.
Oct. 25 1919
Sept. 25 1919
Aug. 10 1919
Place of Issuing Bonds.
■
$
Hamburg S.D.No.30, Dickey Co.
Lee S.D.No.32, Divide County
Amount.
Due.
Oct. 25 1929
Sept. 25 1929
Aug: 10 1939
Shields S.D.No.35, Grant County
Bonds Purchased During March Aggregating $2,000.
Lincoln S.D.N o.31, Eminons Co.
Jan. 10 1920
Jan.
2,000
10 1930
NORTHAMPTON, Hampshire County, Mass.—TEMPORARY LOAN.
loan of $150,000, dated April 21 1920, and
maturing Oct. 28 1920—V. 110, p. 1665—was awarded to the Old Colony
Trust Co., of Boston, at 6.25%, interest to follow, plus $4 75 premium.
—On April 20 the temporary
NORWOOD, Hamilton County, Ohio.—BOND
ing 2 issues of 5 }4% bonds were recently purchased
Trustees
SALE.—The follow¬
by the Sinking Fund
*
.
*«.
■
Due April 1 1940.
Due $500 yearly on April 1 from 1921
:i ?i.V'.r"-l-v\
Int. semi-ann.
$22,620 26 Funding Impt. bonds.
3,000 00 Garbage Truck bonds.
to 1926, incl.
Date April
1 1920.
NOXUBEE
COUNTY
(P.
O.
Macon),
Miss.—BOND OFFERING.—
Proposals will be received until 2 p. m. May 3 by John A. Tyson, Clerk
Board of County Supervisors, for $50,000 6% highway bonds.
Denom.
$500.
Int. semi-ann.
Due $5,000 yearly on June 13 from 1935 to 1944.
incl." Cert, check for $500 required.
OCONTO, Oconto County, Wise.—BOND SALE.—The $40,000 5%
bonds offered without success on Feb. 24—V. 110, p. 1001—were
on March 23 at par and interest as follows:
$20,000 bonds to the Oconto National Bank, Oconto.
20,000 bonds to the Citizens National Bank, Oconto.
Denom. $500.
Date March 1 1920.
Int. M. & S.
Due yearly on March
1 from 1921 to 1940, incl.
school
sold
ORLAND, Glenn County, Calif.—BONDS DEFEATED.—An issue
water-system-extension bonds was recently defeated, it is re¬
a vote of 76 "for" to 70 "against."
A two-thirds majority vote
was necessary to carry the bonds.
of $60,000
ported, by
OVERTON COUNTY (P. O. Livingston), Tenn .—BOND OFFERING.
—Proposals will be received on or before 10 a. m. May 14 by A. C. Copeland, Jr., Clerk of County Court, for $50,000 5% road bonds.
Denom.
$1,000.
Cert, check for $2,000 required.a
OWATONNA, Steele County, Minn.—BOND SALE.—The William
Co. of Chicago, bidding 100.54, was awarded $20,000 53^%
bridge bonds offered on April 6.
Denom. $1,000.
Date April 1
R. Compton
serial
Int. semi-ann.
1920.
Neb.—BOND OFFERING.—
Clerk, will receive bids for $19,000
5-20-year water, $8,000 10-20-year water extension and $10,000 5-20-year
MITCHELL,
1775
CHRONICLE
THE
1920.]
OZAUKEE COUNTY (P. O. Port Washington), Wise.—BONDS NOT
SOLD.—No sale was made of the $1,500,000 5% road bonds offered on
April 12—V. 110, p. 1556.
DISTRICT (P. O. Parkin), Cross
R. Dye, Chairman, will receive
$700,000 road bonds.
PARKIN ROAD IMPROVEMENT
County, Ark.—BOND OFFERING.—I.
sealed bids until 2.30 p. m. May 3 for
PATOKA SCHOOL TOWNSHIP (P. O. Princeton), Gibson
Ind .—BONDS
NOT
SOLD.—The
$20,000
bldg. bonds, offered on April 15—V. 110, p.
5%
Baldwin
County,
Heights
School
1556—were not sold.
PENN YAN, Yates County, N. Y.—BOND OFFERING.—William S.
Cornwall, Village Clerk, will receive proposals until 12 m. May 1 for the
purchase at the lowest rate of interest of $4,500 registered fire-truck-pur¬
chasing bonds.
Denom. $500.
Date May 1 1920.
Prin. and annual
interest payable in New York Exchange at the Village Treasurer's office,
where delivery will be made on May 1.
Due $500 yearly on Oct. 1 from
1920 to 1928, incl.
Cert, check for 2% of amount of bonds bid for, payable
to Ezra J. Titus, Village Treasurer, required.
Purchaser to pay accrued
interest.
MOORHEAD SCHOOL DISTRICT (P. O. Moorhead), Clay County,
VOTED.—The voters favored the issuance of $500,000
A
similar issue of bonds
was
offered
on
April 12.—V. 110,
p.
1451.
Minn.—BONDS
MORGAN
COUNTY
(P.
Ind.—-BOND SALE.—
Adams Twp. road
National Bank of
Due $700 each six months from May 15
O.
Martinsville),
On April 20 the $14,000 4M% Gilbert E. Dorsett et al
110, p. 1665—were awarded to the First
bonds—V.
Martinsville, at
par
and int.
1921 to Nov. 15 1930, incl.
MORRAL, Marion County, Ohio.—BOND OFFERING.—Proposals for
an issue of $1,250 6%
fire-engine bonds will be received until May 7 by
C. C. Kline, Village Clerk.
Denom. $250.
Date Sept. 1 1919.
Due
$250 yearly on March 1 from 1925 to 1929, incl.
Certified check for 10%
of amount of bonds bid for, payable to the Village Treasurer, required.
MT.
O. Sedalia), Mo.,—BOND SALE.—The William
It. Compton Co. and the Kauffman-Smith-Emert Investment Co., both
of St;'Louis, have purchased and are now offering investors at par and int.
$100,000 5% tax-free bonds.
Due yearly on Jan. 2 from 1921 to 1940, incl.
PETTIS COUNTY (P.
high school bonds, it is reported, at an election held April 12.
PLEASANT, Isabella County, Mich.—BONDS VOTED.—At
an
election held April 5 the voters authorized the issuance of $31,500 20-year
water mains, wells and machinery, $19,000 20-year paving and $35,500
1-18-year serial city's share paving 5% bonds.
NASHUA, Hillsborough County, N. H.—BOND OFFERING.—Sealed
Financial
Statement.
Actual value taxable property
Assessed value taxable property.-
$45,000,000
20,760,833
176,815
Population, est., 47,500. m
—
Net bonded debt, including this issue
Bonded debt is less than 1% of assess,
*
-
val.
DISTRICT NO. 14 (P. O. Malta),
Mont.—BOND SALE.—The $68,000 6% 20-year (opt.) school bonds offered
on March
18—V. 110, p. 1111—have been sold, it is stated, to the First
PHILLIPS
COUNTY SCHOOL
National Bank of Malta at par.
(P. O. Junction), Utah.—BOND SALE.—In addi¬
reporting the sale of the $20,000 road bonds in V. 110, p. 1451—
PIUTE COUNTY
tion
to
$15,000 court-house|bonds wore also sold. The successful bidder
issues was the Palmer Bond & Mortgage Co. of Salt Lake City.
bids will be received by Samuel Dearborn, City Treasurer, until 10 a. m.
April 28 for $25,000 5% gold coupon sewer bonds.
Denom. $1,000.
Date
April 1 1920.
Prin. and semi-ann. int. (A. & O.), payable in gold coin
of the United States of the present standard of weight and fineness at the
City Treasurer's office, or at the First National Bank of Boston.
Due
yearly on April 1 as follows:
$2,000 1921 to 1925, incl., and $1,000 1926
to 1940, incl.
Bonds to be delivered on or about April 30 at the First Na¬
tional Bank of Boston.
Said bonds are engraved under the supervision of
and certified as to genuineness by the First National Bank of Boston; their
legality will be approved by Ropes, Gray, Boyden & Perkins, whose opinion
will be furnished the purchaser.
All legal papers incident to this issue will
be filed with said bank where they may be inspected at any time.
for the both
The bonds
bear
semi-annual int.
NASHVILLE, Tenn.—BOND OFFERING.—J. W. Dashiell, Secretary
a. m. April 27 for the
Board of
Commissioners, will receive bids until 10
following bonds:
^
$43,000 5% hospital bonds.
Interest accrues from March 1 1920.
Prin.
semi-ann. int. (M. & S.), payable at. City Treasurer's office or
National Park Bank, N. Y., at holders option.
Due yearly as
follows: $1,000, 1921 to 1928, incl.; $2,000, 1929 to 1938, incl.;
and $3,009, 1939 to 1943, incl.
380,000 6% street bonds.
Date April 1 1920.
Prin. and semi-ann. int.
(A. & O.), payable at City Treasurer's office or Irving National
Bank, N. Y. at holder's option.
Due yearly as follows: $42,000,
1921 to 1925, incl.; $12,000, 1926 to 1930, incl.; $11,000, 1931 to
1940, incl.
