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-/-avj

,

-V

*

two

:A2|

sections

section

one

*

Q

Bank &

Quotation Section

Railway & Industrial Section

Electric

Railway Earnings Section

Bankers* Convention Section

State and City Section

COPYRIGHTED IN 1921 BY WILLIAM B. DANA

COMPANY, NEW YORK.

Issued Weekly
$10.00 Per Year

VOL 112.

ENTERED AS SECOND-CLASS MATTER .HJNE23, 1879., ATTHE POSTOFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH J3, 1879.

NEW

YORK, APRIL 30, 1921.

^financial

CHARTERED 1822

HARVEY FISK & SONS

W'lh

FVontSW N7Y"c!tyherS

138

jfmamial

THE FARMERS' LOAN & TRUST

INCORPORATED

32 NASSAU ST., NEW YORK

Harris, Forbes &. Co
Pine Street, Corner William
NEW YORK
10 Drapers Gardens, London, E.

OTHER OFFICES

FORBES & CO.,

HARRIS,

17 EAST 45TH ST., NEW YORK

16, 18, 20 and 22 William Street
475 Fifth Avenue, at 41«t

BOSTON

Street

CHICAGO

PHILADELPHIA

OF

DOMESTIC AND

OF

COMMERCIAL

BANK

fiscal agents for munici¬

and corporations and
Government, munici¬
pal, railroad and public utility
in

BONDS

FOR

List

on

INVESTMENT
Application

:

;

Cable Address SABA, NEW YORK

AMERICAN EXPRESS COMPANY

EXCHANGE

LETTERS

as

deal

INDUSTRIAL SECURITIES

FOREIGN BANKING

FOREIGN

SAVINGS

palities

MUNICIPAL,

PUBLIC UTILITY AND

ESTATES

OF SECURITIES

&

CHICAGO
Act

GOVERNMENT,

C.

Inc.

BOSTON

HARRIS TRUST

BUFFALO

CARE

NO. 2914.

^Financial

COMPANY

MANAGEMENT

Railway Seed©®

CREDIT
LETTERS

SECURITIES

Established lSlO

DEPARTMENT

ACCEPTANCES

The

Mechanics
LONDON

PARIS

international

and

National

Metals

securities

Ba^k

of the city of new york

65

NEW

BROADWAY

YORK

Member Federal Reserve System
and

York

New

Clearing

House

Capital, Surplus, Profits

-

$193,000,000

Deposits, Feb. 21,1921

Established 1874.

John L. Williams & Sons

Foreign Exchange

BANKERS

Bond

$26,750,000

Trust

Service

Department

Edward B.Smith &Co

Corner 8th and Main Streets

RICHMOND, VA.
Baltimore Correspondents:
R. LANCASTER WILLIAMS

V

A

&

CO..

Inc.

GARFIELD

The Nev/YbrkTrust Company

National bank
23rd

STREET,

-

AVENUE

Crosses

A

with which is consolidated

where"

FIFTH

capital,

Broadway

$1,000,000

Bank for

Surplus,

The
V
-

$1,000,000

Liberty National Bank
of New York

The Chase National Bank
of the

the Builders of Business

City of New York
57

CAPITAL

UNDIVIDED PROFITS

The Bank of New York

BROADWAY

-$15,000,000

CAPITAL, SURPLUS &

ESTABLISHED 1784

National

New You

Philadelphia

SURPLUS

PROFITS

AND

DEPOSITS( Feb. 21, 1921)

$26,000,000

OFFICERS

Banking Association

A.

BARTON HEPBURN.

Chairman of the Advisory

We Act

as Trustee for
Foreign
and Domestic Corporations

Our

137 years'

experience

service of

our

is

at

Main

RrstNational Bank
Philadelphia

ALBERT

Reeve Schley
Alfred O. Andrews

NO.

A.

LAW,

Fifth Avenue Office




Henry W. Cannon
A. Barton Hepburn
Albert H. Wiggtn
John J. Mitchell
Guy E. Tripp

Reserve

William P. Holly

DIRECTORS

1

President

George H . Baylor
M. Hadden Howell

Cashier

Comptroller
Thomas Ritchie

Member Federal
Wm.

Assistant Vice-Presldeole
Edwin A. Lee
William E. Purdj

Robert I. Barr

Broadway

57th Street & Fifth Avenue
CHARTER

"

Board.

H. WIGGIN, President

Vice-Presidents
Samuel H. Miller
Carl J. Schmidlapp
Gerhard M. Dahl

Liberty Office
120

of

Office

26 Broad Street

the

depositors

21,158,000

297,827,000

System

James N. Hill
Daniel C. Jackling
Charles M. Schwab
Samuel H. Miller
Edward R. Tinker

Edward T. Nichols

Newcotnb Carlton
Frederick H. Eckar

Eugene V. R. Thayer
Carl J.

Schmidlapp

Gerhard M. Dam
Andrew Fletcher
Wm. Boyce Thompson
Reeve Schley
Kenneth F. Wood
H. Wendell Endicott
William M. Wood

a

jaratoers of fateign exchange

Infceibnent jbmets anfo

MORGAN & CO.

J. P.

Maitland, Coppell & Co.
62 WILLIAM STREET

Wall Street, Corner of Broad
NEW YORK

r

DBEXKL

Corner of 5th and Chestnut Streets

HOBGAN, GBENFELL & CO., LONDON

all Investment Securities.
agents of Corporations and negotiate and

Orders executed for
Act as
Issue Loans.

BiUt

■

HARJES

The

14 Place Vendome

Foreign Exchange,

sold

Commercial and Travellers
Letters of Credit

and
on

Bank of Australasia.

Agents for the

in all

Letters for Travelers, available
parte of the world.

NEW YORK

Principal Places In Mexico.

Commercial Credits.

Cable Transfers.

Circular

of

Mallet Freres & Cie, Paris,

Commission.

on

18 Broad St

BOSTON

Transfer#,

National Provincial & Union Bank
England, Ltd., London,
Messrs.

Securities bought and

115 Devonshire St.

of C'r

Letters

on

CO., PABIS

&

Mc

Tele

of Exchange,

No. 22 Old Broad Street

HOBGAN,

KIDDER, PEABDDY & CO.

NEW YORK

PHILADELPHIA

CO.,

&

£Vou 113.

CHRONICLE

THE

II

TRAVELERS' LETTERS OF CREDIT

BROTHERS & CO, LTD.

BARING

LONDON

BROWN BROTHERS & CO.,
\

Members New York Stock Exchange.

Agents and Correspondents of the
Messrs.

■

1

»

PLACE, NEW YORK

48 EXCHANGE

Baltimore

ALEX. BROWN & SONS,
•i-

August Belmont & Co.

BowoaJ

NEW YORK

jtWDttwu

.•

ROTHSCHILD,

London, Paris and Vienna

Securities

Investment

ISSUE LETTERS OF CREDIT
for Travelers

Foreign Exchange

Deposit

?

Available in all parts of the
Draw bills of Exchange

Accounts

world.

J. & W. Seligman

& Co.

and make Telegraphic

Transfers

Commercial Credits

NS_54 Wall Street

the purchase and sale of

Execute orders for

Bonds and Stocks.

Travelers' Credits

NEW YORK

& CO.

BROWN, SHIPLEY
$QNDON

Bonds

Equipment

T. Suffern Taller

James G. Wallace

Granville Kane

FREEMAN & CO.
34 Pine Street

NEW YORK

TAILER&CD
York

Members New

MioiuI&CD.

Stock Exchange

York

10 Pine Street. New

Philadelphia

Now York

Pittsburgh

Investment Securities

Baltimore

Washington

Lawrence Turnure & Co.

Investment Securities

64-66 Wall Street,
New York

Winslow, Lanier & Co.

Investment securities bought and

Travelers'

mission.

59 CEDAR STREET

Central

sold

available

credits,

on com¬

America

and

Make collections

Spain.

above

In and issue drafts and cable transfers on

NEW YORK

Member*

through¬

States, Cuba. Puerto Rico, Mexico,

out the United

New

York* Philadelphia end

Pittsburgh Stock Exchange*.

countries.

London

BANKERS.

Bankers:

Midland

Bank,

London

Joint City &

Limited.

Paris Bankers: Heine & Co.

Deposits

Received

Allowed

on

Bought

Subject

Draft,

to

and

Interest

Securities

Deposits,
Sold

HEIDELBACH, ICKELHEIMER & CO.

on

Commission.
N

—

37 William Street.

HUTH & CO.

'

Foreign Exchange, Letters of Credit

MEMBERS

N.

Y.

STOCK

EXCHANGE.

New York

30 Pine Street
Execute orders for

purchase and sale of

Stocks and Bonds.

Bonds fof
Investment

Foreign Exchange Bought and Sold.

Foreign Bonds <£ Investment

Securities,

Commercial Credits, Foreign

Exchange,

Issue Commercial and Travelers' Credits
available in all parts

Cable Transfers on

of the world.
FRED?

BERTRON, GRISCOM & CO. INC.

Kerni, Taylor &> Co.

INVESTMENT

JPitbshurfih.
40

Wall Street

John Munroe & Co.
BOSTON

Commercial Credits.

Travelers

Foreign Exchange

Cable Transfers.

& CO.

ALDRED & CO.

NEW YORK
New York Stock Exchange

40

COMMERCIAL DEPARTMENT
FOREIGN EXCHANGE
.




CO., Paris

Wall Street
New Yo*k

INVESTMENT SECURITIES

MESSRS. PIERSON & CO.

MONROE &

of Europe.

Title Building

BROADWAY,

Members of the

Letters of Credit for

the Continent

London

PHILADELPHIA

BOISSEVAIN
52

on

& CO.,

SECURITIES
Land

NEW YORK

NEW YORK

and

HUTH

Amsterdam, Holland.

I

Fiscal Agents for

Public Utility and Hydro-Electric

Companies

April 30

THE CHRONICLE

1921.]

iii

3lnbe*tment att& financial 3?oa*e*

Goldman, Sachs & Co.
v

Lee, Higgi

60 Wall Street

Millett, Roe&Hagen

YORK

NEW

187 So. La Salle Street

Investment Bankers

|

14

BOSTON

Street

421 Chestnut

Montgomery Street

SAN FRANCISCO

PHILADELPHIA

411 Olive Street

INVESTMENT SECURITIES

24 Marietta Street

ST. LOUIS

Boston

Street.

60 Congress

CHICAGO

ATLANTA, GA.

Title Insurance Building

Chicago

New York

LOS

MEMBERS

ANGELES, CAL.

Members of New York and Chicago
Stock Exchanges

Higginson & Co.

NEW YORK STOCK EXCHANGE

Commercial Paper

80, Lombard St.
Securities

London, E. C.

bought and sold

on

commission

Foreign Exchange
Commercial

&

available

Travelers'

in

all

Letters

parts

of the

of

Credit

52 WILLIAM ST.

NEW YORK

world

Hornblower & Weeks
42

BROADWAY, NEW YORK

railway

bonds

equipment

Investment Securities

Bonds
Preferred Stocks
MEMBERS

NEW YORK, BOSTON AND
CHICAGO STOCK EXCHANGES

Members New York Stock
Direct wires to all

Acceptances

evans, stillman & co.

principal markets
60

Exchange

Main Office:

NEW YORK

BROADWAY

National City Bank Building

Uptown Office: Fifth Avenue and 43rd St.

Correspondent Offices in 50 Cities,

Chicago

Boston

Portland

Providence

Detroit

Robinson & Co.

Established 1888

Investment Securities
Ua S. Government Bonds
Investment Securities

Kooseueit k
W. A. Harriman & Co.

Founded 1797

26

Exchange Place

New York

Members New York Stock Exchange

INCORPORATED

CL

Seasoned
Investments

New York

Boston

Conservative

Syracuse

'

Investment Securities
30 Pine Street

Underwritten

EarseyBros. &. Co.
BANKERS
MEMBERS PHILADELPHIA STOCK

Yielding 6% to 8%

Investment Securities

New York

EXCHANQi

Distributed

&

Federal Securities

Houghieling &Co.

Corporation

est. 1865

38 South Dearborn Street

CHICAGO

Investment

inc. 1918

Chicago

10 So. La Salle St.
366

Madison

Ave.,

New York

Securities
1421 CHESTNUT STREET
♦

Distributers

Underwriters

PHILADELPHIA

I SECURITIES

SALES

CO.|

Howe, Snow,
B. H. Collins, President

Corrigan & Bertles
Marshall Field, Glore, Ward & Co.

Investment

Bankers

GRAND RAPIDS,

MICH.

Southern

187 SOUTH LA SALLE STREET

64

Securities

PEACHTREE, ATLANTA

CHICAGO

H. MOUNT AGUE VICKERS

NEW

JACKSONVILLE

ORLEANS

MEMPHIS

BIRMINGHAM

49

Bonds

T.

H.

HOLTZ &

Wall

Street

Guaranteed Stocks

RAILROAD, INDUSTRIAL,
FOREIGN

CO.
'

HARPER

;

INVESTMENT
BONDS

& TURNER

INVESTMENT

CHICAGO




FOR INVESTMENT

STOCK EXCHANGE BUILDING

PHILADELPHIA

SOUTH LA SALLE STREET

MUNICIPAL BONDS

BANKERS

WALNUT STREET ABOVE BROAD

39

GOVERNMENT
AND

Members

Philadelphia Stock Exchange

Colgate, Parker & Co.
49 Wall

Street,

New York

[VOL. 112.

the chronicle

IT

jflitandal

^financial

Jftnaodal

VVE~FINANCE
ESTABROOK & CO.

prises with records of established

Members New York and Boston
Stock Exchanges

15

State Street,

Bankers

BOSTON

-

BONDS

WE OFFER
Investment

and

Proven Power

NEW YORK

24 Broad Street,

CHASE & COMPANY

earnings.

SECURITIES

INVESTMENT

and Light Enter¬

Power

Electric

Dealers

and Light Securities

BOSTON

ST.,

19 CONGRESS

Correspondence Solicited

SPRINGFIELD

PROVIDENCE
HARTFORD

ELECTRIC BOND & SHARE CO.
(Paid-Up Capital and Surplus $24,500,000)

Membert of New

-

New Street and Exchange

Place

YORK

BONDS

New York

-

NEW

MUNICIPAL AND RAILROAD

York Stock Exchange

No. 46 Cedar Street

Arthur Lipper & Company

NEW YORK

71 BROADWAY,

BORG & CO.,

SIMON

SECURITIES

For Conservative Investment

BOUGHT AND

SOLD ON COMMISSION

HIGH-GRADE

R. L.

INVESTMENT SECURITIES

Day & Co,

35 Congress

Branch Office*

Member*

Waldorf-AstoriaHotel ,N.'Yc

N. Y. Stock Exchange

St., Boston

Saratoga Springs, N. Y.

Philadelphia Stock Exch.

Atlantic City,

Chicago Board of Trade

Correspondents

11 East 44th St., N.Y.

N. Y. Coffee & Sugar Exch

New York

N. Y. Cotton Exchange

West

Long Beach, N. Y.

REMICK, HODGES & CO.

W. F. Ladd & Co.

N.J.

End, N. J.

PARKINSON & BURR
Investment

Members of the New York and
Boston Stock Exchanges

Securities
53 State Street

7 Wall Street

NEW

BOSTON

YORK

William R.ftmpton fa
New York

INVESTMENT BONDS

14 Wall

BONDS

Street, New York
Cincinnati

St. Louis

New

Chicago

Orleans

ESTABLISHED 1865
*

Baker, Ayiing & Young

c$3.JI(L
5 Nassau

INDUSTRIAL BONDS

BOSTON

St., N. Y.

PUBLIC

MEMBERS NEW YORK STOCK EXCHANGE

UTILITY BONDS

PAUL

PHILADELPHIA

Deal in

^

BONDS

RAILROAD

Co

H.

WATSON •

INVESTMENT SECURITIES

Underlying Railroad Bonds

55 William

and

Tax-exempt Guaranteed & Preferred
Railroad & Telegraph Co. Stocks

St., N. Y.

Telephone—John 1832

stocks and bonds
bought

and

carried

sold for cash, or
conservative terms.

on

Inactive and unlisted securities.

Inquiries invited.

Hollister,White & Co.

Fl NCH & TARBELL

INCORPORATED

Members New York Stock Exchange.

Investment
115

Securities

120

r

NEW YORK

BROADWAY,

FOUNDED

BROADWAY, NEW YORK
North American Bldg.
Philadelphia, Pa.

Foreign

Letters of

50 Congress St.
Boston, 0, Mass.

Travelers'

Checks

Correspondents Throughout the World.

Thomas C. Perkins
Constructive Banking

games galccft gut.

15

^tate

Street

Boston, Mass.

Knatitf) Nariwli &Kui)ne
Members New York Stock Exchange
Equitable Building
New York

30 Pearl Street

Hartford, Conn.

Municipal, Railroad,
Specialist

FACTORS

*

Exchange

Credit

-/

FOUNDED 1854

1852

Investment Securities

years

for

Public

eighteen

,

Utility

in the Financing

and

of established and proserous

Industrials.

Industrial Securities
Main Office
225 4th Ave

•

Cable Address




-

-

Entire stock issues
New York

Quomakel

underwritten

and

'

distributed

WATKINS & CO..
7 Wall Street
NEW YORK. /''

15

Exchange St.
BOSTON

April 30

THE CHRONICLE

1921.]

Canabtan

BANK OF MONTREAL THECANADIAN

Canadian

Established

Municipal

Government and

HEAD

CAPITAL

Bonds

!

Rest

bonds offer exceptional
trinities for sound investment.

These

ohased

will,

they

now

oppor

If pnryield from

-

-

PAID

.

-

.

.

UNDIVIDED

-

...

.

$22,000,000

.

UP

22,000,000

PROFITS

TOTAL ASSETS

-

-

-

-

1,251,850

-

SIR VINCENT MEREDITH, Bart.,

7% to 8%

SIR

Full

C-21

Particulars

request.

on

General

General Manager. Sir John Alrd.
General Manager. H. V. P. Jones.

Assistant

New York Office,

16 Exchange Place

F. B. FRANCIS,
C. L. FOSTER,
C. J. STEPHENSON,

Agent*

Buy and Sell Sterling and Continental
Exchange and Cable Transfers.
Collections

Manager.

made at all pointe.

Travelers' Cheques and Letters of Credit Issued

Branches and Agencies:

Throughout Canada and Newfoundland.
At London, England, and at Mexico City.

Incorporated

In

STREET, NEW YORK

Montreal, London, Eng.

President, Sir Edmund Walker, C.V.O., LL.D.. D.O.T

President.

Sir;Frederick Williams-Taylor

-

'

Foronto, Winnipeg,

—.$15,000,000

Head Office—MONTREAL

Wood, Gundy & Co.
14 WALL

000,008

RESERVE

CHARLES:GORDON, G.B.E., Vice-Pres.

Principal and interest payable In
United States funds

OFFICE. TORONTO

PAID UP CAPITAL—*

560,150,812

-

BANK

OF COMMERCE

100 Years

over

Paris,

Bank

Montreal

of

(France).

In the United States—New York, Chicago,
San Francisco—British American
by the Bank of

_

available in all parts of the world.

Banking and Exchange business
description transacted with Canada.
LONDON OFFICE—2 Lombard

of everj

Stroet. E. O

Spokane,

Bank (owned and controlled

BANKERS IN GREAT BRITAIN

Montreal).
West

Indies,

British

The

Montreal).

Bank

of

England,

The

and West
which an

Guiana

Colonial
Bank
(in
Interest is owned by the Bank of
Africa—The

Bank

of

Scotland,

Lloyd's

Bank,

Limited.

THE

Jl'&'Jlmes

(So

&

established (ggd

ROYAL BANK OF CANADA

United Financial Corporation

Established 1869

Capital Paid Up

Limited

f(Bovcrnmcnt, Municipal & CovporaBon,
<2<an<adi<arv
fToronto

Movtheat

VlctoriaUC

Head Office

INVESTMENT BANKERS

Securities

$19,000,000

Reserve Funds....*.. 129,000,000
Total Assets...
590,000,000

Toronto

London

Montreal

Chicago

Montreal

SIR HERBERT 8. HOLT, President

E. L. PEASE, Vice-Pres. & Man. Director
O. E. NEILL, General Manager

Branches throughout CANADA and NEW
FOUNDLAND,
in
CUBA,
PORTO
RICO
REPUBLIC,
HAITI. COSTA
RICA, COLOMBIA and VENEZUELA, BRIT¬
ISH and FRENCH WEST INDIES. BRITISH
HONDURAS and BRITISH GUIANA.

700

DOMINICAN

Affiliated

1.':

with

•

Guaranty Trust Co. of New York*

ARGENTINE—Buenos Aires.

BRAZIL—Rio de Janeiro, Santos, Sao Paule.
URUGUAY—Montevideo.

SPAIN—Barcelona, Plaza de Gataluna;
LONDON OFFICE—Princes Street, E. O.
NEW YORK AGENCY—08 WUIiam St.

RURNEIT.

Sl

Daly

A.

R.

Co.

F. T. Walker, J. A. Beateon, E. B.
and J. D. Leavitt, Agents.
Canada

CANADIAN

AND CORPORATION

af

BONDS

Governmenrfc,

Canadian

Provin¬

cial, Municipal and Corporation

IVfftbcrtMootretfSt^Lcha^e >

Bank of Toronto Building

Bonds

TORONTO, ONT.

Montreal

17 St* John Street

Bank
PARIS, 28 Rue de
Quatre-Septembre."

(France),

GOVERNMENT, MUNICIPAL

MPS

Bought—Sold—Quoted

BROKERS

STOCK AND BOND

Mclnerny

AUXlLIAflY: The Royal

FRENCH

GREEN SHIELDS & CO.

The Dominion Bank

Members
Dealers

HEAD OFFICE, TORONTO

Capital................. 86,000,000
Undivided Prof its 7,669,000
Assets....».*..^»**««»...>140t000,000

Stock Exchange.
Canadian
Bond
Issues.

Montreal

in

17 St,

John Street,

Montreal

Paid Up
CANADIAN

Reserve Funds &

SECURITIES

Total

Clarence A. Bogert,

Sir Edmund Osier,

General Manager

President

WVCSTMCMT

New York Agency, 51 Broadway
C. S. Howard, Agent

CANADA

London Branch, 73 Cornhill
S. L. Jones, Manager
We

McDonagh, Somers & Co.
Dominion Bank

Building

TORONTO, CANADA

Specialize in

New York City

Offerings on Request
Correspondence Invited

BANKCKa

TORONTO

CANADIAN

INVESTMENT SECURITIES

Bonds

AND
FOREIGN
EXCHANGE
BOUGHT AND SOLD

CANADIAN

^

(Small Denominations)

TRAVELERS' AND

HENRY NIGHTINGALE & CO.

COMMERCIAL

LETTERS OF CREDIT

Canadian, Mexican and Foreign

Government

Dominion

42 BROADWAY

Broad 7118

R. C. Matthews &

Adrian

No.

55

Corner

WILLIAM STREET
Pine

MONTREAL

Co.

AUCTIONEERS
OFFICE

& Brokers

Express Building

CANADIAN BONDS

Muller A Son

H.

Montreal Slock Exchange

Bankers

Securities
Phone

HERDMAN & COMPANY
lembers

MUNICIPAL BONDS

CANADIAN
C.

P.

R.

TORONTO

Bldg.

BONDS

Street

Regular Weekly Sales

Nesbitt, Thomson & Co.

OF

Limited.

Stocks

and

Bonds

EVERY WEDNESDAY
At the Exchange

Salaa Room*

14-15 Veaey Street




Canadian

Municipal, Public Utility &
Industrial bonds
St., MONTREAL
Toronto
London, Ont*

122 St. James

Hamilton

itmilius Jarvis &

Co

INVESTMENT BANKERS
Established 1891

JARVIS BLDG.

TORONTO, GAM,

[Vol. 112.

CHRONICLE

THE

VI

Jforetgn
Australia

New Zealand

and

LONDON JOINT CITY AND

BANK OF

dMEW SOUTH WALES
Rasarva Fund

of Proprietors

CHAIRMAN.

16,750,000

--

...

Liability

The

24,655.500

..

8tr.

1920 $862,838,975
K.B.E.

General

BRANCHES
and
AGENCIES
States,
New
Zealand, Fiji.

SYDNEY

OFFICE:

HEAD

THE UNION BANK OF AUSTRALIA

Atlantic Offices

"

:

10,859,800
10,859,800

-

OFFICES

E.C.2.

LONDON,

STREET,

WALES

AND

ENGLAND

IN

Aquitania "

371,841,968

-

OVERSEAS BRANCH: 65 & 66, OLD

Limited

Incorporated 1880

•

£38,116,050

-

THREADNEEDLE

5.

l£00

WOOLLEY

W.

-

Deposits (Dec. 31st, 1920)

OVER

Established 1887

E.

-

Fund-

Reserve

London Office
89, THREADNEEDLE
STREET, E. C. 8

Head Office

DIRECTORS:

HYDE

F.

Paid-up Capital

Australian

dEORGE STREET

MURRAY

McKENNA

R.

Hon.

Subscribed Capital

in the
Papua
(New Guinea) and London.
The Bank transacts
ivery description of Australian Banking Business.
Wool and other Produce Credits arranged.
857

B.

S

RUSSELL FRENCH.
Manager.

JOHN

Right

IOINT MANAGING

166,061,000
4f|r«gate Assets 80th Septr,

LIMITED

BANK

f24.655.500

Capital

ftaHrva

MIDLAND

1817.)

(ESTABLISHED
f aid-Up

BROAD STREET, LONDON, E.C. 2.

" Mauretania "

"

" Berengaria

Capital—

£7,500,000

Issued

and

Authorized

To£2,630,000/gather

AFFIL/ATED

Paid-Up Capital $2,500,0001
Fund-..

Reserve

BELFAST BANKING CO. LTD.

£8,130,000

Liability of Proprietors.£5,000,000

Reserve

Total Issued

BANKS:

THE CLYDESDALE BANK LTD.
OVER

IRELAND

OVER 110 OFFICES IN

160 OFFICES IN

SCOTLAND

Capital & Reserves. £10,180,000

39 in
SOUTH WALES, 19 In QUEENSLAND,
SOUTH AUSTRALIA. 21 In WESTERN
AUSTRALIA, 3 In TASMANIA and 44 In NEW
The Bank has 42 Branches In VICTORIA.

NEW

If in

IB ALAND

CORNHILL, LONDON, E. C.
Manager—W. J. Easame.
Awlstant Manager—W. A. Lalng

Head Office: 71

International Banking Corporation
WALL

60

STREET,

NEW YORK

$10,000,000

Capital and Surplus
THE

$4,000,000

Profits

Undivided

CITY.

The Mercantile Bank of India Ltd
Head Office
15

Gracechurch Street, London

Capital Authorized
Capital

and Subscribed....£1,569,•••

£759,644

Up

Paid

Liability of Shareholders
Reserve Fund and Undivided Profits—

Reserve

Branches

Commercial Banking Company

Straits

Chins

Sydney

Francisco

San

Lyons

London

'

of

in

New

Panama

India

Japan

R. A. Edlundh,

Santo Domingo

Java

LIMITED
Established 1834.

Agency,

York

Straits Settle
States, China and Mauritius
64 Wall Street

India, Burma, Ceylen,

In

Branches

ments, Federated Malay

Settlements

£756,444
£785,794

Spain

Philippines

Incorporated in New South Wales.
Reserve

£8,000,000

Capital

Paid-Up

8,000,000

Proprietors

""*£6,040,060
Drafts

demand, and Letters of
Oredlt are Issued by the London Branch on the
Head Office.
Branches and Agencies of the Bank
la Australia and elsewhere.
Bills on Australasia
Mgotiated or collected.
Remittances cabled.
Head

payable

Office,

on

Lane,

Blrchln

Wales

South

New

Sydney,
London

18.

NATIONAL BANK OF INDIA Limited

8,040,000

Fund

Reserve Liability of

CORPORATION

BANKING

Reserve Fund In Silver (Hongkong

Street,

O.

E.

£1,500,001

GRANT DRAFTS, ISSUE

LETTERS OF CREDIT
PAYABLE If

PHILIPPINES,

JAPAN,

J.

Incorporated by Royal Charter.
Offers every banking facility for transaction
with Greece, where it has been established for
19 years,
and has Branches throughout the
Country.
Also at
Alexandria,
Cairo. Ac.,
n
Egypt.
Hoad Office: Basildon House,
Moorgate Street,
LONDON, E. C. 8.

JEFFREY.

A.

Agent,

Wall

36

39

English Scottish and Australian Bank, Ltd.

Subscribed

Paid-Up

£3,000,000

Capital

0
0
0

0

further Liability of Proprietors
539.437 10
0
Renittanr.cs made by
Telegraphic Transfer.

Rills

Negotiated or forwarded for Collection,
Banking and Exchange business of every de¬
scription transacted witn Australia.
E. M. J ANION,

and

exchange

Manager.

Paid

Capital

More Than

Limited

CORNHILL

30 Years

5,000,000

Fund

Reserve

STERLING.

$5=£l
IS

NOTICE

OF

RATES

HEREBY

that
for

in

Export Banking

the

money

deposit are as follows:

At

GIVEN
allowed

INTEREST

on

Call, 4^ Per Cent.
Notice, 4% Per Cent.

discounts approved bank and
acceptances, receives money on de¬
posit at rates advertised from time to time, and
grants loans on approved negotiable securities.
The

Lincoln Menny Oppenheimer

5,000,000

Up

At 8 to 7 Days'

Company

mercantile

CHRISTOPHER

BANKERS

R.

NUGENT, Manager.

INTIMATE

FRANKFORT-o-M.,

GERMANY

acquired

The

FOREIGN EXCHANGE

Branches in Africa

Discount
LONDON,

CORNHILL

The NATIONAL BANK

500

National

Paid

Up

Capital-....

Capital

Reserve

..--$81,166,688
4,883,885

Fund
($5=£1

-

Capital and Reserves exceed

INTEREST
as

$21,000,000

facilities for the extension of trade and com¬
merce

between this country and

New York

Agency




-

-

Africa.

44 Beaver St,

8,500,060

for

money

on

RATES OF
Deposit are

follows:

4M %
Offers to American banks and bankers its superior

allowed

by

years

of

actual residence In

experience
the

coun¬

is essential when

transacting business abroad.
23 Branches in South America
1 Branch in Mexico*

9

Offices in Europe

Anglo-South American
"BANIC, LIMITED

Per annum at call.

4h% at 7 and 14 days notice.

New York Agency. 49

\

Approved Bank 8c Mercantile Bills discounted.
Money received on deposit at rates advertised
from time to time; and for fixed periods upon
specially agreed terms.
Loans granted on ap¬
proved negotiable securities.
PHILIP

of

people,

STERLING.)

NOTICE Is hereby given that the

Paid Up

E. C.

Cable Address—Natdls London.

Subscribed

and

tries themselves,

Company, Limited
SB

of SOUTH AFRICA, Ltd.

KNOWLEDGE

the needs and habits of the

Cable Address "Openhym"

iNVESTMENT SECURITIES

Over

business.

Yor>

New

Capital Authorized & Subscribed-$10,000,000

1.078,876
0
539.437 10

Capital

Capital

Reserve
Fund
—£2,500.000
The Bank conducts every description of banking

Telegraphic Address, Udisco: London.

C.
0
0

685,000

Fund.

Capital

Paid-Up

The Union Discount Co.
of London,

Reserve

£4,000,000
£2,000,000

Capital

Subscribed

SET

St.,

India,
Burma.
Ceylon, Kenya
at Aden
and Zanzibar.

and

TLEMENT8, INDIA.

Ionian Bank, Limited

Authorized

STRAITS

In

Colony

East

Blshopsgate, London, E. C.

Office: 26,

NEGOTIATE OR COLLECT BILLS

CHINA,

Address:
5 Gracechurch
St.,
E.
Head Office: London, E. C. 8

Curr.)H$23,000,00(

Reserve Fund In Gold Sterling

Head

Branches

H$15,000,OW

Paid up Capital (Hongkong Currency)

Office:

Lombard

the Government In British
Africa and Uganda

Bankers to

Hong Kong & Shanghai

HAROLD

WADE,

Manager

Broadway

APRIL 30

THE

1921.]

CHRONICLE

vn

Jforeign

jforrijjn

yonfjpt

Afancy

NATIONAL BANK

IBanque Industfidls
27

Pine

St

;
Yerfc

New

of EGYPT
Head Office—Cairo.

27 Pine St.

dc (thine

New York

Banque Nationale de Credit
Permit

ires

te

Banks

drafts

direct

Capital

Yokohama
•ttd

20

other

Europe

and

In

Far

92,000,000

frs.2,420,000,000

*

SaAserlted Capital:

4

Transfers

Frs. 150,000,888

Branches in

the

£2,000,000

Fund

LONDON AGENCY
AND

6

KING

7

WILLIAM ST^

LONDON, E. C„ 4, ENGLAND.
THE

330 Branches in France

Letters of Credit

£3,000,000

Reserve

PARIS

Foreign Exchange
Cable

Capital, fully paid

Head Office

,

East.

branches

the

500,000,000

frs.

Deposits

Shanghai*

Hons Kong,

fr«.

Surplus

an

Established
under
Egyptian Law
June, 1898, with the exclusive right to
issue Notes payable at sight to bearer*<

Rhenish Provinces

NATIONAL PROVINCIAL AID
UNION BANK OF ENGLANB

GENERA BANKINGS

Limited

(«5==£io
SUBSCRIBED CAPITAL

$199,671,660

PAID-UP CAPITAL

-

$89,084,816

RESERVE

-

886.19S.20f

FUND

LOCATE CAPABLE MEN

-

Head

Office:

15, Bisbopsgate, London, England,
fill vacancies in your

to

with

organization through the
Classified

numerous

SWITZERLAND

Department of

Government, State and Municipal

the

ROTTERDAMSCHE

Investment

Rotterdam

FINANCIAL CHRONICLE

Amsterdam

The

Hague

Apply to
Our Classified Department faces
inside back

the

England

BANKVEREENIGING

BONDS
for

Offices in

and Wales

SWISS BANK CORPORATION

cover.

CAPITAL

AND

SURPLUS

F. 110,000,000

BASLE
ZURICH

COLLECTIONS

GENEVA

LETTERS

OF CREDIT

FOREIGN

EXCHANGE

I

Branches all

over

Switzerland and in London

PURCHASE AND SALE OF

BANCA COMMERCIALS ITALIANA
CAPITAL

LIT.
LIT.

STOCKS AND

SHARES

400,000,000

SURPLUS

166,000,000

DEPOSITS

COMMERCIAL BANK OF

„_LIT.4,871,970,662

Head Office, Milan,
New York Agency, 166

Subscribed Capital

Broadway

London Office, 1 Old Broad Street, E.

Paid-up Capital

C. S

SOCIETE GENERALE ALSACIENNE

Constantinople
80 branches in

Italy, at all the prin¬
cipal points in the Kingdom

AFFILIATED

DE BANQUE

INSTITUTIONS

COMMERCIALS

«ANCA

ITALIANA

Fund

Reserve

(France)

Office,

.

.

1,000,000

.

14 Georgp Street,

41,000,000

Edinburgh

Magnus Irvine, Secretary

Glasgow Office, 118 Buebanan Street

New York Agents

4, Rue Joseph Massol

Bucarest and branches

American Exchange National Bank

Capital,

BANCA

UNGARO-ITALIANA—Budapest
FRANCAISE
A
ITALIENNE
3ANQUE
L'AMERIQUE DU SUD— Paris,
Buenos

1002millions de francs entierement
verses

POUR

Aires,

Seo Paulo, Rio de Janeiro and branches
BANCA DELLA SVIZZERA ITALIANA— Lugano

86 Agences notamment

ArnoldGilissen &Co.

a

MULHOUSE

METZ

COLOGNE

MAYENCE

LUDW1GSHAFEN

FRANCFORT

branches

80-81 Damrak

BANCO ITALIANO— Lima and branches

DI

1,760,000

.

233 Branches and Sub Offices throughout Scotland

Strasbourg

—"•Sophia and branches

ISANCA COMMERCIALE ITALIANA E ROMENA

ITALIANA

.

London Office, 62 Lombard Street

Siege social:

—Peris, Marseilles and branches

80CIETA

.

.

Deposits (Nov. 1920)
Head

£6,600,000

....

....

.

Alex. Robb, Gen'l Manager

Fondee in 1881

8ANCA COMMERCIALE ITALIANA E BULGARA

and

SCOTLAND, Ltd.

Established 1810

Italy

CREDITO

COMMER¬

CIALE—Vienna, Trieste and branches
FRANCES
DE
CHILE— Santiaco,

BANCO

AMSTERDAM

Vai

Cable Address:

SARREBRUCK

paraiso.
BANCO FRANCES E ITALIANO DE COLOMBIA-

Achilles-Amsterdam

THE HAGUl

ROTTERDAM

Bogota

Established

1871

BANKERS AND STOCKBROKERS

BANQUE GUYERZELLER

1

FOREIGN

EXCHANGE

SOCIETE ANONYME
ZURICH

The United States Life

Established 1894

Paid up

Insurance Co.

K0NI6

BROTHERS

&

GB.

189 Ptffl Stmt, NEW YORK

Capital Frs. 6,000,000

Every description of banking business
transacted.

IN

THE CITY OF NEW YORK.

Organized I860. Non-?artidpe ting Policies only.
Over Forty-Five Million Dollars Paid to Policy¬
holder!.

Commercial and Travellers
Letters of Credit
on

PRAGUE CREDIT BANK
Head

Office:

Prague, Czechoslovakia.

Branches throughout Czechoslovakia.

john p.

KONIG BROTHERS, LONDON

munn, m. d., president

and
Good

territory

open

for

direct

high

class

persona




CzK 199,000,000

under

Company.

Established In 1870.

Capital and Reserve#

producers,

Address Homo Office. 277 Broadway

New York City.

contracts

with

the

NEDERLANDSCHE HANDEL-MAATSCHAPP
ROTTERDAM

VIII

[VOL. 112.

JBanlttttf anb Pro tiers ©utetbe

fJorit

CHICAGO

MILWAUKEE

CHICAGO

JAMES

EDGAR, RICKER

D.

Lacey Timber Co.

& CO.

Ca«t Water and Mason Streets

I

TIMBER

WIS.

MILWAUKEE,

based

BONDS

always

upon

verification
of underlying assets
expert

Specializing

WISCONSIN CORPORATION ISSUES

A. G. Becker & Co.

322 SOUTH MICHIGAN

AVE., CHICAGO

COMMERCIAL PAPER

INVESTMENT SECURITIES

SCOTT & STITT
BONDS

INVESTMENT

Financing of Milwaukee

South La Salle Street

187

111

CHICAGO

and Wisconsin Industries.
NEW

St.

CHICAGO

ST. LOUIS

YORK

Investment Securities

W. Monroe

SEATTLE

LOS ANGELES

SAN FRANCISCO

Bought and Sold.
First Wisconsin Company
Investment
MILWAUKEE

TO

Greenehauin Sons

Securities
WISCONSIN

the

RWrclf andTrust Company

LOCATE

disposal

GENERAL BANKING

for

you

what

quire, insert

Southeast Corner La Salle and Madison Sts

has

re¬

that

firm

an

ad in the

Classified Department

Capital and Surplus, $2,000,000

Second Ward Securities Co.
Second Ward

Suitable

for

Oldest Banking House In Chicago.

MILWAUKEE
La

Salle

(faces

inside

the

back cover.)

A State Bank

St.

CHICAGO

MUNICIPAL BONDS
Firat Mortgage
Corporation Bonds

Specialists in

Wisconsin

icle

Individuals

and

Trustees

Write for Bond Circular C 25.

Savings Bank Bldg.

108 So.

Estates,

of The Financial Chron¬

BONDS

6% CHICAGO FIRST MORTGAGE

Municipals

Short

Industrial

and

CINCINNATI

Term

Note

Issues

CHANNER & SAWYER

High Grade Investments

19 South

& Co.

Emerson

Hyney,

INVESTMENT SECURITIES

CHICAGO

La Salle St*

Union

Trust

Bldg.,

CINCINNATI, OHIO
•'V.

A. O.

I^IVESTM

MlLWAUKELWa

Underwriters

Write

our

Chicago Stock Exchange
Chicago Board of Trade
WEST MONROE

110

.

.

'■

■

;

IN

SECURITIES

INVESTMENT

Issues

Trading Department

DEALERS

STREET

ILL.

CHICAGO,

and Specialists in

Wisconsin

,

Ohio Securities—Municipal Bonds
New York Stocks and Bonds

Now York Stock Exchange

CURITIES

e»»t loteoMtw

<•.

Members

Morris F.lax&Co.
*"LT,0Mk>' BANK CUM

Slaughter & Co,

•

IRWIN, BALLMAN & CO.
Powell, Garard & Co.

328-330 332

Walnut

St.

CINCINNATI, OHIO

SECURITIES

INVESTMENT
SPRINGFIELD, ILL.

39

South

La

Salle

Street

Chicago
Philadelphia

Matheny, Dixon, Cole & Co.
SPRINGFIELD, ILLINOIS.
-

_

.

i

,

.

Municipal

i

St. Louis

EDGAR

FRIEDLANDER
DEALER

and

DAM HC

D U IN U O

Corporation

Cincinnati

IN

1

Securities
OHIO

CINCINNATI

Dealers in

Municipal
and

and

Corporation

Illinois

Farm

Bonds

SHAPKER
r

Mortgages

& COMPANY

Formerly
TOLEDO

SHAPKER, WALLER & CO.
184

SOUTH

LA

SALLE

STREET

CHICAGO
BUFFALO

TUCKER, ROB I SON & CO.
Successors

JOHN

T. STEELE

BUFFALO, N. Y.

Government,
and

Munieipa

Corporatiba

to

David Robison Jr. 3c Sons

John Burnham & Co.

Bankers—Established 1876

Investment Securities

Mnolclpal, Railroad and Corporation Bonds
Toledo

La Salle

and Monroe

Chicago

Bends

Gardner

and

Ohio

Building,

Securities
TOLEDO, OHIO

SPECIALISTS IN

Buffalo and Western New York Securities

F. WM. KRAFT, Lawyer
Specializing in Examination &

Preparation of

Graves, Blanchet & Thornburgh

County, Municipal and Corporation

IRVING

T.

LESSER

Bonds, Warrants and Securities and

Proceedings Authorizing Same.

STOCKS AND BONDS
m

ott

Square




BUFFALO, N. Y.

Rooms 517-520, 111 W. Monroe
Harris Trust Building

CHICAGO, ILLINOIS

St..

MUNICIPAL BONDS
GARDNER BUILDING
TOLEDO

,OHIO

April 30

1921.]

THE

CHRONICLE

ix

.

Ranker* an& JBnrfttrs *£nfcertfce Jleto Iforfe
rrrrsBVRGH

MICHIGAN

MICHIGAN

GORDON

COMPANY

&

INVESTMENT BANKERS

Exchanga

Company

Charles A. Parcells & Co.

(Established 20 Years)

MICHIGAN SECURITIES

timbers Pittsburgh Stock Exchange
Union Bank Building,

Members of Detroit Stock

A. J. Hood &

INVESTMENT SECURITIES

BOUGHT—BOLD—QUOTED

PITTSBURGH, PA.

Phone Court 3294-5

Specialise In Michigan Stocks and Bonds

PENOBSCOT BUILDING

PENOBSCOT BUILDING, DETROIT,

MICHj

DETROIT

lyon, singer & co.
Members Detroit Stock
Exchange

INVESTMENT BANKERS
Commonwealth

BIdg.,

PITTSBURGH

HUGHES, GORDON, BRASHES CO.

Securities of Pittsburgh District

Specializing Detroit Securities
High Grade Bonds

Pennsylvania Municipal Bends

DIME BANK

Gee.

BLDG.

We

invite

inquiries

your

1721-3 Dime Bank

DETROIT

BIdg., Detroit

W. Eberhardt & Co.

OLIVER BUILDING,

PITTSBURGH

Stocks, Bonds,
and

PROVIDENCE

Grain

Members

WHITTLESEY, MsLEAM & C8.

Provisions

Chicago

Board

of

Trade

Preferred Stocks

10 WEYBOSSET STREET

2054-56-58 Penobscot Bid*.,

York

New

Established 1891

Active Members of Detroit Stock
Exchange.

PROVIDENCE

I

E. MASTEN & CO.

Municipal Bonds Corporation Bonds

BODELL & CO.

Members New York Stock Exchange
Members Pittsburgh Stock Exchange

A.

Richard Brand Company

DETROIT

Boston

New York Stock
Boston Stock

Members

Exchange
Exchange

Pittsburgh Stock Enchangs
Chicago Stock Exchange

FENTON, DAVIS & BOYLE

NEW AUK, N. J.

Chic ego Board of Trade
New York Cotton Exchange

323 Fourth
,

Ave*,

Investment Bankers

CONSERVATIVE

Pittsburgh, Pa

Branch Office—

'

INVESTMENT SECURITIES

Wheeling, W. Va. '*

Chicago

Detroit

Grand Rapids

List upon request

+

W. Carson Dick & Company F. Ms CHADBOURNE & CO.
FIREMEN'S

INVESTMENT BONDS

INSURANCE BUILDING

KEANE, HIGBIE & CO.

NEWARK, N. J.

,

MUNICIPAL BONDS
SM-SU UNION ARCADE BUILDING

•t GRISWOLD ST.

TEXAS

DETROIT

PITTSBURGH, PA.

J. E.JARRATT& COMPANY

INDIANAPOLIS

Investment

Fletcher American Company

INVESTMENT BANKERS
Penobscot BIdg.

.

Specializing In Indiana and Indianap¬

San Antonio, Texas

Members

DUNN & CARR

■

olis

1

$1,500,000

-

Inc.,

Municipal Bonds

INDIANAPOLIS

Capital

KAY & CO.

Bankers

Corporation and Municipal bonds

DETROIT, MICH.
Detroit

Stock

Exchange

GEORGE M. WEST & COMPANY
Established 1893

and stocks.

Investment Securities
INVESTMENT BANKERS

BREED, ELLIOTT & HARRISON

HOUSTON

INDIANAPOLIS
Cincinnati

Detroit

Union Nat. Bank BIdg.

i

Chicago

-

-

-

TEXAS

r

UNION

TRUST

BLDG.

DETROIT,

Members Detroit Stock Exchange

Milwaukee

Investment Securities

MACON

Municipal Bonds
Indiana Corporation Securities

W. M. DAVIS & COMPANY

W. A.

Southern Municipal Bonds
'

NEWTON

TODD

Corporation Bonds and Stocks

419 Lomcke BIdg.

MACON

-

Members

Detroit

Stock

Exchange

AND

Motor Stocks, Public Utilities & Oils

Guaranteed Stocks

Local Securities and
Indiana

HAMLIN & CO,

-

GEORGIA

-

1010 Penobscot BIdg.,

DETROIT, MICH.

INDIANAPOLIS

BALTIMORE

Joel Stockard

8. Lancaster Williams &

Co., Inc.

Inc.

INVESTMENT BANKERS

ALWAYS

INVESTMENT SECURITIES

Municipal, Government &
Corporation Bonds
Members Detroit Stock Exchange

Equitable Building

refer to the Financial Chron¬
BALTIMORE

& Co.,

MARYLAND

icle

Scott & Stump
INVESTMENT SECURITIES

Trading

when you

bond^

or

Penobscot

BIdg.,

-

DETROIT

-

Cherry tCOl

Department

wish to buy

unlisted

or

or

sell

inactive

Harris Small & Lawson

stocks.
Stock Exchange

Building

/

INVESTMENT

SECURITIES

PHILADELPHIA
Pbenesi

Locust 6489, 6481. 6482. 6483

Keystone:




Race 2797

CONGRESS

ST., W

DETROIT

[Vox* 112.

THE CHRONICLE

X

Ranker* anb Crofter* <£utafbe jfleto §£orfe
PACIFIC

PACIFIC COAST

COAST

PORTLAND, ORE.

Pacific Coast Securities

Howard Throckmorton

HALL A COMPANY
INVESTMENT BONDS

BONDS

CALIFORNIA SECURITIES

MUNICIPALITIES AND

of

Loeal and Pacific

Coast Securities

'Government

Bonds

CORPORATIONS

Municipal
Corporation

LEWIS

PORTLAND, ORKOOl

BUILDINGv

having substantia] assets
and earning power.

San Francisco

MINNEAPOLIS

Commercial Building

Alaska

WILLIAM R. STAATS CO.
LOS ANGELES
SAN

PASADENA

Furnished on

Information

and

Quotations

FRANCISCO

StevGns~&@o.
ESTABLISHED

Established

IQ1Q

HUNKIBALJRA1LROAD
'CORPORATION BONDS

1853

0

•
-

Securities

Pacific Coast

'

COMMERCIAL

SUTRO & CO.

Hunter,Dulin & Go.

INVESTMENT BROKERS

MINNEAPOLIS

Stock
Members

Montgomery
Jan FranciscoSt.

PAPERS

1

STiMUtT "■*

.

DENVER

San Francisco

and Bond Exchange

MUNICIPAL

CORPORATION
AND DISTRICT

CLEVELAND

BONDS

Municipal and

Corporation Bonds

Issues

California

Specialty

a

INVESTMENT BANKERS

The Gtmdl i ng-Jones Company

8econd Floor U. 8. National Banlc

Los

STOCKS—BONDS—NOTES

Diego

San

Pasaden

BIdg.

DENVER

San Francisco

Angeles

AUGUSTA

Oakland

CLEVELAND

BUILDING.

BANGOR

COMPANY

H. WADE

WILL

JOHN W. DICKEY
Augusta,

We specialize In California

OTIS & COMPANY

Southern Securities

<»■»

ISTABLlSWfeO

Chicago

Members of New York, Host on, Cleveland,
and Detroit Stock Exchanges, the Neio York
Cotton Exchange and the Chicago Board

established

Van Nuys

LOS

j

New York
Columbus

Boston

Detroit
Akron

WM. E. BUSH & CO.

Youngstown

Denver

Building

ANGELES

Cincinnati

Toledo

Dayton

1880.

DRAKE, RILEY & THOMAS

of Trade.

CLEVELAND

Colorado Springs

Augusta, Ga.

R. H. M0ULT0N & COMPANY
Acceptances

Bonds

Stocks

NOTES

SHORT TERM

Ga.

Corporation

BONDS

Bonds

Acceptances

Stocks

6c

Municipal

SOUTHERN SECURITIES

COTTON MILL STOCKS

CALIFORNIA MUNICIPALS
LOS ANGELES

Title Insurance Building,

Nat'l Bank BIdg.,

American

SPARTARBURO,

San Francisco

S. C.

RITTER COMMERCIAL TRUST

A. M. LAW & CO.,

Unincorporated
BUFFALO

CLEVELAND

Niagara Life BIdg.

•90 Euclid Ave.

CHAPMAN DE WOLFE CO.

DEALERS

Stocks

Montgomery Street,
FRANCISCO,
CALIF.

801-353

SAN
THE

Stocks and Bonds

KLIPFEL-WASHBURN - BERKLEY

CO.

and

all Pacific

SPARTANBURG, S. C.

CHATTANOOGA

NORFOLK,

VA.

LEWIS BURKE & CO.

Bucyrus

MOTTU & CO.
Unlisted

-

Specialty

National City BIdg.

Warren

Listed

a

Coast Securities

CLEVELAND, O.
Dayton

Quotations on

Bonds

Members San Francisco Stock A Bond Exchange

INVESTMENT SECURITIES
tnd Floor

Information

and

Southern Textiles

Inc.

IN

LOCAL AND SOUTHERN

Established 1892

Inactive

-

Stocks & Bonds

SECURITIES

Investment Bankers

CHATTANOOGA

Jamea Building

NORFOLK, VA.

ALBERT

Correspondents: E. & C. Randolph, New

FOYER

i

CLEVELAND,

Leader News BIdg.

York

—,——————^

■

O.
MONTGOMERY

HUNTER GLOVER & CO.
Investment Securities

B.

W.

Montgomery,

SECURITIES

Ala.

BOSTON

New

&

COMPANY

England

Industrial Securities
Yielding 6^% to 8%

.

•

•

Departments can be
Classified Department

FINANCIAL CHRONICLE.
Our Classified

ALA.

Department faces the

Inside back eever.

Southern Municipal

Corporation Bonds




any one

of the

BANKERS
BIRMINGHAM,

capable head for

ad in the

ALABAMA

MARX

and

obtained by inserting a small

Springfield

New York

A BUSINESS EXECUTIVE
of your

Ashtabula

Philadelphia

Cincinnati

INVESTMENT

SOUTHERN

BUILDING. CLEVELAND

FRIE

Strassburger

and

J.
85

MURRAY WALKER

Devonshire

Street

Boston

April 30

1921.]

THE CHRONICLE

XI

JSanfceM anb brokers ©ntsttie ileto
got*

Graham. Parsons & Co.
CHESTNUT

THAYER, BAKER & CO.

411

Southern Municipals

IT.

II

PHILADELPHIA

PINK

NEW

SI

TCP*

Investment Securitiea
Deal

INVESTMENTS

Short Term Notes

in

and

MUNICIPAL BONDS,
BONDS, NOTES AND PREFERRED
STOCB

Commercial Trust Bldg.,

Preferred Stocks

PHILADELPHIA

of

:

Commercial

Purchase

Issues of

RAILROADS,

Paper

UTILITIES

INDUSTRIAL

AND

CORPORATIONS
of

Bankers

Acceptances

ESTABLISHED

The

The

Company

(Incorporated)

in

Byllesby Securities

Boles&Westwood

able to keep in touch with the earn¬
ings and development of their properties
through the medium of

New Orleans
Direct Private

44 Pine Street

Philadelphia.

Very Large Number of In¬

vestors
are

New York Office

Address "Graco."

§1 Monthly News

Hibernia
Securities

Cable

Byllesby

VALUE.

Wire

Service

The

Members

Byllesby Monthly News

Investment:

This publication supplies
mation

definite infor¬
specific investments

regarding

Securities

and the great, modem industries back of
them.

Sample
sent

copies

free

to

will

gladly

he

l»i TStia BnEtding

interested.

anyone

Philadelphia Stock Exrtsugiu

.

-

PhllADEtPHifc

Telephone Lecusi 4721

H. M.

Byllesby & Co.
Incorporated

Empire Tube & Steel Corp.
Circular

on

New York
111

&

208 S. LaSaile St.

Providence

Request
10

Jones

Chicago

Broadway

Boston

Weybosset St.

€.m.£iark$£&

14i State Street

BANKERS

Thurmond

25 Broad St.

321 Chestnut

New York, N. Y

Phone:

Broad 7412

St., Philadelphia

Established 1837

Edward E. Hall & Co.
(Established 1866*

Members New York and

Insurance Brokers
80 MAIDEN

Lorenzo E. Andersen &
810 N.

Municipal
Members

8th

and

St., St.

Corporation

Are

Bonds

NEW

Philadelphia

Exchanges

york

Tel. John 4276

Company

Loulf

LANE

Stock

your

Holdup

and

NECowmCa

Bonds,
Fire,
Automobile.
Liability policies properly

New York Stock
Exchange
New York Cotton
Exchange

written T

Chicago Board of Trade
St. Louis Merchants
Exchange
St. Louis Cotton
Exchange
St. Louis Stock
Exchange

protection and loss adjustments.

deration Smith

Advice

Prompt

given

on

coverage

policy

contracts,

procured

BANKERS

fire

Land Title

wherever

Member*

Pennsylvania Tax Free Bonds
PAUL & CO.

SMITH, MOORE & CO.
INVESTMENT BONDS
ST.,

Philadelphia Stock Exchange

Charles W. Moors

r

William H. Burg

•US OLIVE

Bldg., Philadelphia

desired.

Members Philadelphia Stock Exchange
1421

The Motor and Tire

Chestnut Street

PHILADELPHIA

ST. LOUIS, MISSOURI

|

,

Situation
st.

louis service

discussed in

current

issue of

MARK C. STEINBERG & CO.

BOYLE, BR0CKWAY & GRAHAM, INS.
MATTERS

ierhbers New York Stock

FINANCIAL

Exchange

Members St. Louis Stock
Exchange

Union

SOO

N.

Broadway

Free

on

request

Over

Members St. Louis Stock
Exchange

STIX &

Arcade

Pittsburgh.

ST. LOUIS

CO.

RCTMegargel & Cd
27 Pine

Of the Banks in

0
80%

New

NATIONAL
FOR

Street, New York

York

SAFETY

THEIR

City

use

PAPER

CHECKS

Investment Securities
•Of OLIVE ST.




ST. LOUIS

George La Monte & Son
81

Broadway

^

New

Yoilr

-

[Vol. 112.

THE CHRONICLE

XII
*/fir?)fffmsi?*i

V'U

•z?7.»U^S7ir'»

«

^X!*rTrrr~f»\ -

iCSwi ■*

•

•

4

..

'

.

y/rr,

.tT

Hi...

—

"'Minimi.

UNLISTED

Atlas Portland Cement

England 4s, 1961

Central Union Gas 5s, 1927

Equitable Gas Light 5s, 1932

Grasselli Chemical

N. Y. & East River Gas 1st 5s, '44

Geo. P. Ide Pfd.

Safety Ins. Wire & Cable 6s, 1942

Manning, Maxwell & Moore

1952

Ulster & Delaware 4s,

Niles-Bement-Pond

N. Y., 5s, 1942

Union Railway,

Royal Baking Powder

United Lead Deb. 5s, 1943

Singer Manufacturing

Wabash Toledo & Chic. 4s, 1941

Ward Baking
Members New York Stock

West Virginia

maaaaaag

Central New

& Pfd.

Borden Co. Com.

—————.

TRADING DEPARTMENT

Exchange

Ward Baking 6s,

Pulp & Paper
25 Broad St.,

1937

New York

Sertoli SrotljerB

Investment
Wisconsin Central Ry.

Securities

Due

JJuhHc IStilttg ©ecuritieB

5fct» Sack

111 Broabomij.

1st General 4s

July 1, 1949
Central States Electric Corp.
6% Notes, due 1922

Y.

Members N.

Telephone Broad 3500

Co.

Davies,Thomas

Dakota Central
1st

Co.

Duluth Street Railway

New York

5 Nassau St.

Telephone Co.

6%, due 1935

Duluth Street Railway
Gen. 5%, due 1930

Stock Exchange

Co.

Telephone Rector 6620

1st

due 1930

5%,

Co.

Lincoln Gas & Electric Lt.
1st 5%, due 1941

Central Argentine

Ry. 6s, 1927

Chic. & West. Indiana

71/£s, 1935

Edison Elec. 111. of Boston 7s, '22

Spencer Trask & Co.
50

1

ALBANY

Boston

Street,

Congress

Paul

CHICAGO

Joint

New

England
1st

Pacific

Indiana Steel 1st 5s, 1952

Portland Gen. Elec. 1st 5s, 1935

Power

Parr

Shoals
1st

Rochester Railway 1st 5s, 1930

1st

Wisconsin Elec. Pow.

71/^s, 1945

Gen.

Big Four Gen. 4s, 1993

JOSEPH EGBERT
2 Rector

St., N. Y.

Tel. Rector 9261

Erie Gen.

Grand Trunk

Columbia 6s,

Brit.

Prov.

of

Alberta,

INDIAN REFINING CO.

Membars of

York

Stock

Cincinnati

Stock

New

Chicago

Board

Baltimore

Stock

1926

Phone

Private

Specialists in

1929

Light

5%, due

Co.

1944

RR.

Suburban

Co.

1927

5%, due

te

96316-7, 6921-6

gfttML

Philadelphia and

Beaton

Great Northern

Securities

MILLER &

Gas

Rectar

Phonee

Northern Pacific

Exchange
Exchange

Co.

;

Cuban

the

of

1952

all issues

Canadian and

Westheimer & Company

Co.

Power
Power

all issues

System, all issues

of

&
1st

St. Louis S. W. Ry.,

Prov.

PROCTER & GAMBLE CO.

Syracuse

4s, 1996

1930

5%, due

Paul

St.

Light Co.

&

5%, due

Croix

St.

Co.

1951

due

5%,

'

1928

Power

5%, due

1st

Stock Exchange
Members Chicago Stock Exchange
York

New

Members

5%, due

St.

&

St. Ry. Co.
City Ry. Co.

Minneapolis

New York

25 Broad Street,

Joint 48—Joint

COMPANY

63^s

Trada

Exchange

CINCINNATI, OHIO

Member* N. Y. and Phlla.
120

Broadway.

Stock Exchanges

'Phono 7600 Rector,

N.Y.

SUTRO BROS. & CO.
120

BROADWAY,

NEW YORK

Telephone: Rector 7350

BALTIMORE, MD.

York Stock Exchange

Members of New

Bought—Sold—Quoted

EASTMAN

Public Utilities

KODAK

COMMON

f39»l

STOCKS

BONDS

Telephone II9M2 Recter
6663

American Gas & Electric

Appalachian Power 5s,

1941

1941
Elec. 6s, 1935

American Power &
New York State

Light
Railways

Northern States Power 6s,
Standard Gas &

United

Railways

2994.

Mississippi River Power 7s, 1935
American Gas & Elec. 6s, 2014

Light &

Ferry
United Gas & Electric
Union

United Gas & Electric 6s,

1945

ALFRED F. INGOLD & CO.
74

62

William St., New York




'Phono

Hanover 7768

N. Y.

GLOVER & MACGREGOR
646

Stone, Prosser & Doty

Broadway,

Fourth Aea.,

PITTSBURGH, PA.

& Elec. 5s, 1934
5s, 1960
St. Paul Union Depot 7s, 1923
West Penn Power deb. 6s, 1924

Amer. Wat. Wks.

West Penn Traction

April 30

1921.]

THE CHRONICLE

Assoc. Simmons Hardware 7s,'25

Continental Motor 7s, Serial
Abitibi Pr. & P. 6s, All Issues
Detroit United Ry. 7s, 1923

Butte Anac. & Pacific 5s, 1944

Central Power &

xiii

Light 6s, 1949

Butler Bros.

Eastman Kodak
Ford Motor of Canada
Peerless Truck & Motor

General Phonograph 7s, 1921-23
Grand Trunk Pacific Issues

Iron Steamboat 4s & 5s

Paige Detroit Com & Pfd.

Woodward Iron 5s, 1952

Duluth Missabe & Nor. 6s, 1922

H. H. Franklin Mfg. Co.
Lincoln Motors, Class "A"

Sen Sen Chiclet 6s, 1929
Texas Electric Ry. 5s & 6s

Continental Motor 7s, 1925

Goodyear T. & R. Com

Minn.-Ontario 6s, 1921-28
Salmon River Power 5s, 1951

Consolidated Nevada Utah 6s

Packard Motor Com. & Pfd.

& Pfd.

Metr. 5c. & 50c. Stores Com. & Pfd

Laclede Gas Light 7s, 1929

Merrill, Lynch & Co.

Lehigh Power Securities 6s, 1927
New York

Shipbldg. 5s, 1946

120

Private

St. Lawr.

Broadway, New York

Telephone 6070 Rector

Northern States Power

wires

to

Traders Telephone 7688

Detroit,

Chicago,

Cleveland,

Pulp & Lumber 6s

Rector

Youngstown, Grand Rapids and Lansing

Sou/California Edison 6s, 1944

Atch.

Tri-City Ry. & Light 5s, 1923

Rocky Mtn. 4s, 1965

Goodyear T. & Rubber
Willys Corporation

Waterloo Cedar F. & No. 5s, 194C'

Chic. Milw. & Pug. Sd. 4s, 1949
Great Northern 1st Ref.

Del. Lack. & West. Coal

Western Electric 7s, 1925

New

111. Cent. St. Louis
Reg. 3^8, '51
Lake Shore & Mich. So. 4s, 1928
N. Y. Cent. Mich. Cent.

United Lt. & Ry. 5s, '32, & 6s,

'26

4^8, '61

Jersey Zinc
Lehigh Valley Coal Sales

3V28> '98

Tidewater Oil
National Fuel Gas
Westchester Fire Insurance

Mom Iachenbruch & Co

St. L. I. M. & So. R. & G.
4s, 1933

Wabash RR. 1st 5s, 1939

42 Broad. Street. NewYbrk
Private Wires to, CHICAGO "PHILADELPHIA "ST.

N. Y. Central Cons. 4s, 1998
Norf. & West. Poco. 4s, 1941

LOUIS

EAPES

PIUSfiLLESIl-DEIHDIT- .CLEVELAND

R. W.
2 Rector

Phone 6780 Rector

St., N. Y.

46 Wall
New

DO YOU
That

the

KNOW

their

men

in

fields

use

Financial

efficient

most

and

respective
the

consult

Classi¬

Chronicle

fied Department.

this

Keep

mind for
sion

1987

1927
1926
Fremont Elkhorn & Mo. Val. 6s, 1933
Kans. City Ft. Scott & Mem. 6s, 1928
Louisville & Nashville Unif. 4s, 1940
Mobile & Ohio 1st 6s, 1927
New Orleans Texas & Mexico 6s, 1925

Department

use

Central RR. of New Jersey 5s,
C. B. & Q.—Nebraska Ext. 4s,
Chic. & Northwestern Ext. 4s,

when the

occa¬

CONSTABLE

FLEMING- -JfL

telj

Rector 22707'

Wisconsin Central Gen.

John

Midland

Consol.

5s,

Canadian, Cuban,
Mexican

Norfolk & Western Ex. & Im. 6s, 1934

Elgin, Joliet & Eastern 1st 5s, 1941
St. Louis Southwestern 1st 4s, 1989

State of West Virginia 3^s, 1939
Virginia Midland General 5s, 1936

Prince & Whitely
52

Y, Stock

Broadway

Exchange

173

New York

Orange St.

New Haven

BONDS

RAILROAD

Private wires
48

Exchange PI.

to Philadelphia, Baltimore,
Richmond, New Haven

New York City

„

Telephone: Hanover 6457

Railroad

Bond

Public

Dept.

C. B. & Q. Nebraska 4s, 1927
Atch. Rocky Mt. 4s, 1965

Pittsburgh & Shawmut 1st 5s,'59
Denver & Rio Gr. Imp. 5s, 1928
Kentucky Central 4s, 1987
N. Y. Penn. & Ohio 43^s, 1935
Buff. Roch. & Pitts. 43^8, 1957
Montana Wyoming & So. 5s, 1939
Toronto

Ham.

& Buff.

4s,

1946

Utility Dept.

American Gas & Elec. Com.&Pfd
Amer. Pow. & Lt. Com. & Pfd. *j
Appalachian Power Com. & Pfd.
Colorado Power Com. & Pfd. ^
Federal

Lt.

Com.&Pfd.

& Trac.

Electric Bond & Share Pfd.
Nor.

Ont.

Com.&Pfd.

& Pr.

Lt.

United Lt. & Ry. Com. & Pfd.
United Utilities Com. & Pfd.

4s, 1938
Cent. Ga. Mid. Ga. & Atl. 5s, 1947

Utah Power & Light Pfd.
Electric Utilities Pfd.

St. Louis & Cairo 4s, 1931

SECURITIES

Texas Power &

Mobile

&

Ohio

Collat.

European Issues of

Port

Canadian

Dept.

Wentworth Tenn. 8s,

Chic. Milwaukee & St. Paul 4s, 1925

-

Central Pacific 4s, 1946

St. Joseph Stock Yds.

Haven

^

Hartf. 4s, 1922

Municipal Dept.

Nova Scotia 6s,

1950

Cheboygan Paper 5s, 1921
Superior Inc. 5s, 1924
Norwalk Steel 43^s, 1929
Lake

43^s, 1930

Industrial Stock

Grand Trunk Pacific 4s, 1955

(Mt. Prairie, Lake Superior Sects.)

Dept.

Newfoundland
Manitoba 6s,

Bess.

& L. E.

Com.&Pfd.

General Baking Com. & Pfd.

Kuczynski & Co.
Broadway

New York

Telephone Rector 6834
CORRESPONDENTS

63^3, 1928

1925

Municipal Bond Department
Farm Loan

43^s & 5s

Joint Stk. Land Bk. 5s, 1938-9-40
New York

City Bonds (all issues)
issues)
Santa Catherina 6s, Dec. 1944
New York StateBonds(all

Ogden Mine RR.
Pitts.

1930-1925

Ontario 6s, 1923, 1927, 1928

Federal

Grand Trunk Pacific 3s, 1962

120

Light Pfd.

Steel Com. & Pfd.

Industrial Bond

N. Y. New

1928

4s, 1949

Chesapeake & Ohio Conv. 5s, 1946
Wabash Omaha 33^8, 1941
Kansas City Terminal 4s, 1960

British Empire

0307

James'n, Frank'n & Cl'r'd 1st 4s, 1959

Members N,

Broadway N-Y>

Telephone

Baltimore & Ohio 1st 4s, 1948

Alabama

arises.

CONSTABLE & FLEMING
'WM.

©

©b UU.

York

Norfolk & Western Ext. 6s, 1934

in

S. P. LARKIN & CO.
66

PRESSPRICH

Street,

Willys Corp. (all issues)

Bank Stock

Dept.

Detroit Hillsdale & S. W. RR.

American

Albany & Susquehanna RR.

Guaranty Trust

Alleghany & Western RR.
Rensselaer & Saratoga RR.
Remington 1st & 2nd Pfd.

National

Exchange Nat'l Bank

Irving National Bank
Park Bank

Home Insurance Co.

All Important Foreign Capitals

PRIVATE
Montreal




WIRES
Toronto

CARRUTHERS, PELL &
15 Broad Street, New York

Philadelphia Phone, Locust 572

CO.

Phones 5161 to 5169 Hanovav
Bait. Phone,

St. Paul 9389

THE

XIV

WANTED

LISMAN & CO.

F. J.

.

[VOL. 112.

CHRONICLE

Members

Peoria Water Works 4s and 5s

New York Stock Exchange

Birmingham Water Co. 5s

BROADWAY, NEW YORK

61

Middle States Water Works Co. 5s

Chicago Terre Haute & Southeastern 5s Clinton, Iowa, Water Co. 5s
Joplin Water Co. 5s
Maine Central 43^s
New York Interurban Water 5s
Missouri & Illinois Bridge 4s

Acquackanonk Water Co. 5s

Mobile & Birmingham

WE DEAL IN

5s and 4s

I

Racine Water Co. 5s

Wichita Water Co. 5s

Norfolk & Western General 6s

Queens County Water Co. 5s
Otero Irrigation District 6s

Ogdensburg & Lake Champlain 4s
Rutland-Canadian 4s
Rutland

RR.

,eavenw.C'y&Ft.L»Wtr.4s,5s,6i

4J^s

St. Louis & Cairo 4s

Savannah

Statesboro

&

H. C. SPILLER & CO.
5s

INCORPORATED
IT Water St., corner

Shreveport Bridge & Terminal 5s

68

Devonshire St., BOSTON

Wall Street, NEW

YORK

Southern Indiana 4s

Stephenville North & South Texas 5s
AND ALL RAILROAD AND
A.

C.

L.—L.

Wisconsin

Great

Cent.

Northern

American Tobacco Scrip

col. 4s, 1952

& N.

4s,

gen.

4y4s,

MacAndrews & Forbes

Underlying

1949

1961

R. J.

Railroad

Imperial Tob.Co.of Gt.B.&Ir.

Bonds

City Term. 1st 4s, 1960

Specialists

VILAS & HICKEY
Member* N» Y. Stock
49 Wall

Tobacco

all

in

Securities

Bristol d Bauer

Exchange

St., N. Y.

Reynolds Tobacco

British-American Tob. Co.

Iron Mtn. Riv. & Gulf 4s, 1933
Kans.

8

STEAMSHIP SECURITIES

Hanover 8317

X2a BfaddvJair SaYPhone-- Rector 4594

WOOD, STRUTHERS & CO.
Central Pacific 3V^s, 1929
Canadian Pacific 6s, 1924

5 Nassau

Big 4, St. Louis Div. 4s, 1990
Indiana Steel 1st 5s, 1952
Midvale Steel 1st 5s, 1936

Street

YORK

NEW

LOCATE CAPABLE MEN
New York Dock Co.

Tol. Walh. Va. & O.

4%s, 1931-33
New York Telephone 4^8, 1939»
Empire Gas & Fuel 6s, 1926
Cinn. Leb. & Nor. 4s, 1942

1st 4s,

1951

Union Term'l

Co.

of Dallas 5s,

the

6s, 1942
\.

unlisted

Calco Chemical Co. 8s,

McKinley & Morris

1940

SIXTY BROADWAY
NEW YORK
Tol. Bowling Green 2160 to 2167

Pacific Gaa & Electric

Western Power

&

York

14 Wall St., N. Y.

Stock

.

;

■

...V

\ •/'

o

.

Specialists
Railroad

72

Our

Classified

Terminal

Department faces ths

inside back

in

cever.

Bonds.

Teh Rector 6881

Trinity PI.

Bang. & Aroos. RR. underly'g bd«»
Chic. Lake Shore & East. 4j^s, '69

Central

Petroleum

Umbers New

«

••

Glidden Co.

Lt. & Trac.

MacQuoid

'

FINANCIAL CHRONICLE

Finlay fit Davenport

Members New York Stock Exchange

Central

Classified Department of

Houston Belt & Terminal 5s, 1937

Home Insurance Co.

Amer.

organization through the

1942

Toledo Terminal Co. 4^s, 1957
Galveston Terminal Co. 6s, 1936
Pine Bluff Co.

Argentine Govt. 5s, listed &

fill vacancies in your

to

City of San Paulo 6s, 1943

Central Vermont 5s, 1930

Aguirre Sugar
Safety Car Htg. & Ltg.
Central Sugar Corporation
Bklyn. City & Newt. RR. 5s, 1939
Kings Co. Ltg. 5s, 1954
Equitable Gas Lt. Co. 5s, 1932
Queens Boro. Gas & Elec. 5s, '52

Coady
THEODORE L. BRONSQN & CO.

Exchange

Members New York Stock Exchange

Tel. Rector 9970
120

Broadway, N. Y.

Duluth & Iron Range 5s, 1937

Elgin Joliet & Eastern 5s, 1941
Galveston Terminal 6s, 1938

Joplin Union Depot 4j^s, 1940
L. I. North Shore 5s, 1932

Long Island Ferry

43^s, 1922

Rio de Jan. Tram. L. & P. 5s, 1935

Shawinigan Wat. & Pr. 5s & 5Yin
Toledo Terminal 4}^s, 1957
Wisconsin Central Ref. 4s, 1959

ABRAHAM & CO.
Tel. Broad 8788

17 William St., N. Y.

Tel. Rector 7580
Citizens Lt., Ht.

& Pr. of Pa. 1st 5s, '34

Dallas Gas Co. 1st 5s, 1925
Erie

RR.

Penn.

Coll. Trust 4s, 1951

Penn. Pub. Service

GARDNER
20 BROAD

&

Phone 1053 Rector

Consumers Power 5s,

Terre Haute & Indpls. 5s, 1925

Long Island Ref. 4s,
St. P. Mpls. & Man. 4V2S, 1933 Kansas City So. 3s,
Denver & Rio Gran. 4y2s, 1936 Mo. Kan. & Tex. 4s,
Illinois Central 4s,




1952 Penna. Co. 3^8,

5s,

1962

A. B. Murray & Co.
14 Wall Street

Manitoba Pac. Ext. 4s,
1940
L. Shore & Mich. S. 3^8, 1997

1st

'29; 73^8, '35
Penelec Coal Co. 1st 6s, 1924

Tel. Rector 7430

STREET, N. Y.

Co.

Penn. Pub. Ser. Corp. 6s,

CO.

1949

1950
1990

1944

Detroit Edison 6s,

New York

1936

1940

Northern States Power 7s,

1923

Standard Gas & Electric 6s, 1935
United Light

& Railway 5s, 1932

Gilbert J. Postley & Co.
18 BROAD STREET
NEW

YORK

Telephone Hanover 9762

April 30

1921.]

American

•

THE

Glue,

& pfd.

com.

CHRONICLE

Central Union Gas Co.

1st

5s, 1927

xv

Atlantic Ave. RR., Bklyn., 5s, '31-'34

American Hosiery Co.

Edison El. Ilium. Co., Bklyn., 4s,1939

B'way & 7th Ave. RR. 5s, 1943

Brookside Mills

Edison EI. Ilium.
Co., N. Y., 5s, 1995

B'way Surface RR. Co. 5s, 1924

Chace Mills

Equitable Gas Light Co., N. Y., 5s,'32

Bklyn. Bath. & W. E. Gen. 5s, 1933

Kings Co. El. Lt. & Power 5s, 1937

Bklyn. City RR. 5s,

Dartmouth Mfg., common

Everett Mills
Farr

New Amsterdam Gas

N. Y. & East River Gas Co. 5s,

Alpaca Co.

Dry Dock E. B. & Batt. 5s, 1928
Kings County Elev. RR. 4s, 1949

Lexington Ave. & Pavonia F'y 5s, 1993

N.

Nassau Elec. RR. 5s, 1944, & 4s, 1941

Y.

Mutual

Lt.

Gas

Sharp Mfg. Co.

Co.

Wm.

Soule Mill

HOTCHKIN

United

& CO.

Telephone

Kingdom

Britain

Carnegie Ewen

Boston 9,

Great

of

Ireland

and

53 State St.,

Am. Dist. Tel. of N. J.

Stock

Tel. Reotor 3257-3273-4 and 3294

Sanford Mills, common

Dist.

5>£s,

Mass.

1922

1929

"Undep." Stk.

1937

Am.T.&T.Conv.4}'<2,,33<<$100 Bonds"
Bell Tel. of Canada 5s, 1925

1929

Domin.

1937

of

Celluloid Co.

Mercantile Stores

Domin. of Canada 5

Bell Tel. of Canada 7s, 1925
Commercial Cable 4s, 2397

2 Wall Street, New York

Joseph Dixon Crucible
Wright Aeronautical Com. & Pf.
Lehigh Valley Coal Sales

1921

Tel. of N. J. 5s, 1926

Canada 5s,

Remington 1st Pfd.
Remington 2nd Pfd.

Cuyahoga Tel. "Ext." 7s, 1921

Market Street Railway

Dakota Central Tel. 6s, 1935
Michigan State Tel. Preferred Stock

Northwestern

Telegraph 5s, 1941
Telegraph 4}^s, 1934

Southwestern Bell Tel.

Members of the New York Stock Exchange

20

BROAD ST., N.

Y.

Rector 8460

Tol.

7s, 1925

United States Tel. "Ext." 7s,

Federal Farm Loan Bonds

1921

Specialists In Short Term Securities

T.L.
Bt

Equipment

MacDonald

B'way, N. Y.

Stock—Bond—Scrip.

BULL & ELDREDGE

Mountain States Tel. & Tel. Stock

Mutual Union

& Stock

Northern Union Gas Co. 1st 5s, 1927

Naumkeag Steam Cotton Co.

Main 460

1944-45

1941,

RR. 5s, 1950

N. Y. & Westchester Ltg. Co. 4s, 2004

Hamilton Mfg. Co.

Am.

jConsoL 5s, 1948 Bklyn. Union El.

Wm. C. ORTON & CO.

Bonds•

Specialists Rtorganization Securities
54 Wall

Street, N. Y.

Tel. Hanover 9690-9697

Tel. Broad 2357-8-9

STANDARD TANK CAR

We Specialize In

STANDAR D

Preferred Stock

Goodyear T. & Rub. Com. API.

0

EASTMAN KODAK

Standard

IM

on

'/Stock

INDIAHOMA REFINING CO.
Notes

CARL H. PFORZHEIMER & CO.
Daalars

Standard

In

ROBINSON &

Par Vain.

L

Indiana

INQUIRIES INVITED

Stock

1

of

Peerless Motors Stock & Notes

PfcSflUM 4860-1-2-8-4 Broad.

Oil

61

SMITH

Tel. Bowling Green 10098

B'way, N. Y.

Central Pacific Coll. Tr. 4s

Chic. Milw. & St. Paul 4s

Securities

N. Y. New Haven & Hartford 4s

25 Broad St.. N. Y,

Japanese 5s, 1907-47 (French Issue)
AND ALL FOREIGN BONDS*"
FOR

SALE

Rollins, Kalbfleisch & Co.

10M Am. Wat. Wks. & El. 5s

@ 55

10M Arkansas Water 6s @ 81
10M West Penn Trac. 5s @68^
10M Nat. Sec.

Austin

St.

Railway 5s,

Consolidated

OTTO

BILLO

St., N. Y.

Phone Hanover 6297

Tobacco

Corp. 5s, 1932

J. S. Bache & Co.
Members New York Stock Exchange

United Iron Works 7s, 1936

York

Stock

Exchange

New York

60

BROADWAY, N. Y.

PRIVATE

4899

Cincinnati

Baltimore

WIRE

"

INVESTMENT

Bowling

Green

TO

LOUIS

ST.

SECURITIES

Rector

Alabama Midland 1st 5s, 1928

Keokuk & Des Moines 5s, 1923

Fort

Ogdensburg & Lake Champ. 4s,'48

Central Pacific 3Hs

Cine.

Ind.

Mason

& West. 1st 5s, 1965
City & Ft. Dodge 4s, 1955

Kentucky Central 4s

& Adir. 5s

St.

Hudson & Manhattan Com. & Pfd

& 6s

Chesapeake & Ohio Divisionals
& Texas (all issues)
Mexican RR. & Govt. Bonds
Mo. Kan.

WOLFF & STANLEY
Telephone Rector 2920

72

Trinity Place, N. Y.




Troy

Portland Ry., Lt. & Pow.
York Dock 1st 4s

New

5s, 1942

,

New York

Shipbuilding 5s

Dominion

Coal

5s

7s

Granby Mining 6s
I
'
Rumely 6s
West Kentucky Coal 5s
• J
Second Ave. RR. Receivers* oCertifs.
Advance

Georgia Midland 3s

Lawrence

Philadelphia

Tennessee Power 5s

"Nickel Plate" 2nd 6s

Evans. & Terre Haute 5s '41 & '42

1937

Rochester
St. Louis
Syracuse

Cleveland Electric Ilium.

Scott 6s

Chicago &

East Illinois 5s,

Pittsburgh

Cleveland

0944-6-6

Burlington C. R. & Northern 5s
Central RR. of New Jersey 5s
Florida Cent. & Penin. 5s & 6s
Denver & Rio Grande Impvt. 5s

Union Terminal of Dallas 5s, 1942

Toledo Can. South. & Det. 4s,1956
Chic. & Northwest 1st 3^s, 1987

Buffalo

Chicago

New York City

118 Broadway

CORRESPONDENTS

Kansas City
New Orleans

Albany

EDWIN BANCKER & CO.

Boston

Telephone

Tel., 6400 Broad

BRANCHES and

NEWBORG & CO.
New

Stock & Scrip

1951

Union Carbide 6s, 1950

Liberty Registered Bonds

PROCTER & GAMBLE

1936

4s,

Mo., K. & T. Ry. 6% notes, 1916
Tulsa

tlembera

Phone—Rector 8411

Place

Exchange

Telephone Broad 7064-6-6

Cbrp. P. L. 6s @83

10M Power Secur. Corp. Inc. @ 25

87 Wall

MAXWELL B. SMITH
67

Member* N. Y. Stock Exchange

Valvoline Oil Pfd.
Emerson

Fisk

-

Magneto Pfd.

Rubber

1st Pfd.

Registered Bonds

SAM'L
Phcne 5380.1-2-3 Broad

GOLDSCHMIDT
25 Broad Street

THE CHRONICLE

XVI

[V«L. 113.

■

■

-..;

—.

ai-.

TRADING DEPARTMENT

{Wants/

Arizona Power 6s, 1933

Reading general 4s, 1999
Great Northern 4s,

Pacific p.

Northern

Ohio

Baltimore

&

Goodyear

8s,

Mo. Edison Elec. 5s, 1927
1948 Nashville Ry. & Lt. Ref. 5s, 1958
Peoria Ry. 5s, 1926
Second Ave. RR. Rec. Ctfs. 6s

1941

ARTHUR E. FRANK & CO
Members of New York Stock Exchange

Guaranteed Stocks
Sheets.

Quotation

for

MosepU "SSlalhjet: St jftras
Members New York Stock Ezchsmge

Crowell & Thurlow

.

GEORGE N.

FLEMING

Building,

Douglas Shoe preferred
Fairbanks Co. 1st
Greenfield Tap

preferred

Philadelphia

5s, 1928
Washington Water Power 5s, 1939

Liggett's International pfd.

DUNHAM

Southwestern Pwr. & Lt. pfd.

Investment

Turners Falls Power & Elec.

U. S.

43

Telephone

BOSTON, MASS.

New

York

100
25

Cleveland
Nash

Atlanta Terminal 6s, 1939
Island Gen. 4s, 1988*
Central Gen. 4s, 1949

Montgomery

Specialists
Tire

and

Rubber

Stocks

Co.

FOREIGN
v

■

Boaten

Investing Co.

Lawyers Title & Trust Co.

CHUCKS

7 WALL STREET
NEW YORK

(j^

'v'T"

FRANK J.
71

r

Quoted

R.A.SOICH&CO.

Joseph Gilman
New

York

A BUSINESS

16-18

Securities

5691-4

YORK, N. Y.

N!

5s, due 1936

*Phone

DILLON

NEW

Tel. 6460 Bowling green

CURRENCIES

Spokane, Wash.

Investment
34 Pine Street

M.

Broadway

[Ml

Home Tel. & Tel. Co.

Sold

New York

el. John 5020-1

BO KIDS

Bought

25 Broad St.,

3063

Mortgage Bond Co.
ALL

1st

1963

Bros.

Telephone
Broad

State

BABCOCK, RUSHT0N & CO.

of

4^8,

Chicago Union Station

Bought, Sold dk Quoted

HOM8 INS. BLDG..
CHICAGO

6700

Automobile

SECURITIES

and

Exchange Place, N. Y. Tel. Rector

Wise.

R.B.

New York,
Chicago
Stock Exchanges

COWEN & CO.

Motors

20 Nassau St., N. Y.

Members

Inquiries Invited
from Banks and Brokers

Rolls

Motor Stocks

"Mala 7088"

CHICAGO

Mexican Govt. 4s & 5s

Rock

Willys Corp. 2nd Pfd.
Royce Pfd.
100 H. H. Franklin Mfg.

100

Philadelphia

and

Japanese Govt. 4s, 4^8 & 5s

Securities

WANTED

WALTER S. PLACE
Private

Brazilian Govt. 4s & 5s

Chinese Hu Kuang Ry. 5s
Colombia 6s

& CO.

'Phone 8800 Hanover

Exchange Place

Envelope Common

Congress St.,

Buenos Aires 5s & 6s

67

50-100

35

Argentine Govt. 4s & 5s

Utah & Northern 5s, 1926
Denver & Rio Grande Impt.

& Die pfd.

Street, New York

WANTED

Butte, Anaconda & Pacific 5s, 1944
Beech Creek Coal & Coke 1st 5s, 1944
Power 5s, 1963
Consolidation Coal 5s, 1950
Cleveland, Akron & Columbus 5s, 1927
Cleveland & Marietta 4j^s, 1935
Des Moines & Ft. Dodge 4s, 1935
Erie & Jersey RR. 1st 6s, 1955
Genessee River RR. 1st 6s, 1957
Tennessee Power 5s, 1962

S.

42 New

Telephone: Whitehall 1056
Consol. Traction of New Jersey 1st 5s, 1933
Waterloo Cedar Falls & Northren 1st 5s, 1940
Rochester Railway 2nd 5s, 1933
Indiana Service Corporation Bonds
Illinois Central Leased Lines Stock
Tennessee Ry., Light & Power Pref. Stock
Portland Ry., Light & Power Second Pref. Stk
Mohawk Valley Company Stock

221 Lafayette

Philadelphia Stock Exchange
Pittsburgh Stock Exchange
Chicago Board of Trade
New York Produce Exchange

Telephone Broad 5140

Connecticut

pfd.

Members

New York

...

OFFERINGS

Adirondack Elec. Power

Stocks—Bonds—Grain

HANSON & HANSON

Now York

61 Broadway

HUGHES & DIER

Gas, El. & Tr. 8% Stk.
Topeka Ry. & Light 5s, 1933
United Water, G. & EL 5s, 1941

Tel. Rector 5300

100 Broadway, N. Y.

Sierra & San Fr., Pr. 5s & 6s
So. Calif. Edison 6s, 1944

So. Jersey

72 Trinity Place

Rumely 6s

Providence Securities 4s

1. 4s, 1997

1st 4s,

Chicago & E. Illinois Securities

Write

Advance

Haytian-American 7s, 1922-24
Kings Co. El. Lt. & Pr. 5s, 1937

1961

City

Exchange Place
New York
Phones: Bowling Green 3230-39

EXECUTIVE

John

and
Acadia Sugar 7s, 1921-40
Abitibi Gen. Mort. 6s, 1940
Abitibi Power & Paper lst.6s

Belgian

Financial

any

through

Chronicle

French

Brazilian Traction 6s, 1922

Classified

German

Buenos Ayres Consol.

5s, 1915
Burlington Ry. & Light 5s, 1932
Binghamton L. H. & P. 7s, 1925
Beaver Board

the

Brazilian

Barnsdail Oil 8s

be obtained

BONDS

Argentine

Atlantic Sugar 6s

of your Departments

can

FOREIGN

capable bead for

one

8s

Chicago & Eastern 111. Issues, Old

Department

Italian

Japanese

(opposite

Mexican
Russian

inside

back

cover).

Consolidated Textile 7s

Empire Gas & Fuel 6s. 1924-26
Evansville & Terre Haute Issues
Guantanamo Elec. 6s, 1946

Amalgamated Leather

Use and Consult It.

American Cyanamid
Atlas Portland Cement

Georgia Light, Power & Ry. 5s
General Asphalt 8s, 1930

Amer.

Light & Trac. Com. & Pfd.
By-Products Coke

Grand Trunk Pacific 3s, 1962

Bordens

General Gas & Electric 6s, 1929
Hudson & Manhattan 1st 4Ki, 1957

British-American

Haytian-American Corp. 7s, 1922-24
•
Laclede Gas Light 7s
New Orl. Ry. & Lt. 5s, 1949, Series "B"

Firestone Tire & Rubber
Gillette Safety Razor

Ohio Cities Gas 7s, 1921-25

Portland Ry. 5s, 1930-42
Province of Buenos Aires 6s.

&

Pfd.

Tobacco

Goodyear Tire & Rubber
Imperial Tobacco
Kansas

1926

Com.

Childs

&

Gulf

Margay Oil
STATE

ERNEST SMITH
20 Broad

Street, New York

& CO.

Tel. Rector 6157-8, 2558, 6852

DIRECT WIRE CONNECTIONS TO CHICAGO, DETROIT, GRAND RAPIDS




BANK

fA.

//-£

Foreign

Exchange

Securities

a

A/iicayxi, jA.

and
Foreign
Specialty.

April 30

1921.]

THE

CHRONICLE

&ccotmtante

^financial

FINANCIAL

West. N. Y. & Pa. Gen. 4s, '43 Newark Pass.
Ry. 5s, 1930

CONSULTANTS

Consol. Trac. of N. J. 5s, 1933
Harrisburg Lt. & Pr. 5s, 1952
Caddo Cent. Oil & Ref. 6s, '30 Tenn. Ry. Lt. & Pr. Pfd.

Valuation, Security

on

xvii

tion,

Litiga¬

Financial

Income Tax,

JOHN

Portland Railway 5s, 1930

etc.

Tenn. Power 5s, 1962

Phila. Gas & El. 5s, 1960

Penn. Power &

Market St. Elev. 4s, 1955

Issues,

Port. Ry. L. & P. 1st & 2d Pfd.

BAUER

MOORE, LEONARD Gl LYNCH

and Associates

gv

Light 7s, 1951

63 Wall St., N. Y.

Hanover 6673
New York

Pittsburgh

GEORGE W. MYER,

Philadelphia

JR.
■

Certified Public Accountant
35

NASSAU ST.,

NEW

|

i

YORK

L;:,, A,/;"■>: ' '

'/-V i':V'Yr>;Y

Government,

Audits, Investigations,
*
Estate Accounting,

///,•

YaYv /■>"Y. iY

YY

Municipal,

Public Utility

Income Tax Returns
Telephone Rector 5441

Railroad
Industrial

Investment Bonds

Established 1865

Bioren & Co.
410

Chestnut

A. B. Leach &

St., Philadelphia

Investment

Co., Inc.

Securities

Members of New York and Philadelphia
62 Cedar

Stock Exchanges

We

interested

are

New Jersey

in

offerings

of

St.. New York

105 So. La Salle St., Chicago

Philadelphia

Cleveland

Detroit

Minneapolis

Scranton

Municipals

Boston
Hartford

Pittsburgh

St. Louis

Milwaukee

Standard Railroad Equipments
Penna. Tank Car Equipment

5s,v6s, and 7s
Orders

J. S.

in

All

Pittsburgh

FARLEE & CO.
66

Executed

We Witt Buy

Securities

RAILROAD

BROADWAYI®

Sett

SECURITIES

CO.

Illinois Cent. Stock Coll. 4s

Rector 1195

J. H.
investments

Holmes

&

Members N. Y. and Pittsburgh

51 Broadway

Co.

Stock Exchangee

Union Bank BIdg.

New York

Pittsburgh

Direct Private Wire Connection

Hartshorne & Battelle
V."

•

v

.Y...VY'< :>'r ''LY

Members New

!

•'

York Stoek Exchange,

SB Bread St.

Tel. Broad 7745
NEW YORK

Phila. & Reading RR. 1st 5s, 1933
W. N. Y. & Pa. RR. 1st 5s, 1937

Western Penna. RR. 1st 4s, 1928
Beech Creek RR. Co. 1st 4s, 1936

CENTRAL

United Rys. of Havana Eq. 7^8, 1936

NATIONAL

DEBENTURES

Can. Pac. Ry.
Pitts.

Equip. 6s, 1926-1930

outwater & wells

Biddle & Henry
104

7% in Cash

South

Fifth

York

Vire to New

.;v

in 1920

or

Bank

own

Broker

or

Street

Call Canal 8437

New




44th
York.

Municipal Bonds
High Yield

Short-Term County Notes

Cedar

Gen. 5s, 1948

Rapids Mfg. & Power 5s, 1946

Consumers Power 5s,

1936

Michigan Northern Power 5s, 1941
5s, 1962
Tri-City Ry. & Light 5s, 1923

J.
141

L. ARLITT
Broadway, New
Tel.

Meirber Texas

York

Rector 4514

Bankers* Association

Tennessee Power

G00DELL & CO., inc.
West

■V'-v-

■

Danville Champ. & Decatur 5s, 1938
Elec. Dev. of Ontario Power 5s, 1933

FERGUSON28

Tel. 10 Montgomery

Birmingham-Tidewater Ry. 5s, 1946
California Elec.

your

Place

Jersey City, N. J.

Texas
Private

Buy through

II Exchange

Philadelphia

10% in Participations
at par

Securities

Clearfield & Jefferson 6s, 1927

Price $115 per share
Paid

New Jersey

McK'port & Y. 1st 6s, 1932

Waterloo Cedar Falls & Nor. 5s, 1940

City of Chattanooga,
Tenn.,
Ref.

Bonds

St.

Louis Levenson
Public Utility—Industrial—
Short

Term

Tel. Broad 4931

Securities.

27 William St., N. Y.

B.J. Van Ingen &Co»
46 Cedar St.

New York

TEL. 9364 JOHN

[VOL. 112.

the chronicle

XVIII

Jffnantfal

^financial

The Hill Roads
UNBIASED
prepared an illustrated booklet giving a
history and description of the railroads comprising
the Hill System. The booklet contains a map show¬
ing graphically the extensive territory served.
We

have

OPINION
upon

System is composed of the Northern Pa¬
Railway, the Chicago, Burlington and Quincy
Railroad and the Great Northern Railway. The

The Hill

extends westward from Chicago, St. Louis
Pacific Ocean and south¬
from the Dominion of Canada to the Gulf of

system

Investment

and the Great Lakes to the

In

Mexico.

operating

states,

seventeen

over

opinion of
security.
our

:

cific

ward

the fundamental value of

securities prevent losses to in¬
vestors.
Send one dollar for

Regislryjof America, Inc.

ESTABLISHED

26,000 miles located in

608

investment

any

1910

Chestnut Street, Philadelphia

it draws its traffic from a more

widely diversified territory than any other railroad
the continent.

on

Of

Copies of this booklet will be

Importance to

investors upon request.

■ent to

Bond Salesmen

Harris, Forbes & Co
Pine Street, Corner

losing
sale
HOW much would it be worth tothrough
you to
sales
lack
be

sure

of

never

a

that greatest cause of lost
of preparation ?

William

—

To impress your prospect—to create in him
enthusiasm in your securities—to make him
BUY—you must know security selling and
know it well; better than your competitors do.

NEW YORK

Avoid Lost Sales and

Costly Hard Knocks
Course

Babsori

The

Investments

on

and

Security Selling gives the knowledge seldom
obtained through experience alone, and will
reduce Lost Sales to a minimum.

We

beg to

that

announce

We have trained Security Salesmen
years

Mr. A. E. LEWIS

the

will

is

1

1

Salesman," puts

and

us

'

i,.;

■

'• v'■

-

■'is-t

•,

V ',!,i-

,:'v.

■

'.'G

v"

you

under

no

obligation.

Ask for Bulletin 60Q

Pacific Coast Securities

specialize in
;

with

associated

now

subject of selling securities."

A request for an outline of the Course and
our folder' "What the Investor Likes in a Bond

formerly of A. E. Lewis & Co., Los Angeles,

Cal.,

for ten
and in its present form, this Course is

(in the words of many students) "absolutely
the best form of concentrated instruction on

b

Babson Institute Inc.

ABRAHAM & CO.
27 William

Wellesley Hills, 82, Boston, Mass<

Tel. Broad 3785

St., N. Y.

.'e. BENSINGER CO
77 Whitehall Street
Aeu> Yoril City

CABLE COPES
• CMSIMatft COQ€-«CX3K

A Bank

to
In

We maintain

In

addition

foreign,
of

the

SeCOAUST® OFFtft

"BENTLEY COMPLETE PHRASE CODE"

""um
w.oo

Pittsburgh

(

t-irgeit telling cod.—u.cd all over t»i. world—
.....

more

thin SO^r

over

plain tngll.h cabling.

ASK FOR IMPORTANT CODE CIRCULAR NO. 339
BENBINGER—PHONE— BOWL. GR. 6989

completely organized department for the service

a

of out-of-town

Represent You

banks, firms and individuals.

to

a
complete banking service, both domestic and
knowledge of the financial and industrial affairs
Pittsburgh District is at your disposal.

BACKER

JACOB

our

Est.1916

FINANCIAL

MELLON NATIONAL BANK

Exchange Bank Bldg.

BROKER
St. Paul Minn.

PITTSBURGH, PA.
Capital and Surplus

•

$

-

Are

you

seeking

position

Illinois Trust & Savings Bank
La Salle at Jackson

■

•

.

BANK OFFICIAL

Chicago

-

or

Capital and Surplus

-

$15,008,000

-

have you

need for

[ "Tlx Sign of

Pays Interest

on

Time

Deposits, Current and Reserve
Accounts.

ohange.

Deals in

Transacts




a

Foreign Ex-

Has

on

hand at all times

cell#nt securities.
r\

Government,

General Trust Business.

a

variety of ex-

Buys and sells

Municipal

and

Corporation Bends.

Then you

should

consult

&

a

as a

the

Chronicle

one

use

and

Financial

Classified

partment (opposite
back cover.)

?

De¬

inside

APRIL 30

1921.]

XIX

JBtofoenba

The Fanners' Loan and Trust

Company

WORLD-WIDE INVESTMENT SERVICE
For

Nos.

Investment

18, 20 and 22 WILLIAM STREET,

16,

May

and

Banks

State of Rio De Janeiro

Coupons and Dividends due in
are

and

on

Dealers

New York City.

|

5% Loan of 1912

payable at this office
after

May

1st,

Issued: £3,000,000

1921,

Outstanding: £2,906,400

This is the only

Secured

Bath Water Works Company.
Brinson Railway Company.
Cedar
and

external funded obligation of the State.

on

revenues

secured

follows:

as

on

entire
a

2H %

of the City of Nictheroy,

In 1919 the

Rapids, City of, Bridge 4 3^s,

A

Cedar Rapids Water Company.

Colorado Bridge Company.

revenues

Further

sugar tax and on the property tax

the Capital of the State.

of the State were more than 4 times
the

required for the service of the Loan.

amount

Sewer 4^s.

of the State of Rio de Janeiro.

ad valorem

Sinking Fund of

14%

yearly operates

towards

redemption.

Bonds of this issue are offered to investment houses
and
banks at a price that makes them attractive for
re-sale or
for investment.
We will be pleased to furnish

Evansville Electric Railway Co.
Evansville,
Indianapolis
& Terre
Haute Railway Company.
Housatonic Railroad Company.
Huntington Water Company.

description

complete

on

request.

Larchmont Yacht Club.
Little

Miami

Railroad

Company.

American Express Company

North Plainfield, Borough of
Northwestern Coal Railway Co.

65

BROADWAY—NEW YORK

Ogden Gas Company.
Old

Dominion

Terminal

MAY

Catskill

15TH,

Securities

Company.

Olean, City of
Panama, Republic of
Racine Water Company
Union Free School, District No. 1,
Town of Pelham, N.Y.
Vicksburg, Shreveport & Pacific
Railway Company.
Virginian Railway Company.
Watchung Water Company.

Bibtbetttig

59 CEDAR

1921

DURING

MAY 2

&

SANTA

FE

RAILWAY COMPANY.
New York, April 5, 1921.
dend

Board

of

Directors

has

(being dividend No. 64)

declared

on

a

the COMMON

C. K. COOPER, Assistant Treasurer.
5 Nassau Street, New York.

Pittsburgh

Exchange

National Bank

&

Cleveland

of

New York, April 26, 1921.
meeting of the Board of Directors of
Bank, held to-day, a quarterly dividend
a

Three

stock

and

was

One-Half per

declared,

stockholders

of

cent

payable

record

at

on

May

the

RR.

Co.

paid

THE

J.

G.

close

the

2,
of

or

STOCK

Works

capital
1921, to
business

INC.,

Street,

the Preferred Stock of thi
:k
is

Corporation, payable June 1,1921, to stockholders
May 16. 1921.
G. D. PLUNKETT, Secretary.

of record

THE J.

G.

WHITE ENGINEERING
CORPORATION.

43 Exchange

LEE, Cashier.

loan

CO.

DIVIDEND.

PETERS, Secretary.

Detroit, Mich., April 28, 1921,

OFFICE

OF THE

UNITED

GAS

IMPROVEMENT COMPANY
N* W, Corner Broad and Arch Streets

Philadelphia, April 14, 1921.
Meeting of the Stockholders of
Improvement Company wilB
be held at the office of the Company, N. W.
Corner of Broad and Arch Streets, Philadelphia»,
Monday, May 2, 1921, at 12 o'clock noon, when»
an election will be held for a President and six
(6)
Directors to serve for the ensuing year, and:
The

Annual

United

Gas

such

other business will be transacted as may
be brought before the meeting.
The stock transfer books will be closed from
3 P. M. Wednesday, April 20, 1921, until 10

A. M.

May*3,

Tuesday,

G.

Place, New York.

W.

1921.

CURRAN,

Secretary.

The

Gillette

Safety Razor Co.

regular quarterly dividend (Thirty-third
Quarter) of One and Three Quarters per cent.
(1%%) has been declared on the Presferred stock
of this Corporation, payable June
1 1921, to
stockholders of record May 16, 1921.
C. F.

The Board of Directors have to¬

day declared a quarterly dividend
of $3.00 per share payable from the
office of the Old Colony Trust
Company, Boston, Mass., on June
1st, 1921, to stockholders of record
April 30th, 1921.
FRANK J.

FAHEY, Treasurer.
Boston, April 13th, 1921.

CONN, Secretary.

Houghton County Elec. Light
Preferred

Dividend No.

(Shares—$2.5

par

Cape Breton Electric Co., Ltd.
Stone

ports

&

that

Annual

COMPANY.
Baltimore, Md., April 4th, 1921.
The Board of Directors has declared a
quarterly
dividend of One and a Half Dollars
($1.50) per
share on its Capital Stock, payable April
30th,
1921, to Jhe stockholders of record at the close of
business April 16th, 1921.
The transfer books
will
remain
open.
Dividend
checks
will
be
mailed.




T.

K.

Assistant

STUART,
Treasurer.

of

re¬

the

Co.

37.

value)

payable May 2, to Stockhold¬
of record April 25, 1921.

Company, Limited, to be held on
May 3, 1921, the transfer books
will be closed from April 22,
1921, to May 3, 1921, both in¬
clusive.

ers

Stone & Webster, Inc.,

General Manager

Publio Service Investment Co.
On

Tampa

Office of
CONSOLIDATION COAL

account

Meeting of the Share¬

Electric Co.

Dividend No.

66

A $2.50

quarterly dividend is
payable May 16, to Stockhold¬
ers
of record May 3, 1921.

Stone & Webster, Inc.,

General Manager

of

of

account

Meeting
THE

Webster,' Inc.,
on

holders of Cape Breton Electric

A $0.75 semi-annual dividend
is

wi

office,

our

date.

3 p.m.

The

New York.
The regular quarterly dividend
(Seventy-second
Quarter) of One and One-half per cent (114%)
on

at

Detroit
United
Railway
Directors
to-day
declared dividend of two and one-half
per cent,
payable in stock of the company June 1st, 1921,
to stockholders of record
May 16th, 1921, at
A. E.

& COMPANY,

37 Wal!

after that

SPEYER &
York, April 30, 1921.

New

WHITE

WHITE

of above

*

MANAGEMENT
T
CORPORATION
43 Exchange Place,
New York City.
The regular quarterly dividend (Thirty-Third
Quarter) of One Dollar and Seventy-Five Cents
($1.75) per share, being at the rate of 7% per
annum, has been declared on the Preferred Stock
of this Corporation, payable June 1st,
1921, to
stockholders of record May 16, 1921.
T. W. MOFFAT, Treasurer.
G.

1921,

presentation

on
on

Mtge

quarterly

1945.

(Municipal External Loan of 1920/

Coupons due May 1,
be

Gen.

MAY- 21, 1921.
Refunding 3j^s.

April 28, 1921.

ARTHUR P.

MAY

Marion County, Indiana,

has been declared

At

1921.
RR. Co.

2%.
Marion County, Indiana, Bridge Bonds.
Portsmouth,
Ohio,
Refunding Water
Bonds.
MAY 16 1921.
Indianapolis, Ind., School Bldg, Bonds.

.1.

this

OF

divi¬

Stock registered on the books of the
Company
at the close of business on
May 6, 1921.
Divi¬
dend cheques will be mailed to holders of COM¬
MON Stock who file suitable orders therefor at
this office.

The American

MONTH

div.

The Farmers' Loan and Trust Co.

The

&

Massillon

1921

TOPEKA

THE

Gold Bonds.
NOVEMBER 1,

DUE

3Hs.

Dividends.

ATCHISON

Twenty-five Year 8% Sinking Fund

1921:
Cleveland

THE

CITY OF BERNE, SWITZERLAND

NEW YORK

HOUSE

Co.

$6,000,000

STREET

THE FOLLOWING COUPONS AND DIVIDENDS ARE PAYABLE AT OUR BANKING

Commonwealth Water & Light

MAY 2ND,

Bitribentig

Wl NSLOW, LAN IER & CO

Illuminating & Power Co.
MAY 30TH,

bowling green 10.000

M

1921

Durex Chemical Corporation.

Telephone-

Department

of "the

Public

the

Service

Investment

Company, to be held
1921,
will

the stock

be

closed

1921, to
inclusive.

Annual

Stockholders
on

May 10,

transfer
from

May

Stone & Webster, Inc.,

10,

books

April 30,
1921, both
»

.'

General Manager

[Vol. 112.

THE CHRONICLE

XX

jftnatrrial
(f-

n=

The

Speech of

Elbert H. Gary,
to

Contain Investment Ratings on

Chairman

Every Stock
Every Bond
Every Note

the stockholders of the

United States Steel

BOOKS

RATING

Corporation

which you own or

i

contemplate purchasing.

IS

only books which combine
features of a "Manual"
and Rating Book

The
A MOMENTOUS PRONOUNCEMENT

—which

we

wish you to read solely in the belief

its contentions set forth a
most vital

A

that

which

should

thoughtful American, be he
A copy

Railroads
be

studied

executive

or

of the speech will be forwarded

by

every

artisan.
upon

request.

—

Industrials
Price

$20

per

Public. Utilities

—

Governments

volume

or
delivered

Mckinley &

Morris

Members New York Stock

Exchange

In spite

can




the

per

set,

Service

New York

Philadelphia

Boston

for

New York City

$80

Moody's Investors
35 Nassau Street.

Sixty Broadway

four volumes

possible solution of society's

economic problem.

statement

Issued Annually in

the

Chicago

of the fact that the net earnings
have more than doubled, you

stock

buy

POWER

four shares of PUGET SOUND
& LIGHT COMPANY STOCK for

less than

one

share used to sell for.
Write

Surely

this stock is too low.

VAN

WAGENEN ALLING
Profitable Investments,
Lake Forest, Ills.

April 30

1921.]

THE CHKCXNTCLE

xxi

Jfinandal

Member Federal Reserve System

Downtown Office

Member New York Clearing Association

Fifth. Avenue Office

16 Wall Street

at

57th Street Office

42nd Street

at

Paris

Madison Avenue

16 Place Vendome

SEWARD PROSSER. President
;V-

*

V.."- 1"

."«•••

•„■••••.

•

.V,

:•<

'

•

•

v;.'.',

.

'"V:-

'"-'T'

V''-'

Directors
Pierre S. du Pont

Steplien Baker
Pres't Bank of the Manhattan Co.

Samuel G.

Pres't Seaboard National Bank

Bliss, Jr.

Spencer Trask & Co.

B. Altman & Co.

F. N. B. Close

Fred'k T. Haskell

Vice-President

Vice-Pres't Illinois Trust

Thomas Cochran

& Savings

Morgan & Co.

Horace

Cuyler

Pres't

Chairman of the Board

Union

Trust Co.,

Paul Moore
Taylor, Bates & Co.

Daniel E.

Pomeroy

'

Vice-President

William H. Porter
J. P.

Morgan & Co.

Herbert L. Pratt
Vice-President Standard Oil Co.

Seward Prosser
President

Daniel G. Reid

Havemeyers & Elder, Inc.

Vice-President

Charles L.

Tiffany

Tiffany & Co.

Herbert K. Twitchell

Ranald H. Macdonald
Real Estate

■

John I. Downey
Building Construction




Havemeyer

Co.,

Henry P. Davison
Morgan & Co.

Bank, Chicago

Fred I. Kent

Philadelphia

J. P.

Exchange Bank

M. Friedsam

Bulkley

Commercial Trust

Walter E. Frew
Pres't Corn

Bliss, Fabyan & Co.

T. De Witt

President, General Motors Corp.

Harris^ Forbes & Co.

Astor Estate

J. P.

Pittsburgh

Allen B. Forbes

Nicholas Biddle

Edwin M.

McEldowney

Pres't

E. I. du Pont de Nemours & Co.

Bayne

Cornelius N.

H. C.

Chairman of the Board

Edgar L. Marston
^

Blair &

|Co., Inc.

Chairman of the Board,
Chemical National Bank

Owen D.

Young

y

Vice-Pres't General Electric Co.

THE

XXII

[VOL. 112.

CHRONICLE
jfmanrial
Sn***1

NEW ISSUE

WE OFFER

-$400,000

■

National Steel Car Lines Company
8%

Equipment Trust Gold Certificates
A

Series

To be issued

under the Philadelphia Plan

Columbia Trust Company,

To be

New York, Trustee

Unconditionally Guaranteed both as to

Chestnut and

Principal and Dividends by the

Smith Corporation

To be dated May 1,1921

To Mature

$30,000

$50,000 November 1, 1921,

$50,000 May 1, 1922 and

inclusive

semi-annually thereafter to May 1, 1927
At Prices to Yield 8.40%

MEMBERS

EQUIPMENT BONDS

NEW

EXCHANGE

STOCK

YORK

Freeman & Company
34 PINE

All of these Certificates
as

STREET, NEW

YORK

having been sold, this advertisement appears
matter of record only.

a

Salesmanship

Bond
"

Dillon, Read & Co. Interim Receipts
FOR

Grand Trunk Railway of Canada
15-Year

'The Human Side of

best book

on

Business* Is the
written."

this subject ever

$3. cash with order.
Descriptive
circular free.i
Published and for sale by
the Investment House of
Price

Frederick Peirce & Co.
1411 Chestnut Street,

Philadelphia

6^/2% Equipment Trust'Gold Certificates
Series "F"

Copartnership*
may

be exchanged on and after April 29, 1921, for

certificates

upon

surrender of the receipts at the office of

Central Union Trust Company of New




definitive

80

Broadway,

York

New York

CO-PARTNERSHIP NOTICE.
New York, April 30, 1921.
Christopher
D.
Smithfers, our senior

Mr.

partner,
having
decided to
active business, we announce,
retirement this day from
We
take pleasure
in
with

mitted

Dillon, Read & Co.

for

us

The

to

Maurice
Mr.

some

from

Announcing

that Mr.

who has been associated
has this day been ad¬

years,

partnership/in

our

firm.

constituted consists of Mr.
Selwyn Bywater, Mr.
L. Farrell, Mr. Culver B. McWilliam
Arthur B. Lawrence.
/
F, S. SMITHERS & CO.

firm

Charles
and

Lawrence,

B.

Arthur

withdraw

-with regret, his
partnership in our firm.

as

now

Smithers,

Mr.

April 30

1921.]

THE CHRONICLE

.

^financial

New Issue

1

$2,500,000

Meridian Petroleum Corporation
KANSAS CITY, MO.

First Mortgage Serial 8% Convertible Gold Bonds
Dated

April 1, 1921

Due Serially
Pennsylvania Four-Mill Tax Refunded

Redeemable at 105 until April 1, 1925, and at 103% thereafter
MATURITIES
(Accrued interest

be added to prices)

to

Price

Price

$100,000 Oct.

99.64
100,000 Jan.
99.47
100,000 Apr.
99.30
100,000 July
99.13
100,000 Oct. 1,1922
98.97
100,000 Jan. 1, 1923____98.81
100,000 Apr. 1, 1923____98.65
100,000 July 1, 1923
.98.50

$100,000 Oct.

1, 1921
1, 1922
1,1922
1, 1922

100,000 Jan.
100,000 Apr.
100,000 July
100,000 Oct.
100,000 Jan.
110,000 Apr.
110,000 July

1,
1,
1,
1,
1,
1,
1,
1,

At the above prices these bonds

The details of this issue

are

summarized

as

Price

$110,000 Oct. 1, 1925

1923
98.35
1924____98.20
1924
98.06
1924
97.92
1924
97.78
1925
97.65
1925
97.51
1925
97.39

110,000
110,000
110,000
110,000
110,000
110,000
110,000

Jan.
Apr.
July
Oct.
Jan.
Apr.
July

1,
1,
1,
1,
1,
1,
1,

97.26

1926
97.14
1926
97.01
1926
96.90
1926....96.78
1927
96.67
1927.._.96,56
1927
96.45

yield 8%%

follows, from

letter of Mr. W. R. Douglas,

a

Secretary of the Corporation:
A direct closed First Mortgage

SECURITY:

on

properties appraised by the

Keystone Appraisal Company of Philadelphia, specialists in the valuation
of

petroleum properties, at

or

more

net sound depreciated

President,

one

Association and his experience

more

Net

earnings available for interest and Federal Taxes

were

$1,216,910.41 for the

year

are

covers

a

ended December 31, 1920,

in progress, net

period of

the petroleum industry.

maximum bond interest requirements^
now

Based

on

or more

than six times

successful drilling

oper¬

earnings for the next twelve months period

conservatively estimated at $2,000,000.

MONTHLY SINKING FUND:
month of amounts
terest

Payments to the trustee must be made each

equivalent to the monthly accruals of principal and in¬

of this bond issue.

Provision has also been made for

a

sinking fund, to consist of 10% of the net earnings of each
,

I

than

twenty years of successful activity in
EARNINGS:

W. D. Richardson,

of the most competent refinery operators in the Mid-Conti¬

Mr. Richardson is also President of the Western Petroleum

field.

Refiners'

ations

value of $25,506,285.18,

Under the direct supervision of Mr.

MANAGEMENT:

nent

a

than ten times the total amount of the bond issue#

must be used to retire

additional bonds other than those

The Meridian Petroleum Corporation

is

one

next

contingent

year,

which

maturing.

of the most complete and efficiently

co¬

ordinated units in the petroleum industry, and in addition to
and

adequate tank

oil leases,

car

transportation facilities,

owns

ample refinery capacity
nearly 40,000 acres of valuable

principally located in Oklahoma, Kansas and Texas.

With only

a

partial

development of less than 25% of this acreage, there are over 600 producing wells having
a settled production
in excess of 2,000 barrels of crude oil per day, and included
among these properties are some of the most valuable leases in the famous Osage
District in Oklahoma.
Definitive bonds will be

ready for delivery about May 10th.

Descriptive circular

on

request.

HYNEY, EMERSON & CO.
Municipal and Corporation Bonds
39 South La Salle Street




Chicago

Telephone Randolph 2521

The statements and figures contained in this advertisement are not
guaranteed but have been obtained from
which we consider reliable and have been relied upon by us & n our purchase of this issue of bonds.

sources

5

THE

XXIV

CHRONICLE

[VOL. 112.

jfinandal

■*y

New Issue

SI,000,000

Compagnie Du Boleo
Societe Anonyme

(Santa Rosalia French Copper Mines)

8% Serial Gold Debentures
Annual Maturities 1926-1930, Inch

Dated March 1, 1921.
French

and

Free from

all

taxes, and

U. S, Federal Income Taxes

Principal payable in gold coin of the U. S.

The Compagnie

Mexican government
up

to 2%.

0)'$

Equitable Trust Co., New York, Trustee

Du Boleo is a French Corporation, and operates a large copper mine on the
The Company is controlled by the Rothschilds, together with the Mira-

Gulf of California.
beau Banking

Corporation of Paris.

Authorized issue of debentures is limited to $1,000,000 and constitutes

the Corporation's

only funded debt.

While

any

part of this issue is outstanding, no mortgage or

be created upon or

against

any

pledge

of the Company's properties.

As of November 30, 1920,

can

after giving effect to this financing, net quick assets equaled

340% of this issue at the present rate of exchange (francs at 7c).
The Company agrees
that its reserves figured at current rate of exchange will always be equivalent to twice the
outstanding debenture issue, which at the present time requires 30,000,000
The

francs.

following fixed assets have been written off out of profits over a period of years, and

not appear on

The

do

the balance sheet:

mine

Fifteen (15) miles of railways, 220

itself;

cars

and 9 locomotives;
Mine

which
over

improvements and equipment
have

a

present

day value

of

$10,000,000;

Seven (7) furnaces of 1500 tons daily
capacity; A modernly equipped 3000
h. p. power house;

(5) ocean-going steamers having
conservative valuation of $1,000,000;

Five
a

*

"n^e„ve,0Ped_m,,?,n«1 pJroPe,rtJ" °f
50,000

Tugs, tenders, lighters, etc.;

acres;

Grazing land of 1,500,000

acres.

I

Average annual net income for the past ten years has been about 15 times annual
requirements on this issue at the normal rate of exchange, and over 5 times interest
ments at

the present rate

of exchange.

ings (one month estimated)
exchange (francs at 7c).

were

interest
require¬

For 1920, a dull year for the copper industry, earn
4 times interest charges at the present rate of

over

1

uninterruptedly for the last twenty-eight years on the capital stock
(120,000 shares par value 100 francs) which have a market valuation on the

Dividends have been paid
of the Company
Paris Bourse of

about 90,000,000 francs.

The legal issuance of these
Madison & Sutro, Attorneys,

debentures, and all matters pertaining thereto, will have the approval of Messrs. Pillsburg.
of San Francisco. Accounts audited by Messrs. Haskins & Sells, Certified Public Accountants.

$200,000 due annually March 1, 1926 to 1930 inclusive
When,

Prices to

as

and if issued, at

yield about 8XA%'

Chandler & Company

Girvin & Miller

INCORPORATED

New York

,

Philadelphia

Boston

John Nickerson, Jr.
New York




St. Louis

The information

San Francisco

Seattle

Los Angeles

Stephens & Co.
San Francisco

Los Angeles

contained in this advertisement has been obtained from

reliable sources, and while not guaranteed, is accepted by us as accurate.

San Diego

April 30

1921.]

THE CHRONICLE

xxv

financial

NEW ISSUE

$1,000,000

The Twin State Gas & Electric Co.
Ten-Year 8% Bond Secured Gold Notes
Dated March 1, 1921

Due March 1, 1931

Interest

payable semi-annually, September 1st and March 1st, without deduction for normal
Federal Income
Tax up to 2%.
Principal and interest payable in New York.
Coupon Notes registerable as to
principal
in interchangeable denominations of $1,000, $500 and $100.
Redeemable or purchasable at the
option
of the Company, as a whole or in part, at any time after
February 28, 1923, on 30 days' published
notice, at
105 and accrued interest during the year ending February 29, 1924; 104
during the year ending February 28,
1925; 1033^ during the year ending February 28, 1926; 103 during the year
ending February 28, 1927; 102M
during the year ending February 29, 1928; 102 during the year ending February
28, 1929; 10114 during the
year ending February 28, 1930, and 101 during the year ending February
28, 1931.

CENTRAL UNION TRUST COMPANY OF NEW

The

YORK, TRUSTEE

accompanying letter from Mr. Samuel Insult, President of the Company, is summarized
BUSINESS

The Twin State Gas & Electric
and operates electric

light and

the properties of the
Company.
thorized issue of $1,000,000 of the
to

Company

power

plants

owns
serv¬

000

as

follows:

Of the

au¬

Notes, $600,-

are

presently to be issued.

ing

a prosperous territory centering about Dover
and Berlin, New Hampshire; Bennington, Brat¬
tleboro and St. Johnsbury, Vermont; Berwick,

Maine, and Hoosick Falls, New York.
The
Company also furnishes gas in Dover, Benning¬
ton and Brattleboro.
The Company serves with
electric light and power forty-three communities
having a population of 104,888.
The principal cities and towns served by the
Company are well established manufacturing
centers containing important and varied indus¬
tries,

SECURITY
These

MANAGEMENT

principal amount of outstanding notes
deducting therefrom any cash deposited in

of

bonds

pledged

are

of

the

Middle

West

Utilities

Company,

of its associated holding
companies, controls the Company.
The Middle
West Utilities

Company through its subsidiaries
serying with one or more kinds of public
utility service, principally electric light and
now

power, over 500 communities in fifteen States.
For the calendar year 1920 the
gross

income of
over

$22,700,000.

are a

first mortgage on

OF

These

important parts thereof.

FRANCHISES
All

important franchises were granted by the
State Legislatures and have been construed
by
as

perpetual.
EARNINGS

Gross earnings amounted to
$1,107,965 for the
calendar year 1920.
The balance remaining
after payment of bond interest for 1920
is over
3 3-10 times the annual interest
requirements

ISSUE

These Notes are authorized to
provide for the
retirement of $500,000 7 % Collateral Gold
Notes
of the
Company, due June 1, 1921, to refund
$200,000 7% Collateral Gold Notes due Decem¬
ber 1, 1922, and for additions and
improvements

97% interest,
and

on

$200,000 7% Notes due December 1, 1922, and
the $600,000 8% Notes
presently to be issued.
The net earnings of the
Company for the months
of January and
February, 1921, show an increase
of 43% over the
earnings for the corresponding
two months of 1920.

PURPOSE

withdrawn.

on

one

subsidiary companies amounted to

securities

a

mortgage on the Company's entire
property now owned or hereafter acquired and

efficient local organization under the direc¬

an

these

The

aggregate amount of 133 1-3% of the par value
of all notes
outstanding.
Of this 133 1-3% of
collateral the First and
Refunding Mortgage 5 %
Gold Bonds must comprise an amount not
less

Counsel

management of the Company is carried

which, through

is

direct obligation of

Company, and are
collaterally secured by pledge of that Company's
First and Refunding
Mortgage 5% Gold Bonds
and 6% General
Mortgage Gold Bonds, in the

lieu

The
Company owns efficient hydro-electric
plants at Gorham, Brattleboro, Bennington, St.
Johnsbury, South Berwick and Hoosick Falls,
and a steam turbine plant at Dover.
In addition
the Company controls a number of valuable wa¬
ter powers which it has not
yet developed.

by

the

& Electric

than the

PROPERTY

tion

are

Twin State Gas

after

The

Notes

earnings
interest
Since

It appears certain that net
at
least twice the

for 1921 will be
bonds and notes.

on

its

organization

or

for

fifteen years

Company has regularly paid interest

on

the

its bonds

and notes, and for twelve
years

quarterly, dividends

on

has paid regular
its Preferred Stock.

to yield about 8.37%

We offer these Notes,
when, as and if issued and received by us and
subject to approval of counsel.

A. H. Bickmore &
111

BROADWAY

NEW YORK

Company
SHAWMUT BANK

BUILDING

BOSTON X

h? not
do




are official or are based on information which we regard as reliable, and while we
guarantee them, they are the data
upon which we have acted in the
purchase of this
security.

1

[Vol. 112.

THE CHRONICLE

XXVI

financial

Rotterdamsche Bankvereeniging
The Hague

Amsterdam

Rotterdam

BALANCE SHEET PER

?

DECEMBER 31st, 1920

ASSETS

Available Funds:
Cash in hand and at

—-—f

call,.—*

36,847,486.22^

■

Bills Receivable:

f 89,561,126.11 ^

Inland

'

3,177,321.00

Foreign..

92,738,447.113^

171,917,749.97

Cash at Bankers..

Investments
Advances on

Securities

Advances in Current

Inland

—

—

......

...

26,562,092.33
" 66,919,716.91

f 196,190,608.75

— —

41,113,761.81

—

-

-nv

Liability of Customers on

Guarantees as per contra

Participation in Syndicates
Bank Premises.

301,503,683.31

Account:

.

Foreign....

f

_

_f

"237,304,370.56

44,728,495.79

"

—...

"
"

_

Invested Pension Fund

7,932,758.00

3,720,000.00
1,202,110.90

LIABILITIES

Full

Capital Paid Up in
Funds

Reserve

Extra Reserve

Bills

Payable:

Accepted

|_

Advised
Advances on Stocks
Current

and Bonds for Third Account

Accounts:

Inland

--

Foreign,

Deposits

...

Guarantees

Balance of Stocks....

.

Pension Fund
Dividend

1920

Balance Carried

.

...

Forward to 1921

PROFIT AND LOSS ACCOUNT

PER DECEMBER 31st, 1920

DEBIT

f 8,4

Working Expenses
Written Off on Premises Account

" 1,0

>20,1

Net Profit
to

be divided

as

follows:

Transferred to Reserve Fund

.

Extra Reserve

" 7,500,000.00
"
678,750.00
" 2,065,978.52
"
930,595.61

Dividend 12%
Tax

on

ditto

Tantiemes and Bonuses
Balance carried forward to 1920

CREDIT

Brought Forward from 1919...
Profit on Interest and Foreign Exchange
Commission
Stocks and




_

participation in Syndicates.

f 5,000,000.00
" 4,000,000.00

_

April 30

1921.]

THE CHRONICLE

xxvii

rlHuaitrial

$230,000,000
(Total Issue)

Northern Pacific
Joint 15-Year
*-"■
v

,

'

'

'

{

*

Great Northern

6%% Convertible Gold Bonds

(C. B. & Q. Collateral)

'

'

-

1

'

1

'

*•

'

'

,

'

r

i

^

r

To be dated July 1, 1921

Interest payable
January 1 and July 1

Convertible

at

*

Jv

t

»

To mature July 1, 1936

time, at the option of the holder, as more
fully
6% Bonds of the Northern Pacific Railway
Company and-or 7% Bonds of the Great Northern
Railway

described

any

below,

into

Company.

Redeemable, at the option of the Companies,
on

75 days

notice.

as a whole or in amounts of not less than
$5,000,000, at 103M% and accrued interest at
Any Bonds called for redemption, in order to be
converted, must be presented
for conversion fifteen
days before the redemption date.

Coupon Bonds in denominations of $1,000, $500 and $100, with privilege of registration
of $1,000 and authorized multiples thereof.
Coupon and registered Bonds and the

as

to

principal.

The

The Joint 15-Year 6H% Convertible Bonds

are to

.

Northern Pacific

be the direct and joint obligations of the
and

the

of

Great

Northern

Railway

Companies, and are to be secured by a pledge of 1,658,674
shares (approximately 97% of the
outstanding stock) of
the Chicago, Burlington & Quincy Railroad
Company
(which percentage of stock has heretofore constituted the
sole collateral security for the
maturing "Burlington Joint
4s"), and in addition by $66,000,000 of mortgage bonds
of the two obligor Companies, the
deposited collateral
being valued at an amount m excess of 120% of the principal amount of Joint 6/£ ^ Bonds to be issued.
Conversion

The Joint. 6

J*%

Bonds may be converted,
p .
..
par for par, without charge, at the option
rnviieges
Gf the holder at any time (upon
presentation not later than fifteen days before
maturity or earlier
redemption) into 6% Refunding and Improvement Mortgage Bonds (Series B) of the Northern Pacific Railway
Company, due 2047 (callable after 15 years at the Company s option at 110% and accrued interest), or into 7 %
Fifteen-Year General Mortgage Bonds (Series
A) of the
Great Northern Railway Company, due 1936
(with no
option of prior redemption), or into bonds of both issues
in any ratio between the two which the holder of the Joint
6M% Bonds may desire, but not more than $115,000,000
of either of such mortgage bonds will be issuable
upon such
conversion.

YORK, Trustee.

Sucb Northern Pacific Bonds are, in the
opinion of counsel, a legal investment

UfTFSsurSnw for savings banks

Companies

cut

and Vermont.
Both such Northern Pacific Bonds
and such Great Northern Bonds
are, in the opinion of "

counsel,

.

New

and trust funds in

York, Massachusetts,

Connecti-

a

n!

fh,

legal investment for life insurance companies in

nf

F

Vnrlr

xorK.
_■■■{-■.

_

>

.

„

Earnings

During the ten and one-half years from 1911
to 1920 inclusive, the combined average sur-

plus income of the Northern Pacific and Great Northern
Railway Companies, after payment of combined fixed
charges, other than the interest on the outstanding joint
bonds which

are

to be refunded

^out $44,000,000 annually,

by the

new

issue,

was

and, in addition, the share

roads in the surplus mcome of the Chicago, Burhngton & Quincy Railroad Company, after the payment
of its fixed charges, averaged about $20,960,000 annually,
the total annual average being about
$64,960,000, as compared with $14,950,000 which will be required annually
for interest on the new issue of Joint
6%% Bonds,
r

..

t,.i„

qu>ty

i

mm

r>

p

Since July 1. 1901, the Chicago, Burlington &
Quincy Railroad alone has increased

its surplus

m the amount of approximately $200,000,000,
against
which no securities prior to the stock have been issued.

The combined net assets of the Northern Pacific and of the
Great

Legality]
and

interchangeable.

following summarized description of these Joint 6]/2% Convertible Bonds has been
prepared for us by Howard Elliott,
Esq., Chairman of the Northern Pacific Railway Company, and Louis W.
Hill, Esq., Chairman of the Great Northern
Railway Company, from their letter to us dated April 25 1921:

Security
_T

time

Fully registered Bonds in denominations

several denominations

THE FIRST NATIONAL BANK OF THE
CITY OF NEW

any

Northern% after deducting their prior debts, together

97% "P1"? net assets of the Chicago, Burlington &
Quincy Railroad, after deducting its debt, indicate an
equity, at book value, for these properties, of close to
$1,100,000,000.

The above bonds
at

are offered,
subject to issue as planned, for subscription
96*4% and interest, to yield approximately 6%%

Discount will be allowed at the rate of
6M % per annum on the principal sum of the Bonds from
the date of payment to July 1, 1921, from which latter date
interest will accrue on the Bonds.

Subscription books will be opened at the office of J. &. Morgan & Co., at 10 o'clock A.
M., Thursday, April 28. 1921.
The right is reserved
any and all applications, and also in any case to award a smaller amount than
applied for.
The amount due on allotments will be

reject

at the office of J. P.

Morgan & Co. in New York funds

t~

payable

on or

about May 16, 1921.

,

i

Northern Pacific-Great Northern, C. B. &
Q. Collateral 4% Joint Bonds, due July 1, 1921, with final coupon attached, will be
accepted
100% and accrued interest to date of payment on allotments.

in payment at

Temporary Bonds, exchangeable for definitive Bonds, when prepared and
received, will be delivered

J.

P.

Morgan & Co.

First National Bank, New York
The National

City Company

Guaranty Company of New York

Bankers Trust

Harris, Forbes & Co.

National Bank of Commerce in New York

American

Exchange National Bank

Company of New York
The Equitable Trust

Brown Brothers & Co.

Halsey, Stuart & Co.
J. & W.

Seligman & Co.

Clark, Dodge & Co.




Company

Lee, Higginson & Co.

Mechanics & Metals National Bank

Central Union Ti*ust

upon payment.

New York Trust

Kidder, Peabody & Co.

White, Weld & Co.
Blair &

Company

Company of New York

Company, Inc.

Hayden, Stone & Company
Kissel, Kinnicutt & Co.

Dillon, Read & Co.
Spencer Trask & Co.
E. H. Rollins & Sons

Lazard Freres

,




[Vol. 115.

THE CHRONICLE

XXVIII

jf manual

A Rising
As commodity
shown

prices have dropped bond values have

improvement.

The

cause

is evident:

The process
a

Market

of price reduction will eventually result in

quickened the

lowering of interest rates; and this has

demand for
rate of

high-grade securities which now carry a high

interest.

Professional bond buyers,

quick to

sense

the situation,

bought heavily, realizing that the present

have
to

buy sound securities with large interest

be

duplicated in
It's

a

a

generation.

opportunity

yields

may

not

,

simple lesson in finance—a case of buying on a

rising market.
But
can

professional investors

profit by it.
The

saver

are

not the only ones who

.

nonprofessional, the inexperienced investor, the

who has not yet fully

sensed conditions

can

learn this

simple lesson if it is driven home.
Reach them—teach them—all classes of investors,
and small,

large

experienced and inexperienced, actual and poten¬

tial—through the

more

than 400,000 circulation of

THE CHICAGO DAILY NEWS
First in Chicago

INCLUDING
Bank &

Quotation Section

Railway & Industrial Section

Electric

Railway Earnings Section

Bankers* Convention Section

State and

VOL. 112.

PUBLISHED

Inc. or

1921.

$10 00

...

far Six Months

6 00

NOTICE—On account of the fluctuations in the

European

subscriptions

13 50
7 75

advertisements

and

11 50

_

rates of

exchange, remit,

must

be

made

in

Naw York funds.

and

1920.

$

Chicago

$

483,761,445

_

Cincinnati

Dec.

Oity (semi-annual

Bankebs* Convention (yearly)

Terms of

______

Detroit

Milwaukee-

Indianapolis
Columbus.-

Peoria.----.—__
Grand Rapids.—
Dayton-.
—

103,953,674
91,723,795
26,005,30;
13,849,001
13,191,50C
11,923,27?
3,478,566
5,636,053

cents

On request

2,400,00C
1,786,884

Fort Wayno
Rockford

1.900.00C

Youngstown

3,118,170
950.00C

%
—21.3

1919.

—14.6
—26.4

—30.4
—17.6
—11.8

+3.5
—22.7

5,667,976

—25.6

4,979,016

—12.6

3,682,786
3,946,973

—21.9
—6.6
—4.2

—28.0

2,140,685
1,558,193

—52.8

2,400,000
3,382,435
1,224,810
8,262,000

—32.9

3,720,763

—15.0

1,689,383
1,420,315
1,082,583
1,111,463
1,252,381
1,200,000

6,293,000
3,389,674
1,303,46c
1,141,051
1,236,996
1,103,430
1,300,490
2,014,094

3,852,226
1,400,000
13,344,000
5,449,136
1,534,955
1,623,200
1,612,500
1,428,678
1,856,381
2,241,073

Danville

821,087

960,815

—14.5

Jacksonville, 111..

