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tnnu t-tesfj
TWO
SECTIONS—SECTION
ONB
Dttimetrial f
INCLUDING
WILLIAM B. DANA
COPYRIGHTED IN t'-20 BY
COMPANY, NEW YORK.
ENTERED AS 8ECONO-CLAS8 MATTER JUNE S3,
City Sections
State and
Bankers' Convention Section
Railway Earnings Section
Railway Sectio©
Electric
Railway & Industrial Section
Quotation Section
Bank &
NEW YORK, UNDERTHEACTOP MAROHS, 187*1
1879, AT TME POST OPPICE AT NEW YORK,
VOL 110.
Weekly
llU. LOdO.
t38FrentSt, N. Y.Cfty.
jftomttfal
Jf Uu.miai
Jftnancial
'
\
:.
1920.
YORK, APRIL 3
NEW
»iooo Per Ynt
OQCQ
MO
WHItam S.DansUj., PuWlshsfi,
Issued
HARVEY FISK & SONS
1122
CHARTERED
LOAN & TRUST
rHE FARMERS'
The LibertyNational Bank
of NewYork
32 Nassau St.
COMPANY
NEW YORK
-y
85,000,808.00
15,000,008.08
Undivided profits.?2,100,000.00
CAPITAL
SURPLUS
18,18, 20 and 22
William Street
41st Street
475 Fifth Avenue, at
'
UNITED STATES BONDS
YORK
NEW
;
f
BONDS
NEW YORK CITY
AND OTHER CHOICE
SECURITIES
OF
CARE
in Scandinavia
Special facilities
INVESTMENT SECURITIES
ESTATES
MANAGEMENT OF
Correspondents in all countries
Harris, Forbes &
BANKING
DOMESTIC AND FOREIGN
Corner
Stroot,
Pino
YORK
NEW
The New York Trust
EXCHANGE
FOREIGN
I. C.
ZriAuitln Friar«, LONDON,
Ino.
HARRIS, FORBES & CO.,
Company
LETTERS OF CREDIT
BOSTON
COMMERCIAL LETTERS
& SAVINGS
HARRIS TRUST
26 Broad Street
ACCEPTANCES
Co
Willlim
BANK
CHICAGO
for munlolend corporations end
Government, munici¬
pal, railroad and public utility
Act m fiscal agents
palltles
5th Avenue and 57th Street
deal
INVESTMENT
BONDS FOR
PARIS
LONDON
in
List en Application
Capital, Surplus and Undivided
Member Federal Reserve
and
York
New
System
Clearing
Cable Address
Profits,
SABA, NEW YORK
House
Established isaa
$14,000,000
Established 1874.
John L. Williams & Sons
Edward B.Smith
BANKERS
& Co
Established 1810,
Corner 8th and
Main Streets
RICHMOND, VA.
Baltimore Correspondents:
B. LANCASTER WILLIAMS
Member New York and
The
& CO., Inc.
Mechanics
Philadelphia
Exchanges
Slock
Metals
and
National Bank
NATIONAL BANK
GARFIELD
Fifth
Avenue
Corner Fifth Ave.
National Bank
of New York
The Chase
Surplus, $1,000,000
Capital
-
-
•
$6,000,000
■
of the Qty
BROADWAY
57
POOR, President.
Surplus and Profits
Vice-President.
PEDDIE, Vice-President.
HORACE F. POOR,
JOHN W.
New York
Philadelphia
Building
and 23rd St., New York.
Capital, \$ 1,000,000
BUEL WV
OF THE CITY OF NEW YOBKj
ARTHUR W. SNOW, 2d V.-Pres.&Cashiez
RALPH T. THORN, Asst. Cashier.
> ■
$271,009,000
Deposits, Dec.. 31,1919 •
.
'
$12,000,000
-
A. Barton
'
•
THE
I
Foreign Exchange
Department
Eugene V. R.
AMERICAN EXCHANGE
Department
of the Advisory Board
the Board of Directors
Thayer, President
Samuel H. Miller, V.-Pree.
Trust
$15,000,000
21,736,000
162,174,008
OFFICERS
Hepburn, Chairman
Albert H. Wlggln, Chairman of
\
'
Capital
•
•
■
•••'••
Surplus and Profits
....
Deposits (Feb. 28, 1920)
•
Edward R. Tinker, V.-Pres.
Gerhard M. Dahl, V.-Pres.
Reeve Schley, V.-Pres.
C. Andrews, Cashier
Carl J. Schmldlapp, V.-Pres .A if red
DIRECTORS
Bond Department
,
Henry W. Cannon
Edward R. Tinker
A. Barton Hepburn
NATIONAL BANK
Henry B.
Endlcott
Nichols
Albert H. Wlggln
|
Foreign Exchange
Resources over
James N.
Letters of Credit
A. LAW.
President
Welsh,
Andrew Fletcher
WE
RECEIVE
ACCOUNTS of Banks, Bankers,
Individuals on favorable terms,
Corporations, Firms or
and shall be
who
BONDS
pleased to meet or
contemplate
making
correspond with those
opening new
changes or
accounts.
„
Through
Its
Trust
Department, the
,
Bank offer*'
facilities as
OF RAILROAD,
ELECTRIC
COMPANIES
GAS AND
LIGHT AND POWER
109-111
Writ.
Thayer
Schmldlapp
Gerhard M. Dahl
William B. Thompson
BANK
CHARTER NO. 1
Carl J.
Jackllng
Schwab
Samuel H. Miller
Francis Ralston
PHILADELPHIA, PA.
Eugene V. R.
Hill
Daniel C.
Charles M.
$175,000,000
FIRST NATIONAL
Newcomb Carlton
Frederick H. Eoker
Guy E. Tripp
\
'
Edward T.
John J. Mitchell
NEW YORK
south fourth
philadelphia
street
Trustee
Trust,
Mortgages and Indentures o
under reorganization and other
under Corporate
Depositary
agreements, Custodian
for Corporations and
of securities and Fiscal
individuals, Executor
Agent
under
under Testamentary Trusts, Trua
tee under Life Trusts.
FOREIGN EXCHANGE
DEPARTMENT.
Wills and Trustee
II
THE
ivfotttmtnt $onit*
CHRONICLE
anti Stabler* of
[VOL. 110
yortfgn extbangt
I. P. MORGAN & CO.
Maitland, Coppell & Co.
Wail Street, Corner of Broad
52 WILLIAM STREET
NEW YORK
KIDDER, PEABODY & GO.
NEW YORK
(5EEXEL
&
CO.,
PHILADELPHIA
Corner of 5th and Chestnut Streets
MORGAN, GRENFELL&CO., LONDON
No. 22 Old Broad Street
Orders executed for all Investment
Securities.
Act as agents of
Corporations and negotiate ana
issue Loans.
V
BiUs of Exchange,
HAEJES
&
CO.,
FABIS
Tfee
National
14 Place Vendomo
Securities bought and sold
on
17 Wafl St
BOSTON
NEW YORK
Telegraphic Transfers,,
Letters of
Credit
on
I0BGAN,
115 Devonshire Sb
Provincial
&
Union
Bank
of
Commercial
Commission.
And its Branches.
Cable Transfers.
Agents for the Bank of Australasia.
sSflrcular Letters
for Travelers, available
parts of the world.
In
on
all
IBAVELEB3' LETTERS OF CREDIT
Available
throughout the United States
BARING BROTHERS & CO. LTD.
BROWN BROTHERS &CO.
NEW YORK
BostoP
LONDON
August
43
ALEX. BROWN & SONS, Baltimore
Investment
Belmont & Co.
EXCHANGE PLACE, NEW YORK.
Members
New
York
Stock
Securities
London and
Deposit
Exchange.
Agents and Correspondents of the
Messrs. ROTHSCHILD,
Foreign Exchange
ISSUE
Paris.
LETTERS OF|CREDIT
Accounts
Commercial
J. & W.
for Travelers
Draw bills of Exchange and make
Telegraphic
Transfers to EUROPE, Cuba, the other
Travelers' Credits
West
N!L54 Wall Street
Indies^and Mexico.
Execute orders for the purchase and sale
ef
NEW YORK
Bonds and Stocks.
&
CO.
Lawrence Turnure & Co.
LONDON
64-66 Wall
Street,
New York
T. Sufforn Taller
®rs«nriHe Kane
James G. Wallace
Investment securities bought and sold
mission.
on
com¬
Travelers'
out the United
credits, available through¬
States, Cuba, Puerto Rico, Mexico,
Central America and
Spain.
Make collections
in aiid issue drafts and
cable transfers on above
TAILER&CD
countries.
London
,
Bankers:
London
Joint City
&
Redmond &Co
Midland Bank, Limited.
Paris Bankers:
10 Pine Street, New York
Heine &
Co.
33
Investment Securities
HEfBELBACH, ICKELKEIMER
Winslow, Lanier & Co,
NEW
Received
Allowed
on
Bought
Subject
to
Deposits,
air!
Sold
N.
Y.
STOCK
EXCHANGE.
Arcada
Draft,
Interest
Securities
-
-
New York
Bldg.
Pittsburgh
'
New
Members
York
Stock
and
Pittsburgh
Exchanges
New York
Investment Securities
foreign Exchange, Letters of Credit
Foreign Exhange
Commercial^ Credit*1* issued in
Dollars, Pounds
Sterling, Francs, Guilders, Pesetas, etc.
Bonds for
London Agents,(Messrs.
Goschens & Cunliffe
investment
New
Produce
Keari, Taylor & Co.
Pittsburgh
BORG & CO.
Members of New
York Stock Exchange
No. 46 Cedar Street
-
3yJNew York
HIGH-GRADE
Exchange Bank
And Branches
Capital
SIMON
York
Broadway, Corner
BEAVER ST.
INVESTMENT SECURITIES
throughout Manhattan
....
$1,000,000
Surplus and Undivided Profits
1,361,626
Foreign
Transfers.
Exchange
bought and sold.
Cable
Commercial and Travelers' Letters
of
Credit available in
all
parts of the world.
ACCOUNTS INVITED.
John Munroe & Co.
!0SW YORK
BOSTON
Letters of Credit fa? Travelers
"mmercial Credits.
Foreign Exchange
Cabl© Transfers.
BOISSEVAIN & CO.
24
BROAD STREET, NEW
YORK
Members of the New York
Stock
Exchange.
feCO..
ALDRED & CO,
2
INVESTMENT SECURITIES
PIERSON & CO.
Paris
Amsterdam, Holland.
Wall
Street
New York
COMMERCIAL DEPARTMENT
FOREIGN EXCHANGE
MESSRS.
MONROE
>
Schulz & Ruckgaber
17 Pine Street
on
-
Investment Securities
Issue Commercial and
Travelers' Credits
*
available in all parts of the
vvorlddP
Coimvifston
New York
Union
St.
Execute orders for
purchase and sale of
Stocks and Bonds.
Foreign Exchange Bought and Sold.
STREET
YORK
BANKERS.
l$®0@iftf
& CO.
Pine
37 William Street.
MEMBERS
69 CEDAR
Seligman & Co<
Available in all parts of the world.
Credits
BROWN, SHIPLEY
Travellers
Letters of Credit
Mexico,
Foreign Exchange, Commercial Credits.
Philadelphia
and
England, Ltd., London,
Messrs. Mallet Freres &
Cie, Paris,
Banco Nacional de
Fiscal Agents for
PublL
?
Utility and HydrorElectrt«
Companies
APR. 3
m
THE CHRONICLE
1920.]
Intattment an& Jftnantlal Hotufe*
jwjaag
vosaMwwmmami*
Goldman, Sachs & Co.
Lee, Higginson & Co.
€0 Wall Street
Montgomery Street
PHILADELPHIA
NEW
Stock Exchanges
Securities
and
bought
sold
commission
on
Foreign Exchange
London, E. C.
Commercial
**tm
■
mm k
—
Travelers'
&
in
available
.
YORK STOCK EXCHANGE
Commercial Paper
80, Lombard St.
mm mhh
MEMBERS
Members of New York and Chicago
Chicago
m mmmtm
421 Chestnut Street
SAN FRANCISCO
Higginson & Co.
3— — m
BOSTON
CHICAGO
14
INVESTMENT SECURITIES
60 Congress Street
137 So. La Salie Street
Boston
New York
>
YORK
NEW
Investment Bankers
Millett, Roe&hagen
all
parts
NEW YORK
52 WILLIAM ST.
Credit
Letters of
of| the world
'
Hornblower & Weeks
42 BROADWAY,
NEW YORK
RAILWAY
BONDS
EQUIPMENT
Investment Securities
MEMBERS
Mam
YORK, BOSTON AND
NEW
CHICAGO STOCK
EVANS, STILLMAN & CO.
EXCHANGES
Ojjlcmi National City Bank BuQdinf
Uptown Office t Fifth Avenue and 43rd St
Correspondent Offices in 50 Cities•
Member! New York Stock
markets
Direct wires to all principal
60
NEW
BROADWAY
YORK
Chicago
Boston
Robinson & Co..,
Portland
Providence
Statroit
Underwriters & Distributors
Established 1888
Industrial
foreign
Bonds
Public
Investment Securities
28 Exchange
New Yon#
Place
Members New York Stock
Exchange
Counselman & Go.
bonds
Investment Bankers
sellinglconsiderablyl belowftheirjnormal
valueldue to thelunprecedented fall hi
Exchanges.
point to
Stocks
Preferred
$
U. S. Government Bonds
Utility Securities
Equipment Trust Certificates
government
are
Exchange
Present
Foreign
ADAMS ST., CHICAGO
W.
112
however,
indications,
advancing tendency and a return
an
t° normal would yield
Write for our
unusual profits.
suggestions andjCircular F
B.
I. M. TAYLOR & CO.
Cm-
Bonbright & Company
Incorporated
Incorporated
25 Nassau Street
Bond & Goodwin
65
BROADWAY,
INVESTMENTS
Telephone 4600 Bowling Green
7 Wall Street
-
r
.
Frazier &> Gh
Broad
PARIS
William P. Bonbright &
Boston
Bonbright & ©c>,
Co.
Cleveland
Philadelphia
& Sansom Streets
DETROIT
LONDON
New York
.
BOSTON
CHICAGO
YORK
NEW
New York
PHILADELPHIA
Pittsburgh
PHILADELPHIA
New
Baltimore
York
Pittsburgh
Washington
Distributors
Underwriters
1SEC U P1T1ES
Wilkes- Barre
Lebanon
SALES CO.
Howe, Snow,
Corrigan & Bertles
HALSEY, STUART &
CO.
Incorporated—Successors to
HALSEY &. CO.
N. W.
RAPIDS,>
DETROIT
MINNEAPOLIS
MILWAUKEE
YORK
BOSTON
ST. LOUIS
Government,
Municipal, Railroad
Bonds,
and Public Utility
Fiscal Agents for
ATLANTA
H. F.
BACHMAN & CO.
BIRMINGHAM
JACKSONVILLE
CHARLOTTE
Established 1866
BANKERS
INVESTMENT
Cities and Corporations.
1425 Walnut
Y. and Phila. Stock
Exchanges
61
St.,
Broadway
NEW
PHILADELPHIA
T.
Preferred Stocks
K1W ORLEANS
Members N.
H.
MICH.
,
CHICAGO
PHILADELPHIA
CHICAGO
NEW
GRAND
Bonds
Short Term Notes
Bankers
Investment
YORK
HARPER
SALLE STREET
CHICAGO
BANKERS
STOCK EXCHANGE
WALNUT STREET
U SOUTH LA
d
BUILDING
ABOVE BROAD
PHILADELPHIA
Members
INVESTMENT
& TURNER
INVESTMENT
bonds
GOVERNMENT BONDS
FOR
HOLTZ & CO.
investment
RAILROAD AND FOREIGN
Philadelphia Stock Exchange
Colgate, Parker & Co.
49 Wall
Street,
New
York.
it
THE CHRONICLE
Jftoandal
[Vol. 110.
JfimtuM
^financial
WTTnance
ESTABROOK
Electric Power and Light Enter¬
prises with records of established
& CO.
Members New York and Boston
Stock Exchanges
earnings.
INVESTMENT
WE OFFER
CHASE
&
COMPANY
SECURITIES
BONDS
Bankers
and
Investment
Dealers
15 State
Proven Power and Light Securities
Street,
BOSTON
-
24 Broad Street,
NEW YORK
19 CONGRESS ST.
Correspondence Solicited
BALT:MORE
BOSTON
SPRINGFIELD
PROVIDENCE
ELECTRIC BONO & SHARE CO.
(Paid-Up Capital and Surplus $23,500,000)
71 BROADWAY,
NEW YORK
E. S. EMERSON
MUNICIPAL AND
E. HOWARD GEORGE & CO- he.
& CO.
RAILROAD
Investment Bankers
BONDS
Investment
For Conservative Investment
R. L.
35
Day & Co.
tl State Street
Securities!
$0 STATE<ST.
BOSTONJ
Government and
Congress St., Boston
New York
BOSTON, MASS.
Municipal Bonds
Correspondents
REMICK, HODGES & CO.
Richardson, Hill
Co.
WilliiElliPJSPMk
BstabtUM 187t
Government
PARKINSON & BURR
Investment Securities
(her
14
Members of the New York and
Boston Stock Exchanges
Bangor
1 Wall Street
Wall
St.
St Coagmi St.
and
Municipal Bonds
Quarter Century in tfiit butinm
a
Street, New York
Lauis
Cincinnati
Ohlcage
BOSTON
New
Orleans
Portltni
53 State Street
NEW YORK
BOSTON
Momha_,
M era her*;
Boaton Stock Exchange
New y«rk Stock Exchange
Arthur Lipper & Company
Naw Street and Exchanga Plaae
NEW YORK
Cochrane,Harper&Co.
Investment
DEALERS IN
W. F. Ladd & Co.
INVESTMENT SECURITIES
Securities
SECURITIES BOUGHT AND
SOLD
10 State St.,
111
BOSTON
Broadway
COMMISSION
Members
NEW YORK
.
ON
Branch Offices
H. Y. Stock Exohangs
Investment
Waldorf-Astoria Hotel, ■.*
IV. Y. Cotton Exchaiigt
8 East 43d Street, H. T.
rr.YXXrflee A Bagar Exoh.
Securities
Saratoga Springs, Zf. Y.
Philadelphia Stock Exoh.
Chicago Board of Trade
Atlantlo Oity, If. J.
West End. If. J.
Long Beach, If. Y,
BONDS
New York
Elaker, Ayling & Young
George Pick & Company
BOSTON
PHILADELPHIA
Investment Securities
ESTABLISHED 1865
f2
West Adams
Street
Co
6 Nassau
lONIG
BROTHERS
&
CO.
,
Chicago
Deal in
Underlying Railroad Bonds
16 Exchange Place, NEW YORK
.
St., N. Y.
MEMBERS NEW YORK STOCK EXCHANGE
/
and
'*
'
Tax-exempt Guaranteed & Preferred
Commercial
and
Travellers'
No.
Letters of Credit
New
*
G il
C.
^
I. HUDSON & CO.
Railroad & Telegraph Co. Stocks
66
England
Industrial Securities
Yielding 6^%
to
8%
'
and
KLDEBlANDSCHE HANDEL-MAATSCHAPPV
New
York,
and
Miscellaneous Securities
in all Markets
..
ROTTERDAM
YORK
TELEPHONE RECTOT
J. MURRAY WALKER
Devonshire Street
NEW
Philadelphia
Chicago Stock F.xahangae
'
P0NIG BROTHERS, LONDON
BROADWAY,
Members
Boston
PRIVATE
WIRES
TO
*r
PRINCIPAL OITIB
APR. 3
▼
CHRONICLE
THE
1920.]
t
Catmbimi
Canadian
Government
and
BANK OF MONTREAL
(Established 181T)
Municipal
CAPITAL
Bonds
paid
up
We invite corre«oondence
$20,000,000
-
-
-
-
-
$545,304,809
>
and
SIR
VINCENT
HEAD OFFICE, TORONTO
PAID
SIB,ON,ON
President, Sir Edmund Walker. C.V.O.. LL.D.. DXUb
New York Office, 18
C.
B. Y. HEBDEN
W. T. OLIVER
Agents
W. A. BOG
Incorporated
and
9
Waterloo
Place,
Pall Mall, S.
E
W.
SECURITIES
HEAD
Paid Up
& Corporation
Bank
of
England,
The
Bank
of
Scotland,
Lloyd's
Vendome
OFFICE, TORONTO
Capital
Reserve Fund & Undivided Profits
Total
Assets
$6,000,000
7,739,000
143,000,000
request
em
B. 9.
Bank,
Limited
The Dominion Bank
Government, Munlolpal
List*
Lombard Street.
The
Paris, Bank of Montreal (France)
17Plaee
of every
business
BANKERSZIN GREAT BRITAIN
C
G. C. CASSELS, Manager.
CANADIAN
Exchange
OFFICE—2
LONDON
Offices, 47 Threadnesdle St.,
of Credit Israel
world.
Travelers* Cheques and Letters
description transacted with Canada.
In any part of the world.
London
[Agents.
available In all parts of the
Banking
Foreign Exchange bought and sold.
Commercial credits Issued available
Montreal
)
STEPHENSON,]
J.
made at all points.
Francisco—British-American Bank
ownod and controlled by Bank of Montreal)
San
York
F. Jontw
Exchange Plaee
Buy and Sell Sterling and Continental Isehanga and Cable Transfers.
Collections
Chicago Branch, 27-29 South La Salle St.
Spokane, Wash.
Mexico City
Wood, Gundy & Co.
H. V.
F. B. FRANCIS,
C. L. FOSTER,
64 WALL STREET
circular
ALrd.
General Manager, Sir John
Assistant General Manager,
NEW YORK AGENCY
6% to 63/4%
Toronto
Ill,000,ON
CAPITAL
UP
MEREDITH, Bart., President
Sir Frederick Williams-Taylor,
General Manager.
•
14 Wall Streets New
BANK
CANADIAN
OF COMMERCE
REST
Head Office—Montreal
yield from
Writ* for deaoriptiw
THE
20,000,000
regard¬
ing Canadian Government
to
-
REST
TOTAL ASSETS
Municipal Bonds
.
THE BANK OF NOVA SCOTIA
(Incorporated 1832)
19,708,001
CAPITAL
PAID-UP
RESERVE
FUND
AND
UNDIVIDED PROFITS OVER.__ 18,088,001
Clarence A. Bogert,
Sir Edmund Oler,
General Manager.
President
220,000,001
TOTAL ASSETS OVER
Head Office, Halifax, N. S.
A. E. AMES & CO.
London
1
Montroal
Toronto
Agency,
51 Broadway
C. S. Howard, Agent
YORK
Tl Broadway. NEW
York
New
Branch, 73 Cornhill
Jones,. Manager
L.
S.
General Manager's Office,
Newfoundland,
Cuba, Jamaica, Porto Rico, and In Boston, Chi¬
cago and New York.
Commercial and Travelers!
Credits issued/ available In all parts of the world.
Bills
CANADIAN
AND FOREIGN
BOUGHT AND
EXCHANGE
SOLD
TRAVELERS'
AisTD
LETTERS
cial, Municipal and Corporation
Canada
on
West Indian
York Agency,
GREENSHIELDS & CO.
THE
Canadian
Members Montreal Stock Exchange
Dealers in Canadian Bond Issues
Government, Municipal
and
ISSUES
ALL
ROYAL BANK OF CANADA
Establishsd 1869
Montreal
St. John Street,
Corporation Bonds
Reserve Funds.......
Total
Assets.
S}7,000,00
18,000,001
538,000,f"
.Montreal
SIBJHERBERT 8. HOLT, President
E. L. PEASE, Vice-Pres. & Man. Directs!
Quoted
Sold
Capital Paid Up
Head Office
Canadian War Loans
Bought
Wall Street.
52
CorrespondCity * Midland
n Great Britain
(Royal £ank '0f Scotland.
Bonds
Bought—Sold—Quoted
17
O. E. NEILL, General
Donrnio/i Securities
THOMSON
NESBITT,
& COMPANY,
LIMITED
St. James Street
Mercantile Trust Bidg.
1404 C. P. R. Bldg.
.
.
222
CORPORATION- LIMITED
Montreal
Hamilton
.
TOROMTO.
>VOf1TREAH.LOMDOM.Elrta
Toronto
.
Canadian Car & Foundry 6s, 1939
Rio
Principal
.
In
New
York
Issues
Dealt
Daly 8
A.
In
Co.
CANADIAN
TRUAX, HIGGINS CO.
Montreal, Can.
Lewis Bldg.
GOVERNMENT, MUNICIPAL
Budding
INVESTMENT SECURITIES
Offerings on Request
i
W. GRAHAM BROWNE & CO.
Correspondence Invited
Street
McDonagh, Somers & Co.
MONTREAL
R. G Matthews & Co.
Oosrespondenee Solletted
Thornton Davidson & Co.
Members Montreal Stock Exchange
New
Qaatro-Septembrs.
CANADIAN
Beak of Toronto
TORONTO, ONT.
Private
,
AND CORPORATION BONDS
Canadian Securities
222 Sb Janet
_
SPAIN—Barcelona, Plaza de Cataluna, 8.
LONDON OFFICE—Princes Street, BJ. O. I.
NEW YORK AGENCY—68 William St.
F. T. WALKER, J. A. BEATSON. B. B.
McINERNEY and J. D. LEAVITT, Agents.
FRENCH AUXILIARY: The Royal Baak sf
Canada (France). PARIS, 28 Rue da
^
.
and Canada
v
Canadian
All
Payable
Interest
and
NKW-I
BHUO
REPUBLIC, HAITI, COSTA
RICA
and
VENEZUELA,
BRITISH
vbf
FRENCH WEST INDIES, BRITISH HON¬
DURAS and BRITISH GUIANA.
DOMINICAN
URUGUAY—Montevideo.
5s, 1935
de Janeiro Tramway
Manager
630 Branches thoughout CANADA and
FOUNDLAND,
In CUBA,
PORTO
ARGENTINE—Buenos Aires.
BRAZIL—Rio de Janeiro,
1941
Montreal Tramway 5s,
points favorably
H* F. Patterson, Agent.
COMMERCIAL
OF CREDIT
or
negotiated or collected by our branches In the
United States.
Correspondence invited.
New
Provin¬
Government,
Canadian
Toronto, Ont.
300 branches throughout Canada,
CANADIAN BONDS
Dominion
s
DOMINION OF CANADA
Guaranteeing Grand Trunk Pacific
Wires
3% BONDS
York, Toronto, Quebec, &c.
420-1 >2 & 426 Transportation
Bank Building
TORONTO, CANADA
Building
Due Jan.
C. P. R. Bid,.
TORONTO
AT 51 AND
AMERICAN FUNDS
MONTREAL, CANADA
CANADIAN BONDS
1, 1962
INTEREST
Yielding
6.42%
.
Canadian Municipal Bondi
Principal and Interest
Payable In New York
Principal and Interest payable at fixe*
Par
sf
Exchange
(14.86
to i)
ia
New York, Montreal and London, Eng.
Bought—Sold—Quoted
Thornton Davidson & Co. Ltd.
Transportation Bldg.
Montreal
81 St. Peter St.
Ottawa
FINCKE, BANGERT & CO.
Quebec
88
Sparks St.
/Emilius Jarvis & Co.
Investment Bankers
Franklin Bank Bldg., Philadelphia
BOSTON
NEW TORI
Jarvis Bldg.
198 Bay St.
Toronto, Can.
TI
THE
(VOL. 110.
CHRONICLE
jforeign
Australia and
New
Zealand
LIMITED
LIMITED
BANK
with which has been amalgamated the Londeu
wales
(88—.1)
(BSTASLISBSD 1817.)
Capita)
256,000.000
Aggregate Ac set* 80th Sept. 1919«-8335,181,247
RUSSELL FRENCH.
General Manager.
in
Capital
Paid-up
the world
1,855,000,000
AUTHORIZED CAPITAL
£20,000,008
ISSUED
£14,210,818
CAPITAL
RESERVE FUND
EVERY DESCRIPTION OF BANKING
OVERSEAS BRANCH:
BUSINESS TRANSACTED
85 ft 66, Old Broad St., London, E.C. I.
..Incorporated 1820
FOREIGN
Total Capital and Reserve*
BRANCH
Address
OFFICES:
The Foreign Manager,
168, Fenchurch Street,
London, E. C., England
15, Tyrrel Street, Bradford.
SHIPPING BRANCH
£10,070,000
OFFICE:
85 ft 66, Old Broad St., London, E. C. 2.
LONDON COUNTY
Branches in VICTORIA. 39 in
nw SOUTH WALES, 19 In QUEENSLAND,
14 in SOUTH AUSTRALIA, 21 in WESTERN
TASMANIA
;
8, Dale Street, Liverpool.
the Bank ha* 41
and 44„ln NEW
ESTABLISHED IN 1828
Foreign Banking Buainess of
Head Office; 71 CORNHILL, LONDON. B. C.
Manager—W. J. Easame.
Chairman:
Every Description Undertaken
Btr Mentagu Turner.
Authorised
Commercial Banking Company
Sydney
8,720,899
Current,
.£2.009.291
.......
....
Undivided
[
India
P. J. Barthorpe. J. O. Robertson. W. H. Inskit
Straits
China
£2,040.001
Joint General Managers:
500,000
Branches in:
Proprfetors./iri,600,001
HEAD OFFICE: 41, LOTHBURT, E.C. I.
310,000,000
Profits
2,040.001
-
Foreign Branch Office: 82, Cornhill, B.C. 8.
Java
Settlements
BELGIAN BRANCHES:
Drafts payable an demand, and Letters ai
Credit are Issued by the London Branch en tilt
Head OfTloe. Branches and Agencies of the BanS
in Australia and elsewhere.
Bills on Australaals
Philippine Islands
Santo Domingo
London
San Francisco
negotiated
Lyons
or
collected.
Japan
Remittances cabled.
Sydney.
New
South
Panama
.
ANTWERP:
BRUSSELS:
Blrchln
Lane,
Lombard
SPANISH BRANCHES:
Pases de Gracia. 8 *
If
Gran Via 8
MADRID: Avenlda del Oende de Penalver. 21*22
BILBAO:
Banco Espaaol del Rio de La Plata
Street. B. C.
The Mercantile Bank of India Ltd.
Head
Capital Authorized
Capital Paid Up
and
HEAD OFFICE. BUENOS
Capital & Reserves
York
legal 148f215,755=£12,939,47fc
Spanish and
European banking business conducted.
AFFILIATED IN IRELAND:
ULSTER BANK LIMITED
All cheque* en the Ulster Bank will be eelleeted
for Customers of this Bank, tree ef Cemmleaden,
77k* Bant is represented bp Branches or Agents in all
Edlundh, 64 Wall Street
NATIONAL BANK OF INDIA limited
The Union Discount Co.
UNDERTAKEN
Telegraphic Address, Utiisoo, London.
Capital Authorized ft Subscribed 210,000,000
Capital Paid Up.
5,000,000
Reserve Fund
£1.850.000
Reserve Fund
conducts every description ef
banking
and exchange business.
RATES
Co.
on
At Call
BANKERS
GUATEMALA,
HEREBY
as
GIVEN
allowed
that
for
the
money
follows:
)
Per Cent.
Days'
Company
up.
Notice. 4*4
dlsoount*
PARIS.
Meant* le Baron de NEUFLIZB
Charles de OEBJAT
le Comte Adrian de GBBMINY
George* HEINE
Par Cant.
approved
bank
Arsene HENRY
le Baron HOTTINGUEB
Raoul MALLET
and
mercantile
"Clermont':
or
QENERAL COMMITTEE (Paris ft London)
acceptances,' receives money on de¬
posit at rates advertised from time to time, and
grants loans on approved negotiable seonrltles.
-Central America
Oable Artrep,:
4
Capital; £10,000,000
Frs. 250.000.000 half paid
STERLING.
INTEREST
are
At 3 to T
Tho
IS
OF
deposit
Imperial Ottoman Bank
5,000,000
85=«=>£1
NOTIOE
&
World
82 CORNHILL.
£2,000,000
£1.500,000
Clermont
Principal Cities and Towns of the United King¬
dom and has Correspondents throughout the
EXECUTOR AND TRUSTEE DUTIES
Subscribed Capital
Paid-up Capital
9hc Bank
the
of London, Limited
Bankers to the Government In Britlse Bast
Africa and Uganda.
Head Offices6. Bishopsgate,
London. E. C.
Sranches in India, Burma, Ceylon.
British East
Africa. Uganda and at Aden and
Zanzibar.
,,k
AFFILIATED IN FRANCE'
London County ft Westminster Bank (Paris). Ltd.
PARIS:
22. Place Vendemt
LYONS:
37. Rue de la Bepubllqut
BORDEAUX:
22 ft 24. Cours de ITntendanet
MARSEILLES:
29 Rue Cannebiere
NANTES:
6. Rue LafayetU
All classes of Argentina.
£75«,<H)S
Agency, B. A.
m
Subscribed. ..£1.see.eet
Baaarra Liability of Shareholdara
£75f.eoe
Ceeerve Fund and Undivided Profits...
£785.794
Branches In India, Burma. Ceylon, Straits Bettleatnts, Federated Malay States, China, and Mauritius.
2*w
AIRES
London Office. 7 Penchurch St., E. C. t
Office
15 Gracechurch Street, London
41. Place de Mais
114 and 116. Rue Beyale
BARCELONA:
Wales
London OfTloe:
18.
£804,547,718
NEW YORK CITY
Capital and Surplus
8,008,718
(31st Dec., 1919.)
Deposit and other Ae-
counts
55 WALL STREET
Incorporated in New South Wales.
Office.
........
Reserve
lotsroatioBal Banking Corporation
LIMITED
Capital........—.... <22,000,081
Paid-up Capital......
Established 1834.
Haad
B. Hugh Tennanl. let
Bt. Hon. R. McKenna, Chairman.
THE
Reserve Fund—
Walter Leaf. Esq.
Dejmtp-Chairmen:
Assistant Manager—W. A. Lalng
Paid-up Capital—
WESTMINSTER
AND PARR'S BANK LIMITED
OKI ALAND.
Reserve Liability of
£295,059,111
8, Threadneedle Street, London, E.C. 2.
Oapkal—
Authorised and Issued
........£7,100,000
Paid-up Capital £2,200.0001
Toleeerve
Fund—£2,670,000 J get her £8,070.000
(•serve Liability of Proprietors....£2,000,000
of
£7,008,80%
—...
DEPOSITS
THE UNION BANK OF AUSTRALIA Limited
AUSTRALIA. 8 in
1,400 branches in England and Wales
over
Agents in all banking towns throughout
HEAD OFFICE:
29, THREADNEEDLE
STREET, E.C. 2
Istabllshed 1837
and
42,086,000
Deposits
London Office
SYDNEY
HEAD OFFICE:
54, Lombard St., London, E. C., Eng.
the
Papua
(New Guinea), and London.
The Bank transact*
•very description of Australian Banking Business.
Wool and other Produce Credits arranged.
I
QfiORGE STREET
42,086,000
Reserve Fund
K.B.E..
240
BRANCHES
and
AGENCIES
Australian
States. New Zealand,
Fiji,
Head Office
178,368;000
Provincial ft South Western Bank, Ltd.
$226,000,000
16.000,000
—
Liability of Proprletora— 20,000,000
Sir JOHN
Authorized Capital
Subscribed Capital
J10.000.00t
Pund
•servo
leserve
BARCLAYS BANK
LONDON JOINT CITY & MIDLAND
bank of
new south
-
Albert MIRABAUD
Pyrame NAVILLB
Felix VEBNES
CHRISTOPHER R. NUGENT, Manager.
LONDON
English Scottish and Australian Bank, Ltd
Head Office: 38
Lombard St., London, E. C.
Subscrtbed Capita1
£1,078.875
0
Paid-up Capital
539.437 10
Further Liability of Proprietors.
539,437 10
BeeerveFund
550.000
0
...
*?ade
I
8
8
H CORNHILL
i
Managti
Discount
/
LONDON, E. C.
Subscribed Capital
4,238,825
Reserve Fund
2,500,000
BANKING CORPORATION
PaM np Capital (Hong Kong
Currency)
Reserve Fund/In
_
Tt
Gold—115,000,0001
wiUn Silver..£21,000,000/
Reserve Liabilities »f
Proprietors
815.000,000
836,000,000
15.000 000
O^NT DKAJnrS, ISSUE LETTERS OF CREDIT,
NEGOTIATE OR COLLECT BILLS
PAYABLE IN
ffimArab™™'8,
WADE OAKD'NEB,
BTOArrs SET-
Arm. M
WlO
St.
4% per
annum
Deposit
are
at call.
4)4 % at 7 and 14 days notice.
Approved Bank & Mercantile Bills discounted.
on deposit at rates
advertised
time to time; ana for fixed
periods upon
specially agreed terms.
Loans granted on ap¬
proved negotiable securities.
Money received
from
PHILIP HAROLD
LAWRENCE!
Lord ORANMORE and BROWNE'
Sir W. LAWRENCE YOUNG. Bart.
FRANCE.
PARIS. 7,
rue
Meyerbeer (IXo)
MARSEILLES, 28.
rue
St. Ferreol
ENGLAND.
NOTICE Is hereby given that the
RATES OF
INTEREST allowed for
money on
as follows:
HEWETT, O.C.8.I.
Lord HILLINGDON
Hon. HERBERT A.
321,166,625
Paid-up Capital
(35= £1 STERLING.)
Hong Kong & Shanghai
Sir John P.
'
Cable Address—Natdis London.
Telegraphic Transfer,
M. J ANION
National
Company, Limited
I
Bills Negotiated or forwarded tor
Collection,
Banking and Exchange business of every da*
•criptlon transacted with Australia.
*
The
8
Mean*, the Ear! ofBE88BOROUGH.C.V.O.;0 E.
E. W.H.BARRY
Viscount GOSCHEN
WADE, Manager.
LONDON, 28, Throgmorton Street B. CJL
MANCHESTER. 16 Pall Mall.
NEAR-EAST.
CONSTANTINOPLE
-
PERA
•
Agencies In EGYPT, GREECE.
STAMBODk
PALESTISB
MESOPOTAMIA. SYRIA. CYPRUS,
and in different parts of tha
Ottoman Empire.
BrancheaintheNoar East
GENERAL BANKING BUSINESS
APR. 3
VTl
CHRONICLE
THE
1920.]
Jforeign
Jforeign
Jfortfgn
Basildon House, Moorgate
EGYPT
of
St.
London, E. C.
Banque Nationale de Credit
Capital
Established
Public Utility
63,000,000
frs.
Surplus
and
frs.1,700,000,000
Deposits
Hydro-Electric Companies
Reserve
PARIS
6
270 Branohes in France
129 BROADWAY.
£1,663,278
Fund
LONDON AGENCY
YORK AGENTS
SPERLING & CO., INC.,
£3,000,000
Capital, fully paid
Office:
Head
Lav
Egyptian
under
June, 1898, with the exolusive right tf
issue Notes payable at sight to bearef
frs. 300,000,000
.
Office—Cairo*,
Head
FISCAL AGENTS FOR
NEW
BANK
NATIONAL
SPERLING & CO.
WILLIAM ST.,
KING
AND 7
LONDON, E. C., 4, ENGLAND.
Rhenish Provinces
4 Branohes In the
THE
BANCA COMMERCIAL ITALIANA
BANKING BUSINESS
GENERAL
Office MILAN
Head
Paid-up Capital
UNION BANK OF EN6LAND
l81.S00.00t
Reserve Fund*
NATIONAL PROVINCIAL AND
811.t40.000
IN
AQENCY
NEW
Limited.
YORK.
(88=£L)
BROADWAY
lt«
8181.070.008
SUBSCRIBED CAPITAL
Asadon Office, 1 OLD BROAD
STREET. B. C.
Union De
Manager: E. Console.
Vast
Italian State Railways. 12 Waterlee Place.
Suisses
Banques
End Agency and Londan Office ef tbi
PAID-UP CAPITAL
-
337.814,009
RESERVE FUND
-
631.869.166
Formerly Bank In Winterthur est. 1862
Head Office:
Toggen burger Bank est. 1863
Regent St.. 8. W.
15, BISHOPSGATE, LONDON,
orraspondent* to the Italian Treasury.
Italy, at all the
04 Branohes in
-
Capital, fully paid
Reserves
"
•
•
-
Frs. 60,000,000
-
with
numerous
and Wales
15,000,000
ENGLAND
Office* in
England
;
prlnolpal points in the Kingdom
"Representatives In New York and Agents
(a
Basle, Geneva,
l'Amerlque du Sud.
Buenos
Ayres.
and
19
HEAD OFFICE.
LONDON. E. C.
BANKERS
other Branches.
Foreign Exchange.
Specialists for
Travelers' Letters of Credit, &c.
850.000,000
Subscribed Capital
881.250.000
Paid-up Capital & Reserve Fund 818,812,500
Total
Resources
8306,120,415
Capital
Branches
850
Over
.........
and Agencies throughout
South Africa.
MACINTYRE. Agent
Wall St.. New York
W. H.
88
Also
Wales
representing The Bank of New South
with branches throughout Australasia.
LEU
BANK,
and CO.'S
LIMITED
ZURICH, (Switzerland)
Founded 1755
■TEB7 DESCRIPTION of
Ellis of Exehange
FOREIGN EXCHANGE BUSINESS
The NATIONAL BANK
of SOUTH AFRICA, Ltd.
Over 400 Branches In
BANKING BUSI¬
TRANSACTED.
Africa
Reserves
-
•
BANKVEREENIGING
and bankers Its superfsr
Apartado (P. O. Box) No.
Tama u 11 pa*.
468. Tampico
Mexico
American Bankers* Association
Members ef the
banking facility.
Payments and
Drafts sold oa all parts of
United States, London, Hong
Kong. Paris, Barcelona and Madrid.
Offers every
collections made and
and
The Hague
of trade and com¬
between this country
merce
and Africa.
New York Agency
10 Wall
R. E. SAUNDERS, Agent.
CAPITAL FULLY
St.
the
COLLECTIONS
Royal Bank of Scotland
Incorporated by Royal Charter. 1727.
£2,000,000
Paid-up Capital.—
Undivided Profits......
Rest and
£1,082,276
Head Office
*
Cashier and
Edinburgh
General Manager: A. K. Wright.
St. Andrew Square,
London Office
...
8 Blshopsgate, E.C. I
Wallace.
Manager: Wm.
••••••
170 Branches
Established 1856
STOCKS AND SHARES
DANK OF BRITISH WEST AFRICA, LTD.
85= £1
Exchange Square
Authorized Capital ..............810,000.006
Subscribed Capital
7,250,006
Capital (Paid Up)
2,900.000
Surplus and Undivided Profits
1.296.066
Branches throughout Egypt, Morocco,
West Africa and the Canary Islands. >
Head Office, 17 8c 18 Leadenhall St., London, E. G.
Manchester Office,
106-108 Portland Street
Liverpool Office, 25 Water Street
B. R. APPLEBY, Agent, 0 WaU Street, New Yor>.
Throughout Scotland.
Every Description
Foreign
Capital paidjip.-frs. 100,000,000
Reserve Funds
frs.
30,000,000
PURCHASE AND SALE OF
Deposits......................... £35,548,823
Agent: A. Dennistoun.
SUISSE
F.25,000,001
FOREIGN EXCHANGE
Glasgow Office
CREDIT
PAID.F.75,000,000
RESERVE FUND..
LETTERS OF CREDIT
Telegraphlo Transfers Effected.
PETROLEUM BANKING & TRUST GO. S. A
Amsterdam
Rotterdam
Offers to American banks
Negotiated and Collected.
Booking and Travel Department.
"Riggenbank."
Correspondent—Barclays Bank, Ltd.
$20,000,000 00
■
Letters of Credit Issued.
Drafts and
Mexico
Cable Address
London
ROTTERDAMSCHE
Paid-UpTCapItal and
facilities for the extension
Frs. 81,600,MO
Capital Paid up andl
Reserve Fund
/
NESS
ZURICH
Bills Collected.
Documentary Credits.
STANDARD BANK OF SOUTH AFRICA, Ltd
Authorized
RIGGENBACH & CO.
Lausanne
San Paolo.
Rio do Janeiro.
&c.
Socleta Commercial*
d'Orient*, Tripoli.
Santos.
St. Gall,
Winterthur,
Zurich,
Italy" of the Banque Francalee et Itallenne
Soar
of British, Colonial and
Banking Business
Transacted.
Correspondence Invited,
Ionian
Bank, Limited
Incorporated by Royal Charter.
every
banking facility for transaction
with Greece, where It has been established fos
80
years,
and has Branches throughout the
Offers
Country.
Also
at
Cairo, Ac.,
Basildon House,
Alexandria,
Head Office:
MO°rl[ate
goNDQN.
in
Egypt.
E. C. »■
HEAD OFFICE
Zurich, Switzerland
Arnold
Gilissen & Co.
THE COMMERCIAL
80-81
Frauenfeld,
Geneva, Glaris, Kreuzlingen, Lugano,
Lucerne, Neuchatel, St. Gall.
Branches at Basle, Berne,
Damrak
250,000 "A" shares of
600,000 "B" shares of
BUSINESS
1871
BANKERS' AMDJSTOCKBROKER?
Foreign Exchange
Documentary
Business, Letters of Credit
£20 each £5 paid...£1,250,00
£1 each fully pald-.f 500,000
£1,750,000
THE HAOUS
Reserve- .—£1,000,000
<
FOR El GfTEX CHANGE
.yj
Deposits
£36,071,1 si
4LEX. BOBB, Gen. Mgr. MAGNUS IRVINE, See.
London Office—62 Lombard Street, E. O. 3.
Glasgow
BANKING
.£5,500,0*
Paid up—
Achilles-Amsterdam
ROTTERDAM
Established
GENERAL
1810
Office—EDINBURGH
Capital (Subscribed)—
AMSTERDAM
Cable Address:
BANK OF SCOTLAND, Ltd
Established
Head
Offiee—113 Buchanan Street.
Drafts, Circular Notes and Letters of Credit Issued
and every description of British, Colonial ana totem»
Banking and Exchange business transacted
New York
Agents—American Exchange Nat
Bank
1
Till
THE
CHRONICLE
[VOL. 110.
IBsttfur* arid JBrofetrs onWfot ileto gorit
ST.
LOUIS
CHICAGO
CHICAGO
TILDEN & TILDEN
Incorporated
Dodge & Ross,
A. G. Edwards & Sons
INVESTMENT BONDS
(INCORPORATED)
INVESTMENT BANKERS
108 SO. LA SALLE STREET
Members
/
New York Stock Exchange
St.
Lento
Stock Exchange
ill Olive St.
Bonds and Preferred Stocks
IS WaH St
IT. LOUIS
CHICAGO
Specializing in
SCOTT & STITT
of
NEW YORE
Public
Service
and
Industrial
INVESTMENT SECURITIES
111. W. Monroe St.
Corporations
MUNICIPAL
111 West Monroe
CORPORATION
BONDS
CHICAGO
Street,
CHICAGO
INDUSTRIAL
me
PREFERRED STOCKS
GREENEBAUMSONS
TIMBER BONDS
based always upon
AND TRUST COMPANY
GENERAL
Pima
County, Arizona
Due
Serially 1925 to
Total Bonded Debt (incl. this
BANKING
Surplus,
FIRST
Estates.
Oldest
$2,000,000
Legality approved
by Hon. C. B. Wood,
of Wood & Oakley, Chicago, III.
BOND
332 so, Michigan Av
Trustees
Banking House
and
Chicago
Individuals
In Chicago.
CINCINNATI
A State Bank
Weoffer
A. O.
Slaughter & Co.
WILKES COUNTY, N. C.
5 M%
Ill WEST MONROE STREET
ROAD BONDS
CHICAGO, ILL.
Yield
,
MORTGAGE BONDS
Population—38,765
to
underlyingassetf
,
2,525,515
...
Prices
of
Write for Bond Circular C 25.
$64,545,232
issue)
and
suitable for
1944
Valuation, 1919
Capital
6% CHICAGO
5K% Road Bonds
Assessed
expert verification
Southeast Corner La Salle and Madison Sts,
$100,000
5.25%
Full obligation.
need valuation (1-3 Real)
/New York Stock Exchange
[New York Cotton Exchange
Bonded
(New Yerk Coffee
DEPARTMENT
laablH
Exchange
JNew Yark Produce Exchange
(Chicago
Stock Exchange
1 Chicago Board of Trade
Mississippi Valley Trust Co.
[Mian. Chamber of Coeamerce
[St. Louie Merchant*' Exchaage
^Winnipeg Grain Exchange
ST. LOUIS
___$7,281,405
682.009
86.009
Price very attractive.
Debt
Population
The Provident
Savings
Bank & Trust Co.
CINCINNATI, OHIO
Radon,
Smith
French & Co.
Charles W. Metri
ROBERTS
William H. Burg
(New
SMITH, MOORE & CO.
INVESTMENT SECURITIES
CINCINNATI
LOUIS, MO.
INVESTMENT SECURITIES
New
York Stock
Exchange
Members St. Louie Stock
Exchange
300
N.
/
ST.
ST.
LOUIS
39
South
Now
York
ROAD
100
,
Philadelphia
St.
Investment Bankers
Established 1891
.
LOUIS
NEW YORK
TAYLOR, EWART & GO.
CHICAGO
Municipal, Railroad
Union Trust Bids..
Ohio Securities—Municipal Bonds
New York Stocks and Bonds
John W. & D. S. Green
116 South Fifth St.,
Louisville, Ky.
Dealers in all high-grade
securities.
Continuously in Brokerage business
Public
DEALERS IN
INVESTMENT SECURITIES
IRWIN, BALLMANN A CO.
I1HSMH Walnut St.
Munleloal and
LOUISVILLE. KY.
and
Utility Bonds
INVESTMENT SECURITIES
SAWYER
CINCINNATI. OHIO
INVESTMENT BANKERS
JOHNSTON & COMPANY
CINCINNATI
CHANNER &
CHICAGO
105 South La Salle Street
since
Interest
INVESTMENT SECURITIES
108 South La Sail* St.
LOUISVILLB
Paul Jones Bldg.
and
Louie
CHAS. S. KIDDER & CO.
& CO.
ST.
5% BONDS
Weil, Roth & Co.
SECURITIES
Investment Securities
509 OLIVE
Greenwood County, S. C.
Salle Street
LOUIS
14embers St. Louis Stock
Exchange
STIX
La
Chicago
Broadway
OBSV
Powell, Garard & Co.
HARK C. STEINBERG & CO.
Members
HALL
Stock Exchaage
[Cincinnati Stock Exchaage
Investment Bonds
ST.
York
Members {Chicago Board of Trade
111 Wast Monroe Street
CHICAGO
509 OLIVE ST.
A
Investment Securities
CINCINNATI. OHIO
bUNDb
Corporation
SHAPKER, WALLER & CO
K84 SOUTH
LA
1
nnunc
SALLE STR
EDGAR
FRI EDLANDEB
DEALER
IN
Cincinnati Securities
CINCINNATI
CHICAGO
O
H| I C
SPRINGFIELD. ILL.
1868.
Both telephones 55.
John Bomhain & Co.
HennlngChambers
& Co.
Rldgely-Farmers Bank BldgM
Convertible
Note
teeuea, Bonde, Bank Shares,
Member New York Stock
Exchange
Street, LOUISVILLE'
High Grade Investment Se¬
curities,
INVESTMENTS
04 West Main
Matheny, Dixon, Cole & Co.
KY.
Unlisted Securities.
41
SPRINOFIELD, ILLINOIS.
Illinois Municipal Bondi
South La Salle St.
CHICAGO
and
First
Mortgage Farm Loam.
APR. 3 1920.]
THE
IX
CHRONICLE
IBanftets attb J®rofetr« ©utsltie ^tttn goift
PITTSBURGH
MICHIGAN
LYON, SINGER A CO
SSooti*, g>toan & (Cbtoartaf Co.
INVESTMENT BANKERS
Members Detroit Stock Exchange
Saraonwraltb Bids.,
PITTSBURGH
Members of Detroit Stock
Exchange
Charles A. Parcel Is & Co.
Inquiries
Solicited In AH
Carried
Securities of Pittsburgh District
Pennsylvania Municipal Bonds
MICHIQAN
•10
Markets.
Sto else
Conservative Margins.
on
INVESTMENT SECURITIES
DETROIT, MICH.
Congress Bldg.
PENOBSCOT
BUILDING. DETROIT, MICH.
Marine Equipment Bonds
Geo. W. Eberhardt A Co.
OLIVER BUILDINa
A. J.
/MICHIGAN SECURITIES
Member* Pittsburgh Stock Exchange
Specialize InfMichigan Stocks and Bonds
E. MASTEN A CO.
York Stock Exchange
Boston Stock Exchange
323 Fourth Ave.,
1054-56-88 Penobscot Bldg.,
.
and
«
All
Pittsburgh, Pa.
1613,
Dime
Burdick-Thomas
Building
Bank
DETROIT
156-262
MICHIGAN
L. J. DAWES & CO., INC.
MATTERS
FINANCIAL
Arcade
MICHIGAN
KAY & CO.
Specialist in
michigan issues
,
INVESTMENT
Grlewold
Pittsburgh, Pa.
BANKERS
Penobscot Bldg.
BANKER
82
Inc.,
FINN
MATTHEW
Union
Penobscot Bldg.,
DETROIT
Municipal and Corporation Bonds
to
Company
Members Detroit Stock Exchange
Telephone Cadillac 5050
Boyle A Company, Inc.
Successors
Michigan Securities
Investment Securities
Suite
Exchange
Branch Office:
National Bank of West Virginia Bulldlns
Wheeling, W. Va
F. N.
DETROIT
Motor Stocks
GORDON, FORTIER & CO.
Pittsburgh Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
York Cotton
DETROIT
PENOBSCOT BUILDING,
Active Members of Detroit Stock Exchange
Trade
of
Members New
New
Preferred Stocks
1
BOUGHT—SOLD—QUOTED
Memben New York Stock Exchange
A.
WHITTLESEY, McLEAN & CO.
Municipal Bonds Corporation Bonds
and Provisions
Board
Company
(Established 20 Years)
Stocks, Bonds, Grain
Member* Chicago
Hood A
PITTSBURQH
DETROIT, MICH.
Members Detroit Stock Exchange
Street,
DETROIT, MICH.
Pittsburgh
Securities
Specialty
m
W.
YORK
CHICAGO
INVESTMENT BANKERS
Motor Stocks, Public Utilities &
Oils
UNION TRUST BLDG.
STOCK EXCHANGE
BOARD
OF
TRADE
1893
Members Detroit Stock Exchange
STOCK EXCHANGE
PITTSBURGH
.
GEORGE M. WEST & COMPAN*
PITTSBURGH, PA.
Members
NEW
HAMLIN & CO.
Established
CHILDS, KAY & WOODS
Union Arcado
A.
1010 Penobscot
Carson Dick & Company WATLING,
DETROIT, MICH.
Members Detroit Stock Exchange.
DETROIT. MICH
Bldg.,
& COMPANY A. We Wallace & Company
LERCHEN
Michigan Municipal Bo icig
INVESTMENT BANKERS
INVESTMENT BONDS
Local
SS0-S28
UNION ARCADE BUILDING
Corporation Bonds and Stocks
Members Detroit Stock Exchange
DETROIT, MICK
Penobscot Bldg.
Tel, Cherry 2800
PITTSBURQH, PA.
BINNCAPOLfiS
GRAND RAPIDS
DETROIT
DANSARD-HULL-BUMPUS COMPANY Allen G. Thurman AC©.
Bankers and Brokers
INVESTMENT SECURITIES
JUSTUS F. LOWE COMPANY
Listed
47 Congress St.,
McKnlght Building
Stocks and
Bond*
West
Ground
MINNEAPOLIS
Unlisted
and
DETROIT
Michigan
Floor.
GRAND RAPIDS,
MICH.
Muskegs
Saginaw
Flint
Specializing In
Blag.
Trust
Members Detroit Stock Exchange
IdlNNESOTACORPORATION ISSUES
WB WILL BUY
Minnesota & Ontario Pow. Ist6»
Powell
River
Company
let
8a
£ed River Lumber Extended!8«
inneapolla St.'Ry. Co. 1st
f ELLS-DICKEY COMPANY, MicaeapsBt
FENTON, CORRIGAN & BOYLE
F. C. ANGER & CO.
Investment Bankers
Investments
Ohicags
Grand Rapids
Detroit
MONTGOMERY
B. W.
SOUTHERN
Strassburger
INVESTMENT
1252-54 Penobscot Building,
Underwrite and distribute entire Issues
of Industrial and Publlo
DETROIT, MICH.
Utility seourltlea
Detroit is the market for
KEANE,
SECURITIES
HIGBIE
&
CO.
DETROIT MOTOR STOCKS
Reo
Paige
•
Ford
MUNICIPAL BONDS
Continental & Packard
Montgomery. Ala
DETROIT
IT CR1SWOLD ST.
BUFFALO
JOEL STOCKARD & CO.
Member8
JOHN
T.
STEELE
BUFFALO, N. Y.
C.
^
Members Detroit Stock Exchange
801-2 Dime Bk# Bldg.
Buffalo and Western New York Securities
Detroit
Member Detroit Stock
VAN EMBURGH A ATTERBURY. New York
CLEMENT.
CURTIS
8c
CO..
Chicago
408 Gr. Rap. Sav. Bldg*
Grand Rapid.
NEWARK,
THOMSON A McKINNON
Motor Stocks,
M0 PanobMOt
N. J.
T. LESSER
Public Utilities & Oils
Big. National Union Bank Bl(,
List upon request
BUFFALO, N. Y.
FIREMEN'S INSURANCE
Harris, small & lawson
INVESTMENT SECURITIES
F. M. CHADBOURNE &CO.
478 Ellicott Square
JACKSON, MICH.
CONSERVATIVE
INVESTMENT SECURITIES
STOCKS AND BONDS
Exchange
Correspondents
<
DETROIT, MICH.
IRVING
Stock Exchange
WEBB, LEE A CO.
Correspondents
Government, Municipal
and Corporation Bonds
SPECIALISTS IN
1
Detroit
DETROIT, MICH,
A CO.
M. DEAKIN
BUILDING,
NEWARK, N. J.
44 CONGRESS ST., W.
DETROIT
CHRONICLE
THE
[VOL. 110.
JBanbtti anb JSrobtra ©utaibe fltto gork
PACIFIC
COAST
Howard Throckmorton
CALIFORNIA
OENVEg
Securities
Pacific Coast
SECURITIES
Boettcher, Porter
BONDS
'Government
Bonds
COAST
PACIFIC
&
at
MUNICIPALITIES AMD
Company
Municipal
CORPORATIONS
.Corporation
INVESTMENT SECURITIES
having
San Francisco
Alaska Commercial
and
substantial
earning
assets
power
Building
DENVER
Quotations
and
Information
Paotflo
Coast
on
Saourttlac
Bttabllahed
SUTRO
Furnished
LOS
1H68
SAN
ANOELES
FRANCISCO
PASADENA
WESTERN
CO.
&
Ban
PTanclace
*m<!
M.
Bond
BROWN
DEALERS
Steck
Specialty
GREGG, WHITEHEAD & ;CO|
Kxchenee
A CO.
Blankenborn-Hunter-Duliii
Investment
Company,
IN
Bankers
DENVER
Municipal and Corporation
PORTLAND,
OWE.
MUNICIPAL
BONDS
CORPORATION
100 Sansorae Street. Corner California
SAN
a
Membori
410 Montgomery St.
F.
SECURITIES
Sugar Stocks
INVESTMENT BROKERS
San Francisco
COLORADO
WILLIAM R. STAATS CO.
AND
DISTRICT
FRANCISCO. CALIFORNIA
BONDS
MORRIS BROTHERS,* Inc.
THE
PREMIER
MUNICIPAL
BOND
CAPITAL ONE MILLION
Government
California
Securities
LOS
ANGELES
SAN
FRANCISCO
PASADENA
SAN DIEGO
MorrU Building
No. t, Central
Aronson and
Company
Los*Angeles,
& Corporation
Local
The Gandl i ng-Jones Company
A
DRAKE, RILEY & THOMAS
•
SEATTLE,
WASH.
COMPANY
INVESTMENT BONDS
BONDS
tsfAUUSrltD
Quarter Century
PORTLAND, OREGON
Building
Wa specialize in California
Municipal
Municipalj^Bonds
over a
-
HALL
California
CLEVELAND
and
Established
HOUSE
DOLLARS
LKWIS
and
Paoifts
BUILDING
Coast
PORTLAND,
Van Nuys Building
|
Securities
OREttCR
LOS ANGELES
DULUTH, MINN.
STOCKS-BONDS-NOTES
BANGOR BUILDING,
CLEVELAND
Private Wires Coast
Correspondent* Logan
A. H.
OTIS
& COMPANY
Sit Superior Avenue, N. E.
Offices:
Railroad, Municipal and
Woollacott & Co.
Members of New York, Cleveland.
Chicago.
Detroit and Columbus Stock Exchangee.
New York Cotton
Exchange.
Chicago Board of Trade.
I
LOS ANGELES
Duluth, Minnesota
INDIANAPOLIS
TORRANCE, MARSHALL & CO.
Ohio Securities
SOLD
Fletcher American Company
California Securities
QUOTED
LOS ANGELES
INDIANAPOLIS
CALIFORNIA
fORTHINGTON, BELLOWS & CO.
Afsmtorg J New
i
York Stock Exchange
A.
[Cleveland Stock Exchange
Guardian
Building
E.
LEWIS
A,
CLEVELAND
Bonds
Acceptances
Corporation
8«curltr Bids.
Capital
Write
CO.
Bunlcipal, Public Utility, Railroad and
BONDS of tho PACIFIC COAST
Stocks
Corporation Bonds
W. M. Prindie & Company
I28-16S I. W. Hellman Building
Detroit,
Cincinnati,
Co umbuc,
Akron,
Youngstown,
Omaha,
Denver, Colorado Springs.
BOUGHT
Bryan
Stocks, Bonds, Grain, Cotton
CLEVELAND
Branch
Coast
to
an
MINNESOTA SECURITIES
us
-
for bids
Indianapolis
or,
$1,500,000
or
offerings
on any
Indiana Seoorlty.
Statistical Information FarnUhsd
Lo, Ansel.., Cel.
SHORT TERM NOTES
RITTER COMMERCIAL TRUST
U nincorporated
CALIFORNIA
CLEVELAND
BUFFALO
lOf Euclid Ave.
Niagara Life Bldg.
CLEVELAND SECURITIES
Akron
Rubber Stock,
Roland T.
MUNICIPALS
Title Insurance Building.
LOS ANGELES
American
San
Nat'l Bank Bldg.,
Francisco.
MAX I. KOSHLAND
BREED, ELLIOTT & HARRISON
INDIANAPOLIS
f&asisanatfi
Detroit
Chicago
ElUvatebs*
Investment Securities
Municipal Bonds
Traction, Gas and Electric
Lighting Bonds and Stocks
Pacific Coast Securities
Meacham
Member Cleveland Stock Exchange
Guardian
R. K. MOULTON & COMPANY
Ian
Member
Franeiaoa Stock and
The Union Trust
Bond Exchange
BOND
Mill. Building
Building, Cleveland
Company
DEPARTMENT
INDIANAPOLIS
SAN FRANCISCO
CHAPMAN DE WOLFE CO.
Hunter Glover &
Company
Indianapolis Bank Stocks
Local Public Utility Bonds
Indiana Municipal Bonds
Bought and Sold
S61-S6S Montgomery
Investment
Bonds and
Short Term Notes
SAN
Stocks
i
Street,
FRANCISCO, CALIF.
Stocks
Information
and
nd Bonds
Quotations
on
all
NEWTON TODD
Paclfls
Coast Securities.
CLEVELAND
Members San Francisco Stock & Bond
Local Securities and
Indiana
Exchange
415 Lemcke
Corporation
Bldg.,
Bonds
St
Stocks
INDIANAPOLIS
APR. 8 1920.]
THE
CHRONICLE
XI
JSanfeer* anb JBrokerS Ghitafbe Jfreto ©orb
ALABAMA
MARX
PHILADELPHIA
&. COMPANY
BONDS
BANKERS
BIRMINGHAM,
Southern
-
PHILADELPHIA
STOCKS
SHORT-TERM NOTES
-
4JS CHESTNUT ST.
Parsly Bros. & Co.
and
Municipal
US BROAD WAT
PHILADELPHIA
ALA.
•
Graham. Parsons & Co.
NEW
YORK
Investment Securities
BANKERS
Corporation Bonds
CHESTNUT
1411
STREET
Deal in and Purchase
PHILADELPHIA
CHATTANOOGA
leaueS of
Members Philadelphia Stock Exchange
MUNICIPAL BONDS.
LEWIS BURKE & CO.
BONDS, NOTES AND PREFERRED STOCKS
of
Established 1865.
LOCAL
AND
SOUTHERN
RAILROADS,
of
BANKERS
BaHdint
AND
INDUSTRIAL CORPORATIONS
Bioren:<&
SECURITIES
UTILITIES
ESTABLISHED VALUE
CHATTANOOGA
410 Chestnut St.
Philadelphia
Cable Address "Graco,"
Philadelphia
Gowrnment,
HOUSTON
Municipal, Railroad and
Public Utility Securities.
SHERWOOD & KING
Members Neve York and Philadelphia
Slovk
Specialists in Texas Securities
Hunihle Oil & Refining Co.
Higgins Oil & Fuel Co.
HOUSTON. TEXAS
marRseo.
JOSEPH
(American Bankers Assn.
Texas
Bankers
Exchanges.
BANKERS
W. GROSS
Assn.
321
Houston Cotton Exchange
Chestnut
Established 1837
MACON
1421
CONTINENTAL
Southern
St., Philadelphia
Hydro-Electric Securities
C0MPAN1
TRUST
CHESTNUT
STREET
PHILADELPHIA
PA.
Members New York and Philadelphia
Municipal Bonds
Stock
AUGUSTA
Exchanges
AND
Guaranteed Stocks
WANTED.
$25,000 00 Georgia RR. & Banking Co. 4s, 1947
GEORGIA
I1ACON
$16,000 00 State of Georgia
1945
100 shares Georgia RR. & Banking
f.
ftpANTANBURG,
m-Cowjiii&Co
Co. stock
C.
Members Philadelphia Stock Exchange
JOHN W. DICKEY
A. M. LAW & CO.,
DEALERS
Inc.
INVESTMENT BANKERS
AUGUSTA, GA.
Land Title Building
IN
PHILADELPHIA
Stocks and Bonds
Textiles
Southern
a
New York Telephone Rector
Specialty
SPARTANBURQ. S.
Augusta, Ga.
C.
Frederick Peirce
SECURITIES
SOUTHERN
COTTON MILL STOCKS
VA.
NORFOLK.
BONDS
Q
Cfc KsO.
FOR
MOTTU
& CO.
Established
5849
WM. E. BUSH & CO.
1421 Chestnut Street,
MILWAUKEE
INVEST
WENT
Philadelphia
1891
NEW
BORFOLK, VA.
SO
YORK,
EDGAR, RiCKER & CO.
Broadway
$800,000.00
Bast Water and Mason Streets
MILWAU
INVESTMENTS
City of Bayonne, N. J., Water 53^s;
E. WIS.
1,1920.
Due April 1, 1926
Price 102.05 & Int.
returnin«15.10%
Dated April
Specialising!
WISCONSIN CORPORATION ISSUES
TOLEDO
M. M. FREEMAN & CO.
Chestnut Street
Philadelphia
Telephone. Lombard 710
421
TUCKER, ROB I SON & CO
Successors fca
KANSAS
David Robloon Jr. 8c Sons,
Second Ward Securities Co.
Bankers—Established 1876.
Kultliial, Railroad ami Corporation Bonds
Toledo and
Gardner
Ohio
MILWAUKEE
Securities
OHIO
TOLEDO.
Building.
W. C.
Second Ward Savings Bank Bldg.
105 S.
La
Salle
CITY
Sylvester Inv. Co.
Investment Bonds
St.
Kansas City
Securities
CHICAGO
Kanaaa City. Ma
128 Baltimore
Graves, Blanchet & Thornburgh
|
Specialists in
Wisconsin
MUNICIPAL BONDS
-r
GARDNER
STREET & COMPANY
Municipals
and
,/
'
unlelpal & Corporate
High Grade Investments
BUILDING
Bonds
Local Securltiss
TOLEDO, OHIO
Missouri
Kanaaa City
COLUMBUS
SAINT
PAUL
;
—
Specializing) in
F. E.
CLAUDE MEEKER
MAG RAW
MUNICIPAL AND
Investment
Securities
B O N
i
Specialist in Cities Service Issues
CORPORATION
D£S
fl
East
Broad
Broadway,
Foreign Govt. Securities
Oammorcial Paper
Letal Securities ef the Twin
9
CHAS.
Cities
COLUMBUS, O.
St.,
NEW
YORK
CITY
aioM
Building
Russian Govt. Bonds
and Currency
ST. PAUL. BIBB.
F. HALL
Tel. 5810 Rector. 20
4 CO.
Braad St.. N. Y.
[Vot. 110.
CHRONICLE
THE
XII
financial
Siva.total
We Own and Offer:
Subject to Prior Sale:
$100,000
Are
Board of Education of
5
you
profiting
opportunities?
Clovis, New Mexico
LOOHCSBUILDING BONDS >
%2y
1920
Opt.
January 1, 1940
Due
January 1, 1950
1
-
t
AiMiitd valuation, 1919
Total bonded debt
Company's
$8,700,000
111,000
Cumulative
Population (estimated)
8,600
Price: 103.70 and interest yielding 5.20%
Full Circular on Request.
Bos worth,
8% Preferred Stock
at the present
Yields
Chanute & Company
Earnings
now
Investment Bonds
increasing
exceed
twice
Unusually
Ask
H. Mountague
}Jew York
-
HLM
■
€
dre«
Incorporated
30
State St.
Chicago
^Boston
IO>VeybossetSt.
<prcvidence
iflerinKS.
current
Manhattan Co.
•v;-¥
Features
Broadway,Wewtlork,
108S.La Salle St.
GUARANTEED STOCKS
VMM KCTMI14V—CABLE MORI 1 "0RIERTMCNT**
List
.
Strong
Byllesbjr & Ca
i-r.
111
s
dividend
for Booklet CC-11
49 Wall St.
Tel. Han. 6670
Corporation Bonds
Broad Street
steadily,
the
Vickers
bonds
20
price
10%
requirements.
DENVER
nonicipal railroad/Sr
present
Standard Gas & Electric
Dated January 1,
,
by
UTICA
Rights
Great American Insur. Co.
Merchants Nat. Bank
Liberty Bonds
Central New York Securities
Bonds of German Cities
M, DILLON
NEW YORK, N. Y.
Bowling Green
FRANK J,
11 Broadway
,
_
Tel. 6460
Argentine Government 5s
French Govt. 4s & 5s
Consolidated Water let 8a
Consolidated Water 2d 5c
Italian
Utiea Gas & Electric Ref. 6s
We
Specialize in
Utiea Electric Light & Power let fa
Utiea Steam St Mohawk Val. Cot. Conk
PEERLESS TRUCK & MOTOR
Watertown Lt. & Power Co. 1st 6a
INVESTMENT BANKERS
III Geneaee Street
$100 and $500 Bonds (all kinds)
Registered Bonds
6s, 1925
Railroad Bonds
WARE & LELAND
Mtkawk ¥ alley Investment Corp.
Government 5s
Japanese Govt. 4s & 4^s
Members New York Stock Exchange
Tel. Bowl. Green 10090
Broadway, N. Y.
Utiea, New York
Hartshorne & Battelle
Tel. Broad 7740
25 Broad St.
Coast
East
Fisheries
Common & Preferred
Canadian
l^odd Shipyard
BALTIMORE
Explosives Preferred
Bought—-Sold—Quoted
KIELY & HORTGN
W. W. Lanahan & Co.
40 Wall
Phone John 6330
St., N. Y.
ALFRED F. INGOLD&CO.
74 Broadway, N. Y.
Investment Securities
^
Municipal Bonds
New jersey
(New Yerk Stock" Exchange.
Members
Descriptive List
on
SUauest
Building,
Baltimore
J.S. RIPPEL& COMPANY
NEWARK. H. J.
11 CLINTON STREET
Telephone St. Paul 5776
located
In
Pennsylvania
and West Virginia.
1. toaster Williams & Co., las. F.
N.
BALTIMORE
....
h.
to
J.
Dawes
&
'■
_
Buy and Sell
QtA^lro
).■ '
Inc.
Company,
POND
FINANCIAL
MATTERS
COMPANY
Successors to
Pittsburgh, Pa.
Union Arcade
.
We
NEW ENGLAND MILL
Boyle& Company, Inc.
successors
Equitable Building*
West Penn Power deb. 6s
COAL AND COKE
Securities
INVESTMENT SECURITIES
Amer. Wat. Wks. & Elec. 5s, 1934
Penna. Tank Line 6s
West Penn Traction 5s, 1960
We Specialize in
Entire Issu4t of Securities Negotiated
Glover & macGregor
969 Fourth Ave., PITTSBURGH, PA.
(Baltimore Stock Exchange.
Calvert
Rector 3991
_
CONRAD B. SHEVLIN OO.
.
"
-
••
,
,•
-
t-
..
:■
■
■
■
,
.
Ill Devonshire Street
BOSTON, MASS.
Telephone Ft. Hill 846-847
MARYLAND
Mexican
Eagle Oil
Havana Tobacco 5s
>
Twin Falls Salmon River L. & W. 6s
PROCTER & GAMBLE CO.
INDIAN REFINING CO.
fjcraeirfc WLnXkzv St 3ous
Member
$
New Yort Stock Exchange
New York
61 Broadway
Twin Falls
Oakley Land & Water 6s
North Denver Irrigation 6s
Rutland
Railroad Pfd.
Empire Lumber 6s
Westheimer & Company
Members of the
New
York
Stock
Exchange
'
Cincinnati Stock Exchange
Chicago
Board
of
Trade
Baltimore Stock Exchange
Bitter Root
WE WISH TO BUY HIGHGRADE
PENNSYLVANIA
TAX-FREE
SECURITIES.
United Lead Deb. 5s
Irrigation 6s I
Cleveland & Erie Ry. 1st
5s
Member* Philadelphia Stock Exchange.
CINCINNATI, OHIO
Stock Exchange Building,
BALTIMORE, MD.
Direct Private Telephone to BerdeH Bree.i N. Y.
Sen Sen Chiclet 6s
Emmett
Henry D. Boenning & Co.
Valley 6s
Milling 6s
Hecker-Jones-Jewell
PHILADELPHIA.
FRANK P. WARD
89 Pine Street
New Yerk
APB. 3
1920.]
the chronicle
XIII
Current JBonb Jnqsdde*.
Detroit & Flint 5s, 1921
Burroughs Adding Mach. Stock
Detroit United 7s, 1923
Amer. Water Works & El. 5s, '34
Bucyrus Co.
Anglo Amer. Oil Tfas, 1925
Detroit Edison 5s, 1933
Detroit Edison Co. Stock
Cin. Rich. & Ft. Wayne 7s, 1921
Grand Trunk Pacific 3s, 1962
Ford Motor of Canada
Kan. C. Lt. & Pr. 5s & 2d 6s, 1944
Des Moines & Cent. Ia. El. 6s,
'37
Paige-Detroit Com. & Pfd.
Miss. River.
Goodrich, B. F. & Co., 7s, 1925
Jones &
Goodyear Tire & Rub. Com.& Pf.
Michigan United Ry. 5s, 1936
Cleve. Cin. Chic. & St. L. 6s, '29
Woodward
Pr. 5s,
Laughlin Steel 5s, 1939
Kennecott Copper 7s,
Packard Motor Com. & Pfd.
1951
Iron 1st 5s,
<
Steel & Tube Co. of Amer. Pfd.
1952
Merrill, Lynch & Co.
1930
120
Kentucky Utilities 6s, 1924
Broadway, New York
Traders Telephone 7683 Rector
Telephone 6070 Rector
McAlester Gas & Coke 6s, 1937
Private wires to Chicago,
Detroit, Cleveland, Youngstown and Grand Rapids.
Peerless Truck & Motor 6s, 1925
Phila.
Electric 6s,
1922
Texas Co. 7s, 1923
WE DEAL IN
Toledo & Indiana Trac. 5s, 1931
Todd
Webb City & Carterv. Gas 6s, '43
Sc
Shipyards
Texas Pacific Coal & Oil
Central Aguirre
Founded 1797.
Sugar
West Penn Power Pref.
Morton LaclieribmclL & Ca
42 Broad Stiscfc
T
1
,
.
Investments
C
PITTSBURGH
PHILADELPHIA
DETKOIT
CHICAGO
Seasoned
Dayton Pr. & Lt. Pref.
Aetna Explosives 6s
30 Pine Street
C. C. Kerr & Co.
Phone 6780 Roctor
I Wall St.. N. Y.
CW
.
°
Public Utility
NOBLE & COR Wl N
Bonds & Stocks
Local
to
and
New York
Chicago Rwyt. 1st 5«, 1927
People. Gas 5s, 1947
Trurt
Banker.
Brooklyn
Armour & Co. 6st 1920-24
New York
St.
Si Broad
BABCOCK, RUSHT0N & CO.
Cha.e National Bank
Membew New Yark * Ohlcaga Stack Bgrtaais#
HOMl INS. BLDG.,
7WALL8TB11T
Citizen National Bank
-
,
T
.
Equitable Trust
THEODORE L. BRONSON & CO.
Members New York Stock
N. Y.
10 Wall St.
National
Texas Pacific
Exchange
GRAND RAPIDS & INDIANA
Coal & Oil
Safety Car Htg. & Ltg.
Tel. Rector 7580
NMW YORK
OHIOAGO
Surety
Wanted
Offerings
Curtiss Aero Com. & Pref.
Talephona 1111 Broad
A KIRK
TORFY
INDIAN REFINING
f™
STANDARD
cd
PROCTER & GAMBLE
new'tork
Com. & Pfd.
VNkly
Summary
on
VIII be mailed
reouest
j. S. Bache & Co.
CARL H. PFORZHEIMER & CO.
Members New York Stock Exchange
Dealers In Standard Oil Securities
rsenes 4860-1-3-3-4
:
Investors on
l
Issues
"NATIONAL
Stock & Scrip
*
Oil
Standard
|
to
a
Broad.
New York
25 Broad St.. N. Y.
SURETY
r. s. dodge
& co.
f Phona 6816 Rector
74 Broadway
Tel., 6400 Broad
|
/I
BRANCHES fund CORREbPOWX)biN Li
'
Agulrr© Sugar
Central
Mmore
Common
Chllds
Fajardo Sugar
Guantanamo Sugar
Gulf Oil Corporation
Lone Star Gas
Midland Securities
Buffalo
Chicago
Port Lobos Petroleum
Savannah Sugar
Texas
Troy
Philadelphia
Port Commission Serial
Preferred
Pacific Coal & Oil
Investment
paul & co.
Topeka Ry. &
p
14ptHLADELPHtIlAet
Securities
L\ Pr. L. ilAs, 1930
Coll Min.
Lights,
L. &
6S. 1923
1933
1961
33^8
N., Atl. Knox. & Cinn. 4s
West Shore
Bell Tel. of Canada 5s, 1925
Central Vermont 4s
Gd. Trunk Pac. 3s & 4s, 1962
Oregon Wash. RR. & Nav. 4s
& Lt. 41/^s & 5s
1st 4s
Pacific Coast 1st 5s
New
1922
Railroad Sec. 4s
Haven 4s,
Memphis St. Ry. 5s, 1945
111.
Amer. Cities Co. & subsidiaries
Seaboard Air Line 6s
Havana Elect. 5s, 1952
Fort
miller
Y.
Broadway.
&
and
Stock
*Pl#>ne 7500
*
Exchanges.
Rector. N.
1st
Y.
4^8
5s
N., Monon Joint 4s
M. K. & T. 1st 4s, Ctfs. of Dep.
L. &
SAM'L
Phone 5380-1-2-3 Brood
51 WALL ST.
pi
United Ry. Inv. 5s, 1926
National Conduit & Cable 6s
Aetna Explosives 6s
Consolidation Coal 6s
N. Y. & Westchester Ltg. 4s
New York Shipbuilding 5s
Amer. Can Deb. 5s
West Kentucky Coal 5s
Twin City Rapid Transit
Toledo Terminal 43^s
company
Phila.
Street Union Depot
Wabash
Cuban Govt. 4V2S, 5s & 6s
Canadian Stocks and Bonds
Cent.
murphy
IwlUnrrl I
,—
Elect. Dev. of Ontario 5s, 1933
New Orleans Ry.
n
Telephone 7353 Hanover
r
New York Central
130
Chic. Peoria & St.
5% Bonds Conn. Ry. & Lighting
Members Philadelphia Stock Exchange
'Phone 8300 Hanover
48 Exchange Place
N.
Springfield & Peoria 5s 1939
Bros.
DUNHAM & CO.
Members
St. Louis
Springfield7111.1
STATE OF LOUISIANA
New England Fuel Oil
Penna. Coal & Coke
Stern
c'mS'
Rochest'lr"
NewoSs lymcuse
5s
Western Union Tel. 4^8
National Bank of Cuba Stock
Merck & Co. Pfd*
American Cities Pfd.
Mexican Government Issues
GOLDSCHMIDT
2!> Broad Street
THE
XIV
CHRONICLE
[VOL. 110.
Current ©onb inquirtef
F.
Members New York Stock
61
Lynn & Boston 5s
Bijou Irrigation District 6s
Berkshire Street Railway 5s
J. LISMAN & CO.
Exchange
Clinton Water-Works 5s
BROADWAY, NEW YORK
Middle States Water-Works 5s
Des Moines & Fort
Great Northern
Ry. of Canada 4s
/
Houston Belt & Terminal
Iowa Central
WE DEAL
IN
Kansas City
Mason
Emmett Irrigation District 5s
Jamaica Water Supply Co. 5s
Dodge 1st 4s
Joplin Water-Works 5s, 1940
Ry. 5s
Lewiston Brunswick & Bath 5s
Railway 1st 5s
Racine Water Co. 5s
St.
Memph. & Birmingham 4s & 5s
E. St. Louis & Interur. Water 5s
Midland Valley Railroad 1st 5s
New Orleans Terminal Co.
Joseph Water 5s, 1941
Wichita Water Co. 5s
City & Fort Dodge 1st 4s
1st 4s
H. C. SPILLER & CO.
Southern Pacific of California 5s
INCORPORATED
IT WaUr St.,
Southern Ry.—St. Louis Division 4s
corner
68 Wall
Devonshire St., BOSTON
Street, NEW YORK
Terminal RR. Assn. of St. Louis Issues
Wabash Ry.—Omaha Division 3J^s
CUBA
Wichita Falls & Northwestern Issues
AND ALL RAILROAD AND
CANE
10-Yr.
STEAMSHIP
SUGAR
Descriptive Circular
SECURITIES
CORPOR'N
7% Conv. Deb. Bonds.
on
Request.
SUTRO BROS. & CO.
120
Western Electric 7s,
Govt, of Switzerland
WOOD, STRUTHERS & CO.
1925
5
Nassau
5V^s, 1929
Street
of
New
WE
NEW
York
TRADE
When,
Louisiana
as
Oil
YORK
Stock
Anglo-Amer. Oil
NEW YORK
Atch. Convert. 4s, 1955
BROADWAY,
Members
Exchange
IN
7^8
new
and if issued
&
Rfg. 6s
1927
Kennecott Copper 7s 1930
Interboro Rapid Transit 7s
/
Underlying
Da vies Thomas & Co.
Member* N.
S
Nassau
St.,
When,
New York
as and
new
7s
if issued
and all other Bonds and Notes
traded in on New York Curb
Railroad
Y. Stock Exchange
Western Electric
1921
CONNELL
&
NICHOLS
111 Broadway
Bonds
York
New
Telephone: Rector 6467 and 622
Talephona Rector 8520
Canada Copper 6s, 1924
Canadian Pacific 6s, 1924
VILAS & HICKEY
"Big Four" St. LouisJDiv. 4s, '90
National Conduit & Cable 6s, '27
Columbia Gas & Elec. 5s, 1927
Continental Gty. Corp.
Del. Lack. & West. Coal
49 Wall Stret
Empire Steel & Iron Pfd.
International Cigar Mach'y
RENT MARKET OFFERINGS ON REQUEST.
Indiana Steel Co. 5s, 1952
Joseph Dixon Crucible Co.
N. Y. Telephone Co.
N. Y. & Jersey 5s, 1932
Velephone Hanover 8317
4^8, 1939
Empire Gas & Fuel 6s, 1926
|
Pennsylvania Utilities 5s, 1946
Argentine Govt. 5s, Loan 1909 Marion Light & Htg. Co. 5s, 1932 Pub. Serv. Corp. of L. I. 5s, 1943
SPECIALISTS IN RAILROAD AND
CORPORATION
BONDS.
LIST
OTIVB
OP
OUR
,
Penn
Home| Insurance Co.
Great]American Insurance
Mary Coal Co. 1st
Empire Gas & Fuel Co.
Cincinnati
Co.
McKinley & Morris
««
WALL ST.. N. Y.
T.I. John ,78.
L
Gas
5s, 1939
6s, 1926
Transport. 5s, 1933
SAMUEL K.PHILLIPS&. CO.
#07 Ch.atnut St.
Gilbert J. Postley
7 Wall Street
NEW YORK
,
Telephone Rector 0697
J. S. FARLEE & CO.
68
Phila.
Members American Bankers' Association.
Members New York Stale Bankers'
Association.
Electric
BROADWAY
N.
Y.
6»>
7416
Grand Trunk Western 4s, 1950
Grand Trunk Pacific 3s, 1962
Grand Rapids & Ind.
BLDG.,
PHILADELPHIA
Macon Terminal
5s,
W. Coloniz. 5s, 1934
N. Y. Pa. & Ohio 4^s, 1935
ABRAHAM a CO.
10 Wall St., N. Y.
Tel. Rfxrtor 1A 2
f>ubliclM&g Seotritkg
111
3atvaa*w»tk.K"
Appalachian Pr. Co. 1st 5s, 1941
Cent. Georgia Pr. Co. 1st
5s, 1938
Nebraska Pr. Co. 1st 5s, 1949
Pacific Coast Pr.
Co.
Salmon River Pr. Co.
MILLER & CO
PRIVATE
1st 5s,
1st
1940
5s, 1952
Sierra-San Fran. Pr. Co. 1st 5s, '49
Tennessee Pr. Co. 1st 5s, 1962
SPECIALISTS IN PUBLIC UTILITY SECURITIES
DIRECT
1965
Man. & S.
3§erdpll Broths
Fort Worth Power & Light 5s, 1931
$25,000 Cleveland Electric Illuminating 5s, 1939
$10,000 Columbus Railway, Power &
Light 5s, 1940
$10,000 Youngstown & Ohio RR. 5s, 1935
TELEPHONE RECTOR 8060-1-2-3
1941
Private wire connections
Rochester Railway & Light 5s, 1954
Union Electric Light & Power 5s, 1933
Montreal Tramways & Power 5s, 1941
EARLE A.
4^8,
Long Island Ferry 4^s, 1922
So. & No. Alabama 5s, 1963
WE WILL BUY
$25,000
$25,000
$25,000
$10,000
Am. Water-Wks. & EI. 5s, '34 &Stk
Bell Telep. of Canada 5s, 1925
Toledo Terminal 43^8, 1957
1922
LAND TITLE
CITY.
Rector
Tel. Hanover 427-3-9
Shawinigan Wat. & Pr. 5s, 1934
BAUER, STARR & CO.
115
N. Y.
Puget Sound Electric 5s, 1932
Texas Co. 7s, 1923
Duquesne Ltg. 6s, 1949
Lehigh Power Sec. 6s, 1927
BROADWAY
Taylor & White
43 Exchange PI.
PHILADELPHIA
Duquesne Light 6s, 1949
Great Western Power 5s, 1946
Southern Calilornia Edison 6s, 1944
£
Southern California Edison 5s, 1939
INVESTMENT SECURITIES
Pueblo Gas & Fuel 6s, 1922
WlRE CONNECTION WITH CHICAGO
11
1BROADWAY
.
NEW YORK
Private Phonaa
to
Philadelphia A Boatoa
APR. 3
1920.]
XV
CHRONICLE
THE
Current Jtonb 3nquirte<
American Finance & Securities 6s
KINGS COUNTY ELEVATED R. R. CO.
Guanajuato Reduction & Mines 6s
Central
Mexico
Light & Power 6s
Central
Mexico
Lt.
Pref.
Pow.
&
obligation of the New York Consolidated RR. Co. and secured by a First and
Mortgage on important and profitable rapid transit lines of the B.R.T. System, 8 miles
consists of 50 foot private right of way owned in fee—mostly four track.
A direct
PHYSICAL
Michoacan Power 6s
New Hamp. Elec. Rys.
a
very strong
System.
(Wis.)
Price
Com. & Pref.
Wm.
Birmingham Water 5s (Ala.)
(111.)
Carnegie Ewen
2
Tel. Rector 3273-4 and 3294
HOTCHK1N & CO.
Telephone
53 State
Main
Boston, Mass.
460
St.,
We
Argentine Govt. 5s, 1945
Specialize in the
Evansville & T. H. RR.
numbers
Japanese Govt. 4s, 1931
Japanese Govt. 41/^s, 1925
French Govt. 5s, 1931
Central Petroleum
Pacific Gas & Electric
Western Power
Mo. Kansas & Texas
French Govt. 4s, 1917
Amer. Lt. & Trac.
York
Chicago & East. III. RR.
Argentine Govt. 5s, 1945
Unlisted
Wall Street, N|ew
Securities of the
numbers
Listed
7.50%.
Market, to Yield About
at
(Tenn.)
Chattanooga Water 6s
Peoria Water 5s
LARGELY EXCEEDS AMOUNT OF
position In that the mileage covered is operated In connec¬
tion with the new B.R.T. Subway lines and under the terms of the contract with the City of New
York they have a prior claim on certain revenues of both the elevated and subway lines of the B.R.T.
The bonds command
National Securities 6s
Racine Water 5s
PROPERTY COVERED
OF
VALUE
"closed*
of which
ISSUE OF BONDS.
THIS
Empire Lumber 6s
Mortgage 4%s due August 1st, 1949.
First
Guanaj. Pow. & Elec. 6s & Stock
Evansville &
Denver & Rio Grande RR.
BULL fii ELDREDGE
Members of the New York Stock Exchange
20 BROAD
Tel. Rector 8460
ST., N Y.
Ry.
Maryland Ry.
Western
<S
Specialists in short term securities.
Indianap. System
Indiana & 111. Coal
Corp.
Kirby Lumber Com. & Pref.
Wm. C. ORTON & CO.
Specialist Reorganization Securities
& Coady
MacQuoid
Membert New York SttxJt Exchange
Consolidation Coal Co. Securities
Gas, Electric Light &
Power of Baltimore Securities
Tel. Reotor 9970.
St., N. Y
I.-Frisco Terminal
1927
1955
Houston Belt & Term'l 1st 5s, 1937
R.
1st 5s,
Terminal Ass'n of St. Louis 4s,
Wash. Bait.
Short Line
(Established
SOUTH
Pacific
Missouri
of
Finlay &
Currency
Checks
j
•
Bonds
&
Shuman
Seligmann
Members New York Stock Exchange
Tel. Broad 7870
80 Broad St. N., Y.
4]^s & 5s
Joint Stock Land Bank
1st 4s,, 1938
Term'l Ry.
Exchange.
Federal Farm Loan
Cleveland Term'l & Valley 4s, 1995
Galveston
BALTIMORE. MD.
ST.
EXCHANGE
Bought and Sold on Order
1874.)
Members Baltimore Stock
4)^s, 1961
1st
Tel. 7160-1-8 Broad
York
FOREIGN
Securities
Securities
& Annapolis
). KARMANUS FISHER & SONS
Chic. Union Station 1st 43^8, 1963
Cleveland
Broad St., New
Consolidated
Elk Horn Coal Corp.
14 Wail
IS
1st '6s, 1938
5s
(all issues)
Bought—Sold—Quoted
Inquiries Solicited
Davenport
We
Specialize in
GUARANTYTRUST COMPANY
Capital Stock
Specialists in Railroad Terminal Bonds
WE
AND""
Tel. Broad 7064
80 Broad St., N. Y.
CHMELTZEIL
OFFER
Mem ben New
Bell
Telephone Co. of Canada 7s
Anril
To Yield
71/2% Per Annum
Joseph Gilman
LIBERTY REGISTERED
BONDS
NEWBORG & CO.
60
Big 4, St. Lohis Div. 4s, 1990
Cincinnati Wabash & Mich. 4s, 1991
5s, 1941
Cons. 5s & Div. 5s
Houston & Texas Central 5s, 1937
1931
Middletown & Unionv. Adj. 5s, 1933
Houston East & West Texas 5s, 1933
M. & O. St. Louis & Cairo 4s,
5691-4 John
Members
Twl
St., N. Y.
Rector 4454
New York Stock Exchange
Public
Utility Dept.
United Light & Railway 5s, 6s,
7s
Empire Gas & Fuel 6s, 1924
Consol. Cities Lt., Pow. & Tr. 5s, 1962
Great Western Power 5s & 6s
Penna. Water & Power 5s,
1940
Gas & Elec. 5s, 1922
Nor. Ontario Light & Power 6s, 1931
Miss. Valley
Appalachian Power 5s, 1941
Long Island Montauk Ext. 5s, 1945
N. Y. Bklyn. & Man. Beach 5s, 1935
Term. Association of St. L. 5s, 1944
Yadkin River Power 5s, 1941
1942
5s, 1943
Columbus & Toledo 4s, 1955
Lake Shore Electric 5s, 1923
Terre Haute & Peoria 5s,
Florida Central & Penin.
1927
Dennison & Sherman 5s,
Interurban
Railway 5s,
1921
General Gas & Electric 5s, 1925
Standard Gas & Electric 6s, 1935
BROADWAY, N. Y.
Industrial Bond
Telephone 4390 Bowling Green
PRIVATE
WIRE
TO ST. LOUIS
Consolidation Coal 43^s, 5s
Fairmont Coal
and 6s
-Scrip
Hudson & Manh. 1st Sc Ref. 5s, 1957-Scrip
St. Louis & San Fran. Pr. L. 4s,
1950-Scrip
St. Louis & San Fr. Adj. 6s—Inc.
Third Avenue Ref. 4s—Inc. 5s
Marquette 1st 5s,
Carib Trading
5s, 1931
Lehigh Valley Coal Sales
Holly Mfg. Co. 5s, 1922
Sunday Creek Coal 5s, Ctfs.,
Safety Car Heating
Willys Corporation
Kan. City Lt. & Pow. 1st
Scrip
Scrip
2nd 6s
Scrip
5s—2nd 6s.Scrip
Bank Stock
or
BAKER,
6557 Broad
Bonds, Bank Stocks,
15
Broad Street, New
Pond
& Lighting
8% Pfd.
Standard Oil Stock Dept.
Illinois Pipe
Line
Standard Oil of California
Oil of Kansas
Oil of Kentucky
South Penn Oil
Standard
Co.
Standard
Guaranty Trust Co.
St., New York
Niles, Bement &
Dept.
of Manhattan
Columbia Trust
WOLFF & STANLEY
Ttf.2800
1944
Co. "Rights
Mech. & Metals Nat'l Bank "Rights"
Bank
Bankers Trust Co.
27 William
Chicle
1927
Beech Creek Coal & Coke 5s, 1944
Scrip
1956
Missouri Pacific 4s and 5s.
Kan. City Rys. 1st 5s and
6s.Scrip
American
Bordens Company
1942
National Conduit & Cable 6s,
Minn. & St. Louis 5s, 19S2-...
Industrial Stock Dept.
Dept.
Webster Coal & Coke 5s,
Pere
Members New York Stock Exchange
2 Wall
Dept.
E. Tenn. Va. & Ga.
N. Y. City
St.
Railroad Bond
C. & O. Warm Springs
INVESTMENT SECURITIES
Pine
New York
Specialists.
1Q9^
Payable New York & Montreal
t4
14 Well St.
CHARLES W.HILL & CO.
York Stock Exchange
CARRUTHERS & PELL
Miscellaneous Securities,
York
Philadelphia Phone, Locust
Standard Oil Stocks
Phones 5161 to 5169 Hanover
572, Bait. Phone, St. Paul
9389
XVI
THE
CHRONICLE
Jftwaitttal
[vOL. 110
jfitwntlal
Jffnattcfal
©
FOREIGN
ALL
V
We
Canadian,
CHUCKS
(g
BOK1DS
M
CURRENCIES
mmm
A
Recommend
Cuban,
Investment
Mexican
and
N
Cnyamel Fruit Company
other
International
•T
Marine Equipment Serial
Gold
Securities
Bankers & Brokers
March
following questions
could you answer
1.
1921
to
July 1922
customers were to ask
of the
any
Notes
Maturing Monthly
Can You Answer Them?
If your
As
High Grade Short Time
is
Why
bond
marked
120
5% French
a
for
1000
on
Price to Net
Kuczynski & Co.
them?
Broadway
New York
*
Circular with Full Details
Telephone Rector 6834
francs
7%
,r
upon
Request
its face for
only 50 francs?
Which
2.
and
bonds
are
which
3.
Why
All
of
the
and
These
1943
PRIVATE WIRES
Montreal
Hibernia Bank
Toronto
mentioned?
many
other
vital
our
new
booklet:
A New
"Foreign
Jkmd Statistics"
Sent
free
upon
We
Tel. Rector 5289-92
EGGS
delivery.
either
for
spot
Members
or
future
Export Banking
Street, Chicago
Clearing House
Chicago Mercantile Exchange
Favor Mines
Oil, Mining, &
Industrial Securities
INTIMATE
G. F. Redmond &Co., Inc.
It STATE ST.,
BOSTON, MASS.
Direct Private Wire to New York.
Tel. Main 3138—Fort Hill 920
If There Is A Market We Can Find It
We
hold
sales
of
Scott & Stump
Stock Enhaagc Building,
PHILADELPHIA
catalogues and postal card service
reach
Phones: Locust 9480. 6481. 6482. 6488
Keystone: Race 2797
or
carried
Barnes
on
conservative terms.
Inactive and unlisted securities.
Inquiries invited.
fi nch
We
take
pleasure in furnishing quotations.
STOCKS AND BONDS
bought and sold for caah.
market.
every
ik Lofland
Stock Broker* Or Auctioneers
147 S. 4th
St.,
acquired
stoke c
Wednesdy,a
charging $1.50 entrance eef
for each item.
Our weekly
KNOWLEDGE
of
the needs and habits of the people,
and
and bonds every
INVESTMENT SECURITIES
1*0
in
BUTTER
Correspondence solicited.
136 West Lake
BOUGHT AND SOLD
El
orders
Bowman & Company Inc.
Bay State Film
Unlisted
30 Years
Opportunity
execute
and
Request.
R.A. SOICH&CO.
lOWallSt., N.Y.
Building
New Orleans
in
they due?
are
answered in
questions
due
not
Company
Incorporated
the French 5s
years
When
Securities
and
of 1931 and the French
4s
Important Foreign Capitals
not?
are
are
Russian
good
Hibernia
CORRESPONDENTS
from
coupons
French
by
actual
years
of
experience
residence In the
conn-
tries themselves, Is essential when
transacting business abroad.
M
Our 23 branches In South America. 8 office®
in Europe and direct connections throughout
the
world
round
comprehensive in
out
a
every
service
broad
and
detail.
*Anglo-5outh American'
"BANK, LI MITED
Philadelphia
M
Ageeey.
4t
Broadway
& tarbell
W. C. Langley & Co,
Members New York Stock Exchange
BROADWAY.
NEW YORK
Investmen to
Italian Govt. 5% Int.Loan of '18
115
Russ.Govt.5%% Int.Loan,due>28
Russ.Govt.6%% ext.Loan,due'lS
French Govt.5% IntXoan of1911
New
York
City
Investment
Securities
Jersey
Securities
ALFRED R. RISSE
10 BROADWA1
New
Members New York Stock Exchange
Bought—Sold—Quoted
Telephone 8104 Broad
Broadway,
OUTWATER & WELLS
18 Exchange Place
Tel. 20 Montgomery
Jersey City. N. J.
McSHERRY
MANUFACTURING
CO.
Preferred & Common Shares
L.N. Rosenbaum & Go.
85
National Securities Corp. 6s, 1924
Denver Gas & Elec. 5s, 1951
Nebraska Power 5s, 1949
Texas Power & Light 5s, 1937
Carolina Power & Light 5s, 1938
Texas Power & Light Preferred
Southwestern Power & Light Preferred
Duluth Edison Elec. Preferred
American Power & Light Preferred
Pacific Power & Light Preferred
BROADWAY, NEW YORK
h.
false Representatives Wanted
-
85
l. nason a co.,
Devonshire St.
BOSTON
R.C.Megargel&Co.
27 Pine Street
-
New York
APR. 3
XVII
CHRONICLE
THE
1920.]
Jfinamfal
jfinatuial
HABIRSHAW ELECTRIC
Dutch Bank for South-America
CABLE COMPANY
Factories at Yonkers,
and
(Banco Holandes de la America
•
Banco Hollandea da America do Sul)
New York,
SANTOS
SAO PAULO
RIO DE JANEIRO
AIRES
BUENOS
Bridgeport, Conn.
Executive
Offices
Y.
N.
at
City
BALANCE SHEET
cables in the
of insulated wires and
PER THE
1ST JULY,
Present
earnings at the rate of over
times annual dividend require¬
ments.
fl. 15,695,469 76
7,945,456 65
Hand
Cash in
8% First Preferred Stock
Cash at Bankers
with
Balances
Home
and
eign Bankers..
Bills Receivable
.......
Debtors in Current Account
sound
as a
Investment.
Price, Par $100 Per Share
Securities Deposited
Securities Bought not
ceived
1
Write
41,285,078 99
51,841,023 10
8,748,084 21
......
...
Account.. 87,896,065 00
Balances of Home and Foreign
Bankers
83,208,406 76
Securities Deposited...........
Unclaimed Dividends..........
Dividend 1918-1919
Undivided Profit
1
PROFIT
Pension Fund
Expenditure
to
THOMAS C. PERKINS
PER
LOSS ACCOUNT
AND
..fl. 1,121,749 53
be divided
as
Special
follows:
fl.
500,000 00
170,000 00
100,000 00
reserve
industrial stocks.
1919
JUNE
30TH
Balance
brought
1917-1918..
forward
from
fl.
Less addition to Pension
Interest
Bills
Shareholaers 9%
1,895,000 00
Holders of Founders'
119,568 68
Shares
and
88,175 51
25,000 00
13,175 51
Fund
............1,581,888 95
Commission...........2,281,049 87
289,137 36
Bonuses
Conn.^,.Taxes
187,500 00
Balance
to
new
Ac¬
92,666 26
count..
fl.8,875,611 88
fl.3,875,611 83
GENERAL BANKING
Foreign Exchange Department
Letters of Credits
56
57
54
00
26
fl.
2,753,862 30
Reserve
42,875,095
100,165
17,908
1.895,000
92,656
CREDIT.
......
Writing off premises
Specialist for eighteen years on the best dividendpaying New England and New York State
Hartford,
..........
fl.185,676,888 91
DEBIT*
Net Profit
36 Pearl Street,
Deposits
Creditors in Current
42,875,095 56
re¬
Premises500,000 00
1 00
8%
8,229,689 86
88,761,406 86
Payable
fl.185,676,888 91
Circular
Special
20,579,789 61
Furniture
to-day for
me
_
1,706,840 08
....
yet
Dividend$ Quarterly
To Net
_
fl. 20,000,000 00
8,600,000 00
Share Capital
Reserve Fund
Bills
For-
Investments in Securities......
Especially recommended
1919
LIABILITIES.
ASSETS
United States.
29,500,000
fl.
Capital and Reserve Fund-
Largest independent manufacturers
six
del Sud
AMSTERDAM
BUSINESS
CORRESPONDENTS ALL OVER THE WORLD
Negotiated
Arrangements can be made for the
Importation of merchandise through
the
use
dollar
of
acceptances.
Constructive Financial
Surplus $1,000,000
Capital $3,000,000
Service
OFFICES
of addi¬
construction of new buildings, or....
to provide for the demands of a growing business, may
borrow from us in amounts of $500,000 upward, on their
plants and other fixed assets.
PROSPEROUS industrial corporations in need
Market & Fulton
81-83 Fulton
New
York
Aetna
Eighth Street
92
B'way & 8th St.
West B'way
New
York
New
tional capital for the
'
St.
York
Sherman
Filth
New
first mortgage
York
Brooklyn
Flatbush
outright purchase of long-term
bond issues.
The Straus Plan is the
32nd St.
Ave. and
839 Flatbush Ave.
Particulars upon request.
350 Fulton St.
Brooklyn
Brooklyn
Long Island City
New Utrecht
New Utrecht Ave. A
S.W.STRAUS & GO.
Bridge Plaza
64th St., Brooklyn
Long Island City
INCORPORATED
ESTABLISHED 1882
New York National
Irving
150
MINNEAPOLIS
DETROIT
CHICAGO
Bank
BROAWAY, NEW YORK
38 Years Without Loss to
FREDERIC O. LEE. President
BAN FRANOIBO©
Any Investor
Woolworth Building
NEW
GEO.
B.
YORK
EDWARDS
INVESTMENTS
82
YORK. N. Y.
NEW
Broadway.
SOU SALE—Timber. Coal.
other
Confidential
Iron. Ranch mm
properties.
Settlements and Purchases of Property.
Canada.
West Indies.
United States.
as
Girard Trust Company
Exseutor,
Trustee,
investigations
Negotiations,
Acts
PHILADELPHIA
Administrator,
Guardian,
Chartered 1836
Receiver,
Registrar and
CAPITAL and SURPLUS, $10,000,
Transfer Agent
1919 Numbers Wanted 1919
Mi.h.r «t
allowed
deposits.
P«4ot«I Kmm Sj-.-
Interest
on
E. B. Morris, President
CHRONICLES
September
September
September
November
January 4
January 18
July 19
August 2
BANK &
6
13
20
1
QUOTATION SECTION
January
May
Canadian Securities
July
INVESTMENT
RAILWAY EARNINGS SECTION
February
January]
ELECTRIC RAILWAY SECTION
March
BERTRON. GRISCOM & CO., INC.
Inquiries Invited
Lynch &m?dermott
»
2 WALL ST. NY"— Tel. RECTOR
2515 —
SECURITIES
40 Wall Street
Land Title Building
NEW YORK
PHILADELPHIA
\
THE
XTXXX
[Voi. 110.
CHRONICLE
Jfimntial
jffnandal
UNION
CENTRAL
"Confidence imparts
COMPANY
TRUST
—MILTON
CONFIDENCE
of NEW YORK
Authorized to act
Administrator
or
as
Executor,Trustee,
Balances. Ads as Transfer Agent,
Trustee under
for
OUR correspond¬
and customers
Guardian. Receives Deposits,
subjed: to check, and allows Interest
„
on
ents
Mortgages. Receives securities
have every reason
for
Daily
Registrar and
their
in
safe-keeping and colledion of income.
Capital, {Surplus and Undivided Profits
sources,
over
re¬
management,
equip¬
supervision,
$29,000,000
facilities,
per¬
sonnel—all these
Broadway, New York
Fifth Avenue at 60th Street
confidence
Experience,
us.
ment,
80
ivonderfid
a
inspiration to its possessor."
|
we
have and many
other
confidence-inspiring
Fifth Avenue at 38th Street
Madison Avenue at 42nd Street
factors.
COMMERCIAL LETTERS
ACCEPTANCES
Correspondence invited.
Member Federal Reserve System
-J
METROPOLITAN
COMPANY
TRUST
NEW YORK.
716 FIFTH AVENUE
THE CITY OF
OF
CO WALL STREET
,<r
"
.
;
.
-V
Selected Investment Securities
Located
centre
with
We
in
Member Federal Reserve System
Pitt8burgh,fthe*greatest industrial
the world,
in
we are intimately in touch
developments in this district.
own
and
offer
for*sale^a~number of bonds,
us because of their
which have been selected
by
investment possibilities.
MELLON
"
AMERICAN
•
FOREIGN BANKING
CORPORATION
Write for information and late lists
NATIONAL
BANK
53
Broadway, New York
Capital, Surplus and
PITTSBURGH, PA.
Profits
over
Undivided
$5,000,000
BRANCHES
Havana. Cuba
Brussels, Belgium
Call, Colombia
Harbin, Manchuria
Brazil
Rio de Janeiro,
Port
HnSiiif
"HP'
Prince,
au
Haiti
Panama
Corporations, Financed
City, Panama
Cristobal, Canal Zone
Banca
Bond Issues
Italiana
with
BUFFALO
which
Societa
Bancarla
Underwritten
ENTIRE STOCK
Di
Sconto
Incorporated
are
the
Manila,
Philippine
Islands
Buenos Aires, Republic of Argentine
San Pedro Suia. Republic of Honduras
Italiana
and the
Societa Italiana dl Credlto Provinciate
ISSUES
[PURCHASED OUTRIGHT
CORRESPONDENCE INVITED
Capital Fully Paid Up
..Lira 115,000,000
taeerve
Fund
M
41,000,000
'•posit and Currant Accounts
(May II, 1815)
" t,69(.000.000
Cantral Management and Head Office:
ROME
MARK HARRIS
STOCKS and BONDS
Main Office
Mutual Life Bldg.
Buffalo. N. Y.
Canadian Branch
Royal Bank Bldg.
Toronto. Out.
Special
Letters
of Credit
Branch
In
Rome
{fannerly Bebasti & Reall). 20 Ptazsa dl 8pagn*
Foreign Branches: FRANCE: Parle. 2 Rue le
'eletier angle Bould. dee. Italians;
BRAZIL; 8ao
Paulo and Santos; NEW YORK: Italian Discount
S Trust Ce„ 399 Broadway,
Offices
*urln.
at
Genoa.
Trieste,
Milan, Naples,
Venice,
Florence.
Oatanla. Leghorn, and
Kingdom.
London
over
Capital,
Palermo.
Bologna
OF
000
BANKING
BUSINESS
more
Great
to
a
single client.
Lakes Trust
Company
the only Institution of such
bank¬
ten years
South
Dearborn
Street,
Chicago
BANK
Travelers' Checks
Throughout
Kitauf fj -NarlioD
equitable
In
Foreign
Berlin
Exchange
x
Correspondents
$600,000.
banks
BERLINER HANDELS-GESELLSCHAFT
1852
Investment Securities
Letters of
Credit
Surplus,
eleven
ing power to be organized In the past
110
POUNDED
or
The
Is
TRANSACTED.
„
but
surplus under the law to loan $500,-
Clearing Agents: Barclay's Bank. Ltd..
KIND
are
Chicago having sufficient capital and
100 Branches in the
158 Penchurch Street. E.G.
CVERY
$3,000,000.
There
the
Behrenxtrasse
(Founded
Fully-paid capitaJ
World.
Kuljn?)
New York Stock
Exchange
Building
New York
W.
&
in
88-88
1856)
reserves
M
144,500,001
H. D.
Walbridge &
AH
kinds of banking business transacted.
Special attention given to foregn exchange and
documentary business.
Trade information furn
Ished.
Cable
Address:
Eandeloes Berlin
14 Wall
Street, New York
Public Utility Securities
APB. 3
1920.]
/THE CHRONICLE
meetings
XIX
Jffttatuial
1
NEW YORK NEW HAVEN &
HARTFORD RAILROAD CO.
To the Stockholders:
Notice is hereby given that the Annual Meet¬
ing of the Stockholders of the New York New
Haven & Hartford Railroad Company will be
held in the Assembly Hall of the Hotel Garde,
of Meadow Street and Columbus Avenue,
Haven,
Connecticut,
on
Wednesday,
April 21st, 1920, at 12 o'clock noon, for the follow¬
ing purposes:
corner
New
Knowledge and Experience
To consider and take appropriate action upon
the Statement of the affairs of the New York
New Haven & Hartford Railroad Company for
1.
the
ending
year
described
acts
December 31, 1919, and all
therein
or
reported at said
meeting.,,.,.
t;:,
To elect
t.
:
■
3.
To consider and act upon any and all questions
matters relative to the possession, use,
control and operation of the Company's rail¬
and
various
under
(a) Section 1 of the Act entitled "An Act mak¬
ing appropriations for the support of the
Army for the fiscal year ending June 30th,
1919, and for other purposes.
Approved
August 29th, 1916;
(b) The
Federal
Control
Act.
Approved
March 21st,
1918;
(c) The
agreement
between
the
DirectorGeneral of Railroads and the Company made
April 26th, 1919, providing for compen¬
sation to be paid to the Company during
the term of Federal control.
4.
Act,
1920, approved February 28th,
1920, including the settlement of matters arising
out of Federal control, the refunding of this
Company's indebtedness due the United States,
the guaranty to this Company of compensation
after the termination of Federal control, the
making of
to
or
a new
loan
of control
many
in
our
ex¬
during
years,
have transacted
every
I
foreign and domestic fi¬
nancing, and have
loans, and the acqui¬
other carrier subject
or
of any
we
form of
ation
in
experts
by the accumulated
perience of
which
of the
you
departments is greatly in¬
creased
To consider and act upon any and all ques¬
tions and matters arising under the Transport¬
sition
to
knowledge of the
road and system of transportation taken over
or
assumed by the President of the United
States
usefulness
The
Board of Directors for the ensuing
a
year.
resourses
grown
and in
steadily
efficiency.
said
Act by lease, purchase, consolidation,
otherwise; also to consider and act upon
proposed execution and issue of bonds,
debentures, notes or other evidences of indebted¬
ness, for the purpose of obtaining additional
equipment by means of equipment trust or
otherwise, for the purpose of funding this
Company s indebtedness,
or
for any other
lawful purpose and of securing the same by
mortgage or pledge of this Company's rights,
property and franchises.
any
6.
consider
To
and
act
upon
a
proposition
The
FIRST NATIONAL BANK
to
ratify, confirm and approve of the execution by
the officers of this Company of an
OF BOSTON
c
equipment
with Walker D. Ilines, Di¬
Railroads,
covering
the
allocation by him to this Company of cars and
locomotives at a cost not to exceed $4,813,930
and the issue by this Company of its equipment
trust certificates therefor not to exceeed said
trust
agreement
rector-General
of
Capital, Surplus & Undivided Profits $29,578,500
amount.
6.
To
transact
properly
other business which
before said meeting.
any
come
may
Branch at Buenos Aires,
Argentina
of this meeting the transfer
books of the Company will be closed from the
Close of business March 31, 1920, and re-opened
on April 22, 1920.
Dated at New Haven, Connecticut, this 31st
day of March, 1920.
By order of the Board of Directors.
ARTHUR E. CLARK, Secretary.
For
the
purpose
THE CHESAPEAKE & OHIO RAILWAY CO.
NOTICE
OF
ANNUAL MEETING.
Richmond, Virginia, February 20, 1920.
IS
HEREBY
GIVEN
that
the
NOTICE
annual
stockholders of THE
RAILWAY COM¬
meeting
of
the
CHESAPEAKE
&
OHIO
PANY will be held, as provided in the by-laws,
at the general office of the Company in the City
of Richmond, Virginia, on Tuesday, April 20,
1920, at 11 o'clock a. m. for the following purposes:
(a) for the election of Directors:
(b) to consider any and all action theretofore
taken or authorized by the Board of Directors
by the Executive Committee of the Company
which may be submitted to the meeting; and
(c) to transact such other business as may
lawfully come before the meeting.
The stock transfer books will close at the office
of the Company, No. 61 Broadway, New York
City, on Friday, March 26. 1920, at 3 o'clock
p. m., and will reopen on Wednesday, April 21,
1920, at 10 o'clock a. m.
By order of the Board of Directors.
A. TREVVETT, Secretary.
The
United
Notice is hereby given that the
Annual Meeting
& Paper Corpor¬
ation will be held at the office of the Company,
No. 15 Exchange Place. Jersey City, New Jersey,
on Tuesday,
the 13th day of April, 1920, at 11
•'clock in the forenoon, for the purpose of elect¬
•f the Stockholders of Union Bag
ing Directors and for the transaction of such
business
as
may
properly
come
other
before the meet¬
ing.
CHARLES
NEW
SANDERS,
B.
Secretary.
&
HONDURAS ROSARIO
MINING COMPANY.
YORK
17 Battery Place, N. Y.,
March 24. 1920.
.
The annual meeting of the stockholders
of the
New York & Honduras Rnsario Mining Company
will
be
held
at
the
office
of
the
Company
on
Wednesday, April 7, 1920, at 2 P. M•, for the
election
of directors
and for action
upon all
questions that may
themeeting.
properly be brought before
books will be closed at
12 M. on March 27, 1920, and remain closed
until 10 A. M. of April 8. 1920.
The
stock
transfer
J. PERLMAN, Secretary.
OF
Broad and Arch Streets,
Philadelphia, March 3rd. 1920.
The Annual Meeting of the i Stockholders of
The United Gas Improvement Company will be
held at the office of the Company, Northwest
Comer of Broad and Arch streets, Philadelphia,
on Monday. May 3rd. 1920, at 12.00 o'clock noon,
for the purposes of electing a President and six
Directors,
to serve
for the ensuing year; of
considering and acting upon the subject of a
proposed increase in the authorized capital stock
of the Company from 1,221,456 shares of the
par value of $50 each,
to 1,521,456 shares of
N.
W.
Inspiration Consolidated Copper Company.
Gas
Improvement
Company
or
UNION BAG & PAPFR CORPORATION.
233 Broadway, New York City,
March 31, 1920,
/Reelings
Meetings
OFFICE
Cor.
value of $50 each, all of which increase
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
NOTICE OF ANNUAL MEETING.
of
Notice is hereby giv^n that the Annual
the Stockholders of the Inspiration
Meeting
Consoli¬
held at the office
Augusta, Maine,
on Monday, the 26th of April, 1920, at 2 o'clock
P. M., for the transaction of any and all business
that may come before the meeting, including the
dated Copper Company will be
of the company, 242 Water St.,
election of directors.
Tho Transfer Books
will not be closed,
but
only those stockholders of record at the close of
business, viz. (3 o'clock P. M.) on Friday, April
9tli, 1920, will be entitled to vote at said meeting:
By order of the Board of Directors.
J. W. ALLEN. Secretary.
New
York, March 25, 1920.
the par
shall be
4th, 1920.
By order of the
G.
jftttamml!
Investment Securities
Underwritten
&
Distributed
Federal Securities
Corporation
38 South Dearborn
CHICAGO
Board of Directors,
W.
CURRAN, Secretary.
Street
XX
THE CHRONICLE
[VOL. 110.
jfiamtiai
THE
KANSAS CITY SOUTHERN
RAILWAY COMPANY.
No. 25 Broad St., N.
Y^. Mar. 16,1920.
quarterly dividend of ONE (1) PER CENT
this day been declared
upon the Preferred
Stock of this Company, from net
income of
A
James
has
Talcott, Inc.
the
fiscal year,
payable -April 15,
stockholders of record at 3 o'clock P.
current
General Offices
mentionea
225 FOURTH AVENUE
FOUNDED 18M
Factors and
date
there
on
or
shall
before
the firstbeen received
have
from the United States Government a
sum suf¬
ficient in the opinion of the Chairman
to pay the
same, and that otherwise the said dividend shall
be payable at a later date
if, as and when such
sum shall be so
received.
i
NEW YOR < CITY
Agents,
1920, to
M., March
31, 1920; provided, that
Checks in payment of the
dividends, when due,
will be mailed to stockholders at
the addresses
last furnished to the Transfer
Agent.
G. O.
Correspondents for
Manufacturers and Merchants in
HAND, Secretary.
PUEET SOUND POWER & LIGHT COMPANY
the United States and Abroad.
Formerly
TRACTION,
PUGET
SOUND
LIGHT
&
POWER COMPANY.
(Massachusetts Corporation)
STATE OF WASHINGTON.
Entire Production of Textile Mills Sold and
Financed.
PREFERRED
DIVIDEND
at the close of business
record
April 3, 1920.
STONE &.
HOOKER TALCOTT,
President and Treasurer
Vice-President
OFFICE
H.
M.
Secretary
Assistant Treasurer
Assistant Secretary
The Board of Directors of the
Western States
Gas and Electric
Company of Delaware, has
the regular
quarterly dividend of one
three-quarters per cent on the preferred stock
the Company, payable
by check April 15,1920,
declared
Assistant Secretary
Assistant Secretary
and
of
to stockholders of record as of
the close of business
J.
OFFICE
H.
& ELECTRIC
Light Company
quarterly dividend of
COMMON STOCK
as
1.
1922
Principal and semi-annual
Price 97M
request
and
on
M.
request.
interest
COMPANY.
CHICAGO, ILLINOIS.
Company,
amounting to $30 00 per share, will be made
May 3rd, 1920, to the shareholders of record as
of the 10th day of
April, 1920.
Checks will be
CINCINNATI. OHIO
Frlck Bids.
RItz-Carl ton
Hotel
GRAF, Secretary.
March 31st, 1920.
Pursuant to a
resolution
of
the
Board
of
Directors of the United States
Express Company,
notice is hereby given that an
eighth and partial
distribution
of the
assets
of
this
Pittsburgh Stock Exchanges
Pittsburgh
J.
UNITED STATES EXPRESS
COMPANY.
No. 2 Rector Street, New York,
National Bank
Members
&
Company, payable by
check April 20, 1920, to stockholders of
record as
of the close of business March
31, 1920.
Fifth-Third
New York and
GRAF, Secretary.
OF
BYLLESBY
ROBERT
-
per
The Board of Directors of the
Northern States
Power Company has declared the
regular quarterly
dividend of one and three-quarters
per cent on
the preferred stock of the
Yielding 7%
Moore,
J.
OFFICE
H.
Interest pay¬
BOND DEPARTMENT
Leonard & Lynch
three-quarters
Notes
able In New York.
Complete description
and
of the close of business March
31,1920.
ROBERT
Gold
Due Dec.
one
upon the preferred stock of the
company,
payable by check April 15, 1920, to stockholders
CO.
6%
Secured
on
& COMPANY.
CHICAGO, ILLINOIS.
cent
Corp.
Bought—Sold—Quoted
OF
BYLLESBY
and
of record
Circular
M.
GRAF, Secretary.
The Board of Directors of the Ottumwa
Railway
has declared the regular
CINCINNATI GAS
Oil
OF
BYLLESBY & COMPANY.
CHICAGO, ILLINOIS.
March 31, 1920.
ROBERT
Atlantic Gulf
WEBSTER,
Transfer Agents.
OFFICERS
THOMAS J. McGANN,
JAMES L. COX,
25.
share has been declared on the
preferred capital
stock of Puget Sound Power &
Light Company,
payable April 15, 1920, to Stockhders of
CASLE ADDRESS QUOMAKEL
J. FREDERICK
TALCOTT,
CHARLES E. MATHEWSON,
FRANCIS E. TALCOTT,
JAMES TALCOTT, JR.,
NO.
A quarterly dividend of
seventy-five cents per
Accounts Guaranteed and Discounted.
mailed.
11 Broadway
Transfer books of the
Company will
o'clock noon April 10th,
New York
tewlve
Philadelphia
open
JAS.
.
"
.
W.
SMYTH, Treasurer.
'
V
United Drug
First
A. G. Becker & Co.
close at
and re¬
1920,
May 4th, 1920.
The
clared
Preferred
Directors
Stock
of
United
' ' ' f "■
V
■
'
'
Company
Dividend
No.
Drug Co.
17.
have
de¬
regular quarterly dividend of
l%%
the first preferred stock of United
Drug Co.,
payable May 1, 1920, to stockholders of record
a
on
COMMERCIAL PAPER
INVESTMENT SECURITIES
April 15th,
GEO.
H. TILDEN
1920.
JAMES C.
McCORMICK, Treasurer.
Boston, March 25, 1920.
& CO.
lit South
La Sail* Stroat
International Agricultural Corporation
CHICAGO
!«*W TORK
ST. LOUIS
SAN
FRANCISCO
WE
DEAL IN SECURITIES
OF PACIFIC NORTHWEST
MUNICIPALITIES
PUBLIC UTILITIES
INDUSTRIALS
City of
v
East
yield 4.80%
BpJ.Van Ingen &Co.
52
Broadway
Eoration, payableatApril close of 1920, to
15th, business
olders of record
the
31st,
1920.
New York
The
transfer
closed.
books
will
stock-
March
not
be
M
JOHN J. WATSON, JR., Treasurer.
UNITED
Orange
5% Sewer Bonds
to
New York, March 18, 1920.
The Board of Directors of the
International
Agricultural Corporation has this day declared a
quarterly dividend of One and One-Quarter Per
Cent (1M%) on the Preferred Stock of
the cor-
STATES
RUBBER
COMPANY.
1790 Broadway, New York,
April 1st, 1920.
Board of Directors of the United States
Rubber Company has this
day declared from its
net profits a quarterly dividend of
two per cent
(2 %) on the First Preferred Stock and a
quarterly
dividend of two per cent (2%) on the
The
SEATTLE
Common
Company, to Stockholders of record
P. M. on Thursday, April 15th, 1920,
payable
without closing of the Transfer
Books,
Stock of the
at 3
April 30th
1920.
W.
H.
BLACKWELL, Treasurer.
APR. 3
1920.]
THE CHRONICLE
XXI
S&ftentJ*
DIVIDEND
Jifofoenbsf
NOTICE
RUTLAND RAILWAY, LIGHT & POWER CO.
Rutland, Vermont.
•
March 25, 1920.
„
1 he Board of Directors has
declared
quarterly
Per
dividend
Cent
the
on
of
the regular
One
Seven
and Three-Quarters
Per Cent Cumulative
Preferred
Stock of the Company, to be
paid on
April 1st, 1920, to stockholders of record at the
close of business
March 25, 1920.
S. BARSTOW,
on
W.
.
The
...
„
COUPONS DUE APRIL 1ST, 1920, PAYABLE AT THIS OFFICE
President.
m
„
W. S. Barstow Management
Birmingham Railway, Light & Power
Co., 4^s
,
v
»'
DIVIDEND
New York & Stamford
Black
Association, Inc.,
Operating Managers,
50 Pine Street, NCw York.
1st
Oklahoma Gas & Electric Co., 1-Yr.
Company, 1st
Otis Elevator Co., Conv. Gold Deb.
Carter
Citizens
Ima
w
Gas
&
5s
■
Fuel
Co.
of
Terre
Co., 1st Mtge. 5s
Denver & Rio Grande Railroad
NOTICE
HYDRO-ELECTRIC
Erie
CORPOR¬
Rutland, Vermont.
Water
&
Light Co.,
1st
Santa
Fe
Cons.
Water
&
Light Co., 1st
Mtge. 4s
Spring Brook Water Supply Co., 1st
Mtge. 5s
•
Electric
Motor*
Co.,
Ref.
1st
Skg. Fund Gold Bonds 5s
ATION
Fe
Co., 20-Yr.
,
Mtge. Prior Lien 5s
Co.,
Cumulative Adj. 7% Gold
DIVIDEND
VERMONT
1st Gold 6s
Santa
Consolidated Light & Power Co. of
Whitehall, 1st Mtge. 5s
/
Lighting & Railroad Co.,
Mtge. 5s
Pine Bluff Natural Gas
Columbus London & Springfield Ry.
WILSON,
Secretary.
V;V.
Peekskill
1st
Columbia University Club, 5s
March 25, 1920.
The
W. S. Barstow Management
Association, Inc.,
Operating Managers
50 Pine Street, New York
&
Haute, 1st Mtge. 5s
and the Six Per Cent Non-Cumulative Preferred
Stock, to be paid on April 1st, 1920, to stock¬
holders of record at the close of business on
N.
Co.,
Railway Co.,
Mtge. 5s
7% Notes
Coal
Mtge. 5s
.
The
Board of Directors has declared the regular
quarterly dividend of One and One-Half Per Cent
on the Six Per Cent
Cumulative Preferred Stock
C.
Railway
Mtge. 5s
NOTICE
BINGHAMTON LIGHT, HEAT & POWER CO.
Binghamton, New York
March 25, 1920.
i
Mountain
1st
.
Tomkins Cove Stone
March 25, 1920.
The Board of Directors has declared the regular
dividend of One and Three-Quarters Per Cent
the Seven
Per Cent Cumulative Preferred
Stock of the Company, to be paid on April 1st,
1920, to stockholders of record at the close of
business on March 23, 1920.
Co., 1st Mtge.
6s
Fonda Johnstown & Gloversville RR.
Fulton
The Tri-City Railway & Light Co.,
*
1st Lien 5% Collateral Trust
Light, Heat & Power Co., 1st
Union Electric Co., Dillon, Mont.,
Mtge. 5s
1st Mtge. 5s
Gary Street Railway Co., 20-Year
Co., Cons. 6s
on
C.
N.
WILSON,
Deb. 5s
Secretary.
The
United
1st
Operating Managers
City Southern Railway Co.,
Mtge. 3s
Charles Whittemore
Navigation Cor¬
poration, 1st S. F. 7% Gold
Kingsport Utilities, Inc., 3-Yr. 6%
50 Pine Street, New York
DUE APRIL
Gold Notes
DIVIDEND NOTICE
Kingsport Utilities Inc.,
METROPOLITAN EDISON COMPANY
Reading, Pennsylvania.
March 25, 1920.
The Board of Directors has declared the regular
quarterly dividend of One and Three-Quarters
Per Cent on the Seven Per Cent Cumulative
Preferred Stock of the Company, to be paid on
April 1st, 1920, to stockholders of record at the
close of business on March 23, 1920.
C.N. WILSON,
Secretary.
Mtge.
1st
20-Yr. Gold 6s
Heat, Light & Power Co.,
Mtge. 5s
Marine
Operating
Co.,
Inc.,
General Gold Notes
French
American
Steamship Co.,
Inc., 1st S. F. Gold 7s, Series B
Marine
Operating Co.,
Mtge. S. F. Gold 7s
1st
Gold 6s
Co., 1st
DUE APRIL20TH,
Colorado
Springs
Mtge. 5s
Mtge. 5s
THE
NEW JERSEY POWER & LIGHT CO.
Dover, New Jersey.
March 25, 1920.
The Board of Directors has declared the regular
the
of
One
Seven
and
Per
Cumulative
be paid on
April 1st, 1920, to stockholders of record at the
on
1-Year
1920.
Electric
Co.,
1st
Three-Quarters
Cent
Preferred Stock of the Company, to
close of business
1st
7% Notes
Mtge. 5s
New London Gas & Electric Co., 2nd
on
Inc.,
Pacific Gas & Electric Co.,
New London Gas & Electric
DIVIDEND NOTICE
dividend
Mo.,
American Steamship Co.,
Inc., 1st S. F. Gold 7s, Series A
7%
Monterey Light & Power Co.,
50 Pine Street, New York
Cent
Springs,
French
1st
W. S. Barstow Management
Association, Inc.,
Operating Managers
Per
16TH, 1920.
City of Excelsior
Funding Bond
Lincoln
The
quarterly
Light & Rys. Co., 7% Se¬
cured Gold Notes Series B
Kansas
W. S. Barstow Management
Association, Inc.,
UNITED
March 23, 1920.
N. WILSON,
NO.
AMERICAN
GAS & ELECTRIC COMPANY.
PREFERRED STOCK DIVIDEND.
83.
The
A quarterly dividend of three per cent
C.
V
FRUIT COMPANY
DIVIDEND
Secretary.
Dollars
per
The
share)
on
the
capital
stock of this
Company has been declared, payable
Association, Inc.,
Operating Managers
on
1920,
W. S. Barstow Management
the
to stockholders
business
March
50 Pine Street, New York
20,
JOHN
of record
(Three
at
April 15,
close
of
W.
DAMON, Treasurer.
Per
New York, March 11, 1920.
quarterly dividend of One and
Cent
(1 H%)
PREFERRED
on the issued and
Capital Stock of
Company has been
declared, for the quarter ending April 30, 1920,
outstanding
American
Gas
&
Electric
1920, to stockholders of record
the Company at the close of
17, 1920.
FRANK B. BALL, Treasurer.
payable May 1,
on
1920.
regular
One-Half
the
books
of
business April
DAY & ZIMMERMANN, Inc.
Managers—Engineers
LIMA LOCOMOTIVE WORKS,
INCORPORATED.
30 Church Street,
611-613 Chestnut Street
Philadelphia, Pa.
Board
The
of Directors
March 26th, 1920.
of the Penn Central
Light & Power Company have declared a dividend
Eighty Cents (80c.) on the PREFERENCE
SHARES,
dividend
Number
One,
payable
April 1st, 1920, to stockholders of record at the
close of business March 26th, 1920.
JOHN
E.
ZIMMERMANN,
of
Treasurer.
Office
New York.
\
March 25th, 1920.
The Board of Directors has declared a quarterly
dividend of One and Three-Quarters (1X %) Per
Cent upon the Preferred Stock of this Company
for
the
three
months
CO.,
&
March
31st,
1920,
DIVIDEND
STOCK
ELECTRICAL SECURITIES CORPORATION
ending March 31, 1920, has been
declared, payable April 15, 1920, to the preferred
stockholders of record at the close of business
April 6, 1920.
A.
A.
LARSEN,
Secretary & Treasurer.
E.
SMITH, Treasurer.
Livingston Refiners Corporation
Managers,
March 26, 1920.
STOCK.
The quartfrly dividend of 2% upon the Com¬
mon stock of Winnsboro Mills has been declared,
payable April 1, 1920, at the office of the Com¬
60 Federal St., Boston, |Mass., to all
pany,
stockholders
March
26,
of
record
at
the
close
of business
1920.
WINNSBORO
MILLS.
HENRY C. EVERETT, JR., Treasurer.
CRUCIBLE STEEL COMPANY OF AMERICA.
Pittsburgh, Pa.,
idarch
DIVIDEND NO. 4—A dividend of Three Per
dosed
Checks will be mailed.
The
quarterly
Prefeired
stock
dividend
of
of
1%%
Winnsboro
Mills
upon
the
har
been
declared, payable April
1, 1920, at the office of
the
transfer
agents,
the New England Trust
Company, Boston, Mass.. to all stockholders of
record at the close of business March 26, 1920.
WINNSBORO MILLS.
HENRY C. EVERETT, JR., Treasurer.
GENERAL CHEMICAL
An
extra
dividend
of twenty per
cent
(20%)
this day declared upon the common stock of
the Company, payable in common stock at par
and after May 1, 1920, to common stock¬
on
holders of record March 31, 1920.
LANCASTER MORGAN,
INTERNATIONAL PAPER COMPANY.
New York, March 31st, 1920.
The Board of Directors have declared a regular
quarterly dividend of One and One-Half Per Cent
(1}4%) on the Preferred capital stock of this
Company, payable April 15th, 1920, to Preferred
stockholders
of
record
at
the
usual
quarterly
dividend
of Two
(2%)
Per Cent has been declared on the Preferred stock
of this corporation, payable April 10, 1920, to
stockholders of record of April 1, 1920.
Checks
will be mailed by the transfer agent—The Guar¬
anty Trust Company.
Herman
Livingston,
Treasurer.
close
of
Philadelphia. March 10. 1920.
,
The Directors have tnls day declared a quar¬
terly dividend of Two Per Cent ($1 per shwe),
payable April 16, 1920, to stockholders of record
at the close of business March 31, 1920.
Checks
will
be
mailed.
I. W. MORRIS, Treasurer.
business
April 9th, 1920.
OWEN
SHEPHERD, Treasurer.
SALE OF THE CONTROL
COMPANY.
^5 Broad St., New York, N. Y., March 19, 1920.
was
Secretary.
Managers
STOCK
The
Office of The United Ga* Improvement Co.
N. W. Corner Broad and Arch Streets
H. F. KRESS,
GREENE
&
CO.,
Boston, Mass.
/PREFERRED
16, 1920.
Cent (3%) has been declared out of undivided
profits, upon the Common Stock of this Company,
payable April 30, 1920, to stockholders of record
April 15, 1920.
The Transfer Books will not be
Office of
LOCKWOOD,
40.
for the quarter
Boston, Mass.
COMMON
NO.
The quarterly dividend of one and one-quarter
(1 H%) per cent on the Preferred Stock of the
fer books do not close.
of
GREENE
ended
payable May 1, 1920, to stockholders of record
at the close of business on April 15, 1920.
Trans¬
L.
LOCKWOOD,
ELECTRICAL UTILITIES CORPORATION.
71 Broadway, New York.
PREFERRED
Treasurer.
Inspiration
Consolidated
Copper Company.
In Banks and Corporations
declared a dividend
$1 50 per share, payable Monday, April 26,
1920, to stockholders of record at 3 o'clock Pr-M.,
Friday, April 9, 1920.
J. W. ALLEN. Treasurer.
New York, March 25, 1920.
negotiated
confidentially.
The directors have this day
of
JACOB BACKER, FINANCIAL
Pioneer Bldg.
BROKER
ST. PAUL. MINN.
>
THE
XXII
CHRONICLE
[VOL
110
Jftnancfal
Acceptance Credits for Importers
Through
Acceptance Credit
an
arranged with this
Corporation
Importers
countries
the
ing
may
on a
purchase merchandise in foreign
time credit basis, and yet meet
requirements of the foreign sellers by effect¬
them
to
payments
surrender
upon
of
shipping documents.
Foreign Credit Corporation
57
LIBERTY STREET, NEW
YORK
Acceptors
and International Bankers
CAPITAL $5,000,000
Both
SURPLUS, $1,000,000
Fully Paid
Under Supervision of Federal Reserve Board
TO
We
Four Per
SAN ANTONIO,
TEXAS, SCHOOL 5% BONDS
Dated
July 1,1919.
No Option.
Due July 1, 1939-54.
issue, $250,000.
Coupon bonds, denomination $1,000. Interest
payable, January 1 and July 1.
Principal and interest payable in
New York City.
_$175,000,000
valuation^ 1918_
130,358,660
Total bonded
debt, including thisissue__ $1,569,000
sinking fund
213,622
Net debt
NET
DEBT
1,355,378
Population, officially estimated, 150,000.
THAN 1H% OF ASSESSED VALUATION
LESS
Price—100 and accrued interest.
Complete descriptive circular B F 59 furnished upon request*
Mercantile Trmst Company
>
Member Federal
U.&Governmeni
Supervision
•
Jtoserre System
MISSOURI
ST_LOUIS
Cent. First
Due
Mortgage
May 1,
i
1920, of
Central Vermont
FINANCIAL STATEMENT
Real valuation
Less
THE
OF
Gold Bonds
Total
Assessed
HOLDERS
offer, subject to prior sale,
Railway Company
In view of the maturity on May 1,1920. of the
above-mentionedl Bonds, the Undersigned, holding
and representing a\large amount of the Bonds and
believing it of great importance that the holders
of the Bonds should be in position for prompt and
concerted action in order most speedily to realize
thereon, have consented to act, without charge to
the depositors for their services, as a
for the protection of the interests
The
holders
of
said
Bonds
Committee,
of such holders.
are
urgently
re¬
quested to deposit their Bonds, without the May 1
1920 coupons, under • Deposit Agreement, dated
March 5, 1920, now on file in the office of the
Depositary, ON OR BEFORE APRIL 5, 1920,
THE EQUITABLE TRUST COMPANY
OF NEW YORK, 37 WALL STREET, NEW
with
YORK CITY, the Depositary under said agree¬
ment, which will issue its negotiable certificates
of deposit
with
FRANK M. BARTLETT and ROBERT
take
D.
GORDON
pleasure in announcing their Association
under the firm
name
Deposits may also be made
therefor.
AMERICAN
STATE
TRUST
COMPANY.
60
STREET. BOSTON, the Agent of the
Depositary. Copies of the Deposit Agreement
may be obtained upon application to either the
Depositary or its Agent.
Dated, New York, March 6, 1920.
of
HENRY E. COOPER.
S.
BARTLETT & GORDON,
,
to deal in
E.
KILNER,
HUNTER
Inc.,
E.
S.
MARSTON,
C. SMITH,
PHILIP STOCKTON,
high grade
,
ALBERT TUTTLE,
Committee.
INVESTMENT BONDS
,
79 West Monroe Street
CHICAGO
LLOYD CHURCH, 24 Broad Street, New
York City,
Secretary.
HORNBLOWER. MXLLER.QARRISON
&
POTTER, 24 Broad Street/New
York City, Counsel.
APR. 3
1920.]
THE
CHRONICLE
xxm
CHARTERED
jew
Uarli
IN
1830
Jus. mxft <gmst <Sw.
52
Grants Annuities.
WALL STREET,
NEW YORK
Accepts Trusts created by Will
Manages Property
Agent for the
as
or
Otherwise.
Allows interest
owners.
on
deposites payable after ten days' notice. Legal depository
for Executors, Trustees and Money in Suit
Accepts only Private Trusts and Declines all
Corporation
other PublicTrusts
or
TRUSTEES
Frederio W. Stevens
Cleveland H. Dodge
Howard Townsend
Stuyvesant Fish
Thomas
Eugene Delano
Alfred E. Marling
Nicholas Biddle
Moses Taylor
Stephen P. Nash
Lewis Spereer Morris H
Joseph H. Choate, Jr.
Edmund L.
#
Baylies
Denny
Lincoln Cromwell
Henry A. C. Taylor
Henry Parish
^
William
Columbus O'D. Iselin
Paul Tuckerman
Edward M. Townsend
W Emlen Roosevelt
Walter Kerr
Edward J. Hancy
WALTER KERR,
HENRY PARISH, 1st Vice Pres.
IRVING
L.
ZEGER W. VAN ZELM, 2d Vice Pres.
8. M.B. HOPKINS. 3d
The public
Cruikshank
President
JOHN O. VEDDER, Asst.
^OE„ Secretary.
J. LOUIS VAN ZELM, Asst.
Vice Pres.
M.
Secy.
ALGERNON J. PURDY, Asst. Secy.
WILLIAM B. AUSTIN, Asst. Secy.
Secy.
appreciates its separate corporate existence at its only office, No. 52 Wall
Street, where for
over
90
years
it has served its clients under its special charter in the
capacities specified above.
Swiss
Bank
Corporation
1872.
Established
Salomon
Members
Zurich,
Basle,
St.
Geneva,
Bros. & Hutzler
of
John
La Chaux-De-Fonds
OFFICE
43, Loth bury, E. C. 2.
END
Stock
Exchange
OFFICE
Congress Street
BOSTON
35
Tel.
6300
We have
WEST
York
YORK OFFICE
27 Pine Street
Tel.
tic.
New
NEW
Gall, Lausanne
LONDON
House of
Discount
prepared,
a
Main
5220
list of
Short Term1 Securities
BRANCH
Regent St., Waterloo PI., S. W. 1
Capital Paid-Up
Surplus
-
Deposits
•
-
maturing from one to five years,
yielding from 6% to 8.40% per
$20,000,000
-
$0,200,000
•
-
annum,
we
feel combine
Security of Principal
Ready
Marketability
The
Corporation with its London
Offices and extensive American and
Continental
which
$105,000,000
connections
can
un-
Profitable
dertaka every description of bank,
Yield
ing business between America and
Switzerland
as
of
Continent
well
Europe
favourable terms.
and Bankers
make
use
poration
as
the
on
whole
the most
Copies sent
on
request.
American Banks
cordially invited to
of the facilities the Cor¬
can
are
place at their disposal.
Please write for our Financial and
Commercial Review
1919.
National Bank
Public
Utiliti.es in
growing communi¬
ties operated and
in
of
Gommerce
New York
financed.
<| Their securities
offered
-
to
investors.
Middle West
'Utilities Co.
'
Suite "No. a500
•
72
y
>
West ^ Adams
St.
CHICAGO, ILLINOIS
Capital Surplus and Undivided Profits
Over Fifty-five Million Dollars
chronicle
the
xxrr
[VOL. 110
^financial
A New York Transfer Agent
and
New York is the
Registrar
•
v
includes
relieving the issuing
corporation of much detail in
greatest se¬
curity market of the country.
A
company which wishes to
connection with the
establish its securities in this
either cash
great market must
facilities for their
We
provide
their immediate transfer
and
delivery.
done with
This
efficiency,
can
be
economy, through our
Transfer and Registration
If your
ing
a
trar
The
special facilities and ex¬
perience of these departments
to
render
advantage of hav¬
transfer agent and regis¬
in the
center,
country's financial
in connection with a
new
or
existing issue of securities,
a
pleasure to discussyour problems with you.
it will be
most
a
desires to
company
consider the
Departments.
us
serve
of the
country.
accuracy
and
enable
paymentof
stock dividends.
or
many corporations,
large and small, having their
headquarters in various parts
registration
and
i
comprehensive service, which
Guaranty Trust Company
of New York
140
Fifth
Avenue
Fifth Avenue &
Office
43rd Street
Broadway
Madison
Avenue
Office
Capital & Surplus $50,000,000 Resources
The legal requirements before advertising
Government,
MINING STOCK
In
Massachusetts,
"Blue Sky Laws
are
given In
our
Grand Street Office
Madison Avenue & 60th Street
publication
Public
It also covers each of the
thirty-nine other States of the United States
which have adopted
.
268
over
Grand
Street
$800,000,000
Railroad
Municipal,
Utility
Industrial
Investment Bonds
BLUE SKY LAWS
Price $4.00
*******
Value of 714% COUPON SECURITIES
(also coupon rates from 4 to 8 inclusive,
progressing by 14%).
From 6% to 15%
yields covering maturities 6 months to 30
years, are given in our
A. B. Leach & Co., Inc.
Investment Securities
HIGH YIELD TABLES
OF BOND VALUES
62 Cedar
Price $6.00
Philadelphia
Boston
Buffalo
Cleveland
Minneapolis
Baltimore
Scranton
Pittsburgh
Detroit
Milwaukee
ffittxttcial ^viblisMua (£a.
St., New York
105 So. La Salle St., Chicago
17 Joy Street,
Boston, Mass.
Illinois Trust & Savings Bank
llollister.White & Co.
La Salle at Jackson
Investment Securities
92 CEDAR
Capital and Surplus
•
Chicago
-
$15,000,000
•
STREET, NEW YORK
Boston
Philadelphia
Pays Interest
on
Time
Deposits, Current and Reserve
W. H.
•
Goadby &Co.
Members New York Stoc k
NO. 74 BROADWAY
Exchange
NEW YORK
Accounts.
change.
Deals in
Transacts
Foreign Exa
Has
on
hand at all times
cellent securities.
a
variety of
ex¬
Buys and sfells
Gpvernpient, Municipal and
General Trust Business.
Corporation
Bonds.®
Apb. 3
1920.]
THE CHRONICLE
XXV
financial
The Swift Year Book is Out
Send for
Swift & Company was a favorite
Committees investigated
many
Your
Copy
topic of conversation last year.
it, commissions "'tacked it, lawmakers
threatenea it,
condemned it.
Presently people began to think about it; began to realize that Swift & Company
was
performing
it could be done
a necessary
as
service in a big, efficient way, began to wonder whether
well in any
other
Read what Swift & Company
way.
did last
year,
and what it meant to you, in the
Swift & Company Year Book, just issued.
It's
you.
a
fascinating narrative—simple facts in simple words.
There is one ready for
Send for it
Address Swift and Company
4241
Packers Avenue, Union Stock Yards,
Swift & Company,
Chicago, Illinois
U.S. A.
THE CHRONICLE
XX YI
[VOL. 110
JFimntial
.-~-£T=F
MM
Bank of the Manhattan
/7S//
Wall Street
Company
1799
.
I9
Effective March 29th—the Consolidation of
the Bank of the Manhattan Company and the Merchants'
ONE hundred and twenty-one years of bank¬
ing progress
symbolized in the
are
of these
two
great
the world for their
sound
merger
Houses—famed throughout
long and honorable career of
banking in behalf of
commerce
and in¬
Bank
common
ground in the same conservative bank¬
ing principles—the same ideals of progressive
service to the City and the Nation.
So
long ago as 1918, the Bank of the Manhat¬
Company acquired the Bank of the Metropo¬
lis—thereby enlarging its facilities by an estab¬
lished office on Union Square.
In January, 1920,
it acquired also the Bank of Long Island, with
its offices in Long Island City, Jamaica,
and
eleven other industrial centers of Queens County.
tan
dustry.
The Bank of the Manhattan
Company
was
established in 1799, with a capital of $2,000,000;
the Merchants' Bank in 1803, with a
capital of
$1,250,000.
|
Today, the capital, surplus and undivided
profits of the consolidated Institution is about
$20,000,000, and its total
$200,000,000.
resources
more
than
-s
By the merger now completed, each constituent
Bank finds in the other the necessary comple¬
ment
for
new
a
era
of
progressive service—en¬
to the clients of the enlarged Bank of the
Manhattan Company a still higher usefulness,
under the personal direction of the same officers
suring
Though founded under the auspices of men so
opinion as Aaron Burr and Alexander
diverse in
Hamilton, these two Banks from the first found
as
before the consolidation.
Bank of the Manhattan
Company
40 Wall Street
STEPHEN
BAKER
'
.
RAYMOND E.JONES
"President
First Vice-President
BOARD OF DIRECTORS
G.HOWLAND LEAVITT
J.E.ALDKED.
STEPHEN BAKER
B. H. BORDEN
MICHAEL FRIEDSAM
WALTER
JENNINGS
RAYMOND E.
JONES
HENRY K.MCHARG
GEORGE McNEIR
ARTHUR G. MEYER
JOHN C. MOORE
CHARLES E. POTTS
SAMUEL SLOAN
WILLIAM SLOANE
JAMES SPEYER
CARL F. STURHAHN
WILLIAMS. TOD
GEORGE ZABRISKIE
APB. 3
XXYII
THE CHRONICLE
1920.]
.
jfitiatuial
$2,000,000
\
i'- vr"':
Rockwood &
Company
8% Cumulative Preferred Stock
Preferred
198
as
to
Assets
and Dividends
Payable 2% Quarterly, January 1, April 1, July 1, October 1.
Dividends
CAPITALIZATION
Authorized
'
»
From
pany, we
TRUST
NEW
COMPANY,
YORK,
Registrar
a letter, on file with us, written by Mr. Wallace T. Jones, President of Rockwood & Com¬
summarize the following strong investment features of this issue:
BUSINESS
Rockwood & Company, established in 1886, is one of
of
$3,300,000
40,000
$4,000,000
40,000
8% Cumulative Preferred Stock (Par $100)
Common Stock (no par value) shares
GUARANTY
Outstanding
Including this issue
the three largest manufacturers and refiners
Chocolate, Cocoa and Cocoa Butter in the United States.
The Company's plant, located at Wash¬
ington, Park and Waverly Avenues, Brooklyn, N. Y., at present contains over 350,000 square feet,
or more than 8 acres of floor space, with large additions nearing completion.
The manufacture and sale of Chocolate, Cocoa and Confectionery is one of the large and rapidly
growing American industries.
In addition to the normal annual expansion, the enactment of Prohibi¬
tion Laws is greatly increasing the consumption of these products, and there is every reason to believe
that the sales and consumption of chocolate and confectionery in 1920 will break all previous records.
SALES AND EARNINGS
Company have shown a remarkable increase from $2,769,241.90 for the year 1915,
to $12,797,034.33 for the year 1919 or a gain of 650% in the past five years.
This increase is graphi¬
cally shown in the following comparative statement of sales and profits:
Gross Sales
Net Earnings
Gross sales of the
1915
,
-V
$2,769,241.90
$237,089.85
1916
3,622,248.66
217,789.93
1917
5,525,509.15
7,906,483.05
12,797,034.33
420,547.85
506,429.70
,
;!
1,508,655.15
ending December 31, 1919, Net Earnings after very liberal maintenance and
depreciation charges but before Federal taxes, averaged $578,102.49 annually.
For the three years ending December 31, 1919, Net Earnings averaged $811,877.56 annually, or
more than 3.3 times the Preferred dividend requirements including this issue.
For the year 1919, after deducting $505,764.31 for depreciation and maintenance, Net Earnings
were $1,508,655.15, or nearly 6 times Preferred Dividend requirements.
Alter full allowance for Preferred dividends, remaining Net for 1919 was equivalent to $1,244,655.15
for the outstanding 40,000 shares of Common stock, or $31.12 per share.
For the five years
ASSETS
the completion of this financing will have Net^ Quick Assets alone of $3,960,755.56, equivalent to $120 a share for the outstanding Preferred stock including this issue.
Without giving effect to recent appraisals which show actual values of Real Estate, Buildings
and Equipment considerably in excess of the amounts at which these items are carried in the Company's
Balance Sheet, Total Net Assets, after deducting all liabilities and Tax Reserves, are $4,651,038.53.
The Charter of the Company, among other restrictions safeguarding the Preferred stock, provides
that 25% of the earnings applicable to the Common stock shall be set aside to maintain at all times
surplus assets of $1,000,000 in excess of all outstanding liabilities and Preferred stock.
The Company after
Proceedings relative to the authorization of this preferred stock have been approved by Sherman & Sterling.JEsqs., whose j
opinion Is on file with the Bankers and Herman Goldstein, Esq., Attorney for the Company.
-n,
Books and accounts of the Company have been audited by Messrs. Ernst & Ernst, New York, and Frederick Eugene
Reeve, New York, Certified Public Accountants.
We
to
own
and offer ROCKWOOD & COMPANY
prior sale, and reserving the right to
$100
a
8% Cumulative Preferred Stock, subject
allot
a
smaller amount than
applied for, at
share, to yield 8%1
Hollister,White & Co.
INCORPORATED
92 Cedar
Street, Cor. Trinity Place
NEW YORK
50
Telephone Rector 3901
Congress Street,
North
American
contained In this offering, while not guaranteed, have been
regard as accurate and reliable and upon which we have acted in the
All statements
which
we
V
Bldg.,
PHILADELPHIA, PA.
BOSTON, 9, MASS.
'V
purchase of this issue.
JJ
,
I
3
Y
THE CHRONICLE
xxvin
[VOL. 110
financial
The
the
property is located in
established
financial
dis¬
trict of the City of New York
and possesses unrivaled transit
facilities.
direct
and
nue
The
vated
seven
building affords
to the Sixth Ave¬
access
Ninth
lines,
of
Avenue
and
New
York's
transportation arteries
ways,
elevated
lines—receive
at
sengers
and
or
or
Ele¬
altogether
main
—
discharge
close
sub¬
surface
by
pas¬
the
building.
$3,000,000
Two Rector Street
Corporation
(United States Express Building—NEW YORK)
First
Dated April 1,
Mortgage 15-year 6% Sinking Fund Gold Loan
19S0
/
Due April 1, 1935
Interest payable semi-annually April 1 and October 1.
Coupon In form in denominations of $1,000 and $500 with privilege of
registration of principal.
Interest payable without deduction for Federal Income Tax
up to 2%.
Title insured by TITLE GUARANTEE & TRUST
COMPANY, New York.
Plot 18,000 Square Feet—23
Story Fireproof Office Building—Rentable Area 265,000 Square Feet
Fully Rented—Fully Insured—Loan for less than 2-3 Appraised Value—Absolute closed First
Mortgage—Mortgage
In
contains Strong Sinking Fund Provisions providing for reduction of the loan
the opinion of
counsel,
legal investment for
funds under
trust
the laws of the State of New York
The loan is offered if, as and when issued and delivered to
approval of all legal matters by counsel.
Delivery
on or about
us
and
subject to
April 1, 1920, in
temporary form exchangeable for securities in permanent form when prepared.
Price, 100 and accrued Interest, yielding 6%
Complete circular
upon
The National City
request
Company
National City Bank Building, New York
Uptown Office, Fifth Avenue & 43rd St.
Correspondent Offices in
The above statements
which
we
regard
as
are
based
reliable.
on
We
more
than fifty Cities
Information derived from official sources,
do not
guarantee, but believe
them
to
or
those
be correct.
Apr. 3
1920.]
THE CHRONICLE
XXIX
1/
NEW ISSUES
A
5% FEDERAL INCOME TAX EXEMPT BOND
AT 98
AND
YIELDING 5.25%
INTEREST
$600,000
City of Birmingham, Ala.
5% Gold
Dept.
Due Dec.
1, 1919
Dated Dec.
$500,000 Auditorium Bonds
100,000 Fire
Bonds
1, 1929
Due April 1, 1930
Dated April 1, 1920
Bonds
Principal and semi-annual interest June 1st and December 1st payable in gold at the
Hanover National
Bank, New York, N. Y.
lege of registration
as
Coupon bonds with privi¬
to principal and interest, either or both.
Denomination $1,000.
Exempt from all taxation
Eligible to
secure
Postal Savings Deposits
FINANCIAL
Assessed
Valuation,
Less
"
STATEMENT
$106,574,556
1919
Total Bonded Debt
v
in the State of Alabama
$9,936,500
(Incl. this issue).
$155,000
Water Bonds.
Sinking Fund.
...
I...
792,970
;
947,970
8,988,530
Net Debt
Value of property
owned by city
$5,336,880
...
Population 1910 (U. S. Census), 132,685
a
1919
"
(City
) 231,577
BIRMINGHAM, the Metropolis of Alabama, is one of the most important
in the world and the
entire South.
facilities
Its
many
other industries
afforded the City by 10
are
has increased
steel centers
largest manufacturer and shipper of lumber products in the
75% during the last 9
are
diversified. Excellent transportation
railroads.
The population of Birmingham
years.
Legal Opinion of John C. Thomson, Esq.
Having sold
a
large part of the above bonds we
offer the unsold balance subject to prior sale.
1
'
.
Definitive bonds will be
*
ready about April 12tb
Send for circular C-90
R. M. GRANT & CO.
31
s
Nassau Street New York
Portland, Me.
St. Louis
Boston
The data and statements in this advertisement were
information
which
we
regard as
reliable,
obtained from official reports or are our opinion,
and while
Chicago
based upon
they are not guaranteed, we believe them to be correct.
[Vol. 110.
THE CHRONICLE
.
- 11
r
Jffnantial
April Investment Offerings
Underlying Railroad Bonds
*
"
.
;V-'.
v:
•'
■
Due.
Yield.
Central Railroad of New Jersey General Mtge.
Registered-5s
n-m-c
1987
5.05
Pennsylvania RR. Co. Consolidated Mortgage
4s
n-m-c
1943
5.20
Chicago & North Western Ry. Co. General Mortgage
4s
n-m-c
1987
5.35
_.4s
n-m-c
1997
5.35
5s
n-m-c
1938
5.40
4s
n-m-c
2008
5.55
(assumed by Pa. RR. Co.) lst----4s
n-m-c
1928
5.55
5.65
Northern Pacific
Northern
Ry. Co. Prior Lien_
Ry. of California (So. Pac. System) 1st
Union Pacific RR. Co. 1st Lien &
Western Penn. RR. Co.
Refunding
Atlantic Coast Line RR. Co. 1st Consolidated-
—4s
n-c
1952
Southern Pacific RR. Co. 1st
__4s
n-m-c
1955
5.70
Refunding
Pacific RR. Co. of Missouri (Mo. Pac.) 1st Extended
4s
Minneapolis St. Paul & Sault Ste. Marie 1st ConsoL
4s
Ches. & Ohio RR; Co., Richm. & Allegheny Div. 2nd.
Western N. Y. &
Wabash
1938
5.85
1938
5.90
4s
1989
5.90
Pennsylvania RR. Co. (Pa. RR. Co.) lst-5s
1937
5.90
5s
1939
5.95
__4s
1949
6.00
1938
6.00
1963
6.00
1996
6.05
4s
1949
6.35
.-4s
1929
6.40
Railway Co. First
-
Central Pacific Ry. Co. First
Pacific RR. Co. of Missouri
Refunding--
(Mo. Pac.) 2nd Extended
South & North Alabama RR. Co.
Southern
-
5s
(L. & N.) Gen. Cons
....
5s
Railway Co.—Memphis Division First
Wisconsin Central
n-m-c
5s
Ry. Co. 1st General
Colorado & Southern Ry. Co, 1st
---_
N—Legal Investment for Savings Banks & Trust Funds in New York
M—
We
own
"
44
44
44
O—
44
44
14
44
and
"
44
44
44
44
"Massachusetts
44
44
44
44
Connecticut
offer, subject to prior sale and change in price, these high-grade
underlying railroad bonds.
This
list illustrates
the
unusual
values
afforded
by the existing low level of bond prices.
Orders may be
telegraphed at
our expense.
edmandaCo.
Members New York and
33 Pine
Street, New York
I
Pittsburgh Stock Exchanges.
Union Arcade Bldg., Pittsburgh
;
Private Wires to Philadelphia, Pittsburgh, Providence, Hartford and Boston.
/
'
-
-111
■
/p TV.
yommtrtia
INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers' Convention Section
State and
VOL. 110.
Railway Section
City Section
NO. 2858
SATURDAY, APRIL 3, 1920
Week ending March 27.
Jlxc Clirouicljc
Clearings at—
1920.
PUBLISHED WEEKLY.
|
Terms of
0 00
For Six Months
European Subscription (including postage)
European Subscription six months (including postage)
Canadian Subscription (including postage)
13 50
7 75
$11 50
of the fluctuations in the rates of exchange,
account
remittances for European
subscriptions and advertisements must be made
In New York funds.
Chicago
638,662,459
489,845,937
Cincinnati
67,096,679
126.910,648
123,686,084
34,500,000
16,638,000
13,206,100
14,007,274
5,200,000
7,063,083
4,754,661
5,047,384
2,302,178
2,441,289
63,001,172
Cleveland
Detroit
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Subscription includes following Supplements—
State and City
(semi-annually)
Electric Railway (semi-annually)
Bankers' Convention (yearly)
(semi-annually)
Terms of
Dayton
Evansvllle
Springfield, 111—
Fort Wayne
Advertising—Per Inch Spav:e
Transient matter per inch space (14 agate lines) for
Business Cards, twelve months (52 times) per inch
"
"
six months (26 times) per inch
Lexington
each insertion.... $6 30
175 00
100 00
Chicago Office—39 South La Salle Street, Telephone Majestic
B.
DANA
3,500,000
Youngstown
3,938,742
2.834 307
Rockford
Bloomington
Decatur
morning by WILLIAM B. DANA COMPANY.
Jacob Selbert Jr., President and Treasurer; Arnold G. Dana, Vice-President and
Secretary.
Addresses of both. Office of the Company.
every
Saturday
Bend
Mansfield
Danville
Jacksonville, 111..
Lansing
Lima
1,981 625
12,618,000
9,678.300
+ 31.9
10,334,394
+ 36.7
4,412,714
3,954,218
+ 17.8
+ 35.2
+78.6
+48.2
+ 32.3
+ 16.2
1,210,802 + 101.6
+40.0
2,500,000
+ 10.2
3,572,737
+47.7
1,918,548
+ 28.4
1,643,616
3,208,543
59,464,111
48,388,152
21,684,601
10,573,620
10,578,500
9,087,831
5,200,000
3.741,032
3,242,023
2,547,819
1 838,417
1,542.904
580,302
2,918,653
1.525,708
1,161,181
1,155,762
6,349,000
3,153,924
904,033
966,656
+ 88.0
+60.6
1,194,163
713,108
+ 10.5
767,959
503,907
688,872
330,135
687,860
—4.4
933,008
+83.8
538,525
346.924
Adrian
37,553,384
1,247,762
1,248,579
3,282,840
2,095,049
1,512,804
1,437,599
4,768,000
4,028,052
1,146.845
1,086,338
1,000,000
842,396
816,249
461,225,153
2 200 000
+ 16.5
930,772
562,104
Ann Arbor
made up by telegraph, &o., Indicates that the total bank
3,816,937
29,618,618
+80.8
+ 58.6
Owensboro
CLEARING HOUSE RETURNS.
The following table,
1917.
1918.
504,398,316
56,848,828
68,150,762
51,059,198
27,082,005
12,727,000
8,967,600
9,029,481
5,441,165
5,241,636
3,663,201
3,229,402
+ 52.2
1,470,388
6,942,000
3,370,284
1,179.796
1,093,109
910,842
1,093,510
1,538,828
1,712,138
1,504,122
Springfield, Ohio
South
+ 30.4
+ 26.6
83,375,838
68,421.021
1,715,102
1 500,000
Canton
COMPANY, Publishers,
2,120,586
2,331,327
12,467,000
5,462,021
1,730,331
Akron
Front, Fine and Depeyster Sts., New York,
Published
....
Qulncy
7396.
London Office—Edwards & Smith, 1 Drapers' Gardens, E. C.
WILLIAM
,
Grand Rapids
Railway and Industrial
Bank and Quotation (monthly)
Railway Earnings (monthly)
Dec.
%
.$10 00
For One Year
NOTICE.—On
1919.
Subscription—Payable in Advance
+ 79.6
+ 62.1
+40.7
+40.7
•
935,223
00
750,000
778,751
700,
+38
1,086,072
1,209,031 —31.7
+ 80.0
298,989
116,432 + 198.3
703,545
550,000
620,913
379,833
82,092
375,348
96,152
clearings of all the clearing houses of the United States for the week ending to-day
have been
$8,796,859,145, against $8,863,803,943 last week and $7,258,052,847 the
Tot. Mid. West
1.107.064,917
806,336,735
+37.3
786,002,711
700,349,023
154,495,765
71,262,000
41,802,448
107,758,666
+43.4
73,485,497
27,668,100
18,333,702
13,807,493
11,777,704
5,071,786
2,136,713
corresponding week last year.
San Francisco...
Per
Clearings—Returns by Telegraph.
Week ending April 3.
Chicago
1920.
1919.
$4,422,264,179
550,155,468
295,301,433
305,327,458
♦215,000,000
New York
$3,529,625,346
Cent.
Los Angeles...
Seattle
Salt Lake City..
Spokane
Tacoma
$6,375,912,281
1,050,467,902
+ 21.0
$6,157,959,833
1,100,093,014
+ 20.6
Kansas
+24.6
Minneapolis
$8,796,859,145
Kansas City..
$5,267,496,916
890,462,917
$7,426,380,183
1,370,478,962
Boston..
355,056,573
271,660,714
157,343,036
122,305,340
95,488,530
107,223,781
70,281,702
46,608,971
72,676,242
—16.8
143,367,319
128,072,488
103,054,826
♦99,000,000
58,621,464
55,367,646
Philadelphia..
$7,259,052,847
+ 21.2
St. Louis
San Francisco.
Pittsburgh
Detroit
Baltimore
New Orleans..
Eleven cities, 5 days
Other cities, 5 days
Total all cities, 5 days
All cities, 1 day
+ 12.4
+ 36.6
+ 17.2
+ 34.1
—3.9
+40.9
+ 25.8
—23.8
Oakland
Sacramento
2,452,281
5,611,100
4,504,102
1,8Q6,595
1,721,279
2,203,189
791,862
2,623,304
San Diego
Stockton......
Fresno
San Jose
Yakima
Pasadena
Reno
+ 12.9
Long Beach
St.
St.
will be given next Saturday.
We cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence In the above the last day of the week has to be In
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending March 27 show*
The full details for the week covered by the above
-
Inc. or
1919.
1920.
1918.
Dec.
1917.
Joseph
+45
4,979,732,067 3,434,749,239
395,296,500 +13
449,828,432
Philadelphia
+33
132,740,912
176,700,209
Pittsburgh
+ 19
Baltimore
67,468,737
80,476,706
18,089,801 + 142
Buffalo
43,903,866
+ 26
13,956,236
17,623,605
Washington.....
4»
4,000,000
3,819,507
Albany
+ 61
6,156,659
Rochester.....
9,722,714
+47
3,409,785
.Scran ton
5.013,597
3,971,145
3,249,816 + 22
Syracuse
+ 13
2,290,785
2,600,000
Reading
+ 41
2,700,060
3,807,802
Wilmington...
+ 16
2,450,499
WUkes-Barre
2,865,973
+9
4,625,685
5,040,474
Wheeling
2,869,071 +22
Lancaster
3, .500,000
+ 41
Trenton
2,311,078
3,263,696
+ 24
1,283,905
York
1,653,640
+38
Erie
1,725,873
2,383,648
647,900
+73
1,123,900
Blnghamton
+ 39
1,013,648
1,412,921
Greenaburg
York
3,154,350.446 1,086,868,125
Lincoln
Topeka
..
,
,
Montclalr
1,320,536
+ 28
1,122,951
828,868
299,168
+ 15
+ 87
522,931
315,279
Total Middle.. 5,801,661,010 4,003,514,701
Boston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
Fall River
New Bedford..,..
Holyoke
Lowell
Bangor
Tot. New Eng.
354,868,047
11,872,500
9,286,386
4,916,340
4,800,000
2,400,000
3,753,584
2,703,221
2,051,698
925,000
1,143,739
650,000
399,370.515
/
+44.9 3.624.138,592 3,564,245,623
+ 28.7
4,967,230
—1.0
+ 43.8
+ 35.6
3,150,795 +52.3
+ 12.1
2,140,000
+ 36.2j
2,755,519
1,296,332 + 108.6
+43.9
1,425,448
654,924
+41.2
812,663
+40.7
553,435
+ 17.5
+ 29.1
265,543,860
10,086,700
6,483,923
3,690,239
3,466,812
2,000.000
2,988,661
2,032,078
1,709,498
667,847
1,014,077
637,596
3a0.321.2911
216,727,027
9,156,000
9.736.279
4.351.280
3,656,566
2,155,420
2,994,806
1,942,529
1,347,671
790,328
887,723
515,912
234,261,541
1,870,787
500,000
526,290
379,359,493
+40.5
381,954,486
260.820,930
165,000,000
65,051,918
11,800,000
29,593,108
5,700,000
62,727,116
19,283,024
25,500,000
63,548,506
10,833,854
21,874,600
9,913,928
19,654,599
6,657,897
12,642,365
2,436,445
2,924,696
11,924,557
9,332,075
5,562,091
12,476,297
7,515,640
2,000,000
132,767,005
+24.3
149,532,216
42,805,333
21,494,934
12,500,000
4,900,000
38,897,121
13,246,233
10,541,617
39,719,988
6,911,843
11,091,751
7,069,605
3,793,442
4,306,051
4,242,471
1.328.710
2.034.321
4.505.322
4,626,544
2,600,000
112,242,424
28,051,117
17,162,704
10,000,000
3,787,811
21,895,148
9,959,769
9,533,742
20.382,877
6,967,416
7,976,580
4,173,295
3,483,613
1,660,997
3,471,098
1,210,000
2,400,000
2,845,769
3,039,411
2,279,079
6,180,714
1,212,698
Total oth. West
St. Louis
New
Richmond
Fort
Worth
Memphis
Atlanta
Savannah
Nashville
Norfolk
Birmingham
Augusta
Jacksonville—
Mobile
Knoxville
Little
Rock
Chattanooga
276,579,140
8,258,500
6,848,327
309.442,313
1,305,131
575,830
403,108
3,300,000
632.578,841
Galveston
955,782
561,326
5.582,839
5,131,693
3,587,251
2,190,385
2,040,602
4,602,4111
+ 15.7
Houston
1,700,000
Chester
Aitoona
26,725,900
59,368,047
12,756,774
21,730,507
20,408,474
10,337,109
9,897,0.82
9,468,650
1,203,549
1,344,708
2,796,413
3,022,198
1,661,063
3,354,193
2,954,745
1,957,889
1,288,024
1,515,475
804,700
907,740
1,000,000
72,956,381
19,916,584
22,606,361
19.268.036
1,555,705
3,535,462
1,136,296
1,557,949
774,900
168,037,832
Aberdeen
Hastings
2,856,250
1,849,575
400,000
679,356
Billings
-
2,383,333
3,819,492
636,427
469,150
1,399,281
+ 0.2
1,827,435
+ 2.0
820,782
492,855 +120-3
Fremont,
3,661,441
3,662,799
764,026
751,053
962,838
420,000
915,581
1,830,590
837,420
1,085,746
1,151,687
Fargo
Duluth
Orleans....
Louisville
2,592,354
2,035,452
3,730,001
1,448,880
1,243,372
1,594,178
117,304,106
28,150,310
33,607,439
12,068,517
14,666,112
15,424,097
7,979,812
1,194,898
919,291
2,724,694
5,551,552
2,248,154
302,291,642
5,546,151
4,535,092
2,045,279
505,000
598,892
1,688,548
3,988,335
2,399,226
1,592,194
862,570
673,583
978,968
909,820
Springs
290,012,094
66,181,476
44,104,308
18,266,432
11,513,763
3,891,627
5,846,551
3,537,143
72,677,636
39,986,161
15,657,669
8,676,415
3,603,603
3,227,960 + 54.8
+46.3
1,667,755
1,784,616 + 214.3
2,450,093 +83.9
1,087,891 + 66.1
+ 71.6
1,003,693
+99.9
1,102,186
724.356
+ 9.3
1,225,114 + 114.1
196,942,333
10,997,897
12.371.037
6,542,236
3,018,795
3,093,732
Waterloo
New
3,615,409
5,347,916
2,915,647
1,675,567
1,663,716
+ 23.0
187,319,609
13,973,675
Wichita
Helena
%
0,686,000
+ 98.0
+ 50.0
Sioux City
Pueblo
Clearings at—
18,501,386
10,230,613
+33.2
+ 61.6
+ 38.4
174,955,715
39,932,942 + 117.1
+ 28.4
66,838,266
+ 38.1
14,417,529
+ 8.4
20,862,953
+ 10.1
17,498,452
+ 56.4
8,933,695
'+4.1
10,579,376
+ 23.7
9,998,878
+ 34.1
4,877,005
2,511,260 + 20.2
+ 40.5
2,201,035
790,371 + 51.1
+44.9
634,013
+ 13.1
2,409,549
+ 20.3
4,614,271
+ 39.3
1,614,254
Des Moines
Colorado
Week ending March 27.
+35.2
250,469,255
86,676,126
.....v.
Paul
Cedar Rapids
3,729,894
7,776,708
26,278,326
242,058,244
City
Denver
♦Partly estimated.
7,943,678
+93.5
+ 21.4
375.795,667
Total Pacifio.
Omaha
Total all cities for week
35,251,196
16,500,000
12,830,428
7,384,833
9,560,234
4,995,051
Portland..
439,226,680
+25.3
+ 25.3
36,827,000
34,431,591
25,326,773
12,391,281
89,380,177
25,934,000
....
Charleston
Oklahoma
Macon
—
Austin
328,626
Vicksburg
6,200,000
Shreveport
604,641
Jackson
Dallas
Tulsa
...
Muskogee
Total Southern
Total all
39,303,429
12,907,000
5.130,596
647,332,993
45,681,353
+42.4
—29.3
16,701,825
13,389,817 + 121.0
+ 24.2
4,589,690
+ 37.5
45,636,762
+44.8
13,315,404
+71.4
14,875,788
+ 32.6
47,915,140
+ 71.7
6,308,703
+ 46.4
14,939,909
+ 33.7
7,419,243
+ 82.5
10,770,485
2,662,8301 + 146.3
8,392,613, + 50.6
+62.9
1,496.088
2,091,8761 + 39.8
4,195,970 +184.2
5:,389,308i +73.2
4,425,829: + 25.7
+29.0.
9,670,582
1,450,000 + 418.3,
8,000.000 —75.0!
+ 5.3
312,110
2,392,297 + 117.4
•
8.558.711
1,800,000
4,820,032
367,576
1,972,674
506,196
492,749
684,367
|
643,501
4,000,000
218,667
1,569,742
+ 56.9
758,356
350*289
15,500,000 + 153.5
8,746,667, +47.6
11,901,913
385,415
2,571,407,
+99.8
2,376,635
9,563,100
6,110,283
1,509,311
451,994,122
+43.2
427,132,174
302,238,244
8,863,803,943 6,201,086,6191
Outside N.Y.. 3,884,071,870
—4.3
1,458,198
4,344,324
2,377,304
1,554,832
8,428,775
+42.9,6.716,491,587 6,249,953,193
2,766,337.380' +40.4 2,562,141,141
2,103,086,068
1344
THE CHRONICLE
is it to
nor
THE FINANCIAL SITUATION.
of its
Directly moved by the Supreme Court decision
in the stock dividend case,
his
nesota
16th
presented
Constitutional
Senator Nelson of Min¬
proposition to change the
a
amendment,
now
seven
years
old.
that
fundamental
dends from
whatever
issued,
manner
several States and without
enumeration."
to
laymen
inclusive
As it
regard to
words
derived," it
any
therefore if
seems
broadly
as
source
particular thing
any
comes
within the scope.
minority of four in the Court held that
called stock dividends
are
much income
as
the
census or
state. "From whatever
is shown to'be "income" it
The
among
stands, the amendment
can
says;
whatever
in
or
unmistakable in meaning and
as
as
obtained
source
without apportionment
as
passing bills.
of
For
instance,
prior and
constitu¬
State
Suppose
bill is professedly passed,
some
provisions—is it
usurpation in
a
discover this defect and say
supposed "law"
never
bachelors
(as has been suggested in
Massachusetts,
bachelors
for instance)
those
or
and
on
States,
some
red-haired
that
six feet tall shall pay a
over
Or
special tax
a
a
that because
became law?
imagine that Congress puts
us
higher
rate than other
bachelors,
such a tax to be
upheld on the ground that it is uniform
we
particular "class;" but
a
hit
divi¬
law, because in
was
certain details of the "manner" of
of those
it the
let
never
officially approved, which is in conflict with
court to
in
so-
law.
tions prescribe
some
incomes,
on
derived, including stock divi¬
sources
measure
material matter in conflict with the
have
to levy and collect taxes
law because
a
inexpediency; it is simply to find
or
certain
a
some
and is
power
"veto," which is to halt
injustice
He would insert a clause (designated by italics
below) making it read thus: "The Congress shall
from whatever
[Vol. 110
harder
in
might possibly imagine
might it not be held that
bachelors
suppose
Minnesota than
in
even
North
were
Carolina,
the all-inclusive in¬
dends in
cash; the majority of five held that the
come-tax amendment does not rub out the
recipient
receives
provision that "all duties, imposts, and excises shall
definition
the
of income.
expenditures
chooses to do
thing
No
question is raised
food
and
be uniform
to
as
clothing,
of the
it
if
to be
"come in"?
even
The matter
in
dispute is "a capital increase, and not income,"
said the Court.
It may be conceivable
that, in the
to
necessities
can
a
of
revenue,
capita tax
per
children
income
If stock dividends
feel
need
for
mean,
or
"nullifying"
been
of the courts.
denounced
as
stirred to the
and
ally makes the
a
third
All such criticism is
very
loose.
has
courts
already pointed out,
before it
preted
can
every
It is
finality
a
men;
those
wrong,
say
somewhere.
on
and
the
every
when they
All
he
does
are
not
approve
they
he
are,
sometimes
find
as
But
n
one
the
courts
So
they
do,
stand
sometimes
are
nor
\
say
tha
so.
The
supremacy
political fact, and
demonstrate
seems
power
to need
jump out of the window in
free
any court
that
Yet
agency.
some
are
is to be permitted to find
finding should be
a
unan¬
that leg'slation itself must be
say
Some
would
a
make
each
actions;
own
statute
legislative
decree
or
adjudged
con¬
unconstitu¬
be repassed without change and shall then
unquestioned,
This
powers;
towards
they
submitting
until they can be
or
(in
a
little milder rush towards
would
apply to
a
two-thirds
the subject the mis¬
A court may
reverse
below, that being necessarily within its
but when judges pronounce a statute invalid
express no
opinion of their
own as
always giving it "the benefit of
to its
every
quality;
doubt, they
find,as
a fact, that the sovereign people have tried,
through their legislative agents, to do something not
unconstitu¬
This is not to
which
one
suffi
grew
of the legislative
now.
fitting analogy of the veto.
to
laws
especially
reached and
so
the courts
in
rarely and
desire to do
to
vote.
submit to
looks
supreme
That class
an
absurdity) that it may be re-passed by
reluctantly, not
single instance thus far having shown eager-
xess or even
solid
tional may
regularly changed.
tional?
a
stitutionally
but if he takes the Gompers
anarchy, which is the sole alternative
to laws and decisions
reached in
but it is often not
body final judge of its
fallible
or
politically
is the
power
if the sovereign people
squares,
unanimous?
citizen has his reserved right to
position that he will neither respect
decisions
be
imous; why not
judges
(and
true
pieces of legislation.
law must be inter¬
highest bench
are wrong;
equally
statute unconstitutional the
being in every action subject to review
by the higher and highest, inasmuch as there must
The people
time in trying to dispute
As the "Chronicle"
lower Courts
made; it
that is the sovereign's will and all
as
are
saying that if
be
was
single sentence.
It is not necessary to
legislating.
It
might be reached by an^acclamation vote in the
order
enforced, and unless the
officers charged with
enforcing are also to do the
interpreting,that must be done by the courts, the
be
a
is
emphasizing just
that it practic¬
house in
,
is
injunctions, being
some aver
is it immune to criticism,
nor
no
legislation should
ciently mad.
Gompers
depths of his nature by both.
also likened to the veto,
It
inasmuch
public
This power has
usurpation, and Mr.
classes it with the power to issue
this.
deliberate manner;
it
as
unmade; perhaps the whole of
or
sovereign; spend
of
to entirely end, what is miscalled the
powers
of the people
power
wiped out by another amendment de¬
constitutions
to
lurking fear that possibly this might follow
perhaps given a fresh start to an old disposition
limit,
supremecy
be said in denial
foolish
as
axiomatic) that the legislative
The
has
can
to abrogation.
or even
remade,
could be
one,
reaffirm its
to
be
qualify
admitted
taking words to be what they
position?
object of idolatry,
alteration,
are
Supreme Court might
bound, by consistency and the
rash and just
as
claring that result in
are
enacted is it certain the
were
not
it
by just calling them so?
really income, specifying them
necessary; and if this proposed inclusion
such is not
as
their children, but would the
on
become
just
proper
might be subjected to
men
word
a
they let their
impulses make them, and then to take chastening
by their own mistakes.
The constitution is not a
Can that be made income thus which is not
income and does not
lofty talk about the
people, and not
abridgment of the inherent
or
a
constitutional declar¬
even a
original
throughout the United States?"
But there is much
man's
a
so) but only whether the nature of
be changed by
can
ation.
for
correct
a
of Congress to levy taxes (on
power
annual
nothing answering to
accord
with
previous and governing piece of
a
legislation which still stands.
Dissatisfaction
"nullify,"
;
>o.rtain law shall not be obeyed;
I
a
over
the
decision
has
fresh start to attacks upon the courts.
stitution
vests
the
judicial
powers
of
also
given
The
the
con¬
United
Apk.
3
States in
courts
as
Supreme Court and in such inferior
one
Congress
may
establish, the judges in them
all to "hold their offices
bill has
during good behavior."
A
appeared in the House proposing to authorize
appointment of temporary justices from the Circuit
of Appeals
Court
1345
THE CHRONICLE
1920.]
to act in cases on which some
disqualified by
some previous connection with the subject.
If the
conservative rule of appointing to that tribunal
only men from the bench and not directly from the
bar wrere followed this temporary disqualification to
act would be very rare if not entirely obviated.
If
the number participating were 13 or even 15 the
decision might sometimes be by a close division as
now; but the worst about this proposition is that
it would open the way to an entire change in
members of the
highest tribunal
are
for
1919
1,437,000
was
|
marks against 492,000
and 14% was disbursed
marks in the previous year,
dividends
in
against 7%.
Cotton
The Erlangen
Spinning Co. report that, owing to the shortage of
coal and raw cotton, only a small part of the machin¬
operated, but nevertheless profits reached
ery was
975,000 marks against 905,000 marks and the divi¬
dend was continued as in 1918—15%.
The Power
Spinning and Manufacturing Co., Kempt on,
Cotton
profits of 910,000 marks in 1919 against
with net
marks in
512,000
1918, returned to stockholders
Leipzig Cotton
marks
against 735,000 marks, paid 16%, as in 1918.
This
latter company iefers to the great difficulty exper¬
ienced in securing its required supply of Egyptian
character in the
tribunal
on
whose action we cotton and expresses doubt as to its ability to main¬
tain anything like present production unless there is a
are
compelled to allow controversies to rest for the
great improvement in the exchange value of the
time being.
against
213^%
123^2%, and the
Spinning Co. reporting profits of 1,015,000
•
.
•
Other
Follette
propositions
offers
an
still
are
Senator La
worse.
amendment, credibly said to be
Aside from the above the dividend
mark.
a
number of other
record for
corporations is at hand and in all
cases
gains over 1918 are shown, indicating that
for electing all
federal judges by the people, and for ten-year terms. notwithstanding the great difficulties with which
About twelve years ago, a proposition which drew it had to contend, the cotton manufacturing industry
little attention was put out as a feeler, to persuade in Germany was profitable in 1919.
approved by
labor organizations,
the older members of the Court into
offering them
a
bill
a
pension.
retirement by
As long ago as seven years,
appeared in the Senate for increasing the mem¬
bership of the Court, the intent being
same
time,
as
a
in the other
proposition.
report by a Senate
clearly the
About the same
committee then headed
by Mr. Cummins of Iowa discoursed disapprovingly
of what it called "uncontrolled and unguided judicial
The doctrine of recall of both
discretion."
and
judges
was
Has any
now.
decisions
also preached then, and is not silent
court decision ever escaped displeas¬
within rational bounds
give
a
judge any personal inducement to keep himself
"popular" tends towards destroying all his value.
Judicial
discretion "uncontrolled
and unguided"
is dangerous, is it?
If influenced otherwise than
by the terms of a valid statute and the whole trend
of long established law, together with the responsi¬
bility of the position arid the oath, then the dis¬
cretion betrays the trust and destroys the service.
ing
is
somebody?
Criticism
permissible, yet it ought to be clear that to
The effort to get
Dr. Hermann Mueller, Foreign
Minister, to form a new German Cabinet was at first
unsuccessful.
A wireless dispatch from Berlin a
week ago
this morning stated that "he asked to
be
excused, fearing his appointment as Chancellor would
not suit either the Centrists or the Democrats."
It
was
reported that "President Ebert then conferred
Legien, who may now
with the trades union leader,
form
a
crats,
Cabinet, with or without Centrists
or
either."
and Demo¬
The dispatch added that "he also
hopes to induce Independent Socialists to become
members of the Cabinet."
The assertion was made
that "reconstruction of
possible
to
on
the old Cabinet became im¬
account of the Socialists' fierce
Director-General Cuno of the
Line,
as
objection
Hamburg-American
Minister of Finance, and
the retention of
alleged willingness to
negotiate with Dr. von Kapp's Government." The
Chancellery was said to have let it be known "that
if all efforts fail President Ebert will ask Scheidemann to form a new Cabinet."
It became known
The value of this service stands on personal inde¬
also that "Franz Krueger, until recently Chief Clerk
pendence, and that is best furthered by tenure
in President Ebert's office, was asked by Herr Lenduring good behavior.
There will sometimes be
unfortunate selections, but it is better to endure those nert, President of the Prussian National Convention,
to form a new Prussian Cabinet."
He is said to be
than to risk radical measure.
If the stock dividend
offers
some
situation is displeasing and
embarrassments, take up the
problem
Dr.
Schiffer, because of his
only 33
able
years
man."
of
but was declared to be "a very
it was stated, because
"refused to drop Gustav Noske, even
age,
He resigned,
President Ebert
If the
after Krueger represented that the Socialist Party
laws are thought to need "modernizing", proceed to
modernize them, but do not attempt applying that unanimously desired a new man as War Minister." Another difficulty in the re-shaping of the Cabinet
process to the courts, for those neither make nor
change the laws.
If the laws do not bring desired appeared to lie in the fact that the Independent
Socialists and Majority Socialists on the one side,
results, change them until the experiment has gone
and the Centrists and Democrats on the other, were
to the full; make the superstructure over, but do
pitted against each other.
It was claimed that the
not attack the foundations.
Independent Socialists wanted an out-and-out labor
That such of the German cotton spinning com¬ Cabinet, but it was stated that "the Centrists and
Democrats persistently refused to entertain any such
panies as were able to continue even limited opera¬
tion of their plants in 1919 made very satisfactory proposal, because neither had labor men with whom
to fill all the important positions, nor would such a
profits is indicated by reports lately received. The
Government, it was argued, be able to gain the con¬
Cotton Spinning and Weaving Co., Ettlinger, state
fidence of America and the Entente."
It was stated,
that only 11,945 spindles out of a total of 53,344
however, that the Centrists and Democrats "declared
were run and that the average number of looms ope¬
their readiness to make room in the Cabinet for a few
rated was only 373 out of 2,047, but the net profit
of
meeting
those in the regular manner.
1346
THE CHRONICLE
Independent Socialists," but it
proposal
the
added that "thi;
was
refused."
was
Although it
stated in
was
to
advices received
Dr.
Hermann
to form
Associated
an
Press
the French
at
Mueller
had
evidence that they are Bolshevists."
correspondent reported finally that "Vorwaerts"
undertake
to
and "Die Freiheit"
way
are
"highly indignant at the weak
in which the Government, during the past week,
has
Foreign Office,
declined
Cabinet, definite announcement
a new
made in
flimsiest
The
dispatch from Paris Saturday evening that, according
dealt
deep
of
he held the portfolio of
conditions
.
Foreign Secretary
Gustav Bauer
as
well
as
set down
was
as
Minister of,,; Finance and Dr. Bell as Minister of
Transport. It was stated that Herr Gessler, who
succeeds^ Gustav
Noske
Minister
as
is the Chief Burgomaster of
ther information was
Cabinet, and the statement
new
made in the dispatch
was
expressed its approval
of the Cabinet."
anotherjcablegram from Berlin the same day
was
declared, nevertheless, that "the new Cabinet
met with
lukewarm reception, even from the Coali¬
a
tion forces."
of
The elimination at the last moment
Capt. Fisher Cuno
as Finance Minister appeared
regretted "in quarters which looked for. great
to be
whether
Allied
the Ruhr
nor Allied troops will
occupy
He added that "the Allied Gov¬
Valley."
ernments have decided
that the situation does not
demand the sending of larga Reichswehr forces
now
against the armed workers there, and they, will,
therefore, refuse to give their consent to President
Ebert's request, made eleven
days ago for permission
In
it
Germany has been
troops should be sent forward to quiet the disorder,
particularly in the Huhr district. In a Paris dis¬
present neither German
represented in the
that "the Labor Federation has
in
The fur¬
Nuremburg.
were
One of the much discussed
questions growing out
the greatly disturbed political and industrial
patch to the New York "Times" a week ago this
morning the correspondent declared that "for the
participated in politics." The Democrats,
Centrists and Laborites
situation, and they expressed
to the future."
Defense,
of
imparted that "up to this time
he has not
as
was
a
of|Premier.
with the
concern
cablegram from Berlin the next morning
that actually he had formed
one, and that, moreover,
that
[Vol. 110.
benefits to the country from his
experience and busi¬
ness
to take that
step."
"If the situation changes," he
said, "the Allies will again take the matter under
consideration."
On the other hand, a
special Paris
correspondent of the "Sun and New York Herald"
cabled that another representative of that
paper
telegraphed from Munster that
"the general
had
Ruhr
situation is fraught with the greatest
danger, despite
earlier reports of the National Socialists and the
ability, in the resumption of commercial rela¬
tions with foreign countries."
It was said that "the
prevailing impression is that the Federation of Labor
reasonableness
is the
French
controlling factor^in the present crisis, and that
Legien, President of that organization, is
dangling his power over the heads of the new Mini¬
Herr
stry."
The Berlin correspondent of the New York
"Tribune" cabled
ernment formed
be
a
Gov¬
new
by Hermann Mueller is expected to
short-lived, and
there must be
Monday that "the
on
even
its supporters concede that
reorganization following the general
elections for the National
Assembly, which probably
will take
place in May
Announcement
noon
to
or
of the personnel
which
Braun
of4the
reference has
was
culture.
named
The
June."
made in Berlin
was
new
Monday after¬
Prussian Cabinet
already been made.
Herr
Premier and Minister of
as
dispatch said: "that the
Agri¬
Premier
new
had been Minister of
Agriculture in the preceding
Cabinet.
Four of the new ministers were set down
as
Social
Democrats, two as Democrats and twro
as members of the
Centrist
Party.
A Berlin
correspondent of the New York "Times"
declared in
cablegram last Saturday that "for
a
week the old Government has been
back in its
saddle, but it has
easy
to
courage
rebels."
the
take
He further asserted that
Government
sentence of
than
has
month's
a
for the part he
more
not mustered up
single active step
a
a
done
has
year
ago."
correspondent
where,
very
much
of
the
their
declared
even
were
Socialists,". and that workers
he
as
and
every¬
added
Officers'
saw
Kappist
they like
He
are
the part of the
opposing sides."
however, the report came from the
capital that Wilhelm Mayer, the German
Charge in Paris, called on Premier Millerand last
night [Saturday] and repeated the request of the
Ebert Government that the Allies
give it power to
troops into the Ruhr Valley to oust the workers'
send
forces from control."
It
was
added that "the Ffench
Premier gave him a curt refusal."
That such action
might not be
necessary appeared
cablegram from "Red Army
Headquarters" Monday morning, in which the asser¬
to
be
tion
indicated in
a
made that
"the armed uprising in West¬
phalia has collapsed, with the practically uncondi¬
tional request of its leaders for an armistice with the
was
Government."
The
correspondent
returned from the front said
situation
was
who had just
that, nevertheless, the
still serious and that there
ands of armed
men
control
were
thous¬
were
out of
leaders.
of
the
in the district who
According to a cablegram
from Berlin Monday afternoon "the news from the
Ruhr Industrial
district, the Rhine country in gen¬
eral, and from Westphalia, points to the conclusion
that order will be restored
where
rebellious
operating."
German
was
In still
capital the
made
ported
forces
to
gradually in those regions,
workingmen have been
of
another
same
cablegram
afternoon
that
"the
Government
have
sent
an
Communists'
from
the
to-day
ultimatum
to
the
assertion
was
the
re¬
Ruhr
forces
demanding their immediate
capitulation, with guarantees that hostilities would
not be renewed."
The situation in the Ruhr district and the best
way
to deal with it continued to be live
circles.
topics in Allied
In spite of the definite announcement from
that
Paris that the Allies had decided not to send
troops
are
there, for the present at least, an Associated Press
dispatch from Essen on Tuesday morning stated
that
"three
workingmen's delegates are leaving
Corps
alleged
arrogant, domineering
cruel in their treatment of the
29 sailors
"the
Government.",
further that these officers
and
that
what
Monarchist
own
a
Lieut. Marich
Government,
in Wilhelmstrasse,"
even
on
confirm
In continuing to picture
officers still do
very much
"members
"the only thing
played in the execution of
the weakness of the Ebert
it, the
sufficient
against the
been to
imprisonment
a
un¬
on
The next day,
Independent
being arrested
on
Essen for
Cologne to ask the Allied representatives
to intervene in the Ruhr trouble and send
troops into
•
the district."
The Ebert Government, on
hand, issued
terms
police services, and immediate release of prison¬
ers."
it
of constitu¬
authorities; restoration of official, civil
tional State
and
the other
ultimatum of which the principal
an
Unconditional recognition
were:
In
200
cablegram from Essen yesterday morning
a
reported that "the Central Committee and
was
1347
THE CHRONICLE
Apb. 3 1920.]
committees voted
of the
agreement of March 24."
of all the local
delegates
York Herald"
Tuesday morning, American Am¬
on
Wallace
bassador
was
said
to
have
"acquainted
Millerand in the Council of Ambassadors
Premier
with the fact that the United States
definitely had
ranged itself with Great Britain and Italy in favor
of
permitting the German Government to send troops
into the Ruhr district to combat the Reds."
Premier
Millerand, in the course of a speech,in the Chamber
declared to have said that "the
change the Situation." The
said to have been taken "in other high
Thursday afternoon unanimous acceptance
of
Bielefeld
American note'does not
Deputies,
same
stood foremost all
has
France
along
among
the
view
was
was
The very same day a dispatch
French circles."
"the
that
stated
German
Allied Powers in her determination to have the terms
of the treaty
abandoned the idea of sending strong
Germany
and
of the indemnities levied upon
the payment
to
as
of Versailles carried out, particularly
A special Paris correspondent of the "Sun
Herald" said in a cablegram last
.
York
New
Saturday that "the carrying out of the terms of the
reinforcements
Valley, in view of the conditions
to the Ruhr
from
Government has
Berlin
imposed
by the French Government."
regarding the Ruhr situation continued
The advices
conflicting
extremely
what has been outlined
all week.
Notwithstanding
already, Paris reported Tues¬
which the
He went on to ex¬ day evening that "Dr. Wilhelm Mayer, the German
plain that "this is why the debate begup yesterday Charge d'Affaires, notified Premier Millerand to¬
[last week Friday] and which is still going on in the day [Tuesday] that his Government pledges itself
French Chamber of Deputies, and the speech by not to send additional troops into the neutral zone,
as provided in the Peace Treaty, without authoriza¬
Lloyd George in the House of Commons, appear
tion by the Allies."
According to a cablegram from
as
cardinal developments."
The correspondent
added that " a powerful element here virtually is Paris Wednesday morning "France is negotiating
alone with Germany on the Ruhr Valley question."
accusing Great Britain of being the prime instigator
In a Berlin dispatch the same day it was reported
of the movement to release Germany from some of
Treaty of Versailles is the pivot upon
politics of Europe is, turning."
1
engagements at the peril of the Entente." The
British Premier has made a declaration in the House
her
of Commons which
was
accepted here
as
reaffirming
principle that " France is entitled to the repara¬
tion accorded to her and as appealing for fairness to
the
In
France."
a
cablegram to the New York "Times"
attack
Sunday the assertion was made that "the
on
the Millerand Government staged in the form
Chamber debate upon the foreign policies of
upon
of
a
France, has failed completely, ending
to-night [Satur¬
day] with the passage of a vote of confidence of
518 to 70."' The correspondent quoted Pertinax,
well
the
an
France
saying
as
policy of France will be to main¬
that "the present
tain
editor,
French political
known
ready to advance upon Germany if
finds it necessary to act alone to obtain
army
fulfillment of the
that "until
Continuing, Pertinax said
Treaty."
she has had patience
now
and has tem¬
porized to allow collective action of the Allies to
Germany
bring
signed,
to other pacific
also said that "as soon as a fairly
without having recourse
He
means."
stable Cabinet has been formed in Germany,
will
examination of
resume
sure
means
France
calculated to in¬
and has consented to grant
einploy a
weeks to
announces
The attitude of the United States
and
and
statesmen
no
little
their
"M. Clemenceau's
"if America
many
for
toward European
policies naturally is giving Allied
concern.
respective
newspaper
negotiates
a
a
few days ago that
separate peace with Ger¬
the terms should be submitted to the
approval
or
organs
"L'Homme Libre," spoken of as
paper," said
veto."
Allies
The newspaper added that
"President Wilson continues to exercise a veto power
over
Allied
plans.
It is quite reasonable that he
should have the right to agree or
Allied plans affecting
zone
strong force in the Ruhr disturbed
it
was
claimed in
a
Paris
dispatch that the request to send troops into that
section had been denied by the French Government.
Premier Millerand in a letter to Dr. Mayer said that
regards German occupation of the Ruhr
unnecessary."
Word came from London
"France
district
as
Thursday morning that advices had been
"the Ruhr
there
received
Cologne in which it was declared that
there from
Valley is isolated from the rest of the world,
being
trains, telegraph communication or
no
telephones." It was added "that several factories
are still in operation, although all are picketed by
Red
Berlin reported that fighting was in
guards."
Tuesday evening between the Reds
Government troops southeast of Wesel.
progress
Try
hard
as
long get
and
as
she may, France cannot for very
from the question of her finances and
strengthen them. On Monday Frederic
away
how best to
Francois-Marsal, Minister of Finance, outlined the
country's finances at present, and also
what would be needed in the way
problems
that France
neutral
Germany from two to three
The very next day
area."
status of the
docility."
her adversary's
Assembly
has abandoned her demand to occupy the
the clauses she
carrying out
to
that "the National
disagree with the
American interests or ideals,
of revenues during
calendar year. Briefly, he said that
"the daily expenditure of France was 41,000,000
francs in 1914; 68,000,000 francs in 1915; 82,000,000
the
present
francs in 1916;
104,000,000 francs in 1917;"127,000,and 139,000,000 francs in 1919."
000 francs in 1918,
firmly that the best
of increasing the revenues of France is through
heavier taxation.
Referring to the recent
Evidently the Minister believes
way
still
Victory Loan, he was reported to have said
this is the first loan of the year, it certainly
be
the
as
will not
definite official
the amount of the subscriptions to
There has been no
last."
statement
that '
to
Minister stated informally
than 15,000,000,000
negotiations which
francs," but he said that "this represented about
might take place between America and Germany."
an equal conversion of former bonds and cash."
He
In a specialJParis
and it is also
maintain
a
quite reasonable that the Allies should
like interest in any
cablegram( to the "Sun and New
the loan,
that
it
but the Finance
"had
produced
more
1348
THE CHRONICLE
[Vol. 110.
asked for the appropriation at this time of one-fourth
the Liberal
of this
A local
newspaper
year's budget,
about 8,000,000,000 francs.
or
The Paris advices
was
Thursday morning stated! that it
granted after considerable discussion. In pre¬
senting the whole matter the Finance Minister de¬
clared
that
the
total
for
expenses
would be
1920
event
"a
as
the Social
a new
tion of his country,
is
closed to
are
and
us
bility of raising
consider the possi¬
cannot
we
important loan abroad."
an
He
added that "our expenses must be
compressed to the
utmost
but
possible.
France
sacrifices
now
The situation certainly is serious,
haa
seen
infinitely
worse
times
and
has
made
cruel than those that
more
are
necessary."
The
"M.
huge internal loan this
curtailment
up
of
non-essential
Cabinet."
to-night
Premier Nitti
of
Chamber
on
the Turkish
of
that
Italy made
a
heavy
strong statement
a
reply to the Allies
from
As had been fore¬
little time before, the President did advo¬
expulsion and denied that the act would work
some
peril for the Allies.
A special Paris correspondent
of the New York "Times" cabled
Wednesday that
"the French Government
with President
America takes
no
of those ideas."
regards it
as
Wilson's ideas
as
immediate part in the execution
was
re¬
Advices direct from Con¬
con¬
ditions in the country were disturbed and that there
less of
disposition on the part of the
people to rebel against the administration of affairs
by the Allied military forces.
It was reported in a
a
dispatch from Paris last evening that the Turkish
delegates to the Peace Conference would be "invited
present themselves toward the end
receive the peace terms."
of April to
The Supreme Council is
expected
at
hold
sessions
San
Remo
between
April 19 and 22.
;
And
now
4
-
things
appear to
politically in Denmark.
morning
from
be pretty badly mixed
It
Copenhagen
up
reported Tuesday
that "the progressive
was
parties of Denmark will reply to the King's dissolu¬
tion of the Cabinet
by proclaiming a Republic."
It
was
said that "the
King demanded the resignation
by C. T. Zahle, because of
of the Cabinet headed
the
member of
furthermore, that
by the Socialists for
a
strike, because of the Cabinet
scheduled to go into effect next
There
differences
which
had arisen
concerning the
plebiscite in the Flensberg region, and called
upon
keen
was
interest
Bill,
which
made that
was
division
advance
the
on
scheduled
was
British House of Commons
ment
in
circles in the debate
on
to
in
British
Irish
Home
begin in the
Monday.
Announce¬
"the discussion will end with
the second
on
reading of the bill, after
adjournment of the House will be taken
an
until
April 12
that
"the
13."
or
measure
The opinion
will
be
passed,
was
expressed
possibly by
a
margin of 200, although the opposition to the bill
will be pressed to the utmost."
The developments
regarding the bill at Monday's session of the House
the
more
Chief
less formal.
or
measure
was
Secretary
The second
reading of
by James Ian MacPherson,
Ireland.
It was noted that
moved
for
"two motions for the
prepared,
rejection of the bill have been
by the Labor Party, and the other
by ex-Premier Asquith." Special interest centred in
the
one
speeches scheduled to be made the
next day,
by Mr. Asquith against the bill, and the other
the shape of an answer by Premier
Lloyd George.
one
in
The latter announced at
stantinople Thursday morning indicated that
to
a
was
pointment of Sir Neville
The French Government
Hadgin in Asia Minor."
to
reported,
long
so
,
or
was
impractical
ported on Wednesday to have sent a note to the
Turkish Government to the effect that "it will be
held responsible for
any
untoward incidents in
more
made that "he
Tuesday, April 6th.
a
question, particularly the expulsion
Europe, was made public in
nation
Washington Tuesday evening.
was
It
had declared such
were
agree
was
unless the Zahle Ministry is
According to a dispatch from Copen¬
hagen Wednesday evening the trades union congress
Rule
of
The Text of President Wilson's
to
madej that
[Tuesday]
political
Deputies Tuesday evening on
the general policy of the Government.