Denom. $1.000.
Cert, check on a National bank or on any bank or trust
company in Tennessee for 2% of the amount of bonds bid for, required.
Bonds are registrable as to principal in New York City and will be prepared
and certified as to genuineness by the U. S. Mtge. & Trust Co., N. Y., and
legality approved by CaldweU & Raymond, N. Y., whose favorable opinion
will be furnished the purchaser or purchasers without charge.
All bids must
be upon blank forms furnished by the said trust company and above official.
The bonds will be delivered in Nashville
company
NEBO
or
at the office of the above trust
in New Yor£, at purchaser's on May 17 1920.
SCHOOL
DISTRICT
v*
NO.
8, Oliver County, No. Dak.—
BOND SALE.—This district sold $5,000 4% building bonds^to the State
of North Dakota at par during March.
Date Jan. 5]1920.&Due Jan. 5
1940.
firmf
Licking County, Ohio.—BONDIOFFERING.—Proposals
until 12 m. May 15 by Clifford jFrye, City ^Auditor, for
$40,000 5% coupon street impt. bonds.
Denom. $1,000.
Date April 1
1920.
Prin. and semi-ann. int. (A. & O.), payable at Newark.
Due
$4,000 April 1 1922, and $3,000 yearly April 1 from 1923 to 1934, incl.
Cert, check for 2% of amount of bonds bid for, payable to the City Treas¬
urer,
required.
Bonded debt (incl. this Issue), $1,196,342.
Special
assess,
debt (incl.), $286,350.
"Water debt (incl.), $352,000.
Sinking
NEWARK,
will be received
6% interest and are in denom. of $500.
Date April 1 1920.
Prin. and
(A. & O.) payable at the Hanover National Bank, N. Y.
Due April 1 1940.
Financial Statement.
$2,542,861
Assessed valuation, 1919
Estimated actual value
3,400,000
35,000
^Population, 1910 Census, 1,734; present estimated population, 3,500.
Total bonded debt,
POCATELLO
these issues only
INDEPENDENT SCHOOL
DISTRICT (P.
O. Poca-
tello), Bannock County, Ida.—BOND SALE.—All issue of $75,000 514 %
10-20-year (opt.) school bonds has been sold to the State of Idaho at par.
Other bidders for 514* were E. H. Rollins & Sons, 98.83; Sweet, Causey,
Foster & Co., 98.53; Palmer Bond & Mortgage Co., 96.65.
For 6s: Sweet,
Causey, Foster & Co., 102.30; E. H. Rollins & Sons, 101.88; A. B. Loach
& Co., 100.41; C. W. McNear & Co., 100.24; Palmer Bond & Mortgage Co.,
100.04, and Ferris & Hardgrove, 100.
Financial
Assessed valuation
Total bonded debt
—.
....
Statement.
— ..
— -
-- —_
—— —
_$1,196,380
492,000
--u
18,000
Population
POINTE COUPEE
Roads),
PARISH
ROAD DISTRICT NO.
1 (P.
O. New
La.—BONDS VOTED.—On April 12 $65,000 road bonds were
voted.
PONDORA COUNTY (P. O. Conrad), Mont.'—BOND ELECTION.—
On April
23 $50,000 bonds are to be voted upon to take up outstanding
warrants.
HURON, St. Clair County, Mich.—BONDS VOTED.—The
April 5 authorized the issuance of $60,000 contagious disease
and $320,000 water-works bonds, according to reports.
It is
further reported that at the same election propositions to issue $280,000
paving and $140,000 sewer bonds were defeated.
PORT
voters
on
hospital
PORTLAND, Cumberland County, Me.—LOAN OFFERING.—John
Gil martin, City Treasurer, will receive proposals until 12 m. April 27
purchase at discount of a temporary loan of $300,000 in anticipation
of taxes for the year 1920, dated May 3 and payable Oct. 4 1920 at the
First National Bank of Boston, Mass.
Denominations to suit purchaser.
Notes will be ready for delivery May, 3 at the above bank.
R.
for the
PORTLAND, Ore.—BOND OFFERING.—Until 11 a. m. May 3 sealed
proposals will be received by Geo. R. Funk, City Auditor, for $300,000
5%% reconstruction bonds.
Denom. $1,000. Date April 1 1920. Prin.
and semi-ann. (A. & O.), payable in gold at the City Treasurer's office or
in New York.
Due yearly on April 1 as follows: $10,000,1923 to 1927, incl.;
$15,000, 1928 to 1933, incl.; $20,000, 1934 to 1936, incl., and $25,000, 1937
to 1940, incl.
Cert, check on a bank in Portland for 5% of bonds bid for.
payable to the City of Portland, required.
Legality approved by Storey,
Thomdike, Palmer & Dodge of Boston.
Bidders are requested to submit
separato or alternative bids based upon the place of payment.
Delivery of
said bonds will be made on May 5 1920 or as soon as practicable thereafter,
in Portland, at such bank as may be designated by the successful bidder.
Purchaser to pay accrued interest.
BOND OFFERING.—Bids will also be received until the above
date
by the said official for $250,000 5)4%
collection
bonds.
Denom.
$500.
Date
tjme and
1
1920.
Prin.
nad
seroi-
int. payable in gold at the office of the City Treasurer or in New York,
at option of holder.
Cert, or cashier's check on a bank in Portland for
5% of bonds bid for, payable to the city of Portland, required.
the
charter
under which
amendment
The legality
these bonds are issued nas been
approved by Storey, Thorndike, Palmer & Dodge, of Boston.
Delivery of
and payment for the bonds will be made at such bank in Portland as may
be designated by the purchaser.
Purchaser to pay accrued interest.
PORTLAND,
Ore.—BIDS REJECTED.—All bids received for the
$300,000 5% reconstruction bonds offered on April 7—V. 110, p. 1340—
were rejected.
POWELL COUNTY (P. O. Deer Lodge). Mont.—BOND OFFERING.
10 bids will be opened for $100,000 court house and $100,000
highway bonds.
—On May
PROSPECT SCHOOL DISTRICT (P. O.
SOUTH
Palmetto
Prospect), Marion County,
Ohio.—BOND ELECTION.—It is reported that a proposition to issue
$150,000 school building bonds will be voted upon on April 27.
QUINCY, Norfolk County, Mast.—TEMPORARY LOAN.—On April
ing Dec. 20 1920—V. 110, p. 1665—was awarded to the Old Colony Trust
Co. of Boston, on a 5.89% discount basis, plus a premium of $750.
READING, Hamilton County, Ohio.—BOND OFFERING.—Proposals
will be received until 12 m. May 17 by Carl M. Bemis, Village CJerk, for
the following 6% coupon bonds, for which there were no bids on April 12
—V. 110, p. 1451:
$1,500 street improvement bonds.
Due $500 Sept. 1 1929 and $1,000
Sept. 1 1930.
6,000 street-lighting bonds.
Due $1,000 yearly on Sept. 1 from 1921 to
1926, incl.
,
2,500 salaries and funding1 bonds.
Due $1,000 on Sept. 1 in 1927 and 1928,
and $.500 Sept. 1 1929.
'
I
Auth. Sec. 3939, Gen. Code.
Denom. $500 and multiples thereof.
Date
March 1 1920.
Principal and semi-annual interest payable at the Reading
Bank, of Reading.
Cert, check for 5% of amount of bonds bid for, required.
RED RIVER COUNTY ROAD DISTRICT NO. 10. Tex.—BONDS
REGISTERED.—The State Comptroller on April 12 registered $15,000 5%
10-40-year bonds.
REDWOOD
CITY, San Mateo County, Calif.—BONDS VOTED.—
On April 12 the proposition to issue $25,000 bonds to build
municipal wharf carried, it is stated.
"against."
The vote
was
RENVILLE SCHOOL DISTRICT (P. O. Renville),
Minn.—BONDS VOTED.—At a recent election bonds
a spur track to
915 "for" to 175
Renville County,
to
the
amount of
$222,000 were voted by a large majority to apply toward the building of
high school.
RIPLEY
COUNTY
(P.
(State
Bank
of
a
O.
of).—NOTE
Columbia
was
SALE.—On
awarded
at
April 8 the
$3,000,000
par
tax anticipation notes.
Denoms. $1,000, $5,000 and multiples.
Date April 8 1920.
Prin. and int. payable at the Hanover National Bank,
N. Y., fiscal agency for the State of South Carolina.
Due weekly as fol¬
lows: $100,000, Jan. 6 1921; $500,000, Jan. 13 1921; $500,000, Jan. 20
1921; $500,000, Jan. 27 1921; $500,000 Feb. 3 1921; $500,000, Feb. 10 1921.
Financial
Assessed
Bonded
Statement.
valuation
$376,178,499
5,382,059
debt
Population
1,515,400
Legally approved by Messrs. Reed Dougherty & Hoyt.
The said notes
Federal income tax and legal investment, for savings banks and
trustees, in New York and other States.
free of
SOUTH
PORTLAND,
Cumberland
County.