Chicago Office—19 South La Salle Street, Telephone State 5594,
London Office—Edwards & Smith, 1 Drapers' Gardens, E. C

285,905

547,562

—47.9

520,253

732,141
1,300,000

992,408

—26.2

871,617

1,764,154

—26.3

672,622
496,040

—40.6

1,328,502
\ 822,796
313,168

Lexington.
Akron

Canton

WILLIAM

B.

DANA

COMPANY, Publishers,

Bloomington

Front, Plna and Depeyster Streets, New York.

Quincy

Springfield, Ohio.
Decatur
Published every Saturday morning, by WILLIAM B. DANA COMPANY.
Presi¬
dent, Jacob Seibert Jr.; Vice-President Arnold G. Dana; Business Manager, William
D. RIggs; Secretary, Hernert D. Seibert.
Address of all, Office of the
Company.

________

MansfieldSouth

Bend

Lima

CLEARING

HOUSE

RETURNS

Lansing

The following table, made up by telegraph, &c., Indicates that the
total bank
clearings of all the clearing houses of the United States for the week ending to-day

have been $6,255,082,616, against

corresponding week last

$6,304,174,906 last week and $8,797,097,461 tht

J,
Per

1921.

1920.

$2,794,133,919
407,177,677
295,691,520
Boston.
;
197,740,820
Kansas City.____j.._____
107,650,362
St. Louis--..i+'.iiiC
85,289,761
San Francisco
98,700,000
Pittsburgh
1
108,968,375
Detroitl
67,655,432
-Baltimore
55,937,032
New Orleans.
35,942,115
_

_

Philadelphia

_

_

_

_

.__ _

_

_

_

Adrian

—20.5

383,117,757
295,449,519
194,764,518
132,981,701
125,757,186
134,412,606
105,000,000
68,586,621
63,704,279

.

—

1

_

_

__ _

„

-

_

________

Eleven cities, 5 days____-_______.__

All cities, 1 day

$5,917,702,466
1,155,478,923

$5,179,133,650
1,075,948,966

Total all cities, 5 days

Los Angeles

—22.8
—33.0
—44.7
—35.9

Salt Lake City...

Spokane

__

Tacoma
Oakland

Sacramento
San Diego

_____

------

—21.5
—18.9

—36.5
—18.5
—43.6

Pasadena

——

Stockton
Fresno

;_

Yakima

$7,073,181,389
1,723,916,072

—28.1

—20.0

Total

Pacific

_

__

$6,255,082,616

$8,797.0^7.481

—28.9

Minneapolis
Omaha

The full details of the week covered by the above will be
given next Saturday.
We cannot furnish them to-day, clearings being made
up

by the clearing houses
Saturday, and hence in the above the last day of the week has to be in
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending April 23 show:
at noon on
'

St.

Paul—

DenverSt.

Joseph._____

Dcs

Moines

1921.

1920.

New

York

3,319,773,602 5,193,599,960
386,686,278
507,877,429
138,780,922
178,087,660
75,219.065
91,840,811
35,702,125
43,658,505

Philadelphia
Pittsburgh.
Baltimore
Buffalo

.

Washington.-—

17,185.929

Albany

4,500,' 00

Rochester

8,601,328

Scran ton

4,546,751
3,931,962

Syracuse

Reading

3,554,632
2,072,665
2,776,552
4,415,128

Wilmington
Wilkes-Barre

—22.1
—18.2

—21.5

4,720,574
3,172,758
3,394,331

—16.7

3,860, 750

820,700
1,200,000

1,253,500
1,300,000

1,036,598
856,835
360,385

Chester....-

Altoona
Montclair

i
_

_

Huntington

+ 1.8
+ 3.2

+ 12.0
—38.9

+0.2

—32.3
—13.3

2,431, ,995
3,979, ,602
2,041, ,760
3,898, ,502
1,525, ,134
3,207, 139

11,283,823
4,853,591

6,409,724
3,300,000

3,926,456
2,655,270

3.022,262
2,037.700
3,910,991

—20.5

2,644, ,715
2,008, 741

1,407,785
2,525,003
2,751,349
1,843,588

—34.5

949. 800

755,000

—10.0
—19.8

'

—7.7

1,250 ,000

1,612,515
1,008,028

—35.7

1,394 ,197

—15.1

910 ,435

636,363

—43.4

309 ,391

1,333,205
1,373,864
679,345
374,468

1,544,029
1,806,700 —14.5
2,682,331 Not Included in total

Bethlehem
Total MiddleBoston

4,022,957,785 6,092,360,402
261,024,278
10,160,100
8,614,241
5,000,000
3,606,121
2,350,000

366,946,091

Worcester...—.

3,348,746

Fall

Bangor

1,168,615
1,069,410
967,466
700,000
925,000

4,321,743
2,803,078
2,028,582
1,275,784
800,000
862,824

Stamford

2,537,062 Not Included

Providence
Hartford..
New Haven—

Springfield
Portland

River

New Bedford

Lowell

Holyoke

19,277,250

—21.0

2,116,891

Greensburg

58,123,619

5,755,768

2,421,425

1,370,999
3,482,984

75,373 ,766

4,360,915
10,962,937

Lancaster

—

________

149,058 ,961

1,190,830,955
361,466,165
121,677,264

—18.0

16,884,679

Bingham ton.

Trenton

396,361 ,686

21,484, ,558
14,032 ,281
6,361 ,996
7,060 ,066
3,561, ,957

Erie

Wheeling

1918.

—

Total New Eng

298,933,977




304,227,555
9,428,000
8,769,520

—22.9

—10.2

5,919,276
4,769,082
2,500,000

—15.5

5,448,600

—24.4

3,609.580

—6.0
—58.3

2,500,000
3,315,610
1,948,487

—47.3

1,666,666

—24.1

414,989,789

—22.5

233,357,830
11,473,500
7,583,631
4,798,009
3,931,924
2,700,000
4,023,418

990,079

3,024,094
2,301,962
1,349,449

-12.5

662,124

887,675

+ 7.2

721,694

807,126

in total

-28.0

32,450,213
10,000,000

9,607,622
3,101,605
10,002,938
5,0C0,0G0
2,637,282

5,367,967
10,511,220
5,608,604
2,814,788
2,318,072
4,588,900
4,879,191
1,919,685
1,800,000
908,270
3,009,857

3,116,252
4,629,000
3,806,671

—24.2

40,193,000
35,758,141
32,756,552

—38.0

13,500,000

—34.2

8,540,632
4,403,207
7,500,000
3,481,171
1,924,739
1,178,687
1,694,867
2,496,691
963,356
1,066,383
788,325

—27.5

—42.2

—4.8

—10.8
—6.3

+ 34.4
—8.7

—22.0
—40.1

—17.9
—22.9

793,360

875,074

1,466,566

510,337
929,971

330,659,537

389,325,270

—15.1

264,321,942

226,719,861

225,955,060
85,959,714
60,436,938
47,020,410
18,026,030

—38.3

179,446,301
38,787,762

8,461,183

16,357,243
13,088,746

—32.4

10,071,063
7,778,227
14,408,069

—26.6

188,975,297
26,899,577
59,661,618
12,341,983
26,391,580
18,673,460
9,628,978
8,735,910
3,824,939
8,238,995
3,795,890
2,900,000
1,943,826
682,662
629,977
2,280,491
2,907,248
1,719,219

857,595 Not included

Tot. Oth. West

343,843,676
112,938,618

Atlanta

41,227,095
23,260,909
23,556,757
6,394,552
37,865,635
10,047,972
40,074,458

Memphis

12,909,375

St.

_______

Louis

New

Orleans

Louisville

Houston
Galveston
Richmond
Fort

Worth

336,238,618

1,727,917
1,275,942
3,054,029
1,163,628

+ 9.7
in total

Birmingham
Jacksonville

Chattanooga
_

Rock

Oklahoma
Macon

Austin.-.

—_

Vicksburg
Muskoge^
Tulsa

8,443,116
750,000
24,264,881
3,520,998

Jackson
Dallas

Shreveport
Total

Southern

Outside N. Y_

1,053,978
250,848
3,006,553

455,824.849

—34.7
—33.5
—22.9

9,234,646
3,950,211
2,745,867
2,226,062
796,627

—12.9

639,949

—43.4

2,584,863
1,577,899
1,902,781

—40.6

+ 77.9

524,238,237

—34.4

371,332,788

383,691,754

161,720,923

—30.2

143,161,472

65,690,882

—37.2

55,191,401

30,767,722
25,677,620

—24.4

16,590,383
15,500,000

138,484,682
50,126,226
21,813,600
10,500,000
3,146,840
41,658,079
11,999,753
36,004,906
9,784,065
4,601,407
12,766,036
6,926,555

6,226,477
61,873,722
16,599,765
73,229,017
25,160,300
9,537,376

—23.4

—8.3

+ 2.7

4,092,697

—38.8

46,175,756
13,439,526
41,424,722
18,920,586
5,452,701
15,472,642

—39.5
—45.3

—48.7
—58.7

24,500,000

—29.3

10,764,748

,

—39.7

9,282,840

21,377,819
13,705,286
10,122,817
2,928,405
13,072,678

—11.3

10,150,803

—20.4

2,476,857
4,351,716
4,800,048
13,035,278
8,113,019
1,800,000
363,212
4,425,104
13,995,112

—19.2
—51.0

7,517,788
5,268,367
3,029,110
4,392,627
1,372,459
2,625,103
3,416,795

+ 75.3

10,398,334

—56.9

1,350,000
3,000,000

—50.3

—12.0
—36.0

—55.3

—41.5

3,543,900
4,398,407
4,759,391
2.459.406
4.004.407
1,179,913
2,818,080
3,000,000
8,380,998
1,500,000
1,632,925

—31.1

304,435

300,781

—32.1

2,523,025
8,523,388

10,651,056

—42.5

2,349,943

+ 1.6

410,920

29,224,743

—17.0

23,727,860

5,359,644

—34.3

2,700,464

532,111
15,639,031
1,970,497

—31.1

475,116,204

416,932,989

738,603

661,638,892

6,304,174,906 9,183,830,514

J 2.984.401

—15.7
—40.9

1,285,278
715,711
481,181
977,434

8,.367,868
2,000,000

Charleston

—42.3

19,512,358
16,092,395
9,606,813
8,477,551
5,933,085

630,707
486,958
1,343,106

2,578,830

1,945,386
2.350,000
22,850,110
3,500,000

—2.7

1,418,233

5,027,700

Mobile

—30.7
—48.3

48,156,194
15.785,420

—3.1

17,331,255
6,490,258
18,971,254
10,904,026

Norfolk

—43.1

—40.8

3,942,417

Nashville

—28.8

—32.1

567,045

Savannah

Total all

343,287,915

98,995,110
28,190,000
31,819,857
25,000,000
12,057,857
7,035,927
5,351,404
5,757,997
3,151,091
1,708,471
941,438
1,750,544
1,851,423

689,819

Helena

Aberdeen

Augusta

9,592,199

106,609,625

+4.2

77,502,000
43,057,372
42,826,184
16,120,934
14,611,156

Hastings.
Billings.—

Waterloo

Little

13,170,500

—16.9

151,411,070

678,933

Fargo

Knoxville

—34.0 4,603,577,072 3,805,827,677
—28.9

125,800,000
80,725,000
31.228,967

Fremont...

—

—36.1 3,899,869 ,640

85,000

777,102,610

863,064
738,311

Cedar

$

—23.9

2,769,778
6,527,622
1,580,493
3,868,266
3,019,668
2,661,142

York....

1919.

113,102

850,001,299

5,472,897
3,536,302
3,123,588
1,120,882
847,872
3,051,909
2,146,135
1,716,941
1,714,126
700,399
740,807
1,164,879

Tooeka

%

+ 6.9

626,888

—26.0

Rapids...

Lincoln

or

Dec.

—10.1

—22.6

Colorado Springs.
Pueblo

City—

Wichita

April 23.

Clearings atInc.

—30.0

202,915

8,851,914
5,813,887
6,560,860
10,571,561
3,233,625
2,308,830
2,078,824

Sioux

Duluth
Week ending

—29.1

—37.6
Kansas City

Total all cities for week

—23.3

75,770,970
56,723,827
27,957,552
12,581,000
9,105,700
8,996,736
5,070,889
4,938,885
3,902,801
3,540,652
1,891,975
1,253,390
2,000,000
3,212,324
861,752
5,994,000
2,193,442
1,397,014
1,191,452
1,078,861
1,081,473
1,040,882
1,156,227
715,000
442,639
790,986
1,061,379
965,104
248,258

139,432,864
61,232,251
34,393,622
32,596,984
17,548,583

Long Beach
Santa Barbara..

—26.8

—29.7

484,435,627
55,506,813

851,965,082 1,101,277,923

1,149,975
1,476,942
700,000
3,379,070

San Jose
Reno

$4,254,887,013
924,246,637

Other cities, 5 days.

San Francisco,..
Seattle
Portland

—28.4

512,054,563

_

_______ ____________

Cent.

$3,901,873,716

_

_________

_____ _

Arbor

Tot. Mid. West

Chicago

_

399,442
530,664
150,000

year.

Clearings—Returns by Telegraph.
Week ending April 30.
'New York.

Owensboro
Ann

—19.1
—32.1

1918.
$

513,844,168
50,183,537
79,815,479
91,707,542
25,845,286
13,295,000
9,939,900
12,097,299

—34.0

7,571,76C
5,148,45?
5,102,26?
2,568,328
1,864,848
2,640,000

3,985,284

Springfield, 111

line.......................45

5.269.51C

4.500.00C

Evansville

Advertising

Transient display matter per agate
Contract and Card rates

614,883.45C
67,809,28(
141,159,574
131,834,37:
31,572,356
15.709.00C
12.743.60C '
15,422,447

57,880,69?

Cleveland.

Toledo

Subscription includes following Supplements—
Bank and Quotation (monthly) Railway & Industbial
(semi-annually)
Railway Eabnings (monthl
Electbic Railway (semi-annually)

State

ending April 23.

at-

Subscription—Payable in Advance

European Subscription (Including postage)
European Subscription six months (including postage)
Canadian Subscription (Including postage)—....
for

NO. 2914
Week

Clearings

WEEKLY

far One Year

ranees

City Section

SATURDAY, APRIL 30, 1921

JIxjc (SMxtmidz
Terras of

Railway Section

304 ,3.990.230.554

—31.3 6
6,907.937,220 5,946,513.009
—25.2 8
3.008.067.580 2.755.682.054

THE

1790

[Vol. 112.

CHRONICLE

Could there be stronger evi¬
condition of
property generally in the United States?

3% down t<j) only 4%.
THE

FINANCIAL SITUATION.

have been

There

dence

number of important

a

railroad

events

both

the railroads

concern

both

to throw an

serve

striking significance
and, as it happens, they

tion in the dividend rate on

predicament of the

when a strong railroad
like this
And what excuse can be

roads,

aends under the strain.

offered at such

rail carriers

We have reference to

themselves.

find

weaker

interesting sidelight upon

plight in which these

the unfortunate

be said of the

And what is to

week, but the two of most

this

going to show how serious is the

a

juncture for the action of

the reduc¬

in

the stock of the Penn¬

granting relief to the carriers from

bringing out of the $230,Pacific-Great Northern joint 15year 6%% convertible gold bonds to take up the
$215,227,000 Chicago Burlington & Quincy collat¬
eral trust bonds due July 1, 1921.
The two trans¬
actions are not in any way related or connected,
and the $230,000,000 new bond issue is a construc¬
tive event of the first water, requiring banking tal¬

the high costs

they are laboring?

under which

sylvania Railroad and the

000,000 Northern

are

flotation that bear

unmistakably the mark and im¬

common

Chicago Burlington & Quincy, practically the whole
of the stock of which underlies the new bond issue,
always enjoyed good management,

has

and unques¬

in
the West, with an unsurpassed dividend record, and
yet even such an issue, so secured, cannot be floated
except at a high interest rate and at heavy cost for
tionably ranks as the strongest railroad property

The

Chicago Burlington & Quincy collateral bonds

liear

to be taken up

lion

only 4% interest.

bonds which

new

rate it is necessary

them

make

.new

had

The

bonds will have back of them $66,000,000 bonds

stock.

At

96% the yield to the purchasers of the

bonds for the
will

be

and

15-year period which the bonds run

expenses

approximately G%%, and the commission

bonds of
money

add still further to the cost of the

to the issuing companies.

great

on

their

for

The opportunity

for the investor, but what

one

tary it offers
funds

connected with the flotation of the

course

a commen¬

the condition Of the carriers when
use

can

only be obtained at such

The cut in the dividend rate of the
Railroad from

6%

to 4% affords stil

per annum

more

striking testimony to the

is

"water" of any

no

talization

any

more

mous

sums

of

same

effect.

There

kind in the Pennsylvania capi¬
than there is in that Of the

Chicago Burlington & Quincy;
into both

Pennsylvania

on

the contrary

enor¬

surplus earnings have been plowed

properties.

The cash dividends

on

Penn¬

H.

Perkins,

to W. R.

Basset, also of New York, who drew a les¬

experience with the garment-making industry.
that

since its

a

more¬

year

industry, dating back before the war, but eventually
the matters in

obliged

now,

systems

in the

country,

o:

finds

after only a few months of busi¬

depression, to cut its moderate dividend rate




dispute were submitted to a board of

and

recently

decision

a

was

reached

which, according to Mr. Basset, "enables union men
and non-union men to work side by side after the
fashion of

an

open

shop."

The decision, in effect

May 1, practically carries the scale back to

that of

July, 1919, and, consequently, means an average re¬
duction in pay

of 12 to 13%, and makes it obliga¬

tory on the part of the employers to
hands with

a

furnish the

minimum of 40 weeks' work during the

well as pay them for one week's vacation.

year, as

George M. Dunlop, silk manufacturer of

Spring

Valley, N. J., speaking on the relations between em¬
ployer and employee, advocated a more

sympathetic

attitude of the mill owner toward the

worker, and

expressed the belief that labor is willing to give in¬
efficiency where wage cuts have not been

creased

this

severe,

than making up for a greater re¬

more

duction in wages.
labor into

a

efforts to be
concern

son,

&

Instancing the effect of getting

frame of mind that will cause its best

given, he said that in the mills of his

it had been

possible to reduce labor cost at

Robert L. Wil¬

20% without any wage cuts.

works manager of the Westinghouse Electric

Mfg. Co., presented details of the plan worked out

by that organization for employee
in the
that
a

representation

management of the establishment, and stated

through the

same

it

was

expected to accomplish

great deal in promoting a feeling of mutual confi¬

dence between the

large body of employees, the su¬

pervisors and the management.

Discussing "Indus¬

Housing—A Burden on the Textile Industry,"
Allen, of Fred T. Ley & Co., Springfield,

Mass., presented arguments for
while

and against, and,

showing that in the main the housing of em¬

ployees is looked upon by most operators as an un¬

pleasant burden and a very unprofitable one, the

property, always held up as a type

best-managed

itself

the

incorporation.

Yet such

ness

years

The company,

has paid a return upon the stock in every

over,

the

higher.

In

city there had been serious labor trouble in the

Leslie H.

since 1900, while in some, of the

capital and labor from the Cleveland

for both

son

since 1847 and not less than
any year

John

Mills, New York,

day's work for a fair day's pay, and gave way

cent

sylvania stock have averaged over 6% per annum

dividend rate has been

Harmony

the

of

spoke briefly of the unreasonableness of the building
trades unions and their virtual refusal to do a de¬

trial

6% has been paid in

points of view.

ed and discussed from many

least

great cost.

decided

urally claimed greatest attention and were present¬

Pacific and Great Northern Rail¬

in addition to the Chicago Burlington & Quincy

ways

a

other security behind them

no

Chicago Burlington & Quincy stock.

of the Northern

is

to offer them at 96% in order

sufficiently attractive to investors.

The old bonds
than the

The 230 mil1

to take their place carry

Not only that, but even at that

6%% interest.
to

are

and

absorbing interest

arbitration

the money.

occasion

importance to
those directly concerned.
Aside from the more or
less technical subjects brought before the several
sessions of the convention, labor problems quite nat¬
of

of the impairment of railroad credit which is
to all the railroads of the country.
The

press

held at the Copley-Plaza

Hotel, Boston, last week, was as usual an

strength to carry it through to success, but there
features connected even with this magnificent

and

Association

of National

convention

annual

of Cotton Manufacturers,

unexcelled character

highest type and of

ent of the

The

the Rail¬

dawdling away valuable time

road Labor Board in

o:

opinion seems to be that it is necessary in small
towns.

James

S.

Alexander, president of the National

Bank of Commerce of New York

City, referring to

April 30

THE

1921.]

the human element

that it

the basis of

as

prosperity, said

essential to the welfare of labor itself

was

that it banish the attitude of

inefficiency and irre¬

sponsibility created by the

war,

dividual

full return of value

efficiency and

ceived in the pay
the

a

not only because in¬
re¬

envelope mean bigger profits for

employer, but because they mean better times

for the

themselves.

workers

Employers,

their

on

side, he contended, must not seek to drive wages be¬
low their true level

measured in terms of other

as

1791

CHRONICLE
with the Allied

soon

Hughes's reply."
ish

no

The

part that the American Government might be

willing to play

was one

features of the whole German
this week.
on

the

Another

the

was

of the outstanding

reparations question

the

ter, and those in his Government who are working

earnestly with him to solve the reparations problem,
of the

necessity of offering promptly terms to which

Government would

our

it

which

and

Allies.

would

be

give serious consideration

willing to forward to the

Secretary Hughes's reply to the request that

President

Harding act

mediator

as

was

Government refused the

request, but agreed that if

the German Government would formulate
such

of

It

claimed

was

"causes

A week ago

proposal, it

them in order that
sumed."
York

The

the

a

a manner

negotiations

Berlin

"Times," in

dicated that

may

acceptable to

speedily be

re¬

correspondent of the New

cablegram Saturday morning, in¬

that

Af¬

he added, "the public seemed somewhat

relieved because it

not

was

a

blank

refusal, but left

hope that America might yet extend help to

some

offer

Hughes's

Secretary

last night there
a

was

made public

note from the German Gov¬

\

dispatch from Berlin to the New York "Trib¬

une," made public here Sunday morning, stated that
the

night before "the German Government sent a

note to the

Washington Government, outlining the

reparations it is willing to make to the Allies." The
advices also stated that the session of the
scheduled

to

have

been

Keichstag

held

that

was

"was

postponed until Monday to avoid the criticism

of

the

German

Saturday,

plan sent to President Harding."

According to the New York "Tribune" correspond¬
ent, "it is desired by the Cabinet to create the im¬

pression of unity between the Government and the
an

effort to reach a solution of the repara¬

problem." The New York "Times" correspond¬

declared that the

ent

to Ellis

"the

new

proposals

handed

were

Loring Dresel, the American Commissioner,

at 4 o'clock

He also said that

Sunday afternoon.
Government spent

German

feverish week¬

a

end."
In

atmosphere there had been tense

prior to the publication of the American reply.
terward,

A

tions

the Allied Governments in

Germany the

ernment, containing proposals for the reconstruct

would

bringing the matter to the attention of

upon

tion of the devastated territories."

it

discussion,"

be taken that

may

ernment, signed by Dr. Simons, to the British Gov¬

people, in

basis for

the statement

feeling of gratitude in the French capi¬

no

would

a proper

"consider

promptly

came

definite formation of Brit¬

making proposals acceptable to the Allies."

regarding reparations "as

proposals

present

published

It will be recalled that the American

last week.

receipt of Secretary

general idea is that it lays

onus

apparent recognition

part of Dr. Simons, German Foreign Minis¬

expected from the Ber¬

opinion in regard to the American reply to the

German mediation

in London "the text of

able and

are

after the

From London

that "while there is

tal."

products.

Powers,

lin Government

an

Associated Press

dispatch from Berlin Mon¬

day evening the following outline of the German

"The

proposals sent to Washington was given:

payment by Germany of 200,000,000,000 gold marks
for

reparations is, roughly, the proposal submitted

The
30 to
sanctions, if new and adequate proposals
were formulated at once."
While calling attention 42 years, or less, according to Germany's economic
to the opposition, at first, of the Socialist element
recovery.
Economic pledges in the way of goods
and participation in German industries are offered
to the making of new proposals, the correspondent
as
said that he had been informed that "the Socialists
guarantees." It was added that "the offer in¬
Germany from the catastrophe threatened by

save

payments will be spread over a period of from

further

will withdraw their

opposition, having become

vinced that this chance must not be lost."
clared that the

taking of such

It became known in the German

day, through

a

a

evening and that

following day "the Government will make known

its

policy

"Times"

Count
cated

this

only

the

reparations

question."

Bernstorff and that
method."

was

way

quoted

The
as

can

be settled,"

proves our

is, nobody, either in Germany

or

what amount

can

by

an

can

That

pay.

good¬

offer

Atten¬
advices

the

by the Allies in their Paris terms.
note

"undeniable

there

that

"new

only be discov¬
con¬

impartial

Washington dispatch

was

«>

entertained in official

reparations proposals

by

Germany, as a basis for resumption of negotiations




It developed

proof of her [Germany's] good-will, to

Commission the

sum

of

Eeparations

1,000,000,000 gold marks."

As

might have been expected, the French were

skeptical about the genuineness and reasonableness
of

the

proposals.

The Paris dispatches indicated

from the start that the French were not inclined to

the New York

"Times," the opinion

Tuesday.

put immediately at the disposal of the

accept them.

circles

on

they provide for an international loan, and as

mitted."
the

The text

Washington Government, em¬

bodying the latest reparations terms, became avail¬

judges to form their conclusions from the facts sub¬
a

the

to

The truth

investigation in which all parties

According to

capital to the fact that the latest

compared with 226,000,000,000 gold marks de¬

manded
of

winter, than to

called in later and more detailed

from the German

outside, knows

cerned submit their views and leave it to

formulated by the

which the Allies summarily rejected."
was

that

will, but it is the only practical solution.
we

tion

terms

by Germany at the London confer¬

able in Berlin and Paris

to

having said also that "it is
only

the offer made

Ambassador

former

"It not

the

more

at the Paris conference last

"publicly advo¬

he

in which the question

and to have added:

ered

The

representative said that he had interviewed

von

America

on

toward

clines
Allies

ence,

step.

capital last Fri¬

statement by Dr. Simons, that the

Cabinet Council would meet that

the

con¬

He de¬

reactionary factions would not give

their consent to the

the

by Germany for transmission to the Allies.

that
ment
as

The correspondent at that centre of
"Times" cabled late Tuesday night

"Secretary Hughes gave the French Govern¬
to-day an opportunity to express its opinion

to whether the German

note offered

a

suitable

basis for

He added that

reparations negotiations."

[Vol. 112.

CHRONICLE

THE

1792

in the view of official circles here, to form a

ous,

"to-night instructions went forward to Ambassador

definite

Jusserand to

steps to obtain fuller information as to what the

The same cor¬

reply in the negative."

respondent then

assertions:

following

the

made

"Under these conditions Paris does not expect

Wash¬

Germans intend to offer,

the matter."

lied

France

forthcoming from Germany before next Sunday, it
be taken for certain that the Ruhr region will

may

be

the

merated

following

rejected the proposals:

ceived official advices

50,000,000,000 marks gold, current value, is

which

Germany surrounds her offer

judged

are

un¬

acceptable; (3) the French Government regards the
much

America."

The French Chamber of

Premier Briand
his stand
that 59
to

a

vote of

Deputies

question.

According

the

American counter-questions

German Government at 11 o'clock the

morning before.

A Cabinet meeting was called

promptly and Minister Fehrenbach
transmit

on

dispatch to the New York "Times" Wed¬

nesday' morning,

told

gave

It was stated

Deputies abstained from voting.

reached the

have

9% in

confidence, 424 to 29,

the reparations

on

Berlin

a

ridiculous, inas¬

as

the French Government had to pay

as

its

members

the

German

reported to

was

"America

that

proposals in

could

doubt of their

dress in the

fixed in

was

amount."

Reichstag

the

sum

of

excluding all

a manner

In

not

their present

shape to the Allied Powers, unless the final
compensations

on

Washington

to

to the attitude of the Al¬

as

to Germany's latest pro¬

reparations.

"(1) The German

insufficient; (2) the reservations with

provisions for interest at 1%

It became known here the

Paris cable
French

Burdens

Commission, that "Germany's total

obligations had been definitely fixed at
of

sum

damages under Article 232, and Annex 1, Part 8,
of the

Treaty, but said that

sums

must be

the signing of the armistice, which

paid at the rate of 5% per year."

It was

explained that "in fixing the amount President Du¬
bois of the commission told Dr.

deductions have already
tions

so

far

effected,

or

Gertzen that the

von

been made for all restitu¬

to be made under Article 238

of the

Treaty.

to any

deductions from the

Therefore, Germany is not entitled
sum

The Berlin

fixed."

ad¬

correspondent of the Chicago "Tribune" cabled Wed¬
nesday night that, "by an overwhelming majority,

as

the

course

of

an

Reichstag had

re¬

high, the members could not

through the United States

increase

offer, but only

man
same

Gov¬

borrowed from the Allied and Associated

ernments upon

the

Reichstag voted to postpone discussion of Dr.

the

an

did not include Ger¬

sum

many's obligation to reimburse Belgium!, nor the

London conference too

offer senP

principal

a

132,000,000,000 marks gold, in payment of

States."

Simons's note to the United

new

in¬

Commission

Gertzen, Chairman of the German

von

garded German's offer to the Allies at the recent

'on the basis of

morning^ through

capital, the Reparations

formed Dr.
War

same

advices, that the evening before in the

Tuesday, Foreign Minis¬

on

ter Simons "declared that

take the

unac¬

dispatches
Thursday morning, the Government had not yet re¬
According

posals

to have

as

declaring Germany's proposals

ceptable."

why they were said

reasons

offer of

regarded

"in

lied Powers with respect

tail relative to the attitude of the

greatest reserve about

Belgium was said to be standing with

Going more into de¬
French, he enu¬

occupied before May 10th."

and until that has been

received it will maintain the

ington to forward the German proposals to the Al¬
Governments, and unless better proposals are

The Government has taken

opinion about.

as on a

over

the

previous Ger¬

different basis.'"

The

day Premier Briand made what the New York

of

House

mier

Commons

Speaking in

Thursday afternoon, Pre¬

Lloyd George said:

"I

very

much regret to

that the German reparations proposals are thor¬

say

oughly unsatisfactory, and I wish it had been possi¬
ble for

to say

me

that they alter the situation." The

"Tribune" correspondent in Paris called "a
power¬

cable

ful

was

yesterday morning only tended to confirm and em¬

reported to have said that "I'll tell them [the Ger¬
mans] that they can go on with their counter-pro¬

phasize the opinions expressed by the British Pre¬

posals while I

go on

ing

They will find

my

speech" in the Chamber of Deputies.

to their

with

my

military operations.

military operations

counter-proposals."

In

an

dispatch Wednesday evening, it
"the British Government

He

very

helpful

Associated Press

was

reported that

to-day requested its

rep¬

dispatches

In the

mier.

whether the

latest

informal

pose

of clearing

term of years

the ambiguity concerning the
in which the payments would be made
up

under the offer."

It

was

stated in

a

Washington
dispatch the same afternoon that Secretary of State
Hughes was waiting for "word I from the Allied
capitals
posals

as

on

to the acceptability of the German pro¬

reparations."

dispatches Thursday morn¬
ing stressed the idea already expressed that the
French would not be

willing "to undertake

new

rep¬

arations
Dr.

negotiations with Germany on the basis of
Simons's propositions
sent
to
the
United

States."

The Paris

correspondent of the New York

"Times" said that "official Paris took it for
granted

to-day that the German proposals of April 24 would
by Washington to the Allies and

not be forwarded

that

they

were

dead letters."

From London

the assertion that "the German note is too




came

ambigu¬

Washington

was

morn¬

expressed

as

would

Government

to
feel

Lloyd George's declaration regarding the

proposals "seems to have brought the present

moved

negotiations to

an

end and to have

on

Sunday morning."

York

re¬

tfye last possibility of avoiding the occupation

of the German Ruhr coal fields

"Herald"

by the French troops

On the other hand, the New

representative

door has not been closed upon a

tiations between
ed

The Paris and London

opinion

The New York "Tribune" correspondent

mediary.
said that

resentatives in Berlin to

inquire informally regard¬
German reparations offer for the pur¬

capitals

justified in going further in the capacity of inter¬

ing the

new

Allied

Washington advices yesterday

difference of

a

European

from

that

"the

resumption of

nego¬

asserted

Germany and the Allies."

He add¬

th^t, according to the State Deparmtent, "the

situation

had not

four hours."

The

changed within the
suggestion

offered at the State
been

a

was

^last twenty-

said to have been

Department that "it has never

question of whether the German offer

was

acceptable, but whether the offer furnished a proper
basis for consideration." Premier

Briand,

on

Thurs¬

day evening, before leaving Paris for the conference
in

London

to-day, "called together newspaper

cor¬

respondents of all countries, and made it plain he
was

that,

set

on

action."

He

was

said to have declared

"aside from the reparations question,

Ger-

April 30 1921.]

THE

CHKONICLE

many's failure to disarm was sufficient to justify

Continuing, he said that

occupation of the Ruhr."
"we
not

not

are

going to try to run Germany.

going to try to kill the
but

eggs,

things."

Cabinet

us

to

President Harding and his

understood

were

German

as say¬

of America would help

presence

settle

are

share the

goose

In conclusion he was quoted

ing that "the
many

We

that lays the golden

going to make the

we are

with us."

eggs

goose

have

to

considered the

ment in the situation

week

the National Union

from

ment of the

Transportation, characterized the order

was

fore the

ness

is

unanimous in demanding

'direct action' in

en¬

payment of reparations."
As

so

was

difficult to

tions

week-end between Premiers

the

over

conversa¬

George and Briand at Lympne, England,

as

coerced."

On

Wednesday "a

was

said to have been "a decided
that the end of the

to

keep

up

dispute

wages

feeling of hopeful¬
in sight."

was

that "if the

was

or

their

off."

are

hear from

equiv¬

On

latter's

by the French Premier to the

point of view, and

"seriously inclined to

was

accept the French policy toward Germany of

com¬

pulsion if she fails to pay, provided France and Eng¬
land

can

reach

a

general agreement

ing questions between them."
Press

on

In

all outstand¬

an

Associated

dispatch from the meeting place, under date

of last

Sunday, it

said to have been decided

was

of the

It

cut down from

was

or

foreign debt

Saturday [to-day] to consider the German
are

determine upon
the proposals
"if

the

immediate collective action should

be unacceptable."

British

pro¬

received in the meantime, and to

coal

It

was

is ended

strike

added that

the

Supreme

in England's

£7,820,000,000 to £7,The

£1,161,560,000 at the end of the

was

period, against £1,278,714,000 at the beginning, a
reduction of £117,154,000.
This amount included
£75,000,000 to the United States.
year

At the end of the

the debt of Great Britain to the United States

and Canada

was

placed at £826,000,000.

The budget

showed the cancellation of the nation's debt to Japan,

Argentina, Uruguay and Holland.

surplus of £84,127,000

next

substantial

a

year,

to the extent of £247,000,000.

representatives to

meeting of the Supreme Council

It disclosed

reduction, during the past fiscal

berlain

posals, if they

the

Exchequer, introduced the budget in

that "the Allied Governments will be invited to send
a

after

Home, the Government's

the House of Commons.

debt.

over

delegates

Monday Austen Chamberlain, former Chan¬

cellor

573,000,000,

won

Sir Robert

to

alent, these should be considered in the light of
soon

miners'

London
reached

was

final decision."

en¬

possible guarantees and pronounced acceptable," he
was

£10,000,000

miners' executives had been to the Board of Trade

Lloyd

Germans offer to

fulfill the terms of the Paris demands

meeting of the

a

It

for the next four months, and

negotiations for the moment

by

was

Thursday evening that "the miners

their

to

that, while at first the British Prime Min¬

ister's attitude

"an at¬

offer

new

have refused the Government's offer of

forcing the payment of reparations by Germany.
The impression gained by most of the correspond¬
ents

as

by the Government to the miners," and there,

became known

all

might have been expected, it

settle¬

said to have

was

cable advices stated that "this decision

get definite information relative to the

a

added that "no Government could allow the nation

evening stated that Premier Briand will appear be¬

forcing penalties against Germany in default of her

coal trucks

Sir Eric Geddes, Minister of

dispute."

tempt to starve the nation," and

made

Parliament, public and press, which

had issued in¬

move

colliery and railway sidings pending

A Paris dispatch last

of the French

of Rail way men

structions to each member not to

to be

Supreme Council to-day "with the support

during the early part of the

the announcement that "the Executive of

was

reparations proposals again at the regular

weekly meeting yesterday.

1793

*

announced

that

he

for

warned the House that it

by claims impossible

now

Mr. Cham¬

expected "to realize

the

coming

might be largely reduced
to estimate."

He had pre¬

viously stated that the surplus for the past

£230,500,000.

The

a

but

year,

profits

excess

tax

year was

has

been

dropped, "on the ground that it hampers trade";

Council will meet in Paris.

If the strike is not end¬

the duties

oa

ed it will meet in London."

The correspondent fur¬

have been

reduced, the heavy income tax of 6 shil¬

ther asserted that "the United
will not be invited to

to the

attend,

as

States Government

it is not

a

signatory

Treaty of Versailles, under which the Supreme

Council

meets, but both Premiers would welcome

the presence

of American delegates."

In discussing

the results of the conversations with the American
and

British

newspaper

Lloyd George

correspondents,

Premier

said to have "made it clear that

was

the conference

only took the form of informal

versations and

was never

conclusions.

This would

the Ministers had
Allies."

was

House of Commons

not

new

reparations proposals

acceptable."

offer to holders of

an

war

a new

not be redeemable until

the

in

Treasury Mellon

Washington

will take up
of

on

were

made

over

the

week-end, in

in London last

funding her debt of $4,277,000,000 to this
The Secretary was reported to have

a

definite character

accomplished.




same

an¬

time invitations will

out to the other Allies, which, with Great Britain,

owe

the United States almost

$10,000,000,000, to send

representatives to Washington to discuss
ments for

carrying this debt burden.

separately.

Britain,

are:

000,000; Italy, $1,666,000,000;
000.

Other countries

owe

arrange¬

The

case

of

The debts,

France, $3,047,-

Belgiu^n, $349,000,-

smaller amounts."

Monday, to settle the coal miners'

Very little of

have been

Secretary of

with Great Britain 'very soon' the prob¬

each nation will be taken up

preparation for the meeting at the Board of Trade
strike.

April 1961."

reported to have announced
Monday that "the United States
was

nounced also that "at the
go

par¬

Sy2% conversion loan, which will

besides that of Great
Further efforts

£632,000,000

bonds, which will mature before

September 1925, to exchange their holdings for
ticipation in

country."

and the

Monday that "Great Britain

German

decided "to make

5% national

lem

Cabinets

Mr. Cham¬

berlain further announced that the Government had

unfair, he said, until

reported to have stated in the

on

lings in the pound remains unchanged.

the

support France in occupying the Westphalian

coal fields if the
are

be

consulted

Upon his return to London the British

Prime Minister

will

con¬

intended to formulate any

imported cigars and sparkling wines

The

principal

seems

to

develop¬

The

British

Treasury

statement

of

national

financing for the week ended April 23 showed that

income

and

revenue

resulting in

\ had aghin exceeded outgo,
further substantial gain in the Ex¬

a

totaled
£15,353,000, against £13,253,000, with the total
outflow, which includes repayments of Treasury bills,
foreign credits, advances and other items, £173,455,000, (against £149,681,000 for the week ending
April 16). Receipts from all sources were £173,959,000, in comparison with £150,304,000 the preceding
week.
Of.this total, revenue yielded £21,027,000,
against £21,705,000, and savings certificates £500,000, against £850,000.
Foreign credits brought in
'£1,148,000, against nothing from this source last
The week's expenditures

chequer balance.

week.

£24,000,000, against

contributed

Advances

£224,000
Treasury bills were

£18,000,000, and from sundries the sum of
was

received, against £150,000.

£126,955,000, which compares

sold to the amount of

of
Treasury bills repaid was even larger at £138,402,000
against £122,107,000 the previous week.
Accord¬
with

ingly the total of Treasury bills outstanding registers a
contraction to

as

£196,294,000
£184,839,000 at the end of the

contrasted with

duction from

expand, being now

In the floating debt there is a re¬

previous week.

£1,288,169,000 last week, to £1,287,-

the addition of

£504,000,

against £3,517,000
A

now

the discount rate
for twelve

on

April 26 stated that
bills running

been reduced

months had

cut made March 11 from

of the easier monetary

to

5%%,

as

This followed

against the previous rate of 6%.

a

6^2 1° 6% and is indicative

conditions at the British cen¬

tre, which led to the reduction of the Bank of England

comparison with £75,164,428 last year and £82,-

that

at

of

England this

week announced a

of 1%, to

lowering in its official rate of discount of
from

•

7%, the previous quotation, which had

been in effect for

April

15

a

little

No

1920.

which

remain

than

more

change

discount rates at any of
centres

rate at

length

declared,

was

tation of
who had

or

7%.

This

the moderate

a

year, or

since

noted in official

was

the other leading European

at

5% in Berlin; 5J^% in

4^% in Holland and

and

In London the

bills

yesterday

was

BANK

aS°-

Money

to

ascertain,

of open

on

call in London

quotation yesterday

against 5% last week.
no

As far

was

as we

gain in gold

was

shown by the Bank of

against £112,518,311 last

£230,000,

circulation
reserve

with

to

of

Total
as a

result of

£243,000,

liabilities fell to

14.51% last week.

an

while

year

21,930,277

34,372,863

15,291,000

Other deposits..... 125,968,000

Government
loans

on

expanded

securities

other




59,804,621

55,088,144

54,626,000

Other securities....

86,041,000

75,164,428

82,227,318 102,862,454

Reserve notes & coin

18,288,000

23,084,366

26,964,097

30,371,767

Coin and bullion... 128,358,165

112,518,311

85,675,812

61,360,987

16.44%

18.38%

17.65%

19.69%

5%

5%

Proportion of reserve

■

12.94%

to liabilities

Bank rate

'

6M%

'

7%

■

The Bank of France in its

gold holdings, therefore,

Bank's

The

week.

weekly statement reports

gain of 6,201,050 francs in the gold item this

further

now

comparing with
5,586,312,195 francs last year and with 5,547,259,446
the year before; of these amounts 1,948,367,056
francs,

aggregate

5,514,735,300

francs

held abroad in 1921, 1,978,278,416 francs

in

were

1920

and

Silver,

1,978,308,484 francs in 1919.

during the week, gained 118,000 francs, bills dis¬

were

the other

on

francs.

000

francs, Treasury de¬

32,164,000 francs and general deposits
augmented by 88,617,000 francs. Advances,
rose

hand, underwent I a reduction of 25,453,circulation

Note

contraction of 71,330,000

registered

a

further

francs, bringing the total

outstanding down to 38,211,184,370 francs.
contrasts

This

with 37,687,599,840 francs on the corre¬

sponding date last year and with 34,100,311,310

Just prior to the outbreak

previous.

in 1914, the amount was

war

only 6,683,184,785

Comparisons of the various items in this
return with the statement of last week and

corresponding dates in 1920 and 1919 are as follows:
BANK

FRANCE'S

OF

COMPARATIVE

April 28 1921.

for Week.

6,201,050

Inc.

In France

Francs.

Francs.

Gold Holdings—

Inc.

May 11919.

Francs.

Francs.
3,568,950,961

3,566,368,244

3,608,033,719

1,948,367,056

6,201,050

-Inc.

April 29 1920.

1,978,278,416

1,978,308,484

5,514,735,300

No change

Abroad

STATEMENT.

Status as of

Changes

5,586,312,195

5,547,259,446

310,701,182
916,205,178
1,221,994,714
34,100,311,310
42,100,167
3,384,225,848

118,000

271,386,495

Bills discounted

Inc.227,958,000

2,883,548,298

244,085,128
2,308,504,110

Advances..

Dec. 25,453,000

2,179,843,000

1,797,330,872

Note

circulation...Dec. 71,330,000 38,211,184,370 37,687.599,840

General

71,540,000
2,946,379,000

deposits..Inc. 32,164,000

deposits...Inc. 88,617,000

89,842,137
3,379,465,358

•The

Imperial Bank of Germany in its statement,

further drastic re¬
Chief among these
contraction in bills discounted of no less than

was

proportion

of

12.94%, in comparison
This last is largely

ex¬

Public

as

of April 11, indicates

visions in the
was

a

principal items.

5,231,269,000 marks, while deposits were cut 4,491,600,000 marks.

Gold

but total coin and

was

reduced 15,000 marks,

bullion gained 679,000 marks.

A

certificates was shown—
£21,860,000, but 486,800,000 marks—accompanied by the explanation

£17,529,000.
showed

5%

issued

the

increased

securities

56,459,732

Govt, securities

re¬

plained by the heavy expansion in deposits.
were

122,478,225 124,721,990 137,652,195

increase in note

deposits, it is true, decreased £3,927,000, but other
deposits

38,849,620
47,226,402
128,858,993
45,026,328
114,093,180
34,675,613
55,075,233

and £85,-

however,

reserve,

£

17,902,788

Public deposits-..__

Treasury

£12,798, which brings the total of gold held to £128,-

duced

1917.

May. 2

£

49,439,220

Total

England statement (the first for several weeks) of
as

1918.

May 1.

V—vV

77,161,715

down to 4%,

have been able

reports have been received by cable

675,812 in 1919.

1919.

April 3p.

1920.

April 28.

Circulation..128,519,000 107,883,945

Silver

358,165,

,

ENGLAND'S COMPARATIVE STATEMENT.

OF

£

was

market discounts at other centres.

A small

We append a tabular statement

1921.

week's

against 5%%

5%% for three months' bills, against

easier and the

disappointment to those

was a

lowering to 6% or even less, but

AprU 27.

534%

634%

week

rate of 6J^%

England return:

francs.

>

a

comparisons of the different items of the Bank of

of

private discount rate

last week and
a

Thursday,when

change is regarded as fully justified by

of

for short

a

present conditions.

Sweden

Switzerland.

on

J4 of 1% off from the previous quo¬

hoped for

francs the year

Norway

the longdiscount
at the weekly meeting of

As already noted,

to pass

came

the Bank Governors

Belgium; 6% in Paris, Rome and Madrid; 7% in
and

£107,883,945 and the year before

£77,161,715.

expected reduction in the Bank's minimum

posits
Bank

Circulation is now. £128,519,000.

Last year it stood at

counted increased 227,958,000

discount rate this week.

The

The loan total is £86,041,000,

earlier.

a year

aggregate £18,288,000.

now

with £23,084,366 in 1920 and £26,-

227,318 in 1919.

a

British Treasury

on

964,097
in

stands at £4,021,000,

week earlier.

a

cablegram from London

Reserves

of

The Exchequer balance in consequence

702,000.
as

However, temporary

£1,091,408,000.

advances continue to

£8,044,000.

This compares

But the amount

£109,449,000 last week.

[Vol. 112.

CHRONICLE

THE

1794

a

Loans

contraction

on

of

large increase in Treasury
that the total includes

loan bank notes of 9,560,100,-

April 30

000

1921.]

THE

CHRONICLE

marks, against 9,754,700,000 the week previous

Notes in other banks

(expanded 454,000 marks

advances

marks.

off

18,600,000

113,200,000

marks

Other

of

8,800,000 marks.

357,000,000

gold holdings at
1,091,680,000
000

1,091,583,000
last

marks

marks in 1919.
marks.

The

increase

brought

marks,
and

year

1,911,840,000

Note circulation totals

This

with

compares

68,379,122,-

46,228,100,000

marks in 1920 and 25,874,800,000 a year

earlier.

July of 1914 notes in circulation amounted

to

total of

a

plus
of

based

are

of the weekly

up

Friday night to Wednesday night,
returns the present week—the one for

week.

Both

direction

of

one

for Wednesday of the present

emphasize the prevailing trend in the
a

great improvement in the country's

1

is not

$767,475,000

April

15

to

holdings of

$768,740,120

April 22 and then to $785,035,216 April 27, and the
ratio of reserve to deposits and Federal Reserve note
from

rose

53.2% April 15 to

made
of

as

April 27.

and

gave

$762,173,000 to $756,070,630
$741,459,950.

the twelve

For
are

of

banks

precisely the

combined the

same

character.

comparisons

Cash

reserves

increased from

$2,485,077,000 to $2,492,804,000 and
$2,504,763,000, while the ratio of cash re¬

then to
to

serves

deposit and Federal Reserve

combiped

55.0%.

rose

note liabilities

first from 53.7% to 54.1% and then to

Member banks'

borrowing at the twelve

banks fell from $2,224,136,000 to $2,218,308,000 and
then to $2,167,346,000; and the

aggregate of Reserve

notes

outstanding

reduced from $2,868,527,000

was

Some three weeks
the actual

on

an

who is directly
important local financial institution,

concession from the nominal

a

that time.

$2,856,700,000 and then to $2,830,118,000.
outstanding feature of last Saturday's bank

The

statement of New York
a

Clearing House members was
heavy contraction in loans, suggesting active liqui¬

dation.

total to

The cut

was

$68,630,000, bringing the loan

$4,755,024,000.

declined,

namely,

Net demand deposits also

$42,558,000

to

wdiich is exclusive of Government

268,000.

In the latter item there

$3,685,391,000,

deposits of $111,was a

Net time

deposits

members

were

larger, expanding from $241,-

$244,718,000.

of

the

Federal

$207,000 to $79,449,000

Pgnd there

was a

Cash

in

Reserve

Bank
as

decrease of $12,769,000 in

of member banks with the Reserve Bank to
000.

would increase materially

money

proportionately.
He
changed his opinion in the meantime, although

has not

the local

money

market has remained firmer than

might have been expected
ion.

on the basis of that opin¬
showing of the Federal Reserve banks thi$

The

week created

the

distinctly favorable impression and

a

few to expect

a

looking for.

easier

than they had

money

Attention, of

reduction in the

course, was

discount rate

of

market in
look for

broad way.

a

of

declined

reserve),
reserves

gain of $394,000

$9,355,000, while

reserves kept in other deposi¬
State banks and trust companies were in¬
creased $128,000 to $8,869,000.
A decline of $12,-

tories by,

247,000 was*shown in aggregate

reserves,

which

car¬

ried the total to

In surplus, the

cur¬

$498,374,000.




of

money

Just at the moment the out¬

early settlement of the German reparations

an

question

does

much the

Schwab

not

promising.

appear

same

in

his

opinion

Prominent

expressed by Charles M.

as

Chamber

of

Commerce

Thursday, when he said that universal
the foundation for world-wide

speech

peace

prosperity.

on

must bei

The with¬

drawals of Government funds from local institutions
have

been

not

Pacific-Great

'

particularly large.

Northern

bond

The

offering,

$230,000,000, naturally has called for
of

amount

money

temporarily.

'or March disclosed
the country.

substantial

a

Railroad earnings

improvement in the business of

large enough to have

3een

Northern

involving

It is doubted that the expansion has

'die money market.

appreciable effect

an

upon

C

.

As to money rates in
covered
or

a

detail, loans

on

call again

of 6@7%, unchanged from last week,

range

both mixed collateral and all industrial collateral

alike.
ow

On

and

§Vi%

on

Monday the high

ruling

was

renewals

place.

a

given to
Bank

international bankers suggest, however, that it can¬
not be allowed to drag
along indefinitely.
They hold

Reserves, however, of State banks and trust
vaults showed

the

England from 7 to 63^%, in considering the

noted

own

confident

and that rates would decrease

$480,150,-

companies in
to

vaults

own

(not counted

was

reduction of

$43,473,000, showing that the Government had again
been withdrawing funds actively from the banks.
754,000 to

money pos¬

quotations at

He told his friends that he

supply of

*

to

who is

ago a man

position of the banks here

orders to put out quietly all the time

been

culation declined from

was sur¬

throughout the country, and

interested in

$656,230,450.

notes in cir¬

this centre

observers, in view of the fact that May
particularly heavy interest and dividend

well informed

led not

and then to

on

decidedly favorable exhibit
by the consolidated Federal Reserve statement

53.9% April 22, and then to 55.5% April 27. The
bill holdings (representing
borrowing at the bank) fell
first from $691,932,000 to $684,743,280 and then to
The volume of Reserve

sur¬

legal requirements

some

a

that the

combined

above

date and in view of the

Reserve Bank of New York increased its

liabilities

Figures here given for

reserves

$79,449,000, held by the Clearing House banks
Saturday last.

sible at

from

The

13% for member banks of the Federal Reserve

banking position, the two-fold result of large gold im¬
ports and a great curtailment of borrowing at the
Reserve banks by the member banks.
The Federal
cash

$9,590,320,

previous.

only

statements from

Friday and the

on

The firmness of call
money at

changed the date for the making
have two

week

to

In

Owing to the fact that the Federal Reserve Board

we

the

hand of

system, but do not include cash in vault, amounting

prising to

last

on

drawing down in both aggregate and surplus reserves
was, as usual, mainly due to a decline in reserves held

1,890,893,000 marks.

has

excess reserves

$16,438,180

require¬

reserve

only $6,847,860, which

was

with the Reserve Bank.

its

against

as

deposits brought down

that the loss

so

against

as

an

Bank reports

ments,
left

was

Note circulation

marks.

fel

244,900,000

marks, although investments registered
down

tailment in

anc.

liabilities

securities

and

1795

figure.

was

6^%, with 6% the

Tuesday

and

Wednesday

the only rate quoted and the rate at which

were

made.

A

Thursday when

slightly firmer tone
an

was

advance to 7% took

Renewals, however, continued at 6 J/2%, the
for the day.
On Friday there was no

minimum
range,

all loans being negotiated at 7%.

he week funds
close

were

in fair

Early in

supply, but toward the

preparations for the month-end settlements and

Government withdrawals caused

a moderate
tighten¬
ing. For fixed maturities fair amounts^are being offered

THE

1796

[Vol. 112.

CHEONICLE

however, showed no material improvement in point
business to speak of,
of activity and the market remained in a waiting atti¬
since 6%% is reported as the best bid.
Borrowers
tude.
Thursday's announcement that Great Britain
are still looking for easier money.
As a result the
and France had rejected the German proposals had a
market was a nominal affair with no important trades
recorded in any maturity.
Nominally, sixty and depressing effect, but this was speedily counteracted
by the news that the long-expected reduction in the
ninety days and four months are quoted at 6%@7%,
Bank of England rate had actually come to pass, and
five months at 6@6%% and six months at 6@7%,

7%, without leading to any

at

periods from sixty

of 6%@7% for all
six months last week.

against

a range

days to
Commercial

maintained at the
previously current until the latter part of the

levels

rates were

paper

decline to 7@7%% for sixty
endorsed bills receivable and six
of choice character, against 7%@

week, when there was a
ninety days'

and

months'

names

well known now require

7%%, while names not so

7%@?%%, against 7%% a week ago.
business in the best names is passing at
with

England mill paper

few transactions in New

a

Sales showed a moderate increase
the market nearer activity than for quite some

low

as

Most of the
7%@7%%

with

7%.

as

time.
Banks' and bankers' acceptances were

out-of-town institutions in

mand, with both local and
the market

The undertone was slightly

buyers.

as

fractional declines were noted in some

and

easier

The market, however, could

classes of acceptances.

active and the volume of transactions

not be called

moderate.

only

was

bankers' acceptances
The
is

in good de¬

Open market loans against
continue to be quoted at 5%%.

Council

posted rate of the American Acceptance

Delivery

■Spot Delivery
Ninety

Sixty

Thirty

within

Days.

Days.

Days.

30 Days.
6

bid

6@5Vh

OVs

bid

i

bid

W*

Eligible bills of member banks..
Eligible bills of noni-member banks

6X®6M

6K@6

Ineligible bills

6tf@6

oy2 @6

ey@6

advance to 3 95%,

an

was

marked increase in the volume
and

prices again reacted

the close there

no

Reserve Bank rates.
of rates
at

in effect for the various classes of paper

now

the different Reserve banks:
RATES

DISCOUNT

''

.

OF

and it is predicted that once

Latest advices from

levels.

APRIL

EFFECT

IN

Discounted
within
member

90

bills
days

banks

29

RESERVE

tween miners

and mine-owners, the

1921.

maturing
(including

15-day

col¬ Bankers'

notes)

secured

by—

Other¬

Trade

tural

accep¬

live

disc' ed

tances

Treasury

Liberty

certifi¬

Bank of—

bonds

wise

for

and

secured

member

banks

cates

of

indebt¬

Victory

and

edness

notes

-

and

stock

paper

maturing maturing
within
91 to 180

unsecured

90 days

6

days

6

G

6

7

7-1

5H

6

6

6

G

G

6

6

6

6

6

6

6

6

6

5H

6

7

G

G

6

7

7

6

5H

6

appearances

ume.

In fact,

no

G

6

OA

7

5K

G

6

*6

Philadelphia
Cleveland
Richmond

Atlanta....

......

Chicago
St. Louis

......

Minneapolis..

6

receipts this week have been so

metal is causing congestion at

*6

G

...

6

6

6

7

7

G

6

G

6

asked, whenever possi¬
the Philadelphia Mint.
Officials explain that there is no lack of vault accom¬
modation, but intimate that the metal has piled up

Office, and bankers have been

ble, to direct shipment to

Discount

rate

corresponds with interest rate borne by certificates pledged a
in the case of Kansas City and 5lA% in the cas

collateral with minimum of 5%
of Philadelphia.
Note.—Rates shown

St. Louis and Kansas City are normal rates, applying

for

to discounts not in excess of basic lines fixed lor each member bank by the Federal

Rates

Reserve Bank,

discounts in excess of the basic line

subject to

V2 %
progressive increase for each 25% by which the amount of accommodation extended
exceeds the basic line, except that in the case of Kansas City the maximum rate is
on

be assayed.

Referring to quotations in greater

a

are

a

12%.

on

reparations con¬
impending; demand
moved up to 3 92%@3 94%, cable transfers to 3 93
@3 95 and sixty days to 3 86%@3 88%.
On Mon¬
day announcement of Germany's new reparations
speedy settlement of both the

and the coal strike was

offer had

the immediate effect of

Sterling exchange reacted favorably to the week's
on

Monday the quotation for de¬

mand bills moved up to;3 95,

July of last

year,

on

the highest level since

and about 3 cents above the level

recently prevailing.

marily

causing

a

sharp

prices were rushed up to 3 95 for checks,
highest since July last; the range was 3 93 %@

upturn and
the
3

95,

with

cable transfers at 3 94%@3 95% and

sixty days at 3 88%@3 89%.
Sterling quotations
moved within narrow limits on Tuesday and while
the undertone was
vious day was
3

at

firm, the high figure of the pre¬

not maintained; demand bills

94%@3 94%, cable transfers at 3 95@3

and sixty

days at 3 88%@3 89.

ket showed a

This advance

the reception accorded the

was

based pri¬

new

reparations

Wednesday's mar¬

fractional decline to 3 94@3 94 3-16 for

a

ruled
95%

slightly reactionary trend and there was

demand,

and 3 88%@
Announcement of the

3

94%@3 95 3-16 for cable transfers

3

88% for

sixty-day bills.

reduction in the Bank of England

developments and

detail, sterling

Saturday of a week ago was strong and
substantial advance took place, as a result of rumors

exchange

6

San Francisco

heavy

the Assay

7

....

Kansas City
Dallas

nearer

6

5H

New York

G

G

Boston

*

Agricul¬

accep¬
tances

lateral
Federal Reserve

conference be¬

coal strike is to

settlement than a week
ago; although quotations from that centre remain
firm, thus indicating a persistence in the belief that
some sort of agreement is within measurable distance.
Gold continues to arrive at this centre in large vol¬
all

troversy

BANKS

London indicate that,

notwithstanding the recent three-hour

that

FEDERAL

THE

quotations

week.

the European
the in¬
demnity dispute and the British coal strike have been
settled, price levels are likely to work materially
higher, with possibly a sharp increase in activity.
This, however, is regarded as purely conjectural,
since rates frequently discount beforehand coming
events of great importance, which when actually con¬
summated are apt to be followed by reaction to lower

changes this week in Federal
The following is the schedule

downward, though before

Large operators continue to watch

situation closely

faster than it can

There have been

though without any

of business transacted,

another rally and final

was

at the best for the

were

that the

Rates in detail follow:

6%.

there

act the news

offer

on

Thursday and prices again moved up,

time to 3

3

this

95% for demand, with the low 3 94%; cable

transfers ranged at 3
at

served to counter¬

of the rejection of Germany's indemnity

88%@3 89%.

quiet but strong with

94%@3 95% and sixty days

On Friday the 'market ruled

demand at 3 94%@3 95%, cable
95% and sixty days at 3 89%

plan put forth by Germany, and intimations that

transfers at 3 95%@3

while it

Closing quotations were 3 89% for sixty
days, 3 95 for demand and 3 95% for cable transfers.
Commercial sight bills finished at 3 94%, sixty days

it

was

a

might not be acceptable in its present form,
long step toward

a

satisfactory solution of

the problem and would undoubtedly prove a basis for
a

final

adjustment of the controversy.




Trading,

@3 89%.

at 3

88%, ninety days at 3 86%,^documents for pay-

April 30

THE

1921.]

CHRONICLE

1797
•

ment
at 3

3

(sixty days) at 3 88)4 and seven-day grain bills
Cotton and grain for payment closed at

93)4-

943/2-

The week's gold movement was heavy, and

included the arrival of the SS. Caronia from
with

£275,500, the Celtic with $1,100*,000 and the

New Amsterdam with

Additional
from

receipts

$4,000,000 from Rotterdam.

203 boxes of

$100,250

on

Curacao,

Zulia from

the

on

the Re de Italia from Smyrna,

amounts from South American

Pastores

from

cases on

Colombia,

from Bolivia.

side

on

packages

Twenty packages

its

the

the Matura

came on
on

way

exchange 5,000,000,000

paper

only about $6,000,000.

Russian rubles

advancing from

36c.

The official London check rate

51.45,. against 53.89

sight

bills

the

on

week

a

French

against

7.28)4;

7.29)4;

commercial

Cable

sight

exchange, which; following publication of the
German

reparations proposal,
This is

to 7.70.

for

the

rushed

was

advance of

an

more

new

33 points

up

than 35

points

and the highest level touched since

week,

August last.

The Antwerp rate

19 points to

rose

7.67, and the fact that French exchange sold above

Belgian

a

7.40

7.73

for

cable

and

7.41

and

the

transfers, in comparison

checks

for

and

lire

4.77

was

cable

by March figures recently issued.

general firmness, but to

a

lesser

In the initial trans¬

partial reaction downward.

backing and filling

and both lire and franc exchange

at

time

no

noted,

was

fluctuated first

down, in rather aimless fashion.

following

Trading

up

was

generally active, and later in the week,
of the rejection of Germany's indem¬

news

1.5034 for checks

were

00.27

bankers'

4.71 )4 a

closed

week earlier.

at

1.36)4?

and Finland at

Exchange

which is 58

range

with 4.7034

on

as

for

1.32;

and

Czecho-Slovakia
Bucharest

on

at

Poland at 0.13, (unchanged);

on

2.15, against 2.25.

heavy, breaking to another

was

transfers,

The final

sight bills and 4.78 for

against

1.58, against 1.56;

cable

for

compared

as

Last week the

Austrian kronen closed at

Greek exchange
low of 5.85,

new

points below the previous low record, with

6.00 for checks and 6.05 for cable transfers.

long period that such

very

extent, the gain being 21 points, to 4.91, with later

then

for

remittances,

Closing

preceding week.

1.49 and 1.50.

was

Neutral

exchange

were

a

against

1.51)4 for cable remittances.

close

indemnity payments, is the marked improvement in

actions considerable

7.71,

Antwerp francs finished the week at 7.72 for

Continental

Lire shared in the

at

bills

and

upward movement in Paris francs, aside from the
French trade shown

against

checks

An added stimulus to the

thing has taken place.

a

7.74,

week.

attracted considerable attention,' the close

currency

since it is the first time in

7.73

at

at

transfers

7.2634, and sixty days at 7.65, against 7.2034 last

00.26

signalized by spectacular strength in French

to

In New York,
closed

centre

quotations for Berlin marks

Dealings in Continental exchange this week have

steadier,

nominal,

Paris finished at

on

ago.

against 00.,23)4 and 00.24)4been

were

41c.

the Phila¬

$365,000 from Antwerp.

marks would involve

100 rubles,

per

with

here from India, also

a group

Owing to the low valuation of Polish

the River¬

A consignment of the

delphia from the West Indies.
on

on

the Yucatan,
on

Bridge from Smyrna and 8 boxes

precious metal is

and small

ports, $11,000

$50,000

the Tivies and six

of bankers.

La Lorraine

on

the Drottningholm from

on

the Vauban from Monfivideo,

on

gold

$360,000

were

France, $7,400,000

Sweden, $103,000

17

Liverpool

000,000 marks, which is to be advanced by

17.49

at

Guilders again

limits.

narrower

fluctuations

that

except

moved

touching 35.06 for checks, while Swiss francs sold

up,

advance of

an

dinavian

than 17 points. Scan¬

more

exchange moved uncertainly with Copen¬

hagen and Stockholm remittances steady, but ex¬
change

Norway sagged off and dropped to 15.45.

on

Spanish

around

hovered

pesetas

dull and

was

featureless, and here

everything waits

well

as

Y/Y

Bankers'

sight

Trading

13.90.

as

elsewhere

the decision of the Reparations

upon

Conferees.

nity offer by the Allies, prices slumped quite sharply,
carrying French exchange down to 7.51 for checks,

within

the other

parallel to

moved

exchanges,

-

Amsterdam finished at 35.05,

on

against 34.73; cable transfers at 35.10, against 34.78;

Antwerp francs to 7.50 and lire to 4.81 for sight bills.

commercial

sight bills at 34.99, against 34.31, and

In

commercial

sixty days at 34.63, against 34.31

the

case

of

francs, however, exceptionally light

offerings carried quotations at the extreme close to
the

highest point of the week, namely, 7.73% for

French

marks

the

early in

expectations that
nity problem

a

was

moved up to 1.59.

tion

to

1.44,

7.72

and

currency

for

Belgian.

Reichs-

naturally responded to

week

week,

newest offer

many

other

as

to

Subsequently there

was a reac¬

specific

activity.

still cling to the ^belief that this

whether
pay,

France.

Doubt is

for

germ

of

a

final ad¬

Germany will give bonds

and if

so,

our

or

whether the German
way

into the United

exports to England and

expressed that either France

England will guarantee payment of the bonds.

or

The

week

transfers, in comparison

Copen¬

Friday of last week.

on

hagen checks finished at 18.10 and cable transfers
23.20

at

23.60 and
at

15.87.

were

cable

and

cable

Checks

transfers

23.65, while checks
and

15.60

and

transfers

on

on

Sweden

23.25, against

Norway finished

15.65,

against 15.82

Closing quotations for Spanish pesetas

13.96 for checks and 13.98 for cable transfers.

A week ago

Considerable speculation is

reparation bonds will find their
States in payment

cable

for

18.15, against 18.02, and 18.07.

actually contains the

promises to

17.50

closed

justment of the tangle,
heard

and

settlement of the difficult indem¬

Notwithstanding the unfavorable turn of events later
in the

bills

with 17.31 and 17.33

forthcoming, and the quotation

though without

a

Swiss francs closed at 17.49 for bankers' sight

ago.

the close

With regard to

was

13.85 and 13.87.

South American quotations, further

sharp reductions took place, and Argentine checks
broke

to

31.45,

another

new

low point,

close 31.70 and cable transfers 31.86,
and
at

31.67)4 last week.

Brazil

was

with the

against 31.52

steadier, finishing

13.78)4 for checks and 13.85 for cable transfers

against

13.48)4

and

13.55

a

week

ago.

Chilian

flotation in this market of German bonds without the

exchange showed

guarantee of the English and French Governments,

at

according to bankers, would be next to impossible.

Peru,

however, again

broke

25

points, to 3.50, against 3.75 last week.

Plans

are

being discussed looking toward the stabili¬

Other

that the

news

of the week included

an

announcement

City of Warsaw has finally secured

ment with American financiers for a




an agree

loan of 5,000,-

some

improvement and finished

12.3634? against the recent quotation of 12.08.

zation of rates.

gave

ground and this time

Eastern

Far

rates

Hong Kong,

follows:

as

are

Shanghai, 67@67%,

against 50%®51;

51@51.25,

Yokohama, 48%@48%, (un¬
changed); Manila, 46@46%, against 46 @46%;
Singapore, 46%@46%, (unchanged); Bombay, 2634
@26%, (unchanged); and Calcutta, 26%@27, (un¬
67@67J^;

against

changed).

ask the President to take the

oil, coal, financial, railroad, lumber,
ters

over.

Should such

least)

are

nobody with

167,000, as per the following table:

Gain or Loss

Banks.

28.
''

"...

;

Banks.

to Banks.

$1,167,000 Gain $6,027,769

*

Banks* interior movement

by the Fed¬
eral Reserve Bank on Dec. 6, it is no longer possible
to show the effect of Government operations on
The Federal Re¬
creditor at the Clear¬

Clearing House institutions.

the

Bank of New York was

serve

ing House each day as follows:
DAILY CREDIT BALANCES OF NEW
AT

BANK

YORK FEDERAL RESERVE

CLEARING HOUSE.

Monday,

Tuesday,

Wednesd'y,

Friday,

April 25.

April 26.

April 27.

April 28.

April 29.

for Week.

$

S

$

$

$

Thursday,

47,262,235 63.767,973 43.237,722 43,743,177 44,581,782 44,131,000

of

Cr.

286,723,889

parts of the country, in the operation
par

sent

of

collection scheme.

to the results of the Reserve Bank's

with the

one

operations

They repre¬

Clearing House institutoins.

only

side of the account, as checks drawn

the Reserve Bank itself are presented directly

upon

to the bank

and

never

the

through

go

v-y''- v-.'

House.

The

y;';-y-y;.

Clearing
;<■ ',yV^:..y■

following table indicates the amount of bul¬
principal European banks:

this

as a

Silver.

Total.

Gold.

Silver.

Total.

£

£

£

£

£

128,358,165
France a.. 142,654,730
Germany
54.575,750
Aus.-Hun.
10,944,000
99,250,000
Spain
Italy
32,772,000

128,358,165 112,518,311

10,840^000

9,760~66O

54,584,500
10,944,000
98,109,000

112,518,311
154,081,351

3,111,400
2,369,000

153,494,730 144,321,351

413,450 54,989,200
2,369,000 13,313,000
23.855,000 123,105,000
2,991,000 35,763,000

.

57,695,900
13,313,000

25,034,000 123,143,000
3,004,000 35,198,000

32,194,000

Netherl'ds.

50,915,000

£2,903,000

923,000

53,826,000

10,662,000

1,238,000
1,479,000

52,153,000

Nat. Belg.
Swltz'land.

12,141,000

21,740,000

*4,057,000

25,797,000

1,115,000
3,560,000

24,801,000

Sweden

15,658,000

10,657,000
21,241,000
14,505,000
12,589,000

15,658,000

~165^000

12,643,000

_

8,115,000

..

.

a

Gold

12,808,000
8,115,000

11,772,000

production at home and

on

meeting to be careful

farm products, as

the Re¬

committee
tained

manufactured products."

on

report, estimating

losses

already

A
sus¬

by farmers, was recommitted because some

the

of

pestilent Plumb plan.

This committee re¬

billions

by "the unnecessary profiteering of

middlemen, the arbitrary restriction of credit by
Reserve

banks, and the unreasonable

rise in railroad rates,

all of which have been created

Federal

by autocratic economic power under unjust laws."
To this

sweeping diatribe the report also added the

suggestion of taxation of "wrar millionaires."
What

good could possibly come out of such a mud¬
a crude understanding of the

dle of notions and such

situation?

Nothing valuable came out of Mr. Wil¬

representatives

son's industrial conference between
of

capital, of labor, and of "the public," another in¬
body, which can give no credentials to any

definable

Labor attended that conference,

representative.
his

own

Gompers found that he could not have

exact way,

he solemnly protested and bolted,

capital and employers earnestly want

settlement of all industrial troubles and are more

~172~000

12,761,000

8,121,000

8,121,000

49,048,400 621,735,562
49,018,400 621,477,717

holdings of the Bank

of France this year are

than

ready—even eager—to meet employees

common

at a

table, each plant attending to its own case,

without the outsider who is to-day
soluble factor of trouble.

the

one

most in¬

To get together, for co¬

operative and enthusiastic work for increased pro¬
duction and abundance—this is the world's great

14,505,000

47,407,450 635,695,095 572,687,162
51,157,450 639,149,255 572,459.317

Total week 588,287,645
Prev. week 587,991,805

held abroad.

indorsing any specific duties

£

..

Denmark

pro¬

to the farmers in the past in order to

sop

impose high duties

April 29 1920.

Gold.

Norway

One mem¬

"principle" of

publican Party, of which he is a member, "had used

a

___

con¬

leaving one good at least: a new demonstration of

of—

England

a

"tariff which would represent the

the cost of

the fact that
April 28 1921.
Batiks

for

asks

what it wants.

He also warned the

and when Mr.

lion in the

a

demands for duties

on

large credit balances, however, show nothing

These
as

System's

opposes

favoring

abroad."

the

foregoing heavy credits reflect the huge mass
checks which come to the New York Reserve Bank

the Federal Reserve

while

seven

The

from all

which

ported that the farmers have sustained a loss of

Aggregate

April 23.

$

Union

delegates construed a part of it as an indorsement

Saturday,

$

"gathering," with more con¬

ference is not agreed upon

difference in

Sub-Treasury was taken over

As the

a

and nothing practical or definite.

Farmers'

tection, but

Out of

Into

::

could

The meeting, if

to give them.

YORK BANKING

SHIPMENTS BY NEW
INSTITUTIONS.

$7,194,769

Week ending April

power

all, would be

the

of them, at

some

credentials because there is

unchallenged

fusion of tongues
Even

(or

ber declares his adhesion to the

AND

RECEIPTS

,

held at

called, it would en¬

and undefined, and nobody

vague

gained $6,027,769 net in cash as a

,

conference be

a

objection already mentioned: that the

counter the

operations with interior banking

institutions, have
result of the cur¬
rency movements for the week ending April 28.
Their receipts from the interior have aggregated
$7,194,769, while the shipments have reached $1,-

agricultural,

labor, and other interests and industries to talk mat¬

present

CURRENCY

initiative by calling a

meeting of the leading representatives of the steel,

interests and industries named

in their

Clearing House banks,

York

New

The

[Vol. 112.

THE CHRONICLE

1798

present need; more honest and efficient
less

exclusive of £77 934 682

* Revised.

work, and

quarreling.

Were

such

a

meeting held, Mr. Gompers wmuld

surely attend, whoever might stay away.

He would

threadbare misstatements and solemn
warnings to all mankind. He would tell us, as he
told a meeting in Philadelphia only a few days ago,
that the working people produce all the wealth, and
repeat his

THE

PROPOSED

CONFERENCE

BETWEEN

AGRICULTURE AND INDUSTRY—FUR¬
THER TALKFESTS USELESS.

The
dent

National

Farmers'

Harding to call

a

Union

has

asked

Presi¬

general conference of the

although they are willing to perform work there are
now five millions unable to find it, which is "an in¬
dictment of the

leaders of the basic industries to discuss the
present

finance."

situation

and

and

—what is

seek

a

remedy.

perfectly clear to

thinking person—that there is
disclaim

any

They frankly admit
every

thought of proposing




observant

no panacea,

one;

and

captains of industry and princes of

He would denounce anew the open

shop

it is a device of
to destroy labor, "under the hypocritical

repeat the false accusation that

employers

and they

cloak these men dared to

but they

the

name

mask their villainy under

of the 'American Shop.'"

He would re-

April 30

1921.]

peat that to cut wages is no remedy for bad times;
that if wage-earners
will

have to accept lower

wages

they

purchasing

which will result will

power

unemployment."".

Nothing could be
nominal

more

false than this.
to

as sure

their

in

return

£
the

order—will lower

with

have

we

enough, conferences by

determination to concede

a

their

own

bolt and

way or

As for

nunciation.

doubtful whether
food would

it may
wages

artificially swollen.

A further truth is that

ferences

as

liquidation of

a

already had

con¬

who attend

men

nothing but to have

burden

on

the

one

the farmer

on

tion costs is

on

side he might lose

the railroads

equal to
as

least

reckless

only solution, and

tales

effort of the

inevitable

of

no

Mr.

bill would at

How shall

or

wages, we

know that

are an

It is impossible to recover

by continuing the intoxi¬

conduct

and

a

own

time of general

These cries for

dinned upon us
foolish
mean

and

a

and has slight consideration for

woes,

those of others.

"relief," which

from every hand,

are

alike selfish,

from one's

own

share of

the inevitable sacrifices and self-denial caused

by dumping

this pressure
who would

No;

somebody

on

slip out from his

American, it is not

we

do not need

more

the matter with the

railroads;

The way

straight

out is

as

share, and put it
This is not heoric,

practical and wise.

talkfests of conference.

an

promising.

anybody else; take

own

even

We need not await

and to

or

by the

off Me, cries the thoughtless sufferer

Should we; can we?

elsewhere!

it is not

are

hindering; put into blunt terms, they

demand for escape

autopsy to determine what is
we

as

know that already.

it is sternly

uncom¬

It is to stand by, to justly understand,

conserve

the railroads. It is to be
courageous,

accept sacrifices and self-denials in the

way we

always declared to be distinctively American,
to

refuse to

panaceas,

and

dabble with any

any

to decide upon

their




patchwork,

any

deviations from that straight

path which lies before

us.

course.

without

pass

It is for the Americans

a

2% in 1878.

some

no year

had

dividend dis¬

When

By 1881 the dividend had been

8%, and since 1890 the dividend had

been less than

the

6%

not

per annum.

earnings

were

put back into the road,

were

unusually large they
large amount of

a

sur¬

plus earnings being devoted to payment of the muchneeded New York

terminals, including the tunnel

under the Hudson River.

stock

was

through
mium

The market value of the

high that at times it

so

was

disposed of

allotments to shareholders at

new

and convertible

able for stock at

bonds

high

as

Not for many years

premium

a

made

were

as

a

pre¬

exchange¬

40%.

has Pennsylvania stock been

speculative issue and because of its high standing

a
as

an

have

many
and

investment issue its

nearly 10,000,000 shares

passed into the hands of 135,000 stockholders,

of whom reside in the State of Pennsylvania,

probably

owned

by

larger proportion of this stock is

a

than is that of any other similar

women

road.

;

Recent

only

already said, this is

widespread dissatisfaction; everybody is full

of his

period of at least 65 years,

permitted to

restored to

which

conditions

depletion.

As has been

and

in¬

it is impossible to win back natural strength

caused the

steady income.
a

During seven of the
from 1864 to 1874 dividends of 10% were paid
annually and the rate had settled to 8% when in

defer the

unhappy term of Governmental

operation.

by continuing the

have

im¬

right there, with

prodigiously swollen payrolls which

cation ;

to

we

Lauck, in the last desperate

from the effects of debauch

war

relief

Notwithstanding the

lowering of nominal

control and

in¬

years

that of Sena¬

railway employees to halt

heritance from the

and

as

my

the chief trouble of the carriers is

the

to

reliable

reduction to 3%% in that year

"A substantial reduction

already "white"?

are

of

and to

the situation by further bleeding the railroads,

which

assurance

securities

Pittsburgh riots interfered with

minimum return to

help," declares the Senator.

prove

During

company's

1877 the destructive

through high transporta¬

secure a

whole.

a

of

sources

the

earnings, causing

on

Capper to repeal the present requirement that

in rates is the

in

vestors

the cost of

undeniable, but there would be

rates shall be

for the movement of

That there

upon

possible through such propositions
tor

as

bursement to the shareholders.

other, while the general effect

a

well

as

freight, elements which afforded

been

living could not avoid being disastrous.
is

of

the employees and in affording facilities for

traveling public,

temporary emergency tariff

a

one

war the system was probably unex¬
efficiency in management, in discipline

for

help for the farmers, it is very

really help them, for its effects would

might gain

Pennsylvania is

carriers in the country,

common

during the

among

outcries and de¬

resume

important

prior to its control by the Railroad Administra¬

celled

the

spread to nearly all the agriculturist must buy, and
what he

trunk line railroad the

a

the most
and

first,

with

of
As

tion

sound

goes

quarterly dividend on the stock
Pennsylvania Railroad Co. this week is worthy
more than a
passing notice for several reasons.

con¬

efficiency, which, paradoxical

at

Reduction of the

supply through the

increased

which have been

sea¬

prices,

gradually raise the standard of living, increase
sumption because increasing

PENNSYLVANIA

of the

A reduced

come as

FOR

RAILROAD SHAREHOLDERS.

cause more

v,:;. ■"•••:

y ■.

wage—which is

to

sons

the

SMALLER DIVIDEND

buy less, and then "the reduced patronage and

statements

were

such action

dividend rate from

imperative.

was

for the first two

favorably

to

those

there

6% to 4%, but

While gross earnings

months of the

with

month of last year,
the

earnings indicate that not

the directors justified in making the re¬

duction of the

pare

of

of

were

current year com¬

the

corresponding

heavy deficits after

payment of taxes and equipment rentals, owing
the

large

Operating

expenses.

costs

were

so

heavily increased during the period of operation by
the Railroad
was

so

Administration, and the management

handicapped by

when the

property

was

the

regulations

imposed

returned to private control,

that it has not since been able to free itself from the

extraordinary operating costs.

Realizing the unfortunate predicament which the
railroad

corporation had to face,

officers of the

Pennsylvania Railroad reduced their

own

The stockholders

similar sacri¬

fice

by foregoing

come.
now
ees

now

Both the

with great

a

have to make

a

salaries.

portion of their customary in¬

owners

and the officers

consistency insist

upon

surely may
all employ¬

making similar sacrifices by agreeing to perform

their

customary duties for

especially

as a

lower

a

wage

smaller compensation,

is in keeping with the

tendency towards lower living costs.
way may

Only in this

the great railroad corporation be restored

to

properly in ciety he

position where its income will be

a

CHRONICLE

THE

1800

have attended, debating "better human

may

relations,"

of its normal requirements.

excess

[Vol. 112.

from

or

an

organization for collectivism?

And does he reflect that if collectivism
ism

"SALVAGING" TEE INDIVIDUAL.
While

Wells puts it, in

engaged, as Mr

are

we

"salvaging civilization"; while we are preserving
the Governments of the world; while we are con¬
cerned

the "humanities";

over

would it not be well

the rule of

were

pleasant journey
a

natural

and

crumbling buildings, the closed shutters and

individually!
to

We

extremes.

contrasting condi¬

from

earnestly want the physical trade of the
World"—hut we will have no commerce with
We

tions.
"New

Russia, because we are theoreti¬

in

Commune

the

reason

system of

cally and wisely, too, opposed to this

We say theoretically—and we mean

government.
as

Yet in this do we or do we not

Government.

a

ignore the "humanities," turn away from the starv¬
it may, we

as

need not go so far from home

to discover the individual's obscuration
And

just

out of this Russian

regime,

fantastic

as

and
to be

by the

mass.

ask what good thing has come

as we may

person

allowing its false

even

of another Petrograd ?

hurrying and eddying crowds not a

not bent upon some achievement of his

decision!

Not

task in life and

these famous
not the

by

whether the

and

a

one

one

of

single mind, controlled and
head,

or

owner

manager,

capital be corporate or private.
was

Not

brick

a

not designed by an architect out

laid,

by

save

working exercised his

tents and purposes

of it

Not

genius for beauty and utility.

own

or a

who cannot choose his own

emporiums that line the way that is

some

building that
stone

one

change it at his will.

conception of

operated

of his

ing and helpless man?
Be this

single
own

factories—more, the

hungry, furtive figures of the helpless and dy-

society and the State?—not man collectively,

a

spring day, aye would see as

result, the ravaged streets, the neglected

unit
ing population
but
In all these
Our minds in these days leap readily

"give

of

life, he would likely see on this

on a

abandoned stores, homes and
wan,

thought" to the man himself, the sole

to

or commun¬

one

Not

a

who chose to work,

skill, and to all in¬

own

followed his own will.

And out

all, through the chosen efforts of countless in¬

internationally,

dividuals, the flowering unity of a vast domestic

regarded—what concrete thing, invention,

so

trade, the freedom to come and go in a wondrous

theory

to

men

building, roadway, improved farm, neW and effi¬

city life, the spectacle that not only astonishes but

cient

astounds, and to the citizen that abounding pride in

manufactory, work of art, or discovery in sci¬
So

ence?
in

our

ter

we

own

ask what reform organizations

may

"standardization,"

relations,"

shorter

work

so-called equal rights of

wages,

em¬

ployees to participate in management and control of

industries, have given
plishments to

our

any

of these concrete

current civilization?

accom¬

What in¬

vention, tool of trade, work of art, building, scien¬

discovery?
danger of destroying the indi¬

vidual, who alone has lifted mankind by

utilities, arts and sciences.

tred upon man

mental

in his social, economic and

capacity and content, that

we
as

lives and labors in this

theories

pause

and

govern¬

an

individual

And while he

in the midst

even

organizations for betterment,

If all the efforts

der collectivism

were

now

proposed

spring

comes

the

and thwarts

or

collectivism

which

initiative, the creative

dwarfs

power,

the

harmonizing results of these millions who follow
their

careers

own

ways?

in their

own

the full

of

several, distinct and

And is it not imperative, then,

that the lover of his kind
man

who would give to each

enjoyment of these individual efforts

all, who would leave to posterity this going civi¬

lization

capable of maintaining itself, that he look

well to those

present-day unions and organizations

and so-called

reforms, that

tle the liberties and powers
the

are

sapping little by lit¬

of the individual under

plea of "humanities" that blot out the human?

LABOR'S CLAIM TO EXEMPTIONS FROM THE
APPLICATION OF LAW.
How

un¬

to

succeed, what original pow¬
privileges would be left to this individual?

When

communism

that

to

destroying his manhood and his free¬

dom to achieve.

and

unions, organizations, bent upon their own desires,

we

not to consider how the slow erosion of these

mass-efforts is

ers

capacity,

in

so cen¬

refuse to look

creator, and thus helper of his kind.
of

progress

Our vision is

him in his divine character

upon

governmental theories, to the tyranny of classes,

distinctive

Collectivism is in

the

Would it be wise to sacrifice this to economic and

country, engaged in campaigns for "bet¬

hours, higher

tific

"Little Old New York"!

to New York many citizens

can

"labor,"

though

appearing

through

"unions," claim exemption from law, as was re¬
cently done at Albany with reference to a proposed
enactment?

The very fact of asking immunity not

a bus ride."
This line of vehicles,
traversing two of the principal thoroughfares, is one

only establishes class legislation for the law itself,

of the

does

enjoy "taking

sight-seeing institutions of the city the tour¬

ist seldom misses.
a

clear

day he

sees

From the

top of

an

omnibus

on

abundant evidences of the most

marvelous achievement in the world—the
panorama

of

a

city of six millions, metropolis of

commercial and financial centre of

people,

a

a

a

continent,

great and free

power-house of unlimited energy that

con¬

ceives, builds and maintains, spreading its help and
influence
or

the wide earth.

over

tourist think

save

for

rect

travel,

may

enter and

or

nificent array
sprang

his

wondering

eyes

few traffic officers at the

a

from

City Hall,

as

But does the citizen

or

behold, that,

corners

to di¬

but is

our

an

admission that the proposed law can and

apply to so-called "labor."

We protest, though

protest be in vain, against this attitude by the

labor unions that

they should be excluded from the

operation of the general laws of the land. We in¬
sist that the fact that the legislation does or will
apply to them renders the claim to be exempted one that should be resisted.
There is just cause for op¬

position by our citizens, of whatever calling, to the
enactment of laws believed to be inimical to their in¬
terests, but there is no
the

statute

justification for putting

books laws

upon
which exempt a class to

for ah occasional public building all

which in

operation the law applies.

freely, he cannot in all this mag¬
discover a single concrete work that

does not

apply the courts

use

or

suggests the "Government" at the

at Washington,




or

from the latest

so¬

will

so

When the law

declare.

is

Any

labor unions
yielding to class-interest and should not be toler¬

shaping of general statutes to exempt
ated.

April 30

There

1921.]

is

an

explain.

than another?

more

of

era

highest

and

to claim

vene

fication.

In

a

that concerns

case

law

a

nulli¬

principle involved is subversive

cannot function
A

de¬

relations, unions inter¬

equality of citizens before the law.

sure.

pub¬

is

exemption—which amounts to

The

high

We

union

official

bor

Board—"it
of the

one

pres¬

declares

influenced

was

in

by big business."

chief results of the decision

of

it becomes

man

cannot be

men

was

to

possible agreements between employers and
employees in the plant and industry immediately
concerned.

tool of

Is

a

class?

a

great Government to become the
Are four millions to rule

lions of workers?
over

We ask these

questions

again—and who heeds them?

cognizant of the
be moved

by

of all!-

power

affect

What is

the

a

works

man

more

in

And

for

or

a

of the law and the

of them, that they

oppressed.
for

a

yet mechanical workers have

listened to the claims of "leaders" that
many

the

who practices

or

soil,

or

profes¬
so

long

they believe,

the down-trodden and

are

They have listened

so

long to the plea

"better

living conditions" that many of them
believe that the appointments of the
poor man's life
should be all that wealth can
give to the rich

It is

pernicious teaching.

cialism and

ditions must

In

a

free

man.

It points the way to

communism, however much these

be condemned.

society

a

man's living

may
con¬

can make them.
Equal¬
Living conditions cannot be stan¬

dardized without

dwarfing and enslaving the

man

himself.
But

doing

so

We

are

all

these things

say

workers, all citizens.

of the fact that he is
v

from the law.

exemption
well

to

a

create

apply.

To

exempt

class—a

a

a

over

again?

No citizen, because

can

claim exemption

worker claim exemp¬

worker?

a

and

Is not such claim of

revolt against the Government, in spirit

fact?

as

citizen,

Why should

tion because he is

as

over

class

one

to

body of citizens is

which

the

law

Immediately there is the protest of those

claim, and rightly claim, oppression through
discrimination.
Harmony of life and effort is im¬
Other classes take up the method, and the

Government, State
special legislation.

or

National, is

a

hotchpotch of

It becomes the agency of greed

and the tool of favoritism.

What
see

need, though it is useless to

labor in its

and thus of

which it

true

the

means

it, is to

of life—

The only way in
rightly stand before Government as a

suppliant is for

imposed by

ernment.

as

say

liberty and happiness.

can

open

and not favoritism.
was

light,

a

opportunity—not exemption,

The law of

life, which is labor,
Higher Power than human Gov¬

And this Power




never

grow

so

BRYCE'S MODERN DEMOCRACIES.
first

It is

article.

event of first

an

importance, politically, and
less than historically, that Viscount
Bryce has produced another great book on the de¬

economically

no

velopment of Democracies*
the "American
work

earlier

work

on

philosophical writers like Bentham, John
Mill, Macaulay and Hallam, applying the
later
experience, and carried the story of

of

test

His

Commonwealths" supplemented the

of

Stuart

as presented, for example, by
Tocqueville, into its later and larger develop¬

De

ment.

Now-he goes much further.

The breadth of

view, clearness of insight, soundness of judgment,
and kindliness of critical
spirit displayed in the
new
volumes, all
strengthened and ripened by the experiences of his
long and important public career in which he is still

engaged.

: ay

Some years ago,

abdicates.

when

been made of the actual

no

comparative study had

working of modern forms of

government, he set out to gather materials for such
a

study, and when, after

he

was

forced

long delay.

a

of extensive travel,

years

prepared to write, the

war

broke out and

Labor

en¬

He had, however, the advan¬

tage of having gathered his material in normal times
rather than when affected

by the exigencies and

erally abnormal conditions of

States, especially
and

which in

war,

gen-

some

in France, the United States

as

Australia, might make conclusions drawn from

them inaccurate.

For

his

present purpose he limits the term De¬

mocracy to mean

nothing

rule of the whole
will

as

far

sults of his

more

We shall confine ourselves to

possible, in his

as

less than the

nor

people expressing their sovereign

by their votes.

giving,

words the

own

treats

of

the features

which

democra-

these appear in the daily

working of government when witnessed by
looker.
the

The facts

air, and

not to

nish

are

are

obscured

on¬

not readily perceived.

He aims

propound theses, but to record facts and fur¬

explanations

which readers

on

philosophy, which will create

can

His

reflect and
own

confidence,

pressed in his seeking to withhold his
where it might be affected
by the

a

first

diity

own

genial
is

a

ex¬

opinion

pessimism of

experience, and because after

study he feels it
on

an

by phrases that fill

draw conclusions for themselves.

sonal

re¬

study of this political experiment.

cries have in
common, as

per¬

long life of

to keep an open mind

subjects lying outside his studies, and because he

would

the
we

may

does'

who

possible.

Unionization

pull down the temple walls, but in

can

it must destroy itself.

His book

why

Laboring

labor, and then from labor itself, without de¬

strong that it

so¬

be what he

ever

ity is impossible.

benevolent master.

stroying civilization.

statutory law?

who works with

one

store,

was

labor from

living at mechanical

a

As servant

earlier book will be found in the

to preserve

sacred in the
eyes

Government than

sion?

people

possible upon this attitude,

of either natural

tasks is he

who clerks

a

origin of this manifest obsession?

this Government instituted

the operation

Yet

^'

Put the best face

Because

and

over

ill for the future

augurs

;

a

It

a curse.

men.

forty mil¬ •American
Democracy,

of public opinion refuses to

danger that

a

*

'

blessing, not

exempted from the human laws which

make

i

man—a

Busi¬

subject to this outside

labor

developer of

is not sacrosanct in the relations of

cannot

by this method.

peace

a

1801

of

reference to the recent decision of the Railroad La¬

Yet

is

law

as they claim, in
why not claim exemption

proper

inaugurate industrial
ness

labor

one

Underpaid,

photoengravers, wherein

signed to establish

CHRONICLE

federated

Why relief from

wages,

from the income tax?

lishers

about

arrogance

unions hard to

the

THE

regard with sympathy all efforts to improve

world

have

to

be

and

would

recognize how many things

changed and how

had to be cast aside

as

many

unsound.

opinions have

A better under¬

standing of conflicting views in economic contro¬
versy is the need

to-day.
Comprehension and ap¬
preciation ought at least to be possible where agree¬
ment is not reached.
*Modern Democracies.
Co.

2 vols.

James Bryce.

Macmlllan

•

Just

now

men

with ideas
reconstruction and the pur¬

chiefly concerned

are

[Vol. 112.

CHRONICLE

THE

You cannot fool all the

people all the time.

If you

well;
must have
poses which institutions can he made to serve, rather
time.
Voting is indispensable, but is serviceable
than with the institutions themselves.
The great
just in proportion as it is preceded and prepared for
task is tlo visualize the effect of setting up democra¬
by the creation of public opinion.
This is an edu¬
cies in States which, like Russia and Austria, have
cative process contantly at work.
It checks the ve¬
been monarchies, or in those which are trying popu¬
hemence of party spirit and the recklessness of party
lar government, as India, China, Egypt and Persia.
leaders.
It constantly arrests unwise legislation
Generalities made
and schemes of social

reach

can

qualification is that the people

but the

provisional
will
before long be out of date, except as recording past
conditions.
Each student can only describe the
progress he saw; each hands on the torch to those
who follow him; the succession is infinite, and the
experiments, which nevertheless have to be made,

people things will usually go

the

to-day can be only

will

and

modified; to-day's hooks

have to be

are never

complete or final.
Its historical

the initial

from

Democratic

general view of

Part I is devoted to a

Government.

evolution is pointed out

impulse to put an end to

lawless

privileged class, as in ancient
the influence of Christian ideas
crystallized discontent with oligrachic misgovernment and opened the way for abstract theory as to

oppression by

a

Greece, until in time

fundamental concep¬

political and civil rights and
tions

as

and place in the universe,

to man's nature

to dominate as

is given in interest¬
ing detail, with the conclusion that, as impatience
with existing evils has generally been the force that
substituted democracy for monarchy or oligarchy, it
The

story of this evolution

is conceivable at least that a
some

tion

like impatience may

of

forces

affecting

modern

which

Education
a

as

the strongest

Democracy, and to the wholly

ever-increasing

and

discussion of the rela¬

Religion

and

has made democracy

hear
age

reason

time of ex¬

opposition and to refuse to
constitutes the call for individual cour¬
overbear

must have

and leadership, which Democracy

if it will succeed.

Part II

opens

with a review of the

working of

popular government in antiquity and in the Repub¬
lics of South America.
Then follows elaborate stud¬
history and present condition in

ies of its

six States,

Switzerland, Canada, the United States,
Australia and New Zealand, with in each case a
France,
careful

summing

of the distinctive features and
trustworthy and compact

up

These furnish a

results.

body of reference for any who want

the exact facts

observer of rare discernment.
contains an examination and criticism

recorded by an

as

of the institution of Democracy, as

its future in

on

it has been dis¬

investigation, with general reflections

closed in the

weighty chapters which will be the

subject of our second article.
Sufficient to say

at this point that in 1914 there

signs of Democracy's decline in some countries
where decline was little to be expected, and of im¬

power

of the Press,

provement in others, but nowhere

indication of a
of a

give it up, and nowhere suggestion

desire to

permanent substitute.

possible for the first

communities. The
newspaper press is itself irresponsible, but it en¬
forces responsibility upon all who are engaged in
public work. It is sometimes malicious and crafty ;
but is as a whole a great power for good, and, as it
is doing so much necessary and highly valuable

POOLS AND NATIONAL

large and widely spread

time in

to

were

day reverse the process.

Chapters are given to the

citement

disapproval is

Its tendency in

felt to be in the air.

Part III

they do to-day.

declaration because

without formal

is

There

the English

in

AGREEMENTS.

miners' proposal for a

shall draw
equal
wages with the most favored) a contradiction to the
entire method upon which business is conducted.
It is in direct opposition to competition.
It is de¬
work which it alone can do, it should be guarded
structive of economy in administration and strength
against whatever may shake public confidence in it
or efficiency in scientific management.
If applied
and impair its usefulness to the community.
Full space is given to a discussion of the question to all enterprise, it vrould constitute either social¬
ism if sanctioned by the State, or communism, if
of Party, with the conclusion that political parties
"pool," out of which the weaker mines
sustenance

(in order to enable them to pay

.

are

indispensable in

democracy, but that party

a

based
If

spirit, whether it shall work for good or evil, will
be determined

The people

by the people themselves.

are

the basis and watchword of democracy.

are

the

ultimate

source

of

power,

They

and there is a

strong tendency to believe that they are therefore
the

source

of the

of

justice and wisdom, and that the voice

people

may even

tion to these views has
in recent years

be the voice of God.

of class antagonisms.

This to-day

is, perhaps, the force most in evidence.
as

faith in the people can

ple it has justification.
are

of

shared

Reac¬

strengthened with the growth

Yet

far

so

be faith in the whole

peo¬

Where rights and duties

by all, ideas make their

way,

interchange

thought works good, light spreads, and truth has

opportunity to discredit
mixing

on

error.

The

average

man

equal terms with neighbors, is apt to

see

things in a practical light; and to go right, because

the solidarity of

on

broaden the

we

would undertake to make all men
wards of the

little store or

shop

or

farm the same proportionate

profits as to the large, regardless of the resources
employed or the ability used in operation.
The
contention is made, in principle, in this coun¬

same

try by the labor unions,
And unless these

of

insidious attacks upon the freedom

production and trade can be met and overcome

by reason, we are destined to
ties and
meal.

One

of

the

great

difficulties of to-day is the

appeal opportunism makes to the mind of the
wrorker.
He is not as "bad off" as agitators teil
covert

If he would only make fair

him he is.

by

a sense




of duty thus put

upon

per¬

them.

have our business liber¬
piece¬

property rights stripped from us in

he would discover many

sonal level

wThich demand that all "re¬
by "national agreements."

lations" shall be governed

material for

judging what is best for all.

equal in the re¬

pursuits of life; it would give to the

publicity secured by free discussion supplies ample
Citizenship usually raises men to a higher

industries thus managed.

application of the principle, it

But he is

oppressed.

comparisons

conditions to be happy over.

taught, and believes too much, that he

is

Golden dreams of life are rehearsed be-

April 30

fore him.

1921.]

THE

CHHONICLE

To the extent of war's general effects In

does suffer with the

of

masses

come

mankind—though he

,

cognizant of advantages gained by
workings of necessity in that fearful time. But

he

listens, and believes.

brace the

these so-called
not

He leaps quickly to

magic plans which will alleviate
conditions.

onerous

at

What

ture

under

the

He is in the

administration

case

of

these

em¬

he

does
fu¬

formulas.

above cited

willing to accept this
"pool," without perceiving that it would spread to
include other

industries, that it would prevent

any

natural

growth and evolution in industry by reason
the genius and acumen of
men, and that in the

of

end he would become the

abject slave of that changeresulting from the curbing of initiative and

lessness
the

throttling of competition.

through

any means,

would be

or

No business, assured,
full share of profits, could

a

rightly conducted.

The whole

its direct

of

''

thought of mankind is twisted
We

course.

in the midst of

are

a

tangled

Not a single condi¬
industry that is not being pecked at by the

or

hammer of the reformer.

And

the

tendency is to

revolution, to quick, to direct, action.
forerunner of
And

ness.

of the

John

impatience.

business

a

turn of the tide, a

slow but
mate

increasing return of the normal, and ulti¬
prosperity and vigor for the trade of the world.

He is not oblivious to the fact that while the

disquiet
suggested reforms prevails the eternal laws if

of

supply and demand, the natural laws, are silently,
surely working.
But he is much more judge than
reformer.
The

r';\y',

v.

uncer¬

tainty, for the citizen to contemplate is, as we see
it, that in yielding to these foisted claims of immedi¬
ate

so-called readjustment we are
inevitably sacri¬
ficing the futuye welfare and progress of our own
country to the immediate gain of some temporary
advantage.
Does any one believe that railway
Does
based

anyone
on

that

"national

freight conditions during the

continue
there

indefinitely maintained at
believe

unchanged for

even

backward

a

as

flame to flame.

few years to discover

England, Europe and America

a

were

Why?

Because of the unlimited
possibilities of this open¬

ing continent.
between

Can

new

credit and

Europe and America,

the-war conditions in either

debt relations

new and fearful afteror

both

of

these,

pre¬

vent the inherent

growth and expansion of this huge,
rich territory to the south of us?
Why, then, anti¬

dumping laws against "cheap goods,"
existed, become

even

if they

consideration for fastening upon

a

trade, and "labor," too, the barriers which prevent
from gaining our share of the mutual
good of ex¬

ns

change in this quarter of the world?
laAV, man-made,

way

region.

And

we

need freedom to meet it half¬

for the benefit of all

freedom

from

sectional

Not Avar, not

stop the orderly development

can

concerned.

So—Ave need

national pools and
agreements, that
and

resources

meet the inevitable and

individual

energies

may

constantly active changes

.n

the inter-relations of domestic trade.

1N~TIIIS

THE SOLDIER BONUS

Last week Avord

came

from

STATE.

Albany that the Com¬

mission which is to handle the bonus fund
in this

State will have

prepared

to

headquarters in Albany and will be
applications on June 1.
On

receive

Saturday the bill creating the Commission Avas
signed by Gov. Miller, and that body is to consist of
Comptroller James A. Wendell, Attorney-General
NeAvton, and Adjutant-General J. Leslie

Charles D.
Kincaid.
Avill

We

are

distribute

further told that the Commission

the

money

immediately,

Avaiting for the proceeds of the 25 millions

impressive fact, in all this doubt and

wages can be

that the eyes of

"settle down" because

periods, foresees

draw to each other

have to go

accom¬

and human energies of the

Zeal is the

flutterings and fears produced by agitation.
Moody, by constructive processes paralleling

other similar

resources

fastened upon the markets of South America.

Power is used for selfish¬

cannot

we

of this

out of

melange of theories and plans.
tion

two sections

Yet

once

perceive, does not consider, is the inevitable

again because the, civilization and

plishments, the

must if honest be

the

so

1803

war

of last November.

ported

war era,

will

Even

f

ensue

as

treasury to take
for

Adjutant-General Kincaid is

care

placing the bonds

market.

bonds,

by the referendum

saying that there is ample

money

re¬

in the

of the first batch of applica¬

tions, and the Comptroller
on

can

then bide his time

the best terms available in

.

It is
necessary

rates?

agreements,"

decade?

out of the 45 millions authorized

without'
of

to repeat that

a

palpable distinc¬

tion exists between those
persons Avho Avere in the
service and
suffered, and the many thousands Avho
not

only did not suffer in

any

respect—not

e\ren

in

regional systems, independently func¬
tioning, can it be possible that production, fields
and cities, lands and
men, will not be in process of

hurt, honor is due

change, and that

those who

suffered, the first and only question in

the

of

regional

understandings

eventually succumb to the wants, needs,

privileges of individual roads?

must

powers

and

Why then strive to

health, spirits,

business position and prospects.
For all Avho
served, living or dead, or hurt or un¬

minds

what

that of their

mobility?

due except

agree¬

ments when

mobility is the only meahs of escape?
Why not voluntarily consent to a wage that meets
the

condition rather than

new

maintain

one

that

cannot

persistent effort to

stand

and

is

itself

in¬

equitable?
The best
man

comes to us all

now

is that

stay the immutable laws that

forward to progress.

They wait not

on

his

ordering,

or

artificial

systems, but these must succumb for they

cannot

As for

men

is, what should be, and
be, done for their relief and

can

dependents; to the others

no

that of honor, and they should be

debt is
averse

accepting any compensation in money for what is

not

expressible in terms of money.

Yet the

thing

Avas

put through at the polls,

doubtedly mainly by the votes

un¬

of those who expect

to share

thought that

has not power to

press us

to

and will not be withheld.

sound

practically

freeze the turmoil of these unusual times into im¬

Why talk of pools and national

or

his control.

He may erect above them

Take this example:
When "for¬
eign trade" is visioned by most men, "Europe" ap¬
pears as a competitor.
Yet at the same time it is
conquer.

realized that

Europe




was a

customer, and must be¬

in the
proceeds, and noAV it is to be pushed
along unless the constitutional obstacles

prevent.

Several other States have voted to
bond themselves
for this bonus
purpose, and that must be left to the
discretion of the
people of such States. Most of the
States are less guarded than our own
in respect

diverting public funds
this

to

to
private purposes, but in

State the constitution is about

as

distinct in

prohibition of such diverting as
language can make
it.
One provision is that "neither the credit
no?

-

,

t

■

-

Division of the

loaned to
in aid of any association, corporation, or private
undertaking." Here the plea may he set up that
there is no "corporation" in the case, nor any "asso¬
ciation" (although it might be questioned whether
the American Legion is not an association) also
that there is no "private undertaking."
Nothing is
to be "done"; no constructive work is proposed;
of the State shall be given or

the money

judgment overruling
The

of the State" and

that
be

shall not in any manner

individual, asso¬
associations
"individuals" cannot be made

given or loaned to or in aid of any
ciation
and

corporations but

"to,

And is it not a just
and settled rule of interpretation that the plain in¬
tent of a statute or of a constitutional provision is
to be considered ?

this bonus seems
squarely opposed and forbidden by our State

language has any meaning,

If
to be

legislative

the

that

no

powers.

county or smaller

complete
Appeals so viewed
no public purpose.

immovable, and the Court of

For, said the Court, this was

to be

claim, legal or equitable,

levied under the Act had no

language be clearer?

Could

of Appeals,

"The individuals for whose benefit the tax was

loaned"
the mentioned beneficiaries.

in aid of,"

or

it.

forbidden; it shall not be "given or

purposes

Court

Apparently, no cut-off could be more

manner" be used for the

that credit shall not "in any

beyond

and

State's credit, and

beneficiaries of the use of the

the

to

unanimously declared the stat¬

purposes."

Here not only

corporation."

or

a

came

June 6 1899

tution says

of receiving
distributing it as a

begins by declaring

Section 1 of Article VII

on

thus

The Consti¬
political sub¬
division shall "give any money or property or loan
its money or credit to or in aid of any individual,
association, or corporation, or become directly or in¬
directly the owner of stock in or bonds of any asso¬
ciation or corporation; nor shall any such county,
city, town, or village be allowed to incur any in¬
debtedness except for county, city, town, or village

ute

gift to certain persons.
"the credit of the State

matter

which

"undertaking" beyond that

no

"the money

Board of
previous
demurrer to the complaint

Supreme Court (Bush v.

Supervisors of Orange County) affirmed a

or

there is

[Vo^ H2-

iONICLE

THE OH

1804
.

against the town or county where the money was
be raised

to

Their position was simply that
under the conscription only dis¬

by tax."

"those who served

charged their obligations to the general Government,
and those who commuted simply paid so much money
released from the

to be

obligation to render such

it will service; in either case the individual did nothing
to predict; more than to discharge his obligations to the Gov¬
ernment as a citizen, and hence he had no claim
but any taxpayer can bring an action, and there can
hardly be a doubt that such actions will b ) brought. against the locality to reimburse him for what he
was obliged to do."
The apparent object of the course in the matter an¬
But a majority of the taxpayers must have been
nounced from Albany seems to be to forestall re¬
somehow or other moved to say they wanted to be
sistance by committing the
State at once; take
taxed, by petitioning to be. Persons who think that
money from the Treasury, hand it over as laygess,
the size of the bonus vote of last November fur¬
then put out a bond issue afterwards, so that to the
nishes aid to the presumption of validity always
Court of Appeals it may appear that the thing done
is Irreversible and the moral credit and honor of
recognized will be interested to note that the Court
the State are bound.
This would seem to be an at¬ of Appeals in 1899 saw nothing in such a claim.
tempt to tie the hands of the highest court before the "The fact that a majority of the taxpayers requested
What form the resistance to

constitution.

take, and how soon, we cannot attempt

>

case can come

Consider¬

before it in concrete form.

ing how the housing laws have been treated, and how
the

plainest provision in one part of the Federal

Constitution has been evaded

by

a

dangerous gener¬

ality, it might be unsafe to count upon the Court of
Appeals not to find

some

constitutional inhibition

technicality by which the
be evaded; so little re¬

the

Supervisors to levy the tax is of no importance,"
We suppose that not even the high¬

said the Court.

est tribunal of the
of the

State would have held that any

majority taxpayers who wanted to tax

self and go

purpose

down into his own pocket

him¬

for the private

privilege

undertaken could be denied the

otherwise; but going
gard is shown now for written constitutions that we down into the pocket of another taxpayer who
cannot be quite confident that any part of any of
neither petitioned nor approved would be another
them will stand when it appears to be in the way of
matter.
"Majorities, however potent in many re¬
can

something attempted by a legislature.
less, it is
that the

than

no more

to

proper

Neverthe¬

warn

the public

legality of the proposed bond issue is

it

pense,

may

subject is in dispute and

be of interest and use—instead of

or some

later year,

growing out of

gency

tion—to look back and
in 1899 in
of

1892

the

pervisors,
of the

a

on

like

in

sus¬

mined

con¬

see

In

case.

a case

of assumed

or

of

a

a

majority of the taxpayers

city

or

tivates

everything.

Constitution

by ordinary taxation the funds to
$300 with interest.

to the time and incident of the

called

pay

imagination, but the

draft, and the
was

man

to have paid

$300 with which he might have bought
a

taxpayer's

suit

was

a

brought

against this, and at the close of 1896 the Appellate




The majority can
wild thing that cap¬

Legislature cannot con¬
that thing until it is

really in.

CANADIAN PACIFIC'S

OFFER TO TAKE OYER

OTHER DOMINION

ROADS.

Ottawa, Can., April

Civil

This referred back

by the lot and went

But

any

stitutionally base action upon

town therein, might

men

substitute.

much, but not quite
shove into the

The force of deter¬

push by a majority can do

Chapter 664 of the Laws

raise

to him the

and persistent

Legislature enacted that County Su¬
petition of

county

was

ac¬

what that tribunal did

War

who

emer¬

past and irrevocable

some

spects," said the Court, "have no power to impose
taxes upon the minority to be devoted to gifts >c
gratuities to individuals."
And as then, so now, is it not?

jecturing what the N. Y. Court of Appeals might do,
in 1923

doing so, on legal grounds or

per¬

haps open to question.
While the whole

of

The

and

outstanding topic of

commercial

week is the offer
nadian Pacific
nessy,

all

circles

29 1921.

discussion in political

throughout Canada this

Ca¬
Shaugh-

made by the Chairman of the

Railway

Company, Lord

to have his company assume

Government railways owned

the operation of

by the Dominion

April 30

and

1921.]

THE

virtually establish

tinental carriers.
one

monopoly of the transcon¬

a

Lord

CHRONICLE

Shaughnessy's proposal has

feature, at least, that bids strongly for public

favor in that it

suggests the extension of Canadian

Pacific standards of management to the Canadian

National System.
announcement of

lars

the

on

Following close

upon the public

railway deficit of 80 million dol¬

a

public-owned lines and the prospect of

an

uninterrupted series of blighting losses for many
years to come, the Canadian taxpayer naturally *s
inclined to forsake

happy theories and fix attention

the fact that he and his

on

of 50

average

losses

on

family

are assessed an

dollars per capita to meet annual

Dominion-owned steam roads.

hand, the Canadian Pacific Railway
proposal, if accepted, would mean that the Govern¬
swallows

its

railway

blunder, that it hands
the

over

policies

to

as

a

existing guarantee of competition but

physical asset
lic money

on

great

a

which hundreds of millions of pub¬

have been expended.

by many political and
the Canadian Pacific
the

colossal

corporation not only

a

Objection is taken

business leaders that

some

Railway offers to throw into

melting pot only the railway lines

which net

on

profits have been steadily decreasing of late, re¬
taining for the exclusive benefit of its shareholders
the

labor, the chief factor in the situation from the point
of view of
That is

outlay, still is largely at its

really the

tions in wage

railway lands and other assets from which 3%

bonus on common has been paid
regularly.
Fur¬
ther, the proposal of Lord Shaughnessy suggests the

scales

peak.

wage

of the matter, such reduc¬

crux

have been noted having been

as

unimportant in the main, and quite generally where
effort has thus far been made to
cost it has

In other

been met

by strikes

bring down labor
threats thereof.

or

words, in building labor circles,

in other

as

industries, the expressed intention of the workers
is to

fight to the last ditch

reduction, de¬

any wage

spite the changed conditions

regards cost of liv¬

as

ing and state of employment.

But this position can

hardly be maintained, and
situation is

On the other

ment

1805

likely before the

very

definitely righted there will be

less trouble,

more or

j.

For March

1921, projected building, as reflected
by the aggregate of contemplated expenditure cov¬
ered by the permits
issued, was of very satisfactory
proportions.

The

month in the

projects

country

launched

during

the

whole were, In fact, much

as a

greater in number than in the corresponding period
of

the

previous

of intended

but involved

year,

smaller total

a

expenditure than the high record March

outlay of 1920, due in part to the greater proportion
of small
some

we

projects in the current compilation and in

measure

to lessened cost of materials.

have returns from 178 cities for the

which

In

the estimated cost of construction is

269,171, against $158,011,425,

all,

month, for
$127,-

decrease of 19.4%.

or a

guaranteeing of stock dividends for Canadian Pa¬

Compared with 1919, however,

cific

Railway shareholders in perpetuity, thereby
giving to common stock the status of a Government

is recorded.

bond.

ing expansion in all the boroughs except Manhattan

Were the Canadian Pacific

sent to

Railway to

National

lines, the scheme would

score

'

i

cessfully.
Western

more

sue-

Certainly the mood of public ownership

has lost the

izing,"

con¬

pool all its great assets with the Canadian

vitality it had

farmers,

once

five

years

The

ago.

the champions of "national¬

frankly appalled by the swelling debt of
public-owned steam lines, and the strangling ef¬

the

fect of

are

high rail,

passenger

machinery of business.
ernment

will

circles

receive

Government, of
released Lord
order

to

exert

express

It is not the belief in Gov¬

that the

than

course

rates on the

amalgamation plan

respectful attention.

following the usual

Shaughnessy's letter to the

sound

been of such

here

more

and

a

public opinion.

The

course,

press

in

The response has

mixed and indeterminate sort

as

to

political influence at all.

no

BUILDING

tions

FIRST

QUARTER

effort

is

the United-States to relieve

the

sec¬

dwelling

projected building construction for March

and the first

quarter of 1921.

And in many locali¬

ties where the need of accommodations is most

gent the time when relief
shortened
so

intent.

the

or more

may

be housed, while the subdi¬

highly probable, therefore, that within

the situation will have been much bettered

country over, if not entirely relieved.

Decreasing costs of
are

be afforded is being

apartments is being speeded up with like

It is

the year

may

ur¬

by the alteration of one-family structures

that two

vision of

some

stated

833,

against $28,639,702 last

the

course

that in
for

of

events

since

As

The

$29,032,-

indication of

an

March

up

a

$10,251,562 *n

year,

1919, and $5,167,668 in 1918.

closed,

note

we

Brooklyn Borough alone the permits issued
work

new

weeks of

and

alterations

April call for

for

first

the

three

outlay of something

an

12 million dollars—a
very

over

exceptional total.

Out¬

side of this

city the estimated expenditures reach

$98,236,338,

against $129,371,723

and 36 millions

and 54 millions

respectively. A feature of the March

exhibit is the excellent

showing made

on

the Pacific

Coast, the amount arranged to be expended at 15
cities

in

that
on

section

record

reaching $18,623,759,

for

the

or

the

particular period, and

years

from

taxation

for

a

certain

of structures completed within

period is tending in the




especially noticeable at Los Angeles, the centre of

same

motion-picture industry.

over,

a

direction, but

At the South,

more¬

the amount of construction work put under

permit ill March

was only moderately less than dur¬
ing the corresponding time in 1920, with the volumd

of contracts

said

to

sum

awaiting award at the opening of April
up

approximately 15 million dollars.

In other sections of the

country, however, the con¬

tracts entered into in March
ago,

and in New England

but

at

a

number

of

a

contrary showing

from such

leading centres

cities

was

them.

appears

as

year

evidence

at hand.

Indianapolis,

town and New Bedford
among

a

smaller than in 1919,

individual

burgh, Denver, Cincinnati,

well below

were

even

greater activity than in 1920

hand,

descriptions of material

serving to stimulate building activity and, lo¬

cally, the exemption

period of

Brooklyn, and especially in the Bronx.

aggregate outlay for the whole city foots

the

making in most

shortage is the salient fact disclosed by the state¬
ments of

and

even

there be¬

Contrasting with $14,068,182 in 1920, with activity
OPERATIONS,

determined

of

little better than for the month last year,

heaviest

OF 1921.

That

gain of about 98%

a

Greater New York's exhibit is

of

Pitts¬

Youngs-

On the other
in the returns

Chicago, Detroit, Bos¬

ton, Baltimore, Newark, Philadelphia, Washington,
Cleveland and St. Louis.
The totals for the first
quarter

of 1921, while, of

course, much smaller than those for the same three

THE

1806

the ur¬
of the current situation, unsatisfactory, as

months of
gency

1920,

not in any sense, except

are

there is evidence of more or less

sion

noteworthy expan¬

Of course, in

compared with all earlier years.

contrasting 1921 results with all years other than
1920 some allowance has to be made for higher cost
of materials and labor now than
a

At this time

then.

costs were almost at their zenith and the
have bben comparatively slight.

year ago

Consequently, current prices for materials are

still

In fact, a table compiled by the
shows that, as compared with 1915,

extremely high.
Service

Dow

prices

on

lime and
and the

April 15, 1921, for lumber, brick, cement,
nails collectively averaged over 100% more,

same

of

total

England division, 25 cities furnish

estimated

construction for the

cost of

quarter of $16,180,042, against

$25,996,104 in 1920,

$10,957,521 in 1919, with Boston, New Haven,

and

millions for 1917.

$63,734,^00 and $83,789,666 and 24 1-3 millions,

Springfield, Worcester, Lowell and Bridgeport con¬
noteworthy increase at New Bedford.

entire

country (178 cities) the contemplated outlay

in the three months calls for
tures of

approximate expendi¬

$286,697,300, against $407,891,528 last year,

124 1-3 millions two years ago,
and

than

Advices from Canada indicate that

nevertheless

the whole much

on

and several pre-war years.

less than in 1920

The permits issued dur¬

prospective outlay not much under that of last year
cities the

comparison is between only $952,530 and

The combined result for the month is,

$2,264,151.

therefore, but $6,383,815, against $8,048,835. For the
thrqe months of 1921 the Eastern total is

$9,906,270,

against $12,902,175; the Western, $2,060,518 against

only $3,954,161, and the aggregate
In the Mid¬ against $16,856,356.
Current

Philadelphia, Baltimore, Newark, Wash¬

of

$11,966,788

all,

nicipalities of lesser prominence exhibiting gains of
mentionable

Events and gisrussimis

The aggregate of all is

proportions.

SHOWS

BUDGET

BRITISH

A reduction of £75,000,000
amount

during the past

outstanding

features

mitted to the House of Commons by Austen

and two years ago.

on

Middle

the

total for

The

,

West

three

the

for

Chamberlain

The Associated Press account of the showing

April 25.

presented by the budget said:
Its leading feature, removal of the excess profits duty,

however,
1919.

considerably under that of 1920, which,

three times the diminutive total oc

was over

Striking declines from last year are to be

a

at

Cleveland,

Detroit,

Columbus,

Toledo,

Akron, Springfield, 111., and several smaller towns,
and the

sion is

only points from which noteworthy expan¬

reported

Haute and

are

Milwaukee, Indianapolis, Terre
The aggregate for the 34

Youngstown.

cities that make up

the

group

is $75,066,648, against

$106,539,225 and 33 millions, respectively.
hibit

made

The

about £4,000,000 under the estimated surplus being

only

£230,500,000,
recorded.

of taxation

by the South is of like character, the

$30,670,576, against $44,084,006 in 1920, and $12,losses

in

from

At 25

1919.

duty of 33 1-3%
These

gains worthy of note

of

the

cities

confined to New Orleans,

are

Birmingham, Jacksonville and Tampa.
favorable
from

j

comparisons

are

the Pacific Coast.

evidence, and they

618 in 1919.
includes 25
hibit of
the

over a year ago are

especially marked at Los

The total of all at $39,325,-

we

year

year

and $13,160,-

division, which

have the least satisfactory

all, evidence of activity

preceding

changes

on

ex¬

compared with

being discernible at only Kansas
On the

group

reaches $18,991,034, against
For the whole 177

an aggregate
disbursements for building opera¬

cities( outside of New York, we have
of

anticipated

tions of
as

for

$222,962,500 for the three months qf 1921,

against $324,101,502 for 1920, about 100 millions
1919, approximately 86 millions for 1918 and




disappointment, producing

financial history and declared that the financial results

ment was

ness

made when trade was booming and prospects were rosy, and that

that sunny prospect there dascended with almost unequaled sudden¬
and completeness the deep depression, which was still continuing.

The House was chiefly

interested in details concerning debt reductions,

especially the announcement that the debt to the United States had been
reduced by £75,000,000

debts

all

to

Japan.

during the" past

yealr.

had been reduced by £20,000,000 in the year, while

Spain, Argentina,

Uruguay and

Holland had been

He emphasized the importance of reducing the external debt,
it interfered with exchange and trade, and announced as a remark¬

wiped out.
because

able achievement that

in two

years

the external debt had been reduced by

£203,000,000.
In this connection he said that the remaining

blA%

five-year notes

would be
Canadian banks to

maturing at New York in November, amounting to $11,000,000

paid off, while an arrangement had been made with
repay

the Canadian debt by monthly installments.
regard to the internal debt, Mr. Chamberlain regretted that it was

With

impossible yet to fund the floating debt, which had been reduced in the
course of the year only by £37,000,000 instead of the anticipated £70,3 y2%

A new 40-year
issued immediately for conversion into war bonds

would be made to fund the war debt.

loan would be

maturing in 1925.
Drastic reductions in the
had been

coming year's expenditure in every department

ordered, and Mr. Chamberlain concluded by declaring that the

settled and trade

A

New

copyright cablegram from London, April 25, to the
York 4'Times," enlarging upon the above, says:

Chamberlain.

The

industrial disputes are

begins its revival.

introduced to-day in the House of Commons by Austen

It showed a reduction of the national debt from £7.829,000,-

£7,573,000,000.

large decreases.

$35,400,027 and 9% millions.

a

satisfactory when it was taken into consideration that his last state¬

were

Great Britain has

this

specific duty of 15s per gallon.
the, higher duties proved un-

expressed the hope the tax would justify itself the coming year.
The ex-Chancellor characterized the past year as one of the most remark¬

000 to

The projected outlay for the three

further reduction

instead of the epxected £3,000,000 but Mr. Chamberlain

Denver, Wichita, Duluth and St. Joseph report very
in

a

made because

profits tax proved to be

The corporation

only £650,000,

The budget was

hand, St. Louis, Minneapolis, Omaha, St. Paul,

months

been

foundation had been laid for steady recovery when

as

City and three cities of minor importance.
other

sparkling wines by

have

000,000, but a start

$41,845,674 last

In the "Other Western"

cities,

more

We have returns from 15

are

Angeles and San Diego.
454 contrasts with

Much

revealed by the reports

cities, at 6 of which increases
in

included

indicated, and the only

are

no

remunerative and were injurious to England's allies.

The debts to Canada

last year

and there will be

The chief points are, removal of the surtax

cigars and replacement of the existing fixed duty of 7s and an ad valorem

on

upon

proposed outlay at 34 cities for the quarter totaling

823,782

in the current year.

able in England's

ex¬

announced

have been borne out with remarkable accuracy, a surplus of

ago

year

was

The Chancellor's estimates of revenue and expenditure of

time ago.

some

No additional taxation is proposed

seen

in the

of the British budget sub¬

$42,728,746, against $70,236,466 and $19,440,361, one
;

year

owed to the United States by Great Britain was

of the

one

REDUCTION

$75,000,000

UNITED STATES.

IN AMOUNT OWED

ington and Jersey City, and only a few of the mu¬

months is

op¬

ing March at 27 cities in the East show, it is true, a

with contraction particularly no¬

year ago,

ticeable at

building

erations, while tending towards greater activity, are

by 44 cities, 29 show smaller intended outlay

a

101 millions in 1918

206% millions in 1917.

(Greater New York excluded), repre¬

section

dle

Finally, for the

14% millions and 36% millions.

spicuous in the matter of decrease, and (the

sented

York's totals

Greater New

—$5,431,285 against $5,784,684—but for 15 Western

labor.

is true regarding

For the New
a

170
are

thus far

declines

[VOL; 112.

CHEONICLE

£1,278.714,000 to £1,161,560,000.
reduced in the last year her debt in the United States by

foreign debt has been cut from

£75.000,000, which includes her half of the Anglo-French loan liqui¬
dation.
She now owes in the United States and Canada £826,000.000, but
nearly

has

paid off her debts in Japan, Argentina, Uruguay and Holland.
in taxation announced are unsensational.
The excess protits

The changes

duty, as had been
and the duties on
to be

promised, is dropped on the ground that it hampers trade

imported cigars and sparkling wines, which had turned out

10 will be free of surtax
The heavy
Mr.

income tax of 6

shillings in the pound remains unchanged.

Chamberlain expects to realize a surplus of £84,127,000, but warned

the House that
mate.

Cigars from May
and will pay only 15 shillings 6 pence per pound.

prohibitive and so unremunerative, are reduced.

it might be largely reduced by claims impossible now to esti¬

April 30

THE

1921.]

He concluded by announcing a big

debt conversion scheme.

It

1807

CHRONICLE
was im¬

Since that time many

been'received

inquiries have

possible, he said, for the Government to deal at present with the large float¬

had been

ing debt, but to prepare the way for reducing that it is proposed to make

the Department of Finance to-night

offer to holders of .€632,000,000
before September

for participation

5% national war bonds which will mature

They will be invited to exchange their holdings

1925.

in

an

314 % conversion loan, which will not be redeem¬

a new

able until April 1961.

interest and will increase the nominal amount of the debt to over €1,000,-

sum

This will obviate the necessity of the Government raising a large

maturing bonds.

of money to meet

and interest.

the

FUNDING OF BRITISH

Mellon

DEBT TO U.

made by Secretary of

was

S. |

In

States.

reporting

Mellon

stated in

as

York "Commercial" of April 26, also

The

Chalmers, Special Envoy from the
Government, Mr. Mellon indicated, was due to the fact that thus

far officials of the United States have not been ready to deal with the mat¬
As

ter.

of

soon as

Treasury officials are fully prepared to discuss the question

deferring interest payments and funding the present demand obligations

into long term
State

The
of

bonds, notification will be sent to the British through the

separately.

ference.

An invitation will be sent to the

French to begin similar

nego¬

on.

TO

FUNDS.

YORK

NEW

Canadian holders of securities, the interest on which is payable in New
well

as

in Canada,

as

a

feature to which little importance was pre¬

unexpected profit

reap an

The large amount of bonds

premium.

recently sold in the United States have also had this feature, but among the
Government

war

loans there is only one issue, the 5's due

1937,

so

payable.

The right of the Canadian holder to demand payment in New York funds
has been unquestioned
ment last year

bonds from

made

by most debtors, but the Dominion finance depart¬

while, however,

a

holders of the 1937

Canadian

effort to prevent

an

doing.

so

a

dispute will arise

on

aux-Trembles, which

on

municipality of Pointe-

condemned in each instance to pay to the claimant

was

the amount to be due

On April 1

this point.

the Quebec courts maintained five actions against the

two

______

HOLDERS

SECURITY
IN

following is from the Canadian "Monetary Times"

Once in

representatives of the various Allied Gov¬

The British will be the first to be called into con¬

ernments

tiations later

INTEREST

April 22.

York

Department.

Conferences will be held with

CANADIAN

OF

DEMAND

since New York exchange went to a

delay in the arrival of Lord

British

the^market position of the secutiwhich^has recentlyj;occurredfhas resulted
taxableibonds.

related to the sale of the

viously attached, have found themselves able to

Washington dispatch:

a

not in any way

causes

RIGHT

announcing that the United States will make the first move
in the matter, the New

■*<

to indicate that the sale of the bonds

carried out without interference with

_

the Treasury

Secretary

9554, and on March 7

-

ties, and that the settling in prices

on

United

When

quotation for the 1934's was 95%

distribution ended, the "quotation was the

StockfExchangeaprice was
'
[tl
^

price was 95%."

from

x\pril 25 that negotiations would shortly be re¬
sumed with Great Britain for the funding of its War debt to
the

Feb.

on

the "market, directly or indirectly.

StockfExchange

The above information appears

:

PROPOSED RESUMPTION OF. CONFERENCES LOOKING

Announcement

backW

come

nPjanuary, and the last
&1; since which time

in ^question (began

On Feb. 21, when

On Feb. 28 the

same.

was

TO

of them have

none

issued the following information:

disposed of to ultimate investors

was

distribution began the

The terms offered will secure to war bondholders their present amount of

000,000.

thejbonds

"Distribution of
of them

whether all of the bonds

In reply to these inquiries

actually placed in investors' hands.

the interest coupons

of the town's debentures.

In

instances, the Court upheld the principle that a claimant who has the

option of collecting the debt in the United States may on exercising that

REDUCTION IN RATE ON BRITISH TREASURY BILLS.
The reduction

5%% in the discount rate

to

British

on

Treasury bills, running for twelve months, was reported in

special cablegram to the "Journal of Commerce" from

a

It is noted that the extent of the cut is

London, April 26.

the rate previously having stood

1%,

one-quarter of

6%.

Tim interest

to

on

6%

time

bills

Treasury

rate on

at

lowered

was

March 11, the amount of the reduction at that

Cablegrams from London yesterday stated that banks had
on

deposits at

RESTORATION

TREASURY'S

In addition to the information
pre-war

1566,

News" of

which

was

OF

PRE-WAR

come

Chancellor of the Exchequer whether

I

to hand:

he had given consideration to

of offering Treasury bills by

fix the rate for Treasury bills in

Sir R. Horne said he had come to the conclusion, after full consideration

the tender

would be justified in making a renewed effort to

Accordingly, beginning on April 21, tenders

system.

number of Treasury bills to be dated, at

would be received for a limited

on
as

the

pleaded that in any event the plaintiff could claim only the

amount due

the coupons in Canadian currency.

of the tenderer,

on any

following Monday.

$264 in the
est

business day during the week beginning

notice would be given in regular course in

first offer of bills by tender, and he would

Formal

the "Gazette" of April 15 of the

refer hon. members to that notice

for fuller particulars of the methods proposed to be

followed.

according to the present procedure from day to day, as and when and for
the Treasury may determine,

for "additional" Treasury

bills, to be dated the business day next succeeding the date of applications,

prices which will be fixed so as to yield rates of discount below the
at which wills of like tenor were sold by tender on the Thurs¬

day of the preceding week.
Bills issued to public

departments would be sold at the rates fixed for

In the first instance, it would be desirable to

Government

the results of tender)

to three months bills,

twelve months Treasury bills on

stated at the

was

offer

as

new

system of

and to keep some

BONDS

VICTORY

PERUVIAN POUND AT NEW LOW LEVEL—EXCHANGE

SITUATION DISCUSSED.
In

stating that the last of the taxable Canadian Victory
by the Stabilizing Committee has been

disposed of to investors,

Canadian Press dispatch from

a

Ottawa in the Montreal "Gazette" of
The

April 26 at $3 30, marking a new low record in its relation
to the American dollar—the quotation against New York
fall of 25 points during the last week—a

representing

a

Lima

press

(Peru)

dispatch said:

meeting of bankers and heads of industrial and mining

held to-day to
which it

impending.

was

It

was

not to buy or sell ninety-day drafts on

agree

than 3%,

companies was

discuss the exchange situation, in view of a further drop

feared

was

proposed that these interests
London at a premium of more

pound, for

corresponding approximately to $3 71 the Peruvian

Definite action, however, was deferred.

checks against New York.

CLEARING HOUSE OPENS.

CUBAN
The

following is from the "Wall Street Journal" of April 26:

The Cuban Clearing House

opened in Havana Monday with the following
American Foreign Banking Corporation,

Natinoal City Bank,

members:

Mercantile Bank of Americas in Cuba,

Scotia,

Royal Bank of Canada, Bank

Canadian Bank of Commerce,

Gomez Mena y Hijo, Banco

Trust Co.

of

of Cuba, Pedro

del Commercio, and N. Gelats y Cia.

expected to facilitate business between

Opening of Clearing House is

aid in clearing up the congestion which moratorium
caused.
Conditions are little changed on the island, no

banks greatly and to
transactions have

importnat failures having occurred since the Banco Nacional was
Two of the native institutions are remaining open because

ance

with the moratorium

suspended.

of sale of their

paying the deposits in accord¬
March 15 and April 15.
The next mora¬

on

end of June. Most of
against their
that the payments have caused them no In¬

payment is due on May 15, and 100% by the

the foreign

banks have been forced to carry 100% reserve

deposits during the crisis

so

convenience.

Advices

HAVE NEW

TO

Consul

from

April 22 added:

Department of Finance still holds some tax-free bonds,
The method of their disposal has not yet been

decided.

A.

of

the

Mint

may

at

Helsingfors,

"Commerce Reports" of March 31:

make

to

COINS.

Davis,

a

contract

Bank of Finland and the

with

the Mint

Birmingham

(Ltd.), England, for 20,000,000 coins of nickel-bronze, of which
are

to

be

1-mark pieces,

5,000,000 in 50-penni pieces,

Finiand annually,

but

as

is stated, are made in

their manufacture here is difficult and

the Director of the Mint recently
new

10,000,000

and 5,000,000 in

"

About 10,000,000 coins of smaller denominations, it

but it is

They

Lelsie

State Council of Finland has authorized the

Director

25-penni pieces.*

understood that the policy of the department is not to sell any more such
bonds.

■

the Peruvian pound was quoted on

reporting that

Feb. 4, are as follows in

SOLD.
In

absolutely with¬

;

at present at fixed rates.

CANADIAN

TAXABLE

bonds accumulated

in prospect.

was

by the Finance Minister that such a thing had not even
been considered and that the reports were

FINLAND
OF

16 officially denied

time that it had been announced

same

I
LAST

MORATORIUM.