Following
the discussion the Cabinet was
given a vote of con¬
fidence, the ballots standing 250 to 195.
cast
also
reinstated."
which
cate
The statement
"a general strike was threatened
3.
of national production and exports;
Readjustment of taxation and probably
levy on fortunes."
the
was
well known Conservative and not
a
4.
year;
imports;
5.
to
Announcement
advocate in the High Court, has formed
Deputies contained the following im-
issuance of another
Speeding
an
Parliament."
portant features: "1. No further external loans; 2. The
Drastic
Liebe,
situation, which
plan which the Minister presented to the
Chamber of
de etat in Danish constitu¬
Democrats for the reinstatement of the
Ministry."
year's deficit would be 8,000,000,000 francs.
Continuing still further to outline the financial posi¬
he said that "foreign treasuries
coup
to-day his refusal to comply with the demands of
Zahle
that this
unique
history." A report came from that centre on
Tuesday afternoon that "King Christian announced
receivable from
The Minister admitted
Cabinet,"
a
in Copenhagen characterized the
tional
50,052,000,000 francs, of which 22,000,000,000 "are
Germany."
leader, M. Neergaard, to form
Monday's session the
Macready, Chief
Metropolitan Police of London,
as
mander in Ireland.
a
According to
ap¬
of
military
the
com¬
cablegram from
London
last evening, official announcement was
during the day of the resignation of Mr. Mac¬
Pherson, on Thursday, as Chief Secretary for Ireland,
made
and
of the
appointment of Sir Hamar Greenwood,
formerly Under Secretary for Home Affairs, as his
successor.
No explanation of the
resignation was
given in the cablegram.
In his address
on
characterized the
the Home Rule Bill Mr.
document
"a
as
Asquith
cumbrous
dupli¬
multiplication of institutions and offices,"
and alleged that "from the
viewpoint of practicability
cation and
there is nothing to be said for it."
Premier Lloyd
George did not reply to Mr. Asquith on Tuesday
had been planned
originally, but decided to
postpone his speech until next day.
Andrew Bonar
Law, the Government leader, followed the former
as
Premier.
He
declared
that
"if
the
Liberal
leader
proposed to amend the existing law, as he had indi¬
cated, his proposal would be condemned as unani¬
mously by the representatives of South Ireland
is the present bill."
British
capital
as
In another cablegram from the
Mr.
Andrew Bonar Law's speech
the "most brilliant speech in many
sessions of the House," and the
correspondent added
was
that
spoken of
Mr.
as
Asquith's attack
on
the
Home Rule
bill
Apr. 3
1920.)
had failed.
for
on
by
a
THE CHRONICLE
This assertion
found to be correct,
was
Wednesday the bill passed the second reading
vote of 348 to 94.
Sir Edward Carson
principal speaker in opposition to the
the
the
In
of his speech he stated that he had been
course
warned
was
measure.
by Scotland Yard that "six Clan-Na-Gael
members
had
landed
termination of
from
America
with
the
de¬
assassinating him."
1349
Revenues for the fiscal year total
This is
500,000 above the estimate.
amount
to
528,000,
£1,665,773,028,
which
estimate in October last
but is
of
£76,000,000 in
April
a
year
David
Lloyd
George, the British Premier, and
Asquith, former Premier, and who re¬
cently
was
elected to Parliament from the Paisley
district, have continued their debates
thrusts
at
each
Party and its
Prime
ional
other
Labor
program
common
of
and
system
wealth."
statements
by
to
create
co-operative
a
Saying that he had read
John
Robert
more
properly
than
was
contrasted with
preceding
Clynes
and
recent
of them denies that the doctrine of the Labor
doctrine of Communism."
speech
were
Other striking
that "these
are
tropical
days, when seed put in the ground spreads, sprouts
brings forth fruit with startling rapidity," and
and
that
they
gram
is not
It
nothing."
Defining the Labor pro¬
Mr. Lloyd George said:
"The Labor program
a
mean
movement started
among
from
comes
lopsided
with
a
group
education,
affairs,
of
men
the working classes.
who have received
who have had
experience
no
of work in factory, shop
or
and who call themselves intellectuals.
a
A
or
office,
jVast ma¬
jority of the working classes have repudiated that
program
will
and the
common sense
of the working classes
save
t^hem right to the end." In reply to the
charge of Mr. Asquith that he was a "demagogue,"
Lloyd George said that "the term has been applied
;
£246,250,000 in the
Official discount rates at
leading European centres
5% in Paris, Berlin, Vienna
and
Switzerland; 5in Norway, 6% in London,
Copenhagen and Petrograd, and 4%% in Holland.
According to a cablegram receiyed here, under date
19, the Bank of Sweden has increased its
of
rate
discount
from
6% to 7%.
In
London the private bank rate has not been
changed
from 5%@5 11-16% for
Call money
far
as
can
of open
sixty and ninety day bills.
in London is still quoted at 3J^%.
As
be
learned,
no
reports have been received
market rates at other centres.
"you must not put doctrines of that kind in the
forefront of the program of a powerful
party and then
say
increase of
an
continue to be quoted at
of March
a
come
year.
minimum
Party is
war
provided, which
was
under the head of capital
However, the floating debt
brought down £99,000,000 during the year, as
Henderson, Laborites, Lloyd George added that" not
assertions in the
£473,000,000,
of the deficit estimate
income.
Arthur
one
deficit of
Through the sales of
ago.
should
decline of £913,the Chancellor's
a
The present
London, asserted that "the
of the Labor Party is to put to an end the
capitalistic
a
excess
£264,779,000
rather
recent address before the Nat¬
a
Club
the Labor
respect to
in Great Britain.
program
Minister, in
with
and personal
of
The year's expenses
or
with
compares
property, etc.,
Herbert H.
£1,330,561,381.
£450,550,000, and is £138,-
increase of
an
The Bank of France
reports a further small
gain
gold item this week, the increase bging 858,098
francs.
The Bank's gold
holdings now total.5,584,in its
884,175 francs, comparing with 5,544,372,195 francs
year and with 5,375,025,325 francs the year
last
before; of these amounts, 1,978,278,416 francs
were
held abroad in 1920,
1,978,308,484 francs in 1919,
and 2,037,108,484 francs in 1918.
During the week
gained 480,646,163 francs, advances
188,075,610 francs and treasury deposits were
bills discounted
rose
augmented 3,661,174 francs.
hand,
decreased
1,749,180
Silver,
deposits fell off 176,001,708 francs.
the other
on
francs,
while
general
Note circulation
some of the
greatest men in history.
It is an
epithet which has always been hurled by the dull and
pompous against any man who has a greater power
continued the favorable movement
of
691
to
appealing to the
masses
than they have."
contraction of
a
The total
in
The British
Treasury returns for the last eleven
days of the fiscal year ending March 31 contained
several
items
of
increasQ in
an
exceptional interest and showed
revenue
and income
over
expenses
and outgo
for this period of £5,661,000, thus bringing
the Exchequer balances on hand
up to £9,370,000
in
comparison
last
with £3,709,000,
weekly return.
days equaled
1919
and with 25,847,883,660 francs in 1918.
prior to the outbreak of war in 1914, the amount
outstanding was only 6,683,184,785 francs. Com¬
Just
parisons of the various items in this week's
with the statement of last week and
dates in 1919 and 1918
BANK
OF
FRANCE'S
Expenditures
for
the
eleven
are as
Cold Holdings—
In France.
COMPARAT1YB
Abroad
Total
Silver.
April 1 1920.
Francs.
858,098
No change
...Inc.
3.606,605.759
m
§/
Apr* S 1919.
April 4 1918.
Franca.
Franca.
3,366,»3,710
3,837,916,840
1,978,278,410
858,098
...Dee.
corresponding
STATEMENT.
Xiatw
Francs.
Inc.
return
follows:
Changes
for Week
including repayments of Treasury bills, advances,
and other items, was £389,801,000.
The total of
revenues
outstanding now amounts to 37,334,354,francs, contrasting with 33,736,477,380 francs
the total for the
£166,810,000, while the total outflow
receipts from all
begun last week,
234,610,890 francs being registered.
1,078,308,484
2,037,108,484
6,684.884,175
6,544,372,196
1,375,026,825
contributed
£395,462,000, of which
£108,174,000, savings certifi¬
cates
£1,260,000 and other debt £1,992,000.
Ad¬
vances
brought in £177,437,000, while from sundries
1,749,180
248,619,329
812,208,679
254,966,195
Billsdiscounted-..Inc. 480,646,163
sources was
2,258,286,627
1,066.070,019
1,816,690,918
Advances
1,772.578,638
1,220.076,665
1,126,811,043
Note circulation.-Dec. 234,610,890 37,334,354,601 33,730.477,380
25,847,883,660
..Inc.
Treasury deposlte.Ino.
188,075,610
8,661,174
830.004,426
94,897,818
83,911,721
General deposits..Dec. 176,001,708
3,836,650,354
2,870,002,093
8,126,344,103
,
Another large loss in gold was shown by the Bank
received.
Sales of Treasury bills
£103,433,000, while repayments were of England statement, totaling
£3,510,711 and
only £45,175,000.
As a result there was a heavy reflecting, presumably, additional engagements of
£3,166,000,
amounted
was
to
increase in the volume of
the metal for
to
to the
Treasury bills outstanding
£1,107,318,000, against £1,048,772,000, the pre¬
shipment to this centre eo-incidental
paying off of the Anglo-Freneh loan.
vious total.
Temporary advances registered a fur¬
ther expansion to £204,887,000, in
comparison with
ing last week's reduction, this makes
approximately £6,000,000 thus far.
£178,430,000 reported in the statement for March
fell
20, while the floating debt is
liabilities sustained
now
£1,312,205,000.
a
Total
£7,745,000, while the proportion of
a
Includ¬
decline of
reserve
reserve
further contraction to
to
18.47%,
comparison with 21.84% a week ago and 18}4%
in
An increase in both note circulation and
last year.
loans
[Vol. 110.
THE CHRONICLE
1350
securities)*
(other
the
shown,
was
former
trust
companies in
vaults^declined|$189,000 to
in other depositories of State
own
$12,741,000, and
reserves
banks and trust
companies fell off $112,000 to $10,-
reserves were augmented $35,Drastic
068,000 to
$579,514,000.
Reserve requirements
changes in the deposit items took place, including
were
cut by the diminution in deposits so that
an expansion of £16,485,000 in
public deposits, a
£4,134,000
decline of
and
to
other deposits,
less than £30,835,000 in
no
reduction in Government securities amounting
a
Threadneedle Street's stock of gold
£112,172,475, which compares with
£24,982,000.
stands at
now
£18,381,000.
latter
the
and
909,000.
£84,928,182
last
and
year
reached
has
Circulation
a
£61,429,192 in
total
1918.
£105,271,000.
of
Last year
it stood at £75,163,000 and in 1918 £47,-
998,435.
Reserves aggregate £25,351,000, as against
£28,214,582 in 1919 and £31,880,757 the year pre¬
Loans amount to £109,523,000, in
vious.
with
son
£78,870,215 last
the year
Currency notes outstanding total
before.
£306,802,000,
compari¬
and £113,486,817
year
which
£298,222,000
with
contrasts
last week, while the amount
of gold held in security
against these notes is £31,480,000, against £29,687,000 in the preceding week.
Clearings through the
London banks for the week totaled
Last week the total
000 in the
append
£874,809,000.
member
for
but
not
1920.
1919.
1918.
1917.
1916.
March 31,
April 2.
April 3.
April 4.
are
based
of
banks
legal
on
Federal Reserve system
the
including cash in vault to the amount of
by
deposits fell $37,042,000 to $4,121,104,deposits of $18,634,000 not in¬
Government
000,
last
banks
these
cluded, although net time deposits increased $2,002,000
$258,687,000.
to
Improvement
£
£
£
which
although registering
an
increase in member
banks' borrowings showed
an
augmentation in its
gold
reduction in the total of Federal
reserves, some
Reserve notes
eral Reserve
gold
outstanding and also in that of Fed¬
Bank notes,
and
augmentation in
an
reserves.
So far
market
£
as
actual changes, the
concerns
might be dismissed with
and almost
last
Saturday,
favorable.
indicated,
just
as
It is difficult to see,
38,900,586
36,288,080
60,123,837
69,914,541
supply of loanable funds at this centre
100,922,000 123,302,333 150,272,776 128,968,333
87,749,328
other
33,874,645
39,244,854
38,188,646
Other seourlties....109,523,000
78,870,215 113,486,817 123,307,951
96.139,472
Reserve notes & coin
25,351,000
28,214.682
31,880,767
34,240,303
41,041,683
112,172,475
84,928,182
61,429,192
54,690,888
56.466,228
Coin and bullion
generally
was
47,998,435
59,308,032
Proportion of reserve
18.50%
18.87%
17.10%
19.12%
6%
6%
5%
5%
The time
money
at the
market here continues al¬
a
few small transactions
money
renewed at 8% several
wholly nominal, with
8y<L and 9%.
26.03%
6%
Bank rate..
or
large centres in the United States is appreciably
larger.
most
at
liabilities..-
re¬
however, that the
76,163,600
67,114,144
money
More gold has been
single word.
a
local
single sentence
a
32,790,089
Governm't securities 20,412,000
also
was
shown in the statement of the Federal Reserve Bank
36,248,000
other deposits
Saturday.
held
Net demand
105,271,00(0
.......
of 13%
reserves
$93,937,000
April 5.
£
Public deposits
These
$7,975,000 the previous week.
ceived from Great Britain and the bank statement
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
to
of
deficit
a
figures for surplus
We
a year ago.
different items in the Bank of England Statement:
Circulation.
surplus expanded $39,804,940, which compares with
£781,324,000 and £445,150,-
was
corresponding week of
tabular statement of comparisons of the
a
Aggregate
Call
days in succession, and
quoted at that figure
was
during the greater part of the business sessions, ad¬
Since the outbreak of
Germany
some
Germany has
weeks
on
turnover
times
that
currency
for
announced that the Bank's
the
corresponding period in 1913.
declared,
an
extraordinary increase in
in circulation, which
was
due mainly to
constantly growing increases in
trade and the
both
drainage of
legitimate
reduction.
fered
of
supply
In
being made to bring about
suf¬
1,172,000,000 marks, of which
approximately 1,000,000,000 marks
said to have
are
been utilized for the purchase of foodstuffs.
much
change in the call
in the
heard.
Extravagant figures
because of the
not
figures
even
expect
given in
issue,
more
was
complete form
on a
later
page
of this
the wiping out of the previous week's
deficit and the restoration of the surplus above re¬
were
altogether too high.
quirements to
expectations.
crease
$31,829,940, which fulfilled general
may
Among
other changes
were
an
in¬
in the loan item of
$22,926,000 and an expan¬
$35,369,000 in the reserve of member banks
sion of
position.
Commerce at its
by
This does
increase their extravagance because they
mean
tendency to spend before the
easier
money.
money
is in hand,
only tend to increase
materially easing
The
meeting
New
York
our
our
infla¬
general
Chamber
of
Thursday adopted some
sensible resolutions introduced by its committee
banking and
new
be expanded
words, it is quite possible that because of
monetary
on
can
however, that people will not continue
gold imports
very
the
The local Federal Re¬
the gold imports will
In other
this
upon
quite generally
been suggested
have
gold imports.
tion of credit instead of
The feature of Saturday's statement of New York
were
market.
Bank has pointed out that on the actual basis
mean,
and
the
Clearing House banks and trust companies, which is
are
to the extent to which credits
as
money
future, based largely
near
expectation of large gold imports,
these
al¬
not abundant at 8% and that they
see
speculative circles predictions of decidedly easier
money
serve
purposes,
Thursday, just before
as on
Stock brokers reported, however, that the
was
unable to
illicit
wages,
Gold stocks in the past year have
decline
a
are
vancing rather sharply,
the close.
out of the country
currency
and illegitimate
though strong efforts
a
its
course
during the recent past had been fourteen
There was, he
for
of
publication
March 31, in the
meeting of Reichsbank officials in Berlin, the
a
Chairman of the Board
the
Imperial Bank of
the
discontinued the
weekly statements, but
of
revolutionary conditions in
ago,
and novel
every one
carefully.
currency.
ideas, but such
They did not involve
as
who has studied
They
ultimately if
on
are
we are
avert financial
have been advanced
our
financial position
the ideas that must be adopted
to get back to
a
sound basis and
disaster.
with the Federal Reserve Bank, the
of
course
Cash in
Bank
latter fact being
largely responsible for the increase in surplus.
was
counted
as
Referring to
money rates
in detail, call loans during
vaults of members of the Federal Reserve
the week have ranged between 8 and 12%.
reduced
own
(not
ago
of State banks and
the
$769,000 to
reserve), while
reserves
$93,937,000
A week
6@14%, On Monday 12% was
highest, with 8% the low and the rate for rethe
range was
Apr. 3
THE CHRONICLE
1920.]
newals.
again negotiated at
level of last
Friday.
also the minimum, but the maximum
the decline
were
Tuesday renewals
8% and this
was
rate did not
were
get above 10%.
ruling rate, while
the
only change noted
was a
As
on
Friday
observed
was
business
no
essential
The market
change.
less with only a
Eight
per
offerings
is still quoted for regular
cent
8J^% for all-industrial
receivable
ible
6J^@6%% for sixty and ninety days' endorsed
bills
and
months'
six
With
choice
less well known still at 6%@
noted, but buying
largely to out-of-town institutions.
bankers' acceptances figured for only a
the
names
A fair degree of activity
Banks' and
small volume of business,
for
and this
institutions
as
was
Ninety
Sixty
Thirty
within
Days.
Days.
Days.
@5H
6
@5A
7
Ineligible bills
7
@6A
7
'
6M bid
6% bid
7
bid
@5SA
@6A
6H@5J^
@6A
Eligible bills of non-member banks
6
increased the rate of interest
rate
5J^%
the
as
on
on
April 1
loans to member
by bankers' acceptances, making the
banks secured
is
Chicago
compared with 5}4% previously.
This
only charge announced among the Federal
prevailing rates
DISCOUNT
following is the schedule
The
banks.
Reserve
now
RATES
ever,
OF
FEDERAL
THE
1
RESERVE
days (including member banks' 15-
BANKS
Trade
al and live¬
Treasury
Liberty
Otherwise
certificates
bonds and
secured
of indebted-
Victory
notes.
maturing
maturing
for member
banks.
within
91 to 180
90 days.
day 8.
and
nest.
Bank tf—
York..
6
5
6
that
5
6
some
con¬
estimates running
a
this
on
thereabouts, have been received,
or
while approximately $30,000,000
It
prospect.
soon
or
more
developed, how¬
market influence this had already been
anything further than
a
sentimental effect
upon
out, the belief
As already pointed
price levels.
bankers is that the British Government I
among many
has in all
probability made substantial provision for
the taking up of this loan, that in fact many of the
bonds have already been met, so that the scope of the
gold influx to meet the issue will not have as import¬
bearing
a
on
the value of the
British export
restored
Rumors
6
6
6
6
6
5
5H
6
5
5A
6
5
Richmond—
5
5A
6
5
6
to
exchange
at first expected.
as
Ad¬
the British Treasury De¬
pound sterling, for the
conditions,
reason
that
they claim, have been
normal pre-war basis.
so
practically
a
persist that large amounts of the precious
being shipped to Canada for account of
are
5
6X
6
5
6
the British
6
Government, though
6
Atlanta
5A
6
5X
6
—
5A
6
5
6
6
5A
6
5
5H
6
5A
6
5
6
6
Kansas City.
5
Dallas
5
5A
6
5
6
6
Ban Francisco
5
5A
6
5
6
6
Note.*-Rate on paper secured by War
the rate on commercial paper shown In
Finance Corporation bonds 1 % higher than
column 3 of figures above.
tion
this
on
line with the
sterling exchange this week were in
expectations of usually well-informed
market observers
reacted sharply
and,
as
had been predicted, prices
downward in the earlier transactions
following the completion of the heavy buying for
French and Italian account incidental to the paying
off of loans
maturing in London, and then came back
with the placing of
interests and
fresh buying orders by commercial
covering of shorts, so that the final
On Monday
prices broke to 3 883^ for demand bills, while on
Tuesday there was a further slump to 3 84^£, or a
loss of more than 10 cents in two days from the high
was
not
essentially changed.
official confirma¬
point is forthcoming.
One exchange
authority, figuring on the recent rapid rise in sterling
rates, points out that if sterling should continue to
advance in the way
it has been doing in the past few
weeks, it would be only a matter of two or three months
before
English exchange in this market would be back
At present levels it is about 94 cents below
at par.
Movements in
no
r
6
5
4H
5
Chicago
Minneapolis.
range
be needed in payment of
Definite information
figure.
as a
6
6
Philadelphia.
Cleveland—_
Loula
may
consignments of
gold in preparation fof
$150,000,000, while others place it at
as
lower
metal
5
5
8t.
British
unsecured.
5A
5X
5
Boston
New
paper
discounted
Federal
neglig¬
partment as predicting a continuation of the rise in
Agricultur¬
day collateral notes) secured by- Acceptances Acceptances stock
Reserve
of substantial
vices from London report
1920.
Bankers'
reduced to
amply discounted and the movement failed to exer¬
ant
Discounted Wis maturing within 90
•V
of
in effect:
EFFECT APRIL
IN
was
probable extent of the influx there is
is in immediate
cise
The Federal Reserve Bank of
pre¬
from the market in
Friday holiday, and the
diversity of opinion,
is under way,
30 Days.
„
Good
the
arrival
$20,000,000,
6k@6
Eligible bills of member banks
comparative quiet
away
point is not available, but the understanding is that
Delivery
Delivery—
Spot
close
15, interest again revived in the subject.
high
much
Detailed rates follow:
5%.
inclined to
$500,000,000 Anglo-French loan which matures
siderable
are
The undertone
the
October
still
firm
with rates quotably unchanged.
Loans on demand
for bankers' acceptances continue as heretofore at
Local
banks.
country
largely out of the market.
of
much-talked-of
As to the
principally
was
the
whatever amounts
was
is still confined
was
proportions.
the
character, with
7%.
of
names
At
brokers being
many
observance
from
Trading
although frequent outbursts of activity
volume of business transacted
rates have not been changed
paper
the breaks and rushing to cover
on
upward swing.
noted.
were
vailed,
money,
again extremely restricted.
were
Commercial
be spotty,
than
better
seem¬
pursuing previous tactics of adding to
on
new
Speculative
again strongly in evidence and
were
their short lines
at each
was
quickly
offerings and prices recovered toward the
ingly bent
dull and feature¬
little
continue
rates
mixed collateral and
but
interests
light volume of business put through.
Consequently,
nominal.
was
was
end of the week until 3 94was reached.
without
maturities the situation remains
For fixed
Wednesday buy¬
large scale, both foreign and domestic,
on a
cleared of
the low for the day.
transacted in the call loan market.
was
large quantity of
on
resumed, with the result that the market
were
holiday (Good Friday) and
as a
a
However, late
ing
return to the 10% level.
was
the market of
commercial bills.
Thursday
on
previous days of the week, renewals
negotiated at 8% and this
the appearance on
high figure, but 8%
continued the low and
Among the principal factors in
selling by London, the receipt of
substantially lower quotations from that centre and
On Wednesday there
of 12% as the
a recurrence
was
1351
the
According to a recent dispatch
governmental authorities contemplate further
parity of $4.8665.
British
purchases of dollar securities here for the purpose of
providing dollars in New York,
Considerable interest was aroused by the
ment from
lations Committee
the
war
belief
announce¬
Washington that the House Foreign Re¬
seems
is framing a resolution to declare
Germany at an end.
with
to be that the
but that it will be
site two-thirds,
The popular
President will veto it,
eventually re-passed by the requi¬
though it is recognized that while
this is still
another step in the right direction and
should have
a
favorable influence, it cannot in reality
THE
1352
do
much
to
permanently clarify and improve
which received
the
some
attention
the tentative
was
plan
America's foreign trade under
financing of
Edge Act, put forth by the American Bankers'
Association, which is to take the form of
huge
a
ganization capitalized at $100,000,000 having
erous
branches
throughout the country.
is still
however
in
the
shown
or¬
num¬
The scheme
embryonic stage and,v it is
alleged, depends largely
the degree of interest
upon
by bankers generally and the public at large,
to whether it will be
as
our
Another development
international trade relations.
for the
CHRONICLE
said to be
pushed
or
Bankers
not.
are
awaiting with keen interest the return of
Henry P. Davison of J. P. Morgan & Co., who is
his way to
now on
New York.
It will be remembered
while the financier's trip was
that
primarily to
par¬
[Vol. 110.
week.
Some of these losses were regained before the
close, but fluctuations throughout were widespread
and frequent and the undertone was for the most
part
distinctly weak. Belgian francs ruled relatively
steadier, being maintained alternately above and
below last week's figures, and the same is true of
Greek exchange and
exchange on the mid-European
Offerings at times reached large pro¬
Republics.
portions and this contributed to the general depres¬
sion, albeit speculative buying featured in the oc¬
casional rallies.
Austrian
On
exchange
the
other
hand, German and
firmly held and registered
was
substantial net advances for the
week, at least in the
first-named
under
of liberal
the
stimulus
buying support and the expectation that
resolution
a
largely
currency,
end
to
the
ticipate in conferences of the International Red Cross,
between
it is known that he has taken the
technical
of
state
war
introduced immediately.
opportunity of dis¬
It is learned that investors in German
cussing financial affairs with representatives of both
the British and French Governments
the other side.
on
As to
change
bills
3
the
receded
to
3
3
coupons
94%@3 94%, cable transfers to
and
sixty
days
to
3 91%@3 91%.
decline of 6% cents to 3 88%@
93% for demand, 3 89%@3 94% for cable trans¬
weakness
off
ran
will
be
but
fers and 3
to
an affidavit as to foreign owner¬
In the event that this is not done, the coupons
will
a
85%@3 90% for sixty days.
Increased
developed on Tuesday and demand rates
sharply, to 3 84%@3 85%, cable transfers
3
subject
the
be
turned strong
6
was a recovery
of
more
than
demand bills touching 3 92%; the range
89%@3 92%, with cable transfers at 3 87@
cents,
was
3
and there
market
3
93, and sixty days 3 82%@3 89%; prompt absorp¬
tion
of
the
bills and
reasons
momentary
a more
active
inquiry
for the upturn;
reported.
oversupply of commercial
were
given
as
speculative buying
was
also
The influence of the approaching Good
Friday holiday made itself felt
on
Thursday, and there
perceptible reduction in the volume of
was a
the main
tions, although rates
were
transac¬
strongly maintained and
demand bills registered another
advance, to 3 91 %@
93%, cable transfers to 3 92@3 94%, and sixty
days 3 87%@3 89%.
Friday's market was a dull
3
affair,
tone
up
very
was
official
an
of
of
were
3 91 for sixty days, 3 94% for de¬
95% for cable transfers.
Commercial
next
important restrictions
in
provement
to M.
the
ten
is looked for in the
days.
French
Finance
shortly to be placed
are
exchange
Marshal, all the
send abroad
to
at
situation.
afford
can
present must be applied to the
for economic reconstruction.
that the
new
im¬
According
that France
money
upon
an
purchase of wheat, machinery and materials
sary
French loan had
He
neces¬
also
stated
produced upwards of
15,000,000,000 francs, but that this amount represented
equal conversion of former bonds and cash.
an
French Senate has
visional
credits
Canada,
3
shown in the statement
was
consumers
importations of luxuries in order to effect
in
and
in
over.
Marshal, speaking recently in the Chamber
Deputies, is accredited with the statement that
Paris
Clos¬
affidavits
already sent
Minister
the
89@3 91 for 6ixty days.
blanket
announcement
the
of
ing quotations
mand
and
little business being transacted; the under¬
cable transfers and 3
coupons
copper.
The plan, it is said,
working order within the next two weeks
firm,
however, and quotations moved
to 3 92%@3 94% for demand, 3 93%@3 95% for
lodge
all
cing of foreign sales of
course
the
Remittance
have approved the
plan proposed by American producers for the finan¬
Wednesday,
weakness,
to
leading French
will be in
opening
able
cover
good deal of interest
that
taxation.
understanding is that American investors
soon
85%@3 86%, and sixty days 3 81%@3 82%;
trading was spotty and movements erratic.
On
after
internal
to
German affidavits has been held
up,
Germany to
A
Germany to be cashed at least
to
of the formal
setback and under the
was a
municipal
they receive
ship.
to be
being counselled not to send
are
ex¬
quotations, sterling
of foreign selling orders and freer offerings
bills, there
bonds
trifle easier and demand
was a
Monday's market sustained
pressure
other
such
Saturday
on
and
until
detailed
more
95@3 95%,
of
during his stay
Germany and the United States is
Budget
adopted
asked
by
the
voted
to
place
a
repayable in ten
to be used in the
pro¬
Government, while
Committee of the Municipal
has
The
bill granting the
a
Council
loan of $20,000,000
years,
the
proceeds
purchase of merchandise in Canada.
The official London check rate in Paris finished at
57.72,
as
compared with 56.24 last week.
In New
sight bills finished at 3 93%, sixty days at 3 89,
ninety days at 3 88%, documents for payment (sixty
days) 3 88%, and seven-day grain bills 3 92. Cotton
against 14.22; cable transfers at 14.56, against 14.20;
commercial sight at 14.61, against 14.26, and com¬
and grain
for payment closed at 3 93%.
Further
heavy consignments of gold from London have been
mercial
received this
for cable transfers.
week, actual arrivals totaling approxi¬
mately $20,000,000.
Exports totaled $450,000 for
Cuba and $5,000 for Central America.
York sight bills on the French centre closed at 14.58,
sixty days at 14.69, against 14.33 last week.
Belgian francs finished at 13.61 for checks and 13.59
and
13.70.
marks
Considerable irregularity attended dealings in the
Continental exchanges and lire and francs
were
again
sensationally weak, the former reaching a new low
checks, or 10 points below the pre¬
vious low record, while French francs broke at one
level of 20.72 for
time to
15.05, also
a new
low and 18 points off for the
week.
1.44 for checks and 1.45 for cable
were
fers, which
A week ago the close was 13.72
Closing quotations for German reichs-
compares
Austrian
For
trans¬
with 1.35 and 1.36 the preceding
kronen
the
close
was
00.54
for checks and 00.55 for cable
remittances, in com¬
parison with 00.54 and 00.55 last week.
Italian
lire
finished
at
20.55 for cable
and
19.80
a
20.57
for
transfers,
week
bankers'
as
earlier.
sight bills and
contrasted with 19.82
Exchange
on
Czecho-
'
Apr. 3 1920.]
THE CHRONICLE
Slovakia finished at 1.45,
at
1.75; against 1.60;
on
Finland at 5.70,
has not been
against 1.39;
on
Bucharest
Poland at 68, against 67, and
on
against 5.30.
Greek exchange
47@48; Manila, 493^@51 (unchanged); Singapore,
against 46@47; Bombay, 49@50, against
45@46,
47@48, and Calcutta, 49@50, against 47@48.
changed from 8.76 for checks and 8.78
for cable transfers.
The New York
ations
No
the
feature
new
neutral
of
moment
of the other
course
were
the
in
noted
was
In the main quotations followed
exchanges.
in rates
1353
exchanges, although changes
far less drastic in
character, and without
definite trend in either direction.
Guilders and Swiss
with
while the
the Scandinavian
were
further
fractional
exchanges, which registered
advances
for
patch from Madrid states that
considered for
coins
would
a
also
the
week.
A
dis¬
proposal is being
a
shipments have reached $3,696,000.
place being taken by small change of less intrinsic
value.
The argument
makes
and the
coins of nickel be substituted.
by
Announcement
$108,454,000,
$103,325,000,
as
Into
Banks' Interior movement
comes
and
Fed.
Out of
Banks.
Net Change in
143,803,000
35,352,000
Total
Loss 108,454,000
§44,177,000 $147,502,000 Loss 103,325,000
The
following t^tble indicates the amount of bullion
in the
principal European banks:
April 1 1920.
transmitting funds
Poland is
refusing to accept
now
because of the
annoying delays
Polish banks in
Bankers'
relatives
April 3 1919.
making payments
sight
drafts
more
the part of the
on
such drafts.
Amsterdam finished
on
Cold.
Silver.
Total,
Gold.
Silver.
£
£
£
£
Total.
friends in
and
any
on
$5,129,000
oper.
and gold exports and imports
£
American citizens to
from
loss
of banks in
group
the United States which has been
a
Bank Holdings.
$3,696,000 Gain
$8,825,000
Res.
combined
have been
Banks.
Sub-Treasury
the
into and out of the New
follows:
Week ending April 2.
and two-peseta
one
of Washington that the
way
of
unjustifiable luxury,
an
suggestion is made that
of
York banks for the week appears to
is that the high price of silver
coinage of that metal
loss
a
their
Spain,
Add¬
gold exports and imports, which together
result of the flow of money
monetary reform by which silver
practically disappear in
cur¬
Their
ing the Sub-Treasury and Federal Reserve operations
occasioned
as
result of the
as a
receipts from the interior have aggregated $8,825,000,
and the
well maintained,
oper¬
institutions, have
movements for the week ending April 2.
rency
francs, after early irregularity, steadied and closed
were
banking
gained $5,129,000 net in cash
firm.
Spanish pesetas
Clearing House banks, in their
interior
at 37
against 37; cable transfers at 37against 37
commercial
sight at 37 1-16, against 36 15-16, and
commercial
sixty days 36
week ago.
Swiss francs closed at 5.60 for bankers'
11-16, against 36 9-16 a
England.. 112,172,475
France a.. 144,264,230
9",8ob"666
54,568,700
1,335,400
Germany
Russia
129,650,000 12,375,000
A us-Hun..
10,944,000 ! 2,369,000
Spain
98,112,000 25,259,000
Italy
32,194,000
3,004,000
Netherl'ds. 52,816,000
848,000
Nat. Bel. h 10,657,000
1,064,000
Switz'land. 21,149,000
3,457,000
Sweden... 14,682,000
.
"
Denmark
18G~6O6
12,697,000
8,125,000
.
Norway
a
84,928,182
155,122,549
96,833,910
142,025,000
13,286,000
116,143,000
35,796,000
56,654,000
15,980,000
19,104,000
16,001,000
10,536,000
6,707,000
~
69,697,400:761,628,805 707,840,38l! 61,276,260769.116,641
59,723,400765,273,192 722,058,008! 61,208,660783,266,668
Total week 701,931,405
Prev. week 705,549,792
sight bills and 5.58 for cable transfers, in comparison
£
112,172,475 84,928,182
154,064,230 142,642,549 12,480",666
55,904,100 95,799,650
1,034,260
142,025,000 129,650,000 12,375,000
13,313,000 10,918,000
2,368,000
123,371,000 90,348,000 25,795,000
35,198,000 32,710,000
3,086,000
53,664,000 56,854,000
800,000
11,721,000 15,380,000
600,000
24,606,000 16,502,000
2,602,000
14,682,000 16,001,000
I3~G~66O
12,783,000 10,400,000
8,125,000
6,707,000
Gold holdings of the Bank
of France this year are exclusive of £79,131,137
held abroad.
with 5.75 and 5.73 last week.
finished
at
cable transfers
and
18.25,
against 18.35 and 18.50.
at 21.65 and
and 21.60,
while checks
cable transfers
the
previous
on
against 21.50
against 18.75 and 18.90
The
final
for
range
South
American
change is noted and the
quotations,
check rate
closed at 43.20, against 43.18,
'
rate for checks finished at
cable transfers
last week.
on
Argentina
For Brazil the
26.375, against 26.75 and
quoted at 26.625, against 26.875
were
The
little
very
with cable transfers
43.45, against 43.135 last week.
Figures for 1918
In the
widening of the quotations for cable
of the task of
in
America, which is to mature in May,
unsuccessful.
are
of every peace
it
Tornquist, Argentine Commissioner of Finance,
in this country,
further developments
$200,000,000. loan to Europe
future.
A
are
on
likely in the
near
cablegram from Bio Janeiro states that
the Brazilian Government is
short time paper
preparing
a
$75,000,000
issue to relieve the current
money
shortage w7hich is seriously restricting business,
ticularly exports.
quoted at 23
4
now
the proposed
par¬
is
also
Chilian exchange continues to be
wrhile Peruvian exchange is still at
80@4 85.
Far
98@983^,
rates
against
are
as
99@99J^;
follows:
Shanghai,
against 142@142J^; Yokohoma,
Hong
Kong,
145@146,
48@48J^,
than
this.
It
is
an
what, in the earlier
years
expected would be their attitude
of
of the
on
war,
it
return of
and from what seemed actually to be their
Turkey's position in the
was
signed.
war was
peculiar from the
Yet the fate which her alliance with Germany
first.
had invited seemed to be foreordained with
clearness.
We
and their older
the war,
with
and
Germany.
German
know
now
not enthusiastic over joining hands
The political sharp practice and
by Enver and his cabal, the intrigues
emissaries, and -the visible menace of
German
warships with their
war,
guns
trained
on
ihe
question. Once engaged
Turkey fought with ruthlessness and
Constantinople, settled
the
particular
that the Turkish people
public leaders did not want to enter
were
armed coercion
two
But
illustration
the mental attitude of the
attitude when the armistice
in
Eastern
expedients which governed the policy
more
Allies from
problems in
to the old political
conference in the 19th Century.
the very great difference in
of
one
second of the tendency, despite
and better way, to revert
new
makeshifts and
likely
According to M. Carlos A.
the disposition
readjustment of international conditions
result of the war,
peace,
being made
now
Argentina for the extension of the $50,000,000 loan
over
Turkey, there is only
the honest efforts to settle the world's
a
TURKEY.
illustration; first of the immense complexity
more
delays.
in
GOVERNMENTS AND
dispute which has arisen between the recent
shall be made of
which
was
to prove
those of August 6 1914.
participants in the Paris Treaty,
transfers and checks is said to have been due to mail
It is rumored that efforts
are
ALLIED
THE
as a
,/;
^
at
Spanish
This compares with 17.60 and 17.70 last
to
No figures reported since October 29 1917.
Sweden closed
week.
As
h
Norway finished at 19.50
on
19.65
week.
*
18.40,
at
17.70 for checks and 17.80 for cable
was
transfers,
Checks
cable remittances 21.80,
and
pesetas
Copenhagen checks
ferocity, and in particular indulged to the full in
Armenia
against sacre?
her historic
taste
for indiscriminate mas¬
[Vol. 110.
THE CHRONICLE
1354
Western
Europe
very soon
concluded that
one un¬
mistakably logical result of an Entente victory would
at
war
with
Turkey, and that the whole position of
the United States relative to
making
is
peace
anom¬
It was alous in view of the Senate's rejection of the German
The President, however, expressed for our
in the earlier period of the war that the Entente Treaty.
Government a view in opposition to that of the
belligerents, with the consent of England, promised
The note of our State Department
control of Constantinople after the war to Russia; Entente Powers.
frankly admits the strength of the argument for the
an arrangement whereby a century-old problem, in¬
retention of the Turks in Constantinople; but it
volving Russian ambitions, English jealousies, and
proceeds to state that, in our Government's opinion,
the recurrent possibility of war between those two
"the arguments against it are far stronger and contain
countries, seemed to have some chance of settlement.
be the
expulsion of the Turk from Europe.
politic il effect and conse¬
What would have been the
quence
of the redemption of that war-time pledge to
it is impossible to say.
certain
imperative elements which it would not seem
possible to ignore."
It
the note proceeds,
was, so
the old Russian Government,
"the
Judged in the light of other occurrences since peace
anomaly of the Turks in Europe should cease, and
returned, it would not have been in ill respects a
smooth and amicable arrangement of all the terms
hammedan
conditions of the future administration
and
possession by Russia.
new
But the
question
was
of its
suddenly removed from the
practical consideration. The Russian Rev¬
and the disintegration of the old Russian
before the Bolshevists
to the idea of handing over Turkey to
Empire put an end,
seized power,
it, and when Central Russia came under
ask for
to
the
yoke of
Government which w^as substantially
dibcussion of that
a
outlaw in modern civilization,
an
:
solution of the Turkish
i
■
But the Turk-
helpless and
pr ostrate yet
with
nobody logically indicated to assum e charge of her
dominions,
European
was
joint international control, had indeed been
much discussed at various periods of the war.
Such
under
the
formal League of Nations which
arrangement naturally associated itself with
an
conception of
a
should administer the government
State
as
if it
an
of
a
province
or a
intact and superior political
But the League of Nations, though officially
entity.
in
itself
were
existence, is not yet by any means what its au¬
Its member States are di¬
thors had dreamed of.
vided
essential
on
connected
questions
with the
The ratifying body of Congress has refused
States to join.
There is no im¬
peace.
to allow the United
mediate prospect
complete
reversal of policy
It will be
seen
not made with
little
than
more
that
our
of the Central European Powers
a
inference
the
that
the
relinquish his European dominions,
authority would they fall ?
European statesmen have had enough already of
and
dictators
political
the
mercy
of upstart
desperadoes, because
the
previously organized government, good or bad, had
Nobody wanted to
collapsed.
tried
the
awkward
Sultan's
world
be denied that if the
cannot
this
disposition of those governments, then we shall have
to
accept
disillusionment in the sequel to
one more
the great war.
It would
settlement,
at
come
United States
are
the
reasons
Un¬
for the recent
by Lloyd George, with the apparent assent
of the French
diplomatically isolated in the general
but when France is complaining that
Germany is not fulfilling the Treaty and when her
Prime Minister
was
sustained by an
vote of the French Parliament
we
Government, that the Entente and the
Turkish capital.
The United States Government has been invited to
All these
the
she
was
developments by
means
no
minds
imagined
proves
that,
has
ago.
or so
rapid
hopeful
It also undoubtedly
if the great change which the world
will still
it cannot
come,
come
be the product of a
in
a
moment.
slow and gradual
evolution, in which many immediate problems must be
settled in the
light of the actual conditions of the day.
CHARITY AND CREDIT FOR EUROPE.
We have
intentionally selected and arranged the
words in this title.
ens
credit.
region.
and
Both
Charity precedes and strength¬
are
"for" Europe, as a continental
jThe whole of the world outside is interested
And chat "heart of humanity" of
obligated.
we
have heard must
come
to feel its
responsi¬
On March 24 there appeared in foreign dis¬
patches two statements which we proceed to quote
they
Henry P. Davison, speaking at
may
be drawn together.
the double
ground that the United States has not been formally
correspondents, and reads:
as
hoped for in the relation of the various States is
eventually to
It
year
a
even
so easy
Mr.
on
that
that the
certainly indicate
they
but
This
declined, presumably
prove
politics .than those of the past half century must be
through plenipotentiaries in the forth¬
was
yesterday, the
hope of better things in European international
French newspaper men to
invitation
mag¬
hew assault."
a
that
the Turkish settlement.
guaran¬
attacked," and that "France is
she "wrould be to-morrow, as
first victim of
bility.
on
only
nanimous, but does not intend to be a dupe," because
which
coming conference
overwhelming
the basis of his
have, France has the imperative duty to see
that it is not
Turkish Government in the present
part
on
declaration that "since the Treaty is the
tee
existing League of Nations will have to leave the
take
time when not only is the
a
came
the Mohammedan
particular juncture of affairs.
questionably, these
intimation
on
Powers.
problem of Turkish
occupation is settled in line with the present seeming
question of the influence which the
expulsion might have
at
the experiment
see
Along with this
again in Constantinople.
On the whole, it leaves
question will be settled in
accordance with the views of the European
achievement will not be
If, then, it was to be
of peace with Turkey that
provinces left to
the part of the
It amounts, indeed, to
general American position.
abandoned;
cities and
on
(entirely correct) of the
statement
declared in the final terms
under whose control and
resent
Government's opposition is
great vigor.
being associated in the League.
the Sultan must
now so
expulsion of the Turkish Government as to make
great powers desirable or necessary."
distinct and baffling
a
The idea of Constantinople as a free port,
puzzle.
a
It
Constantinople might
Now Russian domination of
without protest, but even
t
question disappeared.
have created awkward consequences,
ish Government, left
the
of the Mo¬
only witnessed the
who not
peoples,
defeat of Turkish power
even
The Russians themselves ceased
that Government.
be believed that the feelings
cannot
materially assisted in the defeat, will
>
domain of
olution
it
often-expressed intention of the Allies that the
The first is by
a
luncheon of
American and
English
-
Apr. 3 1920.]
"Treaties
THE
or
treaties,"
no
"peace will not
come
Europe is cleaned
up.
It is too late to
which
aroused
millions, but there
save
Davison,
until
Central
going to die there.
are
What will
millions
are
them is the
save
public opinion of the world, voiced through
the
Governments of Nations".
will
aid," he continued.
.
.
"America
.
"All natidns will aid when
they know the situation, and
it is.
Mr.
world
Millions
be saved.
can
said
the
to
CHRONICLE
must show them what
we
The world does not realize that millions
dying of disease and lack of food.
not
are
big enough.
It is
and America will find
statement which
a
a
are
We of the Red
way
"Discussing ' America and the Peace Treaty' the
'Gazette,' after remarking that 'wire
Westminster
pullers and party
ed to the result and in
themselves
doing
no
doubt contribut¬
have not! distinguished
so
than their kind in other
more
recalls Lord
have
managers
countries,'
Grey's letter, and asks who shall
quiet people, removed by 3,000 miles of
a
excuses for
hesitating when they
tinuing chaos of the old world, the
not
necine conflicts which still rage,
tions, lack of principle and
characterize
to
To
con¬
inter¬
which still
doctrine, it
coming of Christ than
it be invoked to breathe the word
over
And
while
the wants,
seem
there is
may
digging
dumped
screen
frantically in the
and mildewed
sustain life.
love
as
may
us
moved by
doors.
the way we
a
suffering far
provide
popular
our
refuse
as
that
\
sublime
How wonderful
during the
was
war;
brotherly
no more
than
can
be,
purpose
moral
can
the work of
a
keeper."
if in
no
other
war
our
can
be concentrated
voluntary commit¬
are com¬
\opportunity
but
a
props^ way, man be in
credits among all peoples—
than by
way
a
"world
financial conference
by appeal offer the
the
to
lowest
limits
son
finds
will be found."
immediate
an
But how?,
for the
use
Mr. Davi¬
existing League
of Nations—as an organism, as we understand the
thought, to spread knowledge and to arouse senti¬
"throughout the world."
will
its
on
And well
perilous and intricate
emphasize,
is
that
this
charity should be pooled
contribute.
And if
by
reason
that
of
a
could
might
prominently
little reflection
colossal
among
and
ministerial
ser¬
needed
all peoples able to
spirii
only the
a
course
of mutual interest
might be aroused and energized it would seem not
impossible that some way could be found.
But
when
men
who know better
smirching the privil¬
and dignity of labor, when they are seizing upon
property because of a false idea that they created
are
ege
a
organizing Soviets, that
are
bane rather than
humane
a
charity
promise to
some
of
gov¬
on
large scale
a
benefit.
a
can
are
than "ropes of
worse
sand," indiscriminate giving
prove a
scorn
fatuous "equality" they
may
So that the best
do would
seem
to be to
And yet, the charitably
pay.
inclined cannot stop to argue or exact too definite
a
promise from the starving!
A
prominent
the "relief"
mercial
woman
who is assiduous in work for
of French
people, remarks that "com¬
credits"
should
be
extended
Would it be possible to extend
distinct from commercial
or
them,
among
assume
the
these
a
credits
the
of
might be met by
And would it be pos¬
starving, who
as
debts, in
a
a
are
in need, to
popular way?
individual,
charitably inclined)
promise of future work by which
for the food received?
of very
form of
ppoffer of food (to the extent of the will and
heart
to pay
are
some
the peoples able to extend
before mentioned?
as
sible for those who
as
governmental credits to
starving peoples of Europe—and under
apportionment
France.
to
"popular credits"
It would be
doubtful character from
a
mere
a
security
investment
obviate the evils of continuous indiscriminate
lished
na¬
America will help, Mr. Davison exclaims,
Governments would
vice
to
How then in this
cease.
draw
a
are
domestic
opportunity to underwrite each people by voluntary
methods to subscribe its own quota in its own
way.
merely offer
public
these points: Governments
on
foreign loans, and they
more
curtail
and "a way
So that
that would apportion them and
called
imperative work of charity is the heart of the world
exact
There appears merit in the idea of diffusion and
absorption of the
no
all.
us
is
appropriations is to
to work?
that
that democra¬
and though the words
duty, if indeed, in
fact his "brother's
to make
be
and with efficiency.
not only an
express
are
we
monplace enough "until Central Europe is cleaned
up" they
opinion" is crystallized
ernment, and lust of
heart, and vast obliga¬
may
what
will' wealth, when in hatred of "the
rich,"
■
that in the sudden
us
that
people of the United States,
it is by that at
us
It taught
cies, diffuse though they
tees
believe
to the
Wrong though
go.
taught
duty assumed.
a
We
ser¬
high and holy enthusiasm, the world
quickly to
rivalries that would astonish
The matter that suggests itself
general knowledge,
away as
be taken into the individual
tions and
need
we
our
should
And yet the war
flame of
turned to definite charitable alleviation, might
quickly be organized into popular efforts and friendly
pose,
vice.
do not believe the human heart
we
a
wonderful resumption quickly come about.
Surely, also, if this be true, the same idealistic pur¬
exists.
food
thing
a
credits
war
now
:
applied to all peoples,
be,
of
of old, then these
as
might be stabilized, absorbed, amortized,
per¬
garbage
;
picture, buttressed by
to show
of
work
may
forming this purely voluntary and ministerial
great foreign city for
a
morsels
If it is true that there is such
this
they
prevasive and
so
better
photograph of starving
a
the outskirts of
on
decayed
the
upon
fancy the moving picture
women
that
lately
be invoked to feed the peoples,
now
a
to
movement
of "idealism" but
by
accomplish great good in the world,
being thrown
wave
it set out
of mankind.
wars
perhaps too carelessly term popular
impossible is possible? Surely,
sound
may
"charity," which is
and
woes
inter-church
an
$336,000,000
if the
ment,
who believe in the
we
Further, that indiscriminate giving by
spirit of the Christ is here, and well might
love,
into what
enthusiasm almost the
tional
the
savage
irreverent to say that there has never been
But the
up
But is it true,
that when this Christ-spirit does flame
loans.
its
time for the second
is it not,
that
remedy.'"
no
some
semblance of definiteness.
some
or
'have
statesmanship, the misery and
bankruptcy for which its combined wisdom appears
to have
for
and
the delays, hesita¬
purpose
to the investors appealed
to, and of the preliminary steps in clearing the way
control
say
sea,
see
not unmindful of the diffi¬
are
and
,
.
We
culties, and of the doubts
and debts
mpet the situation.
task for all the world,
to help."
The other
quote is this:
we
opinion second.
powerful, could
Cross have tried and failed to
We
1355
standpoint.
But if it
peoples
were
intimately
possible, would it not
together,
would
it
not
giving,
working organism already estab¬
would it not tend to
educate first
classes, soften the hurt pride of millions of innocent
and
arouse
public
allay prejudice of and between
and
worthy
and discountenance and disarm
Bolshevism (meaning
persons,
that evil of evils which we term
h hatred of law and
order, and
madness for dividing
a
It is but
idea tossed into the confusion of the
an
what it may be worth.
times for
remains—if
foreign credits
reconstruction is to
charity, in
But this much
if
is to follow,
peace
and
calm
Mr. Henry P. Davison sees
The American
people
can
again enter
and
upon
period of benign sacrifice (this time not happily
And -when
possible death but to certain life).
they do there is
therefrom.
plans
And
so
appear
may
limit to the good that will flow
no
may every
"brother" in
a
take
to him that
the
of
direct from the hand
far land, he may not only have life,
a
but he may
And though
people.
fantastic, when he who eats the
bread of charity knows
of
what the
from.
month they
it
came
hope, and
new
a
vision
may open
glory of life is work, and the gospel
charity is the good will that acts in the present,
>
gan
modest
a very
The first
way.
soldier it
manhood of all.
were
of
It
pension lawyers,
quickly
in
battle
seen a
those who
energize industry and trade,
But those who give
receive, must bow to this: The
war
is
over.
permanent lobby was
a
Men who had never
Washington.
included in the list of beneficiaries;
were
few
a
worked in.
were
until steps had to be
aged and feeble veterans from being
made the husbands of
their
army
little better than leeches,
many
bounty jumpers not
even
An
steadily diminish.
into being and
came
established
claimed that their numbers
was
limited and would
taken to shield
that
and ends of peace.
was
of the most distinguished members of the
some
mercial
credits
for the
order, who foresaw the inevitable lowering of the
Widows and children followed,
means
care was
strenuously opposed
was
thereby strengthening the governmental and com¬
the
our
made the special
were
When the pension
organization.
claimed for every
by
has only to recall
one
injured, and these
of the
par.
Pensioning the Grand Army be-
experience.
disabled and
trust
sufficiently staggering
a
proposition involves, however it
be restricted at first,
in
come
require at least, two and
Liberty bonds already much below
To know what the
may
matter
no
where it shall
or
country already bewildered with taxation,
a
and with its
earlier
uniform,
wore
will amount to
sum
It is said it would
t
sum
to become "good," if
content—this
ought to, and perhaps must,
some manner
become forerunner.
knows.
are
come,
into
the world
soothing
to
of $50 for every
possibly four billion dollars;
up)-
a
[Vol. 110.
THE CHRONICLE
1356
enterprising
who
women
Brief marital
prospective value.
saw
would be
care
amply rewarded by the widow's pension.
THE AMERICAN
There is
LEGION AND BONUSES.
bankruptcy that is
a
worse
The
than financial
number of
pensioners has shown surprising
Fifty-three
persistency.
the
after the
years
insolvency; namely bankruptcy of character and rep¬
there
utation.
306,582 widows and dependents,
■
There
which
is
a
craves
who is after
a
humiliating than that
pardon and another chance.
The man
begging
more
job in politics with
no
pretense of fitness
degrades himself.
The unsolicited gift as a bonus in acknowledgment
of faithful work is one thing.
The "bonus" claimed
thought of earning his
or
pay
by citizens who in the hour of need
from the nation
responded to the country's call for every man's loyal
It contains all the elements
servicers quite another.
of moral
bankruptcy.
do too much to care for the
sick and wounded who without
thought of
calculation of sacrifice responded to its
call for the
Indeed, the State should be equally concerned
who after faithful service in any of its
departments
our
Government undertook to do for
converted
will
insurance
into
war,
since to be
ing this
pose
in the
now
striving
highest degree effective. Concern¬
the country has shown no other pur¬
care
than to
see
that it reaches every case, regardless
When the American
Legion
was
formed those of
us
of the Grand Army of the
who recalled the history
Republic in connection with pensions feared a repe¬
few
that lamentable
experience; but probably
cash bonus of $50
a
month for all soldiers and
sailors who served during the war,
what the
service
abroad
at
or
hardships
scathed.
or
heard in protest from
men
are
table effect
character
the demand already
as
becomes "The Government should do
went
the
across
looking
concerned with the inevi¬
men are
upon
was
in Europe.
are
Thoughtful
Legion.
Bureau
something for
Men who
with the spirit and purpose of the
sea
great body of our American soldiers should not be
exposed to the sordid temptation to turn their service,
when its task
merchandise,
accomplished, into
was
still
or
worse
Unfortunately human nature responds
tip.
resists with such
or
matter of
a
into suppliancy for
so
a
big
easily
difficulty the temptation to get
bag, when the bag is full and found
that "the bottom dollar" is sure to be scrambled
for with
no
thought of shame.
There is indeed
some
sign of
anxiety
among
the
posts, and a substitute of land grants for bonuses
is
Meanwhile attention is turned to the
proposed.
apparent failure of the Reparation and Educational
execute its trust in care of the disabled.
Bureau to
No
one
would in any way minimize the greatness or
our
a
was
desk
or
or
without regard to
where, whether in battle
bench at home, whether
without,
whether
disabled
or
with
un¬
Some 4,000,000 men are to have a bonus
soldiers and sailors in the
should
be
our
one
sordid
turn it to
concern,
or
war.
and
selfish ends,
To guard that
every
or
attempt to
to make it
an
of political service should be promptly
instrument
put down.
expected that it would so soon begin.
a
army
ahead, and honest
Nor is it
Already agitation has begun all over the country
for
total of 646,895
indeed the sudden splendor of the service rendered by
of the cost.
tition of
standing
the
within
of various forms
which it is
in 1918,
the nation greater than the
upon
Here and there voices
open,
continued individual care,
make
cost of any
War Risk Life In¬
supplemented for the sick and wounded with
and
charge
a
extent never before
at
a
Pension
The
$4,917,245,599.
annually
an
sailors, to
inaugurated early in the
surance
be
to
by its scheme of
attempted,
war,
pension list 340,313 veterans and
pensioners; and the total cost to the country had come
its hand into the
and
soldiers
its
in¬
at last incapacitated by age or
are
This
firmity.
to
pay or
those
for
on
us"; "we have not been adequately paid."
The nation cannot
war.
were
as
unworthy to pause and ask at this juncture,
in others less
come
from?"
exacting, "where is the
At
a
money
to
time when gold has practically
disappeared from the markets of the western world,
when the Russian ruble, the Austrian kroner and the
German mark
paper
they
are
are
worth little, if any,
printed
on,
more
than the
when the Italian lire, the
Apb. 3 1920.]
THE CHRONICLE
French franc and the
their
lowest
upon
the debts of
cluding
level
English sovereign have touched
and
the
is written in hundreds of millions,
our own,
large that they
and the
devise
charge
the wealthier nations, in¬
even
and the debts themselves in
so
interest
current
billions, that is in
sums
practically meaningless to
are
us,
chief business of every nation now is to
one
some
of meeting its financial obligations
way
alive
the
world
continue
ing
and making
every energy
back upon
reached
be
not
sacrifice to get
every
firm financial foundation, which
a
until
sound
a
can¬
basis
monetary
is
As Mr.
Stuyvesant Fish said in his recent address
to the Economic
Club, "That is
tary and financial life
1878
struggle for
a
mone¬
death—a thing worth fight¬
or
We have to remember that from 1862 to
ing for."
country had
our
a
long period of depreciated
legal tender with its strain and suffering; and gold
at
time
one
perhaps not
heroic
so
as
the
itself, but it is not less difficult, and promises
to be much
diminish
longer; while already it has
look after
and
honesty.
our
To do that
must
we
can we
afford to tarnish the fair fame
soldiers who have returned home, any more
our
be unmindful of the noble sacrifice of
can
we
those whose blood cries from the torn fields of France
against the shame of
would of itself
peace
form of agreement to
cessation of
sinking
And yet
war.
indifference
into
solemn than
a
the end of permanent
there
"solemn referendum" thereon.
wholly selfish.
The United States is not
likely
soon
war
And by the
proclaim
the wisdom of
with
did not make
the
should
more
it
But
man.
is
no reason
dishonoring the
our
that
peace
or
people
over
a
is yet the highest work of
peace
without
useless
fishness—the earnest "work" for
the
new
form
of
personal sel¬
bringing the "golden
if it begin with
a
refusal to
"profiteer."
Hoke
Senator
Smith
of
Georgia in
of his
one
speeches just prior to the final vote, drew together
three steps
they helped to win for the world.
why,
why, the American
rule" among men—even
dis¬
consonance
to' sound the great tidings
continue
world that
weary
Because
peace,
war," doubted its
reason
on
Senate has refused to
proclaimed "principles," is
all
our
war
token how loudly should
same
American
an
Starva¬
universal good will?
our
vast
war over a
plan for bringing perperual
approve one
is
we
man¬
How often did
peoples.
idealism reiterate that
now
erratic
an
in the heart of Europe.
tion threatens innocent
we
and '
member, and not
a
There is Soviet
to be.
sporadic,
The League of Nations, al¬
ner.
peoples.
world
a
subject—more
actually continues—sinister,
ready in existence, is functioning in
own
signs of
are
this
on
sacrifice—the sacrifice of national and
manhood.
our
Least of all
than
far to
gone
We have still the task of saving
honor.
our
both that
of
is
us
talk
and
covered in it "seeds of
to 284.
rose
The task before
war
think
to
territory, civil
re-established.
a
some
superior to that of controlling expenditure and bend¬
duty
no
rouse
possible, and perhaps will alone make possible
almost
bankruptcy,
To
peace.
make
is
universal
escaping
thought of general
"public-opinion" demanding that all peoples
War
and
1357
in the
conference proceedings that
peace
preceded the final form in which Article X eventually
First, there
appeared.
"HOME
THE
KEEPING
OF
FIRES"
PEACE
BURNING.
In the midst of the many
would sound to call for
in the world.
spirit!
Not
ing
Not
a
"making"
campaigns to raise funds
independent five hundred
ment and action—a way was
cause
actually live
peace,
men
the machinery might be dispensed
regional
rights where they
—and to do this
that
in
and
governmental
and
not universal and equal rights
individually and collectively.
a
This
form of conservation.
keep the bon-fires lighted
the home-fires
Now
relations
trade
territorial
are
kind of sacrifice becomes
to
of "flinging"
merely curbing selfish interests in
and
so-called
eschewing
peace
the Quixotic Byron did "in battle with
the Turk"—it is
continental
peace
is
and all peoples would
The peculiar sacrifice is not that
means
of
mechanism, mark, but the
but thinking, feeling and talk¬
And if all
life away, as
It
Senate
the hills, and
has refused
to
ratify the
League-Treaty, and there is imminent some form of
a
formal declaration of peace, are to
ples to
become
so
sel¬
But there
may
second step, to
be
so
vote in the Treaty
so
a
ordered.
to details are not
a
form of judg¬
made for subject peo¬
This form of "jury
characterized,
in the
seems,
have undergone modification, but the
important fact is that it could not be invoked
more
of
without the' consent
Senator
the over-ruling or
imperial
nullified it.
And there, the
remarked, was where the heart, the only
which of
power,
course
heart it had if it had any, was
and
as
to be
was
into freedom.
emerge
trial," if it
that
was
the
"cut out" of the treaty,
point where, consenting to the
change, the President should fear to look a soldierboy in the face.
And
was
third, when at last it appeared,
bound to defend
"territorial
efforts
at
a
every
member
against outside aggression the
integrity and political independence" of
the then and
forever
on
burning in the heart.
the
and full significance
power
a
three-fourths
an
work of governments, but of peoples.
necessary.
with.
(The
a
to be
self-determination and
quite clear.)
After all is said and done, living
peace.
on
sometimes wonder how it
the
peace,
was
declaration thereon, when
the spirit of the
Not
Assembly
we
for human betterment
millions to promote
Council and
now
existing members, clearly making
of
liberation
so-called
domestic question, and
by force of the "new
map
subject
peoples
compelling defense
of the world" made by the
preliminary Peace Council of Paris, and here centted
the
"fight" that concluded with the negative or
life-pursuits as to
forget the beauty and glory and goodness of the spirit
of peace?
There never was a more opportune time
nugatory reservation.
than this to live and love peace.
the whole matter must suggest
fishly engrossed in
that money
our necessary
be "raised" to
If it
carry on
were
required
what is known
as
Now, though it is claimed the plebiscite was pre¬
served by other
of peace was
articles of the treaty, a foreview of
that even the spirit
deadened in, if not removed from, the
"propaganda" need
we compare
Treaty-League itself, and therefore must cease to
tion for peace
many
engage
with
movements of the time?
made
the benefits of educa¬
of the moral and spiritual
It would be invidious to
comparisons, but there is
no more
important
work for the human well-wisher than that of
keeping
the heart of the world—that heart which it
has been said would "be broken" without our
cation.
peace
ratifi¬
And the heart of the world must beat for
always and all the time if we are ever to have
THE CHRONICLE
135S
universal
critical
Howl important,
peace.
then,
at
this
years,
time, in these immediate coming
that
though it is
the altar of the spirit of peace—and not sub¬
all thought of
merge
peace
upon
attaining and preserving it.
call it so,
undertaken by good and wise men.
"Lest
effect
gress.
this is the greatest evangelical work
the possibilities of
ascend?
ever
It embraces all
physical and spitirual existence.
forget/' how might this
we
Economics
and
true
forever
prayer
religion
would
be
promoted in the most effective way—the economics
of
world-wide
alike
and
of fair trade—and the
universal
mutual
benefits
primal and ultimate religion
"golden rule."
The solemn resolve that
perish from the earth.
peace
shall not
When
.
the
world-war
United States
broke
upon
humanity the
framing simple agreements with nations the
of which
was
to
final resort to
to cool and
promote
by "waiting" before
we
a
waiting allowed passion
to assert itself.
reason
spirit of which
peace
This
arms.
essence
speak.
It is of the very
Instead of
complex
a
mechanism to provide concrete steps (this it is true
is
one
a
huge combined compulsion by force,
of them)
important
by which waiting shall eventuate in
is it not
in the sad and disordered aftermath
now
to
keep alive this element of the sacred spirit ?
us
quiet and
a
free electorate is the solemn duty of
contemplation of the good that is
serene
in peace.
Let
a
believe that though all plans and
us
leagues shall fail
peace can
tinual and solemn
supplication in the heart and mind
be preserved by its
con¬
situation
in
sharp rise in rents is
interest
rates
approval
on
passage
month began.
stop by physical
are
is
upon owners
so
much
give
as
companies
ance
cry
arms
of its
one
The
and the rush against
and continues to refuse
assurances
which experi¬
Even the insur¬
be forced to
cannot
many
hand, the onset
readily broken.
are
good.
very
Materials do not decline.
joins cheerfully in the
has shown
ence
considerable increase
the other
on
deterrent.
a
a
called
and the market offers
up
profiteers, but folds its
to
a
put
out
on
mortgage the trust funds they hold; individuals will
the mortgages offered by companies with
compare
other investments in
market; builders have to'face
the extra cost of materials and labor and to consider
the hazard of
swelling the amount
on
which interest
must be earned.
Owners
and
builders
of
tenants;
than
more
thinking of themselves
are
but tenants and labor and
lenders have like selfishness.
produced altruism;
so
enlightened selfishness.
in
Statutes have not yet
must
we
continue
to
trust
A selfishness which persists
demanding concessions while refusing to make
any
get enlightenment out of suffering experience.
DEFICITS
TO
CANADIAN
GOVERN¬
MENT IN OPERATING RAILWAYS.
and
Wednesday night, in order to get them
in force before the
present
a
invitation to free capital, but
an
inducements;
Labor
be
cannot
exception, the batch of a dozen bills for the
through to
to
other.
or
construction
HEAVY
rushed
said that in Chicago
was
come
Meanwhile, the prospect of
WILL IT PROVE EFFECTIVE?
was
nor can
city's population be turned into the
intolerably acute will relieve itself tempor¬
arily, somehow
HOUSING LEGISLATION RUSHED THROUGH-
one
tax-exemption for
a
inability of the truckmen to attend to them, and
must
With
a
shifting by tenants had
of the world.
relief of tenants
it is
corresponding action by Con-
some
streets; it is not long since it
the
believe that beyond all submission of the present
problem to
Let
proposed
A whole people cannot be indicted,
other
engaged in the laudable task of
was
without
large part of
a
production and the share-and-share
of unshackled
of the
The bill that failed
wish to
you
as
already high.
mortgage funds, but it could not have had much
formula for
some
Why, if
great relief to tenants, inasmuch
no
laid upon rents
peoples shall continue to lay voluntary sacrifices
upon
[Vol. 110.
Their
pur¬
Ottawa, Canada, April 2 1920.
The Government of
of the United
Canada, like the Government
States, has tapped and re-tapped the
public treasury to make
up
deficits
on
its railway
port has already been stated, and they are all in the
operations.
direction of coercing the landlord.
option of transferring her railway responsibilities to
their
cuss
tains
the
constitutionality.
familiar
con¬
provision against depriving
person of property "without due
leaving the interpretation of that
but there is
It is idle to dis¬
The constitution
nothing in
the
process
open
all with
us
such
management
appear
overwhelming.
of law,"
forbidding
attempts at price regulating by statute, and the
has familiarized
private
any
to question;
document
attempts.
Canada, however, has not the happy
war
Local
Minister
deficits
of
on
when losses
and
perplexities
This week in Parliament the
Railways announced that the 1919-20
all
railway lines controlled by the Cana¬
dian
Government, including the old Canadian North¬
ern,
Grand Trunk Pacific, and the Transcontinental,
The operating deficit on the
totaled $47,000,000.
courts
invariably and not unjustly lean to the side
Canadian Northern
of the
tenant;
colonial, running through the Maritime Provinces,
and the Transcontinental, running from
Moncton,
covered
a
considerable part of the 2}^
years
might be spent before determination by the
was
final court could be
reached; the courts along the line
New
will
$6,500,000, and
on
the Inter¬
To this has to be added
surely be slow,
these laws
on
the
as
courts always are, to condemn
of
score
constitutionality; and it is
not
certain that any attempt to so
will
be
condemn them
seriously made.
situation of
a
against
and
of
one
some
haste
a
really acute trouble.
personage
that nobody loves
that has been
the
They turn
very
much,
inviting trouble by the greed
members of the class.
and
These bills represent
disposition to push violently against
obstacles rather than try to lessen the obstacles that
lie farther back; it seems the simplest and
speediest
way
of relief to tie the landlord's hands.
increase
of 25%
a
year
The total loss in
last year was
$19,000,000 for fixed charges.
operating the Grand Trunk Pacific
$14,000,000.
On the Canadian Northern and the Other
They all represent excited emotions, unavoidable
in
Brunswick, to Winnipeg, Manitoba, $7,500,000.
should satisfy
Yet
a
owners,
rent
al¬
exclusive
gained
ing
of
over
the
Grand
Trunk
Pacific,
roads,
revenues
1918 by nearly $12,000,000, but operat¬
expenses
jumped at the
practically 108 millions.
same
time from 84 to
The latter
was
due mostly
to the increases embodied in the McAdoo award to
which the Canadian roads
dollar earned
ha^l to agree.
by the roads
in
Out of every
this country, 78 cents
went in wages.
Most
interesting of all the points brought out by
Railways was his reference to reme-
the Minister of
Apr. 3
dies for the continued deficits on Government
rail¬
The House of Commons gathered
operations.
way
unmistakably that the present Government will con¬
tinue to
the annual losses out of the Federal
pay
Treasury rather than increase freight and passenger
of
advance
An
rates.
even
million dollars out of the
by the
course,
take 88
25% would
pockets of Canadian ship¬
The income would be shared, of
annually..
pers
Canadian Pacific Railway
prosperous
Company, and although the latter is supposed to
sacrifice in taxation all
no
means
of control
earnings above 10%, there is
over
the company's
tions for betterments and similar accounts
appropria¬
enhancing
National railway
"have
been
removed
Experienced railway
been
given
the best
lines," said the Minister,
from
men are
political interference.
They have
in charge.
to improve the road bed, to buy
money
equipment to enable the greatest tonnage
to be hauled in a
single train.
her maximum of
and the vision to
tion system
If Canada has reached
development, then
we
shall have
But I, for one, have faith to feel
planned foolishly.
prophesy that the great transporta¬
is not being prepared to perform its
splendid service in vian."
LISTINGS ON THE NEW YORK STOCK
EXCHANGE FOR
THE
YEAR
1919.
restrictions imposed by the
Issues Committee and greatly diminished
demands of the Federal Government, there was a
Capital
substantial increase in
new
corporate financing in 1919
compared with the previous year, as evidenced by
the volume of listings on the New York Stock
to
as
preclude, except in
99911178642335840765
the
which amount
vanced
to
money
or
not
year's
new
financing
brought
out.
The aggregate of stocks of miscellaneous com¬
panies listed was $1,015,927,517, this total having
large amount of industrial stocks
the
been exceeded only
in 1901, when the 1,100 million
newly formed Steel Corporation were
shares of the
normally be presented for listing
the New York Stock
Following is
our
Exchange.
usual ten-year listing table:
LISTINGS ON NEW YORK STOCK EXCHANGE.
Issues for New
$541,000,000 of the stock of miscel¬
No less than
companies listed represented new
laneous
capital,
capital or the capitalizing of enter¬
prises 'previously of a private character. These
totals are the more noteworthy when it is considered
i. e.,
entirely
new
that in many cases
value and
Thus, in the
ures.
the shares listed were of no par
represented by merely nominal fig¬
were
case
of the Transcontinental Oil
Co., its 2,000,000 shares of captial
on
in
Now Listed.
211,074,311
100.148,400
1,349,686,350*
911
are
carried
25,925.000
33,958,500
64,445,000
5,000,000
25,000,000
"35,122.656
equity of
over
$196,000,000.
comparison with previous years.
was
to be
expected, railroad financing in 1919
little increase over the previous year.
The roads remained under Federal control through¬
showed
very
the year and
capital expenditures were largely
provided for through advances by the Government
bonds of the several roads, which, of
secured by the
course,
over,
488,993,000
648,066,100
654,977,750
580,834,400
175,250,900
207,300,850
148,148,600
52,008,300
184,627,400
808,162,500
236,060,904
474,927,828
44,652,250
139,877,552
69,751,875
96,127,390
106,684,130
724,450,548
418,186,265
1,266,634,492
312,024,647
Stocks.
555,645,760
100,688,267
616,957,245
479,263.618
319,506,950
130,383,000
264,714,115
463,935,140
912.
967,161,758
939,326,240
571,796,360
611,993,230
1,161,030,790
643,614,830
1,239,501,545
441,413,360
347,279,115
193,956,217
38,000,000
467,175,700
255,897,215
304,681,590
-
1,481,285.345
523,691,900
503,139,433
249,717,615
467,644,255
Note.—Applications lor the listing of trust company receipts and of
marked "assented"
(If preparatory to reorganization), or of securities
"assessment
or
securities
stamped
having previously
paid"—the securities themselves
been listed—are not included In this table.
:
*
Government loans are Included In the above.
"assumed"
STOCKS.
BONDS.
Year.
Railroad.
Ry
205,251,700
61,294,600
525,320,250
337,899,500
325,655,100
1914
344.983,800
1917
Railroad.
%
%
$
1918
Mis cell.
$
Electric
68",386",100
281,291,100 183,631,000 183,144,000
209,752,900 177,401,500 267,823,350
34,160,000 248,670,500
298,003,900
53,679,000 310,315,800
1910... 444,167,700
1913
Ry.
Miscell.
%
466,725 1015927517
148,415 258,771,992
31,951,365 825,526,920
52,903,635 763,072,523
$
115,750.840 250,240,250
55,268,500
97,954,000
17.897,000 447,636,300
43,119,000 178,687,500
23,810,000 191,727,200
14,515,000 129,494,200
Electric
623,807,060
161,185,600
367,827,670 140,403,200 431,095,370
346,016,100 50,065,100 175,715,160
242,809,650 12,139,000 357,044,580
136,034,100 109,405,900 915,590,790
204,889,550 141,226,600 297,498.680
9,763,500 868,072,585
361,865,460
Railroad bonds listed for the year
total 205 millions
compared with only 61 millions in 1918. Chief among
the issues of this class are the $50,000,000 Pennsyl¬
as
General
Mortgage 5% Bonds,
issued for additions and betterments and
Series "B,"
for refunding
$35,000,000 Baltimore & Ohio Ten-Year
purposes;
6% Secured Bonds issued to fund floating debt, to
1919, and for
$16,000,000 Illinois Central
15-Year Collateral Trust 5J^% Bonds issued for addi¬
tions and betterments; $16,460,000 Norfolk & West¬
retire
$7,500,000 Notes due July 1
other corporate purposes;
10-Year Convertible
ern
6% Bonds issued for acqui¬
sitions, extensions, improvements, etc.; $10,500,000
Chicago & North Western Railway General Mortgage
value of
out
300,751,000
48,798,786
122,222,333
40,539,000
5% Bonds issued for refunding purposes, improve¬
ments
and additions and $8,000,000 Central of
panies incorporated in the
As
321,002,540
227,634,700
1,626,853,550
1,829,186,000
541.192,300
$1, and are so shown
Similarly, com¬
State of New York with
no par value stock
usually carry their shares at the
nominal figure of $5 each.
This practice has, neces¬
sarily, served to reduce the total amount of stock
listed as expressed in dollars and so impaired the
and
68,132,729
93,527,800
212,702,200
41,795,500
1,505,530,000*
451,854,514
361,770,667
447,815,200
447,676,900
397,563,800
571,526,800
919
Total.
Old Securities
table, although claimed to represent a surplus
the books of the company at
our
stock
Replacing
Old Issues
Capital, &c.
Bonds.
vania
listed.
ad¬
new
reduce the amount of stocks and
bonds that would
1912
was
as
only not listed themselves, but serve to a greater
1915
The distinctive feature of the
moneys
enterprises either
replacement of previously existing note
have stated before, are
less degree to
190
The
$524,763,500, of
was
$407,632,000 represents
miscellaneous
slight
Note issues, as we
issues.
or
just past
year
a
1918.
the figures reported for
over
for
total
1916
Exchange,
instances, advan¬
rare
compiled at the end of this article, shows
as
increase
910
Owing to the cessation of hostilities and the conse¬
quent removal of the
credit
tageous financing by the railways themselves.
The table of note issues not listed on the Exchange,
on
the value cf the property.
"The
1359
THE CHRONICLE
1920.]
d3 not
the
poor
appear
operating results so
More¬
impaired railroad
in the year's listings.
Georgia
Ten-Year
6% Secured Bonds issued for
capital expenditures.
Miscellaneous bond listings
to
98 millions in
this
class
for the
year
amounted
compared with approximately
the preceding year.
There are among
$115,750,840
the
as
$25,000,000
New York
Telephone
6% Debenture Bonds, $20,000,000 Wilson &
Co. Ten-Year Convertible Sinking Fund 6% Bonds,
30-Year
$10,000,000 United States Rubber Co. Five-Year
Notes and
7%
$10,135,000 American Writing Paper First
Mortgage' 7-6% Bonds, the
last two issues being
solely for refunding | purposes.
Included in the railroad stocks listed is $112,545,200
capital stock of the New York Central RR. issued
/
exchange for New York Central & Hudson River
in
stock; $65,216,900 Pittsburgh Fort Wayne &
RE.
Chicago common stock, of which $52,436,300 was
in
issued
exchange for its
and $12,780,600
stock
was
old special guaranteed
issued to the Pennsyl¬
for improvements and additions made;
vania RR.
$19,714,300 P. Ft. W. & C. preferred stock issued in
exchange for its old "original" capital stock; $25,-
572,500 Southern Pacific Co. capital stock issued for
conversion of bonds.
Outstanding
the miscellaneous stock issues
among
the $59,555,700 common stock
are
Motors
of the General
Corporation issued for acquisitions, better¬
&c., and $57,413,600 6% debenture stock
ments,
issued in exchange for
preferred stock and for acquisi¬
tions, working capital, &e.; 993,212 shares (no
value) of A. T. Securities Corporation
issued
to
acquire
common
stock of
common
par
stock
the American
Tobacco Co. in the ratio of four shares of the former
for
share of the latter; 300,000 shares (no par
one
value) Fisher Body Corporation
General Motors
the
to
stock sold
common
Corporation, for, it is
re¬
ported, $30,000,000, to provide for additions and
working capital; $32,338,600 United States Rubber
Co.
stock issued for additions, extensions,
common
&c., and $15,598,000 Texas Co. capital stock issued
for
new
States
capital.
Food
issued in
We note also $30,944,800 United
Products
common
stock
exchange for Distillers Securities Corpora¬
tion stock and 557,190
Retail
Corporation
Stores
exchange for
Class
shares (no
"A"
United
par
common
Cigar
Stores
value) United
stock
issued
stock
in
and
for
working capital; also 2,000,000 shares Transcontinen¬
tal Oil Co.
[Vol. 110.
CHRONICLE
THE
1360
capital stock, 3,521,793 shares Sinclair
Company and Class of Bonds—
Purpose of Issue.
Amount.
Seaboard Air Line, Fla. Cent. &
Peninsula RR. 1st 5s
Southern Pacific 1st ref. 4s, 1955—
Ext. for 5 years at 6%.
Old bonds just listed.
Old bonds just listed.
Old bonds just listed.
Old bonds just listed.
Additions, impts., &c.
Corporate requirements.
$733,000
14,758,000
4s, 1949 (Cent. Pac. stock collat.)
5,400,000
San Francisco Term. 1st 4s, 19505,993,000
South. Pac. of Calif. 1st cons. gtd. 5s
113,500
Union Pacific 1st & ref. 4s, 2008
121,000
10-year 6% secured bonds
4,375,000
Total.—
$133,497,850
RAILROAD
BONDS
SIX MONTH3
SECOND
LISTED
1919.
Bait. & Ohio ref. & gen. 5s, Series A.
$987,500 Corporate purposes.
10-year 6% bonds
_* 35,000,000 Refunding;corn, purposes.
Cent, of Ga. 10-yr. 6% sec. bonds—
8,000,000 Capital expenditures.
Chicago Milw. & St. Paul 4s, 1925-312,000 Refund, "franc" bonds.
CubaRR. 1st mtge. 5s, 19521,140,000 New equipment.
Ft. Worth & Rio Grande 1st 4s, 1928
137,000 Exch. for 5% bonds, &c.
Mo. Kan. & Okla. 1st gtd. 5s, 1942.
1,184,000 Old bonds just listed.
N. Y. Central 10-yr. 6% conv. debs.
1935
3,754.900 Retfre obligations.
Norfolk&West. 10-yr .conv. 6% bds. 16,460,000 Acq'ns, exts., impts., &c.
Nor. Pac-St. P. & N. P. gen. 6s, '23
200,000 Old bonds just listed.
Ore.-Wash. RR. & Nav. Co. 1st ref.
4s, Series A
Pennsylvania cons. M. 4s, 1948
St. L.-San Fr. prior lien 4s, Series A
Adjustment mtge. 6s, Series A
232,000 Corporate purposes.
285,000 Additions, impts., &c.
1,596,000l Issued under reorganiza1,992,450/
tion plan.
Seaboard Air Line Florida Central &
Peninsula RR. 1st 5s.,
Union Pacific 1st & ref. 4s, 2008
309,000 Ext. for 5 years at 6%.
164,000 Additions, impts., &c.
Total
$71,753,850
MISCELLANEOUS
LISTED
BONDS
FIRST
Am. Tobacco Co. dividend ctfs
Computing-Tab.-Rec. 30-yr. 6s
Elkhorn Coal Corp. 10-yr. 6% con¬
vertible notes.___
Keystone Telephone 1st 5s, 1935
N. Y. Telephone 30-yr. deb. 6s
Nor. States P. Co. 1st & ref. 5s,ser.A
MONTHS
1919.
1,739,000 Refdg., developm't, &c.
600,000 Additions, &c.
Acquisitions, impts., &c.
Extensions, add'ns, &c.
Refunding.
Old bonds just listed,
25,000,000
1,520,000
U. S. Rubber Co. 5-yr. 7% notes,'23 10,000,000
West Penn Power 30-yr. 1st 5s, ser.A
8,500,000
do
do
45-yr. 1st 6s, ser. C
5,223,000
Wilson & Co. 1st M. 6s, ser. A
5,080,000
do
10-yr. conv. skg. fd. 6s
20,000,000
Total—
SIX
Amount.
Purpose of Issue.
$263,100 Exch. stock of Secur. Co.
350,400 Corporate purposes.
4,024,240 Dividends paid in scrip.
328,000 Acquisition of stock, &c.
Company and Class of Bonds—
Am. Sm. & Ref. 1st 30-yr. 5s, ser. A.
Am. Tel. & Tel. 7-yr. conv. 6s
Old bonds just listed.
Acquisitions, impts., &c.
Retire oblig'ns, wkg. cap.
$82,627,740
MISCELLANEOUS
BONDS
LISTED
SECOND
SIX MONTHS
1919.
Company and Class of Bonds—
Amount.
Purpose of Issue.
$3,088,800 Exch. "B* stk. of Sec.Co.
10,135,000 Refunding.
BradenCop.Mg.Co. 15-yr. coll. tr.6s 3,583,000 Add'ns, development, &c.
Chile Copper Co. 15-yr. conv. 6s,
series A
3,959,000 Additions, &c.
Detroit Edison 1st & ref. 5s, ser. A._
5,598,000 Add'ns, exts., &c.
Intern. Merc. Mar. lstM.coll.tr. 6s
3,693,300 Add'ns, impts., &c.
Utah Power & Lt. 1st 30-yr. 5s
3,066,000 Impts., exts., &c.
Am. Sm. & Ref. 1st 30-yr. 5s, ser. A
Am. Writing Paper 20-yr. 1st 7-6s._
Total
$33,123,100
RAILROAD
STOCKS
LISTED
FIRST
SIX MONTHS
OF
1919.
Company and Class of Stock—
Amount.
Purpose of Issue.
Top. & S. Fe com. stock
$634,000 Conversion of bonds.
Buff. & Susq. stk. trust ctfs., com__
2,497,100 Old stock just listed.
Buff. & Susq. stock trust ctfs., pfd_.
2,276,400 Old stock just listed.
Chicago Great Western com. stock.
433,800 \Excbanged for voting trust
Chicago Great Western pref. stock430,200 J
certificates.
Gulf Mob. & Nor. stk. tr. ctfs., com.
1,976,100 'Issued in accordance with
Gulf Mob. & Nor. stk. tr. ctfs., pref.
1,987,200/ reorganization plan.
Missouri Pac. stk. trust ctfs., pref-2,316,300 Issued under reorg. plan.
New York Centra] capital stock
112,545,200 Ex.N.Y.C.&HRRR.stk.
Atch.
Consolidated
Oil
Corporation
capital
1,008,000 shares Union Oil Co.
stock
and
capital stock
(all
.
these being no par value shares)
issued to acquire
constituent companies and to provide necessary work¬
Pittsb. & W. Va.
ing capital.
A number of
companies reduced the par value of
their shares during the year or issued shares of no
par value in exchange for their old stock.
Thus, the
Chandler Motor Car Co. listed 210,000 shares of no
par value in exchange for 70,000 shares of $100 par
value each and three shares of American Steel Foun¬
dries
stock of $33 1-3 par value each were
exchange for each $100 share.
In similar
manner Manhattan Shirt Co. reduced the
par value
of its shares from $100 to $25 per share,
issuing four
shares of the latter in exchange for one share of the
common
issued in
former.
Another feature worthy of mention was the listing
of
Equitable
Trust
Co.
certificates/for 375,000
Transport & Trading Co.,
Ltd., issued against the £1 English shares in the
ratio of one American share for every two £1 shares.
American shares of Shell
GOVERNMENT AND MUNICIPAL ISSUES LISTED AND AUTHOR¬
IZED TO
BE LISTED
DURING
1919.
Bordeaux, City of, 16-year 6% bonds
Dominion of Canada 5%
bonds, 1931-—
Louisville, Ky., 4% park bonds, 1930
Lyons. City of, 15-year 6% bonds
_______4.
Marseilles, City of, 15-year 6% bonds
L
New Orleans City Constitutional loan 4s, 1942-.
St. Louis 20-year 4s, due April 1 1928-,
St. Louis 20-year 4s, due July 1 1928
•7
St. Louis 20-year 4s, due Oct. 1 1928
Virginia 6% deferred ctfs., issue of 1871 (Brown Bros. &
Co. ctfs.).
United States of America "Victory-Liberty"Loan",~3 Hs& 4&s
...
.
Total
_
RAILROAD
—SI,571,611,735
_
BONDS
671,735
4,500,000|000
Purpose of Issue.
Refunding; impts., add'ns
Refunding.
Additions & betterments
Refunding; corp. purposes
Acquisitions, impts., &c.
Exch. unstamped bonds.
Old bonds just listed.
Issued under reorg. plan.
Exch. Lake Shore coll.3Hs
mtge, 5s, Ser. B_ 50,000,000 Add'ns & bett'ts, refund^
.
Pennsylvania
St.Loui»-San
t
gen.
P,r-lien 4s, Ser. APrior lien 5s, Series B
_.
Adjustment mtge. 6s, Series A
1,157,800\Ex.P.&W.Va.(of Pa.)stk.
......
Total...
$241,541,800
RAILROAD STOCKS LISTED
2,334,350} Issued under reorganiza46,050 f
tion plan.
746,450J
SECOND SIX MONTHS OF 1919.
Company and Class of Stock—
Amount.
Purpose of Issue.
Top. & S. Fe com. stock
$452,000 Conversion of bonds.
Buff. & Susq. stock trust ctfs. com..
200,000 Old stock just listed.
Chicago Great Western com. stock_
566,3001 Exchanged for voting trust
Chicago Great Western pref. stock423,900/
certificates.
Cleve. & Pittsb. gtd. 7% stock
150,000 Additions, impts., &c.
Special gtd. 4% betterment stock
523,950 Additions & betterments.
Norfolk & Western com. stock—1,078,000 Conversion of bonds.
/
Southern Pacific Co. capital stock..
609,700 Conversion of bonds.
Southern Ry. common stock
2,634,500 \ Old stock just listed.
Atch.
Preferred stock
310,200/
Wabash Ry. common stock
524,9001 Exch. for 5% conv. pref.
Profit-sharing Preferred "A"
Western Pacific RR. Corp., com—
524,900/
Preferrcd stock
Total
stk. "B" already listed.
100,100\Issued under
600,0001
tion plan.
......
reorganiza-
$8,698,450
RAILWAY STOCKS LISTED FIRST
SIX MONTHS OF
1919.
Interborough Consol. Corp. com.
(67,731 shares)....*$338,655 Exch. Int.-Met.
ELECTRIC
RAILWAY
STOCKS
OF
Interborough Consol.
(25,614 shares)..
MISCELLANEOUS
Corp.
Preferred stock
—
American Agric. Chem. Co. com. stk
Preferred stock.
Magneto
v. t. c.
MONTHS
1919.
v.
tic.
American International
732,6001 Exchanged for voting trust
144,500/
certificates.
2,500,9001 Conversion of bonds.
690,000}
;
*5,755,852 Acquire Bosch Magn. Co.
stock
Corp. capi¬
tal stock (80 paid)
Amer. Shipbuilding Co., common..
Preferred stock..
i
...
American Steel Foundries
$127,0001 Issued in accordance with
196,800/ reorganization plan.
1,000,000 Corporate purposes.
capital
stock <60,000 shares)..
Amer. Druggists Syndicate
common.
Amer. Sumatra Tob. Co. com. stk—
AssociatedDryGoodsCorp.com
Bethlehem Steel Class B common..
Convertible 8% preferred
7% cum. 1st pref..
Booth Fisheries
SIX
*$128,070 Exch. Int.-Met.
Ajax Rubber Co., Inc., cap. stock..
Allis-Chalmers Mfg. common Stock.
Bosch
SECOND
STOCKS LISTED FIRST SIX MONTHS OF 1919.
Advance-Rumely common stock...
American
LISTED
com.
Preferred stock..
LISfTED FIRST SIX MONTHS 1919.
Company and Class of Bonds—
Amount.
Chic. & Northw. Ry. gen. M. 5s—$10,500,000
Chic.Bt. P. Minn, & Omaha con. 6s
6,081,000
Illinois Cent. 15-yr. coll. trust 5Hs- 16,000,000
Lehigh Valley 10-yr. coll. trust 6s
15,000,000
General cons. 4% bonds, 2003
350,000
Mex. Int'l 1st cons. 4s, stpd.
gtd.—
100,000
Michigan Central 1st M. &s, 1931
424,000
Missouri Pacific gen. M. 4s, 1975—
196,500
New York Central cons. 4s, Ser. A.
226,000
_
stock
141,800/
and corp. purposes.
52,436,300 Exch. old spec'l gtd. stock
Pittsb. Ft. W. & Chic., com. stock. 12,780,600 Improvements & additions
Pittsb. Ft. W. & Chic. pref. stock.. 19,714,300 Exch. old orig. cap. stock.
Seaboard Air Line common stock—
262,000 Issued under financial plan
Southern Pacific Co. capital stock.. 24,962,800 Conversion of bonds.
Southern Ry. common stock
94,300lOId stock just listed.
Southern Ry. preferred stock
210,400/
Wabash Ry. common stock
2,245,500\Exch. for 5% conv. pref.
Wabash Ry. profit-sharing Pref. A.
2,245,500/
stock "B" already listed
Western Maryland Ry. com. stock.
194,200 Exch. for constit. cos.secs.
ELECTRIC
$15,000,000
10,000,000
600,000
15,000,000
15,000,000
4,140,000
1,000,000
5,500,000
4,700.000
com.
Pittsb. & West Va. pref. stock
com. stock-.
Pittsb. Ft. W. & Chic.
3,737,640 Oldf stock just listed.
9,800,000 Add! 20% paym't called.
2,479,000101d stock just listed.
3,315,000/
17,184,000
2,962,200
1,178,100
414,000
<
$100 par, red. to $33 1-3.
Conversion of bonds.
Issued under reorg. plan.
Additional working capl.
681,700 Additional working capl.
573,900 Add. & bett.; work. capl.
APB. 3
THE CHRONICLE
1920.]
1361
Company and Class of Stock—
Amount.
Purpose of Issue.
Brooklyn Edison Co., Inc., cap. stk_$17,271,000 Ex. ICC.Lt.&P.stk.&bds.
Burns Brothers common stock
531,900 Stk. tLivg.; corp. purposes.
Bush Terminal Co. common stock..
145,000 Stock dividend.
Company and Class of Stock—
Amount.
Purpose of Issue.
GeneraiCigar Co., Inc., 7% deb. pf. $4,620,800 Additional wkg. capital.
Butte
Debenture stock
31,265,300
Goodrich Co. (B. F.) preferred
14,888,300
Gray & Davis common stock
2,722,600
International Nickel Co. common..
488,075
Iron Prod. Corp. com. (94,870 sh.).*12,844,655
Copper & Zinc stk. tr. ctfs
137,860 Exch. old vot. tr. ctfs.
Caddo Central Oil & Ref. Corp. stk_ 15,000,000 Acq. Caddo O.&R. of La.
Central Foundry Co. com. stock
421,5001 Old stock just isted.
Ordinary preferred stock
813,600/
Certain-teed Products Corp. com¬
mon stock (5,000 shares)
*200,000 Corporate purposes.
Commonwealth Bank capital stock.
400,000 Old stock just listed.
Consol. Cigar Corp. common (90,000shares).
*3,600,0001 Acquire constituent cos.
7% preferred stock
4,000,000/
and working capital.
Consol. Gas, El. L. & P. Co. of
Baltimore stock
i
136,200 Note conversion.
Corn Exchange Bank capital stock
700,000 New capital.
California Petroleum common
2,418,100 Exchange for v. t. c.
Emerson-Brantingham common
8,535,5001 Old stock just listed.
__
Preferred stock
12,170,500/
14,000,000 {Acquire Endicott, Johnson
Endicott-Johnson Corp. common
7% preferred stock
15,000,000/
& Co. & new capital.
Famous Players-Lasky stock (168,085 shares)
-*13,446,800 Old stock just listed.
Fifth Ave. Bank of N. Y. cap. stock
300,000 New capital.
Freeport Texas Co. stk. (494,147 sh.) *3,459,029 Old stock just listed.
General Electric Co. capital stock..
2,313,900 Stock dividend.
General Motors 6% deben. stock
26,148,300 Ex. pref.stk. & acquisi'ns.
Common stock
51,573,800 Acquisi'ns, develop., &c.
Gulf States Steel Co. tr. ctf. com.stk.
6,998,200 Exch. for old tr. ctfs.
Internat. Agricul. pref. stock
103,400 Old stock just listed.
Internat. Harvester Co. common
3,447,8001 Exch. for stock of N. J.
7 % cum. preferred stock
2,508,100] Company and Corporation.
International Nickel Co. com. stk._
170,200 Exchanged for v. t. c.
Internat. Salt Co. capital stock
1,292,000 Old stock just listed.
Irving Nat. Bank and Irving Trust
Co.-Cent. Un. Tr. Co. ctfs. of dep.
for 2 shs. bank stock and 1 share
Keystone Tire & Rubber common..
Kress & Co.
(8. H.) common stock..
114,400 Old stock just listed.
par reduced to $25.
5,000,000 $100
Manhattan Shirt Co. com. stock
Maxwell Motor Co., Inc., common.
First preferred.
Second preferred
National Acme
Old stock just listed.
1,980,960 Old stock just listed.
649,200 Exch. for stock tr. ctfs.
10,000,000
Loose-Wiles Biscuit ext. stk. tr. ctfs.
capital stock
National Enam. & Stamp. 7% pref.
197,700] Issued
70,500 \
353,000)
in
exchange
for
stock trust certificates.
409,900 Old stock just listed.
1,453,400 Acq.St.L.C.&C.stk.;corp.
•
purposes.
9,196,000 Extensions; corp. purposes
11,974,510 Old stock just listed.
Owens Bottle Co. common stock
9,645,575] Exch. Owens Bottle Mach.
Preferred stock
9,856,600Jstk. ext., working capital.
Pan-Amer. Petri Trans, com. stock.
5,806,100 Conversion of pref. stock.
Penn Seab. Steel, v.t.c.(64,638 sh.)_
*323,190 Old stock just listed.
Philadelphia Co. 6% pref. stock
7,660,200 Ex.stk.& bds. sub.cos.,&c
Pierce Oil Corp. common stock
3,369,950 Conv. of bonds; corn.purp.
Punta Alegre Sugar Co. com
3,860,000 Old stock just listed.
Remington Typew. tr. ctfs. com.stk.
6,563,200]
First pref. stock trust certifs
2,517,200[Old stock just listed.
First pref. stock, Ser. S. trust ctfs.
1,000,000]
Second pref. stock trust certifs
4,274,200]
Republic Motor Truck Co. com. stk.
(100,000 shares)
*500,000 Old stock just listed.
St. Joseph Lead Co. capital stock._ 14,094,660 Old stock just listed.
Savage Arms Corp. stock
478,400 Conversion, &c.
Sinclair Oil & Ref. stock (88,562 shs)
*442,810 Exch'd for option warr'ts.
South Porto Rico Sugar, common..
1,125,000 Additions & improvem'ts.
Preferred stock
1,005,000 Additional working capital
Stromberg Carburetor of Am. stock
(50,000 shares)
*250,000 Old stock just listed.
Tenn. Cop. & Chem. trust ctfs. stock
Ohio Cities Gas Co. com. stock.
Oklahoma Prod. & Ref. cap. stock..
(30,941
Tobacco
shares)
*154,705 Exchange for stock.
1,594,000 Stock dividend.
300,000 Iss.under prof.-shar. plan.
3,548,500101d stock just listed.
_
Products Corp., com
Underwood Typewriter Co., com
United Dyewood Corp. com...
1,227,200/
Preferred stock
2,429,300 Old stock just isted.
30,944,800 Ex.Dist. Secur. Corp. stk.
1,310,600 General corporate purp.
Virginia-Carolina Chem. pref. stock
572,700 General corporate purp. p.
Westinghouse Air Brake cap. stock.
126,350 Corporate purposes.
Weyman-Bruton common stock
1,098,800 Add'l working capital.
Worthington P. & M. com. tr. ctfs..
1,966,900] Issued in accordance with
Preferred A trust certificates
511,300/
reorganization plan.
United Paperboard Co., Inc.. stock.
U. S. Food Products Corp. stock...
U. S. Rubber Co. 1st pref. stock
2,510,700)
Preferred B trust certificates
$423,420,991
Total..
STOCKS
MISCELLANEOUS
SECOND
SIX
MONTHS
OF
1919.
Advance-Rumely common stock
$215,100 Issued under reorg. plan.
Ajax Rubber Co., Inc., cap. stock..
1,900,000 Exts. & corp. purposes,
Allis-Chalmers Mfg. Co. common..
569,800 Exch. for vot. tr. ctfs.
Amer. Agric. Chem. Co. com. stk..
341,000 Conversion of bonds.
American Druggists Syndicate stock
179,970 Old stock just listed.
Amer. Hide & Leather preferred
410,400 Old stock just listed.
American International Corp. capi■
tal stock (full paid)
9,800,000 Final20% paym't called.
Amer. Malt & Grain capital stock
/Acquire assets of American
(55,000 shares)
*1,980,0001
Malting Co.
Amer.
Ship & Commerce capital
stock (512,140 shares)
*15,516,162 Acq. const, cos.;corp.pur.
Amer. Steel Foundries preferred
8,481,300 Ex. Griffin Wh. com. stk.
Amer. Sumatra Tob. Co. common..
2,791,100 Conversion of bonds.
A.
T.
Securities
Corp.
common
stock (993,212 shares)
*24,905,300 Acq. Am.Tob.Co.com.stk
Autosaies Corporation common
4,029,6001 Old stock just listed.
Preferred, 6%
2,656,150/
Barnet Leather, Inc., capital stock
(40,000 shares)
*2,000,6801 Acq. Barnet Leather Co.;
Preferred, 7%
2,000,000/ ext. and impts.
Beth. Motors Corp. capital stock
{Acq. constituent cos.;
(130,000 shares)....
*2,856,887/ working capital.
Brown Shoe Corp., Inc., preferred..
2,000,000 Additional wkg. capital.
Burns Bros, common stock
411,400 Stock dividends.
Bush Terminal Co. common
148,600 Stock dividends.
Case (J. I.) Thrash. Mach. 7% pref.
850.000 Acq. Gd. Detour Plow Co.
Central & So. Am. T. & T. cap. stk.
8,589,700 Ex. Mex. Tel. Co. stock.
Certain-teed Products Corp. 2d pref.
100,000 Corporate purposes.
Chandler Motor Car
Co.
capital
stock (210,000 shares)
*7,000,000 Ex. 70,000sh. of $100 each
Chatham
&
Nat.
Phemx
Bank
of
3,924,800 New capital.
JmsN. Y. capital stock
Coca-Cola
Co.
v.
t.
c.
common
*15,010,000 Acq. old Coca-Cola Co.
(375,000 shares)
Graphophone Mfg. com(Ex. Am. Graph. Co. stock
mon (881,477 shares)
*5,938,738) and old stock of Col. Gr.
Preferred, 7%
10,820,700{ Mfg.; working Icapital.
Consol. Gas Co. of N. Y. cap. stk__
129,500 Conversion of bonds.
Consol. Textile Corp. capital stock
stock (110,000 shares)
*3,318,094 Acq. constit. cos., &c.
Continental
Candy Corp. capital
stock (500,000 shares)
*2,500,000 Acq. properties, wkg. cap.
Dayton Power & Light preferred
*
376,000 Work, cap.; acquisi'ns,&c.
Durham Hos'y Mills Class "B"com.
3,252,850 Ex. old pref.; wkg.cap.,&c.
Preferred
3,000,000 Additional wkg. capital.
Fairbanks Company common
1,500,0001 Old stock j uat listed.
Cumulative preferred
2,000,000/
Famous Players-Lasky Corp. stock
(31,915 shares)
*3,061,780 Old stock just listed.
Fisher Body Corp. com.(300,OOOsh.) *30,000,000 Add'ns & working capital.
Fisk Rubber Co. common
12,250,0001 Old stock just listed.
Second pref. 7% cum. conv
3,514,000/
Columbia
2,315,200 Stock dividend.
7,981,900 Acquisitions, &c.
Wkg. cap., acquisins, Ac.
Retire serial notes.
Working capital, &c.
Exchanged for v. t. c.
Acquisition of constit. cos.
Irving Nat. Bank & Irv. Tr. Co.Cent. Un. Tr. Co. ctf. of dep. for
2 sh. Bk. stk. & 1 sh. Tr. Co. stk.
2,571,900
500,000
5,860,000
1,106,600
*
Kelley-Springfield Tire 6% pref..,..
8% preferred
I.
Keystone Tire & Rubber, com
Lee Rubber &
Tire
Corp. stock
_
(40,000 shares)
New capital.
Stock dividend.
Additions.
Corp. ptup.; stock div.
*200,000 Add'l working capital.
Loft, Inc. (Del.) capital stock (650,000 shares)
*6,500,000 Acq. Loft, Inc., of Va.
Loose-Wiles Biscuit Ext. stk. tr. ctfs
246,700 Exch. stock trust certifs.
Manati Sugar Co., common
10,000,0001 Old stock just listed.
Preferred
3,500,000/
J
*347,386 Acquisition of constit. cos.
2,199,300 Acq'ns, work'g cap'l, &c.
*490,7951Acquire H. W. Muuins
1,000,000/ and add'ns and imp'ts.
Martin-Parry Corp. (22,705 shs.)
Middle States Oil Corp. capital stock
Mullins Body Corp., com.(98,159 sh)
8% preferred
National Aniline & Chem. Co., Inc.:
Common, v. t.
7% cum. pref.
*l,213,415101d stock just listed.
13,358,300]
2,389,300 General purposes.
8,007,100\01d stock just listed.
6,500,000/
!
*175,000l01d stock just listed.
(242,683 shs.)__
t. c
c.
v.
Nova Scotia S. & C. Co., Ltd., ord'y
Otis Elevator Co., common
Preferred
Otis Steel Co., com. (35,000 shs.)
Preferred
Pacific Development Corp
Pacific Gas & Electric Co., com
•
500,000/
8,108,950 Old stock just listed.
34,044,100 Old stock just listed.
2,013,900 Conversion of pref. stock.
8,127,700 Exch. Met. Pet. Co., Ltd.
Pan-Amer. Petr. & Trans., com
Class "B"
common
Parish & Bingham Corp .capital stock
237,600 New capital.
trust company stock
Jones Bros. Tea Co. common.^
General Electric Co. capital stock..
General Motors Corp. common
*750,000 Acq. Parish & BinghamCo.
conv. bds., devel.,&c.
749,690 Conversion of bonds.
7,566,850 Ex.stk.&bds.; acquis.,&c.
Remington Typew v. t. c., com
1,415,000]
7% 1st pref. v. t. c__
38,500f01d stock just listed.
7% 1st pref. v. t. c.. Series S
91,3001
8% 2d pref. v. t. c
87,500J
Replogle Steel Co,, com.(250,OOOsh)*11,500,000 Acq.Whar.St.Co.,wk.cap.
Saxon Motor Car Corp., common
(96,297 shs.)
*481,485 Ex.old cap .stk,; work.cap.
Shell Transp. & Trad. Co., Ltd.,
] Iss'd agst. Eng. £1 shs. in
Equit. Tr. Co. ctf. for Amer. shs.
]
ratio of 1 Amer .share
(375,000 shs.)
*3,750,000)
for every two £1 shares.
Sinclair Consol. Oil Corp. cap. stock
(3,521,793 shs.)
*17,608,965 Acq. constit. cos.; wk.cap.
Standard Milling Co., com
1,557,300 Add'ns, work, cap'l, &c.
Stromberg Carburetor Co. of Amer.
capital stock (24,926 shs.)
*124,630 Add'l working capital.
.
(150,000
shs.)
Pierce Oil Corp. 8% cum. pref
6,153,800 Ex.
Pond Creek Coal Co
Punta Alegre Sugar Co., com
Stutz
Motor
Car
Co.
of
America
capital stock (24,915 shs.)__
*124,575 Add'l working capital.
Texas Company capital stock
15,598,000 New capital.
Tide Water Oil Co. capital stock
1,187,000 Exch. Tidal Oil Co. stock.
Transcontinental Oil Co. cap. stock
(2,000,000 shs.)
*1 Acq. prop.; working cap'l.
Union Oil Co. cap.
shares)
stock (1,008,000
*34,272,000 Acq.Un.Oil(Cal.)&Cal. O.
__
P.
United Drug Co., common
First preferred
Co.
5,547,800 Exch. 2d pref. stock.
7,129,750 Corporate purposes.
_
United Retail Stores Class "A"
com.
*27,859,500 Ex.U.Cig.St.stk.; wk.cap.
9,220,500 Add'l working capital.
32,338,600 Additions, extensions, &c.
Vanadium Corp.of Am. (280,000 shs) *10,177,093
Acq.Am.V. Co.; work.cap
Virginia-Carolina Chem., pref. stock
759,800 General corporate purp
(557,190 shs.)
U. S. Industrial Alcohol, common..
U. S. Rubber Co., common
Total..
$592,506,526
*
Amount given represents "declared
Indicates stock of no par value.
value."
PRINCIPAL NOTE ISSUES NOT LISTED FIRST SIX MOS. OF 1919.
Railroads & Elec. Rys.—
Date.
Feb.
1
Feb.
1
Commonwealth P. Iiy. & Lt.6
June
1
Erie
RR
6
April 1
Hocking Valley Ry
6
Mar.
1
Milwaukee El. Ry. & Lt. Co.7
Nov.
1
Monongahela Vail. Trac. Co.6
June
1
Montreal Tramw. & P. Co_6^Mar.
1
San Antonio Belt & Ter. Ry.6
April
1
Southern Railway
6
Mar.
1
Int.
American Railways Co
...7
Chic. R. I. & Pacific Ry„._.._6
Maturity.
1919 Feb.
1 1922
1919 Feb.
1 1922
1919
1920-1924
1919 April 1 1922
1919 Mar. 1 1924
1918 Nov. 1 1923
1919 June
1 1920
1919 Mar. 1 1924
1919 April 1 1924
1919 Mar. 1 1922
Total railroad and electric railway notes
Miscellaneous Co's—
Aluminum
Co.
Int.
of America__6
American Can Co
American
7
Gas, Co
American Tel.
& Tel
Anglo-American Mill
..6
Construction
7,300,000
$70,500,000
Amount.
$12,000,000
12,000,000
1 1920
2,000,000
40,000.000
1 1924
1,000,000
1920-1924
7
Co.7
Jan.
1 1919 Jan.
1 1919 May
1 1924
1 1920
1 1919 Jan.
1 1919 Jan.
1 1922
1 1929
7
—6
Brunswick-Balke-Col'der Co.6
Cincinnati Abattoir Co..
7
Columbus Electric Co
6
Commonwealth Pub. Ser. Co.7
Consol. Gas, E.L.& P.(Balt.)7
Converse Rubber Shoe Co
6
Davison Chemical Co
6
Denver Rock Drill Mfg. Co..7
Edison El. 111. Co. of Boston_6
Elk Horn Coal Corp
Empire Gas & Fuel Co
6
6
Galveston-IIouston Elec. Co.7
Goorgia-Alabama Power Co..7
Guif Oil Corp.
6
Haynes Automobile Co
7
Hewitt Holding Corp.
6
Tea Co
1 1919 June
1 1919 Feb.
2 1919
Charcoal Iron Co. of America .7
Kennecott Copper
Ludlum Steel Co
June
Feb.
Amount.
$3,000,000
4,500,000
750,000
15,000,000
7,500,000
3,600,000
2,000,000
1,850,000
25,000,000
first six months
Jan.
Barber (O. C.) Co
Bird & Sons, Inc
Jewel
'
Dale.
Maturity.
Mar.
1 1919
1921-1923
6, 7, 8 & 9 mos. discount
7
Co
Arizona Power Co.
Aroostook
.
.
Corp
6
6
7
Merchants Heat & Lt. Co—7
Middle West Utilities Co
7
North West Utilities Co..—.6
Oklahoma Gas & Elec. Co...7
Pensacola Electric Co
7
May
Jan.
Jan.
Swift & Co
6
7
Toronto Electric Light Co...6
Troy Laundry Machine Co..7
Trumbull Pub. Sorv. Co
7
Washington Water Pow. Co..6
Westinghouse El. & Mfg. Co.6
Wisconsin-Minnesota L.&P..7
4,000,000
1 1919
1920-1929
Sept.
1 1919
1920-1924
April
1 1919 April
1 1929
July
1 1919 July
1 1922
Mar.
1 1919
1921-1922
Aug.
1 1919 Aug.
1 1922
Jan. 15 1919 Jan. 15 1920
Mar.
1 1919 Mar.
1 1920
April
1 1919
1920-1925
Feb.
1 1919 Feb.
1 1922
Dec.
1 1919 Dec.
1 1925
Jan.
June 15 1919 June 15 1924
Mar.
1 1919 Mar.
1 1922
Feb.
1 1919 Feb.
11921
July
1 1919
1921-1923
May
1 1919
1920-1929
July
1 1919
1920-1924
May
1 1919
1920-1922
Mar. 1 1919 Mar. 1 1920
April
1 1919
1920-1929
Feb. 28 1919 Feb. 29 1920
Mar.
1 1919 Mar.
1 1924
Jan.
1 1919
1922-1929
April
1 1919 April 1 1920
Jan.
1 1919 Jan.
1 1921
Feb.
1 1919 Feb.
1 1922
Philadelphia Company
-.6
Pubdc Service Corp. of N. J.7
Mar.
Ralston Purina Co._
6
Mar.
Rueping Leather Co
6
July
St. Paul Union Stk. Yds. Co.6
May
Titusville Irons Works Co
500,000
1,000,000
1,650,000
1,600,000
Feb.
Mar.
July
Jan.
Nov.
Feb.
Feb.
Feb.
_
Total miscellaneous company notes
1 1919
1 1919
1 1919
1 1919
1 1949
15 1919
1 1919
1 1919
1 1918
2 1919
1 1919
1 1919
Mar. 1 1922
1921-1925
1920-1924
May 1 1922
Aug.
1 1921
Mar. 15 1924
July 1 1922
1920-1926
Nov.
Feb.
Feb.
Feb.
1 1921
2 1920
1 1920
1 1920
1,400,000
1,000,000
1,750,000
600,000
5,000,000
500,000
1,500,000
750,000
6,000,000
ZIQ'925
25,000,000
1,500,000
•
£$5,000
18,000,000
1,600,000
§60,000
'
3,500,000
12,000,000
1,000,000
500,000
1,000,000
3,000,000
.^
500,000
10,000,000
12,500,000
2,000.000
2,500,000
747,000
25,000,000
1,000,000
1,000,000
750,000
1,200,000
2,900,000
15,000,000
1,000,000
first six months.
$239,282,0 0
miscell. first six months 309,782,000
Total railroads, electric railways and
,
PRINCIPAL NOTE ISSUES NOTiLISTED SECOND
SIX
Date.
Maturity.
Nov. 1 1919 Nov.
1 1922
Aug.
1 1919
1922-1924
Aug. 15 1919 Aug. 15 1920
Oct.
1 1919 Oct.
1 1920
Nov. 1 1919 Nov. 1 1920
Aug. 15 1919 Aug. 15 1921
Jan.
1 1920 Jan.
1 1921
Nov.
1 1919 Nov,
11922
Sept. 1 1919 Sept. 1 1922
Sept. 15 1919 Sept. 15 1920
June
1 1919 June
11922
Dec.
1 1919 Dec.
1 1920
Hail toads & Electric Rvs.— Int.
Brazilian Trac., L*. & P. Co.6
Canadian Northern Ry.».»-.6
Chic. No. Shore & Milw. RR.6
Chic. R. I. & Pacific RR
6
Hagerstown & Frederick Ry.6
Iowa Ry. & Light Co....
6
Little Rock Ry. & Elec. Co..7
Manchester Trac. Lt. & P.Co.0
Manila Elec. RR. Ltg.
Corp_7
New Fork Central RR___
6
Nova Scoi'a Tramways & P..7
United Light & Rys. Co
?
Total railroad and electric railway notes second six
,.6
6
Amorican Tel. & Tel. Co_._._6
Barnsdall Oil Corp
...
6
Cities Furl & Power Co
6
Chalmers Knitting Co
Congoleum Co., Inc
6
7
July
1 1919
Connecticut Po wor Co
6
Dec.
1
Constantin Refining Co
7
Sept.
1 1919
Aug.
1
1919
Dec.
1
1919
Nov.
1
1919
Aug.
1 1919
..6
6
6
6
1,000,000
1,500.000
7
Oct.
1 1919
6
July
1
Hamirond Steel Co., Inc
Hayes-Ionia Co
6
Aug,
Sept.
1 1919
6
1919
1
1919
1
1919
1920-1929
1922-1924
1922-1924
1919.
1
Dec.
Kellogg Toasted C. F. Co
6
(H.) & Co
6
Maytag Oo___
6
National Improvement Co.-.6
Neptune Meter Co
7
Nordyke & Marmon Co., Inc.6
Public Service Corp. of N.111.6
Reynolds (R. J.) Tobacco Co_6
Bobbins & Myers Co___
6
1 1919 Nov.
Aug.
1
July
1919
Oct.
1919
1 1919
1 1919
Sept.
Aug.
Sept.
Aug.
Sloss-Shoffield St. & Iron Co.6
1 1929
1 1922
1920-1927
1920-1929
1920-1933
1920-1924
1920-1929
1
July
-
Dec.
1 1919
June
Liebes
1 1919
6
Oct.
6
.
1
Nov.
7
Smith (A. O.) Corp
Southern Cos. Gas of Calif
1920-1929
1 1021
1920-1922
1920-1933
1920-1921
Nov.
1 1924
1921-1925
1920-1924
1921-1295
Aug.
1 1929
July
Aug.
..7
6
International Cotton Mills
1919
Dec.
1 1919
1
1919
1
1919
1 1919
1 1919
Sept.
11922
Aug.
1 1922
1920-1924
Aug.
1 1929
Oct. 1
1924
1920-1924
1,000,000
700,000
3,C00,000
1,050,000
1,200,000
3,000,000
5,000,000
1,500,000
500,000
600,000
700,000
3,000,000
3,000,000
5.000,000
500,000
750,000
600,000
1,200,000
600,000
2.500,000
2,500,000
15,000,000
2,500,000
6,000,000
3,300,000
90o,000
River Pulp & Paper
..1.6
Mills Ltd.
Spicer, Mfg. Co
Standard Gas & Electric
1920-1924
Nov. 15 1919 Nov. 15 1921
7
Susquehanna Silk Mills..
Tri-State Tel. & Tel. Co.
Waltham Watch Co
1920-1929
1 1919
Sept.
Oct.
-.6
6
1919
1
Aug. 15 1919
1922-1925
1 1919 July
1 1922
Sept. 2 1919 Sept. 2 1924
Feb.
2 1920 Feb.
2 1922
6
July
6
Washington Water Pow. Co..7
Wheeling Mould Sz Fdy. Co..7
Worcester Gas Light Co
6
1920-1929
1 1919
Sept.
July
1 1919 July
1 1924
3,500,000
3,000,000
4.500,000
4,000,000
1,250,000
3,000,000
3,000,000
1,600,000
750,000
Total miscellaneous company notes second six months
$168,350,000
Total railroads, electric railways and misccll. second six mos_ 214,981,500
Total miscellaneous companies for y.ar.....
407,632,000
Toial railroads and electric railways for year
Total
as
Total
as
reported for
reported for
1919
1918
year
year
The renewal for another three months of the
of the
June
of
117,131,500
524,763,500
515,583,900
...
--
by
a
syndicate of New York bankers for
Belgian banks
consortium
a
This is the third
announced this week.
was
renewal; the credit called for 90-day bills, with three maturi¬
ties, the credit to be paid off in June of this year, when the
renewal
arranged for this week will mature.
chancellor
british
As
these columns March
stated in
was
announcement
was
anglo-
of
13,
1026,
page
made in the British House of Commons
early last month by J. Austen Chamberlain, Chancellor of
Exchequer, that England and France had agreed not
the
to
United
the
credit of $500,000,000 issued in
the Anglo-French
renew
in
States
remarks with
In
1915.
giving
Chancellor's
the
regard thereto, the London "Financial News"
of March 9 says:
yesterday Mr. Asquith asked tlie Chancellor
In the House of Commons
Exchequer whether he could give any information to the House in
of the
regard
the Anglo-French
to
Loan,
'
Mr. Chamberlain: The Anglo-French
of the United
Loan of $500,000,000, which was
several security of the Governments
issued in October 1915, on the joint and
that it
was
After
Kingdom and France, matures on Oct. 15 of this year.
conclusion
full consideration the French Finance Minister and I came to the
not desirable to renew this
loan in the United States of America,
ought to take the necessary steps to provide for our
respective
and that
we
halves.
The method in which this is to be done is, of course, a matter
each
Government
to
House will
The
intention
decide
that the British Government has no
Kingdom any part of the
outside the United
$250,000,000 required, so that when the loan is repaid we shall have
external debt by over
our
extent
I
which they are not sufficient, we shall ship
to
and to the
gold.
buying Anglo-
add that we have already made a banning by
may
French Bonds in the market at
considerable discount below par.
a
Indian Deal.
West
No
attention had
Murray asked the Prime Minister whether his
Mr. Gideon
reduced
We shall employ for the purpose
£50,000,000.
already available, or in sight, in the United States,
resources
for
it thinks fit.
as
be glad to know
of re-borrowing
for the cancellation of part of our
British West Indian colonies Should
been called to the proposal that in return
war
debt with the United States the
transferred
be
that
to
country,
and whether he would make a definite
the part of the Govern¬
statement that there was no intention whatever on
colonies.
barter away these loyal
to
ment
Lloyd George said there was not the slightest intention on
Mr.
whose inhabitants
discussions
payment
on
ii french credit—obligations of allies.
of the Government to barter
(ftimnl
$40,000,000
$50,000,000 commercial export credit established last
months—$46,631,500
1919 Dec.
Grant Motor Car Co
Haytian-American Corp
Hershey Chocolate Co.
5,500,000
550,000
731,500
1,000,000
1.750.O00
1,50 J,000
15,000,000
Sept.
American Gas & Elec. Co.
final renewal of belgian export credit.
Amount.
$7,500,000
10,000,000
600,000
Oct.
..6
Emporium Realty Co
Equitable Cork Co
Federal Sugar Ref. Co...
Fisher Body Corp
General Phonograph Corp
MONTHS.
Date.
Maturity.
Amount.
1 1919
1920-1927
$2,500,000
2 1919 Sept.
2 1924
10,000,000
Dec.
3 1919
1920-1921-1924 4.000,000
Oct.
1 1919 Oct.
1 1922
50,000,000
1 1919 To May 1 1922
3,300,000
July
7,500,000
Nov.
1 1919 Nov.
1.1922
~
850,000
Dec.
1 1919 Dec.
1 1924
Int.
Miscellaneous Co'&
American Chicle Co
American Cotton Oil Co
Spanish
[Vol. 110.
THE CHRONICLE
1362
of their
were
or
sell any portion of the
the part
British West Indies,
loyally attached to the Crown, and
intensely proud
membership of the British Empire.
Obligations of the Allies.
continued
of british
offering
In reply to Mr. Hartshorn,
treasury
the
made
bills.
The
was
usual
The
offering of ninety-day British Treasury bills
disposed of this week by J. P. Morgan & Co.
count basis of
weeks.
on a
6%, the rate which has been in'effect for
The bills in this week's offering are
dis¬
some
dated March 29.
the Chancellor of the Exchequer
obligations
of the
Allies
advances for reconstruction)
(exclusive of post-war
this country
to
approximately as follows:
are now
Russia_______
France..
-
bills
treasury
french
470,000,000
86,500,000
Italy
B elgium
■
i.
^
_ _
i.
.
...
Greece, Portugal, Rumania and ether Allies
on
£568,000 000
470,500,000
-
_
Serbia
rate
yesterday
following statement:
-
20,000,000
;
_
51,000,000
—.—-
continued
£1,666,000,000
at
The
French
this week
the rate
on a
was
discount basis of
advanced
time been 6%.
some
m%*
In the
ninety-day Treasury bills
a
6^%—the
week ago; it
disposed of
figure to which
were
had previously for
The bills in this week's offering
are
dated April 2.
further
purchases
securities
of
american
contemplated
by
dollar
interest is charged, and it has been
of Belgium war debt, no
has been
follows:
were as
Kingdom
—$1,220,000,000
...
188,000,000
2,985,000,000
Russia
"
britain.
A
France
special cable from London, March 31, to the "Journal
Commerce" says:
of
next
October
the
Government
Anglo-French-American loan
contemplates
dollar securities to provide dollars in
further
New York.
securities
to
Street's
are
purchases
here
closing the
previous
day.
The majority of American
already sold, but, it is believed that there is a residue sufficient
justify special arrangements for shipment of the same to New York.
Allies....
Other
total
advances
advances made by
particular countries
Negotiations
are
but
loan of $20,000,000 to be contracted
by the city in Canada.
The loan,
which will be repayable in ten years, is to be used for the purchase in Can¬
shops and by small dealers, with the object of helping to prevent profiteer¬
ing and to reduce the cost of living.
exenange rate
is likely to be
the vote it
as
in ten
more
was
years,
urged that It was likely to be
when it must be repaid, the
nearly normal.
In city politics the authorization of the loan is
the anti-profiteering
section of the community.
demand obligations bearing interest
France
as
on
The
Nov. 6 1919 were, I understand,
or
the conditions on
which loans were granted.
formal postponement has yet taken place.
sia's
of
france
for
debts—soviet
repayment
of
rus¬
government's
intentions.
ada of foodstuffs and other merchandise which will be sold in the municipal
additionally advantageous,
against
proceeding with regard to the postponement of interest
no
demands
Reports
Budget Committee of the Paris Municipal Council to-day approved
on
made
were
12,000,000,000 francs, but I have no particulars as to the amounts lent
to
copyright cablegram to the New York "Times" from
During the discussion
$9,506,000,000
\
The
Paris, March 31, said:
a
27,000,009
136,000,000
council approves plan\ for
municipal
$20,000,000 loan to be placed in canada.
The
\
corresponding to the American loans from which they were provided.
payments,
A
1,611,000.000
339,000,000
-.-
of
Meanwhile, naturally the gold shipments will continue steadily.
paris
-
Belgium
It is understood that the
change, the bank fixing the exchange rate and the quotations being based
Wall
___■
...
...
Italy
securities will be bought through the Bank of England and the Stock Ex¬
on
;
Serbia.....
In connection with the repayment of the
German
Further, no interest
charged down to the armistice on loans to Serbia and Montenegro.
In the case of the other Allies, interest is not actually paid except in the
case of one special transaction, but the amount, in some, cases at 5% and
in others at Bank rate, is added periodically to the principal outstanding.
The total advances made by the United States Government down to
Nov. 15 1919, as given in the annual report of the United States Treasury,
gold bonds in discharge of the principal of the debt.
United
great'
case
agreed that the Allied and Associated Governments shall accept
regarded as~a victory for
as
to the demands of France for the repayment
by Russia of the latter's debt
as an
of economic relations between
incident to the reopening
the two countries, and the
declaration in behalf of the Soviet Government
conditions would the latter consider
thatjunder
thejrepayment of
foreign investments, were contained in the following copy¬
right cablegram from Paris, March 27, to the New York
no
Times":
APR. 3
While the
1920.]
French
THE CHRONICLE
Government
take means to secure priority for
of 26,000,000,000
The Toronto "Globe" of March 27 in reporting the new
Senate engaged in a debate to-day in which it was
demanded that in reopening economic relations
with
Russia the French
collecting the investment
francs which France has in
Russia,
a
dispatch from
Copenhagen said that M. Krassine, President of the Russian commission
which had arrived there to arrange resumption of commerce, had
declared
that under no conditions would the Soviet Government consider the repay¬
prices said:
The demand for the securities. It is stated, has
of foreign investments.
This declaration
came
as
a
distinct surprise,
for
on
various occasions
Bolshevist spokesmen have offered either to pay these debts
maturities have been absorbed
so
decidedly meagre proportions.
The improvement in this respect has been
compromise settlement.
-
Senator de Monsle declared that Frenchmen held
in Russian State
total
was
He said he understood the
26,000,000,000.
offered to pay 6% of this if the French would accept, and
what the Government
The Copenhagen
in
reserve
Krassine
view
as
of the
the
other
Including
authorities,
quotes
Russian debt.
entire debt to the world.
of
Lenine, the
told him British banks were being allowed to send
auditors to Russia to check up debts preparatory to repayment,
especially to
resume
adding that
trading with Britain and
America, and that she realized business would have,to be done in accordance
with existing
not
commercial methods.
Lansbury said communists system was
working smoothly yet in Russia, but was rapidly approaching perfec¬
Socialism had come true in Russia, he declared, and was unques¬
tion.
tionably successful.
The
Press
at
Further enlightment on
It is
desired, however, that the Reichsbank should continue to exist in its present
form, and appropriate legislation to this effect has been enacted which also
contains provisions relating to certain technical banking questions.
The
Government is given an extension of one full calendar year to determine
the entire property of
whether or not it
the Reichsbank at the end of the year 1920.
will take over the Reichsbank.
Mar. 22:
will no longer finance
rural credits system inaugurated as a result of demands of the powerful
Grain Growers' Association in all western provinces.
The plan embraced
Canadian banks definitely announce that they
borrowing by rural sections, groups of farmers signing joint note for in¬
dividual loans and the banks advancing money
at 6%.
In Manitoba
$10,000,000
advanced with lesser amounts in other provinces.
6H %, amd, on differences arising
was
co-operation.
rather favored a scheme
the past,
Efforts are being made to have
basis. Banks, in
which would have put an end to the
in Canada.
provinces handle these loans on that
the various western
for a new banking system
demands of grain growers
dividends, &c., had been cared for.
Treasury, after
few days after the outbreak of war, and in view of the fact
financial situation is likely to change greatly from year to year,
abrogated
a
the amendatory
the division of
law contemplates special legislation
each year regulating
profits.
Reichsbank at Memel and Danzig are now out¬
side Germany.
The Government advocates the continuance of these
branches on the ground that their withdrawal
at this tlme will interfere
with the commercial and industrial life of these cities.
The two branches of the
v
the Reichsbank.
The amendatory law which has been passed expressly authorizes the
purchase of foreign exchange for future delivery for the purpose of covering
engagements of the Reichsbank abroad, and the sale or future delivery of
foreign exchange so purchased.
However, such business may only be
carried on as long as the majority of the central committee of the Reichs¬
bank does not vote against it.
No contracts may be concluded for delivery
bank law forbids dealings in futures by
later than Dec. 31
1930, the date before which the charter must
again be
renewed.
The Reichsbank has for some
time been complaining that some
of the
private banks of Issue have been violating the clause in the bank law
which forbids their charging less than the Reichsbank discount rate so long
the rate is 4% or over,
and that the Reichsbank has been
injured thereby.
has been followed of partially
discounting bills and partially advancing against them (at a lower rate of
interest).
The new law provides that the private-note banks must agree not
to make advances at less than the discount rate after Jan. 1 1925.
The
law contains a further provision to the effect that the privilege of note issue
of the four private-circulation banks might be terminated by the Govern¬
ment, in case the privilege of the Reichsbank should be withdrawn for some
reason.
Presumably, the private banks of issue have given notice of their
It appears
that in some cases the practice
agreement to these requirements; however, no
been received here as yet.
reports on the matter have
AS
SITUATION
EFFECTING CANADA.
In
of
address
an
Exchange
on
Board
D. A. Cameron,
March 19 before the Toronto
on
the subiect of exchange,
Manager of the Toronto branch of the Canadian Bank of
Commerce characterized the United States as the "top
the standing of its dollar,
countries." "Canada,
however," he continued, "May yet reap advantages from
the very fact that its money is at a discount in the United
States, for a European eountrv desiring to buy wheat would
find its money worth more in Canada than in the United""
States by reason of the discount on Canadian money in the
United States."
From the "Toronto Globe" of March
20 we take the following account of his remarks:
dog in the world by reason of
Futures Authorized—Discount Rate Regulated.
Exchange Dealings in
The original
EXCHANGE
ON
CAMERON
A
D.
which is at
National
This provision was
provided for a division of the profits with the
The old law
as
the subject is had from the following
Winnipeg advices in the "Wall Street Journal" of
(published by the Department of Com¬
Washington) of March 24:
1875 the charter of the Reichs31 1920 unless notice of continuation is given by the
Government at least one year in advance of that date.
In the failure of
such notice the Commonwealth is authorized to take over either the shares
that the
the rate of interest
to 6lA%.
should be raised from 6
credit loans
rural
on
the action it was stated that the
said to have requested that
were
Reports"
According to the German bank law of
1923
In explanation of
once.
banks
bank expires Dec.
or
March 19 according to a Canadian
that city to the Toronto "Globe,"
the banks would withdraw their assistance
Despatch from
the banks refused further
Hague, Netherlands, Jan. 2 1920, appeared in "Com¬
merce,
Rural
The banks demanded increase in rate to
following from Commercial Attache Paul L. Edwards,
merce
the Manitoba
announced at the Government build¬
ings at Winnipeg on
alone
RENEWAL OF REICHSBANK CHARTER.
The
OF
FINANCING
continue co-operation between
to
Canada and
of
was
which added that
We are not
returned from Russia, according to
Lansbury in interview with Universal Service correspondent.
anxious for peace,
banks
Credits Societies
Soviet
efforts
of
chartered
of
going to repudiate one penny," Lenine told George Lansbury, editor
was
The failure
the
following from the "Wall Street Journal" of March 22:
Russia
still further in¬
be dealt in though the Victory
RURAL CREDITS SOCIETIES.
wanted to know
question of the payment of Russia's debts, we take
editor further says,
may
CANADIAN BANKS DISCONTINUE
Soviets had
saying: "The Government of the Soviets has wiped out purely
"London Daily Herald," who has just
prices at which the bonds
probably be taken with some
declarations
"Russia stands ready to repay her
in the
Loan Special Committee may reasonably be anticipated.
going to do about it.
dispatch, which should
and simply the old
On the
was
developments in investment circles of recent weeks.
14,000,000,000 francs
bonds, without counting the unpaid interest.
Industrial securities and the value of French investments in Russia, he said,
the
of the outstanding
readily that the supply has become of
In the opinion of many closely in touch with the situation
creases
make a
or
undergone material and
consistent augmentation for some time past and offerings of some of the
one
ment
1363
a
While freely
premium in all but a few
admitting the drawbacks of the discount of Canadian money
showed that the Canadian dollar is at
in the United States, Mr. Cameron
a
premium in all the countries of Europe,
Switzerland and
Delving into the causes of the
eron
with the exception of Holland,
Spain.
three new light on
discount in the United States, Mr.
Canada's international position by
Cam¬
saying that,
than $300,000,000 in excess of
imports, there was an offset against this which more than wiped it out.
This was comprised of interest charges on Canadian securities held in Europe
amounting to $125,000,000, and similar charges on securities held in the
United States, of $65,000,000, or $190,000,000 in all, to which should be
added payment for shipping charges and insurance premiums last year •
totalling $60,000,000, with another $60,000,000 for credits supplied to
European countries buying Canadian goods, or $310,000,000 in all.
That
put the balance on the wrong side of the Canadian ledger by $10,000,000.
Mr. Cameron added to this a further sum paid for securities bought back
by Canada from Europe, which he estimated at from $25,000,000 to $50,-
while this country
last year exported more
000,000.
Luxuries
Add
"Therefore, our real position for
of
balance
between
"and this accounts for the
United
Burden.
adverse
said Mr. Cameron ,
Canadian dollar in the
exports brings this about}
present discount of the
The excess
States.
to
the year in foreign trade was an
$30,000,000 and $50,000,000/'
of imports over
and it is as accurate as a thermometer
is in indicating a
temperature."
recently-imposed restrictions on the import of securities
said it would generally be regarded as a matter
to pay off debts of this kind.
In some cases corporations whose
been sent back to this side had been able to buy them in and save
Discussing the
FURTHER INCREASE
IN PRICE OF CANADIAN VIC¬
TORY BONDS.
1927
Price
Effective
Mar. 27.
100
Authorized
Mar. 20.
99 H
99 X
100H
100
100H
102
98 H
97
1933
101H
1937
103
1924.
99
1934.
97
Price
99 H
„
of wisdom
bonds had
prices of Canadian Victory
Bonds supplementary to the advances authorized on March
20, was decided upon at a meeting of the Victory Loan
Special Committee held at Montreal on March 26.
Victory
Loans of all maturities, except the issue due 1934, are affected
by the higher schedule of prices, which were put into effect
March 27.
In our issue of Saturday last, page 1242, we
referred to the change in prices authorized on March 20.
Below we give the new scale of price as compared with the
prices which were made effective March 20 and Feb. 23.
A still further increase in the
futurity—
Into Canada, Mr. Cameron
Price
Announced
Feb. 23.
98-99
98-99
99-100
99-100
100-101
96H-97H
96-97
conditions of exchange.
proceedings presented a differ¬
and resulted in a heavier burden on the country than the Gov¬
ernment thought could be borne.
At the same time the continuation of the
import of luxuries was a further aggravation of the exchange situation.
Restrictions on the shipment of gold at the present time prevented the course
of action adopted before the war to remedy exchange.
At that time a ship¬
ment from one country to another quickly brought currency back to par.
three or four
From
years' interest, by reason of the
national standpoint, however, the
a
ent aspect,
May Bring Customers.
At
is topdog in the world by reason of the
which is at a premium in all but a few countries.
present the United States
standing of its dollar,
and that is a country which generally export*
Canada, however, may yet reap advantages from
Uruguay is an exception,
more
than it imports.
discount in the United States, for a
desiring to buy wheat would find its money worth more
in Canada than in the United Sattes by reason of the discount on Canadian
money in the United States; therefore, assuming that Canada had the wheat,
the very
fact that its money is at a
European country
such a country
rated higher,
On
the
should give preference to the country where its money was
which would be Canada.
future,
believed that,
Mr.
Cameron, analyzing
Britain's position,
said he
with the possible exception of Belgium, the old land was
in Europe. "The value of the
advance from time to time,
has done lately, until Great Britain can resume gold shipments.
This
be in a much shorter time than It took the United States to resume
coming back faster than any other country
pound will, therefore, probably continue to
it
as
may
specie payments after the Civil War."
do more. The Govern¬
agreed, however, to extend special facilities to the American Ex¬
press Company, permitting it to put its representatives in the State Bank
and the Post Office to supply information and look after American interests.
expedite transfers, but they are not permitted to
ment has
new
law is
cerns.
LITHU¬
WITH
with
received at Washington
(by the Department of Commerce, Bureau of
Domestic Commerce,) from Consul General
Skinner at London under date of Feb. 16, are
Robert P.
published as
Land
transfers.
This statement is
REVOLUTION IN GERMANY AFFECTS
CREDITS PRO¬
neither facilities
and still to be negotiated,
interview has detailed the steps already taken,
in
getting the infant State
its feet.
on
f
Briefly, the British Government has formally approved a
plan whereby
hands of
completed by
similar arrangements with Esthonia and Lettland just about to be concluded.
Lithuania places its entire
The scheme will be carried out on the following general
lines: The British
of
3,000,000 and found the Lithuanian National Bank.
This institution will
have two departments, one for general banking and the promotion of busi¬
group,
now
The first issue will be
Further issue will follow, but the
equivalent of the sterling reserve.
flotation
marks
It has been learned from American sources, says
considered
is
adequate
at
in circulation are retired.
now
depreciated,
as a
as
of
a
the equiva¬
itself at par
rest of the plan which embraces a balance of
chiefly
and some grain, and as purchasing agents in the buying
imperatively needed imports.
It is understood that the
British group will be compensated on a percentage
tions.
basis on nominal propor¬
Mr. Galvinauskas and members of his mission are
assertion that the arrangement is not a monopoly
dt daring this group is to act
of
imports in and to
only
as
emphatic'in their
in any sense of the term
agent in the sale of export s
and purchase
Lithuania needs manufac¬
market In the world.
any
coup-d'etat.
?
had
America
adds the newspaper, the negotiations, which
reason,
shipments of large quantities of potash to
been nearly completed for
initial
selling agents in the disposal of Lithuanian exports, consisting
long list of
same
have been postponed
indefinitely.
SUBSCRIPTIONS
the 800,000,000 German
Whereas the mark in Lithuania is
stabilized.
This British group, which will underwrite and direct the Lithuanian
National Bank, of course in co-operation with the local Government, will
of lumber, flax,
result of the recent Kapp
For the
"Commerce
ITALY'S
TO
LOAN.
SIXTH
equipment and
fats,
furniture, clothing and every conceivable sort of manufactured product.
So far as Lithuania is (concerned, these supplies may be purchased in any
market in any nation, and it is obvious that some, if not many, of such
Reports" of March 25 reports that the fol¬
lowing cablegram, dated March 21, has been received from
Commereiale Attache Dennis at Rome:
The subscription to
exports and imports sufficient to keep exchange
act
the "Tageblatt" to-day
American financial concerns, which had offered to provide
have withdrawn their offers
least until
is expected automatically to maintain
through the operation of the
number of
the
in Germany, the new currency in auksians,
as
lent of the shilling,
a
New
:
credits to aid in the recovery of German trade,
including several of the largest banks will first advance the sum
and the other for the issue of new currency.
ness
York "Tribune" said:
that
'
cablegram March 27, appearing in the
Berlin
A
financial and commercial future in the
large and influential London banking group,* which will be
a
POSED BY AMERICAN INTERESTS.
political problems, and in an
both economic and
time to handle such
nor
indorsed by the legation.
in London during the
just terminated, of Ernest Galvanauskas, Prime Minister of the
Mr. Galvanauskas came to London on
mission embracing
Krakow—Galician
Commerce Bank, and Industry
Intending remitters should not send drafts or checks to the Min¬
ister, Consul or trade commissioner personally, since these officials have
Bank.
de facto Government of Lithuania.
a
Industry Bank, and Land Credit Bank;
Bank,
Bank; Posen—Co-operative Union Bank,
with Lithuania has been published here.
British trade In the Baltic States, and
perhaps later with European Russia, has been closed
Bank; Lemberg—State Bank, Galician
Land Bank; Lubin—Polish Land
A financial deal in connection with
short visit
Industry Bank, Commerce &
Polish Consolidated
Industry Bank, Co-operative Bank,, Land Bank and
Feb. 4 1920) the following statement giving further
details of the arrangement
supervision: Warsaw—Commerce Bank,
ment
financial agreement concluded between British in¬
various Baltic States (notice of which was published in
and the
in Poland are officially stated to be under Govern¬
The following banks
Foreign and
With regard to the
Commerce Reports for
Committee.
obtaining receipts therefore is the Jewish Joint Distribution
Reports" of March 19:
follows in "Commerce
■
inadequate facilities
The one agency here actually getting money
safety and prompitude to the personal for whom it is intended and
for the present emergency.
above subject
the
on
expected to grant similar privileges to other Americans con¬
v' •"'■■■ //'• .\v':
' >.
Even the Polish State Bank and the Post Office have
ANIA.
Advices
and amounts to
representatives here receiving and analyzing lists of names
The
AGREEMENT
FINANCIAL
BRITISH
terests
[Vol. 110.
THE CHRONICLE
1364
will amount
20,000,000,000 lire; 15,000,000,000 of this amount
will be used for the retirement of paper currency,
lire
of which 18,000,000,000
outstanding.
is
15
the new national loan which closed in Italy March
to fully
,
Subscriptions to the loan opened in January and were to
have closed on Feb. 25.
It was reported, however, on March
1 that the time for
to March
in
receiving subscriptions had been extended
and March 6,
CAMPAIGN
issues of Jan. 17, page 203,
our
the offering
page 923.
INAUGU-
We have previously referred to
15.
turing and agricultural machinery, all manner of railway
rolling stock, electrical machinery and appliances, gasoline, coal, oils,
cluded for
National
just
period of 15
a
There is
temporary
financial and commercial agreement has been con¬
a
Bank.
It
is
over
held, the
second week in April.
and
Lloyd's, the Westminister, and the National Metal
are
Chemical.
AMERICAN
It
was
29 that
a
TO
REMITTANCES
reported in
a press
POLAND.
dispatch from Washington March
number of American banks which have been trans¬
mitting large
of
sums
money
from citizens of the United
States to relatives and friends in Poland notified the
ment of Commerce
accept
on
that day
drafts for forwarding until the present delay
any
byjthe Polish banks in meeting these obligations
ated.
It
Depart¬
that they would refuse to
was
ofjfrom six to eight months
a
In its
of
"Commerce Reports" published by the
Foreign and Domestic Commerce, Department
Commerce, Washington, printed under the head "Polish
Banking
Conditions
as
affecting American
Remittances"
following cablegram from Trade Commissioner
E. Van Norman,
I have taken
up
at Warsaw, March 20,
Louis
with the Polish Ministries of Finance and Commerce
the matter of the delay on the part of the banks here in paying drafts on
the United States, as well as the question what action can be taken to insure
future safety and quick transfer of funds.
The banks have insufficient
equipment, personnel, and experience to handle the
transfers from America.
are
Most of the banks
unequal to the problem facing them.
orders,
which in
months.
more
some
cases
have
been
enormous
volume of
solid financially, but they
are
They
are
unexecuted
to become
a
for
a
more
bill
now
than eigbt
new
or
the Polish Post Office.
The latter has
opened
many
branches said to be equipped to handle money orders and is now putting
into operation a system by
which, it is claimed, receipts
may
be returned
to the remitter.
of purely American
of March 29:
"Times"
Ambassador Avezzana touched on the reasons why the support
in her reconstruction work was not
but
a
matter of supreme
only
a
of Italy
national and Italian question,
necessity, in interesting the world and civilization.
the last
He said that Italy, during
year,
without any increase in her exterior
debt, had transformed the war machine into a peaceful one and had in¬
creased
production and exportation, while by a new and efficient taxation
budget, he believed, would meet the whole
and with home loans the next
expenditure and the monetary circulation will be reduced.
"One of the points," he said, "that has been often
the financial
and interior considerations,
mobilizing her army.
1897, 1898,
arms, so
up
against
This is not true.
with sufficient speed in de¬
Only three classes—the classes
1899, that is, a little over 400,000 men—are still under
that over 5,000,000 men have been given back to the land and to
the industries,
;
brought
policy of Italy has been that she had not proceeded, on account
of international
and
at present
are
working and producing.
"The Italian international policy was inspired by the principle of a sin¬
conciliation, forgiveness, and collaboration among all the peoples of
Europe, the victorious as well as the vanquished, and great praise should
Prime Minister Nitti for the clear enunciation and efficient
support of this conception, as the only one that can bring Europe to an
effective
"Even
House
the
was
made it
that
state
of
peace.
entrance
of
so
many
Socialist
and popular parties
in the
guarantees of the stability of the Italian nation, because it
as
possible for Italy to proceed peacefully in that social transformation
the labor
classes desire."
ITALIAN INCOME TAX DECREE—WAR LOANS HELD
ABROAD EXEMPT.
According to Commercial Attache J. E. Philippi at Rio
de Janeiro, Brazil,
issued
the
banks.
Five
or
six American banks have
the Italian Embassy in Rio de Janeiro
following statement regarding the income tax,
it is learned from "Commerce Reports" of March 11:
The decree of Dec. 31,
The Polish Government is not willing to permit the establishment here of
branches
a
also
realized
law this month will regulate foreign financial
Meanwhile he advises Americans to transmit funds through the
Polish State Bank
amount
ering; his remarks are recorded as follows in the New York
in the Diet
interests in Poland and will provide for Government regulation of private
banks.
The
hopelessly behind on
The Minister of Finance states that this disorganization is true
particularly of the private banks and adds that
and expected
Corporation heading the' list, with
be given to
1920:
were
campaign, the United States
subscription of
included a joint
subscription of $500,000 from the Railway Steel Spring Co.
and the American Railway Car & Foundry Co.
The Italian
Ambassador, Baron Romano Avezzana, addressed the gath¬
cere
the
the
the start of
at
$1 ,000,000.
of
Bureau
of
period
elapsed between receipt
now
off the drafts and payment by the Polish banks.
issue of March 25,
obvi¬
was
added that the bankers asserted that
Subscriptions of $3,201,000
March 28.
on
realized
inaugurated in this city
at 51st Street and Lexington
Lexington Theatre,
Avenue,
Steel
♦According to information received by the Bureau from other sources
the banks interested
the
at
the
the Lithuanian Constituent Assembly elections are
as soon as
the
ground preparatory to starting the
believed that the scheme will put into operation
going
YORK.
campaign to float in the United States a $25,000,000
in behalf of the Italian Government to be used in
A
loan
reconstruction work in Italy was
years.
delegation representing the British group now in Kovno,
capital,
LOAN
RA TED IN NEW
purchases will have to be made in countries, particularly the United States.
It is understood that this
ITALIAN
$25,000,000
last, establishes
abroad, including remittances of
Jan.
1
1920,
were
moneys
or
provides that capital which Is
made by emigrants
deposited in Italy in credit institutions
or
which,
on
in the postal
j
Aph. 3
THE CHRONICLE
1920.]
savings back, as well as such moneys which might be deposited after this
date,
not subject to taxes.
are
Foreign stock held by foreigners living
within the Kingdom, as well as bonds of the Italian war loan,
including the
subscribed abroad
by Nationals who have been resident there six months at least or by foreign¬
present ones, are also exempt, so long as they have been
ers
who do not live in Italy; so long as these bonds are kept
for the formality of the necessary
NITTI
PREMIER
abroad, except
URGES CLEMENCY
OF ITALY
Although levied in dollars the duty is actually collected In francs like all
other import and customs duties levied on the Islands.
dollar equals
A
asserting that Europe
only "recover its balance by
can
that the
vanquished countries "must bear the consequences of the
war which they had imposed on the world," he adds that
"the obligation was to be met by progress, not by the im¬
poverishment of their existence."
His observations before
the Italian Chamber of Deputies on March 22 are given as
follows in a Havas cablegram to the daily papers from Rome,
olemency for the vanquished."
While he
agrees
22:
Premier Nitti, outlining to
of the
an
new
the Chamber of Deputies to-day the policy
Cabinet, declared that all the European countries were
extremely difficult situation and were threatened with famine
facing
unless
should quickly be re-established.
The Premier said that more than 300,000,000 workers do not produce
peace
the necessaries of life.
Russia, which should furnish raw
materials, and
producing hardly any¬
Nitti, could only recover its balance
nations must unite in sym¬
pathy and clemency for the vanquished.
The political and economic disorder would only disappear when Europe
had become imbued with the spirit of peace, the Premier continued, and
Germany, with its great numbers of workmen, were
Europe, according to Signor
thing.
by recognizing Russia and Germany, and the
Italy would work to this end, feeling that the interests
with ruin, should be put
"Before the League of
there is
the condition of human life," Premier
want,
Nitti said.
its to Czecho-Slovak buyers of
AND EXCHANGE
a
za
"Commerce Reports" of
11: |
that can bo accepted
depend
upon exports for securing foreign exchange, credit to be extended must be
sufficient for cotton delivery in time to be made into yarn and subsequently
into cotton goods.
While raw cotton could be paid for with yarn in much
quicker time, It would take considerably more yarn in actual weight and
cotton mills would be deprived of yarn export and their operation reduced
at
Embassy
of
Minister
Since Czechoslovak manufacturers must
large cotton deals.
that
to
On
extent.
account
of various
breakdowns and other,
strikes,
time for shipment from
American port to Hamburg, then down the Elbe River to last Czecho¬
slovakia port another five weeks, and thence to the spinning mills another
five weeks.
Past experience has compelled manufacturers to compute
time of shipment on such a basis.
Six months' credit would leave only
11 weeks to make yarn and cotton products and to realize on them.
This
is an impossibility.
Manufacturers would rather work along the way
they have done during the past few months, gradually increasing the number
of bales contracted for, so as to be fully able to pay when acceptances mature
delays the cotton syndicate allows five weeks'
than to fall down
payment of large quantities.
on
SPAIN'S GROSS INCOME.
A.
Parliament) authorizing him to establish
rulings to make importations and customs clearances of goods into Den¬
mark dependent on proof that payment for the goods has been permitted
by the Foreigh Exchange Council, set up Dec. 15 1920.
The bill further
provides for the addition to the Council of the Ministry of Commerce.
Penalties will be in effect as soon as the bill is passed, and will remain in
force until the end of 1920.
In his report submitted with the bill, he
(the lower House of the Danish
improve the rate of exchange by unofficial
efforts of the Council with the co-operation of the banks has failed to pre¬
vent arrangements being made for the importation of goods not sanctioned
by the Council.
It is therefore thought best to reinforce these efforts with
points out that the attempt to
March 10
From the "Journal of Commerce" of
an
article
on
the economic situation in Spain, "EI
"The whole of the national income amounts,
take
Liberal" says to-day:
according to varying esti¬
12,000,000,000 pesetas.
The budget
the collection of which demands
236,000 officials of the Ministry of Finance."
mates, to between 8,000,000,000 and
calls for
a revenue
the services of
The newspaper
of 2,000,000,000 pesetas,
declares that Spain by granting
monopolies on banking,
private companies
tobacco, matches, alcohol and the railroads and forests to
yearly, while by the system of protective tariffs
industrials and various trades to the extent of a billion pesetas
receives 500,000,000 pesetas
it favors
new
annually, which those industrials extract from the
pocket of the Spanish
in consequence of
public owing to their being able tocharge higher prices
lack of competition.
SPAIN.
REPORT OF BANK OF
March
advices
cabled
3
to the daily papers
from
Madrid said:
The shareholders
received
a
of the Bank of Spain at the
annual meeting to-day
made a net profit of nearly 54,capital of 150,000,000 pesetas.
The gross profit was
report showing that the Bank
000,000 pesetas on a
$82,000,000 pesetas.
to
3,000,100,000
pesetas,
Bank's reserves in gold and silver
amounted
and that the total notes in circulation were
3,000,800,000.
MONEY STRIKE IN PARAGUA Y IN
PROTEST AGAINST
DEPRECIATION.
PAPER MONEY
The New York "Times" of March 30
advices from Asuncion
The labor unions and shopkeepers
the
"money
declared
strike,"
printed the following
(Paraguay), March 29:
as
at a meeting to-day
a
resolved to continue
protest against the depreciation of
Paraguayan paper money.
It
was
until the
announced that work would not be
resumed or the shops reopened
adopted the
transactions on a gold
public authorities and the Chamber of Commerce
practice of paying wages and conducting business
legal authority.
we
following Madrid cablegram dated March 9:
the
The statement shows the the
Scheonfeld, Secretary to the American
Copenhagen, under date of March 6 1920, states that the
Commerce on March 5 introduced a bill in the Folkething
from H. F.
American cotton:
Eight months credit c. 1. f. Hamburg, is the shortest
On
niaaxk situation.
cablegram
Commissioner
Trade
from
attention to the necessity of granting cred¬
March 23, calls
responsibilities."
FlWe reprint the "following irom
March
7%.
Geringer at Prague, appearing in "Commerce Reports" of
In
IMPORT PROHIBITIONS
a
cablegram
following
going to support a complete state
Nitti, must bear the conse¬
quences of the war which they had imposed upon the world, but the obliga¬
tion was to be met by progress, not by the impoverishment of their existence.
"In defending Italian interests," he said, "let us inspire these general principlies.
We desire that Italy shall be an instrument of peace; we desire to
have cordial relations with all, especially with our neighbors; we do not
desire to delay the establishment of peace.
No treaty, no convention,
limits the action of Italy, which must not only represent the balancing force
but the element of moderation in defense of the principles of justice.
We
desire to act in complete accord with France and England.
"In order that Italy may act with more freedom, the question of the Adri¬
atic must be settled.
We will never demand of Jugo-Slavia the impossible,
or anything that might appear unjust.
To reach an equitable solution the
DANISH
RATE.
COTTON.
The
Continent was to be found.
parliamentary parties must assume
SWEDEN RAISES DISCOUNT
OF
cablegram received by the Department of Commerce
CREDIT TO CZECHOSLOVAK BUYERS OF AMERICAN
vanquished countries, continued Signor
The
United States
of Sweden has increased its discount rate from 6 to
and the spirit of peace, as well as
the European
a
war.
^
of
collaboration throughout the world,
but particularly between the countries of Europe.
It was in the solidarity
of democracies that the salvation of the independent and economic life of
The Premier declared that Italy was
peace
At the normal rate of exchange
result of the
which by its own efforts must better
society of European peoples,
a
of Europe, threatened
above hatreds and divisions.
Nations, in which we believe and which we
have circulated
Washington under date of March 19 states that the Bank
at
on
March
currency
Business men generally mark goods and make sales
in value five francs, twenty bit, but the rate of exchange has
as a
BANK
FOR
recognizing Russia and Germany," Premier Nitti of Italy
contends that "the nations must unite in sympathy and
dollar and its fractional
States
the Islands.
on
in United States currency.
GERMANY AND RUSSIA.
In
United
The
freely
fluctuated
affidavit.
1365
basis.
VIRGIN ISLANDS
k
CURRENCYiMIXED.
•
WML".
• t
PLANS OF ALLIES AND NEUTRAL
.
Association of New York under
York,"
The
we
Merchants'
Association
Treasury with regard to
March 22:
recently wrote to the Secretary of
the
the currencies in use in the Virgin Islands, where
both Danish and United States money were
it had been informed that
commercial transactions.
Department replied that the Virgin Islands
settling ordinary
in
used
had been
Department and a copy of the
Daniels. It asked specifically
whether drafts and commercial papers are required to be made out in either
Danish or United States currency, and which is more commonly in use in
The
Treasury
placed under the jurisdiction of the Navy
letter was accordingly sent to Secretary
the
this Inquiry, Secretary Daniels said that he had referred
letter to the Governor of the Virgin Islands for detailed information.
Department has prepared a
the
memorandum upon the mone¬
the islands, which was established by a Danish Law in 1904.
made the unit of the monetary system the gold franc, which [is coined
tary system of
This
in Denmark and bears a
Danish inscription.
West
Each franc is divided into
francs equals one
does not exist as
It is merely an expressionn
equal one cent.
The value of five
Indian dollar.
The West Indian dollar, however,
100 bit and five bit
its coinage.
used to denote the value of five francs.
Congress in 1917, in providing for a temporary Governor of the Islands,
prescribed a duty of $8 a ton on the export of sugar to any foreign country.
coin
nor
is there any provision for
furnishing of credits for Austria
the Associated Press
had the following to say in Paris
governments looking to the
and
other
under date
Central European States,
of Mar.
advices:
21
.
■
Important negotiations are going on at
for
some
time,
between
present, and have been in progress
Allied representatives
Switzerland, Holland and the
and the Governments of
Scandinavian countries with a view to
partici¬
pation by these States in a scheme of credits under discussion, the object of
financial and economic rehabilitation of Austria and
which is to secure ihe
day.
conditions in these countries
have been recognized, and the neutral Governments are declared to be
keenly alive to the fact that the collapse of these countries would necessarily
have effects which could not possibly be confined to their own frontiers or
finances.
One question under discussion is the enforced sale of German
property In these neutral countries to meet indemnities, but this proposal
other Central European
Islands.
In reply to
The treasury
Regarding negotiations on the part of the Allies and neutral
the title of "Greater New
take the following from the issue of
COUNTRIES FOR
SUPPLYING CREDITS TO AUSTRIA.
fFrom' the weekly bulletin 'published [by JthejMer chants'
The serious financial,
is
States, it was learned to
economic and social
meeting opposition.
Sir William Goode,
British Director of Relief, will start next week for
The
confer with the Dutch and Scandinavian Govern¬
ments regarding details of the proposed scheme.
It is understood that a
representative of the United States Government will participate int hese
Hague and Copenhagen to
conferences.
GUARANTY TRUST COMPANY ON RECONSTRUCTION
OF FRANCE.
daily, the entire country is experiencing an economic and
from the drain of war more rapid than is
recovery
generally realized, according to recent statistics and infor¬
mation presented in the booklet "Greater France," just
issued
ing
made
Follow¬
by the Guaranty Trust Company of this city.
of the progress that has already been
toward the reconstruction of industry and commerce
detailed
a
of France
omenal
resume
whole, the booklet treats separately the phen¬
as a
The Government has ordered all banks closed and that
made to
the stamping of ail money
commence
half the amount presented.
The
redeemable in a few
bearer Is to receive stamped money in
other half is to be converted into State bonds, to be
The bonds will bear Interest at the rate of 4% par annum.
years.
As
the
of
notes
about
to
amount
the compulsory
kronen,
double prices for their products and are
or
the peasantry has hoarded huge
demanding payment in silver, gold
manufactured articles.
pessimism Is expressed over the situation.
It is pointed
may alleviate temporarily the Government's
In financial circles
the
that
out
new
measure
embarrassment but that it is hardly
Monday
likely to Improve the exchange rate on
reduce high prices.
or
In
Marseilles.
and
Lyons
France—Bordeaux,
CANADIAN BANKS.
Franco, instead of idling, as some observers have reported
after a cursory
of the country, has accomplished in the last year so stupendous a
structures had been erected or
Seventy six thousand
work has been done.
task that one marvels how the
repaired by the end of Aug. 1919, and 60,000
In the
following
we compare
In the same period, 89%
of the destroyed railroad trackage had been rebuilt, an area of 1,500 square
miles of shell riddled, tillable land cleared up, 80,000,000 cubic yards of
trenches filled, 991,000 refugees returned to their homes, 5,000 schools
reopened, and 3,872 civic communities reorganised.
The French people have made surprising progress in the period since
the armistice in readjusting industry to a peace basis.
As early as Feb.
the condition of the Canadian
banks, under the last two monthly statements, with the
return for June 30 1914:
About 550,000 build¬
additional buildings were then under construction.
assets.
ings were destroyed or damaged during the war.
of a total
occupied on Nov. 11 1918, in a group of government
and private plants, 1,300,000 were already engaged in peace time pursuits.
A later investigation conducted in, 1986 industrial plants in the occupied
area employing more than 20 workmen each, shows that by Nov. 1 1919,
a total of 1,385 establishments had resumed operation.
By Nov. 15 1919,
1919, the Minister of Industrial Reconstruction reported that out
of 1,700,000 employees
had made advances In excess of 3,000,00^,000 francs to
industrial interests of this region for the reconstruction of their factories,
the government
1920 provides for the expenditure of nearly
and the budget for
5.000,000,000
need about $650,000,000 worth of foodstuffs and
raw materials, as follows:
Foodstuffs, $150,000,000; cotton, $200,000,000;
copper.
$70,000,000; oil, $75,000,000; chemicals, tobacco, metallurgic
products, fuel oil and coal, $150,000,000.
A great proportion of these needs
will be filled by French colonies, while the manufacturing capacity of France
will require new outlets, so that these colonial possessions will undoubtedly
play a most important, part In the development of French industry.
Not¬
withstanding the fact that the enormous resources of the French colonies
are only slightly developed, their foreign tirade in
1913 totalled $608,800,
000, about one-fourth as much as that of France proper
During 19?0 France will
Southern FranceThe South of France has been a great
rapid
since the armistice.
recovery
Before the war,
sections of France were in the northeast
In
of the war and
the nchest industrial
and east, near the rich coal deposits,
conditions will no longer prevail, owing to
development during the last five years oi the non-invaded regions
France.
The tendency on the part of industry to shift toward the South
but It is safe to say that pre war
Jan. 31 1920.
June 30 1914.
$
63,248,178
28,948,841
$
63,302,649
Canada
.J
$
17,677,559
17.647,320
17,160,111
80,980,208
Elsewhere
80,895,498
46,108,952
182,598,067
181,018,036
92,114,482
Total
Dominion notes
.
Depos. with Minister of Finance
5,949,430
103,200,000
6,667,568
3,050,000
117,425,859
123,608,936
...1,607,220,019 1,572,619,403
925,681,966
410,944,057
428,049,020
127,251,919
132,015,334
102,344,120
67,401,484
184,469,882
' 170,206,805
137,120,167
120.156,779
120,474,304
71,209,738
2,932.497,148 2,911,853,689
for security of note
1,575,307.413
5,949,430
circulation
Deposit of central gold
104,450,000
reserves.
108,486,787
Due from banks.
Loans and discounts.
Bonds, securities, &c
Call and short loans In Canada.
Call
and short
loans
..
elsewhere
assets..
Total...
liabilities.
'■•■'J
r.'
$
$
Capital authorized
197,075,000
197,075,000
Capital subscribed
119,522,300
119,522,300
192,866,666
115,434,666
Capital paid up
119,241,918
119,226,336
114,811,775
Reserve fund.
124,925.000
124,724,985
113,368,898
Circulation
223,377,781
216.691,916
99,138,029
236,923,882
244,873,636
897,548,186
906,611,963
Government
factor in the wealth of the entire
particularly in its successful industrial support
country, and
Gold and subsidiary coin—
Other
French Colonics.
The
28 1920.
Feb.
than in Canada
first quarter for the same purpose.
francs during the
OF
COMPARATIVE FIGURES OF CONDITION
part, the publication says:
the
asking
The farmers are trying to avoid losses by
of "blue money."
sums
State loan is
There is the greatest ex¬
expected to bring about 7,000.000,000 kronen.
citement throughout the country, because
circulating in Hungary
Bank
Austro-Hungarian
the
14.000,000.000
growthlin importance of the three leading cities of
Southern
survey
preparations be
in circulation in Hungary.
Money in the hands of the people must be presented to the banks, and the
WithXreconstruetion in France in full swing and with
business and financial conditions growing more encouraging
physical
[Vol. 110.
THE CHRONICLE
1366
8,287,737
20.096,365
50,242,720
12,656.085
1,187,027,307 1,163,297,037
Due to banks
Bills
54,387,761
50,800,371
Time deposits
44,453,738
495,067,832
663,650,230
32,426,404
7,521,364
deposits
Demand deposits
59,123,420
payable
Other liabilities
the great
of
to take
noticeable even before
advantage of the undeveloped resources was
the war,
decided impetus with the opening of hostilities.
cities of Bordeaux, Lyons and Marseilles have shared promin¬
and
The three
given
was
Total,
a
cities being especially
of the largest
water power projects have been and will be carried out.
The population of
France has been diminished 7% by the war, while that of Marseilles has
increased 36%.
Bordeaux has absorbed an increase of 17% in population;
not
including capital
2,662,322,311 2,644.392.770 1,330,488,683
fund
reserve
or
>
Note.—Owing to the omission of the cents in the official reports, the
footings in the above do not exactly
agree
with the total given.
ently in this southern development, the two latter
favorably situated In the valley of the Rhone, where many
Lyons, an increase of 15%.
FEDERAL RESERVE BOARD REPLIES TO
HIGH
TO
The reply of W. P.
INQUIRY AS
CALL LOAN RATES.
G. Harding, Governor of the Federal
Reserve Board, to the resolution adopted by
DECREE MAKING POLISH
From "Commerce
Warsaw,
Reports" of Mar. 22,
we
take the follow¬
Norman,
to Trade Commissioner Louis Van
ing credited
at
MARKS LEGAL TENDER.
Jan. 31 1920:
on
things
legal tender in all
upon
Article 2.
crown was
crowns or
In those parts
used
of the Republic where the Austro-Hungarlan
legal tender, all payments are now to be made either In
as
forwarded
Governor
All payments In Austro-Hungarian crowns can
be made In
Article
4.
Any agreement in
contradiction to these regulations with
regard to payment due in crowns but paid in marks at a
different rate than
the current rate, or refusal to receive payment in marks,
6.
Whosoever violates the
Article 2, is liable to
ations is invalid.
can
enforce these
is prohibited.
above regulations,
as
contained in
imprisonment for one year or a fine of not more than
Any agreement concluded in opposition to these reguThe district court and eventually all courts of justice,
1,000,000 marks.
penalties.
The decree goes Into effect on the
Article 7.
The enforcement of
day of its first publication.
BUDAPEST
CLOSED
STOCK
TO
EXCHANGE,
announced
on
MONEY
ons on
The resolution
March 27.
were
authorized, and
required to abate this condition."
there is maintained
on
a
call money market of
call loans
are
frequently in
excess
they
paper,
the "cause and
of the
are
not
As to
justification" of the high rates and the steps
"required to abate this condition," Governor Harding says
there is "a wide difference of opinion among persons
given thought and study to the question."
could not undertake to form
a
who have
The Board, he
judgment upon the
matters "without
study and investigation of such a compre¬
would seriously interfere
currency.
banks, for the
days
on
opera-
Exchange, which
account of the stamping
With regard to the closing of the Budapest
same reason,
cabled advices in the "Journal
of Commerce," Mar. 22, from
Budapest, Mar. 21, said:
,
In
a
with the conduct
memorandum submitted with his
letter to the Senate, Governor Harding states
their
April 1 that the State Department
March 27 by the Budapest Stock
as
regular work."
times "bankers
REOPENS.
Washington had been advised of the resumption of
had been closed for ten
of
TEMPORARILY
EFFECT STAMPING OF
IN HUNGARY,
ti
on
'usurious' under the laws of the State of New York."
of its
was
the Senate
hensive nature
the decree is intrusted to the Minister of
Finances.
It
to
importance is New York City, "and while the rates
charged there
says,
Article 6.
at
and justification for the usurious rates
legal rates allowed for commercial
Polish marks according to the above rate.
Article
national
1035),
Harding in his reply states that the only financial
centre where
in Polish marks at the rate of 70 marks to 100 crowns.
Article 3.
cause
"what steps, if any, are
The Polish mark is hereby made the legal tender in all the
page
collateral call lbans in the financial centres"
on
also asked under what law such rates
territory of the Republic.
the Senate on
March 18,
the Board to advise the Senate among other
to "the
as
of interest
was
15, establishing the Polish mark as the
the territories of the Republic:
Article 1.
calling
"Monitor Polskf," publishes the following decree of
The official organ,
the Diet of Jan.
March 8 (and given in our issue of
were
call loans
as
principal secondary reserve," but that "this attitude
of the banks toward call loans has been
"An attempt to
lishment of
says
that in former
accustomed to look upon
an
greatly modified."
control the rates for call loans by the estab¬
arbitrary limit
on a
low level
.
.
.
would,",
Governor Harding, "be distinctly hazardous, for the
reason
that up to
limit the
the point where the arbitrary rate would
supply of
new money,
might proceed unchecked."
speculation and expansion
High rates, Mr. Harding
con-
Apr. 3
tends,
1920.]
"act
as
a
THE
deterrent
expansion of credit."
reply to the Senate:
CHRONICLE
to over-speculation and undue
The following is Governor Harding's
"Resolved
authorized, and what steps, if any, are required to abate this condition."
the same
New
1920
It will be seen from these tables that the matimnm
1920.
and minimum rates on demand loans secured by collateral are
approximately
those for commercial paper in all cities except Boston
as
While the legal
York.
rate of Interest In
and
Massachusetts Is 6%,
higher contract rates are authorized, and consequently the 6% limitation
is occasionally
exceeded.
[Tables referred to appear on pages 286 and 287 of Federal Reserve
from the 6%
commercial paper, they are not "usurious" under the laws
which specifically exempt collateral call loans
limitation which lenders must observe on other loans on pain
of incurring the
penalty prescribed for usury.
Section 115 of the Banking
369; Consol. L. Ch. 2) provides that upon advances
Law (L. 1914, Ch.
of
repayable on demand to an amount not less than $5,000 made upon
money
warehouse
receipts,
bills of lading,
certificates of stock, &c., or other
and collect as
by the parties to such
negotiable instruments as collateral, any bank may receive
compensation any sum which may be agreed upon
transaction.
The section reads:
five thousand
"Upon advances of money repayable on demand to an amount not less
warehouse receipts, bills of lading,
certificates of stock, certificates of deposit, bills of exchange, bonds or
other negotiable instruments, pledged as collateral security for such re¬
payment, any bank may receive or contract to receive and collect as com-
Eensation for making transaction." any sum which may be agreed upon
y the parties to such such advances
above
trust
identical in language with Section 115
quoted, makes the game provision in the case of
collateral loans by
25; Consol.
In the General Business Law (L.1909, Ch.
companies.
L. Ch. 20) there
is the following general provision of a like character:
"Sec. 379.
Interest permitted on advances on collateral security.
"In any case hereafter in which advances of money, repayable on demand,
amount not less than five thousand dollars, are made upon ware¬
house receipts, bills of lading, certificates of stock, certificates of deposit,
bills of exchange, bonds or other negotiable instruments pledged as collateral
security for such repayment, it shall be lawful to receive or to contract to
receive and collect, as compensation for making such advances, any sum to
to any
be
agreed upon in writing, by
loanable funds of firms,
investment.
The National Bank Act
and
interest at the rate allowed by the law of the
The applicable pro¬
district where the bank is located.
provisions is to author¬
than $5,000
rates of interest which may be in excess of those permitted for loans of other
character, and that such higher rates are not prohibited as usurious.
As to the "cause and justification" of the high rates of interest which it
thus appears may legally be charged on collateral call loans in New York,
and as to the "steps
.... required to abate this condition," there is,
that the effect of the foregoing
York on collateral call loans of not less
wide difference of opinion among persons
who have
and study to the question. Indeed, broad and fundamental
economic and social policy are involved—in the last
analysis, the whole question of the utility of speculative dealings in securi¬
ties and commodities on organized exchanges is involved; and more im¬
mediately, the question of the methods and practices of the leading specula¬
tive markets of the country, margining, stock manipulation, and kindred
matters also susceptible of abuse.
As to these the Board has never had
occasion officially to form an opinion; the Federal Reserve Act specifically
given thought
questions of general
precludes the purchase or discount by Federal Reserve banks of
drafts or bills covering merely investments or issued or drawn
"notes,
would seriously interfere with
the conduct of its regular work
and which,
of experts
feel author¬
requisite authority, would require the services
of which the Board does not
expend funds accruing from statutory assessments on the Federal
Reserve banks for the purpose of defraying the ordinary expenses con¬
ized to
templated by the Federal Reserve Act.
prepared for
the information of the Board by the Federal Reserve Agent In New York,
explaining in general the nature and operation of the New York call money
market and causes of high and fluctuating rates for call money In that
There is submitted as an
'
appendix hereto a memorandum
Respectfully,
W.
P.
G.
HARDING, Governor.
The'president of the Senate.
We
accompanying
Board
Federal Reserve Agent of the Federal Reserve
give below, in full, the memorandum
the above,
prepared for the information of the Reserve
by Pierre Jay,
Bank of New York:
acceptation of the term, are made
which is practically the only important call
Collateral call loans, in the general
chiefly in New York City,
bids
and
several
other
The
In other markets.
or
Stock Exchange
where through various brokers loanable funds are
are received.
Most of the business is don©
funds
for
noon
In
and 2.45 p. m.
the matter of the supply or attraction of funds to the
market, there is generaily
a
call money
definite and well understood obligation on
part of banks to accommodate first their
own
it is only the excess of loanable funds which
of commercial
paper
to
purchase
they may have from time
This excess of loanable
in the open market.
the
commercial clients, sp that
time that is available for the collateral call money market or for the
funds
accord¬
available for employment in the securities market varies,
therefore,
ing to the commercial requirements of the country.
It has long been
recognized that for
assurance
of
finance
sufficient amount of money to
a
placed on a rate
the volume of business in securities, reliance cannot be
of interest limited to the rates which obtain or are
permitted in
is
commercial
universally
conceded.
The reference in the resolution to the present high rates
in the financial centres and the
a
of the
inquiry
as
for call money
require, it is
to their causes
underlying economic conditions which
all money rates,
including those for call
govern,
money.
In former times, and specifically prior to the
Federal
accustomed
institution of the
Reserve system, bankers, especially in Reserve centres, were
to look upon
call loans
that inasmuch
as
as
those loans
for ooher
or
were
a
as
ordinary
to
supply pf funds sufficient for
market requirements and at low rates, although at
times the rates rose
increased.
the supply of funds diminished, or the demands
This attitude of the banks toward call loans
their chief
as
secondary
"The first was the
has been greatly modified by two causes.
reserve
invested
withdrawals of
was ordinarily
payable upon demand, fund so
In these circumstances there
use.
available for collateral call loans
high levels
theory
their principal secondary reserve on the
could always be promptly obtained on short notice to meet
deposits
felt,
reflection therein
in varying degrees,
the operations of the money markets and the
survey of
closing
Exchange at the outbreak of the European war in the summer
1914, when It became practically impossible to realize on call loans
resulted in
call loans
more
a
less permanent prejudice
or
secondary reserves.
as
the creation of the Federal
was
secured
loans." This
against dependence upon
Reserve Act provision
The second and more Important
Under the terms
Reserve system.
is made for the rediscount of
but the rediscount of loans for the purpose of carrying
securities, other than United States Government obligations,
Consequently, In order to maintain maximum liquidity, with
factor
of the
commercial
investment
is excluded.
suitable pro¬
availed of, banks,
greater proportion of their
vision for secondary reserves that can be immediately
including foreign agency banks, now invest a
resources
Another
the
war
in assets that
can
be realized upon at the
Federal Reserve
Bank.
that
of
changed factor in the present situation grows out of the fact
and
unavailable supplies
post-war conditions have rendered
Since the summer
which formerly came from foreign banks.
money
of
volume of
bank money available to the securities market at low or normal rates has
not increased proportionately, but on the contrary has probably decreased.
All of these circumstances explain in some measure, the increased rates
1914, while total banking resources have largely increased, the
ir.
Present
Changed Conditions of Demand.
Changed conditions are also present In the factors governing
to restrict the issue of new
were
the demand
Prior to the armistice agencies of Government were
for money.
loaned In
required during the past year for money
which have often been
the securities market.
securities for purposes other than
employed
those which
At the same time, as
deemed essential for carrying on the war.
Treasury undertook to sell large amounts of certificates of
the
indebtedness and
markets might not
whether
prejudice
In these circumstances,
with full
Liberty bonds bearing low rates of interest, the question arose as to
the competition of the general
the
investment
of the Government issues.
success
officers and
Exchange undertook to limit transactions
understanding on the part of the Treasury Department, the
members of the New York Stock
which
would
Involve
the
increased
use
of money for
consideration of which the principal banks of New
to
provide
a
stable amount of
money
other purposes
in
endeavored
of the security
York City
for the requirements
market.
After the armistice these restrictions were removed
for the
of carrying or trading in stocks, bonds, or other investment securi¬
ties, except bonds and notes of the Government of the United States."
The Board could not undertake to form a judgment upon the matters above
referred to without study and investigation of such a comprehensive nature
and assistants for the employment
either locally
investment,
Commercial Requirements have the Prior Claim.
in
and ordinary market
resumed
capital and
The issuance of new securities was
forces reasserted themselves.
purpose
centre.
for
"the money post"
offered
Federal
had the Board the
individuals and corporations seeking temporary
bulk of call money is lent on the floor of the New York
paper,
is well known, a
Olty,
of foreign banks; and similarly the
The proportion of the whole fund loaned by these
opportunities
of interest which may be taken.
"422. Sec. 3197.—Any association may take, receive, reserve and charge
on any loan or discount made, or upon any note, bill of exchange, or other
evidences of debt, interest at the rate allowed by the laws of the State,
territory or district where the bank is located, and no more, except that
where by the laws of any State a different rate is limited for banks of issue
organized under State laws, the rate so limited shall be allowed for associa¬
tions organized or existing in any such State under this title.
When no
rate Is fixed by the laws of the State or territory or district, the bank may
take, receive, reserve, or charge a rate not exceeding seven per centum, and
such interest may be taken in advance, reckoning the days for which the
note, bill or other evidence of debt has to run.
And the purchase discount,
or sale of a bona fide bill of exchange, payable at another place than the
place of such purchase, discount, or sale, at not more than the current
rate of exchange for sight drafts in addition to the interest, shall not be
considered as taking or receiving a greater rate of interest."
"Limitation upon rate
It will be observed
agencies
funds
York
New
interests varies seasonally and in accordance with the attractiveness of
vision reads:
ize in the State of New
and'outside of
in
by investment securities, which became, therefore, "frozen
provides that national banks may receive
charge on any loan or discount
State, territory or
both
located
bankers
Including foreign banks and
of
as
and
of the Stock
the parties to such transaction.
Bational Bank Act.
as
employed ordinarily In purchasing and carrying securities for
The principal supplies of money for collateral call loans are loanable
of banks
dollars.
than five thousand dollars made upon
Section 201 of the Banking Law,
dealt
are
these loans,
on
rate per annum.
transactions whose prior claim on banking accommodations
Interest on collateral demand loans of not less than
"Sec. 115.
a
of
the funds
are
between the hours of 12
maintained
a call money market of national importance is New York City, and while
the rates charged there on call loans are frequently in excess of the legal
of the State ©f New York,
The interest rates
the basis of
are on
of
financial centre in this country in which there is
rates allowed for
loans,
made for the most part to houses which are members
at
"Bulletin" for March 1920-1
The only
payable on
I.e., stock and bonds, generally those which
other classes of
The loans
are
by the pledge of
the Stock Exchange and the money so borrowed constitutes a portion
reply the Board desires first to invite attention to the following tables
and Feb. 15
loans which
are
their customers and sometimes for themselves.
showing discount and interest rates prevailing in various centres In all
Federal Reserve districts during the two 30-day periods ended Jan. 15
They
the New York Stock Exchange.
on
That the Federal Reserve Board be and is hereby directed to
of interest on collateral call loans in the financial centres, under what law
In
investment securities,
as on
advise the Senate what is the cause and justification for the usurious rates
market in the United States.
money
demand of the lender without previous notice, secured
in
Sir:—On March 8 1920 the Senate adopted the following resolution:
1367
unprecedented volume and consumed a vast amount of
of carrying
market was
credit, when bank credit was already expanded by the necessity
large amounts of Government securities which the investment
not
prepared to absorb.
at times of
Thus arose
accommodation
on
a
further cause for the
Increased cost
collateral call loans.
Since the armistice these causes have been
volume and velocity of transactions
augmented by the
in securities generally.
ining the figures, it should be explained that
increased
Before exam¬
the amount of call money
employed by the securities market fluctuates according to the amount of
other funds available for this purpose, I.e., customers' money Invested and
time money borrowed,
and also as the volume of
business varies.
call is more or less constant, fluctuat¬
and the amount which Is loaned from
day to day is but a small proportion of this constant volume.
The constant
volume of outstanding call loans bears a rate of interest which is determined
daily and is known as the renewal rate.
The daily borrowings, either
in replacement of loans called for payment or representing new money
borrowed, are made at rates which may or may not be the same as the
renewal rate and which frequently vary during the same day.
Turning to the figures, it appears that over a period of years during
the pre-war period the volume of all money, both time and call, employedi
in the securities market was estimated at about $1,000,000,000, of which
the average on call was about 60% and the average on time about 40%.
or a normal volume of call money, say of $600,000,000,
The daily turnThe volume of money outstanding on
ing only over relatively long periods,
ment
The
i.e., old loans called for payment, loans made in replace¬
in call money,
over
Moreover, it is important
$30,000,000.
averaged about
there has been
essential
such money to the securities
diversion of the use of the major portion of
is now
markets is not in accordance with sound banking
estimated, constitute about 75% of the total money employed in the
At
present the greater volume of borrowings, not only
the day to day demands,
loaned.
Indeed,
in the aggregate but in
to
occasional loaning of relatively
can
has
with the consequent demoralization
certain
are
principally
fluctuations in the daily rates or in the
other factors,
manifested in intermittent wide
rates
which
the influence of which is
amount of time money
loaned
on
Term
loans
to
to
real barometer of
corporation known as the Stock Clearing Corporation, which
to
and which represent but a
attached hereto
from
are
the greater
The renewal rate is regarded as the
market conditions and its fluctuations throughout the
the same day.
It should be noted that
of the commercial community
and in
the mechanism afforded by the corporation is an
indispensable prerequisite
requirements
Commercial Rates
such
as
depletion of bank reserves
to the establishment of
through gold
at its annual
was
effective in
borrowings. In
fact, rates for commercial loans and rates for collateral call loans have a
common root in the law of supply and demand, and the conditions which
affect one, In the main affect the other, although not in like degree, as is
demonstrated by the far wider fluctuation of call rates and the higher
points to which they go.
The rates for call money do not determine and
have not exerted an important influence on
to those who borrow
in
"Resolved, That the Chairman of the Executive Committee be
A
pages 16 to
see
how
in the last analysis, is the excess demand over
An attempt to
an
above
a
a
Samuel F. Streit, Chairman of the
operate to
would limit the supply of new
the years 1906-1919
the report has been
Methods of the Call Money
and
could not be met.
not
consummation
distinctly
commitments
case
might be cited of
on a
certain day.
a
as
well.
of great
cotton settlement is
If,
unanimously expressed the opinion
settlement by the Stock Exchange would offer
The Committee holds, however, that, inasmuch as
the Exchange would involve changes
careful study of the subject by the Committee,
in any case the term settlement can not
operation for
a
it
and
be put into operation until the new
Stock Clearing
Corporation, above referred to, has been perfected and has been in
practical
reasonable time.
latter,
HOUSE PASSES BILL A M EN DIN GIF EDERA L
of
ACT' TOfPROVIDE
largely
imminent, borrowings on securities could not be availed
of, the cotton transaction could not be consummated and a drastic liquida¬
On
March[31 thefHousefpassed the bill of Representative
Phelan
designed to£meetJthe^recommendation"of the Federal
Reserve Board for
avoid default.
of transac¬
tablish
also members of
the Stock Exchange and have recourse to the call money market.
RESERVE
RATES
'
required to
Similar consequences might obtain in the cases
GRADUATED
OF DISCOUNT.
securities to provide funds for
therefore, when an important
tion through sale either of securities or of the cotton might be
market
broad and stable discount market is discussed.
might affect
As an example of the
tions by members of other commodity exchanges who are
settlements as a means of
market from the necessities of the securities
a
system of daily Stock Exchange settlements through the
would be to embarrass
Exchange and frequently borrow very
the Stock Exchange against investment
Vice-
importance, both to banks and to members of the Exchange,
will require the most
made
commitment to purchase a round amount
settling their transactions in cotton.
money
precedent to
a
the adoption of a term settlement by
Many of the houses on the Cotton Exchange are
also members of the Stock
as
ties and in payments.
regulation
already
Vice-President
and "The Acceptance as the
by John E. Rovensky,
advantages In that it would eliminate duplication of the handling of securi¬
deterrent to over-
only investors and dealers in securities, but frequently
cotton
on
of
Discount Market,"
that the adoption of a term
On the other hand, should the
The effect of such liquidation
dealers and merchants in commodities
the
There are also attached, as Exhibits Nos. 6
The members of the Committee have
exhausted,
liquidation might suddenly be forced because the demands for additional
the
received.
14 and 22, respectively, the necessity for term
relieving the call
of
supply of money available at a fixed maximum rate become
for
and
Through its courtesy an advance copy of
President of the National Bank of Commerce, New York, in which on pages
speculation and expansion might
speculation and undue expansion of credit.
accommodation
Committee on Clearing House of the
7, respectively, two other publications of the American Acceptance
Basis of the American
supply.
In other words, high rates act as a
5,
the members of the Committee, Mr.
Council, "Acceptance Corporation," by F. Abbott Goodhue,
is
be altered, because of the
cause of high rates, which
proceed unchecked and the natural elements of correction or
For illustration of the
Continent, which presently will be published by the
American Acceptance Council.
the period from 1915
increase rates, would be
money,
appointed and held two extended
fully discussed, both from the point
describing the term settlement operation in London
the European
on
hazardous, for the reason that up to the point where the arbitrary rate
would not obtain.
detailed report compiled by one of
Stock Exchange,
low level, without the ability to modify the causes
enumerated which
was
subject matter of the discussion there is attached hereto as Exhibit No.
the rates for
control the rates for call loans by the establishment
arbitrary limit at
provided for
of the First National Bank of Boston, Mass.,
the present situation can
Committee appears on
27, inclusive.
of view of the banks and of the Stock Exchange.
collateral call loans are made under prevailing conditions it
impracticability of controlling the underlying
Acceptance Council is
Exhibit No. 4, in which the resolution appears on page 5,
conferences in which the problem was
Market.
difficult to
as
The Committee thus
and
and
of the annual report of the American
and the report of the Chairman of the Executive
attached.
Possibilities of Change in the Conditions
copy
appended hereto
little causal relation between the rates for call money and those on com¬
and the rates for commercial paper in New York for
authorized
the present system of settlements on the New York Stock Exchange and
substituting therefor some system of periodical settlement with power—
to take such steps as may seem advisable in the case."
commercial
the commercial customers,
call money on the New York Stock Exchange during
adopted:
appoint a committee consisting of members of the Executive Committee
and other individuals to study the advisability, ways and means of modifying
market on securities.
Exhibits Nos. 1 and 2, showing respectively
At that time the following
to
They feel an obligation to customers
the open
of the banks mainly come from
said
Council
resolution
inception in the action of the American Acceptance
meeting on Dec. 4 1919.
in the United States:
but none
Besides, as the
their
own self-interest compels a preference in favor of their commercial borrowers
since failure to grant them reasonable accommodation would induce them
to withdraw their deposits and so reduce the ability of the banks to do
business.
Although the money of the banks and trust companies com¬
prises by far the greater proportion of the money loaned on the securities
market, an examination of the prevailing rates on commercial paper at times
when the call money market is particularly strained indicates that there is
needs of their customers.
toward the substitution of
of daily settlements may be
"Whereas, The present method of daily Stock Exchange settlements,
with its dominating and often unsettling effect on the call money market,
influences adversely the development of a wide and healthy discount market
the rates for commercial borrow¬
It is the universal custom of the banks, to satisfy first the
system of term settlements.
term settlements for the present system
to have had its
Determined.
of supply and demand is equally
a
The more recent and definite development
and congestion of com¬
transportation.
Similarly and Independently
are
The operation of the law
as
which
practice requires in the interval between paying one call loan
the present
determining the rate for commercial loans and all other
long
it will operate
materially to decrease the amount of bank certifications on day loans,
and replacing it with another on
export, speculation In commodities and real estate,
So
the rates of such loans, but it is expected that
or
in part
resulting either or both from credit expansion or loss of reserves
to 1920, are
day to another on the call money
the amount of money loaned from one
market
mercial transactions incidental to slow or interrupted
mercial loans.
securities between members and banks, trust companies
mainly due to other demands for credit, resulting
the increased
resources
operations of the corporation is contained in the pamphlet
Exhibit No. 3.
The functions of this corporation include
receipt
and
others, and for the clearing of collateral call loans.
It is not asserted or
expected that the institution of these operations will materially affect either
and delivery of
call loans.
part from other temporary factors,
ings ,
as
is expected
A general description of the purposes
begin operations in April 1920.'
providing facilities for clearing contracts between members, for the
longer periods more nearly reflect the relation between the amount of the
loanable funds and the amount of the demand.
In other words, high re¬
newal rates
important step has been taken
provide enlarged clearing facilities through the organization of a new
and contemplated
comparatively
incidental
the temporary circumstances and conditions of the market, tend in times
stress to greater fluctuations in rates than result from the more normal
volume of the outstanding
of
extended over some years and as the result
of the New
York Stock Exchange, as well as bankers, an
total outstanding loans—other factors,
operation of the law which is reflected in the renewal rate for
basis of short
whether they
weekly, fortnightly or at other intervals.
of extensive studies and deliberations of officers and members
of fluctuations and, especially of increases
abnormal high and low rates apply
abroad
From this change a broader
Under term settlements the
Agitation for the improvement of the present method of settlement
Supply and Demand
in call
In other
words, as the supply of loanable funds diminishes in proportion to the
volume of the demand, the rate for collateral demand loans advances.
However, in the case of the daily borrowings of call money—to which the
of
securities, of a commercial nature, generally recognized
time accommodation, i.e., for the term between settlements,
were
the
call loans based
borrowing required by the securities market would be on the
is the operation of the law of supply and demand.
small proportion of the
market from the necessities of
in call loans based on the collateral
preferred bases for demand loans.
Stock Exchange contracts has
The underlying cause
resulting from
method of daily
change of the method of settle¬
discount market would naturally develop.
in connection with
Such withdrawals result in the
Determined by the Operation of the Law of
money rates,
the
as
called for payment.
are
depends upon the successful
probably
investment securities for employment
of more liquid
times a
Government deposits
depositary banks calling money from the securities market, which causes
Rales
Settlements.
securities market and release funds now used in collateral
which has recently affected the
sharp advances in the rate bid for call money in replacement of the
end
ments would be to relieve the call money
on
operations of the Treasury.
this
of
The principal effect of such a
settlements.
supply of funds available for collateral loans and precipitated at
fiscal
substituted for the
operations on the Stock Exchange, in lieu of the present
actual necessities of the situation.
the
of call money
basis requires careful
development of a plan for term settlements of the balances
insistent
loanable funds are exhausted
or are offered in small quantity, frequently results in competitive bidding
for funds which advances the rates for a day or part of a day beyond the
from depositary banks to the Federal Reserve banks
achievement
The
re-borrow money called
rise in the rates, has been the periodic transfers of
as a
present methods of the securities market*.
borrowers bidding at times when momentarily
Another active and important influence
investment securities
study in order that safe and adequate methods may be
securities, produces more or less apprehen¬
of borrowers as to their ability to
of
this fact
securities lack this essential quality
on
generally taken into consideration by our lenders.
coupled with the decreased
This apprehension, quickened by the number of
for payment.
call loans
more
from its dependence upon
The increased volume of demand
apply for brief periods.
loans called daily for payment noted above,
sion on thb part
been
now
But the safe and successful divorce in this country of the use
which might result.
There
be had at the
on
liquidity required for quick and certain realization, and that
desire not to secure the high rate quoted but to prevent
the rate from going very much higher
susceptible
commercial paper upon which realization
central bank, at a price, in case of need.
We have seen
principally
that in this country
small amounts of money at very high rates
York, is the call
In other markets the reverse is true, as their
speculative influences.
call money is based
large demand for credit based on securities that the
months to supply the
It is to be
principles.
great world market, other than New
no
market so dependent upon investment securities and so
money
naturally often results in high rates for the money
reluctant have the bankers been during the past few
so
often represents a
noted that in
time of such heavy credit requirements as the
a
the
essential to the International and domestic commercial business but
distinguished from time money, with the consequence that the former, it
securities market.
It Is particularly
economical conduct of business.
to the successful and
notice
to
of funds
temporarily idle, but a large volume of call and short time money is
disproportionate increase in the amount of call loans, as
a
important financial
There must be not only an outlet for the employment
centre.
The daily turnover during the
1919, however, ordinarily ranged from $25,000,000 to $40,000,000
and
Importance of a "Call Money" Market.
Call money in some form is indispensable to every
thereof, and new money borrowed, ranged from $15,000,000 to $30,-
000,000, and averaged about $20,000,000.
year
[Vol. 110.
THE CHRONICLE
1368
amount
legislation authorizing the latter to es¬
graduated rates of discount "on the basis of the
of the rediscount accommodations
by the Federal
Apr. 3 1920.]
Reserve
Bank
THE CHRONICLE
recommendations
noted in
the
to
our
bill
the
to
were
borrowing
contained
bank."
in
its
The
Board's
annual report,
as
issue of Feb. 28, page 816, wherein we referred
both Representative Phelan and a similar
the Senate by Senator McLean.
The
legislation is intended as a means of checking
credit expansion.
The Phelan bill (H. R.
sub-paragraph d of Section 14
12711) amends
of the Federal Reserve Act
by striking out the semi-colon after the word "business"
and
adding the following "and which, subject to the approval,
review, and determination of the Federal Reserve Board,
be graduated
may
progressed
or
the basis of the amount
on
of the rediscount and discount accommodations extended
the Federal Reserve Bank to the
make the
and Judicial Supply bill to
impress upon the Senate the neces¬
sity for action on the Reserve Act amendment.
In his
remarks with
of
offered in
measure
proposed
borrowing bank,"
by
so as
to
paragraph read:
As I have
regard thereto he said:
previously remarked in this Chamber several times, that bill
Reserve Board; it is also urged by the Federal
is urged by the Federal
Advisory Council, which Is composed,
leading bankers of the country.
The provisions of the bill are very
Senators all know, of 12 of the
as
simple.
We all know that the Federal
Reserve system has demonstrated its ability to expand the
currency and to
expand credits, but the question as to whether it will be equally effective
in its efforts to deflate credits and the
currency
answered.
its
We all want the system to
ability to
crisis.
meet any
Federal Reserve Board
to exert
a
as
succeed;
is one that must still be
we want
The passage of the
it to demonstrate
measure is
urged by the
being important at this time to enable the Board
wholesome restraint upon the further expansion of credits.
It
merely provides that the Federal Reserve Banks, with the approval of the
Federal Reserve Board, may graduate the discount rate
upon accommoda¬
tions extended to member banks when they exceed a certain
percentage of
their
(d) To establish from time to time, subject to review and determination
1369
banking capacity or a certain multiple of their stock and surplus; in
it enables the Federal Reserve Banks to establish a normal
other words,
of the Federal Reserve Board, rates of discount to be
charged by the Fed¬
eral Reserve Bank for each class of
paper, which shall be fixed with a view
of accommodating commerce and business and
which, subject to the ap¬
maximum discount rate for accommodations up to a certain limit, and if
any
bank goes above that limit a higher rate may be
proval, review and determination of the Federal Reserve Board, may be
graduated or progressed on the basis of the amount of the rediscount and
be of any benefit the sooner
Congress enacts it the better.
my
discount accommodations extended
by the Federal
further delay in the consideration of this matter.
Reserve Bank to the
imposed.
It must be evident to my colleagues that if this
proposed legislation is to
borrowing bank.
duty to put the responsibility
Senator
Representative Piatt, Chairman of the House Committee,
Banking and Currency, who led the discussion in the
Senate
McLean's
bill
upon
I feel it to be
the Senate if there is to be
favorably reported
was
any
the
to
last week.
on
House in support of the bill, had the
following to say, secording to special Washington advices to the "Journal of
INSTITUTIONS
STATE
Commerce:"
This is
a
bill to provide a means of checking
inflation, the inflation or ex¬
come about through the too great use of the rediscounting
previleges of the Federal Reserve system.
It adds only five lines to Sec¬
tion 14 of the Federal Reserve Act, the section which defines the
powers of
the Federal Reserve banks.
One of those powers is "to establish from time
the
of paper,
and
charged by the Federal Reserve Bank for each class
which shall be fixed with
a
view to
accommodating
Commercial banks
of their
not allowed to loan
are
by shipping documents
usury laws
another
any one
amount greater
an
than 10%
borrower, unless the'loan is secured
warehouse receipts representing commodities
or
marketing, but within that limit, and within the limits of the
they have the right to charge
if they think the
borrower
one
circumstances warrant it.
a
higher rate than
This bill
of discount
"may
be graduated
progressed
or
on
District JSfo
Arkansas
the basis of the amount of
The
Federal
Reserve Board, which discusses the subject of
at
length and states that it must be checked but "with careful regard
some
112,347
1
Valiey
100,000
Bank, Fort Smith, Ark
20,000
1,594,077
5,000
297,829
25,000
245,237
10,000
219,408
Peoples Savings Bank & Trust Co., Halls,
Tenn
25,000
District No. 9—
State Bank of Belt, Belt, Mont
Miners
40,000
10,000
510,699
200,000
50,000
1,835,127
30,000
3,000
402,650
100,000
4,500
849.074
250,000
25,000
1,229.699
Savings Bank & Trust Co., Butte,
Mont
Oklahoma State Bank, Cordell, Okla
expansion of credit
to the economic welfare of the country and the needs of its
District No. 12—
Peoples Savings & Commercial Bank, Chico,
producing in¬
dustries."
Calif
Columbia Trust Company,
Now, having "due regard for the claims of other member banks," the
Federal
3
District No. 10—
from the annual report of the
came
$1,145,416
25,000
50,000
>
suggestion for this amendment
$50,000
Canon, Ga
Mound City Trust Company, St. Louis, Mo-200,000
rediscount and discount accommodations extended by the Federal Reserve
bank to the borrowing bank."
Resources.
$50,000
Berwind, W. Va
Surplus.
Mount Olive State Bank, Mount Olive, 111..
gives the
Federal Reserve banks this right, but through uniform rules applying to all
member banks without discrimination or favor.
It provides that the rates
Capital.
District No. 6—
Farmers Bank,
capital and surplus to
In process of
District No. 5—
Berwind Bank,
commerce
business."
admitted to the
were
the week ending March 26 1920:
Total
time, subject to review and determination of the Federal Reserve Board,
rates of discount to be
FEDERAL
Washington makes public
following list of institutions which
Federal Reserve system in
TO
SYSTEM.
The Federal Reserve Board at
pansion which has
to
ADMITTED
RESERVE
Salt Lake City,
Utah
Reserve Bank directors may refuse further loans to a bank which
has asked very much greater accommodations than other banks, and that
power
has been exercised, but it is rather drastic, and it would often be better
if additional accommodations would be extended but at
an
advancing rate,
Without such
needed.
most
means
a
of checking expansion, where checking is
needed, the Federal Reserve banks
can
RESERVE
RATES
During
only rise rates on all member
ON
BOARD
GRADUATED
FEDERAL
which would make certain that the loan would not be continued longer than
visit to
a
OF
BILL
this city last Wednesday, Governor-
banks in order to get at a few, and that seems hardly fair to the great ma¬
Harding of the Federal Reserve Board
jority of member banks which have not rediscounted anywhere
of
near
the
limit which would be set for normal rates.
I think not many people will attempt to deny the necessity of checking
expansion,
industry.
or
inflation, wherever it
be done without harming productive
can
A good deal of the most excessive borrowings
doubtless used
are
for financing speculation, or for new ventures that are of doubtful economic
value to the people at such a time of stress as this.
a
Our gold reserves are at
dangerously low ebb, and the Federal Reserve Bank of New York has
several
been below
times
or
right down at its equal requirement.
The
demand for credit continues beyond expectation and perhaps beyond reason,
at any
rate beyond the limits of safety
to get
through the critical period without serious trouble.
.
It must be held in check if
we are
York "Commercial"
helped to
the bill from defeat, is
save
quoted to the following effect in that
I
not sure that I fully
am
based
on
understand the bill.
March
on
31, designed to empower the Federal Reserve
Board fo establish
graduated rates of discount.
referred to in another item / as
conference
on
lation,
we
If I do understand it, it is
the assumption that there is too much credit currency in circulation
The bill is
is also Governor Harding's
Wednesday with acceptance bankers.
what Governor
Harding had to
say
As to
anent the proposed legis¬
append the following from the "Journal of Com¬
merce" of April 1:
newspapermen,
Reserve banks
the
Governor Harding in
indicated his views regarding the bill
an
interview with
pending in Con¬
now
which would amend the Federal Reserve Act so that the Federal
gress,
banks
paper:
expression
gave an
opinion regarding the Phelan bill which passed the House
Before going into the conference,
Representative Mann, who it is pointed out in the New
PROVIDING
DISCOUNT.
over
might establish normal credit lines for the individual member
which borrowings would incur payment of fixed premiums above
published discount rates.
not be
He pointed out that such
compulsory upon the Reserve banks and that the
a course
manner
would
of deter¬
and that the Federal Reserve Board wishes to have the power to curtail
mining such lines might be different in the various districts.
somewhat the new volume of currency based on credits and that now the
trict, however,
Board has the power to refuse Individual banks rediscount privileges, but it
banks, he continued, might determine the normal credit lines of member
does not desire to exercise that authority because refusal to do so might
seriously affect
rates
under
a
bank.
It desires the authority to increase rediscount
regulations where banks
are
borrowing
much
too
money.
Under the plan proposed banks may properly borrow a certain amount of
money
under the rate that is universal in the district when
miding Its credits and seeks to get
that the bank must pay a
I
me
can
see no
a
a
bank is pyra¬
larger credit, the Board desires to
say
possible objection to the passage of the bill.
the tendency of the bill will be to keep down
It seems to
rediscount rates rather than
desires
When the Federal Reserve Bank
to hold down credit when spec¬
the basis of their combined capital and surplus or otherwise.
Representative Husted of New York,
nents of the
bill, is quoted
as
one
of the oppo¬
saying.
Governor Harding said that the
to force these banks to
floating its securities.
If it Is the proposition
liquidate those securities which it subscribed to from
patriotic motives, the bill will work
an
injury.
On March 30 Senator McLean,
ism, permitted the Reserve banks to limit borrowings by any particular
on
would not prejudice the rediscount facili¬
Under the new order
ties available for other member banks in the district.
which the bill would establish the banks would know
above the
a
published rate, grading upward as their borrowings exceeded
line.
Under these circumstances. Governor Harding said,
normal
their
would be to stabilize the published rates with the fluctuationsp
appearing in the surcharges for borrowing over
The
upon
for the Senate
measure,
the Legislative, Executive
in advance that if they
specified figure it would involve a specified penalty
same
paper
expression of opinion regarding the relation to and effect
the deflation policy of the Board of
started from England, Governor
ment.
the fixed limits.
further said:
He explained further
the movement of gold which has
Harding said that he did not
functions of the board were clearly
misunderstanding, pointing out the
defined
tration of the banking system and that
subordinate or supplemental.
care to com¬
that the Board's actions and policy had, he
believed, frequently been the subject of
sponsor
effort to secure consideration of the
interrupted the deliberations
Board had held for some time that the
language of the Federal Reserve Act, while specifically prohibiting favorit¬
Asked for an
I know that a great many banks in New York State have borrowed heavily
to assist the Government in
The
Reserve bank.
the tendency
discount rates.
The Reserve
Board, he asserted, would prefer to leave the method to the decision of then
borrowed beyond
ulation becomes rampant, it ought to have the power to charge higher re¬
an
on
In each dis¬
uniform method would have to be applied.
member bank at a figure where it
larger rate.
Increase them,
bill, in
banks
a
as to
the regulation and adminis¬
its other activities
He said that the Board
conceived, the arbiter of prices.