M e.—TEMPORARY
LOAN.—The
temporary loan of $80,000, datbd April 15 and maturing
on April 14—V. 110, p. 1557—was awarded to the First
National Bank, of Boston, on a 6.15% discount basis.
Oct. 1
1920, offered
SPENCER COUNTY (P. O. Rockport), Ind.—BOND OFFERING.—
Proposals will be received until 10 a. rau May 4 by James A. Harris, Sr.,
County Treasurer, for $83,500 4)4% John C. Fella et al Grass Twp. road
bonds.
Denom. $500.
Date May 3 1920.
Int. M. & N.
Due semi¬
annually, beginning May 15 1921.
SPRINGFIELD, Greene County, Mo.—BONDS VOTED.—The issu¬
of $600,000 school bonds carried, it is stated, at the election held
April 5 by a vote of 2,946 to 1,428.
ance
20 the temporary loan of $200,000 issued in anticipation of revenue, matur¬
the
CAROLINA
National
4H%
7-10 year (opt.) assessment
May
ann.
or
[VOL. 110
THE CHRONICLE
177G
STARKE
COUNTY
(P.
O.
Ind.—BOND OFFERING.—Pro¬
Knox),
posals will be received until April 30 by John L. Kesler, County Treasurer
for the following bonds:
$7,500 00 4)4% Louis Slansky et al Wayne & Railroad Twps. road impt.
bonds.
Denom. $375.
Date Dec. 2 1919.
Int. M.&N
Due
$375 each six months from May 15 1921 to Nov. 15 1930, incl.
8,000 00 414% William H. Shanks et al Davis Twp. road impt. bonds.
Denom. $400.
Date Dec. 2 1919.
Int. M. & N.
Due $400
each six months from May 15 1921 to Nov. 15 1930, incl.
2,611 40 Dolezal Ditch Construction bonds.
Date March 1 1920.
Int.
.
semi-ann.
Due $261 14 yearly on June 1 from 1921 to 1930, incl
SWAMPSCOTT,
On April
Essex
County,
Mass.—TEMPORARY
LOAN.—
16 the Manufacturers National Bank, of Lynn, was awarded at
5.65% discount,
a
temporary loan of $50,000 maturing Nov. 20 1920.
TABOR, Columbus County, No. Caro.—BOND OFFERING.—It Is
be received until 2 p. m. May 15 by E. C. Watts,
Mayor, for $25,000 6% 20-year town hall bonds.
Denom. $1,000.
Date
May 1 1920.
Cert, check for $1,000, required.
stated that bids will
TALBOT
COUNTY
It is stated that
an
(P.
O. Talbotton), Tenn.—BONDS VOTED.—
issue of $50,000 road bonds has been voted.
TARENTUM, Allegheny County, Pa .—BOND OFFERING.—L. R.
Hartley, Borough Secretary, will receive proposals until 7 p. m. May 10
for $35,000 5% coupon tax-free park bonds.
Due $10,000 on June 1 in
1940 and 1945, and $15,000 June 1 1950.
Cert, check for $500, required.
TEHACHAPI SCHOOL DISTRICT, Kern County, Calif.—BOND
SALE.—Torrance, Marshall & Co. were awarded the $27,500 6% 1-10-year
April 5.—V. 110, p. 1220
serial school bonds, dated March 8 1920, offered on
Versailles), 1 rid.—BOND OFFERING.—
Proposals will be received until 10 a. m. June 7 by W. D. Robinson, County
Auditor, for $12,000 4H% Henry Wilson et al road bonds.
Denom.
were
$300.
Ami.
Date March
from May
15
1921
1
1920,
Int.
to Nov.
15
M.
& NT.
Due $600 each six months
1930, incl.
ROCHESTER, N. Y.—NOTE SALE.—On April 19 the $250,000 school
8 months from April 22 at the Central Union
construction notes, maturing
Trust Co. of New York—V.
Bros.& Hutzler of New York
ROCK
RIVER,
Albany
will be received until 8
p.
110, p.
on a
1666—were awarded to Salomon &
5.88% int. basis, plus a premium of $3.00.
County,
Wyo.—BOND OFFERING.—Bids
May 6 by Agnes Denny Town Clerk, for
m.
,
$7,000 6%
10-20 year (opt.) sewerage system bonds.
Denom. $500.
Prin. and semi-ann. int. (M. & S.) at the office of the Treasurer or at
Kountze Bros., N. Y. City.
Cert, check for $300 required.
ROSEBURG,
Douglas County, Ore.—BOND ELECTION CON¬
SIDERED.—An issue of $7,000 aviation field bonds may be voted
upon, it
is reported.
RUSTBERG MAGISTERIAL DISTRICT, Campbell County, Va.—
purchase of all or any part of $136,000 5)4 % coupon bonds, offered without
success on April 19—V. 110, p. 1451.
Denom. $100 or any multiple thereof
as purchaser may prefer.
Date May 1 1920.
Int. semi-ann. (M. & N.)
payable at the office of County Treasurer in New York funds, and to be
non-taxable in Campbell County for county or local
purposes.
Cert,
check for 2% payable to the above clerk, required.
Alternate bids will be
received for said bonds to be issued to run for 24 years.
To run for 34
years, with the privilege of redemption, at par and interest after 20 years
upon call.
For serial bonds to run from one to 34 years.
Cost of engraving
of bonds to be paid by purchaser or purchasers.
ST. ANTHONY, Fremont County, Idaho.—BONDS NOT SOLD. We
are adviseb dy ,T. Geo. Nelson,
City Clerk, that the three issues of bonds
aggregating $205,000 offered
on
April 15—V. 110, p. 1241—were not sold.
ST. CLAIR SCHOOL DISTRICT (P. O. St. Clair), St. Clair
County,
Mich.—BOND OFFERING.—Proposals will be received until 7.30
p. m.
April 26 by R. S. Jenks, Secretary of the Board of Education, for $325,000
5% school building bonds. 1 Denom. $1,000.
Date May 1 1920.
Prin.
and semi-ann. int. (F. & A.), payable at the
People's State Bank of Detroit.
Due yearly on Feb. 1 as follows: $10,000, 1922:
$11,000, 1923; $12,000,
1924: $13,000, 1925: $14,000, 1926; $15,000, 1927: $16,000, 1928; $17,000,
1929; $18,000, 1930; $19,000, 1931; $20,000, 1932 ,1933 and 1934, and
$120,000, 1935.
A deposit of $1,000 is required with each bid.
School
bonded debt, this issue only.
Assessed, value, 1919, $3,290,970.
SAGINAW, Saginaw County, Mich.—BOND OFFERING.—Proposals
will be received until 2 p. m. April 28
by George C. Warren, City Controller,
for the $500,000 5% coupon water-works bonds voted on Feb.
24—V. 110,
1341.
Date May 1 1920.
Prin. and semi-ann. int. (M. & N.) payable
the City Treasurer's office or at New York.
Due $20,000 yeariy on
May 1 from 1921 to 1945, incl.
Cert, check for 5% of amount bid for,
drawn on a responsible bank, required.
p.
at
LAKE,
Franklin
County,
N.
Y.—BOND
SALE.—The
$12,000 1-12 year serial coupon or registered motor apparatus bonds, dated
April 1 1920, offered on April 19—V. 110, p. 1557—were awarded to Fred
Colbath, of Saranac Lake, at par and interest for 5s.
There were no other
SELMER SCHOOL DISTRICT (P. O.
Tenn.—BONDS VOTED.—On April 16 a
bonds
reports, by a
are
soon
be voted upon.
to
TURLOCK, Stanislaus County, Calif.—BOND SALE.—The $60,000
sewer
bonds
recently authorized—V.
110,
p.
789—have been sold, it is
reported.
UNION
(Town), Hudson County, N. J.—NOTE OFFERING.—Emil
Bautz, Town Clerk, will receive proposals until 8:30 p. m. May 3 for the
issue of $75,000 tax-anticipation notes, offered unsuccessfully on March 1.
110, p. 1002.
Due Dec. 31 1920.
Cert, check for $1,000 payable
to the Town Treasurer, required.
Bidders must state rate of interest, at
which they will take the issue.
UPTON, Weston County, Wyo.—BOND
$10,000 water bonds is soon to be voted upon.
UTAH
to
improve the high school
vote of more than 4 to 1.
SHARPSVILLE
SCHOOL
Selmer), McNairy County,
proposition to issue $15,000
building carried, according to
j
DISTRICT
(P. O. Sharpsville), Mercer
County, Pa.—BOND OFFERING.—F. H. Bartleson, Secretary of School
Board, will receive bids until 7:30 p. m. May 3 for $135,000 tax-free high
school bldg. bonds, to bear interest at either 4M% or
5%, according to the
bids
received.
Denom.
$1,000.
Date
Feb.
1
1920.
Int.
semi-ann.
Due $10,000 on Feb. 1 in 1925, 1929, 1932, 1935, 1937, 1939,
1941, 1943,
1945, 1946, 1947, 1949 and $15,000 on Feb. 1 in 1950.
Cert, check for
$1,500, required.
The successful bidder shall print the necessary bonds.