NEW

April

on

lation that another moratorium for France

torium

confine the

selling Treasury bills by tender and "additional" Treasury bills (at rates
on

REPORTS OF

DENIES

bonds and stocks to their depositors in lieu of

"additional" Treasury bills sold to the public.

based

Nov. 1 last, and the costs of

on

reports which the Foreign Office had heard were in circu¬

Nova

In addition to the bills offered for tender, applications would be received

average rates

matured

to revert to the pre-war practice

broker, and to limit tenders to amounts of not less than £50,000.

as

of Raymond and $660 in the case of Vaillancourt, with inter¬

French

The

of requiring all tenders to be made by or through a bank, discount hours, or

such amounts

Judge Archer found

The bills would be in the same denominatons

with tenders within reasonable compass

at

case

from the date the coupons

as

but it would be necessary in order to bring the work of dealing

at present,

on

against this plea, and judgment therefore went against the municipality for

A

accordance with demand and supply.

the option

the demand and

out foundation.

yesterday [April 11], Sir Samuel Hoare asked

tender and thus leaving it to the market to

and consultation, that he

The municipality contested

they demanded 10% additional, for exchange.

given in these columns April 16,

the possibility of reintroducing the system

restore

and Emile Vaillancourt.

for $240 and $660, and as they exercised their

were

right to collect the interest at the National Park Bank, New York City,

take the following from the London "Financial

we

respective claims

regarding the restoration of

April 12, which has just

In the House of Commons

the

Their

It

method of offerings of Treasury Bills by the

British Treasury
page

days' notice

ISSUANCE.

TREASURY BILL

METHOD OF

the

seven

city and county of London from 5 to 4^%-

BRITISH

This option was reserved to Achille Raymond

FRANCE

INTEREST RATES.

LONDON BANKS REDUCE

in the

in the currency of the country where the amount is collectible.

coupon

tho action.

having been 3^ of 1 %.

reduced the rate of interest

option demand payment to the equivalent of the face value of the interest

expensive
the

visited England to see about having

coins made there.

be canceled.

Announcement

some

weeks

ago

that the

$19,719,250 of the taxable Victory




bonds

Government had disposed of

created considerable surprise.

*

The normal value of the Finnish mark is $0,193,

depreciated.

There

are

100 pennies in a mark.

but it is now

greatly

THE

CHRONICLE

THE

1808

Bank Statements Show Shrinkage.

RESUMES

ITALIAN BANK OF URUGUAY

The bank's statements of the past year show

BUSINESS.
In

Trade

Notes

from

31

Commerce Reports of

Uruguay,

March 28 had the following to say under the
The Italian Bank of Uruguay, which

above head:

suspended payment of its obliga¬

be ablje
to resume its regular business, since the "concordat" or agreement has
recently been signed by the majority of the creditors.
The largest creditor
is the Italian Government, and the Italian minister has recently been
authorized by his Government to subscribe to the above instrument.
It is
expected that under the management of the new board of directors the bank
tions under

will

soon

judicial decree of moratorium last November will now

a

its former standing.

recover

[Vol. 112.

1920 the bank held

13,935,000,000 marks
were

(including

this movement.

in circulation; on March 31 of this year

the bank held 23,836,000,000

marks, while the circulation had fallen to 10,167.000,000 marks.
close of 1916 the bank held only 12 % of all the loan notes

Bureaux, the

being in circulation; at end of 1919 it held 45% and to-day
It holds 68%, only 32% being in circulation.
The legal one-third "cash" se¬
curity for the bank

only 1,100,616,000 marks metal re¬

note issue contains

(of which 1,094,004,000 is gold) as against nearly

serve

notes,

a form

of note security which

The position, of course, is not

as

bad

24 billions of loan

did not exist at all before the war.

as

the bank's statements seem to show,

for while the 1,091,604,000 marks gold is

and the bank has

TO BE DECLARED IN

(Republic of Salvador)

Press advices from San Salvador
on

SALVADOR.

booked at its legal pre-war price

moratorium in Salvador, which has been

a

at end of the

claring that it would stand
believed

a

it was
be to the general interest of the country.
administrators have been authorized to

this decision in all

on

moratorium would not

Provincial Governors and rent

circumstances,

as

with

specie any banknotes presented to them, in accordance

convert into

No Check to Inflation.
Nevertheless

There is

tinue;

no

change in the Reichsbank law was made inevitable.

some

they will continue to be met by discount of Treasury bills;

place all these Treasury bills is impossible.
of

Treasury bills outstanding 50 billions

The

The State deficits will con¬

prospect of checking the inflation.

are

left

on

Reichsbank must therefore prepare for a

not take

and to

At present out of 135 billions

banknote circulation until the State finances

the National banking law.

the "other assets"

weekly asset table.

requested by

The Council issued a statement de¬

billion marks;

varying, but considerable, fund for foreign

a

which since the demonetization of silver appears among

banking institutions, will not be issued, according to a decision reached by
the Council of Ministers last night.

further

which does not appear in its statement, and a large silver reserve,

currency,

April 23, said:

Proclamation of

At the

issued by the Loan

rest

its value in the present depreciated currency is about fourteen

NO MORATORIUM

On March

small sum in Federal Treasury notes)

a

while 13,731.000,000 marks of the notes

loan notes,

the Reichsbank's hands.

continuing increase in the

are

put into order, which can¬

place until reparations and other pending questions are settled.

How the future increase in circulation is to be secured is the problem.

LAW.

SUSPENSION OF GERMANY'S NOTE RESERVE

expedient
Bureaux

With regard to the action of the Federal
as

indicated

we

April 16,

1567, has agreed to amend

page

the German banking law so as to allow the

Germany to suspend for three
one-third of the

Council, which,

Imperial Bank of

the requirement that

years

outstanding note circulation shall be

the

following special advices from

date of

can no

It follows that

longer be counted

it will be

an

on as

will be increas¬

the canceling of a corresponding sum of

increase in the bank's

holding of loan notes

security for the bank's own notes.

With that

impossible to maintain the legal one-third "cash" security, and
of regulating circulation has to

Before

deciding

be found.

the one-third rule,

to abolish

sidered and rejected alternative plans.
cash security to one-fourth, or even

ground that one-fourth

April 9:

Reichsbank con¬

This plan was rejected on the

less.

lower proportion

or even a

the

One was to reduce the compulsory

could not be maintained,

and that recurring legislative amendments reducing the proportion

The Reichsbank has made
years

a

breach In the law and tradition of the last

by suspending the conditions that part of its note issue shall

be secured with cash.
amendment in

this

The Federal Council

sense

(Reichsrat) has sanctioned an

17 of the Reichsbank

of Clause

Law of 1875.

This clause compels the bank to hold for at least one-third of its note
culation

loan notes.

process means

cash

security

form of German

in

tender

Treasury notes (Reichskassenscheine, which

(coins,

Federal

&c.)f

State notes issued under

are

law of April 30 1874), or gold in bar or foreign coins booked at
the metric pound.

cir¬

1,392 marks to

The rest of the circulation is to be backed by good

three months' bills.

The

new

amendment suspends until Dec. 31

1923 the

one-third condition; but the provision remains good that that part

of the

circulation which is not secured with cash and which may henceforth ex¬
ceed ,two-thirds of the total circulation, shall be secured with bills.

be needed.

The other alternative

the maximum bank note circulation by law.

suspended, and nothing put in its place.
old

rule

restored.

Meantime

precedented right of issuing

as

This was rejected for the same

raised.

The bank

Reichsbank

the

as

The hope is that in order and the
is

equipped with the un¬

much paper money as it wishes, the only

obligatory cover being bills, by far the greater part of which are not trade
but Treasury bills.
limit at all.

Upon the Government's ability to borrow there is now no

There is the further

disadvantage that the compulsion on the

bank to place its Treasury bills with outside investors is weakened.

change makes it

temptation

Minister

In practice this amendment may have very little immediate effect,

would

of merely fixing

and Ministry of Finance therefore decided that the one-third rule must be

more

Finance Minister and

Small.

the French system

was

reason—that the maximum would have to be continually

the

Immediate Effect

The

The Loan

and after a continuous increase in

institution;

a war

ingly paid off, which

cov¬

by gold, the "Journal of Commerce" of April 28 printed

forty-six

purely

it is seen, fail.

notes will,

its total loans up to 33 billions, there are signs that the loans

some new means

ered

Berlin under

far of holding loan

so

was

nor

to

the

than

ever necessary

The

for Germany to have a strong

strong Reichsbank directorate, who will withstand

a

and

waste

inflate.

At

present

neither the

Reichsbank board shows much sign

Finance

of possession, such

Strength.

since August, 1914, Germany has been issuing incontrovertible paper money.
A real

security behind this incontrovertible

long

the one-third caBh and two-thirds bill clause

as

the bank could and did issue

as

money

has not existed.

was

mal observance of the law could not

As

and

either in the home buying power of the notes or in their foreign exchange.

"cash"
some

security,

as

extent acted

The fact that the

above defined, could not be increased indefinitely to

as a

check

on

the bank in its chief inflation function, the

discounting of the Treasury bills which supply the Federal Government
with the greater part of its current revenue.

The

ture

from sound banking

though these principles

long

ago

virtue of

principles,

and

thrown overboard in fact,
a

even

.

"

of the

cause

a

a

depar¬
were

was

restoration of the

a

cur¬

/'
Supply.

Mint at Denver,

ever

a

supply of the

since the armistice have provided the greatest

part of the legal one-third security for the bank's

own notes.

Treasury notes.
1914
was

were

to

The loan notes

are

a

incorrectly confused with the
creation.

war

By law of Aug. 6

created Loan Bureaus (Darlehnskassen), the function of which

give credit to the public

on

somewhat less rigorous security terms

than those which the law compels the Reichsbank to
impose.

Bureaus, inter alia, lend
These institutions

fully secured

on

are

a

The Loan

higher percentage of the nominal value of bonds.

managed by the Reichsbank.

bonds, commodities, &c., and

State, the law of 1914 put them

on

the

same

are

level

As the loan notes

The first American silver dollars

the

Treasury notes,

so

that they can function beside
Treasury notes as part of the legal one-third

"cash security" for Reichsbank notes.
seen

way.

The loan notes ultimately

This provision
came to

to take

a

relatively insignificant place.

was

2,520,500,000 marks.

only

1,1|69,900,000 marks,

The

war was

At first, the

rose at the close of 1916 to

financed with funded loans, so that the

inflation remained moderate; and the bank at first did

holding of loan notes

as

part of its cash security.

a

1,000,000 ounces of

period of more than thirty days,

from the leading mining camps of the West.

Coins of this denomination were last stamped by the Philadelphia

Mint

until their resumption at that place last month, officials said.
of Denver's first silver dollars will

continue^several

months, it was learned, and the work will be handled by a double shift of

employees working night and day.

-

I Staff to Be Enlarged.
HftThe present force at the Mint will be increased materially by selection
from the list of qualified civil service applicants.
Local Mint officials have been busy for
new

the

the past two weeks installing

machinery and special equipment preparatory to the manufacture of
coins.

new

Special dies, costing approximately $300, are now being

made in the Mint here under the supervision of experts from
D. C.

Washington,

These dies will be used solely in the coining of the new pieces,

will correspond in weight

which

and design to those last stamped in Philadelphia.

These dies are not kept in stock, as a precautionary
their falling into possession

not need to use its

After the armistice, and

of counterfeiters, and

the Mint whenever a new issue of coins is ordered.
as soon

strengthening its position by accumulating
gold; the patriotic public, not imagining that the paper currency would
go
to pieces, handed over its
gold coins; and the bank's gold reserve, which at

the close of 1913

in its issue of April 30:

announced yesterday, following receipt of more than
silver in small amounts extending over

as

developed in unfore¬

This change took place only during the past three years.
bank successfully aimed at

say

manufactured in Denver will be

States Mint beginning next Tuesday, it was

coined at the local United

the order'

or

the

new

method of preventing

are

especially made at

They will be destroyed

coins is filled.

Issue to Replace the Loss.

provide by far the greatest

part of the one-third security, and gold coins, gold bars and Treasury notes
came

ever

are

further guaranteed by the
as

begun this week by the

according to the Denver "Rocky Mountain

weekly

summaries of the statements they are usually

was

News," which had the following to

In the bank's

statements these loan notes (Darlehnskassenscheine) appear to¬
gether with the Federal Treasury notes above mentioned; and in foreign

PRICES.

SILVER

coinage of silver dollars

The manufacture

step is the prospect of failure of

new

which

The

in 1904,

Failure of Loan Note

"loan notes,"

is

their theoretical maintenance

kind, and it at least kept up the hope of

rency.

The

new measure

LOWER

the for¬

(and did not) prevent depreciation

In principle, however, the new departure is dangerous.

COINAGE OF SILVER DOLLARS AT DENVER MINT-

formally observed,

much paper money as it liked;

Officials

explained that these new dollar coins are to be made under

provisions of the Pittman Act, to reimburse the Treasury Department for
silver dollars withdrawn from circulation during the war and melted down

for"shipment

to India.

coins to fill the order for

The San

All of the Mints in the country will mint these
silver dollars totalling $208,000,000.

Francisco Mint will begin manufacturing money of this same

denomination within the next thirty days, it was announced.
'The various mints over

Semands

the country virtually have caught up with the

for domestic money, which have been especially heavy since

close of the war, and the

in particular after the failure in late 1919 of

bian Government

loan, the Government financed its

the

local Mint has just filled an order from the Colom¬

tions*

bills, which the Reichsbank had
were

to

way

Erzberger's savings and lottery
mainly with short-term Treasury

Though part of these bills
placed with the private banks and the public, the remainder stayed
with result of serious inflation.
The public used the

in the Reichsbank,

credit opportunities of the Loan Bureaux in great
measure, and the issue
of loan notes increased.
These notes circulated on precisely the same con¬
ditions as the Reichsbank's own notes, the public
accepting them indis¬

criminately.

The Reichsbank, however, pursued the policy of holding the

loan notes, so that the proportion of loan notes in circulation to bank
notes

steadily decreased; the bank' holding of loan notes increased and these

notes

appeared in increasing proportion as part of the bank's cash security for
its

own

note

circulation.




for 55,000,000 pieces of coin of
Silver

discount.

Silver in small
tection of the

the smaller denomina¬

Collected.

quantities has been shipped into Denver under the pro¬

United States secret service for the month, from the different

mining sections

of the West.

union station to the

and cars.

is

The bulk of this metal was hauled from the

mint building in unpretentious wagons, carts, trucks

It is understood

the government also has stored

quantity of gold here during the past year, using similar
portation from the

As to the

an

immense

methods of trans¬

railroad to the coinage;plant.

bearing of

an

order of the Director of the Mint

directing that all silver sold the Government to be delivered

April 30

at Denver

THE

1921.]

which silver has dropped, the
said:

lower prices to

on

New York "Times" of April 24
The reducedfprice

for "domestic silver" in the local market represents
differential necessary because of the order oi
sold to the Government be

nothing more than the increased

the Director of the Mint that hereafter all silver
delivered

In the past silver

Denver.

at

Mints and in the open market there

added to these.

always has been a differential of ^ cent

will be smaller and at Denver

Increased in Western markets, doubtless, it

appeal has been made to President Harding to call a

to work out

industries.

which

received

been

the

at

headquarters in

New

organization committee of the Foreign Trade

York of the

Corporation that both Houses of the Nevada

Financing

Legislature have passed and the Governor has signed a
Uw permitting State chartered banking institutions to invest
in the
a

capital stock of Edge law corporations.
This makes
of eleven States in which legislation recently has

total

been

approved and legal technicalities overcome so that
can be made by State chartered banks.

stock investments
There

29 States in which, for various reasons,

were

banks

chartered

not able

were

State

take advantage of the

to

Of these States, Arkansas, Connecticut, Indiana,

Edge Act.

Pennsylvania and South Carolina have removed this dis¬
ability.

In New York and Ohio the necessary legislation

has been

passed and only awaits signature Of the Governor,

the

16 remaining States

the matter is being effectively

brought to attention.

■„

.■.

According to Boston
a

Federal

Plymouth
before

County

Plymouth,

Jail,

Criminal Court in Boston

was

brought

Thursday of this week (April

on

to answer to the several indictments returned against

28)
him
He

Mass.,

the Suffolk County Superior

Fessenden in

Judge

five-year sentence in the

a

by the Suffolk County Grand Jury last September.

arraigned, it is stated,

not

was

when his

name was

but merely answered

called, after which he

taken back to

was

jail in the custody of Sheriff Blake of Plymouth County.
H.

Coakley appeared

When State

counsel for the prisoner.

as

to

Attorney-General Allen told the Court that he

arraign the prisoner,

stated that his client

was

Mr.

Coakley, it is said,

in Court under protest and

desired to file pleas against his arraignment
should take place.

ment

Judge Fessenden
the result, it is

Ponzi is to

a

before"

appear

arraign¬

again before

fight made by Attorney-General

Allen to have Ponzi tried in

a

State Court.

it:

Therefore

brought by the Trustees to

paid out by Ponzi before the crash

the nature of test

cases

affect these at present,

similar nature,

came,

in

an

These suits

increase the assets of Ponzi's estate.

were

recover

effort to
were

in

and while the verdicts rendered only

industrially sick and needs all the care and all

we

all the suits contemplated

are

of

is stated, will doubtless be the

With frozen credits, with almost prohibitive

of distribution

so

a

same.

ASSETS OF MORRIS BROS., INC., ORDERED SOLD.

Ore.,

April 23 Judge Earl C. Bronaugh, trustee in bankruptcy

was

firm.

the firm.

the objections of a

The order

mean

was

given, it is said,

number of the creditors of the failed

Judge Bronaugh is reported

does not

Bros., Inc., of Portland,

authorized by A. M. Cannon, bankruptcy Teferee,

to sell the assets of
over

as

of thousands of

our

no

disposition

sacrifice any of the assets.

saying that "the order

on

the part of the trustee to

No harm

can come

children in the cities are unable tojobtain

food sufficient to nourish their little bodies.
The farmers are overwhelmed with debt.

If

we

cannot get a

fair offer for the sale of the

property, we will not consider any offer."
referee in

Any sale of the
by the

the defunct firm must first be approved

bankruptcy before the sale is valid.

of the company are now

clusive of

They

are

unable to buy neces¬

They cannot obtain needed credit and there are in hundred
of thousands of cases no markets open to them.
This condition they had

sary

fertilizer.

Like the starving child or the undernourished
victims of a misused economic sys¬

part in bringing about.

fear, by shortsighted and selfish interests.
who have not felt the sting of adversity, are insisting that

tem, manipulated, we
Some citizens

things

all right and they will correct themselves.

are

They are living in the

enjoyment of great wealth and are Wondering why anybody
schedule, and this they think should be scaled down.

land when

and

high

that things economical and industrial are in a

we say

they

must

come

In this statement you correctly

down.

The freight rates constitute

interpret the sentiment, at least of agriculture.
a

We maintain that the rise in freight

crushing burden on the farmer.

heights hitherto undreamed of at a time when

their products were

being marketed at figures far below the ten-year average price
the life out of the industry and if
that

of
bad way.

magnificent address to Congress you said that railway rates were

In your
too

But we speak not

but for the vast mass of the toilers and producers

alone for agriculture,
our

should com¬

They know of nothing that should be reformed except the income tax

plain.

is crushing

continued will retard the development of

cooperative spirit among the great industries of the nation which
be fostered in order to bring about in an orderly manner thq re¬

construction of our disordered national life.
It is true the railway

executives complain that they are making no money

and some of them fear that a

reduction would mean ruin for the

enterprises they are directing.

.would

more

this

regret the ruin of the great carrying

immense

production.

one

life

industry than would the

criticism that we approach

Transportation is second only in importance to

subject.
The

mammoth

No element in American institutional

Therefore it is in no spirit of petty

farmers.

is dependent on the other.
^
;

The one gives life to the

.

spirit of friendliness to the railways that we make our

a

of

restricted

railways

cannot

agriculture.

continue

When

farms

is

in

constant

are

But, Mr. President, to settle this problem,
the

and enlightened

Agrarian America cannot survive
and this contact is

contact with urban America

and other carrying agencies.

secured by the railways

ture needs

be wholesome

to

yourself and the railways the hearty, intelligent

co-operation of the tillers of the soil.
unless it

appeal

without the
abandoned or production
railway securities must suffer impairment in value.
We are here
The

you.

and to settle it right, agricul¬

cooperation of all basic industry.

It is ready to take its
the railway
all. We

place by the side of steel, oil, finance, coal, lumber, labor,

But we want you to lead

cannot

promise that

we

to

who
calculated

will indorse all the practices of the magnates

control the basic industries, but we can at least

discuss measures

bring about the economic pacification of the United States.

Call a
oil
the
Railway Labor Boards.
Let these gentlemen, in harmony, with agriculture
and under your leadership, work out a solution of this problem.
Bring the
industry,

President, to bring these fragments together.

the railway

and

industry,

heads of the coal industry, the

the

heads of labor, especially

poles of human thought together and focus the eyes of all upon

the one

great goal of enlightened reconstruction.

The

President, it is stated,

plans looking to the calling

assured the delegates that

of an economic conference were

being developed.

money

while the liabilities

are

The assets

said to amount to $1,609,757,

in bank and interest

coupons

on

ex¬

hand,

listed at $3,166,977, but the cost of

liquidating the affairs of the bankrupt estate must still be




GOLD

SHIPMENTS

TO

CONGEST NEW

YORK ASSAY

OFFICE.

from allowing

this order of sale, as the trustee would not submit a low offer

assets of

his

The consequence isithat while millions
are held in the barns or otherjplaces o

products without incurring a loss.
of tons of food rot in the fields or
storage, scores

freight rates, and with costs

that the assets will be liquidated immediately,"

and that "there is

to the Court.

of a^chaotic con¬

it is impossible for the farmer to market

enormous,

We ask you, Mr.

for the failed bond house of Morris

Executive

tcfassume a vigor"

and determined leadership in the work of bringing out

conference of the heads of finance, the

On

the at¬

honorable callingsl'can give

have asked you, as the nation's President, as the

executives and other great agencies.

and unless unforeseen circumstances arise,

the ultimate result, it

is

ditio^ an industry which must be restored to something of its pristine glory
if anything like normal conditions are to prevail in the workshops and fac¬
tories of our land.
V

assistance

April 26 by Judge Morton in the Federal Court

in the first three suits,

deflation,
duejconsideration of

head of the greatest Republic the world has ever known,
ous

your

( '.f.'..■v'-vk,,,

>.

.

powers'of

plea is not alone for the farmers.

our

tention that thoughtful and honorable men in all

to offer to

sums

disastrous consequences,

The entire nation

So it is in

Verdicts favorable to the Trustees of Charles Ponzi

!'•■■■■

Though agriculture is the chief victim of

largely artificial and precipitated, we believe, withour

to

on

The memorial,

the delegation by Secretary

effort to correct the industrial evils from which the whole

other.

JUDGE MORTON UPHOLDS PONZI TRUSTEES.

rendered

an

country is suffering.

its probable

that he

The proposed trial is

Tuesday May 3.

on

stated, of

April 21 by^a delegation

■■

exalted office in

must

wished

on

offered in behalf of

was

rates to

Daniel

in the form of a memorial

was

mother in the city, they are the innocent

accounts, Charles Ponzi,

newspaper

prisoner serving

petition

With your permission we appeal to you to invoke the great

no

CHARLES PONZI BROUGHT BEFORE STA TE COURT.

now

The

problems which are

both business and farming

on

Davis, said:

Iowa, Georgia, Kansas, Missouri, Nevada, North Carolina,

in

untoward effect

an

representing the National Farmers' Union.

CORPORA TIONS.
has

solution of the economic

a

presented to President Harding

STATE BANKING INSTITUTIONS IN EDGE

Word

finance, coal, oil, railway and labor

conference of leaders in

having

BY

FARMING.

AND
An

entirely.

LAW ENACTED IN NEVADA PERMITS INVESTMENT

ECO¬

AN

CALL

TO

ASKED

HARDING

NOMIC CONFERENCE IN INTEREST OF BUSINESS

ment

it should disappear

..

PRESIDENT

has been deliverable at various

cents, whereas the Govern¬
paid an even dollar.
Under the new scheme, with Denver the one
point of delivery, and that point so far away., the differential has been

its doors Deo. 27

Morris Bros., Inc., closed

1920.

other words, the bid price was 99

per ounce; ;n

1809

CHRONICLE

The unprecedented
and the pressure
New York

shipments of gold to the United States

which has been brought to bear upon the

Assay Office in caring for the great quantity of

the metal consigned to it, has
of instructions to

resulted in the issuance by it

shippers to have the gold sent to the Phila¬

delphia Mint wherever possible.

It is stated that approxi¬

mately half of the gold imports of $40,552,000 which has
arrived in New York since the first of the current month
has been transferred to Philadelphia to

relieve the congestion

THE

1810
here.

In referring

"Tribune" of yesterday

coming here, the New York

been

(April 29) said:

of gold which has

to the large volume

through the Port of "New
York in such heavy volume that the assaying and refining facilities of the
New York Assay Office are being overtaxed and shippers are being requested
where possible to divert consignments of the yellow metal to the Phila¬
delphia Mint.
The capacity of the local office will take care of approxi¬
mately §15,000,000 of gold a day and at present the mechanical department
is

gold into the XJnited States

hours

twenty-four

working

daily putting the new

arrivals of metal

through the mill.

occasioned by the inability of the local
causing a loss of thousands of dollars a

Incidentally, the delay

Office to handle the gold is

who are compelled to

interest to the shippers,
time

as

it"

since the

Assay
day in

hold the metal idle until

such

authorities. Not
days, when gold flowed into the United States at an unprece¬
has the Assay Office been as busy as at present.

can

of
diffi¬
in financing themselves under present credit condi¬
The Chicago "Journal of Commerce" of April 22, in

stock cattle.

relief

be assayed and

accepted by the Federal

tions.

New York to Philadelphia by the
Equitable Trust Company during the last ten days have approximated
§4,000,000, while other consignments have been made by the BankersTrust Company, the American Express Company and other interests.
Some of the gold is going by rail and in other cases motor truck trains, pro¬
ceeding under heavy guard, are being used.
It is the hope of the Federal
authorities in view of the congestion at the local Assay Office that shipments
of gold from Europe be made, if possible, on boats sailing direct to the Port
of Philadelphia, thus eliminating the trans-shipment overland.
Certain banking houses in the financial district which are heavy recipients
of gold, notably Kuhn, Loeb & Co., have been placing such a portion of
their imports as could not be readily handled at the Assay Office in their
own vaults pending such time as it could be accepted.
Gold bars from London bearing the stamp of the Bank of England are
of gold diverted from

Shipments

Federal Reserve Bank of New York. The
Assay Office in accepting foreign gold takes it at 90, pending the completion
of the assay.
Gold shipped to the Philadelphia Mint is being handled
quickly, and in some cases telegraphic transfers of the amount involved
have been made to the shippers in New York within a few hours of receipt

being purchased at 98 by the

reporting the above, also said:
Legislation would be

The opinion was

An

$500,000,000 through importations of the metal, and of late it has been coming at a
rate of about $20,000,000 a week.
Indications are that the total will be
increased shortly by shipments from Argentina, as the Government their Is
considering the advisability of releasing approximately $50,000,000 for
export to the United States to correct the unfavorable exchange position.
have been swelled approximately

legislation proposed were enacted.
earnings of the Reserve banks are given to the
Government and 10% retained by the banks, after surplus has grown to
amount to 100% of subscribed capital.
The Reserve System has achieved
that surplus position, so that the Treasury is entitled to 90% of its profits.

Governor Harding of

the Federal Reserve Board on Thurs¬

day of this week made known his intention to undertake
next week

personal

a

the

survey

certificates of

indicate

that

$5,000,000
thus

far

made

in

1921,

farming section be made by him in order that^he may obtain,
hand, information regarding the problems of the

vices from

and trade organizations.

The

press

ad¬

Washington April 28 state:

finance stock

"The

Illinois, Indiana and Iowa.

Reserve Governors, he will leave later for Kansas

Re¬

City, Topeka, Nashville,

Oklahoma City and other localities.
crux

modities,
crops.

in the view of Mr. Harding, is the

The farmers, he said, must have a market for their com¬

they cannot go on indefinitely

as

a

on

credit without selling their

England might aid American farmers by making possible a more

pean

countries.

and the

between the wholesalers and retail¬

contributing

causes

to

the

present

was

tion of building

a

in

described by Mr. Harding

agricultural situation.

building also has been felt, and it
would result

were

The Federal Reserve Board, Governor

a resump¬

of expenses, including

Harding said, has

no

specific plan

He explained that the Reserve banks could not

make direct loans to farmers, but could

banks.

Stock

within 75% of this year's total, although at
present cotton year, on July 1, there will probably be a sur¬
nearly

or

a

world's supply under present conditions.

In the face of this situation, he added, bankers naturally are cautious in
on

farm paper.

He expressed the belief, however,

that there would be sufficient advances to
the farmers in

care

for the immediate needs of

planting their crops.

P.

G. HARDING

RESERVE
Everett

C.

done to afford

it

done in this

Federal

self-supporting.

It

not expected that they would fail to finance them¬

be

carried

long

as

legislation

by the paternalistic and costly alms of the Govern¬

ment.

So

is proposed,

bankers

loan
In

with other securities and to furnish their own funds

in competition

bonds

to

farmers

inclined to the opinion

are

land banks to sell their own

that it should be directed toward enabling the

cattlemen.

to

or

however, if the needs of the cattlemen are to be supplied it is

fact,

the industry needs

money

all the

in loaning

security that warrants the average banker

having the

at interest rates that appear prohibitive.

even

Cattle Pools Formed.

number of cattle pools and

A

banks

with

financing companies have been formed by

other intention

no

than

that

of

giving. assistance

worthy distressed industry, yet they have been unable to find suffi¬
cient loans of the sort they felt justified in making to keep their funds

to

a

Such

employed.
but

used

unable

a

company

nominal amount

a

to

formed

was

its

of

their

credit with

find

is not

This

itself.

ness

reflection

a

It simply

the decline in cattle

where

tion

by

funds

own

Chicago

because the

banks

offer

and

banks

it has

who

are

assure

the

cattlemen

little

too

to

they

are

the character of the

on

means

that the

ravages

men

engaged in the Dusi-

of drouth and blizzard and

prices leaves the majority of cattle growers in

good

not

credit risks.

It

a

posi¬

is probable that the best

of affording the relief the industry deserves is by the means suggested

Brown, yet it will add another variety to the long list of loans
by the Federal Land Banks and which the average

by Mr.

have been made

which

bank

commercial

or

A resolution

mortgage house would refuse to consider.

authorizing the

of $100,000,000 from Fed¬

use

eral Reserve bank earnings during the next three years for

agricultural

on

paper

these columns Dec. 4,

In

was

introduced

(Republican), of South Dakota,

Sterling

1920

on

Senator

by

April 16.

(page 2180), and Dec. 11,

(page 2283), we referred to the bill proposed by
Reserve Banks for loans in

Federal

At

interests.

Senator

designed to make available the profits of the

Hitchcock,

that

Governor

behalf of agricultural

time the press accounts gave

Mr. Har¬

FOR

USE

OF

CATTLE

criticised it, but
way

the

funds

of

as

that the Federal Reserve Board had taken

LOANS.

position

one

regard to it.
He added that the subject was not
province of the Federal Reserve Board, as it involved the use

which

Governor

the Board

was

required by law

to pay into

the Treasury.

Harding emphasized that he wished it clearly understood that
nor

the Federal Reserve Board had taken

any

stand whatsoever

Senator Hitchcock's proposal.

having announced

SKELTON

JOHN

ERAL

Livestock

has recommended to leaders in Congress

The
as

ton Williams,

oo

FED¬
IT

by him during his term of office as Comptroller of

of the surplus

Land Banks and loaned by them

OF

HAVE

alleged shortcomings of the Federal Reserve System,

seen

the Currency, were

earnings of the Federal Reserve Banks to be

CRITICISM

SYSTEM—WOULD

IMMUNE FROM "BUREAUMANIA»

on

a

WILLIAMS'S

RESERVE

plan for diverting from the United Treasury $100,000,000

given to the Federal

no

the other with

or

within

seen

proposed bill for extending credit to farmers and had

FEDERAL

President of the National

Exchange of Chicago, is reported

Harding of the Federal Reserve Board to-day said he had

Senator Hitchcock's

April 22 that W. P. G. Harding, Governor of the Federal




organized they would not be self-contained and

were

was

and

selves

when the

country generally never expected that

The

manner.

Banks

Land

Congress."

financial help and everything possible should be
to them, but there is a grave question whether it should
need

growers

neither he

FAVORS

EARNINGS

Brown,

Reserve Board,

Suggestion.

McClure, former president of

L.

International Farm

Cattle

upon

W.

M.

by

made

to the

Reports to the Board, Mr. Harding continued, indicate that next year's

increasing their loans

McClure

ding's views as follows:

American cotton crop will be

plus of 8,000,000 bales,

production

follows a sug¬
the National Live
Exchange and director of the Federal Reserve Bank at Kansas City,

gestion

only rediscount the loans of member

|

the end of the

production.

possible.
Follows

Cessation of

the Governor's view that

general easing

as

high rents, which would react to the benefit of the farmers.
for relief of the farmers.

twenty-seven local exchanges in its

for adequately financing livestock production

plan

loans
as

transportation situation also

endorse¬
member¬

has given its unqualified

Exchange

the

liberal

grain and cotton, not only in Great Britain but in other Euro¬

Inequalities in price readjustment
ers

and

might otherwise be forced out of business, to continue
also should receive a benefit from the increase in

"This

He thought the reduction of the rediscount rate by the Bank of

market for

Stock

Live

Consumers

way

of the farmers' problem,

calendar year.

this

vigorously pressing the proposed legislation.
If enacted, it will
multitude of livestock men, who have suffered tremendous losses

and who

be

There

enough

payment of cattle paper loans.

turning to Washington the middle of May for the meeting of the Federal

The real

and a half to earn $100,000,000.

a year

small part of this would be available early

a

be marketed in

to

action

this

are

enable

only

of the project, Mr. Brown says:

National

to

ment

Harding will leave for Chicago Monday to visit the Chicago Federal

Reserve District, which comprises parts of

foreign situation.

require

$50,000,000 that "could be of any possible use to grow¬

and

season

In support

According to Governor

Harding the Board has deemed it advisable that a tour of the
first

which amount to about
$20,000,000 earned

division of earnings be

monthly instead of at the close of the year.

this

ship

surplus belonging to the Govern¬

the law provided that

if

even

The banks would

to

no

Thus, there is available less than

month.

a

would be less than
ers

have

banks

the Reserve

except their excess earnings since January 1,

ment

commercial

country bankers

$60,724,500 franchise tax to

dollar of the amount has been spent in retiring
indebtedness which matured January 15, 1921.
This would

of the farm credit situation in

and Southwest.

the Middle West

Surplus Available.

1920 provided

of

earnings

probable that the method must violate the best principles of banking and
the soundest theories of econdmics.
Cattlemen are in the position of not

FARMING SECTION.

TOUR

TO

the

if

earnings

the Government, and every

to

Mr.

surplus

Little

However,

HARDING OF FEDERAL RESERVE BOARD

GOVERNOR

would the Treasury get

important question to be answered is, where

$100,000,000

Under the law, 90% of the

length of time on the present scale the

of the Federal Reserve system

can

indebtedness of the United States and retiring

the

expressed yesterday that if the gold importations con¬

Philadelphia Mint is
likely to become congested also, and it is not improbable that shippers in
other countries will be asked to spread their shipments over a longer period,
spacing them in such a way as not to bring them into American ports in a
bunch.
It is expected that the movement will continue heavy for an in¬
definite period.
At present England, France, Sweden, Holland, Turkey,
Persia, India, China and the South American countries are sending gold
here in a steady stream.
In the year ending April 27 last holdings of gold
tinue for any

because under the existing law the sur¬
be used for but two purposes, retiring
legal tender notes.

necessary,

plus profits of the Reserve banks

which will be made

of the metal in that city.

who are having the utmost

growers

war

dented rate,

at

This, it is stated, is proposed as a measure

cattle

to

culty

'

The world is pouring

[Vol. 112.

CHRONICLE

dealt with in

an

address by John Skel-

before the People's Reconstruction League at

Washington on April

15.

The former Comptroller, speak-

April 30

ing

1921.]

THE

One

"What Congress Should Do," expressed it as his be¬

on

lief

that

Act

as

the

"Congress should so amend the Federal Reserve
make it not

to

of

'bureaumania.' " "We learn by

experience," said Mr. Wil¬

in

of the future shall have less of characteristics of the auto¬

wide-awake

man."

business

Mr. Williams believes it

sirable from the standpoint of the public,
mercial

of

interests

the

that

country,

the

he

membership of

return

He also argues that Con¬

experience outside of banking."

of

Federal

the

criticisms of the
evil

'bureau-mania'

of

Board.

Reserve

eral

System"—basing this belief "on practical

Reserve

our

The

ber

have filed

of

...

tests

by

ex¬

and

the

Board's

correct

to

power

evils which I
to

Reserve

Federal

the

Board,

I

modify the

or

though I could see very distinctly.

say," he adds,

"that

seemed to create in the

remonstrances

my

majority of

pro¬

old

an

gentleman aroused rudely from

They had started the machine to work,

.

.

it

work along regardless

starvation

.

might

mand

cause,

tightening up

some

Williams declares it
Board

unforeseen

that

or

"by its

here

conditions

might

regulate

to

increase

and

have saved

from

us

fall

a

and

have been dragged."

reduced to

the

maximum of 6%.

a

lending

original

should

subscribers,

which the banks
discount

the

Williams contends, should be reduced to

4%%, with

twelve
used
lion

Federal

Banks

Reserve

at

this

time

have

an

ruin

dollars,

at any one
to 'the

tends

time

"there
in

man

war."

is

this

Under

un¬

country of good credit

obtain all the money needed

Mr.

wants."
istic

Williams

he

con¬

why every farmer and business

reason

no

conditions,

should not be able to

for their conservative business

talked

in

throughout

character¬

fashion, his criticisms being couched in pungent and

bitter language,

and in publishing herewith his address in

full it is not to be understood that we endorse his

views—

Board's

policy

inaugurated

much

sooner—or

with

agree

have

to

and

that

he

what

says,

giving
It

is

simply pursuing our customary practice of

are

we

form

mere

I

words when

of

that I thank you for in¬

tell you

glad of the opportunity, because eight
scenes in the financial de¬
partment of our Government have taught me much and formed for me
thoughts and opinions which, if time allowed—fortunately for you it does
not—I could pour out here before you through many hours.
I venture to
hope that some of these thoughts, results of what may be called expert
viting

here

me

training,

may

law

which

least

far

so

further thought

others

a

Federal

safety of
of

the
our

of

depositors and holders of
national

into

begin

years,

law

my

and

banks;

me

may

are

still

As I

am

think

system,

national

or

annual reports
some

as

de¬
to

law

Comptroller,

of which have

waiting.

declaration of what

out of office and desire to stay

of selfish motive when I

express my

strong belief

Congress should not abolish the office of the Comptroller of the Cur¬

rency,

as

to

March

in

our

it is asked to do.
1921,

I

am

banking system,

general prosperity




Having held that post from February

1914

peculiarly -well qualifed to judge of its importance
on
so

all

as

the integrity and ability of which
greatly depend.

But

more

our

stability

of that presently.

been

Reserve
of

financial
the

Woodrow

Glass,

to

to

for

I

think

was

Reserve

I

System

are

earnestly sin¬

am

for saving this

means

business

in leaving the Federal

was

extent automatically,
and

changing

in

be

must

have been

wrongs

intrusive

I

am

interfer¬

financial

or

done

and

men

opinion.

my

of

regard¬

conditions.

farmers and business

suffered,

man

political power,, in commercial
some

corrected,

the Federal Reserve

mistake of

one

member,

a

circumstances

it

and

some

af¬
un¬

it

speculative

has

needed

The

afford

other

or

for

tends

possible and made

meaning

to

and

have

been made

and

work

to

defeat, the

the West

at the 6%, 7% and 8%
was

offering from 10%

beneficent

and

wise

in

manufacturer

or

York

the

of

purpose

.

to

powers

this subject

investigate

loaned

to be

bond collateral,

stock and

on

thoroughly

as

as

The daily rates for call

astounding discoveries.

some

money

fixed

are

Exchange,

prevented

constructive

and

money scarce

because New

pay,

-

official

my

purposes,

productive

merchant

farmer,

to

;'/

used

has been

purpose
or

extraordinary profits from the necessities of specula¬

promoters.

This

that

impeded

been

For instance, when abnormally high

South, and also elsewhere, found

30%.

to meet the legitimate

Generally,

commerce.

consequence.

was

earn

could

changes make certain.

some

money

York, the natural result has been to draw money from

it

could

and

of

Sometimes

in New

where

will,

of

recall

country's supply of

in

for

System.

at

Chairman

The finest watch must be examined,

me

people and

money

maintained

Stock

McAdoo,

of the Reserve System is to provide for the ebb, flow

admirably.

money,

Reserve Act,

produce.

can

the country have

the

of

have ensued

he

G.

operate successfully indefinitely without intelligent

any

purpose

the

of

rates

i

the

and that without it hideous disaster

war,

can

exceptional

or

fulfilled

sections

genius

in its creation

William

of the Federal

operate to too great an

troubles
rates

the

Secretary of the Treasury,

of the most potent

one

sometimes.

seems

distribution

needs

directs

That System,

inevitable.

conservative

it

that

Senate.

purpose

I

us.

parts of

primary

and

and

political

Wilson,

later

Reserve

saved

it has been led,

forms

and

and having

Federal

have

might

largest part

Congress could require and enforce, and by
A

I

is

direct

a

hardships inflicted by lack of regulation of the machinery, such

necessary
as

farmers,
the

on

Board

of the Federal

States

was

can

and

any

Yet

called

daily by from five to eight members of the New York
also actively concerned

men

in the purchase and sale of

stocks, meeting informally at the Exchange or consulting over telephones.

They^

responsible to nobody, under

are

decisions not

meaning
tend

for

only affect the prices of

disaster

strongly

more

and

it

or

gain

greater

a

to

determine

to
a

than

Perhaps
rate,

the

direction.
Their casual, hasty
and stocks there—frequently
individuals and interests—but

no

money

hundreds

of

and

movement

prices of

hundred million

and

money,

less extent, of wheat and other

or

people.

be difficult to prevent this fixing of the daily

may

adoption

in¬

commodities—

money

of it, by all the banks in the financial capital of the

The State of New York makes the sky the limit for interest on

country.

demand collateral loans for $5,000 or more.
I respectfully suggest to the
Congress that these burdensome and spmetimes destructive rates could be
largely, if not entirely, prevented by an amendment to the Federal Re¬
serve

Act

to

money

one

been

cleaned

in

fairs.

an¬

bank notes

in obedience to that

address by adding in advance

Congress should not do,

will acquit

my

and

such recommendation,

others

he

banking and currency

our

many

seven

as

years

by Congress,

ence

.

of

numerous occasions during these
when without the aid of the Federal Reserve System

upon

have

cidentally, to
There is

Congress Should Do."

past

out, you

suggest

to

Congress such recommendations

improvement

creditors

enacted

shall

as

*

submitting in

I think

and

at

had the honor of

for the

that

the

the

other

have

I

useful,

requires the Comptroller of the Currency to include in his

for

increase

been

be

reports to the

sirable

I

am

asked to speak on "What

am

nual

and

I

fellow-citizens.

among my
I

speak.

to

of experience and observation behind the

years

a

been taught

presence

in my opinion,

By that mistake farming communities and

The address in full follows:

hearing to all sides.

a
no

had

the human mind

as

machinery

no

jealous

to

but

of

council of the Nation's

supreme

who had

passage

United

come

special

and

ought

the

Carter

conception and

machine

been

restriction

three-fourths

Currency Committee of the House of Representatives, and
Owen, then Chairman of the Banking and Currency

the

of

the

of

declaring that it

of

tors

credit

cause

L.

Reserve

it is our opinion that the Federal Reserve

of

Treasury,

time

would

where

the contrary,

on

scat¬

losing

and thrive while there

representations

President

were

of the

less

rediscounts prior

or

these

know,

you

Board, of which I, officially,

the country ever borrowed

their bills payable

on

European

in

Therefore the

into which,

errors

supervision and direction.

ten times as much as the maximum amount

or

all the national banks of

and

product

have

But

lending power of approximately fifteen hundred mil¬

which

and

The cities have

one.

situation,

men

past few fateful

that "our

argues

inarticulate,

diligently than when the farmers

more

greatest

perfection

in

oiled

Mr. Williams

before

never

in real sympathy with

man

their

country and the world during the

cus¬

5%.

means

inevitable.

strength,

cannot fatten

and the

theory,

would

pro¬

tomer to not exceeding

As

Robert

near

cere

Mr.

viso that the member banks shall reduce the rate to its

It

is being directed

the farm, the halt¬

on

are

6teady,

wasting

five to

known,

the

The

be

a

power

generally

as

the

Committee

are

rate,

who

man

fields.

management of the Federal Reserve System.

be

has

at

a

influence

of the

some

to

Senator

On Government bonds pur¬

chased and subscribed for at par, upon
now

banks

Reserve

and

women

our

the farms.

on

or

his

the Banking and

In his judgment also the time has

of Federal

rates

farmer,

development

and

as

when

come

and

man

now

residents

knowledge of

Secretary

ing, and from much of the distress and ruin through which
we

the furrows

to

sometimes

realized

poverty

strayed.

world

precipitate and smash¬

so

has

or

believe

money

could

and

the urban

policies and

reduce

supplies of funds and the interest charges for

the

cities

interests—quiet,

being

perhaps

body from

Mr.

or

a

management would be in exact accord with the trend of presentand economic doctrine.

real

a

Board,

his belief that the Federal Reserve

as

power

be,

should

or

political philosophy

If

de¬

loosening there."

or

ex-

see

and

practical

injustice

or

is,

representative of the farming people in the
financial

strictly in accord

of what havoc

is

We

outnumbered

with the law, and apparently considered it their duty to be
to let it

the

by strokes of adversity that they

appeals

nap.

a

member,

a

outbreak and protest vainly vehement—has not had the
the consideration to which its importance entitles it.
That un¬

or

fact

day

mood of

Agriculture

zealously and its promotion sought

and

I regret

and

If he had been

the curious and apparently contradictory condition that
now, when the city and town population, the first time in our history, out¬
numbers the country population, the welfare of the farmer is studied more

fellow-members the

my

the

misdirected

century.

mem¬

wrongs

Directors of

there is fair opportunity and reward for the invest¬

unorganized

happy

strong as I could make them against failure to use

as

of

and the collapse of

progress

power,

ex-officio

a

T.

E.

aitad the farmer, and their requirements, and has been aroused

agricultural

tered

Mr. Wil¬

liams states that "using my privilege as an

Secretary

individuals from

farm,

ing of

banking system has already impaired the value of the Fed¬

perience and the results of actual experiment."

Honorable

ablest and most useful

ment, intelligence and labor of the

national

our

The

to the truth that unless

Continuing his

threaten

would

that

of

to the

Mr. Williams declared that "this

system,

The

Chicago until he resigned to enter President Wil¬

Secretary of Agriculture.

as

be

may

though it involve

that the strongest and most earnest intellect of the
country

should make the Secretary of Agriculture, ex-officio,

member

a

Assistant Secretary

an

even

members.

appointed

of the

one

Bank of

desirable,

knows closely and thoroughly the needs and condition of the
farmers, the
original producers, the real main-springs of our activities and sources of
our
strength.
We are at a moment of reaction—reaction in this case, in
the right direction.
"Back to the farm" has meaning far wider than the

com¬

the Board should include at least one man of wide business

gress

was

of

be

during the past critical year, while
Secretary cf Agriculture, his services on the Board would have been

was

invaluable.

"de¬

and of the

do is to make

member of the Federal Reserve

a

officio, of the Federal Heserve Board,

activities and spirit of the

of the

more

Cabinet,

believe to

number

Meredith, of Iowa,
Federal Reserve
son's

and

This I

the

liams, "and should provide that the Federal Reserve Board
matic bureau

opinion Congress should

my

Agriculture to represent him at meetings of the Board which he

reduction
as

things that in

unable to attend.

word to describe

a

the

of

Secretary of Agriculture, ex-officio,

Board; and I would give him authority to deputize

only fool-proof and crook-proof, but

immune from the diseases which I coin

1811

CHRONICLE

of its

loans

maximum

large

and

prosper
an

a

of

be

rate

rate.

in

provide that

Many
doing
would

many

such

which

excess

of

small—adhere

while

accept

would

should

member bank

amendment

System
to

which
a

so.

and

Federal

Congress

Reserve

may

as

Bank

It has
in

banks

to

been
the

my

better off

interest

suggested

withdrawal

Trust

and

but

the

as

without

that the
from

companies,

answer

is

fixed

rates

the

shall

interest

regard

the most successful banks in the

restrictions;

stronger

no

charges its customers

what

closely

result

State

of

a

on

loan
any

reasonable

country-—both

by

law,

and

passage

of such

Federal

Reserve

which

would

refuse

that I believe the System

those banks

which

think

they

.

exist

cannot

or

I also believe that even without

of the Federal Reserve machinery could
limit such conditions and methods, which so greatly impair its
administration

intelligent

prevent or

and diminish its value.

usefulness

Talking
know

and unconscionable
such a law, active, vigi¬

usurious

exacting

without

prosper

rates for money.

lant,

CHRONICLE

THE

1812

bluntly. I do not
example of another

I shall be forced to speak

this subject

on

that

for me to follow the recent

it is necessary

with colloquial

the Currency to regale and entertain you

Comptroller of

vivid and picturesque as those he employed so bril¬
liantly, so successfully.
But it is proper for a man talking to, and for,
men who
dig their livings from the ground to call a spade a spade when

conversations quite as

^

necessary.

it not only

to make
and crook-proof, but immune from the disease which

should so amend the Federal Reserve Act as

believe Congress

I

fool-proof

That is the mania so preva¬

"bureaumania."

I coin a word to describe as

trusting
the official machinery to work automatically, insisting on inflexible rou¬
tine, refusing to recognize or imagine that the shifting and changing of
conditions may require departrneure from established rules and precedents.
and at every other seat of government, for

lent here in Washington,

It is not

a

"Circumlocution of¬

Dickens's description of the

trouble.

new

photograph of one
of our departments.
Every civilized Government has been and is ham¬
pered in every emergency by "bureaumania."
Victims of it lose initiative,
human sympathy and the capacity for human interest in any event or per¬
son.
Their thought is compressed in fixed uniform molds, each exactly
fice" in London,

Emotions

others.

the

all

like

written seventy years ago, reads like a

hardly

until

diluted

are

trace of them

a

and faculties are congealed and atrophied.

remains,

Banking System
cannot be properly
watched, regulated and governed from Washington
merely by traditions, fixed rules, form letters, and "respectfully referreds."
Eight thousand banks represent eight thousand, more or less, different
personalities and conditions to be dealt with.
With some of them the
Early in my tenure of office I learned that the National

blunders of honest men must be corrected and

ill consequences averted with

retained

and gentle consideration.

with

familiar

facts

and

problems

outside

injurious certainly, disastrous almost
That

evil

this

of

information,

official

be

would

inevitably.
that

"bureaumania,"

outlay; the whole loan being paid in
was referred to in a meet¬
disposed
to condone or defend it on the ground, as he expressed it, that "the banks
all charge such rates, more or less."
I resented his imputation upon the
banks of the country; and I am happy to say that his opinion cannot be
sustained, for the vast majority of our banks, of which I am informed, con¬
duct their business on a very differnt plane, and would not be guilty of
exacting such extortionate rates of interest as I have here referred to, which
Furthermore, the transaction referred to above was a time loan and in

threaten

would

National

our

my

privilege

as an ex

officio member,

of the Currency.

but

as

the victims

modify the wrongs and evils which I thought I could see

credit,
again urged

proceedings against banks for fear of being shut off from further
offenders ordinarily go unpunished.
an

recommended in several previ¬
reports, to authorize and direct the Department of Justice to bring suit

against

of usury—and

offending banks guilty

should also include all

banks which are

I think the amendment

members of the Reserve System

Currency

information furnished either through the Comptroller of the

upon
or

In my last annual report I

amendment to the Bank Act, which I had

ous

other

Such

sources.

law vigorously

a

enforced would be of inestimable

value to the country.
In formal communications I made it

Board

that

quite clear to the Federal Reserve

institutions,

favored

certain

which

to

a

certain

prominent

Federal Reserve bank had handed out enormous sums of money, were em¬

ploying their funds largely in the promotion of speculations of divers kinds;
and I called attention to various instances where the executive officers of
certain large debtor member banks were borrowing
banks for their speculative ventures

advancing large

bank
and often
itself borrowing,at times, heavily from other Fed¬
which the Federal Reserve

The Reserve bank making these huge,

sums.

improvident, loans was
eral Reserve

banks, far and

near.

In my last annual report to the

National

Bank Act,

heavily from their own

and hazardous promotions, and were

also obtaining money from other banks to

Congress, in urging an amendment to

to prevent bank officers from

"Cases from time to time come to light where important

banks to which

entrusted millions of dollars of the funds of depositors are

are

vice-presidents,

officers—president,

the

the

borrowing from their

banks, I said:

own

while

banks

cashiers—
and excessive accommodations
and

cashier

they are extending these large

officers, directly and indirectly, largely for

are

themselves

borrowing

found lending

practically all their senior and junior

assistant

speculative ventures,
Federal Reserve

from the

heavily

bank of their district."
Another phase of these loans

protests as strong as I could make them, against failure to use the Board's
power to correct or

But

the State of New York.

enforcible by the Comptroller
Action in such cases has to be brought by the borrower,
in usurious transactions are generally reluctant to bring

the penalties provided by statute were not

to their own

Using

transaction

member, to my amazement, was

the funds of the bank in large sums to

total of seven members, of the Federal Reserve Board, I have filed

a

one

direct violation of the usury laws, even in

System I believe strongly—my belief based on practical experience and the
of

When that 200%

might well bring the blush of shame to Shylock's cheeks.

and

results of actual experiment.

its net

per annum on

ing of the Reserve Board,

Banking System, has already impaired the value of the Federal Reserve

one

basis of Interest and commission which yielded the lending

a

200%

full in six months.

was

With others arrogant defiance and dis¬
regard of the law, crookedness or culpable carelessness must be met by
stern rebuke, and when necessary, prosecution.
In my judgment attempt
to operate this vast complex System either automatically or by a debating
society of seven benevolent gentlemen, through usual bureaucratic methods,
and without the direction of a vigorous, thinking, understanding personality
generous

on

bank about

[VOL. 112.

and bonds, is what has been

stocks
certain

made by member banks to insiders, on

called the "family" rate, charged by

started the machine to work, strictly in accord with the law, and apparently

expected
charged other
prevailing
in some of the banks which have received, at easy rates, the largest indul¬
gences from the Reserve system, while smaller banks have been skimped,
and taxed unconscionably on the far lesser advances grudgingly doled

considered their duty to be to let it work along, regardless of what havoc

out to them.

and appeals seemed

distinctly.

I regret to

say

that

to create in the

majority of

my

fellow-members the mood of

very

man

aroused rudely from a nap.

ested, seemed to be more intent

my remonstrances

old gentle¬

an

They were more querulous than inter¬
on

constructing

a

snarling retort than on
They had

considering whether there was need of reform or correction.

or

injustice it might cause

tightening

The ensuing correspondence

was

boluminous—more than

own

officers and officers of other banks who may be

reciprocate, and which rate is matreially less than the rate

It is quite impossible to justify practices

More than a year ago, on Jan.

28 1920,

I warned the Board, by letter,

system for use
and expressed my strong dis¬
approval of certain conditions to which I specifically directed their attention.
In another letter to Governor Harding under date of Feb. 19 1921, I said:
against concentration of the funds of the Federal Reserve

oiling.

or

100 pages of

They seemed to me to dodge and evade the main

typewritten matter.

to

what unforeseen conditions might demand some

or

here or loosening there, slowing down

up

banks to their

less-favored customers.

issue by making complaint that the Comptroller of the Currency's examina-

in

speculative operations and promotions,

•

tions of banks

were too

frequent or too infrequent, too rigid or too lax.

As to that they were promptly referred to the official records for complete
vindication of the methods and policies of the Comptroller's Bureau
my

under

The official figures showed them that in the matter of

administration.

immunity from failure, in growth, in earnings, and in service rendered, the
record under the last administration
the National

Banking System.

was

by far the best in the history of

For example, the percentage of losses to

depositors to total deposits, last

the smallest in about forty years,

year was

except only the fiscal year 1919, when there

depositor in

depositors

any

was

was

is

approximately twenty million and the

although the number of

sum

total of their deposits

which I complained in my corres¬

grave matters of

pondence with the Board, such

deflation;

as

(a) the perilous swiftness of the process of

(6) the artificial diversion to New York of hundreds of millions of

dollars, sorely needed elsewhere;
banks for

use

(c)

the huge sums advanced to certain

in promotions and speculations, and (d) the excessive and bur¬

densome interest rates imposed upon so many banks in the West

The rate charged at one time

by

a

more

working American business
concerned

more

was

date for

as

a

farming

ordinary

an

The majority of the Board, apparently was very much

duties than theirown, and judging from

over my

trying to "establish

something.

a

some

kind of

a

vague

a

recent

suspicion

record" at its expense—as if I was a candi¬

It did not

to

seem

awake to the possibility that I

might be very seriously intent upon doing something to revive and help the
business of the country and make our recovery as quick and painless and

comfortable

as

possible.

In this

letter I

same

am

astonishment, that the Board does not perceive
structive

suggestions I had

so

informed, to

consistently urged;

my

comprehend the

or

great
con¬

but it complains that I

have attacked or criticised the Board of which they appear to be acutely

sensitive.

If that

were

true it seems to me that the criticism should have

caused thought rather than resentment;

The Federal Reserve Board, as

the duty or the power

I

Government.

an

amendment if that

were

found to

for the Board itself, others to be put

illustration

I

say

power

diversion of money supplies it provides so liberally,

issue of its Federal reserve notes
to hinder

knew

that

certain

borrowing from the Federal Reserve Bank, which

New

York

means

from

have

that prosperity and enable powerful

them one instance, an extreme

case,

where

a

certain large bank

last summer, borrowed money from its Reserve Bank at about 6% per an¬

and about the

same

time loaned

a

customer, the head of

a

large

man¬

ufacturing enterprise, $1,000,000, well secured by collateral, of which loan
aojJt
to

the

5500,000

was

passed

on

to crrespondent

banks

(without liability

selling bank) at about 12% per annum, and $500,000 of the loan




individuals to fatten their

without risking a dollar of their own.

stated, that banks have borrowed heavily from certain

call imperative halt on

duty, for any reason,

such dangerous and unlawful habits,

and if that

is neglected, Congress should find others to assure its

performance.
Many weeks ago
districts

I urged the Board very earnestly to suspend, in all
"progressive" interest rates which were working

so-called

the

hardships upon many small banks,

exactions

which could least afford the

My attention had been called to a little national bank
section of Alabama, which in Sept. 1920, in the height of the

imposed.

moving season,

was

immunity and assist its

straining its resources and credit to aid its

customers, 85%

That country bank was

of them, farmers and cattle-

charged by its Reserve Bank under the

"progressive" plan (which was suspended in that district a month or two
later) from 6% to 87per annum.
The average rate which it paid the
in September for the advance of $112,000 was about 45%.

last two weeks

bank for that
dividends on the bank's
capital stock for a whole year.
I do not know how many other cases of
extortionate interest charges there were, but there were others, and there
should be none.
The Board claimed that the "average" interest charged
by the Reserve Bank on all loans to all member banks in the district referred
to was not high; but this is a poor consolation to those member banks from
two weeks'

In fact, among others,

through the

and otherwise to maintain general prospertiy

It is indisputably true, as I
Federal Reserve
Banks and used the funds so obtained to promote speculative undertakings
of their own officers, as well as for customers—sometimes by the use of
"dummies"—to amounts far in excess of prudent limits,o r even the limits
fixed by law.
I contend and shall continue to contend that the duty of the
Federal Reserve Board or the Directors of the Federal Reserve Bank is to

purses

The excess interest

gave

banking

if they lack it, and they should be specifically required to use it.
and foolish to contend that our Government is impotent

to forbid

the people of the United States, millions of dollars at 5 % to 6 %, and lending

num,

should be pro¬

I know enough of the practical facts of

is also always possible for a bank to restrain a

it at from 10% to 50% and sometimes higher still.

I

that if the authority does not exist, it

customer—big or little—who is borrowing more than his share or

raisers.

As

York

and misuse for extortionate private gain
all the people, provided by the

borrowing
using
what he borrows for purposes improper or detrimental to the public welfare.
But the instances I have cited, in my corresopndence with the Board, prove
that the Board and the Reserve
Banks should be given specifically the
to know that it

Congress should take action to provide against negligence, lack of ability
or stubborn disregard of the needs and rights of the
public by the Board or

Board.

I understand, claims that it is not within

of either the Board or the officers of the New

vided by Act of Congress.

cotton

were

institutions have

of the facilities for safety and convenience of

before Congress and for which the Board's approval was
urged.
I am giving this outline of inside events to support my contention that

future

banking

one

in the cotton

some

York

borrowers, in trying times, by 'accommodating' them with time
at rates, in some instances, as high as 50% per annum, and in at
instance about 200% per annum, is, in my opinion,
uneconomic,
unconscionable and barbarous, and I am not willing, as far as I am concerned,
to have such operations pass unnoticed or without protest.
"Our Reserve Board will not hereafter be able to escape heavy public censure
on the excuse that it was not advised of the details of such transactions."
least

results of

study and of conditions,

New

money

serious

banks

certain

needy

be justified, or definite contradictions if the facts and figures would sustain
it.
Tne truth is I have offered a series of suggestions and recommendations,

any

which

But it is useless

standpoint,

temporarily entrusted with certain official

man,

letter from the Board it saturated itself with

that I

small bank in

case to a

than 80% per annum!

These things seemed wrong to me from my

powers and duties.

and South.

Federal Reserve Bank, under regulations

approved by the Board, in one exceptional
section amounted to

in

Reserve Bank to prevent this abuse

obvious that the question of the examination of National banks was

quite irrelevant to the

manner

not one dollar's loss to any

National bank in the United States;

about sixteen billion dollars.
It

"The

borrowed enormous sums from the Federal Reserve Bank of New York
at ratas of from 5 to 7% and have taken advantage of the necessities of

which

above 6% which was charged this small

period was equivalent to more than 7 %

were

exacted killing rates, which certain victims in some

districts

April 30

THE

1921.]

My

expired in paying—as for example, in Colorado and in Texas.
It should be
said to their credit that certain Federal Reserve Banks, including the

summer

of 1920 to give them

in February, I sought to provide that in no case should
Reserve bank under that plan charge a member bank interest exceeding

refused by the Board

But this motion was also

interest plan as it has

rejected.

By the end of December, two more months

in the agricultural
I thought the suggestion
for a suspension or modification or reasonable limitation of the progressive
rate in all districts, as well as in those where it had already been discon¬
tinued, was distinctly constructive.
I think now that Congress should
enact an amendment to forbid such exactions resulting from misunder¬
standings or bad judgment or lack of sympathy with the plight of small
and move crops.

banks and those they serve.
I

bound to say that so far as

am

neither the burdens put upon
the enrichment from

my own

persons to

Federal Reserve Board so much as the alleged

infrequent examinations of banks by the Comptroller's

too frequent or too

Bureau,

I can judge from the correspondence

small banks in the agricultural districts, nor

Government funds of the big banks in the centres,

interested the majority of the

issue

motives in raising these

annoying questions, the names of

whom I had given copies of my remonstrance, and the tremendous
I should be furnished with copies of stenographic

to whether or not

as

reports of certain

apparently

meetings of the Board, which minutes the Board has
keep secret—and as they have stated solemnly

decided to

"under seal."

other great disturbing question—the number of

I was about to forget the

attend. I confess my absences from the
Comptroller's office) were frequent, although I
probably averaged two or three such meetings per week.
I really felt that
I could employ my time more usefully than in attending Board palavers,
and in listening to discursive discussions, beginning nowhere and ending in
precisely the same place, conducted by eminent gentlemen.
Probably our
Board is not exceptional in this weakness.
The New York "Herald" only

Board meetings

I did and did not

(but not from the

Board

yesterday in opposing editorially
Cabinet described perfectly

the addition of another member to the

the situation as I sometimes found it.

I had said before,

come

since October.

depended

aroused.

in the

subject would not have been

Let me

made public,

would

Comptroller of the Currency giving
and alarm¬
world were before the Federal Reserve Board,
and the Comptroller's definite recommendations unacted upon after fortyfour days.
At the expiration of that time, more than twice as long as is
required for the productive activities of the ordinary hen—the Board
suddenly aroused bestirred itself and responded with demand to know who
else had read the Comptroller's letter, that it might "formulate a report."
Even the gravity of the occasion could not hide the humorous aspects of the
peformance.
: '•' ■'
v,
In all seriousness, gentlemen, I am impressed with the necessity for some
amendment to the Federal Reserve Act which will awaken the Board from
the inertia and stiffness and concentration on trivialities that are symptoms
of "bureaumania."
The subject on which I wrote in October last, and again
in December, and which developed faint reaction in February, was of vital
importance.
I had begun in October to beseech for it the Board's attention.
On the 18th of that month I pointed out that the decline in prices, facilitated
by the policies of the Board, had become too rapid.
I itemized some of the
appalling shrinkages of values, for instance, loss of 500 million dollars in
wheat, to which 500 million or more is to be added since that time; from one
to two billions in corn, a billion in cotton.
I used these words at that time:
"The plans and policies which have aided in bringing about deflation in
the great staple commodities should be at once taken up for consideration and
revised as far as may be necessary to meet present and changed conditions.
If
this is not done speedily, I am fearful as to the consequences which may ensue. '
knowledge, and asking attention to serious

Oct. 21 1920, I addressed a

communication to the

Federal Reserve
Board, presenting arguments, which seemed to me to be impelling, urging
that some constructive measures of relief be adopted to steady the situation
and ease the further shrinkage in values, which has since then taken place
Secretary of the Treasury,

with such ruinous

results.

who is also the Chairman of the

In that letter I said, in part:

chaos.
less

as

the emergency currency
of that currency in the
financial catastrophe and prevented
These illustrations could be multiplied if need be, but you are doubt

familiar with them as I am."g

The"excessive

rates which

business fabric of the country is, in some respects
and I do feel that the time has come for the exercise of such

salutary and constructive powers as may be at our command.
"The situation
.
.
.
has become more aggravated of
be found an increase in bank
"The revival of the War Finance

relief

can

judgment, a much

.

needed steadying Influence at this time/!




.

.

late, and unless

failures, I believe, will be Inevitable.
Corporation would provide, in my

were'

being exacted

by'member~DankfT tcTwhich

Bank of New York was in some instances lending lavishly,
alluded to in the"same letter,*as]follows:

the 1 Reserve
were
11

also

the Board disapproves
been in vogue in New
than the rates charged by banks in any other
country in the world.
Such rates in my opinion have been very damaging to
the commercial and financial interests of the country, and I submit that it
would be well for the Board to establish regulations to prevent the Reserve
banks from lending money to member banks at 6% to be passed on to cus¬
tomers at extortionate rates.
The effect of such a regulation, I believe,
would be most helpful and salutary.
"The record of this office show numerous instances of banks which have
gotten large sums of money from the Reserve banks to be loaned in Wall Street
for the purpose of profiting by the difference in interest rates.
"The official reports also show that in addition to the money which the
New York banks were lending on call in New York for account of their
correspondents and customers, the National banks in New York City this
time last year had on deposit to the credit of their correspondent banks in
all parts of the country approximately 900 million dollars more, while the
total sum which the New York national banks were lending, directly and
indirectly, to all other banks throughout the country was considerably
banks should be given to understand that

Member

and will not countenance the excessive rates which have

York City and which are higher

less

one-fourth of that sum.
...
thing is to find and apply proper remedies.
Perhaps
time when the business and industrial interests of

than

"The important

there has never been a

the country were more deeply dependent on a sound, wise
administration of our banking and financial system than
moment."
In the same letter among the measures and changes in

and courageous
at the present
policy which I

urged upon the Board were the following:
"First, reduction in the rate of interest charged by Federal Reserve
banks on the loans to member banks secured by Liberty bonds from 6%

the policy of

or 7% to a uniform rate of, say, 4H%> as it was clear that
the Reserve banks towards loans on Liberty bonds, besides working

ships

on

borrowers, was depressing the market

hard¬
value of the bonds, and the

credit of the Government.

"Second, suspension or modification of the 'progressive' rate in the three
Federal Reserve districts where it still prevailed to 6% per annum.
In¬
be cited where banks had been charged 20%, 30% and 40%,
exceptional case as high as 87 H %.
I brought to the attention
specific instances of suffering and the lack of money and credit
scarcity in many different sections of the country, and said:
/ " 'Such facts and conditions as have been brought as vividly before us
cannot be met with theories or removed by explanations and should not be
dealt with by vague surmises and promises or unconsidered experiments.
They demand definite and energetic action even if precedent must be disregarded,
accepted rules suspended or waived and new plans and methods devised.
"The people have entrusted their welfare and interests to those of u*
who have been honored with public office in any degree and in any Depart¬
ment of the Government, supposing us to befitted for our task by knowledge,
intellect and character.
Our plain duty is to act as promptly and as inde¬
pendently of usual habits of thought as may be necessary to find ana
stances can

and in

one

of the Board

-

^$hile

there appears to be this scarcity of money, and of credit In,the
agricultural and producing sections of the West and Northwest and
find that individual banks in New York
City are borrowing from the Reserve'system, in a number of cases, more
than7100 million^dollars each; and sometimes as much as 145 million dollar9is loaned there to a single bank—twice as much as the total loans some of the
Reserve banks have been lending recently to all the member banks in their

great

the South and Southwest, we

m

districts.
"The inequalities and

injustice in the distribution of these funds become
the uses which big favored banks in the East somethe Reserve system."

apparent when we analyze
times make

of the money they borrow from

Six months have now passed since I
to the

Secretary of the Treasury

of policies.

_

took the liberty of giving my warning

and to the Board, and of urging a

revision

I supplemented that warning.
reduction of interest rates and In¬
business needs to the limits consistent

Four months have gone since

In that subsequent

letter I advocated

creased extension of credit for urgept

the equitable distribution of our available resources.
widespread distress in the West and South,

Instances illustrative of the
and in the East as well,

and argument for such a

consideration for borrowing banks as

policy of forbearance and

would enable them to give like treat¬

It
with
of our commodities within a year of twelve
to eighteen billion dollars, four or five favored member banks in New York
City were borrowing from the Government's reservoir of money and credit
as much as four or five thousand member banks, in the West and South, were
borrowing from five Federal Reserve banks, embracing In their respective

ment

to

individuals,

was

drawn

as

seemed to me something was wrong
an

"The strain upon the

unparalleled

exerted to aid directly in the
industrial interests.

and autumn of 1914 averted a

with prudence, and
Three days later, on

the country.

unobtainable elsewhere.

summer

I

ing conditions in the business

written commercial, industrial and financial

"The action of the Treasury in making practicable
and in facilitating and expediting the issuance

aw

Comprehensive statements from the

facts within his official

you was

which the Treasury took in the formation of the cotton pool
in 1914 is one illustration.
Another illustration was the action of the Treas¬
ury in organizing the War Risk Bureau, which made possible the continu¬
ance of our export trade in the early days of the war when cargo insurance

and 26 1921,

Communications I laid before the Board on Feb. 19
also be instructive in this connection.

In the letter of Dec. 28,

"The part

belieye would be distinctly salutary and beneficial" and I believed the public
entitled to it, but the Board shrank, apparently in dismay, from the sug¬
gestion.

depended largely on the policies of the Federal

"At other times the same influence has been

individual

"To make public this information

letter to

my

the business interests of

hardships or injury."
I had also said in a previous letter:

the welfare of this country, and that the fate of this country

future at least,

stimulation and encouragement of our commercial and

with the Board

deleting such names or references as may cause

had

world

stoppage too sudden may be disastrous as an explosion, that an unyielding
barrier thrust into the path of a runaway machine may only hasten wreck¬
age and assure a smash which skilfully regulated guidance might prevent.
"Two months of actual experience which have elapsed since my letter
to you of Oct. 18 1920 was written tend to intensify rather than diminish
my fears for the immediate future. ; I am as confident of the safety and
development of American business, society and government as the most
enthusiastic optimist, but it is our part to strain every nerve and apply
every resource of labor, thought and self-sacrificing patriotism to avert
an interval of disaster, or to make it brief and easy as may be possible.
.
.
"During the past several years I have seen many occasions where the
action of the Treasury Department has distinctly prevented financial panics.
"I have witnessed other occasions where the mediation and timely action
of the Treasury Department has ameliorated many serious and dangerous
situations, and has been an important factor in checking grave losses to

manifest
add that in a letter

the whole of my correspondence

adding that shrinkage of additional billions

I tried to demonstrate that the welfare of the

the adoption of somewhat more liberal policies on the part of the Federal
Reserve Board and the Federal Reserve banks whose powers are now more
widely recognized and acknowledged than ever before. I
/
"It is my strong belief that it is within the power of the Federal Reserve
Board at this time, by the adoption of new wise, liberal and sound policies
and the announcement of such policies, to instill a feeling of confidence
and hope and to check the spirit of demoralization which, unless arrested
in time, may lead to disaster
"Events, developments and conditions warn us to remember that a

Board, March 1 1921,1 said frankly:

"I will be glad to have

Reports reaching
It was then that I

repeated, and amplified

following paragraphs, I think, may be interesting to you just now:;j&

"Since

"Any man, though he be a steam engine for

to the

of the Federal

conditions have become steadily worse, and the further shrinkage which
has taken place since the middle of October amounts to billions of dollars.
"I feel more strongly than ever that the welfare of the country calls for

communication, the keen interest they.began to

seen my

upon

near

had gone.

increased my concern.

In this, I reviewed,

Reserve Board, controlling the financial levers.

was

work and a
wonder for achieving results in the world of affairs, knows how perfectly
hopeless it is to get anything worth while done by a large committee.
The
beginning and the end of its functioning is nearly always talk.
Pretty
much everything in between is talk.
Decision is postponed for conversa¬
tion, and accomplishment is sidetracked by debates."
A great statesman gave us the axiom "Battles have been won by fools
and cowards, but never by a debating society."
I am so much of an
iconoclast and so thoroughly broke to the habit of trying to do something
practical that even eminence does not make futility interesting.
The intensity of the intellectual activities of these Board convocations
may be judged from the fact that on Feb. 14 1921 I received a notice
that
the
Board
on
Feb.
10
1921, four days previous, had de¬
cided to take action and make a report relative to a somewhat energetic
and, I thought, important communication I had addressed and forwarded
to it, from a distance of about twenty-five feet, on Dec. 28 1920, forty-four
days previous.
The conclusion reached by this solemn consultation was
that I be asked to supply the Board with names of persons to whom I had
given copies of my letter, so that the Executive Committee might be in a
"position" to "formulate its report" to the Board.
What on earth the names or number of persons to whom I had given these
copies had to do with the Board's process of incubation, or how such informa¬
tion possibly could effect the quality or quantity of the hatch, I never have
been informed, although I very earnestly demanded in two separate letters
to have it explained to me.
My clear inference from all the circumstances
was that if the Board had not caught rumor that eyes other than mine and
The editorial says:

theirs had

what

the

of the Federal Reserve system, which is to

districts when needed to gather

from all parts of the country

me

of money at the centres, and scarcity

prevent congestion

War Finance

but the

result of action by Congress, about five months

as a

wrote the letter of Dec. 28.

for the

The "progressive"

been operated in some sections exactly defeats one

of the chief and best purposes

unheeded,

went

however,

revived

Reserve Board.

permission to adopt more liberal policies,

Liberty Bonds; but their requests wer«
refused—the Board alleging technical objections.
When my motion to abolish the "progressive" interest rate in the dis¬
tricts in which it was then still in force, or limit it to 6% per annum, was

10% per annum.

was

later, and against the earnest expostulations of the Chairman

especially with respect to loans on

a

remonstrances,

Corporation

formally or informally, urged the Board in

Reserve Bank of Atlanta had,
the

1813

CHRONICLE

strong as my

ability permitted.

somewhere and somehow, when

actual shrinkage in values

districts twenty-one great States.

r

certain New York
average," no restriction of credit, &c.;
but again it must be pointed but that it is a poor consolation to starving
families to be assured that taking into consideration food wasted in riotous
The Board, with its

knowledge of these huge loans to

City banks, claims there was, "on an

"average" amount consumed in their community is
well exclaim, "What crimes are
committed in Thy name."
The purpose of the Federal Reserve Act is not
to secure satisfactory "averages"—we already had tolerably good "averages
—but to secure a fair distribution and equitable allotments to each and every one.
I
was
further painfully impressed by the evidence of the official
records that at the beginning of August 1920, in crop moving time, the
National banks in New York City were lending for correspondents on
so-called "Wall Street" loans for stock speculations and operations, more
than $500,000,000, coaxed from banks everywhere in the country by the high
rates speculators would pay.
This was more than the Federal Reserve
banks of Minneapolis, St. Louis, Kansas City, Dallas and Atlanta were

living and luxury, the

member banks.
of Dec. 28 1920, to the

lending to their 4,000 or more
This document, my letter

;

Board was long, elab¬

prepared.
I tried to make the statements of conditions, as
from my inside view, vivid and energetic and the suggestions

orate. carefully
I

saw

them

The response I got, after 44 days, was that I had
written something, not to be acted upon but to be reported on—when the
Board knew how many persons had seen my letter, and what their names
were.
The Board was to determine, now how to do something, but, per¬
for

directly and indirectly, to the cost of living and I believe firmly are doing
much to block the road to business resumption and prosperity.
They

improvement clear.

for not doing it. "Whatever was required
to be done," says Dickens,
"the Circumlocution Office was beforehand
with all the public departments in the art of perceiving how not to do it."
After a preliminary incubation of two weeks, Governor Harding of the
Board had also written me in a general way on Jan. 13 some comments on
my letter of Dec. 28, defensive of Board policies and the status quo, but

and he stated that
other members of the
Board.
He impressed me as being rather more intent on rasping me, if
possible, than on acting to meet the unhappy conditions existing; but did
remark that the process of deflation wras "somewhat analagoas" to what
the recommendations in my letter,

expressed in his letter were also those of

the views

"when a balloon is punctured and the gas

takes place

escapes."

Taking

by careful
handling of valve ropes and ballast , not by driving a hole in the bag and
precipitating a collapse and destruction.
That had been the gist of my
entire complaint and plea.
It was impossible so far as my experience went,
to fasten the minds of the Board on that point.
I never have, to this day,
secured a definite denial of any material statements I have made or a solid
reason for opposing any of the suggestions or recommendations I ventured
this

as

text, I urged that

a

to offer.
b

sensible men bring down balloons

.

All of this has been

cited to illustrate the need of some action by Congress
of the laboring men, and the business men of

in the interest of farmers,
the whole country, to

mako the vastly important Federal

Reserve Board

and responsive body than it is;
to put it in more direct contact with the public, and to fix its responsibility.
There is no time or need here to consider details of such legislation.
Among
our 632 Members of Congress there is brain power enough to devise simple
remedies for an obvious situation.
I believe firmly that the Board by its
a more

elastic, more initiative, sympathetic

supplies of funds and the interest
saved us from a fall so precipitate and smashing,
and from much of the distress and ruin through which we have been dragged.
It could have made the shrinkage of values more gradual and uniform instead

power to

regulate and increase or reduce the

charges for money could have

could have helped strongly to keep the circulating cur¬
rents of commerce at more even flow, so that the losses of eadh producers might
be offset by reasonable reduction in the cost of what he must consume.
We learn by experience, and should provide that the Federal Reserve
Board of the future shall have less of the characteristics of the automatic
bureau and more of the activities and spirit of the wide-awake business man.
I believe it desirable from the standpoint of the public, and of the commercial
interests of the country that the membership of the Board should include
at least one man of wide business experience, outside of banking.
The six
members at the time of my resignation included, in addition to the Comp¬
troller of the Currency, two college professors, two bankers, a lawyer and a

of violent and sporadic,

,

newspaper man

from Poughkeepsie.

A business man of signal ability and
been of great value especially

exemplary character whose counsel would have
in our recent

experiences, was refused by the Senate when

nominated by the

President several years ago.

I offer my suggestions of what Congress

As is natural and proper,

should

limits of my own direct experiences.
Along the same
embraced in my annual reports, including the last, a number of

line I have

suggestions for legislation to cleanse and strengthen our National Banking
and Federal Reserve Systems.
Among these is included the measure to give
Reserve banks, under proper

Federal

the

power to

safe-guard, more latitude and

render aid in an emergency, to member banks than is permitted
Other important changes in and additions

under the law as it now stands.
to

existing laws which my observation

forth clearly in my last report to
but these are not of
I have

convinces me are needed, are set

Congress, submitted not many weeks ago;

and

the difficulties with which our
agricultural interests have been beset so sorely, and how it may be used in
the future.
It is not yet too late for the Board to face about and help.
Turning now to more general matters, let me say that from such study as
I have been able to give the subject, and based upon my experience and
observations, I believe it possible for the ensuing fiscal year, beginning June
30 for the present administration to reduce the total expenses of the Govern¬
ment, including interest and a reasonable sinking fund on the public debt,
to approximately three billion dollars, and in reducing receipts raised by
taxation, I believe a way should and can be found to do away with the
burdensome and complicated excess profits tax. * We have been engrossed
in fighting and winning a great war and in handling the immediate effects
might have been used, in my opinion, to lessen

and results.
come.
man

I

The time for setting our house in order

was an

other

I hold the welfare of people and

There¬
Congress and administration
complete the work of retrenching expenses and reducing taxes thor¬
than any party or political advantage.

fore, I hope most sincerely that the present
will

oughly and promptly.
Before closing I

working

as

to

the present
now

exists

present business and financial conditions, and

time this is not entirely true, for in the great depression which
the most acute, perhaps, that we have experienced in this

artificially applied to the bulb of the steel
are still registering about 100%
These articifial prices are adding enormously,

generation, owing to the heat
thermometer,
above the

steel

pre-war

and iron

basis.




products

and liberal wages for the
fairer division of the joint products of capital and

and of

man

a

But in making

these adjustments there are great

which it is necessary for us to
to force

prise to continue to operate at
eight

dollars

ten

or

anxious to do the

I

am

a

same

a

stock corporation or business enter¬

of employees
qualified and

heavy loss and to pay one class

if there are hosts of men well

day,

work for five and six dollars a

earnest advocate of the

an

economic laws, of

It is hopeless to attempt

take cognizance.

railroad, or any other joint

a

i

.

the welfare and happiness of our

earnestly in favor of decent hours

am

labor.

day.

principle of the eight-hour day,

which

but I am equally
strong in insisting that service rendered shall be efficient and thorough.
Let me also add that it ought to be clear to any thinking mind that it is far

has

necessarily to be modified under some conditions,

better for

manufacturers and business men of all kings to

and factories

going,

if they have to operate at no

even

accept such reduction in
to

keep their mills

profit or at a small

for the workingman to
wages as may be necessary to enable his factory
preciipitate a strike or a lockout and earn nothing

It is also sound policy and common sense

profit.

operate rather than to

at all.

The twelve,

days, seven days in the week,

fourteen and sixteen-hour

exacted by some great
Eight years ago as Assistant
Secretary of the Treasury my duties included supervision of the Bureau of
Engraving and Printing, employing then about 4,000 workers, and under
my instructions the Director of the Bureau arranged for operatives whose
work was particularly monotonous and wearing to have a number of rest
periods of, say, ten minutes each at intervals during the day, without
requiring them to work overtime for time so taken.
He subsequently re¬
ported to me that as a result of that plan the efficiency and output of that
department was increased about 15%—more work performed in less time.
Regardless of whatever flaws there may be in its administration, our
Federal Reserve system has in the past saved our country from conditions
far worse than those which we are now enduring, and I believe that with the

which it has been

charged have been, up to now,

corporations, are intolerable and inhuman.

policies, and by the adoption

reversal of certain

the Federal Reserve system

of a constructive program,

could now aid enormously in

restoring lost con¬

justifiable optimism.
There has, in my opinion, been an indefensible withholding of credit in
many of the producing sections of the country when sorely needed.
I
stated frankly at a meeting of the Federal Reserve Board not many weeks
ago that a high ratio of reserve, indicating useless impounding of funds in
Reserve banks, under existing conditions, when money is so badly wanted
for the vital purposes of agriculture and business, of aU kinds, was a thing
and in inspiring hope

fidence

and

The time has come, in my

a

rather than to boast

for the Board to be ashamed of

reduced to

On U. S. Government bonds

of Federal Reserve

maximum of 6% per annum.

original subscribers, the discount rate

that the mem¬
exceeding 5%.

reduced to 4 K %. with a proviso

ber bank shall reduce the rate to

Prior to the

a

purchased and subscribed for at par, upon

which the banks are now lending the
fo member banks should be

of.

judgment, when the rates

banks in all districts should be

its customer to not

according to the
which the national banks

inauguration of the Federal Reserve system,

maximum amount of money

official reports, the

of the United States had ever

borrowed at any one time on their bills paya¬

ble and rediscounts, was not over

150 million dollars.

I know it will be of

this assembly to know that our twelve
this time have an unused lending power of approxi¬

genuine interest to every man in
Federal Reserve banks at

mately fifteen hundred million dollars, or ten

one

payable or rediscounts prior to

time on their bills

Under such conditions as these, there
man

in this country of

time is another

good credit should not be able to obtain

their conservative business wants—at

the money needed for
the

is no reason why .every farmer and

all
least so far as
domestic requirements of our own country are concerned.
Obviously
question of funds for foreign trade while the world is upset as it is at this

business

the

times as much as the maximum
borrowed at any
the European war.

national banks of the country ever

amount which all the

problem, yet to be solved.

intend, that I pour out on you
general program of legislation, domestic and
legislation you will ask in favor of
the organized farmers and working men of the country.
I have tried to give
you for your consideration and mental digestion some of the thoughts
brought to me by contact with conditions.
«
any

course you

do not expect, and I do not

theories of government or

I presume you have agreed on

foreign.

been saying and as illustration of what
attitude of some of our officials, let me
York financial article printed in
the day before yesterday.

Precisely in point with what I have

callous, if not the brutal,

I may call

read you a

paragraph

the newspapers

a

two from the New

article said:

The writer of the

"From

or

of the important officials of the
that there is a concensus of opinion

talk I had to-day with one

Federal Reserve Bank here it appears

the different governors of the Federal Reserve banks favoring a
continuation of present policies despite the criticism heard from all quarters
for lower interost rates and withdrawal of pressure to force payment of
outstanding loans.
There are three general policies which might be adopted,
among

it

pointed out.

was

interest rates, but that policy with the heavy
argued, might result in a renewal of dangerous specula¬

"One would be to ease up on

gold, it was
tion and inflation.

inflow of

result in putting on still
in
hurry and getting
out, 'we would
be a long time in picking up the pieces caused by the many forced failures.'
"By far the best plan, it was argued, was the one now being followed,
"Another

more

it

policy might be adopted that would

pressure, thus cleaning up the afterwar mess
a
But if that course were adopted, it was pointed

over.

permits continuous,

which

It must be

but moderate liquidation."

noted that the only

official" of the Federal

objection mentioned by the "important
plan for "putting on

Reserve Bank quoted, to the

injustice, the disregard of every
Federal Reserve measure was created, which it would
involve, but the probability that they "would be a long time in picking up
the pieces," i. e., the dead bodies "caused by the many forced failures."

still

more

pressure," was not the cruel

principle for which the

*

will, if you will indqlge me a little longer, say a few

the outlook.
We are now indisputably closer to bed-rock than we have been for years,
and we have it within our power to hsaten the time when farms, factories,
mills, mines and railroads shall again go forward at full speed.
For generations past the market for steel and iron has been regarded as
the thermometer of trade.
The prices for these underlying basic commodi¬
ties have been regarded as an index of general condition of business.
At
words

delaying

production which must precede better times.

Irace, I

after the fray has

American before I was a Democrat, and like every

whose ambition is to be a good citizen,

country far nearer my heart

in

Like all who think and honestly hope for

special interest here.

attempted to indicate, briefly, how the Federal Reserve System

^

middle men and retail
the needed increase in consumption

profits still being exacted by some

stores are also unfair and are

Of

do chiefly within the

reduced.

The excessive

haps, how to formulate reasons

without acting upon

be

must

Of such "averages" as these we may

fair.

[Vol. 112.

CHRONICLE

THE

1814

One

policy "might" cause

Another would mean acute
ment

or

wanton

relief and prevent

patients in the

restore

devised to give

It is proposed to check disease, and give the
surcease from trouble and responsibility by killing all

panics.

doctors and nurses
the

renewal of dangerous inflation and speculation.

panic forced by unskillful or indifferent manage¬

mismanagement of the machinery ;'ably

hospitals—a plan actually under discussion being to
sound condition by a preliminary massacre of

business to general

business.

between
Govern¬
ors of the Federal Reserve banks to let it continue.
Apparently it has not
occurred to the Board that it may be possible by anxious and alert vigilance
and careful responsiveness to daily situations andjvarying^sectional requireThe

now

prevailing method is supposed to be a compromise
told there is a concensus of opinion among the

these two and we are

April 30

THE

1921.]

ments, to avoid either of the

1815

CHRONICLE

alternatives described above—delerium on

That there is

one

now

no

relation between production cost and con¬

proper

sumer's cost is constantly proved.

side, death on another, or a sleeping sickness, as at present.

A farmer took 22 calfskins to town and

the road with steering gear set and
let it run; or the doctor who failed to adapt his treatment to stimulate or
retard heart action, as conditions indicated, would be liable to indictment for

received for them the price of a pair of shoes at $12 50, and a cash balance

murder.

ounces.

The

autoinobile

who put an

man

on

of $1 20.

as obtained from a
against which I war, and

policy outlined in this newspaper paragraph,

The

Federal Reserve Bank official, is precisely that

The

official

and understand and to value the welfare of

dignity, pride in

an

them.

V,.

they should have had and have

at 42 cents per

and then abjectly worship

the

intended and should be used

I

but

I know that

here to say what I

neglect an opportunity to use voice,

..V.

all.

on

will agree gave a fair and

we

But later in October he bought
What did he do?

He put on a

I have the wholesaler's
margin of 43%;

a

the later one, made with the pretense that he was giving customers

great slashing of prices, he had the unconscionable profit

a

in recent experience.
on

happened to

I bought $57 worth of lumber to make

me

few repairs

a

old barn, and three carpenters I assigned to do the work consumed

an

$72 in three days time rolling cigarettes and filling their pipes, when one

and influence, and any knowledge or

on

An illustration will

Just another human example in relation to housing that

ability I have, for the purpose
of having the protection and benefit of our wonderful Federal Reserve
System—designed and constructed for all—bestowed equally and impar¬
tially

Are they

of 150%.

think, and to share with you what I have learned

and to assure you that I shall never
energy

they?

are

That is, on the first transaction he had

the benefit of

can

which would be good for all of us.
am

yard, and sold at 60, which

flannels at 20 cents the yard.

word for this.

aid enormously in assuring to those sections and interests
their fair share, and can make our banks stronger and safer even than they
are,

same

sale, offering these flannels at 50 cents the yard.

of advantages and benefits

suffered from that denial.

But

reasonable profit?

a

making the public

are

Before last October's slump a retailer, not in Washington, bought flannels

I also believe the rural sections and agri¬

whole people.

apparently reducing

are

degree

a

reasonable margin for expenses and profit.

cultural interests have not been given the share

legislation

They take off something, and in

point the question:

-

I believe the Federal Reserve System was
for the good of the

knowledge, that

The responsibility lies some¬

department stores and retailers generally

selling at replacement prices plus

adopted policy, or blind and slavish

allegiance to rules by those who first create them,

relationship between costs and prices

As to meats, I can tell you, of my own

believe they are taking their share of the loss.

of the individuals composing it as more important

the country and of each

be controlled.

prices.

attention, intelligence, flexibility of thought in those who

operate it, the capacity to feel

but you

English mutton chop weighing about six

one

utter lack of logical

where between him and your stomachs.

paralysis—the "bureau" method of hard and fixed rules.
System was not intended to be worked that way.

than

same

it is not the packer that is chiefly responsible.

The Federal Reserve
It presupposes

good hotel for

a

The

prevails throughout the gamut of foods, and in about everything else that
can

against which I hope all of us will war.
It is the policy of setting the steer¬
ing gear and letting her go; of applying the same treatment to high fever
and

The farmer sells his fatted sheep at 8 cents per pound;

$1 50 at

pay

day

was

rents.

ample to do this rough work.
They

And then there is complaint of high

getting theirs "first."

were

I might multiply examples of this sort of thing indefinitely, but it is un¬

y

necessary.
.

These conditions

PEOPLE

SAYS

CRISSINGER

COMPTROLLER

PUT CONSCIENCE INTO BUSINESS AND

MUST

D. R.

WORK.

nation

a

reconstruction

In

not the sole

and

wage

and prosper our

is work and

be

their work."

need

to

Mr. Crissinger observed that if

eat,

saving, and then work

be
to

bring about

who

are

the

things people

me

new,

who put out

He knew

a

could he

have looked a

liquid asset,

impressed

me.

That anybody

banker

still

price.

stage

Scarcity, coupled with the desire to have, should
the price

was

governed by the same

sort of combination to frustrate this fundamental law of

Un¬

economics.

underlying

cause

when I say that at this

or

These combinations—gentlemen's agreements, or what not—

was

made by Eugene

been
we

Meyre Jr., Man¬

those demanding attention.

a

some

even

with this improvement in the banking situation, there is

the industries which

are

industry of the country.

The0foremost

suffering is the great fundamental industry

meaning of the agricultural crisis, which is

so

far

as

now at

the most acute

prices are concerned, is not yet fully appreciated.

are

commerce

directly involved.

It means

population is materially
and industries of the manufacturing

To this crisis

as

much

as

anything else is

are

highly unsatisfactory and narrow, even at the

It is up to the bankers and business men of America to make

whether they wish to stay In the hole with him.

imposed a greater'caution upon their clientele.
of commodities and merchants in

ahead, with banking 'support, on

dangerous, at prices that we
They have joined the

procession of interests whose motto is "we'll get ours first."

It is true that bank

of all kinds

selling price.

waiting.

goods and commodities.

parts of the country are now building up to satisfactory

their minds whether they want to help dig the farmer out of the hole,

went

in short, where there is no relation

The consumers know this, and so they are

In part he

decline, without parallel in abruptness and proportions!

restraint and

prices of things to the point where there is no relation between
no relation between cost of

are

now

a

regard

But producers

all branches of commerce

level that we now understand was
as

fantastic.

But now conditions

reversed, and it is the obligation of the banker to-day to determine in

what direction he can properly

and conservatively stimulate business by
giving encouragement and confidence to the producers and merchants who

They are

determined to buy no more than absolute needs in a market thus uncon¬

depend

scionably fixed.




ever

*v'In reviewing the history of our banking during 1919 and the early part of
1920 we easily recognize that our bankers should have exercised a greater

of industrial and business

cost of raw materials and cost of production;

production and cost to the consumer;

trying period has

Meyer held the needs of the farmers to be

prices low, but markets
up

I realize that I am offering you no new thought

between value and

in

low prices.

Each

"get his" first.

have gotten

more

railroad investments.
Large numbers of bankers in the agricultural communities have had heavy
withdrawals of deposits and are unable to liquidate their outstanding loans.
The purchasing power of a bushel of wheat, a bushel of corn, a pound of
cotton, and of a hog, at to-day's prices, payable at the farm, when ex¬
pressed in prices of the things the farmer neesd and buys, is lower than it
has been at any time within the last twenty-five years,
Nor only are

New England salted mackerel.

paralysis.

BANKING,

due the plight of the railroads and the jeopardy of

If things people need to eat, wear and house them,

moment this very condition is the

FARMERS'

have recently passed and with which

impaired, and that the

Manufacturers, Jobbers, wholesalers, retailers, laborers—are all in some

is out.to

PLACES

most serious condition in the

centres

fortunately for us all, the law of supply and demand is in these respects as
as a

a

that the purchasing power of a great part of our

unfettered operation of the law

unfettered law, our economic troubles would soon solve themselves.

dead

a

The

The

of public regard for this liquid, non-flreez-

could be bought with assurance that

people.

of agriculture.

Our radiators demand

baggage-car load of roubles.

able asset, we may find illumination of the

and demand.

The big fact will be service to the

demands it, and the fervid conscience of

steadily declined since the beginning of this year, and that

figures, but,
among

and demand at work.

The supply is limited, the demand unappeasable, insistent.

and does fix the

we

among

have

reserves

It doesn't matter.
To buy it you must take a tonneau-full of Fed¬
eral Reserve Notes, much as a Russian, shopping for a pair of shoes, requires

of supply

by

fair wage for an

In pointing out the obligations resting upon

April 23.

loans

He had vision, else how
that we would have

non-freezable asset.

In the century's development

JR.

in the prices of all kinds of

now.

price ?
a

MEYER

There has been

people would trade pump, well and water for

century ahead and known

Observe the law of supply

a

men,

course

brotherhood.

said:

But recently, in Washington, I have

automobiles and require it for our radiators?

whisky.

fair reward.

still confronted"

foremost

that "ad" should have been a banker in our day.
a

and

ing the Bankers' Club of Brooklyn at the Hotel Bossert
on

low for cash,

You know, I've been associating chiefly with bankers since I've

man

fellowship,

only by such a rule may this Nation live and be the guiding light

the bankers Mr.

been here, but I'm looking at no particular
The

and those

aging Director of the War Finance Corporation, in address¬

about 36 feet long, neatly

little while ago.

become convinced that lots of

whisky.

a

through which
are

Enquire at this office.

a

serve

world sorely distressed.

a

part of Ohio would trade a pump for whisky would have been unbe¬
to

It must

experienced by the present generation of bankers than that

1828:

For several reasons that advertisement

lievable

good-will,

The statement that "no

The
gathering

It was published in

By way of introduction let me read an advertisement.

in our

useful service.

NEEDS FOREMOST.

in the breech than in the observance.

whisky.

no

This is absolutely necessary

God-fearing people will be content with nothing else; for at last the people
know that

familiar in their own realm with the normal operations and

For Sale—A valuable pump

failure unless the people—yes, all the

will be. willing to serve well, at

Civil liberty requires it, justice

that fine old statute which we all deeply revere but commonly honor more

oats or

serve

and full service for

effectively illustrate the measure of transgression against the law of

Delaware County, Ohio, Jan. 3

a

Out of the reconstruction that will follow, must come new business ethics.

present suspension of that law, as an appropriate occasion for a little lecture
on

And when pur

save.

The time is coming, and very fast, when the business man must give honest

supply and demand, I suspect that money would serve the purpose.
of bankers,

nor can

honest day'# work.

EUGENE

a

idleness,

in this economic readjustment is for business

righteousness,

particular commodity that, just at this time, might

Therefore, I regard

and thrice

on

The need of the hour

correct understanding between those who

Then, those who

bankers:

most

a

of

compass

in

demand has decidedly outrun the supply.

honest-to-

served.

The
following is his address delivered before the Washington
a

an

traders, manufacturers, to square their actions and direct their

the price was governed by the unfettered

Peeking

more

daily work and business.

our

The first essential step

all," he said, "the law of supply and demand is in these

one were

need and must have

to put their conscience into their business and their work.

now

brought into

respects as dead as a New England salted mackerel."

If

we

Prosperity cannot be based

industry.

Our economic evolution will be

operation of the law of supply and demand, our economic
troubles would soon solve themselves.
"Unfortunately for
us

understand that

A conscience left at the altar of the Church does

and house them could be bought with

wear

that

assurance

have

can we, a

to this while the

permanently assured.

people—begin

failure unless the people

a

we can

But how

agree

people follow these cardinal truths their happiness and contentment will

question is

to put their conscience into their business and

now

expect wage-earners to

National resources be increased by half-hearted work.

nation of business men,
expect wage earners to agree to this, while the middlemen
not only passes on his losses to the consumer, but exacts
an
unreasonable profit on replacements?"
Our economic
"begin

men,

I hope everybody

can we, a

evolutions, he asserted, will be

of business

God days work from every wage earner if we shall restore economic poise

factor, Comptroller Crissinger put to his hearers

question: "But how

readjustment of wages before

middleman not only passes on his losses to the consumer, but exacts an un¬

industrial readjust¬

indicating, however, that the

vital

reasonable profit on replacements?

April 26,

vital readjustment of wages before we can

permanent

ment."

the

on

Crissinger, Comptroller of the Currency,' warned that

"there must be
have

Washington

a

permanent reconstruction and industrial readjustment.

Speaking before the District of Columbia Bankers' Asso¬
ciation at the New Willard Hotel at

affect, generally, the food, clothing, housing, that people

There must be

must have.

i

on

bbn for advice and for funds*

For in the reaction and disorgani-

.

the conditions, the prices,

zation resulting from

of a year

and the volume

lack of

easily go too far in the opposite direction.
Undue
confidence is just as detrimental to the general interest as reckless overconfidence.
If it is true, as some say and as I believe to be true to a con¬
siderable extent, that stocks are abnormally low, that merchants, manufac¬
we may

ago,

could not obtain
unwilling to carry their usual stocks at low

retailers, who

and

wholesalers

turers,

goods at high prices, are now

ago

year

a

obligation of the banker to endeavor to remedy this situa¬
the present time, no other single thing would
restoration of business in a sound and conservative
the resumtpion of the carrying of normal stocks in proportion

prices, it Is the
It

tion.

seems

to me that, at

contribute more to the
than

manner

probable needs of consumers.

to the

•

bankers along the ordinary commercial
lines.
But there are other obligations which we must not overlook.
A
fundamental fact of our economic existence in the past few years is that we
have not created a fund of savings.
War, of course, means waste, and
So much for

the obligation of the

should mean savings.
The period following the war, however, was
marked by unparalleled extravagance of expenditure, under-production,

peace

The fact that there appear to

and over-consumption.
not alter this

statement, because these

to the

measure,

be surpluses now does

apparent surpluses are

disorganization of our whole

due, in large

economic system, resulting

period of extravagance and waste.
The savings bank systems of a few of our States

from the

a

way

and on a scale adequate to the
a vast territory in this country

have been developed in
needs of most of the people, but

without adequate savings facilities
and there is a large element of our population with which no serious attempt
to inculcate the habit of thrift has been made.
The postal savings system
of the United States Government has developed no real national value
because of the 2% interest rate and other restrictions of a hampering
character, and the savings program of the Treasury Department since the
armistice has resulted in a net decrease in the total savings certificates held
by our people of $171,529,000.
The repayment of Treasury savings certifcates Is proceeding now at the rate of $12,000,000 to $15,000,000 a month.
I deem it to be a real obligation of the bankers of this country to co¬
operate with the Government in worldng out a program by which the mean¬
ing of thrift may be brought homo to every man, woman, and child; and
this should be done, in part through the postal savings system of the United
States Government, and In great part, through the stock and mutual
savings banks.
Neither the private nor the Government institutions can
do it all, or do it alone, but it is certainly a reflection upon our management
of the situation that the Government at this time, instead of raising money
from the savings of the people, should be called upon to pay off $12,000,000
to $15,000,000 a month, thus materially adding to our financial burdens in
there is

*

properly charge them¬
selves in the public interest, as well as in the private interest, is that of
devising effective measures for eliminating the swindling promotion schemes
which cost the people huge sums at regular and frequent intervals.
This
matter has been the subject of investigation by numerous committees of
with which the bankers may

Associations and of State legislatures, but no

the Banking

successful steps

control or elimination of the swindling promo¬
tions which filch from the small people their savings in unimaginable totals.
The conflicts between State and Federal jurisdictions in these matters has
been a hampering element, but surely the way can be found to accomplish

have

yet been taken for the

the result that is so

obviously desirable.

obligation in a direction thaff has been so
much discussed in recent months.
I have in mind our obligations in con¬
nection with international trade and finance.
In this field so much already
has been said that it seems unnessary for me to do more than call attention
And, finally, is the banker's

to the matter.

which international political relations
must be found to do those things which pro¬

spite of all the difficulties, to

In

contribute

so

largely, the way

perly can be done in our own interest

and in the interest of the other peoples
the job.
Good securities from Europe

It will not do for Americans to quit on

methods must be devised to meet new situations.

to be had, and new

are

Credit must be extended, not carelessly, not
confidence and coinage that

unguardedly, but with all the

conditions warrant.

how we may, with our

cover

We should seek to dis¬

banking facilities and resources and calling

investment markets for the longer term credits, move our goods
of the hands of the primary producers, along the various steps of com¬

upon our
out

and industry, and put them

merce

in foreign lands.
in

where they will be available for consumers

It is in this constructive work that we are tyring to help
am glad to say that we are being

finance Corporation, and I

the War

spirit of full cooperation by bankers in all sections of the country.

met in the

When the historian of the future

review in detail the part that the United

played in the war, the fact will stand revealed that our financial
resources were the first to be effectively mobilzed for action and were the

time conditions such

war

should have lost the

wards, in order to
would

We have almost for¬

felt on the Western Front.

gotten it to-day, but posterity will remember the fact that when
morale

at its lowest ebb it was the financial

was

stiffened the line and held off the enemy until our men and
*

come

munitions could

Not only did the financial mobilization have its effect

into action.

on our

the Allied

strength of America that

side of the line, but I venture to say that nothing had more to do with

breaking the will of our enemies than the knowledge that our financial
and organization had been aligned against them.

resources

obligations of the bankers did not cease with the signing of the

But the

armistice.

Banking Institutions are, in

people of the country

are

financial problems of peace.
task greater

The way in
the great

If

Never

a

was

sense,

public utilities, and the

the responsibility heavier nor the

Never

than at this moment.

bankers had to meet

a

looking to them for leadership in solving the
was

there

a

time when American

greater call for vision, for courage, and for discretion.

which the events of the next few years are shaped will determine

financial, economic, social, and political conditions of the future.

we are to measure up

lems of great

to our responsibilities, if we are to solve the prob¬

import and significance which are confronting us today, each

member of the banking fraternity must give them his most earnest thought
and constructive attention, with the

could

H.

MASON

ON

"DEAR

CREDIT CONTROL

AND

MONEY."

Disagreement with those who contend that the rate of
interest
serve

on

Liberty Loans, together with the Federal Re¬

discount rates caused most of the troubles

trying to

cure, was

of the Commercial Trust Co. of

before

the Bond Men's

meeting.
tion of
to

a

we are now

expressed by John H. Mason, President
Philadelphia, in

an

address

Club of Philadelphia at its April

On the contrary, Mr. Mason feels that "the adop¬
'dear money' policy during the war, with

a

view

prevent inflation, would have failed of its purpose unless

it had been carried to such




an

extreme

as

to

bring about in

Referring to the success

us."

from

in May

it

have

floated

been

in

a

'dear

money' market."

According to Mr. Mason, "if the Federal Reserve Board
'dear money' policy, we would have run

had

adopted

into

the difficult position in

which the Bank of England

found itself when the British

floating debt had gotten out

hand."

of

"that

war

a

contra^-peace
must

might truly be said, Mr. Mason argued,
cause of inflation, which, if true/brings the

It

is the

produce

must

prevail

to

permit

of

deflation."
"Cheap money
inflation," said Mr. Mason,

"and

'dear| money' is one of the effective weapons to bring
however, sooner or later,
the fundamental,
economic law of demand and supply must prevail."
Mr.
deflation,

Mason's address in full follows:
May I be

so

bold

as to

pelling topics—namely

faulty though they may be on two com¬

"Is the cost of credit

affected by inflation and

taking as active an interest as we

Second—"Are you and I

deflation."

consideration as well as bear with

ask your kindly

in the expression of my views,

me

should in the Government budget."

No law that I know of came into being

that

its

with more opposition from those it

intended to benefit and help than the

was

now

it would be hard to find a single

Federal Reserve Act and I reckon
banker who woul&seriously urge

Perhaps you will in part agree

repeal.

with me that

to-day is the control of credit.

of

We hear

a

lot about inflation

Federal Reserve

inclined to blame the Board for the

are

it has reversed its policy, it is

going on for some time.

Treasury cannot do.
From

an

blamed for the severe

Most people

defia^o^i

which has been
do not think it did

approach the problem, to get firmly

Federal Reserve System and the United States

'

economic stand the war was

bauch and we should realize it
enter upon an

BoarJL

It may have done both, but I

fixed in our minds what the

v

theseJeffect us we are

inflation during the war and now that

It is most Important, when we

either:

onedf the problems

'

and deflation and as

blame at least the ills on the

prone to

J
v
the most terrible and reckless de¬

and tell others that the next time we or they

economic orgy, the fearful price must be

Reserve Board nor anything

else cannot prevent our

paid.

The Federal

paying the price and

price will be as in the past—unsound and dangerous inflation.
Don't
let us delude ourselves into the belief that some legerdemain or any amount
that

of wisdom or some
quences

Liberty

ingenuity in finance can possibly

rid us of the conse¬

Many people claim the rate of interest on the
Loans coupled with the Federal Reserve discount rates, caused most
of economic waste.

of the trouble we are now

trying to cure.

"dear money" policy
inflation, would have failed of its
had been carried to such an extrenke as to bring about in

I don't agree with

them, and feel the adoption of a

during the war, with a view to prevent
purpose unless

it

war

time conditions such as

the

war

exist to-day—in which case we

and then been forced to

should have lost

inflation afterwards, in order to pay the

would have wrung from us.
Rates will
from April 1917 to November
1918.
Other methods must prevail, and such did.
Just think, without
the compulsion of law, the people saved, denied, sacrificed, conserved
capital, credit, goods and everything with a passion that really was ex¬
traordinary.
From a credit point of view, the war did not end with the
armistice.
The peak of expenditures was reached at the end of January
1919, when the Government spent a little over $2,000,(100,000 in that
month.
Some sum.
Just as much as the total of the First Liberty Loan.
If my recollection serves me rightly, the gross debt on Armistice Day
was about $18,000,000,000. while nine months later it aggregated 26H
billions.
Now in the name of goodness, with such enormous Government
borrowing, could you control credit with such a plan as "dear money"?
Why. it is unthinkable.
The magnitude of the Government expenditures
on Armistice Day was such that plans had to be made for funding the greater

heavy indemnity which Germany
not control

credit in such times as you saw

part.

Liberty Loan was floated in

The Victory
was a

tremendous success and

April and May 1919, and it

brought about the lodging of a larger part of

investors.
Neither in amount or
rate could it have been floated in a "dear money" market.
Without the
flotation of the Victory Loan, the unfunded debt would have amounted to
after-armistice indebtedness with

the

1919. Credit control with an un¬
debt is impossible, and if the Federal
money" policy we would have run into
the difficult position in which the Bank of England found itself when the
British floating debt had gotten out of hand.
It was not until January 1920 that our floating debt was of a manageable
size.
What we had hoped for—commercial liquidation—had not material¬
ized.
In fact, inflation was about at its height.
The manufacturers and
merchants were sure prices would hold, that Europe must buy all we could
58,000,000,000 on the 31st of August,

manageable floating Government
Reserve

produce.
a

last

credit

Board had adopted a "dear

No one heeded the warning of the Treasury Department, and as
Federal Reserve Board proceeded with vigor to control
far as possible, through rates.
As I see it, the Board worked to

resort the
so

but not to prevent it, and I am firmly convinced that
would have caused an old-fashioned panic, the like of which

control expansion,
any
we

other course

had never known

inflation? What caused it? After all,
meeting more than we produce ?
destruction of life, property and all that is
worth while, surely the rate for credit is but a trifle in the balance.
It
might truly be said that war is the cause of inflation, which, if true, brings
the contra-peace must produce deflation.
Otherwise the commercial and
financial fabric will collapse.
Cheap money must prevail to permit of
inflation, and "dear money" is one of the effective weapons to bring defla¬
tion; however, sooner or later, the fundamental economic law of demand
and supply must prevail.
Perhaps I have taken entirely too much of your time, but just a few more
moments to try to drive home to you the thought that you and I are respon¬
sible for the Congress and the Executive.
We elected them: Now there
are two things the banker must work for.
The establishment of a Govern¬
ment budget; the demand for a sane reduction in armament.
The total
expended by the various Departments of the Government from July 1 1919
to June 50 1920 was $5,941,000,000.
Interest on the public debt aggre¬
gated about $1,020,000,000, leaving $4,920,000,000.
Out of this sum was
expended for the War Department and the Navy Department $2,350,000,000, and as a drop in the bucket, for Federal control of transportation.
What

do

we

And when this

JOHN

exist to-day, in which case we

the heavy indemnity which Germany

pay

wrung

does it not come

public interest always in mind.

as

and been forced to inflation after¬

1919, Mr. Mason stated that "neither in amount or rate

States

first to make their power

have

war

attending the floating of the Victory Liberty Loan

this difficult period.
Another obligation

[VOL. 112.

CHRONICLE

THE

1816

really mean by

down to a great extent to

result is due to the

April 30

THE

1921.]

$1,040,000,000, totaling in all $3,390,000,000, leaving $1,530,000,000 for
If you believe as I do that the

maintain and build

done.
31

instrument for war and destruction.

an

This year, of course, we will be

shown you,

long as

our own

men

rush to Washington for

to

ing that ecoomists

can

American people can save

militarism,

Republican

a

no more

subsidies

How can

to mean that every possible support and en¬

me

we

do it?

no

conditions in

peace

Whether

to receive the most

prompt and intelligent attention that

the people.

There is

cotton.

no

continent, there is

hold itself independent of America

can

this American

staple.

the world.

as

set afoot

OF

They must all

Therefore

will

enforcing the

speed

that settlement

up

the restoration of

in

establishment
troller
the

which

so

financial

in

assurance

Association

Bankers'

Louisiana

Pointing out that

at

New

One is that European

much.

and

which

on

industrial prosperity.

shall chiefly

we

potential

If

they would be glad to consume.

we can

consumers to

This is ab¬

ahead the hopeful prospects that they will presently begin

see

continuingly still less; that the burden of taxation

on

indus¬

will increase.

consume

improving; that the outlook for increasing trade with the United

are

decidedly hopeful; that requirements for our materials

are

such that

their satisfaction cannot be much longer postponed, if measures can be de¬
vised to enable the business to be carried

buy those things

keep

means to

come a

Governments and armaments have been costing too

people to buy and

States is

depend for establishment of

find

With that readjustment there will

From the best informed sources abroad come assurances that conditions

there

There is plenty of consuming capacity here, if we

could only make it possible for the

The

try and production will be progressively lessened; that therefore the capacity

our

business

We

to cost less and

country presents to us the market in which we must always do most of

our

the other side.

of something nearer to what we think are normal conditions.

of the

The other is that

on

long step toward a proper fiscal and economic

a

burdens in all countries, freeing of industry from those

solutely necessary.

rehabilitation must be slow and its reflection in

favorable business conditions very gradual.

solidarity of this nation with its Allies

adjustment in the Old World.

on

own

be assured will receive every feasible

confident that the readjustment of affairs

am

forms of Government control that have been holding it, and the resumption

big facts in this matter," Mr. Crissinger said:

more

wide

future more rapidly and on safer lines than at any time since
This is particularly justified in view of recent demonstra¬

near

reduction of public

Comp¬

Orleans

as

In this regard there has already been

you can

I

Peace Conference would be

must, however, "recognize

we

Our market is

settlement of problems in connection with the indemnities assessed by the

largely depends

Europe."

its requirements of

as to

come to us.

Europe and in the world at large gives gratifying promise of moving for¬

tion of the

security, the balancing of budgets and the

of

These efforts

the armistice.

Crissinger made this statement in speaking before

April 19.
the

for believing that the

reparations by Germany

on

'

•

ability to sell must largely depend upon the

our

and safe encouragement.

country's support of the Allied

proper

'

■

significant coun¬

needed in order to enable foreign buyers to continue taking

are

products.

our

-

ward in the

in

no

renewed effort through instruments of the Government, and also

a

.

According to Comptroller of the Currency D. R. Cris¬
reason

be given to

through private financial agencies, to aid in extending the larger and longer
credits that

GOVERNMENT'S

FINANCIAL SUPPORT.

can

going

are

American staples, perhaps none is so important in interna¬

our
as

and

It is enough for

"

Among all
tional trade

COMPTROLLER OF CURRENCY CRISSINGER ASSURES

Powers

ground

Not much will be gained

indeed tardily, those problems

ability of the world at large to buy.

recent announcement of this

the consoli¬

on

them.

1

try, that

singer, "there is the best of

dam.

disorganized and distorted world.

a

the present to say that, although

firm believer in more business in Government and proper and effi¬

INTERESTS

based

time with the great problems that related to the restoration of peace

upon our

individual affairs.

cient control of business by the Government for

COTTON

as

willing that you should

am

It is useless to worry now about the grists that might have been

service and the elimination of waste, not only in the Government but in

am a

definitely understand

with water that has already gone over the

his Administration.

I

understood

be relied upon to do the things that pri¬

can

ment, will be held out in this time of trial and stress.

do,

present constructive criticism to our legislators to point the wajr for efficient

our own

I do not want to be

prosperity.

dated credit and authority of American business and the American Govern¬

Democrat, this is the time to uphold the President and
This is the time to be less selfish.
This is the time to

or a

They are

by dwelling upon the omissions of the past, the failures to deal in proper

themselves by a demand

doles.

or

assured

of

enterprise, thrift and effort must do, but I

There is noth¬

legislators that the waste of public funds shall stop, that there shall be
more

basis

a

couragement * consistent with sanity and soundness,

nothing the Treasury Departcnt can do.
But the

You
of au¬

some measure

and of every other agricultural staple.

very

no excep¬

I fear that

do, nothing that the Federal Reserve Board can

vested with

vate

relief and for special privileges,

long will the economic fabric of the world be in peril.

so

is

are

and influence may be necessary to bring this vital industry back

ever power

enroll stupendous armies and build navies in preparation for

we

cotton crop

our

suggesting that Government

all engaged in dissipating the resources of the people.

are

future wars and

just

March

attention to the fact that to-day the

Governments of the world, and as I have

the continuance of civilization itself.

determined that in behalf of American industry there shall be exerted what¬

Just ponder on these figures for a moment or two.

In conclusion, permit me to call your

so

up to

as

that those who

conception of the vital necessity to encourage and sustain the pro¬

duction of

It cannot be

somewhat Jietter off, but

certain

as
me

thority to guide the broader financial policies of this country have a fairly
accurate

annum to

expenditures for the Army and Navy have already totaled 81,355,-

our

000,000.

tion,

we must

matter what any other nation

afford to spend 82,350.000,000 per

just

take it from

may

Federal taxes should be reduced,

stop chasing sunbeams and realize that no
in the world does, we cannot

ton fabrics is

I

all other activities of the Government.

1817

CHRONICLE

give

assurance

that the utmost support will be given by the Government's

financial authorities to every

our own peo¬

At this point, again, I can

on.

effort at extension of credits by which foreign

ple working, producing, earning, they will spend them earnings buying the

trade may be developed.

things they have produced, and we will presently see the tides of prosperity

all

running stronger.

through the processes of commercial transactions; of those transactions which

;

Stating that he is "not

Crissinger went
"I have

have
we

of

those who greatly fear
international

send us more goods than we send them,

It seems to me that we are much of the time

being impoverished.

rather being further enriched.

Neither am I one of those who note with

vast blocks

exchanges
I

this side the Atlantic.

There is

a

certain sort of reasoning on these subjects

imported anything, but always exported heavily, we should be getting

never

rich at

the outside world to
our

not

in

keep

everlastingly sending us its gold in payment for

on

and that, in this process of reasoning is regarded as the summum

goods;

bonum.
up

Because, they seem to believe, we would compel

tremendous rate.

a

To me, it has always seemed that

as

an

article of diet or clothing

function is to provide a generally
>

which exchanges
too much

depend;

or

me

make

situation.

If I

Its

accepted basis of the money systems

The

in

correct

the

impression that

we

need to keep

our

machinery of production working, then we must do everything possible to

Wo must help

our own

We must also help the outside
system in such relation to gold that exchanges

people to be able to buy their products.
possible.

a money

Therefore,

as

to the domestic problem, we must extend,

through our financial instrumentalities, every encouragement to the pro¬
The farmer must be assured, right now, that in his effort to buy

ducer.

fertilizers and seed and

implements and labor for the next crop, he will be

given the fullest support, the broadest credit, that can possibly be extended

squarely back of individual banks that wisely and in modera¬

tion extend necessary credits for these purposes.

speculation, there must not be.

the great

Credit

as a

basis of

pro¬

credit as an incentive and means to mere unpro¬

duction there must be;
ductive

I can say to yqu bankers, and to

agricultural community behind you, that this is and will be the

policy of those responsible for the supervision of National banks.
It would be difficult to name an American industry that so thoroughly
deserves

or

so

safely could be extended assistance at a time of temporary

stress as that of cotton

ton have been

trade balance.

production.

For many decades our exports of cot¬

responsible for keeping us in secure possession of a favorable
You people of our South produce,

of the entire output of

the world.

I believe, about 60%

Without you, the civilization of the

Temperate Zones would be impossible, because without you people would
be going

naked, and it never has been found feasible to maintain a highly

cultured state among folks who chase about in winter time in openwork
beads

and

diaphanous smiles.

The world's shelves and warehouses are

just about denuded of those goods which represent your great agricultural
industry.

Consumers have been more or less on an enforced strike, but

encouraged to open new markets,

encourage

tain of enriching,

new

demands,

It is capable of

fructifying, producing—and then returning that which
That is ail

we

need to make

sure

that henceforward

the withdrawals from it shall be for useful, reproductive,

in the fact that the world is

us

supporting

pur¬

This is, indeed, true of the whole world, and there is good cheer for

poses.

realizing the necessity to

conserve,

to utilize,

to save its resources.

,

JAMES

S.

SAYS RETURN

ALEXANDER

TIMES

DEPENDENT

IS

UPON

TO NORMAL

LABOR'S

ATTITUDE.

Discussing the subject of "The Basis of Better Times"
before the semi-annual meeting of

Cotton Manufacturers at

of

James

S.

the National Association
Mass.,

Boston,

April 22,

Commerce in New York, declared that "the rebirth of nor¬
mal business awaits

a

new

attitude of

man

toward his

job."

Correction of the business and social confusion of the times
must

and

be

sought, he urged, not only in technical banking

business

adjustments,

but

more

particularly in the

human element which has set free great forces
be
a

brought under control before business
sound

basis.

Never before in
and profound
the

world

variations

In part

thelhistory

began.

in business

that must

again be

on

of the world has there been such a universal

change in human conduct

war

can

Mr. Alexander said:
as we

have seen in the period since

Never before has human conduct produced such
away

from what we are accustomed to consider a

normal course.
It is

a

question of the personal attitude of man toward his job.

at this in a

another.

large

way we see

Within nations

we see

labor still creating turmoil, while the atti¬

tude of employers is not always what it
new

Looking

nations still struggling and fighting one with

should be.

Business stability and a

normal for the conduct of the worldV economic life cannot be found

while these conditions persist.

Too many people to-day hope and expect

something will be done for them
a full day's

although their interests would be3t be served by their doing
work for their pay.

advantages

won

There is

an

effort on the part of workers to retain the

during the abnormal war period of shorter hours, higher pay

and easy work, regardless of the present

continuance of such conditions.

lack of an economic basis for the

The fundamental principle of enlightened

they must come back into the market, and they are already doing so.
continuance of the world's great and increasing demand for cotton

honest day's work for an honest

The
and cot¬

on

President of the National Bank of

Alexander,

labor leadership to-day should be to inculcate a return




repre¬

limits which

enterprise wherever it gives satisfactory promise.

has been withdrawn.

through the banks, and that the Federal government and its banking struc¬
ture will stand

the

national credit reservoir is still splendidly filled.

application of these observations to our present business

world to maintain

Within

sustaining further drafts, if the streams that flow away from it can be cer¬

gold back of it, will be out of joint with

enable our farms and mines and mills to keep busy.

will be

clarified and invigorated.

on

gold standard was intended to facilitate will be hampered.

am

consideration of

more

The streams of international

So there will be difficulties about exchanges;

be vague.

a

be no

Gold is

housing.

pound, the franc, the lire, the mark, and thus the very international

exchanges that
Let

be

gold, others must be inflated with paper whose relation to gold

will necessarily

can

expended, perhaps, in purchases which

prospect for early liquidation.

must

will be

and when one country's system is inflated with

the dollar, with the larger reserve of
the

if too much of the gold got piled

place, there would have to be too little in other places.

one

particularly useful

of credit, to be

prudence dictates, the financial and economic system of this country must
and

sustain

complete satisfaction the tendency of the world's gold to bank itself up on
that, if carried to its final conclusions, would have us believe that if we

have given

money we

The task must be handled hereafter

There

poned, liquidation of accounts.
sent the least

been able to understand the reasoning of those who would

never

Of Government credits and

safely be permitted.

can

represent the unceasing flow of supplies and the constant, if at times post¬

a

trade, Mr.

to say:

on

believe that if other peoples

us

are

among

balance

unfavorable

so-called

s

that

day'slpay.

Inflated

to the doctrine of an
wages and the non-

competitive conditions of the

and

war

produced

boom period

the later

attitude, not

It is essential to the welfare of labor itself to banish this

full return of value received in the pay

because individual efficiency and a

but because they mean
Workers cannot, in the long run,

bigger profits for the employer,

mean

better times for the workers themselves.

the
exchange value of the product, wages must come down, for no wage can be
permanently maintained at a point above what it is worth measured, in
consume more

If wages are too high in relation to

than they produce.

terms of other

products.

the one hand, to render
to render over

service for every dollar demanded, on the other,

efficient
to labor

There

are

elements

be

must

responsibility in banking relations also

of personal

maintained

It is not sufficient for a

high standards.

on

banker in loaning money merely to

Neither is it sufficient to add to

whether it is going to help his customer

He must consider whether society needs that

do.

the general situation will be better

account

bills,

increase

relatively larger turnover which this involved.

of bills purchased in the
open

is attacking

return

of

For account of other Fed¬

873

8,000,000

867

25,000,000

115,853

$2,573,000,000

irresponsible
Any

In

broad-

in which the present adminis¬

recognition by both nations and

that business

whether

fn the form of day's labor, and
responsibility must prevail in all the relations

of life.

'

The most frequently asked question of the day is

considerations

man

toward his job.

portfolio amounting to

than

worse

the

member

No

man

present

The

one.

of credit

availability

depend

must

is entitled to banking credit unless the business ends to

he intends

which

to

put it contain in themselves

elements insuring his

financial ability to repay.

an

banks

and

inflated state of credit and

unsound banking situation.

an

Any other

policy would retard the sound readjustment of business and perpetuate an

expansion which cannot and should not be maintained.

FEDERAL

ADVANCES

AND

BANK

RESERVE

ANNUAL

OF

YORK

SHOWN

AS

IN

year

reached $50,539,428,848, as compared with $42,449,491,134
are

given

as

During 1920 the amount rediscounted for

follows in the report:
or

advanced to member banks

fluctuated between $651,900,000, the low point, on March 17, and $1,006,-

800,000, the high point,

Nov. 1.

on

members borrow only for a single

Many of the larger New York City

day or for two

or

by the Federal Reserve system as a whole.

adjusting

their reserve positions almost daily to correspond with legal reserve require¬
This resulted in

an

enormous

averaging about $160,000,000
$50,000,000,000,

as

against

a

day,

turnover of discounts and

and aggregating for the

$42,000,000,000

The following table gives some of the
and

;

-"

Owned by

;

during

advances,
year

of

1918.

May

28

June

........

August 27

345,305,000

100,523,000

321,965,000

94,783,000

307.624,000

88,546,000

298,375,000

77,990,000

247,703,000

109,902,000

_________

399,185,000

135,195,000

July 30

255,702.000

24.___.___

October 29

.....j...

November

26

—

—_

—

December 30

—

to the greater

show almost continuous decrease dur¬

an

occasional sharp increase, due mainly

activity in short bills in the New York district, where bills

REPORT

OF

FEDERAL

The sixth annual report of

New

York

made

was

the Federal Reserve Bank of

public

by Pierre Jay,

April 28,

Thursday of this week,

on

Chairman and Federal Reserve

Net earnings of $53,128,131 for the

Agent.

23,237

shown in the report as compared

or

The total earnings of the Bank for 1920

previous year.

Preliminary figures announced Dec. 31, and

referred to in

our

issue of Jan.

earnings for the late

year as

page

23, had given the

$51,500,000.

set out

are

The earnings and

1,

follows in the report:

as

Earnings and Expenses—Profit and Loss Account.

serve

180,462

127,721

129,038

168,681 70

6,050 03

—

31.095 96

$53,900,798 46 $29,629,163 30

Total

from

Deductions

net

current

earnings

on

account of:

Estimated value of buildings now standing

$85,000,000 00

$120,000,000 00

$135,000,000 00

on

main bank building site, charged off.

Preliminary expenses in

dis¬

— __.

$900,031 72

connection with
$137 ,785 70

erection of main bank building

Estimated value of old buildings on build¬

vanced upon.

$14 72

$2 81

$5 02

Average size of

costs,
ad¬

vanced upon.

progress

$332,361 09
was

made by

banks in the up-town and outlying sections of New York

ing their indebtedness to the Federal Reserve Bank.

$190,141 96

country

banks and

While this liquidation

going forward the large banks in lower Manhattan, doing

business and subjected to

a

nation-wide

large demands for credit, continued heavy bor¬

rowers at

the Federal Reserve Bank.

ber banks

were

Early in June, 361 out of 771

borrowing from the Federal Reserve Bank.

the number borrowing was reduced to 261.
the number again

by

United

States

25,299 60
of Federal Reserve
168,681 70

Board
Reserve for

increased, due to year-end demands.

325,741 35
200,000 00

75,089 00

$772,667 82

$1,669,543 77

106 ,164
250

Reserve for self insurance
—

T

1

Total deductions
Net

earnings

available for dividends,

sur¬

plus, and franchise tax
Holdings of

69

,000 00

5 ,526 89

depreciation of foreign balances

All other

On Nov. 20,

As has already been said, there has been a marked change in the class
paper

secured by United States war obligations have declined in recent months,

during December, 1920, averaged about $160,000,000 lower than in




depreciation

for

securities

mem¬

During December, however,

of paper rediscounted or pledged to secure advances.

100,000 00

building

Assessment for expenses

City in extinguish¬

__—

against present high construction

Reserve

$280,055 79

advanced

147,890 94

ing site, charged off
Reserve

dis¬

year

.....

...

|

counted or ad¬

the

200,000 00
Re¬

Board previously charged to profit

and loss

vanced upon.

As

5,734,344 90

.$53,526,066 73 $29,598,067 34

All other

ad-

dis¬

or

6,999,255 04

Assessment

$42,449,491,133 87 $24,535,538,457 77

Smallest piece of

counted

1919.

...$60,525,321 77 $35,332,412 24

Special reserve previously set aside
for expenses of Federal

!

ad-

counted or ad¬

notes

were

$60,525,322.

Current net earnings

Largest piece of

paper

are

Additions to current net earnings on account of:

'/"c

vanced upon.

paper

1920

year

with $27,959,620 for the

14,831

1

dis¬

paper

counted

BANK OF

RESERVE

YORK—EARNINGS.

NEW

No. of pieces of

and

418,600,000

189,342,000

Current expenses

20,336

vanced upon.$50,539,428,847 71

was

407,247,000

179,372,000

25..

451,879,000

160,431,000

April 30.

531,367,000

196,484,000

Earnings

ac¬

or

$561,313,000

231,257,000
J

1920.

cepted & discounted

Reserve Banks.

$191,215,000

27

interesting figures of rediscounts

ap¬

plications

Owned by

Bank of N. Y.

March 26___

expenses

of applica¬

tions received

the

over

1919.

1919.

1920.

Amount

as

All Federal

Federal Reserve

advances during the past three years:

No.

held

so

bank support.

three days and renew

their loans only for such amounts as they actually need, thereby

ments.

in

REPORT.

applications for rediscounts and advances during the
The details

more

approaching maturity are freely sold to the Federal Reserve Bank.

Bank of New York, made public this week, the total amount

1919.

described

ing, and the decreasing dependence of the bill market upon Federal Reserve

ANNUAL

in

Purchases

request.

increasing breadth of general investment buy¬

While the figures for the system

NEW

own

following table, showing the decreasing amount of bills

year progressed, indicates the

According to tho annual report of the Federal Reserve
of

Of these sales to other Federal
their

But of far greater interest than the total turnover of bills is the volume

The

ing 1920, those of this bank show

REDISCOUNTS

73,896 $1,984,000,000

foreign correspondents will be

of bills held by this bank and

September

Any other policy than that indicated by these limitations would mean

740,000,000

detail elsewhere.

February

squarely and without equivocation on the individual position of the bor¬
rower.

$147,0<j)0,000.

Reserve banks, $70,000,000 were made at
for

January 30...

artificial but temporary stimulant, creating a situation

an

as

28,584

purchased acceptances from other Federal Reserve

Dale (1920)—

remedy is not to be found in easier credits or cheaper money, which

might serve

bank

business

Referring to the credit situation, Mr. Alexander said:
The

this

The re-birth of normal business awaits a

worth little.

are

attitude of

new

Forecasts based only on technical

of normal business.

return

a

when we may expect

1920

731,000,000

banks amounting to $11,000,000, and sold acceptances to them out of its

they be in the form of executive duties or

hign sense of personal

AfW/H/t)/

'

'

43,572 $1,211,000,000

42,000,000

endure only on the basis of a sincere discharge of obligations,

a

"P4Pf0<i

/iTVifl'iiYll

$1,697,000,000

103,000,000

individuals that reconstruction can come only by hard work,

that

1919

:—1920
*

For the account of this bank 69,961

4,791

the problems of the day.

social stability rests upon

The total amount

market in 1919 and 1920 was as follows:

4,825

particularly encouraging circumstance is the
way

At the same time substan¬

purchased for other Federal Reserve banks, for member

were

banks In this district and for foreign correspondents.

own

a

The

due in large, part to the shorter maturities purchased and the

Total

minded, sound, human and intelligent

can

increase of about $500,000,000 over the aggregate for 1919.
was

36,276

privileges to any class as against another
the ground of social justice undermines the stability of society.

For us in America

A

nearly $1,700,000,000 of bankers' acceptances and endorsed trade

For acc't of foreign banks.

government that countenances

tration

an

v.;V;

1

this bank purchased in the open market for its own

eral Reserve Banks.....

responsibility of governments been greater.

Never has the moral

Bills.

Purchased
year

For acc't of member banks

The times are still too

off without it.

At the close of the year paper secured by Government

obligations constituted approximately 50% of the total, as against 80%

at the close of 1919.

constructive thing

ventures.

class on

December 1919.
war

activity or whether

for unproductive enterprise or for

serious for wasted effort,

make a

But he must also consider whether,

point of view of public interest, it is a good and

from the
to

bank.

own

to

as

He must consider these things.

profit.

On the other hand, rediscounts of commercial paper have rapidly in¬

creased, and during December 1920 averaged $307,000,000 more than in

safe
this

consider whether it is going to be

and profitable for his
the consideration

from the portfolios of
banks, but also the smaller volume of certificates of indebtedness outstand¬
ing.

tial amounts

dollar earned.

every

that

their true value

responsibility involved in

There is this reciprocal personal

the relation of workers and employers—on

December, 1919, reflecting not only the constant absorption of Government

During the

v

Further, employers must not seek to drive wages below
thus measured.

[Vol. 112.

securities by the investing public and their removal

,)

inefficiency and irresponsibility.

envelope

CHRONICLE

THE

1818

Dividends

paid

-

Transferred to surplus
Franchise
ment

tax

—-—

fund

$53,128,130 64 $27,959,619 53
$1,477,096 58 $1,291,047 84
12,332,523 41

23,964,678 06

39,318,510 65

2,703,893 63

paid United States Govern¬

AI'mi. 30

Under the head "Income

and Disbursements," the report

BUSINESS AND CREDIT CONDITIONS

and

disposition of

192

years

gives in brief

l 1

FromMUsdiscounted for
From bills

.

pierre

I

.

his review of business conditions in 1920 tnat nn many
respects the year will stand out as one of the most remark-

——able in the financial and economic history of

369,204 84

States."

1920.