1
was
not,
were
as
purely
sometimes
PROPOSAL OF FEDERAL
ACCEPTANCES
ON
A conference
posal to treat
AS
as
MARKET.
appears,
converged around a pro¬
credit advanced by the Reserve
Bank to
endorsing institution, was held at the Federal Reserve
between Governor
the
Bank of New York on Wednesday last
Harding of the Federal Reserve Board and dealers in accep¬
tances.
It did not become known until yesterday (April 2)
that the deliberations of the conference centred in this pro¬
official announcement having been issued in the
daily papers of the 1st inst, having for the
most part reported that there had been merely a discussion
of acceptance affairs and the market situation.
As indi¬
cating the light in which the suggestion is mewed, it may be
noted that it has been described in banking circles, it is
posal^
no
matter, and the
yesterday, as "a
for acceptances." In the
absence of any official statement concerning the plan pre¬
sented at the conference by Governor Harding, we quote
learned from the "Journal of Commerce" of
body blow at tbe open market
just referred, the following: ^
from the paper
1
;
Briefly, the proposition which he placed before them involved a ruling
by the Federal Reserve Board under which bills sold to the Federal Reserve
Bank would be classed as having been rediscounted by the member bank
indorsing them.
In other words, bills so sold would be counted in figuring
the credit advanced by the Federal Reserve Bank to the indorsing institu¬
tion, whether the bills were purchased directly from the indorsed or from a
dealer to whom he
had sold them.
originated with Comptroller
member of the board,
and to have gained the support of the Federal Reserve authorities, came as
something of a shock to the dealers and bankers to whom it was presented.
After a long discussion, however, Governor Harding is reported to have
become convinced of the faUacy of such a measure and to have promised
that no action putting such a policy into effect would be taken until an
opportunity had been afforded to the acceptance men to present their case
to other members of the board.
On this basis, it is held to be assured that
the proposal will be killed, if it has not already been.
* .
r
"
Under present conditions the New York Federal Reserve Bank maintains
two rates on acceptances, one of 5% for rediscount of bills and the other
fluctuating in the neighborhood of the open market, place at which purcahses of acceptances indorsed by member institutions are made from
dealers and bankers.
The latter rate is now 5^% for bills not exceeding
ninety days.
Its purchases are of considerable volume and serve to provide
an outlet for bills when other demand fails.
This means, it is said, that the
exercise of the Reserve bank's function in purchasing bills in the open
The
suggestion, which is understood to have
of the Currency
market really
At
John Skelton Williams, ex-offieio
constitutes the market's main support.
present banking institutions are
it
Under the regulation
suggested by Governor Harding they
could
market without running the risk
that the purchaser might resell the bills to the Federal Reserve Bank,
thereby automatically increasing their liability at the Reserve Bank,
Should a definite limit be fixed on the line of credit of each member bank
not pur
out their indorsed bills in the open
might hesitate to buy bills indorsed by a bank
of credit available to the particular institu¬
tion at the Reserve Bank was sufficient to enable it to sell the bills there.
From all angles bankers said that such a ruling would hopelessly com¬
by the Reserve Bank dealers
unless assured that the margin
plicate the situation and utterly destroy the
been built up
discount market which has
Federal Reserve Board.
here with the encouragement of the
The aim of the
proposal
was
stated to be to lighten the load
carried by the
Reserve banks.
Those who
Harding
were
Trust Co.;
Bank
of
participated in the conference with Governor
Albert Breton, Vice-President of the Guaranty
John E. Rovensky, Vice-President of the National
in New York; Charles Wall, of the
Commerce
National City Co.;
Maurice L. Farrell of F. S. Smithers &
Co., and Morton II. Fry, of Bernhard,
Seholle & Co.
ADVANCE IN DISCOUNT RA TE OF FEDERAL
V /,:;v-. BANK OF CHICAGO.
The rate of interest on loans to member
bankers' acceptances was increased on
Reserve Bank of Chicago from 5M to
RESERVE
V
'/V
banks secured by
April 1 by the Federal
5Y%%. The advance
it is stated, is brought about in an effort to check
inflation of credit in the Middle West, and to discourage
in the rate,
by banks in the Chicago Reserve
further borrowing
Special Chicago advices appearing in the New York
of the
District.
"Times"
now
transi¬
passing through a
The Board adds;
V
Y
some
a
>,
if not an actual recession, of commodity
slight but noticeable improvement tn the bank reserve ratio,
relief of the barriers to transportation and
distribution which existed
during the winter months, and at the same time there
alteration In the point of view
some
extravagence and reckless
has appeared to be
of the community with respect to
This alteration in point of view
purchasing.
by no means universal, but Federal Reserve agents report very consider¬
able difference of attitude on the part of the public.
The change, what¬
is
it
ever
is, however, very conservative
be in character and scope,
may
of
industrially
and agriculturally, is excellent, the chief modifying factors in the situation
being inadequacy of labor supply and shortage of varions kinds of materials
as well as of borrowing facilities of banks.
'"'.V'"-
and moderate and there is no
appreciable letting down in the volume
The outlook for the spring season both
legitimate business.
TREASURY OFFICIALS OPPOSED TO REFUNDING
;
■
A statement to the effect that Treasury
a
firm stand against
taking
are
suggestions calling for the refunding of
higher rate of interest was contained in
received by the New York "Commercial" from its
Liberty bonds at
advices
officials
a
Washington Bureau March 25.
These advices state further:
the Treasury Housten and of those asso¬
It is the view pf Secretary pf
ciated with him that there is no occasion for worry over
In the market value of
the present decline
bonds, and that the situation will right itself before
long.
a
OF
^"
LIBERTY BONDS AT HIGHER RATE.
>
v;
Suggestions for the refunding of bonds have reached the Treasury from
One banker recently wrote a personal letter suggest¬
number of sources.
ing
a
consolidation of the several issues of Liberty bonds into a 5% 50-year
Fourth Liberty bonds.
issue free from taxation to the same extent as the
definitely opposing the proposal
of
Secretary Houston wrote a letter in reply,
offered
and stating that it
the present
"To add
no
solution of the problem of the depreciation
a
C'-KK
/
price of the bonds.
fraction to the rate of interest borne by the
bonds would have no
while it would have
Government and
important or lasting effect upon their market price,
injurious effect upon the Government, burdening the
an
with high interest charges over a long period of
the taxpayers
who do not
sales and purchases
turn
years," said
"I think there are few competent judges
believe that the equilibrium has about been reached between
Secretary Houston in his letter.
.
of Liberty bonds, and that the Liberty market
upward.
U"
•
=
than they are at the present
manufacture savings
will soon
r'.\Y;'Y
"Government bonds, in my judgment, cannot
be made more attractive
price, and the Government could not, of course,
and create buyers for its securities simply by
increas¬
outstanding bonds. The only effect of such a
securities automatically and ta
establish a high interest level for many years, which would be burdensome
to the country.
' /V--;-" V11,
ing the interest rate on the
course
would be the depreciation of other
.
market prices of Liberty bonds are causing no loss to invest¬
holding their bonds for higher interest; they are not suffering be¬
"The present
who are
cause
others have to sell their bonds now for less than
neither-these investors nor those who sell
expecting loans from the United States on account of
the bonds.
:
market at par
additional interest on
\
r'-V
;
"The United States is under no obligation to
bonds against
they are worth, and
their bonds have any ground for
guarantee holders of Liberty
variations in money market conditions or to guarantee a
To make a gift of a higher rate of interest to
for the bonds.
on definite terms for a definite
subservient and against the prinpiples of Government.
To limit such a gift to original subscribers would
be impracticable; to extend it to market purchases would be utterly impos¬
sible,
The Treasury would vigorously oppose any action of this character.
"As the Treasury views it, the Liberty bond problem is one of quantity.
Unfortunately, many holders of Liberty bonds, who patriotically subscribed
for them and held them drying the war, have since regarded them as so
much spending money and have thrown them on the market more rapidly
than others could save of funds to invest, with the consequent depreciation
in market prices.- People generally have been spending money freely and
saving relatively little, so that there has not been sufficient capital savedto overcome the pressure upon the market from those who buy bonds as
patriots but not as investors."
The Treasury has done what it could to strengthen the market for bonds
by means of purchases under the 5% bond purchase fund provided by exist¬
ing law, which authorizes the Secretary of the Treasury to purchase annually
up to 5% of the bonds of each series outstanding but not exceeding par and
accrued interest.
Up to Nov. 30 the Treasury had purchased Liberty
bonds of par value of $1,043,080,500, the amount to be paid for them, totaled
subscribed
the people who
for! their bonds
period of time would, in my opinion, be
$999,363,526.15.
,
\
'!/.• Yv\
-Y-'Y'Y/. V"\'
'
Controller John Skelton Williams takes a
He believes that within two years or
similar view of the situation.
less the Liberty bonds will
command a
premium on the market.
•
"It is unthinkable that the bonds should be refunded at a higher rate
of
situation. "The Liberty
bonds form as good an investment to-day as there is in the market.
The
Government did not promise to pay on demand.
It promised to pay at
maturity of the bonds, and it will keep its word.
Anyone who thinks he
can use his money to better advantage must expect to take a loss under
interest," said Mr. Williams in discussing the
present market
conditions."
1st inst. state:
The necessity for
discouraging loans to the banks, which in turn is ex¬
pected to cause the banks to curtail their loan to customers, lies in the fact
that the Federal Reserve bank now lias loaned to member banks the largest
amount in
'
confusion and lack; of uniformity which
There has been a hesitation,
prices,
ors
encouraged to buy acceptances,
explained, because the open market for them affords a means of raising
funds when needed without using up their credit at the Federal Reserve
was
Bank.
tion stage.
the month of March
developments during
some
indicates that the country is
J
rediscounts, acceptances endorsed by mem¬
io Federal Reserve banks, and to con¬
as
same
financial
and
have shown
REDISCOUNTS—EFFECT
BILL
which, it
TREAT
RESERVE BOARD TO
ber banks and sold
sider the
[Vol. 110.
THE CHRONICLE
1370,
its histpry, which was
HOUSE SUB-COMMITTEE DECIDES NO
LEGISLATION
$396,544,867 last Friday,
loaned on securities other than
I OF INTEREST ON LOANS TO
Nearly two-thirds of this amount was
the preceding
week, had the effect of decreasing the Federal Reserve bank's reserves to
the lowest point in its history and only slightly above legal requirements.
This large loan
ALLIES!
On March 31 the Sub-Committee of the
those of the Government.
total, which showed a sharp increase from
Means Committee,
to whether the
ADDITIONAL
IS NEEDED FOR DEFERRING
House Ways and
appointed to investigate the question as
Secretary of the Treasury needs
additional
legislative authority to carry out his plan of deferring for
FEDERAL RESERVE BOARD REPORTS PEAK OF
PRICES
HAS BEEN REACHED.
The Federal Reserve Board in its review of
ditions throughout the Federal Reserve
business
con¬
Districts during the
month of March, made public April 1, states that
three years,
the interest
business
and then funding over a period of twelve years,
on the $9,647,000,000 the United States has
of the
It was stated
Representative Green, of Iowa, Chairman of the Sub-
loaned
to
the
Allies,
decided that the
Secretary
Treasury needed no additional legislation.
that
APR. 3
1920.]
THE CHRONICLE
Committee, would ask the full committee
to
approve
this
report of the Sub-Committee and to inform Secretary Hous¬
ton that
Congress will not interfere in carrying out his pro¬
gram.
It is understood that a minority of. the Sub-Com¬
mittee seemed to be of the opinion that additional
legislation
was
necessary,
when loans
were
consider
authorized, such
worth
of
Representative Long-
and
Tilson,
Connecticut, Republicans;
Kitchin, North Carolina, and Hull, of Tennessee, Democrats.
Regarding the plans at present under consideration by the
Government, the "Journal of Commerce" in special advices
The
the
Washington Bureau, March 26, said in part:
policy of the Government
as
far
it has been formulated is calcu¬
as
Subscriptions
M
T
closed
March
on
time. 'r
now appears
likely that the
•
1
'
'' • ■ ■
:
'•
the purpose to propose and adopt if possible
now
admit of interest payments
to
on
reduced in financial power that they cannot as
so
All
and in what amount such payments are to be made.
Estimating the annual interest load of the Abies to be $324,000,000, it
complicated computation to show that their total
no
debt
will
be
greatly increased unless radical plans are adopted to meet their obli¬
gations
The situation, however,
turn
is complicated by the fact that
Great
Britain
during the war made large advances of money to her Allies and has
followed wth them the same plan of liberal credit that this Government!
Great Britain charged, as we
discounted the loans
as a
The plan
did, 5%
made.
as
on
$201,370,500.
1921.
They bear interest at 4%%.
1920,
1
with
her advances and, just
as we
is to be increased to one fifteenth,
and that like its predecessor is to be
contemplated plan to increase the annual fractional
that going for
that the deferred interest would all be
annual interest load would
there
period of eight years.
a
occur
pay¬
At
in 1935, it is calculated
paid, and in the meantime the regular
have been carried by all the powers, so that
of.war debts on account of fancied sentimental reasons
well
the result of
or as
Federal
Reserve
were
districts
as
Subscriptions Allotted.
$10,202,000
59,982,000
.
5,131,5b0
...
17,420,500
Richmond
5,981,500
2,582,500
Chicago
21,926,000
Louis.
St.
6,806,000
3,257,500
....
Kansas City
7,235,500
_T
Dallas
4,719,500
Francisco
San
16,063,000
40,063,000
......
Total
$201,370,500
Regarding the results of this offering, the "Wall Street
Journal" had the following to say
That only
tax certificates,
a
in its issue of March 29:
approximately $200,000,000 of the 12 months United States
dated-March 15, were sold throughout the country is not
The rate borne by these certificates
was only 4H%.
Bankers
long-term certificate of this nature, in the present market, should
command at least 5%,
and they wero disappointed when the Secretary of
the Treasury announced the rate.
ant Secretary
Leffingwell
It
was
contrary to their advice.
Assist¬
came on to New York and had a conference with
the bankers prior to the announcement of the issue and was told of market
conditions
then.
In spite of the
advice of the bankers, the Treasury Department thought
vacuum
mately $800,000,000 of tax certificates
demand for the new issue.
caused by the
on
maturity of approxi¬
March 15 to create
But this has been shown to be
tion of the money market conditions.
a
a
substantial
wrong concep¬
With time funds at 8Yz
and 9%,
commercial paper at 7% and acceptances selling at about 6%, to say nothing
designed international propaganda.
The failure of
.
solvency, without
moment entertaining the altruistic'suggestion that there be a remission
a
were
subscriptions to the certificates
several
that there would be sufficient
All this is based on the old fashioned ideas of business
was
Atlanta..
might be a gradually developed prospect of the reduction of the prin¬
cipal.
for
attached,
Cleveland..
said that
period, which would
our
offering
Corporation, maturing
coupons
Philadelphia
After that the partial payment
1927.
one-tenth and keep
stated in
we
_
the good year
Then it is the
the
York
surprising.
the termination of this
The
.
among
continued for the period of two years, which will bring civilization down to
ment to
unmatured
offered
were
due March 15
are
As
Federal Reserve District.
New
did
beginning April 1922, and continue
for the period of two years.
were
adjustment of interest, in payment for
an
the certificates.
divided
That is, the interest was paid in advance
is to require the payment of one-thirtieth of the aggregate
that payment
The certificates, which
the fact that bonds of the War Finance
note is discounted at a bank.
amount of deferred interest each year
taxes)
Secretary of the
Treasury
has practiced in making advances to Great Britain and other Allies.
precisely
31
of
Minneapolis.....
they arrive.
as
March
on
Indebtedness
of
matter of
a
actual, practical finance make full payments of interest, and the main ques¬
needs
Certificates
in anticipation
March 9, are dated March 15 1920 and
Boston
good.
tion is just how long this country is to wait for the flow of interest to begin
very
and
27
CERTIFICATES
1921.
issue of March 13, page 1037, a feature of this
plan that will
a
beginning in April of 1922.
It is entirely clear that no forcing of terms will accomplish any
the Allies are
T M
follows:
^
It is
issue of
another
Treasury Houston announced that the subscriptions amount¬
ed
accepted, with
paying interest will begin before the expiration of that length of
await more favorable
can
putting forth
TREASURY
(ssued
and reconstruction.
Tentatively this period is three years, but it
TO
Treasury
to
1921
until
process of
before
SERIES
April
reasonable period has been allowed for the purpose of recuperation
field
•
lated to meet the necessity of deferring payment of interest by the Allies
a
stragetic position and
a
SUBSCRIPTIONS
Series
Representative Green,
Ohio,
from its
is in
investment
in
export securities.
to defer is already
power
and includes
Iowa
of
The corporation, it was pointed out,
by reason of the large amount
of available cash,
conditions
The Sub-Committee named
the matter consisted of
Republican,
funds.
not in the minds of the Committee
was
given in the authorization acts.
to
Corporation bond offerings is the present unsatisfactory condition of the
market and the more pressing need of other causes for immediate
money
but that the majority took the view that while
deferment of interest
1371
proposed foreign loans in this country within the last few
of the
high call money rates and the general stringency ruling in the money
months has served to convince those who have cherished the notion that
market, it is not surprising that the banks showed little interest in tying up
America would finance the world in its hour of dire distress, that there abides
their funds in
business men in the United States
among
a sane
and practical grip on com¬
mercial consciousness, and that the luxury of going.to war and of keeping at
it
beyond the last limit of ability to
pay,
4% % investment, on which the discount rate at the Federal
5H%-
was
On previous occasions when the Treasury issued tax certificates of long
period,
is not to be tolerated.
a
Reserve Bank
large subscription resulted.
a
The issue of Sept. 15 1919, maturing
Sept. 15 1920, for instance, brought $657,469,000.
certificate.
REDEMPTION
OF
WAR
BONDS
FINANCE
APRIL
CORPORATION
the
of
announced
was
on
the credit situation
1.
Finance
War
March 31 that the
outstanding bonds
Corporation, amounting to between
$113,000,000 and $120,000,000, would be redeemed April 1.
These
obligations, it is understood,
are a
part of
an
March
1919, to obtain funds for the Railroad Administra¬
individual
and
tion
lines
which
The former, it was stated in
advanced
of
ministration.
It
was
issued
had been
year,
$50,000,000 and the latter $65,000,000
certificates of indebtedness
the
sought Government aid.
February of this
on
investments, it
was
stated, would
be made in these certificates, money thus left free would be
used
in
retiring the Corporation's bonds.
"Financial America" in
Washington,
bonds under
a
On March 31
Washington dispatch said:
March 31.—Further issues of War Finance
the billion dollar
Corporation
bond authority given by Congress to the
country, corporation officials said to-day, are not contemplated within the
the
future.
It had been believed in
some
quarters that coincident with
redemption of the corporation's outstanding securities April 1 the
poration would made
announcement
an
as
to
cor¬
the flotation of additional
securities in order that additional funds might be obtained for immediate
advancement to exporters and importers.
Corporation officials pointed out that the need of additional funds at
present does not exist by
reason
of the sin-plus of funds
now on
hand, made
available by the repayment of various loans made some time ago.
amount of money on
bonds
on
April 1
The
hand with which to meet the $120,000,000 of maturing
was
the rate of
estimated to be
more
than $350,000,000.
for some time.
so
bring more than
The new issue will be dated
April 1,payable July 1, at
4%%.
In his statement issued in February, when the "last" issue of loan
cates
fell
certifi¬
due, the Secretary intimated that whatever future temporary
financing
was
be covered
dope, it would be in the shape of tax certificates which would
The Secretary has therefore somewhat de¬
by tax receipts.
tracted from the optimism
contained in his February announcement by
a
misjudgment of money market conditions.
NEW
A
After the
maturing securities have been redeemed the corporation will have approxi¬
OFFERING
new
OF
CERTIFICATES.
TREASURY
offering of Treasury Certificates of Indebtedness
announced by Secretary of the Treasury
was
March 28.
month
As in the
(Series
closed
on
T
case
of the certificate
M—1921)
subscriptions
Houston
on
offering of last
for which
were
March 27, pursuant to an arrangement between
the Treasury
that
corporations for the raising of funds to finance the foreign trade of the
near
loan certificates.
also reported at the same time that
further
no
it will continue
result of the failure of the last tax certificate issue to
security
Corporation held about $100,000,000 in Treasury cer¬
of indebtedness, which would be retired during
As
4H %
becoming easier, however, the money market has as¬
firmer tone with the prospect that
a
a
a
Instead of
$200,000,000, the Treasury has had to have recourse to another issue of
by the Railroad Ad¬
tificates
March.
As
issue of
$200,000,000 5% gold bonds offered by the Corporation in
That was only
issued under more favorable conditions, when it
was
seemed that money rates would ease off within a short time.
sumed
It
But it
and the War Finance Corporation, bonds of
corporation dated April 1 1919 and due April 1 1920
will be
accepted in payment for the certificates
The certificates in the present
offered.
nated
Series
E
1920; they
are
now
being
are
desig¬
offering
dated and bear interest at
4%% from April 1 1920 and are due July 1 1920.
These
certificates do not bear the circulation privilege and will
not be
accepted in payment of taxes.
•
They
are
in bearer
form, without coupons, and will be issued in denominations
of
$500,
circular,
$1,000,
issued
$5,000,
by
the
$10,000
and
$100,000.
The
Federal Reserve Bank of
New
York, announcing the offering
says
in part:
Said certificates shall be exempt, both as to principal and interest, from
mately $250,000,000 remaining with which to meet demands for exporters
all taxation now or hereafter imposed by the United States, any State, or
for loans.
any
Another
reason
for the postponement of additional War Finance
of the possessions of the United States, or"by
any
local taxing author-
THE
1372
and (b) graduated additional
profits and war
profits taxes, now or hereafter imposed by the United States, upon the
income or profits of individuals, partnerships, associations, or corporation.
The interest on an amount of bonds and certificates authorized by said
Act approved Sept. 24 1917, and amendments thereto, the principal of
^hich does not exceed in the aggregate $5,000, owned by any individual,
partnership, association or corporation, shall be exempt from the taxes
ity, except (a) estate or inheritance taxes,
commonly known as surtaxes, and excess
income taxes,
provided for in clause (b) above.
The certificates of this series do not
will not be accepted in payment
bear the circulation privilege
and
of taxes.
subscription and to allot less than the
amount of certificates applied for and to close the subscriptions at any time
without notice.
Payment at par and accrued interest for certificates allot¬
ted must be made on or before April 1 1920, or on later allotment.
After
allotment and upon payment Federal Reserve banks may issue interim
receipts pending delivery of the definitive certificates.
Any qualified
depositary will be permitted to make payment by credit for certificates
allotted to it for itself and its customers up to any amount for which it shall
The
right is reserved to reject any
notified by the Federal
the
Treasury and the War Finance Corporation, bonds of that Corporation
dated April 1 1919, due April 1 1920, will be accepted at par In payment
for any certificates of the Series E 1920 now offered which shall be sub¬
scribed. for and allotted.
'-'f
qualified in excess of existing deposits, when so
be
Pursuant to an arrangement between
Reserve Bank of its district.
[Vol. 110
CHRONICLE
The New York "Evening
stock dividend, just declared, like the first, was intended
That the second
COMPANY
SUS¬
STOCK EXCHANGE—ALSO
Y.
N.
ON
CAR
MOTOR
STUTZ
IN
PENDED
BARRED ON CURB MARKET.
■
America, Inc.,
Dealings in the Stutz Motor Car Co. of
Governing Committee of the
N. Y. Stock Exchange on March 31. ; Similar action was
taken on the New York Curb Market the following day by
the Curb Market Association.
The resolution adopted by
ordered suspended by the
were
the Governing
31
was
pointed out that Stutz Motors shares had
short time ago,
that the
before the directors met
20%, payable to shareholders of record
It
this unexpected action on
was
when
According to reliable information,
associates who owned or controlled 80%
Motors shares had loaned their stock to traders
who wanted to go short, and he added that he would continue to lend his
stock to whom he pleased, whenever he pleased.
,
In lending his stock to traders who sold it short Ryan forced those traders
to pay the extra stock dividend of 20%.
This, in addition to the advance
in the price of the stock of 175 points within a week, threw the shorts into
just what was going on in his stock.
Ryan admitted that he and his
of the outstanding Stutz
W/'
panic.
a
It i
With reference to the action of the Stock
New York "Times" on
the
suspended Stutz Motors from the list, thus
the shorts to cover at heart breaking losses.
Stock
York
yesterday, when the Board of Governors,
dealings in the stock of the Stutz Motor
No transaction of any
kind will be permitted! by members of the Exchange during what has
been termed a moratorium.
The drastic action was the first public cog¬
nizance taken by the Exchange of a situation which has furnished a big
by a unanimous vote, declared that
Company had been suspended indefinitely.
the financial district during the last several days.
been the contention of the Stock Exchange, when asked as to
of gossip in
fund
It has
This was under¬
Exchange.
Ryan was called before the board of governors of the Stock Exchange
twice yesterday, but no announcement was made as to any settlement of
the controversy, and the general opinion was that before the opening of
business next Monday morning Ryan would recede from his position
However, Ryan's answer to-day was the announcement that a second
that his firm would buy Stutz Motor
newspapers
of the Board of Governors to countenance
It
admitted yesterday
was
anything in the way of a corner.
loaning at 2%
When the market closed Stutz
Within an hour the Stock Exchange had
premium.
to striking Stutz from the list,
announced the ruling which is tantamount
far
as
the time being is concerned.
trading for
Thbre was no intimation yesterday as to
buyers and sellers.
precludes "buying in under the
for
rule," which means a purchase of stock
stock
than
there wore shares
it
was
outstanding.
stock
making
up
At the offices of
said Mr. Ryan had no statement
cognizant of the decree.
was
about 80% of the
certified form,
for more than a week as to who was
Various tales were heard, every
9 cents
a
The April milk prices
18 cents;
being sold at 15 cents.
Grade
follows:
in bottles, delivered,
A,
bottles, delivered, 15 cents; dipped or loose milk
Grade B will be
container, 10 cents.
stores, in customer's
at
pint, delivered.
The farmer will receive from the
distributor 1.7 cents
per
March, according to a state¬
by the Dairymen's League in New York Mar. 25.
quart less during April than
ment issued
The
announced
statement
League
the
that
agreement with the Milk Conference
an
in part was as
had reached
Board, representing
April price schedules.
The statement
follows:
price for April milk will be $2 55 per 100 pounds for
The producers'
testing 3% butter fat, a decrease of 81 cents
milk
from the March or present
y|y'Vv.V,; 'A.':'U':y:
Buyers of milk will pay farmers at the rate
-Vof 5.4 cents per quart for
milk containing 3.6% butter fat.
100 pounds of milk, are added for each one-tenth of 1%
3% milk and 5.9 cents per (fuart of
increase of butter fat over
.
3%.
°
-
T'-
v ;
milk.
^
getting 7.1 cents per quart for 3% milk and 7.65 cents
Producers now are
for 3.6%
The farmer will receive
in April 1.7 cents per quart less than he is receiving
less than he received in April
He will get half a cent per quart
this month.
1919.
-j:
■ ■
■
producers with whom contracts are made.
entitled to know the essential fact3 entering into
Buyers will take all the milk of
We believe the public is
negotiations for the sale of April
the
milk.
price plan in use during
in the main upon the whole¬
of butter and cheese.
Under the proposed revision the dealers
the farmers $2 48 for 3.6% milk, or at the rate of $2 24 for 3% milk.
Tne buyers
insisted upon a radical revision of the
In this plan prices are based
the last year.
short
$50,000 was really the foundation
in the shares—another that a prominent manu¬
facturer had been caught short, and
being settled between some prominent
precluding the possibility of a large operator
having been trapped,
The rise in Stutz hs been one of the most
pyrotechnic recorded in recent
dining the middle of
they sold at 391, with the
amounting to
21 points.
From the point of view of yield, the pries of the shares nad
long ago far exceeded the level where there was even a fair return on capital
invested.
At yesterday's final quotation the dividend of five dollars a year
afforded about 1 %% on the price of the stock.
The earnings of the com¬
pany last year were not greatly in excess of dividend requirements.
A
comparison of the last two years is shown in the following table:
From
years.
a
low of only a fraction more than 100
February the shares shot forward until yesterday
period of trading on the Exchange
1919.
1918.
574,984
622,148
Surplus
$3,536,558
1,492,020
earnings
Without any
have
$2 97
about
been
207,048
per
100
agreed to certain revisions which
sell league milk at this
tions in the
the cost of production, with
revision in the present sale plan, the
price.
pounds.
producers' price would
The league's representatives
resulted in a price of $2 67 and offered to
This concession was made in view of condi¬
milk-manufacturing market due to the stopping of exports of
milk products.
It
less
suggested to the league by the
was
feeds and reduce the amount
times of an
declared their unalterable
dealers that farmers should use
of milk produced, thus decreasing the
ablindant flow of milk.
The league officers
opposition to such a proposition, arguing that,
work to the disadvantage of the public, and, secondly, that
cow's flow of milk is once reduced the full flow can never be brought
first, it would
if
a
1
back.
Farmers in the country insisted that
the dealers offered,
best endeavors to
relations.
ness
have
been
months.'
prevent a situation that might result in a rupture of busi¬
Milk producers in the territory
supplying New York City
selling milk below the cost of production during the winter
While milk has been going down in price to the farmer since
January his labor and
the
they must have a higher price than
and the executive committee constantly put forth its
feed bills have been going up.
negotiations were the officers of the
At
league in favor of
no time during
a
so-called milk
strike.
Dr.
Royal S.
Copeland, Health Commissioner of New
statement on March 29 critising the attitude
April 1 and
York, issued
a
dividend of 80,000 shares after having the
of the State
Legislature in failing to take action on the so-
The directors of the Stutz company met on
declared a stock
-
$7,274,249
Net sales..
all
of the league declined to agree to the revision,
proposed, as it brought the price far below
the advantages in favor of the dealers.
natural surplus in
and is said to extend over the entire country.
advance during their last
The executive committee
as
still another was to the effect that a
"Wall Street interests.
At the Stock Exchange, however, it was asserted that investigation
showed the largest short interest in any one house amounted to 700 shares
and from that the number of shares dwindled down to the odd lot calibre,
some of the small speculators having ventured short of 5 and 10 shares of
Stutz with disastrous results.
The short interest is therefore a diversified
was
offered
commission house offering new-
One version had it that a wager of
for the sensational advance
Net
as
Grade B, in
It was admitted, however, that
Ryan & Co. controls, in
for the delivery of Stutz
than the remaining 20% of the 100,000 share
Wall Street has been speculating
one,
The reduction on Grade B milk—the
sale prices
of Stutz.
feud
are
to make con¬
capital.
grist.
month it is
Stutz shares, and has contracts
more
MILK.
was
widely used quality—was two cents a quart.
During
March Grade B when delivered cost 17 cents; the present
Four cents per
character as the present ever
cerning the ruling of the Stock Exchange.
he
price of milk
rounding district.
of stock purchased,
has been taken
by the Exchange, according to the statement of one of the Board of Gover¬
nors, who, however, took pains to add that "the Exchange can do any¬
thing."
It was explained that an actual corner existed in Stutz Motors,
Allan A. Ryan and interests identified with him having more stock and con¬
Allan A. Ryan & Co.
PRICE OF
THE
IN
reduced on April 1 by the large
distributing companies serving New York City and the sur¬
The
market on failure to deliver shares.
No action of exactly the same
tracts
dividend declared on borrowed shares.
extra
or
price.
ruling prevents calls for delivery
In other words, the
the open
from whom the stock
A trader who is short of stock is liable for any
originally borrowed..
cash
against stock pur¬
be demanded by the
but that such deliveries could not
purchasers.
-and
traders
traders must go out in the
market and buy the new stock to give it to those
open
the distributors, as to
what plans were under contem¬
plation for the fulfilling of contracts entered into between
It was asserted, however, that deliveries could be made
chased yesterday,
existed, even
that an actual corner in Stutz
though the stock still could be borrowed.
so
short of Stutz Motors; that is, these
are
was
had been declared.
the first, must be paid by the
This second stock dividend like
who
shares.
be in direct defiance of the Stock
this time one of 80%
stock dividend,
scored by Stutz stock, that it was against the policy
the amaxing advances
was
preventing Ryan from forcing
Ryan then advertised in the
most
developments on the New
sensational
most
Exchange the
April 1 said:
Exchange in many years took place
Car
in and
the Stock Exchange officials stepped
this point that
at
was
REDUCTION
Car Co. of America, Inc., be and
suspended until further action by this Committee.
the same hereby are
of
directors
Committee of the Stock Exchange on March
Resolved, That dealings in Stutz Motor
One
April 5.
the part of the Stutz Motors
of the stock sky-rocketing up to 391, the point reached
officials of the Stock Exchange called Ryan before them to explain
that sent the price
follows:
as
was
shoit of Stutz Motors,
gone
trapped In the corner, was generally
been
it
stood by Wall Street to
DEALINGS
and had thus
recognized. In this connection
sold at 100% only a very
price was then advanced to well over $200 a share
just a week ago and declared a stock dividend of
embarass traders who had
to
Post" yesterday (April 2) made
regarding the matter:
the following comment
previous week declared
a
stock dividend of 20,000 shares.
called
Thompson-Pellet bill, designed to put control of the
Apr. 3 1920
milk business
THE CHRONICLE
]
under
State Commission.
a
Dr.
Copeland's
1373
BITUMINOUS
statement said:
MINERS
Tjhe farmer gets only a little more than 5 cents a quart for his milk,
and
the distributer
yet
makes
concession
no
of distribution, and the sacrifice
reduction
What
the
the
to
farmer is reflected in the
consumer.
price paid the farmer in order to meet
system of milk
quated
tlhe
required of
distribution
expenses
in this
of the faulty and anti¬
There is no remedy,
city.
ADVANCES.
The wage
methods
shame to think that between 9 and 10 cents must be added to
a
ACCEPT
OPERATORS
effort has
No
whatever.
been made by the distributers collectively to agree on improved
2-cent
AND
WAGE AWARD OF COAL COMMISSION—PRICE
award of approximately 27%, recommended in
the majority report of
Commission,
the Central
President Wilson's Bituminous Coal
accepted by the miners and operators of
was
Competitive field at
York March 31.
joint conference in New
a
On that date the General Scale Committee
except by legislation, unless the police power of the Health Department
adopted
be utilized to obtain relief.
may
I
the
understand
cannot
attitude
the
of
of that body are elected to serve the people.
is
the present
It is
who
high prices, they will neglect their
shame
a
die.
to
So far as the milk question
if they do not pass some legislation looking toward relief
concerned,
from
to
permit the several milk bills
They were sent to the Agricultural
are
The members
Legislature.
now
in the Legislature
to the interests of the people of this city by refusing to give
of the undernourished children here the
interest
of
humanity.
■
■,
Those
Committee to die.
in charge of the task of burying them have shown their
hostility
the friends
privilege of saying a work in the
work out
solution.
a
Personally I
am
willing to have the Thompson-
Pellett bill modified, and leave out all reference to the producer,
what
expect from the distributers and the officials of the Dairymen's
may
'/':■■■
League.
notice which
Farms
March 11
on
said to have been posted by the
was
Sheffield
one
of its
to increase
their
production of milk, and if possible to decrease it."
up-State
a
large New York distributor, in
urging
plants,
notice, which appeared
the Sheffield plant,
dairymen
on
4'not
the door of the receiving
Franklinville, N. Y.,
room at
sent to Dr.
was
Copeland by James B. Stafford, of Buffalo, representative
the
of
Department of Justice, and the Federal Fair Price
The notice reads
Commissioner of the State.
as
The
posted
The export
on
Under
no
new
receiving
room
door.
circumstances
can
take on
any creamery
"Tribune" of
In
addition
work,
an
additional dairy
All dairymen are urged
dairies until conditions change.
the
April 1 had the following to
granting the miners a 27%
to
agreement, gives
new
before.
as
sioner
the
given out with the above, Health Commis¬
moment," said Dr. Copeland, "when conditions in
dairy market
are
such that if the normal supply of milk
permitted to flow into the city, under the law of supply
demand, of which the milk distributers have so much to
were
and
citizens, for the first time in two or three years,
our
say,
would be able to buy
milk at
tion takes advantage
of its
a
low price, this great corpora¬
him: 'We will not permit you to
to
of
cows,' and in effect
you
reducing the amount of milk,
we,
to reduce our
excuse
Commenting
on
increase
your
do not find
'If
says,
the farmer and says
power over
number
some way
ourselves, will
and
of
differentials
receipts.' "
Dr. Copeland's statement, Loton Horton,
March 11:
This is just one
far
as
of Copeland's grandstand plays, and is absurd in so
it attempts to make it look as
if
we
held back the milk to increase
the cost.
got
my
senses.
business you've got to figure
a
due to spring
we
You
facilities
we
take
cows
We send notices
begin to produce and
We don't want to accept
have a chance to inspect
their farms and see what
for production
Whether
fresh
on us.
unload their milk
on
they have and what
lots of these
new
price the farmers will ask next month.
sell right now if the trains get it in to us,
can
their milk standard is.
dairies will depend also on what
We've got all the milk we can
and if we took all that the farmers
produce the railroads would never get it in to us.
reason for sending out the notices was that there's been
Another
a
big
drop in the export end of the business. We can't begin taking everything
the farmers unload on us until we know where we stand.
You can't
do
business
any
other
he
would
request Francis G.
Sheffield Farms Co., milk
crease
their
Oaffey, United States
distributers, for violating the Lever
Control Act,
milk
in urging farmers not to in¬
production.
REMOVAL OF BRITISH EXPORT EMBARGO ON WOOL.
According to "Commerce Reports" of March 27, a cable
gram
from
Consul-General Skinner,
of March 24
a
contract follows:
new
All day labor and monthly men
ton.
to be based on an average
to work
(the advance to monthly
of the usual number of days he is required
month), except trappers and other boys, is advanced $1 a day
53 cents
advanced 20%.
Trappers and boys receiving less than mens wages are advanced
a
All yardage, dead work and room turning work is
day.
representatives
to $1 35
day,
a
award
on
the sub-committee were
the day laborers raised
recommended by the Commis¬
as
they agreed that this probably could not be done
without invalidating
over
the entire award, so this matter was
to be settled in the respective
mines.
Assistant
their attorney,
Ralph Crews, informing him that the negotiation of a wage
reply
to
inquiry from the
an
Attorney-General Ames
contract such
the
a
to
violation of the law.
Some doubt
the miners and operators as
legality of the procedure, since several of them had
recently been indicted by
which they
believed
were
ceived in this city
Federal Grand Jury on charges
a
based
upon
the past.
similar conferences in
in
letter
a
said to have existed among
was
to
sent
operators,
recommended in the Coal Commission's
as was
report would not be
their having taken part
Mr. Ames' reply, re¬
March 30, said:
advice
it proper for me to
authorize you to say to the representatives of the miners and operators that
the department does not think it would be a violation of law for the miners
and operators to make the contract recommended by the United States
While the Department of
Justice is not authorized by law to give
private citizens, under all the circumstances I think
Bituminous Coal Commission.
"
On March 30 announcement was made
then in New York that the
advance 65 cents to $1 25
in wages
HIGH
by the operators
price of coal at the mines would
a
ton as a result of
OF
PRICE
BRITISH
BUNKER
following cablegram received from
and
the
the 27% in¬
granted to the miners.
Robert P. Skinner,
coal
COAL.
Consul-General
London, regarding the price of bunker
movement
rates, is taken from
to
advance
the outward freight
"Commerce Reports" of March 11:
Coal
shillings
per ton, and equivalent quality bunker coal at 140 shillings per ton.
Since
last May the price of bunkers has risen by 100 shillings per ton, while ordin¬
ary cargo freight rates are practically unchanged.
There is a movement
in progress to advance the outward freight rates from the United Kingdom
Bunkei coal at the port of London
is selling at 155 shillings per ton.
for British industrial works is selling at
the controlled price of 40
by 50% if bunker prices cannot be lowered.
London, under date
1920, states that the British Board of Trade
has announced the removal of the export
DISSOLUTION
Edward Swann announced
Attorney for this district, to prosecute the officers of the
Food and Fuel
a
provided by the
mine-run coal, pick and machine, shall be advanced
way.
Ob March 18 District Attorney
that
24 cents
men
The
brought all of it in the people wouldn't buy it.
we
"part of the wage agreements in the districts affected."
close and bring down what you can sell at
like these out usually every spring when
their stuff until
commission of miners and operators to study
working conditions, wage earnings, production costs and
to
In the milk
and fresh cows.
the farmers all try to
The
^
The schedule of wages
crease
can't give milk away.
increase for tonnage
which will continue in effect until March 31 1922, also
The prices for mining
Between now and June 1 the supply of mild will increase 100%
profit.
If
/;■'
-
still
I've
as
mission becomes
to
an
President of the Sheffield Farms Co., made this statement
on
say:
wage
competitive relations, as well as the check-off system of collecting dues for
the United Mine Workers' of America.
The award of the President's com¬
In
Copeland attacked the policy of the Sheffield Co.
"At the
miners.
increase to day workers.
20%
a
,
calls for the appointment of a
passed
production of milk, and if possible to decrease it.
statement
a
the Central
sion, but after considering the wording of the Commission's
SHEFFIELD FARMS COMPANY. INC.
In
Vice-President, and
eight-hour day remains unchanged and the working conditions will con¬
from $1
and permission will not be
without first getting permission from this office,
not to increase their
signed
and Treasurer, and by two opera¬
contract, it was said, involves about 400,000
The miners'
market of milk products has entirely stopped.
new
was
said to have tried to have the pay of
It is therefore necessary that we restrict our purchase of milk.
granted for
sub-committee,
Regarding the provisions of the contract, the New York
follows:
Feb. 241920.
To be
a
Competitive Field—Indiana, Ohio, Illinois and Pennsylvania.
The
Co., Inc.,
the Coal Commis¬
tors and two miners of each of the four States of
The agreement,
a
by
up
William Green, Secretary
tinue
'v'--■V'1'
Health Commissioner Copeland made public
f
drawn
John L. Lewis, President; Philip Murray,
confining
be glad to join me in this move, as they have just had a taste of
they
The agreement,
I should think the farmers would
distributor alone.
regulation to the
upon
.
Should the Legislature adjourn without action the Law Division of the
Health Department will continue the study of the milk problem and try
to
2-year contract based
a new
award, effective April 1, when the old contract expired.
by the International officers of the United Mine Workers,
duty.
sworn
sion's
embargo
on
wool.
The
OF BELGIAN
STEEL CARTEL.
C. E. Herring,
Reports" of March 23:
following from Trade Commissioner
at Brussels,
is taken from "Commerce
the virtual disso
Acieries Beiges), which in
pre-war days was such an important factor in the Belgian steel industry
and included such large works as the Cockerill, Providence, Ougree, AthusGrivegnee, Boel, Clabecq, Chatelineau, Esperance-Longdoz, and Thy-leChateau companies.
The functions of the associaiion were very important,
including the fixing of prices for finished as well as semi-finished products,
allocating orders among the various members and serving as intermediary
between producers and purchasers at borne and abroad.
There is some
Much interest has been
lution of the steel
talk of
aroused in industrial ciifcles by
producers' cartel (Comptoir des
recognizing the comptoir on former lines, but at least one important
concern
has announced its
unwillingness to enter into a new combination.
will continue to exist, but its functions are
The association. It appears,
now
confined to the receiving of orders, without authority to accept them-
It is predicted that the organization
for individual firms or to fix prices.
wiU not last long in Its present form, as its
functions will tend to become
metallurgical industry since the war has had much to do with the dissolu¬
tion of this powerful syndicate.
impossible to fix prices for future delivery, as all costs of production have
labor,
and overhead
transportation,
in the price of raw materials,
Furthermore, there is no
charges.
necessity for regulating production with a view to maintaining prices, as in
Belgian metallurgical plants are overwhelmed with orders
pre-war days.
and
The dissolution of the cartel,
over-production is a remote prospect.
therefore, has not the
stabilized prices
'
Where the verdict was not the product of hysteria
political jobbery.
mad manifestation of fear for the
a
The five members of the Socialist Party who were sus¬
pended from the New York State Assembly at its opening
session
Jan. 7
on
April 1.
in line with the recommenda¬
expelled from that body
were
The action of the Assembly was
tions contained in the majority report of
than
social change.
mittee,
which
New
by
conducted
trial
the
the accused men.
of
Louis Waldman, of
York, and Charles Solomon, of Kings, were expelled
Assemblymen
Assemblymen Samuel A. De Witt
Orr, of the Bronx, were expelled by a vote of
of 116 to 28.
a vote
and Samuel
continuously for
22 hours debating the question of allowing the Socialists to
hold their seats.
The session began at about noon on March
31 and ended the following day.
Party lines practically
The Assembly was in session
104 to 40.
disappeared in the voting.
The reports of
r
—
who sent
us
here knew us, and they will repeat
The people
their sovereign will in over¬
one
.
A
Hughes, former Justice of the U. S. Supreme
Charles Evan
Court and
These
denied it
:,
,
complete confidence.
whelming numbers.
of the
prominent public
men
who opposed the
expulsion of the Socialist members, issued this statement
April 1:
on
.VyCy■y
•' .'/>
\
action of the Assembly in a casual or flip¬
I do not care to speak of the
I regard it as a serious blow at the standards of true Ameri¬
Those who make their patriot¬
pant manner.
canism and nothing short of a calamity.
ism
a
vehicle for intolerance are very dangerous friends of our institutions.
expressed my views upon this question at the outset, and I have seen
I
no reason
Louis
to change them.
this city,
another prominent lawyer in
Marshall,
commented
the Assembly's action as follows:
on
This is the saddest day in the
of
submitted
to the Assembly on March 30.
The trial began on Jan. 20
and ended March 9.
The signatures of seven of the thirteen
members of the Judiciary Committee were affixed to the
the Judiciary Committee
driven under ground.
Always and everywhere it has
history of the State of New York.
If the
precedent set by this action is to continue, it will wipe out every vestige
V
•
or
political democracy.
We shall go back to our districts with
Claessens and
August
violence
been the methods of Socialism.
never
With greater
mission.
it will go on agitating, educating and organizing
ever
waged its fight in the open, and where this opportunity has been
on
its Judiciary Com¬
growing political power of labor.
It will not be swerved from its historic course and
has ceaselessly fought for
STATE LEGISLATURE.
YORK
NEW
FROM
which will jolt the
people into a new political consciousness.
The Socialist Party refuses to regard the act of the Assembly as more than
Socialists will not be goaded into
EXPELLED
and ignorance it was the
The Albany outrage is the culmin¬
ating step in a series of assaults on our popular liberties
the workers for peaceful
SOCIALIST ASSEMBLYMEN
it are
•*
fruit of contemptible
have
FIVE
If the
shall they go?
consummated the act of lawlessness it began on Jan. 7
The Assembly has
faith and vigor
:
elected must and will be heard.
of the ballot is an American right, and those who deny
traitors.
significance that it would have in a period of
same
and normal production and demand.
we were
to be driven from the ballot box, where
are
The right
Since the Armistice it has been practically
fluctuated greatly, with the continued advance
whom
The workers by
people
It is probable that the disorganized state of the Belgian
purely formal.
[Vol. 110.
CHRONICLE
THE
were
majority report, five other members, filing four separate
reports, recommended the seating of the Socialists on the
The action of the Assembly
representative government in this State.
is an action of anarchy,
up
infinitely worse than anything that has been charged
against the Socialists.
The men who are
responsible for this action
deplorably short sighted
They did it.
are
and committed this outrage without regard for the future.
I
satisfied, for the sole purpose of furthering their own political ends.
am
If this action is
permitted to stand it means a return to the Middle Ages,
period in English history when there was no conception of repre¬
to that
sentative
y7-;
government.
.';/y''.y.
ground that the Assembly lacked legal authority to debar
them
the charges
on
that had been presented.
One of the
minority reports, submitted by Assemblyman William S.
Evans,
ANSWER OF FEDERAL TRADE COMMISSION TO SUIT
Bronx Democrat, maintained that under the State
a
OF COAL OPERATORS TO RESTRAIN COMMISSION
Constitution loyalty to the Government was not a necessary
signed by Assemblyman James M. Lown, of Yates,
Re¬
a
publican, recommended that Assemblymen Orr and De Witt
of the Bronx be seated and that the other three be
The
majority
dividual
charges
loyalty.
laws
of
enactment
but
denying
It
duced
was
said
the
also
report
of
charge
expelled.
the
in¬
of
a
political party in this
April 1 that such bills would be intro¬
on
shortly in the Assembly designed to
carry
out the
recommendations of the Judiciary Committee that "appro¬
priate legislation be enacted to the end that hereafter
party, group
acceptable
as
program are
national
or
or
political organization in which aliens
members,
or
principles,
determined by
an
no
are
policies
position of
a
or
State, shall be privileged to occupy
political party
the official ballot of this
on
For further information regarding the case of the
State."
Socialist
voting to expel S. John Block, associate counsel for the
the
the
to
State
April 1 that
Supreme
Assembly's action
Federal
on
was a
Constitutions.
If
Court.
an
appeal would be
Mr. Block declared
violation of both the State and
necessary,
would be carried to the Supreme
Louis Waldman and Charles
he
said,
the
case
Court of the United States.
Solomon, two of the unseated
Socialists, issued the following statement at Albany, April
1, following their expulsion:
member of the National
requiring
y
explaining the need for the reports the Commission's
In
answer
says:
:
The abnormal situation of the
.
;;
'
;
coal industry now, both as respects the
production and prices, and the frequent disputes as to the reason¬
costs of
ableness of prices necessitates
the collection of information by the Com¬
such infor¬
mission, which will show the true situation of the industry, as
is
mation
not
now
available from
any
other source.
This information
would be of great value, especially at the present time, to
mine workers and the general
mation
of
any
problems of this industry.
on
v
the urgent
.v
brought against the Trade Commission was in
The suit
stituted
mine operators,
public, and absolutely essential for the for¬
intelligent government policy with regard to
March 10 by the Maynard Coal Co. of
Columbus,
Ohio, the first of several legal actions planned by the National
Coal Association to determine how far the
commission
Democrats, with few honorable exceptions.
tion has overthrown representative government.
about their business.
bill of
The
complaint filed by the Maynard Coal Co.
grounds:
(1)
in the commission under the
(2)
That if the act be construed as vesting authority in the commission
That it exceeds the authority vested
Federal Trade Commission Act;
"
to
require such reports, such act must be held unconstitutional as being
beyond the power of Congress under the Constitution of the United States;
'•
and
That by the President's executive order of July 3 1918, any power
vested in the Federal Trade Commission to require such reports
(3)
that
was
from the coal operators was
In
statement
a
on
transferred to the Fuel Administration.
March 10 relative to the action of the
Maynard Coal Co. the National Coal Association said:
and in
no
way
constitute
an
the association in
perfectly friendly spirit
a
attack upon the Federal Trade Commission.
A bi-partLscan combina¬
It is the desire of the association to have the courts pass upon
The representatives of
mental
a
may
in requiring private corporations to furnish information
go
These suits are started by
Treason has been committed in the New York Assembly by Republicans
and
a
attacks the order of the commission upon these three
Following the action of the New York State Assembly in
Socialists, announced
injunction suit brought by
monthly reports from the coal operators,
Assemblymen the reader is referred to the "Chron¬
icle" of Jan. 31, page 428.
taken
the
Coal Association to restrain the commission from
or
organization,
State, composed of persons not members of the
electorate of the nation
the
whose
or
responsive to
Supreme Court of the District of Columbia and answer to
dis¬
recommended the
-
The Federal Trade Commission on March 16 filed in the
the Socialists the right of
to
longer occupying - the position of
State.
mention
emphasized
majority
The
little
made
report
FROM ASKING MONTHLY REPORTS.
Another,
qualification for membership of the Legislature.
certain funda¬
questions of law which all parties recognize must be determined by
order that those engaged in the coal and other basic industries
political party have been driven from the legislative halls solely because
court action in
their platform was distasteful to their political opponents.
may
The Constitution has been
must be
debate
Sweet,
brought to justice.
throughout the
man
after, man
lynched, and the perpertrators of this outrage
The spirit of the mob breathed in the Asesmbly
weary
was
hours.
,
Under the
leadership of Speaker
through the Federal Trade Commission.
again and
again.
questions presented to and determined by the courts.
people have been told they have
no
triumphed.
The
voice in government except on
In the view of counsel
the commission has exceeded its legal
authority in requiring these reports in the form and manner prescribed.
Rush
The forces of plutocracy and reaction have temporarily
We have every reason to
believe that the commission itself will by no means be unwilling to have these
for the National Coal Association,
openly incited to violence.
The doctrine of arbitrary power was shamelessly proclaimed
common
know how far they are subject to regulation and control by the Govern¬
ment
C.
Butler,
general counsel of the National Coal
Association, has been engaged to conduct this litigation, it
said,
behalf of the industry generally.
Former Judge
the sufferance of the hirelings of vested interests to whom the powers of
was
State have been surrendered.
Stephen A. Foster, of Mr. Butler's firm of Butler, Lamb,
~
The outrage at Albany is a clarion call to the people of America to rally
for the revival
of their ancient liberties.
The life of democratic institu¬
tions is at stake, ar.d the people must get together to right the wrong.
Foster &
case.
on
Pope,
o
Chicago, will have personal
harge of the
He will be assisted V other members of that
organiza-
Afb. 3 1920.]
THE CHRONICLE
tion, including Frank jEj. Harkness, former Solicitor for the
United States Fuel Administration and Karl D. Loos.
BRITISH COAL MINERS' DEMAND, FOR NATIONALI¬
ZATION BY GENERAL STRIKE, OPPOSED BY
TRADE UNION CONGRESS.
must be taken if the country
notwithstanding the decision of the National Conference
of Coal Miners
The
the
on
action
characterized
as
a
preceding day in favor of the strike
the Trade Union Congress was
of
''decisive and
there should be
ernment
a
on
which the Congress voted
was
whether
general strike in order to compel the Gov¬
intensive propaganda should be employed to gain
of
the
country's approval of nationalization in the next general
election.
the resolutions, registered by the delegates as
on
was as
Hodges of the Miners' Federation moved
favor of direct action to
oil famine with
Tbe price of "gas" In England is $1 78 a gallon, and a Government
mission has recommended $T 39 as a fair
price.
don't know anything about high prices yet.
a
cost of 53 cents
a
barrel.
com¬
So, you see, Americans
In 1915 there
were
automobiles in this country and 288,000,000 barrels of crude oil
duced at
In 1919 there were
2,500,000
were
7,409,000
pro¬
auto¬
mobiles and 376,000,000 barrels of crude oil were ptoduced at a cost of
12 25
barrel.
a
To-day crude oil is $3 50
a
barrel.
Figure it out for
yourself.
t'
Commenting
on
the latest price advance
on
gasoline the
following to
say:
The Standard Oil officials tell you, not without pride, that gasoline is on®
of the few products the price of which, notwithstanding its enormous use.
was
not increased
during the wartime period.
But since the armistice it
On Jan. 1 last the wholesale price at which the New York
has been rising.
corporation sold to garage nien and other large consumers
was
24^ cents a
Then it rose to 26 H cents and now the wholesale selling price in the
gallon.
metropolitan district, which includes all of Connecticut, Long Island and
on
a
resolution in
compel nationalization.
March 10.
issued
Adoption of
by
the
resolution
a
The National Conference of Coal Miners which met
referred
on
on
demands, but this vote, (as noted above),
by the Trade Union Congress to Which it
the
result most Of the garages have
raised their retail price to 32 cents.
following day.
Both meetings
were
use
was
held
enormously
of motor trucks, farm tractors,
One of the experts in the gasoline
department of the Standard Oil Co. of New Jersey is authority for the
statement that for several years
vehicles
He took
March 10 had voted 524,000 to 346,000 for a general strike
reversed
a
airplanes, motor boats and autoznobiles.
favoring political action in the form of intensive political pro¬
paganda in preparation for the general election followed.
to enforce their
As
increased demand due to the extensive
after Secretary
accordance with instructions
step in
Miners' Federation
in
an
follows:
trend is the inadequacy of crude oil production to meet the
The vote against a general strike came
was
as
Expressed in tabloid form, the reason given at 26 Broadway for the upward
follows:
Against direct action, 3,870,000; for direct action, 1,050,000.
For political action, 3,732,000; against political action, 1,015,000.
this
was
New York State territory northward almost to Poughkeepsie, is 28K cents.
The vote
proxies,
He
New York "Sun" of March 12 had the
nationalize the mines, or whether the weapon
to
is to avoid
quoted
highly important victory'*
for the moderate forces in British labor.
The main issue
Chicago that the price of gasoline during 1920 might possibly
a gallon.
Fred. W. Lehmann, Jr.f
General Counsel for the Western Petroleum Refiners As¬
sociation, was said to have declared that protective measures
increase to 35 cents
prohibitive prices.
The Trade Union Congress,
representing more than
4,000,000 British workers, voted oh Mareh 11 against use
of a general strike to effect nationalization of the coal
mines,
policy.
1375
as
consumption due to the growing use of such
yearly.
those mentioned has been increasing at the rate of 9%
Limitation of supply is the other
According to the
horn of the dilemma.
crude
barrel
dis¬
trict, which supplies two-thirds approximately of the entire supply of crude
Oil for this country.
To that charge, which is a quotation at the wells,
must be added transportation charges to the Eastern refineries.
The
Pennsylvania crude, which is a much nearer source of supply to the East¬
ern refineries, is now quoted at $6 10 a barrel, and even at that price is in
such demand that premiums are bid for the privilege of getting it.
That is
same
authority, within
a
few months the cost to the refiner of the
oil from which Is manufactured gasoline has advanced from. $2
to
25
a
83 50 throughout the midContinental, or Kansas and Oklahoma,
by far the highest price for crude oil in the history of the
Pennsylvania
petroleum fields.
Speaking for the Standard Oil Co., this official said:
"It is to-day a sellers' market for crude.
Ordinarily in the winter season
enabled to add to our reserves, so that we may have more to draw
London.
we are
The press
comment
on
dispatches of March 11 from London made this
the "action of the Trade Union Congress:
The defeat of the direct action proposal will be regarded as having three
First, it precludes the possibility of the general strike,
Important effects.
which has been standing as a threat since the Glasgow congress last Sep¬
tember
pledged itself "to. compel the Government to nationalize the mines;"
second, it shows the British labor movement is ready to entrust its hopes for
achieving its aspirations to the outcome of
a
general election, and third, it
marks the breaking point in the influence of the extremist elements among
the labor leaders who last September seemed tending toward ascendancy in
Secretary Hodges of the Miners' Union,
who championed the strike policy.
was
with labor in refusing to put into effect the majority report of
Against his advocacy of the strike
as a
arrayed J. H. Thomas, the railwaymen's leader; Thomas Shaw,
secretary of the International Textile Workers, and John R. Clynes, Presi¬
weapon were
dent of the National Union of General Workers and former Food Controller.
Mr. Clynes said that the man in the country "who would most welcome
direct action is not at this conference, but is in Downing Street," referring to
He added that the Premier might be lacking in
we announce a
general strike," Mr. Clynes continued, "the Premier
would give us a general election, in which we would find our class rent in
twain, while the other classes would be united to fight what would be called
this aggressive move by labor.
our
The issue at
a
general election would be
conduct and not the question whether nationalization would improve
industry."
Concluding, Mr. Clynes said that the force as it had been proposed to
employ it "is not
a
British but
a
Prussian characteristic."
Mr. Thomas said the future of the Labor party and the trade union move¬
ment
depended
events
on
the decision of the congress.
He declared that recent
pointed to the general belief of an early possibility of a Labor gov¬
ernment and that a
general strike would lead to serious consequences, which
would shake the country to its
foundations.
Robert Smillie, one of the first
on
would
account of illness.
It
materially weaken
the
element among
It
was
on March
said that his elimination
influence of the extremist
was
on
March
tion had decided to ask for
an
12 that the
increase of 3s.
Miners Federa¬
a
day in
wages
from March 1.
FURTHER ADVANCES IN
THE PRICE OF GASOLINE.
Following general advances in the price of crude oil in
several of the
oil-producing States, announcement was made
the wholesale price of gasoline
had also been increased from 25 to 26 cents a gallon by the
Standard Oil Co. of Indiana and the Pierce Oil Corporation.
this city March 4 that
in
A further advance of 2 cents a
of
Oil
gallon in the wholesale price
gasoline was made effective March 10 by the Standard
corporations of New York and New Jersey.
rather noteworthy coincidence that on March 10
were
made
before
the
OF OIL
National
Petroleum
It is a
predictions
Congress
at
URGED BY
BRITIS&
The recommendation that the
tribution
of
motor
BOARD OF TRADE.
production, price and dis¬
fuel oil be regulated by internationa
made public at London on
Central Committee of the British Board of
agreement was made in a report
March 1 by the
Existing
prices
of
gasoline
were
condemned
as
excessive."
The report said that "the present
high prices of motor fuel are mainly due to the demand,
which is tending to outstrip the world's present supply and
"grossly
being taken of this tendency by
The two main
groups concerned in the report were said to be the Standard
Oil and the Royal Dutch Shell.
It was suggested that
action might be taken on the question through the League
of Nations.
Some of the principal features of the report
the advantages
which
are
powersul financial interests to raise prices."
brought out in London advices of March 1,
by "The Sun and N. Y.
copyrighted
Herald" which had the following
83*4*
to say :
co-operation be¬
Governments to lower the cost of gasoline and other motor fuels
International action by the League of Nations or by
tween the
and to prevent
the unionists.
announced
CO-OPERATION OF ALL COUNTRIES TO LOWER COST
were
advocates of direct action,
resigned the Presidency of the Miners' Federation
10,
price of gasoline had been 25 cents since Feb. 15.
Trade.
things, but not in poUtical strategy.
"If
,
the only speaker to-day
the Sankey Commission, which investigated the mine situation and which
some
,
He declared that the Government had
called for nationalization of mines.
Premier Lloyd George.
,
The
the movements of the council.
broken faith
in the summer months, when the demand is greatest.
Demand is so
greatly in excess of supply to-day, however, that we are already drawing
upon our reserves, ana the total quantity of crude oil above ground at the
present moment is less than four months' normal supply.
,
"Another important factor in the situation is the fact that in the Mexican
oil fields—or that portion of them from which is drawn the light oil from
which we make gasoline—the output of crude oil has shrunk within little
more than a
year to one-half its former volume.
Many of the wells there
which formerly gave the richest yields are now pumping salt water, instead
of pure crude oil, a phenomenon which is by no means unprecedented as
wells grow older.
<
'
«
"As for the future, the sole relief to the consumer must lie in an increased
crude oil production, and that will mean more driven wells/' . , -
upon
the exploitation of the petroleum shortage by huge combhiea
submitted to the Board of Trade here to-day.
is recommended in a report
The report,
which was submitted by the
Central Committee investigating
prices under the profiteering Act, says:
"We are stongly of the opinion that the whole question of production,
price and distribution of motor fuel is one which should engage the attention
of the League of Nations, or otherwise should be niade the subject of inter¬
national agreement between the Governments of the principal importing
nations with a view to co-operation in aiming at a fair level of price charge¬
...
able for so vital a necessity of modern
industrial life.
Standard Oil Co. and the Royal Dutch Shell
combln&tloQs have such a grip on the main sources of supply, on pipe lines
tank steamships and distributing arrangements in all consuming countries
that the setting up of any private competition Is practically impossible.
The report states tht in view of these circumstances the only way to offset
the tremendous power of these financial groups is by unified action by all
the Governments concerned to fix prices which allow reasonable profit and
to stimulate production.
Governments also are urged to encourage in
every way possible the production of alcohol for generating power purposes.
The
report finds that the
The committee
held ten meetings and called before It witnesses repre¬
senting all branches of the
of the Shell Marketing
Persian Oil Co.; Mr.
petroleum industry, Including W. Copen, director
Co.; Sir Charles Greenway, Chairman of the Anglo-
Powell, Chairman, and Messrs. Hammond and Hewitt
The committee also delved into the earnings of all
subsidiaries of these two
The report says.
and declared that their profits had been excessive.
groups
high prices of motor fuel are mainly due to
the demand, which is tending to outstrip the world's present supply, and
the advantages which are being taken or this tendency by powerful finan¬
cial interests to raise prices.
As an illustration of the extraordinary raise
In the price of that commodity in the last few years we find that an im¬
portant company making large use of commercial petrol was able in 1914
to obtain an ample supply at five and one-eighth pence a gallon, exclusive
of duty, while the cost of a similar spirit to the company to-day is twentyfour pence a gallon, exclusive of duty.
The gravity of the situation is
increased by the fact that practically all sources, not
only of supply,
but of machinery of transport and distribution, of petrol Is mainly con¬
trolled by the same interests.
"The two main groups concerned are the Standard Oil and the Royal
Dutch Shell, and their great resources and wealth will be indicated by the
large number of companies whicu they control, together with such infor¬
mation as their profits as Is available.
"The present tendency appears to be for supplies to come from the
United States and Mexico, rather than from the Far East, owing mainly
"We find that the present
relative
the
to
cost
first cost of production
seaboard, but we have been
"It is extremely difficult for us to ascertain the
high authority that the average cost should;not exceed seven
and a half pounds sterling a ton of 300 imperial gallons, or sixpense a gallon,
f. o. b. New York.
We are satisfied that petrol at twenty-three pounds
sterling a ton—that is, one shilling, six and a fourteenth pence per gallon,
f.
o.
b. New York—reveals
a
grossly excessive
as
company which sells its output of petrol at ten and a
half pounds sterling a ton or eight and a fourteenth pence a gallon f. o. b.
admits that a good profit Is realized on the transaction.
producing
in this country at the present
Mexican companies which are
outside of control by His Majesty's Government.
"We feel strongly that when the Anglo-Persian Company in which His
Majesty's Government holds the controlling interest has a free market for
"The greater bulk of the petrol landed
time is produced by American
Dutch or
own
production steps should be taken by His Majesty's Government to
sold at a reasonable figure in this
that this company's product is
insure
Government holds the controlling
interest.
British
This company, we understand,
the United Kingdom through the medium of the
sells its gasoline in
SheU group, which Is maintaining the
Dutch
retail price of which the Committee
If this is true, it would seem to be a simple and entirely in¬
situation for the British Government to adjust, by requiring the
complains.
ternal
the Government gasoline to name the retail prices more
group selling
American exporter for
Under these circumstances. It is idle to criticize the
naming
wells for crude oil,
price f.o.b based on the market price at the
a
in
realized by the Government's producing company.
accordance with the price
plus transportation, refining and handling expenses.
product is concerned, deal with a situa¬
tion which may not apply to gasoline purchased in the Far East, and while
American and Mexican companies are outside of the control of his Majesty's
The figures, so far as American
Government,
own
of the Govern¬
dealt with by them in any
stated in the cabled report, the products
as
producing company are, and can be
fit.;-V:
they see
way
•
.V
''
country wthout reference to excessive prices ruling in other fields.
We
attach great Importance to this point as we are of the opinion that when
existing contracts by which the Anglo-Persian Company is bound expire
in 1922 it will be in Jie power of His Majesty's Government to give sub¬
thereby conferring substantial
stantial protection to British users of petrol
benefits on the whole community of this country.
In our opinion it is far
important that the Government should secure for British users of
petrol a reasonable price than that it should as a shareholder in a company
p articinate in excessive profits made at the expense of the British public."
DECLARES
PALMER
MITCHELL
A.
"A
HIMSELF
LABOR."
RADICAL FRIEND OF
jprofit.
vYew of the fact tfiat the f. o. b. New York,
the regulating export price in all producing countries.
We
are confirmed in the opinion expressed above by consideration of the divi¬
dends paid by the principal producing companies, and may state that one
'This is all important, in
its
producer of Persian crude, in which the
Petroleum Co., Ltd., a
a
price is taken
Eastern
makes a
This, presumably, is the Anglo-Persian
good profit on the transaction.
ment's
of freight.
in the United States and the cost of delivery to
informed by
which sells its petrol at £10H sterling a ton f.o.b. and
company
troleum Co., and scores of others.
unnamed Eastern producing
The Board of Trade investigators tell of one
of the British Per
of the Anglo-American Co.; Messrs. Reflly and Watts
[Vol. 110
CHRONICLE
THE
1376
labor shall have a larger
That "we must make certain that
and
proportion of what labor produces"
a
larger "share in
the contention
joint production of money and labor" was
the
Attorney-General, in
Mr. Palmer, who
is an aspirant for the Presidential nomination, said:
"All
my political life I have been fighting for labor.
I was a
by A. Mitchell Palmer, U. S.
made
March 10.
address at Richmond, Va.,
an
battles of the coal
workers in Bethlehem
and I shall continue to fight their battles, but I shall continue
to insist that the battles shall be fought according to the
rules of the American game."
Mr. Palmer, in part, spoke
strike leader
I have fought the
once.
State and of the steel
miners in my
more
The report
thirty-two and a half shillings a ton
at
England
under Government control. Upon
shows that during the war tankers brought petrol to
the release of the Government sontrol the freight rate rose to
ton for
a
150 shillings
The committee now favors fix¬
petrol from the United States.
ing the rate for such freight at 100 shillings a ton, stating that
advance to three shillings eight and a half pence per
attributed by marketing companies to the increased
for the rescinding of the recent advance, which amounts
allow
to eight and one-
The committee holds that it is impossible for
gallon.
Government to get control of all
production
Kingdom because it is now too late to make a move in this direction,
alcohol
as
the
distribution in the United
or
but
production is stHl in its infancy the Government should get
price excessive and
the best way to impose regulation in the United Kingdom would be to re¬
strict retailers to a profit of four pence a gallon, irrespective of the wholesale
price; that the retail price for No. 1 petrol should be fixed at two shillings
ten and one-half pence instead of three shillings eight and one-half pence
and In no case should the retail price of any motor spirit exceed three shil
Also the report finds the present New York f. o. b.
Pending
control
should
be
prohibited
decision regarding the constitution of a special body to
any
production,
transport
ground down in an
suck their own
and distribution of the motor spirit the
and exports should be
committee urges that its findings regarding prices
I
am
REPLIES
JERSEY
NEW
OF
thirty years ago—when I was a
thesis on "Capital and Labor,"
Boys wUl be bold.
And I settled the problem.
Like every college boy, I was a radical chap;
good many years ago—I think it was
boy in college, I wrote a
I
sympathized with the under dog in any fight.
I studied everything
to be studied about the relations between capital and labor.
of the report of
of excessive
the British Board of Trade, in which charges
profits
statement
a
were
made against that company, issued
months ago and I discovered that my whole
argument was this—and that was all that labor was asking for in 1890.
Labor was asking for a hearing and the right to have its troubles with capital
I
dug that old thesis out some
According to the Standard Oil
as
fair by the British
Co.
"the export price
Committee would
prevailing rates of exchange, 7 cents
New York."
company,
"If the
gallon f.o.b.
per
great power
labor
a
product which
can
this
says
proposes
that
be obtained from the
crude should be sold f.o.b. New York at much less than the
cost of the r$w
material, and this economic miracle is to be
engineered through the League of Nations."
the statement issued by the
The Standard Oil Co.
Following is
Standard Oil Co.:
for export.
(N. J.) Is not
a
distributor of gasoline or other
For this reason it was directly concerned in the report made
things have happened; capital is no longer so
of capital has been broken.
have passed and I found
position of compelling labor, by
in the courts, to give
that it has sought to
by exploiting the
use
capital used
accomplish its purpose
permit now any other interest to
its power to
people.
We shall not
injure the people, much less
Both must submit to the supremacy
ness.
Thirty years ago
do in the coal strike.
and all the force in its possession to
destroy their lives
in
a
proper—proposed to take that action which would have paralyzed the
nation and brought hunger and famine, death and destruction to the great
and
cities, to the people of America;
babies in every city in
I deny the right
will
cause
they would have kept
dol that which
generally. This
of self-defense and if it
of any interest in any part of the country .to
widespread suffering and death to Americans
the power
of self-protection use every power
and the lives of the people
And I say that as a radical friend of labor.
Republic cannot live if it does not have
cannot, in the exercise of its great power
whom it
built to serve.
was
Ail of my
leader
desire which is lawful to save itself
once.
political life I have been fighting for labor.
I was a strike
I have fought the battles of the coal miners in my State and
I shall continue to fight
of the steel workers In Bethlehem, and
but I shall continue to insist that the battles shall be
cisms.
rules of the American game, and that
to be based on the
assumption that
pound,
a
a
petroleum industry
appears
all
Englishmen
a
the
Shelley told
hundred years ago:
"Let the laws of your own
fair price for gasoline f.o.b. New York
Good
With British exchange at $3 40 to the
their battles,
fought according to
rule is, as the old Poet
or
land,
ill, between ye stand.
price of £23 sterling per ton means but slightly more than 21 cents
Hand to hand, and foot to
This quotation is for the product known as No. I
"Arbiters of each dispute."
per American gallon.
petrol In Europe, or 64-degree gravity gasoline in this country.
refiner will testify, this is a low price for gasoline of this
As
MIDDLE CLASS
The soundness of this conclusion may be gauged by the fact that the cost
of the various crudes when they reach the seaboard ranges from 40% to
If the published report
is correct, the British Committee seriously proposes that the most valuable
product which
can
he obtained from the crude should be sold f.o.b. New
York at much less than the cost of the
raw
material, and this economic
miracle Is to be engineered through the League of Nations.
/
UNION INCORPORATED IN
NEW
prevailing rates of exchange, 7 cents per gallon f.o.b. New York.
100 % above the proposed seUing price for gasoline.
foot,
any
grade to-day.
The export price recommended as fair by the British Committee would
mean, at
the milk from the
the United States.
public yesterday in which the Central Committee of the London Board of
should not exceed £7.10 per ton.
and happi¬
of the law.
coal strike presented this situation:
Five hundred thousand
desire to get better conditions for themselves—entirely justified
And yet the
Trade, which has been investigating oil prices, made certain drastic criti¬
The Committee's claim of excess profits in the
arrogant
myself, in the Fall of 1919, in
the use of the injunctive
capital a hearing. Labor had become so
strong in the meantime that she denied the right of capital to have the dis¬
pute adjusted by an impartial tribunal.
Every interest in America is entitled to a hearing and entitled to a settle¬
ment of its troubles, by an impartial tribunal, honestly selected.
That is all
the interesting
that it may
petroleum products In the United Kingdom, but sells these f.o.b. New York
arrogant in its
and strength under American conditions, was refusing to give
A great deal of water has gone under the bridges since
hearing.
it was then; the arrogance
men
published report is correct,"
"the British Committee seriously
the most valuable
mean,
tribunal; and capital,
adjusted and settled by an impartial
its great power
defending its policy in regard to prices.
recommended
at
following publication
there
was
process
TRADE.
CRITICISM OF BRITISH BOARD OF
The Standard Oil Co. of New Jersey,
TO
I do not want wages reduced
for us ever to get to a lower
production of money and labor.
But thirty years
CO.
but I have no hope of
and I do not
level, for we
must make certain that labor shall have a larger proportion of what labor
produces.
We shall never reach the standard of equal justice, which the
world war has made us better see and comprehend, until we make up our
minds that labor shall have its just—and that is a larger—share in the joint
reduction of wages.
a
think it would be wise or proper
as
OIL
produced.
reducing the high cost of living,
strong for
that day; a great many
put into force forthwith.
STANDARD
un-American fashion by
profit out of the industry and nothing
combination with money,
A
control of It, thus preventing a future monopoly.
lings a gallon, while the reexport of motor spirit
classes of labor have been
conscienceless employers who
else; we cannot deny
the proposition that the time has come when labor, organized and un¬
organized, is entitled to a larger proportion of the wealth which labor, in
that in the United States many
We cannot deny
doing it by
freight rate.
fixing the freight at lOOjihillings a ton would
The report says that
half pence a
the recent
gallon for petrol was
follows:
as
YORK.
"To make the middles articulate" and "to protect
constitutional
source"
are
rights from all
aggression,
from
their
whatever
the purposes of the Middle Class Union—a new
phase of unionism—which
Feb. 6 by Supreme
was
granted incorporation
papers
Court Justice Kelby in Brooklyn, N. Y,
APR. 3
A
1920.]
lawyer,
THE CHRONICLE
silk
two
merchants
originators of the scheme.
of the labor
not
to
and
machinist
a
Contrary to the
unions, this union will "seek
promote
activity of the
new
Feb. 9 had the
to prevent
them.''Regarding the plans
organization the N.
following to
Y.
the
are
common
INDUSTRIAL
WORKERS CONVICTED FOR MURDER
OF FORMER SOLDIER IN
ARMISTICE PARADE.
policy
strikes,
Seven
and scope of
"Tribune" of
numerous
calls.
even
have
we
opened offices.
success.
than
more
150 applicants," he
said,
I feel
be
as
an organization.
outlined in the statement
upon which
Wash.
national
a
"We will
This is not
ment in opposition to labor
unions or to organized labor.
We shall,
in fact, welcome members
of organized labor to our
circle.
But our primary
interest is in fact to protect the
salaried man, the professional man and the
artist.
"The capitalists
organized.
who have
the
are
them
In
no
are
organized.
between
The
there is the
articulate voice
man
great
who works with his hands is
of unorganized
mass
workers
whole in the affairs of the nation.
as a
'in-betweens.' the ham
in
the sandwich.
We
are
voice.
a
We intend to work for lower
taxes and cooperative better¬
ment of the
community.
We seek also to promote trade and business."
One of the first tasks which the new
union will tackle, Mr. Morehouse
said, will be the high cost of living.
This is the great problem of the
average middle class man, he said, and his
organization will seek a practical
remedy without delay.
He did not think it
likely that the Middle Class Union will call strikes.
not yet.
At any rate,
"What
we
aim
to do is to prevent
"A very large proportion of
declared.
over-eagerness to
Membership dues are to be nominal, a dollar a year
covering all fees.
None of the officers,
except possibly a secretary, the promoter explained,
will
be salaried.
"But, of
A
In
dollar
course, a
"We shall have
similar
to
get
a
will hardly meet expenses," he added.
year
from friends of the cause."
more money
organization
in
England
has
achieved
only eleven months operation, Mr. Morehouse said.
poration proceedings
from
Mr.
are
Morehouse's law
BUILDING
Until the incor¬
office,
TRADES
DIFFERENCES
50
at
Court
Street,
UNIONS AGREE
OVER
DIVISION
Brooklyn.
TO
ARBITRATE
WORK-
building trades had accepted a plan
strikes due to differences among the unions
division of work.
Regarding the plan which
for preventng
arising
over
adopted by the unions, Washington
of March
13 said:
Agreement has been reached, It
of Labor
was announced
headquarters to-day, that the
many
struction work will abide by the decisions of
in
session
advices
press
here,
which
will
settle
at American Federation
unions represented in
a
representative board
finally all troublesome questions
The
trial
drew
hundreds
of
by union agitators.
always maintained
union's
Holden A.
It
was one
of the most important in the
was
emphasized as especially important just
when building activity in every State is greater than ever before in
never
demand for
our
ship
a
labor union,
a
any
shop
instigated
competent
answered by
was
with the state¬
company,
a
closed shop, even
wheel."
supported by the leading business
were
These sentiments
of Baltimore at
men
meeting of the Merchants' and Manufacturers' Association
a
Feb. 25 at which it
on
combat the "closed
decided to form
was
shop" idea.
ing letter from Mr. Evans
was
committee to
a
At that meeting the follow¬
read to the executive
com¬
mittee of the Association:
I wish to
bring to
your attention and
through
to the attention of
you,
the Merchants' & Manufacturers'
of Baltimore
Association, the necessity for the business
becomming alive to the dangers of the "closed shop."
difficulties.
In the past two years outside agitators have made remarkable
this
toward the
"closed shop" because of the
privilege of doing the
frequently
and
same
was
plasterers,
for
instance,
job because their trades
contending
are
very
for
similar.
the
The
plant
matter of
a
we
have believed that
fact,
using these
men as
a new
disputes members of the
our
was
announced
building craft unions meeting at Kansas City,
Mo., with the executive board of Kansas City Builders'
Association had agreed upon the establishment of an arbitra¬
our
tion board to govern all future labor troubles.
This action
taken
following the granting of increases which go into
with the opening of spring
building operations.
Ad¬
in the scales of the four crafts follow:
a
day; tile setters from $7 to $8
setters from $7 to $8
a
day; stone
masons
The increases will become effective
arbitration
strikes
agreement,
and
it
lockouts.
that cannot be settled
was
a
Many other cities
are
not
asking for
Building Co.
far
We
as we are
from the
to combat it.
Even labor-ridden San
"closed shop" and shipyards in
"open shop" basis.
any
are
assistance for the
men
Please understand that we
Baltimore
Dry
Dock
&
Ship
determined to fight this out to the last ditch and
concerned
we
know that
we are
so
going to win.
in this community.
Subsequently, the Baltimore Federation of Labor agreed
to submit the
controversy to
a
committee of disinterested
be appointed by the Mayor.
persons to
LABOR
RELATIONS
May 1.
A labor relations
industry and labor to
difficulties
arising
If the board is unable to
will be submitted to
a
dis¬
POLICY
FORMULATED
BY
CLEVELAND CHAMBER OF COMMERCE.
a
in
a
report
Relations
policy framed by
a group
of leaders of
promote industrial peace is set forth
recently issued by the Committee
on
Labor
oflthe Cleveland (Ohio) Chamber of Commerce.
The report
men
business, but all industrial activities
are
case
see
We believe, however, that the matter should be taken
up actively by the
business interests of Baltimore, as it affects not only the
shipbuilding
selves will be submitted to the arbitration
board, composed
settlement the
can
alive to the seriousness of this situation and have
are
Francisco has thrown off the shackles of the
of five members of the builders' association and five members
interested party.
As you
Bricklayers
by different parties between them¬
buildings trade council.
effected, regardless of the
' closed shop,"
openly state that this is the issue.
now
said, is intended to
Labor
a
"open shop," while,
agitators, through
supervisory force into the unions and were
their agents, and they had
management,
an
our nose
What is going on in our plant is going on in
every plant in Baltimore.
day; marble
from $7 to $8
on
because
sufficiently serious for the business
March 9 that representa¬
on
conducted
of Baltimore to get together and combat it?
record in construction this summer.
Tbe desire to avoid strikes is gaining in certain
directions,
example, it
they
we
found that right under
we
intimidation had forced all of
San Francisco are now operating on the
strictly
Don't you think this situation is
to stop work entirely.
With the elimination of one fruitful cause of
conference said they looked to
and also
war
of Baltimore have not been aroused to the seriousness of
proposition.
In our
as
men
formed committees of business
bricklayers
agree upon a
the
find employment.
can
become
never
turns
or
work,
the
a
was
closed
a
plant shall
builds
wishes of the
of
member of
"open shop" where
an
papers,
prevent
of
The Baltimore Shipbuilding Co. has
ing from the curtailment of construction during the war.
Many contracts in the past have been held up and valuable months lost
by disputes over jurisdiction between the several unions engaged on the
The
person
taxing to the limit
The strike
a
therein.
the effort to make up the shortage of homes and
business structures result¬
day.
to this little town,
Evans, President of the
ment "that
if it
meeting with the building trade delegates, said the agreement to be
given
formal expression by the joint board
history of union labor.
vances
including sympathizers
persons,
men
worker, not
any
obtain employment
over
continue in effect
as
from $8 to $9
a
lodging and feeding them.
impossible for
the business
effect
to the effect that
A strike was called
recently at the plant of the Baltimore
Dry Docks & Shipbuilding Co. for the avowed purpose of
making that plant a "closed shop", that is to say, make it
men
case further disputes arise there will be a resort to
in the present instance, rather than to
cessation of work.
Union officials and representatives of the American
Institute of Architects,
was
marked by bitter argu¬
was
BUSINESS MEN TO FIGHT i(CL0SED
SHOP" IN STRIKE IN SHIPBUILDING PLANT.
Indefinitely, and in
tives of
the
BALTIMORE
arbitration
for
Its close
emphasized the Court's instruction
its facilities for
progress
result
March
on
say:
defendants and former service
con¬
now
close
a
Montesano had
Baltimore has, for a long time, been known for its freedom from labor
The assignment of work to the different trades
will
the
brought to
was
date from
mem¬
or his property from
threatened violence,
while the prosecuting
attorney called attention to the Court's declaration
that that right did not extend to
the placing of armed men in "outside
places for the purpose of shooting the
persons, real or apparent, from whom
force or violence is
expected."
Jurisdiction.
now,
that
worker, regardiess of his affiliation,
LABOR BOARD IN KANSAS CITY.
The American Federation of Labor announced on
March 13
that the unions in the
has been
which
case,
began five weeks ago.
The defense
The
OF
Legion
has the right to defend himself
success
completed the business of the union will be done
not
by counsel for both the State and the defense.
"Perjured tstimony"
mentioned by a State
attorney, while another characterized the killing
of Grimm as the "most heinous
murder" ever committed in
any State.
Defense counsel pleaded for "those who
love liberty, for those who love
justice, free speech and free assembly" and
urged the jurors not to be
"influenced by your cowardice."
to
tremendous
found
were
of the American
ments
resisting difficulties is due to
our
Workers
shot
were
Centralia,
was
strikes, not to pormote them," he
the strike weapon,"
use
The trial
These
going to give
"We seek to organize and
register all classes of citizens for civic service
of all kinds.
Regarding the
13, press advices of
move¬
a
Industrial
McElfresh, another
following to
play for all classes.
other
bers killed at Centralia.
one.
work to secure fair
Three
of Arthur
Judge Kelby
approved the incorporation are elastic.
We aim to organize all the middle
class people of New York State
to protect their constitutional
rights from
all aggression, from whatever
source.
We intend also to
organize groups
and centers within our
sphere of influence and
eventually to make the
movement
of four former
one
The day before the jury rendered its decision in¬
formation was filed
charging the ten men with the murder
great
a
There is need for just such
"Our main objects
Grimm,
guilty.
have
we
of Warren 0.
convicted
were
murder in the second
soldiers, members of the American Legion, who
during an Armistice Day parade last year at
telephone
"and
that the movement will
sure
Montesano, Wash., of
degree for the death
say:
yesterday.
At his Bay Ridge home Mr.
Morehouse answered
"Already
Industrial Workers of the World
March 13 at
on
"We aim to make the middle
classes articulate." Wilmot L.
Morehouse,
lawyer, organizer of the union, said
not
1377
contains
a
declaration of principles among which
that the "Public interest requires
increasing production
prime factor in reducing commodity prices," and that
proper industrial relations are promoted by practical means
as
of
a
communication and negotiation between
an
employer and
The declaration, which we have quoted,
the cumulative efforts of the committee
n recen t months, following the failure of President Wilson's
first Industrial in Conference in which Paul L. Feiss, President
his
employees."
was
said to represent
the Cleveland Chamber of Commerce, was
of
Secretary of
and of similar committees of the
the Public Group
Chamber
during the last four years.
Warren S. Stone, Grand Chief of
the Brotherhood of Locomotive Engineers, is a member of
dated Jan. 7, was made
Its report,
the committee.
public
Feb. 29.
on
by the
defined
Representative negotiations is the term used
committee to replace collective bargaining and as
provides for negotiations between an empoyer and a com¬
aided, if they desire, by a competent
advocate or advisor of their own choosing.
The report in
mittee of his employees,
full follows:
RELATIONS IN CLEVELAND.
LABOR
occupational diseases; suitable rest
Proper Basis Therefor
Principles Establishing a
of
Cleveland this Declaration
in this
community, the Committee on Labor Relations of the Cleveland Chamber
of Commerce recognizes the fact that the public interest is paramount.
The public includes every individual in the community.
The public is
composed of inter-dependent interests.
The public interest in labor rela¬
establish
tions demands that justice be
In industry there is a
The
done to all.
mutuality of interest between investors,
Their interests as well
employees.
defined and
basis for proper labor relations
a
as
employers
be
the public interest must
these desired conditions is the opinion
The first step
force to bring about
believes that the most powerful
enlightened public.
realization of the inter¬
of an informed and
toward industrial peace must be a
of its
enterprises.
The success of any enterprise is in the turn largely dependent
upon the degree of co-operation maintained between its employers, its
employees and its investors, and upon the good-will of the public
Further¬
more,
community is dependent upon the success
lack of co-operation in any industry or
a
establishment influences
satisfactory labor
unfavorably those industries and establishments where
relations exist.
-
In order to assist in securing such co-operation as
Interest, the Committee
on
will satisfy the public
Labor Relations of the Cleveland
Chamber of
-
Declaration
Production—Public
employer and his employees.
an
wages and all other
Employees' representatives
from among
their own number, unless otherwise agreed by employer and employees
and be empowered by the employees to negotiate for them.
Such negotia¬
tion should be under control of the parties immediately concerned.
representatives
matters
production
increasing
a
and
as
Profits, wages, hours
n eraPl°yees of any establishment
Employees should not, therefore, intentionally restrict
scarcity of labor
competent adviser
and from among
as a means
individual output
of increasing wages or
productivity and wages of
workers having different degrees of skill and ability.
Employees should
also recognize the duty of the employer to adopt new and improved ma¬
chinery and methods with a view to increasing efficiency, thereby lowering
s
the cost of production.
because
mp oyer
artifi¬
product in order to increase prices, or put into practice
methods that prove hurtful to the health, future productivity
become highly
They should not reduce piece rate prices
increased skill they may have
The public interest requires
profitable to him.
production costs obtainable through fair revision of piece rates
proved methods and facilities
Employers should
so
are
ween
a
when im¬
as
to
afford the
with
to
recognized.
with
capacity
(2)
wages
production is
and
e
and
women
wage
rates,
in fixing rates of
However, employers should not discriminate in
mdnfh0^65^0'1^ Dot arbitrarily insist that employment in any establishunimQ11 ^°ne^ °n membersb*P or non-membership in a trades or
labor
arrangement.
SIf Inf°rmation and Frankness—Employers should recognize the need
°r.n& their employees on the subject of business principles as affecteil*i prices, and the necessity for an equitable return on invested capital.
mytua' interests, especially the relation of wages and expense to
inc
orUt
costs and
,
j
e<3ually frank in discussing with their employer
Savings,
Loyalty,
hinnh-if+>frC*Ve ^easures Violence, intimidation, ostracism, humiliation or
ng cannot employees. in labor relations on the part either of the
be tolerated
or of the
,
employer
ernntnv6111'677?^
Public interest is paramount, it follows that public
is
a
with fequal production, should receive the
principle
muit be qualified by the fact that the
are
same rate
of tbe fairness of these principles may reasonably
Amasa Stone Mather
Crispin Oglebay
H. C. Osborn
Robert E. Power
Alexander Printz
Gregg
him
II. A. Rock
Herman A. Harris
Warren S. Stone
C. W. Hotchkiss
adequate time
W. B. Stewart
A. T. Hills
Stephen W. Tener
manyj industries and establishments
Thomas B. Wright
Committee
Where the nature of the work is
Sunday, should be provided.
on
Labor Relations,
By SHELDON CARY,
The above
Satur¬
day half-holiday should be encouraged.
Working Conditions—The public interest and the comfort and health
of individual employees demand that every effort should be made to perfect
the conditions of employment, with special reference to sanitary conditions,
R. M. Van Valkenburgh
William G. Lee
the
Chairman.
compensation for such overtime.
One day's rest in seven, preferably
(4)
E. G. Tillotson
John G. Jennings
require employees to work beyond the established hours, they
extra rate of
Committee will be based upon the prin-
F. M.
generally higher in the case
of
W. B. McAllister
basic eight-hour day, or a weekly equivalent, has been adopted as standard.
an
medium for settlement
B. A. Gammel
leisure, rest, recreation, home life and self-development, and consistent
should receive
as a
es' !i ^willing to act on request either as arbitrator or as a
°J Investigation for the information of the public. Under such
S. H. nalle
Overtime work should be discouraged.
Cleveland
expected of Cleveland employers and employees.
Hugh Fullerton
of pay,
costs of mainten¬
with the public's economic requirements.
to
;
Richard A. Feiss
than of men.
The fact is recognized that in
been
.
primary consideration.
H. B. Bole
employee performing work customarily
overhead, supervision and turnover
as
until these facts have
Edgar E. Adams
incentives and opportunities should be offered to em¬
(3) Hours of Work—Hours of work should be fixed at a point consistent
such
and
" essential industries, Government services and public utilities prompt
S
disputes should be effected by the efforts of both parties,
public s right to uninterrupted service during the period of settlement
Th«
ine
?a„
with the physical well-being of the worker, providing
for
^ablished facts,
cipleiFabove^ta^t^d ^nC*ings of
a woman
opinion is,
\a P°tent influence for the settlement of labor disputes.
.e ore' machinery should be set up to develop and crystallize this
established neither party should resort to strike or lockout.
ployees to increase their earning capacity.
women
Labor FHsputes—The employees' right to strike and the
emPJoyees are both secondary to the public's
,ou
TIlo„
h
Punctuality and steadiness,
general principle
fearlessly
t0 J°Ckout
Committee does not seek to act
Continuity of employment.
of
officials enforcing
respect to these practices.
right toservice
h
be
Importance of the work performed,
ance,
_
Pubhc sentiment should support all public
the laws in
Nature and hazard of the work.
but this
on
°V<i-isputes, and of suspicionspirit distrust, which often isconfidence. of
carrier establish a and of mutual interest and the cause
lah or
Initiative and individual skill.
a
matter,
?titude
conditions Part of both employer and employee will tend to
the of employment and the interests of their industrys
believes that a general acceptance by the
Fnrw*,.-0!
V,^ and of these principles will have a stabilizing effect on
c,ik1? ?• ,C
!ns in tbJs community. The committee submits that
Productivity—quality and quantity,
As
advised on the part ofto prove theseplacing before their Ememployers in economic facts. emdetails necessary
business
l-ii OI*lmerce earnestly
living.
Opportunity to advance standard of living,
done by a man,
agreement
employees to maintain a closed union, or a
department, where both parties desire such an
r^10) Con^ion~The Committee on Labor Relations of the
Where possible,
are not,
,or discharge of employees on the ground that they are, or
a trades or labor union.
0
members of
the following factors should be taken into
consideration:
Cost of
arbitration
employment must never
the employ-
Closed Shop-r— Freedom of contract of
or
impaired
fin,
men
document be
individual employee
em¬
Wages—While the lawr of supply and demand in relation to all classes
for both
an
agreements entered into between them.
(6) Open
to
of increasing
Such training should be encouraged by employers
employment must inevitably influence
and groups
essential that the principles of this
negotiate directly with his employer.
,
as a means
ployees.
of
unit
negotiation
advocated.
practically be the
representative
of employees is
Employers and employees should uphold in their integrity all
awards or
of the worker.
training
representative
practicable.
They should recognize that their duty is to
welfare, economic advancement and productive
The value of industrial
their
in
done
or
Nothing herein is intended to abrogate the right of
produce the largest output at the smallest cost to the public, consistent
due regard to the
of employers
group
-°,f7UC? conditIons Ifc
wherever
applied
reduced
employment for their employees consistent
efficient business methods.
said
representative negotiation, the principle of
e
furnished by an employer.
adjust their production program
maximum continuity of
anything
of
In those Industries where an establishment cannot
o
Employers should not intentionally restrict production to create an
cial scarcity of the
welfare of the employees.
the employees in negotiations with their
capacity.
fineh an a
when and because through an employee's
advocate to meet with
or
sen
continuity of employment, or of equalizing the
or
desirp to do so they should have
of the employer,
option of choosing, without restriction on the part
representatives chosen by
employer. Repreatives of employees, selected by and from among their own number,
ou d be assured that no discrimination will be made against them by their
a
nf
working conditions should be regulated by this requirement.
to create an artificial
chosen by the employees,
Nothing herein is intended to prevent the making of an
prime factor in reducing commodity prices.
production
employees, regarding hours,
of his
properly affecting their relationship.
r«inc^Cn an eipp*oyer and
non-union, shop or
of Principles.
requires
interest
and negotiation
"Where the channel of com¬
munication existing between an employer and the individual employee does
not offer employees suitable means of negotiation with their employer, the
employer should seek to establish mutually satisfactory means.
For this
purpose representative negotiation is advocated.
Representative negotiation is defined as that form of collective bargaining
which provides for negotiation between an employer and duly accredited
between
Commerce has drafted this set of principles.
(1)
promoted by practical means of communication
are
industrial
(Collective Bargaining)—Proper
Representative Negotiation
(5)
relations
dependence of all elements related to industry.
The prosperity of any
operation.
unjust treatment or arbitrary
discharge by their foremen or immediate superiors, and provisions should
be made permitting employees to appeal to higher officers.
In justice to
employees, adequate advance notice should be given, whenever possible,
to those who must necessarily be laid off.
Likewise, an employee should
give reasonable notice to his employer of his intention to leave the service.
protected.
Committee
perform a hazardous
Employees should be safeguarded against
V*i
the
submitting for adoption by the citizens of
of Principles aiming to
and
periods where necessary; and due warn¬
ing to the worker if he is undertaking to
Preamble.
In
and treatment in cases of,
protection against,
and providing
industrial accidents and-
safeguarding the health of workers
heat, light, ventilation;
should be duly accredited, should be
Declaration
A
[VOL. 110.
CHRONICLE
THE
1378
was
submitted by the board of
tentative report to the
of
directors as a
members of the Cleveland Chamber
Commerce for their comments
the further action of the board.
and
suggestions prior to
Apk. 3 1920.]
WAGE
THE
CONFERENCE BETWEEN RAILROAD
TIVES
AND
LABOR
CHRONICLE
railroads could not
assume the
responsibility of adding such a burden to the
transportation, excepting with full knowledge and consent
of the
public through its representatives, and we
must, therefore, decline to grant
your requests, and let the matter be
disposed of as provided for in the
Transportation Act.
EXECU¬
costs of
UNIONS'
BROKEN
OFF-
UNIONS OPPOSE PUBLIC
PARTICIPATION.
The conference which
opened
March 10 to consider the
on
We feel that it would be an
injustice to you and those you represent to
further prolong these
conferences, and if you desire to appeal to the Labor
Board, we invite you to select a committee of
demands of the organized railroad
employees came to
end on April 1. The
conference, made up of committees
wage
an
representing the unions
and
the
your
with
Association
of
Railway
increases which
were
pending when Federal control
a
committee which
some
were
."
The unions,
RAILROAD
of Federal
UNIONS
SUBMIT
The
costs of
whole
on
later filed its demands for
In
to continue consideration of the
a
sides
were
in disagreement
portation Act.
panied by
to the
of
letter which he
a
was
wrote last
accom¬
Tuesday
The
April 1 said:
general increase in
Mr.
Whiter in
his
statement
bi-partisan
much "to advise
very
announced
RAILWAY
on
the
preceding day
BUSINESS
addition to
TO
At its annual
Astoria,
30,
the Railway Business Association
attitude
portation,
hails "with satisfaction the view of their
which
knowledge and
are
necessarily
the
of
consent
borne
public,
by
1
the
public,
through
its
without
the full
representatives,
and
that
they must therefore decline the requests and let the entire matter
be disposed of as provided in the
Transportation act.
This means that the
controversy must be submitted to the Railroad
Labor Board to be appointed
by the President in accordance with the
terms of the law. on which the
public will have three
representatives,
the employees three and the railroad
managements three.
We invited
the committee representing the
employes to join with us in the formation
of a committee to
prepare date on the various aspects of the subject, which
we feel must
ultimately be presented to the Labor Board in any event,
with
a
view to
expediting the disposition of this difficult problem.
declined to
join
announced
their
us
in
the
intention
formation
of
of such
committee.
a
They
They have
resolution acknowledging the services of Congress
"to the Republic in correcting defects in
railway regulation,"
and
reach
an
agreement
upon
and
wages
working conditions,
and
that
the
partici¬
pation by the representatives of the public.
While Section 301 of the Transportation act does
provide that representa¬
tives of the carriers
and
of their
employes
may
reach agreements upon
in
matters
controversy, it is not believed by the management confreees
that Congress ever
contemplated that a controversy involving so great an
to transportation costs, and in which the
public, is therefore
vitally interested, should be disposed of by direct negotiation.
This
interpretation of the spirit of the law is borne
out
by
a
provision
in section 307 that if the carriers and the
employes should by direct nego¬
tiation agree upon increses
likely to necessitate a substantial readjust¬
ment of the rates of any
carrier, the Labor Board
may
ment
until
it
can
suspend such
agree¬
inquire into its character.0
Another provision brings out this thought still more
clearly by providing
that in-important
cases
at least
member
one
of the
public group
on
the
Labor Board must join in the decision in order to make it
effective.
In
view of this specific provision of the law, it seems to us that its framers
intended that
never
ployes,
upon
without
representatives of the managements and of the
public
any
demands involving
representation,
than
more
a
should
reach
an
em¬
agreement
billion dollars increase in wages.
The letter which Mr. Whiter wrote to Mr. Jewel follows:
In
conformity with
upon the
a request
Association of Railway Executives and the chief executives of the
or
joint conference,
was
convened for the purpose of endeavoring to
dispose of the wage requests
pending at the end of Federal control by the method provided in Section 301
of the Transportation Act.
The first meeting
was
held
on
March
10
1920, at which the Director-
General addressed the Board and left with
us the thought that, owing to the
importance of the subject and the delay that had already ensured, the whole
matter should be taken up
at once and expedited to the greatest possible
extent.
As some preliminary work was necessary,
subsequent conferences
held March 22 to 25, inclusive, within which time
were
you
respective propositions.
A recess
was
then taken
submitted your
during which the railroad
representatives considered your requests and compiled figures to estimate
the increased yearly costs.
A very conservative estimate shows a total of
more
than $1,000,000,000.
This estimate is based only on the requested
changes in the rates of pay, and
cost of
no attempt has been made to estimate the
changes in rules which would further materially increase the total.
Consideration of your requests and the bases
upon which they are predicated
have convinced
our
conference that there is
no
intermediate ground which
could be reached that in itself would not
represent an aggregate sum so
great as to be beyond the possibility of our reaching a settlement.
To study all angles of the subject
and
notwithstanding
any
exhaustively would require
a
long time,
points which might develop in your favor, the
transportation."
a
The
broader public
Association
also
duty disclosed in
new
by members of the Inter-State Commerce Com¬
"They accept," the resolution adds "the Trans¬
as a mandate to make private ownership and
operation prevail, if possible, and to do so by initiating im¬
mediately and continuously the adjustment of rates to a
basis of
plant.
railway income which will adequately enlarge the
.
.
The function which it imposes
sion has now, for the first
and
duty."
Wo
offer
The following is the resolution
the
Sixty-sixth
the Commis¬
upon
time, the quality of statutory
grateful
Congress
power
adopted:
as
acknowledgment
for
services to the Republic in correcting defects in
railway regulation.
gress has made it the law of the land that
its
Con¬
railways built and operated by
citizens shall be regulated by the Government with the aim that they shall
tlirive and grow.
From this Act Americans may hope for more adequate
transportation and hence
They
also
are
vigorous agriculture, industry and
more
encouraged by this inspiring proof of American
trade.
capacity
in crises to believe that political reliance
upon individual self-development
in every field of! human
activity is not to perish from the earth.
We hail with satisfaction the view of their
ances
the
new duty disclosed in utter¬
by members of the Inter-Scale Commerce Commission.
They accept
Transportation Act
tion prevail, if
as a
mandate to make private ownership and opera¬
possible, and to do
tinuously the adjustment of
approval.
by initiating immediately and con¬
That
railway income which will
has
purpose
overwhelming
public
The function which it imposes upon the Commission has now}
for the first
course
so
rates to a basis of
adequately enlarge the plant.
time, the quality of statutory
of the Commission should ba met
power
and duty.
by all concerned in
a
The future
spirit of co¬
operation.
New
duties of the
Inter-State Commerce Commission demand
a
high
order of quality and
equipment for their adequate performance.
The added
duty to sustain and construct, as well as to regulate, is, under the new law;
placed upon the Commission.
We urge the President to nominate as
Commissioners
men
the purpose of the
made by the President of the United States
various organizations of employees, this Board,
affecting
portation Act
addition
so
welcoming "the many manifestations of
mission."
appealing to the Labor Board.
law contemplated such an
agreement prior to any opportunity for
a
utterances
The
conference committee representing the
employes insists that the
representatives of the railroads and of the employes by conference shall
FOR
meeting held in this city at the Waldorf-
March
on
The representatives of the railroads take the
position that they could
not assume the
responsibility of adding such a burden to the costs of trans¬
follows:
the
TENDERS
CONGRESS
adopted
was as
our
deadlock and
a
so
The statement in full
of
CORRECTING RAILWAY REGULATION.
While Section 301 of the
Transportation Act does provide that represen¬
tatives of the carriers and of their
employes may reach agreements upon
transportation costs, and in which the public is therefore
vitally interested, should be disposed of by direct negotiation.
conference,
failure to
wage
you
ASSOCIATION
ACKNOWLEDGMENT
matters in controversy, it is not believed
by the management conferees
that Congress ever
contemplated that a controversy involving so great an
last
wages
withdrawal of the railroad members from the conference.
■
(
TO
employees, Mr. Jewell said, were keenly disappointed
position taken by the railway executives' committee,
whicti
(March 30) to Bert M. Jewell, Chairman of the
Employees'
Conference Committee.
regretted
ne
at the
provisions of the Trans¬
The statement by Mr. Whiter
a copy
PROBLEM
obtain any beneficial results from these conferences."
statement which said the two
as
WAGE
WILSON.
letter to the President, B. M*
Jewell, Chairman of
a
said
Whiter, of the Pennsylvania Railroad Company,
Chairman of the Railway Executives' Conference
Committee,
a
to
summer.
T.
decision in
we
wage controversy was placed Wore
April 2 for the third time since railroad
the union's committee of the
announced the
part,
subjects which
railroad
President Wilson
demands.
E.
the various
even in
control, and therefore ought not
PRESIDENT
refusing to accept this viewpoint, the
railway executives declined
wage
on
data,
case to the Labor Board.
as pending.
However, in view of our conclusions as to the dis¬
position of the present requests, it appears
unnecessary to enter into a dis¬
cussion of these features of the situation at this time.
transportation, which
necessarily borne by the public, without the full know¬
ledge and consent of the public, through its representatives
.
agree upon such
considered
are
.
representatives to work
to prepare data
disposed of by the United States Railroad Administration
prior to the termination
responsibility "of
burden to the
we can
time, at least, will be saved in presenting the
understood
of
more than a month
ago.
The wage demands
aggregate approximately $1,000,000,000.
The unions were said to have insisted
that the repre¬
sentatives of the employees and
the-employers should reach
an agreement
together, whereas the railway executives took
the view that they could not assume
the
a
may select
We note that the
propositions submitted include several
the railroads ended, a little
adding such
we
aspects of the subject, so that if
Executives, was called in response to the request of President
Wilson, to take up and if possible to settle the demands for
wage
1379
We
welcome
of positive force who are known to be in
part of his
own
and serviceable
We counsel
manifestations
many
affecting transportation.
a
sympathy with
Transportation Act.
the
The
user
of
broader
a
attitude
public
is coming to recognize this facility as
plant—a utility co-operatively established and maintained,
only
so
long
as
all concerned work in harmonious foresight.
business organizations which include traffic in their scope to
establish relations between appropriate agencies of their own, and of the
carriers for their determination of improvements and for estimate of their
cost.
This will enable each community and its instrumentality to
the Inter-State Commerce Commission
it may judge the
income and
acquaint
with facts and views upon
needs of that community in respect to railway
revenue.
It
requisite investment by
will
also
railway
facilitate activity
users
which
capital,
for stimulating the
and citizens as such.
Especially
encouraging is the disposition, shown throughout the Union, to be patient
and
forbearing toward the railway
managers
in their struggle out of con¬
fusion to normal.
We observe with satisfatcion the energy
and
courage
agers
in beginning the task of reconstruction.
if the
users
of transportation are reasonably content.
requires service
as
good
lence, and that the
as
possible and
managers
as
cheap
of the railway man¬
Stability is assured only
as
Public contentment
is consistent with excel¬
continuously and frankly discuss with the
public their plans, their difficulties and their need of co-operation.
We urge the public to bear constantly in mind that revenue rate
adjust¬
ments under the Act of 1920 are to be initiated
two years
they
are
by the Commission.
to yield an income per cent prescribed by law.
For
After
That
of private
capital.
It is for the Commission to estimate service needs and their cost,
the going rate for new railway capital and the revenue required, and if ihey
are so minded, to call upon the carriers for tariffs to accomplish the result.
The public interest is now paramount and the public agency carries
the
two years
purpose
[Vol. 110.
THE CHRONICLE
1380
they are to yield Income sufficient for an explicit purpose.
is adequate enlargement of the plant by investment
the House of Commons, was
advices of March 25
as
further) quoted in London pres3
follows
public responsibility.
The Premier said it would have been a
President of the Association, expressed the
Alba B. Johnson,
opinion, according to the New York "Commercial," that
railroad
interests
emerging from the period of dark
were
days which had caused the wildest enthusiasts for Govern¬
ment control to
blunder to have settled the
Turkish
ample opportunity to
decide whether it would accept a mandate, because it would have given rise
to suspicions that Great Britain and France were taking advantage of the
political dissensions in the United States to divide the whole of Turkey
problem without giving the United States the most
among
themselves.
rejected as
of Constantinople
and responsi¬
proposal to oust the Sultan had been
The Premier 6aid the
change their views, presumably forever.
His
George.
Powers) proceeded without her," Said Lloyd
speech, which was a reply to criticisms of the British Gov¬
ernment's foreign policy by Herbert H. Asquith, Member of
inadequate, because it left the question of the government
undecided and the Allies were anxious to avoid the expense
RAILWAY
COMMISSION-
ADVISORY
LOAN
bility of the administration of
With regard
ESTIMATED ADVANCES TO RAILROADS.
Reserve
Board, made known the
names
Federal
of those who have
assigned to constitute the committee which will advise
been
the
W. P. G. Harding, Governor of the
Treasury
railroads
offered by the
to the value of securities
as
collateral for loans
as
or
advances under the new
known as the
This committee, which will be
railroad law.
Railway Loan Advisory Commission to the Federal Reserve
Board, consists of Paul M. Warburg and F. A. Delano,
former members of the Federal Reserve
Board, and experts on
railroad financial matters, and Bradley W.
counsel for the Capital
this
new
Palmer, formerly
In stating that
Issues Committee.
the
from America to
protect Armenia, without any offer to assume responsibility," Mr. Lloyd
George said.
"We hope France will undertake the responsibility, but it is
much to ask, considering all the burdens France already has."
The Premier contended that it was quite impossible for England to send
armies to keep order in Armenia and Asia Minor.
England would do her
utmost to exert pressure in Constantinople to obtain good treatment for
Christians, but was unable to accept a wider responsibility.
The Armenians were an exceptionally intelligent people and must begin
to depend on themselves for the protection of their independence, Mr.
Lloyd George said, adding that he understood they could easily raise an
army of 40,000 men.
Great Britain would be willing to supply equipment
and officers for their training.
If that were done, they could defend them¬
"Up to the present we have only received requests
selves
When it became known
to-day that members of the commission had been
appointed, inquiries found the three members of the commission earnestly
in conference with railroad officials
the Premier declared.
against the Turks,
President Wilson's note to Premier Millerand,
Washington dispatch April 1 added:
a
regarding immediate loans to be made
to
in reply
March 12, relative to
the con¬
a
note from the latter
on
ferences of the Allied statesmen
Because of the short time in which the Commission has been functioning,
were
unable to describe accurately the course
followed in making loans to the railroads,
of railroad securities
and details of the acceptability
However, these details
security for the advances.
as
of procedure to be
will be disposed of immediately because of the pressure
brought to bear
funds.
by the railroad companies for immediate advances of Government
According to the procedure to be followed by the railroads in obtaining
railroad loans the carriers will file their applications
with the Interstate
Commerce Commission, giving every particular as to the need, the pros¬
pective
use of the
funds, the necessity of obtaining assistance from the Gov¬
ernment rather than other sources, and other
information.
The commis¬
sion after considering the merits of the application will certify as to
carrier's needs for Government funds, and the certificate will then be
to the
of the
If the Secretary
Treasury for actual advancement of the money.
If the Secretary of
Treasury for actual advancement of the money.
the Treasury
the application the advisory commission
approves
asked to approve the security offered by the road to secure
It
also announced
was
on
the
taken
will be
000,000 for the six months ending Sept. 1 would be
was
being created to handle advances to the railroads and
$300,000,000 revolving fund and that several
corporations already had filed applications to
Associated Press
Mr.
Houston's
railroad
of
Secre-
Houston is also saidjto havejstated that machinery
loans from the
cover
as
to
operating deficit comparable to
that
The first six months of private
ever, is the period in which corporation officials
greatest, based
their
on
operation, how¬
believe the deficit will be
the estimated expenditures required in re-establishing
previous "individuality," replacements and repairs.
Inter-State Commerce officials expect the revolving
upon
freely
when
fund to be called
Corporation officials have said they would
available.
be compelled to borrow heavily, lacking increased operating revenues
can come
only through increased freight rates, it
was
changes
Ottoman
way
Empire, such changes
place American citizens
any
ation than the citizens
this
which
PLAN FOR
in
THE
Ambassador
March 29.
the
for
a
to
TURKISH PROBLEM.
settlement
which
note
France,
of
the
Hugh
Turkish
C.
question
Wallace,
was
American
handed to Premier Millerand
on
"The Government of the United States" says
the retention of the Turks at Constantinople, but
believes
that the arguments against it are far stronger and
contain
certain
possible
to
imperative elements which it would not
ignore."
The American note
Ambassador at
Washington
on
was
seem
handed to the French
March 24.
The following
day Premier Lloyd George addressed the British House of
Commons
Powers'
and
gave
a
detailed explanation of
the Allied
proposals for settlement of the Turkish problem,
for several months
one
of the most
important subjects that
has been before the Peace Conference.
British
Premier made known that
In his address the
(contrary to the Pres¬
ident's views) the Allies intended to allow the Sultan's Gov¬
ernment
corporations of
any
the citizens
Power party to
of America
not at war with
was
"that the United States
Turkey, yet it
was
at war
with the principal allies of
that country and contributed to
the defeat of those allies and therefore to the defeat of the
Turkish Government.
For that reason,
that it is the duty of this
views
and
urge
believed
too, it is
Government to make known its
solution which will be both just and
a
lasting."
Following is the text of the American note, made public
Washington by the State Department
I
have the honor
on
March 30:
acknowledge receipt of your Excellency's note of
to
with
principal
allied powers, and in reply to inform you that the President does not deem
it advisable in the present circumstances that the United States be repre¬
sented by a plenipotentiary at the conference.
The President feels, how¬
ever, that, as this Government is vitally interested in the future peace of
the world, it should frankly express its views on the proposed solutions of
March
relative
12
to
the
conferences
regarding
the Peace Treaty
Turkey and the present status of the negotiations between the
the difficult questions connected with the Turkish Treaty.
was at war
to the
Turkish
Government.
with
with the principal allies of that country and con¬
defeat of those allies and, therefore, to
For that reason,
too, it is
the defeat of the
believed that it is the
The Government of the United States understands the
the Allied
"understands the strength of the arguments for
note,
or
or
less favorable situ¬
a
duty of this Government to make known its views and urge a solution
SETTLEMENT
President Wilson's disapproval of the plan of
expressed
corporations,
other country, in
which will be both just and lasting.
OF
Governments
the former
arrangements will in no
While it is true that the United States of America was not at war
explained.
WILSON'S NOTE MAKING KNOWN HIS
TO
or
or
treaty."
tributed
OPPOSITION
whatever ter¬
arrangements may be made in
or
corporations of
or
The note
to the objects sought.
of the Government of the United States that
ritorial
Turkey, yet it
PRESIDENT
as
however, "that it is the understanding
continuation
which marked Federal
operation when revenues fell approximately $700,000,000 below expendi¬
tures for the 26 months.
by the American Government pending more
takes occasion to say,
at
the guaranty cost shows a
deferred
complete information
deficits.
dispatches state:
estimate
was
phases and upon the
the proposals as to the treaty
"While it is true," the note says,
advanced
to the railroads under the rate return fixed in the act.
of the territorial
some
on
whole economic program of
the loan
April 1 that Secretary of the
Treasury Houston had estimated that approximately $175,-
tary
Comment
regarding the Peace Treaty
the status of the negotiations at that time.
with Turkey and
anteed income provisions of the transportation act.
which
to
have referred at the outset of this article, was
we
by the Treasury out of the railroad loan fund and on account of the guar¬
members
had accepted
mandate.
body is already functioning, the "Journal of Com¬
merce" in
France would have
Cilicia to the United States if the latter
been willing to hand
On April 1
Constantinople.
Armenia, the Premier continued,
to
to remain in
Constantinople.
that the arguments
"It
was
we
only after
(the Allied
strength of the
Constantinople, but believes
against it are far stronger and contain certain impera¬
tive elements which it would not seem
possible to ignore.
It
was
the often-
expressed intention of the Allies that the anomaly of the Turks in Europe
should cease,
peoples,
and it cannot be believed that the feelings of the Mohammedan
who not
protest, but
only
witnessed the defeat of Turkish power without
materially assisted in the defeat, will now so resent the
even
expulsion of the Turkish Government
policy
on
as
to make a complete
reversal of
the part of the great powers desirable or necessary.
As to the line
given
as
the southern frontier of Turkey, it is assumed
this boundary is meant to be the
in which case, it
that
ethmological frontier of the Arab people,
is suggested, certain rectifications would seem necessary.
If, however, other considerations entered into the choice of this line,
Government, without
any
intention to criticise,
this.
would appreciate being
furnished with the arguments dictating such a choice.
The Government of the United States notes with pleasure
is made for Russian
that provision
representation on the International Council, which it is
proposed shall be established for the Government of Constantinople and
the Straits.
now
made
the Straits
This Government is convinced that no arrangement
that is
concerning the government and control of Constantinople and
can
have any elements of permanency,
of Russia in those
unless the vital interests
problems are carefully provided for and protected, and
unless it is understood that Russia, when it has a
government recognized
by the civilized world, may assert its right to be heard in regard to the
decisions
America definitely refused the mandate that
arguments for the retention of the Turks at
now
made.
It is noted with pleasure vhat the questions of passage
the
of warships and
regime of the Straits in war time are still under advisement, as this
Apri 3 1920.]
THE
.
Government is convinced that
no
final
decision should
made
In
right that that part of East Thrace which
says:
or
can
without the consent of Russia.
As for Thrace, it would
is outside of the
the
seem
reserved for
zone
Constantinople
As this,
be
northern
part of the
the northern part, is
clearly
Bulgarian in population,
justice and fair dealing demand that the
cities of
Adrianople and Kirk
Kilisseh and the
surrounding territory should become part of
Bulgaria.
Not only is the claim of
Bulgaria worthy of most serious consideration on
ethnic and historical
ground, but it would also seem that
Bulgaria is entitled
to have its claim to this
territory favorably considered, in view of its
having
been compelled to surrender
purely Bulgarian territory and many thousands
of Bulgars on its western
boundary, on no other
grounds than the rather
doubtful grounds of
securing a strategic frontier for Serbia.
In connection with the
proposed preferential right of the three
great
Mediterranean Powers to furnish advisers and
instructors in certain zones,
this Government feels that it is
necessary to have more information as to
the reason and
purpose of such
a
plan before it
can
opinion.
There
be
can
express an intelligent
question
no
as to the genuine interest
of this Government in
and the Government of the United
States is con¬
that the civilized world
demands and expects the most liberal
treatment for that unfortunate
country.
Its boundaries
the plans for
Armenia,
vinced
should be drawn
in such
a
way
recognize all the legitimate claims of the Armenian
people, and particularly to give them
easy and unencumbered access to the
sea.
While
of the considerations
governing the decision reached
by the Supreme Council, it is felt that
special rights over Laz'stan on the
Black Sea] would
hardly assure to Armenia that access to the sea indis¬
pensable to its existence.
unaware
It is hoped that,
taking into consideration the fact that Trebizond has
already been the terminus of the trade route
across Armenia, and that
Venizelos, on behalf of the Greeks of that
region, has expressed their
preference for connection with Armenia
rather than Turkey, the Powers
will be
willing to grant Trebizond to Armenia.
In regard to the
relinquishment by Turkey of her rights to
Mesopotamia,
Arabia, Palestine, Syria and the islands, this
Government suggests that
the method resorted to in the
case of Austria be
adopted, namely that Tur¬
key should place these provinces in the hands
of the great Powers, to be dis¬
posed of as these Powers determine.
In regard to the
arrangements for
Smyrna, this Government is not in a
the question is too important to be
passed
with the limited information this
Government has as to the exact ar¬
on
an
opinion,
as
rangement that is
contemplated and the reasons for the same.
Government of the United States can
quite understand the diffi¬
The
culties
that have confronted the
Supreme Council in dealing with the
economic questions that
present themselves for settlement in connection with
this treaty.
It is easy to see that the problems are
complex and fruitful of
misunderstanding because of the conflicting interests involved; but this
Government has every confidence that the
problems will be dealt with in
spirit of fairness and with
scrupulous regard for the commercial interests
of victor,
vanquished and neutral.
It is evident that there is
yet much to be done before
plan can be worked out, and this
Government will
a
treaty.
was
stated
in
advices of March 30 from Paris
press
that word had been
given out at the French Foreign Office
on that date to the
effect that the French
point of view re¬
garding Turkey and Armenia
was
in agreement with that of
President Wilson as to the
desirability of the largest possible
Armenian State and the
expulsion of the Turks from Con¬
stantinople.
The question had been raised, however, the
advices added, as to how these ends can be achieved
without the force necessary to deal with the
press
trouble certain
to result
A
the Mussulman population.
dispatch from Paris April 1 reported that
among
Havas
mandate had
been
Supreme Allied
offered
Council.
be included with
the
All
a
League of Nations by the
Armenian
the exception of
territories
would
maltreatment, with its.
distribution of clothing, food and other
supplies to the needy,,
this
CONDITIONS IN THE NEAR EAST.
are
moving rapidly in the
near
no more
clearly to be determined than it has
been, America's holding back being the important factor.
Some delayed numbers of "The Orient"
just received
Constantinople,
elections
in
the
the old element.
element
has
that
say
capital
were
There is
been
an
no
overthrown
the
recent
parliamentary
overwhelming victory for
basis for the idea that that
or
a
reform
movement
ex-
tablished.
Only a single man of the latter class was elected,
stated, and he felt compelled immediately to
resign.
it is
The Allies
deal.
now
see
clearly with whom they have to
as
satisfactory to repose confi¬
"It would be about
dence in such
many
pear
can
a
legislature
as
to entrust the future of Ger¬
to the former Crown Prince."
To-day it would ap¬
that the military party still has the
ascendency that
the election forcast.
idea
of
America
in
action.
The
economic
effect
a
is
great, all classes
are given a lift, trade is
stimulated and the
campaign against disease and dirt is increasing health and
preserving life everywhere.
Schools, colleges and churches;
have been reopened to the moral and
spiritual betterment of
thousands."
It quotes President White of
Marsovan,in the devastated
region, who wishes that those who
in America "could
and the
the
gradual establishment
giving
of life for the
dying peoples and nations
*
are
the actual process of
see
so
generously
reconstruction,
sick, the wounded,
of the Near East."
'
.
.
EFFORTS
TO
HAVE
DAYLIGHT
REPEALED IN NEW
SAYING
LAW
YORK FAIL.
Protests from farmers' associations
up-State led to another
effort in the New York
Legislature this week to repeal the
daylight saving law.
The so-called Fowler bill,- de¬
State
signed to repeal the daylight law, while
permitting cities
villages to provide for daylingt saving by local ordin¬
ance, passed the State Senate on Mar. 29
by a vote of 26 to
25.
The Assembly,
however, refused to concur in the action
and
of the
Senate, and
on
the
following day the Fowler bill, by
vote of 75 to 64—one less than the
a
—failed of passage in that
Both
the Montreal
constitutional majority
body.
and Toronto
changed their trading hours to
by the New York Exchange,
Stock
Exchanges have
conform with those
adopted
BILL AMENDING NEW
YORK STATE INCOME TAX
LAW AS TO NON-RESIDENTS PASSED
BY SENATE.
The bill designed to
grant to non-residents the
exemptions under the New York State income tax law
same
as are
allowed to citizens of the State, was
passed by the Senate at
on March 29.
A bill amending the law as to the
Albany
provisions applying to non-residents had been
passed by the
Senate on March 9 and the
Assembly on March 11 (see
"Chronicle" March 20, page
1052), but on March 16 the
Senate adopted a resulution
ernor;
the
it
was
recalling the bill from the Gov¬
stated at that time that the bill as it went to
Governor allowed only partial
exemption
dents based
on
the
State to total income from all
sources, and it
to
change its provisions
full
to
non-resi¬
proportion of income earned within the
so as
exemptions granted to residents.
bill last month followed the
was
withdrawn
to grant to non-residents the
The passage of
the
handing down of the decision
of
the United States Supreme Court
declaring invalid the provi¬
sion in the State income tax law
denying to non-residents
the exemptions accorded to residents.
JOURNAL
OF
SAVINGS
BANKS'
STATE OF NEW
The
York
Savings
issued
Banks'
in
March
the
ASSOCIATION,
YORK.
Association
initial
of
the
State
number
of
a
of
New
monthly
periodical entitled the "Savings Banks Monthly Journal."
The journal is published
by Milton Harrison, Executive
Manager of the Association, at 56 West 45th St.
In pre¬
senting the first number, Mr.
East and the final
settlement is
from
grand organisation is giving the people of this
region
new
Cilicia, which would be
left under French
protection.
An outlet to the Black Sea
would be provided by the
arrangement under contemplation,
it was said
Affairs
homes, gently bringing back to honorable?
rescue
womanhood the wrecks of heartless
comprehensive
welcome further infor¬
mation on the subject of the economic
clauses of this treaty.
Incidentally,
the plan that has
apparently been worked out by the Supreme Council in
connection with continuation of
concessions granted to aliens and
giving
the right to revise or cancel
concessions on payment of
indeminity, referred
to in the
eighth paragraph of your Excellency's
note, has grave possibilities
and would seem to
require careful elucidation.
Let me say in conclusion that it is
the understanding of the Government of
the United States that whatever
territorial changes or
arrangements may be
made in the former Ottoman
Empire, such changes or arrangements will in
no way place
American citizens or
corporations, or the citizens or corpora¬
tions of any other
country, in a less favorable situation than the citizens or
corporations or any Power party to this
It
direction, reviewing the year, "The Orient"
"The most noteworthy event has been the arrival
and
support, its
Mr.
position to express
different
a
East, with its orphanages teeming with thousands of
rescue
children, its hospitals busy night and day with
caring for
the sick and the
afflicted, the industrial work employing and
feeding tens of thousands and preparing the ground for self-
to
as
1381
work of the American Committee for
the Relief of the Near
should become part of
Kingdom of Greece, with the
exception of the
province.
CHRONICLE
"the
first
periodical
ever
Harrison
states
exclusively devoted
that
to
it
is
mutual
savings bank interests," the venture marking "a distinct
step toward the gathering together, in
one cohesive working
whole, of what heretofore have been separate and distinct
forces, which through their very aloofness, have failed to
wield the full power
which
their .vast
both in legislative and financial circles
aggregate
trust
of
over
five
billions
dollars, justly and rightly entitles them to exercise."
sides several articles by the
tains
editor, the March number
contributions by Samuel H.
Beach, President
of
Be¬
con¬
of the
Association; Charles A. Miller, counsel for the Association;
Kenneth G. White, of the firm of White &
Kemble,.New
York; George W. Hodges, of Remiok, Hodges & Co., and
President of the Investment Bankers' Association
of Amer¬
ica; C. C. Putnam, Assistant Comptroller of the Brooklyn
Savings Bank; Charles D. Jarvis, of Little Falls, N.
Y., and
Whiting, President of the
W. R.
Bankers' Electric Protective
Association of Boston.
FOR A. B. A. ANNUAL
WASHINGTON, D. C.
CONVENTION AT
At
meeting of the District of
a
in this work.
PLANS
ENTERTAINMENT
to
American Bankers' Association to
,
produc¬
and wUling to participate
I
VICE-PRESIDENTS
STATES
SECRETARIES OF CENTRAL
AND
BANKERS' ASSOCIATION.
Columbia Bankers' Associa¬
$20,000 was
the annual convention of the
be held in Washington in
October.
"Local bankers and business men regard it as a
distinct honor to have this city chosen as the place for this
important gathering of financiers and are preparing to provide
entertainment in keeping with the event," said Colonel
Robert N. Harper, Chairman of the Executive Committee
in charge of the affairs incident to the completion of arrange¬
ments for the convention.
The remaining personnel of the
incident
appropriated
assist in increasing the total
of them stands ready
•*'■■■
■ -
PRESIDENTS,
OF
CONFERENCE
Graettinger of Chicago, Secretary
A.
M.
month at Washington a fund of
tion held last
which the bankers can
this meeting by
tion of the country, everyone
-
110
[Vol
CHRONICLE
THE
1383
of the Illinois
elected President and Eugene P.
Oklahoma City, Secretary of the Oklahoma Bankers'
Bankers' Association, was
Gum of
Vice-President of the Central States
Vice-Presidents and Secretaries of
the Central States Bankers' Association held in Chicago
March 9 and 10.
C. R. McKay, Deputy Governor of the
Federal Reserve Bank of Chicago spoke on the second day
on "Check Collection System of the Federal Reserve Banks."
R. S. Hawes, of St. Louis, President of the American Bankers'
Association, was also a speaker.
M. J. Dowling of Olivia,
Executive Committee is as follows:
President of the Minnesota Bankers' Association, spoke on
George W. White, W T. GallUher, H. H. McKee, Joshua Evans, Maurice
One of the topics discussed
D. Rosenberg and Harry V. Haynes.
The latter, who is President of the "The Par Exchange of Checks."
Mechanics National Bank of Georgetown, has been elected President of
was
"Should the Banker take a more active part in the
the District of Columbia Bankers' Association.
Political Affairs of his City, County and State?"
The
Association, was elected
Conference of Presidents,
.
MEETING OF
SPRING
FOR
PROGRAM
TENTATIVE
EXECUTIVE COUNCIL OF ALB. A.
for the spring meeting of the American
Executive Council to be held the week
A tentative program
Bankers' Association
although informal, was that it was
participate in the selection
of the proper people to public positions and that het banker,
as
one
of the leaders of
opinion in community should
interest himself openly in improved Governmental methods,
opinion of the conference,
the duty of
bankers as citizens to
E. Resolutions were adopted by the conference re-affirming the
Pinehurst, where he
allegiance and approval of the 12 States represented to the
made the final arrangements for the meeting.
The program
program of activities of the American Bankers' Association;
as
announced, devotes the mornings to business sessions
approval of the report recently issued by that organization
and the afternoons to pleasurable features which have been
on
"Four Months Activities of the American Bankers'
provided at this famous Southern resort.
The tentative Association," and pledging the Secretaries' support to Presi¬
of
April 26 was announced
is
program
by General Secretary Guy
his recent return from
Bowerman upon
follows:
as
Committee meetings,
Monday forenoon:
for
cost of
announced later.
General Committee meetings. Tuesday afternoon:
Tuesday evening:
Meeting of such committees as not
Golf tournament.
living and recommended to
ABOUT
ITEMS
afternoon: Racing
banks that such conditions
into carefully.
be gone
Tuesday forenoon:
provided for or announced in program to date.
Wednesday morning:
Council meeting. Wednesday
by resolution also declared itself in favor of salaries
bank clerks in keeping with the demands of_ the high
ference
Legislative Committee and
features to be
The con¬
progressive administration.
in his
Hawes
dent
Administrative and Financial.
Council and State Legislative Com¬
mittee and Council.
Monday afternoon: Golf qualifying contest and
exhibition of fancy shooting by Annie Oakley.
Monday evening: Social
Federal
TRUST
BANKS,
&c.
COMPANIES,
Family dinner and ball.
Thursday morning:
Council meeting.
Thursday afternoon: Golf finals
and putting tournament for ladies, with trophy.
Friday morning: Final
Sixty-six shares of bank stock were sold at auction this
week and no sales were made at the Stock Exchange. There
council meeting.
were
Wednesday evening:
matinee.
.
"spring tonic" special, carrying the bankers of the
Mid-West to the spring meetinf of the Executive Council at
*
expected, including the additions from
St. Louis and Cincinnati.
On arrival of the special at
Atlanta around noon, the Clearing House banks there will
CONVENTION
NATIONAL
SOON
TO
Assistant Secretary
convention
PROGRAM
B.
A.
FOR
A.
William G. Fitzwilson of the American
be held the week of
Washington where
18.
Oct.
national
The hotels
selected as
headquarter hotels.
President R. S. Hawes has announced
that the program committee is arranging for the convention
speakers and will be able to make announcement of the
tentative program following the spring meeting at Pinehurst.
Willard,
and
Washington
Exchange was
also
and
Exchanges and the New York Coffee
decided to close on both
Exchange and the Chicago
Sugar Exchange also
days.
Board
of Trade, which were closed yesterday, will be open to-day.
The New York Metal Exchange, in addition to its holiday
yesterday and to-day, will likewise observe Monday as a
holiday.
Besides the stock exchanges indicated, others
which closed yesterday and to-day are the Boston, Phila¬
delphia, Chicago Stock Exchanges, &e.
The Detroit Ex¬
change will, in addition to these two days, remain closed
The New York Produce
'
making the preliminary plans for the
to
and
;
BE ANNOUNCED.
Bankers' Association has returned from
he has been
New Orleans Cotton
join the Chicago
v
the New York Stock
past years,
yesterday (Good Friday).
The exchange will
remain closed to-day (Holy Saturday).
The New York
Louis, is making reservations from
point for the special cars which will
train at Indianapolis.
that
in
As
closed
program
Bank of Commerce in St.
—
♦
of entertainment for the party until leaving
time about 7 o'clock.
Ray F. McNally, of the National
a
stocks.
Last previous sale.
Trust Co.
With 33 shares Irving
are
passengers
have
High. Close.
Bank (ctf. of dep.) _390
390
390 >
Low.
BANK—New York.
*66 Irving Nat.
At least
April 23.
Pinehurst will leave Chicago at noon on
200
public transactions in trust company
no
Shares.
The
Monday.
Raleigh has been
.
rK\As-
*
* '
-.-A"''-'
Eugene Delano, senior member of the banking firm
& Co. died yesterday morning (April
Brown Brothers
at his
home in this city.
of
2)
Mr. Delano was in his seventy-
having been born at Utica, N. Y. in 1843.
who was then well known as a mer¬
seventh year,
In 1880 Mr. Delano,
DELEGATES OF A. B.
A. AT CONVENTION OF
U. S.
Delegates to represent the American
at the Atlantic
be held April 26-29, have been announced
by Guy E. Bowman,
are
as
General Secretary.
The appointments
follows:
National
L.
L.
Irving National Bank, New York.
Rue,
William Ingle, Baltimore Trust Co., Baltimore, Md.
;
Mr. Bowman says:
The Association has selected
because we consider
Issue of
this delegation with
"a
I know I speak for the entire membership of the A.B.A.
wben I say that if any means or
Brothers; in January
partner, resident in
he became identified
his brother-in-law,
the Philadelphia
1894 he was made
Philadelphia, and about a year later
with the New York house, in which
John Crosby Brown, was at
that time
Mr. Delano was also Vice-President and
of the Seamen's Bank for Savings of this city, a
senior partner.
trustee of the New
Treasurer
of
Treasurer of
a
York Life Insurance & Trust
Company,
Waldensian Aid Society and
the Grenfell Association of America.
He was
the
American
graduate of Williams College, and for twenty-five years
been a trustee of the college.
One of Mr. Delano's
had
sons,
Moreau Delano, is a member of
the firm of Brown
Brothers & Co.
great deal of care
the question of production, which is to be the main
consideration at the convention, to be one of paramount interest
and necessity.
of
trustee
Councilor, L. E. Pierson,
Philadelphia National Bank, Philadelphia, Pa.;
W. C. Hoppenheimer, Trust Co. of New Jersey, Hoboken, N. J.; C. S.
Calwell, Corn Exchange Bank, Philadelphia, Pa.; J. H. Fulton, National
City Bank, New York; O. L. Farrell, National Newark & Essex Banking
Co., Newark, N. J.; Joshua Evans, Jr., Riggs National Bank, Washington,
D. C.; R. N. Harper, District National Bank, Washington, D. C.; H. B.
Wilcox, Merchants-Mechanics First National Bank,
Baltimore, Md.;
Delegates,
New
Brown
Bankers' Association 'a
City convention of the United States Chamber
of Commerce to
York, joined the staff of
chant in
house
CHAMBER OF COMMERCE.
method of co-operation can be devised at
An announcement
business of
in which it
was
officially confirmed that
had been organized to engage in the general
underwriting and dealing in investment securi-
Blair & Co., Inc.
APR. 3
ties
as
1920.]
THE CHRONICLE
to the
successor
banking houses of Blair & Co. and
William Salomon & Co, was issued
will be formally taken
over
April 1.
April 5th.
on
proposed combination became
on
current in
The Merchants' Bank, which to-day finds its
higher field of usefulness in
its merger with the Bank of the Manhattan
Company, was organized in
1803 by a group of merchants on articles of Association drawn
The business
up
Reports of the
ander
January, following
known
Both the houses
name.
internationally.
From
the
merging
now
official
are
name
of Blair in American
with the construction of the
banking dates back to and
next door
form
In 1883
associated
was
*.
Blair &
large way with the financing of
It has been identified in
a
&
Co.
also
has
been
Rhinelanders and hundreds
Pressed
Steel
Car
prominently connected with the financing
Company,
Royal
Borden's Condensed Milk Company and
William Salomon & Co.
was
shortly after his retirement
as
Baking
Powder
tural life of New
In 1918
Republic Iron & Steel Company.
With
in
Pan
Orleans Texas &
road
&
Mexico Railway Company,
American Petroleum
Company,
&
The
its flotations
Worthington
Company and
Pump
&
Corporation,
of William Salomon & Co. will be its President.
portant
interests
new
James C.
not
heretofore
Wilson
William Braden, J. Cheever Cowdin and Dunlevy
as
President; but also the officers of the Mer¬
Ledyard Blair
Bank, headed by Raymond
E. Jones, formerly President of the
found such notable
are
of the time
men
as
J. E.
Raymond E. Jones, C. Howland Leavitt, Henry E. McHarg, George McNair, Arthur G. Reyer, John C. Moore, Charles E. Potts, Samuel Sloan,
Mr.
William
Sloane, James Speyer, Carl F.
William S. Tod, and
Sturhahn,
George Zabriskie, representing quite in the tradition of the two banks some
of the most
prominent commercial and financial enterprises in the Nation.
including
them,
The Bank of the Manhattan Co.
and
Milbank, who are well
complete list of directors is
undivided profits
of
sources
follows:
C.
The
com¬
as
Brady, Harry Bronner, Frank C. Armstrong, George Armsby,
known in business and financial circles.
'
•
before the consolidation, headed by Stephen
own
Aldred, Stephen Baker, B. H. Borden, Michael Friedsam, Walter Jennings,
and, in addition, im¬
with
''■■■'■'
.
And in the Directorate
The Board of Directors
connected
on
Merchants' Bank and now First Vice-President of the consolidated bank.
C. Ledyard Blair will become Chairman of the Board and Mr. Elisha Walker
consists of members of the existing organizations,
office
as
Rail¬
The partners of both firms will be affiliated with Blair & Co., Inc.
established
an
officers
chants
Otis Steel Company,
Machinery
by
acquired also the Bank of Long Island, With its offices
Baker who continues in office
others.
many
facilities
personnel of the enlarged Bank of the Manhattan Company
prises not only its
Products
Transport Company, Western Pacific
*
enlarging its
Long Island City, Jamaica and eleven other industrial centres of Queens
County
Corporation, Loose-Wiles Biscuit Company, Mexican Petroleum Company,
New
they have touched
of the Nation at large, for one hundred and
the Bank of the Manhattan Company acquired the Bank of the
In January 1920 it
branches established in the principal cities of the country and in Europe
Certain-teed
so
Union Square.
William Salomon & Co. became one of the most active investment houses
Among
York, and
Metropolis—thereby
founded in 1902 by the late William Salomon
of issue for both railroad and industrial financing.
have been the California Packing Corporation,
more.
twnety-one years.
Company,
senior partner of Speyer & Company:
their Rosters of Directors and Stock¬
and forwarded every progressive step in the commercial, political and cul¬
large industrial enterprises including the Otis Elevator Com¬
Virginia-Carolina Chemical Company, Jones & Laughlin Steel Com-:
pany,
and higher activities
new
Through their directors, stockholders, and depositors,
The house
of numerous
pany,
being remodeled for their
consolidated institution.
a
one finds the names of the Ludlows, Wolcotts, Bakers,
Lydigs,
Roosevelts, Astors, Lispenards, Beekmans, Vermilyes, Varicks, Schaabs,
of A. T. Stewart, of the Costers, Remsens, Bogarts,
Livingstons, Ogilvies,
United States and Canada, being noted for
many years for the large volume
of Blair
as
site, for their joint occupancy the
holders,
very
of equipment note issues placed through it
by various railroad systems,
which type of security they were instrumental in
developing.
now
on the same
All through their Minute Books,
important railroad system in the
many
many stockholders
neighbors, at 40 and 42 Wall Street.
they erected, still
building which is
as
Co. in the present
established in 1890 and is regarded as one of the richest and most-
was
conservative of American banking houses.
banking in the interests of New York's commercial
from the very first the two Banks had
During the whole 117 years since 1803 they have lived and worked
announce¬
Chicago and North Western Railway and the
Deleware Lackawanna & Western Railroad.
for merchants, and dominated throughout by
in common.
ment, made public April 1, we quote the following:
The
lite,
by Alex¬
capital of $1,250,000.
a
the same ideals of sound
and industrial
bearing his
well
Hamilton, with
Founded by merchants,
the death of William Salomon, who had been head of the
firm
1383
more
now
has
capital, surplus,
of about $20,000,000 and total
re¬
than $200,000,000.
John B. Dennis
Hunter S. Marston
George Armsby
Heman Gifford
Dunlevy Milbank
Frank C.
Edward F. Hayes
Alonzo Potter
James C. Brady
Clarence Lewis
Lewis P. Sheldon
fornia, and the controlling factor in that institution,
William Braden
George N. Lindsay
Elisha Walker V;
as
Harry Bronner
Edgar L. Marston
Jacques Weinberger
Armstrong
J. Cheever Cowdin
consisting of Harry Bronner,
Elisha Walker,
Hunter
The offices of the new house will
be located in the Blair
Broad Street, which is being acquired by Blair & Co., Inc.
are located in the
Philadelphia,
Louis,
San
Meridionale.
Building, 24
President
Branch offices
Francisco
and
Buffalo,
Rochester,
Los
Detroit, Cleveland,
noted in
our
The
associated
the
the Bank
of
.
As
a
of
Vice-
Italy, California, and the East
Harriman National Bank entertained
Biltmore
this city,
Company
March 20 in honor of its ninth birthday
national bank, the guests being the officers
ratified,
the bank has shown
as we
March 24, became
preliminary step in the
and directors of the institution.
anc.
merger pro¬
its
a
Each year
reflection
a
since its charter
substantial increase in the
deposits at this date, which
000,000,
dinner at
at
on
as a
anniversary
'
issue of Saturday last, on
effective March 29.
acquisition, the Banca dell' Italia
new
St
during the war, was
The merger of the Bank of the Manhattan
National Bank of
business
a
He is accompanied by J. L. Williams,
the representative of the United States Food Administration in England.
the Merchants
the Mauretania for
on
His time will be spent principally in Naples
The European representative
Angeles.
with offices in London, will be Lewis P. Sheldon, who has been
with William Salomon & Co. for many years, and who,
4
well
River National Bank.
principal cities of the country, including Chicago, Boston
Wilkes-Barre,
March 23
on
looking into their
Jacquees
Weinberger, George Armsby, Clarence Lewis and J. Cheever Cowdin.
as
the affiliated bank, the East River National Bank of this
trip to Europe.
committee
Marston,
Giannini, President of the Bank of Italy, Cali¬
city, sailed
Graham Youngs
The active management will be in the hands of an executive
P.
A.
of
the
are
in
now
exceptional
figur.es of
of $41,-
excess
and
continuous
ceedings the Merchants National had recently been placec.
growth of business in
the Fifth Avenue section and the
in
Terminal
institution,
voluntary liquidation and
of the Merchants Bank
was
a
State charter under the name
taken out, the union thus
being
The
zone.
positors,.'
•
enumerates
\
.
8,000
de¬
"■
actually effected between the Merchants Bank and the Bank
the Manhattan
of
Co.
the consolidation and the
to
from
us
official
What is said to be
The
come
of the strongest banks in New York comes
into
being this morning with the completed merger of the Bank of the Man¬
hattan
Company and the Merchants' Bank.
The new great Bank so
hattan
& Traders National Bank of this
which in
Resolved, That the
formed retains the name of the Bank of the Man¬
this board
Mr.
physical consolidation of the two banks, indeed, means simply tear¬
ing down the marble partition separating them, since the Merchants
has been located at 42 Wall Street ever since its
Bank
organization in 1803.
Students of New York financial and commercial history will remember
the bitter controversy surrounding the
organization of these two banks.
after
brief
a
on
recording the
1
Company, at 40 Wall Street, at which address the Bank has done
23
directors of the- bank
business ever since its founding in 1799.
The
March
on
sources:
one
The death of Frank I. Worrall, a director of the
following narrative rbgarding
history of the two banks has
as a
news
illness.
March 26
sense
Importers
city, occurred at St. Louis
a
At
a
meeting of the
resolution
adopted
was
of loss suffered, said:
of the death of Mr. Frank I. Worrall
comes
to
great shock.
Worrall had only been a director of this bank about
two
months,
having been elected to the board at the annual meeting of the stockholders
Jan.
on
13
1920 but during his short connection with this board he
secured to himself the
had
high regard and esteem of his fellow directors, who
desire to record their appreciation of his ability as a merchant, his integrity
excellent
and
judgment.
Certainly nothing could have seemed more unlikely in 1803 than that
"Burr's Bank" and "Hamilton's Bank" would ever consolidate, bound up
as
The
tenth
they were with the political and personal animosities of the two men with
on
which they were identified.
In
point of fact, the dramatic quarrel between Burr and Hamilton has
rather obscured their essential likeness in ideals and vision.
As everyone knows, the Bank of the Manhattan Company was
in 1799, as an "Office of Discount and
founded
Deposit" operating with the surplus
funds of the Manhattan Company—which was
organized by Aaron Burr
and his associates primarily to install a water system
throughout the city
of New York.
It is worth
City
an
noting, by the
way,
that the Manhattan Company gave the
excellent water system for its time—with well and reservoirs and
25 miles of mains, superseded only with J-he
more
than
The
introduction of Croton Water
forty years later.
capital of the Manhattan Company
This capital was increased in
was
$2,000,000.
1805 by $50,000, representing the 1,000
shares of stock which by its charter it was
obligated to issue on demand and
payment by the State of New York.
One of the original subscribers to the Bank of the Manhattan Company
was
also "The Mayor,
Aldermen and Commonalty of the City of New York"
at
corder
a
director of the Bank, from 1799 to
was
legislated out of existence.
1907, when
the office of Re¬
Morris Plan company,
capitalized
$20,000, having begun business on March 23
1910 at
Norfolk, Va., where its founder, Arthur J. Morris, then lived.
Loans
year
during the first
year
amounted to $45,400.
In the
just ended 103 Morris Plan banks, scattered all over
the country, from the
Atlantic to the Pacific and from the
Canadian border to the Gulf of Mexico, made about 275,000
date
loans
aggregating $55,000,000. Morris Plan loans to
950,000 and amount to $155,500,000.
The
number
parent institution—the Industrial Finance Corporation, of
which Gen. Coleman du Pont is President and Mr. Morris
is
Vice-President and
General Counsel—is
capitalized at
$3,700,000 and the local banks (each of which is independent
of all the
—2,000 shares, by virtue of which the Recorder of the City was always exofficio
anniversary of Morris Plan operation ended
March 22—the first
500,000.
others) have
an
aggregate capital exceeding $12,-
Trust Co. of this city cates of stock will be delivered as soon thereafter as the
distributing a booklet entitled | (proposed increase is approved by the Comptroller of the
Currency.
Transfer Agent and Registrar."
United States Mortgage &
The
_>i
[Vol. 110.
THE CHRONICLE
1384
'has just issued and is now
"A Trust Company as
♦
♦
—
Westchester
Control of the Tradesmen's Bank;, located at
has been
and Southern Boulevard ih the Bronx,
Avenue
purchased by the Columbia Bank of this city and will be
continued as a branch of the latter.
The Tradesmen's
Bank
the Westchester Avenue
until recently known as
was
At
special meeting to be held
a
of the
on
June 2 the stockholders
Fidelity Trust Co. of Philadelphia will act
upon
the
proposal to increase the capital of the institution from $5,000,000 to $5,200,000.
The new stock will be issued in
furtherance of the plans for the purchase of the Logan Trust
Co. stock, reference to which was made in the "Chronicle"
reported in our issue of March 27, page 1258. The
Logan Trust Co. has a
of February 28.
The capital was at the same time increased
•capital of $1,000,000 in $100 shares and the new issue of
from $100,000 to $200,000.
It has deposits of about $3,000,- stock of the
Bank, the change in name having been
capital from
The Columbia Bank recently increased its
000.
$1,000,000
The latter has
$2,000,000.
to
a
surplus of
is under¬
$1,000,000 and undivided profits of $560,000.
It
stood that the Tradesmen's Bank is purchased
is not
and
acquired through
The
principal office of the Columbia Bank is at 507 Fifth Avenue
it has
branch at 415 Broadway .
a
»
through the
issuance
tional Bank of Philadelphia on March 24 it
of 300 additional shares of the par value
the stockholders at
share and the premium of $45,000 added to the
Frederick E. Willits is Chairman of the board,
$250 per
surplus.
and David N.
the stock is $50 per share.
added
be
application has been filed for a charter for the Near
East National Bank of New York, capital $200,000.
A. J.
an
Sadallah, of 60 Washington St., this city, is interested in
the movement.
the
succeeded the Peoples National Bank of Malone (the latter,
as
have
we
previously announced, having been placed in
Feb. 28 a capital of
$300,000, surplus of $100,000, undivided profits of $137,086,
liquidation)
voluntary
reported
on
deposits of $1,480,796, and total resources of $2,197,073.
The officers of the company are N. M. Marshall, President;
B. R. Clark and F. R.
Kirk, Vice-Presidents; M. F. McGarra-
Seaver, Treasurer; T. J. McKee,
C. W. Russell, Assistant Treasurer,
Secretary; H. H.
han,
Assistant
Secretary;
and W. A. McDonald, Trust
^
At
meeting of the directors of the Guarantee Trust &
a
Safe Deposit Co. of Philadelphia on March 25, Arthur M.
A
departure,
National Bank of Newark, N. J., with the Merchants
turers
National Bank of that city is to
the stockholders
on
April 15.
be taken at
The
name
a
meeting of
of the consolidated
nstitution, in the event of the ratification of the plans, is
the Merchants
be
to
formation by
far as Philadelphia is concerned, is
new so
the directors, officers and stockholders of the
Ninth National Bank of
It is
be Vice-President; Arthur
to own any
was
The Merchants National Bank has a capital of $1,000,000
and the Manufacturers National
a
capital of $350,000.
be identical, and while a stockholder of the bank is not required
may not own more
The
their meeting on March
29 the stockholders of the
First National Bank of Boston voted to
$7,500,000 to $15,000,000.
from
about
through
the
issuance
of
Increase the capital
This increase is brought
75,000
additional
shares
As indicated in our issue of March 6 stock¬
April 1 are given the privelege of subscrib¬
(par $100).
holders of record
ing for the
new
become effective
stock at par.
April 15.
The enlarged capital is to
shares of the trust company than he
(capital $150,000),
has been placed in voluntary
liquidation, its business having been taken over on March 20
by the Hampshire County Trust Co.
The latter was organ¬
ized on March 11 of the present year with a capital of $150,000 (in
Vice-President,
Arthur L.
handle
some
a
John
W.
The
President, F. A. Macomber;
Mason;
2d
Vice-President,
Kingsbury, and Treasurer, Ralph E. Boynton.
meeting of the stockholders of the Union Market
National Bank, of Watertown, Mass.,
held
on
March 15
1920, it was voted tol increase the capital of the bank from
$200,000
tb $300,000 and the surplus from $100,000 to
$200,000, by
per
of the bank.
ago,
years
to
investment business; by the Irving National Bank of New York
an
City, when it acquired the Irving Trust Co., and also by the First National
Bank of Scranton,
Pa., when it acquired the Lackawanna Trust & Safe
Deposit Co. of Scranton.
The Ninth National Bank has
authorized capital of $500,000,
an
will be the same in amount and in par value.
divided
the trust
It is proposed that
before April 15, provided
owners
of
2,600 shares of the bank stock shall have assented.
The Ninth Title & Trust Co. will be located at the northeast corner of
and Allegheny
Kensington
when
and the permanent building,
avenues,
|
constructed, will be on two sides of the elevated railroad station at that
point.
Temporary quarters
will be
adjoining,
at
1809 and 1811 East
Allegheny Ave,
We
are
officially advised that since the above article
was
prepared, enough assents have been received to make the
plan operative.
4
Edwin
Warfield,
Governor
former
of
Maryland
President for many years of the Fidelity & Deposit
died
on
and
Co. and
was
the founder),
March 31 in his seventy-second year.
Because of
Fidelity Trust Co. of Baltimore (of which he
failing health Governor Warfield had resigned
from
Presidency of both institutions since the first of the
the
year,
but had continued to be identified with the management of
the Fidelity Trust as
Chairman of the board.
John G. Pew has been elected President and J.
Flannery
of
Rogers
director, of the Oakland Savings & Trust Co.
a
Pittsburgh, Pa., to fill the vacancies caused by the death
Flannery.
Other changes in the staff of the
dent; C. B. Aylesworth
C. W. Ehni
as
as
Vice-Presi¬
Vice-President and Secretary;
as
Assistant Secretary; O. C. Young as Treasurer,
and J. S. Borland and Fred W. Cotton
as
Assistant Treas¬
Mention of the death of Mr. J. J. Flannery was made
urers.
in these columns March 20.
An announcement made
by F. H. Goff, President of the
Cleveland Trust Co., of Cleveland, on March 16, stated that
plans for the
merger
of the Hough Bank & Trust Co. with
the Cleveland Trust Co. had been perfected.
At
stockholder
shares of $100) and paid in surplus of $50,000.
officers of the company are:
1st
owns
bank include the election of William Loeffler
Hampshire County National Bank of Northampton,
Mass.
a
plan follows closely that used by the National City Bank of New
of James J.
♦
The
be
may
unless he is also a stockholder of the bank, and then he
City when it organized the National City Co.
♦
At
the
given of the plan:
of the stock of the trust company, no one
of the trust company
L. Phillips, Cashier, and William
H. Warner and Theodore R. Plume will be Assistant Cashiers.
as
In the Philadelphia "Ledger" of
proposed that the stockholders of the bank and of the trtist company
shall always
York
institution to be known
a new
April 1 the following account
and Manufacturers National Bank.
Joseph M. Riker, President of the Merchants National, will
be President of the united bank; William J. Gardner will
were
company.
witnessed in the movement, announced this week, for the
company
the proposal for the merger of the Manufac¬
on
is to be
into 5,000 shares of a par value of $100 each, and the capital of
Officer.
As
$450,000.
paid in full by April 30.
the plan shall become operative on or
Action
same
indicated in these columns Feb. 28, the new stock
Ninth Title & Trust Co.
Peoples Trust Co. of Malone, N. Y., which on Feb. 1
The
value of
par
Jenkins, S. Harvey Thomas, Jr., and William W. Peck
Gay is President of the bank.
Comptroller's "Bulletin," issued March 20, reports
The
$100; the
The premium of $100,000 will
the surplus making
to
the
The stock is disposed of
appointed Assistant Treasurers of the
that
voted to
was
increase the capital from $250,000 to $350,000 through
The stock is to be sold to
$100.
of
This increase is brought about
$70,000 to $100,000.
>'
meeting of the stockholders of the Kensington Na¬
a
to stockholders of record March 31 at
planned to add $30,000 to the capital of the Glen
Cove Bank of Glen Cove, N. Y., thereby increasing the same
from
1
♦
At
issuance of $100,000 of new stock.
It is
valuation of
a
shareholders.
outright
exchange of stock.
an
Fidelity Trust will be issued at
$500 per share in the exchange of stock with the Logan Trust
share.
an
The
issue of 1,000 shares of
money
new
stock at $200.
is to be paid in April 2 and certifi¬
became effective April
has
a
1.
capital of $50,000, it
Haserot
has
been
its
The
merger
The Hough Bank & Trust Co.
was
established in 1898 and H.
President
institution will be operated
as
Trust Co.
4
since
a
its
inception.
The.
branch of the Cleveland
Apr. 3
1920.]
The directors of the First National Bank of
the First Trust &
to be
CHRONICLE
THE
Savings Bank have awarded
Chicago and
10% bonus,
a
divided
profits,
also deposits
in South Carolina.
is from 20
paid April 1, to all employees of both institutions.
1385
30 points
to
and
of
resources
higher than the book, this, it is
pointed out, being evidence that the stock is
Sherman
C.
Spitzer, Assistant General Counsel of the
Chicago Trust Co., has been
elected
Secretary
that
of
Vice-
as
President of the Continental & Commercial National Bank,
date
much
very
the last bank call,
of
its capital
the institution (before
Feb. 28,
enlarged) had surplus
was
profits of $375,849, deposits of $10,983,198 and total
of
resources
♦
Joseph McCurrach has tendered his resignation
the
At
demand.
and
to succeed the late R. W. Boddinghouse.
company
in
bank
any
The present market value of the stock
Wilie Jones is Chairman of the
$15,043,500.
Board; J. P. Matthews is President and Wm. M. Gibbes
Jr. is Cashier.
■"
i'
■
Chicago, effective April 1, to become senior officer of the
United States for the Banco National Ultramarino, Ltd., with
headquarters in New York.
Mr. McCurrach has been in
charge of the foreign department of the Continental & Com¬
mercial
since
Bank
Vice-President.
not
national
Two
acts
made
was
"The Banco National Ultramarino is
banking house with
intermediary
as
he
ago
I regret leaving Chicago," Mr. McCur¬
as
a
inter¬
an
capital and surplus of $26,-
Its New York office receives
500.
years
"The change is a promotion which I could
refuse, much
rach said.
1902,
no
American deposits,
but
export and import trade."
on
The Hibernia Bank & Trust Co. of New Orleans in
com-
its part in converting saloons into banks,
says:
menting
apparently,
Park
many years
with the Central Hyde
Bank has been elected Vice-President of the Citizen's Trust
Down in New Orleans, the Hibernia Bank & Trust Co. has made four
Savings Bank, Chicago.
♦
/■'
■
Co., Chicago, have
C. Stallwood, to the newly
created position of
H.
Gunten and C.
R. Van
1
Koch
A. Edmonds,
as
Assistant Secretary.
as
Chicago Trust Company
appointed
announce
an
Assistant
They also announce
Manager of the Bond Department.
that Loring
G. Calkins, formerly with Halsey, Stuart & Co.,
with
associated
become
the
Bond
sales
Department
It will be under the management of Mr. Carlo
St.
opposite another famous old market,
branch,
location
was
noted in the
years
branch of the Hibernia Bank now stands where once was a
for five months and has enjoyed a profitable existence.
capital from $200,000 to $300,000, effective
increased its
The additional stock, authorized by the
Jan. 13
on
stock¬
the
now
Jefferson branch,
located in the upper section of New
This branch is a flourishing institution,
It serves the populous
manner
estate
Iowa, has
the extent of $250,000 or from $750,-
value
allotted pro rata to the stockholders at $150
The increased capital became effective at the
The additional
$1,000,000.
share.
close
business
of
holders'
$250,000,
par
meeting
March 25
the annual stock¬
At
1920.
Jan. 13 1920, resolutions were passed
on
approving the increase.
The Utah State National Bank of Salt Lake
"/v.''
City, Utah,
Plans to enlarge the capital were ratified by the
stockholders on Dec. 18 1919.
The new stock was sold at
000,000.
the $1,000,000 capital became effective
$200 per share, and
March 5.
and hence is
The Inter-State National Bank of Helena,
Ark., has issued
stock, its capital having been increased
$200,000 to $500,000.
Its surplus is now $250,000.
new
plans to enlarge the capital were ratified by
The
holders
Feb. 4, and the new stock
on
posed of at $150 per share.
the stock¬
(par $100) was dis¬
The increased capital became
effective March 15.
♦
The Bankers' Trust
"deposit" business has been merged with the Savings
that its
Bank
soon
Company of Norfolk, Va. announces
of
as
Norfolk,
the
new
with headquarters
home
at
that bank.
As
|Of the Bankers' Trust in the Paul-
Gale-Greenwood Building is completed, the trust company
will
move
there, together with the Savings Bank of Norfolk.
♦—i
The
Palmetto
Bank
Columbia,
of
S.
C. has
The
stock (par $100 per share) was sold at
par to those
were
already stockholders and at $175 per share to
public.
The $1,000,000 capital was made available
increased
new
who
the
March
on
National
11.
Feb.
capital
It
28.
had
frbm
been
Practically
$500,000
authorized
every
to $1,000,000.
by
dollar
the stockholders
of
the
increased
taken by the old stockholders. The claim is made
the Palmetto has the largest capital, surplus and un¬
capital
that
its
was
i
now
under "both Government
The institution reports a capital of
supervision.
$500,000, surplus of $10,000, undivided
ducts
profits of $40,000
of $172,679.
The Corporation con¬
general banking business.
George L. Ramsey is
and deferred earnings
a
President.
—♦—
W.
W.
of
Crocker,
son
elected
a
world
war
Captain.
Francisco, has been
Mr. W. W. Crocker
Vice-President of the bank.
recent
Crocker, President
of William H.
the Crocker National Bank of San
and
was
commissioned
a
"
.
_—4
A. W.
Lindsay, Vice-President of the Fidelity
National
Spokane, Wash, has been elected President of the
Union Park Bank of Spokane filling the vacancy caused
Bank of
Mr. Lindsay
Albert J.
Ziv, has been appointed a director of the Union Park Bank
succeeding Mr. Strathern.
L. D. Means is Vice-President
by the recent death of H. M. Strathern.
will retain his post
4
.'-i
Banking Corporation of Helena, Mont., announces
that it has been admitted to membership in the Federal
The
its capital, making the amount $1,-
has added $400,000 to
from
Is a
banking house preferable to a saloon?
Hibernia Bank says "yes".
served in the
4
$300,000 of
What will become of
occupied by saloons if prohibition succeeds?
now
$100 each, was
per
practical and constructive
age-old question which prevailed B.P.:
the
real
Bedford limestone.
community of upper New Orleans.
Thus the Hibernia Bank is answering in a very
and State
The Des Moines National Bank of Des Moines,
increased its capital to
to
and has recently com¬
pleted the construction of a handsome new home of
Reserve system,
sold at par, namely $100 per share.
was
♦
000
It shows
bespeaks the progressive, industrial nature of the
Side.)
Orleans.
the
building with
(This branch, by the way, has been
doors cut high from the pavement.
♦—
holders
It will
saloon marking its site.
institution.
Algiers—the West Side of the Mississippi River opposite New Orleans
proper—has been included in this banking house magic.
The Algiers
The
Washington Park National Bank of Chicago, 111. has
March 18.
the Dryades Market.
(before prohibition) for the
B.P.
well appointed
organization.
The
A.P.
Papini, vice-Italian Consul at New Orleans.
Another branch which will be constructed immediately is the Dryades
West
that J. Preston Burlingham has been
has
year one,
Orleans, "directly opposite the famous French market
appointed and is equipped so as to extend its patrons
financial service.
And
The directors of the
in the
The more recent of these is the Decatur St. branch, a handsome two-story
substantial deposits and
♦
■
so
branch bank which the Hibernia Bank has constructed in the old French
open
Assistant Cashiers, and F. J.
And
speedily be converted into a marble and mahogany service
■
The directors of the Northern Trust
Treasurer,
goods stores.
(mieanig the first year after prohibition), these four ex-thirst-emporiums
have been converted into substantial, up-to-date banking offices.
character—or lack of character—of the
.
elected S.
question—namely, four branch banking houses in buildings
which formerly were retail wet
This
and
was
This,
This office is well
Chicago, and later of the Hyde Park State
Bank,
made of former saloons, bars, cafes, &c.
left to local option.
was
dec sions of this
every
Cottle, for
stipulated in the Prohibition Amendment
One thing that was not
what disposition should be
quarter of New
♦
Jordan B.
upon
of
with the Fidelity National.
the Union Park Bank and E.
Announcement is made by
R. Anderson is Cashier.
the Sterling Bank of Canada
(head office Toronto) of the creation of a profit-sharing
plan in the interest of the bonded employees of the insti¬
tution.
The plan has no bearing on salaries beyond the
fact
that it is given in
porportion to the salaries the em¬
The dividend will vary according to the
net earnings of the bank and as each man's salary increases.
In conformity with the new plan, which is to become effec¬
tive on May 1 an interim dividend has been issued to all
bonded employees who were in the bank's service on Oct.
31 and Jan. 12 last.
Another dividend will be given to the
ployees
men
earn.
on
the salary at that time, and
six months earnings of the bank.
April 30, based on
covering the previous
—♦
The
Standard
has declared a
30th of April,
annum upon
will be
Bank of Canada
(head office Toronto)
dividend for the current quarter ending the
1920, at 3^%, being at the rate of 14% per
the paidup capital stock of the Bank,
and which
payable on and after the 1st day of May, 1920, to
Shareholders of record as of the 17th of
April, 1920.
1386
THE CHRONICLE
[Vol. 110
ENGLISH FINANCIAL MARKETS—PER CABLE.
The
as
&
daily closing quotations for securities, &e., at London,
reported by cable, have been as follows the past week:
Ijondon,
Mar.27.
Week ending April 2—
Silver, per oz
Gold per fine ounce.
Mar.29
Mar.30. Mar.31.
Mon.
Tues.
Wed.
71%
72 A
72%
71%
105s.8d.
105s.
46)4
88%
126
88%
80
79%
58.82
58
>8.30
88.30
.....
88%
59
price of silver in New York
Silver in N. Y., peroz._.cts.
46
79%
British, 4% per cents
Holiday 79%
French Rentes (In Paris), fr
59.20
French War Loan(lnParls),fr.
Vri.
Holiday
Holiday
Holiday
106s.7d. 106s. 2d. 105s.
Holiday 45%
Holiday 87J*
46 %
88.30
the
on
1?6%
Holiday
-
NEW
YORK—MONTHLY
Customs Receipts
at New
Month.
Imports.
Holiday
Holiday
126%
OF
Merchandise Movement at New York.
Holiday
Holiday
88.30
126%
TRADE
STATEMENT.
1918-19.
1910-20.
1918-19.
1919-20.
$
July
S
$
$
$
179,457,378
1918-19.
$
IMPORTS AND
EXPORTS FOR FEBRUARY.
of Statistics
TRADE
MOVEMENT OF THE UNITED
the following tables
(In
three
clphere are In all
15,281,139
15,444.278
September 251,529,881 115,731,618 267,365,966
214,756,732 105,821,699 324,627,015
98,787,677 237,666,749
December. 221,159,962 91,969,882 204.779,114
January
280,997,659 85,880,208 *257,151,089
February
260,144,811 110,759,849 301,626,954
21,023,969
222,987,829
19,376,716
264.544,534
21,284,852
311,376,177
19,323,958
6,342,530
8.026,387
9,856.349
Total... 1803036796 827,534,827:2095508675' 1857594796
145,268,004
65,208,155
..
.
Imports of gold and silver for the
Exports.
I
1918.
|
j
1622,553
$722,058
1
March
645,769
603.142
April.........!
May...
June
------
October
November
December....
»—-----
..
Total
235,124
267,596
$233,942
207,715
1919-20.
Exports.
1919-20.
$
S
$
$
292,916
260,350
August...
343,746
241,878
273,003
September
October
261,669
November
246,765
December-
251,008
210,887
183,085
861,071
649.358
February.
1,458,285
529,787
$3,904,365 $3,031,213
Total...
8,337,735'
527,014
550,396
501,861
307,293
435,449
......
401,845
424,810
522,236
565.886
380,710
$7,921,176 $6,149,087
July.
January
$
393,587
1,310,313
287,011
627,829
688,892
559,988
2,683,735
1,230,283
791,436
..
456,282
..
531,690
1920.
January......
February.....
1919.
$47,758
1918.
$3,396
3,110
3,803
June
1,956
82.973
54,673
7,200
August
45,189
3.277
September
1919.
3,560
3,599
2,704
J uly
1920.
2,809
1,770
March
43,048
...
April
May...
Breadstuffs
Import*.
$3,746
5,084
October
29,051
44,149
51,858
46,257
$2,113
4,473
3,945
10,481
6,692
1,080
»
3,048
December
1918.
$12,018
V-.-
$4,404
3,903,713
1,974,668
3,921,003
268,600
1,680,894
5,279,491
3,080,163
737,990
381,200
1,777,994
2,039,169
12,110.147
22,246,193
17,790,299
24,814,399
221,832
985,950
2,517.289
1,738,094
14,251,986
2,346,310
261,913
1,858,736
2,327,316
3,132,386
11,362,884
15,053,076
23,458,874
:
4,904,897 112,850,881
1,580
Total
2,549
1,912
6,621
31,892
2,284
Receipts at—
Flour.
1,555
Wheat.
$368,185
mm
Chicago
177,000
1.472
2,611
2,397
Milwaukee..
1,766
223,000!
1,836,000
Minneapolis.,
1,470
1,920
12,914
$41,069!
Toledo
$76,534
$62,043
Duluth
4,000
St.
Louis..
Peoria
Omaha
1920.
1919.
$24,628
$19,015
15,865
33,100
84.000
43,000
1918.
1920.
March
$6,628
6,619
23,106
1919.
$8,863
12,471
1918.
$5,576
$5,998
6,767
48,000
746,000
25,077
13,432
12,251
28,599
46,381
June
12,608
8,566
40,686
5,528
12.928
20,549
10,340
12,270
32,038
...
.....
July
August
8,262
13,809
September
October
I...
November
8,198
6,963
7,067
1
5,081
308,000
4,079,000
386,000
2,792,000
1,483,00$
8,734,000
3,904,000
3,602,000
8,801,000
1919-20
8,327
7,539
8,722
6,766
7,150
7,019
4,330
$252,840
$89,410
Total
receipts of flour and grain at the seaboard ports for
the week ended Mar. 27 1920 follow:
$71,375
......
Receipts at—
Flour.
Wheal.
Corn.
Oats.
Barley.
Rye.
Barrels.
New
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
OR
IMPORTS *
York...
133,000
361,000
1,345,000
29,000
258,000
Portland, Me.
Philadelphia
Baltimore....
60,000
204,000
oTooo
5~3~666
22,000
143,000
126,000
Norfolk
EXPORTS
Gold.
1919.
1918.
Stiver.
1920.
1919.
1920.
386,00,0
64,000
New' Orleans*
1919.
I
$
$
$
97,000
37", 000
6+655
66",66,0
10", 000
251,000
15,000
"£666
154",666
32",666
32',000
42,000
8,000
1+600
78166,6
"Y606
418,000
2,406,000
298,000
4,680,000
995,000
196,000
Galveston
/
Jan..
+248,154
Feb..
+ 178,298
S
Montreal
+409,560
+ 1,283
+ 15,765
+ 14,039
St. John
+ 203,647
+38,575
—835
+3,394
—6,678
+ 441,843
+26,343
+ 14,908
Boston
+ 280,738
+221,462
—4,922
+ 18,010
Total wk.
+ 275,041
+ 635,463
July
+ 35,740
+ 349,973
June.
+ 270,856
+ 335.546
.
April.
May
+ 228,072
+ 87G
+ 20,686
Since Jan. 1'20
5,426,00/0 23,672,000
775,000
5,000
8,177,000 38,408,000
Sept.
+ 223,449
+ 56,839
+ 5.529
+ 205,590
+ 52,827
+ 2,734
Week 1919...
+42,699
+27,579
+ 5,482
Since Jan. 1'19
Oct..
+ 159,765
+ 229,774
Nov
+ 315,203
+ 255,096
+ 271,228
+340,940
+ 288,727
+5,389
-
+ Exports.
+ 12,033
+ 354,999
+39,179
+49,461
+33,343
+4,016,811 +3,117,874
.
Dec..
162,000
158,000
"To, 56
714,000
86,666
+291,651
+149,611
+ 3,548
+20,910
164,000
3,242,000
9,968,000
1,013,00.0
3,658,000 10,068,000
577,000
314,000
751,000
19,027,000 4,812,000 6,565,000
♦Receipts do not Include grain passing through New Orleans for
foreign ports
on through bills of
lading.
\
■
The exports from the several seaboard
ports for the week
are shown in the annexed statement:
ending Mar. 27
—Imports
Exports from—
Merchandise.
Gold.
Mos.
(0008
Excess
omit¬
Ex¬
Im¬
ted).
ports.
ports.
of
Exports.
3,861,644
'16-17 4,082,994
•15-16 2,584,683
'14-15 1,634,466
Excess
Ex¬
Im¬
of
Ex¬
Im¬
of
ports.
port*.
Exports
ports.
ports.
Export*
$
S
$
$
$
%
$
$
%
'19-20 5,231,065 3,235,228
1,995,837 361,983
'18-19 4,3S2,511 1,933,326
2,449,185 26,073
'17-18
Stiver.
Excess
42,580 319,403 137,408
17,977
8,096 211,785
1,841,309 2,020,335 178,180 81,243 96,937 58,551
1,547,812 2,535,182 132,175 661,740 Z529529 53,134
1,291,073 1,293,610 47,741 328,054 /280313 38,332
1,055,632
578,834 140.387 46,267 94,120 34,705
68,155
69,253
48,569 163,216
45,635 12,916
22,675 30,459
23.191
16,650
/ Excess of imports
Similar
totals
make
for
six
the
months
since, July
1
for
six
Corn.
Flour.
Oats.
Bushels.
Barrels.
Bushels.
New York........
286,159
Portland, Me
1,345,000
Boston
40,000
Philadelphia
298,00.0
Baltimore
267,000
155,605
2+660
77,000
2,00.0
56,000
64,000
"T666
25,000
Norfolk
Rye.
Barley.
Bushels Bushels Bushels
49,376 159,904
19,527
20"666
25*000
75,000
298,000 437,000
New Orleans
166,0.00
243,000
95,000
42,000
48,000
St. John, N. B
Total
week
Week 1919
2,687,159
82,000 326,605
116,060 470,222
5,305,604
6,000
373,376 839,904
19,527
706,000 238,000
52,221
The destination of these
exports for the week and since
July 1 1919 is
as
follows:
exhibit:
Flour.
Wheat.
Corn.
Exports for Week
Merchandise.
Gold.
Mos.
Excess
Ex¬
Im¬
ports.
$
ted).
and
Stiver.
Since
Excess
Excess
Ex¬
Im¬
Of
Ex¬
Im¬
ports.
of
Exports.
ports.
Export*
ports.
ports.
Exports
$
$
%
$
$
I
V
Since
Week
Mar. 27
July 1
Mar. 27
1919.
1919.
Barrels.
Barrels.
United
1920
.
1910
.
1918
.
.
.
.
Since
July
1
Week
Since
Mar. 27
Julul
1919.
1919.
1919.
Bushels.
Bushels.
of
ports.
S
Week
1919.
July 1 to—
(000s
Peas.
J
Galveston
15,141
18.055
Wheal.
Bushels.
2
"7", 000
'
'20
+254,014
+ 221,942
+ 338,761
Aug
1917
619,000
1,309,000
446,000
5,490
9,685
$239,021
1920.
1915
704,000
2,139,000
1,848,000
11,128,000369,833,000 149,366,000215,777,000 60,490,000;34,498,000
11,327,000144,657,000167,508,000 239,342,000!42,462,00020,836,000
.
1916
6,000
30,000
15,475,000 163,937,000; 143,354,000 157,958,000 24,406,00.026,225,000
1918-19
1917-18
48,306
EXCESS OF
8
13,000
14,000
Since Aug. 1—
5,351
5,220
7,257
7,172
7,079
19,052
Merchandise.
—
52,000
134,000
155,000
52,000
618,000
223,000
89,000
254,000
286,000
4,969,000
3,286,000
330.000
7,298
30,595
December
......
Total wk. *20
19.5,000
202,000
2,000
60,000
569,00.0
323,000
617,000
328,000
Same wk. '18
278,000
4,449
May
April
Rye.
242,000
15,000
630,000
309,000
51,000
Same wk. '19
January
February.....
Barley.
1,385,000
292,000
139,000
261,000
28,000
......
Indianapolis..
,
Oats.
1,839,000
118,000
64,000
62,000
9,000
332,000!
47,000
1,099,000
Kansas City..
Imports.
Corn.
bblsA96lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48lbs.
bushMlbs.
4,970
......
Exports.
omit¬
709,700
232,476
brought from page 1445.—The
statements below are prepared
by us from figures collected by
the New York Produce
Exchange. - The receipts at Western
lake and river ports for the week
ending last Saturday and
since Aug. 1 for each of the last three
years have been:
2,597
SILVER.
ears
549,939
figures
Detroit
Total
1,193,471
1,901,535
2,881,673
2,746
26,134
1,846
2,490
J
_
2,178
November....
Mar
$
23,609,186
GOLD.
Exports.
Total
1919-20.
1918-19.
507,468
■*■'
278,981
322,853
Exports.
1919-20.
550,925
483,799
272,957
328,926
Imports.
1918-19.
242,162
500,443
T
{■
467.471
Imports.
568,688
646,054
595,214
631.619
740,013
681,650
July
August.......
September....
$212,993
714,800
......
Silver—New York.
1918.
$473,904
603,967
928,379
......
|
$504,797
411,362
522,900
585,097
..i
8 months:
Gold Movement at New York.
1919.
1920.
Month.
January
February
16,792,158
Import*.
1919,
1920.
•
16,740,934
STATES.
MERCHANDISE.
V-.+'
..
November 231,808,185
omitted.)
canes
9,215,233
8,589,023
8,438,132
7.350.250
7.390.251
197,725,054
182,657,189
231,464,051
October
at
Washington has issued the
statement of the country's foreign trade for Feb. and from
it and previous statements we have prepared the following:
FOREIGN
96,101,747 237,532,410 237,731,667
August... 163,182,18& 122,452,147 264,759,378
209,108,295
The Bureau
York.
Exports.
1919-20.
day has been:
same
126%
FOREIGN
Apr. 2.
Thurs.
71%
Consols,
% per cents.
British, 5 per cents.........
The
Apr. 1.
Sat.
d
1,367,827
1,207,650
916,159
1,080,973
731,820
441,273
378,286
639,700
362.534
567.685
247.272
320,413
941,375
426,452
90,806
16,491
74,315
448,117
441,658
40,492
21,335
759.533
474,501
6,507
6,058
449
52,715
12,333
6,953
1,877
42,788 162,693 /119905
23,898 21,024
2,874
13,147
10,447
5,827
/Excess of imports.
8,830
1.745
19.623 /17.878
9,582
4,448
19,157
40,382
2,700
7,757
5,134
8,612
6,687
3.925
13,581
Kingdom.
68,099
Continent
232,506
So. & Cent. Amer.
West Indies.
661,475
1,829,684
810,925
1.0.QP
5,780,240
3,000
23,000
Bushels.
7,919,835
v
Total
Total 1918-19
119",585
195",606
326,605 15,785,901
470,222 10,697,550
2,687,159
5,305,604
"Y660
4,530
1,155,316
Brit.No.Am.Cola_
Other countries...
Bushels.
49,895.063
79,539,686
120,606
4,00|0
695,862
3,000
5,219
82,000
116,060
3,080,651
4,410,832
77,000
"l95",025
129,754,910'
94,708,936!
2,132,793
191,000
52,778
wheat and
The world's shipments of
for the week
and 1918 are
corn
■ending Mar. 27 1920 and since July 1 1919
shown in the following:
July
Mar. 27.
m m *
L»
imi
July
1.
July
Mar. 27.
1.
Since
Since
Week
Since
Since
1918-19.
1919-20.
1918-19.
1919-20.
Week
By Messrs. Wise, Hobbs & Arnold, Boston:
July
I.
1.
Bushels.
73,000
7,794,000
17 Draper Corp.,
10 A. L. Sayles Co., com., $25 ea.
ex-rts.359
Bank, ex-div__260
26 Nat. Shawmut Bank, ex-div_.290H
55 rights Commonwealth Trust. _ 19 H
195 rights Great Falls Mfg
9H
2 Border City Mfg
170
6 Butler Mills, common
...225
5 Mass. Cotton Mills
167 H
10 Nyanza Mills
:
142
5 U. S. Worsted, 2d pref
...100
$ per sh.
289-290H
Atlantic Nat. Bank. 20H
25 rights 1st Nat. Bank
258H-260
30 rights Commonwealth Trust. 19-19 H
5 Tremont & Suffolk Mills
264
3 Merrimack Mfg., common
125 H
21 York Manufacturing..
204
51 Arlington Mills
170-170H
5 PocassetMfg..
95
354 rights Great Falls Mfg
9K-9 H
10 Ludlow Mfg. Associates
152H
10 Merrimack Mfg., pref
7SH
Stocks.
Shares.
25 U. S. Worsted, 2d pref
10 Bigelow Hart. Carpet, com
25 Sharp Mfg., common
2 rts. Boat. Wov. Hose &
8 Hood Rubber, common
Shares.
Danube
5,776"; 666
143,961,00,0
65,880^000
880,000
77,869,000
96,481"66O 23,394",665
39,540.000
Australia
1,39 a 000
5,623,000
India
f,9ii~666
•Oth. countr's
11,171,000 483,90j0,000328,435,000
Total
1,750,660
3",214:666
100,629,000!
34,402,000
2,951,000
1,463,000
grain, comprising the stocks in
supply of
visible
at principal points of
granary
seaboard ports Mar. 27
accumulation at lake and
follows:
was as
GRAIN STOCKS.
•
/•
.
1920
Corn.
Oats.
Rye.
Barley-
Boston
bush.
72,000
16,000
bush.
241,000
276,000
bush.
143,000
25,000
bush209,000
2,000
Philadelphia
632,000
185,000
202,000
388,000
3,000
Baltimore
606,000
291,000
—
'•
222,000
639,000
1,922,000
58,000
11,000
89,000
163,000
16,000
256,000
494,000
1,756,000
Newport News
New Orlean8
-
-
■Galveston
914,000
2,094,000
7,364,000
—
Buffalo
7,000
281,000
60,000j
875,000
25,000
83,000
17,000
123,000
130,000
2,000
8,772,000
1,277,000
8,124,000
1,481,000
783,000
500,000
54,000
2,718,000
105,000
469,000
105,000
71,000
295,000
Detroit
Chicago
*•
642,000
17,000
409,000
360,000
afloat
Toledo...
afloat
...
Duluth
Minneapolis
8t. Louis
Kansas City
Peoria
Indianapolis
.
Gmaha
Total Mar. 27 1920
Total Mar. 20 1920
Total Mar. 29 1919
Total Mar. 30 1918
grain
Note.—Bonded
874,000
1,519,000
8,489,000
517,000
9,675,000
3,000
429,000
1,970,000
682,00,0
49,000
381,000
392,000
119,000
597,000
916,000
155,000
109,000
853,000
31,000
323,000
7,454,000
4,557,000
38,000
165,000
35 North Packing & Provision
4 American Glue, pref
5 U. S. Envelope, common
5 Hamilton Mfg.
Essex
17,000
45,896,000
5,688,000 9,576,000 19,219,000
47,679,000
5,356,000
9,825,000 18,740,000
92,546,000
2,514,000 22,882,000 15,193,000
5,381,000 19,016,000 18,098,000
1,085,000
3,187,000
3,345,000
11,798,000
5,709,000
Included
above: Oats, 700,000 bushels New
274,000 Boston, total, 974,000 bushels, against
New York, 62,000, Duluth, 2,000, total, 64,000
York,
3,000 bushels in 1919. and barley,
bushels, against 78,000 in 1919.
568,000
Ft. William &Pt. Arthur. 8,488,000
Other Canadian
2,345,000
11,000
301,000
3,466,000
395,000
4,000
69,000
1,505,000
410,000
11,401,000
10,059,000
45,153,000
8,514,000
11,000
11,000
89,000
36,000
4,162,000
4,479,000
5,732,000
8,393,000
4,000
4,000
5,000
1,000
1,984,000
1,977,000
' 659,000
69,000
45,896,0Q0
11,401,000
5,688,000
11,000
Total Mar. 27 1920
Total Mar. 20 1920
Total Mar. 29 1919
Total Mar. 30 1918
Summary—
.
,
American
Canadian
9,576,000 19,219,000
4,162,000
4,000
3,187,000
1,984,000
.
.
■
,
•
■
18
360
375-375H
5,699,000
5,367,000
2,603,000
13,895,000 19,052,000
Total Mar. 27 192a....57,297,000
Total Mar. 20 192Q__..57,738,000
Total Mar. 30 1918
$persh.
Slocks.
405
Real Estate
T.I.&T. @$250
..50-50H
4 Manayunk Nat. Bank.
104 rights to subscribe
.
Percent.
Bonds.
Philadelphia, City, School
1940
98
2,000 Philadelphia, City, 4Hs,'49 104H
300 Phila.
Water
Impt.
coll.
$2,000
Dist. 4Ma,
.
5s, 1926
2,000 Amer. Pub. Serv. 1st 6s, '42
Newport & Shermans Valley RR.
Co. all franchises and property,
$40,000
real, personal and mixed
regarding
Comptroller of the
Banks.—The following information
CHARTERS
ISSUED.
Capital.
$40,000
President, John
25,000
President, Percy
The Security National Bank of Faribault, Minn
Conversion of the Security Bank of Faribault.
200,000
President,
Lynn Peavey; Cashier, Geo. E. Kaul.
Original organizations:
The Richmond Hill National Bank of New York, N. Y_
President, George Solms; Cashier, C. B. Mahler.
The Middleville National Bank, Mlddleville, N. Y
..
President, John T. Molineux; Ca<hier, Earl W. Parmelee.
Beach Haven National Bank, Beach Haven, N. J
President, Wm. L. Butler; Cash'er, J. E. Cramer.
The First National Bank of Necessity, Texas
President, J. P. Crowley; Cashier, C. A. Smith.
The First National Bank of Springfield, Colo
clearings for the week
„
ending Mar. 25 at Canadian cities!, in comparison with the
same week in 1919, show an increase in the aggregate of
35.8%.
Week ending March 25.
Clearings atInc.
1919.
1920.
Canada—
121,556,498 100,572,938
Montreal
96,115,240
42,274,150
Toronto
Winnipeg
18,401,955
8,170,429
5,864,998
3,839,681
6,630,0.91
Vancouver
Ottawa
........
Quebec
...
Halifax
Hamilton
St. John—...
London
3,173,298
3,423,271
8,380,117
2,398,980
6,184,947
3,994,017
682,032
751,190
2,044,231
1,251,376
1,610,519
869,797
886,358
...
;
Calgary
Victoria..
Edmonton.
Reg in a
Brandon
Lethbridge
Saskatoon
Brantford
Moose
Jaw
Fort William
200,000
50,000
25,000
25,000
25,000
President, W. A. Thompson; Cashier, J. A. Spikes.
Depew National Bank, Depew, Okla
President, C. N. Lee; Cashier, II. R. Corey.
First National Bank of Cicero, 111.
President, William Kaspar; Cashier, Eugene Kaspar.
The First National Bank of Casa Grande, Ariz.
President. E. G. Lavers; Cashier, E. G. Lavera.
The Bayard National Bank, Bayard, W. Va
Prasident, M. Tamburini; Cashier, Irvin L. Neville.
The American National Bank of Mansfield, La
—
President, Walter M. Robertson; Cashier, L. Crook.
The Hurricane National Bank, Hurricane, W. Va
President, J. S. Burdette; Cashier, L. D* Carter.
The First National Bank of Converse, Ind
President, Benjamin F. Agness; Cashier, Omer Hamblen.
The City National Bank of Linton, N. D
Succeeds the Farmers' State Bank of Linton.
President,
Frank Chesrown; Cashier, Otto T. Becker.
The Hartwick National Bank, Hartwick, N. Y
Succeeds Kinne Burche & Co., bankers, of Hartwick.
Presi¬
dent, Orlo S. Burch; Cashier, Ora W. Murdock.
5,342,012
1,946,321
3,203,035
2,709,838
588,580
+56.9
+ 23.2
+93.1
+47.4
+ 15.9
+59.4
+ 30.0
+ 53.3
+ 30.2
+72.4
+98.7
1,573,069
816,501
1,237,064
504,165
Medicine Hat
439,091
446,145
367,561
903,913
672,791
943,710
Kitchener
1,001,365
1,175,370
Windsor
2,996,785
Westminster
Sherbrooke
Prince
481,505
Albert
not
672,565
+ 52.1
68,328,775
61,881,479
42,286,284
9,123,385
4,835,864
3,593,815
2,997,637
4,917,030
2,030,678
2,035,770
6,039,307
1,697,118
3,101,872
2,962,825
Total
67,001,825
49,102,167
39,552,308
6,241,856
4,319,258
3,667,333
1,918,199
3,976,577
1,995,898
The Merchants' National Bank of Allentown,
The Albany National Bank, Albany, Texas
The First National Bank of Bryan, O
The
1,420,490
The
2.270,194
The
The
1,688,994
1,020,543
1,100,706
2,612,847
441,035
698,101
1,640,484
667,713
1,101,300
519,320
398,510
The
977,532
The
at
378,959
235,521
The
528,946
468,790
The
572,687
842,762
1,003,460 + 198.7
336,999
+42.9
527,085
345,501,204 254,460,736
25,000
25,000
25,000
J
rrrt
$400,000
$200,000
80,000
150,000
100,000
100,000
150,000
£00,000
200,000
300,000
25,000
75,000
25,000
££$99
20,000
80,000
750,000
400,000
nnn
150,000
600,000
45,000
?^>999
J9'999
1 »200.000
199>999
££'999
-.£9'999
o99'999
200,000
,99'999
lOO.OOQ
APPLICATIONS FOR CHARTER.
organizations of National banks:
of New Hartford, N. Y_
Correspondent, S. F. Sherman, New Hartford,
For
$50,000
were
recently sold
N. Y.
National Bank, Rebersburg, Pa
Correspondent. J. N. Moyer, Rebersburg, Pa.
The Vienna National Bank, Vienna, Va
Correspondent, B. F. A. Myers, Vienna, Va.
The First National Bank of Big Stone Gap, Va.
Correspondent,1 J. R. Taylor, Big Stone Gap, Va.
The
York, Boston and Philadelphia:
Rebersburg
Total
.
—
—- — .....
25,000
25,000
•
25,000
$125,000
LIQUIDATIONS.
By Messrs. Adrian H. Muller & Sons, New York:
The
Bonds.
Stocks.
50,000
..$1,970,000
__
494,610
330"077
+36.8 224,851,831 198,922,254
usually dealt in at the Stock Exchange,
50,000
"
Sales.—Among other securities, the following,
at auction in New
Shares.
Memphis, Texas
Calif.
—
Citizens' National Bank of Crosbyton, Texas..
First National Bank of Wilkinsburg, Pa._
Norfolk National Bank, Norfolk, Neb
Total
25,000
250,000
Lake Charles, La...
The First National Bank of Corona,
493,025
25,000
Cap. When
Increased.
30,000
N. B. of Winchester, Va__
First National Bank of Lake Charles, La—...
Citizens' National Bank of Emporia, Kans
First National Bank of Corona, Cal
Bayside National Bank, Bayside, N. Y
First National Bank of Lavonia. Ga—
Calcasieu National Bank of Southwest Louisiana
The First National Bank of
+ 34.3
+ 6.1
+ 74.8
150,000
90,000
The Fidelity National Bank of Spokane, Wash
The Fourth National Bank of Atlanta, Ga.—..—
+ 19.4
891,835
Pa...
2
The Shenandoah Valley
The
25,000
$990,000
—
OF CAPITAL.
Ami. of
Increase.
1,812,655
5,463,782
562,302
-
INCREASES
The First National Bank
Total Canada
Auction
$
%
+ 20.9
+40.3
+47.4
+ 73.0
+ 31.2
+43.8
+ 10.0
+34.0
+41.7
471,322
1917.
1918.
68,497,648
28,685,050
10,634,746
6,227,892
4,077,274
3,490,685
4,948,833
2,239,584
2.250,948
Peterborough
New
or
Dec.
85
77M
1,000 Wilm. & Nor. RR. 1st 5s,*27 92H
2,000 Harrisburg Gas 1st 5s, 1928. 88
Conversion of State banks and trust companies:
The First National Bank of Hanna, Wyo
Conversion of Carbon State Bank of Hanna.
Quealy; Cashier, Otto Frederick.
The First National Bank of Ferndale, Wash
Conversion of the Ferndale State Bank.
Hood; Cashier, E. R. Campbell.
13,738,000 19,223,000 5,171,000
14,304,000 18,*44,000 5,322,000
28,614,000 15,198,000 12,457,000
26,491,000
1,086,000 5,778,000
Canadian Bank Clearings.—The
3;•
60
1925
The
Total Mar. 29 1919...137,699,000
•
51
77
10,000 Woodward Iron 5s, 1952
10,000 New Eng. Brick Yds. 1st 5s,
Shares.
.
Percent.
Currency, Treasury Department*
Canadian—
Montreal
'■
$5,000 Rutland RR.4H8,1941....
...
National
Co......
Bonds.
...
$25 each
Philadelphia Nat. Bank
10
140
135
235
...187H
194H
89 Mass. Lighting Cos., com
national banks is from the office of the
4,000
140,000
not
§persh.
200
160
20 Continental-Equit. Tr., $50 ea.110
44 Logan Trust—
100-100H
31 Phila. Life Insur .,$10 each
10
8 Phila. Bourse, com., $50each..8-8%
100 Delvatex Petroleum, $10 each.
4H
6 Delaware RR
35 H
8 Market Street Nat. Bank
.225
1 Pa. Acad, of Fine Arts
31
8 German Theatre Realty, $10ea.
5H
60 Peoples Nat. F. Ins., $25 each. 17
10 Independence
F.
Ins.
Sec.,
6
73
95 Mass. Lighting Cos., pref
15 Columbia Ave. Trust
40 West End Trust
40 Ninth Nat. Bank
Ipersh.
10H
Stocks.
1 Boston Atheneum, $300 par...500
Lofland, Philadelphia:
Stocks.
Shares.
231,000
...
Milwaukee
5
Mfg
167M
Mkt. C.S.&W.,com. 13 H
By Messrs. Barnes &
■
bush.
762,000
16,000
Hew York
H right Great Falls
20 Mass. Cotton Mills.
100 rts. Quincy
Wheat.
States—•
United
R.32H-32H
..190
54 New Boston Music Hall
....
The
.
85
179
109
SH
50 Lawrence Mfg
15 rights 4th
Argentina...
143
32
257
5 Nat. Shawmut Bank, ex-div__290
5 rights 1st Nat. Bank
10 Merchants Nat. Bank
Russia
ex-dividend
By Messrs. R. L. Day & Co., Boston:
Bushels.
2,398,000
Bushols.
Bushels.
Bushels.
Bushels.
4,515,000 260,159,000 214,441,000
% per sh.
Stocks.
Shares.
3 1st Nat. Bank, Boston,
F
North Amer.
$ per sh.
Stocks.
Shares.
3 rights 1st Nat.
Corn.
Wheat.
Exports.
1387
THE CHRONICLE
1920.']
Ape. 3
Aberdeen National
March 4 1920.
To
Jr.,
Bank &
Bank, Aberdeen, Miss., capital $50,000.
Liquidating committee, J. C. McFarlane
2QJOriental Bank
take effect
66 Irving Nat. Bank
T.
16 Ft. Wayne <fc Jackson RR
1 1920.
Liquidating agents, Fred. E. Wesselmann and Ed¬
ward Nagel.
Assets taken over by the Brighton Bank & Trust Co. of
Cincinnati, Ohio.
$106 lot $30,000 Coast & Lakes Contract¬
ing Corp. 6% notes, 1917, and
with 33 sh.
75 sh. com. stock v. t. c
$500 lot
|
IrvingTr. Co. ctf.ofdep.$390p.sh.
9,000 Coast & Lakes Contrac'g
12 Green Bay <fc Western RR.$56H p. eh.
Corp. 6% notes....
..$120 lot
7 Internat. Postal Supply of
19 New York
$14 p. sh.
$3 p. ah.
Paine and Abe Rubel Jr.
Absorbed by the Commercial
Trust Co. of Aberdeen.
The First National Bank of Cheviot, Ohio, capital $25,000.
F.
effect April
m
To take
1388
THE CHRONICLE
REDUCTION
[Vol. 110.
OF CAPITAL.
The First National Bank of
Commerce,
reduced from $75,000 to $50,000.
CHANGE
Commerce, Texas.
Per
Capital
Name of
OF TITLE.
Company.
Miscellaneous (Continued).
Corn Products Refg., com.
(quar.)
Common (extra)
The National Bank of Columbus,
Ga., to "The First National Bank of
Columbus."
The Carver National Bank of St.
Helena, Cal., to "The First National
Bank of St. Helena."
Preferred
(quar.)
The
following shows all the dividends announced
for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Railroads
When
5
IK
May
1
Holders of
Jollet & Chicago (quar.)
IK
Apr.
5
Holders of
rec
i
April 15
1
(quar
$1.25
—..
334
—
IK
3
April 15
1
IK
May
1
IK
Norfolk & Western, adj. pref.
(quar.)—
—
April
6
*1X
Heading Company, common (quar.).—
Tonopah & Qoldfldd, com. & pref
May 31
Si
May
rec
April
rec
Apr.
3a
Mar. 25a
rec.
Holders of
Holders of
rec
rec
Holders of
rec,
Mar.t'Ha
Mar.tl3a
Mar 413a
Mar. 22a
Holders of rcc, April la
Holders of rec, Mar. 27a
Holders of rec, Apr. 30a
Mar. 20
to
April 13
Holders of
'Holders of
rec.
rec
Holders of
rec,
April 20a
■Holders of
rec,
Mar. 31
April 10
Mar. 21
April 15
Holders of
April 15
April 15
>IK
May
Green & Coates Sts. Pass,
fig.,
1
IK
(quar.)
April 15
75c.
Six per cent preferred
April 30
SI.50 May
April
April
1
1
to
rec.
Holders of
April 1
April 15
May
IK
May 15
rec,
April
April
la
Mar. 31
rec,
Holders of
1
Mar. 31a
rec,
Holders of
Holders of
IK
Washington Water Power, Spokane (sar.)
Power, pref. (quar.)
West Penn Trac. & Water
Pow., pf. (qu )
West Penn
rec.
Holders of
1
IK
IK
Republic Ry, & Light, preferred (quar.).
Rutland Ry., Light & Power,
pref. (qu.)..
1
rec, Mar. 23
Holders of rec. Mar, 31 a
Holders of rec Mar. 31
April 15
April 15
62 Ke
April
'Holders of
IK
Philadelphia & Western Ry., pref.(quar,)
rec,
la
Mar. 31
Holders o*
rec
Mar. 25
Holdera of rec. Mar. 25.
Holders of rec, Apr. 20
Holders of rec. May
1
America, Bank of
Stock dividend.,
11
(»)
Holders of
rec.
e200
April 26
(n)
Holders of
rec.
April 26
rec.
April 30
♦5
May
April
7M
(quar.).
All-America Cables, Inc.
(quar.),.......
Apr.
Si
Chem.,
rec. Mar.
26
rec.
rec.
Mar. 31
April 8
April 10a
Apr.
rec.
Apr.
15
Apr.
15
1
IK
l
(quar.)
—
Indiana Coke &
Holders of
rec.
Mar. 22a
rec.
May
1
April 10a
Second preferred (quar.)
——
Indiana Pipe Line (quar.).——
rec.
rec.
Apr. 20
rec.
Holders of
Holders of
rec.
Apr.
Apr.
rec.
Apr.
17
9
15
15
Holders of
$1
75c.
IK
(quar.)..
IK
2K
(quar.)..
June 30
May
April
April
April
15
rec.
9a
Mar. 31
15
Holders of
April 15
Holders of
rec.
Mar. 31
April 15
May
1
May
l
Holders of
rec.
Mar. 31
Holders of
rec.
April 15a
Holders of
rec.
April 15a
75c. Apr.
15
rec. Mar.
31
May 26
May 16
to
May 19
April 15
Holders of
rec.
April
April 15
Holders of
rec.
April
First and second preferred
(quar.)
—
Barnadall Corporation (quar.)..
Barrett Co., preferred (quar,)
Holders of
rec.
Apr.
Holders of
rec.
May
1
Holders of
rec.
April 15
April 15
May
Holders of
rec.
Mar. 26a
Holders of
rec.
April 15
Holders of
rec.
April 10
April 10
Apr. 26a
Bell Telephone of Canada
(quar.!
Bell
Telephone of Penna. (quar.)
Binghamton Lt., Ht. & P., cum.pf.(qu.)
Non-cumulative pref. (quar.)
IK
April 15
2
Apr. 15
April 15
♦1K
1K
IX
rec.
Holders of rec. Mar. 31a
Holders of rec. Mar. 22a
Holders of
rec.
Mar. 31
Holders of
rec.
April
5
1
Holders of
rec. Mar.
25
1
April
April
Holders of
rec.
2
April 16
April 21
IK
April 10
Mar. 25
Holders of rec. Mar. 31
Holders of rec. Mar. 31
Holders of rec. Mar. 26
April
IK
IK
IK
Preferred (quar.)
Carbon Steel, common
(quar.).
Carbon Steel, 2d preferred
2
Central Coal & Coke, common
(quar.).
—
^
Leather, com. (quar.)
Chicago Pneumatic Tool (quar.)
Cities Seivlce—
Common and preferred
(monthly)...
Common (payable in common
stock).
Preferred B (monthly).
Cleveland-Akron Bag (payable in
stock)
.......
Commonwealth Finance Corp.,
Preferred (quar.)
(qu.).
Consolidated CLar Co.. com (No.
1)...
Consolidated Textile Corp. (quar.)...
Continental Candy Corporation
(quar.)
Continental Motors Corp.. pref.
(quar
Continental Oil (payable in stock)
Holders of
rec.
April 10
30
Holdera of
rec.
July
Holders of
rec.
Mar. 310
rec.
April
April 26
*K
May
May
May
April
rec.
Mar. 31a
9
a
3
*flK
*K
e50
1
IK
1
IK
75c.
25c.
Holders of
rec.
April 15a
Ohio Body & Blower (No. 1)———.
Ohio Brass, com. (quar.)
Preferred
(quar.)
Ohio Fuel Supply (quar.)..
1
"Holders of
rec.
April 15
1
"Holdera of
Osage Oil & Refining (quar.).
rec.
April 15
1
"Holders of rec. April 15
Otis Elevator, common (quar.)
Preferred (quar.)—.—...
April 15
Holders of
May
Holders of
rec.
April
April
Holders of
rec.
Mar. 31
Apr. 15
Apr. 15
April 5
April 5
Holders of
April 15
Holders of rec. Mar. 31a
April 19
Holders of
Holders of
rec.
rec.
Holdera of
Holders of
rec.
April
Apr.
Holders of
20
IK
April 15
April 8
*e$200 April 30 ♦Holders of
rec.
la
Mar. 31
rec,
Mar. 29a
to
April 15
April 10
rec
Holders of rec. April
rec.
rec.
l
April
l
April
3
Holders of rec. Apr.
3
"Holders of rec. Mar. 31
Mar. 11
to
Holders of
Mar. 31
rec.
Apr. 15
Holders of rec. Mar. 25
Holders of rec. Mar. 31
April 10
Holders of
rec.
♦Holders of
rec.
1
l
Holders of rec. Mar. 31a
Holders of rec. Mar. 31a
Mar. 31
April
April
l
Mar. 30
Holders of rec. Mar. 23
Holders of rec. Mar. 13a
Apr.
Holders of
rec.
April
April 15
Holders of
rec.
Mar. 31a
April 15
April 15
Holders of
rec.
Mar. 31a
Holders of
rec.
Mar. 31a
May
1
Holders of
rec.
April 10
Apr.
15
Holders of
rec.
Mar. 31
Holders of
10
IK
April 15
m
April 16
IK
Apr. 15
*2K
IK
20c.
8a
rec. Mar. 31a
Holders of rec. Mar. 3 la
Holders of rec. Apr.
8a
April 16 ♦Holders of
1
Holders of
April
rec.
Mar. 31
rec.
Mar. 26a
rec.
Holders of rec.