SMITHFIELD, Johnston County, No. Car o.—BOND OFFERING.—
H. L. Skinner, Mayor, will receive
proposals until May 4 for the whole
or any part of $50,000
6% 30-year water works system bonds.
Prin. and
semi-ann. int. payable at the National Bank of
Commerce, N. Y. or at the
First National Bank, Smithfield, at
purchaser's option.
2% of the amount of bonds bid for, required.
SMITHVILLE,
Bastrop
County,
Cert, check for
Tex.—WARRANT
SALE.—Re¬
cently J. L. Arlitt of Austin purchased $6,500 public building site warrants
Denom. $100.
Date Feb. 27 1920.
Dud $500 yearly from 1922 to 1934,
SOUTH AMBOY, Middlesex
County, N. J.—NO BIDDERS.—There
bidders for the issue of
$100,000 5% water bonds offered on April
110, p. 15o7.
*
were no
14—V.
COUNTY
ELECTION.—An
issue
of
(P. O. Provo), Utah.—BOND OFFERING.—News-
Eapers state that highway andCommissioners are to advertise at once for
ids
$300,000 the County
$100,000 court house bonds.
on
UVALDE COUNTY
(P.
O.
Uvalde). Tex.—BOND OFFERING.—
According to reports the County Judge will receive bids until 4 p. m. May
10 for $250,000 road district No. 1 and $200,000 road district No. 2
5)4%
bonds.
VENTNOR CITY, Atlantic County,
N. J.—BOND OFFERING.—
Proposals will be received until 8 p. m. May 10 by James T. G. Hand,
City Clerk, for an issue of 5% beach park and water front bonds, not to
exceed $147,000.
Denom. $1,000.
Date May 1 1919.
Int. M. & N.
Due $3,000 yearly on May 1 from 1921 to 1969, incl.
Cert, check on a
National or State bank or trust company in New Jersey for 2% of amount of
bid, payable to Geo F. Wingate, City Treasurer, required.
VIDETTE SCHOOL
DISTRICT, Burke County, Ga.—BOND OFFER¬
ING.—On April 30 at 10 a. m. bids will be received by W. C.
McCarver,
District Chairman (P. O. Waynesboro), for $15,000 6% school bonds.
Denom. $500.
Date Jan. 1 1920.
Prin. and ann. int. (Jan. 1), payable at
National Bank, Atlanta.
Due yearly on Jan. 1 as follows:
$500, 1926 to 1945. incl.; and $1,000, 1946 to 1950, incl.
Cert, check for
$500, required/ The bonds have been validated
by County Superior Court
and the approving opinion of King and Spalding of Atlanta will be furnished
to the purchaser.
/
the Atlanta
VILAS
COUNTY
(P. O.
Eagle
River), Wis.—BOND OFFERING.—
Frank Hansowetz, County Clerk, will receive bids until 4 p. m.
April 30,
it is stated,
for the following 5% bonds:
$17,000 soldiers' bonus bonds.
Denom.
$1,000, $500 and $100.
Date
Int. M. & S.
Due $1,000 yearly on March 1 from
1937, incl.
28,000 hignway impt. bonds.
Denom. $1,000.
Date March 10 1920.
Int. semi-ann.
Due $2,000 yearly on May 1 from 1924 to
1937,
Doc. 10 1919.
1921
to
inclusive.
Prin.
bidders.
school
TWIN FALLS, Twin Falls County, Idaho.—BOND ELECTION.—
Newspapers state that $30,000 street and $15,000 fire-equipment bonds
—V.
BOND OFFERING.—Sealed proposals will be received by C. W. Woodson,
Clerk Board of Supervisors (P. O. Rustburg), until 12 m. May 3 for the
SARANAC
TEXAS (State of).—BONDS REGISTERED.—'The following 5% bonds
registered with the State Comptroller:
Place and Purpose of Issue.
Due.
Date Reg.
$2,000
Briscoe County Common Sch. Dist. No. 10
10-20 years
April 13
1,700
Red River Cty. Com. Sch. Dist. No. 77
10-20 years
April 14
3,200
Van Zandt Cty. Com. Sch. Dist. No. 34
20 years
April 14
and
WAKE
interest
payable at Chicago.
FOREST,
Wake County,
No.
Caro.—BOND
OFFERING.—
E. W. Trimble, Jr., Town Clerk, will receive bids until 2
p. ro. May 18 for
$125,000 water and sewer bonds at not exceeding 6% interest.
Denom.
$1,000.
Date April 1 1920.
Prin. and semi-ann. inc. (A. &
O.), payable
gold.
Due yearly on April 1 as follows: $2,000 1922 to
$3,000 1934 to 1945, incl., and $5,000 1946 to 1958, incl.
Cert, check or cash for $2,500 required.
Bonds certified by the U. S.
Mtge. & Trust Co., N Y., and the legality approved by Chester B. Massin New York in
1933, incl.,
.
lich of N. Y. and J. L. Moorehead of Durham.
New York on or about May 28 1920.
WARMSPRINGS
Bonds will be delivered in
IRRIGATION DISTRICT
(P. O. Vale), Malhuer
County, Ore.—BOND SALE.—On April 6 the Ralph Schneeloch Co., the
London Paris National Bank, and Clark, Kendall & Co. were
Anglo &
awarded the $200,000
and int.
There were
WARREN
CITY
6% 5)4-year (aver.) bonds—.V. 110, p. 1342—at 90
no
other bidders.
SCHOOL
DISTRICT (P. O. Warren), Trumbull
County, Ohio.—BOAD OFFERING.—Ruth E. Dillon, Clerk of the Board
of Education, will receive proposals until 3
p. m. April 28 for
school
bonds.
Auth.
Sec.
5656
Gen..
Code.
Denom.
$122,000 514 %
$1,000.
Date
May 1 1920.
Int. semi-ann.
Due $2,000 May 1 1921 and $10,000 yearly
May 1 from 1922 to 1933, incl.
Cert, check for $500, payable to the
Board of Education, required.
Purchaser to pay accrued interest.
on
WARREN
TOWNSHIP
RURAL SCHOOL DISTRICT (P. O. RayOhio.—BOND ELECTION.—The Board of
April 3 passed two resolutions, providing that on April 27
the people of the district be given the
opportunity to vote on propositions
land),
Jefferson County,
Education
on
Ape. 24 1920.]
to
issue
$65,000
THE CHRONICLE
Rayland
school
and
$15,000
bonds.
Buckeye school-erection
June 1 from 1921 to 1950, incl.
Cert, check for $2,000. payable to the
"Borough of West Chester" required.
on
WARWICK (P. O. Apponaugh), Kent County, R. I.—BOND OFFER•—Proposals for an issue of $110,000 5% coupon school building bonds
will be received until 4
p. m. May 7 by Howard V. Allen, Town Treasurer
Denom. $1,000.
Date June 1 1920.
Int. J. & D.
Due yearly on June
1 as follows:
$7,000 1921 to 1930, incl., and $8,000 1931 to 1935, incl.
WASHINGTON COUNTY SCHOOL DISTRICT NO. 17, Minn.—
SALE.—Stanley Gates & Co. of St. Paul were recently awarded
$25,000
% school building bonds at 101 and int.
Dat6 April 1 1920.
Due April 1 1935.
.
Statement.
Actual value of taxables
(estimated)
$2,000,000
Assessed value of taxables (1919)___
533,843
Total bonded debt, including this issue (5.15% of assessed valuation)
27,500
Population
(estimated)
557
WINFIELD, Cowley County, Kans.—BONDS VOTED.—A bond pro¬
to provide $132,000 for the erection of a soldiers memorial hall in
Winfield carried on April 6, it is stated, by a slight majority.
WINFIELD, Herkimer County, N. Y.—BOND SALE.—On April *3
the
West
Winfield
National Bank of West Winfield, purchased at par
$1,500 5% park bonds.
Denom. $500.
Date April 1 1920.
Int. A. & O.
Due $500 yearly on April 1 in 1921, 1922 and 1923.
WAYNE COUNTY (P. O. Jesup), Ga.—BONDS VOTED.—At a recent
(not $20,000 as reported in V.110, p. 1667) 5% road
were voted.
Due yearly from 1930 to 1949, incl.
WINNETKA PARK DISTRICT (P. O. Winnetka), Cook County,
III.—BOND SALE.—The Harris Trust & Savings Bank of Chicago has
purchased and is now offering to investors at a price to yield 4.90% an issue
of $25,000 5% coupon (with privilege of registration) park bonds.
Deriom.
$1,000.
Date April 5 1920.
Prin. and semi-ann. int. (J. & J.) payable
at the Corn Exchange National Bank of Chicago.
Due $1,000 on July
1 1920, and $3,000 yearly on July 1 from 1930 to 1937, incl.
election $200,000
impt. bonds
SI WEST CHESTER, Chester County, Pa.—BOND OFFERING.—Bidl
will be received by M. Minerva Davis,
Secretary of Borough Council, unti
10 a. m. May 7 for $125,000 coupon bonds, to bear interest at either 4
Yi %,
4Ji%or5%.
Denom. $1,000 and $500.
Date June 1 1920.