Operating expenses
■

$4,613,219 83

1,217,050 64

1,121,125 07

,

Cost of Federal Reserve currency,

&c

....

285,676 64
481,464 29

1,477,096 58
12,332,523 41

43,993 04
1,291,047 84
23,964,678 06

franchise tax.. 39,318,510 65

2,703,893 63

*

Dividends paid
Added to

surplus

Paid U. S. Government as

Commodity Prices.
The rise in prices, which began shortly after the

694,42%05

Sundry adjustments

months preceding the reversal

which occurred in 1920.

900,031 72

...

Added to various reserve accounts

upward course of prices and credit

proceeded so rapidly as during the twelve

|

—-

Charged off on real estate.

until May, and for that month the Department

commercial difficulties in many other parts of

the world.

Almost simultane-

ously, price declines began in all the leading commercial nations, at least in.
raw commodities.
It was clear that the peak of the great rise had been.

.

The disbursements for current expenses

Armistice, continued

of Labor index of wholesale

commodity prices was 35% above March of the preceding year. But even
prior to the high point in May there were notable declines in a number of
leading staples, such as silk, wool, hides, and fins. In April came the panic
in Japan which, as in 1907. proved to be the forerunner of financial and

$60,894,526 61 $35,332,412 24

Total disbursements

of credit reached

during the period of the rise, or in-

deed ever before in peace times, had the

'

Disposition of net profits:

the United

continues in part:

its culmination in 1920, and at no time

1919.

$5,782,204 40

Disbursements—

The report

The long rise in both commodity prices and the volume

___$60,894,526 61 $35,332,412 24

Total

Federal Reserve
Bank of New York, in his

Jay, Chairman of the Board, and

Agent, of the Federal Reserve

sixtl1 annual reP°rt made Publ.ic the CU™at week, states in

members..——52 S29.935.910 97
8,323,050 37
3,326,838 44
1,975,648 96
1,888,497 28

purchased
securities owned.

From United states

YORK

FEDERAL RESERVE BANK.

I

form the income, disbursements
profits of the Federal Reserve Bank of New York for

an

IN 1920, RE-

VIEWED IN ANNUAL REPORT OF NEW

submits the following:
The following statement

1819

CHRONICLE

THE

1921.]

do not include the cost of the

sudden end the heavy
rise in prices had invited.
flood of cancelations of orders and

reached, and the downward tendency brought to a

departments

performing fiscal agency functions for the United Sta,tes
Government, aggregating $1,516,454 64, which has been or is to be reim-

speculation in many commodities which the long

bursed

totthe bank by the Treasury Department.
of the bank, including salaries, were greater
for the year 1920 than for 1919, yet a considerable part of this increase was
owing to additions to the staff made in the course of 1919, and to advances
in salaries effective on Jan. 1 1920.
Aside from increased fi^d charges,

revealed a situation the extent of which had been but little realized.
Forthe rising prices, and especially their acceleration in the autumn and winter
0f 1919-20, had not only induced heavy speculation in raw commodities buthad created among merchants and manufacturers a state of mind In which,,
fearful lest they might not obtain the desired volume of goods, they placed*

of the bank was slightly lower at the
A much increased volume of

orders far in excess of their real requirements.
This apparently overwhelming demand compelled many manufacturers to allocate to their customers'
only a certain percentage of their orders.
But when the turn came, the
false basis of the demand soon became evident to both buyers and sellers.

and stimulated.

While the operating expenses

such

rent, &c., the expense basis

as

close

of the

work

in many

year

at the beginning.

than

higher individual effi-

departments was made possible by

ciency.

Not only did new orders shrink to vast amounts butgoods were rushed into
a minimum, of orders already placed
canceled in large volume and

Disposition of Profits.
Net

The difficulties of the situation and the
considerably heightened by the
disturbed conditions of transportation, both by sea and by land, which

At the close of the year
to

shipment to avoid cancelations.

congestion of goods which occurred were

prevailing during the year.

discount rates

bank

were

with $27,959,619 in 1919.
volume of paper discounted at the higher

profits were $53,128,130 in 1920, compared

The increase is due to the larger

deductions were made from the net profits of

items of depreciation and

known

cover

prevailed in the winter and spring,
Such a steady and finally violent fall in commodity prices, accompanied

the

to provide reserves for

The property acquired during the year as a

special purposes.

by cancelations of orders, shrinkage of demand, and greatly reduced production, not only injected elements of confusion and uncertainty into comand agriculture, but in many cases entailed heavy losses,
The seller's market which had prevailed for several years was suddenly
transformed into a buyer's market. Instead of competition between buyers,

site for a

building was written down $147,890 94, representing

storage and warehouse

merce, industry

which stood upon it when
reserve of $100,000 was set aside against present high conCertain preliminary expenses, aggregating $137,785 70,

appraised valuation of the old buildings

the

purchased, and a
struction

costs.

at the close of the year,

also

was

a

balances of the bank, based on market rates

amounting to $106,164 69, was written

down, as

supplied with goods and over-extended in credit.

in the value of United States
of $250,000 was set aside in the fund

further depreciation of $25,299 60
An additional sum

securities held.

which the bank is accumulating to
which may be
these

After

competition between sellers was re-established. Many of those who had
been over-trading on insufficient capital and conducting their increasing
business too largely on banking credit suddenly found themselves over-

bank building, were charged off.

in connection with the erection of the new
The loss in value of the foreign

ably helpful and constructive.
a

deductions

and the payment of 6%

justifying such a course. Management by creditors' committees, or reorganizations by agreement with creditors, have taken the place of what
would usually have been a long list of confessed failures and receiverships,
Credit.
Coincident with the rapid increase of prices during the twelve months
ended February, 1920, the volume of bank loans also increased rapidly.
But after February loans increased very much more slowly, and toward the

dividends to

transferred to the

stockholders, aggregating $1,477,096 58, an amount was

100% of the bank's subscribed
capital as authorized by law.
This transfer to surplus amounted to $7,963,800 and was the equivalent of the increase in the bank's additional subsurplus account sufficient to bring it to

Reserve Act

According to the amendment to the Federal

1920.

scribed capital during

also

approved March 3 1919, 10% of the remaining profits was

transferred to the surplus account, bringing the

end of the year they actually declined.
It was in New York City that bank loans showed their first tendency to
fall, following the decline in stock exchange values which occurred in the
autumn of 1919. Loans of New YorlrCity member banks reached their

year's contribution to sur-

After these deductions, there remained $39,paid to the Treasury of the United States as a fran-

plus up to $12,332,523 41.
318,510 65, which was
The

chise tax.

sum so

In view of the large

paid in 1919 was $2,703,893 63.

increase in the income of this bank for 1920 over

and of the much larger

These earnings are a direct measure
our

war

conditions necessitated.

They are also a direct measure

Bank in providing such credit as busi-

The Federal Reserve Bank is a

Institution organized and operated not for
but to.stabilize credit and keep it elastic,

the business of

as

semi-public

the purpose of making profits,

and to issue such circulating notes

the community requires.

Its surplus earnings, which

derived from the credit-maldng and note-issuing power

are

about $350,000,000. New York
't
8J0e.000.000from their high point reaihed Sopt_19 1919.
But wMe bank loans in
Federal Reserve District w®e less at the close£an at the beginning of the year they fluctuated widely meantime, in
J?!1™56 to the usual demands which wore often-made on those New York
banks which do a nationwide business. Not only did these banks have
to take care of the requirements of their local customers, but any additional
cr«Ut pressure arising elsewhere in the country was immediately reflected
m their loans.
Besides lending large sums to their mercantile, manufactur!?.F?d,fal

of the credit expansion or inflation

financing necessitated.

of the utility of the Federal Reserve
ness

the earnings of the Federal Reserve

understood

Bank should be fully

which

maximum on Oct. 10 1919, almost precisely a year before the loans of the
banks in other parts of the country reached their maximum. During 1920
I New York City bank loans declined $320,000,000, whereas the bank loans
I of the 749 member banks in other parts of the country which report weekly

1919
for

franchise tax paid to the United States Treasury

1920, it is important that the nature of

granted to it

By the Government, accordingly revert to the Government.
.

The reason why the Federal Reserve

Bank shows such large earnings is

because the Government does not tax it,

Under these circum-

and other creditors has been almost invariExtensions have been readily granted where
concern had good management and a good record, and was in a condition

stances the attitude of banking

provide self-insurance in respect of losses

incurred in future.
various

It also brought about a

but in iieu of taxes takes the major

^ and other <^0^ in aU parts of the country, the amounts which
were

A governmental grant of note-issuing power to any
of institutions, especially when such notes are of an emer-

callod upon tQ lend tQ out_of_toWn

part of its earnings.

even greater

institution

they

banks were the largest on record,
Reserve system was estab-

iisbed

or

gency nature,

Under

to

is quite generally accompanied by a heavy tax,
Aldrich-Vreeland Act,

Nothing will better illustrate the ebb and flow of credit in this district
and the heavy strain to which the New York City banks and

which prior to the Federal Reserve

notes issued under the terms

of the Act at rates running from 5% up

Under.the Federal Reserve Act the member banks, which borrow
banks mainly to obtain currency, in effect pay a

10%.

from the Federal Reserve

similar tax in the shape of the rate

of discount charged upon their borrow-

This rate, or tax, does not go directly to the Government,

ings.

its note-issuing agency,

and 6% dividends turns over to the Government in the form

penses

of large issues of certificates and the sale df fresh issues of certificates,
1. The deposits of the principal banks in New York City decreased

but goes to

the Federal Reserve Bank, which after paying ex-

plus earnings the discount it has

received.

$470,000,000 from Oct. 14 to Dec. 6 on account of Government and cornmercial withdrawals.
2. These withdrawals caused a steady tendency for gold to be drained
from the Federal Reserve Bank of New York to other Federal Reserve
banks.
For the three months ended Dec. 17, the potential loss of gold aggre-

of sur-

If the Government, following the

principles_sf_the Aldrich-Vreeland Act, had during 1920 assessed a direct
tax of 7% on the Federal Reserve Bank of New York in resplect of that portion of its Federal Reserve notes not covered by gold, the amount of the tax
the Government would have thus directly received would have approximated
very

closely the amount it actually did receive, indirectly,

gated $337,000,000.

3. But this adverse flow of gold was in fact offset by Government transfers to New York, by the sale of certificates of indebtedness by New York
banks to other Federal Reserve banks and by sales of acceptances and re-

from the surplus

earnings of the Federal Reserve Bank.
Federal Reserve Bank earnings when transferred to the
be used by

it only to place additional gold behind the

Government bonds.

1

In this

way,

Government may

greenbacks or to retire

discount operations between Federal Reserve banks.
4. These rediscount operations comprised the following: On Sept. 29.

the earnings go directly toward correcting

inflation

which called

of Federal Reserve

the earnings into existence.

/'




By Oct. 6, payment of these loans was completed.

29, the Federal Reserve

By Dec. 15, repayment of these loans was completed.
Between Dec. 8 and 15 the deposits of the principal New York banks
rose $407,000,000, in connection with the following transactions:
4U

Banks $48,000,000.

shows the distribution of the gross income of

Federal Reserve Bank of New York during 1920-

.

$19,000,000.

banks will lessen correspondingly.

The following diagram

York
On Oct.
Bank of New York owed other Federal Reserve

other Federal Reserve banks owed the Federal Reserve Bank of New

Presumably, as
inflation subsides, the volume of Federal Reserve notes required for hand to
hand currency will gradually lessen and both the discounts and the earnings

the

'

the

the Federal

Reserve Bank of New York were at times subjected than the following series
of transactions occurring during the last three months of 1920, which are
typical of the movements in credit during each of the three preceding
quarterly periods, culminating, on the fifteenth days of March, June and
September, with the income and excess profits tax payments, the maturity

provided emergency currency, the Government taxed the banks

system
upon

the

set

than they were before the Federal

|

■

.

redeemed and paid in this district
was $124,000,000 more than the

Certificates of indebtedness were

1.

the

in

I

paid.

taxes

of S344.000.000,

amount

which

■

excess

of redemptions over taxes on

issues of certificates

their subscriptions to the new

by crediting that amount on their books to the accoiupt of the Government.
In connection with the foregoing transactions centering around t*a

principal banks of New York City reduced their borrowings
Federal Reserve bank between Dec. 8 by $187,000,000.
The

As tax checks were collected

2.

The Federal Reserve Bank of

Javasche Bank its agent and corres¬

and correspondent of de Javasche
Bank

Bank.

of Spain.—The account opened with the Bank of Spain in 1919,

in connection with the
payment

States Treasury

of the peseta credit arranged by the United

closed when the last installment of the credit was

was

retired in March 1920.

Argentina.—During 1920 the account of the Argentina Government with
opened in 1918 under an agreement

the Federal Reserve Bank of New York,

between the United States and Argentina for

Dec. 15 tax payment date:

the

gold, has continued in active operation.

New York has formally appointed de

by this bank to the Government.

000 when they paid for

1.

of

pondent in Java, and in turn has acted during the year as New York agent

Dec. 15 necessitated as usual
The amount, $74,000,000, was
gradually repaid and was extinguished on Dec. 28.
3. The banks of the district on Dec. 15 increased their deposits $212,000
This

2.

loan

a

[Vol. 112.

CHRONICLE

THE

1820

at

of in
decline, and by Dec. 28

and as the banks sold certificates

debtedness to their customers, deposits began to

closed by a

was

the extent of such

the stabilization of exchange

deposits, thereby avoiding, to

withdrawal of the

gradual

deposits, shipments of gold by Argentina to the United

States in payment of adverse trade balances.

had fallen off $174,000,000.

Simultaneously the banks began to

3.

increase their borrowings at

the

SENATE

had risen $138,-

and by Dec. 28 such borrowings

Federal Reserve bank,

DESIGNATION

FOR

RESOLUTION

ADOPTS

OF FOREIGN DEPOSITARIES OF PUBLIC MONEYS.

000,000.

months, involving such heavy movements of funds,
demands for credit are usually at their highest.
declines ever experienced in com¬

This period of three

at a time when the

came

It also coincided with the most severe

uncertainties and discouragement
certainly have resulted in dis¬
ordered credit conditions had there not been a countrywide organization
adjusted both to permit the free flow of funds where credit requirements
summoned them, and to set in motion counter movements of funds as well,
thus maintaining the equilibrium of the credit structure and assuring bor¬
rowers at alJ times an adequate supply of funds at steady rates.
Thus
complete credit elasticity was maintained throughout the year.
And the
knowledge by the banks that an organization was functioning which could
maintain credit equilibrium and elasticity and which, with their co¬
operation, was gradually bringing credit under control, enabled them to
face with confidence what proved to be one of the most difficult and trying
modity prices and with great business
Such

combination of events would almost

a

in

years

financial history.

our

the

As to conditions at the close of

the report says:

year

this bank, read after the
foregoing review of business and credit conditions in 1920, indicates how
complete the reversal has been:
"Throughout the latter half of the year the supply of most goods has been
wholly inadequate to the demand; competition in most industries has been
non-existent; and the insistent demands of a class of buyers without ex¬
perience in prices and determined to satisfy their desires regardless of price
have resulted in a seller's market.
The year closed with the speculative
demands for credit somewhat decreased but with tJie demands of industry,
at ever increasing price levels, absorbing the credit released by lessened

at its lowest point and average
which culminated in the

Yet after the difficulties and discouragements

commodity and security prices, a slowing up of the
drop in commodities, an up-turn in securities, and a better inquiry for
great autumn decline in

certain lines of

Not

goods, gave rise to some encouragement as the year closed.
realization that the unprece¬

little of the encouragement arose from a

a

and the losses, the shut-downs, and the unemploy¬

dented price declines

they had occasioned, had all taken place without

ment

financial

of the

machinery

country.

disarranging the

Besides, the credit reservoir was

points higher at the close of the year than at its opening, and to the
that this resulted from liquidation of loans it meant stronger and

several
extent

healthier credit conditions.
at or below pre-war

positaries of public

With

many

important raw materials selling

evident that the next step in the

readjusting wages

reductions in the cost of living.

somewhat commensurately with
The substantial wage

for the transaction of the Government's

he may from

as

as

actual
reductions which

security and

to

time to time prescribe."

WILLIAM MATHER LEWIS RESIGNS AS DIRECTOR OF

STA TES TREASURY.

SA VINOS DIVISION, UNITED

William Mather Lewis, Director of the

Savings Division,

campaign for

thrift, savings and sound investment, will leave the service
of the

Treasury Department May 1 to become associated

the Chamber of Commerce of the United States, ac¬

cording to

announcement from the Treasury Department

an

In accepting Mr. Lewis's resignation, Secre¬

April 25.

on

tary of the Treasury Mellon expressed regret that personal
business affairs made it

head

as

had

the

of

constructive

both

been

wrote in
In

and

and

rare

effective

of the

with

your

wishes,

I hereby accept your resignation as

Savings Division, effective

great deal of regret that I

I have been informed of the

Government

securities has

It is with a

April 30 1921.

take this action.
high order of service you have been rendering.

Your work in the promotion of thrift and investment in

your

conducted

and

Secretary Mellon

judgment.

part as follows:

accordance

Director

impossible for Mr. Lewis to continue

Savings Division, declaring that his work

with untiring effort

small denomination

both constructive and

been

effective,!and

to

untiring efforts and rare judgment has been due in no small measure

activities of the Department.

the success of the savings
It is

a

pleasure to convey to you the Treasury's thanks and

and I offer you my

commendation

best wishes for your future welfare and happiness.

In his work with the Chamber of Commerce, Mr.

finished goods, and at

the lower cost of raw materials into lower costs for

necessary

otherwise

readjustment would be the slower and more difficult phase of translating

the same time

be

may

possessions of the United States as

business under such terms and conditions

prices, and with some of them selling at less than the

estimated cost of production, it became

resolution author¬

a

in foreign countries and in the

moneys

territories and insular

with

speculation.
The credit reservoir was
commodity prices at their highest."

April 27 adopted

on

who has been at the head of the Government

following quotation from the 1919 repert of

The

.The U. S. Senate

izing the Secretary of the Treasury to "designate such de¬

will have

Lewis

headquarters in Washington.

had occurred in textile and other industries in the late autumn and which
were

very

might be effected.
1920

that other
living costs

generally accepted by the wage earners, gave promise

adjustments might be possible during 1921 and that really lower

was an assurance

DAVIS

the

of

Relations with foreign

of England—In

take the following:

we

during the

beeen further developed

A

1919

year

summary

in accordance with them is as follows:
I ank

Grain

STATE

and certain additional

The

Reserve

and by it reduced to bars and held earmarked for the account
During the latter part of 1919 and the early part of 1920 the

amount of this earmarked

gold

was

of the world in settlement of trade balances.

But

as

on

Nov.

12.

The shipments were undertaken by the Bank of England.

22 and the last consignment arrived in New York

When

this

autumn of 1919 it was

gold

reached

London

from

the

Continent

in

of France.—No change has occured in relations with the Bank of

certain parts of the

availed

of in consummating

transaction for the repayment of France's share of the

Anglo-French loan, which matured on Oct. 15 1920.

In these transactions

this bank acted in behalf of all the Federal Reserve Banks.

more

active during the past year.

An agreement has been effected covering
in

accordance

with which operations

have been conducted in this market.

Nederlandsche

tinued and this bank acts in many particulars

to

the Federal

Surplus. Resources.
$417,276

560,960

65,000
30,000

$45,000
27,606

187,585

150,000

30.000

902,479

Peoples Bank, Greenville, Ga—
District No. 8—

of Commerce,

Bank

Earle, Ark

District No. 12—

15,000

753,002

G. Young

& Co. Bank, Oakland, Oregon_

50,000

The Bank of

Stanfield, Stanfield, Oregon—

25,000

10,000

203,738

Bank of Pasadena, Cal—_ 300,000

32,100

2,867,161

.

Citizens Savings

JOHN R.

of a year

ago

have

in the capacity of correspond¬

arrangement effected

in April

deposits in current account, investments, collections




RESERVE

1919, relating

and the earmarking

BOARD.

nomination of John R. Mitchell, of St. Paul, as a

member of the

Federal Reserve Board was sent to the Senate

by President Harding on April 27.
The nomination was
referred to the Banking and Currency Committee.
Mr.
ital National Bank of St.
the

Executive Committee of the Cap¬

Paul, and Chairman of the Board of

Capital Trust & Savings Bank of that city.

con¬

Bank for the conduct of its transactions in New

Bank—The

MITCHELL NAMED AS MEMBER OF
FEDERAL

The

of

office

stated in these columns April 16

term

(page

1571) expired March 4.

upon

Mr. Wills has re-entered
Chairman of the Board and Federal
Agent at the Federal Reserve Bank of Cleveland.

his duties as

Reserve

as

On the

will take the place of D. C. Wills,

whose

York.
Javasche

to

District No. 6—

Federal Reserve Board he

Bank—The active relations

ent of de Nederlandsche

De

admitted

Capital.

Mitchell is Chairman of the

Japan.—The relations botween the two institutions have been

mutual accounts and investments,

De

were

System in the week ending April 22 1921:

included in the reserves of the Federal Reserve Banks,

France, but the services of this bank were

Bank of

FEDERAL

re-

the Reserve position of the Federal Reserve Banks.

Bank

TO

SYSTEM.

Douglasville Banking Co.. Douglasville, Ga.

the

consequently its subsequent importation to the United States had no effect
upon

reported in

The gold was deposited in the New York Assay office for

credit to the twelve Federal Reserve Banks and is being re-melted and

assayed.

the

appoint¬

as

Carolina Bank & Trust Co., Henderson, N. C.$100,000

such sales had prac¬

tically ceased by mid-summer it was decided to bring the balance of the gold
They began on Sept.

a recess

March 23,

District No. 5—

reduced to $111,458,044.95 by sales to

banks and bankers desiring to ship gold from New York to various parts

to New York.

given

was

member

confirmed by

Total

of New York,

the United States

Corporation about 730,000,000 German gold marks, equivalent to

of this bank.

on

was

ADMITTED

INSTITUTIONS

following institutions

of the operations carried

Federal. Reserve Bank

the

Mr. Davis

RESERVE

about $173,000,000, which was forwarded from the Continent to the Bank
of England

April 19.

Corporation,

by President Harding

ment

,

ing for all Federal Reserve Banks, purchased from

ac

on

central banks entered into prior to 1920 have in

arrangements have been effected.
on

CORP.

the Federal Reserve Bank

York, made public this week,

cases

Finance

War

as a

these columns March 26, page 1227.

YORK.

From the sixth annual report of

some

RESERVE BANK

RELATIONS OF FEDERAL
OF NEW

of New

DWIGIIT

OF

FINANCE

Dwight Davis of Missouri,

requirements of commerce, industry and agriculture.

Senate

FOREIGN

WAR

OF

MEMBER

AS

The nomination of

that during 1921, unless wholly new and unexpected

conditions should arise, credit would continue to be available for the legiti¬
mate and necessary

NOMINATION

CONFIRMS

SENATE

The elasticity in credit which had been maintained in

April 30

TREASURER OF THE U. S.

FRANK WHITE BECOMES

Dakota,

READJUSTMENTS—LOWER RETAIL

United States, was confirmee,
Mr. White's nomination
Senateby President Harding on

In his message on

by the U. S. Senate on April 18.
had been forwarded to the

April 15.
was

He

was

Colonel

a

France

in

formerly Governor of North Dakota and
the American Expeditionary Forces in

As Treasurer of the United
succeeds Guy F. Allen, who had been serving as
since last January, following the resignation of

during the World War.

States he
Treasurer

John Burke.

TO SUCCEED

where it
Reduced cost of basic
production has been recorded, but high cost of living has not yielded in like
proportion.
For example, the prices on grains and livestock have been de¬
flated, but the cost of bread and meats is not adequately reflected therein.
It is to be expected that non-perishable staples will be slow in yielding to
lowered prices, but the miantained retail costs in perishable foods cannot

Harding

April 21 sent to the Senate the

on

Blair, of Winston-Salem, N. C., to

nomination of David H.

Mr. Blair's nomination was con¬

resigned.

Williams,

Revenue, succeeding William

of Internal

be Commissioner
M.

justified.
The

OF PORT OF NEW

COLLECTOR

TON AS

BYRON Ii. NEW¬

ALDRIDGE SUCCEEDS

N.

10 at New York,
President Harding on April 19,

Y, to Collector of Customs for District No.

and

was

to the Senate

sent

resigned.

Newton,

R.

Byron

succeeds

Aldridge

by

dridge served as Mayor of Rochester in
Public

of

ent

York

Works,

member of the

Newton, in
.

Al¬

Mr.

1894, Superintend¬

1895, and chairman of the New
He has been a

in 1905.

Mr.

Republican State Committee since 1888.

statement made on April 19, said:

a

in

action

President's

"The

in

Railroad Commission

State

Mr.

by the Senate on the same day.

confirmed

this matter

serves

my

personal convenience

to enter the banking firm of Kardos and
Burke, at 32 Broadway, and my resignation went to the White House some
admirably.

have arranged

I

days since.
"For

eight

Assistant Secretary of the Treasury and as Collector
of New York, I have endeavored to give honest,

as

years,

the

for

Port

certain that the President's
di&satis-

intelligent and non-partisan service, and I feel
action

does

not

imply

reflect personal or official criticism or
'V
'v. '

or

faction."

.

BRITAIN.

GREAT

The nomination of Col. George

and

Extraordinary

Senate by President

the

to

Great Britain

was

It had been forwarded

April 16.

Harding on April 14.

The ap¬

pointment, confirmed in executive session, was attacked

in

open

session on the 21st inst. by Senator Harrison (Demo¬

crat)

of Mississippi, who voted in the negative on the con¬
With

firmation.
has

discontinued

last

number

the post, Col. Harvey

his appointment to

the

issuance of "Harvey's

having appeared on the 21st

MYRON T. DERRICK AGAIN BECOMES

Weekly," the

inst.

AMBASSADOR

TO FRANCE.

The nomination of

Myron T. Herriek as Ambassador Ex¬

traordinary and Plenipotentiary to France was sent to the
Senate
firmed
the 6th
the

President

by

by it
inst.

post

on

Harding

was con¬

that Mr. Herriek had again decided to accept

The report of the Fed¬

was

present conditions, causes and

to

the

Ambassadorship

have

been

current

ever

advent of the new Administration.

the

also formerly

Mr. Herriek

Governor of Ohio.

that normal conditions will be more

is inevitable and

If the producer, the laborer, the manufac¬
and the retailer will each share at once in
unavoidable loss."
"Any effort by any element to

quickly restored

turer, the jobber
the

share

its

place

others, and

"can but result in a
which

under

of living,

cost

Envoy

Rumania

Extraordinary
was

confirmed

and

reduction of retail prices,

the Commission says:

causes,

request for expression of our judgment
which you refer, we reply that, aside
from the unfair methods of competition with which we are daily dealing
and aside from the important elements of transportation and credit, con¬
cerning which you have information from other departments of the Gov¬
ernment, and from the Select Committee of the Senate on Reconstruction
and Production, we are of the opinion that the following are among the
principal causes and are indicative and not necessarily exhaustive of the
as

the

to

specifically,

up,

your

of the condition to

causes

subject.

commodities, prominent among
the cost of other commodities, to say
health and comfort and upon the cost of
living and buying power of the people.
Second, the existence of the typical corporate monopolies, and in dis¬
tinction, agreements in violation of the anti-trust laws, illustrated in the
latter instance by the condition in another basic commodity, to-wit, lum¬
ber, which was the subject of a recent report by this Commission to the
Department of Justice and upon which that department is now proceeding.
Third, open price associations, in many cases not yet challenged by the
law, yet tending to bring about and maintain unduly high prices.
Fourth, interference with the channels of trade by distributers' trade
associations, particularly in activities tending to maintain an unnecessary
number of inefficient "regular" dealers, while shutting out new dealers
seeking to sell at lower,prices, and especially co-operative purchasing and
price of many basic

First, the excessive

which

coal, which vitally affects

is

nothing of the effect upon the

organization of

distributing

consumers.
respect to foreign

Fifth, the • conditions with

to which reference has

national market,

Jay, of Rhode Island,

by the U.

S. Senate on April 18.

Jay's name to the Senate on

President

Harding sent Mr.

April 15.

Mr. Jay has been in the diplomatic service since

combinations in the inter¬

already been made.

Remedies.
Aside
tation

the

from

and

remedies

credit facilities,

which
we

may

be afforded by improved transpor¬

suggest consideration of the

following:

bill which will meet judicial objections to the au¬
thority of this Commission to continue its efforts to obtain and publish
information, respecting the ownership, production, distribution, cost, sales,
and profits in the basic industries more directly affecting the necessities
of life—shelter, clothing, food and fuel—for the information of Congress
2.

The

the

passage

of

a

promotion of the public welfare.

Vigorous
of

under

prosecutions
the

reviewable

the

decrees

anti-trust
already

laws,

including

a

re¬

entered in such cases, with

conditions, including also a
closer scrutiny of the sorcalled open price associations, to ascertain whether
under the guise of beneficial associations they are in fact violating the
law.
Examination
of
associations of
distributers to determine whether
violations of law exist, particularly restrictions of co-operative purchases,
and whether any of the activities of such associations are not of public

a

Minister Plenipotentiary to

The

contends, must come down

prerequisite to normal conditions,

a

should be in the

examination

The nomination of Peter Augustus

suffering."

the country is now

the Commission

and the first move
accompanied by
such credit assistance as will prevent any undue financial
disorder.
After a review of the present conditions and

as

MINISTER TO

.

shoulders of
Commission
continuation of the con¬

of the common loss on the

particularly of the consumer," the

further says,

and

RUMANIA

In its

world's affairs, a shrinkage in val¬

ordered condition of the
ues

suggested remedies.

with

states that "following the dis¬

conclusions the Commission

decided to appoint Mr.

PETER AUGUSTUS JAY NAMED AS

as

Monday, April 18, this report dealing

made public on

1.

since

which the President alluded, was

formerly held by him as Ambassador to France.

Reports that President Harding had
Herriek

14, and

April

on

will

depression and unemployment."

Announcement was made on

the 16th inst.

A measuring rod of fair prices

consumer.

eral Trade Commission, to

Summing

Harvey to be Ambassador

Plenipotentiary

confirmed by the Senate on
to

TO

HARVEY BECOMES AMBASSADOR

GEORGE

COL.

readjust¬

relationship, with helpfulness to both pro¬

to normal

ditions

Customs

of

Some suitable inquiry by Congress, Presi¬

suggested, "might speed the price

Harding

business revival to end

all

was

law, to the very great advan¬

members and equal disadvantage to the con¬

tage of their

ducer and

the ex¬

'open-price associations,' which

by

satisfy the country and give us a

YORK.

George W. Aldridge, of Rochester,

The nomination of

in the main, the failure to ad¬

operate, evidently, within the

ment

W.

information

of

change

dent

GEORGE

report of its observa¬

consumers' cost to basic production costs to

just

asked

in continuing, stated that he had

President,

Federal Trade Commission for a

suming public."

the Senate on April 27.

firmed by

the great mass of consumers.

be proclaimed to

tions and that "it attributes,

WILLIAMS.
President

but has failed to reach the mark

Deflation has been in progress

can

the

WILLIAM M.

condition in the business world

"well receive" its inquiry, adding:

which might

REVENUE

AS INTERNAL

NAMED

BLAIR

II.

COMMISSIONER

April 12 President Harding called the

attention of Congress to one

be

DAVID

COSTS

NECESSARY.

Treasurer of the

as

REPORT ON PRICE

FEDERAL TRADE COMMISSION'S

White, of Valley City, North

The nomination of Frank

1831

CHRONICLE

THE

1921.]

view

to

strengthen

them

to

meet present

service.

1902 and

was

counsellor of Embassy at Rome in

1916, after

having served previously as secretary of Embassy at

Paris,

Constantinople and Tokio, and as agent and Consul-General
at Cairo.




associations of agricultural
organizations.
elimination of unnecessary reconsignment and brokerage operations, including also "gambling in fu¬
tures."
Pyramiding of reconsignments and of jobbing sales, while not
possible in present market conditions, was one of the causes of the buyers'
3.

Positive

producers
4.

The

and

encouragement

co-operative

passage

of

co-operative

consumers'

of measures aimed at the

.

strike,

which

from

we

and may

suffer,

now

On the other hand, there

whenever markets

reappear

5.

Calling

the

of

articles which
our
fanners buy
from abroad.
Foreign syndicates,
through valorization, curtailment of production, and by other means, have

fair

competition.
Protection

6.

which

with

has

he

market
and

to

deal,

It should

be said

the disordered condition

that following

conclusion

in

and that normal
laborer, the
manufacturer, the jobber, and the retailer will each share at once in the
unavoidable loss, and further that any effort by any element to place its
the world's affairs,

conditions will be

of

share
the

the

but

can

the country

The

is

Syndicate.

in

will afford

lessen

the

The earlier

and

Federal

In

letter

your

the

in

1921,

21,

to be

appears

of most of the

price

You note that your

a

state that

you

the evidences

from

products of the country.

staple agricultural

which

observe that this deflation

no

to

these

such

Also,
the

stages of the

Commission's

operating to

causes

would

naturally

vations

to

as

this

In

facts,

letter

whether

second, causes;

the

to

this be

if

In

It

the

such

fact

therefore

have

wise

re¬

been

of

to

to remedial

as

first,

with

in

consumptive

demand

a

for

raw

or

wholesalers'

prices.

Retail prices to the

Apparently where retail prices

In

to

cereal

pick

and

but if this

up,

certain

cline in producers'

other

prices.

food

made

was

marked

raw

ma¬

products.
limi¬

a

buying

extent,

occasion

for

again in¬
de¬

consumer.

some

by the high cost of transportation of their raw materials, and
cost of labor which has not decreased or has decreased less than raw

materials

that

have.

Furthermore,

decline in the cost of

a

proportionate
The

decrease in

jobber

facturer

to

tomers.

Lessened

it

of

first

tates

to

The

buying

new

in

not

and

indicate

now

line

left

distribution

him

demand

with

that prices

now

the

of

diminished

a

with

be reflected

back

tion cost and

the

in

His

activities

some

extent

conditions

at least the

increasing the demand for

raw

a

applied to
statement

every

is

industry,

also

the

as

foregoing,

is

reluctant

to

are

take

ap¬

consumer

materials

is

point would

reduce the

check upon

produc¬

the manufac¬

would

react

while broadly true,

to every phase of each
to be checked and modified in the
or

tions

upon

be

cannot

industry, and such a
light of the observa¬

subsequently made in this letter under the heading "Causes."
Broadly, however, and with a judgment guided by its
watching of con¬
ditions rather than
by intensive statistical studies, the Commission be¬
lieves you right in
your understanding that the cost of
commodities, gen¬
erally, to the consumer has not been reduced in such

prices

proportion

would

as

justifiable in view of the great reduction of
prices of agricultural raw
materials or of other raw
materials, or in view of the reduction of costs
and prices in the basic
manufacturing industries.
The

a

consumers'

normal

cost

of living—and the farmer is
high and must be reduced before

too

volume

Fundamental

of

trade

will

restore

business

one

to

of

the

renewed

principal
buying and

healthful

in the cost of

conditions.

living is the housing shortage and the
price of fuel.
High rents and high coal prices limit the
buying
the general public for other
commodities.
For

their

ducers and
facts

general

on

may

bearing

the prices

be

noted.

on

the

they must
The

excessive
power

of

received by agricultural
pro¬
for articles they buy, the
following

markets

for

many

products,

farm

products particularly, have been unfavorably affected
by centralized buy¬
ing organizations representing foreign purchasers for
export.
These com¬

binations

are

amples may

often

able

to

for

use

as

Spanish tobacco agencies,
American

influence

be mentioned the British

phosphate* rock

fanners'

wheat

and
and




the

domestic market

agencies

artificial

which

price.

purchase

As

ex¬

American

fertilizer, the French, Italian
other foreign agencies which
purchase

other grain.

compe¬

and to

a

The effect of this

keep many inefficient

costs

average

rather

than

for

actual

uniformity of

costs

and

to

accounting

emphasize

methods.

uniformity

Not

only

are

dealers kept in business, but dealers desiring to 'enter
the field and sell at low prices are discouraged by the associations, as are

of co-operative buyers.

groups

that

are

These conditions tend

urgently

now

nedeed

for

to

the

retard

resumption

a

of

price

normal

business.
It is apparent,

therefore, that forces which tend to retard

forces.

The

No

price reduction

ucts,

for generally

are

being applied to

is wholly free

stage

one

the

manufacturer,

resist

jobber

and

from

the

speaking they

are

the

operation

of

able

to

are

food prod¬

raw

closely organized,

more

in

stage of the

retailer

effectually than the producer of

more

reduction

a

every

have

facilities and, on account of their location, enjoy superior

credit

in

be and

consumer may

previous operations.
such

better

advantages

transportation and storage.
fundamental

A

is

difficulty at the present time lies in the fact that there

complete information available to anyone with reference to the proper
wholesalers' and retailers' prices in any in¬
dustry.
Only those who are directly concerned in an industrial group
no

organization—such
available

reach

to

and
the

the

as

information

nipulation of
a

excessive
cost is

of

the

Commission

to

ascertain

methods

When

stage,

it

costs

demonstrates

should

by which costs

have

public

of

on

that

the

is

at

any

any

stage the cost which

any

determined

whether

the

1920, this

The experience

Governmental

body authorized

authority to

entering
of

into

the

determine the accounting
in production or in

whether

by

this Commission

coal

ity

The

instance

reached

conclusion

of

prices.

to

was

the

of

not interstate

such

confer

a

Columbia.

industry,

injunction

commerce,

power

cited

injunction

defending these
Congress

issued

actions

in

Congress,

un¬

This

the

Congress has the
are

decision

power

issued
in

rested

conferred

commerce,

when

progress

Association

by

in

a

the

Su¬

upon

the

Congress

and that the mining

the production of cost

in the

same

first-mentioned

court

and
a

upon

reports

by
at

a

the

violation

suit.

The

the proposition that there

information

power

fair

injunction

consequently Congress had no author¬
Commission.
The Commission also

met

the

upon

to obtain

in

which

which

for

was

an

Coal

group

a

power

ject matters

by

of steel producers,
of court upon the allegation of

for contempt

liminary

this

upon

whereupon it

brought by

that

making

was

halted

regulation of

proceeded to enforce its orders
steel

the approval of

the National

court

was

work

were

Court of the District of

preme

with

production costs, etc., in certain basic industries.

Commission

brought at the

upon

Commission,

determine the

efforts

suit

aver¬

particular sales.

any

the constructive effort of Congress to reduce the high
living through dissemination to the public of knowledge of the

of

factors

an

part of

was

cost

unable

price

a

•

January,

This

ma¬

possible for

distribution.

dertook to

the

a

The determination of production

to be computed,

are

of

possible

general
becomes

be

can

possessed

makes

determining the propriety either of the

of the prices

or

it

body to determine at

essential element in

sales realization

age

line.

charge is being placed thereon.

an

the

the reasonableness

to

as

at that

represents

association—are

incomplete,

information

no

producer-consumer

commodity

a

though

With

conclusion

proper

the

of

price

open

which,

prices.

fact-finding Governmental

is

prices

pay

domestic

from

come

in the retail distribution, by

to respect territory

or

to

units in business.
Price maintenance is in part brought
by the adoption of uniform and cost accounting systems which tend

seem

consumers—is

tend

normally

inefficient "regular"

In

generalization

would

unnecessary

about

stage

producer.

Such

cus¬

often

declining he hesi¬

are

increased production, which would

relieve to

and by

manu¬

his

stocks

at high prices.
Subject to high rents
of markets, he is buying more closely and
contracting
than ever before.
In general,
therefore, it would

periods

or

facts

wholly

from

retarded

turer,

a

from

large

manufacturers.

changed

which

elimination of the less efficient through

so-called "ethical" tempering of competition.

or

maintain

Too

engaged for the most economical handling of

are

result

the

and

consumer,

for distributing service.

or

adjustment of manufacturers',

that the movement toward the reduction of
prices to the
chiefly at the retailing stage, and that relief that ihts

pear

other

hitherto purchased

uncertainty

shorter

the

has

with

these

conditions.

confronted

goods

on

to

orders

reflex of retail

retailer

losses
and
for

place

a

from

manufacture.

meets

acquired at speculative prices, and

largely

apparent

materials does

cost

likewise

retail

is

raw

the

wholesaler,

or

consumer,

is to

price to the
a

confronted
a

friendly

readjustments
marked

a

in the sales price of his
products; such price in the
agricultural lines appears to be below the cost of production.
Manufacturers, though thus advantaged by lower material costs, are still

by

But

condition, namely,

a

results

any

with commodities for

or

field, there is constantly operating the

capacity for production

distributing units

business.

of

have been least

consumer

lines is thus confronted with

many

most effective with commodities which

strong general demand.

very

excess

substitute

reduction

of

case

the

an

to

products there has been

in

case

are

equivalent to necessities

extent in the manufacturing

some

has affected

consumer,

the

a

associated

so

with a corresponding disadvan¬
where such associations do not exist.

Very generally in the field between the producer and the
to

factor of

This decline in producers' prices has not been

materials

raw

of

general but like¬

again checked.

was

adequately reflected down the line to the final
The producer of

prices

very

cut to

were

creasing prices the resumption of demand

which there is

manufacturers

among

believe that the manufacturers

than is the
the

use

associations

price

open

to

price associations

in

agreement characteristic

advantageous result

more

consumer

yet affected manufactur¬

material prices to a greater extent than it has

of

reason

information, but

common

of concerted

by the Sherman law.

tition, is checked in many lines, especially

manufactured

though starting with the

power,

a

open

become

many

conditions;

buying strike and partly to

a

course

such

ers'

commenced

measures.

present

Conditions.

demand, due partly to

buying

affected.

consumer that
Commission's obser¬

the

tage to the
Of

have

the

prices,to the

but have resulted from

uneven,

decline

uneven

and

and third, suggested remedies.

This decline in
tation

deal,

obstruction,

the

broadly said that the recent declines in

be

may

in

of

addition

invite suggestions

shall

Present

terials

location

reduction

the

to follow.

you

we

observation

obtaining

as

retard

seem

its

element

the

forbidden

Commission has

progress

opinion

From
the
are

of commodities from producer to consumer.
movement has been halted anywhere along the line, you ask

if this

lack

combinations

Trade

and

the Federal

ask whether

you

duction is reflected by the manufacturer and has been projected through the
various

The collection and public dissemina¬

might make the operation of such associations
producer and the consumer alike, but unfortunately the

the

to

of information indicating that there has been

appearances

in possession

readjustment of prices,

a

their

and their competitor's production costs and prices,

own

purports to

the

of

adequate reflection in the prices paid by the consumers.

With

is

of

compete among themselves and with others with

to

are

strongly toward uniformity because based upon

attention has been called to similar conditions in most

seemingly finds
Commission

the benefit

for

bring about uniform prices and to maintain them at an artificially high
level
by curtailing production or supply through action which tends

decided and progressive deflation

very

of the basic industries of the United States, and

reference

publish

production casts, sales, and sales prices
pursuance of a plan whereby the members of

in

tendency is here manifested to confine the information to members and to

March

of

there

you

benefit

of

My Dear Mr. President:

coming to

and

collect

consumer.

tion of such statistical data

Commission, Washington.

Trade

from producer to

commodities

stocks,

associations

developments

interesting

very

the available supply and the demand.

report follows:

portion of the Commission's

quantities by the

production,

of

and

knowledge of their

agricultural producer.

some

associations

figures

orders

such

This

of the ordinary consumer.

power

one

Causes.

flow of

These

members

The first object should be to increase

purchasing

immediate and double relief to the

an

absorb.

the re¬

accompanied by such credit assistance as will pre¬

undue financial disorder.

than

rather

at

have arisen
In addi¬
tion to the close organization of the nature clearly condemned by the Sher¬
man
law, there has been widespread development of organization of the
kind known as the "open price association."
One of the purposes of these
organizations nominally is to determine uniform cost accounting methods
and to steady the market by furnishing the supply which it can readily

analysis indicates that the cost of living must come down as a pre¬

vent any

Chilean Nitrate Producers'
time or another, have di¬

binder twine and commercial fertilizer.

namely,

manufacturers

affecting the

suffering.

requisite to normal business, and that the first move should be in
duction of retail prices,

combinations,

:v
Among

the conditions under

of

continuation

a

farmer,

|:;V'

and particularly of

others

of

shoulders

the

on

result

now

The last two

Ecuador cocoa organi¬

the

scheme,

valorization

coffee

rectly affected the prices of commodities used in large
American

quickly restored if the producer, the

loss

common

consumer,

which

shrinkage in values is inevitable

a

more

Brazilian

Sugar Commission, a syndicate

is the Cuban

....

,

.

the

imported into the United States.

of commodities

instance

zation, the Yucatan sishl combination, and the

perishable farm

serviceable conservation of

the

facilities for

storage

products.
of

been

assistance in giving

extending Federal

by

timely information concerning foreign and domestic
conditions and in affording more ample and suitable local market
and

adequate

more

.

.

,

.

the more closely organized elements

the farmer against

of

The
of plant¬
ers, bankers and dealers, which caused an increase in the retail price of
sugar throughout the United States.
Other instances of this kind have
the prices

most recent

undesirable combinations and

eliminate

to

as

so

affected

the question of

consider

to

trade

representatives of the trading nations
clearing the channels of in
to promote

conference of official

a

world

tional

foreign groups acting in concert in selling

are

the

again become speculative.
«

[Vol. 112.

CHRONICLE

THE

1822

is

in

the

bill for
same

of

the

an

time
pre¬

Commission
an

inherent

subjects with reference

to

of legislation, and that if any of the sub¬

within the legislative jurisdiction of

Congress are
inherently combined with intrastate phases of operation, the power of Con¬
to secure information with reference to the whole of the subject mat¬

gress

ter

is

final
of

not

defeated

conclusion,

thereby.

but

are

still

$150,000 for the cost work
A

could

1

Federal
furnish

agency
to

in

These actions have not yet been brought to
pending in the courts.
The appropriation
was

possession

returned to the' Treasury unused.
of such production cost information

Congress and to the public the information which would

April 30

enable

to

legislative

a

what

be

to

unjust advance in prices,

an

The method of a buyers'

buy at such advanced prices.

failure

of

buying

terials

in

the

agricultural

strike, or the

reacts unfavorably upon the producer of raw ma¬
instance and has been especially quick in reaching the

power

first

If

are.

he is hot organized as manufacturers and
based upon authoritative information,

because

producer,

distributers

The public has shown its ability to
or its inability

of sales prices.

believed

it

public opinion,

declaration, were directed at the stage
in which excessive prices were being charged, the desired results could be
obtained, and this without in any way controlling the conduct of business
backed

if

by legislative

necessary

A;'

by government fiat.
So

far

the

as

failure

information

due to a buying strike,

is

demand

of

prices asked are fair prices will tend to
lead the public to resume buying.
The Commission believes that the opposition to the normal operation of
the

to

showing that the

public

economic

is

the

production and sales price.

as

manufacturers or sellers, but to
operations of the public upon such

and buyers,

consumers

would

create

corrective

a

be

to

collection

observed

and

that

also

the

mation

counter¬

reference

19654

with

confidence

as

one

the

of

elements

J

•

by Huston Thompson, Chairman of

industries which produce as by-products materials

ciated from the following general
1.

involve a

in a large number of
Some

suitable for feeds.

be appre¬

classification of feedingstuffs:

The hays and straws.
whole

A

A

grains.

cereal

/

Commercial mixed feeds or proprietary feeds.

Condimental, stock remedies or tonics.

a

lowering of

wages

in

negotiations between various paper companies and their
lowering of wages about May 1, there is here pre¬

conference has been held between

a

representatives of the unions.

a

committee of

No official information

this conference and the later developments,
tell of the

of manufacturers offered

9-hour day for Hourly

workers

a

(general

vote by the unions

wage

Feed

American

Manufacturers

reduction of 30% below the 1920 schedule, with

the

news

tion by Philip T.

print situation, attention might be called to the

the American Paper and Pulp Associa¬

Dodge, President of the International Paper Co., that

in the mills

are now

,

mixed feeds and the president of this Asso¬

Is very likely less than half of the total number.

like a

feedingstuffs industry would involve an enormous
expenditure of time and money.
Under these circumstances the inquiry
was confined to a study of representative feeds which enter into commerce,
and covers, the period from 1913 to 1920, inclusive.
There is a great lack of authoritative data in regard to many phases of the
industry and there are numerous questions confronting this business which
are highly controversial.
This is particularly the case with reference to the
feed value of certain products, commonly known as roughages, or low grade
feeds.
It is contended by some agricultural authorities and a few feed
manufacturers that the use of certain of these low grade feedingstuffs
should be restricted, since, it is alleged, these feedingstuffs are roughages
which farmers produce, or should produce, an abundance.
It is also
frequently alleged that mixed feeds

containing one or more of such low
of line with their feed value. A

grade ingredients are sold at prices out

suggested to check the use of these commodities,
being the proposal to require the statement on tags

number of plans have been
the most common one

each ingredient used.

objections have been offered against the
of all kinds of feeds, both the

Prices

ready-mixed

in

feeds,

common

However, important

adoption of such a requirement.
so-called straight feeds, and the

with the prices of practically all other
period and for more than a

commodities, increased greatly during the war

mill.

statement at the annual meeting of

!

listed over 3,000

Association has

the foregoing facts it will be appreciated that anything

and labels of the percentage of

advance of 5 to 10%, while the committee

paid day workers s and union jurisdiction to apply

inside

In reference to the

a

.

complete survey of the

& Pulp Association has issued the

negotiations looldng to

a

and vinegar by-products.

11.

As a result of

SINCE 1914.

,

by-products.

mill

ciation has stated that this

The unions had asked for

year

Most feeds reached their highest
There were naturally considerable differences
prices of different feeds, due to their great variety and
sources from which they are derived, there being at times a

and a half following the armistice.

prices in May or June, 1920.
in the movement of

the different

157% higher than in 1914.

accompanied by scarcity of others.
Demand
feed depends in some
or less, on the prices of other feeds, on account of the
which one feed can be substituted for another within fairly

plentiful supply of some feeds,
Cuts Effected in

Fine Paper Mills.

The mills manufacturing fine papers have

too,

found that in many cases their

have been willing to accept a cut in wages, in order that con¬

men

ditions in that branch of the industry may be adjusted

to the generally

In the Wisconsin district prior to May 1, four
of from 15 to 20%,

mills have cut an average

and other mills hope to be able to establish a similar

Michigan district there has been quite a uniform reduction aver¬

aging 16H%, and this scale has been quite generally followed by mills in
Miami

England district about one-half of the mills have established
12%, and other reductions are in the process

average reduction of about

which has not only

Since 1914.

Wage Increases

average weekly wages of male employees

in 32 paper manufacturing estab¬

These

lishments in the United States from the years 1914 to 1919 inclusive.

peculiar to the feeds business.

_$12 73
-$12 75

1918

-$15

$19 03

1917

1919

compared with the composite wholesale
"all commodities," as registered
of Labor Statistics of the De¬
partment of Labor.
These index numbers give the prices of these groups
of cotnmodities by months and years, relative to the average price of the
year 1913 taken as a base.
Composite index numbers were also computed
for the group of 10 representative straight feeds and the group of 12 commerical mixed feeds.
A comparison

p3

_$22 40

—

-$22 40

May of last year, however, the paper makers received in these mills a
being paid during the last year, therefore, in these

increase of 111%.

increased cost of living for the

same

period,

declaring that the workers were no worse off and no better off last year than
"It is also apparent," says this writer, "that wages

on

the fall

or

rise of living costs since June 1920.

to-day must
According to

the National Industrial Board, living costs in March were 17.6% lower

than

numbers shows that the

represented by 212 as compared

price of 100, or the average price of the year

numbers

for

the

year

1919 were

as

with

1913.

follows: Farm products,

in all commodities.
commodities" continued to advance
during the first half of 1920, but the second half of the year was markedby a
very great decline in the prices of all feeds, both straight and ready mixed.
The decline between June and December was as much as 57 % for some of the

also in farm
The

figures, the "Standard Daily Trade Service" compares

the increase in wages with the

„

of these different series of index

The other
234;
straight feeds, 236; ready-mixed feeds, 220.
There was a very close cor¬
respondence in the relative increase in prices of mixed feeds and farm pro¬
ducts, and also a rather close correspondence for straight feeds.
The
relative advance in prices from 1913 to 1919 in the two classes of feeds and
index

20% increase in wages, which would give them an average of $26 88 for
wages

and 12 commercial

be considered representative, respec¬

tively, of these two classes were

the base

an

of 10 important straight feeds

mixed feeds, which as a whole may

price of all commodities in 1919 was

figures, all given for September, are as follows:

The

often held

At times this shortage has been acute and
This condition of course, has not been

production.

prices of a group of 32 farm products and of

prepared by the National Industrial Conference Board gives the

In analyzing these

delayed shipments of finished products but

receipts of raw materials.

has caused decreased

by index numbers compiled by the Bureau

20%.
Big

prices during the war and

armistice has been the shortage of freight cars,

uniform, but have varied according

plants and the districts affected, in some mills the reduction being as

mills

important influences affecting

much of the time since the

:

being put into effect.
The wage reductions have not been

last year.

greater

wide limits.

The wholesale prices

district.

In the New

measure,

relative ease with

up

May 1.

but the price of verey

naturally fluctuates,

One of the most

changed business conditions of the year.

be based

thoroughly comprehensive investigation of animal feeds would

study of the manufacturing processes and of results

manufacturers of commercial

dispatches from various points

in 1914.

a

others which are not

It follows, therefore, that to make

the result of manufacturing processes.

The

against the wage cut proposed by the manufacturers.

show

In addition to these feeds there are numerous

stuffs.

10.

has been given out relative to

In

The by-products

Miscellaneous feeds.

industry, where

A table

in its manufacturing processes

supply a large number of different kinds of feeding-

of all these industries

Animal and fish-by-products.

manufacturers and

as

investigation of the animal feeds industry to be complete, involves a

vegetable material and some which use animal material.

9.

resort

adjustment.

The most general discussion of this problem is in the news print branch

to the

An

study of practically every industry which uses

8.

might

wage

In view of the

high

The

using inferior substitutes in mixed feeds.

or

letter of submittal said in part:

Sugar by-products.

sented some material relative to the labor problem.

an

branding

Oil-mill by-products.

employees relative to

of

manufacturers, wholesale and retail dealers,
fraud, if any, is practiced in the way of mis¬

what

7.

which have occurred since 1914:

the

and

publication of production

the

industry, and presenting figures to show the increases

In the

to

exist

any,

between feed

the contending parties and any

reliable basis to which

a

reference to the

scale after

directed

if

Starch and glucose by-products.

report is signed

working

also

was

report what combinations or understandings,

Brewery and distillery by-products and yeast

believe that

to

The American Paper

wages

Commission

6.

the

to

in prices of the
which

converted into concentrated food by

are

The

5.

used both

were

reason

Commission.

only

commodities

4.

is

following notice to members, under date of April 23, with

a

these

manufacturers.

collected by the Commission and pub¬
by operators and miners in this

figures

The

wages.

There

and publication of such

WAGE INCREASES IN PAPER ESTABLISHMENTS

but

to the supply and fluctuation

as

commodities used for animal feeds, and the extent to

Cereal

officer

of the

resolution of Senator Norris

The

arbitration

the

a

2.

afford

the

statistics

to

response

3.

costs would

The

in

July 31 1919, directing the Commission to gather

on

indication of the ramifications of the feedingstuffs industry may

publication of costs relating to the bituminous coal indus¬

its coal bulletins

in

passed

infor¬

to

lished in

presented

considerable importance in the adjustment of contentions with

is of

connection.

useful

to

experience of the Commission in the

has demonstrated that the compilation

try

which would tend

force

possibility of interior control.

is

It

con¬

not only to those interested as

open

public

information
act the

by

now

those who are interested and informed to
If such information

ignorant and which enables

operate with reference to
were

groups

possessed of information of which the general public

become

certed action

interested

certain

fact that

lies in the

laws

1823

CHRONICLE

opinion to be properly formed with refer¬

public

or

the propriety

to

ence

resist

THE

1921.]

products was considerably higher than

price of feeds as well as of "all

Different brands of mixed feeds

straight feeds.

declined jin price from

20% to more than 50%.

modities, must come down before the cost of living can be cut, in other

the study of the statistics
disproportionate rise in these
general.
A study of the costs and profits of a representative group of nine mixed
feed manufacturers during 1915-19 shows that during the period costs of
materials about doubled while with few exceptions all other items of manu¬

words, not follow, but lead the reduced cost of living.

facturing costs and expenses increased in about

they

were

in July of last year.

From these figures it would appear that the

manufacturer would be justified in demanding that the
a

wage

reduction of from 15 to 20%."

mate for the fact that wages

workers agree to

No allowance is made in this esti¬

being the largest element in the cost of com¬

So far

TRADE

COMMISSION'S

COMMERCIAL

REPORT

ON

FEEDS.

price,
prices

April 13 the Federal Trade Commission submitted to

the Senate

a

report on commercial feeds.




The report was

the same proportion.

Since

inclusive, was
80% of the selling
this would indicate that by far the largest factor causing the high
of ready mixed feeds in 1919 was the great increase in the cost of

average

about 83%

raw

On

figures do not indicate a

prices as compared with farm products in

the

FEDERAL

general conclusions can be drawn from

as

of feed prices the

cost of raw

materials for the period 1915-19,

of the commercial cost of sales and about

materials.

The net
to net a

manufacturers was sufficient
investment each year, while in 1917

operating profit of these mixed feed

fairl

high rate of return on the

1824

THE

and 1919 the rate of return

an

of conversion into mixed feeds.

1915-1919

was

investment

the net operating profit included some

The average rate of return for the

period

employed in

which includes borrowed

the business,

The rates of return would be greater on

capital.

the capital stock and surplus, which

is the net investment of. the companies.
On the whole, competition in this industry is very active.

there

certain

It is true that

indications that prices had been discussed by members

were

American

Feed

Association

Manufacturers'

at

meetings of the executive committee.

or

of the

taxation and is
accepted.

attempt was

an

It goes little if at all farther than the restriction

put upon the rights of the

owner

The

of money by the more debatable usury laws.

preference given to the tenant in possession is an almost
necessary
incident of the policy and is traditional in
English law.
If the tenant re¬
mained subject to the landlord's
power to evict, the attempt to limit the
landlord's demands would fail.

immediately following

In 1919 also

v.

sweeping denunciations, the policy of restricting them has been embodied in

The percentages represent the profits on the total

18.77%.

in International Harvester Co.

Kentucky, 234 U. S., 222, and Southern Ry. v. Greene, 216 U.
S., 400, 414.
But while it is
unjust to pursue such profits from a national misfortune with

their period

increase in value of raw materials during

[VOL. 112.

of the value of his
property as defined

considerably larger, due, probably, in part,

was

to the fact that in these two
years

profit realized from

CHRONICLE

;
the end in view otherwise justified the

Assuming that
Congress,

have

we

no

concern

adopted by

means

of course with the question whether those

made

by certain members of this association to organize a bureau which

means were

seems

to have had

affect the result desired.
It is enough that we are not warranted in
saying that legislation that has been resorted to for the same
purpose all

completed.

price fixing

Although

object, but this organization was never

as an

careful examination was made of the correspon¬

a

dence files of various associations in the feeding-stuffs industry and of a

concerted

above

action

referred

advance

to

to

have tended to advance prices,

may

found to establish this.

On the whole, as

evidence was

no

already indicated, the eivdence

obtained in the inquiry indicate® a very sharp competition in the manu¬
facture and sale of feeding-stuffs.

blackstrap molasses and dried beet pulp, is in each

in the hands of a

case

This does not appear, however, to exclude competition in

these commodities, nor does there appear to be any collusion or combination
between the manufacturers in any one of the three groups.
A

number of manufacturers grant overages, i.

dealers

on

feeds sold to

new

e.,

a

commission to old

dealers in the former's territory.

It is possible

that this may be a price discrimination and the Commission has taken steps
to determine whether it is in violation of section 2

The statute is objected to
are

The

use

of alternate

unfair unless the

different brand

or

In any case

of brands and it is

it leads to

the

undue multiplication

an

questionable whether it is desirable from

an

economic

standpoint.

deprived by it of

a

Federation of Retail Feed Merchants is opposed to

direct selling to consumers by manufacturers, such
opposition,

according

to a careful examination of this association's records, is in the nature of the

are

and summary administration of the law
and

the suspension of

ordinary remedies

the

on

ment

ground

statute

be reversed.

must

The

that the

by the various States, however, has undoubtedly resulted in great improve¬
these practices

as

concerned.

are

-

-

/

r

STATES

SUPREME

HOUSING

COURT

The United States Supreme Court on

validity of the rent laws
New

York

State.

down, and in each
by

of 5

vote

a

Justices

4.

to

April 18 upheld the

opinions

separate

were

the Court's conclusions
The

majority views

were

were

handed
rendered

those of

Holmes,

Day, Pitney, Brandeis and Clarke; the
dissenting justices were Chief Justice White and Justices

four

McKenna, Van Devanter and McReynolds.
The opinion
involving the District of Columbia emergency legislation,
enacted to meet the crisis

given in the

was

case

arising from the housing shortage

of Julius Block

deciding that "a limit in time
well justify

may

manent

a

to tide

law that could

vs.

Louis Hirsh.

In

over a

be

not

passing trouble
upheld as a per¬

change," the Court in its opinion said in part:

.■'

hotel

or

apartment (Sec. 101), is to continue

notwithstanding the expiration

of his term, at the
option of the tenant, subject to regulation
by the com¬
mission appointed by the Act, so
long as he pays the rent and performs the
conditions as fixed by the lease or as modified
by the commission.
It is^
provided in the same section that the owner shall have
the right to possession

"for actual and bona fide
occupancy by

dependents

.

.

,

upon

giving

thirty

himself,
days'

or

his wife, children,

notice

in

writing."

or

Ac¬

cording to his affidavit Hirsh wanted the premises for his
own use, but he
see fit to give the
thirty days' notice because he denied the
validity

did not

of the Act.

set

122

The statute embodies

a

scheme

or

code which it is needless to

forth, but it should be stated that it ends with the
declaration in Section
that

the

provisions

of

Title

II

are
made necessary by
emergencies
growing out of the war, resulting in rental conditions in the
district danger¬
ous to the
public health and burdensome to public
officers, employees and
assessories, and thereby embarrassing the Federal
government in the trans¬
action of the public business.
As emergency legislation the

title is to end

in two years, unless sooner
repealed.

Perhaps it would be

is to permit

requirement of thirty days' notice.

concerning only the

For although the plaintiff
alleged that
he wanted the premises for his own
use the defendant denied
it and might
have prevailed upon that issue under
the Act.
The general

question to
have adverted must be
decided, if not in this then in the next
case, and it should be disposed of now.
The main point
against the law
is that tenants are allowed to
remain in possession at the
same rent that
which

.

as

that the world has

ever

so long as he pays the rent
fixed by the lease or as modified by a commis¬

This is contrary to every conception of leases

entertained, and of the reciprocal rights and obliga¬

tions of lessor and lessee.
♦

♦

♦

The facts of this

for business

*

what he will with his

and to make what contracts he
pleases are cut
But if the public interest be estalbished
the regulation of rates is
one of the first forms in which
it is asserted, and the
validity of such regu¬
lation has been settled since Munn v.
Illinois (94 U. S.,
113).
It is said
that a grain elevator
may go out of business, whereas here the
use is fastened
upon the land.
The power to go out of business
when it exists, is an
illusory answer to gas companies and waterworks, but we need
not stop at
that.
The regulation is put and
own

down.

justified only

as a

temporary

measure

(see
New, 243 U. S., 332, 345, 346; Fort Smith & Western
RR. v.
A limit in time, to tide over a
psasing trouble, well
may justify a law that could not be upheld as a
permanent change.
Machinery is provided to secure to the landlord a reasonable
rent (Sec.
106).
It may be assumed that the interpretation of
"reasonable" will de¬
prive him in part at least of the power of profiting by the sudden
influx of
people to Washington caused by the needs of government and the
Wilson

v.

Mills, 253 U. S., 206).

thus of

war, and

a

right usually incident to fortunately situated
property—of




a

*

*

part

*

litigation point the warning.

concern

is

it

to

the

*

*

Recurring to them

public health

we may

the operations

or

of the

to who shall occupy a cellar and a room above it

as

in the City of Washington?—(the question in this

purposes

case), and why is it the solicitude of the police power of the State of New
York to keep from competition an
apartment in the City of New York?—
It does not satisfy.

The

answer

is to supply homes to the

If the statute keeps

a

tenant in, it keeps a

Its only basis is that tenants

numberous than landlords, and that in

some way

are

this disproportion,

it is assumed, makes

a tyranny in the landlord and an
oppression to the
tenant, notwithstanding the tenant is only required to perform a contract
entered into, not under the statute, but before the
statute, and that the

condition is remedied by rent fixing—value
adjustment—by the power of
the government.
And this it is the view of the

opinion, has justification

because "space in
life."

A

Washington is limited" and "housing is

causative

unable to

and

We do

see.

remedial

relation

in

the

a

necessary

circumstances

we

of

are

that the effect and evil of the statute is that it

see

withdraws the dominion of property from its
owner,
tracts that he confidently amde under the law then

superseding the

con¬

existing, and subjecting

them to the fiat of

a

subsequent law.

If such exercise of government be

legal, what exercise of government is

illegal?

Houses are a necessary of life, but other things are as necessary.
May they, too, be taken from the direction of their owners and disposed of

by the government?

Who

supplies them, and upon what inducement?

And when supplied may those who get them under
promise of return, and
who had no hand or expense in their
supply, dictate the terms of retention

and be bound by no agreement concerning them?

or use,

affirmative

If the

with

answer

seems

to

be

the

public interest may be concerned,

the control

of any

requirement

as

of

decision.

the

in the statute under review,

form of property, it

be concerned with the

can

control of all forms

necessity

or

of property.
And certainly in the first instance the
expediency of control must be a matter of legislative judgment.

But however, not to go

lease it
In

can

one as

much

right of the
either

can

houses

compel

can

as

beyond the

done,

a

of the property.

a

violation of the positve and absolute

And it would

unoccupied houses

be appropriated.

or

seem,

necessarily, if

unoccupied space in occupied

The efficacy of either to afford homes for the

homeless cannot be disputed.
counsel

if the public interest can extend

case,

lease; the difference is only in degree and boldness.

in the other there is

owner

be

a

In response to

an

inquiry from the bench

replied that the experiment had been tried

or was being tried in a
It is to be remembered that the legality of power must

European country.

be estimated not by what it will do, but by what it can do.
The prospect

expands and dismays when

applicable to the local and

outside of consideration

we pass

narrow conditions in the

District of Columbia.

It is the assertion of the statute that the Federal Government is embarrassed
in the transaction of its business, but, as we have said, a New York statute

is submitted to

us

and counsel have referred to the legislation of six other

And, there is intimation in the opinion that Congress in its enact¬

has imitated the laws of other countries.

ment

and suggest the

inquiry, have conditions

The facts

come not

are

significant

only to the District of

Columbia embarrassing the Federal Government, but to the world

that

are

not amenable to

we

they have been paying, unless modified by the
commission established by
the Act, and that thus the use of the
land and the right of the
owner to do

a

lessee to continue in possession of leased premise3

a

sion created by the statute.

States.

too strict to deal with this case
as

of

judgment

That judg¬

direct opposition to the covenants of the
lease,

An

By Section 109 of the Act [of Oct. 22 1919,
Chapter 80. Title II, "Dis¬
trict of .Columbia Rents"
] the right of a tenant to occupy any hotel, apart¬
ment or "rental
property," i. e., any building or part thereof, other than

that

say

after the expiration of his term
against the demand of his landlord, and in

more

of both the District of Columbia and

Two

case

The plaintiff obtained a

tenant out; indeed this is its
assumption.

LAWS.

prepared to

reasonable provision

The statute in the
present case is denominated "The Rent Law" and its
purpose

homeless.

UPHOLDS

not

we are

not a

void, root and branch.

was

(the question in the other case).

UNITED

have said, this objection

we

dissenting opinion, written by Justice McKenna, said:

Federal Government

ment, so far

was

statute reasonable in its aim and intent.

ask—of what

adulteration and misbranding were

as

The enactment and enforcement Of feed laws

common.

569).

,

To regulate the relation and to decide the facts
affecting

because fraudulent practices such

quite

McGuire, 219 U. S., 549

v.

the further ground that landlords and tenants

hardly separable.

"educational agreement," and not by boycott or threats of boycott.
Animal feeds are subject to regulations by
practically all States, and
by the Federal Government.
This regulation was found to be necessary
at one time

on

trial by jury on the right to possession of the land.

and performs the conditions

While the Eastern

reasonable relation to the relief sought

no

While the Act is in force there is little to decide
except whether the rent allowed is reasonable, and
upon that question the
courts are given the last word.
A part of the exigency is to secure a
speedy

for the same feed may be

names

has

is, by what

it

of the Clayton Act or

of such alternate brands is fully understood by

use

consumer.

than they come to

more

If
the power of the commission established
by the statute to regulate the rela¬
tion is established, as we think it

section 5 of the Federal Trade Commission Act.

dealer and the

or

(Chicago Burlington & Quincy RR.

amounts to little.

The distribution of three important feed commodities, gluten feed, cane
few concerns.

the world is futile

over

Although the discussions of prices

prices.

wisest, whether they may not cost

will

or

number of important feed manufacturers, no indications were found of any

the

form

of

socialism

is

the

passing palliatives, and that socialism,
only

permanent

corrective

as

or

well,
some

accommodation?

or

It is indeed strange that this court, in effect, is called upon to make way for
it and through an instrument of a constitution based on personal rights, and
the purposeful encouragment of individual incentive and energy, to declare

legal a power exerted for their destruction.
come to

The inquiry

occurs,

have

we

the realization of the observation that "War unless it be fought for

liberty is the most deadly enemy of liberty."
But
as we

passing that, and returning to the Constitution, it will be observed,
its words are a restraint upon power, intended as such

have said, that

in deliberate

And it is

persuasion of its wisdom

as

against unrestrained freedom.

significant that it is not restraint

upon a

"Governing One" but

restraint upon the people themselves, and in the persuasion, to use the words
of

one

of the supporters

for liberty to yield

of the Constitution, "the natural order of things is

and for government to gain ground."

its conception is, may move government to exercise;
dominant

over

another,

result, the framers of the Constitution believed precautions
as

against

any

Sinister interests,

one class may

become

and against the tyranny and injustice that will

other abuse of power.

And

so

were as necessary

careful is it of liberty that it.

protects in many provisions the individual against the magistrate.
Has it suddenly become

weak—become not

a

restraint upon evil govern¬

ment, but an impediment to good government?

Has it become

an

ana-

April 30

1921,]

THE

chronism, and is it to become "an archaeological relic,"

CHRONICLE

longer to be

no

an

other ordinances of power, and as distinct are the cited cases from this
case,

efficient factor in affairs, but something only to engage and entertain the

and if

studies of antiquarians?

upon

Is not this to be dreaded—indeed, will it not be

the inevitable consequence of the

justifies,

decision just rendered ?

and upon what principle.

.

.

.

pass

.

.

any

.

.

law

.

we re¬

"No State shall

the obligation

impairing

of

contracts,

By the Fifth Amendment no person can be deprived of prop¬

erty without due process of law.
comment.

They

a

The present case is

contract we do not pause

concerned with

a lease, and that a

to demonstrate either to lawyers or to

they

the

bear the extent put upon them,

can

what extent can be put

at bar or upon the limit of the principle it declares?
It is
the insistency of the public interest and its power.
As we
understand, the assertion is, that legislation can regard a private transac¬

based

tion

case

upon

as

matter of

a

session

public interest.

exercise of

or

It is not possible to express the pos¬

unbounded

more

or irresponsible power.
It is true,
mitigation of this declaration and of the alarm tha,t it causes, it is said

in

that the regard is not
necessarily conclusive on the courts, but "is entitled
at least to

A contract existing, its obliga¬

The elements that make a contract or its obligation

need not consider.

lease is

The prohibitions need no strengthening

absolute as axioms.

are as

tion is impregnable.
we

We have given them, but

By Article 1 of Section 10 it is provided:

peat them.

us see what it

But first and preliminary to that in¬

quiry are the provisions it strikes down.

.

Let

1825

This is

great respect."

intangible to

measurement or brief answer.

But

we

need not beat

about in generalities or grope in their determination in subtle search for a

test of

legal judgment upon the conditions, or the power exerted for their

a

relief.

"The Rent Law" is

brought to particularity by the condemnation

laymen, nor that the rights of the lessor are the obligations of the lessee, and,

of the Constitution of the United States.

of course,

tion of police or other
power—nothing can absolve it from illegality.

thfe rights of the lessee are the obligations of the lessor—the

mutuality constituting the consideration of the contract—the inducement to
it and its value, no less to the lessee than to
What

were

the

the lessor.

rights and obligations in the present case and what was the

right of Hirsh to control his property?
the City of Washington;

Hirsh is the purchaser of

a

lot in

Block is the lessee of the lot and he agreed that at*

the end of his tenancy he would surrender the premises, and

this and "each

and every one of the covenants, conditions and agreements," he promised

"to keep and perform."
It

refused and against this suit to recover

was

the

Hirsh at the fend of the term demanded possession.

The

statute.

defense prevailed in

possession there was pleaded

the trial court;

declared unconstitutional in the Court of Appeals.

the statute was

It is sustained by the

Lim¬
iting its duration to two years certainly cannot.
It is what it does that is
of concern.
Besides, it is not sustained as the expedient of an occasion,
the insistence of

an
emergency, but as a power in Government over prop¬
the decisions of this Court whose extent and efficacy the opin¬
ion takes pains to set forth and illustrate.
And as a power in Government,

erty based

give what duration it
pleases to its exercise, whether for two years or for more than two years.
If it

and to transfer the

other.

The

Government interposes

illegality, takes

away

If such power

or

commission is but

in

legal

any

the right to

detail in the power

a

Indeed,

sense.

intensifies

its

jury trial from any dispute of fact.

a

exist what is its limit and what its consequences ?

consequences we

ington

a

it

extenuating

its citi¬

and vest them in the

of the property of one

uses

interposition of

exerted—not

And by

do not mean who shall have a cellar in the City of Wash¬

who shall have

apartment in a million-dollar apartment house

an

in the City of New York,

but the broader consequences of unrestrained

and its exertion against property, having example in the present case

power

and likely to be

applied in other cases.

This is of grave concern.

The

security of property next to personal security against the exertions of Gov¬
ernment is of the essence of

have shown, and both the
the States

They

liberty.

to

protection, as we

(Fourteenth Amendment) are forbidden to deprive any person

Fifth

public

dre joined in

National Government (Fifth Amendment) and,

"of life, liberty or property without
of the

use,

Amendment

is that

due process of law," and the emphasis

private property cannot be "taken for

And in recognition of the purpose

without just compensation."

protect property and the rights of its owner from Governmental aggres¬

sion, the Third Amendment provides:

"No soldier shall, in time of peace

be quartered in any house, without the consent of the owner, nor in

but in

war,

There

be prescribed by law."

a manner to

can

(Bronson

regarded
to the

as a

(Chicago Burlington &c. RR. v. Chicago, 166 U. S., 226).

Our social system rests largely upon

its sanctity, "and that State or com¬
soon

discover the

which follows" (City of Knoxville v. Knoxville Water
There is not

nounced

a

contention made in this
An

untenable.

case

error

in the disaster

emergency

that this court has not pro¬

is asserted

as

a

It is there declared (page

rejected in Ex parte Milligan (4 Wall., 2).

of the United States is

a

And it was said that "the Constitution

law for rules and

people equally in war and in peace,

and covers with the shield of its protection all classes of men at
under

all

circumstances.

quences, was ever
can

No doctrine,

involving more pernicious conse¬

invented by the wit of man than that any of its provisions

be suspended during any of the great exigencies

of Government."

But what is the power that is put in opposition to

conserving
or

The opinion gives to the

the Constitution and

certain force, but its range is not
Circumstances, it is said, "have clothed the letting of buildings

defined.

police power

District of Columbia with

a

public interest so great as to justify

and the deduction is justified, it is said, by analogy

only of private concern;
to the business of

insurance, the business of irrigation and the business of

mining (German Alliance Co.
U. S.. 361;

Strickley

v.

v.

Lewis, 233 U. S. 389;

the difference is

that interest

And

as

The

concerned

is

case

with

the covenants of

approval of the State, in defiance of the rights of the lessor.

palpably different is the use of water for mining or irrigation or manu¬

Therefore, the provocation

may come to those who feel them that the

property of others
(estimated in the millions, perhaps) should not have asylum from a share

of the load.

And^hat answer

principle of the

principle

case now

disregarded in the public interest
be involved in

may

be made to such demand within the

can

decided?

Their promises are as much within

one more

be attended to—the

every

contract can be; patriotic honor

than in another, but degrees of honor may

public interest regarded

different is eminent
railways

exigencies

making necessary other appeals.

mines to

a

the height of buildings in

safeguard the employees of one in case the other should be aban¬

it is not necessary to

specify),

frm

accumulation

of

billborads in cities

morality, health and decency (in what way
or

the keeping clear of watersheds to protect

the water reservoirs of cities from damage or devastating
them

other

city, or the requirement of boundary pillars in coal

account of their menace to

"treetops,

fires or the peril of

boughs and lops" left upon

the

be thrown upon the integrity of their

promises under the conception of a

public interest that is superior to the Constitution of the United States?
It comes to

recollection also that

our

summation of what is conceived to be
into

contracts

declaration

of like

of

kind.

States of the Union,

in con¬

present necessity, have also

a

entered

some

They, too,

cases

and their incidents hardly need explanatory comment.

justify the prohibition of the

use

It

jurisprudence.

of property is, of course, within the regulating power

isl

one

They

of property to the injury of others, a pro¬

hibition that is expressed in one of the maxims of our
use

under

come

may

Such

of government.

of the objects of government to prevent harm by one person to

imperious public interest and their promises be made

an

subject to it.
The prophecy is not unjustified.

This court has at times been forced to

declare particular State laws void for their attempted impairment

obligation of contracts.

To accusations hereafter of such

State law this decision will be

The police power has some pretense for its

and the line that separates

easily drawn.

Indeed,
cation

ask,

we

opposed/and the conception of the public

the State have other interests besides the nullifi- *

may not

of contracts,

summation?

and

If not,

its police power

may

not?'

why

provision of the Constitution

one

other provisions

not

controversies,
or

■

be?

At

may

any

be exerted for their con¬
just announced,

decision

Under the

be subordinated to that pow r,

invocation.

Regarding alone

everything under the sun,

To borrow the illustration of another,

discerned or traced,
yet the light of day and the darkness of night are very distinct things. And
as distinct in our judgment is the puissance of the Constitutiion over all
the line that separates day from night cannot be easily

*

Welch v. Swasey,(214 U.S., 91:) Plymouth Coal Co. v. Commonwealth
of Pennsylvania,(232 U.S., 531;) St. Louis Poster Advertising Co. v. St.
Louis(249 U.S., 259;)Perley etal. v. State of North Carolina(249 U.S., 510.)




if

may

rate, the case commits the country

to

nd their decision, whether for the supremacy of the Consti¬

the supremacy of the power of the States,

will depend upon the

uncertainty of judicial judgment.

The decision
was

given in the

appellant,
The

vs.

upholding the New York State housing law
case

of the Marcus Brown Holding Co., Inc.,

Marcus Feldman, Benjamin Schwartz, et al.

findings of the Supreme Court in the

case were

set out

follows:

as

This is

a

appellant,

bill in equity brought by the Marcus
owner

of

of the

Brown Holding Co., the

large apartment house in the City of New York;

a

an

apartment in the house and the District Attorney

County of New York.

has expired, which it did on

The tenants

are

holding

over

bill is to have these and other connected laws

it

a

misdemeanor for the lessor

may

or

The object of the

declared unconstitutional.

his enforcing by criminal
same year,

which make

janitor intentionally to fail

any agent or

heat, light, elevator, telephone or other service as

be required by the terms of the lease, and

customary use of the building.

The

case was

be summed up in

the rights given to a lessor

by the

a

some

public documents,

The bill alleges at length

few words.

common

the proper or

necessary to

heard in the District Court

by three judges upon the bill, answer, affidavits and
all of which may

after their lease

Sept. 30 1920, claiming the right to do so under

chapters 942 and 947 of the Laws of New York of 1920.

law and statutes of New York

before the enactment of the statutes relied upon

by the tenants, a covenant

by the letter to surrender possession at the termination of their lease
due demand, and claims protection under article 1, section 10, and the

alleges that before the passage of the

new

premises had been made, to go into effect

on

and

Four¬

An affidavit

statutes another lease of the

Oct. 1 1920.

The answer of

the tenants relies upon the new statutes and alleges a willingness to pay a

reasonable rent and any reasonable increase as the same may be

by

a court

of competent jurisdiction.
another suitable apartment

moved to dismiss the bill.

determined

It also alleges that they made efforts

but failed.

The District Attorney

The judges considered the case upon the

merits,

upheld the laws and ordered the bill to be dismissed.
By the above mentioned chapters 942 and

its legal from its illegal operation cannot be

But it must be drawn.

of the

effect of a

an

interest.

to obtain

another by any conduct.

the words of its definition, it embraces power over

subsequent

a

teenth Amendment of the Constitution of the United States.

ground.*
The

to the govern¬

may come

The government can only offer the

inducement and security of its bonds, but who will take them if doubt can

to furnish such water,

doned and allowed to fill with water, or the regulation of
on

and

for the working of mines.

And there is less analogy in laws regulating

take

security and value from the contracts and their evidences?

proceedings chapters 131 and 951 of the Acts of the

business sections of

not

At any rate,

paramount.

as

does not the decision just delivered cause a dread of such result and
away assurance of

Ahd it is well to remember that other
ment

the

the lease of Hirsh is, for, necessarily, if one contract can be

as

with the requirement of compensation; and as palpably

exercised for

of the

of the highest public interest,

are

discharge is of imperious necessity.

temptation

or

The District Attorney is joined in order to prevent

means

destruction

results

patriotism eagerly entered, but, it may be,

facturing and eminent domain exercised for the procurement of its means
domain, with attendant compensation,

the

the promise of exemption from a burden of

Burdens of government

government.
and their

enticed by

was

against the tenants of

palpable between life insurance and the regulation

of its rates by the State and the exemption of a lessee from
his lease with the

foretell the consequences of its

can

of the war—contracts into which

It
An

opposing denial is only available.
us

Who

power.

war

Clarke v Nash, 198

Highland Boy Gold Mining Co., 200 U. S. 527).

is difficult to handle the cases or the assertion of what they decided.

To

freedom?

the .basis of life and of all its

are

and we are reminded thereby that there were contracts made
by the National Government in the necessity or solicitiude of the conduct

a

regulation by law" though at other times and places such letting may be

to us, what will the country do with its new

comes

question of it?

even

German

tution

It is not clear from the opinion what it is.

supersedes its prohibitions?

in the

all times and

endure for

business, and the Constitution, fortifying the conventions of honor, is their

120) "that the principles of Constitutional liberty would be in peril, unless
established by unrepeatable law."

endure for two years, it can be made to

othe rpower that can pronounce the limit of

no

Contracts and the obligation of contracts

Co., 212 U. S., 1,18).

justification of the
the impairment of the contract of the lease.
A like contention

statute and

There is

its duration
against the time expressed in it, and its justification practically, marks the
doom of the judicial judgment on legislative action.

It is next in degree

protection of personal liberty and freedom from undue interference

munity which seeks to invade it will

was

depends its

Protection to it has been

Bush, 251 U. S., 182, 187).

vital principle of republican institutions.

molestation

or

v.

time of

be no concep¬

tion of property aside from its control, and use and upon its use
value

be made to

can

more.

The wonder

It is manifest, therefore, that by the statute the

zens

on

if it exists at all, it is perennial and universal and can

decision just announced.

with its power to annul the covenants of a contract between two of

Call it what you will—an exer¬

947

a

public emergency is

declared to exist, and it is provided by chapter 947 that no action

maintainable to
of

one

million

recover

or more or

in

a

city in a county adjoining such city

for dwelling purposes, except an action to recover such

action where the

owner

of record of the building, being a

seeks in good faith to recover

occupied

possession upon the

ground that the person is holding over and is objectionable,
an

"shall be

possession of real property in a city of a population

.

.

•

or

natural person,

possession of the same or a room or rooms

CHRONICLE

THE

1836

personal occupancy by himself and his

therein for the immediate and

family

of demolish¬
ing the same with the intention of constructing a new building.
.
.
•
The earlier chapter 942 is similar with some further details.
Both Acts
are to be in effect only until Nov. 1 1922.
It is unnecessary to state the
provisions of chapter 944 for disputes as to what is a reasonable rent.
They
are dealt with in the decisions of the Court of Appeals cited below and in
as

dwelling,

a

or an

In this

in accord¬
Court of
La Fetra
vs. Shatzkin (March 8 1921), that the emergCo. vs. Shaw, 248 TJ. S., 297, 303; Hairston

in the previous case

as

court.

Siegel (March 8 1921) by the same

of Block vs. Hirsh we shall assume,

with the statutes, the finding

ance

APPOINTMENT OF

action to recover premises for the purpose

E. A. Levy Leasing Co., Inc., vs.
•

of the court below and of the

[Vol. 112.

INTER-STATE

FIRMED BY

April 18 by

Hirsh.
In the present case more emphasis is laid upon the impairment of the
obligation of the contract of the lessese to surrender possession and of the
new lease which was to have gone into effect upon Oct. 1 last year.
But
contracts are made subject to this exercise of the power of the State when
otherwise justified, as we have heJd this to be (Manigault v. Springs, 199
have been dclt with in Block v.

U. S., 467.
482; Chicago & Alton RR. v. Tranbarger, 238 U. S., 67. 76, 77; Union
Dry Goods Co. v. Georgia Public Service Corp., 248 U. S., 372, 375;
Producers Transportation Co. v. Railroad Commission of California,
251 U. S., 228, 232).
It is said too that the laws are discriminating in
respect of the cities affected'and the character of tbe buildings, the laws
U.

8., 473, 480; Louisville & Nashville RR. v. Mottley. 219

extending to buildings occupied for business proposes, hotel property or

not

buildings

in

now

But as the evil to be met was a

of erection, &c.

course

obviously justified to need explanation, beyond repeating what was

too

recommendation
nomination
Follette.

said below
and

the

item

buildings, that the unknown cost of completing them

to new

as

need

to

encourage

such structures sufficiently explain the last

the excepted list.

on

It is objected finally that chapter 951, above

stated, in

so

far as it required

law are

our

contracted to render them.

They

houses.

might issue out of

and

analogous

are

activities, are so far

incidents of
that
We perceive no

necessary

be attached to land.

or

services

the

to

additional difficulties in this statute, if applicable as assumed.
well discussed below and we are of opinion that the

case was

The whole

decree should

Decree affirmed.

V'1';'

•'

■

emphasis of the other,

an

It may be more

of the State is the

sion to it.

And

directly applicable, for in this

case

the police power
a conces¬

understand the opinion, in broader and less hesi¬

we

tating declaration of the extent and potency of that power.

"More

em¬

phasis," it is said, "is laid upon the impairment of the obligation of the
tract" than in the Hirsh

"But contracts

State when otherwise
ours

and

are

In measurement of this

case.

as

reliance it is

a

made subject to this exercise of the power of the

justified, as we have held this to be."

The italics

are

estimate then by the cases that are cited in their explanation

we

and support.

We

not diposed to a review of the

are

La

Congress in respect to railroad

service

this

on

accord

with

the

Congress during the seventeen

committee

important

Commerce!

Governmental

years

[House Committee

of
on

will show that he has been in substantial

under which

policies

the carriers of the

country have been brought to their present plight, and that his attitude,
revealed in his speeches and votes, has been one of consistent friendliness
to the railroads.

••/".■■■

...

Year after year the Commission
enact laws which would

(Inter-State! appealed to Congress

to

put a stop to discriminatory rates, overcapitaliza¬

and manipulation of securities,

tion,

and other abuses which

fast

were

undermining the service and destroying the credit of American railroads.
annual reports,

Congress to

pass a

over

a

period of

valuation law,

so

decade, the Commission urged

a

that the honest value of the railroads

might be ascertained and made the basis for just and reasonable rates.

in ignoring the recommendations of the body of which

mittee

proposed he shall become

tion had been practically won,

and

the railroads had yielded to the

even

an

advocate of that policy.

In July 1919, with the convening of the Sixty-sixth
became

Chairman

merce.

He

was

of

thus

the

Wo leave

cases.

it is now

It was not until the fight for valua¬

member.

a

inevitable, that Mr. Esch became

Committee

Congress, Mr. Esch

Inter-State

on

and

Foreign Com¬

charged with responsibility for the bill by which the

bill, drafted by Mr.

passed by the House.

Esch,

A bill, known

as

the

reported from the Committee and

was

The Senate meanwhile, passed the Cummins bill,

and in January 1920 the conference committee went into session to frame
a

conference report.

On Feb. 21 1920 Mr. Esch presented the conference

report to the House.

In his speech to the House Mr. Esch claimed the

authorship of the report, which wras enacted as the Transpotartion Act of
1920, and is more commonly known as the Esch-Cummins law.

con¬

said:

Esch's

Inter-State and Foreign

Esch

and the argument in that applies

especial invocation and the C.ourt's judgment is
as

the

to

purported to present Ithe salient fea¬

An examination of the records of

Mr.

■

The dissenting views in this case were set out as follows:
This case is

confirm

by Senator

submitted

was

House should propose to terminate Federal control.

be affired.

to this.

Inter-State, with the

decline

During this period, except for his advocacy of block-signal systems and

from personal that they constitute the universal

in the old law

Esch,

This report

on

Senate

safety appliance laws, Mr. Esch joined with his colleagues on the Com¬

But the services in question, although involving some

apartment

the

It is true that the

personal services against his will even when he has

modern

Georgia,

opposed to compelling a man to perform strictly

ground that it infringes the Thirteenth Amendment.
traditions of

that

tures of Mr. Esch's record in

In its

active services to be rendered to the tenants is void on the rather singular

of

A report embodying the views of the

Mr.

of

F^llette, of Wis¬

Watson,

and

Florida,

of

legislation, and in part said:

pressing want of shelter in certain crowded centers the classification was

very

Trammell,

minority of the Senate Committee

208 U. S., 598, 607).

Danville & Western Ry.,

The chief objections to these acts

OF

CON¬

SENATE.

Senators La

vote of 52 to 3.

a

voted in opposition.

▼s.

MEMBER

Wisconsin, as a member of the Inter-State Commerce
Commission, was confirmed by the United States Senate on

(March 8 1921) and Guttag

declared exists (Hebe

AS

COMMISSION

from

consin,

gency

ESCH

J.

The nomination of John J. Esch, former Representative

Appeals of the State in People ex rel. Durham Realty Corp. vs.

•

JOHN

COMMERCE

said:

it

Mr. Esch

f

-

"As to the conference report,

be gratifying to the membership

may

of the House to know that the form and structure of the House bill have
been

preserved.

selves

to

I think that the form

as

and structure commend them¬

because of their simplicity and because they render

one

every

reference to the Act much more easy.
to form and structure but

practically

We not only seemed acceptance
as to

substance.

There is but one

them in reference, as the opinion does, with the comment that our deduction

substantive proposition contained in the House bill that was yielded to by

from them is not that of the opinion.

the

There is not

a

line in any of them that

House

and

conferees

declares that the explicit and definite covenants of private individuals en¬

That

gaged in

yielded

to

with

only

material

modifications.

value of the property."

a

law, and

private and personal matter

we

submit, as

we

are

subject to impairment by

argued in the Ilirsch

case,

State

a

that if the State have

is the so-called

In other

Section 6.

providing for the rate of return

words, the Esch-Cummins law

on

the

it exists to-day was the work

as

*

such

power—if its power is superior to Article 1, Section 10, and the Four¬

teenth

Amendment—it is superior

to every

other limitation upon every

of Mr.

Esch, and the results of its application

may

be attributed largely

authorship.

to his

expressed in the Constitution of the United States, commits rights of
property to a State's unrestrained conceptions of its interests, and any ques¬

power

tion of

them—remedy against them—is left in such obscurity

denial of both.

There is

a

concession of limitation but

as

and the reasoning of the opinion, as we understand it, and its
implications
and its incident, establish practically unlimited
not

are

disposed to further enlarge

upon

the

case or

attempt to recon¬

any

pretense, to disregard

on

of the Clayton Anti-Trust Act until Jan. 1

or emergency

"because of

some

or

bend it to

some

We

Inter-State and Foreign Com¬

proposing

Section 501 of the Transportation Act by suspending Section 10

as

paramount, and not to weaken it by rfeined dialectics,

pro¬

financial interests which control the carriers.

to amend

1922.

Section 10 of the Clayton Act was a penal statute enacted in 1914 to pre¬

accident of immediate overwhelm¬

ing interest which appeals to the feelings and distorts judgment" (North¬
ern Securities Co. v. United
States, 193 U. S., 197, 400).

stalled by

The first of these was a bill introduced by Mr. Esch Dec. 6 1920,

It is safer, saner and more consonent with Constitutional

pre-eminence and its purposes to regard the declaration of the Constitution

impulse

December 1920.

was

Mr. Esch brought in two bills affecting the railroads, both of which

the great

tinder

Traffic

indorsed by the railroad security holders, the railway executives and

to

a contract, or,

collapsed.

As Chairman of the House Committee
merce
were

impair the obligations of

had

hibitive rates and the shipper and the consumer were clamoring for relief.

cile the explicit declaration of the Constitution
against the power of the State
the declaration.

Sixty-sixth Congress met in

transportation system

The

power.

We

session of the

The third

to be a

definition of it,

no

the railroads from dishonestly and fraudulently "padding" their ex¬

vent

penses

for maintenance—ultimately to be paid by the public in freight

rates—by the purchase of supplies and equipment from concerns owned by

therefore dissent.

the same interests

which

own

the railroads.

At the very time when Mr. Esch framed this amendment and reported it
with the

E. 1. LEWIS AND J. B. CAMPBELL NAMED TO INTER¬

STATE

COMMERCE COMMISSION.

to

April 27[President Harding sent to the Senate the names
E.,I. Lewis of Indianapolis and J. B. Campbell of Spokane
be members of the Inter-State Commerce

These nominations will
mission

to

up

the

and

was

formerly

44IndianapolisJNews."

I

number—eleven

members.

a

member of 'the

staff

of

Mr. Campbell has been counsel

the
for

various industrial and agricultural interests who have
sought
to obtain lower railway rates for the
inter-mountain

territory.

During the
•

war

he served

on

one

of the

mittees of the Railroad iVdministration.
named for the term

bell will

serve

regional rate

com-

Mr. Lewis has been

ending Dec. 31 1925, while Mr. Camp¬
ending Dec. 31 1925.
The con¬

for the term

firmation of the nomination of John J. Esch

as a member of
the Commission is referred to in another item in
to-day's

issue of

our

paper.

Mark W. Potter

ber of the Commission by President
and his

appointment

to




were

was

was

named

Harding

deficits, which the Esch-Cummins Law had made

pay¬

public treasury for the first six months of private operation,

being augmented by hundreds of millions of dollars.

Commission.

Mr. Lewis is Chairman of the Indiana Public Service Com¬

mission

By this practice the
able out of the

bring the membership of the Com¬

authorized

collecting evidence showing that the railroads were letting repair and

equipment contracts to favored concerns, controlled by the railroad directors
themselves, at prices ranging from 100 to 400% higher than normal levels.

On
of

was

approval of his Committee the Inter-State Commerce Commission

on

as

a mem¬

March 11,

confirmed by the Senate

on

March

Less than
Esch

a

fortnight after the amendment had been reported by Mr.

rushed through

and

its own

Senate and

motion,

House the

ordered

Inter-State Commerce

formal investigation of the

Commission,

on

contracts for

supplies and equipment made by the railroads, and this in¬

a

Should the appointment of Mr. Esch be

vestigation is now in progress.

confirmed, he will sit upon the semi-judicial body which is conducting this

investigation, and as a Commissioner will pass upon the propriety of acts
to which he

The only

has already given his assent as a legislator.

other important bill reported favorably from the Committee of

which Mr. Esch was Chairman
Winslow

Bill.

during the last session of Congress

was

the

This bill amended the transportation Act by allowing the

railroads to collect $631,500,000 in guaranties from the Government without

making the final accounting
tion Act as
enact

passed.

this amendment.

its passage

and settlement provided for in the transporta¬

Great pressure was brought to bear upon Congress to
It

was

finally adopted, and it is estimated that

will enable the roads to swell the amount of their guaranty by

several hundred millions of dollars.
These
measures

two

bills,

both in the interests of the railroads,

dealing with the railroad situation.
which

were the

only

brought forward during the last session of Congress by Mr. Esch

they were framed

Considering the circumstances under

and passed serious doubt must arise as to the

eligibility of Mr. Escix to membership on the Commission which is supposed
to

regulate the railroads in the interests of the people.

April 30

1921.]

THE

CHRONICLE
i

The appointment of Mr. Esca to the

Inter-State Commerce Commission

at this t-ime will be

an act of great significance to the people of the
country,
crying for relief from conditions which have been aggravated by the
operation of the Esch-Cummins law.

who

are

It is recognized that Mr. Esch is more responsible than any other one man

for the present transportation

Act.

On the Inter-State Commerce Commission he will

in accordance with the principles of rate
floor of the House.
to the

assurance

His appointment

interpret its provisions

making he has enunciated

on the

will not only give the discouraging

In the past

been termed
what

notice upon the other members of the Com¬

serve

or

honest ne may be, Mr. Esch

desires

to

perpetuate the ruinous policy under which the transportation

with,

billions of dollars in unjust charges.

As indicated in

Esch

named

was

issue of March 26,

our

as

page 1240, Mr.

member of the Inter-State Commerce

a

Commission by President Harding on March 12; with the
failure

confirmation

of

session which

the

of

appointment at the special

adjourned March 16, through the opposition

interposed by Senator La Follette—Mr. Esch
appointment by the President

recess

given

was

Davis,

MEMBERS

President

Harding

OF

RAILROAD

LABOR

This naturally gives
there is

measuring

no

In the view of Ford, Bacon &

agree upon.

in the report as the cost of the theoretical
competitor.

Adhering to sound and well-established economic princi¬
ples eliminates the possibility of misunderstandings and con¬
troversy, and the firm believes that the definition of fair
value

In

contained in the report will go a

as

clearing

up many

the final

which

towards

way

analysis, value, it is claimed, is

as

it is entirely dependent

to be realized in the

are

long

mooted questions in valuation proceedings.

however, all values

April 16 sent to the Senate the fol¬

on

indefinite

and the fair value of the property must be what is defined

judgment,

BOARD.

physical

the
an

two engineers or economists

are

upon

matter of

a

anticipated profits

future, and consequently must,

necessarily, be purely ah estimate.
NEW

A

amount

an

rate base must be the fair value of the property

a

a

March 22.

on

rate base which any

a

lawyers will

should not be confirmed for

system has collapsed and which has burdened the consuming public

that it is represented by

wide field for differences of opinion as

a

interests, rather than to the people, is to be rewarded.
or

really is will have great difficulty.

you

added for so-called going value.

sum

has

what

assume

attempting to define

any one

property and its cost less depreciation with

rod for

However able

base, but

somewhere between reproduction cost new of

mission, charged with the regulation of the roads, that service to the railroad

appointment; to the Inter-State Commerce Commission unless the Senate

rate

base

rate

a

it has been customary to

a

lawyer will tell

people that the principle of the Esch-Cummins Law is to

be retained but it will

1837

t

■

Upon such

difficulty in determining the value of

a

estimate,

an

based, and there should be

no

public utility

lowing nominations to the Railroad Labor Board to replace

basis, it is contended, that the value of

members whose terms

greater

this

on

freely competitive industry.

Walter

five

L.

vice

years,

Samuel

expired April 15; to represent labor,

McMenimen, of Massachusetts, for

Park; Public

all

three

Inter-State Commerce
Senate

the

on

25th inst.

Some protests

on

against Mr. Mc-

it is stated, were filed with

the

by representatives of the railroad clerks and shop

maintenance of way workers
without

The nominations

the Senate Committee

April 22, and confirmed by the

on

Menimen's appointment,
committee

group,

representation

who contended they would be

the Board,

on

GERMANY'S ANSWER TO DEMAND FOR REICH SB AN K

term of five years, vice

a

vice Henry Hunt.

approved by

were

of

GOLD—NEW

Ben W. Hooper of Tennessee,

group,

term of five years,

a

of

term

Forrester; management

Higgins of New York, for

William L.
for

J.

James

a

Mr. McMenimen

as

unregulated

any

represented the Brotherhood employees.

A

DEMAND OF ALLIES.

reply to the demand of the Allied Reparations Commis¬

sion that the German Government transfer the

the

of

Reichsbank

Coblenz before

April 23.

to

May 1

gold

reserves

the

latter's branches at

Cologne

or

was

delivered to the Commission

on

While the note does not specifically refuse to

comply with the request, it points out that the
the request

reason

for

is found in the provisions of the treaty whereby

the German Government

neither export

can

dispose of

nor

gold without the authority of the Reparations Commission
"will

no

longer be enforced beginning May 1."

The German

Government declares its readiness to take all legal measures
NEW

METHOD

The report of

VALUING

OF

mission of the State of New

Public Service

theory.

new

Jersey fixing the value of the

Railway Co. of that State, is based
The fundamental principles

First.—That value
nomic

the

sense,

have but

can

tic

character,

eco¬

in the commercial

necessarily

or

regulating

destroy value and the property

contrary

the provisions of the Four¬

to

that

"an

to

extending the provision until Oct.
considers

it

equivalent

Besides

satisfying

notes

The
Dr.

proposition

the

interests

of

no

way serve

inevitably would

1, and

constituting
par ties.*''

both

the ends sought by it, the note adds
gold

cause a

reserve

behind German bank

further serious weakening of

and the whole German monetary system."

following is the text of the note which
von

as

stating that the request of the Allied Commission

signed by

was

Oertzen, for the War Burdens Commission:

By order of the German Government, I have the honor to reply
to the note of the

as

follows

Reparation Commission dated April 16 1921, regarding

the metal reserve of the Reichsbank:

"The decision of the Reparation Commission demanding that the German

Government should

amplified in the report in the following lan¬

this

that "withdrawal of the last

teenth Amendment of the Constitution of the United States.

This idea is

view

a

states

German exchange

legislature

a

with

would in

are:

than deprive the utility of its monopolis¬

more

thereto

a

in terms of money.

Second.—Any laws passed by

attached

upon

meaning in its

one

which generally

one

world is measured

body which do

UTILITIES.

PUBLIC

Ford, Bacon & Davis to the Valuation Com¬

as a measure

of

security and to guarantee the work of

1

1921, the total metal reserve of the

reparations, transfer before May

Reichsbank to branches at Cologne or Coblenz, can be explained by the fact

guage:
By reason of public utilities being more or less of

a

monopolistic character,

that the second paragraph of Article 248 of the Peace Treaty,

by whose

serving the public and affected by the public interest and not subject to

terms the German Government

the laws of supply and demand to the same extent as freely competitive

authorize gold to be exported or disposed of without prior authorization of

industries,

the Reparation Commission, will no longer be enforced beginning May 1.

or

Federal and

Governments have passed laws restricting

State

limiting the earning power to

a

fair return

I employed for the public convenience.
of regulation

purpose

public

utilities

just

is to
the

as

limited by economic law.
termed

theoretical

a

become

commercial

regulation

in

of freely

competitive

or

industrial

enterprise,

considerations
point

a

are

which

at

are

and

consequently,

thereby impaired, property is taken

and the

public

service

is

itself

injured

as

without
the

just

principles, the report proceeds to

determine the value of the Public Service Railway

the

of

profits.

an

unregulated freely competitive industry,

would

value

necessarily

be based

upon

These profits, in turn, would, of

pendent
the

in accord¬

with the method which would be used in determining
value

upon

average

anticipated

course,

be de¬

the rate received for the service rendered

product furnished, which rate must
rate which would prevail in

competitive

an

If the

unregulated freely

a

upon

which this valuation has been built

public utility would be much simplified and

points of unending controversy would be cleared




should not

in principle regarding

a

That is why it (the German Gov¬

legal measures necessary with

a

view to extending the validity of the said

provision until Oct. 1 1921.
The German Government considers this proposition constitutes an equiva¬

the

Reparation Commission.

account the

tirely

It is necessary, in the first place, to take into

objection that the Reichsbank,
and

autonomous

independent

as a

of the

private institution, is

administration

the

of

en¬

State

finances in handling its private property, particularly its metal reserve.
"Even formally maintaining its property right in the Reichsbank would

difficulty.

the ends sought by the

Furthermore, the

measure would in no way serve

Reparation Commission, that is, to

assure

Germany's

execution of her reparation obligation, inasmuch as withdrawal of the last

gold reserve behind German bank notes inevitably would
serious weakening

cause

a

further

of German exchange and the whole German monetary

system.
"The

would

further marked depreciation in

on

the

one

economic life and

German exchange thus produced

hand bring about one of the gravest crises in Germany's
a

permanent weakening of her productive capacity, and

the other hand could

sensibly affect the interests of all foreign holders

of German marks and in general all of Germany's

(Signed)

In addition to the reports of the
the Allies'

demands, to which

we

foreign creditors.

"VON OERTZEN."

rejection by Germany of
referred last week,

page

1£84, the Associated Press under date of April 20 indicated

correct, it would seem that the determination of the

value of

an agreement

problem of reparations.

be the normal 6r

industry, relative safety of investment being

principles

nor

ernment) declares itself ready to take immediately and before May 1 all

on

or

considered.

up are

inoperative! before there is

solution of the

not meet this

Based upon these two

which

become

extension

of facilities is curtailed.

ance

and associated Governments are concerned that that provision

in
the

of investment

(safety

gold,

lent, satisfying the interests of both parties, of the course contemplated by

permitted

public use is less than that available for money in¬

a

being equal), value is

compensation

enterprises

what might be

applicable.

the return

competitive and unregulated industry

a

up

economic laws governing an ordinary freely

same

proceeds to

property devoted to
vested

powers

of these semi-monopolistic

powers

The effect of this is to set

same

determining value, the
If

the

neither export nor dispose of

"The German Government does not fail to appreciate how much the Allied

the value of that which is

competitor through whose activities the utilities would

subject to the

competitive

limit

upon

In other words, the fundamental

can

up.

the views of President Havenstein in the matter

many

as

follows:

While the German Cabinet has not yet indicated the nature of Its reply
to the

Reparation Commission's demand that the German gold reserve bo

transferred

to

some

point in the occupied zone, President Havenstein of

the Reichsbank and the financial writers summarily reject the

proposition.

CHRONICLE

THE

1828

private

the property of a

They take the ground that the gold is not only

conditions named would

hank but that its removal from Berlin under the

and abroad.
would work havoc with
German economic interests and promptly result in an advance of all com¬
modities to fabulous prices as the result of the inevitable depreciation of the
collapse of German currency at homo

result in the

The experts also assert that

such a proceeding

President Havenstein declares that serious

consideration of the proposi¬

of time, and doubts whether any
government could be found in Germany which would accede to the En¬
tion by the Cabinet would be a mere waste

tente's demand.

impossible; that is all there is to it,"

calling

communication

further

German

the

upon

in the
Bank of France before April 30 was sent to the German
War Burdens Commission by the Allied Reparations Com¬
mission
At

deposit 1,000,000,000 gold marks

to

The latter's note says:

April 25.

on

plenary session held on April 25 1921, the

a

Reparations Commission

attitude which the German Government has seen fit to

conferred upon
it by the treaty and to demand that 1,000,000,000 marks in gold be placed
at the disposal of the Reparations Commission in the vaults of the Bank of
Reparations Commission is obliged to exercise the powers

The

this

on

before

or

April

30.

discuss at
the relations of the Commonwealth Government with the
has

Reichsbank, since it is assured that the Commonwealth Government

demand of the Reparations Com¬

in any case means of complying with the

INDEMNITY

This week has witnessed further

the

Government

German

in

the

which is sought by the Allies.

proposals

the part of

on

Following several meetings

of the German Cabinet

Council, the German note, together

with the

was

proposals,

new

American

handed to E. Loring Dresel, the

Commissioner at

High

Berlin,

by Dr.

Walter

Simons, the German Foreign Commissioner, for transmission
to

Washington.

6.

reply to the communication of Secre¬

a

tary of State Hughes, dated April 21, and given in these
columns last week, page 1704, in

which it

"this Government could not agree to
of

reparations with

stated that

was

mediate the question

view to acting as umpire in its settle¬

a

ment," but expressing the hope that the German Govern¬
ment would

present

"promptly formulate such proposals

that event the United States would "consider
matter

to

manner

the

States,

attention

the

of

Lympne

a

AJlied

the

of

acceptable to them."

transmission

would

as

basis of discussion,' and indicating that in

a proper

With the

matter

same

object in view Germany is disposed to pay in kind to

States which were victims of the war, in addition to reconstruction,

7.

scheme

a

far

as

as

bringing the

Governments

in

a

Incidentally, regarding the
Allies

the

to

(England)

by the United

Associated

dispatch

Press

proof of her good faith Germany is pre¬

1,000,000,000 marks, comprising 150,000,000 in gold and silver in foreign
exchange and 850,000,000 gold marks in Treasury notes, redeemable within
three months in foreign exchange or

8.

foreign securities.

In the event the United States and the Allies so desire, Germany

A conversation which is reported to have taken
place between the French

Ambassador at Washington, M. Jusserand, and Secretary of State
Hughes,

Allied obligations to the United States.

9.

Germany

the way in

proposes to

■

V

which German deliveries for reparations will be

10.

As security for the credits

public

revenues and

accorded her, Germany is willing to pledge

properties in a manner to be determined between

it reached

Lympne follows:

Jusserand

that

Secretary Hughes informed M.

it

was

not

certain

the

United States could submit the German note to the Allies—that would be

its contents.
called

Mr.

11.

With the acceptance of these proposals, Germany's other

assume

United States, he pointed out,

simple messenger, taking
of

the

position of

a

being the forwarding agent.

the

but

The

too great and powerful to become

was

a

note from Germany and passing it over to the

propositions,

neutral,

responsibilities
If

a

in

Such service, he contended, would
German

seem to

because the

was

a

friend

United

and

incline toward approval
States

associate.

was

not

in

the

Consequently its

different from those of neutrals.

were

Washington

Government,

however,

approved

12.

a

the

German

guarantee which would please the Allies.

Germany declares the present proposals only capable of being carried

out if the

system of penalties is

discontinued forthwith and she be freed

all unproductive outlays now

imposed

her and that she be given

on

freedom of trade.
In the event of differences of

opinion arising from an examination of the

proposals the German Government recommends that they be
for examination to a commission of

binding

any

The

attitude

Briand,

of the American

the

submitted

recognized experts acceptable to all the

She declares herself ready in advance to accept

decision reached by this commission.

Govern¬

negotiation of the question the German Government
its attention drawn to any points in which alteration is,

would ask to have
in the

The German Gov-%/

opinion of the American Government, desirable.
would also welcome other proposals from

ernment

the American Govern¬

ment.

Finally the note

says:

"The German Government is too deeply convinced

of the fact that the peace

and welfare of the world are dependent upon a

speedy, just and fair solution of the reparations question not to do every¬
thing within its power in order to enable the American Government to direct
the attention of the Allied Governments to the matter."

As

compared with the above, it

Supreme Council of the Allies,
Feb. 5, page 520,

as

may

be recalled that the

reported in

our

issue of

called for the payment by the Allies of an

indemnity of 226,000,000,000 gold marks, in annuities ex¬
tending

period of forty-two

over a

years,

stipulated that Germany should

was

and in addition, it

pay

to the Allies for

forty-two years an annual tax equal to 12% upon the total
her

of

Allies

000

The counter proposals submitted

exports.

by Germany (and referred to in

our

to the

issue of March 12,

989), fixed the indemnity at approximately 50,000,000,-

page

gold marks, this to be offset by payments already made

by Germany, estimated at 20,000,000,000 gold marks, thus

requiring the payment of about 30,000,000,000 gold marks.
On

April 27

Washington

a

dispatch

(Associated Press),

said:
Up to noon to-day there had been no further exchanges between the

of Berlin
certain

Associated

Secretary of State, it

Press

Government's policy in this question

is

informed,

as one

was

proposals.

This

officially authorized after the publication in this country

despatches saying that Air. Hughes had sought elucidation of

points in the German communication.

April 28

Washington dispatch to the New York
was asserted positively to-day that

a

"Times" stated that "it

Secretary Hughes had sent no word to Berlin since receiving
the German offer."
There is

reason

to solve the

The

same

dispatch also said:
Hughes will continue his efforts

for believing that Mr.

problem in one of two ways—invite the allied Governments to

specify particulars in which the German proposals fall short of providing a
to be

was

implied,

was

regards

the

American

of the most important elements

in the situation.

valid, advise the German Government to rectify the proposal.

Mr. Hughes thinks the success of any
in large measure upon

It

satisfactory to the French Ambassador.
M.

in foreign

.

"basis" for resuming the discussions and if he deems the Allies' objections

of

offers, and they were satisfactory to the Allies, then, said M. Jusserand,
approval and transmission by the United States would have the quality
of

reparations

and obligations will be annulled and all German private property
countries will be released.

On

Hughes's attention to the responsibility the

American Government would

Allies.

the

contracting parties.

United States and Berlin since the receipt of the German

upon

reckoned, as
in

which the price value will be fixed.

statement

Jusserand

-

against the total of Germany's debt, particularly respecting the way

respecting the German note, has become the subject of much interest here.
as

was

effort to effect a settlement depends

ascertaining the real views of the allied Governments.

said to-day that this Government must have all necessary informa¬

tion in hand before it could reach a decision concerning any possible new

step.
Mr.

Hughes is credited in some circles with having conceived the present

exchanges, having solely in mind the welfare of the world, upon which

di¬

rectly depends the economic welfare of the United States.

4

The nature of the German note sent to the United States
for

transmission

April

26,

when

to

the

Allies

x\ssociated

was

not

made

Press dispatches

public until
from

Berlin

reported that the text of the note concluded with the

follow¬

ing points:
1.

2.

Germany fixes her total liability at 50,000,000,000 gold marks
payable
Germany will immediately issue

an

international loan in which she

participate and of which the value, rate of interest and scale

tion shall be subject to agreement, the

A renewal of

negotiations presented to him the quickest avenue of ap-

praoch in the common interest, to the Allies and for the sake of reassociating
the United States with the Allies in the liquidating of the war and the
realization of the benefits of peace

Elsewhere in to-day's

attitude of England

,

in suitable annuities, to total 200,000,000,000 gold marks.

will

proceeds of the loan to be

of

redemp¬

put at the

national loan.

4.

our paper we

indicate the

and France toward the latest German

ALLIED

COMMISSION

REPARATIONS

132.000,000,000

MARKS
FROM

AS

REPARATION

FIXES

DUE

GERMANY.

Germany will pay, according to her capacity, in labor, interest and

redemption the total sum to be paid which is not covered by the inter¬
pay

and victory.

issue of

proposals.

disposal of the Allies.
3.

She considers in this connection that it will be possible to

only 4% annual interest.




The

Allied

Reparations Commission at Paris has fixed

132,000,000,000 gold marks

as

the total damages for which

improvement

reparation is due by Germany. under Article 233, Second

The redemption of the remaining

paragraph and Annex 1, Part 8, of the Treaty of Versailles.

Germany is disposed to permit the Allies to share in

of her financial and economic situation.

,

negotiate, with the assistance of experts, as to

The conversation in substance

M.

is

referring to the latest proposals of the German Government,

April 24 said:

contingent

accord¬

possible purely commercial.

In order to give undeniable

pared immediately to place at the disposal of the Reparations Commission

The German note to the United States

in the nature of

was

supplying labor and material

ment facilitate further

the indemnity

of

She will reconstruct towns, villages

and townships designated, or co-operate by
in any other way agreeable to the Allies.

Should any other form of proposals in the view of the American

PROPOSALS,.

matter

r

remedy for mitigating the hardships of the

or

as

NEW

most direct

interested governments.

mission if it wishes to employ them.

GERMAN

reconstruction as the most urgent basis of

She regards

and the hatred between peoples.

war

from

Reparations Commission does not consider it necessary to

juncture

quickly as possible of the balance, Germany

as

co-operate with all her strength in the reconstruction of the

devastated regions.

adopt in the matter,

obligations arising from Article 255,

and in view of its failure to fulfill the

France

In order to clear herself

willing, according to the extent of her ability and capacity, to assume the

Government
under date of April 22 and its refusal to transfer its metal reserve to Cologne
or Coblenz.
The Commission regret that the German Government has
not understood the spirit that prompted its letter of April 21; the principal
reason for requesting that the gold be transferred to the occupied territory
was that the stipulations of the treaty might thus be made to harmonize
with conditions of German exchange.
However this may be, in view of the

the

5.

is willing to

communication of the German

with much regret the

noted

im¬

an

upon

index to be used should the situation become worse.

ing to

*

'

A

said Herr Haven¬

variable form, depending

It would be necessary to draw up a scheme to be based on an

provement.

':v''

"The impossible is

Government

will have to take, therefore, a

sums

reparations and the

nation's currency.

stein.

[Vol. 112.

an

April 30

1921.]

THE

Advices to this effect

Oertzen

the

of

conveyed

were

German

April 27 to Dr.

on

von

Commission.

Burdens

War

CHRONICLE
ALLIES'S

The

April 27:

on

LATEST

VIEWS ON

The

GERMAN INDEMNITY

PROPOSALS.

Reparations Commission issued the following communique
in the matter

1839

That the latest German

table to Great

indemnity proposals

are unaccep¬

Britain, France and Belgium, is indicated in

Reparations Commission, in pursuance of the stipulations of Article

233, Treaty of Versailles, has decided unanimously to fix at 132,000,000,000

views transmitted to

gold marks the amount of damages for which reparation is due by Germany

ton

in terms of Article 232,

of said
In
sary

second paragraph, and of Annex 1 of Part VIII,

treaty.

'

'

fixing this amount the Reparations Commission has effected the

neces¬

Secretary of State Hughes at Washing¬
by the diplomatic representatives of those Governments,
according to a Washington Associated * Press dispatch of

April 28, which also said:
Official

deductions from the amount of the damages in order to make allowance

for restitutions effected

to be effected in execution of Article 238, and in

or

credit wiH be allowed to Germany in respect of such resti¬

consequence no

tutions.

announcement

Secretary of State

unacceptable.

was

withheld,

was

but it

Whether

suggestions

any

sum

It

in respect

the

that

made that Germany be

were

asked to put forward new and more liberal terms

The Commission has not included in the above amount the

understood

was

informed that the German offer in its present form

was

was

not disclosed.

emphasized officially, however, that the chief question at issue

was

of further obligation incumbent on Germany in virtue of the third paragraph

was

of Article

ments, but whether they could be regarded as the basis for renewed discus-

232, to "make reimbursement of all sums which Belgium has

borrowed from the Allied and Associated Governments up to Nov. 11 1918,

cions from which

together with interest at the rate of 5% on such sums."

The

daily

David

in referring to the action taken by the

papers

in

Reparations Commission is in accordance with the

pro¬

Press

vision of the treaty that the findings of the Commission as to the amount of

damage done to the civilian populations of the Allied and Associated Powers
and to their Property during the period of the belligerency of each must be
notified to the German Government

According to the treaty,

the

on

before May 1

or

1921.

Included in the various categories for which compensation is demanded are

maltreatment, all

or

and all levies, fines and other exactions imposed by Ger¬

and her allies

many

We also quote

upon

civilian populations.

They

the following from the New York "Times" of

132,000,000,000 gold marks

the total damages for which

as

reparation is due from Germany fixed by the Reparations Commission rep¬
resents what would be demanded of

and

liquidate the debt to-day.

It

Germany if she

may

therefore only be compared with the

present cash value of the Allies' proposals made at Paris on Jan. 29, which
has been estimated at from 68,000,000,000 to

84,000,000,000 gold marks,

if the 226,000,000,000 gold marks demanded, the payment of which was to
be

completed in forty-two

of the German
at

years, were

latest offer,

discounted at

once;

with the cash value

counter-proposal made at London Feb. 28-March 8, estimated

30,000,000,000 gold marks,

being examined

are

is general

and with the present value of Germany's

that they are thoroughly unsatifsactory,

very

unanimity

carefully, with the other proposals at this

was

me

Germany
On

to say

committed to action, so far as

fields

coal

reparations proposals

OFFERS

BASIS

A

FOR NEGOTIATION.

[Editorial article in New York "Evening Post" of April 27.]

^

In contents and tone the
mary

rejection.

German reparation offer excludes its sum¬

new

The report that Paris has said "No" to the

is premature.

The French Government cannot

"No"

say

new

as

proposal

long

the

as

American Government is engaged, as it now is, in asking the Germans for

supplementary information.

Secretary Hughes has fixed upon the most

important paragraph in the German note, which invites

our

what changes in the offer we consider necessary.

state

not."

or

that the British Government had

"requested its representa¬

inquire informally regarding the

reparations offer for the
would be

ments

the

made under

House of Commons

with

clarity

regard

the

to

total

of

reparations

offered

by

the

German

Government.
The Allies

at

the London conference presented a bill of reparations

and eighteen billion dollars.

Germany

half billion dollars.

offers

now

a

a

the

reparation payments she has already made.

The amount

of these

payments Germany places at five billion dollars, whereas the Reparations
Commission estimates it

at less

than

billions.

two

Supposing the latter

figure prevails, Germany has not made it clear whether the two billions
be subtracted from the total of twelve and

additional to that total.
of payments

ments

half billion dollars or are

a

The Allied demands at London did not make

already made.

are

If Germany's

new

men¬

offer excludes pay¬

already made, then her total reparations would be close to fifteen

billion dollars.

This is

demand for

an

"The presence of Americans in

settlement of many questions.

to the Allied demands that

To

be sure,

a

break over the

Germany puts aside the Allied

a

feature of the Allied programme which unprejudiced

Government and feels at liberty to inject a bit of useful advice,

such advice might take the form of a hint to Germany not to haggle over the
total of her payments over a long stretch of years, and to
to

the problem

of the next few

M.

give more atten¬

present capacity to pay there is rather remarkable agreement between the

after May 1 the Allies have demanded two annuities of two billion

international loan at such

an

billion marks,

Germany

to

proposes

8%.

marks.

Suppose she pays 4%

This would
many

This would mean

mean an

annual

thus offers to assume

2,600,000,000 marks.

an

on

as

4%

annual interest.

loan of fifteen billion

a

annual carrying charge of 1,200,000,000

the remaining thirty-five billion marks.

carrying charge of 1,400,000,000 marks.
an annual

interest burden

This, for the next five

on

Ger¬

her reparations of

years, means

thirteen billion

marks, or exactly the figure which the Allies have asked in the form of five
annuities.
are

The calculation,

of course,

confronted with substantial

payment in the next five years.
more

importance towards

is approximate.

agreement

as

to

Nevertheless

we

Germany's capacity for

And the next five years are infinitely of

a permanent settlement than the vague

possibili¬

ties of twenty-five or thirty-five years from now.

thoroughly engaged in the post-war
settlement, must not allow negotiations to break down over details or ob¬
long-distance hypotheses.

We have re-entered the international

situation in the interests of justice and appeasement.
we

Well, we are

going to do it in the

we are

With this high motive

need not hesitate to press reason upon former enemies and former allies.




spoke to-day of the prospective occupation of the industrial
foregone conclusion, and declared that the operation

as a

would give

"If Germany wanted to show
good faith in executing the Treaty of Ver¬
sailles, she had only to address her proposals to the Reparation Commissioni
been

has

as

done in other

The fact that

cases.

mediary is suspicious in itself, ail the
waited until the

eve

of the day of

more so on

applied to an inter¬

she

account of the fact that

she

reckoning to apply to the United States,

in the hope that the American Government would intervene and that an

interminable discussion would follow,
during which French
would be unnerved and German

public opinion

propaganda would work on foreign opinion

with

a

view to

dividing the Allies and estranging sympathies.
"Well," declared the Premier with great emphasis, "we will not fall into

that trap."

struck," he

avoid references to
our

went on

some

"by the fact that the Germans studiously

questions that

friends abroad to know that there

tions, in which all the allies

are

are

are

We want

essential to France.

two

problems involved—repara¬

interested, and security, which concerns

France particularly.
We accepted
tiers that

are

frontiers with Germany that

agreed
her

over

were

generously dr

n,

gain security is by disarmament to which Germany

her signature.

It would have sufficed for Germany to show

good will by simply fulfilling these obligations to which she subscribed.

and which expired

alone suffices to
When

we

am

we are

sure

that

a

That

going to take.

hold the region in question we shall have in hand an

important

centre of German imperialistic reactionary industry,

centre of German war material

I

accorded

without her having carried out her obligations.

justify the measures

productive pledge,
a

fron

fragile and leave us in the face of Germany.

The only way we can

this

production.

procedure will facilitate efficacious conversations

afterward.
M. Briand referred to what he termed "the
at the funeral of the former Gorman empres.s

many

reactionary demonstration'!

and said: "It is time for Ger¬

to act, if she wants to rid the country of reaction, time to act against

those who manifested at the funeral of the

"We French," he said in

conclusion,

ex-Empress.

"have

seen

with great regret our

American friends leave the places which they held in our councils,
which they had so much right to be.
I wish to express

The French desire to

see

and in

them return

in the strongest possible terms."

Speaking to a group of Senators to-day, Premier Briand pointed out that

The influence of this country, now so

scurities or

in the

proposals addressed to Washington, he

For the remainder of

pay

Suppose, now, that Germany succeeds in floating
marks at

Ger¬

attractive rate of interest

bring in "an extremely high subscription figure."
fifty

councils would help immensely

Germany tried to dodge them and asked for delay, which was

Compare this with the programme outlined In the German note.

the

our

The German Government is unable to rid

said:

For the five

marks and three annuities of three billion marks, or a sum total of thirteen

to

German reparations

would have not only a great moral effect
upon Germany, but
material results.
Referring to the

billion marks in the next five years.

many suggests an

Briand

region of Germany

On this issue of Germany's

years.

Allied demands at London and the terms of the German offer.
years

new

going to help them get rid of that element and

"One is

If Secretary Hughes has not confined himself to asking questions of the

tion

Minister

April 25 Prime

on

itself of the reactionary element that dominates its
policy.

opinion never has been able to take seriously.
German

in which the pay¬

The declaratin that "the German
propositions are abso¬
lutely unacceptable and made under such conditions as to
justify us in doubting Germany's good faith," was made by
Premier Briand of France in
speaking to press correspondents
at Paris on April 28.
This is learned from Associated Press
advices, which report him as saying further:

additional payment equivalent to 12 % of Germany's annual

But that is

exports.

so near

is inconceivable.

difference

years

the offer."

proposals proved unsatisfactory, Great Britain would sup¬
port France at next Saturday's Allied conference in her
proposals for the occupation of the Westphalian coal fields.

oJ

present value of twelve

The German note lacks clearness in respect to

and

tion

Ger¬

right manner."

which the present value has been calculated at somewhere between fifteen

to

new

of clearing up the

purpose

ambiguity concerning the term of

Government to

Mr. Hughes has

told the German Cabinet that one change must be in the direction of greater

He added: "It is

unsatisfactory.

were

the

German

the

whether another opportunity will be given

tives in Berlin to
man

if

concerned,

were

April 27 the Associated Press in London advices stated

In

PROPOSAL

afraid there

am

The Prime Minister is also said to have declared that the

Lloyd George stated that if the
LATEST

There¬

in London.

are

opinion, but I

the complete inadequacy of the proposals made

as to

British Government

50,000,000,000 gold marks.

GERMANY'S

and

situation.

by the German Government."

able to pay in full

were

say

by the financial experts of all the Allies who

not for

The amount of

much regret to

Westphalian

April 28:

Germany's reparations pro¬
reported by the Associated

on

was

fore I would be very sorry to express a definite

prisoners of war and their families and dependents, and allowances

for these purposes,

Commons

of

the 28th inst.

I wish it had been possible for me to
say that they alter the

pensions to naval and military victims, the cost of assistance by the Allied
Powers to

such were acceptable to the Allied govern¬

saying:

as

very

as

Lloyd George, England's Prime Minister, speaking

on

moment

Germany undertakes to meet this obligation.

damages suffered from bombardments, cruelty, violence

"i

proposals

satisfactory terms might eventuate.

House

posals,

Reparations Commission state:
The action of the

not whether the

France must have
the

reason

personal security and safety of her frontiers, and that was

France must take other guarantees than the

penalties which have

already been put into effect in agreement with all the Allies.

"Obivously,"

he went on,

chance of being confronted

"when occupying the Ruhr
with

a

we are

taking the

general strike, which might affect the

[VOL. 112.
benefits of the

imperialistic
Ruhr

and received

ideas,

workman

receive food and

our

troops

not coming with

we were

without

The
that he will

antagonism.

act similarly when he is made aware

may

direction.

Briand full liberty of

action after hearing his report on the

satisfactory proposals, with acceptable guarantees, are not

by the German Government, the Ruhr will be occu¬

tinued, would have
tions under

The Associ¬

M. Briand said he had full confidence that if the

Washington Government

decided to transmit the German counterproposals

safeguard the interests of the Allies

on

reparations.

<

of Versailles
Germany cannot invoke the impossibility of fulfilling, namely, dis¬
there is another violation of the Treaty

He went

Briand said that France and Great

M.

his statement

"completely in agreement

far

so

as

Britain were

of the Treaty of

disarm in accord¬
treaty, her refusal to pay 1,000,000,000 gold marks on March
transfer her gold reserve and non-payment of 12,000,000,000

with the

The Premier declared that the German proposal that

Washington mediate

in
the loyalty and perspicacity of the Government of the United States to
take only such initiatives as it is certain are in conformity with the interests
"another dodge to

of the Allies.

But

France is concerned, our dispositions are

as

taken

in¬
coneerriing the German proposals, said in taling with

April 25 Premier Briand, before he had yet been

formed

Associated

correspondent,

Press

that he hoped they

would be worth while, but he had doubt of

"If they

the lines of

"smashing" German trade, Dr.

was

German people will yet enter the land of promise and

Dr. Simons, in speaking on

mit

German
in

ments
The

a

workers for years the
freedom."

April 22, in the Reichstag, of
Government to trans¬

reparations proposals to the Allied Govern¬
take

will have to

Government

decision concerning the

a

A Cabinet council meet this

basis for its propositions.

a

said:

acceptable to them,

manner

German

establishment of

evening, and to-morrow the Government will make known its policy on the
The Government is convinced that in drawing up

this project it must go to the extreme
can

limits of what the German people

furnish in the way of reparations.

The

Foreign Minister added that the impression in foreign

countries

that

Germany had underestimated her

own

participation in the proceeds of German industry,
on German customs receipts and deposits of

certain check

ca¬

In

presenting the Reichstag with the American note, he said it
had been received too late for consideration

by the Cabinet.

The Associated Press accounts also state:
The American

Government, the Foreign Minister said to the Chamber,

has declined to act

He

said

American

the

as an

umpire, but it has not declined to act as mediator.

Government's

answer

statement

would be made

on

The German newspapers are not
to

answer

according to the Associated Press, that they would be along
a

decision regarding

that the policy of penalties was a policy of force, but

"Even if the French occupy the Ruhr to enslave the

what sort of guarantees, he replied,

When asked

tees."

it.

added, "we would accept them with guaran¬

the Allies," he

a

dangerous to approach this limit.

Charging that the French Premier

the Paris conference minimum demands of

should be up to

reached

hand over the Reichbank gold reserves.

pacity and her possibilities must gradually be dispelled.

day when the debt becomes due."

On

the

gain time." and continued: "We have confidence

far

so

that Germany

to say

reparations question.

igold marks remaining due on May 1.

Hence G r-

Simons exclaimed:

Versailles, laying special emphasis on Germany's failure to

23, failure to

Germany's opponents

at a ridiculously low figure,

limit, the overstepping of which no nation would tolerate, and

a

was even

the principle of coercive measures was

He reviewed all the violations by Germany

concerned."

was

on

the willingness of the United States

armament, which she has failed to carry out.

for the

over

had offered another 1,000,000,000 gold marks.

many

they would be such as to

was

turned

said, but perhaps the value of the ships had depreciated.

there

con¬

had already given the value of the

20,000,000,000 gold marks payable before May 1.
he

Simons

German people of their obliga¬

Up to the present, he said, she had

Treaty.

adhered to the standpoint that Germany

it

ated Press account also added:

ance

old German financial resources, Dr.

the

to be used to relieve the

Versailles

France's demand

29, with 59 Deputies abstaining from voting.

In

the

He hoped that

,

had estimated the value of the ships

The Chamber voted confidence in the Government, 424 to

which

international loan would have to

The Cabinet, the Minister said, had not yet

pied."

he added,

made efforts in that

Germany, nevertheless, had

but

He said that the question of an

be discussed with the Allies and international financiers.

guarantees.

rmfst have

reparations conference and his declarations: "If, on May 1,

But,

Simons, had not been favorably

loan in America, said Dr.

a

there,

The remnants of

April 26 the French Chamber of Deputies gave Premier

made

entertained

neutrals also would assist.

salary."

At any rate, it is a risk we must run, for we

On

The idea of

But when we occupied Dusseldorf and other

occupation.

cities, the German workingman understood that

appeal

Germany's

on

and

the

Saturday afternoon at 3 o'clock.

surprised at the American Government's

Germany's note regarding reparations, but they are somewhat

astounded by the promptness of the reply.
The

Reichstag

declaration,

adjourned

immediately

the

after

Foreign

Minister's

the Government requested a postponement of the debate

as

until after Dr. Simons had made his definite statement on Saturday.

gold.

Opposition to Dr. Simons has been growing since his return from London.
It is based largely on his alleged "inactivity or
with his conduct of foreign affairs.

BELGIAN

UNACCEPTABLE,

OFFER

GERMAN

as

OFFICIAL CIRCLES SAY:

umpire in the reparations controversy finds general approval in Par¬

liamentary circles, which in

reparations proposals, according to

The German counter

Cabinet's

Brussels April 27,

advices from

were

declared in

a

large measure have become reconciled to the

unexpected action through Washington's

medium for

press

passiveness" in connection

President Harding's refusal to officiate

assent to serve as a

bringing further German proposals to the Allies in a manner

acceptable to them.

Belgian political circles to be entirely unacceptable.
GOVERNMENT'S

GERMAN

STATEMENTS

SIMONS'S

DR.

relative

statement

a

ON

to

the

new

The German Government, in a

German indemnity

proposals, Dr. Waiter Simons, the Foreign Minister, ad¬
dressing the Reichstag on

April 26, declared that

as

the

Reichstag had regarded Germany's offer to the Allies made
London conference too high, the members could

at the recent

the

not take

the

basis
on

as

the

new

of

an

offer sent through the United States "on

increase

matter

are

given

as

follows by the Associated Press

April 26:

under date of

mated Germany's

capacity to

note is

the fact that he had always

He said that he had always emphasized

emphasized the fact that he was ready to enter

The Government had been compelled to adopt that

into new negotiations.

which reports

Minister said that he had not sought mediation by neutral
London Conference.

The Foreign Minister ad¬

mitted that he had hoped he could come to an understanding direct with

France, but that the feeling there was such that he
tain

that

had been unable to

re¬

Therefore, there remained only one power to turn to,

hope.

neither neutral nor one of the Allies, and that was the

the indiscretions of the German press.

Thus far he

had not allowed

proceedings to be taken against the offending

for high treason,

but he declared that he knew pretty will "why in Germany

newspapers

policy could be followed without somebody spoking the Government's

no

wheel."

step, not from fear

said that it was the Government's duty to take its

of new penalties but owing entirely to the false views

entertained abroad regarding the reparations question.
"That step was

In

my

operate in this reconstruction

We wanted to put our

views clearly, hence we chose this form in accordance

not with German, but

American juridical opinion, and, therefore, consulted

I am convinced that this step will be judged later dif¬

Harding asked us to make proposals for negotiations

submitable to the Allies, this Cabinet was obliged to act in accordance with
facts.