April
la
Mar. 3la
1
Holders of
Mar. 23
16
Holders of
April 16
Holders of
2
Apr.
IK
April
Apr.
Apr.
15
16
rec.
IK
April 20
rec. Mar. 22
Holders of rec. Mar. 31a
April
1
to
April 18
Holders of rec. Mar. 31
1K
April
Mar. 25
IK
Apr.
16
Holders of
rec.
Mar. 31a
2
Apr.
15
Holders of
rec.
Mar. 31a
♦6234c Apr,
6%
Apr.
IK
Apr,
15
■IK
25c.
April 20
1
10
15
to
Mar. 31
"Holders of rec. Apr.
la
Holders of rec. Mar. 31a
Holders of rec. Mar. 31a
6234c Apr. 15
Holders of
*2
April 25 ♦Holders of
rec.
Mai. 31a
rec.
Mar. 31
5
Apr.
15
Holdera of
rec.
2
Apr.
15
Holders of
rec.
IK
....
Apr.
Apr.
l
Mar. 3la
Mar. 31a
15
Holders of rcc.
May
15
Holders of
Apr.
15a
Apr.
16
Apr.
Apr.
15
Apr.
30
Holders of
rec.
Apr.
15a
$1.50
Apr.
10
Holders of
rec.
Mar. 13a
$1.50 Apr.
*$1
Apr.
10
Holders of
rec.
Mar. 13a
20 ♦Holders of
rec.
Apr.
rec.
June
rec.
May
5
rec.
Apr.
21
...
(quar.)—.
Si
Mar. 25a
April 15
April 15
1
April 12
2
Mar, 31
Holders of
1
$1.50
Mar. 31
April 15
Apr. 10
Mar. 31
April 10
IK
dlbe
Pacific Development Corp.
rec.
Holders of rec. April 20a
Holders of rec. Apr. 20a
Holders of rec. Mar. 31a
Holders of rec. Mar. 26
Holders of rec. Apr. 15a
$1.40
Northern States Power, pref. (quar.)
Holders of
1
1
50c.
Northwestern Electric, pref. (quar.).....
Nova Scotia Steel & Coal, com
(qu.).
Preferred
(quar.)
Holdera of
commo
Computing-Tabulating-Recording
Mar. 25
Mar. 25
April 15
May
1
Holders of rec. Mar. 3la
Holdera of rec. Mar. 25a
Holders of rec. April 9
Holders of rec. Mar. 31a
4
rec.
2
Holders of rec. Apr. 24
Holders of rec. April 10a
Holders of rec. Apr.
9a
IK
—
rec.
26a
Apr. 15
Apr. 15
April 15
[3
2K
pref. (quar.)..
Holdera of
July
15
26
April 15
*2K
IK
Niagara Falls Power, preferred (quar.)..
Niplssing Mines Co. (quar.)
Holders of
April 15
May
1
April 16
2
National Paper & Type, com. & pf. (qu.)
5
IK
IK
IK
Holders of rec. April. 3
April 30
Apr.
16
to
Apr. 24
Holders of rec. April 15
Holders of rec. Mar. 31
Holders of rec. Apr. 15 a
Holders of reo. Mar. 30
Mar. 21
to
Mar. 31
Mar. 21
to
Mar. 31
1
S1.50 Apr. 15
2
April 15
National Cloak & Suit, common (quar.)
National Fuel Gas (quar.)
April 5
April 15
6
April
April
Holders of
Holders of rec. April
April 14
*,*»«.
Nat. Light, Heat & Power, pref. (quar.)..
National Oil, preferred (quar.)
New Jersey Power & Light,
New York Transit (quar.)
a
IK
Apr. 19
*12Kc April 15
IK
IK
May
1
Mountain States Telep. & Teleg. (quar.)..
National Biscuit, com. (quar.)
Holders of
1
15
3
Mohawk Mining (quar.)_—..—..——
Montreal Telegraph (quar.)
1
May
K
Michigan Limestone & Chem., pf. (qu.)..
Midway Gas, com. (quar.)
Preferred (quar.)
April 15
rec. Mar. 31a
Holders of rec. Mar. 31a
20
2K
1
May
Holders of rec. Mar. 29a
Holders of rec. Mar. 15a
Holders of rec. Mar. 15a
Holders of reo. Apr. 10
Si
Mexican Petroleum, com. (quar.)
Mexican Telegraph (quar.)
1
IK
2
Holders of rec. Mar. 27
IK
Massachusetts Gas Cos., com. (quar.).
Massachusetts Lighting Cos., pref. (qu.)
Mays Food Products, inc., pref. (quar.)—
McSherry Manufacturing, pref. (quar.).
Merchants Despatch Transp. (quar.)
Melropol. Edison, Reading, Pa., pf.(qu.).
May
62 K(
1
April 15
2
April
April
Apr.
2
—
June
-
Mar. 20
Mar. 20
April 15
2
...
6
stock)
Barnhart Bros. & Spindler—
to
15
1
Refining (quar.)
Mason Tire & Rubber, pref. (quar.)—
eQ
Banks Oil, Inc.
(quar.)
Extra (payable in
rec.
2
25
IK
June
IK
IK
Holders of
April
Mar. 25
Apr.
IK
Holders of rec. Apr. 15a
Apr. 18
to
May 19
Holders of rec. April
1
....
rec.
May
vlay
(guar.)....—.———
Mar. 19
Apr. 20
rec.
Holders of
April 1
April
1
April 15
2K
April 15
to
Holders of
5
6a
2la
Apr.
l
—
May
1
May 24
April 15
16
rec. June
IK
Apr. 10a
Apr.
Holders of
T K
Locomobile Co. of America, pref. (quar.).
MacAndrewB & Forbes, com. (quar.)
rec.
Apr. 24
April
Holders of rec. May
1
50c.
Holders of
3c.
rec.
April 15
May 16
July
5a
Apr.
25c.
-—
Mar land
5a
prll 15
25c. May
1
*1K
April 16
♦1K
April 15
Kayser (Julius) & Co., 1st & 2d pf. (qu.)
Kress (8. H.) & Co., com. (quar.)
Laurenlide Power (quar.)
Lawton Mills Corp. (quar.)
Lima Locomotive Works, pref. (quar.).
Livingston Refiners Corp., pref. (quar.)..
rec.
1
Apr.
Apr.
$2
Manufacturers Light & Heat (quar.)..
Maple Leaf Milling, common (quar.)...
Preferred (quar.)
April
rec.
IK
114
IK
Apr.
5
Apr. 10a
to
Holders of
Holders of
IK
Magnolia Petroleum (quar.)
Special
IK
1
IK
IK
rec.
si
5a
April
10
(quar.).
Holders of rec. Apr.
la
Mar. 20
to
Mar. 30
$1.50
Apr.
rec.
Mar. 31
IK
Corp., pref. (quar.)..
International Harvester, com.
Holders of
Holders of
IK
rec.
IK
$2
2K
April 16
1
Apr.
Apr.
5a
rec.
Holders of
1
$1.50
International Paper, pref. (quar.)
Jones Bros. Tea, com
(quar.)
Preferred
Holder? of
Holders of
1
IK
IK
Ingersoll-Rand Co., com. (quar.)
Inspiration Consol. Copper (quar.)
Int. Agricultural
1
1
April
2
Gas, Is* pref. (quar.)
Apr. 15
Apr. 15
Apr. 15
Second preferred
(quar.)..
Associated Oil (quar.).
(quar.)..,
—
2
dividends). hi
dividends). hi
Asbestos Corp. of Can.,
Ltd., com. (qu.)
IK
Preferred (quar.)
.,....
IK
Associated Dry Goods, common
(No. 1).
1
First preferred
(quar.)..
IK
Preferred
Central
Extra
$6
Preferred (account accum.
Preferred (account accum.
...
Indian Packing (quar.)
Mar. 22a
Holders of
—
_
Mar. 26
Flolders of rec. May
3a
June 22
to
June 30
May 8
to
May 15
Holders of rec. Mar. 31*
—
_
rec.
Apr. 24
IK
IK
IK
Amer. Woolen, com. & pref.
(quar.)
Amer. Zinc, Lead &
Smelt., pf. (quar.).
Anaconda Copper Mining
(quar.).
Arizona Silver Mines
(monthly)
Arkansas Natural Gas—
Apr. 24
(quar.)..
com.
rec.
May 15
IK
American Type Founders, com.
(quar.).
Preferred (quar.).i
1
Hupp Motor Car Corp.,
Illinois Brick (quar.)
6a
1
May
May
May
April
5c.
Holders of
Holders of
Holders of
5a
rec.
IK
IK
Holders of
'Holders of
Holders of rec. Apr.
Holders of rec. Apr.
IK
Mar. 31a
Mar. 31
IK
(quar.)
Six per cent, preferred
(quar.)
Seven per cent, preferred
(quar.)
Amer. Seeding Machine, com.
(quar.)—
Preferred (quar.)
...—-
1
5a
1
1
$1
rec.
2K
common
Amer. Telephone &
Telegraph (quar.)..
American Thermos Bottle..
May
May
A or.
May
May
May
IK
Howe Sound Co. (quar.)
Holders of
Holders of
rec.
IK
Holly Sugar Corp., pref. (quar.)
rec.
15
rec.
Holders of
(m)
IK
IK
Hillman Coal & Coke, pref. (quar.)
rec.
15
Holders of
25c.
Harbison-Walker Refrac., pref. (quar.).
Hillcrest Collieries, com. (quar.)
Preferred (quar.)
Holders of
15
Holders of
1
1
(m)
—
Holders of
Apr.
Preferred
com.
3
15
May
50c.
—
Holders of
*75c. May 15
2
April 30
Amer. La France Fire Eng..
com. (quar.)
Amer. Radiator, common
Foundries,
Apr.
Apr.
1
April
IK
April 16
2
Chicle, com. (quar.)
Electric, pref. (quar.)
American Ice, com. (quar.)
Preferred (quar.)
American Shipbuilding, com.
Common (extra)
1
April
May 31
IK
Six per cent pref. (quar.)..
April 14
Apr.
com, (quar,)..
American Beet Sugar, com. (quar
_
Holders of
April
rec.
rec.
rec.
Holdera of
Mar. 310
Mar. 20a
Mar. 20a
General Optical, Inc. (acct. accum.
dlvs.). kl6
Goodrich (B. F.) Co., common
(quar.)..
IK
Preferred (quar.)
IK
Qorham Mfg. 7 % pref.
(quar.)
(quar.)..._
Mar. 25
1
2
stk.)
Great Northern Iron Ore Properties....
Great Western Sugar, com.
(quar.)
Common (special)..,.
rec.
Holders of rec. April 15
Holders of rec. Mar. 29
2K
(qu.).
I referred
1
Holders of rec. Mar.31
Holders of
May
IK
(quar.)
Gossard (H. W.) Co., com.
(quar.)..
Great Lakes Transit, com. (quar.).,
Apr. 10
Apr. 20
Apr. 20
Apr.
1
April 5
April 16 ♦Holders of
June 16
Holders of
/20
Six per cent debenture stock
(quar.)
Seven per cent debenture stock
April 15
IK
Amer.
.
to
IK
(quar.)
com.
_
15
Mar. 21
50c.
—
—
Amer. Gas &
1
new com.
IK
(quar.)—
(quar.)
Rolling Mill,
1
IK
Amalgamated Oil (quar.)
American Agric.
Bank Note.
Preferred
(payable In
5
15
April
*IK
12
1
Mar. 31
Holders of rec. April 23q
1 ♦Holders of rec. April 16
1 ♦Holders of rec. April 15
May
IK
pref. (qu.)
General Motors Corp., old common
Old com
(payable In new com. stk.)
New common
IK
—
Alliance Really (quar.)
Allls-Chalmers Mfg., pref. (quar.)
Alvarado Mining & Milling
Steel
Holders of
rec.
rec.
rec.
rec.
Holders of
Apr.
May
rec.
1
April
13
Gen. Chemical, com.
(pay. in com. stk.)
General Electric (quar.)
General Fireproofing, com. &
rec.
to
Holdera of
rec.
May
2
.....
——
Air Reduction
Amer.
'Holders of
2K
Miscellaneous
Abltlbi Power & Paper, com
Amer.
1
1
Insurance.
Hanover Fire (quar.)..
Preferred
Flverett, Ueaney &Co.. Inc. (quar.)..
Fair Oil & Gas
(quar.)
com.
April 16
May
♦3
May
50c. April 10
.
April
First National, Brooklyn
(quar.).
Amer
1 K
New
Holders of
1
April 15
Toe.
Preferred....
Corn Exchange (quar
1
Apr. 26
Holders of
May
1 •Holders of
May
1 ♦Holders of
Apr. 16 Holders of
i2K
Gorton-Pew Fisheries, com.
(quar.)
Banks.
Fire
IK
♦134
£a
April 15
April 15
to
Holders of
Phlla.(qu.) *$1.30 April 17
Monongahela Valley Trac., pref. (quar.) 37 Kc.
April 7
Ottumwa Itg. & Light, pref. (quar—
IK
April 15
Pacific Gas & Electric, common
(quar.).
April
April 15
*1K
.....;
Mar. 31
rec,
May
May
IK
Firestone Tire & Rubber
6% pref. (qu.)
Flsk Rubber, 2d pref.
(quar.)
IK
Duquesne Light, preferred (quar,).....
(quar.)
IK
IK
6
13
IX
——
(quar.)
Dominion Steel Corp., pref.
(quar.)
Dominion Textile, pref.
(quar.)...
duPont(E.I.)de Nem.&Co., deb. (quar.)
duPont (E.I.) de Nem.
Pow..com. (qu.).
*1K
April 15
to
April 15 •Holdera of rec. April
5
June 15 "Holders of rec.
May 31
2
April 15 Holdera of rec. Mar. 31
25c. April 20
Holders of rec. April
la
*2
Dome Mines
(quar.)
Dominion Coal, pref.
Preferred
April 15
Holders of rec. Mar. 20
'Holders of rec. April
1
Holders of rec. Mar. 31a
•Holders of rec. April
5
*1K
(quar.)
_
April 16
♦2 K
Preferred (quar.)
Diamond Match
Mar. 10a
May
April 10
April 15
2
Dictograph Products, preferred (quar.).
5
3K
(qu.).
common
Mar. 30a
2K
Street and Electric Railways.
Cin. Newport & Cot. L. & Tr.,com.
Philadelphia Co.,
rec,
7
United N.J. KR. & Canal Cos.
(quar.).
Warren RR—
....
April
Holders of
Holders of
Holders of
3
May
1
Apri. 12
May 19
I
Northern Pacific (quar.)
Pitts. Ft. Wayne & Chic, pref.
(quar.)—
Pittsburgh & West Virginia, pref. (quar.)
(quar.)....
K
87Kc April
Minn. St. P. & S. S. Marie, com. & pref
New York Central RIl. (quar.)
New York Ontario & Western————
Preferred
Detroit Edison (quar.)
Detroit Iron & Steel, com.
(quar.).—..
(Steam!.
April 20
April 20
Preferred
\K
*2 K
Books Closed.
Days Inclusive.
Clev. CIu. Chic. & St. Louis, pref. fqu.)
Delaware Lackawanna & Western
(quar.)
Great Northern (quar.)—
tKansas City Southern, preferred (quar.)
tLebigh Valley, common (quar.)
————
—
Payable.
Days Inclusive.
.
Common
Cent.
Company.
Cramp (Wm.) & Sons S. & E. Bldg.(qu.)
Creamery Package Mfg., com.
(quar.)—
Preferred (quar.)
Crucible Steel, common
(quar.)
(payable In common stock)
Cuban Canadian Sugar,
pref. (quar.)..
Cudahy Packing, common (quar.)....—
Dearborn Truck, preferred
(quar.).....
Per
Name of
Books Closed.
Payable.
1
Apr. 20 Holders of rec. Apr.
5a
K
Apr. 20
Holders of rec. Apr.
5a
IK
Apr. 15 Holders of rec. Apr.
5a
62^c. May
1
Holders of rec. Mar. 31a
12 )4C. May
1
Holders of rec. Mar 31a
IK
Apr. 15 iApril 1
to
April 15
*1K
April 10 "Holders of rec. April 1
*1K
April 10 ■Holders of rec. April 1
3
April 30 Holders of rec. April 15a
/50
Apri! 30 Holdera of rec. April 15a
2
Apr. 15 Holders of rec. Mar. 31
IK
Apr.
5
Mar. 27
to
Apr. 4
—
Com. ($10 par value)
DIVIDENDS.
When.
Cent.
Common, Class B
(quar.)
Parish & Bingham Corp.
(quar.)
Peerless Truck & Motor (quarJ...
Penmans, Ltd.,
Preferred
common
(quar.)...
(quar.).
1
♦$1.25 July
1 ♦Holders of
2
May 15
Holders of
IK
May
1
Holdera of
.
rec.
to
10
1
APR. 3
1920.]
THE CHRONICLE
Statement of New York City Clearing House Banks
Per
Miscellaneous
When
Books Closed.
Cent.
Name of Company.
1389
Payable.
Days Inclusive.
and Trust
Companies—The following detailed statement
City Clearing House
members for the week ending March 27.
The figures for the
separate banks are the averages of the daily results.
In the
case of totals, actual figures at end of the week are also
given:
shows the condition of the New York
(Concluded).
Penn Central Light & Power, pre/
80c.
April
Pennsylvania Lighting, pref. (quarS
IX
$1.25
Pennsylvania Salt Mfg. (quar.)
Phillips-Jones, pref. (quar.
*1X
Pittsburgh Coal of Pa., com. (quar.)..
IX
Preferred (quar.)
IX
;
Pittsb. Terminal Wareh. & Transf. (qu.
*75c.
1
__
April 15
._
Apr.
.
6
to
April 15
15
May
1 ♦
Holders of rec. Apr.
Apr. 24
9a
9a
24
Apr.
April
NEW
YORK
WEEKLY
CLEARING HOUSE RETURNS.
8
(Stated in thousands of dollars—that is, three ciphers [,000] omitted.)
Prairie Oil & Gas (quar.)
Extra
3
April 30
5
April 30
Prairie Pipe Line (quar.)
Procter & Gamble, 8% preferred (quar.)
Punta Alegre Sugar (quar.)
3
3
April 30
Apr. 15
Apr. 15
April 15
IX
May 29
Quaker Oats,
Preferred
2
$1.25
(quar.)
common
(quar.)
IX
Holders of rec. Mar. 25a
Holders of
Holders of rec. April
la
Holders of
la
May
rec.
Holders of rec. April
Republic Iron & Steel, common (quar.).
St. L. Rocky Mt. & Pac. Co., com. (qu.)
May
1
1
Apr.
10
Savage Arms Corp.. common (extra)...
5
Apr. 30
Shawinieran Water & Power (quar.)
IX
IX
Apr.
10
Holders of rec. Mar. 27a
Apr.
20
Holders of rec. Apr.
Holders of
24a
Mar. 31a
rec.
ers of rec.
Mar.
Smith (Howard) Paper Mills, com (qu.)
Preferred (quar.)
2
Apr.
20
100
Apr.
10
Holders of
Standard Underground Cable (quar:
Extra
3
Steel Products,
Sterling Tire Corp., com. (quar.
Seven per cent pref. (quar.Preferred Series B
Stewart Mfg., com.
Preferred
to
April
4
to
Machinery (quar.)
3,000
1
1
Atlantic Nat..
1,000
Nat Butch & Dr
300
Holders of rec. Mar. 31
Amer Exch Nat
5,000
7,128
NatBkof Gomm
25,000
30,328
May
1
Holders of rec. Apr.
Apr.
15
Holders of rec. Apr.
April 15
April
2
to
April If
April
2
to
May
1
May 15
Holders of rec.
2X
Apr.
15
Apr.
5
$1
IX
Holders of rec.
6a
April 14
April 14
Apr. 15a
May
la
Tuckett Tobacco, com. (quar.)
1st pref.
(quar.)
U. S. Smelt., Refg
2
com
,
$1.50
(Preferred (quar.)
IX
25
com.
X
1
(quar.)
967
400
795
April 15a
15a
Lincoln Nat...
1,000
2,109
1
1
rune
Holders of rec. May
Garfield Nat...
1,000
1,437
Holders of reo. Mar. 20a
Fifth
National.
1,000
535
Seaboard Nat-
1,000
4,301
Liberty
5,000
7,116
1,500
1,519
15
Holders of rec. Mar. 31
16
April 15
April
"Holders of rec.
5
Holders of r*o. Mar. 16
5
Holders of rec. Mar. 16
Union Exch
1
Holders of rec. Apr.
5a
Holders of rec. Mar. 31
Brooklyn Trust.
2a
Holders of rec. Apr.
Apr. 19
Apr. 16
April 30
April 30
2,504
Trust.
20,000
18,547
2,000
Guaranty Trust
25,000
4,803
31,757
Bankers
April 15
8
to
May
1
Holders of rec.
April
1
la
April 10
Mar. 23
Holders of rec.
5
April
1
to
April
April
April If
1
to
5
15a
Apr.
5a
April 15a
April 15a
Mar. 16
April
1,000
Franklin Trust.
Lincoln Trust—
1,000
925
Metropolitan Tr
Nassau N.Bklyn
2,000
1,000
3,355
Irving Trust Co
3,000
1,642
Farm Loan A Tr
5,000
Columbia Bank.
k2,000
10,633
kl,560
West Coast Oil
(quar.).
....
Western Grocers, Ltd., pref. (quar.).
15
Holders of rec.
April 20
Holders of rec.
April 20
Holders of rec.
3
Holders of rec.
May
1
Holders of rec. April
20
June
1
Holders of rec. May
Apr.
15
Totals, actual co
Greenwich Bank
500
Bowery Bank.
250
1
April
April
April 15
Holders of rec. Mar. 31
April 15
Apr. 15
Apr.
to
Mar. 21
Holders of rec. Apr.
30
$1.75
50c.
IX
14
2a
Holders of rec. Apr.
Apr.
50,193
9,005
*509,294
35,383
69
3,803
1,987
532
412
424
5,044
11,110
6,636
32,605
1,705
1,051
1,193
m
2,421
22,658
«.
«
2,166
64,869
398
m
363
79,541
24,363
28,347
12,482
65,770
*124,627
19,720
mmmam
—
—wm
mm,
m
979
m
50
1,013
12,494
_____
195
94,706520,495 4,024,981222,02935,915
97,535 554,349 4,004,503 218,12836,166
5,683
116.429
10,844
5,530
84,396
33,694
116,899
10.858
10,900
11,278
5,495
5,693
5,966
84,988
84,595
Apr.
April
April
Holders of rec. Apr.
Mar. 26
1
to
2a
la
1
1
April
Mar, 26
1
to
April
Totals, actual
Totals, actual
33,672
86,700
Totals, actual
33,041
IX
15
Apr. 15
April 1
April 1
1
Apr.
3
30c
836
Woodburn Oil Corporation
Woods Petroleum & Ref., com. (monthly).
1
April
Worthlngton Pump & Mach., Pref. A..
IX
Apr.
Apr
2
2
Apr.
Apr.
Apr. 14
Apr. 14
to
to
5,994]
Ba nk
1,041
3,544
1,790
30,669
17,710
927
880
44,939
26,662
12,906
48,379
1,163
48,770
1,161
48,670
1,260
1,262
18,901
71,601
1,927
1
Totals, actual co ndltlon Mar. 27
Totals, actual co ndltlon Mar.20
1,883
2,030
Mar. 25
oo ndltlon Mar. 13
71,954
71,609
71,461
5,414
6,328
5,619
9,000
Average.
33,396
236
Holders of rec. Mar. 26
Holders of rec. Mar. 26
Holders of rec.
If
1
16
117,037
5,334
Holders of rec. Apr.
10
116,166
eral Res erveN ot Mem bersofFed
2
50c
19,531
1,480
3,750
Winnsboro Mills, com. (quar.)..
Holders of rec. April
5a
Totals, actual
1,861
48,649
3
Holders of rec.
Apr.
t Declared subject to the approval of Director-General
t The New York Stock Exchange has ruled that stock will not be
notice, a Transfer books not
d Correction.
* Payable in
/ Payable in common Btock.
a Payable in scrip,
h On account of accumu¬
Of Railroads,
quoted ex-divldend on this date and not until further
dosed for this dividend,
b Less British income tax.
Liberty Loan bonds.
being tor quarters ending April 30,
of accumulated dividends and
July 31, Oct. 31 1918, Jan. 31, April 30, July 31, Oct. 31 1919, and Jan. 31 1920.
Gr'd aggr, avge
Comparison, pre
Gr's
aggr,
235,849 437,556 5,100,799 108,483 553,429d4,124,606 257.699 37,170
+ 1,369 +lfi5
—9,803 +
v. week
—79,202
,
ljo3l|—24618j
Mar .27
act'i cond'n
week
5,115,130 100,678566,773 e4.121,104 258,687 30,120
■9581+35257 —37,042 + 2,002 +205
+ 22,9261
Comparison, pre
v.
Gr's
aggr.
cond'n
Mar.20
5,092,204107,636531,516
Gr'd
aggr,
cond'n
Mar. 13
5,131,469110,674l565,934
Gr'd
aggr,
cond'n
Mar.
Gr'd
aggr,
cond'n
Feb. 28
act'l
act'l
act'l
act'l
6
4,158,146 250,68535,915
4,139,852 252,43136,156
6,104,417111,113531,777 4,080,268 249,558 35,284
5,103,8231110,738:562,950 4,066,635247.399136.002
per annum.
a
share of new no par value common
stock on old common
and
*
share on new common.
of the Franklin
Bank of America becomes effective and is payable after the
Dividend is declared
into the
on
the condition that the proposed merger
Includes deposits
National City Bank. J
in foreign branches not included
144,273,000, Guaranty Trust Co.,
$20,906,000.
Balances carried in
deposits were: National City Bank.
A Trust Co.,
or
merger is effective.
a
13,301
248
540
Mar.27
co ndltlon
Mar. 20
co ndltlon
ndltlon Mar. 13
co
Average.
Apr.
One-fifth of
399
497
152
3X
V
"210
194
14,385
12,357
49,372
69,631
14,121
18,579
30,915
237,620
33,442
Winchester Co., 1st preferred.
Second preferred (No. 1)...
Trust Co.
1
7
5.622
5,000
a
571
196
UOO
1
30,351
4.000
One-fourth of
440
1,925
4,278
1
65,128
1,878
-
1,000
Bank
State
Lawyers T A Tr
n
582
1
1
2,000
N Y Prod Exch.
Trust Compan les.
m
716
t
1
Holders of rec. Mar. 31
to
30
Apr. 15
$1
5
April 15
Title Guar A Tr
one-fortieth of
379
1
28,892
Holders of rec. Apr. 21a
I At rate of 8%
2,953
1
t
334
1
i Payable in
777
•
I
1,688
2,028
May
Jfc Account
4,316
31,540
6.919
56,741
1,598
10,813
3,510
9,112
3.064
3,485
3.802
1,300
9,140
13,923
2,747
994
8,2*0
9,231
20,028
716
IX
stock.
740
19,733
17,084
3,499
4,181
Holders of rec. Mar. 31a
lated dividends,
16
2,448
Holders of rec. Mar. 25
sources,
2,315
996
6,846
290.469
19,164
5,706
1
From unofficial
3,304
12,734
26,431
10
•
50
645
1,456
1,508
April
...
7,893
Not Me mbersof Federal Re serve Ba rlk
State Banks.
Holders of rec. Mar. 26
Holders of rec. Mar. 26a
1
.Apr.
(quar.)
148,983
995
93,937 555,864 c3,987,340223,853 36,120
Mar. 2'
2
Preferred
4
,926,277
,904,429
ndltlon Mar. 2
ndltlon
Totals, actual co
Mar. 13 4,942,791
Totals, actual co ndltlon
Holders of rec. Mar. 31
$1
(quar.)
Wheeling Mold & Foundry, com. (quar.).
Preferred (quar.)
White Eagle Oil & Refg. (quar.)
Williams Tool Corp., pf. (qu.) (No. 1)...
34,165
223,099 412,971 4,912,769
Average.
Apr. 15
IX
Preferred (quar.)
Westinghouse Air Brake
"'159
95,712 542,565 c3,991,831222,94236,170
April
IX
,
100
39,166
15
/5
IX
IX
Western States Gas tfe Elec., pref. (quar.)..
Western Union Telegraph (quor.).
4,454
140,470
Holders of rec. Apr.
1
IX
...
1,320
29
6,113
102,309 .12,348
8,550
438
Holders of rec. April
24,549
297
~3~602
23,701
40,719
17,662
73,825
116,629
22,810
April 15
April
4,897
19,428
173,035
120,571
350
April 15
5,998
871
2,849
1,008 22,685
3,362 16,237
776
1,670
162
1,058
5,628 37,083
930
2,855
435
1,083
421
1,219
778
2.918
501
2.063
258
1,642
6,768
1,004
501
9,227
772
2,306
559
2,529
1,174
1,070
1,600
141
90,960
270,868
61
12,435
II,256
1,204
440
546
4,940
85,287
33,463
86,666
26,123
1,200
1,706
20
1,367
3,000
1,438
73,533
17,855
3,892
729
7,453
New York Trust
1,000
42,326
3,333
1.000
Peoples Trust-
788
1,158
3,140
11,938
5,000
5a
5a
%
8,842
1,594
Fidelity Trust..
Holders of rec. April 15a
$
5,190
74,605
23,270
141,051
29,065
*614,440
30,094
Columbia Trust
2
Weber & Heilbroner, pref. (quar.).
408
136,305
14,568
8,278
388,400
19,658
9,140
9,310
19,762
15,627
16,830
49,938
89,441
23,281
17,832
43,063
295,562
61,237
528,499
Average Avge.
36,244
163,656
April 15a
IX
(quar.)
1,464
1,500
754
1,441
14,080
19,118
5.801
4,889
20,876
3,937
21,596
Holders of rec. Mar. 31a
Holders of,rec.
IX
i
1,000
V
U S Mtge A Tr.
April
2
Wabasso Cotton (quar.).
1
Nat.
Coal A Iron Nat
Apr.
IX
MX
__
Holders of rec.
May
2
(quar.)
Vulcan Detlnning, pref. (quar.)
Preferred
2,348
200
Commonwealth.
April If
l
(quar.)..................
Va.-Carolina Chem..
Preferred
500
Commercial Ex.
Holders of rec. Apr.
50c.
Preferred
Fifth Avenue
15
IX
21,735
5a
Holders of rec. Apr.
$1 50
15,000
Holders of rec. Mar. 31a
15
U. S. Worsted, 1st pref. (quar.).......
731
Holders of rec. April
Apr.
(qu.)
351
1,000
Holders of rec. Mar. 31a
87Xc. Apr.
& Min
9,121
1,000
Continental...
April 15
IX
6,000
N Y CountyNat
15
April 15
2
Irving Nat Bk__
5
15
IX
IX
U. S. Rubber, common (quar.)
First preferred (quar
4,417
33,847
Apr.
Apr.
U. S. Industrial Alcohol, pref. (quar.).
38,860
1,000
3lo
April
35,376
3,602
211,719
12,311
23,818
256,719
10,000
First National
■Holders of rec. Mar. 29
75c.
U. S. Food Products Corp.. com. (quar.)
.
Apr.
50c. May
(quar.)
..
Chase Nat Bank
37 Xc Apr.
U. S. Can, common (quar.)
4,620
Metropolitan
Corn Exchange
Holders of rec. Mar. 31a
5 JO. Apr.
(quar.).........
(quar.).,..
2,910
3,784
15
Apr.
*IX
United Verde Extension
■Holders of rec.
April 20
2
(quar.)
Holders of rec. Mar.
Apr. 15
April 15
April
1
Apr.
IX
2,000
Second National
Apr.
3
..
9
9
Apr.
to
87XC. May
(quar.).....
United Gas Improvement
Preferred
to
1
2X
United Paperboard, pref. (quar.)
United Shoe Machinery, com. (quar.)..
Preferred
1
Apr.
SI
Second preferred (quar.)
United Fruit
Apr.
20
11*
(quar.)
Union Natural Gas Corp. (quar.)
United Alloy Steel Corp. (quar.)
United Drug,
20
Apr.
1
....
19,389
Citizens' Nat
3,000
3,000
695
Apr.
$1.25
..
1,000
50c.
*4
Hanover Nat
5,261
5,560
1,056
1,992
6,843
East River Nat-
IX
*/20
28,539
123,178
137,079
57,433
30,910
143,118
8,776
8,468
21,073
Times Square Auto Supply, com
Preferred (quar.)
Transue <fc Williams Steel Forg. (quar.).
Truscon Steel, com. (quar.).
Common (payable in common stock)
I,697
7,238
1,500
Holders of rec.
12,241
951
1,000
5,000
5
April 12
April
357
1,042
7,000
National Park.
rec.
107
9,301
14,727
Chath A Phenlx
Imp A Trad Nat
1
562
586
Pacific Bank.
Holders of
April 20
Circu
lotion
posits.
$
5,370
8,883
3,114
19,099
4,043
70,250
9,744
2,393
1,873
3,119
1,418
Holders of rec. Mar. 20
Holders of rec. Apr.
Thompson (JohnR.) Co. (stockdividend).* e33 1-3 April 20
Preferred
15a
Average.
%
708
2,650
162,464
33,995
574,730
106,502
20,866
6,210
129,125
347,792
152
Holders of reo. April
Mech & Metals
$
29,636
10,004
1,054
2
..
Temtor Corn & Fruit Prod, class A (qu.)
Texas Chief Oil (monthly)
3.000
Chemical Nat..
IX
(quar.)
First and second pref. (quar.)
Symington (T. H.) Co.. com. (quar.)
Nat
1
IX
com.
Merchants'
10,176
3,523
April
l
Superior Steel,
2,879
5a
2
Extra
Co.
Apr.
(y>
(quar.)
Bank
De
Deposits.
Average Average
$
12,652
Holders of rec. April
15
Time
lories.
54,577
97,137
7,286
57,025
April 15
Apr.
$
6.86C
1,500
Holders of rec.
Vault,
Average.
$
2,000
6,000
April 15
April 15
$1
(quar.)
Members of
25,000
rec.
Demand
Ac.
Bank of America
Holders of
20
Net
Legal
Deposi
Tr.Cos.,Feb. 28
National City—
Apr.
IX
(l>
Feb. 28
if aft
with
in
ments,
Jilar. 31a
1
.
Mar. 27 1920.
Feb. 28
Manhattan
April 10
April 10
Holders of rec.
10
Apr.
(.000 omitted.) Nat'l,
Week
ending State,
Bk of NY, NBA
10
3
Stuta Motor, stock dividend
Sullivan
4
April 10
$1
(quar.)
common
April
3
...
Stearns (F. B.) Co., com. (quar.).
April 10
Reserve
Cash
Discount,
Invest
Fed. Res. Rank
10
Mar. 29
rec.
Loans,
Capital. Profits
HOUSE
MEMBERS
la
Holders of rec. Apr.
Standard Sanitary Mfg.. com. (In stock)
Net
CLEARING
la
Apr.
rec.
such
In total footings, as follows
$86,957,000, Farmers' Loan
banks in foreign countries as reserve
$39,645,000, Guaranty Trust Co.,
$10,908,000, Farmers' Loan A Trust Co., $3,657,000.
c
not included,
d U. 8. deposits deducted, $28,205,000.
share.
$18,634,000.
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
Bills payable, rediscounts,
091,446,000.
k As of March 4
acceptances
Deposits in foreign branches
e U. 8. deposits deducted,
and other liabilities, $i,-
1920.
mary
STATEMENTS OF RESERVE
BOSTON CLEARING HOUSE MEMBERS.
AND
frfarch 27
Changes from
March 20
Mar. 13
1920.
previous week.
1920.
1920.
$
%
$
$
3,228,000 Dec.
Circulation
Loans, disc'ts <fc investments. 583,684,000 Dec.
14,000
3,242,000
♦
Exchanges for Clearing House
Cash
Reserve
970,000 584,654,000 588,614,000
10,875,000 Dec.
United States deposits
213,000
17,088,000
17,726,000
3,476,000 Dec.
17,921,000 Dec.
853,000
4,329,000
2.781JX10
20,702,000
52,735,000
1,639,000
18,078,000
in
Members Federal
Reserve banks—.
Cash in bank & in F. R. Bank
Reserve
excess
in
bank
Federal Reserve Bank
•
49,900,000 Dec.
72,050,000 Dec.
4,110,000
25,025,000 Dec.
2,217,000
Trust
companies*...
76,160,000
50,651.000
70.352,000
Total Mar. 20
27,242,000
21,971,000
Total
Mar.
Feb.
Total Mar.
ano
Formerly Included under the head of
2,835,000
Vault.
%
1
Reserve
a
in
Total
Reserve
Surplus
Depositaries
Reserve.
Required.
Reserve.
%
%
$
13
6
28
$
542,565,000 542,565,000 525,626,290
5,530,000 10,374,000 15,191,280
7,256,850
7,261,000
5,334,000
1,927,000
16,938,710
1,182,720
12,771,000 553,429,000 566,200,000 548,074,420
12,878,000 578,047,000 590,925,000 58,397,660
12,905,000 559,225,000 572,130,000 544,262,780
12,894,000 551,062,000 563,956,000 543,773,530
18,125,580
10,844",000
State banks*.*
Total
Due from other banks
Averages.
•
3,228,000
Individual deposits, lncl. U. 6 423,034.000 Dec. 14,809,000 437,843,000 436,136,000
Due to banks
109,975,000 Dec. 9,670,000 119,645,000 111,685,00®
Time deposits
HOUSE BANKS
POSITION OF CLEARING
TRUST COMPANIES.
"Individual Deposits."
/
4,150
32,527,440
27,867,220
20,128,470
1390
THE CHRONICLE
Actual
Cash
Figures.
-
Reserve
Reserve
in
STATE
b
in
Total
Reserve
Reserve.
'S
Surplus
*
Reserve banks
t
%
March 27 1920.
$
555,864,000 555,864,000 525,069,820
5,495,000 16,353,000 15,297,840
1,883,000
5,414,000
7,297,000
7,316,400
Trust companies*.,_
Total Mar, 27
12,741,000
12,930,000
13,139,000
13,075,000
Total Mar. 20
Total Mar. 13
Total Mar.
0.___
30,794,180
1,055,160
19,400
566,773,000 579,614,000 547,684,060 31,829,940
531,516,000 544,446.000 552,421,000 d/7,975,000
565,934,000 579,073,000 550,032,580 29,040.420
531,777,000 544,852,000 542,152.940
2,699,060
*
Not members of Federal Reserve Bank.
This Is the reserve required on net demand
deposits in the ease of State banks
trust companies, but in the case of members of the Federal
Reserve banks
includes also amount of reserve required on net time
deposits, which was as follows:
Mar. 27, *0,688,260, Mar. 20,16,654,000, Mar.
a
and
13, $6,498,630, Mar. 6, $6,449,940.
required on net demand deposits in the case of State banks
companies, but in the case of members of the Federal Reserve Bank
b This is the reserve
and
trust
includes also amount of reserve required on net time
deposits, which was as follows:
Mar. 27, $6,715,620, Mar. 20,
$6,660,870, Mar. 13, $6,543,840. Mar. 6, $6,469,560.
State Banks and Trust
Companies Not in Clearing
State Banking Department reports
House,—The
weekly
Capital
Surplus
as
1920.
previous week.
$
$
27,400,000
50,520,000
727,130,100 Dee."
6,635,500 Inc.
Specie
Currency & bk. notes
March 27.
Currency and bank
notes
_____
Deposits, eliminating amounts due from
reserve
138,401,80/3
Percentage of reserve, 19.6 %.
r
v'.
-
R. Bank of N. Y-
68,170,600 Dec.
P. C. reserve to dep._
93,200
425,800
Dec.
non-member
institutions
which
12,400
Inc.
351,600
Inc.
4,624,700
5,761,800
Deo.
—Trust Companies—
(Stated in thousands of dollars—that is, three ciphers [000
Net
CLEARING
Dis¬
Nat.bks.Feb. 28 Invest¬
Week ending
Statebks.Feb 28 ments,
Mar.
Tr.oos. Feb. 28
27
1920.
.
Members of
Net
Net
Cash
with
Demand
Time
Bank
in
Legal
De¬
De¬
Circu¬
Vault.
Deposi¬
posits.
posits.
lation.
Ac.
tories.
Fed'l
Res.
Bank.
Battery Park Nat-
$
9 '
$
,
1,500
1,554
Mutual Bank
2oo
691
New Netherland—
W R Grace A Co's
600
675
500
1,017
$
Deo.
Dec.
6....
13
Deo.
20........
Deo.
27
Jan.
3..
Jan.
10..
Jan. 17
Jan,
Jan.
24
31
Feb.
7
Feb.
14
Feb. 21
Feb.
Mar.
Mar.
28........
6
13
10,840
88
1,725
1,142
12,277
322
8,793
4,642
181
20
787
200
070
349
1,235
First Nat, Jer City
1,340
8,767
590
730
7,537
6,990
6,156
400
3,403
5,957
69,013
1,622
7,222
51,079
7,629
—
Bank of Wash Hts.
100
444
20.61%
$104,174,200
19.33%
Colonial Bank
600
1,332
500
337
North Side, Bklyn
200
268
3,219
14,525
6,512
6,536
1,400
2,382
500
1,023
200
437
follows:
BANKS
GREATER
AND
NEW
TRUST
COMPANIES
201
Total
!
Demand
•Total Cash
Reserve in
Deposits.
in Vault.
Depositaries.
4,998,912,400
696,738,000
098,932,400
4,957,903,600
139,286.400
139.471,300
142,616,300
4.893,718,700
146,126,200
6,033,287,000
5,905.254,400
5,905,254,400
5,911,523,100
5.977,547,400
6.002.477,800
6,085,367,000
6,190,394,500
6,148,908,100
6,091,130,800
6.027.329,800
6,009.316,400
5,932,509,000
5,887,539,200
5,871,844,300
5,871.656,000
4.957.903.600
4.977,633,400
4,874.397,000
4,978,225,000
4,997,475,100
4.946,748,500
4,979,339,100
4.930,832.000
4 959.253.200
4.922,639.900
4,883,820,600
4.837,357,300
4,881,252,700
144,328,500
152,867,900
147,113,100
150,519,400
136,692,800
135,734,500
130,482,600
134,336,100
138,651,200
135.817,600
136,837,300
137,477,500
698,288,400
673,870,700
Resent Bank
Hamilton Tr.Bkln.
Mech Tr, Bayonne
700
Grand aggregate..
410
197
1,254
15,882
797
495
521
378
6,442
6,239
30,792
3,668
2,324
31,853
907
9,372
8,327
648
389
310
251
7,799
3,579
4,788
l,460j
17,699|
664,736,800
703,777,800
071,113,200
675,721,600
682,179,300
667,361.800
642,654,000
673,921,100
647,225,300
134.062.200
679,329,400
649.253.400
4,915,902,800
132,585.200
679,267,600
4,883,920,600
137,498,S00
This Item Includes gold,
silver, legal tenders, national bank notes and Federal
Reserve notes.
-
New York City State Banks and Trust
Companies.—
In addition to the returns of "State
banks and trust com¬
panies in New York City not in the Clearing House," furnished
by the State Banking Department, the Department also
covering all the institutions
of
this
clasps in the City of New York.
::::
598
942
640
11,378
5,730
10,186
a94,310
—1,569
14,320
——
6,500
9,800118,088
9,6331118,429
9,0331120,322
6,363
5,500
6,500;
Gr'd aggr, Feb. 28
6,600;
9,033; 120.711
a
U. 8. deposits deducted
For definitions and rules under which
the various items
made up, see
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).
p.
—286
+49
585
vv
_e
10,472
95,879
14,277
591
6,430
10,967
97,606
14,047
577
6.017
10.492
95,904
16,669
690
6,012
11,293
96.948
16,960
588
$413 000.
.
Bills payable rediscounts acceptances and other liabilities
Excess reserve $131,280 decrease.
$11 075 000.
Philadelphia Banks.—The Philadelphia Clearing House
for the week ending Mar. 27 with
comparative
figures for the two weeks preceding, is as follows.
Reserve
requirements for members of the Federal Reserve system
are 10% on demand
deposits and 3% on time deposits, all
to be kept with the -Federal Reserve Bank.
"Cash in
vaults" is not a part of legal reserve.
For trust companies
not members of the Federal Reserve
system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
statement
Week ending March 27 1920.
March 20
Two ciphers
(00) omitted.
Members of
Trust
Capital
Surplus and profits
Loans, dlsc'ts & investm'ts
Due from banks
Bank
deposits
Individual deposits
Time deposits
$32,975,0
87,459,0
783,427,0
22,511,0
121,579,0
136,527,0
504,376,0
6,710,0
Total deposits..
647,613,0
$4,000,0
10,984,0
34,793,0
651,0
14,0
271,0
20,120,0
624,0
21,015,0
U.S.deposita (not Included)
Res've witb Fed. Res.Bank
51,015",0
Res've with legal deposit's.
Cash In vault*.
Total
reserve
12,727*0
and cash held!
Reserve required
Excess res. & cash In vault.
*
2,204,0
I
928,0
3,132,0
3,004,0'
63,742,0
49,882,0
13,860,0
Cash In vault Is not counted
128,0
a3 reserve
1920.
|
F.R. System Companies\
Exchanges for Clear. House
"Chronicle," V. 98,
"369 r
958
Gr'd aggr, Mar. 13
Gr'd aggr, Mar. 6
729,999,100
5,884,557,500
are
585
3,290
1,940
9,800!ll7,504| 6,248
—584j —115
5,500
Comparison previo us week
700,844,200
656,641,800
4,090.480,100
statement
"§88
Fed'l
Total
5,890 723,400
5,801,763.200
a
882
Trust Companies
Not Members of the
YORK.
Mar. 20
presents
197
IN
Mar. 27
*
t
1,603
Gr'daggr Mar. 20
Nov. 22.
$
$
171
291
16,672
12,436
11,956
5,738
13,444
13.96%
5.37%
Investment*.
Nov. 29
Nat'l
Average Average Average Average Average Astra**
28,942,900
Loans and
Week Ended-
omitted.)
Reserve
counts,
$75,231,300
are as
OF
the
Loans,
Capital. Profits.
NON-MEMBERS
5.60%
companies combined with those for the State banks
companies in Greater New York City outside of
RESULTS
in
included
not
return of non-member institutions of new YORK clearing
house.
15.01%
and trust
Clearing House,
are
the preceding page:
on
.$34,227,600
COMBINED
501.900
Yorkvllle Bank—
Inc.
Banks and Trust Companies in New York
City.—The
averages of the New York City Clearing House banks and
the
13,400
213,296,700 Dec.
Non-Member Banks and Trust Companies.—Follow¬
ing is the report made to the Clearing House by clearing
International Bank
trust
19,040,400 Inc.
4,673,000 2,050,583,400 Dec. 22,216,900
6,633,000
288,312,700 Dec. 6,251,500
0.7%
17% Dec,
0.2%
$24,925,400
9,302,200
cos
Total
144,400
10,867,700 Dec,
4,689,200
882,859,700 Dec.
125,432,900 Dec.
19% Inc.'
$
State Banks
•
Not Members oj the
Fed'l Reserve Bank
Cash In vaults
Deposits In banks and trust
91,000
Deposits
Reserve on deposits..
Total
-—-State Banks
previous week.
104,700,000
179,330,000
1,992,126,90.0 Dec6,886,500
670,200
V RESERVE. '.Vv
'
Difference* from
Deposits with the F.
$2,597,300
Dec.
•
791,296,800
_____
March 27
previous week.
Inc.
de¬
positaries, and from other banks and trust companleslnN.Y. City, exchanges and U.S. deposits
Reserve on deposits
6*.918*800
33,326,60.0 Dec.
Differences from
$783,758,500
7,887,000
18,020,000
74,249,500
843,071,700
Deposits with Federal Reserve Bank of New York..
Total deposits..
Companies.
1020.
of Nov. 12
as of Nov. 12
Loans & investments
'
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN
GREATER
NEW YORK, NOT INCLUDED IN CLEARING
HOUSE STATEMENT.
Loans and Investments
'
Differences from
$
figures showing the condition of State banks and trust
companies in New York City not in the Charing House, as
follows:
;V';
Specie,.
YORK CITY.
Trust
March 27
"Clearing House Return"
(Figures Furnished by State Banking Department.)
NEW
%
10,858*666
State banks*
IN
Week Ended
Reserve.
>
Members Federal
COMPANIES
Slate Banks.
Required.
i
BANKS AND TRUST
1
.
Depositaries
Vault.
[Vol. 110.
March 13
1920.
Total.
$36,975,0
98,443,0
818,220,0
23,062,0
121,593,0
136,798,0
524,496,0
7,334,0
668,628,0
1,064,0
51,015,0
2,204,0
13,655,0
66,874,0
52,886,0
13,988,0
$36,975,0
98,473,0
$36,978,t
818,624,0
30,373,0
125,607,0
141,701,0
634,632,0
7,618,0
673,951,0
815,224,(
27,389,C
118,382,C
138,141,C
653,269, C
7,413,
698,823,.
98,628,C
1,640,0
999,J
51,432,0
52,881,1
2,478,0
2,536,
14,180,'
13,945,0
67,855,0
69,602,(
53,283,0
14,572,0
53,806,
15,796,1
for Federal Reserve bank members.
Member Banks of the Federal Reserve
System.—Following is the weekly statement issued by the Federal Reserve
Board giving the
principal items of the resources and liabilities of the Member Banks. Definitions of the different items
In the statement were
given in the statement of Deo. 14, 1917,
published in the "Chronicle" Dec. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL
RESOURCES
SELECTED
AND
LIABILITY ITEMS OF MEMBER BANKS LOCATED
CITIES AS A'l CLOSE OF BUSINESS
MARCH 19 1920.
Liquidation of about 135 millions
of United States Government war obli
gations, accompanied by a substantial decline in net
demand deposits and
a reduction
by over 200 millions of the reporting banks'
borrowings from
Federal Reserve
Banks, is indicated in the Federal Reserev Board's
weekly
statement of condition on March
19 of 809 member banks in leading cities.
Holdings of United States bonds increased 1.3
millions, while Victory
notes on hand declined
2.9 millions.
Holdings of Treasury certificates
were 133.7 millions less than
a week
before, largely as the result of redemp¬
tion by the Government of
tax certificates due on March 15.
Liquidation
or 4.1 millions of war
paper (includive of rediscounts with Federal
Reserve
Banks) is also shown.
Loans secured by stocks and bonds
were 9.8 millions
below the previous week's
figure, the decrease for the New York City
banks alone being 12.4 millions.
All other loans and
investments, also
inclusive of rediscounts with Federal
Reserve Banks, went
otwithstanding net liquidation
up 2.5 millions,
of 19.4 millions shown
under that head by
IN
CENTRAL RESERVE AND OTHEB
the banks in New York City.
As a result, total loans and investments of
the reporting banks, including rediscounts with
Federal Reserve Banks,
show a decline of 146.6 millions for the
week, the share of the New York
City banks being 67.1 millions.
Government deposits show an increase of 65.3 millions
for the week,
while net demand deposits declined 80.5
millions, apparently in connection,
with payments of the income and excess
profits taxes due on March 15.
Time deposits went
up about 9 millions.
Reserve balances with
the
Federal Reserve Banks show a reduction of
49.5 millions, while cash in
vault continued
practically unchanged.
Rediscounted customers paper beid for
reporting member banks decUned
about 66 millions, and collateral notes of these banks
141.1 millions.
Of
the total discounts held, 1,132.3 millions was war
paper, compared with
about 1.278 millions the week
millions) ordinary
before, and 766.8 millions (as against 828.2
commercial paper.
Apr. 3
Data
1.
Three
reporting
Philade I.
Cleveland.
St. Louis. Minneap. Kan. City
Chicago.
Atlanta.
Richm'd.
Dallas.
San Fran.
Total.
47
107
35
35
83
44
66
809
$268,243
593,638
46
116
56
92
$13,Q61
$47,248
235,723
$41,842
58,968
20,811
$26,501
34,863
$14,015
$21,029
$17,176
$7,170
$14,803
65,960
14,471
10,448
8,831
38,756
69,263
1,854
10,609
201,212
18,042
3,769
12,921
12,811
29,534
6,735
16,432
22,721
5,011
$19,573
18,145
3,790
$34,728
28,855
7,738
17,524
.29,087
497,338
$88,237
$66,037
$195,008
$48,337
$29,541
$50,273
$59,032
$138,886 $1,560,431
27,890
110,791
42,346
157,452
388,858
19,748
29,530
302,744
23,801
481,139
62,954
398,137 1,699,854
548,559
7,102
35,331
248,548
1,189,776
30,193
146,940 3,175,231
921,867 10,998,771
555,018 2,486,792
202,255
33,132
636,993
48,019
699,915
369,808
120,035
381,563
25,247
9,059
261,889
64,816
95,091
4,307
258
2,624
31,524
11,421
20,784
3,478
19,792
4,120
4,215
152
22.956
53,517
10,066
21,645
80,624
220,179
$11,097
26,757
10,753
44,904
$56,640
$583,774
$93,511
$151,155
71,536
565,856
152,251
202,263
601,102
96,477
41,784
339,190
907,056
109,386
375,019
6,339,583 1,049,127 1,493,878
614,426
14,467
bonds
Other U. S., lncl. Liberty
Three ciphers (000) omitted.
banks in each district.
82
Number of reporting banks
U. 8. bonds to secure circulation...
7,467
U. S. Victory notes
U. 8. certificates of indebtedness...
U. 8. securities.
Total
for all
New York
Boston.
omitted.
(000)
ciphers
1391
THE CHRONICLE
1920.]
62,260
Loans and Investments, exclusive of
redlscounted
bills
and other banks:
;
R
«
S. war obligat'n
Loans sec. by U.
Loans sec.
F.
with
by stocks and bonds.
196,794 1,336,970
754,044 3,852,983
All other loans and investments.
77,282
i
Total
<fc
loans
lncl.
Investments
rediscounts with F. R. banks.. 1,079,014
in
860,034
358,816
644,563
24,935
122,531
Time deposits
137,510
407,420
6,613
47,073
26,377
2,789
Government deposits
with F. R. Bank:
Sec. by U. S. war obligations
3,790
63,790
13,789
299,528 1,513,942
602,297
141,270
14,230
3,478
40,741
112,230
97,187
35,381
17,165
655,410
vault
Net demand deposits
38,377
17,958
362,624
100,145
10,062
64,003
78,428
791,656 5,168,870
Reserve balances with F. R. Bank.
Cash
10,541
Bills payable
27,810
81,931
336,233
52,852
38,451
«.
Bills redlscounted with F.
-
— -
.
—
Bank
R
37,877
obligations
All other
160,153
73,798
65,353
Sec. by TJ. 3. war
50,291
15,428
472.672
560
60
■
-
Allother
205.967
45,814
8,876
3,696
32,417
104,776
Data for Banka in Federal Reserve Bank and Branch Cities
2.
11,471
47,338
10,855
23,658
13,185
42,928
350,013 1,237,886 16,924,208
77,445
1,387,080
28,133
368,911
27,430
10,904
619,376 11,632,909
257,100
2,574,140
476,576
43,787
104,451
2,137
7,090
802,050
28,281
174
4,272
1,846
47,737
330,244
762,527
and All Other Reporting Banks.
All Other
New York.
All F.R.Bank Cities
Chicago.
Mar.
12. Mar.
19 .Mar.
19 .Mar.
Mar.
12
19 .Mar.
12
Mar.
19. Mar.
Mar.
12
19. Mar.
336
809
809
772
50
336
$1,438
$99,931
$70,927
144,906
$70,804
144,594
$97,385
120,077
$268,243
328,655
$99,831
326,119
$97,359
121,781
104,179
106,167
53,421
53,702
43,612
46,998
345,697
406,396
95,649
151,437
55,992
44,195
73,177
$267,994
592,494
204,062
31,105
693,638
201,212
497,338
$267,081
665,441
14,196
27,718
14,386
631,010
2,022",018
50
$37,551
$1,439
204,640
69,535
208,110
Other U. 8. bonds, lncl. Lib. bds.
Victory notes
U. S.
0. 8. certificates of Indebtedness.
,
••••••.
i..
..
30,071
234,937
•
Total U. 8. securities
Loans
and
Mar.21*19
Mar. 12.
195
205,444
70,727
73
19.
195
137,551
U. S. bonds to secure circulation.
Mar.
278
73
Number of reporting banks.
12.
278
"
I
Total.
Reporting Banks.
P. R. Branch Cities
Three cipher* (000) omitted
$517,836
investments,
excl.
$54?,659
$76,811
$90,540
$938,513
$878,462
$364,903
$420,537 $317,066 $336,512 $1,560,431 $1,695,572 $2,954,540
of
bills redlacounted with F. R.
banks:
116,079 1,189,775 1,193,926 al,123,551
116,452
143,830
146,621
934,017
926,702
536,300
77,170
77,349
531,815
419,511
3,175,231 3,184,987 a10233563
420,794
487,621
492,863
364,838 2,261,574 2,277.855
353,945
and bonds. 1,177,412 1,189,773
10,998,771 10,996,294
7,004,942 7,006,255 2,140,929 2,159,437 1,842,900 1,830,602
All other loans and Investments 3,404,652 3,424,096 1,023,587 1,017,519
Loans sec. by U.
8. war obllg.
Loanssec. by stocks
2,702,704 16,924.208 17,070,769 14,605,371
lncl. 5,631,715 5,698,828 1,541,513 1,550,246 11071680 11156640 3,155,316 3,211,425 2,697,212
Total loans & investments
rediscounts with F. R. banks
Reserve balances with F. R.
Cash in vault.
-
-
Net demand deposits
deposits
Time
Government deposits
Bills payable
1,236,335
176,230 1,387,080 1,436,601
172,867
213,900
209,942
141,653
139,671 1,004,271 1,046,471
347,765
368,749
368,911
82,106
83,188
73,229
75,685
213,414
210,038
36,688
35,757
1,782,920 11,632,909 11,713,449 10,058,842
4,670,344 4,670,038 1,023,352 1,023,898 8,072,852 8,111,899 1,786,890 1,818,630 1,773,167
1,674,992
560,406 2,574,140 2,565,076
563,030
845,201
844,366
295,956
269,882 1,166,744 1,159,469
270,693
301,850
690,045
39,175
104,451
3,461
11,956
5,849
15,165
29,865
77,330
18,894
2,548
7,384
45.563
108,654
bank
634,661
111,583
295,708
355,258
602,054
with F. R. Bank:
obilgat'ns
60,160
63,447
538,042
617,604
1,345
Secured by U. 8. war
1,681
Allother
B'k:
obilgat'ns
176,667
2,927
224,643
1,247
87,341
102,304
802,050
4,272
944,551
17,979
68,958
330,244
762,527
333,445
13.1
14.7
15.4
Bills redlscounted with F. R.
Secured by U. S. war
156,417
187,489
157,645
248.027
6,954
7,232
143,241
291,607
581,732
296,559
650,658
21,326
139,468
115,348
105,714
17,311
65,447
18.0
All other
18,907
18.4
9.9
10.7
15.4
15.9
14.0
15.4
12.5
Jl,131,300
2,928
1
293,717
825,330
Ratio of U. 8. war securities and
war
to
paper
total loans and
Investments, per cent
Exclusive of rediscounts with
Federal Reserve banks.
Following Is the weekly statement issued by the
The Federal Reserve Banks.-
and Treasury certificates
Discounted paper held by the Boston, Cleveland, Atlanta,
Chicago, Minneapolis, Dallas and San Francisco banks is inclusive of 94.4
millions of paper discounted for the New Vork, Philadelphia, Richmond and
St. Louis banks, while acceptance holdings of the Cleveland, Atlanta,
Kansas City and San Francisco banks comprise 5.1 millions of bills purch¬
ased from the New York and Boston banks, as against about 8 millions the
the week before.
millions, or
bonds: 276.9 millions, or 19.2%, by Vic¬
by Treasury certificates, as
Combined Resources and Liabilities of the
Mar. 26
$
RK SOURCES.
certificates
□old settlement fund, F. R. Board......
Gold with foreign agencies
Gold coin and
Total reserves
180.162,000
206.877.000
363,132,000
112,781,000
388,271,900
391,649,000
112,781,000
112,781,000
389,332,000
112,822,000
385,594,000
112,822,000
...
Ac.....
674,408,000
112,174,090
1
142 576 000
116,071.000
All
122,400,000;
Bills bought In open
obligations..... 1,441,015,000 1,353,609,000 1,515,959,000
1 520.494,000
1,008,215,000
451,879,000
market
bonds
U. 8. Victory Notes
U. S. certificates
$200,973,000
396.138,000
112,822.000
$
$
326,791,000
202,425,000
424,832,000
112,822,000
205,393,000
434,160,000
114,321,000
5,829,000
753,874.000
896,197,000
120,544,000
121,259,000
133,038,000
563,577,000
116,064,000
109,083,000
8.54,172,000
463,232,000
888 194 000
907,487.« 00
504,172,000
613.854,000
2,054.656,000 2,210,524,000
2,083,215.000 2.035.440.000 2,052,613,000
1,451,557,000 1,691,010,000
1,572,980,000 1,525,203,000 1,469,562,000
195,230,000
751,982,000
823,873.000
833,321,000
880,631.000
248,107,000
554,750,000
542,600,000
532,703,000
531.367,000
2,830,035,000 2,758,289,000 2,134,347,000
2,901,109,000 2.670.913,000 2,927,618,000 2.922,542,000 2,984,878.000 2.890.227,000
27,138,000
26,776,000
26,775,000
26,775,000
26,775,000
26.797.(Ml
26,775.000
26,775,000
26,798,000
63,000
Total bills on hand
U. 8. Government
1920,
1920. Mar, 28 1919.
125.745,900
2 054,630 000
other
6
1.988,380,000 1,991,560,000 2,142,305,000
1,934,755,000 1,934,581,900 1.936,364.,090 1,937,077,000 1,966,836,000 1,969,814,000
68,219,000
63,096,000
64,133,000
65,626.000
116,379.000
117,553.000
120.306,000
3111s discounted:
Secured by Govt, war
Feb.
709,933,000
705.293,000
682,316,000
1,121,757,000 1,116,427,000 1,113,070,000
1,138,690,000 1,145,479,000 1,150,798,000
119 380,000
2,057,155,000 2.060,326,000 2,956,73 '.000
...
1920
740,079,000
169,978,000
660,712,000
13
$
$
$
$
$
$
Close of Business March 26
Feb
1920. Feb. 27 1920. Feb. 20 1920.
159,669,000
117,776,000^
Total gold reserves
Federal Reserve Banks at the
'20. Mar. 12 1920. Mch. 6
1,186,829,000' 1,161,695,009
.
fUDd
Legal tender notes, silver,
■
■
members*
154,237,000
630,150,000,
held by banks
Total gold
Gold with Federal Reserve agents.
Gold redemption
19
1920. Mar.
"l
boforc
against a decline of 30.3 millions in Government deposits,
deposits show an increase of about 17 millions.
Other deposits{
Including foreign Government credits, fell off 0.8 million, while the float
carried by the Reserve banks and treated as a deduction from gross deposits
declinod 101.4 millions.
Net deposits, as a consequence, work out at 87.3
millions more than the week before.
Federal Reserve note circulation shows
an increase for the week of 0.9 million, while the banks' aggregate liabilities
on Federal Reserve bank notes in circulation fell off 9.7 millions.
As
reserve
and 421.2 millions, or 29.2%,
notes,
tory
v/oolc
144.1 millions.
millions of war paper held, 742.9
Of the total of about 1,441
51.6%, were secured by Liberty
Federal Reserve Board on March 26:
total of 1,353.5 millions of war paper reported
against 53, 20 and 27% of a
member banks, following payment of checks and
15 taxes, are indicated in the Federal Reserve
bank statement issued as at close of business on March 26 1920.
During
the week the Government redeemed all the temporary Treasury certificates
held by seven Reserve banks the week before.
As a r&sult of these opera¬
tions, total earning assets of the Reserve banks inrceased by 86.1 millions.
Net deposits show a commensurate increase, Federal Reserve notes went
up less than one million, while cash reserves declined 3.2 millions.
The
bank's reserve ratio, accordingly, shows a decline from 43.5 to 42.7%.
War paper holdings of the Reserve banks show an increase for the week
of 87.5 millions and other discounted paper—an increase of about 154
millions.
On the other hand, acceptances on hand declined 11.4 millions
Large borrowings bj
drafts in settlement of March
of Indebtedness
68,000
263,056,000
68.000
68,000
68,000
68,000
63,000
497,119,000
267,461,000
260.507.000
267,611,000
208.610,000
63,000
290,317,000
276,064,000
173*,797",000
3,000
ill other earning aasote..
3.153,190.000 3.061,192,000 2,335,285,000
3.191,031,000 3,104,897,900 3.221,922,000 3.215 952,000 3.279,232,000 3,185,675,000
9,712,000
10,580.000
11,103,000
11,144,000
11,226,000
11 771 000
11,793,000
11,791,000
11,990,000
Total earning assets
Bank
premises-.
Uncollected Items and
from
other deductions
deposits
gross
f% redemp. fund agat.
F. R
ill other resources
Total resource*
bank notes
768,788,000
13,900,000
4,907,000
966,609,000
13,851,(00
5,645,000
1,052,333,000
859.704,000 1,026.726,000 1,029.653,000
12,114,000
12.724.000
12.276,000
16,226,000
4,122,000
3,851,000
3,681,000
4.174,000
817.926,000
14,387,000
5,485,000
660,066,000
12,232,000
6.048,000
7,274,000
7,067,000
0,040,685,000 5,229,928,000
6,278.487.000 0,285,375,000
6,047,771,000 *6,163657 000 6,127,795,00'' 6.162,457,000 6,416.356.000
LIABILITIES.
90,958,000
90,871,000
91,059,000
^
120,120,000
120,129,000
120,120,000
58,027,000
55,324,000
27,711,000
Government deposits
1,867,125,000 1,850.106,000 1,886,929,000
Due to members, reserve account
575.497.000
546,696,000 *643.063,009
Deferred availability Items
1UU,969,000
98,286.000
100,160,000
Giber deposits, lncl. for. Govt, credits..
81,641,000
89,119,000
89,674.000
49,466,000
120,120,000
120,120.000
168,147,000
42.446,000
24,218,000
83 879 000
1,837,865,000 1,869,438,000 1,631,167,000
1 858,184 000 1.871.961.000 1,828,891,000
484,906,000
654,735,000
880.451,000
815,606,000
810.41 >2.000
618.509.000
117,271,000
95,876.000
97,044,000
95,366. H)0
95.026,000
91.525.000
90,966,000
•
90.702,000
120,120.000
Capital paid In
Surplus..
896,971,000
120,120.0(H)
133,913,000
90,531,000
120,120,000
75.587.000
2,839,678,000 2,862.495,000 2,401,491,000
2,911.302,000 2.815.450,000
2,541,692,000 *2,652165 000 2,616,636,000 2,652,097,000
deposits
2,959,087.000 2,891,775,000 2,521,776,000
3.019.984,000 2.977,124,000
3,048,039,000 3,047,133,000 3,039,759.900 3 030 010,000
145,540,000
248,780,000
actual circulation
245,810,000
240,858,000
237,131,000
229,167,000
211,132,000
220,738,001
201,392,000
30,014,000
28,390,000
f
R. bank notes In circulation—net liab.
31,106,000
34,404.000
37.117,000
40 097 000
42,149,GOO
40.19(9,000
45,469,000
til other liabilities....
6,285,375,000 0,040,685,000 5,229,928,000
6.416.356,000 6.278.487.000
6,047,771,000 *6.163957 000 6,127.705,300 6.162,457,000
-oi*l nihilities
Total gross
9. R. notes in
*
Amended figures.
1392
THE CHRONICLE
[Vol. 110.
Mar.26 1920. Mar. 19 1920. Mar. 12 1920. March 51920 Feb.
27 1920. Feo. 20
1920. Feb
13 1920
Feb.
6
1920. Mar.
28
'19.
Ratio of gold reserves to net deposit and
F. R. note liabilities combined
Ratio of total reserves to net
deposit and
F. R. note liabilities oomblned
Ratio of total reserves to F. R. notes In
elroulatlon
after setting
aside
against net deposit liabilities
40.1%
40.9%
40.0%
40.2%
40.1%
41.3%
41.9%
42.8%
50.3%
42.7%
43.5%
42.5%
42.6%
42.5%
42.7%
43.2%
44.1%
51.9%
47.1%
47.1%
47.4%
48.2%
49.7%
63.5%
36%
47.1%
48.3%
47.0%
Distribution by Maturities—
$
t
$
%
$
%
%
1-16 days bills bought In open market..
S
$
137,600,09
127,119,000
133,499,000
126.422,000
135,779,000
139,153,000
137,611,000
1-16 days bills discounted.....
123,716,000
78,660,000
1.425,695,000 1,273,870,000 1,499,923,000 1,523,738 000
1,570,405,000 1,511,016,000 1,457,971,000 1,432,954,000
1-16 days U. S. oertlf. of indebtedness..
1,529,010,000
149,461,000
4,876,000
10,131,000
13,143.000
8,881,000
5,772,000
1-16 days municipal warrants
24,053,000
14,472,000
23,919,000
l§-30 days bills bought in open market..
88~,62gT,660
*8().*8*71*666 1027348*,666
12*1* 985*666
1*1*3,91*5*,000 1*1*7,0*33*,000 127,339,666 136,1*58*666
10-30 days bills discounted
*71,998,000
294,355,000
237,731,090
207,039,000
194,746,000
205,442,000
219,421,000
223,711,000
10-30 days U. S. oertlf. of Indebtedness..
172.123,000
168,881,000
4,300,000
3,590,000
2,000,000
2,600.000
7,568,000
11,570,000
6,000,000
10-30 days municipal warrants
4,500,000
11-00 days bills bought In open market..
17*1,711",000
41-60 days
01-00 days
61-90 days
01-90 days
municipal warrants
bills bought in open market..
bills discounted...
1*7*8,635*,000
180,*5*33*,000
1707589,666
464,333,000
4,700,000
11-60 days bills discounted.....
11-00 days U. 8. certif. of indebtedness..
471,517?) Xl
1*9*7,40*0*666
1*9*7,3*67*,566
453,624,000
7,000,000
2*07,*592*,000
433,193,000
2*2*2,*7*86",000
433,705,000
425,383,000
357,350,000
*81,8*8*2",000
6,500
6,500,000
10,853,000
320,861,000
11,179,000
115,670,000
19,337,000
94,858,000
241,654,000
84,273,000
228,496,000
78.150,000
70,058,000
188,067,000
4,040
4,000,000
239,269,000
5,500,000
15,567,000
51,427,000
4,000,000
72,090,000
261,197,000
6,000,000
*15,"463", 000
240,562,000
*14",637*000
"is",6*74*,000
"16,464,666
227,931,000
*21,*2*5*2*, 000
243,911,000
239,913,000
142,854,000
3,500,000
64,420,000
U. 8. oertlf. of Indebtedness..
61-90 days municipal warrants
Over 90 days bills bought In
open market
Over 90 days bills discounted
66,226,666
*8*77792", 000
245,221,000
4,097,000
207,765,000
246,527,000
3,540,000
4,743,000
*19*.626*666
*1*6,7986566
*1*67333,666
*15*,35*7*666
245,083,000
245,915,000
244,790,000
—-4
240,284 000
3,289,312,000 3,292,819,000 3,281,343,000
241,273,000
245,686,000
241,593.000
Federal Reserve Notes—
.....
Held by banks.....
In actual
....
circulation....
6,584,660,000 6,557,760,000 6,535,360,000 6,484,940,000
6,399,320,000 6,372,900,000 6,300,000,000 6,222,280,000
4,192,440,000
2,912,649,000 2,891,492,000 2,868,248,000 2,841 910 000
2,814,520,000 2,791,937,000 2,766,147,000 2,732,255,000
1,071,062,000
....
to the
3,000
3,254,806,000 3,221,789,000 3,187,974,000 3,139,652,000 2,705,708,000
240,711,000
234,822,000
244,665,000
228,887,000
247,877,000
183,932,000
3,048,039,000 3,047,133,000 3,039,750,000 3,030,010.000
3,019,984,000 2,977,124,000 2,959,087,000 2,891,775.000 2,521,776,000
Fed. Res. Notes (Agents
Accounts)—
Reoeived from the Comptroller
Returned
6,506,000
3 270 721,000
Over 90 days oertlf. of
Indebtedness
Over 90 days municipal
warrants
Outstanding
518,000
Comptroller...,.
Amount chargeable to Fed. Res.
agent 3.672,011,000 3,666,268,000
3,667,112,000 3,643,030,000 3,584,800,000 3,580,963,000 3,533,853,000 3,490,025,000
IB hands of Federal Reserve
3,121,378,000
Agent......
382,699,000
373,449,000
385,769,000
372,309,000
329,994,000
359,174.000
345,879,000
350,373,000
415,670,000
Issued to Federal Reserve banks......
3,289,312,000 3,292,819,003 3,281,343,000
3,270,721,000 3,254,806,000 3,221,789,000 3,187,974,000 3,139,652,000
How Secured—
2,705,708,000
By gold coin and certificates
254,621,000
251,05100,0
250,151,000
255,151,000
246,148,000
241,148,000
244,148,000
By lawful money...
240,148,000
245,147,000
By eligible paper
2,1027483*666 2,1*3*1,*124*,666 2,138,767*555 2,1*3*2,031*666
2,10*9,327*666 2,0*7*0*,99*l",666 2,066",217", 000 2,023,*225*,000 1,592,6*3*8",000
Gold redemption fund.......
104,227,000
98,662,000
97 788 000
99,672,009
With Federal Reserve
97,804,000
102,890,000
97,579,000
102,742,000
Board.
78,633,000
827,981,000
811,982,900
792,753,000
785 751,000
801,527,000
780,030,000
806,760,000
737,637,000
789,290,000
....
...
Total
3,289,312,000 3,292,819,000 3,281,343,000
3,270,721,000 3,254,806,000 3,221.789.000 3,187,974,000 3,139,652,000
2,705,708,000
Eligible paper delivered to F R. Agent
2,837,877,000 2.611.443.000 2.873.394.000
2.860.454,000 2.930,572.000 2.834,158,000 2,761,176,000 2,690,261,000 2,080,228,000
WEEKLY STATEMENT OP
RESOURCES AND LIABILITIES OF EACH OF THE 12
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAR
Two ciphers (00) emitted.
Boston.
Vtto
York.
PMla.
Cleveland. Richmond
Atlanta.
St. Louis
Chicago.
Minneap. Kan.City.
Dallas.
San Fran.
26
1929.
Total.
*
RESOURCES.
S
Gold coin and certificates
Gold Settlement Fund. F. R. B'd
Gold with Foreign
S
11,232,0
28,545,0
8.233,0
22,740.0
41,448,0 60,872,0
87,592,0 132,459,0
11,499.0
684,0
t
f
4,409,0
5,526,0
4,060,0
5,301,0
30,675,0
39,067,0
6,248,0
33,724,0
94,871,0
54,839,0 197,160,0
6.253,0 22,479.0
17,500,0
47,594,0
6,813,0
504,689,0 140,539,0 194,015,0
106,773,0
756,0
1,040,0
75,990,0
452,0
94,816,0 314,510,0
71.907,0
611,462,0 141,295,0 195,055,0
76,442,0
96,641,0 316,835,0
76,882,0
62,344,0
552,771,0 163,193,0 132,300,0
262,863,0 43,507,0 48,919,0
196,484,0
5,565,0
61,989,0
64,378,0
37,435,0
10,627,0
55,808,0 159,729,0
44,751,0
42,368,0 244,421,0
9,141,0 62,761,0
63,106,0
31,880,0
33,502,0
5,615,0
Bills discounted: Secured
by Gov¬
ernment war obligations (a).
other...,
on
*
114,145,0
reserves
Total bills
*
8,907,0
20,757.0
168,044,0
Total gold reserves
Legal tender notes, silver. Ao.-_.
bought in
2,409,0
24,502,0
56,948,0
13,421,0
'165,121,0
312,568,0
17,635,0
Bills
%
10,014,0
41,610,0
9,248,0
Total gold held by banks-.
48,010,0
Gold with Federal Reserve
agents 100,107,0
Gold redemption fund-..
All
995,0
31,430,0
165,752,0
2,292,0
Agenoles
Total
%
65,833,0
57,898,0
41,390,0
open market
81,720,0
17,789,0
(b).
hand
U. B. Government bonds
U. B. Government Victory bonds
0. 8. certificates of Indebtedness
27,000,0
9,023,0
1,825,0
2,325,0
7,790.0
4,975,0
11.130,0
213.654,0 1,012,118,0 212,265,0 243,208,0 112,440,0
107,317,0 466,911,0 118,987,0
561,0
6,0
21,575,0
1,457,0
50,0
1.385,0
834,0
1,235,0
62,152,0
30,58*2*6
10,0
23,392,0
12,260,0
114,0
3,0
15,665,0
7,225,0
17,403,0
*
■•"/
S
*
V"'
9
549,0
7,109,0
3,045.0
34,539,0
5,413,0
11,824,0
2,933,0
27,673,0
33,939,0
662,0
40,501,0
37,106,0
5,063,0
21,866,0 47,889,0
630,150 0
35,991,0 108,407,0 1,186,829,0
3,156.0, 10,284,0
117,776,0
62,274,0
70,0
82.670,0
61,013,0 166,580,0 1,934,755,0
656,0
374,0
122,400,0
862,0
83,53^,0
38,946,0
70,523,0
17,068,0
2,651,0
1,120,0
70,997,0 107,193.0
1,153,0
116,0
8,868,0
39,630,0
17,255*6
8,480,0
12,8*84*6
154,237,0
363,132,0
112,781,0
61,669,0 166,954,0 2,057,155,0
34,019,0
4,477,0
11,053.0
31,648,0
5,188,0
49,095,0 1,441,015,0
62,783,0 1,008,216,0
67,007,0
451,879,0
57,134,0 178,885,0 2,901,109,0
3,966,0
2,632,0
26,798,0
68,0
8*.36"o"6
10,*881*6
263,056,0
Total earning assets
235,795,0 1,075,777,0 244,232,0 267,444,0
125,935,0 123,099,0 511,018,0 137,395,0 ,79,593,0 128,945,0
premises
1,141,0
3,221,0
500,0
1,156,0
580,0
532,0
2,116,0
866,0
515,0
464,0
Uncollected Items and other de¬
Bank
ductions from gross deposits.
redemption
fund
against
Federal Reserve bank notes
.
52,352,0
151,877,0
56,984,0
63.824,0
50,313,0
1,072,0
3,338,0
893,0
1,300,0
841,0
374,0
291,0
583,0
1%
All other resources
350,0
Total resources
LIABILITIES.
7,207,0
8,359,0
...
Surplus
Government deposits.....
2,387,0
Due to members, reserve acoount
114,218.0
Deferred avallabliltj Items.
42,186,0
All other deposits
5,505,0
Total gross deposits
164,296,0
F. R. notes In actual olroulatlon. 261,697,0
F. R. bank notes In circulation
—net
liability
14,018,0
3,177,0
All other liabilities
-
678,0
384,0
1,919,0
935,0
48,653,0
23,790,0
73,615,0
63,301,0
44.433,0
768,788,0
908,0
530,0
107,0
996,0
562,0
1,465 0
246,0
139,0
300,0
13,900,0
4,907,0
309,0
458.754,0 1,846,568,0 444,598,0 528,694,0 254,144,0
253,292,0 940,511,0 265,013,0 166,879,0 287,798,0 195,739,0 405,781,0 6,047,771,0
...
Capital paid in
287,0
31,958,0 107,688,0
69,400.0 192,398,0 3.191.031,0
668,0
231,0
11,990,0
Total liabilities
Memoranda—Contingent liability
23,880,0
45,082,0
644,0
8,198.0
9,946,0
4,555,0
8,805,0
9,089,0
5,820,0
2,068,0
3,250,0
735,239,0 100,806.0 128,975,0
102,030,0 49,010,0 55,018,0
46,334,0
7,156,0
6,070,0
1,780,0
59,724,0
40,945,0
3,573,0
3,546,0 12,684,0
14,292,0
4,695,0
3,009.0
3,815,0
55,708,0 274,087,0
24,784,0 66,814,0
2,702,0
9,869,0
endors
2,202,0
70,179,0
32,193,0
3,916,0
883,247,0 159,040,0 193,313,0 106,022,0 86,203,0
354,585,0 108,490,0
834,188,0 244,579,0 296,044,0 126,342,0 145,779,0
520,065,0 136,004,0
44,050,0
16,121,0
20,766,0
3.210,0
16.957,0
3,345,0
9,756,0
1,649,0
11,431,0
1,638,0
31,650,0
7,235,0
458,754,0 1,846,568,0 444,598,0
528,694,0 254,144,0 253,292,0 940,511,0
as
4,144,0
3,724,0
er on*
10,812,0
1,839,0
3,181,0
3,569,0
538,0
56,064,0
12,157,0
2,118,0
4,211,0
6,116,0
3,557,0
88,736,0
60,543,0
3,713,0
3,486,0
3,030,0
6,021,0
7,539,0
1,580,0
2,881,0
91,059,0
120,120,0
27,711,0
63,709,0 119,680,0 1,867,125,0
35,371,0
25,645,0
546,696,0
2,046,0
8,158,0
100,160,0
70,877,0 156,549,0 102,706,0 156,364,0 2,541,692,0
81,906.0 101,613,0 77,367,0 222,455,0 3,048,039,0
6,137,0
1,209,0
17,435,0
1,874,0
8,107,0
1,043,0
10,273,0
3,129,0
201,392,0
45,469,0
2651,013,0 166,879,0 287,798,0 195,739,0 405,781,0 6,047.771,0
Discounted paper redisoounted
with other F. R. banks
Bankers'
other
(•)
acceptances
F. R. banks
32,015,0
sold
Includes bills discounted
their
94,399,0
2,985,0
23,399,0
bought fr
37,891,0
om
other F. R.
their endorsement
Without
11,829,0
for
Includes bankers' acceptance
With
15,000,0
2,985,0
other F. R. banks, via
(®)
35,555,0
t
2,650,0
bank's*
413,0
endorsement
7,605,0
10,029,0
Fe ieral Reserve notes:
Boston
t
New
York.
S
Phila.
%
Cleveland. Richmond
%
S
94,399,0
2,985,0
2,081,0
1,871,0
STATEMENT OF FEDERAL RESERVE
AGENTS ACCOUNTS AT CLOSE OF BUSINESS MAR. 26
Two ciphers (00) omitted.
5,000,0
2,0*81*6
701,0
::::::
------
7,825,0
Atlanta.
Chicago.
$
S
St. Louis. Minneap. Kan.City.
S
$
%
1920.
Dallas
%
ianFrau.
Total.
S
Received from Comptroller...
Returned to Comptroller
S
537,640,0 2,098,000,0 561,640,0 548,060,0 313,120,0 323,000,0
935,720,0 312,160,0 157,280,0 216,920,0 151,780,0 429,340.0
6,584,660,0
222,306,0 1,038,722,0 275,400,0 210,873.0 153,699,0 116,642,0
364,065,0 141.982,0 67,035,0 103,717.0 58,319,0 159,889,0
2,912,649,0
Chargeable to F. R. Agent
In hands ®f F. R. Agent
315,334,0 1,059,278,0 286,240,0 337,187,0 159,421,0
206,358,0 571,655,0 170,178,0
39,840,0
124,400,0 31,240,0 30,220,0 27,744,0 56,225,0 24,520,0
15,990,0
Issued to F. R.
returned to F. R.
90,245,0 113,203,0
7,000,0
5,510,0
93,461,0 269,451,0 3,672,011,0
12,200,0
7,810,0
382,699,0
934,878,0 255,000,0 306,96 r,0 131,677,0 150,133,0 547,135,0 154,188,0
83,245,0 107,693,0
81,261,0 261,641,0 3,289,312,0
17,207,0
82,000,0
175,387,0
194,743,0
32,025,0
12,825,0 15,703*6
15,434,0
105,000,0 71,889,0
85,000,0
622 310,0 167,408,0 174,508,0
13,052,0
1,087,0
19,800,0
49.306,0
5,676,0
21,484,0
275,494,0
bank, less
934,878,0 255,000,0 306,967,0 131,677.0 150,133.0 547,135,0 154,188,0
83,245,0 107,693,0
81,261,0 261,641,0 3,289,312,0
213,654,0 1.010,206,0 188,671,0 240,252,0 106,883,0 107,317,0 466,833,0 118,832,0
275,494,0
934,878,0 255,000,0 306,967,0 131,677,0 150,133,0 547,135,0 154,188.0
100 690,0
13,797,0
10,421,0
10,923,0
5,335,0
4,354,0 27,070,0 18,184,0
58,873,0 107,193,0
83,245,0 107,693,0
1,339,0
6,080,0
57.134,0 162,029,0 2,837,877,0
81,261,0 261,641.0 3,289,312,0
3,894,0 39,186,0
*41,273,0
81,906,0 101,613,0
77,367,0I222.455,0
ami
Agent fo
redemption:
275,494,0
Oollat'l security for outst'g notee
Gold coin and otfs. on hand..
Gold redemption fund
Gold Set'm't Fund, F. R. B'd
Eligible paper, mln'm require*
Total
Amount
of eligible paper
ered to F. R. Agent
F. R. notes outstanding
900,0
deliv¬
F. R. notes held by bank
F. R. notes In actual circulation
261,697,0
834.188,0244,579,0 296,044,0
2,067*0
37,000,0
92,610,0
2,500,0
2,570,0
4,339,0
9,0*15*6
4,094,0
48,000,0 188,145,0 40,930,0
95,294,0 349,975,0 106,594,0
126,342,0'145,779,0
520,065,0 136,004,0
8,831,0
3,246*0
33,860,0
70,587,0
254,621,0
13,534*6
104,227,0
94,873,0
827,981,0
45,270,0 153,234,0 2,102,483.0
3,048,039,0
Apb. 3
1920.]
THE CHRONICLE
State and Railroad Bonds.—No sales of State bonds
have been reported at this Board this week.
The market
for railway and industrial bonds has been
relatively active
%antes' (Jtajelte*
Wall
Railroad
of! business
Street,
and
Thursday Night,
Miscellaneous
only about
Aprc'Z
1 1920.
Stocks.—On
and
volume
a
half the recent average the stock
market has been decidedly irregular.
On Monday, when
transactions were the largest and prices the
highest of the
week, the market was influenced by the arrival of $9,000,000
gold from London and a report that an equal amount would
soon follow, and by an advance in
Sterling exchange rates
one
in this market to $3.93 per pound.
Later on the bouyant
tendency was checked by prohibitive rates for call loans,
by a drop of over 8 points in sterling, by the sudden collapse
of a sensational, speculative movement in one of the motor
stock issues and by the inpending three
days holiday.
As a result of the week's operations active railroad stocks
have covered a range of 2 to 4 points and
generally close
near the lowest.
Northern Pacific is the only exception,
closing with a fractional net advance.
The miscellaneous group shows a widely different record.
General Motors covered a range of 22 points,
closing with
a net loss of 5.
Crucible Steel advanced 28% points and
retains a large part of the gain.
Chandler Motors advanced
13 points and lost half the gain.
Atlantic G. & W. I.,
at 2 points below its highest, shows a net
gain of 11.
U. S.
Steel is nearly 2 points lower than on Monday and many
other issues in this list have covered
with varying net results.
a
a
larger number of issues
Prices
in
several
cases
United
the
at
States
Board
Bonds.—Sales
Daily Record of Liberty Loan Prices. Mar. 27 Mar.
3%s, 15-30year, 1932-47
Am Teleg & Cable.
Shares
$ per share.
$ per share.
7,100 127
227
199
244
547
612
89.50
89.50
89.60
89.80
89.40
89.34
89.30
89.42
89.60
89.42
89.40
89.44
89.50
89.60
1
42
121
270
192
94
i*
f High
90.40
90.50
90.50
90.60
91.10
<
(Low.
(Close
90.40
90.30
90.40
90.50
90.60
Q
90.40
90.50
90.50
90.54
90.70
M
36
143
76
63
61
f High
92.84
92.86
92.98
92.98
93.04
(Low.
92.74
92.72
92.74
92.90
92.84
[Close
92.80
92.84
92.88
92.96
92.98
a
645
1,105
1,026
1,255
2,254
0
f High
90.70
9C.74
90.76
90.82
91.10
0
4% s of 1st L L oonv,'32-'47( Low.
90.60
90.50
90.50
90.72
90.76
a
i Close
90.60
90.70
90.60
90.80
91.10
44
109
209
89
99
a
89.90
89.88
89.88
89.88
89.96
w
Second Liberty Loan
4s, convertible, 1932-47
Total sales in $1,000 units
Third Liberty Loan
4%B of 1928
Total saleB in $1,000 unite
Total sales in $1,000 units
( High
89.82
w
89.90
0
950
1,400
Mar 27 175
Mar 31
Mar
52
Jan
17
Feb
Feb
10
3,100
4
Mar 27
5
27}*
6}*
% Apr
50}*
Feb
3%
1
315 112
Mar 30 112}* Mar 30 112
200
Mar 27
70
Mar 31
62
775 100}* Mar 30 101}* Mar 31
100 97
Mar 29 97
Mar 29
Brunswick Terminal. 100
200
8 % Mai 27
Jan
Buffalo Roch & Pitts. 100
100
85 H Mar 31
Buffalo & Susq v t c. 100
Case (J I) pref
..100
Chic St P M & Om__100
100
69}* Mar 27
50}* Mar 31
69 J* Mar 27
97}* Apr
1
100
97}* Apr
1
Feb 1055*
Feb 100
96
8% Mar 27
55*
Feb
50
Jan
69}*
Mar
96
Mar
60
Jan
69}*
Mar
Feb 101
65
Mar 27
65
Mar 27
58}*
Jan
66
Mar
95
Mar 30
95
Mar 30
90
Jan
95
Mar 31
100}* Mar 31
100
Mar 104
Jan
Mar 27
44
400
100
50}* Mar 30
100 108
DetroitUnitedRy._.100
224
51
Feb
100
130 190
Preferred
100
200
Gen Cigar deben pref 100
100
Gen Electric rights..
29,463
Homestake Mining.. 100
4C0
Ills Cent-RR Secur A..
20
Jan 101
87 % Mar 30
2 J* Mar 31
58
Mar 30
52
900
Mar 30
9 % Apr
2}*
9}* Apr
Apr
Apr
1
65
Mar 29
67
Apr
96
Mar 29
96
Apr
Apr
Feb
84
Jan
Feb
69}*
98}*
18
9
Jan
Feb
72
1
16 J* Mar 31
14}*
7}*
Jan
Mar
85* Mar 27
31 117
Apr
1 108
Mar
Mathleson Alkali Wks 50
400
29
Mar 30
Maxwell Motor
800
34}* Apr
32
1
Mar 29
Jan
Jan
Mar
Feb 136 %
Feb 32
29
Apr
1 37
30% Mar 30 32
Mar
60
Mar 29
500 115
Jan
52}*
9}*
96
1
100
Mar
71
Apr
Feb 141
1 102}*
500
100
J*
Jan
3}*
Feb
79
Jan
945*
Mar
9
Mar
lJO
Mar
52
1
16}* Mar 29
7}* Mar 29
~ " 192
Feb
51
100
Kelsey Wheel pref
100
Liggett & Myers rights..
1,193
2,700
Jan
Mar 31
700
Mar 27
Feb
52}* Mar 30
60
2,100 125}* Mar 31 141
77
5}*
94 J* Mar
85
Feb
94}* Mar 31
87}* Mar 30
3}* Mar 27
100
2nd preierred
Jan
Feb
Mar 30 175
Mar 30190
94}* Mar 31
Jan
Mar
Mar 102}*
100 101
General Chemical... 100
56
Mar 108
Mar 30 108
Mar 30 108
100}* Mar 27 100}* Mar 27 100
4}* Mar 30
3}*
4}* Mar 30
Mar 29 101
Mar 29
995*
Duluth S S & Atlan__100
Durham Hosiery, pref 100
100
Feb
Jan
Apr
100
300
58
Mar 27
59
Apr
Certfs of deposit...
900
53
Mar 31
55
Mar 29
18}*
18}*
47}*
47}*
M St PASS Marie.. 100
400
72}* Mar 31
75
Mar 31
63
Feb
80
Mar
Nat Rys Mex, 1st pf.100
Penney (J C) pref
100
100
14
Mar 29
14
Mar 29
14
Mar
14
Mar
200
1
93
Certificates of deposit
900
1st preferred
1
Mar
Feb
Feb
Feb
Jan
Jan
Jan
Feb
94
Jan
100
100
12
Mar 29
12
Mar 29
11
Feb
16
Mar
100
96
Mar 30
96
Mar 30
96
Mar
200 201
Apr
Tidewater Oil
100 215
Mar 30 215
100
Un Clg Stores pref.. 100
United Dye wood
100
93
Mar 31
37}*
35}*
63}*
625*
Remington 1st pref.. 100
Texas Co recta 30% paid
Peoria & Eastern
Apr
Apr
1 207
90
1
Mar 29
YORK STOCK
Stocks.
Shares.
98.00
98.00
—
mm — —
98.00
98.00
-
mm —
7
3
0
'
—
mm
;
—
—
—
—
—
<
W
(High
4}*b conv gold notes,'22-23( Low.
97.62
97.56
97.56
97.64
97.88
M
97.50
97.42
97.44
97.46
97.60
W
(Close
97.56
97.52
97.54
97.58
97 .86
1,049
1,482
1,512
1,904
1.578
( High
97.56
97.56
97.54
97.60
97.96
3% s,conv gold notes, '22-23 (Low.
97.48
97.40
97.44
97.50
97.60
[Close
97.50
97.52
97.52
97.56
97.96
185
376
779
860
542
Victory Liberty Loan
Total sales in $1,000 units
Victory Liberty Loan
Total sales in $1,000 units
1
1
1
1
1
l
l
1
Feb
111}*
Jan
Mar
57 %
Mar
United
States
Bonds.
1,301,000
840,500
Wednesday
785,931
610,265
67,788,100
53,107,575
2,184,000
Thursday
991,500
875,000
$4,335,000
6,269,000
7,508,000
8,463,000
9,915,000
HOLIDAY
$5,232,000 $36,517,000
Cables.
3 95%
3 85%
Paris Bankers' Francs—
14.36
High for the week
Low for the week
_
14.25
14.23
15.16
15.05
15.03
Germany Bankers' Marks—
High for the week
1.44
1.45
Low for the week
1.32
1.33
Amsterdam Bankers'Guilders—
Domestic Exchange.—Chicago, par.
St. Louis, 15@25c. per $1,000
discount.
Boston,
par.
San
Francisco, par.
Montreal, $83 75 per
$1,000 premium.
Cincinnati, par.
Hew York Stock
1919
1920.
Outside Market.—Dealings on the "Curb" this week were
light and the market displayed considerable irregularity,
althcugh a strong undertone was maintained most of the
time.
Simms Petroleum was heavily traded in and at first
developed weakness, dropping from 34% to 26%, but
later sold back to 34%, the final transaction being at
33.
Mexican Panuco Oil was also in good demand and
rose
from 15% to 17 with a
final reaction to 16. In¬
ternal Petrol, declined from 44 to 41 and closed at 41%.
Syndicate lost 2% points to 29% but recovered
32%
and
sold
finally
at
32.
Tropical
Oil
receded from 21
to
19 and recovered
to 20.
Invin¬
Carib.
to
Jan. 1 to AprV 2.
1919.
The range for foreign exchange for the week follows:
Sterling Actual—
Sixty Days.
Cheques.
High for the week
3 91%
3 94%
Low for the week
3 81%
3 84%
EXCHANGE
$834,000
1,634,000
1920.
and 58.05 fr. low.
37%
78,441,000
April 2.
ninety days 3 85 % @3 87 and documents for payment (sixty days) 3 86 % @
3 88 %.
Cotton for payment 3 91 % @3 93 % and grain for payment 3 91 %
@3 93%.
To-day's (Friday's) actual rates for Paris bankers' francs were 14.69 @
14.73 for long and 14.61 @14.65 for short.
Germany bankers' marks are
not yet quoted for long and short bills.
Amsterdam bankers' guilders were
36 11-16 for long and 37 1-16 for short.
Exchange at Paris on London, 57.72 fr.; week's range 57.05 fr. high
36%
57,784,500
Week ending
To-day'8 (Friday's) actual rates for sterling exchange were 3 89% @3 91
for sixty days, 3 92% @3 94% for cheques and 3 93% @3 95% for cables.
Commercial on banks sight 3 91% @3 93%, sixty days 3 87% @3 89,
36%
667,035
$7,975,000
at
37%
863,950
3,654,122 1320,959,775
finished
and
36 3-16
Monday
Friday
Exchange.—Sterling
rallied
36 15-16
Bonds.
2.022,000
1
showed early weakness,
practically unchanged
levels.
Continental exchange, however,
was
weak and
francs and lire again extablished new low levels.
soon
High for the week
Tuesday
$63,838,600
Foreign
but
Low for the week
$1,140,500
1,384,500
Exchange.
3,018
97.50
____
Mar
A Foreign
Bonds.
Par Value
726,941
Sales at
O
2,537
98.00
mm — —
Mar
1005*
Stale, Mun
Railroad,
Ac.,
Saturday _j
Total
2,202
Feb
DAILY, WEEKLY AND YEARLY
1920.
2,064
Jan 229
i
40 109% Mar 30 109}* Mar 30 109
67}* Mar 29 57 H Mar 29 57}*
Week ending
2
1,162
Feb 214
156}*
Mar 30 205
100
TRANSACTIONS AT THE NEW
April
W
Mar
400,100
89.96
(Close
Jan
100
89.88
89.88
(High
Jan
8}*
89.74
89.82
Total sales in $1,000 units
Jan
100
100
Manati Sugar
93
Mar
89.90
89.74
8J.80
4%a,lst LL 2d oonv,'32-47( Low.
Feb
93
72
Fourth Liberty Loan
Jan
Mar 114
89.88
89.70
89.80
f High
Total sales in $1,000 units
Feb
Mar 31
O
89.86
89.72
(Close
Jan
7
23
54
90.02
89.88
(Low.
4%b of 1933-38
$ per share. $ per share.
95
Feb 175
Mar
Mar 31
Mar 27
Lorillard (P) rights
1
89.76
Mar 31
.
•
89.80
13
1st preferred
1
931
25
Indiahoma Refining
5
Int Motor Truck .no par
■
89.84
54
Detroit Edison
( High
(Low.
(Close
89.7G
Mar 31
Cluett, Peabody.pref 100
Computing-Tab-Rec. 100
1
804
11% Mar 30
Preferred
1
■
89.84
24
100
96.70
89.70
20
Preferred
96.60
96.90
787
490
100
96.80
97.04
89.76
300
Shoe...
97.04
97.18
89.80
100
Brown
97.18
97.50
4%s of 2d L L conv, '27~'42 f Low.
100.
Assets Realization
97.50
Apr. 2
96.90
Total sales in $1,000 units
100
Atlantic Refining preflOO
Barnet Leatherno par
97.00
Total sales in $1,000 units
Highest
Arbor
.
97.40
Range since Jan. 1.
Highest.
Preferred
_
97.50
89.42
4s, 10-25 year oonv, 1942
Fourth Liberty Loan
Ann
Apr. 1
97.60
Lowest.
Range for Week.
Lowest.
100
29j.Mar.30j Afar.31
f High
(Low.
Total sales in $1,000 units
Second Liberty Loan
for
Par
bonds
(Close
Sales
Week.
American Express
Government
(Close
First Liberty Loan
Third Liberty Loan
STOCKS.
of
$3,000 Panama 3s coup, at 89%,
$25,000 3s reg. at 87%, $1,000 2s coup, at 101 and the
various Liberty Loan issues.
following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Week ending April 2.
the list than usual.
been
include
Third Liberty Loan
The
appear on
have
irregular.
Penn. 5s,
1958 (under liberal offerings) declined from 89 on
Tuesday
to 85 on Thursday, and No. Pac. 4s lost a
point during the
same period.
On the other hand B. R. T. 7s have ad¬
vanced over a point, Gen. Elect. 6s almost as much and
Hud. & Man. 5s series A are fractionally
higher.
of 4 to 7 points
range
1393
then jumped to 45 and
Midwest Refg. was off from 173
to 166, recovering finally to 168.
Texas Pacific Coal &
Oil sold down from 112 to 104.
White Oil yield almost
cible Oil weakened from 42 to 40%,
Stocks—No. shares...
Par value
3,654,122
4,636,325
$320,959,775 $431,722,750
71,364,683
$6,348,630,900
45,087,542
$4,604,695,055
Bank shares, par
$28,700
Bonds.
Government bonds
State, mun.,<fec., bonds
$36,517,000
5,232,000
RR. and misc. bonds..
7,975,000
10,431,000
$49,724,000
$80,081,700'
$757,943,900 /
133,372,000
159,072,000
$61,942,200
7,708,500
To al bonds
DAILY TRANSACTIONS AT THE
$590,900,200
$49,000
988
$5,700
4,473
61,450
6,678
158,800
93,500
2,675
3,815
41.400
6,104
28,000
points to 30 and sold finally at 30%.
General Asphalt
among industrials, ruled active and after early loss
of six points to 96% sold back to 101% and rested finally
at 100%.
Cuban-Amer. Sugar "w.i." was conspicuous for
an advance of four points to 50 with the final figure for the
week 49%.
Ranier Motor was prominent among motor
shares and after early weakness from 45 to 43% advanced
to 54%, the close being at 53.
Submarine Boat lost oyer a
point to 14%, the final figure being 14%. A sensational
advance of some 50 points was made by Todd Shipyards
to 230 the close being at 220.
The bond market was quite
6,425
12,700
active.
$1,050,387,900
BOSTON.
127,252,500
115,048,500
$833,201,200
PHILADELPHIA
AND
BALTIMORE EXCHANGES.
Boston
Philadelphia
Baltimore
Week ending
April 2 1920.
Shares
Saturday
32,842
Monday
Tuesday
Bond Sales
Shares
$35,800
3,840
28,864
52,350
103,000
Wednesday
28,744
27,460
62,050
Thursday
16,237
51,300
8,873
3,584
Friday
Total
Bond Sales
121,950
HOLI DAY
134,147
$304,500
ends the week at 44%.
27,448
Shares
|Bond Sales
20,000
.
$484,700
three
Com.,
20,007
$107,800
k
*
complete record of "curb" market transactions for the
week will be found on page 1403.
A
1394
New York Stock
Exchange—Stock Record, Daily, Weekiy and Yearly
OCCUPYING THREE PAGES
For record of sates during the week of stocks usually inactive, see preceding
page.
pbb sb arb
atan and low sals pmicbb^-pbr shabb, not pbb cbnt.
far
Saturday
•
Monday
Tuesday
Wednesday
Thursday
March 27.
March 29.
March 30.
March Zl.
April 1.
% per share
f per share
81% 81%
$ per share
$ per time
S3
83'4
78% 78%
817s
83%
79
79
79
79
*78
79
*7
8
*7
8
*7
8
♦0
7
*87i2
90
"35% *36
♦46%
16
16l2
*4612
15%
12
12
♦11
125
126
122% 123%
567g
"*834 "9
♦24%
38I4
55
57
0
Q
15%
11%
11%
122% 123
38%
55»4
38%
55%
37%
87
55
*87
88
86
120
*117
*887s
34
33%
15%
16
1178
12
•48%
15%
47%
*24
56%
0
9
8%
37
54
38%
55%
53%
86
85
♦24
25%
37%
54%
86
34
47%
15»4
1178
117B
124
124
122% 123
66% 66%
9%
25%
*24
897b
86
36%
53%
85
56%
u
25%
37
54
85%
*116
120
*117
120
♦117
120
120
35
35%
36% 37%
36% 36%
3.5%
36%
75
75
75
*74% 75%
75
74% 74%
64% 64%
6514 65%
65% 65%
64% 65%
*49
53
53
*49% 50
49% 49% *49
*64
67
*65
*63% 67
68
6784
*63%
37%
7578
65«4
Week
$ per share
Shares
*
Lowest
Railroads
Do
pre!——
*185
714
96%
190
"96"
♦185
96*
190
97""
*95"
*185
96%
190
190
*7
1334
13%
7%
13%
7
14
7%
13%
7
14
137g
1378
14
14
14
14
14
14
14
14
2212
2234
1634
2234
1634
22
22%
21%
22
2212
*15l2
81%
4114
*8
7«4
17
8178
413s
81%
239
10
♦30
3314
91
*8%
*29
91
4l2
15
90
4i2
4%
1512
17%
*46
15
17i2
*44«4
*41
81
39
38%
33
90%
4%
15%
17
„
33
50
15%
884
14i2
14%
29
28%
44%
tl
5%
41
75%
50
38
*8%
10
*31
Feb 13
Feb 13
Feb 13
91%
90%
90%
4%
4%
4%
4%
15%
4
*14
4%
15%
17%
*17
18
48
*46
48
z43
43%
15
15
17%
§48
*44%
48
17%
45%
14%
17%
*46
44
.44%
*104% 105
107
105
105
50
*47
53
*45
51
15
15
*15
8%
14%
27%
878
14%
27%
44%
16%
8%
50
*15%
*8%
*14%
27%
44%
16%
87S
16
28%
44%
6%
6%
44
6%
8%
14
27
*74%
44
"42"
74%
4*2*
Z73
41
"74%
27%
43%
6%
14
73
32
33
33
*31%
74%
33%
*56
60
*58
60
*58
00
*56
59
*55
50
*46
50
*46
50
46
46
*46
50
32%
32
34l2
35
34%
31
30%
31
2112
32%
96
8D4
42%
29ls
73
73
31%
96
96
96
96
7984
80
80
80%
79%
4278
28%
66%
43
42%
43
42%
42%
29
28
28%
27%
28%
27%
66%
49
75
7078
30%
70%
327s
*72
31%
*77
3484
21%
66%
75
32%
34%
21%
30%
35%
*34i2
36
23%
*34%
22%
36
22%
*15
"lY
*15
17
*2612
28
*26
28
93%
20%
94%
80
80
42%
4234
27%
30%
30%
75"
30%
80
♦77
80
84
85
*84
84%
*35
36
*35
36
*34%
21%
36
*34%
2134
31%
22%
31
31
22
17
*15%
17
*1512 16%
20%
26%
*26
28
*26
28
"10% "16%
*57
99% 101
23%
5812
57
44%
4512
43%
16
23%
57%
447b
99% 100
23%
23%
57% 57%
42% 43%
"99% lOO"
99% 100%
23
23%
23
58
57%
23%
5778
43%
42
42%
16
*11"
*31
2514
9l8
1734
*31"
40
*11
*18
*31
35
*31
12%
25
12
*11%
26
25
*25
11%
1784
*64
Ills
9%
27%
9%
28%
10%
10%
27%
9%
27%
8%
2034
27
24%
8%
26%
Io%
10%
10%
10%
10%
18
18
30%
9
26
8%
16%
*17
20
31
66
11%
1134
32%
65
11%
*28"
•
31"
*64%
11%
•
--
31%
65
11%
82"
*64
11%
25
9
26%
16%
10%
*17
20
31%
30
30
66
64
64%
11%
11%
11%
11%
♦28"
67
*28"
¥2"
¥£:
7%
48% Dec
120
23% Feb 13
64% Feb 13
41
Mar 8
22%
78
Feb 21
68
100
6
Jan
Jan
Dec
34% Dec
85
116
Nov
Dec
Jan
Dec
54
Feb 11
66% Mar 1
55% Aug
42
Feb
55
Marl5
33
Feb
63
Feb 11
68
Feb 24
63
Sept
20
Feb U
27
Feb 19
19
Dec
47% Feb 16
51% Mar25
48
Dec
42
43
45
Feb
1st pre!
165
Feb 10
400 Denver a Rio Grande....100
6
Feb 13
-.100
9
Feb 11
Do
1,100
2,000 Erie
Do
2,000
100
Do
pre!
1st pre!..........100
2d pref
100
Iron Ore
Mar 8
9% Feb 13
17% Feb 13
100
12% Feb 9
68% Feb 11
2,900 Great Northern pre!......100
5,300
33
properties. .No par
Feb 13
3
16% Feb 24
15% Feb 24
12% Dec
195
9
25
7
Jan
24
9
Jan
24
33
807g Feb 13
3% Feb 13
9% Feb 13
•1378 Feb 13
Do
pre!
—..—..100
4,200
100
1,000 Kansas City Southern
Do
15
pref—
....100
•
43%Jan
40% Feb 13
50
1,300 Lehigh Valley...
9
Feb 11
Nashville
100
98
400 Manhattan Ry guar..
100
100
39% Feb
100 Louisville a
6
MarlO
Jan
Feb 24
1712 Feb 24
84% Marl3
417b Marl 9
28
100
1,289 Illinois Central..—
1,900 Interboro Cons Corp..No Par
10
91% Dec
172% Mar
3% Apr
.100
Preferred-..—.-.
Jan
99% Marl3
Gull Mob a Nor tr ctte— .100
Mar
1
Feb 24
93% MarlO
484 Marl 3
6%
Feb
18% Dec
13% Dee
75% Dec
31% Jan
7
Sept
30
Dec
8578 Dec
3% Mar
16% Maris
10
Dec
19% Feb 24
48% Mar 1
47% MarlO
13
Nov
40
Dec
112% Jan
5
40% Dee
1047b Aug
37% Dec
9
Feb 13
52% Mar20
18% Mar 9
6
Feb 13
11
Feb 21
8% Feb 11
21
Feb 11
600 Minneap a St L {new)
1,900 Missouri Kansas a Texas. 100
Do
500
pref.
....100
8,900 Missouri Pacific trust etfs.100
18
Feb 19
31% Feb 28
4% Feb
8% Jan
22% Nov
Feb 11
49% Feb 24
37% Dee
38
Do
1,700
pref trust ctfs
100
3,050 Nat Rye o! Mex 2d pref—100
1,000 New Orl Tex a Mex v t o—100
4,100 New York Central——.—.100
600 N Y Chicago a St Louis—100
9%
Jan
4% Feb 13
7% Mar29
39% Feb 11
64% Feb 13
23% Feb 13
47% Feb 20
28% Apr
77% MarlO
36% Marll
06% Dee
4% Dec
100
65
Feb
9
62
Marll
23% Sept
60% Dec
Second preferred.
100
13,400 N Y N H A Hartford—100
N Y Ontario a Western...100
43
Feb 16
50
Marl2
40
Feb
25% Dee
16% Nov
""700
100
88
Feb 13
2,500 Northern Pacific...——..100
7,100 Pennsylvania
50
4,800 Pere Marquette v 10...... 100
40
68% Feb 11
Feb 11
36%
217b
100%
84%
43t2
MarlO
16
23% Feb 13
32
Feb 19
First preferred
"""166
Norfolk a Western.—
Do
prior pref v t 0
23% Feb 11
62
100
100
6
Feb 10
Do
pref v t c.—...... 100
122 Pitts Cln Chic a St Louis.. 100
46% Mar 8
50
Feb 11
100
100
—50
.50
21% Feb 11
70
Feb 11
3,900 Pittsburgh a West Va
Do
pref
3M00 Reading—.
100
— ..
200
Do
1st
Do
"5"306
2d pref
pref
A
Dec
397b Dee
12% Jan
68
Feb 27
56
51
Jan
5
39
80% Marll
3284 Mar26
44
Apr
Apr
24
Dee
75
Dec
80
Mar26
Mar
88% Marl3
737b Dec
36
33
25% Feb 24
33% Dec
10% Jan;
20
36
Jan
13
MarlO
Dec
34
Feb 20
Feb 11
18
Feb 24
107b Dec
Feb 11
30
Feb 21
23
6% Feb 11
12% Feb 13
Do
pre!..
—.....100
25,600 Southern Pacific Co..—..100
10,935 Southern Railway..—....100
870
Do
pref..
100
88% Feb 13
18
Feb 13
50
Feb 13
13,500 Texas a Pacific
100
25
Feb 13
100
Tol St L a W trust receipts..
Preferred certificates dep..
Twin City Rapid Transit—100
12
Feb
...
9
1078 Feb 19
21
Feb 20
28% Feb 11
110
Feb 13
100
Do
65
pref
100
500 United Railways Invest...100
Do
700
pref..
.100
100
2,100 Wabash—
Do
2,700
pref A
100
Do
800
pref B
...100
3,000 Western Maryland (new).. 100
Do
600
2d pref
100
Feb 16
8% Feb
5
20% Feb 13
7% Feb 11
9% Feb 19
18% Mar 1
105% Jan
3
26% Mar 1
5834 Maris
47
Mar22j
17% Mar26
15% Feb 28
24
Jan
3j
35
Jan 26|
125% MarlO;
69% Jan
31
13% Maris
29% Jan 271
10% Feb 24
31
Dec
Dec
6% Dec
12
Dec
9178 Nov
20% Dec
627b Dec
27% Jan
11
Dec
5
May
10
Mar
29% Dec
119% Aug
63
7%
15
Dec
Jan
Jan
7% Dec
20% Dec
20% Feb 11
14% Feb 11
8% Feb 13
14% Feb 13
20% Feb 13
Do
600
pref
.100
1,800 Wheeling a Lake Erie Ry.100
Do
pref
100
20% Feb 19;
1278 Feb 24'
14
20% Feb 19,
32% Mar29,
16
Dec
17
Feb
54% Feb
100
66
52%
Feb
5
9% Feb 13
Feb 24;
Mar29'
9%
Deo
Apr
16
14% Feb 20,
22t2 Feb 20:
17
Jan
Feb
33
25
Dec
25
100
Feb 11
26
.
Wisconsin Central
Dec
77
11
pref...,
.....100
Seaboard Air Line........100
7,800 Western Pacific
95
21
trust ctfs.. 100
Do
"""loo
1,000
MarlO
Marl8
MarlO
33^4 Mar 9
15% Feb 13
23% Jan 14
[.6
5,150 Union Pacific—L
Nov
32% Mar 9
St Loula-San Fran tr ctfs.. 100
Preferred
MarlO
64% Feb 11
St Louis Southwestern— ..100
"""266
40
119% 119%
*65
51% Dec
21
89% Feb 13
23
*66
61% Marll
91% MarlO
Deo
Feb 13
100
100
100
100 Delaware Lack a Western. .50
15
23
119% 120
66%
12
*11%
119% 119%
66% 66%
12
1034
19i2
3114
65l2
"15"
*18
*25
28
10%
1912
3012
119% 121
66%
67
25U
9
28
40
*11"
23
*31
40
12084 12034
66I4 66I4
1214
I2I4
42%
Marl 1
Dec
5
Feb 13
2d pre!
200 Third Avenue
"lY"
*18
*57
MarlO
Feb 20
Feb 28
10
126% Dec
......
m.mmm
10012 101%
2334 237s
59%
10%
27%
42%
3
Jan
800 Delaware a Hudson..
36
22%
Marl 5
13% Mar 15
134
75
7% preferred
...100
8% preferred ..........100
1,000
100 Clev Cln Chic a St Louis.. 100
Do
pref
...100
Colorado a Southern
100
400
~*71r
*77
36
*34%
22%
31%
*16"
*19
85%
35%
84
*36
*92
31%
*77
87
36
*19
80
80
87%
847b
33%
*20
36
"8512
*34l2
23
33
66%
*71
*20
96
81
4234
2814
33%
20%
96%
80%
49
*20
31
28% Dec
38% Dee
Jan
113
700
58
♦46
30% Feb 6
45% Feb 13
4,200 Chicago Milw a St Paul.. 100
Do
pre!.........
100
4,700
1,700 Chicago a North western.. 100
Do
pre!
&
—100
Mar
87i2 Dec
17
„
7
32
91%
Feb
Jan-
115% Feb 11
100
6
7
93
10% Feb
7
SOtj Dec
767b Dec
387b Feb 24
497* Feb 24
21
10
91%
878
14%
29
44%
7%
75
38%
91%
16%
74%
7%
13%
1334
21%
16%
79%
*15
34
*31
190
z79%
81%
38%
♦8
10
*8%
*28
13%
13%
21%
17
*15%
81%
48
"0%
741s
17
81%
38
4512 *44% 45%
IO6I4 *105
107% *105
....
45
*16
8184
17
51
1412
287s
*7
3978
10
*46
48
*105
7%
96%
Feb
27% Feb
42
3
Jan
87* Feb 24
47
Do
96
96%
82
100
Do
957s
86% MarlO
Feb
84
Atlantic Coast Line RR..100
Chic Rock Is! A Pao
Lowest
s per share
share
Feb "
6% Feb
400 Chicago Great Western...100
Do
pre!.*. ......... ..100
800
14",400
per
76
100
8,600 Baltimore a Ohio.
Do
600
pre!
—.......100
3,700 Brooklyn Rapid Transit.. 100
Certificates of deposit
1,200
3,300 Canadian Pacific-..
750 Chesapeake a Ohio
8
76
.....100
Atlanta Bins A Atlantic.. 100
"""400
Year 1919
,
Highest
s per share
Par
9,800 Ateh Topeka A Santa Fe.,100
500
sharb
Mange for Previous
of 100-«Aar# lots
exchange
the
7
90
58
♦56%
*8%
25%
*6
8978
33%
4714
35%
46%
15%
46
25
25
3812
*117
37%
75%
6512
4784
15%
12%
81%
81%
90
♦89%
34
47%
$ per share
81% 82
78% 78%
Friday
April 2.
On kasit
stock
york
new
pbr
Range since fan. 1.
stocks
Bales
Feb 11
6
Feb 24
7% Mar
industrial Ac Miscellaneous
373s
389s
45
46
7038
71
38
38
44%
70%
*76%
46%
2
2%
2%
2%
2%
2%
43%
44%
43%
45
70%
80
37%
44%
*69%
76%
2
2%
43%
37%
45%
38%
43%
46
70
70
407s
42%
*69%
42%
71
76%
2%
76
76
75
75%
44
*82
85%
*83
86
85
85
*89
91
89%
9078
*90
91
96
»
96
48%
45%
1,500 American Bank Note
88%
89
90
4,300 American
*85
92
*85
91
*85
91
118
121
119
124
120
122
43%
*44
87%
88%
49
48
_
142
88
144
*85
*89%
92
120% 12434
48
49%
97%
97%
142% 14378
"47%
4*7%
"40"
*97
13
13
137b
27
27%
1
1
ioi%
103%
13
13
52
52
52
52
66
*62
66
*63
65
102
101
102
116% 117%
93%
104% 105%
114
100% 103%
13
13
83
"93%
83%
*93
103
106
*1234
81%
*105
106
*105
35
35
35
*33
24%
25
2434
*82
70%
95%
112
47%
•
48%
68
*94%
,*105
47%
52
*63
99% 101%
13
13%
83% 8334
13%
84
95
*93
96
105
103
10434
105
♦105
108
40
*33
43
*35
51
23%
82%
68%
*94%
24%
82i2
68%
95%
24%
24%
82%
83
68%
95%
*105
47%
91%
Bid and asked prices:
69
95%
111
47%
91%
,♦105
47%
112
this day
23%
84
68
68%
*94% 95%
112
t*105
z47
47%
....
no sales on
2234
*82
I
91%
47%
91%
t Ex-rlghts
6
Feb 13
66% Feb 13
4284 Apr
1;
46% Mar29
72
Jan
12|
88% Jan
5i
1% Feb 11
1% Feb
4
2% Mar24 ;
3
Mar31
29% Apr
21
Jan
56%
Jan
86
Jan
1% Dec
1% Jan
36% Feb 26
80% Mar 1
5378Jan
3
30
92
Jan
3
817i
82
Feb 11
95
Jan
28
87
Sept
89
Feb 11
Jan
jan
Dec
39
Feb 13
96% Jan 16
48% Apr
1
292
—50
33
Jan
...50
45
Jan
45% Jan 28
42
Jan
74% Feb 13
96% Jan
8
62
Jan
.100
90
93
Jan
5
17"255
Amer Bosch Magneto. .No par
...100
8,400 American Can
100
Do
pref
—100
105
128% Jan
6184 Jan
2
84% Jan
84% May
42% Feb
101
3
25,900 Ainerloan Car a Foundry. 100
100
Do
pref.
100
124% Feb 25
146% Mar29
112% Feb 26
116% Feb
4
54% Jan
3
100
Preferred
Do
Beet Sugar
100
pref
100
95
85
pref
...100
47,900 Amer Druggists Syndicate. 10
Marl7
38
Feb
63
Feb 13
87
Feb
Do
pref-.-i
74
Pref temp ctfs
a
3
122
Jan
3
53% Marl9
68
Jan
2
120%Jan
3,
14% Jan 22,
Feb
Jan
39%
Jan
88
Jan
10% Nov
13% Jan
71% Jan
37% Aug
54% Jan
52% Feb
87% Marl9
99%Jan 27
Feb 13
108% MarlS
Feb 13
107
44
Jan
2
39% Dec
30% Jan
5
26
80
Feb 141
56% Feb 13
x93% Feb 13
86
No par
z
Feb 13
39
Feb
90
..100
Ex-dlv. and rights,
14
Dec
16% Feb 13
par
Am Steel Found tem etf«.-33%!
§ Less than 100 shares
15% Jan
30%Jan
84%
113
30% Feb 13
No par
.
Mar26
298
104
8,800 Amer Smelting a Refining. 100
200
Do
pref-..190
Snuff—
Feb 13
3
82
300 Am Smelt Secur pref ser A. 100
American
13
86
Jan
92ig Feb 25
100
5,600 Am Ship a Conun Corp .no
6
12% Feb 25
10
100
Do
500 Amer Malt a Grain
200
1
9,1% Mar 2
pref
100
20,800 American Locomotive.——100
'3,456
5
100
Amer International Corp.. 100
Ice
pref...
2,200 Am La France F E_
1,400 American Linseed
100
Feb
100
Do
200
Feb 13
11% Jan
9
18% Mar 1
1,500 American Hide a Leather. 100
Do
pref
100
1,500
27",900
20
3978 Mar
100
Do
800 American
Jan
7
38% Feb 25
—....
66
105
25
111
48
*50
108
83
69%
95%
13%
14%
26%
114% 114%
14%
25%
*82
103" 104%' 10334
107
95%
13%
82%
"85"
*93
35
"69%
14%
26%
115%
95
*105
•105
"85"
1
14%
14%
26% 26%
114% 114%
51% 51%
13%
2634
200
800 American Cotton Oil.
*63
27%
117% 117%
51% 51%
98
141% 143
114% 114%
izl •o
1
12%
96
120% 121%
47% 48%
1
27%
800
45%
92
48""
100
92
47
*85
"47%
84%
*88
46
88%
48% 49%
98%
141% 146%
*82
48
*87%
*97
44
47,300
13,500
45
46
91
65
..50
—10
Alaska Juneau Gold Min'g.lO
kills-Chalmers Mfg
100
Do / pref
100
Amer Agricultural Chem..100
Do
pref
.100
90
44
*44
50%
44
3
34% Feb
700 AJax Rubber loo
2,600 Alaska Gold Mines
*44
*42~
46
49%
43%
*81%
2%
7,900 Adams Express..———..100
100
8,500 Advance Rumely
900
Do
pref
100
46
44
141% 142%
3
71
44
96
*90
*42
89%
2%
2%
2%
43%
2%
43%
84%
9134
90%
*44
83
2%
2%
*89
44
Mar
25j
4
Es-dlvldeod
Mar 9
S3
Mar30
72
Jan
3
100% Jan 13
115% Jan
50
93% Jan
e
5!
Mar22
19!
Full paid.
44% Mar
85
Mar
58
Jan
100
Jan
Dec
79% Dec
81% Dec
94
Dec
101% Deo
33% May
91
Dec
Highest
New York Stock Record—Continued—Page 2
For record of tales during the week of stocks
1395
usually Inactive, tee second page preceding.
PER
HIGH
AND
LOW
SALS
PRICES—PER
SHARE
NOT PER
CENT.
8TOCK8
Sales
for
Monday
Tuesday
Wednesday
March 29.
March 30.
March 31.
Thursday
April 1.
Friday
April 2.
Week
S per share
$ per share
$ per share
131
131
S per share
8 per share
g per share
Shares
130
131
130
132%
116*2 *114
116*2 ♦114
99
102*8 104
♦88
91
98
102%
*87
91
*87
117
131
131% 133
116
116% ♦114
99% 100*4
98% 100
99*4
*87
90*2
*87
90*2
96%
97
97
97
97
270
*265
270
*255
270
*255
275
97
97
*96
99
*96
99
♦96
99*2
133*4 136*4
50
♦45*4
131*4 13412
♦101
102%
97%
96%
130
131% 133%
101% 101%
♦45
48
48
♦47
19*4
20*2
19*4
19%
19
55
*54
55%
*54
645s
65*2
54%
63*4
1D34
54*2
19
55
50
*41
44
*65
70
*60
70
*60
70
11534 115*4
116
169
174
68
*65
65*4
*60
66
*63
70
119
*116
119
*116
163
168
165
172*4
167
*65
67
*65
67
65
65*4
13%
12
12%
*11*2
12
*22
29
*--
-
29
131*4 135*4
49% 49%
170
68
67%
65%
12%
*22
*131%
134%
49%
133
63
6334
1*4
29*4
9234
987S
49%
t
Do
pref
2,400
66
6734
67«4
*12%
13
*
29
137%
14
29
a48% 48%
12334 12334
133% 136%
*47
pref..
pref
12
*120
122
10*4
18*8
28*8
23i2
10*2
Do
""165
100
20
preferred
Batopllas Mining.....
2734
97%
61,100
18%
29
23*4
81
82
39*8
4Q78
70
70
69
*52
62
121
121
*9*4
21
*18
27%
28%
58%
121
10
10%
21
*18%
27%
23%
81%
27*2
23%
81%
23*8
23%
81
81
39%
38%
69
*69
39
71
*69*2
6534
85%
10%
9%
*18
27%
27%
24
23%
80%
81%
3934
38%
*70
71
*101
11%
11%
95
rll*4
"11*4
106*2
252
•105
246
•96*4
48*4
80%
♦425
93%
106% 106%
241
98
*96
49%
261
9734
11*4
11*4
22%
23
*425"
*11*4
*22%
50%
49
"25
*82
86
119*4 11934
101% 101*8
84
83*4
89*4
15%
89*8
15*2
21
11%
1134
23
15%
69
376
389
37%
♦85
39*4
78
88*2
78%
90%
69%
91%
70
*22%
12%
*11%
23%
23
*37
12%
2434
43
*37
24
*23
25
*21
25
85%
*82
86
*82
86
43
89%
*14%
85*4
89%
15*4
36%
128
84%
89
15%
36*2
*125
36%
37»4
25%
25%
15%
15%
68% 69
158% 160
369
378%
37
26
15%
15%
68
68
158
369
87
78*4
92%
79%
93
92%
72%
69%
7034
49
37%
95
49
378
92%
69%
*85
*84
89
79
79
39
130
49% Feb
Feb
4
7% Feb
385
38%
87%
78%
36
36
36%
69%
*88%
63%
36"
*34
68
70
67%
*88%
64%
68
91
65%
*8812
64%
*33
43
.
40
92%
"90%
*88%.
63%
64%
40
38
38
12
16%
Feb
19%
Dec
No par
z74
28X4 Jan
6
8512 Jan 28
California Packing
Do
Feb
100
87% Marll
55% Feb 10
92% Jan
Oct
Dec
70% Mar22
54
Aug
1
«78
Aug
Do
"""800
pref....
Consolidated Cigar
90 00
Do
... ...
300
Do
preferred...
...100
1,000 Cuban-American Sugar—100
1,700 Dome Mines, Ltd.—
10
50
1,100 Elk Horn Coal Corp
Do
preferred
50
"""266 Emerson-Bran tingham
100
Do
1,900
100
Do
34%
35
78
34%
80
7734
93%
23%
83%
36%
94%
24
85
"35"
91%
35%
23
94
23%
82%
83%
*165
175
*150
105
*100
106
106
30*4
29%
20%
20*2
*52
56%
30%
20*2
30%
20%
*54
32
31%
36%
37%
79%
36%
78%
*52
*111
35
34%
£149% 149%
*103
31
32
31
31%
20%
20%
20
20%
127
*64
70
*64
64
*64
65
*64
65
45
*42%
45
*42%
45
109
20%
56%
70
Bid and asked prices,
34%
32
64
*
78
107
*63%
45
78
180
100
15834 159% *154
*104% 112
*104% 112
112
*106
78
*150
180
54
54
*53
57
*111
127
*111
50
preferred
...
—
10% Mar 3
76% Feb 13
2fi
107
Jan
154
*105
112
*105
44%
.64
*42
63%
44
f Less than 100 shares
Jan
Jan
62 ig
Feb
96% Mar
100
91
Jan
39% Feb 26
79% Feb 13
54X2 Jan
7
86%Jan 21
494
Apr 1
20%
Jan
400
Jan
Jan
7
6912 Mar
150
Jan
10% Feb 13
13
Jan
3
10%
Jan
20% Feb 26
28
Jan
2
23%
Dec
33
Feb 17
45
39
Dec
20
Feb
Mar25
29
Jan
2
24%
91
Jan
3
88
Dec
147
Jan
6
80
Juno
104
Jan
3
101*1
Aug
65% Feb U
85
Feb 11
95
Jan
5
83
Dec
10
I6I2 Mar30
9
Deo
Mar30
25
Dec
38X4
Jan
82% Jan 21
99
Mar
Jan
Feb
134% Mar20
89ig Nov
31% Dec
Jan
48
Feb 11
Dec
Mar 31
91
40
26% Jan
100% Fob 13
12
*
3012 Jan
19X2 Jan
15
47
75% Jan
100
19,800 General Motors Corp
Do
temporary ctfs_.no par
73,100
Do
100
preferred
100
Do
Deb stock (6%)...100
3,500
Do
deben stock (7 %).. 100
1,100
100
0,700 Goodrich Co (B F)
Do
700
preferred
100
2,800 Granby Cons M S & P. ...100
400 Gray & Davis, Inc
—25
600 Greene Cananea Copper.. 100
225% Feb 17
410
Mar24
42
57% Feb 25
Dec
Jan
Mar26
100
T,§66
24% Mar 6
73% Feb 13
69% Feb 13
84
Feb 13
31% Mar 5
29% Feb; 13
Feb
Jan
Feb
2
43% Marl9
18% Marl8
61%Jan
3
26% MarlS
83i2 Marl8
42X2
Feb
Jan
13
50% Feb 13
13% Feb 13
Feb 11
69
Jan
135
Jan
5
Mar 22
115
Jan
24
3
5
7
110
27% Feb 11
51%Jan
76% Feb 13
111% Jap
.25
19% Feb 13
26% Jau
100
13,900 International Paper
Do
stamped pref
100
Iron Products Corp..-No par
70% Feb 26
91
36% Mar 1
100
100
19
112% Feb 17
100
preferred...
4912
84% Jan
108
100
Do
Dec
64x4
Feb
700
Dec
32X2
40
Mar
1,100 Jewel Tea, Inc...
Aug
66X2 Marie
13
"3",800
47X2
46% Deo
'
30
100
"56% "jan
13
No par
...
Feb
102
49% Jan
3818 Jan
Feb
200
Preferred, new.C..
11,000 Int Mercantile Marine
Do
preferred
50,800 International Nickel (The)
Jan
82%
102% Jan
55x2 Jan
Feb 16
13,400
Jan
82
3
6
85% Jan
3
Mar
Feb 25
100
Hupp Motor Car Corp
10
Inspiration Cons Copper—20
fnternat Agrlcul Corp
100
Do
preferred
—..100
inter Harvester (new)
100
2,500
Feb
II8I2
Mar29
93
30
50
200 Hendee Manufacturing
89%Jan
85i4 Jan
92
86
Haskel A Barker Car
144X2
Jan
64% Feb 25
Corporation.... -100
Hart man
70
Feb
14
16
Feb 11
36
Apr
1
Marl9
79% Jan
3
51i2Jan 27
21%Jan
9
4514 Jan 10
10x2
48
Jan
110'g
Jan
111
Dec
2114
Jan
92%
Feb
20%
Dec
30>4
Jan
62
Jan
34
Dec
15
Dec
38%
Dec
Dec
Jan
5
24%
25
106
Feb 25
152X2 Jan
5
68
Temporary 8% preferred 100
Kelsey Wheel, Inc
100
96
Feb 13
105
Jan
23
66
Mar
4
90
Jan
5
34
33% Jan
27% Nov
Jones Bros Tea.
"3~500 Kelly-Sprlngfleld
Inc
Tire
100
No par
8,800 Kennecott Copper
10,400 Keystone Tire A Rubber—10
100
6,700 Lackawanna Steel
Laclede Gas (St Louis)
100
No par
Tjoo Lee Rubber A Tire
200|Llggett A Myers Tobacco.. 100
5001
Do preferred
100
13,600; Loew's Incorporated—.no par
2,700; Loft Incorporated
no par
ctfs.lOO
preferred—...100
100 Lsose-WUes Biscuit tr
Do
"500
2d
100
100
100
100
Co.no par
Lorlllard (P)
Do
preferred
Maokay Companies
70
63%
44%
this day,
46
102
9
209i2 Mar31
172
100
4,800 General Electric
112
*64
"64~
A pr
30*2 Deo
65X2 Feb
IOOX2 Oct
10% Sept
3
102% Jan 22
13x2 Jan
3
97
Apr 1
58% Feb 27
152% Feb 11
1,600 General Cigar, Inc
127
155% 155% *144
70
no salesoq
13
100%Jan
Doc
5%
93% Jan
22,300 Famous Players Lasky No par
Do
preferred (8%)
100
4,100
1,400 Federal Mining A Smelting 100
2,700
Do
preferred
—100
100 Fisher Body Corp
No par
Do
80
31%
36%
106% *104
*111
127
*70
31%
127
160
80
32
160%
•111
*70
34%
170
19%
47
37%
35%
170
105
30
100
preferred.....
Do
46
46
47%
15
15%
15%
15%
15%
15%
15%
38
38
36
36
37% 37%
*20" ~25~
*21
*23
*23
25
*20
25%
25%
25%
132
135*4 137*4
132
131% 132%
133*2 136%
129% 13234
♦101
105
*101
105
5
*101% 105
*101% 105
*101%
3134
35%
Feb 13
100% Feb 27
128%
*70
78
Feb
78%
35i2 Mar26
100
127
32%
38%
Feb 27
3
100
80*2
No par
43,400 Cuba Cane Sugar
1,100
79*4
preferred ...—....100
Apr
25
Feb 25
preferred...
83%
14
16% Feb 10
Jan
Do
Jan
93% Mar22
20% Jan
5
101
*76% 80
127% 128%
31%
36%
z70% Feb 13
75
Feb 11
189
80
32%
Feb 13
36% Feb
100
200
*75
38%
33%Jan
97,500 Crucible Steel of America. 100
80
3734
100
l,600:Cons Inter-State Call Mg..l0
11,800 Consolidated Textile—No par
100
1,100 Continental Can, Inc
Do
preferred
100
"~2"606 Continental Candy Corp No par
41,200 Corn Products Refining..100
*75
32%
No par
preferred
5,700 Consolidated Gas (N Y)._100
82
fS
80
Feb
Feb
00%
39J4
50%
9 lii
*75
80
Dec
3
Jan
34%
80
*70
16%
32X«
2114 Jan
41% Jan
106
6512 Jan
5,300
82
Apr
67
No par
Coca Cola
18,600
*71
Nov
68
44 % Jan
17%
47
90
Mar23
110
5
22%
47
Feb 11
Jan
164% Mar2 9
53
59%
85
87
Feb 20
36% Feb 11
17%
49
78
Feb
Jan
31
1,000 Colorado Fuel A Iron....100
100
45,200 Columbia Gas A Elec
79,200 Columbia Graphophone No par
22%
"35%
66% Mar
Mar26
37% Now
59%
47
72
40% Jan
17%
83%
69
59% Feb 13
19
"2",100
23
86*4
Jan
15% Feb 11
31% Feb 26
.100
Cluett, Peabody A Co
60
49%
15%
Jatf
64ia
———25
5
—100
3,200 Chile Copper.
4,300 Chlno Copper...
23
48%
20%
6
117% Feb 26
17%
59%
8434
Jan
3
50i2
23
24%
48i4
Jan
46
Feb 10
61% Jan
60
24*4
65
75X2 Jan
27% Feb 13
45% Feb 26
23
24
pref
16
Cerro de Pasco Cop—No par
59%
36%
94%
24%
84
Feb 27
100
100
Petroleum
California
26
10412
80
.
6
29i4Jan
6
No par
49,000 Chandler Motor Car
5,200 Chicago Pneumatic Tool..100
;
Jab
Jan
5
Feb
5
3
25
113
5%
9
5
60%
3534
93%
23%
8234
De,r,
De<<
Feb
IIX2 Jan
108X2 Jan
"17% ~17%
113"
41
115
62
104% Jan
*22
96*2
21%
Mar20
12412 Mar23
Feb 13
17%
37*2
Dec,
Dec
102% Mar22
10*465
Oct
Jan
11
86X2
100
90%
65%
101%
Apr 1
96%
Feb
700 Calumet A Arizona Mining. 10
60%
23%
113
9
20% Deo
35X2 Deo
156X4
Jan
Jan
Feb 11
6,100 Central Leather
Do
pref
17ig
59%
22%
93
5
Jan
Oct
76% May
75% Deo
Deq
17
No par
36
*34"
36
Jan
15
90
15
5,000 Gaston W A W, Inc
47
36
113
114
65%
Aug
Nov
Feb
22
—
&
17
78%
79
5512
Deo
8OI4 May
Jan
Sept
Superior Mining..10
Butte
16
*85
87
82
Jan
Caddo Central Oil & Ref._100
20% Feb 10
68%
36
96%
114
26
95% Jan 30
102X2 Jan
3
102% Feb 24
5
--..25
94%
37
3734
110
5
93
Jan
111%Jan
13
No par
68
37
36*4
9434
Feb 13
1,300 Freeport Texas Co
47
36*4
126% 128%
108
14
Jan
5,000 Flsk Rubber
94%
37
"17% "17%
97
25%
49
37
66%
77% Feb 27
81% Feb 26
Octi
103
1% Jan
36%
70
•67%
157% 158%
380% 390
38
38%
29
64%
16
31% Jan
36%
25%
49
49%
90%
141a Nov,
19% Jan
30% Jan
9
Feb
33
69%
9434
49
64
39
85%
91
16%
78%
9212
69%
94%
49%
*88%
39%
Feb 18
65% Deo
900 Gulf States Steel tr ctfs.JOO
3734
87
90%
•14%
36% 37
25% 26
15%
17%
68% 68%
157% 158
159%
378%
37
84%
*125
36%
26
86
91
"39"
40
130
36%
38
84
90
86%
90%
16%
Feb
142% Mar22
50% Mar25
134% Jan
"
Feb 13
300
100% 101
"83"
1
Jan
17% Feb 11
Jan
600 Endlcott-Johnson
119*4 119%
49
64
485
494
44
95
69%
90%
494
24
36
163%
51%
82%
85%
128
15%
82%
86
37
68
50
82
23%
130
158
50%
"23%
*35
37%
108
98
11%
105
3
Mar
10
1,000
98
465
23
114
91
71
82
12%
25
a48% Mar31
No par
25%
81%
38%
49%
449% 450
450
Mar30
Inc..—100
.100
Brooklyn Union Gas
4,000
9,500
1,300
3,200
*82
♦125
36%
*101
108
68 ig
74% Jan
Feb 14
100
3,900 Burns Bros.
4,400 Butte Copper A Zinc v t c..5
.100
100 Butterlck
27%
98
*96
82
*37
♦2l"
*101
9734
49%
81*4
4<s%
97%
80%
450
108
Do
12
25
103% Feb 13
100 Brooklyn Edison,
9%
11%
11%
11%
11%
113s
1134
93
97
92
9134 9234
93%
*106
106
106
*106
107
107%
264
254
264% 262% £69% 254
91%
preferred.....—.100
cum conv 8% pref 100
900 Booth Fisheries
122
70
*67*2
66
65% 6534
65*4 67
6534 *65
87*2
86
88%
87
86
85%
86*2 87%
86%
♦102*8 105
*103% 105
*103
*10312 105
*10234 105
105
55*2
54
56%
53%
5434
53%
53% 56%
53% 54%
153
160
157
156% 16434 156% 160
161% 155% 158
103*2 105*4
101
100% 10134
100
104
99*2 100
?9*2
19*8
19%
18%
18%
18%
18*2
18*4 19
18% 18%
36
37*8
36
37*4
36*2
36%
36% 37%
36% 36%
*91
94
94
*91
*90
*91
94
9434
36*4
37
37
37
36l»
36%
36%
36% 36%
36%
39
39*4
39%
39
39%
39%
39%
39%
39%
60*4
61
62
64
63%
64
64%
65%
64*2
47%
51
50
49
49%
5234
49*4 51%
403s 49%
*90
93
*90
93
*90
92%
*90% 92
"68*2 6~9*
69
69
69%
68*4 68% *68
69% *69%
•81
83
82
*81
82
*81
82
82% 83%
82
89
92
88
89
89
89
88
89%
87%
90%
18*2
19
1734
18*2
18%
18% 19
*18%
18%
18%
32
33%
3434
3434 x32
32%
33*4 34%
32*2
33%
91
91
90*4
91
91
91
90*4
90*2 91
93
Class B common.. 100
75
54% Feb 26
600
121
20%
Do
"""466
9634
59%
121
Jan
Mat
192%
95%
10%
65X2
61
Jan
27%
56*2
3
74% Jan 17
75% Jan
77% July
1714
67% Jan
Feb
28%
123
July
64
97%
10%
*18%
27*4
23*4
8l%
38*2
July
65
92
053g
*56
121
Oct
29
Jan
176% Jan
27»4
112%
11%
09
Jan
54% Nov
65% Mar27
65% Mar27
Jan
11
40
Feb 25
96*4
11%
9634
27%
9
9
Feb
Feb 26
106
111%
Marl7
Jan
94%
169% Deo
110% June
63
95%
"ll% "11%
Feb 13
64% Mar 5
Oct
106
Jan
137
29%
111% 112%
II84
1134
54
43
May
4514
105% Jan 29
61%Jan
3
21%Jan
59%Jan
100
108% Mar
314%
142
97%
11%
7
2
191% Feb
93% Deo
Jan
28*8
97
5
Oct
May
120X2 June
68
95%
ll%
Jan
119
Jan
No par
11,800 Bethlehem Motors
100
100 Bethlehem Steel Corp
*95
100% Marl8
283
148%
125
Do
11*4
38% Feb 28
15% Feb 13
50
Feb 13
Aug
90% Deo
95
Dec*
Feb 11
1%
28%
1%
Feb 13
73
$ per short
107
2,000 Barnsdall Corp CI A...—25
-100
300 Barrett Co (The)
123
♦1
96% Jan 13
106% Mar22
92% Jan
3
Jan
Jan
.......100
Oil
♦1
1
Feb 16
97% Jan
28
1
Feb 13
84
IIH4
113%
165%Jan
1*4
1*4
77
7
118%Jan 20
92% Mar 3
1,000 Autosales Corporation—-50
6% pref temp certlfs
50
264",600 Baldwin Locomotive Wks.100
48
123
141% Jan
114% Mar 8
24,200 Atl Gulf A W I SS Line—100
Do
pref—
.....
100
100
43,500 A T Securities Corp....no par
68
66%
123% Feb 13
112% Mar 3
101% Mar30
25
28,700 Anaconda Copper Mlnlng_.50
100
700 Associated Dry Goods
Do
1st preferred
100
Do
2d preferred...—.100
"'"166
Do
t per share
100
Amer Zinc Lead & Smelt...25
500
Lowest
$ per share
100
(new)
,,-100
300 Amer Writing Paper pref.. 100
Do
Highest
S per share
100 *225
Amer Woolen of Maes..
300
171% 174
67%
Par
.100
Teleg_.100
Tobacco
200 Associated
♦100
*1
28*2
92*4
96*4
27,900
116
*65
135*2 139*8
49*4
49*4
600
19%
54%
preferred
Amer Telephone A
300 American
49
70
43
67
64%
13*2
19
54%
64
43
*65
66*2
67*2
49
19%
55%
43*8
43
70
66*8
50
43
64
43*4
46
*65
"3~406
97
131% 132%
101% 101%
63
63*8
6t%
♦43
♦65
65*4
96%
270
96%
132*4
101% 101%
Do
90%
9634
*260
Year 1919
Lowest
Indut. & Miscall. (Con)
7,100 American Sugar Refining—100
Do
pref
,100
100
14~, §65 Amer Sumatra Tobacco
132%
270
96%
the
*114
SHARE
PER
Range for Previous
EXCHANGE
Saturday
March 27.
•114
SHARE
Range since Jan. 1.
On basis of 100-*Aar« lots
YORK STOCK
NEW
400
/
Da
nref
200 Malllnson (H R) A
£ Ex-rights,
a
Ex-dlv
and rights
23% Feb 11
30
24% Feb 13
4812 Jan
5
6
63
Feb 26
91% Jan
5
38
Jan
8
28
Feb
11
27% Feb
Apr
£149%
13
I
Mar27
105
43
MarlS
101%
38%
Jan
Dec
Jan
Dec
02Xs
Jan
33
Dec
21
Jan
Jan
0
10
195
Dec
109%Jan
31
107
38% Jan
207
25% Feb 11
32
Jan
17
28
Jan
3
70
Jan
15
Feb
6
25»g
Dec
Feb
Jan
3
40ig
112
Feb 11
115%Jan
145
Feb
5
183% Jan
19
2
147%
105
Mar23
110'2 Jan
8
107
64
Feb 16
Dec
Feb 11
69% Jan
7
64>4 Mar22
63
61
*63
June
43
Mar 25
45
b 80% paid
Feb 11
t
45
Full paid.
94
Feb
Apr
Jan
Mar26'
n
Old stock.
1 Ex-dlvidend.
1396
New York Stock
Record—Concluded—Page 3
For record of sales during the week of stocks usually
Inactive,
Bales
Monday
March 29.
6 per share
♦3014
*25
Wednesday
March 31.
Thursday
April 1.
Friday
April 2.
$ per share
$ per share
S per share
t per share
Shares
30%
"28"
132
132
*26
133
*102
101% 10H2 *10H4 110
110
205l2
196l2 20234 196% 202
23*4
30%
476s
*98
9814
237S
31%
48
*68
*101% 110
32
32
47%
47%
68
68
68
68
40
39
40
39
46
46%
3714
47%
37%
65
65
*86
87
38
66 ig
86
86
64%
101
*97
11%
77
11«4
78%
*98
46%
.47
68
69
69
500
39
39%
4634
39%
46
11,200
12,200
38
300
65
*64
65
86%
86%
*97
100
H78
117g
11%
*76%
78
101
82%
110
15%
72
77
83
*107
*70
44
47
40%
4684
5U4
54
61
51
54
65
627g
6278
44%
45
55
5I84
5184
53g
5%
141
33
33%
*60
64
31%
68%
"5l7g
54%
35
52
*31
40
10312 10478
9614
97%
43
32
97
43%
*42
39
39
393g
3834
39%
67%
68
38%
38%
66%
92
92
*88
21%
68
*90
81
32
60
60
*68%
71
70
2:51%
52
*31%
147
200
10,200
5,700
101
98% 101%
96
93
43
43
*43
34%
38%
38%
66%
32
*60
67
67
*90
92
*92
38
38%
32%
38%
38%
93%
43%
32%
32
37%
67%
69%
68%
70%
68
18%
18
17%
92%
18%
92%
61%
63
62
63
64
90
*88
95
*88
*19%
20%
102%
70%
120%
8584
*65
120
84%
82
99%
98
99
*105
108
*102% 108
197g
20
92
20
1934
83
85
85%
45
*65"
70%
120
108% HI
98% 9834
51%
51%
103% IO484
16%
16%
81%
82
17%
177g
120
84%
86%
98
97%
97%
"19%
20""
19%
235
79%
45
76%
83
99
76
17
*225
*11%
77%
44%
74
76
79%
1734
233
76
16%
*225
12
230
*11%
78%
80%
44
46
75
76%
17
12
79%
45%
75
120
85%
*97
48
107
108
19%
83
46%
"80
20
84
47%
109
88%
98%
49
105% 108%
98%
99%
50
50
*98
104% 105%
16%
16%
*74
*75
16%
229
*11
16%
16%
229% *226
16%
230
2,000
12,100
200
12
"79%
79%
81
43
44%
75
*73%
78
81%
32",900
42%
44
179,500
73
73
2,400
95
93
93
*91
95
*91
95
*106
*91
95
112
*108
115
*108
115
*108
115
1802
*108
115
§820
{802 §815
§812 §825
§810 §825
§810 §816
112% 1127g 112% 112% 112
112
11234
112%
111% 112
47
49%
46% 48%
4684 47%
46%
47%
43% 46%
89
917g 98%
90
90
94%
9234
93%
86%
91
107
109
105% 108% 104% 106
105% 107%
104% 106%
100
100
100% 100%
100% 100%
318
330
67
4534
*37
677g
46%
41
11
11%
215
211
73%
*95
74%
98
25%
257g
105% 112
33% 34
49%
50
*136
138
50%
50%
198% 199«4
80%
*20
81%
2134
64%
33%
34
65
65%
97%
99%
3o6"
57
57%
46
46
*37
41
11%
209
72%
*95
25%
62%
57%
111
11234
112% 112%
7034
72%
47%
47%
104% 106
113
113
78%
10%
67%
7484
79%
89
*38
*135
50%
200
7784
2134
54%
*31%
64%
93%
45
38%
62%
62%
44%
44%
*38
*95
24%
25%
62
25%
62%
62
112% 114
33
50
33%
48%
137% *134
50% *50%
*195
48%
137%
50%
200
12%
71%
41
13%
212%
73
97
25%
26%
62
62
110% 113
54%
34
55
55
33%
64%
92%
65
65
95%
94%
67%
109% 111%
113
112
113
71%
72%
*47% 50
103% 10534
112% 113
112
70%
70%
47% 47%
103% 104%
112% 112%
77% 78%
77%
78%
*10
10%
66% 68%
73%
74
111% 112
*10
10%
66%
683
*73
75
112
112
209%
71%
115
53%
66%
24%
*86
54%
68%
25
88%
73%
*71
*113%
63%
115
63%
"4",300
111
50
50%
199
139%
50%
199
"34%
55%
95%
100
35
35
2,100
2:63
35%
55
64
4,400
93%
*95
94%
57% 65%
110% 111% 109% 111%
112
112
*111% 112%
71
*69%
70%
70%
*47
48
103% 105%
112% 112%
78
78'g
*10
10%
68
103% 104%
112% 112%
77%
77%
*10
10%
2:70%
73%
73%
*72
73
73%
*110% 112% *110% 112%
72%
82%
53%
66%
24%
2434
87
115
98
54%
68%
*93
124
113
114
53%
65%
24%
*86%
*72%
76
54%
67%
24%
87%
74%
69%
i52%
65
24%
*86
72%
72%
50,500
1,700
100
140,500
1,800
800
♦111
83
*72
79%
92
80%
79%
U8$
78%
July
80
3
70
Jan
Janl3
103
Dec
Marl3
8%
Dec
89%
102%
86%
Jan 2
45%
Feb
108% May
24% July
88% June
Jan 7
93
Jan
104
Jan27
64
Jan
110
Jan
102
Sept
Feb
68
4
3
Jan 5
91%
Feb
Jan 3
'
19%
Feb
Jan
"
44% Mar
70% July
75
July
47
3
Jan28
Jan
67
July
Jan 6
46
Jan
97
June
Jan 3
035%
Feb
61% July
Febl3
52
43
Jan
25
44
Marl3
A Ref of Am 5
Ontario Silver Mining....100
Otis Elevator
no par
120
Febl3
..........no par
28
Feb26
41%
Jan
6
34%
25
51
Febl3
05
Jan
2
46
68
Mar
1
78
Jan
2
70%
100
44
Mar
1
Jan 5
58%
6
31
Feb26
61%
38%
Jan 9
29%
100
37
Jan 13
No par
Do
pref
...100
Pierce-Arrow M Car...No par
pref
100
Oct
77%
Okiahoba Prod
v to
145%
60%
238%
no par
Oct
July
21% July
Febl3
25
60
May
94%
112
13% Nov
Jan 6
92
60% Febll
Ohio Cities Gas (The)
Ohio Fuel Supply
B_._—50
Oct
12
4
Mar
91%
102%
6
50
4%
Febl9
5
Febl9
6% Mar 8
9% Jan26
147
Apr 1
5% Mar
128
Nov
Dec
55
July
~i"l%
Nov
149
Nov
39% Nov
74
Oct
Dec
80
Oct
Dec
75% July
Feb
42% July
Mar
43
Marl8
22
Jan 2
67
Jan
140%
Oct
Jan 3
92%
Deo
104%
Deo
Feb 18
108%
103%
47%
Jan 6
42
Dec
19% Feb26
35%
Jan 6
33
71% Febl3
67% Feb 13
37
Jan
Dec
41
27%
Apr
47% Nov
68
July
42
Feb
9
32
Dec
57
May
34% Feb 13
42%
JanlO
30
Jan
43
Apr
63
Mar 25
68
Mar 29
91
Mar 25
92
Mar 27
Oot
Feb
48%
98
6
Febl3
82%
Jan 3
99
108%
Jan 8
38%
101%
Jan
1
Jan
111
Febl3
Febll
23%
Jan 8
16
Jan
98
Jan
93
Dec
Mar
Oct
Pierce Oil Corporation
Do
pref
100
Pittsburgh Coal of Pa
100
51%
100
89
Feb25
64% Mar30
91% Jan24
85% Mar
74% July
98 1 May
10
16
Febll
27%
12%
31%
84
Febl3
25
pref
Pond Creek Coal
Pressed
Steel Car
100
Do
pref
100
Public Serv Corp of N J..100
Pullman Company.
100
Punta Alegre Sugar.
50
Railway Steel Spring
100
Do
pref
100
Republic Motor Truck.No par
Royal Dutch Co (N Y shares).
St Joseph Lead
10
Savage Arms Corp
100
Saxon Motor Car Corp No par
Sears, Roebuck A Co
100
Shattuck Arli Copper
10
Shell Transp A Trading
£2
Sinclair Cons Oil Corp
No par
Sloss-Sheffield Steel A Iron 100
15%
89
Feb 13
100%
65
Jan
7
7
Jan 6
104% MarlO
104% Feb 2
Jan28
60
Dec
MarlO
110
Nov
61
Apr
68%
Feb
16
Marl5
62% Febl3
34% Feb26
84%
Feb27
X97% Marl5
37
103
Feb
Jan 6
19
Mar
Jan
88
Aug
49% Marl9
Jan 3
46
Dec
Janl3
100
94
124%
106%
55%
93% Febll
14% Jan 2
64% Mar 6
13% Feb 13
110%
10%
Febl3
Febl3
73% Mar 2
34% Feb 6
64
Feb 13
Marl8
104
4
214
Mar
39
Febl3
80%
Feb25
99
Feb25
100
StutsMotor Car of Am.No par
Superior Steel Corp'n
100
Temtor Corn A F pref A no par
do
pref class B
no par
Tenn Copp A C tr ctfs.No par
Tobacco
Products
100
Corp.. 100
pref
16%
82
21%
240
Feb20
3
Jan 2
Jan27
JanlO
Mar2 7
Janl3
Jan
5
Feb
6
100% Feb 13
391
96%
190
87
MarlO
114
27% Febll
40% Febll
125% Feb 13
88
No pat
..100
preferred
50
United Fruit
100
United Retail Stores ..No par
U 8 Cast I Pipe A Fdy
100
Do
pref
48%
176
Febl3
64
Febl3
Febll
15% FeblS
100
43
Feb
3
U 8 Express...
...100
U 8 Food Products Corp.. 100
U S Industrial Alcohol
100
28
Feb
6
pref
100
1st
Do
pref
....100
U 8 Smelting Ref A M
Do
60
pref
Do
50
pref
Utah
100
Copper
Utah Securities
Vanadium
10
v t e
77% Febl3
97,
40
44%
*92%
100
Virginia Iron CA O
Wells, Fargo Express
68%
Febl3
Feb27
FeblS
Mar
1
Febl3
106
38%
66%
53
Jan
2
7
Jan 5
Jan 3
Jan
2
Mar30
Jan
6
Jan
5
preferred...
25%
J&n 3
82
Jan
97% July
Sept
9%
184
Dec
17% May
Jan
345
Oot
Jan
116
June
97% Dec
120
June
34% Dec
37% Jap
62% Nov
74% Oct
115
Jab
197%
75
Jan
100
34% Dec
37% Jan
90% Jan
80% Aug
14
Jan
Dec
July
45% Oct
68% July
176% July
58% May
215
Oot
119%
Oct
38% Aug
74% July
32% May
65
Jan
42%
Jan
35
Apr 1
16%
Feb
78%
116%
103%
Jan 6
66
Apt
Jan 8
*97%
Dec
167
Jan 6
96%
17%
Jan
111
Jan
73
Jan
5
65% Apr 1
143% Jan 5
116% Janl3
76
Jan
3
47% Mar27
109
43%
45
Jan
Jan
91%
Oot
May
May
507s June
139% Nov
119% July
78% Nov
Jan
50
Mar
109
Jan
6
88%
Feb
115%
80%
12%
Jan28
111%
Dec
115%
117%
97%
21%
July
July
July
June
Jan 3
Jan 2
65% Feb
8% Dec
73% Mar31
78% Mar 18
112% J&n 7
54% Dec
119
Jan
8
J&n
3
Febl3
55%
Febl3
69% Mar29
25
22% Feb25
32
Jan
3
86
Feb26
93
Jan
6
64
Feb
82%
98%
Janl3
Jan 5
51
Feb
110
Jan
54
62
Deo
92% July
1157s Oot
Mar
X88
Deo
61% Nov
79
May
82
92% May
Sept
94% Jan
126
40%
Jan
July
597s June
45
Jan
86
23%
Jan
40% Jane
87%
Jan
98% May
1047s July
104% June
65%
Jan
Oct
100
98% Jan 13
120
Febll
130
Jan
100
111
Marl3
116%
Jan 6
v t C..100
67
Feb 13
95%
Jan27
50
Feb
88
Feb25
93%
Janl3
88
Jan
98%
Oot
69%
Feb25
76
Jan
60
Jan
81
Oot
Wool worth (F W)
Do
pref
Worthlngton P A M
Feb
Feb
48
4
Oct
42%
104% Nov
1447S Oet
64% June
Jul?
49
par
Oet
161
Jan
50
Jan30
100
109%
Jan
157
50
WilsonACo.Inc.v t e__No
Jan
92
206% Marl6
66% Jan 3
Mar31
100
86%
46%
Janl4
89% Marl8
Willys-Overland (The)
Do
pref (rntr)__
117
Jan 13
91
19.600
Nov
Jan
53
76
24%
87%
72%
89
Mar
148
FeblS
Febl3
Feb
85
Jan
76
106
46%
72%
82
Motor
Deo
107
Jan 3
48% Febl4
FeblS
Aug
Mar 26
100
White
92
Do
pref A.........
74
Do
prefB..
Ex-dlv
Mar31
100
100
a
FeblO
69% Febl8
106% Mar 4
Western Union Telegraph. 100
S Ex-rights
Feb13
109% FeblS
9
100
6
01% Febl3
42
pref
Mar
91% Febl3
110
100
Virginia-Carolina Chem
Do
63% Febl3
no par
Corp
Jan31
13% Mar31
231
Feb 14
1st
Oct
29
230%
51% Mar26
99% Mar26
Jan 6
115%
101%
168
Do
July
Jan26
par
no par
Feb
July
17
94%
82%
Transue A Williams St.No par
Underwood Typewriter... 100
Union Bag A Paper Corp. 100
United Alloy Steel
United Drug
108%
121
19% July
90% Feb25
Union OH.
Dec
81% Dec
64% Nov
20
6
Aug
12%
Feb
38
Feb
84
53% Jan
6% Mar
Nov
Dec
68% Mar23
46% Mar27
64% FeblS
74% Nov
Dec
Febl3
Febl3
145
106% July
10
Mar26
Febll
Jan
Jan
44% Sept
71%
74
Mar 25
Febl3
27% July
Oct
53% Dec
41%
38
9%
June
112
105%
Jan 5
43
61
98% Dec
107% Nov
Jan28
Jan 5
41
166%
91% Jan
132% July
48%
12%
90%
100
Transcontinental Oil— No
Oct
July
68
50
par
..100
109
106
96
106%
22%
Oct
Feb
124
89% Febll
103% Feb 6
Oct
Mar
Febl3
7
105%
100
Feb25
Jan
28% May
*59
Mar 3
Stewart Warn Sp Corp ..no par
(The)
Feb
Feb
74
Strom berg-Carburet ..No
Studebaker Corp
Do
pref
46
109
Do
89
preferred
100
Jan23
94
Marl8
80 Porto Rico Sugar pref.. 100
110
Feb28
116
Jan 6
Standard Oil of N J
100 §802
Mar 27 a850
Mar 25
do
pref
non-voting... 100 111% Apr 1
113% Mar25
Westinghouse Air Brake
60
Westing house Elec A Mfg.. 60
| Less than 100 shares
Feb
61
13,200
80
Feb26
8
48%
*71
sales on this day
Jan
63
117%
•85
no
Oct
61,600
114
Nov
Mar
300
""655
75
Dec *121
Febll
Do
---*111
Nov
112
52%
122% 122% *122% 124
♦m
75
Bid and asked prloes:
4,700
87
9
327,500 United States Steel Cor p.. 100
7.000
Jan 6
Jan
24",200 U SRealty A Improvement 100
31,700 United States Rubber
100
2,900
43% July
Sept
116
FeblO
Do
600
"53" "dot
Jan
45
111% Mar 6
v 66%
96
122% *122
*85
•
87
74
83
600
200
*112
24%
88%
82
4,000
100
58%
88
"72%
*93
900
24%
115
*86
122
200
3,200
17,600
22%
70
89
*111
900
79
*113
73%
113
5,600
77%
66
73
124
700
Nov
40
29%
139
Febl3
Do
111%
33%
33%
a:58%
115
*113
54%
69%
♦111
5,100
5
Jan 3
Aug
Mar
45
36,300
25,200 Texas Company (The)
300
53%
66%
24%
*87%
*12i"
800
17",700
87
115
800
55
*97
"56%
58%
110% 113%
13
3,400
25%
58%
*138
22%
300
97
24%
137% 138
22
100
70%
*93
*47
22%
34%
205
48
79%
55%
44%
41
12%
34
77%
65%
98%
44%
*38
48
50%
50%
197% 201%
78%
80%
22%
22%
3,900
19,600
25,500
97,300
15,400
"55%
33%
80%
56%
63
56%
207
97
391
56%
*95
99
90
10%
68%
7584
111% 111%
379
1234
209% 212
71% 72%
215%
74%
203
56
11%
12%
111%
33% 34%
49
370
55%
44%
110
*96
"55"
340
337
100
i~250
72%
89%
30
Class
Nov
July
July
107
pref
...100
"5", 800 Ray Consolidated Copper.. 10
900 Remington Typewriter v 10100
3,300 Replogle Steel
no par
139,300 Republic Iron A Steel
100
104% 105%
16%
16%
Jan
Marl9
92
preferred
Do
83
3
Do
1,200
26,600
1,400
Feblft
Febl3
Feb
Nov
Mar.25
51
100
600
78
44
40
40
100
New York Dock
Do
98%
54
17%
Penn-Seaboard St*I
1,400
40%
Sept
July
Jan
People's OLA C (Chlc)..100
Philadelphia Co (Plttsb)...60
1.000 Phillips Jones Corp
no par
800
Jan 6
Jan 7
Feb28
9,400
27,100
52%
69%
118%
32%
71%
62%
125
3,200'
2,235
Feb26
14
Parish A Bingham..
7,000
Oct
6
Brake....100
1,700
"i",2o6
Nov
38% Mar25
36% Febl3
z35% Febl3
Copper..
Pacific Teleph A Telex
70%
*105
20
44% 44%
104% 107%
99%
99%
60% 50%
103% 104%
16%
16%
50% 50%
103% 105%
16%
16%
*65
120
84%
*105% 108
105% 10934
*98
70%
83
45
■
20
97%
86
48
90%
19%
§100% 100%
20
*43
*88
20%
21
32
Jan 6
105
Pan-Am Pet A Trans
700
6
Jan 6
Oct
May
Oct
3
100
pref
Do
64%
Dec
Jan
71%
100
3,300
10,300
99
26
Feb 6
66% Feb25
99% Febll
72% Feb20
87,000
54,500
105
Feb 6
42%
61%
100
Pacific Development
Pacific Gas A Electric
19%
93
93%
63%
63%
*88
90%
*19%
20%
101
101%
110
264
Feb 10
100
400
69%
Jan
Jan
95
100
800
200
104
162%
22%
Febl6
38% July
31% Nov
131%
110
600
*37%
Jan
100
Lead.......
Air
Dec
21%
National
York
3
Aug
83
Pacific Mall 88
103%
Mar22
100
Owens Bottle
1,900
93
Jan
Nat Enam'g A Stamp'g
Do
pref......
1,600
3,200 Otis Steel
33
71
18
98
*93
144
32%
61%
18%
92%
18
83
43%
75%
5%
9%
92
*65"
*78%
6%
67%
6734
70%
122%
*226
1,100
7,100
*89
102
*119
64
43%
*47
44%
51
92%
7134
lo.37g
*65"
*63
45
92
34%
397g
102
300
44
33
18%
92%
63%
92%
21%
54
52%
102%
95%
94
33%
1734
92%
62%
*52
9
Janl2
222
134
North American Co......100
Nova Scotia Steel A Coal..100
52%
5%
9%
142%
107
Febll
94% Febl9
Consol
28
23
60
33% Jan
5
30% Jan 8
Feb25
Do
preferred
100
Nat Conduit A Cable. No par
Do
64
S per share
100
c
preferred
National Cloak Ac Suit
950
2:63%
44%
$ per shaft
161
& Chem vtc.no par
Do
New
700
2,800
60
5%
8%
60
preferred v t
National Biscuit
1,600 Nevada
42
55
no par
"""166
166"
97
3514
7I84
107%
J.
Body..
Do
Do
42
32%
60%
*68%
33
3434
3978
3834
67%
70
107
40
9984 104%
43
43
15
14%
WardACoIllsCorp no par
Highest
9 per share
-
23
100
National Acme
500
*52
2:141
61%
69%
52%
109
55
5%
3134
*31
*107
42
8%
141
61
68%
5234
900
T,7oo
51
32%
35
83%
Montana Power
Lowest
117% Feb25
101% Mar27
...
42
52
141
78
200
"i",600
100
83%
15%
52%
64
*60
*31
53
514
8%
8%
300
*51
63% 63%
44%' 44%
141
109
15
11%
*97
84%
108% 108%
57
*51
5%
8%
.
141
♦107
15%
41%
52
447g
5%
78
109
11%
*75%
101
84%
190
200
25
no par
Year 1919
Hiohest
f per share
28
Febll
Do
pref
100
Miami Copper
.5
Middle States Oil Corp
10
Mid vale Steel A Ordnance.. 60
Mulllns
300
Par
May Department Stores..100
Do
preferred
100
Mexican Petroleum
100
2,000 Nat Aniline
100
*97
41
54
65
138
71
*97
*76
*49
447g
*51
*70
11
84
*105
108
*52
70
100
78
15%
115
11
*107
108
*62
115
*97
1134
101
15%
108
108
"70"
*81
109
15%
86%
113% 113%
*96
83%
*107
1584
115
86%
Manhattan Shirt..
Martin Parry Corp
Mont
39
45%
*37%
65
87
72
>
23%
35%
38
113%
*98
101
82
100
1,215
67,000
4,700
66
101
*70
*97
56,400
23%
34%
46%
2*115
72
700
45%
*37%
38
113
*70
900
68
46
*86
200
35%
47%
39%
4434
*37%
IndustrialAMisc.(Con.)
250
31
66
Lowest
200
195
"§314 ~23~84
317g
47%
24
the
130
*101%
198% 201%
237g
3114
478g
*37
31%
29%
28%
130
100
69l2
.
39%
45%
*30
28
*131
200
98
3034
28
131% 132
132
Ranee for Presions
Week
....
27
132
STOCK
EXCHANGE
Tuesday
MarchZO.
< per share
YORK
PER SHARE
Range since Jan. 1.
On basis of 100-share lots
8TOCKS
HEW
for
Saturday
page preceding.
PER SHARB
HIGH AND LOW BALE PRICES—'PER SHARB, NOT PBK CENT,
March 27.
third
see
100
..100
and rights.
-
s
Ex-dlv
5
6
95% Nov
120
Feb
112% Dec
136% May
117% July
117
Oct
New York Stock Exchange—Bond Record, Friday,
Jan. 1909 the Exchangt method of fttoting bonds was changed and prices are
Price
Weeks
Range
BONDS
Price
Thursday
April 1
Range or
Since
N. Y. STOCK EXCHANGE
Thursday
Last Sale
Jan. 1.
BONDS
N. Y. STOCK
EXCHANGE
Week ending
April 1
Ask Low
Bid
High
No,
Low
Week
Bid
96.70
D
97.60 1829
Sale,96.60
94 00 10010
Second Liberty Loan
D
48
90.70
Sale 90.30
91.10
379
N
1st L L Con7.—1932-'47 J
2nd L L
1927-'42 M
48,
89.60
Sale|89 30
89.80
719 88.90 92.90
90.00 93.48
let L L conv—1932-'47
2nd L L conv„1927-'42
3rd L L
1928
4)48
4)48
1st LL 2nd conv 1932-'47
4)48
4thLL__„
1933-'38
Victory Liberty Loan
4)48
3)48
conv g notee..„1922-*23
2a eonsol registered
41930
2a consol coupon
4Y930
48 registered..
1925
ie coupon
1925
Pan Canal 10-30-yr 2b
*1936
Pan Canal 10-30-yr 2s reg_.1938
Panama Canal 3s g
1961
Registered
.....—1961
Philippine Island 4s
..1914-34
..
f 5>is-—1944
Cuba—External debt 5s of 1904.
Exter dt 5a of 1914 ser A..1849
s
External loan 4Xb
Dominion of Canada g
do
1949
5i—1921
560
do
97%
99
J
a
97% 100%
40
97%
96%
99%
98%
50
70
82%
85%
89
95
72%
77
34
70
77
95
75%
81%
69*8
69%
73
'20
64%
65
97
Mar'20
100
77
Apr "18
100*2 Jan '18
£
70
83
83
93
91
91%
N
88
92
S
75
Saie
A
72%
Sale
72%
O
78*2
6534
70%
Sale
78%
...
75%
...
89.90
Sale!89.70
92.98
Sale 92.72
89.96 4872 89.36 92.86
93.04 6285 92.10 95.00
Registered
General gold 4)48
Registered
J
A
98.00
Sale 97.50
98 00
96.50 101.10
20-year convertible 4)48.-1930
89.96
Sale 89.70
90.02 10983 89 52 93.00
D
O
97.86
Sale 97.42
97.88 7525
97 16 99.40
Sale 97.40
97.96 2742
97.16 99,40
Craig Valley 1st g 6s
: Feb '20
101
Q
Q
Q F
Q F
Q F
Q N
Q M
Q M
Q F
101
101
101
10578 106
10534 Feb '20
10578
106U Mar'20
...
101
105% 10534
105% 106%
98*4 Mar'19
99
JulyT8
89*4
89*4
87*2
87*2
88
8712
100
r
I
89%
87%
89*4
87%
97%
98*4 1753
Sale
71%
89
89%
89
45*4
Sale
44
79
Sale
79
79%
90%
83*2
91
90%
91
92%
86
74
Sale
73
74
97%
9134
Sale
90%
92
91
Sale
9134
90%
98
Sale
71%
O
1940
J
J
38
96
98
76
71
70*2
78%
84
1927
1927
90
91
90
91
88%
92
1958
75%
76%
26*2
26*2
See Great North
92%
50
37
78%
8034
Chlo A E 111 ref A Imp 4s g—1955
90
92%
U S Mtg A Tr Co ctfs of dep..
86
86
"~7
72
76
111
95%
19
91%
98%
96
6s........1934
M
General consol 1st 5a
1937
U S Mtg A Tr Co ctfs of dep.
92%
98*2
97%
A t 78*2
A t 77%
Sale
7734
79*2
257
69
82
Sale
77
79
496
67*2
82
76
77
'20
Jan
Registered
General 4s
63*2
Sale
63%
65
421
55%
71
89
99%
89
89
16
89
92%
89
13
89
93*2
2934
43
30
37
89%
93
Chic A Ind C Ry 1st
68—1942
5s.-1930
27
75*8
20%
81%
27
26
26
21
29
90% Feb *20
90%
00%
70
Mar'20
70
70
Dec '19
70
Mar'20
64%
70
93%
70
..
*70" "71
Guar Tr Co ctfa of dep.....
Purch money let coal
90% Oct '19
76*2
76%
69
21
A
let eonsol gold
90%
Feb '20
80*8
75
93%
93%
98
....
79%
92%
F
32
M
55
J
80
89*2
89
35*4
Sale
34
42
492
30
Sale
30
32
58
O
M *
90*8
58*2
Sale
89%
90%
141
Sale
58*4
54
61
9434
87*2
Sale
9434
96
387
92%
97*4
Gen ref conv Ser B 5a.—<*2014
87
248
85*2
90%
Convertible
1932
90
90*2
89%
91%
108
89*4
95%
Permanent 4s
92%
92*4
9234
246
90*4
94
25-year debenture 4s
Chlo A L Sup Div g 5a
48
56
80%
68
68
80
82
Mar'20
63
May'19
*76% Deo *19
71
"70%
97
80%
Jan
75
81
83
80
67*4
Sale
66*4
67'%
92% Feb '16
Mar'20
-
11
Tokyo City 5a loan of 1912
0 K of Gt Brit A Ireland—
..1921 M
20-year gold bond 0)48..1937 F
10-year conv 5X8
1929 F
6-year 5)4% notes
H
A
O
A
92%
*«year conv 5X8 .......9*922 F
7lust art prists on lis batit of $5io£
39
1961
M
S
90*2
92
91
s
90
97%
O
D
S
N
N
N
N
N
N
N
S
91
90*4
97% 100
97% 98
97% 9734
86% 87%
86% 90
86% 87%
*86
87%
97% 99*2
97-% 102%
77*2 82%
95
J
95
95
70*2
Sale
70
J
77
Sale
1934
1921
J
60%
95%
J
104
J
Mar'20
104"
M
51
55
55
96
96% Feb '20
93% Feb '20
96
65%
97%
93%
93%
96
98%
65
97
93
Fargo A Sou assum g 08—1924
J
Milw A Nor 1st ext 4)48—1934
Cons extended 4X8
1934 J
J
98% 100% 102
Sept'19
76
Jan
91
90
8534
89
'90%
95*2 100*2
95% 100%
79%
81
97
99
107% 107%
'20
50
60%
Debenture
96%
86%
92
92
74%
"93""
94%
99
93*2
103
III!
J
55
Sale
55
49%
55
58
......—1996
A
O
75%
A
O
75*2
...
4s_—1928
Nov
67
"97* III
A
*
M
95%
"97" "
94%
94%
96%
97%
98
Sale
m
87%
97
90%
M
101"%
110
"
J
D
J
D
~83% '
8
8534
86%
85%
68*2
69
69
m
65
Cal-Aris 1st A ref4XB"A"1902 W
S Fe Pres A Ph 1st g 5s—-1942 M
Atl Coast L 1st gold 49....*1852 M
4Xs——1964 J
Ala Mid 1st gu gold 5s...1928 M
48.1938
Charles A Bav let gold 78.1930
L A N coll gold 48
.01952
Sav F A W 1st gold 58
1934
1st gold 5b
1934
Bait A Ohio prior 3X9-.—1925
Registered
.....*1926
1st 50-year gold 4s
.*1948
Registered
*1948
10-yr oonv 4Xs
....1933
Refund A gen 5b Series A. 1995
Temporary 10-yr Cs
1929
—
72%
76*2
76
81
Sale
74*2
75%
75
75
75
93
78
25
"74"
80
2
72%
78
92%
92%
78
78
92% Mar'20
N
81
67
Jan '20
129% Aug'15
.
O
Sale
67
67
~"o "67* "72*2
105
Aug '19
105
July'15
Sale
82
82%
82
81
81
20,
81
043J
50
60
~92%
A
J
82%
Q
~6234
A
Sale
Q
62
60
Feb '20
~62%
d
j
Sale
62*2
6434
62%
85%
*98*8
72%
Sale
62%
85*2
64%
86
Sale
112
"82
Jan
"31 *78% "84%
....
60
81
70
60
99;
59%
66%
58
60
69
81%
92
109
|
56%
72
1
73
65
85
Mar'20
85
77%
85
"91%
91
Mar'20
91
91%
90
92
90*8 Mar'20
90*8
90*8
88
88
98
Aug *19
99% Mar'18
48%
Sale
48
48%
47%
53
92
90
Mar'20
89%
92%
81*2
81%
73% Jan *20
81*2
73*4
83%
85
Pitta Clev A Tol let g 68-1922 A
J
Tol A Cln div lat ref 4a A.1959
1937 M
n
81%
68
Clear A Mah 1st gu g 58—1943 J
Roch A Pitta let gold 68-1921 F
74
87
1
1922 J
99*4
103% Feb '16
99% Feb '20
99% Mar'20
88*2
83
100
99*2 100
Canada Sou cons gu A 6s...1962 A
83
Oar Clinch A Ohio let 30-yt 5a *38 J
85
75
Oantrai of Ga 1st gold 5s...pl945 F
75
94
N
D
65
76
89%
92*2
8234
Sale
81
1946 J
tRR A B of Ga coll g 68.1937 M
N
Ifoprioe Friday; latest this week,
«
Mobile Dtv 1st g 58
99% 100
80*8
Mar'20
89%
82%
88%
1947 J
l6o"%
87
Nov 19
94
99%
73*4
83*2
82%
83%
88*2
89%
74*2 May'19
90
May'18
l»i
81%
88
13
88
94
Mar'20
71
Sale
Superior Short L lat 5b g.cl930
Chlo T H A So East let 68-1900
Chlo A West Ind gen g 6B-f 1932
Consol 50-year 4s
....1952
Cln H A D 2d gold 4)48
1937
C Find A Ft W let gu 4s g 1923
'17
Jan
Mar'20
99%
99%
Feb '20
95%
90%
Sept'19
Mar'20
71
70%
72*4
76% May'19
66
M
62*2
Sale
A
89%
95*2
6134
63
85*4 Feb '20
97% Feb '19
M N
A
O
80
89
89
69
71%
61%
102% 103*2 103%
59
63
J
70*8
67
70*8
87
'20
Sale
A
99% 100%
Feb '20
Jan
87
12
70%
76%
138
60%
"07%
85
58*8
64
85%
90%
68
71%
61
66%
Oct *19
71%
61%
103*8
102*8 104
83*2 Nov'19
m
81*2
Sale
100%
II11
102%
59*4
8ale
102*2
Sale
59*4
D
J
Q
81%
81%
118
M
75
81%
"87%
Nov'16
95
May'18
07% June'19
J
90
102%
59%
May'17
M
88
101
103
Mar'11
J
54*8
61
Day A Mich 1st cons 4Xs 1931
J
85
81
*20
81
81
48—1993
J
66
67%
70
1931
74*8
78
67%
68
76% Feb '20
63
J
1993
J
82
84
84
Feb *20
84
84
1939
Cln W AM Div 1st g 48-1991
St L Div let coll tr g 48—1990
Spr A Col Div 1st g 48
1940
W W Val Div 1st g 4s
1940
O I St L A C consol 68
1920
1st gold 4s
1
*1936
Registered
*1936
Cln S A CI eons 1st g 5B-1928
O O C A I gen cone g 68—1934
Ind B A W 1st pref 4s
1940
O Ind A W 1st pref 58—41938
Peoria A East lat cons 48.1940
Income 4s
j
1990
J
67%
72*2
75
Mar'20
71%
75
J
61
62
61*2 Mar'20
60
62
M
64
Sale
64
61%
66%
M
70
77*4
77%
51%
50
Clev Cln Ch A St L gen
Oieve Short L
4H8—1961
g 4a
1929
1st gu
Colorado A Son lBt
Refund A Ext 4)48
1936
Ft W A Den C let g 88—1921
Conn A Pas Rlvs let g 4e_..1943
Cuba RR 1st 50-year 6s g—-1952
D
J
M
72
68
N
Q
94
77%
100
....
Q
Jan
65
73
77
74% Jan '19
Nov'16
101
Oct '19
84
77*4 Mar'20
82% Sept'19
J
87
J
101%
A
70%
Q
76
A
53
93% May'19
102% Oct *19
Apr
A
76% Nov'19
56
56
22
22
82
82
82%
Sale
73%
Sale
82%
72%
96
95
72
73
69
68
20%
O
70
Mar'10
18
27
Mar'20
82
88%
82%
81
85%
74
09
75
Feb '20
95
98
Mar'20
73
73
68
70%
22
Del Lack A Western—
3X8-2000
N Y Lack A W let 6s
1921
Construction Us...
1923
Term A Improv 4s
1923
Morrifl A Ess 1st gu
97% June'17
91% Jan '19
80
Due Jan,
"94'" "95%
Nov* 18
"66%
A
North Wisconsin lat 08...1930 J
M
69%
55%
87
j
St Paul A K C 8h L lat
Cairo Div let gold 48
90
S
1923
4Xb'41
Chic St P M A O cons 6s
1930
Cons 6s reduced to 3)4s—1930
Debenture 5a
1930
Keok A Des Moines 1st 5s
61
Sale
89
...
53
72
D
1988
....1934
RI Ark A Louis 1st 4X8-1934
Burl C R A N 1st g 58
1934
O RI F A N W 1st gu 58-1921
Ch Okla A G cons g 6s
1952
Registered
Refunding gold 4s
20-year deb 4Xb—
General 5a Series B_.
39
87-%
Chicago Rock Isl A Pao—
J
Railway general gold 4s.—1988
75
Sale
M
m
60
'12
66% Jan '20
5634
01 Lor A W con 1st g 58—1933 A
72
74*2
8
A
10-yr temp seour 6a June 1929
Chatt Div pur money g 481951 J
Mac A Nor Div 1st g 58—1946 J
87%
69
H
M
1945 M
89%
65
D
107
1957 m
1998 A
83
72*4
Mar'20
J
Ohio River RR let g 58—1936 J
General gold 5a
1937 A
Mich Div 1st gold 68-1924 J
Mil Spar A N W 1st gu 4a. 1947
StLPeoAN WlBtguSs 1948 j
June'19
77
y
71%
85%
76
J
Cent Ohio R 1st 0 g 4)48-1930 M
Mid Ga A Atl Div 58
72
88
F
Ashland Div lat g 08—.1925
85%
95
,
Imp 8 f gold 68—.1929
Ext A
Mar'20
95
gouthw Div 1st gold 3)48.1925 J
Consol gold 5s
99% 100*2 99%
95
95*2 98%
100
99*2 102
99*8
99% 105
70%
70*8
80
79
83%
83
81
N
Consol let g 08—
~
75%
M
All A West 1st g 48 gu
87
*87% "*90%
88*2
63%
M
82%
69*2
S
N
Buffalo RAP gen g 5e
Consol 4)48
J
74*8
64%
8
Pitts June let gold 08.... 1922 j
P Juno A M Div 1st g 3 )4B 1925 M
FLEAWVaSyi ref 48-1941
J
60
65
Mar'19
101% Oct *10
105% Nov'19
1941
Mllw A S L 1st gu 3)48
*67% "71%
69
"
103
Mar'20
96%
87*8
A
75*4
73% June'18
69%
N
Rocky Mtn Div 1st 48—1905 J
Trans Con Short L 1st 48-1958 J
Bruns A W 1st gu gold
"Sale'
M
69
74
75*4 Mar'20
6778
6778
67%
Nov
76%
75%
76
98
93*2
99
Mar'20
96% Mar'20
97
98
A
Mil L S A West lBt g 6s_..1921
Registered
.......1995
Adjustment gold 4a
*1995
Registered
*1995
Stamped..
........*1995
icnv gold is
....1965
Conv 4b issue of 1910—...I960
10
94*2 Feb '20
A
Man G B A N W 1st 3X8-1941
..*1996 Q
Atchison Topeka A Santa Fe—
94
109*2 Apr '16
1921 A
...1921
Sinking fund deb 5a
1933
Registered
.—1933
Dea Plalnea Val lat gu 4)4s *47
Frera Elk A Mo V lat 68—1933
'75" "so""
77% Deo '19
A
Registered
62" "68%
65*8
70*2 Apr '19
75*2 Mar'20
62
73
Oct'19
65*8
.......
5s
'20
86% Mar'20
88
65"% "00%
A
Registered
Sinking fund
Registered
99
77%
94%
M
Sinking fund
95*2
78
77%
94% Feb *20
99% Oct '19
86%
.......
Nov'19
107%108
78
77% Jan *20
97
M
Mar'20
78
96%
6s——1921 J
WlB Valley Div lat 08
1920 J
F
Chic A N'west Ex 4a .—1886-'26
Registered
1886-1920 F
General gold 3)48......—1987 M
Registered...
_z>19S7 Q
General 4s
........-1987 M
1987
1987
0s_....1879-1929
1879-1929
5s—
1879-1929
1879-1929
59%
99*2 Deo '19
Wla A Minn Div g
Stamped 4s
17
98
81%
General 6e stamped—
100*8 June'18
78% Dec *18
60% Mar'20
J
10
J
86*4
95% Mar'20
*20
M
62
Dubuque Div 1st s f 6s._.1920
80
107*2 Jan
00%
95*4
86
107*2 Jan
105
79%
62
62% Mar'20
87
87%
99
73
70
93
J
98% Aug *19
105
72%
12
96*2
98% Aug '19
J
61%
78
07
87%
100
78
56
05%
77
Sale
97%
Mar'20
74
66%
62%
96
96% Mar'20
79*2 Jan '20
"e()7j
37
96*2
95% 100%
8534 Mar'20
55%
71%
J
100%
95% 100*8
96
J
1926
4He
72
62
6
J
Kaflrcad.
Ann Arbor lat g 4s
•
48
70
5s..—1921
86%
87*2
J
8b deferred Brown Bros ctfa.—
Gen unified
15
60%
O M A Puget Sd let gu 48.1949
87
...
•East Okla Div lat g
76*8
58%
69%
68%
95%
97%
...
J
91
97% Mar'20
9634 Mar'20
...
Canal Improvement
Gen g 4b
75*2
69%
58%
90%
89%
90% Mar'20
Canal Improvement
4b...1961
4a.—1962
Canal Improvement 4s...I960
Canal Improvement 4X6-1904
Canal Improvement 4%ai-1966
Highway Improv't 4)48—1863
Highway Improv't 4)48—1965
Virginia funded debt 2-38—1991
76
Sale
Ohio A P W 1st g
itock.1960 m
4)4s Corporate stock
1964 m
4)48 Corporate stock
1960 A
4)4 s Corporate stock July 1967
4)4 b Corporate stock
1965 y
4)48 Corporate stock
1963 M
4% Corporate stock
1969 M
4% Corporate stock
1958 M
4% Corporate stock
1957 M
incorporate stock reg—1956 M
New 4)4s—
—1967 M
M
4)4% Corporate stock.—1957
Wl
3)4% Corporate stock...1954
Y State—4s
55*2
55%
75%
90
ttili and City SscurltU*.
81 Y Olty—4){s Corp
N
55%
Chlo A Mo RIV Div 68—1926
1921 A
Paris (City of) 5-year 6s
577,
97
68
75
'20
52%
80% Mar'20
66
F
Sale
Mar'17
54
Sale
97
1947
J
Refunding 4s Series C
1947
J
Ind A Loulsv 1st gu 48—1956
J
Chlo Ind A Sou 50-yr 4s....1956
J
Chlo L S A East 1st 4 «8
1969
J
Ch M A StP gen g 4a ser A_el989
Registered
«1989 Q
J
Gen'l gold 3)4s Ser B_.„«1989
J
General 4 Ha Series C....B1989
A
Gen A ref Ser A 4X8
c2014
Refunding gold 6s
28%
97% Feb *13
J
Chicago Great West 1st 4s.. 1959
J
Chlo Ind A Loulsv—Ref 0s. 1947
J
B
.
49
29%
71 i
97%
:
44%
38
80
42
72
89
47%
37%
Sale
89
97
1954 J
Gold debt 4s of 1904
46
71
32
20
Mexico—Exter loan £ 5a of 1899 Q
46%
79%
22
95%
♦
Feb *15
J
1949 J
72%
91
76
113
...
98
Jan
88*2 Sept'16
J
1949
3)48..
89
98%
65
Sale
37*4
A
June'19
69*8
...
75%
45*2
j
46
95
J
M N
M N
o
Nebraska Extension 4s
Sale
..1931 J
Sterling loan 4a..
Lyons (City of) 15-yr 6s
1934
Marseilles (City of) 15-yr 6sl934
e
70
Sale
stamp"
"German
65
'19
Oot
69
68%
N
52
Feb '20
3
73%
79
82% May*19
78*8 Dec '19
....
J
1922
76
75
69%
Joint bonds.
7
75
64%
J
93% 98/6
95*4
.
-
D
1946
48...1989
2d consol gold 4s
1989
Greenbrier Ry let gu g 48.1940
Warm Springs V 1st g 58—1941
Chic A Alton RR ref g 3a... 1949
Railway 1st Hen 3)4s
1950
Chicago Burlington A Qulncy
Illinois Div 48——
A O
M S
M N
J D
J
J
Ml S
F
A
F
A
A
O
A
O
D
R A A Div lat con g
Denver Div 4s
Feb '15
1
10
86% Mar'17
Potts Creek Br lat 4b
101
101
101
'20
Jan
104i2 Jan '17
S
30-year oonv secured 5s—1946
Big Sandy lat 4a
1944
Coal River Ry lat gu 48—1945
97.96
D
D
J
10
High
11
97%
91
1st consol gold 5s
.1929 .
Japanese Govt—£loan4Xs_1925 F
Second series 4Xs1926 J
do
J
J
No. Low
»8%
N
90 50 94.00
2-yr5ifSgold notes Aug 1921
do
J
m»h
97% |
97%
1939
1939
.1992
1992
91.10
...1926
..1931 A
do
10-year 5%a
98
72
Illinois Div
Government.
Anglo-Frenoh 5-yr SsExter loan.
Argentine Internal 5s of 1909—
Bordeaux (City of) 15-Fr 08.1934
Chinese (Hukuang Ry) 5s of 1911
do
Sale
97*2
84*2
Sale 90.50
Foreign
Copenageh 25-yr
97%
J
82
91.10
notes—1922-23 J
cony g
J
Q
J
J D
M N
M S
Fourth Liberty Loan
4)48
Since
Jan. 1.
Obesa A O fund A lmpt 58—1929
Third Liberty Loan
4)48
Ask Low
J
N Y A Long Br geng,4s__1941
Cent Vermont 1st gu g 48—#1920 Q
Range
or
Last Sale
M
1987
*1987
Am Dock A Imp gu 6s_..1921
Leh A Hud Riv gen gu 5s.l920
Registered
J
Week's
Range
April 1
Cent of N J gen gold 5a
1st 16-30 year.. 1932-'47
3Xb
ending April 1
High
U. f. Government.
First Liberty Loan
1397
Weekly ana Yearly
now—"and interest"—except for interest and defaulted bonds.
80
81%
tfDatAprtt. • Due May. g Dae June. A Due
97% 100
96
92%
68
99% Mar'20
97% Feb '20
92%
92%
9978 100%
97%
97%
92%
94
July, t Due Aug, f Due Oot. 9 Due Nov. • Due Deo. 1 Option sale.
York
New
1398
Week ending April
High
No.
Low
Week
General
—1022 J
96%
97*2
06% Mar'20
—...—1943 M
79
Sale
79
—.1936 A
1940 a
82
83
687a
Alb A Suaq oonv 8kb
Renss A Saratoga 1st 78—1921 M
Denver 4c Rio Grande—'
79%
79% Mar-20
68
70%
100
104
6334
64%
68%
65
G778
70
Sale
69%
70
7
44
48
161
48 I. Sale
.
Rio Gr West 1st gold 4s._1939 J
62%
49%
Saie
76
89
54 if
92
92
L Cin A Lex gold 4H8-—1931 M
1930 j
101%
Sale
38
40%
42
78%
95
100
60
50
D
"88" "91
68
61
J
j
a
i
9434 Jan '20
3
3
i
J
St Paul M A Man is—.1933
*
j
"83% IIII
1st consol g 0s—.....—1933
I
j
104
Registered
1933
Reduced to gold 4^8.1933
Registered.—
1933
Mont ext 1st gold 4i—.1937
Registered——
1937
Pacific ext guar 4s
3
j
i
Minn Union 1st g 0s
108
D
"81% IIII
D
1922
r
i
r
i
i
D
Gulf A S 11st ref A t g 68- 61962
r
4 Ha 1999
i
j
1999
f
Col A H V 1st ext g 4s
66%
55
36
" "92 "
79"%
83%
" "83"
101% 106%
94" "94"
55
' "5*5%
Mar'20
58%
68%
73% June'18
68%
"68""
67
73%
75
78
Illinois Centra! 1st gold 48—1951
J
83
7%
10%
65
73
Registered.......
1st gold 3)48
Registered
73% Oct '18 -.4
68
..—1961
J
O
68
Registered
1st gold 3s sterling...
Registered
78
82%
Mar'20
78
83
1951
Nov'15
72
Registered
.......1952
o
1st refunding 4s——
1955
Purchased lines 3He...-.1952
LNOA Texas gold 4s.-.1953
N
70
"
Registered
64
n
66%
1953
J
I960
Litchfield Dlv 1st gold 3s. 1951
Louisv Dlv A Term g 3Hs 1963
O
73
J
55
J
62%
98%
67
ft
1934
15-year secured 6%e
Cairo Bridge gold 4s
Middle Dfv reg 6a—.
1921
Omaha Div lBt gold 38—1951
j
a
j
Registered....
1961
Spring! Dlv 1st g 3 He—1961
a
71%
72%
6334 Mar'20
67%
63*4
67
64%
_
Registered
J
1951
Bellev A Car lHt 8s.——.1923
D
Carb A Shaw 1st gold 4s.. 1932
Chic St L A N O gold 68—1951
.
Sale
91%
90
73
70%
80
*69"
69
73
60
69
Jan -'20
102
June'16
64
52%
53
67
61% Feb '20
80
IIII "74 "
71%
Registered
Gold
91
D
86%
89%
68%
s
82
j
73
1st A Great Nor 1st g 6s
1919
James Frank A Clear 1st 48.1969
Kansas City Sou 1st gold 3a. 1960
61%
D
65
...
91%
72
76
78
54%
Sale
54
j
Apr 1950
j
City Term 1st 4s...1960
l ake Erie A Weet 1st g 5s—1937
95
93
68%
J
70
71%
79% Mar'20
80% Fab '17
70
Sale
78
81
52
60
North Ohio 1st guar g 58—1945
Leh Val N Y 1st gu a 4HB..1940
o
52
j
86
j
83%
69%
69%
69%
23
Feb '20
30
—
69%
48
36
...
...
*69%
Apr "'17
62% Dec '19
37
38
69
50
Mar'20
Oct
1938
s
55%
M
1938 J
1931 a
......
88%
80%
86% Mar'20
86%
84
55%
96%
Sale
65
Rlv AG Div 1st g 4S...I933 iff
Verdi V I A W 1st g 5s—1926 M
Mob A Oblo new gold 6s.... 1927 J
1st ext gold 6a__
51927 Q
General gold 4s
....1938 M
Montgomery Dlv 1st
g 58.1947 F
St Louis Dlv 6s——
1927 J
St L A Cairo guar g 48—..1931 j
Nashv Chatt A St L 1st 6s.. 1928 A
Jagper Branch 1st g 6s....1923 j
1st consol 4a.
96*4
1935 A
5
97
58
"po"
67%
78%
"79"
85
87%
86%
88
A...——1998
f
1997 J
1997 J
Debenture gold 4s
1934 m
3H8—1998
!
1998
"73"" *74%
"67%
87
Mar*20
66%
'20
57%
75%
96%
28
27
20
86
99
102%
93%
95%
8:
56
69
63
62
Registered
86
78
Due Jan
6 Due Feb-.
87%
•
97*4
|
lo ~17% *30*"
30
15
1
20
Jan
20
23%
"l5" "l6"
'20
62%
63
2
60*4
65
94%
93
93
i|
93
96
Sale
50
54
49
59%
91%
Sale
91%
92
69%
Sale
76
Sale
65%
Sale
66%
72
25
76
79
66%
65%
89%
9
76%
76
78
69%
69%
32
64%
70
93%
j
64
"74"%
Sale
Mar'20
74%
76
63
21
76% Mar'20
~58%
58%
58
56%
f
♦56%
44%
81%
61
13
59
6
75
62
60
57
61%
Mar *17
Feb '20
58
54%
-
58%
49
82%
76%
76%
Mar'20
08%
64
73
82% Jan
"4V" "49"
•
'20
82%
82%
95% Nov'16
104
80
May'16
49
Nov'10
1930 J
.
3HS.61951
A
1981 J
N J June R guar 1st 4s...1980 f
N Y A Harlem g 3hs—2000'lff
h Due July,
74%
50
53
73
...
75%
1942 J
Mob A Mai 1st gu g 4s...1991 m
9 n,ie June,
77%
76
69%
94%
i;
1
75%
93
58%
1936 J
Beech Cr Ext 1st g
76%
—
96% Feb '13
"70"
f
2d guar gold 5s
72
83
2
72
29
7fl"
1!
75%
Sale
95%
96%
104% 110% Mar'17
71* *
60
--
57%
74%
uaT
8
lr-4
94
Sale
94%
1
100%
93%
87
85%
1
67%
Jan
79%
85%
...
77% Mar'20
_
67*4
"5 *77%
July'14
Sale
80
—
59
97*8
67*4
...
74%
80% Oot '17
100%
89*s
52
96*4
2
88
72
93%
57%
67)
73
86
lOo"
1930 J
Cart A Ad 1st gu g 48
Qouv A Osws 1st gu g 5e
82
83%
91%
84
*18
79%
88
1934 Iff
Registered
Registered
86%
Sept'19
79
June'19
79%
102
66%
Oct
lj
j
..1935 Iff
Registered.
86%
" "3*8" "
86
—
84
6734 Mar'20
68
58
1951 A
Battle Or A Stur 1st gu 38.1989 J
87"
35
—
55%
96%
1929 J
Beech Creek 1st gu g 4s—1936 J
76%
81%
....
Dec '16
87
A
con
59
75
23
—
Aug'19
84
1945 Iff
78
68
..
...
79
78
*67% "76%
26
23
'19
Sale
64
Aug *19
*
23
70
Mlcb Cent coll gold
65
No price Friday; latest bid and asked this
week.
28
24
51
Lake Shore coll g 3He....1998 F
Registered
......1998 f
Oct '09
68%
j
*20
55
68%
J
79
Nov'19
78
........1941
10
Nov'17
Jan
24
39%
38*4 Dec '19
Mortgage 3H8
Registered
77% Aug'19
75% Dec '19
n
O
*
80%
69% Feb *20
D
1950
—1940
80%
82%
68
2
4
74
Ref A Imp 4Hs "A".....2013 A
New York Cent A Hud Rlv—
65% July'18
Bt Louis 8ou 1st. gu g 48—1931
ind 111 A Iowa 1st g 4s
1950
Registered
93
D
80%
37
25
25
35% Mar'20
34%
Oonsol 4s Series
95% Feb '19
63
25
25
25
Texas A Okla 1st gu g 6s..1943 M
Conv deb 6s
89%
33
*3*6* *
Mar'20
New York Central RR—■
89%
D
D
2d gold 5s
89%
32
27%
27
Missouri Pacific (reorg Co)—
1st A refunding 6s Ser A—1905 f
Non-cum income 6s A
Mar'19
29
Sale
o
*16
New Orleans Term 1st 4s... 1953 J
N O Tex A Mexico 1st 6s...1925 J
Nov'10
1961
d
Kansas
61%
June'16
1961
Memph Div 1st g 4s—.1951
Registered...
1951
Ref A Impt 5s
53
61%
117% May'10
73
Joint 1st ref 5s Series A.1963
Registered
53
79% May'19
92
89%
'20
28%
39
Nat Rys of Mex pr lira 4 Hs. 1957 J
Guaranteed general 4s
1977 A
Nat of Mex prior lien 4 He.1926 j
80% Nov'16
75
"95" lOo"
Jan
1961
3Hs
Registered......
"
58% Sept'18
63
63%
" "93"%
Dec '19
8
D
63%
72%
Aug '19
a
—
67
*70%
91
j
Western Lines 1st g 4s.—. 1951
74%
66
"of" "Sale
a
8t Louis Div A Tern g 3s .1961
Gold 3 His
1951
68
95% Sept'12
"71% "Sale
J
a
stamp gu g 6s..1931
Unified A ref gold 4s ..1929 J
July'09
20
...
40
57
Gen
69% Mar'20
*25 "55"% "00%
31
Mar'20
MKATofT 1st. gu g 68 1942 M
Sher 8h A So 1st gu g 5s. .1942 J
Registered
69%
58*8
25
j
Dal! A Waco 1st gu g 6s.. 1940 M
Kan City A Pac 1st g 4s.. 1990 F
Mo K A E 1st gu g 5a
1942 a
M K A Okla let guar 6s.. 1942 Iff
StLIrM A S gen con g 5a
8
O
5% secured notes "ext"
2d extended gold 5s
73% Nov'19
80
s
1961
Collateral trust gold 4s... 1952
92*4
Deo *16
;
36
__
Cent Br UP 1st g 4s
1948 j
Pac R of Mo 1st ext g 4s.. 1938 F
*68" " *72"
69
....
88%
24%
1936 J
Trust Co certfs of deposit.
8t Louis Dlv 1st ref g 4s..2001
3d 7s extended at 4 %
O
1951
68
—
—
35
40-year gold loan 4s^
Sept'17
*65%
Extended 1st gold 3H>. —1951
83
J
J
2004 M
Trust Co certfs of dep
Gen sinking fund 4 He..
Missouri Pac 1st cons g 6s. .1920 M
Mar'20
92
..1951
—.1951
1st A refunding 4s
95
—
1944 M
1st A refunding 6s Ser Bo 1923 F
1st A refunding 5s Ser C..1926 F
General 4s
1975 Iff
76% Apr '19
78
—
Nov'19
90% Mar'20
22% Dec '19
68%
£
82%
29
69%
A
77
31
Mar'20
o
11
27
10
1048
44
78
30
Trust Co certfs of deposit
1st ext gold 6s
?
55%
71
37%
93% Dec '19
88
42
69
20:
Sale
65
COl A Tol 1st ext 4a—-.1955
91
_89% "90%
55
42
6
71
75
43*4
43%
31
88
'20
Houston Belt A Term 1st 53.1937
Sale
70%
34%
42%
Mar'20
28%
68
68%
70%
42%
77%
~88%
Dec '19
978
42
72
Sale
57
99
55%
50
66
42%
77%
Sale
97
98
52%
83%
Feb '20
98%
72%
Sale
57
103% 105%
103% Mar'20
136% May*06
Jan
95%
51
1941 M
f 4s
95
42%
....
85
95
94
95% Feb '20
70%
71
42%
43
51% Mar'20
....
M S 8 M A A 1st g 4s lnt gu_'20 j
*85"
'20
Mar'20
75
Sept'19
94
"97"%
95
1921 a
93%
81%
Nov'10
Jan
95
Mo Kan A Tex—1st gold 4s I960 j
2d gold 4s—01990 F
Apr '17
96
75
85
87%
Mississippi Central 1st 5s... 1949 J
97
9
89
Mar'lO
95%
78
63
65%
89
"7"
85%
82
Feb
63
9434
78
Feb
93%
81%
65% Mar'20
81%
Mar'20
92%
91%
81% Feb '20
67
1938
s
" *89
89
82
1927 j
1st cons 5s
1st Chic Term
Mar'20
j
cons g
66"
89
65
M8tPASSMcong4Bintgu_1938 J
93"" *96"
Feb '05
89
81%
Iowa Central 1st gold 6s—1938 j
Refunding gold 4s
1951 iff
80
76
98% 104
90%
96%
F
cons gu g
cons gu
Minn St Louis 1st 7s.
Pacific Ext let gold 6s
1st consol gold 5s
72%
97% May'16
98% Dec '19
93% Jan *20
80
yu 4s„1935
74%
78
10378 108
95
■
.
*87" "95"
1934 M
1st A refunding gold 4s...1949 Iff
83
j
HockingVal 1st
Registered..