Dueserially
Notice of
LOANS
OF
Sell
THE
for
Intention
the
Roosevelt
to
Issue
and
City of Wolf
Point, of
CITY
OF
OF
MONTANA
isS;
OF ROOSEVELT
WOLF
POINT
authority of Ordinance No. 86
City of Wolf Point, of Roose¬
velt
County, Montana, passed and approved
April 12th, A. D. 1920, authorizing and directing
the advertisement and sale of certain bonds o
said City, namely:
Water Bonds of the City of Wolf Point, of
Roosevelt
County, Montana, to
an
amount
aggregating the principal sum of $50,000.00,
comprising 100 bonds numbered consecutively
from one to one hundred, both numbers included,
of the Council of the
South
Henry
Fifth
Street
Philadelphia
New York
of
Telephone, John SOS9.
MUNICIPAL BONDS
Wholesaling entire issues of City, County,
School
District
and
Road
District
Bonds
offeTexas.
Circulars
on
the
Harold G.Wise&Compastt
uaj)
Horsxo5f.TEx.vs
$400,000.00
City of Bayonne, N. J., Water 5
Dated
April 1, 1920.
Due April 1, 1926
Price 102.00 ft Int., returning 0.10%
M. M. FREEMAN & CO.
421
Chestnut Street
Five
Hundred
Dollars
PUBLIC.,NOTICE IS HEREBY GIVEN that
Request.
< 4 mrw: t.. ^
of
($500.00) each, all dated April 1st, A. D. 1920,
absolutely due and payable April 1st, A. D. 1940.
but redeemable at the option of said City at any
time after April 1st, A. D. 1930, bearing interest
from their date until paid, at the rate of six (6)
per cent per annum, payable semi-annually on
the first days of January and July, respectively,
in each year, both principal thereof and interest
thereon, payable at the National Bank of Com¬
merce in the City and State of New York, U. S. A.
the
flu * W
denomination
Philadelphia
Telephone. Lombard 710
bonds
aforesaid
the office of the
undersigned Clerk in said City, on Monday, towit: the 17th day of May, A. D. 1920, at the
hour of 9 o'clock p. m., be sold to the bidder
offering the highest price therefor.
At the said public auction the said successful
bidder will be required to deposit with the under¬
signed Clerk a certified check payable to his
order, in the sum of $5,000.00, which shall be
held by the City and forfeited to it should the
purchaser fail to take up and pay for said bonds
when
presented to him.
Said certified check
mast be made on a
will,
STREET
MFG.
CO
BONDS.
at
National
bonds (aggregating $32,000) of the total issue of
fifty-six
(56)
of the said bonds
(aggregating
$56,000), as follows:
Eight bonds for $1,000 each, numbered from
25 to 32 inclusive, due November 1, 1927, with
interest to be computed and paid from May 1,
1920;
Eight bonds for $1,000 each, numbered from
33 to 40 inclusive, due November 1, 1928, with
interest to be computed and paid from May 1,
1920;
41
Eight bonds for $1,000 each, numbered from
to 48 Inclusive, due November 1, 1929, with
to be computed and paid from May 1,
interest
1920:
,
Eight bonds for $1,000 each, numbered from 49
56 inclasive, due November 1, 1930, with in¬
terest to be computed and paid from May 1, 1920;
Such interest, commencing May 1, 1920, to be
payable semi-annually thereafter on November 1
and May 1 of each year, at not to exceed 5%.
to
Said bonds will
will take the
interest
be awarded to the bidder who
not less than par
same at
and accrued
the date of delivery of the bonds, at
the lowest rate of interest not exceeding five per
cent.
to
(5%)
annum.
per
The Board of Trustees
the right to reject any and all bids.
Dated Seneca Falls, N. Y.,
reserves
CHARLES W. COMBS,
Village Clerk
April 8th, 1920.
•
BOND
CALL
$65,000
Bank.
By order of the Council of the City of Wolf
Point, of Roosevelt County, Montana, made this
12th day of April, A.
D. 1920.
O. T. STENNES, Mayor.
(Signed)
(Seal)
(Signed)
TOWN OF STEAMBOAT SPRINGS,COLO.
WATER
SAMUEL DOWELL, Clerk.
The
AMERICAN
PAVING
Sealed proposals will be received by Charles W
Combs, Clerk of the Village of Seneca Falls,
N. Y., at his office in said village, until the 26TH
DAY OF APRIL, 1920, AT 8 O'CLOCK P. M.,
for the purchase of thirty-two (32) street paving
Pursuant to the
104
VILLAGE OF SENECA FALLS, N. Y,
Bidder Offering
to the
Highest Price Therefor.
STATE
COUNTY
Biddle &
LOANS
$32,000
County, Montana, at Pub¬
lic Auction,
the
Bought & Sold
NEW
LOANS
$50,000 Water 6% Bonds, of, by,
and
City of Philadelphia
,
posal
PS WASHOE COUNTY (P. O. Reno), Nev.—BOND& PROPOSED.—
Reports say that the Board of County Commissioners has authorized the
drawing up of a resolution calling for a bond issue of $300,000 to be ex¬
pended in the improvement of Washoe County roads.
NEW
OFFERING.—Sealed
WILSON, Wilson County, No. Caro.—BOND OFFERING.—Sealed
proposals will be received until 8 p. m. May 12 by Theodore A. Hinnant,
Town Clerk, for $110,000 5% coupon (with privilege of registration) electric
ligho bonds.
Denom. $1,000.
Date March 1 1920.
Prin. and semi-ann.
int. (M. & S.), payable at the U. S. Mtge. & Trust Co., N. Y.
Due yearly
on March 1 asfollows:
$5,000 1921 to 1923, incl.; $6,000 1924 to 1930, incl.;
$7,000 1931 to 1937, incl., and $4,000 1938.
Cert, check on an incorporated
bank or trust company or cash for 2% of the amount of bonds bid for,
payable to the town of Wilson required.
If no legally acceptable bid is
submitted for 5% bonds, bids for 5H % bonds will be received.
The bonds
will be prepared under the supervision of the U. S. Mtge. & Trust Co.
who will certify them as to the genuineness of the signatures of the officials
signing the bonds and to the seal impressed thereon and the successful
bidders will be furnished with the opinion of Reed, Dougherty & Iloyt,
of N
Y.
that the bonds are valid and binding obligations of the town of
Wilson.
Purchaser to pay accrued interest.
All bids must be submitted
on blank forms furnished by the said trust company and the above clerk.
$300,000,000
168,000,000
2,252,000
180,000
NEW LOANS
tPa.—BOND
interest.
BOND
f
Allegheny County,
bids will be received by C. A. McClain, Borough Clerk, until 8 p. m. May
11 for $42,000 5% tax-free street and fire apparatus bonds.
Denom.
$1,000.
Date March 1 1920.
Due $20,000 March 1 1940 and $22,000
March 1 1949.
Cert, check for $500 required.
Purchaser to pay accrued
Statement.
Financial
'
WEST VIEW,
WASHINGTON COUNTY (P. O. Washington), Pa .—BOND SALE.—
5% coupon (with privilege of registration) tax-free road
on April 20—V. 110, p.
1453—were awarded to Glover &
MacGregor, of Pittsburgh for $161,725 (101,078) and interest a basis of
about 4.87%.
Denom. $1,000.
Date May 1 1920.
Prin. and semi-ann.
int. (M. & N.), payable at the County Treasurer's office.
Due yearly on
Nov. 1 as follows:
$5,000 1925 and 1926, $10,000 1927 to 1936, incl., and
$25,000 1937 and 1938.
-
as
future..
The $160,000
bonds offered
.......
rejected
were
Bonded debt (incl. this issue),
$793,000.
Sinking fund, $157,044; assessed value, $20,239,965; population
1915,13,302.
Financial
SCHOOL
Neb.—BIDS
On April 13 all bids for the
Bonds will be ready for delivery on May 27.
Heal valuation (estimated)
DISTRICT (P. O. West Point), Cuming
REJECTED.—BONDS TO BE RE-OFFERED.—
$250,000 high school bonds—V. 110, p. 1342—
being too low.
The issue is to be re-offered in the near
POINT
WEST
County,
m,
Assessed valuation (1919
Bonded debt (including this issue)
Population 1910. 143,680; 1919 (estimated)
1777
Lincoln Menny
Oppenheimer
BANKERS
the
of
Springs,
Cable Address "Openbym"
BONDS
Steamboat
Town
Treasurer
or at the
Brothers In the City
Colorado,
Kountze
CORDAGE
of
Springs, Colorado,
hereby calls in for payment $65,000 water bonds
issued by the Town of Steamboat Springs, dated
June 1 1910, optional June 1 1920, due June 1,
1925, consisting of sixty bonds in the denomina¬
tion of $1,000 each, numbered from
1 to 60,
Inclusive, and fifty bonds in the denomination
of $100 each, numbered from 61 to 110, inclusive;
said bonds will be paid upon presentation at the
office
FRANKFORT-o-M., GERMANY
Town
in
Steamboat
banking house of
of New York, or
Benwell, Phillips, Este & Com¬
Colorado National Bank Building, Denver,
Interest
will
cease
on
the abovedescribed bonds sixty days after date of the first
at
the office of
pany,
Colorado.