The note was unanimously approved by the
is awaited any moment."

can answer
i

i'




•

made by it since 1919, begs

summarize the following possibilities:

Germany

"(1)

localities or

could

undertake

the reconstruction

of specified town

villages, or of such specified portions of the territory to be

reconstructed

as

might

be

connected with

each other, taking over the

entire course either as a State undertaking or by directing

ence

the work of inter¬

In that event the experi¬

gained by Germany during the reconstruction of devastated territory
Germany will refrain from

in East Prussia would be of special assistance.

explaining this proposal more in detail at present, as the fundamental
has, up to the present, met

idea

with objections on the part of the Allied Govern¬

ments.

Germany is further willing, apart from the method of settlement

suggested under Section I, to place at the disposal of the Allied Govern¬
ments immediately, all assistance for the reconstruction of the devastated

The German industries have

resolved to offer the following services: To

undertake at once in the devas¬

territories, on being informed of the detailed wishes
the

work of clearing the ground

Cabinet and the Ameri¬

of the Allied

and of afforestation;

to

repair and rebuild brickwork, and also to build works for the production
of chalk, plaster, cement,

&c., in territories to be reconstructed; to deliver

request machinery and

appliances connected with the obtaining and

preparation of raw materials for building in existence on the spot, and, in
addition to this, to deliver German building materials and requisites from
Germany; to make arrangements that ail
for building purposes

are

appliances and machinery required

not existing in the reconstruction territory should be

obtained from Germany

ferently than now.
"When President

individual case,

the method of accomplishing reconstruction, the German

Government, while maintaining the proposals
to

willing to co¬

with all the means and strength at her dis¬

posal, and to take into account in regard thereto, in every
each wish of the powers concerned as far as possible.

on

(

must yield to the threats of the Reparations Commission.

American counsel.

it is unavoidably necessary for

concerned.

exist among the nations

Governments,

At present we

follows:

"Germany, therefore, declares herself once more entirely

tated

opinion it is not."

as

Until this is done there is danger that feelings of hate will continue

stored.

especially as he has been advised by a great lawyer and trusted by the people
of the United States with the highest judicial office.
We have appealed on

Is that cringing before our opponents?

its text

regions in Northern France and Belgium.

unusual," he said, "but a great leader, who has acknowl¬

principle of justice.

copyright

purpose

edged himself a supporter of the idea of arbitration, can act as arbitrator,

the

a

of restoring economic peace throughout the world that the
territories devastated through the war should be reconstructed and re¬
the

"(2)

The Foreign Minister
new

indicated in

are

national colonizing and settlement associations.

United States.

Another Power, Dr. Simons added, had offered its good offices, but its
efforts were balked by

contents

"Germany is absolutely persuaded that

"With regard to

Governments, nor had he altered his opinion of the demands made by the
Allies at Paris since the

its

and

cablegram from London to the New York "Times," April 22,

attitude in view of the enormous difficulties of the situation for Germany.
The Foreign

signed by Dr. Walter Simons, the German Foreign

Minister,

to

pay.

the British Govern¬

again declared her willingness to co-operate in the
reconstruction of the devastated territories of France.
The

Dr. Simons continued, unfortunately had over-esti¬

The neutral experts,

note'to

RECON¬

FRANCE.

ment,

the previous German offer,

His further representations in

basis."

different

a

over

FOR

PROPOSALS

STRUCTION OF DEVASTATED

GERMAN INDEMNITY PROPOSALS.

NEW
In

REICHSTAG

IN

if necessary, including such building materials as

requisite for first installation; te begin immediately with a plan for

building construction
houses

,

of all kinds, at least 25,000 wooden house [dwelling

these to be erected before the beginning of the cold season,

view to coping

with a

with the extraordinary housing shortage in the devastated

1

April 30

districts.

THE

1921.]

of fittings—for example, furniture, stoves,

In addition, provision

&c.—and the execution of deep

Settlement of Differences with Oolombia—Message from the President o f

and shallow excavations of all kinds, accord¬

ing to plans and under control of the French

the United

States,

the Treaty

authorities.

Signed at Bogota, of April 6 1914, between the United

"Whether this

construction is to be carried out by contract of the French
German Government, by public contract or private, or by means of all

or

three methods, is to be decided

1831

CHRONICLE

and

States

the

Suggesting Early and Favorable Consideration of

Republic of Colombia, for the settlement of their

Differences Arising Out of the Events

according to the wishes of the Allied Govern¬

Which Took Place on the Isthmus

of Panama in November 1903.

ments.

March 9 1921.—Read: Referred to the Committee on Foreign Relations

"The German Government is

prepared, on the basis of this proposal, to

and ordered to be printed in confidence for; the use of the Senate.

building laborers' organizations .also
organizations of foremen and. officials, and guarantees that members of
these organizations are ready by their labor to co-operate In the reconstruc¬

treaty which has been negotiated between the

tion of the devastated districts."

lic of Colombia which is in the hands of your honorable body, with full

enter into

arrangements with German

The

their houses and landed property,

"The German

Government

and

favorable

of this

consideration

have been many and long delays in dealing,

and revision.

would

treaty

be

very

There

with this treaty until we have

been made to seem unmindful, when in truth we have had no thought
to deal with this sister

republic in

a

most cordial consideration.

the revised treaty to be a fair expression
with the Republic of Colombia, and I

but

I believe

of our just and friendly relationship

would rejoice to have

dealing with the Republic of Colombia to be made

in

our example

of that

an assurance

promptness and firmness and justice which shall invite added confidence in
Government and a new regard for our own Republic.

our

The White House. Mar. 9, 1921.

wishes of the Allies.
requests the fllied Governments to initiate

quickly as possible the necessary

early

helpful at the present time in promoting our friendly relationships.

struction, corresponding to the

as

United States and the Repub¬

information relating to its negotiation and its later modification

ruined for the rapid reconstruction of
and proceeds:
"The Government is ready to take over the entire cost of such buildings
as far as it can be made in paper marks, to be reckoned against the repara¬
tions account, while payment of expenditure which has to be met in foreign
currency is reserved for further arrangement.
Should the Allied Govern¬
ments desire the co-operation of the German Government in the work of
reconstruction to be given in any other form than that proposed, the
German Government is prepared thoroughly and conscientiously to examine
any suggestions made by the Allies, and any proposal which may be made,
and to consider them with a view to co-operation in the work of recon¬
whose property has been

persons

of the Senate to the pending

I very respectfully invite the attention

specifies the facilities it is prepared to offer to

The German note then

'

To the Senate

The

WARREN G.

chronology of the Colombian Treaty

HARDING.

was

given

as

follows in the New York "Times" of April 21:

discussions concerning the details of the

arrangements to be arrived at.

April 6 1914—Signed at Bogota.
June 16 1914—Transmitted to the Senate for ratification by President

SENATE

STATES

UNITED

COLOMBIAN

RATIFIES

Referred to the Committee

Wilson.

on

United States Senate

on

Borah.

December 16 1915—Again referred to Committee on Foreign Relations.

April 20, when by a vote of 69 to

February 3 1916—Again reported to the Senate.

agreed to the resolution of ratification of the treaty

it

19

by the

signed at Bogota

March 8 1917—Again referred to Committee on Foreign

April 6 1914 between the United States

on

March 14

Fifteen
Republicans and four Democrats voted in opposition, while
forty Republicans and twenty-nine Democrats voted for the
adoption of the resolution of ratification.
The treaty auth¬
orizes the payment to Colombia of $25,000,000 and grants
acquisition of the Panama Canal Zone.

valuable concessions to Colombia in the use of

insL

finally disposed of.

before the treaty was

anything contained in this treaty shall be

That neither said payment nor
taken or

regarded

as an

admission that the secession of Panama in Novem¬

ber 1903 was in any way aided or

agents

abetted by the United States of America,

representatives, or that the said Government in any way

or

violated its obligation to

Colombia.

August 7 1919—Motion of Senator Lodge referred back to the Committee

Foreign Relations.

August 8 1919—Referred

rejecting this

opposition, while the
defeated its adoption by a vote of 30 yeas to

amendment

was

Senate later

39

yeas

Article I, which is not now in the treaty, read:
"The Government of the United States of America, wishing to put at
all controversies and differences with the

vote of *68 to 22 a

a

payment to Colombia

posed to increase the payment to $30,000,000, and to
loan of

extend

$25,000,000 to Colombia to aid in the improvement
and to complete railroad con¬

of its harbor and waterways

nections between its principal centres of
and

Atlantic
made

United States sincere regret that anything
to mar the relations of

or

seaboards.

Pacific

(likewise

rejected)

treaty be amended so as

population and the

further proposal was

A

Senator Ransdell that the
to secure agreement by Colombia
by

that "a canal between the Atlantic and Pacific oceans

.

.

with the assent, approval

co-operation of the United States."

offered by Senator

An amendment

rights of Colombia

was

voted down, 59 to 30.

as

Canal,
Still another amendment offered

to the use of the Panama

by Senator Poindexter, calling for the elimination of the

provision whereby "Colombia shall be at liberty at all times
transport

materials

of

through
war,

the

and ships of

charges to the United States,"
An amendment

61

to 28.

to

Colombia the

use

canal its troops,
without paying any

interoeeanie
war,

was

rejected by

of the canal for the

materials in case-of

war

a

vote of

by Senator Wads worth denying

transportation of

between her and another country

with which the United States

was

at peace, was

defeated by

the

name

that

every

provides that the

sum

of $5,000,000 shall be

paid to Colombia within six months after the exchange of
ratifications of the treaty, the remaining $20,000,000 to

paid in four annual installments of $5,000,000 each.

be

A note

advocating early consideration of the treaty was sent to the
Senate

by

President

Harding

on

March 9,

but

was not

divulged by the Senate until April 12, when the treaty was
considered in open executive session and the injunction of
removed from the President's message and other
treaty.
The message was
incorporated in the Senate proceedings as follows:
secrecy was

documents

connected with the




the

to

declaration in the full

accepts this

people,

obstacle

The following is taken from

restoration

of complete harmony
-

.

the "Wall Street Journal" of

April 22:

*

.

Colombia

to pay

United States will begin

of the recent action of the Senate in ratifying
by which the United States agrees to pay Colombia

on account

the Colombian treaty

$25,000,000 for surrendering sovereignty over certain territory adjacent
to the Panama Canal.

ratified provides that Colombia shall receive $25,000,000,

The treaty as
of which

$5,000,000 is to be paid six months after the exchange of ratifica¬

tions of the treaty by

the representatives of United States and Colombia,

Colombia is to receive thereafter $5,000,000 annually for a

ratified by the United States Senate will now be

The treaty as

Colombia

to

and

period of four

until the entire amount is paid.

years,

through official

channels

forwarded

and it will be necessary for the

passed.
No doubt is
entertained here that the treaty will be ratified by the Colombian Congress
Colombian

Congress to

approve

of the treaty

without delay.

as

'

1

Although the first payment of $5,000,000 will not be due until November
it will be necessary for Congress to

make the appropriation to carry the

This will be provided for between now and November in

of the deficiency

some

appropriation bills that Congress will be called upon

to pass.

The

same

April 23 also said:

paper on

Payment of $25,000,000 to the Republic of Colombia under the treaty
recently approved by

the Senate will probably be made in gold, though, as

with the

already announced, it will not begin until November at earliest,
first of the five annual instalments.
This will be the third payment

made to a foreign state in connection with

the canal, the first being $40,000,000 to

France in 1902 for the Panama Co.

rights, and the second to the Republic of Panama in 1903 under
Other lump

sum

payments

in

1917; the $20,000,000

the treaty.

by the United States to foreign countries

include the $25,000,000 gold payment to

Denmark for the Virgin Islands

indemnity to Spain for the Philippines in 1899

(effected by process of credits only); the $7,200,000 to Russia for
in 1867, and the Louisiana

ment to have

marked effect upon exchange.

97 cents U.S. now stands at 84 cents, after

January.

the

as

in the

Her

chief port,

British goods are

Barranquilla, is described as piled high with

utter inability to meet

the bills.

Quantities of

similarly tied up.

Recovery is expected to be aided considerably by the American
which

in

timber and hides form her chief exports to this

ordered during the boom period and undeliverable on ac¬

of the consignees'

count

The discount is

Colombia having suffered especially from the

decline in coffee, which with

American goods

Therpeso, which at par equals

touching the lowest at 79 cents

of all other South American countries, ot the sharp fall

price of commodities,

country.

the Colombia pay¬

1919 it was at a substantial premium.

In

case

Alaska

purchase in 1803.

Bankers interested in South American affairs expect

due,

The treaty

Republic of Colombia, in its own name and in

Colombian

of the

between the two countries will thus disappear."

in

vote of 50 to 39.

of the people of the

cordial friendship that had so long subsisted be¬

"The Government of the

Poindexter of Washington, to restrict

the

a

the Isthmus of Panama

should have occurrod to interrupt

tween the two nations.

treaty into effect.

shall not be constructed except

rest

Republic of Colombia arising out

of the events from which the present situation on

It will be November at the earliest before the

proposal by Senator Poindexter
at $15,000,000, instead of
$25,000,000, was also rejected.
An amendment by Senator
Ransdell of Louisiana, which also failed of adoption, pro¬
By

war

urged ratification.

April 20 1921—ratified by the Senate by vote of 69 to 19.

v.-

to fix the

to

subcommittee.

March 9 1921—President Harding, in a message,

in

to 49

nays.

and

to

June 3 1920—Reported to the Senate and ordered printed.

assurance

the Committee of the Whole the vote

In

a

July 2 1919—Reported with amendments.

on

resulted, expresses, in its own name and in the name

that

58

May 29 1919—Again referred to the Committee on Foreign Relations.

One

in the Senate, stipulated

the Committee of the Whole and

its

April 16 1917—Called for consideration and again postponed.

A

these, proposed by Senator Borah, and defeated both in

of

defeated.

March 16 1917—Further consideration postponed.

amendments to the treaty were offered on the

number of

20th

the Canal.

Relations.

1917—Reported by Senator Stone with amendments.

March 15 1917—Motion to consider in open session

and Colombia for the settlement of their differences arising
out of the

Senator

hearings introducted# by

July 15 1914—Resolution for public

Treaty was finally disposed of

Colombian

The

Foreign Relations.

June 18 1914—Injunction of secrecy removed.

TREATY.

will facilitate settlement

of accounts here.

payments

The country

was1 not

gold basis and its reserve of the metal, upon
the export of which there is an embargo, is held to be satisfactory.
How the money will be used is not known, but one banker stated that
many years ago

in all

placed

upon a

probability the Government would devote it to public

the country is greatly in

need.

works, of which

It has immense tracts of country hitherto

untouched, but known to be rich in timber, metals or oil, but means

of

1832

THE

*

transport

are

so

Railways and roads are scarce

Magdalena River forms the main highway into the interior.

We also quote the

April 19:

sore to

plague the National conscience, and that fine friendship which had
endured between Colombia and the United States Arithout
interruption for

following from the New York "Times" of

nearly

1

Secretary

Mellon said

to-day that

a

hundred years would not have been disturbed."

a

like the payment of

little think

$25,000,000 to the Government of Colombia in the event of the ratification
of the Colombian treaty, now before the Senate, would not

REVENUE

embarrass the

check

for

that

In

added, had just been received

Mellon

Mr.

amount,

STAMPS

ATTACHED

Treasury Department.
A

[Vol. 112.

into which
they had fallen, because of the wasting results of the worst civil
war in Andean
history.
If this had been done, there would be no Panama

that for instance, it requires ten days or more to

poor

reach the capital, Bogota, from the coast.
and the

CHRONICLE

from England in part payment for silver bullion sold to that country during

endeavor to

an

Treasury

the World War.

make

Department

INTEREST

ON

COUPONS

PROMISSORY NOTES.

TO

the

clear

to

as

requirements of thestamps

revenue

interest,

on

,

coupons attached to

COLOMBIA'S GRIEVANCE AGAINST

Bankers' Association of America has issued

US.

which

[Frpm the New York "Evening Post" of April 18.]
By HENRY DU
Based

the personal notes of his

on

BOIS

father, the late Dr. James Du Bois, former

United States Minister to Colombia,
Whatever may be the interpretation given to the incidents and indepen¬

dent of the negotiations which led to the secession of Panama and the ac¬

quisition of the Canal Zone by the United States, the fact remains that the
sympathies of all of Central and South America
the population

of the United

well

as

as a

through diplomatic channels without
representatives who
late James T.

Du

Administration,

were

Of the various diplomatic

success.

charged with this duty by the United States, the

Bois, who

was

solution of the problem

a

Minister to Colombia during the Taft

was

probably the

who

experience in the diplomatic

service of this country and his thorough

Du Bois's thorough understanding of the situation, it is

In view of Mr.

believed that his views

the subject are of especial interest at this time.

on

The following summary of

his views has been prepared from reports and

memoirs:

.

Why Treaty Was Rejected.
are

many

Bogota Government
States in the canal

was

like Mr.

who,

persons

not

analyzed the technical

IS'NO

although they

Roosevelt,

believe that the

While in Bogota I said to the leaders:

'Your

accredited agents approached President Roosevelt and urged him to bring
the canal project to Panama, and, after a careful study of the situation, he

decided to do

He labored earnestly with England to arrange the Clay-

so.

ton-Bulwer Treaty to conform to the enterprise.

The Senate favored the

Nicaraguan route, but he overcame the opposition.
He helped to secure
legislation necessary to the construction of the canal.
He approved and

STANDARD

are

generally

regulations

approved

June

How

can

'The

desired the treaty, but contending political

masses

interests defeated it, and the people were helpless.
In that fateful hour
the true public opinion could not be expressed, and the Administration was

ART.

as a

so

bitter

practically required

revolted province;

to

us

58.

COUPONS

Under Schedule Al

hundred, but the

recognize the independence of the

to submit to arbitration certain frontier limits between

country practically under the control of the United States.

receive the paltry sum of $2,500,000.
of

previous

rulings

We

We

required to

were

to

rights to contracts and concessions relating to the construction and
operation of the canal, and it was further demanded that we enter into an

AND

INTEREST

bonds

subject to

are

a

we were

to have certain

navy, which consists of two

"Three years more passed

the difficulty.

As

soon as

by, and I

was

preferential rights

on

cents per

hundred

on

defined in paragraph
cents per

the principal note and the coupons under conditions

(b), Art. 58,

hundred, "if they

principal obligation and

are

are also

subject to

negotiable

independently

Dividing

a

were

themselves in the matter and sent

me

It is desirable to lay special emphasis on the Avords in italics and particu¬

dividing line upon which the Internal Revenue Department

decides the taxability or non-taxability of the dozens of different forms of"

submitted.

coupons

Sample Taxable
rulings

now

Coupons.

effect the following

in

coupons

concession

and

to

construct

lease

a

an

to

of

looking to

a

settlement.

San

Andreas

through

and

the Atrato

Providencia.

Due

the

on

day of

THE

MERCHANTS'

A.
LOAN

&

D.

19

permitted to arbitrate her claim to the
reversionary rights in the Panama
Railroad, and to have certain preferential
rights on the canal.
"When I presented these
propositions as informal suggestions to the
silent for
"

'Mr.

ence

a

TRUST

Such

us
a

sible revolution.
1903.
our

Nearly ten

of Panama, and

he flushed and

(A banking corporation of the State of Illinois)
the

of
Dollars ($
),.
Banking Office in the City of Chicago, Illinois, with interest thereon after
maturity at the rate of
Per Centum per annum, payable at said
Banking Office, being for an installment of interest due on said last mentioned
date on
Principal Note
of even date herewith for the
sum

—

at its

payable to the order aforesaid and secured by a
an Improved farm in
County,
Coupon No.
of $...

sum

Deed
Int.

on

Loan No.

—

Loan No.

a

it sends you here to ask
mean

fair

must be an honorable and

losses

and

we

us

for

and

mighty
an

wrong of

adjustment of

just settlement

basis, but not

such

on

terms

can
as

•

be

you

suggest.' "
Comment
This is

it.

The

a

on

following is found in Du Bois's personal notes:

beginning;

was

Colombia wished to wait.

instructed to make

and

as

Avere

no

settlement

Colombia which involves in the slightest measure

eignty.

ZlZlUU.il".

"I

am

an

No concession rights will be granted and

can

ever

a

be made Avith

infraction of her
no

a

month,

profoundly interested in this problem.

It is

On

the

a

helping hand, and, with patience and fraternal impulse,
hapless people out of and away from the terrible pit




D.

19____, for value

Dollars,
with New York exchange in gold coin of

the United States of the present standard'
of weight and fineness, being interest due on that day on my note of even date
herewith.
This note to draw interest at ten per cent per annum after maturity
until paid.
•
:-'*v"~v
.

P. O. Address.

—

Int. Note No

vestors.

They

three forms are similar to those used by hundreds of in¬

negotiable promises

are

to

pay

and subject to separate*

stamp tax.
While the legal effect of coupons used by various companies may
same

as

Face
The

taxability of

sidered separate
a

be the-

and the general forms may be similar, very slight

to collectibility

technical differences in the language

and

a coupon

determine their taxability.

Form

depends

Important.

upon

its "face and form" when con¬

Following is the official language-

from the principal note.

letter dated Oct. 22 1919:

"The taxability of an interest coupon

is determined by its face and form

general nature of the principal instrument, and is not affected
prepayment clause contained merely in the principal instrument.

and the

The

by

Conditionable Coupons Not Taxable.

v

coupon

in thehad the

of the Commonwealth Farm Loan Co. referred to

following letter would have been subject to separate stamp tax
prepayment clause been
prepayment agreement

omitted from it regardless of the presence of the*-

in the principal note.
DEPARTMENT.
Washington, Aug. 23 1919.

grave and serious

impartially investigate all phases of the incident.
I
believe that if Theodore Roosevelt, who is ever actuated
by a spirit of
justice, had realized the utter helplessness of the Bogota Government to
ratify the Hay-Herran treaty in that hour of political chaos he would have
would have led that

A.

day of

...

received, I promise to pay to the order of NORTHERN REAL PROPERTY
COMPANY at its office in the City of Jamestown, North Dakota, the sum of

TREASURY
a

19

Jamestown, North Dakota

$

sover¬

territorial privileges

I have tried to

stretched forth

pay to-

months' interest to that date on my note for $—l
after due and attorneys' fees in case of suit hereon.

allowed in the final adjustment of the Panama
incident.

one.

.

I promise to

With interest at 8%

handicapped from the

it would be in power Avithin

Second,

bdng

the

first, by the fact that the Democratic
party had promised

settlement with Colombia,

A. D. 19
order al

Dollars

quoted from

Roosevelt's Act.

short story of the Panama trouble and the
futile efforts to settle

"The efforts that I

day of

commen¬

have sustained, and that settlement

reasonable

our

intense agitation and pos¬

friendship of the United States

differences, but it

the first

was

by armed interfer¬

Your people do not seem to realize the

surate with the grave
on

noAV

On

Trust

—

The foregoing

ago your country

thing, if granted, would

We desire the

obtained

years

of'

COMPANY

Loan No

moment, and then he said with deep feeling:

Minister:

deprived

islands.*

wise and able ruler,

a

the order

to

For

to receive $10,000,000, have her Panama
boundary line adjusted through the good offices of the United
States, be
Avas

President of Colombia, who is

subject to

Bogota to ascertain if Colombia

inter-oceanic waterway

of the islands

Colombia

are

separate stamp tax;

mission to settle

Root-Cortes treaty by Colombia,

a

it,"

possible they promptly interested

would be inclined to advance certain
propositions
The propositions were: Ratification of the

route,

of

Line.

larly the last four Avords of the preceding sentence in small capitals in order

Western Life Insurance Company or

antiquated gunboats.' "
intrusted with

stamp tax of two

a

themselves promissory notes, separable from the

The

the

President Taft and Secretary Knox learned that

direct negotiations with Colombia

these privileges

follows;

stamp tax of five cents per

"

our

as

NOTES.

coupons are exempt.

agreement for the revision of the treaty of 1846, which had been
flagrantly
violated by the United States.
'For these sacrifices

and

.

were

renounce all

our

canal for

By

reversed

were

Under Schedule A6 promissory notes are subject to a
stamp tax of tAvo-

the Root-Cortes

us

Colombia and the rebel province, the arbitrator to be the President of Cuba
a

1919

stamped.

19

satisfaction for the incomparable wrong endured by Colombia.

That treaty

11

interest coupons were not

gation and negotiable independently of it. are subject to tax, even though
no obligation not Imposed by the principal instrument.

had persistently urged the honest arbi¬

tration of the whole matter, your Government offered

treaty

COUPONS,

quite similar.

they impose

'Six years after the armed interference of the United States caused the
we

language of the-

INTEREST

(a) Coupons attached to bonds, debentures or certificates of indebtedness
by an individual, partnership or corporation, or to instruments,
by a corporation and known generally as corporate
securities (all of which are subject to tax as bonds of indebtedness underSchedule Al) are not subject to tax if
they impose no obligation not imposed
by the principal instrument.
(b) Interest coupons attached to promissory notes taxable under Sched¬
ule A6, as distinguished from the securities enumerated in
paragraph (a)
if they are themselves
promissory notes, separable from the principal obli¬

Under the

"I asked several intelligent Colombians
why were the people
against the Root-Cortes treaty and the reply was:

separation of Panama, and after

FOR

issued

'

impotent to act.'

FORM

approved Oct. 30 1919, amending Art. 58 of Reg. 55 to read

to make clear the

that?"

"The reply was:

the

in

use of revenue stamps.
This ruling was still further
modified by the ruling now in force and known as
Treasury Decision.2941,

of the best treaties ever offered to any nation, but when it was
presented to

the Colombian Congress it was rejected without consideration.
you account for

differences

...

modified, requiring the

earnestly urged the ratification by Colombia of the Hay-Herran Treaty, one

"

.V

yff

_

THERE

trying to take undue advantage of the United

grants.

circular from

however termed, issued

knowledge of the Latin temperament.

"There

have

coupons.

most thoroughly informed man, both as

underlying facts and the broader problems involved, thanks to his

a

follows:

as

Under Treasury Decision 2101

Many attempts have been made to arrive at

to the

quote

coupons attached to
promissory notes have caused considerable confusion in the minds of those

Colombia.

lifelong

we

Close Distinctions.
|
The fine distinctions drawn
by the Department of Internal Revenue with
regard to the revenue stamps required on interest

large portion of

and continue to be with

States have been

promissory notes, the Farm Mortgage

The

Farm

Mortgage

Bankers'

Street, Chicago, Illinois.
Attention of

Association

of America,

a

TUesi Adams~
V

Gentlemen:—Reference is made to your letter of Aug.

incorporate

112

'

Mr. E. D. Chassell, Secretary-Treasurer.

copy

11 in which you-

of interest coupon attached to bonds issued

corporation, such interest coupon is in the form

by youir

and figures following

April 30

1921.]

THE

CHRONICLE

1833

"

(Interest Coupon)
"Coupon No.
"On the
bearer at the

'

'

•

wise

19

Bond No.
the undersigned will

day of

Home

Office of the

...

Commonwealth Farm Lean

in the City of St; Louis, Missouri
Dollars, being
months' interest on a certain First Mortgage Farm Loan Bor d No.

___

taxable

as

a

promissory note does not exclude that interest coupos
a
promissory note as stated in Article 48 of Regulation

from the definition of

to

pay

Company

of the

undersigned, for $_
payable to Commonwealth Farm Loan
Company, and dated
This coupon will net be payable
if the undersigned shall have exercised the option to
pay said Bond as
provided in the deed of trust securing the same." \

You

are

further

advised that definition of a
promissory note is not
avoided by the fact that interest
coupons otherwise taxable have the
signature thereto printed or lithographed instead of
being signed by the
payor.

Respectfully,
... ,
(Signed) JAMES M. BAKER, Deputy Commissioner.

You

advised this office holds that the above described form of interest

are

is not in the form of

coupon

tax under Section

to

negotiable promissory note and is

a

not

subject

unstamped

In the coupon

of the Commonwealth Farm Loan Co. the conditions of the

specifically described.

are

In the coupon of The Provident

Life & Trust Co. the words "according to the tenor of a

principal note"

are

held to have the

same effect in destroying the negotiability of the
coupon,
by merely referring to the principal note upon the terms of which the
pay¬

ment of the interest

TREASURY

DEPARTMENT.

Washington, Nov. 9 1920.
The Provident Life & Trust Co. of

Philadelphia, Fourth and Chestnut Streets..

Philadelphia, Pa.
Gentlemen:—Reference is made to your letter of Nov. 3 1920, with which
inclose among other papers an interest note upon which a ruling is

you

as

to the

a reasonable time after
liability was in¬
curred, the specific penalty provided for by section 1102 will not be asserted.
In any case in which there was no
apparent intention on the part of the
taxpayer to violate the taxing act no penalty should be asserted and a
failure to stamp an instrument at the
time required by law will be cured
without penalty by affixing the
required stamps.
Under articles 66 and
158 this remedy may be provided by either
party to the instrument.
If
there is gross negligence on the part of a
taxpayer who should be presumed
to know the law with respect to the
stamping of instruments, specific
penalty will be asserted.

(Signed)

corporation under the laws of the State of Pennsylvania,
.Dollars
at the principal office of The Provident Life & Trust
Company of Phila¬
delphia, Fourth and Chestnut Streets, Philadelphia, or at the office of such
other trust

company or bank in such other place as the holder of this note
appoint, with exchange on New York,
said sum being interest due on that day according to the tenor of a
principal
note in the sum of
Dollars, of even date herewith."
from time to time in writing

In view of the clause, "said sum

being interest due

principal note in the

sum

on

that day according

of

Dollars, of

herewith," this office holds that the interest

note in

ITEMS

stamp tax.
Former rulings not in accordance with the

Respectfully,

Does Not Revoke General Rule.
This ruling is not to be construed

as

shares and
stocks
stock
last

The ruling of Nov. 9 1920
same

clause

was

as

in conflict with

or

revoking rulings

also applied to

an

extension interest note

shown by a later letter which follows:

TREASURY

Gentlemen:—Reference is made to your letter of Nov. 15 1920 with which
inclose a copy of an extension interest note and request a ruling as to

the application of the stamp tax thereon.
In reply you are advised that in view of the
provision "said sum being
interest due on that day according to the tenor of a principal note" contained
in the interest note in question, this office holds that the instrument is not

idently of the principal note, and therefore is not subject

stamp tax.

Other Language Permissible.

Toil).

High. Close.
238H 238M

Feb.

20 Corn Exchange Bank

305

305

305

Mar. 1921—

300

5 First National Bank

875

875

875

Jan.

910

It has also been held that the

gives the

clause the

use

of the word'' terms" in

same

effect

of

The coupon on which this

was

placo of the word

rendering the

coupon

non-

made contained the following clause

"For interest due
even

date

1921—

1921—

250.

A New York Stock Exchange
membership was reported'
posted for transfer this week, the consideration being stated
as. $91,000.
;
:..V

'

■-*

Announcement is made of the
opening of offices at 1 Wall
Street

by Rodolfo Bolla,

as

representative of the Banco dr

The Banco di Roma has

now more

200 branches

throughout Europe, Asia and Africa.
capital and surplus of $43,000,000 and resources
000,000.

than

It has

a

of $650,-

Mr. Bolla states:

The opening of the New York office is in line with
the marked

activity of'
at present in organizing now agencies in
recognition of
necessity for commercial exchange between Italy and other countries.
Branches are being continually organized in North and South
America,
leading Italian banks
the

England and France and other important centres with the aim of
keeping
Italian banks directly in contact with the
principal money and stock mar¬

Although the

war

has cost Italy an enormous amount of"

money, still the revenue of the Italian treasury is
the Government is

gradually increasing, while
taking steps toward decreasing national expenditures by
adoption of special financial provisions.
The capital invested in Italian)
industries is to-day 140% more than it was
during the period before the war.
This proves the full confidence of the financial
world in

Italian skill and
Italian industry, besides
having increased in financial strength, has

labor.

ruling

Last previous sale.

the

nsgotiable and therefore non-taxable.

of

BANKS—New York.

kets of the world.

Respectfully,
JAMES M. BAKER, Deputy Commissioner/

t enor"

sold at 305, an advance of five
points over the

DEPARTMENT.

you

:pe

No trust company

Twenty shares of Corn Exchange Bank

Roma in America.

Washington, Nov. 20 1920.
The Provident Life & Trust Co. of
Philadelphia, Fourth and Chestnut Streets,
Philadelphia, Pa.
Attention: A. J. Davis, General Solicitor,

to

were

all made at auction.

sold.

previous sale price.

Shares.

\

...

negotiable ind

were

were

20 Amer. .Exchange Nat. Bank 238%

notes, separable from the principal obligation and negotiable independently
of it."

containing the

ABOUT

of stamps on coupons that are "themselves promissory

use

Commissioner

foregoing have been revoked.

JAMES M. BAKER, Deputy Commissioner.

requiring the

ROPER,

BANKS, TRUST COMPANIES, ETC.
public sales of bank stocks this week aggregate 45

The

even

question is not

negotiable independently of the principal note and therefore is not subject
to

DANIEL C.

19_.__

a

a

Street

Gentlemen.—Reference is made to your letter of
Sept. 1919.
*
*
*
Relative to the statement by
you that this later ruling invalidates the
collection of thousands of
coupons which were put out unstamped under
the authority of T. D. 2101, you are advised
that no invalidation really
occurs.
In any case if a taxpayer
voluntarily discloses his failure to affix
or cancel stamps and asks
instructions with a view to correction of his error

follows:

"On the
day of
A. D.
for
value received, the maker or makers hereof jointly and severally
promise
to pay to the order of The Provident Life & Trust
Company of Philadelphia,

date

DEPARTMENT.

IVdshxTiQtoTiy October 9.
Mortgage Bankers' Association of America, 112 West Adams
Chicago, Illinois.

Respectfully,

as

Minnesota,

to the tenor of

Coupons.

Farm

application of stamp tax.

The interest note submitted is worded

mav

Unstamped

as to the legal status and
collectability
is fully set forth in the following official letter.

and this disclosure is made within

depends.

This is made clear in the following letter:;

desired

coupons

TREASURY

Respectfully,

principal note

of

The rulings of the Department
of

1107, sub-division 6, Revenue Act of 1918.

JAMES M. BAKER, Deputy Commissioner.

;

.

Validation

on that day, according to the terms of a
principal note
herewith, this note to bear interest at 8% per annum after

reached perfection in technical
development, thus assuring future success in
fair international

competition.

maturity."
Taxable Coupons Made Non

Taxable.

The coupors of the Merchants' Loan & Trust Co. and of theNorthern

Real Property Co. hereinbefore printed were
changed by printing
clauses upon thoir faces and thus rendered

changes and rulings

are

special

exempt from stamp tax.
fully set forth in the following letter:

TREASURY

The

Gentlemen.—Reference is made to your letter of Jan. 6 1921, requesting a
ruling as to the application of the stamp tax to certain interest coupon notes
used by The Merchants' Loan and Trust
Company, and the Northern
Real Property Company, as amended.
These instruments as originally printed are subject to the
stamp tax as
promissory notes at the rate of 2 cents for each one hundred dollars of face
value, or fraction thereof.
Attention is invited to Article 48 of Regulations
55, Revised a copy of which is inclosed.
The interest coupon used by The Merchants' Loan and Trust
Company
has been amended to show the following notation across its face,
"Payment
of this coupon is subject to the terms of
principal note of even date."
The coupon used by the Northern Real
Property Company bears the
following amendment, "This coupon is subject to the privilege reserved to
reduce the principal on any interest-paying date, but not to exceed in
any
one year one-fifth of the
principal sum loaned."
These instruments, as amended, constitute conditional
promisas to pay.
and cannot be negotiated separately from the
principal notes.
In view of
this fact, they are not subject to the stamp tax as
promissory notes.
Respectfully,

-

JAMES M. BAKER, Deputy Commissioner.
.

Printing

on

Back'

Not

Sufficient.

The department has ru/ed that the printing of
back of

a

coupon

a

special cluase

the

does not render it exempt from separate stamp tax unless

Printed
or

explained in the following letter:
TREASURY

of

scope

Revenue.

Washington, November 13 1919.
Mortgage Bankers' Association of America, 112 West Adams Street,
Chicago, Illinois.
Gentlemen.—In reply to your letter of Nov. 7 1919, you are advised
that the addition of the word "non-negotiable" to an interest coupon other¬

All business with¬

the

Cunard Building at 25
Broadway.
■£ RR,-:R

Sol

-*

-

■

Wexler,

a

of

While Mr.

age.

;V'.'

'

partner in the bankir/

Co. of this city died on
April 24.
Wexler

: m

of J. S. Bache &.

Mi. Wexler

was

well known

was

53 yestrs.

in financial

circles throughout the
country he had been especially prom¬
inent, prior to his affiliation with J. S. Bache & Co., in bank¬
ing affairs of the South.
He began his banking career in
1893

when he joined

New Orleans.
that

city.

the forces of J. Weis & Company of

A year later he founded the Central Bank of

Soon this institution

Whitney Bank, and became
President.

as

was

known
as

consolidated with the

as

the

Whitney-Central

Vice-President and later

Mr. Wexler had also taken

the affairs of the American Bankers'

an

active part

in

Association, of which he-

was

formerly

was

director of the State Bank of this
city, the New Amster¬

a

Vice-President.

At the time of his death he

dam
Oil

of Internal

Agency in the City of New York.

license will be transacted beginning
Monday next, May 2, at the offices of the Agency, m the

DEPARTMENT.

Office of Commissioner

an

the

Signatures.

lithographed signatures and those containing

the word "non-negotiable" are not by these devices made
exempt from stamp
tax as

in

Bank of which Mr. Wexler served
on

there is something on the face of the coupon referring to the
inscription on
the back.

Coupons with printed

Bank

of Jugoslavia, Ltd.,
of Zagreb, Jugoslavia,
that the Superintendent of Banks of the State of
New York has issued a license
authorizing the Bank to main¬

tain

DEPARTMENT.

Washington, January 14 1921.
Farm Mortgage Bankers' Association of
America, 112 West Adams
Street
Chicago, Illinois.
v
Attention: E. D. Chassel, Secretary-Treasurer,

j

The

announces

Casualty Company, the V. Vivaudou, Inc., Invincible
Corporation and Motor Products Corporation, and also

President of the Southern Hardware & Woodstock
Company.

Farm




At
Safe

a

meeting of the board of directors

of the United States-

Deposit Co. of this city, held this week, Chauncey H..

THE

1834

of the directors

United States Mortgage &
elected a director. At a meeting yesterday
of the United States Mortgage & Trust Co.,

Elisha Walker,

President of Blair & Co., Inc., was

Murphey, Vice-President of the
Trust Co., was

director to fill

elected a

a vacancy.
♦

.

stockholders of the Com¬
April 25, the propo¬
sition, referred to by us a week ago, to change and convert
the bank into a national banking institution under the title
special meeting of the

the

At

Exchange Bank of this city on

mercial

Exchange National Bank, was

the Commercial

of

ratified.

national system was
by the Comptroller of the Currency on April 22.
application to convert to the

The bank's

approved

the Fidelity Trust Co. of

On May 2

the location of this office

first branch,

Buffalo opened its
being at the corner

This is in the so-called Cold
district which in recent years
has become a very prosperous business centre. .George D.
Thomson, the Manager of this branch, and Edward L. Dee,
Assistant Manager, have both been at the main office of the
Fidelity for a number of years, their long banking experience
fitting them well to assume the responsibilities of this branch.

of

Utica streets.

Main and

Spring Section of Buffalo, a

"

'

■

•

National Bank, Poughkeepsie,

Fallkill

The

the death of Col. Henry E.

nounces

N. Y., an¬

Losey, director of

the

and Vice-President thirty years. He
was also a veteran of the Civil War and an esteemed member
of the Dutchess County bar.
Col. Losey was in his eightybank for forty years

I

third year.
A

under date of

date Marcus H. Holcomb, re¬
Shelton Bank & Trust Co. of Shelton, Conn.,

April 22 states that on that
ceiver for the
which

closed

was

Jan. 3, last (see our

on

issues of Jan. 8

respectively), promised that
the institution would liquidate all claims
against it and pay 100 cents on the dollar to all depositors
and creditors.
A dispatch of earlier date (April 10) from
Shelton reported that on April 15 the directors and stock¬
holders of the bank held a meeting at which the first steps
were taken in an effort to bring about the reorganization
and

15,

213,

and

108

pages

of

Commerce of

within sixty days

under

Baltimore

the title

of the former.

of
Bankers'
Trust Co. of this city, and one of the Governing Committee
of that institution, has been elected President of the Mer¬
chants National Bank, and will be the President of the
merged banks.
The capital of the merged banks will prob¬
ably be $4,000,000, with surplus and undivided profits to
enlarged institution will have aggregate resources

The

Thomas Hildt, Vice-President of the

$52,000,000.

be

announced

formal

The

later.

be effective

will

merger

respective stockholders.

ratification by the

upon

Special

meetings of the stockholders of both the institutions

have

May 27 to consider and approve the merger

been called for

plan.

(capital
(capital
$75,000), and the Liberty Trust Company of Elkhart (capi¬
tal $50,000) have been consolidated under the name of the
St. Joseph Valley Bank.
The consolidation went into effect
on April 20.
The consolidated institution has a capital of
$250,000 and surplus of ' $150,000.
The deposits of the
merged banks total $5,000,000.
The officers are: President,
John W. Fieldhouse; Vice-Presidents, Charles A. Burns, C.
T. Greene, L. M. Simpson and J. G. Wallick; Cashier, John
I. Liver; Asst. Cashiers, N. F. Reich, Clare Hoke, H.. Ray
Nelson, E. A. Kilmer, Katherine Whiteleather, Albert GilThe St. Joseph Valley Bank

of Elkhart, Indiana

$250,000), the Citizens Trust Company of Elkhart

dea

James Ii.

and

Stevenson.
4

According to recent advices from Toledo, August J.
of

dispatch from Bridgeport, Conn.,

press

[VOL. 112.

CHRONICLE

of

stockholders

the

who filed charges

institution,

the

of

President.

It

mismanagement against Samuel Wallace, its

alleged that Mr. Wallace used the

was

Rank's funds for his
of the bank was

private business and that other business
conducted

in

improper manner

an

robbed recently, it

whidh jeopardized the
The bank was

depositors.

interests of the stockholders and

is stated, by bandits, and this Mr. Wal¬

lace claims is the cause

of the present difficulty at the bank,

Mr. Weier took

valuable bonds and papers were taken.

as

for

Mich., on application of

National Bank of Temperance,

the

Weier,

Mich., was on April 21 appointed receiver

Monroe,

April 22, it is stated.

charge of the institution on

4

of the institution.

According to

—4

of the founders and senior mem¬

James Richardson, one

investment banking house of

ber of the

of Providence, Rhode

Rhode Island financial

known men in

forty

for

dence

with that institution

remained
the

tered

of the H. W. Ladd Company,

In 1890 he became Treasurer

Clark

Mr.

curities.

of

rector

Electric Lighting Company of

the Commonwealth

Providence,

■

upon

increase

per

June

of

hold

will

Southwark

the
a

National

Bank

of

of the institution

from $250,000* to $500,000.

the capital

Hall,

(Pa.)

March 26, has

will become effective

elected
vious
late

election as director of the Bryn

Company was noted in our issue of

been elected Assistant Treasurer & Assistant

W. L. Hirst Bergen has been

institution.

Assistant Trust

item

(March 26)

Officer.

As

indicated in our pre¬

Philip A. Hart has succeeded the

presidency of the institution.

Anthony A. Hirst in the
•

Announcement was made on
tion of the

decision of

a

lower Court and remands
Bank closed

The LaSalle Street Trust & Savings

case.

its doors

and for $700,000 of

($1,250,000)

This decision of the State Supreme Court,

it is stated, reverses a
the

bank (including its

June 12 1914,

on

as

reported in

our

issue of June 13

Charles B. Mundy, formerly
Vice-President of the defunct bank, and William Lorimer,
former President of the institution, headed the active

1914, and subsequent dates.
the
the

The former is

directors.

now

serving

Supreme Court, as handed down, was

term in the

a
.

these defendants
inquiry whatever,
notwithstanding they were directors of the bank and had knowledge of the
incompetence and dishonesty of Lorimer and Munday and their fraudulent
misuses of the funds of the bank.
To say that such a charge in a bill is not
sufficient to hold directors liable, if so proven, would be to render, indeed,
The charges

contained in the amended bill were that

(non-active directors) gave no supervision and made no

deposit of money in banks.
directors of

a

bank are required only to

April 22 of the amalgama¬




exercise

slight care, or that when elected as directors they may become what is
characterized by the Appellate Court as "inactive" members of the board,
who may

or

give no attention whatever to the business

"figure heads," few persons

mere

take stock in such

of the bank, but be

would be willing to deposit money

with

corporations.
4

Announcement was made on
son,

April 23 by Maurice Berk-

the Aetna State Bank of Chicago, that
Novak, the Cashier and acting President of the in¬

attorney for

Liberty bonds be¬

Mr. Novak's

Mr. Berkson said he could not explain
actions.
He had been with the bank, he said,

three

and had

longing to the bank.
years,

Novak
he

was

was

Davis.
a

a

clean record.

made Cashier.

acting

as

James Maltman

by

Merchants National Bank and the National Bank

peni¬

The opinion of the
in part as follows:

tentiary for his part in the bank's failure.

stitution, had absconded with $12,400 in

♦

'

whose

Trust

Secretary of the

suit brought by the

a

liable for the capital and surplus of

institution

defunct

the

other charges.

James
V

Mawr

non-active directors) are

If the

the new stock (par $100) will be sold at

share, and the new capital

H.

April 21, in

on

officers and directors of the failed

mer

Were we to hold that

15.

Jesse

dispatches from Springfield, 111., the

Court

Chicago Title & Trust Co. as receiver for the defunct LaSalle
Street Trust & Savings Bank of Chicago, ruled that the for¬

hazardous the

special meeting on May 15 to

the proposal of the directors

increase is ratified,

$200

press

*

stockholders

Philadelphia
vote

& Light

Power, Railway

Ohio Electric Corporation.

Company and. the Northern

The

Sackett, Earl S.

Mr. Richardson was a di¬

Snow.

Narragansett

the

several years

associated with him as part¬

death Henry W.

and A. Chester

Colman

to

from the firm

retired

time of his

the

at

brokerage office and, in

formed a partnership under

but Mr. Richardson had

ners

a

Richardson & Clark, to deal in investment se¬

the name of

ago,

opened

with Howard L. Clark,

1893,

until 1885, when he en¬

Bank in the same capacity.

Providence National

and later in that year he

banking career in

of the old City Savings Bank.

1881 when he became teller
He

began his

He

years.

circles and was iden¬

investment business in Provi¬

the banking and

tified with

Mr. Richard¬

He was one of the best

sixty-first year.

in his

was

son

Richardson & Clark,

Island, died on April 22.

Illinois Supreme

Only recently Mr.

At the time of his disappearance

President during the absence of President

and the illness of the Vice-President, B. S.

The loss to the institution, it is said, is

surety bond for

fully covered

$25,000 given by the National Surety

Company.

,

*

April 30

1921.]

THE

The National Bank of Commerce in St. Louis is
attention in its

advertising to the broad

CHRONICLE
We

are informed under rate of March 18 last
that, in spite of the bazaar
being heavily oversold to the banks, the price of gold in Bombay does not
improve much, as the up-country arrivals for the metal bad increased to

directing

of its services

scope

under

one Federal charter.
"Seven departments—all na¬
tional," is the phrase used to emphasize the unity of the big
institution.
The seven departments are Commercial, Sav¬

50,000 tolas (18,750 ounces) per day.
The closing prices were Rs. 30 ready
Rs. 30 for the March settlement.
A large proportion of the gold
recently imported has been replaced by purchases of silver.
India supplied China last year with silver when it was
quoted Rs. 105
and

ings, Banks and Bankers, Trust, Bond, Foreign, Safe De¬
posit.

the 100 tolas, and has been

ing during the past decade.

Who, in 1910, would have dreamed that

companies organized under State laws?

trust

as

India bought
now selling it at the
Exchange operations between gold and silver
ancient origin.
The Egyptian code of Menes—

profitable price of Rs. 30.
in

ago a national bank must have

had one,

of very

are

dating perhaps between

one and two thousand years

before the present era—

is thought by some authorities to be connected with the
Indian code of

A decade

Manu, probably of

possibly moire; affiliated organ¬

or

the East

na¬

tional banks ten years later would be handling fiduciary business with the

freedom

tpuylng it back at about Rs 85.

great quantities of gold qnder Rs. 23 the tola, and is

It is added:

This advertisement is illustrative of the marked change in national bank¬

same

1835

much earlier date.

a

In it is a reference to

ratio be-

a

gold and silver.

ween

izations in order to render the broad service which the National Bank of
Commerce now gives through its seven departments under one charter.

India

We.need not therefore be surprised if the
people of
adept at the practice of exchanging the two metals.

are

SILVER.
The market has been rather inactive
during the week.
The Indian
bazaars have made small purchases; China has not been much
in evidence

Joseph G. Lane, Jr., formerly Secretary and Treasurer of
the defunct Meramec Trust Co. of St.' Louis, was aequifced

by

jury in the Circuit Court before Judge Hartmann

a

April 22
bank

charge of receiving deposits after he knew the

on a

insolvent.

was

either way.

Hearings

similar charge and

on a

one

The

of

May 23, next.

on

The Meramec Trust

advised

by A. T. Hibbard, Secretary of the Mon¬

tana Bankers' Association that definite dates for the

set

according to the following schedule:
Group IV.

Glasgow,.

_——Friday

during the last week of March.

May 20

I.

Havre..

V.

Lewistown

Monday

VI.

Dillon.

holdings of silver coin and holdings of silver
bullion; therefore it need not be assumed that the Indian Mint is
working
fresh material.
The new coinage may be minted from metal
already in

Thursday May 26

May 23

Saturday May 28

Hunters Hot Springs

Monday

May 30

II.

Glendive

-Tuesday

May 31

age

Mr. Hibbard also states:
The plan has
at

Glasgow

on

been worked out

so

have

May 23,

can then continue without

It is hoped that many will take

is necessary.
RETURNS.

Mar. 15.

Mar. 31.

16533

16616

6480

6557

2411

__

Mar. 22.

16490
6437

__

Silver coin and bullion in India

2411

2417

6807

Silver coin and bullion out of India

interested may

are

CURRENCY

Notes In circulation

or

An extra day is left following the

that all those who

so

delay

Gold

opportunity of visiting the already famous Cat Creek Oil Fields.

an

coins

INDIAN

doubling and attend each meeting in turn.
on

worn

(In Lacs of Rupees.)

that visitors may attend the first meeting

Friday, May 20, and

meeting at Lewistown

from

withdrawn by the
Treasury.
The fact that the
total of the silver holding has doubled since
January 1919—in about 26
months—seems to dispose of any idea that augmentation of the silver
coin¬
reserve or

Stevensviile

VII.

The form in which the return is drawn
up

does not differentiate between

....Saturday May 21

III.

States of America silver

a

re-exported as a
commodity, when India's trade balance is adverse, in similar fashion to gold.
The following official statement indicates that in addition
to the 3 lacs
of rupees mentioned last week, a further
quantity of 6 lacs has been minted

meetings
Groups of the Montana Bankers Association have been

of the

ounces,

markets of India should be free.f o that the
precious metals can be imported
and exported without the fiscal interference which would
naturally hinder
such operations.
While there is no import duty, no artificial value is im¬
parted to stocks held in India, and therefore silver can bo

♦—•—

are

The tendency

slight falling off of 117,941
ounces as compared with that of the
preceding year.
The native view as to the re-imposition of an Indian
import duty upon
silver Can hardly be ignored.
It is urged by the natives that the bullion

Co. closed its doors Oct. 4 1919.

We

preliminary official estimate of the United

production in 1920 is 56,564,504

alleged embezzlement still pending against Mr. Lowe, it is
said, will be heard

The Continent has sold moderate quantities.

is still for stocks in China to augment—a condition of
affairs which, taking
into consideration the continued lack of demand for
Eastern produce,
does not conduce to confidence in the prospects of silver.

on

and bullion in India

coui

Gold coin and bullion out of India

advantage of the marvellous scenic automo¬

-

bile drive from Dillon through the Big Hole Valley and down the Bitter

Securities (Indian Government)

6807

6807

Root Valley to Stevensviile.

Securities (British Government)

835

835

United States.

The

This is

one

of the most Scenic drives in the

the entertainment of visitors and meetings are certain of success.

45,780,000

in

♦

special

dispatch from Fort Payne, Ala., to the

press

Birmingham "Age-Herald" reports that

of the books and accounts of the Citizens' Bank &

Co. of that place, which was forced to
the result of

a run

qlose

on

brought about by unfounded

the solvency of the institution

(See

our

order.

The

as

April

in

May,

as

of its

of

to that effect and others

the

are

resume

through further

bank's

withdrawals.

sworn

was

District

States

out

An

increase

recently at

a
as

reported by cable, have been
London,

the

of

instance

the

Attorney Lawrence D.

of

the

institution.

of

$19,000 in cash and $100,000 in securities,

Silver, per

the

a

a

;>

national bank examiner,

we

GOLD

AND

104s.lOd. 104s.3d. 104s.2d,

104s.2d. 104s.3d.

.

cents..;...-,

88%

88%;:

87%

88

per cents..—.

79%

80

so

56.70

56.50

56.55

83.95

83.95

per

The

Domestic

99M

Foreign

fire being

79%

on

80

56.55

56.10

83.95

83.95

83.95

the

same

was on

offer and

6

60%

99%

99%

99%

99%

99%

60%

60%

60%

60%

>60%

PUBLIC

DEBT

STATEMENT

Thomas H.

The

statement

the

of

public

holdings of the United States

as

MARKETS.

gross

and net debt
CASH

to
on

the

details

that date,

AVAILABLE

TO

PAY

Greece,

reserve

was

against its note issue is £126,528,985,

respectively.




A moderate amount of gold

all taken for New York.

Consignments of gold to the

$4,000,000, $3,500,000, $460,000 and $109,000 have

New

York from

London,

STATES

1921.

debt

and

Treasury

cash

officially issued for Feb. 28

1921, delayed in publication, lias
attaches

UNITED

OF

FEBRUARY 28

now

of

we

been received, and

available

append

cash

and

a summary

as

the

thereof

MATURING OBLIGATIONS.
Feb. 28 1921.

Balance end month by daily statement, &c.
Deduct-—Excess disbursements over receipts belated

1.

S301.022.515

items-

5,795,959

S295.226.556

£126,527,480 last week.

value of $4,100,000.
been received in

gold

;

day has been:

GOLD.

compared with

'

88

79

'

their

Co. of London, written under date of April 7

The Bank of England

47%

88%

56.92

83.95

price of silver in New York

'

lOlsJLd

47%

Silver in N. Y., per oz. (cts.):

1921:

as

Fri.

34%

34%

48%

reprint the following from the weekly circular of Sam¬

uel Montagu &

Thurs.

34%

French War Loan(inParis) fr.

understand, is in charge

SILVER

Wed.

34%

French Rentes (in Paris)..,fr.

u-=L-

ENGLISH

-■

34%

,

48%

Department of Insurance resulted in the issu¬

institution.

THE
We

— ...

35

.

48%

British, 4%

robbed

cover up

Tue.8

48%

British, 5

Groner at

was

.d.
ounce—

follows the past week:

as

Mon.

per cents.—

interest

A

11.4<1.

respectively

Apr. 23. Apr. 25. Apr. 26. Apr. 27. Apr, 28. Apr. 29

oz

Consols, 2%

of

Subsequent ipvesgitation by the Federal authorities

of the warrant to arrest Colonel Blundon.

Davis,
of

the bank

later, presumably by the robbers, to

and the State
ance

On Jan. 30 last

Sat.

Weekending Apr. 29.

the Commonwealth National

President of

formerly

tracks.

104s.
are

week ago.

a

ENGLISH FINANCIAL MARKETS—PER CABLE.

without the risk of embarrass¬

Bank of Reedville, Va., alleging embezzlement of the funds

started

32.375d.

lid.

The daily closing quotations for securiites, &c., at London,

Norfolk, Va., for the arrest of Colonel Harold Gordon Blun-

don,

104s. 7d.

We have also received this week the circular written under

capital from $22,000 to $50,000 is also reported.

warrant

United

32%d.

32.979d.

Gold, per fine

A

33%d.

-

date of Feb. 00 1919:

signing

larger depositors will put the bank in

position, it is said, to
ment

105s. 5d. V.
104s.

The silver quotations to-day for cash and forward delivery

This substitution of time deposits for the regular

accounts

105s,

32%d.
32 %d.

Many of the depositors, it is stated, have

an agreement

daily.

32 %d.

lOd.

33d.

j%d. and %d. above those fixed

checking accounts held with the bank at the date

closing.

signed

104s.

..33%d.

Average

made with the larger depositors who are to take time deposits
for their

Oz. Fine

32d.

-33 %d.

7

originally planned, under arrangements then being

holding

liar Gold,
per

32%d.

32%d.

-y

6

further trouble will be experienced in opening the bank early

Oz. Std.
2 Mos.

32%d.

5--.,

no

in

ounces

No

The Shanghai exchange is quoted

Cash.

4

in perfect

dispatch further states that it is expected

the 2d inst.

1.
2

rumors as to

are

on

the 19th ult.

ounces

the tael.

Id.

Quotations—

issue of April 2)

discloses the fact that the affairs of the bank

reported

on

Bar Silver, per

Security

Mar. 24

3s.

at

compared with 46,200,000

as

39.000,000 dollars, and 550 bars of silver

of silver bars is

thorough audit

a

and 38,500,000 dollars,

sycee,

sycee,

A

835

Six lacs of rupees were coined during the week
ending 31st ult.
The stock in Shanghai on the 2d inst. consisted of about

Group officials are making elaborate preparations for

Holland,

Sweden, France and

Deduct outstanding obligations—
-

Treasury

warrants
Matured interest obligations.

$4,391,727

68,102,515

....

Disbursing officers' checks--.-..--.--.—-------—--------Discount accrued
Total..

Balance

on

War Savings certificates—————————
-

-

——

-

-

101,818,950
93,572,577
$267,885,769

-

-

$27,340,787

:

OUTSTANDING.

INTEREST-BEARING DEBT

1

4s, Loan of 1925.-...
Panama '2s of 1916-36
Canal

(,3s

—

.Q.-F.

.Q.-F.
—Q.-F.

(2s of 1918-38

Loan

599,724,050
118,489,900
48,954,180
25,947,400
50,000,000
28,894,500
2.484,046,000
4287,229,450
1,410,074.350
26,144,450

-Q.-J.

2s, Consols of 1930—.—

Q.-M.
Q.-J.
J.-J.
.....J.-J.
J.-D.
J.-D,
..J.-D.
—J.-D.

of 1961

3s, Conversion bonds.

-

4% to 6s. certificates oi Indebtedness.

2s, certificates of Indebtedness
3Hs, First Liberty Loan

4s, First Liberty Loan, converted
ibis, First Liberty Loan, converted
4bis. First Liberty Loan, second converted—
4s, Second Liberty Loan
—M.-N.
43^8, Second Liberty Loan, converted.
M.-N.
43^8, Third Liberty Loan
M.-S.
43|s, Fourth Liberty Loan...i——
A.-O.
3%s, Victory Liberty Loan.-----.
—--—
...J.-D.
4^s, Victory Liberty Loan
.....
J.-D.
4s, War Savings and Thrift Stamps, Series 1918-1920-b
Mat.
233s, Postal Savings bonds (1st to 16th Series)...—
J.-J.

512,617,700

3,492,150
108,800,250
3,213,131,150
3,645,692,850
6,361,610.150
685,885,050
a3,463,842,650
733,478,995

Matured, interest ceased.

—

Ordinary debt.-.-—

—

Deduct—Treasury balance.Total debt

—

..i.

——

.

—

_ —

—

23,820,073,465
225,600,334
3,853,990
24,049,527,789
27,340,787
24,022,187,002

t Of these totals, 832,854,450 bear various rates of interest.
Does not include partial payments received amounting to

Week

Since

Since

Week

Since

Since

April 23.

July 1.

July 1.

April 23.

July 1.

July 1.

Bushels.

Bushels.

Bushels.

Bushels.

Bushels.

40,000
3,050,000

Argentina-..
Australia

India.

—

4,428,000
112,000

...

....

Total:

a u d IH i s ce Uu u e 0 us

The

s

brought from page 1891.—The
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:
figures

statements below are

Rye.

Bailey.

Oats.

Corn

Wheat.

bush ASlbs. bushMlbs.
bbls.lQQlbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs
19,000
158,000
1,049,000
1,063,000
301,000

Chicago

228,000

1,919,000
571,000

Duluth

94,000
21,000

23,000

Minneapolis..

Toledo

49,000

89,000
46,000

Detroit......

28,000

21,000

816,000

218,000

23,000

Milwaukee...

116,000

160,000

44,000

10,000

200,000

57,000

160,000

175,000

118,000

60,000

...

164,000

5,631,000
3,154,000
2,204,000

2,102,000
1,871,000
4,504,000

2,244,000
2,010,000
4,307,000

14,000

Kansas City..

117,000

1,487,000

104,000

363,000

Peoria

119,000

44,000
352,000
131,000
18,000
72,000
244,000

74,000
52,000

St. Louis

165,000

Omaha

Indianapolis-.
Total wk. 1921

377,000

Same wk. 1920

97,000

Same wk. 1919

370,000

2,000

1,000

10,000

45,000

supply of grain, comprising the stocks in
principal points of accumulation at lake and'
Apr. 23 1921 was as follows:

at

seaboard ports

GRAIN STOCKS.

bush.

600,000

474,000

588,000

1,613,000

1919-20
1918-19

2,000

Boston..

Philadelphia

418,000

1,023,000

4,000

6,000

834,000

1,685,000
287,000
525,000

325,000

462,000

133,000

152,000

32,000

2LOOO

1,764,000

1,498,000

97,000
71,000

75,000'

413,000

257,000

429,000

20,000

32,000

27,000

124,000

31,000

629^000 11,576,000 10,638,000

34,000

i87~666

374,000

~73~666

16Y660

5,061,000
9,155,000
504,000
720,000

211,000

73,000

26,000

905,000

4,000
29,000

7,000

Newport News
New Orleans..

..

.

.

.

2,019,000
2,138,000
542,000

_

Buffalo

Toledo
Detroit

Chicago

1,067,000
1,209,000
564,000

37,000

Duluth

2,141,000

Minneapolis

3,040,000
99,000
1,058,000

294,000
742,000

4,251,000

79,000

Indianapolis............
Omaha

462,000

................

On Lakes

62,000

284,000
245,000
1,478,000
756,000

1,000

Peoria

1,389,000

"

4~ odd

196,000

Flour.

Wheal.

Corn.

Oats.

Barley.

450,000
1,617,000
1,565,000

1,730",660
15,513,000 28,279,000 31,001,000
1,855,000
Total April 16 1921
17,431,000 31,067,000 32,407,000
3,164,000
Total April24 1920
42,969,000
6,060,000 7,250,000 18,049,000
Note.—Bonded grain not included above: Oats, 14,000 bushels New York, 129,000
Total April 23 1921

11,000 in 1920; and barley. New
bushels, against 39,000 in 1920.

total, 143,000 bushels, against

Buffalo;

Barrels.

Bushels.

Bushels.

Bushels.

Bushels.

Bushels.

Canadian—

'

Montreal

4,000

78,0003,034,000
50,000

137,000 16,474,000
143,000 17,073,000

4,000
3,000
4,000

3,162,000
3,563,000
2,319,000

17,462,000

..

228,000

Other Canadian...
Total

667,000
15,035,000
772,000

137,000

398,000

.....

Ft. William & Pt. Arthur.

April23 1921 ....18,088,000

Total April 16 1921
20,486,000
Total April 24 1920---12,577,000

5,101,000

20,000

SumWary—

15,513,000 28,279,000 31,001,000
137,000 16,474,000

1,617,000

1,730,000

4,000

3,162,000

1921.33,601,000 28,416,000 47,475,000
1921
37,917,000 31,210,000 49,480,000
55,546,000
6,080,000 12,351,000

1,621,000
1,568,000
18,053,000

American

...18,088,000

Total April 16

Total April 24 1920

4,000

138,000
47,000

472,000

23", 000

313,000

44,000

9,000

170~666

80,666

"96,606

"i",666

67",606

511,000

Newport News
New Orleans a

65,000

21,066

450,000
37,000

41,000

225,000

.

Baltimore

412,000

Galveston.

Montreal
St.

_

John

Boston

148,000

43,666

"3",000

v:, A:

:

Merchandise Movement at New

Customs Receipts

York.

260,000

1920-21.

1919-20.

1920-21.

1919-20.

1920-21.

$

$

*

$

1919-20.

$

%

323,427,245 179,457,378 200,319,661 239,532,410
265,399,334 163.182,188 160,316,294 264,759,378

21,468,214

15,281,139

18.392,047

15,444,278

267,365,966
September 184,623,524 251.529.881 174.781.030
179.929.909 214,756,732 267.317.672 324.627.015
289.529,113 237.666,749
November 172,054.642 231.808.185
December- 126,251,896 221,159,962 345,414,165 204,779.114

16.140,524

August
October

16,845,472

16.740,934
16,792,158

15.335,704

21.023.969

12,190,679
12,265.070
14.154,349

19,576,716
21,284,852

18,615,006

22,429,009

—

February
March...

"9*666

York.

Exports.

Imports.

Month.

108,651,387 280,997,659 356,457,600 257,101.089
103,427,293 260,144.811 237,794,460 301,626,954
123,996,">59 292,275,856 167,836,305 396,929,064

January

485,000

~~2~o66

16,000

-

8,000

10,000

36,000

29,600
32,000
33,000
28,000
5,000

4,892,000#
5,418,000
5,483,000

YORK—MONTHLY

NEW

OF

TRADE

statement.

July

...

York

35,000 bushels, Duluth 1,000; total, 36,000

Rye.

Portland, Me.
Philadelphia

14,000

53,000

967,000

at New

flour and grain at the seaboard ports for
the week ended Apr. 23 1921 follow:
Total receipts of

New York

3,000

889,000

21,692,000 279,925,000174,052,000 150,190,000 22,556,000 14,747,000
16,108,000 376,077,000154,000,000 169,139,000 26,426,00028,481,000
12,675,000 379,586,000 165,524,000 232,096,00069,89,700039,486,000

Receipts at—

146,000

Baltimore

FOREIGN
—

14,000

3,000
140,000

bush

bush.

653,000

bush.

"182,000

_____

Total April 23

456,000

bush.

230,000
15,000

United States—
New York....

Barley

Rye>

Oats,

Corn,

Wheat,

Wf

Canadian

Since Aug. 1—

1920-21

1,750,000

visible

granary

Kansas City

Flour.

3,553,000

2,982,000 136,581,000 115,112,000

14.332,000 483,946,000 525,440,000

St. Louis

Receipts at-

110~,~748~666

200,000

64,625,000 171,839,000
53,582,000 82,877,000
9,388,000
1,916666
230,000

Afloat

Breadstuffs

33,327,000
9,518,000
90,183,000

651,000

200,000

Oth. countr's

2,614,000

1,768,000
363,000

6,702,000 355,921,000 268,813,000

Russ. & Dan.

Milwaukee

©cram er eta I

Bushels.

North Amer.

Galveston

$14,455.
b On basis of cash receipts and repayments by the Treasurer of the United States.
Note— Issues of Soldiers' and Sailors' Civil Relief bonds not included above
total issue to Feb. 28 1921 was $195,500, of which $128,900 has been retired.
a

1919-1920.

1920-1921.

1919-1920.

1920-1921.

"

-—

—

Exports.

11,718.240

Aggregate of interest-bearing debt..
Bearing no interest..

$

Corn.

Wheat.

Jan. 31 1921.

Interest

Payable,

Title of Loan—

[Vol. 112.

CHRONICLE

THE

1836

.

_

19,323,956

167,897,004
1587762189 2094313652 2199766300 2494387739 145,407.065

Total

20,000

Movement of eold and silver for the 9 months:
Total wk. 1921
Since Jan. 1'21

Week 1920.

172,000

154,000

892,000

170,000

334,000

25,240,000

7,740,000

4,319,000

8,459,000

308,000

2,590,000
57,544,000

296,000

16,000

555,000

1,444,000
30,709,000

..

Since Jan. 1 '20
a

537,000
7,386,000

6,655,000

6,161,000

Receipts do not include grain passing through

Oold Movement at .Mew

>'•

12,108,000

3,935,000 14,310,000

Imports.

Month

New Orleans for foreign ports on

1920-21.

1920-21.

1919-20.

through bills of lading.

The exports from

ending Apr. 23

are

the several seaboard ports for the week
shown in the annexed statement: ' I
Flour.

Bushels.

Bushels.

Barrels.

Bushels.

128,865

New York

Portland,

Corn.

I

Me

Boston

105,708 209,180

412,000

32,000

500,660:

56,425

19,524

4,500

148,000

1,641",666

Baltimore

175,000
336,000

194",000

60,000

7,000

4i"666

485",000

685,000

1,000

New Orleans......

j 1,229,000

Galveston

225,000

St. John, N. B___.

746,426

as

4,212.285
274.003

3,921.003
5.279.491
3,080.163

2.133,024

130.000

54,248,571

1,230,283

53,000

12,110,147

1,511,726

7,532"

December.

53,324,215
31,328,278
18,439,803

791,436

350,043
124,300

23,246,193
17,790,299

950,187

183,085

557,847
2,800,154

1,458.285

234.300

24,814,399

1,595,573
841,850

81,335,005

1,708,182

100,000

35,247,500

874,225

1,329,649"

5,724.231 149,098,381

11.065,172

10,119,689

.

410,865.595

4,500

the week and since

Corn.

Wheal.

Since

Week

Since

Week

Since

July 1 to—

April23

July 1

April 23

July 1

April 23

July 1

1921.

1920.

1921.

1920.

1921.

1920.

Bushels.

Bushels.

Bushels.

Bushels.

Barrels.

Kingdom. 136,543

194,123

Barrels.

3,057,644
5,463,107

So. & Cent. Amer.

8,000

West Indies

9,000

983,255
772,427

10",5i4

1,226,521

2,215,000 79,236,535
1,915,865 198,164,084
3,426,311
61,000

415,000 11,504,689

50,500

991,832

364,708 18,552,919

22,000
9,000

Total
Total 1919-20

.

326,343
29,769

Brit.No.Am.Cols.
_

358,180 11,502,954
299,064 17,117,427

wmrld's shipment




4,989",292

145,043

2,137,837

regarding
Comptroller of the

the office of the

ORGANIZE RECEIVED.

APPLICATIONS TO

April 16—The First National Bank of Clifton. N. J
Correspondent: Albert S. Laber, Clifton,

4,191,865 285,866,722

810,708 31,550,595

746,426 135,429,649

Capital.

$100,000

N. J.

Tenn.

April 18—The Woodlawn National Bank of Chicagq, 111...
Correspondent: Osborne E. Quinton, care Central
Hyde Park Bank. Chicago. 111.
April 19—The Valley

Pa

National Bank of Nunudia.

Numidia, Pa.
of Haynesville, La
Stroud, Homer, La.
21—The First National Bank of Clifton, N. J__
Correspondent: Albert S. Laber, Clifton, N. J.
Correspondent: E. L. Leisey.

April 19—The First National Bank
Correspondent: Geo. F.
April

APPLICATIONS TO
April 20—The

50,000
300,000<
25,000

100,000
100,000

ORGANIZE APPROVED.

Peapack-Gladstone National Bank,

stone, N. J
Correspondent: W. J.

:

Peapack-Glas- - ---

—

30,000

Woodhead, Jr., Peapack-Glad¬

stone.

181,000

3,384,823

of wheat and corn for the week

ending Apr. 23 1921 and
following:

shown in the

323,010
316,556

Banks.—The following information

April 18—The First National Bank of Loudon, Tenn
Correspondent: C. P. Taliaferro, Loudon,

below:
Flour.

Continent

10,045,917

*

1.359.391

25,000

Week

The

February

national banks is from

and Since

Other countries.

January

National

9,666

501,310 777,128

Exports for Week,

United

1,937,525
709,579

287.011

Total

52,000

37",000

542,500 778,425 228,524

The destination of these exports for

July 1 1920 is,,

1,236,840
1,062.356

23.609,186

Currency, Treasury Department:
810,708 358,180
181,000 299,064

week..... 4,191,865

Week 1920.

246,300

1,310,313

5,000

Newport News

$

$

*

393,587

2,683,735

March

9,000

56,000;

Philadelphia

Total

Bushels. Bushels. Bushels.

3,500
47,000

1920-21.

12,454.509

...

October

1,000

...

Exports.

1920-21.

1919-20.

November

Peas.

Barley.

Rye.

Wheat.

Exports from-

Imports.

34,228,556
114,561,653

August

September
Oats.

$

%

%

10,945,005

July

Silver—New York.

York
Exports.

,

since July 1 1920 and 1919 are

APPLICATIONS TO

CONVERT RECEIVED.

April 18—The Sheridan National Bank, Sheridan, Ore
Conversion of The Sheridan State Bank, Sheridan,Ore.
Correspondent: Sheridan State Bank.

25,000

Ky.25,000

April 19—The Fleming National Bank, Fleming,
Conversion of the Bank of McRoberts,

Correspondent: M. E.

Fleming, Ky.

Lykins, Fleming, Ky.

April 30

1921.]

THE

APPLICATIONS

CHRONICLE

1837

CONVERT APPROVED.

TO

Per

April 18—The First National Bank of Bassett, Va_,_

1

50,000

Correspondent: J. B. Dillon, Bassett, Va.
April 22—Commercial Exchange National Bank of New York. N.Y. 700,000

Miscellaneous
Davis

When

Books Closed.

Cent.

Name of Company.

Conversion of The Bank of Bassett, Bassett,. Va.

Payable.

Days Inclusive.

(Concluded)

Mills.

Conversion of the Commercial Exchange Bank, N.Y.

*1A

June 25 ♦Holders of rec. June 11

Deere &

Co., pref. (quar.)

nx

June

1

Holders of

Correspondent: L. A. Fahs, 330 Bowery, New York.

Diamond Ice & Coal, pref.

VA
VA

May
May

1
1

Apr.-22

1H

May 15

Holders of

rec.

May

5a

Common (extra)

VA

May 15

Holders of

rec.

May

5a

Preferred

IK
IK
IK

May

5a

June

CHARTERS ISSUED.

April 18—11958—The First National Bank of Roy, N.'Mex.
Conversion of The Roy Trust & Savings Bank.

50,000

,

President, II. B. Jones; Cashier, C. L. Justice.
April 20—11959—The Peoples National Bank of Nocona, Texas.
Succeeds The Nocona National Bank. Nocona, Texas.
President, G. M. Utt; Cashier, B. E. Anderson.
April 20—11960—The Peoples National Bank of Brookneal. Va__
President, H. F. Walthall; Cashier, Wm. R. Davis.
April 21—11961—The Roseville National Bank. Roseville, Cal__
President, F. A. Fiddyment; Cashier; W. E. Holmes.

50,000

_

CORPORATE

50,000
50,000

Until.

April
-April
April
MangUm National Bank. Mangum, Okta.
Aprii
Smith National Bank.of Saint Edrvard. Nebr_—April
City National Bank of Granbury, Texas.______-April
First National Bank of Medford. Okla
___April
Liifkin National Bank, Lufkin, Texas
.April
First National Bank of Wadsowrth, Ohio
.April
First National Bank of South Glenns Falls, N. Y. April

5793—The
5808—The
5796—The

5797-—The
5828—The

5851—The

(quar.)
(quar.)__

Preferred

18 1941
19 1941
21 1941
21 1941
22 1941
22 1941
24 1941
24 1941
23 1941
23 1941

LIQUIDATIONS.

APPLICATION

TO

Capital,

Capital, $200,000.
Correspondent, Judd Dewey, 110 State St., Boston, Mass.

Canadian Bank Clearings.-—The clearings for the week

ending Apr. 21 at Canadian cities, in comparison with the
week in

show

1920

a

decrease in the

aggregate of

ending

or

1921.

Montreal
Toronto

Dec.

1919!

$

S

%

$

_

Quebec
Halifax

2
25

rec.

May

9

Greelock Co., com. (quar.)
Griffin Tobacco, pref. (quar.)

May

... —

-

-

Edmonton

_

_

-

_

_

May 14 ♦Holders of
Holders of
May
2

rec.

May

rec.

Apr. 27

*1

May 31 ♦Holders of

rec.

May 20

75c.

May
2 Holders of
May 15 Holders of
♦Holders of
June

rec,

Apr. 25a

rec.

Apr.

VA

Inland Steel (quar.)

Kansas City Pow. & Lt., 1st pf. (mthly.) 66 2-3c May
Keystone Watchcase (quar.)._________
*1A
May
Lake of the Woods Milling, com. (qu.)
3
June
_

Lehigh Coal & Navigation (quar.)
Liggett & Myers Tob., com.&coin.B(qu.)

Brantford

—10.1

Westminster

Medicine

Hat

Peterborough

1,085,580
923,863
1,360,989
1,174,889
1,308,902
1,003,474
3,622,629
3,787,556
314,814
477,685
1,173,518 Not incl. in

Kitchener
Prince

787,247
483,546

434,555

Sherbrooke
Windsor.

1,863,467
913,953

_

Albert

.

Moncton

Total Canada

—21.3

—13.5
—21.4

—19.2

—20.0
—

13.1

—24.3

—14.9

732,982
1,098,307
305,218

9,751,679
6,299,434

4,891,278

2,386,873
2,309,368
6,147,717
2.443,480

,3,011,023
3,502,674
465,571
ft

+4.6

820,333

1,577,262
910,059

1,187,344
545,030

356,827
478,659

824,471

—23.3

60,564,704
48,006,878

661,949

—13.6

♦

666,388
687,598
683,373
1,223,410

233,767

total.
—7.5 228,105,869 249,816,821

.dividends.
Dividends are now grouped in two separate tables.
In the
first we bring together all the dividends announced the cur¬
■

.

Then

rent week.
we

show

the

follow with

we

dividends

a

second table, in which

previously announced, but which

have not yet been paid.
The dividends announced this week

When

June

May
May

Nash Motors, pref. (quar.)
National Refining, com. (quar.)__

Apr.

25a

Holders of rec. Apr.
Holders of rec. Apr.

25a

1

VA

May
May

Apr. 23
Apr, 23

2

June

Holders of

rec.

May
May
May
May

Holders of

rec.

Holders of

rec.

IK
1A

51.25
3
2

•

rec.

rec.

Apr. 25a

Holders of

rec.

May

1

Holders of

rec.

Apr.

IK
$1

May

2

51

1

3

Holders of

May 10

rec.

Apr. 26a

Holders of

rec.

May

6a

rec.

May

2

1

rec.

May 14

Holders of rec.

May 18

Holders of rec.

May 11

IK

June

2

June

IK
*50c.

(quar.)

June
June

♦Holders of

rec.

/50c. June

♦Holders of

rec.

May 10

♦Holders of

rec.

Apr. 27
20a

*10
_

_

_

_

_

_

_

_

_

_

_

_

_

Holders of

May

1

May

Holders of rec. Apr.

*2

May 21 ♦Holders

*1

May
2 ♦Holders of
May 16 Holders of

IK
*3

May 10

of rec. Apr.
rec.
rec.

30

Apr. 23
May
2a

Mills

*

(quar.)

June

1 ♦Holders of rec. May

1A

May

2

Holders of

Apr.

16
18

A

Stafford
■

June

12J4C May 10 ♦Holders of

(quar.)

_

la
19a

Holders of rec. Apr. 28a
Holders of rec. May 10a

May

2

Common (payable in common stock).

_

1

Apr. 21a
Apr 26a

May

Sagamore Mfg. (quar.)
Seaconnet Mills (quar.)
Sharp Mfg. Co. (quar.)

1

Apr. 27
Apr. 20

May 15

Preferred

25

May

2

21

<Extra

Standard Milling,

com.

rec.

2

(quar.)

Preferred (quar.)—
Standard Sanitary Mfg., com. (quar.)__

May 31

Holders of rec. Apr.
Holders of rec. May

1A

May 31

Holders of rec. May 21

18

*1A

May 10 ♦Holders of

rec.

May

*1K

May 10 ♦Holders of

rec.

May

50c.

Holders of rec. Apr.

30a

2

May 15
May

Holders of rec. Apr.

25a

Troxel Mfg., coin, (quar.)
Preferred
(quar.)___
Union Cotton Mfg. (quar.)

2

May
May

Holders of rec. Apr.
Holders of rec. Apr.

20a

IK
3

May

Holders of rec. Apr.

27a

United Wire & Supply, pref. (quar.)__._
Senior preferred (quar.)
-

VA
IA

May

Holders of rec. Apr.

26

May

Holders of

Preferred

(quar.)

Stewart Mfg., com. (quar.)
Preferred
(quar.).

U. S. Steel

Corp.,

Preferred

com.

ree.

IK
IK

June 29

May

2

ft, May 3
Holders of rec. Apr.

1A

May

2

Holders of rec.

May 28

5

20a

Apr. 26

2

(quar.)__

(quar.)

Wampanoag Mills (quar.)_
Weetamoe Mills (quar.)

5

June 1

16a

Wells, Fargo & Co

*2 A

June 20 ♦Holders of

rec.

Apr. 27a
May 20

*VA

June

♦Holders of

rec.

May 16

Preferred (quar.)
*2
Whit© (J. G.) Co., pref. (quar,)-.
VA
White (J. G.) Engineering, pref. (quar.)
VA
White (J. G.) Management, pref. (qu.)
VA
Will <fc Baumer Candle, com. (quar.)... *2 5c.

Below

and

1 ♦Holders of rec. May

1

Holders of re?. May

16
16

June

1

Holders of rec. May

16

June

1

Holders of rec.

May 15 ♦Holders of

rec.

May 16
May

2

give the dividends announced in previous weeks
paid. This list does not include dividends

we

not

1

June

June

yet

announced this week.

Cent.

Books Closed.

When

Payable

Days Inclusive.

(Steam).
1A

Holders of rec. May

6a

2

May

Holders of rec. Apr.

IK

May

Holders of rec. Apr.

29a
2a

......

June

♦Holders of

rec,

May

10

Keokuk & j)es Moines, pref

3

May

June

♦Holders of

rec.

May

10

May

June

♦Holders of rec.

May 28a

New York Central RR. (quar.).
Norfolk & Western, adj. pref. (quar.)_.

IX

♦2M

(quar.)

June

1

May

19

Apr, 20a
6

Northern Pacific (quar.)

IK

May

2

Holders of rec. Mar. 18a

Pere Marquette, prior pref. (quar.)..

IX

May

2

Holders of rec. Apr.

14a

Pittsburgh <fc West Virginia, pref. (quar.)
Reading Company, common (quar.)....

1A

May 31

Holders of rec. May

2

May 12

Holders of rec. Apr.

6a
19a

Holders of

rec.

June
June

♦Holders of
♦Holders of

rec.

May 31

50c.

May

Holders of

rec.

May

(quar.)

Pennsylvania (quar.)_,_

feci May

2

1st pref.

50c.

(quar.)

June

Holders of rec. Apr.

9

26a

Holders of rec. Apr.

la
30a

Holders of rec. Apr.

Holders of rec. May 24a

Railways.

Detroit United Ry. (payable in stock)..

e2V2

June

1

Holders of

rec.

May 16

...

(quar.)

2A

May 16

Holders of

rec.

May

2

May

Holders of

rec.

Apr. 21a

2

3a

Street

and

Electric

Railways.

Cape Breton Elec. Co., Ltd., pref-.-...
Carolina Power & Light, com. (quar.)

3

—

a
1A

May

May

Holders of rec. Apr.

14

May

1

to

15a
15

May 15

Holders of rec. Apr.

la

Duquesne Light, preferred (quar.)

Banks.

Exchange National (quar.)__.

3A

May

2

Holders of

rec.

Apr.

28

Companies.

Farmers' Loan & Trust (quar.)__.

5

May

2

Holders of

rec.

Apr. 21a

XX

May

Havana Elec. Ry., L. & P., com. & pref.
Milwaukee Ei. Ry. & Lt.. pref. (qu.)___
Montreal L., H, & Pow. Consd. (quar.).

3

May 16

IA

Apr.

30

Holders of rec. Apr,

20a

IK

May

2 A
75c

May

16
2

Holders of rec. Apr.

Montreal

30
15

Apr. 30
$1.50 May
2

Holders of rec. Apr,

IK

May

2

May

16

Tramways (quar,)

Philadelphia Co.,
Six per

Miscellaneous.
American Acceptance Corp., commonPreferred (quar.)..

American Art Works, com. & pref. (qu.)
American Linen Co. (quar.)
American Tobacco, com. & com. B (qu.)
Amer. Vitrified Products, pref. (quar.)__

2

15

2

Holders of

rec.

June

10a

Holders of

June

rec

June

5

July
May

Holders of rec

3

June

Holders of

va

May

Apr.

1

to

21

May

rec

23a
May 10

Apr.

Apr.

May
May

♦Holders of rec

May

10

Barnard

*2

May

♦Holders of

rec

Apr.

21

♦Holders of

rec

Holders of

_

_

_

„

_

_

_

_.„

(quar.)_______

Beacon Oil

21

to

May 19

Holders of rec. Apr.

Holders of rec.
Holders of rec.

la

Apr^ la

Apr! ^21

Holders of rec. May

2

h\K

May 16

Holders of rec. May

2

Apr. 30

Holders of rec. Apr.

20a

May

Apr, 28

to

May

Apr. 28
Apr. 26

to
to

Banks.

May

May

Apr.

25

25

Pacific

July

June

15a

July

♦Holders of

rec

June

July

Holders of

rec.

June

15a

va

May
May
May

29
29

to

Apr,

to

1
1
1
Apr. 30a
May
1
May
1

26

to

May

15a

2

Apr.

May

Extra

Holders of rec.

May

Bowery (quar.)

Apr.

May

Common Class B (quar.)

*1X

(quar.)
Continental Paper & Bag Mills, com.(qu)
Preferred (guar.)

May 10

rec

Apr.

va
*va

Eight per cent cum. conv. pref. (qu.)_
Seven per cent non-cum. pref. (quar.)
Bourne Mills (quar.)
Buckeye Pipe Line (quar.)
California Packing (quar.)_„__

to

♦Holders of rec

*3

______

i

1A

Apr.

62^c

York Rys„ preferred (quar.)

Chemical National (bi-monthly)
Corn Exchange (quar.)

Bethlehem Steel, com. (quar.

Berkey & Gay Furniture, pref. (quar.)__

West Penn Power, 7% cum. pref. (qu.).
West Penn Tr. & Wat. P., pref. (quar.).

30

2A

*2 A

_

______

(quar.)
cent cumulative preferred
common

Preferred (acc'taccum. dividend)

IA
2

Atlantic Petroleum...

Amparo Mining (quar.)

Holders of rec. Apr.

May

Conn. Ry. & Ltg,, com. <fc pref. (quar.).

Tampa Electric Co. (quar.)___.
Union Steel Ry. (New Bedford)




Holders of

Holders of

May
May

*1

2.26 May

Conanicut Mills (quar.)
Consolidated Gas (N. Y.)

to

*1K

*1*4

Mfg.

to

Atch. Topeka & S. Fe, com. (quar.)

*1H

Trust

rec.

VA

Railroads

Days Inclusive.

Norfolk & Western, com.

American

Holders of

May

1A

Merrimac Mfg., com. (quar.)
Motor Products Corp., class A (quar.)__
Narragansett Mills (quar.)
Nashawena Mills (quar.)

Pure Oil Co., com.

20

VA

Merchants Refrigerating, com. (quar.)__
Preferred
(quar.)
;

Books Closed.

Payable.

Elmira & Williamsport, common.
Illinois Central (quar,)

Electric

Apr.

Per

(Steam).

Special guaranteed (quar.)

and

rec.

Holders of rec. Apr. 26a
♦Holders of rec. May 16

Central RR. of N. J. (quar.)..
Great Northern (quar.)

Cleveland & Pittsburgh guar. (quar.)___

Street

Holders of

May

50c.

Name of Company.

Per

Delaware & Hudson Co.

May 16

May

2

_____

Melville Shoe Corp., com. (quar.).,
Preferred
(quar.)__

are:

Cent.

Name of Company.
Railroads

rec.

West India Sugar Fin. Corp., com. (qu.)

—34.1

343,368,669 371,280,304

rec.

*2

590,833

854,001
1,653,499
555,941
461,035
342,499

1,574,781

Holders of

♦Holders of

2A

—29.4

—10.9

_______

Jaw

Fort William

May 21
Apr. 30a

May
June

2

—14.5

1,728,089

Saskatoon

rec. Apr. 28
Holders of rec. May 21

Holders of rec.

*3

(quar.)

3,119,163
2,704,918
481,293

2,426,852

716,451
1,920,273
1,402,573
1,491,333
793,076
596,465

Apr. 20a

$1

__

Pittsburgh Oil & Gas (quar.)
Pittsburgh Steel, pref. (quar.)
Pressed Steel Car, com. (quar.)

$

30

May 10

rec.

♦Holders of

June

VA

2

rec.

Holders of

_

(quar.)

—25.0

—20.9

704,241

1
♦25c.

1,572,685

1,015,277

Brandon

Lethbridge

Apr. 20

*2

—20.3

—16.4

Regina

Apr. 20

rec.

Hart, Schaffner & Marx, com. (quar.)__
Houghton County Elec. Light, pref
Imperial Oii (monthly)

—17.4

—11.3

_

rec.

Holders of

Mfg. (quar.).
Harmony Mills, pref. (quar.)

Shove Mills (quar.)

4,148,806
8,321,838
2,928,371
6,224,118
4,359,435
823,147

Victoria

Holders of

2

Hamilton

Smith (A. O.) Corp., pref. (quar.)
Southern Pipe Line (guar.).

3,500,549

_-i-_•

2

May

IK

5,293,585

—5.2
—2.4

26

May 14 ♦Holders of

3,935,833

—16.6

St. John

to

*2

3,669,640
4,531,165
2,067,185
1,636,457
4,655,804

7,716,143

Calgary

Apr. 28

Apr.

81,436,674

—10.4

Hamilton

Apr. 26

♦Holders of rec. Apr.

May

87,730,725
54,774,638
31,910,240
9,909,900
5,229,601
4,303,631

3,104,376
3,467,777
6,876,455
2,335,968
4,665,304
3,523,313

Vancouver

New

•

ft

115,119,273 121,204,311
104.842,305 110,539,556
44,950,182 46,053,795
17,386,905
15,577,924
9,328,800
7,338,136
7,273,037
6,295,715
4,550,585
3,574,661

_

__

Ottawa

Moose

—5.0

1918.

6,433,717

_

_

_

Winnipeg,

London

1920.

:v:

Canada—

rec.

♦Holders of

Nonquitt Spinning Co. (quar.)
Pennsylvania Coal & Coke (quar.)

April 21.

Clearings atInc.

rec.

♦Holders of

May
1
Apr. 26

National Tea, pref. (quar.)
New England Investment
New York Shipbuilding (quar.)__

7.5%.
Week

1

Apr. 26a

rec.

Lincoln Mfg.

April 23—The Eastern National Bank of Boston, Mass.

same

to

1

♦Holders of

Manomet Mills (quar.)
Massachusetts Gas Cos., pref
Mechanics Mills (quar.)

APPROVED.

ORGANIZE

rec.

rec.

26

May

____

April 18—8748—The First National Bank of Belmond, Iowa.
$30,000.
Effective April 11 1921.
Liquidating agent, W. T. Gfeller, Belmond, Iowa.
Absorbed by the State Bank of Belmond, Iowa.
ADDITIONAL

Apr. 27

*52.50 May
3
May

(quar.)

Holders of

May

Holders of rec. June

Holders of

May
May
May

*1K

May 14

*IA

Preferred

VOLUNTARY

15

May

VA
*1A

Esmond Mills, com.

Exeter Mfg. (quar.)
General Optical, pref.

May 15

to

Great Lakes Dredge & Dock

5857—The Citizens National Bank of Greencastle, Pa__
5801—The First National Bank oi Watomra, Okla____
5803—The Commercial National Bank of Essex, Iowa.
5811—The

(quar.)____________

Eastern Steel, 1st & 2d pref. (quar.),
Eiseman Magneto, pref. (quar.)_
Emerson Shoe, pref. (quar.)

rec.

Holders of rec. Apr.

Granite Mills (quar.)

EXTENDED.

EXISTENCE

(quar.)__
Dodge Steel Pulley, pref. (quar.)
Dow Chemical, com. (quar.)-i________

Bank

Extra

(quar.)_______

...

__

_

Trust Companies.

Holders of

June

15a

Kings County, Brooklyn (quar.)

May

Holders of

rec,

Apr.

20a

Lincoln

June

Holders of

rec.

June

May

2

Apr.

May

2

Holders of rec. Apr.

May

2

1

1

1

8

1A

July

3
2

*1a

rec,

June

♦Holders of

rec

June

June

15 ♦Holders of

rec.

May 11

1A

Holders of

rec.

May

IA

Holders of

rec.

May

May 16
May 16

26a

Miscellaneous.

Allied Chem. A Dye Corp., com. (No.

1)

$1
1

May 16

9

Allis-Chalmer8 Mfg., com. (quar.)____.
Amalgamated Sugar, 1st pref. (quar.)..

2

May

1

9

American Bank Note, common

(guar.)..

SI

May

16

*3

*va

-

(quar.)

Holders of rec. Apr.

15a

Holders of rec. Apr.

25a

Holders of rec

Apr.

Holders of rec. May

16a
2a

When

Payable.

Name of Company.

Days Inclusive

Miscellaneous (Continued)
American Brass (quar.)

3

American Cigar, common (quar.)
American Coal (quar.)

2

$1

May

Holders of rec. Apr.

May 14
May
2

American

Apr.

May
May

2

Holders of rec. Apr.

May

16

Holders of rec. May

16
16a
3a

June

l

►Holders of rec. May

'7.

to

Apr.

27

to

Apr, 27

*115

Holders of rec. Apr.

1

May

2

Apr.

f1

May

Apr.

IX

Apr. 27
Apr.
to
Holders of rec. June 15a

May

14

Holders of rec. Apr.

15a
15a
Apr. 15a

Holders of roc. Apr.

Holders of rec.

Holders of rec. Apr.

Holders of rec. Aug. 15«

Sept.

IX
IX

May

16

May

2

Holders of tec. Apr.

30
10c. May 31

7a
8a
Apr.
8a
Apr. 16a

Holders of rec.
Holders of rec.

1

May

2

IX

June

1

Holders of rec, May

14a

IX
IX
IX

June

1

Holders of rec. May

May

2

14a
15

May

2

Apr. 21

IX

May

1

Holders of rec. Apr.

Apr. 30
IX
62 HC Apr. 30

Holders of rec. Apr.

Associated Dry Goods, common (quar.)

(quar.)

Second preferred (quar.)
Atlantic Refining, pref. (quar.)

...

prof. (quar,)..

Austin, Nichols & Co., Inc., pref. (qu.)
Barnhart Bros. & Splndler
First and second pref.

(quar.)....
Barnsdall Corp., classes A & B (quar.)..
Blgelow-Hartf. Carpet Corp., com. (qu.)

2X
IX

Proforred

(quar.)
Bond & Mortgage Guarantee (quar.)...

4

d IX.

G.) Co., pref. (quar.)..

IX

British Columbia Fish. & Pack. (quar.).

Holders of rec. Apr.

25a
Apr.
7a

Holders of rec.

2

Holders of rec. Apr.

May

May
Apr, 24
to
Holders of rec. May

June

Holders of

16

2

23a
May
7a

Holders of rec.

:

May 21

May

1

Holders of rec. May 20a

IX

May

1

Holders of rec. Apr.

IX

May

1

Anr

Burns

2X

May 16

Holders of rec. May

IX

May

2

Holders of rec. Apr.

Bros., common (quar.).,.
(quar.)..

Preferred

1

9

Apr. 30a

rec.

Bunte Brothers, pref. (quar.)

Shoe, pref. (quar.)..

23a

26

20a
l

M'y

to

Holders of ree.

50c, May

May 24
27
15a
Apr. 16a

$6

May 15

Holders of rec. Apr.

816

May 15

Holders of rec. Apr.

19a
30a
30a

May 15

IX

_.

_

Holders of rec. Apr.

May

30a

2

Holders of rec. Apr.

18a,

June

I

Holders of rec. May

SI

June

1

Holders of rec. May

2

May

2

Holders of

IX

May

2

Holders of rec. Apr.

15

$5.50
2X

Special
Luther Mfg. (quar.)
McEIwain (W. H.) Co., 1st pref. (qu.)_.
MacArthur Concrete Pile & Foundation

ree.

2
2

Apr. 20a

1

Holders of rec. Apr.

21

♦2H

June

1

♦Holders of rec. May

24

*1X

Pref. (for 3 rnos. end. Mar. 31 1921)..
Manchester Mills, common

Preferred

Holders of rec. Apr.

May

$1.50

Preferred Series B
Lowell Electric Light (quar.)..
Ludlow Mfg. Associates (quar.)

May

2 ♦Holders of

2

(quar.)

May

rec.

Apr. 27

Holders of rec. Apr. 22a

Massachusetts Cotton Mills...
Massachusetts Gas Cos., com. (quar.)..

4

May 10

IX

May

May Department Stores, com. (quar.)..
Common (quar.)

2

June

Holders of rec. May

2

Sept,

Holdeis of rec. Aug. 15a

Preferred

Holders of rec. Apr.

2

15
16a

Miami Copper (quar.)
Middle West Utilities, pref. (quar.)
Midwest Refining (quar.)

Holdeis of rec. June 15a

Oct.

Holders of rec. Sept. 15a

May

Holders of rec. Apr.

May 16

Holders of rec. Apr.

50c. May 16

■_

July

2H

(quar.)

IX
IX
2

(quar.)

Merchants Mfg. (quar.)
Merritt Oil Corp. (quar.)

Holders of rec. May

IX

Holders of rec. Apr.

May 14

1

May

2

Holders of rec. Apr.

1

Extra

May

2

Holders of rec. Apr.

Holders of rec. Apr.

Montreal Light, Heat & Power (quar.)..
Motor Wheel Corp., preferred (quar.)..

ix

May 16

2

May 16

Holders of rec. Apr.

Muillns Body Corp.. common (auar.)

2

IX

May
1
July 15

Holders of rec. Apr.

National Biscuit, common (quar.)

23a
30a
2a
30
15a
15a
30
30a
16a

Holders of rec. June 30a

(quar.)
National Carbon, pref.

IX

May 31

Holders of rec. May

2

May

1

Holders of rec. Apr.

17a
20

Nat. Enameling &

IX

May 31

Holders of rec. May

11a

IX

Aug. 31

Holders of rec. Aug. 11a

IX

Nov. 30

Holders of rec. Nov. 10a

Preferred

(quar.).
Stamping, com, (qu.)

IX

June 30

Holders of rec. June 10a

Sept. 30

Holders of rec. Sept. 10a

IX

Dec. 31

Holders of rec. Dec.

IX

June

15

2

May

1

16
May
2

Holders of ree. Apr.

Apr.

16

to

Holders of

Apr.

rec.

IX

May

2

Holdeis of rcc. Apr.

2

May

2

Holders of rec.

Chic. Wllm. & Franklin Coal (quar.)..

IX

May

2

Holders of rec. Apr.

30a
15a
15a
11a
25

Christy (H. C.) Co. (quar.)

IX

May

1

Holders of rec. Apr.

25a

X

June

1

Holders of rec. May

nx
X

June

1

Holders of rec. May

15
15

June

1

Holders of rec. May

15

Preferred

Apr.

L

National Lead. pref. (quar.)
Nat. Steel Rolling Co., pref.

15

Holders of rec. Apr.

Cities Service Co.—

Preferred B (monthly)
Common and preferred (monthly)....
Common (payable in common stock)..

rec.

IX

15

Common and preferred (monthly)
Common (payable in common stock).

Holders of rec. Apr.

(quar.)

Holders of rec. Apr.

2

May

(quar.)

Apr. 30

....

Holders of rec. Apr.

(quar.)

IX

(quar.)...

Holders of

May

Preferred

16
16

Pref err e d

Holders of rec.

June

IX
IX

Preferred

2

May

May

Charlton Cotton Mills (quar.).

May

2H

2
30a
30

May

May

1H
IX

May

Apr.

Holders of rec. Apr.

3H

X

rec.

Common (quar.)
Common (quar.)__.

Canada Cement, pref.

(quar.).....
(quar.)
Cartler, Inc.. pref. (quar.)
Cedar Rapids Mfg. & Power (quar.)
Cential Cupey Sugar, com. (quar.)

Holders of

2a
22a

Butler Bros, (quar.)
Canadian Converters, Ltd.,

2a
21a
Apr. 20a

Holders of rec. May

May

1

Lcose-WHes Biscuit. 2d Dref. (quar.)
Louisiana Oil Refining Corp., com
Preferred Series A

Holders of rec. Apr,

May

15«

Apr.

rec.

May 16

IX

(quar.)......
(quar.)
Lima Locomotive Works, pref. (quar,)..
Loew's Incorporated (quar.)

Preferred

15a

Holders of

2.

2

Preferred

1

May

to

May
2
May 14

$1

Brompton Pulp & Paper (quar.)
Brooklyn Edison Co. (quar.)
Brown

2a

Books Closed.

Days Inclusive

Payable

May

/3

Lancaster Mills, com.

Holders of rec. Apr.

Holders of rec. May

15c. Apr.

....

22a

1

May

3H

Amoskeag Mfg. (quar.)...
Art Metal Construction (quar.).......

30

1

2

(quar.)..

Amer. Water Wks. & Elec., pref. (quar.)

—

Holders of rec. Apr.

May

2
2
2

Cent

Miscellaneous (Concluded)
Kelly-Springfield Tire, com. (quar.)
Eight per cent preferred (quar.)
Kelsey Wheel, pref. (quar.)
Kress (8. H.) & Co., com. (quar.)

2a

Holders of rec. May

May
May

IX

Amer. Sumatra Tobacco, com.
Preferred

May 16

IX

Amer. Soda Fountain (quar.)

Brill (J.

3,0

IX

(quar,)...

(quar.)

Atlas Powder,

June

13
13
13

2X
IX

(quar.)..„„.

Amer. Shipbuilding, common
Common (extra).....

First preferred

May

2
2

$1

American Radiator, common (quar.)...

Extra

to

IX

Common (payable in common stock)..
Preferred
(quar.).

Preferred

12

2X

Amer. Light & Trac., common (quar.)..

Pre/erred

15a
May
2

4

Gas & Electric, pref. (quar.).

American Glue, common (quar.)
Am.La France Fire Eng..Inc.,com.(au.).
Common (extra) (pay. in pre/, stock).

30

Holders of rec. Apr.

2
2

When

Per

Bocks Closed.

Per

Cer4.

Name of Company.

[Vol. 112.

CHRONICLE

THE

1838

(quar.)...

New Central Coal

20c.

20

May 10

Holders of rec. Apr.

2
30

2

New River Co., preferred

Aug.

10

Holders of rec. July

30

*ih

May

May

2

Apr.

28

May

to

2 ♦Holders of

Apr. 20

rec.

Apr. 28

3

Apr. 30

Apr.

2

Nipisslng Mines, Ltd. (quar.)
Ontario Steel Products, common (quar.)
Preferred
(quar.)...

May 16
May 15

Holders of rec. Apr.

IX

19

to

Holders of rec. Apr. 30

30

*2

Holders of rec. July 30
Aug. 15
June
1 ♦Holders of rec. May 16

/5 0

(quar,)

IX

Owens Bottle, common

Holders of rec. Apr.

2

New Jersey Zinc (quar.)
New Jersey Zinc (quar.)

Preferred

10a

Holders of rec. May 20a

(quar.)

May

1

Holders of rec. Apr.

June

1

Holders of

May

1

Holders of rec. Apr.

May

1

Holders of rec. Apr.

May

1

Holders of rec. Apr.

Pacific Coast Co., 1st pref. (quar.)
Second preferred (quar.)

IX

X

1

May

1

Holders of rec. Apr. 23a

Cities Service, Bankers' Shares (inthly.).

35c. May

2

Holders of rec.

Pacific Gas <fc

IX

May 16

Cleveland Elec. Illuminating, pref. (qu.)

IX

May

2

Cllnchfleld Coal Corp., com. (quar.)...
Preferred
(quar.)

X
IX
IX

May

...

Columbia Gas & Electric (quar.)...
Commonwealth Edison Co. (quar.).

.

Pacific Mills

Holders of rec. Apr.

Holders of rec. Apr.

Peerless Truck A Motor, com.

May

16
2

May

2

IX

Apr. 30

May

Holders of rec.

Apr.

28

to

26a
30a
Apr. 15a
May
1

Holders of rec. Apr.

Common (quar.)......
Common (quar.)

Holders of rec. Apr.

May

2

Apr. 16
to
May
♦Holders of rec. June

♦50C. June 30

Apr.

rec.

Sept. 30 ♦Holders of

Sept.

rec.

23a
30a
18
18
1
1

1

♦Holders of rec. Dec.

1

2

Penmans, Limited, common (quar.)____

Holders of rec. Mar. 31a
Holders of rec. Mar. 31a

Preferred
(quar.)
Phllllps-Jones Corp., pref. (quar.)......

Holders of rec. Apr.

Pick (Albert) & Co., com.

(quai.)

May 16

Holders of rec. May

5

IX
IX

May

2

Holders of rec. Apr.

21

May

1

Holders of rec. Apr. 20

40c.

16a

2

1

Anr.

26

Apr. 30a
Apr. 26a
Apr. 16

to

May

2

Apr. 22

Pierce. Butler & Pierce Mfg., pref. (qu.)

2

May
May

1

Holders of rec.

May

2

Holders of rec. Apr.

15

Plant (Thomas G.) Co.

IX

Apr.

30

Holders of rec.

June 15

Holders of rec. May

31a

Portland Gas& Coke, pref. (quar.).;
Prairie Oil & Gas (quar.)_

IX

May

2

3

April 30

Holders of rec. Mar. 31a

3

Apr. 30

Holders of rec. Mar. 31a

3

Apr. 30

*5

May 14

Apr. 30

IX
10

to

15 a
1

May

2
2

May 16
1

Holders of rec. Apr. 30a
Holders of rec. Apr. 12

Apr.

'

Dominion Bridge (quar.)
Dominion Coal, pref. (quar.)

Holders of

2

♦50c. Dec. 31

...

2

2

(qua..)...

2

*50c

12Hc. May

Dartmouth Mfg.. common (extra).:
Diamond Match (quar.).

May

May

IX

(guar,)..
.....

62 He. May

Crucible Steel, com. (quar.)

Holders of rec. Apr.

IX

pref. (quar.)
Paragon Refining, pref. (quar.)

10a

rec.

3

(quar.)

Pacific Powei & Light,

Holders of rec. May

2

Cosden & Co., com., no par stock (quar.)
Common ($5 par value)..
Dallas Power & Light,pref.

Holders of rec. Apr.25a

El,, 1st pf. & orig. pf. (qu.)

16
May
2

2

Continental Guaranty Corp. (quar.)
Consolidation Coal (quar.)...

15
15
Apr. 15

Common (payable In common stock)..

May 16a

X

nx

Preferred B (monthly)

IX

May

(quar.)..

Extra

Prairie Pipe Line (quar.)...

Holders of rec. Apr.

18

Holders of rec. Mar. 31a

Dominion Steel Corp., pref. (quar.)...

IX

May

1

duPont (E. I.) de Nem .Powd. .com. (quar.)
Preferred
(quar.)

IX

May

2

Holders of rec. Apr.

Procter & Gamble, com.

IX

May

2

HnlderR of

Producers & Refiners Corp., com. (qu.).
Preferred (quar.)..._

12KC May

Pub. Serv. Corp.

*IX

May

2

♦Holders of rec. Apr.

♦1H

May

2

♦Holders of rec. Apr.

IX

May

2

Holders of rec. Apr.

16
16
15a

2

May 16

Apr.

30a

du Pont Chemical, com. & pref. (quar.).
Durham Hosiery Mills, pref. (quar.)...

*20c. May

IX
IX
2X

Eastern Potash Corp., pref. (quar.)
Eastman

Kodak, com. (quar.)
Common (extra)
Common (extra)
Preferred
(quar

May

16

5^ ►Holders
1

May 24

July

1

June

1

to
rec.

of rec.

1

May

20a
20a
Apr. 25
Apr.

Holders of rec. Apr.

Holders of

rec.

Holders of

rec.

20
30
May 31a
Apr. 30a

Preferred

Apr.

(quar.)

of No. Ills.. com.(qu.)

.

(quar.)

Pullman Company

5

July

1

Holders of rec. May

1H

July

1

Holders of

rec.

May 31a

Edison Elec. 111. of Boston (quar.).
Edison Elec. 111. (of Biockton) (quar.).

3

May

2

Holders of

ree.

Apr.

15

2H

May

2

Holders of

rec.

Apr.

14a

Elsenlohr (Otto) & Bros., com. (quar.)..
Electrical Securities, preferred (quar.)..

IX

Holders of

rec.

May

2a

IX

May 15
May
2

(quar.)..
(quar.)....
Quaker Oats, pref. (quar.)
Republic Iron & Steel, com. (quar.)
Revillon.Inc., pref. (quar.)
Russeil Motor Car, com. & pfd. (quar.).

22a

St. Lawrence Flour Mills, com. (quar.)..

1H

May

2

2

May

2

Apr. 23

12Hc May

2

Holders of rec. Apr.

10

Electric Bond & Share (pref. quar.)
Elk Basin Consolidated Petroleum

(qu.)

Elk Horn Coal Corp., pref. (quar.)....

Eureka Pipe Line

(quar.)

Holders of

1H
■■

Everett Mills......

June 10

3

May

2

May

.6

rec.

Holders of rec. Apr.

Holders of rec. Apr.

to

31a

Pyrene Mfg.

Preferred

18

May

2

15a

(quar.)

(quar.)

2

22a

2

May

Holders of rec. Apr.

20

IX

May

1

Holdeis of rec. Apr.

16

IX

May

2

Holders of rec. Apr.

May

2

30c. Apr. 30
♦SI

May 16 ♦Holders of

Holders of rec. Apr.

15a

Sierra Pacific Elec. Co., pref. (quar.)

22a

Spalding (A. G.) & Bros., 1st pref. (qu.).

2

June

1

♦Holders of rec.

♦2

June

1

♦Holders of rec.

*2

2 ♦Holders of
Holders of
May 16

rec.

Apr.

rec.

Apr.

9a

Holders of rec. Apr.

20a

2H

May

2

Holders of

rec.

Apr.

18a

3

May

2

Holders of

rec.

Apr.

20a

2

May

2

Holders of

Apr.

15a

(qu.)_

1X

May

2

IX

May

2

Holders of rec. Apr.

22a

Stern Brothers,

IX

June

1

IX

May

2

Holders of

22a

Stewart-Warner Speedometer, com.(qu.)

50c.

IX

Apr.

May

15

May

2

Holders of rec. May
la
Holders of rec. Apr. 21a

IX

May

2

Holders of rec. Apr.

21a

IX
IX

May

2

Holders of rec. Apr.

21

May

1

Apr. 27

$2.50
Preferred

(quar.).

Gair (Robert) Co., pref. (quar.).
Garland Steamship

IX
10

May

1

Anr.

23

to
to

Apr. 30
May
1
Apr. 25

Second preferred (quar.)....
Standard Motor Construction..

C200

Standard Oil (Neb.), in stock
Steel Co. of Canada, com. & pref.

pref. (quar.)._._

nStover Mfg. & Engine, pref.

(quar.)

—

Superior Steel, common (quar.)
First and second preferred (quar.)—.
Taylor-Wharton Iron A Steel, pf. (qu.)
Texas Power & Light, pref. (quar.).
Tobacco Products Corp.

May

2X

(quar.)

Holders of

IX
2

May 16

IX

May

IX
olX

1

June 15

June

rec.

Apr. 23a

Union Tank Can com. & pref.

June

1

Holders of

rec.

May 24a

United Cigar Stores, com. (monthly)...

1

July

1

Holders of

rec.

June 24a

X

May

rec.

United Drug, first preferred (quar.)....
Second preferred fquar.)

IX

Juno

25c

May

2

Holders of

Apr.

15a

May

2

Holders of rec. Apr.

16a

May

2

Holders of

May

2

Holders of rec.

June

1

Holders of rec. Apr.
Holders of rec. Apr.

$3
Gllliland Oil, pref.

2

rec.

Apr. 15a
Apr. 15a
30

United Electric Securities, pref
United Gas Improvement, pref. (quar.).

pref. (quar.).
United Verde Extension Mining (quar.)

United Paper Board,

Harbison-Walker Refract,

(quar.)
Harris Bros. & Co., pref. (quar.)
Hodgman Rubber, preferred (quar.)—

HuppMotor Car Corp., com.

rec.

Apr.

June

1

Holders of rec. May 20a

Vacuum

July

Holders of

Ventura Cons. Oil Fields

20

May

Holders of
1
1 ♦Holders of

IX
IX

May

1

May

1

IX

May

2

25c. May

IX

J
(quar.)L..

Idaho Power, pref.

(quar.)
Illinois Northern Utilities, pref. (quar.)

IX
IX
i.

Indiana Pipe Line (quar.)

June 21

Holders of

*2

Holly Sugar Corp., pref. (quar.).I
Holt Mfg., 1st pref. (quar.)
Hood Rubber, pref. (quar.)

rec.

1

1H

Preferred

Holders of

May

IX

com.

May 15
July
1

IX

IX
$2

May

May

rec.

July|

9a

rec.

Apr.

10

rec.

Apr.

15

Holders of rec. Apr.
Holders of rec. Apr.

15
20

1

Apr.
21
to
May
Holders of rec. Apr.

15a

1

Holders of

18

May

2

May

16

rec.

Apr.

2

Ingersoll-Rand Co., com. (quar.)

2H

International Nickel, pref. (quar.)

1H

May

Invader Oil Corporation (monthly)

1

May

1

Holders of

rec.

Apr.

10

Ipswich Mills, pref. (quar.)
Kaminlstlqula Power (quar.)
Kaufmann Dept. Stores, com. (quar.)..

IX

May

2

Holders of

rec.

Apr.

14a

2

May 16
May
2

Holders of

Kayser (Julius) <fc Co.
First and second preferred (quar,)._..
•




1

First,

Holders of rec. Apr.

15a

Holders of

18a

rec.

Apr.

Holders of rec. Apr.
rec.

30a
Apr. 20

May

1

♦2

Apr.

30

Holders of rec. Apr.
♦Holders of rec.

Apr.

25a
26

Oil

15a

Holders of rec. May 31a
Holders of rec. July

la
5a

Apr. 30

Holders of

May 31

Holders of rec: May

2

Holders of rec. Apr.

IX

May

1

May 16

May

June

Holders of

SI .75 Apr.

30

rec.

closed

for

of accumulated

15a
15a

2a

15

rec.

May 17

Holders of rec. Mar. 31a

Apr. 30

Holders of

2

May

Holders of

2

June

May

rec.

Mar. 31a

rec.

Apr.

25a

May

18

50c. May

Holders of rec. Apr.

25

Holders of rec. May 25

3

to

t The New York Stock Exchange has ruled that stock

this dividend.

a Transfer

6 Less British Income tax.

d Correction

Payable In scrip.

h On account

/ Payable In common stock.

dividends,

Anr.

May 16

to

quoted ex-divldend on this date and not until further notice,

Payable In stock.

n

Holders of rec. Apr.

50c. June

(monthly)..

From unofficial sources,

m

15a
16a

Apr.

rec.

1

Corp.,1st pf.(qu.)
Woolworth (F. W.) Co., com. (quar.)..
Wrlgley (Win.) Jr., Co., com. (monthly)

not

10a

Holders of

Holders of rec. Apr.

30c.

Wi ck wire-Spencer Steel

e

to

Holders of rec.

Holders of rec. May

Apr. 29
to
May
Holders of rec. Apr.

$1

books

2a
June 19
Mar.
5a

May
2
Apr. 30

3

50c

(quar.)

Wayagamack Pulp & Paper (quar.)

will not be

2

May
2
3X
87Xc June 15
July 15
IX
25c.
May
2
2

—

Westimrhouse Air Brake (quar.)

•

1

to

Holders of rec. May

May 24

Westlnghouse Elec. & Mfg., com. (quar.)

I

IX

(quar.).

(qiiar.)

prefeired (quar.)

Common

1

26

2

.

Warwick Iron & Steel.

Apr. 21
to
May
1
Holders of rec. Apr. 30a
Holders of rec. Apr. .23

May. 14
Apr. 30
2

U. 3. Rubber, com.

25

June

Apr.

3

U. S. Indemnity Co., Inc., pref,

IX

30a

1
15a
2a
23

Holders of

1H

May

rec.

May

IX
IX

(quar.).

Holders cf

Holders of rec. May

Holders of rec.

......

May

Holders of rec. Apr.

2

IX

Apr. 30a

rcc.

to

Holders of rec. Apr.

2
2

May

May 10

1H
IX

Preferred

2
2

May 16

May

(quar.)..

Holders of rec.

Apr. 21

1H
Preferred

Holders of rec.

May
May

IX

Apr. 18
Apr. 11
15
Apr.
9
May 16a

rec.

rec.

Holders of rec. Apr.

May 15

15c

Transatlantic Coal (quar.)

May 16

2

30
15
May 18
May 18

Apr.

rec.

nx

Holders of

Holders of

Standard Cotton Mills (quar.)

May

to

May

1

rec.

23

Holders of rec. Apr.

IX

2

rec.

Holders of rec.

Shaw (W. W.) Corporation (quar.)

♦Apr.

,

20a
Apr. 20a
Apr. 15a

Holders of rec.

May

May

(quar.)

1
2a

Holders of rec. Apr,

Apr. 30

Preferred

May

2
2

2

....

rec.

to

May

2

Fall River Gas Works (quar.)
Famous Players-Lasky Corp., pf. (qu.)
Federal Sugar Refg,, com. (quar.)

22

IX

Fairbanks Co., 1st pref.

Fajardo Sugar (quar.)...

Apr.

Holders of rec. May

Exchange Buffet Corp. (quar.)

(quar.)

Holders of

May 31

*e5

la

rec.

25
20

IX

Sapulpa Refining (payable In stock)

June

Holders of

May

Holders of rec. Apr.

IX

...

Salt Creek Producers Association

25c.

♦Holders of rec. Apr.

Holders of rec. Apr. 20

17XC May

(quar.)

Public Service Investment, pref.

2

a

i Payable In Liberty or Victory Loan bonds.

Payable in pieferred stock.

Payable In 6%

preferred stock

Erroneously reported in previous issues as Stover Engine &

-

Machine Co.

April 30

1921.]

THE

CHRONICLE

Auction Sales.—Among

other securities, the following,
usually dealt in at the Stock Exchange^ were recently sold
York, Boston and Philadelphia:

not

at auction in New

Messrs. Adrian H. Muller & Sons, New York:
Shares .Stocks.
Land

&

100 Camden

&

Trenton

$3 lot
Iron

Steel,

&

Bank

35 Lincoln Nat. Bank of Pitts.,
in liquidation..
$500 lot
1 The Nassau Develop. „..___\$60
1 Glen Cove Bldg. Assn..../

Bonds.

$50

.

.

S103persh. !

conv.

7s, 1934

S75 lot

By Messrs. R. L. Day & Co., Boston:
Shares.
3

Stocks.

Shares.

$persh.

Walpole (Mass.) Trust

1 Ludlow Mfg. Associates-.
5 Nashua Mfg.,

new

30 Mass. Elec. Cos.

carrying all

5

.

stock.l27K

Bonds.

2,000

Merchants

Heat

&

Lt.

of

Indianapolis, ref. 5s, 1922

18Ji

1,000 Federal

94

....

Percent.

$4,500 Yarmouth Lt. & Pow., Ltd.,
7% notes, 1924
70

1%

...

$80 each.^...._
10 Mass. Lighting Cos.,

1st 5s,

pref____70-70K

Stocks.

Wharf

95

&

Storage
1912, ctfs. of dep.
25 flat

Mills

2 Quincy Mkt. C. S. & W,„ com.,

ex-div

150

133

1 Cambridge Electric Light
Bonds.

,,

210
Percent.

§2,000 Central Vt. Ry. 5s, 1930... 66%'

.

Slocks.

8 Philadelphia Nat. Bank
10 Pa. Bank &

50
1

15 Edw. G. Budd Mfg., pref

136Yi United

Firemen's

78

Ins.,

$10

each

$2,000 Hale &

Kilburn

1922

5s

15M

6 Phila. City Pass. Ry
90%
1 13th& 15th Sts. Pass. Ry.....l41H
Bonds.
Per cent.

92%

Atlantic" C." &" Shore"

10,000

12,530,0
611,148,0
15,954,0
2,711,0

759,6

48,460,0
12,776,0

Included)

R. Bank...

48,460,0
12,017,0

Total reserve and cash held.

60,477,0
47,520,0

3,470,0

12,957,0

754,0

Reserve with F

Reserve

required

Excess rec. <fe cash In vault..

Cash In vaults not counted as

2,716,0

reserve

67

1st & coll. 5s, 1945.....

RR.

page

daily,
1844.

State, Mun

Railroad,
&c..

<fc Foreign

u. s.

Bonds.

Par Value.

Bonds.

Bonds,

554,200
1,064,054

$34,546,500
71,711,900

§3,636,000

Monday

872,705

54,727,500
65,249,500
61,734,000
80,341,363

4,706,000
3,440,000
2,496,000

5,290,825 $368,310,763

§21,284,500

„.^_

Wednesday

822,680
856,640
1,120,546

Thursday
.....^

Changes from

April 16

April g

1921.

1921.

$

Circulation

2,573, 000 Dec.

2,579, 000
6,000
2,602,000
6,863,000 557,528, 000 567,439,000
4,106,000 387,696, 000 378,956,000
812,000 91,877, 000 89,482,000
63,000 20,786, 000 20,719,000
17,755, 000 17,585,000
1,752,000
14,782, 000 13.366,000
565,000
2,649,000 57,097, 000 50,822,000
297,000 41,762, 000 42,170,000

Loans, dlsc'ts & Investments- 550,665, 000 Dec.

U.S. 383,590, ,000 Dec.
91,065, 000 Dec.
20,849, ,000 inc.
16,003. 000 Dec.
14,217, 000 Dec.
54,448, ,000 Dec.

42,059, 000 Inc.

Reserve

In

excess

and

bank

Federal Reserve. Bank

835,000 Inc.

§470,500
624,000
722,000
1,027,000

3,352,000

§2,143,000
5,663,500
4,866,000
7,332,000
8,587,000
9,118,550

1,235,500
1,138,.500

3,654,5 0

Jan.

Week ending April 29

at

$5,217,500 §37,760,050

1 to

Companies in New York City.—The
Clearing House banks and
those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
averages of the New York* City
trust companies combined with

OF BANKS AND TRUST
GREATER NEW YORK.

RESULTS

COMBINED

Exchange.

1921,

shares...

1921.

1920.

§800

Bonds.

bonds

$37,760,050
5,217,500
21,284,500

RR. and misc. bonds..

$58,891,800
4,098,500
11,053,500

§605,513,800
82,349,600
294,175,500

157,186,800
204,791,000

$64,262,050

State, mun., &c., bonds

$74,043,800

$982,038,900

$1,379,135,700

TRANSACTIONS

AT

THE

BALTIMORE

$1,017,157,900

BOSTON,

PHILADELPHIA

EXCHANGES.

Boston.

Batltimore.

Week ending

April 29 1921.

Saturday

Bond Sales.

Shares.

Shares.

Bond Sales.

Shares.

Bond Sales.

9,997

$9,100

5,203

$27,700

855

$5,000

21,738

79,250

14,251!

108,150
68,500

1,316

5,590.256,100

4,351 .241,600
4.314 ,472,300

112.140,300

587.986,600

5,568,707,800

tl 10.570,800

6

5,567,907,300

4,346 ,190,400

110,483,900

583,456,400
583,800.900

5,532,610.200

4,348 ,258,100

116.277,500

680,586,000

5,550,054,700
5,510,254,000
5,476,446,500
5,452,354,600
5,433,149,900

4,346 ,242.100

112,487,400

4,287 ,160,600
4,331 ,583,100
4,330 ,421,000

113,236,200

589.418,800
572,716.000

5,385,905,300

Mar. 12

Tuesday.________
Wednesday

19..........w.

Mar.

26

Apr.

Apr.
April

Thursday

2,169

Friday....

115,100

1,541

25,706

Total

16

April 23

. ... .

... ..

_

.

582,003,500
578,028,600

4.315 ,896,900

112,091,100
112,919,500
115.964,300

4,290 ,676,900

114,014,900

564,554,600

8,082
7,952
3,978
3,992

3,000

$188,700'

109,556

This Item Includes gold/ silver, legal tenders, national bank notes and

Reserve notes,

New York City Non-Member Banks and Trust Com¬
panies.—Following is the report made to the Clearing House
by clearing non-member institutions which are not included
in the "Clearing House Returns" in the next column:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING

4,000

926

17,100
21,000

$343,550

43,458

7,738

$98,100

HOUSE.

(Stated in thousands of dollars—that is, three ciphers [000

Net

CLEARING

Capital. Profits.

NON-MEMBERS
Week ending

State

Banks and Trust

Companies Not in Clearing
Banking Department reports weekly
figures showing the condition of State banks and trust com¬
panies in New York City not in the Clearing House, as follows:
SUMMARY

OF STATE

BANKS AND

TRUST

COMPANIE8

IN

GREATER

CLEARING HOUSE STATEMENT.

Differences from
k

and investments

Arpil 23.

previous week.

$607,006,300

Gold

6,898,200

—

Currency and bank notes

Dec. $7,165,600
Dec.

80,900

16,821,700

Deposits with Federal Reserve Bank of New York..
Total deposits..

Dec.

443.500

50,527,900
643,760,200

Dec.

2,343,500

Dec.

2,631,700

Deposits, eliminating amounts due from reserve de¬

positaries, and from other banks and trust com¬
panies in N. Y. City, exchanges and U. 8. deposits
Reserve on deposits..-

Percentage of reserve,

20.9%.

lit

•

+,+

RESERVE
—

—

Deposits in banks and trust cos
Total
*

......

593,117,900

Dec.
929,000
106,942.500
Dec. 2,732,400
:v'-r

uv

8,521,000
$34,734,000

Fed'l

15.91%
5.17%
21.08%

—Trust

Companies—

$48,034,800
24,173,700

13.91%

Net

Net

with

Demand

Time

Bank

in

Legal

De¬

De¬

Circu¬

Vault.

Deposi¬

posits.

posits.

lation.

a

$72,208,500

20.91%

Equitable Trust Co. is no longer Included In these totals, it having become

member of the Clearing House and being now Included




$

$

1,500

Mutual Bank.....

200

W. R. Grace

500

1,561

212

980

11,534
11,319
4,651

200

731

16,089

542

1,378
1,734
,
381
1,474

2,400

Co.

Yorkvllle Bank...

4,063

43,593

1,074

4,967

790
,

289
31

in the statement of the

The change began with the return for Sept. 25.

190

25

9,086
11,946

277

2,012
8,514

1,358
8,398

31,558

10,058

190

State Banks.

i

Not Members of the
Fed I Reserve Bank.

'

'■'++

Bank of Wash Hts.

100

440

224

3,739

600

1,589

3,517
16,935

530

Colonial Bank

2,193

1,378

18,163

700

2,030

20,452

2,723

1,602

21,902

200

527

9,060

360

174

3,490

5,642

200

527

9,060

360;

174

3,490

5,642

3,300

6,620

73,105
+ 335

4,1571

6.743

—50!

+131
1

a56,950
+ 197

Total

30

30

Trust Companies
Not Members of the
Fed I Reserve

Bank.
j

Mechanics Tr, Bay
Total

Grand aggregate..

Comparison prevlo
Gr'd aggr. Apr|.
Gr'd aggr, Apr.

us

week

•

16

3,300

6,620

9
Gr'd aggr. Apr.
2
Gr'd aggr. Mar. 26

3,300
3,300

6,620

72,770
71,581

4,207
4,151

6,620

71,400

3,300

6,996

71,715

4,153;
4,0691

State banks and trust companies combined on April 23 were $50,527,900.

Clearing House member banks.

Bank.

Battery Park Nat.

tories.

Average Average Average Average Average Average
$
$
"■>. $
$
$
§

7.00%

Includes deposits with the Federal Reserve Bank of New York, which for the

k The

Res.

of

Nat'l

Reserve
Cash

Dis¬

Statebks.Feb28 ments,
Tr. cos. Feb. 28
&c.

/

Stale Banks

*$26,213,000

Members

omitted.)

Loans,
counts,

Total

(Figures Furnished by Slate Banking Department.)

Cash In vaults......

April 23 1921.

State

NEW YORK, NOT INCLUDED IN

Loans

Federal

t Corrected figures.

Nat.bks.Feb.21 Invest¬

House.—The

582,034,600

9,000

33,750
22,650
40,950

16,696
17,493

...

2
9_...........

5,100

28,100

1.7,926

_

...

Mar.

40,900

931

........

Monday

Depositaries.

AND

i"

Philadelphia.

Vaults.

19

*

Total bonds.

in

26

Mar.

99,201,657
$8,830,305,425

§4 321,187,021

Reserve in

•Total Cash

Feb,

$400

par;

Deposits.

IN

Feb.

1920.

58,583,497

5,290,825
5,936,751
$368,310,763 §511,411,725

Par value.

Demand

Investments.

Week ended—

COMPANIES

$

April 29.

York Stock

DAILY

1,123,000

369,000

466,000

Loans and

Total......

Government

13,094,0

previous week.

Exchanges for Clearing House
Due from other banks..

Tuesday

Stocks—No.

64,560,0

51,466,0

1921.

Individual deposits, incl.

:

Stocks.
Shares.

Bank shares,

49,860,0
12,303,0

Banks and Trust

Week ending

Sales

11,198,0
625,252,0
17,997,0
2,397.0

April 23

Time deposits. ... . ^ . .......
United States deposits—...

April 29 1921.

New

495,444,0

give below a sum¬
showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:

Due to banks.*..*,:,....*..*...

weekly and yearly.—Brought forward from

Friday

118,610,0

Boston Clearing House Banks.—-We

21

....

Transactions at the New York Stock Exchange

Saturday

13,711,{0

21,433,0
90,526,0

94,426,0

114,361,0
495,327,0
12,086,0
621,774,0
20,908,0
2,353,0
49,827,0
12,589,0
64,769,0
50,469,0
14,300,0

for Federal Reserve members

Cash in bank and F. R. Bank

6s. 1939

63,947,0
50,236,0

104,180,0

23,064.0

mary

10,000 Ardmore St. Ry. 1st 5s, 1958
certificates of deposit...
55

Corp. 1st

488,886,0

212,0

18,608,0

$37,725,0
706,224,0

Per cent.

15,000 Chic. Peoria & St. L. p. I.
10 M
4^s, 1930.
34,000 Ind. Col. & East. Trac. gen.
& ref. 5s, 1926...
15 %
3,500 Metropol. Edison 1st & ref.

..316

Trust, S50 each...

100 Warrior Copper, preferred

18,118.0

12,0

$37,725,0
104,180,0
706.334,0

BOSTON CLEARING HOUSE MEMBERS.

Bonds.

%per sh.

278,0

704,792,0
19,755,0
89,307,0
109,732,0

341,0

Reserve with legal deposit's.

By Messrs. Barnes & Lofland, Philadelphia:
Shares.

§37,725,0
104,180,0

81 %

4 Haverhill Electric..

......

§4,500,0
13,080,0

33,585,0

$ per sh-

10 Turners Falls Power & Elec

119

10 rights Hamilton Mfg
40?4
25 Hood Rubber pref., ex-dlv_____ 90 Ml

.

deposits—

U. S. deposits (not

*

Slocks.

Shares.

%persh.

10 Androscoggin

Individual

Time deposits

Cash In vault ♦

By Messrs. Wise, Hobbs & Arnold, Boston:
Shares.

,—

1921.

Total.

"2,711",6

Exchangee for Clearing House

Total deposits

8 Mass. Cons. Rys., pref
$1 lot
2 Worcester Cons. St. Ry., pref.,
2.1 Bay State Hardware.

§33,225,0
91,100,0
671,207,0
19,414,0
89,295,0
109,454,0
470,768,0
12,318,0
592,540,0

Bank deposits

36

2 U. S. Envelope, com., old

ctfs. dep.

securities.

Trust
F.R. System Companies

April 9

1921.

Members of

Capital.
Surplus and profits
Loans, dlsc'ts & lnvestm'ts.
Due from banks

securities..4

com.

new

Sper sti¬

each

...98 & div.

pref

59 Mass. Elec. Cos. pref. ctfs. dep.

carrying all

Slocks.

20 Springfield Breweries, pref,, $50

140

April 16
Two ciphers (00) omitted.

...

lt Mass. Lighting Cos., common..

65%

Week ending April 23 1921.

$500 lot

________

12,875 Idaho Irrigation, L d., inc.
6s, 1930
S51 lot
;
3,000 Petroleum Prod. & Ref.
;

Ins.,

each......

$238 H per sh.

i.' -1,

.

certificates....

Corp., 1st
preferred....
..$100 per sh.
1,550 Internat'l Cork, pref. .$55 per sh.
L.

per sh.

Philadelphia Banks.—The Philadelphia Clearing House
for the week ending April 23 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

$2,000 Chic. R. I. &P. RR. 4s, 2002 S3 lot
14,456 Equities Realization Corp.

lot

Secur.

10 Manhattan

cum.

20 Amer. Exchange Nat.

...

§2 lot

_

Moon

20 Corn Exchange Bank.$305 per sh.
5 First National Bank..$875
per sh.

Ry.,

$10 each

Price-

C.

pref., $25 each.....$17

$21 lot

200 Susquehanna
$5 each

300 Canal

Stocks.

20 Geo.

Lumber,

N. C„_

•

..

Shares.

Price.

10 Caldwell

1839

U. S. deposits deducted, $747,000.
Bills payable, rediscounts, acceptances and other

6,612

a56,753

6,998

6,571

a55,745
a55,635

6,558

855,949

4-26

15,704
15,653
15,187
15,172

a

Excess reserve, $86,070 Increase.

190

15,730
1

liabilities, $503,000.

:

i -4
194

196

196
1

196

Statement of New York City

Banks

Clearing House

[VOL. 112.

CHRONICLE

THE

1840

STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.

Companies.—The following detailed statement
City Clearing House

and Trust

Averages.

shows the condition of the New York

members for the week ending

The figures for the

April 23.

the daily results. In the
end of the week are also given:

separate banks are the averages of
case

of totals,

actual figures at

NEW YORK WEEKLY

dollars—thai I J, three ciphers [000]

(Stated in thousands of

Cash

Discount

Capital Profits.

HOUSE
MEMBERS.

Invest¬

in

(.000 omitted.)

Natl.

Feb.

21

ments,

Natl

State.

Feb.

28

Time

Bank

Total April

<kc.

Deposi¬

Reserve

Surplus

Required.

Reserve.

$

$

$

Demand

Circu¬

Total April

posits.

8,904,820

491,332.000 500,519,000 490,308,650
496,604.000 505.680.000 493,327.610

10,210,350

9,187,000
9,076,000
8,991,000
8,981,000

2_...

Deposits.

%

482.472,000 482,472,000 473,567,180
9,858,420
4,246,000 11,094,000
6,883,050
6,953,000
4,614,000
2,339,000

9

De¬

:!'■

Toted
Reserve.

$

Vault.

6,84+000

Total April 23....
Total April 16

Net

494,487,000 503,478.000 494,883,420
498,285,000 507,266,000 496,138,480

1,235,580
69,950

12,352,390

8,594,580

la¬

with

I Legal

Vault.

Week ending

I

Members Federal
Reserve banks
State banks*.......
Trust companies

omitted.)

Reserve

Loans,

Net

CLEARING

RETURNS.

CLEARING HOUSE

.

in

Depositaries

Reserve
in

a

Reserve

Cash

11,127,520

tion.

tories.

Actual

Figures.

April 23 1921. Tr.Cos. .Feb .28

Bk of N

$

$

%

i

Co.

Mech & Metals.i
Bank of Amer.J
National City..

25,394
94,105

$

2,070

12,760

186,290!

2,918
138,302
8,471 18,796;
1,226
46,374
6,091!
1,754
*490,137 35,928
50,075
8,931.
1,818
/ 99,820
1,526; 13,301
639
13,932
1,894
423:

1,366

283

4,753

15,1991

126,847!