Gen
55
98%
j
Will A 8 F 1st gold 68-1938
Green Bay A W deb ctfs "A"
Debenture ctfs"B"...
91
June'18
80
j
1st guar gold 5s..—...1937
65
64
51952 q
N Fla A S 1st gu g 6Bi
1937 F
N A C Bdge gen gu g 4HS.I945 J
Ref A ext 50-yr 5s Ser A..1962 q
Dee M A Ft D 1st
j
89%
102% May'10
81% Mar'20
85%
j
i
62%
*90""
78
j
.1937
Registered
Sale
E
83
63
""2
76
101%
86%
75
Stamped guaranteed
1977 M
Midland Term—1st a f g 5s.1925 J
89
79%
O
..—...1937
Mont O 1st gu g 6s
82
io 1%
101% Mar'20
101%
82%
Pensac A Atl 1st gu g 63—1921
278
61%
81%
SAN Ala
83% Feb *20
104% Mar'20
118
"89% "Sale
j
I
I
A
81%
96
J
J
—1940 r
E Minn Nor Dlv 1st g4s_.1948
"80 * "80fa
J
I
95%
49%
67%
95% Nov'19
82%
Dec *19
94%
Sale
1961
1961
100
"97"% 100*"
82% Jan *20
62%
64
91
Feb '20
76
94%
70%
81% Mar'20
Aug *10
56
"56% nil
j
70%
72% Mar'20
Registered
77.%
92
o
Great Nor C B A Q coll 4a—1921
Sale
75
June'12
74%
Sale
J
Galv Hous A Hen 1st 6s—1933
50%
70%
89
Nov'll
95
o
74%
50%
Iff
82%
Dec '10
108
o
D
50
100
72%
23% Jan '17
95% Aug'19
J
J
O
79% Jan '19
98%
99
~99"
49%
90
100
Kentucky Central gold 4s. 1987 j
Dec '18
53
54
89
100% 103
Lex A East 1st 60-yr 6s gu 1965 A
LAN AM AM 1st g4H» 1945 M
L A N-Soutb M Joint 4s„ 1952 J
78
Nov'19
Feb '20|
'20
101%
44
June'18
72
~72% III.
84%
"91"
41%
'18
97
40
a
O
78%
89%
Feb '20
98%
Mex Internat 1st cons g 4s.. 1977 M
N
Jan
90
100
f
100% Dec *08
Jan
25
A
91
Sale 101%
m
Nov'19
85
28
81%
90% Mar'20
m
5s...1930 F
50 year 6s. 1963 A
L A Jeff Bdge Co gu g 48—1945 iff
Manila RR—Sou lines 4s
1936 M
65
80%
75
91%
100
41
*18
81
97
30
88%
Feb '20
60
74%
J
Ft Worth A Rio Gr 1st g 48.1928
Jan
91
91%
33%
108% Sept'19
91
72%
Mar'20
36
>2
27
Sale
94% 100
Hender Edge 1st s f g 6s„1931 M
Dec '19
103
85
1
86
Atl Knox A Nor 1st g 68—1946 J
"79" "79%
88% Mar'20
9434
0
"39" "47'
78
Mar'20
106% Jan '17
88
—
.
69%
89
81% Sept'19
1930 j
Paducab A Mem Div 4s.. 1946
8t Louis Dlv 1st gold 6s.. 1921
2d gold 3s
——1980
At! Knox A Cln DIV 48—1955
56
June'16
38
83
49%
45%
Sale
78
N
A1921
55
Saie
80%
N O A M 1st gold 6s
Deo '16
44%
1940 J
...
98% Aug'19
tZ
91% Feb '20
97
"94% IIII
*20
54%
89
90% June'19
73
Jan
84
*
Dec '19
92
92
Sale
—
NYA Green L gu g 6e—. 1946 hi
.........
86
90
"95* IIII
"
62%
Aug'19
79
Unified gold 4s—
Sale
07
68
*11
92
80
1937 Iff
2d gold 68
67
63
04
Jan
73%
65%
'20
65
73
g gu 5s_oI932 Q
Louisiana A Ark 1st g 6s
1927 M
Louisville A Nasbv gen 6s__ 1930 j
6s—
Jan
95
1940 J
Registered
Collateral trust gold 5s... 1931 M
38%
N Y Susq A W Is t ref 6s.. 1937 J
1st A rel 4)4 s Series A
Registered
62%
98
N
Registered
05%
"81 " IIII
80
40%
Coal A RR 1st cur gu 6s..1922 Iff
Dock A Impt 1st ext 5s... 1943 J
Sull Co Branch 1st g 6s..1930 a
Florida E Coast 1st 4*4*-..1959 j
Fort St U D Co 1st g .ws..l941 j
64
'20
65
85%
79% Mar'20
38%
39
16s... 1957 J
1st general gold 6s....—.1942 a
Mt Vernon 1st gold 6s.—1923 a
67
65%
80
38
Ohio A Erie 1st gold 6s... 1982 Iff
Wilk A East 1st gu g 68—1942 j
Ev A Ind 1st cons gu g 6s..1926 j
Evansv A T H 1st cons 0S—192J J
08
65 V
..1937 m
95
73
Clev A Mahon Vail g 5«_.1938 j
Erie 4: Jersey 1st # f 6s—. 1955 J
General gold 6s..
85% Mar'20
85%
75
1963 a
Terminal 1st gold 6s...1943 iw
1940 a
Oct *19
99% Oct '06
'20
55
44%
Series D_.. 1953 a
Mid of N J let ext 6s
-80
con
92
73
....
Registered.
..1949 m
N Y B A M B 1st con g 6B.1935 A
NY ARB 1st gold 5s
1927 M
Nor Sb B 1st
95%
Jan
100
——
*72"
85
Guar refunding gold 48—1949 M
97% Dec '19
94% Nov'15
93"
72*
Jan
85% Mar'20
97% Mar'20
—
*
gold 4s.. 1951
4s Ser A..1953 a
1937 r
.1940 r
52
Gold
73
86*
72
63%
1934 j
48
June* 19
73
80%
1949 m
20-year p m deb 5s
74
"'20
Mar'20
Aug'19
Jan
72
1932 j
67
*89% _90"%
98%
73
86
...
80
95'a
p
2d gold 4Hs
82%
98%
j
1935 A
95
—
Debenture gold 6s..
Mar'20
83
—.
68
Dec '16
87%
—
99% 103
'13
69
M
—-.1922
4s
Unified gold 4s
15
94%
54
98%
Oct
"87% "93% "5l"%
82
1st consol gen lien g 48.1996 j
Registered
1996 j
Long Dock consol g 6s
Ferry gold 4H8
Gold
89% Mar'20
105% Mar'08
80
87%
1996 j
Penn coll trust
43%
75
July'17
83
1945 M
75
'20
96*4 June'18
90%
70
j
4s prior...1996
s
48
72
—j 94%
xMar'17
105
—
Higk
70%
—78*4
Sale 100
100%
98% Jan '20
96
gold 5s..5193J Q
1st consol gold 4s
.51931 Q
General gold 4s
.1938 j
39
77
77
8978
4th ext gold 6s—........1920 A
6th ext gold 4s
.1928 J
N Y L E A W 1st g fd 78.. 1920 M
Genesee River 1st
63
38
2
72
113
....
100%
eons
Feb '20
82
94
Erie 1st consol gold 7s
1920 m
N Y A Erie 1st ext g 4s...1947 m
3rd ext gold 4H>
.—1923 M
Series B
Long laid 1st
75% July'16
Elgin Joliet 4c East 1st g 68..194I M
conv 4s
Registered
72%
70%
Jan
63% Mar'20
49%
49%
1937 A
DullSou Sbore 4c Atl g 6s... 1937
do
64
78
Det Rlv Tun Ter Tun 4H«~1961 M
Dul MIssabe 4c Nor gen 5S..1941 j
Dul A Iron Range 1st 6s
1937 A
—
67%
75
34
M tge A coll trust 4s A—1949 a
Del A Mack—1st lien g 4s.. 1995 j
Gold 4fl
1995 J
——...
60
61% Apr '11
95%
Range
,n.
No. Low
High
72
1933
Registered
39
71%
Registered
85%
72%
*?Jjj
**'•
79% Mar'20
94% Mar'20
92
Leh Val RR 10-yr coll es-»1928
Leh Val Coal Co 1st gu g 5s. 1933
62%
8
Ask Low
72
80
94%
1st int reduced to 4s.....1933 j
Leh A N Y 1st guar g 4s.... 1945 M
32
Sale
Trust Co certfs of deposit.._
60-year conv
68
65%
Rio Gr June 1st gu g 6s... 1939 j"
RioGrSou 1st gold 4s....1940 J
Guaranteed
1940 J
Gen
79%
Mar'20
6378
..
81
or
79
2003
.........1941
Registered
102^4 Apr *19
1930 j
Improvement gold 68.1—1928 j
1st A refunding 6b
1965 F
96%
76%
28
...1936 j
1st cons g 4s........
Oonsol gold 4H«
Registered.
96%
Range
71%
cons g 4s; .2CCS
4 He
cons
Leh V Term Ry Istgu 9 6s- 1941
80-year conv Ss
Erie 1st cons g
1
Bid
Lebtgh Val (Pa)
Delaware 4c Hudson—
1st lien equip g 4
1st A rel 4s
VT
ending April
High
102i« Feb '08
A
Weeks
Last Saie
N. Y. STOCK EXCHANGE
Ask Lou
Bid
F
8 He. 2000
Price
Thursday
April 1
BONDS
Since
Jan. 1.
Delaware Lack A Weet—Concl.
Warren 1st ref gu g
*5
5 a.
Range
Range or
Last Sale
Thursday
April 1
1
(Vol. 110.
Record—Continued—Page 2
!:
'eek's
Pries
BONDS
N. y. STOCK EXCHANGE
Bond
n Due
Sept.
75% Jan *20
89% Feb *16
80 May*17
61
0 Dae
Oct.
•
Option sale
....
—
--
75%
76%
....
....
APR. 3 1920.]
Price
Week's
Thursday
April 1
Last Sals
BONDS
N. Y
STOCK EXCHANGE
.
*Veefc
April 1
ending
Bid
i Cent A H R RH, (Co*)—
*
York Bond
New
Range
Ask Low
■
Record—Continued—Page 3
Range
BONDS
Since
High
60.1923
93 %
70i8
No
Week
Low
92% Ian '20
N Y A Pu lat cona gu g 48.1993
N. Y. 8TOOK
Jan. 1.
or
High
'
Northern let g
A
pine Creek reg guar 0a
KWAO
113
98
1932
96 >8
ft—*1922
con 1st est
mi "s
1949
3d gold 8a
.—>1-1..— -1998
(Jtloa & Blk P.lv gu g 4s
l,ake Snore
Nov'16
Debenture gold 4a
Registered.,
Ka A AG R lat gu o
2d
60
53
J
J
J
...
m
8
1931 Q
-.1940 1
m
Michigan Central 5a... —1931
Registered..........
—
84
Sale
83
69%
66
87%
71%
40
Feb '20
40
40
93%
99
Jan
1940 A
90
J
77
8512
8Hj
87-2
8278
83
79
8412
1997
Dec" 15
St Joe A Grand Is! let g 4a ..1947
St Louta A San Fran (reorg Co)-—
..
79
60
57%
58%
123
1950 J
67%
Sale
67
69%
33
Prior lien Ser O 6a
'09
1928
86%
Sale
86
86%
17
61%
Sale
60%
05
107
50%
46
Sale
40
48
lio;
39%
Mar'12
99% Aug '17
Cum adjust Ser A 6a
87
9312 Nov'18
Income Serlea A 6a......61960
82
Nov'19
87
Feb '14
St Louia A San Fran gen 6a .1931
General gold 58—
1931
A1955
--
A
O
Oot
•
63%
Mar'20
66%
66%
7334
70i2 Mar'20
65%
79%
30-year debenture 4a -1929 A
O
67%
77%
807g
80i8
77
81
K
99
99%
99
O
78
Sale
7712
73
81%
K C Ft S A M Ry ref g 48.1936
63%
Sale
03%
K C A M R
80
O
A
4a....... -1931 M
N
Veat Shore 1st 4s guar. -2361 J
Registered
(f
-.2301
.j>
V C Lines eu tr 5a..
J
J
J
1920-22 M
N
85
7012
Sale
68%
97
68
Sale
70%
68 U
.....
Southw Dlv lat g 6a
Nov'17
7112
69
78
Mar'20
3
74i2 Mar'20
74%
79
..1947 M
s
50
S
45%
48%
Non-conv deben 4a
-1965 J
Non-conv
O
-1956 M
deben 4a
Conv debenture 3 H«Conv debenture fia
-
....
Mar'20
51
48
50
50
50
50
55
53
Mar
45%
50
49
S A A A Pasa lat gu g 4a
Seaboard Air Line g 4a
"
-1948 J
J
Cona Ry non-conv «s.. -1930 F
4
Non-conv deben 4s— -1954 J
Non
1955 i
J
1955 A
73
J
74
25
75
55
Atl Blrm 30-yr lat g 4s..el933
4s..
Non-conv deben 4a..
—
—
•
-
-
50
-
50
Oaro Cent 1st con g 4a—1949
Fla Cent A Pen lat ext 6a. 1923
66%
76%
1st land grant ext g 69. .1930
Refunding
'17
Oct
60
Harlem R-Pt Chea lat 4s. 1954 M
61%
B A N Y Air Line let 48-1955 F
65
54
Oct '19
68
Non-conv deben 4a..?.1956 I
July'18
49
ms*-m
Cent New Eng let gu 4a..1961 J
Consol
Nov'19
Registered...
N
~40~% 'sale
NYW'chesAB 1st ser 1 4 Ha' 46
Boston Terminal 1st 4s ...1939
33
75
Providence Term lat 4a ...1966
....
.
W A Con East 1st
N Y O A W ref 1st g
43
....
60
92% June'12
.1955
60
Sale
55
Sale
General 4s
,
1931
Improvement A est g 6s..1934
1; ~60 "
39
55%
49
IIII
N A W Ry 1st oons g 4s..1996
74%
Sale
103
"
74%
22
75%
Oct
73%
78
76%
76%
75%
"78%
10-26-year conv 4b
1932
10-20-year conv 4a
1932
10-25-year conv 4HS-—1938
73
76
77% Jan *20
77%
77%
70
76
100'4
76
O O A T 1st guar gold 6s. 1922
B0J0 VANE lat gu g 4m.. 1989 M
Pacific
prior lien
N
73%
73%
70%
General lien gold 3s..—.o2047 Q
52%
52%
74%
—
Registered
c2047 Q
Ref A Imp 4Ha 8er A
'Sale
73i,
.2047 J
St Paul-Duluth Dlv g 4s-.1999 J
St P A N P gen gold 6»... 1923 9
Registered certificates.. 1923 Q
St Paul A Duiutb lat 5s-.1931 F
70%
99%
99%
Sale
74%
Sale
*>..,
75%
80
5212
55
07
93
46
53%
Nov'19
Sale
70%
gold 6a.
con
Feb
57
58%
Sale
50%
83
57
83
J
65
84%
66I2
66%
66%
Ala Gt Sou 1st, eons A 5» —1943 J
80
87
78%
85%
84
80%
"50% *50*%
Atl A
Yad
100% 102%
100% 100i,
10
Ga Pac Ry
81%
83
..1948 fil
82%
Sale
82
1060 F
-1965 J
89%
76%
85%
Sale
Sale
Sale
85
Pennsylvania RR 1st g 4s..1923 W
Ounflfll gold 48
1943 M
.'onao) gold 4a
Qonwil 4HS——
Jeneral 4 Ha
?enerai 5s..1
1968 J
94%
'biia Bait A W let a 4?.. 1943 M
30%
82
luubury A t-rwis lat g 4#.1939 J
0 W J RR A Can gen 4s .1944 38
J
97
J
80
83%
1st gold
4HS— ....1921 J
Registered..
,-..'..1921 J.
Juar 3^9 cod trust* eg A .1937 M
Jusr »H*eoll trust ser B.1941 f
Duar 3He trust ctfa O. —1942 J
Guar 3 Ha trust ctfa Di—1944 J
96%
96%
General 5s-.—.
92%
Va A So'w'c
76
84%
89%
85
93%
—
82
82
83
83
82%
82%
Feb '20
02
Sale
69%
....
69%
71%
69%
68%
Dec *17
90%
97.
95% Oct *19
90%
97%
69%
69% Feb *20
60%
69%
71%
73% Jan '20
73%
73%
77
NOV'19
80
Feb '20
Sale
77%
80%
77%
Tin Leb A Nor gu 4a g.._1942 M
A A Mar 1st gu g 4 Ha ..1935 «W
75
80
Feb '20
77
85
iSeries R
f
1942 A
.
Int reduced 60 3H«—1942
sserteeCJHs
-
-
-
1st go g 4H8-1941 J
Ohio Connect let ga 4s. ..1943 M
Pitts Y A Aatl lat cocrs 5a. 1927 M
Tol W V A O gu 4-46 A..1931 J
series
ex
B
B
guar...,
•
1942 a
"
77%
83%
81
80
80
75
..
Mar'20
85% Nov'19
93
63
75
"80% "80%
May'10
85
Mar'20
85
90
90
Feb '20
90
90
g9
June'17
82%
a
90% Oct '19
83%
Due
Feb *20
84
<&n.
9
Due Feb
Mar'20
93%
*90
Mar'17
75
89%
81% 8ept'18
70
93
76% Apr *19
—
-
60* * "70"
85%
82% Mar'20
,
80
82%
83
85
Mar'20
'
84
68%
68%
89% Mar'20;
j
68%
85%
73%
Mar
87
85
Sale
81%
81%
55
54
54
79%
86
May'18
106%
f
Nov'04
-mm
60%
J
F
83%
A
J
"94%
7778
J
,|
Mar'20 i
82%
81%
A
90
mm mm
85
79%
85
52%
54
83%
84%
80%
80%
70
82
74
74
42%
75
85
2
25
47%
83% Mar'20
80% Feb '20
82
Feb *20
*19
A
64%
G97«
73
J
87%
89
87% Dec '19
Oct
*19
36
Feb
70%
75
74
Mar'20
45%
46%
46
mrnmrn
35
18% Mar'10
mmmm
19
18
26
1917 J
3Ha-1926 J
50-year gold^—
...1950 A
Col! trust 48 g Ser A
,.1917 t
Tol St L A W pr lien g
Trust
co
ctfs of deposit
46
lat refunding « 4s
64%
68
68
83%
85%
85% Feb '20
65
58
82
Sale
81
Sale
84
S
84%
71%
Sale
71%
J
100%
—1952
...1947
—1947
20-year conv 4s .....—1927
1st A refuadtng 48-.'
y2008 M
J
10-year perm secured Qe.1928
Ore R.R A Nav coo g 4s
1946 J
Ore Short Line 1st g 6a—1922 9
lat conaol g 08
—1940 J
Guar refund 48'....-.--1929 J
Utah A Nor gold 8t
1920 J
lat; extended 48*..—19331J
Vandalla cona g 4a Ser A-—1955 9
Censolw4fl Series B—
1967 M
Vera Crua A P 1st gu 4 Ha.1934 J
84
84
Union Pacific tat « 4a...
« Due June,
'
h Due Fuly.
* Due Aug.
0
Due Oct
Aug '18
45
48..11946
1928
Del lat con* g 5s
Feb '20
38
82
D
76
A
99%
Sale
J
903g
Sale
99%
90%
79%
88%
81
71%
100
70
75
81
99%
99
101
90%
90%
93
79%
86
90%
92%
Sale
91%
92
80%
91% Mar'20
81
86
89
.
.
_
103
Feb '18
80% Dec *19
71%
81%
80% June'18
35
J
v Due
85%
83%
72%
80
71%
79%
101
J
N
68
85%
*18
J
A
"
85%
84%
Sale 100%
Sale
75%
D
60
Sept'17
85% Oct
__
88
82%
82
67
82
P^»glfltered.
91%
9
104% Deo *16
90
Mar'20
93
95
95
80%
Tol P A W 1st gold 4a
'
84%
84%
M
*20
Jan
82%
Ulster A
87% Nov'19
92
60
95
J
Tor Ham A Buff lat g
93% Apr '17
92
00
Feb '20
102% June'll
79%
—
.4.
70% May'19
80%
96
Aug '19
-
Deo '15
75
96
Feb '20
64
.—
85
194*
No prloe Friday:latest bid and aaked
80
88% 8ept'l7
M
3%sguar gold. 1949
82%
75
m
1942
.......
....
85%
1942
w
Series G guar..
Series E
78%
1933 J
4 Ha
seriee D 4s guar
70%
97%
83%
83%
P O C A St L gu 4 Hi A..1946 A
Series
Sale
75
99% 100
96
F
1394-1944
4«..*....1953
St L M Bridge Ter gu g 5e -1930
Texas A Pac 1st gold 5«._ —2000
2nd gold Income 5s
#2000
La Dlv B L lflt g 5a..
1931
W Min W A N W lat gu 5sl930
Tol A Ohio Cent lflt gu 58
1935
Western Dlv lstg 6a
1935
General gold 5a
-.1935
Kan A M lat «u g 4B
-.-1990
2d 20-year 6s..i*.
1927
88% Feb *17
-.....
'19
1
—
96% Feb '12
90% Oct *12
—
Series O——....'.—-.,.—1940 J
Series C4s
104
90%
July'19
let coda gold 58—..
98% May'13
85%
85%
a
1943 M
Series D 3 H«
1950 P
arse A Pitts gu g 3H« B—1940 J
Or R A I
87
77%
"97""
6a—1958
W O A W let oy gu 48
1924 F
Spokane Internal let g 5e._1955 J
Term AaflO of St L latg4H8.1939 A
Dec '19
I A P gen gu 4 Hi ser A. 1942
'
19
69% Mar'20
72
83%
85%
Mar'16
A
latgu 58 —2003
lat eona 60-year
88%,
Gen refunds! g
•93
ioar
15-25-year gold 4s.. 1931 A
0-year guar 4s ctfa Ser E. 1952 iw
.1930
S0i2
89%
Pennsylvania Co¬
llar
94%
90
80%
85
Oct '19
Jau
60
M
67%
*76%
92% NOV'19
92% 102
M
—
Serlea F 6a
94
2
„
65
62
1920
*-...1926
.....
—
90
64%
9l%O0t '18
mm
93% 100
342
Jan
55
-
58%
80
1
99% Jan '20
'
mm mm
—
50
1
52
98% 100
J
M
79%
102
81%
81
*69 *55* ' "61%
87% Mar'20
-
M
76
82% Jan "20i
4odua Bay A Sou 1st g 6s. 1024 j
-
«V»
89%
Mar'201-
-
1948
82%
89%
83
78
-
-
-.1922
5e.l945
Meek lflt g 6b
Serlea F, 68—
83%
87%
12
92
94
44%
Virginia Mtd Ser T> 4-5s._ I92I
Rich A
12
81%
Oct '19
..
72%
79%
37
92% Dec '19
89
87%
86
Mortgage gold 4a—;.
1945 J
Rich A Dan deb 5s sttnpd -1927 A
100% Feb
82
Aileg Vai gen guar g 4s
.1942 m
O R RR A B gt lat go 4a a 1036 F
-
65
68%!
84% Sept'19
17
95% Apr 19
83% Jan '20
M
6s. ..1925
lat g 9b
Snoxv A Ohio lfrt g
"
—-1956
70
08
m
Cons lflt gold 50..--
68%
92%
73%
70%
73%
88% Mar'20
81%
ETeou reorg lien g 50-...193 8
Ga Midland lat 3a...
1946 A
104% 108
87%
67%
92%
1st g guar 4s1949 A
Q« Dlv g 50.— 1930 J
tC T Va A
Mob A Blr prior Hen g
81 '4
66
03%
13
92% July'19
76% Feb '20
A
1944
lat 30-year 5s Ser B —.*1944 Jl
Atl A Danv 1st g 4a..
1948 J
M
4S;.
194S J
76% Oct *19
68%
73%
Sale
'57%
85%
85% Sept'19
57
37% Deo '16
68%
84
75
83
75
....
Sale
—
92%
91%
~64'
71%
•
M
68
J
84
Mem Dlv 1st g
69
Pacific Coast Co 1st g 6s...1946 J
Paducah A Ills let »f 4 His -1955 J
73%
J
Mob A Ohio coll tr g 4fl.
68
Oregon-Wash lat A ref 4s... 1961
92%
13
92
July'19
Sale
*75* *8"l%
Mar'20
85
73%
Develop A gen 4s Ser A —1960
1948 Q
103
83
J
1994 J
1994 J
5s
cona g
Registered—...:
1968 J
106% 108
.1943
1965 J
1st consol gold 4s
Nor Pao Term Co 1st g 6S..1933 J
-
Mar'20
Atl A Charl A L 1st A 4 Hi
72%
93
"9*8*34 *99 *
70%
4b g..!937
Wash Cent 1st gold 4s
,
93
"85 " *8*5 "
89%
Southern—lat
....
75% Mar'20
76
May'ltts
102% Mar'20
100% Jau '20
'20
97% July.19
92% June'19
So Pac RR let ref 48.
104%
85%
Mar'19
98
-
77
"j
Jan
94
85
85
100% Oct
17
91%
73%
74%
81%
92% Feb '20
98%
Nov'19
I
"87* *
_91% "93"%
99
98%
70%
Mar'20
*16
Feb *20
93
97
85%'
1
OO,
Oct
92
90
70
60
I
99%
'20
73%
93
78
Nov'18
81 %
100
93
14
95
1938
4H»*58---1996
St Loula dlv 1st g 48 ,'...1951
rail
95
95
84%
106
"79% "8*2"%
Mar'20
Sale
80
J
87
69%
n!
80% 80
8038
67%
Sale 67%
67%
100
Oct *18
87% 100
ClQ
97
49
91%
95%
80%
77
...
82
71%
72%
87% Sept'16
79
J
73
66%
"7*6% "81%
77
98%
73%
98% Jan
97%
1997 Q
4a—
Registered.
Mar'20
41; "9*9""
101%
77%
77%
....1997 Q
way A land grant g
Sals 100%
78%
103%
93 >8
Tex A N O
96% Dec '19
10 year conv 6a_
1929
totah C A C Joint 4s...1941
Northern
19
Mar'20
76
74%
Sale
71%
F
F
San Fran Terml lat 4s—1960 A
79
75%
....1996
88%
Feb '14
78
A
.1938
gu
80
73
Dlv'l 1st lien A gen g 4s. 1944
Registered..
102
J
13
69%
90
Ore A Cal iat guar g 6s... 1927 J
80 Pac of Cal—Gu g 5s
-1937 M
J
So Pac Coast lat
103"" i03~"
Feb '20
67%
Sale 102
W lstgug 5a
-
103%
Sale
9)%
No of Gal gnar g 5s
104
'86%
Morgan's La A T 1st 6s-.1920 J
50%
104*"
Mar'20
81
-
95% May'19
...
L-..1941 J
Louisiana West 1st 0a—— 1921 J
*60
Deo '15
July'19
86% Mar'20
Sate
.1937 J
1921 A
6s *30 M
Waco A N W dlv lat g
Nov'16
New River 1st gold 6a....1932
89
84%
A A N
Nov'19
122
Norf A West gen gold Ga
93
"92%
Oen gold 4a int guar
*5*9 " "<J1%
60
55
81
77% 81
104% 109% 104
1941
guar.1931
H A T C lat g 5a Int gu..
Mar'20
60
Norfolk Sou 1st A ref A 6a..1991
81%
81
84%
Hons E A W T lat g fia... 1933 m
lat guar 5s red —v.
1933 M
"32"" *40"
88% Feb '14
7412 Dec '19
59%
80
60%
Apr '19
101
82
Gila V G A N lat gu g 6a..1924 mi
Mar'20
61
56%
64%
Mar'20
99% Nov'19
78
M
Through 8t L lat gu 4a_1964 A
99% Deo ' 13
74
4>48....1943
48-._.01992
Registered $5,000 only ..01992
Norf A Sou 1st gold 5s
"34"% "44 "
Sept' 17
40
67*
48
61%
76
104
Mort guar gold 3 Ha—*1929 J
2d exten 6s
57
Conaol
si929
1934
g 4b__1949
1949
Aug '13
70
...1945
Providence Secur deb 4a. .1957
64% Mar'20
72%
88%
Registered
70k
prov A Springfield let 58-1922
49
62
—....*1949
Cent Pac lat ref gu
35
38
68
July'14
41%
42%
85
87
40%
41%
42
80
O H A 8 A M A P 1st 5el931 M
1945
Eogland cona 5s
01
30
Sale
80%
1043;
83
....
Y Prov A Boston 4s...1942 A
New
—
20-year conv 5e
ei%
1954 M
54%
3
101
5a..ol945;J
20-year conv 4a
106% May'15
Housatonlo R cons g 6s.-1937 M
55
59
J
Gold 4a (Cent Pac coll)..*1949
"54" " "58 ~
55
60% Mar'20
37%
Pacific Co—
Southern
Hartford 8t Ry let 4s.—1930 M
Naugatuck RR let 4a
gold 5a......
59
"00%
58%
"60 4
GaCar A No lat gu g 5S..1929 J
Seaboard A Roau lat 58.-1926 J
79% Dec '17
54
55
1959 A
Ga A Ala Ry lat con
54%
46
01949 *
4s
58
Sale
J
48
57%
60%
56%
'14
50
|
4a stamped
Adjustment 5a
9112 Jan '12
53
59
M
55
44%
^20
45%
Gold
Sept'19
37%
51
O
deben
oonv
74%
«••••»
55%
"57"% "57"34
1943 *
1950 A
1950 A
46
Mar'20
J
....
*48%
57%
63
98% Jan
51
Mar'20
1
Gray'a Pt Ter lat gu g
45%
44%
44%
45!8 Feb *20
N
..1950 J
-
....
55%
56%
dale
J
63.1947 J
70
55%
57
76
64%
03
53%
1932 *
gold 4s—
1st terminal A unifying 5a. 1952
74
87%
60
100
54%
38
Conaol
"94"%
86
55
2d g 4s Income bond ctfe.pl989 ■»
94%
63
'20
62
717g
*20
98
64%
Jan
6338
61
74%
94% Jan
99
86
68
99%
May 17
.
68%
19
71
68%
99i8 Feb *19
A
—
90
3a_1928 I*
g
A
A B lat gu 6e 1929 A
4a bond ctfa..1989 **
8t L S W 1st g
H A Hartford-*
deben 4a
cons
J
J
1947 A
75
93%
Non-conv deben 3H«~
1947 M
Non-conv deben 3Hs— -1964 A
Non-conv
C Ft 8 A M
<J
66
J
Equip trust 4 HB--1920 1925 J
N Y Connect 1st gu 4H# A ..1953 F
N Y N
••••
Mar'20
8t L A S F RR cons g 4a._1996
87%
50%
100% 102
91
92%
100% 101% 100% Mar'20
91% Sale 91%
91%
78
64%
May'10
J
Registered
Debenture
06
Sale
s
A St L lat g 4s ..1937 A
59%
71%
67%
N
N Y Cbl
60
53%
60%
82%
1950 J
Prior lien Ser A 4a
133U
6618
82
60
" Feb" 20
78%
79
Prior lien Ser B 6a
May'17
M
-1940 J
....
gold 3HS
1st gold 3Hs
77%
78%
79
..1961 M
Registered'J L A S 1st
J
47
78%
79
78% Jau '20
IIII ~62
'
18
97% Dec '17
Sale
79%
Jeraey Central ooll g 4a... 1951 A
Atlantic City guar 4b g... 1951 J
Nov'19
...
78%
74%
74%
......
82%
69%
42
.>..1943 J
1997 J
130-8 Jan
85%
70
1st consol gold 5a
Reading Co gen gold 4a
/Registered..
85
99%
95%
89%
99
40%
Pitts 9h A L E lat g 5a
t
887#
Mar'16
—
1956
70
103
88%
99
Feb '20
87
69
93U 10412
High
June'17
82
9318
r
84%
87
99
100
70
69
83
O
Pitta MoE A Y lat gu 6a —1932 J
Jd guaranteed 6s
—1934 jr
88
68%
8412
.01928 A
100%
89
93%
20
Jan
Low
08%
1st Series B 4a.
6a...1938; J
•_
~99~
No.
High
8ept'18
90% Aug '19
88% Jan '20
Philippine Ry lat 30-yr a f 4§ 1937 J
82%
RR lat 6e-. -1934 J
Pitta A L Erie 2d g 5e
-
Since
91
84%
—
gold 4Hi
Pere Marquette 1st Ser A 6a. 1956
83
1931 M
—
.
Range
Jan. 1.
Ask Low
82%
82%
67^2
66%
Sale
69
..—1928; M
1931; M
Bid
93'g Jan '20
66 %
1997
16-year gold 4a
Makoo C'l
Nov'16
103
927,
1997
101
cons
1
April
J
D
M N
F
A
g 5s.
1932 A
O
0eg„ 1921 Q
F
61921 M N
Peoria A Pekln Un 1st
Feb '20
82
-
-1932
gold 3 Ha—
ieglfltered.
v.
—
O St L A P 1st
9712
Aug '19
60
87
76 %
St L»wr A Adlr lat g 5a—.1996
60
60
53
9712
Oct '19
Week's
Range or
Last Sals
Thursday
1
Series G 4a guar:.
1957
Series I conB gu 4Hi---1903
9712
77
Jg A L Cham lat gu 4a g -1943
Rut-Canada lat gu g 4a
92ss
May'15
97 %
99
Rutland let con g 4H«—1941
92%
Price
EXCHANGE
ending April
P.O.C. A St. L(C'ob.)-Series F guar 4b gold...1953
78% Apr '19
«
1399
Nov,
M»7'19
#.Dde Deo
s Option sale
1400
New York Bond
BONDS
Price
In y stock exchange
Week ending
April
Week's
Thursday
Bid
A it Low
N
791 j
Sale
N
807S
7812
Bale
A
High
797®
80
Low
7
9
Week ending April
1.
85%
91
80
68i2
88*4
75i8
5878
55%
83
Oct'19
1946 F
69
1st 40-yr guar 4s....
West Maryland 1st g 4s
1945 F
75ig
1962 A
West N Y A Pa 1st g 5S-...1937 J
Gen gold 4s.............1943 A
52%
Sale
52%
89%
02%
90
89
66
63
Income 6s...
Western Pac 1st
25
z>l943 Nov
A 6a ..1946 M
8
g 6s....1926 A
S
RR 1st consol 4s
S
"82"
95
"49 "
89
92
*20
63
63
23
53
63%
66%
66
Sale
11
82
"80% "88"
92%
91%
Feb'17
66
66%
70
70
14
557®
67% Nov' 19
53
56
"66"" "71"
67
Mar'20
31
24
28
487®
Sale
48
1st refund oonv gold 4s...2002
42
477®
Mar'20
Jan
30
26
33%
25
28
39
*20
49
50
46
46
4
Certificates of deposit stmp'd
Bk City 1st cons 6s..1916-1941
39%
47
43
42
42
13
Coll tr A
31%
70
Oct'19
Bk Q Co A 8 con gu g 6s..1941
70
80
May'18
Bklyn Q Co A 8 1st 6s
1941
Bklyn Un El 1st g 4-5S...1950
54
guar
4Hs
25
65%
61%
1951
Det United 1st cons g
4Ha..1932
Ft Smith Lt A Tr 1st g 68...1936
Hud A Manhat 6s
28
06%
69%
64
65
77
65%
68
1957
58%
Sale
1957
20
Sale
1932
70
90
90
18%
Sale
18%
Interboro-Metrop coll 4 Ha. I960
Certificates of Deposit
58%
20%
May'19
19%
18%
""l5
257
"~92
17%
Stamped tax-exempt
1990
18%
Sale
18%
54%
57
197
67
57
57
1
57
14
59
56
75
38
Col A 9th Av 1st gu
g 5s..1993
Lex Av A P F 1st gu g 6s
1993
Met W 8 El (Chic 1st
g 4s.. 1938
MUw Eleo Ry A Lt cons
77
Montreal Tram 1st A ref 58.1941
New Orl Ry A Lt gen 4
Ha—1935
N Y Munlclp Ry 1st s f 6s
A.1966
N Y Rys 1st R E A ref
4s...1942
9
75
40
42
93
93
77
"93"" "94"%
Jan '20
77
30
26% Mar'20
Sale
277®
28
40
6%
7
11
7%
61
55
75
55
90%
Feb'17
Sale
48
49
Sale
45
51%
27%
297®
27
31
July'17
Jan
'20
80
84
Jan
'20
91
83
84
89
Feb'20
89
92
68
75%
73
Sale
May'19
60
....
Dec '19
69
69%
mmmm
5334
55
50
Sale
26%
29
5
Eqult Tr (N Y inter ctfs
Va Ry A Pow 1st A ref
5s_..1934 J
26
28
25*
26
20
64
67
64
2
64
Mar'20
1947 J
Columbia G A E 1st 6s
93%
d
103
78
j
74%
n
O
j
85%
Columbus Gas 1st gold 6s..1932 j
J
Consol Gas 5-yr
F
85%
10034
1927 J
7s...1925 Q
conv
Cons Gas ELAP of Bait 6-yr 5s'21 m
Detroit City Gas gold 5s
1923 J
Detroit Edison 1st coll tr 6s. 1933 J
A
61940 m
s
s
5S..1949 J
d
1952 F
84%
Sept'19
n
O
89
1937 a
o
86%
...1997 a
o
90
11
"76
1925 M
Ed El 111 Bkn 1st oon g 4s. 1939 J
Lao Gas L of St L Ref A ext 5s '34 A
s
97%
j
80
77
80
78
Convertible deb 0s
Milwaukee Gas L 1st 4s....1927 M
Newark Con Gas g 5s
1948 j
91
78
o
873®
n
87
D
91
D
79
81
81
64%
63
1
1
8ale
89
00 co
1
Pacific G A E gen A ref 5S..1942 J
Pac Pow A Lt 1st A ref 20-yr
6s International Series
1930 f
Pat A Passaic G A El 58—1949 m
Poop Qas A C 1st cons g 08.1943 A
Refunding gold 5s
1947
Ch G-L A Coke 1st gu g 5s 1937
Con G Co of Ch 1st gu g 5s 1936
Ind Nat Gas A Oil 30-yr 5sl930
Mu Fuel Gas 1st gu g 68—1947
N
81
77%
a
8
O
m
S
j
J
j
8884
78%
60%
71%
N
85
n
92
f 6s..1936 J
j
82%
87%
87%
61
65%
89
81
90%
83
Apr'19
July'17
881® Mar'20
607®
63
23
71% Mar'20
88%
607®
71%
88%
67
80
Apr'17
88%
857®
80
m
•
97%
93%
19
"85~7® "89"
86
91
97% May'17
Deo *19
98%
m
90"
88%
Mar'20
Oct'17
84%
Mar'20
82
July'19
Mar'20
947®
998® 10834
76% 86
817®
88
51
90
9034
42
85
16
93
89
89
87%
813®
86
80%
83%
61%
67%
91
93
Apr'14
94
95%
June'16
90%
617®
91% 91% Mar'20
98% 101% Oct'19
76
88
85
83%
81% Mar'20
7934
Ontario Transmission 5s
83
N
82%
85
72
75
N
10-yr
conv a
conv
A
62%
94%
94
Mar'20
"96 ~ "Sale
96
96%
5
91%
92%
57
94%
95%
9
93%
O
94
Sale
93
9434
85%
95%
9434
88
88
81%
Sale
81
817®
120% 119
777® 87
Feb '20
Debenture 5s...
20-year deb. 6s
F
A
J
J
N
96%
84%
84%
"9478 "94%
hDueApril. «Due May.
(7
4
"21
95%
A
N
98
N
9834
Sale
79
7534
mmmm
A
O
J
D
J
D
89
F
A
S
J
M
99
mmmm
67
91
"82""
J
100%
95
97
73
94
81%
97%
98%
-
mmmm
80
82
67
85
97
98
995®
"£§
84%
99%
81
99%
86%
108
5
85
13
108
10
Mar'20
90%
91%
91
85
Mar'20
85%
91
91
Mar'29
J
91% Feb '20
Sale 10434
1047®
91
90
87%
95
7834
82
Sale 101
Sale 83%
101
12
84
50,
Sale 102
Sale
94%
102
101
84
102
94%
99%
1926 J
1942 M
s f 5b...1930 J
Iron s f 5s
1932 J
J
N
J
Sale
99%
95
imp
95%
95%
Sale.
93
Feb -20
95
99%,
95%'
137
74
82
8i
100% 103%
81%
90
100
11
99
105
93
4
17,
95%
101
9434
9734
92
97»®
847®
92%
84%
93
84
85
83%
Salej 83%
84
82%
8284
89
86%
D
S
90
Oct'19
Sale
105%
Deo'18
95%
1922
93%
98
90
90
82
el924
9934
91%
346
80%
U S
88
97%
"90" " ~93%
91%
1047®
111
Aug'18
N
6s.. 1931
Union Bag A Paper 1st
5S..1930
106
8434
89%
10734110
963®
9634 Mar'20
94
_
N
N
70%
12
78
85
98
~
83
91
204
Mar 20
108
85
_
79%
91
99% Jan '20
-
108
•
100% 100%
9834 100%
86
-
86
84
9034
93%
2
Nov'18
107% 108
107%
8434 Sale 84%
1944
'20
68% Mar'20
89%
90%
Sale
•
84
119
1
Feb '20
96
N
9934
89%
86%
81
Deo'18
Jan
90
88%
99%
100
43
98-%
9834
79% Mar'20
9334 Sept'19
Sale
mmmm
J
1935 J
73%
1007® 100%
78%
94%
93
93
"79" "83%
73
M
96%
119
96% Mar'20
73
95
M
90
86
80
797®
F
96
'95% "98%
Sept'19
79
Sale
A...1947
Colo F A I Co gen s f 5s
Col Indus 1st A coll 5s
gu
8134
73
N Y Air Bra.e 1st conv
0S.1938 M
Standard Milling 1st 5s
1930 M
The Texas Co conv deb
J
Susq
_
95%
1951
p m A
_
A
1951
Nat Enam A
Stampg 1st 58.1929
Nat Starch 20-year deb
5S..1930
National Tube 1st 5s
1942 M
20-yr
_
80
O
1952 M
7s
_
A
1942
6a
119
.
F
Feb. 1940
Ingersoll-Rand 1st 5s..
1935
Int Agric Corp 1st
20-yr 68..1932
Int Paper conv s f
g 5s
1st A ref s f conv ser
O
"66""
58%
94
Mar'20
O
M
14
9078 July'19
A
N
85
155% May*19
Sale
A
Consol Tobacco g 4s
.1951
Corn Prod Refg s f
g 6s
1931
1st 25-year s f 5s
1934
Distill Sec Cor conv 1st
g 58.1927
E I du Pont Powder
4Ha...1936
General Baking 1st 25-yr 08.1930
Gen Electric deb
g 3Hs
*20
9134
A
Am Writ Paper s f 7-08
1939
Baldw Loco Wor.s 1st 5s.. 1940
Cent Foundry 1st s f 6s
1931
Cent Leather
20-year g 5S..1925
83
Jan
62
D
M
*85 ~ "88 "
Mar'20
72
J
O
Manufacturing & Industrial
Am Agric Chem 1st c 5s
1928 A
Conv deben 5s
1924 F
Am Cot Oil debenture 5s
1931
Am Sm A R 1st 30-yr 5s ser
A *47
Am Tobacco 40-year
g 6s... 1944
Gold 4s
.1951
75
"61" "02%
O
1928 J
f 6s
"60%
J
6s. .1925 M
93% July'19
917® Nov'19
92%
D
101
Dec'14
1943
A
81%
85
84% Feb '20
A
837®
73
8512
1934
74
73
73%
11
72
74
D
7534
78
757®
757®
1
75
75%
"I
80
84
Cons Coal of Md IstAref 58.1950
Elk Horn Coal conv 0s
1925
Illinois Steel deb 4Hs
1940 A
Indiana Steel 1st 5s
1952 M
N
80%
90%
D
86
O
S
S
1928 J
Lackawanna Steel 1st g 6s__1923 A
1st cons 5s series A
1950 M
s
f
Corp—(coup.._dl963
10-60-year 5s[reg
Utah Fuel 1st s f 5s
Victor Fuel 1st s f 5s
O
98
Feb '19
Sale
Sale
80%
90%
80%
91%
93%
Sale
92%
93%
88%
Sale
88%
817®
Sale
81%
80%
82% Mar'20
82
82%
89
87
96
90
93%
92%
90
17
80
82
42
94%
99%
85%
J
J
88
82%
89%
67
73
67
Mar'20
J
M
88
89
88
Mar'20
9534
Sale
95%
95%
N
dl963 M N
1931 M N
J
1953 J
Va Iron Coal A Co.e 1st
g 5s 1949 M
6
11
J
s f.1940
Bt L Roc. Mt A P 5s
stmpd.1955
Tenn Coal I A RR gen 5s__1951
U S Steel
D
O
Repub IAS 10-30-yr 5s
IIII "86
89
96%
95%
80%
67
93
95
9934
95%
99%
81%
1
72
88
206
82%
86-% Nov'19
69
70
S
85%
Sale
81%
J
777®
79
77%
Mar'19
85%
Telegraph & Telephone
Convertible 4s
20-yr convertible 4 Hs
30-yr temp coll tr 6s
7-year convertible 6s
1929 J
78%
18
S
77%
68
80%
Bale
68
68
69
8
68%
9
1933 M
81
82
81
D
80%
80%
Sale
80%
53
80
A
81%
81%
6
1946 J
97
Sale
957®
97
45
95%
85
8334
99%
90
96
Feb *20
96
90
73
Nov'17
81%
85%
1936 M
1925 F
Cent Dist Tel 1st 30-yr 5s.. 1943 J
Commercial Cable 1st g 4S..2397 Q
Registered
2397 Q
Cumb T A T 1st A gen 6s...1937 J
Keystone Telephone 1st 5s.. 1935 J
Mich State Telepb 1st 5s
1924 F
Mar* 17
May'19
Sale
Ill
Mar'20
83
al932 A
Am Telep A Tel coll tr 4s
77%
82
"77"% "83" "
617®
55
89
80
83
75
•No price Friday: latestbldjanh asked, a
Due Jan.
89%
79
73
'mmmm
'84~" "85%
86
100
mmmm
S
90
77%
89
88%
S
95
"78" " "85%
89
'mmmm
86
1949 M
89
161%
78
Mar'20
mmmm
mmmm
Union Elec Lt A P 1st g 5S..1932 m
Refunding A extension 58.1933 M
88%
62%
85
80
N
m
81
99%
85%
105
....
J
m
Philadelphia Co conv g 6s..1922 m N
Stand Gas A El conv s f 6s_.1920 j
D
Syracuse Lighting 1st g 5s..1951 J
d
Syracuse Light A Power 5a. .1954 j
J
Trenton G A El 1st g 5s
Sale
Sale
85%
J
82%
"75% ~~ri~
Paolflo G A E \Co—Cal G A E—
Corp unifying A ref 5s—1937 m
63
65
89%
64%
89
81
conv s f 5al930 M
Pleasant Yal Coal 1st s f 5s. 1928 J
Pocah Con Collier 1st s f 6s.
1957
Mar'20
03
,
84
82
Midvale Steel A O
78
a
J
90
Sale
1943 J
Jeff A Clear C A 12d 5s
14
87% Mar'20
104% Apr '17
1948 j
a
Sale
78
1939 J
2..1900 A
64
867®
Feb '20
Purchase money g 4s
1949 F
Ed Eleo 111 1st cons g 5s..1995 j
NYAQ El LAP Jit con g 58.1930 F
NYGELHAPg 5s
90%
827®
....
Mar'20
84
82
•
Dec '19
89
Conv deb 6s
West Electric 1st 5s Deo
92% Dec *19
84% Dec '19
95
96
94
Va-Caro Chem 1st 15-yr 5s. 1923
93
89% Mar'20
98
Apr* 19
Purchase money 0s
....
96
90
30
Feb'13
1949 M
1922 A
....
92
N
O
30
81
87%
Feb'18
84%
Mar* 18
N
Debenture 5s
_al920 M
Cahaba C M Co 1st gu 6S..1922 J
100
75%
1928 M
77
94
89
6
f 5s... 1940 M
f 0s... 1941 A
83 '
'
76%
92
Coal, Iron & Stool
Beth Steel 1st ext s f 5s
1st A ref 6s guar A
93%
mmmm
84%
a
73
83
70
87
79%
3
J
83
89
93
74
75%
N
102%
O
6s.. 1941 J
0s
gen
89
89
A '28 M
s f
con 6s
Mar 20
83
94
s
16
~ ~84%
Feb'18
58
N
1932 A
83
89
....
a
81
Mar'20
~80
78
24
80
80
Sale 102%
10334
Sale 78
80
84
84
Mar'20
95
92
Mar'20
ser A
Buff A
87
j
6s
Mar'20
95%
93%
j
76%
40
74
87
87
June'19
Sale 100%
101%
97
98% Sept'19
96% 96% Deo '19
Sale 93%
N
5s...1932 M
o g
Havana Elec consol g 5s
Hudson Co Gas 1st g 5s
Kan City (Mo Gas 1st g 5s.
Kings Co El L A P g 5s
87
76
75%
76%
30
8epfl5
82% Feb '20
79%
86%
77%
24
25
Light
Bklyn Edison Inc gen 5s A. 1949 J
Bklyn Un Gas 1st cons g 5s. 1945 M
Olncin Gas A Elec IstAref 6s 1956 A
76%
23%
June'17
30
Atlanta G L Co 1st g 5s
1955
Stamped
1930
Union Oil Co of Cal 1st
6S..1931
Realty AI conv deb g 5s 1924
U S Rubber 5-year sec
7s...1922
1st A ref 5s series A
1947
U S Smelt Ref A M
conv 08.1926
51% Nov'19
mmmm
J
80
87
51%
74
6s
27%
69
90
89
76%
Lorlllard Co (P
48
90
82
90%
647®
95
51
81
Sale
50
Dec '19
80
88
Sale
Liggett A Myers Tobac 7a.. 1944
78
mmmm
81
75
7%
55
82
mmmm
D
"89"
647®
647® Jan '20
55
94
5%
6
Mar'20
72%
32
31
7h
2612
26%
678 Mar'20
60
mmmm
20
102
81
75
July'19
7
13
13
98
N
July'19
57
77
70
75
61
50
33%
s
60
60%
Deo* 19
25%
26%
United Fuel Gas 1st
55
55
Mar 20
United RRs San Fr s f 4s
1927
Union Tr (N Y ctfs dep..
cons g
193®
58
54
6
Income 0s
1948
United Rys Inv-6s Pitts Iss..l920
United Rys 8t L 1st g 4s
1934
St Louis Transit gu 6s
1924
Gas A Eleo Berg Co
15
48
40
6%
Tri-Clty Ry A Lt 1st s 15s. .1923
Undergr of London 4 Hs
1933
ser
"l4% "l9%
57%
28
Third Ave 1st ref 4s....
1960
Adj income 6s
al960
Third Ave Ry 1st g
6S......1937
1st A ref 6s
20%
40
68
g 5s._1937
Eq G L N Y 1st
60
13
44%
Sale
N Y State Rys 1st cons 4
Hs. 1962
Qas and Electric
68
54
40
26
Portland Ry 1st A ret 5s
1930
Portld Ry Lt A P 1st ref 58.1942
Portland Gen Eleo 1st 6s. 1935
Bt Jos Ry L H A P 1st
g 5S..1937
Bt Paul City Cab cons
68
Mar'20
mmmm
O
58%
17%
16
N
M
O
60
"04" " "69*"
Oct'19
mmmm
Certificates of deposit
30-year adj Inc 6s
al942 A
Certificates of deposit....
70
44% Mar'20
81%
557®
15%
15%
Wash Water Power 1st
5s..1939 J
Wilson A Co 1st 25-yr s 16s. 1941 A
28
65%
40
"93"" "94"
4H8..1931
56
17
Tennessee Cop 1st
35
35
56
Sale
16
51
50
....
g 5s 1926
exten
58%
18%
56%
66%
Manila Eleo Ry A Lt s f 5s..1953
Metropolitan Street Ry—
Bway A 7th Av 1st o g 58.1943
Refunding A
15
56
Interboro Rap Tran let 5s..I960
Manhat Ry (N Y cons g 4S.1990
57%
17%
S
60
25
65
N Y A Jersey 1st 5s
A
"
63
60
20
Jan *20
Adjust Income 5a
ser
56
S
July'19
04
68
rnmmm
66
Feb '20
S
M
50
Mar'20
60
M
51
60
65%
95
Oct'19
M
1945 M
Pan-AmPetATrlst conv 6s *19-'27 J
Pub Serv Corp N J gen 5S..1959 A
64
61
Feb '20
51
23
....
"613®
62%
55
60
85%
95
Nov'19
88
High
797®
Niag Loc. A O Pow 1st 5S..1954 M
Nor States Power
25-yr 5s A 1941 A
Ontario Power N F 1st 5s.. 1943 F
Mar'20
62%
mmmm
54%
Nassau Eleo guar gold 48.1951
Chicago Rys 1st 6s._
1927
Conn Ry A L 1st A ref g 4 Hs 1951
Stamped
62
"64%
2
Mar'20
87
90
....
No. Low
81%
95
Mtge Bonds (NY 4s ser
10-20-year 5ai erles 3
1932 J
N Y Doc. 50-yr 1st g 4s
1951 F'
Niagara Falls Power 1st 5s.. 1932 J
Ref A
40% Dec '19
62
62
Stamped guar 4-6s
1956
Kings County E 1st g 4S..1949
Stamped guar 4s.
1949
conv
Computlng-Tab-Reo
Granby Cons M8AP
Stamped
46
70
...
High
81%
1952
Montana Power 1st 5s A
Morris A Co 1st a f 4
Ha
33%
8034
ziii "88%
Buildings 5s guar tax ex..I960
Chic C A Conn Rys s f 5s...1927
Chic Un Stat'n 1st gu 4 Ha A 1963
Great Fails Pow 1st
Int Mercan Marine
70
63%
Since
Jan. 1.
Miscellaneous
Adams Ex coll tr g 4s
1948
Alaska Gold M deb 6s A....1925
Conv deb 6s series B
1926
Am S3 of W Va 1st 5s
1920
Chile Copper 10-yr conv 7s. 1923 M
54
31
8-yr 7% secured notes..fll921
Certificates of deposit..
D
"so" "53"
Mar'20
Railway
Bfooklyn Rapid Tran g 6S..1945
1950 J
Range
or
Last Sale
Ask Low
80%
J
Range
1
J
1957 J
Bush Terminal 1st 4s
Consol 5s
Oct'17
53
1950 J
Armour A Co 1st real est 4Ha '39 J
Booth Fisheries deb a 1 6s
1926
Braden Cop M coll tr a f 6s..1931
53
Mar'20
Jan
100
53%
557g
707S
N
"70"
'20
90% Mar'17
"52%
J
Winston-Salem 8 B 1st 4s.. 1960 J
Wis Cent 60-yr 1st gen 4s...1949 J
Sup A Dul dlv A term 1st 4a '36 M
"55%
1
91% Jan '20
J
1949 M
55%
Aug'18
81%
92
92
J
Jan
82
A
Refunding 4Hb aeries A..1966 M
70
36
817S
90%
O
Wheel Dlv 1st gold 6s....1928 J
Ex ten A Impt gold 6s
1930 F
74
A
Utlca Eleo L A P 1st g 5s
Utloa Gas A Eleo ref 5a
"88% "887®
Mar 20
74%
8
April
Bid
Gas & Elsctrlc
Lt—(Concl.)
Utah Power A Lt 1st 5e
1944 F
Week's
Thursday
Westchester Ltd gold 5a
Aug'18
97% July* 19
70% Nov'19
887a Mar'20
80
Aug'12
95'a
Price
P
3 a,
1
High
79%
86%
Mar'20
1941 M
Street
No.
80
88
79%
867g
Tol A Ch Dlv g 4s
Wash Terml 1st gu 3Hs
Wheeling A L E 1st
N Y 8TOCK EXCHANGE
Jan
90
lit lien equip s Id g 6s....1921 M
lit lien 60-yr g term 4s... 1964 J
Det A Ch Ext 1st g 6S
1941 J
Des Moines Div 1st g 4s..1939 J
Om Dlv 1st g 3Hs
...1941 A
ser
BONDS
Since
Last Sale
[Vol. 110.
3*
Range
Range or
April 1
l
Virginian lit 6a series A
1962 M
Wabash 1st gold 6a........1939 M
3d gold 6a
..1939 F
Debenture series B
1939 J
Record—Concluded—Page 4
N Y A N J Telephone 5s
g__1920 M
N Y Telep 1st A gen s f 4
Hs.1939 M
30-yr deben
s
D
J
J
J
N
N
Pacific Tel A Tel 1st 5s
1937 j"
J
South Bell Tel A T 1st a f 5s. 1941 J
J
West Union coll tr cur 5s
1938 J
J
Fund A real est g
4Hs—1950 M N
Mut Un Tel gu ext 5s
1941 M N
Due June.
68%
~82~ "Sale
J
A
f 0s...Feb 1949
Northwest Tel gu 4Hs g__1934 J
60
81%
gg
86
Jan*18
82
98
Sale
Apr'10
85%
80
99% Jan '20
98%
"84% ~86"
99%
78%
Sale
78
79
31
78
95%
Sale
95
95%
23
92
84
85%
Sale
84
85
81%
82%
82%
82%
82%
81%
80%
78
....
Sale
99
777®
78
7
84%
22
80%
70%
74%
1
9
99%
81%
963®
88%
85%
88%
81%
101% Sept* 17
J
ADueJuly. JtDueAug. oDueOct. pDueNov.
94
Nov'16
Due Dec. s Option sale.
«
April 3
1920.]
BOSTON STOCK EXCHANGB—Stock Record
SHARB PRICES—NOT PER CENTUM PRICES.
Sales/or
STOCKS
the
Monday
Tuesday
Wednesday
Thursday
Friday
March 29.
Saturday
March 27.
March 30.
March 31.
April 1.
April 2.
BO8TON
reek.
BONDS
III Nut
1401
Pigi
Range Since Jan. 1.
Ramos for Presto»e
STOCK
Year 1919.
EXCHANGE
Shares.
Lowest.
Highest.
Lowest.
Railroads
129
♦126
129
•64
65
63*2
*89
129
♦126
128
127% 128
63%
6334
63% 63%
64
•82
•33*2
•40
—,
25
Boston
A Albany.
loo
64
440
Boston
Elevated,....
loo
61% Feb 13
loo
loo
80
Feb 18
30
Feb 11
87% Jan
37% Jan
100
39
Jan
6
loo
134
Jan 28
82
82
81%
81%
34
34
33
35%
33
33
*40
44
82
44
33
♦40
44
•135
127
64
81
33
35
127
♦135
♦40
*135
44
34
153
Last Sale 45
Mar'20
Last Sa\e 143
*135
Mar'20
•5
6
132
♦
6
*70
11
♦8
132
♦128
132
80
*78
80
*78
80
*68
34
34%
«
42%
•'
""16
70
70
70
70
70
32%
33%
33
33
84
84
♦83
84
85
85
97
85
"85"
85
85
85
24
*22
24
*22
24
♦85
91
42
♦42
42%
53
♦53
54
*83
*
«•
*
54
32
382
,
85
86
-»
-
42%
10384 Oot'19
72
34
"42
24
20
Jan'20
Last Sale 85
15
86
Mar'20
Last Sale 23
85
~42~
41
41%
53
53
53
53
Marl6
67% Jan 2
101
Dec
62
Deo
85
Dec
2
28
45
Feb 27
40
Oct
143
Mar 15
130
Sept
10c
5% Jan
2
Jan
Dec
7
Mar
8
8
Jan 28
11
Mar
5
130
Jan 30
132
Jan
8
132
Oct
pref
..100
Georgia Ry A Eleo atampd.100
80
86
Jan
2
84
Feb
Do
Do
Mar
5
100
68
Jan 12
60
Jan
N Y N H A Hartford
100
Mar 30
70
70
Mar
5
59% Dec
36% MarlO
25% Dec
84
Jan 29
86
Norwich A Worcester pref .100
85
Mar 29
85
100
76
Jan
9
86
.100
15
Jan 20
85
Jan 24
100
50
Am Oil Engineering
10
4% Feb 13
Amer Pneumatic Service..
25
1
Feb 24
50
5
Feb 10
Do
50
pref
......
Jan
6
86
Mar
Dec
Mar 31
94
Oct
Apr 1
25% Mar 11
171
Dec
15
Dec
Jan3l|
82
87
41 fApr 1
60% Jan 23
West End Street
2% Nov
72
3
23% Feb 11
Old Colony
pref
3% Nov
99% Mar
...100
pref
Maine Central
Vermont A Massachusetts
328
STOCK
116
2
100
Rutland
85
"42"
132
Northern New Hampshlre.100
"l2
"85%
Feb 17
no par
Bost A Woro Eleo pre
Chic Juno RyAUS Y
Feb'20
80
Last Sale
*22
♦22
:
80
„
*85
84
86"
♦52
33%
a,
♦83
•83
*85
♦85
♦68
70
34%
—
Last Sale 130
pref
119
Boston Suburban Elec__no par
Do
pref
no par
Mar'20
Last Sale 10
-
Boston A Maine
Do
6
*5
11
*128
72
70
34%
6
♦8
132
t
♦68
*5
11
♦128"
81
»....
6
*5
11
pre
Boston A Providence
Last Sale 10c. Dec'19
•128
Do
4584 Jan
55% Jan
3
6
Oct
38% Sept
47
Sept
5
Dec
EX*-
change
6
6
1*2
6%
97*2
*1*4
♦6
9634
162
162
5%
1%
6
6
6
1%
1%
7
7
1%
7%
160
160
6*2
1*2
6i2
97
97
162
8134
10%
*81*2
1815
*11
"l3%
33
lO^s
11
2*4
2*8
4*2
5
*6
6*4
3H2
96%
160
10%
*2
2*4
4%
5
*6
6i2
*30
31
81%
81%
10%
10%
*10%
*33
10%
*2
2%
4%
6%
*4%
*5%
31
23i2
77
*78
82
78
154
154
152
154
31
78
154
34*2
71*2
35%
72
*25*2
36*2
17*2
26i4
38
18
29
*28
*
75
5
2912
10%
97%
73
*10
97
73*2
23U
*23
1,009
218
16
*33
"10*34
*2
5
5
10%
10,452
2%
10%
2%
175
510
5%
Last Sale 6
6%
31
31
""460
23%
24
24
255
*78
80
80
80
154
152
153
34
34
7134
26%
72
36%
17%
36%
17%
*71%
*25%
36%
29
10%
*97
37
45
108
7,863
33%
300
72
20
25%
*
37
820
17
17
17
17
1,071
*27%
29
75
"6%
33%
*71%
25%
26%
29
28
28
20
75
■
"6%
6%
29
*29
10*2
36
Last Sale 73
6%
29%
6
*10
98
98
Mar'20
"l",354
30%
1,919
25
*10
98
98
126
75%
60%
73
74
75.
76
60%
60%
60%
60%
98
1,714
76
60%
136% 136%
39
39%
40
61
*60
61
140
♦133
140
133
134
*134
40
40
*39
40
*37
Yd
♦46
48
*44
46
*46
48
*45
47
87%
31%
730
33%
23,726
41
45*2
87%
86l2
87
87
8734
*8684
31
32
31%
31%
♦30%
305a
33
31%
32%
8634
♦30%
87
31%
3034
34%
33
34
33
166
166
44"
43
165
165
♦42
43i2
166
44
*42
44
16
*15
16
50U
50
27
25*2
*50
50%
26
22
47*4
122*2
21*2
4614
50*2
50
46%
2334
4684
*25
23
21%
23%
*45%
46
120% 121%
*71%
74
45%
46
25%
25%
17%
17%
20%
21%
*46%
4634
122%
2534
1778
20*2
38*2
122
122
74
If*
47
46
47
25%
25%
1734
20%
37%
17%
20
2534
17%
20%
37
37
4612
25%
17%
20
*37
74
21*2
65*2' *6212
22
*60
61
65*2
♦62%
65%
2I84
♦68%
»68%
1
♦.75
*68
71
.50
36%|
13%
7*2!
.40
360
*.45
*35
3114
*.75
1
*68
70
♦.40
.60
*34
37
1234
1234
*6%
13*4
7
7
♦.30
355
30
37
22
61
22
27
26
22
♦.30
.35
355
355
29%
31%
1%
71
.65
21%
*
—
*62%
*68%
*.75
*67
*.40
71
21%
.35
31%
12%'
45%
4%
11%
15%
45%
12%
44%
*4*4
4%
*4%
1134
15*4
*3%
15%
11%
15%
4
4
4
*6
6%
6
.65
*12
4*2
12
16
3*4
45
*3
*.75
1
246
47
82
14
12
3%
3%
♦.75
1
46
46
434:
1%
4*2
3*2
234
34U
4%
*1%
*4i4
*234
♦234
34
35%
4%
.35
1%
31%
14
5*4
9%
*5
44%
44%
4%
11%:
7%i
*7
9
72
70
21%
.50;
4%
3%
j
70
*21
4%
11%
16
*15
2
Feb 26
76
49
28
Feb 11
19
Mar 19
200
3%
Mar'20
""775
|
Mar'20
15% Dec
32%
116
Jan
Jan
52%
Jan
44
Jan
25%
Oct
Feb 16
21% Mar 31
7% Jan
16
May
2
33% Jan
Aug
Mar
15
Feb
Feb
1st pref
...100
60
Feb
7
66
Jan 21
37
Jan
2d pref
100
60
Feb
6
70
Jan
9
38
Jan
1% Feb 27
,60
Mining
Consolidated.. 26
75c Mar 22
Mar 20
25
65
25
!
Allouez
300 Mar
.....
25
1
Carson Hill Gold
334
Mar
3
62% Mar
6
lOo
217
1%
Mar'20
""'150
4%!
Daly-West
20
Davis-Daly Copper
10
East Butte Copper Min... 10
Helvetia
40o
26
1
Island Creek Coal
pref..
Isle Royale Copper..—
Kerr Lake..
Keweenaw
Lake Copper Co....
Mason Valley Mine
1,843
9
60
292
Feb'20
j
1034!
"
585
1,392
16%!
12
48% Jan
78
Mar
_
30% Feb 26
3% Mar 9
1% Jan 19
3% Feb 10
Mar
2
Mar
5
4%
Feb
Jan
8
Feb
4
Jan
1% May
4
May
6% Mar 31
Jan
4
5
20o
Feb
% Jan 14
60o
Mar
47
Mar 27
42
80% Feb 10
78
38
5
Jan
3
Mar 24
Mar
5
3
Jan
3% Jan
3
2
Apr
2% Apr
Mar 22
Feb 16
5% Jan
3
4
Mayflower-Old Colony
Michigan
25
25
7
Jan 21
11% Jan
7% Jan
2
2
Jan
2
2%
Feb
Mobawk
25
25
3
Feb 13
5
Jan
2
New Cornelia Copper
5
19
Feb 26
24
Jan
5
14% Mar
7% Jan
8
6% May
Idrla Quicksilver
16
North Butte
6% Feb 13
60
Feb 11
3
72
5% Feb 13
21
Mar 12
79
Feb 16
984 Feb 13
15
Feb 13
Jan 21
Mar 27
27% Mar 27
87
Mar 24
12% Jan
18% Jan
3
2
Apr
75o
Mar
25
-
30
Feb 11
30% Mar
25
44% Feb 13
56
Feb 11
58
Jan
3
45
65
Jan
3
52
Mar
45
Feb 13
68
Jan
5
40
Mar
14
Feb 11
19
Jan
6
13
Jan
7
Quincy
25
St Mary's Mineral Land— 25
Seneca Copper Corp...no par
Shannon
10
5
14c Feb 13
4% Feb 11
4% Feb 20
""156
534;
480
434
5
South Lake.—
South Utah MA 8
Superior
1%
1%
*134
*.80
.90
♦.80
.95
♦.85
.90
100
Tuolumne Copper
*2%
2%
2%
8%
8%
2%
2%
*8%
2%
2%
834
2%
200
*8%
2%
8%
Utah-Apex Mining.......
Utah Consolidated
3,610
*3
3%
60
Victoria
134
19%
18
Winona.———
126
115
4 Ex-dividend and rights,
Utah Metal A Tunnel
——
Wolverine
Wyandotte
s Assessment paid.
Feb
26c
2% Jan 26
37% Jan 5
25
600
Superior A Boston Copper 10
675
Trinity
26
.251
9
8O0 Jan 27
Jan 12
534
4%
Feb
67% Mar
8% Jan
2
Jan
*.15
8%
Mar
2
2
534
1*
Jan
2
.20
49% Feb
% Feb
26
Mining...
4
5%
Feb
1
25
Lake
10c MarlO
.20
Mar'20
Oct
99o
25
1%
1%
Jan
6
4
Osceola
175
1%!
3%
2% Jan
4% Jan
2
...
Old Dominion Co
1,100
4%
24
Apr
Apr
2% Mar 10
OJlbway
470
134i
Feb 13
Mar
39
3
16
Mar 26
39
Jan
12% May
25
North
95
1534
4% Mar
14% Jan
Nov
Mar
25
6
135
j
6O0
360
Mass Consol
280
33%!
48%!
3
20c
3
New Aradian Copper
125
6%'
70 I
26
La Salle Copper
50
6
25
Copper...
95
1
25
Jan
6
Jan
Jan
Apr
32% Dec
10% Feb
40% Jan 10
16% Jan 6
238 Feb 14
25
Indiana Mining
3
Jan
409
17% Feb 13
12% Mar 30
41% Mar 10
Apr
Jan
% Jan
77
11
6% Mar 18
% Feb
'
Copper.. 10
Calumet A Hecla.
Do
""658
j
4%:
Last Sale.
2
15% Jan
7% Jan
Last Sale 40c. Mar'20
*1%
♦18%
Jan
42
1%
1%
MarlO
Feb 11
2%
2
Jan
Feb 11
*2%
0 Ex-stock dividend.
Jan
23% Mar 20
11
*1%
Bid and aaked price*.
48
133
17
8%
•
Feb 13
Feb 14
31
1%
*.75
13
6
3
18%
1%
Dec
28
1%
18
30
3
2%
♦.75
7
Jan
Jan 12
.90
1%
31% Jan
10
Feb'20
16
18%
July
25
Mar'20
16%
1%
Jan
35
4% Feb 13
Last Sale 2
16
1%
14
3
26
Last Sale %
3%
1%
19%
1%
2
Jan
Hancock Consolidated....
1
16%
2%
Jan
115
50
♦1%
*18%
16
55
—
1,135
2%
50
*3
4
73
100
6
50
Aug
26
Do
pref
Nlplssing Mines
33%
48%
Feb
34
93
44% Jan 26
New River Company
16%
145
Feb 17
11534 Feb 26
17
Sept
2
110
50
2%
3%
1%
83
Mar
220
50%
2%
3
Mar 20
84
50
*3
89% Jan
36% Jan 3
34% Mar 30
170% Jan 19
47% Jan 0
51
27%
62%
2%
32% Sept
Jan 12
23% Feb 25
65
47% Nov
6
Blngbam Mines...——..
17.248
Last Sale
*10
Jan 26
49% Jan
99
934 Feb 13
11% Feb 11
3
Feb 17
60
3%
—
Mar
25
*58
,
6
Feb
27% Feb 13
2934 Mar 17
53
21
*83
2
85
Franklin
50
5
Feb
125
58
5
130
3,115
58
5%
138% Jan 21
4
6%
35
6
5
11%
15%
*50
.25
Mar
35% Feb 13
38
Feb 13
25
51
5%
125
25
60
*.15
Dec
67% Nov
100
....
*26%
35
60
5
Manufacturing. 20
5
100
16%
Jan 20
Copper Range Co
34
*4%
Jan
Jan
63
Centennial
46
90
70
9
10
36
5%
100
Watch
Waltham
New
1
101% Jan 10
Dee
6
635
*49
.25
...100
prof
Walworth
6
Feb
4%
*58
1%
5
Corporation
Torrlngton
25
United Shoe Mach Corp... 25
Do
Jan
40
Magneto
Stewart Mfg
Swift A Co
11
28% Nov
8% Feb
60
100
62
*2%
Simms
.....25
Butte-Balaklava
3034
51
2
Shawmut SS
730
84
2%
100
2,440
10%
36
pref
31
6%
68% Feb
165
7
27
36
Pacific Mills
21
84
*1%
1
7
1034
17%
«
Circuit Inc
Orpheum
21
85
*1%
Ohio Body A Blower......
21%
10%
♦.50
10
Corp...no par
New England Telephone..100
Body
6%
69%
85
1
Mergenthaler
69
10%
17
100
100
Llnotype.__100
pref
4484
44
-
7
86
*.50
96% Mar 11
Massachusetts Gas Cos
5
Mar 27
Arizona Commercial
37
Last Sale 3
1
10
15
4%
634:
27%'
17%
July
Algomah Mining..
Mar'20
360
9%
*26
Mar
75
Mar
125
!
9
27%
19
7
73
325
12%
34
4%
21%
6%
2
Abmeek
65
36
5%;
6%
♦26%
Jan
0% Jan
H) 1st pref.100
MoElwaln (W
Do
Jan
80ia Feb
10
Theatres
Loew's
Oct
52%
5
100
Llbby, McNeill A Llbby_..10
Adventure
3
21
44
23%
2
434 Mar 4
22% Feb 27
10
Feb 2
.no par
pref_.
Island Oil A Trans Corp..
220
3%
6%
27%
23% Feb 25
Products
Internat
106
*5
21%
Apr
Sept
50
2
Do
Mar'20
*3
*6
hS7
6
36ta Jan
84% Jan
29% Jan
Do
70
*2%
21%
5
25% Jan
Warren Bros..
Mar'20
5%
5%
28
Jan
16% Feb 16
37%
Last Sale 60c.
2
70
25% Mar 24
30% Feb 13
6
26
10
3
*6%
7*2
71%
50
Waldorf System Ino......
7
Oct
Gray A Davis Ino
9,322
62%!
Jan
Apr
Gorton-Pew Fisheries
Feb
60
6
39
138
International Cement Corp—
15
1,395
Feb 20
Dec
Feb 13
12% Feb 11
*3%
2
157
6
4% Jan
31% Dec
Feb 28
44
Mar'20
5
3
25% Mar 18
85% Mar 18
Dec
67
6
22
Jan
Jan
7
2% Dec
28
25
*4534
34%
7
6% Mar 23
36% Jan
17%
25
10
345
Mar 29
11% Mar 24
3% Jan 3
Dec
no par
Elder Corporation
Reece Button-Hole
587
5
Fairbanks Company
Ventura Consol Oil Fields.
5%
9
Feb 14
2,965
*3%
*534
3%
Feb 11
25%
17%
21%
*15
4%i
♦2%
63
149
25%
17%
21%
2934
5
3
100
100
pref
Edison Eleotrlc Ilium
Feb 13
400
Last Sale 79
3
5*2
Feb 11
43% Feb 13
25
Jan 31
*13
1
*3
19
48
*355
3%
4%
Mar 20
36
3,091
Last Sale 30c.
358
14
34%
2
334 Feb 14
2734 Feb 13
3,374
*6%
46
*4%
*1%
♦4%
25
Feb 13
73%
12%
*80
*79*2
35*2!
33
Feb 11
46%
*34
29%
*4%
7
6
73
*.40
6
14
46*2
Eastern S» Lines Inc
Do
16
45
*67
4
6
♦.30
355
5
Feb
78% Jan
94
95
Last SaleM
1%
13
6%
360
10
79
Dec
Jan 13
26% Jan
10
....
Manufacturing
95
Jan
2
Century Steel of Amer Ino.
Eastern
Jan
2% Apr
19
1,470 Root A Van Dervoort Class A
*25% 26%
2234
23
*4534 46%
120% 121%
62%
36
6%
10
Boston Mex Pet Trustees
56c
83
Plant (Thos G)
50%
Last Sale 60
69%
*12%
10
Blgheart Prod A Refg
163% Mar 26
Parish A Bingham Corp.no par
285
4234
Last Sale 70
*34
7
Art Metal Construe Ino...
7% Mar 15
1% Mar 31
Apr 1
100% Mar 18
8
Mar 16
5
Feb 13
Feb'20
*21
65%
1234
9
37
37
60
36
pref
Mulllns
Mar'20
50
26
74
74
50
Do
94% Jan
139% Mar
7934 Jan
Anglo-Am Comml Corp.no par
Mexican Investment Inc..
85
Last Sale 16
50
Amoekeag Manufacturing
100
166
4234
*16
100
185
Last Sale 95
*16
Amer Telep A Teleg
Do
6%
29%
pref
Do
East Boston Land
Mar'20
31
*152
*27%
63s
30i2
1034
97*2
73l2
160
11
71%
♦25%
26i2
3712
17l2
29i2
47
8134
34%
35i8
72
326
FRIDAY
97
34
75
5*2
31
23%
160
81%
"l0%
820
161
96%
11
30*8
*2312
24
97%
160
Miscellaneous
1.661
5% CLOSEDGOOD
1%
8
7
8134
*33
33
Yi%
*7
5%
*1%
a.—
* Ex-rlghts.
•
5
1
1
25
25
25
26
l%Mar
1% Apr
25o Jan 10
6
1
Jan
Jan
4
Mar
1
Mar
1% Jan 10
3
Jan 23
9% Feb 20
3% Jan 5
3% Jan 8
1% Feb 14
2% Mar 22
1% Mar 29
2
23
1% Mar 22
a Ex-divldend
80
7
2% Jan 19
2% Mar 24
8
Mar 17
Feb 17
1% Mar
40c
6% Jan 29
80c Feb 13
17
Jan
Mar
Jan
7
Jan 10
1% Mar 22
w
Half-paid.
1% Dec
7lc
Dec
l%May
7% Jan
1% Jan
1% Mar
6O0
Jan
15
Mar
40c
Mar
Outside Stock
Exchanges
Boston Bond Record.—Transactions in bonds at Boston
Stock
[VOL. 110.
THE CHRONICLE
1402
Chicago Stock Exchange.—Record of transactions at
Chicagdi Stock Exchange Mar. 27 to Apr. 1, both inclusive,
compiled from official sales lists:
,
for
of Price*.
Sale.
Bond#—
Sale.
Range
Week's Ranoe
Last
since
Par.
42
Low.
High
High.
Albert Pick & Co
American Radiator
U S Lib Loan 3**8.1932-47
let Lib Loan 4fl._ 1932-47
96.64
96.54 97.74
90.34
90.14 90.34
2(1 Lib Loan 48.. 1927-42
89.44
89.14 89.44
94.14 Mar
100.00
Jan
89.84 Mar
93 04
Jan
Rights
88.74 Mar
10C
92.34
Jan
90.34 90.58
90.34 Mar
93.80
Jan
89.54
89.44 89.98
7,450
89.04 Mar
92.98
Jan
Armour & Co pref
3d Lib Loan 4-1928
92.84
92.44 93.06
59,850
92.04 Mar
94.96
Jan
4th Lib L'n
90.02
89.44 90.10 103,950
89.34 Mar
92.98
Jan
97.48
97.24 97.94
97.00 Feb
99.30
923*
923*
**8.1932-47
4J4S.1933-38
Victory 4**s
1922-23
Am Agric Cbem 5a
1928
.
19,040
1,000
Convertible 4Mb
92J*
923*
1929
78
78
2,000
81**
81**
3,000
813*
120
1923
..
Mar
13,000
4,000
100
Mar
81
Feb
75
126
Jan
813*
Feb
78
120
Jan
Mar
81
Jan
78
Atl G 4 W I 88 L 5s..1959
Carson Hill Gold 7 a
Mar
77
1933
Am Tel <fc Tel coll 4b.
150
100
Armour Leather........ 15
Beaver Board
Feb
17**
Mar
22
Mar
1073*
495
Feb
Jan
Jan
108
Continental
"78"
Cudahy Pack Co com.. 100
Jan
14**
107
Mar
2d
Feb
Jan
180
Commonwealth Edison 10C
Mar
84
173*
109
85
933*
75
Feb
743*
100
74
Feb
80
Mar
Feb
58
Mar
62
330
743*
Feb
Jan
65
330
56
103
•743*
Feb
51
50
68
100
1932
79
Mar
225
65
65
Chic Pneumatic Tool.. 100
NYNH&H conveys *48
89
Feb
Feb
Jan
100
Jan
95
Mar
Feb
76
1,000
Feb
15**
94
Mar
Mar
3.000
394
15
693*
813*
89J*
7,567
Feb
73
14,700
100
Mar
Mar
96 J*
90
76
100
17**
Feb
73
10
74 **
83 **
1944
Jan
100
3,730
90
Jan
United Fruit 4**s
1925
Western Tel A Tel 5s.. 1932
Jan
80**
110**
73
3,275
833*
Swift & Co 1st 6a
120
30
31
113
213*
Mar
Jan
Mar
78
82
3,000
4,000
2
903*
6,000
8,000
Mar
IX
19
82
.
Mar
60**
78
100
..100
82
84
Jan
84
903*
1st preferred..
Mar
743*
350
Mar
173*
mm
203*
Jan
823*
N E Telephone 5s
Feb
Mar
78**
18,630
993* 100
17
173*
95
943*
55
Jan
40
300
65
56
65k"
Jan
Mar
"75
High.
25
2
73
173*
943*
.(*)
new pf.100
Briscoe, common......(*)
Bunte Br OS.
.10
823*
Miss River Power 5s.. 1951
1.
Jan.
170
455
813*
113
■
Booth Fisheries
1,000
...1931
42
13*
73
100
100
Preferred
82J*
Maes Gas 4**s
since
Low.
Shares
330
13*
82**
Cumberland Tel 58...1937
41
81
81
American Shipbuilding. 100
Preferred
100
2d Lib Loan 4 **s 1927-42
High.
330
100
New
$7,800
2,950
2,400
1,050
1st Lib L'n 4
Low.
Range
Week.
of Price*.
Price.
...1
Stock#—
1.
Jan.
for
Week.
Low.
Price.
Week's Range
Last
Sales
Thurs,
Sales
Thurs
Exchange March 27 to April 1, both inclusive:
preferred
Decker
.1C
Motors
"ll'H
113*
973*
98
108 J*
Mar
97**
98**
12
1,730
11**
Mar
98
95
96**
Mar
93>*
Mar
Jan
Feb
96
Feb
Feb
Mar
102
13**
101
Feb
793*
(Alf) & Cohn, Inc,
94
preferred
94
5
Jan
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange March 27 to April lf both
inclusive, compiled from official sales lists:
Sales
Thurs
Range
Last
Par.
Stocks—
Week's Range
for
Sale.
of Prices.
since
1.
Jan.
Week.
Price.
Low.
High
Deere & Co pref..
100
100
100
1003*
35
Diamond
79 J*
100
1213*
121
1213*
310
343*
523*
200
52
30
52
Mar
58
87
88
95
84**
Feb
88
91
210
87
Feb
92
105
173*
1,080
1,310
15
Feb
13
Feb
18**
18**
78
Feb
89
Mar
22**
6**
8X
Feb
31
Mar
Feb
36
Feb
7**
9**
45**
16**
(*)
Elder
Godschaux Sugar com._(*)
Low.
High.
Hartman
Corporation. 100
Holland-American Sug__10
533*
100
Preferred
•
'1243*
Amer Wind Gtaes Mach 10 0
"293*
Preferred.............47
Barnsdall Corporatlon..25
Carbo-Hydrogen Co com.5
Preferred
—..5
"i"
..1
Preferred
47
23*
4
83*
33*
Jan
Orpheum Circuit, Inc
1
333*
95
Jan
Pub Serv of N 111 com.. 100
------
50
5
"53*
8
Nat Fireprooflng oom._.50
Feb
190
33*
Mar
7
Mar
97
Mar
10
61
39
80
993*
Mar
102
Jan
5
Mar
10
121
50
121
35
1,328
693*
53*
83*
53*
8
13,500
615
44
Feb
600
373*
Feb
130
43*
JaD
20
143*
513*
Mar
Mar
183*
633*
67.500
8c
5,700
25
40
353*
73*
15c
49c
633*
24
Jan
9
Feb
Oklahoma Natural Gas.. 25
633*
Mar
Feb
61
143*
7
153*
343*
533*
523*
8
Jan
Mar
Mar
853*
43
228
85
43
Mar
Feb
50
108
116
Mar
108
Mar
Feb
128
37**
Feb
55
Jan
240
41
Feb
49
Mar
Feb
Mar
7,425
Jan
483*
713*
950
43**
73
2,610
61**
Feb
52**
74**
703*
1,610
60**
Feb
70**
Mar
UDited Paper Bd com.. 100
U S Steel common
.100
27
26
29
2,400
20
Feb
29
Mar
(*)
10
Ward, Montg, & Co pf.100
Wabl
Co
Waldorf System Inc....
20
When issued
Mar
Western Kwtttng
Mar
Wilson & Co pref
Mills.(*)
100
25
Wrigley Jr common
------
403*
213*
------
513*
40
213*
105
Jan
1,505
104**
Mar
405*
860
36**
Mar
215*
1053*
1,975
19
Feb
150
103
Feb
116
Jan
Mar
1043* 1053*
105**
Mar
Jan
45
Mar
21**
393*
1,775
Feb
40
21
203*
213*
995
18
Feb
------
963*
963*
35
95
Mar
23**
98**
79
81
275
75
Feb
39
81
383*
32**
Jan
Jan
81
Mar
iMar
Jan
693*
663*
46
46
46
24
Jan
Jan
86
863*
124
124
10
Jan
South Side Elev
43*8.1924
66
66
63
53
10
52
Mar
893*
893*
West'house Air Brake...60
114
115
80
107
Feb
Jan
Mar
Jan
Jan
Jan
153*
Mar
Feb
73*
49
68
77
60
Feb
713*
25
90
37
68
25
150
Jan
Feb
21,810
100
5s, Series "A"
1927
Commonw Edison 5S.1943
13
26**
42**
49
Chicago Railways 5S..1927
733*
Feb
Feb
108
1195* 123
-Jan
13
Feb
38
49
171
71
37 X
17 J*
40
45-
Mar
100
Jan
Mar
46
159
Preferred.
52
235
10
West Penn Tr& W P.. 100
Feb
1,060
170
65
46
19
170
Feb
100
46
Pittsburgh Plate Glass. 100
Transcoutin'l Oil..(no par)
Union Natural Gas
100
Western Insurance
50
483*
Jan
Feb
403*
Mar
1,260
Mar
22**
1,450
183*
18
543*
Mar
98**
28**
Mar
53c
533*
90
310
Mar
25c
West'h'se El & Mfg com.50
Jan
Feb
Mar
89
Jan
533*
1183*
88
235
Jan
130
Feb
Feb
Mar
Feb
Mar
79**
Feb
13
1203*
Jan
35
Feb
Mar
61
40c
373*
Jan
213
487
10c
47c
Jan
Feb
265
18
14c
49c
Jan
1,685
15
1
Feb
Jan
Jan
Mar
873*
230
100
Plttsb & Mt Shasta Cop..l
Plttsb Jerome Copper
Plttsb Oil & Gas
13
28**
76
Feb
94
453*
49
Feb
Mar
249
40
108
Feb
28**
Feb
Mar
125**
34**
17
49
Swift International
Mar
Apr
229
Mar
185
6,390
Jan
Jan
133*
rnm----
97 X
116
37
943* 95
265*
273*
513* .513*
45
Thompson (J It) com—25
23
285
40
44
Union Iron Works
63*
9,050
153*
44
Union Carbide & Carbon 10
613*
35
76
121
Jan
Jan
53*
13,610
135*
303*
76
15
Temtor Prod C&F "A".(*)
Mar
453*
50
180
100
Swift & Co
121
Feb
265*
Studebaker CoiporationlOO
Mar
Feb
9
39
90
463*
jan
Mar
100
65*
9
302
Stewart-WarnerSpcom 100
Mar
54
63*
38
90
......
23*
115
293*
37,310
290
94 3*
------
143*
Feb
1023*
120
31
------
50
Jan
8
•
120
....(*)
Oil
Preferred
89
------
Standard Gas & Electric.50
Jan
220
61
100
Jan
23*
Mar
Truck
Republic
Jan
3,307
1,135
com
Sinclair
Feb
15
Plttsb Coal
Jan
100
Mar
650
10
Reo Motor
Jan
Jan
5
113*
3c
100
—.100
Quaker Oats Co.
Preferred
(*)
Sears, Roebuck com...100
Shaw (W W) common..(*)
3c
343*
623*
403*
73*
143*
633*
Preferred—
Jan
Jan
263*
15
73*
653*
33*
920
1,000
313*
50
....60
Jan
45
13*
15
Plttsb Brewing com
Jan
Feb
75
333*
Ohio Fuel Supply
45
115
100
Preferred
Jan
104
Feb
Mar
18
545
50
1
Preferred...
Ohio Fuel Oil
Mar
993*
973*
5,480
323*
693*
143*
135
43*
143*
121
333*
25
38
Feb
23*
13*
1133* 1133*
43*
10
National Leather
89
------
Mar
100
14
23*
-.10
93
98
100
10
Light
Preferred
Mid West Util pref.... 100
90
10
17
303*
65*
183*
173*
283*
173*
------
115
32
3c
183*
26
20
3c
..100
Mfrs Light & Heat
Mar
------
65
10,605
303*
100
Marland Petroleum
99>*
Feb
87>*
10
...
Brick
Libby, McNeill & Libby. 10
Mar
------
475
313*
97
.1
Lone Star Gas new
Jan
973*
493*
3c
50
com.
153*
100
303*
50
Preferred
65
Feb
27
83*
Guffey Gillespie OlKno par)
Harb-Walk Refract pref 100
Indep Brewing com
Feb
14
90
23*
5
100
Kay County Gas
La Belle Iron Wks
50
973*
Arkansas Nat Gas new.. 10
Gold Bar Mines..
99}*
1253*
122
100
Amer Wind Glass pref.100
Carnegie Lead & Zinc
Crucible Steel pref
15
90
100
Preferred
90
150
533*
633*
143*
993*
343*
mm
100
Hupp Motor
Lindsay
com..25
Amer Roll Milling
Amer Vitrified Prod com 50
100
Great Lakes D & D
Illinois
Shares
Match
753*
Mar
Bonds—
Swift & Co 1st 8 f g 5s. 1944
Mar
70
1,000
46
Mar
46
13,000
86
Mar
87
66
7,000
66
Mar
895*
6,500
89**
Mar
66**
92**
693*
$3,000
66**
Mar
Feb
Mar
Jan
♦No par-
Philadelphia Stock Exchange.—Record of transactions
Philadelphia Stock Exchange, Mar. 27 to Apr. 1, both
inclusive, compiled from official sales lists:
' at
Bonds—
Plttsb Coal deb 6s__._1931
......
95
95
$500
95
Mar
97 J*
Jan
Sales
Thurs.
Baltimore Stock
Exchange.—Record of transactions at
Baltimore Stock Exchange, Mar. 27 to Apr. 1, both in¬
clusive, compiled from official sales lists:
Last
Sale.
Par.
Stock#—
Price.
Week's Range
for
of Prices.
Week.
Low.
High.
Par
Stocks—
10
Alliance Insurance
Sales
Thurs
Last
since
Range
Shares
Jan.
1.
100
100
American Gas
American Rys, pre!
Low.
American Stores
High.
no par
First preferred
2d
Atlantio Petroleum.....10
4
Baltimore Brick pre!
Celestlne Oil v t
2" 00
...
Cent Teresa Sugar pref. .10
25
25
Preferred
Consol G, E L & Pow-.IOO
Consolidation Coal
Co
Cosden &
87
40
80
Feb
90
Jan
1003*
100
no
87
70
70
Feb
76
Jan
Elec Storage Battery...
863*
74
Jan
General Asphalt
43*
1,260
33*
Cosden & Co
5
Preferred
2.00
26
10
2.10
9.320
93*
93*
433*
433*
243*
243*
983* 1003*
70
Feb
86
23*
22
Feb
Jan
1.95 Mar
5
40
Jan
46
Jan
66
24
Feb
25
Jan
230
953*
Feb
15
403*
Mar
1,237
73*
Feb
43*
305
4
Feb
40
1.166
1,624
Feb
77
323*
42
200
32
Mar
86
53
76
Feb
Refining
5
93*
5
63*
93*
63*
4
4
..5
Mfrs Finance
100
Mer & Miners Trans VT100
Mt V-Wood M pref v t r
Northern
Central
Wash Bait & Annap
Mar
103*
Jan
43*
Jan
Apr
933*
103*
53*
Mar
Jan
& C 43*s.l953
Chicago Ry 1st 5s
1927
City & Suburban 1st 5s '22
Consol Gas gen 43*8.. 1954
33*
Feb
Feb
33*
Mar
4
Mar
46
Mar
Phila Rapid
Feb
61
Mar
Philadelphia Traction...50
89
Mar
95
Jan
Mar
70
Jan
45
10
47j*
Mar
Mar
Pref (cumulative
25
Transit....50
89
83
84
828
74
Mar
16
7
16
Mar
16
Mar
Tono-Belmont
3
50
3
Mar
3
Mar
Tonopah Mining
11
113*
15
Feb
366
11
Feb
40
14
Mar
843*
"933*
1932
933*
Series B 6s
United Ry & E 4s
Income 4s
Funding 5s
do
small
1949
"623*
1949
.1936
1936
43
Mar
93
Feb
15
Jan
203*
Jan
99
50
Jan
99
Feb
141
Jan
77
Feb
130
303*
193*
293*
795
273*
Mar
37**
Jan
1.069
18
Mar
19 J*
Apr
744
28
Mar
29**
Apr
10
Feb
13
8
30
Mar
35
Feb
Jan
22
Mar
103*
30
19
193*
1,040
813*
Jan
200
15J*
813*
85
Jan
64
65
779
61
Feb
65
Mar
433*
453*
231
405*
Feb
47**
Mar
813*
433*
Jan
32
10
"64 k
Mar
Mar
40
3
40
Jan
41
Jan
48
6
48
Mar
60
Jan
68
10
65
Feb
42
423*
40
48
68
*48*
42
10
42
Jan
423*
433*
403*
Feb
2,459
69**
43**
43**
Jan
Jan
Mar
343*
243*
233*
59
685
313*
Feb
2.958
Feb
2.430
243*
213*
36**
25**
Jan
243*
233*
Feb
28
Jan
Mar
63
353*
253*
243*
59
593*
853*
853*
1923* 1923*
1873* 1873*
140
60
3
*59
65
1923*
Feb
Mar
60
Union Traction
1,920
31
31
34
176
176
100
United Cos ofNJ
"483*
Corporation..100
85
Mar
U S Steel
Mar
Warwick Iron & Steel... 10
Jan
West Jersey & Sea
1,000
2,000
95
Mar
953*
Jan
Westmoreland Coal
82
Mar
83
Feb
5,000
773*
Jan
81
503*
104
1053*
83*
83*
483*
1,636
15*
31
Jan
Jan
88*4
195
Mar
190
Mar
3 1-16
2**
Mar
Apr
37
Mar
Jan
Feb
Jan
5
1723*
Mar
185
Jan
2,810
463*
Mar
57
Jan
1,170
923*
Feb
108**
Jan
Jan
95
9,200
933*
Feb
1,500
763*
1,000
983*
743*
Mar
933*
94
4,000
8,000
88
823*
5,000
823*
573*
45
2
1873* Mar
2,077 115-16 Mar
70
983*
58
61
125
30
19
Jan
Feb
397
23*
83
983*
76J*
933*
933*
563*
573*
293*
t
99
23*
Mar
823*
78
433*
45
114J* 116
2
Mar
95
623*
210
1 15-16
Mar
13,000
43
2,235
923*
2
65
1,000
663*
62
443*
45
115"
1
823*
85
823*
65
823*
Cosden & Co ser A 6s. 1932
Georgia & Ala eons 5s. 1945
46**
Apr
42
913*
203*
1
Devel
85
$6,000
85
823*
95
1950
Feb
50
Ry.._
13th & 15th Streets Pass Ry
5
93
773*
"983*
7 per cent notes
Jan
373*
913*
"44
6%).50
Phlla Electric of Pa
673*
"82"
5 per cent notes
Consol Coal ref 5s
64**
2d & 3d Streets Pass
18
95
"653*
56**
Jan
Reading
653*
46
58
15
H—
Jan
60
63
Philadelphia Co (Pitts)—
3
Cons G,EL&P43*S—. 1935
'
50
Pennsylvania
United Gas Improv't...50
Augusta Ry & Elec 5s
47
15
50
Pa Cent Lt & Pow, pref..
16
113*
23
213
58
Northern Central
73*
Bonds—
Bait Spar P
50
Minehill&SH
89
60
50
Feb
52
293*
673*
84
213*
60
100
Lanston Monotype
.100
Lehigh Navigation __—50
Lehigh Valley
50
Little Schuylkill
50
High.
58
Keystone Telephone....50
Lake Superior Corp
1.
Jan.
213*
28
—
Low.
48
18
Receipts full paid....
since
Range
Shares
48
193*
Preferred
High
213*
"36k*
275
Mar
Lcruo.
10
1,220
46
100
50
Price.
Receipts $10 paid...—
Insurance Co of N A
1.167
58
Pennsyl Wat & Power—100
Poole Engineering & M-100
Robinson Oil—
10
United Ry & Elec...
Jan
Apr
453*
44
42
853*
Preferred
87
Feb
Houston Oil pref tr ctfs. 100
Indiahoma
1033*
40
Elkhorn Coal Corp pref.50
Kentucky OU
Jan
11
Feb
87
43*
3.40
Apr
Mar
Feb
83*
413*
9
39
43*
26
42
82
83*
43*
Davison Chemical..no par
88
40
413*
par
Week.
Buff & Susq Corp pf vtc
733*
26
Commercial Credit
100
100
—100
85
863*
87
10|0
Atlan CoaBt L (Conn).. 100
preferred-
for
of Prices.
913*
733*
100
Alabama Co
Week's Range
Sale.
19,000
13,000
873*
Feb
Feb
Feb
Mar
95
1003*
79
98
98
823*
Jan
V S Lib Loan 33*8.1932-47
Jan
2d Lib Loan 4s.
Jan
43*8.1932-47
1927-42
3d Lib Loan 43*s...1928
4th Lib L'n 43*8.1933-38
Victory 43*s.
1922-3.
Victory 33*s
1922-23
Mar
69
Jan
42
Mar
Jan
Jan
Jan
5,300
56
Mar
483*
623*
100
56
Mar'
63
8
39
3
35
Jan
40
75
75
5
72
Feb
75
Jan
31
96.50
1st Lib Loan 4s__ 1932-47
Mar
Jan
20
39
75
31
40
31
Jan
32
Jan
Feb
8J*
Feb
Bond#—
Jan
Jan
603*
,
Shore_50
50
York Railways, pref....50
.
89.20 89,
100.00
$8,200
95 40 Feb
1,000
1,400
90.10 Mar
90.38 Mar
88.60 Mar
90.10 Feb
Jan
90.30 90.
50
90.30 Mui
89.84
89.70 89.
40,700
89.10 Mar
91.90 Jan
92.94
92.60 93.
92.00 Mar
94.60 Jan
89.92
89.60 90.
69,150
201,350
89.30 Mar
92.88
Jan
97.84
97.30 97.
143,250
97.00 Mar
99.34
Jan
97.52 97.
11,000
97.52 Mar
97.56 Mar
1st Lib L'n
2d Lib L'n 43*8..
96.50 97.
90.38 90
1927-42
90.30 Mar
Apb. 3
1920;]
CHRONICLE
THE
1103
Thurs.
Thurs.
2007
Amer Gas A Eleo 5a
High.
Week.
58
68
100*
61
Feb
65
Jan
Indiana Pipe Llne.r
101
Jan
101
Jan
Ohio OU.r
79
79*
79*
79*
88*
88*
90
'
rnrnmm
m
90
96
96
89
89
90*
92*
1966
91*
93
78*
78*
99*
99*
41
45
80
Jan
AJax OU.r...
83
Jan
Alien
92*
Jan
Allied
OU.r
1
92
Jan
Alto Gasoline A Oil
Feb
Jan
97
West N Y & Pa gen 4s.
Jan
Feb
1
Anna
Bell
Atlantic Gulf OU.r
Jan
Blgbeart Prod A Ref
Boone
OU.r
6
Oll.r.,1
Mar
49
Jan
45
Mar
Feb
76
Jan
Brazos OU Corp.r.(no par)
98K
Mar
64
Mar
Carib Syndicate
98*
14,000
98*
62*
2,000
62*
Feb
w 1.
r new
6
Coeden A Co., com.r
5
Dominion OU.r
It
give
a
record of
security market from March
security
make
be dealt in and
may
who make it
a
in,
can
meet there and
business to furnish daily records of the trans¬
The possibility
actions.
any one
Any
them included in the lists of those
prices and have
that
fictitious
transactions
that dealings in spurious securities
or even
may
be
may
included, should, hence, always be kept in mind, particularly
as
Last
Par.
Stock#-—
for
Sale.
April 1.
Week's Range
of Prices.
1.
Week.
Price.
Low.
High.
...1
Range
since
Low.
Shares.
2*
3
59,000
Jan.
High.
1*
Jan
3
Mar
Aetna Explosives.r(no par)
9*
2*
9K
10
10,300
7
Mar
10
Apr
Aluminum Mlrs.r.(no par)
27*
27*
28
1,000
.20
Feb
40
Jan
Am Candy Co.eom(no par).
9H
Amer Safety Raxor—...25
8*
88*
8K
£1
25
Case (J I) Plow Wks ,r.(t)
Cities Serv Bankers shrs(t)
Cleve Auto Co. new
(t>
Conley Tin Foil w l..._(t)
Ordinary bearer
Car Ltg & Power.r
19*
20
10
.£)
Brit Amer Tob ord
88*
19*
Austin Nichols & Co pf.100
Brit-Amer Chem.r
9*
10*
88*
8K
19*
19*
21
20
39*
78
Gen Asphalt,
com.r_..100
Preferred _r
Razor.r.(t)
Goldwyn Pleture.r.(no par)
m
-
m
m
47
mm-mm
Pyrene Mfg
10
Radio Corp of Am_r_..(t)
Prefer red. r
..5
300
7,700
Jan
173
50
165
Mar
180
Mar
25
1,600
21
Mar
34
6,700
6,000
1
Jan
2*
31*
7*
37*
31,000
23,300
800
10
Feb
17
Jan
13
900
10
Feb
17
Jan
18
2*
23,100
Feb
1,G00
Mar
V Vlvadou,
Wayne Coal
10
Inc.r.(no par)
-.5
WiUys Corp,com.r.(no par)
100
Second preferred.r.. 100
First
JRLJ
preferred.r
••
33*
30*
3,600
19
Jan
50
700
45
Mar
20*
?0*
2Q0
19
Mar
25
Jan
21*
25
600
17
Mar
39
Jan
41
42*
1,300
41
Mar
46
Mar
42
42
300
37
Mar
50
Jan
118
455
110
Mar
118
Mar
41
m -
-
-
-
.
5*
29*
33*
3,300
4*
Feb
34*
5K
6K
13,300
28 K
39
Feb
g*
6*
Mar
Jan
Jan
42
100
42
Feb
43
30"
45*
700
43
Mar
47
Mar
1,000
28
Feb
34
Jan
30
30
3*
3*
3*
7,700
4
3*
5*
9,700
11
12
2,100
10
130
130
.......
Basin Petrol.r..
~~5~
10
Harvey Crude OU
Home Oil A Ref.r
Oil
Houston
1
com.r
£1
Invincible OU.r........50
King Perroleum Corp.r-.l
Lance Creek Royal ties.r.l
Livingston Oil Corp.r...l
Lone 8tar Gas.r
...26
Corp.r
5
Metropolitan Petroleum.25
Petrol
10*
22
Jan
Apr
Mar
28
Jan
Mar
86
Mar
Mar
10
Apr
150
Mar
Apr
27*
Feb
29*
Mar
Jan
Mar
3
37
Mar
Feb
19
Mar
Apr
American OU.r...6
1*
38*
Omar Oil & Gas new ....10
Preferred,
r.
........
14
KJckard Texas Co.r.... .6
-
1
Petroleum.r
6K
95
Apr
Feb
222
Mar
100
59
30
2*
10*
20*
3*
10*
21
3*
9K
Feb
IK
Feb
15,700
3,200
34,000
2K
K
64
18*
3*
*
19
Jan
Feb
Jan
Jan
12*
24K
5*
Jan
18*
Mar
26 K
Jan
94
Mar
Steiner Oil Corp.r. (no par)
Mar
1*
Mar
1*
Mar
9
Jan
90*
Feb
151
Jan
7-18
Mar
1*
o37
Mar
77
27
Feb
45
Jan
Jan
Jan
Jan
4*
Mar
6*
Jan
2
Feb
3*
Feb
30c
Mar
1
Mar
65o
2*
Feb
Jan
31
Feb
88
4
Mar
9
Jan
Mar
41
Jan
27
Jan
Feb
0,100
3
2,400
4,000
3,000
1,000
32
6K
4*
2 *
Feb
6*
8
6
Feb
Jan
Mar
Jan
22*
Jan
Mar
4*
Jan
Feb
K
21
Jan
Feb
141
180
Jan
Mar
*
5*
Feb
35
Mar
K
Mar
Mar
1*
Mar
42*
4*
Mar
7*
38
Jan
Jan
Jan
Mar
Jan
18
800
17*
Mar
26
82
300
80
Feb
90
Jan
7
600
6
Feb
Jan
38*
8*
1*
9,000
t32
Feb
6,200
5,800
7K
Feb
9*
89*
10*
K
Mar
1* Mar
1*
3,500
Mar
2*
1*
3*
IK
4*
50*
*
1*
16,000
2,100
5K
500
8*
7-16
IK
20K
5
1
20*
*
900
Texas Pac Coal.A OU.r. 10
104
104
Texas-Ranger Prod A R..1
19*
25*
54*
6
1
1*
3K
K
3K
K
20
IK
Valverde Oil Prop.r... (t)
"I*
6
K
19
1,000
4*
Feb
7-16
7*
21
*
Jan
73*
Jau
13*
Jan
1*
Jan
Jan
22*
Mar
Jan
*
Jan
Jan
11*
15*
Feb
20
Mar
Mar
47*
43*
Feb
59*
80
Feb
2,000
1
Feb
I*
100
2
Feb
4
2,900
1 *
7*
IK
7*
200
1*
7,000
6
7
Jan
Mar
Feb
3
1
Jan
Feb
Jan
1
17*
38,800
Jan
Jan
Feb
9
19
16,700
Jan
Jan
3
66
6-16 Jan
26*
1,100
4,609
Jan
2,500
112
1*
2,500
3,600
5*
Feb
Mar
Feb
2*
44
500
6
5
51*
116
Jan
Jan
Mar
Jan
Mar
Feb
1*
23*
*
Mar
1*
Jan
7*
1*
6*
Mar
Jan
Jan
9*
*2 *
Mar
Jan
*
Jan
*
15
11,800
Mar
9*
Jan
Jan
Jan
1
1
3,000
1,400
23
.3
100
19
Feb
24
30*
30
32*
26
Feb
*50
5*
5
12,000
1,800
5
Mar
8*
Jan
Mar
*
Jan
Whelan Oll.r
White Eaglo Oil A Ref.r(t)
White Oil Corp.r..(no par)
Corp.r..(t>
Wood burn Oil
Jan
1
Feb
40
62
5
39*
Mar
H
38
Texas Company, new...25
10
Feb
26*
4*
17*
r
3*
Mar
35
20*
Victoria Oll.r
60*
6*
K
19
Vulcan Oil
Jan
Feb
3
*
4*
24*
Tropical Oll.r —......25
United Tex Petrol.r
1
Jan
Jan
Feb
32*
4
K
Superior Oil Corp. (no par)
OU.r
..10
Tex-Ken Oil Corp.r
Mar
4*
17
173
Texas Chief
Texon Oil A Land.r
2*
K
500
3,400
Spencer Petrol Corp
10
Stanton OU.r....—..—J
Jan
2,100
3,700
15,500
32,800
1,600
4,200
6,800
6
...1
"Y" Oil A Gas.r
*
*
Mining
1,500
*
1
Jan
Jan
Jun
Stocks—
Alaska-Brit Col Metals..1 111-16
1*
66,000
K
Feb
*
*
2,000
*
Mar
1*
IK
1
IK
5,000
2,300
17-16
Alaska Mines Corp.r
America Mlnes.r
1
1
Silver.r
Arizona
""} K
1*
2*c
Belober-Dlvlde.r
1
10c
Belcher Extension
10c
13c
Mlnes.r...
Atlanta
10c
3o
9*c 120
2*c
12o
Jan
Jan
Jan
14c
Big Ledge Copper Co
5
7-16
Booth.r
1
6c
6c
6o
Boston A Montana Dev..5
68c
K
66c
65c
Mining..—...1
350*
33c
Canada Copper Co Ltd..6
IK
Butte ANY Copper.r—.l
Caledonia
Candalarla Silver ,r—...1
Gold.r
Mines....5
Consol Virginia Silver_r_.5
Consol Copper
Silver,
"loo
4K
3K
1
r
56
Ltd.
40
Esperanza
5
El Salvador Silver Mln.r.l
Emma
9-16
1
1
*
2K
3K
12
Sliver.
Goldfleld Consol'd
jumbo Extension.....—1
200
2,100
4
20*
4*
3K
16*
50,200
Kerr Lake
*
6*
18*
4*
2*
15*
Jan
Feb
*
3
300
*
13c
40*
85
19*
11
IK
20*
*
10
Gold field Devel .r
10c
Goldfleld Merger.*..
1
Gold Zone Dlvide.r
.1
Great Bend.r
--1
Hecla Mining
---25c
Honduras Amer Synd.r (t)
Howe Sound Co..
1
Iron Blossom _r
10c
Jim Butler.r
1
Jan
Jan
Mar
16
84*
Jan
Feb
72
4*
23,400
35,000
4,800
11,200
15,000
1,400
3,600
2,100
14
Kewanua.r
..—-5
1
9c
7-16
K
H
35c
1*
*
K
29
31*
9c
ll*c
IK
4*
3
5
4*
56
54
Mar
49c
Mar
60c
500
*
30c
*
12c
6c
J
13c
10c
2c
3c
29c
l*c
4*
3c
4*
19
75c
Mar
*
42c
Feb
*
1*
Jan
Mar
6c
H
40
Jan
12c
Mar
6K
3,900
37,500
3
Mar
10
Jan
52
Mar
56
Mar
37*
Feb
10,850
11,400
6,800
Feb
2
Mar
10
Mar
1 1-16 Feb
.
2*
3* Mar
16
1%
*
Jan
2*
Jan
150
Jan
16C
Feb
4c
Jan
40c
Jan
4*c Mar
4* Mar
20
17*
Feb
3*
Mar
4*
Feb
7-16
23c
22c
24c
12,000
*
20c
10c
9c
lie
13,1.00
10,900
Jan
Mar
750
4c
Mar
2K
Feb
10c
20,000
6c
Mar
32,900
2c
Jan
16,700
22c
Mar
19,600
l*c Mar
11,100
6,376 3 15-16 Jan
600
Jan
Mar
Jan
1
2,900
48
115-16 Jan
900
2*0
Jan
4
1,500
4*
Jan
Mar
4,500
7-16
4*
Jan
Jan
Jan
1 1-16 Jan
Feb
20
4*
18*
4
"3c"
Jan
Feb
7-16 Mar
1*
7c
Mar
1*
Jan
9-16Jan
4*c Jan
2*
26c
4K
Jan
9c
1,600
1
Jan
6-16
7,200
14,275
2,900
16,000
1*
Mar
38c
32,860
1*
*
Mar
2K
3*
12
6
Mar
9c
9,600
Mar
4o
15,700
15,300
12,800
4,800
28,000
4,000
28,450
Mar
*
Mar
40*
10
1*
1 3-16
l*c Jan
13-16
3c
19
*
15,900
2*
2*
40
*28c
2C
Jan
11-16
1
Feb
500
35
9,200
4,800
10*
Golden Gate Explor'n.r..6
Feb
Feb
100
1*
1
4*
*
1*
Feb
100
40c
5*
Forty-nine Mining.r—..1
3K
95
3K
2*
35c
7,000
11,000
500
*
6K
48
Mar
10
95
3K
48
Eureka Croesus Mln.r—1
16 K
1,400
"~i*
Jan
2,300
23
73*
27
400
Jan
K
15-16
2,600
400
22
73
13
200
3,700
26 K
Mar
35 K
Mar
4,800
9,000
10*
Dolores
25,500
Feb
11,300
33
10
South States Cons Corp r 1
Dlvide Extension..—...1
Mar
2*
15*
31*
3*
1*
2,800
K
Skeliy OU Co.r
De Beers Cons Mines,
28
15
Feo
Slmms Petroleum r(no par)
Jan
88
9*
1*
14*
Mar
1 *
10
17*
Sapulpa Refining..:
5
Sequoyah Oil A Ref.......
Mar
Jan
11*
Jan
45
1
15
151
63
7*
1*
Mar
6,200
40
1
69
JaD
Jan
4*
K
25
80
82
Red Rock Oil A Gas
Feb
700
K
39*
3,800
4,700
Feb
Feb
44
36*
Mar
38*
11*
120
36*
8*
Ryan
Jan
11,200
41
Phillips Petrol, com.r _(t)
Producers A Ref.r.....10
Salt Creek Producers.r_.25
Mar
Jan
3*
6*
Republic OU A Ref.r
Jan
Feb
IK
6*
Cortez
1,785
4,500
63
100
Mar
24
7*
32
..10
OU.r
Pennok
Jan
1*
Mar
Jan
3*
5*
Panhandle PrARef comr(t)
15
5*
10*
43
32
Oklahoma Nat Gas.r. ..25
7H
1 5-16 Mar
3
IK
3*
*
Mar
63
3*
166
4*
Mar
11*
Feb
5-16
3*
3-16
88
Mar
Feb
IK
4
34
3
Jan
Apr
10K
Feb
19*
4*
3*
Jan
Mar
45
14*
6*
10*
31
19
86c
Mar
3*
9
8K
5
31
3*
1*
Feb
500
10,000
7-16
40c
Mir
16-16 Jan
1,200
5,700
1*
115
~~2H
26,300
64,000
32*
4
2
41*
44*
202
100
15
•
1
Ohio Ranger.r
Jan
95
*
1
r.
Ohio Fuel OU
Carson Hill
12*
84
31
16
Cash Boy Consol
36
2,400
42
168
Jah
*
mmrnrn.
mrnmmmm
Jan
4K
130
88
29*
3K
31*
10
OU.
Mar
84
42
50
Midwest-Texas
Mar
60c
31*
9*
IK
IK
Mexican Panuco Oil
_r
31c
3*
Feb
21
6*
Margay Oil Corp.r no par
Merritt OU
Corp
10
I
200
10K
11
4*
5*
15-16 1 1-16
Jan
Mar
7,500
26,200
5K
14*
Jan
mm mmmm
3
Mar
64K
6
39c
I*
35c
75c
5K
par)
North
300
13*
Oll.r.(no
Met ex
3*
66c
14
4*
Manhattan
161,000
1
1
10*
35*
Mar
3K
8K
Magna Oil A Refining
41*
32
8
*32"
10
Island Oil A Ref
26 K
88
220
14*
31*
3
180* 222
"95"
Mar
2,100
19,700
47c
1
Jan
8,900
7
3*
15
10
100
Petrol.r
Interest
Mar
4,200
4,900
2,700
8
2*
1
Hudson OU.r
Mar
14*
7
35c
Guffey-Gilleeple Oll-r-.(t)
17 K
45*
Mar
3K
10
3
480
*6-16
37 *
14
Feb
15
6
*
200
44
377
5
OU.r...
Federal Oil
200
400
135
31
Esmeralda Oil A Gaa.r—1
500
6,400
460
38c
Ertel
10
15*
4*
Mar
IK
19*
37
Mar
355
9K
39*
14*
730
Feb
67c
1
19
'
Mar
305
3
1
10
14*
2
iS*
Mar
Feb
83 *
335
Mar
Jan
Feb
18
500
Jan
5K
2*
520
29*
Feb
Jan
30
150
Feb
2
8,400
2,800
595
215
V«
Engineers Petrol Co.r
Elk
39
19*
39*
mmmrnmm
10"
ii*
7,000
2*
64*
29
mmmmmrn
2*
2K
2K
2*
2*
2*
20
35H
Jan
37
42
j
Imp Tob of Gt B A Ire.r..
33 *
Jan
Apr
Apr
49
•
U 8 Transport.r
2*
18
30
Times Square Auto Supp..
.....10
Feb
13
21
30
14*
U 8 Steamship
IK
4,320
33
45
U S HlghSpeedSteel ATool t
Jan
mmmmmrn
International.r—15
UntdPlctureProdCorp.r(t)
United Pro tit Sharing..25c
Un Retail Bs's Candy.r.(t)
101
mmmm'mmrn
Sweets Co of Amer.r—10
Triangle Film Corp v t c..5
United Motors.r.(no par)
Jan
97
36
.....
43
1*
14*
2*
18
3
Corp.r.(t)
Mar
Feb
12*
Stewart Mfg
r
Mar
100
600
Preferred,
Mar
500
3,500
Todd Shipyards
Mar
31*
7*
10*
10
Corp.r...(f)
2 *
Mar
97
18*
Swift
4
30*
IK
Jan
1
14*
10*
86
Thllnket Pkg
Jan
Mar
Mar
8
Submarine Boat v t o-.(t)
Mar
Mar
84
—50
49 K
130
165
85*
Preferred.r
Feb
Feb
(t)
Stand Gas A Elec, com.r.50
Jan
Feb
18
Stand Motor Constr.r..I0
Jan
50
76
18
100
100
11
Feb
138
43*
Singer Mfg.r...
Splcer Mfg pref.r
35
Feb
100
53
Rockaway Roil Mill3.r.(t)
3*
39
27,500
160
Ranier Motor.r...(no par)
Rels (Root) A Co com *
Preferred, r
Mar
97
—
Pressman Tire A Rub r..l0
400
4*
42*
C
Mills, (t)
Pennsylv Coal & Coke r 50
Perfection TAR r—...10
91
Jan
Jan
113
Peerless Tr & Motor.r
Feb
Mar
Apr
37
Niles-Bement-Pond
c
«4K
50
6
24
Patohogue-Plym
23
Feb
29
37
Mercer Motora.r..(no par)
Nor Am Pulp & Paper.(t)
Jan
Feb
1 9-16 1*
mmmrnmm
Orpheum Circuit oom.r ..1
Jan
3K
Mar
2*
Kay County Gaa.r
1
Keystone Solether.r
10
Kirby Lumber com.r..100
Libby.McNeil&Libby r 10
Linooln Mot Co ol A.r ..50
Locomobile Co new wi.r.(t)
100
(no par)
28*
39
27
100
Y Shipbldg
Jan
22
22*
Imp Tob of G B & Ire— £1
Intercontinental Rubb.100
Nat Ice & Coal.r
Jan
100
173
mm
24"
IK
N
Jan
Feb
Mar
37 *
55
9K
28
4,200
160
30*
_r
4,000
17
Jan
25
47
49*
96* 102*
100*
par)
Heyden Chem.r
(no par)
Hydraulic Steel, com.r.(t)
Preferred
300
2,400
85
42
*»
Grape Ola Prod Corp oom 1
Preferred....—
1
Hercules Paper-r.. (no
Feb
60
4*
*
100
Gillette Safety
7*
25
(t)
Davles(Wm) Co, Inc.r.(t)
Farrell(Wm)&Son com r (t)
Jan
Feb
46
"49*
Cuban-Amer Sugar w 1
Dafoe-Eustioe Co.r
93
2,100 XV17H
400
2*
40*
80
Jan
8
900 ry 18
21
40*
Feb
17*
3,300
2K
2*
mmm-m-
11K
Mar
100
20
8
Feb
8*
88
600
It ,400
Jan
665
37c
Midwest Refining
Aeme Coal.r
Mar
388
440
McKenzle OU
Sales
Thurs.
Jan
101
Feb
343
Maracalbo Oil Explor.r.(t)
regards mining shares.
Week ending
Duquesne Oll.r
Glenrock Oll.r
restrictions whatever.
are no
.....10
GlUiland Oil com.r.(nopar)
the week ending Thursday afternoon.
On the "Curb" there
creep
we
April 1 (April 2 Good Friday Holiday), both inclusive.
covers
31
Feb
318
Burknett Van Cleav OI1..5
,
Boston-Wyoming
Circle OU.r
27 to
Feb
97
5
*84*
Mar
62*
the transactions in the outside
24*
20
660
435
10
45
67*
Jan
New York "Curb" Market.—Below
9,900
101
365
Arkansas Nat Gas new wl 10
Jan
93*
81*
101*
Mar
98*
98*
1943
27*
26
Amalgamated Royalty.r.l
Jan
Feb
93
Apr
1
OU. r
40
2,000
1.
High.
101
6
78
13,000
Jan.
since
Low.
365
*
69
United Rys Invest 58.1926
Welsbach Co 5a
1930
Range
Shares.
Other Oil Stocks
Jan
Feb
99*
Jan
94
Mar
89
100
70
102*
Mar
96
1,000
45
Jan
90*
10,000
for
Week.
High.
Mar
82*
90
2,100
41
100*
79*
88*
15,000
69
1949
Feb
Feb
79
3,000
2,000
4,000
101
Prairie OU A Gas.r
Mar
of Prices.
26
50
Standard Oil (Calif).r. 100
Standard Oil of N Y.r.100
78*
1,000
3,000
2,000
5,000
1,000
79
£1
...26
100
Jan
Mar
Mar
Week's Range
Low.
Subsidiaries
Jan
63
55
99*
86*
99*
4,000
13,000
86*
86*
1960
.1921
small
Anglo-Amer OU.r
101
79
Reading general 4s
1997
Spanlsh-Amer Iron 68.1927
Unit Rys gold tr ctf 4a_ 1949
do
Jan
100* 100*
Phlla Electric 1st 5s__1966
.
Jan
71
2,0(0
1,000
56
■
Penn RR gen 4 * 8... .1965
General 5s
1968
small
Jan
82
Apr
62
100
Market St Elev 1st 4s. 1955
do
82*
Mar
65*
•
P W A B ctfs 4s
Mar
2,000
101
101
Par
Former Standard Oil
78
65*
62
1945
Eqult Ilium Gas Lt 5a .1928
Lake Superior Corp 58.1924
Lehigh Valley coll 6s. .1928
Consol 4*s__
1923
Registered 6s
1923
Gen consol 4*s.
2003
Eleo A Peop tr otfs la.
Price.
77
77
65*
65*
Last
Sale.
Subsidiaries
High.
400
77
Cons Trac of NJ 1st 58.1932
Consol 4 Ha
Low.
3,000
79
78*
..2007
small
do
Low.
Former Standard Oil
for
of Prices.
"rice.
Range since Jan, 1.
Sales
Week's Range
Last
Sale.
Bonds <Concluded)
Sales
Feb
Feb
Feb
Mar
27c
Jan
6c
Jan
12c
Mar
4
Feb
l*o Jan
4*
Jan
4o
Jan
1404
THE
Thurs.
Week's Range
of Prices.
Price.
Keystone Mining.r
Knox Divide.r
....10c
Louisiana Control
Week.
Low.
High.
Shares.
1
Last
Rale.
Mining Stocks (Concluded)
1%
lie"
....1
10c ll%c
%
hi
MaoNamara Mining.r._.l
Magma Chief.r
1
Motherlode,
......
2%
5c
6%c
Nixon Nevada
1
Mines, Ltd,
1
w
Red Warrior.r
Suooess
Mining.
hi
42c
1
2 1-16
Tonopah Extension
1
Tonopah Mining.r
1
2
2
Eastern
1%
3%
"
8c
10c
Washington Gold Quartz. 1
1M
West End Consol'd
1%
5
White
2%o
Caps Extension. 10c
White Caps Mining
10c 15%c
Wilbert Mining
Yukon Gold Co.r
Jan
Feb
Jan
%
Jan
hi
Feb
19
Jan
Apr
1c
Feb
14c
Jan
2c
JaD
30c
Mar
Jan
15-16 Jan
3-16 Jan
3c
Jan
%
Jan
7c
Jan
l%c Feb
7c
Jan
Mar
3 hi
1 16-16 Mar
4 hi
Jan
Jan
Mar 2 16-16
1%
Jan
8%
Jan
3 hi
7c
Mar
10c
Jan
Mar
29c
Jan
97c
7.000
11,920
Mar
Jan
7o
6,200
10,000
12,900
Jan
4 hi
Jan
1%
Mar
2 7-16
1 7-16 Jan
Jan
17c
l%c Jan
7%c Jan
18c
Mar
9%c
1%
9c
10,600
2,000
5%c Jan
12c
Mar
3c
Jan
Jan
1 hi
Feb
Mar
89 %
Jan
hi
Bonds—
Allied Pack conv deb6s'r'29
76%
Amer Tel A Tel 6s.r—1922
95%
94%
94%
6% notes_r
—.1924
Anaconda Cop Min 6s r '29
External 6s_r
94
77% $60,000
91,000
95%
17,000
94%
95
12,000
100
100
Anglo-Amer Oil 7%s_r.'25
Belgian Govt Ext 6s.r_1925
100% 535,000
76%
95%
94%
93%
97%
1921
Beth Steel 7% notes..1923
C C C A St L Ry 6s.r.492»
Goodrich 7s
Per Bhar
Standard Oil Stocks
Par
93
Feb
94
Jan
97%
93 %
Mar
96
Jan
94
Mar
98%
Jan
100 hi
Mar
97%
99% 100
88%
88%
99 hi
28,000
95
97%
Mar
93
Mar
97
Feb
15,000
97
Mar
99%
Jan
hi
99 hi
4,000
Mar
101%
Jan
35,000
Si hi
Feb
89
Jan
1926
99
99
99
25,000
99
Apr
99
Apr
1921
1
w
74
72
74%
62
Feb
76
Jan
95%
95%
98%
29%
95%
98%
8,000
32,000
95
Feb
98%
Jan
99%
Jan
39
Feb
Interboro R T 7s.r
Kennecott Cop 7s.f—1930
Llgg A Myers Tob 6s.r.'21
Russian Govt6%s_r._1919
mmmmm—
1,000
98 hi
Mar
15,000
30
23%
Jan
89%
86%
89%
86%
87
98%
Switzerland Govt 5%s.1929
89
98%
Swedish Govt 6s June 15'39
98%
99
185,000
98% 135,000
Texas Co 7% notes.r. 1923
Western Eleo conv 7s.r '26
...100
Continental Oil
Crescent Pipe Line Co...
Mar
97
Jan
Feb
89
9,000
20,000
93
Jan
86%
98 %
Mar
99 M
Mar
98
Mar
98%
Mar
t No par value,
i Listed as a prospect.
I Listed
Exchange this week, where additional transactions will be found,
r
lots,
Unlisted,
t Dollars
v
w
per
issued,
When
x
1,000 lire, flat,
Eureka Pipe Line Co
100
Galena-Signal Oil com...100
Preferred old
..100
100
y
the
o
stock,
Ex-rights.
M.
United Lt A Rys oom
1st preferred
£1
2nd,
2 Ex-stock
dividend,
Mr. Hall
was
a
Vice-President of the Liberty National until he joined the colors, having
lieutenant in the U. S. Navy Aviation
the board.
The Senior partners are A. E. Fitkin and W. C. Harty.
6.50
140
Preferred and Common stocks of Gilmers Inc. and of the Wolcoff Clothing
Corp. and of the capital stock of the Thurber Earthen Products Co.;
transfer agent of the capital stock of the American Silver Corp. and of the
stock of the Arkansas Natural Gas Co., and also has been appointed divi¬
dend disbursing agent of the stock of the United States Trucking Corp.
.
Chesapeake A Ohio...
94
98
172
*97
100
Equipment 5s
Chicago A Alton 4%s.
Equipment 6s
of the Common and Preferred stocks of the Associated Ice & Refrigerating
Companies, Inc.
Bid
America *._..
615
AmerExoh...
295
Ask
6.00
105
6.50
6.00
25 *345
355
Chicago A N W 4%g
Chicago RIA Pao 4%«„
100
Ohio Oil Co
26
*57
60
Prairie Oil A Gas
100
635
.100
100
250
400
143
315
Solar Refining
Southern Pipe Line Co.. 100
South Penn Oil
100
83
Standard Oil (California) .100 343
Standard Oil (Indiana)..100 800
Standard OH (Kansas)
100 615
Standard OH (Kentucky) 100 415
Standard OH (Nebraska) .100 525
Southwest Pa Pipe Lines.100
6.50
260
7.50
6.75
420
7.50
6.75
148
7.50
Hocking VaUey 4%a.
Equipment 6s
325
6.50
6.60
6.00
348
6.60
6.00
815
Kanawha A Michigan 6%e..
Louisville A Nashville fia...
7.25
6.50
635
6.50
6.00
430
Michigan Central 6a
6.75
6.00
Minn St P A S 8 M 4%«—
6.75
6.00
7.60
6.60
7.50
6.50
550
6.75
112
Standard Oil of New Y*k.100
438
443
Missouri Pacific 5s.
Standard Oil (Ohio)
Preferred
100
495
615
Mobile A Ohio 5a..
7.25
107
108
Equipment 4%s_
7.25
6.25
Swan A Finch
100
95
100
7,00
6.00
100
124
128
7.00
6.00
99
101
100
420
430
7.50
6.75
10
*37
42
6.60
6.00
Union Tank Car
Co
Preferred..
Vacuum OH
Equipment 4%s.
7.00
6.50
Ordnance Stocks—Per 8liar*.
65
75
157
85
120
122
50 450
50* 60
500
Reading Co 4%s
95
110
70
75
25
*57
100
320
7.50
100
86
88
100
91
Empire Steel A Iron com. 100
31
Mfg
Equipment 5s
Toledo A Ohio Central 4e._.
6.75
6.25
7.00
6.00
Virginian Ry 6s
7.50
7%
Tobacco
are.
Stocks—Per
Bid.
duPont (E I) de NemourB
Eastern Steel.
;
100
87
96
110
125
*19%
230"
100
99
117
119
100
95
220
235
Brit-Am Tobac,
100
Phelps-Dodge Corp.....100
S oovlll Manufacturing...100
Preferred.
bearer..£1
105
NUes-Bement-Pond com. 100
Preferred
•33
460
480
97
95
575
475
525
100
100
Preferred
105
100
125
135
100
Preferred
Young (J 8) Co
95
105
45
50
90
SLort Term Notes—Per
Am Cot OH 6b 1924—MAS 2
6% noteB 1922
Amer Gas A Else com...
share.
A AO
95%
93%
9538
'29.JAJ
94%
95
40
Canadian Pao 6b 1924.MAS 2
95
9584
188
191
Del A Hudson 5a 1920..FAA
99
99%
100
89
91
95
96%
99% 100%
98% 99
400
410
100
14
Columbia
345
355
Carolina PowALlght com 100
35
388
Preferred
100
Amer Public Utilities comlOO
396
290
Commercial..
160
Cities Service Co corn
250
Empire
300
1/318
338
Equitable Tr.
300
308
Colorado Power com
Bronx Nat...
160
160
Merchants
240
250
Farm L A Tr.
425
435
165
Mutual*
490
Fidelity
New
42
310
205
460
York—
Pacific ♦
215
475
135
232
23d Ward*
160
Comm'l
425
'mmmmm
Union Exch—
180
United States*
175
Wash H'ts»__
350
Yorkvllle *
120
440
95
100
Cuba (Bk of).
East River...
170
Europe
110
Fifth Avenue*
«...
Filth
mmm
450
140
155
First
205
130
Greenpolnt
150
Hillside*
110
163
173
First........
940
230
Gotham
200
~
960
Garfield
Industrial*
~
226
11
44
75
76
100
N
Y
A
105
125
and Miscellaneous
American Erase
100
222
American Chicle com
*8
mm
100
73
100
74
78
145
50
m
"
Preferred
American Hardware:
100
143
86
88
Amer Typefounders com.100
42
North Texas Elec Co com 100
66
71
100
62
67
Pacific Gas A Elec 1st pref 100
83
86
Puget Sd Tr L A P com. .100
Preferred
100
13
15
Celluloid
53*2
65%
Havana Tobaooo Co
100
18
20
100
52
56
48
100
Preferred
Life Ins
Trust...
720
740
N Y Trust...
600
615
Title Gu A Tr
383
390
405
415
830
850
States
53
North'n States Pow com .100
Preferred
Preferred
500
165
Franklin
240
250
120
Hamilton
262
272
660
700
205
215
515
South Calif Edison com..100
100
Preferred
Standard Gas A El (Del).
Preferred
85
86
99
104
50
*18%
60
*39%
80
Mechanics'*..
87
93
Manufacturers
Montauk *__.
90
95
People's
Nassau
205
215
National City
116
130
1st
preferred
2d
preferred....
825
North Side*..
195
People's
145
Tennessee Ry L A P com.100
Preferred
100
United Gas A Elec Corp.100
205
380
1/270
46
100
85
90
108
112
...100
93
95
100
150
160
Preferred
Company
100
1%
100
5
11
1st g 5s June 1 1922—J-D
Intercontlnen Rubb oom.100
/50
55
Preferred
2%
12
14
International Salt
100
67%
70
1st gold 5s 1951
A-O
70
72%
International Silver pref.100
*98
100
*88
;90
130
135
1%
134
Lehigh Valley Coal Sales. 50
5
6
Royal Baking Pow com..100
100
Kings County
Preferred
76
Borden Company com ..100
20%
40%
100
...
Industrial
46%
Northern Ohio Eleo Oorp.(t)
94
87
100
Preferred
Preferred
215
365
...
290
Brooklyn
Brooklyn Tr.
805
Harrlman
46
Preferred
Homeetead*__
Greenwich*.. 1/270
Hanover
87
First Mtge 5s 1951—.JA3
....
U S Mtg A Tr
190
180
900
85
270
Brooklyn
Coney Island*
160
Utah Boo Corp 6s '22.MA815
Metropolitan.
Mutual (West¬
chester)
mmmm
220
445"
Cosmop'tan*.
Irving
United
mmmm
Corn Exch*..
9
275
375
Continental*.
6
Republic Ry A Light
229
220
Federal Light A Traetlon.100
Mercantile Tr
Tradesmen's*
Commerce...
210
mmmm
mmmm
690
wealth*...
98»4
175
Seaboard —1
Ex*.
983
Trust
396
Common¬
91i2
93i4
93l2
Southern Ry 6a 1922—. MAS
SwlftACo 6a 1921... FAA 15
Lincoln
388
mmmm
Slogs-She! S A I 6s '29.FAA
52
93
mmmm
City
Columbia*... 1175,
24
48
20
9
360
99%
88
d90
44
760
86l2
98
100
Preferred
83
Public
450
98
—100
310
205
90
Mississippi Riv Pow com. 100
300
State*
100
Great West Pow 5s 1946-JAJ
Citizens
Second
96i2i 97
126
mmmm
mm mm.
9834'
Penn Co 4%s 1921—JAD 15
Pub 6er Corp NJ 7a '22 .MAS
Bank
375
mm mm.
N Y Cent 6b 1920..MAS 15
15
118
740
Prod Exch*__
'
160
LlggettAMyersTob6s'21JAD
70
10
1929...
Elec Bond A Share pref—100
378
Hudson
391
69%
100
Com'w'til Pow Ry A Lt—100
265
373
96
100
100
Preferred
232
255
96%
97%
94%
97%
\Nat
Park
610
-
222
.....
3
Law Tit A Tr
130
595
350
Preferred
Preferred
Fulton
Irving Trust. /See
125
Chemical
'250
150
Guaranty Tr.
125
New
460
Neth*..
New York Co
Chelsea Exch*
Coal A Iron..
94%
9614
Laolede Gas 7s Jan
Central Union
410
Amer Power A Lt com... 100
Manhattan *_ 1/240
Colonial *
K G Term Ry 4%a 1921.JAJ
68 Nov 15 1923—MAN 15
388
400
400
Aft.
Mech A Met
300
8
19
37
Bankers Trust
390
Bid
126
Chat A Phen.
Federal Bug Rfg 6s 1924MAN
General Elec 6a 1920
JAJ
Great North 6a 1920—.MAS
Ntw York
155
450
65
71
Trust Co'a
105
Chase
63
69
Ask
675
certificates)
Liberty
-
Anaoonda CopMln
96%
94%
9534
*38
145
37
125
50 *123
Cent.
50
Preferred
Bronx Boro*.
146
107
73
70
100
163
91
640
101
80
Iron
155
100
37*
60
2nd preferred
Woodward
Preferred
B common stock
100
1st preferred
MaoAndrewa A Forbes.. 100
20
*19% 20
300
350
110
120
Reynolds (R J) Tobacco.100
430
100
Thomas Iron
132
35
220
Preferred
Aft.
128
82
72
Heroulee Powder com...100
Broadway Cen
220
6.25
Colt's Patent Fire ArmB
205
Bryant Park*
Butch A Drov
6.50
6.00
6.75
340
Debenture stock
6.50
6.50
60
A Co common
6.50
7.50
Southern Railway 4%s
90
6.50
7.60
Seaboard Air Line 6a.
80
100
215
Gent Merc...
6.00
6.00
6.00
7.50
88
100
100
preferred
6.00
6.50
163
100
100
Carbon Steel common... 100
6.25
6.50
100
Aetna Explosives pref
Bid
280
6.00
815
HI
560
Lincoln
6.50
7.50
87
805
Atlantic
425
6.50
7.50
100
Preferred
Battery Park.
Bowery*
mm mm
6.50
7.50
Equipment fia
Standard OH of New Jer.100
Banks
3~10"
6.50
7.50
645
Penn-Mex Fuel Co
Imp A Trad—
tlrvlng (trust
215
6.75
102
Preferred
•anks—N Y
6.75
6.75
Amer Lt A Trac com.... 100
City Banks and Trust Companies.
per
6.25
7.00
7.75
7.75
.
42
32%
Public Utilities
prices dollars
6.25
Northern Pipe Line Co.
Preferred
All
6.50
6.60
7.75
178
Amer Tel A Tel 6« 1924.FAA
New York
7.50
7.50
7.00
.
82
6.75
Winchester Co com..
Exchange National Bank has been appointed registrar
.
7.25
Preferred
Guaranty Trust Co. of N. Y. has been appointed registrar of the
—The American
7.00
Canadian Pacific 4%s A 6sJ
Ohio Ind A Loulsv A hi a.
1st
on
5.85
Chic St Louis A N O 6a.
2d preferred
Mr. Benedict will represent A. E. Fitkin & Co.
6.35
190
Benedict & Co., members of the New York Stock Exchange since 1873,
a
5.85
Equipment 6s
*3U2
Preferred
have been admitted into the investment firm of A. E. Fitkin & Co., 141
5.85
6.35
185
Bliss (E W) Co common-
formerly Vice-President of the Liberty National
6.50
6.3J
Equipment 4s._
105
*41
7.50
B
150
100
Basis
.
.
34
18%
70
New York Transit Co...100
Preferred
NQT1C1ES
Broadway, this city, Boston, Pittsburgh and Chicago.
64
367
National Transit Co...12.60
Bank, and M. J. O'Shaughnessy, with L. L. Benedict, formerly of L. L.
recently returned from Europe as
26%
17
0
Canada Fdys A Forglngi.100
Hall,
24
62
0
635
*32
140
136
79
ft.
10 0
10 0
Stock
New
on
k Correction.
CURRENT
—The
50
Per
Public Utilities {ConeI.)
Aft.
620
Preferred new........100
Illinois Pipe Line
Indiana Pipe Line Co
International Petroleum.
Babcock A Wilcox
Corps.
t
Atlas Powder common... 100
Ex-dividend,
Sold last week and not reported, 200 Peerless Truck A Motor at 46@47.
—A.
60
Cumberland Pipe Line...100
Washington OH...
♦Odd
Bid
25h 26l2
Anglo-American Oil new. £1
1525
Atlantic Refining
1001475
.100 111%112%
Preferred
500
Borne-Serymser Co
100 475
99
Buckeye Pipe Line Co... 50 *97
240
Cheeebrough Mfg new-.-lOO 230
108
preferred new
100 106
Prairie Pipe Line
1
170
1 3-16Jan
40c
3,480
82
150
prices are "and Interest" except where marked "f.'
All bond
Feb
42
Feb
2
170
75
Quotations for Sundry Securities
Jan
1 hi
10,000
13,800
14c
9c
1
..5
9c
7%C
9C
1% 15-16
2
1%
2%C 2%C
23c
Mar
2 1-16
150
Jan
Feb
4,725
A
Title A M G
Jan
hi
9,890
16,400
4
8c
...1 315-16
U 8 Continental Mines.r.l
Victory Divide.r
2%
2%
2%
2%
Title
Mortgage..
Jan
12 hi
3,000
9,500
Y
N
Aft
113
Jan
6c
7-16
6c
2 1-16
3%
78c
Mar
Mar
14
Nat
Bid
107
Realty Assoc
(Brooklyn).
Jan
12c
11,450
2 1-16
2%
2%
32c
Jan
7c
5-16
6%C
85
Feb
4c
.....1
7c
20c
75
75
Mar
5-16
5c
65
Preferred..
hi
15,500
16,900
17,300
2,400
18c
245
City Investing
7c
6c
7c
Tonopah Belmont Dev.r.l
Tonopah Divide, r
]
United
52c
40c
235
Jan
Mar
1-16
1,200
West A Bronx
Bond A M G.
hi
4.500
%
U S Casualty.
US Title Guar
144
Jan
11,000
39,400
16
15
1 19%c
1
5-16
Sutherland Divide.r
9c
3-16
207
135
Mtge
Feb
36
200
78
Jan
hi
%
100
7-16
hi
%
Silver King of Arisona— -1
Silver King Divide..r.— l
BHver Pick Cons'd.r
6,000
36
8c
15%
1
Standard Sliver-Lead
4,600
6,150
Surety..
Lawyers Mtge
73
Feb
4%cMar
12c
%
97
86
Surety.
2%
9%
Aft
136
92
82
Amer
38 hi
Feb
74c
Bid
128
Bond..
Alliance R'lty
97o
Mar
1,900
2,200
23C
%
9c
Silver Dollar Min.r
1,300
prices dollars per share.
Aft
Jan
hi
Feb
15o
2,460
%
3-16
hi
Realty and Surety Companies,
All
Bid
Jan
Jan
3-16 Jan
13,700
15-16
36
1
Rex Consolidated Mln...l
[Vol. 110.
New York City
Mar
16c
Mar
hi
34%
%
......
Roper Group Mining
1
Seneca Copp Corp (no par)
6c
Mar
5,000
11
11-16
Rand
17,500
77o
%
2
Cons
1 hi
2%
5%C
20c
..1
ODhir Sliver Minee.r
Prince
1
100
10%
"10%
6
16,000
7,300
75c
1
1.
Jan.
High.
45,000
180
since
Low.
38
_
1
new.r
Murray-Mog M Ltd
Nlplaslng Mines.
Range
5-16
38
16c
6
Marsh Mining_r
1
Mason Valley...........6
for
%
hi
%
%
......
Magma Copper..
CHRONICLE
Sales
Preferred
100
85
88
Singer Manufacturing—.100
Singer Mfg Ltd
£1
130
135
....
160
Texas Pae Coal A OH
d2%
10 *107
3%
110
210
♦[Banks marked with a (*) are State banks., t Sale at auction
change this week,
t Includes one-half Bhare Irving Trust Co.
Ex-dlvldend.
y Ex-rights.
x
or
at Stock Ex¬
t New
stock.
•Per
share.
Flat price,
n
6 Basis,
Nominal,
d Purchaser also
x
Ex-dividend,
pays
accrued dividend,
y Ex-rights.
e
New stock.
(*) Without par value.
APR. 3
1920.]
THE CHRONICLE
ttttestnmrt mxxl
1405
gjUrilwraxi Intelligence.
'
GROSS
RAILROAD
EARNINGS
The following table shows the gross earnings of various STEAM roads from which
regular weekly or monthly returns
oan be obtained.
The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from Jan. 1 to and including the latest week or month.
The returns
of the electric railways
are
brought together separately
on a
subsequent
Latest Gross Earnings.
noADS.
Week or
Month.
Current
Year.
page.
Jan. 1 to Latest Date.
Previous
Year.
Current
Year.
Alabama & Vicksb
February
3d wk Mar
Arbor
248,057
206,860
72,977
102.003
Atch
Topeka & S Pe February
5
Gulf Colo & S Fe_ February
Panhandle & S Fe February
Atlanta Birm & Atl February
Atlanta & West Pt_ February
Atlantic City
February
Atlantic Coast Line. February
Baltimore & Ohio— February
B&OChTerm— February
Bangor & Aroostook January
Beliefonte Central
February
Belt Ry of Chicago. February
Bessemer & L Erie.
January
Bingham & Garfield February
Birmingham South- February
Boston & Maine
February
Bklyn E D Terminal February
Latest Gross Earnings.
Previous
Year.
$
$
Ann
•
$
544,360
1,016,413
WADS.
366.073 1,304,339
769,511
358,429
963,903
739,954
217,637
524.717
439,653
215,919
485,483
511,459
6,558,805 4,959.224 13,378,944 10,847,065
13989717 11228986 31,333,385 24,561,103
193,458
103.074
408,537
230,761
591,175
470,484
591,175
470,484
7,269
7,175
14,421
16,487
370,765
219.449
790,551
475,683
639,349
662,851
639.349
662,851
150,943
127,418
$03,094
273,554
57,972
37,834
72,982
114,875
4,470,284 4,402,978 11.248,560 9,908,463
78,259
68,352
170,288
134,215
Buff Roch & Pittsb- 2d wk Mar
355,291
291,483 3,522,774 3.195,611
Buffalo & Susq
February
205,038
164,286
•431,537
357,097
Canadian Nat Rys_ 3d wk Mar 1,577,062 1,487,313 18,676,267 17,391,112
Canadian Pacific
3d wk Mar 3,283,000 2.832.000 36,534,000 31,525,000
Can Pac Lines in Me February
326,163
217.443
571,838
636,328
Oaro Clinch & Ohio February
420,168
440,029
1,056,815
908,065
Central of Georgia
February
1,980,625 1.546.001 4,391,968 3,204,806
Central RR of N J— January
3,672.167 3.612.002 3,672,167 3.612.002
Cent New England- February
841,155
309.444
459,431
978,870
Central Vermont
February
915,449
378,942
366,504
798,801
Charleston & W Car February
237,035
586,242
307,321
495,014
Ches & OhioXines-. February
6,236,381 4,796,048 12,656,891 10,828,118
Chicago 8c Alton
February
2,048.701 1,823,758 4,589,881 3,856,410
Chic Burl & Quincy. February
1321^614 10479346 29,786,962 22,126,426
Chicago & East HI— 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 &'LouisvFebruary
859,079 2,341,422 1,724,413
1,028,604
Chicago Junction— February
251,631
637,370
289,306
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 8c St L__ January
201,953
125,305
125,305
201,953
Chic R I & Pacific.. January
12344566 8.002,957 12,344.566 8.002.957
■»•
Chic R I & Gulf
February
354,327 1,196,986
725,657
535,944
Chic St P M & Om. February
2.511.365 1,853*156 5,421,789 4.168.003
ChicTerre H&SE. January*
437,160
347,389
437.160
347,389
Cine Ind & Western February
696,001
206,497
439,640
319,846
Cin N O & Tex P_. February
1,521,344 1,294,901 3,277,656 2,806,018
Colo & Southern
3d wk Mar
451,372 6,065,733 5,156,742
484,401
Ft W & Den City. January
773,785 1.101,037
1.101,037
773,785
Trin & Brazos Val February
313,822
98,141
139,809
241,353
Colo & Wyoming
February
109,191
100,403
60,314
196,686
Cuba Railroad..___ January
1,158,101
1,158.101 1,166,271
1,166,271
Delaware 8c Hudson February
2.428.366 2,273,580 5,200,331 4,937,534
Del Lack 8c West.— February
5,536,045 5,355.451 11,428,951 11.054,504
Denv & Rio Grande January
3,420,841 2,568.465 3,420.841 2,568,465
Detroit & Mackinac February
253,101
103,664
204,450
134,788
Denver 8c Salt Lake February
509,074
165,243
301,927
263,404
Detroit Tol & Ironfc. February
739,568
283,782
388,187
646,769
Det & Tol Shore L__ January
186,360
205,123
205.123
186,360
Dul & Iron Range
February
270,585
123,438
225,966
142,862
Dul Missabe & Nor_ February
314,177
193.450
385,499
169,485
Dul Sou Shore & Atl 2d wk Mar
67,585
850,411
715,907
69,517
Duluth Winn & Pac January
184.454
166,747
166,747
184,454
East St Louis Conn. February
93,522
268,019
192,118
152,633
Elgin'JoliefA 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
1,767,344
804,896
1,628,169
768,992
Florida East Coast- January
1,189,953
1,189,953 1,008.152
1.008,152
Fonda Johns 8c Glov February
205,274
80,378
173.883
96,754
Ft Smith & Western January
154.495
114,334
154,495
114,334
Galveston Wharf.
February
172,054
137,923
83,767
51,910
Georgia Railroad
February
1,004,297
463,249
1.008.740
519,693
Georgia & Florida
January
78.845
114,132
78,845
114,132
Grd Trk L in New E February
622,297
657,763
279,131
315,992
Grand Trunk Syst.
3d wk Mar 1,320,407 1,235,013
Grd Trunk'West. February
3",756",864 2",952",935
1,914,854 1,329,471
Great North System February
7,252,816 6,209,835 17.404,752 15,084,235
Green Bay 8c West
January
llu.655
115,655
121,249
121,249
Gulf Mobile & Nor_ February
180,495
583.350
255,662
375,161
Gulf & Ship Island. February
466,104
168,099
343,965
198,984
Hocking Valley
February
950,819
1,031,033
441,056 2,195,638
Illinois Central
11093800 7,925,216 26,349.692 16,429,173
February
Internat 8c Grt Nor. February
1,316,5201,029,407 3,045,096 2,135,143
Kan City Mex & Or January
149,575
60.791
60,791
149,575
K O Mex 8c O of Tex January
159,500
75.004
75,004
159,500
Kansas City South. January
1,498,995 1,263,651
1,498,995 1,263,651
Texark & Ft Sm__ February
110,975
308,580
209,083
150,808
Kansas City Term.
February
97,076
244,715
204,746
117,896
Lehigh & Hud River February
336,099
138,599
187,361
393,767
Lehigh & New Eng. February
596,136
162,822
469,950
227,776
Lehigh Valley
February
4,504,277 4,101,560 9,991,754 9,164,125
Los Ang 8c Salt Lake January
1,631.856 1.300.741
1.631,856 1.300.741
Louisiana & Arkan. February
693,858
375,806
189,630
34,5822
Louisiana Ry 8c Nav January
313,762
273,244
313,762
273,244
Louisville & Nashv. January
10269714 8,256,212 10.269,714 8,256,221
Louisv Hendf& St L February
498.067
246,725
219,767
458,455
Maine Central
February
1,024,380 1,271.707 2,628,726 2,688,122
Midland Valley
385.987
January
385,987
304.452
304.452
Mineral Range.
2d wk Mar
17,452
131,725
13,238
205,462
Minneap~&*St*Louis February
865,745 2,651,331
1,791,567
1,148,581
Minn St P & S'S M. February
3,481,254, 2,790,644 6,973,456 5,965,999
Mississippi Central. February
134,770
58,956
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. January
167,544
167.544
139,884
139.884
Mo Okla & Gulf
174.084
101,088
January
174,0841
101,088
*
__
_
_
A
„
„
—
_
Ft W & Rio Gran. January
St L-S F of Texas. January
St Louis Southwest- February
St L S W of Texas January
St Louis Transfer— February
San Ant 8c Aran Pass January
Seaboard Air Line.. January
South Buffalo
February
-
Pacific
February
Arizona Eastern. January
Galv Harris & S A February
Southern
Year.
.
4th week Feb
1st week Mar
2d
week Mar
3<L week Mar
•We
no
( 6 roads)
(13 roads)
(13 roads)
(14 roads)
(13
(14
(13
( 9
(14
(14
(12
roads)
roads)
roads)
roads)
roads)roads)-
roads)
-
5,894.615
8.048.690
7,184,286
9,638,583
7,839,859
8,175,583
6,949.253
6,689.056
7,594,843
7,701,049
7,854,679
5,151,529
6.827,044
7.029,507
8.861,350
6,689,392
6.960,566
6,736.316
5,278,306
6,487,501
6,764,941
6,948,321
lunger include Mexican roads In any
.
_
4-743,086
4-1.221.646
4-154,716
4-777,233
4-1.150,467
4-1.215,017
4-212,937
4-1,410,750
4-1.107,342
4-936,108
4-906,358
of our totals
-
19,938,158
611,533
466,990
158,529
4,063,303
51,065
323,398
248.026
395,063
1,384,018
172,446
142,936
607,936
53,921,339
1,342,586
1,705,937
13,192,992
474,423
14,121,013
6,037,616
1,772,409
722,727
4,271,592
17,229,037
735,167
639,442
13,072,912
743,611
265,667
17,573,546
97,327
1,042,340
658,591
56,667,127
140,975
987.900
2,975,258
103,927
1,174,798
310,705
1,438,406
17,206,559
1.536.811
17,990,606
313,894
.
13,865,364
546,164
388.454
,145,590
2,883,360
48,153
310,621
257,388
343,549
957,052
96,639
121,862
400,708
45,335,185
1.051.589
1,457,609
11,230,384
428,325
10,318,404
5,167,881
1,127,057
489,793
4,078,901
14,291,541
793,522
604,443
11,932.333
481.422
226.804
14,779,065
76,836
746,476
489.350
56,526,140
177,039
855.455
2.902,203
157.027
1,192,476
273.848
1,413,680
14,248,645
1,046,255
14,019,794
196,490
2.473.433
154,919
204,052
183,049
157,682
13,352,449 10,646,005
191,827
246,417
168,899
246,359
220,567
323.027
470.028
362,161
163,350
217,843
760.370
692,558
448.805
375.627
625.849
797,186
447,424
549,967
14,224,034 11,600,991
185,531
91,089
99,466
134.476
3,131,898 1,970,774
500.521
762.378
194,330
262,616
412,151
349,572
4,795,244 3,340,297
304,211
171,960
29,143,504 23,991,802
370,881
369.867
3,924,165 2,385,669
1,972,816 1,294,470
366,037
457,807
608,705
866,656
1,654,189 1,227,325
1,110,674
1,566,891
25,525,150 19,634,132
1,783,244 1,548,756
3,135,374 2,353,261
775.423
1,048,857
296,520
374,773
138,412
256,430
1,371,358 1,073,467
328.806
294,206
29,144
32,805
416,306
491,637
584,582
743,288
462,251
666,414
8,606,866 6,855,939
1,087,577
1,640,273
126,613
155,916
20.548.338 16,209,730
7,665,545 5,431,302
5,574,789 3,912,765
1,182,965 1.115.590
101,670
169,314
535,757
737,037
1,551,019
2,190,301
9,157,840 7,062,811
3,530.624 2,984,142
870,857
1,346,473
425,246
484,345
2,169,152 1,387,680
462,330
282,602
5,026,114 3,649,782
3.116.812
•
•
xct
EARNINGS—Weekly and Monthly.
Current
*Monthly Summaries.
%
%
$
1st week Jan
2d
week Jan
3d
week Jan
4th week Jan
1st week Feb
2d week Feb
3d
week Feb
_
or
Decrease.
13033251 11068000
_
.
Weekly Summaries.
185,531
91,089
99.466
134,476
1,562,159
971,498
500,521
762,378
116,547
94,708
412,151
349,572
4.795,244 3,340,297
85,413
136,468
369.867
370.881
1,798,605 1,570,017
Hous & Tex Cent. February
894,555
608,835
Hous E & W Tex. February
240.628
173,059
Louisiana W estern February
385,981
270,614
751.264
Morg La & Texas February
530,965
Texas & New Orl. February
729,571
529.715
Southern Railway- February
11479474 9,507,703
Ala Great South
February
864,226
735,517
Mobile & Ohio—. February
1,544,656 1,138,117
486,939
366,516
Georgia Sou & Fla February
South Ry in Miss. February
152,626
151,163
Spokane Internat— February
60,705
119,272
Spok Portl &lSeattle February
611,071
520,384
Staten Island R<T_
February
126,030
144,299
Tenn Ala & Georgia 3d wk Mar
2,861
2,359
Tennessee Central.
February
202,877
173,268
Term RRAssnofStL February
378,781
283,871
StLMer Bridge T February
332,566
206,376
3d wk Mar
Texasf&fPacific
722,621
595,233
Toledo St L 8c West- February
826,827
511,955
Ulster & Delaware.
February
64,926
68,624
Union Pacific
February
8,822,330 7.615,256
Oregon Short Line February
3,497,118 2,485,770
Ore-Wash RR & N February
2,674,544 1,879,161
Union RR (Penn)_. February
532,634
595,307
Utah
101,670
January
169.314
Vicks Shreve & Pac. February
346,754
264,171
Virginian RR
February
891,314
593,609
Wabash RR
February
4,043,925 3.321,093
Western Maryland
3d wk Mar
269,009
358.937
Western Pacific—— January
870.857
1,346,473
Western Ry of Ala
199,347
220,655
February
Wheel & Lake Erie- February
608,263
1,134,611
Wichita Falls & NW February
150,947
261,254
Yazoo & Miss Valley February
2,421,344 1,789,615
__
*
Year.
$
-
-
.
Increase
Previous
Year.
_
_
Previous
Year.
Jan. 1 to Latest Date.
Current
9,442,930 7,054,732
February
Monongahela
February
317,563
240,802
242,661
Monongahela Conn. February
176,939
Montour
February
78,518
61,432
Nashv Chatt & St L February
1,908,612 1,369,382
Nevada-Cal- Oregon 3d wk Mar
3,045
3,387
Nevada Northern
153,921
February
127,785
127.714
Newburgh 8c Sou Sh February
120,757
New Orl Great Nor_ February
192,190
167,335
New Orl &„Nor5East February
653,782
451,358
N O Texas 8c Mex_. January
172,446
96,639
Beaum S L & W__ January
142,936
121,862
St L Browns 8c M January
607.936
400,708
New York Central23724048 20513579
February
Ind Harbor Belt- February
688,090
445,743
Lake Erie & West February
772,440
693,042
Michigan Central February
6,213,733 5,229,847
Cincinnati North- February
194,769
249,505
Clev C O & St L. February
6,743,754 4,970,523
Pitts & Lake Erie February
3,253,375 2,375,041
Tol & Ohio Cent
998,398
February
526,075
Kanawha & Mich February
382,741
221,828
N Y Chic & St Louis February
2,077,935 2,009,538
N Y N H & Hartf
February
6,915,961 6,954,768
N Y Ont 8c Western January
735,167
793,522
N Y Susq 8c West- February
308.263
271,377
Norfolk & Western- February
6,237,717 5,832,320
Norfolk Southern
January
743,611
481,422
Northern Alabama
February
116,820
115,149
Northern Pacific
February
8,122,484 6,844,713
Minn & Internat- January
97.327
76.836
Northwest Pacific- February
461,650
363,071
Pacific Coast
January
558,591
489,350
26627154 26048657
Pennsylvania RR__ February
Bait Ches & Atl— February
80,966
88,962
Cumberland Vall- February
504,751
374,408
February
Long Island
1,318,686 1,402,620
Mary Del & Va— February
58,672
73,559
N Y Phlla & Norf February
594,305
576,666
Tol Peor & West
February
130,114
112,116
W Jersey & Seash February
734,173
677,792
February
Pennsylvania Co
7,699,567 6,775,758
Grand Rap & Ind February
701,698
531,476
Pitts C C & St L. February
7,410,094 6,642,520
Peoria & Pekin Un_ February
166,665
91,768
Pere Marquette
January
3,116.812 2.473,433
Perklomen
February
95,532
75,416
Phila Beth & N E__ February
74,485
67,766
Phila & Reading
February
6,420.627 4,695,024
Pittsb & Shawmut— February
117,847
71,281
Pitts Shaw & North February
117,501
68,387
Pittsb & West Va_
February
159,912
98,312
Port Reading
February
171,171
245,591
February
Quincy Om & K C
94,738
77,867
Rich Fred 8c Potom
January
692.558
760.370
Wash SouthernJanuary
375.627
446,805
Rutland
February
313,194
298,285
St Jos & Grand Isl'd February
258.559
216,861
St Louis-San Fran.
February
7,200,865 5,797,250
535,568
400,100
247,190
224,618
Current
Year.
Missouri Pacific
448,179
862,924
12568682 36,968,633 25,597,222
1,931,170 1,418,517 4.522.190 2,858,530
AGGREGATE OF GROSS
Current
Previous
Year.
$
or
Month.
16790663
„
Week
Curr.Yr
Mileage.
-
April
May
8.77
17.50
17.45
3.16
26.73
17.07
13.84
13.04
..226,086
—232,708
—233,931
June
—232,169
—226,654
July.—233.423
August
September —232,772
October
—233,192
November
-233,032
December. -233,899
-232,511
January
March
14.42
17.89
2.20
'
—
Year.
Previous
Year.
Increase or
Decrease.
%
Prev.Yr.
225,631
233,251
234.339
232.682
226,934
233,203
232,349
233,136
232,911
233,814
232.210
375 .772,750
388 ,697.894
413 .190,468
424 ,035.872
454 ,588,513
469 ,868.678
495 123,397
508 023,854
436 436.551
451 991.330
494 706,125
365.096.335
370,710,999
378,058,163
393,265,898
469,246,733
502.505,334
485,870,475
489,081,358
439,029,989
440,481,121
392,927,365
+10.676,415 2.90
+17.986,895 4.85
+35,132,305 9.29
+30,769,974 7.83
■—14,058,220 3.13
—32,636,656 6.40
+9,252,922 1.97
+18,942,490 3.87
—2,593,438 0.59
+11,510,209 2.01
+ 101778760 25.90
THE CHRONICLE
1406
Weeks.—In the table which
separately the earnings for the third week
of March.
The table covers 12 roads and shows 13.04%
increase in the aggregate over the same week last year.
[Vol. 110.
we sum
Net Earnings
Gross Earnings
Latent Gross Earnings by
follows
Current
Roads.
up
Previous
Current
Previous
Year.
Year.
Year.
Year.
g
■
j
<g
Dul Missabe & Nor. b—Feb
•
I Increase.
1919.
1920.
Week of March.
Colorado & Southern..........
Grand Trunk of Canada......
Grand Trunk Western
102,003
1,577,062
3,283,000
484,401
72,977
1,487,313'
2,832,000
451,372
1.320,407
Canadian National Railways—
Canadian Pacific
Feb
290,672
758,439
634.847
152,633
268,019
93,522
192,118
Elgin Joliet & East.b—Feb 1,838,432
Jan 1 to Feb 29
3,578,971
1,847,007
3,799,211
530,761
917,748
1.011,243
2,092,075
411,657
939,772
{
1,235,013
Jan
29,026
89,749
451,000
Western Maryland
Feb
29
...
33,029
85,394
Erie.b
3,387
2,861
722,621
358,937
3,045
2,359
595,233!
269,009
7,854,679
6,948,321i
342
to
1
Jan
502
......
Total (12 roads)........
Net increase (13.04%)..
1
Gross Earnings
Previous
Current
,
Years
Roads.
$
89,928
to
83,767
172,054
51,910
137,923
4,621
5,925
12,149
35,464
519,693
1,004,297
463,249
1,008,740
57,448
22,964
76,214
215,002
279,131
315,992
657,763
def92,886
329 471
1
Jan
Year.
$
—Net EarningsCurrent
Previous
Year.
$
Year.
$
AtchTop & Santa Fe.b--Febl6,790,063 12,568,682
6,792,277
Jan 1 to Feb 29....--36,968,633 25,597,222 13,954,718
3,228,621
5,519,531
1,418,517
def69,793
to
Feb 29
1
to
Feb
29
2,858,530
735,908
1,931,170
4,522,190
Feb 29-——.
Panhandle & S Fe_b--Feb
535,568
1,304,339
to Feb 29-
1
Jan
to
Feb
29—
1
Jan
Jan
1
to
to
—
Feb
Feb 29-.
....
Feb
Atlantic Oity.b.
Feb 29...
Atlantic Coast Line.bJan 1 to Feb 29—
206,894
448,179
> 10,612
577^982
366,073 def 111,719 defll2,918
769,511
47,041 def249,107
def37,659 def137,592
3,870 def266,434
def38,057
122,028
264,000
6,209,835 def469,84I
15,084,235
1,778,130
372,902
1,830,692
def 19,788
def25,841
to
Feb
Feb
29
Jan
to
1
1
to
def38,028
def8,839
def1,227
def14,852
441,056
950,819
Feb 11,093,800
7,925,216
23,349,692 16,429,173
Kansas City Southern System
Texark & Ft Smith,b_Feb
Jan
168,099
343,965
1,031,033
2,195,638
Hocking Valley.b— .Feb
Jan 1 to Feb 29
def68,66S
def38,234
466,104
Feb
180,495
375,161
198,984
Feb 29
Gulf & Ship Island_b
Jan 1 to Feb 29.
Illinois Central.b
Jan 1 to Feb 29.
150,808
.308,580
Feb 29
Internat & Gt Nor.b_...Feb 1,316,520
Jan 1 to Feb 29—
3,045,096
Kansas City Term.b
Jan 1 to Feb 29
679.779
966,031
100,788
165,947
40,121
44,059
110,975
209,083
1,029,407 def152,382 def130,627
2,135,143
170,775 defl07,6451,726
def31,195
Lehigh & Hud River.b__ Feb
Jan 1 to Feb 29
138,599
336,099
187,361
393,767
def32,718
def23,569
39,676
45,209
Lehigh & New Eng.b—Feb
Jan 1 to Feb 29
227,776
596,136
162,822
469,950
def24,440
78,816
def32,06643,664
4,101,560dfl ,271,282
9,164,125dfl ,509,444
def41,776
234,773
55,378
107,469
215,919
def25,978
defl6,140
def22,512
26,657
Lehigh Valley, b
Jan 1 to Feb 29
Feb
4,504,277
9,991,754
1,775,506
3,441,195
827,940
2,350,726
Louisiana & Arkansas.b.Feb
Jan 1 to Feb 29
375,806
693,858
Baltimore & Ohio.b
-Febl3,989,717 11,228,986 df1,364,411 df2,040,933
100,167 df3,213,948
Jan 1 to Feb 29—
.31,333,385 24,561,103
1,556,991
4,305,622
97,076
204,746
117,896
55,560
135,901
4,959,224
6,558,805
-.13,378,944 10,847,065
135,509 defl65,164
337,903 def394,952'
244.715
Feb
217,637
439,653
.Feb
1
255,662
583,350
Gulf Mobile & Nor. b—-Feb
247,190
524,717
511,459
245.
2,952,935 def148,590
1
358,429
739,954
224,618
485.483
...
dpfQI
def86;549 def229',336
1,914,854
3,756,864
Jan
440,110
963,903
Atlanta Birm & Atl.b—Feb
Atlanta & West Point.b
248,057
544,360
622,297
Great Northern.b—.-Feb
7,252,816
Jan 1 to Feb 29
17,404,752
292 868
Feb
Gulf Colo & 8 Fc.b—Feb
Jan 1
406,324
796,149
Feb
906,358
94,751
V
600.212
1,147,437
Feb
Georgia _b
5,185
34,345
to
def23,626
def37,125
" "
~
29-
Grand Trunk West.b
1
def13,574
def41,663
Feb
Jan
Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies re¬
ported this week:
Jan
def32,603
15,944
6,335,757df1,181,340
def20,585
7,007,211
15,201,128 13,290.383df1.461,179 def500,448
93,391
804,896 def102,979
768,992
196,369
Feb 29.—
1,628,169
36,720
1,767,344
Feb
Galveston Wharf, b
127,388
Net
,
def61,075
def95,467
Gr Trk Lines In N Eng.bFob
Jan 1 to Feb 29
...
Alabama & Vlcks.b
Jan 1 to Feb 29-
1,274,353
2,625,188
306,720
Feb
Jan
Chicago & Erie.b
.......J
N evada-Californla-Oregon
Tennessee Alabama & Georgia..
...
to
El Paso & Southwest.b-Feb
Jan 1 to Feb 29„—~
Detroit Grand Hav & Milw.
Pacific
1
...
Canada Atlantic
Texas &
Jan 1 to Feb 29
Dul So Shore & Atl.b
Jan 1 to Feb 29
$
%
Ann Arbor
Decrease.
193,450 def356,983 def199,900"
385,499 def691,469 def468,746
East St Louis Connect. bFeb
Third
169,485
314,177
Louis Hend & St L.b—Feb
Jan
1
to
Feb
246,725
498,067
29
def43,184
:
2,049
153,775
270,969
219,767
458,455
11,165
13,179
60,459
128,192
189,630
345,822
35,763
86,543
—
.Feb
193,458
408,537
103,074
230,761
Belt Ry of Chicago, b— .Feb
Jan 1 to Feb 29—
370,765
790,551
219,449
Feb
37,834
72,982
B & O Chic Term.b
Jan
1
to
Feb
29
Birmingham South. b__
Jan
1
to
Feb
29—
.Feb 4,470,284
Boston & Maine. b_
Jan
1
to
Feb
29-.
.
11,248,560
—
57,972
114,875
3,075
def1,520
39,940
4,462,978df2,086,119 def 191,546
9,908,463df1,676,422 defl71,931
205,038
164,286
357,097
def 17,239
def30,055
defl8,378
def33,920
1,223,042
2,545,745
def65,664
1,067,602 def168,942
2,467,876 def271,258 def 118,765
713,873
1,299,815
981,116
2,534,628
326,163
def90,534
636,328 def 101,143
8,395
def45,000
11,064,167
.—.27,471,673 24,092,495
Pacific.a—. _Febl3,557,104
1
to
Feb
29.
Can Pac Idnes in Me.b. .Feb
1
to
Feb
29-
CaroClinch & Ohio, b—-Feb
Jan 1 to Feb 29
Central of Georgia.b
Jan 1 to Feb 29
Feb
Central New Eng.b
Jan 1 to Feb 29.
Feb
16,421
431,537
Buff Roch & Pitts.b--. -Feb
Jan 1 to Feb 29Canadlan
15,850
34,708
.Feb
Buffalo & Susq.b..
Jan 1 to Feb 29-.
Jan
def21,171
def54,356
45,414
78,440
150,943
303,094
Jan
475.683
5,361
51,454
127,418
273.554
Bingham & Garfield-b __Feb
Jan, 1 to Feb 29-
....
def65,439
def96,436
def77,199 def223,564
214,443
571,838
440,029
1,056,815
420,168
908,060
187373
58,050
1,980,625
4,391,968
1,546,001
3,204,806
881,600
309,444
841,155
459.431
278,460
def324,452
978,870 def454,650
75,360
189,450
84,039
154,396
179
915,449
def64,065
366,504 def308,253
798,801 def356.426 def139,307
Charleston & W Caro.b.Feb
307,321
586,242
237,035
495,014
34,631
27,455
32,605
48,160
6,236,381
12,656,891
4,796,048
10,828,118
896,677
1.985,225
331,159
1,418,899
def37,517
326,122
164,306
338,221
Jan
Jan
1
1
to
to
Feb
Feb ■«" 378,942
Feb 29——
Ohes& Ohio Lines.b
Jan 1 to Feb 29
Chicago & Alton.b
Jan
1
to
Feb
29
Feb
Feb 2,048,701
4,589,881
Chicago & East IlLb—Feb 2,057,719
Jan
1
to
Feb 29
4,990,136
1,823,758
3,856,410
1,726,537
3,819,753
95,946 def218,734
917,922 def203,343
Chicago & North West. bFebl 1,180,934
9,063,485 def182,795
Jan 1 to Feb 29
1,235,490
-24,273,996 18,859,326
613,481
1,170.919
Chicago Burl &Q-b.-..-Febl3,216,614 10,479,346
Jan 1 to Feb 29—-..-29,786,962 22,126,426
2,114,892
7,786,994
2,281.028
Chicago Great West.b—Feb
4,682,362
1,921,768
4,179,329
1,611,062
3,264,679
79,860
517,206
216,343
315,562
Chic Ind & Louis-b.—-Feb 1,028,604
Jan 1 to Feb 29
2,341,422
859,079
1,724,413
26,687
312,011
149,464
244,188
Jan
1
to
Feb
29
..
Chicago Junction.b
Jan
1
to
Feb
Feb
29-
.
—
289,306
637,370
def 62,014
def89,950
251,631
566,435 def 105,111 def194,946
Chi Milw & St P_b--—-Febl 1,595,154
9,912,099 df2,312,428
Jan 1 to Feb 29
.26,128,745 21,106,467 def220,220
Chicago Rock Island & Pacific System—
Chic R I & Gulf.b
Feb
536,944
Jan 1 to Feb 291,196,986
Chi St P M & Om.b
Jan 1 to Feb 29-
656,252
644,176
Jan
1
337,635
104,637
56,784
51,468
to
1
to
Missouri Pacific.b
Jan 1 to Feb
Jan
Jan
to
Feb
29—
to
Feb
29
1
1
Jan
1
to
49,729
118,078
45,178
127,627
127,714
def 8,263
29——
22,217
31,362
248,026
257,388
def 1,094
192,190
395,063
167,335
343,549
12,335
28,000
12,99,3
36,672
New Orl & Nor East.b—Feb
653,782
1,384,018
451,358
def79,380
957,052
138,107
332,105
New York Central.b—Feb23,724,048 20,513,579
Jan 1 to Feb 29
53,921,339 45,335,185
defl77,325
6.548.361
1,920,923
1
to
•
Jan
1
Jan
to
1
to
Jan
1
Clev Cin
Jan
1
29,031
68,938
1,930,399
4,080,315
882,296
to
1
to
1
Jan
to
1
to
Jan
1
to
Feb 29
Dela Lack & West.b
Jan 1 to Feb 29
Feb
5,536,045
11,428,931
Denver & Salt Lake.b...Feb
Jan 1 to Feb 29
100,403
196,686
2,273,580 def375,530 defl52,201
4,937,534 def533,758 def232,861
5,355,451
11,054,504
231,174
847,878
1,234,952
2,433,731
14,121,013
Feb
Feb
Feb
952,413
2,256,827
418,892
1,162,172
Tol & Ohio Central.b.Feb
526,076
1,127,057
173.873
def53,162
140,652 defl67,944
2,009,538
4,078,901
358,986
772,507
Jan
1
to
Feb
29
-
1
to
Feb
Feb
308,263
639,442
Jan
1
Jan
Jan
to
Feb
29—
Alabama_b—-Feb
1
Jan
to
Feb
1
to
to
Feb
1
to
26,488
729
1,699,031
3,668,283
def 19,660
def 16,804
85,897
def29,470
Feb26,627,154 26,048,657 df7,110,616
56,667,127 56,526,140df9,601,648
29
1,244,365
1,811,520
363,071
746,476
Feb
80,966
140,975
88,962
197,039
def82,610
Cumberland Valley .b.Feb
Jan 1 to Feb 29
504,751
374,408
855,455
125,356
242,714
Jan
1
to
Feb
29-.
—
Long
Jan
Island.b
1
to
—
Feb
Feb 1,318,686
2,975,258
283,782
646,769
45.943
def57,889
100,766
Tol Peoria & West.b—Feb
142,862
270,585
123,438 defl77,271 defl47,159
225,966 def344,285 def317,417
West Jers & Seash.b—Feb
Jan
Jan
Jan
Jan
1
1
1
1
to
to
to
to
987,900
29——
Mary Del & Va.b
Feb
58,672
Feb 29—....
103,927
Feb
Fab
Feb
12,662
70,187
1,679,578
4,499,788
29
Bait Ches & Atl.b
1,327,639
def2,575
36,292
1,107,712
1,959,956
6,844,713
17,573,546 14,779,065
Pacific.b.Feb
461,650
Feb 29
1,042,340
Feb
115,149
Feb 8,122,484
Pennsylvania. b
Jan
116,820
265,667
609,299
226,804
29
Pacific.b
1
271,377 def209,332
604,443 def288,304
6,237,717
5,832,320
13,072,912 11,932,333
Norfolk & Western.b—Feb
388,187
739,568
def39,394
6,915,961
17,229,037 14,291,541 def492,899 def351,988
29
N Y Susq & West.b
Jan 1 to Feb 29
578,164
984,071
6,954,768df1,760,570
N Y N H & Hartford.b.Feb
Feb
042
998,398
1,772,409
N Y Chic & St Louis.b—Feb 2,077,935
Jan 1 to Feb 29
4,271,592
Dul & Iron Range.b——Feb
Jan 1 to Feb 29—...
29
34,260
def.5,895
385,278
652,663
def47,122
def82,582
Det Tol & Iron.b
Jan 1 to Feb
43,335
169,725
945.109
2,310,663
103,664
204,450
Feb 29
def90,033
def48,342-
def74,304
69,526
41,066 def165,351
2,375,041
5,167,881
29
134,788
253,101
to
693,042
1,621.807
Pitts & Lake Erie.b—Feb 3,253,375
Jan 1 to Feb 29
6,037,616
N Y Phila & Norf.b—Feb
1
1,457,609
5.229,847
6,213,733
.13,192,992 11,130,384
—Feb
def22,655
def73,948
Jan
221,828
489,793
772,440
1,705,937
29
def 90,128
def61,113
165,243
301.927 defl75,364 def207,042
Feb
8,647
445,743
1,051,589 def130,791
382,741
722,727
29
263,404
509,074
Det & Mackinac.b
688,090
1,342,586
29
Central.b
Jan 1 to Feb
24,317
41,125
60,314
109,191
2,428,366
5,200,331
Feb
Mich
2,334
2,658
Feb
29
Lake Erie & West.b—Feb
def96,760
98,141
214,353 defl37,228
29
Feb
Kanawha & Mich.b—Feb
Jan
6,206,357
4,970,523
10,318,404
Feb 29
Ind Harbor Belt.b
Jan
def 2,456
64,952
96,990
Northwestern
Feb
29——
194,769
208,688
472,630
to
Feb
428,325
def51,472
87,053
1
29
249,505
744,098
Wyoming.b
Feb
474,423
Ch & St L.b-Feb 6,743,754
to
980,613
2,069,971
Jan
Feb
Cincinnati Northernb.Feb
i
2,806,018
Delaware & Hudson.b—Feb
29
Feb
Jan
1,211,284
2,433,917
Colo &
Feb
New Orl Gt Nor.b..
Colorado & South, b
139,809
313,822
def72,489
def96,658
127,785
310,621
Northern
-
208,970
1,369,382 def206,417
120,757
to
148,479
588,419
29
2,883,360
def47,443
def76,031
153,921
323,398
1
174,531
652,149
Feb
1,908,612
4,063,303
29—.
North.b
1.294,901
to
Feb
,
517,178
438,791
def25,956
def64,522
—Feb
Jan
1,521,344
3,277,656
1
61,432
145,590
-
269,881
Newburgh & So Sh.b—Feb
Nevada
Gin N O & Tex Pac.b—.Feb
Jan 1 to Feb 29
Jan
78,518
158,529
—
Nashv Chatt & St L.b-Feb
Northern
Trinity & Braz Val.b.Feb
466,990
74,667
135,727
def 8,22 8
def27,355
Feb
def33,816
def99,263
397,580
1,653,251
4,160,392
174,939
388,454
242,661
Feb
Montour _b
def45.478
Feb
7,054,732
19,938,158 13,865,364
Feb 9,442,930
29
Monong Connect.b
206,497
439,640
Feb 29
486,303
1,181,603
1,741,937 def480,213
5,961
3,482,092 def666,402 def104,384
319,846
696,001
to
58,956
134,770
_
355.232
920,878
defl9,576'
def33,137
213,939
2,374,860
4,998,217
Oin Ind & West.b
Feb
Jan 1 to Feb 29—
I
Feb 29.
479,000
788,260
67,901 def107,2211
142,607 defl57,168
Mo Kan & Tex of Tex.b.Feb 2,235,263
Jan 1 to Feb 29
4,819,961
355,027
1,211,374
Jan
29
Central_b_-Feb
Mississippi
Jan
Feb 1,148,581
Feb
Mo Kan & Texas.b—Feb 2,996,268
Jan 1 to Feb 29—
6,470,225
1,853,156
4,168,003
def56,512
def4,706 defl03,101
316,806 def280,290
865,745
1,791,567
2,790,644
5,965,999
to
2,511,365
5,421,789
...
Feb 29
def94,089
1,271,707 def585,743
2,688,122 def530,555 def203,049
2,651,331
1
Feb
274,250
743,278
1,024,380
2,628,726
Minn St P & S 8 M.b—Feb 3,481,254
Jan 1 to Feb 29
6,973,456
Jan
Jan
354,327
725,657
Feb
Central _b
Minneap & St L.b
14,391
29——
Central Vermont.b
Maine
29
29
29...
594,305
1,174,798
130,114
310,705
734,173
1,438,406
def43,832
def 2,603
def2,468
def49,159
33,904
def 39,510
1,402,620 def540,781
2,902,203 def663,416 def 137,710
73,559
157,027
def50,591
def89,245
def 5,820
576,666
1,192,476
def41,965
def80,398
77,764
207,857
112,116
273,848
def30,660
defl3,843
def21,589
7,553
def6,054
def95.048
677,792 def265,948
1.413,680 def565,930 def285,225
APR. 3
THE
1920.]
Gross Earnings
Previous
Year.
Pennsylvania Co.b
Jan
J
Feb
to
29
701,698
1,536,811
Feb
to
1
28
120,668
371,733
1
Feb
to
Jan
1
Feb
to
1
defl0,145
def53,414
48,986
91,732
38,131
66,628
74,485
157,682
67,766
183,049
def32,060
def45,024
11,444
34,836
29
Feb
to
29,293
21,691
75,416
154,919
Feb
-
Feb 6,420,627
4,695,024 def647,408 def385,807
-13,352,449 10,646,005 defll9,9l5 def295,296
Reading.b
Jan
91,768
196,490
95,532
204,052
29
Phila Beth & N E.b
Phila &
166,665
313,894
29
Perkiomen.b
Jan
29
117,847
246,417
1
Feb
to
28-*--
Pitts Shaw & North.b_-.Feb
Jan
1
Feb
to
29
Pitts & West Ya.b
Jan
Port
1
1
def39,362
def58,819
def41,079
def97,208
171,171
362,161
245,591
470,028
def2,415
51,337
94,776
118,855
Feb
94,738
217,843
78,867
163,350
def270
411
15,299
def2.732
313,194
797,186
298,285
625,849
def97,001
defl9,995
def45,693
def85,544
29
Feb
to
98,312
def85,023
220,567 defl02,573
29
Feb
to
1
defl6,961
def37,204
Feb
Rutland.b
Jan
~ 68,387
168,899
Feb
Feb
to
1
28,123
def26,368
def26,755
159,912
323,027
29-
Quincy Om& KC.b
Jan
6,790
Feb
Feb
to
Reading.b—
Jan
71,281
191,827
117,501
246,359
Pittsburgh & Shawm.b.-Feb
Jan
def8,113
def79,102
531,476
1,046,255
Feb
Feb
to
29
St Joseph & Gr Isl.b
Feb
Jan 1 to Feb 29——
258,559
549,967
216,861
447,424
def4,526
41,593
def20,228
def23,028
Feb
7,200,865
14,224,034
5,797,250
11,600,991
1,376,457
2,352,226
1,019,667
1,586,003
St Louis Southwestern.bFeb
1,562,159
3,131,898
971,498
1,970,774
573,488
1,121,812
89,366
270,356
28,899
50,270
19,302
40,174
St Louis-San Fran.b
Jan
1
Jan
Feb
to
1
Feb
to
29
29——
St Louis Transfer_b
Jan
1
Feb
Feb
to
Jan
1
Jan
85,413
1
11,068,000
Feb 29—-29,143,504 23,991,802
1
to
Feb
to
1
Louis
Jan
Feb
to
1
5.753,132
4,076,058
108,041
608,131
141,652
563,604
894,555
1.972,816
608,835
1,294,470
120,450
454,150
47,655
159,243
340,628
457,807
173,059
166,037
39,374
63,677
20,474
80.510
Feb
385,981
866,656
270,614
608,705
105,287
321,501
79,186
192,616
Feb
751,264
1,654,189
530,965
201,468
1,227,325
607,200
38,016
163,356
def45,178
def56.510
z9
Feb
to
29
Western_b
1 to Feb 29
Morg La & Tex.b
Jan
1
Feb
to
29
729,571
1,566,891
629,715
1,110,674
11,782
175,533
Febll ,479,474
9,507,703
1,272,083
698,682
29—-25,525,150
Texas & New Orl.b..Feb
Jan
Southern
Jan
1
Feb
to
29
Ry.b..
1
Feb
to
1
Feb
to
4.625,512
1,952,352
735,517
1,548,756
100,467
378,595
31,773
216,727
486,939
1,048,857
366,516
775.423
22,925
156,721
54,303
110,492
1,544,656
3,135,374
29
19,634,132
864,226
1,783,244
Alabama Gt Sou.b—Feb
Jan
1,138,117
2.353,261
152,626
151,163
Ga Sou & Fla.b......Feb
Jan
/
1
Feb
to
29-
Mobile & Ohio.b
Jan 1 to Feb 29
Sou
47,172
100,863
1,337,444
1,570,017
2,385.669
& W Tex.b_.Feb
Hous E
Jan
1,371
12,587
1,401,137
1,798,605
3,924,165
29
Hous & Tex Cent.b..Feb
Jan
136,468
304,211
171,960
29
Pacific.b.—Feb 13,033,251
Gaiv Harris & S A.b__Feb
Jan
94,708
194,330
Feb
Feb
to
116,547
262,616
29--
South Buffalo.b
Southern
Feb
-
Ry in Miss.b—.Feb
102,215
def74,955
144,036 defl 17,095
4,215
18,688
374,773
296,520
49,217
20,288
Spokane Internat.b—..Feb
119,272
60,705
47,536
13,643
29—
256.430
138,412
111,338
39,771
Jan
Jan
1
1
Feb
to
29-
Feb
to
611,071
520,384
105,315
115,181
1,371,358
1,073,467
376,560
164,116
Feb
126,030
294,206
144,299
328,806
def84.128
def75,465
15,925
53,161
Feb
202,877
491,637
173,268
416,306
def40,031
13,323
def83,292
def93,499
L.bFeb
378,781
743,288
283,871
584,582
46,442
99,668
defl57
def40,163
332,566
666,414
206,376
462,251
Spok Port &Seattle_b—Feb
Jan
1
Feb
to
29
Staten Island R T.b
Jan
1
Feb
to
29
Tennessee Central.b
Jan
1
Feb
to
29
Term RR Ass'n of St
Jan
1
Feb
to
29
St L Mer Bdg & TermbFeb
Jan 1 to Feb 29
Texas & Pacific.b
Jan
1
Feb
1
Feb
to
1
..Feb
826,827
1,640,273
511,955
1,087,577
Feb
64,926
155,916
68,624
126,613
def38,527
def41,011
def20,397
def45,966
8,822,330
20,548,338
7,615,256
16,209,730
2.777,039
7,660,921
Feb
3,497,118
7,665.545
2,485.770
5,431,302
1,395.774
3,155,460
2,320,970
5,194,715
548,983
1,364,798
538,670
1,335,597
226,429
493,781
29
Feb
to
29---
Union Pacific.b
Jan
1
Feb
to
29
Ore-Short Line.b
Jan
1
Jan
Feb
to
1
29
RR&Nav.bFeb
Ore-Wash
Feb
to
1
Feb
to
Feb
Virginian.b
Jan
1
Feb
to
29
Wabash.b
Jan
1
Feb
to
29
1
2,190,301
...
Feb 4,043,925
9.157,840
199,347
35,160
32,205
425,246
128,415
1
2,169,152
608,263
1,387,680
26i,254
462,330
150,947
282,602
56,950
3,020
defl0,362
Valley.b_.Feb 2,421,344
1,789,615
3,649,782
418,353
412,820
1,018,632
704,772
Feb
to
29
Wichita Falls & NW.b..Feb
Jan
1
Yazoo & Miss
Jan
1
Feb
to
to
Feb
29
5,026,114
29
Blackstone V G & El. February
164,500 def232,016
Cleve Painesv & East December
Colorado Power Co..
deducting taxes,
deducting taxes.
Fixed
Other
Gross
Earnings.
Taxes.
Income.
Income.
Charges.
%
$
$
%
$
Consum Pow (Mich). January
glumb Co (Me) PAL
ayton Pow & Light.
mos
*20
•19
Year.
Year.
$
Duluth-Superior Trac February
East St Louis & Sub.. December
Eastern Texas Elec.. February
Edison El of Brockton February
/Elec Light & Pow Co February
oEl Paso Electric Co. February
Fall River Gas Works February
Federal Light & Trac January |
Ft Worth Pow &Lt
January
Galv-Hous Elec Co.. February
g Great West Pow Sys January
Balance,
Surplus.
496,221
153,169
883.118
Harrisburg Railways. December
Havana El Ry, L & P January
Lt Co. February
Haverhill Gas
20,394
205,274
173.883
42.177
5.408
47.585
63,595
63.308
Ocean
Electric (L
I).
RAILWAY
AND
PUBLIC
Phila Rapid Trans Co November
Portland Gas & Coke- January
Ry.L&PCo January
Puget Sd Tr, Lt & P. January
Port (Ore)
Republic Ry & Lt Co November
Richmond Lt & RR_. October
8t L Rocky Mt A Pac October
Santiago EI Lt A Tr__ December
(Rec; October
Southern Cal Edison. February
Second Avenue
Staten Island Midl'd- October
Tampa Electric Co.. February
Power
January
JfcTenn Ry, Lt & P Co December
Tennessee
Virginia Ry A Power. February
Wash Bait A Annap..
7,88 j
170,506
18S.45H
607,241
311,204
800.552
829,500
688,288
6,380,126
373,912
941,063
984,939
809,415
135.871
Twin City Rap Tran. February
December
43.825
Youngstown A Ohio. January
Electric Railway and
Previous
Current
Year.
Year.
188,066
325,735
Atlantic Shore Ry—. December
15.951
105.284
39.069
Bangor Ry A Electric January
Baton Rouge Elec Co January
134,804
230,193
13,371
82,595
31.272
3
629,959
184,106
105,284
283,576
499,334
171.773
82,595
39.069
31.272
380,582
726,358
67,031
114,989
84.392
49,959
4,007,905
2,814,271
7,312,818
253,654
51,850
38,443
2,189,325
195,766
3,707,689
182,213
119.476
2,391,267
355,218
272.317
1,908.630
636,754
408,027
851.374
420,251
127,545
805,675
9.329.746
1,370,129
474,291
144,001
170,506
506,050
619,151
6,146,619
311,204
800,562
1,704,084
1,413,739
249.654
2,168,120]
37.300
43,825
2.902.015
37,300
Other Public Utility Net Earn¬
Net Earnings
Current
Previous
Year.
Year.
Year.
%
%
%
136,050
230,193
3,106,962
202,316
1,806,835
1,601,917
Lt Co (Sub¬
only).a
Jan 1,781,224
1,406,691
Jan 31
16,681,896 13,939,523
753,679
6,375,220
5,302,422
16,061
15,455
325,735
3,236,207
Amer Power A
sidiary
Feb
cos.
1
to
Binghamton Light, Heat A
Power Co.a
Feb
-
Marl to Feb 29
Valley
Reaver
Trac
Co
1
to
Feb 29
Duquesne Light Co A Sub¬
sidiary El Lt & P Co.aFeb
Jan 1 to Feb 29
Feb
Equitable Coke Co.a
1
to
Jan
1
to
52,569
532,646
39,974
51,016
105,182
47,306
97,513
14,560
27,083
10.945
22,009
1,265,735
1,050,840
2,189,231
469.611
946,504
423,384
923,218
63,002
147,155
15,242
2,555,241
63,367
142,332
Feb 29—
to
Mar
30,903
11,496
29,823
390,887'
1,353.235
2,814,271
493,817
1,014.062
216,949
180,692
72,577
924,031
28,467
12,145
133,692
12,662
858,076
8,687,378
398,111
4,192.620
364,554
3,736.818
2,355,212
Feb 29
33,844
1 to
363,114
States Power aFeb
984,145
1 to Feb 29
10,146,278
Co.a-Feb
Feb 29
Northwestern
179,790
Feb
1,629,096
Feb 29---—I 3,355,830
Metropol Edison Co.a—Feb
Alar 1
540,405
A
Pitts & Beav Ry Co.a.Feb
Ohio
A
Feb
818,140
72,662
Ry
23,932
5,447
65,687
2,432
149" 297
57,726
580,125
46.656
Gas
1,362,397
1
2,829,356
1,095,364
2,129,938
29
29,268
376,755
System.a—Feb
167,645
to Feb
Mar 1
Pennsyl Util
■
%
Adirondack El PowCo February
Alabama Power Co.. February
119,881
464,640
441,425
1,301.116
Year.
Alabama Pow Co, Inc.a.Feb
Mar 1 to Feb 29.
Previous
Year.
214,159
185,132
48,933
248,030
118.373
333,629
%
defl5,723
Year.
290,597
4,215,887
2,042,023
1,692,84
Gross Earnings
Previous
def4,280
Current
Month.
518,833
2,780,558
17,278,782
941,063
Current
Companies.
Power Co.a
Company.
682,731
215,722
charges and surplus reported this week:
Name of Road
or
208,462
2,149.553
213,970
ings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
defll,043
to Latest Date.
95,154
68,311
1,843,947
3.590,874
551,860
1,060,971
1,188.807
a Includes Milwaukee Light, Heat A Traction Co.
b Includes all sources.
f Earnings given in milreis.
g Includes constituent or subsidiary companies.
h Subsidiary companies only,
k Includes Tennessee Ry., Light A Power
Co., the Nashviiio Ry. A Light Co., the Tennessee Power Co. and the
Chattanooga Ry. A Light Co.
I Includes both olevated and subway line6.
/ Of Abington and Rockland (Mass.).
,
Mar
1
883.1185
692.980
373,912
Third Aveuue System. January
UTILITY COS.
Jan.
I,603,3391
433,748
/8,522,000
206,067
543,592
60,756
67,863
732,301
3055.953 2717,881 32,216,937 28.253.423
190,029
229,9321
229,932
190,029
703,547
703.547
768,808
768,808
899,488
899,488
436,978
5,593.128 5,027',196
675,153
372,523
33,249
44,551
455,154
392,828 449,085 3,406,343 4,366,541
665,250
53,502
765,026
68,530
698,713
68,478
772,539
86,778
714,256
•860,163
1,717,9931 1,514,749
20.72
239,263
306,617
28,401
25? ,823
207,596
102,94
125,425
221,788
204,837
204,837 221,788
Texas Power A Lt Co.. January
Northern
Latest Gross Earnings.
496,221:
11.071
206,067
41,828
58,864
October
Pacific Power & Lignfc January
Pensacola Electric Co December
December
Phila & Western
New Jer Pow & Lt
ELECTRIC
441,425
135,264
726,358
32,663
54,931
39,679
_
Jan
845
$
38,539
78,900
Honolulu R T & Land February
63,593
129,700
96,178
44,162
Houghton Co El L Co Feoruary
27,056
2o,504
57,681;
Houghton Co Trac Co February
Hudson & Manhattan October
387.371
558.452
5.012,703
b Illinois Traction
1626,096 1353,235 3,355,830
February
ZInterboroRap Tran__ February4, 468,9233 ,499,170 8,913,060
Kansas Gas & Elec Co January
312,500
253,654
312,500
Keokuk Electric Co.. February
27,253
25,141
57,429
19,355
18,854
41,491
Key West Electric Co February
December
Lake Shore Elec Ry.
230,447 200.636 2,611,756
16,693
24,714
Long Island Electric. October
223,499,
December
Louisville Railway
332.207
333,899
3,537,234
Lowell Electric Corp. February
103,244
86,259
215,743
Manhat Bdge 3c Line October
12.374
21,614
141.178
nMilw El Ry & Lt Co February
1452,175 1157,350 2,978,802)
174,079
195,671
Mississippi Riv P Co. February
401,348]
Nashville Ry & Light January
306.903
272,317
306,903
Nebraska Power Co.. December
192,899 2.407,120
232.650
898.063'
New England Power. February
414,825 318,721
188,701
193,678
414,578
NewPN&HRy.G&E February
New York Dock Co.. February
410,918
435,451
884,509.
46.759
480.896
N Y & Long Island.. October
42,636
12.829
N Y & North Shore.. October
118,067
16,580
N Y & Queens County October
83,675
108,846
945,253]
934.683 II.289,033
New York Railways. October
953,075
Northern Ohio Elec.. February
869,220 673,935 1,751,233
229,801
601,324
North Texas Electric. February
291,322
Illinois Tract Co.a
2,851
2,885
6,216
23,954
January
February
February
Edison..
^Detroit United Lines November
cDetroit
%
31,085
31,437
62,750
26,805
17,509
57,379
96,754
80,378
October
^Columbia Gas & Elec January
Columbus (Ga) El Co February
Com'w'th P. Ry & Lt January
Connecticut Power Co February
defl2,497
Fonda Johnstown & GloversviHe RR
2
Previous
Year.
198,565
255,183
542,2495
/9655000 /852200c /9.655.000
42,964
45,114
94,196
39,265
33,063
81,356
188,865
177,162 1.916.81
2111,765 1737,276 4,017,54
57,982
41,730
691,04
109,350
908,28
91,485
1402,312 1188.807
1,402,31
86,677
124.451
266,2561
2598,960 2149.553
2,698.960
103,288
122,228
247,28a
682,731
848,934
848,934
259,1798
259,179 215,722
635,361
305,944 247,207
1821,937 1309,879 3,676,911
2203,587 1606,536 22,422,74"
141,929
316,08
148,651
406,855 4,258.919]
423,985
103,194
247,973
117,325
103,575
92,012
225,99m
22,091
54,600
23,622
306,435
151,460
120,067
141,069
55,338
66,086
414.843
333,629
414,84^
170,634
119,881
170,634:
252,847 222,153
526,629]
January
Cape Breton Elec Co. February
Cent Miss V El Prop. February
Chattanooga Ry & Lt December
Cities Service Co
February
125,327 defll8,2l3
Net after
Gross
'19
Current
Year.
^Brazilian Trac.L & P
Jan
Net earnings here given are after
b Net earnings h&re given are before
a
Feb '20
Previous
$
72,404
1,134,611
Feb
29
Wheeling & Lake Erie.b.Feb
Jan
26,760 defl71,331
1,551,019
457,712
def73.389
3,321,093 def321,580
90,895
7,062,811
415,815
248,409
484,345
Feb
to
Current
Month.
593.609
891,314
Jan. 1 to Latest Date.
Road
Company.
or
37,316
70,7o0
264,171
535,757
220.655
West Ry of Ala.b
Jan
29,326
86,378
110,712
189,199
346,754
737,037
29
55,762
147,313
532,634
def92,962
1,115,590 defl70,835
595,307
1,182,965
-
Pac.b_.Feb
bhreve &
Jan
Feb
161,895
292,314
1,879,161
3,912,765
2,674,544
5,574,789
29
Union RR of Penn.b
Jan 1 to Feb 29
Vicks
def84,689
66,798
2,367,239
5,098,497
Ulster & Delaware.b
Jan
152,142
839,858
3,171,891
6,731.813
29
Tol St L & West.b
Jan
def31,481
def72,809
dof74.865 defl24.786
Feb
Feb
to
Name of
Year.
$
18,799
157,855
Peoria & Pekin Un.b...Feb
Jan
Latest Gross Earnings.
Preinous
7,410,094
6,642,520dfl,465,674
17,990,606 14,019,794
423,763
Pitts C C & St L.b—Feb
1
$
Year.
$
Feb 7,699,567
6,775,758dfl,236,638 def202,570
17,206,559 14,248,645 def236,910 def533,173
Grand Rap & Ind.b__Feb
Jan 1 to Feb 29
Jan
Current "
Year.
S
1407
Net Earnings
Current
Roads.
,
CHRONICLE
Mar 1
to
Feb 29
1,878,930
Subsidiary Nat¬
Cos.a
-.Feb 1,637,878
to Feb 29—— 3,249.253
Phila Co A
ural
Jan
Read Tran & Lt 8yst_a-Feb
Mar 1 to Feb 29
218,605
2,719,944
185,815
17,172
399,927
791,313
1.706.764
26,275
THE CHRONICLE
1408
Net Earnings
Current
Previous
Year.
Year.
-Cross Earnings
Previous
Current
Year,
Mar 1 to Feb 29
Sayre Electric Co_a
1
1
Feb
Utah
only), a
to Jan 31
Jan
1
Securities
sidiary
cos.
Feb
1
Corp
Jan
months.
2,755,558
2.521,369
Cape Breton Electric Co, Ltd—
February..
45,114
42,964"
months-
West States Gas & El CoaFeb
Mar 1 to Feb 29
defl56
123
24,008
116.814
748,862
6.680.072
551,609
5,768.499
355,817
2,558,231
195*681
2,103,773
12
363,266
3,792,674
341,631
3.740.808
187,748
1,960,735
153,391
1,674.521
85,958
799,734
Dec '19
'18
A
;
'19
mos
Fixed
'18
■
■
Carolina Power &
Dec *19
'18
Feb *20
'19
12
12
months-
Citizens Trac Co &
Subsidiaries
Dec '19
Feb '20
305,944
*19
*20
247.207
635,361
518,833
*18
*19
12 mos
Dayton Power &
Light Co
mos
'19
Traction Co
1,293,337
12
Light Co
12
Interboro Rapid
Transit Co
8
Kansas Gas &
25,807
49,748
42,143
*55,790
*52,632
100,539
102,640
92,405
210,670
194,150
*115.972
15,248
15,655
175,861
182,020
30,563
14,587
144,562
187,457
170,634
119,881
1,449,074
1,305,223
97,997
43,442
697,744
583,814
13,205
12,845
158,408
145,948
*84.932
*30,446
*545,392
4,468,923
3,499,170
'20 33,113,287
'19 27,265,978
1,609,013
1,137,336
10,709,314
8,235,763
Jan '20
'19
'20
'19
'19
mos
*20
'19
Lake Shore Electric Dec '19
10,862
14,650
312,500
253,654
2,726,362
2,177,353
230,447
'
*def96
*440.522
1,673,620 *defl5,160
1,548,037*def364,638
13,270,002*df2188 266
11,828,121*df3197327
103.725
85,545
41,597
802,178
709,925
481,740
412,994
*59,159
*43,820
*322,015
*314,644
35,600
35,832
24,800
14,828
428.504
44,926
200,636
*19
'18
2,611,756
2,189,325
60,401
50,660
716,223
596.242
432,861
Feb '20
*19
1.451.275
1,157,350
2,978,802
2,391,267
262,336
229,076
638,517
455,981
185,298
156,433
370,357
337,700
*86,141
*80,148
*292,293
*153,120
246,747
'20
203,215
2.450,652
'19
1,949,137
91,477
82,307
872.243
697,759
32,209
*19
355,385
293,853
*59,875
*55,044
*575,787
*446,863
95,719
119,877
1,490,303
1,430,068
58,489
64,722
760,093
694,417
37,230
55,151
730,210
735,655
193,678
188,701
414,578
408.027
20,483
31,984
25,950
23,764
52,019
45,476
74,033
66,743
879,916
729,285
24,230
24,348
294,212
13.206
158.326
278 129
157,735
11,024
11,186
135,886
120,394
206,067
170,506
2,211,483
1,876,380
9,6080
74,215
1,061,460
861,988
43,523
46,304
538,109
507,066
*53,306
*28,i77
*533,926
*359,220
66,907
58,219
717,514
645,354
30,636
29,065
356,894
348,384
29,154
360,620
*19
173,374
155,912
1,916,298
1,790,926
229,932
'19
190,029
30,037
29,213
'20
2,225,270
1,849,629
95,354
85,754
957,056
817,051
860,163
714.256
'20 10,772,808
*19
8,943,408
448,148
451,196
5,983.953
5,586,935
mos
mos
'20
'19
Nebraska Power
Company
12
mos
New England Company
Feb '20
Pow System
*19
12
mos
;■■■/:■
'20
*19
Newport News &
Feb *20
Hampton Ry, Gas
'19
& Elec Co
2
mos
'20
'19
North Carolina Pub Feb *20
Service Co
'19
12 mos '20
*19
Pacific Power &
Jan '20
Light Co
'19
12
mos
'20
*19
Penn Cent Light & Feb '20
Power Co & Subside
'19
12 mos *20
■
.