MANILA, SISALf jute
INVESTMENT SECURITIES
publication of this call.
FOREIGN
EXCHANGE
FREDERICK
ZICK,
Town Treasurer.
Noble ft West Streets.
Brooklyn. N. Y. Cftf
/
GEORGE
FEDDE
&
PASLEY
Certified
2
.
CtTtititb
55 Liberty
St.,
Sttetmtanis
New York
W.
Public
RECTOR
ST.,
MYER, JR
Accountant
NEW
YORK
Andit», Investigations,
Estate Aoeountlng,
Income Tax Returns,
Telephone
Bectar 5442
F. WM. KRAFT,
Lawyer
Specializing In Examination ft Preparation of
County, Municipal and Corporation
Bonds, Warrants and Securities and
Proceedings Authorizing Same.
Room, 517-510,
Harris
111 W. Monroe
Truet Building
CHICAGO,
ILLINOIS
St.,
1778
THE CHRONICLE
Financial
Real value of taxable property, estimated
Assessed valuation for taxation.
•
Total debt (this issue included)
Population,
estimated.:
-.$8,820,304
4,410,152
—
CANADA,
EAST
I—7,500
.....
a
M unicipaiities.
and
FORT GARRY, Man.-DEBENTURE OFFERING.-—H. D.
de Moissac,
Municipality Secretary-Treasurer, will receive proposals until 12 m. April
the $200,000 30-year sewer
impt. and $21,000 25-year bridge 6%
debentures, dated March 1 1920, which were voted at the election held
Feb.
110, p. 682.
(Province of).—DEBENTURE
SALE.—It is reported
April 20, A. E. Ames & Co. of Toronto, purchase— an issue of
$500,000 5% 3-year debentures at 99.314, a basis of about
5.25%.
that
on
NOVA
SCOTIA (Government of).—DEBENTURES PROPOSED.—
The government has under
consideration, it is reported, two bills, which,
if passed, would empower the Province
to issue $11,000,000 road
impt.
debentures.
One bill authorizes an issue of
$2,250,000, the amount of
Federal aid expected, and the other is for
$7,900,000 for road construction
and $875,000 for road
machinery.
proposition to issue $550,000 school-bldg. bonds.
YONKERS,
Westchester County, N. Y.—BONDS OFFERED BY
a
preceding page of this issue the three issues of 5%
registered bonds, aggregating $1,398,000, the sale of which was reported
in V. 110, p. 1069, are being offered to investors by A. B. Leach & Co.
ONTAIRO
(Province).—DEBENTURE
SALE.—A syndicate composed
of Wood, Gundy & Co., A. E. Ames &
Co., Wm. R. Compton Co., E. H.
Rollins & Sons, Clark, Dodge &
Co., of New York; the First National Co.
of Detroit, and the Dominion Securities
Corp. of Canada, has purchased
and are now offering to investors at a
YORKVILLE, Oneida County, N. Y.—BOND ELECTION.—An elec¬
tion is to be held May 1 for the purpose of voting on a proposition to raise
$20,000 for paving Highland Ave., $10,000 of which is to be raised by a
bond issue and $10,000 by levying an assessment upon the property benefit¬
ting by the improvement.
price to yield over 7.20%, payment
S. funds, an issue of $6,800,000
6% gold coupon deben¬
$1,000.
Date April 15 1920.
Prin. and semi-ann. int.
payable in U. 8. gold coin in New York or at the Provincial Treasurer's
to be made in U.
Denom.
tures.
YOUNGSTOWN CITY SCHOOL DISTRICT (P. O. Youngstown),
Mahoning
County,
Ohio.—BONDS
OFFERED
BY
BANKERS.—
Bonbright & Co. of New York are offering to investors at a price to yield
5.15%, subject to prior sale and change in price, the $460,000 5% coupon
school bonds offered on Feb. 16—V. 110, p. 489.
Due $30,000 yearly on
Sept.jl from 1921 to 1934, inch, and $40,000 Sept. 1 1935.
LOANS
20—V.
MANITOBA
BANKERS—On
NEW
Provinces
KILDONAN, Man.—DEBENTURE SALE.—It
30 for
XENIA SCHOOL DISTRICT (P.O. Xenia), Greene County,Ohio.—
BOND ELECTION.—Plans have been made for the submission to the elec¬
April 27 of
110.
is reported that
the Bond & Debenture Corporation of
Winnipeg, has purchased $97,000
6% 20-year debentures, at 89.06, a basis of about 7%.
WORTHINGTON, Nobles County, Minn.—BONDS VOTED.—By a
large majority $100,000 paving and $25,000 water-works extension bonds,
carried at a recent election, it is reported.
on
its
115,000
i
WOOD COUNTY (P. O.
Bowling Green), Ohio.—BOND OFFERING.
—Proposals will be received until 1 p. m. May 7 by E. E. Coriell, County
Auditor, for $127,100 6% coupon I. C. II, No, 52, Sec. 2 bonds.
Auth.
Sec. 1223 Gen. Code.
Denom. 1 for $100 and 127 for $1,000.
Date
June 1 1920.
Prin. and semi-ann. int. (M. & S.) payable at the County
Treasurer's office.
Due $10,100 on March 1 1921, and $13,000 each six
months from Sept. 1 1921 to Sept. 1 1925, inch
Cert, check on a Bowling
Green bank for $1,000, required.
Bonds to be delivered and paid for at
Bowling Green.
Purchaser to pay accrued interest.
tion
[VOL
Statement.
office in Toronto at holder's
option.
Due April 15 1925.
TORONTO, Ont.—DEBENTURE SALE.—On April 16
an increase ol
$1,905,000 5yz% 1-30 year serial debentures was awarded,
according to
reports, to Harris, Forbes & Co., the National City Co., and W. A. Mac¬
kenzie, jointly, at 94.177, a basis of about 6.10%.
ENGINEERS
MANAGEMENT
$250,000.00
City of McKeesport, Pennsylvania
SCHOOL BUILDING
BONDS
STONE & WEBSTER
Sealed proposals for $250,000-00 School Builds
inp Bonds will be received by the Board of School
Directors
the
of
vania, at
Rooms, on
City of McKeesport, Pennsyl¬
its meeting to be held in the Board
FINANCE
industrial and public
utility properties and conduct an
MONDAY, MAY 10, 1920, at 8 O'CLOCK P. M„
when they will be publicly opened.
Said Bonds will be dated April
1st,
will bear interest at the rate of
FIVE
investment
1920, and
RESIGN
(5) PER CENTUM,
payable semi-annually on the first days of April
October, in each year.
Said Bonds will be
coupon
bonds of the denomination of $1,000
each, are exempt from Pennsylvania State Tax,
and will be payable at stated
periods as follows:
$5,000.00 yearly on April 1st from 1925 to 1929,
Inclusive: $8,000.00 yearly on April 1st from 1930
to 1934, inclusive; $10,000.00
yearly on April 1st
from 1935 to 1939. inclusive: $12,OOjb.OO yearly
on April
1st from 1940 to 1914, inclusive: $15,000.00 yearly on April 1st from 1945 to
1949,
houses and
own
School
District
of the
All bids
dustrial
from designs of
on
going concerns,
proposed extensions and new
projects.
NEW YORK
BOSTON
CHICAGO
rOUNGSTOWN
PITTSBURGH
DETROIT
?AN FRANCISCO
SEATTLE
PARIS
provide for payment of accrued
Interest from the date of said Bonds to the date
of
Management
If you are
in
financially interested
coal
properties you should
investigate the service we offer
you.
companies.
REPORT
City of
accepted.
must
or
MANAGE public utility and in¬
Proposals must be enclosed in a sealed envelope
endorsed,
"Proposals for Bonds of City of McKeesport
School District,"
and handed to the Secretary of the Board of
School Directors in open meeting to be held at
the time and place aforesaid.
Each bid must be
accompanied by certified check upon an incor¬
porated Bank or Trust Company, payable to
of the
designs
either from their
other engineers or architects.
and
order
buildings.
CONSTRUCT
inclutive.
the
stations,
power
hydro-electric developments,
transmission lines, city and interurban railways, gas and chemical
plants, industrial plants, ware¬
and
McKeesport, for
$2,500.00.
The
amount
of
said check to be credited upon said bid if
accepted,
and to be returned forthwith if not
Coal Mine
banking business.
steam
Changing industrial conditions
make
more
efficient
supervision
essential than
ever.
Peabody management service
been of great benefit tc
many owners of coal mines.
has
delivery.
The
Board
of
School
right to reject any
or
W.
Directors
all bids.
reserves
the
Ours is a highly specialized
organization operating thirty-
T.
NORTON,
Secretary Board of School Directors.
Dated April 16, 1920.
six bituminous mines in eleven
THE
J.-G. WHITE ENGINEERING
$110,000
TOWN OF MILFORD
fields with
an
annual
capacity
of 18,000,000 tons.