1,138-;

17,499

12,256

4,701;

114

743

4,785

5,COO

7,695!

122,874

1,211

32,665

328,631

2,435

240,703

1,000

1,726

22,248

3,482

24,046

7,000
3,000
2,500

8,399
20,609

115,796
116,645

5,176;

Hanover Nat 1.

4,281

45,946

2,587

Metropolitan

..

1,748!
894

13,435

97,973

14,075
6,856
20,747
3,452

Federal

Surplus
Reserve.

$

$

$

7,01+660

banks*..

Total April 23
Total April 16
Total April
Total April

4,484

15,284

104,498

*

250

9,590,320
16,438,180

""*584

147,795
26,396

14,830
17

51

5,247

9
2

4,331,320
14,285,300

Not members of Federal Reserve Bank.

100

48,556

8,319,050
1,271,520

6,983,250

6,983,000

4,640,000

2,343,000

required on net demand deposits In the case of State banks
the case of members of the Federal Reserve banks
reserve required on net time deposits, which was as follows.
Apr. 23. $5,969,790: April 16, $5,849,760; April 9. $5,819,490: April 2, $5,648,430.
This is the reserve

a

and

turst

companies,

but in

Corn Exchange.

7,500

9,772

161,679

5,748

Imp «fe Trad Nat

1,500

8,654

746

National Park..

10,000

23,142

1.165

16,772
1,862

128,531

2,117

397

11,032

1,021

969

2,750

18,456

83

609

Includes also amount of

Apr. 23, $5,982,450; April 16, $5,896,620; April 9, $5,832,360;

East River Nat-

1,000

737

36,299
177,939
10,914

Second Nat'l.

1,000

4,690

22,663

—

includes also amount of

49

First National..

10.000

38,008

286,763

756

20,675

157,093

8,617

7,131

National

183,558
12,897

2,124

2.386

837

required on net demand deposits in the case of State bank s
the case of members of the Federal Reserve Bank
reserve required on net time deposits, which was as follows:

b This is the reserve

and

trust

but in

companies,

192

5,864
238,163
18,934

100

12,500

10,909

24,220

1,000

404

177,574
12,674

7,353

N Y County Nat

710

1,797

Continental....

1,000

772

7,181

118

947

Chase National.

15,000

21,158

303,150

5.166

32,136

Avenue..

500

2,374

19,669

1,025

2,738

700

1,047

438

1,379

400

828

8,407
9,095

515

1,264

1,000

1,541

16,529;

515

2,508

381

672

13,124

309

1,885

15,687
13,841

39

1,000

448

242

Seaboard Nat'l.

1,000

1,003

5,691

42,532

725

68

1,500

4,778
1,509

46,462'

Coal & Iron....

16,414:

734

12,072

334

393

Union Exch Nat

1,000
1,500

1.551

18,224!
35,867!

381

831

20,246
27,078

326

2,752

1,533
2,832
3,653

3,346

Irving

Fifth

Comm'l

Exch..

Commonwealth
Garfield Nat'l..

Fifth

National

.

Brooklyn Tr Co

528

20,000

19,502

258,734!

1,336

U S Mtg & TrCo

2,000

5,053

57,697;

660

5,919

Guaranty Tr Co

25,000

37.727

457,885:

2,776

*201,571
43,331
*430,260
17,944
73,015

41,941

FIdel-Int Tr Co

1,500

1,619

17,982,

374

2,411

Columbia Tr Co

5,000

7,610

74,812!

1,092

9,735

1,814
1,500
N Y Trust Co- g 10,000 616,067
1.108
Lincoln Tr Co
2,000
3,438
2,000
Metropol Tr Co

36,534i

1,150

165,239!

Condition of the Federal Reserve Bank of New York.

114,245

34,440

—The

date last year:
April 27 1921

Gold with

1,085
450

3,247

22,050

592

3,269

23,289

foreign agencies

Total gold held by

421

28,918!
15,836!

$

April 30 1920
$

251,345,529

83,532,000

72,082,948

Gold settlement fund—F. R. Board

654

April 22 1921

$

261,553,947

Gold and gold certificates

2,398
1,258
2,698

April 27 1921, in

comparison with the previous week and the corresponding

Resources—

10,060
21,945

3,490
14,983

following shows the condition of the Federal Reserve

Bank of New York at the close of business

7,485

21,873

Peoples' Tr Co

April 2, $5,648,430.

1,055

10,391

8,443
9,541

25,932

Bankers Tr Co

59,898,533

63,545,000

.

......

— —

41,390,000

333,636,895
297,965,378
36,000,000

311,244,063
298,523,978
36,000,000

188,467,000
317,217,000
26,986,000

667,602,273
117,432,943

bank

645,768,041
122,972,079

532,670,000
106,328,000

1,108

Gold with Federal Reserve Agent

Gold redemption fund
50

306

1,000

1,465

473

1,291

Farm L & Tr Co

5,000

11,403

112,170

1,570

11,817

12,814
*103,072

17,057

Columbia

2.000

1,589

24,923

697

3,474

25,276

12,000

16,077

150,768

1,866

17,466

*156,317

Total gold reserves

160

8,516

NassauNat.Bkn

Equitable Tr Co

—

785,035,216

....

-

S. Gov¬
members—.

Greenwich Bank

1,000

1,714

2,760

18,462

1,933

For other F. R. Banks

— -

All other—For members

839

5,813

690

337

5,614

2,718

74,859

3,398

2,195

30,197

43,904

3,750

5,491

99,134

6,848

4,246

54,769

43,954

Total

K. ■'

Avge. Apr. 23—

99,373!

Totals, actual co ndltlon Apr. 23
Totals, actual co nditlon Apr. 16
co ndltlon

99,573!
98,881:

9

Apr.

4,229

7,012
6,770

55,386
55,069

4,093
4,403

6,629

54,830

U. 8. Victory

43,987

43,858

12,314

46,658

1,489

3,038

30,057

24,630'

850

1,576

15,830

507

Avge. Apr. 23—

10.00G

18,472

71,288,

2,339

4,614

45,887

72,069
70,322

2,343
2,191

4,640
4,648

46,555
44,969

1,316
1,291

cond'n

April 16 4,823,654

cond'n

Apr.

9 4,830,113

Apr.

2 4,854,228

daggr.,act'l cond
d aggr.,

n

act'l cond'n

Mar.2

4,866,032

-393

88,617 501,660 63,727,949 241,754 31,738
87.612 478.994 63,713,310 239,555 32,166

83,072 509,002
88,293 490.184

above

were as

3.802,735 233,050 32.234
3.709,500 236,34834,386

Due to

follows: Average for week April 23, 5130,646,000: actual totals April 23

26,

$154,575,000." Bills payable,

rediscounts, acceptances

and

other

lia¬

bilities, average for week April 23, $926,501,000; actual totals April 23, $928,064,000;
April 16,

$937,341,000; April 9.

$945,616,000, April 2, $892,558,000; March 26,

$965,028,000.
*

Includes deposits in

foreign branches not included In total footing

as

follows:

National City Bank, $106,413,000; Bankers Trust Co., $10,230,000; Guaranty Trust

Co., $111,672,000; Farmers' Loan & Trust Co., $17,086,000;

$25,314,000.
deposits

Balances carried In

were:

National

City

banks in

Bank,

foreign

$39,704,000;

Equitable Trust Co.,

countries

Bankers'

as

reserve

Trust

Co.,

for

such

$311,000-

Guaranty Trust Co., $9,571,000; Farmers' Loan & Trust Co., $1,743,000; Equitable
Trust

Co.,

$4,165,000.

Deposits

c

in

foreign

branches

not

included,

g As

of

April 1 1921.

All other liabilities

Total liabilities

weekly bank statement

as at

total

reserves

note liabilities

to depoet and
combined

Ratio of total reserves to F.
in

circulation

against deposit
Contingent
for foreign

aft^r setting

liabilities

670,652,187
756,070,630
22,056,200
84,940,682
19,693,935

810,265,000
838,600,000
38,122,000
97,748,000
20,594,000
1,874,173,000

—-

======= ========

55.5%

53.9%

39.9%

Notes

aside

35%

74.1 %

...

70.6%

44.3%

12,120,343

12,113,782

16,187,837

entirely on the gross amount of the deposits. For last year, however,
computations are on the old basis; that is, reserve percentages are calculated on
deposits and Federal Reseive notes in circulation.

percentages
the

basis of net

A further change was made beginning with the return for April 8.
This change
consists in showing the ratio of reserves to Federal Reserve notes after setting aside
I 35% against the deposit liabilities.
Previously the practice was to show the ratio
of reserves to deposits after setting aside 40% against the Reserve nt^tes in circulation.

announcement, the Federal Reserve
on

Wednesday, instead of Friday.

Board made public

In commenting

upon

.

There is also shown a

at close of business on

certificates held by the




674,227,473
741,459,950
22,015,200
81,134,492
20,196,602

with the practice of the Federal Reserve Board at Washing¬
ratios of reserves to liabilities was changed beginning with
Instead of computing reserves on the basis of net deposits—
that is including in the total of deposits "deferred availability Items" but deducting
"uncollected items"—the new method is to disregard both amounts and figure the

close of business

showing condition of the Reserve banks
April 27, indicates continued gains in gold reserves,
liquidation and reduction in deposit and note liabilities.
As a
consequence, the reserve ratio shows a further rise since April 22 from
54.1 to 55%.
All classes of earning assets show smaller
figiyes than on the previous
Friday (April 22): Holdings of paper secured by U. S. Government obli¬
gations show a decrease of $22,100,000, other discounts on hand declined
by about $28,000,000, while acceptanpe holdings fell off about $850,000.

14,571,000
748,555,000
47,139,000

— - =

liability on bills purchased
correspondents..__—_____

The first midweek statement,

further loan

23,762,000
45,082,000

18,073,177
638,883,574
13,695,436

Note.—in conformity

the statement the Board said:
as

R.

26,399,550
56,414,456

ton, method of computing
the return for March 18.

The Federal Reserve Banks.—In accordance with previous
for the first time its

—

circulation
In circul'n—net liability
Deferred availability items..

of

3,268,000
3,072,000
143,852,000
880,000

1,621,856,124 1,636,227,641

Total deposits
F. R. bank notes

R.

4,909.809
1,812,110
114,521,903
3,359,517

15,533,852

lncl. foreign Govt, credits

F. R. notes In actual

F.

4,912,809
1,734,010

647,896,039

members—Reserve account.

Other deposits,

deposits deducted from net demand deposits in the general totals

$111,268,000; April 16, $154,741,000: April 9, $146,810,000: April 2. $154,516,000
March

6,113,000

742,884,180 1,084,103,000

26,407,950
56,414,456
10,797,582

.

Government deposits

Ratio
Note.—U. S.

.

Surplus

3,685,391 244,718 31,309
—42,558 +2,964 —429

d aggr., act I
d aggr., act 1

1
59,276,000

1,859,500

...1,621,856,124 1,636,227,641 1,874,173,000
:/■■== —
—■■■■
—
===== ■
=

resources

Liabilities—

Gr d aggr., act 1 cond'u Apr. 23 4,755,024
Comparison pre vlous w eek
-68,630

88,804 489,019
+ 187 -12,641

bank notes

Capital paid In

1,285

—24,291 +4,059

55,276,000

114,375,109
3,287.127

-

All other resources

3,697,559244,243 31,562

...

—

712,511,850(

5% redemp. fund agst. F. R.
Uncollected items

Gr daggr.avge. 283,65C 489,540 4,778,899 90,295 491,332
Comparison, pre viOU8 W eek
•40,079—1,425 —5,272
...

684,743,280 1,017,207,000
1,005,400
1,457,000
50,000

-....

Total earning assets

Total

44,508

160,431,000

8,000,000

55,276,000

1,296

4,568

42,084,800

—

Bank premises...

789

6,157

2,240

221,995,000

All others

6,000
4,000

69,813

275,034,983

1,005,400
—!

bonds...

notes

One-year Certificates (Plttman Act)

43,909

Lawyers Ti & Tr

Totals, actual co ndltlon Apr. 23
Totals, actual co ndltlon Apr. 16
Totals, actual co nditlon Apr. 9

213,995,000

U. S. certificates of indebtedness—

■

Title Guar & Tr

275,034,983

656,230,450

hand

bills on

U. S. Government

Not Me mbers of F. R. Bk.:

Trust Cos

76,996,000
634,781,000

46,828,688

market

Bills bought in open

250

State Bank

10,000,000
367,623,495

255,742,318

2.500

Bowery

638,998,000

557,785,000

2,000,000

For other F. R. Banks——

50

18,958

768,740,120

357,623,495

253,742,318

...

Secured by U.

ernment obligations—lor

Not Me mbersof F. R. Bk.:

State Banks.

Totals, actual

reserves.

343,659,444
10,000.000
353,659,444

Total

Bills discounted:

Totals, actual co nditlon Apr. 23 4,583,582 79,449 480.150 c3,583,450199,415 31,309
Totals, actual co ndltlon Apr. 16 4,653,759! 79,656 492,919 c3.627.91 H196.564 31,738
9 4,661,419' 78,743 470,023 c3,613,972 194,412 32,166
Totals, actual co nditlon Apr.

•

-

-

Legal tender notes, silver. &c

Avge. April 23. 209,900 465,576 4,608,477! 81,108 482.472 c3,596,903198,993 31,562

•

$

480,150,000 480,150,000 471,830,950
9,969,480
11.241,000
4,229,000

9,355,000 489,019,000 498,374,000 488,783,680
8,961,000 501,660,000 510,621,COO 494,182,820
8,869,000 478.994,000 487,863,000 492,194,320
8,912.000 509,002,000 517,914,000 503,628,700

Trust companies

214

Chat & Pnenlx.

350

State

2,431

Pacific Bank...

159!

3GC

Reserve

Required.

230

4,241

25,000

11,399
32,349

83,300

Nat Bk of Com.

Nat Butch & Dr

Total
Reserve.

s

Vault.

Reserve banks

74

Amer Exch Nat

"999

Members

b

in

Depositaries

Reserve
in

762

1,959

124,374'
54,472
499,608

1,000

Atlantic Nat 1..

$

3,400

10.00C1 16,750
6.107
5, &00!
40,000 66,700,
4, £00

Chemical Nat 1.

I

Average

Reserve

Cash

Atge.

621

38,548

7,221
2,000;
5,oco! 17,135|

Y.NBA

Manhattan

Average Average
$
$
I

Average

Members of

Fed. Res. Bank

Average

reduction of $1,500,000 in the amount of Pittman
Chicago Reserve Bank with the Treasury as cover

outstanding Federal Reserve bank notes.
Since March 25, when this
class of Treasury certificates was first shown in the weekly statement sepa¬
rately from other certificates, the amount held by the Reserve banks has
declined by about $15,000,000, while the decrease for the same period in
the Reserve banks' aggregate liabilities on Federal Reserve bank notes was
for

A decrease since
certificates, largely loan and tax
$19 200 000

April 22 of $3,100,000 is shown in other
certificates acquired temporarily under re-

April 30

1921.]

THE

CHRONICLE

purchase agreements from non-member banks by the New York and Phila¬
delphia Reserve banks.
As the result of the above changes, total
earning
assets show a further decline of $55,600,000 and on
April 27 stood at $2,435,100,000 compared with $3,235,800,000 at the close of
April of last year.
Of the total holdings of $920,537,000 of
paper secured by United States
Government obligations, $588,700,000, or 64%, were secured
by Liberty
and other U. S. bonds; $268,600,000, or
29.2%, by Victory notes, and $63200,000, or 6 8%, by Treasury certificates, compared with
$608,300,000,
$256,100,000 and $78,200,000 reported the week before.
Rediscounting operations are reported by the Richmond, Minneapolis
and Dallas banks.
The two former banks hold under rediscount with
the
New York bank bills totaling $12,000,000, while the Dallas
bank reports
$6,600,000 of bills rediscounted with the Boston and Cleveland
banks, as
compared with $7,400,000 on the previous Friday.
Government deposits show reductions since April 22 of
$31,600,000,
while reserve deposits increased by $7,800,000 and other
deposits, com¬
posed largely of non-member banks' clearing accounts and Cashier's
checks,
went up about $300,000.
The "float,* carried by the Reserve banks, as

1841

measured by the difference between the total
of "uncollected items" on
the resource side and the total of "deferred
availability items" on the lia¬
bility side, shows a further decrease of $7,600,000.
Since March 18, when
both these items began to be
disregarded in calculating deposit liabilities
and reserve ratios, the amount of the float
has declined from over $146,000,000 to $89,100,000.
Federal Reserve note circulation shows a
further decline since April 22
,

of

$26,600,000, the April 27 total of $2,830,100,000
being $574,800,000,
17%
below the peak figure of Dec. 23 1920 and
$244,400,000,1 or about
8 %, below the total reported at the close of
April last year.
There is also
shown a further decrease of $3,400,000 in the Reserve bank
note circulation,
their net liabilities on account of these notes
aggregating $156,200,000,
compared with $177,900,000 about a year ago.
Since the previous Friday the Reserve
banks, largely through the pur¬
chase of imported gold, increased their
gold reserves by $19,500,000, while
the amount of other reserve
cash, i. e., silver and legals, shows a decline
of $7,500,000.
or

,

The following is the weekly statement issued
by the Federal Reserve Board
Further gains of $11,200,000 in

fold, offset by losses of $3,500,000 in
against reductions of $5,100,000 in deposits
and of $11,800,000 in Federal Reserve note circulation, are
indicated in the
silver and other cash reserves,

as

Federal Reserve Board's weekly bank statement issued

April 22 1921.

ness on

The banks'

reserve

as

ratio shows

a

at close of busi¬

rise for the week

from 53.7 to 54.1 %.
Reserve bank holdings of paper secured by U. S.
Government obligations
an increase for the week
of $13,500,000, Avhile other discounts
on
hand declined by $4,200,000.
Acceptances purchased in open market
aggregated $15,100,000 less than on the previous Friday, Pittman certifi¬
show

cates show a decline of about

of about $2,000,000.
U. S. bond holdings.

$5,000,000 and other certificates—a decrease

small

A

decrease

is

also shown in the amount of
As
a
result of these changes, total
earning assets
show a decrease for the week of about
$13,000,000, and on April 22 stood
at $2,490,700,000.
compared with $3,176,785,000 on the corresponding
date of last year.
Of the total

holdings of $942,700,000 of paper secured by United States
Government obligations, $608,300,000 or
64.5%. were secured by Libertv
and bfher U. S. bonds:
$256,100,000. or 27.2%, by Victory notes, and
$78 200,000, or 8.3%, by Treasury
certificates, compared with $601,600,000
$259,600,000 and $68,000,000 shown the week before.

Combined Resources

and

Liabilities

of the

RESOURCES.

from $12,200,000 to $7,400,000.

other deposits, composed largely of non-member
banks' clearing accounts
and cashier's checks.
The "float" carried
by the Reserve banks, as meas¬
ured by the difference between the total oi
uncollected items, on the resource
side, and the total of deferred availability items, on the

liability side,

decreased by $13,700,000Federal Reserve note circulation shows a further
decline for the week of $11,800,000. the
April 22 total of $2,856,700,000
being $548,200,000. or 16%, below the peak figure of December 23
1920,
and $211,600,000, or about 7%, below the total
reported on the correspond¬
ing Friday last year.
There is also shown a decline of $3,600,000 in Federal
Reserve bank note circulation, the reserve banks'
these
notes
aggregating $159,600,000,

of

about

Total gold held by banks

Gold redemption fund.*..-.,*—-—.

gold reserve,.

reserves....................

Hecured

by U. S. Govt, obligations.
All other.

920,537,000

hand

on

Business April 27 1921

•

327,637,000

: $
313,322,000

299,485,000

t
291.960.000

604.061.000

497,790,000

509.913,000

$

I

266,431,000
•513,572.000

%$:\>
174,561,000

185,654,000

376,003,000
112,781,000

374,380,000

112,781,000

942,665,000

920,186,000

936,021,000

950,688,000 1,010,373.000 1,000,386,000 1,465,320,000, 1,448,804,000

,

240,875,000

245,875,000

247,375,000

2,708,000
... ... .......

.

„

.

Bank premises

Gold abroad In custody or in transit
Uncollected Items
411 other resources

Total

of

1921. Mar. 251921. Afar. 181921. Apr. 30 1920. Apr. 23 1920.

466.241,000

239,375,000

..

5,827,000

7,824,000

6,303,000

a

Total earning assets

Aprlli

Close

2,167,348,000 2,218,308,000 2,224,136,000 2,258,359,000 2,337,086,000 2,409,704,000
2,347.699,000 2,942,318,000 2,882,854,000
25,690,000
25,914,000
25,691,000
25,647,000
25,720,000
25,847,000
25,845,000
26,797,000
26,797,000
19,000
19,000
19,000
19,000
19,000
19,000
19,000
68,000
68,000

...

.....

One-year certificates (Pittman Act)
All other

at the

1,143,202,000 1,171,191,000 1,175,368,000 1,218,731,000 1,263,907,000 1,276,275,000
1,224,533,000 1,069,751,000 1,029,378,000
103,609,000
119,582,000
104,452,000
122,491,000
103,607,000
123,056,000
122,780,000
407,247,000
404,672,000

Bills bought In open market.
Total bills

account

2,504,763,000 2,492,804,000 2,485,077.000 2,481,834.000 2,461,231.000 2.421,977,000 *2414,789.000
2,070,765,000 2,083,568,000

Bills discounted.

U.S. Government bonds
U. S. Victory notes..
U. S. certificates of Indebtedness:

on

$180,600,000

2,317,569,000 2,298,071,000 2,286,879,000 2,264,010,000 2,246,439,000 2,210,765,000
♦2205,539,000 1,936,720,000 1,949,693,000
187,194,000
198.198,000
194,733,000
217,824,000
214,792,000
211,212,000
209,250.000
134,045,000
133,875,000

............

Legal tenner notes, sliver, <fcc

Total

$

with

year ago.
A decrease of $88,000 in the paid-in
capital of the Federal Reserve Bank
of New York is due largely to the consolidation of two
member banks in
New York City and to the reduction in
capitalization and in the amount
of Federal Reserve Bank stock carried by the
newly formed institution.

836,165,000
793,878,000
816,661,000
817,383,000
797,275,000
801.873,000 *780,003,000
663,345,000
672,815,000
1,317,860,000 1,321,816,000 1,346,558,000 1,306,949,000 1,300,345,000 1,246,607,000
1,257,807,000 1,137,928,000 1,150,658,000
163,544,000
146,443,000
159,594,000
139,678,000
148,819.000
163,386,000
167.729.000
135,447,000
126,220,000

old with Federal Reserve agents

Total

339,432,000
477,229,000

net liabilities

compared

a

Federal Reserve Banks

S

347,946,000
488,219,000

Board.

April 23:

As against an increase of
$36,400,000 in Government deposits, there are
shown reductions of $36,600,000 in reserve
deposits and of $5,300,000 in

Apr. 27 1921. Apr. 22 1921. Apr. 15 1921. April 8 1921.
Gold and gold certificates
Gold settlement fund, F. R.
Gold with foreign agencies.

on

During the week, the Richmond Bank rediscounted $10,000,000 of
paper
with the New York Reserve Bank, while the Dallas
Bank was able to reduce
the amount of paper rediscounted with the
Boston and Cleveland Banks

resources.

247,375,000
2,983,000

254,375,000

254,375,000

259,375,000

2,490,000

30,576,000

7,274,000

259,375,000
7,691,000

2,435,140,000 2,490,720.000 2,503,768,000 2,537,603,000 2,613,183,000 2,692,435,000 2,658
514,000 3,235,832,000 3,176,785,000
21,832,000
21,514,000
21,782,000
21,002,000
20,651,000
20,522,000
20,465,000
12,369,000
12,328,000
11,339,000
12.166,000
11,562,000
11,647,000
11,856,000
12,068,000
12,428,000
12,091,000
13,438,000
3,300,000
3,300,000
519,828,000
618.107,000
550,950,000
544,255,000 •554,315,000
693,640,000
716,882,000
712,2401000 815,9151666
11,578,000
11,892,000
12,310,000
11,454,000
*11,200,000
0,225,000
9,891,000
7,170,000
6,291,000
5,504,480,000 5,580,128,000 5,652,524,000 5,607,795,000 5,672,436,000 5,753.167,000
♦5836,269,000 6,050,467,000 6,108,325,000

LIABILITIES.
Capital

paid In

101,235.000

Government deposits

101,231,000

101,274,000

101.226,000

101,137,000

101,113,000

202,036,000

Surplus:.. J.

202,036,000

202,036,000

202,036,000

202,036,000

202,036,000

35,872,000

67,483,000

31,117,000

101,058,000
202,036,000

91,639,000
120,120,000

91,364,000
120,120,000

48,053,000
82,(,'99,000
114,685,000
58,789,000
37,592,000
42,810,000
Due to members, reserve account
1,656,718,000 1,648,858,000 1,685,503,000 1,661,938,000 1,672,402,000 1,674,536,000
1,677,774,000 1,859,844,000 1,856,092,000
Other deposits, lncl. for'n gov't credits..
33,309,000
38,323,000
33,010,000
35,325,000
34,732,000
51,666,000
38.072,000
98,794,000
96,588,000
........

Total deposits

1,725,899,000 1,749,351,000 1,754.943,000 1,745,316,000 1,789,233,000 1,840,887,000
1,774,635,000 1,996,230,000 1,995,490,000
2,893,964,000 2,908,153,000 2,930,729,000 2,962,880,000 3,074,555,000 3,068,307,000
167,152,000
169,722,000
175,490,000
179,250,000
177,881,000
180,631,000
Deferred availability Items
430,700,000
507.724,000
454,238,000
445,108,000
451,270,000
454,279,000 *570,347,000
529,855,000
595,125,000
All other liabilities.............
58,243,000
54,833,000
56,982,000
52,993,000
50.885,000
48,633,000
46,063,000
60,187,000
57,288,000
F. R. notes In actual circulation.
2,830,118,000 2,856,700,000 2,868.527,000
F. R. bank notes in circulation—net liab.
156,249,000
163,187,000
159,590,000

Total liabilities
Ratio

of

R.

F.

Ratio

of

F.. R.

gold

...

reserves

to

deposit

ant

5,504,480,000 5,580.128,000 5,652,524,000 5,607,795,000 5,672,436,000
5,753,167,000 •5836,269,000 6,050,467,000 6,108,325,000

note liabilities oomblned

50.9%

Ratio of total

reserves to deposit
liabilities combined
reserves

to F.

circulation

after setting
against deposit liabilities

49.9%

49.4%

48.8%

47.9%

40.3%

46.5%

39.6%

a40.3%

55.0%

54.1%

53.7%

53.5%

62.4%

50.8%

51.0%

a42.4%

a43.0%

67.2%

total
note

65.8%

65.2%

64.7%

63.1%

60.7%

*60.5%

a46.7%

047.7%

anr

R. notes lr

aside

35°/,

..:

'

"

I,mmmm

Distribution by Maturities—
1-15 days bills bought In open market
1-15 days bill discounted

1-15 days U. 8. certif. of Indebtedness
10-30 days bills bought In open market.
10-30 days bills discounted
10-30 days U. 8. certlf. of indebtedness.
81-60 days bills bought In open market.
81-60 days bills discounted
81-60 days U. 8. oertif. of Indebtedness.
01-90 days bills bought In open market.
01-90 days bills

discounted

01-90

days U. 8. certlf. of Indebtedness
Over 90 days bills discounted
Over 90 days certlf. of Indebtedness

•

$

58,175,000

$

S

$

$

*

J

t

$

$

57,335.000
50,389,000
35,245,000
42,852,000
47,033,000
49.120,000
90,738,000
81,946,000
1,229,368,000 1,243,261,000 1,231.807.000 1,246,667.000 1,287,221,000
1,362,700,000 1,355,122,000 1,496,952,000 1,439,306,000
4,000,000
14,758,000
6,860,000
6,425,000
6,959,000
6,424,000
5,537,000
31,424,000
5,806,000
21,429,000
22,921,000
24,860,000
28,108,000
32,125,000
24,977,000
25,264,000
89,724,000
82,862,000
201,058,000
208,163,000
211,712,000
217,566,000
224,009,000
227.479,000
234,427,000
285,414,000
292,992,000
2,165,000
1,772,000
2,052,000
4,500,000
4,000,000
2,000,000
4,621,000
4,627,000
1,500,000
18,060,000
28.G26.000
24,743,000
31,135,000
34.510,000
30,510,000
35,343,000
174,089,000
171,583,000
364,964,000
412,075,000
410,801,000
402,366.000
393,659,000
369,200.000
424,217,000
359,303,000
423,922,000
7,040,000
7,097,000
10,625,000
4,563,000
5.108.000
6.555.00C
5,798,000
6,998,000
6,576,000
5,945,000
8,761,000
6,398,000
9,119,000
13.004,000
14.249.C00
59,013,000
13,340,000
61,864,000
218,399,000
207.684,000
199,475,000
248,446.000
269,649,000
297,875,000
278,264,000
242,118,000
312,610,000
7,605,000
9,125,000
7,604,000
8,945,000
7.722.001
13,128,000
7,255,000
4,640,000
12,772,000
49,950,000
47,733,000
46,099,000
39,707,000
40,057,000
31,370,000
42,057,000
40,897,000
38,595,000
221,273.000
217,139,000
223,256,000
229,245,000
226,569,000
240,334,000
237,684,000
232,010,000
239,842,000

Federal Reserve Notes—

Outstanding

3,177,004,000 3,1^8,002,000 3,224,111,000 3,246,061,000 3,263,111,000
3,294,876,000 3,310,900,000 3,326,186,000 3,335,140,000
346,886,000
355,584,000
341,302,000
352,097,000
354.958,000
266,833,000
348,020,000
251,631,000

Held by banks..
In

actual

|364.147,000

circulation...

2,830,118,000 2,856,700,000 2,868,527,000 2,893,964,000 2,908,153,000
2,930,729,000 2,962,880,000 3,074,555,000 3,068,307,000

Amount chargeable to Fed. Res. agent

in hands of Federal Reserve Agent

3,990,273,000 4,004,644,000 4,026,934,000 4,060.545,000 4,084,382.000
4,097,318,000 4,105,419,000 3,740,555,000 3,737,819,000
813,269,000
802,823,000
806,642,000
814,484,000
821,271,000
802.442.00C
402,679,000
794,619,000
414,369,000

V'

Issued to Federal Reserve banks

3,177,004,000 3,198,002,000 3,224,111,000 3,246,061.000 3,263.111.000
3.294,876,000 3,310.900.000 3,326,186,000 3,335,140^000

How Secured—

By gold and gold certificates

By

eligible

paper

Gold redemption fund
With Federal Reserve Board
Total

...

233,852,000
233,852,000
233,853,000
233,852,000
233,853,000
220,386,000
227,386,000
253,931,000
255,032,000
1,859,144,000 1,876,186,000 1,877,553,000 1,939,112,000 1,962,766.000
2,049,369,000 2,053,093,000 2,188,258,000 2,184,482,000
111,570.000
119,167,000
104,409,000
120,988,000
106,157,000
116,071,000
102,190,000
104,511,000
97,417,000
964,841,000
983.554,000 1,001,136,000
952,109,000
960.335,000
794,537,000
914,610,000
914,350.000
785,479,000
3,177,004,000 3,198,002,000 3,224,111,000 3,246,061,000 3,263,111,000
3,294,870,000 3,310,900,000 3,326,186,000 3,335,140,000

...

5,106,702,000 2,165,485,000:2.174,005,000 2,210,539,000 2,278,462,000
2,359,723,000 2,295,178,000 2,853,705,000 2,815,094,000
•Revised figures.
a

Calculated

ability Items."

on the old baste of net deposits—that la, after deducting from gross deposits
"uncollected Items," but Including also in the gross deposits "deferred avail¬
The new method Is to disregard both of these—see matter printed In italics In introductory remarks on
Page 1255 In "Chronicle" of March 26.




Two ciphers (00) omttled.
Federal Reserve Bank of—

Boston.

Total reserves

Secured

42,094,0
9,664,0

255,854,0

667,602,0 182,413,0 281,452,0

75,914,0
4,139,0

86,734,0 337,325,0
5,596,0
12,649,0

89,122,0

67,801,0

11,256,0

43,209,0
814,0

3,504,0

33,642,0 196,501,0 2,317,569,0
187,194,0
2,569,0
6,052,0

785,035,0 186,199,0 285,756,0

80,053,0

92,330,0 349,974,0 100,378,0

44,023,0

71,305,0

39,694,0 199,070,0 2,504,763,0

54,949,0
86,543,0
•14,802,0

43,823,0
1,463,0
1,801,0

51,784,0 120,356,0
61,856,0 244,751,0
1,260,0
8,037,0

34,564,0

14,067,0

46,107,0

58,248,0

32,344,0
62,099,0

920,537,0
11,191,0 50.226,0
54,969,0 110,545,0 1,143,202,0
103,609,0
10,566,0
25,0

117,087,0 114,900,0 373,144,0
656,230,0 157,413,0 150,294,0
1,233,0
621,0
4,490,0
834,0
1,434,0
1,005,0
3,0
10,0

81,435,0
1,153,0

270,946,0

4,304,0

3,786,0

117,433,0

15,092,0

by

353,659.0 110,140,0
255,742,0 34,886,0

7,113,0

12,387,0

43,434,0

market...

46,829,0

550,0

5,0

U. S. Victory notes...
U. S. certificates of Indebtedness:

3,316,0

premises

1,022,0

All other resources.

43,955,0
544,0

....

1,0

1,300,0
46,612.0

114,375,0
3,287,0

72,315,0
116,0

36,612,0
348,0

95,656,0
626,0

19,0

40,037,0

20,090,0

64,119,0
2,248,0

29,459,0
610,0

10,880,0

239,375,0

103,0

4,400,0

10,320,0

2,708,0

74,564,0 183,728,0 2,435,140,0
21,832,0
542,0
1,824,0

80,929,0 113,656,0

523,0

614,0

66,185,0 171,337,0 2,167,348,0
25,690,0
1,408,0
3,979,0

94,468,0
8,867,0

8,480,0
18,0

13,068,0

1,868,0

639,0

163,544,0

1,0

628,0

848,0

25,0

9

10,317,0

6,955,0

4,601,0

599,0

2,052,0

603,0
14,765,0
146,0

40,293,0

361,0
25,718,0

544,0

11,339,0

33,021,0

519,828,0

941,0

916,0

493,0

11,578,0

585,0

253,684,0 245,481,0 835,909,0 227,252,0 141,065,0 228,807,0 143,102,0 417,398,0 5,504,480,0
447,449,0 1,621,855,0 424,483,0 517,995,0

Total resources

LIABILITIES.

Government deposits.

7,838,0

26,408,0

8,585,0

10,955,0

5,387,0

4,067,0

15,711,0

Capital paid in....
8urplus
—....—

56,414,0
10,798.0

17,010,0

20,305,0

10,561,0

932,0

954,0

4,343,0

8,343,0
2,299,0

647.896,0 101,302,0 138,128,0

53,331,0
524,0

..

2,016,0

-

Due to members—reserve

acc't.. 108,096,0

Total deposits...............

circulation. 258,946,0
R. bank notes in circulation—

F. R. notes in actual

35,808,0

81,135,0

3,150,0

20,196,0

All other liabilities

42,765,0 234,362,0
326,0

2.766,0

12,881,0

42,154,0
3,680,0

562,0

43,923,0

71,490,0
89,286,0

48,870,0 123,501,0 1,725,899,0
55,095,0 232,220,0 2,830,118,0

3,503,0

4,475,0

8,346,0
2,111,0
64,088,0
663,0

6,980,0

9,159,0

1,939,0
41,487,0

1.552,0

49,135,0
10,105,0

2,289,0

497,0

101.235,0
7,235,0
202,036,0
14,194,0
6,033,0
35,872,0
4,188,0
2,602,0
45,846,0 110,041,0 1,656,718,0
33,309,0
9,272,0
422,0
4,136,0

4,443,0

23.397,0

16,507,0
2,763,0

8,251,0
32,439,0

20,728,0

15,293,0
42,315,0
3,424,0

22,015,0

15,006,0

net liability

14,203,0
28,980,0
2,138,0

674,227;0 103,329,0 139,853,0 58,198,0 45,390,0 239,266,0 66,862,0
741,460,0 234,527,0 280,320,0 136,559,0 155,530,0 470,823,0 109,808,0

110,990,0

Deferred availability items

771,0

1,095,0

15,533,0

878,0

govt.cred.

Other depos., incl. for.

F.

764,0

601,0

1,239,0
47,384,0

623,0

1,734,0

potes

12,260,0

23,799,0

fi% redemption fund against Fed¬
Uncollected items.

15,564,0
1,0

62,987,0
4,077,0

131,089,0 414,594,0
712,511,0 189,229,0 180,937,0 130,581,0
730,0
1,773,0
3,106,0
1,831,0
520,0
4,913,0

127,666,0

Total earning assets.

28,280,0
2,102,0

55,276,0

20,436,0
135,0

(Pittman Act).

other

eral Reserve bank

836,165,0

297,965,0 123,983,0 194;810,0
6,697,0
9,485,0
36,000,0

U. S. Government bonds

Bank

61,595,0

15,609,0 124,589,0 1,317,860,0

18,846,0
22,058,0

106,540,0

All

11,078,0

31,603,0

98,520,0

22,481,0 119,565,0
56.907,0 174,824,0
7,346,0 42,936,0

hand...

One-year ctfs.

31,597,0

17,146.0

24,156,0

55,993,0
open

29,035,0

17,938,0
22,268,0
3,003,0

20,925,0

79,945,0

obligations

on

9,615,0

488.219,0

48,945,0

...

bought in

347,946,0

333,637,0

other.

Total bills

18,446,0

43,149,0

170,221,0
22,463,0

...

b Bills

7,349,0

3,729,0

63,170,0

Total gold reserves
Legal tender notes, silver, <fce...

U. S. Govt,

S

2,562,0

6,384,0
73,561,0

Gold redemption fund.

All

$

,

8,323,0

3,212,0

2,801,0
46,144,0

Total gold held by banks
Gold with F. It. agents..

discounted:

%

$

261,554,0
72,083,0

Gold settlement fund—F. It. B'd

Bills

$

$

21,045,0

Total.

San Fran.

7,704,0
55,466,0

Gold and gold certificates..:

a

S

5,335,0

3,231,0

Dallas.

St. Louis. Minneap. Kan.City.

Chicago.

9

8

S

$

S

s

RESOURCES.

Atlanta.

Cleveland. Richmond

Phila.

New York.

BUSINESS APRIL 27 X921

EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF

LIABILITIES OF

WEEKLY STATEMENT OF RESOURCES AND

[Vol. 112.

CHRONICLE

THE

1842

69,376,0

65,544,0

7,086,0
28,672,0
2,035,0

11,023,0

5,562,0

8,122,0

156,249,0

40,615,0

6,885,0
12,148,0
'2,082,0

21,540,0
1,866,0

28,232,0

430,700,0

3,894,0

58,243,0

2,759,0

245,481,0 835,909,0 227,252,0 141,065,0 228,807,0 143,102,0 417,398,0 5,504,480,0
447,449,0 1,621,855,0 424,483,0 517,995,0 253,684,0

Total liabilities.—.......
Memoranda.
Ratio of total reserves to

deposit

and F. R. note liabilities com¬

discounted

f

sold to other
F.R. banks without endorsera't
Contingent liability on bills pur¬

18,600,0

6,600,0

2,000,0

10,000,0

with other F. R. banks—...
Bankers' acceptances

25,0

2,336,0

discounted

bills

Includes

Includes bankers'

1,504,0

3,808,0

864,0

25,0

1,472,0

832,0

1,536,0

32,376,0

for

other F. R. banks, viz.:
b

12,000,0

1,152,0

1,568,0

2,624,0

2,560,0

12,120,0

2,600,0

chased for foreign correspond'ts
a

55.0

56.0

38.2

44.4

40.2

*

rediscounted

paper

56.8

49.3

46.0

41.1

68.0

55.1

55.5

73.2

bined, per cent...........
Contingent liability as endorser on

18,600,0

4,000,0

i

R.bank3

other F.

om

acceptances bought fr

25.0

25,0

without their endorsement

STATEMENT

RESERVE AGENTS' ACCOUNTS

FEDERAL

OF

Federal Reserve Agent at—

105,090
Federal Reserve notes outstanding.-...--....;—----- 271,118
Collateral security for Federal Reserve notes outstanding:
5,600
Gold and gold certificates
24,621
Gold redemption fund. ....... .—v...... . _—.
Federal Reserve notes on hand.......

—

—

[Excess amount held

100,897

16.035
106,000 112,389 155,000
587,540 131,667 113,547

"3~, 594

42.036

14,066

11,594

4,140

36,651

St. L.

S

K.

Minn.

S

4,600
98,520

11,580
68,179

6,110

13,052

4,346

3,016

"3*243

6,200

28,360

66,917
27,527

15*180

38,500 50,000
99,884 106,829

335,796

52,531
70,504

45,911

8,033

37,261

10,883

25,378

159,644

San Fr.

Total.

$

$

%

159,560 27,520
510,620 133,491

3,407

Dallas

$

City

S

3,500

23,775

176,924
15,041

5,643

-

Chicago

S

$

21,420
37,970 25,809 80,790
885,505 255,650 308,357 141,970 163,736

Board...... 140,000

Eligible paper/Amount required

s

268,000

.

Gold settlement fund—Federal Reserve

$

.

AT CLOSE OF BUSINESS APRIL 27 1921.

Richm'd Atlanta

Cleve.

$

5

(In Thousands of Dollars)

Resources—

Phila.

Boston. New York

813,269
28,730 42,200
59,337 280,513 3,177,004

3,483

10,607

7,235 108,982

43,728 155,924 1,859,144
21,800

229,167 169,204
652,969 2,075,661 536,860 696,720 323,831 416,295 1,218,061 305,385 173,316

Total......

233,852
119,167
964,841

4,891

"

14,140

247,558

61^,366

7,144,835

Liabilities—
Net

amount

of Federal

Reserve notes

received

from

Comptroller of the Currency

/Gold —..........
Bankl Eligible paper

Collateral received from
Federal

Reserve

;

...

Total

.....

by banks.........

Federal Reserve notes in actual circulation

....

—

Two ciphers (00) omitted.

Boston.

Bank of—

RESOURCES.

510,620 133,491
39,797 23,683

68,179

98,520

2,635

9,234

59,337 280,513 3,177,004
346,886
4,242 48,293

258,946

741,460 234,527 280,320 136,559 155,530

470,823 109,808

65,544

89.286

55,095 232,220 2,830.118

$

Gold redemption fund

3,324,0

6,646,0

3,403,0

59,899,0

48,813,0

72,105,0

22,982,0

311,244,0

52,137,0

21,211,0
254,499,0

reserves

Legal tender notes, sliver, Ac...

15,907,0

270,406,0

+

61,425,0

other..

Bills bought in open market (b)__

Total bills

on

550,0

U. 8. Government bonds

U. 8. Government

6,866,0
113,452,0

hand

Victory

notes

$

5,446,0 21,292,0
14,348,0 103,988,0

$

S

Total
Bank

5%

3,369,0

8,413,0

2,724,0

7,255,0

18,566,0

9,977,0

28,004,0

.6,506,0

37,318,0

18,390,0

63,265,0

22,484.0

7.034,0

19,794,0 125.280,0
60,057,0 170,430,0
7,823,0 37,983,0

23,191,0

46,297,0

3.958,0

3,097,0

30,728,0
33,089,0
3.346,0

816,661,0
13,761,0 55,884,0
16,485,0 128,782,0 1,321,816,0
159,594,0
6,203,0 10,364,0

645,768,0 182,879,0 280,815,0

79,716,0
4,415,0

87,674,0 333,693,0
13,964,0
5,484,0

90,414,0

4,080,0

11,158,0

43,971,0
554,0

67,163,0
3,449,0

36,449,0 195,030,0 2,928,071,0
194,733,0
2,658.0
6,009,0

768,740,0 186,962,0 284,895.0

84,131,0

93,158,0 347,657,0 101,572,0

44,525,0

70,612,0

42,458,0 197,688,0 2,492,804,0

43,640.0
68,940,0

52,893,0 126,814,0
63,402,0 247,123,0

34,584,0

15,368,0

45,903.0
784,0

59,166,0

32,804,0
64,302,0

942,665,0
12,645,0 46,045,0
52,187,0 109,301,0 1.171,191,0
104,452,0
11,595,0
25,0

81,271,0

74,534,0

97,131,0

1,153,0

116,0

8,867,0

4,083,0

122,972,0

367,624,0 108,198,0
275,035,0
36,035,0
42,085,0
14,018,0

\

56,889,0
88,372,0

17,520,0

1,825,0

718,0

8,991,0

684,744,0 158,251,0 162,781,0 114,405,0 117,013,0 382,928,0
4,490,0
621,0
1,434,0
834,0
1,233,0
1,005,0

25,0

12,260,0

15,564,0

38,112,0

125,0

1,0

1,0

108,0

628,0

742,885,0 190,591,0 187,549,0 127,839,0 133,202,0 425,638,0
3,106,0
730,0
4,910,0
520,0
1,768,0
1,802,0

96,120.0

1,860,0

28,280,0
2,626,0

,

against

Federal Reserve bank notes..

Uncollected Items
All other resources
Total resources.

13,068,0

23,799,0

55,276,0

626,0

8,480,0
31,0

83,161,0 116,319,0
2,052,0
599,0

1,812,0

1,300,0

1,239,0

601,0

653,0

1,899,0

523,0

417,0

916,0

46,390,0
614,0

114,524,0
3,359,0

49,148,0

51,194,0

43,406,0

21,615,0

73,552,0

678,0

2,233,0

29,855,0
588,0

16,180,0

572.0

40,190,0
582,0

754,0

187,0

Surplus
Government deposits

7,838,0

26,400,0

8,600,0

10,955.0

15,711,0

56,414,0

17,010,0

20,305,0

7,445,0
888,0

5,488,0
18,073,0
4,578,0
638,884,0 101,218,0 138,823,0
13,695,0
989,0
927,0

116,190,0

Total deposits

5,386,0
10,561,0
4,729,0

4,067,0

14,202.0

4,443,0

8,343,0

28,980,0

8,346,0

9,974,0
1,430,0
44,632,0 235,794,0
3,485,0
371,0

3,511,0

670,652,0 107,695,0 144,328,0

Due to members, reserve account 107,857,0
Oth. deposits, lncl. for Govt.cred.

V. R. notes in actual circulation. 259,859,0
Net

liability..

All other liabilities
Total liabilities




5,827,0

73,236,0 179.372,0 2,490,720,0
21,782,0
541.0
1,821,0

| 586,0
27,171,0
1,716,0

11,562,0
550,950.0
12,310,0

544,0

37,725,0
426,0

4,475,0 7 4,133,0
'
6,033,0
9,159,0

14,194,0

101,231,0
202,036,0

3,006,0

3,907,0

67,483,0

3,022,0

7,233,0

42,920,0
562,0

72,817,0
970,0

44,208,0 107,122,0 1,648,858,0
33,010,0
9.205,0
546,0

58,316,0 46,433,0 249,253,0 65,879,0
756,071,0 233,467,0 280,599,0 138,832,0 157.384,0 473,814,0 112,183,0

45,802,0
66,096,0

76,809,0
90,019,0

47,760,0 120,234,0 1,749,351,p
56,844,0 231.532,0 2,856,700,0

15,301,0

22,056,0

15,682,0

21,039,0

38,502,0

84,941,0

43,323,0
3,345,0

46.598,0

3,136,0

3,499,0
6,980,0
2,320,0

61,535,0
833,0

53,048,0
533,0

F. R. bank notes In circulation—
Deferred availability Items

240,875,0

230,671,0 146,988,0 416,296.0 5,580,128,0
456,537,0 1,636,230,0 429,122,0 527,433,0 258,483,0 249,930,0 854,085,0 229,284,0 145,069,0

LIABILITIES.

Capital paid in

19,0

4,400,0

10,880,0
142,0

10.320,0

1,072,0

601,0

64,857,0 166,941,0 2,218.308,0
25,691,0
1,409,0
3.979,0

1,0

3.0

10,0

20,436,0

3,307,0

fund

S

339,432,0
477,229,0

26,385,0

15,150.0

5,0

134,748,0

earning assets

premises

redemption

Total.

$

7,425.0

305,0

All other

S

San Fran.

19,822,0

U. 8. certificates of indebtedness;
One-year ctfs. (Pittman Act)..

APRIL 22 1921

Dallas.

$

St. Louis. Minneap. Kan.City.

78,751,0

36,000.0

.

45,161,0

obligations (a)

Chicago.

298,524,0 115,592,0 194,639,0

Bills discounted: Secured by Gov¬

All

S

S

RESERVE BANKS AT CLOSE OF BUSINESS

Atlanta.

$

251,345,0

Gold with Federal Reserve agents 172,172,0

ernment

OF THE 12 FEDERAL

Cleveland. Richmond

61,116,0

Total gold held by banks

Total reserves

Phila.

53,467,0

Gold Settlement Fund, F. R. B'd

65,528 170,064 2,106,702

885,505 255,650 308,357 141,978 163,736
8,206
5,419
28,037
144,045 21,123

S

S

7,649,0

Gold and gold certificates

Total gold

New York.

88,067 322,713 3, 00,273
15,609 124,589 1,317,860

94,444

71,289

12,172

WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH

Federal Reserve

79,759 103,120
31,603

22,268

169,204 617,366 7,414,835
652,969 2,075,661 536,860 696,720 323,831 416,295 1,218,061 305,385 173,316 229,167
271,118

Federal Reserve notes outstanding..
Federal Reserve notes held

624,191 135,807 155,583 113,950 114,862

106,540

r

•

670,180 161,011
174,824 62,987
373,057 81,387

376,208 1,153,505 277,070 346,327 167,787 244,526
207,965 123,983 194,810 42,090 56,907
170,221

19,696,0

3,609.0

8,300,0
34,887,0
2,201,0

13,059,0
17,907,0

2,737,0

25,406,0

7,055,0

6,939,0

11,028,0

5,594,0

29,398,0

13,704.0

2,049,0

36,448,0
2,733,0

24,816,0
1,808,0

31,213,0

1,980,0

159,590,0

8,131,0

52,591,0
9,929.0

454,238,0
*

3,759,0

56,982,0

145,069,0 230,671,0 146,988,0 416,296,0 5,580,128.0
456,537,0 1,636,230,0 429,122,0 527,433,0 258,483,0 249,930,0 854,085,0 229,284,0

April 30

1921.]

THE

CHRONICLE

1843

WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
13 FEDERAL RESERVE BANKS AT CLOSE
OF BUSINESS APRIL 22 1921,—(Concluded).
Two ciphers (00) omitted.—

New

Boston.

and F. R. note liabilities

$

Cleveland. Richmond

Kl

■v: $

$

$

St. Louis. Minneap.
Kan.City.
$

53.9

54.8

67.0

42.6

45.7

48.1

$

57.0

endors er on:

as

Discounted paper rediscounted

$

:

$

S

$

$

with other F. R. banks
Bankers' acceptances sold to other
F. R. banks without endorsem't

Dallas.

:

1

San Fran.

Total.

$

S

S

39.8

$

42.3

$

40.6

5

56.2

54.1

i$

$

10,000,0

$

7,437,0

,

17,437,0
25,0

Contingent liability on bills purch.
for foreign correspondents....
Includes bills discounted
other F. R. banks, viz

Chicago.

$

IT '
71.9

.....

(o)

Atlanta.

$

com¬

bined, per oent
Memoranda—Contingent liability
.

PhUa.

york.

LIABILITIES (Concluded)
Ratio of total reserves to deposit

12,114,0

2,336,0

2,560,0

2,624,0

1,568,0

for

1,152,0

3,808,0

1,504,0

864,0

1,536,0

2,000,0
(5) Includes bankers' acceptances bought fr
Without their endorsement...

«...

10.000,0

''

25,0

1,472,0

832,0
"

•.

32,370,0

1

'

5,437.0

17,437.0

om other F. R. banks:

25,0

•

25,0
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT
CLOSE OF BUSINESS APRIL 22
1921.
Federal Reserve Agent at—
Resources—

Boston

Federal Reserve notes

on

hand

Gold settlement fund—Federal

Reserve Board

Eligible paper/Amount required

$

Chicago

St.L.

Minn,

$

%

5

S

S

24,420 38,770 25,108
78,815
887,757 257,259 309,287 145,982 166,861

155,060 27,520
511,845 134,669

Dallas

San Fr

Total

$

11,700
4,600
68,275 100,006

28,339 43,700
806,642
60,606 282,406 3,198,002

6,110

13,052

4,891
233,853
4,360
11,186
104,409
7,234 117,596
983,554
44,121 153,624 1,876,186
20,317
12,023
289,299

23.775

3,500
3,557

14,786

3,524

3,232

44,500 53,000
99,685 106,804
10,196
11,065

155,644
341,415

53,631
71,404

6,200
45,791

41.372

9.817

27.810

1,797

CUy
$

15,599
11,203
15,864
106,000 104,389 155,000
589,233 141,667 114,648
61,933
4,296 47,745

16.572

K.

2,729
30,360
66,917
30.150

659,283 2,105,447 543,234 705,089 328,137 422,733 1,220,122 306,675 176,060
234,762 169,868 620,535 7,491,945

>y Liabilities—
Federal

Richm'd Atlanta

268,000

176,925

100,877
12,575

.

of

5,600
150,000

.........

]Excess amount held
Total.
amount

Cleve.

$

273,049
—

Net

Phila.

$

100,610

,

.

Federal Reserve! notes outstanding
Collateral security for Federal Reserve notes outstanding:
Gold and gold certificates
Gold redemption fund

.

New York

$

(In Thousands of Dollars)

Reserve

notes

received

Comptroller of the Currency..
Collateral received from
/Gold
Federal Reserve Bank\Ellgible paper

from
.....

......i

Total.

373,659 1,155,757 281,679 348,057 171,090 245,676
172,172
298,524 115,592 194,639
60,057
46,297
651,166 145,963 162,393 110,750 117,000
113,452

666.905 162,189
170,430 63,265
382,787
81,221

79,975 104,606
22,484

33,089

73,601

97,067

88,945 326,106 4,004,644
16,485 128,782 1,321,816
64,438 165,647 2,165,485

659,283 2,105,447 543,234 705,089 328,137 422,733 1.220,122 306,675 176,060 234,762
169,868 620,535 7,491,945

Federal Reserve notes outstanding..

273,049
....

Federal Reserve notes in actual circulation

13,190

887,757 257,259 309,287 145,982 166,861
131,686 23,792 28,688
7,150
9,477

511,845 134,669
38,031
22,486

68,275 100,006
2,179
9,987

60,606 282,406 3,198,002
3,762 50,874
341,302

259,859

Federal Reserve notes held by banks...

756,071 233,467 280,599 138,832 157,384

473,814 112,183

66,096

56,844 231,532 2,856,700

90,019

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 Dec. 14
1917, published in the "Chronicle" Dec. 29 1917,
page

2523.

STATEMENT SHOWINa PRINCIPAL RESOURCE AND LIABILITY ITEMS OF
REPOfcTINO MEMBER BANKSIN FEDERAL RESERVE
BANK AND BRANCH CITIES AND ALL OTHER
REPORTINQ BANKS AS AT CLOSE OF BUSINESS APRIL 16 1921.
Liquidation of $100.000,000 of loans, accompanied by a reduction of
the New York City members, a reduction of $14,000,000 in total loans and
$50,000,000 in borrowings from Federal Reserve Banks, is indicated by the
investments is noted, the April 15 figure of
$5,105,000,000 being $725,000,"
Federal Reserve Board's weekly statement of
condition on April 15 of
000 lower than the Oct. 15 amount.
820 member banks in leading cities.
Accommodation of reporting banks at the Federal Reserve Banks de¬
Continued liquidation of all classes of loans is shown for the week
creased from $1,631,000,000 on April 8 to $1,581,000,000 on
under
April 15 and
review: loans secured by U. S. Government
obligations declined by $12,constituted 10% of the banks' total loans and investments on that date,
000,000; loans secured by stocks and bonds—by
$21,000.000, and all other
compared with 10-3% on the previous Friday.
For the New York City
loans and discounts—by $67,000,000.
For the New York City member
members, reductions in accommodation from $560,000,000 to $552,000,000
banks, reductions in the three classes of loans were
and in the ratio ol accommodation from 10.9 to
$5,000,000, $13,000,000,
10.8% are shown.
and $27,000,000.
respectively.
'
' ■'
>
Largely as a consequence of the,allotment of new certificates on April 15
As against nominal changes in
holdings of United States bonds and
Government deposits show an increase of $25,000,000 for the week, $6,Victory notes, the banks report an increase of $69,000,000 in their holdings
000,000 of which represents the share of the New York
City members.
of Treasury certificates, oi which a new
issue was allotted on April 15.
Other demand deposits (net) increased by $59,000,000 for all
reporting
For the New York City members the increase in
certifiaate holdings was
banks and by $33,000,000 for the banks in New York City, while time
$20,000,000Other bonds, stocks and securities on hand were $9,000,000
deposits show a total increase of $1,000,000, but a decrease of $8,000,000
more than the week before, the
increase in New York City being $10,000,000.
for the New York City members.
As a consequence of these
changes, total loans and investments of all
Reserve balances of member banks with the.Federal Reserve banks are
reporting banks on April 15 were $21,000,000 smaller than the week before
shown $18,000,000 larger than the week before, the increase for New York
and stood at $15,756,000,000.
marking a reduction of $1,528,000,000 from
City being $25,000,000.
Cash in vault decreased by $9,000,000, no
the peak figure of
$17,284,000,000 reported on Oct. 15 of the past year.
For
changes in this item being shown for the New York City banks.
(

1.

Data for all reporting member banks In each Federal
Reserve District at close of business April 15 1921.

Federal Reserve District
Number of

Boston.

reporting banks
discounts, including bills
discounted with F. R. bank:

Loaas

Loans

49

....

and

.....

and securities

Total loans, disc'ts & Investments, lncl.
bills rediscounted with F. R. Bank
Reserve balance with F. R. Bank...
Cash In vault.-i.
Net demand deposits.........

deposits..

Government deposits
Bills payable with

F. R.

Cleveland. Richm'd.

58

S

88

$

Atlanta.

$

Secured by U. S. Govt, obligations...
All' other
Bills rediscounted with F. R. Bank:
Secured by U. 8. Govt, obligations....

39,304
333,484
186,802 1,220,512

202,885

63,479
349,049

112,174

402,159

690,062

335,307

863,341 4,566,640

673,384 1,102,590
44,456
97,4071
10,025
20,356

474,471

68,340

17,486
124,733

1,044,771 5,835,356
73,450
606,053
20,874
104,734
727,492 4,607,862
167,685
452,130
167,211
26,442

San Fran.

52

26,990

22,848
90,10.5
55,485
426,961
313,285 1,321,327

$
23,596

$

f

21,762
69,513
396,823

37,639

29,229
148,713

230,702

217,919

777,699

279,688

488,098

16,684

34,554

263,185
37,016

955,541 12,364,589
874,117
99,761

1,209

2,957

13,232
29,695

121,516
322,528

$

7,627

20.824J

7,156

2,221

39.671

4,408

6,399

1,831
2,303

280,857.

48,993

35,831

340,432

66,775

19,374

46,460

9,099

472,310 2,330,019

560,496
40,838

321,363

578,468

18,786
6,576

40,474

905,883 1,522,034

7,193

598,717

391,618 1,838,393
39,498
77,150
34,373
3,142

65,425

93,695

32,227

26,657

15,931

28,563
832,766
425,754
28,030

15,515
312,329

10,224

632,188
40.950

36,725

119,002
8,343

177,934
51,486

231,598 1,279,796
142,285
653,115
2,943
25,635

I

8,428
315,677

179,512
69,293

143,450

8,080

12,270
378,529
103,598

7,086

4,088

4,248

%

19,067

14,173

223,120

42,207

37,062

24,736

25,346

63,556

278

12,205

100,311

280,510

discounts, lncl. bills redls-

Apr. 8

71

/

counted with F. R. Bank:

286,526

2,039,525

313,434 1,266,797 15,755,648
72,790 1,269,570
21,241
307,943
10,071
23,271
200,299
565,342 10,263,390
545,886 2,923,718
60,570
329,192
2,464
12,145

130

30,573
35,968

6,758

2,832

7,140

16,880

41,021

27,350

29,730
820

503,256

100

863

3,372

190,802

17,498

68,012

885,169

6,119

357

17,208

75,410

16,079

185,550

4,856
30,508

531

4,093
39,689

27,849

City of Chicago.

71
$

Loans sec. by U. 8. Govt, oblig'ns

Apr. 15.

Apr.

52

$

8

All F. R. Bank Cities

Apr. 15.

52
$

Apr. 8.

284

$

F. R. Branch Cities. AllOther Report .Bks.

Apr .15.

285
$

Apr. 8.

216
$

Apr. 15.

216
$

Apr. 8.

320
$

Total.

821

811

740,055

752,056

2,960,944
8,663,590

2,981.939
8,730,694

1,129,259
3,179,452

320

820
%

$

$

313,065

63,434

66,694

308,039

306,478

839,364

849,622

540,881
2,056,612
5,692,739

550,745
111,902
112,606
87,272
88,705
2,073,367
483,993
487,210
420,339
421,362
5,751,077 1,550,820 1,553,728 1,420,031 1,425,889

4,069,437 4,113,9331,210,837
260,549
261,094
20,192

,222,794

8.290.232

19,812
13,010

440,733
106,778

9,551

198,487

143,963

1,119,868

8,375,189 2,146,715 2,153,544 1,927,642 1,935,95612,364,589 12,464,689
436,991
218,630
219,204
214,754
215,540
874,117
871,735
106,533
50,443
50,255
33,670
34,589
190,891
191,377
154,289
35.757
50,495
37,544
28,288
286,526
218,334
1,110,003
576,858
575,940
342,799
344,826 2,039,525 2,030,769

308,055

2,700,146 2,727,043
_

bonds

U. 8. Victory notes

U.S. certificates of Indebtedness
Or,her bonds, stocks <fe securities

72,579
136,537
565,417

72,349

116,412

12,909
14,911

555,555

145,378

disc'ts, <fc lnvest's,

lncl. bills redlsc'ted with F.R.Bk. 5,105,064 5,118,798
1,404,227
Reserve balance with F. R. Bank..
533,576
558,668
127,796

Cash in vault.....
Net demand

Government

92,715
92,869
4,118,470 4,085,548

deposits....
.....

deposits

289,681

297,871

29,895
894,000
313,150

162,875

156,940

16,357

191,100

21,596

13,952

324,538

130

obligations...

650

130

All other...

321,090
4,787

123,087

120,226

55,631

58,001

1,253

1,070

302

338

503,256
1,685

Bills rediscounted with F. R. Bank:
Rec. by U. 8. Govt,
All other

obligations..

•

a

499,317
6,195

877,576
6,649

98,427

100,386

9.393

10,314

158,504

163.864

23.079

23,366

312,723

130,263

629,993

662,975

128,253

134,665

9,831
130,363

197,061

113,847

9,219
126,923

190,802

268,175

885,169

928,003

856,456

10.8

10.9

10.3

11.4

11.0

11.3

9.1

9.2

7.5

7.8

10.0

10.3

12.0

per cent

Comparable figures not available.




863,124
203,325

681,908

253,857

Ratio of bills payable & rediscounts
with F. R. Bk. to total loans and

Investments,

a

a

,409,130 10,156,098 10,183,005 3,043,141 3,034, 7002 ,556,409 2,559,19915,755,648 15,776,904 17,044,036
125,199
929,071
910,951
190,715
194,494
149,784
146,356 1,269,570 1,251,801 1,437,118
31,263
178,875
181,457
60,638
62,599
68,430
72,628
307,943
370,467
316,684
876,117 7,164,112 7,115.414 1,619,017 1,613,702 1,480,261 1,474,829 10,263,390 10.204,045 11,683,551
314,370 1,361,704 1,358,670
912,929
913,755
649,085
650,588 2,923,718 2,923,013 2,608,587
12,445
264,442
249,091
40,400
35,445
24,350
19,751
329,192
189,849
304,287

199,601

Bills payable with F. R. Bank:
Sec. by U. 8. Govt,

1,685

Apr. 15*21 Apr. 8 *21 Apr. 16*20

Loans secured by stocks & bonds.
1,061,236 1,073,825

Ttme deposits...

190,891

19,647

172,791

All other loans and discounts

Total loans <fe

740,055
2,960,944
8,663,590

Data of reporting member banks In Federal Reserve Bank and branch cities and all
other reporting banks.

Number of reporting banks

0. S.

820

$

467,640
28,221
2,189
1,671

60,904

omitted..

Total loans and discounts

Total.

09

*

Apr. 15.

Loans and

Dallas.

81

21,846

82,521
142,894
738,008

New York CUy.

(000)

35

156,172

305,293

6,028

55,804

All other

ciphers

37

$

....

Three

Three ciphers (000) omitted.

St. Louis. Minneap. Kan. CUy

113

$

Bank:

2.

Chicago.

43

83

637,175 3,012,644

33,183

U. 8. victory notes...,:U. 8. certificates of indebtedness.......

Time

112

$

by U. S. Govt, obligations..
Loans secured by stocks and bonds..
All other loans and discounts

Other bonds, stocks

Phiiadel.

re

sec.

Total loans and discounts
C.S. bonds

New York

(M;

fBatikjers' dasjelfce.

[Vol. 112.

CHRONICLE

THE

1844

A/

State

and

Bonds.—No sales of State bonds

Railroad

have been

TFa^ Street, Friday

Miscellaneous

and

Railroad

reported at the Board this week.
The market for railway and industrial bonds has been an
interesting department at the Stock Exchange throughout the

week^

Night,
29 1921.
Stocks.—From a world¬

financial affairs the most important
undoubtedly been a reduction of the
Bank of England's official discount rate from 7 to 6%%.
This action is not the result of an accumulation of liquid
funds, now available for commercial or other purposes, as
is usually the case.
The Bank's weekly statement shows
this.
It is evidently an expression of confidence on the part
of the best informed and most conservative group of finan¬
ciers in the world that, in its opinion, the critical period of
after-war readjustment is past and that a gradual return to
normal conditions may, from now on, be expected.
If this
is true in Great Britain it is also true in the United States

wide point of view of
event of the week has

More than the usual number of issues have been

conspicuous for activity with varying results, although the
higher and lower closing prices are about equally divided.
Among the former are Hudson and Manhattans, Burlingtons,
Atchisons, Rock Islands, Friscos, Union Pacific, and Am.
Tel. & Tel. 6's, some of which have advanced 1 to IK points.
On the other hand B. R. T. 7's have dropped 4% points,
while Interboros' and a few less important bonds are a point
or nearly a point lower.
United

Bonds.—Sales of Government bonds at

States

the Board

limited to the various Liberty Loan issues.'

are

Daily Record of Liberty Loan Prices. Apr.

and elsewhere.

of this matter has apparently
absorbing developments as a

The importance

overshad¬

reduction
of the Pennsylvania Railroad's dividend rate from 6 to 4%—
announcement that the U. S. Steel Corporation's earnings
owed such otherwise

March

for the month of

only about 40% of

only about half what they were

basis of
capacity, and also announcement that
of

movement

downward

the

were

and that it continues to operate on a

in January

commodity prices has con¬

all week.
It has, however, been more active than for some time past
and about nine-tenths of the active list closes substantially
higher than last week.
Pennsylvania dropped nearly 2%
points on the news mentioned above but recovered to
within % point of last week's closing price.
It is the only
railway issue which does not show a net gain, while Reading
is 2% points higher, No. Pac. 2, and Atchison, New York
Cent, and So. Pacific are up a

point

represented in our detailed list on

Week ending

for

April 29.

$ per

Ap

Shares

100
American Bank Note-.50

52
100

Am Brake S & F..no par

1,000

48

Ap

American Chicle..no par

400

24

Ap

Radiator..-25

200

69% Ap

American

52

785 101%
Snuff.....100
178 50 %
Amer Teleg & Cahle.100
2
1,300
Assets Realization... .10
Atlantic Petroleum...25 23,900 20
12 1050
Atlantic Refining
100

American

Ap

50
50

1,300

3 % Ap

800

11% Ap

Barnet Leather—no par

100

37

Ap

Preferred......... 100

100

80

Ap

25
Batopilas Mining..... 20
Brooklyn Union Gas .100
Brunswick Terminal .100

900

27

Ap

Calumet & Arizona... 10

...........

Preferred

...

200

%

100

58

800

Ap
Ap

4HAp

400

51

Ap

pf.vlOO

Case Thresh M,

100

82

Ap

100

200

6
11

Ap

6

50

Apr

2

Apr

3%

Jan

17

Apr

23%

Apr

925

54

Apr
Feb

Apr

15
37

Apr

4%

.fan

80

Jan

Mar

35

Jan

%

Jan

1

Jan

Jan

60

Apr

3%

Feb

5%

Jan

Jan

52%

Apr

70

23%
51

41%
77

Jan

6

Apr

Apr 25

Feb

8%

Jan

12

Apr

63

Jan

62%

Jan

84%

Apr

84%

Apr

Mar

65%

pref.__100
Corp'n—100

Gilliland Oil,

11 380

Ap

100

7

Ap

40

Ap

200 r77

Ap

800

73% Ap

no par

200

12

..10

200

10% Ap

Kelsey Wheel, Inc...100

1,700

Hartman

Hydraulic Steel
Indian Refinine

52

Ap

.500 137

Ap

84% Apr 29
62% Apr 25 61
90
91
Apr 27
68
66%
Apr 26
680
Apr 25 640
7
7
Apr 25
41% Apr 27 38
r77
80
Apr 25
76% Apr 28 69
12
11%
Apr 25
8%
10% Apr 27
:

Feb

72

Mar

Mar 690

Feb

Apr

9%

Jan

Feb

41%

Apr

Apr

91%

Feb

Mar

76%

Apr
Jan

20%

15%

Jan

35

Mar

60

Apr

149% Apr 26 130
145
Apr 23 137

Jan

60

75% Ap

77

Apr 25

Apr 26

100

98% Ap

4)8% Apr 28

MalIinson(H R)._no par

100

15% Ap

15% Apr 29

Marlin Rock v t c.no par

100

10

10

Loose-Wiles, lstpref.100

95

Apr

Apr

700

Locomotive... 100

Jan

Apr

Mar

Ap

300 146

100
Liggett & Myers B..100
Kresge (S S)
Lima

Ap

Ap

Apr 26

149%

Apr 150

73

Mar

93%

Apr
Feb

77

Apr

Jan

98%

Apr

Jan

17%

Feb

7%

Apr

19%

Jan

10

100

15% Ap

15% Apr 23

14%

Mar

21

Jan

Maxwell-Chalmers no par

100

15% Ap

15% Apr 29

15%

Apr

1,500

5 yH Ap

6% Apr 27

15%
2%

Apr

100

Jan

7%
3%

Jan

M artin

Parry ....no par

Maxwell Motor..

Jan

400

1% Ap

2 % Apr

100

800

7

Apr

600

7 A Ap
7
Ap

Apr 25

stpd asstd2nd preferred...100
Ctfs dep stpd asstd

7% Apr 25

5

Mar

1,100

3 A Ap

4

3%
2%

Ctfs dep stpd asstd.
lst preferred.
Ctfs dep

2,100

8

4% Apr 26

3 A Ap
24

29

Apr 26

24% Apr 26

Ap

no par

300

Southern...100

300

10

Ap

10% Apr 29

Norfolk <fe West, pref.100

100

66

Ap

66

Ohio Body & Blow.no

parj

100

9% Ap

Ontario Silver Mln_.100

50

4% Ap

Mullins Body
Norfolk

Otis Elevator

100

35

2,

Ap

Apr 28

9% Apr 27

%

21

12%

Jan
Jan

14% Ap

200

15% Apr 25
Apr 29

38%
12%
37%

100

100

37 A Ap
76
Ap

76

Apr 29

Jan

79

Mar

85

Feb

Apr 25

22

Apr 26

19

Sears, Roebuck, pref.100

99

Apr 27

96

Ap

67

100 103

Ap

103

100

300 108

Ap

108% Apr 26 85
Apr 27
1%
250
Apr 29 210

134526

Texas Co rights..

Tidewater Oil....... 100

2% Ap

67 215

Ap

17

Ap

200

100 171A Ap

'

17

13

171% Apr 23

161

Ap

170

200

10

Ap

11

Preferred trust receipts

400

19

Ap

100 100

Ap

96

Ap

Receipts full paid...

Union Tank Car, pref 100

.100

93 170

2,200

50

500

Heilbr..no par

2,200

West'h'se E & M 1st pf50

100

First preferred
Weber &

For transactions

on

Apr 25 170

25%

Jan
Jan

(First

87.28

87.40
207

149

44
,J»-i. i.

\ J

-

-

-

-

-

:

-.-A-

~

.

■
-

■

-

....

•

+.

87.30

High

87.52

87.40

87.22

87.76

87.40

87.38

87.10

87.76

4

3

6

1

High

87.52

87.54

87.20

87.10

87.16

87.50

Low

87.42

87.14

87.08

86.80

86.82

87.12

Close

87.10

87.04

87.32

Liberty Loan

bonds of
1927-42 (Second 4%s)
i

87.10

86.76

86.88

....

87.10
87.30

•

——

"

;

■

9

■

87.42

87.30

272

1,355

898

1,106

793

886

«* m

High

90.56

90.64

90.44

90.42

90.54

90.76

bow

90.42

90.26

90.30

90.20

90.24

90.22

Close

90.50

90.26

90.40

90.30

90.38

90.50

units.

Total sales In $1,000

Third

87.38

87.52

_

_

Converted 4%%

Liberty Loan

j

4% % bonds of 1928
(Third 4%s)

*

222

599

959

372

521

755

High

87.60

87.58

87.32

87.16

87.28

87.76

Low
4%% bonds of 1933-38
(Fourth 4%s)
1 Close
Total sales In $1,000 units.
Victory Liberty Loan
I "High
4%% notes of 1922-23
\ Low
(Victory 4% s)
1 Close

87.48

87.14

87.10

86.92

86.92

87.10

87.00

87.36

87.12

86.94

87.12

87.52

Total sales In $1,000 units.
Fourth

Liberty Loan

-

1,806

1,422

1,606

1,759

97.52

97..50

97.54

97.66

98.00

97.48

97.50

97.46

97.46

97.50

97.66

97.50

97.50

97.96

97.50

97.52

97.60

679

1,087

925

2,425

3,854

3,348

High

notes of 1922-23

3%%

1,235

567

97.52

97.52

97.54

97.50

97.50

97.64

97.98

Low

97..50

97.50

97.48

97.46

97.42

97.66

Close

97.50

97.50

97.48

97.50

97.64

97.94

256

36

335

1,066

732

830

Total sales In $1,000 units.

(Victory 3%s)

Note.—The

above

table

includes

only

sales

of coupon

Transactions in registered bonds were:

bonds.
90 1st

23 3d

..88.00 to 89.20

3%s_

4%s._

66 4th

—..80.50

87.00 to 87.40
86.80 to 87.40

4%s

4%s..
4%S—

—

77 Victory

90.26 to 90.40
....86.82 to 87.79
97.30 to 97.80

58

58

58

actual

rates

Paris Bankers' Francs

(in cents per franc)—

7.74%

7.65%

7.73%

7.19

High for the week
Low for the week

7.27

7.28

1.59

1.60

Germany Bankers' Marks—

High for the week—
—
Low for the week
Amsterdam Bankers' Guilders—

——_

1.44

1.45

34.64

35.06

35.11

—34.33

34.75

34.80

.—

High for the week
Low for the week

Exchange.—Chicago, par.
St. Louis, 15@25c. per $1,000
par.
San Francisco, par.
Montreal, $12125 per
$1,000 premium.
Cincinnati, par.
Domestic

discount.

Boston,

Market.—An unusually small business was
the "curb" for the most part of the week,
but toward the close the market improved.
Trading was
more
active and, despite some irregularity due to profit
Outside

transacted

on

taking, the undertone was firm.
Oil issues were the leading
Simms Petroleum was heavily traded in up from
somewhat lower.

but recovered finally to 8%.
Internat. Petroleum
dropped from 17% to 16 and closed to-day at 16%.
Mara^
caibo Oil eased off from 31% to 29% and sold finally at
and 13

Apr

2%

Apr

Jan 230

Mar

Jan

20%

Mar

Jan 171%

Apr

Apr 170

Apr
Jan

Mar 103

Jan

Apr

47

Feb

Jan

13

Aprl 62%

Jan
Mar

New York, Boston, Philadelphia, and

finally. South American oils were
Carib Syndicate weakened from 8% to

7%,

30%.

Jan

8%

for sterling exchange were 3 89 %@
checks and 3 95% @3 95% for
3 94% @3 94%,
sixty days
3 87% @3 88%, ninety days 3 86% @3 86%, and documents for payment
(sixty days)- 3 88% @3 88%.
Cotton for payment 3 94% @3 94% and
grain for payment 3 94 % @3 94%.
To-day's (Friday's) actual rates for Paris bankers' francs were 7.53@
7.65% for long and 7.59(5*7.71% for short.
German bankers' marks are
not yet quoted for long and short bills.
Amsterdam bankers' guilders were
34.55@34.64 for long and 34.91 @35.00 for short.
Exchange at Paris on London, 51.45 francs; week's range, 51.45 francs
high and 53.71 francs low.
The range for foreign exchange for the week follows:
/
Sterling, Actual—
Sixty Days.
Checks.
Cables.
High for the week
3 89%
3 95%
3 95%
Low for the week
3 86%
3 92%
3 93
(Friday's)

To-day's

Jan

Mar

43%

Continental exchange was also very
Trading, however, was inactive.

3 89% for sixty days, 3 94% @3 95% for
cables.
Commercial
on
banks, sight

Apr

Mar 100

12% Apr 25

point since July last.
firm, especially francs.

Jan 109%

20

45% Apr 29

Foreign Exchange.—The market for sterling exchange
quiet but strong, with an advance to the highest

has ruled

Jan

Apr

44% Ap
11A Ap

1839.

87.20

50

Low

4%

Apr

16
19% Apr 25
100
Apr 25 100

Apr 26

87.26

109 V
:

Low
bonds of 1927-42
(Second 4s)
„,! Close
Total sales In $1,000 units.

Second

Apr 103

12%

99

87.30

•

Jan
6%
Apr 103

Apr

85%

Ap

Apr

Mar 102

8

Apr 27

Apr 28

Boston exchanges, see page




55
Apr 25
Apr 26 103

Apr 28

Tol St L & W trust rects

United Drug

4%

55

100

Third Avenue Ry___100

87.00

8% to 10% and at 10

Apr

82

Tex Pac Land Trust. 100

86.80

_

:

Apr

50%

Apr

Ap

Stem Bros, pref

87.24

42

Jan

76

Ap

6% Apr 26

10

87.60

.

features.

Mar

19

5% AP

Jan

67

82

.500

1

87.28

87.44

Apr

15%

98 A Ap

400

87.50

87.00

87.46

87.44

87.44

mm'm

Jan 139

50

300

10

5%.

Jan

400

Preferred

Apr

Jan

Apr

Pittsburgh Steel, pref 100
Rand Mines Ltd..no pa

So Porto Rico Sugar. 100

Jan

10

400

Shattuck Arizona

Jan

67%

1,800

100

Jan

5

28%

Apr

100

50

5

Mar

no par

Preferred

50% Apr 27

Jan

Jan

Jan

Mar

8%

4
4% Apr 25
139
Apr 26 115

46 A Ap

Mar

Jan

9%

9

Phillies

Jones

Apr

12

65

Parish & Bingham.no par

Pacific Tel & Tel

——

2

87.56

87.34

87*58

Low

*.

87.14

17

87.64

m ■»

Jan

Jan

Apr

200

'«•

Close
Second 4%s)
Total sales in $1,000 units.

87 2nd

Apr

Apr

....

—

High

High

1932-47

of

Jan

3

10
29

Apr

Eastman Kodak
100
Emerson-Branting'm.lOO
Fairbanks
25

87.44

Close
«.

4% %

Converted

4%s

11

Ap

•

.Close

4s

55

66 % Ap

87.50

Total sales In $1,000 units..

1 1st

41

90

87.50

87.00

,

5 1st

Apr 25

4C0

87.00

87.14

4% % bonds of
1932-47 (First 4%s)

Apr

Apr 25

300

87.20

Converted

Apr

20

Apr 27

100
Ry__100

1,078

87.44

87.44

Low

Total sales In $1,000 units..

Mar

11

Cuban-Amer Sug, pf.

521

1932-47 (First 4s)

Mar 1100

58

Detroit United

Converted

16

45

Ap

680

Mar

Jan

57% Ap

62

427

23% Apr 29
1100 Apr 27
20
Apr 29
4% Apr 26
12% Apr 29
37
Apr 23
80
Apr 23
27% Apr 28
% Apr 26
58
Apr 27
5
Apr 29
52 A Apr 28
82
Apr 26

75%
106%

95

44 % Ap

84% Ap

525

j

100

100

92

Total sales in $1,000 units.

000

400

$1,000 units.. ;
4%
bonds of High

Jan

200

100

88.54
88.70

Apr

..100

_

88.20
88.50

53

Cluett.Peahody & Co 100

Continental Insurance.25

88.42
88.42

29

CStPM & Omaha. .100

Consolidation Coal.

88.62

88.70

Jan

Jan

88.80

88.70

89.50

89.02

Mar

Ap

Chicago & Alton
Preferred

Apr. 28 Apr. 29

89.30

Total sales In

bonds

88.70

89-06

89.30

21

Ap

Atlas Tack Cor p.. no par

Barnsdall, Class B.

2o|Apr. 2^Apr. 27

89.50

Low

(First 3%s)

40

Ap

18% Ap

89.461

.Close

3%% bonds of 1932-47—<

25
26
71 % Apr 25
98% Apr 25
50% Ajbr 27
2% Apr 25

49 A Apr
25
Apr

Ap

1,200

Auto Sales

80

Ap

Ap

Highest.

5 per share. S per share.
$ per share.
80
Apr 80
Apr
Apr 26
Jan
54
Feb
46%
62
Apr 25

sh

80

Par.

Realty

Lowest.

Highest.

Lowest.

Week.

A--VV;

Range since Jan.

Range for Week.

Sales

STOCKS.

Alliance

or more.

this week of shares not
the pages#which follow:

following sales have occurred

High

Liberty Loan

Second

siderably diminished.
The stock market has been decidedly irregular

The

2^Apr.

'

First

Guffey-Gillespie Oil after fluctuating between 12%
jumped to 14% and ends the week at 14%.
Ryan
Consolidated advanced from 7% to 9, reacted to 8 and fin¬
ished to-day at 8%.
Skelly Oil lost almost a point to 5%
and ends the week at 5%.
Industrials were almost at a
standstill.
Amalgamated Leather com. was prominent for
a rise of over two points to 10, the close to-day being at 9%.
Chicago Nipple broke from 6% to 5, then recovered to 7.
Conley Foil improved from 14 to 15%.
Durant Motors
was off from 21% to 20%, with the final transaction at 20%.
Intercontinental Rubber sold up from 9 to 11% and at
10% finally.
Southern Coal & Iron dropped from 9 to
o}4 and closed to-day at 6.
Bonds were quiet and steady.

YY-;Y.Y

vi:;;/;.

New York Stock Exchange-Stock Record,
:;T#TY:TTTTTr;'-

Daily, Weekly and Yearly

usually Inactive, see preceding page.

LOW

AND

SALB PRICE—PER

SHARE, NOT PER CENT.

Sale*

STOCKS

Saturday

Monday

Tuesday

Wednesday

Thursday

Friday

the

April 23.

April 25.

April 26.

April 27.

April 28.

April 29.

Week

$ per share

$ per share

$ per share

$ per share

$ per share

I per share

8034
*75%
*3%

81 %
77
4

:YY

'

38

63%
*100

Lowest

Shares

Railroads.

Par

9 per share4

Atcb Topeka & Santa Fe._100

77% Marl2

84% Jan

11

70

75% Jan

79% Jan 24

72

-

81

81%

81%

81%;

76

76

7534

75%
*3%

75%

500

3%

100

Atlanta Blrm & Atlanta..-100

77%
37%
49%
12%

900

Atlantic Coast Line RR...100

77

Baltimore A Ohio..

30% Marll

86% Jan
3
37%Jan 12

47

54

77
4
78

34%
48%
123s

35%
48%

1234
7%

7%

334
*78

62%

79

35

35%

4834

*12%

13
7%
7%
111% 112%
62

63

62%

7534
4 I

75%

*3%
77

334

48%

1234
7%

11134 112%

77

77%

75%
4 |
77%'

35

36%
49 I
12%
8 {

35

36%'

77%
36%

48%

49% i

4934

12%'

12%

48%
*12

*7

64

100

17%

17%

1734

17%

26%

25%
39%

26%
40%
64%

25%

39%
6434

*64

100

100

39%
63
100

100

*7

*7

110% 111%'
60%
61 %!

39,400

1,700

111

61%

*734

42%'

17

25%

26%

*99

6% Jan

14

11,640
8,800

Chesapeake & Ohio.......100
Cblo & East Illinois trust rects

8

1,400

17%

26%

25%

800

63

63

64

*99

100

300

28

14,000

40%

41

42

...

Do

pref trust rects

Chicago Great Western
Do

100

pref——..i.100

Chicago Milw & St Paul...100
Do

100

pref

Chicago & Northwestern..100
Do

pref.......v,——.100

27%

27

2734

27

27%

26%

27%'

26%

71%

71%

71%

72

72

72%

73%

73%

1,000

7 preferred

61%

61%

61%

6134

61

72
j
61%'

27%
72%

27%

71%
61%

62

62

62%

6238

1,900

6%

63

63

"35%

100

Chic Rock Isl & Pao

Do

215

%
1%
*3
*5

95%

35%

9534

9534

1%

3,700

53

200

Do

1%

96

97

5

*3

6

*5

5

*3

6

*5

13

19%

18%
13%

13

70

13%
7234

72%

13%
73%

29%

29%

2938

29%

8%

8%

13%

4%

133a

19

71%
29%
*8%

*3

6

*5

13%
19%

26

49%

"89"

50%

13

27

2734

50%

50%

4%

13%
70

30%

30

92

98%

*98

4%

47%
11%
67

4%

*3

*5

6

*5

13

13%

12%

13%

10,900

18%

193s!

19

19%

5,400

4

6

13

1338

13%
7034

13%

3,800

71%

72%

18,400

30

30

30

30%

5,300

8

300

4%

91%
4%

13

27

12%
26%

50

50

50%

91%

91%

4%

12%

27%
50%

91%
*43g

91%
4-%
13%
27%
50%

4%

13

26%
50%

91%

"l~l66

4%
13

2,300

12%
26%

27

50

2,200

50%

31,700
1,400

12%
24

50

50%

*98% 100
47%

47%

99%

*98

46%
10%

46%
10%

To"
68

69%

"2

"2%

10%

69

To%

47

10%

99

4,000

4934
98%

47

*98%

49%
98%

49%

49%

*4

2

2%

4%
1878

4

18%

38%

37%

5

18%
38
5%
64%

69%
447«

18%
38%

4

183S

37%
5

1734
37

70%
4478

*45%

71

*60

71

61

*57

61

5%

65

68%
*44

69%
46

*60

73

i

*57

61

fc.

.

r;'V-

17%
17»2

17%

17%

17%

96%

69

96

69%
48

*4

2%

69

*4

4%

17

18%

18%

18%

38

3784

63

68%

*60

17

17%

17%

17%

17%

17%

95%
76%
36%
18%

1.7%
95%
74%

95

72%
33%
17%

94%
72%
*17%

34%
18%

75%

76%

74%

35%

35

3578

35%

75%
3534

1834

18%

19

18%

18%

*34

41%

26%
*36

5%

"74%

22%
3034
27%

38

38%

27%

41

41%
21%
29%

*50

28

27

*74%
70%
40%
41%

71%

40%

53

80

22%

28%

*27%

38

*36%

6

22

55%

7434
21%
55%

20%

2134

21

*46

*46

115% 117%

76%

75%
21%

*10%
*21%

24

7%

7%
20%
*13%

20%
I

7%
2034
15%

1734
26%
*64

8%
16

To" |
1734'
27

10

17%

65

|

(

22

22

7%

18

I

27

27%

*65

116% 117%
64%
64%
11
*1038

20%
|

I

66%

8U

42%

42

42

22
29%

22%
30%
283g
37

22%
31
28%
37

27%

28

37

37

74%

76%

74%

75%

75

22

21%

21%

21%

9

17%
*48%

*48

7%
2038

10

17%

10%
17%

27%

27%!

♦65

66%

9

9

38

*36

38

33%
17%

1

35%

%

.

34%
17%

35%
1

*30

55%

55

55%

55

20%

21%

20%

21

20%

18

*36

18

~

46

46

*46

49%
116% 117%
64
64%
*10

21%
7%
20%

4834
115-% 116%
63%
63%
10

22

10

7%
20%

10

15%

9%

9%

17%

17%
27

17%
25%

17%
26%

66%

65

65%

9

35
1

35
1

1%

1%

*1%

9

9

8%
33%

*30

34

32%

18

18

42%

42%

42%

43%

42%

43%

88

*48%
36

37%

37%

"34%

35%

1

1

35

z37~

33%

87a

1,700

100

"42%

43%

42%
88%

44%

88%
37%

37

37%

36%

78

49%

*47%

49"

"47%

47%

*73

74%

73%

74

74

74

*73

*73

74

38

38%

38%

37%

38%

74%
37%

30l2

60%
30%

37%

"30%

"67*
124

8%

8%

43%

44%

5434

56

127

9

44%

4534
57%
64%
46%

57

44

67"

11

11%

10%

50

49

50

82%

*1%
44%

51%
3634

*63

3734
%

5,700

1%

500

45%

22,000

9

9

4534

44%

45%

58

58%

58

59

64<%
45%

64%
46%

64%

44%

45%

10%

11%

48%

126

"6%

"3754*

38%
78

48

48%

3734

74

38%

86%
106

5%

5%

8

8

86% 87%
105% 105%
5%
8%

600

2,600

60

"2,100

3134

24,300

84

127

129%

111

111

20%

§65
6%

20%
65

6%
127

700

7,400
500

2,200
110
900

900

*8%
*43%
57%

"44"

9%
45%
58%

U78

9,200

45%

49%

6,600

5734

58%

3,200

65

1,000

48

9

87%
105

5%

5%

8%

9%

Aug

46

Deo

90

83% June

108

Oot

50

46%
10%

46%

AprlJ

202%

Apr 8
% Mar30

1

100

1% Mar24

Mar 21

484 Feb 23
11% Marl 2

Central-

100

100

pref
pref..

100
....100
100

..........100

Valley

50

pref...

100

-

Do
pre'
.......100
Missouri Pacific trust ct s.100

Marll

7% Marl 2
21

Jan

86%
*104

584
8%

86%
106

Apr29

9

Jan

Feb

8

Oot

Deo

12%

Oot

Feb

21% Sept

Deo
Deo

30%

3

7% Jan

17

14% Jan
3
21%Jan 12
15%Jan 12
79%Jan 29
32% Mar 4

7

Jan

18%
80%

Deo

3

Aug

Apr26
5% Jan 25
Jan 25

19

Mar21

52

A pr25
Mar 30

63

80% June
2% Dec

58%Jan 25

Marll

73

Jan

93

Jan

3

Jan

31

2

MarlO

4

Feb 24

584 Jan 10

16

Marll

20% Jan 12

67«

28,500

9%

97*

20,000

I Less than 100 shares.

40

Oot

66% NOV

112%
65%

Jan
Oot

21

Oot

90%

Oot

11

Nov
Fob

Dec

18

Feb

Dec!

31%
65%

95

100

60

Jan

10

77% Feb 17

31

100

66

Marll

74%Jan 12

64%

Febj

42

Marl2

50

23%

Feb

05

Oct

50

Apr1

73%

Oct

70

Oct

New York

v

10

Central..

N Y N H A Hartford

100

33% Marll
4% Jan
6

"57"

Apr 13

1484 Marl7

50

Marll

41%Jan

12

6% Feb

"57"

Jan

Apr 13

37% Sept
27% Oct

Jan 28

105% Nov
95% Nov

4134Jan 12

88

37% May

44

Out

8

14

Dec

32

Feb

20

50

Deo

68

Feb

6

37

Dec

67%

Oct

21% Feb
66% Aug
64% Feb
32% Mar

39%

Oct

100

24%

Apr 14

32

Jan

10

100

70

Marll

75

Jan

17

60

65

MarlS

89%Jan

15

50

37% Mar 12

60

40

Do

1st

Do

j

2d pref

pref..

St Louis-San Fran tr ctfs.-100
Preferred A trust ctfs

100

St Louis Southwestern

J00

35

19

19% Jan
57

45y Jan

Feb

7

Marll

57%Jan

15

24%Jan

23% Feb

30% Mar 4

35

Southern Pacific Co

70

5%

7

55

10
33%Jan 11

Marll

41

Aprl6

7

8% Marll
Marl 1

8

Jan

3

88%

13

18

13

50

Feb

24% Feb 25

14

Deo

55%

27% June

10% Jan

Union Pacific.
Do

100

pref....

a.100

United Railways Invest...100

pref

100

63

Apr29

9% Jan
19% Jan

18
14

122

Jan 11

Jan

Apr 7
Jan

10

110

32%

Jan
Oot
Oct

8% Jan 12
23%Jan 12

17

12%

11%Jan 13

8%

Jan

13

Oct

34%

Oct

Deo
Feb

23%

May;

11

15

11

23% Mar 12

29% Mar 4

20%

65

Apr 14

70%Jan

10

Wheeling A Lake Erie Ry.100

8

Aprl2

11

Jan

13

64%
8%

July
Feb
Feb
Dee

100

14% Marl2

19

Jan

13

15

100

30

36

Jan 20

Apr29

pref

Do

pref
Wisconsin Central

...

Industrial A Miscellaneous
Adams Express
100
Advance

Rumely

Do
pref
Air Reduction, Inc
AJax Rubber Inc

pref—
Allis-Chalmers
Do

Aprl5

..100
..100

45

no par

60

.100

Mfg..

100

Jan

3

6
25% Feb 24
32% Jan

7g Jan 14
1

Jan

3

38% Mar 8
*87% MarlS
2984 Jan
3

pref

75

pref

45% Feb 25
72% Feb 28
36% Aprl9
74
Mar 8

100
Amer Agricultural Chem..100
Do
pref..
.100
American Beet Sugar
100
.100

Amer Bosch Magneto..No par
American Can
100
Do

pref
—.100
American Car A Foundry. 100
Do
pref
.100
American

Cotton OH

100

Do
pref
100
Amer Druggists Syndicate. 10
American Express
100

American Hide A Leather. 100
Do
pref
—100
American Ice
—100
Do

Marll

26% Jan
3
14% Apr 8

Alaska Gold Mines.
10
Alaska Juneau Gold Min'g. 10
Allied Chem A Dye....no par

Do

15

pref

100

Marl6

49%Jan 14
25

Jan

77% Jan

Do

pref
100
American Safety Razor... 25
Am Ship A Coram
no par
§ Ex-dlv.

and rights,

s

3

3;

19%Jan

40%

42

Jan

25

Jan

8

8% Feb
80

Apr 6

81% Feb
100

5%
7

5

111

April,

Jan

4
4

9
9

13
93% Jan 26
38% Apr 22
83

Mar23

65%Jan

Dec

Dec

% Deo!
43% Dec
84% Dec
26% Deo
07% Dec

88% Jan
2% Mar
3

Mar

62% Sept
92% Nov
53% Jan
92

Jan
Jan

51

Dec

95

79

Deo

96%

Jan

32%

Dec

103%

Apr

75

Oct

93

Jan

45%

Dec

128%
61%

Jan

51

Feb 15

63

%

6

Jan

74% Jan

42% Apr
46% Mar
72
Jan

20

90

5

Mar28

32*4 Jan 29
88
Jan 20

Apr29
Feb 25

21% Dec'
72% Dec

Jan

101

Jan

Deo'

147%

Apr

105% July

110%

Feb
Jan

111

23%Jan 28

15%

67

Apr26

59%

Dec

8% Jan 11

6%

Dec

Dec

64*4
86

15%
176

Mar

Jan
Mar

21

95

Feb

11% Apr29
53% Mar 17
59
Apr27

5

Deo

35

Dec]

37

Aug

53% Mar

65

53

Feb

68

30%
8%

Dec
Deo

120%
14%

Jan
Jan

42

Dec

95

Apr

80

Aug

74

Deo

133

Jan

Apr27

49% Jan

11

11% Aprl8
62% Jan 31
93

90%

Jan

29

Apr29

107% Feb 20
7

Apr 181

10

Jan

Marll1

14

Jan 20

Ex-dividend.

Oot

22

12

55% Jan

114

40%

48

Deo

1% Feb
184 Feb

6

Y57

May

24

Jan

39% Jan 11

Jan

Aprl4|
Feb
2!

Oot

26

Deo!

110

8

Oct

28

Dec

129%

4

Nov

May

14

3

Jan

Sept

10

40

Jan

120

40

8

1934 Jan

Oot
16% Sept
27% Oot
78

62% Fen 17
40

120

19% Marll I
68% Jan
6,
6
April;

14

15%

Deo

7

Marll

Aug

100

Do

Oct

14

Mar 3

Mar^ 1

9% Marl 2

43

129% Nov

26

7

12% Marl2

Feb

67% MarlO
12% Mar 3

18

Western MarylandC new).. 100
Do 2d pref
100
Western Pacific
100

Feb

Oot
Oct
Oot
40
Sept
49% Oct
11% Oct
20% Oot
118% Nov
33% Oct
66% Oot
47
Mar
65%

33%
48%

69%

.100
...100

Dec

84% Sept
103
Nov
61
Oct

61% May
7% Aug

.......100

pref A
pref B

Feb

Jan

Texas A Pacific

36%Jan 10
112% Aprl 4

Feb

Deo

12

60

City Rapid Transit..100

11

20% May

24%Jan

53% Marll

Twin

13

Jan

101

19% Marll

5

Jan

33% Mar
15% Feb
23%

5%
8%

Southern Railway........100
Do
pref
.100

100

Jan

19% Marl 1
28
Apr21

Do
pref
.....100
Seaboard Air Line
100
Do
pref— ............100

.100

Jan

41% May
15% Deo

8%

Feb

Pittsburgh A West Va
Do
pref.
Reading

100
100

Deoi

June1

16

19% Jan

100

1584 Marll
50
Apr29

Deo

84% June
66«4 June

23%Jan 12

Pere Marquette v t 0
Do
prior pref v t 0
Do
pref v t 0.....

19,200

6%

3%
11%
33%
3%

41% Mar
17% Oot
35% Oot
97% Oot
0% Oot
17% Nov
27% Oot
62% Oct
24% Oot

N Y Chicago A St Louis... 100
First preferred100
Second pref erred... ....100

prei trust ctfs

90%

9%

Feb

Oct

22% Sept
91% Nov

Feb
Oct
Oot
05% Oot
84% Nov

Do

44

6%

Feb

11

11

89% Feb 21

38% Jan

9

Feb

11

103%Jan
Jan

Amer International Corp.. 100
Am La France F E
10

5%

8%
16

11

5

13

American Linseed........100
Do
pref
100
American Locomotive.
100

9%

Feb

8% Deo
13% May
40
May

39% May
94
Aug
38% July
8% Deo

66% Jan

Marll

5,700

300

12

65>4 June
24% Deo

1

14% Jan 13
28
Jan 25

66

5%
9%
16%

2

27%

Apr20

May

Feb

Marll

9

3

9% Feb

10

Aprl4

260% Sept
16%

4% Jan

18% Feb
4
45% Jan 25

Aprl

Feb

% Nov

16

477g

165

% Nov

92

37,100
1,800

5%

S Ex-rfgbw.

13

484 Jan 31

14

10%Jan

103J

105

Jan

Oot

2% Jan 29

85% Mar 12
3% Jan
7

46%

*104

108

225%

26

1034

88

86%
*104

102

7

46

10%

100

86%
105

35

Mlnneap A St L (new)

Do

047R

48%

Bid and asked prices: no sales on this day.




500

1,400

80

82%

"85"
*105

12,400

30%

126

126

65

9%

1,800

59

31%

"

6%

127% 127%

700

""400

84

30

1265s
125% 126%
125%
111
II284 *108
20
21%
20%

67

6,300

800

*72

83%

*8%
44%

11

46%

38%

"57% "58

6%

127% *125% 129

9

64%
43%

6%

38

3~1%

83
83%
123% 124%
124% 125%
125% 125% 125
112% 112% *110
112% *110
11284 *109
22
22
20
22%
22%

6%

18

*73

80

83%

6%

40%

777g

*72

59"

200

%

48

31

46% Mar 8

100

Kansas City Southern

Do

400

1

1%

78

61%

26

Interboro Cons Corp..No par

Do

2,475

35%

1

48

29%

Jan

& Western.

Wabash

26%

35

77%

59%

Oot

42

pref.ii...w.iiia,..100

6,100

66%

18

77%
48%

59%
2934

54

Mob A Nor tr ct s—100

2,100

7%
2034

"26%

3634

48

80

36%

11% Apr]'4
66% Apr 14
28% Jan
3

Do

*64%
878

*48

38%

38

69

Feb

100

400

4,606

35

Oct

Oct
Oct

Deo

2d pref

1,400

To"

9%

Sept

July

Do

10

"

18%

47%

~42%

7%
20%

62

46

Great Northern pref
-.100
iron Ore properties-No par

22

"

51%

38%

*121

22

36

1%

88

"6%

2,100

33%

*17%

52

1%

59%

12,700

63%

7%
2038

27
*65

117%

10

*13

100

63

22%

7%
20%

9,700

116

978

11

22

36%

1%

29%

46,300
12,400
3,600

21%

*49

34

*1%

*65

400

55

33%

52

*36

*%

6,500

200

34%
17%
59

35%

900

21%

16

36

1,100

12,300

7534

21%

15

33%

3334

28%
37%

1,600

41

41%

2178
29%

*46

*13

10

66%'

21%

*46

10%

22%

To"

37%

4034

40%

84,100

74%

55%

22%
4934

"22"

20%

7534
2134

56

116% 118
,

~27%

72%

500

22%

65

65

28
3734

73

100

6%

*64

7»2

22

2734
*36

20%
55%

20

22%

4078

31

5%
75%

3,500

4234

31

38

""266

28
76

70%
40%

Deo

April
April

40

72%
40%
42%
22%

31%

687g
3238

*37

70%
40%
42%

Jan 20

100

40

27%

48

Pennsylvania...

*36

*74

71%

Northern Pacific

40

75

Feb

76,100

*36

28

54

101% Feb 19

38%
2734

26%
75

84%

13

Apr 14

3,200

Mar

Feb

Jan

45,500

18%

41

11

21%
04

Deo

Jan

16

50

80

60

Oct

64

92%

50

27%

Mar30

65

91% Mar
120
Jan

75

100

53

27%

35

28%Jan 12

Norfolk A Western

*49

♦74

June

N Y Ontario A Western...100

53

71%

22%

35

800

*50

70%

22

7338

34%
*18

:

5,500

55

...

72%

.33%

Deo

98

Jan

60

New Orl Tex A Mex

12,400

17%
17%
95%
75

17%

60

Jan 24

Oct
Oct

20

100
Nat Rys of Mex 2d pref...100

61

"94%

11

110

42%

71

*57

17%

18

76

*60

61

71

61

95%

73

27%

71

*57

*60

*57

36%

71

Apr 8

100

100

Deo'

46%Jan 12

Aprl4

99

Manhattan Ry guar

12,100

70%

*45

MarlO

60%

97

200

47

47

1634

35%

26%
*73%
69%

69%

69%

68%
*45

36

Jan

Mar 3

800

701,j

44% Nov

Jan

3784 Mar 4
53% Apr27

Missouri Kansas A Texas. 100

65"
48

14%
33%

9

66

500

*45

Dec!

100

9,300

Deo,

Sept
17% Sept

Deo,

Louisville A Nashville

11,100

3'4

15

3

600

38

Jan

70% Nov

Feb!

8

"3",000

18%

37

Deo! 134
Feb

4

21

22% Marll

100
Minn St P A S 8 Marie.... 100

4

18%

38%

"95%

1778

95%
75%

*48

4

4%

18%

47

12

500

"2% "2%

*37%

1734

95

64%

*2

6% Jan 31

109%

31

17

Do

"2% "2%

Apr25
684 Jan 29

Mar

MarlO

100

1,600

11

63

Oct

17

13% Mar

23

100

pref

119%Jan

54

Deo]

100

Lehigh

Septj

6%

1st pref

Do

50%

5%

Jan 25

3

Lake Erie A Western

49%

10

15%

Do

Do

Aug

13

100

Do

9%

Jan

pref

Illinois

Feb

40% June

Jan

Feb

Erie

Gul

27%

14%Jan 25

82

12% Sept
104% Oct
49% Oct

49

pref

Do

Dec

20%Jan

Denver & Rio Grande....100

Do

Deo

27% Jan

Duluth S S A Atlantic.

70%

67

115% if

Delaware Laol

1,100
3,700

1%

Da

26%

99%
47%
11%

6

13%
19%
13%
73%
30%

2 pref

900

225%
t4

1%

8

13

50%

%
1%

*3

9

*19

"50%

4

215

215

%
1%

13s

11

May,

4%
*82

Highest

100

1st pref

Delaware & Hudson

23

*1034
50%

19

13%

90

89"

4%
12%

12%

7234

*21

8834
4%
13%
27%

1%

Jan

4

|

share 9 per share
Feb
90% Nov

7% Mar 9
15% Marl 4

,6884 Marl 2
56S4 Marl2

100
100

7% Jan

per

...100
100

Colorado & Southern

900

98

*95%

Apr20

5534 Marll
% Apr28
% Apr28

100

pref

Do

215

1%

12%
19%

4934

36

53

•M

138

1234

*98

36

53% 1

214 34 215
z*

13S

123s
1834

8834
4%
*1234

36%'

45

95%

95

35%

35%

100

36%

45

108%

100

preferred..
100
Clev Cln Chlo & St Louis..100

53%

35%

Mar 14

Certificates of deposit..
Canadian Pacific
100

101

62%
I

Apr27

3

12,800
18,700
2,600

39%

63%

100

pref-.;—..100

3

2% Feb 26

500

111%
62%

*17

17

Do

.->100

10% Jan

8,200
8

*7%

pre!

Brooklyn Rapid Transit. .100

8

%

8

Do

400

38

%

17%
27 |

100

8,500

9,650

I

8

%

38
8

104

*12

%.

38

%

17%
25%
39%

*3%

110% 112
60%
6234

34

%

257g
39%
64%

215

9

82

78

95

3 per share

81%

71

35

Lowest

82%

26

6034

Highest

81

*75%
*334

7%
11034 112%
60%
62lS
34
%
1
%
8%
ih
*16
17%
25

Year 1920

EXCHANGE

82

347g

34%
*12%

PER SHARE

Range for Previous

81%

78

78

|

SHARE

Range since Jan. 1.
On basis 0/ 100-share lots

YORK STOCK

NEW

for

:;Y;

:a'

PER
HIGH

*8*5

OCCUPYING THREE PAGES ,i^;V /.YY'-T

Yy'.

For sales during the week of stocks

96% June
0% Dec
7% Dec

30%
122

99%
109%
107

Jan
Jan
Jan

Jan
Apr
Mar

17% Jane
80%

Jan

1846

New York Stock
For sales during the week

Record—Continued—Page

2

of stocks usually inactive, see second preceding page.
PER

PER SHARE
AND LOW

HIGH

SALE PRICE—PER

SHARE,

STOCKS

Sales

NOT PER CENT.

NEW

lor
Saint (lay

Monday

Tuesday

Wednesday

Thursday

Friday

the

April 23.

April 25.

April 26.

April 27.

April 28.

April 29.

S per share

$ per share

$ per share

$ per .share

% per share

SMres.

share

I per

*68

71

*68

70

*68

69%

40

40%

40%

42%

41%

42%

77%

77%

77%

78

78

78

29%

29%

29%

w

30

30%

"80*4

89%

30

"89"

106% 106%
110
116%

103
101% 102% (103
72
71
70
70%
*83
*83
85%
85%
106% 107%
106% 106%
118% 119%
116% 118%

91%
102
102%
70%
69%
*83
85%

77%

73%

w

42 %

42

42%

77%

78%

30i4

"

75%

30%

30

30

87%

88%

91

90

11.5% 117%
76%
78%

18,500

900

3,700
100

101% 102% *101% 104
70
7H2
71%
70%
*83
• 85i2
84%
84%
107
107%
107% 107%
119% 121%
117% 120%
90

116%
77%

116

87%

12,800

89%

78%

100

42%
78%
30%

42%

7812
3012
87i2
88%

101% 101%
71
71%
*83

89%

107% 107%
121
122%
89

90

117% 119%

76%

"88"

79%

90

118% 120%
78

81

1,110
16,700
100

7,800<
97,500

1,400
1,200

34

34%

9%

9%

9

9

27%

27%

27%

26

27

40%

41%

4112

40%

31%

32

33

34%

41
34%

65

*62%

65

*63

65

*63

65

*55

62

59%

65

*58

63

*58

65

65

*62%

65

40%
32%
*62%

59%

*58

65

*55

'■mm'j

36%

co

39

41%

34

37%

9%

41

35%

34

35%
9%

6

9%

....

40
34%

38%
34%

"88%

89%

*98

101% 101%

*51%

54

54

55%

56%

"88%

90%

90%

55

57%

57%

55

61%

67%

104% 104%

104%

'

mm-

*92

95

*87

89

>•«,

-

89%

88%
4%

17%

18%

59%

*58%

46%

46%

47%

76

76

""4% "5

57

58%

60%

5%
*4%

■'

'mm

106,200

89%

"89%

5

5%

5%

5%

59

46%

45

46%

59%
45%

*58%

46%
75 "

*58%
45%

453

46%

9,600

75%

75%

6%

0

""5% "".5%

21,100

37%

24

2734

27%

29%

30

30

30

30

62

62%

61%

62%

8%

800

29,300

41

41

1,800

36 J

36

500

41

*39

44

40

40%

41

41%

41%

43

43

1,400

78%

*67

78%

7%
86%

*66

87%

19%

19%

19%

57%

57%

19%

"l%

Y%

73%
73%
*103% 105
♦103% 105
37%
40%
38% 39%
83
79%
78%
77%

73%

73%

*84

103% 103%
40
42%
84

80%
85

85

85

18%

19%

18%

19%

68

59

59

59%

23

22%

23%

22

19%

19%

19

19%

18%

*18%

19%
62%

*18%
61%

19%

*18%

22%
20%
19%

62

62%

19%

63

19%

86%
20%
58

1%
74%

1%

19

19

19%

20

61%

63

62

62%

95

81%

89%

89

89

89%

90

89

89

15%
1%

15%

68%

87

16%
15%

70%

59

69

80%

80%

*85

1%
68%

90

85%

15%

15%

15%

85%
15%

15

15%

14

15%

1*%

"67"

m

-

m

■

13%

71

68

38
*70

-

*24"

25

13%

^

59

58

82%

82%

83

*83

137

137

13%

13%

71

..

71

37%

38%

37%

39%

79

79

*76

80

79

79

200

22

23

21

21

*20

22

1,100

14

*24%

25%

"25"

25

14

*12

14

"

^

14%

14%

14%

14%

6%
36%

35%

35%

35%

6

36%

8%

45%
91

45%
91%

45%

93

91%

91%

•14

6%

9

35%

8%

47

■

8%

m-mrn-

"l4i2 "l5

13%

13%

15

15

52

52

54%

54%

37%

38%

36%

38

37

15%
55%
37%

74

74

74

74

74

74

64

64

64%

64%

63

64

15%

15%

15%

15%

16%

15%

16%

15%

59

61

60

15%
61%

59

60

72%

72%

72%

72%

72%

72%

2034

21%

21

21%

58%
72%
20%

60%

72%

21

20%

20%

53%
*35%

54%

73%

9

42%
*84

4%
9

26

43%
93

20%

20%

15%

15%

49

50

47%
28%

47%

*61

m

m

Mm

18%

103

18%

"l4%

4%

4%

4%

9%

9

64

43

44

43

93

*84

20%

20%
15%
51%

51%

15%

48

*mmmm

18%

103

14%

"l5%

Consolidated

Inc.no par

(NY)...100

Textile.-No par

100
No par

Dome

27%
*145

43%
93

18%

4%

4%

22%

42%

43%

*84

20%

9

3

Mar 9

19% Mar30
19

Feb 24

5% Marl8
34

MarlS

Apr25

104%

80%

Dec

24%

Dec

108% Jan
61% Jan
164% Mar
111% Apr

Jan

70% Jan

62%

Dec

34

Dec

59% Jan

51%

Dec

80

11
Feb 18

70

Dec

10

Mar26

71% Dec

"93% Mar

22

Dec

50

May

9

Dec

8
62% Feb 10

19

87% Apr25
21V Jan
7

Apr 4

98

Jan

Feb 15

6

Jan

6
7

3

Jan

83% Jan
3
18% Aprl4,
57%

20%

Aprl9j
Apr22,

10% Jan
17

Jan

50

52

3

25!

Jan

5

Dec

Jan 29

12% Jan

29

..

18

63

Jan

73

7% Nov
16% Dec

31

66

25% Marll

Dec
Nov

Jan
Jan
J&n
Jan
07
Jan
65% Jan
g2%
Jan
50
Jan
80
Aug
89V Aug

65

17% Mar 12
Apr 4

59%
60

Apr29
Apr27

38% Jan

Aprl9

11

12% Feb 10
25
Apr26

34% Apr 25
40
Apr21

6% Apr 9
77% Jan
5

500

13,800

600

76%

Mar26

104% Jan
43-%

17

Apr29
11

107% Jan

17

91

Jan

26

Feb 14

10

Dec

52

Dec

21%
41%
40*4
44%

46%
98

Jan

14%

Apr

61

Dec

105%

Apr

97

Dec

107

24% Dec

43%

70

Dec

278%

81%

Dec

100

59%

Apr

85%
Dec n605

Jan
Apr

10%

Dec

68% Feb 28

54

Dec

33% Feb 25
21% Apr21

21%

9% May

13

Dec

28

Dec

147

Jan

104

Jan

Jan

95%

Mar24

84

Jan

82%

Apr29

40

Dec

95

Jan

90

Apr27

66

Dec

91%

Apr

9

Mar23

5

Dec

16% Mar
44% May
1347« Mar

Do

(8%)

preferred

100

76% Jan
23

Jan

29% Jan 28

21% Dec

Corp.. .LNo par

79

Jan

90

11

78

Dec

17% Apr29

10

Dec

48

Fisher
Flak

Body

Rubber

25

General

Inc..No pur

Asphalt

___100

pref

Do

Debenture

General

3

Jan

3

..

——100

Deb stock

63

Deb stock

71% Mar 8

Do

pref..

(6%)... 100
(7%)... 100
Goodrich Co (B F)
100

72

17

...

25
Copper.. 100
Sugar—.No par

20

11%

Do

Do

Houston OH of Texas

100

Hupp Motor Car Corp—
Indlahoma Refining—

10
5

Inspiration Cons Copper.. 20
Intermit Agrlcul Corp
100

.—...100

pref
Harvester

{new)
Int Mercantile Marine

.

—

100

63%

63%

16

16

28,100

International Nickel (The)

59%

64%

63

64%

38,200

International

72%

72%

19%

20%

600

"l9%

20
34

15,600

15%

54%
48%
28
155

19%

93

42%
*85

4%
8%
26%

44%

44%

4%
8%
26%
22%
50%

93

85

85

20%
15%
52%

20%

20

20%

15%

15

15%

52

53%

52

53

*20

"26",900
1,300
400
100

93,500
200

20,200

16% !32,650
54
9,500
300

28
28
27%
27%
28% 29%
142
145
148
151% *150
104
100% 102% *101
♦101
104
18%
19
19%
18%
19%
19%
...

f Lees than 100 shares.

Apr

6
14

S

Aprl5
Mar 17
Jan

3

1

Mar 30
Jan

3

12% Jan

3

114

Apr28
Apr28

62% Jan 20

82

11

Jan 24

Dec

85%

Jan

Dec

102%

15

Dec

35%

Jan
Jan

8% Dec

49%

15

Dec

38%

16% Jan

11%

Dec

20% Aug
84% Jan

8

25

Dec

60% Feb 15

51%

Dec

25%

Apr25

12%

Dec

85

Apr25

Dec

15% Mar21

55%
9%

7% Jan
8
37% Feb 10

28

37

Apr27

13% Jan
57'

Jan

11
7

100% Feb 16

Invincible Oil

Corp—No par

Jones Bros Tea.

Tire
Temporary 8% pref
Copper

Laclede Gas

115

Jan

17% Jan
63% Jan

11
11

44

Jan

Dec

51%

Nov

111%

Jan

Dec

170

Apr

68

Nov

84

10%
28%

54%
11%

Dec

71

Jan
Apr

7
Apr29

Dec

26%

Jan

38%

Dec

91% Mar

20

69%

Dec

79%

Jan

18

Apr25

75

Jan

26

Jan 20

40

Jan

11

4% Jan

8

Jan

19

Dec

47% July

27%

Dec

4

Dee

6

11% Marl7

3

Dec

21%

4

29% Mar29

7% Sept

25

100
No par

(St

Louis) —100

14% Jan

3

35% Marl 2
84
Aprl2
16

Marll

8% Jan

47%
40

3

Apr 12
Jan

3

No par

17% Jan

14

138% Jan

22

97% Jan

3

15

Jan

3

Par vilue 3100.

0

100

pref

Incorporated..No par

Ex div

Apr
Apr

Nov

Jan

Lee Rubber A Tire

0

88%
142%

Dec

4

Liggett A Myers Tobacco. 100
Loew's

Apr

Dec
Nov

9%

8% Jan

10

Keystone Tire A Rubber.. 10
Lackawanna
Steel—_ —100

Do

27

40%
88

51% Jan
7% July

100

Inc

Kelly-Springfleld

652

Apr
Apr
Apr

23%

106

pref

Kennecott

9%

Dec

100

Island Oil A Transp v t 0—

Jewel Tea, Inc
Do

Apr

61%

100

64%

70% Aprl2
16% Marll
31
Apr 8
3% Mar 14

46%

Dec

29

Apr28

78% July
116% Sept

5% Aug

Jan

110

3

46

Jan
Jan

16-% Mar23
25
Apr26

Jan

..100
100
Corp...... 50

Apr

70

16% Jan

Paper

Jan
Jan

94

27

64%

stamped pref

85%

Dec

11
7

5

Do

Dec

69

89%

26

3

.100
25

Jan
Mar

58%

64% Nov

Jan

13% Jan

—

Jan
Jan

44% Jan
Jan

57% Jan

pref
pref—

94%
42

100

2d

Dec

75%

Dec
Dec

76

Do

79%

Dec

12%

7

Jan

Dec

51

172

72

1st

71%

78%

Dec

16% Jan

Jan
Jan
Deo

16%

71% Aprl8
70% Jan 13

Jan

43

138% MarlS

39%

Do

32% Dec

MarlS

85

46% Marll
Mar 15

100

pref

1,500

J Ex-rlghts

74%

30

Do

8,600

29,100

19%

Internat Motor Truck. No par

Iron Products

1,500

Jan

42% Mar
103

36%

Dec

25

5% Marl4

100

Dec

1%

85

29% Mar 12
7% Feb 28
81

12%

13

3

59% Mar 12
11% Jan
4

100

{new)

pref

28%

17

5% Jan

Apr 4

Jan

9% Jan

Greene Cauanea

100

Marll

31% Mar 14

100

Granby Cons M S A P——100

1,200

22%

12% Maris
10

z60%Jan

Do

74

*20

Apr25
120% Jan 10
80%

Do

73%
63%
15%

4%

3

Jan

8,350

4%

40% Jan
54

100

Jan

20% Jan

1% Mar 17
80

100

Electric

pief

1112 Jan
13% Jan

100

Inc

pref

General Motois Corp..No par
Do

5% Mar

.100

...

General Cigar.

39

"63%

Jan

13%
47

87

Inter

12,400
12,900

Jan

21% Feb 23
65% Mar23

48

800

900

Jan

Apr
Apr
Jan

pref————100

Do

3,500

8,200

Apr

102%

Famous Players Lasky No par

12,400
1,600

Apr

97% June
3% Dec

Dec

Guantanamo

4,900

Jan

30% Dec

12

32% Jan 20
85% Apr25

31%

26% Marll
56% Marl5

50

55%

20%
15%

Bid and asked prices; no sales on this day.




Jan

58% MarlO

Endicott-Johnaon

38%

26%

20%

§104% 104%

19%

64

Elk Horn Coal Corp
...

Jan
Jan
Jan

96

MarlO

10
10

Mints, Ltd

28%
85%

Aprl3

23

100

Cuban-American Sugar

9% Dec
65% Dec
15% Nov

19% Aprl9
04% Feb 17

Apr 7

3»%
68%

5

pref

29%

Jan
Jan

Jan

pref...........

Dec

19% June

100

Do

8

Dec

5

Do

6

5%

Jan

Cuba Cane Sugar

Jan

14% Jan

7% Jan
8
10% Apr27
43% Jan 19

65

100

20

Jan

Corn Products Refining...100

No par

Jan

Dec

3%

46

1

pref...

11%

10

20%

Candy Corp .No par

Do

Dec

19

75%

90

Cosden A Co

Apr

8

Jan

Dec

pref—...i........100

Crucible Steel of America. 100

129

Jan

20

Nov

52

Contlnt'l

Dec

Jan

4

100

39%

*32

26%

*84

103

Consol Distributors

54%

53%
36%

9

26%

50%

Computing-Tab-Recording 100
Consolidated Cigar
No par
Do
pref...
.....100

54

'm

4%

20%
15%

100

'

-

9%
26%

28% 29
28%
160
149% 153% *140
*100

14%

73%

37

22%

4%

14%
6%

''

13%

26 <;

6
No par

Colorado Fuel A Iron

100

9%

47

83%
14%
6%
36%
8%
45%

90

6

35%

9%

*44

6

35%

mm

Jan

Apr

63

15

14%

35

16

96%

77% Jan 31

54

80

*32

Dec
Dec

'7%

Manufacturing—100

80%
14%

35

114

5

Heudee

23%

37

51

f32
1

102%
102%

Dec

4

Haske'l A Barker Car..No par

79%

-

Dec
Aug

99%
2%

Jan

25

Gulf States Steel tr ctrs

82%

105

Copper.......
Cola

Jan
Feb

48%
90

68% Jan

1,800

80%

105

107% Jan 15
5% Jan 27

Apr
Jan

96% May

6

3

3
11% Mar 1
54
Apr 13

3,000

83

'

Feb 21

10% Jan

3,166

82

8%

3

4% Marll

24

85

47

Apr J 2
Apr21

99% Jan

57

*17

9%

53%
89

36%

56

92%

102%

56

36

54%
23

47

67% Dec

June

148%

34

35

55%
23%

*8%

May

82

Dec

13%

23%

90

Jan

24

Dec

25"

24%

47

75

Dec

Dec

*12

56%

89%

Dec

8
78

*24"

34

47%

89%

100

Gray A Davis, Inc

"25"

*12

24

834

834
*45

*

37%

56

6

i

37

32

35

68

400

56%

35

"34%

82,300

22%

68

68

25%

14%

2,600

80

68

28

82%
14%

13%

700

300

24

14%

■„

13%

56*2

82

88

137% 137%

28

W memm

80%

■

136% 137
13%
13%

71%

58
J

pref....

74%
114

27%

27%
*55

Do

Cerro de Pasco Cop ...No par
Chandler Motor Car..No par

74% 353,700
2,000
700
58%

38%

"25"

"

42

47

4% Mar 12

Freeport Texas Co....No par

77%

22

Jan

92

5% Feb 21

Gaston W A W,

68"

*76

80

21

176%

59% Jan 11
63% Jan 11
93% Jan 11

Case (J 1) Plow Wks...No par
Central Leather
100

1,500

38

38%

100

Zinc-Lead

5,200

110

'

^

14%

*12%
3384
55%

„

^

14%

77

——

7
12

Jan

J&n

71% Dec

50%Jan 22

4

1%

*56

82-%

200

25,200

58%

71

90

68

68

*12%

24%

*23%
•_

V; !■:
1

«.~v

....

80%

136% 137
13%
13%

13%

71

38%

80%

137%

3,200

17%

58

'

'

137

41,000

16

109

mi'm '
m

*85

73%
111%

'

110

89

82%
89%

25

1%

70%

1%
68%

"80%

13% Jan
70

Jan
Aug

Federal Mining A SmeltlnglOO
Do
pref.....
100

15%
15%
1%
66%

15%

1%

700

23,100

0

87

"

15%

38"

64%

'.v

*21

mm.

20

95

79%

16%

67%

*19%
62%

500

81%

90

"5",660

74
75% 22,800
73%
74%
200
'102% 104
*102% 104
*102% 104
40
41%
41%
43% 147,500
41%
40%
81
81
82%
84% 99,500
80%
82%
300
85
86
85
*84
86
*84%
19
11,000
18%
18%
18%
18% 18%
2,400
58%
59%
58% 59
58% 59
22
22
14,900
22
22%
22%
22%
8,100
20
19% 20%
19V 20
19%

73%

78%

*85"

m.'m'm

1%

44% Jan

3

Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan

20%

94%| Jan 11

10

Do

80

15%

■'mm

3,000

95

16%

■

56%

76%

16%

•

20%

1%

Jan

Jan
June

Dec

6%

102% Jan 25

88

Continental Can, Ino

19%

T%

6

76

74%

75%
125

Marl5

100

pref

Consolidated Gas

56

95

v

Do

Callahan

"if, 800

56

~~l'h

Jan

82% Mar 12

No par

8

20

89

90

70

54%

95

•'

Booth Fisheries

Brooklyn Edison, Inc..
Bums Bros...

87

~19%

78%

*7

....100
8% pref. 100

8

1,500
7,800

95

-*■

100

common

conv

87

8%

76%

■

78%
89%

67%

*67%

70

95

*80

"l% "l%

74

86%
56%

19%
——

"

85

*67

7%

58

.

70

*66

70

86%

20%

56

""1% "Y%

40%

7%
86%

cum

ldo

Corp

pref--...

Apr22

97

Columbia GraphophoneNo par
Do
pref... ...... ..... 100

8%

900

36.

8

Class B

Marl7

9%
61

Columbia Gas A Electric. 100

8%

29

par

8%

8%

8%

61%
42%

86

Do

Do

Apr20

30% Mar 17

......100

5,900

31

61%
8%
36

•

100

pref

22,300

*29

42%

137% 137%
13
13%

Do

60%

61%

36

„

pref.

Austin, Nichols A Co ..No

30%

31

61%

42

^ J

Do

100

29%

30.

62

42

,m

At Gulf A WISS Line

ar5934

30

61%
8%

*34

■«.

5

Coca

30%

35

110

..No par

Chlno

24%

30%

42

*86

Dec

10,200

24

30%

35

1m m

84

21,600

25

29

42

■

3

Chicago Pneumatic Tool..100
Chile Copper
25

34%

••

Jan

1,300

43%

89%

94

20,500

34%

• • -

100

11%
243s
31%

41

■

Dec

11%
24%
30%

43

•

Dec

38

11%

51,000

36

'«,

49%

63%

44

"77%

18

Mar21

59%

S434

5,400
6,000

43

61%

Mar21

63%

5

83

74%
29

*34

"22"

35

6

Jan

63%

24%

67%

26

45

84

29%

Dec

Jan

55% Jan

64

25

8%

37%

60%

24

82%
63%
11%

30

;

9

34%
72%
2834

21%
59%

Dec

100

Fruit

105%
61%

25% Dec

100

Apr25
107% Mar23
9
Jan
3

97%
165%

30

100

12" "

64%

73%!

14

Apr26

preferred

82%

65%

12%

10

Jan

preferred...

"ii%

85%

11%
24%
28%

500
*8

4134

1st

29%

82%

12%
24%

8%

33

3

2d

35%

64

11%
24%

5%

8

Mar 11

33% Jan

Do

34%
73

82%
64

18%

Associated Dry Goods

28%

29

84%

5%

Mining. 50

36%
73%

72%

30%

*84

pref.............. 25

29%
83%

34%

73%

72%

Do

California Packing....No par
California Petroleum
100

59

10%

Marl2

26

Amer Zinc Lead A Smelt—.25

Anaconda Copper

88% Dec

700

59

7

8

97% Mar2S
39% Jan 20
9% Jan

29% Marl 8

Caddo Central Oil A Ref-.lOO

59

36%

>

28% Dec
6*4 Dec

Apr29

6,400

60

72%

*6%

Feb 21

1207s

3,500

17%
59

29%
82%
64%

80

93

3

Jan 31

76

17%

36%

*67

pref
...100
Writing Paper pref. .100

Jan

94

100% Mar
Jan

210

Apr29

4

Jan

Apr
Jan
106% Mar
105
Apr
283

81

Jan

91% Jan 21

17%

"~5% r5%

Dec

93%
142%

Dec

104%

8

17%

7

112% Marl 2

123% Feb 17

79

92% May

14% Jan

18

*5 1

Dec

Mar 1

108% Mar29

81% Jan

17%

6

65

88

91% Feb 17

3

___lo6

4,300

18%

5%

,

5

95% Jan

Butte Copper A Zinc vtc.
5
Butterlck
.....100
Butte A Superior Mining._ 10

"I",633

18%

75

118%

82

13%

<

Dec
Dec
Dec

7

Apr 5

13%

>

79%
82%
97%

Mar

Jan

92

300

"l3% "l3%

19

96

64% Dec

8

13%

74%

8%

89%
5%

Mar

83% Jan

87

Jan

Jan

50

11

Jan

13%

29%

11%

200

95

13%

74

35%

700

13%
17%

13%

29%

8

61

89

72

23%
27%

59%

18%

28%

11%

59%

89

5%
18

Apr22

72

100%

91

10

86% Apr20
100
Jan
3
268%

Dec
Nov

107% Jan 27

AprlS
Jan

85

29%
26

Jan 20

Feb 21

Baldwin Locomotive Wks.100
Do
pref
100

57

89

5%
-

28%

31% Jan

83

57

Bethlehem Steel

57

89

MM

44% Feb 10

110

300

57

*92

Apr27

3478 Mar31
68% Mar31

Highest

3 per share 3 per short
01
Dec
83
Mar

100

common Clara B

Atlantic

900

5

72

36%

58%

69

share

100

Do

Amer Woolen of Mass

500

92% 112,200

104% 104% *103% 104%
*4
5
4%
4%

per

,

85% May
100% Dec
65% Dec

102

89%
*99

95

5

4%

104% 104%

28%
81%
*62

*55

56%

90%
102

*4

89

88%

17%
12%

18%

34%

88%
*98

*92

■

*92

12%

42%
17%
58%
46%

33%

95

"■mm*-

.

95

4%

4%

Amor Sumatra Tobaoco
100
Do Pref.....
.....100

Associated Oil.

100

102

100

t

3 per share
63
Jan 11

Do

39% 171,800
2,200
33%

36

.100

pref—

Do

55%

104% 104% *104
4%
*4%
*92

*6%

64

87%
*98

102

*99

102

39%

7,100

"""166

200

"64"

"86%

38%

ctfa

Sugar Refining. 100

200

"*6~

0

6

:

32

*26

101% 101%

104% 104%

-

*5%

36%
32%

Pref tem
Do

100

_

Fdry tern ctfs.33 1-3

American

Do

38,300

9%

9

27%

40%
31%

pref

Am Steel

Amer

41

9

27%

39%
31%

"*5"

Do

Amer Telephone A Teleg_.100
14,800! Amer Tobacco-.... ...... 100
Do
pref (rt«to)........l0O
2,600!

28

9%

9%

27%

39%

Par

35,300!

40%

9%

29

(Con.)

Am Smelt Seeur pref ser> A. 100
Amer Smelting A Refining. 100

.

-

38%
31%
♦62%

9%

Indus. 6c Mi seel 1.

Lowest

Highest

Lowest

100

97%
34

♦27

*81 i

EXCHANGE

400

97%
33

m

34

34

92

*91

115% 116%
78%
76%

115

♦113

91

91

92

*901'

68%

*68

69

69

42

87i2

9"f

"90%

*65

69

*77%

1920

Year

On baits of

Week

SHARE

Range for Previous

Range since Jan. 1.
101bshars lot

YORK STOCK

and rights

■

45%

Jan
Jan

25%Jan 27
50% Apr29

13

Dec

30

Jan

25%

Dec

152%

94

Jan

25

75

Dec

105

21

Jan

7

14%

Dec

33%

Apr

17% Mar23

5%

Dec

48%

Jan
Jan
Oct

11

45

Dec

91%

48% Apr26
29% Mar23
153% Apr23

35

Aug

57%

15%

Dec

58% Jan

105% Feb
8
21% Mar28

Old stock.

■

127% Nov
95

Dec

14%

Dec

Ex-dividend.

38%

Jan
Jan

207

Jan
Jan

109%

Jan
Anr

New York Stock

Record—Concluded—Page

For sales during the week of stocks

usually Inactive,

PER

HIGH AND LOW SALE PR1CB—PER SHARE, NOT PER CENT.

Sales

Saturday

Monday

Tuesday

Wednesday

the

April 25.

April 26.

April 27.

Thursday
April 28.

Friday

April 23.

April 29.

$ per share

$ per share

$ per share

1 per share

t per share

Shares.

per

share

11%

37

37

*96

115

*146

12

11%

154

12

11%

12

12

11%

*35

38

*35

38

115

*95

115

*93

115

151% 152

152

152%

152

152

37%

37%

*95

*102% 105%

70

75

72%

72%

91%

91%

93

:<r

147

*99

"Tioo

66

Lorillard

""500

Mackay

103

104%
-

92%

-

•

64%
91%

Do

200

_

-

*63

~70~
90%

2,000

*102%

•

~

153

"21%

22%

*22%

23%

15%
28%
*51%
54%
*93
98%
18%
19%
21% 22%
120
120%

15%
28%

15%
28%
52%
98%

152% 154%

—-

•

150% 153%

62%
*93

19%

1%
60%

*90

15%

15%

15

15%

14%

28

29%

28%

20%

28%

*51%

53

*52%

53

*93

98%

*93

98%

21%

21

20%

22

52%

98%
21%
21%

20%

*90

75%

94

94

*90

77%

94

31%

*52

54

*52

54

*52

*58

60

59

59

*34%

36

35%

11%

*10%

35%
11%

35%

*11

3%
26%

3%

26

3%
26%

28

12%
48 :

48

*104

w

108

11%

12

11%

12%

73

73

73%

73%

30%

30%

54

*90

7534

*90

78%
78%
7534
106% 106% *10434
12%
12%
1238
73% 75
7434
29% 31
29%

77%

'"V

*76

3%
26

12%

48

--V-

■

3%

12%

48

38%

30%

12%

•V

72%

29%

39%
73%

10%

11 v;

46%
31%
28%
33%

47

75

77

3%

12%

12%

1234
48%
15%
50%

15

27%

14%

14%

Pacific

49%
37%
70%

50

49%
37%

1,600

Pacific Gas A Electric

69

49%
3834
7234

61%

65

10%

1134

47

47

31%

31%
28%
34%

4734
3134

47%

47

47%

47

31%

31%

31%

30

3134
28%

32

29

28%

33%

35%

29%
34%

74%

34
*75

^

11

11%

11

61

62

72%
62%

15%

86%
15%

86%
15%

86

86

85%

89%

90

63%

63%

...

'
-

105

-

-

-

43

36

86%

m

-

•

15%

-

-

-

35%

35,800

36%

w

-

105

105

36

35%
87%

'

«...