';v:
•
Portland Gas &
Coke Co
.
12 mos
'
'19
:
Southern California
Edison Co
mos
12
mos
Jan '20
Light Co
'19
'20
*19
Yadkin Power Co
L
414,825
318,721
4.480.276
3,684,121
Feb '20
'19
12
Texas Power &
Dec '19
'18
(Raleigh. N C)
il2 mos '19
V
F-
*18.
After
30,416
277,044
44,495
552,799
39,781
31,084
479,840
399,395
36,284
270,630
34,513
29,338
314,363
193,703
2,488
45,553
43,410
45,766
393,372
301.249
Illuminating Co of Brockton—
92,012
40,079
886,005
390,706
February..
12
months-
27,794
42.857
71,864
373,912
311,204
3,545,125
3,280,564
152,561
101,470
1,223,019
1,078,905
62,991
47,409
583,118
528,154
32,129
31,011
365,979
368,084
Gross
Earnings.
Honolulu Rapid
Feb '20
Transit & Land Co
*19
2 mos '20
'19
Feb '20
1
\
'19
Electric Corp
2
Twin City Rapid
Transit Co
3,057
52,617
120,067
1,287,428
151,460
1,633,081
20,621
203,648
27,108
330,527
53.656
34,327
486,802
382,206
51,102
3,915
27,448
12
months-
17,726
7,421
17,548
191,712
55,338
730,114
66,086
783,407
February..
157,811
188,354
7,266
156,248
42,364
826,937
16,255
404,899
474,056
Galveston-Houston Electric Co—
February..
12,221
222,153
51,411
2,779,968
829,546
32,663
345,913
7,917
4,157
7,287
60.657
30,199
51,744
39,679
431,912
14,856
139,878
16,063
11,023
144,754
93,900
12,359
101,876
Houghton County Traction Co—
February..
27,056
25,504
12 months.
304,873
313,959
7,313
8,362
69.874
101,876
1,227
clef2,814
28,304
2,814
23,226
4,805
36,568
5,484
58,261
4,937
62,853
12 months-
252,847
3,157,139
Haverhill Gas Light Co—
February..
12
38,539
months-
398,501
1
3,503
24,289
Houghton County Electric Light Co—
February..
12 months-
44,162
464,948
2,243
Keokuk Electric Co—
February..
12
27,253
322,816
months-
25,141
274,166
5,230
7,077
51,375
64,152
Key Wet Electic Co—
19,355
February..
12 months.
18.854
7,486
7,007
314,392
230,309
83,234
87,211
Lowell Electic Light Corp—
February..
12
months.
103,244
86,259
37,978
26,075
36,021
24,057
1,029,483
943,297
314,467
220,;901
290,338
202,574
47,269
614,371
542,794
75,039
1,089,263
826,112
Mlsslslppl River Power Co—
195,671
174,079
148,077
128,598
2,368,084
2,240,242
1,841,829
1,790,766
^-February..
12
months-
26,472
Northern Texas Electric Co—
February..
ft
12
months-
291,322
3,514,887
229,801
2,916,386
99,903
90,357
1,388,340
1.127,433
65,315
Paducah Electric Co-
February..
5
13,413
7,598
68,344
38,997
198,993
months..
39,810;
Puget Sound Traction, Light & Power Co—
January
899,488
414,506
257,828
.
12
months
9,534,690
3,379,202
1.491,673
Sierra Pacific Electric Co—
64,536
703,929
February..
12
months.
53,657
703,028
31,167
318,858
102,948
1,096.592
24,116
342,861
25,270
246,403
18,227
279,954
49,294
44,221
528,863
457.293
44,695
473,675
405,317
Tampa Electic Co—
February..
13,162
36,271
296,970
351,181
65,317
56,541
*604,657
465,870
248,105
269,567
3 073,210
2,994,337
200,043
181,629
2,910,743
2,592.598
352,449
55.333
'
62,904
655,127
662,745Ut
*97,637
*38,654
rK7% Q73
*418',109
14.661
*18,260
18,702 '%*■ *16,806
202,083 f= *195,456
201,676
*196,746
12
months.
125,425
1,319,475
39,688
FINANCIAL REPORTS
Financial
Reports.—An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will he given
on
the last Saturday of each month.
This index will not
include reports in. the issue of the "Chronicle" in which it is
published.
The latest index will be found in the issue of
March 27.
The next will appear in that of April 24.
Norfolk
mos
'20
'19
Feb '20
'19
2 mos *20
*19
63,593
54,931
129,700
114,989
/859.220
673,935
1,751,233
1,370.129
984,939
829,500
2,042,023
1,704,084
Net
Earnings.
& Western Railway
The remarks of President N. D.
& Taxes
Balance,
Surplus.
$
6.832
20,142
19,389
47,659
49,341
13,310
10,976
26,607
21,951
8,413
21,052
27,390
301.056
223,127
609,525
447,875
186,813
162,302
360,657
324,867
114,243
60,825
248.868
123,008
210.682
178,630
190,858
424,249
400,623
370,251
309.345
32,052
43,692
53,998
91,278
147,166
1919.)
Maher, together with
a
comparative income account, balance sheet and other statis¬
tical tables, will be found on a subsequent page.
COMMODITIES CARRIED FOR ACLENDAR YEARS (REV. FREIGHT)
-
Products of
Bituminous OthMin.
Mfrs. &
Agriculture. Forests. Animals
Coal.
Products.
Miscell.
1919
1,666.139 2,251,811 265,568 24,265,803 4,407,907 5,087,387
1918
1,768,919 2,506.500 306,356 27,505,962 7,137,992 7.576,191
1917 ——1,650,552 3,203,608 250,582 29,005,324 6,708.467 7,378,259
1916
1,494,48512,385,751 253,631 30,653,755 5.689.3235,944,446
Company freight carried aggregated 4,151,011 tons in 1919 as compared
with 4,602,444 tons in 1918.
Revenue
Tons—
OPERATING STATISTICS FOR CAL. YEARS (U. S. RR. ADMIN.
1918 AND 1919).
1919.
1918.
IN
1917.
2,088
2,084
2,085
37,944,615
46,801,920
48,196,792
do
one mile...
10,026,871,317 12,255,303,617 12.456,970,303
do
1 m. per m. road
4,801,957
5,880,833
5,973,220
6.25 cts.
5.61 cts.
4.53 cts.
Avge. rev. per rev. ton mile.
$30,019
$32,991
Avge. rev. per mile of road$27,035
Revenue passengers carried _
7,440,889
7,855,937
8,506,105
do
one jnile
393,969,072
422,628,754
321,849,390
2.561 cts.
2.598 cts.
2.182 cts.
Avge. rev. per passenger mile
$6,146
$5,760
Avge. pass. rev. per m. road
$4,105
Net oper. rev. per mile road$6,180
$9,801
$11,867
Average mileage operated-Revenue tons earned
RESULTS
FOR
CAL.
1918
Fixed Chgs.
Co.
(24th Annual Report—Year ending Dec. 31
allowing for other Income received.
Northern Ohio
4,578
22,091
243,779
23,622
300,064
months-
OPERATING
*
39,986
428,476
Fall River Gas Works Co—
*def5,319
*8,217
*def9,008
*26,447
Jan '20
2
50,083
508,937
8,456
287,719
163,381
Jan '20
Milwaukee Elec Ry
& Light Co
243,255
El Paso Electric Co—
*1,694
'18
Ry System
12
12
def7,114
64,379
45,811
30,242
320,423
369,477
mos
Electric Co
12,050
167,188
149,553
103,913
83,861
936,827
1,036,729
*20
*19
Jan '20
12
4.936
231,667
175,360
*3,091
*1,014
*44,819
*32,339
'19
'20
'19
mos
5,285
5,822
4,574
60,081
5/,003
>: Feb '20
'19
.
11,839
9,715
5,815
111,650
87,085
Feb *20
mos
*
Ft Worth Power &
17,124
24,827
27,007
37,138
29,422
433.722
371,941
'20
'19
21,390
251,223
103,194
1,181,044
117,325
1,424,164
February..
*111,507
Feb *20
& Elec Co & Subslds
'19
38,702
590.558
[—
132,525
67,397
13.13?
8,710
*def1,139
*2,663
mos
Subsidiaries
7,513
6,926
87,286
83,537
13,942
13,691
28,871
28,832
Eastern Shore Gas
Erie Lighting Co &
181.888
*54,801
*51,690
*368,203
*320,293
20,650
15,642
219,811
150,934
148,651
141,929
316,083
290,597
12 mos
15.981
18,130
189,890
87,125
Feb *20
'19
Duluth-Superior
*16,966
*12,647
*214,326
*150,260
349,159
57,982
41,730
691,043
551,860
5,178
5,168
62,173
62,001
34,435
34,122
800-789
mos
52,133
618,218
103,288
1,085,424
122,228
months-
months.
12
$
398,443*
660,755
'18
Oleve Painesv &
Eastern RR Syst
'20
'19
12
r.-■w-.v
6,967
57,256
1,184,435
1,367,075
February..
Balance,
Surplus.
21,007
16,870
262,932
202,355
71,726
59,748
*18
'19
12 mos
..
S
119,241
99,171
1,249,809
1,015,383
Light Co
r'-
Charges.
63,057
47,412
6,532
55,232
February..
103,575
12 months- 1,137,847
Net after
Taxes.
654,797
527,544
9,314
86.540
Columbus Electric Company—
February..
124,451
86,677
72,021
667,865
$
12
/'!
'-r'
3,676
65,954
9,070
85,356
33,063
353,358
39,265
437,520
months.
February'..
620,868
6,999,165
Cross
,
'
160
49,726
9,064
129,425
114,360
Eastern Texas Electric Co—
728,635
Earnings.
Light Co
'•
Connecticut Power Co—
February..
Net earnings here given are after deducting taxes.
Ashevllle Power &
510,075
Central Mississippi Valley Electric Properties—
Edison Electric
a
18,739
394,364
57,124
43,047
680,006
5,700
530,436
582,004
25,854
140,246
7,432,719
,31.
$
$
.
(Sub¬
only).a...Jan
to
1919.
1920.
*
82,094
808,197
198,565
280,959
Feb 29
to
cos.
-Surp. after Charges—
1919.
$
255,183
—
defl67
def397
2,528
5,380
5,604
55,493
Southw Pow & Lt Co (Sub¬
sidiary
February
49,975
247,624
2,639
Feb
South Can Pow Co, Ltd.Feb
Oct
3",589
Taxes—
1920.
5
Blackatone Valley Gas & Electric Co—
12
4,302
40,134
11,368
-Net after
1919.
$
12
Feb 29—
to
5,882
102,576
-Oross-
1920.
Incline
Street
Plane Company.a
Jan
%
9,784
%
44,029
12,615
141,354
Feb
Mar 1 to Feb 29
Seventeenth
$
55.959
Feb
—584,663
Sandusky Gas & El Co. a
,
Year.
$
Companies.
[Vox,. 110.
YEARS
AND
(U.
Freight—
Passenger
—
Mail
Express--
—
Miscellaneous..
S.
RR.
ADMIN, IN
1919.)
1919.
Revenue—
1918.
1917.
$62,681,028 $68,752,260 $56,381,036
10,824,463
10,237,600
7,023,153
473,084
444,017
487,668
1,035,519
888,029
740,163
1,911,505
1,682,128
1,278,222
Total operating revenue$76,925,599 $82,004,034 $65,910,242
Maintenance of way and structures..$10,660,872
$9,524,659
$6,176,369
Maintenance of equipment-23,089,001
""
21,273,002
12,051,912
Traffic-
Transportation
General, &c
Net revenue
445,584
-
—J
536,709
809,723
28,323,932
1,501,896
28,739,291
1,505,637
20,808,290
1,315,209
$12,904,314 $20,-124,737 $24,748,73$
For income charges see "Reports and Documents" below.—V. 110, p.1089
Apr. 3
1920.]
National
THE CHRONICLE
Railways of Mexico.
(Repoft for Fiscal Year ended June 30 1919.)
The system being still in the hands of the Mexican Govern¬
the company has no earnings to report.
Even the
ment
skeleton figures furnished by the Government authorities in
recent years are lacking, while the balance sheet is practically
a repetition of that
published at intervals since 1915, after
allowing for
the increasing deficit, aggregating to date
139,008,478 Mex. gold pesos (about $69,504,239 U. S. gold),
on June 30 1919, due to
non-payment of interest, sinking
fund, &c., charges.
Condensed extracts from the report follow:
I
Bonds and Notes.—Owing to the special situation in which the company
finds itself, it has not been possible for it to attend to the service of its
maturing obligations, which up to June 30 1919 amount to 393,261,782
XT. S. currency, this sum including the amounts that should have been
f>aidterms of the prior lien mortgage for the prior lien bonds, according to
he for account of the sinking fund [as well
the other unpaid charges.
as
Including for the year 1918-19 in Mexican gold pesos: (1) interest on bonds,
17,722,106; (2) interest on note issues, 4,039,456; (3) interest on equip
ment obligations, 114,415, all as aforesaid in Mexican gold.—Ed.]
Subsidiary Companies.—Of the Palau mines, the property of the Coahuila
Consolidated Coal Co., only Mine No. 4 has continued-to be operated.
The American Government released control over the Texas Mexican
By. Co. as of Sept. 18 1918, but our board has failed to secure harmonious
relations in the management of the said company, since tne Central Union
Trust Co., trustee, has refused to issue the proxies to vote the stock of the
Texas Mexican By. Co. belonging to the National Railways of Mexico.
Lands at Tampico.—The company's title to lands at Tampico were per¬
fected by public deed dated June 10 1919, but as encroachments continued
without interruption, we have had recourse to the execution of lease con¬
tracts [on account of which rentals of 34,183 Mexican gold pesos were
collected in cash in the year 1918-19, and 42,663 due thereon from two oil
companies was placed as a partial offset against the considerable sums
owed by the railway to those companies for fuel.]
Physical Condition, &c.—Previous reports contain data regarding the
company's property, as furnished by the Governmental Management of the
Railways (compare V. 108, p. 1816).
This year these are omifcted because
it is presumed that the published data has suffered little variation, and for
the further reason that it is the purpose to offer to the shareholders, as soon
as practicable, a detailed and exact report in regard to their property which
may be the result of careful work undertaken by the company itself.
However, from reports unofficially received, we may advise as follows:
At the time when the change was made in the personnel of the Governmental
administration of the lines of this company, namely, at June 30 1919, all
the roads that made up the system were once more placed under one man¬
agement.
While it cannot be said that the pacification of the country has
aeen accomplished, the security to railroad traffic has improved consider¬
ably, thus lessening the destruction of property both fixed and movable,
and also insuring a more efficient attention to the maintenance of the one
and the other.
The track on several divisions has been ballasted, temporbry bridges have been replaced with ones of a permanent nature, and some
work has been done on the Monterey and Nuevo Laredo terminals and on
the Buenavista warehouses and at the shops.
[Tho Vera Cruz & Isthmus
BR., 340M miles, and PaD American Railway, 285 miles, were in June 1917
gegregateato facilitate the operation of the Mexican Railway, but it appears
from the foregoing statement are now operated as part of the National
Railways of Mexico.]
■
'
On the Durango-Canitas line the work of grading, bridging and ballasting
has been continued.
Work has been started on the second floor of the
terminal station at Durango, and work more or less important has been per¬
formed on the following lines: Cienega de los Cabalios Branch; Tepehuanes
to Guanacevi Extension, Llano Grande to El Sal to Extension, Cuatro
Cienegas-Sierra Mojada Line (which is almost completed); Saltillo-Buenavista and Saltillo-Oriente Lines (compare V. 108, p. 973)
.
FINANCIAL
STATEMENT FOR
THE
1409
and management.
The average rides per capita in Philadelphia have
increased from 288 in 1910 to more than 425 in 1919. See Y. 109, p.1892).
The outstanding accomplishment of 1919 has been the increased
speed
men
YEAR ENDED JUNE 30
1919
IN MEXICAN CURRENCY (NATIONAL GOLD):
Expenses of the company's Mexico, N. Y. and London offices.
198,230
Taxes in Paris—in suspense—and other sundry taxes...
193,435
Interest on sundry obligations
104,964
Interest on funded debt, equipment and collateral trust, &c
21,875,977
attained due to the
plan of skip-stops, which already represents a saving
approximating $1,000,000.
The average speed of all cars was increased
during the year from 8.77 to 9.07 miles per hour.
Fares.—The charge for a single ride within the city limits is 5 cents.
Direct routes and "L" surface lines to the residential sections very generally
afford delivery through the central business section for a single 5-cent fare,
without change of cars.
Consequently only 23% of all passengers find it
necessary to use transfers; 75% of the passengers transferring are trans¬
ferred free, while about 25% pay 3 cents for the privilege.
The company is not required to give free transfers between Market St.
elevated and the connecting surface lines, and if it received 5 cents for each
free transfer between the elevated and West Philadelphia surface lines, the
amount received would approximately equal the sum ($144,317) received
upon the entire system from the 3-cent exchange tickets.
Need of Increased Facilities.—One billion passangers must be carried
during 1920, if the present rate of increase be continued; 872 million pas¬
sengers were carried during 1919.
The Market St. subway is now being operated to capacity during the
hours of maximum travel, and the surface lines are operated to the maximum
possible in the delivery district during rush hours, under present conditions
of street traffic.
The street
car system will be much overtaxed during the winter of 1920needs immediate relief by (1) rearrangement of streets and traf¬
1921, and
fic with use of traffic
regulations to avoid unnecessary delays to street cars;
(2) uncorking the bottle-neck of Market St. traffic at Penn Sq. by restrict¬
ing the tracks around City Hall Plaza, or operating cars directly through
Market St. passageway at City Hall; (3) completing construction and equip¬
ment of Frankford "L" so that it may be operated as part of the Market
St. system during the winter of 1920.
(V. 109, p. 1892.)
.
Frankford "L. —The Market St. subway-elevated, in operation since
1907, although built in days of much lower prices, is now only just begin¬
ning to earn 6% per annum upon its actual cost.
The actual investors
have received
to
date $5,000,000 less than this return, although the
assessed values of West Philadelphia real estate benefitted by this improve¬
have increased $113,000,500.
With increased cost of operation it is not thought
ment
can earn much, if anything, in excess of its operating costs.
With
estimated city's carrying charge of $600,000 per annum, the problem
is most difficult and this will be particularly so should the city be unwilling
an
to
relinquish its right to continued payments for paving, franchise taxes
sinking fund, now $785,000 per annum.
"L" should enjoy the same transfer privileges as those
allowed on the Market St. "L." but such transfers would automatically
remove the possibility of continuing to collect 3 cents for an exchange ticket,
in competition, on the surface lines, amounting to $1,550,000 for 1919.
The bulk of Frankford "L" estimated traffic is not new business, but
consists of passengers now carried upon P. R. T. cars.
The estimated net
loss to surface lines following this diversion of traffic, after reducing all
possible service, exceeds $750,000 a year.
Transit Development.—The department of city transit in
1912-1913
prepared plans for a system of subway-elevated lines.
Additions were
made to the original plans to meet the demands of vast areas of uninhabited
territory, all on the basis of a 5-cent fare.
The department of city transit
has since admitted the utter impossibility of this plan.
Originally estimated
to cost $63,500,000, the city's transit program as now authorized is esti¬
mated to cost more than double that amount.
(V. 108, p, 2529).
We had no other alternative than to accept the proffered city contract
of February, 1918.
$55,000,000 was recognized as tne amount upon which
Union Traction Traction and P, R. T. (taken as one) were entitled to 6%
return, ($3,300,000 p. a..) on which basis after paying Union Traction
Co. rental of 6%. on stock or $1,800,000, there would remain $1,500,000
or 5% on P. R. T. stock.
(V. 109, p. 1892.)
This contract, duly signed by city and company was submitted to the
P. S. Commission, which in
January, 1919, refused approval chiefly
because it disapproved of the method proposed for increasing or lowering
the rate of fare so as to produce a cumulative return of 5% upon P. R. T.
capital stock and city money invested in transit.
The commission declined
to accept any basis of fare adjustment other than that based on valuation
of the company's used and useful property (V. 108, p. 379)
P. R. T. has since proceeded with the preparation of such valuation and
is assured that the property has been so increased during the period of this
management as to make the value well in excess of the amount necessary
to support present charges.
(Compare V 109, p. 271.)
If the new lines and extensions desired by the city should be planned,
and
The Frankford
so as
to
supplement, extend and increase the carrying capacity of the present
required
system not much more than half of the amount now estimated as
complete the city's authorized system will be required to provide adequate
accommodations, in case the P. R. T. is permitted to operate all of the
city lines.
to
Total annual charges [of this total only the office expenses,
198,230, it is stated, was paid, and this item was provided
the Mexican Govt, as a special matter—see V. 107,
803.—Ed.l
22,372,606
Credit balance or exchange account.;
6,611
Interest and dividend on securities owned.
531,064
Interest on pending amounts spend in construction of new lines
405,770
Miscellaneous earnings
76,846
for by
INCOME ACCOUNT.
p.
Total credits (only 34,183, received in cash).
1,020,291
Balance, deficit [increasing the total profit and loss deficit to
139,008,478 June 30 1919]—.
21,352,315
[Ten of the Mexican gold pesos above shown have about the same gold
content as a U. S. $5 gold piece.—Ed.]—V. 109, p. 1610,173,
(Report for Fiscal Year ending Dec. 31 1919.)
E. Mittbn says in substance:
President T.
Earnings.—The total gross receipts were $36,039,519, being an increase
over 1918; expenses and taxes were $24,393,829, against $20,369,571 in 1918; interest charges were $2,445,898. as against $2,314,649,
and rentals, $7,363,915, against $7,365,39t, while the sinking fund (city
contract) received in each year was $120,000, leaving as surplus for 1919,
$1,715,877, against $1,534,816 in 1918.
The gross earnings, $36,039,519, include: (a) $34,739,589, representing
872,755,398 rides furnished passengers at an average fare of 3.98 cents
(b) $618,882 from freight service, car advertising, station privileges, &c.
(c) $681,048 income from company-owned securities, interest on deposits,
and other non-operating income.
of 13.67%
Operating Expenses.—Maintenance and renewals $5,766,322 represent
16% of the increased gross earnings as against 15% formerly credited to this
account and are at the rate of over $10,000 per annum for each mile of track
in operation.
Deferred maintenance of war-time period was largely
caught up by use of reserves.
Plans now perfected for the purchase of power will insure such better
joint use of power producing machinery as will leave the Philadelphia Elec¬
tric Company's war-time selling price practically undistrubed, but make
possible a saving to P. R. T. of over $200,000 in power costs during 1920.
Conducting transportation reflects the large general increase in wages
accomplished during the year.
General expense increase [$639,452] is
largely due to settlements for increased number of accidents occurring during
war-time period.
Fixed Charges.—These charges amounting to 45.32% in 1910, how repre¬
sent but 27.55% of gross revenue and show a net increase for 1919 of $106,098, caused mainly by payment of interest on passenger cars secured by
lease from U. S. Gov.
Net Income.-—The net income for the year was $1,715,877, equal to 5.72%
on the $30,000,000 P. R. T. capital stock, as against $1,534,816 for 1919.
Dissolution of Voting Trust.—The voting trust established in 1911 was
dissolved as of Feb. 12 1920 as no longer necessary to protect the interests of
stockholders.
Of a total of 600,000 authorized shares 524,016 had been
deposited under the voting trust.
(V. 110,
p.
465.)
Accidents.—From 1902 to 1910 accident costs were 6.08% of the gross
earnings and 4,953 suits were unsettled at Dec. 31 1910; these figures have
since been reduced to 3.48% and 2,556 respectively as at Dec. 31 1919.
The accident reserve of $897,785 represents the full estimated liability
account of suits
pending and outstanding claims.
Co-operation with Labor.—The average wage per employee has been in¬
creased from $622 per annum in 1910 to $1,581, or 151%.
Greater effi¬
ciency is evidenced by 120% more traffic units per trainman than in 1910.
The total wage paid to all employees in 1919 was $16,415,008, as against
With a maximum rate of 58 cents per hour, the wages
of trainmen here average $5.51 per day, as against $5.00 per day in Cleve¬
land and $5.10 in Detroit, where the maximum rate Is 60 cents per hour.
This has been possible of accomplishment by close co-operation between
$7,282,995 in 1910.
June 30 Yr.
Calendar Years
I
1918.
1919.
Passenger earnings
Other receipts
_
1917-18.
1917.
$34,739,590 $30,568,788 $28,621,183 $29,318,138
1,299,930
1,135,640
1,105,744
1,125,813
.$36,039,519 $31,704,428 $29,726,927 $30,443,951
Total.
ExpensesMaintenance..
Reserve for renewals
$5,766,322
$4,755,664
2,740,262
11,387,653
2,719,097
I 8,951,881
2,061,904
7,494,130
2,711,196
1,788,396
2,071,744
$3,544,220
1,022,372
2,576,845
7,843,021
1.750,668
1,845,455
$4,459,039
Oper. of power plants
Operation of cars
1,529,197
1,573,269
General—.—.
Philadelphia Rapid Transit Company.
now
that the Frankford
"L"
________
—
Taxes
1,871,186
..$24,393,829 $20,369,571 $17,117,539 $18,582,581
$11,645,690 $11,334,856 $12,609,388 $11,861,370
Interest
$2,445,898
$2,314,649
$2,260,310
$2,268,492
Rentals
7,363,916
7,365,391
7,365,393
7,365,891
Sink, fund city contract.
120,000
120,000
120,000
120,000
Dividends (5%)
1,499,290
1,499,290
1,499,290
1,499,583
Total expenses
Net earnings....
.$11,429,103 $11,299,330 $11,244,993 $11,253,966
$216,587
$35,526
$1,364,395
$607,404
Total.
Balance, surplus
BALANCE SHEET DECEMBER 31.
1919.
Asscts~~~~~
1919.
^
Reserve
fund
1,127,321
receivable, &c__ 2,132,256
3,113,808
1,973,593
789,679
Total
Acc'ts
789,381
charges,&c.z3,331,928
payable,&c_
Accident reserves.
Renewal reserve..
897,785
574,600
76,837
Other reserves
Supplies, accounts
Deferred assets.._
Cap. stock paid ln_29,991,600 29,991,660
Bonds, mtges.,&c. 16,777,009 16,946,000
Accr'd
574,471
Fire insurance fund
8
Liabilities—
^
for
renewals
1918.
$
1918
$
yProperty account 50,947,654 48,768,607
Securities in treas.
750,000
1,435,423
Cash--—,— 1,347,830
1,909,514
.56,921,726 57.963,432
Surplus...
—
4,482,533
677,997
3,657,219
880,265
1,126,802
201,369
4,482,120
Total ———56,921,726 57,963,432
y Leases, franchises, construction, equipment, advances to leased lines
sinking fund. &c.
z Includes
in 1919 and 1918 Federal taxes.
$57,073,425 FUNDED DEBT OF
UNDERLYING COS. DEC. 31
1919.
(Now excluded from balance sheet because the guaranty of interest or
principal does not constitute a present liability.)
Co. & Class of Security—r-
Amount.
Union Trac. 4% Coll. M. bds.$1,250,000
4%
stock trust certificates..—29,731,114
Electric
Peoples
&
Peoples Trac.
Passenger
|Ry.
Co. & Class of Security—
West Phlla. Pass. Ry.
do
Amount.
3Hs—
5s
Empire Pass. Ry. 3Ms
Continental Pass. Ry. 4s
4%
S246.000
750,000
200,000
280,000
5,433,000 17th & 19th Sts. Pass. Ry. 5s„
500,000 13th & 15th Sts. Pass. Ry. 5s..
do
3^8
do
2d M. 4s
250,000
Market St. 1st M. 4s
10,000,000 Catherine & Balnbridge Streets
Pass. Ry. 1st M. 5s..
do
5% Equipment "A"—
49,000
Phlla. & Will. Gr. St. Ry. 4Mb 1,000,000 Frankford & Southwark 4s.
do
3^s
Darby & Yeadon St. Ry. 4Mb
200,000
Peoples Passenger Ry. 4s.....
219,000 Hest. Mant. & Fmt. Pass. 5s..
do
3Hs
do
2d M. 4s
285,000
stock trust certificates..—
100,000
Union Pass. Ry. 1st M. 4s...
403,000
36,000
—
..
do
246,000
Phlla. City Pass. Ry. 4s.
do
—V.
debenture
5s..
110, p. 1188.
...
.
Doylestown & W. Gr. 4s.....
100,000
200,000
Consul. 4s.
Phlla. & Darby RR. 4s
Darby Media & Chester
100,000
4^s._
150,000
132,100
150,000
1,050,500
199,500
500,000
991,000
Real Estate Mtge.&Gr. Rents 2,326,211
General Electric Company.
(28th Annual Report—Year ending Dec. 31 1919.)
I
The
v
report signed by Chairman C. A. Coffin, together
with the income account and balance sheet
will be found
subsequent
on a
as
of Dec. 31,
of this issue.
page
[Vol. 110
CHRONICLE
THE
1410
INCOME ACCOUNT DECEMBER 31.
Rapid progress, it is stated, was made during 1919 in a return to normal
plans for development and operation and by Dec. 31 conditions which had
interrupted these plans during the war had been practically eliminated.
The report states that the company now controls through subsidiaries;
"the largest reserve acreage of potential oil-producing territory of any cor¬
poration in the country.
It controls over 4,000,000 acres of reserve lands
in the United States and more than 400,000 acres of its leases in the MidContinent region are within a maximum distance of 15 miles of actually
producing wells."
During the year the company produced 13.195,036 bbls.
of oil.
Receipts—
1919.
1918.
1917.
1916.
Sales billed----$229.979.9831216,815.278$196,926.3181134.242,290
Costofsales——-----196.855,684 188.439.622 167,921.778 118,948,199
_
Mexican properties look very promising, one well having been completed
with a rated production of 50,000 bbls. daily, and in Colombia.drilling is
now under way on the Barco Concession, comprising approximately 800,000
acres.
Profit from sales. —.$33,124,299 $28,375,766 $29,004,540 $15,294,091
Interest and discount A
— —
2,343,776
2,280,533
1,851,140
2.887,145
2,325,782
2,661,150
1,844,645
CAPITAL
STOCK AND FUNDED DEBT OF SUB. COS. DEC. 31
2,022.237
Income from securities.-
sundry profits.
Total.
Deduct—
—
—
—
$32,982,071 $33,516,830 $19,160,973
.$38,355,221
$571,686
1,705,564
$571,645
1,805,444
13,500.000
$571,445
$571,645
541,357
11,000,000
5,500,000
Interest on debentures..
Int.Adtec't on notes pay.
Excess profits tax (est.).
8,121,646
9,545,469
9,165,622
8,120,648
(1)1,015,078
(4%)4,772,918 (4)4,587,398 (2)2,030,156
Dividends, cash (8%)-do
Bed Cross
do
in stock
$3,351,962 $15,737,946 $10,467,882
$10,759,584
Balance, surplus
The
comparative balance sheet
1294.
p.
Western
Union
published in V. 110,
was
Telegraph Co.
length
the year
on subsequent pages, also the income account for
1919 and balance sheet as of Dec. 31 1919:
ACCOUNT
INCOME
euro.,
res.
for
DEC.
31.
1916
1917
1918
1919
Gross oper.
Opex.
ENDING
YEARS
FOR
revenue—a$55,308.639 $54,283,411 $76,995,511
Incl. repairs,
$61,919,'l40
of
lease
48,727,921
$7,678,485 $14,212,505 $13,191,219
—a$6,847.774
Balance
62,783,006
46,604,926
-a48,460,866
Due from U. 8. Govt, for
compensation
3,327,113
1,606,524
1,391,129
Inc. from loans A invest.
1,702",460
1,484",712
$13,638,595 $12,396,726 $15,697,216 $14,893,679
Net Income
Disbursements—
Bond interest
-
C$554,938
$776,913
$1,331,850
1,825,000
623,271
1,000,000
152,816
1,900,000
750,000
1,166,424
Transferred to reserves—
Accrued
depreciation.
Deprec'n ofsecuritles.
Adjustments
1,000,000
59,126,143 $10,964,147
53,270,583
$4,733,069
Total disbursements..$11,442,120
Balance, surplus—
$2,196,475
from Aug. 1 1918 to Dec. 311918 and Jan. 1 1919 to July
months to Aug. 11918 and five months to Dec. 311919.
BALANCE SHEET DEC.
1919.
Sub.
Number of
Population served
1,180,000
1918.
5,961,248
443,844
4,913,479
not
1919.
Net for
1.545,938
940,709
5,332,931
accrued
Jan.
6,623,745
Crude & refined
11,606,392
9,697,086
471,637
oil stock
19,974,772
receivable....
Oth.
225,638
225,640
Acer. divs.
3,520,443
2,879,116
2,889,782
—
.
well drill¬
Total
987,260
7,048,586
1,000,000
1,000,000
801,506
..
Res've for cables
Total
—
—
..531,643,588 438,700,169
b Inter-company securities, being owned by subcompanies, Common stock, $60,934,665; Pref. stock, $641,000; bonds and
funded notes, $26,420,000—V. 110, p. 1190.
Elevator Company,
{Report for Fiscal Year ending Dec. 31 1919,)
Res .for deprec.,
&c., land lines
efit fund
6,501,462
312,096
(at oost) 16,617,687
16,594,326
Surplus
.229,604,536 218,743,053
Total
Depr'n of secur.
se¬
Other reserves..
1,415,443
790,588
34,715,470
32,51*8,994
229,604,536 218,743,053
Includes properties controlled by stock ownership or held under per-
Setual leases and sub.
icludes bonds of merged in the Western Union system, W. Funded debt
assumed
guaranteed by the b U. Tel. Co.,
or
$6,500,000 less held in treasury, $3,143,000.
c Deferred
non-interest
bearing liabilities in respect of proceeds of sales of securities and other prop¬
erties held under leases for terms expiring in 1981 and 2010 from cos. m
which the W, U. Tel. Co. has, for the most part, a controlling interest,
payable only on the termination of the leases,
e Obligation of U. S. Govt,
in respect to note payable.
Since July 31 1918 the company has made
notes amounting to $7,947,200 as shown above, to finance the Federal
Administration and against which the company pledged securities.
Section
7 (a) of the agreement with the U. S. Govt, requires the Government to
assume
all such notes and return the collateral.
fFor compensation,
interest and accrued fixed charges,
g In respect to working cash and
materials and supplies, turned over at Aug. I 1918; returnable at termina¬
tion of Federal control, without interest,
h Payable to U. 8. Government
for additions to plant,
payable in twenty annual installments, with
at 5%, after termination of Federal control.—V. 109, p. 688.
interest
Co., New York.
{Tenth Annual Report—Year ending Dec. 31 1919.)
On subsequent pages will be found the remarks of President
D. Baldwin will be cited
The remarks of Chairman W.
another week.
RESULTS FOR
CALENDAR
1919.
YEARS.
1918.
1917.
$2,270,850
482,273 Not
$3,031,626
Preferred dividends (6%)
$390,000
Common dividends (5%)
x$45,000
$1,803,409
$390,000
318,575
$1,788,577
$390,000
318.575
Interest
charges
Balance for divs., Ac.
Reserved for Fed'l taxes.
750,000
Res.for pension, Ac.,fund
Depreciation reserve—
Contingency reserve—..
100,000
a250,000
380,000
70,000
340,919
150,000
100.000
380.0001
359.304/
Surplus about—.— $1,196,626
$303,910
$90,697
As estimated by editor; amount not shown in the report,
countries.
x
1919.
1918.
S
Assets—
xReal
5
1919.
Liabilities—
$
11,520,044
Common
8,108,087
6,371,587
125,164
138,428
3,000,000
3,200,000
899,309
stock...
interest,
cos...
3,191,543
2.953.0S9
Bonds .stocks,Ac.,
held for sale....
taxes, i Ac
Debentures......
1.377.000
229,998
79,070
Notes payable....
800,000
Accounts payable.
1.798,708
260,725
978,101
Preferred divs
134,133
Accts.receivable.. 4,005,878
279,532
Common divs
balance sheet of the Cities Service Co. as of Jan. 10 1920,
and the consolidated balance sheet,
including subsidiary
Raw
3,654.409
177,650
37,000
5,287,519
4,574,656
materials, fin
ished parts, Ac.
and
net
for
Ac.,
company
itself for the year 1919
Deducting interest
Total
—
24,846,809 21,337,226
97,500
398,219
81,892
380,000
Federal
Res've for pension,
account...
Surplus....
Total
326,007
266.377
4,545,540
3.003,914
24,846,809 24,337,226
earnings, of $19,273,716.
charges of $1,922,861 and preferred dividends aggregating $4,215,264, the
amount available for reserves, dividends on common stock and
surplus was
$13,135,590.
Res.
97.500
101,350
.
317,453
750,000
Res. for con ting's
taxes
of Dec., 31 1919.
^i1Ar^P^rJ'-^lowsJgross earnings of the
$19,977,551
Notes receivable..
Liberty bonds
%
6.500,000
Accrued
Inv. in for'n A oth.
domestic
1918.
6.500.000
813.307
-
Depreda¬
Preferred stock-..
est., bldgs.,
267,028
of
$28,014
a
GENERAL BALANCE SHEET DECEMBER 31.
Cash
as
5"0"666
250,000
(Ind. assets and liabilities of the Otis Elevator Co. of 111., Mo. and Texas.)
Deferred charges..
companies,
shown
$1,036,589
$390,000
318,575
tion account foreign
Henry L. Doherty, in addition to the 9-year comparative
income account of Cities Service Co. the consolidated income
account, including all subsidiary companies for 1919, the
,
1916.
258,403
$2,303,412
500,003
Net earns..aft.maint.,Ac $3,290,029
machinery, Ac ..10,659,754
Cities Service
998,261
.531,643,588 438,700,169
Otis
Employees' ben¬
cos.
35,476,319
reserve.
non-
liabilities.c
5,707,765
Other reserve...
Being amortized,
12,048,357
6,457,080
8,574,517
—
255,384
827,178
35,691,202
(not
Res. for bad d'ts
Surp. A
229,183
2,138,619
296,631
221,612
declared)
1,765,962
12,998,357
8,193,628
134,486
2,544,796
items
accr.
7,273,337
3,667,308
5,490,941
5,792,246
int.-bearlng
g
...
8,523,041
Gas
%
16,260,675
33,940,275
153,497,850 137,735,775
24,099,835 Bonds .b....
19,666,824
975,417 Bills payable— 18.183,197
5,616,610
1,326,821 Accts. payable..
6,238,720
Customers' dep.
711,184
943,945
701,696
9,211,647 Salaries A wages
732,785
9,165,934 Adv. from Cities
Service Co— 55,024.098
47,059,078
390,371
Accrued interest
1,913,678
2,081,446
5,570,224
16,640,372 Accrued taxes..
2,722,22$
Cities
to
31.
1918.
Com. stock.b__219,605,200 164,322,959
Prepaid ins., Ac.
a
1,765,297
15)
Deferred
1,876,698
DEC.
$
Pref.stock.b
ing investm't,
4,393,937
3,462,270
4,057,619
Unpd .diva. (incl.
7,947,200
3,506,955
Liabilities—
invest't.441,6^5,793 359,328,833
Stores & supplies
a
Acer .taxes (est.)
$
Add'ns to physi¬
Adv.
$19,143,927
$5,076,074
656,670
1919.
1918.
$
Bond discount—
outside depos¬
itories and in
a
Plant &
Cash.
2,467,172
Total
1919.
Assets—
2,552,800
11,889,250
1916.
stock-_$13,619,306 $17,711,053 $15,533,580 $13,411,183
com.
COMBINED BALANCE SHEET OF SUBSIDIARY COS.
Service Co...
h
YEARS.
1917.
1918.
Net earnings
—$29,196,463 $31,428,222 $25,454,032
Interest charges..
$10,911,690
$9,291,830
$5,976,505
Preferred dividends—
4,665,467
4,425,339
3,943,947
7,947,200
pay.._
981,151
..$91,398,946 $92,527,838 $69,634,872 $48,052,573
Oper. exp., taxes, &c— 62,202,483
61,099,616
44,180,840
28,908,646
31,994,000
accts.
11,675,505
2,655
3,818
913,000
4,529
976.985
Gross earnings
31,994,000
Def.account
42,355,746
(Intercompany relations,eliminated.)
Fund debt ("Ry.
& Ind. Sec.")b
Int.& guar.divs.
_
...—
13,195,036
INCOME ACCOUNT ALL SUB. COS. FOR CAL.
Bills & accounts
Aud. vouch., Ac.,
368,050
1,631
964,000
46,814,889
17,032.693
3,137
40,225,008
...
Population served
1,350,825
431,550
Cash at banks &
cure.
1,093,914
—
18,082,000
96,269
103,041
1,748
1,031,000
1,762
4,548
Special deposits.
Notes
Due from U. S.
transit
3080584000
Gas mains owned (miles)
1,350,325
431,550
6,182,860
S. Gov't
Marketable
6112357000
18,523.000
3,475
S
99,786,727
Notes and accts.
6,010,616
(less reserve). 16,635,324
Obllg. of U. 8.
Gov't..
541,285
22,533,000
108,506
produced (bbls.)
payable
7,850,000
payable..e
1,180,000
5,974,674
do under agree't f
Cash adv. to U.
849
574,285
6617358000
-
Natural Gas—
Gas sold (1,000 cu. ft)
cal property— 21,335,458
Market'le secur.
583,956
%
leases
374
407
908
597,285
Sales in cubic feet—
COMBINED
115.657,669
109,174,092
409
24-hour capacity (cubic feet)
Oil
2,150,0001.
Over
900
...
cars
Population served
Artificial Gas—
Stk .ownership
Bills&accts. rec.
Government
stocks
Perpet.
Stock of cos. noc
leased
Seven
owned (par)—
oos.
Sinking fund
Mat'J A supplies
—
Served,
[Population
1918.
1917.
1919.
586,764,531 513,714,799 406,015,212
268.363
238,765
301.415
442,333
388,046
494,255
169,618
144,399
189,508
1,286,000
1,146,000
1,398,445
-.112,586,749
Miles of track
Sinking fund—
Capital stock... 99,786,727
Amount recover¬
leased (not In¬
cluding secure,
held as lessee)
c
1919.
Liabilities—
S
equlp't,
real
<
estate, Ac
170,436,108 161,587,143
of
31 1919.
31.
1918.
$
aTeleg .lines and
Stock
load
Passengers
59,482,841
55,410,838
From the Land Line System for five months ended Dec. 31 1919 and
seven months ended July 3l 1918 and from the Cable System and Maritime
Provinces for the calendar years.
See "b."
b This is the compensation
due the company from the U. S. Government for the use of the Land Lines
able at expira¬
tion of lease.-
31
Population served
Electric Railways—
a
Assets—
DEC.
Electric Properties—
Kilowatt hours sold
K. W. installed capacity
——
(7%)6,982,472 (7)6,982,381 (7)6,982,298 (6)5,984,567
1,456,439
214,033
(net)
9,993,774 107,763,303
Ac.
STATISTICS
$1,331,850
Special paym't to empl
Cash dividends
Gas Co..
Wells owned
b5,184,298
....—
Dominion
GENERAL
...
plants,
&c
taxes,
5,124,668
Total
Customers
Mains (miles), 3-inch basis
for deprec., rent
17,437,849
26,420,000
1,876,698
—219,605,200
33,940.275 153,497,850
The securities of operating companies which are owned by sub-holding
companies are referred to as inter-company securities; among these are the
Toledo Traction, Light & Power Co., Empire Gas & Fuel Co. (Del.),
A
K. W. connected
The remarks of President Newcomb Carlton will be found
at
$
23,305,501
641,000
60,934,665
Outstanding in hands of public.——
1919.
Bonds Out.
Pref. Stock.
$
Owned directly by Cities Service Co..153,545,868
Securities owned by sub-holding cos—.
Bonds and funds in sinking fund
Customers
{Report for Fiscal Year ending Dec. 31 1919.)
Stock.
Com.
Includes Investments In real estate, buildings, machinery and equip¬
ment: equities in Harrison, New York and Chicago properties, and patents,
x
less
depreciation.—V. 110,
p.
1094.
APR. 3
1920.]
CHRONICLE
THE
Columbia Gas & Electric Co. (of W.
Va.),Cincinnati,&c.
(Report for Fiscal Year ending Dec. 31 1919.)
and the Union Gas &
Electric Co., and the consolidated balance sheet
previous records,
as
the following will show:
Operating
expenses
Increase.
Operating income
Total income
Federal income &
Net operating earnings
income
Other
$306,702
89,270
25.43
418,086
...
Total income
Lease rentals, &c
Fixed charges (Columbia Gas & Electric Co.)
$1,929,859
691,635
117,658
.
YEARS.
CAL.
1917.
1916.
25,133,176
17,667,488
12,139,413
,
4,080,915
6,137,978
3,684,950
3,886,990
excess
2,298,211
3,115,498
$8,973,021
$6,728,258
profits taxes...
Net
FOR
$15,352,146 $15,981,734 $15,305,506 $15,881,391
Depreciation and depletion charged off
income
$395,971
25.78
104,940
17.89
dec.l ,233decl.27
66,350
2,245,832
„
$9,374,723 $11,994,401
292,110
prop'n $8,906,671
13,292,225
$6,436,148
12,917,001
portion.....
20.13
14.22
__
1918.
$14,683,265 $15,511,176 $15,143,985 $15,881,391
668,881
470,558
161,521
Other income
%
$460,991
154,290
$1,511,773
and taxes.
ACCOUNTS
Outside stockholders'pro¬
1920.
$2,750,384
1,238,611
earnings
SURPLUS
$46,828,784 $40,644,352 $32,811,473 $28,020,805
Oper. exp., incl. repairs,
maint., adm.,&c.,exp. 32,145,519
are pleased to transmit herewith
copy of the annual report for 1919.
Results to date in 1920 are most encouraging and promise to
surpass all
Results for Two Months ended Feb. 29—
AND
1919.
We
Gross
INCOME
of Dec. 31
as
1919, will be found on subsequent pages of this issue.
Com¬
pare map on page 159 of the ''Railway & Indus." Section.
The company, in circular of March 1 1920, says in brief:
our
1411
Volume of business
The remarks of President A. B. Leach, together with the
consolidated comparative income accounts for several years
of the Columbis Gas & Electric Co.
CONSOL.
T. W. Oil Co.'s
Previous surplus
Acquisition of outside int
of subsidiary cos
Total
Cash
dividends
do
cent
per
Stock dividends
.....
520,683
971,693
$8,854,040 $11,022,708
13,023,617
4,650,909
707,436
—
$22,906,331 $19,353,150 $21,877,657 $15,673,617
$5,246,412
$6,060,925
$6,060,656
$2,650,000
(16%)
(19%)
(19%)
(10%)
....;
(10)2190,000
...
Surplus
.$1,120,566
$292,264
35.28
During the first two months of this year the company has signed contracts
for new electric business to an extent
equal to tne new contracts signed
during the first six months of 1919.
It is planned to issue brief reports
similar to the above, which will be mailed to the stockholders if so desired
by them at monthly or semi-monthly intervals.
CONSOLIDATED BALANCE SHEET
GAS
DEC.
& ELECTRIC
1919.
$
Assets—
Cash
105,853
125,410
97,826
96,875
1,199,948
First
United Kingdom
1,724,948
1st M. 5s,par)
1,399,497
1,399,497
sees, owaed.
116,413
Treas. bonds, &c.b2.009,162
119,688
1,407,522
1,244,751
1,298,728
1,474,024
1,593,759
460,055
Accts. receivable..
Materials & supp.
Acer. Int., &c., on
securities owned
Total
&c.
5,000
its,
555,419
5,000
493,432
&c
;•
309,464
2,046,891
Customers'
1,818,636
204,659
2,733,927
2,262,508
1,915,569
depos¬
&c
Reserves
Eighty per cent of the additions to the plant upon which construction
started last August have been completed and it is expected that the
production will commence very shortly.
For comparative income account showing net sales of $7,274,249, against
$3,536,558 on 1918, see V. 110, p. 1297. .
r
increased
181,914
Assets
$2,675,854
2,057,154
354,423
1,497,884
167,119
225,436
804,857
Cash..
Accounts and notes receivable
Merchandise
inventory
Liberty bonds
74,373,417 72,961,050
Total
74,373,417 72,961,050
V
50,000
14,211
Miscellaneous
Deferred
2,138.968
charges
126,904
....
.$7,404,352
Total
Liabilities—
Capital stock auth., 100,000 shares of no nominal
or par value, declared under the New York Stock
Corporation Law at $5 per share
Accounts
payable
($293,753), deposits on cars
($61,350)
*
Depreciation, &c., reserve
Liberty bonds and War Chest..
Mtge.
5% bonds in treasury ($2,274,500 face amount), $1,776,330, and 5% gold
$232,832.—V. 110, p. 468.
debentures in treasury,
War tat
on
(4.th
Annual
Report—Year ending
Surplus
Dec. 31
1919.)
account
by Finley P. Mount, dated
together with the income
and balance sheet, will be found on
subsequent pages
of this issue.
INCOME
ACCOUNT
(INCLUDING
,
SUB.
COS.)
1919-
,
Gross profits from operations
$4,954,638
Add interest on receivables, investment
& balk ban.,
disc,
purchases, &c_
FOR
CAL,
1918.
$3,073,877
YEARS.
1917.
$2,101,832
427,512
319,827
$3,393,704
20,500
2,579
10,000
b5,772,958
3,049,266
-$7,404,352
$3,923,265
....
-
estimated," $10,000, and for income and
excess profits tax for 1919, $600,000.
b The profit and loss surplus of Dec. 31 1918, $3,049,266, has been
adjusted by deducting (a) $80,678 excess profits and Income taxes paid in
1919 for year 1917 (in addition to $380,207 paid in 1918 for 1917) and
(&) taxes for 1918 paid in 1919, $192,778.
The surplus was then Increased
as of Dec. 31 1919 to $5,772,958 by adding the surplus of $622,148, which
remained for the year 1919, after deducting dividends, $375,000 ($3% per
share): depreciation, $141,279, and tax reserves for 1919, $610,000 (local
taxes, $10,000; Federal taxes, $600,000).—V. 110, p. 1297.
a
for
Reserves
$2,419,226
"local
taxes
317,394
Total profit & inc. from all sources..$5,382,150
Deduct—Selling, general and adminis¬
trative expenses and home office
388,757
77,163
17,011
a610,000
cars
Total
The text of the report, signed
at La Porte, Ind., March
24,
$375,000
355,103
141,279
8,000
Reserve for taxes
Advance-Rumely Company.
$3,923,265
$500,000
—
•
Includes gas fields, plants, franchises, leases and 51,000 shares
(or 51 %)
of stock owned of the United Fuel Gas Co.
b Includes in 1919, First
a
1918.
1919.
Land, buildings, machinery, equipment, office fur¬
niture and fixtures, patterns, good-will, &c
$3,353,777
506,515
175,475
—-—
Inc.
BALANCE SHEET DECEMBER 31.
2,850,000
(Union Gas
Electric), par.
Accounts payable.
Accrued Int..taxes,
Profit and loss
833,297
227,957
Deferred charges..
.
I
(Col.
&
Other
Cash
5s
of America,
was
debens. (Col.
Gas «fe Electric). 2,850,000
Outstanding stock,
606,000
Municipal
(cost)..
M.
Co.
President Allan A. Ryan, New York, Feb. 10 1920, wrote
See also "Investment News Department."
5%
Bonds (C.G.&E.
secur.
$
Elec.)__50,000,000 50,000,000
Gas & Electric). 13,777,000 13,741,500
534%
Ohio
5
stock (Col.
Gas &
Car
in substance:
1918.
Liabilities—
Propertyaccount.a64,530,627 64,225,324 Capital
Motor
Stutz
UNION
1919.
Guar.Ms.wlth trus.:
notes..
U. S. Lib. bonds
(INCLUDING
$17,659,919 $13,292,225 $12,917,001 $13,023,617
(4th Annual Report—Year ended Dec. 31 1919.)
CO.)
1918.
%
31
Total surplus
—V. 110, p. 1195.
on
and branches—Net
Pierce-Arrow Motor
2,355,599
97,893
526,750
1,860,117
144,657
200,000
Net prof its and income for the year. .$2,401,907
Preferred dividends...
(6%)748,506
$1,188,929
$550,557
The
1,669,660
Debenture and other interest
Provision for Federal taxes
Balance,
surplus..
$1,653,401
CONSOLIDATED BALANCE
165 201
33^808
$1,188,929
SHEET DECEMBER
$550,557
31.
[Including Advance-Rumely Thresher Co., Inc., and Can. Rumely Co., Ltd.]
* Assets—
1919.
jgia.
Land, buildings, machinery and equipment
$4,825,265
Outside real estate, including property held for saie.
144,157
Goodwill, patents, designs and other intangible
11
•
values, subject to adj. upon realization of assets. 13,000,000
Securities of the company purchased and held in
treasury (at cost)
123,175
Inventories of raw materials, supplies, finished and
i
partly finished products, &c
8,321,600
Customers' notes receivable, less commission cer¬
tificates outstanding.
3,140,134
Dealers' and other trade accounts, &c_.
275,043
Investments—U. S. Liberty Loan bonds, less pay¬
ments on subscriptions
by employees: U. S. ctfs.
of indebtedness, Canadian
Victory Loan and
other investment securities
2,898,254
Miscellaneous accounts receivable
310,423
Cash in bank and on hand
1,615,737
Misc. operating supplies and preparatory expenses
75,615
Total assets
$4,120,842
100,606
13,000,000
127,122
8,047,036
3,090,957
502,224
>
~
6% pref. stock (divs. cum. after Jan. 1 1919)
$12,500,000 $12,500,000
Common stock, 137.500 shares ($100 each)
13,750,000
13,750,000
Ten-year 6% gold debentures, due 1925 $3,500,000:
1
canceled to Dec. 31 1919, $2,538,000
962.000
1,545,000
Accounts payable, incl. pay-rolls, taxes, int., &c.
f
(incl. U. 8. Federal Income taxes accrued in 1918)
1,529,060
878,630
Oper. and conting. reserves from earnings of the
year (excl. dapr. deducted from property acc't)..
1,003,368
876,065
Federal taxes for 1919 (estimated)
526,750
Reserve against realization of assets taken over..
781,857
848,672
Surplus net profits and Income for the year
3,676,366
2,022.965
is
substantially
as
follows:
Status—Dividend Suspension on Common Slock.—Necessary war expan¬
sion, both in buildings and machinery, has left your company with facilities
in excess of normal requirements, and time will be required for the proper
utilization of these excess facilities.
The uncertainties of business following the armistice, and the necessity
for the conservation of the company's cash resources, led to the decision In
July to discontinue dividends on the Common stock.
This policy, we feel,
should be continued until the company has acquired a cash position suffi¬
ciently strong to enable it to meet any contingency.
While certain changes in personnel have occurred during the year (V.109,
p. 483, 780, 893), there has been no change in the policy of manufacturing a
product of the highest grade.
'
Income Account.—Net profits amounted to $2,491,070.
Your plant has
been fully maintained, and a depreciation fund of $501,326 created.
A
reserve for Federal income and excess profits taxes has been set up, amount¬
ing to $600,000.
In addition, it has been thought wise to charge off from
surplus certain Inventory items, amounting to $126,142, and to create a
further
special reserve fund for inventory depreciation amounting to
$500,000.
There have been paid four quarterly dividends of $2 each per share on
the Preferred stock.
One dividend of $1 25 a share on the Common stock
declared in December 1918 and paid on Fob. 1
dend of $1 25
a
share
on
.$34,729,402 $32,421,331
-V. 108, p. 2630.
Tide Water Oil
and
was
PROFIT
added to
AND
LOSS
ACCOUNT
the company's annual
of President R. D. Benson,
combined.
FOR
YEARS ENDING DEC.
1919.
Gross
Not stated.
sales.
Net mfg.
31.
1918.
l^17*
$41,354,440 $32,565,908
$4,273,172
1,200,000
$4.791,274
1,161,802
$2,561,122
10,200
15,944
$3,073,172
5,401
$3,629,472
10,200
1,658
$2,587,267
96,197
$3,088,773
323,032
$3,641,330
42,582
Balance
Other income: Div. from affiliated co.
Miscellaneous
Total.,
(net)
profit for the year.*
paid (8%)
Common dividends paid
lO,200
$2,491,070 $2,765,741
$3,598,748
800,000
800,000
800.000
($1^)312,500($5) 1562,500(12^)625000
Balance, surplus, for year.
Previous
"
profit, after depreciation
$3,161,122
war prof. & inc. taxes
600,000
Deduct—Excess
Preferred dividends
1919.)
comparative income and surplus accounts and balance
together with various statistical tables both for the
company itself and for the company and its subsidiaries
sheets
A further divi¬
the Common stock was declared in March and
No further'dividends on the Common stock have
109, p. 78).
surplus the net amount of $752,428.
Capital Account.—Net increase to the property and the equipment
accounts during the year amounted to $827,035.
Outlook.—Plans for the present year contemplate Increased production,
both in passenger cars and trucks, which should result in a reduction of
overhead expenses and lower costs.
There
Net
Company.
On subsequent pages will be found
report including the remarks
1919.
.
been declared since then (V.
Deduct—Interest
(31 st Annual Report—Year ending Dec. 31
.
__
^
■
Total liabilities..
C. Jay Jr. and
Y., March 12,
paid on May 1 1919.
882,322
67,747
$34.729,402 $32,421,331
Liabilities—
signed by President John
report
Chairman Charles Clifton, dated at Buffalo, N.
was
2,482,473
Car Company.
(Third Annual Report—Year ending Dec. 31 1919.)
surplus
Total
Reserve for inventory
Adjustment of Inventory
Total surp. as per bal. sheet below.
$1,378,570
$403,241
2,415,963
$2,173,748
242.215
$4,197,774
500,000
126,142
$2,819,204
$2,415,963
$3,571,632
$2,819,204
$2,415,963
2,819,204
\
THE CHRONICLE
1412
BALANCE SHEET DECEMBER 31.
1919.
$
8%
Com.
Pat'ta, trade,mks.,
par
40,000
selling company.
vehicles,
4,996,294
Work In process.. 3,473,720
Raw mat'l&supp. 5,075,407
Notes <k accts. r ec
2,857,517
161,598
1,424,168
1,250,000
4,081,412
3,837,500
2,662,202
115,800
excess war
prof. & Inc. tax.
600,000
1,200,000
312,500
2,819,204
67,181
212,690
Total
Petroleum
Interest
for new tools, power plants, &c,, $230,948.
There has also been expended
$69,989 in the acquisition of new leases in prospective oil territory, chiefly
on a rental basis.
Twenty-six new wells were completed and brought in
during the year on the various properties at a total cost of $674,970.
Production.—The total net production of oil in 1919 was 3,343,449 barrels,
of which 145,129 barrels were produced from properties in the hands of the
IT. 8. receiver or in escrow, and 82,844 barrels belonged to the various lessors
as royalty oil, leaving our net production 3,115,476 barrels.
Total number of wells producing Dec. 31 1919 was 190; wells shut down
and under repairs, 27; wells in the process of drilling, 12; wells abandoned, 11.
The
production of the 26 new wells brought in was as follows:
Coallnga district, 61,077 barrels, an average daily of 49 barrels
10 wells
well;
per
6 in the Midway district, 58,780 bbls., an average daily of 93 bbls. per well;
10 in Montebello and Yorba Linda districts, 259,967 bbls., an average
a
$3,131,106
$2,666,048
$460,711
$3,131,106
$261,006
187,151
601,467
Excess
211,620
555,764
$1,416,719
$2,102,716
(6)589,075
(4)399,363
$2,475,880
$348,221
188,811
bonds
on
profits and income taxes
258,228
Balance
....$1,680,619
(6^%)640,182
(2%) 195,882
Adj. of Fed. taxes for previous years..
70,286
Dividends
do
(6)589,075
in Liberty bonds
....
Surplus
$774,271
$827,645
$1,114,278
See also St. Maurice Paper Co. under "Investment News" on a subse-
CONSOLIDATED BALANCE
Fuqua, Los Angeles, March 9, wrote in subst.:
daily production of 180 bbls. per well;
New Acquisitions.—During the year
$2,619,173
(1M)46,875
Suent page, &37,500 shares of whose 50,000 shares of stock owned by the
rnion Bag
Paper Corporation.
Corporation.
Income.—The gross earnings were $4,621,655, being an increase of
$467,300.
After making all deductions for depreciation, interest, Federal
taxes, &c., the not profit was equivalent to 10.53% on the average out¬
standing Preferred stock as compared with 10.71% in 1918.
Development, &c.—During the year we expended on new wells $689,514
in
Total income
Less—Provision for depreciation
23,765,203 26,278,618
(Report for Fiscal Year ending Dec. 31 1919.)
Pres. I. W.
12 Mos. to
Jan. 31 *18.
earnings, deducting ordinary re¬
pairs and maintenance
$2,335,-255
Div. from St. Maurice Paper Co__(3?£ %) 140,625
1296.
California
11 Mos. to
Dec. 31 '18.
Net
Surplus (see table
above)
3,571,632
23,765,203 26,278,618
COMPANIES).
SUBSIDIARY
{INCLUDING
1919.
Dividend payable.
275,000
Liberty bonds
Deferred charges..
ACCOUNT
Cal. Year
value, but of
Accrued
7,076.329
4,012,995
87,647
2,338,695
_
Mlsc.inv.&depos.
Cash
—V, 110, p.
INCOME
10,000,000 10,000,00
1,250,000
40,000 Capital surplus... 4,081,412
Bank loans
2,000,000
4,324,487 Accounts payable- 2,123,159
3,181,933 Customers' depos.
139,000
Ac
Bag & Paper Corporation.
(Report for Fiscal Year ending Dec. 31 1919.)
(250,-
of 15 per share).
Invest.ln affiliated
Total
convert.
stock
the declared val.
2
2
%
000 shares of no
138,786
144,065
Finished
curn.
pref. stock
4,735,562
Land not for busi¬
ness
1918.
$
Liabilities—
Plant site,
bldgs.,
machinery, «fcc„_ 5,379,742
Union
1919.
1918.
$
Assets—
[Vol. 110.
total production of 379,824 bbls.
negotiated a sub-lease
your company
with half interest in original lease for 63 acres, centrally located in the
Yorba-Linda district, Orange County, Calif.
Well No. 1 on this property
was brought in the latter part of Nov. 1919 and is now producing between
500 and 600 barrels per day.
Six other wells are in process of drilling.
Investments.—The Red Star Petroleum Co., of which your company
a half interest, produced during 1919 736,277 barrels; six new wells
completed, with a production of 316,348 barrels, up to and including
During the year cash dividends in the amount of $240,000,
or 120%, were declared and paid, your company receiving its proportion.
The surplus earnings for 1919 were $132,188, after providing for dividends
of $240,000 depreciation $129,813, and a reserve of Federal taxes of $195,770.
Total undivided earnings Dec. 31 1919, $307,180.
Mexican and Texas Leases.—No development work has boen attempted
in Mexico owing to unsettled conditions and no drilling has been undertaken
on the Texas leases pending test
development on neighboring leases.
Dividends.—Four regular quarterly dividonds amounting to $846,512 (or
7%) were declared on the Preferred stock, also extra dividends in the
amount of $864,012 (or 7%), entirely clearing up the dividends in arrears.
Sinking Fund.—During the year we obtained at advantageous prices
10,000 shares of Preferred stock, which will be applied to the sinking fund
and canceled along with the 1,100 shares heretofore held in the Treasury.
Leasing Act.—Remedial legislation affecting withdrawn lands passed
both Houses of Congress, and has been signed by the President.
Your
company will, under the new law, make application for lease on such lands
claimed.
This legislation is of considerable importance to your company,
not only involving the funds now in the hands of a receiver, which will
subsequently be released on the payment of back royalties, but materially
affecting the future earnings, eliminating litigation and permitting full
development of the previously disputed property.
The claim now stands
at $1.516,884.
$1,382,862 of the above funds in the possession of the U. S.
receiver has been invested in Liberty bonds.
Bonded Debt.—There wore purchased and canceled for sinking funds
$143,200 bonds of American Petroleum Co. and American Oilfields Co.,
including a portion of our bond holdings.
owns
SHEET DECEMBER
31.
Assets—
1918.
1919.
Plants, water power, timber rights, &c
$10,784,125 $10,670,097
8t. Maurice Paper Co. stock at par (out of $5,000,000)
3,750,000
3,750,000
Invest. (U. S. Lib. bonds) treasury certifs., &c
86,620
430,000
Inventory (at or below cost);
Pulp wood in rivers and piles
1,698,854
1,056,491
Supplies, stores, fuel, &c
471,205
653.498
Merchandise on hand and in process
1,941,360
1,491,983
Accounts receivable
999,806
1,422,359
Cash
410,702
415,692
Prepaid insurance, &c
95,320
71,752
i
Total
.$19,893,608 $20,306,-256
Liabilities—
Capital
stock_x
$10,000,000 $10,000,000
2,956,000
y2,447,000
800,500
700,500
6% Allen Bros. Co. bonds
150,000
160,000
Accounts payable
424,401
587,562
Bond interest accrued
75,808
95,567
Accrued excess profits and income taxes
675,000
290,000
Surplus disclosed on appraisals of properties as of
Jan. 31 1917
1,856,912
1,856,912
Surplus
3,174,716
8,948,987
Funded debt: 1st M. 5s Union B. & P. Co
1st M. 5s Cheboygan Paper Co
...
Total
..$19,893,608 $20,306,256
.
Includes 664 shares reserved for exchange for outstanding shares of
Pref. and Com. stock of the Union Bag & Paper Co. in accordance with
x
were
consolidation plan; outstanding, 99,336 snares,
Dec. 31 1919.
bonds in
Crude petroleum
3,520,428
215,284
Tops
1917.
1916.
3,001,382
297,957
2,938,546
3,672,410
238,028
237,972
3,735,712
3,299.339
3,176,518
3,910,438
The production for the year 1919 was 3,343,449 bbls., against 3,413,724
bbls. in 1918, 3,331,813 bbls. in 1917 and 3,918,272 bbls. in 1916.
CONSOL. INCOME ACCOUNT FOR CALENDAR YEARS {Inch Subsid's.)
Gross earnings (all cos.).
Operating
$4,621,655
$4,154,354
1,097,471
$3,185,327
$3,056,884
$2,462,277
719,617
90,797
$453,853
157,542
549,378
96,171
$421,054
153,989
98,834
102,219
13,786
24,554
$3,128,711
Exp. completing wells.
723,049
_
Depreciation
$495,646
125,242
Exhaustion of deposits..
Losses written off
,
Bond interest
Proportion of earnings of
subsidiary cos.a
1916.
35,887
1,492,943
expenses
Net earnings
1917.
1918.
$2,081,154
569,496
$1,511,658
$38,874
113,392
184,225
45.287
110,481
23,225
Reserve for Federal taxes
and contingencies
Special
250,000
155,979
reserve
Preferred dividends..b(7%)846,512
Total deductions
$2,697,578
$431,133
Balance, surplus
a
Proportion of
b In addition
296,262
217,808
157,542
(8^)1018,300
(4)493,721
184,225
(4)493,721
$2,753,602
$303,283
$1,677,502
$784,775
$1,193,430
$318,228
153.989
applicable to stocks of sub. cos. in hands of public,
7% regular divs. 7% extra., was paid out of surplus thus
earns,
to the
canceling all accrd. divs.—See text above.
The above statement is exclusive of operations of the
properties in the
hands of the U. S. Receiver.
President Frederic M.
SHEET DEC
Assets—
1918.
.
$
$
31.
The failure of the Governments to settle these claims and
permit the removal of goods in process of manufacture has seriously
with the construction and operating program of the Chemical
Company, so that its operations for the year show a loss.
Owing to an accident in January 1919 to the storage facilities of raw
material for our Boston plant, the company was not able to operate that
plant for the rest of the year.
The destruction by fire of the Columbus
plant, at Greenpoint, New York, which occurred in September 1919,
further affected the earnings.
Our fuel "Alcogas" for internal combusion engines was satisfactorily
proven, as to efficiency and economy, In the mail plane service between
New York and Washington, as well as in the operations of automobiles and
trucks.
A large fuel mixing plant is nearing completion in Baltimore, so
to
that the
company will be in
plus production of alcohol.
Pref. stook owned, b 502,238
Liberty Ln. bonds.
Accounts receiv
Oil ln storage
Mat'ls & supplies.
Deferred charges..
140,750
428,998
outstanding
512,408
669,995
Oilfields 6s_.
923.800
928,800
288,650 Am. Petroleum 6s.
571,500
609,500
412,039
298,575
820,415
cos.
Am.
552,852
605,951
908,636
Accts. & notes pay.
779,233
& contingencies.
423,264
381,607
86,052
15,933
Dividend payable.
Accrued interest..
198,503
462,863
cl ,510,577
908,166
31,319
1,347,341
780,004
2,790,774
171,287
Res. for Fed. taxes
Special reserve
Deferred credit
Capital surplus
Revenue surplus
Total
2 ,848,262
926,493
1,318,603
36,565,044 36,839,404
Total
36,565,044 36,839,404
b Represents 11,000 shares held for retirement (since retired.)
c At 5 cts. per barrel on production since Jan. 1 1913.—V.
110,
1916.
1917.
Pref.U.S.Ind.A.Co.(7%) 420,000
420,000
420,000
do
do (16)1,920,000(16)1920,000(32)3840,000
128,562
128,562
128,562
420,000
Reserved for Fed. taxes.
Dividends—
Common
Pref. Cuba Dis. Co (7%)
Less special amortization
Depreciation
128,562
1,887,207
621,199
Balance, surplus
$494,858
$2,394,102
$2,720,420
BALANCE SHEET DEC.
CONSOLIDATED
1919.
$4,336,024
31.
>
1918.
1919.
1918.
§
§
Ass&tS"*""*"
Liabilities {Concl.)
$
5
Properties owned.39,601,992 38,048,906
Ca3h
1,648,573
3,352,214
Rep.Dist.7% bds.
a700,000
800,000
Real estate mtges.
103,896
103,896
Liberty bonds
4,215,790
Accts.
2,089,476
Accts. & bills rec_.
2,514,988
Acceptances
1,040,975
2,031,709
2,151,390
4,839,734
Merchandise, ma¬
terials, &c.
4,655,674
Deferred charges.
203,159
_
payable—
1,664,000
Notes payable (se¬
7,072,533
8,422
cured
Loan
by Liberty'
bonds)... 1,600,000
Pref. div. Jan. 15.
.54,804,163 53,509,212
Total
105,000
Res. for Fed. taxes
375,803
8,330,000
105,000
6,998,182
Special amort, and
TAnh1l111t>st
X
X
Com .stk .U.S.I .A. 24,000,000
12,000,000
Pref. stock (do)
6,000,000
6,000,000
Cuba Dist.Co.stk. al,836,600
1,836,600
Purity Distill. Co.
al00,000
105,000
on
sale
110, p.
depreciation
Surplus.
*
Total
3,736,180
3,349,501
xl2,493,208 15,808,350
54,804,163 53,509,212
of public.
x After deducting $3,810,000 dis¬
of $12,000,000 additional Common stock.
568; V. 109, p. 1994.
Outstanding in
to
hands
_
stockholders
Booth
Fisheries
Company.
(Report for Fiscal Year ending Dec. 31 1919.)
Pres. K. L. Ames, Chicago, March 22, wrote in substance:
Government Turnback.—The Government turned back to us a large pro¬
portion of the 1918 salmon pack commandeered for army purposes, and.
notwithstanding every effort, we were unable to get delivery of any con¬
siderable amount of this salmon until late in 1919.
By that time the 1919
pack, combined with the 1918 carryover turned back, gave us an unusual
amount of salmon to dispose of in a very limited time.
Although we
greatly curtailed our 1919 pack, reducing it 40%, it was physically impossi¬
ble to complete our shipments and reduce our inventory to as low a point
as we had intended as sufficient cars and
shipping facilities could not be
secured to move the tonnage.
Consequently, though we have made very
material reduction in the amount
we
owed the reduction would have been
greater had we been able to ship the salmon
We had
a Includes oil lands, leases, wells and other
properties as on Dec. 31 1918,
$35,376,288; additions since, $922,709; less properties abandoned, $26,030;
reserve for exhaustion based on
production since Jan. 1 1913, $1,462,925;
and provision for depreciation
$2,906,496.
1918.
$5,044,344
80,417
79,341
$
Capital stk. of sub.
1,326",653
any sur¬
$4,426,265 $14,073,102 $12,511,277
58,667
36,812
72,916
407,176
288,236
89,518
375,803
6,998,182
5,239,861
earnings
Bond interest (sub. cos.)
Interest on notes, &c
—V.
Propertyacets...a31,903,545 31,604,745 7%Cum.Pref. stk_12 ,453,026 12,343,026
Invest, at cost.
100,000
715,568 Common stock... 14 ,877,005 14,877,005
Assets In escrow,&c 1,516,884
Cash
936,059
position to market through "Alcogas"
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDING DEC. 31
1918.
S
Liabilities—
Harrison wrote in substance:
interfered
count
1919.
Co.
in this report.
Including Subsidiary Companies.
1919.
Alcohol
claims referred to last year as pending adjustment with Govern¬
ments have not yet been determined and, therefore, again are not included
a
CONSOLIDATED BALANCE
Industrial
The
Net
1918.
Total
1919.
S.
U.
(Report for Fiscal Year Ended Dec. 31 1919.)
1919.
SALES {BARRELS, IN CALENDAR YEARS.
1919.
y After deducting $944,000
treasury and $1,609,000 bonds redeemed and held by trustees of
sinking fund.—Y. 110, p. 1297.
our
as intended.
salmon sold and every case would have been closed out before
Dec.
our
31 1919 except for the aforesaid delays.
In the meantime some of
foreign orders had been canceled, due to foreign exchange conditions.
our re-selling a portion of our salmon
product, which we
This necessitated
have
done.
Curtailment.—As
•
export salmon business will necessarily be curtailed
more normal, we are preparing
to pack only about 50% of our capacity for 1920.
our
until the foreign exchange situation becomes
p.
1292.
^
Apr. 3
CHRONICLE
THE
1920.]
1413
decided
Outlook.—Notwithstanding the depression in the match business for the
that the meat packers cannot handle fish or fish products in future, it must
force upon us, as the leading fish and sea-food distributing company, a de¬
first half of the year, our match plants were all kept in continuous opera¬
tion, but at greatly reduced output and higher cost.
During the latter
mand for increased production and distributing facilities.
Sardines.—In 1917 we paid from $2 50 to $7 per hogshead
part of the year orders
Need for Increased Facilities.—Inasmuch as the Government has
(unit of
measure) for sardines.
In 1918 the Pood Administration fixed the price
on the basis of $25 a hogshead and would not permit a fisherman to sell
us a hogshead of fish for less than $25.
In 1919 we paid $5 a hogshead for
sardines and could get more than we cared to pack.
We suffered unneces¬
-
sarily and heavily in our sardine operations.
All this has been absorbed
and our inventory of sardines is at a price that will enable us to market
them on a favorabl e basis.
Inventory Dec. 27 1919.—This item of $7,002,563 is made up as follows:
Salmon & sardines canned..$2,771,954 Salt and smoked fish, &c
do
Packing supplies.. 1,231,661 Merchandise in transit
$574,190
64,642
1,470,134 Miscellaneous supplies
Fresh and frozen fish
889,983
Interest Charge.—Interest on debenture bonds, cold storage bonds, and
money was $707,728.
Our interest charges were largely and
unnecessarily increased on account of not being able to get possession of our
commandeered salmon.
Appraisal.—We recently had our salmon canneries appraised for insur¬
ance purposes by public appraisal engineers and the sound value of our
salmon canneries shows more than 30% above the values at which these
canneries are at present carried on our books, and we feel confident that an
appraisal of our cold storages will show a present sound value of at least
50% above the values at which they are at present carried on our books.
Prices.—The prices at which we are selling fresh and frozen fish and
sardines are but slightly higher than previous to the war.
Therefore, we
have no concern about a further shrinkage in our inventories of these
products.
Profits.—The net earnings of the company have been as follows: 1912,
$1,050,546; 1913, $779,611; 1914. $921,489; 1915, $1,042,770; 1916, $1.659,295; 1917, $3,388,829; 1918, $2,217,677; 1919. $1,433,239.
borrowed
were being received somewhat in excess of our
This condition will probably exist during the frst
manufacturing output.
part of 1920.
It is hoped that July 1 1920 will again see normal conditions
established as regards supply and demand.
CALENDAR
INCOME ACCOUNT FOR
1919.
Net profits, all sources
Depreciation, repairs, &c_
Reserve against Inventory
632,883
U. S. Government taxes.
500,000
Special
_
reserves
1917.
550,000
700"39l
420,000
250,000
reserve
Net earnings.
Bryant & May, Ltd
$2,405,387
279,475
$1,864,227
al94,400
$2,173,516
Total
$2,780,121
$2,058,627
$2,684,862
$2,780,121
$180,000
* $150,000
1,357,208 (8)1,357,208 (9)1,526,859(7^)1314795
$2,173,516
Depreciation
reserve
Dividends
(8%)
$816,308
1,449,479
$701,419
748,060
$978,003
520,056
$1,315,326
454,730
$2,265,787
$1,449,479
$1,498,059
749,999
$1,770,056
1,250,000
$2,265,787
$1,449,479
$748,060
$520,056
Surplus
Previous surplus
Total
Patents, &c., written off.
Surplus Dec. 31
a
1916.
$2 ,925,806
252,944
192,350
;
Loss by fire
General
YEARS.
$5,637,925
429,440
1,700,000
1,103,098
1918.
$3,679,168
844,941
$3,556,399
In 1918, stock dividend; in 1917, profit from
sale of ordinary stock.
COMPARATIVE INCOME ACCOUNT.
BALANCE SHEET DECEMBER 31.
1919
Net
1918
1917.
1916.
$1,433,239
$2,217,677
$3,388,829
V707.728
profits...
$531,904
354,293
625,000
236,110
$1,659,295
$378,919
JL8SCtS"~~~
274,024
Plants, <fcc
Deprec., res've & skg. fd_
245,676
$719,876
498,442
Reserve for Federal taxes.
48,000
250,000
Bond, &c., interest
Preferred divs.
— .
Balance, surplus
344,948
275,833
$1,346,352
$1,744,151
$86,887
(7%)
Total deductions..
$473,526
($2)500,000
(50c.) 125,000
Common dividends
1919.
Pine lands, &c
1
2,582,126
1
Foreign,&c.,Invest. 1,300,540
Del. chgs. tooper.
167,358
200,849
$792,082
Inventory
214",275
surplus_$2,534,725
$2,572,838
$2,599,312
CONSOLIDATED BALANCE SHEET DEC.
1919.
$
31
1919.
Total
1919.
Liabilities——
1918.
$
1918.
$
Assets—
3,138,042
Cash.
97,555
699,203
3,467,591
3,033,136
1,449,479
Pay-roll
(es¬
timated)
Reserves
1,795,979
1,153,827
24,604,123 23,779,460
Total
24,604.123 23,779,460
—-
-
Taxes accrued
955,739
8,485,220 10,382,862
1,734,951
114,385
743,634
Surplus & profits.- 2,265,787
Pat'ts, rights, &c.
Notes & accts. rec.
$1,439,963
%
Capital stock
16,965,100 16,965,100
Accounts payable- 1,047,627
1,534,987
6,708,076
$867,213
$1,747,307
$1,641,522
325,000
1918.
$
Liabilities—
$
less reserve
Profit and loss
1919.
1918.
7,231,474
2,546,537
$
Preferred stock..„y4,999,800
4,500,000
equipment, &c_. 12,497,909 13,475,738 Common stock.._x5,000,000 5,000,000
887,202 Debenture bonds.z2,965,000 3,261,000
507,988
Bonds on cold-stor¬
Pref.stock disc.,&c
377,801
age plants
1,002,814
Inv. in allied cos..
939,314
127,892
26,458 Accounts & notes
Sinking fund & Int.
30,538
payable
7,532,558 11,517,491
Inventories
7,765,452
7,002,563
257,617
Aocts. & notesrec. 1,817,968
4,229,092 Accrued accounts.
136",974
97,131 Conting., &c., res
Prepaid insur.,&c.
74,738
42,379
29,809
Gash
1,655,515 Res. for deprec.,&c
1,405,544
250,000
163,017
146,908 Res. for Fed. taxes
Deferred items.578,897
Profit and loss
2,572,838
2,534,725
-V. 110, p.
1293.
Real estate, mach.,
Jewel
Tea Co.,
U.S. Govt.bonds.
Total
x
24,421,839 28,283,497
Total
24,421,839 28,283,497
Common stock consists of 250,000 shares of no par value,
y
After de¬
ducting $1,000,200 held in treasury,
z After deducting $2,035,000 in hands
of trustee and in treasury.—V. 110, p. 1292.
Diamond Match
Company.
(Report for Fiscal Year ending Dec. 31 1919.)
Pres.
W. A.
Fairburn, March 25, wrote in substance:
Results.—During the war we enjoyed an unprecedented volume of busi¬
ness.
When the armistice was signed business fell off rapidly, and for the
first half of 1919
there was not sufficient business on the standard product
of strike-anvwhere and strike-on-box matches to pay expenses.
Nevertheless, your company, because of its success in other fields, suc¬
ceeded each quarter in earning its dividend with ample margin.
Our
earnings, after making provision for Federal income and excess profits
taxes, and for greatly increased. State and municipal taxes amounted to
$2,173,516, against $2,058,627 for 1918.
Lumber.—The California lumber operation, after deducting $26,042 for
depreciation and timber removed, snowed a profit of $482,155, as com¬
pared with $184,211 in 1918, $176,991 in 1917 and $40,442 in 1916.
For
the first time this department made a thoroughly satisfactory return.
Inventories.—The value of inventories of materials and finished product
has decreased $1,897,642 during the year, the amount of cash on hand in
the same interval increasing from $1,153,827 to $3,138,042.
A reduction
of $1,804,627 in the inventory of lumber and other materials and supplies
was obtained without drawing upon the reserve of $2,000,000 accumulated
during 1916 and 1917 as a protection against decline in inventory stocks and
prices.
Net
Working Capital.—This item, after deducting Federal Income and
excess profits taxes as paid, or as estimated, as well as current and operating
liabilities, stood at $10,613,594 on Dec. 31 1917, $11,201,773 in 1918 and
$11,619,927 Dec. 31 1919.
Plants, Real Estate, &c.—This account, excluding standing timber and
lumber operations, increased $741,846, and the related "reserve for depre¬
ciation" account increased $218,448, resulting in a net increase of $523,397.
The additions were principally in connection with the match factories to
effect economies in the cost of production.
Whereas the book value of "plants, real estate, &c.," including "Califor¬
nia pine lands, stumpage, plants, &c.," but excluding depreciation reserve,
has increased from $7,399,795 to $12,221,753 since 1908 (65%), the total
depreciation reserves have increased from $202,974 to $2,757,057, i. e.f
over 13.5 times, and the total "property account," less depreciation reserve,
stands on the books at $11,078,550, compared with $9,858,089 as of Dec. 31
1908, an increase of only 12.37%.
Financial Position.—The surplus Dec. 31 1919 stands at $2,265,787 as
compared with $1,449,479 a year ago; and a general reserve of $2,250,000
has been built up in addition to a reserve of $420,000 created to protect
the company against loss of timber by forest fires.
The company has no
bonded debt and is not a borrower at the bankoj
During the past year the
accounts payable decreased from $1,534,987 to $1,047,627, and of this
amount $835,242 represents advances made by Bryant & May, Ltd., cover¬
ing material being bought and manufactured for their account.
During the past ten years the net assets over liabilities have nearly
doubled and the capitalization has increased only 6%.
Additions, &c.—New Capital Stock.—During the next two years your
company will be obliged to make comparatively heavy capital expenditures
in order to safeguard its business, protect its operations from foreign com¬
petition, cope with peculiar post-war conditions in the raw material field,
and avail itself of unprecedented opportunities for expansion in profitable
branches of its prime business and associated fields.
In the near future, it
may be deemed advisable to increase the capital stock in order to (1) make
the amount issued more in keeping with the net capital invested, and (2)
to further increase the capitalization to an amount that yrill amply take care
of expansion and increased business for many years to come.
There is no need of immediate action for such increase, but after several
important matters now pending have taken definite form and certain influ¬
encing decisions have been reached, it is expected that some plan will be
presented to take care of our capital needs and give valuable rights to
President Raymond E.
Safety Matches—No Longer Distributing Agent for Swedish Combination.—
During the war the company was compelled to manufacture for our Govern¬
turers, some
of whom have been materially benefited by exchange rates,
and the volume of business handled in this product in 1919 was m excess
of any preceding year, when we distributed foreign-made goods.
of that
It is to be hoped, however, that this peculiar type of match (the "safety
matches") will never become generally popular, as it is inferior to the Ameri¬
safety double-dip type and to our vest-pocket book match.
can
Durham writes in substance:
Officers.—The net operating loss and special charge-offs
for the
year
amounted to $1,847,203.
The charge-offs include the
adjustment of book inventories, and loss and reserve for obsolete stock
together with additional reserves against customers' accounts receivable
and premium balances.
During the year it became apparent to your directors that our business
was not progressing satisfactorily.
The officers resigned and practically
a new management was put in charge.
The sales for 1919 were $16,538,635.
When the new management as¬
sumed control the sales were at the rate of about $14,500,000; at the present
time they are at the rate of over $18,500,000, with every indication that
they are built on a permanent basis.
However, owing to the sharp advance
in the price of coffee
and other merchandise, the company should obtain
sales or approximately $20,000,000 to equal on a unit basis the volume of
1916, 1917 and 1918.
Results—New
Changed Conditions.—By 1919 trade conditions and labor costs had under¬
a change, resulting in a large reduction of the percentage of gross
gone
coffee prices, due, primarily, to
Br ofit. This condition was greatly
accentuated by the abnormal advance
i
crop failures in Brazil.
The margins
of gross profit earned were not sufficient to meet the greatly increased
operating expenses, A substantial improvement has recently been effected
in this respect.
Further substantial reductions in abnormal expenses
should be accomplished in the future.
There was an euorraous turnover of labor, due to the war; many wagons
were operating at a loss, and strikes were in effect in twelve cities.
Thase
labor difficulties have boen satisfactorily overcome.
The spirit of co¬
operation among the officers and employees is now excellent and a new wage
plan permits salesmen and field managers to participate in the profits
made by them.
Funding.—Owing to the high price of raw materials, which requires in¬
capital, it was deemed wise during the year to fund the
company's floating indebtedness, and there was therefore issued $3,500,000
of 6% Serial Gold notes shown in our balance sheet (V. 108', p. 2026).
creased working
Suspended.—After receiving the report of the new management
we discontinued dividends on the Preferred stock.
Dividends
as
business,
to the
Against U. S. Govt.—We have substantial claims against the
Government covering losses due to the commandeering of our Hoboken
Claims
plant.
This plant was returned to us on Sept. 1 1919, but the equipment
has been neither restored nor paid for as yet.
The plant will not be on a
producing basis before July 15 1920.
The taking of this plant greatly
disorganized'our production and has caused large losses, some of which are
difficult of ascertainment, but none the less real.
Outlook.—The company expects by July 1
and economically in all departments.
The
business
can
1920 to be operating efficiently
management believes that
again be placed on a satisfactory earning basis.
the
CALENDAR YEARS.
1919.
1918.
1917.
$16,538,635 $15,598,496 $15,847,604
INCOME ACCOUNT FOR
^
Net sales for calendar years
profits (see text)
Preferred dividends paid
BALANCE
1919.
SHEET DEC.
$
379,804
837,469
414,224
623,177
&c_
588,814
848,397
Horses, wagons,&c.
Good-will
12,000,000 12,000,000
Cash
Accts., &c.,receiv. 1,007,711
979,533
5,411,836
(eur. dept.)
71,699
6,286,764
Inv. of mdse., &c.
Invest,
62,904
7,568
38,034
Com. etk. in treas.
Adv. to customers
700,000
112,587
(less reserve).--
1,156,857
112,587
Deferred Dranch de¬
velopment exp..
on
6%
Total
♦
items
$
Common stock
Notes
3,500.000
payable-
Accrued interest--
255,427
150,000
payable
Pref. div.
$
1,044,019
acceptances
Accounts
1918.
3,640,090 3,760,000
12,000,000 12,000,000
6% 8er. Gold notes
Letters of credit &
2,931,600
682,982
117,907
34,235
66",260
puyable.
149,251
104,653
42,289
Purchase oblfg'ns.
32",500
32,600
15,750
•84,162
Miscellaneous
13,000
Surety dep. (con era)
Res. for redemp.—
Profit-shar.cou.
gold
notes
Fed. taxes recov'le
Deferred
[1919.
Liabilities—
Accr. wages & taxes
Liberty bonds
Disc,
$1,282,551
Preferred stock—
buildings,
machinery,
$428,843
31.
1918.
$
Assets—
$1,558,351
(7)275,800
de/.$2,040,776
Balance, surplus, for years..;
Land,
$695,738
(7)266,895
..loss $1,847,203
(5M%)193,573
Net
stockholders.
ment, in relatively large quantities, the foreign type of strike-on-box match.
We still make and sell these matches in competition with foreign manufac¬
Inc.
(ith Annual Report—Year ending Dec. 31 1919.)
72,024
32,238
56", 854
41,326
240.000
Preferred stock-
Capital surplus.._
128,279
21.440,478 22.623,960
737",138
737,138
Current surplus..-
*51,666
1,835,820
Total
-21,440,478 22,623,960
profits taxes,
x To the balance of $1,835,appropriated surplus for redemption of Preferred
Includes income and excess
820 was added $240,000
transferred, and $10,023 discount on Preferred stock retired.
After
deducting $1,274,046 net operating loss for 1919, $333,556 adjustment of
book inventories and loss and reserve on obsolete stock, $239,601 additional
reserve against customers' accounts receivable and premium balance, and
Preferred dividends $193,573, the balance, deficit, aggregated $51,666, as
shown in balance sheet above.—V. 110, p. 769.
stock
THE CHRONICLE
14:14:
Bell
Co.
Telephone
of
$5,500,000 7% Bonds
The report
on a
were $700,715; the difference, or $88,166, covers the actual
cost of all condemned and obsolete property written off during the year.
Bills and Accounts.—The decrease in accounts receivable is mainly due to
expenditures
Canada.
(40th Annual Report Year Ending Dec. 31 1919.)
[See offering of
page.]
subsequent
Final adjustment of the unpaid bal¬
Government contracts has been agreed upon and payment in full
probably be received in the near future.
The decrease in accounts payable is due to the payment of practically all
unpaid balances on purchases made for the account of the IT. 8. Govt, on
large Government reimbursements.
ances on
will
dated at Montreal Feb. 26,
says
in substance:
War Contracts.
The net number of telephone stations added during the year, viz, 34,271,
is the largest in our history.
The gross telephone earnings also show con¬
siderable increase, but the steadily advancing costs of material and wage
than counterbalanced this gain.
)n ou
On our application to the Railway Commission in October, 1918, an
em
nergency order was Issued last May granting temporary relief by way of
a 10% Increase in rentals, effective July 1, and an adjustment of toll tariffs
which went into force on May 26.
The Railway Board found that "the
burden of the emergency should be divided between the Bell Co. and the
public."
By circular, dated May 15, $4,500,000 new stock was offered to the share¬
holders at par. Increasing the authorized capital stock to $22,500,000.
Of this $4,336,300 was subscribed and paid for, and the balance, $163,700,
remains In the treasury.
(V. 108, p. 2243).
To the long distance system in 1919, 4,835 miles of wire were added.
The long distance lines now owned and operated comprise 89,706 miles of
wire on 9,514 miles of poles, and 7,047 miles of wire In underground and
ents
payment
more
_
submarine
cables.
The company
has
no
bills payable outstanding
these systems.
Inter-change is also had, under conditions laid down by
the Board of Railway Commissioners for Canada, with two competing com¬
panies, operating 2,574 stations.
The report is signed by Vice-President and General Manager C. F. Sise
and President L. B. McFarlane.
REVENUE ACCOUNT FOR YEARS ENDING DECEMBER 31.
1919
stations
1918
1917
303,205
2841261
106,231
99,708
94,932
$14,149,119 $12,227,545 $11,179,162
6,735,310
5,463,818
4,545,328
2,507,791
1,903,624
1,595,366
' 2,316,200
2,648,760
2,470,000
654,602
534,256
422,427
....
Taxes
Dec. 31 1919.
ized to charge, for a period of 13 months from July 1 1919, an increase
in
rates equivalent to two-thirds of the increase originally applied for.
The
rates allowed were inadequate to meet the constantly advancing costs of
operation and the increase in interest charges, and at the same time allow a
fair return to the owners of the Common stock.
A physical inventory
and valuation of the company's property, ordered by the Commission as a
basis for further rate increase, is rapidly nearing completion, and should
result in
a
rate schedule much more favorable to the company
INCOME ACCOUNTS FOR
YEAR
1919.
Gross
-.$5,531,710
incl.
3346,881
earnings
(V. 109,
ENDING DECEMBER
76.)
,
1916.
1917.
1918.
p.
31.
$4,946,511
$4300,264
$4,509,424
2,884,152
2,187,742
1,663,177
309,732
207,760
364,808
359,552
-11,875,097
Interest
$1,608373
Pref. dividends (5%)
125,000
Common dividends .(l*A%) 187,250
$1,854,499
$1,244381
125,000
$2,247,714
$1,204,533
125,000
(7)749,000
$2,486,695
$1,162,500
125,000
(7)749,000
Operating
expenses,
Reserve for replacements
and contingencies—...
Net
earnings—
Total deductions_
337,476
—
Connecting, &c., stations
Gross earnings
Operating expense
—
Maintenance
Depreciation
as at
Gas Rate Increase.—In July 1918 gas rate schedules were filed with the
P. 8. Commission of Missouri, petitioning a flat increase of 15c. per 1,000
cu, ft.
After a period of approximately one year, the company was author¬
maintenance & taxes..
We have agreements with 718 local telephone organizations which provide
inter-communication between our subscribers and the 103,013 stations on
Owned
[Vol. 110.
(7)749,000
..$l,920,623
$2,118,381
$2,078,533
$2,036,500
Balance, sur. or def
def.$45,526def.$263,882sur.$169,181sur.$450,195
Also on Jan. 2 1917 an extra cash dividend of 10%, accumulated during
irmg
the preceding seven years, was
paid out of the dividend common sitock
—
account to common stockholders of record
CONSOLIDATED BALANCE
1919.
S
S
Dec.
26
1916.
SHEET DECEMBER 31.
1918.
Assets—
1919.
Liabilities—
1918.
$./.
$
Plants and Invest¬
Total deductions
.$12,213,904 $10,550,459
1,935,215
1,677,085
218,108
427,602
Net earnings
Total net
earnings
Stores
Accounts receiv'le,
<fcc—
1,087,924
Deferred charges..
538,958
...
(8%)
$2,153,324
670,208
1,440,000
$2,104,688
562,053
1,440,000
$2,534,071
$43,116
Interest
Dividends
$9,033,121
2,146,040
388,030
.
earnings
8undry
Common stock...10,700,000 10,700,000
39,745,599 39,133,050 Preferred stock... 2,500,000
2,500,000
$102,634
ment
463,173
257,838
Cash
852,960, First mortgage 5s.
10,000,000
177,858|Ref. & ext. M. 5s. 10,000,000 10,000 000
11st M .coll.A ref.7s.l6,000,000
$533,070
561,001
——
1,583,180 5% debentures
Reserve
Balance surplus.
-
BALANCE SHEET DEC.
1919.
Assets—
3,598,652
3,794,627
Total
1919.
Pension fund
500,000
400,000
Surplus and res...20,580,632 19,576,746
Total
56,527,751 50,701,470
DEC.
31
1917,
AND
CaLYf.'19.
Earnings—
..$9,683,187
276,638
730,954
133,168
1
Gasoline
t
Interest
42,093,49 1 41,747.048
110, p. 875.
GENERAL INVESTMENT NEWS
RAILROADS,
INCLUDING ELECTRIC ROADS.
Arkansas & Louisiana Midland Ry.—
-
Manager.
H. B. Hearn and H. R. Speed, receivers, announce the
appointment of
John W. Meehan as General Manager.—V.
Judge William I. Grubb of the U. 8. District Court rendered
YEARS 1919 AND 1918, 8 MOS.
YEAR ENDING APRIL 30 1917.
CaZ.Yr.*18.
8 Mos.'ll.
a
decree
367,573
$8,168,297
Boston Elevated
577,453]
75,548
60,563
51,625
1,764,000
2,000
1,159,480
""'557
1,190,911
Depositors' Realty Co.
211
$7,002,636
$4,819,319
990,650
651,879
$9,410,833
$5,937,349
1,504,325
$540,788
$1,969,159
Gross income
—$12,588,455 $12,586,864
.—$6,289,717
$6,582,224
2,774,000
2,377,560
996,415
676,814
1,434,691
730,820
expense
Dividends paid.-..
.
Depreciation
Taxes
Surplus far period
$1,093,631
COMBINED
BALANCE
1919.
$
Assets—
1919.
1918.
$
Liabilities—
$
Physical prop'ties.23,589,886 22,435,854 Capital stock ($20,Stocks In oth. oos.x9,986,284
9,985,677
000,000 auth.)
19,813,000 19,813,000
Material in stock.
968,534
1,233,730 Accounts payable.
701,109
1,065,026
Cash.
979,936
610,991 Debenture bonds.
313
Accts.receivable.. 2,084,946
1,586,234 Material adjustm't
Bonds
yl,664,831
account
1,940,731
2,241
Material adjustm't
13,078
Res. for depl. of
Valuation of oil &
gas & oil depos's 8,951,746
gas deposits....17,044,418
Surp. from val. of
__
gas & oil depos's 8,092,672
Depreciation res've 3,405,024 2,537,908
Profit and loss
15,3G8,361 14,274,730
56,331,913 37,693,217
Total
56,331,913 37,693,217
Stocks owned in other companies at book value included on Dec. 31
1919: The North Western Ohio N. G. Co., $5,550,050; United Fuel Gas Co.,
x
$4,410,000; Pt. Pleasant N. G. Co., $20,000; misc., $6,235; total,$9,986,284.
y Bonds; Liberty, $1,026,250; other companies, $638,581.—V.110,p.1193.
Laclede
Gas Light
Co., St. Louis, Mo.
(Report for Fiscal Year ending Dec. 31 1919.)
President C.
L.
Holman writes in substance:
Earnings.—Gross earnings showed an increase of $585,300 over 1918,
mainly to increased output, but partly to the new schedule of gas rates,
due
effective July 11919.
Operating expenses increased $462,729, in a measure
occasioned by the added output during the year.
The greater part, how¬
due to the higher prices paid for labor and supplies.
Replacements and Contingencies.—There was charged against income and
reserved for replacements and contingencies the sum of $101,972 in excess
of the amount reserved during 1918.
On order of the P. S, Commission of
Missouri, in granting increase in gas rates, the company is required to re¬
serve $400,000
per annum for replacements during the year beginning
July 1 1919.
Refunding, &c.—The company refunded $5,000,000 5% debentures, due
Feb. 11919, and $10,000,000 1st M. 5% bonds, due April 1 1919; $16,000,000 First Mtge. Collateral and Refunding (ten-year) 7% Gold Bonds were
ever, was
issued to retire the above securities and reimburse the
company for con¬
struction expenditures not covered by other securities issued.
The added
interest, plus one-tenth of the cost of financing, is responsible for the in¬
in the item of interest and discount.
(Compare VT108.
p.
273,1278.)
Dividends.—The regular 5% dividend on the Pref. stock was
paid during
the year.
A Common stock dividend of 1 %% was paid on March 15 1919
out of the surplus earnings of previous years
(V. 108, p. 2245).
Construction.—The plant and investment account
Which represents the net additions to this account.
increased $612,548
The total construction
was
April 30, demanding a maximum wage of 95 cents an hour, compared with
the present maximum of 60 cents an hour and a minimum
wage of 73H
cents an hour compared with the present minimum of 50 cents an hour.
Cambridge Subway Loan Offering.—State Treasurer Burrell on March 31
opened bids for $7,868,000 serial Cambridge subway loan, bearing interest
at 4.H% or 5% per annum.
See "State and City Department."—V. 110,
tm.
764.
Boston & Maine BR.—To Issue
Refunding Bonds.—
At the annual meeting on April 14 the stockholders will act on
authorizing
the issue of bonds to the amount of $8,843,000 to be secured
by the com¬
SHEET DECEMBER 31.
1918.
$
$2,219,446
Ry.—Wage Increase Demand, &c.—
It is reported that, the Boston Carmen's Union have formulated a
proposed
agreement, to take the place of the present agreement which expires
new
1,764,000
...
duo.
The receiver was also authorized to extend for a
period of not more
than 6 months receivers' certificates when
they become due and payable.
V. 109, p. 1179.
■
Apr .30*17.
$5,782,593
$9,800,078)
Dividends—
United Fuel Gas Co
Pt. Pleas't Nat. G. Co-
crease
-V.
INCOME ACCT. FOR CAL.
ENDING
Total
Total
........
109, p. 2439.
flnci. parent company, N. W. Ohio Natural Gas Co. and Pt. Pleasant
Natural Gas Co.]
Less
1,142,800
Birmingham By., Light & Power Co.—Interest Payments
Supply Co.
(Report for Fiscal Year ending Dec. 31 1919.)
Gas....
Oil
141,724
1.325,901
'
.
Ohio Fuel
CONSOL.
42,093,491 41,747,048
5,000,000
1,931,881
472,361
676,900
$
Capital stock.....22,336,300 18,000,000
Bonds
.....11,149,000 11,149,000
Accts. payable... 1,274,943
603,206
Accrued liabilities.
945,802
062,344
Unearned revenue
24,531
26,713
56,527,751 50.701,470
-V. 108, p. 2243.
1918.
$
Liabilities—
$
div.
Other reserve, surp
Total
1918.
$
Telep one plant.-45,033,651 40,162,918
Real estate
4,183,352
4,607,535
1,817,120
1,737,388
Supplies
Cash
173,931
188,941
Bills A accts. rcc. 1,085,876
845,227
Inveatments
31.
com.
748,966
...
Bills & accts. pay.
Liabilities accrued.
1,440.000
pany's present mortgage, dated Dec. 1 1919; such issue or the proceeds
thereof to be used solely for the purpose of refunding bonds of Concord &
Montreal RR. and of the Fitchburg RR., and notes of the Boston & Lowell
RR. Corp., aggregating $8,843,000 and falling due in June,
July or October
of the current year.—V. 110, p. 969, 871.
Brooklyn Rapid Transit Co.—Increased Fares
Surface Lines—Bus Operation Illegal.—
Denied
Public Service Commissioner Lewis Nixon on March 31 denied an
applica¬
by counsel to the receiver of the Nassau Electric RR., Brooklyn,
Queens County & Suburban RR. and the Coney Island & Brooklyn RR.
he
(three of the operating companies in the B. R. T. surface railroad system)
for permission to increase fares from 5 to 8 cents.
r
ssion
centi
The application was
made simply as one step in a court action to test out the
validity of the
5-cent fare question.
Carl M. Owen, counsel for Receiver Garrison, has intimated that he will
appeal to the higher courts, where an opinion will be sought on the question
of the Commission's power in the matter of
granting increased fares and
whether the franchises providing for a 5-cent fare shall be
supreme.
Justice Newburger in the Supreme Court has issued a writ of certiorari
(returnable in 20 days) against P. S. Commissioner Lewsi Nixon, ordering
him to show cause why he should not grant the
application of the subsidiary
tion
.
lines of the B. R. T. for an increase in fare from 5 to 8 cents.
The order
follows the Commissioner's ruling that he had no jurisdiction in the matter.
Supreme Court Justice Cropsey in Brooklyn on April 1 decided that the
operation of buses by the city in that borough is illegal.
Justice Cropsey
that he would sign an order restraining Grover A.
Whalen, Commis¬
Structures, and other city officials from continuing to
operate buses in competition with the surface cars in Brooklyn.
Justice
Cropsey said that the operation of buses under the present circumstances
"is a menace to the public."—V. 110, p. 764, 166.
said
sioner of Plant and
Buffalo
&
Susquehanna RR.—General
A. M. Darlow, recently^Fed.
V. 110, p. 1088.
|
Canadian National
Mgr.,,has
been
Manager.—
elected
Gen.
Mgr.—
Rys.—Operate at $14,000,000 Loss.—
According to the first annual budget submitted to the House of Commons
by Dr. Reid,,Minister of Railways, the Canadian National railways
during
the fiscal year ended March 31 1919 operated at a loss of
$14,000,000,
divided
follows:
Canadian Northern, $6,500,000, and Intercolonial
Railway and Transcontinental, $7,500,000.
In addition there were fixed
charges of $19,000,000 to be met.
Out of every dollar earned by the
roads. Dr. Reid said. 78 cents went in wages to the employees.
Operating
expenses increased
from $84,000,000 to virtually $108,000,000.
These
advances being due largely to increases in
wages under the McAdoo award.
—V. 109, p. 172.
as
Charlotte (N.
This company,
at auction.
The
C.) Rapid Transit Co .—Sold.—
which went into receivership in 1918
was recently sold,
two miles and trolley, was
by Paul Chatham, former President of the company, at $'0,000.
The company was organized ten years ago with a
capital of $75,000.
bid in
property, consisting of about
Apr. 3
THE CHRONICLE
1920.]
Interborough Rapid Transit Co., N. Y.—Earnings.-
Chicago Surface Lines.—New Officer.—
P. L. Hupp,
formerly Asst. Sec'y, has been advanced to Secretary.
Railways below.—V. 110, p. 658, 764.
West Penn
1415
See
Results for February and Eight Months ending Feb. 28.
The recent recovery in gross
Chicago & Western Indiana RR.—New Persident,etc.—
Same
Belt Railway of Chicago above.—V.
as
110, p. 871, 969.
Cincinnati Lawrenceburg & Aurora Electric St. Ry.—
We
are
advised that the $750,000 1st Mtge. 5s, due July 1 1919, have not
as
yet been paid and that the road will
p.
shortly be reorganized.—V. 109,
1272.
Dallas
Delaware & Hudson
relieved
sufficiently by return of cars to owning roads and by speeding up loading
and unloading to obviate immediate heavy purchases of equipment.
Mr.
Loree further says:
"This company has no pressing equipment needs this year.
When the
Government assumed control we were well provided with every kind of
obliged to accept 1,500 coal and freight cars which
the Railroad Administration allotted to us, although we did not need them.
No locomotives or passenger cars have been purchased during Government
control, but we are, nevertheless, well supplied.
A number of new loco¬
motives ordered late in 1917 were delivered the next year.
"Physical condition is considerably below the standard before Govern¬
ment control, especially in ties and rails.
We are no worse off here, how¬
ever, than other roads, and gradual improvement can be effected during the
summer.
At present only 18% of our own cars are operating on our tracks,
and it is reasonable to suppose some of the others have suffered from lack
of proper repairs."
Compare V. 108, p. 2022.—V. 110, p. 969, 871.
rolling stock.
We
were
Denver Tramways
Co —Seeks 7-Cent Fare.—
The company has initiated petitions for 7-cent fares (instead of the
present 6-cent with free transfers) in order to meet the new scale of wages
of 58 cents granted the motormen and conductors by a board of arbitra¬
tion.
a statement issued the company says that it will pay the back
amounting to about $130,000, and will continue to pay the new
In
wages,
scale until June 1 when the present contract with the men expires.
the meantime the city fails to grant a 7-cent fare the company
Eastern Massachusetts Street
Total
Railway Co.—Earnings.
revenue July 1 to Dec. 31 1919_._
operating expenses.
Total
$1,137,336 $10,709,314
*46,063
*372,422
$8,235,763
*395,031
$1,183,399 $11,081,736
$8,630,794
*1,548,037
11,828,121
Gross income.
Int., rentals,
$7,953,779
—$6,936,941
1
-
242,920
Taxes
$1,658,460
1,673,620
Balance, deficit......
*$15,160
Exclusive of
sums
for leased
Rent
$33,844; int.
roads,
funded debt,
on
$781,916; misc. rents, interest and charges, $10,707; total....
826,467
1
$52,550
Net deficit
Net income required to meet cost
of service
—V.
110, p.
$846,789
—V.
110. p. 871.
Florida East Coast
accruing (but not earned) under provisions of city
The company is entitled to receive
earnings before the city can participate in profits.
1187.
Lehigh
&
River Ry.—Officers.—
Hudson
Morris Rutherford, recently Gen. Mgr. under
elected Vice-Pres. and Gen.
;
Federal control, has been
Mgr., and William H. Sayer, recently Acting
Fed. Treasurer, as Sec. & Treasurer.—V. 107, p. 2476.
Lehigh Valley RR .—Extension of Bonds.—
Drexel
&
Co.,
Phila., who
are
handling the extension of $6,000,000
Easton & Amboy RR. First Mtge. 5s,due May 1 1920, in a circular says:
"Extension dated May 1 1920. Due May 1 1922. Int. payable M. & N.
Fully registered bonds, $1,000.
Provident Life & Trust Co., Phila. trustee.
Company agrees to pay any normal Federal income tax which it may law¬
fully pay at the source to an amount not exceeding 2%.
Secured by a
first and only mortgage on about 69 miles of road and branches, including
the main line mileage between South Plainfield, N. J., and Phillipsburg,
N. J., which is part of the main line of the Ivehigh Valley RR. from Jersey
City to Buffalo.
Provision is made under the Leghih Valley
RR. Gen.
Consol. Mtge. of Sept. 30 1903 to retire this issue at its maturity or not
later than two years thereafter by refunding through an issue of bonds
under said Gen. Consol. Mtge."
See V. 110, p. 1290.
Long Island RR.—New Officers.—
E.
Frank
J.
Haff, recently Fed. Treas., has been elected Secretary, and
110, p. 970.
Fahnestock has been made Treasurer.—V.
F.
Los Angeles
Railway Corp.—Wage Increase.—
The company, effective April 1, increased the wages of the motormen and
as follows: first 3 months, 44 cents per hour; next 9 months, 46
conductors
cents per
hour; second year, 47 cents per hour; third year and thereafter,
49 cents per hour.—V. 110, P-
167.
Arkansas
&
The Guaranty Trust Co.
Ry .—Equip.
Notes.—
of N. Y. has been appointed trustee under an
of $130,-
agreement, dated as of Mar. 13 1920, securing an authorized issue
000 (par $100) 6% Equipment Notes, Series "D," dated April 1
due $13,000 semi-annually from
794,240
—
Period failed to earn cost of service by
$364,638 *$2,188,266 *$3,197,327
this accrual from future
$773,918
Gross income
13,270,002
contract No. 3 and related certificates.
Louisiana
Deduct:
incl.
&c.,
Manhattan guaranty.
If in
states
1918-19.
Income from operation $1,609,013
Non-operating income..
*49,447
awarded increase and return to the
1289.
it will abrogate its contract under the
old 48 cents an hour pay.—V. 110, p.
1919-20.
$3,499,170 $33,113,287 $27,265,978
2,172,657
20,673,886
16,800,325
189,177
1.730,087
2,229,890
*
Co.—Physical Condition.—
President Loree expresses the belief that the car shortage can be
1919.
Gross operating revenue. $4,468,923
Operating expenses
2,643,979
Total taxes
215,931
(Tex.) Ry. —New Trustee.—
The Equitable Trust Co., N. Y., has been appointed trustee,, succeeding
the Scandinavian Trust Co., under mortgage of June 15 1918, securing
$1,090,000 2-year 7% Secured gold notes, Series "A", due June 15 1920,
now callable at par and int., and a further $100,000, if issued, of same or
later maturity.—V. 109, p. 1609.
income appears from the following:
-February
8 Months-
1920.
Maine
Central
1920 and
Oct. 1 1920 to April 1 1925 —V. 110, p.970.
RR.—Officers.—
Dana C. Douglass, recently Fed. Mgr., has become Vice-Pres. and Gen.
Mgr.; L. M. Patterson, recently Fed. Treas., as Treasurer, and G. S. Hobbs,
Vice-Pres. in charge of traffic.—V. 110, p. 970, 1290.
Ry.—Officers.—
Michigan Central RR.—Officers.—
Mgr., has become Vice>-Pres. in charge
J. E. Ingraham, Vice-Pres., and C. D. Boice, Sec., Purch.
Agent and Asst. Treas.—V. 110, p. 970, 464.
H. D. Bonner,recently Fed."Mgr., has been elected Vice-President, and
W. E. Hackett, recently Fed. Treas., as Treasurer.—V. 110, p. 970, 871.
Moines & Southern Ry.—President.—
Department of P. U. on March 22 granted the company
permission to increase its fares from 8 to 10 cents on some lines and to sell
12 rides for one dollar.—V. 107, p. 1101.
J.
Beckwith, recently Fed.
P.
of operations;
Milford & Uxbridge
Ft.
Dodge
Des
C. H. Crooks, recently Gen. Mgr. under Federal control, has been elected
President and Gen. Mgr., and F. M. Johnston, Sec., Treas. and Auditor.
—V.
107, p. 2187.
Missouri
Fort Scott Gas & Elec. Co.—Railway Prop. Abandoned.
We are advised that the railway portion of this property (about 9 miles)
has been abandoned and dismantled and the rails are being torn up.
It is
reported that the gas, electric light and heating divisions are being reorgan¬
ized under the name of Fort Scott Public Utilities Co., with Frank M.
Stone, Gen. Mgr.—V. 77, p. 1294.
Grand Trunk Ry.—Suit
See Southern New
Discontinued.—
England RR. Corp. below.—V. 110, p.
Northern Ry.—New Officers —
recently Fed. Mgr., has been elected Vice-Pres. in charge
the following have also been appointed: C. O. Jenks, Vice-Pres.
in charge of operations; F. L. Paetzold, Sec. & Treas., and G.
Comptroller.—V. 110, p. 970, 764.
Illinois Central RR.—Loan Paid Off.—
The War Finance Corp. on April 1 announced that the company has paid
off its loan of $5,700,000, being the unpaid balance of loans originally
amounting to $12,000 000.—V. 110 p. 970, 561.
1917.
5:733,746
4,887,743
945.772
999,821
Net
earnings
Common
df^dends-- III
10,966,998
9,149,176
7,489,797
$5,138,157
$3,940,305
437,370
-__
dividends (6%)---
$4,294,005
$3,880,261
437,370
$4,891,694
$3,719,541
432,750
(3)368,732
$5,076,650
$3,603,418
428,130
(3)367,584
$4,521,023
$4,399,132
—~(M)92.480
—•
-
Balance, sur. or def
sur.$760,482def.$116,106sur.$370,671sur.$677,518
From the balance as above in 1919 there was decucted $115,025 for bond
discount and $627,729 for depreciation, leaving a surplus of $17,728; while
in 1918 there was deducted $611,159 for depreciation and $92,123 for bond
discount, leaving a deficit of $819,388.—V. 109, p. 1700.
1
I.T.&T.Co.
Results for
Calendar Year 1919—
!~
Op^ting^penses and taxes!I
Gross earnings
Net
I.St.Ry.Co.
Jan. 1 to
June 30.
_$2,215,551
July 1 to
Dec. 31.
$2,523,391
Year.
$4,738,941
1 >09:555
1,950,450
3,660,004
327,814
309,776
$1,078,937
109,435
Rentals & other deduc'ns of
sub. co._
109,43 o
218,870
Sinking funds
$68,746
$153,730
$222,476
Traction & Terminal Co. and its leased lines were
June 1919, under the name of Indianapolis Street Railway
consolidated in
Co.—V. 110, p.
Internat.
,
637,591
surplus
Indianapolis
Balance,
The
Total
$572,941
$505,996
earnings
77.
Guillermo Valenzuela in an
Santa Ana in San
America.—New Railroad.—
article in the "Sun and New
Zacapa m
line of railroad to be built from
Salvador will have much to do
republics, besides increasing the business
States.—V. 109, p. 1456.
Light Co.—Jan. 1 Coupons.—
notifies holders of the 4M % General Mtge. bonds
paid on and after March 30 upon
N. Y., or at the Hibernia Bank &
In addition to the amount of the coupons, 28c.
Co., New Orleans.
Trust
ger coupon, representing interest thereon,
will also be paid.—V. 110, p.
Newport & Sherman's Valley RR.—Sold.—
represented by George H.
March 31, purchased the road, a 30-mile, narrow-
The bondholders under the First Mortgage,
Ross and R. M. Gring, on
York Herald
Guatemala to
with the future of those
of Atlantic ports of the
United
The sale was made
New York Central RR.—Treasurer.—
Edward L. Rossiter, recently Treasurer under
as Treasurer.—V. 110, p. 970, 1188.
Federal control, has been
re-elected
York
New
Chicago &
St. Louis Ry.—President.—
Mgr., has been elected President, succeeding
J. J. Bernet, recently Fed.
O. P. Van Sweringen, who remains Chairman of the
has been elected a Vice-President.—V. 109, p. 173.
Norfolk
&
Western
board.
C. C. Denney
v
Ry.—Officers.—
A. C. Needles, recently Fed. Mgr., has been made Vice-Pres. in charge of
operations.
E. H. Alden, formerly Secretary, has been elected Vice-Pres.
in charge of finances.—V. 110, p. 970, 1089.
Pacific Electric Ry.—Wage Increase.—
company has increased the wages of all its employees
The
(cents per hour);
3 Mos.
Street
car
as
follows:
*
Next
9 Mos.
2d
Year.
44
46 A
45
47 A
46
48A
1st
service
Interurban service
tram
3d
Year.
47
49 A
4th
Year.
48
50A
49
50
51
52
53
service, motormen, conductors and yard
52 cents per hour,
foremen get 57 cents an hour; brakemen and switchmen,
and troileymen 47 cents per hour.—-V. 109, p. 1180.
Pittsburgh (Pa.) Rys.—April 1 Interest, &c.—
J. L. Foster
1920
on
Treasurer for receivers
bonds listed below will be
announces
that interest due April 1
paid when due:
(2) Allegheny Bellevue & Perrysville
Ry.; (4) Ardmore St. Ry.; (5) Southside
Passenger Ry.; (6) Pittsburgh
Allegheny & Manchester Traction Co.;
(7) Pittsburgh Traction Co.; (8) Citizens Traction Co.; (9) Central Passenger
Ry. Co.; (10) Ben Avon & Emsworth St. Ry.
The receivers have applied to the U. S. Court for authority to purchase
150 new cars at a cost of about $2,000,000, through the issuance of receiver's
(1) Mt. Washington St. Ry.
Ry.; (3) Morningside Electric St.
certificates secured
Rys. of Central
states that a new
Gen. Counsel; F. H. Goodyear
Vice-President.—V. 108, p. 1937.
Single track (inter-lines)
For freight and work
Indianapolis Street Railway Co.—Earnings.—
■
a
New Orleans Ry. &
;
$4,410,111
$4,377,675
present rate of 3 cents for
that the coupons due Jan. 1 1920 will be
presentation at the New York Trust Co.,
1
Total deductions.-
Commission has authorized company the to
The Board, however,
Great Northern RR.—New President.—
has been elected President, succeeding Walter P. Cooke,
A. C. Goodyear
848,307
902,248
923,642
3,689.852
12,544,181
Interest on bonds, &c
Pref
3,110,811
earnings._$17,682,338 $15,261,003 $14,040,870 $12,566,447
Ope?.exgSls&taxg::
U.
who becomes Chairman of the board and
has been made
$3,993,836
3,198,056
1,035,169
4,295,501
miscell__
P.
Orleans
New
1916.
$4,609,896
.
Total gross
Jersey
gauge, Real Estate line in Co., trustee.—V. 110, p. 78.
Perry County, for $40,000.
y the single-track Trust
Illinois Traction Co.—Earnings.—
1919.
1918.
IntoSban lini.
-$5,930,524 $4,740,079
Citv lines
3,997,349
3,351,256
oas
::::::: 1074947
1.282,104
Calendar Years—
Treas., and R. P.
County Traction Co .—Fare Increase.—
New
J. D. O'Keefe, receiver,
Hudson & Manhattan RR.—New Officer.—
S. O'Neale has been elected Treasurer, and Fletcher H. Sillick
Comptroller.-—V. 109, p. 1697.
Heat, water and
Morris
The
H. Hess Jr.,
James
Eiectac::::::::::::
Ry^—Lreasurer.—
increase its fares from 6 to 7 cents beginning April i.
1187, 970.
Great
as
Texas
&
Kansas
F. Johnson, recently Fed. Treas., has been elected Gen.
as Treas. and Paymaster.—V. 110, p. 970, 759.
Roach
denied the company permission to increase the
school children to 3A cents.'—V. 110, p. 261,
W. P. Kenney,
of traffic;
(Mass.) St. Ry. —Fare Increase.—
The Mass.
cars
now
by car trust, covering the new cars and certain of the
in use.
conductors have demanded a wage increase of from 70 to
75%, an eight-hour day and time and a half for overtime, effective May 1.
The wages demanded are: 86 cents;an hour for the first 3 months' service;
89 cents an hour for next 9 months' feervice, and 91 cents an hour thereafter.
By the agreement, which expires April 30, wages are 49, 52 and 54 cents an
Motormen and
The company granted a
hour.
to all
men
voluntary increase of 10%, effective April 1,
employees paid by the hour, and under this scale the wages of motorare 54, 57 and 60 cents an hour.—V. 110, p. 1290, 971.
and conductors
Pittsburgh Butler & Harmony Consolidated Ry. &
Profit Certificates for Employees.—
11921; and at 100 and int. thereafter.
Int. payable A. & O.
Co., N. Y., Trustee.
Denom. $100, $500 and
Company covenants to pay the normal Federal income tax,
deductible at the source, not in excess of 2%, and will refund the State tax
in Penn. to the extent of the present rate of 4 mills.
after up to Oct.
at office of New York Trust
$1,000 (c*).
Data from
Power Co.—Participating
McCahill has announced
profit-sharing plan by
will be set aside under a trust
agreement for the benefit of the company's employees.
The employees are
to elect six of their members to the directorate also.
See "Electric Railway
Journal" of March 27.—V. 109, p. 1274.
President
which
a
David I.
a
block of $1,000,000 Common stock
Pittsburgh & Shawmut RR.—Treasurer.—
A. O. Griffith has been elected Auditor and
Portland Ry. Lt. & Pow.
Treasurer.—V. 109, p. 271.
Co.—Fare Increase Denied.—
that the much discussed proposal for the city or Portland to take over the
tracks of the company be referred to the voters of Portland at the special
State election to be held on May 21.
By taking over these tracks it is
estimated that the valuation of the company's properties would be
corporation at this time.
From our investigation and analyzation of the
data presented it is not at all unreasonable to assume that the acquisition
of the tracks by the city together with elimination of bridge tolls and other
relief, would not only place the Portland railway system at present and for
the future upon a sound financial basis, but permit of a prompt reduction
in the present rate of fare."
The texts of the Commission's majority opinion and the minority opinion
may be found in the "Oregonian" of March 24.—V. 110, p. 167.
The proposed merger with the
& Potomac RR.—Officers.-
Washington Southern having been con¬
summated Feb.
man
14, the officers now include: Wm. H. White, Pres.; Nor¬
Call, Vice-Pres. & Sec.; Eppa Hunton Jr., Gen. Counsel; D. K. Kel¬
logg, Treas., all of Richmond, Va.—V. 110,
San Antonio & Aransas Pass
p.
971, 872.
elected Treasurer.
San Francisco-Oakland
in
'V.
.
Term.
Rys.—Reorganization.—
Howard Throckmorton of San Francisco, who for the last two months,
addition to his regular bond business, has been actively engaged in
furthering
reorganization of the San Francisco Oakland Terminal
follows:
approximately $6,500,000 of the $20,000,000 of bonds
of the San Francisco Oakland Terminal Rys., which cover some 18 different
issues.
No definite plan of reorganization has been decided upon, but
under the suggestion of the State Railroad Commission it has been deemed
advisable to ask for deposits by various bond and note holders, partly for
assisting in the reorganization, and partly for the purpose of learning to
what extent the various security holders appreciate the necessity of action
to conserve their various interests, as the only means to get this company
out of its present difficulties and thereby conserve their remaining equities.7'
as
"We have received
Statement
by
I
Reorganization Committee, 719
San Francisco, Dec. 11919.
Crocker
Building,
""Since
1906 the population of the territory served by the company has
more than trebled; It was 140,000 in 1906 and is 450,000 in 1919.
Although
fares have been advanced increased operating costs have so encroached
upon these additional revenues as to leave the net result in serious doubt.
After a strike for substantially higher wages and shorter hours, extending
from Oct.
1 to Oct. 11, the platform men returned to work and the issues
Involved in the controversy will, by mutual agreement, now go to arbitration.
Since 1916 the East Bay communities have been giving serious consider¬
ation to the question of a resettlement franchise.
The voters have passed
enabling act and have taken initial steps for the submission of the fran¬
chise question to the people for final decision.
In this connection the
Railroad Commission, with the co-operation of the munciipalities and
the co., is engaged in placing a valuation upon the company's properties.
Any plan of reorganization must be submitted to you for approval, and
If you
are not entirely satisfied you may withdraw your bonds, likewise,
without cost, up to 30 days after the date of the first publication of a plan
of reorganization.
John S. Drum is Chairman and Paul A. Sinsheimer,
Secretary of the committee.
See also V. 110, p. 79.
an
Southern New England RR.
to
Corp.—Suit Discontinued.
Full bench of the Supreme Court holds that John Marsch had the right
discontinue a suit brought by him against this company to recover
$1,319,327
the balance duo under contract to build
as
a
line of railroad from
Palmer to Blackstone as part of the scheme to extend the Grand Trunk Ry.
system.
Discontinuance action was taken after he had entered a suit on
the same ground in the U. S. Circuit Court.
After entering of judgment in
the Superior Court in discontinuing the action, the railroad company moved
to have the Judgment vacated on the ground that the case was not ripe to
be disposed of and that no notice was given to the company. Judge Chase,
Superior Court, denied that motion and the full court holds that he could
do so within the exercise of discretion.
Marsch lives in Chicago.—"Boston
News Bureau" of March 29.
See V.
107, p. 2009, 604.
Southern Pacific Company.—New President.—
William Sproule has been elected President, succeeding J.
Kruttschnitt,
who remains Chairman of the Board.—V. 110, p. 971, 1090.
Southern Pacific "RU.—New President.—
William Sproule has been elected President, succeeding Paul
Shoup, who
becomes Vice-President and Assistant to the President,—V. 110,
p.
1090.
Spokane Portland & Seattle Ry.—Officers.—
L. C. Gilrnan has been elected President, and M. Barger,
Secretary.—
V. 110, p. 971.
Terminal Railroad Assn.
T. M.
of St.
Louis.—Officers.—
Pierce, recently General Solicitor, has been appointed Acting Pres.
Fed. Treas., has been
& Gen. Counsel; G. H. Steinberg, recently
Acting
elected Treasurer.—V. 110, p. 872, 971.
Terre Haute
Calendar
Years—
Indianap. & Eastern Trac. Co.—Earnings.
1919.
1918.
1917.
$4,597,537
3,346,868
$3,882,516
2,704,756
$3,455,708
2,266,836
$1,250,668
620,154
43,716
27,500
285,544
146,105
,177,760
611,339
43,415
27,500
288,541
143,159
$1,188,873
599,785
43,097
27,550
296,269
135,406
$127,648
$63,805
$86,766
■
Gross
earnings
Operating expenses and taxes
Net earnings
deduc'ns, sub. cos
Sinking fund (subsidiary companies)
Rentals & other
__
Int. & sink, fund on divisional bonds..
Interest on T. H. I. & E. bonds
Sinking fund
on
T. H. I. & E. bonds..
Balance, surplus
—V. 109, p. 1367.
Texas
&
Pacific
,
Railway.—Officers.—
The receivers are now J. L. Lancaster and C. L. Wallace.
is Treasurer.—V. 110, p. 466, 971.
M. D. Cloyd
Tonopah & Goldfield RR.—Dividends.—
Dividends of 7% have been declared on both the Common and Pref.
stocks, payable April 15 to holders of record March 31.
The Tonopah
Mining Co. as majority holder of Tonopah & Goldfield RR. stock, will
receive about $89,000 as its share of the dividend.
A like amount was paid
in April 1919.—V. 106, p. 2443.
United
Light & Railways.—Notes Offered.—Bonbright'
offering at 98 and int. to yield over 8% $2,000,000
Two-Year 7% Bond Secured Gold
notes, "Series of 1920."
& Co.
are
Dated
4 weeks
Pref. stock, 6 % cumul
6%
April 1 1920.
Due April 1 1922.
otice at 101 and int. up to
Red. all
part at any time on
April 1 1921; at 100H and int. there¬
or
conv.
_
_
_
debs., due Nov.
24.
1926
$6,868,30017% notes,series "C," 1920$1,500,000
10,054,40017 % notes, series "B," 1923 1,500,000
1 lst.&ref. mtge. 5%, 1932_x9,123,300
2,000,0001Divisional bonds & stocks
7% notes (this issue)
x
2,000,0001
on
portions of prop'ty_yl6,327,899
Does not include First & Ref. Mtge. 5s,
pledged as collateral to Bond
Does not include $250,000 Tri-City Ry. & Light Co., 5% Coll. Trust
1st Lien S. F. bonds to be retired through sinking fund on April 1 1920.
y
U. L. & Rys.
Of the issued securities of the subsidiary companies, the
Co.
99% of the Common stock, over 84% of Pref. and Common
35% of bonds and notes.
Purpose.—To refunding $1,500,000 6% Bond Secured Gold notes, due
May 1 1920, and for other corporate purposes.
Security.—Secured by a trust agreement dated March 1 1920, under which
cash equal to the face amount of notes or first & ref. 5% bonds, due June 1
1932, will be deposited with the Trustee in the principal amount of 133 1-3 %
of the principal amount of notes issued thereunder.
Consolidated Earnings Twelve Months ended Jan. 31.
owns over
stocks combined, and over
,,
,
1920.
1919.
1918.
Gross earnings
—
,
_
$9,314,716 $10,295,671
$7,937,913
Net after exp., maint. & taxes..
$2,779,309
$2,795,311
Total annual charges prior to int. on
secured notes and 1st & ref. bonds.
Annual int. on (a) $5,000,000 7% bond secured notes (incl.
this Issue), $350,000; (&) $9,123,300 1st &> ref. mtge. 5s,
$456,165—
$2,948,574
875,111
806,165
.
...
...
....
$1,267,298
The net revenues of the operating companies for 1919, was derived as
49.75% from the electric department, 18.82% from the gas
department, 15.43% from street railway department, 10.98% from the
interurban department and 5.02% from miscellaneous.
For map &c. of the system see p. 49 and 50 of "Electric Railway Section"
and compare V, 108, p. 2123; V. 109, p. 2264; V. 110, p. 1291.
follows:
Utah Power & Light Co.—New President.—
the
Rys., writes
Hulswit, Chicago, March
(Upon Completion of Present Financing), Outstanding
In the Hands of Public.
Combined Capitalization
Balance
Ry.—Treasurer.—
Haden F. Smith, recently Federal Treasurer, has been
—V. 110, p. 466.
Frank T.
located in the heart of the Middle West.
reduced
$5,000,000.
Under the provisions of the order the latter recom¬
mendation applies only to the tracks in the streets and does not include the
entire traction system.
The Commission states:
"We seriously doubt whether any fare would
result in a complete and final solution of the difficulties of the railroad
about
Richmond Fredricksburg
Letter of
Company.—Operates 21 public utility properties (mainly gas and electric)
which it owns or controls, serving 55 prosperous manufacturing and agri¬
cultural communities, with an estimated aggregate population of 600,000,
Common stock
The Oregon P. 8. Commission, in a decision handed down on March 23,
held in abeyance the application of the company for increased fares with
which to meet its steadily increasing costs or operation and recommended
'
[VOL. 110.
THE CHRONICLE
1416
Lafayette Hanchett has been elected President, succeeding D. O. Jackllng.—V. 110, p. 79.
Virginia Ry. & Power Co.—Gas Co. Valuation.—
A. Merritt Taylor, who was
employed by the P. U. Commission to make
an
appraisal of the City Gas Co. (a subsidiary of the Virginia Ry. & Power
Co.) in connection with its petition for an increase from $1 20 to $160
per 1,000 cu. ft. of gas, in his report stated that capital legitimately in¬
vested was entitled to a fair return, and that under present abnormal con#
ditions 8% was generally viewed as a fair return.
Mr. Taylor made a valuation of the gas property, scaling down from an
apparent book value of $3,603,203. the company's valuation, to $2,383,908,
a figure finally agreed upon by the P. U.
Commission, the gas company
and Mr. Taylor.—V. 110, p. 765.
West Penn Railways.—New Officer.—
II. L. Mitchell has been elected Vice-President, succeeding Williston
Fish, who resigned to become Gen. Mgr. of the Chicago Surface Lines.—
V. 108, p. 2242.
Western Maryland Ry.—New Officer.—
Lawrence Greer, formerly Vice-Pres. & Gen. Counsel, has been elected
Chairman of the board.—V. 110, p. 972, 1090.
West
The
Virginia
Noteholders'
Trac.
&
Protective
Elec.
Committee
Co.—Reorganization
March
representing
Gold Notes,
1917
(V. 110, p. 1189), and is now reorganizing the company per plan of Feb. 11
1920 (compare V. 109, p. 677/.
This plan provides in substance:
The committee will organize two new companies (1) a company herein
referred to as the Wheeling Company, to which it will transfer the WheelingElm Grove properties, subject to
existing underlying liens; (2) a company
(for convenience termed the Morgantown Company) to which will be trans¬
ferred (a) the Morgantown properties, subject to the Union Utilities lien,
under which bonds of $874,000 are outstanding; (6) the stock of the Wheel¬
ing Company; (c) all the Two-Year notes represented by the committee all
of the outstanding bonds of old company, deficiency claims. &c.
$1,759,200 of the $1,800,000
Two-Year
6%
on
15,
bond Secured
purchased the property under foreclosure of the mortgage of May 1
Authorized Securities of Proposed Morgantown Company.
(1) 15-Year 6% General Mortgage Gold Bonds, constituting a sec¬
ond lien upon the Morgantown properties and a first lien upon
the stock
of the Wheeling Company.
Total authorized,
$5,000,000; issuable only under suitable restrictions.
Present
issue to be
$1,136,400
(2) 7% Cumulative Preferred Slock, having equal voting power,
...
share for share, with the Common stock, Preferred both as to
dividends and assets, redeemable at
option of company, all or
part, from time to time at 105 and divs.
Total authorized,
$1,500,000; par $100 per share.
Present issue to be
(3) Common Stock-, no dividend to be paid for two years, net in¬
come for that period to be carried to
surplus; thereafter not
more
than one-half the sum which
subsequently becomes
available for dividends to be paid as such, balance to be carried
to surplus; with protective provisions for maintenance and
depreciation.
Total authorized, $1,000,000; par $100 per sh.
Present issue to be
;
862,733
500,000
The committee will also arrange for the underwriting of an amount of
bonds (if not exchanged for notes now undeposited) to produce
up to
$10,000 on or before Jan. 1 1921, if required for corporate purposes, at a
price to be then determined by market conditions, and will also arrange
for payment to the new company of $30,000, which, with
moneys from the
mortgage receiver, will, the committee estimates, be sufficient to provide
for cost of foreclosure, committee's expenses, organization of new com¬
pany, etc.
The securities received
I.
by the committee will be distributed as follows:
To the committee for account of the noteholders in the sum of
$1,800,(a) Bonds in 60% of face of defaulted notes, $1,080,000;
000 face value:
(6) Pref. stock, 40% of face of defaulted notes, $720,000; (c) Pref. stock,
for interest at 6% on defaulted notes from May 11919 to Jan. 11920,
$72,000.
Upon consummation of the plan, therefore, the holders of notes deposited
will receive for each $1,000 note $600 bonds and $400 Pref. stock
of new
company, with $40 additional Pref. stock for account of accrued interest
from May 1 1919 to Jan. 1 1920.
II. To holders of the outstanding $94,000 of bonds of West
Virginia
Traction & Electric Co.: (a) Bonds, in 60% of face of bonds of old com¬
pany, $56,400; (6) Pref. stock, in 40% of face of bonds of old
company,
$37,600; (c) Pref. stuck, for interest at 5% on bonds of old company from
May 1 1919 to Jan. 1 1920, $3,133.
III. To bankers in consideration for $30,000
cash, for
underwriting
$10,000 new securities, for loan of $40,000 to committee, for assignment of
$591,098 of proven claims in receivership representing cash advances to
old company; (a) Pref, stuck. $30,000; (5) Common
stock, $500,000.
The receiver estimates that the operating income from the
Morgantown
property alone for the year 1920, after providing for normal maintenance
reserve for depreciation, and after
deducting from earnings all
expenses of new drilling, will be well over twice the interest on the bonds
of the new company and the
outstanding bonds of the Union Utilities Co.!
and that, after paying interest charges on these
bonds, the balance will oe
approximately three times the sum required to pay dividends on the Pref.
stock.
It is probable that the
company will be able to begin paying divi¬
dends on its Pref. stock at once.
These estimates the committee
but before
deems
to be reliable but it does not guarantee their correctness.
[Committee: G. H. Walbridge (V.-Pres. of Bonbright & Co.), R. U.
Lansing, A. V. Morton, J. O. Sheldon and J. A. Van Mater.J—V.110,p.ll89
Apr. 3 1920
]
THE CHRONICLE
*
'
■
'
■
■
Winnipeg Electric
Ry.—Valuation—Earnings.—
American
The P. U. Commission has placed a valuation of
$20,023,236 on the
company's property in connection with the street car fare case before Com¬
missioner Mat-Donald.
E. Anderson, K.C., counsel for the
Expenses.
1918.
American
1917.
—The
.$4,284,479 $3,588,723 $3,339,009
3,019,495
2,412,226
2,143,572
_
Net earnings..
Gross income...
Deduct—Interest
Ext. of discount
Depreciation..
,
Sinking fund
Balance,
surplus
—V.
109, p. 2264.
Thayer, who was Chair¬
there had been no revaluation of the com¬
companies' securities during the last ten
worth exceeded book value by $25,000,000,
the previous year.
Directors were re-elected at the annual meeting and four additional
directors elected to fill vacancies, viz.: Harry H. Brigham, William Wallace
McLgnch, George L. Green and William C. Pearson.
meeting, said that
holdings or subsidiary
years, but that in 1918 the net
an increase of $3,000,000 over
The 205 Broadway Corp., capitalized at $5,000,000, has been formed as a
holding company to handle the real estate of the American Telephone &
Telegraph Co.
See annual report in V. 110, p. 965, 972.
Ames, Holden, McCready, Ltd.—New Directors.—
C. W. McLean has been elected a director, succeeding Shirley Ogilvie, and
W. B. Wiegand, formerly chief chemist of the Canadian Consol. Rubber
Co.,
was added to the board.—V.
110, p. 660.
.
INDUSTRIAL
AND
Abitibi Power & Paper
MISCELLANEOUS.
Amparo Mining Co.—New Director—Earnings.—
Joseph S. Williams Secretary has been elected a director succeeding
Henry Freund.
The annual report for the year ending Dec. 31 1919 shows gross
earnings
of $2,146,605, net from operations $551,128 a surplus of $494,878,
making
total surplus $1,412,116.
The company paid 18% in dividends during
the year, which makes a total of 164% paid since 1909.—V. 110,
p. 467.
Co., Ltd .—Dividend Increased.
A
quarterly dividend of 7A% has been declared on the ($5,000,000)
Common stock,
payable April 15 to holders of record April 3. A dividend
of 4 A % was paid in January last and an initial dividend of
1A% in Oct.
1919, making a total of 6% for the past year.—V. 110, p. 79.
All
America
Cables, Inc.—Dividend.—
Arlington Mills, Lawrence, Mass.—Special Dividend.—
The company, formerly the Central <Sc South American
Telegraph O o.
a dividend of 1 % % on the
capital stock, payable April 14 to
holders of record April 8.
has declared
A press
dispatch from Rio Janeiro
for immediate
on
cable service between
A special dividend of $2 per share has been declared on the
stock, along
with the usual quarterly dividend of $2 per share, both
payable April 1 to
holders of record March 16.
In January last, a special dividend of $4 pe»
March 21 states that the
prospects
United States and Brazil have
share
the
again been halted through the Brazilian Court of Accounts handing down a
verdict holding that the concession recently granted the
company by the
Brazilian Minister of Transportation was illegally drawn.
The minister's
concession for direct cables from Rio to
Rio to Cuba also was declared illegal.
paid, and
was
A
Uruguay and Paraguay and from
quarterly dividend of l%%
were
and
an
declared
April 1 to holders of record March 19.
a balance of 29% %
paid on the Pref. stock. In January last a quarterly
% % and an additional div. of 1 % % on account of accumulations was
paid.
In July and Oct. 1919 a quarterly dividend of l%% was paid.—
V. 109, p. 2358.
back dividends to be
American Business Corporation.—General
Manager.—
& Gen. Mgr., of the Sterling Tire Corp,,
Bell Telephone Co. of Canada.—Bonds Offered.—A
syndicate composed of Lee, Higginson & Co., Harris, Forbes
& Co., New York, &c., and Royal Securities
Corp., Ltd.,
Montreal, are offering at 98 and int. yielding about 7lA%
$5,500,000 Five-Year 7% bonds.
Spencer Welton, formerly Pres.
Phonograph Co. and the A. B. C. Soap Corp.—V. 110,
p.
660.
American Express Co.—Rumors.—
The recent spectacular advance in the price of the
company's shares has
taken place on relatively small transactions, the bulk of the issue
Dated
being
rumors
we
understand,
ago and
Capitalization Outstanding (Upon Completion of Present Financing).
Capital stock,
par $100 (auth. $30,000,000).---$22,336,300
5% bonds, due April 1 1925
$11,149,000
x7% bonds, due April 1 1925 (this issue)
5,500,000
16,649,000
x These bonds are part of an issue authorized by Act of Parliament of
the Dominion of Canada the total amount of which issue is limited to
75%
of the actual paid up Capital stock of the company.
The American Railway Express Co., organized in 1918 to do the
express
business of the country as agent of the Director-General
during Federal
control ©f the railroads, is operating at a loss but is protected I
against such
loss by the terms of the Railway Act of 1920 (V. 110, p.
716), for the six
months' period ending Sept. 1 1920.
Beyond that date the future of the
consolidation appears quite uncertain.
The entire capital stock is owned
Earnings—Ended December 31.
Gross
Company.—
1916
The company has purchased the assets and good-will of the Common¬
wealth Chemical Co. of Medford, a Delaware corporation.
A new corpora¬
tion under the laws of Massachusetts, to be known as the American Acid
1917
i
1918
1
1919
Co., has been formed with a capital of $1,000,000.
The American Glue Co.
and its subsidiary companies will be large consumers of the
products pro¬
duced by this new corporation.
It is proposed to enlarge and improve the
plant and to produce a full line of commercial acids.
The American Acid
Co. commenced operations on April 1.
The directors will be Charles H. Farnsworth, Lloyd
Harris, Jesse P.
Lyman, George Upton and King Upton.—V. 109, p. 2074.
and
$557,450
557,450
557,450
557,450
557,450
1
increase In the
capital stock of from $1,000,000 to $2,500,000, which will be distributed as
follows:
(a) $200,000 (10,000 shares) as a 20% stock dividend, payable
June
3.9
4.4
4.5
3.7
3.8
exchange of business with about 718
Dividends.—Dividends at the rate of 8% have been paid continuously
since Jan. 1 1886.
See annual report above.—V. 108, p. 2243.
Belton
Mills, Belton, S.
C.—100% Dividend
—
The company is reported to have authorized a dividend of
100% on its
$700,000 capital stock, subject to the approval of the stockholders.
Bigheart Producing & Refining Co.—Listed.—
The
Boston
8tock
Exchange has added to the list 260,700 additional
Of this amount 225,000 shares were issued
22,500 shares capital stock (par $100) Amalgamated
Pe¬
troleum Corp. of Delaware; 35,000 shares were sold for cash, and 700 shares
were Issued to various employees for services rendered.
The Amalgamated
Petroleum Corp. was incorp. Jan. 20 1919 and its only outstanding obliga¬
tion, other than the $2,250,000 capital stock, is $250,000 3-Year 7% Gold
notes due July 1 1922.
The corporation, through its underlying company,
Cia Petroleca "La Tropical," owns producing properties and oil lands in
Mexico, and directly owns oil lands In Texas.
It also owns a lease on 20
acres in
the Chinampi District of Mexico.
The Texas lands consist of
11,000 acres of well selected leases in the counties of Eastland, Stephens,
Jones, Comanche, Crockett, Montague, Taylor and Callahan.
shares, par $10, Common stock.
In exchange for
1 to holders of record May 20; (6) $800,000 (40,000 shares) to be
to Common shareholders at $25 a share (par $20);
(c) $500,000
(25,000) shares) to be held in the treasury; available for future needs and
for subscription by employees.
Income Statement 9 Months to
Pres. H. C. Osborn, in a letter to the stockholders, says in substance:
"Sales for the year 1919 show an increase over 1918 of
Surplus April 1 1919
75%, while January
and February this year show an increase of sales over 1919 of
Net additions to surplus
83%.
This
rapid increase has necessitated a large increase in our inventories and has
drawn heavily upon our cash reserves.—V. 110, p. 972.
Total surplus
<s\
Dividends June 30 and Sept. 301919
offered
Times
Earned.
submarine cables.
Company has arrangements for
American Lithographic Co.—To Create New Pre/. Issue.
The stockholders will vote April 15 on increasing the capital stock from
$6,500,000 ($4,000,000 Common and $2,500,000 Preferred) to $8,000,000,
the increase to consist of $1,600,000 (par $100) 7% Cumulative First Pref.
stock, preferred as to assets and dividends over the existing Pref. and Com¬
mon stock.
Red. at 115 and div. on 30 days' notice.—V. 105, p. 911.
Bond
independent companies, serving over 103,000 subscribers.
The regular quarterly dividend of 23^% on the Common stock has been
declared, payable May 15 to holders of record May 3.
Dividend record:
Feb. 1915 to Aug, 1917, inch, 4% per ann. (1% quar.); Nov. 1917 to Feb.
1919, incl., 6% per an. {\lA% quar.): May 1919 to Nov. 1919, 2% quar.;
Feb. and May 1920, 2lA% each.—V. 110, p. 873, 361.
an
Interest.
$2,221,985
2,469,243
2,534,071
2,104,688
2,153,324
Company.—Incorp. in 1880.
Owns and operates the principal telephone
system in the Provinces of Quebec and Ontario.
The long distance lines
now owned and operated (incl. 4,835 added during
1919) comprise 89,706
miles of wire on 9,514 miles of poles, and 7,047 miles of wire in underground
American La France Fire Engine Co.—Dividend.—
Multigraph Co .-A Stock Dividend; &c.—
Bond Interest.
$9,634,674
10,375,319
11,567,193
12.655,148
14,367.229
■
1915
The directors have recommended to the shareholders
Applicable to
Revenue.
110,
.
Co.—Acquires Chemical
Int. payable A. & O. in Canad¬
com¬
pany's prospects.
A circular issued early in the year indicated that the
management was pushing rigorously the company's large banking business
both in the United States and foreign countries.
by the American, Adams and Wells-Fargo Express companies.—V.
p. so.
Due April 1 1925.
Purpose.—Proceeds will be used for the growth and extension of the com¬
pany's business generally.
Expenditures for additions to plant in 1919
aggregated $4,870,732.
place several months
the rest, it appears, are largely guess work.
It is not denied, however, that
there is some justification for a more hopeful feeling
respecting the
April 1 1920.
ian currency at Bank of Montreal, Montreal, or in U. S. gold coin at
Agency
of the Bank of Montreal, N. Y. City.
Denorn. $500 and $1,000 (c*).
Data from Letter of Vice-President C. F. Sise, Montreal, March 30.
closely held, rendering easy speculative movements.
The advance has
been accompanied by an extraordinary number of rumors which the man¬
agement has not seen fit to notice.
Part of these
have more or less basis in events that took
additional of l%% on account
the Pref. shares, payable on
on
This leaves
of 1
has been elected Gen. Mgr. of the compay and its
subsidiaries, the A. B. C.
Automotive Accessories Inc., the U. S. Chain 8tores,
Inc., the Sona-Tone
American
of $2 in Jan. 1919.—V. 110, p. 80, 467.
Refineries, Ltd.—Accumulated Dividend.
of accumulated dividends,
company on April 1 announced the opening of its new cable to
Arica, Chile, and its new land lines from Arica to La Paz, Bolivia, thus
establishing direct communication to Arica, Tacna, La Paz and Corocoro.
—V. 110, p. 109, 563.
■
-V
Glue
an extra
Atlantic Sugar
The
American
the authorized
stockholders' question, President
pany's
$36,805
$28,734
$92,579
$1,279,172 $1,242,865 $1,218,106
Total surplus, Dec. 31
a
of the
man
$1,323,623 $1,221,428 $1,243,374
696,490
668,342
649.051
273,156
229,437
209.065
18,450
17,609
31,629
37,672
16,255
201,050
201,050
201.050
60,000
60,000
60,000
City percent. & taxes
Other charges
March 30* increased
on
capital stock from $500,000,000 to $750,000,000.
$1,264,984 $1,176,497 $1,195,497
58,639
44,931
47,877
meome
Telephone & Telegraph Co.—$tock Increased.
stockholders
In answer to
Miscellaneous
Shipbuilding Co.—Exrta Dividend.—
34 % in cash has been declared on the Common
stock, along with the regular quarterly of laA%, both payable May 1 to
holders of record April 15.
Quarterly dividends of like amount have been
paid extra since Feb. 1919.—V. 109, p. 2358.
Earnings cf Winnipeg Electric Railway for Calendar Years.
1919.
,
An extra dividend of 2
company,
claimed that there should be added to this amount about
$1,000,000 for
vmder-valuation and $8,000,000 for intangibles.
Gross earnings
1417
'
'
Jan.
1
1920.
$51,394
155.509
-
American
Public
Service
Surplus Jan. 1 1920
Compare V. 110, p. 169, 873. 1292.
offering 7% Cum. Pref. (a. & d.) stock
(par $100) at $87 50 a share, to yield 8%.
Red. at 110 on any div. date.
The company (a subsidiary of Middle West Utilities Co.) operates through
18 subsidiary companies serving a combined population of about 103,000.
Gross earnings for 1919 amounted to $1,506,423 compared with $411,775
in 1914, and the total number of customers for 1919 was
17,060, compared
with 6,398 in 1914.—V. 106, p. 501.
Brooklyn Borough Gas Co.—Rate Increase.—
The P. S. Commission on March 30 granted the company
the company's
1910-11.
Extra,
:
10
yrly.
stock, Ac
1912-13.
1914.
10 yrly.
11A
1915.
16
1916.
16
10 stock 10 stk.
1917.
13
50 fetk.
1918.
1919.
Mar:20.
Common, cash
12
12
3%
4%
Extra, stock, etc
4 bds.
4 bds.
4 ext.
In Feb. 1918 paid extra 4% in 4% Liberty bonds, and in March 1919
an extra 4% in 4% % Liberty bonds.
The New York Trust Co. has been
appointed Transfer Agent of the Com. and Pref. stocks.—V. 110, p. 972,169.
American Railway
Express Co.—Status.—
See American Express Co. above.—V. 110, p. 80.
a
permission to
15 per 1,000 cu. ft., but refused
rate of $1 25 per 1,000 cu. ft.—V. 110,
California Wine Association.—Dividends.—
.
Dividends of 6% on the Pref. and 10% on the Common stocks have been
declared, and will be paid in four quarterly installments of 1^% on the
Pref and 2H % on the Common, on the 10th day of April, July, October and
December.
The rate of 2%% has been paid quarterly on the Common
stock since
April
when
1918,
paid in Sept.
1%% was paid in
dividend
June'20.
application for
966, 1292.
p.
Radiator Co.—Dividends.—
quarterly dividend of 4 % has been declared on the
new Common stock
(par $25), payable June 30 to holders of record June 21.
The par value
was reduced on March 3 from
$100 to $25, four shares of new stock being
issued for one of the old stock.
Dividend record of old stock:
$82,473
increase its rate for gas from $1 10 to $1
American
Common cash
-
Co.—Preferred Stock.—
J. P. Scranton & Co., Dallas are
A
-..$206,903
124,430
Canadian
previous to which, with the exception of a $20
1918, no dividends have been paid since 1914,
March, June and December.—V. 109,
Explosives,
p.
680.
Ltd.—Capitalization.—
Supplementary letters patent have been issued dated March 24 decreasing
capital stock from $15,000,000 to $12,675,000, such decrease being
effected by the cancellation of $691,400 Common and $1,633,600 Pref.
the
stock, par $100 each, and increasing the capital stock from $12,675,000 to
$30,000,000, such Increase to consist of 16,336 Pref. shares, par $100 each,
and of 156,914 Common shares, par $100 each.—V. 105, p. 1805.
THE
1418
Calumet &fArizona Mining Co.—Earnings.—
1919.
1918.
19l7\
Calendar Years—
$15,528,630
« nno 7ftK
8,509,785
1,398,391
1,380,089
1,499,283
Gross income
$10,286,477
XIe.
1 fiftO QA?i
Oper. & gen. expenses.." 7,660,945
State and Federal taxes.
719,168
„„„
Depreciation
Miscellaneous
Dividends
—
Rate
1,859
1,927,563
(30%)
37,833
5,140,062
(80%)
1916.
$20,035,866 $20,587,940
O
918
Q OQ9 H48
9,092,048
9,358,213
339,057
2,157,947
1,888,945
~1~S31
2,259
7,067,241
(110%)
5,177.296
(9(5%)
$1,403,147 $1,056,824
$438,740sr$5,377,709
Cornelia Copper Co. below.—V. 110, p. 1091.
Balance, deficit
Compare New
Canadian Salt Co., Ltd.—Increases Capital.—
Supplementary letters patent have been issued, dated March 16, increas¬
ing tne capital stock from $800,000 to $1,500,000, par $100.—V. 100, p.1920
Carbon Steel Co.—No Extra Dividend.—
quarterly dividend of 2% has been declared on the Common
to holders of record April 10.
Like amount was
paid Jan. 15 1920.
The extra dividend paid in each quarter of 1919 is
The regular
stock, payable April 15
omitted.—V. 110, p. 170.
Choate Oil Corp.—•New
Directors, &c.
This company, formerly the Sammies Oil Corp., has reduced the number
of shares to 500,000, no par value.
Four new members were added to the
board of directors:
A. P. Barrett, George C. Priestley,
and Howard F. Hansell, Jr.—V. 109, p. 1611.
Cleveland
(O.)
Automobile
A circular to the Common
Willis D. Priestley
of a tilting open hearth furnace.
The finishing mills will consist of a fourstand, 16-inch mill and a five-stand, 10-inch mill, with the necessary hot
beds, shears, &c.
Directors.—L. J. Campbell (Pres.) recently resigned Yice-Pres. of Youngs¬
Co.; J. A. Campbell, Pres. Youngstown Sheet & Tube;
town Sheet & Tube
W. A. Thomas, until lately Pres. of Brier Hill Steel; Charles S. Thomas,
former Pres. DeForest Sheet & Tin Plate (lately bought by Republic Iron
town;
22 company increased the total authorized Com. stock 14,000
shares without par value to 300,000 shares.
Of these 300,000 shares the
board was authorized to set aside 20,000 shares for such corporate uses as
On Jan.
time to time determine and to make such disposi¬
shares so authorized to the Com. stockholders
profits on 14,000 Com. shares outstanding, a dividend of 266,000
shares out of the 300,600 shares authorized Com. stock, i.e., a dividend
at the rate of 19 shares of newly authorized Com. stock for each of the
14,000 shares of Com. stock now outstanding, such dividend to be payable
April 26 to Com. stockholders of record April 5 .
Besides declaring this
Com. stock dividend the board directed the
calling in of the present outstanding 14,000 shares of Com. stock and the
issuance in place thereof of certificates for a like number of this company's
new shares of Com. stock so that all of the outstanding Com. stock certifi¬
cates of the company will correctly show the number of shares of Com.
stock authorized to be Issued by this company.—V. 110, p. 362, 170.
Elk Horn Coal
Q. Connette. March 19 1920.
Incorporated June 20 1910 by consolidation of several companies then
operating In Colorado Springs, Colo, and vicinity, the company now owns
and operates under one management a steam-electric plant, a hydro-electric
plant and a gas plant.
Some of the company's franchises will expire in the
Digest of Statement by President E.
The entire bonded debt matures in
In order to be in position to re-finance these
future.
1920.
maturing obligations, the
about a year ago instituted negotiations for a new 25-year fran¬
chise, this being the limit of time for which a franchise can be granted
in the State of Colorado.
These negotiations are still under way, but have
met with a disheartening lack of response from the municipal authorities.
The situation is complicated by a recent decision of the Supreme Court
of Colorado, under which jurisdiction over public utility companies operat¬
ing in so called charter cities has been taken out of the hands of the Public
Utility Commission of the State and placed with the respective city govern¬
ments.
As Colorado Springs is a charter city, and this compay serves
not only Colorado Springs, hut adjacent territory, its activities are now
subject to regulation in part by the city of Colorado Springs and in part by
the P. U. Commission.
The fact that the present franchises have at least three years to run, has
somewhat handicapped our negotiations, as we have been met with the
argument that with franchises operative for three years more there Is no
occasion for Immediate action.
The almost prohibitive cost of temporary
financing, particularly in the face of a short franchise, the exact terms of
which are none too clear, renders our position one of extreme difficulty,
and one which is so threatening as to warrant prompt protective measures
on the part of all the security holders.
The company advises that all
securities be deposited without delay as requested by this committee.
Any inquiries should be addressed to the New York office of the com¬
61
Broadly.—Y. 109, p. 1528.
Continental Oil Go.—200% Stock Dividend.—
308,752
278,395
$484,313 $1,712,650
Federal taxes^—.—M^.«—$101,302
Fixed charges.
419,726
360,703
Preferred dividends (6%)
395,576
395,558
Common dividends
(4^%)539,924
(6)719,278
$2,245,789
$107,960
414,631
$135,809
$1,548,329
$1,329,835
$1,425,239
Net earnings
Stamping Co., Ltd.—Bonds Called.
Mtge. 6% Serial gold bonds have
been called
int. in U. S. gold coin at Merchants Loan
the holders* option in lawful money of
Canadian Bank of Commerce, Walkerville, Ont.—Y. 104, p. 167.
for payment May 1 at 102H and
& Trust Co. of Chicago, or at
Canada at
Electric Alloy Steel Co., Youngstown, O.—Organi., &c.
This company was recently organized In Ohio. The authorized capital of
$1,600,000, par $100, was considerably over-subscribed.
To take care of
the over-subscription, the authorized capital was increased to $3,000,000,
but not exceeding $2,000,000 shall be sola at this time.
An authorized statement says in substance: Company will specialize
In a "superior quality of high-speed tool steel as well as other steels of similar
high grade." The plants, except in a few minor particulars, will be electri¬
cally operated throughout and two basic-lined electric furnaces, one 1H-ton
capacity for producing highest grade steels, the other 6-ton capacity for
grades in larger amounts.
The company Is also contemplating the addition
-
def.$870,912
$677,417
Balance, surplus
Profit and loss, surplus
393,363
....
2075.
Eureka Pipe
Line Co.—Dividend Decreased.—
A quarterly dividend of 3% has been declared on the stock, payable
May 1 to holders of record April 15.
Previous dividends:
May 1912 to Feb. 1914, 40% p. a. (10% quar.); May & Aug. 1914, 8%
each; Nov. 1914 to May 1918, 6% quar.; Aug. 1918 to Feb. 1919, 5% quar.;
767.
May 1919 to Feb. 1920,4% quar.—V. 110, p. 265,
(Wm.) Farrell & Sons, Inc.—New Director.—
Morton F.
V. 109, p.
Stern, of J. S. Bache & Co., has been
elected a director.—
778.
Federal Mining &
Smelting Co.—Earnings.—
1919.
$1,767,153
Operating expenses and taxes.....*«.•.1,469,874
1918.
$2,405,867
Other Income.—
$297,279
159,614
$545,875
296,382
Gross r6T60U6..............................
Dividends.
$456,893
449,479
$842,257
838,854
Calendar Years—
Ore sales
-
Net Income
^
for
The statement
112,321
$105,478
deficit
Balance,
1,859,992
112,892
Miscellaneous expenses
$108,918
1919 also includes "Liberty bonds sold, $106,930".
'•return of mine investment, $130,000," and other sundry receipts, $25,726;
of mining property, $145,778; miscellaneous, $28,173,1 eaving;
cash on hand and In bank Dec. 31 1919, $268,668, against $285,440 on
Dec. 31 1918.—V. 110, p. 767.
purchase
Freeport Texas Co.—Proxies Sought.—
Minority stockholders are soliciting proxies for use at the annual meeting
April 5, claiming that the management has refused them adequate in¬
formation regarding the property.
President E. P. Swenson denies that
information has been thus withheld and states that the board, which rep¬
resents the dominant interests, has no vacancies at the present time.
Tne
directors are: Edward E. Dickinson, Harry K. Knapp, Samuel McRoberts,
on
Charles
Northrop, Charles A. Stone, Sidell Tilghman, Frank A. Vanderlip
Williams.
and Richard H.
Among those asking for proxies are John R. Williams & Sons, Richmond,
Va.; W. M. Addison, Vice-Pres. First National Bank, Richmond, Va.;
Benjamin P. Alsopp of "News Leader," Richmond, Va.; E. L. Norton,
President Equitable Trust Co. of Baltimore; S. W. Travers, Treasurer.of
Virginia-Carolina Chemical Co.
Compare V. 110, p. 1191.|{
General American Tank Car
Corp.—To Increase Capital.
April 13 on increasing (a) the 7% Cumulative
to 100,000 shares; (b) the Common stock to
400,000 shares, no par value; (c) to increase the stated capital accordingly;
(<2) to increase the board of directors from 7 to 9.—V, 110, p. 169, 364.
The stockholders will vote
Preferred
stock
(par $100)
General Motors Corp.—Director.—
been elected a director and
Sbonnard Mills & Co. of 120 Broadway, N. Y., have
John Thomas Smith has
tive, circular regarding the
Vice-President.
prepared a descrip¬
company.—V. 110, p. 875, 1294.
Gorham Mfg. Co., Providence.—Dividend—Directors.—
[
Holbrook, former Vice-President, has been re-elected President;
formerly Treas., as Vice-Pres.; and James S. Utley, Treas.
A. MacFarland have been elected directors.
The new 7% Pref. stock issue is reported substantially oversubscribed.
Holders of the old 6% Pref. exchanging for the new stock prior to March 25,
it is 6tated .participate in the dividend paid this month on the new shares.—
V. 110, p. 768, 663.
John S.
A lfred K. Potter,
Groton Iron Works.-—Receiver
Discharged.—
Judge Kel'-^s, sitting in the Supreme Court, New London, Conn., has
signed an order discharging the receiver and returning the corporation to
the U. S. Steamship Co. for operation.—V. 109, p. 2360.|£
Haskell & Barker Car
Jan. 31
Co., Inc.—Earnings.—
$4,409,210
1917-18.
$2,634,192
1916-17.
$1,135,367
472,294
293,333
305,749
repl.,&c_
300,000
350,000
300,000
($4)880,000.($3^)825000 ($3)660,000
135,000
165,000
Years—
Gross earnings
1919-20.
$3,743,131
1918-19.
Repairs, renewals, amor¬
615,478
tization, &c
Res. for renew.,
Dividends
Balance, surplus
$1,947,653
$2,761,916
$1,380,859
$529,618
Final surplus aggregated $4,149,292 as compared with $4,231,277 In
1918, after deducting
$2,029,638 and $441,116, respectively, for Federal
tax reserve.
Jan. 31 1920 shows cash and United States cer¬
receivable $573,256, and
liabilities of $36,375.662.—V. 108, p. 1514.
The balance sheet as of
total assets and
Cuban-American Sugar Co.—To Change Par of Stock.—
The stockholders will vote April 15 on changing the authorized Common
stock from 100,000 shares of the par value of $100 each to 1,000,000 shares
of the par value of $10 each or, if such change be authorized and permitted
by [New Jerseyl law at or before that date or meeting, or any adjournment
thereof, to 1,000,000 shares without nominal or par value.—V. 110, p. 973.
All of the outstanding First
1,972,937
tificates of Indebtedness of $8,224,276, accounts
The directors have declared a stock dividend of 200%, payable to holders
of record April 10.
This dividend will increase the capital stock from
$3,000,000 to $9,000,000 (par $100).
The dividend rate of 12%, it is
said, may be continued on the new capitalization.
In 1913 a stock divi¬
dend of 900% was declared.—V. 109, p. 1528.
Dominion Forge &
$4,497,121
V illiam A. Viall and Harry
company
pany,
$4,951,921
2,930,519
2,057,197
288,033
Depreciation, &c
& Pow. Co.—Protective Committee.
The first maturity of the bonds occurs April 1 1920 and holders are
urged to deposit their securities without delay as follows:
(a) 1st M. 5% 20-Year gold bonds of Colorado Springs Light & Power
Co. as extended at 7%, at Franklin Trust Co., N. Y. City.
(b) 1st M. 5% 20-Year gold bonds of Colorado Springs Electric Co.
at Pennsylvania Co. for Insurances on Lives & Granting Annuities, Phila.
(c) First & Refunding Mtge. 10-Year 5% gold bonds of Colorado Springs
Light, Heat & Power Co. at Commercial Trust Co., Philadelphia.
Id) and (e) Non-Cumulative 6%
Pref. stock and the Com. stock of
Colorado Springs Light, Heat & Power Co. at N. Y. Trust Co., IS. Y. City.
Protective Committee.—J.
A. Cauldwell, E. G. Connette, E. C. Delafleld, T. A. Johnson, John H. Mason, Arthur V. Morton, Jonathan C.
Neff and George K. Reilly, with L. H. Cubberley as Secretary, 306 Chest¬
nut St., Philadelphia.
1917.
1918.
1919.
$2,829,542
j
Operating expenses, taxes, &c
At the request
his bonds or stock.
Corporation, Inc.—Annual Report.—
Calendar Years—
out of net
of the holders of a large number of the following securities,
the committee named below has been formed with a view to safeguarding
the interests of the holders of the several classes of securities and assisting
the company in the negotiations now pending with the city of Colorado
Springs for the granting of new franchises.
The committee in circular of
March 19 says in brief:
At the present time the committee is strong in the belief that the interests
of bondholders and stockholders are sufficiently mutual to render a single
committee desirable.
Should this later become inexpedient steps will be
taken to form separate committees, subject to the approval of the security
holders at the proper time.
The expenses and necessary disbursements of
this committee will be apportioned among the holders of the certificates
of deposit, but will not be assessed until withdrawal of the securities.
Under the protective agreement no security holder can be assessed for such
expenses and disbursements at more than 1% of the face or par value of
Steel Hoop Co., ana S. Livingston Mather,
Earnings (all sources).
tion of the balance of the Com.
by sale, stock dividend, exchange of securities or otherwise, as
the board might determine.
Pursuant to the authority so granted, the directors on March 24 declared
Youngs¬
& Tube;
Sec. of Cleveland-Cliffs Iron Co. (Sec. & Treas., W. D. Myres.)]
whether
near
L.
Severn P. Ker, Pres. of Sharon
Co.—Stock Dividend.—
stockholders dated Cleveland, March 24, and
J. I. Krall, says in substance:
Colorado Springs Lt.
E. Adams (Vice-Pres.), Pres. First National Bank,
A. Manchester, General Att'y Youngstown Sheet
& Steel); A.
Maurice Joseph, of Joseph, Joseph & Co., Cincinnati and Jonathan Warner,
Pres. Trumbull Steel Co.; T. J. Bray, Pres. of Republic Iron & Steel Co.;
--V. 109, p.
signed by Pres. J. V. Whitbeck and Sec.
the directors might from
[VOL.110.
CHRONICLE
Electro^ Chemical! Co.,*, New York.—Notes
&c.,, have sold at
Hooker
Sold.—Wm. A. Read & Co., New York,
98% and int. to net 7%% $1,000,000 2-Year 7%g.notes.
Dated Feb. 2 1920.
part by lot, at
Due Feb. 1 1922.
Red.
on
2 weeks* notice, all or
102MIJand int. to Aug. 1 1920, the calling price decreasing
during each six months thereafter to maturity.
Int. payable
F. & A. In New York.
Denom. $1,000 (c*). Mercantile Trust Co., New
York, trustee.
Co. agrees to pay tne Federal normal income tax up to 2%
Data from Letter of Pres. Elon H. Hooker, N. Y., March ;19 1920
M
of 1%
Company.—Organized in 1903.
Is the most important manufacturer
chlorine and electrolytic caustic soda in
the United States, and
owns
o
and
operates the largest electrochemical plant in the world.
Both these articles
are obtained by the electrochemical reduction of ordinary salt, under the
Townsend process, of which the co. owns thejdomestic and foreign patents.
Chlorine is the base of commercial chloride of lime, commonly known
as bleaching powder, as well as of muriatic acid.
For some time "Hooker
Bleach," which Is the highest grade obtainable, has been preferred by the
and paper trades.
Hooker White Muriatic Acid is In constant
demand for the manufacture of intermediates and dyes.
Caustic soda Is
textile
a
very
essential raw material In the manufacture of pulp, soap, dyes and
in oil refining.
plant located at Niagara Falls, N. Y., covers an area of 30 acres,
It now producing at the dally capacity rate of 63 tons caustic soda and 55
tons chlorine, made into 100 tons bleach, 30 tons muriatic acid and the
balance into liquid chlorine.
The
Capitalization.—Company has outstanding $2,700,000 6% Pref. stock,
on
since issue, and $2,600,000 Com.
majority of which Is owned by members of the Hooker family.
which full dividends have been paid
stock, a large
Apr. 3
1920.]
CHRONICLE
THE
who are active in the management.
These notes constitute the only
funded debt except a $200,000 5% mortgage due 1924, on its office building,
25 Pine St., N. Y. City, was assumed when the building (valued at $450.000) Wfts acquired.
Earnings.—For the nine fiscal years ended Nov. 30 from 1911 to 1919,
incl., net income after Federal taxes, available for interest and deprecia¬
tion, has averaged $625,603 or over 8 % times annual interest on this issue.
For three months from Nov. 30 1919 to March 1 1920 net income was about
$110,000 and for the full fiscal year to Nov. 301920 is estimated at $635,000.
For the 1919 fiscal year net income amounted to $233,729.
Gross business
is now running at rate of about $6,000,000 annually.
Purpose.—To increase working capital, to provide funds for
new con¬
struction and to retire present outstanding loans.—Y. 106, p. 927.
A circular to the stockholders says the proposed additional issue of stock
will consist of 11,000,000 new shares of £1
par, identical in all respects with
33,000,000 ordinary shares now outstanding.
The right to subscribe to
one
share for each three
new
now
held will
accrue
to holders
New Britain Machine Co.—To Increase
of record
Capital.—
The stockholders will vote April 7 on increasing the capital stock from
$2,000,000 (all Common) to $7,000,000, to consist of $5,000,000 Common
and $2,000,000 Pref.
It is proposed to Issue $1,000,000 Pref. at the present
time in order to meet the demand of a rapidly increasing business.—V. 109,
p. 1371,1466.
New Cornelia Copper Co. —Earnings.
Calendar Years—
income
1919.
Total
Oper.
State
Imperial Tobacco Co. of Great Britain.—New Stock.—
1419
1918.
expenses,
&c
Federal taxes.
ana
Depreciation reserve
Ore depletion reserve
Exploratory work
Interest
Net income
463,332
$3,810,122
2,007,840
128,643
336,309
336,309
10,262
228,348
$17,246
gen.
$6,750,421 $11,073,679
4,642,255
5,350,271
506,968
932,228
743,664
641,861
897,144
1,056,378
1917.
44,947
ex p.,
$2,527,806
$762,411
March
—V. 110, p. 1094.
taken
place since the war began with consequent demand for larger output of the
company proprietary brands of tobacco and cigarettes, still continues and
In view or the largely increased price of leaf tobacco and adverse rate of
exchange, increased capital is necessary for requirements of the company."
The company has filed a certificate with the Commissioner of Corporations
stating that the capital stock has been increased by $300,000 of Pref. stock
and that the same has been paidin ,in cash, on March 5.—V. 110, p. 366,567
15 and subscription must be paid on or before April 28.
The circular says:
"Increase in consumption of tobacco which has
—V.
110, p.
1092, 974.
International Agricultural
See Tennessee
Lanett
Corporation.—Contract.—
Copper & Chemical Corp. below.—V. 109, p. 1699.
Cotton Mills.—Extra
Dividend.—
An extra dividend of 5% has been declared on the stock, along with the
regular semi-annual dividend of 5%; both are payable April 15 to holders
of record March 24.
Like amount was paid Oct. 151919.—Y. 109, p. 1370.
La Porte
Oil &
Refining Corp.—Definitive Notes.—
The Guaranty Trust Co., N. Y., is now ready to exchange First Lien &
Collateral Trust 5-year 7%
convertible gold notes, due Oct. 1 1924, in
definitive form, for the outstanding temporary notes. See V. 110, p. 769.
(W.
H.)
Jan. 8 1920.
Compare V. 110,
171.—V. 110, p. 266.
p.
Magnolia Petroleum Co.—Earnings,
&c.—
Operating
expenses
$9,365,973 $32,538,173 $18,825,980
2,765,036
1,963,720
(7W7o>3,887,000 (6)2,729,464 (6)1,320,000
.
taxes
Dividends, approximate
Bal.,
sur.,
Not
stated.
$49,819,657 $49,789,731
40,453,684
17,251,558
Net profits
Federal
1917.
1918.
1919.
Gross earnings
bef. bd. int., depr., &c._ $2,713,937 $27,834,989 $17,505,980
In addition to the regular quarterly dividends of 1 ^ %, the company has
paid each three months since and including July 15 1919, extra dividends
increase the
authorized
capital stock from $60,00,0000 to $120,000,000.
The "Houston Post" understands that the new stock is to be used mainly
for a stock dividend.
The total profit and loss surplus on Dec. 31 1918
(not 1919) was $31,463,523.—V. 110, p. 1093.
May Department Stores Co., N. Y.—Annual Report.—
Jan. 31 Years—
Net sales
Net profits.
1919-20.
1918-19.
1917-18.
1916-17.
$57,962,444 $41,179,261 $35,631,660 $30,347,482
$1,005,702
$2,150,332
$7,848,104
$2,168,269
80,671
878,078
2,400,000
1,632,289
Shrinkage in inventories
1,250,000
Preferred dividends (7%)
459,638
Common dividends
(6%)900,000
Balance, surplus
1798.
$2,838,466
477,881
(5)750,000
512,531
(5)750,000(2^)412,500
$1,559,978
$1,758,772
499,538
$2,107,320
Gas
&c
$3,458,847
1,395,847
$3,496,860
1,180,681
""91*990
$2,612,142
1,578,452
Cr.64,572
Miscellaneous
""46",225
—
-
...
Loss
on Govt, copper
Dividends
1916.
1917.
1918.
1919.
$2,384,941
&c__
1,850,692
-
expenses,
($10)
2,05"0"66d
($2<*H)
i",7"o"o"66o
($17)
$70,635
Balance, surplus
110, p. 1192.
1,000,000
$33,690
def.$78,399
$570,054
—V.
Montgomery Ward & Co., Inc.—Bldg. to Cost $2,750,000.
officially revised statement says: "Company has decided to establish
distributing branch in the mid-way district between Minneapolis and
St. Paul.
Seventeen acres of land have been purchased as a site and the
An
a
company will erect a $2,750,000 office and distribution building.
Plans
call for eight-story and basement structure with 760,000 feet of floor space.
It is to be ready for occupancy May 11921 and ob its completion additional
buildings will be erectea as needed to bring the total floor space up to 2,~
100,000 sq. ft.—V. 110, p. 1295, 974.
(H. K.) Mulford Co., Phila.—Increases Stock.—
stock from $2,000,000
right to
1-3% of
by April 20.
See V. 110, p. 769.
The stockholders on March 29 increased the capital
to $5,000,000.
Stockholders of record March 31 are given the
subscribe to 12,772 shares of new stock (par $50) to extent of 33
Payment is to be made at par
Nashua Manufacturing
Co.—100% Stock Dividend.—
The Common stockholders on March 30 authorized the directors to issue
$2,600,000 Common stock to Common shareholders of record April 2, as
per plan in V. 110, p. 1295, 974.
National
Leather
Co.—Annual
director.
President James D. Mortimer has offered his resigna¬
See V. 110, p. 975, 1193.
Ohio Cities Gas Co.—To Issue
tive Convertible
under date of
$10,000,000 8% Cumula¬
Pref. Stock at Par.—President G. B. Dawes,
March 25, says in substance:
Producing & Refin. Corp. of America. The Oklahoma co. is now producing
about 6,500 net barrels of crude oil per day; is well fortified with undevel¬
oped oil territory; operates a completely equipped refinery of 3,000 bbls.
daily capacity at Muskogee, Okla., as well as pipelines, casing head gasoline
plants and distributing stations selling direct to consumers in Oklahoma.
In order to provide for a portion of the cost of these purchases directors
have authorized the issue of $10,000,000 8% Cumulative Convertible Pref.
stock (Q.-J.), convertible at any time between July 11920 and July 1 1923,
but not thereafter, aU or any part, for Ohio Cities Gas Co. Common stock
at the rate of 2 shares of Common (par $25) for one share of the Pref. stock
(par $100).
The Pref. stock so exchanged will be canceled and retired.
Common and Preferred stockholders are offered the right to subscribe
to this Pref. stock at par ($100 per share), payable $20 on
application,
balance due June 15 (a quarterly dividend of $2 per share will be paid on
July 1 to those whose suoscriptfons are paid In full on June 15).
Directors have decided not to Issue warrants to subscribe to this issue,
but to extend the offer to the stockholders of the Oklahoma Producing &
Refining Corp. with the object of further uniting the interests of the two
companies now so closely affiliated.
Company is in a most fortunate position with respect to its own produc¬
tion of crude oil for its refineries; its stocks of crude and refined oils, tank
cars, distributing stations and extensive developed and undeveloped oil
territory in both eastern and mid-continent fields.
The Increased earnings
now obtaining warrant the opinion that the year 1920 will prove the most
profitable ana prosperous year in the history of this company. See Okla¬
homa Producing & Refining Corp. below.—V. 110, p. 1295, 472.
tanning interests, formerly dominated
report showing:
which controls the leather and
by Swift & Co. has issued its first
Profit and Loss and Surplus Account for 6 Mos. ending Dec. 271919.
Distributive sales of shoe and other leathers, &c. in excess of—$88,000,000
Earnings from manufacture and sales and from operations of
subsidiaries
4,603,209
Reserve for Federal taxes for 1919—
2,069,087
Reserve for contingencies..
-——
2,250,000
....
-
*
...—...
-
Balance, surplus for year
Total profit and loss, surplus, Dec. 27 1919
$284,122
$4,203,283
_
-——
The company paid Its initial dividend Feb. 15 1920.
The amount of
this dividend was 40 cents per share, which is equivalent to 4% on the par
value of the stock, the par value being $10.
It is the present intention o.
the directors to pay dividends on the regular dates or Feb. 15 and Aug
15.
Stock outstanding,
V. 110, p. 267.
$30,000,000.
Compare
New Bedford Gas & Edison Light
Y.
109,
p.
780,
892-
Co.—Financing.—
The company has petitioned the Massachusetts Department of Public
Utilities for authority to Issue 4,770 additional shares of stock and $477,000
The stock (par $100) will be issued at $150 a share.—
Ohio Oil Co.—Balance Sheet Dec. 31.1919.
$
1918.
§
1919.
LiaMlities—
1918.
$
Produc'g prop.12,563.468 16,778,957 Capital stock.15,000,000 15,000,000
Acc's pay. incl.
Non-prod.prop 1,395,401
tax liability 1,821,587
Mat'hmdse.,
6,469,755
cash,bonds &
acc'ts rec'ble67,751,187 68.530,440
Res.
for
est.
Fed. taxes..
Total
—V.
81,710,056 85,309.397 Total....
1,472,605
63,415,864 63,839,642
.81,710,056 85,309,397
110, p. 876.
Ohio State
The company
issue $1,000,000
Telephone Co .—Bond Application.—
has applied to the Ohio P. U. Commission for authority to
7% bonds to take up outstanding claims.—V. 110, p. 1094.
Oklahoma Producing & Refining Corp. of America.—
Right to Subscribe to 8% Cumu. Pref. Stock of Ohio Cities Gas Co.
President B. G. Dawes, in a circular to the stockholders offering them the
right to subscribe to the aew Pref. stock of the Ohio Cities Gas Co. (see
above) says In substance; ■
nearly 1,000,000 acres of land
In fee some 8,000 acres.
Of these holdings more than 60,000
operated leaseholds and 1,500 operated fee lands.
The company
owns in excess of 3,000
weUsjproducing oil In Pennsylvania, Ohio, West
Ylrginia, Kentucky, Illinois, Kansas, Oklahoma, Texas and Louisiana, and
owns and operates six refineries whose total refining capacity exceeds 25,000
bbls. per day; pipe lines to the extent of 2.300 miles connected to 9,600
wells and operated by 89 pump stations.
The company owns the controlling Interest In the United States Pipe Line
Co., the only pipe line for the transportation of refined oils In the world;
2,850 miles of telegraph and telephone lines; 7 caslnghead gasoline plants,
extracting about 15.000,000 gals, of gasoline annually; and 5 large natural
gas companies serving a population of 500,000 people with 115,000 con¬
sumers and with sales or 15,000,000,000 cu. ft. or gas per year.
The
company operates 1,500 tank cars, 1,300 owned and 200 under lease: and
one of the largest salt plants in America with a
capacity of 1,000 bbls. of
salt per day.
to reach consumers the company owns the Moore Oil Refining
Co. and operates in addition to that
company, throughout the East and in
the Central West, many distributing stations having combined retail sales
of more than 50,000,000 gallons
per year.
In addition to all these
properties the company has other interests, prin¬
cipally in the shares of the Oklahomaa Producing & Refining Corp.
Bee
Ohio Cities Gas Co. above.—V. 110, p. 654, 975.
and owns
acres are
Oriental Navigation Co.—Initial Dividends.—
Initial quarterly dividends of 2% have been declared on the $2,000,000
First Pref. 8% Cum. and the $2,000,000 Second Pref. 8% non-cum., both
payable April 25 to holders of record Mch31.
Compare V. 110, p. 172,267.
Report.—
This operating and holding company,
mortgage bonds.
V. 110, p. 1295.
a
tion, to become effective Nov. 1.
The Ohio Olties Gas Co. holds under lease
28,186
500,000
($5)
/
Rate per share.......
holdings.
Plan—Officers.—
Surplus
Mohawk Mining Co.—Earnings.Calendar Years—
Construction,
Co.—Abandons
San Francisco —Notes.—
Co.,
The company has asked the Calif. RR. Comm. for authority to issue
serial notes aggregating $750,000, the notes to be indorsed by the Southern
California Gas Co., one of its largest consumers.
The proceeds of the note
issue are to be used largely for the construction of about 60 miles of pipe
line to carry natural gas to meet the demands of the Southern California
Gas Co.—V. 109, p. 1371.
Working
elected
Assets
—V. 109, p.
Receipts
American
The stockholders have abandoned the plan calling for a re-arrangement of
the capital stocks as outlined in V. 110, p. 975.
William Nelson Cromwell has been elected chairman of the board to
succeed the late George R. Sheldon, and Albert B. Boardman has been
.
Federal taxes
Midway
North
Co.—Additional Stock.—
The company has recently expended a large sum of money in the purchase
of oil-producing properties, mostly represented by stock in the Oklahoma
McElwain Co.—Preferred Dividend.—
A quarterly dividend of 1% % has been declared on the First Pref. stock,
thereby increasing the rate from 6% to 7%, as voted on by the stockholders
on
New England Power
Peerless Truck & Motor Corp.—Dividend Increased.—
A quarterly dividend of 234% has been declared on the $10,000,000
Capital stock (par $50) payable July 1 to holders of record June 1.
An
of 1% and a regular quarterly of 1H% was paid on April 1.
An initial of 13^% and an extra of M of 1 % was paid Jan. 2 1920.- -V.110,
p. 877.
extra of K
Penn Central Light & Power
Co.—Initial Dividend.—
An initial dividend of 80c. was declared on the 30,000 shares, no par value,
Cum. Preference stock, payable April 1 to holders of record March 26.
—V. 110, p. 268, 367.
Penn Seaboard Steel
Corporation.—Earnings.—
1919.
Calendar Years—
Net sales
Cost of sales
....
Interest, depreciation and taxes
Net profit
—V. 110, p. 770.
Decrease.
....
$9,744,205
8,870.670
222.612
$5,728,328
$191,172
Selling and general expenses...
Gross profit
Other income—
1918.
$4,015,877
3,667,194
157.511
-
-
$651,023
Cr.160,776
354,138
$459,851
80,669
240.352
$457,661
$300*169
Cr.80,107
113,786
$157,492
m
5,203,476
65,001
.A
1430
Pittsburgh Coal Co.—President Wilson Orders Removal
Restrictions on Bituminous Coal Industry.—New Wage
Scale of 27% Increase.—
of
See under "Current Events" In last week's "Chronicle,"
page 1248, and
previous page of this issue.—V. 110,
a
p.
1183, 472.
Quaker Oats Co.—New Director.—
R.W.Rolason has been elected
Rainier Motor
an
addlt'l director.—V. 110, p.
877,1087,
Corp.—New Directors.—
Wm. J. F. Piel. of Piel Brothers Brevrery;
George R. Baker, of the
Chatham 8c Phoenix National Bank, and John Nickerson
Jr., investment
banker, have been added to the board.—V. 110, p. 976, 1094.
Riordan Pulp &
Paper Mills, Ltd.—To Increase Capital.
In connection with the proposed increase In the Common stock from
$4,500,000 to $6,000,000, Secretary F. B. Whittet, In a circular to the
shareholders, says in part:
"The present capital Is $6,000,000, of which $4,500,000 is Common and
$1,500,000 7 % Cumulative Preferred stock, all of which has been subscribed
and issued.
The unprecedented demand for pulp and paper made in
Canada has offered exceptional opportunities for the profitable expansion
of the activities of the company, to meet which the directors have decided
to raise additional capital by the sale of Common stock.
Upon the in¬
crease in capital
being approved [on April 15), the present shareholders
will have the first privilege of
purchasing the new stock, in proportion to
their holdings, and at a favorable price, which will later be determined
upon
by the directors."—V. 110, p. 1193.
may be lodged, In order that the amount due can be obtained at the London
Joint City 8c Midland Bank, Ltd., London, by whom the proceeds will be
paid in sterling.
Coupon No. 8, due on March 1 1920, attached to the 6% "A" Deben¬
tures (which were issued in exchange for the Two-Three-Year Sterling
Notes), and which are repayable, will be paid on or after that date by the
British Foreign & Colonial Corp., Ltd., London.—V. 110, p. 771.
,
Spicer Manufacturing Corp.—Common Stock Offering.—
syndicate headed by Merrill, Lynch & Co. and Cassatt &
Co. is offering 60,000 shares of Common stock at $29 per sh.
A
In 1919 company acquired Sheldon Axle & Spring Co. and Parish Manu
facturing Corp.
With a part of the proceeds of the sale of this Common
stock, it has recently acquired the Salisbury Axle Co. of Jamestown, N. Y.
Net profits for the fiscal year ended 1919, available for dividends on the
Common stock, amounted to $8.69 per share before taxes and to $4.37
after taxes.
Compare V. 110, p. 976, 877.
Standard Oil Co. of Nebraska.1919.
Assets—
$
Dividends
Q.-J.
Redeemable, all or part, on not less than 60 days'
notice on any dir. date, at 110 and divs.
After the payment of Pref. divs.,
25% of the remaining profits applicable to the Common stock shall be set
aside to maintain at all times, surplus assets of
$1,000,000 in excess of all
outstanding liabilities and outstanding Preferred stock.
Data from Letter of Pres. Wallace T. Jones, Brooklyn, N.
Y., Mar. 15.
Company.—Originally established in 1886 In
a small plant in N. Y. City,
grinding, refining and manufacturing chocolate, chocolate coating,
cocoa and coeoa-butter, chiefly for the
confectionery trade.
Is now one
of the three largest manufacturers of
cocoa, chocolate and chocolate coatings
for
In the U. 8.
Factory
Washington, Park and Waverly Aves., Brooklyn, con¬
will be increased with the
completion of a modern 7-story concrete building adjoining present plant.
Purpose.—A portion of the proceeds of this financing will be used to retire
the 6% Serial bonds amounting to $579,583 (V.
105, p. 2370).
The balance
will be used for additional working
capital.
Capital'n after This Financing (No Bonds)—
8% Cumulative Preferred stock (par $100)
Common stock (no par value)...
Gross
Cal. Years—
Sales
and
1915.
Net
Cash
164.409
Accts. receivable
Inv. in bds. &
448,142
treas cert, of ind.
774.386
647,966
Surplus
--2,918,373 2,361,256
5.344,933 5,118,576
Total
5,344,933 5,118,576
Outstanding.
$3,300,000
40,000 shs.
40,000 shs.
1917.
$3,622,249
1918.
$5,525,509
1919.
physical and financial condition In its
history, and with the completion of the new additions to our plant, and the
additional working capital provided by this financing, we will be in a
par¬
ticularly strategic position to continue the expansion of our business, and
profit by the increasing demand for confectionery.
"Arrangements have been completed by which we are building up an
efficient organization in London, Eng
for pushing the sale of our products
in Europe, and we have associated with us in our
Foreign Department
men prominent in the
candy industry."
Directors.—Wallace T. Jones (Pres.), Wm. M. Evans (Treas.), Wallace
T. Jones Jr., Charles T. Pierce (1st V.-P. &
Sec.), Stephen P. Goble (2d
V.-P.), A. T. Carroll and Pierre F. Jones.
See V. 105, p. 2370.
,
Calendar Years—
Paper' Co.—Earnings—30% Stock Dividend.
1919.
Operating profit
Depreciation and depletion
1918.
1917.
$1,418,804
$1,168,488
$1,060,854
426.029
269.470
Reserve for tax, Ac
100.000
332.185
100.000
Discount
22,500
14,933
138.417
22,500
14,933
136.570
Written off
Interest
....
Dividends
(3^)187,500
91,668
22,500
3,319
-
78,750
(1^)62.500
Balance,
surplus..
$529,425
$499,800
$595,147
Bag 8c Paper Corp. under "Financial Reports"
preceding page.
This company is controlled by Union Bag 8c Paper
Corp. through ownership of 37,500 shares of the*company's 50,000 shares
See also teport of Union
on
of
a
capital stock.
has been declared, payable in stock to stockholders of
April 2.
This increases the Union Bag & Paper Corp. holdings in
the stock to $4,875,000.—V. 107, p. 2482.
,
Sharon Steel
Three
Hoop Co.—Board Increased.—
directors have been elected,
are: Trusten P.
new
increasing the board from 8 to 11
Draper, J. D. Lyons of the A. M.
Byers Co., Pitts., and A. F. Braun of the Farmers
Deposit Nat. Bank,
Pitts.—V. 107, p. 2483.
New directors
1919.
Calendar Years—
1919.
1918.,
$1,069,698 $2,668,082
Exjen«»^&c
Depletion and
Cash
164,606
262,500
(7 H%)
Dividends
"
rate
335.370
Accts. rec., &c
xBalance, surplus
p.
♦$448,999
1917.
Standard Textile Products Corp.-—Annual Report.—
Co.,
541,191
437,500
(12H%)
♦$194,0,33
Inc.—Milk
763.859
Depreciation, Ac.,
a
reserve
Federal taxes
1918.
1917.
141,262
Balance, surplus
Total surplus
—V. 109, p. 1459.
612,500
(17H%)
$101,141
$53,394
$1,137,618
Steiner
Oil
Corp.—New
President.—
Dr. J. E. Butler has been elected President,
succeeding R. L.
has assumed the management of
Steiner,
Pipe Line Co., In the capacity of
who
President.—V.
110, p.
173, 771.
Stutz Motor Car Co. of America,
Inc.—Suspended
from Exchanges.—New Officers.—Stock Dividend of 80,000
shares (no par value) subject to authorization
of capital stock.
The Board of Governors of the New York Stock
Exchange on March 31
by a unanimous vote declared that dealings in the stock of this company
had been suspended indefinitely and that no transactions of
any kind would
be permitted by members of the
Exchange.
The Consolidated Stock
Exchange and the New York Curb Market Association took similar action
on
April 1.
Following a meeting of the directors of the company, held April 1, the
following statement was given out:
"At a meeting of the directors held this afternoon, William N.
Thompson,
of Indianapolis, was elected President in
place of Allan A. Ryan, who re¬
signed.
Allan A. Ryan was elected chairman, and George H. Saylor was
elected Treasurer to fill the vacancy created
by the promotion of Mr.
Thompson.
"The directors also declared a stock dividend of 80,000 shares of the
Capi¬
tal stock of the corporation without nominal or
par value, subject to the
due authorization or the proposed increase in the number of
shares which
corporation may Issue, from 120,000 shares to 200,000
shares.
This
stock dividend of 80,000 shares of stock will be
payable in four instalments
of 20,000 shares each, as follows:
On
July 8, to stockholders of record on
8, to stockholders of record on Sept. 15.
On Jan. 7
1921, to stockholders of record on Dec. 15 1920.
On April 8
1921, to
June
15.
On
Oct.
stockholders of record on March 15 1921.
"A special meeting of the stockholders will be called for
May 5 1920, to
act upon the proposed increase in the authorized
Capital stock."
The stockholders on March 26 1920 voted to increase the
Capital from
100,000 shares,
no
par
value, to 120,000 shares,
no
par
value; the 20,000
a share, pay¬
$1,376,577
10 cents
1095, 1297.
Temple Iron Co., Scranton, Pa.—New Directors.—
Agnew W. Dice and L. E. Thomas have been elected directors,
E. B. Thomas and S. C. Smink, deceased.—V.
99, p. 752.
succeeding
Tennessee Copper & Chemical Corp.—New Contract.—
This company and the International Agricultural
Corp., it is stated, have
Cut.—
quart, and "loose" milk at stores,
$97,579
$1,235,197
•
Stanley Works, New Britain.—Plan Approved.—
(47H)
* Deficit.—V. 110,
Prices
$187,997
$1,433,288
The stockholders of this company on Mar. 26, and the stockholders of
the Stanley Rule & Level Co., on Mar. 25
approved the merger, Ac., plan.
See V. 110, p. 1296.
34,936
1,662,500
Effective April 1, both Sheffield Farms Co. and Borden Farms Products
Co. reduced the price of milk as follows: Grade "A"
milk, 18 cents a quart;
grade "B" milk. 15 cents
quart.—V. 110, p. 173.
1919.
$16,249,264 $16,201,811 $10,901,550
$1,890,208
$1,980,047
$1,300,070
318,719
721,045
630,000
526,399
521,185
291,560
Fixed charges
Dividends
1916.
1296.
Farm3
7,297,241
Calendar Years—
Net sales..
Net earnings
$3,652,156 $5,160,944
No allowance is made for Federal taxes in 1919.
Sheffield
1918.
Total
28,203,897 24,469,328
Total
28,203.897 24.469,328
Note.—No deduction was made from above surplus for Federal taxes
covering year 1918, and payable in 1919, which amounted to approximately
$2,891,142.—V. 110, p. 877.
entered into
x
1919.
I
$
i
Liabilities—
$
$
11.011,610 Capital stock. 7,000,000
7,000,000
5.569,128 Accts. payable 3,578,411
2.092,419
496,656 Res. 1919 Fed.
7,391,9341
taxes
1,767,992
Deprec. acct. 3.235.680
2,869,725
Surplus
12,621,815 12.507,184
14.988.189
Merchandise. 5.583,097
p.
—xl,09L591j 1,883,424 2,174,656 2,086,911
depreciation"..
1918.
$
Plant
additional shares being declared as a stock dividend of 1-5 of
able April 15 to stock of record April 5.—V. 110,
Shattuck-Arizona Copper Co
—Earnings.—
Gross income
418,289
Standard Oil Co. of Ohio.—Balance Sheet Dec. 31.—
Assets—
the
A bonus of 30%
record
members.
265.363
—
—V,. 108, p. 282.
$7,906,483 $12,797,034
Net earnings
237,090
217,790
420,548
506,4.30
1,508,655
Since 1916 capacity has doubled, and Is now
approximately 260,000 lbs.,
or 130 tons of products daily.
"The company is now in the best
St. Maurice
taxes
$4,000,000
Earnings After All Charges.
1916.
sales..$2,769,242
Auth.
1918.
$
1,899.283
1,821,634
Capital stock
1,000,000 1,000,000
Depreciation
559,533
489,233
285.990 Accts. payable—
601,664
849,798
463,703 Res. for Federal
The present company was organized in Delaware.
and warehouses at
tain about 350,000 sq. ft. of floor space, which
1919.
Liabilities—
$
2.064.041
Merchandise >—1,893.955
Total
N. Y. (Chocolate, &c.)
—Pref. Stock Offered.—Hoi lister, White & Co., New York,
are
offering at 100, to yield 8%, $2,000,000 8% Cum.
Pref. (a. & d.) stck, par, $100.
(See advertising page.)
Bal. Sheet y Dec. 31.—
1918.
Plant
Rockwood & Co., Brooklyn,
Gross
[Vol. 110.
THE CHRONICLE
a new
contract
expiring Dec. 31 1923 (and modifying the exist¬
ing contract expiring Dec. 31 1920 under which the Tennessee corporation
sold all its output at a price of $4 81 a
ton) under which only a percentage
of the Tennessee corporation's
output is to be delivered at an increased
price which will apply beginning year, 1920. 1 This will enable Tennessee
Copper & Chemical to sell a large part of its1 output in the open market.
Sulphuric acid is now quoted from $12 50 to $14 a ton.—V. 109, p. 894.
(JohnR.) Thompson Co., Chicago.—Stock Div. 33 1-3%.
a
The stockholders
on March 30 increased the capital stock from
$4,500,000
$6,000,000 and declared a stock dividend of 33 1-3%, payable on the
Common stock April 20 to stock of record April 12.
The board of directors has been increased from 7 to 9 members
by the
election of John R. Thompson Jr. and Henry F. Mehle.—V.
to
Sinclair Consolidated Oil Corp.—
"Financial America" on April 1 said in substance:
"It has been learned
that officials of the Sinclair Consolidated Oil Corp. are sounding out bankers
as to the advisability of
putting out a new issue of securities at this
time,
but whatever
security may be determined on will not carry a convertible
feature.
According to those thoroughly familiar with affairs of the Sin¬
clair Corp. it is not absolutely essential that new
financing be done at the
moment, although in the face of the high costs obtaining for all class of
new
materials, increased operating expenses, &c., it has become necessary for
that corporation as well as other concerns to maintain an
unusually Large
working balance and this in turn has necessitated rather extensive borrowing
which might otherwise have been averted."—V.
110, p. 770.
stock, payable
—
quarterly dividend of 114% has been declared on the 6%
(outstanding, $256,400), par $100, payable April 15 to holders
107, p. 2482.
of record March 31.—V.
Spanish River Pulp & Paper Mills, Ltd.—Coupons.—
Holders of 6% "A" debentures were informed in
February that in pur¬
of a notice issued by the company In
suance
Sept. 1919, the "A" debentures
1
months.^—Ed.),
and
owing
to
the
in substance:
"In consequence of
[being only $10,340, it is said, for
tion work
labor
especially in view of expenditures
planned for acquisition of
new
a
situation
at Tonoph,
the
dividend, but to conserve
necessary to carry on explora¬
properties.
Charles R. Miller has been elected chairman
Haehnlen becomes a director, succeeding C. A.
initial
Pref. stock
A statement issued on March 25,
pays
reduced earnings in the past six months
five
finances,
Southern Canada Power
Co., Ltd.—Initial Dividend
An
on March 26, that the dividend usually due at
this time would be passed.
A dividend of 15 cents (15%) was paid Oct.
1919.
Dividend amounting to $14,875,000 have been paid on the
$1,000,000 Capital stock (par $1), since 1904.
See also Tonopah & Goldfield
RR. above.
directors have deemed it best not to declare
Skelly Oil Co .—Initial Dividend.—
An initial dividend of 20 cents has been
declared on the
April 22 to holders of record April 12.—V. 109, p. 1531.
110,p.1297,473.
Tonopah (Nev.) Mining Co.—Dividend Passed.—Officer.
The company announced
of the board; Walter L.
Higby.—V. 110, p. 772, 976
Truscon Steel Co., Youngstown,?Ohio.—Pref. Stock
Offered.—Merrill, Lynch.
Co., New York, First Trust &
Savings Co., Cleveland and Youngstown (O.) Securities
Co. are offering at par $1,000,000 7% Cumulative Pref.
stock, par $10.
APR. 3
1920.]
THE CHRONICLE
Dividends payable Q.-M.
Red. aD or part at $11 and divs., at
any time
before Sept. 22 1933, when it is to red. at
$10 and divs.
Listed on
the
Detroit Stock Exchange.
A sinking fund of at least $75,000
per annum is
provided beginning Dec. 1920 for the purchase and retirement
of the Pref.
stock at not more than *11
per share.
Data from Letter of Pres. Julius
Kahn,
Youngstown, Feb. 15 1920.
Principal plant located atlYoungsFactory buildings occupy more than 13 acres; in addi¬
well-equipped laboratory and chemical products
Company.—Incorp. in Mich, in 1903.
town
(41
tion,
maintains
acres).
a
plant
Detroit, and warehouses in 14 cities.
Manufactures and sells the uni¬
versally known "Kahn Building Products" and other
material used in
reinforced concrete construction and concrete
road
building of every
description, including steel rods, metal lath, trussed
bars, column hooping,
structural pressed steel, sashes, steel
windows, &c.
Capitalization After this Financing (no bonds)— Authorized.
Issued.
7% Cumulative Preferred stock (par
$10)
$2,500,000
$2,500,000
Common stock (par $10).
2.000,000
1,444,650
Dividend Record of the Common Stock.
at
Year
1910-11.
8% yrly.
1912-13.
1914-15.
7% yrly.
10% yrly.
7% yrly.
1916.
1917.
1918-19.
4%
18%
16% yrly.
Stock.
10% "
Since its inception, cash dividends
paid on both the Pref. (since Dec. 1
1908) and Com. stocks amount to $2,046,731 and stock
dividends to
$336,040.
Cash
_
Purpose.—To meet the increased demands of business.
Sales & Earnings.—Sales have
increased from $1,080,443 in 1907 to
$12,520,568 in 1919.
Net profits in 1907 were
$5,461; in 1919 they were
$760,000 (Nov. and Dec. partly est.)
Average net income for the 4 years
ended Dec. 311919 (Nov. and Dec.
1919 est.), after Federal taxes, amounted
to $912,830.
Sales for 1920 are estimated at
$20,000,000 and net profits
after taxes in excess of
*1,500,000.—V. 109, p. 2445.
Stock
Dividend of 20%.—
leases, known as restricted and unrestricted, manufacturers
were required
to pay prohibitive royalties on shoes made
on machines rented from
the
company.
As to this and the Sherman Act, see V. 106.
p. 2224, 2238.—
It is understood that the injunction does
not prevent the enforcement
of
leases made prior to the
passage of the Clayton Act in Oct. 1914.
The
clauses complained of by the Government
are, generally
% on the
was also declared,
payable April 15 to stock of record April 5.
[It is stated that this 20% stock dividend will increase the
Common stock
outstanding to $1,733,580.]—V. 109, p. 2445.
cuted
—V.
Dated April 1
of
1920.
Due April 1
Guaranty Trust Co.
without
$500 (c*)
1935.
Int. payable A. & O. at office
deduction for Federal income
tax up to 2%.
Red. as a whole or in part through the
Sinking Fund on any int. date on 30 days' notice at 103 and int.
during the
first 5 years, 102 and int. during the second 5
years and 101 and int. during
the last 5-years.
Exempt from personal property tax in New York State
Denom.
$1,000 and
but
not exempt from State income taxes.
Data from Letter of Pres. Louis J.
Horowitz,
dated N. Y., Mar. 26.
Property.—The property is located in the established financial
district
New York City and possesses unrivaled transit
facilities.
The plot
has an area of about 18,000
sq. ft. and is improved with a 23
story office
building of modern fireproof construction, constructed in 1908
by the
Thompson Starrett Co.