CORPORATION
It is the result of
CONNECTICUT
thirty-seven
of experience in mining
and selling coal.
years
4^%*Coupon Bonds
Engineers
Constructor
Sealed proposals will be received bv the
Town
Treasurer, at the office of the Board of
Booklet
Selectmen,
Municipal Building, until 10 A. M. APRIL 28TH,
1920, for the purchase of the above-named
bonds,
amounting to $110,000.00 with interest at four
and one-half (4 YD per cent
per annum, bonds to
explaining this servics
will be mailed
on
request.
Buildings—Industrial Units
be dated April 1st, 1920, and
maturing as follows:
$10,000.00 each and every year beginning April
1st, 1921, and ending April 1st, 1931.
Bonds and
interest payable at the Milford Trust
Company,
Milford, Connecticut.
Right reserved to reject any and all bids.
Public Utilities
PEABODY
48 EXCHANGE PLACE
NEW
COAL
CO.
CHICAGO
Reports—V aluat ions—Estimates
YORK
For further information
MINING
address
SANFORD HAWKINS,
Town Treasurer.
H.
MT
ENGINEERS
CHANCE
&.
CO.
Bluing EnflnMri and Geologists
$45,000.00
Town of Harlem, Montana
Water
Viele, Blackwell & Back
Examined, Managed,
ENGINEERS
Bonds.
New York
City,
.DAY OF JUNE, A. D., 1920,
clock P. M
at the Council
Town.
Certified check for
o
Chamber in
$2,000.00
Bank guarantee,
bfc
A.
on
at
on
Hydroelectric
and
Bide.
GEO.
steam
said
Reports
National
49
—
Wall Street
B.
EDWARDS
11 Broadway. NEW
Transmission Systems
Industrial Plants
the
Appraised
PHILADCLPKU
INVESTMENTS
Power Plants
eight
BOE, Town Clerk.
Dmol
Designs and ConatnzotSoa
Notice is hereby given that the Council of
the
of Harlem,
Montana, -will sell at public
auctionwater bonds of the Town, for
$45,000,000
o%, *0 year, optional after ten
years, rnteres,
Town
FIRST
COAL AND MINERAL PROPERTIES
YORK. N.
Y.
FOR SALE—Timber, Coal, Iron, Ranch and
other properties.
Appraisals
New
Confidential
Negotiations.
Investigations.
Settlements and Purchases of Property.
York
United States.
West
Indie*
Canada.
APB. 24
1920.]
THE CHRONICLE
Cotton
Wrnst Companies
The
O. Corn
*fl.
Paul Schwar*
mat Schlerenberg
Frank A. Kimball
&
Co.
Street
New
MEMBERS
New
York
ENGLAND
Rhode Island
TRUST COMPANY
CAPITAL, Il.e00.000
Safe
Hospital Trust
Company
SURPLUS, $3.«0«.«M
Deposit Vaults
Authorised to &et as Executor, and to receive and hold
money or property In trust or on deposit from Courts of
Law or Equity, Executors,
COMMISSION MERCHANTS
it' William
NEW
BOSTON, MASS.
Schwarz
born,
XXXV
York
OP
DIRECTORS
Edward D. Pearoe
Also acta
Trustee under Mortgagee and as Transfer
Agent and Registrar of Stocks and Bonds.
Interest Allowed on
Deposits Subject to Check.
Exchange
New Orleans Cotton Exchange
New York Produce Exchange
New York Coffee Exchange
JAMES
Howard O. Sturgea
OOYTON
Iff
JOHN W.
FiciiK W. Matteson
Robert H. I. Goddard
lADELPHlA
HUEGLE.
Charles D. Owen, J»,
Alfred K. Potter
OFFICERS
Asst.
Herbert J. Wells, Chairman of <Ss Board
Thomas H. West, Jr., President
Horatio A. Hunt
Secretary
BOARD OF
Trust
DIRECTORS.
CORRESPONDENTS:
gtfltffttrt A Co., Alexandria. Egypt.
9m. fi. McFaOden A Bro.'s Agency. Lima, Pern.
Harry W. Simmons
Officer
Asst. Trust Officer
Hsnry B. Hagan
Vice I resident
Assistant Secretary
John H. Wells,
Augustus P. Lorlng.jp
G. Burton Hlbbert
George H. Capron
Vic* President
Ernest Lovering
Francis W. Fabyan
Frederick P. Fish
Roger Pierce
Assistant
Assistant
Gilbert A. Harrington
Asst. Trust Officer
Walworth Pierce
Charles H. W. Foster
Morris Gray
Secretary
Ralph W, Bowen
Assistant
James M. Pendergatt
Henry H. Proctor
Secretary
Ralph S. Richards
Secretary
Frank H. ©age
Trust Officer
Asst. Trust Officer
am
Henry L. Slader
George H. Davenport
CSSFadden A Co., Rotterdam.
feM&ete dTmporta&on et de Commission. Havre.
M«Padden A Oe.. 8. A. I., Milan,
Asst
Robert T. Downs
Gardner
David P. Kimball
Robert A. Leeson
J. D. Cameron Bradley
S. Parker Bremer
Fwdertc Zetegu A Co.. Liverpool.
H.
Vice President
George Wlgglesworth. Chairman
Arthur Adams
Ernest A. Harris
Vice President
Preston
BOYNTON.
Manager Sale Deposit Vaults
Egyptian and all
Foreign Cottons
FOREIGN
Henry F. Llppltt
Isaac B. Merrlman
GEORGE H.
NEW YORK
1 aportera of
Albert W. Dlmlck
Henry D. Sharpe
ARTHUR F. THOMAS. Asst. Trust Officer
BEWAIL E. SWALLOW, Asst. Tr. Offr
SO Broad St.
Thomas H. West, Jy,
Frederick A. Ballou
MERRILL, Asst. Treasurer
PILLStBURY, Asst. Treasurer.
LEO WM.
MERCHANTS
heatnut St.
f
RAYMOND
Horatio A. Hunt
Benjamin M. Jackson
B.
HOOPER, President
ADAMS, Vice-President
ROGER PIERCE. Vice-President
FREDERICK P. FISH, Vice-President
nedaFM & Bro.,
William C. Dart
James E. Sullivan
FREDERICK W. ALLEN, Treasurer
CHARLES E. NOTT, Secretary
OR BIN C. HART, Trust Officer
EDWARD B. LADD, Asst. Treasurer
Sea,. H.
Rqyal C. Taft
J. Arthur Atwood
Walter R. Callender
ARTHUR
,/%
Rowland Haxard
Stephen O. Met calf
OFFICERS.
Cotton
Frank H. Swan
Lyman B. Goff
as
William L. Hodgman
Herbert J. Wells
Administrators. Assignees,
Guardians. Trustees, Corporations and Individuals.
Secretary
Edwin M. Rlchardi
Providence, Rhede I eland
Sydney Harwood
Herbert M. Sears
Franklin W. Hobbe
Arthur R. Sharp
Henry L. Shattuok
James R. Hooper
Henry Hentz & Co.
It William Street
SO Congreus Street
NEW YORK
BOSTON, MASS.
AND
CentralTrust Company
OF
COMMISSION MERCHANTS
BROKERS
The United States Life
CHICAGO
Insurance Co.
Under National, State and
Clearing House Supervision
Mam burs of
Ifew York Stock
ILLINOIS
CITY OF
NEW
YORK.
Exchange
New York Cotton Exchange
New York Coffee A Sugar
Exchange
New York Produce Exchange
OMcage Board of Trade
Accounts at
banks
and
bankers received
Associate Members of
Efficiently
handle all
equipped
Over Forty-Five Million Dollars Paid to Policy¬
holders.
business pertain¬
complete service to
Hubbard Bros. & Co.
Non-Participating Policies only.
to
ing to banking, and otter
JOHN
P.
MUNN, M. D.t PRESIDENT
a
accounts
Good
territory
open
tor
high
class,
personal
of banks, corporations, firms
producers,
under
and Individuals.
EXCHANGE BUILDING
HANOVER
Organized 1850.
Correspondence invited
Liverpool Cotton Association
COFFEE
THE
IN
Company.
Address Home Office. 277 Broadway!
New
SQUARE
NEW YORK
contracts
with
the
York Olty.
Capital & Sur¬
plus $7,000,000
COTTON MERCHANTS
direct
Deposits,
$60,000,000
MfctrgJ
Advances Mads
Cottoa
oa
CHARTERED
1853
Coasignmoate.
Dnited States Trust Company of Mew York
GWATHMEY & CO.
20-24 EXCHANGE PLACE, NEW YORK
475
FIFTH
AVENUE.
NEW
45-47 WALL STREET
YORK
MEMBERS
Capital,
new york cotton exchange
whw york stock exchange
new york coffee exchange
new york produce exchange
ffiw orleans cotton exchange
-
•
It allows interest at current rates
Stephen M. Weld & Co.
FALL
PHILADELPHIA.
NEW
WILLIAM
M.
WELD
BEDFORD
CHARLES A.
TRUSTEES
New
CO.
A.