88

13%

88

106

*99

14

1,700

Pressed

-

200

-

~

100

89

13%

"13%

13%

*91

35

31%

31%

31%

3334

3,100

31

33

31%

32%

31

32%

10,200

61%

65%

63

63

64

*91

93

91%

91%

*91

*91

93

19

59%

*32

34

19

18

19

63%

05

64%

60%
93

62%

63%

*2%

3

33%

*13

2%

16

5%

*13
6

6%

18%
67%

65'%

«

•

w

•

2%

23s

18

*15

«

-

2%

5%

5%

5%

17

5'4

~

0

82

81%

85%

83%

84%

83%

86

15%
42%
27%

16

16

17

16%

26%

16%
4434
27%

16%

27

16%
43%
28%

4434
26%

27%

39%

40

40l2

42

42

43

*42

*70

88

*70

88

151

153%

150

151%

108

108%

,107% 108
1*78
79%
29%
29%
39%
42%
88%
92%

*70

88

155

43%

155

*70

28^2

39%

88

70

88

154

154

108% 108%
78% 78%
29%
30%
38% 41%

28%

38%

108 ' 108%

87

86%
*92

....

7%
8%

4034

153% 154

108% 108%

85%

44

7%

7%
8%

8%

79

79

*78

29%

30

29

29

40%

41%

40

40

88%

87%

89%

8%
8%

V

8

v

86%

95

*92

97

8%

79%

87%

*92

8%
8%

95

8

.

8%

8%

-

43

27%
51%
*81%
12%

*39%

43%

52%

51%

84

12%

9%
28

*81%
12%

42

42

13

31

21%

23
31

*5%

108

-

-

-•

}40%

41%

,

'40,800

29

28%

54%

53%

90

21%

*31%
108

32
112

54

52%

18%

18

18%

49

49%
6%
20%
09%

1,900

70%

68%

*49%

'•^0

m,

-

ir'''

*534

6%

21

20%

70%

6884

2034
70%

*534
19%
68%

49%

*49%

52*%

*50%

-

-

»

-

400

20%

*534
20%

69%

69%

49%
74% 75%
101% 102

74%

76

74

101% 101%

32%

■

82%

83%
110% 110%

32%

41

_■

41

*10

30%

30%
*91

54

10%
30%
30%

10%
30%
31

94

52%
74%
75%
101% 101%
33%
33%
:

••

83% 84%
111% 111%

54

53

7534
101% 101%
3234 33%

55
11

32%
31%

A,' '

f

>

83%

85

110% 111
54%
55%
*10%
11%
31% 35%
31% 31%

83"

85

110% 1107s
54
54%
11

33

31%

*91

94

*91

93

91

*85

90

*85

90

*85

11

*35%
31%
91

*49"

101% 101%
32%
32%
40%
40%
82%
8312
110% 110%
53%
53%
*10%
11%
33%
34%
30
29%
91

1,600

8234
110

200

11

3534
2934
88%

90

88%

60,800

*60
——

*47%
40%
17%

6%-

6%
*60

04%
....

16%
64%

*6%

6%

61%

61%
90%

89%

....

6%
*60

90%

90:

6%

6%

65

64

90%

90

90

40%'

65%

48* *

*48*

*4*8*"

*48*

4034

41%
17%

41

41%

41

41

41

16%

17%

16%

16%

16%

16%

17

17%

34%

35

42

42

'1% "¥%

"*8% *8%
|

|

34%

35

42%

42%

34%
*42

38
44

115

115

*114

117

1*115

117

*106

108

1*106

11-*

49

! *105
49
j

110

49

*76

80

*76

so

*61
•

%

1

50%'

«3

49%
*77

50-4
80

►108
49

48%

80

*73

*"2%

C4

*f\o

116
80

■

■

-

I Leas than 100 shares.

~

-

77

5,200
800

-

"
m

<m

*•

-

Jan

93% July

55%

Dec

12434

Jan

Jan

123% May
17% Apr

2%

Deo

25% June

9

Dec

2%

Dec

85%

Dec

14%
33%

Dec

23% Nov
90% Jan

28% Apr 25

Mar28
Marll
Mar 2
Marll

20

Dec

48%
82%

50

Apr 14

4

Jan

Jan 20

43-% Jan

3

83

Oct

83%
21%
243

Apr
Jan

Apr

Jan
Jan

5

96

100

Jan

Mar26l

cI42%
100%
77

24%
22%
37%
76

94% Apr
Dec c212% Mar
June
113% Mar
Dec
91% June
Deo
51% Mar
Deo
118% Apr
Dec' 126% Apr
Dec
101% Jan
14" Oct
Dec

712 Apr 15

10% Jan

7!

7i4 Feb 24
3612 Marll

13% Jan

11!

11%

Dec

48

13;

41

Feb

7

pref...

Jan

10% Apr 23j

Marl

45

Jan

10;

40

Doc

21

Marll

367s Jan

2l!

22

Dec

45

Mar22
Mar29

57% Jan 20

46

Dee

13

80

Dec

38

...100

79

68

91

Jan

Jan

13

Apr 25

*4% Apr 25

3

Jan

13

24% Jan

6

75

17% Marl4

No par
100

Fruit

27i2 Mar 4

34

Jan

4

97i8 Maris

207

Jan

7

No par

48

Apr

1

100

11% Jan

6878 Feb 17
18% Mar21
50
Mar24

3

39% Jan

3

pref

5% Marl 4

175s
04%
92%
4U8
62%

100

100

Marll
Jan

3

7

*

13

Jan

'2714 Jan 19
72

102

Feb

17

Mar

8

38

Jan

55%
37%

5%

Dec

Dec

25%

Jan
Jan
Apr

Apr
Jan
Jan

15

Dec

78%

56%

Dec

116%

90

Aug

103%
6934
143%
116%

Jan
Apr
Jan

76

Jan

Dec
Dec
Dec

85

Feb

17

76%

Dec

3

112

Jan

27

104% Dec

Jan

47% Mar
109

Jan

115%

Jan
Jan

59%Jan 19
12% Mar 17

44%

Dec

7

Aug

14

Oct

Jan

11

28%

Dec

97

Apr

29% Mar31

42% Jan

80%

102%Jan

24%
88%

Dec

88I4 Apr 29

11
18

Dec

112%

Apr
Jan

25

70

Feb

120% Sept

8% Feb 25
MarlT

84

Jan

3

41

95

Jan

8% Jan

13

Jan

20

Apr 12

91

58s Marll
Jan

Aprl2

9G78 Jan

12

Feb

14
16

6%

Dec

46*4 Nov
80% July
89% Nov

80%

21

June

76

Mar

92%
119

Oct
Jan

40

Dec

65%

30%
13%

Dec
Dec

19

Nov

69% Mar
25% Oct
32% Sept

Jan

Marl2

17% Jan

8

14U Apr 11
5U Jan
3

18%Jan

11

9

Jan

8

Dec

32

Jan

30

3

40

Jan

7

26

Dec

93

Jan

Marl 2

47

Jan

7

34%

Dec

82%

Jan

108% Feb 24
IO6I4 Apr 12

117% Apr 11

100

111

102

38

Jan

Feb

C..100

43

Jan

3

52% Jan

Do

pref A.,

100

71

Jan

7

81

Do

nref B

100

01

Jan

8

65% Mar

«

Jan
Apr

127

38

95%
29%
39%

72

Ex-dfr. and rights,

66%

Jan

1

94

«

Jan

Jan

96%

Dec

4

400

Jan

38'4

45% Dec
10% Nov

53

3

ioo

96%
106

Oct

35% Nov

84

100

Jan
63% July

53

78

49j2 Jan

v t

Apr

13% Mfcr

224%

27
3

Jan

60

c57%

Feb

52i2Apr 26
Apr 29

20% Sept

Dec

170

44% Jan

26

......No par

Wool worth (F W)
Do
pref

Dec

3d % J an

Apr

4534 Mar31

100

Worthington P A M

19%
27%

10378 Jan

107

..100

...50

5% Dec
34% Dec
61% Dec

1

26

..100

Brake...50

6% Dec

4078 Apr 28
7734 Marl4

10

pref

Apr21
Mar28
Jan
3

29034 Apr 15

50

v t e_

8%

Marl2

6% Marl2
36% Mar 4

—

}^Ez-rightaj

94

Dec

5% Feb 16
233s Jan 11
6% Apr23,
9834 Jan
3,
20*4 Jan 17!
4834 Apr 28

27i4 Marll

par

Willys-Overland (The).....25
Do pref (new)....
ioo
Wilson A Co, Inc, v t c.No par

400

-

Jan

Dec

30

Dec

White OH Corporation.No par
Wickwire Spencer Steel.....5

-

22%

24%

Dec

9,200

.....

Nov

Jan
Apr
Nov

10

12

1634

8,800

10

107

49%

Jan

42

52%

50%
106%

13

3

116

Dec

69% Apr 29

5612 Feb 7
1U4 MarlO
2% Apr 27

3512 Jan

115

Deo

73

92% May

Jan

4978 Mar 29

4934

29%

55%

3

116

Apr

106%

4284 Jan

*108

49%

Mar

120

Deo

White Motor

4234

124

Dec

Dec

16%

43

Jan

Dec

40

16%

Westinghouse Elec A Mfg..50

37%
4234

68

95%

84

4,300

37

Apr

25

24% Jan

"3",200

"8% "8% 35*666

116% 110%
*108

1458 Jan
6
37% Jan 20
39% Jan 12
73U Jan 13
90i4 Mar 2

,

I

Westinghouse Air

700

'

.

49% i

*77

Bid and asked prloec; no lalefl on this day.




115

3

47%
41%

"47%

"*8% ~8% "8% "8%
37
38
37%' 36
43

Marl2

Mar

Exp
.100
Western Union Telegraph. 100

700

6534

8

8934 Mar 7
109

Apr 21

40%

*47% *4*8*

43
1
42%
116% 116%

36% Jan

5

Jan

11

No par

V Vivaudou
Wells Fargo

j

~~8% *8%

5D2Jan

241

Virginia Iron C A C

1,800

—-

413a

48"

"6%

.

*47%

47%

Deo

Mar23

110% Jan 21

Jan

Do
'

_

•

6%

65
.

-

52

09

15

37

400
■

—

6%

Jan

Feb

43% Apr 29,
93% Apr 29

■

-

6%

27%

113%
104%

89*2 Jan
0
1478 Marll

Vanadium Corp
No par
Virginia-Carolina Cbem___100

2,300

Jan

Dec

Deo

20's Apr

Utah Copper
Utah Securities

500

11

34%
29%

72% Sept
91% Jan

7

pref....
50
United States Steel Corp..100
Do
pref
100

19,600

54%

Feb

Dec

15784 Apr 2

Do

84% 184,900
2,800
110%

53%

51%

Fob

25

Do
1st pref
U 8 Smelting Ref A

1,700

'■

Jan

63l4 Apr 28

90%

11

U S Realty A ImprovemenilOO
United States Rubber.... 100

90,900

w

91

*85

lb", 600

5134
75% 78
101% 101%
33
33%

75%

98

24

Do
pref..
.100
U S Express
100
U S Food Products Corp..100
U S Industrial Alcohol.... 100

10,500
24,400

"56"

5*1* *

73%

Dec

82

Do

"49%

72

110

United Alloy Steel.

000

71

20%
68%

7

Jan

Jan

25% Marll
23
Mar 17

.

1,800

49%
6%
20%

6%

108%
23%

Jan

Deo

3

United Retail Stores
U S Cast I Pipe & Fdy

49

i

_

*5%

Dec

9

Mar 7

28,400

•

Jan

59

8

105i8 Jan

Unted

-

82%

Dec

1,000

«.

Dec

104

Union Bag A Papor Corp..100
Union Oil
......No par

11,800

54%

15

Deo

18,500

«.

3534 Mar23
88
Mar28

43

31%

53

Jan

44% July

75

22

^

42%

Dec

Apr 15

Transcontinental Oil..No par
Transue A Williams St.No pu>

'

"w-

Oot

Deo

26%

111

100

31

31

45

30%

73% Feb 28!
107% Jan 13

Do

53,100

42%

27

7312 Feb 28
135
MarPi

preferred

110% llia4

22

108% 111%
54
52%

53%

18%

21%
31

,

48l2 Apr 25
3512 Jan 11
3U2Jan
8

Deo

82

..No par

70%
21%

■J""

«.

Apr
Apr

Deo
Aug

12

••

11%

6%

78

93

Texas-Pacific Coal A OH... 10
Tobacco Products Corp... 100

21,500

90

*82%
11%
41

•

46,500

54%

11%V-11%

70%
22%

21,800

29

•

70%

52%

4938
6%

5

v'ii

43%

12%

18%

20%

09

108

■

--

22%
31%

90

*81%
11%

10%

17

Superior Oil
No par
Superior Steel Corp'n
100
Tenn Copp A C tr ctfs.No par
Texas Company (The)
25

400

10%

Apr

Jan

111%
36%

Studebaker Corp (The)...100

4,700

10%

41%

116%

Dec

Do
pref
Submarine Boat

100

42

Dec

69%
64%

Deo

12

17

39% Apr U
31
Marll

100

Stromberg-Carburet...No

3,200

42

-

35

71% Jan

Stewart Warn Sp Corp .No par

93 % 343,560

42%
28%
53%
*81%

29%
54%

53%

*684

21

67%

12%
43

22%
31%

31%
107% 109

6%

20

23

52%
17%
49%

90

-

*30%

106% 106%
51% 52%

5334

w

Jan
Dec

Do pref non voting.....100
Steel A Tube of Am pref...100

2,000

*10%

10%
43%

28%
52%

30%

*40

44%
70%

10%
43%

44

43%
28%
51%
*81%
12%

85

-

1034

9%

10%
44%
30%
52%

70

22%

40

40

«.

9%
43%
28%

50

Standard Oil of N J...*.

11,500

8%

Jan

61%

72

38

Do

8

Jan

78

83

Sloss-Sheffleld Steel A Iron 100

_

8%

65

Deo

21

Shell Tranep A Trading...£2
Sinclair Cons Oil Corp.No par

.

Deo

41% May

Jan

9,800

*8

Deo

j:4278
10%

88izJan 19
16's Apr 25

46%

90%

Nov

12

11

96

653s
12-84
3812
1978

43%

23

11

5

Seneca

29

Jan

Apr
5% Mar
28% 8ept
41% Jan

Il7s Jan

Sears, Roebuck A Co

300

Jan

Jan

79% Feb 17

Apr

8,200

41

Jan

1984 Jan
8
51
Apr 2.5
4112 Jan
4

3

1,100
3,200

Jan

5458 Jan

16

3

88

Jan

83

100

Copper

Mar29

30% Apr 23

3

Jan

16%

*29

4

1

3

2% Jan

'

8%

2% Deo

3

ll7s Jan

27% 142,000
43
1,500

.

7

Jan

223s

Savage Arms Corp
...100
Saxon Motor Car Corp.No par

*70

8%
8%

Dec

32,000

87

Oot

9

12is Marl5

St Joseph Lead
10
San Cecilia Sugar v t c-No par

100

Jan

8

10,300

6%

61

Dec

127s Jam

508s Marll
8278 Jan
8

Do
pref..............100
Republic Motor Truck.N« par
Royal Dutch Co (N Y shares).

1,700

2%
18

151% 151%
107% 108
78%
78%

95

*7%
8%

500

*42

27
43*

95

8%

200

45%
26%

46%

26%

75,200

11%

534
86%
10%

87%
167«

45

45%

69%

♦16

15%

39

1,800

2%

17

81

42

20%

■

5%
85%

27%

65%

18%
67%
11%

11%
2%

2%

17

*15

0%

61,700

63%

69*"

66%
11%

'

•

2%

2%
16

93

'

18%

67

'i:

64%

Dec

Nov

Dec

69

Do

28

*32

Dec

8
66

26

934 Apr

(The) k
Railway Steel Spring

35

Jan

Deo

39

68

Pure Oil

28%
62%

Jan

17%
117%
48%

100

5

Apr 18

32

61

Apr

110

29

Jan

Jan

26

102%
93%

61%
77%

54

8,500

Dec

May

81U Jan

.25
.100
prof.,..100
Ray Consolidated Copper.. 10
Remington Typewriter vtc 100
Replogle Steel
No par
Republic Iron A Steel
100

89%

Nov

16%
35%

98

100

Nov

88

63%

48

Punta Alegre Sugar..

1,000

45

Apr
Jan

6134 Mar 2

Pullman

12,200

Jan

13

12*8 Apr 25
89
Feb 19

7
12^8 Apr 25

10

Company

102%

Dec

3234 Apr 29
Apr 29

100

pref

Dec

2

65

Public Serv Corp of N J...100

-

w

Do

593s

7

100

Steel Car

Aprl

80

26

3,900

104

42%
35%

■«.

106U

Dec

Jan

2,900

*

-

Mar 9

Apr, 26

Mar31

100

3,500

88%

88%
100

13%

Do

15%

41%
35%

35%

88%
100

13%

41%

35

88
•

.......

Pittsburgh Coal of Pa

88%

*

-

-

40%

95
A 78%

8

3% Jan

25
100
100

pref

15%

104% 104% *103

10

Feb 14

21% Apr

100

pref

Do

87%

-

'

14

13%

-

.

104% 106
41%
42%
36
35%

42%

42%

Do

pref
Pond Creek Coal

-

22

Jan

8% Mar 8

No par

Pierce Oil Corporation

800

87

-

Jan

5

31

Pierce-Arrow M Car...No par

11,700

-

75

65

33*8 Jan

62%

^

25%

3114 Apr 14
23% Mar 1
19»4 Jan
3

62

-

18

People's G L A C (Chic)..100

Phillips Petroleum

*86

-

Jan

3558 Jan

Philadelphia Co (Pitteb)-.-50

11,200

1,700

16

Jan

116

4,700

50

B

2854

8,300

87

Mar

125

884 Marll

72%

*»

40

Dec

26

Penn-Seaboard St'l vtc No par

87%

«.

Dec

96

103% July

4

Jan

23,100
6,000

100

Oil

Class

Do

Tl "

15%
-

Jan

50

Development

Pan-Am Pet A Trans

63 %

86

r

-

30

44

par

25

Pacific

7,500

ll"

61%
*86%

88

No

51,100

500

72%

Steel

58,600

71%

72

Jan

Jan
Mar

43% Apr 7
11% Marl 4
46% Jan 19
2712 Marl2
/0434 Marl5
'58% Marlf)

•

107

42

16%

15%
86%
+

37%

28%
33% 35%
77
77
10% ;'?11A

85

10%

32

Otis

Owens Bottle

Jan

54i2 Fob

1

1,200

12

72%
6134
86%
15%

13%

12%

Orpheura Circuit, Inc

52%

Deo

40

Apr 20
205s Feb 9

Oklahoma Prod A Ref of Am.5

1,200

46%

i-i'-,

11,200

Jan

Dec

9

No par

33,700

3%
30%

Jan

71%

12%
25%

72

Nova Scotia Steel A Coal.. 100

Nunnally Co (The)

26

Apr 25

100% Jan

100

2,300

30

:,r-

900

Jan

Dec

Aug

22

4978 Jan
5
9013 Apr 13
6934 Jan
3

.100
Co

Jan

106

69%

65% Jan
4
1
Apr 13

-.100

preferred

North American

11%

28%

72%
65%

11

13%

35

64%

73

-

35

*10%
3%

Do

400

2838

Jan

222

100'4

100

New York Dock....

300
-

14%
10

107

Aug
Mar

148

Deo

5

4,700

Jan

110% Jan
69% Jan
64% Mar
151% Apr
137% Apr

Dec

25% Jan

Nevada Consol Copper.....5
New York Air Brake
..100

55

58

-

Oot
Oct

Jan

47%

100

2,100

95%

Jan

115%
183%

93

120

100

Deo

Jan

70

Mar26

120% Apr 25

pref

Dec

Dec

65

share

28

§96

3

15

48%
31%
35%

5,300

1134
76%
3234

30%

Do

Apr 23
15% Apr .25
33% Jan
1
58%Jan 11

4

pref

56

63%

It

Jan

12%
48%

12%

67

10%

42%
36%

11%

54

663S

37%
7134
65%

74

72%

105% 106

100

Jan

Jan

15

11%

39%
74%

50%

11%

....

700

Dec

106

*46%

3834

51

73

i

10

78
110

Dec

56

102

48%

48%

10%

*30

Do
pref
..100
National Lead...........100

94

*105

Deo

97

24

100

National Cloak <k Suit
Do

I20i«

3

Jan

.....100

Biscuit

■pref-.i.i.,';

Dec

Fob

24

3

100

per

14»4 Feb
3
20% Feb 24

Nat Enam'g A Stamp'g.-.IOO

*•

Do

91

9% Nov
25
Dec

Mar20

{98

Nat Conduit & Cable. No par

1,600

-

*76

15%
50%
38%
73%

72%

13%

900

62%

—

'

■

49

11%

35%

76%

100

30

14%
50l2
38%
72%
66%

72

42%

900

"¥%

3%

29%

3%
2734

10%

15%

34

01%

„

12%

28%
33%
74%

34%

3%

72

86

National

300

36%

36%
.

100

4

Marll

15% Jan

"

9314 Apr 18
10112 Apr
7
16714 Jan 13

11% Marl2
25% Apr 8
51% Apr
8

100

4,600

58

36%

Power

2,700

29%
53%

68

10%
40%
31%

29%

3G34

88

Marll

5712 Feb
2
89'2Feb 14

MarlS

1353s Apr

5

pref

Marll

95

100

21%

*74

■■

12%

73%
66%

32

3634

Montana

13", 500

100

117%

12%

*52

Petroleum

pref

*32

•

56

64:1.1 Apr2S
65% Jan
4

100

113

-

—

49

50%
38%

65%

-

100

pref

Do

21

21%

'•

27

*47

65

54%

75

54

*52

68

Mont Wd&CoIlls Cor p.No par
National Acme
50

75

'

107

3

Middle States OH Corp
10
Mid vale Steel & Ordnance. .50

*90

-

-

16 t% Feb 28

5

116

78
-

3

113

94

*104%
12
12%

Feb
Jan

U'M

98%

•

100

31

59% Jan

57,000
9,500
300

20%

-

Marll

Jan

100

15

*93

52%

*93

22

42

136

23%
29%

12*4 Jan 10

5

Jan

Highest

$ per share $

100

Miami Copper

14%

$ per share

9*2 Mar21

100

283,166

28%
*51%

29

share

1920

Lowest

100

(P)
Companies

Mexican

Highest

100

151%

"2§"

23%
15%

•

95

75

23

23%

«.

70

1%
60%

23%

21
21%
21%
21% 223g
121
116
*112
116
116
12034 *117
115
115
*110
110% 110% *110
112% 112%
33
32
*32
34
*31% 32%
31% 31%
74
*72
*74
74
75% *73
76%
76%
2
2
*1%
1%
1%
1%
61
61
60% 60%
617» 61%
60% 61%

32

31%
*73

24

23%

120

'

30%

147% 151%

Do

145

Year

100

pref

Do

15%
27%

<

156

per

31

Manatl Sugar
100
May Department Stores.. 100

''

149% 152

preferred

pref

Do

1,100

90

64%
91%

2d

Do

147

*99

71

91

Loose-WHea Biscuit tr ctfs. 100

%

1

65

69

—

400

115

....

73%

72%

Lowest

3,600

11%

SHARE

Range for Previous

EXCHANGE

.

Indus. Ac Mlscell. (Con.) Par
Loft Incorporated
No par

40

*95

—-

56

73
91

11%
*36

151% 151%

104% 104% *102% 105% *10234 105%
*64

11%
38
115

37%
*95

PER

Range since Jan. 1.
On basis of 100-*ftare lots

Week

11

SHARE

STOCKS

NEW YORK STOCK

j\ft

S

1847

3

third preceedlng page.

see

Ex-div.

« Reduced to

2

19!

Feb 11

4'

5%

35%
73

53%

bart of W par.

June

145

Dec

116

Dec

95

Jan

Dec

93*4

Jan

Dec

70

JaD

•

Apr
Jan

Par sioo.




Stock Exchange—BOND
je

Record, Friday, Weekly and Yearly

and prices are now-—"and interest"—except for income and defaulted bonds.

method of quoting bonds toas changed

Week's

Range or

Since

Last Sale

Jan. 1

Ask Low

Bid

High' No.i

Price

N

Y. 8TOCK EXCHANGE

Week ending

April 29

83.20

89.50 3323 83.20 93.50

87.50 Sale

87.03

20 85.24 88.50
87.64
601, 85.40 88 00
95.00 100.50
Apr'21 i

87,40 Sale

83.80

87.50

87.30 Sale

83.76

87.52'

23

85.34 88 80

87,32 Sale

83.80

87.52 5310

85.30 83.40

90.50 Sale

90.20

87.52 Sale

83.92

87.60 8335 85.34 83 60

97.93 Sale

97 16

97.94 Sale

97 42

98.00 12313 95.56 93.90
97.93 3235 95.80 97.93

'

i

100

99% 100

too

100

Fee'20

99% 100

99% 103%

99

77

79%

7V

"83

79%

"

104%

Apr'2l

104

Feb'gl

73

89

89

82

85

82%

83%

10-yr temp aecur 6s June..l929

86%

87%

87

83

Chatt Dlv pur money g 4a. 1951 J
Mac & Nor Dlv 1st g 5a..1946 j
Mid Ga & Atl Dlv 59.....1947 J

68

70

69

Apr'2l

90
83

D

D

J

83

J

80%

j

83

1st g oa......1946 j

1st coaaol gold

General gold

...1992 VI

4VJs

1992 !V|

30-year

Apr'21

conv

1946 A

.....1944 J

Valley 1st g 5a
Potts Creek Br 1st, 4s

72

R <fe A Dlv 1st

95%

99

87

93%

2d conaol gold 4a...
1*989 J
J
Greenbrier Ry lat gu g 4a.1940 M N

93

93%

203

95

96%

21

98%

97

48

96% 100 >8
93%
93%
97%
92%

25

74

Sale

93

95

9,5%

93% Sale
80

Sale

~01'% "92"

80
78%
99% Mar'21

91%

67

84%

98% 101

85%

93

Illinois

8312

Joint

88% Sale

83%

90%

99% Sale

99%

99

33

98

92% Sale

91%

92%

47

87%

91

s

112

Sale

99

99

46% Sale
96% Sale
74% Sale

46
96

46%
96%

33

74

74%

99

81

Sale

80%

81

3

79

31

99

70%

79
70

Apr'21

2'

99%

99

72

75%

1st consol gold 6s

81

General consol 1st 5a

75%

93

93%

78

95%

99

97%

98%

71

95%

99%

Sale

99%
Apr'21

175

93%
80

98%

98%

95% 100
81%

70%

*283
388

101%

96

99%

99% Sale

99%

85% Sale
83% Sale

85

85%

194

83 %

87%

83%
95%

8l'7g
93%

133

86

89%

3.36

94

98%

93% Sale

99%

52

97%

83%

Gen'l gold 3s Ser B

63%

83%
07%

General 43^8 Series C..
Gen 4 ref Ser A 43^s

67%

j

Mllw 4 Nor 1st ext 4 3^3

97

60

Sale

96%

57

102

61

23

43

61

97%

25

94

93

Cons
Wis 4

Cblc

4

Ex

General

92

91%

86
80

86%

85%

88

86

General 5s stamped

92

92

91%

92%

Slnklug fund 6s

92

92

91

94

82

83%

81%

81

82

82

82

84%

82

Sale

82

81

83

81%

Apr'21

81%

83%

91%
91%

93%

91%

Apr'2l

91

93%

93%

92%

Apr'21

90%

93%

73

71%

73%

Apr'2l

73%

71

101

Apr'2l|
July'20|

71%

101

101

81nking fund 5s

1879-1929

O

Registered

1879-1929

Dec'20

Debenture

1921
1933
1933
1930

Sinking fund deb 5a

Registered
10-year secured 7s g

J

Man G B 4 N W

33^3.1941 J

lat

St L Peo 4 N W lat gu 5a. 1948 J

Apr'2l

70

Apr'21

74%

80

76

69
Sale

69

80%
85

81%
Sale

F
IV!
J
IYI

79%

68»2
71

Ext 4 imp a f gold

52%

77

o

I52j

64%

68

73%

75%

78

Dlv 1st g 6a

Apr'2i

77%

Apr'21

96

99

Mar'21

99%

98%

Feo'2l

98%

89%

Dec'20
Feb'20

74%
93%

99%
98

95

S

O

100*%

J
J

63

3

99%

A
S
J
3
J

93%

63%

93%
99%

70

90%

93%
93%

99

99%

75

"*75%

86

89%

75%
88

G9%

R I

1934 IV1

8

65%

Sale

65%

1934 A

O

86

92

85%

Jan'21

C R I F 4 N W 1st gu 5s..1921 A

O

97%

Apr'21

72

79

84

Burl CR4N

83

85

Ark 4 Louis 1st 4 4*a._
lat 5a

"79""

72

Keok 4 Des Moines 1st 5s. 19231A

O

63

84%

88

Feb'21

88

88

St Paul 4 KCShL lat 4 4*8. '41' F
Cblc St P M 4 O cons 6s
1930, J

A
D

100

76%

75

84

Cons 6s reduced to 34*a._1930J

D

8)%

3

82%
93%

67% Sale
101%

Debenture

North Wisconsin 1st 6a

91
79

91

81% Sale

21

*6*7" " "73" "

Oct'20

79%
67%

60%

84

79%
65%

79% Mar'21

65%

1930'M
1930! J

5s

70%

79%

Feb'20

Cblc 4 West Ind gen g 6a..cl932
Consol 50-year 4a
1952

Day 4 Mich lat cons 44*8.1931
Clev Cln Ch 4 St L gen 48..1993

D

Q M
J
J
J
J
M N
J
J
J D
J J

20-year deb 44*3

1931

General 5s Series B

*65~~ "71%

J

Superior Short L lat 5a g_.el930 M S
Chic T H 4 80 East lat 5a..I960 J

Cln H <fc D 2d gold 44*3
1937
C Find 4 Ft W lat gu 4s g.19'23

81%

68% Sale

1952 IVI N

5a

78

78%

92

cons

72%
91

67%
63%
100% Nov'20

Ch Okla 4 G

99% 103%

Jan'21

1993 J

IT

69

66

82%

May'18

64

70

Mar'21

101%

59%
73

Apr'21

81

Jan'20

72

77%

77

77

81%

83%

88

Oct'20

2\

87%

2%

87% Sale

83%

Cairo Dlv

71

71%

74%

Cln W 4 M Dlv lat g

65%

66

63

112

Jan'12

St L Dlv lat coll tr g

68%

70%

63%

62%
73%

79

Sale

64

77% Sale

77

64%
73%

81

85

Mar'20

86%

83%

Mar "21

87%

Feb'21

87%

88

84

Feb'21

84

84

96%

95%
55%

85

68

75%
95

93%

86~% "91%

93% Mar'21
54

52

93

93

91

-

93

79% Sale
70%

79%

79%

79%

85

73%

Jan*20

Colorado 4 Sou lat g 4«

83

85

Refund 4 Ext 44*8

99%

Apr'20
Dec'20

99%

Feb'211

53%
91

54
....

—

99%

84%

85

•53%

84%

85%

Peoria 4 East 1st cons

Income 4a
Cleve Short L lat gu 44*s

Ft W 4 Den C lat g 6a

99%
20

99%

83

881,

Conn 4 Pas Rlvs lat g 4a
Cuba RR

1st 50-vnar

1990
1961
1929
1935
1921
1943

5a g._l952 T

l

81

"»1 "

74%

8

74%

66

4

69

Apr'21

75

84

Nov'16

75%

75%

71

75

72%
65%

Mar"21

75%

82% 8ept'19
85%

83

88

Nov'20

98%

98

Dec'20

67%

74

Nov'20

59""

67
59

59%

59

19%
---_!

19
19
84% Mar'21

O
A

81%

N
D
O

73

93% Sale

1

6°% Sale

aDueJan. <Due April. IDaeMay. #Due June, aoue July, tone An«. «Du« Oct.

'72""

Apr'21

18%

Apr

A
F
Nl
1
A

10

63%

63%

77

72

64

73

63% Sale

93%

S
J
F
F
J J
J J
A O
Q J
48..1940 A O

62%

Mar'17

66

M
J
Q
Q

L01%
19

60

75

87%

.1940
W W Val Dlv lat g 4a
1940
C I St L 4 C lat g 4a
*1936
Registered
*1936
Cln S 4 Cl cons 1st g 5a..^1928
C C C 4 I gen cona g 6a
1934
Ind B 4 W 1st pref 4a
1940
O Ind 4 W lat pref 5s...dl938

'66 '

Mar'31

59%

83%

Spr 4 Col Dlv lat g 48

81%
84

Nov'16

63%

81%
66%

Jan'2l

Apr'21

118

69

*6*8%

73

68%

88

73

1

63

1.02%

81%

"83" ~

100

"59%

85%

"32
5

83

76% Mar'21

69%

12

65

'76% nil

21

63%

67

1929
1939 J
J
4a...1991 J
J
4a
1990 M N

65

100%

Sale

1st gold 4s..

69%

99%

100%

88% Sale

Ref 4 Irapt 6s Series A

160

95

~6~4 *

67%

67

62%

62% Sale

63% Sale
69

73%

Feb'19

82

37

60%

67%

Jan'21

90

Feb 21

65

85

Aug'15

787|

67%

81

79

99%

Apr'21
Mar'2l!

Sale"

69%

91

99

Feb'21,

67

84%

129%

93%

Apr'21
Mar'21

6«2

78%

83

70

"99"%

Jau'2l

69% Sale

77%

93%

102

L0234

Mar'2lj

J

1988 J

Registered

73%

102%

147

04%

Oct'16

Apr'21'

J

69%
80%

7J%

98%

93%

....102%

O

73

100%

93

1934 A

68

75

100%

1988 J

77%
73

71

99%
74%

Nov'20

90%
101%

S

05

75%

91%

89%

90%

99% Sale
97% Sale

74%
Apr'2L

Sale

99%

Feb "21

Mar'19

80%

Refunding gold 4a

Chic R I 4 P—By gen 4s

67%

69

70

69

91

74%
79%

93% Sale

76%

Jau'21

75

9914

90

69

87%

*90%

65%

72%

70

~7S~
75

85

68

*74%

74

67

89

81% Mar'21
65% Apr'21

....

89%

D

50

52%

76

Mar'21

VI X

75%

51%

Sale

84%
98%

85%

o
34 N

58...1929
1925
Mich Dlv 1st gold 6s
1924
Mil Spar 4 N W lat gu 48.1947

51% Sale

81%

Jan'21
Mar 21

81%

I
v

o

1921

5a

Registered

Aabland

77

Feb'21

84%
98%

90

o

Mllw 4 S L lat gu 3>*a
1941 J
Mil L S 4 West 1st g 6a...1921 Nt

Oct'20

75%

____

70

O

Frem Elk 4 Mo V 1st 6a. .1933 A

July'20|

'

91

61%
8ept'19

94%

1987 M ft!
1879-1929 A 0|
..1879-1929

Registered

98

Apr'2L

99%
90%

1987 MN;

Stamped 4s

15-yei' snouted 6 4*3 g ..._1936 (VI
Des Plalnes Val 1st gu 44*s..'47'lVl

8ept'20

95

63%

84%

Dec"20

89
93

103

82

82

90

101

1987 .\1 N

General 4a

83

*30

gold 34*8

Registered

93%

88

91

61
102

83

83

72

97% Mar'2i

|

79

D

1886-1926 F A|
1987 MN
pi987 Q Fj

882
88

82

Sale

85 '8

86%

82

72%

95%

J

92

S3

jj

r%

A

92

Apr'21

51

68%

j;

4a...l886-'26 F

91%

86%

61%

*93%

Registered.,

83% 89
85% 86
83
85%
91% Sale
91%
92%

63

I-'

.1949 J

0

d

Minn Dlv g 5s
N'west

65

90 %

1924 j
1934 J

4J^s

79%

68

56%

J

1934 j
1921, J

extended

12

74

59%

7334

J

10 4%

103

v

68%

J

103%

60

61

Mar'21

72%
57%

109

1926 j

Fargo 4 Sou asaum g 6a

'

74

Sale

5Si2

1921 J

83%

71%

Feb'lb

33

1934 j

81%

61

78

20

67

Chic 4 L Sup Dlv g 5s
Cblc 4 Mo Rlv Dlv 5s

60

67%

73

25-year debenture 4s

82%

5

78

67

"6l"'

*71%

Jau'21

71%

61%

35

82%

May'19

63%

112

82% Sale
10 3% Sale

81%

63

76%

58

D

C M 4 Paget Sd 1st gu 4s.

98

Feb'21

Mar'20

70

72%

D

1925 j

97%

Apr'21

68

72%

1932 j

Permanent 4s

97%

91%

72% 73%
53% Sale j
97% 101

Couverttblo 4^3

^9%
37%

31

90%

"54'

61% Sale

84

97%

92

"23

1

61% Sale

84%

97%

51

Al

Ser B 5s_.__u20l4 f

97% Sale

70

Mar'17:

50%

Sale"

58%

J

40

93%

90%

21

83%

87%

92%

a20l4 a O

74

98% 101%

19

68%

61

j

el989 j

90%

83

83

73%

74%

94

34

95%
35

81

05%

9

conv

35%

62

67%

|

91

~60 ~

j

el'089 Q
.el939 j

Registered

11

'29%
88

51

(j

j

231

29

Mar'2i

82

20

85%

79

L)

46%

61

23

27,,

63%

93

j

80

651

23%

29

32

j

78%

98%

77%

30

89%

Oct'19

76%

93

j

73%

100%

og

*50%

j

45%

97%

82%

87%

90

23%
27%

j

j

45% Sale

33%

76%

27,

90%

j

73% Sale

100%

15

80%

__..

Gen ref

Sale

7'2

79%

7o% Sale

j

80

93

72

83

3

j

1946 j

Ind <fe Loulsv lat gu 4s
1956
Chic Ind 4 Sou 50-yr 4s
1956
Cblc LS4 East 1st 4 i^a.. .1969
Cb M 4 8t P gen g 4s ser A.cl989

87

3 3% Sale
L03% 3ale

39%

72%
79% Sale

,\T

yi

1947 j

Refunding gold 5s
Refunding 4s Series C

75%

10

52

87%

81

Sale

35

83%

75%
56

80

46

31%

72

Guar Tr Co ctfa of depl

162

74%

Sale

I

Chic 4 lud C Ry lat 5s
1936 j
,j
Chicago Great West lat 4s
1959 M S
Cblc Ind & Loulsv—Ref 6s..1947 j
j

275

*69 *
10

73

83%
67%

Apr'2lj
45%

87%

83%

Apr'21

45

67%

87

Nov'20

Sale

83%

85%

"74 *

I

74%

Stamped................

82%

74

72

87%

82

73

June'19

69

*85%

8 3% Sale

2.39:

69

71

35

O;
1937 m h

83% Sale

Jan'21;

73
73

45

1930 A

83% Sale

63% Sale

65

U S Mtg & Tr Co ctfs of dep

79

Sale

g.,1955

US Mtg <fc Tr Co et8 of dep....

70%

Sale

67

Jan'2L

67

j

1958 ,y|

77

85

82%

Apr'21

1927 m s

E 111 ref <fe imp 4s

129

*78* '

82

74%

j

1927

4a

General 4a
Cblc <fe

77%
|

Pa7

Registered

94%

93

79%

Extension

43

93

79

Nebraska

Nor

98

9 3%

93% Sale

1949 j
1949 j

See

"03
I "79

65

*67's

58..1941 M S
1949 A O
1950 J
J

Dlv 4a

bonds.

40%

63

....

70

4a... 1989 J

Railway 1st lien 3^a
Cblc B irl <fe Q jin—
Illinois Dlv 33^8

""27

90%
99 %

g

Warm Springs V 1st g
Chic & Alton RR ref g 3a

92%

40

con

76

67

J

13

13

84

67

72

179

78

82% 8ale

61%

72

93%

Mir'W,

74%

95%

93

"l2

75%

74%
85

Sale

J

93%

9912

92%

91%

74% Sale

J

90%

*""i

90%
Apr'21

D

71%

97 %

Apr'2l:

1946 J

97%

8t
LOO

Feb'2t

80%

4s...1945 J
1940 J

93% Sale

*83

"53

93%

99%

103%

67%

97% Sale

89
91

1!

83

9 4%

78% June'20

D

71% Sale

95%
1

69

78

75

76

j

3

78

O

secured 5s

Coal River Ry 1st gu

Craig

3!

102%

22

79% *83%
91% Sale

A

Big Sandy 1st 4a

79%

77

"5%

S
8

4^a..l930 F

Regl8tered

|

2

I

Apr "21!

81

96

1939 ,\| N
...1939 M N

5a.

t

4

!

97% JuneT7,

78%
95% Sale

Cent BRiBof Ga coll g 5a. 1937 ,v» N
Cent of N J gen gold 5a
1987 j
J
Registered
51987 Q j
Am Dock & Imp gu 5s
1921 J
J
N Y & Long Br gen g 4a
1941 M S
Cheaa <fc O fund <ft lmpt 5a...1929 j
j

20-year convertible

Apr'20

V.'-

May'18

85%
80%

1

HiO»

250

101%

72%

90

402% 103%

July'18

100

Sale

Registered

Mar'19

■

No

High

Ask Low

Sale

100% Juue'20

104% 101% 104%
101% 104% 103%
98%
99% 103%

ce

89

Mobile Dlv

83.00 91.14

90.76 3128

\Qt

or

73

t 7b,. 1940 J

a

Car Clinch <fc Ohio 1st 30-yr 5s.38 J D'
Central of Qa let gold 58.„.pl945 F A
Consol gold 5a
..1945 M N

•

j

Ran<,e

100%

Canadian North deb
88.70 Sale

93.10 99.00 97.50

Last Sals

Bid

High

Low

Week's

p-tdav
Aprti 29

BONDS

Range

Price

priday
Ap-il 29

80% Sale

2

10
...I

I 80%

81

73
96

7312

24

97

15

69

71%

73%
i

pDua Not. fDue Doe.

9

5

61%
26

84%
84

75%
97

73*"

New York BOND Record—Continued—Page 2
33

BONDS

"Week ending April

Week's

Price

Friday

N. Y. STOCK EXCHANGE

Range

April 29

29

Del Lack & Western—

Ask Low

Bid

Range

D

67

6712

68

N Y Lack & W 5s

A

9512

97

95%

Term & Improve 4s
1923 WIN
Warren 1st ref gu g 3 Hi—.2000 F A

93%

— -

91

Feb'21

10218

Week ending April 29

95

30-year conv 5a.
10-year secured 7s

1935 A O
1930 J D

J

97
78l2 80l2
81% Sale

91

Alb A Susq conv 3Hs
1940 A O
RenBS A Saratoga 1st 7s...1921 M N
Den A R Gr—1st cons g 4s__1936 J
J

4Hb
Improvement gold 6a

1930

J

Feb'21

91

Leh Val RR 10-yr ooll 6a__nl928

J

1928 J D
1955 F A

Leh A N Y 1st guar g 4s

84

Long laid 1st oons gold 5a__ftl931 q
1st consol gold 4s
M931 q j
General gold 4s
1938 j d
Ferry gold 4Hs_...
.1922 wl S

73%
100% 100%

46

44

45

4034

39

40%

Apr'21

7434

7434

8

4012
7434
29%

66

Gold 4s

66%

72

67%

89

1st A refunding 5s
Trust Co certlfs of deposit...
Rio Gr June 1st gu 5s
1939 J

71

Unified gold 4s
Debenture gold 5s

Apr'11

72%

45

42%

1940 J

10

40

61%
29%

63

64

63

64
52

3

Gold

4s

1995 J

Det Rlv Tun Ter Tun

4HB..1961
1941

Dul Mlssabe A Nor gen 5a

J

J
O

1937 A

63

Elgin Jollet A East 1st

"75-34

83

71

96%
Jan'20

SO

91

96

1920 A

O

5th ext gold 4s

1928 J

D

83"" ~83 ~

*9014 ~99%

91% Mar'21
90
Apr'21
9434 Nov'15

Erie 1st cons g 4s prior....1990 J

J

98%
51%
58%

S

Registered

1990

J

52l2

J

1st consol gen lien g 4S..1990

52%

Registered

...1990

Penn coll trust gold 4s__ 1951

O

Gen

Sale

O

conv

4s Series D

~72% "73

O

1953

77

J

77%

Genessee River 1st

s

J

Long Dock consol

g 6s

1943 J

N Y A Green L gu g 5s

Terminal

1st

gold

J

1940 A

Wilk A East 1st gu g 5s
Ev A Ind 1st cons gu g 6s
Evans A T H 1st cons 0s

Mar'21

80

81

99

Apr'21

98

99

Jan" 18

...

40

A

46

52

50

Feb'21

50

50

70%

82

81%

Jan'21

81%

81%

72

O

52

"97% nr.
87

96%

66

63

63%... i
100% Sale 100
63

•

-

•

-

83%
101

1933

79
m

W

79%

mm

I.

96

m

.1933

95

81%

1937
1937

"86"

1940

100
100

...1937

90%

1st guar gold 5s
...1937
Will A S F 1st gold 58... 1938
Green Bay A W Deb ctfs "A"—

89
m

m'm-m

Debenture ctfs "B"

iof%
m

m

m

A

67%
75%

m

mm

0

Illinois Central 1st gold 4s...1951 J
Registered
1951 J

82%

1st

1951

gold 3Hs
Registered—.:

66

1951 J

Extended 1st gold 3Hs....l951

*70

A

*____

1951 A

Registered
1st gold

3ssterling....
1951
Collateral trust gold 4s....1952

Wl

s

3HB-1953

Middle Dlv reg 5s.
St Louis Dlv A Term g

Gold

3H8

1921
1951
3S..1951

1951
1951
1951
1951

—

Sprlngf Dlv 1st g 3Ha
Western Lines 1st g 4s
Registered
Bellev A Car 1st 6s

1923j

—

Fob'21

17%

70

5% vs;*

Feb'21

68%

Oct'18

69%

69

"3

76

83%

Sept'17
Jan'2I

84

81%

Nov'15

7l" "ii"

Dec'20

71

70

6934

953s Sept'19
74%

I

69

09%!

70

58%

70

68

66%!

Apr'21

66
102

69

68

58%

58%

Dec'20

80% Nov'16

62

71%....

71%
92

"91"" mi

69%

82%

6834

74%

Apr'21
65% July'18
82% Apr'21
70% Apr'21

87

88%

65

"75% "79"

88%

91%
88%

*79"% "87"
67%

1949 J
Mo Kan A Tex—1st gold 4s_ .1990 J
2d gold 4a.
01990 F
Trust Co ctfs of deposit
1st ext gold 5s

2001 A

Dall A Waco 1st gu g 5a
1940 M
Kan City A Pac 1st g 4a... 1990 F
Mo K A E 1st gu g 5s
1942 A
M K A Okla 1st guar 5s.._1942 Wl

1st A refunding 5s Ser B.al923 F
1st A refunding 5s Ser C..1920 F
General
4s
.....1975 Wl
Missouri Pac 40 year 4a.
1945 M

75%

1938 J

56

Sale

55%

Apr'21
5834

78

Oct'09

71% Sale

74

54

5634

*33 >"3"

7434

74

76%
90%
75%

88%
53

70

72

75%

70%- 74

79

80

71%
7934

Apr'21

79

83

69

81%

64

Feb'21

6

05

50%

70

65

Unified A ref gold 4s

78

"69%'
Sale t




and asked this week.

41

9

40

48

44%

7

40

44%

68%

3

68

g

90
....

84

68%
7634

I

84" "84%

Sept'19

68%

69
•

84

I

« Due

Jan.

10;

67%
39%

72%
45

30

52

Apr'21

49%

55

52

54

37

36%

Apr'21
36%

30%

39

33

37%

35

Sale

35
16

24%

20%

43

37

"76"

76%

84

6 Dae Feb.

O

46

55

42

Dec'20

N

60%

69

69

Apr'21

53

55%

62%

Oct'20

30

45

30

Jan'21

50

37

Oct'20

A

74

A

90

A

81%

S

78%
Sale

"66"" "73%

75%

69%

75%

80

86%

92%

86%

(102

75%

"75"% *78%
*83% "90%

86%
July'14

70%

"73%

26

66%

*37

64%

"71%

94

100

Oct* 17

87

67%
Scpt'20
100

99%

Sale

56%

72%

Apr'21

80%
64%

90

80

87

51%

117

June'19!.

69%

67% Sale
100

82

75%
79% Aug'20

70%

30

2

75%

77
98
87

"

Oct'18

68

GO

70%

69

30

Apr'21
53%

58

79%
85%

D

58

*55 >

22

53

N

63

57

90

89%
82

84

51%

76

75%

53% Sale

90

95

90

Mar'21

90

90

58

D

A

63

57% Mar'21

57

62

71

Dec'20

30

30

83

77

Mar'21

77

85

75%

74
74%
92%
93
99% Mar'21
23% Apr'21

74

73%

77

92%

91%

98

99%

21

26

"23""

30

27

27

27

27

30

30

Apr'21

30

30

19

21

27

Mar'21

27

33

66%

70%

61%

67%

Apr'21

Apr'21

67%

67%

67%

J

63

04%

63

D

92

93

99%

58

Sale

58

58

88% Sale

88

88%
100%

64

57

99%
64%

115

87%

92%

200

98

90

Apr'2l
9

99% Sale

98

A

66% Sale

66%

68

13

O

74

74

75

4

—.1997 J

J

1997 J

J

1634 Wl N
..1934 Wl N
1942 J
J

A
A

3Hs..l998|F A

a

*37" *40 *

Apr'21
Apr'21
Mar'21

\
D
J
Registered
1930 J
J
2d guar gold 5s
1936 J
J
Beech Cr Ext lat g 3Ha.61951 A O
Cart A Ad lat gu g 4s.....l98l|J
O
Gouv A Oawe 1st gu g 5s. 1942, J D
Ka A A G R 1st gu g 58-.193.TJ
J
Lake Shore gold 3Hs
1997 J D
Registered
1997 J D
Debenture gold 4s
1928 M S
25-year gold 4a
1931 wi N
Registered
1931 wi N

# Due June.

Deo'20

57

.1930 M S

...1998 F
Battle Cr A Stur 1st gu 3s. 1989' J
Beech Creek 1st gu g 4s
1936 J

35

57

Non-cum Income 5s A-—. 1935 A O
N Y Cent RR conv deb 6a—1935 Wl N

1998 F
..1998 F

40

52

38%

64%

1951 A

Registered
30-year deb 4a

42

36

53

99%

Debenture gold 4a

36

52%

60

Jasper Branch 1st g 6a
1923 A O
Nat Rys of Mex pr lien 4Hs. 1957 J
J
Guaranteed general 4s
1977 A O
Nat of Mex-prior lien 4Hs—1920 J
J

Mortgage 3H8
Registered

56

37%

25

92%

tr 7a

*61%

59
37

Jan'21

50

J

1925 J

"90%

36%

58%

35

77%
74%

N O Tex A Mexico 1st 6a

91

87

30

24%

D

1st consol 4s

75

36

58% 59
37% Sale
37% 38%

A

58.1947 M S

St Louis Div 5s...
1927iF
St L A Cairo guar g 4a.__.1931IJ
Nashv Chatt & St List 5s... 1928 J

89%

80%

63

Registered
1929 J
J
Rlv A G Dlv 1st g 4s—.1933'J
J
Verdi V I A W 1st 9 5s
1926 IV! N
Mob A Ohio new gold 6s_..._ 1927,Wl S
lat ext gold 6a...

^

No price Friday: latert bid

40%

40

41%
44% Sale

60

1929 A

_

Aug'19,

84

84

8

69

38%

Sale

N

1938 F

Registered

Mar'21

Mar'20

39%

40

40

O

3d 7s extended at 4%__._.1938 Wl S
Cent Br U P lat g 48—1948^ N

Mich Cent coll gold

90

July'20

09

69%

75

67% Sale

67

76%
66% June'20

"72" "74 "

74

60% Sale
58% 59%

60
60

60%

82

*1*0 *72%

76%

59%

64%

11,

59

*12

76%

60

59

08

60

m

81%

81%

Feb'20

81% Apr'21
95% Nov'16
88%
104
May'16

....

67%

80%

!

81%

78

69%

87

Feh'2l;

49

"47% I";"

66%
19

Apr'21

60%

6L%

60

74
62

72%
82

74%

Mar'21

75%

103%

74

63%

67%

67%

67%
76% Sale

....

Registered

74%

Nov'10

95

69

70%

A

M K A T of T 1st gu g 5S..1942 M S
Sher Sh A So lBt gu g 5s—1942 J
D
Texas A Okla 1st gu g 5S..1943 M S
Missouri Pacific (reorg Co)

73

74

"74" Sale"

75

J
D

1944 M N

St Louis Div 1st ref 4s

75" "76"

90

68

Mar'10

99

95%

89

5% secured notes "ext"...1910

73

73

Mar'21

77

8212
65%

...

J

let A refunding 4s
....2004 M S
Trust Co certfs of deposit..
Gen sinking fund 4Hs
1936 J
J
Trust Co certfs of deposit...

76

87

84

M S S M A A 1st g 4s int gu'20 J

76

70%

"67%

1941 M N

Lake Shore coll g 3Hs

73

Nov'17

73

........

1st. Chic Term s f 4s

1998 F
Ref A Impt 4Hs "A"
2013 A
New York Cent A Hud River-

Mar'19

Mar'21

—1941 J
North Ohio 1st guar g 5s„1945 A
Leh Val N Y 1st gu g 4H8—1940 J
Registered
__194<JjJ
Lehigh Val (Pa) oons g 4s.—2003 Wl N
General cons 4Hs
2003 Wl N

Des M A Ft D 1st gu 4s

Consol 4s Series A

75

117% May'10
89

2d gold 5s

1st consol gold 5s
1934 M N
1st A refunding gold 4s
1949 Wl S
Ref A ext 50-yr 5s Ser A...1962
F

10-year coll

71%
Nov* 10

73

1951
Registered
;
1951
St Louis Sou 1st gu g 48—1931
Ind III A Iowa 1st g 4s
1950
Int A Great Nor lit g ext 7s._ 1922IM N
James Frank A Clear 1st 4s__1959 J D
Kansas City Sou 1st gold 3s_.I960, A O
Registered
1950. A
Ref A ImDt 5s.
Apr 1950 J
f^Anwig City Term 1st 4s
I960. J
Lake Erie A West 1st g 5s
1937 J

D

99%
94%
82%

91

Jan'21

67

67

37%

D

.1927 J

NO A N'Elst ref A impt 4HsA '52 ._
New Orleans Term 1st 4a
1953 J

*50 " "50"

58% Mar'21

60

73%
58%

64%

Apr*21

....

72%

73%
58%

Apr'21
June'18

50

"59"% rin

6934

'88% "92"%

88%
Jan'21

87%
633s
81%

Mempb Div 1st g 4s

f g 5s. .1925 J

85

82%

1977 M S

s

Montgomery Dlv 1st

74

"7>%

Dec'20

88%
73%
58%

59

62%

69

68

j

73%

Feb'21

70

Joint 1st ref 5s Series A. 1963

Stamped guaranteed
Midland Term—1st

General gold 48—.1938Q

July'09

88

1951
-...1951

06

St L Ir M A S gen con g 5s. 1931 J
Gen con stamp gu g 5s. .1931 A

76

gold 4s...1932

Registered
Gold 3Ha

s

2d extended gold 5s

!

Chic St L A N O gold 5s...1951

Carb A Shaw 1st

1945

"86%

1977 M S

Pac R of Mo 1st ext g 4a

Nov'20

7334

90%!

57%

83

...hl927tJ

88%
72%

65%

65

14

..J

7434s

08

O

1st A refunding 5s Ser A..1965 F

90

68
68

99%

"69%

"u" Safe"
73%

80

94%

7034

mm

O

1955 M N
Purchased lines 3Hs
J
1952 J
L N O A Texas gold 4s
1953 M N
Registered
—1953 M N
J
15-year secured 5H8
1934
Cairo Bridge gold 4s._
1950
Litchfield Dlv 1st gold 3s__1951
Loulsv Dlv A Term g

63

102%

90

84

mm

1903

82
99

" "90"

Deo'16

90

80

1st refunding 4s...

Omaha Dlv 1st gold 3s

m

Wl

1952 A

Registered

mm

50-yr 5s

*99%

90

95

63%

Jan"21

92

mm

89

Apr'21

99% Mar'21
94% Jan'21

81

99%

Mississippi Central 1st 5a

77

66

90% 103

71

mm

"7 0 "

J

J

A

Jan'21

Apr'21

99

Apr'21

82

90

95

Feb'05

82

"88%

A

Minn St Louis 1st 7s.

71%

95

J

1936 Wl N

66

Apr'21

"75"" "75%

75%

82

81%

66

Deo'20

Mar'20

Jan'21

87%

80%
64%

89

"81 " "82%

Mar'21

69

72

85

85

80

84

70%

87

69^2

"79"% "82%

Mar *21

73%

"83

73%

77% Sale

71

100

73% June'18

~69%

1955 F

1948

Houston Belt A Term 1st 58.1937 J

...

87

88%

"81% "84"

73

55

69%

"96"%

Jan'21

08%

52

44

7

m

99% 100%

84%

June* 16

72

mm

Feb'21

77

70

72
m

...

86

1930

__

Deo'20

40

90

65%

70%

J

1999 J

87%

5s

4s.

101%

Feb'20

Apr'21

64

cons g

88

99

71
70%
95% Nov'19
104
Aug'20
71% Apr'21
86
Apr'21
81% Mar'21

71%

70%

LAN South M Joint 4s... 1952 J

Bdge gen gu 4Hs._.1945
Pensac A Atl 1st gu g 68—1921

87

53

76

SAN Ala

104%

100

100%

"53" "5434

83

N A C

51

Apr'21

3

94%

—

101%
Apr'21

88

32

136% May'00

m

m'

69%
Sale

Gulf A S 11st ref A t g 5s..61952 J

4HS—1999

mm

mmm

m

101%

100

78

02%

*95

Apr'21

75%

92

40

99% 102%

99

78

90

77

"87"% "92*"

83

75% Sale

4s..1948

Minn Union 1st g 0s
1922
Mont C 1st gu g 0S-_.__-.1937

84%

78

40

Feb'21

80

80

Feb'21

Apr'21

99% 99
92% 100% 100
72
73% 71%

81

A

37

81%

78

90

71%

-M952
1937

69

90

98

O
L A N A M A M 1st g 4HB-1945 M S
J

76%

"90" "91"

Mar'21

80

101% Sale

Kentucky Central gold 4s_1987 J
Lex A East 1st 50-yr 5s gu_1905 A

J

75%
63%

41

75

8734

....

J

Apr'21

90

80% Sale
79%
00%
88

Apr'21

99% Npv'20

"93"% III-

:

*83 " *83 "

Apr'21

66

85%
69

39

89%
120% May'10
8134 Apr'21

Sale

86

Reduced to gold 4HS---1933

66%

J

Apr'21
Sept*20

99

76

S

S

84

mm

103

88

-

83

75%

83%

S

j

1951

102%

m

*100

Nov'20

M St P AS S M con g 4a lnt gu'38
1st cons 5s...
1938

96%

77%

87

83%

O

71%

66

Mar'21

101%

Jan'll

70

61%

5

63

62

69%

95

"65"" "66%

D

69%

Apr'21

79
...

63%

66%

*

!

91%

Iowa Central 1st gold 5s..1938

69%

Apr'21
Apr'21
Apr'21

65

S

91

43%
68%

88

69%
75%

68

65

.

J

89%

88

67%___

68

60

66

99

Refunding gold 4s

Apr'21

69%

Mar'21

60% Mar'21
65
65%

91

1935

Jan'17

.'i

.

40

68

85%

"52"" "54"

10

53

■

88

...

69%

.1933

Col A H V 1st ext g 4s
Col ATol 1st ext 4s

53

53

40

Nov'19

23%

...1933

cons g

72

...

"5*8% "61"

65

Feb'21
Oct'OS
Apr'21

59%

s

Hender Bdge 1st s f g 08—1931 M S

Manila RR—Sou lines 4s

*76 " "78"%

91%
99%

65

57

..1980 Wl S
Atl Knoxv A Cln Dlv 4a—1955 Wl N
Atl Knox A Nor lBt g 58—1946 J
D

cons gu

93%

"73" '75"

70

2d gold 3s

Gen

91%

Feb'21

67%

N

Paducah A Mem Dlv 4s... 1946 FA
St Louis Div 1st gold 68—1921 Wl S

cons gu g

2

"71% "71%

98%

S

—.1930 J

N Fla A S 1st gu g 5s

92

Oct'13

73

91%

d

1930 wi N

Registered

High
91%

"95% "99%

45

71% Jan'21
85% Mar'21
79
May'20

8934
—

68%

d

L Cln A Lex gold 4Hs
1931 M N
N O A M 1st gold 6s-....1930 J
J

2d gold 8s

91%
105

74%

88

80

\
Registered
1940 j
j
Collateral trust gold 5s__..1931 m N

10-year secured 7s

91%

96:

95

93

70%

Louisville A Nashv gen 6s...1930 j d
Gold 5s
.1937 wi N
Unified gold 4s
1940 j
j

Mex Internal 1st

Apr'21

78%

..1949 wl
1934 j
20-year p m deb 5s.
..1937 wi
Guar refunding gold 4s____1949 iw
Registered
1949 wi
N Y B A M B 1st con g 58.1935 A
N
NY A R B 1st gold 58
1927 M
Nor Sh B 1st con g gu 5s.al932 q
Louisiana A Ark 1st g 5s
1927 M

La A Jef Bdge Co gu g 4s

42

1961

Hooking Va, 1st
Registered

"77" "88"

A

ser A
1936
1st A ref 4HB Series A.....1961

Registered—

45%
81%

81

76%

Jan'18

Great Nor Gen 7s

Pacific ext guar 4s £

3

Apr'21
Apr'21

Grand Trunk of Can deb 7s..1940

E Minn Nor Dlv 1st g

41

85

62

Registered..

41

Apr'21

80

77%

Mont ext 1st gold 4s

39%

29

61

Florida E Coast 1st 4Hs
1959
Fort St U D Co 1st g 4H8---1941

Registered

35%
37%

37%

59

Ft Worth A Rio Gr 1st g 4s..1928
Galv Hous A Hend 1st 5s
1933

1st consol g 0s

40

77

1st general gold 5s
....1942
Mt Vernon 1st gold 6s...1923
Bull Co Branch 1st g 5s
1930

Registered..

36

58

1920
.1921

St Paul M A Man 4s

38

"72%

70%

1942

Registered

72%

J

5S..1943 Wl N

Mid of N J 1st ext 5s

72%

78%

"78% ::::

1940 Wl N

*

Jan'17

75% 80
76%....

1935 A O
6a._.1922 WIN

N Y Susq A W 1st ref 5s... 1937 J
2d gold 4Hs—
1937 F
General gold 5s
.1940 F

45

77

Erie A Jersey 1st s f6s

Dock A Impt 1st ext 5s

"39%

"73

55%

76%

741*

cur gu

"sT"

103%

1982 Wl N
Cleve A Mahon Vail g 5s. .1938 i
J

Coal A RR 1st

41%

26

103

Chic A Erie 1st gold 5s

1955 J
f0a__. 1957 J

90

....

June'10

37%
40%

80

91%

90

5234
Oct*20

72%
37%

3734 Sale
3034 3712
40% Sale

91

Aug'19

4034
73

A

50-year conv 4s Ser A—1953
do Series B
1953

"4l"

J

"88%

Oct'20

96%

»96% Sale

87%

Feb1'21

92

89

4th ext gold 53...

N Y L E A W 1st 7s ext ..1930 M

54

"74-% "77%

88% Mar'21
105% Mar'08

87%

Erie 1st consol gold 7s ext ..1930 M S
N Y A Erie 1st ext g 4a
1947 Wl N
3rd ext gold 4Hs.._
1923 Wl s

Apr'21
Dec'20

75%
93%

— .

ZIZI "83"

J

5S..1941 Wl N

g

66

47%

Nov'20

..

O

Registered

Dul Sou Shore A Atl g 5S....1937 J

62

Dec'16

75U
93%
865s

Wl N

Dul A Iron Range 1st 5s.....1937 A

82

49

Det A Mack—1st lien g 4s_._1995 J

75

Dec'20

517a Sale
561* 78

Mtge. A ooll trust 4s A.. 1949 A

48

73

22

51%

Guaranteed

46%

40

10

1945 m

1932 j

63

11
10

Rio Gr West 1st gold 4s___1939 J

v

81

80%
71

Rio Gr Sou 1st gold 4b....1940 J

v

77

5

No. Low

"77"T mi

96%

14' 100% 104%

99%

113

96%

uj

High
91% Mar'21
Mar'12

95% Sale
91

91%

.1933 j
1933 j

1st lnt reduced to 4s

Range

Ask Low

Leh V Term Ry 1st gu g 5s...1941 a
Registered
1941 a

Feb'08

78%
78%
8134
8234
100i2 Sale 100%
100%
70
Apr'21
72% 73
100% Mar'21
997*104
63% Sale
6334
64%
68
69
69% 69
70
58i2 69i2 70

1943 Wl N

Consol gold

96%

9034

J

Since
Jan. 1

95%

Registered...

1922

Week's

Range or
Last Sale

Bid

High

67% 70%

""2

Delaware <k Hudson—
1st lien equip g 4Ha
1st & ref 4s

Price

Friday
April 29

oa.

Leh Val Coal Co 1st gu g 5S..1933 j

Apr'21
9512

1923

II

BONDS

N. Y. STOCK EXCHANGE

No. Low

High

Morris A Essex 1st gu 3H82000

■

Since

Jan. l

or

Last Sale

1849

57

73

68%
78

June'20

...

.

81

68

67%

65%
83%
82

r%.«a

67

67%
83%
Sale

Ami

....•

07%

71%

Mar'211....'

60%

67

83

86

Apr'21

83%
81%
82 (
84% Nov* 19
83%

1

m

Anrinn

aoI«

291

42, 80%

I

85

S"«3,

BONDS

Range or

Since

N. Y. STOCK EXCHANGE

Last Sale

Jan. 1

Week's

Price

EXCHANGE
Week ending April 24

Low

High

Bid
Ask
69
1991 M Sj
71% 72%
93%
Mahon C'l RR let 5s
1934 J
J
85% --90
Michigan Central 6e
1931 jrvi S
98%
Registered
__1931|Q M
82
48
1940, J
J
^
74%
Registered
1940, J J
66%
65
J L & S 1st gold 3H8
1951 M S
60%
65*2
1st gold 3 Ms
1952 IVI N
75
76l2 75
20-year debenture 4s
1929 a O
70%
70%
N J June RR guar 1st 4s...1936 F A
69%
68%
N Y & Harlem g 314 8
2000 M N
94
93%
N Y & Northern let g 5s__1923 a O
72%
68
70
N Y& Pu 1st cons gu g 4s-1993]A O
113
98%
Pine Creek reg guar 6s.... 1932 J
D
98
98% Sale
R W & O con let ext 6b_..ftl922 A O
71%
05
Rutland let con g 4^8
1941 J
J
55%
50
60
Og&LCham lstgu 4ag-1948 J J
50
60
Rut-Canada 1st gu g 48.1949 J
J
76
76
St Lawr & Adlr 1st g 5s...1996 J
i
103
70%
2d gold 6s
1996 A O
93
95% 98
Utlca «fe Blk Rlv gu g 4s...1922 J
J
82
Pitta & L Erie 2d g 5s
al928 A O
"98% ---- 130%
Pitta McK & Y lat gu 6a..1932,J
J
95%
91%
2d guaranteed 68
1934jj J
70
70% Sale
West Shore 1st 4s guar....2361' J
J
67
66% 70
Registered
2361 J J

W Y Cent AHR RR (Con)—

5s„.1920-22 M
Equip trust 4^8—-1920-1925 J
N Y Chic & St List g 48—1937|A
Registered
.19371A
.

„.......

J

A..1953 F

II Y Connect 1st gu 4^s

80%

79

O

Mar'20

4s——_„I955jj

Non-conv deben

Non-conv deben 4s

Non-conv deben 4s

1956; J

Conv debenture 3Hb
Cons Ry non-conv 4a

41%

Consol

Norf A West gen gold 6s

Pacific

prior

land grant

83

General lien gold 3s

St Paul-Duluth Dlv g 4S..1996

Gt Nor Joint C B A Q 4s... 1921
N P-Gt Nor Joint 6J^s
St P A N P gen gold 6s

44%

-J

63%

19

Apr'21
52%

"l

63% Sale

„

60% 04
52% Sale

60%

O

31% Sale

31

32

38

A

52%
30%

57
39%

39% Sale
47% 47%
52
66%

39%

40

13

36

43

47

47%

67

45

55

59%

65%

63%

64

Sale

40

54%

73

73

101
58

75%
Oct'20

74

61949

"

80

1934 J

1933

90

Apr'21

90

90

71%
76

77%

73

Sale
Sale

A

100

75

Apr'21

89

70%
Oct'20
'"39
7834
89

72%
73
87i2 Sept'16

79

Oregon-Wash 1st A ref 4s

75%

54% Sale

Q

52%
73% Sale
86%
99.70 Sale

J
J

74%

76

75

202

88%

73%
88%

90

90

92

90

Feb'21

90

90

83%

Feb'21

83%

84

86

87%

86

"85" "II

Dec'20

99%

J

Mar'21

87

86%

Feb'21

94

54%

55

"73 *53%

99%

99

J

Jan'21

54%

73

75%
38
Apr'21
99%
99% 3131

88

99%

96%
97 I 822
99% Mar'211 —

98%

1923 F

96

O

J

88

83%
Sale

76%

70% Sale

1994
1994

83

5s

89%

90
Apr'20

75

70%

83%

82

82

84%

178

75

78%

71%

2

69

76

23

82

90

76

61%

62

57%
60%

57

58%

57%

60%

1996

82

86

83

Feb'21

80

1951

65%

71

Mar'21

67

86
71%

81

85

Apr'21

77%

78

Dec'20

73

81%

88

88

Atl A Charl A L 1st A 4^8.1944
1st 30-year 5s Ser B
1944

95%

99%

Atl A Danv 1st g 4s

95%

99%

96%
98%

78%

1948

87% Sale
64
66

1948

4234

Atl A Yad 1st g guar 4s... 1949

63%
89%

2d

97
99%

4s

1930

E T Va A Ga Dlv g 5s

88%

1956 M N

Cons 1st gold 5s

June'20

S

87%
66

5734
60%

87%

89%

88

89%

88

Feb'21

85

97

Feb'19

76%

Oct'19

Ga Midland

1st 3s

...1946

O

50

53%

83

37%

Dec'16

Ga Pac Ry 1st g 6s

1922
1925

J

9S%

99%

94

J

75%

60

70% Sale

70

76%

"94% "94%

79

'•?; 4

85%

D

75%
84%

O
A

100% Sale
95% Sale

95%

745

83

99%

100

90"

90"

Apr'21

86%

Feb'21

81%

89
81%

1958
1924

O

61

65

Feb'21

60%

66

85% Mar'21

85%

85%

Spokane Internat 1st g 5s.
1955
Term Assn of St L 1st g 4^8.1939

J

cons

2003

50-year 5s

W O A W 1st cy gu

~99~%

4s

1894-1944
1953
St L M Bridge Ter gu g 68.1930
Texas A Pac 1st gold 5s
2000
2nd gold Income 5s
02000
1st

cons

Dec'20

68

Mar'2l

68

68

70

88

70

70

La Dlv B L 1st g 5a

O

80

80%

Apr'21
Apr'21
Apr'21

67

78%

79%

83%
72%

W MIn W A N W 1st gu

80

Feb'20

O

A O

J

68%
71%

1940 J

J

70%

J
J

85

74%

82

Sale

85%

84%
79%

1953 J D
-.1967 M N
4Ha—1963 F A

82

4S—1943 M N

No price Friday; latest Bid and aeked.

81

80%
81% Sale
95%
79% 85%

e

80

Apr'21

80

82

1st refunding g 4s

Registered

84%

85%

20-year conv 4s
1st A refunding 4s.

85

85%

10-year perm secured

75%

75%

1st consol g 5s

81%

95%

Due Jan.

83

95%
Mar'21

PDueFeh.

80

87

95%

95%

80

80

Dae Jam

•

Due July.

I Due Aug.

50

66

68

86

90%
75

86

Apr'21

75

89

Feb'21

75

Jan'21

65%' » I

71

Apr*21

69

71

84

Dec'20

36

Feb'19

81%

Oct'20

45%

53

65^2

68%
89

26

34
80%

48

Sale

47

48

14

16

18%

15

70

75%

70
77%

44

68

52

75%

75

70

Feb'21
Sept'20
84

79%

83*4 Sale

Oct.

79%

78

83%

84

75% Sale
97% Sale
78
78%

74%

75%

41

97%

98%
78%

70

9834 Sale
89
90

J

9834

78% Sale

78%

7734
89

70
77

79%

84%
79%
84%
80%

Nov'20

80% Sale

M S

15%

69%

15% Mar'21

15%

1946

# Due

50

80%

J

72

77" "81%

Apr'21
106% Nov'04

75

62%

33

Mar'21

72

66%

1929
Utah A Nor gold 5s
1926
1st extended 4s
1933
Vandalla cons g 4s Ser A
1955
Consols 4s Series B
—1957 M N
Vers Crus A P 1st gu 4%S—1934 J
J
Virginian 1st 5s series A
1962 IW N

*80 " "80%

80

65

Guar refund 4s

76% June'20

80

1927

July'20

80

1952
1947
1947

02008

70

79%

65

84%

85" "85*
8tf

83%
68%

Apr'21

50

62%

J

4s... 1946
Ore Short Line 1st g 6s
1922

Apr'20
Feb'21

Mar
J

1960
1917

68—1928

87%
Sale

83
78

Ore RR A Nav con g

Oct'20

80%

gold 4s

Union Pacific 1st g 4s

Dec'20
Feb'21

O

D

deposit
Tor Ham A Buff 1st g 4s...*1946
Ulster A Del 1st cons g 5s
1928

Oct'20

85

75%
82%

76%

79%
80%

85

70

J

Trust co ctfs of

Dec'20

86%
84%

8J%

Jan'21

84

A

5s

Coll trust 4s g Ser A

88% Sept'17

69%

O

Apr'21

80

A

60-year

Mar'10

86%

85

67

Sept'20

93

81

85

67

Apr'20
79% May* 19
82

,

,

O

D

Feb*12

80

78%

O

1970 J

Dec'12

75

67

1940 A
1942 A

68—1932 A

88%

Jan'21

o

Jan'21

Oct'20

66%

68—.1935
1935
General gold 5s
1935
Kan A M 1st gu g 4s
1990
2d 20-year 5s
1927
Tol P A W 1st gold 4s
1917
Tol St L A W pr lien g 3^8.1925

"80%

88%

1931
58.1930

86

A

f g 4s

90

88%

Tol A Ohio Cent 1st gu

Dec'15

96%
90%

68%

1940 J

80%

Feb'21

67

69

A

Apr'21

88%
104

s

Western Dlv 1st g

80%

86%
86%

Gen refund

99%

J

gold 5s

67

6934

Dec'20

81%

69% Mar'20

81

88%

88
60

98%

8134
70

68%

70

,-88% IIII

58

98%

88

Jan'21

80

67

69%

98%

J

A
D
D
N

56

87%

99%
99% Mar'21

68%

88

88

99%

99

52

537s Mar'21
Apr'21

8984
89%
89%
65
99
96%

86

1st

94% 100%
81%

98%

J

O

1948 M N

Va A So'w'n 1st gu 5s

105%

80
10

58—1945
1945

Rich A Meek 1st g 6s

Feb'20

99%

Series F guar 4a gold




258

77%
'

1942 M N
1945 M N

Phlia Bait A W 1st g

85%
101%

18

Apr'21

Sale

1942 M S

cons g

94%

64

Mortgage gold 4s

Rich A Dan deb 6s stmpd.1927 A

J
S

Gr R A I ex 1st gu g 4^s._1941 J
J
Ohio Connect 1st gu 4a
1943 M S
Pitts Y A Ash 1st cons 5S..1927 M N

Series A

100

14

76%

80

80

1948 M N

Series D 4s guar

85%
92%
82%
92

78%

Sale

1950 F

Series E3Hb guar gold.. 1949 F

78%
85%
75%
83%

Virginia Mid Ser D 4-58—1921 IVI s
Series E 5s
....1926 IVI S
Series F 5s
1926 IVI s
General 5s
1936 IVI N

Sale

1942 M N
1935 IVI N
gu 4Hb Ser A..1942 J
J

Series C guar

84

76% Sale
85% Sale

A
D

Cln Leb A Nor gu 4s g
CI A Mar 1st gu g 4^8

Series C 4s

81

9334 Mar'21
5

86

1931 J
1933 J

76%
93%

74%
70
76%
95%

Mob A BIr prior Hen g

67%

81

79

Int reduced to 3^8—1942

70

Jan'21

81

80%

80

1942 A

70%
70

70

70

106%

70

88%
84%
87%
53%
96%
96%

96% Jan'21
80% May'20
65
Aug'19
88
Apr'21
58
Apr421

105

85

"92%

67" "67%

98

J

Knoxv A Ohio 1st g 6s

Mar'21

105

104%

J
J

1938

5s

IVI

87%
64

Feb'21
89% Mar'21

73

Registered
1921 J
Guar 3Hb coll trust reg A.1937 M
Guar 3 Ha coll trust Ser B.1941 F
Guar 3Hb trust ctfs C....1942 J
Guar 3Hb trust ctfs D—[_1944 J
Guar 15-25-year gold 4s... 1931 A
40-year guar 4s ctfs Ser E„ 1952 M

P C C A St L gu 4MB A
Series B guar....

11

67%

93%

15-year secured 6Ha
1938 F
Alleg Val gen guar g 4s
1942 M 8
DRRR AB'ge l»tgu4sg_1936 F A
Pennsylv Co gu 1st g 4MB—1921 J
J

Tol W V A O gu 4H)S A
Series B 4^8

82%

81% Mar*16

62

1930 A

Erie A Pitta gu g ZHb B
Series C

3

Mar'21

62
66

89

1965 J
1968 J

Series C 3Hb
Series D 3^8

"22

57% Sale

69%

1961 J

91%

88

83%
Oct'20

1948 Q IVI

1960 F

Series B

19

" "84"

80% Aug'20
85
July*19

E Tenn reorg Hen g

1948 M N

6s

84

*88~% "90%

Mem Dlv 1st g 4Hb-5b
St Louis dlv lat g 4s

"56%

54%

Feb'21

54%

96% Safe"
99% 102

1936'J

1943 M N

10-year secured 7s

*99% "99%

Mar'19

84

85

68%

Develop A gen 4s Ser A...1956
Mob A Ohio coll tr g 48—1938

Dec'20

99%

J D
J
J
4S...1923 M N

General 4Hs

*75% "78%

Jan'21

76

cons g

100%
75

71%

90

1950

Registered

88

97

1955

gold 5s

"79%

90%
81%
81%

IVI N

1938 A

73

75%

Ala Gt Sou 1st cons A 5s. .1943

Sale

....

Pacific Coast Co 1st g 5s
1946
Paducah A Ills 1st a f 4H8-.-1955

Pennsylvania RR 1st g
Consol gold 4s
Consol gold 4s
Consol 4Hs

3

105

67i2

77%

1943

con

Southern—1st

77

74%

78%

77%
78%
69% Mar'21
88% Mar'21

86%

So Pac RR 1st ref 4s

Tex A N O

105%
80

Jan'20

76

68%

78%
72

67%

San Fran Terml 1st 4s

67

101%
Apr'21

75%

8534

55

78

90%

M N

81%
80

3534

8534 Mar'21
92
Nov'25

So Pac Coast 1st gu 4s g—1937 J

96

Q
Q

89

A

1921 J

No of Cal guar g 5s

77

9234

97%

80

89%

96

78%

75

76

75

Jan'21

89% Sale
91%

74

98%

89%

Mar'21

Ore A Cal 1st guar g 5s....1927 J
J
So Pac of Cal—Gu g 5s
1937 MN

76

75%

100%

89%

81

80

91%

Apr'21

76%

"94% _96%

94% Mar'21

95% Sept'20
90% Feb'21

9284
Sale

D

1937 J

Louisiana West 1st 6s

75%

75%

65% Mar'21
May'20

70%

"7834 Sale"

~77%

76

101

Sale

D

Gen gold 4s lnt guar
1921 A O
Waco A N W dlv 1st g 6S..4930 IVI N
A A N W 1st gu g 5s
J
1941 J

101%

74%

69

D

1949

86

D

J

*1949

74%
74%---72
77

J
D

J

...01929 M S

1st guar 5s red
H A T C 1st g 5s lnt gu

101% 104%

Apr'21

74%

86

78% 82
76% 83%
85%
87%----

J

52%

89%

J

J

2d exten 5s guar
1931 J
J
Gila V G A N 1st gu g 58-1924 Ml N
HousE A WT 1st g 5s
1933 IVI N

"49"% "57%

Apr'21

75

102%

95

90

Mort guar gold 3Hs„ .*1929
D
Through St L 1st gu 48—1954 A O
GHASAMAPlBt 58—1931 M N

65

58

41%

101

O

1959 a O
..1945 m S

_.

Registered

Nov'16

A
O

69%

58%

O

a

Cent Pac 1st ref gu g 4s„.1949 F

30

Mar'21

73

"58 " *63%

a

1950
1950

6s Series A

cons

63

01949 f

Registered
20-year conv 4s
20-year conv 5s

43

3434

30

Apr'21

41%

78

J

Nor Pac Term Co 1st g 6a...1933 J

*

Jan'13

----

1968 J

1st consol gold 4s
Wash Cent 1st gold 4s

O St L A P 1st

49%

100% 1C3% 103
101% 122

certificates. .1923 Q
St Paul A Duluth 1st 5s...1931 Q

General 5s

59

72

Registered

Series I cons guar

98%

6s. .1947 j
1943 j

Gold 4s (Cent Pac coll)
34

Apr'21
59% Nov'20

42

—*1921 Q

Registered

69%

63

gu g

Southern Pacific Co-

Dec'19

100

2047 J
2047 J

Ref A impt 6s ser B__
Ref A Imp 4 J^s fler A

62

.

Feb'18

a2047 Q

Registered

Series G 4s guar

"53

50%

Aug'13
35%

34%

60%

M S
M S
M S

1989
rail¬
.1997
,..1997
...a2047

39

1st land grant ext g 68—1930 j

106% May'15
87
July'14

68%

A O
J
J

68

Consol gold 5s
1943 j
Ga A Ala Ry 1st con 5s...ol945 j
Ga Car A No 1st gu g 5s.. 1929 j
Seaboard A Roan 1st 5s
1926 j

69

68

Apr'21

lien

g 4s

Registered

CI A P gen

60%

59%

Sdo V A N E 1st gu g 4s

General

68

74%
59%

O C A T 1st guar gold 5S..1922 J

1

Oct'19

30

Pocah C A C Joint 4s...1941 J

way A

July'18

68

Mar'21

1996
Dlv'l 1st lien A gen g 4s. 1944
10-25-year conv 4s
1932
10-20-year conv 4s
1932
10-25-year conv 4HB—1938
10-year conv 6s
1929

65

68% Sale

Refunding 4s

SeptT7

Registered

Northern

50
49%

Oct'17

30

Improvement A ext g 6s._.1934 F
New River 1st gold 6s
1932 A
N A W Ry 1st cons g 4a
1998;A

60%

1st A

70

1941 iM N
1931M N

Norfolk A Sou let gold 5s

58

33

Atl A BIrm 30-yr 1st g 4s.el933 m S
Caro Cent 1st con g 4s
1949 j
j
Fla Cent A Pen 1st ext 6s__1923 j
J

34

5s...l961jF A

69

55

64%
69%

72%

"45"

-J

67%
823*

64%

Mar'21

45

66

D

66%

14

96

78

56

58

"58%

67

93%
63

-J

62

35

56

S

Sale

9

65

Mar'21

56

Gold 4s stamped
Adjustment 5s

45

70

1957 ivi N

67

*77" "77 "

Sale

18

J

....1955'J

General 4s

Norfolk Sou 1st A ref A

40%

37

64% Nov'20

4^8——1943 J
J
IV Y O A W ref 1st g 4s
01992 M S
Registered $5,000 only—0l992,M S

95%

53

64

W A Con East 1st

6134
44%

63

20;

J

Providence Term 1st 4s... 1956 M

78

60

1945 J

Providence Secur deb 4s.

64%

78%

35

35% Sale

94%

94

64% Sale

S A A A Paas 1st gu g 4s
Seaboard Air Line g 4s

46

35

2

40

49

J

76
90
67
51%
98
8934

1932 j
1st terminal A unifying 59.1952
j

78%

37

Apr'21
Apr'21

60

O

94

93%

q

40

----

63%

71%
84%

87

Jan'21

Consol gold 4s

~74%

76

37

1945 J

4s

77

St L S W 1st g 4s bond ctfs... 1989 m n
2d g 4s Income bond ctfs.pl989 j
j

1939 A O

germinal 1st 4s

New England cons 5s

77%

89%

cons g 6s...1928 m n
KCFtS AM Ry ref g 48-1936 A O

\

27

Mar'21

o

a

58

----

89%

58

32

Oct'20

35

67%
62%

11

67

39%

70

588

96%

97

86%

K C Ft S A M

82

70%

71

50

1954 n/l N

324

50

67%

38

49%

66

473d

1

Sale

64%

64%

■

j

58

J

Sale

96

35

Sale

61%
7234
86%

183

72
85

60%

87

78%

Sale

49% Sale

"76% "83"

*62% "64 "

Apr'21

Sale

KCAMRABlstgu 58—1929
77%

42

78%

65

o

85%
70
42
91

Dee'20

85

3834
39%

Housatonlo Ry cona g 5s. .1937 M N

1942 A
NYW'chefl&BlBtSerI4H8'46 J

73

Apr'21

35

44

Naugatuck RR 1st 4s
N Y Prov & BoHton 4s

66

Nov'17

38

4s...lfi55;F A
4a...196l!j
J

Cent New Eng lstgu

13

1947

64%
35%
8134

72

1931 j
1996 j

Southw Dlv 1st g 5s

74%

68%
Feb'19

38%

40

Harlem R-Pt Ches 1st 4S..1954 M N
B A N Y Air Line 1st

68

79%

2

78%

76%

61% Sale

1950 j
1950 j

General gold 5s_
St L A S F RR cons g 4s

Jan'09

21

Dec'17

97%

64

—*1960, Oct
St Louis A San Fran gen 6s_. 1931;j
j

June'20
36i

91

"57" "64%

Income Series A 6s

Oct'20

37

39%

J

1956 M N
1958J
J
1948 J
J
1930 F A
1955'J
J

Non-conv deben 4s
Conv debenture 6s

42

35%

*93" "93"

SOr>,

78%

Prior lien Ser C 6s
1928 j
Cum adjust Ser A 68—..*1955}^

High

64%
Apr'21
Apr'21

7934
61%
3934

77

Prior Hen Ser B 5a

70%

65%
41

"77"% *79%

Prior lien Ser A 4s

Nov'16
Jan'21

81

87% 91
83%
77% Sale

/6

76

Apr'2l

80

64%
39%

J

50

50

No.lLow

80% Sept'20

Atlantic City guar 4s g
1951
St Jos A Grand Isl 1st g 4s...1947
St Louis A San Fran (reorg Co)—

*55% "55%

Feb'21

Since

Dec'20
Oct'20

91%

1951

4s

g

Rangt
Jan. 1

Jan'93

"80%

MN

...1997

Jersey Central coll

*97_% *98%

Nov'20
Feb-21

78%

37

1947 m

Non-conv deben 3He

70

*69 ~ "72%

Apr'21
May'15
>
98%

71

76%

3^8——1947 wi 8
1954 A O

Non-conv deben

70%

Registered

Nov'20

H Y N H & Hartford-—
Non-conv deben 4s

79%

70%

Apr421
Mar'21

;

!o5,
1
!!

Gray's Pt Ter 1st

72

77%

39%

1944

High

Ask Low
102

86

77%
80%

Philippine Ry 1st 30-yr sf4s.l937
Pitts Sh A L E 1st g 5s
1940
1st consol gold 5s
1943
Reading Co gen gold 4s
1997

71

75

Apr'21

62

69%

13

60%

Range or
Last Sale

Bid

Pere Marquette 1st Ser A 58.1956
J
1st Series B 4s
1956

Sept'20

67% June'20
80
85

71%

A

U N J RR A Can gen 4s

Peoria A Pekln Un 1st 6s g...l921
2d gold 4^s.
61921

Nov'19

85

O

90" ~90*~

Mar'21

Nov'18

99%

N

1931 iw N

Debenture 4s—

May*20

|S

Friday

April 24

April 24

Pennsylvania Co (Concl.)—
Sodus Bay A Sou lat g 5S..1924
Sunbury A Lewis 1st g 4a._1936

High

L010

Dec'20

Mob & Mai 1st gu g 4a

NYC Lines eq tr

No.

Week ending

Week's

Price

Range

Friday

April 24

BONDS
N. Y. STOCK

Boston

Record—Continued—Page 3

New York BOND

1850

80

Apr'21

9834

78

*26
1

94
89

99%

94

72%

76% Mar'21
72% Jan'21

97%
87%
77%

76%
72%

92

81%

Feb'18

72%

"51

Mar*21

81%

73%
97% 101%
76% 78%

89

14

Apr'21
80

81%

89%

72%
22%

95

---

81*4 Sale

f Due Nov.

24

81%

72%
23

Mar'21

82

1 Due Deo.

12

81

« Option

24
84

sale.

New York BOND Record—Concluded—Page 4
Week ending April

1939 F

A

N; Y. STOCK EXCHANGE

8«4 85% ,* 84 34
73% 74%! 73l2
83

J

1939 J

Debenture series B 6s.

BONDS

Since

Jan. l

Range

Ask Low

Bid

1039 tvi N

5s____L

High
85%

73%
90
"
Aug'18
97% July'19

S

97

J
J

54

60

62

Det&Ch Ext 1st g5a.._..1941 J
Des Moines Dlv 1st g 4s

J

81%
55%

88i2
64

No.1 Low
22

Ora Dlv 1st g 3M8

1939 J

1941 A O
...1941 M S

Tol A Ch Dlv g 4s

Wash Terml 1st gu 3)48
1st 40 yr guar 4s

1945
1945
1952
1937
1943

West Maryland 1st g 4s
West N Y & Pa 1st g 5s

Gen

gold 4s

F
F

A
A

A

O

J

O

pl943 Nov

Income 5s

Western Pac 1st ser A 5s.__.1946 M

S

Wheeling & L E 1st g 5s
1926 A
Wheel Div 1st gold 5S.....1928 J

O
J

67%

66%

68%

27

28

28

22

50

30

43%
13%

45

44

Apr'21

44%

45

39%

a

39

68

04

A

24

62

Apr'21

J

J
F

J
A

A
A
A
J

F

A

J

J

J
J

J
J
S

IVI

A

A

(nterboro Metrop coll 4348--1956 A

O

5s

1st 5s_.1966 J

J

O
Stamped tax exempt.
1990 A O
Manila Elec Ry A Lt s f 5s.. 1953 M S
Metropolitan Street Ry—
Bway A 7th Av 1st o g 5s. .1943 J

D

Col A 0th Av 1st gu g 5s. .1993
Le.- Av A P F 1st gu g 58..1993
Met W S El (Chic) 1st g 4s_.1938

M
M
F
Mllw Eleo Ry A Lt cons g 5S.1926 F
Refunding A exten 4)4s
1931 J

S
S
A
A
J

Montreal Tram 1st A ref 5s. .1941 J

J

4)4s__1935 J
J

J
J
J

N Y Munlclp Ry 1st s f 5s A.1966

N Y RyB 1st R E A ret 4s_._1942 J
of deposit.

30 year adj lnc 5s

a!942 A
Certificates of deposit..
N Y State Rys 1st cons 4)48.1962 M
Portland Ry 1st A ref 5s
1930 M
Portld Ry Lt A P 1st ref 5S..1942 F
Portland Gen Eleo 1st 5s.

O

N
N
A

.1935; J
5S..1937I J

J
J

I960 J

J

al90O,A O
19371J
J

5s_.1923|A O
1933, J
..1948

J

United Rys Inv 5s Pitta las..1926.M N
J
United Rys St L 1st g 4s
1934
St Louis Transit gu 5s
1924 A
s f 4s.... 1927 A

Apr'21
58

W:

•

88"
82

'15

"35

53

63

58

Feb'21
59

36

38

255

15%

19%
16

14%
5633

57%

55

55

311

55%

55%
56

55

55%

10

60

63%

75

Oct'19

45

8

20

20%

"9l"%

J

92

1930|J

1927 J

Columbus Gas 1st gold 5s... 1932 J
Consol Gas 5 yr conv 7s
1925
Cons Gas ELAP of Bait 6 yr5s *21
Detroit City Gas gold 5s
1923

J

J
J
F

J

JC1940 M S
hi 940 M S

Duquesne Lt 1st A coll 6S..1949 J

J

5a_._1932 M S
Havana Elec consol g 5s
1952 F A
Hudson Co Gas 1st g 5s
1949 M N
cons g

Kan City (Mo) Gas 1st g 5s._1922

A O
1937 A O
1997 A O

Convertible deb 8s__
1925 M S
Ed El 111 Bkn 1st eon g 48.1939 J
J
Lao Gas L of St L Ref A ext 5s '34 A O

3

52%

4%
53

69
69

Newark Con Gas g 6s

1948 J
1948 J

NYGELAPg 58

Union Tank Car equip

57%

"74% "99"%
46%
30%

46%
31

77%

80

91

03%, 92%
96% 68

65

50%
70

77

50

Sale

67

47

44

19

21%

73%
72%
50

22

0%

53%

30%
3058

81%
3158
31%

61%

64

7834

79

»
D

Purchase money g 4s
1949
Ed Elec 111 1st cons g 5s...1996

F A
J
J
5s. .1930 F A

65%

89%
9634 Sale I

76%

77%

84
87

Sale

83

84

9534

"40% "48"
25
75

33%
81%

88%

93

68

68

"65" "70"
47

120

50%

1930 F

100%
95%
87%

7934

80%

89

80%
Sale

88% Sale

88%
88
94

"73"% "79

75

"90" III

87

91

84

94

....

A

A

O

1947 M S

20

26

35%
35%

67%

76

80

Sale

97

""4
1

81%

~96~% "97"

87%
77%

....

83
15

93%
103%
Feb'21
96%
100%
88%
82%

153

95% Sale

95%
100%

Sale

87%

.Sale

82

Sale

100%
7434

J

92

Q 9i

100%

76% Sale

100%

75

75

Apr'20
87%
80%

76%

693S
92%

71

70

O

89% Sale

F

A

90
89%
73% Dec'18
89% Mar'21

1951

M N
Corn Prod Refg a f g 5s
1931
IVI N
1st 25-year a f 5s
1934
J
J
Cuba Cane Sugar conv 7s....1930

M

S

Cuban Am Sugar 1st coll 8s 1931
Distill Sec Cor conv 1st g 5s. 1927 A O
E I du Pont Powder 4)48—1936 J D

General Baking 1st 25-yr 6S..1936 J D
Gen Electric deb g 3)48-----1942 F A
Debenture 5s
1952 MS

-Feb 1940

F

A

Goodyear Tlre& Rub 1st s f--1941 MN

IngerBoll-Rand 1st 5s
1935
Int Agric Corp 1st 20-yr 5s. .1932
International Paper 5a
1947
Liggett A Myers Tobao 7-\_.1944

J

*89% IIII
89%

98

82% Sale
100 % Sale
...*

69%

71

132

1

90

82%
100

70%

70

14

Apr'21

Mar'21
103

70%

4

Jan'21
70

1

Sale

86%

87

99% Sale
10078 Sale

99%

100%
100%

82

..1951

A

.—1944

O

84% 85
105% Sale

1951

A

85

63

D

86

8'%
Sale

Sale

79
90

70%
90

40

99% 101%

479

99% 100%

Apr'21

80

107%
Apr'21

102

106

103

85

78

83%
105%
84%

71

77%

90

Apr'21

90

90%

88

Feb'21

88

88

88%

Apr'21

87

91%

N Y Air Brake 1st conv 6s.-1938 M N

92%

90

2

87

Standard Milling 1st 5s
1930 M N
J
Steel A Tube gen s f 7s ser C.1951 J

8684
94%

87
94%

93%
88%
95%

83

86
85%
94%
94%
86% Nov'20
86% Nov'20
86% Jan'21
87
86%

J

81

Stamped..
1930 J
Union Oil Co of Cal lBt 5s—1931 J

J

81

J

87% 91%
86% Sale

_

J
D

1922

99

Sale

99

90

99

4

85

28

03

23

86%
79%

3

f 6s...1926 J

1100

77

78

79

79

79

7334

75
81%

72

July'17

...

84" "88%

Feb'21

73

Sale

88%
71%

Apr'21
Apr'17

100

72

86

69%

*78% III
95

86

63%

72%

72
74%

88

94

82%

83*4

68%

"68%

7984

77

95

96

87

Nov'lOi

79

88

Oct'19

75%

92% 98%
94% 100
92% 95

95

93

90%

282

Apr'21

76

*No prloe Friday; l*test bid and asked. • Due Jan. • Due April. • Due May.

95%

93%

90%

86%

81%

83%

78%

86%

78

78

75

82%

IIII "82"
90%
76

93% July'19
81%

81

....

79%
70%

101

80

90% Sale

76

181%

93

*81%

Dec'14

70

80%

90%

*76 " "82"

76

80%
90%

1950 M

S

75

J

80%
77% Sale

94
93%
76
75%
83l2 Aug'20
78
76%

70

80

62%
72
16
10

71
75

"76" " "82%
86

91%

"II "92"% "95%

Jan'21

78

Nov'20

1st

cons

5s series A

J

Mldvale Steel & O conv s 15s 1936 M S
Pleasant Val Coal 1st s f 5s..1928 J
Pocah Con Colliers 1st s f 59.1957 J

J

O

J

St L Rock Mt & P 5s

J

J

Tenn Coal I & RR gen

J

MN

70

Sale

75%

81

84% Sale
70% 72

J

U S Steel Corp—I coup

89

"95%

Sale

MN

83

84%

S

78% Sale
71%

M

S

89

81% Sale
100% Sale
103% Sale
86%

....

60

Cumb T A T 1st A gen 58—1937

1

Sale

81%
99%
103%

82%

94

73%

84%

63

""2
88

101

702

103%

115

86% Mar'21
64% Feb'21
80

95%
95%

81

Apr'21
89

75

91

92%

"52" "52"

80

98
87

87%

2

MN

80% Sale

80

81%

82

F

90% 91
98% Sale

91%

92%
09%

45

83% Sale
81% 817*

83%
81%

80
71%

80

90

77% 83%
94% 102
100*4 106%
86% 86%
64% 64%
78% 81

Apr'16

~86~" *87 '

Keystone Telephone 1st 5s..1935

A

1937

1938
Fund A real est g 434a
I960 MN
Mut Un Tel gu ext 5s
1941 MN
J
J
Northwest Tol gu 4 Xs g__1934
West Union ooll tr cur 5s

# Due June.

70%

90

80

"84% "86%
86%

74

78

78

71

267

Apr'21

81%

73%

80
12

Oct'20
Jan'21

J

1924
N Y Telep 1st A gen s f 4)4s.l939
30-year deben a f 6s.-Feb 1949

94%

52

S

80

2

"36 "73" "78~

Apr'21

88% Mar'21
95%
95%
80

M

1933
30-year temp coll tr 5s....1946
7-year convertible 6s
1925
BeH Teleph of Pa s f 7s A....1945
Cent Dlst Tel 1st 30-year 5S..1943

75

85

75

J

Telegraph & Telephone
A Tel ooll tr 4a
1929 J
Convertible 4s
1936 M

20-year conv 4)4s

84%

94%

MN
J

South BeH Tel A T 1st s f 5s. 1941
13

95%

90

Sale

194 "

Pacific Tel A Tel 1st 5s.

Mar'20

....

S

Northwest'n BeH T 1st 7s A.1941

Oot'20

79

98%

17

90

90%

Sale

D

Mich State Teleph 1st 5a

July'19

89

79% Sale

88

78

Commercial Cable 1st g 4s—2397
42

Nov'20

82

72

84

94

1

91%

83

A

Am Telep

Sale

105

93

00%

O

79

86

82%
76%

-III *91%

91%

90%
90%
96%
99%

Lackawanna Steel 1st g 5s__1923 A

86
79

J

D

M

00%

D

O
Illinois Steel deb 434s
1940
Indiana Steel 1st 5s
1952 M N
Jeff & Clear C & 12d 5s..—1926 J D

stmpd.1955
5s—1951
41963
s f 10-60-year 5s/reg.....41963
Utah Fuel 1st s f 5s
1931
Victor Fuel 1st s f 5s
...1953
Va Iron Coal A Coke 1st g 58.1949

77

96% Sale
99% Sale

15

75% 79%
95% 101%
89% 94%

Feb'19

68%
86%

S

I9601J

a 1926

J

Repub I <fe S 10-30-yr 5s s f__1940 A

83% Apr'21
70% Nov'20
68% Mar'21
98% Oct'17

Westchester Ltd gold 5s

1932

"84%

76%

J

1st & ref 5s guar A........1942 M N
J
6s....1936 J

6434
86%

85%

....

Sale

94%

1926 J

81%

....

91

86%

87%
94% 100

& Stael

82

81

J

Iron

68

72

1950 J
1957 J

Coal,

67

D

Utlca Elec L A P 1st g 5s
Utlca Gas A Eleo ref 5s

90% Sale,;

82

D

J

91%

O

el924

M
__1932.« N
J
West Electric 1st 5s Dec
1922 J
Westingh E & M 7s__—1931 MN

70%
Apr'21

Mar* 17

A

D

Conv deb 6s

93

98

May'19

1944 F

5

86%

75

f 6e...l936 J

239

92

86%

89

Refunding A extension 5s. .1933 MN

75

100

91

67% Sale

83

Utah Power A Lt 1st 5s

79

99%

92

75

79

93% Sale

S

78%

997s Sale.

series A_—.1947

10-year 7)4s

69

Apr'17

"68" III.

J

78% Sale,

A

A

1st A ref 5s

87%
79%

74%
Apr'21

70

Syracuse Lighting 1st g 5s...1951 J
Syracuse Light A Power 5s_.1954 J
Trenton G A El 1st g 5s....1949 M
Uxtion Eleo Lt A P 1st g 5s..1932 M

J

1930

U S Smelt Ref & M conv 6S..1926

Lehigh C & Nav s f 4)4s A..1954

Apr'21
78% May'20

85

89

75%

74%

82

85

108%

90

A

73" "73~

79

83%

88%

D

98%

68%

75%
108

94

D

Jan'21

81

79

! 90

85

83

Cons Coal of Md 1st & ret 5s. 1950

Dec'20

104%

1

35

106

Col Indus 1st & coll 5s gu__.1934

73

93

77

66%

Apr'21

90%
91

87" "87"
81%, 81%

Apr'21

86

102%

69%

71

Cahaba C M Co 1st gu 6s...1922
Colo F & I Co gen s f 5s
1943

66" "75"

75

92

82%
100

Nov'18

89%
82%

Feb'18

Sept'19
Mar'21

93

88

102%

88

70

87%

20 yr p m A Imp s f

88

93%

88

J
Nat Starch 20-year deb 5s...1930
National Tube 1st 5s
—1942 M N

86

77%

"67" "76%

96

106

78%
117

89%
89

83%
100%
Feb'2l

*7l" "74"%

75

73

"89% joo 00

70

Wlckwlre Spen Steel 1st 7s. .1935

87%

98%
87% 100%

70

90

J

Beth Steel 1st ext s f 5s

81%

88

70

91
26

79

87

90%
87%

80%

117

70

O

Lorlllard Co (P) 7s

1

71

"92"

J

IVI N

5

Mar'21

Elk Horn Coal conv 6s......1925

14

90

93%

86

45

69%

J

Buff & Susq Iron s f 5s
Debenture 5s—

89

68%

103%
89%
94%
178
94% 99%
64
100% 101

90%

A

83%
89%

81

"82 "98%
1

57%
91%
101

Dec'20

693g Sale
92%

F

83%

5

70%

429

Jan'21

IIII 74'

J

76

117

A

1940 M N

77%

June'19

102%
Apr'20

797s

$0%

67%
17

76

75%

Apr'21

A

7-Gs____.1939

71

92

74




94%

92

12-year s f 734s

94

J

s

92

92%
102%

91%
Apr'21

Cent Foundry 1st s f 6s____.1931
A
Cent Leather 20-year g 5S...1925

Am Writ Paper s f

U S Realty A I conv deb g 58.1924 J

73%....
70% 77%

J
1st gu g 58.1936 J
Ind Nat Gas A Oil 30 yr 5s.l936 MN
Mu Fuel Gas 1st gu g 5s. .1947 MN
Philadelphia Co conv g 5s...1922 MN

United Fuel Gas 1st

88

O

U S Rubber 5-year see 7a

88% 101

1949 M S

6s__1943

1st gu g 5s_1937 J

conv s

92%
87%

82

O

36

Pao Pow A Lt 1st A ref 20 yr

Stand Gas A El

88%

88

A

36%

60

1

87% Sale

75

5s

68

91

100% Sale

J

29

20%

8

~87 " "92 "

85%

oons g

A

A

36

84

79

Corp unifying A ref 5s
1937 MN
J
Pacific G A E gen A ref 5s...1942 J

Pat A Passaic G A El 5a

66

93% Sale

102% Sale

Union Bag A Paper 1st 5s.__1930 J

77%
77%
83% Mar'21
87
84%
87

100% Sale

NYAQ El LAP 1st eon g
Pacific G A E Co—Ca G A E—

5s International Series

F

F

A

Am Sm A R 1st 30-yr 5s ser A 1947

5s

64

76%

86%

70% Mar'21
66
68%

F

\:r

"56" "75 "

12

71%
62

1

87%

Nat Enam A Stampg 1st 5S..1929

578
1

Mar'21

5

3

79%

1931 M N

Consol Tobacco g 4s.

46%

Apr'21

36

31

30%

75%
68

78

60

3%
3

18

88

82%

53

Sept'20
70

82

80

Baldw Loco Works 1st 5s

16

Mar'21

6

77

A

5s

20-year deb 6s

47

82%
98%

84

78%

19%
58%

"17% "25"

31%
Apr'21
Apr'21

98%

83t4
75%
67%
91%
91%

78

58

13

Oct'20

4634
30%

78

317

A

54%

50

Apr'21
Feb'17
Dec'20

164

98%

O

MM

"82" "86"

81%

F

48%

July'19
Apr'21

90%
65%

Feb'21

80%
98%

A

21%

Feb'21

75

82

95

May'20
Apr'20

74%

15

~92 " "93"

53

75

79

M N

Am Tobacco 40-year g 6s... 1944
Gold 4s
.1951 F

73%

5%

96

66

3

90%

38
82

67%

53

92

53

O

65

78% *82%
102% 106%

73% I

A

O

"31

80

88

M N

" "85%

71%
67% 71%
15
67%
75%
106 104% 108

72%

07

88%
92

81
70

80

I

82

Feb'21

4%
5%

76%
67%

99%

29

A

1924

Am Cot Oil debenture 5s

15%
21%

20%

82%
?

J

5s....1928

Am Agric Chem 1st c

66%

23%

Mar'21

20%
4%

1928

63%

■

72

20

1931

7s--.1930

Wilson & Co 1st 25-yr s f 6s__1941

Conv deben

59

37

Apr'21

75%

73

Manufacturing and industrial

57t2
58

Dec'19

68

72

1927 M N

Milwaukee Gas L 1st 4s

Tide Water Oil 6)4s

24%
66%

57

7834 Sale

Q
M N
J J

Detroit Edison 1st coll tr 5s._ 1933 J

Purchase money 6s

53

18

58

88%

1945 M N
Clncln Gas A Elec 1st A ref 5s 1956 A O
Columbia G A E 1st 5s
1927 J

g 5s

Tennessee Cop 1st conv

50

20% 24
20% Sale
4%
5

6a__1925

54

108

F

Pub Serv Corp of N J gen 5s__1959
Sinclair Con Oil conv 7%s...l925 MN
A
F
Standard Oil of Cal 7sal931

53

....

Apr'21
15% Mar'21
21% Mar'21

73%

"72% IIII

J

cons g 5s._

1st A ref 6s series B

252

43

54

""

J

1930 J

Stamped

72

54%

Light

5s A..1949

CJ_

"53

56% Sale

40%

65

84

83

55

98%

46

Va-Caro Chem 1st 15-yr 5s.. 1923

1934 J

General 6s series B

'"is
"244

17%

1945

Transmission 5s

10-year conv s f 6s.

60

Sale

65

63

Jan'20

Apr'21

_.al932
Nlag Lock A O Pow 1st 5s—1954
Nor States Power 25-yr 5s A.1941
Ref & gen 6s

83%

19%
19%

Mar'18

86

Sale

15

13%
75

24!

92

83%

High
56% 63%

94%!

572% Sale
80
Sale

IIII *87%

Low

103% I

94

Niagara Falls Power 1st 5s. .1932

1951

58

Sale

N Y Dock 50 yr 1st g 4s

53

"~26

Sale

18

94

32

58
2
....

65

82

60

81

Apr'21
71
74%

82% Sale
81%
100% 103% 102%

33

A

Sale

77%

—.

Montana Power

6s-.1941,A O
..1936,™ N
1st 5s A
1943,J J
s 14)4s—1939 J
■»

69%
74%

19

127

Since

Jan. 1

Feb'18

81

70%

74%
74%
107% Sale 107
■

73

Ontario

24% Mar'21

65%
66%
66% Juue'20

30% Sale

Equit Tr (N Y) inter ctfs

Peop Gas A C 1st
Refunding gold
Ch G L A Coke
Con G Co of Ch

A O
193l|J J
5s—1927|A O
Chic Un Sta'n 1st gu 4)4s A.1963 J
J
1st Ser C 6J4s (ctfs)
1963 J
J
Chile Copper 10 yr conv 7s..1923 M N
Co l tr & conv 6s ser A....1932 A O
Building 5s guar tax ex...1960

Ontario Power N F 1st 5s_..1943

Apr'21

22

58

82%
70% 72
70% Sale

81

47

58

Sale

90

81

98% Sale

37

18

58

60

O
J

Mex Pet s 1 8s

39%

54

66

O

A

Inter Mercan Marine a f

50

Mar'21

55

56

99%

71%

39

54

57%

55

59

45

63

~57% *63" "

5

40

70

50

63%
63%
54%

65% Sale

15

99%

Ce:ro de Pasco Cop Ss

-

13

80

56

*56 "

1

15

13%

66%
66%

47%

59

15

55% 55%
99% Sale

S

Chic C & Conn Rys s f

No.

59

78%

Computing Tab Rec s f 6s.. 1941 J
J
Granby ConaMS&P con 6s A 1928 M N
Stamped.
1928'MN
Great Falls Pow 1st s f 5s
1940, MN

40%

54

62

O

O

Union Tr(NY) ctfs dep......
Va Ry Pow 1st A ref 5a

A

-

1955 J

5s

OQ

30% Sale

United RRs San Fr

Kings Co El L A P

63%

14%

deposit

Manhat Ry (N Y) cons g 4s__1990 A

Eq G L N Y 1st

"II "25"

38

1957
1932 F

ser

-

80%

May'18
Dec'20

J

1957 F

N Y A Jersey 1st 5s

gen

60%

Dec'20

80

1927
Conn Ry & L 1st & rel g 4)4s 1951
Stamped guar 434 s
1951
Det United 1st cons g 4)4s_.1932
Ft Smith Lt A Tr 1st g 5a_._1936

Electric

79%

85%

Consol

Morris & Co 1st

J

Stamped guar 4s._____.1949 F

Income 6s._______

56%
89%
62%

0S%

High

Range

P

Sale

79

25

Feb'21

O

Nassau Elec guar gold <4a..1951 J

Adj Income 5s
Third Ave Ry 1st g 5s.
Tri City Ry A Lt 1st s f
Undergr of London 434s

52

56

or

.15
13% Sale

66

88% Mar'21

Chicago Rys 1st 5s

St Paul City Cab cons g
Third Ave 1st ref 4s_.__

55

82

Mar'21

87

Stamped guar 4 5a
1956 F
Kings County E 1st'g 4S..1949 F

New Orl Ry A Lt gen

1931M
Booth Fisheries deb s f 6s_—1926 A
Braden Cop M coll tr s f 6s__1931 F
Bush Terminal 1st 4s
1952 A

Range

Last Sale

Ask Low

Sale

14

Gold M deb 6s A____1925 M

25

68

M N

£ nterboro Rap Tran

62

Oct'20

67% Sale

J

J

ser

j
"~8

Jan'21

84

82

69

.1916 1941
1941
Bklyn Q Co & S 1st 5s
1941
Bklyn Un EI 1st g 4 5s
1950

1st A ref 5s

82

87

1960 J

Bk City 1st cons 5s.

General 7s series

81%

58

Bk Q Co & 8 con gu g 5s

Bklyn Un Gas 1st

Oct'17

47%

7% secured notes...1:1921 J
Certificates of deposit..
Certificates of deposit stmpd..

and

36

80%

55

3 yr

Gas

81%

54

Railway

BklynEdlson Ino

80%

62

48

Brooklyn Rapid Tran g 5s...1945 A
1st refund couv gold 4s_._.2002 J

Certificates

20

62

20

86

^ale
w_...

62

63%

86

Alaska.

51%
5.5%
66%
79%

Feb'21

53

86

55%

1949 J
J
Sup & Dul dlv A term 1st 4s'36 M N

of

53% Sale

1949 M S

RR 1st consol 4s

Winston Salem 8 B 1st 4s

Certificates

79

Adams Ex coll tr g 4s

80

Atlantic Refg deb 6)49

Apr'21

59

1948 IV! S
S
Conv deb 6s series B
.1926 M S
Armour A Co 1st real est 4)4s 1939 J D
Atlantic Fruit conv deb 7s A. 1934 J
D

90

90% Mar'17

Wis Cent 50 yr 1st gen 4s

Adjust income

70%68%
I <9%

Bid

Miscellaneous

High

60

56

S3

1930 F A
Refunding 4)4s series A...1966 M S

Hud A Manhat 5s

57%: 56

Feb'21

80

Exten & Impt gold 5s

Street

54

55%
67%

J

A

51%

"

73

Week's

Friday
April 29

April 29

Week ending

84%

2

88% Mar* 20
80
Aug'12
55
Apr'21

1st lien equip a Id g 5s.__>.1921 M
1st lien 50 yr g term 4s
1954 J

Price

Range

or

Last Sale

Friday

April 29

29

Wabash 1st gold 5s
2d gold

Week's

Price

BONDS
N. Y. STOCK EXCHANGE

1851

» Due July. I Due Aug. 0 Due

83
80

85

81%
85%
80%
80% 80
99
101% Sept'17

Sale

83

64

252

,85
175

88%
81%

87% 92%
96% 100

21

80

5

81
83

86%

77%

81%

20

6

85
83

Nov'lfl

Oct. v Due Nov. « Due Deo. eOpttonsale.

1852

BOSTON STOCK EXCHANGE-Stock Record
PRICES

CENTUM

PER

PRICES—NOT

Sales

STOCKS

for

SHARE

BOSTON STOCK
EXCHANGE

the

Saturday

Monday

Tuesday

Wednesday

Thursday

Friday

April 23.

April 25.

April 26.

April 27.

April 28.

April 29.

119

119

62%
80

20

121

62%

80

80

*80

20

|

20

62%

20

20

1*24

*24
128

128

120

20

*120

243

64%

685

80

19

130

130

62%

15

"26" ¥o"
19
Feb'21
Last Sale 29

*

Hale

*130

*3%

*3i2

....

♦

68

*37"

40

1712
•60

*16%
*60

70

66

66

62%
18%

61%

62%

"62"

18%

*15%

*70
*41%

41%

62%

"621s

15

16%
—-

41%

41i2

*15%

66

74

74

*37%
17

65

4

39

39

45

20

1

*15%

63%
18

87

42%

605

60
1

*70

41%

41%

41%

51

51

1

66

63%

*70

"41%

17%
70

*_._.

62%
18

62%
*15%

537

17%
70

17%
66

62%

*41

51

65

70

*60
*

*70

41%
51

68

39%

*....

70

*60
*

41

*51

*51

17

17%

17%
70

1*62

f

68

39%
17%

*37%

70

17%
*60
*

70

1*70

*

68

39

39

*16

17l2
70

♦

>

*

40

Mar'21
Apr'21

Last Sale 130

*130

*130

*130

68

*37

Feb'21

Last Sale 3%

*3%

....

*51

....

78

*.30

.90

200

3%

4%
15%

5,463

107% 107%

*51

Boston & Albany.....
Boston Elevated

5,406

Lowest.

Highest.

100

119

Apr 16

100

61% Jan 11

100

78

Jan

100

18

Feb

pref

Boston <fe Maine

pref

100

125

Chlo Juno Ry 4b U S Y._._ 100
Do
pref
100

130

119

May
74% Dec
13% Dec

30

4

25

133

Jan 21

124

Jan 29

.25

Feb 26

65
Apr 29
36% Mar 19
15
Mar 17
60
Apr 11

Jan

Jan 29;

Presume
1920,

Highest.

130
73

10c

NOT

134

Oct

68

89% Nov
40

Sept

Dec

49

Oct

Jan

143

Mar

Dec

25c

Oct

75c

Deo

7

Mar

Feb 16

3

Nov

11

Mar

Feb 26

130

Jan

.99Jan

3%

Feb

00

2

Jan 29

3% Jan 19

Feb

28

4

43% Feb 3:
23% Jan 12;

132

Jan

65% Dec

86

Jan

32

75

15%

Dec

Dec

Sept
37% Sept

75

Feb 23

76

Dec

80

Jan

Apr 26

70

Jan 27

77

July

89

75

Jan 19

60

Dec

86

July
Apr

74

3.1
Apr 23
Apr 26

40

Jan

3

Jan

8

52

Apr 13
Jan 21

3

68

58

Rutland pref
100
Vermont 4b Massaohusetts. 100
West End Street
.50

Mar

15

-50

49

.10

.30

-25

2

.50

8% Jan

3

100

.....

Mar 22

8

.75

100

pref

85

25% Feb

.25

N Y N H 4b Hartford
100
Northern New Hampshire. 100
Norwich 4b Worcester pref. 100
Old Colony
100

Do

7

Jan 11

26

Boston 4b Providence—.. 100
Boston Suburban Eleo_.rw par
Do
pref
no par
Bost 4b Wore Eleo pref.no par

Maine Central

129% Feb 25
66% Mar 4

Apr 13

.....

Do
Do

""26

Jan'21

.25

Last Sale .75

*3%

476

127

127

130
Last

Year
Lowest.

119%

119

63

80

119% 119%

*24

*24

130"

*120

63

80

20

20

63

80

63
....

120

63

119% 120

62%

Range for

Railroads

_

625s

Rangeeince Jan. l.

Week.
Shares.

119

BONDS

SM mit pag«

21

Jan 12

15

Jan

76

Feb

9

70

June

43% Mar

3

36

Dec

89% Nov
45% Jan

Feb 10

48

27%

Oct

July

55% Jan

3c

Dec

7% Mar
3% Nov
13% Nov
100% Sept

Miscellaneous
1

*.50

3%
13%
106% 106%
86% 86%
3%
13%

76

76

.25

*-05

.95

.90

3%

3%
13

.

*1

.90

*.30

.90

3%
13%

3%
13%

3%
13%

3%
14

13%

88

106% 107%
88
88

76

*76

*76

107%

107

88

76

106% 106%

.25

*.05
19

"l9%

19

*1

2%

*1

360

Last Sale .16

Feb'21

Apr'21
19% 20
Last Sale 3
Apr'21

19

"738 ""40
.45

*.25

*12%

13

*3%

4

.45

*.25

*12%
*3%
16%

*1

".50

23

23

90

*75

160

160

17

17
22
*75

.

*158

10%
22%

.35

*.25

13

".50

.50

.50

.55

.55

3,624

.35

*.25

.35

.35

.35

50

*.25

23%

*75

90

*75

90

160

161

161

160

160

11

10%

11

10%

10%

11

21

22%

20

20%

20

*0%

7

*6%

7

31

25

25

30%
25%

30%
25%

*38

40

*38

40

82
7

82

*82

83

*21

25

25%

*37

83%
7%
21

4%

4%

7%
i

:

4%

4%

4%

10

10

10

13

12%

,12%

12%

90

90

81
62
121

.7%

34%
7%
3

♦2

101% 102
*9
10%
26
26%
160

*158

9%

25%

25%
37

*37

40

*37

83

82

82

....

7

7

20%
4%

20%
4%
10%

10%

10%
12%

"l3%

*21%

22%
7%

7

99% 100
54%

*50

20

*18

81

*2

3

*2

101% 102

102

103

103

*9

160

161

*12%

26%,

90

90

81

80%

150

63

63%

251

33

103

9

"l3~

34

8%

8%
103

9

29

28

161%

*13"

"13"

13%
21% 21%
*7%
100
100%

23

*21%

9

29%

160% 161

7%
7%
99% 100%
54%
19

55

53

*50

13

13%

21%
7%

22

103

160

21%
7%

Do

36%

36

23%
18%

19

21%

22

*25

29

28%

29

*25

29

*27

29

16

16

*15%

16%

19

19

14

Do

♦13

19

*13%

14%

14%

14

14

14

14

20

22

21

21%

22

27%

28

28

28

22%
28%

*25

29

*25

29

*25

29

16

16

*15%

16%

*15%

16%

*---.

19%
*13%
14%

36%
23%
19

1,620
;

142
6,486

20%

10,489

14%
14%

95
74

391

*11"

"28%

29

92

29

10

16%

*15%

30

Apr

Nov

127® Apr
3% Jan

49c

Deo

12

Nov

3%

1% Jan 10

13% Jan 10
4% Feb 11
23

Jan 17

75

3

164

Jan

8% Apr 12

17

Jan

Jan

20% Jan 29
37

Jan

6%
20%
3%
9%

Jan
Apr

Island Oil 4b Trans Corp.. -10
Ubby. McNeill A Libby.. -10
10

Apr

7
4
27
9
21

Jan

3

89% Apr

100

Loew's Theatres.....

Apr 27

81

no par

pref

7

Mar

11

McElwain (W H) 1st pref. 100
Massachusetts Gas Cos
100

Jan

8

Dee
Aug

25
8

140

May

36% Jut

Jan.3

"~8 "

Dec

20

" June

35% Jan 17

32%

Dec

60

May

16

Apr
Dec
Dec

29%

8

25% Apr
41% Feb
86

Mar

13

Jan

18
7
28

Jan

32

Jan

11

14% Apr
92% Feb

9
23

13

85

40
80

Deo

10% Nov

9%

57

118
16

.10

7% Apr 12
2% Apr 22

9% Jan 13
4% Feb 2

New England Telephone-- 100
Ohio Body A Blower
no par

95% Jan 3
8% Feb 17

...

.....

—1

Pacific

Mills

25

Mar

28

146

Orpheum Circuit Ino

Jan

3

100

Plant (Thos G) pref
Reece Button Hole

80

Mar 8
12% Apr 14
Jan 29

.10

17

100

98

Apr 11

Torrington—£. .25

53

Apr

Union Twist Drill

19

Apr 25

6

__5

Jan

104

25

8% .Tan

7

Do

Jan

19

Mar

14
1

20% Apr

29

Coqsol Oil Fields-

.10

Waldorf System Ino
Waltbam Watch

100

Walworth Manufacturing. .20
.50
Warren Bros
Do

1st pref-...—... .50

Do

2d pref...........

Wlokwire Spencer Steel

50
5

.

Jan

Jan

177® Dec

55

Jan

5

Nov

32% Deo
22% Sept
12% Feb
15
Dec

25

Jan

99

4

39% Jan

22% Apr 1
17% Jan 3
16% Jan 6
12% Apr 2
13% Mar 12
11
Apr 13
19
Apr 1
18
Apr 6
15
Mar 30

80%

10

97% Nov
50
Dec
21
Nov

34% Apr 11

__5

July

Deo
Nov

105% Jan 12
61
Feb 15
22
Jan 10

.25

pref

Venutra

Jan

12

34% Mar
170% Jan

13

24

53

Dec

23%

140% Dec
85

17
10
Mar 23
Jan

Dec

03% Nov
138% Jan

8% Sept
101
Nov

14

Shoe Mach Corp. .25

United

7%

June
Nov
Dec

317® Apr
121® Sept
101% Jan
86
Nov

4% Nov
82% May
9
Deo

87 * Feb

3

26

Feb

10% Jan 7
30% Apr 29
167% Feb 18

Apr

89% Deo
68% Feb

35% Apr 25

Mar

Jan

4

80% Feb
8% Apr

8

15

Jan

45

Dec

8

Mexican Investment Inc.. .10
National Leather
.10

Oct
Jan

96

Dec

26

Jan

74%

24

6%
-

4% Mar 18

122

118

Nov

164

Dec

Feb 25

100

Jan

7

14% Sept
6% Mar
30% Jan
28% May
88
Apr

15%

29

100

Dec

15%
62

Jan

........

Dec

Apr 16

23% Apr 26

59% Jan 6
Apr 13

80

3%
21

63% Apr

Do
pref
Mergenthaler Linotype

45

23%
18%
19%

13

Internat Products

20

18%

10

Dec

60c

4

153jApr 29
Jan 10

.£...i....^.* 100

pref

*18

36

Dec

5

10

Jan

23% Apr 12

20

23%

Apr

4

17% Mar 16

*18

18%
19%
14%

29

Apr

5% Mar 8
30% Apr 28

19

36%

Apr

35%

.50

Swift A Co

23%

38

Dec

9

Jan 27

4

Greenfield Tap 4k Die
25
Internat Cement Corp.no par
Inter oat Cotton Mills
.50

.75

36

Nov

14

.25 Mar

152

560

*23%
18%

Jan

10

-

12% Jan

100

418

18%

20

83
19

no par

54

36%

13% Mar

Apr
Jan

167

Dec

lc

.16 Feb

no par

Motor

100%

23%

70

Girdner

*53

18%
19

70

Jan

Elder Corporation

100

23

*14

"""115

80

15

80

.95 Jan

16

"7% "7%

"36

14

216

Apr
Nov
Nov

Mar 30

89% Feb 19

109

12

70

54

18%
14%

30

3,557

Feb

6% Jan

100

101%

-

23

19

""362

Feb

Feb 18

-25

Edison Electric Blum

1
5

.25 Mar

-5

*53

100

37

14

Manufacturing.

29

4% Apr

4% Mar 18

10

...

pref.....

National Oil

8%

3

12

Blgbeart Prod 4b Refg
10
Boston Mex Pet Trustees no par
Century Steel of Amer Inc. 10
Connor (John T)
10

54

36%

14

2,702

60

18%
18%

9,452

30%

13

23

14%

45

Mar'21
13

18%
19

469

160

36

14

687

104

8%
29%

23

*14

10%
12%

Apr'21

18%
*13

515

15

6
Jan 21
Mar 29

Jan

15% Apr 29

.07 Jan

par

Root A V Dervoort CI A no par
SImms Magneto
-5

7%
7%
100% 100%
*50
19

19

19

"13"

22

.4%

80%
63%
Apr'21
29% 34%
8%
8%

Last Sale 2%

103%

27%

4%
10%
12%

Last Sale 121

3

9

11
*9%
26% 27%
161% 162

10'2

26%

90

63

81

62%
62%
62% 63
121
121
*120
*120
34
33
33
35%
34%
8
8
8%
8%
3

39

21

*-.-_

62%

*2

377

*17%
4%
10%
12%

23

18%

48

....

35%

18%

25

6%
21

3

Feb 24

Gorton-Pew Fisheries
195

80%

12%
90

81

"8l"

12%
90

6%
*17%
4%
10%
12%

Last Sale 80

"l3"

1,270
1,675

40

121

34%
7%

160

""""36

"24%

37

Jan

73

Art Metal Construe Ino
.10
Atlas Tack Corporation no par
Beacon Chocolate
.10

Eastern

""""33
"24"

3

74

no par

Eastern SS Lines Ino

Apr'21

25

96% Jan

..no par

pref

Do

30%

90

81

80%
62%
*120

Last Sale 7%
25

Do

545

11%

30%

_

Amer Telep & Teleg..

Amoskeag Mfg

850

21

*82

21

90

62

11

*20

30%

*30%
;

7%

7%
21

90

*120

11

21

Amer Pneumatic Service.
Do
pref

*

*4%
*934
12%

33%

11

Engineering.

East Boston Land..

15%
16
22% 22%
Apr'21
161
161

*20

7

*6%

162

*161

20%

*30%

16%
22%

Apr'21
Mar'21

Last Sale 75

11

22%
7

81

22%

17

23

90

31

*6%

16

23

*3%

23

*6%

*20

Last Sale 4

16

Mar'21

Last Sale 13

3%
16%

*12%

3%

*3%
16%

*30%
25%
83

13

22%

13

*12%

3%
16%

1,190

19%

Last Sale 4%

Am Oil

Anglo-Am Commi Corp .no

19%
2%

*19

19%
2%

"".50 "".50

"".40 ".40

114

Last Sale 12%

*13

*13

"l9%

".25

510

¥0"

*78"

80

*78

;

*.05

14

107% 107%
88
88%

88

88

".25

*.05

2%

18%

*.30

3%

3%
13

13%

*12%

*12%

.90

*.30

25% Apr
133

Jan

70

Mar
Apr

28
49

Jan

20

Feb

Mar
23% Apr
44% Jan
19

Jan 5
Feb18
22%Apr 28

14% Deo

17

14

Dec

20

19%

Dec

29% Apr 18

27

Dec

39% June
33
Jan
35

Jan

82

Sept

17

11

25

18% Jan11

15

Deo
Deo

3
19
7
23% Feb 11
3% Jan 7

40c;

Aug

30

Jan

Feb

Mining
*,50
*.30

21

.50
22

2%

8%
*8%

.

.95
54

*50

*.03

.95

51

9

9
.05

| 9%

15

145S

15%

10

*8

10

35

35%
3

35

6%
9%
*1%
*2%

*1%
*.50

*59
76

19%
2%
*1%
2%
*1%
1%
2%

6%
9%
2%

3

3

1%
.75

2%

1*2%
49%
15%

49%

*.50

1

55

15%
55

*91%
6%

92
6%
11

11
*.25

*1%

.50
2

*22%
*2%
9%

23%

3

*9

9%
10

258

14%

14%

*8%

10
36%

35%

2%
3

3

10

36%

1%

*1%
*.50

9%
10

14%
*8%
34%

14%

1%

*1%

.75

*50

9%
2%
*3

1%

.75

Hancock

745

Apr'21

77

*75%

77

*76

77

*76

21

21%

75%
20%

23

23

23

21

21

21

3

3

3

*2%

3%
2%

*1%

2

1%

1%

*2%

2%
4%
3
50%
16

*2%
49%
15%
.50
*53

2

*1

1%

*138

2%

2%

4%

4%

4%

*2%
50%
15%

.50 *__-.
57

*53

1%
2%

51

15%

15%
.50

*.50

3

327

960

.95

2
22

22

30%

30%

1%
22%
30%

40

42

42

40

1%

39

39

5

1138

50

4%
11

5%
11%

17g

Apr'21
*1%
1%

*27%
39%

30%
40

31%

260
482

*38

39

*38

39

345

Quincy
St Mary's Mineral Land.

1

620

Shannon

.08

*.05

.10

*3%

4

*3%
1%

4
1%
2%

4

4

4%

*4

4%

*4

4%

1%

2

1%

1%

*1%

2

*134

2

2

2%

2

2

.46

.45

.45

.45

*.43

.46

2
*.43
*2

*2

2%

*3%

4

3%

*1%

1%

lAt

2%
3%
1%

*.05

A,

*.90

*1%
.10

2%2 As
*3%

4

*lAt

1%

*.05
*4

1

*.90

Last Sale 1%
Last Sale .05

.10

2

.45

2

2%
4

2%
*3%

2%

1%

1

1%

At

4

South Utah M A S

1%

1,625

Utah Metal A Tunnel

.75

.62

.75

.60

.60

.60

.60

2,065

Viotoria

.35

.35

*.45

.50

*•60

.75

341

Winona

12%

455

•

Bid and asked prices.




.50

*12

*.30

12%

*12

.50

Ex-dlvidend and rights.

13

*12

Last Sale ! .48

Jan'21

Assessment paid

-

5

...

5

5

3

.04 Mar
3

1

As Jan 12

Oct

95

Sept

7

Deo

8

Deo

12%
21%

Jan
Apr

80c

Jan

1% Jan 6
22% Apr 27
31% Apr 29

1

Dec

2%

15

Dec

37%

Jan

20% Deo
34% Dec

58

Jan

65

Jan

58

42

.60 Apr 28

.25

.35 Jan
10

6

Apr 7
.48 Jan 13

Jan

Jan

Jan 28

25% Dec
50c
Dec

2

Jan 18

10c

Mar

8

3c

Dec

25c

Jan

2%

Dec

6

Jan

1

Deo

6%

Jan

33c

Dec

.12

Jan

4% Feb 11
2% Feb 17

2

Jan

2%

Apr

Feb 15

5

3

Jan

5

3

.25

Apr 26
Apr 26

Oct

7%

As

40

I

Mar 28

.25

Jan

Feb

.75 Jan 17

4

Jan

79

3

Jan

72

24

7
8% Jan 20
12% Feb 21
.50 Jan 7
Mar

.40 Jan
Jan

Jan
Jan
Jan
Mar

48

4

2

6%
11%
7%

Mar

3

3

Dec
Dec
1% Dec
40% Dec
12% Nov
21

Mar

2

Dec

1%
3%

Apr 23

95

4

90c

Deo

4

Mar 18

Dec
Dec
1% Dec
1% Dec

35c

55

Mar 30

0

Apr 26
16% Apr 25
.95 Jan 7

4% Apr 27
8
Mar 23

23

Jan

51

4

.95

..25

Ex-dividend.

25

1

Wolverine

z

2% Jan 3
43% Jan 3
12% Mar 31

Jan

1% Feb 25
3% Jan 8
5% Jan 8

9
1

1

Wyandotte
h Ex-righta

Jan

Apr

3% Apr

3

-

.50

12%

3

.55

3

-

.75
12

I

Jan

-

*.45

*.30

Jan
Apr
Jan

Jan 22

Utah Consolidated

.45

.50

3% Feb 16
2% Feb 11

Jan

Utah-Apex Mining

.85
13

4

Jan

1

125

.45
12

Mar

.75

985

.75

*.30

Jan

5

2%
47®
3%

28"

At 2 At

.90

.50

38

1%

10

-

.50

12

Dec

2%

25

Tuolumne Copper

.90

*.30

15

1% Apr 12

.25

-

.40

*11%

Apr 26

Jan
Sept
June

3% Jan 13

3

2,020

4

23

35% Jan

.45

2

3

%

2% Mar 14
1% Apr 1

3

1,390

*3%
1%

82

15% Jan

2%

745

Nov

.25

.25
Superior
Superior A Boston Copper. .10
5
Trinity Copper Corpn

125

Jan

4

75

9

.45

.50

2%
3%
1%

Apr'21

1

2% Jan

8

...

Lake

South

0i® Mar

Apr 12

1% Feb

2

At

.45

Mar'21

5%

Dec

78

25

.25

Apr

Aug

2

6

.25 Mar

25

Jan

16

50c

3% Jan

Jan

.25

Osceola....

*39

31%
40%

*.05

•-

15
....

640

...

5

Jan

Jan
Jan
48% Jan
47® Mar
14% Jan
16%

60

80

—

22

2

.91

Butte
Lake—.

North

22

.95

.91

North

23

*1%

1

Nlpisslng Mines

10% Jan
3% J an

Jan

40%

Aug
Nov
Feb

.50 Apr
40
Feb

.

Dec

3% Dec

40c
409

39

100

pref

*22

1

1

Do

5

25

Jan

25c

100

New River Company

1,850

"""loo

5
.

Ojlbway Mining
Old Dominion Co

2

*1%

25

New Cornelia Copper—...
New Idria Quicksilver

3,785

Last Sale .50

*1%

25

Mohawk

15%

50

11%

25

Oct
Dec

10% Nov
6% Dec

47® Dec
7% Dec

7% Jan

1% Jan 25
1% Jan 22

-25

2c

200

Jan

Apr
15% Jan
10% Apr
4%

Apr
Apr 22

2

—5

_.