The building contains over
265,000 sq. ft.of
rentable area.
Ten passenger elevators of the
hydraulic plunger type
assure adequate service with
high degree of safety.
Sinking Fund.—The mortgage provides for a sinking fund in
quarterly
payments which will reduce the principal to $1,750,000
by maturity.
Rents & Expenses.—The
building is fully rented and will produce for the
of
Jrear commencing Maysq. ft. expiregross income in years, the gross income
1 1920 a in the next two excess of $540,000.As
eases
about 150,000
on
should be increased through renewals on this
space by at least $300,000 p. a
The operating expenses, exclusive of taxes, for the
year ending Jan. 31
1920, amounted to $189,908.
It is estimated that the operating cost can
be reduced to an amount not
exceeding $175,000 for the year beginning
May 1 1920.
This sum added to taxes amounting to $67,500 for the
cur¬
rent year, totals $242,500,
leaving S297.500 for the payment of interest
and sinking fund during the first
year of the loan.
Union Electric Light & Power
Co., bu. Louis.—Deben¬
tures
Offered.—Harris, Forbes & Co., New York, &c., are
offering at 97% and int., to yield 8%, $2,500,000 3-Year
7% Conv. Gold Debentures.
Circular shows:
Dated April 1
1920.
Due April 1 1923.
Int. payable A. & O. in New
Call, all or part on the first day of
any monto at 101 and int. on
prior to April 1 1921 at 100H and int. thereafter on or
prior to April 1
1922, and at 100 M and int. thereafter.
Denom. $1,000 (c*).
Equitable
Trust Co., N. Y., trustee.
Company agrees to pay interest without deduc¬
York.
or
tion for any normal Federal income tax to an
amount not
exceeding 2%
which it may lawfully pay at the source.
Convertible.—Convertible on the first day of any month to and incl.
Feb. 1 1923 into an equal amount of Ref. & Ext.
Mtge. 5% bonds due 1933,
accrued int. to be adjusted and the debenture
holder to receive $150 in
cash for each $1,000 debenture converted.
Company.—Owns and operates all but a small part of the central station
electric light and power business in St. Louis and
in the counties of St.
Louis, Franklin and Perry.
Population estimated at
1,000,000.
The
principal generating station, with the new equipment about to be
placed
in operation, will nave a rated
generating capacity of 122,000 k.w. In
addition, company has favorable contracts (the principal one
being for 99
years), for the purchase of power from the hydro-electric
plant of the
Mississippi River Power Co., which supplied over 75% of the
company's
electrical energy requirements in 1919.
Franchises.—The franchises in St. Louis are, in the opinion of
unlimited
franchises
to
as
counsel,
time,
except
in
the
"Underground District" where the
principal franchises outside of St. Louis
extend well beyond the
maturity of the Ref. & Ext. Mtge. bonds.
Valuation.—Based on the valuation of the properties made by the P. S.
Comm. as of Dec. 3i. 1915, plus subsequent additions and extensions, the
value of the property as of Feb. 29 1920 (excl. of
working capital) was more
than $31,500,000, as compared with the total funded
debt, incl. this issue,
of $22,510,000.
Investments in the Union Colliery Co. and other sub¬
sidiaries
run
are
until i940.
All the
not included.
Earnings Year Ended March 31 1920 (March Estimated).
Gross earnings (including non-operating
revenue)
$8,793,342
Net, after taxes and depreciation reserve
2,375.075
Annual interest on funded debt, including this issue
1,185,600
Balance
—V.
109,
p.
$1,189,475
1468.
United
Drug Co., Boston.—United Writing Paper Ac¬
quires Business of Ma,reus Ward, Inc.—
The Boston Stock Exchange on March 24
1920 added to the list 897
additional shares, par $100, Common
Capital stock, issued in payment for
payable to the amount of $124,612, and notes payable of
$10,000
of the Marcus Ward,
Inc., a New York corporation, which have been
assigned to United Drug Co.
On Feb. 17 1920 United Drug Co. caused to be
organized, under the laws
of Massachusetts, a corporation called the United
Writing Paper Co., Inc.,
with an authorized capital of
$11,000,000, consisting of 100,000 shares Of
7% cumulative, non-voting Pref, stock and 10,000 shares
of
voting
Common stock, each share
having $100 par value.
The United Writing Paper Co.,
Inc., has issued 10,000 voting Common
stocktand 1,880 sharesfof
non-voting Preferred stock, in payment for the
business of Marcus Ward,
Inc., a New $ York corporation engaged in the
manufactureiand sale of fine writing paper.
All of the 10,000 shares of
voting Common stock is owned by United Drug Co.—V. 110, p.
1184,1096,
772.
accounts
United Electric Light Co.,
Springfield, Mass.—Stock.
The company has applied to the Mass.
Dept. of P. U. for authority to
issue $800,000 additional capital
stock, to pay for„additionsjto and extensions of its plant and property.—V.
,
105, p, 2372'
jjj
United~Shoe Machinery iCoT—E^oined.——
United
States
Smelting,
are not
on
leases
exe¬
affected by the decision.
Refining & Mining Co.,
Report for 1919.-—
Increased—Annual
A
quarterly dividend of 3% has been declared on the Common
stock,
payable April 15 to holders of record April 5.
Dividend record:
1908-'ll.
'12.
'13.
*14.
'15.
4 yearly.
5
6
3
1H
C. G. Rice has been elected
'16.
'17.
'18.
8H
10
101
'19.
Jan. & Apr. 1920.
10H
3% each.
President to suceed the late William G.
Sharp.
Robert H. Herrick has been elected a director, and E. P. Brown
and Robert F. Herrick were added to the Executive
board.
Results for Calendar Years.
{Incl. Custom Ores.)—
1919.
Copper, lbs
8,919,044
Lead, lbs—„
.68,648,864
Silver, oz
..17,758,498
Gold, oz.______
Zinc, lbs
1918.
146,749
u
7,680,548
—-
Pref. dividends (7%)
Common dividends......
Do
rate per
1,702,225
1,931,132
(11%)
annum._
Balance, surplus
109, p. 2446.
1917.
1916.
20,359,378
29,043,242
28,888,093
96,567,485 107,519,570 103,855,451
15,337,465
13,000,187
11,647,205
137,315
109,612
129,273
18,771,684
53,590,446
64,584,001
$7,249,533
$5,769,391
$9,737,664
2,474,443
1,571,576
839,200
Not shown
692,500
1,000,000
.1,702,225
1,702.225
1.702,225
1,755,575
1,755,575
1,492,239
(10%)
(10%)
(8}^%)
Net earns., after repairs..'$8,329,055
Deprec. & reserve funds.. 2,707,939
Federal taxes & deposits. 1,252,602
$3,007,857
$1,317,290
—V.
$47,515
$4,704,000
United
See
Writing Paper Co.—New Company.—
United
Drug Co. above.
Westinghouse, Church, Kerr & Co., Inc.—Merger of
Engineering and Construction Companies.—New Company to
be Called Dwight,P. Robinson &
Co., Inc.—
The plan for the merger of
Westinghouse, Church, Kerr & Co., Inc.,
Dwigbt P. Robinson & Co., Inc. (of Dela.), was
formally declared
operative on Mar. 18 and will probably be legally consummated on or about
May 1.
The new company will be called Dwight P. Robinson &
Co., Inc.,
and will occupy executive offices at 61
Broadway and engineering and
designing offices in the Grand Central Palace, 125 E. 46th
St., N. Y.
As the activities of the two
companies were largely supplemental it is
believed that the new organization will
forge ahead in the front rank of
construction and engineering concerns.
Among the new plants and extensions designed and built
by W. O. K.
are noted
(a) For large industrial companies, viz.: Aetna
Explosives Co.,
American Cyanamid Co., Armour Fertilizer
Works, Wright-Martin Air¬
craft Corp., Cluett, Peabody & Co., American Brass
Co., General Chemical
Co., American Rolling Mill Co., Winchester Repeating Arms Co.,
Chicago
Pneumatic Tool Co., Westinghouse Lamp Co.,
Westinghouse Elec. & Mrg.
Co., and Hydraulic Pressed Steel Co.,
(b)
Prominent railroad work,
Cos Cob power plant for N. Y. N. H. & H.
RR., shops at Glenwood, Pa.,
and Cumberland, Md., for B. & O., W.
Burlington shops of C. B. & Q •
$18,000,000i of work on Pennsylvania Station, N. Y.; all electrical and
mechanical work on South Station, Boston, and St. Louis Union
Station;
and
Communipaw engine terminal of Jersey Central; (c) Government War Work:
Camps Hill and Stewart at Newport News, Va., Nitrate Plant No. 2 at
Muscle Shoals, Ala., power plant at Newport, extensions to
Rock Island
Arsenal, &c.
Digest of Circular dated at New York, March 2 1920.
Merger, &c.—Westinghouse, Church Kerr & Co. Inc. (formerly Electric
Properties Corporation) has of late years gradually withdrawn from the
financing of public utilities because that field has become more and more
hazardous, and it is now engaged solely in engineering and construction.
The Westinghouse Electric & Mfg. Co.
(the "Electric Company") is
the largest stockholder of Westinghouse, Church, Kerr &
Co., Inc., owning
9,599 shares of its Preferred stock and 21,915 shares of its Common
stock,
and this fact is thought to have
handicapped the latter in procuring business
because
of a common belief that clients would be
expected to purchase
equipment.
On the other hand, the Electric Company
desires to withdraw from any interest in the
engineering and construction
business, because It is a field foreign to its normal business activities and
its interest therein has not been viewed with favor
by competing con¬
struction
engineers.
Westinghouse
It is considered essential that there should be associated
with your
company prominent interests with an established engineering and con¬
struction business, and It is therefore proposed that the
Dwight P. Robinson
&
in
Co., Inc., merge with your company.
Mr. Robinson has been engaged
the engineering and construction business for the
past 25 years.
For
many years he was President of the Stone & Webster
Engineering Corpor¬
ation, but in 1918 he organized his own company, Dwight P. Robinson &
Co., Inc., in which Electric Company and
became
Guy E. Tripp,
minority Preferred and Common stockholders.
Contracts
on
Iland.—The
Robinson
Company has
construction
among others,
hand important
work amounts to
on
contracts under which the uncompleted
approximately $14,000,000: your company's uncompleted work amounts
to approximately $8,000,000.
The Robinson Company has been primarily
engaged in power plant construction, your company in railroad and indus¬
trial construction! work.
'
Plan.—Under the plan a new corporation,
probably under the Virginia
law, with title of Dwight P. Robinson & Co., Inc., or a similar name, will
acquire, subject to their liabilities, the good-will, uncompleted contracts,
business and all other assets of both companies,
except such as may be
required to make any cash payments under the plan.
It is estimated that
upon consummation of the plan the new company will have initial
net
assets of approx. $2,500,000, exclusive of
good-will, and no funded debt.
„
Secuiities
Which the New Company
Will Authorize and Issued
First Preferred (a. & d.) stock, 7% Cumulative,
carrying divi¬
dends from Dec. 31 1919, par $100,
non-voting.
Callable
all or part at 105 and divs__
2nd
$2,000,000
Preferred (a. & d.)
stock, 6% bon-cum., participating in divi¬
dends with Common stock equally share for
share, up to $8 per
share in all for the 2nd Pref. in any year after the Common
has received $6 per share, non-voting, callable all or
part, at
par and divs. at 6% p, a, from preceding Jan. 1
$1,250,000
Common
Stock, without par value
9.000 shares
The new company cannot, without consent of two-tbirds of
the out¬
standing First Pref. stock (a) create any mortgage or other lien (other than
purchase money mortgages or pledge of quick assets and securities made
In the ordinary course of business),
(b) sell or otherwise dispose of all or
substantially all of its assets, (c) create or issue any shares of stock prior
to or on parity with the authorized First Pref. stock nor
without consent
of two-thirds of the 2nd Pref. stock create
any additional First Pref. stock
or any stock prior to or on a
parity with the 2nd Pref. stock.
No voting
power other than the above will attach to the Pref. stocks.
The plan provides that there shall
be retired
for cash; or
shown with stock:
_
optionally
„
as
_
(a) 12,000 of 32,000 shares of Westinghouse, Church, Kerr & Co., Inc.,
6% Cum. Pref. stock at $85 per share and accrued dividends (or at option
of holder share for share, in new 7% cum. 1st Pref.)
(b) 24,500 of 40,000 shares of Westinghouse, Church, Kerr & Co., Inc.,
Common stock at $55 per share, or at option of holder, share for share,
in new 6% 2nd Pref.
(c) AH the 2,500 shares of Dwight P. Robinson & Co., Inc., 8%CumuIative
Pref. stock at par and accrued dividends.
The plan contemplates that there will be exchanged for stock of the
company the remaining old shares
of Boston, and others, viz.;
new
held by the Electric Co., Homer Loring,
20,000 shares of Westinghouse, Church, Kerr & Co., Inc., 6% Cumulative
StOCkj
* *
Judge Treiber in the U. S. District Court at St. Louisron'March 3 1
upheld the Government in its suit against the comoany, charged with violating the Clayton Anti-Trust Act of 1914.
The suit, instituted by the Government In
1916, cha. ged that the co. con¬
trolled^ % of the,shoe machinery businessjof the;country£and that unde-
prior to the Clayton Act, it is stated,
110, p. 1195.
Boston.—Dividend
,
Two Rector Street Corp. (U. S.
Express Bldg.), N. Y.
City,—Bonds Offered.—National City Co. are
offering at
100 and int. $3,000,000 First
Mtge. 15-yeir 6% Sinking
Fund gold loan.
(See advertising pages.)
speaking, not in¬
now made
by
corporated in leases made since that date, so that the leases
the corporation are not materially affected.
Machines out
The company has declared a
20% stock dividend on the Common stock,
payable April 1 to stock of record March 29.
A cash dividend of 4
Common
1431
15.500 shares of Westinghouse, Church, Kerr & Co., Inc., Common.
Depositary, Chase National Bank, 57 Broadway, N. Y. City.
[Signed by merger committee, Guy E. Tripp, Chairman; Homer Loring,
and John R. McGlnley, with George A.
Kinney, Secretary, 57 Broadway,
New York.—V. 110, p. 1195, 977.
For
other
Investment
News,
see
page
1438.
[VOL. 110.
THE CHRONICLE
U22
gLepnrts ami gxrjcuwmts,
COMPANY
NORFOLK AND WESTERN RAILWAY
REPORT—FOR
ANNUAL
TWENTY-FOURTH
YEAR ENDING DECEMBER 31
THE
DETAIL OF DIVIDEND
Roanoke, Va.t March 24 1920.
1919.
PAYMENTS.
Per
To the Stockholders
of the Norfolk and Western Railway Company:
for
Your Board of Directors submits the following report
the year
ending December 31st 1919.
MILEAGE
ROAD AND
OF
Stock.
Payable.
Stock of Record.
Adjustment Preferred Stock—
63
May 19 1919
April 30 1919—1
64
Aug. 19 1919
July 31 1919—1
65
Nov. 19 1919
Oct. 31 1919—1
66
Feb. 19 1920
Jan. 31
Oj
Dividend.
$229,923
229,923
229,923
229.923
$22,992,300
22,992,300
22,992,300
22,992,300
1920—1__
TRACK IN OPERATION.
Amount
Outstanding
Cent.
No.
$919,692 00
4
Note.—Milage used in statistical tables does not Include mileage of Nar¬
rows and Abingdon Branches.
Dec. 31 1919.
Dec. 31 1918.
Increase.
$2,110,069 50
2,110,682 00
30 1919—1%
120,691,400
29 1919—121,383,200
2,112,099 50
2,124,206 00
127.28
403.14
second track. 127.28
branches
515.78
\Other
19 1919
Sept. 19 1919
Dec. 19 1919
58
$120,575,400
120,610,400
28 1919—1H
31 1919—1%
Feb.
May
Aug.
Nov.
June
57
1,542.98
1,542.98
Branches J Oper. as
56
Miles.
Miles.
Miles.
Main Line
C°™°Mar^9~1919
00
00
00
00
$8,457,057 00
643.06
030.42
112.64
2,186.04
2,073.40
15.72
13.98
1.74
Total miles of road in operation
track
2,201.76
2,316 00
112.64
Operated under trackage rights..
Stock Issued in exchange
Dividend adjustment on Common
for Convertible Bonds
Total miles
2,087.38
556.95
3.93
.41
1,450.70
1,410.08
40.62
Total miles of all tracks in oper.
4,213.75
4,058.34
155.41
Average miles of road operated-.
Average miles of track operated.
2,088.08
4,067.42
2,083.94
4,031.56
4.14
35.86
CAPITAL STOCK.
114.38
556.95
4.34
$8,459,373 00
Second
Third track
Sidings and yard tracks
|
of Adjustment Preferred and
The aggregate amounts
mon
Com¬
Capital Stock which have been authorized and issued are
follows:
as
Issued
34.70 Miles
Branch
*78.80
"
1.88
1.00
Branch
"
Howard Branch
Branch—Removed,
Bannister
*
/
$2,000
6,000
211,000
614,200
Company and New River, Houston and Western Rail¬
road
Company for the
1919.)
year
Inc.
♦Compensation
crued
$
$
ac-
(+) or
Dec. (—).
1918.
1919.
$
Per
Cent.
%
+77,733 13
.38
1,856,097 22
1,716,000 00
+140,097 22
8.16
—18,855,777 94
Remainder
18,918,142 03
—62,364 09
8,332
as
follows:
10-25 year 4% Gold Bonds of 1907.
10-20 year 4% Gold Bonds of 1912.
10-25 year 4H% Gold Bonds of 1913.
10 year 6% Gold Bonds of 1919.
Convertible
Convertible
Convertible
Convertible
in the Treasury 77
the year there were
At the close of
shares
($7,700) of Adjustment Preferred Stock and 24 shares
Of the $128,590,800
$19,472,800
authorized but unissued Common Stock,
reserved for the conversion at par of the
was
Convertible 10-20 year 4%,
Add Other Income:
From Miscell.
$833,200
shares of Common Stock were issued
($2,400) of Common Stock.
20,634,142 03
Deduct Railway War
Tax accruals.....
1,444,092
1,435,760
—
Fed¬
under
eral Control—-..20,711,875 16
$144,409,200
143,576,000
exchange for $833,200 Convertible Bonds, surrendered for
conversion,
(Includes Income accruing to the Virginia-Carolina Rail¬
way
...$273,000,000
173,000,000
Stock).$100,000,000
Increase (all Common
in
STATEMENT.
230,000
1,214,092
The additional 8,332
Includes 1.74 miles operated under trackage rights.
INCOME
250,000,000
$23,000,000
121,409,200
Totals, December 31 1919
Totals, December 31 1918
...114.38 Miles
Net Increase
Par Value.
$23,000,000
Stock
Common
The Increase In miles of road In operation Is as follows:
Narrows
Abingdon
Shares.
Authorized.
Adjustment Preferred Stock
10-25
year
43^% and 10 year
6% Bonds, including $2,104,000 in the Company's Treasury,
+11,593 60
6.10
From Lease of Road.
810 00
810 00
From Dividend.....
14,266 67
848 66
+13,418 01
1,581.08
697,957 56
556,316 86
+141,640 70
25.46
April 10 1919, the authorized Common Stock of the Company
103,263 45
+22,599 97
21.86
was
rents.
190,095 43
201,689 03
ties
From Unfunded
So-
shown under the head of Funded Debt.
as
At the annual and
From Funded Securi¬
.
curities and Accts.
125,863 42
From Revenues and
43,622 96
From Miscell. Sources
35,234 55
—69,624 70
61.48
35,577 70
—343 15
.96
19,975,222 13 19,918,301 79
+56,920 34
^29
914 70
—208 35
22.78
500 00
Gross Income
113,247 68
—500 00
100.00
|
being $250,000,000 Common Stock and
now
Miscell. Deductions.
409,375 34
Total Deductions.
5,461,442 64
DIv.
3,620,010
51,806
284,685
15,465
140,393
00
67
00
66
27
4,113,775 30
+6,801
+945,166
—44,685
+172,110
+268,982
63
/ .19
46 1,824.41
00
15.70
53 1,112.85
07
191.59
+1,347,667 34
32.76
Income—..".14,513,779 49 15,804,526 49 —1,290,747 00
847
Adjustment
on
The aggregate
Preferred Stock...
919,692 00
14,884,834 49 —1,290,747 00
1919.
JJ
$
Balance January 1.-26,676,331 99
Credit
8.67
LOSS STATEMENT.
Inc.
„
Credits:
1918.
$
(+)
or
Dec. (—).
-
■
19,738,316 96
$
Per
Cent.
%
—.13,594,087 49
Materials and
Sup¬
plies Dec. 31 1917.
+6,938,015 03
35.15
14,884,834 49 —1,290,747 00
Railroad
100.00
+4,569 73
—163,485 56
13.82
67.26
40,387,478 12 35,177,271 92
+5,210,206 20
14.81
8,437,410 50
+21,962 50
.26
48,886 96
14,642 47
—95,140 55
+31,708 38
194.61
216.55
79,418 64
278,146 00
ations
Appropriof
i
1
Surplus,
Common Stock— 8,459,373 00
Loss on Retired Road
and
Miscell. Charges
1 46,253 59
46,350 85
...
$7,000
Inc.
17,111,800
6,000,000
Dec.
1,000,000
$91,902,500
was
purchase of $7,000 Norfolk and
General
Mortgage
Bonds*
paid by the Trustee of that mortgage
proceeds of the sale of the Company's experimental
the bonds
been
Inc. $16,104,800
bonds outstanding
being paid by
was
your
Company.
The purchase
$20,000, of which $7,606 76 has
paid, the remainder being payable in two installments
As these payments are made, additional
in 1920 and 1921.
General Mortgage
Bonds will be purchased and retired.
The net increase of $17,111,800
000 of Convertible 10 year
in
the
in the amount of Conver¬
outstanding is the result of the issue of $17,945,-
preceding
6% Gold Bonds of 1919, described
annual report and
stock of $833,200 of
under the head of
the conversion into
Convertible Bonds
The decrease of $1,000,000 in the amount of
Trust
as
described
"Capital Stock."
/
'
Equipment
obligations resulted from the payment of matured
Equipment Trust Certificates.
Equipment.—
Cr
Dec.
2,646,000
Company's
^
Charges:
Dividend
$83,256,500
Ivor, Virginia; the premium and accrued interest
at
common
Total Credits
which
tible Bonds
—278,146 00
Credits
on
8.67
33,070 27
242,904 20
H
1
37,640 00
Equipment Sold—
Miscell.
Dec. 31 *18.
5,000,000
is due to the retirement by
Western
price of the property
Balance from
Income
Increased Value
Profit on Road and
1
$108,007,300
farm
13,594,087 49
'19.
31
The decrease in the amount of mortgage
Balance:
PROFIT AND
^
19,757,800
Equipment Trust Obligtions.
the par of
919,692 00
Transferred to Pro¬
fit and Loss
the
of
$83,249,500
Mortgage Bonds
Convertible Bonds
out of the
Income
None
Funded Debt outstanding was as follows:
Dec.
Funded Debt:
Mortgage Bonds.. 3,626,811 63
Convertible Bonds
996,973 13
Equipm't Obliga's
240,000 00
Int. on Unfund. Debt
187,576 19
Net
Stock.
additional stock has been issued.
FUNDED DEBT.
706 35
Separately Operated
Properties
on
Preferred
Adjustment
$23,000,000
Deductions from Gross Income:
Miscellaneous Rents.
of $100,000,000, the authorized
increased by the sum
capital stock
Expenses before
January 1 1918—
Interest
special meeting of the stockholders held
The following
bonds
$17,000 Columbus
were
held in the Treasury:
Connecting
and
Terminal
Railroad
Company's
First Mortgage 5% Bonds.
Total Charges
Balance Dec. 31
*
8,500,939 93
-+1,469 67
+9
31,928,007 86 26,676,331 99
+5,251,675 87
19.69
8,459,470 26
On account of the accrued Compensation for 1918 and 1919, aggregating
^41,346,017 19, the Company had received to December 31 1919, $9,750,t Credit entry caused by adjustment of "Lap-over" items In 1919.
$13,000
$269,000
$1,213,000
$522,000
At the
First Consolidated Mortgage 4% Bonds.
Convertible 10-20 year 4% Gold Bonds of 1912.
Convertible 10-25 year 434% Gold Bonds of 1913.
Convertible 10 year 6% Gold Bonds of 1919.
meeting held April 10 1919 the stockholders auth¬
cause to be created anjissue
orized the Board of Directors to
Apb. 3
1920.]
THE CHRONICLE
issues of bonds of the
or
Company not exceeding 8108,431,000
convertible into Common
Stock, such issue or issues to the
extent of
$8,431,000, replacing
like amount of Convertible
a
Bonds authorized in October
1906, but
authority thus given has
event of any
equivalent
not
such issue
amount
of
issued.
never
The
yet been availed of, but in the
as
issues of Convertible Bonds
or
Ash hoists
at
an
Common Stock will be reserved to
provide for their conversion.
$9,178,749 64.
sum of
$38,150,835 60 was provided by appro¬
priations from Surplus Income
since June 30 1907.
There were also direct
charges to Income for Additions and
Betterments before June 30
1907,
15,473,521 16
$181,536,853 37
Of these
expenditures, your Company provided by appro¬
priations from surplus income and by direct
charges to
income as shown above, the sum of
$53,624,356 76.
The mileage of double track line in
operation is unchanged
from the
The
preceding
year.
year was as
follows:
21 freight locomotives
(steam).
At
balance of 20 stalls to be constructed later.
turntable,
at your
The
2 maintenance
cars,
6 maintenance of way flat
cars, were
built
Roanoke Shops.
following equipment
property
purchased
from
received
was
the
Company and the New River
Company:
as
a
part of the
Virginia-Carolina
Holston
Railway
9 freight locomotives.
8
"
were
Railroad
allocated to this
Administration
10
;
your
appear
as
in the table
on
page
55.3 miles of single
erected.
were
trestle
This equipment was in servi
to increase
were
light iron bridges
were
Norfolk and Western
Railway Company and the Guaranty
Trust Company of New York,
Trustee, under which this
Company has issued its notes covering the minimum price,
such notes
being payable in fifteen equal annual installments.
When the exact purchase price of the
equipment has been
determined, additional notes will be issued to cover the
difference between the exact purchase price and the mini¬
bridges were doubled for bridge extension
waterway.
,
light iron bridges
were
replaced with fit iron
steel structures.
11
of
highway grade crossings were eliminated: 10 by change
one by undergrade crossing.
county road and
MAINTENANCE EXPENDITURES.
The expenses for
Maintenance of Equipment
Year Ending
Dec. 31
were as
follows:
$
Inc. (+) or
Dec. (—).
$
21,273,001 80
+1,815,999 26
7,108,970 54
7,794,597 39
—685,626 85
8.8
7,947 07
9,219 79
—1,272 72
13.8
72
66
+ 06
94
560,021 52
254,146 86
+305,874 66 120.3
46,668 46
21,178 91
+25,489 55 120.3
2 95
93
+2 02 217.2
Dec. 31
1919.
$
.
1918.
•
Per
Cent,
%
Total Maintenance of
Equipment exp
23,089,001 06
8.5
In which are included:
Steam Locomotives (Freight):
Repairs,
Retire¬
ments and
Depre¬
ciation
Average
motive
per
A
Average
per
Loco¬
1,000
Tons One Mile
Electric Locomotives (Freight):
Repairs,
Retire¬
ments and
purchase price.
strengthened by doubling
doubled and concrete deck placed thereon.
$$
1,245 feet of light iron bridges were replaced with new
53 of this [pamphlet] Report
Payment for this equipment has been arranged for
equipment trust agreement dated January
15 1920, between the Director-General of
Railroads, the
replaced with concrete
^
29 feet of
ce
1919, but does not
replaced with concrete
were
light iron bridges
means of an
mum
on
^
28 feet of fit iron
Company by the United States
heavy mountain locomotives,
year
fencing
wooden
with fit iron.
1919.
by
installed
.
395 feet of
part of the equipment owned and leased December 31
a
were
structures.
3 side-dump cars,
Company's lines during the
of
91 feet of
;
heavy mallet locomotives and 800 50-ton steel underframe
single sheath box cars, the total minimum purchase price of said
on
feet
structures.
50
equipment being $6,887,750.
purchased from the War Depart¬
signals.
57.53 miles of
75
"
"
cabin cars.
1 maintenance of way
camp car.
was
equipped
60,000 "
80,000 "
"
|
drop-bottom gondola cars, 70,000 lbs. capacity.
"
Virginia,
Automatic signals
box cars, 50,000 lbs.
capacity.
"
There
bert Point,
ment, United States Government.
with automatic
37
"
"
"
60,000 "
119 steel under-frame box
cars, 60,000 lbs. capacity.
142 wooden stock cars,
60,000 "
"
7
"
flat cars,
50,000 "
"
15
"
"
"
40
2
The yard tracks have been completed, j
handling machinery for handling of lump coal or
briquettes, with a minimum breakage, has been established
on Coal Pier No.
3, at Lambert Point, Virginia.
An open top pier, size 90 feet
by 950 feet, located at Lam¬
track and 2.1 miles of double
track, making a total of 309
miles of single track and 552.7 miles of double track
4 wooden passenger cars.
"
"
and baggage cars.
1
"
baggage and mail car.
"
A 115-foot turntable,
reinforced concrete viaduct at
Mary Street, which replaced
steel viaduct, and an
undergrade crossing at Pendleton's
Coal
& Western Railroad
3
3
eight stalls, the balance
eight stalls to be completed later.
Crossing.
19 steel underframe cabin
cars,
Extension of reinforced concrete, double
undergrade crossing and the grading for future tracks
has been completed.
a
equipment, 1 freight locomotive, 312 wooden
One 115-foot
50,000-gallon tank and temporary lavatory
one
and boiler house.
a
2 steam derricks.
1 dynometer car.
hopper
pens
Roanoke.—A reinforced concrete coaling
station, of
1,200 tons capacity, electrically operated and capable of coal¬
ing engines on six tracks. Brick roundhouse of 21 stalls, the
of
19 steel underframe cabin cars.
2 maintenance of way
camp cars (built with second-hand
material).
6 maintenance of way flat cars
(built with second-hand material).
2 locomotive cranes.
of way camp cars,
115-foot turntable, stock
a
completed at Shenandoah, Va.
were
At Bristol.—A brick roundhouse of
baggage and mail cars.
312 wooden hopper cars, 115,000
pounds capacity.
new
Bluestone, W. Va.,
yard facilities at Roanoke
Bristol, Va., has been partially suspended. At the
end of the year the
following work had been done:
4 all steel
Of the
constructed at
The construction of increased
arch
equipment received during the
new
was
the protection against
high water of the power house
which supplies the electrified district with electric
power.
A 21-stall
and
aggregating
equipment.!
wall
for
roundhouse,
$166 063 332 21
installed at Crewe, Va., and at
were
Water filtering plants were installed at Watts and
Buffalo
Creek, W. Va. A 200,000 gallon tank was installed at
Wilcoe, W. Va., and eight 50,000 gallon tanks were installed
along the line.
and. yard tracks
were
of which the
Roanoke, Va., and
Wilcoe, W. Va.
A concrete
Prom the commencement of
operations October 1 1896, to
December 31
1919, the charges to your Company's
property accounts for investment in road and
equipment
erected at Norfolk and
were
Winston-Salem, N. C.
115 foot turntables
ROAD AND EQUIPMENT.
The additions to cost of road and
equipment during the year,
as shown in detail in
table below were
Total additions to cost of road and
1433
Depre¬
ciation
Average per Loco¬
ADDITIONS
AND
BETTERMENTS
TO
WAY
AND
STRUCTURES.
95.82 additional miles of track
motive
Average
per
1,000
Tons One Mile__
Steam Locomotives (Passenger):
laid with 100-lb. rails,
the total amount of track laid with this
weight of rail being
Repairs,
1,063.98 miles.
Average per Loco¬
on
were
used in standard ballast¬
the main line.
Martinsville, Va., and Shenandoah Junction and Kermit,
W. Va.
'
re-icing station
signal house
was
erected at Crewe, Va.
was
boiler house at
was
erected at
tended
and
Depre¬
ciation
1,282,978 53
1,059,233 15
+223,745 38
214
9,249 36
8,153 59
+ 1,095 77
13.4
3 04
2 69
+ 35
13.0
11,662,667 67
9.801,892 62
+ 1,860,775 05
19.0
230 96
198 31
+32 65
16.5
1 16
82
+ 34
14.4
917,355 84
862,653 82
+54,702 02
6.3
1,694 63
1,678 87
+ 15 76
2 17
2 19
02
.9
228,512 34
191,892 00
+36,620 34
19.1
Average per 1,000
Passengers One
Williamson, W. Va.
Durham, N. C.
umbus, Ohio.
A blacksmith shop
The roundhouse
engine firing building
Portsmouth, Ohio.
A brick lavatory
an
was
was
Freight Train Cars:
Repairs, Retire¬
ments and Depre¬
ciation
Average per Freight
Car__AT___ir__
Average per 1,000
A brick
erected at Devon, an electric supply storage
building at Bluestone Junction, an oil house at Wilcoe, and
a
ments and
Mile
Passenger stations and freight depots were built or enlarged
at Twelfth Street, Lynchburg, Brookneal, Front
Royal and
A
Retire¬
motive
529,813 cubic yards of stone
ing
were
was
ex¬
constructed at
erected at Col¬
Tons One Mile__
Passenger Train Cars:
Repairs, Retire¬
ments and Depre¬
ciation
Average
senger
per
Average per 1,000
Passengers One
Mine
Work Equipment:
Repairs,
Retire¬
ments and
"
Pas
Car
ciation
Depre¬
A-
There
repairs
in the shops undergoing and awaiting
were
the
at the close of
year,
125 locomotives, or 11.6% (69 need¬
2.1%, and 959
ing only light repairs), 12 passenger cars, or
your
The expenses for Maintenance
as follows:
Under Company Management
T
Inc. (+) or
Per
Cent.
%
Dec. (—).
$
$
1918.
$
10.660.871 73
9,524.658 52
+1.136,213 21
11.93
5,105 14
4,562 97
+542 17
11.88
2,606 42
2,346 93
+259 49
11.06
1919.
Total Expenses
Average per Mile of
Road Operated
Average per Mile of
Track
_
^
Operated.,.
TRAFFIC AND
OPERATING REVENUE
COMPARI¬
figures with
shows the following interesting
Comparison of traffic and operating revenue
preceding
year
decreased
415,048
increased
6.65
increased
$586,863 30
Avge. rate per passenger per miledecreased
0.037
Revenue freight carried
..decreased
8,857,305
Average haul of freight
.increased
2.40
Rev. from freight transportation..decreased
$6,071.232 42
Average rate per ton per mile
increased
0.064
Number of passengers
Average baul of passengers
Revenue from passenger fares
1902345
Average tons of revenue
train mile
of
of
of
of
freight per
increased
...
ore
3,269,813
1,133,580
791,604
789,025
371,435
.decreased
decreased
decreased
pig and bloom iron..decreased
decreased
of lumber
miles
cents
tons
miles
cents
65.67 tons
-
coal
coke
-—
tons
tons
tons
tons
tons
5.28%
13.26%
5.73%
1.42%
18.93%
0.92%
8.83%
11.41%
6.31%
11.86%
47.72%
41.51%
55.30%
17.78%
VIRGINIA-CAROLINA RAILWAY COMPANY..
Pursuant to
authority given at the annual meeting of the
railroad, property and
stockholders held April 10 1919, the
Railway Company were
franchises of the Virginia-Carolina
by indenture dated April 10 1919
for
a
leased to your Company
Later, by deed dated August 27 1919,
term of 99 years.
the railroad, property
Rnd franchises
were
conveyed to your
Since June 11919 the railroad has been operated
the Abingdon Branch.
The total cost of this property
Company.
as
to your
Company was $1,771,920 12.
& WESTERN
HOLSTON
RIVER,
NEW
RAILROAD
railroad, property and
Railroad
franchises of the New River, Holston & Western
Company
were
by deed dated May 13 1919 conveyed to
Return
1916
1917
31
upon
largely increased taxes on real estate, were
permit further
to
incurred in
payments
previous
years
on
insufficient
account of indebtedness
to meet fixed charges.
The consolidation of the Company's
properties through pur¬
chases of interior tracts and exchanges of
lands with other
surveying,
companies, and the work of completing titles,
monumenting and mapping continue.
RETURN UPON INVESTMENT.
table shows for the last twelve and one-half
the percentage ratio of your Company's net operating
income to the cost of its investment in road and equipment
and miscellaneous physical property, including in the said
cost expenditures for additions and betterments charged
directly to income or to reserves created from income before
July 1 1907, from which date the accounting classifications
of the Interstate Commerce Commission have required all
The following
years
expenditures to be charged to property investment
The "net operating income" upon which the
percentages are based is the net income before deducting
or adding interest on funded debt, dividends paid, dividends
and interest received and premiums or discounts upon sales
of the Company's capital obligations, and for the years 1918
and 1919 is based on the operations of the Federal Manage¬
similar
accounts.
ment.
shows for each of the fiscal periods the
aggregate amount of interest on funded debt and dividends
paid to bond and stock holders and the percentage ratio of
such payments to the total par value of the Company's
including
capital stock and bond issues outstanding, not
those held in the Company's treasury.
Investment
Lost.
Average Return
to
Income.
Cent.
Stock.
Holders of Bonds and
Aggregate
Dividends and
and Stocks.
$203,502 ,130
206,342 ,550
219,442 ,903
232,089 ,234
239,044 ,275
249,951 ,016
265,374 ,537
272,207 ,786
279,607 ,273
283,413 ,955
294,029 ,470
f.
L
-
-
.....
—
(6 months)
(Year)
44
93
07
42
72
57
55
15
38
27
75
316,360 ,899 93
Per
Cent.
$9,850,106
10,957,365
13,387.993
12,180,685
13,560,383
14,761,733
14,019,987
14,384,034
24,072,650
12,413,005
21.969,044
17,813,576
10,026,671
4.82
62
93
57
00
31
19
31
63
35
08
5.31
6.10
5.25
5.67
5.91
5.28
5.28
8.61
4.38
7.47
10
72
45
5.80
3.16
to
TAXES.
$8,048 ,450
8,701 ,502
8,995 ,750
9,211 ,672
10,064 ,692
10,952 ,031
11,744 ,726
12,136 ,754
13,587 ,319
6,674 ,379
14,552 ,040
13,313 ,601
14,242 ,849
00
00
00
00
00
00
00
00
00
00
00
00
00
00
27
43
17
50
66
30
84
44
09
progress.
The
At the end of the year
the Relief Fund, which during the
under the Federal Management, had 13,786
members, equivalent to 44.62% of the total number of em¬
ployees, an increase in the year in number of members of
1,317, and in percentage of members to employees 3.43.
The fund paid during the year in death benefits the sum of
$127,750 00, and in sickness and accident benefits the sum
of $257,868 75.
In the same period the Federal Manage¬
ment paid for organization and maintenance expenditures
of the Relief and Pension Department the sum of $83,026 10,
and the members of the fund contributed the sum of $421,-
Fund, which has been
audited by a
Committee from the contributing members,
page 35 of this [pamphlet] report.
On December 31 the number of employees on the pension
roll was 259.
The total amount paid in pensions for the
year ending December 31 was $92,639 52.
on
v
FEDERAL VALUATION.
Company's share of the work upon the physical
under the Federal law has continued
4.34
4.33
4.46
4.64
4.66
4.88
5.08
5.74
2.83
70
6.19
17
76
5.69
5.69
5.00
total cost to December 31
1919
was
$476,967 97.
It is estimated that the Government field
work is about
90% completed, and that these forces will be removed during
the first half of 1920.
It is further estimated that the.work
determining and tabulating quantities and other informa¬
tion, which is done by the Government with the aid of repre¬
sentatives of the Company preparatory to filing a tentative
of
valuation, will be completed some time in the fall of 1920.
UNITED
STATES LIBERTY LOAN BONDS.
The notes for the aggregate amount
of $4,500,000, given
by your Company in connection with its subscription for
$4,500,000 United States Fourth Liberty Loan Bonds and
secured by the bonds as collateral, were paid off in October,
1919, and the bonds have been taken into the Company's
treasury.
Your Company continues to hold Liberty Loan Bonds for
employees in its safe deposit boxes, coupons being collected
and proceeds forwarded currently to employees without
expense to them.
Interest from investments amounted to $2,700 00.
A full financial statement of the Relief
valuation of its property
4.17
DEPARTMENT.
entire year was
will be found
$193,113,400
200,399,400
207,731,200
205,731,200
216,760,800
234,779,420
240,623,600
238,995,700
236,759,700
236,061,700
234,948,700
233.957,200
250,372,400
5.62
RELIEF AND PENSION
Your
earnings of the year 1919, after making provi¬
The surplus
Aggregate Bonds
307,050 .478 11
426 73.
1919.
Property
charges for taxes in the year 1919 aggregated $4,976,000 divided approximately, State, county and municipal
$2,981,000 and Federal $1,995,000.
Of these, $3,120,000
was payable by the
Railroad Administration and $1,856,000 by the Railway Company.
Owing to decreased net
earnings and a lowered Federal tax rate, this amount is
somewhat less than in the preceding year.
The
Through this fund $3,718,000
Per
1919
Average.
bonds.
purchased and retired to December 31
Net Operating
1918
•
tirement of mortgage
Interest Paid.
1916—
Dec.
gated $3,486,476 71 and those from sales of lands $138,411 97,
total of $3,624,888 68 applicable to the purchase and re¬
a
Cost.
1908.
Dec. 31
beginning of the operation of the sinking fund in 1906 to
the accruals from royalties have aggre¬
December 31 1919
Investment
Fiscal Period Ending-
June 30
the
The table also
authority given at the annual meeting of the
stockholders held April 10 1919, the
Coal
Purchase Money First Mortgage dated
December 2 1901, the sum of $282,590 33 accrued from roy¬
alties on coal mined during the calendar year 1919.
From
COMPANY.
Pursuant to
COKE COMPANY.
provision of the Pocahontas
and Coke Company
sion for
changes:
Shipments
Shipments
Shipments
Shipments
Shipments
Under the sinking fund
of bonds had been
SONS.
those of the
as
POCAHONTAS COAL AND
for 1918.
railroad has been
of the
the Narrows Branch. The total cost
property to your Company was $470,295 88.
of Way and Structures were
Management for 1919.
Federal
Company, and since June 1 1919 the
operated
freight and work equipment cars, or 1.9%.
Under
[Vol. 110.
THE CHRONICLE
1424
REVENUES.
The gross railway operating revenues of the system in 1919
under Federal Management, a^shown by the table on page 47,
[pamphlet report] were $76,925,599 23, a decrease as compared
with 1918 of $5,078,435 22 or 6.19%. The increase in operating
expenses was $2,441,987 84 or 3.97% more than in 1918.
This resulted in
a
reduction in net
revenues
from railway
operations to $12,904,313 91, a decrease of $7,520,424 06 or
36.82% from those of the year 1918, and a decrease from the
corresponding figure's in 1917 of $11,844,424 79 or 47.86%.
Apr. 3
1920.]
THE CHRONICLE
The tonnage of revenue
freight showed a decrease of nearly
19%, and despite a higher average freight rate per ton per
mile, the freight revenue showed a decrease of $6,071,232 42
or 8.83%.
The number of revenue passengers carried de¬
creased 5.28%, but the average haul showed a material
increase, and although the average rate per passenger per
mile decreased slightly, the
passenger revenue showed an
increase of $586,863 30, or 5.73%.
"
Your Company's income for the
year 1919, being based
upon its agreement with the Director-General of Railroads,
was not affected
by the reduced operating revenues.
Out
of its guaranteed annual
compensation of $20,711,875 16,
together with income from all other sources, have been paid
railway tax accruals, interest on funded debt and the cost of
maintaining the corporate organization, and after payment
of dividend on the
Adjustment Preferred Stock, the sum
of $13,594,087 49 was transferred to Profit and
Loss, this
amount being $1,290,747 00 less than the
corresponding
item in
1918.
:
:
.
TERMINATION OF FEDERAL CONTROL.
Under date of
December 24
United States issued
a
1919
the
1
the
1920
the date for the termination of Government control of
the railroads and in accordance with this
proclamation and
as
with the
provisions of the Act of Congress approved Febru¬
your Company's property was turned back to
it on March 1.
As indicating the altered conditions at
the present time from those existing prior to Federal control,
the following comparisons between the year ending December
31 1919, and the year ending December 31 1917, will be
ary
28 1920,
found of interest:
Year ending
Year ending
Dec. 31 1919.
Total
Dec. 31 1917.
Increase
Transportation
Ratio
of
Expenses
to
Total Oper. Revenues.
Number of Employees..
62.45% i.
28,233 1.
increase
over
the
THE
year
RAILROAD
SITUATION.
The
Transportation Act of Congress, approved February
28 1920 is considered an important piece of constructive
legislation, the provisions of which promise under harmonious
operation to be of great benefit to the public as well as to the
railroads of the country.
Preparations are now being made
for-an application to the Interstate Commerce Commission
for an increase in freight rates, and it is expected that the
Commission will grant a sufficient increase in such rates to
restore the net income of your Company to the level of the
fiscal year immediately preceding Federal Control.
This
estimate is based upon the expectation of increased tonnage
and also makes allowance for
some
increases in expenses.
The Act requires the Commission to establish such rates
that carriers will under honest, efficient and economical
management and reasonable expenditures for maintenance of
way, structures and equipment, earn an aggregate annual
net
railway operating income equal as nearly as may be to
the aggregate value of the railway pro¬
perty of such carriers, and for the two years beginning
March 1 1920 the Commission is required to take as such
fair return a sum equal to 5>£% of the aggregate value and
is permitted in its discretion to add a sum not exceeding
one-half of one per cent of such aggregate value to make
provision for improvements, betterments or equipment
chargeable to capital account.
If the valuation determined
by the Commission is approximately that of the cost of the
Company's investment in road and equipment and miscel¬
laneous physical property as shown on page 16 of this report,
the Norfolk and Western's available income on the 6% basis
a
the Company a sum approximating $24,000,000.
The
Company was not obliged to borrow any money from the
Administration during Federal control, and it is believed
that in your Company's case the settlement with the Admini¬
stration can be made without great delay.
INDUSTRIES.
Among the
new
local industries
are
the following:
8 manufactories of mineral, metal and other products.
27 manufactories of lumber products.
44 manufactories of farm implements and farm products.
15 coal mines.
there were 182 companies organized
producing coal and coke on your Company's lines, with
a total of 294 separate
mines, of which 281 were in actual
operation.
Of the 10,106 coke ovens, 2,029 were in blast.
Of the 17 iron furnaces with a total daily capacity of 3,470
tons of pig, 8, having a total daily capacity of 2,195 tons,
for
were
in blast.
OBITUARY.
It becomes necessary in this report for the Board to record
the loss by death of two of its valued associates, Joseph
and Assistant to the President from the latter date until his
1917 of $13,916,023.
In 1919
the cost of material and miscellaneous charges amounted to
$28,942,602, an increase over 1917 of $8,943,759, the total
increase in these items in 1919 over the year 1917 being
$22,859,782.
an
it is estimated that the Government will be called upon to
pay
2,666
The cost of labor in the calendar year 1919 was $35,078,-
683,
Contract.
It has been agreed that
by it to the Administration on account of
additions and betterments expenditures chargeable to
capital
account will be applied against amounts due to the
Company
for accumulated depreciation reserves and for
unpaid com¬
pensation, thereby reducing to that extent the indebtedness
of the Government to the Company.
In the final settlement,
20.77%
23 $65,910,242 04 i. $11,015,357 19
91
24,748,738 70 D.
11,844,424 79
73
6,176,369 30 1.
4,484,502 43
06
12,051,912 22 i.
11,037,088 84
445,584 89
809,723 00 D.
364,138 11
28,323,931 91
20,808,290 34 i.
7,515,641 57
83.22%
30,899
Control
due
Ingersoll Doran and Henry Clay Friek.
Mr. Doran died at his home in Philadelphia on July 21
1919, in his seventy-sixth year.
He had been connected
with the Norfolk and Western Railway Company and its
predecessor Company since 1881, having been the Company's
•Solicitor from that time until 1896, General Solicitor from
1896 to 1907, General Counsel from 1907 to June 1 1919,
or
Decrease.
Oper. Revenues. J.$76,925,599
Net Rev. from Ry. Oper. 12,904.313
Maint. of Way & Struct. 10,660,871
Maint. of Equipment... 23,089,001
Traffic
Federal
amounts
At the close of the year
President of
proclamation fixing March
the
1425
death.
He
also
Director of the
Company from 1885
through his long
career a rare quality—an openness of mind to look at all
sides of every problem and to take into view the human
factors and actual conditions.
In industry, accuracy and
conscientiousness he was exceptional.
His point of view
was
instinctively high, and a restrained sense of humor
helped him to see things in true proportions. His manner
was graceful, kindly and considerate.
Learned in the law,
wise in counsel, courteous in discussion, he had the respect
and affection of his associates and his opponents, and at hll
times his qualities contributed materially to the success of
the Company's affairs.
until
his
was
death.
a
Mr.
Doran
exhibited
Mr. Frick died at his home in New York
1919.
He had served
as a
on
December 2
member of the Board of Directors
continuously from July 24 1906, and was also a member
of the Finance Committee.
He was profoundly convinced
of the great importance and value of the Company's pro¬
perties and was a large investor in its securities.
He brought
to the deliberations of the Board a ripe judgment based upon
native capacity and upon long experience in far-reaching
commercial and industrial affairs, and his wise counsel in
the Company's financial and operating problems was an
important contribution to its success.
fair return upon
CHANGES IN ORGANIZATION.
In
would be about $19,000,(XX) per year.
The Act also provides that upon the acceptance
anticipation of the return of the Company's properties
who was President of the Com¬
pany from January 1 to May 31 1918, and who since that
time had occupied the position of Regional Director of the
Pocahontas
Region under the United States
Railroad
Administration, was elected President of the Company,
effective March 1 1920, and L. E. Johnson was elected
Chairman of the Board, effective the same date.
William G. Macdowell, who has been in the service of
the Company for over forty years, and had been Vice-Presi¬
dent in charge of Finance and Accounts since March 1 1905,
was relieved of the duties of that office, and appointed Assist¬
of its
ant to the
by carriers
provisions relating thereto, the railway operating in¬
come of such carriers for the transition period of six months
from March 1 1920, shall not be less than one-half of the
lannual compensation named in the contract between such
carriers
and
the
Director-General
of
Railroads.
Your
Company has accepted this provision of the Act, and is
therefore assured for the six months' period of a net income
of not less than $10,355,937 58.
The physical condition of the property, when returned to
your Company on March 11920 was good, but tie renewals and
rail renewals were deficient because of the difficulty of obtain¬
ing materials during the Federal control period.
The equip¬
ment generally was in good condition, but the proportion of
locomotives out of service was greater at the end of Federal
control than at the beginning, owing principally to the severe
use of the equipment during the war and the limited time
available for restoring conditions to the standard of 1917.
It is provided in the agreement with the Director-General
of Railroads that deficiencies in these respects shall be made
good by the Federal Government.
The Company is preparing for its final settlement with the
United States Railroad Administration under the terms of
on
March 1, N. D. Maher,
President, effective March 1.
appointments, effective March 1, are as follows:
Vice-President in charge of Operation, A. C. Needles; VicePresident in charge of Traffic, T. S. Davant; Vice-President
incharge of Finances, E. H. Alden; Vice-President in charge
of Purchases, Real Estate and Valuation, Charles S. Chur¬
chill; Secretary and Assistant Treasurer, I. W. Booth:
Treasurer, Joseph B. Lacy; Comptroller, Joseph W. Coxe;
Assistant Secretary, L. W. Cox; General Solicitor, F. Markoe
Other
Rivinus.
Joseph I. Doran, the Company's General
appointed Assistant to the President, and
Theodore W. Reath, who had been associated with the Fed¬
eral Management as General Solicitor, was appointed Gen¬
On June 1 1919
Counsel,
was
eral Counsel.
The
certificate of Price, Waterhouse & Co., independent
auditors
appointed to audit the books and accounts of the
Company, is attached to the Balance Sheet.
By order of the Board of Directors,
N. D.
MAHER,
President,
[Vol. 110.
THE CHRONICLE
1426
AND
NORFOLK
COMPANY.
RAILWAY
WESTERN
CONDENSED GENERAL BALANCE SHEET, DECEMBER 31 1919.
Investments:—
ASSETS•
Comparison with
„
Dec.
Investment in Road and Equipment:—
Road
Equipment
—....
....
-
...
-
.
...
31 st
1918.
+$6,469,920 49
+2,708,829 15
1223,974,960 97
74,645,497 27
-
1298,620.458 24
Deposits In lieu of mortgaged property sold—..
Miscellaneous Physical Property
.........................
Investments in Affiliated Companies:—
........—........
.................—
$1,592,165 56
9,000 00
4,089,315 69
.........................
...
........
...
......
—393,249 81
—345,673 50
—1,519,232 33
$4,806 40
...............
..........
—
;
Stocks
Bonds
Advances....
+606 76
+105,322 40
8,233 32
2,809,194 99
.......
.........—...
......
,.—...........
—
5,690,481 25
Other Investments:—
Stocks
...............................................
Bonds
Miscellaneous
......
....
8,974,878 64
8,355 27
.....
...
..............
—1,636,581 73
+6,030 28
8,988,040 31
Total Investments
Current Assets:—
....
$316,116,408 11
....
;'-Vf
..L
Cash
Loans and Bills Receivable
Traffic and Car Service Balances Receivable
....
12,743 16
29,666 46
...
................
Miscellaneous Accounts Receivable:—
Due from U. S. Railroad Administration..
Other
Accounts
+832,783 94
+2,693 16
—26,405 34
$1,766,644 73
—-
—
...—.—-—
$16,977,822 52
264,626 21
—......
17,242,448 73
848,448 24
17,603 39
Material and Supplies
Interest and Dividends Receivable...........
Total Current Assets
Deferred Assets:—
+12,284,056 42
+848,448 24
+4,196 65
—....
19,917,554 71
$18,997 25
...
...
..............
.....
...
Other DfifuiTSii AGsots*1
U. S. Railroad Administration account Material and Supplies
—6,190 39
16,282,000 00
Working Fund Advances
Norfolk and Western Railway Company and Pocahontas Coal and Coke Company, Joint Purchase
Mortgage Mortgage Bonds
—370,000 00
—2,525,039 18
7,712,345 20
...
Total Deferred Assets
24,013,342 45
Unadjusted Debits:—
Rents and Insurance Premiums paid In advance
Other Unadjusted Debits
—1,916 27
—67,180 19
$6,495 88
68,264 75
..
....
Securities Issued or Assumed—Unpledged:—
Par Value of Holdings at Close of Year
$2,044,100 00
Total Unadjusted Debits.
74,760 63
$360,122,065 90
LIABILITIES.
Comparison with
Capital Stock:—
Dec.
Adjustment Preferred
Held in Treasury
31sf
1918
.
$23,000,000 00
7,700 00
...
$22,992,300 00
Common
$121,409,200 00
2,400 00
...
Held in Treasury
121,406,800 00
+$832,400 00
$144,399,100 00
Long Term Debt:
Mortgage Bonds
ortgage Bo
Held in Treasury
....
"
$83,249,500 00
—7,000 00
30,000 00
$83,219,500 00
Convertible Bonds
Held in Treasury
$19,757,800 00
2,004,000 00
17.753,800 00
Equipment Obligations
+16,589,800 00
—1,000.000 00
$5,000,000 00
"57000,00065
Current Liabilities:—
Loans and Bills Payable.
~
-
-
-
105,973,300 00
-
Miscellaneous Accounts payable
Interest Matured Unpaid
id
Dividend Matured Unpaid
Funded Debt Matured Unpaid...
Unmatured Dividends Declared
Unmatured Interest Accrued
Tax
$48,685 06
75,671 56
90,420 04
617,717 38
14,792 00
6,000 00
.
I
00
08
58
92
62
40
229,923 00
...
+313,974 33
+14,853 00
1,105,307 66
1,765,406 36
Liability
Total Current Liabilities
Deferred Liabilities:—
Other Deferred
Joint Liabilities:—
—4,500,000
—27,500
+27,582
—7,115
—313,784
+3.366
--
Traffic and car service balances payable.
Audited Accounts and Wages Payable...
3,953,923 06
*
Liabilities.
18,522 50
—550 00
16,282,000 00
—370,000 00
Norfolk and Western Ry, Co. and Pocahontas Coal and Coke Co., Joint Purchase Money Mort¬
gage
Bonds
Unadjusted Credits:—
Premium
on
Funded Debt
Operating Reserves...
Accrued
Accrued
Accrued
Depreciation—Road
Depreciation—Equipment
Depreciation—Miscellaneous Physical Property
-
Other Unadjusted Credits
Total Unadjusted Credits
1
Corporate Surplus:—
Additions to Property through Income and Surplus:—
—6,895
—100,704
+97,297
—420,705
45
50
76
62
19,416,376 88
_
Road
$19,463,057 82
18,687,777 78
Equipment
„
—5.275 00
$14,000 00
279,360 11
3,414,898 32
14,861,854 62
97,297 76
748,966 07
$38,150,835 60
„
Profit and Loss Balance
+5,251.675 87
31,928,007 86
Total Corporate Surplus..
.....
...
70,078,843 46
.....
$360,122,065 90
IyNote.-—'The Norfolk & Western Railway Co.,
as
ment of the N. & W. Ry. Co.
Trustee, holds securities of par value of $65,000 as the sole property of the Relief and Pension Depart-
ADDITIONS TO COST OF ROAD AND EQUIPMENT.
Road and General Expenditures—
Branches and Extensions:
Equipment—
Lewis Creek Branch
Alma Branch
$3,087 59
16,44163
1,771.920 12
470,295 88
Abingdon Branch
Narrows
Branch
Expenditures for New Equipment under Con¬
tracts completed within the year, or under
construction at end of year
Abingdon
Narrows
Total Branches and Extensions
$2 ,261,745 22
1,845 58
63,302 59
Right-of-Way and Station Grounds
Protection or Banks and Drainage
Grade Reduction and Change or Line
Tunnel Improvements
Bridges, Trestles and Culverts
Increase in Weight of Rail
Improved Track Material
Improved Ballast
/
...
Additional Main Tracks
Sidings and Spur Tracks.
Terminal Yards
Fencing Right of Way.
Elimination of Grade Crossings..
Block and Other
Signal Apparatus
Stations, Office Buildings and Fixtures.
Shops, Enginehouses and Turntables
Shop Machinery and Tools
.....
...
Water and Fuel Stations
Dock and Wharf Property
Electric Power Transmission
Roadway Buildings
Roadway Machines
Other Additions and
PS
III-.III.IIII
.....I..
Betterments.....IIIZIIII
Total Road
"
431 93
5,265
199,612
111,440
32,385
736,403
11,761
690,690
889,963
44,781
21,652
70,227
33,809
380,321
298,408
83,512
331,786
182,743
47,350
10,982
1,333
12
79
60
66
26
31
60
19
74
41
25
31
04
54
57
91
47
00
50
18
$6,444,929133
$2,755,201 89
•
Equipment acquired by purchase of:
Branch
Branch
222,651 87
18,739 47
Application of Federal Safety Appliances
97 63
Application of improved parts to Locomotives
105,880 04
.
Application of improved parts to Freight Equip¬
ment
Application
of
Equipment
5,001 21
improved
parts
to
Passenger
18,921 26
Application of improved parts to Work Equip¬
ment
4,269 85
...
Total
$3,130.763 22
.
Deduct for Equipment Destroyed, Sold or Retired:
Net Value
$255,636 94
19,383 69
159,562 28
Salvage
Depreciation..
$434,582 91
Less adjustment of Ledger Value of
Equipment prior to June 30 1907.
37,640 00
Total Equipment
Total Road and Equipment
396,942 91
2,733,820 31
......
..|
$9,178,749 64
Apr. 3 1920;]
THE CHRONICLE
1427
CITIES SERVICE COMPANY
REPORT TO STOCKHOLDERS TENTH ANNUAL MEETING APRIL 6 1920.
/
The tenth year of the activities of Cities Service Company
marked by the rapid progress made in a return of the
oil and the
of demand
excess
was
of crude oil have advanced
properties controlled to normal plans for development and
operation.
Your Directors are gratified to report that by
fact that the
the end of the year the conditions which during the war
period had interrupted these plans had been practically
eliminated
and
the
operating organization
position to devote entire attention
ment of the oil and
to the
again in
was
orderly develop¬
The year under review
from the intensive
was
largely
a
transition period
operations arising from the Company's
war activities of the Government to
full
co-operation in the
the
more
1918
normal activities of peace.
was
The preceding year of
period in which the demands for oil and oil
a
products by the United States. Government,
those Governments associated with
taxed
It
us
well
as
in the
war,
as
by
severely
the
was
productive abilities of the petroleum industry.
not, therefore, a time in which methodical develop¬
ment of
With the signing of the Armistice, these demands for oil
and oil products subsided, and for a brief time there came a
ness
from
petroleum industry owing to the passing of busi¬
a war to a peace basis.
The return to the regular
development of the properties entailed many delays and
readjustments, but the Company during 1919 extended
producing properties, developed several new fields and,
within the latter months of the year, brought in satisfactory
production in Kansas, Oklahoma and Texas.
new
In Kansas, the most
was
the
important development of the
year
opening of the Elbing pool in which Empire Gas and
Fuel Company was prominent, developing by the end of the
5,000 barrels daily production.
year
The opening of the
Teeter pool in the north end of Greenwood County was of
importance,
as
the development around Beaumont in
was
the south end of the
same
with the
of
In the Eldorado and
county.
Augusta fields, regular work
carried
was
in accordance
on
plan for the systematic development of these fields
pool.
developments
were
made in the Garber
In the Osage Reservation, production
increased
was
and the value of additional producing areas demonstrated.
In Southern Oklahoma an extension to the Fox pool was
opened and, in Cotton County, where the Company holds
large
acreage,
promise of
additional
territory
developed, giving
was
material production from this district.
a
Operations of the Company in Texas promise to become
increasingly significant in the current
year.
In the Coastal
territory, particularly in the Hull field of Liberty County,
development work of
operations
opening
in
up
Company
a
Duval
large
consequence
County
new
District of Texas, where
ment
area
controls extensive
work
done
large
near
the
and recent
possibility of
Benavides, where the
In the Panhandle
acreage.
acreage
done
was
indicate
is held, much develop¬
by other companies demonstrates great
potential value in the lands held under lease.
In Louisiana extensive acreage
and the work
of these
now
of leases has been taken
being done in that State indicates the value
leases, especially the holdings in the Bull Bayou
The
outlook
for
the
Mexican
properties in which the
Company is associated, is exceedingly bright, in view of the
completion of No. 1 well
Panuco District of the
on
the Barragan property in the
Tampico field.
This well has
a
rated
production of approximately 50,000 barrels daily, and the
extent
and character of these properties
potential oil
In the
assure
now
enormous
Geological and Land Departments have continued
acquiring additional holdings
so
essential to the welfare of well rounded petroleum
companies.
Through such work, the Company is well represented with
acreage in all new producing oil districts in the Mid-Continent
region, and of the leases so controlled more than 400,000
situated within
acres are
of
a
maximum distance of fifteen miles
actually producing wells.
The present
oils
market prices for light Mid-Continent crude
resulting in increased activities by all producing
are
companies and 1920, it is believed, will
development work
new
ever
oil corporations of the United States.
the greatest
see
undertaken by the
The
acreage
controlled
by Cities Service Company in the Mid-Continent fields is
distributed that the Company is in position to derive
from the
made
discovery of
over
an
new
extensive
A definite program
so
benefit
producing territory wheresoever
area.
for the
more
rapid development of the
extensive reserve acreage now aggregating over 4,000,000
acres is under way.
Practical oil men, realizing the possi¬
bilities of these
pany
reserve
have approached the Com¬
areas,
with plans for the joint development of selected
acreage
through which the value of these leases will be demonstrated.
The
Company either retains
developed
having under either plan
More than
interest in the leases
an
profits through the control of adjoining
or
option
an
of test wells have been closed and
are
all oil produced.
on
twenty-five contracts providing for the drilling
with others who
ments
so
acreage,
are
under
joint drilling agreements
desirous of undertaking similar
negotiation.
These activities
are
develop¬
independ¬
of, and in addition to, the drilling program of the Com¬
pany
in its
With
exploration and production work.
own
the
development of
Continent field,
Service
Company
were
extended to keep
growth of producing districts.
pipeline extensions
the
production in the Mid-
new
the pipeline systems controlled by Cities
were
pace
with the
The most important of these
those to Burkburnett in Texas, to
Beggs pool in Oklahoma, and to the • Elbing pool in
Kansas.
Special attention
was
given to the betterment of operating
in effect, com¬
conditions and many economies were placed
pensating in
some
degree for the largely increased cost of
transportation, labor, material and all other items entering
into the oil business.
Electrical motors for pumping in¬
stalled in
the
Eldorado and the Elbing fields
in Kansas
proved most efficient, and electrical drilling also was under¬
taken with
The
success.
marketing and distributing facilities
increased
were
materally
stations in the
Northwest, through which refined products of the Company
are
now
by
the
acquisition
various
of
being delivered directly to consumers.
The Com¬
is also looking forward to re-opening its foreign mar¬
kets,
now
having representatives
in
Europe
and
South
America
formulating plans for the development of these
great commercial fields.
Because of conditions in the re¬
extensions were
year, Empire
office building in Bartles-
fining business during 1919, few additions
made to the
or
Early in the
refining properties.
Gas & Fuel Co. occupied its new
ville, Oklahoma.
reserves.
Republic of Colombia, South America,
Concession, comprising approximately 800,000
is
largely to the assets and the earning
of the Company.
The
pany
territory.
the
of potential oil producing territory of any
acreage
these lands must add
power
ent
fully demonstrated value.
In Oklahoma, new
upon
corporation in the country and that the development of
amount of
proved oil lands could be carried out.
lull in the
largest
congratulated
Company controls, through subsidiaries, the
their customary methods of
division.
supply, prices of all grades
Security holders of
Cities Service Company are to be
public service properties of the Company.
oil
over
materially.
under way on an initial test well
on
offsetting
public
the Barco
acres,
a
drilling
well of
the Colon
At the
service
division.
beginning of 1919, public service corporations were
facing serious problems.
In addition to the general indus¬
reorganization and the change of industries from war to
normal peace products, these corporations were confronted
Development Company, less than 300 feet away,
completed in 1914 and estimated to have a daily production
trial
in
with rising costs of
excess
on
of 3,000 barrels
Concession and
is
high grade oil.
Material is already
the ground for the drilling of additional test wells on this
now
a
in effect.
Because of the
into
plan of general exploration of these lands
The
more
largely increased cost of all items entering
production, transportation, refining and distribution of
fuel, labor and supplies, which necessi¬
tated higher rates for
service.
readjustment
was
brought about much
rapidly than had been anticipated and demands for
service
were
industrial
soon
exceeded all previous records.
Rate advances
pushed vigorously before the regulatory bodies and by
better control with the outlook for the future
for several years.
a serous
Near the close of the
factor, the effects
brighter than
the coal strike
year
account of the acute
on
New
under
.the end of the year the situation, as a whole, was
became
City Light & Water Company (Amarillo, Tex.) 5-Year 6%
Notes, due July 1 1924...
.
.....
$250,000
Issued to refund a like amount which matured during the year.
Cities Fuel & Power Company 6% Secured Notes due Novem1 1922
Issued to refund maturing bonds to the amount
of $7,500,000 since sold.
her
the miners had returned to work.
Forecasts
prepared by plant
difficulties
these
all
been
indicate clearly
overcome
in the
The
increasing demands for service, particularly in the
industrial
districts
of
Ohio,
Missouri and
of
centres
capacities to the utmost.
made
was
pacity in
and
the mining) and
Kansas,
taxed the
plant
To meet these demands progress
the installation of additional
on
stations.
many
milling
present
generating
The first unit of the
ca¬
Lakeside
new
Preferred Stock
Issued for the conversion of 6% Notes.
Massillon
(Ohio) Electric &
January 1 1923
the addition of
as was
a
12,500 k.
unit for the
w.
Trumbull Public Service Company, and a 12,500 k w.
for the Denver Gas & Electric
unit
0ther work
Light Company.
under way to
k.
w.
k.
w.
be completed ea^rly in 1920 includes a 20,000
unit for the Acme Power Company at Toledo, a 10,000
unit for the Richland Public Service Company, Mans¬
field, Ohio,
Service
12,500 k.
a
w.
unit for the Trumbull Public
Company at Warren,
Ohio, and
a
10,000 k.
w.
unit, together with other extensive improvements, for the
St.
Joseph Railway, Light, Heat & Power Company.
combined installed
has reached 301,415 k. w., an increase of
140% in five
while demands exist which, if supplied, will
1974658
The
plant capacity of the electrical properties
years,
require further
large additions to existing plant capacities within the next
two years.
Natural gas subsidiaries were retarded in their develop¬
ment in 1919 because of
failure to obtain necessary advances
in rates to meet the increased cost of
tion and distribution.
productipn, transporta¬
Material progress was made
toward
the general application of the Doherty three-part rate to the
sale of natural gas.
The most important step was the com¬
mercial
development of a demand-limiting device in the
Empire Gas & Fuel Company, through which
it is possible to control demands upon the natural gas pipe
line and distribution systems, at the same time assuring
laboratories of
customers
that
tracted to be
will
each
receive
the
of
amount
gas
con¬
Under this system, customers nearer
to production cannot draw gas from the lines more repidly
than is called for by their contracts.
Under the three-part rate each customer pays:
first, a
consumer charge covering in general the cost of
carrying such
customer on the books of the company; second, a demand
charge based upon the maximum hourly demand for gas;
third, a consumption charge based upon total amount of
gas consumed.
This system has been in use for many
years in electrical properties of the Company and its appli¬
cation to natural gas is the only solution thus far devised
for the problem of meeting abnormal demands for gas in
severe weather and of
preventing a shortage of gas at points
distant from the producing fields, through abnormal con¬
sumption at points in proximity to the areas of production.
paid for.
NEW
CAPITAL
ISSUES.
During the year the following additional securities of Cities
Service Company became outstanding in the hands of the
public for the purposes noted:
Common Stock
$8,191,721
as stock dividends
$4,105,055: in the conversion of Warrants
Debentures, $733,021: in the conversion of Toledo Traction, Light
& Power Company second lien bonds,
$172,440! deposited for Bankers'
Shares, $3,000,000.
Issued
and
Preferred Stock—
Issued on
—
——
—
$5,456,397
_
payments of employees on contracts for the purchase of
Cities Service Company stocks, $306,665; in the conversion of War¬
rants and Debentures, $2,932,457; in the conversion of Toledo Trac¬
tion, Light & Power Company second lien-bonds, .$977,160, and the
issued for the acquisition of new properties and minority
gage
Gross
1911
1912—
19x9
Fron
—
■
—
.
$965,876
1,190,766
2,172,411
3,934,453
4,479.800
10,110,342
19,252,492
22,280,067
19,977,550
DIVISION
-
...
Net
Earnings.
Expenses.
11
80
11
37
44
90
84
17
77
OF GROSS
$43,843
77,034
85,347
116,908
172,856
239,389
357,229
521,485
703,835
52
19
95
29
15
70
09
59
08
—
MISCELLANEOUS.
for
coming
years.
With the return of peace, the Technical Training Schools
resumed their activities on an enlarged basis, and are going
forward with renewed energy.
was
instituted in New York
lines* there
training of
security salesmen from which results have been most satis¬
Along the
school
a
same
for the
factory.
;■
■'
^
The Doherty Monthly News continues to be a welcome
visitor to thousands of Cities Service Company stockholders,
giving each month not only comprehensive articles covering
various activities of the Company and its subsidiaries but
general financial and industrial information as well.
Steps previously taken at Denver for the purpose of inter¬
esting consumers of service in the purchase of securities^
the Company so demonstrated the value of this activity
that during the year the Consumers' Owhership Division
was
established.
Work started in Toledo showed satisfac¬
tory results and has given further assurance of the worth of •
these efforts.
These activities are being extended to various
other
properties and eventually, it is expected, will cover all
Company, to the end that consumers of service may become financially interested in the growth and
success of the companies through which they are served.
Your Directors with pleasure welcomed the return of the
men who went out from the service of the Company into the
service of their country.
Practically all of the men who
were in various forms of
service during the war have re¬
turned to the Organization.
;
In submitting herewith the Tenth Annual Report of Cities
Service Company with the customary statistical information,
your Directors wish to express their appreciation of the
loyalty and earnest service given by employees and stock¬
holders, without which the Company could not have reached
its important position in the industrial life of the country.
subsidiaries of the
.
Respectfuly submtted,
BOARD
DIRECTORS.
OF
By HENRY L. DOHERTY,
■
Diridmds
Interest.
$922,032
1.113,732
2,087,063
3,817,545
4,306,94-4
9,870,953
59
61
16
$12*3,082~27
OS
29
20
490,000 00
420,000 00
258,960 44
2.861 74
18,895,26.3 75
21,758,581 58
272,579 52
19,273,715 69 1,922,861 17
OF CITIES
SERVICE
President.
Net to Stock.
$922,032
1,113,732
1.964,000
3,397,515
3,816,944
9,611,992
18,892,402
21,486,002
17,350,854
|
59
61
89
08
29
76
01
06
52
Net to
Common
Preferred
the Preferred
% of Earnings
on Average
Dividend
Stock.
and Reserves,
$521,387
605,875
908,777
1,635,993
1.570,005
2,409,690
3,712.695
4,034,274
4,215,264
COMPANY PUBLIC
r
Stock
09
79
60
50
00
92
15
50
40
1
$400,645
507,856
1,055,223
1,761,551
2,246,939
7.202,301
15,179,706
f
Common Stock
50
82'
29
58
29
84
86
of Times
Was Earned.
Outstanding.
1.77
1.84
8.23
9.29
2.16
10.71
11.28
2.07
2.43
15.27
36.74
3.99
5.09
60.73
17,451.727 56
5.32
13,135,590 12
4.12
61.67
39.09
UTILITY
AND
OIL
OPERATIONS.
1918.
1917.
1916.
1915.
$4,655,945 26
/&*bAlc Unities......
Oil
•
Evidencing the growth of the Company, the number of
stockholders of record on February 15th 1920 was 29,667,
an increase of 18,714 in three years.
The number of holders
of securities of Cities Serviee Company and subsidiaries
now totals in excess of 59,000.
■> V-,;
The budget system followed throughout the Organization
is perhaps as well developed and generally applied as any in
use.
Periodic advance estimates of earnings and construc¬
tion and of the financial position of the Company have
proved invaluable in facilitating proper care of the prob¬
lems ahead.
The system of following up the actual facts
as
compared with the estimates made has also been much
improved.
It is this important part of a complete budget
system which affords that understanding necessary to antici¬
pate and outline the best policies of operation and finance
and to economically execute and control them.
The organization of the Doherty Men's Fraternity in 1919
was a great step forward in
bringing nearer together the al¬
most 20,000 employees of the Organization.
Chapters of
the Doherty Men's Fraternity have been organized in various
centres of operation and the closer relationship and better
fellowship which this Fraternity will develop promises much
$4,229,563 15
15,321,605 51
18,050,504 02
$4,742,651 79
14,509,841 05
$5,573,116 29
4,537,226 61
$4,266,012 60
213,787 84
$19,977,550 77
$22,280,067 17
$19,252,492 84
.$10,110,342 90
$4,479,800 44
—1919.
Operations
■
$1,200,000
construction requirements.
United Water, Gas & Electric Company (Hutcninson, Kans.)
First Mortgage 5% Bonds, due 1941.
....
$158,800
Issued to provide for extensions and developments to the property.
COMPANY—EARNINGS STATEMENT.
Earnings.
EARNINGS
^
$10,000,000
the amount of $10,-
Public Service Company (Warren, Ohio) 7% MortNotes, due November 1 1921
No.
Year ending
1913
——
—
CITIES SERVICE
December 31—
$200,000
^
Issued to provide for
$1,216,070
Preference B Stock..........
——$2,003,890
Issued to provide for extensions and improvements by subsidiaries.
—
^
7% Bonds,
Trumbuil
7%_._
—
—
-
balance
Series D,
Notes, due
7%
...
holdings of subsidiaries.
Convertible Gold Debentures,
on.
$2,739,600
.....—-—
Gas Company
Issued to finance extensions to plant.
Toledo Traction, Light & Power Company 1st Lien
due December 1 1921—.—;
Issued to refund partially, maturing bonds to
station of the Lorain County Electric Company was com¬
pleted,
...
...
Empire Gas & Fuel Company 6% Notes, due June 15 1924...$14,941,300
Issued to provide for improvements.
$619,100 retired by sinking
yield to Cities Service Company the largest return
history of its public service operations.
$5,008,000
Bal¬
of $7,259,000.
offset
or
through additional rates and justify the prediction that 1920
should
—
—
-
ance
managers
have
security issues of subsidiary companies sold during
included the following:
the year
transportation difficulties extending for several months after
that
(Vol. 110.
THE CHRONICLE
1428
......
Apr. 3 1920.]
THE CHRONICLE
CITIES SERVICE
BALANCE
SHEET
COMBINED STATEMENT
COMPANY.
JANUARY
1920.
Plant and Investment
Plant and Investment
..$441,635,792 56
Additions to Physical Property (1919)..
21,336.457 98
$106,489,469 91
j ,556,344 00
2,170,389 03
Capital Stock of Company Owned
of
$3,898,889 76
Bills Receivable
207,725 00
Receivable for Securities (Since
Received). 1,143,105 80
Coupons Receivable
912,506 12
Bills
5,550,943 15
Preferred
Stock
J733,631.2897 shares in hands
3,459,546
2,767,360
Received).
11,606,392
9,697,085
3,691,795
2,100,450
70
74,801,037 81
$8,523,040 74
Rentals, &c.)
3,667.307 57
5,490,941 32
Bond Discount
Gas
Well
Drilling
Investment
(being
amortized)
Special
1
J
\
of public
987,259 66
471,637 43
Deposits
19'140'186
$40,039,245 47
Total Assets
i
.$531,643,587 71
75,465,664 36
\ 21,025.3539 shares owned by Company]
Preference B Stock
Convertible Debentures, Series A
5%
Convertible Debentures,
/ 8,776,820 in hands of public!
Series B 7%
1
66,300 owned by Co.
/
Convertible Debentures, 117,417,500 in hands of
LIABILITIES.
2,003,890 00
38,806 00
Capital Liabilities—
Common Stock (*Inter-Company
17,500,000 00
$60,934,665)
(*Inter-Company $26,420,000). 153,497,850 00
Current Liabilities—
Current Accounts Payable.
1,216,070 00
$4,091,591
2,147,127
18,183.197
732,785
2,081,445
2,722,227
296,631
134,486
General Ledger Accounts
Payable
Bills
Current Liabilities—
Payable
Salaries and Wages
Interest Accrued
$900 00 '
800 00
13,093 57
Taxes Accrued
Reserve for Bad Debts
14,793 57
Miscellaneous Accrued Accounts
Other Liabilities-
Advances from Subsidiaries.
$3,266,553 95
♦Contingent Liability.
i 00
Surplus Earnings—
Debenture Fund..
Contingent Fund
Stock
Surplus
Surplus Reserve...
Surplus
$987,335
515,823
1,607,720
7,273.906
....
8,266,554 95
32,957,479 13
43,342,266 23
*
Guarantee of notes, bonds and stock as follows:
$10,000,000 Con¬
solidated Cities Light, Power & Traction
Company 5% Gold Bonds, due
1962 ($1,500,000 of which are
deposited under the Cities Fuel & Power
Company Notes); $10,313,500 Empire Gas & Fuel
Company First Mort¬
gage® Collateral Trust Sinking 6% Gold Bonds, due
May 11926; $7,500,000
Cities Fuel & Power Company
7% Secured Gold Notes due Nov. 1 1922;
$750,000 Richland Company 7% Gold Notes due Feb. 1 1920
(since re¬
on
30.389.493 25
$55,024,097 90
943,945 08
Injuries and Damages and other Reserves
221,611 96
Total Liabilities
$196,730,410 58
tired), and 5% dividends
56,189,654 94
2.544,795 65
35,476.318 87
$531,643,587 71
„
(* See explanation of
"Inter-Company" below.)
SUMMARY CAPITAL STOCKS AND FUNDED DEBTS OF
SUBSIDIARY COMPANIES.
Common Stocks—
Owned directly by Cities Service Company
$153,545,868 00
♦Inter-company, being securities owned by sub-holding
companies
60,934,665 33
6,124,666 67
.....
Outseanding in hands of the Public.
$1,560,000 St. Joseph Railway, Light, Heat
$219,605,200 00
& Power
Company Preferred Stock. The full liability of these issues is
shown on the combined balance sheet of the
subsidiary companies.
Preferred Stocks:
Owned directly by Cities Service
Company
COMBINED
♦Inter-company, being securities owned by sub-holding
companies
Outstanding in hands of the Public..
STATEMENTS
COMPANY
AND
OF
EARNINGS
SUBSIDIARIES
DECEMBER 31
With
CITIES
YEAR
ENDING
Interest
......
,
.........
and Taxes
♦Inter-company, being securities owned by sub-holding
companies
Bonds and Funds in Sinking Fund
Outstanding in hands of the public
$29,196,463 09
10.911,690 45
...
Stock
$18,284,772 64
4,665,466 92
Preferred Stock Dividends
Net to Common Stocks
$13,619,305 72
641,000 00
9,993.774 00
$33,940,275 00
by Cities Service Company
$91,398,946 47
62.202,483 38
$23,305,501 00
.....
1
Charges
Net to
„
Bonds and Funded Notes:
Owned directly
Inter-company Earnings Eliminated.
Earnings
Operating Expenses, Maintenance
Net Earnings
SERVICE
J
1919.
Gross
'
Dividends Accrued—(Not declared)
Surplus Earnings and Reserves
82
Total Liabilities
86
69
16
38
62
87
18
49
Other Liabilities—
Advances from Parent Company
Customers Deposits..
92
62
74
$219,605,200 00
33,940,275 00
Preferred Stock
(*Inter-Company $641 000)
Bonds and Funded Notes
8,843,120 00
public!
Series C 7%
\
82,500 owned by Cp.
J
Convertible Debentures, Series D
7%
Preferred Stock Warrants
Common Stock Warrants
Interest and Dividends Payable
00
36
94
87
04
47,654,452 30
Advances to Parent Company
•
Payments Made in Advance (Insurance,
$196,730,410 58
in hands of public
owned by Company
42
583,955 89
5,073,568 81
Receivable.......
Other Assets—
22
Capital Liabilities—
f366,802.6957 shares
V 33,589.7590 shares
$8,674,297 97
Cash in Banks of Local Communities
Cash in Out of-town Depositories
59
92
38
LIABILITIES.
.
1.876,698*15
Receivable for Securities (Since
Crude and Refined Oil Stock
Stores and Supplies
11,713,169 83
Other Assets-
—|
1462,972.250154
^
Marketable Securities
.
Preferred Dividends Receivable
$2,366,981
Surplus Earnings Due from Subsidiaries...15,429,230
Advances to Subsidiaries
..55,077,653
Debenture Fund Investments
354,280
Payments Made in Advance (Discount, &c.) 1,572,891
^
Current Accounts Receivable
General Ledger Accounts Receivable
Accounts Receivable
Cash
w
Sinking Fund
Current Assets—
Current Assets—
,
1919.
Capital Assets—
Employees Subscriptions
_
DECEMBER 31
ASSETS.
Capital Assets—
Common
Stock
OF ASSETS AND LIABILITIES OF ALL
SUBSIDIARY COMPANIES
10
ASSETS.
Total Assets
1429
$17,437,849 00
M
26,420,000 00
1,876,698 15
107,763,302 85
......
$153,497,850 00
♦
The securities of
operating companies which are owned by sub-holding
companies are referred to above as inter-company securities.
Such subholding companies are Toledo Traction, Light & Power Company,
Empire
Gas & Fuel Company (De!.). Dominion Gas
Company, etc.
COLUMBIA GAS & ELECTRIC COMPANY
AND
ITS SUBSIDIARY
COMPANIES
ANNUAL REPORT 1919.
To the Stockholders of Columbia Gas & Electric
Your
Directors
present
covering the operations of
herewith
your
the
Your
Company:
Annual
Company for the
Report
year
1919.
money
EARNINGS.
Gross Earnings were
..$11,950,272 46
Total Gross Income
After
was
was
available
a
4,050,976 41
Net Income of
3,962,738 71
For Columbia Interest Charges of
Surplus for the
3,257,400 10
Gross Income includes only the
portion of
United Fuel Gas
Company actually received
Company,
as
gage,
Five Per Cent Bonds
your
were
of
year,
Provision has also been made for all State and Federal
taxes.
gas.
Company's First Mort¬
issued to
total
Gas sales of the Columbia Gas & Electric
Company during
the year were 14,372,716,000 cubic
feet, as compared with
indicated in the Consolidated Balance
$245,500 of
The
depreciation for the
surplus, the amount of $810,763 95.
sales of 15,880,527,000 cubic feet in 1918.
in gas
year
Fund.
dividends.
Sheet.
During the
Guarantee
held is $1,725,000.
earnings of the
as
Attention is called to the very
strong financial condition
of the
the
now
There has been set aside for
from
705,338 61
year was
available in
Liberty Loan Bonds
8,013,715 12
deducting Prior Fixed Charges of
There
Company, through its subsidiary, The Union Gas
Company, subscribed for $350,000 United States
Government Liberty Loan Bonds of the Fifth loan with
& Electric
cover
construction
expenditures made, and were placed in the Treasury, and
$606,000 of such bonds were received from The Union Gas
& Electric Company in reduction of indebtedness of that
Company for gas furnished; $210,000 of bonds were redeemed
and canceled
in
consumption
the year
was
due to higher
The reduction
average
temperatures
in comparison with 1918, and to the further
curtailment of the
use
of the abandonment
of gas for
industrial
purposes,
because
by the Company of all industrial
rate
schedules.
It has become
the domestic
a
fixed
consumers
policy to give first consideration
of natural gas,
through the Sinking Fund.
compliance with the Cincinnati Gas Transportation
Company lease, $247,000 First Mortgage Bonds of that
can
to
con¬
of rational conservation of the available
Company
and schedules
In
made
by
standing
of
redeemed and canceled
were
Company, leaving $2,811,000 bonds
your
on
December 31st 1919
$5,000,000.
through payments
'
out of
/
the
taining
out¬
>
increased
be
depended
upon
rates are rapidly becoming
territory, based upon the theory
supply, so that it
for all essential domestic uses.
gasoline.
original issue
;
materially
effective in all natural gas
The output of gasoline for the year was
as
15,851,323 gallons,
compared with 11,997,930 gallons in 1918.
With im-
Utilities Operating in
operated at materially increased efficiency,
Gas
sales
the year
in
in
practicable because of the high price
drilling operations is
The
successful
Total
Gas sold
Oil
advance
30,000 kilowatt generating unit
will more than
60,610,762
189,381
656
142
1,458
12,932,156
9,187,311
651
134
1,4497,838,397
14,372,716
15,880,527
17,466,125
255
307
239
298
2,810,619
225
298
3,230,261
(gallons)
(thousand cu. ft.)
....
(miles)........
STATEMENT COLUMBIA GAS AND
ELECTRIC COMPANY
AND SUBSIDIARY COMPANIES
YEAR ENDED DECEMBER 31ST 1919.
f .
CONSOLIDATED
INCOME
(With Comparative Figures for
...11,950,272 46 11,538,772 11
Earnings
Gross
with all accessories, "which
railway system.
6,246,222 74
5,959,432 21
5,640,537 12
Net Earnings
5,704,049 72
2,309,665 40
5,579,339 90
1,965,470 42
5,220,793 57
1,944,323 50
8,013,71512
7,544,810 32
7,165,117 07
2,454,946 65
2,026,094 77
1,972,816 72
693,792 36
697,780 46
698,957 33
902,237 40
908,387 36
840,479 93
4,050,976 41
3,632,262 59
3,514,488 64
3,962,738 71
3,912,547 73
3,650,628 43
574,513 61
582,525 00
586.440 59
Other Income
Total Gross Income...
Deductions—
Accrued
Rentals to Ointl.
Gas
(including Sinking
Trans. Co.
Fund requirement
of $250,000)
Accrued Rentals to C. N. & O.
Accrued Interest of The
Union
2,234 66
Gas & Electric Co
Total
properties, including the
Net
Deductions
Income....
GENERAL.
satisfactory financial condition of your
Fixed Charges,
Electric Co.:
\
Accrued Interest on 1st Mtge.
5% Gold Bonds of
Col. G.
& E. Co
5% basis.
The outlook for the year
Columbia Gas &
'
Directors in January voted to increase the
dividend from 1 % quarterly to 1M%» thereby placing
Accrued Interest on 5% Gold
1920 is promising and the results
be
By order of the Board of Directors,
will, in the opinion of your Directors,
A.
COLUMBIA
very
Debentures of Col. G. & E.
GAS & ELECTRIC COMPANY, THE
Paid
...
1,500,000 00
COMPANY.
LIABILITIES.
(51,000shares—61%).
Guarantee Funds Deposited with Trustees:
First Mortgage 5%
$64,530,627 05
-
,
$105,852
United Kingdom 5 H % Gold Notes
97,826
State of Ohio non-taxable municipal securities 1,399,496
United States Liberty Bonds (all issues)
1,724,948
Cash
94
90
86
30
& E. Co
Outstanding Union G. & E. Co. Common Stock at par..
5% Gold Debentures, Col. G.
Accounts
Accrued
3,328,125 00
Accrued
Power Co.—5% Gold Bonds
18,812 50
Tr. Co. 4H%
85,000 00
Preferred*Stock (850 shares)
12,600 00
—
Bonds in Treasury ($2,274,500 00 face
.................
in Treasury..
...
1,776,330 00
232,831 67
Working Assets:
$1,474,023 77
1,593,758 58
460,054 96
Cash
....
Material and Supplies.
accrued on Securities
4
.
13,777,000 00
2,850,000 00
5,000 00
$493,431
Payable..
676,970
Rentals
1,016,946
Interest on 1st Mortgage Bonds...
287,562
Interest on Debentures
65,412
51
20
25
50
50
2,540,322 90
Deferred Liabilities:
Customers' Deposits.....................
204,059 47
,
Reserves:
leased Sept. 1 1906-
17,759
141,666
336,731
...
2,237,769
Accrued Accounts
...
To Amortize Kentucky Betterments
For Net Current Assets
For
Depreciation
Surplus
>/
39
74
43
75
2,733,927 31
2,262,507 01
.
633,296 53
Owned
.
Liabilities:
Accrued Taxes
Accrued
Cincinnati, Newport & Covington Lt. &
.$50,000,000 00
Gold Bonds, Col. G. & E. Co..—.
Current and Accrued
Other Securities Owned:
Interest and Dividends
2,933,362 84
2,000,000 00
Capital Stock, Col. G. & E. Co
Fields, Plants, Fran¬
and Stock owned of United Fuel Gas Co.
Accounts Receivable...
3,199,197 73
2,000,000 00
UNION GAS & ELECTRIC
1919.
ASSETS.
amount)
130,825 00
717,265 59
SHEET DECEMBER 31ST
BALANCE
Property Account, Comprising Gas
Liberty Bonds...
130,825 00
713,350 00
3,257,400 10
Surplus
Dividends
1920.
-
705,338 61
Total Fixed Charges
CONSOLIDATED
Union Light, Heat &
,
130,825 00
Company
satisfactory.
LEACH, President.
B.
Charleston, W. Va., March 1st
Current and
Gas
& Electric Company
Accrued Rentals to Cinti.
your
5% Gold Debentures
> $
10,861.330 6fr
$
Operating Expenses and Taxes.
will
gratifying increase in both gross and net
earnings in the operations of these
1917.
1918.
$
Income—
L. & T. Co
a
1917 and 1918.)
1919.
KENTUCKY PROPERTIES.
First Mortgage 5%
2,919,167
(gallons)...
Gasoline produced
showing the electrical output
until October 1921.
chises, Leases,
.....
(miles)
Gas Mains owned
imposed by the City, is invalid and that the Company is
entitled to continue to charge the existing rate of 35 cents
the stock upon a
57,035,146
274,910
657
163
1,458
Gas Wells owned
through acceptance on the part of the City of the decision
of the Federal Court that the 30-cent rate, sought to be
rate of
51,650,275
236,309
(thousand cu. ft.)
produced (barrels)
Gas sold
litigation affecting the rates for natural gas begun in
terminated in favor of the Company
Company
3,863
Columbia Gas & Electric Company—
been in complete and
1917 has been definitely
the
3,937
Gasoline produced
the early summer of 1920 and
be in service for the fall and winter load.
of
4,022
Oil Wells owned
COMPANY.
will be installed during
view
4,620,414
Gas Wells owned
Company during the past ten years, which indicates a
gratifyingincrease,especiallyduring the past two years.
The success of the Company in obtaining additional business,
especially for power purposes, has been so marked that
contracts have been made for the installation of an additional
In
30,749,860
4,218,512
Natural Oas and Oil Properties:
very
street
29,918,801
.....—...
Total number of water consumers.
of the
There has been
carried— 33,783,945
4,061,642
miles
Water Department—
verified ex¬
to operating economies. A graphic chart is pub¬
lished herewith [pamphlet report]
The
car
Gas Mains owned
GAS & ELECTRIC
UNION
electric power plant has
as
51,262
105,729
98,036,308
K. W. H. sold
operation during the year and has fully
pectations
52,760
Total revenue passengers
falling off in production.
new
58,163
135,782
120,536
157,498,561 120,807,706
(K.W.)—...
Street Railway Department—
responsible for a
production for the year; however, the
THE
63,516
36,622
United Fuel Gas Company—
price of crude oil since the first of the year
offset the
79,393
45,574
—
(K.W.)—
lamps
(K.W. eq.)
the
The curtailment of
decrease in oil
90,156
54,836 '
Total connected load
operations.
future
40,205
40,749
incandescent
of
Capacity
curtailment of industrial schedules
formerly in operation for wholesale use of gas.
The adoption
of this policy should prove of great advantage to the Company
in
42,844
43,822
Capacity of transformers
and labor; and conservation of gas was
by
accomplished
49,245
50,201
in use..—
Capacity of motors (H.P.)
compared
cubic feet in 1918.
drilling operations were curtailed during
every way
of both materials
149,641
19.831.565
Total number of meters
with 57,035,146,000
Gas and oil well
151,051
18,373,720
Total number of electric customers
FUEL GAS COMPANY.
51,650,275,000 cubic feet, as
were
152,001
(thousand cu. ft.).. 16,986,267
Total number of meters In use—.
Total gas sold
Electric Department—.
"
UNITED
1917.
143,394
1918.
144,518
1919.
149,867
\
Total number of gas customers
study and experimentation.
constant
Department—
Gas
DECEMBER 31ST.
YEARS ENDED
Cincinnati District:
STATISTICS
OPERATING
plants have
resulting
in a greatly increased output of gasoline from a reduced
consumption of gas.
The efficiency attained during 1919
will, it is believed, be still further increased as a result of
proved facilities the eight gasoline extraction
been
[Vol. 110.
CHRONICLE
THE
1430
4,161.133 84
Deferred Assets:
Prepaid Accounts
—
...
Cincinnati, Newport & Covington Lt. &
142,039 28
Tr.
Co. account betterments
85,918 01
'
227,957 29
$74,373,417 35
and record of the COLUMBIA GAS & ELECTRIC COMPANY;
ELECTRIC COMPANY, CINCINNATI, OHIO, covering a period of seven years ended
1919, and that, in our opinion, the foregoing consolidated Balance Sheet correctly reflects the financial condition of the combined
December 31st 1919 and the accompanying Consolidated Income Statement is correct.
(Signed) ERNST & ERNST, Certified Public Accountant*
WE HEREBY CERTIFY that we have
CHARLESTON, W. VA.,
December 31st
Companies, at
$74,373,417 35
Cincinnati, March 1st 1920.
audited the books of account
and THE UNION GAS &
A-r. 3
1920.]
THE CHRONICLE
1431
THE WESTERN UNION TELEGRAPH COMPANY
(INCORPORATED)
ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31
1919.^
APPROVED BY THE EXECUTIVE COMMITTEE
AND ORDERED TO BE SUBMITTED.
To the Stockholders:
THE
The annual report for the fiscal
year ended December 31
1919, dealing with the accounts for that period and with the
important
more
events
occurring
since
report, follows:
THE
the
last
UNION
BALANCE
held
or
Union
under
DECEMBER 31
provinces for the calendar year
merged
long-term
in
provinces for the calendar year
the
in
of
respect
rtmnrm
cin,/~,-rT-*-»xm-r-r"<r,
of
Compensation due from U. 8. Government
for use of Land Lines from January 1st
1919 to July 31st 1919
Income from Loans and Investments
obliga¬
1,180,000 00
$171,616,108 06
~™
SECURITIES OWNED:
Stocks
Telegraph,
Cable
and
Other
Allied Companies operated under term
leases (not including securities held
Lessee)
Stocks
as
$5,974,673 93
.
and
Bonds
of
Telegraph,
6'790'821 87
„
5,961,247 71
Receivable,
Man-
under
2'448'27100
United
States
for
agreement,
$10,635,386 96
,
Liberty Bonds, $8,973,752 60)
from
$1,825,000 00
623,271 00
Balance transferred to Surplus Account
including
agers* and Superintendents' balances,
&c. (less Reserve for Doubtful
Acc'ts)_ $16,635,324 35
Marketable Securities at Cost (including
Due
..
to
4.913,479 08
ASSETS:
Accounts
j>
transferred
Reserves:
Accrued Depreciation—Cables
Depreciation of Securities
11.935,921 64
CURRENT
$13,083,657 96
_
Deduct:
Amounts
SUPPLIES
$5,184,297 91
1,606,523 66
Balance..
$13,638,595 46
Deduct:
Interest on Bonds of The Western Union
Telegraph Com¬
pany from August 1 1919 to December 31 1919......
654,937 50
„
Cable
and Other Companies
INVENTORIES OF MATERIAL AND
$6,847,773 89
Add:
Western
$170,436,108 06
lease
48,460,865 58
perpetual
tions assumed thereunder
OTHER
the year, and for the Cable System and the Maritime
I
the expiration of
on
$55,308,639 47
Deduct:
1919.
Operating Expenses, including Repairs, Reserved for
Depreciation, Rent for Lease of Plants, Taxes, &c.;
for the Land Line System for the last five months of
System
Amount recoverable
SURPLUS ACCOUNT.
Surplus at December 31st 1918
16,617,687 25
$32,518,993 99
Balance
from Income Account for
ber 31st 1919
Government,
Compensation,
year
ended Decem¬
10,635,386 96
Accrued fixed charges and Interest in¬
_
cident to Federal control
Treasurer's balances,
940,709 04
INSURANCE
FUND
Employees (1918)
Other
Surplus Adjustments
(Net)....
6,601,462 25
—
AND
40.695,182 89
(Cash
ond
1.456,438 83
S'438,910 83
Surplus at December 31st 1919,
Federal control
CAPITAL STOCK ISSUED
;..
STOCK
$99,817,100 00
30,373 34
$99,786,726 66
OF
SUBSIDIARY
COMPANIES not owned by the Western
Union Telegraph Company (par value):
Companies
controlled
by
perpetual
leases
$1,350,325 00
Companies controlled by stock
ship
owner¬
431,550 00
1,781,875 00
FUNDED DEBT:
4^%
Funding
and
to
Real
y
over
constructive and
eminently fair
ASSETS. *
$20,000,000 00
The value of plant extensions,
added to
Collateral 5% Trust Bonds,
1938
$8,745,000 00
Less—Held in Treasury
of property displaced, amounted to
The work of reconstructing and
8,637,000 00
panies assumed
or
anteed
Western
by
the
guar¬
Union Telegraph Co
$6,500,000 00
Less—Held in Treasury
3,143,000 00
3,357,000 00
31,994,000 00
TOTAL CAPITAL LIABILITIES
$133,562,601 66
CURRENT LIABILITIES:
Notes Payable
and
Accounts Payable
on
telegraph apparatus
11,889,250 33
Guaranteed
annual
6,623,745 37
Dividends
ac¬
now
Bonds and Stocks
Unpaid Dividends
matic circuits in the older stations.
Miscellaneous
Accrued Taxes (Estimated)
and
which has already replaced less efficient
types on all auto¬
The automatic printing
$7,850,000 00
Vouchers
225,637 79
The
1,765,297 27
28,353,930 76
DEFERRED
NON-INTEREST
in
BEARING
was
installed
service
368
automatic
LIABILI¬
new
building in Chicago, erected
TIES, in respect of proceeds of sales of securities and other
been commenced.
will be moved to this
expiring in 1981
and 2010 from companies in which the Western Union
Telegraph Company has, for the
interest, payable only
on
most part, a
service
controlling
the termination of the leases..
12,998,357 31
RESERVES:
For Maintenance of Cables
Depreciation of Land Lines
$8,193,628 12
8,574,517 44
For Employees' Benefit Fund
1,000,000 00
For Depreciation of Securities
1,415,442 60
Other
790,587 81
19,974,175 97
SURPLUS (as per Annexed Account)
TOTAL
referred to in previous
107 circuits.
There are
circuits which carry 57%
on
34.715,470 12
$229,604,535 82
as
an
operating
centre, was completed at a cost of $2,011,600, including the
land, and the installation of the telegraph apparatus has
properties held under leases for
terms
(multiplex),
reports,
of the total business.
(Including Dividends
of $1.745.626 75 payable Jan. 15 1920)
equipment and betterments
year, less the value
$8,848,965.
strengthening the land
lines and re-equipping the offices, commenced in
1910, has
been continued.
A considerable mileage of
heavy iron wire,
of such strength as to withstand serious wind and sleet
storms, was erected as a further safeguard to the service.
To improve the operation of circuits,
especially the auto¬
matics, twenty-three new repeater stations were established
equipped with the universal high speed type of repeater,
property account during the
108,000 00
Bonds of Subsidiary Com¬
For
was
the property.
Estate Mortgage 50-year Gold Bonds,
1950—
$34,715,470 12
over
of Government control
Bonds of the Western Union Telegraph
Company
Balance Sheet..
the cable system was terminated on
the land line system on July 31 1919.
The Government operation of the land line
system resulted
in somewhat less than the compensation
guaranteed.
In
the report of last year the contract with the Government
for the control of the land line system was
given in full and
it will be recalled that there were many items which the
Government assumed.
The Company has proposed to
adjust its claims by accepting from the Government the sum
of $921,511 as of August 1 1919, with interest until
paid.
The policy of the Post Office Department
during the year
May 2 1919 and
Less—Held in Treasury
CAPITAL
as per
.$229,604,535 82
LIABILITIES.
crued
471.051 24
443,844 15
TOTAL...
Interest
$6,982,472 00
$985,387 69
Se¬
curities)
Audited
$43,154,380 95
_
Deduct:
Dividends paid and declared..*
Retroactive Compensation to
including Cash at
Banks at New York and outside depos¬
itories and in transit
SINKING
ENDED
1919.
From the Land Line System for the last five months of the
year, and from the Cable System and the Maritime
ASSETS.
and
31
COMPANY.
YEAR
INCOME ACCOUNT.
COMPANY.
Plant, Equipment and Real Estate, ineluding properties controlled by stock
leases
TELEGRAPH
ACCOUNTS—THE
DECEMBER
PROPERTY ACCOUNT:
ownership
UNION
SURPLUS
Gross Operating Revenues:
TELEGRAPH
SHEET
AND
annual
,
WESTERN
WESTERN
INCOME
It is
expected that the operating forces
building and the equipment placed In
during 1920, which will result in materially improv¬
ing the service.
A new cable operating station, with equipment modern
in every way, was completed and placed In service at Hearts
Content, Newfoundland.
The new ocean cable operating
building and office at 38-40 Broad Street, New York City,
is about ready for service and, when
completely equipped,
will have cost approximately $525,000.
The operation of
long ocean cables by automatic printing telegraph apparatus,
became an accomplished fact in 1919,
marking an important
and
unique development. This apparatus, developed by
the Engineering Department, was placed in commercial
between
service
Hearts
Valentia, Ireland.
Newfoundland,
Content,
and
.'v
31 1919 there were in operation 215,651
pole line, 789,937 miles of iron wire, 609,694 miles
of copper wire, 2,973 miles of land line cables, 23,260 nauti¬
cal miles of ocean cables and 25,159 public offices.
The
Inter-State Commerce Commission is still engaged in ap¬
praising the value of the Company's property, about 99%
of which has been recorded on inventory sheets but no values
have yet been announced.
,
The book values of stocks of Telegraph, Cable and Other
Companies leased and not leased have/together, decreased
$257,555, caused by the writing down of the cost of American
At
December
miles of
Telegraph & Cable Company shares owned, referred to in
previous reports, and the liquidation of
owned
a
small
company m
controlling interest.
The Materials and Supplies on hand at the close of this year,
priced at cost, were valued at $175,942 more than at De¬
cember 31 1918; the cost of ocean cable materials and sup¬
plies increased $387,752, and for the land lines decreased
$211,810.
The decrease in Accounts Receivable of $2,216,421 reflects the liquidation of employees' subscriptions to
Liberty Bonds and a reduction in the account owing by the
United States Government for telegraph service, less a
natural increase in the accounts due from customers incident
which
to the
The
the
[Vol. 110.
THE CHRONICLE
1432
Western
Union
a
large increase in the volume of business.
total book value of Marketable Securities remains
practically unchanged.
These securities were priced at the
quotations of December 31 1919, and it was found necessary
to set up $623,271 additional in the Reserve for Deprecia¬
tion of Securities, which now amounts to $1,415,443, and
of which $713,782 represents depreciation in the value of
Liberty Bonds owned.
The Treasurer's balances show an
increase of $767,461 as compared with last year.
The annual
audit of the Treasurer's accounts and verification of bank
balances was made by the Comptroller of the Company
and found to be in order.
outstanding at December 31
1919 was $7,850,000, a reduction of $2,650,000 since the
last report; the collateral deposited to secure these notes is
entirely composed of Liberty Bonds.
Accounts Payable
are $455,047 greater than last year;
there was an actual
decrease in accounts owing for purchases of supplies, &c.,
which, however, was more than offset by unpaid message
tax collections due the Government and a special payment
to employees as of December 31 1919 disbursed in January
1920.
Accrued Taxes show an increase of $2,059,983.
The
Company has been unable to reach a satisfactory settlement
with the British tax authorities in respect to income and
excess profits taxes since 1914, and the matter is now
under
review by the taxing authorities.
The reserve against
this liability has been maintained at a figure believed suf¬
ficient to meet all requirements.
A small telephone plant at St. John's, Newfoundland,
belonging to the Anglo-American Telegraph Company, was
sold in the latter part of 1919 and the proceeds, $50,000,
added to Deferred Non-Interest Bearing Liabilities.
The
Reserves for Maintenance of Ocean Cables and for Depre¬
ciation of Land Lines, amounting to $8,193,628 and $8,574,517, respectively, were carefully reviewed with regard to
the expansion of the plant and the increased costs of labor
and material, and as a result the Directors decided to trans¬
fer the sum of $1,825,000 from the Income of 1919 to the
Reserve for Maintenance of Cables, in addition to the sums
regularly charged to operating expenses.
Other Reserves
of $790,588 consist, for the most part, of an adjustment
of the net value of European assets at average exchange
rates; in view of the marked decrease in foreign money
values it was considered advisable to set up this reserve in
stating the Company's financial condition at the close of
the year.
N.
INCOME AND SURPLUS.
Gross operating land line and cable revenues for the year
1919, Corporate and Federal together, with duplications
excluded, amounted to $102,577,814, an increase over the
corresponding revenues for the year 1918 of 18.3%.
In the latter part of 1918, and the early part of 1919, all
operating costs had increased so materially that it was patent
that telegraph rates would have to be increaed if good
service was to be maintained.
After long and careful con¬
sideration of conditions, the Postmaster-General ordered an
increase of 20%, effective April 1 1919, in the rates for
domestic telegrams, money transfer messages, leased wires
and Government messages, between points in the United
States.
The rates charged for pcean cable and press mes¬
sages, money transfer premiums and charges for other serv¬
ices, were not increased.
Notwithstanding the increase in
both the rates and the volume of business handled, operating
costs have so advanced as to leave only a moderate return
upon invested capital.
The following table shows the number of employees in the
Company's service at December 31 1919 compared with
the previous year:
Dec. 31 1919. Dec. 31 1918.
24.7% over the annual payroll for 1918.
For each dollar
of operating revenue received in 1919 60% was expended for
salaries and wages and benefits to employees.
In conform¬
ity with its promise to the employees, the Company made
the wage adjustment of January 1 1919 retroactive to
August 1 1918, and these payments, amounting to $985,388, were charged to surplus.
Disbursements for pen¬
sions, -accident, sickness and death benefits and wages
during military service, aggregated $1,015,361, an increase
over 1918 of $75,736.
The cost of vacations with pay was
$1,290,000.
A plan to assist the cable staff at North Sydney, Nova
Scotia, to purchase property and erect houses, under the
supervision of a local committee of employees, was in¬
augurated in 1919.
It is estimated that the Company will
be required to advance about $125,000 in 1920, and during
the next
few
years
total advances
will approximate
$275,000.
In July 1918 the Association Western Union Employees
(Land Lines) was organized for the purpose of promoting
the welfare of its members, encouraging co-operation and
efficiency, and to establish and maintain a relationship
between the employees and the Company permitting amicablq
discussion and adjustment of all questions relating to work¬
ing conditions and wages.
The Company has an agreement
with the Association to treat employees individually or
collectively as to wages and working conditions and to
arbitrate disputes.
Other agreements respecting conditions
of employment, wage schedules, disciplinary measures, &c.,
have been made, and a nominee of the Association appointed
to The Employees' Benefit Fund Committee.
The Asso¬
ciation
is
well
established
and
we
are
advised
80% of the employees, exclusive of messengers,
bers.
The cable employees have also organized
In
The total of Notes Payable
Total
and other compensation authorized in
that
over
are mem¬
a
similar
association.
LIABILITIES.
Messengers
Other employees.
Increases in wages
1919, including the wage increase effective January 1 1920,
amount to $13,540,000 on an annual basis, an increase of
13,993
46,635
12,721
48,372
60,528
61,093
May 1919 the Board of Directors passed the following
resolution:
"WHEREAS, in the opinion of the Board of Directors,
plan of profit-sharing between this
company and its employees,
it is desirable to adopt a
"RESOLVED, That two members of the Board be
appointed by the President to serve with him as a Com¬
mittee of the Board, to meet a like Committee appointed
by the Association Western Union Employees, to consider
plans of profit-sharing as between this company and its
employees,
and report their recommendations to the
Board."
The
problem is full of difficulties, especially to a Public
Company with a fixed schedule of rates and the
obligation to give service at the lowest rates compatible
with safe and sane management.
Study and discussions
have extended over several months, but thus far the Com¬
Service
mittee
of
the Board
has not submitted
a
definite
recom¬
mendation.
Government
land
line
and
cable
messages
were
trans¬
mitted
by the Company during the year 1919 at $3,200,000
less than the cost of operation; had Government messages
been carried at commercial rates the Company's gross re¬
ceipts would have been $4,500,000 more.
After the signing
of the armistice in 1918 the volume of Government business
began to decline; in 1919 there were decreases of 48% in
the land line business and 56% in the cable business, re¬
spectively.
Notwithstanding these decreases, the total
volume of Government business in 1919, at Government
rates, was about five times greater than the pre-war average.
In the latter part of 1917 the Atlantic cable of the Direct
United States Cable Company, leased in 1911 for a term of
ninety-nine years, was interrupted and not restored to serv¬
ice until June 28 1919.
This interruption of over eighteen
months being a violation of the terms of the lease, notice
of termination was given, whereupon the Direct Company
brought suit in England and the case is now in the Courts.
In the meantime, the Western Union Company resumed
the operation of the cable after it was restored to service
and has paid the Direct Company the regular rental for such
use under a temporary arrangement made without prejudice
to the rights of either party.
In July 1919 a contract was entered into with the Western
Telegraph Company, which operates a comprehensive tele¬
graph and cable system in South America.
This contract
provides for a connection at Barbados, thus establishing a
route between the United States, Brazil, Uruguay
Argentina, and to points on the west coast, as far north
as
Lima, Peru.
The direct service will be inaugurated in
the summer of this year and should prove of great benefit to
the export trade of the two Continents.
Concessions have
been granted by the Chilean and Peruvian Governments
for the landing of ocean cables, which opens the way for a
complete and direct route from the United States to all
points on the west coast of South America.
At the close of 1919 there were 22,663 stockholders, an
increase of 1,318 over last year; of the total number 15,656
held 25 shares or less and 20,914 held 100 shares or, less.
direct
and
1,272 increase
1,837 decrease
Respectfully submitted,
565 decrease
■
NEWCOMB CARLTON,
President.
Apr. 3
1920.]
THE
CHRONICLE
1133
TIDE WATER OIL COMPANY
THIRTY-FIRST ANNUAL REPORT—FOR THE
FISCAL YEAR ENDED DECEMBER 31
During the
PRESIDENT'S REPORT.
the
year
ased 53,498 acres of
■■
The
1919
March 15, 1920.
'
/
To the Stockholders
following report for the fiscal year ended December 31
the
covers
and its subsidiaries purch"
company
developed and undeveloped fee land and
leases in Oklahoma, Kansas, Texas
of the Tide Water Oil Company:
operations and affairs of the Tide Water
Following is the
of
summary
and Louisiana.
and wells operated:
acreage
Acreage.
7,169 '
91,557
•
Fee
Leases.
—
.
Oil Company and its subsidiary corporations.
Total..
VOLUME
OP BUSINESS
AND
The total volume of business done in 1919
and transactions,
of
represented
as
amounted to $46,828,784 31,
$6,184,432 81,
The
or
15.22%
over
the
2,822
98,726
an
Federal
Depreciation
and
Equipment
Income and
Excess Profits
Income.
and
Depletion.
Taxes.
on
increase
Property
.
Net
Income.
1919
$1,268,530 73
$773,642 70
$78,368 99
$416,519 04
1918
1918.
year
COMPANY.
PRODUCERS
Gross
sales and earnings, exclusive of inter-company sales
gross
Wells.
335
2,487
PROFITS.
ASSOCIATED
by
1919.
1,370,995 28
*660,002 41
72,898 66
638,094 21
$113,640 29
$5,470 33
composition of the net income, with provisions for
depreciation and depletion and Federal Income and Excess
Profits
and
Taxes,
comparisons
with
is
1918,
shown
as
Increase—
Decrease.
*
$221,575" if
$102,464 55
Includes amortization of
war
facilities.
follows:
11998
Increase
1919.
(+)or
1918.
Decrease (—).
$40,644,351 50
+$6,184,432 81
25,133,175 73
+7,012,343 36
$14,683,265 22 $15,511,175 77
668,881 00
470.557 94
—$827,910 55
Total Volume of Business__S46.828.784 31
Operating and other expen¬
ses
32,145.519 09
and costs
Operating Income
Other Income
—.
Total Income for the Year.$15,352,146 22
purchased 13,497 acres of
land and leases in Ohio,
During the
—$629,587 49
Following is
of acreage and wells operated:
a summary
I
12,333
Division
$6,379,125 58
$6,728,258 43
DIVIDENDS.
follows,
CRUDE OIL PRICES.
changes in the
per
barrel price of crude oil at the
is producing were as fol¬
well in fields where your company
aggregating 16%, amounting to $5,246,412 00,
declared and paid during the*
were
1,930
+$2,244,762 21
The
Dividends
99
50,703
—
$9,253,475 28 —$2,874,349 70
$8,973,020 64
1,367
27,020
Kentucky Division
,
Net Income for the Year..
464
11,350
—
Total....
Total Deducted—
Wells.
Acreage.
;
Eastern Division
Illinois
$6,137,977 76 —$2,057,063 07
3,115,497 52
—817,286 63
the
year
+198,323 06
$15,981,733 71
Depreciation and Depletion $4,080,914 69
Federal Income Taxes
2,298,210 89
as
company
developed and undeveloped fee|
Illinois and Kentucky.
$1,275,988 00
June—
4%
1,323,472 00
_
1918
January.
December.
January.
December.
$4 00
$5 00
$3 75
$4 00
Illinois
2 42
3 02
2 12
2 42
Fields—
4%
March
lows:
1919
year:
Pennsylvania
September
4%
1.323.472 00
Oklahoma
2 25
2 75
2 00
2 25
December
4%
1,323,480 00
Kentucky
2 60
3 25
2 55
2 60
Total—
16%
$5,246,412 00
for
GENERAL FINANCIAL CONDITION.
The financial condition of the company
Consolidated General Balance Sheet
1919 the
December 31
current
is shown by the
appended to this report.
working assets
or
aggre¬
gated $23,089,578 44; the total current and accrued liabili¬
ties,
including provision for Federal
$8,614,089 62;
ties of $14,475,488 82.
The company
A
has
review of
COMPANIES.
SEPARATE
the operations
;
'
of the principal companies,
TIDE
>
(Exclusive
WATER
OTL
dividends
of
the
from
Plant
on
»
Income.
and
$798,564 85
$1,469,016 40
*1,524,951 61
1,767,636 66
$0 16
*0 07
$0 07
GENERAL.
Veedol
are now
gasoline,
Tydol
and
products
,
sold
heretofore
Department of the Tide Water Oil
the Veedol
distributed through the Tide Water Oil
which began operations on Sept. 2 1919.
stock of this corporation is owned by the Tide
Sales Corporation,
The entire
D. BENSON,
R.
President.
Income.
$4,785.239 06
3,232,216 90
COMPANY (Only)
WATER OIL
TIDE
COMPARATIVE
1918.
INCOME ACCOUNTS, 1919 AND
Increase (+)
—'
$528,015 14
$1,553,022 16
...
$298,620 26
$726,386 76
of
Gross
during the
year,
compared with the year
run
at the Refinery
1918, was as follows:
Increase (+)
Decrease (—)
1919.
1918.
1,294,000
1,301,000
—7,000
894,000
1,613,000
1,561,000
1,5*8,000
1,691,000
26,000
—694,000
—7c',000
+1,535,000
Grade—
Pennsylvania
»
1
Illinois
Oklahoma
Mexican
Texas
—
182,000
r—
THE
TIDE
WATER
PIPE
+182,000
-
+938,000
4,606,000
5.544,000
—
Federal Income
on
1918.
Line and
Equipment.
$483,462 33
*895,399 98
and Excess
Net
Profits Tax.
$171,906 18
171,343 00
Income.
$915,09163
898,218 58
$394,501 42
$7,890,374 73
580,535 71
—$857,808 55
+418,766 55
.
.
—$439,042 00
1,946,105 27
—967,057 14
$7,052,820 31
$6,524,805 17
+$528,015 14
$798,564 85
.
$8,470,910 44
979,048 13
Gross Income-
$1,524,951 61
—$726,386 76
Operating and General Expense
Income before
_
„
_
Depreciation
and Federal Taxes
Depreciation
Federal Income and Excess
Profits Taxes..
_
,
1,469,016 40
$411,937 65
1,767,636 66
on
Companies
...
-
...
$3,292,588 27 —$1,025,007 02
$3,232,216 90 +$1,553,022 16
...
Depletion.
$1,594.245 40
*2,510,143 48
Taxes.
$507,414 96
1,042,388 48
+736,198 6$
$7,933,429 06 *$5,644,208 27
+$2,289,220 79
SURPLUS ACCOUNTS, 1919 AND
1918
..
Decrease—
'
—
$448,219 58
$915,898 08
Includes amortization of war facilities.
Total
income
of Year.
for Year
Net
$1,002,622 02
1918.
1919.
Increase (+)
Decrease (—).
Dividends
Paid'
Balance End of Year
$9,439,235 01
*5,642,339 07
—$418,585 93
+2,291,089 991
$16,954,078 14 $15,081,574 08
Balance Beginning
Income.
$2,655,786 72
1,653,164 70
1Qfi
2,411.991 37
3,148,190 00
1919.
Federal
and
—
—298,620 26
Adjustments made in 1919.
COMPARATIVE
Income and
Excess Profits
Income.
$4,757,477 08
5,205,696 66
1919
A1C
$2,267,581 25
Total Income for the Year.
*
Property
Equipment
and
..
$4,785,239 06
OIL COMPANY.
Depreciation
Gross
___
...
_
!k
TIDAL
-co
,
Dividends from Subsidiary
Includes amortization of war facilities.
Increase
Profit
Other Income..
$16,873 05
Increase
Decrease
$7,032,566 18
999,302 26
—
Net Income for the Year..
$563 18
Gross
Income.
.$1,570,460 14
1,964,961 56
+$3,665,436 67
+4,523,245 22
$8,031,868 44
Sales!
Total Deducted—
COMPANY, LIMITED.
Depreciation
Decrease (—).
-$37,763,686 85 $34,088,250 18
30,721.120 67
26,197,875 45
Gross Sales
Cost
of crude oil
1918.
1919.
Includes amortization of war facilities.
The number of barrels
*
$0 17
Increase
Net
Excess
Profits Taxes.
Equipment.
Decrease
*
Kentucky.
$2 67
2 60
Federal Income
and
6,524,805 17
Increase
Total.
$2 55
2 48
companies.)
subsidiary
$7,052,820 31
1919
2 38
For the Board of Directors,
(ONLY).
COMPANY
Depreciation
Gross
Oklahoma.
$2 54
3 99
—
Water Oil Co.
separately, follows:
*
1918
Company,
OPERATIONS OF
Illinois
$4 16
Pennsylvania.
1919
through
bonded indebtedness.
no
by the following table:
amounted to
taxes,
net surplus of current assets over all liabili¬
a
prices obtained by your producing companies
their crude oil during the years 1919 and 1918 are shown
The average
+$1,872,504 06
$9,020,649 08
7,933,429 06
$6,060,925 00
—$814,513 00
$11,707,666 14 *$9,020,649 08
+$2,687,017 06
U $5,246,412 00
$534,943 52
*
Adjustment made
}n 1919.
TIDE
COMPARATIVE
WATER
SUBSIDIARIES.
AND
COMPANY
OIL
SURPLUS ACOUNTS, 1919 ANIj)
INCOME AND
CONSOLIDATDE
[VOL. 110.
CHRONICLE
THE
1434
1918.
1919.
transactions
..
+$6,184,432 81
$32,145,519 09
$25,133,175 73
-f $7,012,343 36
—$827,910 56
sales and
.
...
$40,644,351 50
and its subsidiaries during the year as
by their combined gross sales and earnings exclusive of inter-company
represented
Increase (+)
Decrease (—).
$40,828,784 31
Total volume of business done by the Tide Water Oil Company
1918.
pensions, administratibn, Insur¬
costs and all other charges, exclusive of depreciation and depletion and Federal Income and
Total expenses Incident to operations, including repairs, maintenance,
ance,
Excess Profits Taxes....
.......---.----.------.-.$14,683,265 22
$15,511,175 77
Income..668,881 00
470,557 94
+ 198,323 06
..$15,352,146 22
$15,981,733 71
—$629,587 49
$4,080,914 69
$6,137,977 76
—$2,057,063 07
2,298,210 89
3,115,497 52
—817.286 63
$6,379,125 58
$9,253,475 28
—$2,874,349 70
$8,973,020 64
$6,728,258 43
+$2,244,762 21
66,349 68
292.110 21
—225,760 53
Total Net Income for the Year—...— $8,906,670 96
$6,436,148 22
12,917,001 44
+$2,470,522 74
+375,223 22
+707,435 82
$19,353,149 66
+$3,553,18178
Operating
Other
-
Income...........................................
Total Income for the Year...
Depreciation and Depletion charged off
Federal Income and Excess Profits Taxes
Deducted.
Total
Net Income for the Year
-
-
Outside Stockholders' Proportion..
Tide Water Oil Company Stockholders' Proportion of
13,292,224 66
707,435 82
Surplus, Beginning of Year
Add. through acquisition of Outside Interests of Subsidiary Companies..
—
$22,906,331 44
Dividends Paid:
$5,246,412 00
$6,060,925 00
—$814,513 00
«5 246,412 00
$6,060,925 00
—$814,513 00
$17,659,019 44
$13,292,224 66
+$4,367,694 78
Cash
Surplus. End of Year
TIDE
COMPARATIVE
WATER
GENERAL
OIL COMPANY
BALANCE
(Only).
1919 AND
DECEMBER 31
SHEETS,
1919.
1918.
Increase (+)
Decrease (—).
Fixed Assets and Investments:
Increase (+)
+$3,138,464 30
2,572.723 53
2,106,618 56
$10,773,072 76
Capital Stocks of Subsidi¬
$8,100,713 43
$1,934,632 07
+$2,600,274 35
1.509,175 22
1.910,011 29
—400,836 07
$6,044,081 64
Total Liabilities
$3,844,643 36
+$2,199,438 28
1.972.987 57
Assets
CAPITAL
STOCK AND
SURPLUS.
.—$33,087,000 00 $31,900,000 00
for Fire Losses
313,356 25
313.356 25
Capital Stock
Companies.......$21,751,058 69 $20,434,137 47
Other Investments.....
and
$4,534,906 42
Payable
+$2,672,359 33
Fixed
Decrease (—).
Accrued Taxes
+466.104 97
Total
1918.
De¬
Reserve for
preciation...
ary
1919.
Current Liabilities:
Accounts
Property and Equipment$13.345,796 29 $10,207,331 99
Less:
1918.
LIABILITIES.
ASSETS.
+$1,316,921 22
+389.796 97
1.583,190 60
Reserve
v
Investments.$34.497,119 02 $30,118,041 50
11.707,666 14
Surplus
Total
+$4,379.07752
and
*9,022,518 28
+$1,187,000 00
+2
?685,147~ 86
Capital Stock
Surplus
$45,108,022 39 $41,235,874 53 +$3,872,147 86
«|
$51,152,104 03 $45,080,517 89 +$6,071,586 14
Current Assets:
Cash
$1,394,548 79
—$282,537 63
798,000 00
2,286.832 46
—1,488.832 46
1.205.840 19
1,205,840 19
206.750 00
175,200 00
$1,112,011 16
Federal Tax Reserve Fund
Liberty Bonds,
Liberty Bonds, Other—
•
+31,550 00
Accounts and Notes Re¬
ceivable
1,558,282 90
2,670,729 41
—1,112,446 51
5,247,150 63
601,404 96
2,575,587 45
3.579.091 25
350.109 07
2,526,696 10
+1,668,059 38
+251.295 89
+48.891 35
Total Current Assets$13,305,027 29 $14,189,047 27
-$884,019 98
Products, Finished and in
Process
...
.......
Crude Oil Stocks.......
Supplies and Materials..
Due from Subsidiary Com¬
panies—
,
Accounts....
Current
08
$569,532 72
203,896 40
—8.004 76
...$51,152,104 03 $45,080,517 89
+$6,071,586 14
Total
*
J. $3,154,066
Items........195,891 64
Deferred
+$2,584,533 3o
Total..
Adjustment made in 1919.
TIDE WATER
COMPARATIVE
#
CONSOLIDATED
COMPANY
1919.
+$4,265,984 44
and
10,385,886 71
+ 107,042 62
19,228,709 65
16,615,308 09
+2,613.401 56
Properties..
912.864 40
727,077 70
+185,786 70
3?1,957 76
313,481 14
+ 18,476 62
Capital Stock:
+17.190,691 94
13,800,834 57
Total Properties and
9,656,017 78
+4,144,816 79
^29,876,554 28
+$3,045,875 15
1,978,987 57
1,583.341 60
+395,645 97
and Investments.$34,901,417 00 $31,459,895 88
+$3,441,521 12
Investments...
Total
Fixed
+$3,087,354 21
+$1,187,000 00
Subsidiaries, Outside In¬
terests.......
101,338 00
203.683 00
—102,345 00
$33,188,338 00 $32,103,683 00
+$1,084,655 00
Reserves for Fire Losses...
$441,224 54
$441,224 54
—
...
Surplus:
$32,922,429 43
Equipment...
Other
—790,664 63
$5,526,735 41
-
Less: Reserves for De¬
preciation.
+$3,878,018 84
3,208,641 70
ride Water Oil Company$33.087.000 00 $31,900,000 00
$46,723,264 00 $39,532,572 06
age
$2,318,093 71
CAPITAL STOCK AND SURPLUS.
Lighter¬
Timber Properties
Decrease (—).
$8,614,089 62
Total Liabilities......
Oil Producing Proper¬
Railroad
1918.
2,417,977 07
Accrued Taxes
10,492,929 33
...
1918.
$6,196,112 55
Accounts Payable—
y
..$15,756,802 86 $11,490,818 42
ties....
1919 AND
Current Liabilities:
Refining and Gasoline
.......
31
Increase( +)
Decrease (—).
Properties & Equipment:
PlpeLines
SUBSIDIARIES.
SHEETS DECEMBER
Increase (+)
1918.
Fixed Assets and Investments:
Plants
AND
BALANCE
LIABILITIES.
ASSETS.
1919.
OIL
GENERAL
Tide Water Oil Companyf17,659,919 44 $13,292,224 66
terests
Assets
+$4,367,694 78
Subsidiaries, Outside In¬
92,041 30
1,825,084 42
—1,733.043 12
$17,751,960 74 $15,117,309 08
+$2,634,651 66
1
Total Capital, Reserves
Current Assets:
Cash...
$1,359,606 22
$1,545,888 87
—$186,262 65
Federal Tax Reserve Fund 1,400,000 00
3,961,832 46
Liberty Bonds, 3H%— I 1,205.840 19
and
Surplus.
$51,381,523 28 $47,662,216 62
+$3,719,306 66
$59,995,612 90 $53,188,952 03
+$6,806,660 87
—2,561,832 46
1,205,840 19
Liberty Bonds, Other...
115,900 00
244,650 00
128,750"00
Accounts and Notes Re¬
ceivable
4,467,505 07
Prepaid Expenses
3,881,309 34
+586.195 73
379,520 08
94,524 25
Crude Oil and Products.
11,223,900 02
7,195,886 25
+4.028.013 77
Supplies and Materials..
2,937,306 86
2,877,186 14
+60,120 72
Assets..$23,089,578 44 $21,007,097 50
+$2,082,480 94
Total Current
Deferred
Items
Total
$2,004,617 46
+284,995
8$
$721,958 65 +$1,282,658 81
.—$59,995,612 90 $53,188 952 03
+$6,806,660 87
Total....
Afb. 3
1920.]
THE CHRONICLE
1435
GENERAL ELECTRIC COMPANY
TWENTY-EIGHTH ANNUAL REPORT—FOE THE YEAR ENDED DECEMBER 31
and
Schenectady, N. Y., March 25 1920.
To the Stockholders
The value
1919
year
For
some
months succeeding the armis¬
tice, the volume of business booked
much curtailed;
was
but
during the last eight months of the
and
rapidly increased,
year
orders steadily
that the present demand for
so
Company's products is greatly in
of
the
the amount of orders unfilled
sales
of
billed
than in 1918 and $33,053,665 62
more
Total
dividends,..
....
sources
Careful
5.230.920 68
...
debentures
on
.....
payable
198670
Federal Income and
excess
$36,077,970 68
$11,000,000 00
—
$15,532,501 68
.......
increase in orders for all classes of apparatus
manufactured
by
Company makes it
your
necessary to
'substantially to its manufacturing capacity.
add
This is being
accomplished partly by enlarging its present plants and in
part by purchasing, or leasing with option to purchase, fac¬
already constructed which offer immediately available
facilities, thus enabling
your
Company to
secure
an
factories of like
The
plant account
of
sum
reserve,
the net increase in the book value of plant
$6,773,392 09.
The
December 31
1919 is
plant
1
General Plant
Net Book
Reserve.
investment
$10,312,096 34
This
book
the
over
representing principally invest¬
Company is,
heretofore,
as
00, that proportion of the actual
the
unexpired life
of
and
patents
transmission
and
and
apparatus
of
Its inventions have had
development and
devices
wireless
reception
essential
owner
the
to
communications.
far-reaching effect
a
The Marconi Wireless
"
been engaged, in its
years
the entire
on
Telegraph Company of
of valuable
patents, rights and
licenses and it has seemed wise to the Boards of Directors
both
sources
companies that their research and engineering
should hereafter be used in closest co-operation.
varied electrical
Company
one
hand and the operating experience of
Company
the other,
on
been formed, known as the Radio
in which both your
a
new
company
has
Corporation of America,
Company and the Marconi Company
have accepted a considerable
The
long and
manufacturing experience of the General
the
on
the Marconi
re¬
To
participation.
$10,000,000 6% notes due December 1
1919
were
paid at maturity.
Cash dividends, 8%
Stock dividends, 4%
dividends
declared
were
follows:
as
$9,545,469 00
(2% quarterly)
(2% semi-annually)
4,772,918 00
.....
$14,318,387 00
The
outstanding capital stock of
your
Company has been
increased from $115,874,800 to $120,557,200
'
in the following
:
Value.
Amounts of the semi-annual stock dividends of January 15 and
July 15 1919...
16.942,627 85
36,931,128 33
1,899,058 46
3,812,963 21
1 00
one
as
of January 1918, at par, on the basis
share for each ten shares then outstanding
3.100
1 00
3,812,964 21
of
.—$4,679,300
—
Additional stock issued
19.988,500 48
1,899,059 46
Total increase.
_$4,682,400
...
$88,529,701 73 $37,716,155 38 $50,813,546 35
Ou May 13 1919 Mr.
1893 the book value of the manufacturing
were
was
$3,958,528 21
.
.
made aggregating
Expended during 1919
14,462,285 77
- — ...
1919
Company, and
of the late
on
November 21
Higginson, Jr., of Boston,
director to fill the vacancy
a
was
elected
caused by the lamented death
Major Henry L. Higginson.
During
G.
Davis,
have
Book value of all plants, December 31
George F. Baker, Jr., of New York,
director of the
the
year
two
additional
Vice-Presidents
were
elected—Mr. Francis C. Pratt, on May 16, and Mr. Albert
100,157,069 14
—
a
1919 Mr. Francis L.
.$150,970,615 49
carried to "General plant reserve" during the
twenty-seven years
elected
/
132,549,801 51
Total...
on
Both Mr. Pratt and Mr. Davis
November 21.
rendered
important service
$50,813,546 35
on
the Company's staff
for many years.
The total factory
follows:
at
buildings...$45,886,549 73 $15,061,505 86 $30,825,043 87
expenditures
or
account
follows:
as
During the twenty-six years ended December 31 1918, addi-
Written off
the
of
making
Value.
plants was.
tional
represents
of
and equipment,
Gross Book
...
On January 31
of
Company has for several
manner:
Furniture and fixtures.,
Total.
the
of
summary
Machinery
Patterns
made
$7,688,893 68 has been written off the
added to the general plant
or
at
the
carried at $51,142,309 80.
net value of $1
In the year 1919
equipment during 1919 amounted to $14,462,-
Real estate aad
Your
capacity.
expenditures for additional land, buildings, machinery
285 77.
a
which
cost
earlier
output than would be possible by erection and equipping
other
than
this end, and in order to secure the benefits of the
The great
and
carried
franchises being offset by a reserve of like amount.
of
year
are
corporations and in subsidiary manufac¬
America is also the
9.545.469 00
20.545.469 00
Surplus for the
been
turing enterprises.
radio art.
profits taxes (es¬
Dividends paid In cash..
The
been
has
now
increase
an
manufacture
1,705.564 34
.....
have
more
reserves,
$4,336,839 58
research laboratories and factories, in the
$571.685 53
notes
on
Available for Federal taxes and dividends
new
is
value at the close of 1918,
$38,355,220 55
2.277.249 87
tories
necessary
are
or
more
$33,124,299 87
.
...
Interest and discount
timated)
the
which
examination
is
carried at
.......
receivable
notes
The patent account of your
income...
Less—Interest
deducting
ments in affiliated
Income from sales during 1919, before deduction of taxes,
interest and
at
compared
balance shown at December 31 1918.
than in 1917.
Income from other
carried
are
committee of the Board of Directors, and
was
$229,979,983 41,
was
and
accounts
a
$45,885,527 92,
amount
$98,880,000, compared with $80,000,000 at the end of 1918.
amount
reserves,
your
its factories.
$13,164,705 88
after
by
securities, which
At the close of the year
The
Customers'
reviewed
the capacity
of
excess
sufficient
with 1918.
$237,623,932, compared with $234,134,037
was
for the year 1918.
providing
$83,978,463 02, a decrease of $4,327,217 69 as
6f the General Electric Company:
orders received by your Company in
of
after
1919.
floor
space
in recent
years
has been
INTERNATIONAL
as
In
Square feet.
the
report
GENERAL
of
your
ELECTRIC
-
7,000.000
-
1909-...
December 31 1918, reference was
7,180,00^
1908...
of
8,530,000
-
-
-
9.770.000
.12,160,000
1912..
1913——
13,900,000
1914
14,840.000
the
International
the purpose of
tivities
of
COMPANY,
Company for the
—
your
Company in foreign countries,
-
-
In accordance with that announcement your
...19,581.000
——
-
20,681,000
covering
manufacturing, selling, engineering, utility enterprises, etc.
scribed
17,573,000
—
Inc., for
taking over the assets, investments, and ac¬
14,830,000
-
INC.
ending
made to the incorporation
General Electric Company,
15,300.000
1915—
year
for
the
entire
capital
stock of
the
Company sub¬
International
General Electric Company, Inc., consisting of $10,000,000
of
7% preferred stock at par and $10,000,000 of common
The inventories in factories and district warehouses and
stock at 110, paying therefor the sum of $21,000,000 cash
consignment stocks have been taken with the usual care
(part before December 31 1919, and the balance in January
1436
; [Vol. 110.
THE CHRONICLE
1920), and sold to the International General Electric Com¬
IN
Inc., securities and accounts of like value.
pany,
The
widespread and diversified interests involved have
prevented the completion, at December 31 1919, of all of
the transfers and therefore this report combines, for the
of
sake
convenience, the assets and liabilities of the International
Company with those of
The officers
Inc.,
pany,
of
are,
Charles
the
as
Com¬
stated in the last report:
Electric Company
in 1892, and who has rendered invaluable
service by his wise
interests of the Company,
died
November 14th at the
on
Hospital.
.
"Upon motion, duly seconded, it
President;
was
.
"Resolved, That the members of this Board deeply lament
death
the
public account¬
ants, testifying to the correctness of the published
financial
statements, will be found below.
renews
honored member of this
Board since the organization of the General
Massachusetts General
Oudin, Vice-President.
It is with
HIGGINSON.
an
counsel, constructive thought and tireless devotion to the
International General Electric
The customary certificate of the certified
tors
4'Major Henry L. Higginson,
Neave, Chairman of the Board;
Gerard Swope,
M. A.
Company.
your
MEMORIAM
MAJOR HENRY L.
their
of
friend
and
fellow
L.
Henry
director,
Higginson, and desire to record their affectionate apprecia¬
tion of his
striking and lovable personality, his genius for
friendship, and to
their admiration for his varied
express
pleasure and gratitude that the Board of Direc¬
public and private benefactions, and of his
the
unswerving spirit of patriotism.
expression of its
of obligation to the
sense
employees in all departments for their able and devoted
service to the
Company during the past
year.
/
further
was
"Resolved, That the Secretary shall transmit
By order of the Board of Directors:
C. A.
"It
<
these resolutions to
.
COFFIN,
high and
ever
a
of
copy
Major Higginson's family."
(Adopted by the Board of Directors, November 21, 1919.)
Chairman
of the Board.
CONDENSED BALANCE SHEET DECEMBER 31 1919.
ASSETS.
Fixed
LIABILITIES.
investments:
Manufacturing
Debenture Bonds:
plant,
including
land,
3H% due in 1942
buildings and machinery.$88,529,701 73
Less: General plant reserve
estate,
warehouses,
appliances
(per contra)
etc.,
Notes
(other than
6% notes, maturing July 2 1920
in
Accounts
payable
$4,296,499 18
18,956,408 74
.
Accrued Interest payable.;.*............
$51,527,284 41
Dividend
234,268 75
payable Jan. 15 1920 (cash)...
Investment securities:
2,410,098 00
34,597,047 76
Stocks, bonds and other securities
51,142,309 80
Current assets:
United States Government Loan.....
..A
.....
1,500,000 00
Advance payments on contracts.........
Marchandise:
At factories
offices,
2,410,098 00
Capital stock issued
in
General
transit,
13,654,418 52
Dividend payable Jan. 15 1920, in stock..
$70,346,290 71
district
ment,
$12,996,272 27
Accrued taxes, estimated
4,296,498 18
reserve
1 00
.
15,000,000 00
Current Liabilities:
1 00
Patents and franchises
At
2,265,000 00
Payable:
713,736 06
factories)
Less
10,000,000 00
$12,047,000 00
other than manufacturing plants
Furniture and
$2,047,000 00
1952....
Bonds deposited under Libbey Glass Company contract
$50,813,546 35
buildings,
"
37,716,155 38
Net book value.....
Real
"
5%
120,557,200 00
reserve
10,700,000 00
...
consign-
on
etc
Surplus:
13,632,172 31
At January 1
$83,978,463 02
Installation work in progress
1919
$53,250,661 45
Added during year
4,974,173 93
Notes and accounts receivable
15,532,501 68
45,885,527 92
Advances to subsidiary companies
4,675,712 00
Cash.
$68,783,163 13
30,994,397 04
Less: 4% dividends paid in stock.
4,772,918 00
.
170,508,273 91
Deferred charges
to income
Libby Glass Company contract (per contra).
64,010,245 13
1,298,141 29
2,265,000 00
$276,741,009 41
CONDENSED PROFIT AND LOSS ACCOUNT
DECEMBER 31
Net sales billed
11-13
1919.
...$229,979,983 41
_
pamphlet report]
[of
books, and, in
Less: Cost of sales billed, including operating, maintenance
and
$276,741,009 41
depreciation charges.
in
are
accordance
the operations of the
dition of its affairs
Company for the
as
at
Interest and discount
and
405,384 69
5,230,920 68
carried have been
are
notes
payable.
1,705,564 34
*
stock
Companies which
ownership, but Balance
2,277,24987
have been submitted to
$36,077,970 68
Less: Federal income and excess profits-taxes
(estimated)..
Profit available for dividends
$25,077,970 68
cash dividends
9,545,469 00
We
have
satisfied
are
53,250,661 45
$68,783,163 13
dividends payable in stock
4,772,918 00
...
Total surplus.
$64,010,245 13
we
taken in
inventories
are
79 Wall Street, New
York, March 12 1920.
of Directors of the General Electric Company,
Broadway, New York:
Sirs.—We have examined
of the General Electric
Company for the
year
and accounts
ended Decem¬
1919, and hereby certify that the Condensed Profit
Loss Account and Balance Sheet
these
companies
us.
the
full
and
notes
accounts
receivable
provision has been made for
of
work
careful manner, that
in
progress,
appearing
on
pages
merchandise,
us
and
or
they have been valued at
price, and that full allowance has been made
inactive stocks.
completed
or
contracts
Provision has also been made
additional expenditures
and
on
installation
on
re¬
in
work
progress.
Expenditures capitalized in the Property and Plant
counts
during the
year were
senting additions
the books
controlled through
supplies have been submitted to
possible allowances
cently
Accountants and Auditors
a
below cost
or
MARWICK, MITCHELL & CO.
and
Com¬
have satisfied ourselves that these inventories have been
for
ber 31
that
and materials and
for old
Dear
a
opinion,
possible losses through bad and doubtful debts.
Certified
Surplus January 1 1919
120
scrutinized
are
Sheets of
$15,532,501 68
year
Board
our
11,000,000 00
and
the
approved by
Directors, and, in
Our audit has not included the examination
of the accounts of
$571,685 53
on
.
To
have obtained
$38,355,220 55
debentures
Interest and discount
Less: 4%
by actual count
we
The valuations at which the invest¬
mittee of the Board of
conservative.
Net income
Surplus for the
con¬
1919.
by certificates which
or
depositaries.
ment securities
2,887,144 93
.....
Sundry revenue.
inspection
from the
$1,938,391 06
Income from securities....
Less: 8%
and the
year
December 31
We have verified the cash and securities
$33,124,299 87
Sundry income:
on
the
196,855,683 54
■"■'VV-Tv.'
Less: Interest
with
opinion, correctly record the results of
our
or
been made in the
and
depreciation,
properly
improvements.
so
chargeable
ac¬
as repre¬
Ample provision has
operating accounts for repairs, renewals
as
also liberal
reserves
Yours
for
contingencies.
truly,
MARWICK, MITCHELL & CO.
Apr. 3 1920.]
THE
CHRONICLE
ADVANCE-RUMELY
1437
COMPANY
FOURTH ANNUAL REPORT—FOR THE FISCAL YEAR
ENDING DECEMBER 31 1919.
To the Stockholders
of the Advance-Rumely Company:
following report on
Advance-Rumely Company and its
subsidiary companies—the Advance-Rumely Thresher Com¬
pany, Inc., and Canadian Rumely Company, Limited, for
the fiscal year
ending December 31 1919, together with
a Balance Sheet as submitted
by Messrs. Price, Waterhouse
& Company, Certified Public Accountants.
DEBENTURE DEBT.
Your Board of Directors submits the
business of the
During the
the Company purchased and retired
$583,000 of its 6% Debenture Bonds due in 1925, which
together with $1,955,000 purchased and canceled prior to
January 1 1919, leaves outstanding $962,000 of the original
jssue of $3,500,000.
the
INCOME
t,
*
...
!919-
-Gross Prolils from Operations
Add—Miscellaneous Income, comprising ..nterest
on
Receivables, Investments and
Bank Balances, Discounts on
Purchases, &c.
Total
Profits
sources
$4,951,637 88
$3,073,877 22
427,511 96
319,826 51
Income
from
all
Miscellaneous
.$5,382,149 84
________
Net
.
.
$2,928,657 27
Profits
and
Income
526,750 00
200,000 00
Year
During the past
year
Realization of Assets taken
on
fully adequate to meet
any
„
the Company has made expenditures
Equipment which may
$153,500 48
265,809 82
$419,310 30
7
Battle Cveelc
-
;
Lands and Building Extensions
$68,468 24
Machinery, Tools and Equipment
290,062 47
shown
on
to
Branch
Properties
at
apolis and Winnipeg
In
18,159 02
addition to the above the
acquired
Real
$358,530 71
$85,594 10
Minne¬
Estate
for
-
Company has
Branch
Ware¬
house Sites at Peoria and Regina, and ad¬
ditional Real Estate for our Fargo Branch
House Site at
a
total cost of.
64,748 83
$168,501 95
Miscellaneous—
<Net)
13125
PROSPECTS.
,
need for labor
saving machinery on the farm has never been
it is now.
The tractor particularly has shown its
value, not only in the saving of labor on the farm, but also
in the increased yields produced by the more intensive culti¬
vation made possible by this unit of power
farming machinery.
The constant increase of power units on the farm creates a
greater demand for power driven machinery, which consti¬
tutes a material portion of the
Company's product.
The
farmer is daily becoming a bigger and better business man
great
as
and with all these favorable factors it would
assume
a
Account
above
set
been
as
have
forth
made
under
safe
to
FINLEY P. MOUNT,
GENERAL OPERATIONS.
expenditures
seem
continuance of the Company's prosperity.
By order of the Board of Directors,
$946,474 21
The
satisfactory and con¬
a substantial surplus
the Balance Sheet.
Whatever may be the course and outcome of the
period
of reconstruction, the fact remains that
agriculture is and
must remain the greatest basic
industry of the world.
The
so
;
Branches—
Branch Building at Des Moines, Iowa
Additions
to such assets.
as
-
upbuilding of
as
follows:
Lands and Building Extensions
Machinery, Tools and Equipment
,
probable loss
PROFITS.
The profits for the year have been
tribute materially to the
La Porte—
„
by
the
for extensive additions to Plants and
as
over
of its organization now stands at
$781,857 37, and this amount is in the opinion of the Board
GENERAL PROPERTY ACCOUNT.
be summarized
70
54
29
Company at the time
$1,188,928 93
for
32
remaining in the original Reserve of January 1
1916, against Loss
the
$1,388,928 93
,
Deduct—Provision for Federal Taxes.___
Net
Reserves
The balance
$1,533,586 38
144,657 45
______.$2,401,907 27
^
111,172
319,845
99,106
40,797
$1,003,368 26
1,860,117 35
$3,026,550 61
97,893 34
,/
are
$432,446 41
$3,393,703 73
2,355,599 23
Deduct—Debenture and Other Interest
earnings
Inventory
Compensation Insurance Fund
and
/•
set aside out of
reserves
Reserve for Collection Expenses and Loss on Customers'
Notes
Reserve for Discounts, Allowances and Loss on
Accounts
Receivable
Reserve against Shrinkage in Value of Current
1918-
Deduct—Selling, General and Administrative
Expenses at Home Office and Branches—
r,
RESERVES.
The balances of the
as follows:
ACCOUNT.
t
year
General
necessary
by
President.
Property
the rapid
La
Porte, Indiana, March 24 1920.
increase in
our production.
The number of units manufac¬
tured in 1919 exceeded that of 1918
by a little over 100%,
and our production scheduled for 1920 exceeds the
pro¬
duction of 1919 by 52%.
Even with the additions to Plant
and Equipment made and in use in
ADVANCE-RUMELY COMPANY
ADVANCE-RUMELY THRESHER COMPANY,
branch house facilities in
THE
CANADIAN
CONSOLIDATED
RUMELY
:
Inc.
•
COMPANY,
Limited
PROFITS
AND
INCOME
DECEMBER 31
1919.
STATEMENT
OF
THE
FOR
the
field, and while we are this
year engaged in building branch house buildings at Dallas,
Peoria and Indianapolis, where our necessities
compelled
action, we are, on account of the present excessive cost of
building, postponing much needed buildings at other points
where sites have already been acquired.
For further reasonable expansion which the success and
popularity of the Company's product seem to justify, ad¬
ditional Plant expenditures will have to be made to provide
additional product.
The Company's advance sales for 1920
are greater
than ever before.
While production this year
may be hampered by unusual conditions,
plans are now
being made for still greater production in 1921.
and
,|-'«•
1919, our Plants were
run
to capacity on the 1919 schedule and more additions
are in
course of completion for our 1920
schedule.
This
expansion in our volume has made necessary increased
YEAR ENDING
Gross Profits from Operations
—$4,954,637 88
-
fid—Miscellaneous Income, comprising Interest on on Pur¬
ables, Investments and Bank Balances, Discount Receiv¬
chases, &c
427,511 96
I.
Total Profits and Income from all Sources...
Deduct—Selling,
General and Administrative
Home Office and Branches—Net
i
Expenses
$5,382,149 84
at
2,355,599 23
Deduct—Debenture and Other Interest
$3,026,550 61
97,893 34
Deduct—Provision for Federal Taxes
$2 928,657 27
526,750 00
^
Balance Net Profit and Income Carried to Balance Sheet. .$2,401,907 27
INVENTORIES.
The
machines, repairs, work in progress and raw materials
the lowest justifiable price,
being cost or less, and the slight increase over last year is
more than offset by the
requirements of our increased manu¬
facturing program.
I
are
carried in the inventory at
CUSTOMERS'
Cable Address "Pricewater" Chicago.
New York
Chicago
Milwaukee
Detroit
Philadelphia
San Francisco
Boston
St. Louis
Los Angeles
Seattle
Pittsburgh
Montreal
London
Toronto
.Winnipeg
Paris
Vancouver
Buenos
Aires
Petrograd
Rio de Janeiro
Cairo
Valparaiso
Alexandria
NOTES.
PRICE, WATERHOUSE & CO.
The
Company's policy of shortening terms and getting the
more
nearly on a cash basis has been continued
throughout the year and may now be considered firmly
established.
Although the busness for the past year was
nearly double that of 1918, customers' notes increased less
than 2%.
During the year the Company collected in cash
89% of the entire year's sales, leaving only 11% of the year's
Certified Public Accountants.
business
business in receivables to be collected in future
years.
GOVERNMENT BONDS.
The
Bonds
Company still holds all its purchases of Government
amounting to $1,472,000 United States Liberty
Bonds and $600,389 21 Canadian Victory Bonds.
We also
balances aggregating $14,145 40 for Liberty Bonds
have
and $8,114 50 for Victory Bonds which were purchased for
-employees and are being paid for in monthly installments.
134 South La Salle Street,
Chicago.
March 11 1920.
To the Directors
La
of the Advance-Rumely Company,
Porte, Indiana:
~
We have examined the books and accounts of the Advance-
Rumely Company and its Subsidiary Companies for the
ending December 31 1919 and certify that the attached
year
Consolidated Balance Sheet and relative Income Account
are
correctly prepared therefrom and, in our opinion, set forth
the true financial position of the Combined Companies at
that date and the results of the operations for the year.
PRICE, WATERHOUSE &
CO.,
Certified Public Accountants.
[VOL. 110.
THE CHRONICLE
1438
"
RUMELY COMPANY
ADVANCE
:
LIMITED,
COMPANY, INC., AND THE CANADIAN RUMELY COMPANY,
CONSOLIDATED BALANCE SHEET DECEMBER 31 1919.
ADVANCE-RUM ELY THRESHER
V,
oVV.
ASSETS. '
Pr0PEAQdCJiuUdim8,
Machinery and Equipment at Factories and
Balance at January 1 j919
—
-- -r
Add—Additional Expenditures during the year (Net)
1
-
Branches—
;H
•
$4,594,734 39
946,474 21
S3,641,208 60
Deduct—Reserve for DcpreciationBalance January 1 1919
Provided out of the Earnings of the year
$473,892 11
—
244,366 39
—
$718,258 50
2,315 20
Less—Replacement Expenditures—
including Property acquired under foreclosure and
Outside Real Estate,
Total Properties..
m
Trade Marks, Patents, Designs,
Trade Names,
715,943 30
_ ^
m
-
-
,
T,
A
and Repair Parts on hand, Ac., at or below cost—
---•
$5,992,934 28
2,328,665 23
■'
' V
.
*>' ' v'v'-
■
Cash in Banks and on
•*.'' v'":;
1 wO
OvJ
•
V
;
'*
J;
ty
660,000 00
608,503 71
143,605 00
-
Subscriptions by Employees.
...
2,898,254 11
1,615.737 49
—
...
Deferred Charges to Future Operations—
Miscellaneous Operating Supplies
Prepaid Expenses, Insurance Premiums,
X
276,043 08
............
Hand
$
$1,486,145 40
—
-
Victory Loan Bonds less payments on
Investment Securities
5*
310,422 y4
Vj'j'V-.
...
Subscriptions by Employees
Canadian
Other
9
-
— . —
—
—
Investments
*•. V: . ■ ***. ViU. 8. Liberty Ixian Bonds less payments on
ic
U. S. Certificates of Indebtedness
""Ll"
*""" "1mmm
:
-
-
;
v
(Uoo
..$3,511,204 62
371,070 74
-
other Trade Accounts
Miscellaneous Accounts Receivable....
tVM X
*<f11
thereon
Dealers and
..j
I
M
Customers' Notes, including Interest accrued
Less—Commission Certificates outstanding
$4,969,422J13
13,000,000 00
123,174 62
...
...
—
_
lues
Goodwill and Other Intangible Values
Securities of the Company Purchased and Held in Treasury (at cost)..
Current Assets (subject to Reserves per contra)—
Inventories of Raw Materials, Supplies, Finished and Partly Finished Product
At. Factories
2.
At Branches and on Consignment
—
V
"I".
'■"L<
_
$4,825,265 30
144,156183
held for sale.
16,561,191 01
$42,831 86
-
Rents, &c
32,782 24
—
75.614 10
$34,729,401186
LIABILITIES.
7
Capital Stock—
Authorized, Issued and Fully Paid—
6% Cumulative Preferred Stock—
125.000 Shares of $100 00 each
'Y
$12,500,000 00
Common Stock—
13,750,600 00
137,500 Shares of $100 00 each
$26,250,000100
Debenture Debt—
Authorized and Issued—
Ten Year 6% Sinking Fund Gold Debenture Bonds, due
Less—Redeemed and Canceled—
Prior to January 1 1919
—.—.—
During the year
$3,500,000 00
1925
V
:
$1,955,000 00
...
583.000 00
—
—
—
2,538,000 66
962,000106
Current Liabilities—
Accounts
Payable, including accrued Fay Rolls, Bonuses. &c
..... —
Debenture Interest accrued
General
$1,245,684 07
29,013 52
67,236 34
-
Taxes accrued
526.750 00
and Excess Profits Taxes as estimated for 1919
Preferred Stock Dividend Payable January 2 1920
Provision for Federal Income
1919
Deduct—Charges since (Net)..
2.055.810 43
1 1916 (exclusive of Provision for Depre¬
Operating and Contingent Reserves set aside out of Earnings since January
ciation deducted from Property Account rer contra;.
Reserve against loss on realization of Assets taken over at January 1 1916—
Balance January 1
187,126 50
$1,003,368 26
$848,671 53
66,814 18
-
......
........
781'857 37
1,785 225 63
8urplus—
Balance January 1 1919....
Add—Net Profits and Income for the Year ending
.........
December 31 1919, as per statement attached
$2,022,964 53
2,401,907 27
...
$4,424,871 80
748,506 00
Deduct—Dividends Paid or Declared on Preferred Stock..
3,676,366 86
$34,729,401 86
Vanadium
Corporation—To Build Railroad in Peru.—
President J. Leonard
Replogle is quoted as saying: "We have placed a
Co. for a railroad from the mines in Pern
covering 12 kilometers of the most difficult section of our
The railroad should be completed about July 1. after
which we expect to double or triple our output.
We have a large stock of
ore mined and ready for shipment."—V. 110. p. 1195, 474.
contract
J. Robinson-Duff, member of the New York Stock
the Foundation
with
to Lake Pun Run,
transportation.
Vulcan
Detinning Co .—Accumulated Dividends
as
the removal of their offices
William P.
Salle Street.
La
Manager of their Investment
Chicago, vacated by Marcuse & Co., after April 2.
Savings Bank.
New York Stock Exchange,
Congress St., Boston, have prepared a list
to five years, yielding 6 to 8.40% per annum,
of short-term securities, one
profitable yield.
combining security of principal, ready marketability and
—
this city, is offering, by advertise¬
—R. M. Grant & Co., 31 Nassau St.,
ment
on
another page, a new issue,
5% bonds.
$600,000 City of Birmingham, AJa.,
Price 98 and interest, yielding 5.25%.
—Holmes, Bulkley & Wardrop, of 61 Eroadway, this
the
New
Havila nd
York
was
and
Pittsburgh
admitted
as
a
city (members of
Stock Exchanges), announce that Frost
general partner in the firm on April 1.
Townsend, members New York Stock Exchange, 53 Ex¬
—Morrison &
change Place, N. Y., announce that Walter Baker has become
associated
with the firm at their branch office, 553 Fifth Ave.
Corporation.—Initial Dividend.—
—Edward M. Chase has resigned as Manager of the Foreign
An initial quarterly dividend of 2% was declared on the $300,000 (par
$100) Preferred stock, payable April 1 to holders of record March 25.—
V. 110, p. 475.
Exchange
Department of the Bank of New York to become associated with the firm
of
Bayley & Mills, brokers in foreign exchange.
—The New York
Common stock
NOTICES
CURRENT
South
27 Pine St., this city, and 35
Exchange on Mar. 20 struck off the list $104,000
30-year Col. Tr. 5% bonds, d\ie 1930, purchased for the sinking fund,
leaving the amount listed $2,033,700.
A total of $4,950,300 of the bonds
is held in the sinking fund.—V. 110, p. 1195.
Williams Tool
announce
29
—Salomon Bros. & Hutzler, members of the
Phila.—Bonds Retired.—
Company,
Building,
associated with them
Commercial Trust &
Stock
Phlla.
Life
now
National
The
offices now occupied by Noyes & Jackson in the Continental and Com¬
mercial National Bank Building, will be occupied by the Continental &
stock.
Stockholders will be offered new stock at par at one new for every
three old.—V. 1Q7, p. 808.
Welsbach
National
Department, which has just been opened in the Chicago office.
The directors, it is stated, have recommended an increase of $1,000,000
The
the
Youngclaus is
Bank Building,
stock, has been declared payable, along with the regular quarterly of 1 % %,
April 20 to holders of record April 15.
This will reduce the accumulated
dividends to 32%.
Since April 1919, the company has been paying quart¬
erly dividends of 1 % % and 1 % on accumulated dividends.
No dividends
were paid on the Pref. stock, from April 1913 to Jan. 1919, incl.—V. 110,
p. 772, 568.
New Bedford, Mass.—Stock
—Bond & Goodwin, of Chicago,
to
—Noyes & Jackson will occupy the offices in the Corn Exchange
—
In accordance with the plan of Jan. 19 1920 (V. 110, p. 474), a dividend
of 4 H % on account of back dividends on the 7 % Cumulative Preferred
Wamsutta Mills,
Exchange; A. Lawrence
Pierson, and William Freiday.
Trust Co.
has been appointed transfer agent of the
of the Simon Silver Lead Mines Co. and of the Panama
Syndicate.
—Bartlett & Gordon,
Inc.,
79 W.
—The Central
Monroe St., Chicago, announce the
Union Trust Co. of N. Y. has been appointed transfer
opening of their offices to deal in municipal and corporation bonds,
F. M.
agent in New York of the Pref. and Common stocks of Penick
Bartlett
R. D.
Inc.
Gordon,
was
formerly Assistant Manager of the Chicago Trust Co.
formerly
an
Attorney of La Crosse, Wis., later
of the District Claims Board, of the
Special Counsel
—Duff, Freiday & Co. is the
Duff &
Co.,
Exchange.
61
Broadway,
*
new name
this city,
for the old firm of J. Robinson-
members of the New York Stock
The partnership personnel remains the
agent for the capital stock of the Air Reduction
War Department, Edgewood Arsenal,
Md., is the other member of the firm.
same,
which includes
—The Empire Trust Co.
Columbia
appointed transfer
Co., Inc.
of N. Y. has been appointed registrar for the
Common and Preferred stocks of L. W.
—The
A; Ford, Ltd.,
.
—The Mechanics & Metals National Bank has been
Trust Co.
Sweet, Inc.
has been appointed transfer agent of the
capital stock of Weiderman Oil Co.
APB. 3
1920.]
THE CHRONICLE
2?Ixjc (&omnxzxticil Jixixcs.
COMMERCIAL EPITOME
Friday Night, April 2 1920.
Business has been favored by more
spring-like weather
and, taking the country over, trade has been on a liberal
scale.
Yet it has been hampered to some extent in
parts of
eight States, mostly at the West, by a tornado which in¬
flicted great damage and loss of life last
Sunday and Monday.
It is a fact, too, that there is still a
very evident spirit of
caution in some trades and sections of the
country.
For
prices are very high.
Many are dubious as to their perma¬
nence.
They think, indeed, that later on there will be a
general deflation of prices as an inevitable process folowing
the extraordinary and
unhealthy inflation of values brought
about by the war.
Yet retail trade all over the country
has been benefited by warmer
weather, particularly in dry
goods, notions, shoes and like commodities.
There is also
an
insistent demand for many luxuries.
Manufacturers
as a rule are
busy.
Steel mills are far behind their orders
on
deliveries, although it is gratifying to notice that they are
somewhat favored by a rather larger supply of cars.
There
is a big prospective business in steel as a natural conse¬
quence of long repression, and the imperative necessity of
building on a vast scale in this country, to say nothing of the
requirements of the railroads.
Moreover sterling exchange
has recently shown something of an
upward tendency,
despite occasional reactions.
Gold has been arriving. This
has had a certain sentimental effect, like the recent announce¬
/
ment that the British and French
Governments would pay
the
$500,000,000 joint loan which will become due next
October.
There is a steady European demand for wheat
rid rye and apparently more or less
foreign business in flour,
otton exports are well ahead of those of last season.
The
output of lumber is very large.
It is a pity that shipments
are retarded by car
shortage.
Building is more active as the
season advances,
although it is more or less hampered by
the shortage of labor and the fear that labor may at any time
«
leave the builder in the lurch.
make
a
flat
The
contract.
So that often he hesitates to
textile
mills
are doing an ex¬
blinking the fact that
existing high prices of commodities, raw and manufac¬
tured, are deprecated by conservative business interests all
over the country.
The trouble is, too, that prices if any¬
thing have latterly been advancmg rather than receding.
This is certainly regrettable.
And it is pointed out that
manufacturing and other industries of the country will
naturally be affected by the coming advance in railroad
charges, however justifiable they may be, and also by the
increased costs in coal mining growing out of the recent ad¬
vance in
wages.
Such things have their influence in vast
ramifications of trade throughout the United States.
And
it is regrettable also that the condition of the winter wheat
crop, according to the best information now obtainable, is
the worst for about ten years past, on a reduced
acreage.
Moreover the start of the cotton crop threatens to be late.
The eastern section of the cotton belt has had too much
rain;
and the rivers are rising.
The Mississippi River at Memphis
is nearly 3 feet above the flood stage, and it is within about
3 feet of the flood level at
Vicksburg, Miss.
The rivers in
Kentucky are rising and floods are reported in Alabama.
New England rivers are higher than usual and have flooded
cellent business.
But there is
no
use
the
the basements of
Meanwhile
it
of the mills.
some
seems
undesirable
that
credits
should
be
further expanded.'
There has been too much speculation;
partly in commodities.
The best thing the country can
do is to pay its debts, work hard, produce as much as
pos¬
sible, and save.
The country needs all the investment
capital that it can command.
Speculation should be quietly,
but
persistently^ kept within conservative limits.
believed that this is the aim of the banks.
It
is
Almost every
important stock and commodity exchange in the country
is closed to-day (Good Friday) and will be to-morrow, with
the exception of the Chicago Board of Trade which is closed
to-day and will be open on Saturday.
Consumers will have
pay $1 to $1.25 a ton more for bituminous coal as a
result of the 27% increase in miners' wages, according to
mine owners.
Owing to the change of time in New York,
Chicago banks will probably open at 8 a. m. this summer
instead of 9 o'clock unless Chicago adopts daylight
saving.
The tendency it is believed for the entire Eastern section of
to
the United
States to adopt daylight saving.
An attempt
repeal the daylight saving law in New York State has
just failed.
to
It is of interest to notice that
imports from Germany at
$2,133,656 in February, compared with only
February 1919.
Austria, which in Feb. 1919 ex¬
ported nothing to the United States, shipped goods valued
at $02,732 last month.
| Turkish business increased from
New York
$30
were
in
nothing to $715,360.
Secretary of Labor Wilson has called
conference
of
representatives of the Longshoremen's
Union and steamship managers at Washington for
to-day
in an effort to end the coastwise
longshoremen strike which
has tied up the four
principal steamship lines for 17
a
days.
The British Board of Trade
export embargo on wooh
announces
'
the removal of the
.
Europe is bent on increasing its foreign trade.
The
Ministry of Commerce and Industries has created
the post of commercial attache for German Argentina
French
1439
Belgium, Brazil, China, Spain, the United States, Great
Britain, Italy, Russia, Poland, Roumania and Switzerland.
It is said that the number of emigrants from
Spain to the
United States this year will break all records.
We undoubt¬
edly need larger supplies of labor.
A sign of the changed
times is that British freight rates are drifting downward
under the competition of American ocean
shipping.
Last Sunday a tornado killed 150 persons and did
great
damage to property in the West, and also in Georgia and
Alabama.
Heavy rains accompanied the cyclones in the
South.
At the West thousands of persons were made home¬
less.
The damage at Elgin, 111., was $4,000,000.
Fire
added to the havoc near Chicago.
Great suffering has been
reported in the vicinity of Chicago.
The property loss in
the Chicago area alone is put at $6,000,000; total for all
States, $10,000,000 to $15,000,000.
Floods caused the
closing of several mills at Lawrence, Mass. A rise of more
than a foot in Concord and Merrimac rivers
prompted Loweil
officials to make ready f6r the opening of flood-gates closed
since the record freshet of 1852.
At Memphis the Missis¬
sippi River is at 37.8 foot level,
or 2.8 feet aboveflood
There are fears of unprecedented floods in the Mis¬
stage.
sissippi after the exceptionally severe winter. - Floods are
reported in Alabama and Kentucky.
LARD
lower; prime Western 20.30@20.40e; refined to
23.50c; South American 23.75c.; Brizilan
kegs 24.75c.
Futures declined on big stocks, the recent
falling off in export business and selling by packers.
German credits it is stated have been held up.
Meanwhile
supplies are steadily increasing.
To many the outlook
seems blue.
On Thursday prices fell, they are lower for
the
week.
To-day (Good Friday) the Chicago Board
the
Continent
was
closed.
DAILY
1
CLOSING
PRICES
Sat.
May delivery
July delivery
cts.21.10
21.90
OF
LARD
Mon.
20.80
21.52
FUTURES
Tues.
20.72
21.52
Wed.
20.32
21.10
IN
CHICAGO.
Thurs.
Fri.
20.37
Holi-
21.15
day.
PORK steady; mess $42@$43; family $50@$53; May pork
closed
on Thursday at $39 60, a rise of $1 15 from last Fri¬
The Chicago Board was closed to-day, Good Friday.
Beef also steady; mess $16@$18; packet $17@$19; extra
India mess $40@$42; No. 1 and 2 canned roast beef $8 25.
Cut meats steady; pickled hams 10 to 20 lbs. 27H@28Hc.;
picnic, 4 to 10 lbs. unchanged at 16>£@17%c.; pickled
bellies, 6 to 12 lbs. 26@28c.
Butter, creamery extras lower
at 67@673^c.
Cheese, flats unchanged at 14@31c.
Eggs,
steady at 47@48c.
day.
COFFEE on the spot has been firm but quiet; No. 7 Rio
14%@15c.; No. 4 Santos 24@24Hc.; fair to good Cucuta
22H@23c.
Futures declined with indications as some have
thought that the Sao Paulo government has recently been
trying to sell some more coffee.
In any case Brazilian
markets weakened.
There has been more or less long liquid¬
ation here.
It is said that Germany recently bought 100,000
bags in Rio.
Holders of May here have in some cases sold
it and bought distant months.
The trade has sold distant
months and bought near months.
In the main it seems to
be a waiting market pending further events.
On Thursday
prices ended 2 to 8 points higher than on the previous day.
It left May where it was a week ago.
To-day, Good Griday,
the Exchange is closed.
May
•luly
September
cts .14.54©14.56
14.7" @14.79
December
cts
.
January—
14.47 @ 14.48
14-45 @14.47
14.53 @ 14-55
SUGAR.—Raw, higher; centrifugal 96 degrees test,
13.66He.; Porto Riean 12.50c.
The Coffee & Sugar Ex¬
change is closed to-day. Good Friday, and will be also to¬
morrow.
Raw has been more active and strong.
Some
20,000 tons of Cuba sold early in the week on the basis
of 13.04c. duty paid.
Also there has been some inquiry
for later shipments at 12He. cost and freight.
Porto Rico
was held at 13c. c. i. f. in some cases after sales at 12%c.
Futures advanced.
Refined was in sharp demand and very
firm.
Granulated 14@14.50c.
One factor in the rise to
12c.
f.
o.
b. for Cuban
raw
was
the reduction of 300,000
tons
by Willett & Gray in their previous estimate of 4,300,000
tons for the crop.
Later a Cuban trade authority estimated
the Cuban crop at only 3,900,000 tons.
Also the Pacific
coast is to get 150,000 tons or more of Hawaiian Sugar
formerly sent to Atlantic refiners.
And politics in central
Europe may possibly interfere somewhat with beet sugar
planting.
The receipts at Cuban ports moreover last
week fell off to 163,686 tons against 181,996 in the previous
(
week and 175,108 last year.
Exports it is true reached
129,124 tons against 98,435 in the previous week and 119,689
last year; but the stock at Cuban ports is only 580,122 tons
against 728,075 last year and 862,446 in 1918.
The Cuban
crop is said to have been largely sold.
Later it was said
12He. f. o. b. was bid for Cuba in any position,_after some
business
half
of
had
been
done
April and 12Ho.
May
July
cts
at
o.
12to
12for
the first
f. b. for the last half.
_13.80@l3.90l Septemoer
13.90@13.951 Dec
cw
.14- 00 ($14.10
12.75@13.50
OILS.—Linseed fairly active and firm; April-June was
quoted at $1.84 for carloads and $1.87 for less.
One crusher
on
the 30th inst. quoted April-June delivery at $1.74 for
carloads.
Paint manufacturers
are
said to be well stocked
having bought considerable many months ago, and in a
position to await a possible easing of prices.
Cocoanut oil,
Ceylon bbls. 18H@19c.
Cochin, 19@19H<*Olive un¬
changed at $2.90@$3.
Corn, car lots, 20.56c.; Cottonup,
COTTON
Spirits of turpentine $2.45.
good strained rosin, $18.00.
crude immediate $17.00.
seed
'Common
to
in bbls. 23.50@
24.50c.; bulk 15@16c.; cases 27@28c.
Gasoline in keen
demand and steady; motor in steel bbls. 28^e.; consumers
303^c.; gas machine steel 473^c.
Receipts from wells in
the eastern district were 1,369,988 bbls.
against 1,427,875
in January.
The Oil City "Derrick" says that recent field
reports indicate that the total production of the light oil
fields is at least holding its own, if not gaining.
Although
not all districts are ahead, Oklahoma and North Louisiana
production tends to balance the returns.
North Texas
should brace up as new pools are tapped.
Wyoming holds
forth much promise of an increase.
Kentucky, Louisiana,
Texas and Wyoming are scarcely touched as yet.
Carranza
does not prohibit it seems the operation of Mexican oil wells
by foreign companies unless organized under Mexican laws.
The recent decree applies only to operations in Federal
zones—strips of land eleven yards wide along navigable
waterways in Mexico.
3 82
Cabell
Somerset,
and
32
3 75
3 98
North Lima
4 05 Corsicana,
3 73 Electra
3 73
South Lima
have
3
4
heavy. 1 75 Caddo, La., light- 3
2
3 50 Caddo crude
3
3 00 De Soto
—.
-
-
....
....
RUBBER
3 50
2 75
3 00
Moran
Kansas&Oklahoma 3 50 Henrietta
light-. 3 00 Canada
1 75 Corslcana,
Wooster
London
Illinois
Plymouth
deg.
above
Ragland
$3 50
.-$3 63 Burkburnett
3 77 Thrall
3 77 Healdton
$6 10 Indiana-.-.
3 75 Princeton
Pennsylvania..
Corning
quiet
been
Strawn
and
lower.
easier
and
Of
late
the
cables
00
13
50
00
40
Friday Night, April 2 1920.
,
PETROLEUM active and steady; refined
indicated by our
THE MOVEMENT OF THE CROP, as
For the
reached
109,953 bales, against 118,968 bales last week and 114,627
bales the previous week, making the total receipts since
Aug. 1 1919 5,934,180 bales, against 4,145,689 bales for the
same period of 1918-19, showing an increase since Aug. 1 1919
telegrams from the South to-night, is given below.
week ending this evening the total receipts have
1,788,491 bales.
of
Texas
City
...
Total.
Fri.
Thurs.
4,516
2,155
30,961
4,719
*3,500
30
591
4,289
1,036
4,541
8,595
3,804
5,216
1,347
Wed.
Tub.
Mon.
Sat.
Galveston
522
626
'
■
'|
Port Arthur, &c_
New Orleans
Mobile
3",410
3",808
8",761
11",696
175
1,555
75
25
...
Pensacola
Jacksonville
„
.
32,211
2,382
--
»
-
:wlj
;
3",877
4",829
Savannah
247
247
*3,000
25,034
1,000
2,787
2,034
4,051
-
.
2",992
7",205
3,131
1,000
Brunswick
"299
""87
1,340
"294
300
429
119
1,119
67
1,042
955
539
617
480
Charleston
Wilmington
Norfolk
*300
467
'
•
*
«.
418
"
Newp't News, Sec
«
—
»
-
—
—
~
—
—•
'
1,053
2,589
'
1,053
V
New York
"181
Boston
"729
763
Baltimore
-
-
395
660
521
....
Totals this week.
117,197
'wil
—
~
660
225
""*75
"150
Philadelphia
/:
13,902 109,953
12,937
22,908
28,918
14,091
from
sterling exchange weaker.
There is very little business being done in plantation rubber
either by dealers or manufacturers.
Smoked ribbed sheets
May-June 463^c.; July-Sept., 49c., and last
493^c. Para quiet but steady; up river fine
Central steady at 32c. for Corinto.
OCEAN FREIGHTS have been quiet partly owing to
labor troubles at home and abroad, but rates, it is declared,
are
steady.
At some of the British ports the situation is
said to be improving.
But here the longshoremen's strike
continues.
Imports figure largely in the foreign trade.
Europe seems to be buying as little as possible in the United
States for the time being.
The Pacific Coast, it seems, wants
more
tonnage.
Europe and South America afford quick
markets for coal.
Sugar tonnage is in demand.
Charters included grain from Atlantic range to picked ports
in the United Kingdom at lis., option flour at 57s. 6d.;
coal from Atlantic range to Rotterdam at $19.75; heavy
grain from Buenos Ayres to Gibraltar-Rotterdam, 185s.
option Mediterranean up to west Italy 195s. March 20April 20.
Seven steamers 4,140 to 6,160 tons from San
Lorenzo to United Kingdom 112s. 6d. completing Buenos
Aires 107s. 6d.; option Bahia Blanca 112s. 6d. Feb. 25April 30; grain from River Plata to Marseilles-Rotterdan
on
[Vol. 110.
THE CHRONICLE
1440
total
with
following shows the week's total receipts, the
Aug. 1 1919 and the stocks to-night, compared
The
since
last year:
the spot 46c.;
half of the year
$27
prompt; coal from Virginia to Port
sublet coal from Norfolk to Rio Janeiro $14.50 prompt.
TOBACCO.—Trading has been light in domestic cigar
tobacco.
congestion.
has recently been a sharp demand for foreign
Big sales of Porto Rico were made at 55 to 60c.
or more.
The rise
was
due to
a
decrease in the crop follow¬
ing protracted rains. To make matters worse the 1920
Cuban crop also, it is claimed, threatens to be short.
In
some provinces for instance Havana and Pinar del Rio.
The
quality will be excellent; the quantity is another matter.
The crops of firsts and seconds in Santa Clara, it seems, will
be the largest in size and the best as to quality for many
years past.
Many think it will be snapped up at high prices.
COPPER has been in good demand and rising.
It is
said that recent sales have been very large with 19c. the
price for electrolytic.
Predictions of higher prices before
long are heard.
It is asserted that 250,000,000 lbs. have been
sold during March for home and foreign consumption.
Latterly there have been reports of foreign business at
19^e. but it appears that it can still be had at 19c.
The
favorable outlook for the foreign credit finance scheme
has had its effect.
Tin in good demand and higher at 63c.
Lead in fair demand and higher at 9c. spot New York.
Zinc higher at 8.75e. spot St. Louis.
Latterly there has
been a good demand for export.
PIG IRON has been quiet but firm.
Domestic demand
is dwindling.
Europe and South America have bought to
some extent said to be on the basis of $43 base Virginia fur¬
nace, $43 to $45 Buffalo
and $44 to $45 Penn. furnace,
1.75 to 2.25% silican.
Coke is higher—sold at $10 to $12—
and pig iron it is predicted will follow suit.
STEEL
conditions
seem
a
bit
more
cheerful.
For
Taxas
City
j._
Pass
Aransas
Port Arthur, &c
New Orleans
Mobile.
Pensacola
Jacksonville
._
Savannah
Brunswick
Charleston
Wilmington
-
Norfolk
:j
NewportNews, &c
New York
Boston
.
Baltimore
Philadelphia
In order that
comparison
1919
266,338
14,223
53~527
414,959
22,790
366,628
12,539
24,407 1,122,667
117,569
1,704
9,812
"l"05
"6", 500
19,503
785,149
57,180
15,505
500
75
11",605
186,911
44",869
96", 226
4,819
6,627
5,797
88,774
243,715
2,987
7,416
20,891
16,687
280
•
165,774
2,500
209,694
52,170
78,147
140,544
2,525
1,680
4,029
11,442
6,025
3,312
90
250
55.751
56.752
119,303
78,025 4,145,689 1,226,528 1,265,879
109,953 5,934,180
Totals
1920.
213,254
57,210
11918.
Week.
26,809 1,396,669
406
62,509
be made with other years,
may
give below the totals at leading ports for six seasons:
we
1915.
1916.
1917.
1918.
1919.
1920.
Receipts at-
All others....
~4", 774
"""460
2,698
7*284
Total this wk.
109,953
78,025
74,681
75,372
70,759
1,647
39,487
3,128
23,088
7,000
3,858
2,309
13,186
5,762
6,925
177,149
30,879
6,190
17,960
3,419
11,350
3,000
1,543
4,770
11,537
1,149
1,658
93,455
30,961
4,719
32,211
2,382
25,034
1,000
2,787
2,034
4,051
Galveston....
New
Orleans.
Mobile
Savannah
Brunswick
Charleston, &c
Wilmington
_.
Norfolk.
34,045
13,817
26,809
406
178
400
24,407
1,704
15,505
29,932
4,013
15,127
16,477
824
1*608
4,033
1,000
1,933
4,544
3,898
500
8,407
"
2,525
1,680
4,029
969
96
N'portN., &c.
Since Aug. 1-. 5,934,180 4,145,689 4,970,464 5,915,466 5,892,898 9,214,934
the week ending this evening reach a total
to Great Britain,
1,275 to France and 91,173 to other destinations.
Exports
for the week and since Aug. 1 1919 are as follows:
The exports for
134,580 bales, of which 42,132 were
of
1919 to April 2 1920.
Exported to—
From Aug. 1
Week ending April 2 1920.
Exported to—
H/ZJ/OTIS
Great
Great
from—
Galveston
32,958
..
Total.
76,075 1,213,663
192,164
70,284
Texas City-
Houston
>
.
'''
'
>
...
—
—
»
—
*
358,858 1,669,821
97,300
20,934
Total.
Other.
France.
Britain.
Other.
43,117
Britain. France.
.
-
.
''
-
213,098
70,284
'
Pt.
175
■
mm *,
m
•
8", 189
Pensacola
-
31,954
1,175
190,729
497,760
85,202
19,149
22,726
90,928
19,013
19,013
100
21,614
Savannah..
.
541,723 1,033,897
108,899
3,697
80,728
_.
Brunswick
100,098
24,474
392,076
31,954
9,364
Jacksonville
Chalreston
■■
—
....
*
-
263,938
—
— m
166,464
■'
:•
—
-
-
■'
«• ....
.
'
—-
Boston
2,350
5,605
6,189
10,402
16,544
550
5,657
82
4,589
"ioo
"484
93,729
500
l", 155
23,051
400
—
Norfolk
New York..
16,847
3,000
274
— —»
-
29,363
3",000
Wilmington
276
...
Baltimore
..
Philadelphia
"225
—
•
••
4mm>~
-
**
«. «.
—
Portl'd.Ore.
Total
Tot. 1918-19
—
-
l"205
20,004
82,703
1
f
929
30,789
195,233
30,789
14,334
1,205
14,334
195,233
—
....
42,132
5,089
5,553
375
—
•
_
136,841
160,339
9,166
tm.^ m.
929
•
Seattle
137,138
82,703
5.088
'
Angeles
40,762
133,393
3,427
21,714
952,427
166,464
127,077
375
•'
Vt
5,088
San Fran...
Tacoma
"930
v*.
Providence.
Los
13
•-
New Orleans
Mobile
175
13
Nogalez
El Paso
■
one
thing cars are rather more plentiful.
Steel therefore is mov¬
ing out more freely on old orders. Of course the mills are
still far behind on deliveries.
Meanwhile a good demand is
reported for wire products, sheets and bars.
Light bars are
scarce even at a premium.
Sheets and bars it is said are
not available for many months ahead.
Railroad inquiry
is increasing for structural material.
Meanwhile the indi¬
cations point to a larger production and a freer movement.
Ultimately this may bring about an easing of prices.
But
coke is higher.
Belgium is competing more freely with the
United States in the matter of ship plates, and a British order
'for nearly 20,000 tons in this country has therefore been
-canceled and it seems, given to a Belgian concern.
Week.
Since Aug
This
Since Aug
1 1919.
30,961 1,915,632
318.780
4,719
1,801
91,692
32,211 1,080,055
244,344
2,382
15,795
"247
13,578
25,034 1,130,482
1,000
148,500
380,446
2,787
132,665
2,034
4,051
310.781
4,166
17,577
1,053
26,227
2,589
660
83,844
225
17,815
Galveston
TexasCity,&c.
leaf; it is hampered by car shortage and railroad
there
This
April 2.
Said $26; coal from
Virginia to west Italy $22 prompt; Japanese steamer one
round trip in United States and Brazilian trade $7.75;
But
Stock.
1918-19.
1919-20.
Receipts to
41 l/fc. @42c.;
93,751
Tot,1917-18
91,173 134,580 2,672,312
489,407 2.023,103 5,184,822
51,930 145,681 1,645,363
15,848 15,848 1,909,854
1,275
453,029
569,269 1,299,637 3,514,269
995,259 3,358,142
telegrams to-night also
the following amounts of cotton on shipboard, not
cleared, at the ports named.
We add similar figures for
In addition to above exports, our
give
us
New York.
.
..
■
APE. 3
1920.]
THE
On
Britain. France.
Galveston
New
Ger¬
27,350
Orleans.
7",040
8,061
_
Savannah*
10,000
Other
Cont't.
many.
1,108
6,700
5,000
26,422
38,832
10,000
8,500
63,380
27,000
800
5,901
a
1,566
ports*.
Total
"500
800
500
"500
_
1920—
Total
1919—
Total
1918-_
l",506
2,000
15,000
York*
Other
62,289
7,401
Norfolk
New
Total.
1,656
2,000
Charleston
Mobile
Leaving
2,000
17,000
66,812
37,724
22,750
7,040
18,919
30,000
12,808
80,254
37,238
20,562
Slock.
149,874
304,339
138,774
208,894
5,138
77,647
42,869
118,623
13,456 180,370 1,046,158
98,419 1,167,460
92,679 1,449,200
4,538!
19,3671
Speculation in cotton for future delivery has latterly been
active at rapidly rising prices.
This was due partly
to the imminence of three
holidays, the Cotton Exchanges
having voted to close on Good Friday, April 2, and also on
Saturday, April 3.
Moreover, the New York Stock Ex¬
change finally decided to close on both Good Friday and the
day following.
This has increased the Wall Street trading
more
in cotton
for both sides of the account.
Back of all this,
however, is apprehension in regard to the next crop, owing
to heavy rains and fears of floods.
That, to be sure, is
looking far ahead.
But it is clear enough that the season
is late, and there is a fear that the
scarcity of labor wil
seriously hamper the Southern farmer.
It handicaps him
not only in ploughing and
planting, but even in some sec¬
tions of the belt in getting fertilizers from the
factory.
And
recently there has been too much rain in the Eastern belt.
Last Sunday and Monday, too, Georgia and Alabama were
in the throes of a big storm, with a
great precipitation of
rain and high winds, with much destruction of
property and
loss of life.
It followed a big tornado in the Central West,
one of the worst in the
history of the United States.
It
_
all tended to make bad
in the Eastern cotton section.
little covering of hedge shorts in
worse
Also there has been not
a
and July.
There are fears that the experience of
March may be duplicated in May and
perhaps triplicated in
July.
In any case the hedge short interest has shown not a
little
nervousness.
So
have
purely speculative shorts.
For contracts have been scarce.
This has aggravated a
situation already in the general opinion
menacing enough.
And Liverpool at times has been a big buyer of
July and
October.
The new crop months have led the rise.
On the
31st inst. January advanced 120 points and October and
December practically as much.
On that day, too, May an
July rose 90 to 92 points.
Naturally, an advance in one
day of $4 50 to $6 a bale attracted wide atention.
May
The
weekly Government report stated that in Texas the
germination was poor and planting backward.
Rain is
needed
in
Southwestern
and
Northwestern
Oklahoma.
The lowlands of Northwestern Arkansas have been flooded
by excessive rains and the soil washed on the highlands.
In
Louisiana very little cotton has been planted.
Rains have
prevailed in Alabama, Georgia, Mississippi and Tennessee
since the date of the weekly Government
report.
Early in
the week Georgia in a single
day had two to four inches.
What the eastern belt wants is
dry, warm weather for a
time.
It has had enough rain and to
spare.
At the same
time there are persistent reports of
shortage of labor in most
parts of the belt, even at high wages.
It is said that in the
oil camps they have been
paying common labor $10 a day.
All sorts of abnormal prices are
being paid, it seems, in cot¬
ton fields, for labor is so inefficient that in
ordinary times it
would be turned away.
And judging from some late re¬
ports, there may be a stoppage of potash shipments from
Germany to this country for a time.
Liverpool has latterly been firmer.
Manchester has been
buying there, and shorts have covered on easier rates of
exchange. ; British advices intimate that cotton goods and
clothing will remain high for a time at least, owing to the
big export outlet for British manufactures.
Gold has been
arriving at New York on a more liberal scale than for some
time past.
Some build hopes of higher exchange and larger
exports, on this circumstance, and the fact that further
gold shipments to New York are in prospect.
Print cloths
here have been firm, even though quiet.
Spot cotton at
the South has been generally steady.
Rather more demand
is reported in some sections.
The stock here continues very
small, both j;ertificated and in licensed warehouses.
The
South has bought new crop months to some extent.
Atlan¬
tic trade interests have been buying here.
trade
concerns.
Wall
Street
has
at
times
So have other
bought quite
freely.
On the other hand, sterling exchange has at times de¬
clined, stocks have wavered, cotton goods here and in Lan¬
cashire have been quiet, and some features of the lates
weekly Government report on the weather and crop situation
at the South were unexpectedly favorable.
In Georgia, for
instance, it stated that excellent progress was being made in
ploughing and planting.
In Alabama planting is going on.
It has begun in South Carolina.
Most of last week was
favorable in
Mississippi.
Whereas, everybody had supposed
that farm work in that State was at least three or four weeks
in arrears, the Government statement says that on the aver¬
age
it is only ten days later in Mississippi than usual.
Warm
light rains have been favorable, it is declared,
weather and
for North Carolina.
In most parts of Arkansas farm work
is progressing well; and here again
surprising as it may
sound, the report adds that such work is "well advanced
1441
except in the northwest."
season,
excessive
Coast¬
wise.
the
for
Shipboard, Not Cleared for-
Great
April 2 at—
CHRONICLE
rains
have
been
drawback
a
Of
the
course
there.
it
But
is
added that in Tennessee high temperatures and a
light rain¬
fall have been favorable.
Liverpool's stocks are
increasing.
There is
big textile strike in the Roubaix and Turcoing
a
districts of France.
Old crop months, too, have moved
up
with spot cotton at the South.
Certainly
parity,
near
a
they
are
at no such discounts under actual cotton
were
for
many
as they
months.
Spot markets, too, have for the
most part, been quiet.
At times, too, low grades have been
more freely offered.
To all appearance there has been no
general activity in spot cotton at the South.
Liverpool's
spot sales have been only 2,000 to 4,000 bales a day.
And
Manchester, so far as new business is concerned, has been
quiet.
Some people here are dubious as to the likelihood of
the American consumer following any material advance in
cotton goods and clothing.
On the contrary, lower prices are predicted for clothing in
some quarters.
On Thursday prices advanced on further
rains, trade, Liverpool and Wall Street buying, and hedge
and other covering, after which they reacted on profit
taking.
Prices are decidedly higher—115 to 128 points—
for the week on May and October.
To-day, Good Friday,
the Exchanges are closed.
Spot cotton advanced 25 points
41.75c.
to
W. P. Jenks has bought the membership on the New York
Cotton Exchange of A. Schierenberg for $20,000, an ad¬
the previous sale.
quotation for middling upland cotton in the
New York market each day for the past week has been:
of $500
vance
over
The official
March 27 to
Sat.
NEW YORK
1920-C
41.75
Moh.
Tues.
41.50
April 2—
uplands
Middling
41.50
41.50
Wed. Thurs.
Fri.
41.75
Hoi.
QUOTATIONS FOR 32 YEARS.
1912-C
10.95
1904-C- —15.35
1919—.-—28.90
1911
14.40
1903
1918
35.00
1910—
1902.
1917
19.35
1909
14.75
9.95
1901
1916
12.00
1908
10.50
1900.
1915
9.80
13.30
1907
-.10.90
1906
11.65
12.60
1905.
8.15
1914
1913
41.75
-10.05
9.00
1896-C—
7.88
1895
6.38
1894
7.75
8.31
1893
8.62
9.56
1892—
1899.
6.31
1898.
6.19
1891
1890
1897.
7.31
1889—-—10.19
_
6.69
9.00
11.44
—
MARKET AND SALES AT NEW YORK.
'
Futures
Spot
Market
SALES.
Market
Closed.
Closed.
Saturday
Monday
Steady,
Steady,
Tuesday
Steady,
Wednesday. Steady,
Thursday
Steady,
__
unchanged.
unchangedunchanged.
25 pts. adv.
unchanged.
Spot.
Steady
Steady
Steady.
Conlr't.
Total.
"loo
"loo
"ioo
300
Barely steady.
400
1,600
1,600
200
2000
Firm
2300
"200
_
HOLI DAY
Friday
Total
300
FUTURES.—The highest,
New York for the past week
Saturday,
Mar.
27.
April—
Range
1 Monday,
jMar. 29.
lowest and closing prices at
have been as follows:
Tuesday, Wed'day, Thursd'y,
Apr. 1.
Mar. 30. Mar. 31.
|_
40.00
40.00
—
—
40.00
Friday,
Week.
Apr. 2.
40.00
—
—
39.10-.60 39.25-.60 39.25-.85 39.90-.00 39.60-.00
Closing
May—
•
■
38.35-.55 38.51-.02 38.53-.95 38.96-.80 39.60- .00
Range
38.51-/00
Closing.... i38.47-.50.38.90-.92 38.90-.94 39.75-.80 39.60-.62
June—
1
Range..
'37.15
37.25
Closing
—
—
37.50
—
.
—
37.40
—
—
-—
38.50
—
37.15
—
—
38.63
—
—
—
—
—
July—
Range
35.50-.73 35.81-.20 35.76-.16 36.20- 99 36.80-.31
Closing
35.72-.73 36.09-.14 36.07-.10 36.93-.99 36.80-.82
35.50-^31
August—
Range.—
—
—
—
—
34.20
—
34.90
—
34.90
—
33.15
—
33.80
—
33.75
—
Range
Closing
35.80
—
34.25
Closing
September—•
—
35.75
34.78
35.92-.06
—
—
—
34.75
35.92-.06
34.25
—
October—
Range
32.04-.20 32.38-.88 32.38-.77 32.78 a80 33.77-.25
Closing
32.14
—
•
Range
——
Closing
31.55
—
32.04-225-
32.78-.80 32.65-.66 33.75-.80 33.78-.82
November—
—
—
—
32.25
—
—-
—
—
32.08
—
—
—
,
*
■—
_
33.20
—
—
33.20
—
—
•—
—
—
—
December.
31.22-.36 31.55-.10 31.65-.00 32.02 a05 33.00-.45
Range
Closing
31.32-.33 32.03-.05 31.86-.88 33.03-.05 33.02-.05
January—
Range
30.60-.72 30.80-.40 31.05-.33 31.45-148 32.50-.75
31.22045-
30.68
Closing
February—•
Range—
—
—
Closing--- 30.48
sf 1
p
0
3
—
—
—
31.36-.38 31.28
30.50
31.15
—
—
__
31.07
—
—
—
—
32.44-.50 32.40-.45
31.40-.70 32.40-.45
32.30
—
--
_
1
1
1
1
_
__
___
_
/ 37c
•
z
34c.
a
33c.
—-
30.50-145
—
31.95-.03
Closing
/40c.
32.25
32.05-.20
_
—
1
30.60-175
•
32.05-.20
—
•—
—
1 32c.
QUOTATIONS FOR MIDDLING COTTON AT OTH¬
ER MARKETS.—Below are the closing quotations of mid¬
dling cotton at Southern and other principal cotton markets
for each day of the week:
'•
Closing Quotations for Middling Cotton onWeek ending
Saturday.\Monday. Tuesday.\Wcd'day. Thursd'y.
April 2.
Galveston
New Orleans
42.75
__
40.25
43.00
40.50
43.00
40.50
43.25
41.00
41.00
39.75
41.00
41.00
41.00
40.00
40.50
Mobile
39.75
39.75
Savannah
40.75
41.00
Charleston
40.00
,40.00
Wilmington
39.00
39.50
41.00
41.75
40.00
40.50
40.00
39.00
39.50
41.00
41.75
39.50
41.00
Norfolk
Baltimore
Philadelphia
Augusta
Memphis
„.
Houston
42.00
40.13
40.50
43.10
42.00
Little
41.25
41.50
Dallas
Rock
Friday
43.25
39.75
-
41.75
-
—
39.75
HOLI¬
DAY
'
39.50
40.50
39.50
41.00
42.00
42.00
40.13
40.50
40.50
40.50
40.50
41.00
43.10
43.60
43.30
42.00
42.50
41 .o0
42.2o
42.50
42.25
THE VISIBLE SUPPLY OP COTTON to-night, as
StocS
at
the week and since
Via
467,000
690,000
24,000
55,000
543,000
581,000
"
769,000
*1,000
66,000
189,000
135,000
1,000
20,000
339,000
6,000
104,000
4,000
28,000
355,000
160,000
936,000
12,000
703,000 1,249,000
32,000
99,000
Amer. cotton afloat for
510,784
320,189
160,000
222.885
Egypt. Brazil, &c., afloat for Eur'e
63,000
Stock in Alexandria, Egypt
141,000
Stock in Bombay, India
1,015,000
47,000
80,000
338,000
*570,000
42.000
147,000
820,000
Europe..
Stock in U. S. ports
.1,226,528
Stock in U. S. interior towns....1,214,107
U. S. exports to-day
30,200
393,000
912.000
1,265,879 1,541,879 1,173,582
1,506,474 1,270,758 1,061,285
10,662
1,500
supply
6,180,619 5,403,204 4,697,137 4,814,725
totals of American and other descriptions are as follows:
Of the above,
905,000
325,000
290,000
580.000
161,000
495,000
...bales.
Liverpool stock
Manchester stock
Continental stock
43,000
320,000
26,000
*139,000
49,000
429,000
510,784
320.189
160,000
222,885
1,226,528 1,265,879 1,541,879 1,173,582
American afloat for Europe
U. 8. port stocks
to-day
1,500
10,662
30,200
...
...
.10,338
10,338
Total to be deducted.
*
Including
by rail
movement
Week.
5,934,180
1,178,832
2,456,000
78.025
..201,955
9,569,012
17/.040
*121
412,060
*14.669
marketed
Total
interior stocks in
...
excess
-
Came into sight during
To«al in sight April 2
*
12,000
32,000
99,000
47.000
393,000
80,000
42,000
338.000
*570,000
147,000
820,000
1918—April
1917—April
1916—April
...
in
Alexandria, Egypt
Stock in Bombay. India
141,000
....1,015,000
912,000
Total East India, Sic
Total American
1,638,000 1,612,000 1.268,000 1,299,000
4,542,619 3,791,204 3,429.137 3,515,725
Total visible
6,180,619 5,403,204 4,697,137 4,814,725
27.76d.
15.24d.
24.95d.
12.69d,
41.75c.
28.70d.
35.35c.
20.55c.
84.00d.
30.08d.
32.8ld.
28.35d.
SO.OOd.
30.00d.
39.00d.
18-75d.
22.8f.d.
15.60d.
22.90d.
12.20d.
23.10d.
15.85d.
23.15d.
12-38d.
supply..
Middling uplands, Liverpool
Middling uplands, New York
Egypt, good sakel, Liverpool...
Peruvian, rough good, LiverpoolBroach, flue, Liverpool
Tinnevelly, good, Liverpool
Estimated.
Continental imports for past week have been 41,000 bales.
The above figures for 1920 show a decrease from last week
gain of 777,415 bales over 1919, an excess
over 1918 and a gain of 1,365,894 bales
1917.
AT THE 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
detail below:
Movement to April 2
Movement to April 4
1920.
Ship¬
Apall
Season. I Week.
2.
9,722
424
59,429
576
37,595
1,056
489
50,491
1,082
19,407
6,966
27
1,926
80,099
9.758
Athens.......
2,200;
143,639
Atlanta
2,739
230.534
Augusta
7,458
245
La., Sbreveport
Miss.,Columbus
201,667
874
Rome
483,566
33,994
1,999
Macon
73,601
50
36.^12
105
3,342
144,299
2,883
44,240
2.264
118.023
1,210
52,411
5,984
1,317
93
10.144
88|
4,445
2,650
35,101
30.629
9,927 118,035
919
113,214
2,098
39,462
3.794
3,976
4,290
169,885
4,558
26,592
52.055
257
"266
249
41,494
31,700
'31,015
178,767
Columbus
4.
67
103
"166
4,431
3,469
1,448
Ga., Albany
98
68,360
Helena..
Pine Bluff
April
3,308
25.021
Little Rock...
Ark.,
Slocks
j Week. J Season. | Week.
2,017j
5,371
174
1919.
Ship¬
ments.
Receipts.
Stocks
ments.
Receipts.
956
16,900
353,738
6,145 184 296
7,497
175
50.998
75
30,525
2.837, 32,693
2,350,
173,316
3.091
41,484
11,954
800
43.249
1,147) 46.383
644
113,278
200
52,305
68
18,120
237i
4,037
2,775
365
81'
2.200
1,0511 14,000
1,500
130,446
1,734
46,500
1.771
121,528
Greenwood
700
105,355
1,300
24.700
1,000
122,478
4,403
1,100
44.300
Meridian
300
34,580
418:
3,500|
437
36,099
459
15,221
Natchez
150!
25,714
435'
5,300,
170
38,406
959
14,347
250; 9.390,
164!
7,400
8,055' 14,384|
400
37,967
513
16,000
7,017
447,516
7,265
25,199
35,144
1,558
Clarksdale
87|
Vlcksburg
17,978
Yazoo City...
50
32,883
Mo., St. Louis.
9,205
619,310
800
43,993j
100
10,938
N.C.,Gr'nsboro
1,300
8,500,
.
558
31,424
1,749
603
44,168
9,872
9,260
202
6,233
250
128
19,100
2,191
113,841
1,691
22,500
11,620
lo",397
~600
43~.no
24,787
Raleigh
O.,
3,400
6,247
14
150
2871
2,000
51,200,
2.000
37,089
128,193
31,600
7,900
l"680
15,104
297
13,659
1S",52I
991,950
15,942321,720
15,507
739,717
19,560377,956
1,436
Cincinnati.
l.Olo;
1,198
2,500
"165
1,268
7,333
100
647
1,906
93
16.493
133
5,460
1,500
Okla., Ardmore
Chlckasha
Hugo
Oklahoma
S.C., Greenville
Greenwood..
Tenn., Memphis
Nashville
..
Tex., Abilenq..
~605
Brenham
Clarksvllle
Honey GroveHouston
Paris
1.200,
Total, 41 towns
•'
2,514
750
52,982
8.028,079
809,858
162,371
8.8o7,93/
5
6...
7
are
sight in previous
years:
Since Qug. l—
Bales.
176.056 1917-18—April 5
1/6,656 1916-17—April 6
180,982 1915-16—April 7
-
Bales.
..10,031,441
10,958,030
—.10,245,978
TELEGRAPH.—Telegraphic
the
to
effect
whple.
Reports from
is handicapped by
that planting
labor shortage and germination has been somewhat un¬
favorably affected by cold weather.
Galveston, Tex.—Moderate rains fell in central and west
central parts of Texas followed by much cooler weather;
unfavorable for germination of seed.
Planting continues
handicapped by labor shortage.
We have had rain on two
days during the past week,, to the extent of five hundredths
of an inch.
The thermometer averaged 66, ranging from
56
to
76.
,
Tex.—Dry all the week.
The thermometer
ranged from 32 to 82, averaging 57.
Brownsville, Tex.—There has been no rain during the
week.
Highest thermometer 94, lowest 58, average 76.
Dallas, Tex.—It has rained on one day during the week
to the extent of one inch and two hundredths.
The ther¬
Abeline,
averaged 60. the highest being 80, and the
has
mometer
lowest 40.
Palestine, Tex.-—We have had rain on one day during the
hundredths of an inch.
averaged 61, ranging from 42 to 80.
San Antonio, Tex.—It has rained on two days during the
week, to the extent of sixty-four hundredths of ^n inch.