STEWART,
Chairman
WILLIAM ROCKEFELLER
FRANK LYMAN
JOHN J. PHELPS
of
EDWARD W. SHELDON
CHAUNOEY KEEP
LEWIS CASS LED YARD
ARTHUR OURTISS JAMES
WILLIAM M. KINGSLEY
Street, N. Y,
COTTON
Members
&
W. ROBBERT, 2nd Aaet. S*•>
EDWARDS, 2d Aeet. Secretary
ocCO.!
Building
Mllle
11 Broad
LYMAN J. GAGE
PAYNE WHITNEY
the
Board
CORNELIUS N. BLISS JB,
HENRY W. do FOREST
WILLIAM VINCENT ASTOX?
OGDEN MILLS
WILLIAM SLOANS
WILLIAM STEWART TOD
MERCHANTS
York Cotton Exchange.
STEINHAUSER & CO.
Successors to
WILLIAM RAY A
COTTON
f%- ft
L. F. DOMMERICH & CO.
CO.
BROKERS.
Exchange
for future delivery
II Cotton
New
York
contract* executed
on
York and Liverpool Cotton Exchangee,
FINANCE
ACCOUNTS
OF
MANUFACTURERS AND
MERCHANTS, DISCOUNT AND
icikins, Dwight & Co.
COTTON
COMMISSION
GUARANTEE
SALES
General Offices, 254 Fourth Avenue
and
COTTON-SEED
OIL
NEW YORK
MERCHANTS
Seen M. Cotton Exchange BwlldEne
■
rcv.z.
oa
WILFRED J. WORCESTER, Secretary
FREDERIC
LIVERPOOL.
MOORE
seouritles and other property, real
SHELDON. Prealdent
PELL, A»«t. Secretary
JOHN
ROBERT
W.
KINGSLEY, Vice-President
WILLIAMSON
UTIOA. N. Y.,
PROVIDENCE,
$14,512,007.58
•
personal, for estates, corporations and individuals.
EDWARD
Street) New York City
RIVER.
12,000,000*00
■
deposits.
on
It holds, manages and invests money,
COTTON MERCHANTS
BOSTON.
•
■
This Company aots as Executor, Administrator, Guardian, Trustee, OourS
Depositary and in other recognized trust capacities.
associate members
klverpool cotton association
82-92 Beaver
■
Surplus and Undivided Profits,
r
Established
over
80
Years
[VOL. 110.
THE CHRONICLE
XXXVI
ifftuittial
jflnandal
Jfittmti&l
we
NEW LOAN
$1,500,000
Port of Tacoma,
Washington
Central Bond & Mortgage
Bond*
General Obligation 5%
Co.
208 South La Salle St.
Debt
Bonded
Less
than
One
[ recommends'to consercative'investors
94,942,024
1 .oOO.OOO
and Three-
Quarters Per Cent of Assessed Valuation.
Maturing 1931-1955
^
^
Charcoal Iron Co. of
,%
the purchase of
jf butler brothers
American
w
~
Godchaux Sugars,
AMES, EMERICH & CO.,
Ill
Broadway, New York
MILWAUKEE
CHICAGO
common""
woolen
Inc., 7% Pref. Stooki
Pref. Stoek
Book value far in excess of market price
Chicago
packard
GERMAN
7% preferred
Earnings over 5 times dividend requirements.
$700,0C0
<
Paid 22% dividend in 1919
Boiger, Mosser & Willaman
19 South La Salle Street,
1
The Glidden Company 7%
'j9?CTS Has large undistributed surplus
Price, Par and Interest
Americans
General American Tank Car Equip.
General American Tank Car 7 % Pf. Sfck*
CHICAGO
$189,884,048
-
in
Chicago Junction RR. Co. Firgt 4s
Financial Statement
Actual value
Assessed valuation, 1919---—
Tola! bonded debt (this Issue only)
specialize
Alfred Decker & Coin 7 % Pref. Stock
Bnmswick-Balke-Coliender 7 % Pf.
Statistical
Free
Analysis Sent
Bonds and Marks
Request.
on
Our circular
on
application.
Stephens County, Texas
DIRECT OBLIGATION
5^% BONDS.
Due serially
Assessed
of
value
C. F. Childs &
to 1950
taxable
INVESTMENT BANKERS
U. S. Government Bonds
105 So. La Salle 8t.
CHICAGO
Population, estimated, 20,000.
Price—100
and
Accrued
Wollenberger & Co.
Company
Specialists
CAPITAL. $800,000
property,
I919-.
*
-.$18,202,010
Total bonded indebtedness
714,000
Bonded debt less than-4% of assessed valuation.
Interest.
NEW YORK
CHICAGO
ISO Broadway
tt8 So. La Sails St.
Mortgage Trust Company
202 North
SAINT LOUIS
Broadway
Caldwell & Company
$300,000 Casey-Hudson Company
8% Cumulative Serial Preferred Stock at
$100 per share and accrued dividends
Serial redemptions, 1923-1932
Business—General
business
in
Automatic
SOUTHERN
MUNICIPALS
Cumberland Tel. A Telep. Oo. 6s
Nashville Chattanooga ft St. Louis By.
Nashville ft Decatur By.
Nashville Railway ft Light Oo. Securities
Screw Machine Products, besides manufacturing
and marketing several Important articles In large
F.
H.
PRINCE
& CO
BANKERS
quantities.
Net Quick Assets—$147 per share of Pre¬
ferred Stock.
Net Tangible Assets—Over $200 per share of
Preferred Stock.
ST. LOUIS, MO.
NASHVILLE, TENN.,
NASHVILLE TRUST CO.
Special Circular
on
STOCK
Request.
George K. Taylor, Jr. & Co.
High Grade Investments
111 W. Monrce St.,
Chicago
141
&
Public
Utility
NORTH
TENNESSEE
.
.
Campion
MANAGEMENT
W. G. SOUDERS ft CO.
BROADWAY
NEW
Member* of New Yerk ft Bart#* Stoek Bzefcasae#
Bonds
THIRD AVE.
NASHVILLE
ENGINEERING
INVESTMENT!
Louis By.
ft
Corporation
HIGH-GRADE
DEPT.
BOND
Nashville Chattanooga ft St.
838
McCIellan &
ft
Nashville Railway ft Light Oo. Securities.
Nashville ft Decatur BB.
Municipal,
BOSTON, MASS,
817 Security Bldg.
814 Union Street
INVESTMENT SECURITIES
/
YORK CITY
Day & Zimmermann, lac.
ENGINEERS
808 South La'Salle Street,
CHICAGO
EMERY, PECK & ROCKWOOD
New York
Detroit
,
Grand Rapids
Milwaukee
INVESTMENT SECURITIES
Continental
ft
Commercial
Bank
Engineering, Construction, Report*
Building
Appraisals, Audits, Management
CHICAGO
Railway Exchange Building
MILWAUKEE
In connection with
P. W.
Chapman & Company
Industrial Properties
Publlo Utilities
OFFICE
HOME
CHRISTIAN & PARSONS CO.
Commercial
INVESTMENT
SECURITIES
118 South La Salle St.
Paper
63£Wil!iaai Street
CHICAGO
NEW YORK
Collateral Loans
811 Chestnut St.
Philadelphia
NEW YORK OFFICE
1 Wall Street
CHICAGO OFFIC1
Harris Trust BMa
Investment Securities
203 S. U SaQe St.
FIRST
NATIONAL
BANK
RICHMOND, VA.
Capital and Surplus,
-
M. Miller, Jr., President
M. Addison, Vice-President
C. R. Burnett, Vice-President
Alex. F. Ryland, Vice-President
S. P. Ryland, Vice-President
Ball, Jr., Cashier
Due January 1
Optional serially 1930 to
116 BROADWAY
,*1940.
Dealers In
1939.
Principal and semi-annual interest (January 1
July 1) payable at the Hanover National
Bank, New York City.
Denomination $1,000.
and
INVESTMENT SECURITIES
Members New York Stock Exchange
FINANCIAL STATEMENT
Real Value (estimated)
.
.
$60,000,000
Assessed Valuation
17,602,373
.
issue
.
.
.
.
.
.
.
Sinking Fund
.
.
.
.
Net
•T<
WANTED
.
.
.
.
Debt
.
1,029,880
66,827
963,053
Population 20,000
Offerings of registered legal railroad bonds
SEAS0NG00D, HAAS & MACDONALD
Members New York Stock Exchange
PRICE TO YIELD 5% % to optional date and
6%
New York
thereafter.
Elston &
Company
INVESTMENT SECURITIES
39
Established 1870
Total Bonded Debt, including this
Correspondence Invited
10,.Broadway
Dominick & Dominic!
6% County Road Bonds
Dated January 1, 1920.
John
M.
MUSSELSHELL COUNTY, MONTANA
$3,000,000.00
W.
Jas.
$300,000
Chicago, ID,
Salle St.
CHICAGO
S.
La
Municipal
t*Ara
Exempt from
Bonds
Federal Income Tame**"
Yielding from 4^% to 6%.
Send Jo* List
THE HANCHETT BOND CO.
Iacorporated 1918
39 South
La Salle Street
CHICAGO
@FedFRASER