2
4

%
42

60

.25

Consol

51

91

.50

Mass

Jan

10% Jan 17
10
Jan 28
36% Apr 25
4% Jan 18

2

16% Jan

25

Mason Valley Mine

Apr

.04 Feb

Dec
Aug
5% Dec
6% Mar

15

.75

.25

Mayflower-Old Colony

10
259

28
28

1% Feb
77
Jan

3

75

25

—

Apr

Dec
Dec

Jan

-.1

Co

10

40%
20o

Mar 18

48

-.5

Salle Copper

15%

*90

*.25

La

Jan

.50 Apr

1% Mar 16
.25

1

Copper

Lake Copper

1% Apr 2
1% Mar 30

.25

.

Lake—

51

91

.50

3

Michigan

*90%
4%

11%

Kerr

100

91

5%
11%

Jan

2% Apr 20
5% Mar 28
7% Jan 3

.25

pref
Isle Royale Copper

3

*1%

At 2 At

310

*90%
434
11%

27

.25

Do

3

*.90

2

210

1,265

90%
5%

21%
30%
39%
37%

40
38%

1%

95

5

*1%

31

1%

"""260

5%

22

39%
36%

*1%
2%
4%

1%

2%

57

90%

1%

39%

3

2%
4%

*

4

10

.

Island Creek Coal.

Keweenaw

*53

11%

39

.50

335

*2%
2%

*2%
*4%
*2%
50%

50%
16

645

3

57

*.25

27

50%
15%

.50 *--_-

21

Apr'21

*1%

3

51
15%

2%
2%

90

*53

.60

27

*2%

2%

77%

57

11%

27

3

Last Sale 1%
*2

Jan

26

Consolidated

Mining

Indiana

""345

*53

11

21

2%
134
3
2%
IS4
2%
4%

58

57

91%
6%

*1%

*2%
2%

2%

91%
5%
*.25

2%
*1%

7

20

Helvetia.-----------

134
75

5

12% Mar 17

-10

.75 Mar

50

6

Apr

-25

Franklin

76%

1%
234

Copper Range Co.
Daly-West—
Davis-Daly Copper
East Butte Copper Mln

160

8

8

.25

.......

355

*75

3

Centennial

2,368

58

*2%
*1%
*2%

10

Mar

.03 Jan
210

1

.

3%
1%

59

"

Carson Hill Gold.

938

*58%

1%

3,245

25

23S

59

3

Calumet A Ilecla

*2

59

*2%

—5

Commercial

*3

59

Apr 5
2% Mar 26
6% Jan 3

J6

.10
Bingham Mines
Butte-Balaklava Copper.. -10

1,662

59

*1%

25

662

"ivios

Last Sale

4

.25

Consolidated..

Aecadian

"""225

35%

9%

5

.25 Mar

Arizona

Apr'21
6%
6%

6%
9%
2%
3%
1%

43% Apr

395

35

6%

.40 Mar 29

.25
.25

—

—

Allouez

35%

Last Sale 2%

6%
9%
2%
3%
1%

10

Ahmeek

461

1,010

10

3%

9%

257

Adventure Consolidated.. .25

Algomah Mining

15%

6%
2%

10

75

100

14%
*8%

*2%

*3

2%
9%

400

Mar'21

255

£

3

.75

35

10
10

.40

23

2%

256

.95
53

*22

7
10
2%

—

6%
934
2%

53
*.25

Last Sale .04

255

14%

8%

*.50

3

10

*.05

*.03

8%

36%

21

38

.40

23%

23

250

.50

54

*.25

14%

"6%

20

38

.05

.50

*53%

.30

59

4

3?8

,

1%
.50
59

.50
54

9

9
255

*3

6%
9%
2%

59%
76%
20%
2%
1%
2%
2
1%

9%

*.03
245

.50
53

*.30

2%

3

9

9
.05
251

14%
*7%
*2%

23%

2%

' 9%

*8%

.50

21

2%

*.03
244

54%

*.30

22

2%

.95

53

.50

21

8

*.50

51

*.30

2%

240

233

*.50

Jan 12

As Jan 31
2% Feb 17
4
14
Feb 21
.48 Jan 13
2

.80 Mar

lAt Aug
2% Dec
Nov

~"f% Jan
4

Oct

9%

Feb

3%

1

Dec

3%

Jan
Jan

25c

Sept

2

Jan

8

Dec

23

Jan

15c

Oct

42c

1% Mar

April 30

1921.]

THE

CHRONICLE

1853
Friday
Last

Outside Stock Exchanges
Boston Bond
Stock

Exchange April 23 to April 29, both inclusive:

Shares.

Low.

88.04 89.24 $17,650
50
87.04 87.04

U 8 Lib Loan 3%s_1932-47
1st Lib Loan 4s. 1932-47
.

88.04 Apr
85.54 Mar

90%

96%
98
78
96%

95

95

87.64

Jan

2d Lib Loan 4s_.1927-42

86.64 87.24

200

85.44 Mar

87.64

Jan

1st Lib L'n 4 %s. 1932-47
2d Lib Loan 4 %s 1927-42

87.04 87.60

4,050

85.62

Jau

88.52

Jan

86.64 87.60

35,950

85.54

Jan

88.72

Jan

90.04 90.60

25,950
34,750
12,800
1,000
1,000
1,500

88.10

Jan

91.26

Jan

88.54

95.78

Jan

97.81

75%
81%
95%

Jan
Feb

Income 4s

High.
Jan

Jan

92%

93%

Jan

76%
97%

97%

Apr

98%

Apr

72

Jan

78

Apr

9,000

96%

Jan

97%

90%

Jan

96

2,000

89

Jan

Jan

Jan

92%
83

Jan
Mar

Apr

-

-

83

5,000

80%

62%

9,000

61%

Jan

65%

44

-

83

44

43

Mar

47%

100

1,000
3,000

100

Apr

62%

100

60

Jan

64%

Feb

101% 101%

-

62%
100

•

3,000

99%

Jan

102%

Mar

-

62%

1949

Car trust 8s

Low

73

2,000
4,000
6,000
8,000

1928

;

100

Apr
Jan

Jan

Apr

Jan

85.34

United Ry & E 4s

96

92%

1940
1949

Peiinsy W & P 5s

Jan

Range since Jan. 1.

%

26,000

77%

96%

1923

97%

78

*

Cosden & Co conv s f

92.90

75%

96

Elkhorn Coal Corp 6s. 1925

High.

High.

97%

1950

Convertible 6s

Range since Jan. 1.

Week.

of Prices.
High.

Low.

Week.

Low.

75%

1922
1945

7% notes.
Consol Coal ref 5s

for

Week's Range

Last

Price.

for

of Prices.

Price.

Consol Gas E L & P 4%s'35

7%% notes B

Sales

Sale.

Bonds-

Week'8 Range

Sale.

Bonds (Concluded)--

Record.—Transactions in bonds at Boston
Friday

Sales

■

3d Lib Loan 4%s___1928

4th Lib L'n

86.74 87.70

4%s_ 1933-38
1922-23

97.24 97.64

Victory 4%s

Am Tel & Tel coll 4s. .1929

79%

Collateral trust 5s. .1946
Convertible 6s

mrn'm

«.

—

82

mm

79%
82

100 %100%

_1925

Atl G & W I SS L 5S..1959

53

54

Bait & Ohio

66%

66%

99

99

74

75%

conv

4%s.l933

Carson Hill Gold 7s... 1923
Chic June & U S Y 5s. 1940
Gt Nor-C B & Q 4s... 1921
K C Ft S & Mem 6s.

.

99 .60 99.60

94%

Mass Gas 4%S-_--_._1929
Miss Riv Power 5s.... 1951

94%

85

1928

.

.

85

6,000
5,000
1,000

52

Feb

Jan
Jan

79%
82%
100%

Mar

Apr
Apr

66%

90

Jan

99

74

Apr

82

Jan

96%

Jan

Apr

94%

79

Jan

87

Mar
Jan

Feb

Apr

77%

74%

Jan

83%

6,000

79%

Jan

85%

Seneca Copper 8s..... 1925 ■""ilU";
Swift & Co 1st 5s
1944 "85%

97

99

2,000

94

Jan

85

85%

Apr

82%

80%
78%

87%

81

7,000
5,000

Jan

Western Tel & Tel 5s- .1932

Jan

83

Apr

82

101

Jan

Par,

Stocks-

Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange April23 to April 29, both inclusive,
compiled from official sales lists:
Range since Jan. 1.

Last

Stocks—

Par.

Week's Range

for

of Prices.
Low.
High.

Week.

Price.

.15

Preferred

10%

10%

150

10%

61

61)4

490

55

74%

74%

50

13

19

Barnsdall Corp, Class A.25

25%

25%

Carbo-Hydrogen Co, com.5
5

1

1

30

%

Jan

1

Jan

5%

5%

20

4%

Jan

8

Feb

340

20%

Jan

28

Apr

Apr

70

10 %

Amer Vitrified Prod, com50

Araer Wind Glass Mach 100

100

"74)4

Arkansas Natural Gas. .10

15%

Preferred..

Carnegie Lead & Zinc

28

ChCity&ConRy pt sh pf(*)
Chic Elev Ry pref
.100

'"3"

Chic Pneumatic Tool. .100
Chic Rys part ctf series 2..

Continental

Motors

Cudahy Pack Co

Deere & Co pref.....

Diamond

Match

Godschaux Sugar

_

_

~ido~~
7%

5

Feb

8

Api
Apr
Apr

Apr

5

Jan

Mar

68

Jan

2%
59

315

2

Feb

3

Jan

15

200

May

215

Feb

109

415

102

Jan

110

3

108

7%

6%

27,700
40

50

m

Mar

17

Apr
Jan

7%
63

Apr

Jan

25

83

Apr

91

Feb

75

96

Jan

105

Mar

25

1,100

20

Mar

30

Apr

89

91%

780

61

Jan

91%

Apr

76

Mar

76

74

65

Jan

75

14%

14%

290

11%

Jan

15%

10%

7,645

9%

Apr

13

84

360
55

69%

Apr
Jan

400
50

15%
24%

Mar

24

Apr

50

Jan

42

Apr

Mitchell Motor Co

9

655

6%

Jan

7%

(»)
Nat Carbon pref (new) .100

130

105

105

105

Feb

Jan

103

7%

9%

'•

Mar

106

Peo Gas Lt & Coke Co .100

"24"
19%

Pub Serv of No 111 com. 100

7%

Apr

24%

Apr

9%
30%

48

100

34%

Jan

48

24

25

150

23%

Feb

26%

Jan

18%

19%

14

Feb

19%

Apr

80

2,170

Preferred-.......
Reo

103% 103%
88%
85%

100
100

Motor...

-v-r.

.

50

•

Apr

50

68

Jan

81

Apr

30

103

Apr

149

Jau

1,635

83

Feb

91

Jan

27%

Shaw (W W> com..._..(*)

Stewart Warner Sp com 100

18

Jan

4,670

66

Mar

87

Feb

43

2,250
75

38

Feb

66

Jan

35

Standard Gas & El pref. 50
Swift & Co

150

87

41%

43

21%

81

"87

com

"29"

100

100%

Swift International..... 15

26%

35%
30%

28%
100

100%

Temtor Prod C&F "A".(*)

13

24%
12%

Thompson (J R) com...25

31

29%

31

Union Carbide & Carbon 10

51%

50

52%

United Iron Wks

14%

v

__(*)

Ward Montg & Co w I..20

"20%

Western Knitting Mills. (*)

Wrigley Jr

13%

Jan

26

Jan
Feb

Jan

62

15

14,200
2,920

47

500

22

18%
13

6,955

Jan

Mar

16

15%

Mar

Jan

50%

Feb

Feb

9

37%

22

Apr
Jan

9.50

8%

Jan

94

69%

Mar

70%

Jan

74

Mar

106%

Apr

$3,000

60

Jan

67%

Apr

5,000
4,000
17,000
2,000
7,000

35

Jan

41%

Apr

61%

Jan

66%

Apr

13%

66%

40

40

65%

65%

66

34%

34

35

19%

19%

85

85

40

31%
33%

66%

Chic City & Con Ry 5s 1927

Apr

22

Jan

2,725

66%

Jan

27%
49%

70

Chicago City Rys 5s.. 1927

Jan

105%

315

106%

"IOG"

Feb

36%

Apr

11%

90

.10

37%

Apr

98%

13

70

25

com

Yellow Mfg Co...

Jan

26

Mar

11%

Mar

34

200

46

t C..50

WahlCo..

27%

7,300
1,515
5,235

32%

Bonds—■

Chicago Railways 5s__1927
4s, Series "B"__

.1927

Adjust income 4s___ 1927
Commonw Edison 5s.. 1943

-

_

_

28

Mar

35

Apr

10

Apr

19%

Apr

Jan

88

Jan

78%

Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange, April 23 to April 29, both in¬

7%

—50
1

10%

25

"47%

Oklahoma Natural Gas. .25

24 %

Ohio Fuel Supply-

Par.

Stocks—

Pittsb Plate Glass, com.

1

Cent Teresa Sugar pref.. 10

Commercial Credit

Price.

Low.

High.

Ramge since Jan. 1.

Shares.

............

43

.25

Preferred

~

23%
21%

25

Preferred B

Low

High.

84%

Consolidation Coal

85

100

-

25

Preferred....

v

v

43

23%
83%

Mar

San Toy

__1

Mining

49

360

7% Mar
1%' Jan

Mar

26

Jan

Apr

53

Jan

2% Mar

Jan

3%

West'house Air Brake

Jan

9

Mar

12

Jan

18

Mar

14%

Apr

19

Jan

50

Mar

1,985

3)4

400

8)4

20

1,725
550

2c

10)4
110

12%
117

46%

West'house Elec & Mfg, co

m—

Se

24

2%

Jan
Mar
Mar

5

070

8%
131%

Jan

30%
4

Mar

9

■

Jan

2c

4,800
130

12%

'

Mar

4c

Jan

Jan

Mar

12

Jan

Jan

116

Jan

w

150

4c
8

Mar

Jan

Jan

6c

Apr

Jan

10%
119

Mar

117

01%

91%

50

15

92

127

91

Apr

97%

Jan

50

55

Apr

61

Feb

116%

Note below

e

55

50

Preferred

6

370

21%

19

57

100

71

71

10

69

Mar

73

Feb

1949

69

69

$4,000

69

Jan

70

Mar

99%

00%

2,000

96

Jan

99%

West Penn Rys, pref
Bonds—

Pittsb Brewing 6s

Wost'h'se El & Mfg 7s. 1931
Note.—Sold
at 69: 33,000

on

Apr

Friday, April 22, and not reported: 34,000 Pittsburgh Brewing 6s

Westinghouse Elec. & Mfg. 7s at 99)4; 46 Nat-Ben Franklin Ins. Co.

at 89)4 @90: one

membership Pittsburgh Stock Exchange at $3,600; 50 Westinghouse
55@57; 11 We3t Penn Rys., pref.. at 72.

Elec. & Mfg., pref., at

.

.

Philadelphia Stock Exchange.—Record of transactions
at

Philadelphia Stock Exchange, April 23 to April 29, both

inclusive, compiled from official sales lists:
I

I

Friday
Last

Week's Range

Sale.
Par.

Stocks-

Price.

High.

17%

18

Shares.

Low.

High.
Jan

17

Apr

19

215

28

Apr

32

1,427

44

Jan

56%

34%

Apr

37

82

18

Alliance Insurance,.10
American Gas
i 100

28

28

28

American Stores

no par

50

51%

56%

Cambria Iron

....50

35

35

35

_

Range since Jan. 1.

for
Week.

of Prices.
Low.

'

20

Jan

Mar
Jan

100

30

30

27

30

Apr

34

Jan

Elec Storage Battery... 100

112

119

3,420

92

Jan

119

Apr

Consol Trac of N J

115%

100
50
50

Superior Corp
Lehigh Navigation.

Jan

20

Jan

Jan

29%

Jan

Apr

30

15

15

100

13

29%
27

151

27%
27

Apr

10

Jan

71

Fob

56%

Jan

27

Keystone Telep, pref...50
Lake

Apr

350

28%

10

Insurance Co of N A

72%

72%

100
IIunt&BdTp pf ctfs dep 100
General Asphalt

8%
x65

9

8%

12

1,140

50%

7%

Mar

00%

x05

127

03

Mar

65

48

Apr

14

Jan

10%

50%

50
50

11

44

44

Jan

70

71

19

70

Mar

79%

Jan

Pa Cent Lt & P, pf.no par

42

43%

98

40

Jan

50
50

71

71%

20

64%

Apr
Mar

33)4

36

8,235

32%

Jan
Apr

43%
74%

31%

32%

555

31%

Jan

Lehigh Valley
Mlnehlll & S II
North Pennsylvania

Pennsyl Salt Mfg

Pennsylvania
Philadelphia Co (Pittsb)
Pref (cumulative 6%) .50
Phila Insul Wire

32

25

"21%

Warrants

74

51

Jan

52%

Jan

3,190

21

Apr

25%

Apr

22%
28%

Feb
Feb

%

1,196
11,596

17%

17%

17%

3,260

53

52

53

72%

72%
12%
1%

5,375

1 5-16 1 7-16

60

50

-

12%

50

preferred..
Devel

1

1
50
50

Tonopah Mining
Union Traction

1%

1-16

Jan

Mar

55

Feb

25

66

Mar

88

Jan

25

42%
1%

Apr
Apr
Jan

29%

Jan

15%

1 %

Jan

30%

31%

586

33%

32%

33%

1,080

49%

30

30

108

30

43

43

97

43

30

30

81

30

43

50

Preferred

42%
1 11-16

1%
32

Mar

Shore .50

Apr

18%

51

'21%

_

100

%

Apr

255

49%

United Gas Impt

Jan

51%

1-16

50

Jan

34

21%
26

.......

Transit

Philadelphia Traction...50

42

21%
25%

Preferred
Phila Rapid

Mar

51%

no par

Phila Electric of Pa

49

18

30

49%

30%

Jan

Apr
Jan

Mar
Mar

Feb

50

Jan

37%

Feb

Apr

50

Jan

Jan

30

Jan

Jan

Bonds—

3)43-1932-47

89.00

89.02

$5,500

89.00 Apr

92.44

1st Lib L'n 4s... 1932-47

87.32

87.32

5,000

87.20 Mar

88.10

Jan

Jan

87.16

87.16

86.46 Mar

87.70

Apr

86.86

87.30

84.40

Jan

88.30

Jan

90.30

90-|52

88.20

Jan

91.04 Feb

85.60

Jan

88.58

94.50

Jan

97.82 Feb

80

Apr

80

Jan

74

68

Mar

99%

2,000

99%

Jan

Baldwin Locom 1st 5s. 1940

93

9,000

Bell Telep of Pa 7s
Elec & Peop tr ctfs

93%
103% 103%
56
50%

Amer Gas & Elec

Apr
Apr

1,680

3%

Jan

Jan

,

Jan

Apr
Mar

Apr

99%

Mar

93

Mar

26,000

101

Jan

93%
103%

Jan
Apr

20,000

53

Jan

56%

Apr

Feb

83

Jan

23

Jan

29

Apr

149
,

79

23

•>an

23%

Feb

56

57

2,000

50

Mar

9

12

Mar

18

Jan

Lake Superior Corp 5s. 1924

30%

39%

1,000

$39%

Apr

48

Jan

Jan

62%

Feb

70

76

5,000

76

Apr

76

Apr

Jan

Lehigh C & Nav 4s... 1948
Lehigh Val regis 6s.__ 1923
Annuity 6s
Lehigh Val Coal 1st 5s.l933

Apr
Apr

97%

Apr

58

52%

70

64%

Jan

150

77%

Jan

88

Apr

515

9%

Apr

12%

Jan

do

•

1945
4s. 1945
1945

small

Jan

96

96

1,000

94

Jan

97

Mar

87

2,000

86

Apr

87

Apr

trust 5s stamped...1951

92%

97%
108

92%

100% 101
95%
94%

1,000
1,000
1,000
5,000
26,500
1,000

97%
108

92%
100%
94%

*

57

Apr

109

Jan

Mar

95

Feb

Apr

105

Jan

Philadelphia Co eons & coll

87

97%
108

Pennsylvania RR 7s__1930
15-year 6)48...
1936
General 4 %s
1965

Bonds—

2

Apr

Feb

165

65

-

74

Jan

Apr

140
V

10%

-

80

31

87

Wm'W

small

87.58
97.60

80

Mar

10

Balt'Spar Pt & C 4%s.l953

do

86.96

97.30

Jan

23

65

...........

1st Lib L'n

90

23%

"65

99%

Jan

40%
4%

Mar

56

Atlantic Refining 6 %s,1931

88%

83%
26%

13%
58%

500

Jan

102

13%

71

Feb

92

209

23%

m

74

71

24%
23

200

81

...

74

2007

Jan

22

43%

Jan

85

28

5s..2007

4,000
16,100
26,250
85,800
26,500
2,000
2,000

80




710

Feb
Mar

Apr

United Ry & Electric. -.50

_

Jan
Feb

1

22%

Apr

29%
2%

235

8

17%

2c

Union Natural Gas

Feb

39

7

Jan

40%
4%

28

.95

Pennsyl Wat <fc Power.. 100

Clty,& Subrub 1st 5s. 1922
Consolidated Gas 5s-.1939

100
245

48

116

OiL..(no par)
100

Transcon '1

Mar

5%

40%

80

28%

.55 Feb

83

28

t r..._._100

Bait Electric stpd Ss_.1947

220

merub ership—SeoiV otc belo
4c
4c
1,000

20%

50

22

85

24

t r.100

Central..50

5%

1%
25%
50%
2%

10

115

86

43%
23%

21%

21%

67

Northern

20

"l" 16*

100

4)48.1932-47
2d Lib L'n 4)48.1927-42
3d Lib Loan 4)4s... 1928
4th Lib L'n 4)48.1933-38
Victory 1%b
1922-23
Allegheny Val gen 4s.. 1942

480

6

81
:

20
995

.75

23%

2'm.

Houston Oil pref tr ctfs. 100

MtV-Woodb Mills

5%

4

Davison Chemical—no par

Preferred

-

5

I Benesch & Sons-_.no par

.65

85

Consol Gas E L & Pow.100

Cosden & Co.......no par
Preferred..

28

28

"".65

-.25

Feb

70

Jan

Week.

50

Celestlne OH

Mar

1%
3%

10

3)4

Pittsburgh Stock Exchange

U S Lib Loan

Arundel Corporation

10%

350

24

Pittsburgh Oil & Gas...

Wm Cramp & Sons

for

Jan

35

8)4

1

Plttfib-Jerome Copper

West Jersey & Sea

Sales

of Prices.

Mar

7%
10%
14)4
47%

Pittsburgh Brewing, com50
Preferred
.50

Preferred.

clusive, compiled from official sales lists:
Week's Range

25

24,100

49

Fireproofing, com..50

Preferred..

2d

Last

100

Jan

19

14)4
2)4

2%

Ohio Fuel Oil

Tono-Belmont

Sale.

Mai-

70

21%

Refining

Reading
*No par value.

Friday

"24%

Apr

21

10

100

Sears, Roebuck

7

0%

25

—

Quaker Oats Co

Jan

Apr

60,085

28

2

Jan

7,425

0,125

.

85

1214

.50

Preferred

Kay County Gas.
Lone Star Gas

Apr

8%
30%

80

8%
29

1

7%
26%
48

10

115

Apr

70

"l4%

50

Indep Brewing, com

Jan

6

24
42

5

Mar

74%

12

25%

.50

__

Guffey-Gilles Oil..(no par)

Jan

42

5%

High.
Feb

Mar

21

100

(Albert.) & Co
(*)
Piggly Wig St Inc "A".(*)

150

10%

10

10

Mid West Util coin....100

Pick

315

90

Apr

74

"14%

_

Orpheum Circuit, Inc

65

Apr

5%

90

73

100
Hart.Schaff & Marx comlOO
Hupp Motor.
j.
10
Llbby, McNeill & Libby. 10
Lindsay Lights
__10

National Leather..

Apr

212

84

89%

_

Mar

60

Jan

15%

20

-

100

Preferred.

24

Apr

102% 103

-

..100

Hartman Corporation.

Jan

Apr

3%

50

100
100

eom_.(*) "23

Great Lakes D&D

9

64%

2%

10

com..

11%
56

7,025

8

212

Chicago Title & Trust.. 100
Commonwealth Edison .100

Jan
Feb

50

90

3

Jan

94

300

64%

Feb

94%

42

800

7

85

Jan

Mar

16%

10%

Feb

84

Mar

60

5%

69%

12%

710

Low.

1%

Exchange Nat Bank.

Nat

Mar

73%

88%

17

90

""§%

Range since Jan. 1.

Nat-Ben Franklin Ins Co- See No te below

High.
Jan

50

12%

88%

15

100
_(*)

Low.

67

Low.

Shares,

Marl.and

537

12%

56

15

(*)

(J I)

955

16

..100

Bucyrus Co pref

25

90

88%

(*)

common

Preferred

Case

12%

100

Beaver Board
Briscoe

"§9%

76

89%

100

Armour Leather

75

76

American Shipbuilding-100
Armour & Co prer

Shares.

70

70

.100

__

Week.

High.

Mfrs Light & Heat

Sales

Sale.

American Radiator.

for

of Prices.

Price.

Consolidated Ice, pref.._50

Friday

Week's Range

99.60 Apr

94%

Sales

Last
Sale.

Apr

4,000
2,000
1,000

83%

-2,

•'

Friday

Jan

Apr

77%

1932

Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange April 23 to April 29, both in¬
clusive, compiled from official sales lists:

Apr

66%

78

Telephone 5s

7%%notes.wU—----

Apr

62

3,000
8,500

N E

62%

Funding 5s, small. .1936

79%
80%

79%

80%

$3,000
5,000

76%
80

Mar

Apr

80

80%

Jan

76

...

79%

76

79%

79%

1,000

Apr

100%

76

Apr

81%

Feb
Jan

"*76%

Feb

79%

Apr

Last

Week's Range

Sale.

(Concluded)

Price.

do

Reading

4s

400

81

Jan

87%

1,000

56

Feb

66%

77

77

97%

97%
69

2,500
36,000

97%

Mar

99

Jan

67%

66%

Jan

95%

3,000

91%

Mar
Jan

70

95
62

64

1997

Spanish-Amer Iron 6s. 1927
United Rys Invest 5s. 1926
Welsbach Co 5s
.1930
W N Y & Pa

Apr

85

„
:

62

2,000

62

95%
62%

85

1960

gen

Jan

82

-

62

gen'l 4s.. 1943

86%
04

77

1,000

Apr

Apr

Apr
Mar
Feb

Oil

Stocks

0Concluded)
Carib Syndicate

April 29, both inclusive.

afternoon.

It

covers

to transactions

the "Curb"

on

New

the

Federal Oil..

give a record of
market from April 23
the week ending Friday
,

such reliability attaches
to those on the regularly

permitted to deal only in securities regularly listed—that
is, securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to'dealings.
Every precaution, too, is taken to
insure that quotations coming over the "tape," or reported
in the official list at the end of the day, are authentic.^
On the "Curb," on the other hand, there are no restrictions
whatever.
Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transactions.
The possibility that fictitious transac¬
tions may creep in, or even that dealings in spurious securi¬
ties may be included, should, hence, always be kept in mind,
it is out of the

In the circumstances,

regards mining shares.

to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and

we

question for

give it for what it

may

any one

be worth.

April 29-

Last

Par.

Week's Range

for

Sale.

Stocks—

of Prices.
Low.
High.

AJax

1

..10

Gripper_r..

.10
Aluminum Mfrs, com.r. (f)
Amalgam Leather, com.(f)
—

Amer Hawaiian S3

American

_

„.

_

1 A

VA

IX

......

2H

2X

1%

2

.

r_

_

10

23%

Brlt-Am Tob ord bear_r_£l

Ordlnary.r

Preferred

w

25
100

com w

1

214
102

Chic Nipple Mfg cl A.r.10
Cities Serv Bankers' sh r(t)

"i~6A

16

17%

Keystone Ranger Dev.r.l
Livingston Oil Corp.r-..1

1 1-16

1

1 3-16

3oC

28c

38c

29%

2%
31%

10,200

3%

4%

6

Manhattan Oil.r..(no par)

2

"30%

Marland Oil of Del_r___(t)
Merritt Oil Corp.r
__10

"24%

24%

25%

12%

12%

12%

Mexican Panuco Oil.... 10
Mexico OH Corp
10

Midwest-Texas Oil.
Mountain Production

"\A

w

1%
2%
11%

1%
3%

"n%

i.r

Noble Oil & Gas
J
North American Oll.r
5
Ohio Fuel Oil.r
..._1
Ohio Ranger.r_
Omar Oil & Gas..

4

12

38c

45c

J
42c

Settled Prod _r

*2

______

Simms Petroleum r(no par)

88

1

.

.

_

2

4

Apr

2

Feb

Jan

32%

Mar

10%

4%

Mar

Apr

31

Jan

11

Jan

13%

Feb

3

Feb

6%

1%
%

Apr

2

Feb

Jan

3%

Apr
Apr

17%

Mar

8

Feb

12%

4C

Apr

13-16

Jan

3%

Jan

57

19

%
2%

Apr

9%
4%

Apr

5%

6

Mar

9

3,200

2

Jan

3

48,000

4%
4

Mar

6%
5%

Apr

Jan

Jan

Apr
Apr
Jan

Jan

%

Apr

1%

Feb

6%

Apr

14%
14%

Jan

Feb

Apr
Jan
Apr
Jan

Jan

10%

Jan

90

6%

25,000

6%
84%
5%

%

66,200

11-16

Jan

1

Mar

6,200

1%

Feb

2%
A

Mar

75

9%

Apr

Apr
Mar

Feb

%
%

Jan

Jan

300

3%

Mar

Feb

1%

1A

1,300

x

11,900

_

%

._..J

.

2c

1,100

1%

Feb

1%

Jan

IX

1

Jan

Apr

Jan

%

Jan

Feb

Apr

101A 102

12%

13%
31

Carson River Corp.r
Cash Boy Consol.r

7%

30

31A
46

600

1

3A

1,300
4,600
600

101

103

Apr
Mar

32%

Mar

Apr
Mar

7%
31%

Jan

Crackerjack.r

Apr

50

Jan

Cresson Con Gold M & M.l
Divide Extension
1

5

Feb

1%

Apr

Emma

Mar

4%

Jan

Eureka Croesus

16

Apr

27%

Apr

Eureka Holiy.r

Apr

Forty-nine

55

19%

Davles (Wm) Co.r (no par)

Durant Motors r..(no par)
Empire Food Products.r(f)
Farrell(Wm)&Son com r(f)
Gardner Motor.r..(no par)
Garland St'mship.r (no par)
Goodyear Tire «k R.comlOO

30

20 A

21A

1,300

3%

24,100

13

1%

Goldfleld

36

Feb

Goldfield Florence.r

22

Mar

Gold

Mar

Great Bend.r

Apr
Apr

3%

14 A

15

200

14

Feb

21

Jan

22'%

300

15%

Jan

23

Apr

IX

IX

100

%

Mar

1%

Apr

"is"

18
2

2

Market St Ry pref w i
I Maxwell-Chalmers Cl B.r
Mexican Investment
10

39
15

9

800

6%

Jan

10

Feb

610

17%
1%

Mar

20

Mar

200

Feb

4

Jan

40

300

39

Apr

46

15%

800

12

Jan

19

28 A

35%

13,000

28%

7%

7A

200

7A

Apr
Apr

8%

18 A

15-1$

Apr

#

Magma Copper
Marsh Mining.r

21

20%

22%

1

5c

7c

1%

1%

4%c

5c

Jan

2,300
1,600

1%

Apr
Apr

2%

Jan

4

Jan

12%

Apr

750

88

Apr

88

Apr

30'

Apr

2%

Feb

2%

Mar

2%

100

88

88

5%
11%

4%

Mar

Stand Gas & El com.r..50
Standard Tobacco com B..

11%

200

11%

Apr

13

45

45

200

41%

Apr

Mar

%

Mar

54%
1%
3%

1%

1%

%

3%

27%

25

69

67

Union Carbide & Carb r (f)
United Profit Sharing..25c

Un Retail Stores Candyr(t)
U S Distributing com.r.50
U S Metal Caps.r..
U S Ship Corp.r

3A

3%

27 A

4,600
27,600
2,100

7%
22

1

17

23

1,120

5

5

25

2%

2

A
A 11-16

Rex Consolidated Mln—1

St Croix Silver..

72

Feb

Silver King Divide.r—.1

Jan

60

64
51

5-16

Apr

1%

Mar

5%

5%

Jan

Silver Mines of America.r.

1%

Jan

Silver Pick Cons'd.r

ioc

l

100

21

preferred.r.. 100

A

£1

18 %

Indiana Pipe Line

50

Ohio Oll.r

25

Prairie Oil & Gas.r.... 100
Southern Pipe Line.r__ 100

19%
43

13,700
25

Jan

Standard

1%

Apr
Apr

2%

Apr

Success

5-16

Sutherland Divide.

Feb

1%
1%

Jan

%

Jan

Talapoosa

%

Mar

3

15

Mining..r

.1

Jan

Tonopah Divide.r

1

IX

Feb

5%

Mar

Tonopah Extension

1

1

1 %
1 7-16

1

21%

Jan

Unity Geld Mines

51

Jan
Mar

Victory Divide.r
10c
West End Consol'd—...5

82

25

82

Apr

86

88

270

Feb

320

Apr

Western Utah

510

10

495

Feb

510

White Caps Mining

99

100

Apr

20

99

Apr

103

Mar

236

74%

82

320

236

40

218

Mar

259

Jan

77

650

Apr
Feb

77

Apr

75%
73%

74%

8,450

75%

1

Feb

3c

Mar

Mar

34c

Feb

Apr
Jan

26c

Apr
Feb

4%

3%
%

Mar

7c

Mar

19c

Feb

4c

Jan

12c

Feb

2%
lc

X

3%

Mar

Feb

Apr

Jan

4c

Feb

7%o Jan

24c

Mar

3o

Apr

8c

Feb

80

Apr

20C

Feb

13o

Mar

19c

Feb

17

Mar

25%

50

10c

Apr

1%

1%
Apr
4%c Apr

Feb
Jan

Apr

5%c Jan

Feb

11c

%
2%c

3-16

43,S00
7,500
19,800
4,600
1,200

1%

5,625

3-16 1 7-16

19,760
2,640

/1H
1%
2%

7-16 Mar
115

2,780

%
34
lo

6

A

Apr
Jan
Apr

3%o Feb

Feb

85

Apr

llo

3%

Feb

6%

Jan

%

Apr

3-16

Jan

4c

Mar

2o

Jan

Apr
Jan

2%c Jan

%C Apr

9-16

Feb

%
1%

JaD

1%

Jan

1 1-16

Mar

1 7-16

1 5-16

Jan

1%

Apr
Jan

1%,

Jan

2%

Apr
Jan

7-16

111-16 Mar
3
Mar

Apr

100

Feb

56

Jan

Jan

3c

36

10,570

12,000

Jan

llo

Jan

Apr

Apr

6

Mar
Apr

4,100
3%c

%
158

Apr

4c

1,600
52,800

19,700
11,200

66%

Copper.r.-l
10c

1 1-16

30

1

9o

20c

Feb

23,100

2c

Feb

%

%

6

Feb
Feb

3o

4%

7-16

"~2%c

46
260

Apr

Jan

3c

2%

Jan

11c

Jan

6

Apr

11-16

'

Apr

7%

Apr

2c

Jan
Mar

6c

24

11,425

59,600

5c

8c

3c

4c

14,700
12,500

1%

%
15

15,900

Wllbert Mining

1

4c

Vukon Gold Co....

5

1%

Bonds

1%
30

5%C

4c

2o

Mar
Feb

1%
40

Jan

10c

Jan
Mar
Jan

Jan

4c

Jan

%

Apr

1%

Jan

—

371

175

320

Mar

385

Apr

Allied Pack oonv deb6s r 39

45%

45

46

109,000

42%

Apr

60

Jan

305

85

290

Apr

325

Jan

Amer Agric

Chem 7%sl941

96%

96%

97% 130,000

95%

Apr

98

Mar

89

89

85

Jan

91%

97%

97%
96%

94%
92%

Jan
Jan

97

Jan

91

Jan

94%

Jan

83

Jan

89%

Jan
Jan

lie

lie

12C

15%

13

18%

20

20

22

25%

r(t)

"24"

-...5

1%

Boston-Mexican Petrol r.l




%

Apr

Feb

2%c

1%
1%
2%

Amer Tel& Tel 6s_r—1922

Oll.r..1

Jan

5c

lc

362

Other Oil Stocks
1

Jan

Mar

1%

1%

Amer Lt & Trac 7s.r. .1925

Allied Oil.r...

2

299

100

Arkansas Nat Gas com.. 10
Atlantic Gulf Oil.r

Mar

Mar

Apr

75%

Mar

%

10,200
30,700
47,000

%c

9-16

new

510

Jan

2

5%
%

85

2c

lc

Jan

2,700

5-16

3c

25%

Apr

81

7-16

Feb

400

42

lc

2c
85

Silver.r.
1
Tonopah Belmont Dev.-.l

Mar

4

Jan

900

5%
%
3%

%

35

15%

22c

Apr

2

3-16

Apr

43

1%

65o

Jan

Silver-Lead.._.l

21%

312
510

100

Standard Oil (Calif) new..
Standard Oil (Ind).r
25
Standard Oil of N Y.r.100

17%
43

39c

2

Jan

%

6

r

United Eastern Mining..1

100

1%

Feb
Feb
Apr

1,420

2

5%

South Amer Gold & PI

10%

Apr
Mar

Jan

Mar

8%

5%

Jan

U 8 Continental

2

74c

Apr

10

9

Oil

Jan

4%

6c

Apr

Subsidiaries

34

4,550
16,200
62,100
33,500
12,000
17,000
2,100
13,030

300

4c

1

8A

Jan

11,400

6C

7

3%

3

54,000

X

X
41

Tonopah Mining.r

(no par)

%
1%
7%c

2

____„»1
1

9c

3%o Jan
62c

Jan

Apr
Apr

%
124

4%
1%

5-16
-

Apr

123

1%

..2

Silver Hills.r

900

11-16

Prince Consol

Red Hills Florence.r

1%

6%

%

9-10
......

Ophlr Silver Mines
1
Platinura-PalladiumCorpl 0

Apr

1,420

6,400
1,600
2,900
3,300
3,000

National Tin Corp.r..50c
New Jersey Zinc.r
100
Nlplsaing Mines.........I

27%

3,800
8,400

5c"

...1

Jan

1%
23

Feb

7C

5

Apr
Jan

52%
8

Apr

Mason Valley
Motherlode.

2

IX
7X
21A

'

10

__._—5

23

51A

'"i%

"s-ie
10

70

8^700

4c
15c

12 A

8%

3c
18c

»3%c

lie

A
IA

2

IX

4c

8c

3,500
4,900

Apr

18c

1

13c

1

Jan

10c

Knox Divide.r

15c

800

19

2c

15c

2c

Kewanus.ri-..
Lone Star.r.

10c

2A

10

3%

1

12%

International.r._.15
Todd Shipyards Corp.r(t)

2%

MacNamara Crescent_r__l

5

Stanwood Rubb.r.(no par)

3%

10c

MacNamara Mining.r

Mar

5

Swift

5

Blossom.r

Butler.r

Jan

.

30

28

Southern Coal & Iron

Kerr Lake

Feb

10

Amer.r..(t)

7c

14%

50

Roy de Franoe TolIetProd

9c

5c

Jan

Locomobile Co

Peerless Trk & Mot_r_._50
Perfection T <fc R.r
.10

7c

7c

7%

Lincoln Mot. Cl A.r

30

15c

8c

1

10,000

9

10

15c

1

Iron
Jim

"16%

11c

Jumbo Extension

Jan

Feb
Mar

43c

15%0 Apr
%c Jan

9c

•

17o

Jan

Apr

27

26c

3%
9%

Apr

1

21,800
10,300
31,000
55,700
6,870
1,000
16,200
20,200

4 3-16

26%

9c

12c

92,000

3%

Apr

Jan

3c

20c

Mar
Mar

75o

19c

26C

9

Jan

35

4 3-16

7%
8%

37c

2c

""lOc"

100

Feb

17c

..10c

750

Jan

7c

27

1

Jan

2c

19c

1

5%o Jan
60

26c

19,000

Jan

Jan

7-16

15-16

2%c

Jan
Jan

Jan

$

lc

%
1

2c

Mar
Apr

%

35

Zone Divide.r

Harm! 11 Divide.r

900

Intercontinental Rubb.100
Internal Cultl pref._r_.10

7c
2c

2c

37c

Divide.r
10c
Hecla Mining.........25o

11%

9X

10

10c

Devel.r

Hecla

2X
9X

10

9
2

A

1

Goldfield Consol'd.r

Jan

27%

Mining

Jan

8

7,500
23,700
45,400
16,400
1%
2%
58C
78c
115,600
6,800
1% 19-16
1,300
X
%
5c
7c
15,900

1 9-16

__1

25,100

4

1%

33c

68c

1

■

74c

2

1%
2

Jan

Jan

6

22%

Hey den Chem.r.(no par)
Imper Tob of GB & I.r.£l

Preferred.r.

100

30

3%

IX

110

8

70c

36c

Silver

6c

6%

6%
3

Apr

%

11,800
119,200
6,950
23,000

1%

4c

6c

74c

14%

Apr

Jan

6%

1

Consol Virginia Silver.r. .5
Cortez Silver.r
1

Apr
Mar

38

1

1%

12%

Feb

2%

1

29%

26%

97,000

12c

Candalaria Silver.r

Feb

481

65c

43c

Feb

3%

7,900
3,400
4,200
6,300

18,200

9c

13%

Feb

Jan

4%c

22c

14

Mar

1%

Jan

Apr

2c

12c

Mar

11%

%

%

7-lGc Apr

27,100
21,600
14,000

3%C

43c

11%

7,000
1,500
12,500

5-16

4%C

%
60c

400

2A

lc

65c

1,000

13

12%

2

1

%c

3c

4,400

12 %

%

1

lc

4c

68

Jan

A

1

Booth.r_.__
.1
Boston & Montana Dev..5
Caledonia Mining
1

Mar

100

7-16

7-16

Belcher

40

41

11%

Boston-Wyoming

Apr

400

10%

2 Ac

Jan

44

com

38c

3,900
5,400

3c

Apr

311

Oll.r

Mar

25c

Jan

%

3%c

Jan

10

32%

500

Boone

Apr

3A

5-16

23

Apr
Apr

1,300

Atlantic Lobos Oil

13-J 6

7-16

10c

Mar

7

23%

7A

Vacuum Oil.r

Apr

A

Extension.r_._10c
Big Ledge Copper Co....5

16

200

15%

South Penn Oil.r

Jan

%

Feb

X
3%

Belcher-Divide, r

200

4,700

54

r

17%

%

1

14

Anglo-Amer Oil.r
Galena-Signal Oil com

Mar

2%

Mines.r

5

10

Standard

13%

Apr
Jan

X

Atlanta

52

Former

Mar

1%
9-16

200

5%

Apr

15 %

Second

10

Feb

Apr

1

Apr

90

2

53

(f)

com.r

Apr

6

3-16

4%

2

3%
r

Feb

Feb

7-16

Wilcox Oil & Gas.r.
_

Jan

8

30

12

2

%

\

2%

Apr
Mar

Mar

8%

8%

2%

1%
4

9%

14%

88

5%

Jan

3,000
2,900
1,400
2,400
1,300

2

10

Sinclair Con Oil, pf.r__100
8keily Oil.r
..10
Texon Oil & Land.r
1

24

77

9

7%
13%
4%
8%

~

Apr

Jan

%

"8%

Jan
Jan

15

Feb

250

5%

13%

Mar

2%
15

4%

200

,7

5%

5

1

Feb

Mar

2,900

12

%

5

Mar

11

Apr

5%

new..

Apr
Apr

%
2%

4%

r__

4%

1 11-16 Apr

5,000

4%

Salt Creek Producers

%

1%

10

Feb

Feb

5%

Savoy OH

Feb

15%

Producers &

Sapulpa Refining

Feb

2%

2%

8%

Jan

900

19

10

Ryan Consolidated _r

Apr

1%

%

48,200
32,500

75

Reflners.r.10

4%

Jan

7%
1%

2,300

Panhandle Pr & Ref
(f)
Preferred r.........100
Pennock Oll.r
10
Red Rock Oil & Gas.r

Jan

Mar

%

1%

X
2%

10%

X

16%

10

2

700

5,800
4,700
2,200

High.

Mar

63,500
1,000

2%

1%

1

...

Low.
5

/v.

100

4

Apr

Conley Tin Foil.r

preferred.r

1%
5-16

Maracalbo Oil Explor r (t)
Margay Oil Corp.r....(t)

1%

27 A

First

7

1%

7,600

26

Willys Corp

6

14%

3-16

Alaska-Brit Col Metals...1
America Min es. r
l

27%

U S Steamship....

"~iX

Harvey Crude Oil.r.

Feb

Com'weal th Fin Corp com. r
Preferred, r
100

Sweets Co of Amer.r

Henderson Farm Oll.r
Hudson Oll.r..
__1
Inter Petrol.r
(no par)

1%

5

Apr

2%

Singer Mfg.r.

1%
12%

5%

Colombian Emerald Synd.r

Radio Corp of

1%

"l4%

10

r

2

10

X

National Leather, r

15,600
1,100
17,300
15,900
6,000
5,000

(t)

Grenada Oil Corp cl A
Guffey-GUIesple Oll.r

Apr

45

30

(f)

com.r

21,200
7,400
4,100

1,700
2,500
2,200
44,700
1,000
2,800
11,600
15,200
25,100
11,900

Mar

19

29 A

12%

Continental Motors.r

17%

A

12 %

"12%

1

Cleveland Auto Co
Colonial Tlre.r

15

2%

24

41

£1

Chic & East 111

15

2G,100
2,500

8%
23%

1A

(t)

Car Ltg & Power.r
Celluloid Co pref.r

A
2
12%

"Y" Oil & Gas.r

17A

'"9%

Refrlgerator.r..

Automatic Fuel S.r

%
1%
11%

Ramge since Jan. 1.

for
Week.
Shares,

Mining Stocks—

Coal.r

Packing.r

X
1%

12%

Gilliland Oil com.r. ...(f)
Glenrock oH-t
10

High.

Low.

Shares,

1%

6

Woodburn Oil Corp

Industrial & Miscell.
Aeme
Acme

..1

9%
3%

1

9%

(no par)

Victoria Oil.r....

Range since Jan. 1.

Week.

Price.

2%

United Royalty.r
United Tex Petrol.r

Sales

Friday
Week ending

4A
1

Jan

are

as

%

1%

members of the Exchange can engage

particularly

3%

X

Denny Oll.r

9X

Exchange, for instance, only
in business, and they

Stock

York

4X

Creole Syndicate, r

1

organized stock exchanges.
On

8A

5

no
as

7A

Elk Basin Petrol.r
Emerlch Oll.r

1

It should be understood that

8%

_r

Engineers Petrol Co.r
Fay Petroleum.r

we

...

of Prices.
High.

Low.

Price.

Apr

84%

the transactions in the outside security
to

Sale.

Par.

Fensland Oil

New York "Curb" Market.-—Below

Week's Range

Last
Other

High.

Low.

$16,000

85

64

small—.. 1966

1 4s

s

Range since Jan. 1.

High.

84%

Sales

Friday

for
Week.

of Prices,
Low.

Phlla Electric 1st 5s__1966

Is

[Vol. 112.

Scdes

Friday

Bonds

CHRONICLE

THE

1854

"~i»

1%

A
1

8,800

lOo

7%

"97%

—.1924

96%
93%

Mar

20c

Jan

Mar

18%

Apr

Anaconda Cod Min 7s r '29

50

Mar

6% notes Series A..1929

6s.r

55,000
59,000
93% 145,000
86%
10,000
86%
32,000
100% 100%
96%

93%

85

1%

X
31-32

37,000

18

Mar

1,350
9,200

22

Apr

25%

Apr

Anglo-Amer Oil 7%s_rl929

1

Jan

2%

Jan

Armour&Co 7% notes r

96%

96%

Barnsdall

'30
Corp 8s.r__1931

96%

96

Beaver Board Cos 8s_rl933

77%

76

850

%

Apr

1

Jan

29,000

11-16

Jan

1

% Mar

5,000

98%

Jan

Jan

99%

Mar

101%

53,000

95%

Jan

98%

Jan

96%

18,000

93%

Mar

98

Feb

77%

23,000

65

Mar

99%

Feb

APBIL 30

1921.]

THE

CHRONICLE

1855

Friday

Price.

95

90%

90%

90M

"59%

98%
92

Humble Oil A Ret 7s r.1923
1921

6.65

Chicago A N W 4%b
Chicago R IA Pac 4%b, 5s.

7.00

6.50

7.75

7.00

135

145

98%

Feb

Apr

Eureka Pipe Line Co

94

96%
99%

Apr

98%

Mar

Jan

102%

Jan
Apr

92
100
42
Galena Signal Oil com...100!
93
Preferred old
100;
93
Preferred new
..100,
174
Illinois Pipe Line...
100.

177

90%

26,000

83

Jan

Indiana Pipe Line Co

*82

84

Colorado A Southern 6s.—

8.00

7.00

100% 417,700
94% 115,000
96% 133,000
98
35,000
98%
97
250,000
96%
45,000
75%
74%
91
10,000
92%

99

16%

Erie 4%b, 5s A 6%s
Hocking Valley 4%b, 5b

8.00

7.25

7.50

0.75

7.00

6.50

7.00

6.50

96%

102

102%
93%

93

75
92 ^

Apr
Mar

Jan

97

Jan

Jan

102%
91%

Apr

99%

100% "Apr

93

Apr

94

93

Mar

94%

Jan

95%

Mar

50

44
97
97

*16%
Co...12.50; *27%

International Petrol.(no par):

Jan

98%
98%

National Transit

Feb
Apr

97%

New York Transit Co... 100,

145

150

C0--IOO1

93

96

Ohio OH Co

25*310

315

25

*29

32

100;

510

,

520

97% Apr

Northern Pipe Line

67

Jan

77

Apr

Penn Mex Fuel Co——

87%

Jan

94%

Jan

Prairie Oil A Gas

28%

8.75

7.15

Illinois Central 5s

...

Equipment 4%b
Equipment 7s A 6Hs
Kanawha A Michigan 4%b..

6.75

6.40

7.50

6.75

Louisville A NashvUle 5s

7.00

6.50

90%

14,000

84%

Jan

94

Jan

Prairie Pipe Line

197

7.00

6.40

97

Apr

97

Solar Refining

415

425

Michigan Central 5s, 6s.——

6.80

6.25

96

Jan

99%

Apr
Jan

100
100
Southern Pipe Line Co-.100

193

97

97

99

Minn St P A S S M 4J^s A 5s

7.25

6.50

91

Feb

96

Apr

South Penn Oil

100

233

238

94

Jan

96%

Jan

Southwest Pa Pipe Lines. 100,

67

70

47

Apr

70

Jan

Standard Oil

(California). 25

*77%

78

97%

Jan

99%

Jan

Standard OH (Indiana)

25

*74%

7458

Jan

Standard Oil

98
96

National Leather 8s.r. 1922

95 %

94%
95%

95%

58

59

22.000

99%

99%

1922

Ohio Citie3 Gas 7s.r_. 1921

97

1922

"95%

1924

94%
95%

95

94%

94%

1925

7S-r.-_-.195i

"95"

10,000
25,000
15,000
43,000
8,000
16,000
17,000
2,000
18.000
5,000
11,000
73,000
37,000
51,000
31,000
31,000
143,000
12,000
13,000
7,000
24,000
48,000
1,000
47,000
5,000
66,000
29,000
31,000
76,000
6,000

97

96%
94%

1923

95

95

100%

(Packard Motor Car 8s r'31

100

Pan-Amer Pet & Tr 7s 1930

92

Russian Govt 6^s.r_1919

17

17%

5'^s r____
.1921
Sears,Roebuck A Co 7s r'21
7% ser notes.r.Oct 15'22
7% sernote8-r.Oct 15'23

17

17

99%

99%

96%

96%

"99%

99%
100%

100

1927

92

«

96%
96%

99

Seneca Copper 8s.__—...

95%
96%

95%

South Ry 6% notes.r.1922
Southw Bell Telep 7s. .1925

96%
101
101

gold deb. r__ 1926

7 % ser gold deb. r.. 1927

101^

gold deb.r__ 1928

102%

7% ser gold deb.r—1929
7% ser gold deb. r_. 1930
7% ser gold deb.r.,1931

l04~~

Sun Co 7s. r

1931

95M

Swift A Co 7s.r

1925

96^

1921

99%$

Switzerland Govt 5Hs.l929

86 %

.

101%

101% 101%
101% 101%
102
102%
102% 102%
*103% 104%
95% 95%
96% 96%
99%
84%
86%

101M

7%

101%

101

Stand Oil of N Y 7s_r_1925

99

Texas Co 7% equ'nts r 1923
United Rys of Hav 7%b '36

98

97%

100

99%

7s.rl925

95

Jan

93

Jan

Mar

92%

—

630
415

6.40

175

Equipment 7s
N Y Ontario A West

7.12

165

7.75

7.00

151%

Norfolk A

7.00

6.40

13

Jan

23

Mar

12

Jan

21

Mar

Swan & Finch

100

35

97%

Jan

105

Preferred ——-100

Mar

97%

Mar
Jan
Jan

100

Mar

99%
97%

Union Tank Car Co

94%
94%

Vacuum OH.————100

95

Mar

100

99

Mar

102%

Jan

95%

Mar

96%

Jan

Mar

Feb
Apr
Jan

Jan

Standard Oil of New Jer.

108

Northern Pacific 7s.

7.00

6.40

368

Pacific Fruit Express 7s

6.75

6.40

Pennsylvania RR 4*$S—
Equipment 4sij—_

7.00

7.00 6.40

Pittsburgh A Lake Erie 6%b.

7.00

0.40

111
!

45

j115

Reading Co 4%b

7.00

0.50

100

St Louis Iron Mt A Sou 5s..
St Louis A San Francisco 6s.

8.00

7.00

315

32

Seaboard Air Line 6a.—

*97

100

Southern Pacific Co 4 % s—

145

155

Stocks

Other Oil

96%

Jan

102%

Feb
Jan

Jan

102

Jan

Mexican Eagle Oil

10(*zl2
5| *25

100%

Jan

102%

Midwest Refining

50*148

100%
100%

Jan

102%

Jan
Jan

Jan

103

Jan

American Cigar common. 100

100%

Jan

103%

Mar

*12% 13%
*13. : 15
160
164
92 I 95
*9 !
9%
90
100

Stocks—

Feb

104%

Mar

95%

Apr

95%

Apr

95

Jan

98

Jan

95%

Jan

99%

Apr

Brlfr-Amer Tobac, bearer „

79%

Jan

86%

Jan

Conley Foil (new)—no par
Helme (Geo W) Co, com. 100
Preferred
—100

Mar
Jan

100%

100

6/,000

97%

Feb
Feb
Apr

Jan

Preferred

£1

Imperial Tob of G B A Ire..
Johnson Tin Foil & Met. 100

86

7.00
6.50

6.75

0.40

Southern Railway 4%b

6.70

7.50

0.70

7.50

0.75

Union Pacific 7s

6.70

6.40

Virginian Ry 6s.._
Public Utilities

89

7.50

Equipment 5s
Toledo A Ohio Central 4s.

12%
27
149
.

101%

99%

7.75

7.00

Equipment 7s

81
85
190 210
102
104
*1214 13%

Merritt Oil Corp

100
Amer Machine & Fdry„100
American Tobacco scrip
British-Amer Tobac ord_.£1

100%
100%

8.00 7.00
7.75 7.00

Equipment 4%s

Imperial OH—........ 25
Magnolia Petroleum
100

Jan

Jan

7.30

6.50

*38%

39%

Amer Gas A Eleo, com
Preferred

6
60

92

100

91

—100

82

Amer Power A Lt, com..100
Preferred
.-....-.100

58

62

70

•74

Amer Lt A Trac, com

Preferred

—

5

Amer Public UHl, com...100

mmmmrnm.

15

100

Preferred
Amer Wat Wks & El.

84

mm

*

26

A; Correction.

t Dollars per 1,000 lire, flat.

245

;248

Preferred .......—...100

78

83

75

85

Participating pref..... 100
5s, 1934..
A&O

70
*73

80
83

Carolina Pow A Lt, com.100
Cities Service Co, com... 100
Preferred ..———100

67

Colorado Power, cohS
100
Preferred ............100

7

73

Com'w'th Pow, Ry A Lt-100
Preferred
100

10%
30%

Porto Rican-Amer Tob..100

Scrip
Reynolds (R J) Tobacco.
B common stock

25
25

100

Preferred

*33% 35%
100
102

92

95

157

165

Tobacco Prod Corp scrip

NOTICES.

CURRENT

Whitefield Blood is

now

Weyman-Bruton Co, comlOO
Preferred
100

associated with the firm of E. D.

Young (J S) Co

95

93

103

removed their offices to No. 62 William Street.

—The New York Trust Co. has been appointed Registrar of the stock of
and of the stock of H. F. Hoibrook, Inc.

the American Palestine Co.

-

New York City Banks and Trust Companies.
All prices

dollars

Banks—N Y

Bid

Ask

Banks

America •

175

185

share.

per

Amer

Co's

"

A sk

185

American.

198

Bankers Trust

300"

305

Central Union

165

175

Mech A Met.

300

425

450

Mutual*

500

150

100

Nat American

145

335

342

Columbia

295

300

160"

Commercial—

135

145

314

275

278

345

...,

200

;

Boro*.

105

125

Bronx Nat...

145

155

Bryant Park*

145

155

New

Neth*__

140

160

Empire
Equitable Tr.
Farm L A Tr

Butoh A Drov

140

160

New York Co

130

140

Fidelity

310

Nat

City
Nat Cuba

...

305

80

mm

mm

300

310

'

Cent Mercan.

195

205

New

Chase

310

320

Pacific *

300

Chat A Phen.

250

260

Park

430
360

York

110

Public

Chemical

495

505

Republic*

Coal A Iron-

225

240

Seaboard

Colonial *

350

Chelsea Exch*

■

m

-

Second

245

m

260

270'

288

293

150

Law Tit A Tr.

255

Lincoln

110

■

I26"

State*

Union Exch..

165

m

mm

mm

chester)

mm

mm

N

175"

105

Y Life Ins
A

Trust.—

560

580

225

United States*

155

170

N Y Trust-

320

125

135

Wash H'ts*__

350

425

Title Gu A Tr

300

310

Corn Exch*..

301

310

Yorkvllle «.—

425

U S Mtg A Tr

390

410

United

865

875

Brooklyn
Coney Island*

140

90

170
875

105
-

-

-

900

-

155

—

First

150

105

First-

;

205

895

Greenpolnt.—

160

Brooklyn
Brooklyn Tr.
Kings County

230

Homesteads-

Gotham

192

198

Mechanics'*—

87

95

Greenwich *__

240

260

Montauk *__.

85

200

People's

180

660

Manufacturer

215

875

Fifth

States

270

330

445

455

220

80

Hanover

785

795

Nassau

—

220

Harriman

350

360

North Side*—

195

Imp A Trad..

500

510

People's

150

Industrial*

170

180

Rldgewood

100

290"

200

•Banks marked with (*) are State banks,
this week

iNew

stock,

Ex-dlvldend.

or at

Stock Exchange

Bid

Ask

Bid

75

Lawyers Mtg

Amer Surety-

64

68

Mtge Bond..

Bond A M G.

210

215

City Investing

50

65

Preferred

75

83

Alliance R'lty

-

-

65




Nat
N

Y

Surety.
Title

_

115

120

Ask

82

190

112

116

Realty Assoc
(Brooklyn).

90

97

U 8 Casualty.

150

160

U S Title Guar

75

185

A

Mortgage—

Bid

70

80

150

160

Preferred

5%

100

;

95

99

25

26

62

24

25

67%

68%

75
114
15
* 15

130
118
30
25

.....100

50

60

AAO
1921MAN
7% notes 1922—.MAN
7% notes 1923
MAN
AnacondaCop MIn 6s'29_ JAJ

West India Sug Fin, com. 100

175

Preferred—
-....100
Industrial & Miscellaneous

82

225
85

Anglo-Amer OH 7^s'25 AAO

Preferred..

Preferred

100
..—100

—

■

6% notes 1922

Am Tob 7% notes

7s

1929 Series B.....JAJ

Arm'rACo7sJulyl5'30JAJ16
Deb 6s J'ne 15 '21..JAD 15

97%
100

100%

9934 100%
863s
93% 93%
100% 100%
963s 96%
86%

99%

99%

—.

Amer Typefounders, com.100
Preferred...
.100
Bliss (E W) Co, new..no par
60

Borden Company, com..100
Preferred
100

Company

100
—100
-.100

Debenture stock

Deb 63 J'ne 15 '22 .JAD15

97

98

43

Deb 6s J'ne 15 '23 .JAD15

96

80

83

Deb 6s J'ne 15'24_.TAD1E

95

97

99%
98%

100

Beth St 7s July 15 '22.JAJ15

9834

*52

7% notes July 15 '23 JAJ15
Canadian Pac 6s 1924.MAS2

32
56
88
90
85% 86%
100
104
94% 96%
94

98

Hocking VaUey 6s 1924.MAS
Interboro R T 7s 1921. .MAS

90%
74

75

99

99%

96%

97

90

91

6734

92

11%

Reyn (R J) Tob 6s '22-FAA
81oss Sheff S A 16s '29—FAA

98%
83

86

1922.-.MAS

95%

9534

Swift A Co 6s 1921—FAA15

99%

99%

7% notes Oct 15*26 AA016
Texas Co 7s 1923
-MAS

96%
9834

96%
99%

*92
*64
140
80

6s Nov 15

Southern Ry 6s

65%
160
90

100

75

76

Singer Manufacturing—100
Singer Mfg, Ltd
£1

*87

88

*2

d Purchaser
x

90%

70%

66

& Baals,

9434

10%

745

» Nominal,

95%

52%
768

2
6

...

8934

Federal Sug Ref 6s

68%
99%
99%
93%
98%

1

Preferred

Goodrich(B F)Co 7s'25.AAO

4**s 1921.JAJ
1923—-MAN15
Laclede Gas 7s Jan 1929 FAA
Lehigh Pow Sec 6s 1927.FAA
LiggettAMyersTob0s'21 JAD
Penn Co 4%b 1921—JAD 15
Pub Ser Corp N J 7s '22-MAS

4

Lehigh Valley Coal Sales. 50
Phelps Dodge Corp
100
Royal Baking Pow, com.100

1924MAN

97%
95%
9384

K C Term Ry

136
140
73% 75%

100

A AO

98

*28

.....100

•Per share.

96%
97%
100%

40

100^167 1 171
100
136

American Brass
American Hardware

/Flat prloe.

90

100

2%

U S Rubber 7^s
Utah Sec Corp 6s

1930-FAA
'22-MAS16

West Eleo oonv 7s 1925. AAO

99%

99%

9184

99% 100
88% 89%
99% 99%

West A Bronx

Title A M G

6%

24
60

United Lt A Rys, com...100
1st preferred...-—-—100
Western Power Corp

1

96%

International Silver, pref. 100

Ask

36%
1%

Preferred
50
Tennessee Ry.L A P, com.100 HI'

89

1st gold 5s 1951

All prices dollars per share.

12

*34

Amer Tel A Tel 6s 1924.FAA

Intercont'l Rubb, com... 100
International Salt
100

Surety Companies.

*1134

Am Cot Oil 6s 1924..MAS2

Preferred

New York City Realty and

102

99

100

Preferred

Standard Gas A El (Del). 50

75

Havana Tobacco Co

Ex-rights

5%

22

du Pont (E I) de Nemours
& Co, com...
100

t Sale at auction
v

93%

*20

1st g 5s June 1 1922-JAD

z

92%

74%

70

Chllda Co com
Preferred

160

20

20

Celluloid

~

18

100

Preferred

_

205

22

100

com (no par)

Holly Sug Corp,

Preferred..

95

Garfield

20

80

Cent

Santa Cecilia Sug Corp,pf 100
Savannah Sugar, com (no par)

m

80

Short Term Securities—Pe

125

Mutual (West¬

m

mm

78

76

Juncos Central Sugar.... 100
National Sugar Refining-100

216

72

pref-100
Puget Sound Pow A Lt—100

Pacific Gas A El, 1st

108

280

'

69

260

265

200

100

71

MetropoUtan.

210

80

77

100

.....

485

220

49

77

230

...

165

Tradesmen's *

46

100

Preferred

460

-

15

Great Western Sug, com. 100
Preferred
....100

290

210

Cosmop'tan*.

100

155

mm

wealth*....

Fifth Avenue*

Preferred..

9134

*5

100

Preferred

83
99

Godchaux Suglnc— (no par)

90

par)

Preferred ........-..-100

25

80
95

65%
78

North'n States Pow, com.100

60

Fajardo Sugar
100
Federal Sugar Ref, com. .100

13

12

77

North Texas Elec Co,comlOO

150

280

mm

Continental..

East River—

20

7%

64%

100

28
Republic Ry A Light
100
Preferred
100
68%
South Calif Edison, com.100
5

75

Trust

m

*25
*66%
*4
125

Preferred

MercantUe Tr

m

80

Northern Ohio Elec. (no
Preferred

40

100

...IOC

Cupey Sugar common...100

250

23d Ward*—

Common¬

Fulton
_

'

'mm

mm*

„

50

230

m

....

218

215

Ex*.

-

170

150

Columbia*—
Commerce

Comm'I

•

_

370

Guaranty Tr.
Hudson

440
-

Inter

77

Preferred

Cent Aguiire Sugar com..20
Central Sugar Corp. (no par)
Preferred.

41

6

First Mtge 6s, 1951--JAJ
S f g deb 7s 1935— MAN

36

SwinehartTire A R, com.100

84

82

Preferred

Sugar Stocks

180

Broadway Cen

34

Caracas Sugar

494

Battery Park_
Bowery*
Bronx

Bid

New York

NY—

215

-

Trust

Manhattan *.

238

230

Exch—

Atlantic

Ask

100

9

78
—

40

Mississippi Rlv Pow, com 100

24

Preferred

Irving Nat of

Bid

23

67%

Great West Pow 5s 1946.JAJ

—

Portage Rubber, com....100

8

55

100

Preferred

Rubber Stocks

Coppell & Co., New York, announce that they have

.....100

Elec Bond A Share, pref. 100
Federal Light A Traction. 100

95
(Cleve.and vr ices)
Firestone Tire & Rub, com 10 *78
86
6% preferred
100
86
7% preferred
100
75
76
Gen'l Tire A Rub, com... 100 180
300
Preferred—
.......100
75
85
Goodyear Tire & R, com. 100
10
10%
Preferred
100
33% 35
MUler Rubber
100
75
Preferred
73
75
Mohawk Rubber
100 100
115
90

100

Preferred

Levinson & Co., members of the New York Stock Exchange.

92

100,

mm

39

98

preferred

mm

5
49

/

92

1st

mm

4%
47%
7%
54%

100

MacAndrews & Forbes.. 100
Odd lots,
tNo par value,
i Listed as a prospect.
I Listed on the Stock
Exchange this week, where additional transactions will be found.
0 New stock,
r Unlisted.
wWhen issued,
x Ex dividend,
y Ex rights,
z Ex stock dividend,

0.40

98

100

Apr

6.40

305
10 *28

Washington Oil.

Tobacco

7.12

4%b...
Western 4%a

400

-

100%

97%

6.75

405

95%

98%

7.00

7.50

MobHe A Ohio 4^8, 5s
New York Cent 4%b, 5b

7.00

8.00

(Kansas)—100' 615

Jan

92

6.50

8.00

Standard Oil (Kentucky). 100

91%

Jan
Feb

Missouri Kansas A Texas 5s.
Missouri Pacific 6s

Standard Oil (Nebraska) .100,

Apr

94%

7.25

Equipment 6%s A 7s

Jan

96

25*146
Preferred
100; 107%
Standard Oil of New Y'k.100 364
Standard OI1 (Ohio)
—100, 395
Preferred .——-—100 ?108

93

Equipment 6%b

Jan

97%
95%
96%
95%
100%

100

100% 115,000

100

100 %

Vacuum Oil 7s.r._...lJ36

--Messrs. Maitland,

6.50

97

97%

—George

7.50

90

96

oonv

7.50

7.50

Cumberland Pipe Line—100

98

Western Elec

6.50

8.75

Apr

46,000
6,000
41,000
3,000
1,000

99%
100%

1931

6s. r

6.40

7.25

Mar

Morris A Co 7^s_r—.1930

1

6.75

6.85

98%

Nat Cloak A Suit 8S..1930

Ber

125

8.00; 7.00

59,000

5,000
9,000
11,000
7,000

ser

6.50

7.50

30

96%

Kennecott Copper 7s rl930
Laclede Gas Light 7s.r

7%

101

100

6.40

7.30

Chic Ind A Louisv 4%b
ClHc St Louis A N O 5s

205

98

6.40

6.80

*28

98

Solvay A Cle 8s_r

190

122

7.00

....

83%

Cheeebrough Mfg new—100!
Preferred new
100

Equipment 4s..:,.....—.
Equipment 6s
Canadian Pacific 4%b A 6s..
Caro Cllnchfield A Ohio 5a—
Central of Georgia 4%b

Chesapeake A Ohio 6%b
Equipment 5s
Chicago A Alton 4%b, 5s—
Chicago A Eastern 111 5%s..

390

*82%

50

99

J) Co 7s.r._1930

r

360

Continental Oil

96%

7s

100
50

Crescent Pipe Line Co.—

93%

Heinz (H

Ohio Power

100%

Co

Buckeye Pipe Line Co—

Feb

93

Gulf OH Corp 7a.r—1933

r.

Jan

Mar

Borne Scrymser

Feb

89%

iGoodyear Tire & R 8s. r '41
Grand Trunk Ry 6 Ma. 1936

r

Apr
Jan

100

96

General Asphalt 8s.r.l930
Goodrich (B F) Co7s r.1925

7s.r

80

Mar

93

Galena-Signal Oil 7s. r 1930

7s

Apr

Jan

RR. Equipments—Per Ct. Basis. 1
Baltimore A Ohio 4%b....
7.50! 6.85
Buff Roch A Pittsburgh 4%b
7.00 6.40

Mar

100

96K
102 H

Diamond Match 7%B.t.'Z5

7s

Mar

Ask.

19I4
Anglo American Oil new. £P *19
1100
Atlantic Refining
1001025
Preferred
100 107%109%

99%
98%

99% 100
99%
99%
99%

100

Deere & Co 8s.r

r

Jan

70

"and Interest" except where marked "f."

102^ 102%

8% notes.r.Feb 15 1923
8% notes.r.Feb 15 1924
8% notes.r.Feb 15 1926

NYNH& Hartf 4s

102

78

are

58,000

loo--

Copper Exp Assn 8s.r.l922

Marland Oil 8s_r

Mar
Apr

59%

Apr
Jan

Standard Oil StocksPar I Bid.

99%
100%

Conaol Textile deb 7s. 1923

_r

91

25,000
23,000

96

95

Jan

60,000

100^

100

100%

96%

87%

2,000

80

SO

Jan

98

Quotations for Sundry Securities.

All bond prices

Feb

100

425,000

61

59%

High.

95%
94%

10,000
19,000

100%

100

Columbia Graphoph 8s '25
Cons Gas of N Y 8s_ .1921

Interboro R T

102,000

94%

Canadian Nat Rys 78.1933
Chic A East Ills 5s.r.. 1951

Low.

82,000

98

95

.

.

Week.

98

Brazilian Lt A Tr 6s_r-.._

Range since Jan. 1.

for

of Prices.
High.

Low.

98

Beth Steel 7% notes ..r 1923
Beth Steel equip 7s r. 1935

Sales

Week's Range

Last
Sale.

Bonds (Concluded)

also

Ex-dlvldend,

pays

aocrued dividend,

v Ex-rights.

c New

stock.

1856

tnttsimeiit and

|§U*itoaA Intelligence.

RAILROAD GROSS EARNINGS
following table shows the gross earnings of various STEAM" roads from which regular weekly or monthly returns
be obtained.
The first two columns of figures give the gross earnings for the latest week or month, and the last two
The

oan

columns the earnings for
are

the period from Jan. 1 to and

including the latest week or month.

The returns of the electric railways

brought together separately on a subsequent page.

Week

ROADS.

Current
Year.

or

Month.

.

Jan. 1 to Latest Date.

Latest Gross Earnings.

Current

Previous

Year.

Previous
Year.

Year.

544,360
581,798
248,057
263,416
1.352,586
1.356,601
72,648
84.774
15185264 16075181 44.405.003 53,043,815
2,119,850 1,931,171 4,628,896 4,522,190
535,568 1,318,163 1,304,339
636.903
Panhandle S Fe.- February
963,903
675,183
440,100
299,042
Atlanta Birm & Atl- February
524,717
416,060
247,190
184,426
Atlanta & West Ft- February
485,483
403,848
224,618
186,702
Atlantic City
February
7,112,880 6.298,215 19,886,973 19,677,160
Atlantic Coast Line. March
16217398 16762 298 48,238.909 48,711,998
Baltimore & Ohio.- March
408,337
389,743
193,458
181,615
B & O Ch Term.. February
953,342
1,417,235
362,166
711,062
Bangor & Aroostook February
14,420
15,075
7,269
7,630
Bellefonte Central-- February
790,552
830,166
370,765
373,369
Belt liy of Chicago- February
638.824 2,514.615 1,911,308
654,532
Bessemer & L Erie.. March
303,094
44,086
150,943
20,574
Bingham & Garfield February
567,350
660,336
44,557
72,649
Birmingham South- December
Boston & Maine
March
6,394,817 6,149,519 18.293,838 17,170,403
170.288
189,500
103,034
78,260
Brooklyn E D Term February
225,363
370,179. 4,602,895 5,876,707
Buff Booh & Pittsb- 3d wk Apr
677,749
621.886
183,624
246,2121
Buffalo & Susq
March
Canadian Nat Rys_ 3d wk Apr 1,762,206 1,805,785 32,170,286 27,003,784
Canadian Pacific. _J3d wk Apr 3,085,000 3,624,000 50,866,000 53,692,000
571.838
311,474
Can Pac Lines in Me February
214.443|
694,321
580,418
523,567
1,753,274 1,633,140
Caro Clinch & Ohio. March
6.450,048
2,018,293 2,058,0791 5,593,504
Central of Georgia.
March
Central BR of N J_. March
4,259,019 3,878,510 12,271,401 10,716,765
Cent New England. February
713,603| 309,444 1,374,217
841,155
Central Vermont
457,272
378,943'
924,278
915,444
February
253,565
307,321
508,050!
586,242
Charleston & W Car February
Ches& Ohio Lines.
February
5.271,089;6,236,381 12,397,188 12,656.891
2,184.526 2.048.702
4,784.527 4,589,881
Chicago & Alton-__ February
12126672 13216614 26,126,472 29,786,962
Chic Burl & Quincy February
2,119,264 2,430,765 6,792,880 7,420,902
Chicago & East 111-_ March
1,812,643 1,921,768 3,848,940 4,179,329
Chicago Great West February
Chic Ind & Louisv-- February
1,090,648 1,028,605 2,320,443 2.341,422
637,370
796,204
372,644
Chicago Junction.. February
289,306
Chic Milw & St Paul March
11995681 12769763 33,735,582 38,898,509
Chic & North West. March
12353745 11853274 34,800.027 36,127,270
334,063
410,082
Chic Peoria & St L_ February
150,124
208,128
Chic RI & Pac—
March
11261760 9,874,475 31,097,327 31,957,236
Chic R I & Gulf.. February
1,142,066
538,187
1,196,986
535,94'!
Chic St P M & Om_ February
2,064,651 2,511,365 4,464,836 5,421,790
Chic Terre H&SE. February
832,933
869,164
367,777
432,003
542,561
696,001
Cine lnd & Western February
245,671
319,846
Colo & Southern— 3d wk Apr
430,311
454,597 8,093,626 8,471,983
Ft W & Den City February
799,291
942,808
1,805,505 2,043,846
Trin & Brazos Val February
313,822
172,913
420,871
139,810
Wichita Valley— February
279,811
331,459
122,549
148,888
Colo & Wyoming— January
90,407
90,407
48,876
48,876
Alabama & Vlcksb- FebruaryAnn Arbor
3d wk Apr
Atch Topeka & S Fe March
Gulf Colo & S Fe. February
,

...

...

_

_

Copper Range

January

Cuba Railroad

78,472

78,472

80,352

80,352

1,606,385 1,158,100 1,606,385 1,158,100
148,402
180,909
180,909
148,402
3,632,907 3,054,340 11,309,525 8,243,854
Del Lack & Western March
7,127,083 5,101,854 20,230,944 16.566,987
Denv & Rio Grande February
5,394,485 6,354,556
2,413,107 2,933,714
Denver &? Salt Lake February
369,609
167,639
509,074
263,404
Detroit & Mackinac February
120,943
241,227
253,101
134,788
Detroit Tol & Iront. February
190.171
438,597
739,568
388,187
Det & Tol Shore L__ February
179,240
386,566
303.112
116,751
Dul & Iron Range.
247,810
707,078
March
144,835
415,420
Dul Missabe & Nor. February
425,180
208,037
314,177
169,486
Dul Sou Shore & At] 2d wk Apr
89,033
1,325,532
74,813
1,196,854
Duluth Winn & Pac February
322,054
649,147
200,324
384,784
E St Louis & Conn. February
256,755
268,019
115,445
152,633
Eastern S S Lines.. March
200,298
149,119
489,570
525,313
Elgin Joliet & East. February
2,156,699 1,838,432 4,759.320 3,578,971
El Paso & Sou West March
1,044,549 1,119,017 3,148,359 3,744,206
Erie Railroad
February
8,085,392 7,007,211 16,485,014 15,201,129
Chicago & Erie.. February
796,327
1,671,958 1,767,344
768,992
N J & N Y RR— February
107,108
221,919
93,254
202,252
Florida East Coast. February
1,640,764 1,487,731 3,190,211 2,677,685
Fonda Johns & Glov February
101,834
96,753
214,547
205,274
Ft Smith & Western February
141.172
326,242
153,863
308,360
January
Camaguey&Nuev January

Delaware & Hudson March

_

Galveston Wharf

December

247,098

133,933
564,189
95,390

1,980,566
1,339,049
196,420

988.814
1,568,486
209,523

Georgia Railroad
March
490,878
Georgia & Florida.. February
95,343
Grand Trunk Syst__ 3d wk Apr 1,634,735 1,480,563
Atl & St Lawrence February
337.159
572~345
262,783
173", 132
ChDet C G T Jet. February
182,461
174,323
386,704
346,074
Det G H & Milw. February
294,107
329,040
636,954
680,188
Grand Trunk Wes February
902.160 1,250,838 2,266,100 2,404,944
Great North System February
5,864,482 7,252,816 12.143,722 17,404.752
Green Bay & West. February
111,539
93,457
234,030
209.113
Gulf Mobile & Nor. February
339,544
255,662
727,127
583,350
Gulf & Ship Island. February
220,094
190,257
457,027
463,376
Hocking Valley...- February
699,837 1,031,033
1,652,821 2.195.638
Illinois Central
March
11378762 11062 242 35,044,192 34,411,934
Illinois Terminal
December
115,612
75,101
1,119,931
938,439
Internal & Grt Nor. February
1,406,562 1,316,520 3,157,910 3,045,096
K C Mex & Orient.
February
126,568
131,944
254,720
281,519
K C Mex & O of Tex February
144,325
161,770
303,640
321,269
Kansas City South. February
1,640,061 1,538,382 3,406,400 3,037,378
Texark & Ft Sm__ February
176,473
150,808
388,949
308,580
Kansas City Term.
127,971
February
117,897
264,660
244,716
Kansas Okla & Gulf February
228,785
202,793
507,506
376,878
Lake Sup & Ishpem February
7,646
6,489
17,701
13,907
Lake Terminal Ry__ March
127,247
101,382
403,996
288,613
Lehigh & Hud River February
256,369
138,599
513,415
336,099
Lehigh & New Eng. February
354,909
227,776
626,443
596,136
Lehigh Valley
March
6,069,295 5.639,056 17,623,245 15,629,871
Los Ang & Salt Lake February
1,483,658 1,382,767 3,190,237 3,014,624
Louisiana & Arkan. February
249,136
375,806
603.834
693,858
Louisiana Ry & Nav February
254,758
337,156
641,112
650,918
Louisville & Nashv. March
10027704 10566042 28,690,065 30,947,273
Louisv Hend & St L February
244,648
246,725
478,867
498,067
Maine Central
March
1,958,086 1,358,912 5,658,138 3.687.639
Midland Valley
337,966
February
373,372
773.371
759,360
Mineral Range
2d wk Apr
5,453
13,669
139,761
189,906
Minneap & St Louis 3d wk Apr
355,666
315,942 5,040,408 4,860,232
Mipn StP&SSM, February
3,055,788 3,481,254 6,268,302 6,973,456
Mississippi Central. February
82,295
58,956
174,123
Mississippi
134,771
Ian
Missouri Ka & Tex February 2,486,645 2,996,268 5,412,477 6,470,225
_

_

AGGREGATE OF
Curre
*

Weekly Summaries.

2d

week

Feb

3d

week

Feb

4th week

Feb

week

Mar

(14
(19
(19
(18

11,691,167
13,082,943

roads)..

13,358,006
13,584,727
12,937,514
18,153.006
12,669,004
12,464,076
12,471.907

week

Mar

(19 roads)..

week

Mar

4th

week Mar

(17
(14
(16
(16

1st

week

week

Apr
Apr

week

Apr

*

We

no

roads)..
roads)..
roads)-.
roads)-.
(16 roads)..

12,853,469

13,038,572
13.172,091
20,427,446
13,568,318
13,394,544
13,112,592

longer include Mexican roads in




any

of our

—899,314
—930,468
—640,685

Current

6.63
6.95
4.89

Previous

Year.

Previous
Year.

Year.

4,819,961

4,560,762

2,098,301 2,235.263

235,017
143,597
99,658
8,958,854 8,535,721 26.867,837
766,186
317,563
Monongahela
285,908
February
144,383
242.661
53,304
Monongahela Conn. February
319,891
Montour
March
99,750
102.059
Nashv Chatt & St L March
5,191,692
1,808,241 1,723,691
87,376
Nevada-Calif-Ore
2d wk Apr
4,395
5,015
101,630
Nevada Northern
153,921
47,544
February
381,376
151,828
104,020
Newburgh & Sou Sh March
New Orl Great Nor_ March
645,802
224,877
224,999
N O Texas & Mex__ February
551,129
184,292
249,867
520,346
BeaumS L& W__ February
158,516
264,614
St L Brownsv &M February
1.058,146
430,870
427,463
New Ydrk Central— March
26677621 26433331 77,210,965
Ind Harbor Belt.
1,466,845
682,106
688,090
February
Lake Erie & West February
1,431,023
772,441
648,378
Michigan Central, February
4,7'5,548 6,213,734 10,844,045
Clev C C & St L
February
5.763,703 6,743,754 12,724,395
491,860
Cincinnati North
249.505
238,380
February
Pitts & Lake Erie March
1,983,983 2,521,854 7,149,808
Tol & Ohio Cent. February
998,398* 1,643,767
756,292
Kanawha & Mich February
653,492
382,742
287,505
N Y Chic & St Louis March
2.277,048 2,306,536 6,487,748
N Y Connecting Rys February
584,112
292,296
N Y N H & Hartf— March
9,831,936 9,050,872 26,645,787
N Y Ont & Western February
1,928,867
773,644
969,341
N Y Susq & Western February
711,993
308.263
276,165
Norfolk Southern._ March
1,912,896
755,142
744,700
Norfolk & Western. March
!6,149,710 6,683,378 19,246,047
March
Northern Pacific
i7,018.557 8,247,856 19,248,807
Minn & Intemat- January
139,479
139,479
97,327
Northwestern Pae__ February
953,924
461,650
474,402
Oahu Ry & Land Co December
146.954
2,107,650
95,515
802,557
Pacific Coast
367.370
525.306
February
Missouri Pacific

March

311,141

28,473,880
611,533
466.990

>

__

_

.

Penna RR and Co_

March

_

Bait Ches & Atlan February

Cine Leb & Nor__ February
Grand Rap & Ind February

February
Long Island
Mary Del & Va._ February
N Y Phila & Norf February
Tol Peor & West- February
W Jersey & Seash March
Pitts C C & St L_ February
Peoria & Pelcin Un_ February
Pere Marquette
February
Perkiomen
February
Phila Beth & N E_. December
Phila &

Readings__ March

Pittsb & Shawmut— February
Pitts Shaw & North February
Pittsb & West Va_. March

February
Quincy Om & KG.. February

Port Reading

Rich Fred & Potom. March
March

Rutland

St Jos & Grand Isl'd February

St Louis San Fran_. February

Ft W & Rio Gran February
St L-S F of Texas February

St Louis Southwest. February
St LS Wof Texas February
Total

system.— 3d

wk Apr
February

42370129 41114741 124594916

104,505
97,478
581,690
1,718,609
69,839
484,468
143,357
915,883
6,060,841
132,692
2,175,860
125,916
80,273
6,655,923
132,347
91,323
152,085
204,115
107.163
989,051
474,057
245,400
6,674,948
120.164
129.066
1,296,898
626,430
440,621

80,966

114,810
701,698
1,318,686
58,672
594,305
131,361

193,304
183,693
1,336,343
3.491,103

__

68,621
323,398
399,855
619,940
356,738
301,453
1.038,808
80,384,157
1,342,586
1,705,937
13,192,992

14.121,013
474,423
8,559,471
1,772,409
722,727
6.578,116
26,279 959
1,508,81i

639,442
1.961.213
19,756,291
25.821,402
97.327

1,042,340
1.586.214
1.083,896
115867675
140,975
191,387
1,536,811

2,975,258

428,599

116,547
222,261
88,725
900,414
323,877
422,895
175,066
San Ant Uvalde & G February
80,9.54
132,539
March
Seaboard Air Line.
4,005,534 4,111,950 12,200,797
December
1,590.382
67,410
138,180
South Buffalo
13644 649 13037872 28,332,729
Southern Pacific— February
23000590 21185468 64,729,875
Southern Pacific Co March
1,693,448
Atlantic S S Lines February
516,622
924,389
636,905
Arizona Eastern. February
306,071
289,994
Galv Harris & S A February
2,051.595 1,798,605 4,669,160
Hous & Tex Cent- February
919,228
894,555 2,025,437
463,810
240,628
212,584
Hous E & W Tex. February
736,370
385,981
329,660
Louisiana West'n. February
1,492,884
709,706
751.264
Morg La & Texas February
1,486,342
Texas & New Orl_ February
685.060
729,571
3d wk Apr 3523,804 3,123,515 51.073,337
Southern Railway.
1,684,029
Ala Great South. February
864,226
811,967
1,503.207 1,470,822 4,453,914
Cin N O & Tex P. March
315,859
152.626
145,032
Columbus & Gr_. February
798,851
486,939
369,775
Georgia Sou & Fla February
5,680,652
347,198
265,690
Mobile & Ohio... 3d wk Apr
576,779
653,782 1,135,006
New Orl & No Eas February
116,820
183,031
71,349
North'n Alabama February
201,668
February
119,272
90,817
Spokane Internat..
1,075,738
510,959
611,071
Spok Port & Seattle February
362,086
177.067
126,031
Staten Island R T._ February
33,439
3,833
2,667
Tenn Ala & Georgia 2d wk Apr
367,853
February
185,702
202,874
Tennessee Central.
343,298
378,781
742,920
TermRR AssnofStL February
591,411
332,566
266,143
St L Mer Bdge T. February
3d wk Apr
676,129 11,342,285
632.955
Texas & Pacific
698,023
826,827
1,453,875
Toledo St L & West- February
153,105
February
64,926
70,923
Ulster & Delaware
February
6,948,387 8,822,330 15,441,691
Union Pacific
March
13773683 15536370 38.359,125
Total system
2,349,798 3,497,118 5,083,385
Oregon Short Line February
2,019,881 2,674,544 4,060,366
Ore-WashRR&N_ February
1,903.298
595.307
892,602
Union RR (Penn)__ February
212,481
February
175,573
98,102
Utah
346,754
703,865
330,283
Vicks Shreve & Pac. February
St Louis Transfer

202,433
5,787,038

103,927
142,260
1,073,406 1,174,798
343.121
301,757
885.341
2,493,322 2,323,748
7,410,094 15,843,331 17,990,606
313,894
306,380
166,665
2,582,769 4,580,414 5,699,581
204,052
275,599
95,532
839.122
1,295.245
76,492
7,204,576 21,122,999 20,525.539
246,417
278,231
117,847
246,359
201,052
117,501
476,887
495,618
153,859
362,161
464,296
171,171
217,843
212,684
94,739
916,892
2,700,866 2,968,557
1,400,429 1,156,601
359,414
549,967
503,349
258,559
7,194,737 13,710.161 14,210,160
340,594
270,916
155,062
274,345
322,765
139,868
1,562,159 2,816,535 3,131,898
1,259,199 1,452,288
689,909
262,616

736,028
224,834

San Ant & AranPass February

.

_

_

_

Railroad.
Railroad.Western MarylandWestern Pacific
Western Ry of Ala
Wheel & Lake Erie.
Wich Falls & N W.¬
Yazoo & Miss Valley
Virginian

Wabash

_ _

March

October

59

-199,91
.226,955
.231,439

November

.235,213

December-

.229,422
-232,492

January
February

_

.235,653

Previous

Year.

Year.

Prev.Yr.

.213,206
.213.525

__

4,748,479
374,773
1,048,857
5,325,215
1.384,018
265,667
256,430
1,371,358
294,206
44,945
491,630

743,288
666,414
12,039,811
1,640,274
155,916
20,548,338
19,325,043
7,665,545
5,574,789
1,182,965
344,887
737,037
3,553.691
9,157.840
4.358,843
2,385,733
484,345
2,169,152
462,330
7,449,308

and Monthly.

Curr.Yr.

July
August
September

949,683
29,151,364
63,081,340
1,347,162
675,939
3,924.165
1,972.817
457,808
866,656
1,654,189
1,566,891
56,264,918
1.783,244

9,147.821
5,678,589
1,766,081
388,485
1,873,274
409,794
5.336,316

1,177.607 1.363,389
4,430,804 4,043,925
3d wk Apr
349,274
294,945
February
814,507 1,039,260
220,655
February
173,376
February
825,637 1,134,611
261,254
185,418
February
March
1,724,122 2,423,194

Monthly Summaries.

Junerr

13,166,754

4,001,139

February

Current

4.45
—544,671
2.82
+358,708
-2,244,229 14.86
+635,787
5.00
+546,155 4.19
—234,577
1.78
-2,274,440 11.13

totalsT

Year.

Mo K & T Ry of Tex February
Mo & North Arkan. February

*

12,235,838
12,724,235
15,097,698
12,722,219

Current

or

Year.

roads)-.
roads)-.
roads)..

Week or

Month.

lileage.

1st
2d
3d

2d
3d

ROADS.

GROSS EARNINGS—Weekly
Increase

Jan. 1 to Latest Date.

Latest Gross Earnings.

.

Increase

or

Decrease.

%

S

211.040 387,330.487 348,701,414 +38.629.073 11.98
208.598 430,931.483 369,225,761 +01.705.722 16.99
218.918 467*351.544 401,370,485 +65,925.059 16.43
199,418 441,423.158 367,865,628 +73.557,530 19.98

24,922 594,192,321 480,408,546
9,935 633,852,568 503,281.630
2$3,839 592,277,620 438.038,048
8,134 539.197,615 443,124,176
1,513 469,784,542 503,011,129
34,510 405,001,273 424,172,348

+113783775 23.68
+130570938 25.94
+ 154239572 35.21
+96,073,439 21.08
6.60

—33,226.587
—19,171,075

4.52

,

April 30

1921.]

THE

CHRONICLE

1857

Latest Gross

Gross from

we sum

up

Mar '21

Maine Central

'20
Jan 1 to Mar 31 '21
'20

Third Week of April.

1920.

1921.

Increase.

Decrease.

$

$

8

Mar '21

Minneapolis &

'20

St Louis

$
Ann Arbor.

;>

72,648
370,179
1,805,785
3,624,000
454,597

12,126

1,762,206
3,085,000
430,311

1,634,735

1,480,563

154,172

355,666

315,942
428,599
3,323,515
265,690
676,129
294,945

84,774

_

Buffalo Rochester & PittsDurgh
Canadian National Rys
Canadian Pacific

Colorado & Southern.
Grand Trunk of Canada
Grand Trunk Western

Jan 1 to Mar 31 '21

225,363

'20

144,816
43,579
539,000
24,286

/

440.621

3,123,804
347,198
632,955
349,274

Mobile & Ohio
Texas & Pacific

Western Maryland

1,337,778
1,280,176
3,993,425
3,931,508

Mar '21

Montour..

Nash Chatt & St L

12,471,907 13,112,592

Mar '21
'20

5,191,692 def268,673 def419,187
5,787,038
373,569 def218,100

43,174

Newburgh & South Mar '21

81*508

104,020
151,828
381,376
399,855

17,499
6,238
39,464
5.144

8,788

16,797

defl,544
11,433
defl7,931

def 31,686

'20

54*329
353,881

Net from
Railway.

21,280
def77,159

50,402
42,351
113,159
60,351

35,102
30,319
67,437
76,281

37,367
39,752
76,736
44,039

4,876,575
1,373,545
7,344,607
7,731,792

3,257,057
356,566
2,546,382
4,363,098

3,675,032
622,612
2,987,973
4,744,284

def60,636
51,346
68,717

160,668
17,908
786,898
810,737

*20

Shore

994,566
640,685

Baltimore & Ohio

*20 80,384,157

~

Jan

'20
Jan 1 to Mar 31 '21

'20
Boston & Maine

Mar '21

6.54,532
638,824
2,514,615
1,911,308

484,847
2,477,935
3,407,735

1,042,818
340,150
2,057,477
3,114,248

2,368,539

2,318,654

def.307,129
defl62.663
def527,152
def276,205

def323,683
defl78.464
def576.770
def319,022

Buffalo & Susq

Mar '21

'20
Jan 1 to Mar 31 '21
VV--; v'20

Caro Clinchfield &
Ohio

Mar *21

'20
Jan 1 to Mar 31 '21
'20

Central of Georgia

Mar '21

'20
Jan 1 to Mar 31 '21

'20
Central of New Jer

Mar '21

..

*20
Jan 1 to Mar 31 '21 12.271.401

*20 10,716,765

Chicago & East 111

Mar '21
'20

Jan 1 to Mar 31 '21

*20

7,420,902

Chic & Northwest

Mar '21 12,353,735
'20 11,853,274
Jan 1 to Mar 31 *21 34,800,027

C.

495,528
943,264 def482,047
1,248,455df1,095,701
2,097,482 def647,614

'20 36,127,270

Mar '21 11,261,760
'20
9,874,475
Jan 1 to Mar 31 '21 31,097,327

2,397,846
1,179,680
4,323,381
4,870,840

'20 31,957,236
Mar '21

■

'20 115,867,675df10686,368
West Jersey &
Sea Shore

.

'20

Mar '21

152,085

'20

153,859
495,618

476,887
989,051
916,892

299,294

2,700,866
2,968,557

462,309
1,041,588

Rutland Ry

Dul & Iron Range

Mar '21

785,275

'20

'20

-

Southern PacSyst

Mar *21 23,000,590
'20 21,185,468
Jan 1 to Mar 31 '21 64,729,875
'20 63,081,340

Southern Railway

*20
East St L Conn

Mar '21

200,298

'20

El Paso & Soilthw

Mar '21
'20
Jan 1 to Mar 31 '21
'20

Georgia Ry

Mar '21
'20

Jan 1 to Mar 31 '21

'20
Illinois Central

490,878
564,189
1,339,049
1,568,486

Mar '21 11,378,762
'20 11,062,242

Jan 1 to Mar 31 '21 35,044,192
'20 34,411,934

Lake Term Ry

Mar '21
*20

Jan 1 to Mar 31 '21

'20

Lehigh Valley

Mar '21
'20

127,247
101,382
403,996
288,613

def234,782
defl76,762
def620,917
def461,307

'20

20,896
191,991
382,173
5,712,295

26,406

20,443

85,531
79,474
102,425

79,581
97,490
84,569

2,298,125
1,706,344
6,989,237
5,894,308

1,612,101
1,098,629
4,880,456
4,090,083

1,785,329
1,699,988
5,358,692
5,271,470

def5,933
def8,064
8,530
def26,692

def 12.052
defl4,112
def 9,736
def44,274

def11,832
def13,273
def 10,354
def58,139

I
1

Mar '21
'20
Jan 1 to Mar 31 '21
120

Louisville &
Nashville




1,603,269
1,510,674
4,802,367
4,646,048

"

'20
Jan 1 to Mar 31 '21

'20
Union Pacific—
Total system

Mar'21 13,773,683
'20 15,536,370
Jan 1 to Mar 31 '21 38,359,125
'20 49.325,043

Virginian RR

Mar '21

'20
Jan 1 to Mar 31 '21

'20

Mar '21

'20
Jan 1 to Mar 31 '21

'20
Yazoo & Missis-

Mar '21

sippi Valley

'20
Jan 1 to Mar 31 '21

'20

6,069,295 def328,985 def549,569
5,639,056 def166,693 def372,767

Jan 1 to Mar 31 '21 17,623,245 def92o,590df1,596,739
'20 15,629,871 dfl.785,836df2,404,714

10.027,704
471,510
166.866
43,009
10,566,042
1.794.484
1,452,439
1.747,641
28,690,065 def595,051defl509,650defl946,447

30,947,273def4012,149def3030,364def3441,838

94,877
257,914
163,828
910,063

4,748,479

Mar

Mobile & Ohio

Western Maryland

109.239
292,413
362,553
1,191,828

1,044,549
1,119,017
3,148,359
3,744,206

1,237,755
2,308,393
1,379,917
6,933,905

1,503,207
1,470,822
4,453,914

491,406

def80,041
24,242
def232,265
def297,941

149,119 defl13,946
525,313 defl65,162
489,570 def225,132

3,521,754
2,184,885
7,885,169
6,687,939

11,153,007

TexPac
'20
Jan 1 to Mar 31 '21

3,630,916

def57,601

*20
Jan 1 to Mar 31'21

4,701,776
3,254,422
11,371,330
9,951,882

'20 37,404,560
Southern Ry System—
Cine New Orl &
xMar'21

ELECTRIC

—

......

i..

474,588
def33,548
1,374,950
1,380,173

'20 11,879,409

761,195
3,032,958

def220,884
defl96,418
def.594,359
def562,741

624,310
116,587
1,828,830
1,832,014

Jan 1 to Mar 31 *21 31,644,266

2,120.534
980,013
1,152,055
751,244 def423,222 def373,377

def205,967
def186,650
def546,215
def535,436

Mar *21

181,519
268,243
354,832
946,648

474,057
4,703
defl9,467
359,414
450,028 def111,734
1,400,429
def32,000 def103,643
1,156.601 defl 10,609 def167,276

Mar *21
4,005,534
*20 4,111,950
Jan 1 to Mar 31'21 12,200,797
'20 13,166,754

2,950 def388,183 def428,455

247,810
144,835
707,078
415,420

'20
Jan 1 to Mar 31 '21

—

»

1,122,725

def46,671
def40,620
def23,001
def64
defll0,794
def93,156
defl62,887 defl29,806

212,527

Seaboard Air Line

2,037,473

405,070

Mar '21

Jan 1 to Mar 31 *21

......

272,795
def53,158
632,439
506,241
889,127
235,636
198,145 def485,842

514,171
842,722
1,613,100
689,537

6,655,923
7,204,576

'20

941,181
68,483
1,365,212
1,467,865

defl34,854
def233,405
def572,973
def945,512

885,341

Richmond Fred &
Mar'21
Potomac
'20
Jan 1 to Mar 31'21
'20

129,303
104,873
188,788
def74,272
def74,593
6,907
326,531
408,715
569,446
8,243,854 def569,385 def821,557 def769,034
7,127,083

Mar'21

15,423.516df16149,950

def64,175
def155,961
2,493,322 def367,786
2,323,748 def730,158
915.883

Jan 1 to Mar 31'21

3,632,907

'20
5,101,854
Jan 1 to Mar 31 *21 20,230,944
'20 16,566,987

'20

Pittsburgh &
West Virginia

•

Mar '21

Mar '21

Jan 1 to Mar 31 *21 21,122,999
'20 20,525,539

100,155
235,375
412,421
506,454

*20
3,054,341
Jan 1 to Mar 31 '21 11,309,525

Del Lack & West

277,378
332,257
1,536,294
1,457,580

def81,795
713,065
1,092,692 def362,067
723,313def 1616,340
5,153,329def2830,556

7,018,557
8,247,856

'20 25,821,402

1,277,195

Chic R I & Pacific

Delaw & Hudson

698,743

148,779
906,061
664,242defl501,962
1,269,300 def693,698
876,180
1,583,324

166,698
63,906
836,781
639,759

Mar'21 42,370,129
4.549,358
2,801.494
2,032,496
'20 41,114,741 dei897,245def2471,154def2721,154
Jan 1 to Mar 31 *21 124.594,916
5,919,804
701,433def1252,231

'20

958,406
98,367
1,219,782
1,442,834

95,964

65,286
11,515

Pennsylvania RR

'20

969,666

Mar '21 11,995,681
St Paul
'20 12,769,764
Jan 1 to Mar 31 '21 33,735,582
'20 38,898,509

Mar '21
'20

88,536
def 14,320

94,828

557,826
431,502
2,008,367
1,759.141

6,149!710

Jan 1 to Mar 31 '21 19,248,807

6J92;880 def240,155 def495,964 def358,760

Chicago Milw &

.

Northern Pacific

107,459
40,027

56,080

1 961 213

Mar '21

140,218
190,938
140,388

'20
6,683,378
Jan 1 to Mar 31 '21 19,246,047
'2019 756 291

Phila & Reading

17,025
106,666
107,654
239,098

744,700
755,142
1,912,896

'20

Norfolk & Western

151,632 def236,777 defl66,347
def70,785
def29,510 def207,193

2,119,264
2,430,765

26,6^5,787defl807,376def3002,440

Mar '21

.

89,931
89,407
174,408
def89,195 def134,897
def10,103
def 11,296
10,120
246,170
505,505
858,905 def618,578

4,f259,019
3,878,510

9,831,936
455,256
54,070
9,050,872 def322,901 def661,429

__

Jan 1 to Mar 31 '21

47,409
136,685
198,467
336,700

1,117,530

'20

'20

2,450,909
1,957,765
3,905,726
3,257.579

2,018,293
2,058,078
5,593,504
6,450,047

'20
Mar '21

345,236
464,173
945,619

'20 26,279,909 def871,168defl888,062

def 1,952
80,589
41,719
40,216

580,418
523,567
1,753,274
1,633,140

Jan 1 to Mar 31 "21

329,650

Jan 1 to Mar 31 *21

__

def44,229
def46,529
defl0,034
defl6,334
def95,576 def108,326
def45,817
def65,518

'20 43,187,609

*

441,247
528,179
1,249,602
1,303,319

Norfolk Southern

8,638
163,436
383,716
132,489

Mar '21 14,705,727
'20 15,715,936
Jan 1 to Mar 31 '21 41,940,144

2,277,048
2,306,536
6,487,748
6,587,116

Mar '21
'20

Jan 1 to Mar 31 '21

1,199,352
14,781
def20,219
1,554,531
def13,097
def48,108
3,680,509
91,538
defl3,699
4,100,277 def300,357 def406,010

Canadian Pacific

737,945
631,587

& Hartford

6,394,817 def368,036 def611,228

183,624
246,212
621,886
677,749

def 21,046

7,149,808
8,559,470

N Y New Haven

'20
6,149,519def1273,764def1710,425
Jan 1 to Mar 31 '21 18,293,838def3009,403def3638,985
'20 17,470,403def3513.648def4512,827
Buff Roch & Pitts Mar '21
'20
Jan 1 to M^ar 31 "21
'20

164,692

2,521,854

,

368,509
17,696
142,860
5,764,790
4,004,292
8,285,884
969,731 def644,045 def649,022

'20 48,711,998
Mar '21

1,983,983

'20
Jan 1 to Mar 31 '21

Lake Erie

*20

2,937,244

J to Mar 31 '21 48.238,909

Bessemer & Lake
Erie

Mar'21

Pittsburgh &

N Y Chic & St L

787,412
3,257,802
4,178,477

Mar '21 16,217,398
'20 16,762,298

619,940

Mar'21 26,677,621
'20 26,433,331

Jan 1 to Mar 31 '21 77,210,965

.

1,200,055

645,802

New York Central

Net after
Net after
Taxes.
Equip.Rents.

1,477,313

224,999
224,877

*20

3,169,602
2,305,252
Mar '21 15.185,264
'20 16,075,181
3,046,552
2,110,995
Jan 1 to Mar 31 '21 44,405,003
4,957,435
2,399,527
'20 53,043,815 16,878,464 14,170,989

7,112,880
'20
6,298,215
Jan 1 to Mar 31 '21 19.886,973
'20 19,677,160

Mar '21
'20

Jan 1 to Mar 31 '21

New Orl Grt North

Atch Top & S Fe

Atlantic Coast Line Mar '21

def21,487
23,713
7,987
deflO,043

1,808,241 def232,917 def302,223
1,723,691
179,532
136,977

to Latest Dates.-—The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies
reported this week:
Railway.

def40,636
def41,795
def3,835
def6,014
def78,439
def86,606
def95,148 defl02,188

Jan 1 to Mar 31 '21
'20

Net Earnings Monthly

Gross from

587,402
251,572
13,108 Uef406,248
879,280
3,244,459

1,692,397
4,173,500

199", 711

Jan 1 to Mar 31 '21

Total (16 roads)
Net decrease (4.89%)

Net after

Equip.Rents.

def49,309 def67,033
def39,951
def 15,183
defl54,505 def205,355
145,917
191,612

-

102,059
99,750
319,891
202,433

'20
Jan 1 to Mar 31 '21
'20

39,724
12,022

Net after
Taxes.

1,958,086
122.449
16,819
def22,938
1,358,912 def334,182 def429,924 def331,779
5,658,138 def8l0,110defll30,201def1273,734
3,987,639 def878,939defll66,309defl080,758

Mar '21
8,958,854
*20
8,535,721
Jan 1 to Mar 31 '21 26,867,837
'20 28,473,880

Minneapolis & St Louis
Iowa Central

Railway.

Missouri Pacific

Detroit Grand Haven & Mil
Canada Atlantic.

St Louis Southwestern
Southern Railway

Net from

Railway.

Earnings by Weeks.—In the table which
separately the earnings for the third week
of April.
The table covers 16 roads and shows 4.89% de¬
crease in the aggregate over the same week last year.
follows

113,060
44,060
241,853

188,097

-

3,205,997
1,869,137
6,590,221
5,996,485

990,453
528.000
1,906,471
1,716,868
382,173 def966,535
5,712,294
4,700,718
48,273
198,948

24,062
745,188
25,224
57,395
78,765
139,446

52,625
def15,592
60,547
deflO,864

2,523,129
2,781,220
3,751,693
4,231,720
4,164,/06
5,017,164
2,979,166
3./18./68
6,768,230
16,977,928 14,400,657 14,335,716

275,063
403,963
895,760
841,202

1,177,607
1,363,389
4,001,139
3,553,691

204,979
362,630
731,427
697,797
251,453
309,549
719,841
137,710
10,942
212,678
315,305
714,204

180,405
341,872
611,819
660,403

1,495,103
235,477
185,477
1,466,823
156,338
106,338
4,697,208
626,363
446,363
4,206,901 def146,467 def296.467

125,476
484,453
641,859
1,478,423

1,724,122
2,423,194
5,336,316
7,449.308

RAILWAY

AND

PUBLIC

Latest Gross Earnings.

19,855
403,014
325,507
1,241,964

UTILITY
Jan.

COS.

1 to Latest Date

Name of Road
or

Current

Company.
Month.

Previous

Current

Year.

Year.

Year.

$
Adirondack P&L Corp March
Alabama Power Co.. March

Appalachian Pow Co. March
Arkansas Lt & Power December
Asheville Power & Lt_ January
Atlantic City Elec Co January

Atlantic Shore Ry Co February

$

382,806

362,333

378,822
189,804
93,280
67,889
101,538

326,829
153,536

16,062

64,369
58,892
81,897
7,956

$
1,186,598
982,276
771,304
1,201,923
67,889
101,538
33,048

Previous
Year.
S

1,105,673
811,179
619,237
809.700

58,892
81,897
24,793

THE

1858
Latest Gross Earnings.

Jan.

Name of

Road
Company.

1

to Latest Date.

Current

Year.

Month.

Tr Co. March
Bingham ton L, H & P March
Blackstone Val G & E February
'Brazilian Trac, L & P January
Bklyn Rap Tran Syst

Beaver Valley

aBklynCityRR—

December

aBklyn Heights RR December
Coney Isld & Bklyn December
Coney Isld & Grave December
Electric— December
Brooklyn.— December
New York Consol— December
Nassau

South

Bklyn Qu Co & Sub December
Cape Breton El, Ltd. February
Carolina Power & Lt- January
Cent Miss Vail Elec__ February

Chattanooga Ry & Lt February
March
Cities Service Co
Citizens Traction Co. February

Gleve Painesv & East February
Colorado Power Co.. February
Columbia Gas & Elec March

Columbus Elec Co— February
Com'w'th P, Ry & Lt March
Consum Pow

February
(Mich). March

Power.

_

Cumb Co Pow & Lt.. February

March

Dayton Pow & Lt Co

Current

March
Detroit Edison Co
Duluth-Sup Trac Co. March

El Paso Elec Co

Equitable Coal & Coke
Erie Lt Co & subsid.
_

Fall River Gas Works

Federal Light & Trac.
Ft Worth P & Lt Co.

Galveston-Hous El Co

February
February
February
February
February
February
February
February
February
February
February
February
February

General Gas & El Co. March

Georgia Lt Pow & Rys
e Great West Pow Sys
Harrisburg Ry Co..
Havana El Ry, L & P

March

March

Houghton Co El Lt__
Houghton Co Trac—
Huntington Dev&Gas

February
February
February
February
February
February
February

Idaho Power Co

March

Haverhill Gas & Lt__
Honolulu R T & Land

d Illinois Traction... March

Indiana Gen'l Service January
Interboro Rap Tran—
March
Total System
Keokuk Elec Co

t-

February

Keystone Telep Co..
Key West Elec Co...
Lake Shore Elec Ry..
Long Island Elec Co.
Lowell Elec Lt Corp.
Manhat Bdge 3c Line
Manh & Queens(Rec)
Metropol'n Edison Co
eMilw El Ry & Lt Co

March

February

January

Decembe

February
December
December
March

November

Miss River Power Co. February

Munic Serv Co & sub February
Nashville Ry & Lt Co February
Nebraska Power Co.
Nevada-Calif El

February
Corp February
_

New England Power. February
New Jersey Pow & Lt March

NewpN&HRyG&E March
New York Dock Co.. March
N Y & Long Island.. December
N Y & Queens County December

b NY Railways....
b Eighth Avenue

.

b Ninth Avenue

December

Nor Texas Elec Co
Ocean Electric Co

December

Ohio Power Co

January

Penn Cent Lt&P&Sub February
Pennsyiv Utii System March
Philadelphia Co and
Subsid Nat Gas Cos February
Philadelphia Oil Co.. March
Phi la & Western

March
Phila Rap Transit Co March
Portl Gas & Coke Co. February
Porto Rico Railways. February
Port (Ore) Ry,L&POo February

Puget Sd Tr, Lt & P. February
Readi ngTrans & Lt Sys March
Republic Ry & Lt Co. February
Richmond Lt & RR.. December
Rockford Electric Co. January

Rutland Lt & Power. March

Sandusky Gas & Elec March
March
Sayre Electric Co
Scranton Electric Co. January
17th St Incl Plane Co March
Sierra Pacific Electric February
Southern Cal Ediscon February
South Can Power Co. February
Tampa Electric Co.. February
Tennessee Power Co. February
Tenn Ry, Lt & Power February
Texas Power & Light. February
Third Avenue System. March
Twin City Rap Tran. March
United Gas & El Corp March
Utah Power & Light. Februarj

Utah Power & Light. March
Vermont Hydro-EIec. March
March

January
December

January
Youngstown & Ohio. February
a

78,274
164,640
155,122
542,249
9,655,000

3,022,138
724,248
85,662
292,637
212,716
56,625
376.880

in

k Given

e

Includes Milwaukee Light, Heat & Traction Co.
Includes constituent or subsidiary companies.

milreis.

in

g

Subsidiary

pesetas.

'

Electric Railway and Other

246,903
215,842

152,732
,

891,929
475,263
623,958
2,887,669

1,695,861
1,858,178
278,608
2,123,947
81,763
145,960
108,482
55,795
208,837
504,789
5,604,153
185,189

railway and other public utility gross and net earnings with
charges and surplus reported this week:
Dross Earnings
Previous

Current

Year.

Companies.

240.688

235,355
414,824

403,193
36,295
217,575
522,109
42,319
100,996

36,203
198,421
472,222
42,866
95,207
1082,238

798,958]

494,436
836,261
113,396
683,084

470.340

1,585,949
528,835
1,190,874

898,062
104,548
612,999
1,356,732
568,490
1.136,346

[8,688,626

only).Feb 2,211,941

1,630,816

Mar 1'20 to Feb 28'21 —-22,820,246

16,907,007

(Subsidiary

cos

Beaver Valley Trac Co..Mar
Jan 1 to Mar 31

DuquesneLtandsubcosMar
Jan

1

Mar

to

31

Illinois Traction Co
Jan

1

Mar

to

Mar
31

74,033

89.017
36,836
291,062

29,248
291,322
29,268
10,211

33.018
13.906
641,507
232,829
43,672
195,384
201,242

542.441

200,588
38,997
173,374
170,398

186,465
102,642
630,072

65,806
255,955
641,507
480,690
91,147
408,101
653,814

Jan

1

31

Mar

to

1360,409 1637,878 2,919,649
68,985
170,252
390,414
65,781
57,036
184,583
3757,508 3179,961 10,583,230
335,625
183,810
619,218
106,178
100,173
222,907
815,814
704,193
1,709,049
868,146 826,143
1,806,697
251,444
241,907
723,845
666,361
658,121
64,812
42,066
734,793
123,839
106,247
123,839
44,312
37,757
136,990
66,201
56,218
205,071
17,359
12,148
54,230
358,509 325,730
358,509
3,335
3,224
9,029
67,780
64,536
137,268
1078,959
860,163
2,349,237
62,745
55,49.3
128,592
144,280 125,425
297,785
197.390
182.300
416,469
544,884
500,089
1.126,146
447,685 334,742
939,883
1137,214 932,707 3,172,357
1219,831 1075,374
3,570,312
1051,922 1014,234
3,320,184
•

591.074

538,260

1,245.825

528,704
42,640
851,734
115,197
364,349
85,257
43,548

581,566
40,789
783,325

1,774,529
135,687
2,578,200
115,197
3,697,299
85,257
90,933

92,262

352,057
77,592
41.020

360,376
532,705
3,249,253
903,077

*487,753
*432,395
*1,588,270 *1,378,899
1,710,734
465,561
501,954
5,066,564
1,522,254
1,516,016
1,573,734
4,822,988

*344,160
*703,359
*1,634,530 *2,264,383

170,252

*12,078

*143,531

503,077

*255,453

*392,705

*defl,650

9,029

3,224
8,829

only)..Feb
916,119
Mar 1 '20 to Feb 28 '21.10,005,149

682,226
6,768,340

381,076
3,560.739

Jan

*

1

Mar 31.

to

*def3,441
*def7,145 *defl4,036

cos

Does not include income from investments and is before

Interest

281,289
2,622,904

providing for

debt and other income deductions.

on

Net after

Fixed

Earnings.

Taxes.

S

$

Charges.
$

Gross

Balance,
Surplus.
8

30,054

*86,556
189,804
*81,163
173,536
2,387,675 *1,058,193
*815,390
1,743,895

56,502
52,783
666,693
601,770

23,183
12,934
*205,118
*179,324

118,406
100.194

262,642
Mar '21
935,746
197,706
853,202
(subsidiary cos)
'20
12 mos ending Mar 31 '21 11,643,933 *2,690.351

1,912,343

778.008:

Appalachian Power Mar '21
'20

12

ending Mar 31 *21

mos

'20

Mar '21

Binghamton Lt

'20

Heat & Power

12

ending Mar 31 '21

mos

'20

: ;

71,436
49.424
820.465

537,989

28,380
391,500

213,620

86,712
79,130

General Gas & Elec

'20

Mar '21
'20
ending Mar 31 '21

Georgia Lt, Pow
& Ry
•
3

mos

'20

Mar '21

Great Western

3

'20
ending Mar 31 '21

mos

'20

Feb '21

Harrisburg Rys

144~890
140,079
437,736
427,250

52,769
64,089
153,652
207,893

40,849
38,431
121,164
115,114

11,920
25,658
32,506
92,779

614,916
456,553
1,858,178
1,410,202

378,088
236,092
1,195.123
753,094

189,749
156,151
563,597
469,056

188,339
79,941
631,526
284,038

41,170
40.570
82,340
81,140

def3,842
def 1,808
11,397
*16,113

128.754

'20
2

2

mos

123,229

ending Feb 28 '21
ending Feb 29 '20

mos

278,608

Havana Elec Ry
Lt & Power Co
2

Feb '21
'20

ending Feb 28 '21
ending Feb 29 '20

mos

2 mos

Hudson &

Mar '21

Man-

hattan By Co

3

'20

end Mar 31'21
'20

mos

Mar '21

Idaho Power Co

'20

12

mos

end Mar 31 '21
'20

270,128

537,328
538,762
593,737
597,253

*885,283

238,850
188,241
462,205
395,620

2,178,183

382,377
321,710
1,077,067
818,840

337,303
45,074
342,076
def20,366
1,010,768
66,299
1,022,405 def203,565

153,002
142,781
2,351,084
1,904,937

78,881
68,332
1,339,272
1,009,057

1,034,871
864,439
2,123,947
1,747,557

898,920
767,480
2,589,725

*467,021
*433,168
*924,182

56,943
38,226
577,999
465,123

21,938
30,106
761,273
543,934

1,780,940 def187,744
4,933,632 *1,593,196
193,486
1,674,976
4,876,561 *1,868,462
ending Mar 31 '21 41,189,134*12,421,936 15,982,076def3560,140
'20 37,989,849*12,950,198 14,944,978defl994,779

Interborough Rapid Mar '21
Transit Co
'20
9

mos

Mar '21
'20

Edison Co

12 mos end Mar 31 '21
'20

Mar '21

New Jersey Pow
& Lt Co

12 mos end Mar 31

'20
'21
'20

Newport News & H Mar '21
Ry, Gas & Elec
'20
3 mos end Mar 31 '21
'
'20
Mar'21

V'-Viy "

210,677
213,068
2,826,831
2,338,686

78,436
59,918
*902,839
*935,134

571,686
529,276

331,153
405,858

36,295
36,202
473,966
363,272

11,416
13,180
*154,436
*135,672

74,890
76,526

79,546
59,146

217,575
198,421

*38,177
*25,294
*114,321
*68,305

28,996
26,803
86,128
79,951

9,181
def1,509
28,193
def 11,646

683,084

612,999

'20

472,222

3 mos end Mar 31 '21
'20

1,585,949
1,356,732

6200,466
6158,348
6651,010
6477,580

119,290
94,246
367,999
279,697

81,176
64,102
283,011
197,883

Mar'21

36,836
29,248
483,263
378,394

5,440
3,460
*68,827
*66,558

68,804
68,924

def2,366

201,242
170,398
2,421,293
1,907,177

60,962
42,096
*577,870

431,696

146,174

*589.431

410,555

178,876

251,444
241,907
3,046,771
2,749,865

20,758
25,959
*257,936
*387,444

89,201
171,160

168,735
216,284

44,312
37,757
584,186
498,813

11,379
9,030

New York Dock Co

Northwestern Ohio

'20

Ry & Pow
12 mos end Mar 31

'21
*20

Utilities Sys

\

Mar '21
'20
'21

12 mos end Mar 31

'20

Reading Transit
Mar '21
& Light Sys
'20
12 mos end Mar 31 21
*20

Rutland Ry, Lt &

Mar *21

Power Co

12 mos end Mar

'20
31 '21
'20

Sandusky Gas &
Mar '21
Electric Co
'20
12 mos end Mar 31 '21

i_

,

'20

Sayre Elec Co

Mar '21

,.

12 mos end Mar

'20
31 '21
*20

Third Ave Ry Sys

Mar '21
20
31 '21
,

2,928,545

System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental; therefore
since Oct. 18 1919, the Brooklyn City RR. nas been operated by its owners!
b The Eighth Avenue and Ninth Avenue RR. companies were formerly
leased to the New York Railways Co., but these leases were terminated on
July 11 1919, respectively, since which dates these roads have been operated

1,836,857
5,664,154

Mar

387.137

92,262

*19,383
*46,467

1,271,177
3,826,419

Mar ol

to

Pennsylvania

77,592
84.845

635.086
6,457,397

*12,790
*31,984

3,335

1

(subsidiary

106,247

1,030.313
708,654
2,501,304
3,117,224
3,149,320
1,115,209
1,696,775
140,843
2,330,708

164,640

761,067
7,545,023

Southwestern Power & Lt

538",703

1.717,993
116,019
257,823

Year.

Year.

68,985

8,921,677

119,301
177,413
38,643
325.7.30
8,829
132.220

-Net EarningsPrevious

Current

390,414

Jan

159,600

413,742
206,006
1,473,001
1,725,631
703,626

187,620

17th St Incl Plane Co...Mar

Metropolitan

542,441
406,655
82,834

59,458

1,407,611
4,429,750

4,003,290

Philadelphia Oil Co

160,302
86,493

601,324
57,245
206,578

62,482

Philadelphia Co and sub¬
sidiary Gife Cos..—. .Mar 1,083,640

13773 052

1032,,915
418,731

Year.

American Power & Lt Co—

129,699

96,178
57,681
264,946
454,319
5,066,564
168,868

Public Utility Net Earn¬

ings.—The following table gives the returns of ELECTRIC

671,348

81,903
247,973
225,999
54,600
306,435
142,333
217,594
141,069
798,021
323,079
526,629
2,608,303
1,452,934
1,410,202
270,128
1,747,557
78,900

The Brooklyn City RR. is no longer part of the Brooklyn Rapid Transit




c

sources,

given

2,555,242

4933,632 4876,561 14,219,738 13,789,626
57.429
60,549
27,253
28,767
429,770
145.008
143,196
433,970
41,491
48,023
19,355
23,431
231,232
214,778
214,778 231,232
23,417
269,105
327,879
21,524
203,164
215,743
95,195 103,244
186,453
281,698
22,972
25,521
272,033
233,788
22,236
24,386
664,427
210,677 213,068
681,426
1667.814 1413,277 17,152,255 13.350.925
401,348
440,498
215,081
195,671
448,625
395,227
215,303
193,137
590,937
645,764
311,137 284,034
274,532 237,462
560,794
484,209

96,134

February

all

Power System

45,717]

Pacific Power & Lt Co February
Paducah Electric Co
February

Virginia Ry & Power.
Wheeling Electric Co.
Winnipeg Elec Ry___
Yadkin River Pow Co

1469,054 1265,735
332,514
342,037
37,137
41,496
140,530 117,325
103,575
100,642
23,622
27,521
182,618 151,460
63,368
107,093
103,913
102,321
66,086
70.437
435,523 380,178
152,445
210,258
288,318 252,847
935,746 853,202
142,412
147,305
614,916 456,553
123.229
128,754
864,439
1034,871
38,539
40,020
63,593
73,507
44,162
51.905
27,056
25,769
130,423
101,941
142,781
153,002
1836.858 1710,734
185,189 168,868

December

NorthwOhioRy&PCo February

d Includes
/Earnings
companies only,
h Includes Tennessee
Railway, Light & Power Co., the Nashville Railway & Light Co., the
Tennessee Power Co. and the Chattanooga Railway & Light Co. i Includes
both subway and elevated lines,
j Of Abington & Rockland (Mass.).
separately,

l2,148,412

December

No Oaro Pub Serv Co February
NorthwOhioRy&PCo March

184,039

[VOL.112.

4,423,029

929,500 (887,207 19.962,308 [9,726,339
/
76.013
6,182
199,230 190,853 2.345,971
107.597
126,942
4,098
4,306
392,496 537,290 5,506,210 5,741,554
853,188
931,382
67,034
80,769
1793.857 1664,360 20,416,092 16.066,342
1,594,530
141,888 156.483 1,697,881
94,196
108,488
45,114
49,079
127,004
145,182
127,004
145,182
81,356
86,019
39,265
40,974
218.485
228,438
108,200
114,470
4,520.472 6,211.068
1440,751 2193,523
152,079
179,914
71,726
85,541
105.598
50.020
113,578
64,470
169,209
192.043
84,732
92,951
1340,403 4,330,642 4,091,220
1337,929
266,256
291,373
124,451
140,157
2613,315 2545,437 8,090,712 7,620,424
247,285
256,332
122.228
127,100
1163,049 1167,008 3,689,943 3,488,094
474,555
538.367
215,376
257,312
953,412
318,052
1,104,054
366,321
2055,387 1866,245 6,230,689 5,543,163
485,891
459,058
160,610 169,808

DuquesneLtCosubsid
light & power cos.
E St Louis & Sub Co
East Sh G & E Subsid
Eastern Texas Elec..
Edison Elec 111 ofBroc
Elec Lt & Pr ofAb&R

Previous
Year.

S

Year.

241.042
78,755
118,189
6.508,379
3354,062 2345,031
94,735
39,205
45,453
187,620
59,458
62,482
221,214
49,424
71.436
581,634
285,939 255,183
12875000 9655,000 12,875,000

Bangor Ry & Elec Co February
^Barcelona Trac, L & P February
Baton Rouge Elec Co February

Connecticut

Previous
Year.
$

or

CHRONICLE

9 mos end Mar

|

'20

98,955
105,841

31,646
42,383

21,336
6.077
*122,298
*96,642

74,618
49,899

47,680
46,743

17,359
12,148
186,377
139,843

4,345
2,237
*34,895
*41,008

21,416

13,479
20,195

*130,601

*140,365
*102,807

1,137,214
932,707
9,914,318 *1,288,906
8,556.748 *1,332.016

20,813

defS2,57*
222,939
219,775 def116,96k
2,008,024 def719,ll\
1,989.551 def657,53\

196,752

48,07*
80,093
90,796
134,904

*331,590
1,051,922
*337,601
1,014,234
12,315,347 *3,902,427
end Mar 31 '21
'20 10,792.264 *3,925.656

165,620
162,224
1,924,366
1,856,927

1,978,061
2,068,729

20
end Mar 31 '21

United Gas & Elec
12 mos

*148,224

66,201
56,218
770,907
596,928

190,687
572,116
560,939

Mar '21
1

Corp

23

244,825
270,782
662,912
695,033

Twin City Rap
Transit Co

3 mos

522,109

'20

Mar '21

'20

1,219,831
1,075,374
3,570,312
3,117,224

165,970
175,377

April 30

THE

1921.]
Gross

Net after

Fixed

Balance,

Earnings.

Taxes.

Charges.

Surplus.

Industrials—(Continued)
Perm.

mos
mos

'20
'21 12,109,594
'20 10,398,337

end Feb 28

12

end Feb 29

Utah Pow & Lt Co
mos

end Mar 31 '21
'20

1,858,918
1,808,599

43.789

144,291
139,963
1,718,334
1,659,812

88,385
161,961
1,604,991
1,289,106

565,325

109,786
120,903

526,386

6 Before deducting taxes.

,

Pioneer S. S. Co

Pittsburgh Rolls Corp
Postum Cereal Co

J

Pure Oil Co

Railway Steel Spring Co

1747
.1511
1747

Ray Consol. Copper Co

Republic Iron & Steel Co
Riordan Co., Ltd
San Joaquin Lt. & Power

FINANCIAL REPORTS.

.

Page.
.......

....

Tempton Corn & Fruit Products Co. 1406
Texas-Pacific Coal & Oil Co...

1748

Thompson (John R.) Co
1290
Tonopah-Belmont Development Co. 1406
Underwood Typewriter Co
1279
Union Bag & Paper Corp
.1275

United Gas Improvement Co
U. S. Cast Iron Pipe & Fdry

U. S. Industrial Alcohol

1737
.1280
1525, 1614
1510

1747 U. S. Rubber Co
1273 U.S. Smelting Refining & Mining Co
1407, 1737
1747
1524 U. S. Steel Corp........L........ 1273
1290
—1290 U. S. Trucking Corp..
.........

Co

Santa Cecelia Sugar Corp

.'

Santa Maria Consol. Oil Fields

Annual, &c., Reports.—The following is an index to all
annual and other financial reports of steam roads, street

Shannon Copper Co.

Skelly Oil Co

1524

Utah Consolidated Mining Co

railways and other companies published since March 26 1921.
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
Full-face figures indicate reports published at length.

Sloss-Sheffield Steel & Iron Co

1625

Vacuum Oil Co

Solar Refining Co
South Lake Mining Co....

1290

Vanadium

Page

Steam Roads—

—1616

Boston & Albany RR

1616, 1733

Boston & Maine RR__

RR-1609

Buffalo Rochester & Pittsburgh

Canadian Northern Ry

•Canadian Pacific Ry. Co

Page.

1286, 1393
1744

Columbia Graphophone Mfg. Co...1278
Commonwealth Edison Co
1281

.1732
—1617

_,

-

Detroit United Ry—

Consolidated

Recording

11511

Distributors, Inc

1286

Consolidated Cigar Corp.
Consolidated Min.

Can

&

1396

Smelt. Co.

of

1744

.......

Continental Oil

Co

1276

1287

1736

Louisville & Nashville RR

1609

Maine Central Rys

1283
1617

Fairbanks Morse & Co

Norfolk & Western Ry. Co
"Northern Pacific Ry

Ry___1618
1391
1609

..1618

Pennsylvania RR

1742

Phila. & Reading RR. Co....

Elk Horn Coal Corp..

1275
1287

Falcon Steel Co...

1287

Famous Players-Lasky

Fisk Rubber Co
Franklin

(H.

1402, 1512

Mfg. Co..1287, 1738
1745

H.)

_

General Am. Tank Car Corp..1403,

1621
& Elec. Corp—1398 General Cigar Co., Inc........1615
....1391
Belt Ry. of Chicago.
..1282 General Electric Co
1511, 1611
Birmingham Ry. Lt. & Power Co... 1517 General Motors Corp
Americn Elec.

.1739

Phila

Rys.,

Augusta Aiken Ry.

Boston Elevated

—1509

Ry

....1521
i.
128V

Gilliland Oil Co

..1616 Goldfield Consol. Mines Co
Brooklyn Heights RR
.1616 Goodyear Tire & Rubber Co. 1621, 1735
Broolyn Rapid Transit System
1613 Gray h Davis, Inc................. 1621
.1403
Chicago City & Connecting Rys
1280 Greenfield Tap & Die Corp
1397
Chicago City Ry.
1510 Gulf States Steel Co....
:
1287
Chicago Elev. Rys Collateral Trust. 1398 Harmony Mills.
1282
Chicago Rys. Co...
1282, 1510 Hartman Corp.
Brooklyn City RR_.__

_

....

Standard Oil Co. (Ohio)
Standard Textile Products Co

1512

_.

& Lt. Co. 1739

.

.

Yale& TowneMfg. Co

Stutz

Canada

Car

Motor

of America
1406. 1524.1615

Co.

1617
1282

Hagerstown <fc Frederick Ry

1617
—1740

Interurban Rvs. Co
Lake Shore Electric Co

1280
....1617

Lehigh Valley Transit Co..
N. Y. Municipal Ry
New York S'ate Rv.

...

_

Louisville

Northern Ontario Lt & Power

Phila. Ranid Transit Co...
Portland Ry. Lt. & Power

Southern Indiana Gas &
Suburban Elec. Securities

Howe Scale Co.

Hydraulic Steel Co...

1519

Illinois Pipe Line Co

1404

....

Independent Pneumatic Tool Co...1621

International Salt Co

United

...1404, 1622
Elec.1618,1742 Invincible Oil Corp
1743 jewel Tea Co...............1288,1396

.....1404
1618 Jones Bros. Tea Co
1622
1279 Kasas City Power & Light Co.
Kay County Gas Co...
..1404
1618
..1288,1396
Light A Rys. Co.
.1400 Kelscy Wheel Co
.1622
Rys. & Elec. Co. of Bait....1736 Lackawanna Steel Co
—

...

RR.1510

Wash. Baltimore & Ann. Elec.

1289

Laclede Gas Light Co

Adams Express Co.

Liggetts International Ltd. ..1404, 1615
1288
1400 Lima Locomotive Works
1288
1281 Lincoln Motor Co._....
1622
i .7 7—1391 Loft, Inc. (Candy)
1393 LOne Star Gas Co.................1404
1404
1743 Lucey Mfg. Co....
.1288
1520, 1736 Magua Oil & Refining Co......
_....

Advance Rum eley Co

_....

Air Reduction Co
Alaska Gold Mines Co
Allis-Chalmers Mfg. Co

.

American Brake Shoe & Fdry.

...

Co—1395
J..1743
1512
1619
1513

American District Tel. Co. of N.
American Glue Co
American Piano Co..

Marland Oil Co.

.,..1735
..1405
1405
1746

Marland Refining Co.

Martin-Parry Corp.
Mass. Gas Co.'s.

Mass. Lighting Co.'s

1288

American Steel Foundries Co.

1278

Mathieson Alkali Works

American Tel & Tel. Co—

1619
1394

Maverick Mills, Boston

1515
1288

American Radiator Co

May Department Stores...
;
1395
..1285 Mayflower-Old Colony Copper Co. .1288
1405
1744 Merck & Co.
1512,1746
Associated Dry Goods Corp
1394 Mexican Petroleum Co
^..1746
Associated Oil Co. of Cal
1529 Miami Copper Co
Middle States OH Corp.
1623
Atlantic Gulf & W. I. S. S. Lines. ...1611
__^._1405
Atlantic Lobos Oil Co
1744 Middle West Utilities Co
1405
Atlantic Petroleum Co
1285 Miss. River Power Co
Atlantic Refining Co
1619,1735 Mohawk Mining Co..............1405
1515
Austin Nichols & Co
1401 Montana Power Co
Babeock-Wilcox Co.II
..1401 National Enameling & Stamping Co. 1279
1394
Bell Tel. Co. of Canada..
...1744 National Lead Co
Armour Leather

.1749

Co

Railroad.

Atchison

The

Topeka

&

Santa Fe Railway Co.

(26th Annual Report for Fiscal Year ending Dec. 31 1920.)

President W. B. Storey, together with the
found on

The report of

balance sheet and income account for 1920, will be

subsequent

pages.

COMBINED

CORPORATE AND FEDERAL OPER.

ACCOUNT.

(Road operated by U. S. RB. Admin, from Jan.] 1 1918 to March 1920.)
Years ended Dec. 31—
1920.
1919.
1918.
1917.,
Avge. mileage operated.
11,583
11,483
11,456
11,284
116,907,907
35,834,527
12,787,084

..168,472,129 144,743,866
52,982,906
63,473,165
11,773,231
22,303,707

Freight revenues
Passenger revenues

Mail, express, &c-_----

Traffic

Transportation

________

Miscellaneous & general.

Taxes
Uncollectibles

209,500,003 187,658,223 165,529,519
20,162,853
29,322,157
27,153,322
46,020,979
2.758.804
3,173,385
1,976.515
51,932,093
75,529,553
98,515,309
3.215.805
3,793,617
4,515,882

12 ,004,141
50,435
Cr 897,997
1 009,693

_

Equipment rents
Joint facility rents.,

Net operating income-

24,005,615
ANNUAL
1920.

COMPANY'S

Net oper. income year__
do Sept. 1 to Dec. 31-.$12,983,725
Federal compensation
7,699,531

Federal guaranty
Dividend income

...

_

Inc. from unfund.