The thermometer has ranged from 46 to 84, averaging 65.
New Orleans, La.—Rain on five days of the week.
The
rainfall has been fifty-five hundredths of ah inch.
Average
past week, to the extent of twelve
The thermometer
thermometer 69.
Shreveport, La.—There has been rain on three days of the
one inch and eighty-one hundredths.
The thermometer has ranged from 52 to 84.
week to the extent of
Vicksburg, Miss.—The thermometer
averaged 66, ranging
from 52 to 82.
Mobile, Ala.—Farm work is progressing satisfactorily on
uplands, but a large area of river bottoms is still under
water.
Labor is scarce.
It has rained on one day during
the week, to the extent of twenty-seven hundredths of an
The thermometer ranged from 45 to 79, averaging 60.
inch.
Charleston, S. C.—We have had rain on five days
1,396
the past
dredths.
297
10,059
during
to 74.
68,223
6,100
286
40,893
855
7,487
19,700
4,600
467
78,029
1,451
16,098
457
25,118
684
4,575
93,139 6,082,378! 93,2601214107
These figures are
tion has been moderate to light on the
Texas
1,083
100
21,344 .,502,927
1,520
101,979
529
29,925
1,536,159
consumption; takings not
2,244,410
reports to us this evening from the South indicate that while
rain has fallen in most sections during the week the precipita¬
5,500
23,589
951
114,925
40,545
a
WEATHER REPORTS BY
7,638
"300
26,692264,000
1,500 14,000
1,199
Decrease during week,
r.loo
72,356
36,5231,796,925
San Antonio..
39,015
60,000
9,981,072
takings to April 2.. 33,686
Movement into
26,978
31,046
800
Aug. 1.
4,145,689
1,367,390
2,515,000
available.
34,690
6,074
38.J25
.
Dallas
Aug.
week....201,834
Week—
63.000
India afloat for Europe.....
Egypt, Brazil, &c., afloat
.
Since
1.
65,000
Continental stock
Montgomery
1918-19-
Since
Week.
Receipts at ports to April 2
109,953
Net overland to April 2
21,002
Southern consumption to April 2.a 71,000
Takings.
24,000
6,000
*51,000
Selma
a
Sight and Spinners'
110.000
Week. I
to Canada,
1919-20
In
21,000
29,000
*21,000
Ala., Eufaula..
262,238
foregoing shows the week's net overland movement
has been 21,002 bales, against 39,015 bales for the week last
year, and that for the season to datd the'aggregate net over¬
land exhibits a decrease from a year ago of 188,558 bales.
177,000
Towns.
2,760
39.015 1,367,399
Revised.
The
13,000
30,000
35,000
over
408,480
355
416
21,002 1,178,832
Leaving total net overland *
170,000
a
45,084
43,917
173,237
.
10,000
25,000
111,000
bales,
1,989
796
Between interior towns.
208,000
Manchester stock
1,483 482 bales
5,015
145,463
61,263
201,754
4,527
-
Liverpool stock....
of 4 652
41,775 1,629,628
.31,340 1,587,312
London stock
of
20,467
Deduct shipments—
Nor. spinners
East Indian, Brazil, &c,—
*
128
327,962
4,542,619 3,791,204 3,429,137 3,515,725
Total American...
Stock
152,627
9,761
1,270.758 1,061,258
1,214,107 1,506,474
U. 8. interior stocks
823
2,204
2,141
2,988
Virginia points..
Via other routes. &c
480,000
606,000
Total European stocks
.1,915,000
India cotton afloat for Europe...
65,000
Total Continental stocks......
17. S. exports
600
*1,000
Stock at Trieste
Total visible
Via
«7,265
8,747
*1,000
153,000
6,000
91,000
105,000
351,000
Stock at Barcelona
Stock at Genoa...
Mounds. &c
Rock Island
Louisville
Via Cincinnati
Via
Aug. 1.
a435,591
306,371
21,762
90,553
50,703
95,025
575,623
Week.
620,235
353,447
17,798
91,330
23,913
8,055
8,087
985
864
—
Via
t
Stock at Havre
Stock at Marseilles
St. Louis
Since
Since
Aug. 1.
Week.
Via
21,000
55,000
1,309,000
Stock at Bremen
1918-19
-1919-20-
April 2
Shipped—
.
Total Great Britain
Stock at Hamburg
from telegraphic reports Friday night.
The result for
Aug, 1 in the last two years are as follows:
up
13,000
73,000
186,000
Stock at Manchester
THE WEEK AND
FOR
SINCE AUG. 1.—We give below a statement showing the
overland movement for the week and since Aug. 1, as made
495,000
bales.. 1,113,000
10,000
Liverpool..
Stock at London
1Q17
101ft
1Q1Q
109H
MOVEMENT
OVERLAND
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
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
up
Anvil 9
[Vol. 110.
CHRONICLE
THE
1U2
38,365
22,809 278,794
1,510
l.OlU,
14,725
1,514|
week, to the extent of one inch and seventy hun¬
The thermometer averaged 62, ranging from 50
Charlotte, N. C— It has rained during the week, to the
one inch and ninety-five hundredths.
The ther¬
extent of
mometer has
ranged from 42 to 77, averaging 60.
NEW ORLEANS CONTRACT
MARKET.—The clos¬
contracts in the New Orleans
markets for the past week have been as follows:
ing quotations for leading
3,153
cotton
Saturday,
78,6005,194,245 93,2691506474
Mar.
Monday,
27. Mar.
Tuesday, Wed'day, Thursd'y,
30. Mar. 31. April 1.
29. Mar.
Friday,
April 2.
Note.—Due to the close observance of the Good Friday holiday at the South,
many of
the interior towns results have failed to reach us this week, and consequently
to complete
the table
we
have had to estimate the figures.
K The above totals show that the interior stocks have de¬
creased
during the week
bales less than at the
121
same
bales and
are
time last year.
to-night 292,367
The receipts at
all towns have been 14,539 bales more than the same week
last year.
/
April
38.52 — 38.88 —
38.02-.06 38.38-.47
35.34-.38 35.73-.76
32.04-.06 32.62-.66
38.78
—
39.57
—
39.49
—
December
31.25
31.94
—
38.27-.34 39.07-.10 38.99-.00
35.63-.65 36.58-.60 36.50-.55
32.44-.47 33.55-.58 33.55-.61
31.70-.79 32.84-.87 32.82-.90
January
30.55-.60 31-24
—
31.00-.08 32.14-.20 32.12
May
July
October
—
—
Tone—
Spot
Options
Steady.
Steady.
Steady.
Steady.
Steady.
Very st'y
Steady.
Firm.
Steady.
Steady.
HOLI¬
DAY
Ape. 3
1920.]
THE CHRONICLE
The
following statement we have also received by tele¬
graph, showing the height of the rivers at the points named
at 8 a. m. of the dates
given:
,T
New
April 1 1920.
Feet.
^
Orleans
Memphis
Above
zero
Above
Above
Above
Above
—
Nashville
Snreveport
Vicksburg
zero
zero
zero
zero
April 4 1919.
Feet.
of gauge.
of gauge.
15.0
35.4
12.4
15.7
23.8
42.5
of gauge.
15.5
38.2
of gauge.
of gauge.
12.6
44.4
under date of Feb. 14:
Speculative buying on a large scale has been much in evidence, and
has,
in met, been the main activity of the
market; export houses have almost
entirely ceased to deal in futures.
There is no doubt that there is a
have all the time been in advance of futures by about ten dollars
per cantar.
synopsis of the
February and the seven
a
movement for the month of
months ended Feb. 28-29 for three
years:
crop
EGYPTIAN COTTON.—The Alexandria Cotton
Co.,
Ltd., of Boston, has the following by mail from Alexandria
shortage of tenderable Sakellarides cotton, and speculators are taking
advantage of this position to manoeuvre the market.
Although the busi¬
ness in the spot market has been rather
small, prices of Sakellarides qualities
cotton consumption and overland moveMENT TO MARCH 1.—Below we
present
Uppers have been altogether neglected recently.
It is reported that export
have now practically fulfilled all their sales, and in view of the
irregularity of the market, are treating new business with caution.
It
will be difficult for spinners to
buy and exporters to sell until the position
houses
stabilizes and more settled conditions prevail.
the future course of the market would be
To express an opinion on
merely to make a guess.
It
the attitude that spinners as well as the present holders
of cotton adopt at these prices.
If the former cease buying for a while,
the latter may become discouraged and anxious to
liquidate.
mainly depends
1919-20.
Gross overland for
February
Gross overland for 7 months
Net overland for
February
Net overland for 7 months
IIIII
HI
11
Port receipts In
February
receipts In 7 months
Exports in February
Exports for 7 months
Port
Port stocks
on
Feb. 28
HIIII
HI
Northern spinners' takings to March
Southern consumption to March 1
Overland to Canada for 7 months
February
1.911,864
173,093
82,116
1,102,363
437,185
4,497,542
336,725
3,036,614
1,175,757
392.539
3,737.989
416,244
2,961,940
1,395.705
1,394,286
2,213,000
127,385
1.500.983
1,625,342
2.479,000
18,400
1,148,669
9,008,357
_
100,172
321402
787,301
9,028.905
2,882,991
11,602.634 11,911.896
IIIIIH
506.09,
512.78
512.69
481.09
BUREAU'S
487.78
487.69
COTTON
GIN¬
REPORT
ON
NING.—The Division of Manufactures in the Census Bureau
completed and issued on March 20 the final report on
EGYPTIAN COTTON CROP.—The Alexandria Cotton
Co., LtdT, of Boston has the following by mail from Alex¬
andria under date of Feb. 27:
The futures market during the week under review has reacted
heavily,
and the close to-day—$137 for March and
$115 for November—shows a
drop of $44 50 and $25 respectively on the prices of a week ago.
This
heavy fall has been brought about by the falling off in th9 demand from
abroad, which resulted in a standstill of business at Minetel-Bassal; during
the past two months futures have been
pushed up by the daily rise in spot
Erices, but the pricas. All the bullishbeen reversed and the by speculators,
controlled position this week has
positions being held futures market
there
was a general rush to
liquidate to save what profits still remained;
deveolped into a panic and culminated to-day in the failure of one
broker.
The
situation
remains
dangerous, although sounder than a
week ago as a good number of weak
positions have been cllosed out, but
this rush
COTTON
GINNED
1919-20,
EXPRESSED
Crop of—
cause
Arkansas
California
_
Florida
Georgia
Louisiana
M ississippi
Missouri
North Carolina
Oklahoma
_
Carolina
Tennessee
Texas
Virginia
♦All others.
as
1916-17,
1917-18.
789.265
1916-17.
520.906
54,215
957.118
71.479
21,140
953.587
58,974
48,178
1.885.054
620,719
886.269
34,951
2,117.860
582.698
1,193,122
59,797
and
if the market stabilizes round about the present
stocks
still
are
further
reduced.
11,258,117
following brief but comprehensive statement indicates
glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the
takings, or amounts
gone out of sight, for the like period.
a
Cotton Takings.
Week and Season.
1919-20.
50,979
Week.
441.121
800,190
60,466
693,672
813,419
970,702
378,064
3.562.789
27.975
6,295
11,248,242
The total crop In equivalent 500-pound bales (linters
excluded) Is 11,329,755 bales, against 12,040,532 bales in 1918-19.
COTTON
MANUFAC¬
TURES.—We give below a statement showing the exports
of domestic cotton manufactures for
January and for the
seven
months ended Jan. 31 1920, and, for
purposes of
comparison, like figures for the corresponding periods' of
previous year are also presented:
Visible supply Mar. 26
Visible supply Aug. 1
American in sight to April 2
Bombay receipts to April 1
Month ending Jan. 31.
Season.
Alexandria
5,466,948
6,185,271
4,792,018
9,981,072
2,119,000
71,000
751,000
164,000
2011834
6105,000
62,000
65,000
61,000
Other India shipm'ts to April 1.
receipts to Mar. 31--
Other supply to Mar. 31 *
Total supply
Deduct—
162",371
61,000
1,000
1,000
1,000
3,027,450
8,837,937
1,620,000
58,000
616,000
126,000
6,500,105 17,878,090 5,693.319 14,285.387
6,180,619 5.403,204
6,180,619
Total takings to April 2
Of which American
5,403,204
290,116
8,882,183
6,083,183
1.889,000
319,486 11,697,471
232,4861 8,627,471
87,000 3,070,000
Of which other..
192,115
98,000
*
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a
This total embraces the total estimated consumption by Southern mills,
bales in 1919 20 and 2,515,000 bales in 1918 19—takings not
2,456.000
being available—and aggregate amounts tekan by Northern and foreign
spinners, 9,241,471 bales in 1919 20 and 6,367,183 in 1918 19, of which
6,171,471 bales and 4,4/8,183 bales American.
6 Estimated.
BOMBAY
COTTON
India cotton at
the
season
from
MOVEMENT.—The receipts of
Bombay for the week ending Mar. 11 and for
Aug. 1 for three years have been as follows:
1917-18.
1918-19.
1919-20.
March
11.
Since
Receipts at—
Week.
Bombay
Manufactures
Week.
11,363,915
6,907 bales, compared with o2,208 for 1918.
"Snapped" and "bolly" cotton included amounted to 579,934 bales. The
average gross weight of bales was 503.2 pounds, compared with 505 6
pounds in 1918. Ginneries operated numbered 18,804, compared with
19 259 for 1918.
OF
1918-19.
Season.
1,852,104
Includes Kentucky, Kansas and New Mexico.
Included in the 1919 production are 174,629 bales, which ginners estimated
would be turned out after the March canvass.
Round bales included are
113,857 for 1919, compared with 154.204 for 1918.
American-Egyptian
included was 42.374 bales, compared with
36,187 for 1918, and Sea Island
EXPORTS
been slightly
which has inter¬
7,125
*
DOMESTIC
has
crop
WORLD'S SUPPLY AND TAKINGS OF COTTON.—
43,664
656,656
955,342
1.267.135
238.806
3,041,726
20,155
5.658
11,906,480
new
The
Visible supply April 2
Total
The
delayed owing to the continuation of inclement weather
fered with the preparation of the cotton fields.
1.102,671
58.937
919,338
5.15,149
1,581,726
317,962
2,610,337
25,235
6,228
552.679
further decline;
a
level, there might be a renewal of the demand from abroad, which would
probably give an upward tendency to prices.
Exports have been heavy
at
1918-19.
715,100
58.695
865,566
54,748
17,318
1,677,499
302,224
942,879
62,640
855.455
992,674
1,458.233
300,147
2,927,385
22.928
4,935
Arizona
season
1918-19.
1917-18
AND
RUNNING BALES.
1919-20.
Alabama
South
IN
present
difficulty in meeting next Tuesday's settlement of differences would
any
_
cotton-ginning (exclusing linters) the
follows, counting round as half bales:
on
as
138,209
6.992
18.500
847,187
7,943.747
3.658.887
45
Amount of crop in sight March 1
Came in sight during balance of
season..
Total crop
CENSUS
1917-18.
211,995
1,409,844
189,667
(in¬
cluded in net overland).
Burnt North and South in 7 months..
8tocks in North, interior markets Feb.
28
Came In sight during
Average gross weight of bales
Average net weight of bales
1918-19.
206,014
1,436,470
167,559
1,059,560
685,110
5,362,797
620,332
4,454,357
1,438,806
2.004,852
2,113,000
bales
1443
Since
Week.
Aug. 1,
Since
Week.
1.
Aug.
42,000 1,080,000
68.00C 1,416,00(
115,000 1,855,000
Aug. 1.
7 Months ending Jan. 31.
of
Cation
Exported.
yards
Piece goods...
value
Wear, apparel, knit goods, value
Wearing apparel, all other value'
Waste cotton, <fcc
value
Yarn
1919-
71.447,765
61,702,008
$17,985,001 $15,333,800
4.094,828
3.156.708
1,648,818
1,251,235
1,351,332
602.020
value'
All other..
1919.
1920.
Piece goods...
.......value
1,819,869
4,074,045
2,222,144
3,446,921
For the
0.
1918-19.
|
451.008.460
$97,984,663
23.962.371
328.566,037
$74,741,230
13,088,172
10,747,860
9,321,466
7.142,475
6.208,233
7.537,162
7,736,288
23,224,131
18,389,304
Total manufacturers of. value $30,973,893 $26,012,828 $172,976,779
$127,106,576
EXPORTS
OF
COTTON
BRITAIN.—Below
GOODS
FROM
GREAT
give the exports of cotton yarn,
goods, &c., from Great Britain for the month of February
and since Aug. 1 1919-20 and 1918-19 as compiled by us
we
from the British Board of Trade returns.
that
we
It will be noticed
have reduced the movement all to pounds.
Yarn & Thread.
Cloth.
Total of All.
omitted. 1919-20 1918-19
1919-20.
1918-19.
1919-20.
1918-19.
1919-20.
lbs.
lbs.
yards.
yards.
lbs.
lbs.
lbs.
Conti¬
Japan#
Britain.
nent.
China.
331,182
267,620
61,903
79,471
1919-20..
1918-19..
21,000
"3",666
1917-18..
Oth.
4,000
18,000
Britain.
nent.
Japan <k
China.
Total.
36,000
14,000
57,000
21,000
48,000
23,000
27,000
45,000
146,000
294,000 1,997,000 1,439,000
70.000
365,000
458,000
94,000
916,000 1,156,000
India*
1919-20..
10,000
17,000
60.85''
"jj'ooo
3,000
19,000
3,000
36,000
67,000
10,006
1918-19..
76,750
16,000
38,000
1917-18..
Total all—
1919-20..
31,000
3"6OO
1917-18..
♦No data for
65,100
3 r,4,6f 0
4,000
17,000
24,000
42,000
18,000
"
1918-19..
27,000
45,000
146,000
73.000
94,000
1917-18, figures for 1918-19
are
RECEIPTS
since Jan.
AND
UP ,700 1,516,750
496,000
916,000 1,156,000
381,000
1.
SHIPMENTS
OF
COTTON.—The following are the receipts and shipments
for the week ending Mar. 10 and for the corresponding week
54,492
89,643
Total.
Conti¬
Bombay—
59,687
66,065
Great
lbs.
9,665
Since August 1.
Great
ALEXANDRIA
OOO's
Week.
Exports
from—
50,981
August.
17,568
1918-19.
Sept
14,141
8,176
277,793
247,790
51,924
50,022
46,316
October.
16,139
8,717
393,246
226,110
73,504
42,264
1st qu.
26,558 1,002,221
741,520
187,331
133,602
235.179
165,160
Nov
47,848
15.53C
11,018
376.621
232,763
70,396
43,503
85,926
Dec
16,74^
10,132
392,863
207,449
73,432
38,165
90,180
54,521
48,297
414,757
Jan
18,744
11,391
2d qu.
Feb
51,022
13.6GJ
32.541 1,184,241
10.542
311,989
219,701
77,524
41,066
96,268
221,352
122,734
232,012;
58,136
43,367
272,374
71,798
155,275
53,609
previous
Alexandria, Egypt,
March
years:
1919.-20
54,253
5,412,695
99,841
4,533,053
1917-18.
Receipts (cantars)—
This
week
Since Aug.
1
90,627
4,929,729
«
Since
Since
Sundry airtlcles
Total exnnrts of cotton manufactures
Export (bales)—
.
44,885
32,774
624.236
407,091
foregoing shows that there was exported from the
United Kingdom during seven months 624,236,000 pounds
of manufactured cotton, against
407,091,000 pounds last
year, an increase of 217,145,000 pounds.
1.
3,7oO 233,571
To Manchester &c
133,315
To Continent and India.
1,523 108,412
To America
16,183 264,480
To
.
Week. Aug.
Week. Aug.
Total exports
21,456
739,778!
Since
Week. Aug.
1.
175,878
87,156
1.
33,075
6,255 139,826
4,152 153,995
54,008
22,543
1,044 388,190
10,407 370,372
Liverpool
The
j
1918-19.
10.
52,457
659,913;
of the two
1,044
92.081
Note.—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the
receipts for the week ending March 10
were
54,253 cantars and the foreign shipments 21,456 bales.
[Vol. 110.
THE CHRONICLE
1444
MANCHESTER
MARKET.—Our report received by
to-night from Manchester states that the market
continues quiet.
We give prices for to-day below and leave
those for previous weeks of this and last year for comparison:
Sat.
Tuei.
Mod.
1
123* 1234
to
April 2.
p. m. p. m
12J*
p.m.p.m. p. m. p. m
d.
d.
12 J*
4
123*
4
d.
d.
4
123*1
p. m. p. m, p.
d.
d.
d.
d.
i
Cofn
Mid.
32 • Cop
Up's
Twist.
83*
Twist
to
Finest.
Corn
25.15{25.24j25.42|25.35 25.3225.3825.59 25.85
24.66124.77,24.94,24.88 24.87 24.94:25.17|25.38
to
July
VP ■#
Finest.
June
Mi4
bs. Shirt-
83*
inot. Common
August
a.
a.
a.
a.
a.
a.
b.
a.
a.
a.
a.
a.
a.
s.
HOLI¬
24.2224.33 24.5024.44 24.44 24.51'24.75j24.98
HOLI¬
...
23.81 23.92 24.09 24.00
DAY
DAY
24.01l24.08l243224.52
September
Feb.
d.
d.
26.24 20.33 26.5126.40
25.3625.4525.5725.53 25.49 25.5725.7626.05
May
bs. Shirt-
inot, Common
32* Cop
p.m. p. m.
m.jp. m
March..
1919.
4
12J*
4
April.—.
'
1920
FH.
Thurs.
Wed.
March 27
cable
23.1423.28i23.44 23.27 23.33123 34;23.5832.82
October
22.56 22.7022.86 22.68 22.74 22.7623.0023.24
58 H
@
70
27.72 2834
@
November
22.08:22.2022.36122.18 22.24 22.2622.5022.74
13
59
@
7134 41 6
@44 6
29.67j27
@
29
6
@27 0
16.82
December.—.
21,60!21.76j21.9l!21.73 21.79 21.8l!22.06 22.29
20
60
@
72
42
6
@46 0
30.51 273*
@
@25 0
17.68
January
21.38j21.54 21.69;21.51 21.58 21.6021.85 22.08
42
293* 18 0
18 3
29
@20 0
17.18
February
21.1821.3421.4921.31 21.3821.4021.6521.88
March
A-
@24 6
16.24
@24 0
15.36
15.32
6
27
40
6
@43 9
3034 20 3
17
17.06
@29 0
61
@
73
6
@46 0
30.02 27
5
61
@
763* 42 6
@46 0
29.15,2634
@
12
61
@
763* 42 6
@46 0
@
19
70
@
87
42
6
@46 0
28,65 263*
28.80 25
@
27
16 0
@23 6
26
60
@
78
42
6
@46 0
28.38,2434
@
2634 16 6
@23 0
15.78
BREADSTUFFS
5 934
@
70
42
6
@46 0
27.76 25
@
27
@23 0
15.24
Friday Night, April 2 1920.
quiet for home consumption.
There is an
idea that recent purchases have supplied home buyers for
the time being.
At any rate business at times has generally
been slow.
The statistical position, however, is undeniably
better.
European buying has reduced the supply of first
clears to more manageable limits.
This has made for greater
steadiness of prices, especially with rising wheat.
Mean¬
Mar.
@
•
...
28J4 16 9
2834 16 9
21.2521.2721.5221.70
.
Apr.
2
16
6
Flour has been
SHIPPING NEWS.—As shown
previous page, the
exports of cotton from the United States the past week have
134,580 bales.
The shipments in detail as made
up from the mail and telegraphic returns, are as follows:
on
a
reached
Total bales.
NEW YORK—To Manchester—Mar. 29—West Grove, 484
To Havre—Mar. 31—Fraukinver, 100—
—
To Amtwerp—Mar.
26—Sierra
Quemada,
484
100
-
4,015-.-Apr.
1—
Toronto,336
————4,351
Danzig—Mar. 27—Ozaukee, 428-428
To Gothenburg—April 1—Stureholm, 100
100
To Genoa—Mar. 31—Italia, 100; Pesaro, 136
236
To Japan—Mar. 26—Nanerlc, 490
490
GALVESTON—To
Liverpool—Mar.
26—Federal,
15,320
Mar. 27—Antillian, 11,041
26,361
i
To Manchester—Mar. 26—Maria de Larrinaga, 6,597-—
6,597
To Bremen—April 1—Auditor, 19,757
19,757
To
Antwerp—April 1—Thurland Castle, 1,2501,250
To Ghent—April 1—Thurland Castle, 5,3825,382
To Gothenburg—Mar. 27—Carlsholm, 1,150
1,150
To Christiania—Mar. 27—Carlsholm, 2,205
■■■ 2,205
To Barcelona—Mar. 26—Barcelona, 5,327-__April 1—Cadiz,
2,200
7,527
To Genoa—Mar. 26—Nicolo II., 5,846—
5,846
NEW ORLEANS—To Barcelona—Mar. 31—Margari, 4,102——
4,102
To Genoa—Mar. 26—Mariana O, 11,000—Mar. 31—Wabash,
16,844
1
27,844
To Colon—Mar. 31—Atenas, 8
8
MOBILE—To Manchester—Mar. 26—Maiden Creek, 8,189
8,189
To Havre—April 1—
1,175
1,175
NORFOLK—To Bremen—Mar. 31—Afel, 3,000
3,000
BOSTON—To Manchester—Mar. 17—Caledonian, 276-276
To Antwerp—Mar. 22—Bellerose, 274..
274
To
—
-
—
-
—
—
—-_■
—-
—
—
—„.
_____
—
while export
inquiries at least seemed to be for some 40,000
have been partly due to duplication.
It
may turn out too that Europe will take Pacific Coast flour
through the Grain Corp.
It is an interesting feature never¬
theless.
At times numerous export inquiries
have been
reported for soft winter wheat flour, supposedly from Egypt.
More export inquiries have been received for rye flour and
cereal goods which some thought were from Germany.
Later it was announced that the U. S. Grain Corp. had bought
this week 121,000 bbls. of wheat flour at prices averaging
$10.69 f.o.b. Baltimore and $10 per bbl. f.a.s. Pacific Coast
points.
tons.
—-
—
-
riT
PHILADELPHIA—To
change, 225
Manchester—Mar.
16—Manchestre
Ex¬
225
-
JTo Antwerp—Mar. 20—Nervier, 100- -Mar. 27—Virgilia, 830
SAN
o
930
a
FRANCISCO—To
Japan—Mar.
30—Chiyo
Maru,
1,976;
or..r„rKoi<M Maru, 3,112-,
5,088
SEATTLE—To Japan—Mar. 25—West Jappa, 1,205-
1,205
—
Total.
134,580
The particulars of the foregoing
shipments for the week,
arranged in our usual form, are as follows:
Great
Ger
Oth.Europe—
Britain. France many. North. South. Japan.
York.—
484
100
4,879
236
490
Galveston_32,958
19,757
9,987 13,373
New Orleans.
31,946
Mobile
8,189
1,175
Norfolk
3,000
Boston
276
274
Philadelphia.
225
930
San Francisco.
5,088
New
_
_
—
Total.
Colon.
6,189
76,075
31,954
9,364
3,000
—
—
—
8
—
--
....
—
550
......
1,155
5,088
_
—
Seattle
—
Total.__
—
____
—
.42,132
1,205
-
1,275 22,757 16,070 45,555
1,205
6,783
8
134,580
COTTON FREIGHTS.—Current rates for cotton from
New York, as furnished by Lambert & Burrows,
Inc.,
follows, quotations being in cents
as
Liverpool, 1.80c.
Manchester, 1.55c.
Antwerp, .90c.
Ghent, via Antwerp, .90c.
Havre, 1.00c.
Rotterdam, .90c.
Genoa, 1.00c.
Christiania, 2.30c.
Stockholm, 2.80c.
Trieste, 1.50c.
Flume, 2.00c.
Lisbon, 1.00c.
Oporto, 1.50c.
are
pound:
per
Bombay, 1.50c.
Vladivostok, 1.50c.
Gothenburg, 2.25c.
Bremen, 1.75c.
Hamburg, 1.75c.
Danzig, l ,75c.
Barcelona direct, 1.50c.
Japan, 1.50c.
Piraeus, 1.50c.
Salonica, 1.50c.
Shanghai, 1.50c.
LIVERPOOL.—By cable from Liverpool we have the fol¬
lowing statement of the week's sales, stocks, &c., at that port:
Mar. 12.
Mar. 19.
Mar. 26.
April l!
Sales of the stock
15,000
Of which speculators took—,—
Of which exporters took
Sales, American
Actual
export
_____
Forwarded
Total
—_——____
stock
_
Of which American—
Total imports for the week
_____
Of which American
Amount afloat
—
Of which American
The tone
—
21,000
18,000
11,000
ll",666
T6~666
14,000
8,000
10,000"
11,000
25,000
3,000
100,000
101,000
73,000
<o,uuu
45,000
*to,uuu
1,047,000 1,038,000 1,082,000 1.113 000
855,000
834,000
879,000
905 000
66,000
116,000
155,000
84,000
41,000
80,000
138,000
72 000
412,000
375,000
377,000
337 000
348,000
315,000
305,000
275^000
Spot.
Saturday.
Monday.
Tuesday.
Wednesday
Thursday.
Quiet,
Dull.
Quiet.
Dull.
Friday.
f
12:15
<
P.M.
{
Mid.Upl'ds
Sales
Futures.
28.01
27.63
27.76
4,000
2,000
4,000
2,000
opened
decline.
Market,
4
I
advance,
i
advance.
Steady
Quiet
i Steady
2@17 pts. 3pts.dec. to 3@9 pts.
advance.
llpts.adv. advance.
advance.
prices of futures at Liverpool for each day
are
.■/;
■
*
v'
■
winter
cereals
is
2,000,000
acres
below
normal.
The
wheat there is in fair condition, but the outlook for rye
is not
satisfactory.
In Italy prospects are generally satisfactory,
but bread prices in that country are being increased.
CLOSING PRICES
OF WHEAT IN NEW YORK.
Sat.
Mon. Tues.
Wed. Thurs.
cts-283
No. 2 dark spring
given
■
Kingdom the agricultural season is prac¬
tically one month ahead of normal, owing to the very mild
weather which recently prevailed there.
The winter wheat
crop in some sections of that country is spotty owing to
rainy and warm weather.
Sowings of spring wheat thus
far have been small.
In France the outlook is good.
The
weather is favorable, and sowings of spring crops ahve been
making good progress.
In Germany, it is said, the acreage
CORN
The
below:
extent restricted
In the United
No. 2 red
advance.
some
Heavy rains have fallen in parts
of the belt.
The Southwest was said to be looking better.
The Snow Bartlett-Frazier crop report makes the condition
of winter wheat in the United States 77.1 against 86.7
last December and 95.8 on April 1st, last year.
It is the
lowest April condition with one exception in more than
ten years.
It points to a crop it is said of 500,000,000
bushels.
On Thursday there was a fair export demand.
Offerings were small.
The sales were reported at about
100,000 bushels, including No. 2 red and 2 hard at 2.80@
2.81 and No. 3 at 2.77@2.78 all on track. Earlier in the
week prices advanced in this country 3 to 5c. on small
receipts, a fair export and home demand and bad crop
news.
Kansas sends gloomy reports, pointing to a pos¬
sible cut in the acreage, after a hard winter, of 1,500,000
acres.
The visible supply in the U. S. decreased last week
1,783,000 bushels against a decrease in the same time last
year of 9,400,000 bushels.
The total is now 45,896,000
bushels against 92,546,000 a year ago.
From Rumania comes the report that it is out of the ques¬
tion to expect any exports of wheat this year; on the other
hand the opinion is that it is quite certain that the govern¬
ment will sooner or later allow exportation of a certain
quantity of corn of which there is a fairly large surplus.
There is great need of exports in order to help the much
depreciated exchange value of Rumanian currency.
That
government has just voted a credit of 50 million lire for the
purchase of seed for Spring sowing as it is very desirous that
a full acreage should be planted.
It is said that the govern¬
ment was ill-advised to dispossess the land proprietors be¬
cause the peasants are not yet able to cultivate the estates
as well as the old proprietors did.
Broomhall cabled:
"A
report to hand via Warsaw states that wheat is scarce,
the cultivated area being greatly reduced, principally owing
to the scarcity of horses and oxen.
Soviets from the Caueausus have seized the town and part of Neveressisk, a busy
little shipping port in the sea of Azof."
Buenos Ayres cabled
that the congestion at the ports is becoming serious.
Ex¬
porters have sold heavily to foreign countries, and in many
cases are finding difficulty with the dock labor, part of which
is on strike and free labor is difficult and dangerous to pro¬
DAILY
Very ste'dy
43 @48 pts.
fair demand for expert-
by the firmness of prices.
to
HOLIDAY
Easy
Steady
Quiet
Steady
10@21 pts. 12® 16 pts. 2@11 pts, 20@28 pts.
Market
P.M.
28.24
HOLIDAY
a
Actual business however has been to
cure.
the
Liverpool market for spots and futures
each day of the past week and the
daily closing prices of
spot cotton have been as follows:
Market,
This may
WHEAT has been firmer with
—
* ——
buyers have shown considerable interest in soft
winter flour and
was
big tornado
288
283
285
342
342
342
342
Fri.
Holiday
rather quiet in the fore part of the week, as the
over
wire service.
285
342
—
last Sunday in eight States interfered with
the daylight saving law in this State
Also
APE. 3
caused
1920.]
THE CHRONICLE
certain amount of
a
confusion,
Chicago has not
as
adopted it.
1445
desperately in need that they will
The Chicago market did not open until 11.30
New York (new) time or an hour and a half after the stock
market hare had opened.
Naturally a good deal of business
was lost. Prices weakened at one time with call
money higher,
noticed
exchange weaker, the stock market lower and the demand
price.
pay any
It
was
from the West and South
too insistent.
none
Also there
at
was
time
one
less
more or
urgent selling of May and July on reports of a possible further
investigation by the District Attorney at Chicago.
It was
stated that he had asked the Board of Trade directors for
a
statement of the
important dealings in corn since the 200,000
was raised.
And a big oats industry is said to
have cut down its output one-half on a falling off in
European
and other foreign buying.
Also it is pointed out that the
Spring movement is not far off.
It is recalled that last year
bushel limit
the deliveries of
by the farms to the country elevators
May 31 amounted to about 65,000,000 bushels.
These were the figures of the Grain Cor¬
poration. Present stocks in the country are larger than then.
The visible supply increased last week 332,000 bushels against
a decrease in the same time last
year of 285,000 bushels.
This makes it 5,688,000 bushels against 2,514,000 a year ago.
The big storm in the Middle West made bad worse as
regards transportation.
Receipts were small.
They may
not increase at once.
Rye has been firm, with a fair demand.
This has tended to help corn somewhat.
Exporters took
800,000 bushels of rye early.
The demand for rye is for
near
delivery.
Reports of a better demand for various corn
products have also helped corn.
Europe wants them.
Also cash corn has been inclined to be firm.
On Thursday
corn advanced with small
offerings and a pretty good de¬
mand,
Of rye 100,000 bushels were reported sold c.i.f.
Buffalo at 634 cents over May.
Offerings of rye were small.
To-day the [exchanges are closed.
Prices are higher for the
corn
in the three months ended
week.
DAILY
CLOSING PRICES
OF
Sat.
No. 2 yellow—
cts_183%
CORN IN NEW YORK.
Mon.
Tues.
Wed. Thurs.
182%
182%
185%
187%
Fri.
Hoi.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
May delivery
July delivery
September delivery
cts_155%
150%
146%
OATS fluctuated for
155%
150%
146%
159
157
150%
146%
while within very
a
Holiday
161%
154%
150
152%
148
narrow
limits
but later advanced.
The visible supply decreased 249,000
In other words the demand outruns the receipts
bushels.
regardless of the recent falling off in export buying.
The
offerings have been light.
Cash prices early in
the week showed no little firmness.
The activity and
firmness of rye certainly did oats no harm.
Nor did the
strength of corn and wheat.
The big storm at the West
may further inpede the marketing of the
crop.
The
visible supply last week decreased 249,000 bushels against
a decrease in the same week last
year of 2,473,000.
The
total is now 9,576,000 bushels against 22,882,000 a year
ago.
Yet things have on the whole been quiet in the oats
trade.
Neither home or foreign buyers have exerted them¬
selves very much to secure further supplies.; Not only
has export inquiry been moderate but from present appear¬
ances the actual exports of old
purchases will not comprise
all that was recently bought.
In other words it looks as
though exporters had resold a certain quantity.
And at
the West the roads have given corn the preference over
oats.
A big oats company too is said to have reduced its
output 50% owing to a sharp decrease in the foreign demand.
Oats goods have been dull here.
On Thursday, however,
prices advanced, and they are higher for the week.
Some
indications of May congestion are spoken of.
Old cash
oats are firm.
But a bigger new acreage is expected, unless
this is prevented by a shortage of labor.
Still oats require
less labor than corn.
To-day the exchanges are closed.
country
DAILY
CLOSING
PRICES
Sat.
No. 1 white.
No. 2 white.
cts„
OF
OATS
Mon.
108%
108%
IN
Tues.
NEW YORK.
Wed. Thurs.
108%
108%
111
HoliIO8-IO8I2 IO8-IOSI2 IO8-IO8I2 110i2-lll
day
DAILY CLOSING PRICES OF OATS FUTURES
Sat.
May delivery.
July delivery
cts.
— „
DAILY CLOSING PRICES
May delivery.
July delivery—
The
Mon.
86%
79%
86%
86%
87%
89
78%
79%
79%
81%
Holi-
172%
178%
180
1 84%
178
172%
174
day
179
_._1V0%
are
Tues.
IN CHICAGO.
Wed. Thurs.
Fri.
OF RYE FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
cts.176
following
Fri.
10 8%
closing quotations:
Holiday
1
FLOUR.
Spring patents
'inter straights,
..$12 50@$13 50
11 25
soft 10 80®
straights
12 25®
Rye flour
9 50®
Corn goods, 100 lbs.—
Yellow meal
4 00®
Cornflour
4 20@
Kansas
13 00
10 00
Barley goods—Portage barley:
No. 1
$7 25
Nos. 2, 3 and 4, pearl. 6 50
Nos. 2-0 and 3-0
7 25@7 40
Nos. 4-0 and 5-0
4 05
4 35
Oats goods
—
7 60
8 50@9 80
GRAIN.
Wheat-
$2 85
...
No. 1 spring
Corn—
No. 2 yellow
nom.
.........
187%
2
other
No. 1
Ill
No. 2 white
110% @111
No. 3 white
...
RN^2
For
,
Oats—
No. 2 red
tables
09%
usually given
Barley—
Feeding
Malting..
here,
see
page
110@110%
.......
....
that
good number of buyers in the
large houses and coming from many
strong note of conservatism among
were
representing
States.
those
there
There
is
a
a
coming from the New England territory, while those
are as
sanguine of the future as
they have been at any time since high prices became a
general thing.
A large number of these retail buyers are
necessarily hampered by the restrictions being imposed by
their financial managers and some have complained that
they have not been given free rein when bargains were
offered.
Second hands report a pretty fair business for
this time of year and considering the belated Easter season.
Jobbers are quite willing to sell merchandise for
delivery in
the next ninety days, but they hesitate at longer commit¬
ments.
The uncertainty as to the value of advance busi¬
ness is causing more concern than it did
a month or
two
ago.
The conservatism that has sprung up as a result of
financial pressure, has spread sufficiently to show that there
is an ample field for trading if high prices are checked and
some of the present ones modified
during the next few months.
It does not seem probable that any adjustment of cotton
goods values can be made at this time but with the resis¬
tance to high prices making itself felt more each week some
readjustment in May or June must be considered.
Manu¬
still consider the rising costs of fuel, labor and
transportation as sustaining factors for present values, but
prices of goods can come down and there is no doubt but
that the public clamor for lower prices is
asserting itself
in all quarters of the trade.
The market has not begun
to feel the insidious influence of
offerings of imported goods
and probably won't be affected until
June, but goods are
coming in rapidly and some retailers are already using them
to advantage.
Buyers report that importers' representa¬
tives have been busy among them and that many new sellers
are offering
goods.
Some might consider such talk as buy¬
ers' propaganda were it not for figures that show the sub¬
stantial yardage of cottons and silks arriving
weekly.
In
January of this year over sixteen million square yards of
cottons were brought in, over ten times as much as in the
January previous and over four times as much as in June
1914.
The export division of the market is generally
quiet
and it is felt in some quarters that several of the
foreign
markets have over-bought to considerable extent.
There
continues to be quite a little reselling in the home market
of goods bought for export, expecially to the eastern Mediter¬
ranean territory.
facturers
DOMESTIC COTTON GOODS.—The market for
goods opened the week with a strong tone and cofirm up to the close.
The price of cotton,
higher taxes and excessive wage demands
for the mills and the increasing difficulties of
getting raw
material were all factors tending toward higher values.
Print cloths were largely the feature of the week's
activity,
showing a tendency to rise on a limited volume of business.
The naming of lower prices than had been anticipated on
percales was the subject of a large amount of discussion
tinued generally
the liklihood of
in the market and did not lead to any enthusiasm for still
higher prices
were
on
firm and
print cloths.
some
talk
Brown and bleached cottons
heard of the
was
possibility of an
high levels.
It is con¬
ceded that they are very scarce at present and in big demand
by several manufacturers.
There has been a great deal
of agitation in the trade for a better form of contract than
the one now in use.
Selling agents are trying to work
out one that will bind the buyer who buys more than he
cares to pay for when he sees prices
declining.
Cancella¬
tions have been too easily effected for the good of the trade
at a time like the present.
Gray goods closed the week
with a firm tone, 3814-inch standards being listed at 26
advance in wide
sheetings to
very
cents.
WOOLEN
GOODS.—With
the
improvement
women's
lines
wear
reconciled to the
1 60
1 70
1386.
THE DRY GOODS TRADE
New York,
there
are
Thursdy Night, April 2 1920.
drygoods showed during the week that
many buyers still in need of goods but not so
the
the wholesalers
seem
to
have
become
retailers' policy of conservative operation.
General conditions
are considered good
though the smaller
carrying somewhat heavier stocks than
usual.
This is offset, however, by the condition of the
larger stores, which are operating on limited stocks.
Cau¬
tious merchants are
still somewhat skeptical regarding the
ability of retailers to overcome the growing resistance of
the public toward higher prices.
retail
stores
are
FOREIGN
DRYGOODS.—The
local
linen
market has
quiet during the week as many buyers are at home
taking care of their Easter trade.
There are many repre¬
sentatives of importers now on the other side making an
effort to hasten deliveries and to pick up any merchandise
that may be available for the fall season.
Their quest
does not
destined to
seem
have withdrawn from
further business until
success
as
many
manufacturers
the market and refuse
a
new
to
take
any
supply of flax becomes avail¬
noticed that some department stores
offering linen merchandise at less than the
present replacement cost.
This would indicate that there
are still some parcels of pre-war goods in the hands of re¬
tailers.
Burlap markets are firm with late shipments
held at substantially higher prices.
Light weights are
quoted at 9.40 cents and heavy weights at 14.50 cents.
able.
It
has
been
^
market for
in
weather the feeling in the market for woolens and worsteds
is
decidedly more optimistic.
In both the men's and
here have been
The
staple
cotton
been
Carload,
spot delivery
market
THE CHRONICLE
1446
BELLE
FOURCHE
INDEPENDENT
SCHOOL
DISTRICT
NO.
1
(P. O. Belle Fourche),
Butte County, So. Dak.—BOND SALE.—Ob
$48,000 6% school bonds—V. 110, p. 1215—were sold te
C. H. Coffin of Chicago, it Is reported, for $48,025,
equal to 100.05.
Jftate atut ©xty
March
■AWV^^AVyVVVV^-vvVVVArt.''
26
the
BELDING
NEWS
[Vol. 110.
Delaware.—Federal
Woman
Suffrage Amendment Re¬
jected.—The Dele ware House of Delegates on April 1 de¬
feated the Federal Woman Suffrage Amendment resolution,
by a vote of 22 against 9,for but before the result was an¬
nounced three members changed their votes to place them¬
selves in a position for reconsideration and one member who
was not down as voting asked to be recorded'in the negative.
This made the official vote 26 nays to 6 ayes.
An identical
resolution is in the Senate where the Suffragists claim a
majority of one.
Mississippi.—Suffrage Amendment Again Defeated.—The
again defeated in
Mississippi when the House of Representatives, on March 31,
voted against the measure.
The final vote was 23 for to
94 against ratification.
The Senate had previously passed
the amendment by a vote of 23 for to 22 against.
Federal Woman Suffrage Amendment was
Virginia.-^-Legislature Adjourns.—On Mar. 13 the regular
adjourned sine die.
SCHOOL
DISTRICT
NO.
9
(P.
O.
Belding),
Ionia
County, Mich.—BONDS VOTED—OFFERING.—At an election held
Mar. 23 the people authorized the issuance of $60,000
5% Ellis School Bldg.
erection bonds, by a vote of 289 "for" to 31 "against."
Proposals for these
bonds will be received until
Apr. 15 by B. F.
ITEMS.
Education.
yearly
to
Denom.
May 15
on
1935. Incl.
At the
as
Brown, Secretary of Board of
$500.
Date May 15 1920.
Int. annually.
Du«
follows: $2,500, 1921 to 1926, incl.; and $5,000, 1927
Cert, check for $1,000, required.
time that these bonds were authorized, the people voted by
for the issuance of another Issue of
5% bonds, to the amount of.
$65,000, for the erection of a school building In the second ward.
same
221 to 81
BEN
AVON
(P. O. Pittsburgh), Allegheny County, Pa.—BOND
OFFERING.—Proposals will be received until 8 p. m. April 6 by F. A.
Schmucker, Borough Secretary, for the $35,000 5% municipal building
bonds, voted at the Nov. 4 election—V. 109, p. 1718.
Denom. $1,000.
Date Dec. 30 1919.
Int. J. & D.
Due on Dec. 30 as follows: $5,000.
1925 & 1930: $10,000, 1935 & 1940; and
$5,000, 1941.
Cert, check for
$500, required.
BENTON COUNTY SCHOOL DISTRICT NO.
27, Wash.—BOND
SALE.—The $54,000 5% school bonds offered on Feb. 28
(V. 110, p. 677).
have been awarded to the State of
Washington at par.
BIRMINGHAM,
Ala.—BOND SALE.—The two issues of 5% gold
March 30 (V. 110, p. 1215), were awarded to R. M. Grant
as follows:
auditorium bonds.
Date Dec. 1 1919.
Due Dec. 1 1929.
bonds offered
&
Co.,
on
of New
York,
$500,000
100,000 fire department bonds, being part of
April 1 1920.
BOONE
•ession of the General Assembly
COUNTY
(P.
O.
Boone),
an
issue of $500,000.
Iowa.—BOND
Data
SALE.—Reports
that an issue of $20,000 hospital bonds has been purchased
by Geo. M.
Bechtel & Co. of Davenport.
say
,
BRAZORIA COUNTY (P. O.
Angleton), Tex.—BOND ELECTION.—
BOND CALLS AND REDEMPTIONS
Steamboat Springs,
Town Treasurer, has
Colo.—Bond Call.—Frederick Zick,
called for payment the $65,000 water
bonds dated June 1 1910,
optional June 1 1920, due June 1
1925, consisting of 60 bonds in the denomination of $1,000
each, numbered from 1 to 60 incl., and 50 bonds in the
denomination of $100
Said bonds will be
Town Treasurer
Nat'l Bank
upon
presentation at the office of the
Steamboat
or
Springs, Colo.,
or
at Kountze
Benwell, Phillips, Este & Co., Colorado
Bldg., Denver, Colo.
above described bonds 60
Interest will
cease on
the
days after date of the first publica¬
tion of this call.
The official notice of
BRIGHTON, Monroe County, N. Y.—BOND OFFERING.—Bion H.
Howard, Town Supervisor, will receive proposals until 8 p. m.
April 6 for
$6,500 5% registered water-system bonds.
Denom. $500.
Date April 1
1920.
Principal and semi-annual interest (A. & O.) payable at the Central
Bank of Rochester.
Due $500 yearly on April 1 from 1921 to
1933, incl.
Certified check for $1,000, payable to the Town
Supervisor, required.
each, numbered from 61 to 110 incl.'
paid
m
Bros., N. Y. C.,
The Commissioners' Court recently ordered an election for a
bond issue of
$1 5l..000 for the purpose of building roads in the
Angleton District. Tha
election is set for April 24.
this bond call will be found
among
the advertisements
i
elsewhere in this Department.
BROOKVILLE
Brookville),
CONSOLIDATED
M-ntgomery County,
SCHOOL
DISTRICT
(P.
O.
Ohio.—BOND OFFERING.—Chas.
S. Prass, Clerk-Treasurer of the Board of
Education, is receiving proposals
until 12 m. to-day (Apr. 3) lor $250,000
5% coupon school building bonds.
Denom. $6,250.
Date Mar. 1, 1920.
Int. M. &. 8.
Due $6,250 on
Mar. 1 and Sept. 1 in each of the
years from 1930 to 1949 incl..
Cert,
check for 5% of amount of bonds bid
for,
Treasurcr,
payable to the above Cierk-
required.
BUCYRUS CITY SCHOOL DISTRICT (P. O.
Bucyrus), Crawford
County, Ohio.—BOND SALE.—The $285,000 520M-year
(aver.)
coupon high school erection bonds, offered on Mar. 23—V.
110, p. 1108—
were awarded to the Detroit Trust Co. of
Detroit, for $287,621 (100.919)
and interest, a basis of about
5.43%.
Due $2,000 April 1 1925 and 1926;
$3,000 Oct. 1 1925. 1926, 1927; $3,000 April 1 1927, 1928 and 1929:
$4,000
Oct.l 1928,1929, 1930,1931 and 1932: $4,000 April 1 1930,
1931,1932,1933.
BOND
PROPOSALS
this week have been
as
AND
NEGOTIATIONS
follows:
ABERDEEN SCHOOL DISTRICT (P. O. Aberdeen), Brown County,
So. Dak.—BONDS VOTED.—An issue of $500,000 school bonds was
recently authorized by
a
big majority, it is reported.
AHOSKIE, Hertford County, No. Caro.—BOND OFFERING.—Bids
W. Stokes, Treasurer o«
serial water works bonds.
will be received until April 27, it is stated, by H.
Board of Commissioners, for $50,000 6% 3-32-year
Denom. $1,000.
Date Jan. 1 1920.
AKRON,
Summit
County,
Ohio.—BOND
AUTHORIZED.—On March 23 the City Council
submission to the voters at the April
ELECTION—BONDS
passed a resolution for the
27 primaries, a proposition to issue
$900,000 office building construction bonds.
At the same meeting a bond issue of $200,000 for the purpose of purchas¬
ing a site for a market house, was authorized by the Council.
ALHAMBRA UNION HIGH SCHOOL DISTRICT (P. O.
Alhambra),
Los Angeles County, Calif.—BOND ELECTION.—On April 14
$50,000
bonds will be, according to newspaper reports, submitted to
the
school
voters.
ALLEN
Ernest G.
ANAHEIM UNION HIGH SCHOOL DISTRICT, Orange
County,
Calif.—BOND OFFERING.—Bids will be received until 11 a. m. April 20
by J. M. Backs, County Clerk (P. O. Santa Ana) for the $175,000 6%
school
bonds—V.
110, p. 889—Denom. $1,000.
Date June 1, 1920.
Prin. and semi-ann. int. payable at the office of the County treasurer.
Due $7,000 yearly from 1921 to 1945 incl.
Cert, or cashier's check for
3% of the amount of said bonds or of the portion thereof bid for, payable
the
...
BUFFALO, N. Y.—BOND SALE.—During March the following bonds,
dated March 1
Chairman
Board
of
1920, were awarded to the Sinking Fund:
Purpose—
Int. Rate.
Amount.
$1,600,000
Certificates of indebtedness....
400,000
Certificates of indebtedness
3,500
Water refunding
State
ROAD
DISTRICT
(P.
O.
County,
Berkeley Springs), Morgan
W. Va.—BOND SALE.—The $50,000 5% road bonds offered
March 16—V. 110, p. 784—have been awarded, it is
stated, to the State
Board of Public Works at par.
CALEDONIA VILLAGE SCHOOL DISTRICT (P. O.
Caledonia),
Marion County, Ohio.—BONDS REFUSED.—The $25,000
5H% defi¬
ciency bonds sold on Dec. 31 to N. S. Hill & Co.—V. 110, p. 184—have not
been accepted by that firm, because of an irregularity in the
advertising.
BOND SALE.—The above $25,000
5H% deficiency bonds were reoffered
on
Feb. 21—V. 110, p. 580—when they were awarded to the Marion
County Sinking Fund Commission at
1919.
Int.
M.
&
S.
par.
Due each six months
Denom. $500.
Date Dec.
as follows:
$1,500 March
ANDERSON-COTTONWOOD
IRRIGATION
DISTRICT
(P.
O
Anderson), Shasta County, Calif.—BOND ELECTION._An
election
will be held, according to reports, on
May 8, to vote $200,000 bonds.
March 24—V.
ATTLEBORO, Bristol County, Mass.—BOND SALE.—On March 30
free tuberculosis hospital bonds,
the $50,000 5% 1-10-year serial
coupon tax
& Co.
Boston,
were:
Harris, Forbes & Co
Wise, Hobbs & Arnold
Jackson
100.55
Old
100.43
100.401
Curtis
Estabrook & Co
&
Coffin &
100.29
Colony Trust Co
Burr
Arthur Perry & Co
E. H. Rollins & Sons
.10c1.26
100.17
100.17
100.168
AULT, Weld County, Colo .—BOND ELECTION.—On April 1 $5,000
5H% park bonds are to be voted upon.
BABYLON,
voters
on
Suffolk
March
16
County*
defeated
a
N.
Y.—BONDS
DEFEATED.—'The
proposal to issue $30,000 park bonds,
according to reports.
BAKERSFIELD
County,
V.
110,
p.
SCHOOL
DISTRICT
Calif.—BONDS VOTED.—The
784—were recently authorized.
BAKERSFIELD HIGH SCHOOL
Kern County, Calif.—BONDS
(P. O. Bakersfield), Kern
$300,000 5% school bonds—
DISTRICT
(P. O. Bakersfield),
VOTED.—Recently the $200,000 addi¬
tional high school bonds—V. 110, p. 999—were voted.
BANGOR SCHOOL
DISTRICT
(P. O. Bangor), Northampton
County, Pa.—BOND OFFERING.—Tenders will be received until 7 p. m.
April
15 by Charles Strout, Secretary of School Board, for $10,000 5%
school bonds.
Denom. $500.
Date May 1 1920.
Int. semi-ann.
Due
May 1 1935.
BARTHOLOMEW COUNTY (P. O. Columbus), Ind.—BOND OFFER¬
ING.—Sealed proposals will be received until 10 a. m. April 17
by Smith
Carmichael, County Treasurer, for $8,690 4>£% J. W. Dunn et al. Rockcreek Twp. road bonds.
Denom. $434 50.
Date April 17 1920.
Int.
M. & N.
Due $434 50 each six months from
May 15 1921 to Nov. 15
1930, inclusive.
BARBOURVILLE SCHOOL DISTRICT (P. O.
Barbourville), Knox
Scant, Secy. Board of Educa¬
tion, will receive bids it is stated until Apr. 24 for $10,000 school bonds.
County, Ky.—BOND OFFERING.—F. W.
1929
1920
1946
on
1921.to Sept. 1 1923, and $2,000 March 1 1924
dated April 1 1920—-V. 110, p. 1336—were awarded to R. L.
Day
of Boston at 100.719, a basis of about
4.85%.
Other bidders, all of
Due.
July 1
July 1
Mar. 1
Comptroller.
CACAPON
Commissioners, required.
Bonded
Debt $71,000.
Total valuation of taxable property (exclusive of operative
p.-operty) 1919-1920, $5,384,590.
County
4M%
4%
4%
BURNEt COUNTY ROAD IMPROVEMENT
DISTRICTS, Tex.-,
BONDS REGISTERED.—On March 20 $15,000 Road District No.
1 and
$55,000 Road District No. 2 5H% serial bonds were
registered with the
COUNTY
(P. O. Ft. Wayne), Ind.—BOND OFFERING.—
Kampe, County Treasurer, will receive bids until 10 a. m.
April 5 for $6,640 4H% Geo. F. Springer et al. Pleasant Twp. road bonds.
Denom. $664.
Date April 1 1920.
Int. M. & N.
Due $664 each six
months from May 15 1921 to Nov. 15 1930, inclusive.
to
1934, 1935, 1936, 1937, 1938, 1939, 1940, 1941, 1942 and 1943: $5,000 Oct.
1
1933, 1934, 1935 1936, 1937, 1938 ,1939, 1940, 1941, 1942,
1943, 1944.
1945, 1946, 1947, 1948, and 1949: $5,000 April 1 1944, 1945, 1946,
1947,
1948 and 1949; $6,000 April 1 and Oct. 1 1959, 1951, 1952 and
1953, and
$12,000 April 1 and Oct. 1 1954.
Other bidders were:
Taylor, Ewart & Co., Chicago..
$287,376 96
Stacy & Braun, Toledo
287,000 00
E. H. Rollins & Sons,
Chicago
286,567 50
A. T. Bell & Co., Toledo
286,520 00
N. S. Hill & Co., Cincinnati
286,181 50
Sidney Spitzer & Co., Toledo
285,979 00
to Sept.
1
1
1 1927, incl.
CANDLER SPECIAL TAX SCHOOL DISTRICT (P. O.
Candler),
Buncombe County, No. Caro.—BONDS VOTED.—At the election held
110
exceeding 6% int.
p.
were
784—$35,000 20-year school building bonds at not
authorized by a vote of 99 to 2.
CANTON,
Stark County, Ohio.—BOND SALE.—The following 2
issues of 5H% coupon bonds, which were offered on Feb. 16—V.
110,
p. 580—were awarded at par to the Bank of Magnolia Company, of Mag¬
nolia:
$9,000 steam shovel purchase bonds.
Denom. $1,000.
Due Sept. 1 1929.
4,500 Auditorium Building roof construction bonds.
Denom. 1 for $500,
4 for $1,000.
Due Sept. 1 1924.
Date Sept. 1 1919.
Prin. and semi-ann. int. payable at the City Treas¬
urer's office.
NO BIDS RECEIVED.—No bids
aggregating $15,000, which
CARMICHAEL
County,
Calif.—BOND
the $15,000 5H%
were
GRAMMAR
were
offered
received for the 4 issues of bonds,
on Mar. 29—V. 110, p. 1108.
SCHOOL
DISTRICT,
Sacramento
district will on Apr. 5, sell
110, p. 1336—it is stated.
OFFERING.—This
15 year bonds—V.
CASCADE COUNTY (P. O. Great Falls), Mont .—BOND OFFERING.
—Newspapers state that the second block of $122,000 relief bonds are jto
be sold at
CASS
once.
SCHOOL
TOWNSHIP (P. O. Newberry), Greene
County,
Ind.—BOND SALE.—On March 25 the $2,500 5% 1-6-year serial school
offered on that date—V. 110
p. 1108—were awarded to William
Hunter of Marco at 100.10, a basis of about
4.96%.
bonds
CEDAR CITY, Iron
Subject to
an
County, Utah.—BOND ELECTION & SALE.—
election, $50,000 6% water-works bonds were sold to thei
Int. semi-annually, payable in New York
Palmer Bond & Mortgage Co.
.
CHADRON, Davis County, Neb.—BOND ELECTION.—On
$50,000 street paving bonds are to be voted upon.
April
6
CHATHAM COUNTY (P. O. Savannah), Ga.—BOND
SALE.—On
public school bonds offered on that date—V.
110, p. 1108—were awarded to the Hibernia Bank, of
Savannah, at 93.679,
a basis
of about 5.14%.
Due $7,000 Dec. 1, 1920, and $17,000 yearly
on Dec.
1 from 1921 to 1949, incl.
Mar. 29 the $500,000 4lA%
CHELSEA, Suffolk County, Mass.—NOTE
issue of
$400,000 tax-free
a
5.70%
discount basis.
SALE.—On March 29 an
notes, dated March 20 1920 and maturing
it is stated' to Curtis & Sanger of Boston on
revenue
March 30 1921, was awarded
Ape. 3
1920.]
THE CHRONICLE
CHESTER, Orange County, N. Y.—BOND SALE.—An Issue of
8% water refunding bonds to the amount of $37,500 is reported as having
been purchased by Hornblower & Weeks of New York.
Denom. $1,000.
Date Dec. 1
to
1919.
Int. J. & D.
Due $1,500 yearly on Dec. 1 from 1921
194j5, incl.
^^SMUIR HIGH SCHOOL DISTRICT,
—BOND
Clerk.
Denom. $1,000.
Date May 1 1920.
Prin. and annual interest
(July 1) payable at a Rochester bank in New York exchange.
Due $1.000
yearly on July 1 from 1921 to 1945 incl.
Cert, check for $200, payable
to F. E. Smith, Village Clerk, required.
CLARK COUNTY (P.
O.Kohoka), Mo.—BOND OFFERING.—Sealed
bids will be received until 12 m. April 12 by T. J.
Dags, County
for $103,944 04
5% funding bonds.
Int. semi-ann.
Cert,
Treasurer,
check
for
$5,000, required.
CLEVELAND, Cuyahoga County, Ohio.—BOND SALE.—It is re¬
ported that a syndicate composed of Harris, Forbes & Co.. Estabrook & Co.,
Hayden, Miller & Co.. and the National City Co.. has purchased at par the
following 6 issues of 5% coupon (with privilege of registration) bonds,
aggregating^ $2 Jj50,000, which were offered unsuccessfully
yearly
July 1 from 1920 to 1969. incl.
1,500.000 water-works bonds.
Date Feb. 1
on Feb. 1 from 1925 to 1974, incl.
on
1920.
Due
$30,000
Cuyahoga
County,
Ohio.—BOND
ELECTION
POSED.—Mayor Harry L. Davis has decided
authorize the submiss on to the voters of
at the election to be held Apr. 27.
to ask the City Council to
$3,500,000 hosp tal bond issue
a
I CLINTON COUNTY (P. O.
Frankfort), Ind.—ZJ07VD OFFERING.—
Oliver M.
Roush. County Treasurer, is receiving proposals until 10
April 5, it is stated, for $2,000 4>£% road bonds.
«
a.
m.
COLEMAN COUNTY (P. O. Coleman), Tex.—BOND OFFERING.—
Sealed bids will be received until 4 p. m. April 13 by L. G.
Mathews,
County Judge, it is stated, for the following bonds:
$500,000 5% Precinct No. 1 bonds.
100,000 5H% Road District No. 1 bonds.
Date Feb. 1
1920Int. semi-ann.
Due yearly from 1 to 30 years.
Certified check for 2% required.
.
COLUMBUS,
Franklin County,
Ohio.—BOND OFFERING.—Willis
Sinking Fund, will receive bids until
G. Bowland, Secretary of Trustees of
2:30 p. m. April 7 for the following bonds:
Montgomery
County,
Tex.—BONDS
An
issue of $15,000 5% 20-30 year water-works
March 27 with the State Comptroller.
COUNTY
(P.
EASTLAND COUNTY (P. O. Eastland), Tex.—BONDS
REGISTERED
issue of $1,000,000 5M% serial special road bonds was
with
bonds
REGISTERED.—
was
registered on
O. Chicago), III.—BOND SALE.—A s>ndicate
$2,000,000 4M% 6M-year (aver.) county detention home and State-aidroad bonds, at 96.7/, a basis of about 5.09%.
Denom. $1,000.
Date
April 1 1920.
Prin. and semi-ann. int. (A. & O.) payable at the County
office.
Due yearly on
April
1
as
follows: $300,000, 1921 to
1924, incl.; and $50,000, 1925 to 1940. incl.
Financial
Statement.
(As Officially Reported.)
Assessed valuation for taxation (1919)
$1,792,526,343
Total bonded debt (including this issue)
15,207,500
Population estimated..
----3,000,000
COOKE COUNTY ROAD DISTRICT NO. 2, Tex.—BOND OFFERING.
be received until 10 a. m. Apr. 12 by John F. Cobble,
—Sealed bids will
County Clerk
(P.
O.
Gainesville),
for
$225,000 5%
20-year serial
Judge, required.
Bonded debt, this issue only.
Assessed value, real and
personal property, $2,500,000.
Real value (est.), $10,000,000.
COOPER
SCHOOL
TOWNSHIP, Webster County, Iowa .—BOND
Hughett, Secretary Board of School Directors, will
April 10 for $15,000 school bonds.
Separate bids
for 10, 15 and 20-year periods, will be considered.
OFFERING.—M.
A.
m.
CUMBERLAND. Guernsey County,
Ohio.—BOND ELECTION.—
a resolution adopted by the Village Council on March 12, a
special election will be held on April 27 for the purpose of putting before
the voters the question of issuing $4,000 electric light plant bonds.
Pursuant to
DE
LEON,
O. Auburn), Inch—BONDS NOT SOLD.—
The $33,000 4H% Everett Mullett et al Wilmington Twp. road bonds
offered on Mar. 13—V. 110, p. 890—were not sold.
Comanche County, Tex.—BONDS REGISTERED.—1The
27 $200,000 6% serial water and sewer bonds with
city registered on March
the State Comptroller.
DELTA COUNTY (P. O. Cooper),
Tex.—BOND OFFERING.—Sealed
bids will be received until 2 p. m.
for $500,000 5%
March 24.
County,
ESSEX
COUNTY
(P.
O.
Saleml,
Mass .—TEMPORARY LOAN.—
The temporary loan of $200,000. dated Jan; 16 and
maturing Dec. 15 1920.
was offered
unsuccessfully on Feb. 2—V.
110, p. 581—has been
awarded to the Old Colony Trust Co., of Boston, ®n a
plus
4.78% discount basis,
a
premium of $6,50.
EXPORT, Westmoreland County, Pa.—BOND SALE.—The $10,000
5% tax-free 12 H-year (aver.) paving bonds, offered on March 29—V.
110,
1109—were awarded on that date to Mullin, Briggs &
Co., of Phila¬
delphia, at 100.35 and interest, a basis of about 4.96%.
Due $1,000 on
April 1 In 1924. 1926, 1928. 1930, 1932, 1934, 1936/1937. 1938 & 1939.
p.
FAIRVIEW, Guernsey County, Ohio.—BOND SALE.—On March 8
issue of $4,000 5H% Main Street
impt. bonds was awarded to the
Central
National
Bank
of
Cambridge at
and Interest.
par
FARMER TOWNSHIP SCHOOL DISTRICT
(P. O. Farmer), Defiance County, Ohio.—NO BIOS RECEIVED.—No bids
were received
for the $2o.000 5\4 % school bonds offered on March 20.—V.
110, p. 1000.
FARMINGDALE, Nassau County, N. Y.—BONDS VOTED.—At an
election held March 16 toe voters
approved the issuance of $10,000 steamplant and $2,000 water-main bonds.
FARMVILLE, Pitt County, No. Caro.—BOND OFFERING.—Bids
April 5 by T. E. Joyner, Town Clark, for ths
following 6% coupon (with privilege of registration) bonds:
$25,000 water bonds.
Date Jan. 1 1920.
Due $1,000 yearly on Jan. 1
from 1923 to 1947, incl.
15,000 sewer bonds.
Date Jan. 1 1920.
Due $1,000 yearly on Jan. 1
from 1923 to 1937, incl.
115,000 assessment bonds.
Date March 1 1920.
Due yearly on March 1
will be received until 2 p. m.
follows:
$7,000 1923 to 1925, incl., $8,000 1926 to 1928, incl.,
$14,000 1929 to 1933, incl.
Prin. and semi-ann. int. payable at the Hanover Na¬
tional Bank, N. Y.
Certified check on an incorporated bank or trust
company, or a sum of money for or in amount equal to 2% of the amount of
bonds bid for, payable to the town of Farmville,
required.
The successful
as
Denom. $1,000.
bidders will be furnished with the opinion of Reed,
N.
Y.
that
the
Farmville.
April 19 by I. B. Lane. County Judge,
30-year road bonds.
Cert, check for $500 required.
bonds
are
valid
and
Dougherty & Hoyt of
binding obligations of the town of
Purchaser to pay accrued interest.
FAYETTEVILLE, Onondaga County, N. Y.—BONDS VOTED.—By
a vote of 255 to 5
it is reported.
an
issue of $55,000 road bonds was recently authorized,
FILER SCHOOL DISTRICT (P. O. Filer), Twin Fall.
County, Ida.
—BONDS VOTED.—School bonds amounting to $30,000 have been voted.
FERGUS COUNTY SCHOOL DISTRICT NO. 1 (P. O.
Lewistown),
Mont.—BOND ELECTION.—On April 3 $150,000 6 % 20-year school bond
are
to
be voted
FLOYD
W. F. Garry, Clerk.
upon.
COUNTY
(P.
O.
New
Albany),
Ind.—BOND
SALE.—Ob
March 27
the $17,108 20 4tf% New Albany Twp. Spickerfc Knob Road
No. 2 bonds offreed on that date—V. 110, p. 1217—were awarded to Wm.
Woodruff at par.
Denom. $1,710 82.
Int. M. 3c N.
Due $1,710 72
each six months from May 15 1921 to Nor. 15 1®25 incl.
FORT MORGAN, Morgan
County,
April 28 $35,000 water-extension bonds
Colo .—BOND ELECTION.—On
are
to be voted
upon.
FRANKLIN COUNTY (P. O. Brookville), Ind.—BOND OFFERING.—
Proposals will be received until 2 p. m. Apr. 5 by Chas. E. Winscott. County
Treasurer, for $27,950 4J^% Reed Moffet et al Whitewater Twp. road
bonds.
Denom.
$698 75.
Date May 3
1920.
Int.
M
&
N.
Due
$1,397 50 each six months from May 15 1921 to Nov. 15 1930, incl.
FRESNO
BOND
CITY
SALE.—On
SCHOOL
March
1217—were awarded to the
DISTRICT,
Fresno
County,
Calif.—
26 the $680,000 5% gold bonds—V. 110, p.
Bank & Trust Co. of Central California for
$680,005 (100.0007) and interest.
FULLERTON SCHOOL DISTRICT, Orange
County, Calif.—BOND
a. m. April 16 by J. M. Backs,
County Clerk (P. O. Santa Ana:, for $225,000 6%| bonds.
Denom. $1,000.
Date May 1 1920.
Int. semi-ann., payable at the County Treasurer's
office.
Due $15,000 yearly on May 1 from 1921 to 1935, Incl.
Cert, or
cashier's check for 3% of the amount of said bonds, or of the portion thereof
bid for, payable to the Chairman Board of County Commissioners, required.
Bonded debt $58.000.
Total value of taxable property (excluding operative
property), 1919, $10,081,605.
OFFERING.—Bids will be received until 11
GALLATIN COUNTY SCHOOL DISTRICT NO. 7 (P. O. Bozeman),
Mont.—BOND SALE.—Ferris & Ilardgrove of Spokane have purchased
$60,000 6% 10-20-year (opt.) coupon school bonds offered at Mar. 25
110, p. 1109—at par.
Denom. $1,000.
Date Apr. 1 1920.
Int
Due Apr. 1 1940, opt. Apr. 1 1930.
—V.
J. & J.
GARDEN
COUNTY (P.
KALB
on
Allegheny
which
bonds.
DE
registered
Comptroller
EL RENO, Canadian County, Okla.—BOND
OFFERING.—Bids will
be received until April l5by John E.
Gallagher, Commissioner of Finance,
for $400,000 6% 10-25 year (opt.)
impt. bonds.
the
DALLAS COUNTY (P. O. Dallas), Tex.—BONDS REGISTERED.—On
15 the State Comptroller registered $50,000 6% serial lev6e im¬
March
provement
State
Pa.—BOND ELECTION.—The
Borough Council has called an election for April 17 for the purpose of
voting on the issuance of $150,000 street-improvement bonds.
road
bonds authorized by a vote of 280 to 96 at an election held Sept. 27 1919.
Denom. $1,000.
Date Apr. 10 1920.
Prin. and ann. int. pajable at the
National Bank of Commerce, N. Y.
Due $7,000 for 15 years and $8,000
for 15 years.
Cert, check for $1,000 payable to H. 8. Holinan, County
receive bids until 12
the
EDGEWPOD,
composed of the National City Co., E. H. Rollins & Sons, Ames, Emerich &
Co., and the Guaranty Trust Co., all of New York, has been awarded
'.treasurer's
$24,372.00
and
$250,000 4 M % flood protection bonds.
Date March 1 1917.
Int. M. &
S.
Due yearly on March 1 as follows: $20,000, 1942;
$90,000,
1943 & 1944; and $50,000, 1945.
561,866 5% deficiency funding bonds.
Date Sept. 18 1919.
Int. J. & J.
Due Sept. 18 1927.
Denom. $1,000.
Prln. and semi-ann. Int. payable in New York.
Cert,
check on a local bank, for 2% of amount bid for,
payable to the Sinking
Fund Trustees, required.
Bonds to be delivered ant) paid for at Columbus,
either all on April 15, or $311,866 on April 15 and $250,000 on May 15 and
Nov. 15. at the purchaser's option.
The official circular states that the
City of Columbus has never defaulted In payment of interest.
CONROE,
Paris
Nat'l Bank
—An
yearly
PRO¬
24,128.001
EAST BRADY, Clarion County, Pa.—BOND
OFFERING.—The Sec¬
retary of the Borough Council will receive bids until 8
p. m. April 15 for
$11,800 5% paving bonds.
Certified check for 5% of amount of bid
payable to the Borough Treasurer, required.
an
CLEVELAND,
$24,518.401 Anglo and London
Bank of Italy
on Mar. 18—
$300,000 water-works funding bonds.
Date March 1 1920.
Due $10,000
yearly on April 1 from i921 to 1950. incl.
200,000 river and harbor funding bonds.
Date March 1 1920.
Due
$10,000 yearly on April 1 from 1921 to 1940, incl.
100,000 sewer funding bonds.
Date March 1 1920.
Due $5,000 yearly
on April
1 from 1921 to 1940, incl.
50,000 bridge funding bonds.
Date March 1 1920.
Due $2,000 yearly
on
April 1 from 1921 to 1945, incl.
600.000 water-works bonds.
Date July 1 1919.
Due $10,000
Siskiyou County, Calif.
SALE.—According to reports Bradford,
Weoden Co. was the
bidder for the $24,000 school bonds
recently voted—V. 110. d.
890—for $24,755.30, equal to 103.147.
Other bidders were:
successful
Stephens & Co
CHURCHVILLE, Monroe County, N. Y.—BOND OFFERING.—Pro¬
posals for $25,000 registered village bonds, bearing interest at a rate not
to exceed 5%, will be received until 4
p. m. April 5 by F. E. Smith
Village
COOK
1447
.
OF
EDEN
DRAINAGE
DISTRICT,
Chariton
County,
Mo.—BONDS SALE.—An issue of $325,000 6% bonds has been purchased
by the Mortgage Trust Co. of St. Louis.
Denom. $1,000.
Date March I
1920.
Prin. and semi-ann. int. (M. & S.) payable at the American Trust
Co., St. Louis.
Due yearly on March 1 as follows:
$13,000
1924
1,000——1928 $20,000
1932
13,000
1925
17,000
1929
21,000
1933
14,000
1926
18,000
1930
23,000
1934
15,000
1927
19,000
1931
24,000
1935
.
$26,000--.--1936
27,000
1937
29,000
1938
30,000
1939
GENOA, Ottawa County, Ohio.—BOND ELECTION.—It is reporten
a special election to be held Apr. 27 a
proposition to issue $35,000
water-works-system bonds will be voted upon.
that at
DENMARK, Bamberg County,
So.
Caro.—BOND SALE.—An issue
of $50,000 water-works bonds has been sold.
,
DENTON COUNTY COMMON SCHOOL DISTRICT NO. 68, Tex.—
on March 27 registered $5,400 5%
BONDS REGISTERED.—This district
40-year bonds.
DENTON COUNTY COMMON SCHOOL DISTRICT NO. 89, Tex.—
an issue of $8,000 5% 40-year bonds
BONDS REGISTERED.—On March 27
was
registered with the State Comptroller.
DENVER,
water
Colo.—BOND
ELECTION
CONSIDERED.—'To
improve
system $2,000,000 to $4,000,000 may be voted upon.
DINUBA
UNION
HIGH
SCHOOL
Calif.—BOND SALE.—On March
DISTRICT,
Tulare
County,
17 the First National Bank of Visalia
purchased $120,000 5% gold bonds.
They got the bonds at par and in¬
terest.
Denom. $1,000.
Int. semi-ann. (M. & S.) payable at the County
Treasurer's office.
Due yearly on March 17 as follows: $2,000, 1921 to
1940, incl.: and $4,000,1941 to 1960, incl.
Bonded debt $40,000.
Assessed
value of district, 1919-1920, $3,249,485-
DODSON, Phillips County, Mont.—BOND ELECTION.—At the April
election $50,000 light and sewer improvement bonds will be voted upon.
DUDLEY SCHOOL
DISTRICT
(P. O. Dudley), Laurens County,
Ga.—BOND ELECTION CONSIDERED.—It is reported that $5,000 school
are soon to be voted upon.
bonds
DUNSMUIR
GRAMMAR
SCHOOL
DISTRICT,
Siskiyou County,
Calif.—BOND SALE.—The $39,000 6% school bonds recently voted—V.
110, p. 785—have been sold, according to reports, to Bradford, Weeden
Co.
for
$40,370,
equal to
Paris
and London
Nat'l Bank
Anglo
103.512.
Other bidders were;
(Stephens & Co
$40,084.00iBank of Italy
$39,951.90
..
39,488.00
GIBSON COUNTY (P. O. Princeton), Ind.—BOND OFFERING.Proposals will be received until 10 a. m. to-day (Apr. 3) by S. Wltherspoon
County Treasurer, for the following 4M% road bonds:
$9,200 Henry Armstrong et al Montgomery Twp. bonds.
Denom. $460.
12,940 N, P. Wirth et al Union Twp. bonds.
Denom. $647.
11,200 S. G. Marshall et al Center Twp. bonds.
Denom. $560.
3,270 J. M. F. Montgomery et al Montgomery Twp. bonds.
Denom.
$163 50.
18.000 Josephus Emerson et al Montgomeir Twp.
bonds. Denom. $900.
29,500 Erastus Burkett et al Montgomeir Twp. bonds.
Denom. $1,475.
4,235 John A. Rheuff et al Columbia Twp. bonds.
Denom. $211 75.
Date Mar. 15 1920.
Int. M. & N.
Due 1 bond of each issue each six
months from May 15 1921 to
Nov. 15 1930,, incl.
I
GIRARD, Trumbull County, Ohio.—BOND OFFERING.—Proposals
April 12 by John L. Gleason, Village Clerk, for
$30,000 6% street-improvement (village's portion) bonds.
Denom. $1,000.
Int. A. 3c O.
Due $1,000 on April 1 and Oct. 1 in 1921, 1922 and 1923;
$2,000 on April 1 and Oct. 1 in 1924, 1925, 1926, 1927, 1928 and 1929.
Certified check on an Ohio bank for 5% of amount of bonds bid for, payable
to the Village Treasurer, required.
Bonds to be delivered and paid for at
the Village Treasurer's office on or before April 20.
will be received until 12 m.
GLOUCESTER, Essex County, Mass.—BOND SALE.—On March 31
1-20-year serial water bonds, offered on that date (V. 110,
1338), were awarded to the Gloucester Safe Deposit & Trust Co. of
Gloucester, at 101.835—a basis of about 4.76%.
Denom. $1,000.
Date
April 1 1920.
Int. A. & O.
Due $1,000 yearly on April 1 from 1921 to
1940, inclusive.
the $20,000 5%
p.
GLOVERSVILLE. Fulton County, N. Y.—NO BIDS RECEIVED.—
were received for the $49,000 434% registered sanitary sewer bonds,
offered on March 22—V. 110, p. 1217.
No bids
GATE HIGHWAY DISTRICT (P. O. Wilder), Canyon
Idaho.—BOND OFFERING.—Cecil R. Peckham, Chairman
Board of Highway Commissioners, will receive bids until 2 p. m. April 17
for $100,000 10-19 year serial highway bonds at not exceeding 6% interest
voted at an election held Feb. 28 1920.
Date April 1 1920.
Int. semi-ann.
payable at Wilder, Idaho, or New York City, Is. Y.
Cert, clerk for 5%
of amount of bid, required.
Assessed value over $1,400,000.
GOLDEN
County,
Tex.—PRICE PAID.—
price paid for the $54,000 534% road district No. 6,bonds reported as
in V. 110, p. 1217, was 98 (purchaser getting accrued interest).
The
Gonzales),
O.
(P.
COUNTY
GONZALES
sold
GOODING,
Gooding
County,
Idaho.—BOND ELECTION.—On
April 13 $7,000 6% city park bonds are to be voted upon.
GORDON COUNTY (P. O. Calhoun),
On March 12 $350,000 road
Ga.—BONDS DEFEATED.—
bonds were defeated.
County,
Alamance
GRAHAM,
No.
-
Caro.—BIDS
REJECTED.—
of 6% bonds, aggregating $150,000
April 1—V. 110. p. 1217—were rejected.
The bids received for the two issues
offered on
GRAHAM COUNTY SCHOOL DISTRICT NO. 1
Ariz.—BOND ELECTION.—On April 16 $50,000 534%
Martin Lay ton, Clerk.
be voted upon.
GRAND
RAPIDS,
(P. O. Safford),
school bonds will
Kent County, Mich.—BOND ELECTION.—It
reported that on April 5 a proposition to issue $500,000
bonds will be voted upon.
is
memorial erection
Austin D. Hunt,
for
a
GRANT PARISH ROAD DISTRICT
NO. 8, La.—BOND OFFERING.
—Until 12 m. April 5 bids will be received by John Randolph, President of
Police Jury (P. O. Colfax), for the $210,000 5% bonds (V. 109, p. 2458).
Date Jan. 0 1920.
Cert, check on some national
Louisiana for 234 % payable to the President of
The bonds have been approved
GRAYVILLE
bank doing business in
Police Jury, repuired.
by John C. Thomson of New York.
COMMUNITY
HIGH
SCHOOL
DISTRICT (P.
O.
Grayville), White County, 111.—BONDS VOTED.—It is reported that at
recent election a proposition to issue $96,000 high-school-bldg. bonds
78.
a
carried by a vote of 568 to
HILL
O, Springfield), Mo.—BOND ELECTION.—
the "Springfield Republican" of March
the $1,500,000 road bond issue
—V. 110, p. 1109— will be submitted to the voters of Greene County has
been postponed, owing to the fact that the order of publication fixing the
date for the election was omitted from an Issue of the
'Republican,' ac¬
cording to County Clerk John L. Lildns.
The registration was held on
March 24, while the date of the election has been announced as April 5.
The places of registration will remain unchanged.
The omission of the order
of publication made it necessary for the members of the county court to
postpone the election, since the law specifies that the order shall be pub¬
lished for a fixed period of time, and unless these requirements are met the
13 that "the date of the special election when
can
be contested."
GREENSBORO, Guilford County, No. Caro .—BOND OFFERING.—
Proposals will be received by O. M. Hunt, City Clerk, for $200,000 street
impt. bonds at not exceeding 6% interest until 2-30 p. m. April 15.
Denom.
$1,000.
Date May 1 1920.
Prin. and semi-ann. int. (J. & J.), payable
in gold at the City Treasurer's office.
Due $20,000 yearly on May 1
from 1922 to 1931, incl.
Cert, check on an incorporated bank or trust
company for 2% of the amount of bonds bid for (or cash in like amount),
payable to the city of Greensboro or the City Treasurer required.
The,
legality of the bonds will be examined by Caldwell & Raymond of N. Y.,
and the purchaser will be furnished, without charge, the approving opinion
of said attorneys and the bonds are to be prepared under the supervision
of the U.S. Mtge. & Trust Co. of N. Y., which will certify as to the genu¬
ineness of the signatures of the city officials and its seal impressed thereon.
Bonds will be delivered to the purchaser at above trust company in New
York City, N. Y., on May 1 1920, or as soon thereafter as they can be
Bids are desired on blank forms
prepared, and must then be paid for.
which will be furnished by the City Clerk or the above trust company.
Due
$20,000
yearly
on
May
1
from 1921
to
&
1934, incl., and $15,000 May 1 1935.
50,000 park bonds.
Due $5,000 yearly on May 1 from 1921 to 1930, incl.
Denoin. $1,000.
Date May 1 1920.
Prin. and semi-ann. int., payable
at the U. S. Mtge.
&Trust Co. of N. Y.
Cert, check for 1% of amount
of bonds bid for, payable to the Town Treasurer, required.
Bonds to be
delivered and paid for in Greenwich on May 1.
Bids for 5s will be con¬
sidered if none are received at par or better for 4 %&.
Washington County,
Md.—BONDS VOTED.—
The voters have passed favorably on a proposition to issue $750,000 sewer
and $20,000 city park lake bonds.
HAGERSTOWN,
Butler
HAMILTON,
bids
were
County,
Ohio.—NO
RECEIVED.—No
and $40,000 fire
March 16.—V. 110, p.
BIDS
received for the $80,000 general street impt.
dept. 5% 5-14 year serial coupon bonds offered on
March 26—V.
HARLAN
110, p. 1217.
COUNTY
(P. O. Harlan), Ky.—BOND OFFERING.—
Road Engineer, will receive bids until April 15 for
$160,000 road and bridge construction bonds—V. 110, p. 1338-—authorized
by a vote of 2,441 to 503 at an election held Nov. 4 1919.
Denom. $1,500.
Prin. and interest payable at a place to be designated by the purchaser.
Due serially in 5 to 25 years in amounts to suit purchaser.
Cert, check
for $1,600, payable to the above County Road Engineer required.
Official
circular states that the county has never defaulted in the payment of any
obligations and there is no litigation affecting this issue in any manner.
DISTRICT, Union County,
Arthur G. Woodfield,
received until 8 p. m.
April 5 for an issue of 5% coupon (with privilege of registration) school
bonds, not to exceed $90,000.
Denom. $500.
Date May 1 1920.
Prinand semi-annual interest (M. & N.) payable at the National State Bank,
of Elizabeth.
Due yearly on May 1 as follows: $2,500 1922 to 1931, incl.;
$3,000 1932 to 1934, incl.; and $3,500 1935 to 1950, incl.
Certified check on
an incorporated
bank or trust company, for 2% of amount of bonds bid
for, payable to the Board of Education, required.
Bonds to be prepared
under the supervision of the National State Bank, of Elizabeth, which will
certify as to the genuineness of the signatures of the officals and the seal
impressed thereon.
COUNTY
(P. O. Corydon), Ind.—BOND SALE.—On
March 30 the $15,800 434 % Julis E. Zabel et al Franklin Twp. road impt.
bonds—V. 110, p. 1338—were awarded to the Farmers State Bank at par
and int.
Due $790 each six months from May 15 1921 to Nov. 15 1930,
inclusive.
'
HARRISON
.
TOWNSHIP
RURAL
SCHOOL
DISTRICT
(P.
O.
Paulding County, Ohio.—BOND SALE.—On March 26 the
$25,000 6% school bldg. bonds offered on that date—Y. 110, p. 1110—were
Payne),
awarded to the Farmers
a
basis of about 5.77%.
&
Citizens Bank of Payne at
Due $1,000 yearly
on
102 and interest,
Oct. 1 from 1921 to 1945,
incl.
HA WARDEN INDEPENDENT SCHOOL DISTRICT (P. O. Hawarden), Sioux County, Iowa.—BOND OFFERING.—O. A. Bader, Secretary
of Board of School
Directors, will receive bids until 2 p. m. April 16 for
$107,000 5% school bonds.
Denom. $1,000.
Date May 15 1920.
Int.
semi-ann.
Cert, check for $1,000 required.
Due as follows:
Nov. 15 1929
Nov.
3,000
May
1,000
Nov.
3,000-—May
1,000
Nov.
3,000
May
1,000
Nov.
3,000—.May
2,000
Nov.
3,000
May
May 15 1930
2,000
$2,000_.__May 15
1,000
Nov. 15
2,000
May 15
1,000
Nov. 15
2,000...-May 15
1,000
2,000
1,000
3,000
1,000
3,000
1925 51,000
1925
1926
1926
1927
Nov. 15 1927
May 15 1928
Nov. 15 1928
May 13 1929
15
15
15
15
15
15
15
15
15
15
May
1930 $3,000
1931
2,000
Nov.
3,000
May
1931
2,000- —Nov.
1932
May
1932 4,000
2,000
Nov.
1933
1933 4,000
May
2,000
Nov.
1934
6,000
May
1934
May
1935 37,000
15 1936
15 1936
15 1937
15
15
15
15
15
15
15
1937
1938
1938
1939
1939
1940
1940
Nov. 15 1935
HELENA INDEPENDENT SCHOOL DISTRICT (P. O. Helena),
Lewis & Clark County, Mont.—BOND ELECTION.—On June 1 $225,000
school bonds
are
to be voted upon.
HEYBURN, Minidoka County, Ida .—PRICE PAID.—The price that
Wright, Swan & Co., paid for the $5,000 6% 10-20 year (opt.) electric plant
bonds recently secured by them—V. 110, p. 1217—was 91.
Denom. $500
and $1,000.
Date Jan. 1 1920;
Int. J. & J.
Due Jan. 1 1940 optional
Jan.
1
1930.-
TOWNSHIP
HILLSDALE
SCHOOL
SCHOOL
HOLGATE
DISTRICT,
Ohio.—BONDS
Henry County,
VOTED.—At an election held March 23 a proposition to issue $100,000
school-building oonds carried by a vote of 107 "for" to 55 "against."
HOPE STREET IMPROVEMENT DISTRICT NO.
1
(P.
O. Hope),
Hempstead County, Ark.—BONDgSALE.—On March 25 the $140,000
1-15 year serial bonds—V. 110, p. 891—were awarded to Malone &
6%
Date March 15 1920.
HOPKINS COUNTY (P. O. Madison ville), Ky.—BOND OFFERING.—
John G. Solmon, Clerk of County Court, will receive bids until April 13
for $500,000 5% 5-20-year serial road and
Int. semi-ann.
Cert, check for $10,000,
required.
»
bridge bonds.
Denom. $1,000.
payable to the County Sheriff,
•
HOUSTON COUNTY (P. O. Crockett), Tex.—BONDS REGISTERED.
issue of $75,000 514 % serial bonds was registered with the State
—An
Comptroller
on
March 20.
HUMPHREY-DRY BAYOU DRAINAGE DISTRICT NO. 2 (P. O.
Humphrey), Jefferson County, Ark.—BOND OFFERING.—It is re¬
ported that an issue of $10,000 6% 1-10-year drainage bonds will be offered
for sale on April 15.
HUNTINGTON COUNTY (P. O. Huntington),
Ind.—BOND SALE.
—We are advised by the County Treasurer that the following
bonds have been sold to local parties at par and interest:
4)4% road
II. Kreig et al. Lancaster Twp. bonds.
Denom. $720.
Due $720 each six months from May 15 1921 to Nov. 15 1920, incl.
8,600 Geo. E. Wilhelm et al. Lancaster Twp. bonds.
Denom. $860.
Due $860 each six months from May 15 1921 to Nov. 15 1925, incl.
$14,400 Wm.
Interest M. & N.
Date Jan. 15 1920.
McLeod
County, Minn.—BOND AND CERTIFI¬
CATE OFFERING.—Until 8 p. m. April 5 bids will be received by J. F.
Mikulecky, City Clerk, for the following bonds and certificates:
$225,000 6% paving certificates.
Due serially for 20 years.
Cert, check
for $5,000 required.
15,000 5% 10-year (aver.) electric light bonds.
Date May 1 1920.
Due $5,000 1925, 1930 and 1935.
Cert check for $1,000 required.
HUTCHINSON,
IBERIA PARISH SCHOOL DISTRICT NO. 6, La.— BONDS NOT
YET SOLD.—No sale has yet been made of the $200,000 5% school bonds
offered on Jan. 2—V. 109, p. 2458.
Denom. $1,000.
Int. A. & O.
I LI ON, Herkimer County, N. Y.—BOND SALE.—On March 29 the
$33,622.47 5% assessment paving bonds, offered on that date—V. 110, p.
1338—were awarded to the Ilion National Bank of Ilion at par and interest.
Date April 1 1920.
Due yearly on April 1 as follows: $7,000, 1921 to 1924,
incl., and $5,622.47, 1925.
Sherwood & Merrifield of New York offered
to pay 100.02, conditional that the village pay for the legal services and the
printing of the bonds.
Imperial County, Calif.—BOND OFFERING.—Sealed
Lelia Foster, City Clerk, until 4.30 p. m. April 14
following 6% street impt. bonds: $75,000 resurfacing and $45,000
IMPERIAL,
bids will be received by
for the
Cert, check for 5% required.
SCHOOL
INDEPENDENCE
DISTRICT
(P.
O.
Independence),
Montgomery County, Kan.—BOND ELECTION.—At the city election
April a proposition will be submitted for the voting of $500,000 in bonds,
it is stated, for the erection of a junior high school and another ward school
in
on
the North Side.-
INMAN TOWNSHIP (P. O. O'Neill), Holt County, Neb.—BOND
ELECTION.—It is reported that $20,000 road bonds are soon to be voted
upon.
COUNTY (P. O. Newton), Iowa.—BOND SALE—The
and the White-Phillips Co., bidding jointly
recently awarded $75,000 5% funding bonds at 100.
Denom. $1,000'
Date Jan. 1 1920.
Int. M. & N.
Due serially.
JASPER
Second Ward .Securities Co.,
were
JAY COUNTY (P. O. Portland), Ind.—BOND OFFERING.—Pro¬
posals will be received by J. W, Current, County Treasurer, until 10 a. m.
April 6 for the following 4>4 % road bonds:
$5,400 J. O. Bechdolt et al. Jefferson Twp. bonds.
Denom. $270.
Date
28,200 George
March
15
1920.
Lyons
15
et
Pike Twp.
al.
bonds.
Denom.
$1,410.
Date
1920.
M. Milligan et al. Bearcreek Twp. bonds.
Denom. $1,100.
Date April 1 1920.
10,600 M. H. Spahr et al. Greene Twp. bonds.
Denom. $1,060.
Date
22,000 S.
March
Nelson Cory, County
HARRISON
Tex.—
bonds were
23,
N. J.—BOND OFFERING.—Proposals addressed to
March
HARDIN COUNTY (P. O. Kenton), Ohio.—NO BIDS RECEIVED.—
were received for the $17,860 6%"Geiger Pike bonds offered on
NO.
District Clerk, 1433 Munn Ave., Elizabeth, will be
891.
No bids
DISTRICT
HILLSDALE,
Hillsdale County, Mich.—BOND ELECTION.—On
April 5, according to reports, the people will vote on a proposition to issue
$60,000 municipal light and power-plant-improvement bonds.
paving.
J)osals will434% gold coupon12 m. April 8 by of registration) bonds:for the
be received until (with privilege the Bond Committee
ollowing
bonds.
SCHOOL
registered with the State Comptroller.
GREENWICH, Fairfield County, Conn.—BOND OFFERING.—Pro-
$295,000 school
COMMON
COUNTY
BONDS REGISTERED.—On March 22 $12,000 5% 10-40-year
GREENE COUNTY (P.
POSTPONED.—It is reported in
election
Hamilton County, Tex.—
$50,000 school bonds will be voted upon.
HICO SCHOOL DISTRICT (P. O. Hico),
BOND ELECTION.—On April 6
Keesler at 98, a basis of about 6.34%.
(P. O. Marion), Ind.—LOAN OFFERING.—
County Treasurer, will receive bids until 2 p. m. April 6
temporary loan of $21,000, to bear interest at 6%.
COUNTY
GRANT
[Vol. 110.
THE CHRONICLE
1448
Int.
M.
1
N.
&
1920.
Due
one
bond
of
each
issue
each
six
months
from
May 15 1921 to Nov 15 1930, inclusive.
JUAB COUNTY SCHOOL DISTRICT (P. O. Nephi), Utah.—BONDS
VOTED.—On March 22 $175,000 school bonds were voted.
KANAB, Kane
are
County,
Utah.—BOND ELECTION &
KANSAS
election yet to be called.
CITY, Kans.—BOND
5-30 year (opt.) general impt.
SALE.—An issue of $700,000 434%
bonds has been purchased by Harris, Forbes
Int. semi-ann.
Due July 18 1949,
N. Y.
Date July 18 1919.
optional in 1924.
&
SALE.—We
informed that $42,000 6% water bonds have been sold to the Palmer
Bond & Mortgage Co. subject to an
Co.,
KANSAS
State
1
CITY, Kans.—BONDS
Auditor registered $781,000
REGISTERED—On March
434% 30-yr. viaduct bonds.
11 the
Denom.
$1,000.
KELLEYVILLE SCHOOL DISTRICT (P.
O. Kelleyville). Creek
County, Okla.—BOND ELECTION.—A special election to vote bonds of
$64,900 for a new high school building, has been called, it is reported.
KELSO, Cowlitz County, Wash.—BONDS VOTED.—At a recent elec¬
110, p. 786—were voted to purchase the Kelso
tion $40,000 6% bonds—V.
Water Company's system.
This item was
in V.
inadvertently reported under the caption of "Kelso, Ore.,
110, p. 1110.
|
KENDALL COUNTY ROAD DISTRICT NO. 4 (P. O. Boerne), Tex.
—BONDS VOTED.—'The issuance of $40,000 534% 30-year serial road
bonds, carried, at the election held March 20—V. 110, p. 1110—by a vote
of 60 to 23.
/
KENTON SCHOOL DISTRICT (P. O. Kenton), Hardin County,
Ohio.—BOND ELECTION.—The people will on April 27 vote on the
question of issuing $450,000 school bonds.
KERN COUNTY (P. O. Bakersfield), Calif.—BOND ELECTION.—
The Board of
Supervisors has called
an
election to vote upon issuing $850
-
000 memorial building bonds.
KERSEY, Weld County, Colo.—BOND ELECTION .—An election will
be held April 6 to vote on the issuance of $40,000 6% water and sewer bonds.
KITTANNING SCHOOL DISTRICT (P. O.Kittanning), Armstrong
County, Pa.—BOND OFFERING.—Harry E. Himes, President of Schotd
Board, will receive bids until 4 p. m. April 13 for $114,000 434% coupon
Due
funding bonds.
Denom. $500.
Date May 1 1920.
Int. M. & N.
$19,000 on May 1 in 1925, 1930, 1935, 1940, 1945 and 1950.
for $500 required.
Cert, check
Apr. 3 1920.]
THE
CHRONICLE
KOSCIUSKO COUNTY (P. O.
Waruw), Ind.—BOX!) OFFERING.—
Ed. Paulson County Treasurer will
receive proposals until 2 p. m. April 15
for $76,125 434 % R. H. Leifer et al.
Washington Twp. road bonds. Denom.
20 for $806 25 and 60 for $1,000.
Date April 15 1920.
Int. M. & N.
Du8 $3,806 25 each six months from
May 15 1921 to Nov.
15 1930
COUNTY (P. O. Lebanon), Mo.—BOND OFFERING.—
Until 1 p. m. April 3, it is
stated, that Chas. Vernon, County Commis¬
sioner, will receive bids for $85,000 534% or
6% 20-yr. road
bonds,
WILSON, Murray County, Minn.—BOND SALE.—The
western Trust
LAWRENCE COUNTY
(P. O. Bedford), Ind.—BOND OFFERING.—
Sealed bids will be received until 2
p. m. April 5 by William E. Butler,
County Treasurer, for $11,500 434%
Spice Valley Twp. road impt. bonds.
Denom. $575.
Date Feb. 15 1920.
Int. M. & N.
Due $575 each six
months from May 15 1921 to Nov.
15 1930, inclusive.
LEESVILLE, Vernon Parish, La.—BONDS NOT SOLD.—The $20,000
5% street-impt. bonds offered on March 16—V. 110,
p. 891—were not sold.
COUNTY SCHOOL DISTRICT NO.
9,
NOT SOLD—TO BE
RE-OFFERED.—No sale was made
of the two issues
bonds, aggregating $72,550 offered on March 13—V.
110, p.
The above bonds will be reoffered for
sale on April 13.
LEWIS AND CLARK COUNTY
(P.
OFFERING— Bids will be received until 2
O.
p. m.
Helena),
City Council has ordered
issuance of bonds in the
sum
LIBERAL SCHOOL DISTRICT (P. O.
Liberal) Seward County.
Kans.—BOND ELECTION.—A special bond election will be held
April 6
to issue $230,000 in bonds for the erection of
school buildings and the
pur¬
chase of sites for the buildings, it is stated.
LIMA, Allen County, Ohio.—BIDS REGISTERED.—All bids
received
St. sewer (general and assessment) bonds
p. 1218—were rejected.
for the $485,000 534% Collett
on March 22—V.
110,
offered
LOAN.
—On March 29 the
temporary loan of $300,000, dated March 29 and matur¬
ing Dec. 13 1920—V. 110, p. 1339—was awarded to
the Manchester Safe
Deposit & Trust Co., of Manchester,
premium.
MAPLE
SCHOOL
on
a
5.79% discount basis, plus $3
DISTRICT, Kern County, Calif.—BOND ELEC¬
needed.
Among other bidders were: Harris Trust &
Savings Bank, Chicago; Sweet,
Causey, Foster & Co., Denver, and Eiston & Co.,
Chicago.
Dated April 1
Assessed valuation
Total bonded debt
Miss.—BOND
ELECTION.—The
election to be held on April' 5 to authorize
the
of $32,000 for paving purposes.
an
MAMARONECK, Westchester County, N. Y.—BOND OFFERING.—
Proposals for $9,500 fire apparatus bonds, to bear interest
at a rate not
5%, will be received until 8.30 p. m. April 16 by
Edgar L. Hawe,
Village Clerk.
Denom.
$950.
Date
May 15 1920.
Int.
semi-ann.
Due $950 yearly on May 1 from
1925 to 1934, incl.
Cert, check on a bank
located in New York City for
5% of amount bid for, required.
Total
debt $492,985.
Assessed value, $9,070,245.
Population, 1915, 7,290.
to exceed
Phoenix),
wood, Chicago.
County,
SCHOOL
on April 16, vote $10,000
bonds, It Is reported.
MARICOPA COUNTY UNION HIGH SCHOOL
DISTRICT (P. O.
Ariz.—BOND SALE.—On March 22 the
$500,000 534%
20-year school bonds (V. 110, p. 1218), were sold to E.
H. Rollins & Sons,
Bolger, Mosser & Willaman, and
Halsey, Stuart & Co., jointly at par after
bids below par were rejected.
The bonds are to be paid for as
Denom.
$1,000.
Date Jan. 1 1920.
Prin. and semi-ann. int.
payable at the office
of the County Treasurer.
Due $10,000 yearly on Jan. 1 from 1931 to
1940,
incl., and redeemable on Jan. 1 or July 1 next
preceding their respective
maturities.
Cert, check on some reliable bank for
$10,000, payable to the
County Treasurer, required.
Bids are requested for bonds bearing
534%,
5 34 % or 6 % interest.
The said bonds will be printed
by the said county
and ready for
delivery within two weeks of the time of sale and the said
county will deliver to the purchaser the
approving opinion of Charles B.
Holmes
COUNTY
DISTRICT NO. 9 (P. O.
Norria),
Mont.—BOND SALE.—The International Trust Co. of
Denver have been
10-20-year (opt.) school bonds offered on March 1
(V. 110, p. 6793.
awarded the $20,000 6%
TION.—This district will,
Mont.—BOND
April 27 by A. J. Duncan,
County Clerk, for $100,000 public highway and bridge bonds.
LEXINGTON,
offered unsuccessfully on
March 10—V. 110, p. 1218—will be
re-offered for sale about June 1
1920.
MANCHESTER, Hillsborough County, N. H.—TEMPORARY
Wash.—BONDS
of coupon
1110.
system.
MADISON COUNTY (P. O.
Huntsville), Ala.—BONDS TO BE REOFFERED.—The $22,500 5% refunding bonds
MADISON
North¬
Co., of St. Paul, bidding 100 was awarded the $30,000
6%
bonds, offered on March 9—V. 110, p. 786.
Denom. $1,000.
Date Feb. 2 1920.
Int. F. & A.
Due yearly on Feb. 1 as follows:
$1,000,
1930 to 1939, incl; and $20,000. 1940.
water works
LEWIS
McLAUGHLIN, Carson County, So. Dak.—BONDS VOTED.—News¬
papers report that the citizens of this
city have expressed themselves In
favor of voting bonds for
$50,000 with which to build a
city hall building,
electric light plant and sewer
incl.
LACLEDE
LAKE
1449
Financial Statement.
1919
$43,516,272
_____
I
Population (estimated), 47,000.
650 000
MARSEH.LES TOWNSHIP (P. O. Kenton R. F. D.
No. 1), Wyandot
County, Ohio.—BOND OFFERING.—C. G.
Bloomingdale, Township
Clerk, will receive bids until 11:30 a. m.
April 5 for $5,752 32 5% coupon
Schriner-Weaver Road Impt. bonds.
Auth. Sec.
3298-15e Gen. Code.
Denom. 1 for $52.32 and 19 for
$300.
Date April 1 1920.
Prin. and semiint. payable at the Citizens
Savings Bank of Upper Sanduskv.
Due
$52.32 Oct. 1 1920, and $300
yearly on Oct. 1 from 1921 to 1939, Incl.
Cert, check on a solvent bank for
5% of amount of bonds bid for, required.
Purchaser to
ann.
pay accrued interest.
MARTINEZ,
April 27, the people
on
proposition to issue the following bonds: $150,000 for electric
lights, $183,000 for a retaining wall and $123,000 for bridges.
Contra Costa County, Calif.—NO
BONDS TOWBE
ISSUED.—We are advised by C. E.
Daly, Town Clerk, that the town of
Martinez has decided not to issue
any bonds this
LIMA CITY SCHOOL DISTRICT
(P. O. Lima), Allen County, Ohio.
—BONDS REFUSED.—hi. S. Hill &
Co., of Cincinnati, advise us that
they have refused to accept the $140,000 534%
deficiency bonds, which
were awarded to them on Jan. 17—V.
110, p. 388—as their counsel has
rejected the issue as illegal.
(State of).—BONDS NOT YET
SOLD—SHORTTERM NOTES MAY BE ISSUED
INSTEAD.—On March 31 bids for
the
$7,868,000 tax-free registered gold Cambridge
Subway bonds were
opened by State Treasurer Burrell.
The propositions offered
for the
purchase of the bonds were found to be as follows:
BOND
will vote
ELECTION.—At
LINCOLN
the
election
to
be held
COUNTY
(P. O. Davenport), Wash.—BOND SALE.—
of Seattle, have purchased $65,000 6% tax-free
"Donahue" road bonds.
Denom. $500.
Date March 1 1920.
Prin. and
semi-ann. int. (M. & S.) payable at the fiscal
agency of the State of Wash¬
ington in New York, or through the ofTices of the purchaser in
Seattle,
Spokane, Portland, San Francisco or Los Angeles.
Due yearly on March 1
from 1921 to 1925, incl.
Financial Statement
;
>
Carstens
&
Earles, Inc.,
of Lincoln County,
Real valuation
Assessed valuation
Total bondod debt, including this issue
$60,000,000
27,665,545
302,000
25,000
-
LINCOLN COUNTY SCHOOL DISTRICT NO. 13
(P. O. Eureka),
Mont.—BOND OFFERING POSTPONED.—The
offering of the $50,000
6% school site and building bonds which was to have taken
place on March
20—V. 110, p. 1001—was postponed on account of market
conditions.
LINDSAY, Tulare County, Calif.—BOND OFFERING.—Reports
say
on the
following alternate
bond
that the Trustees will, on April
6, receive bids
amounts:
1, $65,000 534% 1 to 40 year serials; 2, $75,000
534% 1
serials; 3, $85,000 534 % 1 to 40 year serials.
LITTLE ROCK, Ark.—WARRANT SALE.—An issue
of $325,000 taxfree refunding warrants has been
purchased by P. W. Chapman & Co., of
New York, Chicago and London
(Eng.),
Date March 25 1920.
Due
March 25 1921.
Financial Statemen
Real value of taxable
property (estimated)
Assessed value, 1919
Total indebtedness,
including this issue
Population 1910 Census, 45,941; Government
.
present estimate, 80,000.
Total debt less than
234%
LODI
$90,000,000
43,588,735
1,052,800
1916
estimate,
57,343;
DISTRICT, San Joaquin County, Calif.—BOND
OFFERING.—Sealed bids will be received, it is stated, until 11 a. m.
April 6
by Eugene D. Graham, County Clerk (P. O.
Stockton), for the $90,00u 5%
school bonds recently voted (V. 110,
p. 786).
Denom. $1,000.
Principal
and annual interest payable at the
County Treasurer's office.
Due $3,000
yearly on Jan. 2 from 1921 to 1950, inclusive.
Certified
of bid, payable to the Chairman Board of
Supervisors,
check for 10%
required.
LOS BANOS, Merced
County, Calif.—BONDS VOTED.—On March 12
the voters authorized $95,000 worth of
city bonds to establish a better
water system, it is reported.
The election was the second held for the
purpose and the result was almost unanimous in favor of the issue.
The
was
formerly 5%, but this time they will bear 534
LOWER MERION TOWNSHIP SCHOOL DISTRICT
(P. O. Ardmore), Montgomery County, Pa.—BOND
OFFERING.—Proposals will
be received until 8 p. m. April 14 by William J.
Byrnes, District Secretary,
for $100,000 coupon tax-free school
bonds, bearing either 434% or 434%
interest, upon which rates the bids will be based.
Denom. $1,000.
Date
June 1 1920.
Int. semi-ann.
Due $15,000 on June 1 in
1925,-1930, 1935
and 1940; $20,000, June 1 1920. and
$20,000 Dec. 1 1949.
Cert, check
for $2,000 required.
Bonds to be delivered and paid for on or about June
1.
Legality approved by Morgan, Lewis & Bockius of
Philadelphia, a
copy of whose opinion will be furnished to the
purchaser.
Purchaser
pay
to
accrued interest.
LYCOMING COUNTY (P. O.
Williamsport), Pa .—BOND OFFERING.
—Proposals will be received until 11 a. m.
April 14 by L. O. Bower, Chief
Clerk, for $300,000 434% coupon (with privilege of
registration) improve¬
ment bonds.
Denom. $1,000.
Date April 1 1920.
Int .A. & O.
Due
$100,000 on April 1 in 1930, 1935 and 1940.
Certified check for 2% of
amount of bid required.
MACLEAY-LINDSAY IRRIGATION DISTRICT
(P. O. Sequim),
Clallam County, Wash.—BONDS NOT
SOLD.—No sale was made of the
$260,000 6% bonds offered on Mar. 2—V. 110, p. 388.
The bonds will be sold at
a
private sale.
McDONALD, Washington County, Pa.—BOND OFFERING.—A.*
V.
Campbell, Secretary of Borough Council,'will receive bids until
7:30 p. m.
April 15 for the $70,000 5% municipal
building bonds voted last summer
(V. 110, p. 800).
Denom. #1,500.
Certified check for $2,500
required.
McDONALD
SCHOOL
DISTRICT (P. O.
McDonald). Trumbull
County, Ohio.—BOND SALE.—The $50,000 k-25 year serial
high school
bldg. bonds, offered on March 22—V. 110, p. 1110—were
purchased by
the State Industrial Commission of
Ohio, after the interest rate had been
raised from 534% to 6%.
Due $1,000 on April 1 and Oct. 1 in each of
the years 1921 to 1945, incl.
McKITTRICK SPECIAL ROAD DISTRICT
(P. O. Danville), Mont¬
County, Mo.—BONDS DESCRIBED.—The $22,500
tax-free
road bonds recently voted—V. 110
J?. 1110— bear 5% int. and are
in denom. of $1,000.
Due In 15 years.
Bonded debt, this issue only.
gomery
coupon
or
none.
E. H. Rollins & Sons, Coffin &
Burr, Wise, Hobbs & Arnold, White,
Weld & Co. and the National
City Co., jointly, for all or none, offered to
pay a premium of $159 together with accrued
interest, for $3,925,000 5%
and $3,943,000
434% bonds.
After a meeting or the
Governor, the Executive Council, the
Treasury
Department, and the Trustees of the Boston Elevated
Road, the State
was
authorized, according to reports, to accept one of the bids
Treasurer
of the syndicate headed
by Estabrook & Co., it is further reported that
Treasurer Burrell, instead of carrying out the decision
of the Governor and
the Executive Council, wrote a note to
Governor Coolidge,
requesting him
a message to the State
Legislature, asking that body to enact special
legislation to authorize the sale of one-year
notes, which would be issued
with the expectation that one
year hence, the condition of the
money
market will have so improved as to enable the State
to
to send
borrow at
rate.
a
cheaper
MELSTONE, Musselshell County, Mont.—BOND
ELECTION.—It Is
reported that $60,000 sewer bonds are soon to
b$ voted upon.
MEMPHIS, Tenn.—BIDS.—The following bids were received on
March
23 for the $300,000 5% coupon revenue
notes, dated Jan. 1 1920
Sept.
1
1920—V.
110,
p.
and due
1218.
Guaranty Bank & Trust Co., Memphis
S. Isi. Bond & Co., N. Y
99.67241
99.2711
99.00
Union
of assessed valuation.
SCHOOL
rate of interest
A
Estabrook & Co., Harris, Forbes &
Co., R. L. Day & Co., Merrill,
Oldham & Co., Blodgett & Co., Curtis &
Sanger, Parkinson & Burr, and
Lee, Higginson & Co., jointly offered to take the bonds
on either of the
following plans: No. 1. $1,008,000 5% bonds
maturing from 1921 to'1938,
and $6,860,000
434% bonds maturing from 1939 to 1970, at par, a cost to
the State of about
4.52%; No. 2, $7,384,000 434% bonds and
$484,000
5% bonds, par, a basis of about 4.54%.
Kuhn, Loeb & Co., Kidder, Peabody & Co., and the
Guaranty Trust
Co., jointly, for $2,896,000 5% and $4,972,000
434% bonds, bid 100.09
for all
Washington.
Population, officially estimated.,
to 40 year
year.
MASSACHUSETTS
& Planters Bank & Trust Co.,
Memphis
All the above bidders will
pay accrued interest.
MENA, Polk County,
$30,000 6% paving bonds
Ark.—BOND SALE.—According to reports,
were sold to three local banks at
96.50.
MERCER COUNTY (P. O. Trenton), N. J.—NO
BIDDERS.—There
were no bidders for the issue of
$670,000 5% coupon (with
privilege of
registration) road and bridge bonds, offered on March 31—V.
110, p. 1339.
MESA COUNTY (P. O. Grand
Junction), Colo.—BOND ELECTION
state that a court house bond issue
approxi¬
CONSIDERED.—Newspapers
mating $175,000 will be voted upon at the general fall election.
MICHIGAN
(State
of).—BONDS
RE-OFFERED.—The $3,000,000
434 % coupon State highway impt. bonds, which were offered
without succes
on Mar. 17—V. 110,
p. 892—are being re-offered as 5s by Frank E.
Gorman.
State
Treas., who will receive bids for the issue until 3p.m.
Apr. 21. Denom!
Date May 1 1920.
Prin. and semi-ann. int.,
payable at the State
Treasurer's office.
Due May 1 1925Cert, check for 1% of amount of
bid, payable to the State Treasurer, required.
$1,000.
The official notice of this bond
offering will be found among the advertise¬
in this Department,
ments elsewhere
MILFORD, New Haven County, Conn.—NO BIDS RECEIVED.—
$110,000 434% coupon bonds offered on
No bids
were received for the
March 24.—V. 110, p. 1001.
MILFORD, Beaver County, Utah.—BOND ELECTION—SALE.—It
is reported that Keeler Bros, or Denver
purchased an issue of water bonds,
subject to being voted In the next sixty days.
The amount may run from
$60,000 to $120,000.
MILLER COUNTY (P. O. Colquitt), Ga.—BONDS
stated that $35,000 bridge bonds were recently voted.
VOTED.—It is
MILLER, Hand County, So. Dak.—BOND OFFERING.—J. W.
Coquillette, City Auditor, will receive proposals until 8 p. m. April 16 for
$5,000 electric light and water works bonds not to exceed $35,000.
The
bonds bear 5% interest and are in denom. of $5,000.
Date May 1 1920.
Interest semi annual
(M. & N.).
Due May 1 1940, optional in ten years.
Certified check for 5%, payable to the City Treasurer,
required.
The city
will furnish the approving opinion of State
Attorney F. R. Fisher, of Miller,
without charge.
MILWAUKEE, Wis.—DESCRIPTION OF BONDS.—The
following
5% bonds recently authorized by the city council by a unanimous vote—
V. 110, p. 787—are described as follows:
$2,200,000 sewerage extension bonds.
Denom. $1,000.
Due $110,00
yearly on Jan. 1 from 1921 to 1940, Incl.
350,000 park bonds.
Denoms. 340 for $1,000 and 20 for $500.
Due
$17,500 yearly on Jan. 1 from 1921 to 1940, Incl.
800,000 school bonds.
Denom. $1,000.
Due $40,000 yearly on Jan. 1
from 1921 to 1940, Incl.
400,000 electric lighting bonds.
Denom. $1,000.
Due $20,000 yearly
on Jan.
1940, incl.
1 from 1921 to
[Vol. 110.
THE CHRONICLE
1450
500.000 permanent
Denom. $1,000. Due $25,000
incl.
,
payable at the City Treas¬
harbor mpt. bonds.
yearly on Jan. 1 from 1921 to 1940,
Date Jan. 1 1920.
Int. semi-ann. (J. & J.)
NEW YORK CITY, N.
urer's office.
OFFERING.—Sealed bids will be re¬
Ways and Means of City
Countil, for $35,000 workhouse, $300,000 park, $50,000 permanent impt.
fund, $150,000 Franklin Ave. bridge. $1,500,000 school, $100,000 Bassett's Creek, and $50,000 public comfort station bonds.
The above bonds
will be dated April 1 1920, and become due and payable at various dates
up to and including April 1 1950.
The $100,000 Bassett's Creek bonds
will bear 4% int. and all the rest of the bonds will bear 5% int., to be pay¬
able semi-annually, and no bid will be entertained for a sum less than 95%
of the par value of said bonds and accrued interest upon same to date of
delivery.
Cert, check for 2% of the amount of bonds bid for, payable to
C. A. Bloomquist, City Treasurer, required.
jhe official notice of this bond offering will be found among the advertisements
April 14 by the Committee on
until the above time and
date for $1,258,444.83 street impt. bonds.
These bonds are dated April
1 1920 and to be payable as nearly as practicable, one-twentieth thereof 1
year from date of said bonds up until April 1 1940, except the bonds in
proceedings No. 624, 626, 628, 574, 667, 636, 639, 638 and 677, which are
to be payable as nearly as practicable in ten equal installments, beginning
April 1 1921.
No bids will be entertained for the above for less than par
and accrued Interest to date of delivery, and rate of interest must be bid
by the purchaser and must not be in excess of 5%, payable semi-annually.
Cert, check for 2% of the amount of bonds bid for, payable to the C. A.
Bloomquist, City Treasurer, required.
The official notice of this bond offering will be found among the advertise¬
OFFERING.—Bids will also be received
ments elsewhere
in this Department.
,
REJECTED.—All bids submitted for the two issues of bonds aggre¬
$388,724.43 offered on March 26—V. 110, p. 1218—were rejected.
MITCHELL SCHOOL DISTRICT (P. O. Mitchell), Davison County,
So. Dak.—BOND OFFERING.—A. B. McKee, Clerk Board of Education,
will receive bids, it is stated, for $200,000 5% 10-20-year (opt.) schoolbonds until April 12.
Due 1940, optional after 1930.
;
BIDS
gating
Mobile County, Ala.—BOND OFFERING.—H.
receive bids for $7,500 5% 10-year paving bonds, it
April 12. • Denom. $500.
Date May 1 1920.
Philans,
MOBILE,
Mayor, will
until
is stated,
Stanislaus County, Califs—BOND ELECTION— Re¬
ports say that the City Commissioners, have fixed April 27 as the date of a
special municipal election to vote on a $50,000 bonding proposition for a
county fair grounds site.
MODESTO,
Los Angeles County, Calif.—BOND
SALE.—The
Co. of Los Angeles has purchased and is now offering to
price to yield 5.20% $90,000 514% tax-free water-works
MONROVIA,
at
a
Denom. $1,000 and $250.
Date April 1 1920.
int. (A. & O.) payable at the office of the City
bonds.
ann.
$2,250 yearly from
Prin. and semiTreasurer. Due
1921 to 1960, incl.
3,000,000
1,600,000.
1,000.000
4,000,000.
1,500,000
2,000.000—
.•
V:
/
Sept.
Oct.
Nov.
Aug.
Nov.
April
June
June
June
June
July
Aug.
Dec.
5.95%
5.95%—
5.95%
—5.95%
—5.95%—
—5.95%
5.95%
5.95%
5.95%
—5.95%—
5.95%
5.95%
545,000...
500,000.
2,000,000
2,000,000.
2,000,000
2,000,000
2,000,000.
2,000,00050,000
300,000
100.000—
5.95%
5.95%
—5 95%
5.95%
2,000,000...
2,000,000.
2,000,000..
Sept.
—
Sept.
Sept.
..Oct.
15
15
15
15
16
16
16
16
16
.March 16
—-March 24
..March
March
March
March
..March
March
.March
—March
March
19201920—
1920
1920—
1920
1920
1920
1920
1920..
1920
1920
March
March
March
1920—March
1920
..March
1920
March
1920.
March
1920
March
1920
March
1920
1920
1920
—
_
,
24
24
25
25
25
25
25
26
26
n„
1920—March 26
March 29
March 29
1920.
1920
1920
..March 29
$3,200,000.
2,000,000—
5 H%
Sept. 15 1920
....March 2
500,000——5.95%—
....Sept. 15 1920....
..March 18
500,000..
5.95%
Mar. 15 1921
—March 25
200,000-. ——5.95%
Mar. 15 1921
March 26
Corporate Stock Notes, aggregating $18,200,000.
Special Revenue Bonds, aggregating
—
Various
Municipal
Purposes—
March 10
March 12
March 12
5.95%
June 28 1920. —
5.95%
April 15 1920—
5.95% ———.April 15 1920. —
5.95%
.June 15 1920
900,000— .—5.95% ——June 14 1920
$1,000,000.
1,000,000
2,500,000
1,500,000
—
2,600,000.—.—
100,000
1,000,000.
Water
June 12 1920
June 15 1920-June 12 1920
May 18 1920June 15 1920.
June 15 1920
1 1920
June
.5.95%
5.95%. —
5.95%—
5.95%
.5.95%
5.95%
5.95%
200,000.
2.080,000
220,000
3,000,000
Supply—
—5.95%
5.95%
.4.50%
500,000
1,000,000..
100,000.
March 15
..March 15
—
Rapid Transit-
—
—
April
May
—
15
1
—March
....—March
March
—..-March
March
March
..March
-
12
12
12
12
15
15
30
..March 12
March 12
1920
1920
March
Demand
NO. 8,
will re¬
bonds, being part
Feb. 2—V. 110,
MOORE HAVEN SPECIAL ROAD AND BRIDGE DISTRICT
Soto County, Fla.—BOND OFFERING.—B. Vance, Clerk,
De
ceive bids until April 5, it is stated, for $65,000 6% road
of the $180,000 which were offered without success on
Denom. $500.
Date Jan. 1 1920.
incorrectly reported under the caption of "De Soto
Fla.," in V. 110, p. 1109.
891.
This item was
County,
MOORPARK MEMORIAL UNION HIGH SCHOOL DISTRICT,
County, Calif.—BONDS NOT SOLD.—No sale was made of
Ventura
the $85,000 5% gold bonds offered on March 23—V. 110,
The above bonds will be re-offered for sale on April 20.
.June
.5.95%
500,000.
p. 1111.
Int. Rate.
4M% 4^%
4^%—
Amount.
$200,000
300,000
3,000.
19
.March 12
Transit Purposes.
Maturity.
Date Sold.
-Nov. 1 1969
March 8
Nov. 1 1969
March 8
Nov.
1 1969———March 29
—
Nov. 1 1969
March 29
Municipal Purposes.
—Nov. 1 1959—March 17
4H%
15,000—
Corporate Stock for Various
160,000
4H%
Geheral Fund Bonds—
—
—Nov.
Nov.
—3%
—3%
$2,500,000
4,000,000
1
1
17
March 19
March
1930—
1930
(P. O. Albion), Ind.—BOND SALE.—On Mar. 23
Noah Stump et al Washington Twp. road bonds, offered
awarded to the Cromwell State Bank
and interest.
Due $1,110 each six months from May 15 1921 to
NOBLE COUNTY
the $22,200 4H%
that date—V. 110, p. 1219—were
at par
$8,500 4H% John E. Pike et al. Gregg Twp. road bonds.
Denom.
$425.
Date April 5 1920.
Int. M. & N.
Due $425 each six months from
May 15 1921 to Nov. 15 1930, inclusive.
—__
SALE.—During the same period the
disposed of:
Corporate Stock for Rapid
on
MORGAN COUNTY (P. O. Martinsville), Ind.—BOND OFFERING.—
John H. Schafer, County Treasurer, will receive bids until 10 a. m. April 5
12 1920
CORPORATE STOCK AND BOND
following long-term Issues were
MONTGOMERY COUNTY (P. O. Dayton), Ohio.—BOND SALE.—
On March 27 the $220,000 5j^% 2-11-year serial coupon sanitary sewer
bonds, dated March 1 1920 (V. 110, p. 1339), were awarded to Silverman,
Huyck & Co. for $220,266 (100.121)—a basis of about 5.48%.
p.
Sept.
5.95%—
5.95%—
300,000
15
15
10
13
15
16
10
14
15
10
16
10
30
1
10
15
21
1
16
15
14
1
15
1
2
3
March 15
Dock—
NOT SOLD.—The $250,000 5% coupon
bonds offered on Feb. 28—V. 110, p. 679—were
not sold.
Oct.
June
Nov.
—Sept.
July
Aug.
*
2,700,000
1,000.000
2,000,000
March
March
May 14 1920
June 12 1920
-Sept. 15 1920
5.95%
5.95%—
—5.95%—
5.95%
2,000,000——5.95%
2,000,000—.—.5.95%
MONTANA (State of), BONDS
terminal grain elevator
5.75%
.5.95%
5% %
500,000
William R. Staats
investors
5.75%
$2,000.000
elsewhere in this Department.
BOND
Maturity.
Date Sold.
June 12 1920————March 2
Int, Rate.
Amoum,
month
consisting of
general fund
aggregating $44,995,000.
Bills,
Revenue
MINNEAPOLIS, Minn.—BOND
ceived until 3 p.m.
Y.—TEMPORARY LOANS.—During the
ending March 31 1920 the following short-term securities,
revenue bills, corporate stock notes, and special revenue and
bonds, aggregating $66,395,000, were issud:
Nov.
[-/:
15 1930, incl..
NORTH ADAMS,
Mass.—TEMPORARY LOAN.—
of revenue, dated
on March 30—V.
that date to Harris, Forbes & Co. of Boston
Berkshire County,
for
The temporary loan of $100,000, issued in anticipation
March 20 and maturing Nov. 5 1920, which was offered
CARMEL SCHOOL DISTRICT (P. O. Mt. Carmel), Wabash
County, 111.—BOND SALE.—It is reported that an issue of $96,000 5H %
school building bonds has been awarded to the Chicago Trust Co., of Chica¬
go, at par.
'V;
on
MT.
MOULTRIE, Colquitt County,
Ga.—BOND SALE.—On March 25 the
to R. M.
following 5% gold coupon bonds—V. 110, p. 1111—were awarded
Berrien Jr. & Co., of Atlanta for $105,279, equal to 100.265.
$60,000
paying bonds. Due $10,000 yearly on April 1 from 1924 to 1929,
10,000 sewer bonds.
Due April 1 1930.
35,000 school bonds.
Due April 1 1949.
Bids were also received from the following
rey
Co., Continental Bank &
bankers:
Robinson, Humph¬
Trust Co., and the Trust Company of Georgia.
MUSKOGEE, Muskogee County, Okla.—BOND ELECTION.—On
April 6 $200,000 park and hospital bonds are to be voted upon.
NATCHITOCHES, Natchitoches Parish, La.—BOND OFFERING.—
Bids will be received until 10 a. m. Apr. 15 by W. F. Johnson, MayorCommissioner, for $240,00 20-year serial public impt. bonds.
Denom.
$500.
Date Apr. 1 1920.
Prin. and semi-ann. int. (A. & O.) payable at a
place to suit purchaser.
Cert, check for $5,000 payable to the above
Mayor-Commissioner, required.
The successful bidder will be furnished
a complete
transcript of the proceedings issuing these bonds, and fiscal
facts statement, but he must include the blank bonds ready for the signature
of the city officials.
NEW BRITAIN,
Hartford County, Conn.—BOND SALE.—On March
26 the following 4 issues of coupon
awarded to R. M. Grant & Co.,
$50,000 4H% bonds, a basis of about 4.71%.
Date Feb.
$10,000 yearly on Aug. 1 from 1936 to 1940, incl.
40,000 4K% bonds, a basis of about 5.05%.
Date Aug.
1 1920.
Due
1 1919.
Due
X 1929*
30,000 4H% bonds, a basis of about 4.66%.
Date Aug. 1 1919. Due
$10,000 yearly on Aug. 1 in 1941, 1942 & 1943.
65,000 4H% bonds, a basis of about 5.24%.
Date Feb. 1 1920. Due
$20,000 on Aug. 1 in 1922, 1923 & 1924, and $5,000 Aug. 1 1925.
Denom. $1,000.
Prin. and semi-ann. int. (F. & A.) payable at the New
Britain National Bank, of New Britain.
Debt Statement of City of New Britain, Conn.—March 17 1920.
Gross debt, including these issues
$3,571,000 00
Less:
debt
...._
Sinking fund, not including water
$975,000 00
sinking fund.. 314,548 74 1,289,548 74
$2,281,451 26
Total net debt___
$101,313 76
Water sinking fund
Assessed valuation, Oct. 1
Estimated valuation
Population,
census
1919
—
1915,
—
58,026,423 00
80,000,000 00
52,000.
NEW
ULM, Brown County, Minn.—BOND ELECTION.—An election
may be held during May to vote on $250,000 5% 30-year light and water
plant bonds.
Wm. P. Backer is City Clerk.
DISTRICT (P. O. Niles),
—BOND
Trumbull County, Ohio.
ELECTION.—The Board of Education has called for a special
on April 27 to vote on a proposition to issue $150,000 schoolbuilding-addition erection bonds.
election
CANTON, Stark County, Ohio.—BOND OFFERING.—
Village Clerk, will receive proposals until 12 m. April 16 for
coupon Portage St. improvement bonds:
$10,000 village's portion bonds.
Due $1,000 yearly on March 1 from
1922 to 1929, inclusive, and $2,000 March 1 1930.
47,000 special assessment bonds.
Due yearly on March 1 as follows:
$4,000 1922 to 1926, inclusive; $6,000 1927, and $7,000 1928,
>
1929 and 1930.
Denom. $1,000.
Date March 1 1920.
Principal and semi-annual inter¬
est payable at the Village Treasurer's office.
Certified check on a solvent
bank located in Stark County, for 5% of amount of bonds bid for, payable
to the Village Treasurer, required.
Bonds to be delivered and paid for
within ten days from date of award.
Purchaser to pay accrued interest.
NORTH
E. McCarty,
the following 6%
,
IRRIGATION DISTRICT (P. O. Prineville), Crook
Ore.—BOND OFFERING.—B. A. Sordal, District Secretary,
stated, until 12 m. April 24, for $100,000 16^-year
(aver.) bonds at not exceeding 6% interest.
Int. semi-arm. Cert, check
for -5%, required.
OCHOCO
County,
will receive bids, it is
OKMULGEE, Okmulgee County, Okla.—BOND ELECTION.—It
reported that $50,000 library bonds are soon to be voted upon.
is
DISTRICT NO. 1 (P. O. Okmulgee), Okmul¬
gee County, Okla.—BOND SALE.—The Bank of Commerce of Okmulgee,
offering par and interest, was awarded the $238,000 5% 10-20-year serial
coupon school bonds offered on Mar. 22—V. 110, p. 1111.
Int. F. & A.
OKMULGEE SCHOOL
school bonds, aggregating $185,000, were
of Boston, for $180,672 (97.661) and in¬
terest:
Water
110, p. 1339—was awarded on
a 5.65%
discount basis.
SCHOOL DISTRICT (P. O. Old Fort), Seneca
Counties, Ohio.—BOND SALE.—The $10,000 6%
OLD FORT RURAL
Sandusky
and
school-building bonds offered on March 29 (V. 110, p. 1111), have been
awarded to W. L. Slayton & Co., of Toledo, at 101.86, a basis of about
5.76%.
O.
F.
Due Sept. 15 1930.
Other bidders, all of Toledo, were:
—101.141 Graves, Blanchet & Thorn100.271
burgh
100.26
Hoehler
Prudden & Co
formed that
election.
f
—
Nebr.—BOND ELECTION CONSIDERED.—We are in¬
an issue of $250,000 library bonds may be submitted to an
OMAHA,
■
ORLAND
SCHOOL
DISTRICT,
SALE.—On March 29 the $42,000 6%
1219—were awarded, it is
Glenn
coupon
County, Calif.—BOND
school bonds—V. 110, p.
stated, to the First National Bank of Orland.
PACIFIC COUNTY (P. O.
South Bend), Wash .—BONDS VOTED.—
vote of 1087 to 139 the issuance of $162,000 highway-impt. bonds at
exceeding 5H% interest was authorized at the election held March 9
—V. 110, p. 892.
The bonds will be offered for sale about May 4.
By
a
not
PALESTINE, Anderson County, Tex.—BONDS VOTED.—It is stated
that by a vote of 53/ to 189 the city of Palestine in special
decided to issue $750,000 in bonds for street paving.
election Mar. 16,
,
PARIS, Lamar County, Tex.—BONDS REGISTERED.—On March 26
$150,000 street impt., $100,000 fire dept., $50,000 sewer construction and
$100,000 water works 5% 10-40-year bonds were registered with the State
Comptroller.
PARK COUNTY SCHOOL DISTRICT NO. 6 (P. O.
Cody), Wyo.—
$60,000
BOND ELECTION.—An election called for May 3 to vote upon
school bonds.
Apk. 3 1920.]
PATASKALA,
THE CHRONICLE
Licking
County, Ohio.—
Elias
Williams, Village Clerk, will receive bids until 12 m.
April 12 for the follow¬
ing 6% coupon street improvement bonds:
$17,000 Main St. bonds.
Denom. $1,000.
Due $1,000 yearly on April 12
1921 to 1923, incl., and $1,000 each six months
from Oct. 12
1923 to April 12 1930, inclusive.
4,000 Town St. bonds
Denom. $500.
Due $500 yearly on April 12
from 1923 to 1930, inclusive.
Date, day of sale.
Prin. and semi-ann. int., payable at the
Village
Treasurer's office.
PENN YAN, Yates
County, N. Y.—BOND OFFERING.— William
Cornwell, Village Clerk, will receive proposal until 12
S.
m. April 12 for $4,500
at a rate not to exceed 5%.
Denom. $500.
Date May 1 1920.
Prin. and annual interest payable in hew York Ex¬
change at the Village Treasurer's office, where
fire-truck-purchasing bonds,
delivery will be made on
Due $500 yearly on Oct. 1 from 1920 to 1928, incl.
Cert, check
$100, payable to Ezra J. Titus, Village Treasurer,
required.
Purchaser
May 1.
for
to pay accrued interest.
^PERRYSBURG, Wood County, Ohio.—BOND
the
SALE.—On March 31
$12,100 6% coupon refunding bonds, offered on that date—V.
110, p.
1111—were awarded to Durfee, Niles & Co. of Toledo
for $12,352.80
(102.089) and int., a basis of about 5.73%.
Date March 1 1920.
Due
$100 March 1 1925 and $1,000 yearly on March 1 from
1926 to 1937, incl.
PHILLIPS
COUNTY SCHOOL DISTRICT NO. 52
(P. O. Haxtun),
Colo.—BONDS DEFEATED.—An issue of $10,000 school bonds has
been
recently defeated.
PICKENS,
Holmes County, Miss.—BOND ELECTI ON.—The town
an election,
according to reports, for the issuance of
municipal-electric-light-system-extension
bonds.
of Pickent
$10,000
has called
PIERCE, Weld County, Colo.—BONDS VOTED.—On March 24
$35,000 6%
vote of
a
10-15-year (opt.) water bonds—V. 110,
26 "for" to 20 "against."
PIERCE
COUNTY
(P.
O.
p.
Tacoma), Wash.—BOND
O. A.
the
1112—carried by
OFFERING.—
Campbell, County Auditor, is receiving proposals Until 12 m. April
10 for $107,000 5% gold registered
voting machine bonds.
Date Feb. 1
1920.
Prin. and annual interest (Feb. 1)
payable in Tacoma or New York
at option of holder.
Due yearly on Feb. 1 as follows:
$5,000, 1921 to
1933, incl.; and $6,000, 1934 to 1940, incl.
Bonds to be delivered and paid
Tacoma on April 12 or promptly thereafter at a
place to be desig¬
by the purchaser.
Cert, check on a national bank or trust company
doing business in Washington, for $2,140, required.
Approving opinion
of Chester B. Masslich, of New York, will be furnished.
for in
nated
PINAL COUNTY SCHOOL DISTRICT NO. 28 (P. O.
Florence),
Ariz.—BOND ELECTION.—On April 15 $20,000
6% 20-year school bonds
are
to be voted upon.
G. C. Springer, Clerk.
S.
Morrow. City Con¬
troller, will receive proposals until- 3:15 p. m. April 8 for the
following
4M% 1-30 year coupon (with privilege of registration) bonds:
$1,410,000 Second Ave. Impt. bonds.
1,140,000 Boulevard of Allies Impt. bonds.
Series "A."
861,000 Street Impt. bonds.
Series "B."
777,000 Broad St. Impt. bonds.
351,000 Ferry St. Impt. bonds.
315,000 East Carson St. Impt. bonds.
300.000 East St. Impt. bonds.
270,000 Beechwood Boulevard Bridge bonds.
231,000 Highland Park Impt. bonds.
210,000
210,000
135,000
99,000
'
Saw Mill Run Sewer bonds.
Series "A."
Negley Run Sewer bonds.
Series "A."
Solio Run Sewer bonds.
Mayview City Home and Hospital Impt. bonds.
a
basis of about
5.18%.
Denom. $1,000.
Date
int. (F. & A.) payable at the
City
exchange.
Due $10,000 yearly on Aug.
Aug.
1 1919.
Prin. and semi-ann.
Treasurer's office or in New York
1 from 1920 to 1939, mcl.
Financial Statement.
Total bonded debt including this issue
Assessed valuation of Racine in 1919
Population
Bidders
to
furnish
for, payable to the "City of Pittsburgh," required.
Bids must be
made upon blanks which may be obtained from the City Controller.
The
official circular states that there is no litigation pending or threatened con¬
cerning the validity of these bonds, the boundaries of the city or the titles
of the officers to their respective offices.
Favorable opinion of Hawkins,
Delafield & Longfellow, of N. Y. will be furnished.
Purchaser to pay
33002
fio'non
ou.uuu
$193,050 $6,950 Below
193,100
6,900
"
193,175
6,825
"
193,375
6,625
"
193,385
6,615
"
193,400
6,600
"
par.
"
"
"
"
"
blank bonds.
RALLS INDEPENDENT SCHOOL DISTRICT
(P. O. Ralls), Crosby
County, Tex.—BONDS REGISTERED.—On March 23 the State Comp¬
troller registered $71,000 5% 20-40-year bonds.
RAVENNA, Portage County, Ohio.—BOND SALE.—On Mar. 20 the
$9,767 12 5H% Day St. special assessment bonds—V. 110,
p. 1002—were
awarded to the Ravenna National Bank, of
Ravenna, for $9,867 41 (101.0027) and interest, a basis of about 5.36%.
Due $1,060 yearly on Sept.
1 from 1920 to 1928, incl.; and $767 12
Sept. 1 1929.
READING, Hamilton County, Ohio.—BOND OFFERING.—Proposals
will be received until 12
m. April 12 (date cnanged from
April 5—V. 110,
1219) by Carl M. Bemis, Village Clerk, for the following 514%
coupon
p.
bonds:
$1,500 street improvement bonds.
Date March 1 1920.
Due $500 Sept. 1
1929 and $1,000 Sept. 1 1930.
6,000 street-lighting bonds.
Date March 1 1920.
Due $1,000 yearly on
Sept. 1 from 1921 to 1926, inclusive.
2,500 Salaries funding bonds.
Date May 1 1920.
Due $1,000 on Sept.
1 in 1927 and 1928, and $500 Sept. 1 1929.
Auth. Sec. 3939, Gen. Code.
Denom. $560 and multiples theroof.
Principal and semi-annual interest payable at the Reading Bank, of
Reading.
Certified check for 5% of amount of bonds bid
for, required.
•
REDDING SCHOOL DISTRICT (P. O. Redding), Shasta County,
DEFEATED.—It is reported that the $93,500
5M%
21-year grammar school building bonds—V. 110, p. 892—were defeated
on March 16.
^
Calif.—BONDS
REFUGIO COUNTY (P. O.
Refugio), Tex.—BONDS VOTED.—It is
reported that the following bonds were recently voted:
$90,660 Road
Road
District
No.
2
bends.
District
No.
4
bonds.
Vote 38 to
17.
RICHLAND PARISH SCHOOL
DISTRICT NO.
OFFERING.—Until 10 a. m. April 20 bids will be received
5,
La.—BOND
by E. E. Keebler,
Secretary (P. O. Rayville), for $150,000 5% 1-20-year serial bonds.
Int.
semi-ann.
Cert, check on any solvent bank doing business in
Louisiana
for 2M %, payable to the Parish School Board, required.
RICHMOND,
Va.—BONDS
AUTHORIZED.—It is stated that the
on Feb.
16 concurred bjr a unanimous vote an ordi¬
$2,000,000 bond issue for improvements at the munici¬
pal «gas plant and the installation of a central fire alarm system.
The
bonds will be dated July 1 1920 and will bear interest at the rate of
4^%Board of Aldermen
authorizing
nance
a
RIGBY, Jefferson County, Idaho.—BONDS VOTED.—At a recent
election $50,000 water, $3,000 fire department and $15,000
refunding bonds
voted.
BONDS DEFEATED.—At the
bid
66 974 506
'
"
Halsey, Stuart & Co., Chicago
Horablower & Weeks, Chicago
William R. Compton Co., Chicago
E. H. Rollins & Sons, Chicago..
A. B. Leach & Co., Chicago
First National Bank, Racine
were
.
90,000 Nine Mile Run Sewer bonds.
Series ' A."
90,006 Island Ave. Bridge bonds.
§6.6o6 Baker St. Impt. bonds.
30,000 Mt< Washington Roadway Impt. bonds.
Series "A."
540,000 Funding bonds of 1920.
132.000 Warrington Ave. Impt. bonds.
Denoms. $1,000, $500 and $100.
Date Feb
1 1920.
Int. F. & A.
Each issue will mature in 30 equal annual installments
beginning Feb. 1
1921.
Cert, check on a national bank or trust company for 2% of amount
$1 512 000
"
1910
census
Estimated population 1919
Other bidders were:
50,000
PITTSBURGH, Pa.—BOND OFFERING.—E.
1451
at 96.75 and blank bonds
bonds
sewer
same
election $15,000 paving and $50,000
defeated.
were
s
ROCHESTER, N. Y.—NOTE OFFERING.—H. D. Quinby, City Comp¬
troller, will receive proposals until 2:30 p. m. April 8 for $500,000 revenue
notes, maturing two months from April 12 at the Central Union Trust Co.
of New York, at which place the said notes will also be delivered
and paid
for
on
April 12.
Bidders must state rate of interest, designate denomina¬
tions desired, and to whom
(not bearer) notes shall be made payable.
Fremont
ROCKVALE,
County, Colo.—BOND
Apr. 6 $22,000 town-hall bonds are to be voted upon.
ROGERSVILLE,
Hawkins
County,
ELECTION.—On
Tenn.—BOND
OFFERING.—
Sealed bids will be received until 4 p. m. April 7 by T. E.
Beal, Recorder
and Treasurer, for $25,000 5% school bonds.
Denom. $500.
Date Jan. 1
1920.
Prin. and semi-ann. int. (J. & J.), payable at the Town Treasurer's
office.
Cert, check for 1 % required.
accrued interest.
ROYAL
PITTSBURG COUNTY (P. O.
McAIester), Okla.—BOND ELEC¬
TION.—An issue of $356,666 road bonds is soon to be voted upon.
PIUTE COUNTY (P. O.
000 funding bonds voted
on
Junction), Utah.—BOND SALE.—The $20,Mar. 13.—V. 110, p. 1001—we are informed,
have been sold.
OAK TOWNSHIP SCHOOL DISTRICT NO. 9, Oakland
a recent election, it is reported, the
people voted, by 151 to 117, to issue $60,000 school bldg. bonds.
County, Mich.—BONDS VOTED.—At
RUSTBERG MAGISTERIAL DISTRICT, Campbell
County, Va.—
BOND OFFERING.—Sealed proposals will be received by C. W.
Woodson,
Clerk Board of Supervisors (P. O. Rustburg), until 12 m. April 19 for the
POINSETT COUNTY ROAD DISTRICT NO. 8, Ark .—BOND SALE.
—An issue of $140,000 bonds has been sold, it is stated, to M. W. Elkins,
purchase of all or any part of $136,000 5% bonds.
Denom. $100 or
any
multiple thereof as purchaser may prefer.
Date May 1 1920.
Int. semiann.
(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 pur¬
poses.
Alternate bids will be received for said bonds to be issued to run
for 34 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
of Little
34 years.
PLATTE RIVER DRAINAGE DISTRICT NO. 1 (P. O. Platte
City),
County, Mo.—BOND SALE.—On March 26, J. J. Frey & Co.,
5M % drainage bonds—
Platte
of St. Louis were awarded, it Is stated, the $230,000
V.
110,
p.
1001—at 98.90,
a
basis of about 5.62%.
Rock.
PONCA
CITY, Kay County, Okla.—BOND OFFERING.—C. B.
Harrold, City Clerk, will receive sealed bids until 8 p. m. April 6 for the
following 6% bonds—V. 110, p. 281, it is stated:
$100,000 water-works-extension bonds being part of an authorized issue
of $150,000.
25,000 electric-light-extension bonds being part of an authorized issue
of $50,000.
25,000 fire-department-equipment bonds.
'
Denom. $1,000.
Date Sept. 1 1919.
Prin. and semi-ann. int. (F, & A.)
payable at the Oklahoma Fiscal Agency in N. Y.
Due Sept. 2 1944,
optional Sept. 2 1939.
Cert, check for $500 for each issue, payable to the
above Clerk, required.
.
PONDERA COUNTY (P. O.
Bids will be received until 10
Conrad), Mont.—BOND OFFERING.—
Apr. 19 for the $150,000 5H % highway
a. m.
bonds—V. 109, p. 2378—at no less than par.
J. T. Green, County Clerk.
POPLAR BLUFF SCHOOL DISTRICT (P. O. Poplar Bluff), Butler
County, Mo.—BOND ELECTION.—The School Board has decided to call
an election soon to vote upon issuing $30,000 school bonds.
PORT
On
PORTLAND
OF
March
bonds,
25
dated
the
Feb.
City Co. at 92.879,
R.
M.
Grant
&
(P. O. Portland), Ore.—BOND SALE.—
$750,000 4H% 3-30-year serial harbor development
2 1920—V. 110, p. 892—were sold to the National
a basis of about 5.20%.
Other bidders were:
Company by E. L. Devereaux & Co., 91.57.
Grant & Company by E. L. Devereaux & Co.,
*92,07.
R. M.
Ralph Schneeloch
Company, Anglo & London Paris National Bank or San Francisco, Kissel
Kinnicutt & Company, Stacy & Braun, Eldridge & Company, $690,975.
Continental & Commercial Trust & Savings Bank, Harris Trust & Savings
Bank, A. B. Leach & Company, Lumbermens Trust Company, $687,600.
Freeman Smith & Camp Co., Portland; Halsey, 8tuart & Co., Chicago;
E. H. Rollins & Sons, Chicago; William R. Compton Company, St. Louis;
$693,900; 92.52.
Henry Teal, 92.27.
♦JBeing for
one
third and option of 60 days
on
balance at
same rate.
PRESCOTT,
Yavapai
Coun.y,
Ariz.—BOND
OFFERING.—On
Apr. 12 until 7:30 p. m. bids for $350,000 6% water bonds—V. 110, p. 787—
will be received by J. H. Robinson, Clerk.
Bids for less than par not
CODSldGF6(i
SAGUACHE COUNTY SCHOOL DISTRICT NO. 81, Colo.—BOND
are informed that $35,600 5% school bonds have been sold to
SALE.—We
the State at par.
SAN ANTONIO, Bexar
State
County. Tex.—BONDS REGISTERED.—The
Comptroller registered $17,560 5% 10-40-year street impt. bonds on
March 26.
Whitman County,
Wash .—BOND OFFERING.—Sealed
bids will be received until 8 p. m. April 6 by the City Treasurer, for the
$15,000 6% coupon road bonds—V. 110, p. 487.
Denom. $1,006.
Date
April 7 1920Int. A. & O. payable at the office of the City Treasurer.
Due April 7 1930. Cert, check for 2% payable to City of Pullman, required.
Bonded debt (excluding this issue) March 25 1920, $35,000.
Sinking fund
$14,000.
Assessed value $1,500,000.
SAN
was
DIEGO SCHOOL DISTRICT
(P. O. San Diego), San Diego
Calif.—BONDS VOTED.—An issue of $345,000 school bonds
voted
on
March
2.
Denom. $1,000.
SAN DIEGO HIGH SCHOOL DISTRICT (P. O. San Diego), San
Diego County, Calif.—BONDS VOTED.—On March 2, $730,000 school
bonds
were
voted.
Denom. $1,000.
SANDOVAL SCHOOL
DISTRICT (P. O. Sandoval), Sandoval
County, N. Mex.—BOND ELECTION.—It is reported that $10,000 school
bonds
RACINE, Racine County, Wis.—BOND SALE.—On March 19 the
Continental & Commercial Trust & Savings Bank of Chicago was the suc¬
cessful bidder for an issue of $200,000 4% % Lake Shore Protection bonds
'
SANDERS COUNTY SCHOOL DISTRICT NO. 1 (P. O. Plains).
Mont.—BOND ELECTION.—An issue of $15,000 6% 10-20-year (opt.)
school building bonds will be submitted to the voters (to-day) April 3.
County,
*
PULLMAN,
RYEGATE, Musselshell County, Mont.—BOND OFFERING.—J. A.
Brown, Town Clerk, will sell at public auction 8p.m. April 14 the foHowing
6% bonds authorized at the election Jan. 8—V. 110, p. 389:
$15,000 water bonds.
Vote 48 to 22.
Due yearly on Jan. 1 as foUows:
$1,000, 1931 to 1935 Incl., and $2,000, 1936 to 1940 incl., optional
of the town on the interest payment date
occurring 1 year prior
to date of maturity.
15,000 sewer bonds;
Vote 46 to 23.
Due yearly on Jan. 1 as follows:
$1,000, 1931 to 1935 incl., and $2,000, 1936 to 1940 incl., optionaat the option of town on the interest payment date
occurring 1 year
prior to date of maturity.
Denom. $1,000.
Date Jan. 1 1920.
Prin. and semi-ann. int. (J. & J.)
payable at the Town Treasurer's office, or at option of holder, at the Liberty
National Bank, N. Y.
Cert, check on some national bank in the State of
Montana for $3,000 for each issue, payable to the Town Treasurer,
required.
The approving opinion of John C. Thomson of N. Y. will be delivered to the
purchaser.
Bonds will be printed and furnished by the town and deUvery
of and payment for the bonds will be made within ten days from the date
of sale at the office of the Town Treasurer in Ityegate, or at any financial
centre at purchaser's option and purchaser's expense.
Official circular
states that the town of Ryegate has never issued any bonds previous to the
above issues, and that there has never been any default or compromise in
the payment of the town's obligation, and that there is no controversy
or litigation pending or threatened concerning the validity of these
bonds,
or affecting the corporate existence or boundaries of the
town, or title of the
present officers to their respective offices.
are
soon
to be voted upon.
SANDY DRAINAGE DISTRICT, Multnomah County, Ore.—BOND
SALE.—The $17,000 bonds offered on Mar. 24—V. 110, p. 893—have .been
awarded, It is reported, to the Freeman, Smith & Camp Co. of
SEYMOUR SCHOOL DISTRICT (P. O. Seymour/, Wesbter County,
Mo.—BONDS VOTED.—On March 16 by a majority of 4 to 1 $23,250
school bonds were voted.
Portland
at 97.14.
SAN JOSE GRAMMAR SCHOOL DISTRICT, Santa Clara County,
Calif.—BOND OFFERING.—On April 19 the $300,000 grammar school
bonds—V. 110. P. 1341—wiil be offered for sale it is stated.
SAN JOSE
Calif.—BOND
SHELBY, Toole County, Mont.—BOND OFFERING.—'The $37,400
6% 10-20 year (opt.) water-works betterment bonds authorized by a vote
HIGH SCHOOL DISTRICT, Santa Clara County,
OFFERING.—'The Clerk Board of County Supervisors
Alameda
LEANDRO,
for sale
Date Jan. 1
April 19.
m.
1112—will be offered
p.
Cert, check for $3,500,
1920.
The official
notice of this bond offering will be found among the advertise'
department.
ments elsewhere in this
News' of March 12 states that "April
12 has been set as the date upon which San Leandro will vote on the propo¬
sition to issue $88,600 bonds.
The following propostition will be put
on the ballot for the bond election: Street improvements, $30,000; storm
sewer, $15,000; fire truck, $11,000; fire alarm system, $16,000; city hall
site, $10,500: street roller. $4,000: sewer cleaning machine. $3,000.
The
8 p.
required.
Calif.—BOND ELECTION.—
County,
13—V. 110,
of 48 to 15 at the election held March
(P. O. Santa Clara) will sell the $400,000 high-school bonds (V. 110, p.
1341), it is reported, on April 19.
SAN
[VOL. 110.
THE CHRONICLE
1453
"San Francisco Commercial
SHELBY COUNTY
(P- O- Shelbyville), Ind.—BOND SALE.—The
$23,440 4)4% William Heck et a!. Jackson Twp. road bonds, offered on
March 27—V. 110, p. 1341—were awarded to Robert Porter at par and
int.
Due $1,172 each six months from May 151921 to Nov. 151930, incl.
SHERIDAN COUNTY SCHOOL DISTRICT NO. 30, Mont.—BOND
is stated that the State of Montana was recently awarded
SALE.—It
SAN MIGUEL COUNTY SCHOOL DISTRICT NO. 1 (Telluride),
Colo.—BONDS DEFEATED.—On March 24 the $90,000 5M% 5-25-year
serial school bonds—V. 110, p. 1219—were defeated.
$5,000 6% 10-20 year (opt.) school bonded at par.
SAN MIGUEL COUNTY SCHOOL DISTRICT NO. 6 (P. O. Norwood)
Colo.—BONDS VOTED.—At a recent election.the $28,000 6% 20-40-year
has
SIOUX FALLS SCHOOL DISTRICT (P. O. Sioux Falls), Minnehaha
County, So. Dak.—BOND ELECTION.—The City Board of Education
on
(opt.) bonds—V. 110, p. 1219—were voted.
SANPETE
SANTA
(P. O. Manti), Utah.—BOND ELECTION.—
$280,000 road bonds are soon to be voted upon.
COUNTY
It is reported that
CRUZ COUNTY SCHOOL DISTRICT NO. 21 (P. O.
trero), Ariz.—BOND OFFERING.—Bids will be received
by Laura Parsons, Clerk of Board of County Supervisors (P.
for the $10,000 school bonds—V. 110, p. 680—it is reported.
'V
SOUTH
Po-
until May 3
O. Nogales),
BEND,
St.
Joeph County,
SPADRA SCHOOL DISTRICT, Los Angeles
SCARSDALE, Westchester County, N. Y.—NO BIDS RECEIVED.—
were received for the $34,000 4M % registered sanitary sewer bonds
on Mar. 17—V. 110, p. 1112.
SPRINGFIELD,
No bids
for sale, it is stated.
Greene
Mo.—BOND
County,
ELECTION
POST¬
PONED.—The election which was to have taken place on March 30 to vote
on the issuance of $600,000 school bonds—V. 110, p. 1345—has been post¬
offered
Y.—BONDS VOTED.—At an election
hall and $3,000
poned until April 5, it is stated.
held March 16, it is reported, the issuance of $16,000 village
boardwalk repair bonds was authorized.
STARK COUNTY (P. O. Canton), Ohio.—BOND SALE.—On March
24 the following 6% road bonds, aggregating $202,000—V. 110, p. 1220—
were awarded to Stacy & Braun of Toledo:
SEATTLE, Wash.—BONDS VOTED.—By a vote of 41,200 "for" to
13,231 "against" the proposition providing for the issuance of $1,500,000
6% 20-year bridge bonds carried at the election held March 2—V. 110,
p. 389.
SENATOBIA, Tate County, Miss.—BOND SALE.—On March 16
two issues of 5)4% 1-20 year serial tax-free coupon sewerage bonds, aggre¬
gating $36,500, dated April 1 1920—V. 110, p. 1002—were sold, it is stated,
to Taylor, White & Co., of Memphis at par.
$32,000 Navarre-Berlin road bonds.
Due yearly on April 1 as follows;
i
$4,000 1921 and 1922, $3,000 1923 to 1930, incf.
48,000 Navarre-Berlin road bonds.
Due yearly on April 1 as follows:
$5,000 1921 to 1928, incl., and $4,000 1929 and 1930.
52,000 Canal Fulton-N. Lawrence road bonds.
Due yearly on April 1 as
follows: $6,000 1921 and 1922, $5,000 1923 to 1930, incl.
35,000 Canton Canal Dover road bonds.
Due yearly on April 1 as fol¬
lows: $4,000 1921 to 1925, incl.; $3,000 1926 to 1930, incl.
35,000 Brewster Village road bonds.
Due yearly on April 1 as follows;
$4,000 1921 to 1925, incl.; $3,000 1926 to 1930, incl.
SENECA COUNTY (P. O. Waterloo), N. Y.—BOND OFFERING.—
Proposals will be received until 2 p. m. April 9 by Oliver C. Cone, County
Treasurer, for $23,065 Seneca Falls-Nichols Corners Highway bonds, to
bear interest at a rate not to exceed 5%.
Denom. 20 for $1,000 and 10
for $306 60.
Int. A. & O.
Due $2,306 50 yearly on April 1 from 1925
to 1934, Incl.
Cert. che{ck for 5% of amount of bonds bid for, required.
Bonds to be delivered and paid for at the County Treasurer's office, on
April 30.
Purchaser to pay accrued interest from April 1 1920.
STOCKTON, San Joaquin County, Calif.—BOND SALE.—Recently
City Bank of Stockton, acting as agent for the Clark & Henrjr Construc¬
the
tion Co., was awarded $1,280 7%
Jan. 5 1920.
Int. J. & J.
10-year serial bonds at 100.60.
STRUTHERS SCHOOL DISTRICT
SEVIER COUNTY (P. O. Richfield). Utah.—BOND ELECTION
PROPOSED.—An issue of $35,000 road oonds is soon to be voted upon.
NEW
County, Calif.—BOND
OFFERING.—On April 5 $7,000 5)4 % bonds, maturing serially from 1932
to 1938 Incl., will bo offered
NEW LOANS
Ind.—BIDS REJECTED.—All
SOUTH HAVEN, Van Buren County, Mich.—BOND OFFERING.—
The people at an election to be held April 5 will vote on the
question of
issuing $50,000 bonds for the purpose of acquiring-cifcy dockage facilities.
be held April 6, It is stated.
SEA CLIFF, Nassau County, N.
special election to be held on April 8 for the purpose of voting
$500,000 bonds for the erection of school-buildings, it is
a
bids received for the $400,000 4H% water-works bonds offered on Mar. 24
—V. 110, p. 1219—were rejected.
SANTA ROSA SCHOOL DISTRICT (P. O. Santa Rosa), Sonoma
County, Calif.—BOND ELECTION.—An election to vote on the question
of issuing $250,000 bonds will
called
the issuance of
stated.
(P.
Date
O. Struthers), Mahoning
were received for the
March 22.—V. 110, p. 1112.
County, Ohio.—NO BIDS RECEIVED.—No bids
$275,000 5)4 % coupon school bonds offered
on
NEW
LOANS
LOANS
$1,258,444. 83
$2,185,000.00
CITY OF MINNEAPOLIS
CITY OF MINNEAPOLIS
$200,000
City of Philadelphia
SPECIAL
4s
STREET
BONDS
IMPROVEMENT BONDS
Sealed bids will be received by the Committee
Coupon
Registered
or
Sealed bids will be received by the Committee
on
Interchangeable
Due November 1, 1966
Biddle & Henry
Ways and Means of the City Council of the
City of Minneapolis, Minnesota, at the office of
the undersigned, WEDNESDAY, APRIL 14th,
1920, at 3 o'clock P. M.. for the whole or any part
of
$1,258,444,83
Special Street Improvement
Bonds.
These bonds are dated April 1st, 1920,
and to be payable as nearly as practicable, onetwentieth thereof one year from the date of said
bonds and one-twentieth thereof on April 1st of
each and every year thereafter to and including
the first day of April, 1940,
except the bonds in
proceedings No. 624
626, 628, 574
667
636,
639, 638 and 677, which are to be made pay¬
able as nearly as practicable in ten
equal install¬
ments, commencing April 1st, 1921.
•
.
104
South
Fifth Street
Philadelphia
Private Wire to New York City.
MUNICIPAL
District
and
Call John 5089
District
accrued interest to date of delivery, and rate of
interest must be bid by the purchaser and must
not be in excess of Five
(5%) Per Cent per annum,
payable semi-annually.
The right to reject any
BONDS
Road
,
No bids will be entertained for the above bonds
for a sum less than the par value of the same and
Wholesaling entire issues of City,(County,
School
,
Bonds
all bids Is hereby
A certified check for Two (2)
par
ofiTexas.
or
reserved.
Per Cent of the
value of the bonds bid for, made to C. A.
City Treasurer, must accompany
Bloomquist,
Circulars orifJRequest.
Due April 1,1926
M. M. FREEMAN & CO.
Philadelphia
containing full particulars will
application.
DAN C. BROWN,
City Comptroller,
Minneapolis, Minnesota.
5% Water and Building Bonds
CO,
Bassett's
Creek bonds
rate of Four
rest
(4)
entertained for
MANILA, SISAL, JUTE
a
less
sum
than ninety-five (95/
reserved.
*
A certified check for Two Per Cent of the par
value of the bonds bid for, made to O. A. Bloom¬
quist, City Treasurer, must accompany each bid.
Circular containing full particulars
will be
mailed upon application.
O.
BROWN,
Comptroller,
City
Comptroller,
Minnesota.
BOND
•
Municipal Site and Building Bonds, due $15,000
semi-annually
May 1st and November 1st of each year, both
principal and interest payable at the office of the
City Treasurer of the city of Ironwood, Michigan.
Bonds approved at a special election held on
the 8th day of March, 1920.
Water Bonds:
vote for
1,214, against 82.
Building Bonds,
vote for, 928; against 336.
Ail proposals must
be accompanied by a Bank Draft or certified
check for $2,000.
Right reserved to reject any
CALL
$65,000
TOWN OF STEAMBOATSPRINGS.C0L0.
WATER BONDS
The
Town
of Steamboat 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
of
the
Town
Springs, Colorado,
or
Treasurer
in
Steamboat
at the banking
house of
Kountze Brothers in the City of New York, or
at the office of Benwell, Phillips, Este & Com¬
pany,
Colorado National Bank Building, Denver,
Colorado.
Interest
will
cease
on
the
abovedescribed bonds sixty days after date of thejTirst
publication of this call.
and all bids.
DAVID HEDLUND,
Brooklyn, N. Y. Git*
the
March 25th, 1920.
each year from May 1st, 1921, to May 1st, 1940.
CORDAGE
at
cent of the par value of said bonds and
accrued interest upon same to date of delivery.
The right to reject any or all bids is hereby
Minneapolis,
Water Bonds, $75,000 May 1st, 1925-1930-1935,
and $50,000 due May 1st, 1940.
payable
bear interest
per
for the purchase of $275,000 "Water
Extension
Bonds"
and
$300,000
of
annum,
will
Per Cent per annum.
All the
herein described will bear In¬
terest at the rate of Five (5) Per Cent per annum,
to be payable semi-annually, and no Did will be
1920
per
Franklin
of the bonds
Office of the City
Sealed proposals will be received by the under*signed up to 5 o'clock P. M., TUESDAY. APRIL
Interest 5%
$150,000
Minneapolis, Minnesota.
System
"Municipal Site and Building Bonds" of the city
MFG.
Bonds,
and become due and payable at various dates up to
and including April
1st. 1950.
The $100,000
be
of Ironwood, Gogebic Co , Michigan.
Bonds to be
dated May 1st, 1920, and mature as follows:
Fund
City of Ironwood, Michigan
27TH
Telephone. Lembard 710
Noble & West Streets,
Improvement
Avenue Bridge Bonds, $1,500,000 School Bonds,
$100,000 Bassett's Creek bonds, and $50,000
Public Comfort Station bonds.
The above bonds will be dated April 1, 1920,
$575,000.00
Price 102.05 & Int., returning 5.10%
Minnesota, at the office of the
APRIL
14th,
WEDNESDAY,
1920. at 3 o'clock P. M., for $35,000 Workhouse
Bonds, $300,000 Park Bonds, $50,000 Permanent
DAN
Circular
$800,000.00
City of Bayonne, N. J., Water 5^s,
AMERICAN
undersigned,
mailed upon
IIOU SXO^f ,'j^XAS
421 Chestnut Street
Ways and Means of City Council of the City
of Minneapolis,
each bid.
Harold G.Wise ^CoMEAinr
Dated April 1,1920.
on
City Clerk.
FREDERICK ZICK,
Town Treasurer.
APR. 3
1920.]
THE CHRONICLE
SULLIVAN COUNTY (P. O.
Sullivan), Ind.—NO BIDS RECEIVED.
—No bids were received for the
$7,320 4)4% Thomas M. Douthitt Jeffer¬
son Twp. road bonds offered
on March 20.—V.
110, p. 1112.
SUMMIT COUNTY (P. O.
On Mar.
17
Akron), Ohio.—BOND ELECTION.—
was passed
by the County Commissioners calling
Apr. 27 of a proposition to issue $1,000,000
hospital
resolution
a
for the submission
on
bonds.
SUMMIT
COUNTY (P. O. Akron), Ohio.—BOND
ELECTION.—
County Commissioners on Mar. 15 adopted a resolution
providing for
submission to the voters of a
proposition to issue $500,000 countyoffice-bldg. bonds at the Apr. 27 election.
The
SUMTEr COUNTY (P.
^
O. SumtervilIe), Fla.—BOND
Bids will be received until 12
OFFERING.—
April 5by W. N. Potter, Clerk Board of
County Commissioners, for the $750,000
5% road bonds—V. 110, p. 1102.
Denom. $1,000.
Date Jan. 1 1920.
Prin. and semi-ann. int. payable
at the Hanover National
Bank, N. Y.
Cert, check for 5% of the amount
bid payable to Sumter
Coimty, required.
Bidder may bid on said bonds in
Blocks of one hundred or
whole
more, or the
collectively.
SCHOOL DISTRICT, Santa Clara
County, Calif.—
OFFERING.—The Clerk Board of Supervisors (P. O. San
Jose),
April 5 sell the $70,000 bonds—V. 110, p. 788—it Is stated. •
BOND
will
m.
on
COUNTY
(P. O.
TERED.—The State Comptroller
serial
on
bonds.
TEXAS
on
Fort
Worth), To*.—BONDS REGIS¬
March 16 registered $1,000,000 5%
(State of).—BONDS REGISTERED.—[The State
Comptrolle
Amount.
Place and Purpose of Issue.
$2,600
3,000
3,300
3,000
Interest.
WASHINGTON COUNTY
(P. O. Fayetteville), Ark.—BOND SALE.
—M. W. Elkins of Little Rock has
purchased, it is reported, $150,000 road
improvement district bonds.
WASHINGTON,
year
10-15
year
serially
serially
serially
TULARE, Tulare County, Calif.—BOND ELECTION.—It Is stated
an election
to determine whether the
city shall issue bonds to the
that
amount of
$125,000 for the erection of
memorial auditorium will be held
TWIN
FALLS,
Twin
Falls
a
city hall and soldiers and sailors'
Apiil 29.
.
County, Ida.—BONDS DEFEATED.—
On March 23 the $25,000
park bonds—V. 110, p. 1220—were voted down.
URBANA,
Champaign
111.—BOND
OFFERING.—The
Finance Committee will receive bids until 4 p. m.
Apr. 5 for the $12,000
5% coupon fire-department-pump bonds, which were voted by 407 to 114
at the election held Mar. 12—V. 110,
p. 893.
Denom. $500.
Date May 15
1920.
Prin. and annual interest
(May 15) payable at the City Treasurer's
office.
Due $1.000 yearly on May 15 from 1921 to
1932, incl.
Cert, check
for
SALE.—On
Washington), Pa.—BOND OFFER¬
Comptroller, will receive proposals until
Apr. 20 for $160,000 5% tax-free road bonds.
Date May 1
1920.
Due
yearly on Nov. 1 as follows: $5,000, 1925 & 1926; $10,000, 1927
to 1936, incl.; and $25,000, 1937 and
1938.
Cert, check for $5,000, Lre11:30
a.
in.
quired.
WATONWAN COUNTY (P. O. St.
James), Minn.—J30ATD OFFER¬
ING.—J. Countryman, County
Auditor, will receive sealed bids for $250,000 5% 10-year road bonds, it is
stated, until 2:30 p. m. April 6.
Date
April 1 1920.
Prin. and semi-ann. int.
payable at the Merchants Loan &
Trust Co., Chicago.
Due April 1 1930.
Cert, check for $5,000 payable
County Treasurer, required.-
Pike
County,
will be received until 12
Ohio.—BOND
OFFERING.—Proposals
m. April 17 by A. S.
Keechle, Village Clerk, for
$3,595 5)4% refunding bonds.
Auth. Sec. 3916, Gen. Code.
Denom.
6 for $500 and 1 for $595.
Date March 1 1920.
Int. semi-ann.
Due
$500 yearly on March 1 from 1925 to
1930, inch, and $595 March 1 1931.
Purchaser to pay accrued interest.
WEBSTER
At
PARISH
(P.
O.
Minden),
La .—BOND
ELECTION.—
election to be held May 18
$1,000,000 5% road bonds will be voted
an
upon.
WELD COUNTY SCHOOL DISTRICT
NO. 31
Colp.—BOND ELECTION.—SALE.—Subject
to
(P. O. Ft.
an
election
Lupton),
in
about
30 days $18,000 6% 10-20-yr.
(opt.) school bonds have been sold to Sweet,
Causey, Foster & Co. of Denver.
Financial Statement.
Assessed
valuation
Population,
County,
Ohio.—BOND
WASHINGTON COUNTY (P. O.
ING.—T. J. Underwood, County
TOKIO
INDEPENDENT SCHOOL DISTRICT (P. O.
Tokio), Terry
County, Tex.—BONDS REGISTERED.—On March 27 $6,000
5% 15-20
year bonds were registered with the State
Comptroller.
County,
to 1924, incl.
WAVERLY,
10-15
Lafayette
March 14 the $5,000 5H% 1-5-year serial street
impt. (city's share) bonds
Oct. 1
1919—V. 110, p. 681—were awarded to the
Commercial
Bank of Washington C. H. at
par.
Due $1,000 yearly on Oct. 1 from 1920
dated
Due.
Hood County Common Sch. Dist. No. 27
Hood County Common Sch. Dist. No.
33
Milam County Common Sch. Dist. No. 13
Milam County Common Sch. Dist. No. 29
Milam County Common Sch. Dist. No. 32
1,250
§H %Perry St. impt. special assessment bonds. Auth. Sec. 3939
Denom. 1 for $256 and 19 for $750.
Date Sept. 1 1919.
Int.
Due $250 Sept. 1 1921, and $750 each six
months from April 1
1922 to April 1 1935, incl.
Cert, check for 5% of amount of
bonds bid for,
payable to the Village Treasurer, required.
Bonds to be delivered and
paid for within 10 days from date of award.
Purchaser to pay accrued
Gen. Code.
to the
Mar. 9 registered the
following 5% bonds.
1453
$14,500
$600,250
est.,
|
Total debt
$18,000
250.
WELD
COUNTY SCHOOL DISTRICT NO. 84
(P. O. La Salle),
Colo.—BONDS VOTED.—On March 26 by 23 "for" to 7
"against" the
$14,000 5)4% 15-30-yr. (opt.) school bonds—V. 110,
p. 1003—were voted.
WELD
COUNTY SCHOOL DISTRICT
NO.
108, Colo.—BOND
to an election soon to be called, upwards of
$10,000 6% 20-40-yr. (opt. school bonds have been sold to
Sweet, Causey,
ELECTION.—SALE.—Subject
$1,000 required.
Foster & Co. of Denver.
VALLEY VIEW
(P. O. Independence R. F. D. No. 1), Cuyahoga
Ohio.—BOND OFFERING.—Proposals will be received until
12 m. Apr. 23 by T. C. Lang, Village Clerk for
$16,000 6% coupon electriclight bonds.
Denom. $500.
Prin. and semi-ann. int. (M. & S.) payable
at the Broadway Savings & Trust Co. of Cleveland.
Due $1,000 yearly
on Sept. 15 from 1923 to
1938, incl.
Cert, check on a solvent bank located
in Cuyahoga County, for
5% of amount of bid required.
County,
WABASH COUNTY (P. O. Wabash), Ind.—BOND
SALE.—Recently
$35,000 4H% 1-6 year serial and $80,000 5% 10 year serial hospital bonds
were awarded to C. C.
Shipp & Co., of Indianapolis.
NO BIDS RECEIVED.—No bids
4)4% gravel-road bonds offered
r
on
$769,000
est.,
|
This is the only debt.-
200.
WELD COUNTY SCHOOL DISTRICT NO. 121
(P. O. Erie), Colo.—
BOND ELECTION.—SALE.—Subject to
April 20 election $20,000 6%
15-30-year (opt.) school bonds have been sold to Sweet, Causey, Foster &
Co. of Denver.
Assossed
valuation,
$1,792,540;
bonded
debt,
total, $35,500.
1,700.
WELLS
Popul¬
COUNTY
(P. O. Bluff ton), Ind.—BOND SALE.—It is re¬
ported that $6,640 434% 1-5-yr. serial road bonds was recently awarded to
were received for the several issues of
March 29 (V. 110, p. 1221).
the Farmers
Middlesex County, Mass.—TEMPORARY LOAN.—
Itlis,reported that a temporary loan of $100,000 issued in anticipation of
taxes, maturing Nov. 12 1920, has been awarded to Harris, Forbes &
Co.,
of Boston, on a 5.73% discount basis.
State
Bank
of Ossian.
WEST ALEXANDRIA, Preble
County, Ohio.—BOND ELECTION.—
On April 27 the voters will decide on the
question of issuing $29,500 city
building and fire equipment bonds.
<
•
'
>
•..
—
**
WEST JEFFERSON SCHOOL DISTRICT
(P. O. West Jefferson),
Madison County, Ohio.—BOND SALE.—On March 19 an issue of
$2,800
6% lOM-year (aver.) school bonds was awarded, it is reported, to the
Farmers' Bank of Mechanicsburg for $2,815, equal to 100.536, a basis of
addi¬
tion to the $3,500 5H % 2-11 year serial
Perry St. Impt. bonds, dated Sept.
1 1919, the details of the offering of which were
given in V. 110, p. 1221,
Village Clerk will receive proposals until 12 m. to-day (April 3) for
the
NEW LOANS
valuation
Population,
ation
WAKEFIELD,
WALBRIDGE, Wood County, Ohio.—BOND OFFERING.—In
Financial Statement.
Assessed
about
5.93%.
FINANCIAL
FINANCIAL
$37,400
$3,000,000
Town of
STATE
OF
MICHIGAN
Shelby, Montana
WATERWORKS
Waterworks'
The undersigned will receive sealed bids at his
office in the City of Lansing,
Michigan, until the
2ist day of April, A. D.,
p.
m.
1920,
to 3 o'clock
up
of said day for the sale of Three Million
($3,000,000) dollars of State Highway Improve¬
bonds of the denomination of $1,000
ment coupon
to be issued
by the State Highway Improvement
Loan Board of the State of Michigan,
to the
of
State
of
Michigan,
Bonds
of
the
Memy Oppeoheimer
Town
County, Montana, to the amount
Thousand Four Hundred Dollars
($37,400), term twenty (20) years, rate six per
cent
(6%), redeemable after ten
(10)
years,
will be sold on the 19TH DAY OF APRIL, A. D„
1920, at the hour of eight (8) o'clock P. M., at
the office of the Town Clerk of said Town of
Shelby,
Toole County, Montana, and
dated
January 1st, 1920.
Certified check for $3,500
should accompany each bid.
pursuant
session
extra
Betterment
BANKERS
of Shelby, Toole
of Thirty-Seven
FRANKFORT-«*M., GERMANY
Cable Addreaa "Openhym"
INVESTMENT SECURITIES
FOREIGN
(Signed) F. E. WILLIAMS,
provisions of Act No. 25 of the Public Acts
the
Liacok
BETTERMENT BONDS
Road Bonds
EXCHANGE
Town Clerk.
1919.
Said bonds will be dated May 1st, 1920 and will
mature on
the first
day of May,
bear interest at the rate of five
annum,
payable semi-annually.
and interest
the State
are
1925 and will
per
centum per
Both
Adrian H. Muller & Son
principal
AUCTIONEERS
payable at maturity at office of
Treasurer, Lansing, Michigan.
0PFICE
A certified check in
a sum
equal to
CMEORGE
No. 80 WILLIAM STREET
Corner Pine Street
cent,
one per
of the amount of bid, payable to the order of
the
State Treasurer of the
State of
Michigan, must
W.
MYEJR, JR.
Certified Public Accountant
Regular Weekly Sales
2
RECTOR ST.,
NEW YORK
bem subitted with each bid.
Anditi, Investigations,
The above bonds
are
a
direct obligation of the
State of Michigan.
8TOCKS and BONDS
Estate A oca un ting,
Inoeme Tax
The right is reserved to reject
any or
ail
bids.
FRANK E. GORMAN,
State
EVERY WEDNESDAY
Telephone
At the Exchange Sale* Room*
Treasurer.
14-18 Ve*er
Street
SILVER
THAYER, DREW & CO.
MUNICIPAL BONDS
111
Broadway
New
Telephone
York
eeux
8418
Return*.
Rector 544]
EASTERN
BULLION
EXCHANGES
FEDDE
&
PASLEY
Week* "Bullion Letter"
Sent
on
Uetxuei.
Certitfeb
SRINIVAS
88 PINE ST.
BMW YORK
R.
ftafalir Stcountanu
WAGEL
Phone JOHN
18SS
55 Liberty St •»
New York
WEST POINT,? Cuming County, Neb.—BOND ELECTION .—The
Apr. 6 the question of issuing $20,000
water-works-extensionlbonds.—V. 110, p. 1221.
CANADA,
voters will have submitted to the, on
*
,
April 13 for an issue of 5% school bonds, not to ex150,000.
50,000.
Denom. $1,Q00.__ Date May 1 1920.
$1,000.
seml-ann.
Prin. and semi-ann.
(M. & S.) payable at the Dover Trust Co. of Dover.
Due $5,000
sals until 8 p.m.
lis
int.
yearly
on
$2,000
2,500
1,500
3,200
2,000
I
May 1 from 1921 1 1950, Incl.
WHATCOM COUNTY SCHOOL DISTRICT NO. 47,
SALE.—The State of Washington, offering par, was
for an issue of $15,500 5% school bonds, it is stated.
Wash.—BOND
the successful bidder
$2,166,185 51
—
HAMILTON,
awarded
93.13,
POINT, Roosevelt County, Mont.—BOND ELECTION.—
April 10 $50,000 water-extension bonds are to be voted upon. .
thatTon
reported
to Harris, Forbes & Co. and C. N. Bings & Co., of Toronto/.at
basis of about 6.15%.
Ont .—DEBENTURE
SALE.—Wood,
Co.,
&
Gundy
of
MT. ROYAL, Que.—DEBENTURE OFFERING.—A. L. Mackenzie,
Secretary-Treasurer, will receive bids until April 6, according to reports,
$850,000 blA% 5-year debentures.
Date Nov. 1 1924.
PRINCE RUPERT, B. C.—DEBENTURE OFFERING.—W. D. Vance,
City Treasurer, will receive proposals until 12 m. Apr. 14 for the following
6% debentures: $20,000 20-year water extension; $60,000 15-year telephone
extension; $40,000 30-year hydro-electric, $150,000 30-year public school
bldg.; $10,000 5-year sewer impt.; $12,O0O 15-year Morse Creek Bridge;
$25,000 5-year resurfacing plank roads and $45,000 15-year electric light
.
ELECTION.—On April 6
electric-light plant will be
upon.
extension debentures.
Johnson
WRIGHTSVILLE,
County,
Ga.—BOND
SALE.—The
REGINA, Sask.—DEBENTURES SOLD "OVER THE COUNTER.'-—
$30,000 5A% 30-year coupon sewer bonds, dated Dec. 1 1919 offered on
March 17—V. 110, p. 1114—have been sold, it is stated, to the RobinsonHumphrey Co., of Atlanta for $30,603 06 (102.0102) and interest, a basis
of about 5.36%.
The city has sold its $117,000 debentures mentioned in V. 110, p. 895, over
the counter, the purchaser being local investors, who paid par and interest.
The debentures bear 6% interest^and mature $56,000 Feb. 1 1928 and
$61,000 July 1 1934.
WYOMISSING, Berks County, Pa .—BOND OFFER TNG .—Proposal s
STAMFORD TOWNSHIP,? Ont.—DEBENTURE OFFERING.—ItTis
reported that proposals will be;received until April 5 for $20,000 6% 20-
April 20 by Claude B. Mengel, Borough
Secretary, for $59,000 5% coupon school bonds.
Denom. $500.
Int
semi-ann.
Due yearly on April 1 as follows: $500, 1921 to 1930, incl.;
$1,000, 1931 to 1933, incl.; $2,000, 1934 to 1937, incl.; $3,000, 1938 to
1943, incl.; and $5,000, 1944 to 1948, incl.; all being subject to call on and
after April 1 1923.
Cert, check for
10% of amount of bid required.
will
is
for
WORCESTER, Worcester County, Mass.—TEMPORARY LOAN.—
On March 30 a temporary loan of $875,000, issued in anticipation of revenue,
dated March 31 and maturing Nov. 1 1920, was awarded, it is stated, to
Salomon Bros. & Hutzler on a 5.64% discount basis, plus a $7 premium.
voted
a
MIMICO,
WOLF
WRAY, Yuma County, Colo.—BOND
$30,000 6% 15-year bonds to purchase the
SALE.—It
Toronto, have purchased on a 6H % interest basis, debentures of this town
to the amount of $16,232, bearing interedt at 5A% and 6%.
March 27.
On
Ont .—DEBENTURE
March 24 the $46,768 28 1-20-year installment and $25,000 1-20-year
installment 5% debentures offered on that date (V. 110, p. 1114), were
4,829,182 10
WILLS POINT INDEPENDENT SCHOOL DISTRICT (P. O. Wills
Point), Van Zandt County, Tex.—BONDS REGISTERED.—Mi issue
of $10,000 5% 20-40 year bonds was registered with the State Comptroller
on
March 5 to
M., Man .—DEBENTURE OFFERING.—A. B.
V. 110, p. 1114.
79,000,000 00
—130,000,000 00
Value of property owned by municipality
Tax rate for 1920, 10 mills.
R.
GREATER WINNIPEG WATER DISTRICT, Man.—DEBENTURE
SALE.—During the month of March, Wood, Gundy & Co. and the Domin¬
debentures, ma¬
turing April 1 1940.
At the price paid the district is borrowing the money
at an average interest rate of 6.14%.
This Is the second issue put out by the district within a month, the first
one being the $750,000 6% ten-year debentures, which were awarded on
Feb. 28 to the same houses which have purchased the second issue.—
which 1919 taxes
Total estimated value of taxable property
of $45,533 12
issue
ion Securities Corp. purchased at 98.389, $1,000,000 6%
Townsend, Elliott & Munson of Philadelphia, a copy of whose opinion win
prospective bidders.
Purchaser to pay accrued interest.
upon
SALE.—An
Blakely, Municipality Secretary-Treasurer, is receiving proposals to-day
(April 3) for $10,000 6% 20-instaUment bridge debentures, according^to
reports.
be furnished to
issue
Ont.—DEBENTURE
CHARLESWOOD
WILKES-BARRE, Luzerne County, Pa.—B02VD OFFERING.—Fred.
H. Gates, City Clerk, will receive proposals until 12 m. April 13 for $100,000
4H% tax-free coupon city-impt. bonds.
Denom. $1,000.
Date Oct. 1
1919.
Prin. and seml-ann. int. (A. & O.) payable at the City Treasurer s
office.
Due yearly on Oct. 1 as follows: $15,000, 1936; $20,000, 1937 to
assessed
AWARDED
Hurstbourne No. 3,647 15-yr. serial debentures at 96.25.
Passchendale No. 3,840 15-yr. serial debentures at 96.50.
Strome No. 1,97 8 5-yr. serial debentures at 97.50.
Turner No. 3,797 10-yr. serial debentures at 97.60.
Bowden No. 302 15-yr. serial debentures at 97.
BRAMPTON,
mitted.
are
Municipalities.
6% ten-installment improvement debentures was awarded on
Wood, Gundy & Co., of Toronto, at 98.50.
(P. O. Monticello), Ind.—BONDS NOT SOLD.—
The $16,000 4M % Lucius C. Pratt et al Big Creek Twp. road bonds, offered
on Feb. 28—v. 110, p. 789—were not sold, as there were no bids sub¬
WHITE COUNTY
Total bonded debt, including this
Last preceding assesed valuation,
and
Provinces
its
ALBERTA SCHOOL DISTRICTS, Alta<—DEBENTURES
IN PART.—Of the twenty issues of 6 M % school debentures offered on
Mar. 15—V. 110, p. 1004—five issues were awarded to the Canada Landed
and National Investment Co., Ltd., as follows:
WHARTON SCHOOL DISTRICT (P. O. Wharton), Morris County,
r JEtlVJ.J.1 V7,~~d
*» lUJOOiin,
V*vin.
N. J.—BOND OFFERING.—J. Jll
H. Williams, District Clerk, will receive
7'
.
110.
[Vol
THE CHRONICLE
1154
be received
until 8 p. m.
Jnstallment debentures.
WINDSOR, Ont .—DEBENTURES VOTED.—On Mar. 22 the by-law
$12,000 6% 10-year motor-truck street-flushes debentures carried
by a vote of 26 ' forv' to 22 "against"—V. 110, p>1114.
to issue
ENGINEERS
ENGINEERS
MANAGEMENT
Back
Viele, Blackwell
ENGINEERS
STONE & WEBSTER
Designs and Construction
Hydroeleotrio and steam
Power Plants
FINANCE
industrial and public
utility properties and conduct an
investment
DESIGN
Transmission Systems
Industrial Plants
banking business.
stations,
hydro-electric developments,
transmission lines, city and interurban railways^ gas and chemical
plants, industrial plants, ware¬
houses and buildings.
steam
CONSTRUCT
Reports
—
49
MANAGE public utility
dustrial companies.
and in¬
Coal Mine
New York
Wall Street
Management
either from their
designs or from designs of
other engineers or architects.
own
THOMAS T. GRAY
Consulting Petroleum Engineer
If you arerfinancially interested
in coal properties you should
investigate the service
you.
offer
we
E?
i
Investigations, Appraisals & Reports
REPORT
on
going concerns,
proposed extensions and new
projects.
on
Oil Propositions
BOSTON
880
North
PITTSBURGH
SEATTLE
essential than
more
NEWJERSEY
PARIS
has
beeh-of great
many owners
MINING
THE
A CO.
Mining Enginooro and Gaologricts
Ours is a highly specialized
organization operating thirtysix bituminous mines in eleven
fields with
JOAL AND MINERAL PROPERTIED
CORPORATION
Examined,
Smal
benefit to
of coal mines, rs
ENGINEERS
H. M, CHANCE
J. G. WHITE ENGINEERING
ever.
Peabod^ management service
DETROIT
SAN FRANCISCO
Broad Street,
Telephone Elizabeth 2766
CHICAGO
YOUNGSTOWN
Changing industrial conditions
efficient
supervision
make
ELIZABETH
NEW YORK
Appraisals
power
an
annual
capacity
of 18,000,000 tons.
Managed, Appraised
PHILADELPHIA
Bide,
It is the result of
thirty-seven
of experience in mining
and selling coal.
years
Engineers
Constructor
F. WM. KRAFT, Lawyer
Specializing la heieiwitUa 4k FMpnaSen at
Buildings—Industrial Units
Public Utilities
Reports—Valuations—Estimates
48 EXCHANGE
PLACES NEW YORK
County, Municipal aad Cerperatloa
i
Booklet
explaining this servics
xjcill be mailed
Bonds, Warrants and Securities and
Proceedings
Authorizing Same.
HI W.
ftfonros Su,
CHICAGO, ILLINOIS
PEABODY
on
request.
COAL
ICHICAGO
CO.
APE. 3
1920.]
THE
CHRONICLE
Cotton
XXXI
(Exn*t Composite*
The NEW ENGLAND
Ofe&a. O. Corn
Paul Schwars
Aaiut Schierenberg
Cora,
Schwarz
&
Co.
15
William Street
SURPLUS, 93.000.000
Company
Safe Deposit Vault.
act aa
Executor, and to receive and bold
money or property ia trust or on deporit from Court* of
Law or Baulty,
New York
directors
Executors, Administrators, Assignees,
Guardians, Trustees, Corporations and Individuals.
Also act*
Edward D. Pearce
Herbert J. Wells
Trustee under Mortgagee and a* Transfer
Agent and Registrar of Stoeka and Bonds.
Interest Allowed on Deposits Subject to Check.
MEMBERS Of
as
Now York Cotton
Exchange
Exchange
New York Produce Exchance
New York Coffee Exchange
Now Orleans
Hospital Trust
BOSTON, MASS.
CAPITAL, f1.090,000
Authorised to
COMMISSION MERCHANTS
Rhode Island
TRUST COMPANY
frank A. Kimball
Cotton
COTTON
Bro.,
MERCHANTS
121 Chestnut St.
S9 Broad St.
/HILADELPHIA
NEW YORK
Walter R. Callender
Frank W. Matteson
Foreign Cottons
Robert H. I. Goddard
Liverpool.
Mefaddee A Co., Rotterdam.
Ssefaf 6*&mportatloa et de Commission, Haws.
iScFadden A Co.. 8. A. 1.. Milan.
Bstehart A Co., Alexandria. Egypt.
Hte. E. Msfadden A Bro.'s Agency. Lbna. Pern.
Henry F. Llppftt
Charles D. Owen, Jr,
Alfred K. Potter
OFFICER8
Herbert J. Wells, Chairman
ef the Beard
Thomas H.
Horatio A. Hunt
West, Jr., President
Ernest A. Harris
Asst
Trust Officer
Vice President
Preston H.
Trust
Robert
Gardner
Vice President
Assistant Secretary
George H. Capron
John H. Wells,
Vioe President
Assistant Secretary
Augustus P. Lortng, Jr
Ernest Loverlng
G. Burton Hlbbert
Francis W. Fabyan
Frederick P. Fish
Roger Pleree
Charles H. W. Foster
Gilbert A. Harrington
Asst. Trust Officer
James M. Pendergast
Frank H. Gag*
Morris Gray
Henry H. Proctor
George H. Davenport
Ralph S. Richards
Secretary
Walworth Pieroe
Downs
Asst. Trust Officer
Henry B. Hagan
Vice President
Robert ▲. Leeeon
i.
Asst. Trust Officer
Harry W. Simmons
and
Officer
Henry L. Slader
David P. Kimball
Bradley
S. Parker Bremer
FOREIGN CORRESPONDENTS:
Albert W. Dimlok
Henry D. Sharpe
Isaac B. Merriman
BOARD OF DIRECTORS.
J. D. Cameron
fradsrfc Zerega A Co..
Thomas H. West, J»,
Frederick A. Ballov
George Wlgglesworth, Chairman
Arthur Adams
William C. Dart
Horatio A. Hunt
Benjamin M. Jackson
NOTT, Secretary
ORRIN O. HART, Trust Oflloer
EDWARD B. LADD, Asst. Treasurer
RAYMOND MERRILL. Asst. Treasurer
JOHN W. PILL8BURY. Asst. Treasurer,
LEO VM. BTJEGLE, Asst.
Secretary
ARTHUR F.THOMAS, Asst. Trust Officer
SBWALL E. SWALLOW. Asst. Tr. OlTr
GEORGE H. BOYNTON.
Manager Safe Deposit Vaults
Importers of Egyptian and all
Royal C. Taft
J. Arthur Atwood
James E. Sullivan
HOOPER, President
ARTHUR ADAMS, Vice-President
ROGER PIERCE, Vice-President
FREDERICK P. FISH, Vice-President
FREDERICK W. ALLEN, Treasurer
CHARLES B.
Geo. H. M Fadden &
Rowland Haiard
Howard O. Sturget
Stephen O. Metcalf
OFFICERS.
JAMES R.
William L. Hod mum
Frank H. Swan
Lyman B. Golf
Assistant Secretary
Ralph W. Bowen
Assistant Secretary
Providence, Bhede Island
Edwin M. Richard*
Sydney Hanrood
Herbert M. Sears
Franklin W. Hobbr
James R. Hooper
Arthur R. Sharp
Henry L. Shattuck
Henry Hentz & Co.
22 William Street
S5 Congress Street
NEW YORK
BOSTON, MASS.
COMMISSION MEBCHAN TS
AND
cevntu.Tkust Com pant
OF ILLINOIS
BBOKEBS
Under National,
Insurance Co.
State and
IN THE
Clearing House Supervision
Members of
Hew York Stock Exchange
New York Cotton Exchange
Accounts of banks and
bankers received
New York Coffee A Sugar Exchange
New York Produce
The United States Life
CHICAGO
Exchange
Correspondence Invited
Chicago Board of Trade
Associate Members of
Efficiently
Liverpool Cotton Association
handle all
equipped
•
business pertain¬
JOHN
P.
MUNN, M. D„ PRESIDENT
a
of banks, corporations, firms
producers,
under
Company.
Address Home Office, 277 Broadway]
territory
open
for
direct
high
class,
contracts
persona]
with
the
New York City.
SQUARE
Capital & Sur¬
plus $7,000,000
Deposits,
960,000,000
COTTON MERCHANTS
Cotton
oa
holders.
Good
NEW YORK
A4rasess Made
Over Forty-Five Million Dollars Paid to Policy¬
and individuals.
COFFEE EXCHANGE BUILDING
fclNral
YORK.
Non-Participating Policies only.
complete service to accounts
Bros. & Co.
HANOVER
CITY OF NEW
to
ing to banking, and offer
Hubbard
Organized 1850.
CHARTERED
1861
Consigamsati.
GWATHMEY A CO.
United States Trust Company of New York
20-24 EXCHANGE PLACE, NEW YORK
475
FIFTH
AVENUE,
NEW
Capital,
HEW YORK COTTON EXCHANGE
HEW YORK STOCK EXCHANGE
HEW YORK CX)FPEEEXaHANGE
HEW YORK PRODUCE EXCHANGE
HEW ORLEANS COTTON EXCHANGE
ASSOCIATE MEMBERS
EIVEBPOOL COTTON ASSOCIATION
Stephen M. Weld & Co.
COTTON
82-92 Beaver
m
m
Street, New York City
It allows Interest at ourrent rates
EDWARD
WILLIAM M.
WILLIAMSON
&,
CO.
li Broad
Street, N. Y,
COTTON
WILFRED J. WORCESTER, Secretary
FREDERIC
CHARLES A. EDWARDS,
W. ROBBERT, 2nd Asst. Sea's
Id Asst. Secretary
TRUSTEES
A.
STEWART,
Chairman
of
tha
Board
ROCKEFELLER
FRANK LYMAN
JOHN J. PHELPS
EDWARD W. SHELDON
OHAUNOEY KEEP
ARTHUR OURTISS JAMES
CORNELIUS N. BLISS JR.
HENRY W. de FOREST
WILLIAM VINCENT AST09
LEWIS CASS LEDYABD
WILLIAM M. KINGSLEY
WILLIAM SLOANB
LYMAN J. GAGE
PAYNE WHITNEY
OGDEN MILLS
WILLIAM STEWART TOD
MERCHANTS
York Cotton Exchange.
STEINHAUSER &. CO.
Successors to
WILLIAM RAY A CO.
COTTON
Exchange
New York
delivery contract* executed on
New York and Liverpool Cotton Exchange*.
Order* for future
Hopkins, Dwight & Co.
COTTON
and
COTTON-SEED OIL
COMMISSION MERCHANTS
99. Cotton Exchange Bvlidiae
NEW
L. F. DOMMERICH & CO.
BROKERS.
M Cotton
I*
deposits.
SHELDON. Prealdent
PELL, Asst. Secretary
JOHN
Membera New
W.
KINGSLEY, Vice-President
WILLIAM
Building
on
personal, for estates, corporations and Individuals.
LIVERPOOL.
MOORE
%14,512,007.58
■
It holds, manages and invests money, securities and other property, real oa
WELD 3c CO.,
Mflla
$2,000,000.00
O
•
m
This Company acts as Executor, Administrator, Guardian, Trustee, Court
Depositary and In other recognized trust capacities.
PHILADELPHIA,
UTIOA, N. Y.,
BEDFORD
ROBERT
m
Surplus and Undivided Profits,
MERCHANTS
BOSTON.
FALL RIVER,
PROVIDENCE,
NSW
45-47 WALL STREET
YORK
MEMBERS
YOR&.
FINANCE
ACCOUNTS
OF MANUFACTURERS AND
MERCHANTS, DISCOUNT AND GUARANTEE SALES
General Offices, 254 Fourth Avenu®
NEW YORK
Established
over
60 Yea??
fVOL. 110.
CHRONICLE
THE
XXXII
ifinandal
financial
jFfnatufal
IN
WE SPECIALIZE
NEW LOAN
11,500,000
Port of Tacoma,
American Woolen Company
Washington
Financial Statement
Actual value
Amassed valuation,
-—$189,884,048
94,942,024
„
1919
Total bonded debt (this issue
Bonded
Debt
than
Let*
Quarter* Per Cent of
Charcoal Iron. Co. of America 7s
Chicago Junction RR. Co. First 4s
General American Tank Car Equip. 6s
General American Tank Car 7 % Pf. Stk.
Common Stock
5% Bonds
General Obligation
Pref. Stock
Brunswick-Balke-Collender 7% Pf. Stk.
Alfred Decker & Cohn 7%
Godchaux Sugars, Inc., 7%
The Glidden Company 7%
only).
1,600,000
One and Three-
Assessed Valuation.
Special Circular
Maturing 1931-1955
on
AMES, EMERICH & GO,
Request
111
Bolger, Mosser & Willaman
MILWAUKEE
GERMAN
Chicago
Cental Bond & Mortgage Co.
208
and Marks
Bonds
La Salle Street
So.
$50,000
Our circular
CHICAGO
St Francis Levee District
Broadway, New York
CHICAGO
Price, Par and Interest
29 South La Salle Street,
Pref. Stock
Pref. Stock
on
application.
(^Arkansas
SV2% BONDS
Due serially 1952 to
value
estimated
Actual
of
taxable
1969.
C. F. Childs & Company
property,
i
Specialists
INVESTMENT BANKERS
Bonds
Us S. Government
105 So. L» Sail* Bt.
125,000
Population
•
Wollenberger & Co
^
$200,000,000
Assessed value of taxable property—
75,000,000
Total bonded debt
4,954,000
CAPITAL: $800,000
Price to yield 5.40%
,
CHICAGO
NEW YORK
CHICAGO
130 Broadway
Sails St*
St 8 So. La
Mortgage Trust Company
SAINT LOUIS
North Broadway,
103
:
^
Caldwell & Company
$300,000 Casey-Hudson Company
8% Cumulative Serial Preferred Stock at
SOUTHERN MUNICIPALS
$100 per share and accrued dividends
Cumberland Tel. A Telep. Co. 5s
Serial redemptions, 1923-1932
Nashville Chattanooga A St. Louis By.
Business—General
business
In
Automatic Nashville A Dsoatur By.
Screw Machine Products, besides manufacturing
Nashville Hallway A Light Co. Securities
and marketing several important articles in large
quantities.
'
j
ST. LOUIS, MO.
NASHVILLE, TENN.,
Net Quick Assets—$147 per share of Pre317 Security Bldg.
314 Union Street
forrod Stock*
?
Net Tangible Assets—Over $200 per share of
Preferred Stock.
!
Earnings—Average Annual Net Earnings of
the Company $109,177.98, or over four and onehalf times dividend requirements.
STOCK & BOND DEPT.
Special Circular on Request.
Nashville Railway A Light Co. Securities.
Nashville A Decatur Rli.
Nashville Chattanooga A St. Louis By.
^
,
NASHVILLE TRUST CO.
George H. Taylor, Jr.& Co.
High Grade Investments
#
Municipal,
INVESTMENTS
Members of New York A Beaten Stock
Bxefceacet
-
-
TENNESSEE
•
Campion
MANAGEMENT
W. G. SOUDERS A CO.
BROADWAY
141
HIGH-GRADE
Bonds
NASHVILLE
NEW
BOSTON, MASS,
THIRDiAVE. NORTH
333
&
BANKERS
Utility
Public
&
Corporation
Chicago
111 W. Monroe St.,
ENGINEERING
PRINCE & CO.
H.
_
.
McClellan &
F.
Zimmermann, Inc.
&
INVESTMENT SECURITIES
YORK CITY
ENGINEERS
308 South La)Sallo Street,
:
CHICAGO
EMERY, PECK & R0CKW00D
Detroit
New York
Wm
Grand Rapids
Milwaukee
INVESTMENT SECURITIES
Continental
Ac
Engineering, Construction, Reporti
Bank^Building
Commercial
CHICAGO
;
CHRISTIAN & PARSONS CO.
Railway Exchange Building
MILWAUKEE
Commercial
Appraisals, Audits, Management
in connection with
.\
Paper
Publio Utilities & Industrial Propertie»
Collateral Loana
Of the Banks In
rj
Ov/u
NATIONAL
New York City
Investment Securities
811 Chestnut St.
Philadelphia
use
S. La Sails St
PAPER
SAFETY
HOME OFFICE
Chicago, ID.
NEW YORK OFFICE
3 Wall Street
CHICAGO OFFICE
Harris Trust Bids*
FOR THEIR CHECKS
George La Monte & Son
61
New York
Broadway
'
V;' V
P. W. Chapman & Company
'
:
FIRST
NATIONAL
BANK
RICHMOND, VA.
Capital and Surplus,
John
M.
-
$3,000,000.00
Jr., President
W. M. Addison, Vice-President
C. R. Burnett, Vice-President
Alex. F. Ryland, Vice-President
S. P. Ryland, Vice-President i
Jas. M. Ball, Jr., Cashier
■■■
DominicH & Dominicfe
Established 1870
116 BROADWAY
Dealers
INVESTMENT SECURITIES
In
INVESTMENT SECURITIES
Miller,
113 South La Sails St*
MiWlllUm Street
Member* New York Stock Exchange
NEW YORK
CHICAGO
Correspondence Invited
Wt underwrite and distribute
The Texas Company 3-Year 7% Notes
nal issues of
Municipal,
Utility and Industrial Bonds
SEAS0NG00D, HAAS & MACDONALD
Members New York Stock Exchange
88 Broadway
NewYork
Elston &
Company
INVESTMENT SECURITIES
88 Se. La Sail# Street
Municipal
origi¬
Public
CHICAGO, ILLINOIS
t*Aro
Exempt
Bonds
from Federal
Income Ti
Yielding from 4^% to 6%.
Send jor List
THE HANCHETT BOND CO.
Eacorporated 1910
29
South La Salle Street
CHICAGO
@FedFRASER